WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank, today announced its financial results for the second quarter of 2025.

Selected financial results and metrics are as follows:

(Dollars in millions, except per share data)		2Q 2025			1Q 2025			2Q 2024
Net interest income	$	179.5		$	175.2		$	174.4
Fee revenue		88.0			80.9			91.6
Total net revenue		267.5			256.1			266.0
Provision for credit losses		12.6			17.4			19.8
Noninterest expense		159.3			151.8			155.8
Net income attributable to WSFS		72.3			65.9			69.3
Pre-provision net revenue (PPNR)⁽¹⁾		108.2			104.3			110.3
Earnings per share (EPS) (diluted)		1.27			1.12			1.16
Return on average assets (ROA) (a)		1.39	%		1.29	%		1.34	%
Return on average equity (ROE) (a)		10.9			10.1			11.4
Fee revenue as % of total net revenue		32.8			31.5			34.4
Efficiency ratio		59.5			59.2			58.5
See "Notes"

GAAP results for the quarterly periods shown included items that are excluded from core results. Below is a summary of the financial effects of these items. For additional detail, refer to the Non-GAAP Reconciliation in the back of this earnings release.

	2Q 2025					1Q 2025					2Q 2024
(Dollars in millions, except per share data)	Total (pre-tax)			Per share (after-tax)		Total (pre-tax)			Per share (after-tax)		Total (pre-tax)			Per share (after-tax)
Fee revenue	$	—		$	—	$	—		$	—	$	5.6		$	0.07
Noninterest expense		(0.3	)		—		0.3			—		(0.2	)		—
Income tax impacts		0.1			0.01		(0.1	)		—		1.3			0.02

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

CEO Commentary

Rodger Levenson, Chairman, CEO and President, said, "WSFS performed very well in the second quarter with a core EPS⁽²⁾ of $1.27 and a core ROA⁽²⁾ of 1.38%. These results were driven by continued strong performance in our fee-based businesses, with 9% quarter-over-quarter growth in core fee revenue⁽²⁾ driven by our Wealth and Trust, WSFS Mortgage, Capital Markets, and Banking businesses. The net interest margin of 3.89% improved 1bp from the previous quarter and Client deposits grew 6% (annualized) compared to 1Q 2025, primarily from the Trust business. We also had solid growth in C&I loan fundings along with our WSFS-originated Consumer Lending portfolio.

"Our performance provides momentum as we enter the second half of the year, as reflected in our updated FY 2025 outlook.

"Once again, we were honored to be recognized as a Top Workplace by the Philadelphia Inquirer for the tenth time. This award reflects the dedication of our over 2,300 Associates and our continued commitment to our Mission of 'We Stand for Service'."

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

Highlights for 2Q 2025:

Core EPS was $1.27 and core ROA was 1.38% compared to $1.13 and 1.29% for 1Q 2025.
Core PPNR⁽³⁾ of $107.8 million compared to $104.6 million for 1Q 2025.
Continued strong net interest margin of 3.89%, compared to 3.88% for 1Q 2025.
Core Fee Revenue increased $7.1 million, or 9% (not annualized), compared to 1Q 2025 driven by Institutional Trust and The Bryn Mawr Trust Company of Delaware (BMT of DE).
Total net credit costs were $14.3 million, compared to $17.6 million for 1Q 2025, reflecting lower net charge-offs for the quarter.
Client deposits increased 1% (6% annualized) compared to 1Q 2025, driven by an increase in Trust deposits.
Announced the sale of the majority of the unsecured consumer lending portfolio generated through our partnership with Upstart on July 8th. This transaction accelerates the disposition of a non-strategic portfolio that has been in runoff mode.
WSFS repurchased 1,556,199 shares of common stock (2.7% of outstanding shares as of 1Q 2025) at an average price of $49.93 per share, totaling an aggregate of $77.7 million, and paid quarterly dividends of $9.6 million, for a total capital return of $87.3 million.

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

Second Quarter 2025 Discussion of Financial Results

Balance Sheet

The following table summarizes loan and lease balances and composition at June 30, 2025 compared to March 31, 2025 and June 30, 2024:

Loans and Leases
(Dollars in millions)	June 30, 2025					March 31, 2025					June 30, 2024
Commercial & industrial (C&I)⁽⁴⁾	$	4,731		36	%	$	4,651		36	%	$	4,599		35	%
Commercial mortgage		3,911		30			3,982		31			4,035		31
Construction		858		7			869		6			879		7
Commercial small business leases		630		5			636		5			644		5
Total commercial loans and leases		10,130		78			10,138		78			10,157		78
Residential mortgage		1,016		8			992		8			936		7
Consumer		2,006		15			2,033		16			2,106		17
Gross loans and leases		13,152		101	%		13,163		102	%		13,199		102	%
ACL		(186	)	(1	)		(188	)	(2	)		(198	)	(2	)
Net loans and leases	$	12,966		100	%	$	12,975		100	%	$	13,001		100	%

At June 30, 2025, WSFS' gross loan and lease portfolio decreased $10.7 million, or less than 1%, when compared with March 31, 2025. During the quarter, WSFS transferred Upstart loans with an outstanding book balance of $98.1 million to loans held for sale, resulting in a write-down of $8.1 million. Excluding the Upstart and Spring EQ runoff portfolios, gross loans and leases increased $65.5 million, or 1% (2% annualized). The increase was primarily driven by growth in C&I (7% annualized), WSFS-originated consumer loans (23% annualized), and residential mortgage (10% annualized). Partially offsetting the increases was a decrease in commercial mortgage, reflecting payoffs of several large loans within multifamily and office. Construction declined by 1%, as new fundings were mainly offset by conversions to the C&I and commercial mortgage portfolios.

Gross loans and leases at June 30, 2025 decreased $46.7 million, or less than 1%, when compared with June 30, 2024. Excluding the impacts of the Upstart and Spring EQ runoff portfolios, loans and leases increased $138.6 million, or 1%. The increase was driven by growth of $131.6 million, or 3%, in C&I, $97.9 million, or 11%, in WSFS-originated consumer loans, and $80.2 million, or 9%, in residential mortgage. The growth in consumer and mortgage loans reflects momentum in our newly combined Home Lending business where we continue to invest in talent and product capabilities.

⁽⁴⁾ Includes owner-occupied real estate.

The following table summarizes client deposit balances and composition at June 30, 2025 compared to March 31, 2025 and June 30, 2024:

Client Deposits
(Dollars in millions)	June 30, 2025				March 31, 2025				June 30, 2024
Noninterest demand	$	5,306	31	%	$	4,947	29	%	$	4,783	29	%
Interest-bearing demand		2,806	16			2,882	17			2,812	17
Savings		1,452	9			1,463	9			1,537	9
Money market		5,471	32			5,487	33			5,175	33
Total core deposits		15,035	88			14,779	88			14,307	88
Time deposits		2,086	12			2,100	12			1,984	12
Total client deposits	$	17,121	100	%	$	16,879	100	%	$	16,291	100	%

Total client deposits increased by $242.4 million, or 1% (6% annualized), when compared with March 31, 2025, primarily due to an increase in Trust deposits, partially offset by decreases in Commercial and seasonal municipal interest demand deposits. Noninterest demand deposits comprised 32% of average total client deposits, a 2% increase compared with March 31, 2025, reflecting the strength of our deposit base.

Total client deposits increased by $830.4 million, or 5%, from June 30, 2024, driven by broad-based growth across the Trust, Consumer, and Commercial businesses, with growth in noninterest demand, money market, and time deposits. Noninterest demand deposits increased 11% compared to June 30, 2024.

The deposit base remains well-diversified, with 51% of quarterly average client deposits coming from the Commercial, Small Business, and Wealth and Trust businesses. No- and low-cost checking accounts represented 47% of total client deposits with a weighted average cost of 36bps for the quarter. The loan-to-deposit ratio⁽⁵⁾ was 76% at June 30, 2025, providing continued capacity to fund future loan growth.

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

Net Interest Income

	Three Months Ending
(Dollars in millions)		June 30, 2025			March 31, 2025			June 30, 2024
Net interest income before purchase accretion		$	177.5		$	173.1		$	172.7
Purchase accounting accretion			2.0			2.1			1.7
Net interest income		$	179.5		$	175.2		$	174.4

Net interest margin before purchase accretion			3.84	%		3.83	%		3.81	%
Purchase accounting accretion			0.05			0.05			0.04
Net interest margin			3.89	%		3.88	%		3.85	%

Net interest income increased $4.3 million, or 2% (not annualized), compared to 1Q 2025, driven by deposit repricing actions, higher cash balances from growth in noninterest deposits, and continued wholesale funding optimization, partially offset by the reduction of interest income associated with the Upstart sale. Net interest income increased $5.0 million compared to 2Q 2024, driven by lower wholesale funding and deposit costs as well as higher cash balances from deposit growth. The increase was partially offset by lower loan yields due to rate cuts in 2H 2024.

Total loan yields were 6.60%, a decrease of 7bps when compared to 1Q 2025, driven by the impact from the Upstart sale mentioned above. Total client deposit costs were 1.63%, a decrease of 8bps, while interest-bearing deposit costs were 2.38%, a decrease of 5bps, each compared to the prior quarter. The deposit cost decreases reflect deposit repricing actions.

Net interest margin of 3.89%, an increase of 1bp compared to 1Q 2025 and 4bps from 2Q 2024, reflects the aforementioned deposit repricing actions and a reduction in wholesale funding, partially offset by the lower loan yields mentioned above.

Asset Quality

(Dollars in millions)	June 30, 2025			March 31, 2025			June 30, 2024
Problem assets⁽⁶⁾	$	683.1		$	683.7		$	628.5
Delinquencies (n)		158.0			147.7			89.0
Nonperforming assets (n)		106.2			116.9			65.4
Net charge-offs on loans and leases		9.8			24.6			14.2
Total net credit costs (r)		14.3			17.6			18.5
Problem assets to total Tier 1 capital plus ACL		29.83	%		27.83	%		27.00	%
Classified assets to total Tier 1 capital plus ACL		21.60			20.80			19.93
Ratio of nonperforming assets to total assets (n)		0.51			0.57			0.32
Delinquencies to gross loans (i)(n)		1.22			1.13			0.68
Ratio of quarterly net charge-offs to average gross loans		0.30			0.76			0.44
Ratio of allowance for credit losses to total loans and leases (q)		1.43			1.43			1.51
Ratio of allowance for credit losses to nonaccruing loans (n)		177			168			310
See "Notes"

Problem assets were flat compared to March 31, 2025, while nonperforming assets decreased $10.7 million, or 6bps of total assets, compared to March 31, 2025, primarily due to the payoff of a C&I credit.

Delinquencies of $158.0 million, or 122bps of gross loans, increased $10.2 million, or 9bps, compared to March 31, 2025. One relationship accounted for $5.7 million of the increase and fully paid off in July.

Net charge-offs decreased $14.8 million to $9.8 million, or 30bps (annualized) of average gross loans, during the quarter. Net charge-offs in the quarter included the impact of the Upstart sale. Excluding Upstart, total net charge-offs were $4.5 million (14bps annualized) primarily driven by NewLane, with minimal net charge-offs in Commercial as recoveries largely offset losses.

Total net credit costs were $14.3 million in the quarter, a decrease of $3.3 million, compared to $17.6 million in 1Q 2025. Credit costs for the quarter included $6.3 million of additional reserves on two previously identified nonperforming loans as well as a $4.1 million increase related to accounts receivable within the Wealth and Trust segment, which includes $2.3 million in reserves and $1.8 million for charge-offs.

The ACL on loans and leases was $186.3 million as of June 30, 2025, a decrease of $1.2 million from March 31, 2025, driven by the impacts from the Upstart sale. The ACL coverage ratio remained flat at 1.43%.

⁽⁶⁾ Problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO).

Core Fee Revenue

Core fee revenue (noninterest income) of $88.0 million increased $7.1 million, or 9% (not annualized), compared to $80.9 million from 1Q 2025. The increase was primarily driven by a $4.6 million, or 12% (not annualized), increase in Wealth and Trust revenue, with double-digit increases in Institutional Services and BMT of DE. The quarter also included $2.3 million of revenue from Spring EQ (related to the annual earnout from the previously announced sale) as well as an increase of $0.5 million from WSFS Mortgage.

Core fee revenue increased $2.0 million, or 2%, compared to 2Q 2024. The increase was primarily driven by a 17% increase in Wealth and Trust as well as the Spring EQ earnout. The increase was partially offset by a decline in Cash Connect^® and Capital Markets fees. The decline in Cash Connect^®was primarily due to the lower interest rate environment (which was more than offset in expenses) and lower ATM bailment volume.

For 2Q 2025, our core fee revenue ratio⁽⁷⁾ was 32.8% compared to 31.5% in 1Q 2025 and 33.0% in 2Q 2024. Fee revenue is a competitive differentiator providing a well-diversified source of revenue with further growth opportunities expected.

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

Core Noninterest Expense⁽⁸⁾

Core noninterest expense of $159.7 million increased $8.2 million, or 5% (not annualized), compared to 1Q 2025, as the first quarter included certain one-time credits. Excluding the impact of these credits (approximately $4.0 million), the increase was primarily driven by higher salaries and benefits, technology costs, loan workout and other credit costs. The results for the quarter also included $1.6 million of one-time insurance recoveries at Cash Connect^® primarily related to losses associated with a client termination in 4Q 2024.

Core noninterest expense increased $3.7 million, or 2%, compared to 2Q 2024. The increase was largely driven by $5.9 million in higher salaries and benefits as a result of talent additions in key business areas and performance-based increases, as well as a $2.9 million increase in loan workout and other credit costs and $1.7 million from technology costs. These increases were partially offset by a $5.1 million decrease in Cash Connect^® external funding costs, due to lower rates and volumes, as well as the $1.6 million of insurance recoveries mentioned above.

Our core efficiency ratio⁽⁸⁾ was 59.6% in 2Q 2025, compared to 59.0% in 1Q 2025 and 59.8% in 2Q 2024.

Income Taxes

We recorded a $23.3 million income tax provision in 2Q 2025, compared to $21.1 million in 1Q 2025 and $21.3 million in 2Q 2024. The increase compared to 1Q 2025 was primarily due to higher income before taxes and the increase compared to 2Q 2024 was primarily due to certain tax credits in 2024.

The effective tax rate was 24.4% in 2Q 2025 compared to 24.3% in 1Q 2025 and 23.5% in 2Q 2024. The increase in effective tax rate compared to 2Q 2024 is attributable to higher state taxes and reduced federal tax credits.

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

Capital Management

Capital ratios remain strong and are all substantially in excess of the "well-capitalized" regulatory benchmarks at June 30, 2025, with a Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 14.07%, Tier 1 leverage ratio of 11.04%, and Total Risk-based capital ratio of 15.86%.

WSFS' total stockholders' equity increased $11.1 million, or less than 1% (not annualized), during 2Q 2025. The increase was primarily due to quarterly earnings of $72.3 million and a decrease in accumulated other comprehensive loss of $27.3 million, driven by market-value increases on available-for-sale investment securities. The increase was mostly offset by capital returns to stockholders of $87.3 million (comprised of $77.7 million from share repurchases and $9.6 million from quarterly dividends).

WSFS' tangible common equity⁽⁹⁾ increased $17.5 million, or 1% (not annualized), compared to March 31, 2025, primarily due to the reasons described above. WSFS' common equity to assets ratio decreased 8bps to 12.92% during the quarter, and our tangible common equity to tangible assets ratio⁽⁹⁾was 8.62% at June 30, 2025, a decrease of 1bp, compared to the prior quarter.

At June 30, 2025, book value per share was $47.71, an increase of $1.40, or 3% (not annualized), from March 31, 2025, and tangible book value per share was $30.32, an increase of $1.07, or 4% (not annualized), from March 31, 2025. These increases were due to the reasons described above. Book value per share increased $5.70, or 14%, and tangible book value per share increased $5.12, or 20%, compared to 2Q 2024.

During 2Q 2025, WSFS repurchased 1,556,199 shares of common stock for an aggregate of $77.7 million. As of June 30, 2025, WSFS has 6,477,775 shares, or approximately 12% of outstanding shares, available for repurchase under its current authorizations. For the year, total capital returned to stockholders through share repurchases and quarterly dividends was $149.9 million.

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.

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

Selected Business Segments (included in previous results):

Wealth and Trust

The Wealth and Trust segment provides a broad array of planning and advisory services, investment management, trust services, credit and deposit products to individual, corporate, and institutional Clients.

Selected quarterly performance results and metrics are as follows:

(Dollars in millions)	June 30, 2025		March 31, 2025		June 30, 2024
Net interest income	$	23.0	$	20.3	$	18.4
Provision for credit losses		4.4		0.8		—
Fee revenue⁽¹⁰⁾		44.5		39.9		38.2
Noninterest expense⁽¹⁰⁾		32.3		30.0		28.0
Pre-tax income		30.7		29.4		28.6
Performance Metrics
Institutional Services and BMT of DE fee revenue	$	27.9	$	24.3	$	21.8
Private Wealth Management fee revenue		16.1		15.1		15.8
AUM/AUA⁽¹¹⁾		92,386		89,633		84,938

Wealth and Trust pre-tax income was $30.7 million, which increased $1.4 million, or 5% (not annualized), compared to 1Q 2025. Increases in fee revenue and net interest income were partially offset by higher provision due to an adjustment to the ACL for accounts receivable, reflecting significant growth in the business as well as continued enhancements to our methodology. Fee revenue increased due to transaction and account growth in Institutional Services and BMT of DE, while Private Wealth Management fees grew primarily due to a seasonal increase in tax activity. Total noninterest expense was $2.4 million higher than 1Q 2025 due to higher compensation and legal expenses.

Wealth and Trust pre-tax income increased $2.2 million, or 8%, compared to 2Q 2024. Total revenue increased $10.9 million, or 19%, driven by a $6.3 million, or 17%, increase in fee revenue, primarily related to Institutional Services and BMT of DE, and a $4.6 million, or 25%, increase in net interest income due to higher deposit balances in Institutional Services. Provision increased by $4.4 million due to the increase in ACL noted above. Noninterest expense of $32.3 million increased $4.3 million primarily due to investments in talent, including two lift-out teams, as well as legal expenses.

Net AUM of $8.9 billion at the end of 2Q 2025 was roughly flat to 1Q 2025, and decreased $0.1 billion or 1%, compared to 2Q 2024.

⁽¹⁰⁾ Includes intercompany allocation of revenue and expense.

⁽¹¹⁾ Represents Assets Under Management and Assets Under Administration.

Cash Connect^®

Cash Connect^® is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Clients with one of the largest branded ATM networks in our region.

Selected quarterly financial results and metrics are as follows:

(Dollars in millions)	June 30, 2025			March 31, 2025			June 30, 2024
Net revenue⁽¹²⁾	$	21.1		$	21.5		$	27.6
Noninterest expense⁽¹³⁾		17.8			19.9			25.6
Pre-tax income		3.3			1.6			2.0
Performance Metrics
Average cash managed	$	1,329		$	1,407		$	1,530
Number of serviced non-bank ATMs and smart safes		36,494			38,214			42,524
Number of WSFS owned and branded ATMs		582			580			579
Net profit margin		15.58	%		7.24	%		7.17	%
ROA		2.43	%		1.21	%		1.72	%

Cash Connect^® pre-tax income increased $1.7 million compared to 1Q 2025, driven by $1.6 million of one-time insurance recoveries during the quarter, primarily related to the client termination losses from 4Q 2024. Excluding those recoveries, pre-tax income was essentially flat. Net revenue decreased $0.3 million from 1Q 2025 driven by lower bailment volumes, which were more than offset in expenses.

Excluding the aforementioned insurance recoveries, pre-tax income decreased $0.3 million compared to 2Q 2024 driven by lower ATM bailment units and managed service volume, partially offset by pricing actions and lower expense associated with non-earning cash. Net revenue decreased $6.4 million driven by the lower rate environment (which was more than offset in expenses) as well as lower volumes. Noninterest expense decreased $7.7 million from 2Q 2024 driven by lower rate environment and funding volumes, as well as the previously referenced insurance recovery. Excluding the insurance recoveries, net profit margin increased to 7.95%, compared to 7.17% in 2Q 2024.

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

⁽¹³⁾ Includes intercompany allocation of expense.

Second Quarter 2025 Earnings Release Conference Call

Management will conduct a conference call to review 2Q 2025 results at 1:00 p.m. Eastern Time (ET) on Friday, July 25, 2025. Interested parties may access the conference call live on our Investor Relations website (https://investors.wsfsbank.com). For those who cannot access the live conference call, a replay will be accessible shortly after the event concludes through our Investor Relations website.

About WSFS Financial Corporation

WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of June 30, 2025, WSFS Financial Corporation had $20.8 billion in assets on its balance sheet and $92.4 billion in assets under management and administration. WSFS operates from 115 offices, 88 of which are banking offices, located in Pennsylvania (58), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Trust Advisors, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, WSFS Wealth Management, LLC, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

Forward-Looking Statements

This press release contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words "believe," "expect," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, 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; the impact of 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 the Company's operations; the credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development loans in the Company's loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company's operations and potential expenses associated with complying with such regulations; the Company's ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms; possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes; any impairments of the Company's goodwill or other intangible assets; the success of the Company's growth plans; failure of the financial and/or operational controls of the Company's Cash Connect^® and/or Wealth and Trust segments; negative perceptions or publicity with respect to the Company generally and, in particular, the Company's Wealth and Trust business; adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings; the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties; system failures or cybersecurity incidents or other breaches of the Company's network security, particularly given remote working arrangements; the Company's ability to recruit and retain key Associates; the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes, wildfires and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks; the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage); possible changes in the speed of loan prepayments by the Company's Clients and loan origination or sales volumes; possible changes in market valuations and/or the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate; regulatory limits on the Company's ability to receive dividends from its subsidiaries, 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 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and other documents filed by the Company with the Securities and Exchange Commission from time to time.

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

WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS SUMMARY STATEMENTS OF INCOME (Unaudited)

	Three months ended									Six months ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Interest income:
Interest and fees on loans	$	216,005		$	216,752		$	230,815		$	432,757		$	455,518
Interest on mortgage-backed securities		24,531			24,745			25,784			49,276			51,681
Interest and dividends on investment securities		2,186			2,186			2,183			4,372			4,367
Other interest income		10,468			7,195			6,455			17,663			15,293
		253,190			250,878			265,237			504,068			526,859
Interest expense:
Interest on deposits		70,124			71,104			76,693			141,228			149,488
Interest on Federal Home Loan Bank advances		949			938			359			1,887			667
Interest on senior and subordinated debt		1,089			2,074			2,441			3,163			4,890
Interest on trust preferred borrowings		1,518			1,523			1,750			3,041			3,506
Interest on other borrowings		15			23			9,545			38			18,581
		73,695			75,662			90,788			149,357			177,132
Net interest income		179,495			175,216			174,449			354,711			349,727
Provision for credit losses		12,621			17,350			19,814			29,971			34,952
Net interest income after provision for credit losses		166,874			157,866			154,635			324,740			314,775
Noninterest income:
Credit/debit card and ATM income		18,309			18,743			23,875			37,052			43,544
Investment management and fiduciary revenue		43,774			39,281			37,606			83,055			70,534
Deposit service charges		6,802			6,753			6,496			13,555			12,983
Mortgage banking activities, net		2,341			1,800			2,217			4,141			3,864
Loan and lease fee income		1,430			1,465			1,706			2,895			3,229
Realized gain on sale of equity investment, net		18			—			2,130			18			2,130
Bank-owned life insurance income		544			727			793			1,271			1,993
Other income		14,791			12,128			16,775			26,919			29,178
		88,009			80,897			91,598			168,906			167,455
Noninterest expense:
Salaries, benefits and other compensation		89,145			82,477			83,249			171,622			159,055
Occupancy expense		8,829			9,893			9,387			18,722			18,866
Equipment expense		13,778			12,728			12,054			26,506			22,746
Data processing and operations expense		5,010			4,695			4,807			9,705			8,467
Professional fees		6,211			4,698			4,781			10,909			9,262
Marketing expense		1,925			1,695			2,020			3,620			3,802
FDIC expenses		2,433			2,578			2,390			5,011			6,372
Loan workout and other credit costs		1,629			240			(1,278	)		1,869			(207	)
Corporate development expense		(329	)		59			158			(270	)		366
Restructuring expense		—			260			—			260			—
Other operating expenses		30,712			32,472			38,200			63,184			76,111
		159,343			151,795			155,768			311,138			304,840
Income before taxes		95,540			86,968			90,465			182,508			177,390
Income tax provision		23,319			21,101			21,257			44,420			42,459
Net income		72,221			65,867			69,208			138,088			134,931
Less: Net loss attributable to noncontrolling interest		(105	)		(29	)		(65	)		(134	)		(103	)
Net income attributable to WSFS	$	72,326		$	65,896		$	69,273		$	138,222		$	135,034
Diluted earnings per share of common stock:	$	1.27		$	1.12		$	1.16		$	2.39		$	2.24
Weighted average shares of common stock outstanding for fully diluted EPS		56,851,797			58,713,452			59,958,628			57,765,602			60,237,232
See "Notes"

WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS SUMMARY STATEMENTS OF INCOME (Unaudited) - continued

	Three months ended						Six months ended
	June 30, 2025		March 31, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Performance Ratios:
Return on average assets (a)	1.39	%	1.29	%	1.34	%	1.34	%	1.31	%
Return on average equity (a)	10.94		10.13		11.39		10.54		11.03
Return on average tangible common equity (a)(o)	18.08		16.91		20.08		17.50		19.42
Net interest margin (a)(b)	3.89		3.88		3.85		3.88		3.85
Efficiency ratio (c)	59.46		59.16		58.46		59.31		58.86
Noninterest income as a percentage of total net revenue (b)	32.84		31.53		34.38		32.20		32.33
See "Notes"

WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(Dollars in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
*Assets:*
Cash and due from banks	$	899,713		$	693,830		$	618,446
Cash in non-owned ATMs		424,741			322,520			400,482
Investment securities, available-for-sale		3,494,783			3,548,077			3,651,913
Investment securities, held-to-maturity		994,340			1,006,410			1,038,854
Other investments		46,751			39,552			36,204
Net loans and leases (e)(f)(l)		12,965,825			12,975,323			13,000,556
Bank owned life insurance		36,044			36,344			36,090
Goodwill and intangibles		977,546			983,882			996,181
Other assets		923,549			943,012			965,804
Total assets	$	20,763,292		$	20,548,950		$	20,744,530
*Liabilities and Stockholders' Equity:*
Noninterest-bearing deposits	$	5,305,768		$	4,947,049		$	4,782,920
Interest-bearing deposits		11,815,701			11,932,012			11,508,161
Total client deposits		17,121,469			16,879,061			16,291,081
Federal Home Loan Bank advances		51,040			51,040			22,306
Other borrowings		252,419			267,052			1,119,949
Other liabilities		666,146			690,588			832,837
Total liabilities		18,091,074			17,887,741			18,266,173
Stockholders' equity of WSFS		2,682,728			2,671,614			2,489,580
Noncontrolling interest		(10,510	)		(10,405	)		(11,223	)
Total stockholders' equity		2,672,218			2,661,209			2,478,357
Total liabilities and stockholders' equity	$	20,763,292		$	20,548,950		$	20,744,530
Capital Ratios:
Equity to asset ratio		12.92	%		13.00	%		12.00	%
Tangible common equity to tangible asset ratio (o)		8.62			8.63			7.56
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)		14.07			14.10			13.29
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)		11.04			11.17			10.61
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)		14.07			14.10			13.29
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)		15.86			15.89			15.34
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans (t)(n)	$	105,236		$	111,675		$	64,034
Assets acquired through foreclosure		930			5,204			1,342
Total nonperforming assets	$	106,166		$	116,879		$	65,376
Past due loans (h)(n)	$	23,012		$	11,866		$	9,798
Troubled loans (u)(n)		195,916			184,122			133,080
Allowance for credit losses		189,121			188,088			198,260
Ratio of nonperforming assets to total assets (n)		0.51	%		0.57	%		0.32	%
Ratio of allowance for credit losses to total loans and leases (q)		1.43			1.43			1.51
Ratio of allowance for credit losses to nonaccruing loans (n)		177			168			310
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)		0.30			0.76			0.44
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)		0.53			0.76			0.35
See "Notes"

WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) AVERAGE BALANCE SHEET (Unaudited)

(Dollars in thousands)	Three months ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Balance			Interest & Dividends		Yield/ Rate (a)(b)		Average Balance			Interest & Dividends		Yield/ Rate (a)(b)		Average Balance			Interest & Dividends		Yield/ Rate (a)(b)
*Assets:*
Interest-earning assets:
Loans: (e) (j)
Commercial loans and leases (p)	$	5,263,533		$	88,226	6.74	%	$	5,235,511		$	87,112	6.76	%	$	5,115,017		$	91,001	7.17	%
Commercial real estate loans (s)		4,808,177			78,400	6.54			4,881,873			79,095	6.57			4,968,847			88,852	7.19
Residential mortgage		965,480			12,935	5.36			965,624			12,802	5.30			892,139			10,995	4.93
Consumer loans		1,997,285			35,096	7.05			2,061,803			36,649	7.21			2,088,180			39,019	7.52
Loans held for sale		96,517			1,348	5.60			50,929			1,094	8.71			42,010			948	9.08
Total loans and leases		13,130,992			216,005	6.60			13,195,740			216,752	6.67			13,106,193			230,815	7.09
Mortgage-backed securities (d)		4,148,820			24,531	2.37			4,179,692			24,745	2.37			4,335,831			25,784	2.38
Investment securities (d)		366,391			2,186	2.70			363,678			2,186	2.74			361,093			2,183	2.70
Other interest-earning assets		934,152			10,468	4.49			640,424			7,195	4.56			469,120			6,455	5.53
Total interest-earning assets	$	18,580,355		$	253,190	5.48	%	$	18,379,534		$	250,878	5.55	%	$	18,272,237		$	265,237	5.85	%
Allowance for credit losses		(188,252	)						(196,480	)						(195,557	)
Cash and due from banks		188,300							188,138							308,226
Cash in non-owned ATMs		390,275							379,115							339,430
Bank owned life insurance		36,042							36,202							41,067
Other noninterest-earning assets		1,898,721							1,947,736							2,020,925
Total assets	$	20,905,441						$	20,734,245						$	20,786,328
*Liabilities and stockholders' equity:*
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	$	2,829,653		$	7,337	1.04	%	$	2,854,258		$	7,343	1.04	%	$	2,807,761		$	8,107	1.16	%
Savings		1,445,123			1,609	0.45			1,457,440			1,596	0.44			1,553,044			1,774	0.46
Money market		5,437,897			41,120	3.03			5,432,622			41,033	3.06			5,172,682			46,390	3.61
Time deposits		2,094,572			20,058	3.84			2,112,467			21,132	4.06			1,937,265			20,422	4.24
Total interest-bearing deposits		11,807,245			70,124	2.38			11,856,787			71,104	2.43			11,470,752			76,693	2.69
Federal Home Loan Bank advances		84,007			949	4.53			83,818			938	4.54			25,742			359	5.61
Trust preferred borrowings		90,903			1,518	6.70			90,854			1,523	6.80			90,704			1,750	7.76
Senior and subordinated debt		148,708			1,089	2.93			206,984			2,074	4.01			218,478			2,441	4.47
Other borrowed funds		19,428			15	0.31			31,701			23	0.29			816,919			9,545	4.70
Total interest-bearing liabilities	$	12,150,291		$	73,695	2.43	%	$	12,270,144		$	75,662	2.50	%	$	12,622,595		$	90,788	2.89	%
Noninterest-bearing demand deposits		5,438,692							5,040,032							4,835,912
Other noninterest-bearing liabilities		674,616							797,098							891,273
Stockholders' equity of WSFS		2,652,257							2,637,354							2,446,371
Noncontrolling interest		(10,415	)						(10,383	)						(9,823	)
Total liabilities and equity	$	20,905,441						$	20,734,245						$	20,786,328
Excess of interest-earning assets over interest-bearing liabilities	$	6,430,064						$	6,109,390						$	5,649,642
Net interest and dividend income				$	179,495						$	175,216						$	174,449
Interest rate spread						3.05	%						3.05	%						2.96	%
Net interest margin						3.89	%						3.88	%						3.85	%
See "Notes"

WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) (Unaudited)

(Dollars in thousands, except per share data)	Three months ended			Six months ended
Stock Information:	June 30, 2025	March 31, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Market price of common stock:
High	$57.06	$59.43	$47.55	$59.43	$47.71
Low	42.44	49.65	41.33	42.44	40.20
Close	55.00	51.87	47.00	55.00	47.00
Book value per share of common stock	47.71	46.31	42.01
Tangible common book value (TBV) per share of common stock (o)	30.32	29.25	25.20
Number of shares of common stock outstanding (000s)	56,235	57,693	59,261
Other Financial Data:
One-year repricing gap to total assets (k)	4.54%	2.30%	(0.30)%
Weighted average duration of the MBS portfolio	6.2 years	6.1 years	5.7 years
Unrealized losses on securities available for sale, net of taxes	$(445,065)	$(467,752)	$(549,039)
Number of Associates (FTEs) (m)	2,375	2,336	2,279
Number of offices (branches, LPO's, operations centers, etc.)	115	115	114
Number of WSFS owned and branded ATMs	582	580	579

Notes:
(a)		Annualized.
(b)		Computed on a fully tax-equivalent basis.
(c)		Noninterest expense divided by (tax-equivalent) net interest income and noninterest income.
(d)		Includes securities held-to-maturity (at amortized cost) and securities available-for-sale (at fair value).
(e)		Net of unearned income.
(f)		Net of allowance for credit losses.
(g)		Represents capital ratios of Wilmington Financial Corporation and subsidiaries. Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed.
(h)		Accruing loans which are contractually past due 90 days or more as to principal or interest. Balance includes student loans, which are U.S. government guaranteed with little risk of credit loss.
(i)		Excludes loans held for sale and reverse mortgage loans.
(j)		Nonperforming loans are included in average balance computations.
(k)		The difference between projected amounts of interest-sensitive assets and interest-sensitive liabilities repricing within one year divided by total assets, based on a current interest rate scenario.
(l)		Includes loans held for sale and reverse mortgages.
(m)		Includes seasonal Associates, when applicable.
(n)		Includes loans held for sale.
(o)		The Company uses non-GAAP (United States Generally Accepted Accounting Principles) financial information in its analysis of the Company's performance. The Company's management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company's management believes that investors may use these non-GAAP financial measures to analyze the Company's financial performance without the impact of unusual items or events that may obscure trends in the Company's underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
(p)		Includes commercial & industrial loans and commercial small business leases.
(q)		Reflects allowance for credit losses on loans and leases over the amortized cost of the total portfolio.
(r)		Includes provision for credit losses, loan workout expenses, OREO expenses and other credit costs.
(s)		Includes commercial mortgage and commercial construction loans.
(t)		Includes nonaccruing troubled loans.
(u)		Represents loans modified in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, or a term extension to borrowers experiencing financial difficulty.

WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) (Dollars in thousands, except per share data) (Unaudited)

Non-GAAP Reconciliation (o):	Three months ended						Six months ended
	June 30, 2025		March 31, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Net interest income (GAAP)	$	179,495	$	175,216	$	174,449	$	354,711	$	349,727
Core net interest income (non-GAAP)		179,495		175,216		174,449		354,711		349,727
Noninterest income (GAAP)		88,009		80,897		91,598		168,906		167,455
Less: Realized gain on sale of equity investment, net		18		—		2,130		18		2,130
Less: Visa derivative valuation adjustment		—		—		3,434		—		2,829
Core fee revenue (non-GAAP)	$	87,991	$	80,897	$	86,034	$	168,888	$	162,496
Core net revenue (non-GAAP)	$	267,486	$	256,113	$	260,483	$	523,599	$	512,223
Core net revenue (non-GAAP)(tax-equivalent)	$	267,972	$	256,568	$	260,900

WSFS Reports 2Q 2025 EPS of $1.27 and ROA of 1.39%; Results Driven by NIM of 3.89% and Fee Revenue Growth of 9% $87.3 Million of Capital Returned to Shareholders