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WSFS FINANCIAL CORP - Quarter Report: 2025 June (Form 10-Q)

,
, ,
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: ()
Not Applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      x    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).      x    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 x  Accelerated filer☐
Non-accelerated filer ☐  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  

Number of shares outstanding of the issuer's common stock, as of the latest practicable date: shares as of July 28, 2025.


WSFS FINANCIAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
 PART I. Financial InformationPage
Item 1.Financial Statements (Unaudited)
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2025 and 2024
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6
7
8
10
Notes to the Consolidated Financial Statements for the Three and Six Months Ended June 30, 2025
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Item 2.
53
Item 3.
68
Item 4.
68
PART II. Other Information
Item 1.
68
Item 1A.
68
Item 2.
68
Item 3.
69
Item 4.
69
Item 5.
69
Item 6.
69

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FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, and exhibits hereto, 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 United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including potential recessionary and other unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth;
•the impacts related to or resulting from bank failures and other economic and industry volatility, including potential changes in regulatory requirements and costs and potential impacts to macroeconomic conditions;
•possible additional loan losses and impairment of the collectability of loans;
•the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs;
•changes in market interest rates, which may lead to reduced margin as a result of increased funding costs and/or reduced earning asset yields;
•changes in 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 our operations;
•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;
•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;
•possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes;
•any impairments of the Company's goodwill or other intangible assets;
•the success of the Company's growth plans;
•failure of the financial and/or operational controls of the Company’s Cash Connect® and/or Wealth and Trust segments;
•negative perceptions or publicity with respect to the Company generally and, in particular, the Company’s Wealth and Trust segment;
•adverse judgments or other resolution of pending and future legal proceedings, and cost 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;
•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;
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•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, pay dividends to its stockholders, and repurchase shares of its common stock;
•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 herein under the heading “Risk Factors” and in other documents filed by the Company with the Securities and Exchange Commission ("SEC") 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 Quarterly Report on Form 10-Q, 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.

The following are registered trademarks of the Company: Bryn Mawr Capital Management®, LLC, Bryn Mawr Trust®, Cash Connect®, NewLane Finance®, WSFS Institutional Services®, WSFS Mortgage® and WSFS Wealth® Investments. Any other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.

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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands, except per share and share data)2025202420252024
Interest income:
Interest and fees on loans and leases$ $ $ $ 
Interest on mortgage-backed securities    
Interest and dividends on investment securities:
Taxable    
Tax-exempt    
Other interest income    
    
Interest expense:
Interest on deposits    
Interest on Federal Home Loan Bank advances    
Interest on senior and subordinated debt    
Interest on federal funds purchased     
Interest on trust preferred borrowings    
Interest on other borrowings    
    
Net interest income    
Provision for credit losses    
Net interest income after provision for credit losses    
Noninterest income:
Credit/debit card and ATM income    
Investment management and fiduciary income    
Deposit service charges    
Mortgage banking activities, net    
Loan and lease fee income    
Realized gain on sale of equity investments, net    
Bank owned life insurance income    
Other income    
    
Noninterest expense:
Salaries, benefits and other compensation    
Occupancy expense    
Equipment expense    
Data processing and operations expenses    
Professional fees    
Marketing expense    
FDIC expenses    
Loan workout and other credit costs () ()
Corporate development expense() () 
Restructuring expense    
Other operating expense    
    
Income before taxes    
Income tax provision    
Net income$ $ $ $ 
Less: Net loss attributable to noncontrolling interest()()()()
Net income attributable to WSFS$ $ $ $ 
Earnings per share:
Basic$ $ $ $ 
Diluted$ $ $ $ 
Weighted average shares of common stock outstanding:
Basic    
Diluted    

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2025202420252024
Net income $ $ $ $ 
Less: Net loss attributable to noncontrolling interest()()()()
Net income attributable to WSFS    
Other comprehensive income (loss):
Net change in unrealized gains (losses) on investment securities available-for-sale
Net unrealized gains (losses) arising during the period, net of tax expense (benefit) of $, $(), $, and $(), respectively
 () ()
Net change in securities held-to-maturity
Amortization of net unrealized losses on available-for-sale securities reclassified to held-to-maturity, net of tax expense of $, $, $, and $, respectively
    
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized gain and prior service cost, net of tax benefit of $ and $, $, and $, respectively
()()()()
Net change in cash flow hedge
Net unrealized gain (loss) arising during the period, net of tax expense (benefit) of $, $(), $, and $(), respectively
 () ()
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax benefit of $, $, $, and $, respectively
()()()()
Total other comprehensive income (loss) () ()
Total comprehensive income$ $ $ $ 
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands, except per share and share data)June 30, 2025December 31, 2024
Assets:
Cash and due from banks$ $ 
Cash in non-owned ATMs  
Interest-bearing deposits in other banks including collateral (restricted cash) of $ at June 30, 2025 and $ at December 31, 2024
  
Total cash, cash equivalents, and restricted cash  
Investment securities, available-for-sale (amortized cost of $ at June 30, 2025 and $ at December 31, 2024)
  
Investment securities, held-to-maturity, net of allowance for credit losses of $ at June 30, 2025 and $ at December 31, 2024 (fair value $ at June 30, 2025 and $ at December 31, 2024)
  
Other investments  
Loans, held for sale at fair value  
Loans and leases, net of allowance for credit losses of $ at June 30, 2025 and $ at December 31, 2024
  
Bank owned life insurance  
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost  
Other real estate owned  
Accrued interest receivable  
Premises and equipment  
Goodwill and intangible assets  
Other assets, net of allowance for credit losses of $ at June 30, 2025 and $ at December 31, 2024
  
Total assets$ $ 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$ $ 
Interest-bearing  
Total deposits  
FHLB advances  
Trust preferred borrowings  
Senior and subordinated debt  
Other borrowed funds  
Accrued interest payable  
Other liabilities  
Total liabilities  
Stockholders’ Equity:
Common stock $ par value, shares authorized; issued at June 30, 2025 and at December 31, 2024
  
Capital in excess of par value  
Accumulated other comprehensive loss()()
Retained earnings  
Treasury stock at cost, shares at June 30, 2025 and shares at December 31, 2024
()()
Total stockholders’ equity of WSFS  
Noncontrolling interest()()
Total stockholders' equity  
Total liabilities and stockholders' equity$ $ 


The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended June 30, 2025
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, March 31, 2025 $ $ $()$ $()$ $()$ 
Net income (loss)— — — —  —  () 
Other comprehensive income— — —  — —  —  
Cash dividend, $ per share
— — — — ()— ()— ()
Issuance of common stock including proceeds from exercise of common stock options (1)
  ()— — — ()— ()
Stock-based compensation expense— —  — — —  —  
Repurchases of common stock (2)
— — — — — ()()— ()
Balance, June 30, 2025 $ $ $()$ $()$ $()$ 
Six Months Ended June 30, 2025
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 2024 $ $ $()$ $()$ $()$ 
Net income (loss)— — — —  —  () 
Other comprehensive income— — —  — —  —  
Cash dividend, $ per share
— — — — ()— ()— ()
Issuance of common stock including proceeds from exercise of common stock options (3)
  ()— — — ()— ()
Stock-based compensation expense— —  — — —  —  
Repurchases of common stock (4)
— — — — — ()()— ()
Balance, June 30, 2025 $ $ $()$ $()$ $()$ 
(1) shares withheld to cover tax liabilities.
(2) shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.
(3) shares withheld to cover tax liabilities.
(4) shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.

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Three Months Ended June 30, 2024
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, March 31, 2024 $ $ $()$ $()$ $()$ 
Net income (loss)— — — —  —  () 
Other comprehensive loss— — — ()— — ()— ()
Cash dividend, $ per share
— — — — ()— ()— ()
Distributions to noncontrolling shareholders— — — — — — — ()()
Issuance of common stock including proceeds from exercise of common stock options (1)
  ()— — — ()— ()
Stock-based compensation expense— —  — — —  —  
Repurchases of common stock (2)
— — ()— — ()()— ()
Balance, June 30, 2024 $ $ $()$ $()$ $()$ 
Six Months Ended June 30, 2024
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 2023 $ $ $()$ $()$ $()$ 
Net income— — — —  —  () 
Other comprehensive loss— — — ()— — ()— ()
Cash dividend, $ per share
— — — — ()— ()— ()
Distributions to noncontrolling shareholders— — — — — — — ()()
Issuance of common stock including proceeds from exercise of common stock options  ()— — — ()— ()
Stock-based compensation expense— —  — — —  —  
Repurchases of common stock (2)
— — ()— — ()()— ()
Balance, June 30, 2024 $ $ $()$ $()$ $()$ 
(1) shares withheld to cover tax liabilities.
(2) shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.
(3) shares withheld to cover tax liabilities.
(4) shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.


The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended June 30,
(Dollars in thousands)20252024
Operating activities:
Net income$ $ 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses  
Depreciation of premises and equipment, net  
Accretion of fees and discounts, net()()
Amortization of intangible assets  
Amortization of right-of-use lease assets  
Decrease in operating lease liability()()
Income from mortgage banking activities, net()()
Loss on sale of other real estate owned and valuation adjustments, net  
Stock-based compensation expense  
Realized gain on sale of equity investments, net()()
Gain on sale of WSFS Wealth Management, LLC business() 
Deferred income tax benefit  
Decrease (increase) in accrued interest receivable ()
Decrease (increase) in other assets ()
Origination of loans held for sale()()
Proceeds from sales of loans held for sale  
Decrease (increase) in value of bank owned life insurance ()
Increase in capitalized interest, net()()
(Decrease) increase in accrued interest payable() 
(Decrease) increase in other liabilities() 
Net cash (used in) provided by operating activities$ $ 
Investing activities:
Repayments, maturities and calls of investment securities held-to-maturity  
Purchases of investment securities available-for-sale()()
Repayments, maturities and calls of investment securities available-for-sale  
Proceeds from bank-owned life insurance death benefit  
Proceeds from bank-owned life insurance surrender  
Net decrease (increase) in loans ()
Net cash from sale of WSFS Wealth Management, LLC business  
Purchase of loans held-for-investment ()
Purchases of stock of Federal Home Loan Bank of Pittsburgh()()
Redemptions of stock of Federal Home Loan Bank of Pittsburgh  
Sales of other real estate owned  
Investment in premises and equipment()()
Net cash provided by (used in) investing activities$ $()
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Six Months Ended June 30,
(Dollars in thousands)20252024
Financing activities:
Net increase (decrease) in demand and saving deposits$ $()
(Decrease) increase in time deposits() 
Decrease in brokered deposits ()
Receipts from FHLB advances  
Repayments of FHLB advances()()
Receipts from federal funds purchased  
Repayments of federal funds purchased  ()
Receipts from Bank Term Funding Program  
Distributions to noncontrolling shareholders ()
Cash dividend()()
Issuance of common stock including proceeds from exercise of common stock options()()
Redemption of senior and subordinated debt() 
Repurchases of common stock()()
Net cash used in financing activities$()$()
Increase (decrease) in cash, cash equivalents, and restricted cash ()
Cash, cash equivalents, and restricted cash at beginning of period  
Cash, cash equivalents, and restricted cash at end of period$ $ 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
     Interest$ $ 
     Income taxes(1)
  
Non-cash information:
Loans transferred to other real estate owned$ $ 
Loans transferred (from) to portfolio from held for sale at fair value() 
(1) million related to the purchase of renewable energy tax credits for the six months ended June 30, 2025.
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
(UNAUDITED)
unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank has wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).
Overview
Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). The Company provides residential and commercial mortgage, commercial and consumer lending services, as well as consumer deposit and treasury management services. The Company's core banking business is commercial lending funded primarily by client-generated deposits. The Company also originates small business leases and provides commercial financing to businesses nationwide, primarily through NewLane Finance®. In addition, the Company offers a variety of wealth management and trust services to individuals, institutions and corporations. The Company provides ATM vault cash, smart safe and cash logistics services in the United States through our Cash Connect® business. The Federal Deposit Insurance Corporation (FDIC) insures the Company's clients’ deposits to their legal maximums. The Company serves its clients primarily from offices located in Pennsylvania (), Delaware (), New Jersey (), Florida (),  Nevada () and Virginia (), its ATM network, website at www.wsfsbank.com and mobile app. Information on the website is not incorporated by reference into this Quarterly Report on Form 10-Q.

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 $ $ $ Interchange fees    Other card and ATM fees    Total credit/debit card and ATM income$ $ $ $ 
Credit/debit card and ATM income is composed of bailment fees, interchange fees, and other card and ATM fees. Bailment fees are earned from bailment arrangements with clients. Bailment arrangements are legal relationships in which property is delivered to another party without a transfer of ownership. The party who transferred the property (the bailor) retains ownership interest of the property. In the event that the bailee files for bankruptcy protection, the property is not included in the bailee's assets. The bailee pays an agreed-upon fee for the use of the bailor's property in exchange for the bailor allowing use of the assets at the bailee's site. Bailment fees are earned from cash that is made available for clients' use at an offsite location, such as cash located in an ATM at a client's place of business. These fees are typically indexed to a market interest rate. This revenue stream generates fee income through monthly billing for bailment services.
Credit/debit card and ATM income also includes interchange fees. Interchange fees are paid by a merchant's bank to a bank that issued a debit or credit card used in a transaction to compensate the issuing bank for the value and benefit the merchant receives from accepting electronic payments. These revenue streams generate fee income at the time a transaction occurs and are recorded as revenue at the time of the transaction.
Investment management and fiduciary income
 $ $ $ Wealth management and advisory fees    Total investment management and fiduciary income$ $ $ $ 
Investment management and fiduciary income is composed of trust fees and wealth management and advisory fees. Trust fees are based on revenue earned from custody, escrow, trustee and trustee related services on structured finance transactions; indenture trustee, administrative agent, paying agent and collateral agent services to individuals, institutions and corporations; commercial domicile and independent director services; and investment and trustee services to families and individuals. Most fees are flat fees, except for a portion of personal and corporate trustee fees where the Company earns a percentage on the assets under management or assets held within a trust. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for services provided.
Wealth management and advisory fees consists of fees from Bryn Mawr Trust®, BMTA (formerly BMCM), WSFS Wealth Management, LLC, and WSFS Wealth® Investments. Wealth management and advisory fees are based on revenue earned from services including asset management, financial planning, family office, and brokerage. The fees are based on the market value of assets, are assessed as a flat fee, or are brokerage commissions. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for the services.

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 $ $ $ Return and overdraft fees    Other deposit service fees    Total deposit service charges$ $ $ $ 
Deposit service charges includes revenue earned from core deposit products, certificates of deposit, and brokered deposits. The Company generates fee revenues from deposit service charges primarily through service charges and overdraft fees. Service charges consist primarily of monthly account maintenance fees, treasury management fees, foreign ATM fees and other maintenance fees. All of these revenue streams generate fee income through service charges for monthly account maintenance and similar items, transfer fees, late fees, overlimit fees, and stop payment fees. Revenue is recorded at the time of the transaction.
Other income
 $ $ $ Currency preparation    ATM loss protection    Capital markets revenue    Miscellaneous products and services    Total other income$ $ $ $ 
Other income consists of managed service fees, which are primarily courier fees related to cash management, currency preparation, ATM loss protection, Capital Markets revenue, and other miscellaneous products and services offered by the Bank. These fees are primarily generated through monthly billings or at the time of the transaction. Capital Markets revenue consists of fees related to interest rate swaps, risk participation agreements, foreign exchange contracts, letters of credit, and trade finance products and services offered by the Bank.
Arrangements with multiple performance obligations
The Company's contracts with clients may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to clients.
Practical expedients and exemptions
The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.
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 $ $ $ Denominator:Weighted average basic shares    Dilutive potential common shares    Weighted average fully diluted shares  $ $ Earnings per share:Basic$ $ $ $ Diluted$ $ $ $ Outstanding common stock equivalents having no dilutive effect    
Basic earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average basic shares outstanding. Diluted earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average fully diluted shares outstanding, using the treasury stock method. Fully diluted shares include the adjustment for the dilutive effect of common stock awards, which include outstanding stock options and unvested restricted stock units and performance stock units under the 2018 Incentive Plan.
of the Company's investments in debt securities are classified as trading.
June 30, 2025
(Dollars in thousands)Amortized CostGross
Unrealized
 Gain		Gross
Unrealized
 Loss		Allowance for Credit LossesFair
Value
Available-for-Sale Debt Securities
Collateralized mortgage obligations (CMO)$ $ $ $ $ 
Fannie Mae (FNMA) mortgage-backed securities (MBS)     
Freddie Mac (FHLMC) MBS     
Ginnie Mae (GNMA) MBS     
Government-sponsored enterprises (GSE) agency notes     
$ $ $ $ $ 
Held-to-Maturity Debt Securities(1)
FNMA MBS$ $ $ $ $ 
State and political subdivisions     
$ $ $ $ $ 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $ million at June 30, 2025, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
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 $ $ $ $ FNMA MBS     FHLMC MBS     GNMA MBS     GSE agency notes     $ $ $ $ $ 
Held-to-Maturity Debt Securities(1)
FNMA MBS$ $ $ $ $ State and political subdivisions     $ $ $ $ $ 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $ million at December 31, 2024, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
 $ After one year but within five years  After five years but within ten years  After ten years  $ $ 
December 31, 2024 (1)
Within one year$ $ After one year but within five years  After five years but within ten years  After ten years  $ $ 
(1)Actual maturities could differ from contractual maturities.
As of June 30, 2025, the Company’s available-for-sale investment securities consisted of securities, of which were in an unrealized loss position.
As of June 30, 2025, substantially all of the Corporation’s available-for-sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. As of June 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity.
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 $ After one year but within five years  After five years but within ten years  After ten years  $ $ 
December 31, 2024 (1)
Within one year$ $ After one year but within five years  After five years but within ten years  After ten years  $ $ 
(1)Actual maturities could differ from contractual maturities.
MBS may have expected maturities that differ from their contractual maturities. These differences arise because issuers may have the right to call securities and borrowers may have the right to prepay obligations with or without prepayment penalty. The estimated weighted average duration of MBS was years at June 30, 2025.
The held-to-maturity debt securities are not collateral-dependent securities as these are general obligation bonds issued by cities, states, counties, or other local governments.
Investment securities with fair market values aggregating $ billion and $ billion were pledged as collateral for investment sweep repurchase agreements, municipal deposits, and other obligations as of June 30, 2025 and December 31, 2024.
During the six months ended June 30, 2025 and 2024, the Company had sales of debt securities categorized as available-for-sale.
As of June 30, 2025 and December 31, 2024, the Company's debt securities portfolio had remaining unamortized premiums of $ million and $ million, respectively, and unaccreted discounts of $ million and $ million, respectively.
 $ $ $ $ $ FNMA MBS      FHLMC MBS      GNMA MBS      GSE agency notes      $ $ $ $ $ $ 
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 $ $ $ $ $ FNMA MBS      FHLMC MBS      GNMA MBS      GSE agency notes      $ $ $ $ $ $ 
The Company does not have the intent to sell, nor is it more likely than not it will be required to sell these securities before it is able to recover the amortized cost basis. The unrealized losses are the result of changes in market interest rates subsequent to purchase, not credit loss, as these are highly rated agency securities with no expected credit loss, in the event of a default. As a result, there is allowance for credit losses recorded for available-for-sale debt securities as of June 30, 2025.
At June 30, 2025 and December 31, 2024, held-to-maturity debt securities had an amortized cost basis of $ billion. The held-to-maturity debt security portfolio primarily consists of mortgage-backed securities which were issued or guaranteed by U.S. government-sponsored entities and agencies and highly rated municipal bonds. The Company monitors credit quality of its non-government and non-agency securities through credit ratings.
 $ Not rated  Ending balance$ $ 
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2024, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$ $ 
Not rated  
Ending balance$ $ 
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 $ $ $ Release of credit losses ()()()Ending balance$ $ $ $ 
Accrued interest receivable of $ million and $ million as of June 30, 2025 and December 31, 2024, respectively, for held-to-maturity debt securities were excluded from the evaluation of allowance for credit losses. There were nonaccrual or past due held-to-maturity debt securities as of June 30, 2025 and December 31, 2024.
Equity Investments
million and $ million as of June 30, 2025 and December 31, 2024, respectively. The Company recognized realized gains of less than $ million related to our equity investments for the three and six months ended June 30, 2025. The Company recognized realized gains of $ million related to our equity investments for the three and six months ended June 30, 2024.
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 $ Owner-occupied commercial  Commercial mortgages  Construction  Commercial small business leases  
Residential(1)
  
Consumer(2)
    Less:Allowance for credit losses  Net loans and leases$ $ 
(1) Includes reverse mortgages at fair value of $ million at June 30, 2025 and $ million at December 31, 2024.
(2) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
Accrued interest receivable on loans and leases was $ million and $ million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on loans and leases was excluded from the evaluation of allowance for credit losses.

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 $ $ $ $ $ $ $ Charge-offs() ()()() ()()Recoveries        Charge-offs arising from transfer of loans to held for sale()  ()()  ()Provision (release)     ()  Ending balance$ $ $ $ $ $ $ $ Three months ended June 30, 2024Six months ended June 30, 2024(Dollars in thousands)
Loans and Leases
HTM Securities(1)
Other Accounts ReceivableTotal
Loans and Leases
HTM Securities(1)
Other Accounts ReceivableTotalAllowance for credit lossesBeginning balance$ $ $ $ $ $ $ $ Charge-offs()  ()()  ()Recoveries        Provision (release) ()   ()  Ending balance$ $ $ $ $ $ $ $ 
(1)See Note 5 for further detail on the HTM securities allowance.
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 $ $ $ $ $ $ $ Charge-offs() () () ()()Recoveries        Charge-offs arising from transfer of loans to held for sale()     ()()Provision (release)      () Ending balance$ $ $ $ $ $ $ $ Six months ended June 30, 2025Allowance for credit lossesBeginning balance$ $ $ $ $ $ $ $ Charge-offs() () () ()()Recoveries        Charge-offs arising from transfer of loans to held for sale()     ()()Provision (release) ()    () Ending balance$ $ $ $ $ $ $ $ Period-end allowance allocated to:Loans evaluated on an individual basis$ $ $ $ $ $ $ $ Loans evaluated on a collective basis        Ending balance$ $ $ $ $ $ $ $ Period-end loan balances:
Loans evaluated on an individual basis
$ $ $ $ $ $ $ $ Loans evaluated on a collective basis        
Ending balance
$ $ $ $ $ $ $ $ 
(1)Period-end loan balance excludes reverse mortgages at fair value of $ million.
(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

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 $ $ $ $ $ $ $ Charge-offs() () ()()()()Recoveries        Provision (release) () () ()  Ending balance$ $ $ $ $ $ $ $ Six months ended June 30, 2024Allowance for loan lossesBeginning balance$ $ $ $ $ $ $ $        %  %  %       %         %  %%%%   
The Company closely monitors the performance of troubled loans to understand the effectiveness of its modification efforts.
 $ $ $ $ Owner-occupied commercial     Commercial mortgages     Construction     Residential     
Consumer(2)(3)
     Total$ $ $ $ $ 
(1)Excludes $ million of troubled loans held for sale.
(2)Includes home equity lines of credit, installment loans and unsecured lines of credit.
(3)Excludes $ million of troubled loans held for sale.

June 30, 2024
30-89 Days Past Due and Still Accruing90+ Days Past Due and Still AccruingAccruing Current BalancesNonaccrual LoansTotal
Commercial and industrial$ $ $ $ $ 
Owner-occupied commercial     
Commercial mortgages     
Construction     
Residential     
Consumer(1)
     
Total$ $ $ $ $ 
(1)Includes home equity lines of credit, installment loans and unsecured lines of credit.

Allowance for Credit Losses Related to Other Accounts Receivable
The Company determines the allowance for other accounts receivable (e.g. fee-related receivables) considering historical loss information and other available indicators. In certain cases where there are no historical, current, or forecast indicators of an expected credit loss, we may estimate the reserve to be close to zero. The allowance for credit losses related to other accounts receivable was $ million as of June 30, 2025.
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to years, which includes renewal options that are reasonably expected to be exercised at its discretion. The Company's lease terms to calculate the lease liability and right-of-use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right-of-use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statements of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statements of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties. $ $ $ Sublease income()()()()Net lease cost$ $ $ $ 
(1)Includes variable lease cost and short-term lease cost.
 $ Lease liabilities$ $ Lease term and discount rateWeighted average remaining lease term (in years)Weighted average discount rate % % 2026 2027 2028 2029 After 2029 Total lease payments Less: Interest()Present value of lease liabilities$ 
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 $ $ $  $ ) $ 
(1)During the second quarter of 2025, the Company completed the sale of the WSFS Wealth Management, LLC (dba Powdermill Financial Solutions) business.
ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so.
 $()$  yearsClient relationships () 
- years
Loan servicing rights(1)
 () 
- years
Tradename —  indefiniteTotal intangible assets$ $()$ December 31, 2024Core deposits$ $()$  yearsClient relationships () 
- years
Loan servicing rights(2)
 () 
- years
Tradename —  indefiniteTotal intangible assets$ $()$ 
(1)Includes impairment losses of $ million and $ million for the three and six months ended June 30, 2025, respectively.
(2)Includes reversal of impairment losses of $ million for the year ended December 31, 2024.
The Company recognized amortization expense on intangible assets of $ million and $ million for the three and six months ended June 30, 2025, respectively, compared to $ million and $ million for the three and six months ended June 30, 2024, respectively.
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 2026 2027 2028 2029 Thereafter Total$ 
Servicing Assets
The Company records servicing rights on Small Business Administration (SBA) loans and mortgage servicing rights on its mortgage loan servicing portfolio. This includes loans that it acquires or originates as well as loans that it services for others. SBA loan servicing rights and Mortgage servicing rights are included in Goodwill and intangible assets in the accompanying unaudited Consolidated Statements of Financial Condition. Mortgage loans which the Company services for others are not included in Loans and leases, net of allowance in the accompanying unaudited Consolidated Statements of Financial Condition. Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans the Company acquires or originates, or that it services for others.
The value of the Company's SBA loan servicing rights was $ million and $ million at June 30, 2025 and December 31, 2024, respectively, and the value of its mortgage servicing rights was $ million and $ million at June 30, 2025 and December 31, 2024, respectively. Changes in the value of the Company's servicing rights resulted in impairment losses of less than $ million and $ million for the three and six months ended June 30, 2025, respectively, and impairment losses of $ million and $ million for the three and six months ended June 30, 2024, respectively. Revenues from the Company's SBA loan servicing rights are included in Loan and lease fee income in the unaudited Consolidated Statements of Income, and revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage banking activities, net in the unaudited Consolidated Statements of Income.
Besides the impairment on loan servicing rights noted above, there was impairment of other intangible assets as of June 30, 2025 or December 31, 2024. Changing economic conditions that may adversely affect the Company's performance and could result in impairment, which could adversely affect earnings in the future.
 $ Total noninterest-bearing$ $ Interest-bearing:Interest-bearing demand$ $ Savings  Money market  Client time deposits  Total interest-bearing  Total deposits$ $ 


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unrecognized tax benefits as of June 30, 2025. The Company records interest and penalties on potential income tax deficiencies as income tax expense. The Company's federal and state tax returns for the 2021 through 2024 tax years are subject to examination as of June 30, 2025. The Company does t expect to record or realize any material unrecognized tax benefits during 2025.
The amortization of the low-income housing credit investments has been reflected as income tax expense of $ million and $ million for the three months ended June 30, 2025 and 2024, respectively, and $ million and $ million for the six months ended June 30, 2025 and 2024, respectively.
The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the three months ended June 30, 2025 were $ million, $ million, and $ million, respectively. The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the six months ended June 30, 2025 were $ million, $ million and $ million, respectively. The carrying value of the investment in affordable housing credits is $ million at June 30, 2025, compared to $ million at December 31, 2024 and is included in the Other assets line item on the unaudited Consolidated Statements of Financial Condition.
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 $ $ $ FNMA MBS    FHLMC MBS    GNMA MBS    GSE agency notes    Other assets    Total assets measured at fair value on a recurring basis$ $ $ $ Liabilities measured at fair value on a recurring basis:Other liabilities$ $ $ $ Assets measured at fair value on a nonrecurring basis:Other investments$ $ $ $ Other real estate owned    Loans held for sale    Total assets measured at fair value on a nonrecurring basis$ $ $ $ 
December 31, 2024
(Dollars in thousands)Quoted
Prices in
Active
Markets for
Identical
Asset
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Fair
Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO$ $ $ $ 
FNMA MBS    
FHLMC MBS    
GNMA MBS    
GSE agency notes    
Other assets    
Total assets measured at fair value on a recurring basis$ $ $ $ 
Liabilities measured at fair value on a recurring basis:
Other liabilities$ $ $ $ 
Assets measured at fair value on a nonrecurring basis
Other investments$ $ $ $ 
Other real estate owned    
Loans held for sale    
Total assets measured at fair value on a nonrecurring basis$ $ $ $ 
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million at June 30, 2025 and $ million at December 31, 2024, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution.
Accrued interest payable
The carrying amounts of interest payable approximate fair value.
Other liabilities
Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above).
Financial instruments measured at fair value using significant unobservable inputs (Level 3)
 Observed market comparable transactionsPeriod of observed transactions
December 2023
Other real estate owned Fair market value of collateralCosts to sell
%-% (%)
Other assets (Risk participation agreements purchased)
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: - bps ( bps)
LGD: %
Other liabilities (Risk participation agreements sold) 
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: - bps ( bps)
LGD: %
Other liabilities (Financial derivative related to sales of certain Visa Class B shares) Discounted cash flowTiming of Visa litigation resolution
years or 2Q 2027
(Dollars in thousands)December 31, 2024
Financial InstrumentFair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Other investments$ Observed market comparable transactionsPeriod of observed transactionsDecember 2023
Other real estate owned Fair market value of collateralCosts to sell
%
Other assets (Risk participation agreements purchased)
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: - bps ( bps)
LGD: % - % (%)
Other liabilities (Risk participation agreements sold) 
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: - bps ( bps)
LGD: %
Other liabilities (Financial derivative related to sales of certain Visa Class B shares) Discounted cash flowTiming of Visa litigation resolution
years or 2Q 2027
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 $ $ $ Investment securities available-for-saleLevel 2    Investment securities held-to-maturity, netLevel 2    Other investmentsLevel 3    Loans, held for saleLevel 2    
Loans and leases, net(1)
Level 3    Stock in FHLB of PittsburghLevel 2    Accrued interest receivableLevel 2    Other assetsLevels 2, 3    Financial liabilities:DepositsLevel 2$ $ $ $ Borrowed fundsLevel 2    
Standby letters of credit
Level 3    Accrued interest payableLevel 2    Other liabilitiesLevels 2, 3    
 (1) Includes reverse mortgage loans.
At June 30, 2025 and December 31, 2024 the Company had commitments to extend credit measured at fair value.
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$ Other assets$ Total $ $ Derivatives not designated as hedging instruments:Interest rate swaps and options$ Other assets$ Interest rate swaps and options Other liabilities()Interest rate lock commitments with clients Other assets Interest rate lock commitments with clients Other liabilities Forward sale commitments  Other assets Forward sale commitments  Other liabilities()FX forwards Other assets FX forwards  Other liabilities ()Risk participation agreements sold  Other liabilities ()Risk participation agreements purchased  Other assets  Financial derivatives related to
sales of certain Visa Class B shares Other liabilities()Total derivatives $ $ 
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$ Other assets$ Total $ $ Derivatives not designated as hedging instruments:Interest rate swaps and options$ Other assets$ Interest rate swaps and options Other liabilities()Interest rate lock commitments with clients Other assets Interest rate lock commitments with customers Other liabilities()Forward sale commitments  Other assets Forward sale commitments  Other liabilities()FX forwards Other assets FX forwards Other liabilities()Risk participation agreements sold Other liabilities()Risk participation agreements purchased Other assets Financial derivatives related to
sales of certain Visa Class B shares Other liabilities()Total derivatives $ $ 
Effect of Derivative Instruments on the Income Statement
 $()$ $()Interest incomeTotal$ $()$ $()Amount of Gain (Loss) Recognized in IncomeAmount of Gain (Loss) Recognized in IncomeLocation of Gain (Loss) Recognized in Income(Dollars in thousands)Three Months Ended June 30,Six Months Ended June 30,Derivatives not designated as hedging instruments2025202420252024Interest rate swaps and options$ $ $ $ Other incomeInterest rate lock commitments with clients    Mortgage banking activities, netForward sale commitments() ()$ Mortgage banking activities, netFX forwards    Other incomeRisk participation agreements()()()()Other incomeTotal$ $ $ $ 
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interest rate floors purchased at an aggregate premium of $ million with an aggregate notional amount of $ billion to hedge variable cash flows associated with a variable rate loan pool through the first quarter of 2029. Changes to the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. If the Company determines that a cash flow hedge is no longer highly effective, future changes in the fair value of the hedging instrument would be reported in earnings. As of June 30, 2025, the Company determined the cash flow hedges remain highly effective. During the three and six months ended June 30, 2025, $ million and $ million of amortization expense on the premium was reclassified into interest income, respectively, compared to $ million and $ million during the three and six months ended June 30, 2024, respectively. The Company does not expect any unrealized gains or losses related to cash flow hedges to be reclassified into earnings in the next twelve months.
Derivatives Not Designated as Hedging Instruments:
Client Derivatives – Interest Rate Swaps
The Company enters into interest rate swaps, options, and other hedging contracts (collectively, "swaps") with commercial loan clients and other qualified client counterparties wishing to manage interest rate risk exposures. The Company then enters into offsetting hedging agreements with swap dealer counterparties to economically hedge the exposure arising from these contracts. The interest rate swaps with both the clients and third parties are not designated as hedges under ASC 815, Derivatives and Hedging (ASC 815) and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of June 30, 2025, there were no fair value adjustments related to credit quality.
Derivative Financial Instruments from Mortgage Banking Activities
Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans to clients, also referred to as interest rate lock commitments. The Company may also enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate interest rate risk.
Foreign Exchange Forward Contracts
The Company enters into foreign exchange forward contracts (FX forwards) with clients to exchange one currency for another on an agreed date in the future at an agreed exchange rate. The Company then enters into corresponding FX forwards with swap dealer counterparties to economically hedge its exposure on the exchange rate component of the client agreements. The FX forwards with both the clients and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate. As the FX forwards are structured to offset each other, changes to the underlying term structure of currency exchange rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of June 30, 2025, there were no fair value adjustments related to credit quality.
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unrelated financial institution whereby that financial institution entered into interest rate derivative contracts (interest rate swap transactions) directly with clients referred to them by the Company. Under the terms of the agreements, the financial institution has recourse to us for any exposure created under each swap transaction, only in the event that the client defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows us to provide access to interest rate swap transactions for our clients without creating the swap ourselves. These swap guarantees are accounted for as credit derivatives.
At June 30, 2025 and December 31, 2024, there were and variable-rate to fixed-rate swap transactions between the third-party financial institutions and the Company's clients, respectively. The initial notional aggregate amount was approximately $ billion and $ billion at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025, the swap transactions remaining maturities ranged from under year to years. At June 30, 2025,  of these client swaps were in a paying position to third parties, with our swap guarantees having a fair value of $ million. At December 31, 2024, of these client swaps were in a paying position to third parties, with the Company's swap guarantees having a fair value of $ million. For both periods, none of the Company's clients were in default of the swap agreements.
Credit-risk-related Contingent Features
The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if it fails to maintain its status as a well-capitalized or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.
The Company had $ million of derivatives with credit-risk-related contingent features in a net liability position as of June 30, 2025 and at December 31, 2024. The Company was required to post collateral on these derivatives of $ million as of June 30, 2025 compared to as of December 31, 2024.
If the Company had breached any of these provisions at June 30, 2025, it could have been required to settle its obligations under the agreements at the termination value.
Other Derivative Posted Collateral
The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $ million in cash against its obligations under these agreements which meets or exceeds the minimum collateral posting requirements.
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segments: WSFS Bank, Cash Connect®, and Wealth and Trust.
The WSFS Bank segment provides financial products to Commercial and Consumer clients. Commercial and Consumer Banking and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same Clients and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment.
The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with clients of Cash Connect®.
The Wealth and Trust segment (previously referred to as the Wealth Management segment) provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients. Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management, which includes Private Banking, serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and customized banking services including credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the bank’s charter, through a third-party broker/dealer, and as a registered investment advisor (RIA). It generates revenue through fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.
The Bryn Mawr Trust Company of Delaware provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.

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 $ $ $ $ $ $ $ Interest expense        Net interest income  ()   () Noninterest income        Total external client revenues        Inter-segment revenues:Interest income        Interest expense        Net interest income()()  ()()  Noninterest income        Total inter-segment revenues()()  ()()  Total revenue        External client expenses:Provision for credit losses        Noninterest expenses:Salaries, benefits and other compensation        Occupancy expense        Equipment expense        Professional fees        
Other segment items(1)
        Total external client expenses        Inter-segment expenses:Noninterest expenses        Total inter-segment expenses        Total expenses        Income before taxes$ $ $ $ $ $ $ $ Income tax provision  Consolidated net income  Net loss attributable to noncontrolling interest()()Net income attributable to WSFS$ $ Supplemental InformationCapital expenditures for the period ended$ $ $ $ $ $ $ $ 
(1)Other segment items for each reportable segment includes:
WSFS Bank - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, corporate development expense, restructuring expense, and certain other noninterest expenses.
Cash Connect® - data processing and operation expense, marketing expense, and certain other noninterest expenses, which includes external funding costs.
Wealth and Trust - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses
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        Interest expense        Net interest income  ()   () Noninterest income        Total external client revenues        Inter-segment revenues:Interest income        Interest expense        Net interest income()()  ()()  Noninterest income        Total inter-segment revenues()()  ()()  Total revenue        External client expenses:Provision for credit losses        Noninterest expenses:Salaries, benefits and other compensation        Occupancy expense        Equipment expense        Professional fees        
Other segment items(1)
        Total external client expenses        Inter-segment expenses:Noninterest expenses        Total inter-segment expenses        Total expenses        Income before taxes$ $ $  $ $ $  Income tax provision  Consolidated net income  Net loss attributable to noncontrolling interest()()Net income attributable to WSFS  Supplemental InformationCapital expenditures for the period ended        

 $ $ $ $ $ $ $ Goodwill        Other segment assets        Total segment assets$ $ $ $ $ $ $ $ 

(Dollars in thousands)Net change in
investment
securities
available-for-saleNet change
in investment securities
held-to-maturityNet
change in
defined
benefit
planNet change in
fair value of
derivatives
used for cash
flow hedgesNet change in equity method investmentsTotalBalance, December 31, 2024$()$()$()$()$ $()Other comprehensive income (loss)    () Less: Amounts reclassified from accumulated other comprehensive loss  ()   Net current-period other comprehensive income (loss)  () () Balance, June 30, 2025$()$()$()$()$()$()Balance, December 31, 2023$()$()$()$ $ $()Other comprehensive (loss) income() ()()()()Less: Amounts reclassified from accumulated other comprehensive loss  ()   Net current-period other comprehensive (loss) income() ()()()()Balance, June 30, 2024$()$()$()$()$ $()
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  Net interest incomeIncome taxes()()Income tax provisionNet of tax  Amortization of defined benefit pension plan-related items:
Prior service credits
()()Actuarial gains()()Total before tax()()Salaries, benefits and other compensationIncome taxes  Income tax provisionNet of tax()()Total reclassifications$ $  Six Months Ended June 30,Affected line item in unaudited Consolidated Statements of Income 20252024 Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:Amortization of net unrealized losses to income during the period  Net interest incomeIncome taxes()()Income tax provisionNet of tax  Amortization of defined benefit pension plan-related items:
Prior service credits
()()Actuarial gains()()Total before tax()()Salaries, benefits and other compensationIncome taxes  Income tax provisionNet of tax()()Total reclassifications$ $ 

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 million. Under the settlement agreement, the Bank incurred a loss of $ million to fully settle the claims. The Bank recognized losses of $ million and $ million for the three and six months ended June 30, 2025, and $ million in the fourth quarter of 2024.
On October 3, 2022, Mary Elizabeth Gibbons filed a petition against WSFS Bank, in its individual capacity, in the Circuit Court of St. Louis County for the State of Missouri asserting claims and seeking damages related to an alleged injury that occurred on a property that was allegedly held by the Bank as owner trustee of a RMBS trust. The Plaintiff sought in excess of $ thousand in damages and other equitable relief. On June 6, 2023, the court entered a default judgment against the Bank in the amount of $ million, plus post-judgment interest. On January 3, 2025, the Bank received notice that the plaintiff seeks to domesticate and execute on the Missouri judgment by filing an action in the Philadelphia Court of Common Pleas. Based on the inherent uncertainty of this matter, it is reasonably possible that the Bank may incur a loss in the range of $-$ million. The Bank, in accordance with its normal procedures, notified its insurance carriers of a possible claim. The Bank disputes the judgment, the Bank's connection to the property, and denies liability.
There were material changes or additions to other significant pending legal or other proceedings involving the Company other than those arising out of routine operations.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $20.8 billion in assets and $92.4 billion in assets under management (AUM) and assets under administration (AUA) at June 30, 2025, WSFS Bank is the oldest and largest locally-managed bank and wealth management franchise headquartered in the Greater Philadelphia and Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, we have been in operation for more than 193 years. In addition to our focus on stellar client experience, we have continued to fuel growth and remain a leader in our community. We are a relationship-focused, locally-managed, community banking institution. Our mission and strategy is simple: “We Stand for Service.”
As of June 30, 2025, we had six consolidated subsidiaries: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management®, LLC (BMCM), WSFS Wealth Management, LLC, WSFS SPE Services, LLC, and 601 Perkasie, LLC. On July 1, 2025, BMCM was renamed to Bryn Mawr Trust Advisors (BMTA). The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank has two wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).
Our banking business had a total loan and lease portfolio of $12.6 billion as of June 30, 2025, which was funded primarily with deposits generated through commercial relationships and our consumer banking business. We have built a $9.8 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering a high level of service and flexibility, through acquisitions, and through our leasing business conducted by NewLane Finance®. NewLane Finance® originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches, in addition to mortgage and title services through our branches and WSFS Mortgage®, our mortgage banking business specializing in a variety of residential mortgage and refinancing solutions. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.
Our Cash Connect® business is a premier provider of ATM vault cash, smart safe (safes that automatically accept, validate, record and hold cash in a secure environment) and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide, and manages approximately $1.4 billion in total cash and services approximately 25,500 non-bank ATMs and 11,000 smart safes nationwide. Cash Connect® provides related services such as online reporting and ATM cash management, predictive cash ordering and reconcilement services, armored carrier management, loss protection, and deposit safe cash logistics. Cash Connect® also supports 582 owned or branded ATMs for WSFS Bank Clients, which is one of the largest branded ATM networks in our market.
Our Wealth and Trust business provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate and institutional clients. Combined, these businesses had $92.4 billion of AUM and AUA at June 30, 2025.
Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and traditional banking services such as credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the Bank’s charter, through a third-party broker/dealer and as a registered investment advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.
BMT-DE provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.
As of June 30, 2025, we service our clients primarily from 115 offices located in Pennsylvania (58), Delaware (39), New Jersey (14), Florida (2) Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app.

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Highlights and Other Notables Items for Three and Six Months Ended June 30, 2025
•Three Months Ended June 30, 2025
◦EPS was $1.27 and ROA was 1.39%, compared to $1.16 and 1.34% for the three months ended June 30, 2024.
◦Net interest margin of 3.89%, compared to 3.85% for the three months ended June 30, 2024, driven by deposit repricing actions and reduction in wholesale funding, partially offset by lower loan yields.
◦The Wealth and Trust segment recognized noninterest income of $44.5 million, a 17% increase compared to the three months ended June 30, 2024.
◦WSFS transferred the majority of its remaining unsecured consumer lending portfolio generated through our partnership with Upstart to loans held for sale. The loans were subsequently sold in July 2025 to accelerate the disposition of this runoff portfolio.
◦During the quarter, WSFS recognized $2.3 million in revenue from our partnership with Spring EQ, LLC (Spring EQ) related to the annual earnout from the previously announced sale, recognized within Other income on the unaudited Consolidated Statements of Income.
◦WSFS repurchased 1,556,199 shares of common stock under the Company's share repurchase programs at an average price of $49.93 per share, for an aggregate purchase price of approximately $77.7 million, and paid quarterly dividends of $9.6 million, for a total capital return of $87.3 million.
◦The Bank and the Company continue to be well above well-capitalized across all measures of regulatory capital, with total common equity Tier 1 capital of 13.11% and 14.07%, respectively, and total risk-based capital of 14.35% and 15.86%, respectively.
•Six Months Ended June 30, 2025
◦The Board of Directors approved a 13% increase in the quarterly cash dividend to $0.17 per share of common stock as well as an incremental share repurchase authorization of 10% of outstanding shares as of March 31, 2025.
◦WSFS repurchased 2,583,413 shares of common stock under the Company's share repurchase programs at an average price of $50.90 per share, for an aggregate purchase price of approximately $131.5 million, and paid quarterly dividends of $18.4 million, for a total capital return of $149.9 million.
◦The allowance for credit losses (ACL) on loans and leases decreased $9.0 million when compared to December 31, 2024, primarily due to impacts from the transfer of the majority of the Upstart portfolio to loans held for sale.
◦WSFS completed the redemption of the $70.0 million of fixed-to-floating rate subordinated notes due 2027 (the 2027 Notes) acquired from Bryn Mawr Trust using our operating cash flows.


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FINANCIAL CONDITION
Total assets decreased $51.0 million to $20.8 billion at June 30, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:
•Net loans and leases held for investment decreased $188.3 million, primarily due to decreases of $164.6 million in consumer loans, driven by the transfer of the majority of the Upstart portfolio to loans held for sale and the runoff of the Spring EQ portfolio, and $119.1 million in commercial mortgages primarily due to several large payoffs.
•Other assets decreased $98.7 million, primarily due to decreases of $40.0 million in deferred taxes primarily due to increased market values on available-for-sale investment securities, $29.6 million in derivatives from our Capital Markets business due to changes in fair value, $26.0 million from receivables due to the settlement timing of ACH payments, and $19.4 million in lease right of use asset due to lease remeasurement activity, partially offset by a $25.3 million increase due to additional lower income housing tax credit investments.
•Total investment securities decreased $36.7 million:
◦Investment securities held-to-maturity decreased $20.8 million, primarily due to repayments, maturities and calls of $28.4 million, partially offset by $7.6 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.
◦Investment securities available-for-sale decreased $15.9 million, primarily due to maturities and calls of $191.3 million, partially offset by increased market values of $122.0 million and purchases of $54.9 million.
•Goodwill and intangible assets decreased $10.6 million primarily due to scheduled amortization of intangible assets.
•Total cash and cash equivalents increased $176.7 million, primarily due to increased deposits and runoff in the investment securities portfolios.
•Loans held for sale increased $108.2 million primarily due to the transfer of the Upstart portfolio mentioned above.
Total liabilities decreased $143.9 million to $18.1 billion at June 30, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:
•Other liabilities decreased $146.3 million, primarily due to a decrease of $112.3 million in collateral held on derivatives and derivative liabilities and $26.7 million in our accrued expenses primarily related to incentive payments made in the first quarter..
•Senior and subordinated debt decreased $69.9 million due to the redemption of the 2027 Notes.
•Client deposits increased $91.7 million primarily due to growth in Trust deposits.
For further information, see "Notes to the Consolidated Financial Statements (Unaudited).
LIQUIDITY AND CAPITAL RESOURCES
Capital Resources
Stockholders’ equity of WSFS increased $93.0 million to $2.7 billion at June 30, 2025 compared to December 31, 2024. This increase was primarily due to $138.2 million of earnings and a decrease of $102.7 million in accumulated other comprehensive loss driven by market value increases on available-for-sale mortgage-backed securities, partially offset by $131.5 million from the repurchase of shares of common stock under our stock repurchase plan and the payment of dividends on our common stock of $18.4 million.
During the three months ended June 30, 2025, the Board of Directors approved a quarterly cash dividend of $0.17 per share of common stock. This dividend will be paid on August 22, 2025 to stockholders of record as of August 8, 2025.
Book value per share of common stock was $47.71 at June 30, 2025, an increase of $3.56 from $44.15 at December 31, 2024. Tangible book value per share of common stock (a non-GAAP financial measure) was $30.32 at June 30, 2025, an increase of $3.02 from $27.30 at December 31, 2024.  We believe tangible book value per common share helps management and investors better understand and assess changes from period to period in stockholders’ equity exclusive of changes in intangible assets. This non-GAAP measure should be considered in addition to results prepared in accordance with Generally Accepted Accounting Principles in the U.S. (GAAP), and is not a substitute for, or superior to, GAAP results. For a reconciliation of tangible book value per common share to book value per share in accordance with GAAP, see "Reconciliation of Non-GAAP Measure to GAAP Measure."
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The table below compares the Bank's and the Company’s consolidated capital position to the minimum regulatory requirements as of June 30, 2025:
 Consolidated
Capital		Minimum For Capital
Adequacy Purposes		To be Well-Capitalized
Under Prompt Corrective
Action Provisions
(Dollars in thousands)AmountPercentAmountPercentAmountPercent
Total Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB$2,299,539 14.35 %$1,281,923 8.00 %$1,602,404 10.00 %
WSFS Financial Corporation2,541,461 15.86 1,281,985 8.00 1,602,482 10.00 
Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB2,100,885 13.11 961,442 6.00 1,281,923 8.00 
WSFS Financial Corporation2,254,661 14.07 961,489 6.00 1,281,985 8.00 
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB2,100,885 13.11 721,082 4.50 1,041,562 6.50 
WSFS Financial Corporation2,254,661 14.07 721,117 4.50 1,041,613 6.50 
Tier 1 Leverage Capital
Wilmington Savings Fund Society, FSB2,100,885 10.29 816,943 4.00 1,021,179 5.00 
WSFS Financial Corporation2,254,661 11.04 817,157 4.00 1,021,446 5.00 
Under the prompt corrective action regime, regulators have established five capital tiers: well-capitalized, adequately-capitalized, under-capitalized, significantly under-capitalized, and critically under-capitalized. A depository institution’s capital tier depends on its capital levels in relation to various relevant capital measures, which include leverage and risk-based capital measures and certain other factors. Depository institutions that are not classified as well-capitalized are subject to various restrictions, which may include restrictions on capital distributions, payment of management fees, acceptance of brokered deposits and other operating activities.
Regulatory capital requirements for the Bank and the Company include a minimum common equity Tier 1 capital ratio of 4.50% of risk-weighted assets, a Tier 1 capital ratio of 6.00% of risk-weighted assets, a minimum total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets. In order to avoid limits on capital distributions and discretionary bonus payments, the Bank and the Company must maintain a capital conservation buffer of 2.5% of common equity Tier 1 capital over each of the risk-based capital requirements. As of June 30, 2025, the Bank and the Company were in compliance with the regulatory capital requirements and met or exceeded the amounts required to be considered “well-capitalized” as defined in the regulations.
Not included in the Bank’s capital, WSFS separately held $382.3 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.

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Liquidity
We manage our liquidity and funding needs through our Treasury function and our Asset/Liability Committee. We have a policy that separately addresses liquidity, and management monitors our adherence to policy limits. Also, liquidity risk management is a primary area of examination by the banking regulators.
Funding sources to support growth and meet our liquidity needs include cash from operations, commercial, consumer, wealth and trust deposits, loan repayments, FHLB borrowings, repurchase agreements, access to the Federal Reserve Discount Window, and access to the brokered deposit market as well as other wholesale funding avenues. In addition, we have a large portfolio of high-quality, liquid investments, primarily short-duration mortgage-backed securities, that provide a near-continuous source of cash flow to meet current cash needs, or can be sold to meet larger discrete needs for cash. We believe these sources are sufficient to meet our funding needs as well as maintain required and prudent levels of liquidity over the next twelve months and beyond.
As of June 30, 2025, the Company had $1.3 billion in cash, cash equivalents, and restricted cash. As of June 30, 2025, our estimated uninsured deposits were $6.6 billion, or 38% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $5.4 billion, or 31% of total client deposits.
As of June 30, 2025, the Company had a readily available, secured borrowing capacity of $5.6 billion from the FHLB and $2.4 billion through the Federal Reserve Discount Window. In addition, the Company had $1.0 billion in unpledged securities that could be used to support additional borrowings and $0.7 billion of cash deposited with the Federal Reserve Bank.
Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At June 30, 2025, we had $179.7 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 20 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases, see Note 8 to the unaudited Consolidated Financial Statements. At June 30, 2025, we had obligations for principal payments on long-term debt including $51.0 million of FHLB advances, $67.0 million for our trust preferred borrowings, due June 1, 2035, $23.9 million for our trust preferred borrowings, due December 15, 2034, and $150.0 million for our senior debt, due December 15, 2030. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.
Commitments to extend credit provide for financing on predetermined terms as long as the client continues to meet specific criteria. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. At June 30, 2025, the Company had total commitments to extend credit, including cancellable commitments, of $4.2 billion, which are generally one year commitments.

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NONPERFORMING ASSETS
Nonperforming assets include nonaccruing loans, OREO and restructured loans. Nonaccruing loans are those on which we no longer accrue interest. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the value of the collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Past due loans are defined as loans contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection.
The following table shows our nonperforming assets, past due loans, and troubled loans at the dates indicated:
(Dollars in thousands)June 30, 2025December 31, 2024
Nonaccruing loans(1):
Commercial and industrial$38,476 $61,809 
Owner-occupied commercial6,142 4,710 
Commercial mortgages24,115 22,223 
Construction28,505 25,600 
Residential4,538 5,011 
Consumer3,460 2,828 
Total nonaccruing loans105,236 122,181 
Other real estate owned930 5,204 
Total nonperforming assets$106,166 $127,385 
Past due loans:
Commercial $10,351 $1,812 
Residential75 15 
Consumer(2)(3)
12,586 7,375 
Total past due loans$23,012 $9,202 
Troubled loans(4):
Commercial$190,402 $143,904 
Residential140 144 
Consumer5,374 7,240 
Total troubled loans$195,916 $151,288 
Ratio of allowance for credit losses to total loans and leases(5)
1.43 %1.48 %
Ratio of nonaccruing loans to total gross loans and leases(6)
0.81 0.93 
Ratio of nonperforming assets to total assets0.51 0.61 
Ratio of allowance for credit losses to nonaccruing loans(7)
177 160 
Ratio of allowance for credit losses to total nonperforming assets(8)
175 153 
(1)Includes nonaccruing troubled loans and loans held for sale.
(2)Includes U.S. government guaranteed student loans with little risk of credit loss.
(3)Includes past due loans held for sale.
(4)Includes troubled loans held for sale.
(5)Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.
(6)Total loans exclude loans held for sale and reverse mortgages.
(7)Includes loans held for sale.
(8)Excludes acquired purchase credit deteriorated loans.
Nonperforming assets decreased $21.2 million between December 31, 2024 and June 30, 2025. This decrease was primarily driven by the charge-off of an existing nonperforming C&I loan to a fund that is invested in office properties and the resolution of a C&I loan for a long-term care facility, partially offset by the migration of a land development loan. The ratio of nonperforming assets to total assets decreased from 0.61% at December 31, 2024 to 0.51% at June 30, 2025.
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The following table summarizes the changes in nonperforming assets during the periods indicated:
Six Months Ended June 30,
(Dollars in thousands)20252024
Beginning balance$127,385 $75,754 
Additions40,810 64,648 
Collections(17,251)(55,521)
Transfers to accrual(1,102)(216)
Charge-offs(43,676)(19,289)
Ending balance$106,166 $65,376 
The timely identification of problem loans is a key element in our strategy to manage our loan portfolio. Problem loans are all criticized, classified and nonperforming loans and other real estate owned. Timely identification enables us to take appropriate action and accordingly, minimize losses. An asset review system established to monitor the asset quality of our loans and investments in real estate portfolios facilitates the identification of problem assets. In general, this system uses guidelines established by federal regulation.

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INTEREST RATE SENSITIVITY
Our primary objective in managing interest rate risk is to minimize the adverse impact of changes in interest rates on net interest income and capital, while maximizing the yield/cost spread on our asset/liability structure. Interest rates are partly a function of decisions by the Federal Open Market Committee (FOMC) on the target range for the federal funds rate, and these decisions are sometimes difficult to anticipate. The FOMC lowered the federal funds target rate three times in 2024 for a total of 100 basis points after they increased the target rate four times in 2023 for a total of 100 basis points. In order to manage the risks associated with changes or possible changes in interest rates, we rely primarily on our asset/liability structure.
Our primary tool for achieving our asset/liability management strategies is to match maturities or repricing periods of interest rate-sensitive assets and liabilities to promote a favorable interest rate spread and mitigate exposure to fluctuations in interest rates. We regularly review our interest rate sensitivity and adjust the sensitivity within acceptable tolerance ranges. At June 30, 2025, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $941.6 million. Our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 110.81% at June 30, 2025 compared with 105.28% at December 31, 2024. Likewise, the one-year interest-sensitive gap as a percentage of total assets was 4.54% at June 30, 2025 compared with 2.26% at December 31, 2024.
Market risk is the risk of loss from adverse changes in market prices and rates. Our market risk arises primarily from interest rate risk inherent in our lending, investing, and funding activities. To that end, we actively monitor and manage our interest rate risk exposure. One measure evaluates the impact of an immediate change in interest rates in 100 basis point increments on the economic value of equity ratio. The economic value of the equity ratio is defined as the economic value of the estimated cash flows from assets and liabilities as a percentage of economic value of cash flows from total assets.
The following table shows the estimated impact of immediate changes in interest rates on our net interest margin and economic value of equity ratio at the specified levels at June 30, 2025 and December 31, 2024:
 
June 30, 2025December 31, 2024
% Change in Interest Rate (Basis Points)
% Change in Net
Interest Margin(1)
Economic Value of Equity(2)
% Change in Net
Interest Margin(1)
Economic Value of Equity(2)
+30016.2%20.01%14.9%18.60%
+20010.7%19.99%9.8%19.15%
+1005.2%19.89%4.8%19.82%
+502.5%19.79%2.3%20.05%
+251.2%19.74%1.1%20.17%
——%19.69%—%20.31%
-25(1.0)%19.59%(0.9)%20.32%
-50(1.9)%19.48%(1.7)%20.33%
-100(3.5)%19.25%(3.2)%20.30%
'-200
(6.5)%18.43%(6.1)%19.70%
'-300
(9.6)%17.08%(9.0)%18.30%
(1)The percentage difference between net interest margin in a stable interest rate environment and net interest margin as projected under the various rate change environments.
(2)The economic value of equity ratio in a stable interest rate environment and the economic value of equity ratio as projected under the various rate change environments.
We also engage in other business activities that are sensitive to changes in interest rates. For example, mortgage banking revenues and expenses can fluctuate with changing interest rates. These fluctuations are difficult to model and estimate.

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RESULTS OF OPERATIONS
Three months ended June 30, 2025: Net income attributable to WSFS for the three months ended June 30, 2025 was $72.3 million, compared to $69.3 million for the three months ended June 30, 2024.
•Net interest income increased $5.0 million driven by lower wholesale funding and deposit costs as well as higher cash balances from deposit growth, partially offset by lower loan yields. See “Net Interest Income” for further information.
•Our provision for credit losses decreased $7.2 million primarily due to a reduction in the allowance for credit losses upon transfer of Upstart loans to held for sale . See “Allowance for Credit Losses” for further information.
•Noninterest income decreased $3.6 million, driven by a decrease in Cash Connect®, a gain due to the reduction of our Visa B derivative liability established from our previous sale of 360,000 shares in the second quarter of 2020 recognized in 2024, and a decrease in capital markets income, partially offset by increases in Wealth and Trust fees and higher fee income on derivative collateral held. See “Noninterest Income” for further information.
•Noninterest expense increased $3.6 million, primarily due to higher salaries and benefits from talent additions in key business lines and performance-based increases, as well as increases in loan workout and other credit costs, and equipment expenses. The increase was partially offset by decrease in Cash Connect® external funding costs and one-time insurance recoveries at Cash Connect® primarily related to losses associated with a client termination in 4Q 2024. See “Noninterest Expense” for further information.
•Income tax provision increased $2.1 million, primarily due to certain tax credits in 2024. See "Income Taxes' for further information.
Six months ended June 30, 2025: Net income for the six months ended June 30, 2025 was $138.2 million, compared to $135.0 million for the six months ended June 30, 2024.
•Net interest income increased $5.0 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to the reasons described above. See “Net Interest Income” for further information.
•Our provision for credit losses for the six months ended June 30, 2025 decreased $5.0 million compared to the six months ended June 30, 2024, due to the reasons described above. See “Allowance for Credit Losses” for further information.
•Noninterest income for the six months ended June 30, 2025 increased $1.5 million compared to the six months ended June 30, 2024, primarily due to increases from Wealth and Trust fee income and higher fee income on derivative collateral held, partially offset by declines in Cash Connect®, the gain related to our Visa B derivative liability in 2024 mentioned above, and capital markets income. See “Noninterest Income” for further information.
•Noninterest expense increased $6.3 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to higher salaries and benefits due to the reasons described above, loan workout costs, and equipment expenses. The increase was partially offset by decreases in other operating expense driven by lower Cash Connect® external funding costs. See “Noninterest Expense” for further information.
•Income tax provision for the six months ended June 30, 2025 increased $2.0 million compared to the six months ended June 30, 2024, primarily due to the reasons described above. See "Income Taxes' for further information.

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Net Interest Income
The following tables provide information concerning the average balances, yields and rates on interest-earning assets and interest-bearing liabilities during the periods indicated:
 Three months ended June 30,
 20252024
(Dollars in thousands)Average
Balance		Interest
Yield/
Rate(1)
Average
Balance		Interest
Yield/
Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Commercial loans and leases$5,263,533 $88,226 6.74 %$5,115,017 $91,001 7.17 %
Commercial real estate loans4,808,177 78,400 6.54 4,968,847 88,852 7.19 
Residential loans 965,480 12,935 5.36 892,139 10,995 4.93 
Consumer loans1,997,285 35,096 7.05 2,088,180 39,019 7.52 
Loans held for sale
96,517 1,348 5.60 42,010 948 9.08 
Total loans and leases13,130,992 216,005 6.60 13,106,193 230,815 7.09 
Mortgage-backed securities(3)
4,148,820 24,531 2.37 4,335,831 25,784 2.38 
Investment securities(3)
366,391 2,186 2.70 361,093 2,183 2.70 
Other interest-earning assets934,152 10,468 4.49 469,120 6,455 5.53 
Total interest-earning assets$18,580,355 $253,190 5.48 %$18,272,237 $265,237 5.85 %
Allowance for credit losses(188,252)(195,557)
Cash and due from banks188,300 308,226 
Cash in non-owned ATMs390,275 339,430 
Bank-owned life insurance36,042 41,067 
Other noninterest-earning assets1,898,721 2,020,925 
Total assets$20,905,441 $20,786,328 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand$2,829,653 $7,337 1.04 %$2,807,761 $8,107 1.16 %
Savings1,445,123 1,609 0.45 1,553,044 1,774 0.46 
Money market5,437,897 41,120 3.03 5,172,682 46,390 3.61 
Time deposits2,094,572 20,058 3.84 1,937,265 20,422 4.24 
Total interest-bearing deposits11,807,245 70,124 2.38 11,470,752 76,693 2.69 
Federal Home Loan Bank advances84,007 949 4.53 25,742 359 5.61 
Trust preferred borrowings90,903 1,518 6.70 90,704 1,750 7.76 
Senior and subordinated debt148,708 1,089 2.93 218,478 2,441 4.47 
Other borrowed funds(4)
19,428 15 0.31 816,919 9,545 4.70 
Total interest-bearing liabilities$12,150,291 $73,695 2.43 %$12,622,595 $90,788 2.89 %
Noninterest-bearing demand deposits5,438,692 4,835,912 
Other noninterest-bearing liabilities674,616 891,273 
Stockholders’ equity of WSFS2,652,257 2,446,371 
Noncontrolling interest(10,415)(9,823)
Total liabilities and stockholders’ equity$20,905,441 $20,786,328 
Excess of interest-earning assets over interest-bearing liabilities$6,430,064 $5,649,642 
Net interest income$179,495 $174,449 
Interest rate spread3.05 %2.96 %
Net interest margin3.89 %3.85 %
(1)Weighted average yields for tax-exempt securities and loans have been computed on a tax-equivalent basis.
(2)Average balances are net of unearned income and include nonperforming loans.
(3)Includes securities available-for-sale at fair value.
(4)Includes federal funds purchased.
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 Six months ended June 30,
 20252024
(Dollars in thousands)Average
Balance		Interest
Yield/
Rate(1)
Average
Balance		Interest
Yield/
Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Commercial loans and leases$5,249,600 $175,338 6.75 %$5,081,250 $179,531 7.12 %
Commercial real estate loans4,844,821 157,495 6.56 4,928,165 175,576 7.16 
Residential loans 965,552 25,737 5.33 883,421 21,574 4.88 
Consumer loans2,029,365 71,745 7.13 2,064,785 77,247 7.52 
Loans held for sale
73,849 2,442 6.67 38,458 1,590 8.31 
Total loans and leases13,163,187 432,757 6.64 12,996,079 455,518 7.05 
Mortgage-backed securities(3)
4,164,171 49,276 2.37 4,405,932 51,681 2.35 
Investment securities
365,042 4,372 2.72 363,234 4,367 2.68 
Other interest-earning assets788,100 17,663 4.52 556,434 15,293 5.53 
Total interest-earning assets$18,480,500 $504,068 5.51 %$18,321,679 $526,859 5.79 %
Allowance for credit losses(192,343)(192,159)
Cash and due from banks188,219 290,752 
Cash in non-owned ATMs384,726 291,690 
Bank-owned life insurance36,122 41,929 
Other noninterest-earning assets1,923,092 1,986,980 
Total assets$20,820,316 $20,740,871 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand$2,841,888 $14,680 1.04 %$2,821,017 $15,473 1.10 %
Savings1,451,248 3,205 0.45 1,570,634 3,354 0.43 
Money market5,435,274 82,153 3.05 5,179,542 91,823 3.57 
Client time deposits2,103,470 41,190 3.95 1,886,344 38,660 4.12 
Total interest-bearing client deposits11,831,880 141,228 2.41 11,457,537 149,310 2.62 
Brokered deposits— — — 9,205 178 3.89 
Total interest-bearing deposits11,831,880 141,228 2.41 11,466,742 149,488 2.62 
Federal Home Loan Bank advances83,913 1,887 4.53 23,585 667 5.69 
Trust preferred borrowings90,878 3,041 6.75 90,680 3,506 7.78 
Senior and subordinated debt177,685 3,163 3.56 218,449 4,890 4.48 
Other borrowed funds(4)
25,530 38 0.30 799,387 18,581 4.67 
Total interest-bearing liabilities$12,209,886 $149,357 2.47 %$12,598,843 $177,132 2.83 %
Noninterest-bearing demand deposits5,240,464 4,832,389 
Other noninterest-bearing liabilities735,518 857,053 
Stockholders’ equity of WSFS2,644,847 2,461,412 
Noncontrolling interest(10,399)(8,826)
Total liabilities and stockholders’ equity$20,820,316 $20,740,871 
Excess of interest-earning assets over interest-bearing liabilities$6,270,614 $5,722,836 
Net interest and dividend income$354,711 $349,727 
Interest rate spread3.04 %2.96 %
Net interest margin3.88 %3.85 %
(1)Weighted average yields for tax-exempt securities and loans have been computed on a tax-equivalent basis.
(2)Average balances are net of unearned income and include nonperforming loans.
(3)Includes securities available-for-sale at fair value.
(4)Includes federal funds purchased.
Three months ended June 30, 2025: During the three months ended June 30, 2025, net interest income increased $5.0 million from the three months ended June 30, 2024 driven by lower wholesale funding and deposit costs as well as higher cash balances from deposit growth. This increase was partially offset by lower loan yields due to rate cuts in the second half of 2024. Net interest margin was 3.89% for the second quarter of 2025, a 4 basis point increase compared to 3.85% for the second quarter of 2024. The increase was primarily due to 41bps from lower wholesale funding and deposit costs, partially offset by 37bps of lower asset yields.
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Six months ended June 30, 2025: During the six months ended June 30, 2025, net interest income increased $5.0 million from the six months ended June 30, 2024 due to the reasons noted above. Net interest margin was 3.88% for the six months ended June 30, 2025, a 3 basis point increase compared to 3.85% for the six months ended June 30, 2024. The increase was due to a 31 basis point increase from lower wholesale funding and deposit costs, partially offset by a 28 basis point decrease from our loan yields.
Allowance for Credit Losses
We maintain the allowance for credit losses at an appropriate level based on our assessment of estimable and expected losses related to various portfolios subject to credit risk. Our allowance for credit losses is based on our historical loss experience that includes the inherent risk of our loans and leases, HTM securities, and other account receivables, along with various other factors including but not limited to, collateral values, trends in asset quality, level of delinquent loans and concentrations, consideration of past events, current conditions, and reasonable and supportable forecasts. Further, regional and national economic forecasts are considered in our expected credit losses. Our evaluation is based on a review of the portfolio and requires significant, complex and difficult judgments.
During the three months ended June 30, 2025, we recorded a provision for credit losses of $12.6 million, a decrease of $7.2 million, compared to the provision for credit losses of $19.8 million for the three months ended June 30, 2024. This decrease was primarily due to a reduction in the allowance for credit losses upon transfer of Upstart loans to held for sale.
During the six months ended June 30, 2025, we recorded a provision for credit losses of $30.0 million, a decrease of $5.0 million, compared to the provision for credit losses of $35.0 million for the six months ended June 30, 2024. This decrease was primarily due to the reasons mentioned above.
The total allowance for credit losses decreased to $189.1 million at June 30, 2025 from $195.3 million at December 31, 2024 primarily due to the charge-off of a specific reserve on a commercial and industrial loan and the allowance release mentioned above, partially offset by additional reserve on accounts receivable for certain fee-based businesses. The ratio of allowance for credit losses to total loans and leases decreased to 1.43% at June 30, 2025 from 1.48% at December 31, 2024, due to a decrease of 11bps driven by the transfer of Upstart loans to held for sale and continued runoff of the portfolio, partially offset by a 6bps increase due to deterioration of the economic forecast.
The following tables detail the allocation of the ACL related to loans and leases and show our net charge-offs (recoveries) by portfolio category:
(Dollars in thousands)Commercial and IndustrialOwner-
occupied
Commercial		Commercial
Mortgages		ConstructionCommercial Small Business Leases
Residential(1)
Consumer(2)
Total
As of June 30, 2025
Allowance for credit losses$52,121 $8,584 $54,775 $10,696 $18,301 $5,815 $36,012 $186,304 
% of ACL to total ACL28 %5 %29 %6 %10 %3 %19 %100 %
Loan portfolio balance$2,744,392 $1,947,594 $3,911,537 $857,631 $630,127 $976,462 $1,921,803 $12,989,546 
% to total loans and leases20 %15 %30 %7 %5 %8 %15 %100 %
Three months ended June 30, 2025
Charge-offs$1,832 $— $197 $— $4,376 $— $10,816 $17,221 
Recoveries(1,865)(5)(2)— (714)(50)(4,818)(7,454)
Net (recoveries)
charge-offs		$(33)$(5)$195 $— $3,662 $(50)$5,998 $9,767 
Average loan balance$2,700,896 $1,931,683 $3,953,909 $854,267 $630,955 $961,114 $1,997,285 $13,030,109 
Ratio of net charge-offs (recoveries) to average gross loansNMFNMF0.02 %— %2.33 %(0.02)%1.20 %0.30 %
Six months ended June 30, 2025
Charge-offs$21,703 $— $197 $— $7,343 $— $15,079 $44,322 
Recoveries(2,444)(12)(527)— (1,333)(97)(5,592)(10,005)
Net charge-offs (recoveries)$19,259 $(12)$(330)$— $6,010 $(97)$9,487 $34,317 
Average loan balance$2,666,595 $1,949,087 $3,984,866 $859,955 $633,917 $961,446 $2,029,365 $13,085,231 
Ratio of net charge-offs (recoveries) to average gross loans1.46 %NMF(0.02)%— %1.91 %(0.02)%0.94 %0.53 %
(1)Excludes reverse mortgages.
(2)Includes home equity lines of credit, installment loans unsecured lines of credit and education loans.
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(Dollars in thousands)Commercial and IndustrialOwner-
occupied
Commercial		Commercial
Mortgages		ConstructionCommercial Small Business Leases
Residential(1)
Consumer(2)
Total
As of December 31, 2024
Allowance for credit losses$57,131 $9,139 $48,962 $9,185 $15,965 $5,566 $49,333 $195,281 
% of ACL to total ACL29 %5 %25 %5 %8 %3 %25 %100 %
Loan portfolio balance$2,656,174 $1,973,645 $4,030,627 $832,093 $647,516 $961,426 $2,086,393 $13,187,874 
% to total loans and leases20 %15 %31 %6 %5 %7 %16 %100 %
Year ended December 31, 2024
Charge-offs$15,490 $177 $5,749 $— $20,033 $125 $23,549 $65,123 
Recoveries(6,883)(217)(183)— (2,705)(225)(2,654)(12,867)
Net charge-offs (recoveries)$8,607 $(40)$5,566 $— $17,328 $(100)$20,895 $52,256 
Average loan balance$2,586,833 $1,937,449 $3,991,686 $945,491 $637,036 $908,368 $2,088,699 $13,095,562 
Ratio of net charge-offs (recoveries) to average gross loans0.33 %NMF0.14 %— %2.72 %(0.01)%1.00 %0.40 %
(1)Excludes reverse mortgages.
(2)Includes home equity lines of credit, installment loans unsecured lines of credit and education loans.
See Note 7 to the unaudited Consolidated Financial Statements and "Nonperforming Assets" above for further information.
Noninterest Income
Three months ended June 30, 2025: During the three months ended June 30, 2025, noninterest income was $88.0 million, a decrease of $3.6 million from $91.6 million during the three months ended June 30, 2024. The decrease was driven by a $6.7 million decline in Cash Connect®, primarily due to the lower rate environment and lower ATM bailment volume, a $3.4 million gain due to the reduction of our Visa B derivative liability established from our previous sale of 360,000 shares in 2Q 2020 recognized in 2024, and a $1.5 million decline in capital markets income, partially offset by a $6.3 million increase in Wealth and Trust fees and $1.7 million higher fee income on derivative collateral held.
Six months ended June 30, 2025: During the six months ended June 30, 2025, noninterest income was $168.9 million, an increase of $1.5 million from $167.5 million during the six months ended June 30, 2024. This increase was primarily driven by $12.7 million in Wealth and Trust fees and $2.4 million higher fee income on derivative collateral held, partially offset by declines of $8.6 million in the Cash Connect® segment for the reasons mentioned above, the $3.4 million gain related to our Visa B derivative liability in 2024 mentioned above, and $2.7 million in capital markets income.
For further information, see Note 3 to the unaudited Consolidated Financial Statements.
Noninterest Expense
Three months ended June 30, 2025: During the three months ended June 30, 2025, noninterest expense was $159.3 million, an increase of $3.6 million from $155.8 million for the three months ended June 30, 2024. The increase was primarily due to $5.9 million from salaries and benefits as a result of talent additions in key business areas and performance-based increases, $2.9 million related to loan workout and other credit costs, and $1.7 million from equipment expenses driven by technology costs, partially offset by a $5.1 million decrease in Cash Connect® external funding costs and $1.6 million of one-time insurance recoveries at Cash Connect® primarily related to losses associated with a client termination in 4Q 2024.
Six months ended June 30, 2025: During the six months ended June 30, 2025, noninterest expense was $311.1 million, an increase of $6.3 million from $304.8 million for the six months ended June 30, 2024. The increase was primarily due to $12.6 million in salaries and benefits due to the reasons mentioned above, $3.8 million from equipment expenses driven by technology costs, and $2.1 million related to loan workout costs, partially offset by a $12.9 million decrease in other operating expense driven by lower Cash Connect® external funding costs.
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Income Taxes
We and our subsidiaries file a consolidated federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with ASC 740, Income Taxes, which requires the recording of deferred income taxes for tax consequences of temporary differences. We recorded income tax expense of $23.3 million and $44.4 million during the three and six months ended June 30, 2025, respectively, compared to income tax expense of $21.3 million and $42.5 million for the same periods in 2024. The increase for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to certain tax credits in 2024.
Our effective tax rate was 24.4% and 24.3% for the three and six months ended June 30, 2025, respectively, compared to 23.5% and 23.9% for the three and six months ended June 30, 2024, respectively.
The effective tax rate reflects the recognition of certain tax benefits in the financial statements including those benefits from tax-exempt interest income, federal low-income housing tax credits, solar tax credits, research and development tax credits, and excess tax benefits from recognized stock compensation. These tax benefits are offset by the tax effect of stock-based compensation expense related to incentive stock options, tax deficiencies from recognized stock compensation, and a provision for state income tax expense. We frequently analyze our projections of taxable income and make adjustments to our provision for income taxes accordingly.
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RECONCILIATION OF NON-GAAP MEASURE TO GAAP MEASURE
The following table provides a reconciliation of tangible book value per share of common stock to book value per share of common stock, the most directly comparable GAAP financial measure. We believe this measure helps management and investors better understand and assess changes from period to period in stockholders’ equity exclusive of changes in intangible assets. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results.
(Dollars and share amounts in thousands, except per share amounts)June 30, 2025December 31, 2024
Stockholders’ equity of WSFS$2,682,728 $2,589,752 
Less: Goodwill and other intangible assets977,546 988,160 
Tangible common equity (numerator)$1,705,182 $1,601,592 
Shares of common stock outstanding (denominator)56,235 58,657 
Book value per share of common stock$47.71 $44.15 
Goodwill and other intangible assets 17.38 16.85 
Tangible book value per share of common stock$30.32 $27.30 
CRITICAL ACCOUNTING ESTIMATES
The preparation of the unaudited Consolidated Financial Statements in accordance with U.S. GAAP requires us to make estimates and assumptions affecting the reported amounts of assets, liabilities, revenue and expenses. We regularly evaluate these estimates and assumptions including those related to the allowance for credit losses, business combinations, deferred taxes, fair value measurements and goodwill and other intangible assets. We base our estimates on historical experience and various other factors and assumptions that are believed to be reasonable under the circumstances. These form the basis for making judgments on the carrying value of certain assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Although our current estimates contemplate current economic conditions and how we expect them to change in the future, for the remainder of 2025, it is possible that actual conditions may be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Actual results may differ from these estimates under different assumptions or conditions.
Critical accounting estimates at June 30, 2025 did not significantly change from our critical accounting estimates at December 31, 2024, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
RECENT LEGISLATIVE AND REGULATORY DEVELOPMENTS
Recent regulatory developments at June 30, 2025 did not significantly change from our recent regulatory developments at December 31, 2024, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, except as noted below.
One Big Beautiful Bill Act (OBBBA)
The OBBBA, enacted on July 4, 2025, in the U.S., permanently extends some provisions of the Tax Cuts and Jobs Act and restores favorable tax treatment for certain business provisions. The legislation has multiple effective dates and we are assessing its impact on the Company.
Genius Act
On July 18, 2025, President Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the “GENIUS Act,” into law, establishing a federal licensing and supervisory framework for payment stablecoins and their issuers. The GENIUS Act may accelerate and increase the competition that non-traditional financial institutions pose to banks' payment services, but may also create opportunities for banks to hold stablecoin reserve assets, custody stablecoins, or issue stablecoins. Several key provisions of the GENIUS Act require federal regulatory agencies to adopt implementing regulations, and the Act will take effect the earlier of 18 months after its enactment or 120 days after the agencies issue final implementing regulations. The Company continues to assess the impact of the GENIUS Act as the stablecoin industry evolves.
Community Reinvestment Act (CRA)
On October 24, 2023, the Federal Reserve, FDIC, and OCC issued a final rule revising their framework for evaluating banks’ records of community reinvestment under the CRA. On July 16, 2025, the bank regulatory agencies issued a notice of proposed rulemaking to rescind the October 2023 final rule and restore the CRA framework that existed previously, which has remained in effect due to a preliminary injunction that stayed implementation of the October 2023 rule. The Bank received a rating of
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“Satisfactory” in its most recent performance evaluation, which was conducted using the CRA framework that existed prior to the October 2023 final rule.
Brokered Deposits
On July 30, 2024, the FDIC issued a proposed rule that would revise the FDIC’s regulations governing the classification and treatment of brokered deposits. The proposed rule would have potentially required the Bank to classify a greater amount of its deposits obtained with the involvement of third parties as brokered deposits. On March 3, 2025, the FDIC withdrew this proposed rule.
Bank Merger Act
On September 17, 2024, the OCC finalized a new Policy Statement Regarding Statutory Factors Under the Bank Merger Act (the “Policy Statement”), which updated the factors the OCC would apply in evaluating a proposed bank merger transaction. The Policy Statement could have potentially made it more difficult and/or costly for us to obtain OCC approval for an acquisition or otherwise resulted in more onerous conditions in approval orders than the OCC had previously imposed. On May 8, 2025, the OCC rescinded the Policy Statement. The United States Department of Justice has left in place its 2023 Merger Guidelines as a framework to review bank mergers and has not reinstated the 1995 Bank Merger Guidelines that it previously applied to bank mergers and which the Federal Reserve and OCC continue to apply. Compared to the 1995 Bank Merger Guidelines, the 2023 Merger Guidelines set forth more stringent concentration limits and add several largely qualitative bases on which the DOJ may challenge a merger.
Item 3.     Quantitative and Qualitative Disclosures About Market Risk
The information required by this Item is incorporated herein by reference to the information provided in Part I Item 2 (Interest Rate Sensitivity) of this Quarterly Report on Form-10-Q.
Item 4.     Controls and Procedures
(a)Evaluation of disclosure controls and procedures. Based on their evaluation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934), our principal executive officer and principal financial officer have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q such disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)Changes in internal control over financial reporting. There was no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting during the three months ended June 30, 2025.
Part II. OTHER INFORMATION
Item 1.    Legal Proceedings
The information required by this Item is incorporated herein by reference to the information provided in Note 17 – Legal and Other Proceedings to the unaudited Consolidated Financial Statements.
Item 1A. Risk Factors
There have not been any material changes to the risk factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
During the second quarter of 2022, the Board of Directors of the Company approved a share repurchase program authorizing the repurchase of 6,358,727 shares of common stock, or 10% of its outstanding shares as of June 30, 2022. During the second quarter of 2025, the Board of Directors of the Company approved a share repurchase program authorizing the repurchase of 5,769,334 shares of common stock, or 10% of its outstanding shares as of March 31, 2025. Under the programs, repurchases may be made from time to time in the open market or through negotiated transactions, subject to market conditions and other factors, and in accordance with applicable securities laws. The programs are consistent with our intent to optimize capital levels
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through a mix of dividends and share repurchases while maintaining capital ratios in excess of “well-capitalized” regulatory benchmarks and targeting a corporate Common Equity Tier 1 capital ratio of approximately 12%.
The following table represents information with respect to repurchases of common stock made by the Company during the three months ended June 30, 2025.
Month
Total Number
of Shares Purchased
Average Price
Paid Per Share		Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2025 - April 30, 20251,012,199 $47.98 1,012,199 7,021,775 
May 1, 2025 - May 31, 2025274,000 54.07 274,000 6,747,775 
June 1, 2025 - June 30, 2025270,000 53.07 270,000 6,477,775 
Total1,556,199 $49.93 1,556,199 
Item 3.    Defaults upon Senior Securities
None.
Item 4.    Mine Safety Disclosures
Not applicable.
Item 5.    Other Information
During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company or a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Item 6.     Exhibits
 
Exhibit
Number		  Description of Document
31.1  
31.2  
32  
101.INS  XBRL Instance Document *
101.SCH  XBRL Schema Document *
101.CAL  XBRL Calculation Linkbase Document *
101.LAB  XBRL Labels Linkbase Document *
101.PRE  XBRL Presentation Linkbase Document *
101.DEF  XBRL Definition Linkbase Document *
104
The cover page of this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on July 31, 2025, is formatted in Inline XBRL.
* Submitted as Exhibits 101 to this Quarterly Report on Form 10-Q are documents formatted in XBRL (Extensible Business Reporting Language). Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
 WSFS FINANCIAL CORPORATION
Date: July 31, 2025 /s/ Rodger Levenson
 Rodger Levenson
 Chairman, President and Chief Executive Officer
 (Principal Executive Officer)
Date: July 31, 2025 /s/ David Burg
 David Burg
 Executive Vice President, Chief Financial Officer
 (Principal Financial and Accounting Officer)
 

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