WSFS Reports 3Q 2025 EPS of $1.37, YOY EPS Growth of 27% ROA of 1.44% and NIM of 3.91% Improvement in Asset Quality Metrics
Selected financial results and metrics are as follows:
(Dollars in millions, except per share data) |
|
3Q 2025 |
|
|
|
2Q 2025 |
|
|
|
3Q 2024 |
|
Net interest income |
$ |
184.0 |
|
$ |
179.5 |
|
$ |
177.5 |
|
||
Fee revenue |
|
86.5 |
|
|
88.0 |
|
|
90.2 |
|
||
Total net revenue |
|
270.5 |
|
|
267.5 |
|
|
267.7 |
|
||
Provision for credit losses |
|
6.6 |
|
|
12.6 |
|
|
18.4 |
|
||
Noninterest expense |
|
163.1 |
|
|
159.3 |
|
|
163.7 |
|
||
Net income attributable to WSFS |
|
76.4 |
|
|
72.3 |
|
|
64.4 |
|
||
Pre-provision net revenue (PPNR)(1) |
|
107.4 |
|
|
108.2 |
|
|
103.9 |
|
||
Earnings per share (EPS) (diluted) |
|
1.37 |
|
|
1.27 |
|
|
1.08 |
|
||
Return on average assets (ROA) (a) |
|
1.44 |
% |
|
1.39 |
% |
|
1.22 |
% |
||
Return on average equity (ROE) (a) |
|
11.3 |
|
|
10.9 |
|
|
10.0 |
|
||
Fee revenue as % of total net revenue |
|
31.9 |
|
|
32.8 |
|
|
33.6 |
|
||
Efficiency ratio |
|
60.2 |
|
|
59.5 |
|
|
61.1 |
|
||
See “Notes” |
|
|
|
||||||||
GAAP results for the quarterly periods shown included items that are excluded from core results. Below is a summary of the financial effects of these items. For additional detail, refer to the Non-GAAP Reconciliation in the back of this earnings release.
3Q 2025 |
|
2Q 2025 |
|
3Q 2024 |
||||||||||||||||
(Dollars in millions, except per share data) |
Total (pre-tax) |
|
Per share (after-tax) |
|
Total (pre-tax) |
|
Per share (after-tax) |
|
Total (pre-tax) |
|
Per share (after-tax) |
|||||||||
| Fee revenue | $ |
(1.5 |
) |
$ |
(0.02 |
) |
$ |
— |
|
$ |
— |
$ |
0.1 |
$ |
— |
|||||
| Noninterest expense |
|
0.9 |
|
|
0.01 |
|
|
(0.3 |
) |
— |
— |
— |
||||||||
Income tax impacts |
|
(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 credit losses. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. |
CEO Commentary
Rodger Levenson, Chairman, CEO and President, said, "WSFS continued to perform well in the third quarter with a core EPS(2) of
"These results were driven by a continued strong net interest margin of
"Client deposits grew
"During the quarter, we continued the execution of our share repurchase program with total year-to-date repurchases of 3.4 million shares, or approximately
"We remain focused on building upon our momentum into the fourth quarter, and delivering long-term sustainable high performance, consistent with our 2025-2027 Strategic Plan."
(2) As used in this press release, core EPS, core ROA, and tangible book value per share 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 comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. |
Highlights for 3Q 2025:
-
Core EPS of
and core ROA of$1.40 1.48% compared to and$1.27 1.38% for 2Q 2025.-
Year-over-year core EPS increased
30% and core ROA increased 26bps.
-
Year-over-year core EPS increased
-
Core PPNR(3) of
, compared to$109.8 million for 2Q 2025.$107.8 million -
Continued strong net interest margin of
3.91% , compared to3.89% for 2Q 2025. -
Growth in client deposits while maintaining strong average noninterest demand composition of
32% . - Double-digit year-over-year fee revenue growth in Wealth and Trust, coupled with strong quarter-over-quarter performance in Capital Markets and Cash Connect®.
-
Total net credit costs were
, compared to$8.4 million for 2Q 2025.$14.3 million - Improvement in problem assets, nonperforming assets, and delinquencies driven by the resolution of several large problem loans with no additional losses.
-
WSFS repurchased 827,100 shares of common stock (
1.5% of outstanding shares as of 2Q 2025) at an average price of per share, totaling an aggregate of$56.53 , and paid quarterly dividends of$46.8 million , for a total capital return of$9.5 million . Year-to-date, total capital returned to stockholders through share repurchases and quarterly dividends was$56.3 million .$206.2 million
(3) As used in this press release, core PPNR is a non-GAAP financial measure. This non-GAAP financial measure excludes certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. |
Third Quarter 2025 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and composition at September 30, 2025 compared to June 30, 2025 and September 30, 2024:
Loans and Leases |
||||||||||||||||||||
(Dollars in millions) |
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|||||||||||||||
Commercial & industrial (C&I)(4) |
$ |
4,587 |
|
36 |
% |
$ |
4,731 |
|
36 |
% |
$ |
4,661 |
|
35 |
% |
|||||
Commercial mortgage |
|
3,856 |
|
30 |
|
|
3,911 |
|
30 |
|
|
4,149 |
|
32 |
|
|||||
Construction |
|
1,004 |
|
7 |
|
|
858 |
|
7 |
|
|
806 |
|
6 |
|
|||||
Commercial small business leases |
|
617 |
|
5 |
|
|
630 |
|
5 |
|
|
645 |
|
5 |
|
|||||
Total commercial loans and leases |
|
10,064 |
|
78 |
|
|
10,130 |
|
78 |
|
|
10,261 |
|
78 |
|
|||||
Residential mortgage |
|
1,062 |
|
8 |
|
|
1,016 |
|
8 |
|
|
965 |
|
7 |
|
|||||
Consumer |
|
1,897 |
|
15 |
|
|
2,006 |
|
15 |
|
|
2,138 |
|
16 |
|
|||||
Gross loans and leases |
|
13,023 |
|
101 |
% |
|
13,152 |
|
101 |
% |
|
13,364 |
|
101 |
% |
|||||
Allowance for Credit Losses (ACL) |
|
(183 |
) |
(1 |
) |
|
(186 |
) |
(1 |
) |
|
(197 |
) |
(1 |
) |
|||||
Net loans and leases |
$ |
12,840 |
|
100 |
% |
$ |
12,966 |
|
100 |
% |
$ |
13,167 |
|
100 |
% |
|||||
At September 30, 2025, WSFS’ gross loan and lease portfolio decreased
Gross loans and leases at September 30, 2025 decreased
(4) Includes owner-occupied real estate. |
The following table summarizes client deposit balances and composition at September 30, 2025 compared to June 30, 2025 and September 30, 2024:
| Client Deposits | |||||||||||||||||
(Dollars in millions) |
September 30, 2025 |
June 30, 2025 |
September 30, 2024 |
||||||||||||||
Noninterest demand |
$ |
5,237 |
31 |
% |
$ |
5,306 |
31 |
% |
$ |
4,686 |
29 |
% |
|||||
Interest-bearing demand |
|
2,966 |
17 |
|
|
2,806 |
16 |
|
|
2,931 |
18 |
|
|||||
Savings |
|
1,408 |
8 |
|
|
1,452 |
9 |
|
|
1,489 |
9 |
|
|||||
Money market |
|
5,536 |
32 |
|
|
5,471 |
32 |
|
|
5,178 |
31 |
|
|||||
Total core deposits |
|
15,147 |
88 |
|
|
15,035 |
88 |
|
|
14,284 |
87 |
|
|||||
Time deposits |
|
2,079 |
12 |
|
|
2,086 |
12 |
|
|
2,143 |
13 |
|
|||||
Total client deposits |
$ |
17,226 |
100 |
% |
$ |
17,121 |
100 |
% |
$ |
16,427 |
100 |
% |
|||||
Total client deposits increased by
Total client deposits increased by
The deposit base remains well-diversified, with
(5) Ratio of net loans and leases to total client deposits. |
Net Interest Income
|
Three Months Ending |
||||||||||
(Dollars in millions) |
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
||||||
Net interest income before purchase accretion |
$ |
182.6 |
|
$ |
177.5 |
|
$ |
175.5 |
|
||
Purchase accounting accretion |
|
1.4 |
|
|
2.0 |
|
|
2.0 |
|
||
Net interest income |
$ |
184.0 |
|
$ |
179.5 |
|
$ |
177.5 |
|
||
Net interest margin before purchase accretion |
3.88 |
% |
3.84 |
% |
3.74 |
% |
|||||
Purchase accounting accretion |
|
0.03 |
|
|
0.05 |
|
|
0.04 |
|
||
Net interest margin |
|
3.91 |
% |
|
3.89 |
% |
|
3.78 |
% |
||
Net interest income increased
Net interest income increased
Total loan yields were
Net interest margin of
Asset Quality
(Dollars in millions) |
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
||||||
Problem assets(6) |
$ |
629.7 |
|
$ |
683.1 |
|
$ |
721.5 |
|
||
Delinquencies (n) |
|
104.7 |
|
|
158.0 |
|
|
147.6 |
|
||
Nonperforming assets (n) |
|
72.6 |
|
|
106.2 |
|
|
91.3 |
|
||
Net charge-offs on loans and leases |
|
9.9 |
|
|
9.8 |
|
|
19.2 |
|
||
Total net credit costs (r) |
|
8.4 |
|
|
14.3 |
|
|
20.1 |
|
||
Problem assets to total Tier 1 capital plus ACL on loans and leases |
|
26.64 |
% |
|
29.83 |
% |
|
30.11 |
% |
||
Classified assets to total Tier 1 capital plus ACL on loans and leases |
|
19.20 |
|
|
21.60 |
|
|
21.41 |
|
||
Ratio of nonperforming assets to total assets (n) |
|
0.35 |
|
|
0.51 |
|
|
0.44 |
|
||
Delinquencies (n) to gross loans (i) |
|
0.81 |
|
|
1.22 |
|
|
1.11 |
|
||
Ratio of quarterly net charge-offs to average gross loans |
|
0.30 |
|
|
0.30 |
|
|
0.58 |
|
||
Ratio of allowance for credit losses to total loans and leases (q) |
|
1.41 |
|
|
1.43 |
|
|
1.48 |
|
||
Ratio of allowance for credit losses to nonaccruing loans (n) |
|
254 |
|
|
177 |
|
|
219 |
|
||
See “Notes” |
|
|
|
||||||||
In the quarter, we saw decreases of
Total net credit costs were
Net charge-offs were consistent with 2Q 2025 levels at
The ACL on loans and leases was
(6) Problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO). |
Core Fee Revenue(7)
Core fee revenue (noninterest income) of
Core fee revenue decreased
For 3Q 2025, our core fee revenue ratio(7) was
(7) As used in this press release, core fee revenue, adjusted 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 comparable |
GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. |
Core Noninterest Expense(8)
Core noninterest expense of
Core noninterest expense decreased
Our core efficiency ratio(8) was
Income Taxes
We recorded a
The effective tax rate was
(8) 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 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 September 30, 2025, with a Common Equity Tier 1 capital ratio and Tier 1 capital ratio of
WSFS’ total stockholders’ equity increased
WSFS’ tangible common equity(9) increased
At September 30, 2025, book value per share was
During 3Q 2025, WSFS repurchased 827,100 shares of common stock for an aggregate of
The Board of Directors approved a quarterly cash dividend of
(9) As used in this press release, tangible common equity and tangible common equity to tangible assets ratio 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 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) |
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
||||
Net interest income |
$ |
24.0 |
|
$ |
23.0 |
$ |
21.6 |
||
Provision for credit losses |
|
(0.1 |
) |
|
4.4 |
|
— |
||
Fee revenue(10) |
|
42.3 |
|
|
44.5 |
|
37.2 |
||
Noninterest expense(10) |
|
32.0 |
|
|
32.3 |
|
28.4 |
||
Pre-tax income |
|
34.4 |
|
|
30.7 |
|
30.4 |
||
Performance Metrics |
|
|
|
||||||
Institutional Services and BMT of DE fee revenue |
$ |
27.6 |
|
$ |
27.9 |
$ |
21.6 |
||
Private Wealth Management fee revenue |
|
14.8 |
|
|
16.1 |
|
14.9 |
||
AUM/AUA (in billions)(11) |
|
93.4 |
|
|
92.4 |
|
87.2 |
||
Wealth and Trust pre-tax income was
Wealth and Trust pre-tax income increased
AUM/AUA increased to
(10) Includes intercompany allocation of revenue and expense. |
(11) 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
Selected quarterly financial results and metrics are as follows:
(Dollars in millions) |
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
||||||
Net revenue(12) |
$ |
22.0 |
|
$ |
21.1 |
|
$ |
27.7 |
|
||
Noninterest expense(13) |
|
19.6 |
|
|
17.8 |
|
|
26.1 |
|
||
Pre-tax income |
|
2.3 |
|
|
3.3 |
|
|
1.6 |
|
||
Performance Metrics |
|||||||||||
Average cash managed |
$ |
1,386 |
$ |
1,329 |
$ |
1,623 |
|||||
Number of serviced non-bank ATMs and smart safes |
|
36,511 |
|
|
36,494 |
|
|
42,126 |
|
||
Number of WSFS owned and branded ATMs |
|
524 |
|
|
582 |
|
|
569 |
|
||
Net profit margin |
|
10.64 |
% |
|
15.58 |
% |
|
5.88 |
% |
||
ROA |
|
1.67 |
% |
|
2.43 |
% |
|
1.29 |
% |
||
Cash Connect® pre-tax income decreased
Pre-tax income increased
(12) Includes intercompany allocation of income and net interest income. |
| (13) Includes intercompany allocation of expense. |
Third Quarter 2025 Earnings Release Conference Call
Management will conduct a conference call to review 3Q 2025 results at 1:00 p.m. Eastern Time (ET) on Friday, October 24, 2025. 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
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, volatile market conditions and uncertain economic trends in
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 |
Nine months ended |
|||||||||||||||||
(Dollars in thousands, except per share data) |
September 30, 2025 |
June 30, 2025 |
September 30, 2024 |
September 30, 2025 |
September 30, 2024 |
|||||||||||||
Interest income: |
|
|
|
|
|
|||||||||||||
Interest and fees on loans |
$ |
218,250 |
$ |
216,005 |
|
$ |
235,977 |
|
$ |
651,007 |
|
$ |
691,495 |
|
||||
Interest on mortgage-backed securities |
|
24,202 |
|
24,531 |
|
|
25,348 |
|
|
73,478 |
|
|
77,029 |
|
||||
Interest and dividends on investment securities |
|
2,180 |
|
2,186 |
|
|
2,184 |
|
|
6,552 |
|
|
6,551 |
|
||||
Other interest income |
|
13,789 |
|
10,468 |
|
|
9,875 |
|
|
31,452 |
|
|
25,168 |
|
||||
|
|
258,421 |
|
253,190 |
|
|
273,384 |
|
|
762,489 |
|
|
800,243 |
|
||||
Interest expense: |
|
|
|
|
|
|||||||||||||
Interest on deposits |
|
71,185 |
|
70,124 |
|
|
80,647 |
|
|
212,413 |
|
|
230,135 |
|
||||
Interest on Federal Home Loan Bank advances |
|
586 |
|
949 |
|
|
1,472 |
|
|
2,473 |
|
|
2,139 |
|
||||
Interest on senior and subordinated debt |
|
1,089 |
|
1,089 |
|
|
2,446 |
|
|
4,252 |
|
|
7,336 |
|
||||
Interest on trust preferred borrowings |
|
1,524 |
|
1,518 |
|
|
1,749 |
|
|
4,565 |
|
|
5,255 |
|
||||
Interest on other borrowings |
|
14 |
|
15 |
|
|
9,566 |
|
|
52 |
|
|
28,147 |
|
||||
|
|
74,398 |
|
73,695 |
|
|
95,880 |
|
|
223,755 |
|
|
273,012 |
|
||||
Net interest income |
|
184,023 |
|
179,495 |
|
|
177,504 |
|
|
538,734 |
|
|
527,231 |
|
||||
Provision for credit losses |
|
6,566 |
|
12,621 |
|
|
18,422 |
|
|
36,537 |
|
|
53,374 |
|
||||
Net interest income after provision for credit losses |
|
177,457 |
|
166,874 |
|
|
159,082 |
|
|
502,197 |
|
|
473,857 |
|
||||
Noninterest income: |
|
|
|
|
|
|||||||||||||
Credit/debit card and ATM income |
|
18,487 |
|
18,309 |
|
|
24,621 |
|
|
55,539 |
|
|
68,165 |
|
||||
Investment management and fiduciary revenue |
|
41,272 |
|
43,774 |
|
|
36,648 |
|
|
124,327 |
|
|
107,182 |
|
||||
Deposit service charges |
|
7,001 |
|
6,802 |
|
|
6,837 |
|
|
20,556 |
|
|
19,820 |
|
||||
Mortgage banking activities, net |
|
2,091 |
|
2,341 |
|
|
2,067 |
|
|
6,232 |
|
|
5,931 |
|
||||
Loan and lease fee income |
|
2,089 |
|
1,430 |
|
|
1,513 |
|
|
4,984 |
|
|
4,742 |
|
||||
Realized gain on sale of equity investment, net |
|
939 |
|
18 |
|
|
56 |
|
|
957 |
|
|
2,186 |
|
||||
Other income |
|
14,592 |
|
15,335 |
|
|
18,416 |
|
|
42,782 |
|
|
49,587 |
|
||||
|
|
86,471 |
|
88,009 |
|
|
90,158 |
|
|
255,377 |
|
|
257,613 |
|
||||
Noninterest expense: |
|
|
|
|
|
|||||||||||||
Salaries, benefits and other compensation |
|
91,661 |
|
89,145 |
|
|
86,124 |
|
|
263,283 |
|
|
245,179 |
|
||||
Occupancy expense |
|
8,498 |
|
8,829 |
|
|
9,595 |
|
|
27,220 |
|
|
28,461 |
|
||||
Equipment expense |
|
12,933 |
|
13,778 |
|
|
12,076 |
|
|
39,439 |
|
|
34,822 |
|
||||
Data processing and operations expense |
|
5,045 |
|
5,010 |
|
|
4,985 |
|
|
14,750 |
|
|
13,452 |
|
||||
Professional fees |
|
4,942 |
|
6,211 |
|
|
3,819 |
|
|
15,851 |
|
|
13,081 |
|
||||
Marketing expense |
|
2,178 |
|
1,925 |
|
|
2,053 |
|
|
5,798 |
|
|
5,855 |
|
||||
FDIC expenses |
|
2,739 |
|
2,433 |
|
|
2,882 |
|
|
7,750 |
|
|
9,254 |
|
||||
Loss on debt extinguishment |
|
352 |
|
— |
|
|
— |
|
|
352 |
|
|
— |
|
||||
Loan workout and other credit costs |
|
1,802 |
|
1,629 |
|
|
1,684 |
|
|
3,671 |
|
|
1,477 |
|
||||
Corporate development expense |
|
171 |
|
(329 |
) |
|
46 |
|
|
(99 |
) |
|
412 |
|
||||
Restructuring expense |
|
398 |
|
— |
|
|
— |
|
|
658 |
|
|
— |
|
||||
Other operating expenses |
|
32,337 |
|
30,712 |
|
|
40,459 |
|
|
95,521 |
|
|
116,570 |
|
||||
|
|
163,056 |
|
159,343 |
|
|
163,723 |
|
|
474,194 |
|
|
468,563 |
|
||||
Income before taxes |
|
100,872 |
|
95,540 |
|
|
85,517 |
|
|
283,380 |
|
|
262,907 |
|
||||
Income tax provision |
|
24,405 |
|
23,319 |
|
|
21,108 |
|
|
68,825 |
|
|
63,567 |
|
||||
Net income |
|
76,467 |
|
72,221 |
|
|
64,409 |
|
|
214,555 |
|
|
199,340 |
|
||||
Less: Net income (loss) attributable to noncontrolling interest |
|
18 |
|
(105 |
) |
|
(26 |
) |
|
(116 |
) |
|
(129 |
) |
||||
Net income attributable to WSFS |
$ |
76,449 |
$ |
72,326 |
|
$ |
64,435 |
|
$ |
214,671 |
|
$ |
199,469 |
|
||||
Diluted earnings per share of common stock: |
$ |
1.37 |
$ |
1.27 |
|
$ |
1.08 |
|
$ |
3.75 |
|
$ |
3.33 |
|
||||
Weighted average shares of common stock outstanding for fully diluted EPS |
|
55,960,833 |
|
56,851,797 |
|
|
59,393,651 |
|
|
57,171,976 |
|
|
59,956,324 |
|
||||
See “Notes” |
|
|
|
|
||||||||||||||
WSFS FINANCIAL CORPORATION |
||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||
SUMMARY STATEMENTS OF INCOME (Unaudited) - continued |
||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|||||
Performance Ratios: |
|
|
|
|
|
|||||||||
Return on average assets (a) |
1.44 |
% |
1.39 |
% |
1.22 |
% |
1.37 |
% |
1.28 |
% |
||||
Return on average equity (a) |
11.25 |
|
10.94 |
|
9.95 |
|
10.78 |
|
10.66 |
|
||||
Return on average tangible common equity (a)(o) |
18.31 |
|
18.08 |
|
16.96 |
|
17.78 |
|
18.55 |
|
||||
Net interest margin (a)(b) |
3.91 |
|
3.89 |
|
3.78 |
|
3.89 |
|
3.82 |
|
||||
Efficiency ratio (c) |
60.17 |
|
59.46 |
|
61.08 |
|
59.61 |
|
59.61 |
|
||||
Noninterest income as a percentage of total net revenue (b) |
31.91 |
|
32.84 |
|
33.64 |
|
32.10 |
|
32.78 |
|
||||
See “Notes” |
|
|
|
|
|
|||||||||
WSFS FINANCIAL CORPORATION |
|||||||||||
FINANCIAL HIGHLIGHTS (Continued) |
|||||||||||
SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited) |
|||||||||||
(Dollars in thousands) |
September 30, 2025 |
|
June 30, 2025 |
September 30, 2024 |
|||||||
Assets: |
|
|
|
||||||||
Cash and due from banks |
$ |
1,199,540 |
|
$ |
899,713 |
|
$ |
571,798 |
|
||
Cash in non-owned ATMs |
|
364,733 |
|
|
424,741 |
|
|
414,931 |
|
||
Investment securities, available-for-sale |
|
3,502,159 |
|
|
3,494,783 |
|
|
3,737,119 |
|
||
Investment securities, held-to-maturity |
|
979,698 |
|
|
994,340 |
|
|
1,026,305 |
|
||
Other investments |
|
46,691 |
|
|
46,751 |
|
|
38,662 |
|
||
Net loans and leases (e)(f)(l) |
|
12,840,383 |
|
|
12,965,825 |
|
|
13,166,805 |
|
||
Goodwill and intangibles |
|
973,677 |
|
|
977,546 |
|
|
992,163 |
|
||
Other assets |
|
933,534 |
|
|
959,593 |
|
|
957,426 |
|
||
Total assets |
$ |
20,840,415 |
|
$ |
20,763,292 |
|
$ |
20,905,209 |
|
||
Liabilities and Stockholders’ Equity: |
|
|
|
||||||||
Noninterest-bearing deposits |
$ |
5,236,956 |
|
$ |
5,305,768 |
|
$ |
4,685,957 |
|
||
Interest-bearing deposits |
|
11,989,262 |
|
|
11,815,701 |
|
|
11,741,074 |
|
||
Total client deposits |
|
17,226,218 |
|
|
17,121,469 |
|
|
16,427,031 |
|
||
Federal Home Loan Bank advances |
|
— |
|
|
51,040 |
|
|
43,158 |
|
||
Other borrowings |
|
255,099 |
|
|
252,419 |
|
|
1,032,003 |
|
||
Other liabilities |
|
616,317 |
|
|
666,146 |
|
|
736,002 |
|
||
Total liabilities |
|
18,097,634 |
|
|
18,091,074 |
|
|
18,238,194 |
|
||
Stockholders’ equity of WSFS |
|
2,753,273 |
|
|
2,682,728 |
|
|
2,678,264 |
|
||
Noncontrolling interest |
|
(10,492 |
) |
|
(10,510 |
) |
|
(11,249 |
) |
||
Total stockholders' equity |
|
2,742,781 |
|
|
2,672,218 |
|
|
2,667,015 |
|
||
Total liabilities and stockholders' equity |
$ |
20,840,415 |
|
$ |
20,763,292 |
|
$ |
20,905,209 |
|
||
Capital Ratios: |
|||||||||||
Equity to asset ratio |
|
13.21 |
% |
|
12.92 |
% |
|
12.81 |
% |
||
Tangible common equity to tangible asset ratio (o) |
|
8.96 |
|
|
8.62 |
|
|
8.47 |
|
||
Common equity Tier 1 capital (required: |
|
14.39 |
|
|
14.07 |
|
|
13.56 |
|
||
Tier 1 leverage (required: |
|
11.11 |
|
|
11.04 |
|
|
10.75 |
|
||
Tier 1 risk-based capital (required: |
|
14.39 |
|
|
14.07 |
|
|
13.56 |
|
||
Total risk-based capital (required: |
|
16.19 |
|
|
15.86 |
|
|
15.61 |
|
||
Asset Quality Indicators: |
|
|
|
||||||||
Nonperforming assets: |
|
|
|
||||||||
Nonaccruing loans (t)(n) |
$ |
72,148 |
|
$ |
105,236 |
|
$ |
90,039 |
|
||
Assets acquired through foreclosure |
|
439 |
|
|
930 |
|
|
1,301 |
|
||
Total nonperforming assets |
$ |
72,587 |
|
$ |
106,166 |
|
$ |
91,340 |
|
||
Past due loans (h)(n) |
$ |
14,295 |
|
$ |
23,012 |
|
$ |
31,714 |
|
||
Troubled loans (u)(n) |
|
156,803 |
|
|
195,916 |
|
|
166,754 |
|
||
Allowance for credit losses |
|
185,504 |
|
|
189,121 |
|
|
197,497 |
|
||
Ratio of nonperforming assets to total assets (n) |
|
0.35 |
% |
|
0.51 |
% |
|
0.44 |
% |
||
Ratio of allowance for credit losses to total loans and leases (q) |
|
1.41 |
|
|
1.43 |
|
|
1.48 |
|
||
Ratio of allowance for credit losses to nonaccruing loans (n) |
|
254 |
|
|
177 |
|
|
219 |
|
||
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i) |
|
0.30 |
|
|
0.30 |
|
|
0.58 |
|
||
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i) |
|
0.45 |
|
|
0.53 |
|
|
0.43 |
|
||
See “Notes” |
|
|
|
||||||||
WSFS FINANCIAL CORPORATION |
|||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS (Continued) |
|||||||||||||||||||||||||||||
AVERAGE BALANCE SHEET (Unaudited) |
|||||||||||||||||||||||||||||
| (Dollars in thousands) | Three months ended |
||||||||||||||||||||||||||||
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|||||||||||||||||||||||||
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 and leases (p) |
$ |
5,229,187 |
|
|
$ |
87,722 |
|
6.67 |
% |
|
$ |
5,263,533 |
|
|
$ |
88,226 |
|
6.74 |
% |
|
$ |
5,246,721 |
|
|
$ |
93,594 |
|
7.11 |
% |
Commercial real estate loans (s) |
|
4,831,359 |
|
|
|
82,914 |
|
6.81 |
|
|
|
4,808,177 |
|
|
|
78,400 |
|
6.54 |
|
|
|
4,952,571 |
|
|
|
89,516 |
|
7.19 |
|
Residential mortgage |
|
1,002,442 |
|
|
|
13,711 |
|
5.47 |
|
|
|
965,480 |
|
|
|
12,935 |
|
5.36 |
|
|
|
924,830 |
|
|
|
11,916 |
|
5.15 |
|
Consumer loans |
|
1,908,700 |
|
|
|
32,548 |
|
6.77 |
|
|
|
1,997,285 |
|
|
|
35,096 |
|
7.05 |
|
|
|
2,112,423 |
|
|
|
39,909 |
|
7.52 |
|
Loans held for sale |
|
75,418 |
|
|
|
1,355 |
|
7.13 |
|
|
|
96,517 |
|
|
|
1,348 |
|
5.60 |
|
|
|
50,556 |
|
|
|
1,042 |
|
8.20 |
|
Total loans and leases |
|
13,047,106 |
|
|
|
218,250 |
|
6.64 |
|
|
|
13,130,992 |
|
|
|
216,005 |
|
6.60 |
|
|
|
13,287,101 |
|
|
|
235,977 |
|
7.07 |
|
Mortgage-backed securities (d) |
|
4,090,178 |
|
|
|
24,202 |
|
2.37 |
|
|
|
4,148,820 |
|
|
|
24,531 |
|
2.37 |
|
|
|
4,354,462 |
|
|
|
25,348 |
|
2.33 |
|
Investment securities (d) |
|
366,450 |
|
|
|
2,180 |
|
2.66 |
|
|
|
366,391 |
|
|
|
2,186 |
|
2.70 |
|
|
|
366,098 |
|
|
|
2,184 |
|
2.62 |
|
Other interest-earning assets |
|
1,227,761 |
|
|
|
13,789 |
|
4.46 |
|
|
|
934,152 |
|
|
|
10,468 |
|
4.49 |
|
|
|
709,358 |
|
|
|
9,875 |
|
5.54 |
|
Total interest-earning assets |
$ |
18,731,495 |
|
|
$ |
258,421 |
|
5.48 |
% |
|
$ |
18,580,355 |
|
|
$ |
253,190 |
|
5.48 |
% |
|
$ |
18,717,019 |
|
|
$ |
273,384 |
|
5.82 |
% |
Allowance for credit losses |
|
(190,837 |
) |
|
|
|
|
|
|
(188,252 |
) |
|
|
|
|
|
|
(199,380 |
) |
|
|
|
|
||||||
Cash and due from banks |
|
176,874 |
|
|
|
|
|
|
|
188,300 |
|
|
|
|
|
|
|
189,523 |
|
|
|
|
|
||||||
Cash in non-owned ATMs |
|
393,148 |
|
|
|
|
|
|
|
390,275 |
|
|
|
|
|
|
|
387,019 |
|
|
|
|
|
||||||
Bank owned life insurance |
|
36,553 |
|
|
|
|
|
|
|
36,042 |
|
|
|
|
|
|
|
35,689 |
|
|
|
|
|
||||||
Other noninterest-earning assets |
|
1,887,865 |
|
|
|
|
|
|
|
1,898,721 |
|
|
|
|
|
|
|
1,931,521 |
|
|
|
|
|
||||||
Total assets |
$ |
21,035,098 |
|
|
|
|
|
|
$ |
20,905,441 |
|
|
|
|
|
|
$ |
1,061,391 |
|
|
|
|
|
||||||
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing demand |
$ |
2,825,284 |
|
|
$ |
7,870 |
|
1.11 |
% |
|
$ |
2,829,653 |
|
|
$ |
7,337 |
|
1.04 |
% |
|
$ |
2,806,850 |
|
|
$ |
9,074 |
|
1.29 |
% |
Savings |
|
1,433,399 |
|
|
|
1,723 |
|
0.48 |
|
|
|
1,445,123 |
|
|
|
1,609 |
|
0.45 |
|
|
|
1,519,457 |
|
|
|
2,038 |
|
0.53 |
|
Money market |
|
5,581,010 |
|
|
|
42,378 |
|
3.01 |
|
|
|
5,437,897 |
|
|
|
41,120 |
|
3.03 |
|
|
|
5,125,286 |
|
|
|
46,686 |
|
3.62 |
|
Time deposits |
|
2,077,815 |
|
|
|
19,214 |
|
3.67 |
|
|
|
2,094,572 |
|
|
|
20,058 |
|
3.84 |
|
|
|
2,061,526 |
|
|
|
22,849 |
|
4.41 |
|
Total interest-bearing deposits |
|
11,917,508 |
|
|
|
71,185 |
|
2.37 |
|
|
|
11,807,245 |
|
|
|
70,124 |
|
2.38 |
|
|
|
11,513,119 |
|
|
|
80,647 |
|
2.79 |
|
Federal Home Loan Bank advances |
|
50,215 |
|
|
|
586 |
|
4.63 |
|
|
|
84,007 |
|
|
|
949 |
|
4.53 |
|
|
|
108,196 |
|
|
|
1,472 |
|
5.41 |
|
Trust preferred borrowings |
|
90,952 |
|
|
|
1,524 |
|
6.65 |
|
|
|
90,903 |
|
|
|
1,518 |
|
6.70 |
|
|
|
90,753 |
|
|
|
1,749 |
|
7.67 |
|
Senior and subordinated debt |
|
148,766 |
|
|
|
1,089 |
|
2.93 |
|
|
|
148,708 |
|
|
|
1,089 |
|
2.93 |
|
|
|
218,535 |
|
|
|
2,446 |
|
4.48 |
|
Other borrowed funds |
|
16,504 |
|
|
|
14 |
|
0.34 |
|
|
|
19,428 |
|
|
|
15 |
|
0.31 |
|
|
|
816,373 |
|
|
|
9,566 |
|
4.66 |
|
Total interest-bearing liabilities |
$ |
12,223,945 |
|
|
$ |
74,398 |
|
2.41 |
% |
|
$ |
12,150,291 |
|
|
$ |
73,695 |
|
2.43 |
% |
|
$ |
12,746,976 |
|
|
$ |
95,880 |
|
2.99 |
% |
Noninterest-bearing demand deposits |
|
5,493,161 |
|
|
|
|
|
|
|
5,438,692 |
|
|
|
|
|
|
|
4,979,859 |
|
|
|
|
|
||||||
Other noninterest-bearing liabilities |
|
633,625 |
|
|
|
|
|
|
|
674,616 |
|
|
|
|
|
|
|
770,572 |
|
|
|
|
|
||||||
Stockholders’ equity of WSFS |
|
2,694,883 |
|
|
|
|
|
|
|
2,652,257 |
|
|
|
|
|
|
|
2,575,182 |
|
|
|
|
|
||||||
Noncontrolling interest |
|
(10,516 |
) |
|
|
|
|
|
|
(10,415 |
) |
|
|
|
|
|
|
(11,198 |
) |
|
|
|
|
||||||
Total liabilities and equity |
$ |
21,035,098 |
|
|
|
|
|
|
$ |
20,905,441 |
|
|
|
|
|
|
$ |
1,061,391 |
|
|
|
|
|
||||||
Excess of interest-earning assets over interest-bearing liabilities |
$ |
6,507,550 |
|
|
|
|
|
|
$ |
6,430,064 |
|
|
|
|
|
|
$ |
5,970,043 |
|
|
|
|
|
||||||
Net interest and dividend income |
|
|
$ |
184,023 |
|
|
|
|
|
$ |
179,495 |
|
|
|
|
|
$ |
177,504 |
|
|
|||||||||
Interest rate spread |
|
|
|
|
3.07 |
% |
|
|
|
|
|
3.05 |
% |
|
|
|
|
|
2.83 |
% |
|||||||||
Net interest margin |
|
|
|
|
3.91 |
% |
|
|
|
|
|
3.89 |
% |
|
|
|
|
|
3.78 |
% |
|||||||||
See “Notes” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
WSFS FINANCIAL CORPORATION |
|||||||||
FINANCIAL HIGHLIGHTS (Continued) |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
|
|
||||
(Dollars in thousands, except per share data) |
Three months ended |
Nine months ended |
|||||||
Stock Information: |
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
Market price of common stock: |
|
|
|
|
|
||||
High |
|
|
|
|
|
||||
Low |
52.58 |
42.44 |
45.42 |
42.44 |
40.20 |
||||
Close |
53.93 |
55.00 |
50.99 |
53.93 |
50.99 |
||||
Book value per share of common stock |
49.67 |
47.71 |
45.37 |
|
|
||||
Tangible common book value (TBV) per share of common stock (o) |
32.11 |
30.32 |
28.56 |
|
|
||||
Number of shares of common stock outstanding (000s) |
55,427 |
56,235 |
59,033 |
|
|
||||
Other Financial Data: |
|
|
|
|
|
||||
One-year repricing gap to total assets (k) |
|
|
(0.78)% |
|
|
||||
Weighted average duration of the MBS portfolio |
6.0 years |
6.2 years |
5.7 years |
|
|
||||
Unrealized losses on securities available for sale, net of taxes |
|
|
|
|
|
||||
Number of Associates (FTEs) (m) |
2,338 |
2,375 |
2,316 |
|
|
||||
Number of offices (branches, LPO’s, operations centers, etc.) |
114 |
115 |
114 |
|
|
||||
Number of WSFS owned and branded ATMs |
524 |
582 |
569 |
|
|
||||
Notes: |
||
(a) |
Annualized. |
|
(b) |
Computed on a fully tax-equivalent basis. |
|
(c) |
Noninterest expense divided by (tax-equivalent) net interest income and noninterest income. |
|
(d) |
Includes securities held-to-maturity (at amortized cost) and securities available-for-sale (at fair value). |
|
(e) |
Net of unearned income. |
|
(f) |
Net of allowance for credit losses. |
|
(g) |
Represents capital ratios of Wilmington Financial Corporation and subsidiaries. Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed. |
|
(h) |
Accruing loans which are contractually past due 90 days or more as to principal or interest. Balance includes student loans, which are |
|
(i) |
Excludes loans held for sale and reverse mortgage loans. |
|
(j) |
Nonperforming loans are included in average balance computations. |
|
(k) |
The difference between projected amounts of interest-sensitive assets and interest-sensitive liabilities repricing within one year divided by total assets, based on a current interest rate scenario. |
|
(l) |
Includes loans held for sale and reverse mortgages. |
|
(m) |
Includes seasonal Associates, when applicable. |
|
(n) |
Includes loans held for sale. |
|
(o) |
The Company uses non-GAAP (United States Generally Accepted Accounting Principles) financial information in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP financial measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. |
|
(p) |
Includes commercial & industrial loans and commercial small business leases. |
|
(q) |
Reflects allowance for credit losses on loans and leases over the amortized cost of the total portfolio. |
|
(r) |
Includes provision for credit losses, loan workout expenses, OREO expenses and other credit costs. |
|
(s) |
Includes commercial mortgage and commercial construction loans. |
|
(t) |
Includes nonaccruing troubled loans. |
|
(u) |
Represents loans modified in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, or a term extension to borrowers experiencing financial difficulty. |
|
WSFS FINANCIAL CORPORATION |
||||||||||||||||||||
FINANCIAL HIGHLIGHTS (Continued) |
||||||||||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
Non-GAAP Reconciliation (o): |
|
Three months ended |
|
Nine months ended |
||||||||||||||||
|
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
||||||||||
Net interest income (GAAP) |
|
$ |
184,023 |
|
|
$ |
179,495 |
|
|
$ |
177,504 |
|
|
$ |
538,734 |
|
|
$ |
527,231 |
|
Core net interest income (non-GAAP) |
|
|
184,023 |
|
|
|
179,495 |
|
|
|
177,504 |
|
|
|
538,734 |
|
|
|
527,231 |
|
Noninterest income (GAAP) |
|
|
86,471 |
|
|
|
88,009 |
|
|
|
90,158 |
|
|
|
255,377 |
|
|
|
257,613 |
|
Less: Realized gain on sale of equity investment, net |
|
|
939 |
|
|
|
18 |
|
|
|
56 |
|
|
|
957 |
|
|
|
2,186 |
|
(Plus)/less: Visa derivative valuation adjustment |
|
|
(2,429 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,429 |
) |
|
|
2,829 |
|
Core fee revenue (non-GAAP) |
|
$ |
87,961 |
|
|
$ |
87,991 |
|
|
$ |
90,102 |
|
|
$ |
256,849 |
|
|
$ |
252,598 |
|
Core net revenue (non-GAAP) |
|
$ |
271,984 |
|
|
$ |
267,486 |
|
|
$ |
267,606 |
|
|
$ |
795,583 |
|
|
$ |
779,829 |
|
Core net revenue (non-GAAP)(tax-equivalent) |
|
$ |
272,482 |
|
|
$ |
267,972 |
|
|
$ |
267,991 |
|
|
$ |
797,023 |
|
|
$ |
780,975 |
|
Noninterest expense (GAAP) |
|
$ |
163,056 |
|
|
$ |
159,343 |
|
|
$ |
163,723 |
|
|
$ |
474,194 |
|
|
$ |
468,563 |
|
Less: FDIC special assessment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
880 |
|
Less: Loss on debt extinguishment |
|
|
352 |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
|
|
— |
|
Less/(plus): Corporate development expense |
|
|
171 |
|
|
|
(329 |
) |
|
|
46 |
|
|
|
(99 |
) |
|
|
412 |
|
Less: Restructuring expense |
|
|
398 |
|
|
|
— |
|
|
|
— |
|
|
|
658 |
|
|
|
— |
|
Core noninterest expense (non-GAAP) |
|
$ |
162,135 |
|
|
$ |
159,672 |
|
|
$ |
163,677 |
|
|
$ |
473,283 |
|
|
$ |
467,271 |
|
Core efficiency ratio (non-GAAP) |
|
|
59.5 |
% |
|
|
59.6 |
% |
|
|
61.1 |
% |
|
|
59.4 |
% |
|
|
59.8 |
% |
Core fee revenue ratio (non-GAAP) (b) |
|
|
32.3 |
% |
|
|
32.8 |
% |
|
|
33.6 |
% |
|
|
32.2 |
% |
|
|
32.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
End of period |
|
|
|
|
||||||||||||||
|
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
|
|
|
||||||||||
Total assets (GAAP) |
|
$ |
20,840,415 |
|
|
$ |
20,763,292 |
|
|
$ |
20,905,209 |
|
|
|
|
|
||||
Less: Goodwill and other intangible assets |
|
|
973,677 |
|
|
|
977,546 |
|
|
|
992,163 |
|
|
|
|
|
||||
Total tangible assets (non-GAAP) |
|
$ |
19,866,738 |
|
|
$ |
19,785,746 |
|
|
$ |
19,913,046 |
|
|
|
|
|
||||
Total stockholders’ equity of WSFS (GAAP) |
|
$ |
2,753,273 |
|
|
$ |
2,682,728 |
|
|
$ |
2,678,264 |
|
|
|
|
|
||||
Less: Goodwill and other intangible assets |
|
|
973,677 |
|
|
|
977,546 |
|
|
|
992,163 |
|
|
|
|
|
||||
Total tangible common equity (non-GAAP) |
|
$ |
1,779,596 |
|
|
$ |
1,705,182 |
|
|
$ |
1,686,101 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common book value (TBV) per share: |
|
|
|
|
|
|
|
|
||||||||||||
Book value per share (GAAP) |
|
$ |
49.67 |
|
|
$ |
47.71 |
|
|
$ |
45.37 |
|
|
|
|
|
||||
Tangible common book value per share (non-GAAP) |
|
|
32.11 |
|
|
|
30.32 |
|
|
|
28.56 |
|
|
|
|
|
||||
Tangible common equity to tangible assets: |
|
|
|
|
|
|
|
|
||||||||||||
Equity to asset ratio (GAAP) |
|
|
13.21 |
% |
|
|
12.92 |
% |
|
|
12.81 |
% |
|
|
|
|
||||
Tangible common equity to tangible assets ratio (non-GAAP) |
|
|
8.96 |
|
|
|
8.62 |
|
|
|
8.47 |
|
|
|
|
|
||||
Non-GAAP Reconciliation - continued (o): |
|
Three months ended |
|
Nine months ended |
||||||||||||||||
|
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
||||||||||
GAAP net income attributable to WSFS |
|
$ |
76,449 |
|
|
$ |
72,326 |
|
|
$ |
64,435 |
|
|
$ |
214,671 |
|
|
$ |
199,469 |
|
Plus/(less): Pre-tax adjustments: Realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, loss on debt extinguishment, and corporate development and restructuring expense |
|
|
2,411 |
|
|
|
(347 |
) |
|
|
(10 |
) |
|
|
2,383 |
|
|
|
(3,723 |
) |
Plus/(less): Tax impact of pre-tax adjustments |
|
|
(589 |
) |
|
|
149 |
|
|
|
2 |
|
|
|
(616 |
) |
|
|
585 |
|
Adjusted net income (non-GAAP) attributable to WSFS |
|
$ |
78,271 |
|
|
$ |
72,128 |
|
|
$ |
64,427 |
|
|
$ |
216,438 |
|
|
$ |
196,331 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP return on average assets (ROA) |
|
|
1.44 |
% |
|
|
1.39 |
% |
|
|
1.22 |
% |
|
|
1.37 |
% |
|
|
1.28 |
% |
Plus/(less): Pre-tax adjustments: Realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, loss on debt extinguishment, and corporate development and restructuring expense |
|
|
0.05 |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
0.02 |
|
|
|
(0.02 |
) |
Plus/(less): Tax impact of pre-tax adjustments |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Core ROA (non-GAAP) |
|
|
1.48 |
% |
|
|
1.38 |
% |
|
|
1.22 |
% |
|
|
1.39 |
% |
|
|
1.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share (diluted) (GAAP) |
|
$ |
1.37 |
|
|
$ |
1.27 |
|
|
$ |
1.08 |
|
|
$ |
3.75 |
|
|
$ |
3.33 |
|
Plus/(less): Pre-tax adjustments: Realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, loss on debt extinguishment, and corporate development and restructuring expense |
|
|
0.04 |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
0.04 |
|
|
|
(0.06 |
) |
Plus/(less): Tax impact of pre-tax adjustments |
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Core earnings per share (non-GAAP) |
|
$ |
1.40 |
|
|
$ |
1.27 |
|
|
$ |
1.08 |
|
|
$ |
3.79 |
|
|
$ |
3.27 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Calculation of return on average tangible common equity: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP net income attributable to WSFS |
|
$ |
76,449 |
|
|
$ |
72,326 |
|
|
$ |
64,435 |
|
|
$ |
214,671 |
|
|
$ |
199,469 |
|
Plus: Tax effected amortization of intangible assets |
|
|
2,864 |
|
|
|
2,946 |
|
|
|
2,949 |
|
|
|
8,756 |
|
|
|
8,929 |
|
Net tangible income (non-GAAP) |
|
$ |
79,313 |
|
|
$ |
75,272 |
|
|
$ |
67,384 |
|
|
$ |
223,427 |
|
|
$ |
208,398 |
|
Average stockholders’ equity of WSFS |
|
$ |
2,694,883 |
|
|
$ |
2,652,257 |
|
|
$ |
2,575,182 |
|
|
$ |
2,661,709 |
|
|
$ |
2,499,612 |
|
Less: Average goodwill and intangible assets |
|
|
976,270 |
|
|
|
982,533 |
|
|
|
994,818 |
|
|
|
981,809 |
|
|
|
998,960 |
|
Net average tangible common equity |
|
$ |
1,718,613 |
|
|
$ |
1,669,724 |
|
|
$ |
1,580,364 |
|
|
$ |
1,679,900 |
|
|
$ |
1,500,652 |
|
Return on average tangible common equity (non-GAAP) |
|
|
18.31 |
% |
|
|
18.08 |
% |
|
|
16.96 |
% |
|
|
17.78 |
% |
|
|
18.55 |
% |
Non-GAAP Reconciliation - continued (o): |
|
Three months ended |
|
Nine months ended |
||||||||||||||
|
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
||||||||
Calculation of PPNR: |
||||||||||||||||||
Net income (GAAP) |
|
$ |
76,467 |
|
$ |
72,221 |
|
|
$ |
64,409 |
|
|
$ |
214,555 |
|
$ |
199,340 |
|
Plus: Income tax provision |
|
|
24,405 |
|
|
23,319 |
|
|
|
21,108 |
|
|
|
68,825 |
|
|
63,567 |
|
Plus: Provision for credit losses |
|
|
6,566 |
|
|
12,621 |
|
|
|
18,422 |
|
|
|
36,537 |
|
|
53,374 |
|
PPNR (non-GAAP) |
|
$ |
107,438 |
|
$ |
108,161 |
|
|
$ |
103,939 |
|
|
$ |
319,917 |
|
$ |
316,281 |
|
Plus/(less): Pre-tax adjustments: Realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, loss on debt extinguishment, and corporate development and restructuring expense |
|
|
2,411 |
|
|
(347 |
) |
|
|
(10 |
) |
|
|
2,383 |
|
|
(3,723 |
) |
Core PPNR (non-GAAP) |
|
$ |
109,849 |
|
$ |
107,814 |
|
|
$ |
103,929 |
|
|
$ |
322,300 |
|
$ |
312,558 |
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
||||||||||
|
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
||||||
Calculation of adjusted core fee revenue: |
|
|
|
|
|
|
||||||
Core fee revenue (non-GAAP) |
|
$ |
87,961 |
|
|
$ |
87,991 |
|
|
$ |
90,102 |
|
Less: Spring EQ earnout |
|
$ |
— |
|
|
$ |
(2,250 |
) |
|
$ |
(2,250 |
) |
Less: Impact from Commonwealth termination |
|
|
(304 |
) |
|
|
(1,759 |
) |
|
|
(1,552 |
) |
Plus/(less): Impact from sale of Powdermill business |
|
|
3 |
|
|
|
(621 |
) |
|
|
(762 |
) |
Adjusted core fee revenue (non-GAAP) |
|
$ |
87,660 |
|
|
$ |
83,361 |
|
|
$ |
85,538 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20251021915396/en/
Investor Relations Contact: Andrew Basile
(302) 504-9857; abasile@wsfsbank.com
Media Contact: Connor Peoples
(215) 864-5645; cpeoples@wsfsbank.com
Source: WSFS Financial Corporation