WSFS 10-Q Quarterly Report June 30, 2025

WSFS FINANCIAL CORP

10-Ks and 10-Qs

10-Q	Quarter ended Sept. 30, 2025
10-Q	Quarter ended June 30, 2025
10-Q	Quarter ended March 31, 2025
10-K	Fiscal year ended Dec. 31, 2024
10-Q	Quarter ended Sept. 30, 2024
10-Q	Quarter ended June 30, 2024
10-Q	Quarter ended March 31, 2024
10-K	Fiscal year ended Dec. 31, 2023
10-Q	Quarter ended Sept. 30, 2023
10-Q	Quarter ended June 30, 2023
10-Q	Quarter ended March 31, 2023
10-K	Fiscal year ended Dec. 31, 2022
10-Q	Quarter ended Sept. 30, 2022
10-Q	Quarter ended June 30, 2022
10-Q	Quarter ended March 31, 2022
10-K	Fiscal year ended Dec. 31, 2021
10-Q	Quarter ended Sept. 30, 2021
10-Q	Quarter ended June 30, 2021
10-Q	Quarter ended March 31, 2021
10-K	Fiscal year ended Dec. 31, 2020
10-Q	Quarter ended Sept. 30, 2020
10-Q	Quarter ended June 30, 2020
10-Q	Quarter ended March 31, 2020
10-K	Fiscal year ended Dec. 31, 2019
10-Q	Quarter ended Sept. 30, 2019
10-Q	Quarter ended June 30, 2019
10-Q	Quarter ended March 31, 2019
10-K	Fiscal year ended Dec. 31, 2018
10-Q	Quarter ended Sept. 30, 2018
10-Q	Quarter ended June 30, 2018
10-Q	Quarter ended March 31, 2018
10-K	Fiscal year ended Dec. 31, 2017
10-Q	Quarter ended Sept. 30, 2017
10-Q	Quarter ended June 30, 2017
10-Q	Quarter ended March 31, 2017
10-K	Fiscal year ended Dec. 31, 2016
10-Q	Quarter ended Sept. 30, 2016
10-Q	Quarter ended June 30, 2016
10-Q	Quarter ended March 31, 2016
10-K	Fiscal year ended Dec. 31, 2015
10-Q	Quarter ended Sept. 30, 2015
10-Q	Quarter ended June 30, 2015
10-Q	Quarter ended March 31, 2015
10-K	Fiscal year ended Dec. 31, 2014
10-Q	Quarter ended Sept. 30, 2014
10-Q	Quarter ended June 30, 2014
10-Q	Quarter ended March 31, 2014
10-K	Fiscal year ended Dec. 31, 2013
10-Q	Quarter ended Sept. 30, 2013
10-Q	Quarter ended June 30, 2013
10-Q	Quarter ended March 31, 2013
10-K	Fiscal year ended Dec. 31, 2012
10-Q	Quarter ended Sept. 30, 2012
10-Q	Quarter ended June 30, 2012
10-Q	Quarter ended March 31, 2012
10-K	Fiscal year ended Dec. 31, 2011
10-Q	Quarter ended Sept. 30, 2011
10-Q	Quarter ended June 30, 2011
10-Q	Quarter ended March 31, 2011
10-K	Fiscal year ended Dec. 31, 2010
10-Q	Quarter ended Sept. 30, 2010
10-Q	Quarter ended June 30, 2010
10-Q	Quarter ended March 31, 2010
10-K	Fiscal year ended Dec. 31, 2009

PROXIES

DEF 14A	Filed on May 15, 2025
DEF 14A	Filed on April 1, 2025
DEF 14A	Filed on May 16, 2024
DEF 14A	Filed on March 27, 2024
DEF 14A	Filed on March 28, 2023
DEF 14A	Filed on May 11, 2022
DEF 14A	Filed on March 28, 2022
DEF 14A	Filed on March 23, 2021
DEF 14A	Filed on March 23, 2020
DEF 14A	Filed on March 26, 2019
DEF 14A	Filed on March 23, 2018
DEF 14A	Filed on March 27, 2017
DEF 14A	Filed on March 30, 2016
DEF 14A	Filed on April 1, 2015
DEF 14A	Filed on March 24, 2014
DEF 14A	Filed on March 22, 2013
DEF 14A	Filed on March 26, 2012
DEF 14A	Filed on March 28, 2011
DEF 14A	Filed on March 29, 2010
DEF 14A	Filed on None

wsfs-20250630

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, 2025


☐			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)

Delaware

22-2866913

(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

WSFS

Nasdaq 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 filer

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: 55,969,140 shares as of July 28, 2025.

WSFS FINANCIAL CORPORATION

FORM 10-Q

TABLE OF CONTENTS


	PART I. Financial Information	Page
Item 1.	Financial Statements (Unaudited)
	Consolidated Statements of Income for the Three and Six Months Ended June 30, 2025 and 2024	5
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024	6
	Consolidated Statements of Financial Condition as of June 30, 2025 and December 31, 2024	7
	Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2025 and 2024	8
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	10
	Notes to the Consolidated Financial Statements for the Three and Six Months Ended June 30, 2025	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	68
Item 4.	Controls and Procedures	68
PART II. Other Information
Item 1.	Legal Proceedings	68
Item 1A.	Risk Factors	68
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68
Item 3.	Defaults upon Senior Securities	69
Item 4.	Mine Safety Disclosures	69
Item 5.	Other Information	69
Item 6.	Exhibits	69

Table of Contents

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:

• volatile market conditions and uncertain economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including potential recessionary and other unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth;

• the impacts related to or resulting from bank failures and other economic and industry volatility, including potential changes in regulatory requirements and costs and potential impacts to macroeconomic conditions;

• possible additional loan losses and impairment of the collectability of loans;

• the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs;

• changes in market interest rates, which may lead to reduced margin as a result of increased funding costs and/or reduced earning asset yields;

• changes in 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 credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development loans in the Company's loan portfolio;

• the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations, and potential expenses associated with complying with such regulations;

• the Company’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms;

• possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes;

• any impairments of the Company's goodwill or other intangible assets;

• the success of the Company's growth plans;

• failure of the financial and/or operational controls of the Company’s Cash Connect ® and/or Wealth and Trust segments;

• negative perceptions or publicity with respect to the Company generally and, in particular, the Company’s Wealth and Trust segment;

• adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings;

• the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties;

• system failures or cybersecurity incidents or other breaches of the Company’s network security, particularly given remote working arrangements;

• the Company’s ability to recruit and retain key Associates;

• the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes, wildfires and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks;

• the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage);

• possible changes in the speed of loan prepayments by the Company’s Clients and loan origination or sales volumes;

Table of Contents

• 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, pay dividends to its stockholders, and repurchase shares of its common stock;

• 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 herein 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 Capital Management ® , LLC, Bryn Mawr Trust ® , Cash Connect ® , NewLane Finance ® , WSFS Institutional Services ® , WSFS Mortgage ® and WSFS Wealth ® Investments. Any other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.

Table of Contents

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)	2025		2024		2025		2024

Interest income:
Interest and fees on loans and leases	$	216,005	$	230,815	$	432,757	$	455,518
Interest on mortgage-backed securities	24,531		25,784		49,276		51,681
Interest and dividends on investment securities:
Taxable	700		699		1,399		1,399
Tax-exempt	1,486		1,484		2,973		2,968
Other interest income	10,468		6,455		17,663		15,293
	253,190		265,237		504,068		526,859
Interest expense:
Interest on deposits	70,124		76,693		141,228		149,488
Interest on Federal Home Loan Bank advances	949		359		1,887		667
Interest on senior and subordinated debt	1,089		2,441		3,163		4,890
Interest on federal funds purchased	—		41		—		41
Interest on trust preferred borrowings	1,518		1,750		3,041		3,506
Interest on other borrowings	15		9,504		38		18,540
	73,695		90,788		149,357		177,132
Net interest income	179,495		174,449		354,711		349,727
Provision for credit losses	12,621		19,814		29,971		34,952
Net interest income after provision for credit losses	166,874		154,635		324,740		314,775
Noninterest income:
Credit/debit card and ATM income	18,309		23,875		37,052		43,544
Investment management and fiduciary income	43,774		37,606		83,055		70,534
Deposit service charges	6,802		6,496		13,555		12,983
Mortgage banking activities, net	2,341		2,217		4,141		3,864
Loan and lease fee income	1,430		1,706		2,895		3,229


Realized gain on sale of equity investments, net	18		2,130		18		2,130
Bank owned life insurance income	544		793		1,271		1,993
Other income	14,791		16,775		26,919		29,178
	88,009		91,598		168,906		167,455
Noninterest expense:
Salaries, benefits and other compensation	89,145		83,249		171,622		159,055
Occupancy expense	8,829		9,387		18,722		18,866
Equipment expense	13,778		12,054		26,506		22,746
Data processing and operations expenses	5,010		4,807		9,705		8,467
Professional fees	6,211		4,781		10,909		9,262
Marketing expense	1,925		2,020		3,620		3,802

FDIC expenses	2,433		2,390		5,011		6,372
Loan workout and other credit costs	1,629		( 1,278 )		1,869		( 207 )
Corporate development expense	( 329 )		158		( 270 )		366
Restructuring expense	—		—		260		—


Other operating expense	30,712		38,200		63,184		76,111
	159,343		155,768		311,138		304,840
Income before taxes	95,540		90,465		182,508		177,390
Income tax provision	23,319		21,257		44,420		42,459
Net income	$	72,221	$	69,208	$	138,088	$	134,931
Less: Net loss attributable to noncontrolling interest	( 105 )		( 65 )		( 134 )		( 103 )
Net income attributable to WSFS	$	72,326	$	69,273	$	138,222	$	135,034
Earnings per share:
Basic	$	1.28	$	1.16	$	2.40	$	2.25
Diluted	$	1.27	$	1.16	$	2.39	$	2.24
Weighted average shares of common stock outstanding:
Basic	56,702,264		59,833,207		57,572,272		60,092,704
Diluted	56,851,797		59,958,628		57,765,602		60,237,232

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

Table of Contents

WSFS FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2025		2024		2025		2024

Net income	$	72,221	$	69,208	$	138,088	$	134,931
Less: Net loss attributable to noncontrolling interest	( 105 )		( 65 )		( 134 )		( 103 )
Net income attributable to WSFS	72,326		69,273		138,222		135,034
Other comprehensive income (loss):
Net change in unrealized gains (losses) on investment securities available-for-sale
Net unrealized gains (losses) arising during the period, net of tax expense (benefit) of $ 7,165 , $( 2,874 ), $ 29,282 , and $( 15,507 ), respectively	22,688		( 9,100 )		92,725		( 49,107 )



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 $ 1,032 , $ 1,203 , $ 2,038 , and $ 2,361 , respectively	3,267		3,808		6,455		7,477
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized gain and prior service cost, net of tax benefit of $ 19 and $ 16 , $ 39 , and $ 56 , respectively	( 61 )		( 52 )		( 122 )		( 176 )


Net change in cash flow hedge
Net unrealized gain (loss) arising during the period, net of tax expense (benefit) of $ 455 , $( 185 ), $ 1,363 , and $( 2,217 ), respectively	1,440		( 587 )		4,315		( 7,020 )


Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax benefit of $ 5 , $ 13 , $ 206 , and $ 19 , respectively	( 16 )		( 40 )		( 652 )		( 61 )
Total other comprehensive income (loss)	27,318		( 5,971 )		102,721		( 48,887 )
Total comprehensive income	$	99,644	$	63,302	$	240,943	$	86,147

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

Table of Contents

WSFS FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


(Dollars in thousands, except per share and share data)	June 30, 2025		December 31, 2024

Assets:
Cash and due from banks	$	899,713	$	722,722
Cash in non-owned ATMs	424,741		430,320
Interest-bearing deposits in other banks including collateral (restricted cash) of $ 4,640 at June 30, 2025 and $ 1,701 at December 31, 2024	7,044		1,776
Total cash, cash equivalents, and restricted cash	1,331,498		1,154,818
Investment securities, available-for-sale (amortized cost of $ 4,080,394 at June 30, 2025 and $ 4,218,266 at December 31, 2024)	3,494,783		3,510,648
Investment securities, held-to-maturity, net of allowance for credit losses of $ 6 at June 30, 2025 and $ 7 at December 31, 2024 (fair value $ 884,260 at June 30, 2025 and $ 895,511 at December 31, 2024)	994,340		1,015,161
Other investments	17,767		18,184
Loans, held for sale at fair value	157,905		49,699
Loans and leases, net of allowance for credit losses of $ 186,304 at June 30, 2025 and $ 195,281 at December 31, 2024	12,807,920		12,996,218
Bank owned life insurance	36,044		36,565
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost	21,940		11,805
Other real estate owned	930		5,204
Accrued interest receivable	79,769		84,671
Premises and equipment	84,363		86,028


Goodwill and intangible assets	977,546		988,160
Other assets, net of allowance for credit losses of $ 2,811 at June 30, 2025 and $ – at December 31, 2024	758,487		857,142
Total assets	$	20,763,292	$	20,814,303
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	5,305,768	$	4,987,753
Interest-bearing	11,815,701		12,042,055






Total deposits	17,121,469		17,029,808

FHLB advances	51,040		51,040
Trust preferred borrowings	90,932		90,834
Senior and subordinated debt	148,746		218,631
Other borrowed funds	12,741		23,102
Accrued interest payable	29,134		38,173
Other liabilities	637,012		783,339
Total liabilities	18,091,074		18,234,927
Stockholders’ Equity:
Common stock $ 0.01 par value, 90,000,000 shares authorized; issued 76,425,414 at June 30, 2025 and 76,264,211 at December 31, 2024	764		763
Capital in excess of par value	1,999,338		1,996,191
Accumulated other comprehensive loss	( 522,156 )		( 624,877 )
Retained earnings	1,991,330		1,871,523
Treasury stock at cost, 20,190,415 shares at June 30, 2025 and 17,607,002 shares at December 31, 2024	( 786,548 )		( 653,848 )
Total stockholders’ equity of WSFS	2,682,728		2,589,752
Noncontrolling interest	( 10,510 )		( 10,376 )
Total stockholders' equity	2,672,218		2,579,376
Total liabilities and stockholders' equity	$	20,763,292	$	20,814,303

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

Table of Contents

WSFS FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Unaudited)


	Three Months Ended June 30, 2025
(Dollars in thousands, except per share and share amounts)	Shares	Common Stock		Capital in Excess of Par Value		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Stockholders' Equity of WSFS		Non-controlling Interest		Total Stockholders' Equity
Balance, March 31, 2025	76,327,551	$	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, 2025	76,425,414	$	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)	Shares	Common Stock		Capital in Excess of Par Value		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Stockholders' Equity of WSFS		Non-controlling Interest		Total Stockholders' Equity
Balance, December 31, 2024	76,264,211	$	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, 2025	76,425,414	$	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 includes 1,556,199 shares repurchased in connection with the Company's share repurchase program 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 includes 2,583,413 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.

Table of Contents


	Three Months Ended June 30, 2024
(Dollars in thousands, except per share and share amounts)	Shares	Common Stock		Capital in Excess of Par Value		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Stockholders' Equity of WSFS		Non-controlling Interest		Total Stockholders' Equity
Balance, March 31, 2024	76,133,596	$	761	$	1,987,800	$	( 636,907 )	$	1,700,349	$	( 578,522 )	$	2,473,481	$	( 7,859 )	$	2,465,622
Net income (loss)	—	—		—		—		69,273		—		69,273		( 65 )		69,208
Other comprehensive loss	—	—		—		( 5,971 )		—		—		( 5,971 )		—		( 5,971 )
Cash dividend, $ 0.15 per share	—	—		—		—		( 9,024 )		—		( 9,024 )		—		( 9,024 )
Distributions to noncontrolling shareholders	—	—		—		—		—		—		—		( 3,299 )		( 3,299 )
Issuance of common stock including proceeds from exercise of common stock options (1)	74,758	1		( 1,698 )		—		—		—		( 1,697 )		—		( 1,697 )


Stock-based compensation expense	—	—		3,721		—		—		—		3,721		—		3,721
Repurchases of common stock (2)	—	—		( 534 )		—		—		( 39,669 )		( 40,203 )		—		( 40,203 )
Balance, June 30, 2024	76,208,354	$	762	$	1,989,289	$	( 642,878 )	$	1,760,598	$	( 618,191 )	$	2,489,580	$	( 11,223 )	$	2,478,357

	Six Months Ended June 30, 2024
(Dollars in thousands, except per share and share amounts)	Shares	Common Stock		Capital in Excess of Par Value		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Stockholders' Equity of WSFS		Non-controlling Interest		Total Stockholders' Equity
Balance, December 31, 2023	76,095,094	$	761	$	1,984,746	$	( 593,991 )	$	1,643,657	$	( 557,537 )	$	2,477,636	$	( 7,821 )	$	2,469,815
Net income	—	—		—		—		135,034		—		135,034		( 103 )		134,931
Other comprehensive loss	—	—		—		( 48,887 )		—		—		( 48,887 )		—		( 48,887 )
Cash dividend, $ 0.30 per share	—	—		—		—		( 18,093 )		—		( 18,093 )		—		( 18,093 )
Distributions to noncontrolling shareholders	—	—		—		—		—		—		—		( 3,299 )		( 3,299 )
Issuance of common stock including proceeds from exercise of common stock options	113,260	1		( 1,100 )		—		—		—		( 1,099 )		—		( 1,099 )


Stock-based compensation expense	—	—		6,177		—		—		—		6,177		—		6,177
Repurchases of common stock (2)	—	—		( 534 )		—		—		( 60,654 )		( 61,188 )		—		( 61,188 )
Balance, June 30, 2024	76,208,354	$	762	$	1,989,289	$	( 642,878 )	$	1,760,598	$	( 618,191 )	$	2,489,580	$	( 11,223 )	$	2,478,357

(1) Issuance of common stock includes 40,417 shares withheld to cover tax liabilities.

(2) Repurchases of common stock includes 897,461 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.

(3) Issuance of common stock includes 50,104 shares withheld to cover tax liabilities.

(4) Repurchases of common stock includes 1,389,829 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

Table of Contents

WSFS FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six Months Ended June 30,
(Dollars in thousands)	2025		2024

Operating activities:
Net income	$	138,088	$	134,931
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	29,971		34,952
Depreciation of premises and equipment, net	6,069		7,421
Accretion of fees and discounts, net	( 12,645 )		( 11,750 )
Amortization of intangible assets	7,793		7,863
Amortization of right-of-use lease assets	4,842		5,300
Decrease in operating lease liability	( 5,515 )		( 5,310 )
Income from mortgage banking activities, net	( 4,141 )		( 3,864 )

Loss on sale of other real estate owned and valuation adjustments, net	809		296
Stock-based compensation expense	6,327		6,177

Realized gain on sale of equity investments, net	( 18 )		( 2,130 )

Gain on sale of WSFS Wealth Management, LLC business	( 386 )		—
Deferred income tax benefit	7,560		1,617
Decrease (increase) in accrued interest receivable	4,902		( 2,899 )
Decrease (increase) in other assets	63,737		( 46,599 )
Origination of loans held for sale	( 234,182 )		( 183,742 )
Proceeds from sales of loans held for sale	183,281		133,724
Decrease (increase) in value of bank owned life insurance	280		( 56 )
Increase in capitalized interest, net	( 1,046 )		( 661 )
(Decrease) increase in accrued interest payable	( 9,039 )		10,000
(Decrease) increase in other liabilities	( 140,757 )		72,440

Net cash (used in) provided by operating activities	$	45,930	$	157,710
Investing activities:

Repayments, maturities and calls of investment securities held-to-maturity	28,426		28,561

Purchases of investment securities available-for-sale	( 54,948 )		( 41,096 )
Repayments, maturities and calls of investment securities available-for-sale	191,276		169,544

Proceeds from bank-owned life insurance death benefit	241		112
Proceeds from bank-owned life insurance surrender	—		6,616
Net decrease (increase) in loans	116,802		( 188,531 )

Net cash from sale of WSFS Wealth Management, LLC business	2,425		—
Purchase of loans held-for-investment	—		( 176,597 )
Purchases of stock of Federal Home Loan Bank of Pittsburgh	( 238,017 )		( 84,226 )
Redemptions of stock of Federal Home Loan Bank of Pittsburgh	227,882		82,986
Sales of other real estate owned	4,085		509
Investment in premises and equipment	( 4,407 )		( 6,957 )

Net cash provided by (used in) investing activities	$	273,765	$	( 209,079 )

Table of Contents


	Six Months Ended June 30,
(Dollars in thousands)	2025		2024
Financing activities:
Net increase (decrease) in demand and saving deposits	$	125,563	$	( 341,207 )
(Decrease) increase in time deposits	( 44,284 )		199,441
Decrease in brokered deposits	—		( 51,676 )

Receipts from FHLB advances	5,950,000		3,922,306
Repayments of FHLB advances	( 5,950,000 )		( 3,900,000 )
Receipts from federal funds purchased	—		175,000
Repayments of federal funds purchased	—		( 175,000 )
Receipts from Bank Term Funding Program	—		235,000
Distributions to noncontrolling shareholders	—		( 3,299 )
Cash dividend	( 18,415 )		( 18,093 )
Issuance of common stock including proceeds from exercise of common stock options	( 3,179 )		( 1,099 )
Redemption of senior and subordinated debt	( 70,000 )		—


Repurchases of common stock	( 132,700 )		( 61,188 )
Net cash used in financing activities	$	( 143,015 )	$	( 19,815 )
Increase (decrease) in cash, cash equivalents, and restricted cash	176,680		( 71,184 )
Cash, cash equivalents, and restricted cash at beginning of period	1,154,818		1,092,900
Cash, cash equivalents, and restricted cash at end of period	$	1,331,498	$	1,021,716
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	158,396	$	167,133
Income taxes (1)	33,297		36,619
Non-cash information:
Loans transferred to other real estate owned	$	336	$	282
Loans transferred (from) to portfolio from held for sale at fair value	( 54,865 )		26,354

(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.

Table of Contents

WSFS FINANCIAL CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

(UNAUDITED)

1. BASIS OF PRESENTATION

General

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). As of June 30, 2025, the other subsidiaries of WSFS include The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management ® , LLC (BMCM), WSFS Wealth Management, LLC, WSFS SPE Services, LLC, and 601 Perkasie, LLC. On July 1, 2025, BMCM was renamed to Bryn Mawr Trust Advisors (BMTA). The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II . WSFS Bank has two wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc. , and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance ® ).

Overview

Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). The Company provides residential and commercial mortgage, commercial and consumer lending services, as well as consumer deposit and treasury management services. The Company's core banking business is commercial lending funded primarily by client-generated deposits. The Company also originates small business leases and provides commercial financing to businesses nationwide, primarily through NewLane Finance ® . In addition, the Company offers a variety of wealth management and trust services to individuals, institutions and corporations. The Company provides ATM vault cash, smart safe and cash logistics services in the United States through our Cash Connect ® business. The Federal Deposit Insurance Corporation (FDIC) insures the Company's clients’ deposits to their legal maximums. The Company serves its clients primarily from 115 offices located in Pennsylvania ( 58 ), Delaware ( 39 ) , New Jersey ( 14 ), Florida ( 2 ), Nevada ( 1 ) and Virginia ( 1 ) , its ATM network, website at www.wsfsbank.com and mobile app. Information on the website is not incorporated by reference into this Quarterly Report on Form 10-Q.

Basis of Presentation

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, 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 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.

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, 2025. 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, 2024 (the 2024 Annual Report on Form 10-K) that was filed with the SEC on February 28, 2025 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.

Table of Contents

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES:

The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Company's 2024 Annual Report on Form 10-K. Those significant accounting policies remain unchanged at June 30, 2025.

RECENT ACCOUNTING PRONOUNCEMENTS

There were no applicable material accounting pronouncements adopted by the Company since December 31, 2024.

Accounting Guidance Pending Adoption as of June 30, 2025

ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09): In December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this update to determine the impact on the Company’s disclosures.

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.

Table of Contents

3. 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)	2025		2024		2025		2024
Bailment fees	$	13,281	$	18,819	$	27,456	$	33,783
Interchange fees	4,077		3,971		7,824		7,724
Other card and ATM fees	951		1,085		1,772		2,037
Total credit/debit card and ATM income	$	18,309	$	23,875	$	37,052	$	43,544

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.

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)	2025		2024		2025		2024
Trust fees	$	32,322	$	26,143	$	60,391	$	48,004
Wealth management and advisory fees	11,452		11,463		22,664		22,530
Total investment management and fiduciary income	$	43,774	$	37,606	$	83,055	$	70,534

Investment management and fiduciary income is composed of trust fees and wealth management and advisory fees. Trust fees are based on revenue earned from custody, escrow, trustee and trustee related services on structured finance transactions; indenture trustee, administrative agent, paying agent and collateral agent services to individuals, institutions and corporations; commercial domicile and independent director services; and investment and trustee services to families and individuals. 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.

Wealth management and advisory fees consists of fees from Bryn Mawr Trust ® , BMTA (formerly BMCM), WSFS Wealth Management, LLC, and WSFS Wealth ® Investments. Wealth management and advisory fees are based on revenue earned from services including asset management, financial planning, family office, and brokerage. The fees are based on the market value of assets, are assessed as a flat fee, or are brokerage commissions. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for the services.

Table of Contents

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)	2025		2024		2025		2024
Service fees	$	4,642	$	4,522	$	9,248	$	8,884
Return and overdraft fees	1,857		1,648		3,695		3,448
Other deposit service fees	303		326		612		651
Total deposit service charges	$	6,802	$	6,496	$	13,555	$	12,983

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)	2025		2024		2025		2024
Managed service fees	$	5,115	$	5,861	$	9,882	$	11,447
Currency preparation	1,676		1,924		3,461		3,599
ATM loss protection	658		884		1,304		1,743
Capital markets revenue	1,915		3,378		3,593		6,379
Miscellaneous products and services	5,427		4,728		8,679		6,010
Total other income	$	14,791	$	16,775	$	26,919	$	29,178

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 14 for further information about the disaggregation of noninterest income by segment.

Table of Contents

4. 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)	2025		2024		2025		2024
Numerator:
Net income attributable to WSFS	$	72,326	$	69,273	$	138,222	$	135,034
Denominator:
Weighted average basic shares	56,702		59,833		57,572		60,093
Dilutive potential common shares	150		126		194		144
Weighted average fully diluted shares	56,852		59,959		$	57,766	$	60,237
Earnings per share:
Basic	$	1.28	$	1.16	$	2.40	$	2.25
Diluted	$	1.27	$	1.16	$	2.39	$	2.24
Outstanding common stock equivalents having no dilutive effect	—		3		1		2

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.

5. 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, 2025
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
Collateralized mortgage obligations (CMO)	$	503,898	$	365	$	82,534	$	—	$	421,729
Fannie Mae (FNMA) mortgage-backed securities (MBS)	3,197,683		1,257		454,725		—		2,744,215
Freddie Mac (FHLMC) MBS	114,918		—		9,762		—		105,156
Ginnie Mae (GNMA) MBS	42,312		17		2,954		—		39,375
Government-sponsored enterprises (GSE) agency notes	221,583		—		37,275		—		184,308
	$	4,080,394	$	1,639	$	587,250	$	—	$	3,494,783
Held-to-Maturity Debt Securities (1)
FNMA MBS	$	811,583	$	—	$	105,626	$	—	$	705,957
State and political subdivisions	182,763		113		4,567		6		178,303

	$	994,346	$	113	$	110,193	$	6	$	884,260

(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 $ 92.0 million at June 30, 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.

Table of Contents


	December 31, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
CMO	$	526,796	$	113	$	95,967	$	—	$	430,942
FNMA MBS	3,305,418		172		550,011		—		2,755,579
FHLMC MBS	118,605		—		13,091		—		105,514
GNMA MBS	44,578		—		3,902		—		40,676
GSE agency notes	222,869		—		44,932		—		177,937
	$	4,218,266	$	285	$	707,903	$	—	$	3,510,648
Held-to-Maturity Debt Securities (1)
FNMA MBS	$	831,325	$	—	$	116,600	$	—	$	714,725
State and political subdivisions	183,843		247		3,297		7		180,786

	$	1,015,168	$	247	$	119,897	$	7	$	895,511

(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 $ 100.5 million at December 31, 2024, 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.

The scheduled maturities of available-for-sale debt securities at June 30, 2025 and December 31, 2024 are presented in the table below:


	Available-for-Sale
	Amortized		Fair
(Dollars in thousands)	Cost		Value
June 30, 2025 (1)
Within one year	$	23,742	$	23,411
After one year but within five years	174,423		165,335
After five years but within ten years	462,611		403,623
After ten years	3,419,618		2,902,414
	$	4,080,394	$	3,494,783
December 31, 2024 (1)
Within one year	$	16,833	$	16,698
After one year but within five years	147,157		138,870
After five years but within ten years	487,921		409,908
After ten years	3,566,355		2,945,172
	$	4,218,266	$	3,510,648

(1) Actual maturities could differ from contractual maturities.

As of June 30, 2025, the Company’s available-for-sale investment securities consisted of 1,001 securities, 961 of which were in an unrealized loss position.

As of June 30, 2025, substantially all of the Corporation’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, 2025 and December 31, 2024, 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.

Table of Contents

The scheduled maturities of held-to-maturity debt securities at June 30, 2025 and December 31, 2024 are presented in the table below:


	Held-to-Maturity
	Amortized		Fair
(Dollars in thousands)	Cost		Value
June 30, 2025 (1)
Within one year	$	970	$	969
After one year but within five years	17,256		17,155
After five years but within ten years	61,882		60,749
After ten years	914,238		805,387
	$	994,346	$	884,260
December 31, 2024 (1)
Within one year	$	—	$	—
After one year but within five years	16,727		16,444
After five years but within ten years	51,671		50,451
After ten years	946,770		828,616
	$	1,015,168	$	895,511

(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 estimated weighted average duration of MBS was 6.2 years at June 30, 2025.

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.

Investment securities with fair market values aggregating $ 3.5 billion and $ 3.3 billion were pledged as collateral for investment sweep repurchase agreements, municipal deposits, and other obligations as of June 30, 2025 and December 31, 2024.

During the six months ended June 30, 2025 and 2024, the Company had no sales of debt securities categorized as available-for-sale.

As of June 30, 2025 and December 31, 2024, the Company's debt securities portfolio had remaining unamortized premiums of $ 44.2 million and $ 48.1 million, respectively, and unaccreted discounts of $ 16.5 million and $ 17.6 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, 2025.


	Duration of Unrealized Loss Position
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
Available-for-sale debt securities:
CMO	$	—	$	—	$	411,404	$	82,533	$	411,404	$	82,533
FNMA MBS	26,386		222		2,628,263		454,503		2,654,649		454,725
FHLMC MBS	—		—		105,150		9,762		105,150		9,762
GNMA MBS	1,452		5		35,697		2,949		37,149		2,954
GSE agency notes	—		—		184,303		37,275		184,303		37,275
	$	27,838	$	227	$	3,364,817	$	587,022	$	3,392,655	$	587,249

Table of Contents


	Duration of Unrealized Loss Position
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
Available-for-sale debt securities:
CMO	$	—	$	—	$	420,663	$	95,967	$	420,663	$	95,967
FNMA MBS	46,971		525		2,691,778		549,486		2,738,749		550,011
FHLMC MBS	6		—		105,508		13,091		105,514		13,091
GNMA MBS	4,404		143		35,054		3,759		39,458		3,902
GSE agency notes	—		—		177,937		44,932		177,937		44,932
	$	51,381	$	668	$	3,430,940	$	707,235	$	3,482,321	$	707,903

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, 2025.

At June 30, 2025 and December 31, 2024, held-to-maturity debt securities had an amortized cost basis of $ 1.0 billion. 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, 2025, aggregated by credit quality indicator:


(Dollars in thousands)	FNMA MBS		State and political subdivisions
A+ rated or higher	$	—	$	182,763
Not rated	811,583		—
Ending balance	$	811,583	$	182,763

The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2024, aggregated by credit quality indicator:


(Dollars in thousands)	FNMA MBS		State and political subdivisions
A+ rated or higher	$	—	$	183,843
Not rated	831,325		—
Ending balance	$	831,325	$	183,843

Table of Contents

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, 2025 and 2024. The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the three and six months ended June 30, 2025 and 2024:


	Three months ended June 30,				Six months ended June 30,
(Dollars in thousands)	2025		2024		2025		2024
Allowance for credit losses:
Beginning balance	$	6	$	8	$	7	$	8

Release of credit losses	—		( 1 )		( 1 )		( 1 )



Ending balance	$	6	$	7	$	6	$	7

Accrued interest receivable of $ 3.5 million and $ 3.6 million as of June 30, 2025 and December 31, 2024, respectively, 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, 2025 and December 31, 2024.

Equity Investments

The Company had equity investments of $ 17.8 million and $ 18.2 million as of June 30, 2025 and December 31, 2024, respectively. 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. The Company recognized realized gains of $ 2.1 million related to our equity investments for the three and six months ended June 30, 2024.

Table of Contents

6. LOANS AND LEASES

The following table shows the Company's loan and lease portfolio by category:



(Dollars in thousands)	June 30, 2025		December 31, 2024
Commercial and industrial	$	2,744,392	$	2,656,174
Owner-occupied commercial	1,947,594		1,973,645
Commercial mortgages	3,911,537		4,030,627
Construction	857,631		832,093
Commercial small business leases	630,127		647,516
Residential (1)	981,140		965,051
Consumer (2)	1,921,803		2,086,393
	12,994,224		13,191,499
Less:

Allowance for credit losses	186,304		195,281
Net loans and leases	$	12,807,920	$	12,996,218

(1) Includes reverse mortgages at fair value of $ 4.7 million at June 30, 2025 and $ 3.6 million at December 31, 2024.

(2) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

Accrued interest receivable on loans and leases was $ 65.2 million and $ 67.5 million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on loans and leases was excluded from the evaluation of allowance for credit losses.

Table of Contents

7. 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, 2025 and 2024:


	Three months ended June 30, 2025								Six months ended June 30, 2025
(Dollars in thousands)	Loans and Leases		HTM Securities (1)		Other Accounts Receivable		Total		Loans and Leases		HTM Securities (1)		Other Accounts Receivable		Total
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 )
Recoveries	7,454		—		—		7,454		10,005		—		—		10,005
Charge-offs arising 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

	Three months ended June 30, 2024								Six months ended June 30, 2024
(Dollars in thousands)	Loans and Leases		HTM Securities (1)		Other Accounts Receivable		Total		Loans and Leases		HTM Securities (1)		Other Accounts Receivable		Total
Allowance for credit losses
Beginning balance	$	192,629	$	8	$	—	$	192,637	$	186,126	$	8	$	—	$	186,134

Charge-offs	( 17,572 )		—		—		( 17,572 )		( 29,431 )		—		—		( 29,431 )
Recoveries	3,381		—		—		3,381		6,605		—		—		6,605

Provision (release)	19,815		( 1 )		—		19,814		34,953		( 1 )		—		34,952
Ending balance	$	198,253	$	7	$	—	$	198,260	$	198,253	$	7	$	—	$	198,260

(1) See Note 5 for further detail on the HTM securities allowance.

Table of Contents

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, 2025 and 2024. For the three and six months ended June 30, 2025, the decrease was primarily due to the charge-off of a specific reserve on a commercial and industrial loan and the transfer of the majority of the Upstart portfolio to loans held for sale.


(Dollars in thousands)	Commercial and Industrial		Owner-occupied Commercial		Commercial Mortgages		Construction		Commercial 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 )
Recoveries	1,865		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 credit 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 )
Recoveries	2,444		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 basis	52,121		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 basis	2,716,841		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.

Table of Contents


(Dollars in thousands)	Commercial and Industrial		Owner - occupied Commercial		Commercial Mortgages		Construction		Commercial Small Business Leases		Residential (1)		Consumer (2)		Total
Three months ended June 30, 2024
Allowance for credit losses
Beginning balance	$	55,902	$	10,569	$	36,797	$	10,959	$	15,459	$	5,407	$	57,536	$	192,629

Charge-offs	( 1,906 )		—		( 4,907 )		—		( 4,888 )		( 51 )		( 5,820 )		( 17,572 )
Recoveries	1,736		4		102		—		831		43		665		3,381
Provision (release)	784		( 905 )		14,839		( 1,761 )		4,816		( 342 )		2,384		19,815
Ending balance	$	56,516	$	9,668	$	46,831	$	9,198	$	16,218	$	5,057	$	54,765	$	198,253
Six months ended June 30, 2024
Allowance for loan losses
Beginning balance	$	49,394	$	10,719	$	36,055	$	10,762	$	15,170	$	5,483	$	58,543	$	186,126

Charge-offs	( 2,382 )		—		( 4,932 )		—		( 9,740 )		( 101 )		( 12,276 )		( 29,431 )
Recoveries	3,502		205		104		—		1,422		132		1,240		6,605
Provision (release)	6,002		( 1,256 )		15,604		( 1,564 )		9,366		( 457 )		7,258		34,953
Ending balance	$	56,516	$	9,668	$	46,831	$	9,198	$	16,218	$	5,057	$	54,765	$	198,253
Period-end allowance allocated to:
Loans evaluated on an individual basis	$	8,055	$	—	$	—	$	—	$	—	$	—	$	—	$	8,055
Loans evaluated on a collective basis	48,461		9,668		46,831		9,198		16,218		5,057		54,765		190,198
Ending balance	$	56,516	$	9,668	$	46,831	$	9,198	$	16,218	$	5,057	$	54,765	$	198,253
Period-end loan balances:
Loans evaluated on an individual basis	$	39,217	$	4,260	$	8,991	$	3,887	$	—	$	8,300	$	2,838	$	67,493
Loans evaluated on a collective basis	2,599,935		1,936,417		4,025,827		875,330		643,520		889,273		2,103,595		13,073,897
Ending balance	$	2,639,152	$	1,940,677	$	4,034,818	$	879,217	$	643,520	$	897,573	$	2,106,433	$	13,141,390

(1) Period-end loan balance excludes reverse mortgages at fair value of $ 2.8 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, 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 Allowance			Nonaccrual Loans With An Allowance			Total Loans
Commercial and industrial (1)	$	11,014		$	2,572		$	13,586		$	2,703,249		$	27,557		$	—		$	2,744,392
Owner-occupied commercial	6,617			6,786			13,403			1,928,049			6,142			—			1,947,594
Commercial mortgages	3,479			993			4,472			3,882,950			2,790			21,325			3,911,537
Construction	1,715			—			1,715			827,411			23,070			5,435			857,631
Commercial small business leases	9,086			—			9,086			621,041			—			—			630,127
Residential (2)	4,546			75			4,621			967,303			4,538			—			976,462
Consumer (3)(4)	8,892			11,789			20,681			1,897,662			3,460			—			1,921,803
Total	$	45,349		$	22,215		$	67,564		$	12,827,665		$	67,557		$	26,760		$	12,989,546
% of Total Loans	0.35		%	0.17		%	0.52		%	98.75		%	0.52		%	0.21		%	100		%

(1) Excludes $ 10.9 million of nonaccruing loans held for sale.

(2) Residential accruing current balances excludes reverse mortgages at fair value of $ 4.7 million.

(3) Includes $ 17.2 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.

(4) Excludes $ 3.1 million of delinquent, but still accruing, loans held for sale.

Table of Contents


	December 31, 2024
(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 Allowance			Nonaccrual Loans With An Allowance			Total Loans
Commercial and industrial	$	1,482		$	488		$	1,970		$	2,592,395		$	43,206		$	18,603		$	2,656,174
Owner-occupied commercial	706			196			902			1,968,033			4,710			—			1,973,645
Commercial mortgages	2,621			562			3,183			4,005,221			22,223			—			4,030,627
Construction	—			—			—			806,493			25,600			—			832,093
Commercial small business leases	8,409			566			8,975			638,541			—			—			647,516
Residential (1)	4,262			15			4,277			952,138			5,011			—			961,426
Consumer (2)	18,086			7,375			25,461			2,058,104			2,828			—			2,086,393
Total	$	35,566		$	9,202		$	44,768		$	13,020,925		$	103,578		$	18,603		$	13,187,874
% of Total Loans	0.27		%	0.07		%	0.34		%	98.73		%	0.79		%	0.14		%	100		%

(1) Residential accruing current balances excludes reverse mortgages, at fair value of $ 3.6 million.

(2) Includes $ 15.6 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, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
(Dollars in thousands)	Property		Equipment and other		Property		Equipment and other
Commercial and industrial (1)	$	20,593	$	6,964	$	41,105	$	20,704
Owner-occupied commercial	6,142		—		4,710		—
Commercial mortgages	24,115		—		22,223		—
Construction	28,505		—		25,600		—

Residential (2)	4,538		—		5,011		—
Consumer (3)	3,433		27		2,828		—
Total	$	87,326	$	6,991	$	101,477	$	20,704

(1) Excludes $ 10.9 million of nonaccruing loans held for sale.

(2) Excludes reverse mortgages at fair value.

(3) Includes home equity lines of credit.

As of June 30, 2025, there were 33 residential loans and 16 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $ 6.6 million and $ 34.6 million, respectively. As of December 31, 2024, there were 31 residential loans and 15 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $ 5.6 million and $ 6.6 million, respectively. Loan workout and other real estate owned (OREO) expenses (recoveries) were $ 1.4 million and $ 2.1 million during the three and six months ended June 30, 2025, respectively, and $ 0.3 million and $( 0.1 ) million during three and six months ended June 30, 2024, respectively. Loan workout and OREO expenses are included in Loan workout and other credit costs on the unaudited Consolidated Statements of Income.

Table of Contents

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.

Table of Contents

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, 2025.


	Term Loans Amortized Cost Basis by Origination Year (1)(2)
(Dollars in thousands)	2025		2024		2023		2022		2021		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial:
Risk Rating
Pass	$	368,699	$	644,157	$	434,021	$	301,198	$	94,556	$	393,033	$	8,454	$	276,672	$	2,520,790
Special mention	1,133		14,425		9,415		12,112		—		8,465		—		3,146		48,696
Substandard or Lower	30,945		36,440		21,711		8,298		4,156		39,019		25		34,312		174,906
	$	400,777	$	695,022	$	465,147	$	321,608	$	98,712	$	440,517	$	8,479	$	314,130	$	2,744,392
Current-period gross charge-offs	$	—	$	5,567	$	738	$	770	$	12,734	$	1,894	$	—	$	—	$	21,703
Owner-occupied commercial:
Risk Rating
Pass	$	109,407	$	261,871	$	262,405	$	196,387	$	205,847	$	511,145	$	—	$	267,894	$	1,814,956
Special mention	198		—		4,200		1,889		1,262		28,632		—		991		37,172
Substandard or Lower	350		7,350		12,650		18,483		8,577		37,550		—		10,506		95,466
	$	109,955	$	269,221	$	279,255	$	216,759	$	215,686	$	577,327	$	—	$	279,391	$	1,947,594
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial mortgages:
Risk Rating
Pass	$	267,641	$	416,875	$	574,882	$	360,592	$	365,541	$	1,091,651	$	—	$	607,469	$	3,684,651
Special mention	22,462		4,089		—		—		1,275		50,547		—		23,776		102,149
Substandard or Lower	4,570		13,591		23,938		15,391		1,842		54,778		—		10,627		124,737
	$	294,673	$	434,555	$	598,820	$	375,983	$	368,658	$	1,196,976	$	—	$	641,872	$	3,911,537
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	197	$	—	$	—	$	197
Construction:
Risk Rating
Pass	$	146,851	$	266,529	$	243,459	$	93,725	$	3,766	$	19,712	$	—	$	21,087	$	795,129
Special mention	—		—		—		—		—		—		—		—		—
Substandard or Lower	42		28,397		674		30,035		734		—		—		2,620		62,502
	$	146,893	$	294,926	$	244,133	$	123,760	$	4,500	$	19,712	$	—	$	23,707	$	857,631
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial small business leases:
Risk Rating
Performing	$	102,553	$	217,154	$	155,356	$	93,459	$	38,169	$	23,436	$	—	$	—	$	630,127
Nonperforming	—		—		—		—		—		—		—		—		—
	$	102,553	$	217,154	$	155,356	$	93,459	$	38,169	$	23,436	$	—	$	—	$	630,127
Current-period gross charge-offs	$	111	$	1,481	$	2,496	$	2,165	$	905	$	185	$	—	$	—	$	7,343
Residential (3) :
Risk Rating
Performing	$	64,461	$	168,819	$	157,461	$	61,909	$	88,674	$	427,316	$	—	$	—	$	968,640
Nonperforming	—		—		117		—		3,457		4,248		—		—		7,822
	$	64,461	$	168,819	$	157,578	$	61,909	$	92,131	$	431,564	$	—	$	—	$	976,462
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer (4) :
Risk Rating
Performing	$	28,507	$	244,584	$	267,396	$	354,300	$	95,612	$	289,430	$	630,422	$	275	$	1,910,526
Nonperforming	—		—		—		235		153		236		2,582		8,071		11,277
	$	28,507	$	244,584	$	267,396	$	354,535	$	95,765	$	289,666	$	633,004	$	8,346	$	1,921,803
Current-period gross charge-offs	$	8,118	$	483	$	1,646	$	3,338	$	956	$	538	$	—	$	—	$	15,079

(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.

Table of Contents

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, 2024.


	Term Loans Amortized Cost Basis by Origination Year (1)(2)
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial:
Risk Rating
Pass	$	662,723	$	542,655	$	345,370	$	126,173	$	155,137	$	309,445	$	8,744	$	252,524	$	2,402,771
Special mention	18,861		386		4,147		1,176		2,490		607		—		1,868		29,535
Substandard or Lower	68,282		28,707		19,960		4,587		21,589		29,785		27		50,931		223,868
	$	749,866	$	571,748	$	369,477	$	131,936	$	179,216	$	339,837	$	8,771	$	305,323	$	2,656,174
Current-period gross charge-offs	$	102	$	1,303	$	4,276	$	706	$	275	$	8,828	$	—	$	—	$	15,490
Owner-occupied commercial:
Risk Rating
Pass	$	285,146	$	296,339	$	224,797	$	225,086	$	168,368	$	404,515	$	—	$	238,356	$	1,842,607
Special mention	—		—		498		—		25,220		—		—		756		26,474
Substandard or Lower	3,501		9,044		21,913		8,885		4,807		41,044		—		15,370		104,564
	$	288,647	$	305,383	$	247,208	$	233,971	$	198,395	$	445,559	$	—	$	254,482	$	1,973,645
Current-period gross charge-offs	$	—	$	114	$	—	$	—	$	—	$	63	$	—	$	—	$	177
Commercial mortgages:
Risk Rating
Pass	$	546,404	$	740,711	$	396,458	$	414,546	$	379,637	$	858,744	$	—	$	506,394	$	3,842,894
Special mention	15,606		3,389		—		1,962		2,356		2,136		—		36,738		62,187
Substandard or Lower	43,572		23,996		16,328		2,077		20,880		18,165		—		528		125,546
	$	605,582	$	768,096	$	412,786	$	418,585	$	402,873	$	879,045	$	—	$	543,660	$	4,030,627
Current-period gross charge-offs	$	—	$	62	$	—	$	—	$	97	$	5,590	$	—	$	—	$	5,749
Construction:
Risk Rating
Pass	$	318,363	$	277,130	$	161,517	$	3,112	$	87	$	3,319	$	—	$	22,416	$	785,944
Special mention	—		—		—		—		—		—		—		—		—
Substandard or Lower	19,759		—		20,779		791		—		—		—		4,820		46,149
	$	338,122	$	277,130	$	182,296	$	3,903	$	87	$	3,319	$	—	$	27,236	$	832,093
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial small business leases:
Risk Rating
Performing	$	247,583	$	189,509	$	121,990	$	56,998	$	14,569	$	16,867	$	—	$	—	$	647,516
Nonperforming	—		—		—		—		—		—		—		—		—
	$	247,583	$	189,509	$	121,990	$	56,998	$	14,569	$	16,867	$	—	$	—	$	647,516
Current-period gross charge-offs	$	1,018	$	5,442	$	8,216	$	3,645	$	1,235	$	477	$	—	$	—	$	20,033
Residential (2) :
Risk Rating
Performing	$	170,647	$	176,923	$	62,833	$	92,574	$	49,994	$	399,981	$	—	$	—	$	952,952
Nonperforming	—		120		360		3,468		983		3,543		—		—		8,474
	$	170,647	$	177,043	$	63,193	$	96,042	$	50,977	$	403,524	$	—	$	—	$	961,426
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	125	$	—	$	—	$	125
Consumer (3) :
Risk Rating
Performing	$	282,465	$	350,605	$	446,701	$	116,890	$	85,633	$	229,340	$	564,839	$	7,124	$	2,083,597
Nonperforming	—		249		96		265		192		—		1,697		297		2,796
	$	282,465	$	350,854	$	446,797	$	117,155	$	85,825	$	229,340	$	566,536	$	7,421	$	2,086,393
Current-period gross charge-offs	$	1,282	$	3,942	$	13,955	$	2,837	$	863	$	670	$	—	$	—	$	23,549

(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.

Table of Contents

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, 2025 and 2024, disaggregated by portfolio segment and type of modification granted:


	Three Months Ended June 30, 2025
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Total		% of Total Loan Category
Commercial and industrial	$	14,874	$	2,500	$	14,800	$	32,174	1.17	%

Commercial mortgages	16,029		—		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 Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Total		% of Total Loan Category
Commercial and industrial	$	15,801	$	2,565	$	14,800	$	33,166	1.21	%
Owner-occupied commercial	6,912		908		—		7,820		0.40	%
Commercial mortgages	52,706		—		6,570		59,276		1.52	%
Construction	25,884		—		—		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.

Table of Contents


	Three months ended June 30, 2024
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Total		% of Total Loan Category
Commercial and industrial	$	30,075	$	606	$	92	$	30,773	1.17	%
Owner-occupied commercial	493		—		—		493		0.03	%
Commercial mortgages	83		—		—		83		—	%
Construction	10,620		—		—		10,620		1.21	%


Consumer (1)	256		784		1,270		2,310		0.11	%
Total	$	41,527	$	1,390	$	1,362	$	44,279	0.34	%

	Six Months Ended June 30, 2024
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Total		% of Total Loan Category
Commercial and industrial	$	61,803	$	955	$	805	$	63,563	2.41	%
Owner-occupied commercial	493		—		—		493		0.03	%
Commercial mortgages	83		—		—		83		—	%
Construction	10,620		—		—		10,620		1.21	%


Consumer (1)	502		1,389		2,886		4,777		0.23	%
Total	$	73,501	$	2,344	$	3,691	$	79,536	0.61	%

(1) Includes home equity lines of credit, installment loans and unsecured lines of credit.

The following table describes the financial effect of the modifications made to troubled loans during the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30, 2025	Six 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 industrial	0.73		0.13 %	0.74	0.13 %
Owner-occupied commercial	0.00		—	0.26	0.01
Commercial mortgages	0.32		0.05	0.63	0.05
Construction	0.00		—	0.59	—


Consumer (3)	0.48		—	0.49	—


	Three Months Ended June 30, 2024	Six Months Ended June 30, 2024
	Term Extension (1)		More-Than-Insignificant Payment Delay (2)	Term Extension (1)	More-Than-Insignificant Payment Delay (2)
Commercial and industrial	0.86		0.01 %	1.01	0.01 %
Owner-occupied commercial	0.54		—	0.54	—
Commercial mortgages	0.59		—	0.59	—
Construction	0.60		—	0.60	—


Consumer	0.48		0.02	0.47	0.03

(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, 2025 and December 31, 2024, the Company had commitments to extend credit of $ 20.1 million and $ 18.6 million, respectively, to borrowers experiencing financial difficulty whose terms had been modified.

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.

Table of Contents

The following tables show the amortized cost of loans that received a modification that had a payment default during the six months ended June 30, 2025 and 2024 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 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.













	Six Months Ended June 30, 2025
	Term Extension		Total


Commercial mortgages	5,435		5,435




Total	$	5,435	$	5,435













	Six Months Ended June 30, 2024
	Term Extension		More-Than-Insignificant Payment Delay		Total
Commercial and industrial	$	3,870	$	61	$	3,931






Total	$	3,870	$	61	$	3,931

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, 2025 and 2024:


	June 30, 2025
(Dollars in thousands)	30-89 Days Past Due and Still Accruing		90+ Days Past Due and Still Accruing		Accruing Current Balances		Nonaccrual Loans		Total
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.


	June 30, 2024
	30-89 Days Past Due and Still Accruing		90+ Days Past Due and Still Accruing		Accruing Current Balances		Nonaccrual Loans		Total
Commercial and industrial	$	—	$	—	$	83,960	$	13,765	$	97,725
Owner-occupied commercial	—		—		493		—		493
Commercial mortgages	—		—		15,432		83		15,515
Construction	—		—		10,620		—		10,620

Residential	—		—		40		165		205
Consumer (1)	1,034		339		7,054		95		8,522
Total	$	1,034	$	339	$	117,599	$	14,108	$	133,080

(1) Includes home equity lines of credit, installment loans and unsecured lines of credit.

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, current, or forecast 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, 2025.

Table of Contents

8. 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 20 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 ended				Six months ended
(Dollars in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Operating lease cost (1)	$	4,211	$	4,452	$	8,628	$	8,424
Sublease income	( 26 )		( 29 )		( 51 )		( 61 )
Net lease cost	$	4,185	$	4,423	$	8,577	$	8,363

(1) Includes variable lease cost and short-term lease cost.

Supplemental information related to operating leases was as follows:


(Dollars in thousands)	June 30, 2025			December 31, 2024

Right-of-use assets	$	110,417		$	131,126



Lease liabilities	$	134,572		$	152,364


Lease term and discount rate

Weighted average remaining lease term (in years)	11.63			12.62

Weighted average discount rate	5.23		%	5.28		%

Maturities of operating lease liabilities were as follows:


(Dollars in thousands)	June 30, 2025
Remaining in 2025	$	9,369
2026	17,695
2027	15,617
2028	15,420
2029	14,988
After 2029	106,653
Total lease payments	179,742
Less: Interest	( 45,170 )
Present value of lease liabilities	$	134,572

Table of Contents

Supplemental cash flow information related to operating leases was as follows:


	Three months ended				Six months ended
(Dollars in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,754	$	4,762	$	9,467	$	9,483

As of June 30, 2025, the Company had not entered into any material leases that have not yet commenced.

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 ended				Six months ended
(Dollars in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Direct financing leases:
Interest income on lease receivable	$	16,068	$	15,815	$	32,280	$	30,615
Interest income on deferred fees and costs, net	( 2,293 )		( 1,890 )		( 4,546 )		( 3,682 )
Total direct financing lease net interest income	$	13,775	$	13,925	$	27,734	$	26,933

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, 2025		December 31, 2024
Lease receivables	$	727,976	$	749,968
Unearned income	( 117,538 )		( 122,846 )
Deferred fees and costs	19,689		20,394
Net investment in direct financing leases	$	630,127	$	647,516

Table of Contents

9. 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, 2025, 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 )
June 30, 2025	$	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, 2025
Core deposits	$	104,751	$	( 66,076 )	$	38,675	10 years
Client relationships	68,270		( 22,136 )		46,134		7 - 15 years

Loan servicing rights (1)	11,080		( 6,467 )		4,613		10 - 25 years
Tradename	2,900		—		2,900		indefinite
Total intangible assets	$	187,001	$	( 94,679 )	$	92,322
December 31, 2024
Core deposits	$	104,751	$	( 60,999 )	$	43,752	10 years
Client relationships	73,880		( 23,588 )		50,292		7 - 15 years
Loan servicing rights (2)	11,220		( 5,901 )		5,319		10 - 25 years
Tradename	2,900		—		2,900		indefinite

Total intangible assets	$	192,751	$	( 90,488 )	$	102,263

(1) Includes impairment losses of $ 0.2 million and $ 0.3 million for the three and six months ended June 30, 2025, respectively.

(2) Includes reversal of impairment losses of $ 0.6 million for the year ended December 31, 2024.

The Company recognized amortization expense on intangible assets of $ 3.9 million and $ 7.8 million for the three and six months ended June 30, 2025, respectively, compared to $ 3.9 million and $ 7.9 million for the three and six months ended June 30, 2024, respectively.

Table of Contents

The following table presents the estimated future amortization expense on definite life intangible assets:


(Dollars in thousands)	June 30, 2025
Remaining in 2025	$	8,086
2026	15,546
2027	15,030
2028	14,359
2029	7,121
Thereafter	29,280
Total	$	89,422

Servicing Assets

The Company records servicing rights on Small Business Administration (SBA) loans and mortgage servicing rights on its mortgage loan servicing portfolio. This includes loans that it acquires or originates as well as loans that it services for others. SBA loan servicing rights and Mortgage servicing rights are included in Goodwill and intangible assets in the accompanying unaudited Consolidated Statements of Financial Condition. Mortgage loans which the Company services for others are not included in Loans and leases, net of allowance in the accompanying unaudited Consolidated Statements of Financial Condition. Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans the Company acquires or originates, or that it services for others.

The value of the Company's SBA loan servicing rights was $ 3.4 million and $ 4.0 million at June 30, 2025 and December 31, 2024, respectively, and the value of its mortgage servicing rights was $ 1.2 million and $ 1.3 million at June 30, 2025 and December 31, 2024, respectively. Changes in the value of the Company's servicing rights resulted in impairment losses of less than $ 0.2 million and $ 0.3 million for the three and six months ended June 30, 2025, respectively, and impairment losses of $ 0.1 million and $ 0.2 million for the three and six months ended June 30, 2024, 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, 2025 or December 31, 2024. Changing economic conditions that may adversely affect the Company's performance and could result in impairment, which could adversely affect earnings in the future.

10. DEPOSITS

The following table shows deposits by category:


(Dollars in thousands)			June 30, 2025		December 31, 2024
Noninterest-bearing:
	Noninterest demand		$	5,305,768	$	4,987,753
		Total noninterest-bearing	$	5,305,768	$	4,987,753

Interest-bearing:
	Interest-bearing demand		$	2,806,070	$	2,973,431
	Savings		1,451,898		1,466,289
	Money market		5,471,270		5,471,611

	Client time deposits		2,086,463		2,130,724

		Total interest-bearing	11,815,701		12,042,055
		Total deposits	$	17,121,469	$	17,029,808

Table of Contents

11. INCOME TAXES

There were no unrecognized tax benefits as of June 30, 2025. 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 2021 through 2024 tax years are subject to examination as of June 30, 2025. The Company does no t expect to record or realize any material unrecognized tax benefits during 2025.

The amortization of the low-income housing credit investments has been reflected as income tax expense of $ 2.2 million and $ 1.9 million for the three months ended June 30, 2025 and 2024, respectively, and $ 4.4 million and $ 3.8 million for the six months ended June 30, 2025 and 2024, respectively.

The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the three months ended June 30, 2025 were $ 1.9 million, $ 2.2 million, and $ 0.6 million, respectively. The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the six months ended June 30, 2025 were $ 3.9 million, $ 4.4 million and $ 1.3 million, respectively. The carrying value of the investment in affordable housing credits is $ 118.1 million at June 30, 2025, compared to $ 94.3 million at December 31, 2024 and is included in the Other assets line item on the unaudited Consolidated Statements of Financial Condition.

12. 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.

Table of Contents

The following tables present financial instruments carried at fair value as of June 30, 2025 and December 31, 2024 by level in the valuation hierarchy (as described above):


	June 30, 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	$	—	$	421,729	$	—	$	421,729
FNMA MBS	—		2,744,215		—		2,744,215
FHLMC MBS	—		105,156		—		105,156
GNMA MBS	—		39,375		—		39,375
GSE agency notes	—		184,308		—		184,308

Other assets	—		146,890		52		146,942
Total assets measured at fair value on a recurring basis	$	—	$	3,641,673	$	52	$	3,641,725

Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	126,160	$	3,540	$	129,700

Assets measured at fair value on a nonrecurring basis:
Other investments	$	—	$	—	$	15,493	$	15,493
Other real estate owned	—		—		930		930
Loans held for sale	—		157,905		—		157,905

Total assets measured at fair value on a nonrecurring basis	$	—	$	157,905	$	16,423	$	174,328


	December 31, 2024
(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	$	—	$	430,942	$	—	$	430,942
FNMA MBS	—		2,755,579		—		2,755,579
FHLMC MBS	—		105,514		—		105,514
GNMA MBS	—		40,676		—		40,676
GSE agency notes	—		177,937		—		177,937

Other assets	—		170,464		25		170,489
Total assets measured at fair value on a recurring basis	$	—	$	3,681,112	$	25	$	3,681,137

Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	155,242	$	5,270	$	160,512

Assets measured at fair value on a nonrecurring basis
Other investments	$	—	$	—	$	15,516	$	15,516
Other real estate owned	—		—		5,204		5,204
Loans held for sale	—		49,699		—		49,699

Total assets measured at fair value on a nonrecurring basis	$	—	$	49,699	$	20,720	$	70,419

Table of Contents

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.

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.

Table of Contents

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).

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

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.

Table of Contents

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 $ 4.7 million at June 30, 2025 and $ 5.5 million at December 31, 2024, 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

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, 2025 and December 31, 2024:

(Dollars in thousands)

June 30, 2025

Financial Instrument

Fair Value

Valuation Technique(s)

Unobservable Input

Range
(Weighted Average)

Other investments

15,493

Observed market comparable transactions

Period of observed transactions

December 2023

Other real estate owned

930

Fair market value of collateral

Costs to sell

10.0 %- 13.0 % ( 11.5 %)

Other assets (Risk participation agreements purchased)

Credit Valuation Adjustment

CDS Spread and Loss Given Default (LGD)

CDS spread: 110 - 360 bps ( 278 bps)

LGD: 2 %

Other liabilities (Risk participation agreements sold)

205

Credit Valuation Adjustment

CDS Spread and Loss Given Default (LGD)

CDS spread: 173 - 350 bps ( 199 bps)

LGD: 30 %

Other liabilities (Financial derivative related to sales of certain Visa Class B shares)

3,335

Discounted cash flow

Timing of Visa litigation resolution

2.00 years or 2Q 2027

(Dollars in thousands)

December 31, 2024

Financial Instrument

Fair Value

Valuation Technique(s)

Unobservable Input

Range
(Weighted Average)

Other investments

15,516

Observed market comparable transactions

Period of observed transactions

December 2023

Other real estate owned

5,204

Fair market value of collateral

Costs to sell

10.0 %

Other assets (Risk participation agreements purchased)

Credit Valuation Adjustment

CDS Spread and Loss Given Default (LGD)

CDS spread: 110 - 360 bps ( 192 bps)

LGD: – % - 30 % ( 30 %)

Other liabilities (Risk participation agreements sold)

Credit Valuation Adjustment

CDS Spread and Loss Given Default (LGD)

CDS spread: 1 - 250 bps ( 207 bps)

LGD: 30 %

Other liabilities (Financial derivative related to sales of certain Visa Class B shares)

5,180

Discounted cash flow

Timing of Visa litigation resolution

2.50 years or 2Q 2027

Table of Contents

The book value and estimated fair value of the Company's financial instruments are as follows:


		June 30, 2025				December 31, 2024
(Dollars in thousands)	Fair Value Measurement	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash, cash equivalents, and restricted cash	Level 1	$	1,331,498	$	1,331,498	$	1,154,818	$	1,154,818
Investment securities available-for-sale	Level 2	3,494,783		3,494,783		3,510,648		3,510,648
Investment securities held-to-maturity, net	Level 2	994,340		884,260		1,015,161		895,511
Other investments	Level 3	17,767		17,767		18,184		18,184
Loans, held for sale	Level 2	157,905		157,905		49,699		49,699
Loans and leases, net (1)	Level 3	12,807,920		12,885,457		12,996,218		13,100,492
Stock in FHLB of Pittsburgh	Level 2	21,940		21,940		11,805		11,805
Accrued interest receivable	Level 2	79,769		79,769		84,671		84,671
Other assets	Levels 2, 3	146,942		146,942		170,489		170,489
Financial liabilities:
Deposits	Level 2	$	17,121,469	$	17,109,531	$	17,029,808	$	17,016,839
Borrowed funds	Level 2	303,459		310,670		383,607		379,154
Standby letters of credit	Level 3	712		712		776		776
Accrued interest payable	Level 2	29,134		29,134		38,173		38,173
Other liabilities	Levels 2, 3	129,700		129,700		160,512		160,512

(1) Includes reverse mortgage loans.

At June 30, 2025 and December 31, 2024 the Company had no commitments to extend credit measured at fair value.

Table of Contents

13. 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, 2025.


	Fair Values of Derivative Instruments
(Dollars in thousands)		Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate options		20	$	1,700,000	Other assets	$	19,890
Total			$	1,700,000		$	19,890
Derivatives not designated as hedging instruments:
Interest rate swaps and options			$	2,973,628	Other assets	$	124,509
Interest rate swaps and options			3,000,828		Other liabilities	( 124,511 )
Interest rate lock commitments with clients			76,449		Other assets	1,274
Interest rate lock commitments with clients			145		Other liabilities	—
Forward sale commitments			1,497		Other assets	5
Forward sale commitments			75,902		Other liabilities	( 469 )
FX forwards			16,569		Other assets	1,212
FX forwards			17,100		Other liabilities	( 1,180 )
Risk participation agreements sold			110,281		Other liabilities	( 205 )
Risk participation agreements purchased			101,689		Other assets	52
Financial derivatives related to sales of certain Visa Class B shares			53,806		Other liabilities	( 3,335 )
Total derivatives			$	8,127,894		$	17,242

Table of Contents

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, 2024.


	Fair Values of Derivative Instruments
(Dollars in thousands)		Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate options		18	$	1,500,000	Other assets	$	14,265
Total			$	1,500,000		$	14,265
Derivatives not designated as hedging instruments:
Interest rate swaps and options			$	2,942,675	Other assets	$	153,980
Interest rate swaps and options			2,942,675		Other liabilities	( 153,980 )
Interest rate lock commitments with clients			41,238		Other assets	612
Interest rate lock commitments with customers			3,658		Other liabilities	( 18 )
Forward sale commitments			28,927		Other assets	200
Forward sale commitments			27,071		Other liabilities	( 39 )
FX forwards			26,716		Other assets	1,407
FX forwards			25,924		Other liabilities	( 1,205 )
Risk participation agreements sold			110,948		Other liabilities	( 90 )
Risk participation agreements purchased			97,201		Other assets	25
Financial derivatives related to sales of certain Visa Class B shares			55,358		Other liabilities	( 5,180 )
Total derivatives			$	7,802,391		$	9,977

Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the three and six months ended June 30, 2025 and June 30, 2024.


	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)				Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2025		2024		2025		2024
Interest rate options	$	1,440	$	( 587 )	$	4,315	$	( 7,020 )	Interest income
Total	$	1,440	$	( 587 )	$	4,315	$	( 7,020 )

	Amount of Gain (Loss) Recognized in Income				Amount of Gain (Loss) Recognized in Income				Location of Gain (Loss) Recognized in Income
(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments	2025		2024		2025		2024
Interest rate swaps and options	$	1,331	$	2,719	$	2,711	$	5,154	Other income
Interest rate lock commitments with clients	241		4		656		256		Mortgage banking activities, net
Forward sale commitments	( 391 )		130		( 759 )		$	244	Mortgage banking activities, net
FX forwards	36		121		74		280		Other income
Risk participation agreements	( 57 )		( 1 )		( 491 )		( 35 )		Other income
Total	$	1,160	$	2,973	$	2,191	$	5,899

Table of Contents

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, 2025, the Company had 20 interest rate floors purchased at an aggregate premium of $ 33.7 million with an aggregate notional amount of $ 1.7 billion to hedge variable cash flows associated with a variable rate loan pool through the first quarter of 2029. 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, 2025, the Company determined the cash flow hedges remain highly effective. During the three and six months ended June 30, 2025, $ 2.3 million and $ 4.1 million of amortization expense on the premium was reclassified into interest income, respectively, compared to $ 1.0 million and $ 1.9 million during the three and six months ended June 30, 2024, respectively. 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, 2025, there were no fair value adjustments related to credit quality.

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, 2025, there were no fair value adjustments related to credit quality.

Table of Contents

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 Corporation has provided a loan structured with a derivative, the Corporation 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, 2025 and December 31, 2024, there were 134 and 154 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 $ 0.5 billion and $ 0.6 billion at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025, the swap transactions remaining maturities ranged from under 1 year to 11 years. At June 30, 2025, none of these client swaps were in a paying position to third parties, with our swap guarantees having a fair value of $ 4.7 million. At December 31, 2024, none of these client swaps were in a paying position to third parties, with the Company's swap guarantees having a fair value of $ 5.5 million. For both periods, none of the Company's clients were in default of the swap agreements.

Credit-risk-related Contingent Features

The Company had $ 2.9 million of derivatives with credit-risk-related contingent features in a net liability position as of June 30, 2025 and none at December 31, 2024. The Company was required to post collateral on these derivatives of $ 2.6 million as of June 30, 2025 compared to none as of December 31, 2024.

If the Company had breached any of these provisions at June 30, 2025, 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 $ 4.6 million in cash against its obligations under these agreements which meets or exceeds the minimum collateral posting requirements.

Table of Contents

14. 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 (previously referred to as the Wealth Management 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, through a third-party broker/dealer, 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.

The Bryn Mawr Trust Company of Delaware 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.

Table of Contents

The following table shows segment results for the three months ended June 30, 2025 and 2024, 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, 2025								Three Months Ended June 30, 2024
(Dollars in thousands)	WSFS Bank		Cash Connect ®		Wealth and Trust		Total		WSFS Bank		Cash Connect ®		Wealth and Trust		Total
Statements of Income
External client revenues:
Interest income	$	246,891	$	—	$	6,299	$	253,190	$	259,387	$	—	$	5,850	$	265,237
Interest expense	66,142		—		7,553		73,695		79,681		—		11,107		90,788
Net interest income	180,749		—		( 1,254 )		179,495		179,706		—		( 5,257 )		174,449
Noninterest income	19,475		24,301		44,233		88,009		22,640		31,000		37,958		91,598
Total external client revenues	200,224		24,301		42,979		267,504		202,346		31,000		32,701		266,047
Inter-segment revenues:
Interest income	7,950		465		28,107		36,522		7,979		386		27,321		35,686
Interest expense	28,572		4,077		3,873		36,522		27,707		4,294		3,685		35,686
Net interest income	( 20,622 )		( 3,612 )		24,234		—		( 19,728 )		( 3,908 )		23,636		—
Noninterest income	9,105		452		304		9,861		8,488		478		264		9,230
Total inter-segment revenues	( 11,517 )		( 3,160 )		24,538		9,861		( 11,240 )		( 3,430 )		23,900		9,230
Total revenue	188,707		21,141		67,517		277,365		191,106		27,570		56,601		275,277
External client expenses:
Provision for credit losses	8,172		—		4,449		12,621		19,800		—		14		19,814

Noninterest expenses:
Salaries, benefits and other compensation	70,136		2,587		16,422		89,145		66,621		2,671		13,957		83,249
Occupancy expense	8,501		—		328		8,829		9,101		11		261		9,387
Equipment expense	11,290		—		2,488		13,778		9,398		—		2,214		12,054
Professional fees	3,456		—		2,755		6,211		2,982		—		1,669		4,781
Other segment items (1)	24,886		13,676		2,818		41,380		22,535		21,260		3,088		46,297
Total external client expenses	126,441		16,263		29,260		171,964		130,437		23,942		21,203		175,582
Inter-segment expenses:
Noninterest expenses	756		1,585		7,520		9,861		742		1,650		6,838		9,230
Total inter-segment expenses	756		1,585		7,520		9,861		742		1,650		6,838		9,230
Total expenses	127,197		17,848		36,780		181,825		131,179		25,592		28,041		184,812
Income before taxes	$	61,510	$	3,293	$	30,737	$	95,540	$	59,927	$	1,978	$	28,560	$	90,465
Income tax provision							23,319								21,257
Consolidated net income							72,221								69,208
Net loss attributable to noncontrolling interest							( 105 )								( 65 )
Net income attributable to WSFS							$	72,326							$	69,273
Supplemental Information
Capital expenditures for the period ended	$	1,774	$	67	$	135	$	1,976	$	2,173	$	123	$	428	$	2,724

(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

Table of Contents


	Six Months Ended June 30, 2025							Six Months Ended June 30, 2024
(Dollars in thousands)	WSFS Bank		Cash Connect ®		Wealth Management		Total	WSFS Bank		Cash Connect ®		Wealth Management		Total
Statements of Income
External client revenues:
Interest income	491,768		—		12,300		504,068	515,520		—		11,339		526,859
Interest expense	134,075		—		15,282		149,357	154,760		—		22,372		177,132
Net interest income	357,693		—		( 2,982 )		354,711	360,760		—		( 11,033 )		349,727
Noninterest income	36,170		48,836		83,900		168,906	38,860		57,350		71,245		167,455
Total external client revenues	393,863		48,836		80,918		523,617	399,620		57,350		60,212		517,182
Inter-segment revenues:
Interest income	15,484		886		53,749		70,119	14,545		826		56,192		71,563
Interest expense	54,635		7,974		7,510		70,119	57,018		7,423		7,122		71,563
Net interest income	( 39,151 )		( 7,088 )		46,239		—	( 42,473 )		( 6,597 )		49,070		—
Noninterest income	17,327		850		518		18,695	15,761		913		471		17,145
Total inter-segment revenues	( 21,824 )		( 6,238 )		46,757		18,695	( 26,712 )		( 5,684 )		49,541		17,145
Total revenue	372,039		42,598		127,675		542,312	372,908		51,666		109,753		534,327
External client expenses:
Provision for credit losses	24,683		—		5,288		29,971	34,620		—		332		34,952

Noninterest expenses:
Salaries, benefits and other compensation	134,073		5,208		32,341		171,622	125,916		5,225		27,914		159,055
Occupancy expense	18,026		—		696		18,722	18,329		25		512		18,866
Equipment expense	21,336		—		5,170		26,506	18,096		—		3,772		22,746
Professional fees	6,641		—		4,268		10,909	5,648		—		3,402		9,262
Other segment items (1)	48,342		29,513		5,524		83,379	49,280		40,627		6,094		94,911
Total external client expenses	253,101		34,721		53,287		341,109	251,889		45,877		42,026		339,792
Inter-segment expenses:
Noninterest expenses	1,368		3,030		14,297		18,695	1,384		3,059		12,702		17,145
Total inter-segment expenses	1,368		3,030		14,297		18,695	1,384		3,059		12,702		17,145
Total expenses	254,469		37,751		67,584		359,804	253,273		48,936		54,728		356,937
Income before taxes	$	117,570	$	4,847	$	60,091	182,508	$	119,635	$	2,730	$	55,025	177,390
Income tax provision							44,420							42,459
Consolidated net income							138,088							134,931
Net loss attributable to noncontrolling interest							( 134 )							( 103 )
Net income attributable to WSFS							138,222							135,034
Supplemental Information
Capital expenditures for the period ended	3,795		109		503		4,407	6,393		123		441		6,957

The following table shows significant components of segment net assets as of June 30, 2025 and December 31, 2024:


	June 30, 2025								December 31, 2024
(Dollars in thousands)	WSFS Bank		Cash Connect ®		Wealth and Trust		Total		WSFS Bank		Cash Connect ®		Wealth and Trust		Total
Statements of Financial Condition
Cash and cash equivalents	$	893,287	$	400,218	$	37,993	$	1,331,498	$	686,735	$	424,907	$	43,176	$	1,154,818
Goodwill	753,586		—		131,638		885,224		753,586		—		132,312		885,898
Other segment assets	18,064,292		10,214		472,064		18,546,570		18,292,205		12,536		468,846		18,773,587
Total segment assets	$	19,711,165	$	410,432	$	641,695	$	20,763,292	$	19,732,526	$	437,443	$	644,334	$	20,814,303

Table of Contents

15. 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 three repurchases for $ 0.8 million during the six months ended June 30, 2025 and two repurchases for $ 0.5 million during the same period in 2024.

Unfunded Lending Commitments

At June 30, 2025 and December 31, 2024, the Company had unfunded lending commitments of $ 2.8 billion. As of June 30, 2025 and December 31, 2024, the allowance for credit losses of unfunded lending commitments was $ 12.3 million and $ 12.5 million, respectively. A provision expense of $ 0.3 million and a provision release of $ 0.2 million were recognized during the three and six months ended June 30, 2025, respectively, compared to a provision release of $ 0.3 million and $ 0.6 million during the three and six months ended June 30, 2024, respectively.

Table of Contents

16. 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 investments		Total
Balance, March 31, 2025	$	( 467,752 )	$	( 73,217 )	$	( 3,876 )	$	( 4,422 )	$	( 207 )	$	( 549,474 )
Other comprehensive income (loss)	22,688		—		9		1,440		( 16 )		24,121
Less: Amounts reclassified from accumulated other comprehensive loss	—		3,267		( 70 )		—		—		3,197
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 )

Balance, March 31, 2024	$	( 539,939 )	$	( 87,854 )	$	( 4,738 )	$	( 4,836 )	$	460	$	( 636,907 )
Other comprehensive (loss) income	( 9,100 )		—		( 2 )		( 587 )		( 40 )		( 9,729 )
Less: Amounts reclassified from accumulated other comprehensive loss	—		3,808		( 50 )		—		—		3,758
Net current-period other comprehensive (loss) income	( 9,100 )		3,808		( 52 )		( 587 )		( 40 )		( 5,971 )
Balance, June 30, 2024	$	( 549,039 )	$	( 84,046 )	$	( 4,790 )	$	( 5,423 )	$	420	$	( 642,878 )



(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 investments		Total
Balance, December 31, 2024	$	( 537,789 )	$	( 76,405 )	$	( 3,815 )	$	( 7,297 )	$	429	$	( 624,877 )
Other comprehensive income (loss)	92,725		—		17		4,315		( 652 )		96,405
Less: Amounts reclassified from accumulated other comprehensive loss	—		6,455		( 139 )		—		—		6,316
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 )

Balance, December 31, 2023	$	( 499,932 )	$	( 91,523 )	$	( 4,614 )	$	1,597	$	481	$	( 593,991 )
Other comprehensive (loss) income	( 49,107 )		—		( 77 )		( 7,020 )		( 61 )		( 56,265 )
Less: Amounts reclassified from accumulated other comprehensive loss	—		7,477		( 99 )		—		—		7,378
Net current-period other comprehensive (loss) income	( 49,107 )		7,477		( 176 )		( 7,020 )		( 61 )		( 48,887 )
Balance, June 30, 2024	$	( 549,039 )	$	( 84,046 )	$	( 4,790 )	$	( 5,423 )	$	420	$	( 642,878 )

Table of Contents

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)	2025		2024




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	4,299		5,011		Net interest income
Income taxes	( 1,032 )		( 1,203 )		Income tax provision
Net of tax	3,267		3,808
Amortization of defined benefit pension plan-related items:
Prior service credits	( 19 )		( 19 )

Actuarial gains	( 73 )		( 47 )
Total before tax	( 92 )		( 66 )		Salaries, benefits and other compensation
Income taxes	22		16		Income tax provision
Net of tax	( 70 )		( 50 )








Total reclassifications	$	3,197	$	3,758

	Six Months Ended June 30,				Affected line item in unaudited Consolidated Statements of Income
	2025		2024




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	8,494		9,838		Net interest income
Income taxes	( 2,039 )		( 2,361 )		Income tax provision
Net of tax	6,455		7,477
Amortization of defined benefit pension plan-related items:
Prior service credits	( 38 )		( 38 )

Actuarial gains	( 145 )		( 92 )
Total before tax	( 183 )		( 130 )		Salaries, benefits and other compensation
Income taxes	44		31		Income tax provision
Net of tax	( 139 )		( 99 )








Total reclassifications	$	6,316	$	7,378

Table of Contents

17. 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 May 7, 2025, the Bank entered into a settlement agreement with Prophet Mortgage Opportunities, LP (Prophet) to resolve a complaint filed on November 16, 2022 against WSFS Bank and the RBSHD 2013-1 Trust in the United States District Court for the Southern District of New York alleging that the Bank, in its capacity as owner trustee and indenture trustee in a Residential Mortgage-Backed Securities (RMBS) trust, was responsible for certain actions directed by the trust’s majority certificate holder, which allegedly diminished the value of the notes and depleted the value of the trust’s assets. As previously disclosed, Prophet sought damages of not less than $ 40.0 million. Under the settlement agreement, the Bank incurred a loss of $ 1.5 million to fully settle the claims. The Bank recognized losses of $ 0.3 million and $ 0.5 million for the three and six months ended June 30, 2025, and $ 1.0 million in the fourth quarter of 2024.

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.

18. SUBSEQUENT EVENTS

The Company evaluated subsequent events in accordance with ASC Topic 855 and determined that the following qualifies as a non-recognized subsequent event:

Sale of Upstart Portfolio

On July 8, 2025, the Company announced the completion of the sale of the majority of its remaining unsecured consumer lending portfolio generated through its partnership with Upstart Holdings, Inc. in a series of transactions. These loans were classified in Loans, held for sale on the unaudited Consolidated Statements of Financial Condition as of June 30, 2025.

Table of Contents

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 $20.8 billion in assets and $92.4 billion in assets under management (AUM) and assets under administration (AUA) at June 30, 2025, WSFS Bank is the oldest and largest locally-managed bank and wealth management franchise headquartered in the Greater Philadelphia and Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, we have been in operation for more than 193 years. In addition to our focus on stellar client experience, we have continued to fuel growth and remain a leader in our community. We are a relationship-focused, locally-managed, community banking institution. Our mission and strategy is simple: “We Stand for Service.”

As of June 30, 2025, we had six consolidated subsidiaries: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management ® , LLC (BMCM), WSFS Wealth Management, LLC, WSFS SPE Services, LLC, and 601 Perkasie, LLC. On July 1, 2025, BMCM was renamed to Bryn Mawr Trust Advisors (BMTA). The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Ba ncshares Capital Trust II . WSFS Bank has two wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance ® ).

Our banking business had a total loan and lease portfolio of $12.6 billion as of June 30, 2025, which was funded primarily with deposits generated through commercial relationships and our consumer banking business. We have built a $9.8 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering a high level of service and flexibility, through acquisitions, and through our leasing business conducted by NewLane Finance ® . NewLane Finance ® originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches, in addition to mortgage and title services through our branches and WSFS Mortgage ® , our mortgage banking business specializing in a variety of residential mortgage and refinancing solutions. In addition, NewLane Finance ® offers captive insurance through its subsidiary, Prime Protect.

Our Cash Connect ® business 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 $1.4 billion in total cash and services approximately 25,500 non-bank ATMs and 11,000 smart safes nationwide. Cash Connect ® provides related services such as online reporting and ATM cash management, predictive cash ordering and reconcilement services, armored carrier management, loss protection, and deposit safe cash logistics. Cash Connect ® also supports 582 owned or branded ATMs for WSFS Bank Clients, which is one of the largest branded ATM networks in our market.

Our Wealth and Trust business 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 $92.4 billion of AUM and AUA at June 30, 2025.

Bryn Mawr Trust ® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and traditional banking services such as credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the Bank’s charter, through a third-party broker/dealer and as a registered investment advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.

BMT-DE provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services ® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.

As of June 30, 2025, we service our clients primarily from 115 offices located in Pennsylvania (58), Delaware (39), New Jersey (14), Florida (2) Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app.

Table of Contents

Highlights and Other Notables Items for Three and Six Months Ended June 30, 2025

• Three Months Ended June 30, 2025

◦ EPS was $1.27 and ROA was 1.39%, compared to $1.16 and 1.34% for the three months ended June 30, 2024.

◦ Net interest margin of 3.89% , compared to 3.85% for the three months ended June 30, 2024, driven by deposit repricing actions and reduction in wholesale funding, partially offset by lower loan yields.

◦ The Wealth and Trust segment recognized noninterest income of $44.5 million, a 17% increase compared to the three months ended June 30, 2024.

◦ WSFS transferred the majority of its remaining unsecured consumer lending portfolio generated through our partnership with Upstart to loans held for sale. The loans were subsequently sold in July 2025 to accelerate the disposition of this runoff portfolio.

◦ During the quarter, WSFS recognized $2.3 million in revenue from our partnership with Spring EQ, LLC (Spring EQ) related to the annual earnout from the previously announced sale, recognized within Other income on the unaudited Consolidated Statements of Income.

◦ WSFS repurchased 1,556,199 shares of common stock under the Company's share repurchase programs at an average price of $49.93 per share, for an aggregate purchase price of approximately $77.7 million, and paid quarterly dividends of $9.6 million, for a total capital return of $87.3 million .

◦ The Bank and the Company continue to be well above well-capitalized across all measures of regulatory capital, with total common equity Tier 1 capital of 13.11% and 14.07%, respectively, and total risk-based capital of 14.35% and 15.86%, respectively.

• Six Months Ended June 30, 2025

◦ The Board of Directors approved a 13% increase in the quarterly cash dividend to $0.17 per share of common stock as well as a n incremental share repurchase authorization of 10% of outstanding shares as of March 31, 2025.

◦ WSFS repurchased 2,583,413 shares of common stock under the Company's share repurchase programs at an average price of $50.90 per share, for an aggregate purchase price of approximately $131.5 million, and paid quarterly dividends of $18.4 million, for a total capital return of $149.9 million .

◦ The allowance for credit losses (ACL) on loans and leases decreased $9.0 million when compared to December 31, 2024, primarily due to impacts from the transfer of the majority of the Upstart portfolio to loans held for sale.

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

Table of Contents

FINANCIAL CONDITION

Total assets decreased $51.0 million to $20.8 billion at June 30, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:

• Net loans and leases held for investment decreased $188.3 million, primarily due to decreases of $164.6 million in consumer loans, driven by the transfer of the majority of the Upstart portfolio to loans held for sale and the runoff of the Spring EQ portfolio, and $119.1 million in commercial mortgages primarily due to several large payoffs.

• Other assets decreased $98.7 million, primarily due to decreases of $40.0 million in deferred taxes primarily due to increased market values on available-for-sale investment securities, $29.6 million in derivatives from our Capital Markets business due to changes in fair value, $26.0 million from receivables due to the settlement timing of ACH payments, and $19.4 million in lease right of use asset due to lease remeasurement activity, partially offset by a $25.3 million increase due to additional lower income housing tax credit investments.

• Total investment securities decreased $36.7 million:

◦ Investment securities held-to-maturity decreased $20.8 million, primarily due to repayments, maturities and calls of $28.4 million, partially offset by $7.6 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.

◦ Investment securities available-for-sale decreased $15.9 million, primarily due to maturities and calls of $191.3 million, partially offset by increased market values of $122.0 million and purchases of $54.9 million.

• Goodwill and intangible assets decreased $10.6 million primarily due to scheduled amortization of intangible assets.

• Total cash and cash equivalents increased $176.7 million, primarily due to increased deposits and runoff in the investment securities portfolios.

• Loans held for sale increased $108.2 million primarily due to the transfer of the Upstart portfolio mentioned above.

Total liabilities decreased $143.9 million to $18.1 billion at June 30, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:

• Other liabilities decreased $146.3 million, primarily due to a decrease of $112.3 million in collateral held on derivatives and derivative liabilities and $26.7 million in our accrued expenses primarily related to incentive payments made in the first quarter..

• Senior and subordinated debt decreased $69.9 million due to the redemption of the 2027 Notes.

• Client deposits increased $91.7 million primarily due to growth in Trust deposits.

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

LIQUIDITY AND CAPITAL RESOURCES

Capital Resources

Stockholders’ equity of WSFS increased $93.0 million to $2.7 billion at June 30, 2025 compared to December 31, 2024. This increase was primarily due to $138.2 million of earnings and a decrease of $102.7 million in accumulated other comprehensive loss driven by market value increases on available-for-sale mortgage-backed securities, partially offset by $131.5 million from the repurchase of shares of common stock under our stock repurchase plan and the payment of dividends on our common stock of $18.4 million.

During the three months ended June 30, 2025, the Board of Directors approved a quarterly cash dividend of $0.17 per share of common stock. This dividend will be paid on August 22, 2025 to stockholders of record as of August 8, 2025.

Book value per share of common stock was $47.71 at June 30, 2025, an increase of $3.56 from $44.15 at December 31, 2024. Tangible book value per share of common stock (a non-GAAP financial measure) was $30.32 at June 30, 2025, an increase of $3.02 from $27.30 at December 31, 2024. 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."

Table of Contents

The table below compares the Bank's and the Company’s consolidated capital position to the minimum regulatory requirements as of June 30, 2025:


	Consolidated Capital				Minimum For Capital Adequacy Purposes				To be Well-Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Total Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB	$	2,299,539	14.35	%	$	1,281,923	8.00	%	$	1,602,404	10.00	%
WSFS Financial Corporation	2,541,461		15.86		1,281,985		8.00		1,602,482		10.00
Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB	2,100,885		13.11		961,442		6.00		1,281,923		8.00
WSFS Financial Corporation	2,254,661		14.07		961,489		6.00		1,281,985		8.00
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB	2,100,885		13.11		721,082		4.50		1,041,562		6.50
WSFS Financial Corporation	2,254,661		14.07		721,117		4.50		1,041,613		6.50
Tier 1 Leverage Capital
Wilmington Savings Fund Society, FSB	2,100,885		10.29		816,943		4.00		1,021,179		5.00
WSFS Financial Corporation	2,254,661		11.04		817,157		4.00		1,021,446		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, 2025, 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, WSFS separately held $382.3 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.

Table of Contents

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, 2025, the Company had $1.3 billion in cash, cash equivalents, and restricted cash. As of June 30, 2025, our estimated uninsured deposits were $6.6 billion, or 38% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $5.4 billion, or 31% of total client deposits.

As of June 30, 2025, the Company had a readily available, secured borrowing capacity of $5.6 billion from the FHLB and $2.4 billion through the Federal Reserve Discount Window. In addition, the Company had $1.0 billion in unpledged securities that could be used to support additional borrowings and $0.7 billion of cash deposited with the Federal Reserve Bank.

Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At June 30, 2025, we had $179.7 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 20 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases, see Note 8 to the unaudited Consolidated Financial Statements. At June 30, 2025, we had obligations for principal payments on long-term debt including $51.0 million of FHLB advances, $67.0 million for our trust preferred borrowings, due June 1, 2035, $23.9 million for our trust preferred borrowings, due December 15, 2034, and $150.0 million for our senior debt, due December 15, 2030. 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, 2025, the Company had total commitments to extend credit, including cancellable commitments, of $4.2 billion, which are generally one year commitments.

Table of Contents

NONPERFORMING ASSETS

Nonperforming assets include nonaccruing loans, OREO and restructured loans. Nonaccruing loans are those on which we no longer accrue interest. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the value of the collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Past due loans are defined as loans contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection.

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


(Dollars in thousands)	June 30, 2025			December 31, 2024
Nonaccruing loans (1) :
Commercial and industrial	$	38,476		$	61,809
Owner-occupied commercial	6,142			4,710
Commercial mortgages	24,115			22,223
Construction	28,505			25,600
Residential	4,538			5,011
Consumer	3,460			2,828
Total nonaccruing loans	105,236			122,181
Other real estate owned	930			5,204

Total nonperforming assets	$	106,166		$	127,385
Past due loans:
Commercial	$	10,351		$	1,812
Residential	75			15
Consumer (2)(3)	12,586			7,375
Total past due loans	$	23,012		$	9,202
Troubled loans (4) :
Commercial	$	190,402		$	143,904
Residential	140			144
Consumer	5,374			7,240
Total troubled loans	$	195,916		$	151,288
Ratio of allowance for credit losses to total loans and leases (5)	1.43		%	1.48		%

Ratio of nonaccruing loans to total gross loans and leases (6)	0.81			0.93
Ratio of nonperforming assets to total assets	0.51			0.61
Ratio of allowance for credit losses to nonaccruing loans (7)	177			160
Ratio of allowance for credit losses to total nonperforming assets (8)	175			153

(1) Includes nonaccruing troubled loans and loans held for sale.

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

(3) Includes past due loans held for sale.

(4) Includes troubled loans held for sale.

(5) Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.

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

(7) Includes loans held for sale.

(8) Excludes acquired purchase credit deteriorated loans.

Nonperforming assets decreased $21.2 million between December 31, 2024 and June 30, 2025 . This decrease was primarily driven by the charge-off of an existing nonperforming C&I loan to a fund that is invested in office properties and the resolution of a C&I loan for a long-term care facility, partially offset by the migration of a land development loan. T he ratio of nonperforming assets to total assets decreased from 0.61% at December 31, 2024 to 0.51% at June 30, 2025.

Table of Contents

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


	Six Months Ended June 30,
(Dollars in thousands)	2025		2024
Beginning balance	$	127,385	$	75,754
Additions	40,810		64,648
Collections	(17,251)		(55,521)
Transfers to accrual	(1,102)		(216)
Charge-offs	(43,676)		(19,289)
Ending balance	$	106,166	$	65,376

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.

Table of Contents

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. The FOMC lowered the federal funds target rate three times in 2024 for a total of 100 basis points after they increased the target rate four times in 2023 for a total of 100 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, 2025, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $941.6 million. Our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 110.81% at June 30, 2025 compared with 105.28% at December 31, 2024. Likewise, the one-year interest-sensitive gap as a percentage of total assets was 4.54% at June 30, 2025 compared with 2.26% at December 31, 2024.

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 margin and economic value of equity ratio at the specified levels at June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
% Change in Interest Rate (Basis Points)	% Change in Net Interest Margin (1)	Economic Value of Equity (2)	% Change in Net Interest Margin (1)	Economic Value of Equity (2)
+300	16.2%	20.01%	14.9%	18.60%
+200	10.7%	19.99%	9.8%	19.15%
+100	5.2%	19.89%	4.8%	19.82%
+50	2.5%	19.79%	2.3%	20.05%
+25	1.2%	19.74%	1.1%	20.17%
—	—%	19.69%	—%	20.31%
-25	(1.0)%	19.59%	(0.9)%	20.32%
-50	(1.9)%	19.48%	(1.7)%	20.33%
-100	(3.5)%	19.25%	(3.2)%	20.30%
' -200	(6.5)%	18.43%	(6.1)%	19.70%
' -300	(9.6)%	17.08%	(9.0)%	18.30%

(1) The percentage difference between net interest margin in a stable interest rate environment and net interest margin 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.

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.

Table of Contents

RESULTS OF OPERATIONS

Three months ended June 30, 2025: Net income attributable to WSFS for the three months ended June 30, 2025 was $72.3 million, compared to $69.3 million for the three months ended June 30, 2024.

• Net interest income increased $5.0 million driven by lower wholesale funding and deposit costs as well as higher cash balances from deposit growth, partially offset by lower loan yields. See “Net Interest Income” for further information.

• Our provision for credit losses decreased $7.2 million primarily due to a reduction in the allowance for credit losses upon transfer of Upstart loans to held for sale . See “Allowance for Credit Losses” for further information.

• Noninterest income decreased $3.6 million, driven by a decrease in Cash Connect ® , a gain due to the reduction of our Visa B derivative liability established from our previous sale of 360,000 shares in the second quarter of 2020 recognized in 2024, and a decrease in capital markets income, partially offset by increases in Wealth and Trust fees and higher fee income on derivative collateral held. See “Noninterest Income” for further information.

• Noninterest expense increased $3.6 million, primarily due to higher salaries and benefits from talent additions in key business lines and performance-based increases, as well as increases in loan workout and other credit costs, and equipment expenses. The increase was partially offset by decrease in Cash Connect ® external funding costs and one-time insurance recoveries at Cash Connect ® primarily related to losses associated with a client termination in 4Q 2024. See “Noninterest Expense” for further information.

• Income tax provision increased $2.1 million, primarily due to certain tax credits in 2024. See "Income Taxes' for further information.

Six months ended June 30, 2025: Net income for the six months ended June 30, 2025 was $138.2 million, compared to $135.0 million for the six months ended June 30, 2024.

• Net interest income increased $5.0 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to the reasons described above. See “Net Interest Income” for further information.

• Our provision for credit losses for the six months ended June 30, 2025 decreased $5.0 million compared to the six months ended June 30, 2024, due to the reasons described above. See “Allowance for Credit Losses” for further information.

• Noninterest income for the six months ended June 30, 2025 increased $1.5 million compared to the six months ended June 30, 2024, primarily due to increases from Wealth and Trust fee income and higher fee income on derivative collateral held, partially offset by declines in Cash Connect ® , the gain related to our Visa B derivative liability in 2024 mentioned above, and capital markets income. See “Noninterest Income” for further information.

• Noninterest expense increased $6.3 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to higher salaries and benefits due to the reasons described above, loan workout costs, and equipment expenses. The increase was partially offset by decreases in other operating expense driven by lower Cash Connect ® external funding costs. See “Noninterest Expense” for further information.

• Income tax provision for the six months ended June 30, 2025 increased $2.0 million compared to the six months ended June 30, 2024, primarily due to the reasons described above. See "Income Taxes' for further information.

Table of Contents

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,
	2025						2024
(Dollars in thousands)	Average Balance		Interest		Yield/ Rate (1)		Average Balance		Interest		Yield/ Rate (1)
Assets:
Interest-earning assets:
Loans: (2)
Commercial loans and leases	$	5,263,533	$	88,226	6.74	%	$	5,115,017	$	91,001	7.17	%
Commercial real estate loans	4,808,177		78,400		6.54		4,968,847		88,852		7.19
Residential loans	965,480		12,935		5.36		892,139		10,995		4.93
Consumer loans	1,997,285		35,096		7.05		2,088,180		39,019		7.52
Loans held for sale	96,517		1,348		5.60		42,010		948		9.08
Total loans and leases	13,130,992		216,005		6.60		13,106,193		230,815		7.09
Mortgage-backed securities (3)	4,148,820		24,531		2.37		4,335,831		25,784		2.38
Investment securities (3)	366,391		2,186		2.70		361,093		2,183		2.70
Other interest-earning assets	934,152		10,468		4.49		469,120		6,455		5.53
Total interest-earning assets	$	18,580,355	$	253,190	5.48	%	$	18,272,237	$	265,237	5.85	%
Allowance for credit losses	(188,252)						(195,557)
Cash and due from banks	188,300						308,226
Cash in non-owned ATMs	390,275						339,430
Bank-owned life insurance	36,042						41,067
Other noninterest-earning assets	1,898,721						2,020,925
Total assets	$	20,905,441					$	20,786,328
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	$	2,829,653	$	7,337	1.04	%	$	2,807,761	$	8,107	1.16	%
Savings	1,445,123		1,609		0.45		1,553,044		1,774		0.46
Money market	5,437,897		41,120		3.03		5,172,682		46,390		3.61
Time deposits	2,094,572		20,058		3.84		1,937,265		20,422		4.24


Total interest-bearing deposits	11,807,245		70,124		2.38		11,470,752		76,693		2.69
Federal Home Loan Bank advances	84,007		949		4.53		25,742		359		5.61
Trust preferred borrowings	90,903		1,518		6.70		90,704		1,750		7.76
Senior and subordinated debt	148,708		1,089		2.93		218,478		2,441		4.47
Other borrowed funds (4)	19,428		15		0.31		816,919		9,545		4.70
Total interest-bearing liabilities	$	12,150,291	$	73,695	2.43	%	$	12,622,595	$	90,788	2.89	%
Noninterest-bearing demand deposits	5,438,692						4,835,912
Other noninterest-bearing liabilities	674,616						891,273
Stockholders’ equity of WSFS	2,652,257						2,446,371
Noncontrolling interest	(10,415)						(9,823)
Total liabilities and stockholders’ equity	$	20,905,441					$	20,786,328
Excess of interest-earning assets over interest-bearing liabilities	$	6,430,064					$	5,649,642
Net interest income			$	179,495					$	174,449
Interest rate spread					3.05	%					2.96	%
Net interest margin					3.89	%					3.85	%

(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.

Table of Contents


	Six months ended June 30,
	2025						2024
(Dollars in thousands)	Average Balance		Interest		Yield/ Rate (1)		Average Balance		Interest		Yield/ Rate (1)
Assets:
Interest-earning assets:
Loans: (2)
Commercial loans and leases	$	5,249,600	$	175,338	6.75	%	$	5,081,250	$	179,531	7.12	%
Commercial real estate loans	4,844,821		157,495		6.56		4,928,165		175,576		7.16
Residential loans	965,552		25,737		5.33		883,421		21,574		4.88
Consumer loans	2,029,365		71,745		7.13		2,064,785		77,247		7.52
Loans held for sale	73,849		2,442		6.67		38,458		1,590		8.31
Total loans and leases	13,163,187		432,757		6.64		12,996,079		455,518		7.05
Mortgage-backed securities (3)	4,164,171		49,276		2.37		4,405,932		51,681		2.35
Investment securities	365,042		4,372		2.72		363,234		4,367		2.68
Other interest-earning assets	788,100		17,663		4.52		556,434		15,293		5.53
Total interest-earning assets	$	18,480,500	$	504,068	5.51	%	$	18,321,679	$	526,859	5.79	%
Allowance for credit losses	(192,343)						(192,159)
Cash and due from banks	188,219						290,752
Cash in non-owned ATMs	384,726						291,690
Bank-owned life insurance	36,122						41,929
Other noninterest-earning assets	1,923,092						1,986,980
Total assets	$	20,820,316					$	20,740,871
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	$	2,841,888	$	14,680	1.04	%	$	2,821,017	$	15,473	1.10	%
Savings	1,451,248		3,205		0.45		1,570,634		3,354		0.43
Money market	5,435,274		82,153		3.05		5,179,542		91,823		3.57
Client time deposits	2,103,470		41,190		3.95		1,886,344		38,660		4.12
Total interest-bearing client deposits	11,831,880		141,228		2.41		11,457,537		149,310		2.62
Brokered deposits	—		—		—		9,205		178		3.89
Total interest-bearing deposits	11,831,880		141,228		2.41		11,466,742		149,488		2.62
Federal Home Loan Bank advances	83,913		1,887		4.53		23,585		667		5.69
Trust preferred borrowings	90,878		3,041		6.75		90,680		3,506		7.78
Senior and subordinated debt	177,685		3,163		3.56		218,449		4,890		4.48
Other borrowed funds (4)	25,530		38		0.30		799,387		18,581		4.67
Total interest-bearing liabilities	$	12,209,886	$	149,357	2.47	%	$	12,598,843	$	177,132	2.83	%
Noninterest-bearing demand deposits	5,240,464						4,832,389
Other noninterest-bearing liabilities	735,518						857,053
Stockholders’ equity of WSFS	2,644,847						2,461,412
Noncontrolling interest	(10,399)						(8,826)
Total liabilities and stockholders’ equity	$	20,820,316					$	20,740,871
Excess of interest-earning assets over interest-bearing liabilities	$	6,270,614					$	5,722,836
Net interest and dividend income			$	354,711					$	349,727
Interest rate spread					3.04	%					2.96	%
Net interest margin					3.88	%					3.85	%

(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, 2025: During the three months ended June 30, 2025, net interest income increased $5.0 million from the three months ended June 30, 2024 driven by lower wholesale funding and deposit costs as well as higher cash balances from deposit growth. This increase was partially offset by lower loan yields due to rate cuts in the second half of 2024 . Net interest margin was 3.89% for the second quarter of 2025, a 4 basis point increase compared to 3.85% for the second quarter of 2024. The increase was primarily due to 41bps from lower wholesale funding and deposit costs, partially offset by 37bps of lower asset yields.

Table of Contents

Six months ended June 30, 2025: During the six months ended June 30, 2025, net interest income increased $5.0 million from the six months ended June 30, 2024 due to the reasons noted above. Net interest margin was 3.88% for the six months ended June 30, 2025, a 3 basis point increase compared to 3.85% for the six months ended June 30, 2024. The increase was due to a 31 basis point increase from lower wholesale funding and deposit costs , partially offset by a 28 basis point decrease from our loan yields.

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 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. Our evaluation is based on a review of the portfolio and requires significant, complex and difficult judgments.

During the three months ended June 30, 2025, we recorded a provision for credit losses of $12.6 million, a decrease of $7.2 million, compared to the provision for credit losses of $19.8 million for the three months ended June 30, 2024. This decrease was primarily due to a reduction in the allowance for credit losses upon transfer of Upstart loans to held for sale.

During the six months ended June 30, 2025, we recorded a provision for credit losses of $30.0 million, a decrease of $5.0 million, compared to the provision for credit losses of $35.0 million for the six months ended June 30, 2024. This decrease was primarily due to the reasons mentioned above.

The total allowance for credit losses decreased to $189.1 million at June 30, 2025 from $195.3 million at December 31, 2024 primarily due to the charge-off of a specific reserve on a commercial and industrial loan and the allowance release mentioned above, partially offset by additional reserve on accounts receivable for certain fee-based businesses. The ratio of allowance for credit losses to total loans and leases decreased to 1.43% at June 30, 2025 from 1.48% at December 31, 2024, due to a decrease of 11bps driven by the transfer of Upstart loans to held for sale and continued runoff of the portfolio, partially offset by a 6bps increase due to deterioration of the economic forecast.

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 Industrial			Owner- occupied Commercial			Commercial Mortgages			Construction			Commercial Small Business Leases			Residential (1)			Consumer (2)			Total
As of June 30, 2025
Allowance for credit losses	$	52,121		$	8,584		$	54,775		$	10,696		$	18,301		$	5,815		$	36,012		$	186,304
% of ACL to total ACL	28		%	5		%	29		%	6		%	10		%	3		%	19		%	100		%
Loan portfolio balance	$	2,744,392		$	1,947,594		$	3,911,537		$	857,631		$	630,127		$	976,462		$	1,921,803		$	12,989,546
% to total loans and leases	20		%	15		%	30		%	7		%	5		%	8		%	15		%	100		%
Three months ended June 30, 2025
Charge-offs	$	1,832		$	—		$	197		$	—		$	4,376		$	—		$	10,816		$	17,221
Recoveries	(1,865)			(5)			(2)			—			(714)			(50)			(4,818)			(7,454)
Net (recoveries) charge-offs	$	(33)		$	(5)		$	195		$	—		$	3,662		$	(50)		$	5,998		$	9,767
Average loan balance	$	2,700,896		$	1,931,683		$	3,953,909		$	854,267		$	630,955		$	961,114		$	1,997,285		$	13,030,109
Ratio of net charge-offs (recoveries) to average gross loans	NMF			NMF			0.02		%	—		%	2.33		%	(0.02)		%	1.20		%	0.30		%
Six months ended June 30, 2025
Charge-offs	$	21,703		$	—		$	197		$	—		$	7,343		$	—		$	15,079		$	44,322
Recoveries	(2,444)			(12)			(527)			—			(1,333)			(97)			(5,592)			(10,005)
Net charge-offs (recoveries)	$	19,259		$	(12)		$	(330)		$	—		$	6,010		$	(97)		$	9,487		$	34,317
Average loan balance	$	2,666,595		$	1,949,087		$	3,984,866		$	859,955		$	633,917		$	961,446		$	2,029,365		$	13,085,231
Ratio of net charge-offs (recoveries) to average gross loans	1.46		%	NMF			(0.02)		%	—		%	1.91		%	(0.02)		%	0.94		%	0.53		%

(1) Excludes reverse mortgages.

(2) Includes home equity lines of credit, installment loans unsecured lines of credit and education loans.

Table of Contents


(Dollars in thousands)	Commercial and Industrial			Owner- occupied Commercial			Commercial Mortgages			Construction			Commercial Small Business Leases			Residential (1)			Consumer (2)			Total
As of December 31, 2024
Allowance for credit losses	$	57,131		$	9,139		$	48,962		$	9,185		$	15,965		$	5,566		$	49,333		$	195,281
% of ACL to total ACL	29		%	5		%	25		%	5		%	8		%	3		%	25		%	100		%
Loan portfolio balance	$	2,656,174		$	1,973,645		$	4,030,627		$	832,093		$	647,516		$	961,426		$	2,086,393		$	13,187,874
% to total loans and leases	20		%	15		%	31		%	6		%	5		%	7		%	16		%	100		%
Year ended December 31, 2024
Charge-offs	$	15,490		$	177		$	5,749		$	—		$	20,033		$	125		$	23,549		$	65,123
Recoveries	(6,883)			(217)			(183)			—			(2,705)			(225)			(2,654)			(12,867)
Net charge-offs (recoveries)	$	8,607		$	(40)		$	5,566		$	—		$	17,328		$	(100)		$	20,895		$	52,256
Average loan balance	$	2,586,833		$	1,937,449		$	3,991,686		$	945,491		$	637,036		$	908,368		$	2,088,699		$	13,095,562
Ratio of net charge-offs (recoveries) to average gross loans	0.33		%	NMF			0.14		%	—		%	2.72		%	(0.01)		%	1.00		%	0.40		%

(1) Excludes reverse mortgages.

(2) Includes home equity lines of credit, installment loans unsecured lines of credit and education loans.

See Note 7 to the unaudited Consolidated Financial Statements and "Nonperforming Assets" above for further information.

Noninterest Income

Three months ended June 30, 2025: During the three months ended June 30, 2025, noninterest income was $88.0 million, a decrease of $3.6 million from $91.6 million during the three months ended June 30, 2024. The decrease was driven by a $6.7 million decline in Cash Connect ® , primarily due to the lower rate environment and lower ATM bailment volume, a $3.4 million gain due to the reduction of our Visa B derivative liability established from our previous sale of 360,000 shares in 2Q 2020 recognized in 2024, and a $1.5 million decline in capital markets income, partially offset by a $6.3 million increase in Wealth and Trust fees and $1.7 million higher fee income on derivative collateral held.

Six months ended June 30, 2025: During the six months ended June 30, 2025, noninterest income was $168.9 million, an increase of $1.5 million from $167.5 million during the six months ended June 30, 2024. This increase was primarily driven by $12.7 million in Wealth and Trust fees and $2.4 million higher fee income on derivative collateral held, partially offset by declines of $8.6 million in the Cash Connect ® segment for the reasons mentioned above, the $3.4 million gain related to our Visa B derivative liability in 2024 mentioned above, and $2.7 million in capital markets income.

For further information, see Note 3 to the unaudited Consolidated Financial Statements.

Noninterest Expense

Three months ended June 30, 2025 : During the three months ended June 30, 2025, noninterest expense was $159.3 million, an increase of $3.6 million from $155.8 million for the three months ended June 30, 2024. The increase was primarily due to $5.9 million from salaries and benefits as a result of talent additions in key business areas and performance-based increases, $2.9 million related to loan workout and other credit costs, and $1.7 million from equipment expenses driven by technology costs, partially offset by a $5.1 million decrease in Cash Connect ® external funding costs and $1.6 million of one-time insurance recoveries at Cash Connect ® primarily related to losses associated with a client termination in 4Q 2024.

Six months ended June 30, 2025: During the six months ended June 30, 2025, noninterest expense was $311.1 million, an increase of $6.3 million from $304.8 million for the six months ended June 30, 2024. The increase was primarily due to $12.6 million in salaries and benefits due to the reasons mentioned above, $3.8 million from equipment expenses driven by technology costs, and $2.1 million related to loan workout costs, partially offset by a $12.9 million decrease in other operating expense driven by lower Cash Connect ® external funding costs.

Table of Contents

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 $23.3 million and $44.4 million during the three and six months ended June 30, 2025, respectively, compared to income tax expense of $21.3 million and $42.5 million for the same periods in 2024. The increase for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to certain tax credits in 2024.

Our effective tax rate was 24.4% and 24.3% for the three and six months ended June 30, 2025, respectively, compared to 23.5% and 23.9% for the three and six months ended June 30, 2024, respectively.

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, 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.

Table of Contents

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, 2025		December 31, 2024
Stockholders’ equity of WSFS	$	2,682,728	$	2,589,752
Less: Goodwill and other intangible assets	977,546		988,160
Tangible common equity (numerator)	$	1,705,182	$	1,601,592
Shares of common stock outstanding (denominator)	56,235		58,657
Book value per share of common stock	$	47.71	$	44.15
Goodwill and other intangible assets	17.38		16.85
Tangible book value per share of common stock	$	30.32	$	27.30

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 2025, 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, 2025 did not significantly change from our critical accounting estimates at December 31, 2024, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

RECENT LEGISLATIVE AND REGULATORY DEVELOPMENTS

Recent regulatory developments at June 30, 2025 did not significantly change from our recent regulatory developments at December 31, 2024, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, except as noted below.

One Big Beautiful Bill Act (OBBBA)

The OBBBA, enacted on July 4, 2025, in the U.S., permanently extends some provisions of the Tax Cuts and Jobs Act and restores favorable tax treatment for certain business provisions. The legislation has multiple effective dates and we are assessing its impact on the Company.

Genius Act

On July 18, 2025, President Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the “GENIUS Act,” into law, establishing a federal licensing and supervisory framework for payment stablecoins and their issuers. The GENIUS Act may accelerate and increase the competition that non-traditional financial institutions pose to banks' payment services, but may also create opportunities for banks to hold stablecoin reserve assets, custody stablecoins, or issue stablecoins. Several key provisions of the GENIUS Act require federal regulatory agencies to adopt implementing regulations, and the Act will take effect the earlier of 18 months after its enactment or 120 days after the agencies issue final implementing regulations. The Company continues to assess the impact of the GENIUS Act as the stablecoin industry evolves.

Community Reinvestment Act (CRA)

On October 24, 2023, the Federal Reserve, FDIC, and OCC issued a final rule revising their framework for evaluating banks’ records of community reinvestment under the CRA. On July 16, 2025, the bank regulatory agencies issued a notice of proposed rulemaking to rescind the October 2023 final rule and restore the CRA framework that existed previously, which has remained in effect due to a preliminary injunction that stayed implementation of the October 2023 rule. The Bank received a rating of

Table of Contents

“Satisfactory” in its most recent performance evaluation, which was conducted using the CRA framework that existed prior to the October 2023 final rule.

Brokered Deposits

On July 30, 2024, the FDIC issued a proposed rule that would revise the FDIC’s regulations governing the classification and treatment of brokered deposits. The proposed rule would have potentially required the Bank to classify a greater amount of its deposits obtained with the involvement of third parties as brokered deposits. On March 3, 2025, the FDIC withdrew this proposed rule.

Bank Merger Act

On September 17, 2024, the OCC finalized a new Policy Statement Regarding Statutory Factors Under the Bank Merger Act (the “Policy Statement”), which updated the factors the OCC would apply in evaluating a proposed bank merger transaction. The Policy Statement could have potentially made it more difficult and/or costly for us to obtain OCC approval for an acquisition or otherwise resulted in more onerous conditions in approval orders than the OCC had previously imposed. On May 8, 2025, the OCC rescinded the Policy Statement. The United States Department of Justice has left in place its 2023 Merger Guidelines as a framework to review bank mergers and has not reinstated the 1995 Bank Merger Guidelines that it previously applied to bank mergers and which the Federal Reserve and OCC continue to apply. Compared to the 1995 Bank Merger Guidelines, the 2023 Merger Guidelines set forth more stringent concentration limits and add several largely qualitative bases on which the DOJ may challenge a merger.

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 was no change 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, 2025.

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 17 – 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, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the second quarter of 2022, the Board of Directors of the Company approved a share repurchase program authorizing the repurchase of 6,358,727 shares of common stock, or 10% of its outstanding shares as of June 30, 2022. During the second quarter of 2025, the Board of Directors of the Company approved a share repurchase program authorizing the repurchase of 5,769,334 shares of common stock, or 10% of its outstanding shares as of March 31, 2025. Under the programs, 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 programs are consistent with our intent to optimize capital levels

Table of Contents

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, 2025.



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, 2025 - April 30, 2025	1,012,199	$	47.98	1,012,199	7,021,775
May 1, 2025 - May 31, 2025	274,000	54.07		274,000	6,747,775
June 1, 2025 - June 30, 2025	270,000	53.07		270,000	6,477,775
Total	1,556,199	$	49.93	1,556,199

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 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.

Item 6. Exhibits


Exhibit Number						Description of Document

31.1						Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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 *
104						The cover page of this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on July 31, 2025, is formatted in Inline XBRL.

* Submitted as Exhibits 101 to this Quarterly Report on Form 10-Q are documents formatted in XBRL (Extensible Business Reporting Language). Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability.

Table of Contents

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: July 31, 2025						/s/ Rodger Levenson
						Rodger Levenson
						Chairman, President and Chief Executive Officer
						(Principal Executive Officer)

Date: July 31, 2025						/s/ David Burg
						David Burg
						Executive Vice President, Chief Financial Officer
						(Principal Financial and Accounting Officer)

TABLE OF CONTENTS

Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II. Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

31.1 Certification of CEO pursuant to Section302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of CFO pursuant to Section302 of the Sarbanes-Oxley Act of 2002 32 Certification pursuant to 18 U.S.C. Section1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of2002

WSFS 10-Q Quarter ended June 30, 2025

Exhibits