WSFS Financial Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>WSFS Financial Corp has filed its Q1 2024 10-Q report.</b>

AI Summary

WSFS FINANCIAL CORP (WSFS) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. WSFS Financial Corp filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. WSFS Financial Corp is incorporated in Delaware. The company's primary business is National Commercial Banks.

Why It Matters

For investors and stakeholders tracking WSFS FINANCIAL CORP, this filing contains several important signals. This filing provides investors with the latest financial performance and operational details for WSFS Financial Corp. Understanding the Q1 2024 results is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — WSFS FINANCIAL CORP shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand WSFS Financial Corp's performance in Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Reporting period)
• 2024-05-06 — Filing Date (Date of submission)
• 107 — Public Document Count (Number of documents in the filing)
• 1992-07-03 — Date of Name Change (Historical company name change)

Key Players & Entities

• WSFS FINANCIAL CORP (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-06 (date) — Filed as of date
• 0000828944 (company) — Central Index Key
• DE (location) — State of incorporation
• 1231 (date) — Fiscal year end
• 6021 (industry) — Standard Industrial Classification
• STAR STATES CORP (company) — Former company name

FAQ

Industry Context

WSFS Financial Corp operates within the National Commercial Banks industry, a sector characterized by interest rate sensitivity and regulatory oversight.

Regulatory Implications

As a financial institution, WSFS Financial Corp is subject to regulations from bodies like the SEC and Federal Reserve, impacting its operations and reporting.

What Investors Should Do

1. Analyze the revenue streams and expense categories reported in the 10-Q.
2. Examine the balance sheet for changes in assets, liabilities, and equity compared to previous periods.
3. Review any disclosures related to risk factors or legal proceedings mentioned in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the year.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share WSFS Nasdaq Global Select Mar

Filing Documents

• wsfs-20240331.htm (10-Q) — 3520KB
• a302certification-ceo1q24.htm (EX-31.1) — 11KB
• a302certification-cfo1q24.htm (EX-31.2) — 11KB
• a906certification1q24.htm (EX-32) — 7KB
• 0001628280-24-020601.txt (&nbsp;) — 19325KB
• wsfs-20240331.xsd (EX-101.SCH) — 80KB
• wsfs-20240331_cal.xml (EX-101.CAL) — 155KB
• wsfs-20240331_def.xml (EX-101.DEF) — 483KB
• wsfs-20240331_lab.xml (EX-101.LAB) — 975KB
• wsfs-20240331_pre.xml (EX-101.PRE) — 765KB
• wsfs-20240331_htm.xml (XML) — 5051KB

Financial Information Page

PART I. Financial Information Page

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023 7 Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 8 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 9 Notes to the Consolidated Financial Statements for the Three Months Ended March 31, 2024 11

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 59

Controls and Procedures

Item 4. Controls and Procedures 59

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 60

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 60

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 60

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 61 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, 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 and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; changes in market interest rates, which may increase funding costs and reduce earning asset yields and thus reduce margin; the impa

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View this 10-Q filing on SEC EDGAR