EXHIBIT 99.1
FOR IMMEDIATE RELEASE						Investor Relations Contact: Andrew Basile
						(302) 504-9857; abasile@wsfsbank.com
October 23, 2025						Media Contact: Connor Peoples
						(215) 864-5645; cpeoples@wsfsbank.com

Wilmington, DE — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the third quarter of 2025.

Selected financial results and metrics are as follows:

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.

(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.

Rodger Levenson, Chairman, CEO and President, said, "WSFS continued to perform well in the third quarter with a core EPS(2) of $1.40, reflecting 30% year-over-year growth, core ROA(2) of 1.48%, an increase of 26bps year-over-year, and tangible book value per share(2) of $32.11, an increase of 12% year-over-year.

"These results were driven by a continued strong net interest margin of 3.91%, solid fee performance across a number of businesses including Capital Markets, Cash Connect®, Institutional Services, and the Bryn Mawr Trust Company of Delaware, and lower provision expense.

"Client deposits grew 2% (annualized) compared to 2Q 2025 and our WSFS-originated consumer loans grew 13% (annualized) over the prior quarter. We also saw notable improvements across our asset quality metrics, driven by the positive resolution of two large nonperforming loans.

"During the quarter, we continued the execution of our share repurchase program with total year-to-date repurchases of 3.4 million shares, or approximately 6% of shares outstanding as of December 31, 2024.

"We remain focused on building upon our momentum into the fourth quarter, and delivering long-term sustainable high performance, consistent with our 2025-2027 Strategic Plan."

(2) As used in this press release, core EPS, core ROA, and tangible book value per share 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 non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

Highlights for 3Q 2025: 

•Core EPS of $1.40 and core ROA of 1.48% compared to $1.27 and 1.38% for 2Q 2025.

◦Year-over-year core EPS increased 30% and core ROA increased 26bps.

•Core PPNR(3) of $109.8 million, compared to $107.8 million for 2Q 2025.

•Continued strong net interest margin of 3.91%, compared to 3.89% for 2Q 2025.

•Growth in client deposits while maintaining strong average noninterest demand composition of 32%.

•Double-digit year-over-year fee revenue growth in Wealth and Trust, coupled with strong quarter-over-quarter performance in Capital Markets and Cash Connect®.

•Total net credit costs were $8.4 million, compared to $14.3 million for 2Q 2025.

•Improvement in problem assets, nonperforming assets, and delinquencies driven by the resolution of several large problem loans with no additional losses.

•WSFS repurchased 827,100 shares of common stock (1.5% of outstanding shares as of 2Q 2025) at an average price of $56.53 per share, totaling an aggregate of $46.8 million, and paid quarterly dividends of $9.5 million, for a total capital return of $56.3 million. Year-to-date, total capital returned to stockholders through share repurchases and quarterly dividends was $206.2 million.

(3) As used in this press release, core PPNR 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 non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

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

At September 30, 2025, WSFS’ gross loan and lease portfolio decreased $128.5 million, or 1% (not annualized), when compared with June 30, 2025. The decrease reflects the previously announced sale of Upstart loans during the quarter and continued runoff in the Spring EQ portfolio. Excluding these impacts, gross loan and leases were essentially flat. Construction loans grew 17%, primarily through draws on existing commitments, while residential mortgage and WSFS-originated consumer loans grew 5% and 3%, respectively. C&I decreased 3%, as new fundings were more than offset by the payoff of several problem loans and lower net line utilization.

Gross loans and leases at September 30, 2025 decreased $340.7 million, or 3%, when compared with September 30, 2024. Excluding the impacts of the Upstart and Spring EQ portfolios, loans and leases were flat, with growth in constructions loans (25%), WSFS-originated consumer loans (14%), and residential mortgage (10%). The growth in consumer and mortgage loans reflects momentum in our Home Lending business where we continue to invest in talent and product capabilities. These increases were offset by declines in C&I and commercial mortgage.

(4) Includes owner-occupied real estate.

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

Total client deposits increased by $104.7 million, or 1% (2% annualized), when compared with June 30, 2025, mostly due to seasonal increases in municipal deposits. Noninterest demand deposits comprised 32% of average total client deposits and continue to provide a strong deposit base.

Total client deposits increased by $799.2 million, or 5%, from September 30, 2024, driven by broad-based growth across all business lines, with 12% growth in noninterest demand and 7% in money market.

The deposit base remains well-diversified, with 52% of quarterly average client deposits coming from the Commercial, Small Business, and Wealth and Trust businesses. No- and low-cost checking accounts represented 48% of average total client deposits with a weighted average cost of 38bps for the quarter. The loan-to-deposit ratio(5) was 75% at September 30, 2025, providing continued capacity to fund future loan growth.

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

Net interest income increased $4.5 million, or 3% (not annualized), compared to 2Q 2025, driven by an interest recovery from the full payoff of a nonperforming loan and higher cash balances from growth in deposits.

Net interest income increased $6.5 million, or 4%, compared to 3Q 2024, driven by lower deposit and wholesale funding costs as well as higher cash balances from growth in deposits. The increase was partially offset by lower loan yields due to rate cuts in late 2024.

Total loan yields were 6.64%, an increase of 4bps when compared to 2Q 2025, driven by the aforementioned interest recovery and partially offset by the sale of the higher-yielding Upstart loans. Total client deposit costs were 1.62% and interest-bearing deposit costs were 2.37%, a decrease of 1bp each compared to the prior quarter.

Net interest margin of 3.91% increased 2bps compared to 2Q 2025 due to higher interest-earning cash from deposit growth, while a 4bps increase from the aforementioned interest recovery was partially offset by the impact of the Upstart sale. Net interest margin increased 13bps from 3Q 2024 due to deposit repricing actions, continued wholesale funding optimization, and higher cash balances, partially offset by lower loan balances and loan yields.

In the quarter, we saw decreases of $53.4 million in problem assets (319bps of Tier 1 capital plus ACL on loans and leases), $33.6 million (16bps of total assets) in nonperforming assets, and $53.3 million (41bps of gross loans) in delinquencies, compared to June 30, 2025. These results were primarily driven by the payoff of several large loans with no additional losses.

Total net credit costs were $8.4 million in the quarter, a decrease of $5.9 million, compared to $14.3 million in 2Q 2025, driven by the aforementioned payoffs and favorable asset quality performance.

Net charge-offs were consistent with 2Q 2025 levels at $9.9 million, or 30bps (annualized) of average gross loans during the quarter, reflecting higher Commercial charge-offs offset by a reduction from Upstart.

The ACL on loans and leases was $183.2 million as of September 30, 2025, a decrease of $3.1 million from June 30, 2025, driven by lower loan balances and the improved asset quality metrics noted above. The ACL coverage ratio decreased 2bps to 1.41%.

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

Core Fee Revenue(7)

Core fee revenue (noninterest income) of $88.0 million was flat compared to 2Q 2025 and was impacted by several previously announced items, including the termination of our partnership with Commonwealth Financial Network (Commonwealth), the sale of the Powdermill business, and the Spring EQ earnout, all in 2Q 2025. Excluding these items, core fee revenue increased $4.3 million(7), or 5%, primarily driven by Capital Markets and Cash Connect®.

Core fee revenue decreased $2.1 million, or 2%, compared to 3Q 2024. Excluding the impacts from the aforementioned business transactions and the prior year Spring EQ earnout, core fee revenue increased $2.1 million, or 2%. The increase was driven by a $6.8 million increase in Wealth and Trust, as Institutional Services and The Bryn Mawr Trust Company of Delaware (BMT of DE) both had double digit growth, as well as a $2.3 million increase from other banking fees. The increase was partially offset by a $6.5 million decline in Cash Connect®, primarily driven by the lower interest rate environment (which was more than offset in noninterest expense) and lower ATM volume.

For 3Q 2025, our core fee revenue ratio(7) was 32.3% compared to 32.8% in 2Q 2025 and 33.6% in 3Q 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, adjusted core fee revenue, and core fee revenue 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.

Core Noninterest Expense(8)

Core noninterest expense of $162.1 million increased $2.5 million, or 2% (not annualized), compared to 2Q 2025. The increase is primarily due to higher salaries and benefits, driven by higher medical costs and performance-based incentive accruals.

Core noninterest expense decreased $1.5 million, or 1%, compared to 3Q 2024. The decrease was largely driven by a $5.4 million decrease in Cash Connect® external funding costs due to lower volumes and rates, as well as a $1.1 million decrease in occupancy expense. These decreases were partially offset by higher salaries and benefits, primarily as a result of talent additions in key business areas and performance-based increases.

Our core efficiency ratio(8) was 59.5% in 3Q 2025, compared to 59.6% in 2Q 2025 and 61.1% in 3Q 2024.

We recorded a $24.4 million income tax provision in 3Q 2025, compared to $23.3 million in 2Q 2025 and $21.1 million in 3Q 2024. The increase compared to 2Q 2025 was primarily due to higher income before taxes and the increase compared to 3Q 2024 was primarily due to higher income before taxes and certain tax credits recognized in 2024.

The effective tax rate was 24.2% in 3Q 2025 compared to 24.4% in 2Q 2025 and 24.7% in 3Q 2024. The decrease in effective tax rate compared to 3Q 2024 is attributable to lower state taxes.

(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 ratios remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at September 30, 2025, with a Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 14.39%, Tier 1 leverage ratio of 11.11%, and Total Risk-based capital ratio of 16.19%.

WSFS’ total stockholders’ equity increased $70.5 million, or 3% (not annualized), during 3Q 2025. The increase was primarily due to quarterly earnings of $76.4 million and a decrease in accumulated other comprehensive loss of $47.5 million, driven by market-value increases on available-for-sale investment securities. The increase was partially offset by capital returns to stockholders of $56.3 million (comprised of $46.8 million from share repurchases and $9.5 million from quarterly dividends).

WSFS’ tangible common equity(9) increased $74.4 million, or 4% (not annualized), compared to June 30, 2025, primarily due to the reasons described above. WSFS’ common equity to assets ratio increased 29bps to 13.21% during the quarter, and our tangible common equity to tangible assets ratio(9) was 8.96% at September 30, 2025, an increase of 34bps, compared to the prior quarter.

At September 30, 2025, book value per share was $49.67, an increase of $1.96, or 4% (not annualized), from June 30, 2025, and tangible book value per share was $32.11, an increase of $1.79, or 6% (not annualized), from June 30, 2025, due to the reasons described above. Book value per share increased $4.30, or 9%, and tangible book value per share increased $3.55, or 12%, compared to 3Q 2024.

During 3Q 2025, WSFS repurchased 827,100 shares of common stock for an aggregate of $46.8 million. As of September 30, 2025, WSFS has 5,650,675 shares, or approximately 10% of outstanding shares, available for repurchase under its current authorizations. Year-to-date, total capital returned to stockholders through share repurchases and quarterly dividends was $206.2 million.

The Board of Directors approved a quarterly cash dividend of $0.17 per share of common stock. This dividend will be paid on November 21, 2025 to stockholders of record as of November 7, 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 quarterly performance results and metrics are as follows:

Wealth and Trust pre-tax income was $34.4 million, which increased $3.7 million, or 12% (not annualized), compared to 2Q 2025, driven by lower provision and higher net interest income. Fee revenue decreased $2.2 million, primarily due to the Commonwealth termination and the Powdermill sale as well as a seasonal decrease in tax activity in Private Wealth Management.

Wealth and Trust pre-tax income increased $4.0 million, or 13%, compared to 3Q 2024 as fee revenue increased $5.1 million, driven by growth in Institutional Services and BMT of DE. Noninterest expense of $32.0 million increased by $3.6 million, or 13%, mostly from performance-based incentives and the hiring of new advisors. Net interest income increased $2.5 million, or 11%, driven mostly by higher deposit balances in Institutional Services and Private Banking.

AUM/AUA increased to $93.4 billion at the end of 3Q 2025, representing growth of 1% quarter-over-quarter and 7% year-over-year, driven by Client and account growth.

(10) Includes intercompany allocation of revenue and expense.

(11) Represents Assets Under Management and Assets Under Administration, in billions.

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:

Cash Connect® pre-tax income decreased $0.9 million, or 29% (not annualized) compared to 2Q 2025, driven by one-time insurance recoveries in the previous quarter. Excluding those recoveries, pre-tax income increased $0.7 million, primarily driven by pricing actions taken during the quarter, which increased net revenue by $0.9 million compared to 2Q 2025. Noninterest expense increased $1.8 million from 2Q 2025 driven by timing of insurance recoveries and higher volumes.

Pre-tax income increased $0.7 million compared to 3Q 2024 driven by pricing actions and lower cost of non-earning cash, partially offset by lower bailment and managed services volume. Net revenue decreased $5.6 million driven by lower rates (which also reduced expenses), ATM cash volume, and managed service fees. Net profit margin increased to 10.64%, compared to 7.95% when excluding the insurance recoveries in 2Q 2025 and 5.88% in 3Q 2024.

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

(13) Includes intercompany allocation of expense.

Management will conduct a conference call to review 3Q 2025 results at 1:00 p.m. Eastern Time (ET) on Friday, October 24, 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.

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 September 30, 2025, WSFS Financial Corporation had $20.8 billion in assets on its balance sheet and $93.4 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (58), Delaware (38), 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.

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; 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; the credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development loans in the Company's loan portfolio; changes in market interest rates, which may 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 the Company’s operations; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company's operations and potential expenses associated with complying with such regulations; the Company's ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms; the impacts related to or resulting from bank failures and other economic and industry volatility, including potential changes in regulatory requirements and costs and potential impacts to macroeconomic conditions; 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.

SUMMARY STATEMENTS OF INCOME (Unaudited)

						Three months ended																		Nine months ended
(Dollars in thousands, except per share data)						September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Interest income:
Interest and fees on loans						$	218,250					$	216,005					$	235,977					$	651,007					$	691,495
Interest on mortgage-backed securities						24,202						24,531						25,348						73,478						77,029
Interest and dividends on investment securities						2,180						2,186						2,184						6,552						6,551
Other interest income						13,789						10,468						9,875						31,452						25,168
						258,421						253,190						273,384						762,489						800,243
Interest expense:
Interest on deposits						71,185						70,124						80,647						212,413						230,135
Interest on Federal Home Loan Bank advances						586						949						1,472						2,473						2,139
Interest on senior and subordinated debt						1,089						1,089						2,446						4,252						7,336
Interest on trust preferred borrowings						1,524						1,518						1,749						4,565						5,255
Interest on other borrowings						14						15						9,566						52						28,147
						74,398						73,695						95,880						223,755						273,012
Net interest income						184,023						179,495						177,504						538,734						527,231
Provision for credit losses						6,566						12,621						18,422						36,537						53,374
Net interest income after provision for credit losses						177,457						166,874						159,082						502,197						473,857
Noninterest income:
Credit/debit card and ATM income						18,487						18,309						24,621						55,539						68,165
Investment management and fiduciary revenue						41,272						43,774						36,648						124,327						107,182
Deposit service charges						7,001						6,802						6,837						20,556						19,820
Mortgage banking activities, net						2,091						2,341						2,067						6,232						5,931
Loan and lease fee income						2,089						1,430						1,513						4,984						4,742
Realized gain on sale of equity investment, net						939						18						56						957						2,186
Other income						14,592						15,335						18,416						42,782						49,587
						86,471						88,009						90,158						255,377						257,613
Noninterest expense:
Salaries, benefits and other compensation						91,661						89,145						86,124						263,283						245,179
Occupancy expense						8,498						8,829						9,595						27,220						28,461
Equipment expense						12,933						13,778						12,076						39,439						34,822
Data processing and operations expense						5,045						5,010						4,985						14,750						13,452
Professional fees						4,942						6,211						3,819						15,851						13,081
Marketing expense						2,178						1,925						2,053						5,798						5,855
FDIC expenses						2,739						2,433						2,882						7,750						9,254
Loss on debt extinguishment						352						—						—						352						—
Loan workout and other credit costs						1,802						1,629						1,684						3,671						1,477
Corporate development expense						171						(329)						46						(99)						412
Restructuring expense						398						—						—						658						—
Other operating expenses						32,337						30,712						40,459						95,521						116,570
						163,056						159,343						163,723						474,194						468,563
Income before taxes						100,872						95,540						85,517						283,380						262,907
Income tax provision						24,405						23,319						21,108						68,825						63,567
Net income						76,467						72,221						64,409						214,555						199,340
Less: Net income (loss) attributable to noncontrolling interest						18						(105)						(26)						(116)						(129)
Net income attributable to WSFS						$	76,449					$	72,326					$	64,435					$	214,671					$	199,469
Diluted earnings per share of common stock:						$	1.37					$	1.27					$	1.08					$	3.75					$	3.33
Weighted average shares of common stock outstanding for fully diluted EPS						55,960,833						56,851,797						59,393,651						57,171,976						59,956,324

SUMMARY STATEMENTS OF INCOME (Unaudited) - continued

						Three months ended																		Nine months ended
						September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Performance Ratios:
Return on average assets (a)						1.44		%				1.39		%				1.22		%				1.37		%				1.28		%
Return on average equity (a)						11.25						10.94						9.95						10.78						10.66
Return on average tangible common equity (a)(o)						18.31						18.08						16.96						17.78						18.55
Net interest margin (a)(b)						3.91						3.89						3.78						3.89						3.82
Efficiency ratio (c)						60.17						59.46						61.08						59.61						59.61
Noninterest income as a percentage of total net revenue (b)						31.91						32.84						33.64						32.10						32.78

SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(Dollars in thousands)						September 30, 2025						June 30, 2025						September 30, 2024
Assets:
Cash and due from banks						$	1,199,540					$	899,713					$	571,798
Cash in non-owned ATMs						364,733						424,741						414,931
Investment securities, available-for-sale						3,502,159						3,494,783						3,737,119
Investment securities, held-to-maturity						979,698						994,340						1,026,305
Other investments						46,691						46,751						38,662
Net loans and leases (e)(f)(l)						12,840,383						12,965,825						13,166,805
Goodwill and intangibles						973,677						977,546						992,163
Other assets						933,534						959,593						957,426
Total assets						$	20,840,415					$	20,763,292					$	20,905,209
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits						$	5,236,956					$	5,305,768					$	4,685,957
Interest-bearing deposits						11,989,262						11,815,701						11,741,074
Total client deposits						17,226,218						17,121,469						16,427,031
Federal Home Loan Bank advances						—						51,040						43,158
Other borrowings						255,099						252,419						1,032,003
Other liabilities						616,317						666,146						736,002
Total liabilities						18,097,634						18,091,074						18,238,194
Stockholders’ equity of WSFS						2,753,273						2,682,728						2,678,264
Noncontrolling interest						(10,492)						(10,510)						(11,249)
Total stockholders' equity						2,742,781						2,672,218						2,667,015
Total liabilities and stockholders' equity						$	20,840,415					$	20,763,292					$	20,905,209
Capital Ratios:
Equity to asset ratio						13.21		%				12.92		%				12.81		%
Tangible common equity to tangible asset ratio (o)						8.96						8.62						8.47
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)						14.39						14.07						13.56
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)						11.11						11.04						10.75
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)						14.39						14.07						13.56
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)						16.19						15.86						15.61
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans (t)(n)						$	72,148					$	105,236					$	90,039
Assets acquired through foreclosure						439						930						1,301
Total nonperforming assets						$	72,587					$	106,166					$	91,340
Past due loans (h)(n)						$	14,295					$	23,012					$	31,714
Troubled loans (u)(n)						156,803						195,916						166,754
Allowance for credit losses						185,504						189,121						197,497
Ratio of nonperforming assets to total assets (n)						0.35		%				0.51		%				0.44		%
Ratio of allowance for credit losses to total loans and leases (q)						1.41						1.43						1.48
Ratio of allowance for credit losses to nonaccruing loans (n)						254						177						219
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)						0.30						0.30						0.58
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)						0.45						0.53						0.43

AVERAGE BALANCE SHEET (Unaudited)

(Dollars in thousands)						Three months ended
						September 30, 2025																		June 30, 2025																		September 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)						$	5,229,187					$	87,722					6.67		%				$	5,263,533					$	88,226					6.74		%				$	5,246,721					$	93,594					7.11		%
Commercial real estate loans (s)						4,831,359						82,914						6.81						4,808,177						78,400						6.54						4,952,571						89,516						7.19
Residential mortgage						1,002,442						13,711						5.47						965,480						12,935						5.36						924,830						11,916						5.15
Consumer loans						1,908,700						32,548						6.77						1,997,285						35,096						7.05						2,112,423						39,909						7.52
Loans held for sale						75,418						1,355						7.13						96,517						1,348						5.60						50,556						1,042						8.20
Total loans and leases						13,047,106						218,250						6.64						13,130,992						216,005						6.60						13,287,101						235,977						7.07
Mortgage-backed securities (d)						4,090,178						24,202						2.37						4,148,820						24,531						2.37						4,354,462						25,348						2.33
Investment securities (d)						366,450						2,180						2.66						366,391						2,186						2.70						366,098						2,184						2.62
Other interest-earning assets						1,227,761						13,789						4.46						934,152						10,468						4.49						709,358						9,875						5.54
Total interest-earning assets						$	18,731,495					$	258,421					5.48		%				$	18,580,355					$	253,190					5.48		%				$	18,717,019					$	273,384					5.82		%
Allowance for credit losses						(190,837)																		(188,252)																		(199,380)
Cash and due from banks						176,874																		188,300																		189,523
Cash in non-owned ATMs						393,148																		390,275																		387,019
Bank owned life insurance						36,553																		36,042																		35,689
Other noninterest-earning assets						1,887,865																		1,898,721																		1,931,521
Total assets						$	21,035,098																	$	20,905,441																	$	21,061,391
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand						$	2,825,284					$	7,870					1.11		%				$	2,829,653					$	7,337					1.04		%				$	2,806,850					$	9,074					1.29		%
Savings						1,433,399						1,723						0.48						1,445,123						1,609						0.45						1,519,457						2,038						0.53
Money market						5,581,010						42,378						3.01						5,437,897						41,120						3.03						5,125,286						46,686						3.62
Time deposits						2,077,815						19,214						3.67						2,094,572						20,058						3.84						2,061,526						22,849						4.41
Total interest-bearing deposits						11,917,508						71,185						2.37						11,807,245						70,124						2.38						11,513,119						80,647						2.79
Federal Home Loan Bank advances						50,215						586						4.63						84,007						949						4.53						108,196						1,472						5.41
Trust preferred borrowings						90,952						1,524						6.65						90,903						1,518						6.70						90,753						1,749						7.67
Senior and subordinated debt						148,766						1,089						2.93						148,708						1,089						2.93						218,535						2,446						4.48
Other borrowed funds						16,504						14						0.34						19,428						15						0.31						816,373						9,566						4.66
Total interest-bearing liabilities						$	12,223,945					$	74,398					2.41		%				$	12,150,291					$	73,695					2.43		%				$	12,746,976					$	95,880					2.99		%
Noninterest-bearing demand deposits						5,493,161																		5,438,692																		4,979,859
Other noninterest-bearing liabilities						633,625																		674,616																		770,572
Stockholders’ equity of WSFS						2,694,883																		2,652,257																		2,575,182
Noncontrolling interest						(10,516)																		(10,415)																		(11,198)
Total liabilities and equity						$	21,035,098																	$	20,905,441																	$	21,061,391
Excess of interest-earning assets over interest-bearing liabilities						$	6,507,550																	$	6,430,064																	$	5,970,043
Net interest and dividend income												$	184,023																	$	179,495																	$	177,504
Interest rate spread																		3.07		%																3.05		%																2.83		%
Net interest margin																		3.91		%																3.89		%																3.78		%

(Unaudited)

 

(Dollars in thousands, except per share data)						Three months ended																		Nine months ended
Stock Information:						September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Market price of common stock:
High						$59.67						$57.06						$58.59						$59.67						$58.59
Low						52.58						42.44						45.42						42.44						40.20
Close						53.93						55.00						50.99						53.93						50.99
Book value per share of common stock						49.67						47.71						45.37
Tangible common book value (TBV) per share of common stock (o)						32.11						30.32						28.56
Number of shares of common stock outstanding (000s)						55,427						56,235						59,033
Other Financial Data:
One-year repricing gap to total assets (k)						5.86%						4.54%						(0.78)%
Weighted average duration of the MBS portfolio						6.0 years						6.2 years						5.7 years
Unrealized losses on securities available for sale, net of taxes						$(400,669)						$(445,065)						$(420,815)
Number of Associates (FTEs) (m)						2,338						2,375						2,316
Number of offices (branches, LPO’s, operations centers, etc.)						114						115						114
Number of WSFS owned and branded ATMs						524						582						569

(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.

(Unaudited)

 

Non-GAAP Reconciliation (o):						Three months ended																		Nine months ended
						September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net interest income (GAAP)						$	184,023					$	179,495					$	177,504					$	538,734					$	527,231
Core net interest income (non-GAAP)						184,023						179,495						177,504						538,734						527,231
Noninterest income (GAAP)						86,471						88,009						90,158						255,377						257,613
Less: Realized gain on sale of equity investment, net						939						18						56						957						2,186
(Plus)/less: Visa derivative valuation adjustment						(2,429)						—						—						(2,429)						2,829
Core fee revenue (non-GAAP)						$	87,961					$	87,991					$	90,102					$	256,849					$	252,598
Core net revenue (non-GAAP)						$	271,984					$	267,486					$	267,606					$	795,583					$	779,829
Core net revenue (non-GAAP)(tax-equivalent)						$	272,482					$	267,972					$	267,991					$	797,023					$	780,975
Noninterest expense (GAAP)						$	163,056					$	159,343					$	163,723					$	474,194					$	468,563
Less: FDIC special assessment						—						—						—						—						880
Less: Loss on debt extinguishment						352						—						—						352						—
Less/(plus): Corporate development expense						171						(329)						46						(99)						412
Less: Restructuring expense						398						—						—						658						—
Core noninterest expense (non-GAAP)						$	162,135					$	159,672					$	163,677					$	473,283					$	467,271
Core efficiency ratio (non-GAAP)						59.5		%				59.6		%				61.1		%				59.4		%				59.8		%
Core fee revenue ratio (non-GAAP) (b)						32.3		%				32.8		%				33.6		%				32.2		%				32.3		%
						End of period
						September 30, 2025						June 30, 2025						September 30, 2024
Total assets (GAAP)						$	20,840,415					$	20,763,292					$	20,905,209
Less: Goodwill and other intangible assets						973,677						977,546						992,163
Total tangible assets (non-GAAP)						$	19,866,738					$	19,785,746					$	19,913,046
Total stockholders’ equity of WSFS (GAAP)						$	2,753,273					$	2,682,728					$	2,678,264
Less: Goodwill and other intangible assets						973,677						977,546						992,163
Total tangible common equity (non-GAAP)						$	1,779,596					$	1,705,182					$	1,686,101
Tangible common book value (TBV) per share:
Book value per share (GAAP)						$	49.67					$	47.71					$	45.37
Tangible common book value per share (non-GAAP)						32.11						30.32						28.56
Tangible common equity to tangible assets:
Equity to asset ratio (GAAP)						13.21		%				12.92		%				12.81		%
Tangible common equity to tangible assets ratio (non-GAAP)						8.96						8.62						8.47

Non-GAAP Reconciliation - continued (o):						Three months ended																		Nine months ended
						September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Calculation of PPNR:
Net income (GAAP)						$	76,467					$	72,221					$	64,409					$	214,555					$	199,340
Plus: Income tax provision						24,405						23,319						21,108						68,825						63,567
Plus: Provision for credit losses						6,566						12,621						18,422						36,537						53,374
PPNR (non-GAAP)						$	107,438					$	108,161					$	103,939					$	319,917					$	316,281
Plus/(less): Pre-tax adjustments: Realized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, loss on debt extinguishment, and corporate development and restructuring expense						2,411						(347)						(10)						2,383						(3,723)
Core PPNR (non-GAAP)						$	109,849					$	107,814					$	103,929					$	322,300					$	312,558

						Three months ended
						September 30, 2025						June 30, 2025						September 30, 2024
Calculation of adjusted core fee revenue:
Core fee revenue (non-GAAP)						$	87,961					$	87,991					$	90,102
Less: Spring EQ earnout						$	—					$	(2,250)					$	(2,250)
Less: Impact from Commonwealth termination						(304)						(1,759)						(1,552)
Plus/(less): Impact from sale of Powdermill business						3						(621)						(762)
Adjusted core fee revenue (non-GAAP)						$	87,660					$	83,361					$	85,538