WSFS Financial Corp Q3 2024 10-Q Filing

TL;DR

WSFS Financial Corp's Q3 2024 10-Q is in, showing key financial metrics and performance comparisons.

AI Summary

WSFS Financial Corporation filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific figures for interest income, fees, and other financial metrics are presented for the third quarter and year-to-date periods of 2024 compared to 2023.

Why It Matters

This filing provides investors and analysts with a detailed look at WSFS Financial Corp's financial health and operational results for the third quarter of 2024, crucial for understanding its performance and future outlook.

Risk Assessment

Risk Level: medium — As a financial institution, WSFS is subject to market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 2024 Q3 — Reporting Period (Third quarter of 2024 financial performance)
• 2023 Q3 — Comparative Period (Third quarter of 2023 financial performance for comparison)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Financial performance for the first nine months of 2024)
• 2023-01-01 to 2023-09-30 — Comparative Year-to-Date Period (Financial performance for the first nine months of 2023)

Key Players & Entities

• WSFS FINANCIAL CORP (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Filing date
• STAR STATES CORP (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• wsfs-20240930.htm (10-Q) — 4533KB
• a302certification-ceo3q24.htm (EX-31.1) — 11KB
• a302certification-cfo3q24.htm (EX-31.2) — 11KB
• a906certification3q24.htm (EX-32) — 7KB
• 0001628280-24-045632.txt ( ) — 22817KB
• wsfs-20240930.xsd (EX-101.SCH) — 79KB
• wsfs-20240930_cal.xml (EX-101.CAL) — 160KB
• wsfs-20240930_def.xml (EX-101.DEF) — 488KB
• wsfs-20240930_lab.xml (EX-101.LAB) — 1006KB
• wsfs-20240930_pre.xml (EX-101.PRE) — 786KB
• wsfs-20240930_htm.xml (XML) — 6248KB

Financial Information Page

PART I. Financial Information Page

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023 7 Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 8 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 10 Notes to the Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2024 12

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 53

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 68

Controls and Procedures

Item 4. Controls and Procedures 68

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 68

Risk Factors

Item 1A. Risk Factors 68

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 68

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 68

Other Information

Item 5. Other Information 69

Exhibits

Item 6. Exhibits 69 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/or reduce earning asset yields and thus reduce margin; the i

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View this 10-Q filing on SEC EDGAR