WSFS Financial Corporation has recently released its 10-K report, providing an in-depth look at its financial condition and operational performance. The company operates as the savings and loan holding company for the Wilmington Savings Fund Society, FSB, offering a range of banking services in the United States. Its operations are divided into three segments: WSFS Bank, Cash Connect, and Wealth Management. As of December 31, 2024, the company had total assets of $20.8 billion and assets under management (AUM) and assets under administration (AUA) of $89.4 billion.
In the 10-K report, WSFS Financial Corporation outlined its notable items impacting results of operations, financial condition, and business outlook. Notable items in 2024 included a 4% increase in customer deposits, totaling $607.4 million, driven by growth in time, money market, and noninterest demand deposits. The company also saw a 3% increase in net loans and leases, amounting to $413.0 million, with fee revenue growing by 18%, primarily driven by Cash Connect and Wealth Management. Furthermore, WSFS Financial Corporation returned $131.2 million of capital to shareholders through share repurchases and quarterly dividends.
The report also delved into the company's financial condition, highlighting that total assets increased by $219.6 million to $20.8 billion, primarily driven by a $413.0 million increase in net loans and leases held for investment. Additionally, total liabilities increased by $110.1 million to $18.2 billion, mainly due to a $555.7 million increase in total deposits. Stockholders' equity increased by $112.1 million to $2.6 billion, primarily driven by earnings of $263.7 million during the year.
Regarding liquidity and capital resources, WSFS Financial Corporation emphasized its compliance with regulatory capital requirements, with the Bank exceeding "well-capitalized" regulatory benchmarks. As of December 31, 2024, the Bank's common equity Tier 1 capital ratio stood at 13.88%, well above the regulatory requirement. The company also highlighted its liquidity management and funding sources, including cash from operations, deposit programs, loan repayments, borrowings, and access to the brokered deposit market.
The market has reacted to these announcements by moving the company's shares 1.4% to a price of $54.26. Check out the company's full 10-K submission here.
