Every material Form 8-K WSFS Financial filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
WSFS Financial said James J. Wechsler, who has been with the company since 2010, will become Executive Vice President and Chief Commercial Banking Officer effective January 1, 2025. He succeeds Stephen P. Clark, who is stepping down from the role effective December 31, 2024 and will remain with the company as a Senior Advisor. The filing is an executive succession change with no financial results or guidance included.
James J. Wechsler appointed Executive Vice President, Chief Commercial Banking Officer, effective January 1, 2025
Stephen P. Clark notified the company on October 24, 2024 that he is stepping down, effective December 31, 2024
Clark will continue as a Senior Advisor focused on business development, relationship management and leadership support
Wechsler previously served as Chief Operating Officer, Commercial Banking, and will report to Art Bacci, Chief Operating Officer
WSFS Financial reported third-quarter 2024 diluted EPS of $1.08, down from $1.16 in the prior quarter and $1.22 a year earlier, while total net revenue rose to $267.7 million. Net income fell to $64.4 million as noninterest expense increased to $163.7 million, and nonperforming assets rose to $91.3 million. The company repurchased $13.8 million of its stock during the quarter and the board approved a $0.15 quarterly dividend.
Net income attributable to WSFS was $64.4 million, versus $69.3 million in 2Q 2024 and $74.2 million in 3Q 2023.
Total net revenue was $267.7 million, up from $266.0 million in 2Q 2024 and $255.3 million in 3Q 2023.
Noninterest expense rose to $163.7 million from $155.8 million in 2Q 2024.
Board approved a quarterly cash dividend of $0.15 per share, payable November 22, 2024 to holders of record as of November 8, 2024.
WSFS Financial reported second-quarter 2024 diluted EPS of $1.16 and net income of $69.3 million, up from $1.09 and $65.8 million in the first quarter, with total net revenue of $266.0 million. Core EPS was $1.08, down from $1.11 in the first quarter, and problem assets rose to $628.5 million, which shareholders may watch closely.
Diluted EPS was $1.16 for 2Q 2024, versus $1.09 for 1Q 2024 and $1.12 for 2Q 2023.
Total net revenue was $266.0 million, up from $251.1 million in 1Q 2024; fee revenue rose to $91.6 million from $75.9 million.
Core EPS was $1.08, compared with $1.11 in 1Q 2024; noninterest expense rose to $155.8 million from $149.1 million.
WSFS repurchased 897,461 shares for $39.7 million and declared a quarterly dividend of $0.15 per share, payable August 23, 2024.
WSFS Financial Corporation announced that David Burg, formerly Head of Strategy and Execution for Legacy Franchises at Citigroup, will join as Executive Vice President and Chief Financial Officer effective August 15, 2024. Arthur J. Bacci, currently Chief Wealth Officer and Interim CFO, will become Chief Operating Officer on the same date, and Jamie P. Hopkins will be elevated to Chief Wealth Officer. The filing describes these changes as part of succession planning, and the filing does not report financial results.
David Burg's annual base salary is $575,000, with a sign-on cash bonus of $575,000 and time-based RSUs valued at $600,000 and $800,000.
Arthur J. Bacci's base salary will increase to $597,000 in his new Chief Operating Officer role.
Burg's appointment is expected to take effect August 15, 2024.
Jamie P. Hopkins, who joined WSFS in October 2023, will become Executive Vice President, Chief Wealth Officer.
WSFS Financial reported first-quarter 2024 diluted EPS of $1.09 and net income of $65.8 million, both higher than a year earlier and the prior quarter. Total net revenue was $251.1 million, down from $265.3 million in the fourth quarter of 2023 but up from $245.7 million a year earlier, and core EPS was $1.11 versus $1.15 in the fourth quarter.
Net income attributable to WSFS was $65.8 million, versus $63.9 million in 4Q 2023 and $62.4 million in 1Q 2023.
Total net revenue was $251.1 million, versus $265.3 million in 4Q 2023 and $245.7 million in 1Q 2023.
Net interest margin was 3.84%, down from 3.99% in 4Q 2023; the company cited lagging deposit pricing after 2023 rate hikes.
WSFS repurchased shares for $21.0 million and approved a quarterly dividend of $0.15 per share, payable May 24, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every WSFS Financial filing is on SEC EDGAR ↗. 8-K briefs of other companies →