Wsfs Finl Corp Stock Price, News & Analysis

WSFS Financial 's subsidiary Bryn Mawr Trust is expanding its advisory business and wealth management services through strategic talent acquisition. The company has made multiple key hires across various teams, including Wealth and Trust services, WSFS Wealth Investments, Bryn Mawr Capital Management, and WSFS Private Banking. New talent joins from major firms like PNC, Vanguard, Morgan Stanley, Comerica, and Wilmington Trust. The expansion includes the appointment of Wealth Directors Donald Lyons and Angela Wagner to lead teams in the Berwyn office, demonstrating the company's commitment to growth and service enhancement in wealth management.

WSFS Financial (Nasdaq: WSFS), the parent company of WSFS Bank, announced participation in Piper Sandler’s East Coast Financial Services Conference. Key executives, including Chairman, President, and CEO Rodger Levenson, CFO David Burg, and COO Art Bacci, will meet with investors on November 14, 2024, in Naples, Florida. They will present the current Investor Presentation, which will be accessible on the WSFS Investor Relations website.

The WSFS CARES Foundation, WSFS Bank's charitable arm, has announced third-quarter grants totaling $105,000 to support two organizations. Pathways to Success will receive $160,000 over two years to hire a Licensed Clinical Social Worker for their PTSD support program. The Trust for Public Land will receive $75,000 over three years to support the Philadelphia Community Schoolyards Program, helping develop three new community schoolyard projects in Philadelphia neighborhoods.

WSFS Bank has announced the promotion of James (Jim) Wechsler to Executive Vice President, Chief Commercial Banking Officer, effective January 1, 2025. Wechsler will join the Executive Leadership Team, reporting to Art Bacci, and will oversee Commercial & Industrial Banking, Commercial Real Estate, Treasury Management, Capital Markets and Equipment Finance. He succeeds Steve Clark, who will transition to a Senior Advisor role. Wechsler, who joined WSFS in 2010, previously served as Chief Operating Officer, Commercial Banking, and has held various senior roles within the organization.

WSFS Financial reported its Q3 2024 financial results with an ROA of 1.22% and EPS of $1.08. The quarter showed 5% annualized loan growth across commercial, consumer, and residential mortgage portfolios, while deposits grew 3% annualized. Net interest income increased $3.1 million (2%) from Q2 2024 to $177.5 million, though decreased 3% year-over-year. Core fee revenue reached $90.1 million, up 5% from Q2 2024. Total net credit costs were $20.1 million, with nonperforming assets increasing $25.9 million primarily due to two loans - a $19.2 million C&I loan and a $14.7 million hotel loan.

WSFS Bank has launched its annual Food Drive to combat food insecurity in the Greater Philadelphia and Delaware region. Banking offices in Delaware, New Jersey, and Pennsylvania will accept nonperishable donations through December 31, 2024. The drive kicked off at WSFS Bank Center in Wilmington with Sunday Breakfast Mission and at WSFS Bank Place in Philadelphia with Sharing Excess.

According to Feeding America's report, 13.5% of individuals lived in food-insecure households in 2022, up from 10.4% in 2021. Nearly 50% of people facing hunger may not qualify for SNAP. WSFS is also sponsoring Preston & Steve's Camp Out for Hunger for the seventh year to support Philabundance. In 2023, WSFS donated over 82,000 pounds of food through its initiatives.

WSFS Financial (Nasdaq: WSFS), the parent company of WSFS Bank, has announced its schedule for reporting third quarter 2024 earnings. The company plans to release its earnings report at the end of business on Thursday, October 24, 2024. Following this, management will host a conference call to review the financial information on Friday, October 25, 2024, at 1:00 p.m. Eastern Time.

Interested parties can register in advance for the call or access it live at investors.wsfsbank.com. The earnings release and supplemental materials will be available on the company's Investor Relations section of the website prior to the event. Participants are advised to log on at least 15 minutes before the broadcast. For those unable to join the live call, a replay will be made available shortly after the event concludes.

WSFS Bank, the primary subsidiary of WSFS Financial (Nasdaq: WSFS), has announced the hire of Andrea Kelly as Senior Vice President, Senior Private Banking Relationship Manager. Kelly will report to Lisa Chorlton, Senior Vice President, Senior Private Banking Relationship Manager Team Leader.

In her new role, Kelly will manage Private Wealth Management relationships for high-net-worth Clients, supporting their needs through credit, deposit, and wealth management services in the Main Line, Greater Philadelphia, and New Jersey markets. Kelly brings over 30 years of banking experience as a trusted advisor, with expertise in investment, trust services, financial planning, lending, insurance, tax, and banking needs.

Prior to joining WSFS, Kelly held positions in Wealth Management at Wells Fargo, Citizens Wealth Management, and BNY.

WSFS Bank's Annual Money Trends Survey reveals that 38% of regional residents are spending more money now compared to last year, while only 28% are saving more. The rise in costs and inflation remains the top driver of increased spending (69%) among those who reported higher expenditures. Despite economic challenges, many consumers have adapted their spending and saving techniques.

Key findings include:

• 65% are spending more on groceries, 55% on utilities, and 53% on transportation
• 33% are cutting non-essential spending
• 44% are using debit cards more often
• 46% report saving less overall compared to last year
• 42% of those saving more are doing so to ensure future financial stability

The survey, conducted by Opinium, polled 1,000 respondents aged 18-55 in the Greater Philadelphia and Delaware region from August 23-September 5, 2024.