false000082894400008289442025-04-242025-04-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  FORM 8-K
  
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

April 24, 2025
Date of Report
(Date of Earliest Event Reported) 
WSFS Financial Corporation
(Exact Name of Registrant as Specified in its Charter)
 
Delaware001-3563822-2866913
(State or Other Jurisdiction
of incorporation)		(SEC Commission
File Number)		(IRS Employer
Identification Number)
500 Delaware Ave,
Wilmington, Delaware, 19801
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (302) 792-6000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareWSFSNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 40.12b-2).
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. ☐



Item 2.02 Results of Operation and Financial Condition

On April 24, 2025, WSFS Financial Corporation (the “Registrant”) issued a press release to report earnings for the quarter ended March 31, 2025. A copy of the press release is furnished with this Form 8-K as Exhibit 99.1.

This information (including Exhibit 99.1) is being furnished under Item 2.02 hereof and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosures

The attached presentation contains information that the members of the Registrant's management will use during visits with investors, analysts, and other interested parties to assist their understanding of the Registrant from time to time throughout the second quarter of 2025. Other presentations and related materials will be made available as they are presented during the year. A copy of the earnings release supplement is furnished with this Form 8-K as Exhibit 99.2.

This information (including Exhibit 99.2) is being furnished under Item 7.01 hereof and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Other Exhibits
(d) Exhibits.




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, hereunto duly authorized.

 
WSFS FINANCIAL CORPORATION
Date:April 24, 2025By: /s/ David Burg
  David Burg
Executive Vice President, Chief Financial Officer


wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
1
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
EXHIBIT 99.1
FOR IMMEDIATE RELEASEInvestor Relations Contact: Andrew Basile
(302) 504-9857; abasile@wsfsbank.com
April 24, 2025Media Contact: Connor Peoples
(215) 864-5645; cpeoples@wsfsbank.com

WSFS REPORTS 1Q 2025 EPS OF $1.12, ROA OF 1.29% AND NIM OF 3.88%;
BOARD APPROVED 13% DIVIDEND INCREASE AND
ADDITIONAL 10% SHARE REPURCHASE AUTHORIZATION


Wilmington, DE — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the first quarter of 2025.
Selected financial results and metrics are as follows:
(Dollars in millions, except per share data)1Q 20254Q 20241Q 2024
Net interest income$175.2 $178.2 $175.3 
Fee revenue80.9 83.3 75.9 
Total net revenue256.1 261.5 251.1 
Provision for credit losses17.4 8.0 15.1 
Noninterest expense151.8 169.1 149.1 
Net income attributable to WSFS
65.9 64.2 65.8 
Pre-provision net revenue (PPNR)(1)
104.3 92.4 102.1 
Earnings per share (EPS) (diluted)1.12 1.09 1.09 
Return on average assets (ROA) (a)1.29 %1.21 %1.28 %
Return on average equity (ROE) (a)10.1 9.7 10.7 
Fee revenue as % of total net revenue31.5 31.8 30.2 
Efficiency ratio59.2 64.6 59.3 
See “Notes”
GAAP results for the quarterly periods shown included items that are excluded from core results. Below is a summary of the financial effects of these items. For additional detail, refer to the Non-GAAP Reconciliation in the back of this earnings release.
1Q 20254Q 20241Q 2024
(Dollars in millions, except per share data)Total (pre-tax)Per share (after-tax)Total (pre-tax)Per share (after-tax)Total (pre-tax)Per share (after-tax)
Fee revenue$— $— $0.1 $— $(0.6)$(0.01)
Noninterest expense0.3 — 2.1 0.03 1.5 0.02 
Income tax impacts(0.1)— (0.4)(0.01)(0.5)(0.01)

(1) As used in this press release, PPNR is a non-GAAP financial measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for credit losses. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
2
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
CEO Commentary
Rodger Levenson, Chairman, CEO and President, said, "Despite uncertain economic conditions, WSFS continued to perform well in the first quarter with a core EPS(2) of $1.13 and a core ROA(2) of 1.29%.
"These results were driven by the net interest margin of 3.88%, which expanded 8bps from the previous quarter. Loans and deposits were essentially flat, reflecting expected seasonal activity and overall caution from Clients.
"Core fee revenue(2) grew 6% from the first quarter of 2024, driven by continued strong performance in the Wealth and Trust segment which grew 19% year-over-year.
"Credit metrics remained stable, excluding the impact of a charge-off related to an existing non-performing office-related credit. In light of the recent slowing of economic activity, we continue to closely monitor asset quality.
"As part of our normal capital planning process, the Board approved a 13% increase in the quarterly dividend to $0.17 per share, along with an additional share repurchase authorization of 10% of our outstanding shares as of quarter-end. These actions allow us to enhance shareholder value via the return of excess capital with increased flexibility of buybacks, depending on business performance and economic conditions."







(2) As used in this press release, core EPS, core ROA, and core fee revenue are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
3
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Highlights for 1Q 2025: 

•Core EPS was $1.13 and core ROA was 1.29% compared to $1.11 and 1.24% for 4Q 2024.
•Core PPNR(3) of $104.6 million compared to $94.4 million for 4Q 2024.
•Net interest margin of 3.88%, compared to 3.80% for 4Q 2024, reflects active deposit repricing actions, partially offset by lower loan yields.
•WSFS repurchased 1,027,214 shares of common stock at an average price of $52.37 per share, totaling an aggregate of $53.8 million, and paid quarterly dividends of $8.8 million, for a total capital return of $62.6 million.
•Wealth and Trust fee revenue grew 19% compared to 1Q 2024, with double-digit increases in Institutional Services and The Bryn Mawr Trust Company of Delaware (BMT of DE).
•Total net credit costs were $17.6 million, compared to $8.7 million for 4Q 2024 largely due to the charge-off of a non-performing office-related C&I loan.
•WSFS completed the redemption of the $70.0 million of fixed-to-floating rate subordinated notes due 2027, acquired from Bryn Mawr Trust, using our operating cash flows.









(3) As used in this press release, core PPNR is a non-GAAP financial measures. This non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
4
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
First Quarter 2025 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and composition at March 31, 2025 compared to December 31, 2024 and March 31, 2024:
Loans and Leases
(Dollars in millions)March 31, 2025December 31, 2024March 31, 2024
Commercial & industrial (C&I)(4)
$4,651 36 %$4,652 36 %$4,489 35 %
Commercial mortgage3,982 31 4,031 31 3,877 30 
Construction869 6 832 6 1,056 8 
Commercial small business leases636 5 648 5 634 5 
Total commercial loans and leases10,138 78 10,163 78 10,056 78 
Residential mortgage992 8 992 8 888 7 
Consumer2,033 16 2,086 16 2,066 17 
Gross loans and leases13,163 102 %13,241 102 %13,010 102 %
ACL(188)(2)(195)(2)(193)(2)
Net loans and leases$12,975 100 %$13,046 100 %$12,817 100 %
    
At March 31, 2025, WSFS’ gross loan and lease portfolio decreased $78.4 million, or 1% (2% annualized), when compared with December 31, 2024. Excluding the continued runoff of the Spring EQ and Upstart portfolios, gross loans and leases decreased $12.8 million, or less than 1% annualized, as some borrowers delayed actions given uncertainty in the macroeconomic and policy environment. The decline was primarily driven by a decrease of $48.6 million in commercial mortgage, partially offset by a $36.6 million increase in construction loans.
Gross loans and leases at March 31, 2025 increased $153.2 million, or 1%, when compared with March 31, 2024. Total commercial loans and leases grew $82.5 million, or 1%, driven by increases of $162.3 million (4%) in C&I and $105.2 million (3%) in commercial mortgage. These increases were partially offset by a $187.7 million decrease in construction loans, partially driven by migration into commercial mortgages and C&I loans (including owner-occupied real estate). Residential mortgage increased $104.0 million, or 12%, due to the retention of certain loans based on favorable yields and relationship opportunities, and consumer loans decreased $33.3 million, or 2%, primarily due to runoff in the Upstart portfolio.

(4) Includes owner-occupied real estate.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
5
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
The following table summarizes client deposit balances and composition at March 31, 2025 compared to December 31, 2024 and March 31, 2024:
Client Deposits
(Dollars in millions)
March 31, 2025December 31, 2024March 31, 2024
Noninterest demand$4,947 29 %$4,988 29 %$4,653 29 %
Interest-bearing demand2,882 17 2,973 17 2,856 18 
Savings1,463 9 1,466 9 1,577 10 
Money market5,487 33 5,472 32 5,206 31 
Total core deposits14,779 88 14,899 87 14,292 88 
Time deposits2,100 12 2,131 13 1,895 12 
Total client deposits$16,879 100 %$17,030 100 %$16,187 100 %
Total client deposits decreased by $150.7 million, or 1% (4% annualized), when compared with December 31, 2024, primarily due to seasonality and expected outflows in Trust deposits, partially offset by growth from Consumer Banking. Noninterest demand deposits comprised 29% of client deposits, consistent with recent levels and reflecting the strength of our core deposit base.
Total client deposits increased by $691.9 million, or 4%, from March 31, 2024, driven by broad-based growth across the Consumer, Commercial, and Trust businesses, with growth in noninterest demand, money market, and time deposits. Noninterest demand deposits increased 6% compared to March 31, 2024.
Core deposits were 88% of total client deposits, with a weighted average cost of 138bps for the quarter. No- and low-cost checking accounts represented 46% of total client deposits with a weighted average cost of 38bps for the quarter.
The deposit base remains well-diversified, with 50% of quarterly average client deposits coming from the Commercial, Small Business, and Wealth and Trust business lines. The loan-to-deposit ratio(5) was 77% at March 31, 2025, providing continued capacity to fund future loan growth.




(5) Ratio of net loans and leases to total client deposits.

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WSFS Bank CenterWSFS Bank Place
6
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Net Interest Income
Three Months Ending
(Dollars in millions)
March 31, 2025December 31, 2024March 31, 2024
Net interest income before purchase accretion$173.1 $175.8 $173.1 
Purchase accounting accretion2.1 2.4 2.2 
Net interest income
$175.2 $178.2 $175.3 
Net interest margin before purchase accretion3.83 %3.75 %3.79 %
Purchase accounting accretion0.05 0.05 0.05 
Net interest margin
3.88 %3.80 %3.84 %
Net interest income decreased $3.0 million, or 2% (not annualized), compared to 4Q 2024, driven by lower loan yields due to the full quarter impact of the Fed rate cuts in late 2024, typical impacts from day-count in the first quarter, and lower loan volume. The decrease was partially offset by lower deposit and wholesale funding costs. Net interest income decreased $0.1 million compared to 1Q 2024.
Total loan yields were 6.67%, a decrease of 13bps when compared to 4Q 2024, due to the rate cuts in late 2024. Total client deposit costs were 1.71%, a decrease of 12bps, while interest-bearing deposit costs were 2.43%, a decrease of 22bps compared to the prior quarter. The deposit cost decreases reflect deposit repricing actions taken in response to the Fed rate cuts.
Net interest margin of 3.88%, an increase of 8bps compared to 4Q 2024 and 4bps from 1Q 2024, reflects the aforementioned deposit repricing actions and a reduction in wholesale funding, partially offset by the lower loan yields mentioned above.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
7
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Asset Quality
(Dollars in millions)March 31, 2025December 31, 2024March 31, 2024
Problem assets(6)
$683.7 $645.0 $573.2 
Delinquencies147.7 121.8 104.5 
Nonperforming assets116.9 127.4 67.2 
Net charge-offs24.6 10.2 8.6 
Total net credit costs (r)17.6 8.7 16.2 
Problem assets to total Tier 1 capital plus ACL27.83 %26.21 %23.42 %
Classified assets to total Tier 1 capital plus ACL20.80 21.40 17.56 
Ratio of nonperforming assets to total assets0.57 0.61 0.33 
Delinquencies to gross loans (n)1.13 0.92 0.81 
Ratio of quarterly net charge-offs to average gross loans0.76 0.31 0.27 
Ratio of allowance for credit losses to total loans and leases (q) 1.43 1.48 1.48 
Ratio of allowance for credit losses to nonaccruing loans168 160 292 
See “Notes”
Problem assets to total Tier 1 capital plus ACL ratio was 27.83%, an increase of 162bps compared to December 31, 2024, primarily driven by downgrades to two multifamily relationships which are well-collateralized and remain current.
Delinquencies of $147.7 million, or 113bps of gross loans, increased $25.9 million, or 21bps, compared to December 31, 2024, primarily due to increased delinquencies in the C&I portfolio.
Net charge-offs increased $14.3 million to $24.6 million, or 76bps (annualized) of average gross loans during the quarter, driven by a $15.9 million charge-off of an existing nonperforming C&I loan to a fund that is invested in office properties. Excluding this loan, net charge-offs would have been 27bps of average gross loans during the quarter, reflecting continued decreases in charge-offs related to NewLane and Upstart.
Nonperforming assets decreased $10.5 million, or 4bps of total assets, compared to December 31, 2024, primarily due to the charge-off mentioned above, partially offset by the migration of a land development loan.
Total net credit costs were $17.6 million in the quarter, an increase of $8.9 million, compared to $8.7 million in 4Q 2024, primarily driven by the aforementioned charge-off.
The ACL was $188.1 million as of March 31, 2025, a decrease of $7.2 million from December 31, 2024, which includes an $8.4 million release related to the charge-off mentioned above and $2.8 million from the continued runoff of the Upstart portfolio. The ACL coverage ratio was 1.43%, a decrease of 5bps compared to December 31, 2024. Excluding the impacts of the C&I charge-off and Upstart runoff, the ACL coverage ratio would have increased 3bps, primarily due to economic forecast changes.
(6) Problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO).

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
8
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Core Fee Revenue(7)
Core fee revenue (noninterest income) of $80.9 million decreased $2.3 million, or 3% (not annualized), compared to $83.2 million from 4Q 2024. The decrease was driven by declines of $0.8 million in Cash Connect® fees primarily due to lower bailment volume and the lower interest rate environment (which was more than offset in noninterest expense), $0.6 million in Private Wealth Management due to lower AUM-based fees, and $0.7 million in other bank fees. The decrease was partially offset by modest increases in Institutional Services and WSFS Mortgage fees.
Core fee revenue increased $4.4 million, or 6%, compared to 1Q 2024. The increase was primarily driven by a 19% increase in Wealth and Trust, with double-digit increases in Institutional Services and BMT of DE. The increase was partially offset by a decline in Cash Connect® and Capital Markets fees. The decline in Cash Connect® was primarily due to the impact of interest rates and lower managed service volumes, partially offset by higher bailment volumes.
For 1Q 2025, our core fee revenue ratio(7) was 31.5% compared to 31.8% in 4Q 2024 and 30.3% in 1Q 2024. Fee revenue is a competitive differentiator providing a well-diversified source of revenue with further growth opportunities expected.







(7) As used in this press release, core fee revenue and core fee revenue ratio is a non-GAAP financial measure. This non-GAAP financial measure excludes certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
9
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Core Noninterest Expense(8)
Core noninterest expense of $151.5 million decreased $15.5 million, or 9% (not annualized), compared to 4Q 2024. Cash Connect® accounted for $5.3 million of the decrease, including $2.8 million from external funding costs due to seasonally lower volumes and lower rates, as well as $1.9 million from nonrecurring items related to a Client termination in the fourth quarter. In addition, salaries and benefits declined by $5.0 million, reflecting lower incentive payments made for 2024 and lower medical costs. Professional fees decreased from an elevated level in the fourth quarter by $2.4 million due to lower legal, compliance, and risk-related fees.
Core noninterest expense increased $3.9 million, or 3%, compared to 1Q 2024. The increase was largely driven by $6.7 million in higher salaries and benefits as a result of talent additions in key business areas, performance-based increases, and higher medical costs. This increase was partially offset by a $2.6 million decrease in Cash Connect® external funding costs.
Our core efficiency ratio(8) was 59.0% in 1Q 2025, compared to 63.8% in 4Q 2024 and 58.6% in 1Q 2024.
Income Taxes
We recorded a $21.1 million income tax provision in 1Q 2025, compared to $20.2 million in 4Q 2024 and $21.2 million in 1Q 2024. The increase compared to 4Q 2024 and the decrease compared to 1Q 2024 is primarily due to income before taxes.
The effective tax rate was 24.3% in 1Q 2025 compared to 23.9% in 4Q 2024 and 24.4% in 1Q 2024. The increase in effective tax rate compared to 4Q 2024 is attributable to higher state taxes and reduced federal tax credits.





(8) As used in this press release, core noninterest expense and core efficiency ratio are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
10
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Capital Management
In line with our annual capital planning process, the Board of Directors approved a 13% increase in the quarterly cash dividend to $0.17 per share of common stock and an incremental share repurchase authorization of 10% of outstanding shares as of March 31, 2025. The dividend will be paid on May 23, 2025 to stockholders of record as of May 9, 2025. As a result of the incremental authorization, WSFS had 8,033,974 shares, or approximately 14% of outstanding shares as of March 31, 2025, available for repurchase. Capital levels remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at March 31, 2025, with Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 14.10%, Tier 1 leverage ratio of 11.17%, and Total Risk-based capital ratio of 15.89%.
During 1Q 2025, WSFS repurchased 1,027,214 shares of common stock for an aggregate of $53.8 million and paid quarterly dividends of $8.8 million. Total capital returned to stockholders through share repurchases and quarterly dividends was $62.6 million.
WSFS’ total stockholders’ equity increased $81.9 million, or 3% (not annualized), during 1Q 2025. The increase was primarily due to a decrease in accumulated other comprehensive loss of $75.4 million, driven by market-value increases on available-for-sale investment securities, and quarterly earnings of $65.9 million. The increase was partially offset by capital returns of $62.6 million to stockholders.
WSFS’ tangible common equity(9) increased $86.1 million, or 5% (not annualized), compared to December 31, 2024, primarily due to the reasons described above. WSFS’ common equity to assets ratio increased 56bps to 13.00% during the quarter, and our tangible common equity to tangible assets ratio(9) was 8.63% at March 31, 2025, an increase of 55bps, compared to the prior quarter.
At March 31, 2025, book value per share was $46.31, an increase of $2.16, or 5% (not annualized), from December 31, 2024, and tangible book value per share was $29.25, an increase of $1.95, or 7% (not annualized), from December 31, 2024. These increases were due to the reasons described above. Book value per share increased $5.14, or 12%, and tangible book value per share increased $4.73, or 19%, compared to 1Q 2024.

(9) As used in this press release, tangible common equity and tangible common equity to tangible assets ratio are non-GAAP financial measures. These non-GAAP financial measures exclude goodwill and intangible assets and the related tax-effected amortization. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
11
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Selected Business Segments (included in previous results):
Wealth and Trust
The Wealth and Trust segment provides a broad array of planning and advisory services, investment management, trust services, credit and deposit products to individual, corporate, and institutional Clients.
Selected quarterly performance results and metrics are as follows:
(Dollars in millions)March 31, 2025December 31, 2024March 31, 2024
Net interest income$20.3 $23.1 $19.7 
Provision for credit losses0.8 0.4 0.3 
Fee revenue(10)
39.9 40.3 33.5 
Noninterest expense(10)
30.0 29.9 26.4 
Pre-tax income29.4 33.1 26.5 
Performance Metrics
Trust fee revenue (Institutional Services and BMT of DE)$24.3 $24.1 $17.8 
Private Wealth Management fee revenue14.8 15.3 14.8 
AUM/AUA(11)
89,633 89,425 80,464 
Wealth and Trust pre-tax income was $29.4 million, which decreased $3.8 million, or 11% (not annualized), compared to 4Q 2024. Net interest income drove the decline, as average deposits were $153.7 million lower than 4Q 2024. Fee revenue decreased slightly as a decline in Private Wealth Management, primarily from AUM declines in 4Q 2024, was largely offset by an increase in Institutional Services. Total noninterest expense was relatively flat compared to 4Q 2024.
Wealth and Trust pre-tax income increased $2.9 million, or 11%, compared to 1Q 2024, as higher fee revenue was partially offset by higher expenses. Fee revenue increased $6.4 million, or 19%, compared to 1Q 2024, due to growth in Institutional Services and BMT of DE. In Institutional Services, we continue to win market share and benefit from higher deal volumes with increases in agent and custody fees. Total noninterest expense increased $3.6 million driven by salaries and benefits expense from hiring new advisors and performance-based compensation as well as volume-driven expenses related to deal flow.
Net AUM of $8.9 billion at the end of 1Q 2025 decreased $0.2 billion, or 2% (not annualized), compared to 4Q 2024, and was relatively flat compared to 1Q 2024.



(10) Includes intercompany allocation of revenue and expense.
(11) Represents Assets Under Management and Assets Under Administration.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
12
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Cash Connect®
Cash Connect® is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Clients with one of the largest branded ATM networks in our region.
Selected quarterly financial results and metrics are as follows:
(Dollars in millions)March 31, 2025December 31, 2024March 31, 2024
Net revenue(12)
$21.5 $21.8 $24.1 
Noninterest expense(13)
19.9 25.2 23.3 
Pre-tax income1.6 (3.4)0.8 
Performance Metrics
Average cash managed$1,407 $1,585 $1,843 
Number of serviced non-bank ATMs and smart safes38,214 38,574 46,031 
Number of WSFS owned and branded ATMs580 567 583 
Net Profit Margin7.38 %(15.72)%3.18 %
ROA1.21 %(2.63)%0.83 %
Cash Connect® pre-tax income increased $4.9 million compared to 4Q 2024, as the prior quarter included costs associated with a terminated Client relationship. Excluding those costs, pre-tax income increased $0.2 million driven by pricing actions taken during the quarter and lower cost of funds on non-earning cash, partially offset by lower bailment volume. Noninterest expense decreased $5.3 million from 4Q 2024, driven by the Client termination in 4Q 2024 and lower external funding costs due to lower volumes and lower rate environment.
Pre-tax income increased $0.8 million from 1Q 2024 driven by lower expense associated with non-earning cash and a shift in product to higher margin services. Fee revenue decreased $2.6 million due to the lower rate environment and decreased managed-service volume. Noninterest expense decreased $3.4 million from 1Q 2024 driven by the lower rate environment, as well as lower insurance and armored carrier expense driven by volumes. The net profit margin increased to 7.38% compared to 3.18% in 1Q 2024, driven by pricing actions, a shift away from lower margin units, and rates.
The number of serviced non-bank ATMs and smart safes declined by 7,817 units, or 17% compared to 1Q 2024, primarily due to a shift away from lower margin units and the loss of the terminated Client relationship.


(12) Includes intercompany allocation of income and net interest income.
(13) Includes intercompany allocation of expense.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
13
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
First Quarter 2025 Earnings Release Conference Call
Management will conduct a conference call to review 1Q 2025 results at 1:00 p.m. Eastern Time (ET) on Friday, April 25, 2025. Interested parties may access the conference call live on our Investor Relations website (https://investors.wsfsbank.com). For those who cannot access the live conference call, a replay will be accessible shortly after the event concludes through our Investor Relations website.
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of March 31, 2025, WSFS Financial Corporation had $20.5 billion in assets on its balance sheet and $89.6 billion in assets under management and administration. WSFS operates from 115 offices, 88 of which are banking offices, located in Pennsylvania (58), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management®, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
14
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Forward-Looking Statements
This press release contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including 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 increased 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 and complying with government-imposed foreclosure moratoriums; changes in market interest rates which may increase funding costs and reduce earning asset yields and thus reduce margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company's investment securities portfolio, which could impact market confidence in the Company’s operations; the 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 trust and wealth management business; 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; possible changes in market valuations and/or the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate; regulatory limits on the Company's ability to receive dividends from its subsidiaries and pay dividends to its stockholders; any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; any compounding effects or unexpected interactions of the risks discussed above; and other risks and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this press release, the terms "WSFS," "the Company," "registrant," "we," "us," and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
15
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited)
Three months ended
(Dollars in thousands, except per share data)March 31, 2025December 31, 2024March 31, 2024
Interest income:
Interest and fees on loans $216,752 $226,886 $224,703 
Interest on mortgage-backed securities24,745 24,995 25,897 
Interest and dividends on investment securities2,186 2,188 2,184 
Other interest income7,195 9,270 8,838 
250,878 263,339 261,622 
Interest expense:
Interest on deposits71,104 78,541 72,795 
Interest on Federal Home Loan Bank advances938 828 308 
Interest on senior and subordinated debt2,074 2,354 2,449 
Interest on trust preferred borrowings1,523 1,655 1,756 
Interest on other borrowings23 1,754 9,036 
75,662 85,132 86,344 
Net interest income175,216 178,207 175,278 
Provision for credit losses17,350 8,036 15,138 
Net interest income after provision for credit losses157,866 170,171 160,140 
Noninterest income:
Credit/debit card and ATM income18,743 20,545 19,669 
Investment management and fiduciary revenue39,281 39,763 32,928 
Deposit service charges6,753 6,844 6,487 
Mortgage banking activities, net1,800 1,634 1,647 
Loan and lease fee income1,465 1,939 1,523 
Realized gain on sale of equity investment, net— 123 — 
Bank-owned life insurance income727 1,191 1,200 
Other income12,128 11,268 12,403 
80,897 83,307 75,857 
Noninterest expense:
Salaries, benefits and other compensation82,477 87,503 75,806 
Occupancy expense9,893 9,118 9,479 
Equipment expense12,728 12,922 10,692 
Data processing and operations expense4,695 4,829 3,660 
Professional fees4,698 7,083 4,481 
Marketing expense1,695 1,969 1,782 
FDIC expenses2,578 2,912 3,982 
Loan workout and other credit costs240 646 1,071 
Corporate development expense59 61 208 
Restructuring expense260 2,193 — 
Other operating expenses32,472 39,890 37,911 
151,795 169,126 149,072 
Income before taxes86,968 84,352 86,925 
Income tax provision21,101 20,197 21,202 
Net income65,867 64,155 65,723 
Less: Net loss attributable to noncontrolling interest(29)(47)(38)
Net income attributable to WSFS$65,896 $64,202 $65,761 
Diluted earnings per share of common stock:$1.12 $1.09 $1.09 
Weighted average shares of common stock outstanding for fully diluted EPS58,713,452 59,078,572 60,521,951 
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
16
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) - continued
Three months ended
 March 31, 2025December 31, 2024March 31, 2024
Performance Ratios:
Return on average assets (a)1.29 %1.21 %1.28 %
Return on average equity (a)10.13 9.66 10.68 
Return on average tangible common equity (a)(o)16.91 16.17 18.76 
Net interest margin (a)(b)3.88 3.80 3.84 
Efficiency ratio (c)59.16 64.57 59.28 
Noninterest income as a percentage of total net revenue (b)31.53 31.80 30.16 
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
17
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(Dollars in thousands)March 31, 2025December 31, 2024March 31, 2024
Assets:
Cash and due from banks$693,830 $722,722 $787,729 
Cash in non-owned ATMs322,520 430,320 186,522 
Investment securities, available-for-sale3,548,077 3,510,648 3,734,229 
Investment securities, held-to-maturity1,006,410 1,015,161 1,049,807 
Other investments39,552 31,765 35,397 
Net loans and leases (e)(f)(l)12,975,323 13,045,917 12,816,986 
Bank owned life insurance36,344 36,565 42,708 
Goodwill and intangibles983,882 988,160 1,000,344 
Other assets943,012 1,033,045 925,526 
Total assets$20,548,950 $20,814,303 $20,579,248 
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits$4,947,049 $4,987,753 $4,652,875 
Interest-bearing deposits11,932,012 12,042,055 11,534,329 
Total client deposits16,879,061 17,029,808 16,187,204 
Federal Home Loan Bank advances51,040 51,040 — 
Other borrowings267,052 332,567 1,124,958 
Other liabilities690,588 821,512 801,464 
Total liabilities17,887,741 18,234,927 18,113,626 
Stockholders’ equity of WSFS2,671,614 2,589,752 2,473,481 
Noncontrolling interest(10,405)(10,376)(7,859)
Total stockholders' equity2,661,209 2,579,376 2,465,622 
Total liabilities and stockholders' equity$20,548,950 $20,814,303 $20,579,248 
Capital Ratios:
Equity to asset ratio13.00 %12.44 %12.02 %
Tangible common equity to tangible asset ratio (o)8.63 8.08 7.52 
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)14.10 13.81 13.29 
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)11.17 10.96 10.57 
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)14.10 13.81 13.29 
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)15.89 15.77 15.35 
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans (t)$111,675 $122,181 $65,948 
Assets acquired through foreclosure5,204 5,204 1,210 
Total nonperforming assets$116,879 $127,385 $67,158 
Past due loans (h)$11,866 $9,202 $11,362 
Troubled loans (u)184,122 151,288 119,243 
Allowance for credit losses188,088 195,288 192,637 
Ratio of nonperforming assets to total assets0.57 %0.61 %0.33 %
Ratio of allowance for credit losses to total loans and leases (q)1.43 1.48 1.48 
Ratio of allowance for credit losses to nonaccruing loans168 160 292 
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)0.76 0.31 0.27 
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)0.76 0.40 0.27 
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
18
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued) 
AVERAGE BALANCE SHEET (Unaudited)
(Dollars in thousands)Three months ended
 March 31, 2025December 31, 2024March 31, 2024
 Average
Balance		Interest &
Dividends		Yield/
Rate
(a)(b)		Average
Balance		Interest &
Dividends		Yield/
Rate
(a)(b)		Average
Balance		Interest &
Dividends		Yield/
Rate
(a)(b)
Assets:
Interest-earning assets:
Loans: (e) (j)
Commercial loans and leases (p)$5,235,511 $87,112 6.76 %$5,234,307 $89,784 6.84 %$5,047,482 $88,530 7.06 %
Commercial real estate loans (s)4,881,873 79,095 6.57 4,939,610 84,415 6.80 4,887,483 86,724 7.14 
Residential mortgage965,624 12,802 5.30 953,099 12,604 5.29 874,703 10,579 4.84 
Consumer loans2,061,803 36,649 7.21 2,112,283 39,039 7.35 2,041,390 38,228 7.53 
Loans held for sale50,929 1,094 8.71 49,455 1,044 8.40 34,907 642 7.40 
Total loans and leases13,195,740 216,752 6.67 13,288,754 226,886 6.80 12,885,965 224,703 7.02 
Mortgage-backed securities (d)4,179,692 24,745 2.37 4,295,179 24,995 2.33 4,476,032 25,897 2.31 
Investment securities (d)363,678 2,186 2.74 366,981 2,188 2.64 365,375 2,184 2.65 
Other interest-earning assets640,424 7,195 4.56 765,240 9,270 4.82 643,749 8,838 5.52 
Total interest-earning assets$18,379,534 $250,878 5.55 %$18,716,154 $263,339 5.61 %$18,371,121 $261,622 5.74 %
Allowance for credit losses(196,480)(196,740)(188,762)
Cash and due from banks188,138 189,730 273,286 
Cash in non-owned ATMs379,115 387,114 243,941 
Bank owned life insurance36,202 36,350 42,791 
Other noninterest-earning assets1,947,736 1,917,671 1,953,037 
Total assets$20,734,245 $21,050,279 $20,695,414 
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand$2,854,258 $7,343 1.04 %$2,843,613 $8,460 1.18 %$2,834,273 $7,366 1.05 %
Savings1,457,440 1,596 0.44 1,480,650 1,922 0.52 1,588,224 1,580 0.40 
Money market5,432,622 41,033 3.06 5,323,856 44,797 3.35 5,186,402 45,433 3.52 
Time deposits2,112,467 21,132 4.06 2,155,891 23,362 4.31 1,835,424 18,238 4.00 
Total interest-bearing client deposits11,856,787 71,104 2.43 11,804,010 78,541 2.65 11,444,323 72,617 2.55 
Brokered deposits— — — — — — 18,410 178 3.89 
Total interest-bearing deposits11,856,787 71,104 2.43 11,804,010 78,541 2.65 11,462,733 72,795 2.55 
Federal Home Loan Bank advances83,818 938 4.54 71,331 828 4.62 21,429 308 5.78 
Trust preferred borrowings90,854 1,523 6.80 90,806 1,655 7.25 90,655 1,756 7.79 
Senior and subordinated debt206,984 2,074 4.01 218,593 2,354 4.31 218,420 2,449 4.48 
Other borrowed funds31,701 23 0.29 171,873 1,754 4.06 781,854 9,036 4.65 
Total interest-bearing liabilities$12,270,144 $75,662 2.50 %$12,356,613 $85,132 2.74 %$12,575,091 $86,344 2.76 %
Noninterest-bearing demand deposits5,040,032 5,289,024 4,828,865 
Other noninterest-bearing liabilities797,098 772,531 822,834 
Stockholders’ equity of WSFS2,637,354 2,643,325 2,476,453 
Noncontrolling interest(10,383)(11,214)(7,829)
Total liabilities and equity$20,734,245 $21,050,279 $20,695,414 
Excess of interest-earning assets over interest-bearing liabilities$6,109,390 $6,359,541 $5,796,030 
Net interest and dividend income$175,216 $178,207 $175,278 
Interest rate spread3.05 %2.87 %2.98 %
Net interest margin3.88 %3.80 %3.84 %
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
19
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
 
(Dollars in thousands, except per share data)Three months ended
Stock Information:March 31, 2025December 31, 2024March 31, 2024
Market price of common stock:
High$59.43$62.75$47.71
Low49.6547.8740.20
Close51.8753.1345.14
Book value per share of common stock46.3144.1541.17
Tangible common book value (TBV) per share of common stock (o)29.2527.3024.52
Number of shares of common stock outstanding (000s)57,69358,65760,084
Other Financial Data:
One-year repricing gap to total assets (k)2.30%2.26%0.19%
Weighted average duration of the MBS portfolio6.1 years5.9 years5.8 years
Unrealized losses on securities available for sale, net of taxes$(467,752)$(537,790)$(539,939)
Number of Associates (FTEs) (m)2,3362,3092,241
Number of offices (branches, LPO’s, operations centers, etc.)115114114
Number of WSFS owned and branded ATMs580567583
Notes:
(a)Annualized.
(b)Computed on a fully tax-equivalent basis.
(c)Noninterest expense divided by (tax-equivalent) net interest income and noninterest income.
(d)Includes securities held-to-maturity (at amortized cost) and securities available-for-sale (at fair value).
(e)Net of unearned income.
(f)Net of allowance for credit losses.
(g)Represents capital ratios of Wilmington Financial Corporation and subsidiaries. Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed.
(h)Accruing loans which are contractually past due 90 days or more as to principal or interest. Balance includes student loans, which are U.S. government guaranteed with little risk of credit loss.
(i)Excludes loans held for sale.
(j)Nonperforming loans are included in average balance computations.
(k)The difference between projected amounts of interest-sensitive assets and interest-sensitive liabilities repricing within one year divided by total assets, based on a current interest rate scenario.
(l)Includes loans held for sale and reverse mortgages.
(m)Includes seasonal Associates, when applicable.
(n)Excludes reverse mortgage loans.
(o)The Company uses non-GAAP (United States Generally Accepted Accounting Principles) financial information in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP financial measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
(p)Includes commercial & industrial loans and commercial small business leases.
(q)Reflects allowance for credit losses on loans and leases over the amortized cost of the total portfolio.
(r)Includes provision for credit losses, loan workout expenses, OREO expenses and other credit costs.
(s)Includes commercial mortgage and commercial construction loans.
(t)Includes nonaccruing troubled loans.
(u)Represents loans modified in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, or a term extension to borrowers experiencing financial difficulty.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
20
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION 
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
 
Non-GAAP Reconciliation (o):Three months ended
 March 31, 2025December 31, 2024March 31, 2024
Net interest income (GAAP)$175,216 $178,207 $175,278 
Core net interest income (non-GAAP)175,216 178,207 175,278 
Noninterest income (GAAP)80,897 83,307 75,857 
Less: Realized gain on sale of equity investment, net— 123 — 
Plus: Visa derivative valuation adjustment— — (605)
Core fee revenue (non-GAAP)$80,897 $83,184 $76,462 
Core net revenue (non-GAAP)$256,113 $261,391 $251,740 
Core net revenue (non-GAAP)(tax-equivalent)$256,568 $261,811 $252,084 
Noninterest expense (GAAP)$151,795 $169,126 $149,072 
Less: FDIC special assessment— — 1,263 
Less: Corporate development expense59 61 208 
Less: Restructuring expense260 2,193 — 
Plus: Remeasurement of lease liability— (112)— 
Core noninterest expense (non-GAAP)$151,476 $166,984 $147,601 
Core efficiency ratio (non-GAAP)59.0 %63.8 %58.6 %
Core fee revenue ratio (non-GAAP) (b)31.5 %31.8 %30.3 %
 End of period
 March 31, 2025December 31, 2024March 31, 2024
Total assets (GAAP)$20,548,950 $20,814,303 $20,579,248 
Less: Goodwill and other intangible assets983,882 988,160 1,000,344 
Total tangible assets (non-GAAP)$19,565,068 $19,826,143 $19,578,904 
Total stockholders’ equity of WSFS (GAAP)$2,671,614 $2,589,752 $2,473,481 
Less: Goodwill and other intangible assets983,882 988,160 1,000,344 
Total tangible common equity (non-GAAP)$1,687,732 $1,601,592 $1,473,137 
Tangible common book value (TBV) per share:
Book value per share (GAAP)$46.31 $44.15 $41.17 
Tangible common book value per share (non-GAAP)29.25 27.30 24.52 
Tangible common equity to tangible assets:
Equity to asset ratio (GAAP)13.00 %12.44 %12.02 %
Tangible common equity to tangible assets ratio (non-GAAP)8.63 8.08 7.52 





wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
21
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Non-GAAP Reconciliation - continued (o):Three months ended
March 31, 2025December 31, 2024March 31, 2024
GAAP net income attributable to WSFS$65,896 $64,202 $65,761 
Plus/(less): Pre-tax adjustments: Realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and remeasurement of lease liability319 2,019 2,076 
(Plus)/less: Tax impact of pre-tax adjustments(78)(445)(507)
Adjusted net income (non-GAAP) attributable to WSFS$66,137 $65,776 $67,330 
GAAP return on average assets (ROA)1.29 %1.21 %1.28 %
Plus/(less): Pre-tax adjustments: Realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and remeasurement of lease liability0.01 0.04 0.04 
(Plus)/less: Tax impact of pre-tax adjustments(0.01)(0.01)(0.01)
Core ROA (non-GAAP)1.29 %1.24 %1.31 %
Earnings per share (diluted) (GAAP)$1.12 $1.09 $1.09 
Plus/(less): Pre-tax adjustments: Realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and remeasurement of lease liability0.01 0.03 0.03 
(Plus)/less: Tax impact of pre-tax adjustments— (0.01)(0.01)
Core earnings per share (non-GAAP)$1.13 $1.11 $1.11 
Calculation of return on average tangible common equity:
GAAP net income attributable to WSFS$65,896 $64,202 $65,761 
Plus: Tax effected amortization of intangible assets2,945 2,965 2,973 
Net tangible income (non-GAAP)$68,841 $67,167 $68,734 
Average stockholders’ equity of WSFS$2,637,354 $2,643,325 $2,476,453 
Less: Average goodwill and intangible assets986,738 990,762 1,003,167 
Net average tangible common equity$1,650,616 $1,652,563 $1,473,286 
Return on average tangible common equity (non-GAAP)16.91 %16.17 %18.76 %

Calculation of PPNR:
Net income (GAAP)$65,867 $64,155 $65,723 
Plus: Income tax provision 21,101 20,197 21,202 
Plus: Provision for credit losses17,350 8,036 15,138 
PPNR (non-GAAP)$104,318 $92,388 $102,063 
Plus/(less): Pre-tax adjustments: Realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and remeasurement of lease liability319 2,019 2,076 
Core PPNR (non-GAAP)$104,637 $94,407 $104,139 

1 WSFS Financial Corporation 1Q 2025 Earnings Release Supplement April 2025 Exhibit 99.2

 
2 Forward Looking Statements & Non-GAAP Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders. Forward Looking Statements: This presentation 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 significant risks and uncertainties (which change over time) and other factors, including difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including potential recessionary and other unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, economic growth, the uncertain effects of geopolitical instability, armed conflicts, public health crises, inflation, interest rates and actions taken in response thereto on our business, results of operations, capital and liquidity, which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties are discussed in detail in the Company’s Form 10-K for the year ended December 31, 2024, and other documents filed by the Company with the Securities and Exchange Commission from time to time. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and 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 presentation, 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. Non-GAAP Financial Measures: This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these non-GAAP measures to their comparable GAAP measures, see the Appendix.

 
3 Financial Highlights • Core ROA of 1.29%, up 5bps QoQ, and Core PPNR of $104.6mm, up 11% QoQ • Maintained Core ROA and Core PPNR YoY while absorbing 100bps of interest rate declines • NIM of 3.88%, up 8bps QoQ, reflecting deposit repricing actions, partially offset by lower loan yields • Client deposit cost of 1.71%, down 12bps QoQ • Core Fee Revenue1 of $80.9mm; down 3% QoQ and up 6% YoY • Wealth and Trust up 19% YoY • $62.6mm of capital returned to shareholders; $53.8mm from share repurchases • Board approved additional share repurchase authorization of 5.8mm shares, or 10%, of outstanding shares as of quarter- end, as well as a 13% quarterly dividend increase 1 These are non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information. 2 Excludes net income that is attributable to noncontrolling interest 3 Tax-equivalent 4 Reflects ACL on loans and leases over the amortized cost of the total portfolio 5 Capital ratios reflect corporate-level metrics Reported Core1 $ in millions (except per share amounts) 1Q25 4Q24 1Q24 1Q25 4Q24 1Q24 EPS $1.12 $1.09 $1.09 $1.13 $1.11 $1.11 ROA 1.29% 1.21% 1.28% 1.29% 1.24% 1.31% Net Income2 $65.9 $64.2 $65.8 $66.1 $65.8 $67.3 PPNR1 $104.3 $92.4 $102.1 $104.6 $94.4 $104.1 ROTCE1 16.91% 16.17% 18.76% 16.97% 16.55% 19.19% NIM3 3.88% 3.80% 3.84% 3.88% 3.80% 3.84% Fee Revenue %3 31.5% 31.8% 30.2% 31.5% 31.8% 30.3% Efficiency Ratio 59.2% 64.6% 59.3% 59.0% 63.8% 58.6% ACL Ratio4 1.43% 1.48% 1.48% 1.43% 1.48% 1.48% CET15 14.10% 13.81% 13.29% 14.10% 13.81% 13.29%

 
4 Net Interest Margin Trends 3.88% NIM reflects deposit repricing actions, partially offset by lower loan yields 1 Includes noninterest and interest-bearing; interest-bearing deposits include demand, money market, savings, and time deposits 2 Average total loans yield excludes PAA 3 Deposit betas are based on cumulative client deposit costs for the down-cycle rate (September 2024 start); assumes Fed Funds of 4.50% 4 Betas are the average of the last month in a respective quarter 1Q25 NIM up 8bps QoQ to 3.88% • Reduced total funding cost by 15bps, driven by 12bps decline in total client deposit cost during 1Q • Redeemed $70mm of sub-debt due 2027 during the quarter 26% 38% 22% 27% 0% 15% 30% 45% 60% 4Q24 1Q25 Interest-Only Total Down-cycle Deposit Betas3,4 1.79% 1.89% 1.95% 1.83% 1.71% 1.99% 2.09% 2.15% 1.92% 1.77% 6.95% 7.03% 7.01% 6.72% 6.60% 2.0% 3.2% 4.4% 5.6% 6.8% 8.0% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 1Q24 2Q24 3Q24 4Q24 1Q25 Lo an Y ie ld (% ) Cl ie nt D ep os it Co st (% ) Client Deposit Cost Total Funding Cost Total Loans Ex PAA Yield Average Deposit Cost and Loan Yield 1 2 3.84% 3.80% 3.88% 3.25% 3.45% 3.65% 3.85% 4.05% 1Q24 4Q24 1Q25 Net Interest Margin

 
5 Loan Portfolio Highlights • Commercial: Loans flat QoQ with lower originations as Clients postponed major investments due to the uncertain economic conditions • Line utilization of 38.1%, up from 36.5% last quarter mainly due to seasonality trends • 90-day weighted average pipeline remains stable at approximately $240mm • Consumer: $66mm of continued runoff in the partnership portfolios, consistent with prior quarter; $15mm of growth within WSFS- originated loans Commercial loans flat due to economic uncertainty and muted originations 1 Includes new loans, existing new funding, paydowns, payoffs, and prior Commercial runoff portfolios. Excludes reclasses, HFS, purchase accounting mark/unearned changes, and Commercial leases 2 C&I loans includes owner-occupied real estate ($ in millions) Mar 2025 Dec 2024 Mar 2024 QoQ $ Growth Annualized % Growth YoY $ Growth % Growth C & I Loans2 $4,651 $4,652 $4,489 ($1) (0%) $162 4% Commercial Mortgages (CRE) 3,982 4,031 3,877 (49) (5%) 105 3% Construction Loans 869 832 1,056 37 18% (187) (18%) Commercial Leases 636 648 634 (12) (8%) 2 0% Total Commercial Loans $10,138 $10,163 $10,056 ($25) (1%) $82 1% Residential Mortgage (HFS/HFI) 992 992 888 0 0% 104 12% Consumer Loans 2,033 2,086 2,066 (53) (10%) (33) (2%) Total Gross Loans $13,163 $13,241 $13,010 ($78) (2%) $153 1% EOP Loans - QoQ and YoY $326 $364 $353 $330 $230 ($241) ($285) ($254) ($441) ($278) ($600) ($400) ($200) - $200 $400 $600 1Q24 2Q24 3Q24 4Q24 1Q25 New Loans Fundings Paydown/Payoffs Commercial Portfolio: New Net Loan Fundings ($mm)1

 
6 Deposit Highlights • $151mm (4% annualized) decrease in ending client deposits QoQ • Driven by seasonality and expected outflows in Trust, partially offset by growth in Consumer • $692mm (4%) increase in ending client deposits YoY, driven by growth within Consumer, Commercial, and Trust • 50% of average client deposits are coming from Commercial, Small Business, and Wealth and Trust Continued strong noninterest deposit balances (~30% of total) while driving repricing actions Consumer 49% Commercial 25% Small Business 11% Trust 8% Wealth 6% Other 1% Average Client Deposits By Business Line 11% 12% 13% 12% 12% 42% 41% 40% 40% 41% 17% 17% 17% 17% 17% 30% 30% 30% 31% 30% 0% 20% 40% 60% 80% 100% 1Q24 2Q24 3Q24 4Q24 1Q25 Noninterest Interest-bearing Savings/MM Time Average Total Client Deposit Mix ($ in millions) Mar 2025 Dec 2024 Mar 2024 QoQ $ Growth Annualized % Growth YoY $ Growth % Growth Noninterest Demand $4,947 $4,988 $4,653 ($41) (3%) $294 6% Interest-bearing Demand 2,882 2,973 2,856 (91) (12%) 26 1% Savings 1,463 1,466 1,577 (3) (1%) (114) (7%) Money Market 5,487 5,472 5,206 15 1% 281 5% Total Core Deposits $14,779 $14,899 $14,292 ($120) (3%) $487 3% Time Deposits 2,100 2,131 1,895 (31) (6%) 205 11% Total Client Deposits $16,879 $17,030 $16,187 ($151) (4%) $692 4% EOP Deposits by Product - QoQ and YoY

 
7 $17 $18 $17 $26 $25 $24 $33 $40 $40 $76 $83 $81 $- $10 $20 $30 $40 $50 $60 $70 $80 $90 1Q24 4Q24 1Q25 Co re F ee R ev en ue ($ m m ) Banking Cash Connect Wealth and Trust2 Core Fee Revenue1 31.5% Core Fee Revenue ratio1 driven by Wealth and Trust 1 These are non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information. 2 Banking includes deposit service charges, SBA loan sales, loan and lease fees, credit and debit revenue, capital markets, mortgage, and other banking related fees ® Core fee revenue down 3% QoQ and up 6% YoY • Institutional Services, up 43% YoY, as Corporate Trust and Global Capital Markets continue to capture market share and drive higher deal flow • Driven by higher agent, custody, and bankruptcy fees • Bryn Mawr Trust Company of Delaware, up 22% YoY; benefited from new accounts and higher volume • Private Wealth Management, flat YoY, as market appreciation offset Client outflows due to transaction-related usage and distributions to beneficiaries Wealth and Trust (+19% YoY)

 
8 10.76% 10.47% 12.67% 8.63% 3.34% 0.70% 3.22% 1.90% 14.10% 11.17% 15.89% 10.53% 0% 4% 8% 12% 16% CET1 Leverage TRBC TCE Effective AOCI Well-capitalized Reported ($9.52) $29.25 ($20) ($10) $0 $10 $20 $30 $40 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 TBV and AOCI per Share AOCI/share TBV/share Capital All capital ratios remain above “well-capitalized”; tangible book value impacted by AOCI 1Q25 Capital Ratios including Effective AOCI Impact1,2 1 Effective AOCI ($648.6mm) includes AFS and unrecognized fair value of HTM as of March 31, 2025; reported AOCI of ($549.5mm) 2 Capital ratios reflect corporate-level metrics 3 This is a non-GAAP financial measure and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information 2 • Tangible book value (TBV) of $29.25 per share includes a negative impact of $9.52 per share related to Reported AOCI1 • 19% YoY growth in TBV • Effective AOCI represents the impact of a full liquidation of the investment portfolio • TCE of 10.53% when considering Effective AOCI 3

 
9 Capital Return Framework Increased quarterly dividend and accelerated share repurchases in 1Q25 • 13% increase ($0.02) to quarterly dividend; now $0.17 per share • Additional share repurchase authorization of 10% of outstanding shares as of quarter-end, increasing repurchase authorization to 14% of outstanding shares • Capital philosophy to target CET11 of ~12% in medium-term, subject to macroeconomic environment, business performance, and investment opportunities Total Capital Returned to Shareholders $36.7 $35.8 $8.8 $51.8 $95.4 $53.8 $88.5 $131.2 $62.6 $0.0 $25.0 $50.0 $75.0 $100.0 $125.0 $150.0 2023 2024 1Q25 M ill io ns Dividend Repurchases Medium-Term Operating Level 12.22% 13.17% 13.81% 14.10% 0% 2% 4% 6% 8% 10% 12% 14% 2022 2023 2024 1Q25 CET1 Trend1 1 Capital ratios reflect corporate-level metrics

 
10 Investment Portfolio High-quality investment portfolio providing consistent cash flows and borrowing capacity 1 Investment portfolio value includes market value AFS and book value of HTM 2 Weighted average duration and yield of the MBS portfolio 3 This is a non-GAAP financial measure and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information 4 Effective AOCI ($648.6mm) AFS and unrecognized fair value of HTM as of March 31, 2025; assumes all securities, including HTM, are sold at market prices; reported AOCI of ($549.5mm) • Targeting 18% - 20% of total assets over time • Forecasting P&I cash flows of $1bn+ over the next 24 months • Anticipated cash flows could fund ~3.5% annualized loan growth • Reported AOCI improved $75.4mm or 12.1% quarter-over-quarter Investments Investment Portfolio1 $4.55bn % of Total Assets 22% Portfolio Duration2 6.1yrs Portfolio Yield2 2.37% Agency MBS/Notes % >95% Reported AOCI ($549.5mm) Effective AOCI3,4 ($648.6mm) AFS Agency MBS Agency CMOs GNMA MBS/CMOs Agency Debent. HTM Agency MBS Munis $3.55bn $1.00bn $637 $643 $500 $625 $549 $0 $150 $300 $450 $600 $750 1Q24 2Q24 3Q24 4Q24 1Q25 M ill io ns Reported AOCI Trend

 
11 $0.0 $0.1 $0.2 $0.3 $0.4 $0.5 $0.6 2025 2026 2027 2028 2029 Bi lli on s Volume of Maturing CRE Loans by Industry Office Multi-Family Industrial/Flex Retail Resi 1-4 Other CRE and Select Portfolios 1 Inclusive of Construction 2 Office CRE portfolio excludes $100.1mm ($101.3mm exposure) of Medical Office CRE/Construction 3 Central Business District 4 Based on outstanding balance CRE Portfolio: • Granular with an average loan balance of $1.2mm • ~81% of the portfolio effectively has a fixed rate (~35% of the portfolio fixed with ~71% of the variable rate portfolio swapped) • Continually reviewing $2.5mm+ loans maturing in the next 24 months • ~$65mm of loans maturing in 2025 and ~$105mm in 2026 have a DSCR below 1.05x in a 7.50% interest rate scenario; proactively addressing all maturing loans • $667mm with $686mm exposure2; 5.1% of gross loans • $1.8mm average loan balance • 77% Suburban and 23% Urban; 7% of Office is in CBD3 • 13 loans over $10mm; 2 loans >$20mm (largest ~$27mm)4 • Average LTV of ~58% at origination • 0.2% DLQ; 2.4% NCO5; 0% NPA; 11% problem loans • 83% with recourse Office Portfolio1 • $1.4bn with $1.8bn exposure; 10.7% of gross loans • $2.4mm average loan balance • 51% Suburban and 49% Urban; 6% of CRE Multifamily is in CBD3 • 13 loans over $20mm; largest loan ~$32mm4 • Average LTV of ~56% at origination • 2.3% DLQ; 0% NCO; 2.2% NPA; 8% problem loans • 87% with recourse Multifamily Portfolio1 10.4% 9.9% 11.3% 10.9% 13.5% Portfolio Maturity % 5 Entire NCO represents one C&I loan, in participation with another bank, to a fund that is invested in office properties predominantly in East Coast suburban markets

 
12 $160 $170 $180 $190 $200 $210 12/31/2024 Loan Originations (ex. Upstart) Economic Forecast Upstart Payoffs/NCOs /Other 3/31/2025 ACL Ratio 1Q 2025 ACL ($mm) $188 1 Reflects ACL on loans and leases over the amortized cost of the total portfolio 2 This is a non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information ACL Overview ACL and Coverage Ratio by Segment 1Q 2025 ACL Commentary 1.43% • ACL coverage ratio1 of 1.43%; 1.56% including estimated remaining credit mark on acquired loan portfolios2 • Decrease driven by the charge-off of a nonperforming C&I loan and Upstart, partially offset by economic forecast changes • FY GDP forecast of 2.0% in 2025 and 2.5% in 20263 • FY Unemployment forecast of 4.2% in 2025 and 4.3% in 20263 1.48% 1.25% 1.89% 1.43% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 1Q21 1Q22 1Q23 1Q24 1Q25 ACL % By Portfolio and Total1 Commercial Consumer and Leasing Total ACL%5 3 Source: Oxford Economics as of March 2025 4 Hotel loan balances are included in the C&I and Construction segments 5 Commercial excludes Leasing $195 $7 $4 ($3) ($15) ($ millions) $ % $ % $ % C&I4 $55.9 2.17% $57.1 2.15% $50.7 1.90% Owner Occupied - R/E $10.6 0.56% $9.1 0.46% $8.4 0.43% CRE Investor $36.8 0.95% $49.0 1.21% $49.8 1.25% Construction4 $11.0 1.04% $9.2 1.10% $9.7 1.12% Resi Mortgage $5.4 0.62% $5.6 0.58% $5.7 0.59% Leases $15.5 2.44% $16.0 2.47% $17.1 2.69% HELOC & HEIL $8.6 1.25% $10.0 1.33% $10.3 1.34% Consumer Partnerships $46.0 3.77% $36.5 3.06% $33.1 2.93% Other $2.8 1.86% $2.8 1.94% $2.7 1.95% TOTAL $192.6 1.48% $195.3 1.48% $187.5 1.43% March 31, 2024 December 31, 2024 March 31, 2025

 
13 Asset Quality Metrics Problem Assets Nonperforming Assets (NPA) Delinquencies (DLQ) Net Charge-offs (NCO) $573 $629 $722 $645 $684 4.41% 4.76% 5.40% 4.87% 5.19% 0.0% 1.2% 2.4% 3.6% 4.8% 6.0% $300 $400 $500 $600 $700 $800 1Q24 2Q24 3Q24 4Q24 1Q25 M ill io ns Problem Assets % of Gross Loans $105 $89 $148 $122 $148 0.81% 0.68% 1.11% 0.92% 1.13% 0.0% 0.3% 0.6% 0.9% 1.2% $0 $50 $100 $150 $200 1Q24 2Q24 3Q24 4Q24 1Q25 M ill io ns Delinquencies % of Gross Loans $3 $9 $14 $6 $21 $5 $5 $4 $4 $3 $1 $1 $1 $1 <$1 0.27% 0.44% 0.58% 0.31% 0.76% 0.0% 0.2% 0.4% 0.6% 0.8% $0 $5 $10 $15 $20 $25 $30 1Q24 2Q24 3Q24 4Q24 1Q25 M ill io ns Commercial Upstart Consumer % of Avg. Gross Loans $67 $65 $91 $127 $117 0.33% 0.32% 0.44% 0.61% 0.57% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% $0 $25 $50 $75 $100 $125 $150 1Q24 2Q24 3Q24 4Q24 1Q25 M ill io ns Nonperforming Assets % of Total Assets • Problem Assets: Increased 32bps QoQ • Primarily driven by two CRE multi- family downgrades that remain current • NPA: Decreased 4bps QoQ • Driven by the charge-off of a C&I loan1, partially offset by migration of a land development loan • DLQ: Increased 21bps QoQ • Due to increases in C&I portfolio • NCO: Increased 45bps QoQ • $15.9mm or 49bps of total NCO due to the aforementioned C&I loan • NewLane and Upstart continue to decline 1Q 2025 Performance 1 C&I loan, in participation with another bank, to a fund that is invested in office properties predominantly in East Coast suburban markets 2 Includes NewLane 3 Average gross loans net of unearned income, excluding loans held-for-sale 2 3

 
14 Non-GAAP Financial Information Appendix:

 
15 Non-GAAP Information This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). This presentation may include the following non-GAAP measures: • Adjusted Net Income (non-GAAP) attributable to WSFS is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the realized/unrealized gains on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and remeasurement of lease liability; • Core noninterest income, also called Core Fee Revenue, is a non-GAAP measure that adjusts noninterest income as determined in accordance with GAAP to exclude the impact of realized gains on equity investments, net, and Visa derivative valuation adjustment; • Core fee revenue ratio (%) is a non-GAAP measure that divides (i) Core Fee Revenue by (ii) Core Net Revenue (tax-equivalent); • Core net interest income is a non-GAAP measure that adjusts net interest income to exclude the impact of certain dividends; • Core Earnings Per Share (EPS) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) weighted average shares of common stock outstanding for the applicable period; • Core Net Revenue is a non-GAAP measure that adds (i) core net interest income and (ii) Core Fee Revenue; • Core Net Revenue (tax-equivalent) is a non-GAAP measure that adjusts core net revenue to include the impact of tax-equivalent income; • Core noninterest expense is a non-GAAP measure that adjusts noninterest expense as determined in accordance with GAAP to exclude FDIC special assessment, corporate development and restructuring expenses, and remeasurement of lease liability; • Core Efficiency Ratio is a non-GAAP measure that divides (i) core noninterest expense by (ii) the sum of core interest income and Core Fee Revenue; • Core Return on Average Assets (ROA) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) average assets for the applicable period; • Effective AOCI is a non-GAAP measure that adds (i) unrealized losses on AFS securities, (ii) unrealized holding losses on securities transferred from AFS to HTM, and (iii) unrecognized fair value losses on HTM securities; • Tangible Common Equity (TCE) is a non-GAAP measure and is defined as total stockholders’ equity of WSFS less goodwill and other intangible assets; • TCE Ratio is a non-GAAP measure that divides (i) TCE by (ii) tangible assets; • Tangible assets is a non-GAAP measure and is defined as total assets less goodwill and other intangible assets; • Adjusted tangible assets is a non-GAAP measure that adjusts tangible assets to include the impact of the liquidation of our investment securities portfolio; • Return on average tangible common equity (ROTCE) is a non-GAAP measure and is defined as net income allocable to common stockholders divided by tangible common equity; • Core ROTCE is a non-GAAP measure that is defined as adjusted net income (non-GAAP) attributable to WSFS divided by tangible common equity; • Net tangible income is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the amortization of intangible assets; • Core net tangible income is a non-GAAP measure that adjusts adjusted net income (non-GAAP) attributable to WSFS to exclude the impact of the amortization of intangible assets; • Tangible common book value per share (TBV) is a non-GAAP financial measure that divides (i) TCE by (ii) shares outstanding; • Tangible common equity including effective AOCI is a non-GAAP measure that adjusts tangible common equity to include effective AOCI; • Pre-provision Net Revenue (PPNR) is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for credit losses; • Core PPNR is a non-GAAP measure that adjusts PPNR to exclude the impact of realized/unrealized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expenses, and remeasurement of lease liability; • Core Return on Average Equity (ROE) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) average stockholders’ equity for the applicable period; • Adjusted risk weighted assets is a non-GAAP measure that adjusts the Corp’s risk weighted assets determined in accordance with GAAP to include the impact of the liquidation of our investment securities portfolio; • Adjusted average assets is a non-GAAP measure that adjusts the Corp’s average assets determined in accordance with GAAP to include the impact of the liquidation of our investment securities portfolio; • Adjusted tangible assets is a non-GAAP measure that adjusts tangible assets to include the impact of the liquidation of our investment securities portfolio; • Adjusted total risk-based capital is a non-GAAP measure that adjusts total risk-based capital determined in accordance with GAAP to include effective AOCI; • Adjusted total risk-based capital ratio is a non-GAAP measure that divides (i) adjusted total risk-based capital by (ii) adjusted risk weighted assets; • Adjusted common equity Tier 1 capital is a non-GAAP measure that adjusts common equity Tier 1 capital determined in accordance with GAAP to include effective AOCI; • Adjusted common equity Tier 1 capital ratio is a non-GAAP measure that divides (i) adjusted common equity Tier 1 capital by (ii) adjusted risk weighted assets; • Adjusted Tier 1 capital is a non-GAAP measure that adjusts Tier 1 capital determined in accordance with GAAP to include effective AOCI; • Adjusted Tier 1 leverage ratio is a non-GAAP measure that divides (i) adjusted Tier 1 capital by (ii) adjusted average assets; and • Coverage ratio including the remaining credit marks is a non-GAAP measure that adjusts the coverage ratio to include the impact of the remaining credit marks on the acquired loan portfolios.

 
16 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Net interest income (GAAP) $ 175,216 $ 178,207 $ 175,278 Core net interest income (non-GAAP) $ 175,216 $ 178,207 $ 175,278 Noninterest income (GAAP) $ 80,897 $ 83,307 $ 75,857 Less: Realized gain on sale of equity investment, net — 123 — Plus: Visa derivative valuation adjustment — — (605) Core fee revenue (non-GAAP) $ 80,897 $ 83,184 $ 76,462 Core net revenue (non-GAAP) $ 256,113 $ 261,391 $ 251,740 Core net revenue (non-GAAP) (tax- equivalent) $ 256,568 $ 261,811 $ 252,084 Noninterest expense (GAAP) $ 151,795 $ 169,126 $ 149,072 Less: FDIC special assessment — — 1,263 Less: Corporate development expense 59 61 208 Less/(plus): Restructuring expense 260 2,193 — Plus: Remeasurement of lease liability — (112) — Core noninterest expense (non-GAAP) $ 151,476 $ 166,984 $ 147,601 Core efficiency ratio (non-GAAP) 59.0 % 63.8 % 58.6 % Core fee revenue ratio (non-GAAP)(tax- equivalent) 31.5 % 31.8 % 30.3 % Three Months Ended (dollars in thousands, except per share data) March 31, 2025 December 31, 2024 March 31, 2024 Calculation of tangible common equity ratio: Total Assets (GAAP) $ 20,548,950 $ 20,814,303 $ 20,579,248 Less: Goodwill and other intangible assets 983,882 988,160 1,000,344 Total tangible assets (non-GAAP) $ 19,565,068 $ 19,826,143 $ 19,578,904 Total stockholders’ equity of WSFS (GAAP) $ 2,671,614 $ 2,589,752 $ 2,473,481 Less: Goodwill and other intangible assets 983,882 988,160 1,000,344 Total tangible common equity (non-GAAP) $ 1,687,732 $ 1,601,592 $ 1,473,137 Equity to asset ratio (GAAP) 13.00 % 12.44 % 12.02 % Tangible common equity to tangible assets ratio (non-GAAP) 8.63 % 8.08 % 7.52 % Three Months Ended (dollars in thousands) March 31, 2025 Calculation of effective AOCI: Unrealized losses on AFS securities ​ $ 467,752 Unrealized losses on securities transferred from AFS to HTM 73,217 Unrecognized fair value on HTM securities 107,671 Effective AOCI (non-GAAP) $ 648,640 Calculation of coverage ratio including the estimated remaining credit marks: Coverage ratio 1.43 % Plus: Estimated remaining credit marks on the acquired loan portfolios 0.13 Coverage ratio including the estimated remaining credit marks (non-GAAP) 1.56 %

 
17 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands, except per share data) March 31, 2025 December 31, 2024 March 31, 2024 GAAP net income attributable to WSFS $ 65,896 $ 64,202 $ 65,761 Plus/(less): Pre-tax adjustments1 319 2,019 2,076 (Plus)/less: Tax impact of pre-tax adjustments (78) (445) (507) Adjusted net income (non-GAAP) attributable to WSFS $ 66,137 $ 65,776 $ 67,330 Net income (GAAP) $ 65,867 $ 64,155 $ 65,723 Plus: Income tax provision 21,101 20,197 21,202 Plus: Provision for credit losses 17,350 8,036 15,138 PPNR (Non-GAAP) 104,318 92,388 102,063 Plus/(less): Pre-tax adjustments1 319 2,019 2,076 Core PPNR (Non-GAAP) $ 104,637 $ 94,407 $ 104,139 GAAP return on average assets (ROA) 1.29 % 1.21 % 1.28 % Plus/(less): Pre-tax adjustments1 0.01 0.04 0.04 (Plus)/less: Tax impact of pre-tax adjustments (0.01) (0.01) (0.01) Core ROA (non-GAAP) 1.29 % 1.24 % 1.31 % Earnings per share (diluted)(GAAP) $ 1.12 $ 1.09 $ 1.09 Plus/(less): Pre-tax adjustments1 0.01 0.03 0.03 (Plus)/less: Tax impact of pre-tax adjustments — (0.01) (0.01) Core earnings per share (non-GAAP) $ 1.13 $ 1.11 $ 1.11 1 Pre-tax adjustments include realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and remeasurement of lease liability

 
18 Appendix: Non-GAAP Financial Information Three Months Ended Three Months Ended (dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024 March 31, 2025 December 31, 2024 March 31, 2024 Calculation of return on average tangible common equity: Calculation of core return on average tangible common equity: GAAP net income attributable to WSFS​ $ 65,896 $ 64,202 $ 65,761 Adjusted net income (non-GAAP) attributable to WSFS​ $ 66,137 $ 65,776 $ 67,330 Plus: Tax effected amortization of intangible assets​ 2,945 2,965 2,973 Plus: Tax effected amortization of intangible assets​ 2,945 2,965 2,973 Net tangible income (non-GAAP)​ $ 68,841 $ 67,167 $ 68,734 Core net tangible income (non-GAAP)​ $ 69,082 $ 68,741 $ 70,303 Average stockholders' equity of WSFS​ $ 2,637,354 $ 2,643,325 $ 2,476,453 Net average tangible common equity​ $ 1,650,616 $ 1,652,563 $ 1,473,286 Less: Average goodwill and intangible assets​ 986,738 990,762 1,003,167 Core return on average equity (non-GAAP) 10.17 % 9.90 % 10.93 % Net average tangible common equity​ $ 1,650,616 $ 1,652,563 $ 1,473,286 Core return on average tangible common equity (non-GAAP) 16.97 % 16.55 % 19.19 % Return on average equity (GAAP) 10.13 % 9.66 % 10.68 % Return on average tangible common equity (non-GAAP) 16.91 % 16.17 % 18.76 %

 
19 Appendix: Non-GAAP Financial Information (dollars in thousands, except per share data) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Calculation of tangible common book value per share: Total stockholders’ equity of WSFS (GAAP) $ 2,671,614 $ 2,589,752 $ 2,678,264 $ 2,489,580 $ 2,473,481 $ 2,477,636 $ 2,242,795 $ 2,314,659 $ 2,306,362 Less: Goodwill and other intangible assets 983,882 988,160 992,163 996,181 1,000,344 1,004,560 1,008,472 1,004,278 1,008,250 Total tangible common equity (non-GAAP) 1,687,732 1,601,592 1,686,101 1,493,399 1,473,137 1,473,076 1,234,323 1,310,381 1,298,112 Shares outstanding (000s) 57,693 58,657 59,033 59,261 60,084 60,538 60,728 61,093 61,387 Tangible common book value per share (non-GAAP) $ 29.25 $ 27.30 $ 28.56 $ 25.20 $ 24.52 $ 24.33 $ 20.33 $ 21.45 $ 21.15 (dollars in thousands, except per share data) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Calculation of tangible common book value per share: Total stockholders’ equity of WSFS (GAAP) $ 2,205,113 $ 2,103,593 $ 2,315,360 $ 2,520,463 $ 1,939,099 $ 1,908,895 $ 1,884,054 $ 1,770,641 Less: Goodwill and other intangible assets 1,012,232 1,016,413 1,019,857 1,032,189 547,231 549,352 551,951 554,701 Total tangible common equity (non-GAAP) 1,192,881 1,087,180 1,295,503 1,488,274 1,391,868 1,359,543 1,332,103 1,215,940 Shares outstanding (000s) 61,612 61,949 63,587 64,735 47,609 47,548 47,535 47,502 Tangible common book value per share (non-GAAP) $ 19.36 $ 17.55 $ 20.37 $ 22.99 $ 29.24 $ 28.59 $ 28.02 $ 25.60

 
20 Appendix: Non-GAAP Financial Information As of March 31, (dollars in thousands) 2025 Calculation of adjusted common equity Tier 1 capital: Common equity tier 1 capital (GAAP) $ 2,265,369 Less: Effective AOCI (non-GAAP) 648,640 Adjusted common equity tier 1 capital (non-GAAP) $ 1,616,729 Risk Weighted Assets (GAAP) $ 16,066,773 Less: Debt securities 1,035,503 Adjusted Risk Weighted Assets (non-GAAP) $ 15,031,270 Common equity Tier 1 capital (GAAP) 14.10 % Adjusted common equity Tier 1 capital ratio (non-GAAP) 10.76 % Calculation of adjusted Tier 1 leverage: Tier 1 capital (GAAP) $ 2,265,369 Less: Effective AOCI (non-GAAP) 648,640 Adjusted Tier 1 capital (non-GAAP) $ 1,616,729 Average assets (Corp) (GAAP) $ 20,289,435 Less: Average debt securities 4,841,408 Adjusted average assets (non-GAAP) $ 15,448,027 Tier 1 leverage (GAAP) 11.17 % Adjusted Tier 1 leverage (non-GAAP) 10.47 % As of March 31, (dollars in thousands) 2025 Calculation of adjusted total risk-based capital: Total risk-based capital (GAAP) $ 2,553,662 Less: Effective AOCI (non-GAAP) 648,640 Adjusted total risk-based capital (non-GAAP) $ 1,905,022 Risk Weighted Assets (GAAP) $ 16,066,773 Adjusted Risk Weighted Assets (non-GAAP) 15,031,270 Total risk-based capital (GAAP) 15.89 % Adjusted total risk-based capital ratio (non-GAAP) 12.67 % Calculation of adjusted tangible common equity to tangible assets ratio (non-GAAP): Total tangible assets (non-GAAP) $ 19,565,068 Less: Investment securities, AFS & HTM 4,554,487 Total adjusted tangible assets (non-GAAP) $ 15,010,581 Total tangible common equity (non-GAAP) $ 1,687,732 Less: Unrecognized fair value on HTM securities 107,671 Total adjusted tangible common equity (non-GAAP) $ 1,580,061 Tangible common equity to tangible assets ratio (non-GAAP) 8.63 % Tangible common equity to tangible assets ratio including effective AOCI (non-GAAP) 10.53 %

 
v3.25.1
COVER PAGE
Apr. 24, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Apr. 24, 2025
Entity Registrant Name WSFS Financial Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-35638
Entity Tax Identification Number 22-2866913
Entity Address, Address Line One 500 Delaware Ave
Entity Address, City or Town Wilmington
Entity Address, State or Province DE
Entity Address, Postal Zip Code 19801
City Area Code 302
Local Phone Number 792-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol WSFS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000828944
WSFS Financial (NASDAQ:WSFS)
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