Wsfs Finl Corp Stock Price, News & Analysis

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.

WSFS Bank, a subsidiary of WSFS Financial (Nasdaq: WSFS), has promoted Terry Kistler to Senior Vice President, Regional Manager of the Southern Delaware region. In this role, Kistler will oversee 13 banking offices, focusing on developing business opportunities and managing operations and sales. He will report to Shelly Kavanagh, SVP and Director of Retail Delivery.

Kistler's promotion comes after nearly 14 years with WSFS Bank, where he has held various positions of increasing responsibility. His experience in Delaware banking spans over a decade, providing him with a deep understanding of the region's needs. Kistler is actively involved in the local community, serving on the Rehoboth Main Street Board and volunteering with several nonprofits.

WSFS Financial (Nasdaq: WSFS), the parent company of WSFS Bank, has announced its participation in the 2024 Stephens Bank Forum scheduled for September 17-18, 2024, in Little Rock, Arkansas. Key executives, including Rodger Levenson (Chairman, President and CEO), David Burg (EVP, CFO), and Arthur Bacci (EVP, COO), will engage in discussions with investors during the event. The company will utilize its current Investor Presentation, which is accessible on the Investor Relations section of WSFS' website, to communicate with attendees.

WSFS Bank, a subsidiary of WSFS Financial (Nasdaq: WSFS), has appointed Randy Royther as Senior Vice President, Director of Interest Rate Hedging. Reporting to Neil Orechiwsky, SVP and Managing Director of Capital Markets, Royther will lead the Interest Rate Derivatives team and drive business development efforts. His role involves expanding risk mitigation structuring capabilities and working with relationship bankers and customers.

Royther brings decades of experience in capital markets, having previously built and led teams at regional banks in the southeastern U.S., including South State Bank. He has also led fixed income portfolio management teams at major institutions. Royther holds a master's degree from Northwestern University and a bachelor's degree from the University of Colorado.

WSFS Financial (NASDAQ: WSFS) has received an affirmed A- senior unsecured debt rating with a stable outlook from Kroll Bond Rating Agency (KBRA). This marks the ninth consecutive year of WSFS receiving a strong Investment Grade debt rating. The rating reflects the company's strong earnings, ample liquidity and capital, and diversified fee revenue.

KBRA highlighted WSFS' significant and stable fee revenue base, particularly from its premier wealth and trust divisions, as a key differentiator. The agency also noted considerable growth for Cash Connect, WSFS Bank's cash logistics and payments division. WSFS' favorable core funding profile and strong market position, with the largest deposit market share among locally headquartered banks, further support the ratings.