WSFS Financial (WSFS)

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More Than 1,600 WSFS Associates Volunteer Across the Region for We Stand for Service Day
Businesswire· 2025-10-02 13:30
WILMINGTON, Del.--(BUSINESS WIRE)--WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), announced today more than 1,600 WSFS Associates volunteered at more than 130 community organizations across the region as part of WSFS' third annual We Stand for Service Day. Associates volunteered more than 5,500 hours across the bank's footprint in Delaware, Pennsylvania, and New Jersey on Wednesday, October 1, during the company-wide day of giving back through volunteerism. "At. ...
People Moves: Bryn Mawr Trust, $16B Aspiriant Bolster Wealth Teams
Yahoo Finance· 2025-09-23 12:54
Group 1: Bryn Mawr Trust Developments - Bryn Mawr Trust has hired Michael Mendelson as senior vice president and COO, aiming to increase wealth fee revenue by 50% by 2027 [3][6] - The firm promoted Harrison Gelber to senior vice president and director of private banking and trust advisory services, enhancing his existing role [4] - Mark Bradford has been promoted to senior vice president and director of wealth planning, focusing on personalized planning for clients [5] - Jackie Blue has been named senior vice president and COO of Bryn Mawr Trust Advisors, overseeing portfolio solutions and client support [5] - The wealth division aims to become the top wealth management firm in the Greater Philadelphia and Delaware region by the end of 2027 [6] Group 2: Aspiriant Developments - Aspiriant has hired Gretchen Hollstein as director of wealth management, bringing over 20 years of experience from Litman Gregory Wealth Management [7] - Hollstein will focus on high-net-worth individuals and families, providing services in financial planning, investment management, estate planning, and tax advisory [8] - Aspiriant's employee-owned business model emphasizes trusted advisor-client relationships [8]
Correction: Bryn Mawr Trust Strengthens Wealth Business with Strategic Leadership Appointments
Businesswire· 2025-09-18 13:15
Core Insights - WSFS Financial Corporation announced key leadership appointments in its wealth management division to support growth and talent development [1] - The company aims to increase wealth fee revenue by 50% by the end of 2027 [1] Leadership Appointments - Michael Mendelson has been appointed as Senior Vice President and Chief Operating Officer at Bryn Mawr Trust [1]
Bryn Mawr Trust Strengthens Wealth Business with Strategic Leadership Appointments
Businesswire· 2025-09-15 13:33
Core Insights - WSFS Financial Corporation announced key leadership appointments in its wealth management division to support growth and align with its strategic plan to double its wealth business in the next three years [1] Leadership Appointments - Michael Mendelson has been appointed as Senior Vice President and Chief Operating Officer at Bryn Mawr Trust, where he will be responsible for driving operational excellence [1]
3 Stocks to Consider From the Thriving Savings & Loan Industry
ZACKS· 2025-09-12 15:26
Industry Overview - The Zacks Savings and Loan industry is benefiting from an improving lending environment, characterized by relatively low interest rates and expectations of further rate cuts [1][4] - The industry primarily consists of specialized U.S. banks focused on residential mortgage finance, offering various loan products and funding mortgages with FDIC-insured savings [3] Industry Trends - Lower interest rates are expected to enhance net interest income (NII) and net interest margin (NIM), as the Federal Reserve has reduced rates by 100 basis points in 2024 and is anticipated to cut rates again [4] - The digitization of operations is a key trend, with companies transitioning to technology-driven models to improve operational efficiency despite initial cost increases [5] - Asset quality is deteriorating, which may impact borrowers' repayment capacity due to rising inflation and less substantial rate cuts from the central bank [6] Industry Performance - The Zacks Savings and Loan industry ranks 19, placing it in the top 8% of over 245 Zacks industries, indicating solid near-term prospects [7][8] - The industry's earnings estimate has increased by 25.6% over the past year, reflecting growing analyst confidence in earnings growth potential [8] Stock Performance - The industry has underperformed compared to the Zacks Finance sector and the S&P 500, with a collective stock rally of 14.7% over the past year, while the S&P 500 rose by 21.3% [11] Valuation Metrics - The industry has a trailing 12-month price-to-tangible book ratio (P/TBV) of 2.00X, below the five-year median of 2.09X, indicating a discount compared to the broader market [15][18] - The Zacks Finance sector's current P/TBV is significantly higher at 5.69X, suggesting that the savings and loan industry is trading at a decent discount [18] Company Highlights - **ServisFirst Bancshares (SFBS)**: With total assets of $17.4 billion and loans of $13.2 billion, SFBS is expected to benefit from solid loan balances and improving market share. The Zacks Consensus Estimate for 2025 earnings is $5.22, reflecting a 24.9% year-over-year increase [21][23] - **WSFS Financial**: This company has $20.8 billion in assets and is projected to maintain stable loan growth. The Zacks Consensus Estimate for current-year earnings is $4.91, indicating an 11.9% rise [25][28] - **Provident Financial**: Following its merger with Lakeland Bancorp, Provident Financial has $24.6 billion in assets and is expected to see improved mortgage banking revenues. The Zacks Consensus Estimate for 2025 earnings is $2.15, a 77.7% year-over-year surge [32][34]
All You Need to Know About WSFS (WSFS) Rating Upgrade to Buy
ZACKS· 2025-09-09 17:01
Core Viewpoint - WSFS Financial (WSFS) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, indicating a positive outlook for the company's stock price [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is primarily influenced by changes in a company's earnings potential, which is strongly correlated with near-term stock price movements [4]. - Rising earnings estimates for WSFS suggest an improvement in the company's underlying business, likely leading to increased stock prices as investors respond positively [5][8]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - The upgrade of WSFS to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10]. Recent Performance and Estimates - For the fiscal year ending December 2025, WSFS is expected to earn $4.91 per share, which remains unchanged from the previous year, but the Zacks Consensus Estimate has increased by 6.9% over the past three months [8].
Here's Why WSFS (WSFS) Could be Great Choice for a Bottom Fisher
ZACKS· 2025-08-04 14:56
Core Viewpoint - WSFS Financial (WSFS) has experienced a decline of 7.6% over the past two weeks, but the formation of a hammer chart pattern suggests potential support and a possible trend reversal in the future [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottom, with reduced selling pressure, and is a bullish signal for the stock [2][5]. - This pattern occurs during a downtrend when the stock opens lower, makes a new low, but then finds support and closes near its opening price, suggesting that bears may be losing control [4][5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for WSFS, which is a bullish indicator as it typically leads to price appreciation [7]. - The consensus EPS estimate for WSFS has increased by 2.5% over the last 30 days, indicating strong agreement among analysts regarding the company's improved earnings potential [8]. Zacks Rank - WSFS currently holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10]. - A Zacks Rank of 2 is a strong indicator of a potential trend reversal, as it reflects improving company prospects [10].
WSFS Financial (WSFS) - 2025 Q2 - Quarterly Report
2025-07-31 20:51
```markdown [PART I. Financial Information](index=5&type=section&id=PART%20I.%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited consolidated financial statements for WSFS Financial Corporation detail its financial performance and condition as of June 30, 2025 [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income attributable to WSFS increased to $72.3 million for Q2 2025, driven by net interest income growth Consolidated Statements of Income Highlights (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Interest Income** | $179,495 | $174,449 | +2.9% | $354,711 | $349,727 | +1.4% | | **Provision for Credit Losses** | $12,621 | $19,814 | -36.3% | $29,971 | $34,952 | -14.2% | | **Noninterest Income** | $88,009 | $91,598 | -3.9% | $168,906 | $167,455 | +0.9% | | **Noninterest Expense** | $159,343 | $155,768 | +2.3% | $311,138 | $304,840 | +2.1% | | **Net Income Attributable to WSFS** | $72,326 | $69,273 | +4.4% | $138,222 | $135,034 | +2.4% | | **Diluted EPS** | $1.27 | $1.16 | +9.5% | $2.39 | $2.24 | +6.7% | [Consolidated Statements of Financial Condition](index=7&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) The Consolidated Statements of Financial Condition show **total assets** at **$20.76 billion** and **total deposits** at **$17.12 billion** as of June 30, 2025 Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $20,763,292 | $20,814,303 | -$51,011 | | **Net Loans and Leases** | $12,807,920 | $12,996,218 | -$188,298 | | **Total Deposits** | $17,121,469 | $17,029,808 | +$91,661 | | **Total Liabilities** | $18,091,074 | $18,234,927 | -$143,853 | | **Total Stockholders' Equity** | $2,672,218 | $2,579,376 | +$92,842 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) **Net cash provided by operating activities** significantly decreased to **$45.9 million** for H1 2025, while investing activities provided **$273.8 million** Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash from Operating Activities** | $45,930 | $157,710 | | **Net cash from Investing Activities** | $273,765 | $(209,079) | | **Net cash from Financing Activities** | $(143,015) | $(19,815) | | **Net Increase (Decrease) in Cash** | $176,680 | $(71,184) | [Notes to the Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, financial statement line items, and segment performance, including a recent loan portfolio sale - The company operates through three main segments: **WSFS Bank** (commercial and consumer banking), **Cash Connect®** (ATM and cash logistics services), and **Wealth and Trust** (investment management and trust services)[153](index=153&type=chunk)[154](index=154&type=chunk) - Subsequent to quarter-end, on July 8, 2025, the company **completed the sale of the majority of its remaining unsecured consumer lending portfolio** from its partnership with **Upstart Holdings, Inc.**[175](index=175&type=chunk) - The company **settled a lawsuit** with **Prophet Mortgage Opportunities, LP** for **$1.5 million** and is involved in another case with a potential loss range of **$0.0 to $15.0 million** related to a **default judgment**[171](index=171&type=chunk)[172](index=172&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, highlighting stable **net interest margin** and strong capital position - **Q2 2025 EPS** was **$1.27** with a **Return on Assets (ROA)** of **1.39%**[178](index=178&type=chunk) - **Net interest margin** for **Q2 2025** was **3.89%**, a slight increase from **3.85%** in **Q2 2024**, driven by deposit repricing and reduced wholesale funding[178](index=178&type=chunk) - The company returned **$87.3 million** to shareholders in **Q2 2025** through **$77.7 million** in **share repurchases** and **$9.6 million** in **dividends**[178](index=178&type=chunk) [Financial Condition](index=55&type=section&id=Financial%20Condition) **Total assets** decreased to **$20.8 billion** at June 30, 2025, primarily due to a reduction in **net loans and leases** - **Net loans and leases** decreased by **$188.3 million**, mainly from a **$164.6 million** drop in **consumer loans** due to the transfer of the **Upstart portfolio** to held-for-sale and runoff of the **Spring EQ portfolio**[183](index=183&type=chunk) - Client deposits increased by **$91.7 million**, primarily from growth in **Trust deposits**[183](index=183&type=chunk) - **Senior and subordinated debt** decreased by **$69.9 million** due to the redemption of the **2027 Notes**[183](index=183&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity and capital position with **capital ratios** well above regulatory minimums and significant **borrowing capacity** Regulatory Capital Ratios as of June 30, 2025 | Ratio | WSFS Financial Corp. | WSFS Bank | Well-Capitalized Minimum | | :--- | :--- | :--- | :--- | | **Common Equity Tier 1 Capital** | 14.07% | 13.11% | 6.50% | | **Tier 1 Capital** | 14.07% | 13.11% | 8.00% | | **Total Capital** | 15.86% | 14.35% | 10.00% | | **Tier 1 Leverage Capital** | 11.04% | 10.29% | 5.00% | - **Book value per share** increased to **$47.71** from **$44.15** at year-end 2024, and **tangible book value per share** (non-GAAP) increased to **$30.32** from **$27.30**[182](index=182&type=chunk) - Estimated **unprotected deposits** (uninsured and uncollateralized) were **$5.4 billion**, or **31%** of **total client deposits**[189](index=189&type=chunk) [Nonperforming Assets](index=58&type=section&id=Nonperforming%20Assets) **Nonperforming assets** decreased to **$106.2 million** at June 30, 2025, improving the **ratio of NPA to total assets** to **0.51%** Nonperforming Assets (in thousands) | Category | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total nonaccruing loans** | $105,236 | $122,181 | | **Other real estate owned** | $930 | $5,204 | | **Total nonperforming assets** | $106,166 | $127,385 | | **Ratio of NPA to total assets** | 0.51% | 0.61% | [Results of Operations](index=61&type=section&id=Results%20of%20Operations) **Net income attributable to WSFS** increased for **Q2 2025**, driven by higher **net interest income** and lower **provision for credit losses** - **Q2 2025** vs **Q2 2024**: **Net interest income** increased by **$5.0 million**, while the **provision for credit losses** decreased by **$7.2 million**[202](index=202&type=chunk) - **Q2 2025** vs **Q2 2024**: **Noninterest income** decreased by **$3.6 million**, primarily due to a decline in **Cash Connect® revenue** and a prior-year gain on a **Visa derivative**[202](index=202&type=chunk) - **Q2 2025** vs **Q2 2024**: **Noninterest expense** increased by **$3.6 million**, mainly from higher **salaries and benefits**, partially offset by lower **Cash Connect® external funding costs**[202](index=202&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's **market risk** primarily arises from **interest rate risk**, which is actively monitored and managed - Information regarding **market risk** is incorporated by reference from the '**Interest Rate Sensitivity**' section within **Item 2 of the MD&A**[229](index=229&type=chunk) [Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's **disclosure controls and procedures** were effective as of June 30, 2025, with no **material changes** to **internal control over financial reporting** - The **CEO and CFO** concluded that as of June 30, 2025, the company's **disclosure controls and procedures** were effective[235](index=235&type=chunk) - No **material changes** to **internal control over financial reporting** occurred during the second quarter of 2025[235](index=235&type=chunk) [PART II. Other Information](index=68&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=68&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding **legal proceedings** is detailed in **Note 17** to the Consolidated Financial Statements, including a recent settlement - Details on **legal proceedings** are incorporated by reference from **Note 17 of the financial statements**[232](index=232&type=chunk) [Risk Factors](index=68&type=section&id=Item%201A.%20Risk%20Factors) No **material changes** to the **risk factors** disclosed in the company's **Annual Report on Form 10-K** for 2024 were reported - No **material changes** to **risk factors** were reported since the **2024 Annual Report on Form 10-K**[233](index=233&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=68&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **1,556,199 shares** of **common stock** in **Q2 2025** as part of a new **share repurchase program** Share Repurchases for Q2 2025 | Month | Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | April 2025 | 1,012,199 | $47.98 | | May 2025 | 274,000 | $54.07 | | June 2025 | 270,000 | $53.07 | | **Total** | **1,556,199** | **$49.93** | - In **Q2 2025**, the Board approved a new **share repurchase program** for up to **5,769,334 shares**, representing **10%** of outstanding shares as of March 31, 2025[234](index=234&type=chunk) [Other Information](index=69&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a **Rule 10b5-1 trading arrangement** during the reporting period - No director or officer adopted or terminated a **Rule 10b5-1 trading arrangement** during the reporting period[240](index=240&type=chunk) ```
WSFS Financial (WSFS) - 2025 Q2 - Earnings Call Transcript
2025-07-25 18:02
Financial Data and Key Metrics Changes - Core earnings per share increased to $1.27, core return on assets at 1.3%, and core return on tangible common equity at 18.03%, all up from the first quarter [4][5] - Core net interest margin expanded by one basis point to 3.89%, with total funding costs reduced by nine basis points [5] - Total net credit costs were $14.3 million, with net charge-offs at 30 basis points, half attributed to the Upstart sale [7][9] Business Line Data and Key Metrics Changes - Wealth business grew 17% year over year, with institutional services up 39% and Brimmore Trust Company of Delaware up 7% [6] - Core fee revenue grew 9% quarter over quarter, driven by growth in wealth, capital markets, and mortgage [5] - Gross loans remained flat quarter over quarter, but commercial fundings reached the highest level in over a year, with C&I loan balances growing 2% linked quarter [6][7] Market Data and Key Metrics Changes - Total client deposits increased by 1% linked quarter and grew by 5% year over year, with non-interest deposits up 11% year over year [6] - The company expects low single-digit growth in the commercial portfolio and flat growth in the consumer portfolio, excluding Upstart [10] Company Strategy and Development Direction - The company is focused on accretive loan growth, particularly in the C&I sector, while maintaining profit margins [19][20] - Strategic opportunities are being pursued in the wealth and trust franchise, with a focus on broadening product offerings [12][31] - The company plans to continue executing buybacks as part of a multi-year glide path to reach a CET1 capital target of 12% [13] Management's Comments on Operating Environment and Future Outlook - Management noted a mild uptick in optimism among commercial borrowers, with some projects previously on hold now moving forward [23][24] - The outlook for net interest margin (NIM) has been raised to approximately 3.85%, factoring in expected interest rate cuts [11][38] - Management remains committed to driving high performance and growth, with expectations for continued strong performance in fee businesses [10][64] Other Important Information - The company completed the sale of its powder mill business, which is expected to create strategic opportunities despite some near-term revenue headwinds [12] - The company is managing expenses for growth, with a focus on investing in technology and talent [58] Q&A Session Summary Question: Loan growth expectations and commercial borrower sentiment - Management emphasized a focus on C&I growth and maintaining profit margins, with a mild uptick in optimism among borrowers regarding tariffs [19][23] Question: Expense outlook and run rate - Management indicated that the second quarter is a good run rate for future growth, with some potential increases in the back half of the year [25][28] Question: Impact of buybacks on CET1 and M&A opportunities - Management confirmed that buybacks are driven by excess capital, with a focus on investing in the business first, but open to M&A opportunities in fee businesses [30][31] Question: NIM outlook and potential upside - Management discussed the expected impact of interest rate cuts on NIM, with strategies in place to mitigate these effects [36][38] Question: Cash Connect profitability and pricing strategies - Management reported progress in driving profit margins in Cash Connect, with ongoing pricing increases expected to enhance profitability [61] Question: Long-term margin outlook - Management did not provide specific guidance for 2026 but aims to continue improving ROA and mitigating impacts from interest rate cuts [64]
WSFS Financial (WSFS) - 2025 Q2 - Earnings Call Transcript
2025-07-25 18:00
Financial Data and Key Metrics Changes - Core earnings per share increased to $1.27, core return on assets at 1.3%, and core return on tangible common equity at 18.03%, all up from the first quarter [3][4] - Core net interest margin expanded by one basis point to 3.89%, with total funding costs reduced by nine basis points [4] - Core fee revenue grew by 9% quarter over quarter, driven by growth in wealth, capital markets, and mortgage businesses [4] Business Line Data and Key Metrics Changes - Wealth business grew by 17% year over year, with institutional services up by 39% and Brimmore Trust Company of Delaware up by 7% [5] - Total client deposits increased by 1% linked quarter and grew by 5% year over year, with non-interest deposits up by 11% year over year [5] - Gross loans remained flat quarter over quarter, but commercial fundings reached the highest level in over a year, with C&I loan balances growing by 2% linked quarter [6] Market Data and Key Metrics Changes - The company expects low single-digit growth in the commercial portfolio and flat growth in the consumer portfolio, excluding Upstart [8] - The outlook for net interest margin (NIM) has been raised to approximately 3.85%, factoring in two anticipated rate cuts [9] Company Strategy and Development Direction - The company is focused on accretive loan growth, particularly in the C&I sector, while maintaining profit margins [19][20] - Strategic opportunities are being pursued in the wealth and trust business, with a focus on broadening product offerings [10] - The company plans to continue executing buybacks as part of a multi-year glide path to reach a CET1 capital target of 12% [11] Management's Comments on Operating Environment and Future Outlook - Management noted a mild uptick in optimism among commercial borrowers, indicating a potential shift in sentiment regarding tariffs [22][23] - The company is managing expenses for growth, with continued investments in technology and talent [57] - Future performance is expected to be driven by fee businesses, which are accretive to ROA, despite temporary impacts from interest rate cuts [64] Other Important Information - The company returned $87.3 million of capital in the second quarter, including $77.7 million in buybacks, representing 2.7% of outstanding shares [7] - The sale of the Upstart portfolio is expected to impact net charge-offs, with total net charge-offs projected between 35 to 45 basis points for the year, excluding Upstart [10] Q&A Session Summary Question: Loan growth expectations and commercial borrower sentiment - Management emphasized a focus on C&I growth and noted a mild uptick in optimism among borrowers regarding project initiation [19][22] Question: Expense outlook and run rate - Management indicated that the second quarter represents a good run rate for future growth, with some potential increases due to business-as-usual activities [26][57] Question: Impact of buybacks on CET1 and M&A considerations - Management confirmed that buybacks are being executed due to excess capital, with a focus on investing in the business first before considering M&A opportunities [30][31] Question: NIM outlook and potential upside - Management discussed the expected impact of interest rate cuts on NIM, with a focus on mitigating these impacts through deposit repricing [38][41] Question: Cash Connect profitability and pricing strategies - Management reported progress in driving profit margins in Cash Connect, with ongoing pricing increases expected to enhance profitability [60][61]