```markdown [PART I. Financial Information](index=5&type=section&id=PART%20I.%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited consolidated financial statements for WSFS Financial Corporation detail its financial performance and condition as of June 30, 2025 [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income attributable to WSFS increased to $72.3 million for Q2 2025, driven by net interest income growth Consolidated Statements of Income Highlights (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Interest Income** | $179,495 | $174,449 | +2.9% | $354,711 | $349,727 | +1.4% | | **Provision for Credit Losses** | $12,621 | $19,814 | -36.3% | $29,971 | $34,952 | -14.2% | | **Noninterest Income** | $88,009 | $91,598 | -3.9% | $168,906 | $167,455 | +0.9% | | **Noninterest Expense** | $159,343 | $155,768 | +2.3% | $311,138 | $304,840 | +2.1% | | **Net Income Attributable to WSFS** | $72,326 | $69,273 | +4.4% | $138,222 | $135,034 | +2.4% | | **Diluted EPS** | $1.27 | $1.16 | +9.5% | $2.39 | $2.24 | +6.7% | [Consolidated Statements of Financial Condition](index=7&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) The Consolidated Statements of Financial Condition show **total assets** at **$20.76 billion** and **total deposits** at **$17.12 billion** as of June 30, 2025 Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $20,763,292 | $20,814,303 | -$51,011 | | **Net Loans and Leases** | $12,807,920 | $12,996,218 | -$188,298 | | **Total Deposits** | $17,121,469 | $17,029,808 | +$91,661 | | **Total Liabilities** | $18,091,074 | $18,234,927 | -$143,853 | | **Total Stockholders' Equity** | $2,672,218 | $2,579,376 | +$92,842 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) **Net cash provided by operating activities** significantly decreased to **$45.9 million** for H1 2025, while investing activities provided **$273.8 million** Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash from Operating Activities** | $45,930 | $157,710 | | **Net cash from Investing Activities** | $273,765 | $(209,079) | | **Net cash from Financing Activities** | $(143,015) | $(19,815) | | **Net Increase (Decrease) in Cash** | $176,680 | $(71,184) | [Notes to the Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, financial statement line items, and segment performance, including a recent loan portfolio sale - The company operates through three main segments: **WSFS Bank** (commercial and consumer banking), **Cash Connect®** (ATM and cash logistics services), and **Wealth and Trust** (investment management and trust services)[153](index=153&type=chunk)[154](index=154&type=chunk) - Subsequent to quarter-end, on July 8, 2025, the company **completed the sale of the majority of its remaining unsecured consumer lending portfolio** from its partnership with **Upstart Holdings, Inc.**[175](index=175&type=chunk) - The company **settled a lawsuit** with **Prophet Mortgage Opportunities, LP** for **$1.5 million** and is involved in another case with a potential loss range of **$0.0 to $15.0 million** related to a **default judgment**[171](index=171&type=chunk)[172](index=172&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, highlighting stable **net interest margin** and strong capital position - **Q2 2025 EPS** was **$1.27** with a **Return on Assets (ROA)** of **1.39%**[178](index=178&type=chunk) - **Net interest margin** for **Q2 2025** was **3.89%**, a slight increase from **3.85%** in **Q2 2024**, driven by deposit repricing and reduced wholesale funding[178](index=178&type=chunk) - The company returned **$87.3 million** to shareholders in **Q2 2025** through **$77.7 million** in **share repurchases** and **$9.6 million** in **dividends**[178](index=178&type=chunk) [Financial Condition](index=55&type=section&id=Financial%20Condition) **Total assets** decreased to **$20.8 billion** at June 30, 2025, primarily due to a reduction in **net loans and leases** - **Net loans and leases** decreased by **$188.3 million**, mainly from a **$164.6 million** drop in **consumer loans** due to the transfer of the **Upstart portfolio** to held-for-sale and runoff of the **Spring EQ portfolio**[183](index=183&type=chunk) - Client deposits increased by **$91.7 million**, primarily from growth in **Trust deposits**[183](index=183&type=chunk) - **Senior and subordinated debt** decreased by **$69.9 million** due to the redemption of the **2027 Notes**[183](index=183&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity and capital position with **capital ratios** well above regulatory minimums and significant **borrowing capacity** Regulatory Capital Ratios as of June 30, 2025 | Ratio | WSFS Financial Corp. | WSFS Bank | Well-Capitalized Minimum | | :--- | :--- | :--- | :--- | | **Common Equity Tier 1 Capital** | 14.07% | 13.11% | 6.50% | | **Tier 1 Capital** | 14.07% | 13.11% | 8.00% | | **Total Capital** | 15.86% | 14.35% | 10.00% | | **Tier 1 Leverage Capital** | 11.04% | 10.29% | 5.00% | - **Book value per share** increased to **$47.71** from **$44.15** at year-end 2024, and **tangible book value per share** (non-GAAP) increased to **$30.32** from **$27.30**[182](index=182&type=chunk) - Estimated **unprotected deposits** (uninsured and uncollateralized) were **$5.4 billion**, or **31%** of **total client deposits**[189](index=189&type=chunk) [Nonperforming Assets](index=58&type=section&id=Nonperforming%20Assets) **Nonperforming assets** decreased to **$106.2 million** at June 30, 2025, improving the **ratio of NPA to total assets** to **0.51%** Nonperforming Assets (in thousands) | Category | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total nonaccruing loans** | $105,236 | $122,181 | | **Other real estate owned** | $930 | $5,204 | | **Total nonperforming assets** | $106,166 | $127,385 | | **Ratio of NPA to total assets** | 0.51% | 0.61% | [Results of Operations](index=61&type=section&id=Results%20of%20Operations) **Net income attributable to WSFS** increased for **Q2 2025**, driven by higher **net interest income** and lower **provision for credit losses** - **Q2 2025** vs **Q2 2024**: **Net interest income** increased by **$5.0 million**, while the **provision for credit losses** decreased by **$7.2 million**[202](index=202&type=chunk) - **Q2 2025** vs **Q2 2024**: **Noninterest income** decreased by **$3.6 million**, primarily due to a decline in **Cash Connect® revenue** and a prior-year gain on a **Visa derivative**[202](index=202&type=chunk) - **Q2 2025** vs **Q2 2024**: **Noninterest expense** increased by **$3.6 million**, mainly from higher **salaries and benefits**, partially offset by lower **Cash Connect® external funding costs**[202](index=202&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's **market risk** primarily arises from **interest rate risk**, which is actively monitored and managed - Information regarding **market risk** is incorporated by reference from the '**Interest Rate Sensitivity**' section within **Item 2 of the MD&A**[229](index=229&type=chunk) [Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's **disclosure controls and procedures** were effective as of June 30, 2025, with no **material changes** to **internal control over financial reporting** - The **CEO and CFO** concluded that as of June 30, 2025, the company's **disclosure controls and procedures** were effective[235](index=235&type=chunk) - No **material changes** to **internal control over financial reporting** occurred during the second quarter of 2025[235](index=235&type=chunk) [PART II. Other Information](index=68&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=68&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding **legal proceedings** is detailed in **Note 17** to the Consolidated Financial Statements, including a recent settlement - Details on **legal proceedings** are incorporated by reference from **Note 17 of the financial statements**[232](index=232&type=chunk) [Risk Factors](index=68&type=section&id=Item%201A.%20Risk%20Factors) No **material changes** to the **risk factors** disclosed in the company's **Annual Report on Form 10-K** for 2024 were reported - No **material changes** to **risk factors** were reported since the **2024 Annual Report on Form 10-K**[233](index=233&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=68&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **1,556,199 shares** of **common stock** in **Q2 2025** as part of a new **share repurchase program** Share Repurchases for Q2 2025 | Month | Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | April 2025 | 1,012,199 | $47.98 | | May 2025 | 274,000 | $54.07 | | June 2025 | 270,000 | $53.07 | | **Total** | **1,556,199** | **$49.93** | - In **Q2 2025**, the Board approved a new **share repurchase program** for up to **5,769,334 shares**, representing **10%** of outstanding shares as of March 31, 2025[234](index=234&type=chunk) [Other Information](index=69&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a **Rule 10b5-1 trading arrangement** during the reporting period - No director or officer adopted or terminated a **Rule 10b5-1 trading arrangement** during the reporting period[240](index=240&type=chunk) ```

Financial Data and Key Metrics Changes - Core earnings per share increased to $1.27, core return on assets at 1.3%, and core return on tangible common equity at 18.03%, all up from the first quarter [4][5] - Core net interest margin expanded by one basis point to 3.89%, with total funding costs reduced by nine basis points [5] - Total net credit costs were $14.3 million, with net charge-offs at 30 basis points, half attributed to the Upstart sale [7][9] Business Line Data and Key Metrics Changes - Wealth business grew 17% year over year, with institutional services up 39% and Brimmore Trust Company of Delaware up 7% [6] - Core fee revenue grew 9% quarter over quarter, driven by growth in wealth, capital markets, and mortgage [5] - Gross loans remained flat quarter over quarter, but commercial fundings reached the highest level in over a year, with C&I loan balances growing 2% linked quarter [6][7] Market Data and Key Metrics Changes - Total client deposits increased by 1% linked quarter and grew by 5% year over year, with non-interest deposits up 11% year over year [6] - The company expects low single-digit growth in the commercial portfolio and flat growth in the consumer portfolio, excluding Upstart [10] Company Strategy and Development Direction - The company is focused on accretive loan growth, particularly in the C&I sector, while maintaining profit margins [19][20] - Strategic opportunities are being pursued in the wealth and trust franchise, with a focus on broadening product offerings [12][31] - The company plans to continue executing buybacks as part of a multi-year glide path to reach a CET1 capital target of 12% [13] Management's Comments on Operating Environment and Future Outlook - Management noted a mild uptick in optimism among commercial borrowers, with some projects previously on hold now moving forward [23][24] - The outlook for net interest margin (NIM) has been raised to approximately 3.85%, factoring in expected interest rate cuts [11][38] - Management remains committed to driving high performance and growth, with expectations for continued strong performance in fee businesses [10][64] Other Important Information - The company completed the sale of its powder mill business, which is expected to create strategic opportunities despite some near-term revenue headwinds [12] - The company is managing expenses for growth, with a focus on investing in technology and talent [58] Q&A Session Summary Question: Loan growth expectations and commercial borrower sentiment - Management emphasized a focus on C&I growth and maintaining profit margins, with a mild uptick in optimism among borrowers regarding tariffs [19][23] Question: Expense outlook and run rate - Management indicated that the second quarter is a good run rate for future growth, with some potential increases in the back half of the year [25][28] Question: Impact of buybacks on CET1 and M&A opportunities - Management confirmed that buybacks are driven by excess capital, with a focus on investing in the business first, but open to M&A opportunities in fee businesses [30][31] Question: NIM outlook and potential upside - Management discussed the expected impact of interest rate cuts on NIM, with strategies in place to mitigate these effects [36][38] Question: Cash Connect profitability and pricing strategies - Management reported progress in driving profit margins in Cash Connect, with ongoing pricing increases expected to enhance profitability [61] Question: Long-term margin outlook - Management did not provide specific guidance for 2026 but aims to continue improving ROA and mitigating impacts from interest rate cuts [64]

Financial Data and Key Metrics Changes - Core earnings per share increased to $1.27, core return on assets at 1.3%, and core return on tangible common equity at 18.03%, all up from the first quarter [3][4] - Core net interest margin expanded by one basis point to 3.89%, with total funding costs reduced by nine basis points [4] - Core fee revenue grew by 9% quarter over quarter, driven by growth in wealth, capital markets, and mortgage businesses [4] Business Line Data and Key Metrics Changes - Wealth business grew by 17% year over year, with institutional services up by 39% and Brimmore Trust Company of Delaware up by 7% [5] - Total client deposits increased by 1% linked quarter and grew by 5% year over year, with non-interest deposits up by 11% year over year [5] - Gross loans remained flat quarter over quarter, but commercial fundings reached the highest level in over a year, with C&I loan balances growing by 2% linked quarter [6] Market Data and Key Metrics Changes - The company expects low single-digit growth in the commercial portfolio and flat growth in the consumer portfolio, excluding Upstart [8] - The outlook for net interest margin (NIM) has been raised to approximately 3.85%, factoring in two anticipated rate cuts [9] Company Strategy and Development Direction - The company is focused on accretive loan growth, particularly in the C&I sector, while maintaining profit margins [19][20] - Strategic opportunities are being pursued in the wealth and trust business, with a focus on broadening product offerings [10] - The company plans to continue executing buybacks as part of a multi-year glide path to reach a CET1 capital target of 12% [11] Management's Comments on Operating Environment and Future Outlook - Management noted a mild uptick in optimism among commercial borrowers, indicating a potential shift in sentiment regarding tariffs [22][23] - The company is managing expenses for growth, with continued investments in technology and talent [57] - Future performance is expected to be driven by fee businesses, which are accretive to ROA, despite temporary impacts from interest rate cuts [64] Other Important Information - The company returned $87.3 million of capital in the second quarter, including $77.7 million in buybacks, representing 2.7% of outstanding shares [7] - The sale of the Upstart portfolio is expected to impact net charge-offs, with total net charge-offs projected between 35 to 45 basis points for the year, excluding Upstart [10] Q&A Session Summary Question: Loan growth expectations and commercial borrower sentiment - Management emphasized a focus on C&I growth and noted a mild uptick in optimism among borrowers regarding project initiation [19][22] Question: Expense outlook and run rate - Management indicated that the second quarter represents a good run rate for future growth, with some potential increases due to business-as-usual activities [26][57] Question: Impact of buybacks on CET1 and M&A considerations - Management confirmed that buybacks are being executed due to excess capital, with a focus on investing in the business first before considering M&A opportunities [30][31] Question: NIM outlook and potential upside - Management discussed the expected impact of interest rate cuts on NIM, with a focus on mitigating these impacts through deposit repricing [38][41] Question: Cash Connect profitability and pricing strategies - Management reported progress in driving profit margins in Cash Connect, with ongoing pricing increases expected to enhance profitability [60][61]

Financial Performance - The company's Core Return on Average Assets (ROA) was 1.38%, an increase of 9 basis points (bps) quarter-over-quarter (QoQ)[6] - Core Pre-Provision Net Revenue (PPNR) reached $107.8 million, up 3% QoQ[6] - Net Interest Margin (NIM) increased by 1 basis point (bp) QoQ to 3.89%, driven by deposit repricing and wholesale funding optimization[6, 9] - Core Fee Revenue totaled $88.0 million, a 9% increase QoQ and a 2% increase year-over-year (YoY)[6] - The company returned $149.9 million of capital to shareholders year-to-date (YTD), including $131.5 million from share repurchases[6] Loan Portfolio - Commercial & Industrial (C&I) loans increased by 7% QoQ annualized[12] - Residential mortgage and WSFS-originated consumer loans grew 16% QoQ annualized[16] - Total Gross Loans decreased slightly by $11 million QoQ[12] Deposit Trends - Total client deposits increased by $242 million QoQ, representing a 6% annualized growth[17, 21] - Noninterest demand deposits grew by $359 million QoQ, a 29% annualized increase[17] - Total client deposits increased by $830 million YoY, a 5% increase[17, 21] Capital and Asset Quality - The company's CET1 ratio was 14.07%[5] - Tangible book value (TBV) per share grew 20% YoY to $30.32, which includes a negative impact of $9.29 per share related to Reported Accumulated Other Comprehensive Income (AOCI)[28] - The company announced the sale of $98.1 million of Upstart loans[6] - The ACL coverage ratio was 1.43%[5, 46]

WSFS Financial (WSFS) came out with quarterly earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.13 per share. This compares to earnings of $1.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +12.39%. A quarter ago, it was expected that this bank holding company would post earnings of $1.04 per share when it actually produced earnings of $1.13, delivering a surprise of +8.65%.Over the last four quarters, ...

WSFS Bank Center WSFS Bank Place 1 500 Delaware Avenue 1818 Market Street Wilmington, DE 19801 Philadelphia, PA 19103 Selected financial results and metrics are as follows: | (Dollars in millions, except per share data) | 2Q 2025 | | 1Q 2025 | | 2Q 2024 | | | --- | --- | --- | --- | --- | --- | --- | | Net interest income | $ | 179.5 $ | | 175.2 | $ | 174.4 | | Fee revenue | | 88.0 | | 80.9 | | 91.6 | | Total net revenue | | 267.5 | | 256.1 | | 266.0 | | Provision for credit losses | | 12.6 | | 17.4 | | 19. ...

Core Viewpoint - WSFS Financial Corporation (WSFS) is showing potential for a bullish breakout as it has reached a key support level and experienced a "golden cross" in its moving averages [1][2]. Technical Analysis - A "golden cross" occurs when a short-term moving average, such as the 50-day, crosses above a long-term moving average, like the 200-day, indicating a potential bullish trend [2]. - The formation of a golden cross involves three stages: a downtrend that bottoms out, the crossover of moving averages, and subsequent upward momentum in stock prices [3]. Stock Performance - WSFS shares have increased by 13.9% over the past four weeks, indicating positive momentum [4]. - The company currently holds a 2 (Buy) rating on the Zacks Rank, suggesting strong potential for further gains [4]. Earnings Expectations - Recent changes in earnings estimates show two upward revisions with no downward changes in the last 60 days, contributing to a bullish outlook [4]. - The Zacks Consensus Estimate for WSFS has also increased, reinforcing investor confidence in the stock's upward trend [5].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: WSFS Financial - WSFS Financial currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance in the market [3] Performance Metrics - Over the past week, WSFS shares increased by 6.48%, outperforming the Zacks Financial - Savings and Loan industry, which rose by 2.05% [5] - In a longer timeframe, WSFS shares rose by 18.64% over the past quarter and 18.53% over the last year, while the S&P 500 increased by 10.83% and 14.92%, respectively [6] Trading Volume - WSFS's average 20-day trading volume is 364,265 shares, which serves as a baseline for price-to-volume analysis [7] Earnings Outlook - In the past two months, one earnings estimate for WSFS has increased, raising the consensus estimate from $4.59 to $4.61 [9] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [9] Conclusion - Given the strong performance metrics and positive earnings outlook, WSFS Financial is recommended as a stock to consider for near-term investment opportunities [11]

Industry Overview - The Zacks Savings and Loan industry is experiencing benefits from an improving lending environment due to the Federal Reserve's interest rate cuts, leading to stable funding costs and supporting net interest income (NII) and net interest margin (NIM) expansion [1][4] - The industry consists of specialized U.S. banks focusing on residential mortgage finance, offering various loan products and funding mortgages with savings insured by the FDIC [3] Industry Trends - Lower interest rates are expected to enhance NII and margins for savings and loan companies, which have faced pressure from higher funding costs [4] - A decline in mortgage rates is anticipated to boost purchase originations and refinancing activities, increasing loan demand across various categories [5] - Companies are transitioning to digital operations to remain competitive, despite facing challenges from legacy technologies [6][7] Asset Quality Concerns - Prolonged higher interest rates may lead to a deterioration in asset quality, as portfolio companies struggle to service debt amid geopolitical risks and tariff uncertainties [8] Industry Performance - The Zacks Savings and Loan industry ranks 14, placing it in the top 6% of over 245 Zacks industries, indicating solid prospects for outperformance [9][10] - The industry has underperformed the Zacks Finance sector but outperformed the S&P 500, with a collective gain of 20% over the past year compared to the S&P 500's 10.5% increase [12] Valuation Metrics - The industry has a trailing 12-month price-to-tangible book ratio (P/TBV) of 1.72X, below the five-year median of 1.97X, indicating a discount compared to the broader market [16][18] Company Highlights - **WSFS Financial**: With $20.5 billion in assets, the company expects mid-single-digit growth in commercial lending and a net interest margin of 3.80% for 2025, with a Zacks Consensus Estimate for current-year earnings at $4.59, reflecting a 4.6% year-over-year rise [21][22][23] - **Provident Financial**: After merging with Lakeland Bancorp, the company has $24.2 billion in assets and is expected to see a 69.4% year-over-year rise in earnings to $2.05 for 2025, with shares climbing 29.1% over the past year [26][29] - **Riverview Bancorp**: With assets of $1.51 billion, the company is focused on expanding revenue through commercial banking initiatives, expecting a 4.4% increase in earnings to 24 cents for fiscal 2025, with shares gaining 41.6% in the past year [32][34]

Financial Performance - The company reported earnings per share (EPS) of $1.12 and a return on assets (ROA) of 1.29% for the three months ended March 31, 2025, compared to $1.09 and 1.28% for the same period in 2024[175]. - Net income attributable to the company for the three months ended March 31, 2025, was $65.9 million, slightly up from $65.8 million in the same period of 2024[197]. - Noninterest income for the three months ended March 31, 2025, was $80.9 million, an increase of $5.0 million from $75.9 million in the same period of 2024, driven by a $6.4 million increase in the Wealth and Trust segment[205]. - Noninterest income increased by $5.0 million, driven by growth in Wealth and Trust services[197]. - Net interest income for the three months ended March 31, 2025, decreased by $0.1 million compared to the same period in 2024, totaling $175.2 million[199]. Asset and Liability Management - As of March 31, 2025, WSFS Financial Corporation had total assets of $20.5 billion and assets under management (AUM) and assets under administration (AUA) of $89.6 billion[173]. - Total liabilities decreased by $347.2 million to $17.9 billion at March 31, 2025, compared to December 31, 2024[176]. - Client deposits decreased by $150.7 million, primarily due to expected outflows in Trust deposits[180]. - The company maintained a total common equity Tier 1 capital ratio of 14.12% and total risk-based capital of 15.36%, well above regulatory requirements[181]. - Interest-earning assets exceeded interest-bearing liabilities maturing or repricing within one year by $473.6 million as of March 31, 2025[194]. Equity and Dividends - The Board of Directors approved a 13% increase in the quarterly cash dividend to $0.17 per share and authorized a share repurchase of 10% of outstanding shares[178]. - Stockholders' equity increased by $81.9 million to $2.7 billion at March 31, 2025, primarily due to $65.9 million in earnings[177]. - Stockholders' equity increased to $2,671,614 thousand as of March 31, 2025, from $2,589,752 thousand as of December 31, 2024[211]. - Tangible common equity as of March 31, 2025, was $1,687,732 thousand, up from $1,601,592 thousand as of December 31, 2024[211]. - Book value per share of common stock increased to $46.31 as of March 31, 2025, from $44.15 as of December 31, 2024[211]. Credit Quality - Nonperforming assets decreased by $10.5 million from December 31, 2024, to March 31, 2025, primarily due to the charge-off of a nonperforming commercial and industrial loan[191]. - The ratio of nonperforming assets to total assets improved from 0.61% at December 31, 2024, to 0.57% at March 31, 2025[191]. - The provision for credit losses rose by $2.2 million due to a charge-off of a nonperforming loan, partially offset by a lower provision on the consumer portfolio[197]. - The total allowance for credit losses decreased to $188.1 million as of March 31, 2025, from $195.3 million at December 31, 2024, with the ratio to total loans and leases decreasing to 1.43%[202]. - The charge-offs for the three months ended March 31, 2025, amounted to $27.1 million, with net charge-offs totaling $24.6 million[203]. Expenses and Taxation - Noninterest expense for the three months ended March 31, 2025, was $151.8 million, an increase of $2.7 million from $149.1 million for the same period in 2024, primarily due to a $6.7 million increase in salaries and benefits[206]. - Income tax expense for the three months ended March 31, 2025, was $21.1 million, compared to $21.2 million for the same period in 2024[207]. - The effective tax rate for the three months ended March 31, 2025, was 24.3%, slightly down from 24.4% in the same period of 2024[208]. Interest and Margin - The net interest margin increased to 3.88% for the three months ended March 31, 2025, up from 3.84% in the prior year, driven by deposit repricing actions[175]. - The interest rate spread for Q1 2025 was 3.05%, compared to 2.98% in Q1 2024[199]. - The total interest-earning assets were $18.38 billion, generating interest income of $250.9 million in Q1 2025[198]. - The total interest-bearing liabilities were $12.27 billion, with interest expense of $75.7 million in Q1 2025[198].