WSFS Financial (WSFS) - 2025 Q2 - Quarterly Results

Executive Summary 2Q 2025 Highlights WSFS Financial Corporation reported strong financial results for the second quarter of 2025, with diluted EPS of $1.27 and ROA of 1.39%. These results were primarily driven by a net interest margin (NIM) of 3.89% and a 9% quarter-over-quarter growth in fee revenue. The company also returned $87.3 million in capital to shareholders Key Financial Highlights | Metric | 2Q 2025 | 1Q 2025 | 2Q 2024 | | :--------------------------------- | :------ | :------ | :------ | | Net interest income (in millions) | $179.5 | $175.2 | $174.4 | | Fee revenue (in millions) | $88.0 | $80.9 | $91.6 | | Total net revenue (in millions) | $267.5 | $256.1 | $266.0 | | Net income attributable to WSFS (in millions) | $72.3 | $65.9 | $69.3 | | Earnings per share (EPS) (diluted) | $1.27 | $1.12 | $1.16 | | Return on average assets (ROA) | 1.39 % | 1.29 % | 1.34 % | | Net interest margin (NIM) | 3.89 % | 3.88 % | 3.85 % | | Fee revenue as % of total net revenue | 32.8 % | 31.5 % | 34.4 % | | Efficiency ratio | 59.5 % | 59.2 % | 58.5 % | - WSFS reported 2Q 2025 EPS of $1.27 and ROA of 1.39%, driven by a NIM of 3.89% and fee revenue growth of 9%[2] - The company returned $87.3 million of capital to shareholders during the quarter[2] CEO Commentary CEO Rodger Levenson highlighted strong performance in Q2 2025, with core EPS of $1.27 and core ROA of 1.38%. This was attributed to robust growth in fee-based businesses (9% QoQ), an improved net interest margin of 3.89%, and annualized client deposit growth of 6%. The company also saw solid growth in C&I loan fundings and WSFS-originated Consumer Lending - Core EPS was $1.27 and core ROA was 1.38% for 2Q 2025[5] - Core fee revenue grew 9% quarter-over-quarter, driven by Wealth and Trust, WSFS Mortgage, Capital Markets, and Banking businesses[5] - Net interest margin improved to 3.89%, up 1bp from the previous quarter[5] - Client deposits grew 6% (annualized) compared to 1Q 2025, primarily from the Trust business[5] Key Performance Indicators Key performance indicators for 2Q 2025 showed improvements across several metrics compared to 1Q 2025, including higher core EPS, core PPNR, and net interest margin. The company also reduced total net credit costs and increased client deposits, while executing significant share repurchases and dividend payments Key Performance Indicators (Dollars in millions) | Metric | 2Q 2025 | 1Q 2025 | Change (QoQ) | | :--------------------------------- | :------ | :------ | :----------- | | Core EPS | $1.27 | $1.13 | +$0.14 | | Core ROA | 1.38% | 1.29% | +0.09% | | Core PPNR (in millions) | $107.8 | $104.6 | +$3.2 | | Net Interest Margin | 3.89% | 3.88% | +0.01% | | Core Fee Revenue (in millions) | +$7.1 | | +9% | | Total Net Credit Costs (in millions) | $14.3 | $17.6 | -$3.3 | | Client Deposits (annualized growth) | 6% | | +1% (not annualized) | | Shares Repurchased | 1,556,199 | | | | Total Capital Returned (in millions) | $87.3 | | | - Announced the sale of the majority of the unsecured consumer lending portfolio generated through the partnership with Upstart, accelerating the disposition of a non-strategic portfolio[7] Financial Performance Overview Selected Financial Results (GAAP & Non-GAAP) WSFS reported a net income attributable to WSFS of $72.3 million for 2Q 2025, an increase from $65.9 million in 1Q 2025 and $69.3 million in 2Q 2024. Diluted EPS also increased to $1.27. Performance ratios like ROA and ROE showed quarter-over-quarter improvements, with core ROA at 1.38% and core ROE at 18.08% Summary Statements of Income (Unaudited) (Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :-------------------------------------------- | :------------ | :------------- | :------------ | | Net interest income | $179,495 | $175,216 | $174,449 | | Provision for credit losses | $12,621 | $17,350 | $19,814 | | Noninterest income | $88,009 | $80,897 | $91,598 | | Noninterest expense | $159,343 | $151,795 | $155,768 | | Net income attributable to WSFS | $72,326 | $65,896 | $69,273 | | Diluted earnings per share | $1.27 | $1.12 | $1.16 | Performance Ratios | Performance Ratios | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :----------------- | :------------ | :------------- | :------------ | | Return on average assets (a) | 1.39 % | 1.29 % | 1.34 % | | Return on average equity (a) | 10.94 | 10.13 | 11.39 | | Return on average tangible common equity (a)(o) | 18.08 | 16.91 | 20.08 | | Net interest margin (a)(b) | 3.89 | 3.88 | 3.85 | | Efficiency ratio (c) | 59.46 | 59.16 | 58.46 | | Noninterest income as a percentage of total net revenue (b) | 32.84 | 31.53 | 34.38 | Balance Sheet Analysis Loans and Leases WSFS' gross loan and lease portfolio saw a slight decrease of less than 1% QoQ, primarily due to the transfer and write-down of Upstart loans. Excluding runoff portfolios, gross loans and leases increased by 1% (2% annualized), driven by growth in C&I, WSFS-originated consumer loans, and residential mortgages Loans and Leases Composition (Dollars in millions) | Loans and Leases | June 30, 2025 | % | March 31, 2025 | % | June 30, 2024 | % | | :------------------------- | :------------ | :- | :------------- | :- | :------------ | :- | | Commercial & industrial (C&I) | $4,731 | 36 % | $4,651 | 36 % | $4,599 | 35 % | | Commercial mortgage | $3,911 | 30 | $3,982 | 31 | $4,035 | 31 | | Construction | $858 | 7 | $869 | 6 | $879 | 7 | | Commercial small business leases | $630 | 5 | $636 | 5 | $644 | 5 | | Total commercial loans and leases | $10,130 | 78 | $10,138 | 78 | $10,157 | 78 | | Residential mortgage | $1,016 | 8 | $992 | 8 | $936 | 7 | | Consumer | $2,006 | 15 | $2,033 | 16 | $2,106 | 17 | | Gross loans and leases | $13,152 | 101 % | $13,163 | 102 % | $13,199 | 102 % | | ACL | $(186) | (1) | $(188) | (2) | $(198) | (2) | | Net loans and leases | $12,966 | 100 % | $12,975 | 100 % | $13,001 | 100 % | - Gross loan and lease portfolio decreased $10.7 million (less than 1%) QoQ, primarily due to the transfer of $98.1 million Upstart loans to held for sale, resulting in an $8.1 million write-down[8] - Excluding Upstart and Spring EQ runoff portfolios, gross loans and leases increased $65.5 million, or 1% (2% annualized), driven by C&I (7% annualized), WSFS-originated consumer loans (23% annualized), and residential mortgage (10% annualized)[8] Client Deposits Total client deposits increased by $242.4 million, or 1% (6% annualized), QoQ, mainly due to growth in Trust deposits. Noninterest demand deposits comprised 32% of average total client deposits, reflecting a strong deposit base. The loan-to-deposit ratio was 76%, indicating capacity for future loan growth Client Deposit Balances and Composition (Dollars in millions) | Client Deposits | June 30, 2025 | % | March 31, 2025 | % | June 30, 2024 | % | | :------------------------ | :------------ | :- | :------------- | :- | :------------ | :- | | Noninterest demand | $5,306 | 31 % | $4,947 | 29 % | $4,783 | 29 % | | Interest-bearing demand | $2,806 | 16 | $2,882 | 17 | $2,812 | 17 | | Savings | $1,452 | 9 | $1,463 | 9 | $1,537 | 9 | | Money market | $5,471 | 32 | $5,487 | 33 | $5,175 | 33 | | Total core deposits | $15,035 | 88 | $14,779 | 88 | $14,307 | 88 | | Time deposits | $2,086 | 12 | $2,100 | 12 | $1,984 | 12 | | Total client deposits | $17,121 | 100 % | $16,879 | 100 % | $16,291 | 100 % | - Total client deposits increased by $242.4 million, or 1% (6% annualized), compared to 1Q 2025, primarily driven by an increase in Trust deposits[12] - Noninterest demand deposits comprised 32% of average total client deposits, a 2% increase compared with 1Q 2025[12] - The loan-to-deposit ratio was 76% at June 30, 2025, providing continued capacity to fund future loan growth[14] Income Statement Analysis Net Interest Income Net interest income increased by $4.3 million (2%) QoQ, reaching $179.5 million, driven by deposit repricing, higher noninterest deposits, and wholesale funding optimization. The net interest margin improved to 3.89%, up 1bp QoQ and 4bps YoY, despite a 7bps decrease in total loan yields due to the Upstart sale impact Net Interest Income (Dollars in millions) | (Dollars in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :-------------------- | :------------ | :------------- | :------------ | | Net interest income before purchase accretion | $177.5 | $173.1 | $172.7 | | Purchase accounting accretion | $2.0 | $2.1 | $1.7 | | Net interest income | $179.5 | $175.2 | $174.4 | | Net interest margin before purchase accretion | 3.84 % | 3.83 % | 3.81 % | | Purchase accounting accretion | 0.05 | 0.05 | 0.04 | | Net interest margin | 3.89 % | 3.88 % | 3.85 % | - Net interest income increased $4.3 million, or 2%, compared to 1Q 2025, driven by deposit repricing actions, higher cash balances from noninterest deposits, and wholesale funding optimization[16] - Net interest margin was 3.89%, an increase of 1bp compared to 1Q 2025 and 4bps from 2Q 2024[18] - Total loan yields decreased 7bps QoQ to 6.60%, while total client deposit costs decreased 8bps to 1.63%[17] Core Fee Revenue Core fee revenue increased by $7.1 million, or 9% QoQ, reaching $88.0 million. This growth was primarily driven by a 12% increase in Wealth and Trust revenue, particularly from Institutional Services and BMT of DE, and included revenue from the Spring EQ earnout and WSFS Mortgage - Core fee revenue (noninterest income) of $88.0 million increased $7.1 million, or 9%, compared to 1Q 2025[25] - The increase was primarily driven by a $4.6 million, or 12%, increase in Wealth and Trust revenue, with double-digit increases in Institutional Services and BMT of DE[25] - Core fee revenue increased $2.0 million, or 2%, compared to 2Q 2024, mainly due to a 17% increase in Wealth and Trust and the Spring EQ earnout, partially offset by declines in Cash Connect and Capital Markets fees[26] - The core fee revenue ratio was 32.8% in 2Q 2025, up from 31.5% in 1Q 2025[26] Noninterest Expense Core noninterest expense increased by $8.2 million, or 5% QoQ, to $159.7 million. Excluding one-time credits from 1Q 2025, the increase was mainly due to higher salaries and benefits, technology costs, and loan workout expenses. The core efficiency ratio was 59.6% in 2Q 2025 - Core noninterest expense of $159.7 million increased $8.2 million, or 5%, compared to 1Q 2025[28] - Excluding one-time credits (approximately $4.0 million) in 1Q 2025, the increase was primarily driven by higher salaries and benefits, technology costs, loan workout, and other credit costs[28] - The quarter included $1.6 million of one-time insurance recoveries at Cash Connect related to client termination losses from 4Q 2024[28] - The core efficiency ratio was 59.6% in 2Q 2025, compared to 59.0% in 1Q 2025 and 59.8% in 2Q 2024[28] Income Taxes The income tax provision for 2Q 2025 was $23.3 million, up from $21.1 million in 1Q 2025 and $21.3 million in 2Q 2024, primarily due to higher income before taxes and certain tax credits in the prior year. The effective tax rate increased slightly to 24.4% from 24.3% QoQ and 23.5% YoY, mainly due to higher state taxes and reduced federal tax credits - Income tax provision was $23.3 million in 2Q 2025, compared to $21.1 million in 1Q 2025 and $21.3 million in 2Q 2024[29] - The effective tax rate was 24.4% in 2Q 2025, up from 24.3% in 1Q 2025 and 23.5% in 2Q 2024, primarily due to higher state taxes and reduced federal tax credits[30] Asset Quality Asset Quality Metrics Asset quality metrics showed a decrease in nonperforming assets QoQ, primarily due to a C&I credit payoff, while problem assets remained flat. Net charge-offs significantly decreased to $9.8 million, or 30bps (annualized), partly due to the Upstart sale impact. Total net credit costs also decreased, but included additional reserves for nonperforming loans and accounts receivable in Wealth and Trust Asset Quality Metrics (Dollars in millions) | (Dollars in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :---------------------------------------- | :------------ | :------------- | :------------ | | Problem assets | $683.1 | $683.7 | $628.5 | | Delinquencies | $158.0 | $147.7 | $89.0 | | Nonperforming assets | $106.2 | $116.9 | $65.4 | | Net charge-offs on loans and leases | $9.8 | $24.6 | $14.2 | | Total net credit costs | $14.3 | $17.6 | $18.5 | | Ratio of nonperforming assets to total assets | 0.51 % | 0.57 % | 0.32 % | | Ratio of quarterly net charge-offs to average gross loans | 0.30 | 0.76 | 0.44 | | Ratio of allowance for credit losses to total loans and leases | 1.43 | 1.43 | 1.51 | - Nonperforming assets decreased $10.7 million, or 6bps of total assets, compared to 1Q 2025, primarily due to the payoff of a C&I credit[19] - Net charge-offs decreased $14.8 million to $9.8 million, or 30bps (annualized) of average gross loans, during the quarter, including the impact of the Upstart sale[21] - Total net credit costs were $14.3 million, a decrease of $3.3 million QoQ, but included $6.3 million of additional reserves on two nonperforming loans and a $4.1 million increase related to accounts receivable within the Wealth and Trust segment[22] Capital Management Capital Ratios and Shareholder Returns WSFS maintained strong capital ratios, all substantially exceeding 'well-capitalized' regulatory benchmarks. Total stockholders' equity increased slightly, driven by quarterly earnings and a decrease in accumulated other comprehensive loss, partially offset by $87.3 million in capital returns to stockholders through share repurchases and dividends Capital Ratios at June 30, 2025 | Capital Ratio | Value | | :-------------------------- | :---- | | Common Equity Tier 1 capital | 14.07% | | Tier 1 capital | 14.07% | | Tier 1 leverage | 11.04% | | Total Risk-based capital | 15.86% | - Total stockholders' equity increased $11.1 million (less than 1%) during 2Q 2025, primarily due to quarterly earnings of $72.3 million and a $27.3 million decrease in accumulated other comprehensive loss, offset by $87.3 million in capital returns[33] - WSFS repurchased 1,556,199 shares of common stock for $77.7 million and paid $9.6 million in quarterly dividends, totaling $87.3 million in capital returned to stockholders[7][33][35] - Book value per share increased 3% QoQ to $47.71, and tangible book value per share increased 4% QoQ to $30.32[34] Selected Business Segments Wealth and Trust The Wealth and Trust segment reported a 5% QoQ increase in pre-tax income to $30.7 million, driven by higher fee revenue (transaction and account growth in Institutional Services and BMT of DE, seasonal tax activity in Private Wealth Management) and net interest income. This was partially offset by increased provision for credit losses due to an ACL adjustment for accounts receivable Wealth and Trust Selected Quarterly Performance (Dollars in millions) | (Dollars in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :-------------------- | :------------ | :------------- | :------------ | | Net interest income | $23.0 | $20.3 | $18.4 | | Provision for credit losses | $4.4 | $0.8 | — | | Fee revenue | $44.5 | $39.9 | $38.2 | | Noninterest expense | $32.3 | $30.0 | $28.0 | | Pre-tax income | $30.7 | $29.4 | $28.6 | | Institutional Services and BMT of DE fee revenue | $27.9 | $24.3 | $21.8 | | Private Wealth Management fee revenue | $16.1 | $15.1 | $15.8 | | AUM/AUA (in billions) | $92,386 | $89,633 | $84,938 | - Wealth and Trust pre-tax income increased $1.4 million, or 5%, compared to 1Q 2025[38] - Fee revenue increased due to transaction and account growth in Institutional Services and BMT of DE, and seasonal tax activity in Private Wealth Management[38] - AUM/AUA reached $92.4 billion at June 30, 2025, up from $89.6 billion in 1Q 2025 and $84.9 billion in 2Q 2024[38] Cash Connect Cash Connect's pre-tax income increased by $1.7 million QoQ, primarily due to $1.6 million in one-time insurance recoveries. Excluding these recoveries, pre-tax income was flat. Net revenue decreased due to lower bailment volumes and a lower rate environment, but this was largely offset by lower expenses Cash Connect Selected Quarterly Financial Results (Dollars in millions) | (Dollars in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :-------------------- | :------------ | :------------- | :------------ | | Net revenue | $21.1 | $21.5 | $27.6 | | Noninterest expense | $17.8 | $19.9 | $25.6 | | Pre-tax income | $3.3 | $1.6 | $2.0 | | Average cash managed | $1,329 | $1,407 | $1,530 | | Number of serviced non-bank ATMs and smart safes | 36,494 | 38,214 | 42,524 | | Net profit margin | 15.58 % | 7.24 % | 7.17 % | | ROA | 2.43 % | 1.21 % | 1.72 % | - Cash Connect pre-tax income increased $1.7 million compared to 1Q 2025, driven by $1.6 million of one-time insurance recoveries[42] - Net revenue decreased $0.3 million from 1Q 2025 due to lower bailment volumes, which were more than offset in expenses[42] - Excluding insurance recoveries, net profit margin increased to 7.95% compared to 7.17% in 2Q 2024[42] Company Information Earnings Release Conference Call WSFS Financial Corporation will host a conference call on Friday, July 25, 2025, at 1:00 p.m. ET to discuss its 2Q 2025 results. Interested parties can access the live call and replay via the Investor Relations website - Management will conduct a conference call to review 2Q 2025 results at 1:00 p.m. Eastern Time (ET) on Friday, July 25, 2025[44] - The conference call can be accessed live on the Investor Relations website (https://investors.wsfsbank.com), with a replay available shortly after[44] About WSFS Financial Corporation WSFS Financial Corporation is a multi-billion dollar financial services company, with its primary subsidiary, WSFS Bank, being the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of June 30, 2025, it had $20.8 billion in assets and $92.4 billion in assets under management and administration, operating from 115 offices across multiple states - WSFS Financial Corporation is a multibillion-dollar financial services company, with $20.8 billion in assets and $92.4 billion in assets under management and administration as of June 30, 2025[45] - WSFS Bank is the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region, operating from 115 offices[45] - The company provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management[45] Forward-Looking Statements This section contains forward-looking statements based on various assumptions, subject to risks and uncertainties that could cause actual results to differ materially. Key risks include volatile market conditions, uncertain economic trends, potential loan losses, changes in interest rates, regulatory changes, and operational failures. The company disclaims any duty to revise or update these statements - The press release contains forward-looking statements subject to various assumptions, risks, and uncertainties that could cause actual results to differ materially[46] - Key risks include volatile market conditions, uncertain economic trends, potential loan losses, changes in market interest rates, regulatory changes, and operational failures[46] - The Company cautions readers not to place undue reliance on any such forward-looking statements and disclaims any duty to revise or update them, except as required by law[46] Detailed Financial Statements and Reconciliations Summary Statements of Income This section provides detailed unaudited summary statements of income for the three and six months ended June 30, 2025, March 31, 2025, and June 30, 2024, including interest income and expense, noninterest income and expense, provision for credit losses, and net income attributable to WSFS, along with key performance ratios Summary Statements of Income (Unaudited) - Key Figures (Dollars in thousands) | (Dollars in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--------------------- | :------------ | :------------- | :------------ | | Total interest income | $253,190 | $250,878 | $265,237 | | Total interest expense | $73,695 | $75,662 | $90,788 | | Net interest income | $179,495 | $175,216 | $174,449 | | Provision for credit losses | $12,621 | $17,350 | $19,814 | | Total noninterest income | $88,009 | $80,897 | $91,598 | | Total noninterest expense | $159,343 | $151,795 | $155,768 | | Net income attributable to WSFS | $72,326 | $65,896 | $69,273 | | Diluted earnings per share | $1.27 | $1.12 | $1.16 | Performance Ratios (Unaudited) | Performance Ratios | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :----------------- | :------------ | :------------- | :------------ | | Return on average assets | 1.39 % | 1.29 % | 1.34 % | | Return on average equity | 10.94 % | 10.13 % | 11.39 % | | Net interest margin | 3.89 % | 3.88 % | 3.85 % | | Efficiency ratio | 59.46 % | 59.16 % | 58.46 % | Summary Statements of Financial Condition This section presents the unaudited summary statements of financial condition as of June 30, 2025, March 31, 2025, and June 30, 2024, detailing assets, liabilities, and stockholders' equity. It also includes key capital ratios and asset quality indicators, showing strong capital positions and a decrease in nonperforming assets QoQ Summary Statements of Financial Condition (Unaudited) - Key Figures (Dollars in thousands) | (Dollars in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--------------------- | :------------ | :------------- | :------------ | | Total assets | $20,763,292 | $20,548,950 | $20,744,530 | | Total client deposits | $17,121,469 | $16,879,061 | $16,291,081 | | Total liabilities | $18,091,074 | $17,887,741 | $18,266,173 | | Total stockholders' equity | $2,672,218 | $2,661,209 | $2,478,357 | | Nonperforming assets | $106,166 | $116,879 | $65,376 | | Allowance for credit losses | $189,121 | $188,088 | $198,260 | Capital Ratios (Unaudited) | Capital Ratios | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :------------- | :------------ | :------------- | :------------ | | Equity to asset ratio | 12.92 % | 13.00 % | 12.00 % | | Tangible common equity to tangible asset ratio | 8.62 | 8.63 | 7.56 | | Common equity Tier 1 capital | 14.07 | 14.10 | 13.29 | | Tier 1 leverage | 11.04 | 11.17 | 10.61 | | Total risk-based capital | 15.86 | 15.89 | 15.34 | Average Balance Sheet This section provides the unaudited average balance sheet for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, detailing average interest-earning assets, interest-bearing liabilities, and their corresponding yields and rates. It highlights the net interest margin and interest rate spread Average Balance Sheet - Key Figures (Dollars in thousands) | (Dollars in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--------------------- | :------------ | :------------- | :------------ | | Total interest-earning assets | $18,580,355 | $18,379,534 | $18,272,237 | | Total interest-bearing liabilities | $12,150,291 | $12,270,144 | $12,622,595 | | Net interest and dividend income | $179,495 | $175,216 | $174,449 | | Interest rate spread | 3.05 % | 3.05 % | 2.96 % | | Net interest margin | 3.89 % | 3.88 % | 3.85 % | - Average total loans and leases were $13.13 billion with a yield of 6.60% in 2Q 2025, compared to $13.19 billion with a yield of 6.67% in 1Q 2025[50] - Average total interest-bearing deposits were $11.81 billion with a cost of 2.38% in 2Q 2025, compared to $11.86 billion with a cost of 2.43% in 1Q 2025[50] Stock Information and Other Financial Data This section provides stock information, including market prices, book value per share, and tangible common book value per share, which all increased QoQ. It also includes other financial data such as the one-year repricing gap, MBS portfolio duration, unrealized losses on securities, and employee count Stock Information (Unaudited) | Stock Information | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :---------------------------------------- | :------------ | :------------- | :------------ | | Market price of common stock (Close) | $55.00 | $51.87 | $47.00 | | Book value per share of common stock | $47.71 | $46.31 | $42.01 | | Tangible common book value (TBV) per share of common stock | $30.32 | $29.25 | $25.20 | | Number of shares of common stock outstanding (000s) | 56,235 | 57,693 | 59,261 | Other Financial Data (Unaudited) | Other Financial Data | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :------------------- | :------------ | :------------- | :------------ | | One-year repricing gap to total assets | 4.54% | 2.30% | (0.30)% | | Weighted average duration of the MBS portfolio | 6.2 years | 6.1 years | 5.7 years | | Unrealized losses on securities available for sale, net of taxes | $(445,065) | $(467,752) | $(549,039) | | Number of Associates (FTEs) | 2,375 | 2,336 | 2,279 | | Number of offices | 115 | 115 | 114 | | Number of WSFS owned and branded ATMs | 582 | 580 | 579 | Non-GAAP Reconciliation This section provides a detailed reconciliation of non-GAAP financial measures to their comparable GAAP measures, including core net interest income, core fee revenue, core noninterest expense, core efficiency ratio, tangible assets, tangible common equity, core ROA, core EPS, and core PPNR. These adjustments aim to provide a clearer view of ongoing operational performance Non-GAAP Reconciliation - Core Net Revenue (Dollars in thousands) | (Dollars in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--------------------- | :------------ | :------------- | :------------ | | Net interest income (GAAP) | $179,495 | $175,216 | $174,449 | | Core net interest income (non-GAAP) | $179,495 | $175,216 | $174,449 | | Noninterest income (GAAP) | $88,009 | $80,897 | $91,598 | | Core fee revenue (non-GAAP) | $87,991 | $80,897 | $86,034 | | Core net revenue (non-GAAP) | $267,486 | $256,113 | $260,483 | | Core noninterest expense (non-GAAP) | $159,672 | $151,476 | $155,993 | | Core efficiency ratio (non-GAAP) | 59.6 % | 59.0 % | 59.8 % | | Core fee revenue ratio (non-GAAP) | 32.8 % | 31.5 % | 33.0 % | Non-GAAP Reconciliation - Tangible Equity and Assets (Dollars in thousands) | (Dollars in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--------------------- | :------------ | :------------- | :------------ | | Total assets (GAAP) | $20,763,292 | $20,548,950 | $20,744,530 | | Total tangible assets (non-GAAP) | $19,785,746 | $19,565,068 | $19,748,349 | | Total stockholders' equity of WSFS (GAAP) | $2,682,728 | $2,671,614 | $2,489,580 | | Total tangible common equity (non-GAAP) | $1,705,182 | $1,687,732 | $1,493,399 | | Tangible common book value per share (non-GAAP) | $30.32 | $29.25 | $25.20 | | Tangible common equity to tangible assets ratio (non-GAAP) | 8.62 % | 8.63 % | 7.56 % | Non-GAAP Reconciliation - Core Profitability Metrics (Dollars in thousands) | (Dollars in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--------------------- | :------------ | :------------- | :------------ | | GAAP net income attributable to WSFS | $72,326 | $65,896 | $69,273 | | Adjusted net income (non-GAAP) attributable to WSFS | $72,128 | $66,137 | $64,757 | | GAAP return on average assets (ROA) | 1.39 % | 1.29 % | 1.34 % | | Core ROA (non-GAAP) | 1.38 % | 1.29 % | 1.25 % | | Earnings per share (diluted) (GAAP) | $1.27 | $1.12 | $1.16 | | Core earnings per share (non-GAAP) | $1.27 | $1.13 | $1.08 | | PPNR (non-GAAP) | $108,161 | $104,318 | $110,279 | | Core PPNR (non-GAAP) | $107,814 | $104,637 | $104,490 |