WSFS FINANCIAL CORP
For the period ended Jan 26, 2026. Filed Jan 26, 2026.
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Jan 26, 2026 · Filed Jan 26, 2026
Contents
EX-99.1 · Notes:
Notes:
(a)Annualized.
(b)Computed on a fully tax-equivalent basis.
(c)Noninterest expense divided by (tax-equivalent) net interest income and noninterest income.
(d)Includes securities held-to-maturity (at amortized cost) and securities available-for-sale (at fair value).
(e)Net of unearned income.
(f)Net of allowance for credit losses.
(g)Represents capital ratios of Wilmington Financial Corporation and subsidiaries. Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed.
(h)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.
(i)Excludes loans held for sale and reverse mortgage loans.
(j)Nonperforming loans are included in average balance computations.
(k)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.
(l)Includes loans held for sale and reverse mortgages.
(m)Includes seasonal Associates, when applicable.
(n)Includes loans held for sale.
(o)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.
(p)Includes commercial & industrial loans and commercial small business leases.
(q)Reflects allowance for credit losses on loans and leases over the amortized cost of the total portfolio.
(r)Includes provision for credit losses, loan workout expenses, OREO expenses and other credit costs.
(s)Includes commercial mortgage and commercial construction loans.
(t)Includes nonaccruing troubled loans.
(u)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.
| WSFS Bank Center | WSFS Bank Place | 20 |
| 500 Delaware Avenue · 1818 Market Street | ||
|---|---|---|
| Wilmington, DE 19801 · Philadelphia, PA 19103 | ||
(Dollars in thousands, except per share data)
(Unaudited)
| Non-GAAP Reconciliation (o): · Three months ended · Twelve months ended | |||||
|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |
| Net interest income (GAAP) | $187,353 | $184,023 | $178,207 | $726,087 | $705,438 |
| Core net interest income (non-GAAP) | 187,353 | 184,023 | 178,207 | 726,087 | 705,438 |
| Noninterest income (GAAP) | 84,521 | 86,471 | 83,307 | 339,898 | 340,920 |
| Plus: Unrealized loss on equity investments, net | (4,057) | — | — | (4,057) | — |
| Less: Realized gain on sale of equity investment, net | — | 939 | 123 | 957 | 2,309 |
| (Plus)/less: Visa derivative valuation adjustment | (1,500) | (2,429) | — | (3,929) | 2,829 |
| Core fee revenue (non-GAAP) | $90,078 | $87,961 | $83,184 | $346,927 | $335,782 |
| Core net revenue (non-GAAP) | $277,431 | $271,984 | $261,391 | $1,073,014 | $1,041,220 |
| Core net revenue (non-GAAP)(tax-equivalent) | $277,957 | $272,482 | $261,811 | $1,074,980 | $1,042,785 |
| Noninterest expense (GAAP) | $161,973 | $163,056 | $169,126 | $636,167 | $637,689 |
| Less: FDIC special assessment | — | — | — | — | 880 |
| Less: Loss on debt extinguishment | 1,151 | 352 | — | 1,503 | — |
| Less/(plus): Corporate development expense | 55 | 171 | 61 | (44) | 473 |
| (Plus)/less: Restructuring expense | (126) | 398 | 2,193 | 532 | 2,193 |
| Plus: Remeasurement of lease liability | — | — | (112) | — | (112) |
| Core noninterest expense (non-GAAP) | $160,893 | $162,135 | $166,984 | $634,176 | $634,255 |
| Core efficiency ratio (non-GAAP) | 57.9% | 59.5% | 63.8% | 59.0% | 60.8% |
| Core fee revenue ratio (non-GAAP) (b) | 32.4% | 32.3% | 31.8% | 32.3% | 32.2% |
| End of period | |||||
| December 31, 2025 · September 30, 2025 · December 31, 2024 | |||||
| Total assets (GAAP) | $21,314,076 | $20,840,415 | $20,814,303 | ||
| Less: Goodwill and other intangible assets | 969,903 | 973,677 | 988,160 | ||
| Total tangible assets (non-GAAP) | $20,344,173 | $19,866,738 | $19,826,143 | ||
| Total stockholders’ equity of WSFS (GAAP) | $2,738,545 | $2,753,273 | $2,589,752 | ||
| Less: Goodwill and other intangible assets | 969,903 | 973,677 | 988,160 | ||
| Total tangible common equity (non-GAAP) | $1,768,642 | $1,779,596 | $1,601,592 | ||
| Tangible common book value (TBV) per share: | |||||
| Book value per share (GAAP) | $51.27 | $49.67 | $44.15 | ||
| Tangible common book value per share (non-GAAP) | 33.11 | 32.11 | 27.30 | ||
| Tangible common equity to tangible assets: | |||||
| Equity to asset ratio (GAAP) | 12.85% | 13.21% | 12.44% | ||
| Tangible common equity to tangible assets ratio (non-GAAP) | 8.69 | 8.96 | 8.08 | ||
| WSFS Bank Center | WSFS Bank Place | 21 |
| 500 Delaware Avenue · 1818 Market Street | ||
|---|---|---|
| Wilmington, DE 19801 · Philadelphia, PA 19103 | ||
| Non-GAAP Reconciliation - continued (o): · Three months ended · Twelve months ended | |||||
|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |
| GAAP net income attributable to WSFS | $72,678 | $76,449 | $64,202 | $287,349 | $263,671 |
| Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, loss on debt extinguishment, corporate development and restructuring expense, and remeasurement of lease liability | 6,637 | 2,411 | 2,019 | 9,020 | (1,704) |
| (Less)/plus: Tax impact of pre-tax adjustments | (1,637) | (589) | (445) | (2,097) | 485 |
| Adjusted net income (non-GAAP) attributable to WSFS | $77,678 | $78,271 | $65,776 | $294,272 | $262,452 |
| GAAP return on average assets (ROA) | 1.33% | 1.44% | 1.21% | 1.36% | 1.27% |
| Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, loss on debt extinguishment, corporate development and restructuring expense, and remeasurement of lease liability | 0.12 | 0.05 | 0.04 | 0.04 | (0.01) |
| (Less)/plus: Tax impact of pre-tax adjustments | (0.03) | (0.01) | (0.01) | (0.01) | — |
| Core ROA (non-GAAP) | 1.42% | 1.48% | 1.24% | 1.39% | 1.26% |
| Earnings per share (diluted) (GAAP) | $1.34 | $1.37 | $1.09 | $5.09 | $4.41 |
| Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, loss on debt extinguishment, corporate development and restructuring expense, and remeasurement of lease liability | 0.12 | 0.04 | 0.03 | 0.16 | (0.03) |
| (Less)/plus: Tax impact of pre-tax adjustments | (0.03) | (0.01) | (0.01) | (0.04) | 0.01 |
| Core earnings per share (non-GAAP) | $1.43 | $1.40 | $1.11 | $5.21 | $4.39 |
| Calculation of return on average tangible common equity: | |||||
| GAAP net income attributable to WSFS | $72,678 | $76,449 | $64,202 | $287,349 | $263,671 |
| Plus: Tax effected amortization of intangible assets | 2,782 | 2,864 | 2,965 | 11,538 | 11,893 |
| Net tangible income (non-GAAP) | $75,460 | $79,313 | $67,167 | $298,887 | $275,564 |
| Average stockholders’ equity of WSFS | $2,742,480 | $2,694,883 | $2,643,325 | $2,682,068 | $2,535,737 |
| Less: Average goodwill and intangible assets | 972,332 | 976,270 | 990,762 | 979,420 | 996,899 |
| Net average tangible common equity | $1,770,148 | $1,718,613 | $1,652,563 | $1,702,648 | $1,538,838 |
| Return on average tangible common equity (non-GAAP) | 16.91% | 18.31% | 16.17% | 17.55% | 17.91% |
| WSFS Bank Center | WSFS Bank Place | 22 |
| 500 Delaware Avenue · 1818 Market Street | ||
|---|---|---|
| Wilmington, DE 19801 · Philadelphia, PA 19103 | ||
| Non-GAAP Reconciliation - continued (o): · Three months ended · Twelve months ended | |||||
|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |
| Calculation of PPNR: | |||||
| Net income (GAAP) | $72,694 | $76,467 | $64,155 | $287,249 | $263,495 |
| Plus: Income tax provision | 24,538 | 24,405 | 20,197 | 93,363 | 83,764 |
| Plus: Provision for credit losses | 12,669 | 6,566 | 8,036 | 49,206 | 61,410 |
| PPNR (non-GAAP) | $109,901 | $107,438 | $92,388 | $429,818 | $408,669 |
| Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, loss on debt extinguishment, corporate development and restructuring expense, and remeasurement of lease liability | 6,637 | 2,411 | 2,019 | 9,020 | (1,704) |
| Core PPNR (non-GAAP) | $116,538 | $109,849 | $94,407 | $438,838 | $406,965 |
| Three months ended | |||
|---|---|---|---|
| December 31, 2025 | September 30, 2025 | December 31, 2024 | |
| Calculation of adjusted Cash Connect® net profit margin: | |||
| Cash Connect® net revenue | $20,735 | $22,043 | $21,823 |
| Plus: Impact of client termination | — | — | 2,818 |
| Adjusted Cash Connect® net revenue | $20,735 | $22,043 | $24,641 |
| Cash Connect® noninterest expense | $18,073 | $19,637 | $25,183 |
| Less: Client termination expense | — | — | (1,898) |
| Adjusted Cash Connect® noninterest expense | $18,073 | $19,637 | $23,285 |
| Cash Connect® pre-tax income | $2,634 | $2,346 | $(3,360) |
| Plus: Impact of client termination | — | — | 4,716 |
| Adjusted Cash Connect® pre-tax income | $2,634 | $2,346 | $1,356 |
| GAAP Cash Connect® net profit margin | 12.70% | 10.64% | (15.40)% |
| Adjusted Cash Connect® net profit margin | 12.70% | 10.64% | 5.50% |
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