# WSFS FINANCIAL CORP (WSFS)

Informational only - not investment advice.

CIK: 0000828944
SIC: 6021 National Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/)
Latest 10-K filed: 2026-03-02
SEC page: https://www.sec.gov/edgar/browse/?CIK=828944
Filing source: https://www.sec.gov/Archives/edgar/data/828944/000082894426000006/wsfs-20251231.htm

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1019688000 | USD | 2025 | 2026-03-02 |
| Net income | 287349000 | USD | 2025 | 2026-03-02 |
| Assets | 21314076000 | USD | 2025 | 2026-03-02 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000828944.json. Derived margins are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 216,578,000 | 254,726,000 | 292,973,000 | 521,092,000 | 514,405,000 | 456,369,000 | 703,815,000 | 976,522,000 | 1,063,582,000 | 1,019,688,000 |
| Net income | 64,080,000 | 50,244,000 | 134,743,000 | 148,809,000 | 114,774,000 | 271,442,000 | 222,375,000 | 269,156,000 | 263,671,000 | 287,349,000 |
| Diluted EPS | 2.06 | 1.56 | 4.19 | 3.00 | 2.27 | 5.69 | 3.49 | 4.40 | 4.41 | 5.09 |
| Assets | 6,765,270,000 | 6,999,540,000 | 7,248,870,000 | 12,256,302,000 | 14,333,914,000 | 15,777,327,000 | 19,914,755,000 | 20,594,672,000 | 20,814,303,000 | 21,314,076,000 |
| Liabilities | 6,077,934,000 | 6,275,195,000 | 6,427,950,000 | 10,406,811,000 | 12,544,434,000 | 13,840,311,000 | 17,712,869,000 | 18,124,857,000 | 18,234,927,000 | 18,586,001,000 |
| Stockholders' equity | 687,336,000 | 724,345,000 | 820,920,000 | 1,850,306,000 | 1,791,726,000 | 1,939,099,000 | 2,205,113,000 | 2,477,636,000 | 2,589,752,000 | 2,738,545,000 |
| Cash and cash equivalents | 821,923,000 | 723,866,000 | 620,757,000 | 571,752,000 | 1,654,735,000 | 1,532,939,000 | 837,258,000 | 1,092,900,000 | 1,154,818,000 | 1,699,154,000 |
| Net margin | 29.59% | 19.72% | 45.99% | 28.56% | 22.31% | 59.48% | 31.60% | 27.56% | 24.79% | 28.18% |

## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000828944.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.94 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.16 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.01 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 241,769,000 | 68,678,000 | 1.12 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 251,139,000 | 74,166,000 | 1.22 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 257,231,000 | 63,908,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 261,622,000 | 65,761,000 | 1.09 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 265,237,000 | 69,273,000 | 1.16 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 273,384,000 | 64,435,000 | 1.08 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 263,339,000 | 64,202,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 250,878,000 | 65,896,000 | 1.12 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 253,190,000 | 72,326,000 | 1.27 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 258,421,000 | 76,449,000 | 1.37 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 257,199,000 | 72,678,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 249,209,000 | 86,827,000 | 1.64 | reported discrete quarter |

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
- [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
- [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate
- [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
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- [ICSA](/indicator/ICSA/): Initial Claims
- [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm
- [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [M2SL](/indicator/M2SL/): M2
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States
- [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States
- [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States
- [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States
- [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States
- [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized
- [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized
- [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks
- [GDP](/indicator/GDP/): Gross Domestic Product
- [GPDI](/indicator/GPDI/): Gross Private Domestic Investment
- [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment
- [PCEC](/indicator/PCEC/): Personal Consumption Expenditures
- [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services
- [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt
- [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit
- [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts
- [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures
- [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing
- [USCONS](/indicator/USCONS/): All Employees, Construction
- [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade
- [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities
- [USGOVT](/indicator/USGOVT/): All Employees, Government
- [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private
- [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods
- [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- [BUSINV](/indicator/BUSINV/): Total Business Inventories
- [EXPGS](/indicator/EXPGS/): Exports of Goods and Services
- [IMPGS](/indicator/IMPGS/): Imports of Goods and Services
- [IR](/indicator/IR/): Import Price Index (End Use): All Commodities
- [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/828944/000082894426000015/wsfs-20260331.htm

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization.
Confidence: high
Filing date: 2026-05-04
Report date: 2026-03-31

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 $22.1 billion in assets and $97.6 billion in assets under management (AUM) and assets under administration (AUA) at March 31, 2026, WSFS Bank is the oldest and largest locally-managed bank and trust company 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 194 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 March 31, 2026, the Company's consolidated operating subsidiaries included WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), and WSFS SPE Services, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. Operating subsidiaries of WSFS Bank included 1832 Holdings, Inc. and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).

Our WSFS Bank segment had a total loan and lease portfolio of $12.8 billion as of March 31, 2026, which was funded primarily with deposits generated through commercial relationships and our consumer banking business. We have built a $10.0 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering the high level of service and flexibility typically associated with a community bank and through acquisitions. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches. The Home Lending division offers mortgage banking and title services through our branches and WSFS Mortgage®, our mortgage banking division specializing in a variety of residential mortgage and refinancing solutions. We fund our lending businesses primarily with deposits generated through commercial relationships and consumer, wealth and trust client deposits, as well as through our digital banking platforms.

Our Wealth and Trust 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. Combined, these businesses had $97.6 billion of AUM and AUA at March 31, 2026.

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 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.

Our leasing business, conducted by NewLane Finance®, originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.

Our Cash Connect® segment 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 $1.3 billion in total cash and services approximately 23,400 non-bank ATMs and 11,900 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.

As of March 31, 2026, we service our clients primarily from 114 offices located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2), Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app.

50

Table of Contents

Highlights and Other Notables Items for Three Months Ended March 31, 2026

•Three Months Ended March 31, 2026

◦Diluted EPS was $1.64 and ROA was 1.61%, compared to $1.12 and 1.29%, respectively, for the three months ended March 31, 2025.

◦Total deposits increased $826.0 million, or 4.7%, compared to December 31, 2025, primarily due to growth in Trust and Commercial. Noninterest deposits comprised 34% of total deposits at March 31, 2026.

◦Wealth and Trust noninterest income grew 25% compared to the three months ended March 31, 2025.

▪WSFS Institutional Services®, which consists of Corporate Trust and Global Capital Markets, grew 46%, and BMT-DE grew 27%

◦The Bank recognized a $15.7 million recovery of previously charged-off loans to a fund invested in office properties.

◦The Board of Directors approved an 18% increase in the quarterly cash dividend to $0.20 per share, along with an additional share repurchase authorization of 15% of our outstanding shares as of March 31, 2026.

◦WSFS repurchased 1,319,626 shares of common stock under the Company's share repurchase plans at an average price of $64.38 per share, for an aggregate purchase price of approximately $85.0 million, and paid quarterly dividends of $9.0 million, for a total capital return of $94.0 million.

◦The Bank and the Company continue to be above well-capitalized across all measures of regulatory capital, with total common equity Tier 1 capital of 14.01% and 13.91%, respectively, and total risk-based capital of 15.21% and 15.66%, respectively.

51

Table of Contents

FINANCIAL CONDITION

Total assets increased $792.8 million to $22.1 billion at March 31, 2026 compared to December 31, 2025. This increase is primarily comprised of the following:

•Total cash and cash equivalents increased $772.4 million, primarily due to increases in deposits.

•Total investment securities increased $29.5 million:

◦Investment securities available-for-sale increased $39.6 million, primarily due to purchases of $154.3 million, partially offset by repayments, maturities and calls of $102.6 million and decreased market values of $11.5 million.

◦Investment securities held-to-maturity decreased $10.1 million, primarily due to repayments, maturities and calls of $13.5 million, partially offset by $3.3 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.

•Other real estate owned increased $12.5 million, due to the transfer of an existing nonperforming land development loan during the quarter.

•Other assets decreased $37.1 million, primarily due to a $25.4 million decrease in receivables due to the settlement timing of ACH payments and a $6.3 million decrease in derivatives from our Capital Markets business due to changes in fair value.

Total liabilities increased $806.9 million to $19.4 billion at March 31, 2026 compared to December 31, 2025. This increase is primarily comprised of the following:

•Client deposits increased $826.0 million primarily due to an increase in noninterest demand deposits, driven by growth in Trust and Commercial deposits.

•Other liabilities decreased $27.5 million, primarily due to a decrease of $49.3 million in our accrued expenses primarily related to incentive payments made in the first quarter of 2026, partially offset by increases of $13.9 million from collateral held on derivatives and derivative liabilities and an $8.9 million increase from commitments to fund lower income housing tax credit investments.

For further information, see "Notes to the Consolidated Financial Statements (Unaudited)."

LIQUIDITY AND CAPITAL RESOURCES

Capital Resources

Stockholders’ equity of WSFS decreased $14.1 million to $2.7 billion at March 31, 2026 compared to December 31, 2025. This decrease was primarily due to $85.0 million for the repurchase of shares of common stock under our stock repurchase plan, the payment of dividends on our common stock of $9.0 million, and an increase of $8.5 million in accumulated other comprehensive loss driven by market value decreases on available-for-sale mortgage-backed securities, partially offset by $86.8 million of net income attributable to WSFS.

In April 2026, as part of our annual capital planning process, the Board of Directors approved an 18% increase in the quarterly cash dividend to $0.20 per share of common stock and an incremental share repurchase authorization of 15% of outstanding shares as of March 31, 2026. The dividend will be paid on May 22, 2026 to stockholders of record as of May 8, 2026.

Book value per share of common stock was $52.24 at March 31, 2026, an increase of $0.97 from $51.27 at December 31, 2025. Tangible book value per share of common stock (a non-GAAP financial measure) was $33.71 at March 31, 2026, an increase of $0.60 from $33.11 at December 31, 2025. 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."

52

Table of Contents

The table below compares the Bank's and the Company’s consolidated capital position to the minimum regulatory requirements as of March 31, 2026:

Consolidated

Capital

Minimum For Capital

Adequacy Purposes

To be Well-Capitalized

Under Prompt Corrective

Action Provisions

(Dollars in thousands)

Amount

Percent

Amount

Percent

Amount

Percent

Total Capital (to Risk-Weighted Assets)

Wilmington Savings Fund Society, FSB

$

2,445,373 

15.21 

%

$

1,285,983 

8.00 

%

$

1,607,479 

10.00 

%

WSFS Financial Corporation

2,518,296 

15.66 

1,286,847 

8.00 

1,608,559 

10.00 

Tier 1 Capital (to Risk-Weighted Assets)

Wilmington Savings Fund Society, FSB

2,252,597 

14.01 

964,487 

6.00 

1,285,983 

8.00 

WSFS Financial Corporation

2,237,226 

13.91 

965,135 

6.00 

1,286,847 

8.00 

Common Equity Tier 1 Capital (to Risk-Weighted Assets)

Wilmington Savings Fund Society, FSB

2,252,597

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization.
Confidence: high

ITEM 7. 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 $21.3 billion in assets and $97.4 billion in assets under management (AUM) and assets under administration (AUA) at December 31, 2025, WSFS Bank is the oldest and largest locally-managed bank and trust company 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 is simple: “We Stand for Service®.”

As of December 31, 2025, the Company's consolidated operating subsidiaries included WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), and WSFS SPE Services, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. Subsidiaries of WSFS Bank included 1832 Holdings, Inc. and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).

Our banking segment had a net loan and lease portfolio of $12.6 billion as of December 31, 2025. We have built a $10.0 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering the high level of service and flexibility typically associated with a community bank and through acquisitions. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches. The Home Lending division offers mortgage banking and title services through our branches and WSFS Mortgage®, our mortgage banking division specializing in a variety of residential mortgage and refinancing solutions. We fund our lending businesses primarily with deposits generated through commercial relationships and consumer, wealth and trust client deposits, as well as through our digital banking platforms.

Our leasing business, conducted by NewLane Finance®, originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.

Our Cash Connect® segment 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 $1.3 billion in total cash and services approximately 24,000 non-bank ATMs and 11,900 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 488 owned or branded ATMs for WSFS Bank Clients, which is one of the largest branded ATM networks in our market.

Our Wealth and Trust 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. Combined, these businesses had $97.4 billion of AUM and AUA at December 31, 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 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 December 31, 2025, we service our Clients primarily from 113 offices located in Pennsylvania (58), Delaware (37), New Jersey (14), Florida (2), Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com, and our mobile app.

44

Notable Items Impacting Results of Operations, Financial Condition and Business Outlook

Notable items in 2025 include the following:

•EPS was $5.09 and ROA was 1.36%, compared to $4.41 and 1.27%, respectively, for the year ended December 31, 2024.

•Net interest margin of 3.87%, compared to 3.82% for the year ended December 31, 2024, driven by deposit repricing actions continued wholesale funding optimization, and higher cash balances, partially offset by lower loan yields due to rate cuts.

•Client deposits increased $612.7 million, or 4%, primarily due to growth in Trust deposits, reflecting continued strong performance in this business.

•Net loans and leases grew $85.8 million, or 1%, compared to December 31, 2024. Increases in construction loans, commercial & industrial, and residential mortgage were partially offset by decreases in consumer loans and commercial mortgages.

•Noninterest income in our Wealth and Trust segment increased 16% compared to December 31, 2024, driven by growth in WSFS Institutional Services®.

◦WSFS Institutional Services® ended 2025 as the securitization industry's fourth most active trustee for U.S. ABS and MBS according to Asset-Backed Alert's ABS Database.

•During the year, WSFS recognized $3.2 million of nonrecurring income from our partnership with Spring EQ, comprised of the $2.3 million annual earnout and $0.9 million of post-close distributions related to the sale of our equity investment that occurred in the fourth quarter of 2023.

•Throughout the year, WSFS exited certain non-strategic businesses and product offerings which included the sales of the Upstart loan portfolio and Powdermill business (which provided tax and other administrative services to family offices), as well as the unwind of a wealth advisory partnership with Commonwealth Financial. These actions helped to streamline our product offering and organizational focus on our core strategic priorities.

◦The Upstart portfolio was an unsecured consumer lending portfolio generated through our partnership with Upstart. The impacts from the sale included a net charge-off of $5.2 million against previous reserves of $9.9 million, resulting in a provision release of $4.7 million.

•Returned $324.7 million of capital to shareholders through $287.5 million of share repurchases and $37.2 million of quarterly dividends. Under the Company's share repurchase program, 5,439,981 shares of common stock were repurchased at an average price of $52.86 per share.

•The Board 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.

•The Company and the Bank continue to be well-capitalized across all measures of regulatory capital, with total common equity tier 1 capital of 13.92% and 14.06%, respectively, and total risk-based capital of 15.67% and 15.25%, respectively.

•In December, the Company issued $200.0 million of senior notes due 2035 (the 2035 Notes). The 2035 Notes mature on December 15, 2035 and have a fixed coupon rate of 5.375% from issuance until December 15, 2030 and a variable coupon rate equal to the benchmark rate (which is expected to be three-month term SOFR), reset quarterly, plus 1.89% from December 15, 2030 until maturity. The proceeds from this issuance were concurrently used to redeem $150.0 million of Fixed-to-Floating Senior Notes due 2030 (the 2030 Notes).

•WSFS completed the redemption of $70.0 million fixed-to-floating rate subordinated notes due 2027 (the 2027 Notes) acquired from Bryn Mawr Trust using our other operating cash flows.

Subsequent Events

In February 2026, the Company received payment for loans that were previously charged off in the first quarter of 2025 to a fund invested in office properties. In the first quarter of 2026, the Company will recognize a recovery of $15.7 million (against the first quarter 2025 charge-off of $15.9 million) as well as the payoff of a $2.5 million nonperforming loan, specific to this transaction. Management will update its previously announced 2026 net charge-off outlook as part of its first quarter 2026 Earnings Release.

45

FINANCIAL CONDITION

Total assets increased $499.8 million, or 2%, to $21.3 billion as of December 31, 2025, compared to $20.8 billion as of December 31, 2024. The increase is primarily comprised of the following (in descending order of magnitude):

•Total cash and cash equivalents increased $544.3 million, primarily due to higher deposits.

•Net loans and leases held for investment increased $85.8 million due to increases in construction loans of $191.8 million primarily from draws on existing commitments, $140.5 million in commercial and industrial loans, and $124.8 million in residential mortgage loans. These increases were partially offset by decreases in consumer loans of $191.9 million primarily driven by the Upstart portfolio sale and runoff of the Spring EQ portfolio, $114.5 million in commercial mortgages primarily due to the payoff of several large loans, and $36.3 million in owner-occupied commercial loans

•Other assets decreased $87.3 million, primarily driven by a $55.0 million decrease in low-income housing tax credit investments and a $34.9 million decrease in derivatives from our Capital Markets business due to changes in fair value, partially offset by a $15.2 million increase in receivables due to the settlement timing of ACH payments.

•Goodwill and intangible assets decreased $18.3 million due to scheduled amortization and impacts from the sale of the WSFS Wealth Management, LLC (dba Powdermill Financial Solutions) business.

•Total investment securities decreased $15.2 million:

◦Investment securities, held to maturity decreased $46.8 million primarily due to repayments, maturities and calls of $62.2 million, partially offset by $12.4 million of amortization of net unrealized losses on securities transferred from available-for-sale.

◦Investment securities, available-for-sale increased $31.6 million, primarily due to a net $212.2 million increase in market value on available-for-sale securities and $203.0 million in purchases, partially offset by repayments of $380.6 million .

Total liabilities increased $351.1 million, or 2%, to $18.6 billion at December 31, 2025 compared to the prior year, primarily comprised of the following (in descending order of magnitude):

•Total deposits increased $612.7 million, primarily driven by the Wealth and Trust segment, with growth in noninterest demand and money market deposits.

•Other liabilities decreased $162.2 million primarily due to a decrease of $162.4 million in collateral held on derivatives and derivative liabilities.

•FHLB advances decreased $51.0 million due to wholesale funding optimization.

•Senior and subordinated debt decreased $21.7 million due to the redemption of the 2030 Notes and 2027 Notes, partially offset by the issuance of the 2035 Notes.

Stockholders’ equity increased $148.8 million to $2.7 billion at December 31, 2025 compared to the prior year. The increase was primarily due to earnings of $287.3 million during the year and a decrease of $179.3 million in accumulated other comprehensive loss due to market value increases on investment securities, partially offset by significant capital returns to shareholders ($287.5 million from the repurchase of shares of common stock under our stock repurchase plan as well as payment of dividends on our common stock of $37.2 million).

We repurchased 5,439,981 and 2,049,739 shares of our common stock in 2025 and 2024, respectively. We held 23,046,983 shares and 17,607,002 shares of our common stock as treasury shares at December 31, 2025 and 2024, respectively.

For further information on our regulatory capital requirements, refer to our Capital Resources discussion below.

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LIQUIDITY AND CAPITAL RESOURCES

Capital Resources

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. Failure to meet minimum capital requirements can initiate certain mandatory actions and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial statements.

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 upon its capital levels in relation to various relevant capital measures, which include leveraged and risk-based capital measures and certain other factors. Under the Prompt Corrective Action framework of the Federal Deposit Insurance Corporation Act, depository institutions that are not classified as well-capitalized are subject to various restrictions regarding capital distributions, payment of management fees, acceptance of brokered deposits and other operating activities. At December 31, 2025, the Bank and the Company were in compliance with regulatory capital requirements and all of their regulatory ratios exceeded “well-capitalized” regulatory benchmarks. For the capital position of the Bank and the Company, refer to Note 13 of the Consolidated Financial Statements.

In addition, and not included in the Bank's capital, the Company separately held $254.5 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.

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 deposit programs, 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 December 31, 2025, the Company has $1.7 billion in cash, cash equivalents, and restricted cash. Our estimated uninsured deposits were $7.1 billion, or 40% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $5.3 billion, or 30% of total Client deposits.

As of December 31, 2025, the Company had a readily available, secured borrowing capacity of $5.9 billion from the FHLB and $2.3 billion through the Federal Reserve Discount Window. In addition, the Company had $0.3 billion in unpledged securities that could be used to support additional borrowings and $1.2 billion of cash deposited with the Federal Reserve Bank.

During the year ended December 31, 2025, cash, cash equivalents and restricted cash increased $544.3 million to $1.7 billion from $1.2 billion as of December 31, 2024. Cash provided by operating activities was $220.0 million, primarily reflecting the cash impact of earnings. Cash provided by investing activities was $124.9 million primarily due to repayments of AFS and HTM securities of $380.6 million and $62.2 million, respectively, partially offset by $203.0 million of purchases of AFS securities and a $117.7 million net increase in loans and leases. Cash provided by financing activities was $199.5 million, primarily due to a $604.3 million net increase in deposits and $200.0 million from the issuance of the 2035 Notes, offset by $290.3 million for repurchases of common stock under the previously announced stock repurchase plan, $220.0 million for the redemption of senior and subordinated debt, $51.0 million for the redemption of fixed rate FHLB term advances, and $37.2 million for the payment of quarterly dividends.

Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At December 31, 2025, we had $167.9 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 19 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases see Note 9 to the Consolidated Financial Statements. At December 31, 2025, we had obligations for principal payments on long-term debt including $200.0 million for our senior debt due December 15, 2035, $67.0 million for our trust preferred borrowings due June 1, 2035, and $24.0 million for our trust preferred borrowings due December 15, 2034. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.

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For additional information regarding long-term debt, see Note 12 to the Consolidated Financial Statements. At December 31, 2025, the Company had total commitments to extend credit of $4.5 billion, which are generally one year commitments. For additional information regarding commitments to extend credit, see Note 17 to the Consolidated Financial Statements.

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NONPERFORMING ASSETS

Nonperforming assets include nonaccruing loans and OREO. 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. Troubled loans are loans modified in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, or a term extension to borrowers experiencing financial difficulty.

The following table shows our nonperforming assets, past due loans, and troubled loans at the dates indicated:

At December 31,

(Dollars in thousands)

2025

2024

Nonaccruing loans(1):

Commercial and industrial

$

27,060 

$

61,809 

Owner-occupied commercial

6,581 

4,710 

Commercial mortgages

7,565 

22,223 

Construction

22,381 

25,600 

Residential

5,002 

5,011 

Consumer

3,309 

2,828 

Total nonaccruing loans

71,898 

122,181 

Other real estate owned

200 

5,204 

Total nonperforming assets

$

72,098 

$

127,385 

Past due loans:

Commercial

$

12,237 

$

1,812 

Residential

133 

15 

Consumer(2)

10,046 

7,375 

Total past due loans

$

22,416 

$

9,202 

Troubled loans(3):

Commercial

$

142,613 

$

143,904 

Residential

226 

144 

Consumer

1,428 

7,240 

Total troubled loans

$

144,267 

$

151,288 

Ratio of allowance for credit losses to total gross loans and leases(4)

1.36 

%

1.48 

%

Ratio of nonaccruing loans to total gross loans and leases(5)

0.54 

0.93 

Ratio of nonperforming assets to total assets

0.34 

0.61 

Ratio of allowance for credit losses to nonaccruing loans

250 

160 

Ratio of allowance for credit losses to total nonperforming assets(6)

249 

153 

(1)Includes nonaccruing troubled loans.

(2)Includes U.S. government guaranteed student loans with little risk of credit loss.

(3)Represents loans with certain modifications (as prescribed in ASU 2022-02) to borrowers experiencing financial difficulty.

(4)Represents amortized cost basis for loans and leases.

(5)Total loans exclude loans held for sale and reverse mortgages.

(6)Excludes acquired purchase credit deteriorated loans.

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Nonperforming assets decreased $55.3 million between December 31, 2024 and December 31, 2025. This decrease was primarily due to the payoff of three existing nonperforming commercial loans and the charge-off of an existing nonperforming C&I loan to a fund that is invested in office properties, 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 0.34% at December 31, 2025.

The following table summarizes the changes in nonperforming assets during the periods indicated:

Year Ended December 31,

(Dollars in thousands)

2025

2024

Beginning balance

$

127,385 

$

75,754 

Additions

80,760 

207,135 

Collections

(60,535)

(75,810)

Transfers to accrual

(1,529)

(15,653)

Charge-offs

(73,983)

(64,041)

Ending balance

$

72,098 

$

127,385 

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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RESULTS OF OPERATIONS

2024 compared with 2023

For a discussion of our results for the year ended December 31, 2024 compared to the year ended December 31, 2023, please see "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025.

2025 compared with 2024

We recorded net income attributable to WSFS of $287.3 million, or $5.09 per diluted common share, for the year ended December 31, 2025, an increase of $23.7 million compared to $263.7 million, or $4.41 per diluted common share, for the year ended December 31, 2024.

•Net interest income for the year ended December 31, 2025 was $726.1 million, an increase of $20.6 million compared to 2024, primarily due to lower deposit and wholesale funding costs as well as higher cash balances from growth in average deposits. The increase was partially offset by lower loan yields due to rate cuts. See “Net Interest Income” for further information.

•Our provision for credit losses decreased $12.2 million in 2025. The current year provision was impacted by charge-offs and new originations, partially offset by the reduction in the allowance due to the Upstart loan sale. See “Provision/Allowance for Credit Losses” for further information.

•Noninterest income decreased $1.0 million in 2025, primarily due to a decrease in Cash Connect® driven by rates and lower ATM bailment income, the impact of valuation adjustments to our Visa B derivative liability, and an impairment loss related to one of our equity investments, partially offset by an increase from Wealth and Trust driven by WSFS Institutional Services® and BMT-DE and returns on derivative collateral. See “Noninterest Income” for further information.

•Noninterest expense decreased $1.5 million in 2025, primarily due to a decrease in other operating expense driven by lower Cash Connect® funding costs and other productivity measures, partially offset by increases in salaries and benefits from performance-based increases and equipment expense. See “Noninterest Expense” for further information.

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Net Interest Income

The following table provides information regarding the average balances of, and yields/rates on, interest-earning assets and interest-bearing liabilities during the periods indicated:

Year Ended December 31,

2025

2024

(Dollars in thousands)

Average

Balance

Interest &

Dividends

Yield/

Rate(1)

Average

Balance

Interest &

Dividends

Yield/

Rate (1)

Assets:

Interest-earning assets:

Loans:(2)

Commercial loans

$

4,615,946 

$

294,129 

6.39 

%

$

4,524,282 

$

308,005 

6.82 

%

Commercial mortgage loans

4,859,468 

320,174 

6.59 

4,937,177 

349,507 

7.08 

Commercial leases

623,005 

54,536 

8.75 

637,036 

54,904 

8.62 

Residential

998,405 

53,504 

5.36 

911,345 

46,094 

5.06 

Consumer

1,965,557 

135,791 

6.91 

2,088,699 

156,195 

7.48 

Loans held for sale

73,080 

5,120 

7.01 

44,263 

3,676 

8.30 

Total loans and leases

13,135,461 

863,254 

6.58 

13,142,802 

918,381 

6.99 

Mortgage-backed securities(3)

4,138,516 

98,004 

2.37 

4,365,155 

102,024 

2.34 

Investment securities(3)

366,075 

8,722 

2.69 

364,896 

8,739 

2.65 

Other interest-earning assets

1,152,938 

49,708 

4.31 

647,361 

34,438 

5.32 

Total interest-earning assets

18,792,990 

1,019,688 

5.44 

18,520,214 

1,063,582 

5.75 

Allowance for credit losses

(189,982)

(195,126)

Cash and due from banks

179,871 

182,368 

Cash in non-owned ATMs

377,562 

339,646 

Bank owned life insurance

36,438 

38,958 

Other noninterest-earning assets

1,898,742 

1,935,011 

Total assets

$

21,095,621 

$

20,821,071 

Liabilities and stockholders’ equity:

Interest-bearing liabilities:

Interest-bearing deposits:

Interest-bearing demand

$

2,842,545 

$

29,713 

1.05 

%

$

2,823,136 

$

33,007 

1.17 

%

Money market

5,540,917 

163,402 

2.95 

5,202,179 

183,306 

3.52 

Savings

1,437,130 

6,580 

0.46 

1,535,151 

7,314 

0.48 

Client time deposits

2,082,820 

78,562 

3.77 

1,998,134 

84,871 

4.25 

Total interest-bearing client deposits

11,903,412 

278,257 

2.34 

11,558,600 

308,498 

2.67 

Brokered deposits

79 

3 

3.80 

4,577 

178 

3.89 

Total interest-bearing deposits

11,903,491 

278,260 

2.34 

11,563,177 

308,676 

2.67 

Federal Home Loan Bank (FHLB) advances

76,186 

3,453 

4.53 

56,855 

2,967 

5.22 

Trust preferred borrowings

90,928 

6,048 

6.65 

90,730 

6,910 

7.62 

Senior and subordinated debt

165,885 

5,772 

3.48 

218,507 

9,690 

4.43 

Other borrowed funds(4)

22,075 

68 

0.31 

645,921 

29,901 

4.63 

Total interest-bearing liabilities

12,258,565 

293,601 

2.40 

12,575,190 

358,144 

2.85 

Noninterest-bearing demand deposits

5,484,348 

4,926,702 

Other noninterest-bearing liabilities

681,093 

793,465 

Stockholders’ equity of WSFS

2,682,068 

2,535,737 

Noncontrolling interest

(10,453)

(10,023)

Total liabilities and stockholders’ equity

$

21,095,621 

$

20,821,071 

Excess of interest-earning assets over interest-bearing liabilities

$

6,534,425 

$

5,945,024 

Net interest and dividend income

$

726,087 

$

705,438 

Interest rate spread

3.04 

%

2.90 

%

Net interest margin

3.87 

%

3.82 

%

(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 held-to-maturity (at amortized cost) and securities available-for-sale (at fair value).

(4)Includes federal funds purchased.

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Net interest income increased $20.6 million, or 3%, to $726.1 million in 2025, compared to 2024 driven by lower deposit and wholesale funding costs as well as higher cash balances from growth in average deposits. The increase was partially offset by lower loan yields due to rate cuts. Net interest margin increased 5 bps to 3.87% in 2025 from 3.82% in 2024. The increase was primarily due to deposit repricing actions, continued wholesale funding optimization, and higher cash balances, partially offset by lower loan yields.

The following table provides certain information regarding changes in net interest income attributable to changes in the volumes of interest-earning assets and interest-bearing liabilities and changes in the rates for the periods indicated. For each category of interest-earning assets and interest-bearing liabilities, information is provided on the changes that are attributable to: (i) changes in volume (change in volume multiplied by prior year rate); (ii) changes in rates (change in rate multiplied by prior year volume on each category); and (iii) net change (the sum of the change in volume and the change in rate). Changes due to the combination of rate and volume changes (changes in volume multiplied by changes in rate) are allocated proportionately between changes in rate and changes in volume.

Year Ended December 31,

2025 vs. 2024

(Dollars in thousands)

Volume

Yield/Rate

Net

Interest Income:

Loans:

Commercial loans(1)

$

6,087 

$

(19,963)

$

(13,876)

Commercial mortgage loans

(5,435)

(23,898)

(29,333)

Commercial leases

(1,201)

833 

(368)

Residential

4,572 

2,838 

7,410 

Consumer

(8,900)

(11,504)

(20,404)

Loans held for sale

2,088 

(644)

1,444 

Mortgage-backed securities

(5,325)

1,305 

(4,020)

Investment securities(2)

(3)

(14)

(17)

Other interest-earning assets

22,803 

(7,533)

15,270 

Favorable (unfavorable)

14,686 

(58,580)

(43,894)

Interest expense:

Deposits:

Interest-bearing demand

219 

(3,513)

(3,294)

Money market

11,300 

(31,204)

(19,904)

Savings

(444)

(290)

(734)

Client time deposits

3,513 

(9,822)

(6,309)

Brokered deposits

(171)

(4)

(175)

FHLB advances

915 

(429)

486 

Trust preferred borrowings

15 

(877)

(862)

Senior and subordinated debt

(2,072)

(1,846)

(3,918)

Other borrowed funds

(15,174)

(14,659)

(29,833)

Favorable

(1,899)

(62,644)

(64,543)

Net change, as reported

$

16,585 

$

4,064 

$

20,649 

(1)Includes a tax-equivalent income adjustment related to commercial loans.

(2)Includes a tax-equivalent income adjustment related to municipal bonds.

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Investment Securities

The following table details the maturity and weighted average yield of the available-for-sale investment portfolio as of December 31, 2025:

(Dollars in thousands)

Maturing During 2026

Maturing From 2027 Through 2030

Maturing From 2031 Through 2035

Maturing After 2035

Total

Collateralized mortgage obligations (CMO)

Amortized cost

$

15,279 

$

42,458 

$

34,008 

$

384,664 

$

476,409 

Weighted average yield

1.85 

%

2.24 

%

2.68 

%

1.78 

%

1.89 

%

Fannie Mae (FNMA) mortgage-backed securities (MBS)

Amortized cost

$

30,947 

$

103,803 

$

223,848 

$

2,808,612 

$

3,167,210 

Weighted average yield

2.02 

%

2.95 

%

2.50 

%

2.12 

%

2.17 

%

Freddie Mac (FHLMC) MBS

Amortized cost

$

— 

$

37,769 

$

28,063 

$

58,147 

$

123,979 

Weighted average yield

— 

%

2.99 

%

2.29 

%

3.22 

%

2.94 

%

Ginnie Mae (GNMA) MBS

Amortized cost

$

— 

$

245 

$

20 

$

49,539 

$

49,804 

Weighted average yield

— 

%

2.90 

%

4.90 

%

3.70 

%

3.69 

%

Government-sponsored enterprises (GSE) agency notes

Amortized cost

$

— 

$

35,006 

$

185,292 

$

— 

$

220,298 

Weighted average yield

— 

%

1.25 

%

1.33 

%

— 

%

1.32 

%

Total amortized cost

$

46,226 

$

219,281 

$

471,231 

$

3,300,962 

$

4,037,700 

Weighted average yield

1.96 

%

2.55 

%

2.04 

%

2.12 

%

2.13 

%

As of December 31, 2025, WSFS does not have any tax-exempt securities within the available-for-sale investment portfolio. Yields are calculated on a weighted average basis using the investments amortized cost and respective average yields for each investment category. Expected maturities of mortgage-backed securities may differ from contractual maturities due to calls or prepay obligations.

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Provision/Allowance for Credit Losses (ACL)

We maintain an ACL at an appropriate level based on our assessment of current expected credit losses in the loan portfolio, which we evaluate in accordance with applicable accounting principles, as discussed further in “Nonperforming Assets.” Our evaluation is based on a review of the portfolio and requires significant, complex and difficult judgments.

For the year ended December 31, 2025, we recorded a provision for credit losses of $49.2 million, a net change of $12.2 million, compared to a provision for credit losses of $61.4 million in 2024. The current year provision was primarily driven by charge-offs and new originations in our C&I, Construction, and Residential Mortgage, partially offset by the reduction in the allowance due to the sale of the Upstart loans. The decrease was due to favorable migration when compared to the prior period and payoffs of several large nonperforming assets, as well a provision release associated with the Upstart loans sale.

The ACL was $182.5 million at December 31, 2025 compared to $195.3 million at December 31, 2024. The decrease of the ACL was primarily due to the resolution of several problem loans as well as the Upstart loan sale, 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 1.36% at December 31, 2025 from 1.48% at December 31, 2024 due to a decrease of eleven basis points driven by the sale of the Upstart loans and resolution of several large nonperforming assets, which was offset by growth in C&I and residential mortgages.

The following tables detail the allocation of the ACL on loans and leases and show our net charge-offs (recoveries) by portfolio category:

(Dollars in thousands)

Commercial and Industrial

Owner-

occupied

Commercial

Commercial

Mortgages

Construction

Commercial Small Business Leases

Residential(1)

Consumer(2)

Total

As of December 31, 2025

Allowance for credit losses

$

52,927 

$

7,626 

$

48,047 

$

13,264 

$

16,449 

$

6,764 

$

34,570 

$

179,647 

% of ACL to total ACL

30 

%

4 

%

27 

%

7 

%

9 

%

4 

%

19 

%

100 

%

Loan portfolio balance

$

2,796,654 

$

1,937,339 

$

3,916,159 

$

1,023,911 

$

603,321 

$

1,086,102 

$

1,894,460 

$

13,257,946 

% to total loans and leases

20 

%

15 

%

30 

%

8 

%

5 

%

8 

%

14 

%

100 

%

Year ended December 31, 2025

Charge-offs

$

(32,120)

$

(215)

$

(4,583)

$

(4,900)

$

(14,386)

$

— 

$

(18,863)

$

(75,067)

Recoveries

4,894 

19 

622 

— 

2,959 

188 

6,980 

15,662 

Net (charge-offs) recoveries

$

(27,226)

$

(196)

$

(3,961)

$

(4,900)

$

(11,427)

$

188 

$

(11,883)

$

(59,405)

Average loan balance

$

2,671,383 

$

1,944,563 

$

3,940,590 

$

918,878 

$

623,005 

$

993,870 

$

1,965,557 

$

13,057,846 

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

1.02 

%

0.01 

%

0.10 

%

0.53 

%

1.83 

%

(0.02)

%

0.60 

%

0.45 

%

(Dollars in thousands)

Commercial and Industrial

Owner-

occupied

Commercial

Commercial

Mortgages

Construction

Commercial 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 ACL

29 

%

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 leases

20 

%

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 loans

0.33 

%

NMF

0.14 

%

— 

%

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.

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Noninterest Income

Noninterest income decreased $1.0 million to $339.9 million in 2025 from $340.9 million in 2024. This decrease reflects a $17.2 million decrease from Cash Connect® driven by lower interest rates and ATM bailment income, a $6.8 million impact from valuation adjustments to our Visa B derivative liability that was established from our previous sale of 360,000 shares in 2Q 2020, and a $4.1 million impairment loss related to one of our equity investments. These decreases were partially offset by a $23.3 million increase in Wealth and Trust revenue, primarily driven by WSFS Institutional Services® and BMT-DE, as well as $5.0 million from returns on derivative collateral.

Noninterest Expenses

Noninterest expense decreased $1.5 million to $636.2 million in 2025 from $637.7 million in 2024. The decrease was primarily due to a $30.5 million decrease in other operating expense driven by lower funding costs from Cash Connect® as well as other productivity measures, partially offset by increases of $24.1 million in salaries and benefits costs due to performance-based increases and talent additions in key business areas and $5.2 million in equipment expense.

Income Taxes

We recorded $93.4 million of income tax expense for the year ended December 31, 2025 compared to $83.8 million for the year ended December 31, 2024. The increase in income tax expense was primarily driven by an increase in income before taxes of $33.4 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. The effective tax rates for the years ended December 31, 2025 and 2024 were 24.5% and 24.1%, respectively. The effective tax rate for year ended December 31, 2025 increased primarily due to certain tax credits recognized in 2024.

The effective tax rate reflects the recognition of certain tax benefits in the financial statements including those benefits from tax-exempt interest income, income from bank-owned life insurance policies, various federal income 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, 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.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law by President Trump in the United States. The legislation introduces several changes to the U.S. corporate income tax system, including the immediate expensing of qualifying research and development expenditures and the permanent extension of select provisions originally enacted under the Tax Cuts and Jobs Act. The legislation has multiple effective dates and is not expected to have a material impact on the Company.

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SEGMENT INFORMATION

For financial reporting purposes, our business has three reporting segments: WSFS Bank, Cash Connect®, and Wealth and Trust. The WSFS Bank segment provides loans and leases and other financial products to Commercial and Consumer Clients. Cash Connect® provides ATM vault cash, smart safe and other cash logistics services in the U.S 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 Wealth and Trust 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.

WSFS Bank Segment

The WSFS Bank segment income before taxes increased $8.4 million, or 4%, in 2025 compared to 2024. The increase was driven by a $17.9 million, or 29%, decrease in provision for credit losses and a $10.2 million increase in net external Client interest income. The decrease in provision for credit losses was primarily due to favorable migration when compared to the prior period, payoffs of several large nonperforming assets, and a provision release associated with the Upstart loan sale. The increase in net interest income was driven by lower deposit and wholesale funding costs. The increase in income before taxes was partially offset by an increase in salaries, benefits, and other compensation expense of $15.9 million, or 6%, largely due to performance-based increases and talent additions in key businesses.

WSFS Bank segment net loans and leases held for investment was essentially flat at $12.6 billion, with growth in construction, residential mortgage, and commercial and industrial, offset by a decrease in consumer loans driven by the runoff of our Spring EQ portfolio and the sale of the Upstart loans, as well as a decrease in commercial mortgages. Client deposits decreased by $0.1 billion to $14.5 billion, primarily driven by decreases in time deposits and interest-bearing demand deposits, partially offset by growth in money market and noninterest-bearing demand deposits.

Cash Connect® Segment

The Cash Connect® segment income before taxes increased to $9.8 million in 2025 from $1.0 million in 2024. The increase was primarily due to a decrease in other operating expense driven by lower funding costs and one-time charges during 2024 associated with the termination of a longstanding Client relationship totaling $4.7 million. The full-year 2025 profit margin for the Cash Connect® segment increased to 11.51% from 0.99% for the full-year 2024 due to the reasons described above. Cash Connect® had $1.3 billion in total cash managed at December 31, 2025 and $1.6 billion at December 31, 2024. At year-end 2025, Cash Connect® serviced approximately 24,000 non-bank ATMs compared to approximately 28,600 at year-end 2024 and approximately 11,900 smart safes nationwide compared to approximately 10,000 smart safes at year-end 2024.

Wealth and Trust Segment

The Wealth and Trust segment income before taxes increased $16.1 million in 2025 compared to 2024, primarily driven by fee revenue growth from WSFS Institutional Services® and BMT-DE, partially offset by increases in salaries and benefits as a result of performance-based incentive increases and talent additions to support future growth. At December 31, 2025, Wealth and Trust had AUA/AUM of $97.4 billion, a 9% increase from 2024 balances. WSFS Institutional Services® ended 2025 as the securitization industry's fourth most active trustee for U.S. ABS and MBS according to Asset-Backed Alert’s ABS Database.

The Wealth and Trust segment net loans held for investment increased $53.9 million to $445.7 million, primarily driven by growth in consumer and commercial loans. Client deposits increased $0.7 billion to $3.1 billion, primarily driven by Institutional Services.

Segment financial information for the years ended December 31, 2025, 2024 and 2023 is provided in Note 21 to the Consolidated Financial Statements.

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ASSET/LIABILITY MANAGEMENT

Our primary asset/liability management goal is to optimize long term net interest income opportunities within the constraints of managing interest rate risk, ensuring adequate liquidity and funding and maintaining a strong capital base.

In general, interest rate risk is mitigated by closely matching the maturities or repricing periods of interest-sensitive assets and liabilities to ensure a favorable interest rate spread. We regularly review our interest-rate sensitivity, and use a variety of strategies as needed to adjust that sensitivity within acceptable tolerance ranges established by management and our Board of Directors. Changing the relative proportions of fixed-rate and adjustable-rate assets and liabilities is one of our primary strategies to accomplish this objective.

The matching of assets and liabilities may be analyzed using a number of methods including by examining the extent to which such assets and liabilities are “interest-rate sensitive” and by monitoring our interest-sensitivity gap. An interest-sensitivity gap is considered positive when the amount of interest-rate sensitive assets exceeds the amount of interest-rate sensitive liabilities repricing within a defined period, and is considered negative when the amount of interest-rate sensitive liabilities exceeds the amount of interest-rate sensitive assets repricing within a defined period. For additional information related to interest rate sensitivity, see "Quantitative and Qualitative Disclosures About Market Risk."

The repricing and maturities of our interest-rate sensitive assets and interest-rate sensitive liabilities at December 31, 2025 are shown in the following table:

(Dollars in thousands)

Less than

One Year

One to Five

Years

Five to Fifteen Years

Over Fifteen Years

Total

Interest-rate sensitive assets:

Loans(1):

Commercial loans and leases

$

4,644,042 

$

1,450,084 

$

365,685 

$

15,234 

$

6,475,045 

Commercial mortgage loans

2,900,541 

842,561 

176,993 

4,950 

3,925,045 

Residential(2)

218,431 

481,500 

317,806 

57,562 

1,075,299 

Consumer

1,031,475 

531,729 

259,264 

53,822 

1,876,290 

Loans held for sale

79,359 

— 

— 

— 

79,359 

Investment securities, available-for-sale

1,563,551 

1,398,222 

1,898,521 

341,961 

5,202,255 

Investment securities, held-to-maturity

61,027 

251,664 

519,025 

220,055 

1,051,771 

Other interest-earning assets

10,194 

— 

— 

— 

10,194 

Total interest-rate sensitive assets:

$

10,508,620 

$

4,955,760 

$

3,537,294 

$

693,584 

$

19,695,258 

Interest-rate sensitive liabilities:

Interest-bearing deposits:

Interest-bearing demand

$

1,442,178 

$

— 

$

— 

$

— 

$

1,442,178 

Savings

760,304 

— 

— 

— 

760,304 

Money market

4,496,159 

— 

— 

— 

4,496,159 

Client time deposits

1,919,854 

88,520 

412 

61 

2,008,847 

Trust preferred borrowings

91,047 

— 

— 

— 

91,047 

Senior and subordinated debt

— 

196,891 

— 

— 

196,891 

Other borrowed funds

14,744 

— 

— 

— 

14,744 

Total interest-rate sensitive liabilities:

$

8,724,286 

$

285,411 

$

412 

$

61 

$

9,010,170 

Excess of interest-rate sensitive assets over interest-rate liabilities (interest-rate sensitive gap)(3)

$

1,784,334 

$

4,670,349 

$

3,536,882 

$

693,523 

$

10,685,088 

One-year interest-rate sensitive assets/interest-rate sensitive liabilities

120.45 

%

One-year interest-rate sensitive gap as a percent of total assets

8.37 

%

(1)Loan balances exclude nonaccruing loans, deferred fees and costs

(2)Includes reverse mortgage loans

(3)Excludes the impact of floor options purchased for balance sheet hedging purposes. Inclusive of the floor options, the one-year interest-rate sensitive assets/interest-rate sensitive liabilities is 103.26% and the one-year interest-rate sensitive gap as a percent of total assets is 1.33%.

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Generally, during a period of rising interest rates, a positive gap would result in an increase in net interest income while a negative gap would adversely affect net interest income. Conversely, during a period of falling rates, a positive gap would result in a decrease in net interest income while a negative gap would augment net interest income. However, the interest-sensitivity table does not provide a comprehensive representation of the impact of interest rate changes on net interest income. Each category of assets or liabilities will not be affected equally or simultaneously by changes in the general level of interest rates. Even assets and liabilities which contractually reprice within the rate period may not reprice at the same price, at the same time or with the same frequency. It is also important to consider that the table represents a specific point in time. Variations can occur as we adjust our interest sensitivity position throughout the year.

To provide a more accurate position of our one-year gap, certain deposit classifications are based on the interest-rate sensitive attributes and not on the contractual repricing characteristics of these deposits. For the purpose of this analysis, we estimate, based on historical trends of our deposit accounts, with the exception of certain deposits estimated at 100%, that the majority of our money market deposits are 75%, and the majority of our savings and interest-bearing demand deposits are 50% sensitive to interest rate changes. Accordingly, these interest-sensitive portions are classified in the “Less than One Year” category with the remainder in the “Over Five Years” category. Deposit rates other than time deposit rates are variable. Changes in deposit rates are generally subject to local market conditions and our discretion and are not indexed to any particular rate.

Impact of Inflation

Our Consolidated Financial Statements have been prepared in accordance with GAAP, which require the measurement of financial position and operating results in terms of historical dollars without consideration of the changes in the relative purchasing power of money over time due to inflation. The impact of inflation is reflected in the increased costs of our operations. Unlike most industrial companies, nearly all of our assets and liabilities are monetary. As a result, interest rates have a greater impact on our performance than do the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or the same extent as the price of goods and services.

OFF BALANCE SHEET ARRANGEMENTS

We have no off balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. For a description of certain financial instruments to which we are party and which expose us to certain credit risk not recognized in our financial statements, see Note 17 to the Consolidated Financial Statements.

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CRITICAL ACCOUNTING ESTIMATES

The discussion and analyses of the financial condition and results of operations are based on the Consolidated Financial Statements, which are prepared in conformity with U.S. GAAP and general practices within the banking industry. The significant accounting policies of the Company are described in Note 2 to the Consolidated Financial Statements. The preparation of these Consolidated Financial Statements requires us to make estimates and assumptions that may materially affect the reported amounts of assets, liabilities, revenues 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. The following critical accounting policy involves more significant judgments and estimates. We have reviewed this critical accounting policy and estimates with the Audit Committee.

Allowance for Credit Losses

We maintain an allowance for credit losses (ACL) which represents our best estimate of expected losses in our financial assets, which include loans, leases, held-to-maturity debt securities, and accounts receivable. We establish our allowance in accordance with guidance provided in ASC 326, Financial Instruments – Credit Losses. The ACL includes two primary components: (i) an allowance established on financial assets which share similar risk characteristics collectively evaluated for credit losses (collective basis), and (ii) an allowance established on financial assets which do not share similar risk characteristics with any loan segment and is individually evaluated for credit losses (individual basis). We consider the determination of the ACL to be critical because it requires significant judgment reflecting our best estimate of expected credit losses based on our historical loss experience, current conditions and economic forecasts. Our evaluation is based upon a continuous review of our financial assets, with consideration given to evaluations resulting from examinations performed by regulatory authorities. See Note 7 to the Consolidated Financial Statements, for further discussion of the ACL.

The calculation of expected credit losses is determined using a single scenario third-party economic forecast to adjust the calculated historical loss rates of the portfolio segments to incorporate the effects of current and future economic conditions. The determination of the appropriate level of the ACL inherently involves a high degree of subjectivity and requires us to make significant estimates, including modeling methodology, historical loss experience, relevant available information from internal and external sources relating to qualitative adjustment factors, prepayment speeds and reasonable and supportable forecasts about future economic conditions. The Company's economic forecast considers the general health of the economy, the interest rate environment, real estate pricing and market risk.

The ACL may increase or decrease due to changes in economic conditions affecting borrowers and macroeconomic variables that our financial assets are more susceptible to, including unforeseen events such as natural disasters and pandemics, new information regarding existing financial assets, identification of additional problems assets, the fair value of underlying collateral, and other factors. These changes, both within and outside the Company’s control, may frequently update and have a material impact to our financial results.

Because current economic conditions and forecasts can change and future events are inherently difficult to predict, the anticipated amount of estimated credit losses on our financial assets, and therefore the appropriateness of the ACL, could change significantly. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall ACL because a wide variety of factors and inputs are considered in these estimates and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across the Company’s portfolio mix and segmentation. Additionally, changes in factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. As of December 31, 2025, the Company believes that its ACL was adequate.

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