WSFS FINANCIAL CORP
For the period ended Mar 31, 2026. Filed May 4, 2026.
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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.
Mar 31, 2026 · Filed May 4, 2026
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 2025-09-30; filed 2025-11-04.
0000828944-25-000013
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0000828944-26-000015
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 150 previous paragraphs and 102 current paragraphs.
48 unchanged; 37 reworded; 16 added; 60 removed; 5 previous and 1 current paragraphs rearranged.
Tables are not compared: 9 previous and 8 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 (16)
Current report
◦Diluted EPS was $1.64 and ROA was 1.61%, compared to $1.12 and 1.29%, respectively, for the three months ended March 31, 2025.
Current report
◦Total deposits increased$826.0 million, or 4.7%, compared to December 31, 2025, primarily due to growth in Trust and Commercial. Noninterest deposits comprised 34% of total deposits at March 31, 2026.
Current report
◦Wealth and Trust noninterest income grew 25% compared to thethree months ended March 31, 2025.
Current report
▪WSFS Institutional Services®, which consists of Corporate Trust and Global Capital Markets, grew 46%, and BMT-DE grew 27%
Current report
◦The Bank recognized a $15.7 million recovery of previously charged-off loans to a fund invested in office properties.
Current report
•Total investment securities increased $29.5 million:
Current report
•Other real estate owned increased $12.5 million, due to the transfer of an existing nonperforming land development loan during the quarter.
Current report
•Other assets decreased $37.1 million, primarily due to a $25.4 million decrease in receivables due to the settlement timing of ACH payments and a $6.3 million decrease in derivatives from our Capital Markets business due to changes in fair value.
Current report
•Client deposits increased $826.0 million primarily due to an increase in noninterest demand deposits, driven by growth in Trust and Commercial deposits.
Current report
Nonperforming assets increased $15.7 million between December 31, 2025 and March 31, 2026. This increase was primarily driven by the additions of an $11.2 million owner-occupied loan and a $6.6 million multifamily loan. The ratio of nonperforming assets to total assets increased from 0.34% at December 31, 2025 to 0.40% at March 31, 2026.
Current report
(3)During the first quarter of 2026, the Company revised its economic value of equity methodology to exclude goodwill and intangible assets to better reflect the Company's underlying interest rate risk profile.
Current report
(3)Includes commercial mortgage and commercial construction loans.
Current report
(5)Includes federal funds purchased.
Current report
During the three months ended March 31, 2026, we recorded a release of credit losses of $2.0 million, a decrease of $19.3 million, compared to the provision for credit losses of $17.4 million for the three months ended March 31, 2025. The current year release of credit losses as well as the decrease compared to the prior year were both primarily driven by a recovery of C&I loans to a fund invested in office properties that were charged-off in the first quarter of 2025.
Current report
Three months ended March 31, 2026: During the three months ended March 31, 2026, noninterest income was $90.1 million, an increase of $9.2 million from $80.9 million during the three months ended March 31, 2025. The increase was driven by double-digit growth across several of our fee-based businesses, including WSFS Institutional Services®, BMT-DE, Capital Markets, and WSFS Home Lending. These increases were partially offset by a $2.7 million decrease in Cash Connect®, primarily due to the impact of interest rates and lower ATM volumes.
Current report
Three months ended March 31, 2026: During the three months ended March 31, 2026, noninterest expense was $162.8 million, an increase of $11.0 million from $151.8 million for the three months ended March 31, 2025. The increase was primarily due to an increase of $9.4 million from salaries and benefits from the impact of lower incentive payments made in the first quarter of 2025, higher salaries due to annual merit-based increases, and higher medical costs. Additionally, restructuring expenses increased $2.5 million, due to a loss on a property sale and a write-down of held-for-sale real estate, and loan workout and other credit costs increased $1.9 million. These increases were partially offset by a $3.9 million decrease in other operating expenses, primarily related to a decrease in Cash Connect®external funding costs, driven by lower ATM volumes and rates.
Removed paragraphs (60)
Previous 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.
Previous report
◦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 report
◦Continued growth in Client deposits while maintaining strong average noninterest bearing composition of 32%.
Previous report
◦Continued year-over-year double-digit fee revenue growth in Wealth and Trust.
Previous report
◦The Company completed the sale of the majority of its remaining unsecured consumer lending portfolio generated through its partnership with Upstart.
Previous report
◦The Company completed the redemption of $51.0 million of Federal Home Loan Bank (FHLB) advances.
Previous report
•Nine Months Ended September 30, 2025
Previous 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.
Previous 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.
Previous 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.
Previous report
◦WSFS completed the redemption of the $70.0 million of fixed-to-floating rate subordinated notes due 2027 (the 2027 Notes) acquired from Bryn Mawr Trust using our operating cash flows.
Previous report
◦During the year, WSFS recognized $3.2 million of nonrecurring income from our partnership with Spring
Previous 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.
Previous report
•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 report
•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 report
•Total investment securities decreased $44.0 million:
Previous report
•Senior and subordinated debt decreased $69.8 million due to the redemption of the 2027 Notes.
Previous 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.
Previous report
(3)Includes troubled loans held for sale.
Previous report
(6)Includes loans held for sale.
Previous report
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 report
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 report
•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 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.
Previous 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.
Previous report
•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.
Previous report
•Income tax provision increased $3.3 million, primarily due to higher income before taxes and certain tax credits recognized in 2024. See "Income Taxes" for further information.
Previous report
Nine months ended September 30, 2025: Net income for the nine months ended September 30, 2025 was $214.7 million, compared to $199.5 million for the nine months ended September 30, 2024.
Previous report
•Net interest income increased $11.5 million compared to the nine months ended September 30, 2024, primarily due to the reasons described above. See “Net Interest Income” for further information.
Previous report
•Our provision for credit losses decreased $16.8 million compared to the nine months ended September 30, 2024, primarily due to the reasons mentioned above as well as a provision release associated with the Upstart loans sale. See “Allowance for Credit Losses” for further information.
Previous report
•Noninterest income decreased $2.2 million due to the reasons mentioned above.
Previous report
•Noninterest expense increased $5.6 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to higher salaries and benefits, equipment expenses, professional fees, and loan workout and other credit costs. The increase was partially offset by decreases in other operating expense driven by lower Cash Connect® external funding costs and FDIC expenses. See “Noninterest Expense” for further information.
Previous report
•Income tax provision increased $5.3 million compared to the nine months ended September 30, 2024, primarily due to the reasons described above. See "Income Taxes" for further information.
Previous report
(4)Includes federal funds purchased.
Previous report
(4)Includes federal funds purchased.
Previous report
Nine months ended September 30, 2025: During the nine months ended September 30, 2025, net interest income increased $11.5 million from the nine months ended September 30, 2024 due to the reasons noted above. Net interest margin was 3.89% for the nine months ended September 30, 2025, a 7 basis point increase compared to 3.82% for the nine months ended September 30, 2024. The increase was due to the reasons mentioned above.
Previous 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.
Previous report
During the nine months ended September 30, 2025, we recorded a provision for credit losses of $36.5 million, a decrease of $16.8 million, compared to the provision for credit losses of $53.4 million for the nine months ended September 30, 2024. The current year provision was primarily driven by charge-offs and new originations in our C&I and commercial small business lease portfolios, partially offset by the reduction in the allowance due to the sale of the Upstart loans. The decrease was due to the reasons mentioned above, as well a provision release associated with the Upstart loans sale.
Previous report
Three months ended September 30, 2025: During the three months ended September 30, 2025, noninterest income was $86.5 million, a decrease of $3.7 million from $90.2 million during the three months ended September 30, 2024. The decrease was driven by a $6.5 million decline in Cash Connect®, primarily due to the lower rate environment and lower ATM bailment volume, and a $2.4 million loss related to a valuation adjustment to our Visa B derivative liability established from our previous sale of 360,000 shares in 2Q 2020. The decrease was partially offset by a $5.1 million increase in Wealth and Trust.
Previous report
Nine months ended September 30, 2025: During the nine months ended September 30, 2025, noninterest income was $255.4 million, a decrease of $2.2 million from $257.6 million during the nine months ended September 30, 2024. This decrease was primarily driven by $15.1 million in the Cash Connect®segment for the reasons mentioned above as well as a $5.1 million impact from valuation adjustments to our Visa B derivative liability in 2025 and 2024. The decrease was partially offset by an increase of $17.8 million in Wealth and Trust fees.
Showing the first 40 of 60 passages. Open the source sections for the rest.
Reworded paragraphs (37)
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 $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.”
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 $22.1 billion in assets and $97.6 billion in assets under management (AUM) and assets under administration (AUA) at March 31, 2026, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the Greater Philadelphia and Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, we have been in operation for more than 194 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 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®).
Current wording
As of March 31, 2026, the Company's consolidated operating subsidiaries included WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), and WSFS SPE Services, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. Operating subsidiaries of WSFS Bank included 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$12.5 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.
Current wording
Our WSFS Bank segment had a total loan and lease portfolio of$12.8 billion as of March 31, 2026, which was funded primarily with deposits generated through commercial relationships and our consumer banking business. We have built a$10.0 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering the high level of service and flexibility typically associated with a community bank and through acquisitions. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches. The Home Lending division offers mortgage banking and title services through our branches and WSFS Mortgage®, our mortgage banking division specializing in a variety of residential mortgage and refinancing solutions. We fund our lending businesses primarily with deposits generated through commercial relationships and consumer, wealth and trust client deposits, as well as through our digital banking platforms.
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$93.4 billion of AUM and AUA at September 30, 2025.
Current wording
Our Wealth and Trust segment 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$97.6 billion of AUM and AUA at March 31, 2026.
Previous wording
Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and traditional banking services such as credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the Bank’s charter, through a third-party broker/dealer and as a registered investment advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.
Current wording
Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and traditional banking services such as credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the Bank’s charter and as a registered investment advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.
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 $1.3 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.
Current wording
Our Cash Connect® segment 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 23,400 non-bank ATMs and 11,900 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.
Previous wording
Highlights and Other Notables Items for Three and Nine Months Ended September 30, 2025
Current wording
Highlights and Other Notables Items for Three Months Ended March 31, 2026
Previous wording
◦The Board of Directors approved a 13% increase in the quarterly cash dividend to $0.17 per share of common stock as well as an incremental share repurchase authorization of 10% of outstanding shares as of March 31, 2025.
Current wording
◦The Board of Directors approved an 18% increase in the quarterly cash dividend to $0.20 per share, along with an additional share repurchase authorization of 15% of our outstanding shares as of March 31, 2026.
Previous 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.
Current wording
◦WSFS repurchased 1,319,626 sharesof common stock under the Company's share repurchase plans at an average price of$64.38 per share, for an aggregate purchase price of approximately$85.0 million, and paid quarterly dividends of $9.0 million, for a total capital return of $94.0 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 13.76% and 14.39%, respectively, and total risk-based capital of 15.00% and 16.19%, respectively.
Current wording
◦The Bank and the Company continue to be above well-capitalized across all measures of regulatory capital, with total common equity Tier 1 capital of 14.01% and 13.91%, respectively, and total risk-based capital of 15.21% and 15.66%, respectively.
Previous 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:
Current wording
Total assets increased $792.8 million to $22.1 billion at March 31, 2026 compared to December 31, 2025. This increase is primarily comprised of the following:
Previous 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.
Current wording
•Total cash and cash equivalents increased $772.4 million, primarily due to increases in deposits.
Previous 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.
Current wording
◦Investment securities available-for-sale increased $39.6 million, primarily due to purchases of $154.3 million, partially offset by repayments, maturities and calls of $102.6 million and decreased market values of $11.5 million.
Previous 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.
Current wording
◦Investment securities held-to-maturity decreased $10.1 million, primarily due to repayments, maturities and calls of $13.5 million, partially offset by $3.3 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.
Previous 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:
Current wording
Total liabilities increased $806.9 million to $19.4 billion at March 31, 2026 compared to December 31, 2025. This increase is primarily comprised of the following:
Previous 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.
Current wording
•Other liabilities decreased $27.5 million, primarily due to a decrease of $49.3 million in our accrued expenses primarily related to incentive payments made in the first quarter of 2026, partially offset by increases of $13.9 million from collateral held on derivatives and derivative liabilities and an $8.9 million increase from commitments to fund lower income housing tax credit investments.
Previous 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.
Current wording
Stockholders’ equity of WSFS decreased $14.1 million to $2.7 billion at March 31, 2026 compared to December 31, 2025. This decrease was primarily due to $85.0 million for the repurchase of shares of common stock under our stock repurchase plan, the payment of dividends on our common stock of $9.0 million, and an increase of $8.5 million in accumulated other comprehensive loss driven by market value decreases on available-for-sale mortgage-backed securities, partially offset by $86.8 million of net income attributable to WSFS.
Previous wording
During the three months ended September 30, 2025, the Board of Directors approved aquarterly cash dividend of$0.17 per share of common stock. This dividend will be paid on November 21, 2025 to stockholders of record as of November 7, 2025.
Current wording
In April 2026, as part of our annual capital planning process, the Board of Directors approved an 18% increase in the quarterly cash dividend to $0.20 per share of common stock and an incremental share repurchase authorization of 15% of outstanding shares as of March 31, 2026. The dividend will be paid on May 22, 2026 to stockholders of record as of May 8, 2026.
Previous 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."
Current wording
Book value per share of common stock was $52.24 at March 31, 2026, an increase of $0.97 from $51.27 at December 31, 2025. Tangible book value per share of common stock (a non-GAAP financial measure) was $33.71 at March 31, 2026, an increase of $0.60 from $33.11 at December 31, 2025. 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, the Company separately held $326.4 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 $276.9 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.
Previous 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.
Current wording
As of March 31, 2026, the Company had$2.5 billion in cash, cash equivalents, and restricted cash. Our estimated uninsured deposits were $7.9 billion, or 43% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $6.5 billion, or 35% of total client deposits.
Previous 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.
Current wording
As of March 31, 2026, the Company had a readily available, secured borrowing capacity of $6.0 billion from the FHLB and $2.2 billion through the Federal Reserve Discount Window. In addition, the Company had $1.9 billion of cash deposited with the Federal Reserve Bank and $0.6 billion in unpledged securities that could be used to support additional borrowings.
Previous 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.
Current wording
Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At March 31, 2026, we had $172.2 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 19 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 March 31, 2026, we had obligations for principal payments on long-term debt including $67.0 million for our trust preferred borrowings, due June 1, 2035, $24.1 million for our trust preferred borrowings due December 15, 2034, and $200.0 million for our senior debt due December 15, 2035. 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 September 30, 2025, the Company had total commitments to extend credit, including cancellable commitments, of $4.4 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 March 31, 2026, the Company had total commitments to extend credit, including cancellable commitments, of $4.5 billion, which are generally one year commitments.
Previous wording
Nonperforming assets include nonaccruing loans, OREO and restructured loans. Nonaccruing loans are those on which we no longer accrue interest. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the value of the collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Past due loans are defined as loans contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection.
Current wording
Nonperforming assets include nonaccruing loans and OREO. Nonaccruing loans are those on which we no longer accrue interest. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the value of the collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Past due loans are defined as loans contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection. Troubled loans are 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.
Previous wording
(1)Includes nonaccruing troubled loans and loans held for sale.
Current wording
(1)Includes nonaccruing troubled loans.
Previous wording
(4)Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.
Current wording
(3)Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.
Previous wording
(5)Total loans exclude loans held for sale and reverse mortgages.
Current wording
(4)Total loans exclude loans held for sale and reverse mortgages.
Previous wording
(7)Excludes acquired purchase credit deteriorated loans.
Current wording
(5)Excludes acquired purchase credit deteriorated loans.
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 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.
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. In 2025, the FOMC lowered the federal funds target rate three times for a total of 75 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 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.
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 March 31, 2026, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $2.5 billion. Our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 128.95% at March 31, 2026 compared with 120.45% at December 31, 2025. Likewise, the one-year interest-sensitive gap as a percentage of total assets was 11.50% at March 31, 2026 compared with 8.37% at December 31, 2025.
Previous wording
(3)Includes securities available-for-sale at fair value.
Current wording
(4)Includes securities available-for-sale at fair value.
Previous wording
Three months ended September 30, 2025: During the three months ended September 30, 2025, net interest income increased $6.5 million from the three months ended September 30, 2024 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 loan yields due to rate cuts in late 2024. Net interest margin was 3.91% for the third quarter of 2025, a 13 basis point increase compared to 3.78% for the third quarter of 2024. The increase was primarily due to deposit repricing actions, continued wholesale funding optimization, and higher cash balances, partially offset by lower loan balances and loan yields.
Current wording
Three months ended March 31, 2026: During the three months ended March 31, 2026, net interest income increased $9.9 million from the three months ended March 31, 2025 primarily driven by higher cash balances from growth in deposits, lower deposit costs, and higher average loan balances, partially offset by lower loan yields. Net interest margin was 3.83% for the first quarter of 2026, a 5 basis point decrease compared to 3.88% for the first quarter of 2025. The decrease was primarily due to the impact of the three interest rate cuts that occurred in 2025.
Previous wording
The total allowance for credit losses decreased to $185.5 million at September 30, 2025 from $195.3 million at December 31, 2024 primarily due to the resolution of several problem loans as well as the Upstart loan sale, partially offset by additional reserve on accounts receivable for certain fee-based businesses. The ratio of allowance for credit losses to total loans and leases decreased to 1.41% at September 30, 2025 from 1.48% at December 31, 2024, due to a decrease of 11bps driven by the sale of the Upstart loans and continued runoff of the portfolio, partially offset by a 4bps increase due to deterioration of the economic forecast.
Current wording
The total allowance for credit losses increased to $182.9 million at March 31, 2026 from $182.5 million at December 31, 2025. The ratio of allowance for credit losses to total loans and leases remained flat at 1.36% at March 31, 2026 and December 31, 2025.
Previous wording
We and our subsidiaries file a consolidated federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with ASC 740, Income Taxes, which requires the recording of deferred income taxes for tax consequences of temporary differences. We recorded income tax expense of $24.4 million and $68.8 million during the three and nine months ended September 30, 2025, respectively, compared to income tax expense of $21.1 million and $63.6 million for the same periods in 2024. The increase for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to higher income before taxes in 2025 and certain tax credits recognized in 2024.
Current wording
We and our subsidiaries file a consolidated federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with ASC 740, Income Taxes, which requires the recording of deferred income taxes for tax consequences of temporary differences. We recorded income tax expense of $27.6 million during the three months ended March 31, 2026 compared to income tax expense of $21.1 million for the same period in 2025. The increase for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to higher income before taxes in 2026.
Previous wording
Our effective tax rate was 24.2% and 24.3% for the three and nine months ended September 30, 2025, respectively, compared to 24.7% and 24.2% for the three and nine months ended September 30, 2024, respectively.
Current wording
Our effective tax rate was 24.1% for the three months ended March 31, 2026 compared to 24.3% for the three months ended March 31, 2025. The reduction was primarily due to increased federal tax credits.
Previous wording
Recent regulatory developments at September 30, 2025 did not significantly change from our recent regulatory developments at December 31, 2024, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, except as noted below.
Current wording
Recent legislative and regulatory developments at March 31, 2026 did not significantly change from our recent legislative and regulatory developments at December 31, 2025, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Our leasing business, conducted by NewLane Finance®, originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
◦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 report — wording carried elsewhere
(1)Weighted average yields for tax-exempt securities and loans have been computed on a tax-equivalent basis.
Previous report — wording carried elsewhere
(2)Average balances are net of unearned income and include nonperforming loans.
Previous report — wording carried elsewhere
(3)Includes securities available-for-sale at fair value.
Previous report — wording carried elsewhere
For further information, see Note 3 to the unaudited Consolidated Financial Statements.