This quarterly report represents an earnings surprise of 3.85%. A quarter ago, it was expected that this bank holding company would post earnings of $1.07 per share when it actually produced earnings of $1.11, delivering a surprise of 3.74%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. While WSFS has outperformed the market so far this year, the question t ...

FOR IMMEDIATE RELEASE July 25, 2024 Wilmington, DE — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the second quarter of 2024. GAAP results for the quarterly periods shown included items that are excluded from core results. Below is a summary of the financial effects of these items. WSFS Bank Center WSFS Bank Place 2 500 Delaware Avenue, 1818 Market St, Wilmington, Delaware 19801 Philadelphia, PA 19103 Rodger Levenson, Chairman, CEO and ...

The upcoming report from WSFS Financial (WSFS) is expected to reveal quarterly earnings of $1.04 per share, indicating a decline of 10.3% compared to the year-ago period. Analysts forecast revenues of $254.54 million, representing an increase of 2.3% year over year. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 1.4% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period. Before a ...

WSFS Financial (WSFS) shares rallied 7.1% in the last trading session to close at $54.36. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 15.3% gain over the past four weeks. This is a positive development for finance stocks that have been reeling under the Fed's aggressive monetary tightening. As the rates come down, so will banks' funding costs. Also, demand for loans is expected to improve. Hence, the inve ...

The lender exhibits a healthy loan and deposit base. The loans and leases and deposits recorded a CAGR of 6.3% and 6.4%, respectively, over the last three years (2020–2023). The uptrend persisted for total deposits in the first quarter of 2024 on the back of growth in retail and private banks. CFG presently carries a Zacks Rank of 3. It has a market capitalization of $16.69 billion. The Zacks Consensus Estimate for the company's current-year earnings per share is pegged at $3.16. Revenues for 2024 are expec ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35638 WSFS FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 22-2866913 (State or other juri ...

Financial Data and Key Metrics Changes - The company reported core earnings per share of $1.11, core return on tangible common equity of 19.2%, and core return on assets of 1.31% for Q1 2024 [6] - The core net interest margin was 3.84%, with an interest-bearing deposit beta of 47% [9] - Average deposit balances increased by 4.9% annualized linked quarter, while quarter-end customer deposits were up 3% linked quarter [8] Business Line Data and Key Metrics Changes - Gross loan growth was 2% linked quarter or 7% annualized, with growth across commercial mortgage, consumer, and C&I books [7] - Core fee revenue increased by 2.7% linked quarter, excluding income from the equity position in Spring EQ [10] - The core efficiency ratio stood at 58.6%, with noninterest expenses increasing by $7.2 million or 5% linked quarter [11] Market Data and Key Metrics Changes - Asset quality remained stable, with problem loans and delinquencies flat at 4.41% and 81 basis points of gross loans, respectively [13] - Net charge-offs decreased to 27 basis points of average gross loans, including a net recovery [13] Company Strategy and Development Direction - The company is focused on delivering top-quintile financial performance in 2024 and is tracking well to the full-year outlook communicated in January [14] - There is no current focus on traditional bank M&A, as the company believes it is uniquely positioned for significant organic growth [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to return to profitability levels in the Cash Connect business as they optimize cash usage [19] - The company anticipates a plateauing of net interest margin in Q2, with expectations of recovery in the second half of the year [32] Other Important Information - The company added 4,336 serviced non-bank ATMs during the quarter due to the exit of a large industry participant [12] - A one-time adjustment of $1.3 million in deferred revenue impacted wealth management revenue this quarter [26] Q&A Session Summary Question: Market share and competitor exit in Cash Connect - Management confirmed that U.S. Bancorp exited the space, allowing the company to add approximately 12,000 units [16] Question: Strategic shift regarding Upstart partnership - Management indicated that the Upstart partnership was paused due to unsatisfactory returns on cross-sell opportunities, but they remain well-reserved for expected losses [21][22] Question: M&A appetite and deposit discussions - Management stated that they are not currently focused on traditional bank M&A but continue to invest in wealth and commercial areas [24] Question: Wealth management and deferred revenue - A one-time item related to deferred revenue adjustment was clarified, with expectations of recovery in future quarters [26] Question: NIM outlook and deposit costs - Management discussed the impact of rising deposit costs on NIM, with expectations of stabilization and recovery in the second half of the year [30][32] Question: Charge-offs and guidance - Management expects charge-offs to plateau and potentially decline, particularly in the Upstart portfolio [39] Question: Loan growth and pipelines - The commercial bank's pipeline remains strong, with no significant impact from high rates on demand [42]

WSFS Financial Corporation 1 1Q 2024 Earnings Release Supplement April 2024 Forward Looking Statements & Non-GAAP Forward Looking Statements: This presentation contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objec ...

WSFS Bank Center WSFS Bank Place 1 500 Delaware Avenue, 1818 Market St, Wilmington, Delaware 19801 Philadelphia, PA 19103 EXHIBIT 99.1 FOR IMMEDIATE RELEASE Investor Relations Contact: Andrew Basile (302) 504-9857; abasile@wsfsbank.com April 25, 2024 Media Contact: Kyle Babcock (215) 864-1795; kbabcock@wsfsbank.com WSFS REPORTS 1Q 2024 ROA OF 1.28% AND EPS OF $1.09; ANNUALIZED LOAN GROWTH OF 7%; REFLECTS BALANCE SHEET STRENGTH AND DIVERSE BUSINESS MODEL Wilmington, DE — WSFS Financial Corporation (Nasdaq: W ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35638 WSFS FINANCIAL CORPORATION (Exact Name of Registrant as Specified in its Charter) | Delaware | 22-2866913 | | --- | --- | | (State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identifi ...