WSFS Financial Corp Files Definitive Proxy Statement

Ticker: WSFS · Form: DEF 14A · Filed: Mar 27, 2024 · CIK: 828944

Wsfs Financial Corp DEF 14A Filing Summary
FieldDetail
CompanyWsfs Financial Corp (WSFS)
Form TypeDEF 14A
Filed DateMar 27, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$4.40, $269.16M, $9.5 million, $91.4 million, $2.7 million
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, DEF 14A, WSFS Financial Corp, Shareholder Meeting, Corporate Governance

TL;DR

<b>WSFS Financial Corp has filed its Definitive Proxy Statement for the period ending May 16, 2024.</b>

AI Summary

WSFS FINANCIAL CORP (WSFS) filed a Proxy Statement (DEF 14A) with the SEC on March 27, 2024. WSFS Financial Corp filed a Definitive Proxy Statement (DEF 14A) on March 27, 2024. The filing covers the period ending May 16, 2024. The company's IRS number is 222866913. WSFS Financial Corp is incorporated in Delaware. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking WSFS FINANCIAL CORP, this filing contains several important signals. This filing is a standard regulatory requirement for public companies, providing shareholders with information for upcoming meetings and votes. The DEF 14A details executive compensation, board nominations, and other corporate governance matters, which are crucial for shareholder decision-making.

Risk Assessment

Risk Level: low — WSFS FINANCIAL CORP shows low risk based on this filing. The filing is a routine DEF 14A, indicating no immediate or significant new risks are being disclosed beyond standard corporate operations.

Analyst Insight

Review the proxy statement for details on executive compensation, board proposals, and any shareholder resolutions to inform voting decisions.

Key Numbers

  • 2024-03-27 — Filed Date (DEF 14A filing date)
  • 2024-05-16 — Period of Report (Conformed period of report)
  • 2023-12-31 — Fiscal Year End (Fiscal year end date)

Key Players & Entities

  • WSFS FINANCIAL CORP (company) — Registrant
  • 2024-03-27 (date) — Filing Date
  • 2024-05-16 (date) — Period of Report
  • 222866913 (organization) — IRS Number
  • DE (location) — State of Incorporation
  • 1934 Act (regulatory) — SEC Act
  • 001-35638 (regulatory) — SEC File Number
  • 500 DELAWARE AVENUE (address) — Business Address

FAQ

When did WSFS FINANCIAL CORP file this DEF 14A?

WSFS FINANCIAL CORP filed this Proxy Statement (DEF 14A) with the SEC on March 27, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by WSFS FINANCIAL CORP (WSFS).

Where can I read the original DEF 14A filing from WSFS FINANCIAL CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by WSFS FINANCIAL CORP.

What are the key takeaways from WSFS FINANCIAL CORP's DEF 14A?

WSFS FINANCIAL CORP filed this DEF 14A on March 27, 2024. Key takeaways: WSFS Financial Corp filed a Definitive Proxy Statement (DEF 14A) on March 27, 2024.. The filing covers the period ending May 16, 2024.. The company's IRS number is 222866913..

Is WSFS FINANCIAL CORP a risky investment based on this filing?

Based on this DEF 14A, WSFS FINANCIAL CORP presents a relatively low-risk profile. The filing is a routine DEF 14A, indicating no immediate or significant new risks are being disclosed beyond standard corporate operations.

What should investors do after reading WSFS FINANCIAL CORP's DEF 14A?

Review the proxy statement for details on executive compensation, board proposals, and any shareholder resolutions to inform voting decisions. The overall sentiment from this filing is neutral.

How does WSFS FINANCIAL CORP compare to its industry peers?

WSFS Financial Corp operates within the national commercial banks industry.

Are there regulatory concerns for WSFS FINANCIAL CORP?

The filing is made under the Securities Exchange Act of 1934, specifically Section 14(a), which governs the solicitation of proxies.

Industry Context

WSFS Financial Corp operates within the national commercial banks industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 14(a), which governs the solicitation of proxies.

What Investors Should Do

  1. Review the proxy statement for details on director nominations and voting procedures.
  2. Examine executive compensation disclosures to understand pay structures and performance metrics.
  3. Identify any shareholder proposals and understand the company's stance or recommendations.

Key Dates

  • 2024-03-27: Filing Date — Filing of Definitive Proxy Statement
  • 2024-05-16: Reporting Period End — Proxy statement covers matters up to this date

Year-Over-Year Comparison

This is a DEF 14A filing, which is a standard annual disclosure, not a comparison to a prior filing type.

Filing Stats: 4,451 words · 18 min read · ~15 pages · Grade level 13.7 · Accepted 2024-03-27 16:05:50

Key Financial Figures

  • $4.40 — 2023 Business Performance Highlights $4.40 1.33% 2.24% $269.16M 21.73% E
  • $269.16M — ce Highlights $4.40 1.33% 2.24% $269.16M 21.73% EPS (diluted) ROA PPNR %
  • $9.5 million — as compared to 2022. WSFS realized a $9.5 million gain from our investment in Spring EQ,
  • $91.4 million — in Boca Raton, Florida. WSFS returned $91.4 million of capital to stockholders while mainta
  • $2.7 million — giving arm of WSFS Bank, made more than $2.7 million in grants and contributions to 390 char

Filing Documents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS iv PROXY STATEMENT SUMMARY 1 Proposal 1: Election of Directors 10 CORPORATE GOVERNANCE 10 Our Director Nomination and Selection Process 17 Board Structure and Roles 18 Committees 19 Audit Committee 20 Governance and Nominating Committee 20 Executive Committee 21 Leadership and Compensation Committee 21 Risk Committee 22 Wealth Management Fiduciary Audit Committee 22 Wealth Management Fiduciary Committee 23 Corporate Development Committee 24 Delivery Transformation Subcommittee 24 Committee Charters 24 Board Policies 25 Compensation of our Board of Directors 28 Proposal 2: Advisory Vote on NEO Compensation 30

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 30 ABOUT OUR EXECUTIVE COMPENSATION PROGRAM 30 ABOUT YOUR VOTE 30 Executive Leadership Team 31

Executive Compensation Discussion and Analysis

Executive Compensation Discussion and Analysis 33

Executive Compensation Philosophy

Executive Compensation Philosophy 34 How Executive Compensation Decisions Are Made 35 2023 Executive Compensation Summary 40 Benefits 44 Employment Agreements 44

Executive Compensation Policies

Executive Compensation Policies 45 CEO Pay Ratio 46 Summary Compensation Table 47 Grants of Plan-Based Awards 48 Outstanding Equity Awards Value at Fiscal Year-End 49 Exercises of Options and Vesting of Stock During 2023 50 Potential Payments upon Termination or Change in Control 51 Proposal 3: Ratification of the Appointment of Independent Registered Public Accounting Firm 53 PAY VERSUS PERFORMANCE 55 TRANSACTIONS WITH RELATED PARTIES 59 DELINQUENT SECTION 16(a) REPORTS 59

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 60 MEETING AND OTHER INFORMATION 61 COMPANY DOCUMENTS AND OTHER MATTERS 66 APPENDIX A – NON-GAAP RECONCILIATIONS 67 WSFS Bank 2024 Proxy Statement iii Forward-Looking This Proxy Statement 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 our predictions or expectations of future business or financial performance, as well as our 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 our 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 are discussed in detail in the risk factors in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 ("Annual Report") and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K, if any, filed with the Securities and Exchange Commission (the "SEC"). Forward-looking statements should be evaluated together with the many uncertainties that may affect our business, particularly those mentioned in our Annual Report and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K, if any, filed with the SEC. We caution readers not to place un

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