WSFS Reports 2Q 2026 EPS of $1.63 and ROA of 1.52%

WSFS Reports 2Q 2026 EPS of $1.63 and ROA of 1.52% WILMINGTON, Del.--( BUSINESS WIRE)--WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the second quarter of 2026.

Selected financial results and metrics are as follows:

(Dollars in millions, except per share data)

2Q 2026

1Q 2026

2Q 2025

Net interest income

192.5

185.1

179.5

Fee revenue

90.0

90.1

88.0

Total net revenue

282.5

275.3

267.5

Provision for (recovery of) credit losses

5.0

(2.0

)

12.6

Noninterest expense

166.3

162.8

159.3

Net income attributable to WSFS

84.4

86.8

72.3

Pre-provision net revenue (PPNR) (1)

116.2

112.5

108.2

Earnings per share (EPS) (diluted)

1.63

1.64

1.27

Return on average assets (ROA) (a)

1.52

1.61

1.39

Return on average equity (ROE) (a)

12.4

12.7

10.9

Fee revenue as % of total net revenue

31.8

32.7

32.8

Efficiency ratio

58.8

59.0

59.5

See “Notes”

GAAP results for the periods shown include items that are excluded from core results. Below is a summary of the financial effects of these items, which include an unrealized write-down of an equity investment and a gain on the sale of the credit card portfolio. For additional detail, refer to the Non-GAAP Reconciliation in the back of this press release.

2Q 2026

1Q 2026

2Q 2025

(Dollars in millions, except per share data)

Total

Per share

Total

Per share

Total

Per share

Fee revenue (pre-tax)

$ (2.2

)

$ (0.04

)

$ —

Noninterest expense (pre-tax)

0.1

—

2.9

0.05

(0.3

)

(0.01

)

Income tax impacts

(0.5

)

(0.01

)

(0.6

)

(0.01

)

0.1

0.01

(1) As used in this press release, PPNR is a non-GAAP financial measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for (recovery of) credit losses. For a reconciliation of this and other non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

CEO Commentary and Highlights

Rodger Levenson, Chairman, CEO and President, said, "WSFS performed well in the second quarter with a 31% year-over-year increase in core EPS (2). Our results included robust growth in noninterest deposits, a double-digit year-over-year increase in Wealth and Trust fees, and solid loan growth. Asset quality continued to trend positively, with improvement across key metrics. Additionally, we continued to execute our capital return framework through dividends and share repurchases, repurchasing over four percent of outstanding shares (3) in the first half of 2026. These results provide momentum for the second half of the year as reflected in our updated full-year outlook."

Overall highlights included:

(2)As used in this press release, core EPS, core ROA, core EPS excluding loan recovery, and core ROA excluding loan recovery are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

(4) 2Q 2026 repurchases represent 1.8% of outstanding shares as of March 31, 2026.

Second Quarter 2026 Discussion of Financial Results

Balance Sheet

The following table summarizes loan and lease balances and composition at June 30, 2026 compared to March 31, 2026 and June 30, 2025:

Loans and Leases

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Commercial & industrial (C&I) (5)

4,944

4,849

4,731

Commercial mortgage

3,884

3,882

3,911

Construction

1,003

1,034

858

Commercial small business leases

584

588

630

Total commercial loans and leases

10,415

10,353

10,130

Residential mortgage

1,271

1,127

1,016

Consumer

1,815

1,854

2,006

Gross loans and leases

13,501

101

13,334

101

13,152

101

Allowance for Credit Losses (ACL)

(177

)

(180

)

(186

)

Net loans and leases

13,324

100

13,154

100

12,966

100

At June 30, 2026, WSFS’ gross loan and lease portfolio increased $167.0 million, or 1% (not annualized), when compared with March 31, 2026. Home Lending generated strong loan growth of 10%, and we continued to see momentum in C&I, which grew 2%. This overall growth reflects our continued investment in talent and product offerings, enhancing our ability to win market share and more effectively compete for a broader set of clients. During the quarter, we completed the sale of our credit card portfolio, which had an outstanding balance of $36.3 million, and entered into a strategic partnership to issue WSFS-branded credit cards. This sale, combined with the continued runoff of the Spring EQ portfolio, partially offset the loan growth in the quarter.

Gross loans and leases at June 30, 2026 increased 3% when compared with June 30, 2025. Excluding the impacts from the sales of the Upstart and credit card portfolios, and runoff of Spring EQ, gross loans and leases increased 5%. This growth was driven by increases in residential mortgage (25%), C&I (5%), and home equity (20%), partially offset by declines in commercial small business leases (7%) and commercial mortgages (1%).

(5) Includes owner-occupied real estate.

The following table summarizes client deposit balances and composition at June 30, 2026 compared to March 31, 2026 and June 30, 2025:

Client Deposits

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Noninterest demand

7,009

6,372

5,306

Interest-bearing demand

2,878

2,848

2,806

Savings

1,352

1,418

1,452

Money market

5,894

5,909

5,471

Total core deposits

17,133

16,547

15,035

Time deposits

1,871

1,921

2,086

Total client deposits

19,004

100

18,468

100

17,121

100

Total client deposits increased $535.1 million, or 3% (not annualized), when compared with March 31, 2026. Noninterest demand increased 10%, primarily led by Institutional Services, and now represents 37% of total client deposits. Savings decreased 5% and time deposits decreased 3%. End of period deposit balances continued to reflect some elevated quarter-end activity by clients within Institutional Services and Commercial. Overall, we continue to see strong deposit growth momentum, with average deposits also growing 3%.

Total client deposits increased $1.9 billion, or 11% from June 30, 2025. Noninterest demand increased 32%, driven by growth in Institutional Services and Commercial. Money market grew 8%, driven by growth across all business lines, while time deposits decreased 10% as we continued to manage our deposit pricing.

The deposit base remains well-diversified, with 54% of quarterly average client deposits coming from the Commercial, Small Business Banking, and Wealth and Trust businesses. No- and low-cost deposit accounts (6) represented 58% of average total client deposits with a weighted average cost of 28bps for the quarter. The loan-to-deposit ratio (7) was 70% at June 30, 2026, providing capacity to fund ongoing loan growth.

(6) Includes noninterest demand, interest-bearing demand, and savings deposit accounts.

(7) Ratio of net loans and leases to total client deposits.

Net Interest Income

Three Months Ending

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Net interest income before purchase accretion

190.9

183.5

177.5

Purchase accounting accretion

1.6

2.0

Net interest income

192.5

185.1

179.5

Net interest margin before purchase accretion

3.84

3.80

3.84

Purchase accounting accretion

0.03

0.05

Net interest margin

3.87

3.83

3.89

Net interest income increased $7.4 million, or 4% (not annualized), compared to 1Q 2026, primarily driven by higher average loan balances as well as higher investment securities and yields.

Net interest income increased $13.0 million, or 7%, compared to 2Q 2025, primarily driven by lower deposit costs, higher cash balances, and higher average loan balances. These increases were partially offset by lower loan yields as a result of three 25bp Federal Funds rate cuts that occurred in 2025.

Total loan yields were 6.24%, a decrease of 3bps when compared to 1Q 2026 and a decrease of 36bps when compared to 2Q 2025. The year-over-year decrease was primarily driven by the impact of the aforementioned interest rate cuts.

Total client deposit costs were 1.29% and interest-bearing deposit costs were 2.00%, decreases of 4bps and 1bp, respectively, compared to 1Q 2026. Total client deposit costs decreased 34bps and interest-bearing deposit costs decreased 38bps compared to 2Q 2025. The quarter-over-quarter decrease in total client deposit costs was driven by a continued shift in the mix of deposits, with higher noninterest balances, and the year-over-year decrease was driven by deposit repricing actions and mix shift.

Net interest margin of 3.87% increased 4bps compared to 1Q 2026, primarily due to the impacts from the investment portfolio and deposit mix noted above. Net interest margin decreased 2bps from 2Q 2025 primarily due to the impact of the 2025 interest rate cuts, partially offset by higher investment yields and favorable balance sheet mix.

Asset Quality

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Problem assets (8)

472.9

503.9

683.1

Delinquencies (n)

95.6

100.7

158.0

Nonperforming assets (n)

81.0

87.8

106.2

Net charge-offs (recoveries) on loans and leases

7.1

(3.5

)

9.8

Total net credit costs (q)

7.1

0.2

14.3

Problem assets to total Tier 1 capital plus ACL on loans and leases

19.48

20.71

29.83

Classified assets to total Tier 1 capital plus ACL on loans and leases

16.96

17.19

21.60

Ratio of nonperforming assets to total assets (n)

0.36

0.40

0.51

Delinquencies (n) to gross loans (i)

0.71

0.76

1.22

Ratio of quarterly net charge-offs (recoveries) to average gross loans

0.21

(0.11

)

0.30

Ratio of allowance for credit losses to total loans and leases (p)

1.32

1.36

1.43

Ratio of allowance for credit losses to nonaccruing loans (n)

260

240

177

See “Notes”

Leading indicators of asset quality continued to trend downward, with a decrease in problem assets of $31.0 million compared to March 31, 2026, driven by several commercial payoffs. Delinquencies also decreased $5.1 million, or 5bps of gross loans, compared to March 31, 2026, driven by a reduction in consumer delinquencies. Problem assets decreased 31% and delinquencies decreased 39% compared to June 30, 2025.

Nonperforming assets (NPAs) decreased $6.9 million, or 4bps of total assets compared to March 31, 2026. The decrease in NPAs was primarily driven by the payoff of a multifamily loan. NPAs are down 24% compared to June 30, 2025.

Total net credit costs were $7.1 million. Excluding the impacts of a previously disclosed recovery in 1Q 2026, total net credit costs (9) decreased $8.7 million when compared to 1Q 2026. This decrease was primarily driven by lower net Commercial charge-offs and a release of ACL, due to the sale of the credit card portfolio and lower loss experience in Consumer.

Net charge-offs for the quarter were $7.1 million. Excluding the impacts of the prior quarter recovery, net charge-offs (9) decreased $5.1 million, or 16bps (annualized) of average gross loans, driven by lower commercial charge-offs.

The ACL on loans and leases was $177.3 million as of June 30, 2026, a decrease of $2.7 million when compared to March 31, 2026, and the ACL coverage ratio decreased 4bps to 1.32%.

(8) Problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO).

(9)As used in this press release, adjusted total net credit costs and adjusted net charge-offs are non-GAAP financial measures. These non-GAAP financial measures exclude the impact of payments for a loan charged-off during the first quarter of 2025. For a reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

Core Fee Revenue (10)

Core fee revenue (noninterest income) of $92.2 million increased $2.1 million, or 2%, compared to 1Q 2026. The increase was driven by a 5% increase in Wealth and Trust, primarily due to growth across WSFS Institutional Services ® and BMT of DE (personal trust), as well as increases in Capital Markets and Cash Connect ®. These increases were partially offset by decreases in gains on sale of mortgage and SBA loans as we retained more of our originated loans.

Core fee revenue increased $4.2 million, or 5%, compared to 2Q 2025. The increase was driven by a 17% increase in Wealth and Trust as well as an increase in Capital Markets. The increase in Wealth and Trust included 34% growth in WSFS Institutional Services ®, driven by both Corporate Trust and Global Capital Markets, and 20% growth in BMT of DE. These increases were partially offset by a $2.3 million decrease due to the final Spring EQ earnout recognized in 2025 and a $2.1 million decrease in Cash Connect ®, primarily due to the impact of interest rate cuts and lower ATM volumes.

For 2Q 2026, our core fee revenue ratio (10) was 32.3% compared to 32.7% in 1Q 2026 and 32.8% in 2Q 2025. Fee revenue diversification is a differentiator with further growth opportunities expected.

(10) As used in this press release, core fee revenue and core fee revenue ratio are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

Core Noninterest Expense (11)

Core noninterest expense of $166.2 million increased $6.3 million, or 4% (not annualized), compared to 1Q 2026. The increase is due to higher salaries and benefits, driven by the impact of performance-based incentives (which accounted for more than half of the increase) and medical costs, as well as increases in external fraud losses and professional fees. These increases were partially offset by a decrease in occupancy expense.

Core noninterest expense increased $6.6 million, or 4%, compared to 2Q 2025. The increase was primarily driven by higher salaries and benefits due to the reasons noted above, external fraud losses, and a one-time insurance recovery of $1.6 million in 2Q 2025. These increases were partially offset by a $2.7 million decrease in Cash Connect ® external funding costs due to lower rates and ATM volume as well as lower professional fees.

Our core efficiency ratio (11) was 58.3% in 2Q 2026, compared to 58.0% in 1Q 2026 and 59.6% in 2Q 2025, reflecting our focus on expense discipline while continuing to invest in the franchise.

Income Taxes

We recorded a $26.8 million income tax provision in 2Q 2026, compared to $27.6 million in 1Q 2026 and $23.3 million in 2Q 2025. The changes in income tax provision compared to 1Q 2026 and 2Q 2025 were primarily due to changes in income before taxes.

The effective tax rate was 24.1% in 2Q 2026 compared to 24.1% in 1Q 2026 and 24.4% in 2Q 2025. The decrease in effective tax rate compared to 2Q 2025 is primarily due to increased federal tax credits.

(11) As used in this press release, core noninterest expense and core efficiency ratio are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

Capital Management

Capital ratios remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at June 30, 2026, with a Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 13.76%, Tier 1 leverage ratio of 10.35%, and Total Risk-based capital ratio of 15.47%.

WSFS’ total stockholders’ equity decreased $2.7 million, or less than 1%, during 2Q 2026. The decrease was primarily due to capital returns to stockholders of $76.6 million and an increase in accumulated other comprehensive loss of $12.1 million, driven by market-value decreases on available-for-sale investment securities, partially offset by quarterly earnings of $84.4 million.

WSFS’ tangible common equity (12) increased $1.2 million, or less than 1%, compared to March 31, 2026, primarily due to a decrease in intangible assets from scheduled amortization. WSFS’ common equity to assets ratio decreased 31bps to 12.01% and tangible common equity to tangible assets ratio (12) decreased 21bps to 8.11% at June 30, 2026.

At June 30, 2026, book value per share was $52.97, an increase of $0.73, or 1% (not annualized), from March 31, 2026, and tangible book value per share (12) was $34.24, an increase of $0.53, or 2% (not annualized), from March 31, 2026. Book value per share increased $5.26, or 11%, and tangible book value per share increased $3.92, or 13%, compared to 2Q 2025.

During 2Q 2026, WSFS repurchased 923,948 shares of common stock for an aggregate of $66.2 million and paid quarterly cash dividends of $10.4 million. Total capital returns to stockholders through share repurchases and quarterly dividends was $76.6 million. WSFS has 9,200,029 shares, or approximately 18% of outstanding shares as of June 30, 2026, available for repurchase.

The Board of Directors approved a quarterly cash dividend of $0.20 per share of common stock. The dividend will be paid on August 21, 2026 to stockholders of record as of August 7, 2026.

(12) As used in this press release, tangible common equity, tangible common equity to tangible assets ratio, and tangible book value per share are non-GAAP financial measures. These non-GAAP financial measures exclude goodwill and intangible assets and the related tax-effected amortization. For a reconciliation of these and other non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

Selected Business Segments (included in previous results):

Wealth and Trust

The Wealth and Trust segment provides a broad array of planning and advisory services, investment management, trust services, credit and deposit products to individual, corporate, and institutional Clients.

Selected quarterly performance results and metrics are as follows:

(Dollars in millions, except where otherwise noted)

June 30, 2026

March 31, 2026

June 30, 2025

Net interest income (13)

31.7

27.5

23.0

Provision for credit losses

1.8

1.2

4.4

Fee revenue (14)

52.4

50.0

44.5

Noninterest expense (14)

34.5

31.8

32.3

Pre-tax income

47.7

44.5

30.7

Performance Metrics

WSFS Institutional Services ® and BMT of DE fee revenue

36.3

34.2

27.9

Private Wealth Management fee revenue

16.1

15.9

16.1

AUM/AUA (in billions) (15)

101.7

97.6

92.4

Wealth and Trust pre-tax income was $47.7 million, which increased $3.2 million, or 7% (not annualized), compared to 1Q 2026, driven by increases in net interest income of $4.2 million and fee revenue of $2.3 million.

The increase in net interest income was driven by higher noninterest deposit balances in Institutional Services. The increase in fee revenue was driven by higher assignment and agent fees across Institutional Services and continued account growth in BMT of DE. WSFS Institutional Services ® was the third most active trustee based on number of deals in 1H 2026 for U.S. ABS and MBS according to Asset-Backed Alert.

Wealth and Trust pre-tax income increased $17.0 million, or 55%, compared to 2Q 2025, driven by increases in fee revenue of $7.8 million and net interest income of $8.7 million. These increases were partially offset by an increase in noninterest expense of $2.2 million.

The increase in fee revenue was driven by growth in Institutional Services and BMT of DE. The increase in net interest income was due to higher noninterest deposit balances in Trust. The increase in noninterest expense was primarily due to higher salaries and benefits, uninsured losses and client transaction costs, partially offset by lower legal fees.

AUM/AUA increased $4.1 billion to $101.7 billion at the end of 2Q 2026 driven by account growth and market appreciation.

(14) Includes intercompany allocation of revenue and expense.

(15) Represents Assets Under Management and Assets Under Administration, in billions.

Cash Connect ®

Cash Connect ® is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Clients.

Selected quarterly financial results and metrics are as follows:

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Net revenue (16)

19.7

19.6

21.1

Noninterest expense (17)

16.8

16.7

17.8

Pre-tax income

3.0

3.3

Performance Metrics

Average cash managed

1,251

1,329

Number of serviced non-bank ATMs and smart safes

35,171

35,338

36,494

Net profit margin

15.0

15.4

15.6

ROA

2.15

2.38

2.43

Cash Connect ® pre-tax income of $3.0 million was flat compared to 1Q 2026. Net revenue and noninterest expense were generally flat compared to 1Q 2026 with lower ATM volume offset by higher revenue from smart safes, which grew 14%. Cash Connect ® net profit margin of 15.0% decreased 41bps compared to 1Q 2026, and decreased 62bps compared to 2Q 2025, largely driven by $1.6 million of one-time insurance recoveries in the prior year. Excluding this recovery, net profit margin increased 7.0% (18).

Compared to 2Q 2025, pre-tax income decreased $0.3 million, driven by the insurance recoveries mentioned above. Excluding the impact of those recoveries, pre-tax income (18) increased $1.3 million driven by the impact of lower interest rates (lower revenues were more than offset by lower expenses), pricing initiatives (increased revenues), and expense optimization.

Cash Connect ® continues to shift its business mix from traditional non-bank ATMs to higher margin products, such as smart safe units, which have grown 10% year-over-year.

(16) Includes net interest income and intercompany allocation of income.

(17) Includes intercompany allocation of expense.

(18) As used in this press release, adjusted profit margin and adjusted pre-tax income are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments. For a reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

Second Quarter 2026 Earnings Release Conference Call

Management will conduct a conference call to review 2Q 2026 results at 1:00 p.m. Eastern Time (ET) on Friday, July 24, 2026. Interested parties may access the conference call live on our Investor Relations website ( https://investors.wsfsbank.com). For those who cannot access the live conference call, a replay will be accessible shortly after the event concludes through our Investor Relations website.

About WSFS Financial Corporation

WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of June 30, 2026, WSFS Financial Corporation had $22.7 billion in assets on its balance sheet and $101.7 billion in assets under management and administration. WSFS operates from 114 offices, 87 of which are banking offices, located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Trust Advisors, LLC, Bryn Mawr Trust ®, The Bryn Mawr Trust Company of Delaware, Cash Connect ®, NewLane Finance ®, WSFS Wealth ® Management, LLC, WSFS Institutional Services ®, and WSFS Mortgage ®. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

Forward-Looking Statements

This press release contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth; possible additional loan losses and impairment of the collectability of loans; the Company's level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums; the credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development loans in the Company's loan portfolio; changes in market interest rates, which may increase funding costs and reduce earning asset yields and thus reduce margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company's investment securities portfolio, which could impact market confidence in the Company's operations; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company's operations, and potential expenses associated with complying with such regulations; the Company's ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms; the impacts related to or resulting from bank failures and other economic industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes; any impairments of the Company's goodwill or other intangible assets; the success of the Company's growth plans across our WSFS Bank, Cash Connect ® and/or Wealth and Trust segments; the Company's ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Client acceptance of the Company's products and services and related Client disintermediation; negative perceptions or publicity with respect to the Company generally and, in particular, the Company's Wealth and Trust business; failure of the financial and/or operational controls of the Company's Cash Connect ® and/or Wealth and Trust segments; adverse judgments or other resolution of pending and future legal proceedings, and costs incurred in defending such proceedings; the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties; system failures or cybersecurity incidents or other breaches of the Company's network security, particularly given remote working arrangements; any actual or perceived failure or deficiency in the use of artificial intelligence by the Company or third-party vendors or service providers; the Company's ability to recruit and retain key Associates; the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes, wildfires and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks; the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage); possible changes in the speed of loan prepayments by the Company's Clients and loan origination or sales volumes; possible changes in market valuations and/or the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate; regulatory limits on the Company's ability to receive dividends from its subsidiaries, and pay dividends to its stockholders; any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; any compounding effects or unexpected interactions of the risks discussed above; and other risks and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Risk Factors” and in other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this press release, the terms "WSFS," "the Company," "registrant," "we," "us," and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited)

Three months ended

Six months ended

(Dollars in thousands, except per share data)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Interest income:

Interest and fees on loans

208,206

205,243

216,005

413,449

432,757

Interest on mortgage-backed securities

27,975

25,242

24,531

53,217

49,276

Interest and dividends on investment securities

2,157

2,171

2,186

4,328

4,372

Other interest income

18,498

16,553

10,468

35,051

17,663

256,836

249,209

253,190

506,045

504,068

Interest expense:

Interest on deposits

59,694

59,497

70,124

119,191

141,228

Interest on Federal Home Loan Bank advances

491

439

949

930

1,887

Interest on senior and subordinated debt

2,765

2,766

1,089

5,531

3,163

Interest on trust preferred borrowings

1,370

1,355

1,518

2,725

3,041

Interest on other borrowings

64,336

64,073

73,695

128,409

149,357

Net interest income

192,500

185,136

179,495

377,636

354,711

Provision for (recovery of) credit losses

5,044

(1,998

)

12,621

3,046

29,971

Net interest income after provision for (recovery of) credit losses

187,456

187,134

166,874

374,590

324,740

Noninterest income:

Credit/debit card and ATM income

15,620

15,066

18,309

30,686

37,052

Investment management and fiduciary revenue

51,460

49,127

43,774

100,587

83,055

Deposit service charges

7,041

6,877

6,802

13,918

13,555

Mortgage banking activities, net

1,323

2,361

2,341

3,684

4,141

Loan and lease fee income

1,618

2,002

1,430

3,620

2,895

Unrealized loss on equity investment, net

(4,134

)

—

(4,134

)

—

Realized gain on sale of equity investment, net

159

—

159

Other income

16,881

14,682

15,335

31,563

28,190

89,968

90,115

88,009

180,083

168,906

Noninterest expense:

Salaries, benefits and other compensation

95,767

91,887

89,145

187,654

171,622

Occupancy expense

8,309

10,139

8,829

18,448

18,722

Equipment expense

13,661

13,272

13,778

26,933

26,506

Data processing and operations expense

5,246

5,011

5,010

10,257

9,705

Professional fees

4,752

4,118

6,211

8,870

10,909

Marketing expense

2,567

2,135

1,925

4,702

3,620

FDIC expenses

2,523

2,634

2,433

5,157

5,011

Loan workout and other credit costs

2,087

2,174

1,629

4,261

1,869

Corporate development expense

(329

)

120

(270

)

Restructuring expense

—

2,796

—

2,796

260

Other operating expenses

31,325

28,542

30,712

59,867

63,184

166,300

162,765

159,343

329,065

311,138

Income before taxes

111,124

114,484

95,540

225,608

182,508

Income tax provision

26,795

27,639

23,319

54,434

44,420

Net income

84,329

86,845

72,221

171,174

138,088

Less: Net (loss) income attributable to noncontrolling interest

(69

)

(105

)

(51

)

(134

)

Net income attributable to WSFS

84,398

86,827

72,326

171,225

138,222

Diluted earnings per share of common stock:

1.63

1.64

1.27

3.26

2.39

Weighted average shares of common stock outstanding for fully diluted EPS

51,935,567

53,031,912

56,851,797

52,475,721

57,765,602

See “Notes”

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited) - continued

Three months ended

Six months ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Performance Ratios:

Return on average assets (a)

1.52

1.61

1.39

1.56

1.34

Return on average equity (a)

12.39

12.71

10.94

12.55

10.54

Return on average tangible common equity (a)(o)

19.78

20.18

18.08

19.98

17.50

Net interest margin (a)(b)

3.87

3.83

3.89

3.85

3.88

Efficiency ratio (c)

58.8

59.0

59.5

58.9

59.3

Noninterest income as a percentage of total net revenue (b)

31.8

32.7

32.8

32.2

See “Notes”

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(Dollars in thousands)

June 30, 2026

March 31, 2026

June 30, 2025

Assets:

Cash and due from banks

2,173,149

2,067,824

899,713

Cash in non-owned ATMs

392,494

397,877

424,741

Investment securities, available-for-sale

3,841,008

3,581,894

3,494,783

Investment securities, held-to-maturity

943,292

958,219

994,340

Other investments

38,231

43,291

46,751

Net loans and leases (e)(f)(l)

13,323,785

13,153,815

12,965,825

Goodwill and intangibles

962,451

966,388

977,546

Other assets

979,538

937,607

959,593

Total assets

22,653,948

22,106,915

20,763,292

Liabilities and Stockholders’ Equity:

Noninterest-bearing deposits

7,008,388

6,371,522

5,305,768

Interest-bearing deposits

11,995,247

12,096,966

11,815,701

Total client deposits

19,003,635

18,468,488

17,121,469

Federal Home Loan Bank advances

—

51,040

Other borrowings

307,017

310,355

252,419

Other liabilities

632,222

614,031

666,146

Total liabilities

19,942,874

19,392,874

18,091,074

Stockholders’ equity of WSFS

2,721,798

2,724,493

2,682,728

Noncontrolling interest

(10,724

)

(10,452

)

(10,510

)

Total stockholders' equity

2,711,074

2,714,041

2,672,218

Total liabilities and stockholders' equity

22,653,948

22,106,915

20,763,292

Capital Ratios:

Equity to asset ratio

12.01

12.32

12.92

Tangible common equity to tangible asset ratio (o)

8.11

8.32

8.62

Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)

13.76

13.91

14.07

Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)

10.35

10.51

11.04

Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)

13.76

13.91

14.07

Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)

15.47

15.66

15.86

Asset Quality Indicators:

Nonperforming assets:

Nonaccruing loans (s)(n)

68,271

75,112

105,236

Assets acquired through foreclosure

12,690

12,717

930

Total nonperforming assets

80,961

87,829

106,166

Past due loans (h)(n)

8,112

12,029

23,012

Troubled loans (t)(n)

94,280

110,586

195,916

Allowance for credit losses

180,035

182,876

189,121

Ratio of nonperforming assets to total assets (n)

0.36

0.40

0.51

Ratio of allowance for credit losses to total loans and leases (p)

1.32

1.36

1.43

Ratio of allowance for credit losses to nonaccruing loans (n)

260

240

177

Ratio of quarterly net charge-offs (recoveries) to average gross loans (a)(e)(i)

0.21

(0.11

)

0.30

Ratio of year-to-date net charge-offs (recoveries) to average gross loans (a)(e)(i)

0.06

(0.11

)

0.53

See “Notes”

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

AVERAGE BALANCE SHEET (Unaudited)

(Dollars in thousands)

Three months ended

June 30, 2026

March 31, 2026

June 30, 2025

Average

Balance

Interest &

Dividends

Yield/

Rate

(a)(b)

Average

Balance

Interest &

Dividends

Yield/

Rate

(a)(b)

Average

Balance

Interest &

Dividends

Yield/

Rate

(a)(b)

Assets:

Interest-earning assets:

Loans: (e) (j)

Commercial loans

4,838,475

73,772

6.13

4,701,069

70,169

6.07

4,632,578

74,450

6.45

Commercial real estate loans (r)

4,896,752

75,795

6.21

4,968,948

76,339

6.23

4,808,177

78,400

6.54

Commercial leases

581,053

12,560

8.65

588,782

12,850

8.73

630,955

13,776

8.73

Residential mortgage

1,142,113

15,774

5.52

1,089,151

14,638

5.38

965,480

12,935

5.36

Consumer loans

1,854,178

28,889

6.25

1,871,601

29,847

6.47

1,997,285

35,096

7.05

Loans held for sale

78,068

1,416

7.28

66,760

1,400

8.50

96,517

1,348

5.60

Total loans and leases

13,390,639

208,206

6.24

13,286,311

205,243

6.27

13,130,992

216,005

6.60

Mortgage-backed securities (d)

4,286,970

27,975

2.61

4,191,264

25,242

2.41

4,148,820

24,531

2.37

Investment securities (d)

363,491

2,157

2.71

368,318

2,171

2.72

366,391

2,186

2.70

Other interest-earning assets

1,979,080

18,498

3.75

1,793,908

16,553

3.74

934,152

10,468

4.49

Total interest-earning assets

20,020,180

256,836

5.16

19,639,801

249,209

5.16

18,580,355

253,190

5.48

Allowance for credit losses

(183,731

)

(184,109

)

(188,252

)

Cash and due from banks

176,672

175,052

188,300

Cash in non-owned ATMs

378,583

351,909

390,275

Bank owned life insurance

37,833

37,289

36,042

Other noninterest-earning assets

1,843,940

1,855,211

1,898,721

Total assets

22,273,477

21,875,153

20,905,441

Liabilities and stockholders’ equity:

Interest-bearing liabilities:

Interest-bearing deposits:

Interest-bearing demand

2,796,834

6,254

0.90

2,828,403

6,055

0.87

2,829,653

7,337

1.04

Savings

1,370,482

1,172

0.34

1,395,028

1,163

0.34

1,445,123

1,609

0.45

Money market

5,890,550

38,131

2.60

5,817,813

36,876

2.57

5,437,897

41,120

3.03

Time deposits

1,894,349

14,137

2.99

1,962,289

15,403

3.18

2,094,572

20,058

3.84

Total interest-bearing client deposits

11,952,215

59,694

2.00

12,003,533

59,497

2.01

11,807,245

70,124

2.38

Federal Home Loan Bank advances

50,000

491

3.88

44,444

439

4.01

84,007

949

4.53

Trust preferred borrowings

91,096

1,370

6.03

91,055

1,355

6.04

90,903

1,518

6.70

Senior and subordinated debt

196,997

2,765

5.61

196,919

2,766

5.62

148,708

1,089

2.93

Other borrowed funds

22,324

0.29

21,868

0.30

19,428

0.31

Total interest-bearing liabilities

12,312,632

64,336

2.10

12,357,819

64,073

2.10

12,150,291

73,695

2.43

Noninterest-bearing demand deposits

6,631,914

6,105,690

5,438,692

Other noninterest-bearing liabilities

606,784

652,541

674,616

Stockholders’ equity of WSFS

2,732,684

2,769,574

2,652,257

Noncontrolling interest

(10,537

)

(10,471

)

(10,415

)

Total liabilities and equity

22,273,477

21,875,153

20,905,441

Excess of interest-earning assets over interest-bearing liabilities

7,707,548

7,281,982

6,430,064

Net interest and dividend income

192,500

185,136

179,495

Interest rate spread

3.06

3.05

Net interest margin

3.87

3.83

3.89

See “Notes”

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

(Dollars in thousands, except per share data)

Three months ended

Six months ended

Stock Information:

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Market price of common stock:

High

$78.39

$71.32

$57.06

$78.39

$59.43

Low

64.98

54.31

42.44

54.31

42.44

76.73

65.46

55.00

76.73

55.00

Book value per share of common stock

52.97

52.24

47.71

Tangible common book value (TBV) per share of common stock (o)

34.24

33.71

30.32

Number of shares of common stock outstanding (000s)

51,388

52,149

56,235

Other Financial Data:

One-year repricing gap to total assets (k)(u)

6.45%

4.72%

(2.69)%

Weighted average duration of the MBS portfolio

5.6 years

5.8 years

6.2 years

Unrealized losses on securities available for sale, net of taxes

$(393,925)

$(385,270)

$(445,065)

Number of Associates (FTEs) (m)

2,391

2,348

2,375

Number of offices (branches, LPO’s, operations centers, etc.)

114

115

Notes:

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

(Dollars in thousands, except per share data)

(Unaudited)

Non-GAAP Reconciliation (o):

Three months ended

Six months ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net interest income (GAAP)

192,500

185,136

179,495

377,636

354,711

Core net interest income (non-GAAP)

192,500

185,136

179,495

377,636

354,711

Noninterest income (GAAP)

89,968

90,115

88,009

180,083

168,906

Plus: Unrealized loss on equity investments, net

(4,134

)

—

(4,134

)

—

Less: Realized gain on sale of equity investment, net

159

—

159

Less: Gain on sale of credit card portfolio

1,746

—

1,746

—

Core fee revenue (non-GAAP)

92,197

90,115

87,991

182,312

168,888

Core net revenue (non-GAAP)

284,697

275,251

267,486

559,948

523,599

Core net revenue (non-GAAP)(tax-equivalent)

285,231

275,780

267,972

561,011

524,540

Noninterest expense (GAAP)

166,300

162,765

159,343

329,065

311,138

Less/(plus): Corporate development expense

(329

)

120

(270

)

Less: Restructuring expense

—

2,796

—

2,796

260

Core noninterest expense (non-GAAP)

166,237

159,912

159,672

326,149

311,148

Core efficiency ratio (non-GAAP)

58.3

58.0

59.6

58.1

59.3

Core fee revenue ratio (non-GAAP) (b)

32.3

32.7

32.8

32.5

32.2

End of period

June 30, 2026

March 31, 2026

June 30, 2025

Total assets (GAAP)

22,653,948

22,106,915

20,763,292

Less: Goodwill and other intangible assets

962,451

966,388

977,546

Total tangible assets (non-GAAP)

21,691,497

21,140,527

19,785,746

Total stockholders’ equity of WSFS (GAAP)

2,721,798

2,724,493

2,682,728

Less: Goodwill and other intangible assets

962,451

966,388

977,546

Total tangible common equity (non-GAAP)

1,759,347

1,758,105

1,705,182

Tangible common book value (TBV) per share:

Book value per share (GAAP)

52.97

52.24

47.71

Tangible common book value per share (non-GAAP)

34.24

33.71

30.32

Tangible common equity to tangible assets:

Equity to asset ratio (GAAP)

12.01

12.32

12.92

Tangible common equity to tangible assets ratio (non-GAAP)

8.11

8.32

8.62

Non-GAAP Reconciliation - continued (o):

Three months ended

Six months ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

GAAP net income attributable to WSFS

84,398

86,827

72,326

171,225

138,222

Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, gain on sale of credit card portfolio, corporate development and restructuring expense

2,292

2,853

(347

)

5,145

(28

)

(Less)/plus: Tax impact of pre-tax adjustments

(539

)

(639

)

149

(1,178

)

Adjusted net income (non-GAAP) attributable to WSFS

86,151

89,041

72,128

175,192

138,293

GAAP return on average assets (ROA)

1.52

1.61

1.39

1.56

1.34

Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, gain on sale of credit card portfolio, corporate development and restructuring expense

0.04

0.05

(0.01

)

0.05

—

(Less)/plus: Tax impact of pre-tax adjustments

(0.01

)

(0.01

)

—

(0.01

)

—

Core ROA (non-GAAP)

1.55

1.65

1.38

1.60

1.34

Less: Impact of loan recovery (after-tax)

—

0.22

—

0.11

—

Core ROA excluding loan recovery (non-GAAP)

1.55

1.43

1.38

1.49

1.34

Earnings per share (diluted) (GAAP)

1.63

1.64

1.27

3.26

2.39

Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, gain on sale of credit card portfolio, corporate development and restructuring expense

0.04

0.05

(0.01

)

0.10

—

(Less)/plus: Tax impact of pre-tax adjustments

(0.01

)

(0.01

)

0.01

(0.02

)

—

Core earnings per share (non-GAAP)

1.66

1.68

1.27

3.34

2.39

Less: Impact of loan recovery (after-tax)

—

0.23

—

0.23

—

Core EPS excluding loan recovery (non-GAAP)

1.66

1.45

1.27

3.11

2.39

Calculation of return on average tangible common equity:

GAAP net income attributable to WSFS

84,398

86,827

72,326

171,225

138,222

Plus: Tax effected amortization of intangible assets

2,766

2,778

2,946

5,544

5,891

Net tangible income (non-GAAP)

87,164

89,605

75,272

176,769

144,113

Average stockholders’ equity of WSFS

2,732,684

2,769,574

2,652,257

2,751,027

2,644,847

Less: Average goodwill and intangible assets

964,974

968,555

982,533

966,755

984,624

Net average tangible common equity

1,767,710

1,801,019

1,669,724

1,784,272

1,660,223

Return on average tangible common equity (non-GAAP)

19.78

20.18

18.08

19.98

17.50

Calculation of PPNR:

Net income (GAAP)

84,329

86,845

72,221

171,174

138,088

Plus: Income tax provision

26,795

27,639

23,319

54,434

44,420

Plus/(less): Provision for (recovery of) credit losses

5,044

(1,998

)

12,621

3,046

29,971

PPNR (non-GAAP)

116,168

112,486

108,161

228,654

212,479

Non-GAAP Reconciliation - continued (o):

Three months ended

June 30, 2026

March 31, 2026

June 30, 2025

Calculation of adjusted total net credit costs and adjusted net charge-offs:

Total net credit costs (GAAP)

7,131

176

14,250

Less: Recovery on previously charged-off loan

—

(15,686

)

—

Adjusted total net credit costs (non-GAAP)

7,131

15,862

14,250

Net charge-offs (GAAP)

7,111

(3,456

)

9,767

Less: Recovery on previously charged-off loan

—

(15,686

)

—

Adjusted net charge-offs (non-GAAP)

7,111

12,230

9,767

Calculation of Cash Connect ® adjusted net profit margin:

Cash Connect ® net revenue (GAAP)

19,728

19,601

21,141

Cash Connect ® pre-tax income (GAAP)

2,951

3,013

3,293

Less: Impact of insurance recovery

—

(1,612

)

Cash Connect ® adjusted pre-tax income (non-GAAP)

2,951

3,013

1,681

GAAP Cash Connect ® net profit margin

15.0

15.4

15.6

Cash Connect ® adjusted net profit margin (non-GAAP)

15.0

15.4

8.0