WSFS Financial Corporation’s A- Senior Unsecured Debt Rating Affirmed with Stable Outlook by KBRA, Reflecting Strong Earnings, Liquidity, Capital, and Diversified Fee Revenue
August 09 2024 - 4:30PM
Business Wire
Kroll Bond Rating Agency (KBRA) has reaffirmed the senior
unsecured debt rating of A- for WSFS Financial Corporation (NASDAQ:
WSFS) (“WSFS” or “the Company”). KBRA also reaffirmed WSFS’
subordinated debt rating of BBB+ and a short-term debt rating of
K2. WSFS Bank, the Company’s primary subsidiary, received strong
credit ratings as well, including A ratings for both senior
unsecured debt and deposit, a subordinated debt rating of A-, and
the short-term debt and deposit ratings of K1. KBRA’s debt rating
report for WSFS can be accessed here.
“For the ninth consecutive year, WSFS has received a strong
Investment Grade debt rating by KBRA. The rating reflects the
quality of our diversified business model, which includes strong
fee revenue as well as ample liquidity and capital. Our regional
and national franchises continue to be well-positioned to serve our
Customers and markets,” said WSFS’ Executive Vice President and
Interim Chief Financial Officer, Arthur Bacci.
KBRA also noted the ratings are supported by WSFS’ significant
and stable fee revenue base derived from diversified business
lines, particularly its premier wealth and trust divisions, which
KBRA views as a key differentiator and primary driver of the
Company’s high ratings profile. Additionally, KBRA noted
considerable growth for Cash Connect, a division of WSFS Bank
providing cash logistics and payments, over the years as the
Company has captured market share as competitors have exited the
space, which is becoming a larger piece of noninterest income. The
favorable fee income trends and maintenance of a healthy NIM due to
WSFS’ lower-beta deposit base and well-balanced loan portfolio with
regard to fixed/variable interest rate structures that results in
solid loan yields, have produced strong profitability in recent
years, as well as historically. Also key to the ratings is WSFS’
favorable core funding profile and strong market position, with the
largest deposit market share among locally headquartered banks.
KBRA also acknowledged WSFS’ markets reflect favorable demographics
and are economically diverse, which provides some resilience in
periods of stress; its historical asset quality metrics have been
solid overall, supported by sound underwriting and credit
administration; and its diversified loan portfolio.
About WSFS Financial Corporation WSFS Financial
Corporation is a multibillion-dollar financial services company.
Its primary subsidiary, WSFS Bank, is the oldest and largest
locally headquartered bank and trust company in the Greater
Philadelphia and Delaware region. As of June 30, 2024, WSFS
Financial Corporation had $20.7 billion in assets on its balance
sheet and $84.9 billion in assets under management and
administration. WSFS operates from 114 offices, 88 of which are
banking offices, located in Pennsylvania (57), Delaware (39), New
Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides
comprehensive financial services including commercial banking,
consumer banking, treasury management and trust and wealth
management. Other subsidiaries or divisions include Arrow Land
Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The
Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane
Finance®, Powdermill® Financial Solutions, WSFS Institutional
Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving
the Greater Delaware Valley since 1832, WSFS Bank is one of the ten
oldest banks in the United States continuously operating under the
same name. For more information, please visit www.wsfsbank.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240809771957/en/
Investor Relations: Andrew Basile (302) 504-9857
abasile@wsfsbank.com
Media: Kyle Babcock (215) 864-1795
kbabcock@wsfsbank.com
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