Private Banking – Pivdencom Bank http://pivdencombank.com/ Mon, 21 Nov 2022 06:46:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://pivdencombank.com/wp-content/uploads/2021/06/cropped-favicon-32x32.png Private Banking – Pivdencom Bank http://pivdencombank.com/ 32 32 Julius Baer bullish on 2022 targets after interest rates boost 10-month margin https://pivdencombank.com/julius-baer-bullish-on-2022-targets-after-interest-rates-boost-10-month-margin/ Mon, 21 Nov 2022 06:46:00 +0000 https://pivdencombank.com/julius-baer-bullish-on-2022-targets-after-interest-rates-boost-10-month-margin/

By Joshua Kirby

Julius Baer Gruppe AG is confident of meeting its full-year profitability targets after gross margin growth in the first 10 months of the year, boosted by rising interest rates.

Margin for the 10-month period increased 3 basis points to 85 basis points from 82 basis points for all of 2021, helped by a strong contribution in the four months from July, it said on Monday. the Swiss private banking group.

The contribution from net interest income and net income from financial instruments increased significantly due to higher interest rates, Julius Baer said.

Assets under management fell 11% from the end of 2021 to 429 billion Swiss francs ($449.26 billion) due to falling equity and bond markets around the world, Julius Baer said. Despite the drop, the group said it remains on track to meet its 2022 targets of up to 67% adjusted cost/income ratio and an adjusted pretax margin of 25-28 basis points. Year-to-date, the ratio was just over 66%, while the margin was just under 26 basis points.

The BIS CET1 capitalization ratio meanwhile fell to 13.9% at the end of October from 16.4% at the end of last year, Julius Baer said. The lender has put forward a dividend policy and a share buyback program of up to 400 million francs, defined in March, and which should end in February as planned.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

]]> TD Bank survey finds holiday shoppers are navigating an inflation-fueled holiday season by betting on their budget https://pivdencombank.com/td-bank-survey-finds-holiday-shoppers-are-navigating-an-inflation-fueled-holiday-season-by-betting-on-their-budget/ Thu, 17 Nov 2022 18:00:00 +0000 https://pivdencombank.com/td-bank-survey-finds-holiday-shoppers-are-navigating-an-inflation-fueled-holiday-season-by-betting-on-their-budget/

CHERRY HILL, NJ, November 17, 2022 /PRNewswire/ — TD Bank, America’s Most Convenient Bank®, today announced the results of its 2022 Merry Money Survey, which found that consumer concerns about inflation are leading many consumers to take even greater proactive steps to ensure they don’t spend too much during the holiday season. In fact, 57% said they were creating a vacation-specific budget this year due to inflation and rising prices.

TD surveyed more than 1,000 Americans about their shopping, spending and money management habits this holiday season. The survey found that the economic environment weighs heavily on consumers’ minds, with 74% of respondents saying the financial aspect of the holiday season makes them anxious, compared to 66% who said the same in 2021. Despite this, 82% of consumers remain confident in their ability to manage their spending.

“The continued rise in inflation has added an enormous level of anxiety and stress to many Americans, and it’s understandable that this could impact how consumers decide to spend this holiday season compared to the previous years,” said Matt Boss, head of consumer products at TD Bank. “It’s important for consumers to be in control of their finances, not just during the holiday season, but throughout the year. The fundamental practice of having and maintaining an accurate budget can help them gain the confidence to maximize their spending goals and behaviors.”

Budget now, thank you later

Sixty-nine percent of consumers admit they have already spent too much on past holidays, with 45% saying they have spent too much per $300 or more. For many, the pressure to find the right gift for loved ones (36%) and the urge to take advantage of holiday sales (26%) top the list of factors contributing to overspending.

Despite past behaviors, top spenders are aware of their future buying habits. Ninety-two percent said they had considered adjusting their future holiday spending habits to avoid overspending – including spending less on gifts, sticking to a budget, giving fewer loved ones this year and more Again.

Browse payment options

Payments are like gift boxes; one size does not fit all. When asked how they intended to pay for their holiday shopping, more than four in ten consumers (42%) cited debit cards as their primary method of payment, followed by credit cards (33%) .

A whopping 76% of those who use bank or store credit cards also said they do so to earn rewards or cash back on spending. When it comes to paying vacation bills, nearly two-thirds of respondents who use credit cards or personal loans for vacation spending expect to pay 100% of their outstanding balance in January 2023.

“All financial situations require unique approaches that strike the right balance between saving and spending,” Boss said. “For example, for consumers who might be looking to take advantage of incentives and cash back for their holiday purchases, you might choose to use rewards or store credit cards. No matter how you choose to spend, it’s more important to spend within your means and have a plan to manage those expenses responsibly.”

The gift that keeps on giving – healthy financial habits

Beyond the holidays, shoppers are also prioritizing and preparing for success in 2023, including:

  • Get a receipt, check it twice: Ninety percent said they review their spending throughout the holiday season, and nearly half of respondents (46%) said they do so every time they make a purchase.
  • Get ready instead: Fifty-three percent of consumers said they set aside money throughout the year for holiday expenses by storing money in a separate jar, using a separate bank account, or saving gift cards and rewards points to use while on vacation.
  • Collect advice, make it enjoyable: Family is the main source of financial advice (30%) during the holiday season, followed closely by friends at 20%. Fourteen percent of consumers consult online resources and tutorials. If you’re not sure where to start online, get the most out of your merry money with a free tool, like the TD Bank Learning Center. And of course, consumers can also join the 10% of survey respondents who seek advice from financial professionals.

Methodology
Big Village surveyed 1,006 Americans aged 18 and older who celebrate the holidays. The online survey was conducted October 18-23, 2022.

About Big Village
Big Village, formerly ENGINE, is a full-service global media and marketing services company that enables clients to outperform in the present and win in the future through its wide range of marketing solutions including information, creative, media, data and technology. Founded in 2005, Big Village has its global headquarters in New York and 16 offices in North America, the UK, Europe and Asia-Pacific. Learn more about grand-village.com and follow@wearebigvillage.

About TD Bank, America’s Most Convenient Bank®
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the United States, providing more than 9.8 million customers with a full range of banking products and services for individuals, small businesses and – Atlantic, Metro DC, the Carolinas and Florida. Additionally, TD Auto Finance, a division of TD Bank, NA, provides vehicle finance and business services to dealerships. TD Bank and its subsidiaries also offer personalized private banking and wealth management services through TD Wealth Management.®. TD Bank is headquartered in Cherry Hill, New Jersey To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.

TD Bank, America’s Most Convenient Bank, is a member of the TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canadaone of the top 10 financial services companies in North America. The Toronto-Dominion Bank trades on the New York and Toronto exchanges under the symbol “TD”. To learn more, visit www.td.com/us.

TD Bank

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Global banks cut jobs in China as HSBC eyes expansion https://pivdencombank.com/global-banks-cut-jobs-in-china-as-hsbc-eyes-expansion/ Mon, 14 Nov 2022 19:10:45 +0000 https://pivdencombank.com/global-banks-cut-jobs-in-china-as-hsbc-eyes-expansion/

Bloomberg and staff reporter

Global banks could cut 10% of Chinese investment bankers in 2023 as they recalibrate their plans to take over China’s financial market, sources say. At the same time, HSBC (0005) said it would expand its private banking in the country.

In public, executives say they are for the long haul, but behind the scenes banks such as Goldman Sachs Group and UBS have dumped China-focused investment bankers.

It is estimated that 10-20% of top bankers are unlikely to receive any bonuses this year and more than half expect a record drop – which could lead to significant staff departures.

A source said banks were considering narrowing the pay gap between bankers to reduce job cuts as deals could rebound in the second half of next year.

Other sources predict that 10-15% of staff – likely the lowest ranked – will quit because of the near-zero bonus pool.

Meanwhile, HSBC said it would continue to expand its private banking business on the continent and planned to open centers in four cities within two years.

The lender first entered southwest China by launching private banking operations in Chengdu last month.

Additionally, HSBC launched a new advisory service – HSBC Prism Advisory in Asia – which combines human expertise with data analytics.

The service will first be made available to private banking clients in Hong Kong and Singapore.

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Climate change ranked number one influencing factor among investors https://pivdencombank.com/climate-change-ranked-number-one-influencing-factor-among-investors/ Fri, 11 Nov 2022 16:30:36 +0000 https://pivdencombank.com/climate-change-ranked-number-one-influencing-factor-among-investors/

More than half of investors see climate change as the most important factor affecting their investment decisions, according to the latest ESG customer survey of Deutsche Bank’s Chief Private Banking Investment Office.

According to the 2022 survey, which surveyed 900 clients of its private and investment banking division worldwide between the end of July and August this year, 53% of investors consider climate change to be the most important factor affecting their decisions. investment, compared to 47% previously. Last year. Other environmental issues were less important to investors, such as land degradation (21%), ocean pollution (15%) and biodiversity loss (7%).

The report also revealed that 78% of retail and business clients surveyed are concerned about the negative impact of climate change on the global economy, up from 74% in 2021.

“What’s most interesting about this year’s findings is that customer expectations of ESG are increasing, not decreasing, even as the ESG universe reorients itself through debate and development and as volatility persists in capital markets,” said Markus Muller, Head of ESG at Deutsche Bank Private Banking. investment officer and head of the chief investment office.

Exactly half of investors surveyed consider environmental issues the most important pillar of ESG investing, up from 46% last year, while 28% believe governance issues are most important.

Meanwhile, social issues were considered most important by 23% of investors, up from 27% in 2021.

The percentage of respondents who think ESG can be used to sufficiently manage risk in a portfolio has decreased to 44% this year, from 48% in 2021.

Another four in 10 respondents said they don’t know or are neutral on the subject, while 16% strongly or slightly disagree that ESG can be used for portfolio risk management.

The survey also revealed that investors are turning to financial institutions to help them manage the transition journey.

Nearly 70% of investors surveyed expect their financial institution to accurately measure and manage nature-related risks, while 75% expect appropriate portfolio protection.

“But financial institutions can only be a driving force, alongside individual investors, businesses and governments, of needed economic change,” Deutsche said in its report.

“Among other things, greater knowledge of investors is needed to achieve this goal.”

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Crédit Mutuel Alliance Fédérale launches discovery phase of quantum computing readiness with IBM to establish quantum capability in France https://pivdencombank.com/credit-mutuel-alliance-federale-launches-discovery-phase-of-quantum-computing-readiness-with-ibm-to-establish-quantum-capability-in-france/ Tue, 08 Nov 2022 08:09:13 +0000 https://pivdencombank.com/credit-mutuel-alliance-federale-launches-discovery-phase-of-quantum-computing-readiness-with-ibm-to-establish-quantum-capability-in-france/

First company in France to join IBM Quantum Network, Crédit Mutuel Alliance Fédérale through Euro-Information, its technology subsidiary, is working with IBM to form teams and explore use cases and proof of concept in financial services, with plans to expand the quantum ecosystem in the country.

November 8, 2022

Paris, November 8, 2022 – Crédit Mutuel Alliance Fédérale, a member of the IBM Quantum Network, and IBM announced today that they have entered the discovery phase of an engagement to include exploration of the applicability of quantum computing to cases use of banking and insurance and development of a proof of concept and started the development of the workforce.

Workforce development

This engagement marks the first IBM Quantum Network corporate collaboration in France and will initially hone Crédit Mutuel employees with quantum computing expertise in the open-source software development kit Qiskit and applying quantum algorithms to develop quantum expertise within Crédit Mutuel’s teams and lay the foundations of the organization ready to take full advantage of quantum technology.

Crédit Mutuel employees will have access, via the IBM Quantum Premium plan, to the best of IBM’s quantum technology and Qiskit Runtime as a service, as well as to IBM’s expertise in the quantum and industrial field, to help advance potential applications of quantum use cases in financial services.

“We made a winning bet with artificial intelligence six years ago, and we are now convinced that, as the technology emerges, the time has come to begin our quantum journey with IBM, to ensure that our customers and our employees will be the first to France will benefit from the quantum. We are convinced that it will greatly improve the quality of service to our customers and members,” said Nicolas Théry, Chairman of Crédit Mutuel Alliance Fédérale, and Frantz Rublé, Chairman of Euro -Information.

Developing the quantum ecosystem in France

Over the coming months, Crédit Mutuel Alliance Fédérale will explore use cases in areas relevant to financial services. The bank will also seek to work with interested customers and partners to extend the French quantum ecosystem to the finance and insurance sectors, and accelerate the identification, development and adoption of quantum applications.

“It is exciting and rewarding to work with such an innovative and forward-thinking client as Crédit Mutuel,” said Tom Rosamilia, Senior Vice President, IBM Software and IBM Executive Advocate for Crédit Mutuel. “From its work with IBM’s data and artificial intelligence technologies to provide new digital banking services to its customers, to being the first private organization to collaborate with IBM on quantum technologies in the French market, Crédit Mutuel uses technology creatively to better serve its customers.

Future opportunities

The most promising Crédit Mutuel projects Federal Alliance identifies alongside IBM may be developed into future applications that could provide a quantum advantage – when a computational task of commercial or scientific interest can be performed more efficiently, cost-effectively, or accurately using a quantum computer than with classical calculations alone. IBM’s quantum development roadmap includes announcing the 433-qubit ‘IBM Osprey’ processor this year and plans to build a 4,000+ qubit processor by 2025, with a vision to combine computing classical and quantum computing to work together seamlessly to solve different parts of complexes. computer problems best suited to their respective strengths and abilities.

In the future, Euro-Information also wishes to reflect on the methods of hosting a quantum computer in its datacenters in France. This is a very important subject with regard to Crédit Mutuel’s commitments, in particular concerning the digital confidentiality of its customers.

More than 200 customers, including Fortune 500 companies, start-ups, academic institutions and research labs, work with IBM Quantum technology to advance quantum computing and explore practical applications. The IBM Quantum team and clients research and explore how quantum computing will help a variety of industries and disciplines, including finance, energy, chemistry, materials science, optimization and l machine learning, among many others.

Statements regarding IBM’s future direction and intentions are subject to change or withdrawal without notice and represent goals and objectives only.

About Crédit Mutuel Alliance Fédérale

One of the leading French bank-insurers, with more than 75,000 employees serving more than 29 million customers, the 4,500 branches of Crédit Mutuel Alliance Fédérale offer a diversified range of services to individuals, local professionals and companies of all sizes. Ranked among the strongest banking groups in Europe, its equity amounted to 53.2 billion euros and its CET1 ratio was 18.8% as of December 31, 2021.

Crédit Mutuel Alliance Fédérale brings together the following Crédit Mutuel federations: Center Est Europe (Strasbourg), Sud-Est (Lyon), Île-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique and Centre-West (Nantes), Center (Orléans), Normandy (Caen), Dauphiné-Vivarais (Valence), Mediterranean (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand), Antilles-Guyana ( Fort-de-France) and Northern Europe (Lille).

Crédit Mutuel Alliance Fédérale also includes Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all of its subsidiaries, in particular CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), Targobank, Cofidis, Beobank , Banque Européenne du Crédit Mutuel (BECM), Banque de Luxembourg, Banque Transatlantique and Homiris.

Find more information about http://www.creditmutuelalliancefederale.fr/en/

About Euro-Information

Euro-Information is the technological subsidiary of Crédit Mutuel. Euro-Information manages the information systems of the 16 federations of the Crédit Mutuel group as well as those of CIC and all the financial, insurance, real estate, consumer credit, private banking, financing, telephony and technology.

With nearly 4,000 employees, Euro-Information offers state-of-the-art technology to both employees and bank customers, coupled with a high level of security and protection of personal data. Euro-Information controls all the technologies internally and carries out the developments required by the entities of the Crédit Mutuel group.

More information can be found at https://www.ei.com/

About IBM

For IBM solutions and information on applying quantum computing to financial services and other industries, visit https://www.ibm.com/quantum

press contact

Credit Mutuel Alliance Federale

Aziz Ridouan

Tel: +33 6 01 10 31 69

aziz.ridouan@creditmutuel.fr

IBM

Gaelle Dussutour

Communication IBM France

dusga@fr.ibm.com

Chris Nay

IBM Research Communications

cnay@us.ibm.com

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WSFS FINANCIAL CORP MANAGEMENT REPORT AND DISCUSSION OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q) https://pivdencombank.com/wsfs-financial-corp-management-report-and-discussion-of-financial-position-and-operating-results-form-10-q/ Fri, 04 Nov 2022 20:57:09 +0000 https://pivdencombank.com/wsfs-financial-corp-management-report-and-discussion-of-financial-position-and-operating-results-form-10-q/

OVERVIEW


WSFS Financial Corporation (WSFS, and together with its subsidiaries, the
Company) is a savings and loan holding company headquartered in Wilmington,
Delaware. Substantially all of our assets are held by our subsidiary, Wilmington
Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank
and trust companies in the United States (U.S.) continuously operating under the
same name. With $20.0 billion in assets and $61.4 billion in assets under
management (AUM) and assets under administration (AUA) at September 30, 2022,
WSFS Bank is the oldest and largest locally-managed bank and trust company
headquartered in the Greater Philadelphia and Delaware region. As a federal
savings bank that was formerly chartered as a state mutual savings bank, WSFS
Bank enjoys a broader scope of permissible activities than most other financial
institutions. A fixture in the community, we have been in operation for more
than 190 years. In addition to our focus on stellar customer experience, we have
continued to fuel growth and remain a leader in our community. We are a
relationship-focused, locally-managed, community banking institution. Our
mission is simple: "We Stand for Service." Our strategy of "Engaged Associates,
living our culture, enriching the communities we serve" focuses on exceeding
customer expectations, delivering stellar experiences and building customer
advocacy through highly-trained, relationship-oriented, friendly, knowledgeable
and empowered Associates.

As of September 30, 2022, we had seven consolidated subsidiaries: WSFS Bank,
WSFS Wealth Management, LLC (Powdermill®), WSFS Capital Management, LLC (West
Capital), Cypress Capital Management, LLC (Cypress), WSFS SPE Services, LLC, The
Bryn Mawr Trust Company of Delaware (BMT-DE), and 601 Perkasie, LLC. The Company
also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal
Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank has
two wholly owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC)
and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance
Company (NewLane Finance®).

On January 1, 2022, WSFS and the Bank acquired certain subsidiaries in the
merger of Bryn Mawr Bank Corporation (BMBC) with and into WSFS, and the merger
of The Bryn Mawr Trust Company with and into the Bank (collectively, the BMBC
Merger), pursuant to the agreement and plan of merger, by and between WSFS and
BMBC, dated as of March 9, 2021 (the BMBC Merger Agreement) that are not named
herein as they are not integral or significant to our business.

On April 1, 2022, WSFS completed the merger of Christiana Trust Company of
Delaware® and BMT-DE. The combined organization will retain and operate under
The Bryn Mawr Trust Company of Delaware name. Additionally on April 1, 2022,
Bryn Mawr Equipment Finance, Inc. merged with and into BEFC. On April 29, 2022,
the portfolio of KCMI Capital, Inc. (KCMI), a specialized commercial lending
unit acquired in the BMBC merger and not core to our overall lending strategy,
was sold at par value for $55.5 million. Finally, on June 30, 2022, the business
of BMT Insurance Advisors (BMTIA), was sold to Patriot Growth Services, LLC.

Our banking business had a total loan and lease portfolio of $11.7 billion as of
September 30, 2022, which was funded primarily through commercial relationships
and retail and customer generated deposits. We have built a $9.3 billion
commercial loan and lease portfolio by recruiting seasoned commercial lenders in
our markets, offering the high level of service and flexibility typically
associated with a community bank and through acquisitions. We also offer a broad
variety of consumer loan products and retail securities brokerage through our
retail branches, in addition to mortgage and title services through our branches
and WSFS Mortgage®, our mortgage banking company specializing in a variety of
residential mortgage and refinancing solutions. Our leasing business, conducted
by NewLane Finance®, originates small business leases and provides commercial
financing to businesses nationwide, targeting various equipment categories
including technology, software, office, medical, veterinary and other areas. In
addition, NewLane Finance® offers captive insurance through its subsidiary,
Prime Protect.

Our Cash Connect® business is a premier provider of ATM vault cash, smart safe
(safes that automatically accept, validate, record and hold cash in a secure
environment) and other cash logistics services through strategic partnerships
with several of the largest networks, manufacturers and service providers in the
ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and retail
safes nationwide, and manages approximately $1.7 billion in total cash and
services approximately 27,000 non-bank ATMs and 7,300 smart safes nationwide.
Cash Connect® provides related services such as online reporting and ATM cash
management, predictive cash ordering and reconcilement services, armored carrier
management, loss protection, ATM processing equipment sales and deposit safe
cash logistics. Cash Connect® also supports over 600 branded ATMs for WSFS Bank
Customers, which is one of the largest branded ATM networks in our market.
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Contents


Our Wealth Management business provides a broad array of planning and advisory
services, investment management, trust services, and credit and deposit products
to individual, corporate and institutional clients through multiple integrated
businesses. Combined, these businesses had $61.4 billion of AUM and AUA at
September 30, 2022. Bryn Mawr Trust® is our predominant Wealth Management brand,
providing advisory, investment management and trustee services to institutions,
affluent and high-net-worth individuals. WSFS Wealth® Investments provides
financial advisory services along with annuities and brokerage
products. Cypress, a registered investment adviser, is a fee-only wealth
management firm managing a "balanced" investment style portfolio focused on
preservation of capital and generating current income. West Capital, a
registered investment adviser, is a fee-only wealth management firm operating
under a multi-family office philosophy to provide customized solutions to
institutions and high-net-worth individuals. WSFS Institutional Services®
provides trustee, agency, bankruptcy administration, custodial and commercial
domicile services to institutional, corporate clients and special purpose
vehicles. BMT-DE provides personal trust and fiduciary services to families and
individuals across the U.S. Powdermill® is a multi-family office specializing in
providing independent solutions to high-net-worth individuals, families and
corporate executives through a coordinated, centralized approach. WSFS Wealth
Private Banking serves high-net-worth clients by delivering credit and deposit
products and partnering with other Wealth Management businesses to provide
comprehensive solutions to clients. As of September 30, 2022, we service our
customers primarily from 119 offices located in Pennsylvania (61), Delaware
(39), New Jersey, (17), Virginia (1) and Nevada (1), our ATM network, our
website at www.wsfsbank.com and our mobile app.

Highlights and Other Notable Items for the Three and Nine Months Ended
September 30, 2022

•Three months completed September 30, 2022


•WSFS repurchased 1,664,550 shares of common stock under the Company's share
repurchase program at an average price of $48.66 per share, for an aggregate
purchase price of $81.0 million.

•The Board of Directors approved a $0.15 quarterly dividend per share.

• Provision for credit losses (ACL) on loans and leases increased $4.2 milliondue to loan growth and the impact of economic forecasts, partially offset by write-ups on criticized and rated loans.

• Value adjustment of $1.8 million related to our derivative liability established from the sale of 360,000 Class B Visa shares in 2Q 2020.

•Net development and restructuring expenses of $2.6 million mainly related to the BMBC Merger.

• Nine months ended September 30, 2022


•We successfully closed the BMBC Merger on January 1, 2022. The total value of
consideration paid of $908.0 million and $497.2 million in net assets acquired
resulted in $410.8 million of goodwill recognized, as adjusted.

• Originally added BMBC merger $3.5 billion net loans and rentals, $4.1 billion deposits, and $23.6 billion of AUM and AAU.

• We have registered $41.7 million business development costs and $22.8 million
restructuring charges during the nine months ended September 30, 2022mainly related to the BMBC Merger.


•During the nine months ended September 30, 2022, the ACL increased $51.7
million, primarily due to an initial ACL of $49.6 million recorded in connection
with the BMBC Merger. The initial $49.6 million ACL recorded includes $23.5
million related to non-purchase credit deteriorated (PCD) loans, or the initial
provision for credit loss recorded, and $26.1 million related to PCD loans,
which did not have an initial income statement impact, but adjusted the
amortized cost basis of the loans at acquisition (i.e., a balance sheet
gross-up).

• $1.1 billion of available-for-sale mortgage-backed securities (“AFS”), or 19% of the AFS portfolio, have been designated as held-to-maturity (“HTM”) in order to limit the impact on capital of rising interest rates.

• KCMI’s loan portfolio was sold at face value for $55.5 million.

• BMTIA’s business was sold to Patriot Growth Assurance Services, LLC.


•During the nine months ended September 30, 2022, WSFS repurchased 3,789,137
shares of common stock under the Company's share repurchase program at an
average price of $46.68 per share, for an aggregate purchase price of $176.9
million.
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Contents

FINANCIAL CONDITION

Total assets increased $4.2 billion at $20.0 billion at September 30, 2022
compared to December 31, 2021. This increase is mainly composed of the following items:


•Net loans and leases, excluding loans held for sale, increased $3.8 billion
primarily driven by the $3.5 billion of loans and leases acquired in the BMBC
Merger partially offset by the initial $49.6 million ACL recorded in connection
with the BMBC Merger.

• Goodwill and intangible assets increased $410.8 million and $58.4 million, respectively, mainly due to the BMBC merger. See Notes 3 and 10 to the unaudited consolidated financial statements for more information.

• Other assets increased $392.3 million mainly due to a $214.0 million
increase in our tax asset related to unrealized capital losses on AFS securities and
$153.6 million assets acquired by BMT.

• Total cash and cash equivalents decreased $501.5 millionmainly due to lower deposits and higher lending activity, offset by $573.8 million
acquired in the BMBC merger.

• Loans held for sale decreased $51.7 million in the nine months ended
September 30, 2022 driven by a combination of lower origination volume and increased loan sales in our mortgage banking business in the nine months ended
September 30, 2022.

• Total marketable securities decreased $20.4 million:

• Marketable securities held to maturity increased $1.0 billion mainly due to the designation of $1.1 billion (book value) of MBS AFS to HTM in order to limit the impact on the capital of the rise in interest rates.


•Investment securities, available-for-sale decreased $1.1 billion during the
nine months ended September 30, 2022, primarily due to the designation of AFS
MBS to HTM as mentioned above, repayments of $911.1 million and decreased market
values on available-for-sale securities of $741.9 million. These decreases were
partially offset by $1.2 billion in purchases and $500.4 million acquired in the
BMBC merger.

Total liabilities increased $4.0 billion at $17.9 billion at September 30, 2022
compared to December 31, 2021. This increase is mainly composed of the following items:

• Total deposits increased $3.5 billionmainly motivated by $4.1 billion deposits supported as part of the BMBC merger, partially offset by declines due to reduced customer balances spread across most lines of business.


•Other liabilities increased $419.4 million primarily due to a net increase of
$323.4 million in collateral held on derivatives and derivative liabilities
driven by rising interest rates and $124.6 million of BMT acquired liabilities,
partially offset by $34.5 million lower accrued expenses reflecting the timing
of settlement for debt security trades.

• Increase in senior and subordinated debt $100.3 million due to the addition of subordinated notes supported as part of the BMBC merger.

For more information, see “Notes to the consolidated financial statements (unaudited)”.

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Contents

Loans and leases


The following table shows the remaining contractual maturity and rate
sensitivity of the loan portfolio by loan category as of September 30, 2022.
Loans may be pre-paid, so the actual maturity may differ from the contractual
maturity. Prepayments tend to be highly dependent upon the interest rate
environment. Loans having no stated maturity or repayment schedule are reported
in the "Less than One Year" category.
                                             Less than             One to           Five to Fifteen        Over Fifteen
(Dollars in thousands)                        One Year           Five Years              Years                 Years                 Total
Commercial and industrial(1)
Interest rate:
Fixed                                       $  15,475          $   495,658          $    197,630          $     43,797          $    752,560
Adjustable                                    184,329            1,167,164               467,945                62,788             1,882,226
Total                                       $ 199,804          $ 1,662,822          $    665,575          $    106,585          $  2,634,786
Owner-occupied commercial
Interest rate:
Fixed                                       $  25,640          $   389,029          $    421,245          $    181,722          $  1,017,636
Adjustable                                     30,759              254,097               421,692                64,407               770,955
Total                                       $  56,399          $   643,126          $    842,937          $    246,129          $  1,788,591
Commercial mortgages
Interest rate:
Fixed                                       $  64,581          $   802,113          $    423,043          $    161,740          $  1,451,477
Adjustable                                     61,080              651,929             1,032,873                83,020             1,828,902
Total                                       $ 125,661          $ 1,454,042          $  1,455,916          $    244,760          $  3,280,379
Construction
Interest rate:
Fixed                                       $   1,155          $    34,486          $     38,734          $      6,216          $     80,591
Adjustable                                    177,825              530,558               232,429                 6,800               947,612
Total                                       $ 178,980          $   565,044          $    271,163          $     13,016          $  1,028,203
Commercial small business leases
Interest rate:
Fixed                                       $   5,205          $   469,546          $     59,941          $          -          $    534,692
Adjustable                                          -                    -                     -                     -                     -
Total                                       $   5,205          $   469,546          $     59,941          $          -          $    534,692
Residential(2)
Interest rate:
Fixed                                       $   7,582          $    25,044          $    117,753          $    471,941          $    622,320
Adjustable(3)                                       -                  427                27,236               108,610               136,273
Total                                       $   7,582          $    25,471          $    144,989          $    580,551          $    758,593
Consumer
Interest rate:
Fixed                                       $     247          $   350,159          $    387,132          $    379,972          $  1,117,510
Adjustable                                      4,282               74,580                30,370               450,386               559,618
Total                                       $   4,529          $   424,739          $    417,502          $    830,358          $  1,677,128
Total loans and leases                      $ 578,160          $ 5,244,790          $  3,858,023          $  2,021,399          $ 11,702,372

(1) Includes $4.2 million PPP loans. (2) Excludes reverse mortgages at fair value of $3.0 million. (3) Includes adjustable rate hybrid mortgages.

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Deposits

The following table shows the maturities of the certificates of deposit of $250,000
or more from September 30, 2022:


(Dollars in thousands)
Maturity Period               September 30, 2022
Less than 3 months           $           60,704
Over 3 months to 6 months                17,287
Over 6 months to 12 months               48,388
Over 12 months                           41,338
Total                        $          167,717


The estimated amount of total uninsured deposits at September 30, 2022 has been
$10.3 billion compared to $7.5 billion at December 31, 2021.

CASH AND CAPITAL RESOURCES

Capital resources


Stockholders' equity of WSFS increased $164.5 million between December 31, 2021
and September 30, 2022. This increase was primarily due to $908.0 million of
WSFS common shares issued in connection with the BMBC Merger and $137.9 million
of earnings, offset by a decrease of $677.7 million in accumulated other
comprehensive income from market value decreases on investment securities
resulting from the current rising interest rate environment, $176.9 million from
the repurchase of shares of common stock under our stock repurchase plan, and
the payment of dividends on our common stock of $26.5 million.

During the third quarter of 2022, our Board of Directors approved a quarterly
cash dividend of $0.15 per share of common stock. This dividend will be paid on
November 18, 2022 to stockholders of record as of November 4, 2022.

Book value per share of common stock was $33.96 at September 30, 2022, a
decrease of $6.77 from $40.73 at December 31, 2021. Tangible book value per
share of common stock (a non-GAAP financial measure) was $17.55 at September 30,
2022, a decrease of $11.69 from $29.24 at December 31, 2021. These decreases are
primarily due to increases in our outstanding shares, goodwill, and intangible
assets as a result of the BMBC Merger. We believe tangible book value per common
share helps management and investors better understand and assess changes from
period to period in stockholders' equity exclusive of changes in intangible
assets. This non-GAAP measure should be considered in addition to results
prepared in accordance with Generally Accepted Accounting Principles in the U.S.
(GAAP), and is not a substitute for, or superior to, GAAP results. For a
reconciliation of tangible book value per common share to book value per share
in accordance with GAAP, see "Reconciliation of Non-GAAP Measure to GAAP
Measure."
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The table below compares the consolidated capital position of the Bank and the Company to the minimum regulatory requirements as of September 30, 2022:

                                                                                                                                                         To be Well-Capitalized
                                                                     Consolidated                          Minimum For Capital                  

Under Prompt Fix

                                                                       Capital                              Adequacy Purposes                               Action Provisions
(Dollars in thousands)                                        Amount              Percent              Amount               Percent                   Amount                     Percent
Total Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB                      $ 2,064,364               13.34  %       $  1,238,255                8.00  %       $            1,547,819                 10.00  %
WSFS Financial Corporation                                  2,163,310               13.94             1,241,408                8.00                       1,551,760                 10.00
Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB                        1,915,598               12.38               928,691                6.00                       1,238,255                  8.00
WSFS Financial Corporation                                  1,844,792               11.89               931,056                6.00                       1,241,408                  8.00
Common Equity Tier 1 Capital (to Risk-Weighted
Assets)
Wilmington Savings Fund Society, FSB                        1,915,598               12.38               696,518                4.50                       1,006,082                  6.50
WSFS Financial Corporation                                  1,844,792               11.89               698,292                4.50                       1,008,644                  6.50
Tier 1 Leverage Capital
Wilmington Savings Fund Society, FSB                        1,915,598                9.76               784,766                4.00                         980,957                  5.00
WSFS Financial Corporation                                  1,844,792                9.39               785,658                4.00                         982,073                  5.00


Under the prompt corrective action regime, regulators have established five
capital tiers: well-capitalized, adequately-capitalized, under-capitalized,
significantly under-capitalized, and critically under-capitalized. A depository
institution's capital tier depends on its capital levels in relation to various
relevant capital measures, which include leverage and risk-based capital
measures and certain other factors. Depository institutions that are not
classified as well-capitalized are subject to various restrictions, which may
include restrictions on capital distributions, payment of management fees,
acceptance of brokered deposits and other operating activities.

Regulatory capital requirements for the Bank and the Company include a minimum
common equity Tier 1 capital ratio of 4.50% of risk-weighted assets, a Tier 1
capital ratio of 6.00% of risk-weighted assets, a minimum Total capital ratio of
8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of
4.00% of average assets. In order to avoid limits on capital distributions and
discretionary bonus payments, the Bank and the Company must maintain a capital
conservation buffer of 2.5% of common equity Tier 1 capital over each of the
risk-based capital requirements. As of September 30, 2022, the Bank and the
Company were in compliance with the regulatory capital requirements and met or
exceeded the amounts required to be considered "well-capitalized" as defined in
the regulations.

Not included in the Bank’s capital, WSFS held separately $239.4 million cash to support stock buybacks, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.


As part of our adoption of the Current Expected Credit Losses (CECL) methodology
in 2020, we elected to phase in the day-one adverse effects on regulatory
capital that may result from the adoption of CECL over a three-year period, as
permitted under a final rule of the federal banking agencies.



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  Table of Contents
Liquidity

We manage our liquidity and funding needs through our Treasury function and our
Asset/Liability Committee. We have a policy that separately addresses liquidity,
and management monitors our adherence to policy limits. Also, liquidity risk
management is a primary area of examination by the banking regulators.

Funding sources to support growth and meet our liquidity needs include cash from
operations, retail deposit programs, loan repayments, FHLB borrowings,
repurchase agreements, access to the Federal Reserve Discount Window, and access
to the brokered deposit market as well as other wholesale funding avenues. In
addition, we have a large portfolio of high-quality, liquid investments,
primarily short-duration mortgage-backed securities, that provide a
near-continuous source of cash flow to meet current cash needs, or can be sold
to meet larger discrete needs for cash. We believe these sources are sufficient
to meet our funding needs as well as maintain required and prudent levels of
liquidity over the next twelve months and beyond.

As of September 30, 2022, the Corporation has $1.0 billion in cash, cash
equivalents, and restricted cash. Additionally, the maximum borrowing capacity
with the FHLB was $4.9 billion with an unused borrowing availability of $4.9
billion. Borrowing availability at the Federal Reserve Discount Window was
$213.3 million, and borrowing availability through the overnight fed funds lines
totaled $1.3 billion.

Our primary cash contractual obligations relate to operating leases, long-term
debt, credit obligations, and data processing. At September 30, 2022, we had
$245.4 million in total contractual payments for ongoing leases that have
remaining lease terms of less than one year to 39 years, which includes renewal
options that are exercised at our discretion. For additional information on our
operating leases see Note 9 to the unaudited Consolidated Financial Statements.
At September 30, 2022, we had no FHLB advances, and obligations for principal
payments on long-term debt included $67.0 million for our trust preferred
borrowings, due June 1, 2035, and $150.0 million for our senior debt, due
December 15, 2030. In connection with the BMBC Merger, we assumed debt in the
form of $30.0 million in aggregate principal amount of fixed-to-floating rate
subordinated notes due 2025 and $70.0 million in aggregate principal amount of
fixed-to-floating rate subordinated notes due 2027. We also acquired Royal
Bancshares Capital Trust I (Trust I) and Royal Bancshares Capital Trust II
(Trust II) (collectively, the Trusts), which were utilized for the sole purpose
of issuing and selling capital securities representing preferred beneficial
interests. Although WSFS owns an aggregate of $774.0 thousand of the common
securities of Trust I and Trust II, the Trusts are not consolidated into the
Company's Consolidated Financial Statements. Inclusive of the fair value marks,
WSFS assumed junior subordinated debentures owed to the Trusts with a carrying
value of $11.7 million each, totaling $23.4 million. The Company records its
investments in the Trusts' common securities of $387.0 thousand each as
investments in unconsolidated entities and records dividend income upon
declaration by Trust I and Trust II. The Company has fully and unconditionally
guaranteed all of the obligations of the Trusts, including any distributions and
payments on liquidation or redemption of the capital securities.

We are also contractually obligated to make interest payments on our long-term
debt through their respective maturities. For additional information regarding
long-term debt, see Note 12 to the unaudited Consolidated Financial Statements.
At September 30, 2022, the Company had total commitments to extend credit of
$3.6 billion, which are generally one year commitments.

In 2022, we plan to invest approximately $13.0 million in our Delivery
Transformation initiative to increase adoption and usage of digital channels
aligned with our strategy. Our organization is committed to product and service
innovation as a means to drive growth and to stay ahead of changing customer
demands and emerging competition. We are focused on developing and maintaining a
strong "culture of innovation" that solicits, captures, prioritizes and executes
innovation initiatives, including feedback from our customers, as well as
leveraging technology from product creation to process improvement.


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NON-PERFORMING ASSETS


Nonperforming assets include nonaccruing loans, OREO and restructured loans.
Nonaccruing loans are those on which we no longer accrue interest. Loans are
placed on nonaccrual status immediately if, in the opinion of management,
collection is doubtful, or when principal or interest is past due 90 days or
more and the value of the collateral is insufficient to cover principal and
interest. Interest accrued but not collected at the date a loan is placed on
nonaccrual status is reversed and charged against interest income. In addition,
the amortization of net deferred loan fees is suspended when a loan is placed on
nonaccrual status. Subsequent cash receipts are applied either to the
outstanding principal balance or recorded as interest income, depending on
management's assessment of the ultimate collectability of principal and
interest. Past due loans are defined as loans contractually past due 90 days or
more as to principal or interest payments but which remain in accrual status
because they are considered well secured and in the process of collection.

The following table shows our non-performing assets and past due loans as of the dates indicated:


(Dollars in thousands)                                          September 30, 2022         December 31, 2021
Nonaccruing loans:
Commercial and industrial                                      $          4,837           $          8,211
Owner-occupied commercial                                                   339                        811
Commercial mortgages                                                      5,060                      2,070
Construction                                                              5,158                         12
Residential                                                               2,023                      3,125
Consumer                                                                  1,952                      2,380
Total nonaccruing loans                                                  19,369                     16,609
Other real estate owned                                                     840                      2,320
Restructured loans(1)(6)                                                 17,108                     14,204
Total nonperforming assets                                     $         37,317           $         33,133
Past due loans:
Commercial                                                     $         10,351           $          1,357
Residential                                                               1,094                          -
Consumer (2)                                                             13,309                      8,634
Total past due loans                                           $         24,754           $          9,991

Ratio of allowance for credit losses to total loans and leases(3)

                                                                  1.14   %                   1.19  %

Ratio of non-current loans to total gross loans and leases(4)

                                                                  0.17                       0.21
Ratio of nonperforming assets to total assets                              0.19                       0.21

Ratio of allowance for credit losses to unearned loans

                                                                       755                        569
Ratio of allowance for credit losses to total
nonperforming assets(5)                                                     392                        285


(1)Accruing loans only, which includes acquired nonimpaired loans. Nonaccruing
Troubled Debt Restructurings (TDRs) are included in their respective categories
of nonaccruing loans.
(2)Includes U.S. government guaranteed student loans with little risk of credit
loss.
(3)Represents amortized cost basis for loans, leases and held-to-maturity
securities.
(4)Total loans exclude loans held for sale and reverse mortgages.
(5)Excludes acquired impaired loans.
(6)Balance excludes COVID-19 modifications.

Nonperforming assets increased $4.2 million between December 31, 2021 and
September 30, 2022. This increase was primarily due to the transfer in of one
commercial relationship totaling $5.5 million and one CRE relationship totaling
$2.6 million during the period. These inflows were partially offset by a partial
charge-off on the CRE relationship of $0.5 million, several smaller payoffs and
the continued collection of principal payments on the majority of these loans.
The ratio of nonperforming assets to total assets decreased from 0.21% at
December 31, 2021 to 0.19% at September 30, 2022.
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The following table summarizes the changes in nonperforming assets during the
periods indicated:

                                      Nine Months Ended September 30,
(Dollars in thousands)                      2022                      2021
Beginning balance             $         33,133                     $ 60,508
Additions                               24,513                       42,159
Collections                            (15,909)                     (29,669)
Transfers to accrual                      (922)                        (494)
Charge-offs                             (3,498)                     (20,674)
Ending balance                $         37,317                     $ 51,830


The timely identification of problem loans is a key element in our strategy to
manage our loan portfolio. Problem loans are all criticized, classified and
nonperforming loans and other real estate owned. Timely identification enables
us to take appropriate action and accordingly, minimize losses. An asset review
system established to monitor the asset quality of our loans and investments in
real estate portfolios facilitates the identification of problem assets. In
general, this system uses guidelines established by federal regulation.


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INTEREST RATE SENSITIVITY


Our primary objective in managing interest rate risk is to minimize the adverse
impact of changes in interest rates on net interest income and capital, while
maximizing the yield/cost spread on our asset/liability structure. Interest
rates are partly a function of decisions by the Federal Open Market Committee
(FOMC) on the target range for the federal funds rate, and these decisions are
sometimes difficult to anticipate. In response to the economic and financial
effects of COVID-19, the FOMC reduced interest rates through 2020 and 2021 and
instituted quantitative easing measures as well as domestic and global capital
market support programs. The FOMC raised the federal funds target rate six times
in 2022 for a total of 375 basis points, and has suggested it may continue
raising interest rates further in 2022. In order to manage the risks associated
with changes or possible changes in interest rates, we rely primarily on our
asset/liability structure.

Our primary tool for achieving our asset/liability management strategies is to
match maturities or repricing periods of interest rate-sensitive assets and
liabilities to promote a favorable interest rate spread and mitigate exposure to
fluctuations in interest rates. We regularly review our interest rate
sensitivity and adjust the sensitivity within acceptable tolerance ranges. At
September 30, 2022, interest-earning assets exceeded interest-bearing
liabilities that mature or reprice within one year (interest-sensitive gap) by
$1.8 billion. Our interest-sensitive assets as a percentage of
interest-sensitive liabilities within the one-year window was 125.53% at
September 30, 2022 compared with 120.40% at December 31, 2021. Likewise, the
one-year interest-sensitive gap as a percentage of total assets was 8.82% at
September 30, 2022 compared with 7.28% at December 31, 2021.

The repricing and maturities of our interest-rate sensitive assets and
interest-rate sensitive liabilities at September 30, 2022 are shown in the
following table:

                                                Less than           One to Five         Five to Fifteen       Over Fifteen
(Dollars in thousands)                           One Year              Years                 Years                Years                Total
Interest-rate sensitive assets:
Loans:
Commercial loans and leases(2)                $ 4,377,434          $ 1,383,350          $    309,062          $    9,782          $  6,079,628
Commercial mortgage loans(2)                    2,289,686              812,905               186,985               4,379             3,293,955
Residential(1)(2)                                 161,847              280,689               264,627              81,090               788,253
Consumer(2)                                       902,140              552,287               184,645               3,846             1,642,918
Loans held for sale(2)                             63,564                1,671                 2,274               1,500                69,009
Investment securities,
available-for-sale                                760,150            2,058,029             2,132,124             194,734             5,145,037
Investment securities, held-to-maturity            91,667              333,596               528,240             168,402             1,121,905
Other interest-earning assets                      24,117                    -                     -                   -                24,117
Total interest-rate sensitive assets:         $ 8,670,605          $ 5,422,527          $  3,607,957          $  463,733          $ 18,164,822
Interest-rate sensitive liabilities:
Interest-bearing deposits:
Interest-bearing demand                       $ 1,730,882          $         -          $          -          $        -          $  1,730,882
Savings                                         1,270,812                    -                     -                   -             1,270,812
Money market                                    2,911,497                    -                     -                   -             2,911,497
Customer time deposits                            747,654              311,708                 2,029                   -             1,061,391

Trust preferred borrowings                         90,393                    -                     -                   -                90,393
Senior and subordinated debt                      100,143              148,112                     -                   -               248,255
Other borrowed funds                               55,893                    -                     -                   -                55,893
Total interest-rate sensitive
liabilities:                                  $ 6,907,274          $   459,820          $      2,029          $        -          $  7,369,123

Excess of interest-rate sensitive
assets over interest-rate liabilities
(interest-rate sensitive gap)                 $ 1,763,331          $ 4,962,707          $  3,605,928          $  463,733          $ 10,795,699
One-year interest-rate sensitive
assets/interest-rate sensitive
liabilities                                        125.53  %
One-year interest-rate sensitive gap as
a percent of total assets                            8.82  %


(1)Includes reverse mortgage loans
(2)Loan balances exclude nonaccruing loans, deferred fees and costs
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Market risk is the risk of loss from adverse changes in market prices and rates.
Our market risk arises primarily from interest rate risk inherent in our
lending, investing, and funding activities. To that end, we actively monitor and
manage our interest rate risk exposure. One measure evaluates the impact of an
immediate change in interest rates in 100 basis point increments on the economic
value of equity ratio. The economic value of the equity ratio is defined as the
economic value of the estimated cash flows from assets and liabilities as a
percentage of economic value of cash flows from total assets.

The following table shows the estimated impact of immediate changes in interest rates on our net interest margin and economic value of equity ratio at the levels specified in September 30, 2022 and December 31, 2021:

                                                      September 30, 2022                                                     December 31, 2021
 % Change in Interest             % Change in Net                                                            % Change in Net                   Economic Value of
 Rate (Basis Points)             Interest Margin(1)                Economic Value of Equity(2)              Interest Margin(1)                     Equity(2)
         +300                          20.4%                                  29.53%                              25.1%                              24.27%
         +200                          13.5%                                  28.36%                              16.6%                              23.07%
         +100                           6.8%                                  27.08%                               8.2%                              21.76%
         +50                            3.4%                                  25.60%                               4.1%                              20.33%
         +25                            1.7%                                  25.38%                               2.0%                              20.05%
          -                              -%                                   25.14%                                -%                               19.73%
         -25                           (1.8)%                                 24.88%                              (1.4)%                             19.28%
         -50                           (3.7)%                                 24.57%                              (2.2)%                             18.72%
         -100                          (7.7)%                                 23.85%                              (3.8)%                             17.36%
       '-200(3)                       (15.9)%                                 22.08%                               NMF                                NMF
       '-300(4)                         NMF                                    NMF                                 NMF                                NMF


(1)The percentage difference between net interest margin in a stable interest
rate environment and net interest margin as projected under the various rate
change environments.
(2)The economic value of equity ratio in a stable interest rate environment and
the economic value of equity ratio as projected under the various rate change
environments.
(3)At December 31, 2021, sensitivity indicated by a decrease of 200 basis points
is not deemed meaningful (NMF) given the low absolute level of interest rates in
the period.
(4)Sensitivity indicated by a decrease of 300 basis points is not deemed
meaningful (NMF) given the low absolute level of interest rates in the periods
presented.

We also engage in other business activities that are sensitive to changes in interest rates. For example, mortgage banking income and expenses may fluctuate with changes in interest rates. These fluctuations are difficult to model and estimate.

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RESULTS OF OPERATIONS


Three months ended September 30, 2022: Net income for the three months ended
September 30, 2022 was $73.4 million, compared to $54.4 million for the three
months ended September 30, 2021.

•Net interest income increased $72.3 million during the three months ended
September 30, 2022 compared to the three months ended September 30, 2021,
primarily due to an increase from the balance sheet size and mix from the BMBC
Merger and the rising interest rate environment, offset by lower purchase
accounting accretion and the impact of PPP loans. See "Net Interest Income" for
further information.

•Our provision for credit losses for the three months ended September 30, 2022
increased $28.8 million compared to the three months ended September 30, 2021,
primarily due to the release of ACL reserves that occurred in 2021 as a result
of positive economic forecasts following the impact of the COVID-19 pandemic.
See "Allowance for Credit Losses" for further information.

•Noninterest income for the three months ended September 30, 2022 increased
$20.0 million compared to the three months ended September 30, 2021, due to
increased Wealth Management revenue that is primarily attributable to the BMBC
Merger, higher other banking fees, Cash Connect®, and capital markets income,
partially offset by a decline in our mortgage banking business. See "Noninterest
Income" for further information.

•Noninterest expense increased $36.5 million during the three months ended
September 30, 2022 compared to the three months ended September 30, 2021,
primarily due to higher costs after the BMBC Merger. These increases include
salaries and benefits and variable operating costs. See "Noninterest Expense"
for further information.

•Income tax provision for the three months ended September 30, 2022 increased
$8.3 million compared to the three months ended September 30, 2021, primarily
due to the $27.1 million increase in pre-tax income.

End of nine months September 30, 2022: Net profit for the nine months ended
September 30, 2022 has been $137.9 millioncompared to $215.2 million for the nine months ended September 30, 2021.

• Net interest income increased $143.6 million in the nine months ended
September 30, 2022 compared to the nine months ended September 30, 2021, mainly for the reasons described above. See “Net interest income” for more information.


•Our provision for credit losses for the nine months ended September 30, 2022
increased $143.7 million compared to the nine months ended September 30, 2021,
due to the reasons described above and the initial provision for credit losses
of $23.5 million recorded in connection with the BMBC Merger. See "Allowance for
Credit Losses" for further information.

•Noninterest income for the nine months ended September 30, 2022 increased $55.8
million compared to the nine months ended September 30, 2021, primarily due to
the reasons described above. See "Noninterest Income" for further information.

•Noninterest expense increased $153.3 million during the nine months ended
September 30, 2022 compared to the nine months ended September 30, 2021, due to
the reasons described above, including increases in net corporate development
and restructuring costs, salaries and benefits, and variable operating costs.
See "Noninterest Expense" for further information.

•Income tax provision for the nine months ended September 30, 2022 decreased
$20.7 million compared to the nine months ended September 30, 2021, primarily
due to the $97.7 million decrease in pre-tax income.


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Net interest income


The following tables provide information concerning the balances, yields and
rates on interest-earning assets and interest-bearing liabilities during the
periods indicated:

                                                                                                Three months ended September 30,
                                                                               2022                                                          2021
                                                          Average                                  Yield/               Average                                  Yield/
(Dollars in thousands)                                    Balance             Interest            Rate(1)               Balance             Interest            Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Commercial loans and leases                           $  4,895,972          $  67,060                 5.45  %       $  3,623,187          $  43,335                 4.75  %
Commercial real estate loans                             4,262,599             53,096                 4.94             2,788,963             28,454                 4.05
Residential loans                                          769,151              8,379                 4.36               601,998              9,245                 6.14
Consumer loans                                           1,594,673             23,384                 5.82             1,109,188             11,639                 4.16
Loans held for sale                                         66,103                968                 5.81                90,635                787                 3.44
Total loans and leases                                  11,588,498            152,887                 5.24             8,213,971             93,460                 4.52
Mortgage-backed securities(3)                            5,243,169             28,338                 2.16             3,397,297             13,947                 1.64
Investment securities(3)                                   361,113              1,981                 2.57               319,226              1,353                 1.89
Other interest-earning assets                              460,124              3,359                 2.90             1,697,840                691                 0.16
Total interest-earning assets                         $ 17,652,904          $ 186,565                 4.21  %       $ 13,628,334          $ 109,451                 3.19  %
Allowance for credit losses                               (143,943)                                                     (125,830)
Cash and due from banks                                    242,734                                                       145,547
Cash in non-owned ATMs                                     603,780                                                       481,755
Bank-owned life insurance                                  100,863                                                        33,349
Other noninterest-earning assets                         1,779,411                                                       974,417
Total assets                                          $ 20,235,749                                                  $ 15,137,572
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand                               $  3,370,158          $   2,179                 0.26  %       $  2,698,391          $     573                 0.08  %
Savings                                                  2,287,227                185                 0.03             1,931,433                139                 0.03
Money market                                             3,833,113              2,907                 0.30             2,761,222                780                 0.11
Customer time deposits                                   1,083,290              1,230                 0.45             1,045,746              1,646                 0.62
Total interest-bearing customer deposits                10,573,788              6,501                 0.24             8,436,792              3,138                 0.15
Brokered deposits                                           24,184                142                 2.33                58,645                412                 2.79
Total interest-bearing deposits                         10,597,972              6,643                 0.25             8,495,437              3,550                 0.17
Federal Home Loan Bank advances                              4,979                 42                 3.35                     -                  -                    -
Trust preferred borrowings                                  90,361                951                 4.18                67,011                316                 1.87
Senior and subordinated debt                               248,332              2,061                 3.32               147,730              1,089                 2.95
Other borrowed funds(4)                                     39,745                 37                 0.37                23,324                  5                 0.09
Total interest-bearing liabilities                    $ 10,981,389          $   9,734                 0.35  %       $  8,733,502          $   4,960                 0.23  %
Noninterest-bearing demand deposits                      6,319,755                                                     4,177,984
Other noninterest-bearing liabilities                      589,817                                                       320,421
Stockholders' equity                                     2,347,178                                                     1,907,868
Noncontrolling interest                                     (2,390)                                                       (2,203)
Total liabilities and stockholders' equity            $ 20,235,749                                                  $ 15,137,572
Excess of interest-earning assets over
interest-bearing liabilities                          $  6,671,515                                                  $  4,894,832
Net interest income                                                         $ 176,831                                                     $ 104,491
Interest rate spread                                                                                  3.86  %                                                       2.96  %
Net interest margin                                                                                   3.99  %                                                       3.05  %


(1)Weighted average yields for tax-exempt securities and loans have been
computed on a tax-equivalent basis.
(2)Average balances are net of unearned income and include nonperforming loans.
(3)Includes securities available-for-sale at fair value.
(4)Includes federal funds purchased.
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                                                                                                 Nine months ended September 30,
                                                                               2022                                                          2021
                                                          Average                                  Yield/               Average                                  Yield/
(Dollars in thousands)                                    Balance             Interest            Rate(1)               Balance             Interest            Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Commercial loans and leases                           $  4,860,079          $ 176,476                 4.87  %       $  3,885,392          $ 141,994                 4.89  %
Commercial real estate loans                             4,263,906            137,183                 4.30             2,794,540             85,922                 4.11
Residential loans                                          799,980             26,810                 4.47               660,858             33,380                 6.73
Consumer loans                                           1,472,878             57,900                 5.26             1,130,554             36,425                 4.31
Loans held for sale                                         69,068              2,741                 5.31               127,535              3,236                 3.39
Total loans and leases                                  11,465,911            401,110                 4.68             8,598,879            300,957                 4.68
Mortgage-backed securities(3)                            5,253,248             78,828                 2.00             2,964,437             37,157                 1.67
Investment securities                                      325,960              4,642                 2.21               324,620              4,185                 1.95
Other interest-earning assets                            1,124,922              6,142                 0.73             1,407,422              1,335                 0.13
Total interest-earning assets                         $ 18,170,041          $ 490,722                 3.62  %       $ 13,295,358          $ 343,634                 3.46  %
Allowance for credit losses                               (138,532)                                                     (181,947)
Cash and due from banks                                    240,421                                                       145,571
Cash in non-owned ATMs                                     560,202                                                       448,244
Bank-owned life insurance                                  100,659                                                        32,615
Other noninterest-earning assets                         1,728,847                                                       990,187
Total assets                                          $ 20,661,638                                                  $ 14,730,028
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand                               $  3,384,443          $   3,701                 0.15  %       $  2,610,795          $   1,722                 0.09  %
Savings                                                  2,276,861                506                 0.03             1,895,221                438                 0.03
Money market                                             3,969,219              5,063                 0.17             2,733,068              2,435                 0.12
Customer time deposits                                   1,132,489              3,826                 0.45             1,080,149              5,865                 0.73
Total interest-bearing customer deposits                10,763,012             13,096                 0.16             8,319,233             10,460                 0.17
Brokered deposits                                           40,866                441                 1.44                86,050              1,364                 2.12
Total interest-bearing deposits                         10,803,878             13,537                 0.17             8,405,283             11,824                 0.19
Federal Home Loan Bank advances                              1,678                 42                 3.35                   243                  5                 2.63
Trust preferred borrowings                                  90,313              2,146                 3.18                67,011                957                 1.91
Senior debt                                                248,448              5,939                 3.19               207,186              5,408                 3.48
Other borrowed funds(4)                                     36,401                 54                 0.20                21,561                 15                 0.09
Total interest-bearing liabilities                    $ 11,180,718          $  21,718                 0.26  %       $  8,701,284          $  18,209                 0.28  %
Noninterest-bearing demand deposits                      6,466,720                                                     3,879,948
Other noninterest-bearing liabilities                      526,945                                                       324,011
Stockholders' equity                                     2,489,860                                                     1,827,007
Noncontrolling interest                                     (2,605)                                                       (2,222)
Total liabilities and stockholders' equity            $ 20,661,638                                                  $ 14,730,028
Excess of interest-earning assets over
interest-bearing liabilities                          $  6,989,323                                                  $  4,594,074
Net interest and dividend income                                            $ 469,004                                                     $ 325,425
Interest rate spread                                                                                  3.36  %                                                       3.18  %
Net interest margin                                                                                   3.46  %                                                       3.28  %


(1)Weighted average yields for tax-exempt securities and loans have been
computed on a tax-equivalent basis.
(2)Average balances are net of unearned income and include nonperforming loans.
(3)Includes securities available-for-sale at fair value.
(4)Includes federal funds purchased.


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Three months ended September 30, 2022: During the three months ended
September 30, 2022, net interest income increased $72.3 million from the three
months ended September 30, 2021 primarily due to a $74.6 million increase from
the balance sheet size and mix from the BMBC Merger and the rising interest rate
environment, offset by $2.6 million from the impact of PPP loans and a $2.2
million decrease in purchase accounting accretion. Net interest margin was 3.99%
for the third quarter of 2022, a 94 basis point increase compared to 3.05% for
the third quarter of 2021 due to a favorable increase of 70 basis points from
rising interest rate environment and 38 basis points from the balance sheet size
and mix, offset by reductions of 9 basis points from lower purchase accounting
accretion and 5 basis points from PPP loans.

Nine months ended September 30, 2022: During the nine months ended September 30,
2022, net interest income increased $143.6 million from the nine months ended
September 30, 2021. This increase included $174.0 million from balance sheet
size and mix from the BMBC Merger and the rising interest rate environment,
partially offset by $17.7 million of PPP income recognized during the nine
months ended September 30, 2021 and a $12.7 million decrease in purchase
accounting accretion. Net interest margin was 3.46% for the nine months ended
September 30, 2022, an 18 basis point increase compared to 3.28% for the nine
months ended September 30, 2021 reflecting a 42 basis point increase due to
balance sheet size and mix and the rising interest rate environment, partially
offset by a 16 basis points decrease from lower purchase accounting accretion
and 8 basis points from PPP loans.

The following table provides certain information regarding changes in net
interest income attributable to changes in the volumes of interest-earning
assets and interest-bearing liabilities and changes in the rates for the periods
indicated. For each category of interest-earning assets and interest-bearing
liabilities, information is provided on the changes that are attributable to:
(i) changes in volume (change in volume multiplied by prior year rate); (ii)
changes in rates (change in rate multiplied by prior year volume on each
category); and (iii) net change (the sum of the change in volume and the change
in rate). Changes due to the combination of rate and volume changes (changes in
volume multiplied by changes in rate) are allocated proportionately between
changes in rate and changes in volume.
Nine Months Ended September 30,                    2022 vs. 2021
(Dollars in thousands)                Volume        Yield/Rate          Net
Interest Income:
Loans:
Commercial loans and leases(1)      $  35,458      $      (976)     $  34,482
Commercial mortgage loans              47,118            4,143         51,261
Residential                             8,978          (15,548)        (6,570)
Consumer                               12,428            9,047         21,475
Loans held for sale                    (2,412)           1,917           (495)
Mortgage-backed securities             33,179            8,492         41,671
Investment securities(2)                   14              443            457
Other interest-earning assets            (503)           5,310          4,807
Favorable (unfavorable)               134,260           12,828        147,088
Interest expense:
Deposits:
Interest-bearing demand                   609            1,370          1,979
Money market                            1,367            1,261          2,628
Savings                                    68                -             68
Customer time deposits                    450           (2,489)        (2,039)
Brokered certificates of deposits        (573)            (350)          (923)
FHLB advances                              36                2             38
Trust preferred borrowings                408              781          1,189
Senior and subordinated debt            1,222             (691)           531
Other borrowed funds                       14               25             39
Unfavorable (favorable)                 3,601              (91)         3,510
Net change, as reported             $ 130,659      $    12,919      $ 143,578

(1)Includes income adjustment equivalent to tax related to commercial loans. (2)Includes income adjustment equivalent to municipal bond tax.

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Provision for credit losses


We maintain the allowance for credit losses at an appropriate level based on our
assessment of estimable and expected losses in the loan portfolio. Our allowance
for credit losses is based on our historical loss experience that includes the
inherent risk of our loans and various other factors including but not limited
to, collateral values, trends in asset quality, level of delinquent loans and
concentrations. Further, regional and national economic forecasts are considered
in our expected credit losses. Our evaluation is based on a review of the
portfolio and requires significant, complex and difficult judgments.

During the three months ended September 30, 2022, we recorded a provision for
credit losses of $7.5 million, a net change of $28.8 million, as compared with
the recovery of credit losses of $21.3 million for the three months ended
September 30, 2021. The increase is primarily due to the release of ACL reserves
in 2021 from positive economic forecasts following the impact of the COVID-19
pandemic.

During the nine months ended September 30, 2022, we recorded a provision for
credit losses of $34.7 million, a net change of $143.7 million, as compared with
the recovery of credit losses of $109.0 million for the nine months ended
September 30, 2021. The increase was primarily due to the reasons described
above and the initial provision for credit losses of $23.5 million recorded in
connection with the BMBC Merger.

The allowance for credit losses increased to $146.2 million at September 30,
2022 from $94.5 million at December 31, 2021. The increase was primarily due to
an initial ACL of $49.6 million recorded in connection with the BMBC Merger. The
initial $49.6 million ACL recorded includes $23.5 million related to non-PCD
loans, or the initial provision for credit loss recorded, and $26.1 million
related to PCD loans, which does not have an initial income statement impact,
but adjusts the amortized cost basis of the loans at acquisition (i.e., a
balance sheet gross-up). The ratio of allowance for credit losses to total loans
and leases was 1.14% at September 30, 2022 and 1.19% at December 31, 2021.

The following tables detail the ACL allocation and show our net charges (recoveries) by portfolio category:

                                                                 Owner-
                                       Commercial and           occupied            Commercial
(Dollars in thousands)                 Industrial(1)           Commercial           Mortgages           Construction         Residential(2)          Consumer(3)              Total
As of September 30, 2022
Allowance for credit losses           $      59,884          $     6,003          $    21,534          $     6,499          $        4,818          $    47,457          $    146,195
% of ACL to total ACL                            41  %                 5  %                15  %                 4  %                    3  %                32  %                100  %
Loan portfolio balance                $   3,169,478          $ 1,788,591          $ 3,280,379          $ 1,028,203          $      758,593          $ 1,677,128          $ 11,702,372
% to total loans and leases                      27  %                15  %                28  %                 9  %                    7  %                14  %                100  %
Three months ended September
30, 2022
Charge-offs                           $       5,120          $         -          $       544          $         -          $            -          $     1,834          $      7,498
Recoveries                                    3,194                    4                  101                  653                     207                  114                 4,273
Net charge-offs (recoveries)          $       1,926          $        (4)         $       443          $      (653)         $         (207)         $     1,720          $      3,225
Average loan balance                  $   3,098,451          $ 1,797,521          $ 3,294,284          $   968,315          $      766,320          $ 1,594,674          $ 11,519,565
Ratio of net charge-offs
(recoveries) to average gross
loans                                          0.25  %                  NMF              0.05  %             (0.27) %                (0.11) %              0.43  %               0.11  %
Nine months ended September 30,
2022
Charge-offs                           $      11,308          $       179          $       581          $         -          $          186          $     4,062          $     16,316
Recoveries                                    4,667                  271                  223                  653                     737                  663                 7,214
Net charge-offs (recoveries)          $       6,641          $       (92)         $       358          $      (653)         $         (551)         $     3,399          $      9,102
Average loan balance                  $   3,017,771          $ 1,842,307   
      $ 3,332,108          $   931,799          $      796,323          $ 1,472,879          $ 11,393,186
Ratio                                          0.29  %             (0.01) %              0.01  %             (0.09) %                (0.09) %              0.31  %               0.11  %


(1)Includes commercial small business leases and PPP loans.
(2)Excludes reverse mortgages.
(3)Includes home equity lines of credit, installment loans unsecured lines of
credit and education loans.
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                                                                Owner-
                                      Commercial and           occupied            Commercial
(Dollars in thousands)                Industrial(1)           Commercial           Mortgages           Construction          Residential(2)          Consumer(3)             Total
As of December 31, 2021
Allowance for credit losses          $      49,967          $     4,574          $    11,623          $      1,903          $        3,352          $    23,088          $    94,507
% of ACL to total ACL                           53  %                 5  %                12  %                  2  %                    4  %                24  %               100  %
Loan portfolio balance               $   2,270,319          $ 1,341,707          $ 1,881,510          $    687,213          $      542,733          $ 1,158,573          $ 7,882,055
% to total loans and leases                     28  %                17  %                24  %                  9  %                    7  %                15  %               100  %
Year ended December 31, 2021
Charge-offs                          $      23,592          $        83          $        73          $      2,473          $            -          $     2,094          $    28,315
Recoveries                                   8,756                  160                  269                     -                     789                1,131               11,105
Net charge-offs (recoveries)         $      14,836          $       (77)         $      (196)         $      2,473          $         (789)         $       963          $    17,210
Average loan balance                 $   2,463,933          $ 1,337,883          $ 1,994,995          $    775,246          $      628,411          $ 1,134,569          $ 8,335,037
Ratio of net charge-offs
(recoveries) to average gross
loans                                         0.60  %             (0.01) %             (0.01) %               0.32  %                (0.13) %              0.08  %              0.21  %


(1)Includes commercial small business leases and PPP loans.
(2)Excludes reverse mortgages.
(3)Includes home equity lines of credit, installment loans unsecured lines of
credit and education loans.

See Note 8 to the unaudited consolidated financial statements and non-performing assets above for more information.

Non-interest income


Three months ended September 30, 2022: During the three months ended
September 30, 2022, noninterest income was $62.7 million, an increase of $20.0
million from $42.6 million during the three months ended September 30, 2021. The
increase was driven by a $14.2 million increase in Wealth Management revenue, of
which $12.3 million was attributable to the combination with Bryn Mawr Trust. In
addition, year-over-year increase included $6.5 million of other banking fees,
including fees associated with our consumer lending partnerships, gain on sale
of SBA loans and traditional bank service fees, $4.2 million in Cash Connect®,
and $0.8 million in capital markets income. Partially offsetting the increase
was a $4.2 million decline in mortgage banking fees primarily resulting from the
decline in refinancing originations compared to the historically higher levels
in 3Q 2021.

Nine months ended September 30, 2022: During the nine months ended September 30,
2022, noninterest income was $195.3 million, an increase of $55.8 million from
$139.5 million during the nine months ended September 30, 2021. This increase
reflects a $48.3 million increase in Wealth Management revenue, of which $42.1
million was attributable to the combination with Bryn Mawr Trust, $12.1 million
in other banking fees as described above, $5.8 million in capital markets
income, and $5.4 million from Cash Connect®, partially offset by a $12.2 million
decrease in mortgage banking activities as described above.

For more information, see note 4 of the unaudited consolidated financial statements.

Non-interest expenses


Three months ended September 30, 2022: During the three month ended
September 30, 2022, noninterest expense was $132.9 million, an increase of $36.5
million from $96.4 million for the three months ended September 30, 2021. The
increase was primarily due to higher costs after the BMBC Merger. These higher
costs included $19.0 million in salaries and benefits and $8.7 million of higher
variable operating costs, including $2.1 million from Cash Connect®.

Nine months ended September 30, 2022: During the nine months ended September 30,
2022, noninterest expense was $441.4 million, an increase of $153.3 million from
$288.1 million for the nine months ended September 30, 2021. The increase is due
to the same reasons described above, which included net corporate development
and restructuring costs of $58.2 million, salaries and benefits of $52.5
million, and higher variable operating costs of $27.7 million.


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Income taxes


We and our subsidiaries file a consolidated federal income tax return and
separate state income tax returns. Income taxes are accounted for in accordance
with ASC 740, Income Taxes, which requires the recording of deferred income
taxes for tax consequences of temporary differences. We recorded income tax
expense of $25.8 million and $49.9 million during the three and nine months
ended September 30, 2022 compared to income tax expense of $17.5 million and
$70.6 million for the same period in 2021.

Our effective tax rate was 26.0% and 26.5% for the three and nine months ended
September 30, 2022 compared to 24.3% and 24.7% for the same period in 2021. The
effective tax rate for both the three and nine months ended September 30, 2022
increased primarily due to higher state tax expense resulting from the
acquisition of BMT. In addition, we recognized $0.4 million of tax expense
related to nondeductible acquisition costs during the nine months ended
September 30, 2022 combined with $1.9 million of tax expense related to
nondeductible costs incurred from the sale of the BMTIA business during 2022.

The effective tax rate reflects the recognition of certain tax benefits in the
financial statements including those benefits from tax-exempt interest income,
federal low-income housing tax credits, research and development tax credits and
excess tax benefits from recognized stock compensation. These tax benefits are
offset by the tax effect of stock-based compensation expense related to
incentive stock options, nondeductible acquisition costs and a provision for
state income tax expense. We frequently analyze our projections of taxable
income and make adjustments to our provision for income taxes accordingly.


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Truxton Appoints Veteran CPA Peter Deming as Senior Wealth and Tax Strategist https://pivdencombank.com/truxton-appoints-veteran-cpa-peter-deming-as-senior-wealth-and-tax-strategist/ Tue, 01 Nov 2022 19:24:34 +0000 https://pivdencombank.com/truxton-appoints-veteran-cpa-peter-deming-as-senior-wealth-and-tax-strategist/

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NASHVILLE, Tennessee, Nov. 01, 2022 (GLOBE NEWSWIRE) — Truxton Trust Company is pleased to announce that Peter E. Deming, CPA, has joined the firm as Senior Vice President and Senior Wealth Strategist and Tax, effective November 1, 2022 In this role, he will provide comprehensive strategic tax advice to our clients, their trusts, estates and business entities.

Derrick Jones, EVP, said, “Peter is an accomplished CPA and talented tax strategist who will greatly benefit our clients and our team. Just as impressive as her technical expertise is her strong drive to produce lasting relationships and wonderful results for our clients. Andrew May, President and Chief Financial Officer, said: “In addition to leading our tax team, Peter’s experience in commercial transactions will be invaluable to our clients, particularly as we expand our investment banking efforts. through Truxton Capital Advisors.

Mr. Deming has over twenty years of accounting experience with a focus on tax compliance and consulting for businesses and individuals, most recently as a partner at Jacobs, Cohen & Associates, PLLC. He earned his Certified Public Accountant (CPA) designation and is a member of the American Institute of Certified Public Accountants (AICPA) and the Tennessee Society of Certified Public Accountants. He received his Bachelor of Business Administration in Accounting and Management from Lipscomb University in Nashville.

About Truxton TrustTruxton Trust Company is a provider of private banking, wealth management, trust, capital markets and family office services to high net worth individuals, their families and their business interests. Serving clients around the world, Truxton’s team of highly experienced professionals provide customized solutions to the complex financial needs of its clients. Founded in 2004 in Nashville, Tennessee, Truxton Trust maintains its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of the financial holding company Truxton Corporation (OTCPK: TRUX). For more information, visit http://truxtontrust.com.

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Bank secrecy at the expense of the right to privacy? https://pivdencombank.com/bank-secrecy-at-the-expense-of-the-right-to-privacy/ Sun, 30 Oct 2022 07:42:44 +0000 https://pivdencombank.com/bank-secrecy-at-the-expense-of-the-right-to-privacy/

On September 30, 2022, the Supreme Court expressed reservations with its own 2015 judgment in the Jayantilal N Mistry case, requiring banks to make public under the Right to Information (RTI) Act details of defaults of bank borrowers and inspection reports on such cases. . The Apex Court came to this conclusion in favor of a reassessment in light of the right to privacy established as a fundamental right by a panel of nine judges in the KS Puttaswamy case, popularly known as the Aadhaar case by the following, in 2017. The court therefore decided to consider the plea of ​​the banks against the RBI circulars issued for the disclosure of details, under the RTI law, in accordance with the judgment of 2015 because they retrospectively disagreed with the right to privacy.

“The only remedy available to the petitioners (a group of banks) would be to apply to this court by way of a written petition under Article 32 of the Constitution for the protection of the fundamental rights of their customers, who are citizens Indians,” the Apex court continued to observe. Banks are likely to lap up eagerly.

The private banks led by HDFC further argued that the RTI Act does not apply to private entities like them as they are not public authorities under the law and therefore information relating to these banks /IF and to their customers and employees cannot be sought/provided under the law. the RTI law, not to mention the confidential/sensitive information of these banks/FIs.

RTI and the right to privacy are antithetical, but in a country where banks grapple with the thorny issue of non-performing assets (NPA), naming and shaming may be necessary. The Municipality of Ahmedabad not long ago claimed remarkable success with its prescription of going to town with the loud announcement of the names of municipal tax defaulters accompanied by drumbeats to attract attention. attention of the neighbors on the defaulters.

It is estimated that up to 13% of public sector bank loan amounts are locked up in NPAs, a euphemism for bad debts. The late Arun Jaitley, former finance minister, once joked that tax avoidance cannot be anyone’s birthright. The same goes for bank loans, borrowers often intending not to repay but willing to embezzle funds through the labyrinthine practice of multi-layered money laundering which ultimately results in the funds disappearing. in distant tax havens with bank secrecy laws introduced and where the mandate of the Indian government does not work.

It’s not just the denunciation and shaming, but the huge stakes that the taxpayers of this country have in PSOs – especially given the government’s periodic recapitalization of taxpayers’ money after cutting deadwood, that is, the capital wiped out by write-offs made to clean up their balance sheets — this lends legitimacy to the increased public interest in banking. So the banks owe taxpayers an explanation of what got them to this sad pass, who took them for a ride and for how much. The fact that defaulters are repeat offenders, often in cahoots with bank officials in the dastardly and persistent way, makes a very strong case for not glorifying them with touch-me-not status.

It is respectfully submitted that the Supreme Court opened the proverbial Pandora’s Box of Pandora’s Box by taking cudgels for defaulters. And how? By asking banks to take the cudgel on behalf of defaulters. It’s strange to say the least. Can we see banks with vital interests in loan recovery advocating for the rights of defaulters who wronged them? Doesn’t this boil down to the worst conflict of interest, even the abdication of functions?

After all, India does not have an explicit bank secrecy law in Switzerland. The right to privacy, like the right to liberty, of which it is a subset, is accessible to law-abiding citizens. Can a life-sentenced prisoner invoke the right to liberty and demand immediate release without having served his sentence? Likewise, the right to privacy and bank secrecy is only available to those who operate within the four corners of the law. Do people like Vijay Mallya and Nirav Modi have the right to be left alone and smile at banks and taxpayers, their cheeky flaws glossed over?

In September 2017, the government froze some 2,000 bank accounts of shell companies suspected of harboring money laundering loot. Surely the nation has a right to know who are the people who hold the progress of the nation to ransom. India, it bears repeating, is not Switzerland with the constitutional guarantee of banking secrecy and the pride of numbered accounts which give anonymity to various crooks and despots who have defrauded their nations of their resources by underhanded means and deposited the ill-gotten money in his banks.

Private banks may not exactly be funded by taxpayers’ money, but they should be accountable to their public shareholders. It is dishonest for the private sector to claim greater immunity from disclosure on the grounds that it is not dependent on government donations as in the case of PSOs. Private banks can claim immunity from RTI but cannot get rid of their own shareholders.

Certainly, the fiduciary relationship underlies the relationship between banks and customers, but this argument cannot be extended to put an end to financial or white-collar crimes. Not in a nation that has fallen victim to Swiss intransigence in not exposing the crooks behind its legendary bank secrecy laws. The Supreme Court did well to separate the fundamental right to privacy from the broader fundamental right to liberty. It is respectfully urged and prayed that it does not create yet another right – this one being the right to bank secrecy.

The writer is a freelance columnist for various publications and writes on economic, business, legal and tax issues.

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First Horizon Recognized as the https://pivdencombank.com/first-horizon-recognized-as-the/ Thu, 27 Oct 2022 23:06:18 +0000 https://pivdencombank.com/first-horizon-recognized-as-the/ MEMPHIS, TN, October 27, 2022

MEMPHIS, Tenn., October 27, 2022 /PRNewswire/ — First Horizon Corp. (NYSE: FHN or “First Horizon”) was named to the Forbes list of the State’s Best Employers 2022. This prestigious award is presented by Forbes and Statista Inc., the leading statistics portal and ranking provider of the industry. The prize list and full announcement can be viewed on the Forbes website.

America’s Top Employers in 2022 have been identified in an independent survey based on a large sample of approximately 70,000 Americans working for companies with more than 500 employees worldwide. UNITED STATES.

The rating was based on direct and indirect referrals from employees who were asked to rate their willingness to recommend their own employer to friends and family. Employees were also asked to rate other employers in their respective industry and indicate whether they stood out positively or negatively.

The surveys were anonymous, and associates were asked to rate their employers on a variety of criteria, including safe work environment, competitive compensation, opportunity for advancement, and openness to working from home.

“First Horizon realizes that the work environment has changed over the past few years,” said Tanya Hart, Executive Vice President and Chief Human Resources Officer at First Horizon. “This recognition validates our post-pandemic efforts to increase equity in all aspects of our organization. We remain steadfastly focused on providing competitive benefits and remaining a top employer in our state.

About Premier Horizon

First Horizon Corp. (NYSE: FHN), with $80.3 billion active at September 30, 2022, is a leading regional financial services company, dedicated to helping our customers, communities and associates unlock their full potential with capital and advice. Based at Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 southern states of the United States. The Company and its subsidiaries provide commercial, private, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income and mortgage banking services. First Horizon has been recognized as one of the nation’s top employers by Fortune and Forbes magazines and among America’s 10 Most Reputable Banks. More information is available at www.FirstHorizon.com.

First_Horizon_Corporation_Logo.jpg

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SOURCE Premier Horizon Corporation

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Synovus to Present at BancAnalysts Association of Boston Conference | Company https://pivdencombank.com/synovus-to-present-at-bancanalysts-association-of-boston-conference-company/ Mon, 24 Oct 2022 19:17:12 +0000 https://pivdencombank.com/synovus-to-present-at-bancanalysts-association-of-boston-conference-company/

COLUMBUS, Ga.–(BUSINESS WIRE)–October 24, 2022–

The President and CEO of Synovus Financial Corp. (NYSE: SNV), Kevin Blair, will present at the BancAnalysts Association of Boston conference on November 3, 2022 at 3:00 p.m. ET.

A live webcast and replay will be available on Synovus’ Investor Relations website at https://investor.synovus.com/Event.

Synovus Financial Corporation. is a Columbus, Georgia-based financial services company with approximately $59 billion in assets. Synovus provides corporate and consumer banking and a full range of specialist products and services, including private banking, cash management, wealth management, mortgage services, premium finance, asset-based lending , structured lending, capital markets and international banking. Synovus has 254 branches in Georgia, Alabama, South Carolina, Florida and Tennessee. The synovis is a Great Place to Work certified company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and instagram.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20221024005905/en/

CONTACT: Media contact

Audria Belton

Media Relations

media@synovus.comInvestor Contact

Cal Evans

Investor Relations

investorrelations@synovus.com

KEYWORD: UNITED STATES NORTH AMERICA GEORGIA

SECTOR KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Synovus Financial Corp.

Copyright BusinessWire 2022.

PUBLISHED: 10/24/2022 3:15 PM / DISK: 10/24/2022 3:17 PM

http://www.businesswire.com/news/home/20221024005905/en

Copyright BusinessWire 2022.

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