WSFS Financial Corporation filed SEC Form 8-K: Results of Operations and Financial Condition
$WSFS
Major Banks
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition
On July 8, 2025 , WSFS Financial Corporation (the "Company") announced the completion of the sale of the majority of its remaining unsecured consumer lending portfolio generated through its partnership with Upstart Holdings, Inc. in a series of transactions. These loans had an outstanding book balance of $98.1 million as of May 31, 2025 and the Company anticipates that its second quarter 2025 financial results will reflect a net charge-off of approximately $4.3 million against previous reserves of $9.1 million and a resulting provision release of approximately $4.8 million, specific to these transactions. The Company expects the ongoing impacts from the transactions will be immaterial to its financial results. These transactions accelerate the disposition of a non-core consumer portfolio that has been in runoff mode since early 2024.
This information is being furnished under Item 2.02 of this Current Report on Form 8-K and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act") or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by the specific reference in such filing. The Company has not yet finalized its results for the second quarter of 2025 and therefore the actual amounts of the aforementioned charge-offs and provision release could differ from the amounts the Company anticipates as of the date of this Report.
Forward-Looking Statements
This Current Report on Form 8-K 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, and management’s outlook or expectations for future financial results, including estimated net charge-offs and provision release. 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, those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other documents filed by the Company with the Securities and Exchange Commission from time to time.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| WSFS FINANCIAL CORPORATION | ||||||||||||||
| Date: | By: | /s/ David Burg | ||||||||||||
| David Burg Executive Vice President, Chief Financial Officer | ||||||||||||||