WSFS FINANCIAL CORP
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
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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.
Jun 30, 2025 · Filed Jul 31, 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 2025-03-31; filed 2025-05-07.
0001628280-25-022978
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent 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 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 109 previous paragraphs and 141 current paragraphs.
58 unchanged; 42 reworded; 35 added; 9 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 8 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 (35)
Current 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.
Current report
◦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 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.
Current report
•Six Months Ended June 30, 2025
Current 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.
Current report
•Total investment securities decreased $36.7 million:
Current report
•Goodwill and intangible assets decreased$10.6 million primarily due to scheduled amortization of intangible assets.
Current report
•Loans held for sale increased $108.2 million primarily due to the transfer of the Upstart portfolio mentioned above.
Current report
•Client deposits increased $91.7 million primarily due to growth in Trust deposits.
Current report
(3)Includes past due loans held for sale.
Current report
(4)Includes troubled loans held for sale.
Current report
(7)Includes loans held for sale.
Current report
•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 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.
Current 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.
Current report
•Income tax provision increased $2.1 million, primarily due to certain tax credits in 2024. See "Income Taxes' for further information.
Current report
Six months ended June 30, 2025: Net income for the six months ended June 30, 2025 was $138.2 million, compared to $135.0 million for the six months ended June 30, 2024.
Current report
•Net interest income increased $5.0 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to the reasons described above. See “Net Interest Income” for further information.
Current report
•Our provision for credit losses for the six months ended June 30, 2025 decreased $5.0 million compared to the six months ended June 30, 2024, due to the reasons described above. See “Allowance for Credit Losses” for further information.
Current 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.
Current report
•Noninterest expense increased $6.3 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to higher salaries and benefits due to the reasons described above, loan workout costs, and equipment expenses. The increase was partially offset by decreases in other operating expense driven by lower Cash Connect® external funding costs. See “Noninterest Expense” for further information.
Current report
•Income tax provision for the six months ended June 30, 2025 increased $2.0 million compared to the six months ended June 30, 2024, primarily due to the reasons described above. See "Income Taxes' for further information.
Current report
(4)Includes federal funds purchased.
Current report
Six months ended June 30, 2025: During the six months ended June 30, 2025, net interest income increased $5.0 million from the six months ended June 30, 2024 due to the reasons noted above. Net interest margin was 3.88% for the six months ended June 30, 2025, a 3 basis point increase compared to 3.85% for the six months ended June 30, 2024. The increase was due to a 31 basis point increase from lower wholesale funding and deposit costs, partially offset by a 28 basis point decrease from our loan yields.
Current 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.
Current report
Three months ended June 30, 2025: During the three months ended June 30, 2025, noninterest income was $88.0 million, a decrease of $3.6 million from $91.6 million during the three months ended June 30, 2024. The decrease was driven by a $6.7 million decline in Cash Connect®, primarily due to the lower rate environment and lower ATM bailment volume, a $3.4 million gain due to the reduction of our Visa B derivative liability established from our previous sale of 360,000 shares in 2Q 2020 recognized in 2024, and a $1.5 million decline in capital markets income, partially offset by a $6.3 million increase in Wealth and Trust fees and $1.7 million higher fee income on derivative collateral held.
Current report
Six months ended June 30, 2025: During the six months ended June 30, 2025, noninterest income was $168.9 million, an increase of $1.5 million from $167.5 million during the six months ended June 30, 2024. This increase was primarily driven by $12.7 million in Wealth and Trust fees and $2.4 million higher fee income on derivative collateral held, partially offset by declines of $8.6 million in the Cash Connect®segment for the reasons mentioned above, the $3.4 million gain related to our Visa B derivative liability in 2024 mentioned above, and $2.7 million in capital markets income.
Current report
Six months ended June 30, 2025: During the six months ended June 30, 2025, noninterest expense was $311.1 million, an increase of $6.3 million from $304.8 million for the six months ended June 30, 2024. The increase was primarily due to $12.6 million in salaries and benefits due to the reasons mentioned above, $3.8 million from equipment expenses driven by technology costs, and $2.1 million related to loan workout costs, partially offset by a $12.9 million decrease in other operating expense driven by lower Cash Connect®external funding costs.
Current report
RECENT LEGISLATIVE AND REGULATORY DEVELOPMENTS
Current report
One Big Beautiful Bill Act (OBBBA)
Current 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.
Current report
Genius Act
Current report
On July 18, 2025, President Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the “GENIUS Act,” into law, establishing a federal licensing and supervisory framework for payment stablecoins and their issuers. The GENIUS Act may accelerate and increase the competition that non-traditional financial institutions pose to banks' payment services, but may also create opportunities for banks to hold stablecoin reserve assets, custody stablecoins, or issue stablecoins. Several key provisions of the GENIUS Act require federal regulatory agencies to adopt implementing regulations, and the Act will take effect the earlier of 18 months after its enactment or 120 days after the agencies issue final implementing regulations. The Company continues to assess the impact of the GENIUS Act as the stablecoin industry evolves.
Current report
Bank Merger Act
Current report
On September 17, 2024, the OCC finalized a new Policy Statement Regarding Statutory Factors Under the Bank Merger Act (the “Policy Statement”), which updated the factors the OCC would apply in evaluating a proposed bank merger transaction. The Policy Statement could have potentially made it more difficult and/or costly for us to obtain OCC approval for an acquisition or otherwise resulted in more onerous conditions in approval orders than the OCC had previously imposed. On May 8, 2025, the OCC rescinded the Policy Statement. The United States Department of Justice has left in place its 2023 Merger Guidelines as a framework to review bank mergers and has not reinstated the 1995 Bank Merger Guidelines that it previously applied to bank mergers and which the Federal Reserve and OCC continue to apply. Compared to the 1995 Bank Merger Guidelines, the 2023 Merger Guidelines set forth more stringent concentration limits and add several largely qualitative bases on which the DOJ may challenge a merger.
Removed paragraphs (9)
Previous report
◦EPS was $1.12 and ROA was 1.29%, compared to $1.09 and 1.28% for the three months ended March 31, 2024.
Previous report
•Total investment securities increased $28.7 million:
Previous report
•Client deposits decreased $150.7 million primarily due to expected outflows in Trust deposits and partially offset by growth in Consumer deposits.
Previous report
•Net interest income decreased $0.1 million. See “Net Interest Income” for further information.
Previous report
•Our provision for credit losses increased $2.2 million due to a charge-off of an existing nonperforming C&I loan to a fund that is invested in office properties, partially offset by a lower provision on our consumer portfolio driven by runoff of the Upstart portfolio. See “Allowance for Credit Losses” for further information.
Previous report
•Noninterest income increased $5.0 million, driven by Wealth and Trust and partially offset by declines in Cash Connect® and Capital Markets. See “Noninterest Income” for further information.
Previous report
•Income tax provision was flat year-over-year.
Previous report
Three months ended March 31, 2025: During the three months ended March 31, 2025, noninterest income was $80.9 million, an increase of $5.0 million from $75.9 million during the three months ended March 31, 2024. The growth was driven by a $6.4 million increase from our Wealth and Trust segment, with double digit increases in Institutional Services and The Bryn Mawr Trust Company of Delaware. The increase was partially offset by a $1.8 million decline in Cash Connect®, primarily due to the impact of interest rates and lower managed service volumes, and $1.3 million from Capital Markets, primarily due to higher long term rates and lower loan volumes leading to lower interest rate hedging activity.
Previous report
RECENT REGULATORY DEVELOPMENTS
Reworded paragraphs (42)
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 $20.5 billion in assets and $89.6 billion in assets under management (AUM) and assets under administration (AUA) at March 31, 2025, 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 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 $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.”
Previous wording
As of March 31, 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 (Powdermill®), 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 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®).
Previous wording
Our banking business had a total loan and lease portfolio of$12.7 billion as of March 31, 2025, which was funded primarily through commercial relationships and consumer client generated deposits. We have built a$9.8 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, 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$12.6 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.
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 27,800 non-bank ATMs and 10,400 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 580 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 $1.4 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.
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$89.6 billion of AUM and AUA at March 31, 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$92.4 billion of AUM and AUA at June 30, 2025.
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. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach.
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, 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.
Previous wording
Highlights and Other Notables Items for Three Months Ended March 31, 2025
Current wording
Highlights and Other Notables Items for Three and Six Months Ended June 30, 2025
Previous wording
◦Net interest margin of 3.88%, compared to 3.84% for the three months ended March 31, 2024, driven by deposit repricing actions, partially offset by lower loan yields.
Current 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.
Previous wording
◦The Wealth and Trust segment recognized noninterest income of $39.9 million, a 19% increase compared to the three months ended March 31, 2024.
Current wording
◦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 wording
◦WSFS repurchased 1,027,214 sharesof common stock under the Company's share repurchase programs at an average price of$52.37 per share, for an aggregate purchase price of approximately$53.8 million, and paid quarterly dividends of $8.8 million, for a total capital return of $62.6 million.
Current 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.
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 14.12% and 14.10%, respectively, and total risk-based capital of 15.36% and 15.89%, 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 13.11% and 14.07%, respectively, and total risk-based capital of 14.35% and 15.86%, respectively.
Previous wording
Total assets decreased $265.4 million to $20.5 billion at March 31, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:
Current 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:
Previous wording
•Net loans and leases held for investment decreased $73.4 million, primarily due to decreases of $53.9 million in consumer loans driven by runoff of the Spring EQ and Upstart portfolios, and $48.6 million in commercial mortgages from slower originations due to uncertainty in the macroeconomic environment, partially offset by increases of $36.6 million in construction loans.
Current 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.
Previous wording
•Other assets decreased $85.0 million, primarily due to decreases of $34.5 million in deferred taxes, $22.7 million in derivatives from our Capital Markets business due to changes in fair value, and $24.1 million from receivables due to the settlement timing of ACH payments.
Current 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.
Previous wording
◦Investment securities held-to-maturity decreased $8.8 million, due to repayments, maturities and calls of $12.5 million, partially offset by $3.7 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 $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.
Previous wording
◦Investment securities available-for-sale increased $37.4 million, primarily due to increased market values of $92.2 million and purchases of $36.1 million, partially offset by repayments, maturities and calls of $90.0 million.
Current 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.
Previous wording
•Total cash and cash equivalents decreased $137.5 million, primarily due to decreased deposits and the redemption of the 2027 Notes.
Current wording
•Total cash and cash equivalents increased $176.7 million, primarily due to increased deposits and runoff in the investment securities portfolios.
Previous wording
Total liabilities decreased $347.2 million to $17.9 billion at March 31, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:
Current 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:
Previous wording
•Other liabilities decreased $128.7 million, primarily due to a decrease of $74.7 million in collateral held on derivatives and derivative liabilities and $40.6 million in our accrued expenses primarily related to incentive payments.
Current 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..
Previous wording
Stockholders’ equity of WSFS increased $81.9 million to $2.7 billion at March 31, 2025 compared to December 31, 2024. This increase was primarily due to $65.9 million of earnings and a decrease of $75.4 million in accumulated other comprehensive loss driven by market value increases on available-for-sale mortgage-backed securities, partially offset by $53.8 million from the repurchase of shares of common stock under our stock repurchase plan and the payment of dividends on our common stock of $8.8 million.
Current 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.
Previous wording
In line with our annual capital planning process, the Board of Directors approved a 13% increase in the quarterly cash dividend to$0.17 per share of common stock as well as anincremental share repurchase authorization of 10% of outstanding shares as of March 31, 2025. The dividend will be paid on May 23, 2025 to stockholders of record as of May 9, 2025.
Current wording
During the three months ended June 30, 2025, the Board of Directors approved aquarterly cash dividend of$0.17 per share of common stock. This dividend will be paid on August 22, 2025 to stockholders of record as of August 8, 2025.
Previous wording
Book value per share of common stock was $46.31 at March 31, 2025, an increase of $2.16 from $44.15 at December 31, 2024. Tangible book value per share of common stock (a non-GAAP financial measure) was $29.25 at March 31, 2025, an increase of $1.95 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 $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."
Previous wording
Not included in the Bank’s capital, WSFS separately held $230.2 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, WSFS separately held $382.3 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.
Previous wording
As of March 31, 2025, the Company had$1.0 billion in cash, cash equivalents, and restricted cash. As of March 31, 2025, our estimated uninsured deposits were $6.3 billion, or 37% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $5.1 billion, or 30% of total client deposits.
Current 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.
Previous wording
As of March 31, 2025, the Company had a readily available, secured borrowing capacity of $5.6 billion from the FHLB and $2.2 billion through the Federal Reserve Discount Window. In addition, the Company had $1.3 billion in unpledged securities that could be used to support additional borrowings and $0.5 billion of cash deposited with the Federal Reserve Bank.
Current 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.
Previous wording
Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At March 31, 2025, we had $210.4 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 March 31, 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 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.
Previous wording
The following table shows our nonperforming assets and past due loans at the dates indicated:
Current wording
The following table shows our nonperforming assets, past due loans, and troubled loans at the dates indicated:
Previous wording
(1)Includes nonaccruing troubled loans.
Current wording
(1)Includes nonaccruing troubled loans and loans held for sale.
Previous wording
(3)Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.
Current wording
(5)Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.
Previous wording
(4)Total loans exclude loans held for sale and reverse mortgages.
Current wording
(6)Total loans exclude loans held for sale and reverse mortgages.
Previous wording
(5)Excludes acquired purchase credit deteriorated loans.
Current wording
(8)Excludes acquired purchase credit deteriorated loans.
Previous wording
Nonperforming assets decreased $10.5 million between December 31, 2024 and March 31, 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, 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 0.57% at March 31, 2025.
Current 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.
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 March 31, 2025, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $473.6 million. Our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 105.39% at March 31, 2025 compared with 105.28% at December 31, 2024. Likewise, the one-year interest-sensitive gap as a percentage of total assets was 2.30% at March 31, 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 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.
Previous wording
Three months ended March 31, 2025: Net income attributable to WSFS for the three months ended March 31, 2025 was $65.9 million, compared to $65.8 million for the three months ended March 31, 2024.
Current 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.
Previous wording
•Noninterest expense increased $2.7 million, primarily due to higher salaries and benefits from talent additions in key business lines, performance-based increases, and higher medical costs. The increase was partially offset by Cash Connect® external funding costs.
Current 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.
Previous wording
Three months ended March 31, 2025: During the three months ended March 31, 2025, net interest income decreased $0.1 million from the three months ended March 31, 2024. Net interest margin was 3.88% for the first quarter of 2025, a 4 basis point increase compared to 3.84% for the first quarter of 2024. The increase was primarily due to 22bps from lower deposit and wholesale funding costs, partially offset by 18bps of lower asset yields.
Current wording
Three months ended June 30, 2025: During the three months ended June 30, 2025, net interest income increased $5.0 million from the three months ended June 30, 2024 driven by lower wholesale funding and deposit costs as well as higher cash balances from deposit growth. This increase was partially offset by lower loan yields due to rate cuts in the second half of 2024. Net interest margin was 3.89% for the second quarter of 2025, a 4 basis point increase compared to 3.85% for the second quarter of 2024. The increase was primarily due to 41bps from lower wholesale funding and deposit costs, partially offset by 37bps of lower asset yields.
Previous wording
During the three months ended March 31, 2025, we recorded a provision for credit losses of $17.4 million, an increase of $2.2 million, compared to the provision for credit losses of $15.1 million for the three months ended March 31, 2024. This increase was primarily due to a charge-off of an existing nonperforming C&I loan to a fund that is invested in office properties, partially offset by a lower provision on our consumer portfolio driven by runoff of the Upstart portfolio.
Current wording
During the three months ended June 30, 2025, we recorded a provision for credit losses of $12.6 million, a decrease of $7.2 million, compared to the provision for credit losses of $19.8 million for the three months ended June 30, 2024. This decrease was primarily due to a reduction in the allowance for credit losses upon transfer of Upstart loans to held for sale.
Previous wording
The total allowance for credit losses decreased to $188.1 million at March 31, 2025 from $195.3 million at December 31, 2024. The ratio of allowance for credit losses to total loans and leases decreased to 1.43% at March 31, 2025 from 1.48% at December 31, 2024, due to a decrease of 6bps from the C&I charge-off mentioned above and 2bps from continued runoff of the Upstart portfolio.
Current wording
The total allowance for credit losses decreased to $189.1 million at June 30, 2025 from $195.3 million at December 31, 2024 primarily due to the charge-off of a specific reserve on a commercial and industrial loan and the allowance release mentioned above, 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 1.43% at June 30, 2025 from 1.48% at December 31, 2024, due to a decrease of 11bps driven by the transfer of Upstart loans to held for sale and continued runoff of the portfolio, partially offset by a 6bps increase due to deterioration of the economic forecast.
Previous wording
Three months ended March 31, 2025: During the three months ended March 31, 2025, noninterest expense was $151.8 million, an increase of $2.7 million from $149.1 million for the three months ended March 31, 2024. The increase was primarily due to $6.7 million from salaries and benefits as a result of talent additions in key business areas, performance-based increases, and higher medical costs, partially offset by a $2.6 million decrease in Cash Connect®external funding costs.
Current wording
Three months ended June 30, 2025: During the three months ended June 30, 2025, noninterest expense was $159.3 million, an increase of $3.6 million from $155.8 million for the three months ended June 30, 2024. The increase was primarily due to $5.9 million from salaries and benefits as a result of talent additions in key business areas and performance-based increases, $2.9 million related to loan workout and other credit costs, and $1.7 million from equipment expenses driven by technology costs, partially offset by a $5.1 million decrease in Cash Connect®external funding costs and $1.6 million of one-time insurance recoveries at Cash Connect® primarily related to losses associated with a client termination in 4Q 2024.
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 $21.1 million during the three months ended March 31, 2025 compared to income tax expense of $21.2 million for the same period 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 $23.3 million and $44.4 million during the three and six months ended June 30, 2025, respectively, compared to income tax expense of $21.3 million and $42.5 million for the same periods in 2024. The increase for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to certain tax credits in 2024.
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Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
◦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 report — wording carried from elsewhere
(1)Weighted average yields for tax-exempt securities and loans have been computed on a tax-equivalent basis.
Current report — wording carried from elsewhere
(2)Average balances are net of unearned income and include nonperforming loans.
Current report — wording carried from elsewhere
(3)Includes securities available-for-sale at fair value.
Current report — wording carried from elsewhere
For further information, see Note 3 to the unaudited Consolidated Financial Statements.
Current report — wording carried from elsewhere
“Satisfactory” in its most recent performance evaluation, which was conducted using the CRA framework that existed prior to the October 2023 final rule.