Results Driven by Loan, Deposit, and Fee Revenue Growth
Fiduciary Assets Surpass $100 Billion
WILMINGTON, Del.--(BUSINESS WIRE)--July 23, 2026--
WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the second quarter of 2026.
Selected financial results and metrics are as follows:
(Dollars in millions,
except per share data) 2Q 2026 1Q 2026 2Q 2025
------- ------- -------
Net interest income $ 192.5 $ 185.1 $ 179.5
Fee revenue 90.0 90.1 88.0
Total net revenue 282.5 275.3 267.5
Provision for (recovery
of) credit losses 5.0 (2.0) 12.6
Noninterest expense 166.3 162.8 159.3
Net income attributable
to WSFS 84.4 86.8 72.3
Pre-provision net
revenue (PPNR)(1) 116.2 112.5 108.2
Earnings per share (EPS)
(diluted) 1.63 1.64 1.27
Return on average assets
(ROA) (a) 1.52% 1.61% 1.39%
Return on average equity
$(ROE)$ (a) 12.4 12.7 10.9
Fee revenue as % of
total net revenue 31.8 32.7 32.8
Efficiency ratio 58.8 59.0 59.5
See "Notes"
GAAP results for the periods shown include items that are excluded from core results. Below is a summary of the financial effects of these items, which include an unrealized write-down of an equity investment and a gain on the sale of the credit card portfolio. For additional detail, refer to the Non-GAAP Reconciliation in the back of this press release.
2Q 2026 1Q 2026 2Q 2025
----------------- ------------- ---------------
(Dollars in millions,
except per share Per Per Per
data) Total share Total share Total share
------- -------- ----- ------ ----- --------
Fee revenue (pre-tax) $ (2.2) $ (0.04) $ -- $ -- $ -- $ --
Noninterest expense
(pre-tax) 0.1 -- 2.9 0.05 (0.3) (0.01)
Income tax impacts (0.5) (0.01) (0.6) (0.01) 0.1 0.01
(1) As used in this press release, PPNR is a non-GAAP financial measure
that adjusts net income determined in accordance with GAAP to exclude the
impacts of (i) income tax provision and (ii) provision for (recovery of)
credit losses. For a reconciliation of this and other non-GAAP financial
measures to their most directly comparable GAAP measures, see "Non-GAAP
Reconciliation" at the end of the press release.
CEO Commentary and Highlights
Rodger Levenson, Chairman, CEO and President, said, "WSFS performed well in the second quarter with a 31% year-over-year increase in core EPS(2) . Our results included robust growth in noninterest deposits, a double-digit year-over-year increase in Wealth and Trust fees, and solid loan growth. Asset quality continued to trend positively, with improvement across key metrics. Additionally, we continued to execute our capital return framework through dividends and share repurchases, repurchasing over four percent of outstanding shares(3) in the first half of 2026. These results provide momentum for the second half of the year as reflected in our updated full-year outlook."
Overall highlights included:
-- Core EPS of $1.66 and core ROA(2) of 1.55% in 2Q 2026, compared to
$1.68 and 1.65%, respectively, in 1Q 2026.
-- Excluding a previously disclosed $15.7 million loan recovery in
1Q 2026, core EPS(2) increased 14% and core ROA(2) increased 12bps
compared to 1Q 2026.
-- Client deposits grew 3% quarter-over-quarter with noninterest demand
growth of 10%, led by WSFS Institutional Services$(R)$. Noninterest
deposits now represent 37% of total client deposits.
-- C&I loans continued the recent trend with 2% quarter-over-quarter (8%
annualized) growth.
-- Wealth and Trust continued to deliver double-digit fee growth,
increasing 17% year-over-year.
-- WSFS Institutional Services(R) fees increased 34% and The Bryn
Mawr Trust Company of Delaware (BMT of DE), our personal trust
business, increased 20%.
-- Fiduciary assets surpassed $100 billion as of June 30, 2026.
-- Repurchased $66.2 million of common stock (1.8% of outstanding
shares(4)) and paid quarterly dividends of $10.4 million for a total
capital return of $76.6 million.
(2) As used in this press release, core EPS, core ROA, core EPS excluding loan
recovery, and core ROA excluding loan recovery are non-GAAP financial
measures. These non-GAAP financial measures exclude certain pre-tax
adjustments and the tax impact of such adjustments. For a reconciliation of
non-GAAP financial measures to their most directly comparable GAAP measures,
see "Non-GAAP Reconciliation" at the end of the press release.
(3) First half of 2026 repurchases represent over four percent of outstanding
shares as of December 31, 2025.
(4) 2Q 2026 repurchases represent 1.8% of outstanding shares as of March 31,
2026.
Second Quarter 2026 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and composition at June 30, 2026 compared to March 31, 2026 and June 30, 2025:
Loans and Leases
-------- ------- -------- ------- -------- -------
(Dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025
----------------- ----------------- -----------------
Commercial & industrial
(C&I)(5) $ 4,944 37% $ 4,849 37% $ 4,731 36%
Commercial mortgage 3,884 29 3,882 30 3,911 30
Construction 1,003 7 1,034 7 858 7
Commercial small
business leases 584 4 588 4 630 5
------ --- ------ --- ------ ---
Total commercial
loans and leases 10,415 77 10,353 78 10,130 78
Residential mortgage 1,271 10 1,127 9 1,016 8
Consumer 1,815 14 1,854 14 2,006 15
------ --- ------ --- ------ ---
Gross loans and
leases 13,501 101% 13,334 101% 13,152 101%
Allowance for Credit
Losses (ACL) (177) (1) (180) (1) (186) (1)
------ --- ------ --- ------ ---
Net loans and
leases $13,324 100% $13,154 100% $12,966 100%
====== === ====== === ====== ===
At June 30, 2026, WSFS' gross loan and lease portfolio increased $167.0 million, or 1% (not annualized), when compared with March 31, 2026. Home Lending generated strong loan growth of 10%, and we continued to see momentum in C&I, which grew 2%. This overall growth reflects our continued investment in talent and product offerings, enhancing our ability to win market share and more effectively compete for a broader set of clients. During the quarter, we completed the sale of our credit card portfolio, which had an outstanding balance of $36.3 million, and entered into a strategic partnership to issue WSFS-branded credit cards. This sale, combined with the continued runoff of the Spring EQ portfolio, partially offset the loan growth in the quarter.
Gross loans and leases at June 30, 2026 increased 3% when compared with June 30, 2025. Excluding the impacts from the sales of the Upstart and credit card portfolios, and runoff of Spring EQ, gross loans and leases increased 5%. This growth was driven by increases in residential mortgage (25%), C&I (5%), and home equity (20%), partially offset by declines in commercial small business leases (7%) and commercial mortgages (1%).
(5) Includes owner-occupied real estate.
The following table summarizes client deposit balances and composition at June 30, 2026 compared to March 31, 2026 and June 30, 2025:
Client Deposits
------- ------- ------- ------- ------- -------
(Dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025
---------------- ---------------- ----------------
Noninterest demand $ 7,009 37% $ 6,372 34% $ 5,306 31%
Interest-bearing demand 2,878 15 2,848 15 2,806 16
Savings 1,352 7 1,418 8 1,452 9
Money market 5,894 31 5,909 33 5,471 32
------ --- ------ --- ------ ---
Total core deposits 17,133 90 16,547 90 15,035 88
Time deposits 1,871 10 1,921 10 2,086 12
------ --- ------ --- ------ ---
Total client
deposits $19,004 100% $18,468 100% $17,121 100%
====== === ====== === ====== ===
Total client deposits increased $535.1 million, or 3% (not annualized), when compared with March 31, 2026. Noninterest demand increased 10%, primarily led by Institutional Services, and now represents 37% of total client deposits. Savings decreased 5% and time deposits decreased 3%. End of period deposit balances continued to reflect some elevated quarter-end activity by clients within Institutional Services and Commercial. Overall, we continue to see strong deposit growth momentum, with average deposits also growing 3%.
Total client deposits increased $1.9 billion, or 11% from June 30, 2025. Noninterest demand increased 32%, driven by growth in Institutional Services and Commercial. Money market grew 8%, driven by growth across all business lines, while time deposits decreased 10% as we continued to manage our deposit pricing.
The deposit base remains well-diversified, with 54% of quarterly average client deposits coming from the Commercial, Small Business Banking, and Wealth and Trust businesses. No- and low-cost deposit accounts(6) represented 58% of average total client deposits with a weighted average cost of 28bps for the quarter. The loan-to-deposit ratio(7) was 70% at June 30, 2026, providing capacity to fund ongoing loan growth.
(6) Includes noninterest demand, interest-bearing demand, and savings deposit accounts. (7) Ratio of net loans and leases to total client deposits.
Net Interest Income
Three Months Ending
------------------------------------------------
(Dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025
-------------- -------------- ---------------
Net interest income
before purchase
accretion $ 190.9 $ 183.5 $ 177.5
Purchase accounting
accretion 1.6 1.6 2.0
----- --- ----- --- ------ ---
Net interest income $ 192.5 $ 185.1 $ 179.5
===== === ===== === ====== ===
Net interest margin
before purchase
accretion 3.84% 3.80% 3.84%
Purchase accounting
accretion 0.03 0.03 0.05
----- --- ----- --- ------ ---
Net interest margin 3.87% 3.83% 3.89%
===== ===== ======
Net interest income increased $7.4 million, or 4% (not annualized), compared to 1Q 2026, primarily driven by higher average loan balances as well as higher investment securities and yields.
Net interest income increased $13.0 million, or 7%, compared to 2Q 2025, primarily driven by lower deposit costs, higher cash balances, and higher average loan balances. These increases were partially offset by lower loan yields as a result of three 25bp Federal Funds rate cuts that occurred in 2025.
Total loan yields were 6.24%, a decrease of 3bps when compared to 1Q 2026 and a decrease of 36bps when compared to 2Q 2025. The year-over-year decrease was primarily driven by the impact of the aforementioned interest rate cuts.
Total client deposit costs were 1.29% and interest-bearing deposit costs were 2.00%, decreases of 4bps and 1bp, respectively, compared to 1Q 2026. Total client deposit costs decreased 34bps and interest-bearing deposit costs decreased 38bps compared to 2Q 2025. The quarter-over-quarter decrease in total client deposit costs was driven by a continued shift in the mix of deposits, with higher noninterest balances, and the year-over-year decrease was driven by deposit repricing actions and mix shift.
Net interest margin of 3.87% increased 4bps compared to 1Q 2026, primarily due to the impacts from the investment portfolio and deposit mix noted above. Net interest margin decreased 2bps from 2Q 2025 primarily due to the impact of the 2025 interest rate cuts, partially offset by higher investment yields and favorable balance sheet mix.
Asset Quality
(Dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025
--------------- --------------- ----------------
Problem assets(8) $ 472.9 $ 503.9 $ 683.1
Delinquencies (n) 95.6 100.7 158.0
Nonperforming assets
(n) 81.0 87.8 106.2
Net charge-offs
(recoveries) on loans
and leases 7.1 (3.5) 9.8
Total net credit costs
(q) 7.1 0.2 14.3
Problem assets to
total Tier 1 capital
plus ACL on loans and
leases 19.48% 20.71% 29.83%
Classified assets to
total Tier 1 capital
plus ACL on loans and
leases 16.96 17.19 21.60
Ratio of nonperforming
assets to total
assets (n) 0.36 0.40 0.51
Delinquencies (n) to
gross loans (i) 0.71 0.76 1.22
Ratio of quarterly net
charge-offs
(recoveries) to
average gross loans 0.21 (0.11) 0.30
Ratio of allowance for
credit losses to
total loans and
leases (p) 1.32 1.36 1.43
Ratio of allowance for
credit losses to
nonaccruing loans
(n) 260 240 177
See "Notes"
Leading indicators of asset quality continued to trend downward, with a decrease in problem assets of $31.0 million compared to March 31, 2026, driven by several commercial payoffs. Delinquencies also decreased $5.1 million, or 5bps of gross loans, compared to March 31, 2026, driven by a reduction in consumer delinquencies. Problem assets decreased 31% and delinquencies decreased 39% compared to June 30, 2025.
Nonperforming assets (NPAs) decreased $6.9 million, or 4bps of total assets compared to March 31, 2026. The decrease in NPAs was primarily driven by the payoff of a multifamily loan. NPAs are down 24% compared to June 30, 2025.
Total net credit costs were $7.1 million. Excluding the impacts of a previously disclosed recovery in 1Q 2026, total net credit costs(9) decreased $8.7 million when compared to 1Q 2026. This decrease was primarily driven by lower net Commercial charge-offs and a release of ACL, due to the sale of the credit card portfolio and lower loss experience in Consumer.
Net charge-offs for the quarter were $7.1 million. Excluding the impacts of the prior quarter recovery, net charge-offs(9) decreased $5.1 million, or 16bps (annualized) of average gross loans, driven by lower commercial charge-offs.
The ACL on loans and leases was $177.3 million as of June 30, 2026, a decrease of $2.7 million when compared to March 31, 2026, and the ACL coverage ratio decreased 4bps to 1.32%.
(8) Problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO). (9) As used in this press release, adjusted total net credit costs and adjusted net charge-offs are non-GAAP financial measures. These non-GAAP financial measures exclude the impact of payments for a loan charged-off during the first quarter of 2025. For a reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
Core Fee Revenue(10)
Core fee revenue (noninterest income) of $92.2 million increased $2.1 million, or 2%, compared to 1Q 2026. The increase was driven by a 5% increase in Wealth and Trust, primarily due to growth across WSFS Institutional Services(R) and BMT of DE (personal trust), as well as increases in Capital Markets and Cash Connect(R) . These increases were partially offset by decreases in gains on sale of mortgage and SBA loans as we retained more of our originated loans.
Core fee revenue increased $4.2 million, or 5%, compared to 2Q 2025. The increase was driven by a 17% increase in Wealth and Trust as well as an increase in Capital Markets. The increase in Wealth and Trust included 34% growth in WSFS Institutional Services(R) , driven by both Corporate Trust and Global Capital Markets, and 20% growth in BMT of DE. These increases were partially offset by a $2.3 million decrease due to the final Spring EQ earnout recognized in 2025 and a $2.1 million decrease in Cash Connect(R) , primarily due to the impact of interest rate cuts and lower ATM volumes.
For 2Q 2026, our core fee revenue ratio(10) was 32.3% compared to 32.7% in 1Q 2026 and 32.8% in 2Q 2025. Fee revenue diversification is a differentiator with further growth opportunities expected.
(10) As used in this press release, core fee revenue and core fee revenue ratio are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
Core Noninterest Expense(11)
Core noninterest expense of $166.2 million increased $6.3 million, or 4% (not annualized), compared to 1Q 2026. The increase is due to higher salaries and benefits, driven by the impact of performance-based incentives (which accounted for more than half of the increase) and medical costs, as well as increases in external fraud losses and professional fees. These increases were partially offset by a decrease in occupancy expense.
Core noninterest expense increased $6.6 million, or 4%, compared to 2Q 2025. The increase was primarily driven by higher salaries and benefits due to the reasons noted above, external fraud losses, and a one-time insurance recovery of $1.6 million in 2Q 2025. These increases were partially offset by a $2.7 million decrease in Cash Connect(R) external funding costs due to lower rates and ATM volume as well as lower professional fees.
Our core efficiency ratio(11) was 58.3% in 2Q 2026, compared to 58.0% in 1Q 2026 and 59.6% in 2Q 2025, reflecting our focus on expense discipline while continuing to invest in the franchise.
Income Taxes
We recorded a $26.8 million income tax provision in 2Q 2026, compared to $27.6 million in 1Q 2026 and $23.3 million in 2Q 2025. The changes in income tax provision compared to 1Q 2026 and 2Q 2025 were primarily due to changes in income before taxes.
The effective tax rate was 24.1% in 2Q 2026 compared to 24.1% in 1Q 2026 and 24.4% in 2Q 2025. The decrease in effective tax rate compared to 2Q 2025 is primarily due to increased federal tax credits.
(11) As used in this press release, core noninterest expense and core efficiency ratio are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
Capital Management
Capital ratios remain strong and are all substantially in excess of the "well-capitalized" regulatory benchmarks at June 30, 2026, with a Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 13.76%, Tier 1 leverage ratio of 10.35%, and Total Risk-based capital ratio of 15.47%.
WSFS' total stockholders' equity decreased $2.7 million, or less than 1%, during 2Q 2026. The decrease was primarily due to capital returns to stockholders of $76.6 million and an increase in accumulated other comprehensive loss of $12.1 million, driven by market-value decreases on available-for-sale investment securities, partially offset by quarterly earnings of $84.4 million.
WSFS' tangible common equity(12) increased $1.2 million, or less than 1%, compared to March 31, 2026, primarily due to a decrease in intangible assets from scheduled amortization. WSFS' common equity to assets ratio decreased 31bps to 12.01% and tangible common equity to tangible assets ratio(12) decreased 21bps to 8.11% at June 30, 2026.
At June 30, 2026, book value per share was $52.97, an increase of $0.73, or 1% (not annualized), from March 31, 2026, and tangible book value per share(12) was $34.24, an increase of $0.53, or 2% (not annualized), from March 31, 2026. Book value per share increased $5.26, or 11%, and tangible book value per share increased $3.92, or 13%, compared to 2Q 2025.
During 2Q 2026, WSFS repurchased 923,948 shares of common stock for an aggregate of $66.2 million and paid quarterly cash dividends of $10.4 million. Total capital returns to stockholders through share repurchases and quarterly dividends was $76.6 million. WSFS has 9,200,029 shares, or approximately 18% of outstanding shares as of June 30, 2026, available for repurchase.
The Board of Directors approved a quarterly cash dividend of $0.20 per share of common stock. The dividend will be paid on August 21, 2026 to stockholders of record as of August 7, 2026.
(12) As used in this press release, tangible common equity, tangible common equity to tangible assets ratio, and tangible book value per share are non-GAAP financial measures. These non-GAAP financial measures exclude goodwill and intangible assets and the related tax-effected amortization. For a reconciliation of these and other non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
Selected Business Segments (included in previous results):
Wealth and Trust
The Wealth and Trust segment provides a broad array of planning and advisory services, investment management, trust services, credit and deposit products to individual, corporate, and institutional Clients.
Selected quarterly performance results and metrics are as follows:
(Dollars in millions,
except where otherwise
noted) June 30, 2026 March 31, 2026 June 30, 2025
-------------- -------------- ---------------
Net interest income(13) $ 31.7 $ 27.5 $ 23.0
Provision for credit
losses 1.8 1.2 4.4
Fee revenue(14) 52.4 50.0 44.5
Noninterest expense(14) 34.5 31.8 32.3
Pre-tax income 47.7 44.5 30.7
Performance Metrics
----------------------
WSFS Institutional
Services(R) and BMT of
DE fee revenue $ 36.3 $ 34.2 $ 27.9
Private Wealth
Management fee
revenue 16.1 15.9 16.1
AUM/AUA (in
billions)(15) 101.7 97.6 92.4
Wealth and Trust pre-tax income was $47.7 million, which increased $3.2 million, or 7% (not annualized), compared to 1Q 2026, driven by increases in net interest income of $4.2 million and fee revenue of $2.3 million.
The increase in net interest income was driven by higher noninterest deposit balances in Institutional Services. The increase in fee revenue was driven by higher assignment and agent fees across Institutional Services and continued account growth in BMT of DE. WSFS Institutional Services(R) was the third most active trustee based on number of deals in 1H 2026 for U.S. ABS and MBS according to Asset-Backed Alert.
Wealth and Trust pre-tax income increased $17.0 million, or 55%, compared to 2Q 2025, driven by increases in fee revenue of $7.8 million and net interest income of $8.7 million. These increases were partially offset by an increase in noninterest expense of $2.2 million.
The increase in fee revenue was driven by growth in Institutional Services and BMT of DE. The increase in net interest income was due to higher noninterest deposit balances in Trust. The increase in noninterest expense was primarily due to higher salaries and benefits, uninsured losses and client transaction costs, partially offset by lower legal fees.
AUM/AUA increased $4.1 billion to $101.7 billion at the end of 2Q 2026 driven by account growth and market appreciation.
(13) Includes intercompany allocation of income. (14) Includes intercompany allocation of revenue and expense. (15) Represents Assets Under Management and Assets Under Administration, in billions.
Cash Connect(R)
Cash Connect(R) is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Clients.
Selected quarterly financial results and metrics are as follows:
(Dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025
-------------- --------------- --------------
Net revenue(16) $ 19.7 $ 19.6 $ 21.1
Noninterest expense(17) 16.8 16.7 17.8
Pre-tax income 3.0 3.0 3.3
Performance Metrics
----------------------
Average cash managed $ 1,251 $ 1,251 $ 1,329
Number of serviced
non-bank ATMs and
smart safes 35,171 35,338 36,494
Net profit margin 15.0% 15.4% 15.6%
ROA 2.15% 2.38% 2.43%
Cash Connect(R) pre-tax income of $3.0 million was flat compared to 1Q 2026. Net revenue and noninterest expense were generally flat compared to 1Q 2026 with lower ATM volume offset by higher revenue from smart safes, which grew 14%. Cash Connect(R) net profit margin of 15.0% decreased 41bps compared to 1Q 2026, and decreased 62bps compared to 2Q 2025, largely driven by $1.6 million of one-time insurance recoveries in the prior year. Excluding this recovery, net profit margin increased 7.0%(18) .
Compared to 2Q 2025, pre-tax income decreased $0.3 million, driven by the insurance recoveries mentioned above. Excluding the impact of those recoveries, pre-tax income(18) increased $1.3 million driven by the impact of lower interest rates (lower revenues were more than offset by lower expenses), pricing initiatives (increased revenues), and expense optimization.
Cash Connect(R) continues to shift its business mix from traditional non-bank ATMs to higher margin products, such as smart safe units, which have grown 10% year-over-year.
(16) Includes net interest income and intercompany allocation of income. (17) Includes intercompany allocation of expense. (18) As used in this press release, adjusted profit margin and adjusted pre-tax income are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments. For a reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
Second Quarter 2026 Earnings Release Conference Call
Management will conduct a conference call to review 2Q 2026 results at 1:00 p.m. Eastern Time $(ET)$ on Friday, July 24, 2026. Interested parties may access the conference call live on our Investor Relations website . For those who cannot access the live conference call, a replay will be accessible shortly after the event concludes through our Investor Relations website.
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of June 30, 2026, WSFS Financial Corporation had $22.7 billion in assets on its balance sheet and $101.7 billion in assets under management and administration. WSFS operates from 114 offices, 87 of which are banking offices, located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Trust Advisors, LLC, Bryn Mawr Trust(R) , The Bryn Mawr Trust Company of Delaware, Cash Connect(R) , NewLane Finance(R) , WSFS Wealth(R) Management, LLC, WSFS Institutional Services(R) , and WSFS Mortgage(R) . Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.
Forward-Looking Statements
This press release contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words "believe," "expect," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth; possible additional loan losses and impairment of the collectability of loans; the Company's level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums; the credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development loans in the Company's loan portfolio; changes in market interest rates, which may increase funding costs and reduce earning asset yields and thus reduce margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company's investment securities portfolio, which could impact market confidence in the Company's operations; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company's operations, and potential expenses associated with complying with such regulations; the Company's ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms; the impacts related to or resulting from bank failures and other economic industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes; any impairments of the Company's goodwill or other intangible assets; the success of the Company's growth plans across our WSFS Bank, Cash Connect(R) and/or Wealth and Trust segments; the Company's ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Client acceptance of the Company's products and services and related Client disintermediation; negative perceptions or publicity with respect to the Company generally and, in particular, the Company's Wealth and Trust business; failure of the financial and/or operational controls of the Company's Cash Connect(R) and/or Wealth and Trust segments; adverse judgments or other resolution of pending and future legal proceedings, and costs incurred in defending such proceedings; the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties; system failures or cybersecurity incidents or other breaches of the Company's network security, particularly given remote working arrangements; any actual or perceived failure or deficiency in the use of artificial intelligence by the Company or third-party vendors or service providers; the Company's ability to recruit and retain key Associates; the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes, wildfires and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks; the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage); possible changes in the speed of loan prepayments by the Company's Clients and loan origination or sales volumes; possible changes in market valuations and/or the speed of prepayments of mortgage-backed securities $(MBS)$ due to changes in the interest rate environment, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate; regulatory limits on the Company's ability to receive dividends from its subsidiaries, and pay dividends to its stockholders; any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; any compounding effects or unexpected interactions of the risks discussed above; and other risks and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 under the heading "Risk Factors" and in other documents filed by the Company with the Securities and Exchange Commission from time to time.
The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this press release, the terms "WSFS," "the Company," "registrant," "we," "us," and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited)
Three months ended Six months ended
---------------------------------------- ----------------------------
(Dollars in thousands, June 30, March 31, June 30, June 30,
except per share data) 2026 2026 2025 2026 June 30, 2025
------------ ------------ ------------ ------------ --------------
Interest income:
Interest and fees on
loans $ 208,206 $ 205,243 $ 216,005 $ 413,449 $ 432,757
Interest on
mortgage-backed
securities 27,975 25,242 24,531 53,217 49,276
Interest and dividends
on investment
securities 2,157 2,171 2,186 4,328 4,372
Other interest income 18,498 16,553 10,468 35,051 17,663
---------- ---------- ---------- ---------- ----------
256,836 249,209 253,190 506,045 504,068
---------- ---------- ---------- ---------- ----------
Interest expense:
Interest on deposits 59,694 59,497 70,124 119,191 141,228
Interest on Federal Home
Loan Bank advances 491 439 949 930 1,887
Interest on senior and
subordinated debt 2,765 2,766 1,089 5,531 3,163
Interest on trust
preferred borrowings 1,370 1,355 1,518 2,725 3,041
Interest on other
borrowings 16 16 15 32 38
---------- ---------- ---------- ---------- ----------
64,336 64,073 73,695 128,409 149,357
---------- ---------- ---------- ---------- ----------
Net interest income 192,500 185,136 179,495 377,636 354,711
Provision for
(recovery of)
credit losses 5,044 (1,998) 12,621 3,046 29,971
---------- ---------- ---------- ---------- ----------
Net interest income
after provision for
(recovery of)
credit losses 187,456 187,134 166,874 374,590 324,740
---------- ---------- ---------- ---------- ----------
Noninterest income:
Credit/debit card and
ATM income 15,620 15,066 18,309 30,686 37,052
Investment management
and fiduciary revenue 51,460 49,127 43,774 100,587 83,055
Deposit service charges 7,041 6,877 6,802 13,918 13,555
Mortgage banking
activities, net 1,323 2,361 2,341 3,684 4,141
Loan and lease fee
income 1,618 2,002 1,430 3,620 2,895
Unrealized loss on
equity investment, net (4,134) -- -- (4,134) --
Realized gain on sale of
equity investment, net 159 -- 18 159 18
Other income 16,881 14,682 15,335 31,563 28,190
---------- ---------- ---------- ---------- ----------
89,968 90,115 88,009 180,083 168,906
---------- ---------- ---------- ---------- ----------
Noninterest expense:
Salaries, benefits and
other compensation 95,767 91,887 89,145 187,654 171,622
Occupancy expense 8,309 10,139 8,829 18,448 18,722
Equipment expense 13,661 13,272 13,778 26,933 26,506
Data processing and
operations expense 5,246 5,011 5,010 10,257 9,705
Professional fees 4,752 4,118 6,211 8,870 10,909
Marketing expense 2,567 2,135 1,925 4,702 3,620
FDIC expenses 2,523 2,634 2,433 5,157 5,011
Loan workout and other
credit costs 2,087 2,174 1,629 4,261 1,869
Corporate development
expense 63 57 (329) 120 (270)
Restructuring expense -- 2,796 -- 2,796 260
Other operating expenses 31,325 28,542 30,712 59,867 63,184
---------- ---------- ---------- ---------- ----------
166,300 162,765 159,343 329,065 311,138
---------- ---------- ---------- ---------- ----------
Income before taxes 111,124 114,484 95,540 225,608 182,508
Income tax provision 26,795 27,639 23,319 54,434 44,420
---------- ---------- ---------- ---------- ----------
Net income 84,329 86,845 72,221 171,174 138,088
Less: Net (loss) income
attributable to
noncontrolling
interest (69) 18 (105) (51) (134)
---------- ---------- ---------- ---------- ----------
Net income attributable
to WSFS $ 84,398 $ 86,827 $ 72,326 $ 171,225 $ 138,222
========== ========== ========== ========== ==========
Diluted earnings per
share of common stock: $ 1.63 $ 1.64 $ 1.27 $ 3.26 $ 2.39
========== ========== ========== ========== ==========
Weighted average shares
of common stock
outstanding for fully
diluted EPS 51,935,567 53,031,912 56,851,797 52,475,721 57,765,602
========== ========== ========== ========== ==========
See "Notes"
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) - continued
Three months ended Six months ended
----------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
2026 2026 2025 2026 2025
---------- ----------- ---------- ---------- ----------
Performance
Ratios:
Return on
average
assets (a) 1.52% 1.61% 1.39% 1.56% 1.34%
Return on
average
equity (a) 12.39 12.71 10.94 12.55 10.54
Return on
average
tangible
common
equity
(a)(o) 19.78 20.18 18.08 19.98 17.50
Net interest
margin
(a)(b) 3.87 3.83 3.89 3.85 3.88
Efficiency
ratio (c) 58.8 59.0 59.5 58.9 59.3
Noninterest
income as a
percentage
of total net
revenue (b) 31.8 32.7 32.8 32.2 32.2
See "Notes"
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2025
--------------- --------------- ---------------
Assets:
-----------------------
Cash and due from banks $ 2,173,149 $ 2,067,824 $ 899,713
Cash in non-owned ATMs 392,494 397,877 424,741
Investment securities,
available-for-sale 3,841,008 3,581,894 3,494,783
Investment securities,
held-to-maturity 943,292 958,219 994,340
Other investments 38,231 43,291 46,751
Net loans and leases
(e)(f)(l) 13,323,785 13,153,815 12,965,825
Goodwill and intangibles 962,451 966,388 977,546
Other assets 979,538 937,607 959,593
---------- ---------- ----------
Total assets $22,653,948 $22,106,915 $20,763,292
========== ========== ==========
Liabilities and
Stockholders' Equity:
-----------------------
Noninterest-bearing
deposits $ 7,008,388 $ 6,371,522 $ 5,305,768
Interest-bearing
deposits 11,995,247 12,096,966 11,815,701
---------- ---------- ----------
Total client
deposits 19,003,635 18,468,488 17,121,469
Federal Home Loan Bank
advances -- -- 51,040
Other borrowings 307,017 310,355 252,419
Other liabilities 632,222 614,031 666,146
---------- ---------- ----------
Total liabilities 19,942,874 19,392,874 18,091,074
Stockholders' equity of
WSFS 2,721,798 2,724,493 2,682,728
Noncontrolling interest (10,724) (10,452) (10,510)
---------- ---------- ----------
Total stockholders'
equity 2,711,074 2,714,041 2,672,218
---------- ---------- ----------
Total liabilities and
stockholders' equity $22,653,948 $22,106,915 $20,763,292
========== ========== ==========
Capital Ratios:
Equity to asset ratio 12.01% 12.32% 12.92%
Tangible common equity
to tangible asset ratio
(o) 8.11 8.32 8.62
Common equity Tier 1
capital (required:
4.5%; well capitalized:
6.5%) (g) 13.76 13.91 14.07
Tier 1 leverage
(required: 4.00%;
well-capitalized:
5.00%) (g) 10.35 10.51 11.04
Tier 1 risk-based
capital (required:
6.00%;
well-capitalized:
8.00%) (g) 13.76 13.91 14.07
Total risk-based capital
(required: 8.00%;
well-capitalized:
10.00%) (g) 15.47 15.66 15.86
Asset Quality
Indicators:
Nonperforming assets:
Nonaccruing loans (s)(n) $ 68,271 $ 75,112 $ 105,236
Assets acquired through
foreclosure 12,690 12,717 930
---------- ---------- ----------
Total nonperforming
assets $ 80,961 $ 87,829 $ 106,166
========== ========== ==========
Past due loans (h)(n) $ 8,112 $ 12,029 $ 23,012
Troubled loans (t)(n) 94,280 110,586 195,916
Allowance for credit
losses 180,035 182,876 189,121
Ratio of nonperforming
assets to total assets
(n) 0.36% 0.40% 0.51%
Ratio of allowance for
credit losses to total
loans and leases (p) 1.32 1.36 1.43
Ratio of allowance for
credit losses to
nonaccruing loans (n) 260 240 177
Ratio of quarterly net
charge-offs
(recoveries) to average
gross loans (a)(e)(i) 0.21 (0.11) 0.30 Ratio of year-to-date net charge-offs (recoveries) to average gross loans (a)(e)(i) 0.06 (0.11) 0.53 See "Notes"
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
AVERAGE BALANCE SHEET (Unaudited)
(Dollars in thousands) Three months ended
-------------------------------------------------------------------------------------------------------
June 30, 2026 March 31, 2026 June 30, 2025
--------------------------------- --------------------------------- ---------------------------------
Interest Yield/ Interest Yield/ Interest Yield/
Average & Rate Average & Rate Average & Rate
Balance Dividends (a)(b) Balance Dividends (a)(b) Balance Dividends (a)(b)
------------ --------- -------- ------------ --------- -------- ------------ --------- --------
Assets:
Interest-earning assets:
Loans: (e) (j)
Commercial loans $ 4,838,475 $ 73,772 6.13% $ 4,701,069 $ 70,169 6.07% $ 4,632,578 $ 74,450 6.45%
Commercial real estate
loans (r) 4,896,752 75,795 6.21 4,968,948 76,339 6.23 4,808,177 78,400 6.54
Commercial leases 581,053 12,560 8.65 588,782 12,850 8.73 630,955 13,776 8.73
Residential mortgage 1,142,113 15,774 5.52 1,089,151 14,638 5.38 965,480 12,935 5.36
Consumer loans 1,854,178 28,889 6.25 1,871,601 29,847 6.47 1,997,285 35,096 7.05
Loans held for sale 78,068 1,416 7.28 66,760 1,400 8.50 96,517 1,348 5.60
---------- -------- ---------- -------- ---------- --------
Total loans and
leases 13,390,639 208,206 6.24 13,286,311 205,243 6.27 13,130,992 216,005 6.60
Mortgage-backed
securities (d) 4,286,970 27,975 2.61 4,191,264 25,242 2.41 4,148,820 24,531 2.37
Investment securities
(d) 363,491 2,157 2.71 368,318 2,171 2.72 366,391 2,186 2.70
Other interest-earning
assets 1,979,080 18,498 3.75 1,793,908 16,553 3.74 934,152 10,468 4.49
---------- -------- ---------- -------- ---------- --------
Total
interest-earning
assets $20,020,180 $ 256,836 5.16% $19,639,801 $ 249,209 5.16% $18,580,355 $ 253,190 5.48%
---------- -------- ---------- -------- ---------- --------
Allowance for credit
losses (183,731) (184,109) (188,252)
Cash and due from banks 176,672 175,052 188,300
Cash in non-owned ATMs 378,583 351,909 390,275
Bank owned life
insurance 37,833 37,289 36,042
Other
noninterest-earning
assets 1,843,940 1,855,211 1,898,721
---------- ---------- ----------
Total assets $22,273,477 $21,875,153 $20,905,441
========== ========== ==========
Liabilities and
stockholders' equity:
Interest-bearing
liabilities:
Interest-bearing
deposits:
Interest-bearing
demand $ 2,796,834 $ 6,254 0.90% $ 2,828,403 $ 6,055 0.87% $ 2,829,653 $ 7,337 1.04%
Savings 1,370,482 1,172 0.34 1,395,028 1,163 0.34 1,445,123 1,609 0.45
Money market 5,890,550 38,131 2.60 5,817,813 36,876 2.57 5,437,897 41,120 3.03
Time deposits 1,894,349 14,137 2.99 1,962,289 15,403 3.18 2,094,572 20,058 3.84
---------- -------- ---------- -------- ---------- --------
Total
interest-bearing
client deposits 11,952,215 59,694 2.00 12,003,533 59,497 2.01 11,807,245 70,124 2.38
Federal Home Loan Bank
advances 50,000 491 3.88 44,444 439 4.01 84,007 949 4.53
Trust preferred
borrowings 91,096 1,370 6.03 91,055 1,355 6.04 90,903 1,518 6.70
Senior and subordinated
debt 196,997 2,765 5.61 196,919 2,766 5.62 148,708 1,089 2.93
Other borrowed funds 22,324 16 0.29 21,868 16 0.30 19,428 15 0.31
---------- -------- ---------- -------- ---------- --------
Total
interest-bearing
liabilities $12,312,632 $ 64,336 2.10% $12,357,819 $ 64,073 2.10% $12,150,291 $ 73,695 2.43%
---------- -------- ---------- -------- ---------- --------
Noninterest-bearing
demand deposits 6,631,914 6,105,690 5,438,692
Other
noninterest-bearing
liabilities 606,784 652,541 674,616
Stockholders' equity of
WSFS 2,732,684 2,769,574 2,652,257
Noncontrolling interest (10,537) (10,471) (10,415)
---------- ---------- ----------
Total liabilities and
equity $22,273,477 $21,875,153 $20,905,441
========== ========== ==========
Excess of
interest-earning assets
over interest-bearing
liabilities $ 7,707,548 $ 7,281,982 $ 6,430,064
========== ========== ==========
Net interest and
dividend income $ 192,500 $ 185,136 $ 179,495
======== ======== ========
Interest rate spread 3.06% 3.06% 3.05%
==== ==== ====
Net interest margin 3.87% 3.83% 3.89%
==== ==== ====
See "Notes"
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
(Dollars in thousands, Six months
except per share data) Three months ended ended
---------------------------------- --------------
June June
June 30, March 31, June 30, 30, 30,
Stock Information: 2026 2026 2025 2026 2025
---------- ---------- ---------- ------ ------
Market price of common
stock:
High $78.39 $71.32 $57.06 $78.39 $59.43
Low 64.98 54.31 42.44 54.31 42.44
Close 76.73 65.46 55.00 76.73 55.00
Book value per share of
common stock 52.97 52.24 47.71
Tangible common book
value (TBV) per share
of common stock (o) 34.24 33.71 30.32
Number of shares of
common stock
outstanding (000s) 51,388 52,149 56,235
Other Financial Data:
One-year repricing gap
to total assets (k)(u) 6.45% 4.72% (2.69)%
Weighted average
duration of the MBS
portfolio 5.6 years 5.8 years 6.2 years
Unrealized losses on
securities available
for sale, net of taxes $(393,925) $(385,270) $(445,065)
Number of Associates
(FTEs) (m) 2,391 2,348 2,375
Number of offices
(branches, LPO's,
operations centers,
etc.) 114 114 115
Notes:
1. Annualized.
2. Computed on a fully tax-equivalent basis.
3. Noninterest expense divided by (tax-equivalent) net interest income and
noninterest income.
4. Includes securities held-to-maturity (at amortized cost) and securities
available-for-sale (at fair value).
5. Net of unearned income.
6. Net of allowance for credit losses.
7. Represents capital ratios of WSFS Financial Corporation and
subsidiaries. Capital Ratios for the current quarter are to be considered
preliminary until regulatory filings for the quarter are completed.
8. Accruing loans which are contractually past due 90 days or more as to
principal or interest. Balance includes student loans, which are U.S.
government guaranteed with little risk of credit loss.
9. Excludes loans held for sale and reverse mortgage loans.
10. Nonperforming loans are included in average balance computations.
11. The difference between projected amounts of interest-sensitive assets
and interest-sensitive liabilities repricing within one year divided by
total assets, based on a current interest rate scenario.
12. Includes loans held for sale and reverse mortgages.
13. Includes seasonal Associates, when applicable.
14. Includes loans held for sale.
15. The Company uses non-GAAP (United States Generally Accepted Accounting
Principles) financial information in its analysis of the Company's
performance. The Company's management believes that these non-GAAP
financial measures provide a greater understanding of ongoing operations,
enhance comparability of results of operations with prior periods and
show the effects of significant gains and charges in the periods
presented. The Company's management believes that investors may use these
non-GAAP financial measures to analyze the Company's financial
performance without the impact of unusual items or events that may
obscure trends in the Company's underlying performance. This non-GAAP
data should be considered in addition to results prepared in accordance
with GAAP, and is not a substitute for, or superior to, GAAP results. For
a reconciliation of these and other non-GAAP financial measures to their
most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at
the end of the press release.
16. Reflects allowance for credit losses on loans and leases over the
amortized cost of the total portfolio.
17. Includes provision for credit losses, loan workout expenses, OREO
expenses and other credit costs.
18. Includes commercial mortgage and commercial construction loans.
19. Includes nonaccruing troubled loans.
20. Represents loans modified in the form of principal forgiveness,
interest rate reduction, an other-than-insignificant payment delay, or a
term extension to borrowers experiencing financial difficulty.
21. Includes the impact of cash flow hedges. Prior period amounts have been
updated to conform to current presentation.
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
Non-GAAP Reconciliation
(o): Three months ended Six months ended
------------------------------------------------- --------------------------
June 30, June 30,
June 30, 2026 March 31, 2026 June 30, 2025 2026 2025
--------------- --------------- --------------- ------------ ------------
Net interest income (GAAP) $ 192,500 $ 185,136 $ 179,495 $377,636 $354,711
Core net interest income
(non-GAAP) 192,500 185,136 179,495 377,636 354,711
Noninterest income (GAAP) 89,968 90,115 88,009 180,083 168,906
Plus: Unrealized loss on
equity investments, net (4,134) -- -- (4,134) --
Less: Realized gain on sale
of equity investment, net 159 -- 18 159 18
Less: Gain on sale of credit
card portfolio 1,746 -- -- 1,746 --
---------- ---------- ---------- ------- -------
Core fee revenue (non-GAAP) $ 92,197 $ 90,115 $ 87,991 $182,312 $168,888
---------- ---------- ---------- ------- -------
Core net revenue (non-GAAP) $ 284,697 $ 275,251 $ 267,486 $559,948 $523,599
========== ========== ========== ======= =======
Core net revenue
(non-GAAP)(tax-equivalent) $ 285,231 $ 275,780 $ 267,972 $561,011 $524,540
========== ========== ========== ======= =======
Noninterest expense (GAAP) $ 166,300 $ 162,765 $ 159,343 $329,065 $311,138
Less/(plus): Corporate
development expense 63 57 (329) 120 (270)
Less: Restructuring expense -- 2,796 -- 2,796 260
---------- ---------- ---------- ------- -------
Core noninterest expense
(non-GAAP) $ 166,237 $ 159,912 $ 159,672 $326,149 $311,148
========== ========== ========== ======= =======
Core efficiency ratio
(non-GAAP) 58.3% 58.0% 59.6% 58.1% 59.3%
Core fee revenue ratio
(non-GAAP) (b) 32.3% 32.7% 32.8% 32.5% 32.2%
End of period
-------------------------------------------------
June 30, 2026 March 31, 2026 June 30, 2025
--------------- --------------- ---------------
Total assets (GAAP) $22,653,948 $22,106,915 $20,763,292
Less: Goodwill and other
intangible assets 962,451 966,388 977,546
---------- ---------- ----------
Total tangible assets
(non-GAAP) $21,691,497 $21,140,527 $19,785,746
========== ========== ==========
Total stockholders' equity
of WSFS (GAAP) $ 2,721,798 $ 2,724,493 $ 2,682,728
Less: Goodwill and other
intangible assets 962,451 966,388 977,546
---------- ---------- ----------
Total tangible common equity
(non-GAAP) $ 1,759,347 $ 1,758,105 $ 1,705,182
========== ========== ==========
Tangible common book value (TBV) per share:
Book value per share (GAAP) $ 52.97 $ 52.24 $ 47.71
Tangible common book value
per share (non-GAAP) 34.24 33.71 30.32
Tangible common equity to tangible assets:
Equity to asset ratio (GAAP) 12.01% 12.32% 12.92%
Tangible common equity to
tangible assets ratio
(non-GAAP) 8.11 8.32 8.62
Non-GAAP
Reconciliation -
continued (o): Three months ended Six months ended
---------------------------------------------- ------------------------------
June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025
-------------- -------------- -------------- -------------- --------------
GAAP net income
attributable to
WSFS $ 84,398 $ 86,827 $ 72,326 $ 171,225 $ 138,222
Plus/(less): Pre-tax
adjustments:
Realized/unrealized
gain (loss) on
equity investments,
net, gain on sale of
credit card
portfolio, corporate
development and
restructuring
expense 2,292 2,853 (347) 5,145 (28)
(Less)/plus: Tax
impact of pre-tax
adjustments (539) (639) 149 (1,178) 99
--------- --------- --------- --------- ---------
Adjusted net income
(non-GAAP)
attributable to
WSFS $ 86,151 $ 89,041 $ 72,128 $ 175,192 $ 138,293
========= ========= ========= ========= =========
GAAP return on
average assets
(ROA) 1.52% 1.61% 1.39% 1.56% 1.34%
Plus/(less): Pre-tax
adjustments:
Realized/unrealized
gain (loss) on
equity investments,
net, gain on sale of
credit card
portfolio, corporate
development and
restructuring
expense 0.04 0.05 (0.01) 0.05 --
(Less)/plus: Tax
impact of pre-tax
adjustments (0.01) (0.01) -- (0.01) --
--------- --------- --------- --------- ---------
Core ROA (non-GAAP) 1.55% 1.65% 1.38% 1.60% 1.34%
Less: Impact of loan
recovery
(after-tax) -- 0.22 -- 0.11 --
--------- --------- --------- --------- ---------
Core ROA excluding
loan recovery
(non-GAAP) 1.55% 1.43% 1.38% 1.49% 1.34%
========= ========= ========= ========= =========
Earnings per share
(diluted) (GAAP) $ 1.63 $ 1.64 $ 1.27 $ 3.26 $ 2.39
Plus/(less): Pre-tax
adjustments:
Realized/unrealized
gain (loss) on
equity investments,
net, gain on sale of
credit card
portfolio, corporate
development and
restructuring
expense 0.04 0.05 (0.01) 0.10 --
(Less)/plus: Tax
impact of pre-tax
adjustments (0.01) (0.01) 0.01 (0.02) --
--------- --------- --------- --------- ---------
Core earnings per
share (non-GAAP) $ 1.66 $ 1.68 $ 1.27 $ 3.34 $ 2.39
Less: Impact of loan
recovery
(after-tax) -- 0.23 -- 0.23 --
--------- --------- --------- --------- ---------
Core EPS excluding
loan recovery
(non-GAAP) $ 1.66 $ 1.45 $ 1.27 $ 3.11 $ 2.39
========= ========= ========= ========= =========
Calculation of return on average
tangible common equity:
GAAP net income
attributable to
WSFS $ 84,398 $ 86,827 $ 72,326 $ 171,225 $ 138,222
Plus: Tax effected
amortization of
intangible assets 2,766 2,778 2,946 5,544 5,891
--------- --------- --------- --------- ---------
Net tangible income
(non-GAAP) $ 87,164 $ 89,605 $ 75,272 $ 176,769 $ 144,113
========= ========= ========= ========= =========
Average stockholders'
equity of WSFS $2,732,684 $2,769,574 $2,652,257 $2,751,027 $2,644,847
Less: Average
goodwill and
intangible assets 964,974 968,555 982,533 966,755 984,624
--------- --------- --------- --------- ---------
Net average tangible
common equity $1,767,710 $1,801,019 $1,669,724 $1,784,272 $1,660,223
========= ========= ========= ========= =========
Return on average
tangible common
equity (non-GAAP) 19.78% 20.18% 18.08% 19.98% 17.50%
========= ========= ========= ========= =========
Calculation of PPNR:
Net income (GAAP) $ 84,329 $ 86,845 $ 72,221 $ 171,174 $ 138,088
Plus: Income tax
provision 26,795 27,639 23,319 54,434 44,420
Plus/(less):
Provision for
(recovery of) credit
losses 5,044 (1,998) 12,621 3,046 29,971
--------- --------- --------- --------- ---------
PPNR (non-GAAP) $ 116,168 $ 112,486 $ 108,161 $ 228,654 $ 212,479
========= ========= ========= ========= =========
Non-GAAP
Reconciliation
- continued
(o): Three months ended
------------------------------------------------------
June 30, 2026 March 31, 2026 June 30, 2025
----------------- ---------------- -----------------
Calculation of adjusted total net credit costs and
adjusted net charge-offs:
Total net credit
costs (GAAP) $ 7,131 $ 176 $ 14,250
Less: Recovery
on previously
charged-off
loan -- (15,686) --
--------- -------- ---------
Adjusted total
net credit
costs
(non-GAAP) $ 7,131 $ 15,862 $ 14,250
========= ======== =========
Net charge-offs
(GAAP) $ 7,111 $ (3,456) $ 9,767
Less: Recovery
on previously
charged-off
loan -- (15,686) --
--------- -------- ---------
Adjusted net
charge-offs
(non-GAAP) $ 7,111 $ 12,230 $ 9,767
========= ======== =========
Calculation of
Cash Connect(R)
adjusted net
profit margin:
Cash Connect(R)
net revenue
(GAAP) $ 19,728 $ 19,601 $ 21,141
Cash Connect(R)
pre-tax income
(GAAP) $ 2,951 $ 3,013 $ 3,293
Less: Impact of
insurance
recovery -- -- (1,612)
--------- -------- ---------
Cash Connect(R)
adjusted
pre-tax income
(non-GAAP) $ 2,951 $ 3,013 $ 1,681
========= ======== =========
GAAP Cash
Connect(R) net
profit margin 15.0% 15.4% 15.6%
Cash Connect(R)
adjusted net
profit margin
(non-GAAP) 15.0% 15.4% 8.0%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260723299179/en/
CONTACT: Investor Relations Contact: Andrew Basile
(302) 504-9857; abasile@wsfsbank.com
Media Contact: Connor Peoples
(215) 864-5645; cpeoples@wsfsbank.com
(END) Dow Jones Newswires
July 23, 2026 16:05 ET