WSFS Financial Continues Growth Trajectory in the Third Quarter

WSFS Financial Corporation continued its streak of success in the third quarter with impressive figures. Chairman Rodger Levenson enthusiastically welcomed David Burg, the new Chief Financial Officer of the company, who joined WSFS in August and has an impressive career history at Citigroup. Under Burg's earlier leadership, WSFS achieved an adjusted earnings per share of USD 1.08, a return on equity of 16.96%, and significant increases in both loan and deposit business. A 5% increase in loans and a 3% increase in deposits compared to the previous year underscore the strength of WSFS's business model. The results were also supported by solid growth in core fee income and an optimized balance sheet structure. The trust and wealth management business also improved, with Cash Connect delivering impressive growth figures. Despite increased costs for provisions for credit losses, WSFS was able to increase its equity ratio by 8%. The book value per share reached USD 45.37, and the tangible book value rose significantly to USD 28.56. With a revised annual forecast that continues to reflect stable strength in the core business, WSFS remains flexible enough to manage future market uncertainties and expand its market share. Future interest rate cuts could influence economic results, but WSFS is well-equipped to face market challenges and achieve its strategic objectives. The company's track record, combined with strong liquidity and capital base, provides optimism for the full fiscal year.