WSFS Financial Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>WSFS Financial Corp has submitted its 2023 10-K filing detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

WSFS FINANCIAL CORP (WSFS) filed a Annual Report (10-K) with the SEC on February 29, 2024. WSFS Financial Corp filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware. Its primary SIC code is 6021 for National Commercial Banks. The business and mailing address is 500 Delaware Avenue, Wilmington, DE 19801.

Why It Matters

For investors and stakeholders tracking WSFS FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of WSFS Financial Corp's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. As a national commercial bank, the information contained within this filing is vital for understanding its regulatory compliance, market position, and risk management strategies in the current economic climate.

Risk Assessment

Risk Level: medium — WSFS FINANCIAL CORP shows moderate risk based on this filing. The filing is a standard 10-K for a financial institution, which inherently carries medium risk due to the complex regulatory environment and market sensitivity of the banking sector. Specific risks are detailed within the full report.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand WSFS Financial Corp's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Date the report was filed)
• 6021 — SIC Code (Standard Industrial Classification for National Commercial Banks)
• 3027926000 — Business Phone (Contact phone number)

Key Players & Entities

• WSFS FINANCIAL CORP (company) — Filer name
• STAR STATES CORP (company) — Former company name
• DE (location) — State of incorporation
• US GAAP (regulator) — Accounting standards referenced

FAQ

Industry Context

WSFS Financial Corp operates within the National Commercial Banks industry (SIC 6021), a sector characterized by its sensitivity to interest rates, regulatory oversight, and economic conditions.

Regulatory Implications

As a commercial bank, WSFS Financial Corp is subject to extensive regulation by federal and state authorities, including oversight from the SEC and banking regulators, ensuring compliance with financial and operational standards.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and mitigation strategies.
3. Compare key financial metrics with previous years and industry benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — The period covered by the 10-K filing.
• 2024-02-29: Filing Date — The date WSFS Financial Corp submitted its 10-K report.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, representing the company's annual report. Specific comparative data against the prior year's filing (2022 10-K) would be found within the document itself.

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 par value WSFS Nasdaq Global Select Mar
• $20.6 billion — sly operating under the same name. With $20.6 billion in assets and $84.3 billion in assets u
• $84.3 billion — name. With $20.6 billion in assets and $84.3 billion in assets under management (AUM) and as
• $53.0 billion — ing attorneys. BMT-DE has approximately $53.0 billion in AUM and AUA at December 31, 2023. B
• $3.3 billion — Beach, Delaware. BMCM had approximately $3.3 billion in AUM and AUA at December 31, 2023. P
• $67.0 million — The Trust was formed in 2005 to issue $67.0 million aggregate principal amount of Pooled Fl
• $51.5 million — sue were used to fund the redemption of $51.5 million Floating Rate WSFS Capital Trust I Pref
• $2.0 million — rdinated Debentures. Although WSFS owns $2.0 million of the common securities of the Trust,
• $0.8 million — sts. Although WSFS owns an aggregate of $0.8 million of the common securities of Trust I and
• $12.8 billion — had a total loan and lease portfolio of $12.8 billion. We have built a $9.9 billion commercia
• $9.9 billion — folio of $12.8 billion. We have built a $9.9 billion commercial loan and lease portfolio by
• $1.9 billion — 023, Cash Connect manages approximately $1.9 billion in total cash and services approximatel
• $4.0 billion — ans held-for-sale, have grown 146% from $4.0 billion to $9.9 billion at December 31, 2023. O
• $5.4 billion — customer deposits have grown 202% from $5.4 billion to $16.4 billion. The following factor
• $16.4 billion — ts have grown 202% from $5.4 billion to $16.4 billion. The following factors summarize what

Filing Documents

• wsfs-20231231.htm (10-K) — 5512KB
• exhibit21-4q23.htm (EX-21) — 19KB
• exhibit23-4q23.htm (EX-23) — 4KB
• a302certification-ceo4q23.htm (EX-31.1) — 11KB
• a302certification-cfo4q23.htm (EX-31.2) — 11KB
• a906certification4q23.htm (EX-32) — 7KB
• exhibit97-wsfscompclawback.htm (EX-97) — 30KB
• wsfs-20231231_g1.gif (GRAPHIC) — 53KB
• wsfs-20231231_g2.jpg (GRAPHIC) — 149KB
• wsfs-20231231_g3.jpg (GRAPHIC) — 73KB
• 0001628280-24-007987.txt (&nbsp;) — 29753KB
• wsfs-20231231.xsd (EX-101.SCH) — 138KB
• wsfs-20231231_cal.xml (EX-101.CAL) — 230KB
• wsfs-20231231_def.xml (EX-101.DEF) — 842KB
• wsfs-20231231_lab.xml (EX-101.LAB) — 1707KB
• wsfs-20231231_pre.xml (EX-101.PRE) — 1255KB
• wsfs-20231231_htm.xml (XML) — 6948KB

Risk Factors

Item 1A. Risk Factors 31

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 42

Cybersecurity

Item 1C. Cybersecurity 42

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

[Reserved]

Item 6. [Reserved] 46

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 64

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 65

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 142

Controls and Procedures

Item 9A. Controls and Procedures 142

Other Information

Item 9B. Other Information 145

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 145 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 145

Executive Compensation

Item 11. Executive Compensation 145

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 145

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 145

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 145 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 146

Form 10-K Summary

Item 16. Form 10-K Summary 147

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, and exhibits hereto, 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 objectives for future operations, financial and business trends, business prospects and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words "believe," "expect," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to: difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth; the impacts related to or resulting from bank failures and other economic industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; possible additional loan losses and impairment of the collectability of loans; the Company's level of nonperforming assets and the costs a

BUSINESS

ITEM 1. BUSINESS OUR BUSINESS WSFS Financial Corporation (the Company or WSFS) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by the Company's subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $20.6 billion in assets and $84.3 billion in assets under management (AUM) and assets under administration (AUA) at December 31, 2023, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the Greater Philadelphia and Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, WSFS Bank has been in operation for more than 191 years. In addition to its focus on stellar customer experiences, WSFS Bank has continued to fuel growth and remain a leader in our community. We are a relationship-focused and locally-managed community banking and wealth franchise, complemented by nationwide businesses. Our mission is simple: "We Stand for Service." Our strategy of "Engaged Associates, living our culture, enriching the Communities we serve" focuses on exceeding Customer expectations, delivering stellar experiences and building customer advocacy through highly-trained, relationship-oriented, friendly, knowledgeable and empowered Associates. As of December 31, 2023, we serviced our Customers primarily from our 114 offices located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1), Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app. Subsidiaries As of December 31, 2023, the Company had six consolidated subsidiaries: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management, LL

View Full Filing

View this 10-K filing on SEC EDGAR