WSFS Reports 3Q 2026 EPS of $1.75, Reflecting YOY Growth of 28%, ROA of 1.58% and NIM of 3.88%; Wealth and Trust Fees Up 30% YOY
Wealth and Trust fee growth accompanied higher earnings, while credit costs rose and quarter-end deposits declined sequentially.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Selected financial results and metrics are as follows:
(Dollars in millions, except per share data) |
|
|
3Q 2026 |
|
|
|
2Q 2026 |
|
|
|
3Q 2025 |
|
Net interest income |
|
$ |
196.6 |
|
|
$ |
192.5 |
|
|
$ |
184.0 |
|
Fee revenue |
|
|
91.0 |
|
|
|
90.0 |
|
|
|
86.5 |
|
Total net revenue |
|
|
287.6 |
|
|
|
282.5 |
|
|
|
270.5 |
|
Provision for credit losses |
|
|
8.4 |
|
|
|
5.0 |
|
|
|
6.6 |
|
Noninterest expense |
|
|
161.6 |
|
|
|
166.3 |
|
|
|
163.1 |
|
Net income attributable to WSFS |
|
|
89.3 |
|
|
|
84.4 |
|
|
|
76.4 |
|
Pre-provision net revenue (PPNR)(1) |
|
|
126.0 |
|
|
|
116.2 |
|
|
|
107.4 |
|
Earnings per share (EPS) (diluted) |
|
|
1.75 |
|
|
|
1.63 |
|
|
|
1.37 |
|
Return on average assets (ROA) (a) |
|
|
1.58 |
% |
|
|
1.52 |
% |
|
|
1.44 |
% |
Return on average equity (ROE) (a) |
|
|
13.0 |
|
|
|
12.4 |
|
|
|
11.3 |
|
Fee revenue as % of total net revenue |
|
|
31.6 |
|
|
|
31.8 |
|
|
|
31.9 |
|
Efficiency ratio |
|
|
56.1 |
|
|
|
58.8 |
|
|
|
60.2 |
|
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. For additional detail, refer to the Non-GAAP Reconciliation in the back of this press release.
|
|
3Q 2026 |
|
2Q 2026 |
|
3Q 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 |
) |
|
$ |
(1.5 |
) |
|
$ |
(0.02 |
) |
Noninterest expense (pre-tax) |
|
|
0.1 |
|
|
|
— |
|
|
0.1 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
0.01 |
|
Income tax impacts |
|
|
(0.1 |
) |
|
|
— |
|
|
(0.5 |
) |
|
|
(0.01 |
) |
|
|
(0.6 |
) |
|
|
(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 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 continued to perform well in the third quarter with a
Overall highlights include:
-
Core EPS of
$1.75 5% compared to 2Q 2026 and25% compared to 3Q 2025. -
Core ROA(2) of
1.58% , an increase of 3bps compared to 2Q 2026 and 10bps compared to 3Q 2025. -
Gross loans and leases grew
5% annualized quarter-over-quarter. -
Net interest margin (NIM) of
3.88% , an increase of 1bp compared to 2Q 2026. -
Wealth and Trust delivered
30% year-over-year fee growth, continuing to produce consistent double-digit growth.-
WSFS Institutional Services® fees increased
45% , The Bryn Mawr Trust Company ofDelaware (BMT of DE), our personal trust business, increased22% , and Private Wealth Management increased14% .
-
WSFS Institutional Services® fees increased
-
Our core efficiency ratio(2) was
56.1% , an improvement of 223bps compared to 2Q 2026 and 345bps compared to 3Q 2025. -
Repurchased
$59.6 million 1.5% of outstanding shares(4)) and paid quarterly dividends of$10.2 million $69.8 million
| (2)As used in this press release, core EPS, core ROA, 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 non-GAAP financial measures to their most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. |
| (3) Year-to-date 2026 repurchases represent |
| (4) 3Q 2026 repurchases represent |
Third Quarter 2026 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and composition at September 30, 2026 compared to June 30, 2026 and September 30, 2025:
Loans and Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(Dollars in millions) |
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
|||||||||||||||
Commercial & industrial (C&I)(5) |
|
$ |
5,014 |
|
|
37 |
% |
|
$ |
4,944 |
|
|
37 |
% |
|
$ |
4,587 |
|
|
36 |
% |
Commercial mortgage |
|
|
3,885 |
|
|
29 |
|
|
|
3,884 |
|
|
29 |
|
|
|
3,856 |
|
|
30 |
|
Construction |
|
|
1,005 |
|
|
8 |
|
|
|
1,003 |
|
|
7 |
|
|
|
1,004 |
|
|
7 |
|
Commercial small business leases |
|
|
593 |
|
|
4 |
|
|
|
584 |
|
|
4 |
|
|
|
617 |
|
|
5 |
|
Total commercial loans and leases |
|
|
10,497 |
|
|
78 |
|
|
|
10,415 |
|
|
77 |
|
|
|
10,064 |
|
|
78 |
|
Residential mortgage |
|
|
1,353 |
|
|
10 |
|
|
|
1,271 |
|
|
10 |
|
|
|
1,062 |
|
|
8 |
|
Consumer |
|
|
1,813 |
|
|
13 |
|
|
|
1,815 |
|
|
14 |
|
|
|
1,897 |
|
|
15 |
|
Gross loans and leases |
|
|
13,663 |
|
|
101 |
% |
|
|
13,501 |
|
|
101 |
% |
|
|
13,023 |
|
|
101 |
% |
Allowance for Credit Losses (ACL) |
|
|
(185 |
) |
|
(1 |
) |
|
|
(177 |
) |
|
(1 |
) |
|
|
(183 |
) |
|
(1 |
) |
Net loans and leases |
|
$ |
13,478 |
|
|
100 |
% |
|
$ |
13,324 |
|
|
100 |
% |
|
$ |
12,840 |
|
|
100 |
% |
At September 30, 2026, WSFS’ gross loan and lease portfolio increased
Gross loans and leases at September 30, 2026 increased
| (5) Includes owner-occupied real estate. |
The following table summarizes client deposit balances and composition at September 30, 2026 compared to June 30, 2026 and September 30, 2025:
Client Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions) |
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
||||||||||||
Noninterest demand |
|
$ |
6,058 |
|
33 |
% |
|
$ |
7,009 |
|
37 |
% |
|
$ |
5,237 |
|
31 |
% |
Interest-bearing demand |
|
|
3,075 |
|
17 |
|
|
|
2,878 |
|
15 |
|
|
|
2,966 |
|
17 |
|
Savings |
|
|
1,336 |
|
7 |
|
|
|
1,352 |
|
7 |
|
|
|
1,408 |
|
8 |
|
Money market |
|
|
6,015 |
|
33 |
|
|
|
5,894 |
|
31 |
|
|
|
5,536 |
|
32 |
|
Total core deposits |
|
|
16,484 |
|
90 |
|
|
|
17,133 |
|
90 |
|
|
|
15,147 |
|
88 |
|
Time deposits |
|
|
1,900 |
|
10 |
|
|
|
1,871 |
|
10 |
|
|
|
2,079 |
|
12 |
|
Total client deposits |
|
$ |
18,384 |
|
100 |
% |
|
$ |
19,004 |
|
100 |
% |
|
$ |
17,226 |
|
100 |
% |
Total client deposits decreased
Total client deposits increased
The deposit base remains well-diversified, with
| (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 Ended |
|||||||||||
(Dollars in millions) |
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
||||||
Net interest income before purchase accretion |
|
$ |
195.2 |
|
|
$ |
190.9 |
|
|
$ |
182.6 |
|
Purchase accounting accretion |
|
|
1.3 |
|
|
|
1.6 |
|
|
|
1.4 |
|
Net interest income |
|
$ |
196.6 |
|
|
$ |
192.5 |
|
|
$ |
184.0 |
|
|
|
|
|
|
|
|
||||||
Net interest margin before purchase accretion |
|
|
3.85 |
% |
|
|
3.84 |
% |
|
|
3.88 |
% |
Purchase accounting accretion |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Net interest margin |
|
|
3.88 |
% |
|
|
3.87 |
% |
|
|
3.91 |
% |
Net interest income increased
Net interest income increased
Total loan yields were
Total client deposit costs were
Net interest margin of
Asset Quality
(Dollars in millions) |
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
||||||
Problem assets(8) |
$ |
530.4 |
|
|
$ |
472.9 |
|
|
$ |
629.7 |
|
Delinquencies (n) |
|
92.7 |
|
|
|
95.6 |
|
|
|
104.7 |
|
Nonperforming assets (n) |
|
82.7 |
|
|
|
81.0 |
|
|
|
72.6 |
|
Net (recoveries) charge-offs on loans and leases |
|
(0.6 |
) |
|
|
7.1 |
|
|
|
9.9 |
|
Total net credit costs (q) |
|
11.5 |
|
|
|
7.1 |
|
|
|
8.4 |
|
Problem assets to total Tier 1 capital plus ACL on loans and leases |
|
21.66 |
% |
|
|
19.48 |
% |
|
|
26.64 |
% |
Classified assets to total Tier 1 capital plus ACL on loans and leases |
|
15.81 |
|
|
|
16.96 |
|
|
|
19.20 |
|
Ratio of nonperforming assets to total assets (n) |
|
0.37 |
|
|
|
0.36 |
|
|
|
0.35 |
|
Delinquencies (n) to gross loans (i) |
|
0.68 |
|
|
|
0.71 |
|
|
|
0.81 |
|
Ratio of quarterly net charge-offs (recoveries) to average gross loans |
|
(0.02 |
) |
|
|
0.21 |
|
|
|
0.30 |
|
Ratio of allowance for credit losses to total loans and leases (p) |
|
1.36 |
|
|
|
1.32 |
|
|
|
1.41 |
|
Ratio of allowance for credit losses to nonaccruing loans (n) |
|
262 |
|
|
|
260 |
|
|
|
254 |
|
See “Notes” |
|||||||||||
Overall, most asset quality metrics were stable with delinquencies reaching their lowest level in two years, while year-to-date net charge-offs were 3bps of average gross loans.
Problem assets increased
Nonperforming assets (NPAs) increased
Net recoveries on loans and leases for the quarter were
Total net credit costs increased
The ACL on loans and leases was
| (8) Problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO). |
Core Fee Revenue(9)
Core fee revenue (noninterest income) of
Core fee revenue increased
For 3Q 2026, our core fee revenue ratio(9) was
| (9) 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(10)
Core noninterest expense of
Core noninterest expense decreased
Our core efficiency ratio(10) was
Income Taxes
We recorded a
The effective tax rate was
| (10) As used in this press release, core noninterest expense, adjusted 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 September 30, 2026, with a Common Equity Tier 1 capital ratio and Tier 1 capital ratio of
WSFS’ total stockholders’ equity decreased
WSFS’ tangible common equity(11) decreased
At September 30, 2026, book value per share was
During 3Q 2026, WSFS repurchased 748,970 shares of common stock for an aggregate of
The Board of Directors approved a quarterly cash dividend of
| (11) 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) |
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
||||
Net interest income(12) |
|
$ |
34.6 |
|
$ |
31.7 |
|
$ |
24.0 |
|
Provision for (recovery of) credit losses |
|
|
1.6 |
|
|
1.8 |
|
|
(0.1 |
) |
Fee revenue(12) |
|
|
54.7 |
|
|
52.4 |
|
|
42.3 |
|
Noninterest expense(12) |
|
|
35.1 |
|
|
34.5 |
|
|
32.0 |
|
Pre-tax income |
|
|
52.7 |
|
|
47.7 |
|
|
34.4 |
|
Performance Metrics |
|
|
|
|
|
|
||||
WSFS Institutional Services® and BMT of DE fee revenue |
|
$ |
38.2 |
|
$ |
36.3 |
|
$ |
27.6 |
|
Private Wealth Management fee revenue |
|
|
16.6 |
|
|
16.1 |
|
|
14.8 |
|
AUM/AUA (in billions)(13) |
|
|
109.5 |
|
|
101.7 |
|
|
93.4 |
|
Wealth and Trust pre-tax income was
The increase in net interest income was driven by higher yields on interest-earning assets. The increase in fee revenue was driven by higher deal activity in WSFS Institutional Services® and higher AUM-based fees.
Wealth and Trust pre-tax income increased
The increase in fee revenue was driven by growth in WSFS Institutional Services®, Private Wealth Management, and BMT of DE. The increase in net interest income was due to higher noninterest deposit balances in WSFS Institutional Services®. The increase in noninterest expense was primarily due to higher salaries and benefits and client transaction costs, partially offset by a recovery of legal fees.
AUM/AUA increased
| (12) Includes intercompany allocation of income and/or expense. |
| (13) 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, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
||||||
Net revenue(14) |
|
$ |
19.3 |
|
|
$ |
19.7 |
|
|
$ |
22.0 |
|
Noninterest expense(15) |
|
|
16.3 |
|
|
|
16.8 |
|
|
|
19.6 |
|
Pre-tax income |
|
|
2.9 |
|
|
|
3.0 |
|
|
|
2.3 |
|
Performance Metrics |
|
|
|
|
|
|
||||||
Average cash managed |
|
$ |
1,197 |
|
|
$ |
1,251 |
|
|
$ |
1,386 |
|
Number of serviced non-bank ATMs and smart safes |
|
|
35,053 |
|
|
|
35,171 |
|
|
|
36,511 |
|
Net profit margin |
|
|
15.1 |
% |
|
|
15.0 |
% |
|
|
10.6 |
% |
ROA |
|
|
2.26 |
% |
|
|
2.15 |
% |
|
|
1.67 |
% |
Cash Connect® pre-tax income of
Compared to 3Q 2025, pre-tax income increased
Cash Connect® continues to shift its business mix from traditional non-bank ATMs to higher margin products, such as smart safe units and managed cash solutions. Cash Connect® smart safe units have grown
| (14) Includes net interest income and intercompany allocation of income. |
| (15) Includes intercompany allocation of expense. |
Third Quarter 2026 Earnings Release Conference Call
Management will conduct a conference call to review 3Q 2026 results at 1:00 p.m. Eastern Time (ET) on Friday, October 23, 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 September 30, 2026, WSFS Financial Corporation had
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; losses incurred as a result of external fraud; 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, or equity investments; 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 |
|
Nine months ended |
||||||||||||||
(Dollars in thousands, except per share data) |
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
||||||||
Interest income: |
||||||||||||||||||
Interest and fees on loans |
|
$ |
213,684 |
|
$ |
208,206 |
|
|
$ |
218,250 |
|
$ |
627,133 |
|
|
$ |
651,007 |
|
Interest on mortgage-backed securities |
|
|
30,392 |
|
|
27,975 |
|
|
|
24,202 |
|
|
83,609 |
|
|
|
73,478 |
|
Interest and dividends on investment securities |
|
|
2,137 |
|
|
2,157 |
|
|
|
2,180 |
|
|
6,465 |
|
|
|
6,552 |
|
Other interest income |
|
|
17,692 |
|
|
18,498 |
|
|
|
13,789 |
|
|
52,743 |
|
|
|
31,452 |
|
|
|
|
263,905 |
|
|
256,836 |
|
|
|
258,421 |
|
|
769,950 |
|
|
|
762,489 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
||||||||
Interest on deposits |
|
|
62,630 |
|
|
59,694 |
|
|
|
71,185 |
|
|
181,821 |
|
|
|
212,413 |
|
Interest on Federal Home Loan Bank advances |
|
|
495 |
|
|
491 |
|
|
|
586 |
|
|
1,425 |
|
|
|
2,473 |
|
Interest on senior and subordinated debt |
|
|
2,775 |
|
|
2,765 |
|
|
|
1,089 |
|
|
8,306 |
|
|
|
4,252 |
|
Interest on trust preferred borrowings |
|
|
1,390 |
|
|
1,370 |
|
|
|
1,524 |
|
|
4,115 |
|
|
|
4,565 |
|
Interest on other borrowings |
|
|
21 |
|
|
16 |
|
|
|
14 |
|
|
53 |
|
|
|
52 |
|
|
|
|
67,311 |
|
|
64,336 |
|
|
|
74,398 |
|
|
195,720 |
|
|
|
223,755 |
|
Net interest income |
|
|
196,594 |
|
|
192,500 |
|
|
|
184,023 |
|
|
574,230 |
|
|
|
538,734 |
|
Provision for credit losses |
|
|
8,393 |
|
|
5,044 |
|
|
|
6,566 |
|
|
11,439 |
|
|
|
36,537 |
|
Net interest income after provision for credit losses |
|
|
188,201 |
|
|
187,456 |
|
|
|
177,457 |
|
|
562,791 |
|
|
|
502,197 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
||||||||
Credit/debit card and ATM income |
|
|
14,819 |
|
|
15,620 |
|
|
|
18,487 |
|
|
45,505 |
|
|
|
55,539 |
|
Investment management and fiduciary revenue |
|
|
53,928 |
|
|
51,460 |
|
|
|
41,272 |
|
|
154,515 |
|
|
|
124,327 |
|
Deposit service charges |
|
|
7,251 |
|
|
7,041 |
|
|
|
7,001 |
|
|
21,169 |
|
|
|
20,556 |
|
Mortgage banking activities, net |
|
|
971 |
|
|
1,323 |
|
|
|
2,091 |
|
|
4,655 |
|
|
|
6,232 |
|
Loan and lease fee income |
|
|
1,904 |
|
|
1,618 |
|
|
|
2,089 |
|
|
5,524 |
|
|
|
4,984 |
|
Unrealized loss on equity investment, net |
|
|
— |
|
|
(4,134 |
) |
|
|
— |
|
|
(4,134 |
) |
|
|
— |
|
Realized gain on sale of equity investment, net |
|
|
146 |
|
|
159 |
|
|
|
939 |
|
|
305 |
|
|
|
957 |
|
Other income |
|
|
11,959 |
|
|
16,881 |
|
|
|
14,592 |
|
|
43,522 |
|
|
|
42,782 |
|
|
|
|
90,978 |
|
|
89,968 |
|
|
|
86,471 |
|
|
271,061 |
|
|
|
255,377 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries, benefits and other compensation |
|
|
93,817 |
|
|
95,767 |
|
|
|
91,661 |
|
|
281,471 |
|
|
|
263,283 |
|
Occupancy expense |
|
|
9,380 |
|
|
8,309 |
|
|
|
8,498 |
|
|
27,828 |
|
|
|
27,220 |
|
Equipment expense |
|
|
14,648 |
|
|
13,661 |
|
|
|
12,933 |
|
|
41,581 |
|
|
|
39,439 |
|
Data processing and operations expense |
|
|
4,977 |
|
|
5,246 |
|
|
|
5,045 |
|
|
15,234 |
|
|
|
14,750 |
|
Professional fees |
|
|
3,572 |
|
|
4,752 |
|
|
|
4,942 |
|
|
12,442 |
|
|
|
15,851 |
|
Marketing expense |
|
|
2,528 |
|
|
2,567 |
|
|
|
2,178 |
|
|
7,230 |
|
|
|
5,798 |
|
FDIC expenses |
|
|
2,539 |
|
|
2,523 |
|
|
|
2,739 |
|
|
7,696 |
|
|
|
7,750 |
|
Loss on debt extinguishment |
|
|
— |
|
|
— |
|
|
|
352 |
|
|
— |
|
|
|
352 |
|
Loan workout and other credit costs |
|
|
3,150 |
|
|
2,087 |
|
|
|
1,802 |
|
|
7,411 |
|
|
|
3,671 |
|
Corporate development expense |
|
|
62 |
|
|
63 |
|
|
|
171 |
|
|
182 |
|
|
|
(99 |
) |
Restructuring expense |
|
|
24 |
|
|
— |
|
|
|
398 |
|
|
2,820 |
|
|
|
658 |
|
Other operating expenses |
|
|
26,862 |
|
|
31,325 |
|
|
|
32,337 |
|
|
86,729 |
|
|
|
95,521 |
|
|
|
|
161,559 |
|
|
166,300 |
|
|
|
163,056 |
|
|
490,624 |
|
|
|
474,194 |
|
Income before taxes |
|
|
117,620 |
|
|
111,124 |
|
|
|
100,872 |
|
|
343,228 |
|
|
|
283,380 |
|
Income tax provision |
|
|
28,309 |
|
|
26,795 |
|
|
|
24,405 |
|
|
82,743 |
|
|
|
68,825 |
|
Net income |
|
|
89,311 |
|
|
84,329 |
|
|
|
76,467 |
|
|
260,485 |
|
|
|
214,555 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
15 |
|
|
(69 |
) |
|
|
18 |
|
|
(36 |
) |
|
|
(116 |
) |
Net income attributable to WSFS |
|
$ |
89,296 |
|
$ |
84,398 |
|
|
$ |
76,449 |
|
$ |
260,521 |
|
|
$ |
214,671 |
|
Diluted earnings per share of common stock: |
|
$ |
1.75 |
|
$ |
1.63 |
|
|
$ |
1.37 |
|
$ |
5.01 |
|
|
$ |
3.75 |
|
Weighted average shares of common stock outstanding for fully diluted EPS |
|
|
51,100,141 |
|
|
51,935,567 |
|
|
|
55,960,833 |
|
|
52,010,835 |
|
|
|
57,171,976 |
|
See “Notes” |
||||||||||||||||||
WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS SUMMARY STATEMENTS OF INCOME (Unaudited) - continued |
|||||||||||||||
|
|
Three months ended |
|
Nine months ended |
|||||||||||
|
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
|||||
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets (a) |
|
1.58 |
% |
|
1.52 |
% |
|
1.44 |
% |
|
1.57 |
% |
|
1.37 |
% |
Return on average equity (a) |
|
13.02 |
|
|
12.39 |
|
|
11.25 |
|
|
12.71 |
|
|
10.78 |
|
Return on average tangible common equity (a)(o) |
|
20.74 |
|
|
19.78 |
|
|
18.31 |
|
|
20.23 |
|
|
17.78 |
|
Net interest margin (a)(b) |
|
3.88 |
|
|
3.87 |
|
|
3.91 |
|
|
3.86 |
|
|
3.89 |
|
Efficiency ratio (c) |
|
56.1 |
|
|
58.8 |
|
|
60.2 |
|
|
57.9 |
|
|
59.6 |
|
Noninterest income as a percentage of total net revenue (b) |
|
31.6 |
|
|
31.8 |
|
|
31.9 |
|
|
32.0 |
|
|
32.1 |
|
See “Notes” |
|||||||||||||||
WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited) |
||||||||||||
(Dollars in thousands) |
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
||||||
Assets: |
|
|
|
|
|
|
||||||
Cash and due from banks |
|
$ |
1,926,787 |
|
|
$ |
2,565,643 |
|
|
$ |
1,564,273 |
|
Investment securities, available-for-sale |
|
|
3,691,117 |
|
|
|
3,841,008 |
|
|
|
3,502,159 |
|
Investment securities, held-to-maturity |
|
|
925,722 |
|
|
|
943,292 |
|
|
|
979,698 |
|
Other investments |
|
|
22,553 |
|
|
|
38,231 |
|
|
|
46,691 |
|
Net loans and leases (e)(f)(l) |
|
|
13,478,388 |
|
|
|
13,323,785 |
|
|
|
12,840,383 |
|
Goodwill and intangibles |
|
|
958,111 |
|
|
|
962,451 |
|
|
|
973,677 |
|
Other assets |
|
|
1,109,081 |
|
|
|
979,538 |
|
|
|
933,534 |
|
Total assets |
|
$ |
22,111,759 |
|
|
$ |
22,653,948 |
|
|
$ |
20,840,415 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
||||||
Noninterest-bearing deposits |
|
$ |
6,057,908 |
|
|
$ |
7,008,388 |
|
|
$ |
5,236,956 |
|
Interest-bearing deposits |
|
|
12,326,178 |
|
|
|
11,995,247 |
|
|
|
11,989,262 |
|
Total client deposits |
|
|
18,384,086 |
|
|
|
19,003,635 |
|
|
|
17,226,218 |
|
Other borrowings |
|
|
304,369 |
|
|
|
307,017 |
|
|
|
255,099 |
|
Other liabilities |
|
|
820,970 |
|
|
|
632,222 |
|
|
|
616,317 |
|
Total liabilities |
|
|
19,509,425 |
|
|
|
19,942,874 |
|
|
|
18,097,634 |
|
Stockholders’ equity of WSFS |
|
|
2,613,043 |
|
|
|
2,721,798 |
|
|
|
2,753,273 |
|
Noncontrolling interest |
|
|
(10,709 |
) |
|
|
(10,724 |
) |
|
|
(10,492 |
) |
Total stockholders' equity |
|
|
2,602,334 |
|
|
|
2,711,074 |
|
|
|
2,742,781 |
|
Total liabilities and stockholders' equity |
|
$ |
22,111,759 |
|
|
$ |
22,653,948 |
|
|
$ |
20,840,415 |
|
Capital Ratios: |
|
|
|
|
|
|
||||||
Equity to asset ratio |
|
|
11.82 |
% |
|
|
12.01 |
% |
|
|
13.21 |
% |
Tangible common equity to tangible asset ratio (o) |
|
|
7.82 |
|
|
|
8.11 |
|
|
|
8.96 |
|
Common equity Tier 1 capital (required: |
|
|
13.74 |
|
|
|
13.76 |
|
|
|
14.39 |
|
Tier 1 leverage (required: |
|
|
10.40 |
|
|
|
10.35 |
|
|
|
11.11 |
|
Tier 1 risk-based capital (required: |
|
|
13.74 |
|
|
|
13.76 |
|
|
|
14.39 |
|
Total risk-based capital (required: |
|
|
15.47 |
|
|
|
15.47 |
|
|
|
16.19 |
|
Asset Quality Indicators: |
|
|
|
|
|
|
||||||
Nonperforming assets: |
|
|
|
|
|
|
||||||
Nonaccruing loans (s)(n) |
|
$ |
70,810 |
|
|
$ |
68,271 |
|
|
$ |
72,148 |
|
Assets acquired through foreclosure |
|
|
11,846 |
|
|
|
12,690 |
|
|
|
439 |
|
Total nonperforming assets |
|
$ |
82,656 |
|
|
$ |
80,961 |
|
|
$ |
72,587 |
|
Past due loans (h)(n) |
|
$ |
15,718 |
|
|
$ |
8,112 |
|
|
$ |
14,295 |
|
Troubled loans (t)(n) |
|
|
109,074 |
|
|
|
105,736 |
|
|
|
156,803 |
|
Allowance for credit losses |
|
|
187,882 |
|
|
|
180,035 |
|
|
|
185,504 |
|
Ratio of nonperforming assets to total assets (n) |
|
|
0.37 |
% |
|
|
0.36 |
% |
|
|
0.35 |
% |
Ratio of allowance for credit losses to total loans and leases (p) |
|
|
1.36 |
|
|
|
1.32 |
|
|
|
1.41 |
|
Ratio of allowance for credit losses to nonaccruing loans (n) |
|
|
262 |
|
|
|
260 |
|
|
|
254 |
|
Ratio of quarterly net (recoveries) charge-offs to average gross loans (a)(e)(i) |
|
|
(0.02 |
) |
|
|
0.21 |
|
|
|
0.30 |
|
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i) |
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.45 |
|
See “Notes” |
||||||||||||
WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) AVERAGE BALANCE SHEET (Unaudited) |
||||||||||||||||||||||||||||||
(Dollars in thousands) |
|
Three months ended |
||||||||||||||||||||||||||||
|
|
September 30, 2026 |
|
June 30, 2026 |
|
September 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 and industrial |
|
$ |
4,944,975 |
|
|
$ |
76,763 |
|
6.18 |
% |
|
$ |
4,838,475 |
|
|
$ |
73,772 |
|
6.13 |
% |
|
$ |
4,609,091 |
|
|
$ |
74,136 |
|
6.38 |
% |
Commercial real estate loans (r) |
|
|
4,910,602 |
|
|
|
77,832 |
|
6.29 |
|
|
|
4,896,752 |
|
|
|
75,795 |
|
6.21 |
|
|
|
4,831,359 |
|
|
|
82,914 |
|
6.81 |
|
Commercial leases |
|
|
586,544 |
|
|
|
12,595 |
|
8.59 |
|
|
|
581,053 |
|
|
|
12,560 |
|
8.65 |
|
|
|
620,096 |
|
|
|
13,586 |
|
8.76 |
|
Residential mortgage |
|
|
1,276,935 |
|
|
|
18,074 |
|
5.66 |
|
|
|
1,142,113 |
|
|
|
15,774 |
|
5.52 |
|
|
|
1,002,442 |
|
|
|
13,711 |
|
5.47 |
|
Consumer loans |
|
|
1,810,352 |
|
|
|
28,012 |
|
6.14 |
|
|
|
1,854,178 |
|
|
|
28,889 |
|
6.25 |
|
|
|
1,908,700 |
|
|
|
32,548 |
|
6.77 |
|
Loans held for sale |
|
|
25,675 |
|
|
|
408 |
|
6.30 |
|
|
|
78,068 |
|
|
|
1,416 |
|
7.28 |
|
|
|
75,418 |
|
|
|
1,355 |
|
7.13 |
|
Total loans and leases |
|
|
13,555,083 |
|
|
|
213,684 |
|
6.26 |
|
|
|
13,390,639 |
|
|
|
208,206 |
|
6.24 |
|
|
|
13,047,106 |
|
|
|
218,250 |
|
6.64 |
|
Mortgage-backed securities (d) |
|
|
4,395,451 |
|
|
|
30,392 |
|
2.77 |
|
|
|
4,286,970 |
|
|
|
27,975 |
|
2.61 |
|
|
|
4,090,178 |
|
|
|
24,202 |
|
2.37 |
|
Investment securities (d) |
|
|
358,714 |
|
|
|
2,137 |
|
2.69 |
|
|
|
363,491 |
|
|
|
2,157 |
|
2.71 |
|
|
|
366,450 |
|
|
|
2,180 |
|
2.66 |
|
Other interest-earning assets |
|
|
1,844,939 |
|
|
|
17,692 |
|
3.80 |
|
|
|
1,979,080 |
|
|
|
18,498 |
|
3.75 |
|
|
|
1,227,761 |
|
|
|
13,789 |
|
4.46 |
|
Total interest-earning assets |
|
$ |
20,154,187 |
|
|
$ |
263,905 |
|
5.21 |
% |
|
$ |
20,020,180 |
|
|
$ |
256,836 |
|
5.16 |
% |
|
$ |
18,731,495 |
|
|
$ |
258,421 |
|
5.48 |
% |
Allowance for credit losses |
|
|
(185,294 |
) |
|
|
|
|
|
|
(183,731 |
) |
|
|
|
|
|
|
(190,837 |
) |
|
|
|
|
||||||
Cash and due from banks |
|
|
523,758 |
|
|
|
|
|
|
|
555,255 |
|
|
|
|
|
|
|
570,022 |
|
|
|
|
|
||||||
Other noninterest-earning assets |
|
|
1,907,015 |
|
|
|
|
|
|
|
1,881,773 |
|
|
|
|
|
|
|
1,924,418 |
|
|
|
|
|
||||||
Total assets |
|
$ |
22,399,666 |
|
|
|
|
|
|
$ |
22,273,477 |
|
|
|
|
|
|
$ |
21,035,098 |
|
|
|
|
|
||||||
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing demand |
|
$ |
2,856,067 |
|
|
$ |
6,970 |
|
0.97 |
% |
|
$ |
2,796,834 |
|
|
$ |
6,254 |
|
0.90 |
% |
|
$ |
2,825,284 |
|
|
$ |
7,870 |
|
1.11 |
% |
Savings |
|
|
1,368,308 |
|
|
|
1,444 |
|
0.42 |
|
|
|
1,370,482 |
|
|
|
1,172 |
|
0.34 |
|
|
|
1,433,399 |
|
|
|
1,723 |
|
0.48 |
|
Money market |
|
|
6,007,946 |
|
|
|
39,889 |
|
2.63 |
|
|
|
5,890,550 |
|
|
|
38,131 |
|
2.60 |
|
|
|
5,581,010 |
|
|
|
42,378 |
|
3.01 |
|
Time deposits |
|
|
1,870,707 |
|
|
|
14,327 |
|
3.04 |
|
|
|
1,894,349 |
|
|
|
14,137 |
|
2.99 |
|
|
|
2,077,815 |
|
|
|
19,214 |
|
3.67 |
|
Total interest-bearing client deposits |
|
|
12,103,028 |
|
|
|
62,630 |
|
2.05 |
|
|
|
11,952,215 |
|
|
|
59,694 |
|
2.00 |
|
|
|
11,917,508 |
|
|
|
71,185 |
|
2.37 |
|
Brokered deposits |
|
|
11 |
|
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
— |
|
Total interest-bearing deposits |
|
|
12,103,039 |
|
|
|
62,630 |
|
2.05 |
|
|
|
11,952,215 |
|
|
|
59,694 |
|
2.00 |
|
|
|
11,917,508 |
|
|
|
71,185 |
|
2.37 |
|
Federal Home Loan Bank advances |
|
|
49,457 |
|
|
|
495 |
|
3.92 |
|
|
|
50,000 |
|
|
|
491 |
|
3.88 |
|
|
|
50,215 |
|
|
|
586 |
|
4.63 |
|
Trust preferred borrowings |
|
|
91,145 |
|
|
|
1,390 |
|
6.05 |
|
|
|
91,096 |
|
|
|
1,370 |
|
6.03 |
|
|
|
90,952 |
|
|
|
1,524 |
|
6.65 |
|
Senior and subordinated debt |
|
|
197,074 |
|
|
|
2,775 |
|
5.63 |
|
|
|
196,997 |
|
|
|
2,765 |
|
5.61 |
|
|
|
148,766 |
|
|
|
1,089 |
|
2.93 |
|
Other borrowed funds |
|
|
25,421 |
|
|
|
21 |
|
0.33 |
|
|
|
22,324 |
|
|
|
16 |
|
0.29 |
|
|
|
16,504 |
|
|
|
14 |
|
0.34 |
|
Total interest-bearing liabilities |
|
$ |
12,466,136 |
|
|
$ |
67,311 |
|
2.14 |
% |
|
$ |
12,312,632 |
|
|
$ |
64,336 |
|
2.10 |
% |
|
$ |
12,223,945 |
|
|
$ |
74,398 |
|
2.41 |
% |
Noninterest-bearing demand deposits |
|
|
6,561,908 |
|
|
|
|
|
|
|
6,631,914 |
|
|
|
|
|
|
|
5,493,161 |
|
|
|
|
|
||||||
Other noninterest-bearing liabilities |
|
|
660,398 |
|
|
|
|
|
|
|
606,784 |
|
|
|
|
|
|
|
633,625 |
|
|
|
|
|
||||||
Stockholders’ equity of WSFS |
|
|
2,721,973 |
|
|
|
|
|
|
|
2,732,684 |
|
|
|
|
|
|
|
2,694,883 |
|
|
|
|
|
||||||
Noncontrolling interest |
|
|
(10,749 |
) |
|
|
|
|
|
|
(10,537 |
) |
|
|
|
|
|
|
(10,516 |
) |
|
|
|
|
||||||
Total liabilities and equity |
|
$ |
22,399,666 |
|
|
|
|
|
|
$ |
22,273,477 |
|
|
|
|
|
|
$ |
21,035,098 |
|
|
|
|
|
||||||
Excess of interest-earning assets over interest-bearing liabilities |
|
$ |
7,688,051 |
|
|
|
|
|
|
$ |
7,707,548 |
|
|
|
|
|
|
$ |
6,507,550 |
|
|
|
|
|
||||||
Net interest and dividend income |
|
|
|
$ |
196,594 |
|
|
|
|
|
$ |
192,500 |
|
|
|
|
|
$ |
184,023 |
|
|
|||||||||
Interest rate spread |
|
|
|
|
|
3.07 |
% |
|
|
|
|
|
3.06 |
% |
|
|
|
|
|
3.07 |
% |
|||||||||
Net interest margin |
|
|
|
|
|
3.88 |
% |
|
|
|
|
|
3.87 |
% |
|
|
|
|
|
3.91 |
% |
|||||||||
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, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
Market price of common stock: |
|
|
|
|
|
|
|
|
|
|
High |
|
|
|
|
|
|
|
|
|
|
Low |
|
74.78 |
|
64.98 |
|
52.58 |
|
54.31 |
|
42.44 |
Close |
|
75.57 |
|
76.73 |
|
53.93 |
|
75.57 |
|
53.93 |
Book value per share of common stock |
|
51.58 |
|
52.97 |
|
49.67 |
|
|
|
|
Tangible common book value (TBV) per share of common stock (o) |
|
32.67 |
|
34.24 |
|
32.11 |
|
|
|
|
Number of shares of common stock outstanding (000s) |
|
50,660 |
|
51,388 |
|
55,427 |
|
|
|
|
Other Financial Data: |
|
|
|
|
|
|
|
|
|
|
One-year repricing gap to total assets (k)(u) |
|
|
|
|
|
(1.34)% |
|
|
|
|
Weighted average duration of the MBS portfolio |
|
5.6 years |
|
5.6 years |
|
6.0 years |
|
|
|
|
Unrealized losses on securities available for sale, net of taxes |
|
|
|
|
|
|
|
|
|
|
Number of Associates (FTEs) (m) |
|
2,323 |
|
2,391 |
|
2,338 |
|
|
|
|
Number of offices (branches, LPO’s, operations centers, etc.) |
|
115 |
|
114 |
|
114 |
|
|
|
|
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 WSFS Financial Corporation and subsidiaries. Capital Ratios for the current quarter are to be considered preliminary until regulatory filings for the quarter are completed. |
|
| (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 most directly comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. |
|
| (p) | Reflects allowance for credit losses on loans and leases over the amortized cost of the total portfolio. |
|
| (q) | Includes provision for credit losses, loan workout expenses, OREO expenses and other credit costs. |
|
| (r) | Includes commercial mortgage and commercial construction loans. |
|
| (s) | Includes nonaccruing troubled loans. |
|
| (t) | 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. |
|
| (u) | Includes the impact of cash flow hedges. Prior period amounts have been updated to conform to current presentation. |
|
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, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
||||||||||
Net interest income (GAAP) |
|
$ |
196,594 |
|
|
$ |
192,500 |
|
|
$ |
184,023 |
|
|
$ |
574,230 |
|
|
$ |
538,734 |
|
Core net interest income (non-GAAP) |
|
|
196,594 |
|
|
|
192,500 |
|
|
|
184,023 |
|
|
|
574,230 |
|
|
|
538,734 |
|
Noninterest income (GAAP) |
|
|
90,978 |
|
|
|
89,968 |
|
|
|
86,471 |
|
|
|
271,061 |
|
|
|
255,377 |
|
Plus: Unrealized loss on equity investments, net |
|
|
— |
|
|
|
(4,134 |
) |
|
|
— |
|
|
|
(4,134 |
) |
|
|
— |
|
Less: Realized gain on sale of equity investment, net |
|
|
146 |
|
|
|
159 |
|
|
|
939 |
|
|
|
305 |
|
|
|
957 |
|
Plus: Visa derivative valuation adjustment |
|
|
— |
|
|
|
— |
|
|
|
(2,429 |
) |
|
|
— |
|
|
|
(2,429 |
) |
(Plus)/less: (Loss) gain on sale of credit card portfolio |
|
|
(140 |
) |
|
|
1,746 |
|
|
|
— |
|
|
|
1,605 |
|
|
|
— |
|
Core fee revenue (non-GAAP) |
|
$ |
90,972 |
|
|
$ |
92,197 |
|
|
$ |
87,961 |
|
|
$ |
273,285 |
|
|
$ |
256,849 |
|
Core net revenue (non-GAAP) |
|
$ |
287,566 |
|
|
$ |
284,697 |
|
|
$ |
271,984 |
|
|
$ |
847,515 |
|
|
$ |
795,583 |
|
Core net revenue (non-GAAP)(tax-equivalent) |
|
$ |
288,087 |
|
|
$ |
285,231 |
|
|
$ |
272,482 |
|
|
$ |
849,100 |
|
|
$ |
797,023 |
|
Noninterest expense (GAAP) |
|
$ |
161,559 |
|
|
$ |
166,300 |
|
|
$ |
163,056 |
|
|
$ |
490,624 |
|
|
$ |
474,194 |
|
Less: Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
352 |
|
|
|
— |
|
|
|
352 |
|
Less/(plus): Corporate development expense |
|
|
62 |
|
|
|
63 |
|
|
|
171 |
|
|
|
182 |
|
|
|
(99 |
) |
Less: Restructuring expense |
|
|
24 |
|
|
|
— |
|
|
|
398 |
|
|
|
2,820 |
|
|
|
658 |
|
Core noninterest expense (non-GAAP) |
|
$ |
161,473 |
|
|
$ |
166,237 |
|
|
$ |
162,135 |
|
|
$ |
487,622 |
|
|
$ |
473,283 |
|
Core efficiency ratio (non-GAAP) |
|
|
56.1 |
% |
|
|
58.3 |
% |
|
|
59.5 |
% |
|
|
57.4 |
% |
|
|
59.4 |
% |
Core fee revenue ratio (non-GAAP) (b) |
|
|
31.6 |
% |
|
|
32.3 |
% |
|
|
32.3 |
% |
|
|
32.2 |
% |
|
|
32.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
End of period |
|
|
|
|
||||||||||||||
|
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
|
|
|
|
||||||||||
Total assets (GAAP) |
|
$ |
22,111,759 |
|
|
$ |
22,653,948 |
|
|
$ |
20,840,415 |
|
|
|
|
|
||||
Less: Goodwill and other intangible assets |
|
|
958,111 |
|
|
|
962,451 |
|
|
|
973,677 |
|
|
|
|
|
||||
Total tangible assets (non-GAAP) |
|
$ |
21,153,648 |
|
|
$ |
21,691,497 |
|
|
$ |
19,866,738 |
|
|
|
|
|
||||
Total stockholders’ equity of WSFS (GAAP) |
|
$ |
2,613,043 |
|
|
$ |
2,721,798 |
|
|
$ |
2,753,273 |
|
|
|
|
|
||||
Less: Goodwill and other intangible assets |
|
|
958,111 |
|
|
|
962,451 |
|
|
|
973,677 |
|
|
|
|
|
||||
Total tangible common equity (non-GAAP) |
|
$ |
1,654,932 |
|
|
$ |
1,759,347 |
|
|
$ |
1,779,596 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common book value (TBV) per share: |
|
|
|
|
|
|
|
|
||||||||||||
Book value per share (GAAP) |
|
$ |
51.58 |
|
|
$ |
52.97 |
|
|
$ |
49.67 |
|
|
|
|
|
||||
Tangible common book value per share (non-GAAP) |
|
|
32.67 |
|
|
|
34.24 |
|
|
|
32.11 |
|
|
|
|
|
||||
Tangible common equity to tangible assets: |
|
|
|
|
|
|
|
|
||||||||||||
Equity to asset ratio (GAAP) |
|
|
11.82 |
% |
|
|
12.01 |
% |
|
|
13.21 |
% |
|
|
|
|
||||
Tangible common equity to tangible assets ratio (non-GAAP) |
|
|
7.82 |
|
|
|
8.11 |
|
|
|
8.96 |
|
|
|
|
|
||||
Non-GAAP Reconciliation - continued (o): |
|
Three months ended |
|
Nine months ended |
||||||||||||||||
|
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
||||||||||
GAAP net income attributable to WSFS |
|
$ |
89,296 |
|
|
$ |
84,398 |
|
|
$ |
76,449 |
|
|
$ |
260,521 |
|
|
$ |
214,671 |
|
Plus: Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative adjustment, (loss) gain on sale of credit card portfolio, loss on debt extinguishment, corporate development and restructuring expense |
|
|
80 |
|
|
|
2,292 |
|
|
|
2,411 |
|
|
|
5,226 |
|
|
|
2,383 |
|
Less: Tax impact of pre-tax adjustments |
|
|
(57 |
) |
|
|
(539 |
) |
|
|
(589 |
) |
|
|
(1,235 |
) |
|
|
(616 |
) |
Adjusted net income (non-GAAP) attributable to WSFS |
|
$ |
89,319 |
|
|
$ |
86,151 |
|
|
$ |
78,271 |
|
|
$ |
264,512 |
|
|
$ |
216,438 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP return on average assets (ROA) |
|
|
1.58 |
% |
|
|
1.52 |
% |
|
|
1.44 |
% |
|
|
1.57 |
% |
|
|
1.37 |
% |
Plus: Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative adjustment, (loss) gain on sale of credit card portfolio, loss on debt extinguishment, corporate development and restructuring expense |
|
|
— |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.03 |
|
|
|
0.02 |
|
Less: Tax impact of pre-tax adjustments |
|
|
— |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
— |
|
Core ROA (non-GAAP) |
|
|
1.58 |
% |
|
|
1.55 |
% |
|
|
1.48 |
% |
|
|
1.59 |
% |
|
|
1.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share (diluted) (GAAP) |
|
$ |
1.75 |
|
|
$ |
1.63 |
|
|
$ |
1.37 |
|
|
$ |
5.01 |
|
|
$ |
3.75 |
|
Plus: Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative adjustment, (loss) gain on sale of credit card portfolio, loss on debt extinguishment, corporate development and restructuring expense |
|
|
— |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.10 |
|
|
|
0.04 |
|
Less: Tax impact of pre-tax adjustments |
|
|
— |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
— |
|
Core earnings per share (non-GAAP) |
|
$ |
1.75 |
|
|
$ |
1.66 |
|
|
$ |
1.40 |
|
|
$ |
5.09 |
|
|
$ |
3.79 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Calculation of return on average tangible common equity: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP net income attributable to WSFS |
|
$ |
89,296 |
|
|
$ |
84,398 |
|
|
$ |
76,449 |
|
|
$ |
260,521 |
|
|
$ |
214,671 |
|
Plus: Tax effected amortization of intangible assets |
|
|
2,745 |
|
|
|
2,766 |
|
|
|
2,864 |
|
|
|
8,289 |
|
|
|
8,756 |
|
Net tangible income (non-GAAP) |
|
$ |
92,041 |
|
|
$ |
87,164 |
|
|
$ |
79,313 |
|
|
$ |
268,810 |
|
|
$ |
223,427 |
|
Average stockholders’ equity of WSFS |
|
$ |
2,721,973 |
|
|
$ |
2,732,684 |
|
|
$ |
2,694,883 |
|
|
$ |
2,741,236 |
|
|
$ |
2,661,709 |
|
Less: Average goodwill and intangible assets |
|
|
961,111 |
|
|
|
964,974 |
|
|
|
976,270 |
|
|
|
964,853 |
|
|
|
981,809 |
|
Net average tangible common equity |
|
$ |
1,760,862 |
|
|
$ |
1,767,710 |
|
|
$ |
1,718,613 |
|
|
$ |
1,776,383 |
|
|
$ |
1,679,900 |
|
Return on average tangible common equity (non-GAAP) |
|
|
20.74 |
% |
|
|
19.78 |
% |
|
|
18.31 |
% |
|
|
20.23 |
% |
|
|
17.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Calculation of PPNR: |
||||||||||||||||||||
Net income (GAAP) |
|
$ |
89,311 |
|
|
$ |
84,329 |
|
|
$ |
76,467 |
|
|
$ |
260,485 |
|
|
$ |
214,555 |
|
Plus: Income tax provision |
|
|
28,309 |
|
|
|
26,795 |
|
|
|
24,405 |
|
|
|
82,743 |
|
|
|
68,825 |
|
Plus: Provision for credit losses |
|
|
8,393 |
|
|
|
5,044 |
|
|
|
6,566 |
|
|
|
11,439 |
|
|
|
36,537 |
|
PPNR (non-GAAP) |
|
$ |
126,013 |
|
|
$ |
116,168 |
|
|
$ |
107,438 |
|
|
$ |
354,667 |
|
|
$ |
319,917 |
|
Non-GAAP Reconciliation - continued (o): |
|
Three months ended |
|||||||
|
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
|||
Calculation of adjusted core noninterest expense: |
|
|
|
|
|
|
|||
Core noninterest expense (non-GAAP) |
|
$ |
161,473 |
|
$ |
166,237 |
|
$ |
162,135 |
Less: Cash Connect® external funding costs |
|
|
7,805 |
|
|
7,985 |
|
|
11,045 |
Adjusted core noninterest expense (non-GAAP) |
|
$ |
153,668 |
|
$ |
158,252 |
|
$ |
151,090 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20261022626993/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