Company Quick10K Filing
WSFS Financial
Price44.41 EPS3
Shares53 P/E18
MCap2,356 P/FCF31
Net Debt-580 EBIT243
TEV1,776 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-28
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10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
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10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
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10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-07-30
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10-K 2009-12-31 Filed 2010-03-16
8-K 2020-11-23
8-K 2020-11-04
8-K 2020-10-22
8-K 2020-09-22
8-K 2020-08-18
8-K 2020-07-23
8-K 2020-06-16
8-K 2020-05-20
8-K 2020-05-04
8-K 2020-04-27
8-K 2020-04-23
8-K 2020-04-10
8-K 2020-01-31
8-K 2020-01-21
8-K 2019-11-12
8-K 2019-11-05
8-K 2019-10-21
8-K 2019-08-20
8-K 2019-08-12
8-K 2019-08-02
8-K 2019-07-22
8-K 2019-07-09
8-K 2019-05-06
8-K 2019-04-30
8-K 2019-04-25
8-K 2019-03-13
8-K 2019-03-05
8-K 2019-03-01
8-K 2019-02-27
8-K 2019-02-13
8-K 2019-02-12
8-K 2019-01-22
8-K 2018-12-26
8-K 2018-12-13
8-K 2018-12-12
8-K 2018-11-29
8-K 2018-11-06
8-K 2018-10-31
8-K 2018-10-22
8-K 2018-09-18
8-K 2018-09-13
8-K 2018-08-15
8-K 2018-07-23
8-K 2018-07-11
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-04-23
8-K 2018-02-27
8-K 2018-01-30
8-K 2018-01-22
8-K 2018-01-04

WSFS 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a302certification-ceo09302.htm
EX-31.2 a302certification-cfo09302.htm
EX-32 a906certification09302020.htm

WSFS Financial Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.40.20.1-0.1-0.2-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 001-35638
WSFS FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware22-2866913
(State or other jurisdiction of Incorporation or organization)(I.R.S. Employer Identification Number)
500 Delaware Ave,
Wilmington, Delaware, 19801
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (302) 792-6000
Not Applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareWSFSNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x  Accelerated filer
Non-accelerated filer   Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x

Number of shares outstanding of the issuer's common stock, as of the latest practicable date: 50,402,351 shares as of October 31, 2020.




WSFS FINANCIAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
 PART I. Financial InformationPage
Item 1.Financial Statements (Unaudited)
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2020 and 2019
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019
Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2020 and 2019
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019
Notes to the Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2020
Item 2.
Item 3.
Item 4.
PART II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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Table of Contents
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 particularly in the markets in which the Company operates and in which its loans are concentrated, including possible declines in housing markets, an increase in unemployment levels and slowdowns in economic growth, including as a result of the novel coronavirus, or COVID-19, pandemic;
possible additional loan losses and impairment of the collectability of loans, particularly as a result of the COVID-19 pandemic and the policies and programs implemented by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, including its automatic loan forbearance provisions and the Company's Paycheck Protection Program (PPP) lending activities;
the economic and financial impact of federal, state and local emergency orders and other actions taken in response to the COVID-19 pandemic;
the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums;
changes in market interest rates, which may increase funding costs and reduce earning asset yields and thus reduce margin;
the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company’s investment securities portfolio;
the credit risk associated with the substantial amount of commercial real estate, construction and land development and commercial and industrial loans in the Company's loan portfolio;
the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations and potential expenses associated with complying with such regulations;
the Company’s ability to comply with applicable capital and liquidity requirements (including the effect of the transition to the Current Expected Credit Losses (CECL) methodology for allowances and related adjustments), including its ability to generate liquidity internally or raise capital on favorable terms;
possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes;
any impairments of the Company's goodwill or other intangible assets;
conditions in the financial markets, including the destabilized economic environment caused by the COVID-19 pandemic, that may limit the Company’s access to additional funding to meet its liquidity needs;
the intention of the United Kingdom's Financial Conduct Authority (FCA) to cease support of London Inter-Bank Offered Rate (LIBOR) and the transition to an alternative reference interest rate, including methodologies for calculating the rate that are different from the LIBOR methodology and changed language for existing and new floating or adjustable rate contracts;
the success of the Company's growth plans, including its plans to grow the commercial small business leasing portfolio and residential mortgage, small business and Small Business Administration (SBA) portfolios;
the successful integration of acquisitions;
the Company’s ability to fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Customer acceptance of the Company’s products and services and related Customer disintermediation;
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Table of Contents
negative perceptions or publicity with respect to the Company generally and, in particular, the Company’s trust and wealth management business;
failure of the financial and operational controls of the Company’s Cash Connect® division;
adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings;
the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties;
system failures or cybersecurity incidents or other breaches of the Company’s network security, particularly given widespread remote working arrangements;
the Company’s ability to recruit and retain key Associates;
the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally;
the effects of weather and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability and man-made disasters including terrorist attacks;
the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage);
possible changes in the speed of loan prepayments by the Company’s Customers and loan origination or sales volumes;
possible changes in the speed of prepayments of mortgage-backed securities due to changes in the interest rate environment, particularly as a result of the COVID-19 pandemic, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate;
regulatory limits on the Company’s ability to receive dividends from its subsidiaries and pay dividends to its stockholders;
any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; and
other risks and uncertainties, including those discussed in other documents filed by the Company with the Securities and Exchange Commission (SEC) from time to time.
The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.

As used in this Quarterly Report on Form 10-Q, the terms “WSFS”, “the Company”, “registrant”, “we”, “us”, and “our” mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

Cash Connect® is the Company's registered trademark. Any other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.

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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
(Dollars in thousands, except per share and share data)(Unaudited)
Interest income:
Interest and fees on loans and leases$110,195 $124,800 $341,657 $340,918 
Interest on mortgage-backed securities11,686 12,989 37,454 35,684 
Interest and dividends on investment securities:
Taxable435 29 552 79 
Tax-exempt830 939 2,648 2,963 
Other interest income224 2,505 797 4,098 
123,370 141,262 383,108 383,742 
Interest expense:
Interest on deposits8,346 16,851 32,815 43,916 
Interest on Federal Home Loan Bank advances445 1,099 1,900 4,495 
Interest on senior debt1,179 1,179 3,538 3,538 
Interest on federal funds purchased  602 471 2,194 
Interest on trust preferred borrowings347 693 1,417 2,136 
Interest on other borrowings5 5 13 84 
10,322 20,429 40,154 56,363 
Net interest income113,048 120,833 342,954 327,379 
Provision for credit losses2,716 4,121 154,116 23,970 
Net interest income after provision for credit losses110,332 116,712 188,838 303,409 
Noninterest income:
Credit/debit card and ATM income7,251 13,115 27,916 38,307 
Investment management and fiduciary income13,266 10,459 35,157 30,988 
Deposit service charges4,772 6,139 14,594 16,988 
Mortgage banking activities, net11,507 3,152 23,472 8,090 
Loan and lease fee income1,165 823 3,381 2,358 
Securities gains, net3,322  5,923 78 
Unrealized gains on equity investments, net104 21,344 761 26,175 
Realized gain on sale of equity investment  22,052  
Bank owned life insurance income591 277 1,011 877 
Other income7,193 7,037 20,126 22,478 
49,171 62,346 154,393 146,339 
Noninterest expense:
Salaries, benefits and other compensation48,772 48,914 142,875 133,669 
Occupancy expense8,152 9,085 24,114 24,262 
Equipment expense5,678 5,564 16,401 14,997 
Data processing and operations expenses3,198 3,861 9,337 10,180 
Professional fees4,611 3,180 13,634 7,967 
Marketing expense1,451 1,373 3,617 4,910 
Loss on early extinguishment of debt2,280  2,280  
FDIC expenses829 (227)1,080 1,435 
Loan workout and other credit costs1,422 846 6,462 2,537 
Corporate development expense428 10,517 4,570 51,090 
Restructuring expense 8,360  14,603 
Other operating expense16,719 18,088 51,101 49,351 
93,540 109,561 275,471 315,001 
Income before taxes65,963 69,497 67,760 134,747 
Income tax provision15,140 15,902 14,181 32,253 
Net income$50,823 $53,595 $53,579 $102,494 
Less: Net loss attributable to noncontrolling interest(322)(287)(1,382)(611)
Net income attributable to WSFS$51,145 $53,882 $54,961 $103,105 
Earnings per share:
Basic$1.01 $1.02 $1.08 $2.13 
Diluted$1.01 $1.02 $1.08 $2.12 
Weighted average shares of common stock outstanding:
Basic50,665,359 52,863,202 50,801,777 48,381,338 
Diluted50,684,493 53,054,368 50,832,085 48,668,460 

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
5

Table of Contents
WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
(Dollars in thousands)(Unaudited)(Unaudited)
Net income$50,823 $53,595 $53,579 $102,494 
Less: Net loss attributable to noncontrolling interest(322)(287)(1,382)(611)
Net income attributable to WSFS51,145 53,882 54,961 103,105 
Other comprehensive (loss) income:
Net change in unrealized (losses) gains on investment securities available-for-sale
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(1,097), $2,911, $14,610 and $14,565, respectively
(3,474)9,268 46,264 46,124 
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $797, $, $1,421, and $19, respectively
(2,525) (4,501)(59)
(5,999)9,268 41,763 46,065