$WSFS

WSFS FINANCIAL CORP

CIK:0000828944|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Interest and fees on loans and leases	$ 208,206	$ 216,005	$ 413,449	$ 432,757
Interest on mortgage-backed securities	27,975	24,531	53,217	49,276
Interest and dividends on investment securities:
Taxable	700	700	1,399	1,399
Tax-exempt	1,457	1,486	2,929	2,973
Other interest income	18,498	10,468	35,051	17,663
Total interest income	256,836	253,190	506,045	504,068
Interest expense:
Interest on deposits	59,694	70,124	119,191	141,228
Interest on Federal Home Loan Bank advances	491	949	930	1,887
Interest on senior debt	2,765	1,089	5,531	3,163
Interest on trust preferred borrowings	1,370	1,518	2,725	3,041
Interest on other borrowings	16	15	32	38
Total interest expense	64,336	73,695	128,409	149,357
Net interest income	192,500	179,495	377,636	354,711
Provision for credit losses	5,044	12,621	3,046	29,971
Net interest income after provision for credit losses	187,456	166,874	374,590	324,740
Noninterest income:
Loan and lease fee income	1,618	1,430	3,620	2,895
Unrealized loss on equity investments, net	(4,134)	0	(4,134)	0
Realized gain on sale of equity investments, net	159	18	159	18
Total non interest income	89,968	88,009	180,083	168,906
Noninterest expense:
Salaries, benefits and other compensation	95,767	89,145	187,654	171,622
Occupancy expense	8,309	8,829	18,448	18,722
Equipment expense	13,661	13,778	26,933	26,506
Data processing and operations expenses	5,246	5,010	10,257	9,705
Professional fees	4,752	6,211	8,870	10,909
Marketing expense	2,567	1,925	4,702	3,620
FDIC expenses	2,523	2,433	5,157	5,011
Loan workout and other credit costs	2,087	1,629	4,261	1,869
Corporate development expense	63	(329)	120	(270)
Restructuring expense	0	0	2,796	260
Other operating expense	31,325	30,712	59,867	63,184
Noninterest expenses	166,300	159,343	329,065	311,138
Income before taxes	111,124	95,540	225,608	182,508
Income tax provision	26,795	23,319	54,434	44,420
Net income (loss)	84,329	72,221	171,174	138,088
Less: Net loss attributable to noncontrolling interest	(69)	(105)	(51)	(134)
Net income attributable to WSFS	$ 84,398	$ 72,326	$ 171,225	$ 138,222
Earnings per share:
Basic (in dollars per share)	$ 1.63	$ 1.28	$ 3.27	$ 2.40
Diluted (in dollars per share)	$ 1.63	$ 1.27	$ 3.26	$ 2.39
Weighted average shares of common stock outstanding:
Basic (in shares)	51,799,002	56,702,264	52,319,407	57,572,272
Diluted (in shares)	51,935,567	56,851,797	52,475,721	57,765,602
Credit/debit card and ATM income
Noninterest income:
Noninterest income	$ 15,620	$ 18,309	$ 30,686	$ 37,052
Investment management and fiduciary income
Noninterest income:
Noninterest income	51,460	43,774	100,587	83,055
Deposit service charges
Noninterest income:
Noninterest income	7,041	6,802	13,918	13,555
Mortgage banking activities, net
Noninterest income:
Noninterest income	1,323	2,341	3,684	4,141
Other income
Noninterest income:
Noninterest income	$ 16,881	$ 15,335	$ 31,563	$ 28,190

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Operating activities:

Net income

$ 171,174

$ 138,088

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

3,046

29,971

Depreciation of premises and equipment, net

7,342

6,069

Accretion of fees and discounts, net

(12,486)

(12,645)

Amortization of intangible assets

7,329

7,793

Amortization of right-of-use lease assets

4,550

4,842

Decrease in operating lease liability

(5,795)

(5,515)

Income from mortgage banking activities, net

(3,684)

(4,141)

Loss on sale of other real estate owned and valuation adjustments, net

809

Stock-based compensation expense

7,108

6,327

Unrealized loss on equity investments, net

4,134

Realized gain on sale of equity investments, net

(159)

(18)

Gain on sale of WSFS Wealth Management, LLC business

(386)

Gain on sale of credit card portfolio

(1,746)

Deferred income tax benefit

7,392

7,560

Decrease in accrued interest receivable

2,209

4,902

(Increase) decrease in other assets

(14,685)

63,737

Origination of loans held for sale

(228,161)

(234,182)

Proceeds from sales of loans held for sale

127,070

183,281

(Increase) decrease in value of bank owned life insurance

(1,417)

280

Increase in capitalized interest, net

(275)

(1,046)

Decrease in accrued interest payable

(3,417)

(9,039)

Increase (decrease) in other liabilities

4,119

(140,757)

Net cash provided by operating activities

73,659

45,930

Investing activities:

Repayments, maturities and calls of investment securities held-to-maturity

31,788

28,426

Purchases of investment securities available-for-sale

(533,492)

(54,948)

Repayments, maturities and calls of investment securities available-for-sale

211,850

191,276

Proceeds from bank-owned life insurance death benefit

241

Net (increase) decrease in loans

(120,732)

116,802

Proceeds from sale of credit card portfolio

34,349

Net cash from sale of WSFS Wealth Management, LLC business

2,425

Purchases of stock of Federal Home Loan Bank of Pittsburgh

(370,000)

(238,017)

Redemptions of stock of Federal Home Loan Bank of Pittsburgh

355,833

227,882

Sales of other real estate owned

216

4,085

Investment in premises and equipment

(2,620)

(4,407)

Net cash (used in) provided by investing activities

(392,808)

273,765

Financing activities:

Net increase in demand and saving deposits

1,503,974

125,563

Decrease in time deposits

(138,737)

(44,284)

Receipts from FHLB advances

8,550,000

5,950,000

Repayments of FHLB advances

(8,550,000)

(5,950,000)

Repurchase of noncontrolling interest

(203)

Cash dividend

(19,424)

(18,415)

Issuance of common stock including proceeds from exercise of common stock options

(2,453)

(3,179)

Redemption of subordinated debt

(70,000)

Repurchases of common stock

(152,526)

(132,700)

Net cash provided by (used in) financing activities

1,190,631

(143,015)

Increase in cash, cash equivalents, and restricted cash

871,482

176,680

Cash, cash equivalents, and restricted cash at beginning of period

1,699,154

1,154,818

Cash, cash equivalents, and restricted cash at end of period

2,570,636

1,331,498

Cash paid during the period for:

Interest

131,826

158,396

Income taxes

^[1]

33,931

33,297

Non-cash information:

Loans transferred to other real estate owned

12,717

336

Loans transferred to portfolio from held for sale at fair value

$ 129,641

$ (54,865)

[1]	Includes $11.4 million related to the purchase of renewable energy tax credits for the six months ended June 30, 2025.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and due from banks	$ 2,173,149	$ 1,326,339
Cash in non-owned ATMs	392,494	363,926
Interest-bearing deposits in other banks including collateral (restricted cash) of $2,480 at June 30, 2026 and $6,530 at December 31, 2025	4,993	8,889
Total cash, cash equivalents, and restricted cash	2,570,636	1,699,154
Investment securities, available-for-sale (amortized cost of $4,359,331 at June 30, 2026 and $4,037,700 at December 31, 2025)	3,841,008	3,542,246
Investment securities, held-to-maturity, net of allowance for credit losses of $5 at June 30, 2026 and December 31, 2025 (fair value $845,831 at June 30, 2026 and $879,066 at December 31, 2025)	943,292	968,331
Other investments	8,877	13,441
Loans, held for sale at fair value	33,926	61,573
Loans and leases, net of allowance for credit losses of $177,263 at June 30, 2026 and $179,647 at December 31, 2025	13,289,859	13,082,027
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost	24,361	10,194
Other real estate owned	12,690	200
Accrued interest receivable	78,076	80,285
Premises and equipment	75,598	80,320
Goodwill and intangible assets	962,451	969,903
Other assets, net of allowance for credit losses of $2,767 at June 30, 2026 and $2,848 at December 31, 2025	813,174	806,402
Total assets	22,653,948	21,314,076
Deposits:
Noninterest-bearing	7,008,388	5,576,598
Interest-bearing	11,995,247	12,065,890
Total deposits	19,003,635	17,642,488
Trust preferred borrowings	91,128	91,047
Senior debt	197,048	196,891
Other borrowed funds	18,841	14,744
Accrued interest payable	16,229	19,646
Other liabilities	615,993	621,185
Total liabilities	19,942,874	18,586,001
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 76,678,219 at June 30, 2026 and 76,456,499 at December 31, 2025	767	765
Capital in excess of par value	2,010,400	2,005,747
Accumulated other comprehensive loss	(466,224)	(445,547)
Retained earnings	2,273,507	2,121,706
Treasury stock at cost, 25,290,557 shares at June 30, 2026 and 23,046,983 shares at December 31, 2025	(1,096,652)	(944,126)
Total stockholders’ equity of WSFS	2,721,798	2,738,545
Noncontrolling interest	(10,724)	(10,470)
Total stockholders' equity	2,711,074	2,728,075
Total liabilities and stockholders' equity	$ 22,653,948	$ 21,314,076