Companies: 11,246     total market cap: $155.122 T
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WSFS Financial
WSFS
#3626
Rank
$4.14 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$81.11
Share price
0.67%
Change (1 day)
52.06%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. WSFS Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

WSFS Financial - 10-Q quarterly report FY2026 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
 
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 001-35638
WSFS FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware22-2866913
(State or other jurisdiction of Incorporation or organization)(I.R.S. 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)

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

Number of shares outstanding of the issuer's common stock, as of the latest practicable date: 51,090,605 shares as of July 31, 2026.


WSFS FINANCIAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
PART I. Financial InformationPage
Item 1.Financial Statements (Unaudited)
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2026 and 2025
5
6
7
8
10
Notes to the Consolidated Financial Statements for the Three and Six Months Ended June 30, 2026
12
Item 2.
56
Item 3.
69
Item 4.
69
PART II. Other Information
Item 1.
70
Item 1A.
70
Item 2.
70
Item 3.
70
Item 4.
70
Item 5.
70
Item 6.
71

2
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, and exhibits hereto, contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to:
•difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth;
•possible additional loan losses and impairment of the collectability of loans;
•the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums;
•the credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development loans in the Company's loan portfolio;
•changes in market interest rates, which may increase funding costs and reduce earning asset yields and thus reduce margin;
•the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company’s investment securities portfolio, which could impact market confidence in our operations;
•the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations, and potential expenses associated with complying with such regulations;
•the Company’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms;
•the impacts related to or resulting from bank failures and other economic industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions;
•changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes;
•any impairments of the Company's goodwill, other intangible assets, or equity investments;
•the success of the Company's growth plans across our WSFS Bank, Cash Connect® and/or Wealth and Trust segments;
•the Company’s ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Client acceptance of the Company’s products and services and related Client disintermediation;
•negative perceptions or publicity with respect to the Company generally and, in particular, the Company’s Wealth and Trust business;
•failure of the financial and/or operational controls of the Company’s Cash Connect® and/or Wealth and Trust segments;
•adverse judgments or other resolution of pending and future legal proceedings, and costs incurred in defending such proceedings;
•the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties;
•system failures or cybersecurity incidents or other breaches of the Company’s network security, particularly given remote working arrangements;
•any actual or perceived failure or deficiency in the use of artificial intelligence by the Company or third-party vendors or service providers;
•the Company’s ability to recruit and retain key Associates;
3
•the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes, wildfires and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks;
•the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage);
•possible changes in the speed of loan prepayments by the Company’s Clients and loan origination or sales volumes;
•possible changes in market valuations and/or the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate;
•regulatory limits on the Company’s ability to receive dividends from its subsidiaries and pay dividends to its stockholders;
•any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above;
•any compounding effects or unexpected interactions of the risks discussed above; and
•other risks and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Risk Factors” and in other documents filed by the Company with the Securities and Exchange Commission (SEC) from time to time.

The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.

As used in this Quarterly Report on Form 10-Q, the terms “WSFS”, “the Company”, “registrant”, “we”, “us”, and “our” mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

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

4

WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands, except per share and share data)2026202520262025
Interest income:
Interest and fees on loans and leases$208,206 $216,005 $413,449 $432,757 
Interest on mortgage-backed securities27,975 24,531 53,217 49,276 
Interest and dividends on investment securities:
Taxable700 700 1,399 1,399 
Tax-exempt1,457 1,486 2,929 2,973 
Other interest income18,498 10,468 35,051 17,663 
256,836 253,190 506,045 504,068 
Interest expense:
Interest on deposits59,694 70,124 119,191 141,228 
Interest on Federal Home Loan Bank advances491 949 930 1,887 
Interest on senior debt2,765 1,089 5,531 3,163 
Interest on trust preferred borrowings1,370 1,518 2,725 3,041 
Interest on other borrowings16 15 32 38 
64,336 73,695 128,409 149,357 
Net interest income192,500 179,495 377,636 354,711 
Provision for credit losses5,044 12,621 3,046 29,971 
Net interest income after provision for credit losses187,456 166,874 374,590 324,740 
Noninterest income:
Credit/debit card and ATM income15,620 18,309 30,686 37,052 
Investment management and fiduciary income51,460 43,774 100,587 83,055 
Deposit service charges7,041 6,802 13,918 13,555 
Mortgage banking activities, net1,323 2,341 3,684 4,141 
Loan and lease fee income1,618 1,430 3,620 2,895 
Unrealized loss on equity investments, net(4,134)— (4,134)— 
Realized gain on sale of equity investments, net159 18 159 18 
Other income16,881 15,335 31,563 28,190 
89,968 88,009 180,083 168,906 
Noninterest expense:
Salaries, benefits and other compensation95,767 89,145 187,654 171,622 
Occupancy expense8,309 8,829 18,448 18,722 
Equipment expense13,661 13,778 26,933 26,506 
Data processing and operations expenses5,246 5,010 10,257 9,705 
Professional fees4,752 6,211 8,870 10,909 
Marketing expense2,567 1,925 4,702 3,620 
FDIC expenses2,523 2,433 5,157 5,011 
Loan workout and other credit costs2,087 1,629 4,261 1,869 
Corporate development expense63 (329)120 (270)
Restructuring expense— — 2,796 260 
Other operating expense31,325 30,712 59,867 63,184 
166,300 159,343 329,065 311,138 
Income before taxes111,124 95,540 225,608 182,508 
Income tax provision26,795 23,319 54,434 44,420 
Net income$84,329 $72,221 $171,174 $138,088 
Less: Net loss attributable to noncontrolling interest(69)(105)(51)(134)
Net income attributable to WSFS$84,398 $72,326 $171,225 $138,222 
Earnings per share:
Basic$1.63 $1.28 $3.27 $2.40 
Diluted$1.63 $1.27 $3.26 $2.39 
Weighted average shares of common stock outstanding:
Basic51,799,002 56,702,264 52,319,407 57,572,272 
Diluted51,935,567 56,851,797 52,475,721 57,765,602 

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
5
WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2026202520262025
Net income $84,329 $72,221 $171,174 $138,088 
Less: Net loss attributable to noncontrolling interest(69)(105)(51)(134)
Net income attributable to WSFS84,398 72,326 171,225 138,222 
Other comprehensive income (loss):
Net change in unrealized (losses) gains on investment securities available-for-sale
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(2,733), $7,165, $(5,488), and $29,282, respectively
(8,655)22,688 (17,380)92,725 
Net change in securities held-to-maturity
Amortization of net unrealized losses on available-for-sale securities reclassified to held-to-maturity, net of tax expense of $917, $1,032, $1,822, and $2,038, respectively
2,904 3,267 5,771 6,455 
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized gain and prior service cost, net of tax benefit of $28, $19, $209, and $39, respectively
(88)(61)(663)(122)
Net change in cash flow hedge
Net unrealized (loss) gain arising during the period, net of tax (benefit) expense of $(1,971), $455, $(2,631), and $1,363, respectively
(6,241)1,440 (8,333)4,315 
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax benefit of $18, $5, $23, and $206, respectively
(57)(16)(72)(652)
Total other comprehensive (loss) income(12,137)27,318 (20,677)102,721 
Total comprehensive income$72,261 $99,644 $150,548 $240,943 
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
6
WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands, except per share and share data)June 30, 2026December 31, 2025
Assets:
Cash and due from banks$2,173,149 $1,326,339 
Cash in non-owned ATMs392,494 363,926 
Interest-bearing deposits in other banks including collateral (restricted cash) of $2,480 at June 30, 2026 and $6,530 at December 31, 2025
4,993 8,889 
Total cash, cash equivalents, and restricted cash2,570,636 1,699,154 
Investment securities, available-for-sale (amortized cost of $4,359,331 at June 30, 2026 and $4,037,700 at December 31, 2025)
3,841,008 3,542,246 
Investment securities, held-to-maturity, net of allowance for credit losses of $5 at June 30, 2026 and December 31, 2025 (fair value $845,831 at June 30, 2026 and $879,066 at December 31, 2025)
943,292 968,331 
Other investments8,877 13,441 
Loans, held for sale at fair value33,926 61,573 
Loans and leases, net of allowance for credit losses of $177,263 at June 30, 2026 and $179,647 at December 31, 2025
13,289,859 13,082,027 
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost24,361 10,194 
Other real estate owned12,690 200 
Accrued interest receivable78,076 80,285 
Premises and equipment75,598 80,320 
Goodwill and intangible assets962,451 969,903 
Other assets, net of allowance for credit losses of $2,767 at June 30, 2026 and $2,848 at December 31, 2025
813,174 806,402 
Total assets$22,653,948 $21,314,076 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$7,008,388 $5,576,598 
Interest-bearing11,995,247 12,065,890 
Total deposits19,003,635 17,642,488 
Trust preferred borrowings91,128 91,047 
Senior debt197,048 196,891 
Other borrowed funds18,841 14,744 
Accrued interest payable16,229 19,646 
Other liabilities615,993 621,185 
Total liabilities19,942,874 18,586,001 
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 76,678,219 at June 30, 2026 and 76,456,499 at December 31, 2025
767 765 
Capital in excess of par value2,010,400 2,005,747 
Accumulated other comprehensive loss(466,224)(445,547)
Retained earnings2,273,507 2,121,706 
Treasury stock at cost, 25,290,557 shares at June 30, 2026 and 23,046,983 shares at December 31, 2025
(1,096,652)(944,126)
Total stockholders’ equity of WSFS2,721,798 2,738,545 
Noncontrolling interest(10,724)(10,470)
Total stockholders' equity2,711,074 2,728,075 
Total liabilities and stockholders' equity$22,653,948 $21,314,076 


The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
7
WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended June 30, 2026
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, March 31, 202676,515,913 $765 $2,008,190 $(454,087)$2,199,504 $(1,029,879)$2,724,493 $(10,452)$2,714,041 
Net income (loss)— — — — 84,398 — 84,398 (69)84,329 
Other comprehensive loss— — — (12,137)— — (12,137)— (12,137)
Cash dividend, $0.20 per share
— — — — (10,395)— (10,395)— (10,395)
Repurchase of noncontrolling interest— — — — — — — (203)(203)
Issuance of common stock including proceeds from exercise of common stock options (1)
162,306 2 (1,368)— — — (1,366)— (1,366)
Stock-based compensation expense— — 3,578 — — — 3,578 — 3,578 
Repurchases of common stock (2)
— — — — — (66,773)(66,773)— (66,773)
Balance, June 30, 202676,678,219 $767 $2,010,400 $(466,224)$2,273,507 $(1,096,652)$2,721,798 $(10,724)$2,711,074 
Six Months Ended June 30, 2026
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 202576,456,499 $765 $2,005,747 $(445,547)$2,121,706 $(944,126)$2,738,545 $(10,470)$2,728,075 
Net income (loss)— — — — 171,225 — 171,225 (51)171,174 
Other comprehensive loss— — — (20,677)— — (20,677)— (20,677)
Cash dividend, $0.37 per share
— — — — (19,424)— (19,424)— (19,424)
Repurchase of noncontrolling interest— — — — — — — (203)(203)
Issuance of common stock including proceeds from exercise of common stock options (3)
221,720 2 (2,455)— — — (2,453)— (2,453)
Stock-based compensation expense— — 7,108 — — — 7,108 — 7,108 
Repurchases of common stock (4)
— — — — — (152,526)(152,526)— (152,526)
Balance, June 30, 202676,678,219 $767 $2,010,400 $(466,224)$2,273,507 $(1,096,652)$2,721,798 $(10,724)$2,711,074 
(1)Issuance of common stock includes 76,185 shares withheld to cover tax liabilities and option exercise costs.
(2)Repurchases of common stock include 923,948 shares repurchased in connection with the Company's share repurchase plan approved by the Board of Directors.
(3)Issuance of common stock includes 105,262 shares withheld to cover tax liabilities and option exercise costs.
(4)Repurchases of common stock include 2,243,574 shares repurchased in connection with the Company's share repurchase plan approved by the Board of Directors.


8
Three Months Ended June 30, 2025
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, March 31, 202576,327,551 $763 $1,999,830 $(549,474)$1,928,631 $(708,136)$2,671,614 $(10,405)$2,661,209 
Net income (loss)— — — — 72,326 — 72,326 (105)72,221 
Other comprehensive income— — — 27,318 — — 27,318 — 27,318 
Cash dividend, $0.17 per share
— — — — (9,627)— (9,627)— (9,627)
Issuance of common stock including proceeds from exercise of common stock options (1)
97,863 1 (3,820)— — — (3,819)— (3,819)
Stock-based compensation expense— — 3,328 — — — 3,328 — 3,328 
Repurchases of common stock (2)
— — — — — (78,412)(78,412)— (78,412)
Balance, June 30, 202576,425,414 $764 $1,999,338 $(522,156)$1,991,330 $(786,548)$2,682,728 $(10,510)$2,672,218 
Six Months Ended June 30, 2025
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 202476,264,211 $763 $1,996,191 $(624,877)$1,871,523 $(653,848)$2,589,752 $(10,376)$2,579,376 
Net income (loss)— — — — 138,222 — 138,222 (134)138,088 
Other comprehensive income— — — 102,721 — — 102,721 — 102,721 
Cash dividend, $0.32 per share
— — — — (18,415)— (18,415)— (18,415)
Issuance of common stock including proceeds from exercise of common stock options (3)
161,203 1 (3,180)— — — (3,179)— (3,179)
Stock-based compensation expense— — 6,327 — — — 6,327 — 6,327 
Repurchases of common stock (4)
— — — — — (132,700)(132,700)— (132,700)
Balance, June 30, 202576,425,414 $764 $1,999,338 $(522,156)$1,991,330 $(786,548)$2,682,728 $(10,510)$2,672,218 
(1)Issuance of common stock includes 51,726 shares withheld to cover tax liabilities.
(2)Repurchases of common stock include 1,556,199 shares repurchased in connection with the Company's share repurchase plan approved by the Board of Directors.
(3)Issuance of common stock includes 83,218 shares withheld to cover tax liabilities.
(4)Repurchases of common stock include 2,583,413 shares repurchased in connection with the Company's share repurchase plan approved by the Board of Directors.


The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
9
WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended June 30,
(Dollars in thousands)20262025
Operating activities:
Net income$171,174 $138,088 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses3,046 29,971 
Depreciation of premises and equipment, net7,342 6,069 
Accretion of fees and discounts, net(12,486)(12,645)
Amortization of intangible assets7,329 7,793 
Amortization of right-of-use lease assets4,550 4,842 
Decrease in operating lease liability(5,795)(5,515)
Income from mortgage banking activities, net(3,684)(4,141)
Loss on sale of other real estate owned and valuation adjustments, net11 809 
Stock-based compensation expense7,108 6,327 
Unrealized loss on equity investments, net4,134 — 
Realized gain on sale of equity investments, net(159)(18)
Gain on sale of credit card portfolio(1,746)— 
Gain on sale of WSFS Wealth Management, LLC business— (386)
Deferred income tax benefit7,392 7,560 
Decrease in accrued interest receivable2,209 4,902 
(Increase) decrease in other assets(14,685)63,737 
Origination of loans held for sale(228,161)(234,182)
Proceeds from sales of loans held for sale127,070 183,281 
(Increase) decrease in value of bank owned life insurance(1,417)280 
Increase in capitalized interest, net(275)(1,046)
Decrease in accrued interest payable(3,417)(9,039)
Increase (decrease) in other liabilities4,119 (140,757)
Net cash provided by operating activities$73,659 $45,930 
Investing activities:
Repayments, maturities and calls of investment securities held-to-maturity31,788 28,426 
Purchases of investment securities available-for-sale(533,492)(54,948)
Repayments, maturities and calls of investment securities available-for-sale211,850 191,276 
Proceeds from bank-owned life insurance death benefit— 241 
Net (increase) decrease in loans(120,732)116,802 
Proceeds from sale of credit card portfolio34,349 — 
Net cash from sale of WSFS Wealth Management, LLC business— 2,425 
Purchases of stock of Federal Home Loan Bank of Pittsburgh(370,000)(238,017)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh355,833 227,882 
Sales of other real estate owned216 4,085 
Investment in premises and equipment(2,620)(4,407)
Net cash (used in) provided by investing activities$(392,808)$273,765 
10
Six Months Ended June 30,
(Dollars in thousands)20262025
Financing activities:
Net increase in demand and saving deposits$1,503,974 $125,563 
Decrease in time deposits(138,737)(44,284)
Receipts from FHLB advances8,550,000 5,950,000 
Repayments of FHLB advances(8,550,000)(5,950,000)
Repurchase of noncontrolling interest(203)— 
Cash dividend(19,424)(18,415)
Issuance of common stock including proceeds from exercise of common stock options(2,453)(3,179)
Redemption of subordinated debt— (70,000)
Repurchases of common stock(152,526)(132,700)
Net cash provided by (used in) financing activities$1,190,631 $(143,015)
Increase in cash, cash equivalents, and restricted cash871,482 176,680 
Cash, cash equivalents, and restricted cash at beginning of period1,699,154 1,154,818 
Cash, cash equivalents, and restricted cash at end of period$2,570,636 $1,331,498 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
     Interest$131,826 $158,396 
     Income taxes(1)
33,931 33,297 
Non-cash information:
Loans transferred to other real estate owned$12,717 $336 
Loans transferred to portfolio from held for sale at fair value129,641 (54,865)
(1)Includes $11.4 million related to the purchase of renewable energy tax credits for the six months ended June 30, 2025.
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
11
WSFS FINANCIAL CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026
(UNAUDITED)
1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
These unaudited Consolidated Financial Statements include the accounts of WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company), and its consolidated subsidiaries. WSFS’ primary subsidiary is Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank). The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2026. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Annual Report on Form 10-K) that was filed with the SEC on March 2, 2026 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.
In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity, as well as accounts receivable for fee businesses), loans held for sale, lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and/or intangible assets, the establishment of additional allowance and lending-related commitment reserves, changes in the fair value of financial instruments, as well as increased post-retirement benefits and income tax expense.
Significant Accounting Policies
The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Company's 2025 Annual Report on Form 10-K. Those significant accounting policies remain unchanged at June 30, 2026.
Recently Adopted Accounting Guidance
There were no applicable material accounting pronouncements adopted by the Company since December 31, 2025.
Accounting Guidance Pending Adoption as of June 30, 2026
ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03): In November 2024, the FASB issued ASU 2024-03, which requires entities to disclose disaggregated information about certain income statement expense line items in the notes to their financial statements on an annual and interim basis. Subsequently, in January 2025, the FASB issued ASU 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, making ASU 2024-03 effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating this update to determine the impact on the Company’s disclosures.
ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06): In September 2025, the FASB issued ASU 2025-06, which clarifies the capitalization threshold on costs to develop software for internal use. This update removes the prescriptive and sequential software development stages (referred to as “project stages”) and requires entities to start capitalizing software costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods on a prospective, modified transition, or a retrospective basis. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating this update to determine its impact on the Consolidated Financial Statements.
12
ASU No. 2025-08, Financial Instruments – Credit Losses (Topic 326): Purchased Loans (ASU 2025-08): In November 2025, the FASB issued ASU 2025-08 which aligns the initial recognition of the allowance for credit losses on financial assets acquired with a “more-than-insignificant” deterioration of credit quality since its origination (PCD assets) and non-PCD assets by applying the “gross up approach” to both populations. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods therein on a prospective basis. Early adoption is permitted. The Company is currently evaluating this update to determine the impact on the Consolidated Financial Statements.
ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (ASU 2025-09): In November 2025, the FASB issued ASU 2025-09 to clarify certain aspects on hedge accounting to align with the economics of an entity's risk management activities more closely. The update allows entities to group forecasted transactions with similar risk exposures. Entities may either determine whether a hedged risk related to a forecasted transaction within a hedged group is similar to other hedged risks in the group or determine if the designated hedging instrument is highly effective against each risk in the group. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods therein on a prospective basis. Early adoption is permitted. The Company is currently evaluating this update to determine the impact on the Consolidated Financial Statements.
ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11): In December 2025, the FASB issued ASU 2025-11 which clarifies the current requirements of interim financial statements, including its form and content, and includes a disclosure principle that requires entities to disclose events since the last annual reporting period that have a material impact on the entity. The amendments are effective for interim periods within annual reporting periods beginning after December 15, 2027, on a prospective or a retrospective basis. Early adoption is permitted. The Company does not expect this update to have a material impact on its disclosures.
13
2. NONINTEREST INCOME
Credit/debit card and ATM income
The following table presents the components of credit/debit card and ATM income:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2026202520262025
Bailment fees$10,604 $13,281 $21,539 $27,456 
Interchange fees4,203 4,077 7,681 7,824 
Other card and ATM fees813 951 1,466 1,772 
Total credit/debit card and ATM income$15,620 $18,309 $30,686 $37,052 
Credit/debit card and ATM income is composed of bailment fees, interchange fees, and other card and ATM fees. Bailment fees are earned from bailment arrangements with Clients. Bailment arrangements are legal relationships in which property is delivered to another party without a transfer of ownership. The party who transferred the property (the bailor) retains ownership interest of the property. In the event that the bailee files for bankruptcy protection, the property is not included in the bailee's assets. The bailee pays an agreed-upon fee for the use of the bailor's property in exchange for the bailor allowing use of the assets at the bailee's site. Bailment fees are earned from cash that is made available for Clients' use at an offsite location, such as cash located in an ATM at a client's place of business. These fees are typically indexed to a market interest rate. This revenue stream generates fee income through monthly billing for bailment services.
Credit/debit card and ATM income also includes interchange fees. Interchange fees are paid by a merchant's bank to a bank that issued a debit or credit card used in a transaction to compensate the issuing bank for the value and benefit the merchant receives from accepting electronic payments. These revenue streams generate fee income at the time a transaction occurs and are recorded as revenue at the time of the transaction. Subsequent to the Company's sale of its credit card portfolio in June 2026, the Company earns a portion of the interchange fees received by the issuing bank of WSFS-branded credit cards.
Investment management and fiduciary income
The following table presents the components of investment management and fiduciary income:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2026202520262025
WSFS Institutional Services®
$26,658 $19,852 $51,873 $37,119 
Private Wealth Management15,174 15,923 30,148 30,909 
The Bryn Mawr Trust Company of Delaware9,628 7,999 18,566 15,027 
Total investment management and fiduciary income$51,460 $43,774 $100,587 $83,055 
Investment management and fiduciary income is composed of fees from WSFS Institutional Services®, The Bryn Mawr Trust Company of Delaware (BMT-DE), and Private Wealth Management. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate Clients and special purpose vehicles.
Private Wealth management fees consist of fees from Bryn Mawr Trust® and Bryn Mawr Trust Advisors, LLC. It also included WSFS Wealth® Management, LLC (family office) and WSFS Wealth® Investments through June 30, 2025. Private Wealth Management fees are based on revenue earned from services including asset management, financial planning, and brokerage. The fees are based on the market value of assets, a flat fee, or brokerage commissions. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for the services.
BMT-DE provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. Most fees are flat fees, except for a portion of personal and corporate trustee fees where the Company earns a percentage on the assets under management or assets held within a trust. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for services provided.
14
Deposit service charges
The following table presents the components of deposit service charges:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2026202520262025
Service fees$4,780 $4,642 $9,377 $9,248 
Return and overdraft fees1,970 1,857 3,952 3,695 
Other deposit service fees291 303 589 612 
Total deposit service charges$7,041 $6,802 $13,918 $13,555 
Deposit service charges includes revenue earned from core deposit products, certificates of deposit, and brokered deposits. The Company generates fee revenues from deposit service charges primarily through service charges and overdraft fees. Service charges consist primarily of monthly account maintenance fees, treasury management fees, foreign ATM fees and other maintenance fees. All of these revenue streams generate fee income through service charges for monthly account maintenance and similar items, transfer fees, late fees, overlimit fees, and stop payment fees. Revenue is recorded at the time of the transaction.
Other income
The following table presents the components of other income:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2026202520262025
Managed service fees$5,299 $5,115 $10,262 $9,882 
Currency preparation1,663 1,676 3,215 3,461 
ATM loss protection668 658 1,311 1,304 
Capital markets revenue3,246 1,915 5,638 3,593 
Miscellaneous products and services6,005 5,971 11,137 9,950 
Total other income$16,881 $15,335 $31,563 $28,190 
Other income consists of managed service fees, which are primarily courier fees related to cash management, currency preparation, ATM loss protection, Capital Markets revenue, and other miscellaneous products and services offered by the Bank. These fees are primarily generated through monthly billings or at the time of the transaction. Capital Markets revenue consists of fees related to interest rate swaps, risk participation agreements, foreign exchange contracts, letters of credit, and trade finance products and services offered by the Bank.
Arrangements with multiple performance obligations
The Company's contracts with Clients may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to Clients.
Practical expedients and exemptions
The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.
See Note 13 for further information about the disaggregation of noninterest income by segment.
15
3. EARNINGS PER SHARE
The following table shows the computation of basic and diluted earnings per share:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars and shares in thousands, except per share data)2026202520262025
Numerator:
Net income attributable to WSFS$84,398 $72,326 $171,225 $138,222 
Denominator:
Weighted average basic shares51,799 56,702 52,319 57,572 
Dilutive potential common shares137 150 157 194 
Weighted average fully diluted shares51,936 56,852 $52,476 $57,766 
Earnings per share:
Basic$1.63 $1.28 $3.27 $2.40 
Diluted$1.63 $1.27 $3.26 $2.39 
Outstanding common stock equivalents having no dilutive effect— — — 1 
Basic earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average basic shares outstanding. Diluted earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average fully diluted shares outstanding, using the treasury stock method. Fully diluted shares include the adjustment for the dilutive effect of common stock awards, which include outstanding stock options and unvested restricted stock units and performance stock units under the 2018 Incentive Plan.
16
4. INVESTMENT SECURITIES
Debt Securities
The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
June 30, 2026
(Dollars in thousands)Amortized CostGross
Unrealized
 Gain		Gross
Unrealized
 Loss		Allowance for Credit LossesFair
Value
Available-for-Sale Debt Securities
Collateralized mortgage obligations (CMO)$455,189 $237 $73,447 $— $381,979 
Fannie Mae (FNMA) mortgage-backed securities (MBS)3,436,640 1,288 401,338 — 3,036,590 
Freddie Mac (FHLMC) MBS157,384 34 8,683 — 148,735 
Ginnie Mae (GNMA) MBS91,106 227 2,917 — 88,416 
Government-sponsored enterprises (GSE) agency notes219,012 — 33,724 — 185,288 
$4,359,331 $1,786 $520,109 $— $3,841,008 
Held-to-Maturity Debt Securities(1)
FNMA MBS$766,440 $— $97,327 $— $669,113 
State and political subdivisions176,857 580 714 5 176,718 
$943,297 $580 $98,041 $5 $845,831 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $75.8 million at June 30, 2026, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
December 31, 2025
(Dollars in thousands)Amortized CostGross
Unrealized
 Gain		Gross
Unrealized
 Loss		Allowance for Credit LossesFair
Value
Available-for-Sale Debt Securities
CMO$476,409 $416 $71,679 $— $405,146 
FNMA MBS3,167,210 2,289 384,092 — 2,785,407 
FHLMC MBS123,979 68 7,542 — 116,505 
GNMA MBS49,804 59 2,480 — 47,383 
GSE agency notes220,298 — 32,493 — 187,805 
$4,037,700 $2,832 $498,286 $— $3,542,246 
Held-to-Maturity Debt Securities(1)
FNMA MBS$788,439 $— $89,936 $— $698,503 
State and political subdivisions179,897 1,157 486 5 180,563 
$968,336 $1,157 $90,422 $5 $879,066 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $83.4 million at December 31, 2025, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
17
The scheduled maturities of available-for-sale debt securities at June 30, 2026 and December 31, 2025 are presented in the table below:
Available-for-Sale
AmortizedFair
(Dollars in thousands)CostValue
June 30, 2026 (1)
Within one year$307,598 $306,874 
After one year but within five years247,738 233,568 
After five years but within ten years564,189 503,230 
After ten years3,239,805 2,797,335 
$4,359,331 $3,841,008 
December 31, 2025 (1)
Within one year$46,226 $45,836 
After one year but within five years219,281 208,380 
After five years but within ten years471,231 422,496 
After ten years3,300,962 2,865,534 
$4,037,700 $3,542,246 
(1)Actual maturities could differ from contractual maturities.
As of June 30, 2026, the Company’s available-for-sale investment securities consisted of 1,071 securities, 1,003 of which were in an unrealized loss position, and substantially all of the Company's available-for-sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. As of June 30, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity.
The scheduled maturities of held-to-maturity debt securities at June 30, 2026 and December 31, 2025 are presented in the table below:
Held-to-Maturity
AmortizedFair
(Dollars in thousands)CostValue
June 30, 2026 (1)
Within one year$2,650 $2,645 
After one year but within five years19,941 19,932 
After five years but within ten years78,950 79,069 
After ten years841,756 744,185 
$943,297 $845,831 
December 31, 2025 (1)
Within one year$1,920 $1,918 
After one year but within five years21,180 21,166 
After five years but within ten years69,374 69,851 
After ten years875,862 786,131 
$968,336 $879,066 
(1)Actual maturities could differ from contractual maturities.
MBS may have expected maturities that differ from their contractual maturities. These differences arise because issuers may have the right to call securities and borrowers may have the right to prepay obligations with or without prepayment penalty.
The held-to-maturity debt securities are not collateral-dependent securities as these are general obligation bonds issued by cities, states, counties, or other local governments, and government-sponsored MBS.
Investment securities with fair market values aggregating $3.6 billion and $4.1 billion were pledged as collateral for investment sweep repurchase agreements, municipal deposits, and other obligations as of June 30, 2026 and December 31, 2025, respectively.
18
During the six months ended June 30, 2026 and 2025, the Company had no sales of debt securities categorized as available-for-sale.
As of June 30, 2026 and December 31, 2025, the Company's debt securities portfolio had remaining unamortized premiums of $36.7 million and $40.4 million, respectively, and unaccreted discounts of $34.3 million and $17.4 million, respectively.
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at June 30, 2026.
Duration of Unrealized Loss Position
Less than 12 months12 months or longerTotal
FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)ValueLossValueLossValueLoss
Available-for-sale debt securities:
CMO$13,431 $256 $358,632 $73,191 $372,063 $73,447 
FNMA MBS457,986 6,020 2,390,367 395,318 2,848,353 401,338 
FHLMC MBS34,840 287 99,009 8,396 133,849 8,683 
GNMA MBS19,424 271 30,010 2,646 49,434 2,917 
GSE agency notes— — 185,289 33,724 185,289 33,724 
$525,681 $6,834 $3,063,307 $513,275 $3,588,988 $520,109 
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2025.
Duration of Unrealized Loss Position
Less than 12 months12 months or longerTotal
FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)ValueLossValueLossValueLoss
Available-for-sale debt securities:
CMO$— $— $394,776 $71,679 $394,776 $71,679 
FNMA MBS68,311 353 2,551,281 383,739 2,619,592 384,092 
FHLMC MBS7,978 58 103,510 7,484 111,488 7,542 
GNMA MBS4,323 93 34,290 2,387 38,613 2,480 
GSE agency notes— — 187,805 32,493 187,805 32,493 
$80,612 $504 $3,271,662 $497,782 $3,352,274 $498,286 
The Company does not have the intent to sell, nor is it more likely than not it will be required to sell these securities before it is able to recover the amortized cost basis. The unrealized losses are the result of changes in market interest rates subsequent to purchase, not credit loss, as these are highly rated agency securities with no expected credit loss, in the event of a default. As a result, there is no allowance for credit losses recorded for available-for-sale debt securities as of June 30, 2026.
19
At June 30, 2026 and December 31, 2025, held-to-maturity debt securities had an amortized cost basis of $943.3 million and $968.3 million, respectively. The held-to-maturity debt security portfolio primarily consists of mortgage-backed securities which were issued or guaranteed by U.S. government-sponsored entities and agencies and highly rated municipal bonds. The Company monitors credit quality of its non-government and non-agency securities through credit ratings. The following table summarizes the amortized cost of debt securities held-to-maturity as of June 30, 2026, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $176,857 
Not rated766,440 — 
Ending balance$766,440 $176,857 
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2025, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $179,897 
Not rated788,439 — 
Ending balance$788,439 $179,897 
The Company reviewed its held-to-maturity debt securities by major security type for potential credit losses. There was no activity in the allowance for credit losses for FNMA MBS debt securities for the six months ended June 30, 2026 and 2025. See Note 6 for information on the activity in the allowance for credit losses for state and political subdivisions debt securities for the three and six months ended June 30, 2026 and 2025.
Accrued interest receivable of $3.4 million as of June 30, 2026 and December 31, 2025 for held-to-maturity debt securities were excluded from the evaluation of allowance for credit losses. There were no nonaccrual or past due held-to-maturity debt securities as of June 30, 2026 and December 31, 2025.
Equity Investments
The Company had equity investments of $8.9 million and $13.4 million as of June 30, 2026 and December 31, 2025, respectively.
During the three and six months ended June 30, 2026, the Company recognized an impairment loss of $4.1 million related to one of our equity investments recorded within Unrealized (loss) gain on equity investments, net in the unaudited Consolidated Statements of Income. The Company also recognized realized gains of $0.2 million related to our equity investments for the three and six months ended June 30, 2026. The Company recognized realized gains of less than $0.1 million related to our equity investments for the three and six months ended June 30, 2025.
20
5. LOANS AND LEASES
The following table shows the Company's loan and lease portfolio by category:  
(Dollars in thousands)June 30, 2026December 31, 2025
Commercial and industrial$3,013,715 $2,796,654 
Owner-occupied commercial1,930,367 1,937,339 
Commercial mortgages3,883,849 3,916,159 
Construction1,002,999 1,023,911 
Commercial small business leases584,175 603,321 
Residential(1)
1,236,779 1,089,830 
Consumer(2)
1,815,238 1,894,460 
13,467,122 13,261,674 
Less:
Allowance for credit losses177,263 179,647 
Net loans and leases$13,289,859 $13,082,027 
(1) Includes reverse mortgages at fair value of $4.0 million at June 30, 2026 and $3.7 million at December 31, 2025.
(2) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
Accrued interest receivable on loans and leases was $61.9 million and $64.9 million at June 30, 2026 and December 31, 2025, respectively. Accrued interest receivable on loans and leases was excluded from the evaluation of allowance for credit losses.
21
6. ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION
The following tables provide the activity of the total allowance for credit losses for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30, 2026Six months ended June 30, 2026
(Dollars in thousands)
Loans and Leases
HTM Securities(1)
Other Accounts ReceivableTotal
Loans and Leases
HTM Securities(1)
Other Accounts ReceivableTotal
Allowance for credit losses
Beginning balance$180,011 $5 $2,860 $182,876 $179,647 $5 $2,848 $182,500 
Charge-offs(9,284)— (1,182)(10,466)(23,651)— (3,027)(26,678)
Recoveries2,172 — 409 2,581 19,996 — 1,171 21,167 
Provision4,364 — 680 5,044 1,271 — 1,775 3,046 
Ending balance$177,263 $5 $2,767 $180,035 $177,263 $5 $2,767 $180,035 
Three months ended June 30, 2025Six months ended June 30, 2025
(Dollars in thousands)
Loans and Leases
HTM Securities(1)
Other Accounts ReceivableTotal
Loans and Leases
HTM Securities(1)
Other Accounts ReceivableTotal
Allowance for credit losses
Beginning balance$187,515 $6 $567 $188,088 $195,281 $7 $— $195,288 
Charge-offs(8,566)— (1,821)(10,387)(35,667)— (1,821)(37,488)
Recoveries7,454 — — 7,454 10,005 — — 10,005 
Charge-offs from transfer of loans to held for sale(8,655)— — (8,655)(8,655)— — (8,655)
Provision (release)8,556 — 4,065 12,621 25,340 (1)4,632 29,971 
Ending balance$186,304 $6 $2,811 $189,121 $186,304 $6 $2,811 $189,121 
(1)See Note 4 for further detail on the HTM securities allowance.
22
Allowance for Credit Losses Related to Loans and Leases
The following tables provide the activity of allowance for credit losses and loan balances for our loan and lease portfolio for the three and six months ended June 30, 2026 and 2025. For the three and six months ended June 30, 2026, the decrease was primarily due to the previously disclosed recovery on loans charged-off in the first quarter of 2025 and the release of the allowance for credit losses on the credit card portfolio due to the sale.
(Dollars in thousands)
Commercial and Industrial
Owner-occupied
Commercial		Commercial
Mortgages		ConstructionCommercial Small Business Leases
Residential(1)
Consumer(2)
Total
Three months ended June 30, 2026
Allowance for credit losses
Beginning balance$51,312 $8,168 $48,816 $13,870 $15,840 $7,330 $34,675 $180,011 
Charge-offs(3,658)— (1,740)— (2,417)— (1,469)(9,284)
Recoveries334 1 532 — 724 49 532 2,172 
Provision (release) 3,895 548 1,843 (329)3,277 (1,119)(3,751)4,364 
Ending balance$51,883 $8,717 $49,451 $13,541 $17,424 $6,260 $29,987 $177,263 
Six months ended June 30, 2026
Allowance for credit losses
Beginning balance$52,927 $7,626 $48,047 $13,264 $16,449 $6,764 $34,570 $179,647 
Charge-offs(9,406)(298)(1,740)(3,735)(5,337)— (3,135)(23,651)
Recoveries16,637 12 534 — 1,570 94 1,149 19,996 
(Release) provision(8,275)1,377 2,610 4,012 4,742 (598)(2,597)1,271 
Ending balance$51,883 $8,717 $49,451 $13,541 $17,424 $6,260 $29,987 $177,263 
Period-end allowance allocated to:
Loans evaluated on an individual basis$— $— $— $2,035 $— $— $— $2,035 
Loans evaluated on a collective basis51,883 8,717 49,451 11,506 17,424 6,260 29,987 175,228 
Ending balance$51,883 $8,717 $49,451 $13,541 $17,424 $6,260 $29,987 $177,263 
Period-end loan balances:
Loans evaluated on an individual basis
$19,847 $20,513 $11,522 $7,939 $— $7,056 $3,602 $70,479 
Loans evaluated on a collective basis2,993,868 1,909,854 3,872,327 995,060 584,175 1,225,718 1,811,636 13,392,638 
Ending balance
$3,013,715 $1,930,367 $3,883,849 $1,002,999 $584,175 $1,232,774 $1,815,238 $13,463,117 
(1)Period-end loan balance excludes reverse mortgages at fair value of $4.0 million.
(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
23
(Dollars in thousands)Commercial and IndustrialOwner -
occupied
Commercial		Commercial
Mortgages		ConstructionCommercial Small Business Leases
Residential(1)
Consumer(2)
Total
Three months ended June 30, 2025
Allowance for credit losses
Beginning balance$50,736 $8,410 $49,792 $9,691 $17,109 $5,697 $46,080 $187,515 
Charge-offs(1,280)— (197)— (4,376)— (2,713)(8,566)
Recoveries1,865 5 2 — 714 50 4,818 7,454 
Charge-offs arising from transfer of loans to held for sale(552)— — — — — (8,103)(8,655)
Provision (release)1,352 169 5,178 1,005 4,854 68 (4,070)8,556 
Ending balance$52,121 $8,584 $54,775 $10,696 $18,301 $5,815 $36,012 $186,304 
Six months ended June 30, 2025
Allowance for loan losses
Beginning balance$57,131 $9,139 $48,962 $9,185 $15,965 $5,566 $49,333 $195,281 
Charge-offs(21,151)— (197)— (7,343)— (6,976)(35,667)
Recoveries2,444 12 527 — 1,333 97 5,592 10,005 
Charge-offs arising from transfer of loans to held for sale(552)— — — — — (8,103)(8,655)
Provision (release)14,249 (567)5,483 1,511 8,346 152 (3,834)25,340 
Ending balance$52,121 $8,584 $54,775 $10,696 $18,301 $5,815 $36,012 $186,304 
Period-end allowance allocated to:
Loans evaluated on an individual basis$— $— $5,125 $1,169 $— $— $— $6,294 
Loans evaluated on a collective basis52,121 8,584 49,650 9,527 18,301 5,815 36,012 180,010 
Ending balance$52,121 $8,584 $54,775 $10,696 $18,301 $5,815 $36,012 $186,304 
Period-end loan balances:
Loans evaluated on an individual basis$27,551 $6,311 $24,115 $28,505 $— $7,665 $3,456 $97,603 
Loans evaluated on a collective basis2,716,841 1,941,283 3,887,422 829,126 630,127 968,797 1,918,347 12,891,943 
Ending balance
$2,744,392 $1,947,594 $3,911,537 $857,631 $630,127 $976,462 $1,921,803 $12,989,546 
(1)Period-end loan balance excludes reverse mortgages at fair value of $4.7 million.
(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
The following tables show nonaccrual and past due loans presented at amortized cost at the date indicated:
June 30, 2026
(Dollars in thousands)30–89 Days
Past Due and
Still 
Accruing		Greater 
Than
90 Days
Past Due and
Still Accruing		Total Past
Due
And Still
Accruing		Accruing
Current
Balances		Nonaccrual Loans With No AllowanceNonaccrual
Loans With An Allowance		Total
Loans
Commercial and industrial
$4,967 $282 $5,249 $2,988,619 $19,847 $— $3,013,715 
Owner-occupied commercial3,118 1 3,119 1,906,905 20,343 — 1,930,367 
Commercial mortgages2,412 212 2,624 3,869,703 11,522 — 3,883,849 
Construction67 — 67 994,993 2,504 5,435 1,002,999 
Commercial small business leases6,726 11 6,737 577,438 — — 584,175 
Residential(1)
3,077 — 3,077 1,224,583 5,114 — 1,232,774 
Consumer(2)
8,251 7,606 15,857 1,795,875 3,506 — 1,815,238 
Total
$28,618 $8,112 $36,730 $13,358,116 $62,836 $5,435 $13,463,117 
% of Total Loans0.21 %0.06 %0.27 %99.22 %0.47 %0.04 %100 %
(1)Residential accruing current balances excludes reverse mortgages at fair value of $4.0 million.
(2)Includes $11.2 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.
24
December 31, 2025
(Dollars in thousands)30–89 Days
Past Due and
Still 
Accruing		Greater 
Than
90 Days
Past Due and
Still Accruing		Total Past
Due
And Still
Accruing		Accruing
Current
Balances		Nonaccrual Loans With No AllowanceNonaccrual
Loans With An Allowance		Total
Loans
Commercial and industrial$4,634 $2,062 $6,696 $2,762,898 $16,842 $10,218 $2,796,654 
Owner-occupied commercial7,152 50 7,202 1,923,556 6,581 — 1,937,339 
Commercial mortgages44,139 9,533 53,672 3,854,922 7,565 — 3,916,159 
Construction1,716 — 1,716 999,814 16,946 5,435 1,023,911 
Commercial small business leases6,536 592 7,128 596,193 — — 603,321 
Residential(1)
3,851 133 3,984 1,077,116 5,002 — 1,086,102 
Consumer(2)
10,719 10,046 20,765 1,870,386 3,309 — 1,894,460 
Total
$78,747 $22,416 $101,163 $13,084,885 $56,245 $15,653 $13,257,946 
% of Total Loans0.59 %0.17 %0.76 %98.70 %0.42 %0.12 %100 %
(1)Residential accruing current balances excludes reverse mortgages, at fair value of $3.7 million.
(2)Includes $15.2 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.
The following table presents the amortized cost basis of nonaccruing collateral-dependent loans by class at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
(Dollars in thousands)Property
Equipment
and other
Property
Equipment
and other
Commercial and industrial$13,094 $6,753 $17,557 $9,504 
Owner-occupied commercial20,343 — 6,580 — 
Commercial mortgages11,522 — 7,565 — 
Construction7,939 — 22,381 — 
Residential(1)
5,114 — 5,002 — 
Consumer(2)
3,485 21 3,285 24 
Total$61,497 $6,774 $62,370 $9,528 
(1)Excludes reverse mortgages at fair value.
(2)Includes home equity lines of credit.
As of June 30, 2026, there were 25 residential loans and 41 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $5.2 million and $38.7 million, respectively. As of December 31, 2025, there were 29 residential loans and 37 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $6.2 million and $36.4 million, respectively. Loan workout and other real estate owned (OREO) expenses were $1.3 million and $3.0 million during the three and six months ended June 30, 2026, and $1.4 million and $2.1 million during three and six months ended June 30, 2025. Loan workout and OREO expenses are included in Loan workout and other credit costs on the unaudited Consolidated Statements of Income.
25
Credit Quality Indicators
Below is a description of each of the risk ratings for all commercial loans:
•Pass. These borrowers currently show no indication of deterioration or potential problems and their loans are considered fully collectible.
•Special Mention. These borrowers have potential weaknesses that deserve management’s close attention. Borrowers in this category may be experiencing adverse operating trends, for example, declining revenues or margins, high leverage, tight liquidity, or increasing inventory without increasing sales. These adverse trends can have a potential negative effect on the borrower’s repayment capacity. These assets are not adversely classified and do not expose the Bank to significant risk that would warrant a more severe rating. Borrowers in this category may also be experiencing significant management problems, pending litigation, or other structural credit weaknesses.
•Substandard or Lower. These borrowers have well-defined weaknesses that require extensive oversight by management. Borrowers in this category may exhibit one or more of the following: inadequate debt service coverage, unprofitable operations, insufficient liquidity, high leverage, and weak or inadequate capitalization. Relationships in this category are not adequately protected by the sound financial worth and paying capacity of the obligor or the collateral pledged on the loan, if any. A distinct possibility exists that the Bank will sustain some loss if the deficiencies are not corrected. In addition, some borrowers in this category could have the added characteristic that the possibility of loss is extremely high. Current circumstances in the credit relationship make collection or liquidation in full highly questionable. Such impending events include: perfecting liens on additional collateral, obtaining collateral valuations, an acquisition or liquidation preceding, proposed merger, or refinancing plan.
Residential and Consumer Loans
The residential and consumer loan portfolios are monitored on an ongoing basis using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans that are greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status.

26
The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of June 30, 2026.
Term Loans Amortized Cost Basis by Origination Year(1)(2)
(Dollars in thousands)20262025202420232022PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial:
Risk Rating
Pass$362,154 $790,371 $437,846 $300,065 $192,114 $412,804 $7,697 $334,016 $2,837,067 
Special mention4,591 5,305 1,488 4,942 10,587 3,354 — 9 30,276 
Substandard or lower20,571 25,037 24,716 11,628 10,896 28,864 27 24,633 146,372 
$387,316 $820,713 $464,050 $316,635 $213,597 $445,022 $7,724 $358,658 $3,013,715 
Current-period gross charge-offs$— $215 $513 $2,086 $5,089 $1,503 $— $— $9,406 
Owner-occupied commercial:
Risk Rating
Pass$193,698 $242,887 $203,602 $221,715 $151,818 $559,259 $— $267,936 $1,840,915 
Special mention— 1,174 2,421 — 2,590 2,182 — 361 8,728 
Substandard or lower2,401 9,059 5,559 10,737 12,768 28,474 — 11,726 80,724 
$196,099 $253,120 $211,582 $232,452 $167,176 $589,915 $— $280,023 $1,930,367 
Current-period gross charge-offs$— $— $253 $— $45 $— $— $— $298 
Commercial mortgages:
Risk Rating
Pass$400,354 $408,229 $362,004 $407,648 $306,622 $1,207,247 $— $636,693 $3,728,797 
Special mention— — — — 3,584 11,388 — 4,727 19,699 
Substandard or lower20,817 22,559 3,324 513 15,253 45,733 — 27,154 135,353 
$421,171 $430,788 $365,328 $408,161 $325,459 $1,264,368 $— $668,574 $3,883,849 
Current-period gross charge-offs$— $— $— $— $1,740 $— $— $— $1,740 
Construction:
Risk Rating
Pass$117,320 $466,667 $282,413 $70,667 $2,863 $9,254 $— $35,027 $984,211 
Special mention— — — — 2,008 — — — 2,008 
Substandard or lower— 9,863 5,435 974 — — — 508 16,780 
$117,320 $476,530 $287,848 $71,641 $4,871 $9,254 $— $35,535 $1,002,999 
Current-period gross charge-offs$— $— $— $3,735 $— $— $— $— $3,735 
Commercial small business leases:
Risk Rating
Performing$102,257 $169,555 $155,611 $98,778 $49,411 $8,563 $— $— $584,175 
Nonperforming— — — — — — — — — 
$102,257 $169,555 $155,611 $98,778 $49,411 $8,563 $— $— $584,175 
Current-period gross charge-offs$18 $356 $2,070 $1,332 $1,182 $379 $— $— $5,337 
Residential(3):
Risk Rating
Performing$238,396 $215,929 $134,271 $127,650 $55,582 $453,737 $— $— $1,225,565 
Nonperforming— — — 109 — 7,100 — — 7,209 
$238,396 $215,929 $134,271 $127,759 $55,582 $460,837 $— $— $1,232,774 
Current-period gross charge-offs$— $— $— $— $— $— $— $— $— 
Consumer(4):
Risk Rating
Performing$8,585 $37,157 $177,304 $191,911 $281,711 $288,974 $814,734 $11,151 $1,811,527 
Nonperforming— — — 255 415 166 2,646 229 3,711 
$8,585 $37,157 $177,304 $192,166 $282,126 $289,140 $817,380 $11,380 $1,815,238 
Current-period gross charge-offs$593 $70 $435 $221 $793 $1,023 $— $— $3,135 
(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.
(2)Excludes loans held for sale.
(3)Excludes reverse mortgages at fair value.
(4)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
27
The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of December 31, 2025.
Term Loans Amortized Cost Basis by Origination Year(1)(2)
(Dollars in thousands)20252024202320222021
Prior
Revolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial:
Risk Rating
Pass$792,428 $498,646 $295,043 $238,011 $67,071 $390,703 $7,917 $296,470 $2,586,289 
Special mention12,525 16,960 4,617 14,149 1,736 4,812 — 3,127 57,926 
Substandard or Lower49,685 17,836 8,951 14,881 3,165 29,720 30 28,171 152,439 
$854,638 $533,442 $308,611 $267,041 $71,972 $425,235 $7,947 $327,768 $2,796,654 
Current-period gross charge-offs$2,020 $6,104 $1,857 $1,714 $13,405 $7,020 $— $— $32,120 
Owner-occupied commercial:
Risk Rating
Pass$243,709 $237,172 $257,796 $176,149 $186,215 $467,831 $— $267,819 $1,836,691 
Special mention4,701 — 685 1,369 1,632 2,035 — 7,393 17,815 
Substandard or Lower11,460 5,891 14,633 10,222 6,108 24,733 — 9,786 82,833 
$259,870 $243,063 $273,114 $187,740 $193,955 $494,599 $— $284,998 $1,937,339 
Current-period gross charge-offs$— $— $4 $— $— $211 $— $— $215 
Commercial mortgages:
Risk Rating
Pass$527,094 $390,403 $521,726 $354,680 $357,104 $1,020,802 $— $578,575 $3,750,384 
Special mention2,927 734 1,592 — 1,202 24,450 — 90 30,995 
Substandard or Lower33,835 8,515 2,557 15,439 4,480 36,678 — 33,276 134,780 
$563,856 $399,652 $525,875 $370,119 $362,786 $1,081,930 $— $611,941 $3,916,159 
Current-period gross charge-offs$— $34 $9 $— $— $4,540 $— $— $4,583 
Construction:
Risk Rating
Pass$444,484 $308,702 $155,421 $6,328 $3,441 $7,665 $— $62,445 $988,486 
Special mention— — — — — — — — — 
Substandard or Lower11,293 5,435 17,399 — — — — 1,298 35,425 
$455,777 $314,137 $172,820 $6,328 $3,441 $7,665 $— $63,743 $1,023,911 
Current-period gross charge-offs$— $— $4,900 $— $— $— $— $— $4,900 
Commercial small business leases:
Risk Rating
Performing$188,345 $182,471 $123,065 $68,356 $21,001 $20,083 $— $— $603,321 
Nonperforming— — — — — — — — — 
$188,345 $182,471 $123,065 $68,356 $21,001 $20,083 $— $— $603,321 
Current-period gross charge-offs$460 $2,887 $5,359 $3,938 $1,489 $253 $— $— $14,386 
Residential(3):
Risk Rating
Performing$231,358 $154,565 $144,660 $59,915 $84,198 $403,653 $— $— $1,078,349 
Nonperforming— — 113 — 3,491 4,149 — — 7,753 
$231,358 $154,565 $144,773 $59,915 $87,689 $407,802 $— $— $1,086,102 
Current-period gross charge-offs$— $— $— $— $— $— $— $— $— 
Consumer(4):
Risk Rating
Performing$46,648 $214,198 $230,309 $321,908 $86,583 $262,586 $717,385 $11,421 $1,891,038 
Nonperforming— — 202 311 — 72 2,601 236 3,422 
$46,648 $214,198 $230,511 $322,219 $86,583 $262,658 $719,986 $11,657 $1,894,460 
Current-period gross charge-offs$9,506 $709 $1,956 $4,097 $1,256 $1,339 $— $— $18,863 
(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.
(2)Excludes loans held for sale.
(3)Excludes reverse mortgages at fair value.
(4)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
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Troubled Loans
The Company offers loan modifications to commercial and consumer borrowers that may result in a term extension, payment delay, interest rate reduction, principal forgiveness, or combination thereof. Loan modifications are offered on a case-by-case basis and are generally term extension, payment delay, and interest rate reduction modification types. Forbearance (due to hardship) programs result in modification types including payment delay and/or term extension. In addition, certain reorganization bankruptcy judgments may result in interest rate reduction, term extension, or principal forgiveness modification types.
The following tables show the period-end amortized cost basis of troubled loans modified during the three and six months ended June 30, 2026 and 2025, disaggregated by portfolio segment and type of modification granted:
Three Months Ended June 30, 2026
(Dollars in thousands)Term ExtensionMore-Than-Insignificant Payment DelayCombination- Term Extension and Payment DelayCombination- Term Extension and Interest Rate ReductionCombination - Payment Delay and Interest Rate ReductionTotal% of Total Loan Category
Commercial and industrial$15,675 $— $— $— $— $15,675 0.52 %
Owner-occupied commercial485 — — — — 485 0.03 %
Commercial mortgages1,944 — 4,221 — — 6,165 0.16 %
Consumer(1)
7 341 266 48 — 662 0.04 %
Total$18,111 $341 $4,487 $48 $— $22,987 0.17 %
Six Months Ended June 30, 2026
(Dollars in thousands)Term ExtensionMore-Than-Insignificant Payment DelayCombination- Term Extension and Payment DelayCombination- Term Extension and Interest Rate ReductionCombination - Payment Delay and Interest Rate ReductionTotal% of Total Loan Category
Commercial and industrial$15,675 $47 $1,753 $— $— $17,475 0.58 %
Owner-occupied commercial1,809 — 1,868 — — 3,677 0.19 %
Commercial mortgages32,431 — 4,221 — 1,489 38,141 0.98 %
Construction— 627 — — — 627 0.06 %
Residential— 870 — — — 870 0.07 %
Consumer(1)
428 424 266 48 — 1,166 0.06 %
Total$50,343 $1,968 $8,108 $48 $1,489 $61,956 0.46 %


(1)Includes home equity lines of credit, installment loans and unsecured lines of credit.
29
Three months ended June 30, 2025
(Dollars in thousands)Term ExtensionMore-Than-Insignificant Payment DelayCombination- Term Extension and Payment DelayTotal% of Total Loan Category
Commercial and industrial$14,874 $2,500 $14,800 $32,174 1.17 %
Commercial mortgages16,029 — 6,570 22,599 0.58 %
Consumer(1)(2)
2 15 8 25 — %
Total$30,905 $2,515 $21,378 $54,798 0.42 %
Six Months Ended June 30, 2025
(Dollars in thousands)Term ExtensionMore-Than-Insignificant Payment DelayCombination- Term Extension and Payment DelayTotal% of Total Loan Category
Commercial and industrial$15,801 $2,565 $14,800 $33,166 1.21 %
Owner-occupied commercial6,912 908 — 7,820 0.40 %
Commercial mortgages52,706 — 6,570 59,276 1.52 %
Construction25,884 — — 25,884 3.02 %
Consumer(1)(3)
2 193 401 596 0.03 %
Total$101,305 $3,666 $21,771 $126,742 0.98 %
(1)Includes home equity lines of credit, installment loans and unsecured lines of credit.
(2)Excludes $1.3 million of troubled loans held for sale.
(3)Excludes $2.3 million of troubled loans held for sale.
The following table describes the financial effect of the modifications made to troubled loans during the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Term Extension(1)
Interest Rate Reduction(2)
More-Than-Insignificant Payment Delay(2)
Term Extension(1)
Interest Rate Reduction(2)
More-Than-Insignificant Payment Delay(2)
Commercial and industrial0.25—% —%0.60—%0.01%
Owner-occupied commercial1.58——0.55—0.01
Commercial mortgages0.24—0.031.610.010.04
Construction0.00——0.00——
Residential0.00——0.00—0.01
Consumer11.970.45—9.410.450.01
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Term Extension(1)
More-Than-Insignificant Payment Delay(2)
Term Extension(1)
More-Than-Insignificant Payment Delay(2)
Commercial and industrial0.730.13%0.740.13%
Owner-occupied commercial0.00—0.260.01
Commercial mortgages0.320.050.630.05
Construction0.00—0.59—
Consumer(3)
0.48—0.49—
(1)Represents the weighted-average increase in the life of modified loans measured in years, which reduces monthly payment amounts for borrowers.
(2)Represents the percentage of loans deferred over the total loan portfolio excluding reverse mortgages at fair value.
(3)Excludes $1.3 million and $2.3 million of troubled loans held for sale for the three and six months ended June 30, 2025, respectively.
As of June 30, 2026 and December 31, 2025, the Company had commitments to extend credit of $9.9 million and $6.4 million, respectively, to borrowers experiencing financial difficulty whose terms had been modified.
30
Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.
The following tables show the amortized cost of loans that received a modification that had a payment default during the three and six months ended June 30, 2026 and the six months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty. There were no loans that received a modification that had a payment default during the three months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
Three Months Ended June 30, 2026
Term ExtensionMore-Than-Insignificant Payment DelayTotal
Commercial and industrial$476 $— $476 
Owner-occupied commercial319 — 319 
Consumer— 201 201 
Total$795 $201 $996 
Six Months Ended June 30, 2026
Term ExtensionMore-Than-Insignificant Payment DelayTotal
Commercial and industrial$476 $— $476 
Owner-occupied commercial319 — 319 
Commercial mortgages2,991 — 2,991 
Consumer— 201 201 
Total$3,786 $201 $3,987 
Six months ended June 30, 2025
Term ExtensionTotal
Commercial mortgages$5,435 $5,435 
Total$5,435 $5,435 
The Company closely monitors the performance of troubled loans to understand the effectiveness of its modification efforts. The following tables show the performance of loans that have been modified in the last 12 months as of June 30, 2026 and 2025:
June 30, 2026
(Dollars in thousands)30-89 Days Past Due and Still Accruing90+ Days Past Due and Still AccruingAccruing Current BalancesNonaccrual LoansTotal
Commercial and industrial$1,088 $— $30,720 $1,679 $33,487 
Owner-occupied commercial— — 5,434 3,818 9,252 
Commercial mortgages— — 51,761 7,678 59,439 
Construction— — 627 — 627 
Residential225 — 870 — 1,095 
Consumer(1)
61 — 1,440 335 1,836 
Total$1,374 $— $90,852 $13,510 $105,736 
(1)Includes home equity lines of credit, installment loans and unsecured lines of credit.

31
June 30, 2025
30-89 Days Past Due and Still Accruing90+ Days Past Due and Still AccruingAccruing Current BalancesNonaccrual LoansTotal
Commercial and industrial(1)
$— $— $32,869 $17,818 $50,687 
Owner-occupied commercial— 6,786 — 1,034 7,820 
Commercial mortgages— — 54,125 21,325 75,450 
Construction— — 19,641 25,884 45,525 
Residential— — — 140 140 
Consumer(2)(3)
44 8 623 193 868 
Total$44 $6,794 $107,258 $66,394 $180,490 
(1)Excludes $10.9 million of troubled loans held for sale.
(2)Includes home equity lines of credit, installment loans and unsecured lines of credit.
(3)Excludes $4.5 million of troubled loans held for sale.

Allowance for Credit Losses Related to Other Accounts Receivable
The Company determines the allowance for other accounts receivable (e.g. fee-related receivables) considering historical loss information and other available indicators. In certain cases where there are no historical or current indicators of an expected credit loss, we may estimate the reserve to be close to zero. The allowance for credit losses related to other accounts receivable was $2.8 million as of June 30, 2026 and December 31, 2025.
32
7. LEASES
As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment. As a lessor, the Company primarily provides financing through its equipment leasing business.
Lessee
The Company's ongoing leases have remaining lease terms of less than one year to 19 years, which includes renewal options that are reasonably expected to be exercised at its discretion. The Company's lease terms to calculate the lease liability and right-of-use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right-of-use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statements of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statements of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties.
The components of operating lease cost were as follows:
Three months endedSix months ended
(Dollars in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Operating lease cost (1)
$3,782 $4,211 $7,707 $8,628 
Sublease income(27)(26)(54)(51)
Net lease cost$3,755 $4,185 $7,653 $8,577 
(1)Includes variable lease cost and short-term lease cost.
Supplemental information related to operating leases was as follows:
(Dollars in thousands)June 30, 2026December 31, 2025
Right-of-use assets$94,194 $102,891 
Lease liabilities$117,747 $125,288 
Lease term and discount rate
Weighted average remaining lease term (in years)11.1311.35
Weighted average discount rate5.17 %5.26 %
Maturities of operating lease liabilities were as follows:
(Dollars in thousands)June 30, 2026
Remaining in 2026$8,555 
202715,081 
202814,621 
202912,610 
203012,345 
After 203093,194 
Total lease payments156,406 
Less: Interest(38,659)
Present value of lease liabilities$117,747 
33
Supplemental cash flow information related to operating leases was as follows:
Three months endedSix months ended
(Dollars in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,415 $4,754 $8,367 $9,467 
As of June 30, 2026, the Company had entered into two leases that have not yet commenced, with estimated future lease payments of approximately $26.1 million. These leases are expected to commence in the third quarter of 2026, with initial lease terms of 11 and 13 years, respectively.
Lessor Equipment Leasing
The Company provides equipment and small business lease financing through its leasing subsidiary, NewLane Finance®. Interest income from direct financing leases where the Company is a lessor is recognized in Interest and fees on loans and leases on the unaudited Consolidated Statements of Income. The allowance for credit losses on finance leases is included in Provision for credit losses on the unaudited Consolidated Statements of Income.
The components of direct finance lease income are summarized in the table below:
Three months endedSix months ended
(Dollars in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Direct financing leases:
Interest income on lease receivables$14,631 $16,068 $29,597 $32,280 
Interest income on deferred fees and costs, net(2,072)(2,293)(4,187)(4,546)
Total direct financing lease net interest income$12,559 $13,775 $25,410 $27,734 
Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:
(Dollars in thousands)June 30, 2026December 31, 2025
Lease receivables$673,310 $695,125 
Unearned income(105,316)(109,667)
Deferred fees and costs16,181 17,863 
Net investment in direct financing leases$584,175 $603,321 
34
8. GOODWILL AND INTANGIBLE ASSETS
In accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles - Goodwill and Other (ASC 350), all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value as of acquisition date.
WSFS performs its annual goodwill impairment test on October 1, or more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. In between annual tests, management performs a qualitative review of goodwill quarterly as part of the Company's review of the overall business to ensure no events or circumstances have occurred that would impact its goodwill evaluation. During the six months ended June 30, 2026, management determined based on its qualitative assessment that the fair values of our reporting units exceeded their carrying values, and no goodwill impairment existed.
The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:
(Dollars in thousands)WSFS
Bank		Wealth
and Trust		Consolidated
Company
December 31, 2024$753,586 $132,312 $885,898 
Goodwill adjustments(1)
— (674)(674)
December 31, 2025$753,586 $131,638 $885,224 
Goodwill adjustments— — — 
June 30, 2026$753,586 $131,638 $885,224 
(1)During the second quarter of 2025, the Company completed the sale of the WSFS Wealth Management, LLC (dba Powdermill Financial Solutions) business.
ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes the Company's intangible assets:
(Dollars in thousands)Gross
Intangible
Assets		Accumulated
Amortization		Net
Intangible
Assets		Amortization Period
June 30, 2026
Core deposits$98,876 $(70,154)$28,722 10 years
Client relationships65,329 (24,064)41,265 
7-15 years
Loan servicing rights(1)
11,958 (7,618)4,340 
10-25 years
Tradename2,900 — 2,900 indefinite
Total intangible assets$179,063 $(101,836)$77,227 
December 31, 2025
Core deposits$101,511 $(67,845)$33,666 10 years
Client relationships68,270 (24,620)43,650 
7-15 years
Loan servicing rights(2)
11,527 (7,064)4,463 
10-25 years
Tradename2,900 — 2,900 indefinite
Total intangible assets$184,208 $(99,529)$84,679 
(1)Gross asset includes valuation allowance for impairment losses of $0.1 million as of June 30, 2026.
(2)Gross asset includes valuation allowance for impairment losses of $0.4 million as of December 31, 2025.
The Company recognized amortization expense on intangible assets of $3.7 million and $7.3 million for the three and six months ended June 30, 2026 compared to $3.9 million and $7.8 million for the three and six months ended June 30, 2025.
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The following table presents the estimated future amortization expense on definite life intangible assets:
(Dollars in thousands)June 30, 2026
Remaining in 2026$7,694 
202715,064 
202814,398 
20297,163 
20305,627 
Thereafter24,381 
Total$74,327 
Servicing Assets
The value of the Company's SBA loan servicing rights was $3.4 million at June 30, 2026 and December 31, 2025, and the value of its mortgage servicing rights was $1.0 million and $1.1 million at June 30, 2026 and December 31, 2025, respectively. Changes in the value of the Company's servicing rights resulted in a reversal of impairment losses of $0.1 million and $0.2 million for the three and six months ended June 30, 2026, respectively, and impairment losses of $0.2 million and $0.3 million for the three and six months ended June 30, 2025, respectively. Revenues from the Company's SBA loan servicing rights are included in Loan and lease fee income in the unaudited Consolidated Statements of Income, and revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage banking activities, net in the unaudited Consolidated Statements of Income.
Besides the impairment on loan servicing rights noted above, there was no impairment of other intangible assets as of June 30, 2026 or December 31, 2025.
9. DEPOSITS

The following table shows deposits by category:
(Dollars in thousands)June 30, 2026December 31, 2025
Noninterest-bearing:
Noninterest demand$7,008,388 $5,576,598 
Total noninterest-bearing$7,008,388 $5,576,598 
Interest-bearing:
Interest-bearing demand$2,878,218 $2,884,356 
Savings1,351,926 1,409,940 
Money market5,894,205 5,761,965 
Client time deposits1,870,898 2,009,629 
Total interest-bearing11,995,247 12,065,890 
Total deposits$19,003,635 $17,642,488 

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10. INCOME TAXES
There were no unrecognized tax benefits as of June 30, 2026. The Company records interest and penalties on potential income tax deficiencies as income tax expense. The Company's federal and state tax returns for the 2022 through 2025 tax years are subject to examination as of June 30, 2026. The Company does not expect to record or realize any material unrecognized tax benefits during 2026.
The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the three months ended June 30, 2026 were $2.5 million, $2.8 million, and $0.8 million, respectively, compared to $1.9 million, $2.2 million, and $0.6 million, respectively, for the three months ended June 30, 2025. The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the six months ended June 30, 2026 were $5.1 million, $5.5 million, and $1.5 million, respectively, compared to $3.9 million, $4.4 million, and $1.3 million, respectively, for the six months ended June 30, 2025. The carrying value of the investment in affordable housing credits was $144.3 million at June 30, 2026, compared to $115.8 million at December 31, 2025 and is included in the Other assets line item on the unaudited Consolidated Statements of Financial Condition. Unfunded commitments related to our investment in affordable housing credits were $96.1 million at June 30, 2026, compared to $72.7 million at December 31, 2025 and are included in the Other liabilities line item on the unaudited Consolidated Statements of Financial Condition.
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11. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
ASC 820-10, Fair Value Measurement (ASC 820-10) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:
•Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.
•Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means.
•Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
The following tables present financial instruments carried at fair value as of June 30, 2026 and December 31, 2025 by level in the valuation hierarchy (as described above):
June 30, 2026
(Dollars in thousands)Quoted
Prices in
Active
Markets for
Identical
Asset
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Fair
Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO$— $381,979 $— $381,979 
FNMA MBS— 3,036,590 — 3,036,590 
FHLMC MBS— 148,735 — 148,735 
GNMA MBS— 88,416 — 88,416 
GSE agency notes— 185,288 — 185,288 
Other assets— 129,538 54 129,592 
Total assets measured at fair value on a recurring basis$— $3,970,546 $54 $3,970,600 
Liabilities measured at fair value on a recurring basis:
Other liabilities$— $117,259 $3,295 $120,554 
Assets measured at fair value on a nonrecurring basis:
Other investments$— $— $6,472 $6,472 
Other real estate owned— — 12,690 12,690 
Loans held for sale— 33,926 — 33,926 
Total assets measured at fair value on a nonrecurring basis$— $33,926 $19,162 $53,088 
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December 31, 2025
(Dollars in thousands)Quoted
Prices in
Active
Markets for
Identical
Asset
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Fair
Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO$— $405,146 $— $405,146 
FNMA MBS— 2,785,407 — 2,785,407 
FHLMC MBS— 116,505 — 116,505 
GNMA MBS— 47,383 — 47,383 
GSE agency notes— 187,805 — 187,805 
Other assets— 145,425 80 145,505 
Total assets measured at fair value on a recurring basis$— $3,687,671 $80 $3,687,751 
Liabilities measured at fair value on a recurring basis:
Other liabilities$— $120,432 $5,429 $125,861 
Assets measured at fair value on a nonrecurring basis
Other investments$— $— $11,090 $11,090 
Other real estate owned— — 200 200 
Loans held for sale— 61,573 — 61,573 
Total assets measured at fair value on a nonrecurring basis$— $61,573 $11,290 $72,863 
Fair value is based on quoted market prices, where available. If such quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Available-for-sale securities
Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company believes that this Level 2 designation is appropriate under ASC 820-10, as these securities are GSEs and GNMA securities with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors.
Other investments
Other investments includes equity investments without readily determinable fair values, which are categorized as Level 3. The Company’s equity investments without readily determinable fair values are held at cost, and are adjusted for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer during the reporting period.
Other real estate owned
Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of other real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties.
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Loans held for sale
The fair value of loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities or market bids obtained from potential buyers.
Other assets
Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, and risk participation agreements. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of foreign exchange forward contracts and risk participation agreements are obtained from an independent pricing service.
Other liabilities
Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of foreign exchange forward contracts and risk participation agreements are obtained from an independent pricing service. Valuation of the derivative related to the sale of certain Visa Class B common shares is based on: (i) the agreed upon graduated fee structure; (ii) the length of time until the resolution of the Visa covered litigation; and (iii) the estimated impact of dilution in the conversion ratio of Class B shares resulting from changes in the Visa covered litigation.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future.
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:
Cash, cash equivalents, and restricted cash
For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value.
Investment securities
Investment securities include debt securities classified as held-to-maturity or available-for-sale. Fair value is estimated using quoted prices for similar securities, which the Company obtains from a third-party vendor. The Company uses one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by the Company to validate the vendor’s methodology as described above in available-for-sale securities.
Other investments
Other investments includes equity investments without readily determinable fair values (see discussion in “Fair Value of Financial Assets and Liabilities” section above) as well as equity method investments.
Loans held for sale
Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above).
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Loans and leases
Loans and leases are segregated by portfolio segments with similar financial characteristics. The fair values of loans and leases, with the exception of reverse mortgages, are estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. The fair values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral, if the loan is collateral dependent. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique does contemplate an exit price.
Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh
The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value.
Accrued interest receivable
The carrying amounts of interest receivable approximate fair value.
Other assets
Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, and risk participation agreements (see discussion in “Fair Value of Financial Assets and Liabilities” section above).
Deposits
The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates currently offered for deposits with comparable remaining maturities.
Borrowed funds
Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt.
Off-balance sheet instruments
The fair value of off-balance sheet instruments, including swap guarantees of $3.5 million at June 30, 2026 and $4.1 million at December 31, 2025, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution.
Accrued interest payable
The carrying amounts of interest payable approximate fair value.
Other liabilities
Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above).
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Financial instruments measured at fair value using significant unobservable inputs (Level 3)
The following tables provide a description of the valuation techniques and significant unobservable inputs for the Company's financial instruments classified as Level 3 as of June 30, 2026 and December 31, 2025:
(Dollars in thousands)June 30, 2026
Financial InstrumentFair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Other investments$6,472 Observed market comparable transactionsPeriod of observed transactions
June 2026
Other real estate owned12,690 Fair market value of collateralCosts to sell
10.0%
Other assets (Risk participation agreements purchased)54
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: 110 - 360 bps (265 bps)
LGD: –% - 2% (2%)
Other liabilities (Risk participation agreements sold)99 
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: 160 - 350 bps (200 bps)
LGD: 30%
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)3,196 Discounted cash flowTiming of Visa litigation resolution
1.00 year or 2Q 2027
(Dollars in thousands)December 31, 2025
Financial InstrumentFair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Other investments$11,090 Observed market comparable transactionsPeriod of observed transactionsDecember 2025
Other real estate owned200 Fair market value of collateralCosts to sell
10.0%
Other assets (Risk participation agreements purchased)80
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: 110 - 360 bps (281 bps)
LGD: 2%
Other liabilities (Risk participation agreements sold)122 
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: 160 - 350 bps (202 bps)
LGD: 30%
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)5,307 Discounted cash flowTiming of Visa litigation resolution
1.50 years or 2Q 2027
42
The book value and estimated fair value of the Company's financial instruments are as follows:
 
June 30, 2026December 31, 2025
(Dollars in thousands)Fair Value
Measurement		Book ValueFair ValueBook ValueFair Value
Financial assets:
Cash, cash equivalents, and restricted cashLevel 1$2,570,636 $2,570,636 $1,699,154 $1,699,154 
Investment securities available-for-saleLevel 23,841,008 3,841,008 3,542,246 3,542,246 
Investment securities held-to-maturity, netLevel 2943,292 845,831 968,331 879,066 
Other investmentsLevel 38,877 8,877 13,441 13,441 
Loans, held for saleLevel 233,926 33,926 61,573 61,573 
Loans and leases, net(1)
Level 313,289,859 13,267,874 13,082,027 13,171,197 
Stock in FHLB of PittsburghLevel 224,361 24,361 10,194 10,194 
Accrued interest receivableLevel 278,076 78,076 80,285 80,285 
Other assetsLevels 2, 3129,592 129,592 145,505 145,505 
Financial liabilities:
DepositsLevel 2$19,003,635 $18,988,879 $17,642,488 $17,631,304 
Borrowed fundsLevel 2307,017 290,911 302,682 288,470 
Standby letters of credit
Level 3892 892 766 766 
Accrued interest payableLevel 216,229 16,229 19,646 19,646 
Other liabilitiesLevels 2, 3120,554 120,554 125,861 125,861 
 (1) Includes reverse mortgage loans.
At June 30, 2026 and December 31, 2025 the Company had no commitments to extend credit measured at fair value.
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12. DERIVATIVE FINANCIAL INSTRUMENTS
Risk Management Objective of Using Derivatives
The Company is exposed to certain risks arising from both economic conditions and its business operations. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. The Company does not use derivative financial instruments for proprietary or speculative trading.
Fair Values of Derivative Instruments
The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of June 30, 2026.
Fair Values of Derivative Instruments
(Dollars in thousands)CountNotionalBalance Sheet LocationDerivatives
(Fair Value)
Derivatives designated as hedging instruments:
Interest rate options24$2,150,000 Other assets$13,306 
Interest rate swaps and options3300,000 Other liabilities(1,674)
Total $2,450,000 $11,632 
Derivatives not designated as hedging instruments:
Interest rate swaps and options$3,642,833 Other assets$115,371 
Interest rate swaps and options3,592,906 Other liabilities(115,377)
Interest rate lock commitments with Clients34,709 Other assets710 
Interest rate lock commitments with Clients1,349 Other liabilities(6)
Forward sale commitments 25,416 Other assets45 
Forward sale commitments 33,866 Other liabilities(83)
FX forwards4,551 Other assets106 
FX forwards6,922  Other liabilities (119)
Risk participation agreements sold113,014  Other liabilities (99)
Risk participation agreements purchased325,099  Other assets 54 
Financial derivatives related to
sales of certain Visa Class B shares		35,046 Other liabilities(3,196)
Total derivatives $10,265,711 $9,038 
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The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of December 31, 2025.
Fair Values of Derivative Instruments
(Dollars in thousands)CountNotionalBalance Sheet LocationDerivatives
(Fair Value)
Derivatives designated as hedging instruments:
Interest rate options25$2,200,000 Other assets$24,209 
Total $2,200,000 $24,209 
Derivatives not designated as hedging instruments:
Interest rate swaps and options$3,316,973 Other assets$119,699 
Interest rate swaps and options3,298,973 Other liabilities(119,706)
Interest rate lock commitments with Clients54,789 Other assets824 
Interest rate lock commitments with Clients448 Other liabilities(1)
Forward sale commitments 3,225 Other assets5 
Forward sale commitments 56,179 Other liabilities(118)
FX forwards22,120 Other assets688 
FX forwards22,490 Other liabilities(607)
Risk participation agreements sold115,059 Other liabilities(122)
Risk participation agreements purchased219,617 Other assets80 
Financial derivatives related to
sales of certain Visa Class B shares		53,088 Other liabilities(5,307)
Total derivatives $9,362,961 $19,644 
Effect of Derivative Instruments on the Income Statement
The table below presents the effect of derivative financial instruments designated as hedging instruments on the unaudited Consolidated Statements of Income for the three and six months ended June 30, 2026 and June 30, 2025.
(Dollars in thousands)Amount of Gain (Loss) Recognized in OCI Included ComponentAmount of Gain (Loss) Recognized in OCI Excluded ComponentAmount of Gain (Loss) Recognized in OCI on DerivativeLocation of Gain (Loss) Reclassified from Accumulated OCI into Income
Three months ended June 30, 2026
Interest rate options$(8,014)$1,773 $(6,241)Interest income
Total$(8,014)$1,773 $(6,241)
Six months ended June 30, 2026
Interest rate options$(11,883)$3,550 $(8,333)Interest income
Total$(11,883)$3,550 $(8,333)
Three months ended June 30, 2025
Interest rate options$32 $1,408 $1,440 Interest income
Total$32 $1,408 $1,440 
Six months ended June 30, 2025
Interest rate options$1,610 $2,705 $4,315 Interest income
Total$1,610 $2,705 $4,315 
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The table below presents the effect of derivative financial instruments not designated as hedging instruments on the unaudited Consolidated Statements of Income for the three and six months ended June 30, 2026 and June 30, 2025.
Amount of Gain (Loss) Recognized in IncomeAmount of Gain (Loss) Recognized in IncomeLocation of Gain (Loss) Recognized in Income
(Dollars in thousands)Three Months Ended June 30,Six Months Ended June 30,
Derivatives not designated as hedging instruments2026202520262025
Interest rate swaps and options$2,682 $1,331 $4,202 $2,711 Other income
Interest rate lock commitments with Clients(88)241 (125)656 Mortgage banking activities, net
Forward sale commitments145 (391)487 $(759)Mortgage banking activities, net
FX forwards(48)36 26 74 Other income
Risk participation agreements(3)(57)(3)(491)Other income
Total$2,688 $1,160 $4,587 $2,191 
Derivatives Designated as Hedging Instruments:
Cash Flow Hedges of Interest Rate Risk
The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate options, including floors, caps, collars, or swaps as part of its interest rate risk management strategy. Interest rate options designated as cash flow hedges involve the receipt of fixed amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount.
The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if it fails to maintain its status as a well-capitalized or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.
As of June 30, 2026, the Company had 25 interest rate floors purchased at an aggregate premium of $46.3 million with an aggregate notional amount of $2.3 billion and two interest rate swaps with a notional amount of $0.2 billion to hedge variable cash flows associated with a variable rate loan pool. The outstanding hedges have maturities up to February 2031. Changes to the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. If the Company determines that a cash flow hedge is no longer highly effective, future changes in the fair value of the hedging instrument would be reported in earnings. As of June 30, 2026, the Company determined the cash flow hedges remain highly effective. During the three and six months ended June 30, 2026, $4.0 million and $8.0 million of amortization expense on premiums was reclassified into interest income compared to $2.3 million and $4.1 million during the three and six months ended June 30, 2025. The Company does not expect any unrealized gains or losses related to cash flow hedges to be reclassified into earnings in the next twelve months.
Derivatives Not Designated as Hedging Instruments:
Client Derivatives – Interest Rate Swaps
The Company enters into interest rate swaps, options, and other hedging contracts (collectively, "swaps") with commercial loan Clients and other qualified client counterparties wishing to manage interest rate risk exposures. The Company then enters into offsetting hedging agreements with swap dealer counterparties to economically hedge the exposure arising from these contracts. The interest rate swaps with both the Clients and third parties are not designated as hedges under ASC 815, Derivatives and Hedging (ASC 815) and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of June 30, 2026, there were no fair value adjustments related to credit quality.
46
Derivative Financial Instruments from Mortgage Banking Activities
Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans to Clients, also referred to as interest rate lock commitments. The Company may also enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate interest rate risk.
Foreign Exchange Forward Contracts
The Company enters into foreign exchange forward contracts (FX forwards) with Clients to exchange one currency for another on an agreed date in the future at an agreed exchange rate. The Company then enters into corresponding FX forwards with swap dealer counterparties to economically hedge its exposure on the exchange rate component of the client agreements. The FX forwards with both the Clients and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate. As the FX forwards are structured to offset each other, changes to the underlying term structure of currency exchange rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of June 30, 2026, there were no fair value adjustments related to credit quality.
Risk Participation Agreements
The Company may enter into a risk participation agreement (RPA) with another institution as a means to assume a portion of the credit risk associated with a loan structure which includes a derivative instrument, in exchange for fee income commensurate with the risk assumed. This type of derivative is referred to as an “RPA sold.” In addition, in an effort to reduce the credit risk associated with an interest rate swap agreement with a borrower for whom the Company has provided a loan structured with a derivative, the Company may purchase an RPA from an institution participating in the facility in exchange for a fee commensurate with the risk shared. This type of derivative is referred to as an “RPA purchased.”
Swap Guarantees
The Company entered into agreements with one unrelated financial institution whereby that financial institution entered into interest rate derivative contracts (interest rate swap transactions) directly with Clients referred to them by the Company. Under the terms of the agreements, the financial institution has recourse to us for any exposure created under each swap transaction, only in the event that the client defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows us to provide access to interest rate swap transactions for our Clients without creating the swap ourselves. These swap guarantees are accounted for as credit derivatives.
At June 30, 2026 and December 31, 2025, there were 101 and 123 variable-rate to fixed-rate swap transactions between the third-party financial institutions and the Company's Clients, respectively. The initial notional aggregate amount was approximately $0.4 billion and $0.5 billion at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026, the swap transactions remaining maturities ranged from under 1 year to 10 years. At June 30, 2026, none of these client swaps were in a paying position to third parties, with our swap guarantees having a fair value of $3.5 million. At December 31, 2025, one of these client swaps was in a paying position to third parties for less than $1.0 thousand, with the Company's swap guarantees having a fair value of $4.1 million. For both periods, none of the Company's Clients were in default of the swap agreements.
Credit-risk-related Contingent Features
The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if it fails to maintain its status as a well-capitalized or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.
The Company had $0.7 million of derivatives with credit-risk-related contingent features in a net liability position as of June 30, 2026 and $4.4 million at December 31, 2025. The Company was required to post collateral on these derivatives of $1.4 million as of June 30, 2026 compared to $5.0 million as of December 31, 2025.
If the Company had breached any of these provisions at June 30, 2026, it could have been required to settle its obligations under the agreements at the termination value.
Other Derivative Posted Collateral
The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $2.5 million in cash against its obligations under these agreements which meets or exceeds the minimum collateral posting requirements.
47
13. SEGMENT INFORMATION
As defined in ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company evaluates performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to the Company's segments are those that apply to its preparation of the accompanying unaudited Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth and Trust.
The WSFS Bank segment provides financial products to Commercial and Consumer Clients. Commercial and Consumer Banking and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same Clients and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment.
The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with Clients of Cash Connect®.
The Wealth and Trust segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional Clients. Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management, which includes Private Banking, serves high-net-worth Clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and customized banking services including credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the bank’s charter and as a registered investment advisor (RIA). It generates revenue through fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.
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.

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The following table shows segment results for the three months ended June 30, 2026 and 2025, and represent amounts included in management's reports that are regularly provided to the Company's CODM: Rodger Levenson, Chairman, President and Chief Executive Officer. The CODM evaluates performance based on pretax net income relative to resources used, and allocates resources based on these results.
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
and Trust		TotalWSFS Bank
Cash
Connect®
Wealth
and Trust		Total
Statements of Income
External client revenues:
Interest income$250,111 $— $6,725 $256,836 $246,891 $— $6,299 $253,190 
Interest expense56,481 — 7,855 64,336 66,142 — 7,553 73,695 
Net interest income193,630 — (1,130)192,500 180,749 — (1,254)179,495 
Noninterest income15,967 22,222 51,779 89,968 19,475 24,301 44,233 88,009 
Total external client revenues209,597 22,222 50,649 282,468 200,224 24,301 42,979 267,504 
Inter-segment revenues:
Interest income7,001 437 36,407 43,845 7,950 465 28,107 36,522 
Interest expense36,844 3,404 3,597 43,845 28,572 4,077 3,873 36,522 
Net interest income(29,843)(2,967)32,810 — (20,622)(3,612)24,234 — 
Noninterest income9,054 473 576 10,103 9,105 452 304 9,861 
Total inter-segment revenues(20,789)(2,494)33,386 10,103 (11,517)(3,160)24,538 9,861 
Total revenue188,808 19,728 84,035 292,571 188,707 21,141 67,517 277,365 
External client expenses:
Provision for credit losses3,227 6 1,811 5,044 8,172 — 4,449 12,621 
Noninterest expenses:
Salaries, benefits and other compensation75,152 2,609 18,006 95,767 70,136 2,587 16,422 89,145 
Occupancy expense8,315 — (6)8,309 8,501 — 328 8,829 
Equipment expense10,249 325 3,087 13,661 11,290 420 2,488 13,778 
Professional fees2,941 159 1,652 4,752 3,456 148 2,755 6,211 
Other segment items(1)
27,397 12,190 4,224 43,811 24,886 13,108 2,818 41,380 
Total external client expenses127,281 15,289 28,774 171,344 126,441 16,263 29,260 171,964 
Inter-segment expenses:
Noninterest expenses1,049 1,487 7,567 10,103 756 1,585 7,520 9,861 
Total inter-segment expenses1,049 1,487 7,567 10,103 756 1,585 7,520 9,861 
Total expenses128,330 16,776 36,341 181,447 127,197 17,848 36,780 181,825 
Income before taxes$60,478 $2,952 $47,694 $111,124 $61,510 $3,293 $30,737 $95,540 
Income tax provision26,795 23,319 
Consolidated net income84,329 72,221 
Net loss attributable to noncontrolling interest(69)(105)
Net income attributable to WSFS$84,398 $72,326 
Supplemental Information
Capital expenditures for the period ended$1,735 $— $— $1,735 $1,774 $67 $135 $1,976 
(1)Other segment items for each reportable segment includes:
WSFS Bank - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, corporate development expense, restructuring expense, and certain other noninterest expenses.
Cash Connect® - data processing and operation expense, marketing expense, and certain other noninterest expenses, which includes external funding costs.
Wealth and Trust - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses.
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Six Months Ended June 30, 2026Six Months Ended June 30, 2025
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
and Trust		TotalWSFS Bank
Cash
Connect®
Wealth
and Trust		Total
Statements of Income
External client revenues:
Interest income492,842 — 13,203 506,045 491,768 — 12,300 504,068 
Interest expense112,728 — 15,681 128,409 134,075 — 15,282 149,357 
Net interest income380,114 — (2,478)377,636 357,693 — (2,982)354,711 
Noninterest income34,694 44,047 101,342 180,083 36,170 48,836 83,900 168,906 
Total external client revenues414,808 44,047 98,864 557,719 393,863 48,836 80,918 523,617 
Inter-segment revenues:
Interest income13,521 895 68,706 83,122 15,484 886 53,749 70,119 
Interest expense69,601 6,491 7,030 83,122 54,635 7,974 7,510 70,119 
Net interest income(56,080)(5,596)61,676 — (39,151)(7,088)46,239 — 
Noninterest income17,954 878 1,056 19,888 17,327 850 518 18,695 
Total inter-segment revenues(38,126)(4,718)62,732 19,888 (21,824)(6,238)46,757 18,695 
Total revenue376,682 39,329 161,596 577,607 372,039 42,598 127,675 542,312 
External client expenses:
Provision for (release of) credit losses82 (70)3,034 3,046 24,683 — 5,288 29,971 
Noninterest expenses:
Salaries, benefits and other compensation146,834 5,072 35,748 187,654 134,073 5,208 32,341 171,622 
Occupancy expense18,472 — (24)18,448 18,026 — 696 18,722 
Equipment expense20,295 738 5,900 26,933 21,336 887 5,170 26,506 
Professional fees5,825 198 2,847 8,870 6,641 243 4,268 10,909 
Other segment items(1)
55,783 24,424 6,953 87,160 48,342 28,383 5,524 83,379 
Total external client expenses247,291 30,362 54,458 332,111 253,101 34,721 53,287 341,109 
Inter-segment expenses:
Noninterest expenses1,934 3,002 14,952 19,888 1,368 3,030 14,297 18,695 
Total inter-segment expenses1,934 3,002 14,952 19,888 1,368 3,030 14,297 18,695 
Total expenses249,225 33,364 69,410 351,999 254,469 37,751 67,584 359,804 
Income before taxes$127,457 $5,965 $92,186 225,608 $117,570 $4,847 $60,091 182,508 
Income tax provision54,434 44,420 
Consolidated net income171,174 138,088 
Net loss attributable to noncontrolling interest(51)(134)
Net income attributable to WSFS171,225 138,222 
Supplemental Information
Capital expenditures for the period ended2,620 — — 2,620 3,795 109 503 4,407 
(1)Other segment items for each reportable segment includes:
WSFS Bank - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, corporate development expense, restructuring expense, and certain other noninterest expenses.
Cash Connect® - data processing and operation expense, marketing expense, and certain other noninterest expenses, which includes external funding costs.
Wealth and Trust - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses.

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The following table shows significant components of segment net assets as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
and Trust		TotalWSFS Bank
Cash
Connect®
Wealth
and Trust		Total
Statements of Financial Condition
Cash and cash equivalents$2,137,644 $387,730 $45,262 $2,570,636 $1,296,675 $355,854 $46,625 $1,699,154 
Goodwill753,586 — 131,638 885,224 753,586 — 131,638 885,224 
Other segment assets18,654,877 6,997 536,214 19,198,088 18,214,198 7,827 507,673 18,729,698 
Total segment assets$21,546,107 $394,727 $713,114 $22,653,948 $20,264,459 $363,681 $685,936 $21,314,076 
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14. COMMITMENTS AND CONTINGENCIES
Secondary Market Loan Sales
The Company typically sells newly originated residential mortgage loans in the secondary market to mortgage loan aggregators and, on a more limited basis, to GSEs such as FHLMC, FNMA, and the FHLB. Loans held for sale are reflected on the unaudited Consolidated Statements of Financial Condition at fair value with changes in the value reflected in the unaudited Consolidated Statements of Income. Gains and losses are recognized at the time of sale. The Company periodically retains the servicing rights on residential mortgage loans sold which results in monthly service fee income. The mortgage servicing rights are included in Goodwill and intangible assets on the unaudited Consolidated Statements of Financial Condition. Otherwise, the Company sells loans with servicing released on a nonrecourse basis. Rate-locked loan commitments that the Company intends to sell in the secondary market are accounted for as derivatives under ASC 815.
The Company does not sell loans with recourse, except for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, early payment default by the borrower. These are customary repurchase provisions in the secondary market for residential mortgage loan sales. These provisions may include either an indemnification from loss or the repurchase of the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were two repurchases for $0.4 million during the six months ended June 30, 2026 and three repurchases for $0.8 million during the same period in 2025.
Unfunded Lending Commitments
At June 30, 2026 and December 31, 2025, the Company had unfunded lending commitments of $3.2 billion and $3.0 billion, respectively. As of June 30, 2026 and December 31, 2025, the reserve for unfunded lending commitments was $13.5 million and $12.3 million, respectively. An expense of $0.8 million and $1.2 million was recognized during the three and six months ended June 30, 2026, respectively, compared to an expense of $0.3 million and a release of $0.2 million during the three and six months ended June 30, 2025, respectively.
52
15. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss includes unrealized gains and losses on available-for-sale investments, unrealized gains and losses on cash flow hedges, as well as unrecognized prior service costs and actuarial gains and losses on defined benefit pension plans. Changes to accumulated other comprehensive loss are presented, net of tax, as a component of stockholders’ equity. Amounts that are reclassified out of accumulated other comprehensive loss are recorded on the unaudited Consolidated Statements of Income either as a gain or loss. Changes to accumulated other comprehensive loss by component are shown, net of taxes, in the following tables for the period indicated:
(Dollars in thousands)Net change in
investment
securities
available-for-sale		Net change
in investment securities
held-to-maturity		Net
change in
defined
benefit
plan		Net change in
fair value of
derivatives
used for cash
flow hedges		Net change in equity method investmentsTotal
Balance, March 31, 2026$(385,270)$(60,542)$(3,099)$(4,882)$(294)$(454,087)
Other comprehensive loss(8,655)— — — (57)(8,712)
Amounts reclassified from accumulated other comprehensive loss— 2,904 (88)(6,241)— (3,425)
Net current-period other comprehensive (loss) income(8,655)2,904 (88)(6,241)(57)(12,137)
Balance, June 30, 2026$(393,925)$(57,638)$(3,187)$(11,123)$(351)$(466,224)
Balance, March 31, 2025$(467,752)$(73,217)$(3,876)$(4,422)$(207)$(549,474)
Other comprehensive income (loss)22,688 — 9 — (16)22,681 
Amounts reclassified from accumulated other comprehensive loss— 3,267 (70)1,440 — 4,637 
Net current-period other comprehensive income (loss)22,688 3,267 (61)1,440 (16)27,318 
Balance, June 30, 2025$(445,064)$(69,950)$(3,937)$(2,982)$(223)$(522,156)

(Dollars in thousands)Net change in
investment
securities
available-for-sale		Net change
in investment securities
held-to-maturity		Net
change in
defined
benefit
plan		Net change in
fair value of
derivatives
used for cash
flow hedges		Net change in equity method investmentsTotal
Balance, December 31, 2025$(376,545)$(63,409)$(2,524)$(2,790)$(279)$(445,547)
Other comprehensive (loss) income(17,380)— (488)— (72)(17,940)
Amounts reclassified from accumulated other comprehensive loss— 5,771 (175)(8,333)— (2,737)
Net current-period other comprehensive (loss) income(17,380)5,771 (663)(8,333)(72)(20,677)
Balance, June 30, 2026$(393,925)$(57,638)$(3,187)$(11,123)$(351)$(466,224)
Balance, December 31, 2024$(537,789)$(76,405)$(3,815)$(7,297)$429 $(624,877)
Other comprehensive income (loss)92,725 — 17 — (652)92,090 
Amounts reclassified from accumulated other comprehensive loss— 6,455 (139)4,315 — 10,631 
Net current-period other comprehensive income (loss)92,725 6,455 (122)4,315 (652)102,721 
Balance, June 30, 2025$(445,064)$(69,950)$(3,937)$(2,982)$(223)$(522,156)
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The unaudited Consolidated Statements of Income were impacted by components of other comprehensive income (loss) as shown in the tables below:
Three Months Ended June 30,Affected line item in unaudited Consolidated Statements of Income
(Dollars in thousands)20262025
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:
Amortization of net unrealized losses to income during the period$3,821 $4,299 Net interest income
Income taxes(917)(1,032)Income tax provision
Net of tax2,904 3,267 
Amortization of defined benefit pension plan-related items:
Prior service credits
(14)(19)
Actuarial gains(102)(73)
Total before tax(116)(92)Salaries, benefits and other compensation
Income taxes28 22 Income tax provision
Net of tax(88)(70)
Net change in fair value of derivatives used for cash flow hedges:
Net change in fair value during the period(8,212)1,895 Net interest income
Income taxes1,971 (455)Income tax provision
Net of tax(6,241)1,440 
Total reclassifications$(3,425)$4,637 
Six Months Ended June 30,Affected line item in unaudited Consolidated Statements of Income
20262025
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:
Amortization of net unrealized losses to income during the period$7,593 $8,494 Net interest income
Income taxes(1,822)(2,039)Income tax provision
Net of tax5,771 6,455 
Amortization of defined benefit pension plan-related items:
Prior service credits
(28)(38)
Actuarial gains(203)(145)
Total before tax(231)(183)Salaries, benefits and other compensation
Income taxes56 44 Income tax provision
Net of tax(175)(139)
Net change in fair value of derivatives used for cash flow hedges:
Net change in fair value during the period(10,964)5,678 Net interest income
Income taxes2,631 (1,363)Income tax provision
Net of tax(8,333)4,315 
Total reclassifications$(2,737)$10,631 

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16. LEGAL AND OTHER PROCEEDINGS
In accordance with the current accounting standards for loss contingencies, the Company establishes reserves for litigation-related matters that arise in the ordinary course of its business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. In addition, the Company's defense of litigation claims may result in legal fees, which it expenses as incurred.
On October 3, 2022, Mary Elizabeth Gibbons filed a petition against WSFS Bank, in its individual capacity, in the Circuit Court of St. Louis County for the State of Missouri asserting claims and seeking damages related to an alleged injury that occurred on a property that was allegedly held by the Bank as owner trustee of a RMBS trust. The plaintiff sought in excess of $25 thousand in damages and other equitable relief. On June 6, 2023, the court entered a default judgment against the Bank in the amount of $15.0 million, plus post-judgment interest. On January 3, 2025, the Bank received notice that the plaintiff seeks to domesticate and execute on the Missouri judgment by filing an action in the Philadelphia Court of Common Pleas. Based on the inherent uncertainty of this matter, it is reasonably possible that the Bank may incur a loss in the range of $0.0-$15.0 million. The Bank, in accordance with its normal procedures, notified its insurance carriers of a possible claim. The Bank disputes the judgment, the Bank's connection to the property, and denies liability.
There were no material changes or additions to other significant pending legal or other proceedings involving the Company other than those arising out of routine operations.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $22.7 billion in assets and $101.7 billion in assets under management (AUM) and assets under administration (AUA) at June 30, 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 June 30, 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 $13.0 billion as of June 30, 2026, which was funded primarily through client-generated deposits. We have built a $10.1 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.
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 $101.7 billion of AUM and AUA at June 30, 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 23,100 non-bank ATMs and 12,100 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 June 30, 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.
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Highlights and Other Notables Items for Three and Six Months Ended June 30, 2026
•Three Months Ended June 30, 2026
◦Diluted EPS was $1.63 and ROA was 1.52%, compared to $1.27 and 1.39%, respectively, for the three months ended June 30, 2025.
◦Total deposits increased $535.1 million, or 2.9%, during the quarter, primarily due to growth in Trust and Commercial. Noninterest deposits comprised 37% of total deposits at June 30, 2026.
◦Wealth and Trust noninterest income grew 17% compared to the three months ended June 30, 2025.
▪WSFS Institutional Services® grew 34% and BMT-DE grew 20%.
▪The segment also surpassed $100 billion of fiduciary assets.
◦The Company completed the sale of its credit card portfolio and entered into a partnership to issue WSFS-branded credit cards. This portfolio had an outstanding book balance of $36.3 million at time of sale and the transaction resulted in a $1.7 million gain on sale and a $1.3 million release of provision for credit losses.
◦WSFS repurchased 923,948 shares of common stock under the Company's share repurchase plans at an average price of $71.69 per share, for an aggregate purchase price of approximately $66.2 million, and paid quarterly dividends of $10.4 million, for a total capital return of $76.6 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 13.77% and 13.76%, respectively, and total risk-based capital of 14.94% and 15.47%, respectively.
•Six Months Ended June 30, 2026
◦Diluted EPS was $3.26 and ROA was 1.56%, compared to $2.39 and 1.34% for the six months ended June 30, 2025.
◦Total deposits increased $1.4 billion, or 7.7%, compared to December 31, 2025, primarily due to growth in Trust and Commercial.
◦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 2,243,574 shares of common stock under the Company's share repurchase plans at an average price of $67.39 per share, for an aggregate purchase price of approximately $151.2 million, and paid quarterly dividends of $19.4 million, for a total capital return of $170.6 million.


57
FINANCIAL CONDITION
Total assets increased $1.3 billion to $22.7 billion at June 30, 2026 compared to December 31, 2025. This increase is primarily comprised of the following:
•Total cash and cash equivalents increased $871.5 million, primarily due to increases in deposits.
•Total investment securities increased $273.7 million:
◦Investment securities, available-for-sale increased $298.8 million, primarily due to purchases of $533.5 million, partially offset by repayments, maturities and calls of $211.9 million and decreased market values of $22.9 million.
◦Investment securities, held-to-maturity decreased $25.0 million, primarily due to repayments, maturities and calls of $31.8 million, partially offset by $6.7 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.
•Loans and leases, net of allowance increased $207.8 million, primarily driven by growth in C&I and residential mortgages, partially offset by a decrease in consumer from the continued runoff of Spring EQ loans and the sale of the credit card portfolio.
•Other real estate owned increased $12.5 million, due to the transfer of an existing nonperforming land development loan.
Total liabilities increased $1.4 billion to $19.9 billion at June 30, 2026 compared to December 31, 2025 due to an increase in Client deposits. This deposit growth was primarily due to an increase in noninterest demand deposits, driven by Institutional Services and Commercial deposits.
For further information, see "Notes to the Consolidated Financial Statements (Unaudited)."
LIQUIDITY AND CAPITAL RESOURCES
Capital Resources
Stockholders’ equity of WSFS decreased $16.7 million to $2.7 billion at June 30, 2026 compared to December 31, 2025. This decrease was primarily due to $151.2 million for the repurchase of shares of common stock under our stock repurchase plan, an increase of $20.7 million in accumulated other comprehensive loss driven by market value decreases on available-for-sale investment securities and our cash flow hedges, and the payment of dividends on our common stock of $19.4 million, partially offset by $171.2 million of net income attributable to WSFS.
During the three months ended June 30, 2026, the Board of Directors approved a quarterly cash dividend of $0.20 per share of common stock. The dividend will be paid on August 21, 2026 to stockholders of record as of August 7, 2026.
Book value per share of common stock was $52.97 at June 30, 2026, an increase of $1.70 from $51.27 at December 31, 2025. Tangible book value per share of common stock (a non-GAAP financial measure) was $34.24 at June 30, 2026, an increase of $1.13 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."
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The table below compares the Bank's and the Company’s consolidated capital position to the minimum regulatory requirements as of June 30, 2026:
Consolidated
Capital		Minimum For Capital
Adequacy Purposes		To be Well-Capitalized
Under Prompt Corrective
Action Provisions
(Dollars in thousands)AmountPercentAmountPercentAmountPercent
Total Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB$2,440,819 14.94 %$1,306,801 8.00 %$1,633,501 10.00 %
WSFS Financial Corporation2,528,895 15.47 1,307,668 8.00 1,634,585 10.00 
Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB2,249,964 13.77 980,101 6.00 1,306,801 8.00 
WSFS Financial Corporation2,249,697 13.76 980,751 6.00 1,307,668 8.00 
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB2,249,964 13.77 735,075 4.50 1,061,776 6.50 
WSFS Financial Corporation2,249,697 13.76 735,563 4.50 1,062,480 6.50 
Tier 1 Leverage Capital
Wilmington Savings Fund Society, FSB2,249,964 10.36 868,931 4.00 1,086,163 5.00 
WSFS Financial Corporation2,249,697 10.35 869,138 4.00 1,086,422 5.00 
Under the prompt corrective action regime, regulators have established five capital tiers: well-capitalized, adequately-capitalized, under-capitalized, significantly under-capitalized, and critically under-capitalized. A depository institution’s capital tier depends on its capital levels in relation to various relevant capital measures, which include leverage and risk-based capital measures and certain other factors. Depository institutions that are not classified as well-capitalized are subject to various restrictions, which may include restrictions on capital distributions, payment of management fees, acceptance of brokered deposits and other operating activities.
Regulatory capital requirements for the Bank and the Company include a minimum common equity Tier 1 capital ratio of 4.50% of risk-weighted assets, a Tier 1 capital ratio of 6.00% of risk-weighted assets, a minimum total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets. In order to avoid limits on capital distributions and discretionary bonus payments, the Bank and the Company must maintain a capital conservation buffer of 2.5% of common equity Tier 1 capital over each of the risk-based capital requirements. As of June 30, 2026, the Bank and the Company were in compliance with the regulatory capital requirements and met or exceeded the amounts required to be considered “well-capitalized” as defined in the regulations.
Not included in the Bank’s capital, the Company separately held $272.2 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.

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Liquidity
We manage our liquidity and funding needs through our Treasury function and our Asset/Liability Committee. We have a policy that separately addresses liquidity, and management monitors our adherence to policy limits. Also, liquidity risk management is a primary area of examination by the banking regulators.
Funding sources to support growth and meet our liquidity needs include cash from operations, commercial, consumer, wealth and trust deposits, loan repayments, FHLB borrowings, repurchase agreements, access to the Federal Reserve Discount Window, and access to the brokered deposit market as well as other wholesale funding avenues. In addition, we have a large portfolio of high-quality, liquid investments, primarily short-duration mortgage-backed securities, that provide a near-continuous source of cash flow to meet current cash needs, or can be sold to meet larger discrete needs for cash. We believe these sources are sufficient to meet our funding needs as well as maintain required and prudent levels of liquidity over the next twelve months and beyond.
As of June 30, 2026, the Company had $2.6 billion in cash, cash equivalents, and restricted cash. Our estimated uninsured deposits were $8.5 billion, or 45% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $7.3 billion, or 38% of total client deposits.
As of June 30, 2026, the Company had a readily available, secured borrowing capacity of $6.0 billion from the FHLB and $2.1 billion through the Federal Reserve Discount Window. In addition, the Company had $2.0 billion of cash deposited with the Federal Reserve Bank and $1.1 billion in unpledged securities that could be used to support additional borrowings.
Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At June 30, 2026, we had $156.4 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 7 to the unaudited Consolidated Financial Statements. At June 30, 2026, we had obligations for principal payments on long-term debt including $67.0 million for our trust preferred borrowings, due June 1, 2035, $25.0 million for our trust preferred borrowings due December 15, 2034, and $200.0 million for our senior debt due December 15, 2035. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.
Commitments to extend credit provide for financing on predetermined terms as long as the client continues to meet specific criteria. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. At June 30, 2026, the Company had total commitments to extend credit, including cancellable commitments, of $4.6 billion, which are generally one-year commitments.
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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 shown in the table below are loans that are 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:
(Dollars in thousands)June 30, 2026December 31, 2025
Nonaccruing loans(1):
Commercial and industrial$19,847 $27,060 
Owner-occupied commercial20,343 6,581 
Commercial mortgages11,522 7,565 
Construction7,939 22,381 
Residential5,114 5,002 
Consumer3,506 3,309 
Total nonaccruing loans68,271 71,898 
Other real estate owned12,690 200 
Total nonperforming assets$80,961 $72,098 
Past due loans:
Commercial $506 $12,237 
Residential— 133 
Consumer(2)
7,606 10,046 
Total past due loans$8,112 $22,416 
Troubled loans:
Commercial$102,805 $142,613 
Residential1,095 226 
Consumer1,836 1,428 
Total troubled loans$105,736 $144,267 
Ratio of allowance for credit losses to total loans and leases(3)
1.32 %1.36 %
Ratio of nonaccruing loans to total gross loans and leases(4)
0.51 0.54 
Ratio of nonperforming assets to total assets0.36 0.34 
Ratio of allowance for credit losses to nonaccruing loans260 250 
Ratio of allowance for credit losses to total nonperforming assets(5)
219 249 
(1)Includes nonaccruing troubled loans.
(2)Includes U.S. government guaranteed student loans with little risk of credit loss.
(3)Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.
(4)Total loans exclude loans held for sale and reverse mortgages.
(5)Excludes acquired purchase credit deteriorated loans.
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Nonperforming assets increased $8.9 million between December 31, 2025 and June 30, 2026. This increase was primarily driven by the addition of an $11.2 million owner-occupied loan.
The following table summarizes the changes in nonperforming assets during the periods indicated:
Six Months Ended June 30,
(Dollars in thousands)20262025
Beginning balance$72,098 $127,385 
Additions57,694 40,810 
Collections(25,151)(17,251)
Transfers to accrual(506)(1,102)
Charge-offs(23,174)(43,676)
Ending balance$80,961 $106,166 
The timely identification of problem loans is a key element in our strategy to manage our loan portfolio. Problem loans are all criticized, classified and nonperforming loans and other real estate owned. Timely identification enables us to take appropriate action and accordingly, minimize losses. An asset review system established to monitor the asset quality of our loans and investments in real estate portfolios facilitates the identification of problem assets. In general, this system uses guidelines established by federal regulation.

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INTEREST RATE SENSITIVITY
Our primary objective in managing interest rate risk is to minimize the adverse impact of changes in interest rates on net interest income and capital, while maximizing the yield/cost spread on our asset/liability structure. Interest rates are partly a function of decisions by the Federal Open Market Committee (FOMC) on the target range for the federal funds rate, and these decisions are sometimes difficult to anticipate. In 2025, the FOMC lowered the federal funds target rate three times for a total of 75 basis points. In order to manage the risks associated with changes or possible changes in interest rates, we rely primarily on our asset/liability structure.
Our primary tool for achieving our asset/liability management strategies is to match maturities or repricing periods of interest rate-sensitive assets and liabilities to promote a favorable interest rate spread and mitigate exposure to fluctuations in interest rates. We regularly review our interest rate sensitivity and adjust the sensitivity within acceptable tolerance ranges. At June 30, 2026, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $1.5 billion. When including the impact of cash flow hedges, our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 116.81% and the one-year interest-sensitive gap as a percentage of total assets was 6.45% at June 30, 2026 compared with 103.26% and 1.33% at December 31, 2025, respectively.
Market risk is the risk of loss from adverse changes in market prices and rates. Our market risk arises primarily from interest rate risk inherent in our lending, investing, and funding activities. To that end, we actively monitor and manage our interest rate risk exposure. One measure evaluates the impact of an immediate change in interest rates in 100 basis point increments on the economic value of equity ratio. The economic value of the equity ratio is defined as the economic value of the estimated cash flows from assets and liabilities as a percentage of economic value of cash flows from total assets.
The following table shows the estimated impact of immediate changes in interest rates on our net interest income and economic value of equity ratio at the specified levels at June 30, 2026 and December 31, 2025:
 
June 30, 2026December 31, 2025
% Change in Interest Rate (Basis Points)
% Change in Net
Interest Income(1)
Economic Value of Equity(2)(3)
% Change in Net
Interest Income(1)
Economic Value of Equity(2)(3)
+30019.3%21.29%19.7%19.98%
+20012.7%21.48%13.4%20.20%
+1006.1%21.49%7.0%20.36%
+502.9%21.38%4.1%20.39%
+251.4%21.32%2.7%20.37%
——%21.24%—%19.92%
-25(0.8)%21.14%(0.7)%19.90%
-50(1.5)%21.03%(1.3)%19.81%
-100(3.1)%20.70%(2.5)%19.60%
'-200
(6.2)%19.80%(5.1)%18.90%
'-300
(9.4)%18.20%(7.5)%17.60%
(1)The percentage difference between net interest margin in a stable interest rate environment and net interest income as projected under the various rate change environments.
(2)The economic value of equity ratio in a stable interest rate environment and the economic value of equity ratio as projected under the various rate change environments.
(3)During the first quarter of 2026, the Company revised its economic value of equity methodology to exclude goodwill and intangible assets to better reflect the Company's underlying interest rate risk profile.
We also engage in other business activities that are sensitive to changes in interest rates. For example, mortgage banking revenues and expenses can fluctuate with changing interest rates. These fluctuations are difficult to model and estimate.

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RESULTS OF OPERATIONS
Net Interest Income
The following tables provide information concerning the average balances, yields and rates on interest-earning assets and interest-bearing liabilities during the periods indicated:
Three months ended June 30,
20262025
(Dollars in thousands)Average
Balance		Interest
Yield/
Rate(1)
Average
Balance		Interest
Yield/
Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Commercial loans$4,838,475 $73,772 6.13 %$4,632,578 $74,450 6.45 %
Commercial real estate loans(3)
4,896,752 75,795 6.21 4,808,177 78,400 6.54 
Commercial leases581,053 12,560 8.65 630,955 13,776 8.73 
Residential loans 1,142,113 15,774 5.52 965,480 12,935 5.36 
Consumer loans1,854,178 28,889 6.25 1,997,285 35,096 7.05 
Loans held for sale
78,068 1,416 7.28 96,517 1,348 5.60 
Total loans and leases13,390,639 208,206 6.24 13,130,992 216,005 6.60 
Mortgage-backed securities(4)
4,286,970 27,975 2.61 4,148,820 24,531 2.37 
Investment securities(4)
363,491 2,157 2.71 366,391 2,186 2.70 
Other interest-earning assets1,979,080 18,498 3.75 934,152 10,468 4.49 
Total interest-earning assets$20,020,180 $256,836 5.16 %$18,580,355 $253,190 5.48 %
Allowance for credit losses(183,731)(188,252)
Cash and due from banks176,672 188,300 
Cash in non-owned ATMs378,583 390,275 
Bank-owned life insurance37,833 36,042 
Other noninterest-earning assets1,843,940 1,898,721 
Total assets$22,273,477 $20,905,441 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand$2,796,834 $6,254 0.90 %$2,829,653 $7,337 1.04 %
Savings1,370,482 1,172 0.34 1,445,123 1,609 0.45 
Money market5,890,550 38,131 2.60 5,437,897 41,120 3.03 
Time deposits1,894,349 14,137 2.99 2,094,572 20,058 3.84 
Total interest-bearing client deposits11,952,215 59,694 2.00 11,807,245 70,124 2.38 
Federal Home Loan Bank advances50,000 491 3.88 84,007 949 4.53 
Trust preferred borrowings91,096 1,370 6.03 90,903 1,518 6.70 
Senior and subordinated debt196,997 2,765 5.61 148,708 1,089 2.93 
Other borrowed funds(5)
22,324 16 0.29 19,428 15 0.31 
Total interest-bearing liabilities$12,312,632 $64,336 2.10 %$12,150,291 $73,695 2.43 %
Noninterest-bearing demand deposits6,631,914 5,438,692 
Other noninterest-bearing liabilities606,784 674,616 
Stockholders’ equity of WSFS2,732,684 2,652,257 
Noncontrolling interest(10,537)(10,415)
Total liabilities and stockholders’ equity$22,273,477 $20,905,441 
Excess of interest-earning assets over interest-bearing liabilities$7,707,548 $6,430,064 
Net interest income$192,500 $179,495 
Interest rate spread3.06 %3.05 %
Net interest margin3.87 %3.89 %
(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 commercial mortgage and commercial construction loans.
(4)Includes securities available-for-sale at fair value.
(5)Includes federal funds purchased.
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Six months ended June 30,
20262025
(Dollars in thousands)Average
Balance		Interest
Yield/
Rate(1)
Average
Balance		Interest
Yield/
Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Commercial loans$4,771,146 $143,941 6.10 %$4,615,683 $147,604 6.45 %
Commercial real estate loans4,932,651 152,134 6.22 4,844,821 157,495 6.56 
Commercial leases583,902 25,410 8.70 633,917 27,734 8.75 
Residential loans 1,115,779 30,412 5.45 965,552 25,737 5.33 
Consumer loans1,862,841 58,736 6.36 2,029,365 71,745 7.13 
Loans held for sale
72,445 2,816 7.84 73,849 2,442 6.67 
Total loans and leases13,338,764 413,449 6.26 13,163,187 432,757 6.64 
Mortgage-backed securities(3)
4,239,381 53,217 2.51 4,164,171 49,276 2.37 
Investment securities
365,891 4,328 2.72 365,042 4,372 2.72 
Other interest-earning assets1,887,005 35,051 3.75 788,100 17,663 4.52 
Total interest-earning assets$19,831,041 $506,045 5.16 %$18,480,500 $504,068 5.51 %
Allowance for credit losses(183,919)(192,343)
Cash and due from banks175,855 188,219 
Cash in non-owned ATMs365,331 384,726 
Bank-owned life insurance37,562 36,122 
Other noninterest-earning assets1,849,545 1,923,092 
Total assets$22,075,415 $20,820,316 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand$2,812,531 $12,309 0.88 %$2,841,888 $14,680 1.04 %
Savings1,382,687 2,335 0.34 1,451,248 3,205 0.45 
Money market5,854,383 75,007 2.58 5,435,274 82,153 3.05 
Client time deposits1,928,131 29,540 3.09 2,103,470 41,190 3.95 
Total interest-bearing client deposits11,977,732 119,191 2.01 11,831,880 141,228 2.41 
Federal Home Loan Bank advances47,238 930 3.92 83,913 1,887 4.53 
Trust preferred borrowings91,076 2,725 6.03 90,878 3,041 6.75 
Senior and subordinated debt196,958 5,531 5.62 177,685 3,163 3.56 
Other borrowed funds(4)
22,097 32 0.29 25,530 38 0.30 
Total interest-bearing liabilities$12,335,101 $128,409 2.10 %$12,209,886 $149,357 2.47 %
Noninterest-bearing demand deposits6,370,256 5,240,464 
Other noninterest-bearing liabilities629,535 735,518 
Stockholders’ equity of WSFS2,751,027 2,644,847 
Noncontrolling interest(10,504)(10,399)
Total liabilities and stockholders’ equity$22,075,415 $20,820,316 
Excess of interest-earning assets over interest-bearing liabilities$7,495,940 $6,270,614 
Net interest and dividend income$377,636 $354,711 
Interest rate spread3.06 %3.04 %
Net interest margin3.85 %3.88 %
(1)Weighted average yields for tax-exempt securities and loans have been computed on a tax-equivalent basis.
(2)Average balances are net of unearned income and include nonperforming loans.
(3)Includes securities available-for-sale at fair value.
(4)Includes federal funds purchased.
Three months ended June 30, 2026: During the three months ended June 30, 2026, net interest income increased $13.0 million from the three months ended June 30, 2025 primarily driven by lower deposit costs, higher cash balances, and higher average loan balances. These increases were partially offset by lower loan yields as a result of three 25bp Federal Funds rate cuts that occurred in 2025. Net interest margin was 3.87% for the second quarter of 2026, a 2 basis point decrease compared to 3.89% for the second quarter of 2025. The decrease was primarily due to the impact of the three interest rate cuts that occurred in 2025, partially offset by higher investment yields and favorable balance sheet mix.
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Six months ended June 30, 2026: During the six months ended June 30, 2026, net interest income increased $22.9 million from the six months ended June 30, 2025 due to the reasons noted above. Net interest margin was 3.85% for the six months ended June 30, 2026, a 3 basis point decrease compared to 3.88% for the six months ended June 30, 2025. The decrease was due to the reasons mentioned above.
Allowance for Credit Losses
We maintain the allowance for credit losses at an appropriate level based on our assessment of estimable and expected losses related to various portfolios subject to credit risk. Our allowance for credit losses (ACL) is based on our historical loss experience that includes the inherent risk of our loans and leases, HTM securities, and other account receivables, along with various other factors including but not limited to, collateral values, trends in asset quality, level of delinquent loans and concentrations, consideration of past events, current conditions, and reasonable and supportable forecasts. Further, regional and national economic forecasts are considered in our expected credit losses on loans and leases. Our evaluation is based on a review of the portfolio and requires significant, complex and difficult judgments.
During the three months ended June 30, 2026, we recorded a provision for credit losses of $5.0 million, a decrease of $7.6 million, compared to the provision for credit losses of $12.6 million for the three months ended June 30, 2025. The current quarter provision for credit losses was primarily driven by loan growth, partially offset by the release from the sale of our credit card portfolio. The decrease compared to the prior year was primarily driven by the aforementioned release of ACL on credit cards as well as higher charge-offs during the three months ended June 30, 2025.
During the six months ended June 30, 2026, we recorded a provision for credit losses of $3.0 million, a decrease of $26.9 million, compared to the provision for credit losses of $30.0 million for the six months ended June 30, 2025. The current year-to-date provision was primarily driven by loan growth, partially offset by a $15.7 million recovery of C&I loans to a fund invested in office properties that were charged-off in the first quarter of 2025. The decrease compared to the prior year was primarily driven by the aforementioned recovery as well as impacts to the prior year from specific reserves on two nonperforming loans and an adjustment for the ACL for accounts receivable.
The total allowance for credit losses decreased to $180.0 million at June 30, 2026 from $182.5 million at December 31, 2025. The ratio of allowance for credit losses to total loans and leases was 1.32% at June 30, 2026 and 1.36% at December 31, 2025.
The following tables detail the allocation of the ACL related to loans and leases and show our net charge-offs (recoveries) by portfolio category:
(Dollars in thousands)Commercial and IndustrialOwner-
occupied
Commercial		Commercial
Mortgages		ConstructionCommercial Small Business Leases
Residential(1)
Consumer(2)
Total
As of June 30, 2026
Allowance for credit losses$51,883 $8,717 $49,451 $13,541 $17,424 $6,260 $29,987 $177,263 
% of ACL to total ACL29 %5 %28 %8 %10 %3 %17 %100 %
Loan portfolio balance$3,013,715 $1,930,367 $3,883,849 $1,002,999 $584,175 $1,232,774 $1,815,238 $13,463,117 
% to total loans and leases22 %15 %30 %7 %4 %9 %13 %100 %
Three months ended June 30, 2026
Charge-offs$(3,658)$— $(1,740)$— $(2,417)$— $(1,469)$(9,284)
Recoveries334 1 532 — 724 49 532 2,172 
Net (charge-offs) recoveries$(3,324)$1 $(1,208)$— $(1,693)$49 $(937)$(7,112)
Average loan balance$2,901,044 $1,937,431 $3,897,301 $999,451 $581,053 $1,138,172 $1,854,178 $13,308,630 
Ratio of net charge-offs (recoveries) to average gross loans0.46 %— %0.12 %— %1.17 %(0.02)%0.20 %0.21 %
Six months ended June 30, 2026
Charge-offs$(9,406)$(298)$(1,740)$(3,735)$(5,337)$— $(3,135)$(23,651)
Recoveries16,637 12 534 — 1,570 94 1,149 19,996 
Net recoveries (charge-offs) $7,231 $(286)$(1,206)$(3,735)$(3,767)$94 $(1,986)$(3,655)
Average loan balance$2,835,683 $1,935,464 $3,901,574 $1,031,077 $583,902 $1,111,967 $1,862,841 $13,262,508 
Ratio of net (recoveries) charge-offs to average gross loans(0.51)%0.03 %0.06 %0.73 %1.30 %(0.02)%0.21 %0.06 %
(1)Excludes reverse mortgages.
(2)Includes home equity lines of credit, installment loans unsecured lines of credit and education loans.
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(Dollars in thousands)Commercial and IndustrialOwner-
occupied
Commercial		Commercial
Mortgages		ConstructionCommercial Small Business Leases
Residential(1)
Consumer(2)
Total
As of December 31, 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 ACL30 %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 $13,257,946 
% to total loans and leases20 %15 %30 %8 %5 %8 %14 %100 %
Year ended December 31, 2025
Charge-offs$(32,120)$(215)$(4,583)$(4,900)$(14,386)$— $(18,863)$(75,067)
Recoveries4,894 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 loans1.02 %0.01 %0.10 %0.53 %1.83 %(0.02)%0.60 %0.45 %
(1)Excludes reverse mortgages.
(2)Includes home equity lines of credit, installment loans unsecured lines of credit and education loans.
See Note 6 to the unaudited Consolidated Financial Statements and "Nonperforming Assets" above for further information.
Noninterest Income
Three months ended June 30, 2026: During the three months ended June 30, 2026, noninterest income was $90.0 million, an increase of $2.0 million from $88.0 million during the three months ended June 30, 2025. The increase was driven by double-digit growth across several of our fee-based businesses, including WSFS Institutional Services®, BMT-DE, and Capital Markets. These increases were partially offset by a $4.1 million impairment of one of our equity investments and a $2.1 million decrease in Cash Connect®, primarily due to the impact of interest rates and lower ATM volumes.
Six months ended June 30, 2026: During the six months ended June 30, 2026, noninterest income was $180.1 million, an increase of $11.2 million from $168.9 million during the six months ended June 30, 2025. This increase was primarily driven by $18.0 million of higher Wealth and Trust fees and a $2.1 million increase in Capital Markets, partially offset by a $4.8 million decrease in Cash Connect® for the reasons mentioned above, the $4.1 million equity investment impairment, and $2.3 million of earnout revenue from Spring EQ recognized in the prior year.
For further information, see Note 2 to the unaudited Consolidated Financial Statements.
Noninterest Expense
Three months ended June 30, 2026: During the three months ended June 30, 2026, noninterest expense was $166.3 million, an increase of $7.0 million from $159.3 million for the three months ended June 30, 2025. The increase was primarily due to an increase of $6.6 million from salaries and benefits from higher performance-based incentives and higher medical costs, as well as higher fraud costs and a $1.6 million one-time insurance recovery in the prior year. These increases were partially offset by a $1.5 million decrease in professional fees.
Six months ended June 30, 2026: During the six months ended June 30, 2026, noninterest expense was $329.1 million, an increase of $17.9 million from $311.1 million for the six months ended June 30, 2025. The increase was primarily due to $16.0 million of higher salaries and benefits due to the reasons mentioned above, $2.5 million related to restructuring costs due to a loss on a property sale and a write-down of held-for-sale real estate, $2.4 million of higher loan workout and other credit costs, partially offset by a $3.3 million decrease in other operating expense driven by lower Cash Connect® external funding costs.
Income Taxes
We and our subsidiaries file a consolidated federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with ASC 740, Income Taxes, which requires the recording of deferred income taxes for tax consequences of temporary differences. We recorded income tax expense of $26.8 million and $54.4 million during the three and six months ended June 30, 2026, respectively, compared to income tax expense of $23.3 million and $44.4 million for the same periods in 2025. The increase for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to higher income before taxes in 2026.
67
Our effective tax rate was 24.1% for both the three and six months ended June 30, 2026 compared to 24.4% and 24.3% for the three and six months ended June 30, 2025, respectively. The reduction was primarily due to increased federal tax credits.
The effective tax rate reflects the recognition of certain tax benefits in the financial statements including those benefits from tax-exempt interest income, federal low-income housing tax credits, solar tax credits, research and development tax credits, historic tax credits and excess tax benefits from recognized stock compensation. These tax benefits are offset by the tax effect of stock-based compensation expense related to incentive stock options, tax deficiencies from recognized stock compensation, and a provision for state income tax expense. We frequently analyze our projections of taxable income and make adjustments to our provision for income taxes accordingly.
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RECONCILIATION OF NON-GAAP MEASURE TO GAAP MEASURE
The following table provides a reconciliation of tangible book value per share of common stock to book value per share of common stock, the most directly comparable GAAP financial measure. We believe this measure helps management and investors better understand and assess changes from period to period in stockholders’ equity exclusive of changes in intangible assets. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results.
(Dollars and share amounts in thousands, except per share amounts)June 30, 2026December 31, 2025
Stockholders’ equity of WSFS$2,721,798 $2,738,545 
Less: Goodwill and other intangible assets962,451 969,903 
Tangible common equity (numerator)$1,759,347 $1,768,642 
Shares of common stock outstanding (denominator)51,388 53,410 
Book value per share of common stock$52.97 $51.27 
Goodwill and other intangible assets 18.73 18.16 
Tangible book value per share of common stock$34.24 $33.11 
CRITICAL ACCOUNTING ESTIMATES
The preparation of the unaudited Consolidated Financial Statements in accordance with U.S. GAAP requires us to make estimates and assumptions affecting the reported amounts of assets, liabilities, revenue and expenses. We regularly evaluate these estimates and assumptions including those related to the allowance for credit losses, business combinations, deferred taxes, fair value measurements and goodwill and other intangible assets. We base our estimates on historical experience and various other factors and assumptions that are believed to be reasonable under the circumstances. These form the basis for making judgments on the carrying value of certain assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Although our current estimates contemplate current economic conditions and how we expect them to change in the future, for the remainder of 2026, it is possible that actual conditions may be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Actual results may differ from these estimates under different assumptions or conditions.
Critical accounting estimates at June 30, 2026 did not significantly change from our critical accounting estimates at December 31, 2025, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
RECENT LEGISLATIVE AND REGULATORY DEVELOPMENTS
Recent legislative and regulatory developments at June 30, 2026 did not significantly change from our recent legislative and regulatory developments at December 31, 2025, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 3.     Quantitative and Qualitative Disclosures About Market Risk
The information required by this Item is incorporated herein by reference to the information provided in Part I Item 2 (Interest Rate Sensitivity) of this Quarterly Report on Form-10-Q.
Item 4.     Controls and Procedures
(a)Evaluation of disclosure controls and procedures. Based on their evaluation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934), our principal executive officer and principal financial officer have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q such disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)Changes in internal control over financial reporting. There were no changes in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting during the three months ended June 30, 2026.
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Part II. OTHER INFORMATION
Item 1.    Legal Proceedings
The information required by this Item is incorporated herein by reference to the information provided in Note 16 – Legal and Other Proceedings to the unaudited Consolidated Financial Statements.
Item 1A. Risk Factors
There have not been any material changes to the risk factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
During the second quarter of 2025, the Board of Directors of the Company approved an incremental authorization to repurchase 5,769,334 shares of common stock, or 10% of its outstanding shares as of March 31, 2025. During the second quarter of 2026, the Board of Directors of the Company approved an incremental authorization to repurchase 7,822,396 shares of common stock, or 15% of its outstanding shares as of March 31, 2026. Under the plans, repurchases may be made from time to time in the open market or through negotiated transactions, subject to market conditions and other factors, and in accordance with applicable securities laws. The plans are consistent with our intent to optimize capital levels through a mix of dividends and share repurchases while maintaining capital ratios in excess of “well-capitalized” regulatory benchmarks and targeting a corporate common equity Tier 1 capital ratio of approximately 12%.
The following table represents information with respect to repurchases of common stock made by the Company during the three months ended June 30, 2026.
Month
Total Number
of Shares Purchased
Average Price
Paid Per Share		Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2026 - April 30, 2026202,133 $69.74 202,133 9,921,844 
May 1, 2026 - May 31, 2026439,815 70.94 439,815 9,482,029 
June 1, 2026 - June 30, 2026282,000 74.25 282,000 9,200,029 
Total923,948 $71.69 923,948 
Item 3.    Defaults upon Senior Securities
None.
Item 4.    Mine Safety Disclosures
Not applicable.
Item 5.    Other Information
During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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Table of Contents
Item 6.     Exhibits
 
Exhibit
Number		  Description of Document
31.1  
31.2  
32*  
101.INS  XBRL Instance Document
101.SCH  XBRL Schema Document
101.CAL  XBRL Calculation Linkbase Document
101.LAB  XBRL Labels Linkbase Document
101.PRE  XBRL Presentation Linkbase Document
101.DEF  XBRL Definition Linkbase Document
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
* Furnished and not filed.
71
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
WSFS FINANCIAL CORPORATION
Date: August 5, 2026/s/ Rodger Levenson
Rodger Levenson
Chairman, President and Chief Executive Officer
Date: August 5, 2026/s/ David Burg
David Burg
Executive Vice President, Chief Financial Officer
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