WILMINGTON, Del.--(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.
