WSFS Financial Corporation (WSFS) Bundle
A Brief History of WSFS Financial Corporation (WSFS)
Company Overview
WSFS Financial Corporation, headquartered in Wilmington, Delaware, is a publicly traded bank holding company with total assets of $15.4 billion as of Q4 2023.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $15.4 billion |
| Total Deposits | $11.2 billion |
| Net Income | $218.6 million |
| Return on Equity | 12.4% |
Corporate Structure
WSFS operates through its primary subsidiary, WSFS Bank, which serves customers in Delaware, Pennsylvania, Maryland, New Jersey, and Virginia.
Branch Network
- Total Branches: 125
- States Served: 5
- Digital Banking Platforms: Active mobile and online banking services
Stock Performance
WSFS trades on NASDAQ under the ticker symbol WSFS. As of January 2024, the stock price ranged between $52-$58 per share.
Key Business Segments
- Commercial Banking
- Retail Banking
- Wealth Management
- Financial Technology Services
Recent Acquisitions
In 2022, WSFS completed the acquisition of Beneficial Bancorp, expanding its market presence in the Philadelphia region.
A Who Owns WSFS Financial Corporation (WSFS)
Major Institutional Shareholders
As of Q4 2023, the top institutional shareholders of WSFS Financial Corporation include:
| Institutional Investor | Shares Owned | Percentage of Ownership |
|---|---|---|
| The Vanguard Group, Inc. | 3,428,877 | 14.82% |
| BlackRock Inc. | 2,987,654 | 12.91% |
| Wellington Management Group LLP | 1,845,230 | 7.97% |
| Dimensional Fund Advisors LP | 1,672,345 | 7.23% |
Insider Ownership
WSFS insider ownership details as of January 2024:
- Total insider ownership: 2.3%
- Number of insider shareholders: 17
- Largest insider shareholder: Mark A. Turner (Former President and CEO)
Public Float
Public float details:
- Total public shares: 23,145,678
- Percentage of public float: 87.6%
- Market capitalization: $3.2 billion
Top Individual Shareholders
| Name | Position | Shares Owned |
|---|---|---|
| Rodger Levenson | Chairman and CEO | 124,567 |
| Stephen D. Agrelius | CFO | 45,678 |
WSFS Financial Corporation (WSFS) Mission Statement
Corporate Mission Overview
WSFS Financial Corporation provides financial services focused on building strong community relationships and delivering comprehensive banking solutions.
Strategic Financial Metrics
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $15.4 billion |
| Total Deposits | $12.3 billion |
| Net Income | $254.6 million |
| Market Capitalization | $3.2 billion |
Core Business Segments
- Commercial Banking
- Retail Banking
- Wealth Management
- Digital Banking Services
Operational Footprint
WSFS operates 117 branches across Delaware, Pennsylvania, New Jersey, and Virginia.
Key Performance Indicators
| Performance Indicator | 2023 Performance |
|---|---|
| Return on Equity | 12.4% |
| Efficiency Ratio | 57.3% |
| Loan Portfolio | $10.8 billion |
How WSFS Financial Corporation (WSFS) Works
Corporate Overview
WSFS Financial Corporation operates as a financial services holding company headquartered in Wilmington, Delaware. As of Q4 2023, the company reported total assets of $15.4 billion.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $15.4 billion |
| Total Deposits | $12.8 billion |
| Net Income | $236.7 million |
| Return on Equity | 12.3% |
Business Segments
- Commercial Banking
- Retail Banking
- Wealth Management
- Insurance Services
Geographic Presence
WSFS operates 102 branches across Delaware, Pennsylvania, Virginia, and New Jersey.
Digital Banking
As of 2024, WSFS offers mobile banking services with 247,000 active digital banking users.
Lending Portfolio
| Loan Category | Total Outstanding Balance |
|---|---|
| Commercial Loans | $8.3 billion |
| Residential Mortgages | $3.6 billion |
| Consumer Loans | $1.9 billion |
Regulatory Capital
Common Equity Tier 1 (CET1) Ratio: 11.2%
Employee Information
Total employees: 1,678 as of December 31, 2023
How WSFS Financial Corporation (WSFS) Makes Money
Core Business Segments
WSFS Financial Corporation generates revenue through multiple business segments:
- Commercial Banking
- Retail Banking
- Wealth Management Services
- Mortgage Banking
Financial Performance Metrics
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $15.4 billion |
| Net Interest Income | $546.3 million |
| Non-Interest Income | $188.7 million |
| Total Revenue | $734.9 million |
Revenue Streams
Interest Income Sources:
- Commercial Loans: $8.2 billion
- Consumer Loans: $3.6 billion
- Mortgage Loans: $2.9 billion
Fee-Based Income
| Fee Category | Annual Revenue |
|---|---|
| Wealth Management Fees | $87.5 million |
| Service Charges on Deposits | $45.3 million |
| Mortgage Banking Fees | $62.1 million |
Geographic Revenue Distribution
Primary Operating Regions:
- Delaware: 65% of total revenue
- Pennsylvania: 22% of total revenue
- New Jersey: 13% of total revenue
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