WSFS FINANCIAL CORP

Listed Company

WSFSCIK 0000828944NasdaqLarge AcceleratedNational Commercial BanksDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$287.35M

Total Assets

$21.31B

Equity

$2.74B

Shares Out

52.73M

Op. Cash Flow

$220.00M

Business

WSFS FINANCIAL CORP is a savings and loan holding company that operates a full-service community banking and wealth franchise through its subsidiary bank. It offers commercial and consumer loans and leases, deposit accounts, mortgage and home-lending services, equipment and small business leasing, cash logistics and ATM services, and wealth, trust and investment advisory services. For reporting purposes it operates through three primary segments: WSFS Bank, Cash Connect®, and Wealth Management. It serves clients regionally in the Greater Philadelphia and Delaware market and nationally via digital channels, ATM networks, partnerships and institutional services.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans and leases	863	918	845	583	393
Interest on mortgage-backed securities	98	102	108	107	56
Taxable	3	3	3	3	3
Tax-exempt	6	6	6	4	3
Other interest income	50	34	15	8	2
Total interest income	1,020	1,064	977	704	456
Interest on deposits	278	309	210	28	15
Interest on Federal Home Loan Bank advances	3	3	5	538,000	5,000
Interest on senior and subordinated debt	6	10	10	8	—
Interest on trust preferred borrowings	6	7	7	3	1
Interest on federal funds purchased	2,000	343,000	2	443,000	0
Interest on other borrowings	66,000	30	18	35,000	21,000
Total interest expense	294	358	251	41	—
Net interest income	726	705	725	663	434
Provision for credit losses	49	61	88	48	−117
Net interest income after provision for (recovery of) credit losses	677	644	637	615	551
Loan and lease fee income	7	7	6	6	8
Unrealized (loss) gain on equity investments, net	−4	0	329,000	6	5
Realized gain on sale of equity investment, net	957,000	2	9	0	−706,000
Total non interest income	340	341	290	260	185
Salaries, benefits and other compensation	357	333	289	284	214
Occupancy expense	36	38	42	41	33
Equipment expense	53	48	42	41	29
Professional fees	21	20	21	18	16
Data processing and operations expenses	20	18	19	21	14
Marketing expense	8	8	8	7	5
FDIC expenses	10	12	16	6	4
Loss on early extinguishment of debt	2	0	0	0	1
Loan workout and other credit costs	3	2	852,000	702,000	—
Corporate development expense	−44,000	473,000	4	43	12
Restructuring expense	532,000	2	−230,000	22	1
Other operating expense	126	156	119	90	64
Total non interest expenses	636	638	562	574	379
Income before taxes	381	347	365	301	358
Income tax provision	93	84	96	78	86
Net income	287	263	269	223	272
Less: Net (loss) income attributable to noncontrolling interest	−100,000	−176,000	−131,000	273,000	163,000
Net income attributable to WSFS	287	264	269	222	271
Basic earnings per share (in dollars per share)	5.11	4.43	4.4	3.5	5.71
Diluted earnings per share (in dollars per share)	5.09	4.41	4.4	3.49	5.69

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	1,326	723	629	333	1,047
Cash in non-owned ATMs	364	430	459	499	481
Interest-bearing deposits in other banks including collateral (restricted cash) of $6,530 at December 31, 2025 and $1,701 at December 31, 2024	9	2	5	5	5
Total cash, cash equivalents, and restricted cash	1,699	1,155	1,093	837	1,533
Investment securities, available for sale (amortized cost of $4,037,700 at December 31, 2025 and $4,218,266 at December 31, 2024)	3,542	3,511	3,847	4,093	5,205
Investment securities, held to maturity, net of allowance for credit losses of $5 at December 31, 2025 and $7 at December 31, 2024 (fair value $879,066 at December 31, 2025 and $895,511 at December 31, 2024)	968	1,015	1,059	1,112	—
Other investments	13	18	17	26	11
Loans held for sale at fair value	62	50	29	43	113
Loans and leases, net of allowance of $179,647 at December 31, 2025 and $195,281 at December 31, 2024	13,082	12,996	12,583	11,760	7,791
Stock in Federal Home Loan Bank of Pittsburgh, at cost	10	12	15	24	6
Other real estate owned	200,000	5	2	833,000	2
Accrued interest receivable	80	85	86	74	42
Premises and equipment	80	86	104	116	87
Goodwill and intangible assets	970	988	1,005	—	—
Other assets, net of allowance for credit losses of $2,848 at December 31, 2025 and $ at December 31, 2024	806	894	712	715	315
Total assets	21,314	20,814	20,595	19,915	15,777
Noninterest-bearing	5,577	4,988	4,917	5,740	4,565
Interest-bearing demand	12,066	12,042	11,557	10,464	8,675
Total deposits	17,642	17,030	16,474	16,204	13,240
Federal Home Loan Bank advances	0	51	0	350	0
Trust preferred borrowings	91	91	91	90	67
Senior and subordinated debt	197	219	218	248	148
Other borrowed funds	15	23	586	38	25
Accrued interest payable	20	38	47	5	736,000
Other liabilities	621	783	709	777	360
Total liabilities	18,586	18,235	18,125	17,713	13,840
Common stock 0.01 par value, shares authorized of 90,000,000; shares issued of 76,456,499 at December 31, 2025 and 76,264,211 at December 31, 2024	765,000	763,000	761,000	759,000	577,000
Capital in excess of par value	2,006	1,996	1,985	1,974	1,059
Accumulated other comprehensive loss	−446	−625	−594	−676	−38
Retained earnings	2,122	1,872	1,644	1,411	1,225
Treasury stock at cost, 23,046,983 shares at December 31, 2025 and 17,607,002 shares at December 31, 2024	−944	−654	−558	−505	−307
Total stockholders equity of WSFS	2,739	2,590	2,478	2,205	1,939
Noncontrolling interest	−10	−10	−8	−3	−2
Total stockholders equity	2,728	2,579	2,470	2,202	1,937
Total liabilities and stockholders equity	21,314	20,814	20,595	19,915	15,777

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for credit losses	49	61	88	48	—
Depreciation of premises and equipment, net	12	14	18	24	15
Accretion of fees, premiums and discounts, net	−24	−24	−27	−28	—
Amortization of intangible assets	15	16	16	18	11
Amortization of right of use lease asset	10	10	16	18	12
Decrease in operating lease liability	−13	−11	−12	−16	−12
Income from mortgage banking activities, net	−8	−8	−5	−7	−23
Loss on sale of other real estate owned and valuation adjustments, net	910,000	296,000	195,000	−221,000	−385,000
Stock-based compensation expense	13	12	10	6	6
Gain on sale of WSFS Wealth Management, LLC business	−386,000	0	0	—	—
Deferred income tax expense (benefit)	6	−8	−5	−4	40
Decrease (increase) in accrued interest receivable	4	1	−12	−22	3
Decrease (increase) in other assets	36	−106	−2	−59	−46
Origination of loans held-for-sale	−466	−393	−281	−528	−972
Proceeds from sales of loans held-for-sale	465	320	199	501	991
(Decrease) increase in accrued interest payable	−19	−9	42	1	−714,000
(Decrease) increase in other liabilities	−150	85	−61	315	−5
Increase in value of bank-owned life insurance	−672,000	−531,000	−2	−1	−1
Increase in capitalized interest, net	−2	−1	−2	−2	−3
Net cash provided by operating activities	220	220	237	481	126
Repayments, maturities and calls of investment securities held to maturity	62	61	73	66	20
Purchases of investment securities available-for-sale	−203	−67	−28	−1,218	−3,491
Repayments of investment securities available-for-sale	381	350	355	1,016	697
Proceeds from bank-owned life insurance death benefit	241,000	112,000	4	1	0
Proceeds from bank-owned life insurance surrender	0	7	52	0	0
Net proceeds from sale of equity investments	0	0	18	0	5
Net cash paid for business combinations	0	0	−3	574	0
Net increase in loans and leases	−118	−138	−487	−41	1,453
Net cash from sale of WSFS Wealth Management, LLC business	2	0	0	—	—
Purchases of loans held for investment	0	−270	−313	−393	−188
Purchases of FHLB stock	−686	−433	−134	−52	−625,000
Redemption of FHLB stock	688	437	143	36	323,000
Sales of assets acquired through foreclosure, net	5	803,000	833,000	2	2
Sale of premise and equipment	0	0	17,000	1	427,000
Investment in premises and equipment, net	−6	−14	−6	−9	−7
Net cash provided by (used in) investing activities	125	−67	−326	−137	−1,492
Net increase (decrease) in demand and saving deposits	725	263	−358	−1,123	1,760
(Decrease) increase in time deposits	−121	346	681	−94	−170
Decrease in brokered deposits	0	−52	−71	62	−203
Receipts from FHLB advances	17,210	13,038	7,195	1,873	1
Repayments of FHLB advances	−17,261	−12,987	−7,545	−1,523	−8
Receipts from federal funds purchased	20	1,525	7,713	2,730	0
Repayments of federal funds purchased	−20	−1,525	−7,713	−2,730	0
Receipts from Bank Term Funding Program	0	235	565	0	0
Repayments of Bank Term Funding Program	0	−800	0	0	—
Contributions from (distributions to) noncontrolling shareholders	6,000	−3	−4	−504,000	0
Cash dividends	−37	−36	−37	−36	−24
Issuance of common stock and exercise of common stock options	−3	466,000	3	3	2
Redemption of senior and subordinated debt	−220	0	−30	0	—
Receipts from issuance of senior debt	200	0	0	0	0
Senior debt issuance costs	−3	0	0	—	—
Repurchase of common shares	−290	−96	−55	−200	−13
Net cash provided by (used in) financing activities	199	−91	345	−1,039	1,245
Increase in cash, cash equivalents, and restricted cash	544	62	256	−696	−122
Cash paid for interest during the period	312	367	210	36	23
Cash paid for income taxes, net(1)	75	82	99	58	41
Loans transferred to other real estate owned	485,000	4	2	630,000	2
Loans transferred to portfolio from held-for-sale at fair value	−4	58	96	98	73
Receivable for bank-owned life insurance surrender proceeds	0	0	5	0	0
Receivable for bank-owned life insurance death benefit proceeds	0	0	742,000	0	0
Premises & equipment transferred to held-for-sale	0	19	0	0	—
Fair value of assets acquired, net of cash received	0	0	8	4,714	0
Fair value of liabilities assumed	0	0	5	4,379	0

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