WSFS FINANCIAL CORP
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
WSFS$78.94-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001628280-25-037054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0000828944-25-000013
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 141 previous paragraphs and 150 current paragraphs.
67 unchanged; 59 reworded; 24 added; 14 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
◦EPS was $1.37 and ROA was 1.44%, compared to $1.08 and 1.22% for the three months ended September 30, 2024.
Current report
◦Continued growth in Client deposits while maintaining strong average noninterest bearing composition of 32%.
Current report
◦Continued year-over-year double-digit fee revenue growth in Wealth and Trust.
Current report
◦The Company completed the redemption of $51.0 million of Federal Home Loan Bank (FHLB) advances.
Current report
•Nine Months Ended September 30, 2025
Current report
◦EPS was $3.75 and ROA was 1.37%, compared to $3.33 and 1.28% for the nine months ended September 30, 2024.
Current report
◦Net interest margin of 3.89%, compared to 3.82% for the nine months ended September 30, 2024, driven by the reasons mentioned above.
Current report
◦WSFS sold the majority of the Upstart loan portfolio and recognized a write-down of $8.9 million. This sale accelerates the disposition of this runoff portfolio.
Current report
◦During the year, WSFS recognized $3.2 million of nonrecurring income from our partnership with Spring
Current report
EQ, comprised of a $2.3 million annual earnout and post-close distributions of $0.9 million related to the sale of our equity investment in Spring EQ that occurred in the fourth quarter of 2023.
Current report
•Client deposits increased $196.4 million primarily due to a seasonal increase in municipal deposits and growth in Trust deposits, reflecting continued strong performance in this business.
Current report
•Our provision for credit losses decreased $11.9 million. The current quarter's provision was impacted by favorable asset quality. See “Allowance for Credit Losses” for further information.
Current report
•Noninterest income decreased $3.7 million, driven by a decrease in Cash Connect® (which is offset in noninterest expense), a double-digit increase in Wealth and Trust, and was impacted by a valuation adjustment to our Visa B derivative liability. See “Noninterest Income” for further information.
Current report
•Noninterest income decreased $2.2 million due to the reasons mentioned above.
Current report
During the three months ended September 30, 2025, we recorded a provision for credit losses of $6.6 million, a decrease of $11.9 million, compared to the provision for credit losses of $18.4 million for the three months ended September 30, 2024. The current quarter provision was primarily driven by charge-offs on our C&I and commercial small business lease portfolios. The decrease was driven by favorable migration when compared to the prior period as well as payoffs of several large nonperforming assets.
Current report
On July 4, 2025, the OBBBA was signed into law by President Trump in the United States. The legislation introduces several changes to the U.S. corporate income tax system, including the immediate expensing of qualifying research and development expenditures and the permanent extension of select provisions originally enacted under the Tax Cuts and Jobs Act. The legislation has multiple effective dates and is not expected to have a material impact on the Company.
Current report
Recent Regulatory Developments since September 30, 2025
Current report
Since September 30, 2025, the OCC has issued certain written guidance and a number of proposed rules that collectively are designed to reduce the regulatory burden for community banks, defined as banks with assets up to $30 billion, and include the Bank. The following is a short summary of certain of the written guidance and proposed rules (none of which are final) recently issued by the OCC:
Current report
•Guidance that eliminates mandatory examination activities not required by statute or regulation starting January 1, 2026, and requiring OCC examiners to tailor their examination of a community bank’s specific activities in light of its size, complexity, and risk profile, with heightened focus on material financial risks.
Current report
•Guidance that eliminates the examination of community banks' use of the procedures and standards in the retail nondeposit investment products booklet of the handbook issued by the OCC.
Current report
•Guidance that provides community banks with flexibility to tailor their model risk management practices, including the appropriate frequency and nature of validation activities,and stating that the OCC will not provide negative supervisory feedback solely for the frequency or scope of the model validation that a community bank reasonably determined to perform.
Current report
•A notice of proposed rulemaking to remove the "Fair Housing Home Loan Data System" in 12 C.F.R. Part 27, after the OCC determined that the regulation is obsolete and largely duplicative of and inconsistent with other legal authorities that require national banks to collect and retain certain information on applications for home loans.
Current report
•A notice of proposed rulemaking (along with the FDIC) to define the term "unsafe or unsound practice," which is used but not defined in Section 8 of the Federal Deposit Insurance Act,to focus on material harm to the financial condition of the bank or material risk of loss to the deposit insurance fund, as well as to set forth uniform standards for issuing matters requiring attention by bank examiners that only address certain financial risks of, or violations of law by, banks.
Current report
•A notice of proposed rulemaking (along with the FDIC) to codify the elimination of reputation risk from their supervisory programs and therefore prohibit the OCC from criticizing or taking adverse action against a bank on the basis of reputation risk or from requiring, instructing, or encouraging a bank to close an account, to refrain from providing an account, product, or service, or to modify or terminate any product or service on the basis of a person or entity’s political, social, cultural, or religious views or beliefs, constitutionally protected speech, or solely on the basis of politically disfavored but lawful business activities perceived to present reputation risk.
Removed paragraphs (14)
Previous report
◦EPS was $1.27 and ROA was 1.39%, compared to $1.16 and 1.34% for the three months ended June 30, 2024.
Previous report
◦The Wealth and Trust segment recognized noninterest income of $44.5 million, a 17% increase compared to the three months ended June 30, 2024.
Previous report
◦During the quarter, WSFS recognized $2.3 million in revenue from our partnership with Spring EQ, LLC (Spring EQ) related to the annual earnout from the previously announced sale, recognized within Other income on the unaudited Consolidated Statements of Income.
Previous report
•Six Months Ended June 30, 2025
Previous report
◦The allowance for credit losses (ACL) on loans and leases decreased $9.0 million when compared to December 31, 2024, primarily due to impacts from the transfer of the majority of the Upstart portfolio to loans held for sale.
Previous report
•Goodwill and intangible assets decreased$10.6 million primarily due to scheduled amortization of intangible assets.
Previous report
•Loans held for sale increased $108.2 million primarily due to the transfer of the Upstart portfolio mentioned above.
Previous report
•Client deposits increased $91.7 million primarily due to growth in Trust deposits.
Previous report
(3)Includes past due loans held for sale.
Previous report
•Our provision for credit losses decreased $7.2 million primarily due to a reduction in the allowance for credit losses upon transfer of Upstart loans to held for sale . See “Allowance for Credit Losses” for further information.
Previous report
•Noninterest income decreased $3.6 million, driven by a decrease in Cash Connect®, a gain due to the reduction of our Visa B derivative liability established from our previous sale of 360,000 shares in the second quarter of 2020 recognized in 2024, and a decrease in capital markets income, partially offset by increases in Wealth and Trust fees and higher fee income on derivative collateral held. See “Noninterest Income” for further information.
Previous report
•Noninterest income for the six months ended June 30, 2025 increased $1.5 million compared to the six months ended June 30, 2024, primarily due to increases from Wealth and Trust fee income and higher fee income on derivative collateral held, partially offset by declines in Cash Connect®, the gain related to our Visa B derivative liability in 2024 mentioned above, and capital markets income. See “Noninterest Income” for further information.
Previous report
During the six months ended June 30, 2025, we recorded a provision for credit losses of $30.0 million, a decrease of $5.0 million, compared to the provision for credit losses of $35.0 million for the six months ended June 30, 2024. This decrease was primarily due to the reasons mentioned above.
Previous report
The OBBBA, enacted on July 4, 2025, in the U.S., permanently extends some provisions of the Tax Cuts and Jobs Act and restores favorable tax treatment for certain business provisions. The legislation has multiple effective dates and we are assessing its impact on the Company.
Reworded paragraphs (59)
Previous wording
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 $20.8 billion in assets and $92.4 billion in assets under management (AUM) and assets under administration (AUA) at June 30, 2025, WSFS Bank is the oldest and largest locally-managed bank and wealth management franchise 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 193 years. In addition to our focus on stellar client 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 and strategy is simple: “We Stand for Service.”
Current wording
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 $20.8 billion in assets and $93.4 billion in assets under management (AUM) and assets under administration (AUA) at September 30, 2025, WSFS Bank is the oldest and largest locally-managed bank and wealth management franchise 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 193 years. In addition to our focus on stellar client 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 and strategy is simple: “We Stand for Service.”
Previous wording
As of June 30, 2025, we had six consolidated subsidiaries: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management®, LLC (BMCM), WSFS Wealth Management, LLC, WSFS SPE Services, LLC, and 601 Perkasie, LLC. On July 1, 2025, BMCM was renamed to Bryn Mawr Trust Advisors (BMTA). 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®).
Current wording
As of September 30, 2025, we had five consolidated subsidiaries: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), WSFS SPE Services, LLC, 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®).
Previous wording
Our banking business had a total loan and lease portfolio of$12.6 billion as of June 30, 2025, which was funded primarily with deposits generated through commercial relationships and our consumer banking business. We have built a$9.8 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering a high level of service and flexibility, through acquisitions, and through our leasing business conducted by NewLane Finance®. NewLane Finance®originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories. 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 business specializing in a variety of residential mortgage and refinancing solutions. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.
Current wording
Our banking business had a total loan and lease portfolio of$12.5 billion as of September 30, 2025, which was funded primarily with deposits generated through commercial relationships and our consumer banking business. We have built a$9.7 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering a high level of service and flexibility, through acquisitions, and through our leasing business conducted by NewLane Finance®. NewLane Finance®originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories. 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 business specializing in a variety of residential mortgage and refinancing solutions. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.
Previous wording
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 smart safes nationwide, and manages approximately $1.4 billion in total cash and services approximately 25,500 non-bank ATMs and 11,000 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, and deposit safe cash logistics. Cash Connect®also supports 582 owned or branded ATMs for WSFS Bank Clients, which is one of the largest branded ATM networks in our market.
Current wording
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 smart safes nationwide, and manages approximately $1.3 billion in total cash and services approximately 24,900 non-bank ATMs and 11,600 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, and deposit safe cash logistics. Cash Connect®also supports 524 owned or branded ATMs for WSFS Bank Clients, which is one of the largest branded ATM networks in our market.
Previous wording
Our Wealth and Trust 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. Combined, these businesses had$92.4 billion of AUM and AUA at June 30, 2025.
Current wording
Our Wealth and Trust 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. Combined, these businesses had$93.4 billion of AUM and AUA at September 30, 2025.
Previous wording
As of June 30, 2025, we service our clients primarily from 115 offices located in Pennsylvania (58), Delaware (39), New Jersey (14), Florida (2) Nevada (1) and Virginia (1), our ATM network, our website atwww.wsfsbank.com and our mobile app.
Current wording
As of September 30, 2025, we service our clients primarily from 114 offices located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2) Nevada (1) and Virginia (1), our ATM network, our website atwww.wsfsbank.com and our mobile app.
Previous wording
Highlights and Other Notables Items for Three and Six Months Ended June 30, 2025
Current wording
Highlights and Other Notables Items for Three and Nine Months Ended September 30, 2025
Previous wording
◦Net interest margin of 3.89%, compared to 3.85% for the three months ended June 30, 2024, driven by deposit repricing actions and reduction in wholesale funding, partially offset by lower loan yields.
Current wording
◦Net interest margin of 3.91%, compared to 3.78% for the three months ended September 30, 2024, driven by deposit repricing actions and reduction in wholesale funding costs, partially offset by lower asset yields due to rate cuts in late 2024.
Previous wording
◦WSFS transferred the majority of its remaining unsecured consumer lending portfolio generated through our partnership with Upstart to loans held for sale. The loans were subsequently sold in July 2025 to accelerate the disposition of this runoff portfolio.
Current wording
◦The Company completed the sale of the majority of its remaining unsecured consumer lending portfolio generated through its partnership with Upstart.
Previous wording
◦WSFS repurchased 1,556,199 sharesof common stock under the Company's share repurchase programs at an average price of$49.93 per share, for an aggregate purchase price of approximately$77.7 million, and paid quarterly dividends of $9.6 million, for a total capital return of $87.3 million.
Current wording
◦WSFS repurchased 827,100 sharesof common stock under the Company's share repurchase programs at an average price of$56.53 per share, for an aggregate purchase price of approximately$46.8 million, and paid quarterly dividends of $9.5 million, for a total capital return of $56.3 million.
Previous wording
◦The Bank and the Company continue to be well above well-capitalized across all measures of regulatory capital, with total common equity Tier 1 capital of 13.11% and 14.07%, respectively, and total risk-based capital of 14.35% and 15.86%, respectively.
Current wording
◦The Bank and the Company continue to be well above well-capitalized across all measures of regulatory capital, with total common equity Tier 1 capital of 13.76% and 14.39%, respectively, and total risk-based capital of 15.00% and 16.19%, respectively.
Previous wording
◦WSFS repurchased 2,583,413 sharesof common stock under the Company's share repurchase programs at an average price of$50.90 per share, for an aggregate purchase price of approximately$131.5 million, and paid quarterly dividends of $18.4 million, for a total capital return of $149.9 million.
Current wording
◦WSFS repurchased 3,410,513 sharesof common stock under the Company's share repurchase programs at an average price of$52.27 per share, for an aggregate purchase price of approximately$178.3 million, and paid quarterly dividends of $27.9 million, for a total capital return of $206.2 million.
Previous wording
Total assets decreased $51.0 million to $20.8 billion at June 30, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:
Current wording
Total assets increased $26.1 million to $20.8 billion at September 30, 2025 compared to December 31, 2024. This increase is primarily comprised of the following:
Previous wording
•Total cash and cash equivalents increased $176.7 million, primarily due to increased deposits and runoff in the investment securities portfolios.
Current wording
•Total cash and cash equivalents increased $418.3 million, primarily due to a decrease in lending activity, increased deposits and runoff in the investment securities portfolios.
Previous wording
•Net loans and leases held for investment decreased $188.3 million, primarily due to decreases of $164.6 million in consumer loans, driven by the transfer of the majority of the Upstart portfolio to loans held for sale and the runoff of the Spring EQ portfolio, and $119.1 million in commercial mortgages primarily due to several large payoffs.
Current wording
•Net loans and leases held for investment decreased $218.9 million, primarily due to decreases of $287.9 million in our consumer partnership loans from the sale of the majority of the Upstart portfolio and the runoff of the Spring EQ portfolio, and $174.7 million in commercial mortgages, primarily due to the payoff of several large loans. The decrease was partially offset by increases of $171.9 million in construction loans, primarily due to draws on existing commitments, $98.3 million in WSFS-originated consumer loans, and $73.6 million in residential mortgage.
Previous wording
•Other assets decreased $98.7 million, primarily due to decreases of $40.0 million in deferred taxes primarily due to increased market values on available-for-sale investment securities, $29.6 million in derivatives from our Capital Markets business due to changes in fair value, $26.0 million from receivables due to the settlement timing of ACH payments, and $19.4 million in lease right of use asset due to lease remeasurement activity, partially offset by a $25.3 million increase due to additional lower income housing tax credit investments.
Current wording
•Other assets decreased $122.9 million, primarily due to decreases of $59.0 million in deferred taxes primarily due to increased market values on available-for-sale investment securities, $31.8 million in derivatives from our Capital Markets business due to changes in fair value, and $22.6 million in lease right of use asset due to lease remeasurement activity.
Previous wording
•Total investment securities decreased $36.7 million:
Current wording
•Total investment securities decreased $44.0 million:
Previous wording
◦Investment securities held-to-maturity decreased $20.8 million, primarily due to repayments, maturities and calls of $28.4 million, partially offset by $7.6 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.
Current wording
◦Investment securities held-to-maturity decreased $35.5 million, primarily due to repayments, maturities and calls of $47.1 million, partially offset by $11.6 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.
Previous wording
◦Investment securities available-for-sale decreased $15.9 million, primarily due to maturities and calls of $191.3 million, partially offset by increased market values of $122.0 million and purchases of $54.9 million.
Current wording
◦Investment securities available-for-sale decreased $8.5 million, primarily due to repayments, maturities and calls of $287.0 million, partially offset by increased market values of $180.4 million and purchases of $100.4 million.
Previous wording
Total liabilities decreased $143.9 million to $18.1 billion at June 30, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:
Current wording
Total liabilities decreased $137.3 million to $18.1 billion at September 30, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:
Previous wording
•Other liabilities decreased $146.3 million, primarily due to a decrease of $112.3 million in collateral held on derivatives and derivative liabilities and $26.7 million in our accrued expenses primarily related to incentive payments made in the first quarter..
Current wording
•Other liabilities decreased $192.8 million, primarily due to decreases of $159.7 million in collateral held on derivatives and derivative liabilities, $21.9 million in our lease liability due to lease remeasurement activity, and $9.5 million in our accrued expenses primarily related to incentive payments made in the first quarter of 2025.
Previous wording
•Senior and subordinated debt decreased $69.9 million due to the redemption of the 2027 Notes.
Current wording
•Senior and subordinated debt decreased $69.8 million due to the redemption of the 2027 Notes.
Previous wording
Stockholders’ equity of WSFS increased $93.0 million to $2.7 billion at June 30, 2025 compared to December 31, 2024. This increase was primarily due to $138.2 million of earnings and a decrease of $102.7 million in accumulated other comprehensive loss driven by market value increases on available-for-sale mortgage-backed securities, partially offset by $131.5 million from the repurchase of shares of common stock under our stock repurchase plan and the payment of dividends on our common stock of $18.4 million.
Current wording
Stockholders’ equity of WSFS increased $163.5 million to $2.8 billion at September 30, 2025 compared to December 31, 2024. This increase was primarily due to $214.7 million of earnings and a decrease of $150.2 million in accumulated other comprehensive loss driven by market value increases on available-for-sale mortgage-backed securities, offset by $178.3 million from the repurchase of shares of common stock under our stock repurchase plan and the payment of dividends on our common stock of $27.9 million.
Previous wording
Book value per share of common stock was $47.71 at June 30, 2025, an increase of $3.56 from $44.15 at December 31, 2024. Tangible book value per share of common stock (a non-GAAP financial measure) was $30.32 at June 30, 2025, an increase of $3.02 from $27.30 at December 31, 2024. 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."
Current wording
Book value per share of common stock was $49.67 at September 30, 2025, an increase of $5.52 from $44.15 at December 31, 2024. Tangible book value per share of common stock (a non-GAAP financial measure) was $32.11 at September 30, 2025, an increase of $4.81 from $27.30 at December 31, 2024. 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."
Previous wording
Not included in the Bank’s capital, WSFS separately held $382.3 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.
Current wording
Not included in the Bank’s capital, the Company separately held $326.4 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.
Previous wording
As of June 30, 2025, the Company had$1.3 billion in cash, cash equivalents, and restricted cash. As of June 30, 2025, our estimated uninsured deposits were $6.6 billion, or 38% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $5.4 billion, or 31% of total client deposits.
Current wording
As of September 30, 2025, the Company had$1.6 billion in cash, cash equivalents, and restricted cash. As of September 30, 2025, our estimated uninsured deposits were $6.7 billion, or 39% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $5.1 billion, or 29% of total client deposits.
Previous wording
As of June 30, 2025, the Company had a readily available, secured borrowing capacity of $5.6 billion from the FHLB and $2.4 billion through the Federal Reserve Discount Window. In addition, the Company had $1.0 billion in unpledged securities that could be used to support additional borrowings and $0.7 billion of cash deposited with the Federal Reserve Bank.
Current wording
As of September 30, 2025, the Company had a readily available, secured borrowing capacity of $5.6 billion from the FHLB and $2.3 billion through the Federal Reserve Discount Window. In addition, the Company had $0.7 billion in unpledged securities that could be used to support additional borrowings and $1.0 billion of cash deposited with the Federal Reserve Bank.
Previous wording
Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At June 30, 2025, we had $179.7 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 20 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases, see Note 8 to the unaudited Consolidated Financial Statements. At June 30, 2025, we had obligations for principal payments on long-term debt including $51.0 million of FHLB advances, $67.0 million for our trust preferred borrowings, due June 1, 2035, $23.9 million for our trust preferred borrowings, due December 15, 2034, and $150.0 million for our senior debt, due December 15, 2030. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.
Current wording
Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At September 30, 2025, we had $174.3 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 20 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases, see Note 8 to the unaudited Consolidated Financial Statements. At September 30, 2025, we had obligations for principal payments on long-term debt including $67.0 million for our trust preferred borrowings, due June 1, 2035, $24.0 million for our trust preferred borrowings, due December 15, 2034, and $150.0 million for our senior debt, due December 15, 2030. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.
Previous wording
Commitments to extend credit provide for financing on predetermined terms as long as the client continues to meet specific criteria. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. At June 30, 2025, the Company had total commitments to extend credit, including cancellable commitments, of $4.2 billion, which are generally one year commitments.
Current wording
Commitments to extend credit provide for financing on predetermined terms as long as the client continues to meet specific criteria. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. At September 30, 2025, the Company had total commitments to extend credit, including cancellable commitments, of $4.4 billion, which are generally one year commitments.
Previous wording
(4)Includes troubled loans held for sale.
Current wording
(3)Includes troubled loans held for sale.
Previous wording
(5)Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.
Current wording
(4)Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.
Previous wording
(6)Total loans exclude loans held for sale and reverse mortgages.
Current wording
(5)Total loans exclude loans held for sale and reverse mortgages.
Previous wording
(7)Includes loans held for sale.
Current wording
(6)Includes loans held for sale.
Previous wording
(8)Excludes acquired purchase credit deteriorated loans.
Current wording
(7)Excludes acquired purchase credit deteriorated loans.
Previous wording
Nonperforming assets decreased $21.2 million between December 31, 2024 and June 30, 2025. This decrease was primarily driven by the charge-off of an existing nonperforming C&I loan to a fund that is invested in office properties and the resolution of a C&I loan for a long-term care facility, partially offset by the migration of a land development loan. The ratio of nonperforming assets to total assets decreased from 0.61% at December 31, 2024 to 0.51% at June 30, 2025.
Current wording
Nonperforming assets decreased $54.8 million between December 31, 2024 and September 30, 2025. This decrease was primarily driven by the payoff of three existing nonperforming commercial loans and the charge-off of an existing nonperforming C&I loan to a fund that is invested in office properties, partially offset by the migration of a land development loan. The ratio of nonperforming assets to total assets decreased from 0.61% at December 31, 2024 to 0.35% at September 30, 2025.
Previous wording
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. The FOMC lowered the federal funds target rate three times in 2024 for a total of 100 basis points after they increased the target rate four times in 2023 for a total of 100 basis points. In order to manage the risks associated with changes or possible changes in interest rates, we rely primarily on our asset/liability structure.
Current wording
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. The FOMC lowered the federal funds target rate in September and October 2025 for a total of 50 basis points and three times in 2024 for a total of 100 basis points after they increased the target rate four times in 2023 for a total of 100 basis points. In order to manage the risks associated with changes or possible changes in interest rates, we rely primarily on our asset/liability structure.
Previous wording
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 June 30, 2025, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $941.6 million. Our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 110.81% at June 30, 2025 compared with 105.28% at December 31, 2024. Likewise, the one-year interest-sensitive gap as a percentage of total assets was 4.54% at June 30, 2025 compared with 2.26% at December 31, 2024.
Current wording
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, 2025, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $1.2 billion. Our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 113.89% at September 30, 2025 compared with 105.28% at December 31, 2024. Likewise, the one-year interest-sensitive gap as a percentage of total assets was 5.86% at September 30, 2025 compared with 2.26% at December 31, 2024.
Previous wording
Three months ended June 30, 2025: Net income attributable to WSFS for the three months ended June 30, 2025 was $72.3 million, compared to $69.3 million for the three months ended June 30, 2024.
Current wording
Three months ended September 30, 2025: Net income attributable to WSFS for the three months ended September 30, 2025 was $76.4 million, compared to $64.4 million for the three months ended September 30, 2024.
Previous wording
•Net interest income increased $5.0 million driven by lower wholesale funding and deposit costs as well as higher cash balances from deposit growth, partially offset by lower loan yields. See “Net Interest Income” for further information.
Current wording
•Net interest income increased $6.5 million driven by lower deposit and wholesale funding costs as well as higher cash balances from growth in average deposits. The increase was partially offset by lower asset yields due to rate cuts in late 2024. See “Net Interest Income” for further information.
Previous wording
•Noninterest expense increased $3.6 million, primarily due to higher salaries and benefits from talent additions in key business lines and performance-based increases, as well as increases in loan workout and other credit costs, and equipment expenses. The increase was partially offset by decrease in Cash Connect® external funding costs and one-time insurance recoveries at Cash Connect® primarily related to losses associated with a client termination in 4Q 2024. See “Noninterest Expense” for further information.
Current wording
•Noninterest expense decreased $0.7 million, primarily due to decreases in Cash Connect® external funding costs and occupancy expense, partially offset by higher salaries and benefits from talent additions in key business lines and performance-based increases. See “Noninterest Expense” for further information.
Showing the first 40 of 59 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
“Satisfactory” in its most recent performance evaluation, which was conducted using the CRA framework that existed prior to the October 2023 final rule.