The Company evaluated subsequent events in accordance with ASC Topic 855 and determined that the following qualifies as a non-recognized subsequent event:
Sale of Upstart Portfolio
On July 8, 2025, the Company announced the completion of the sale of the majority of its remaining unsecured consumer lending portfolio generated through its partnership with Upstart Holdings, Inc. in a series of transactions. These loans were classified in Loans, held for sale on the unaudited Consolidated Statements of Financial Condition as of September 30, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-35638
WSFS FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
22-2866913
(State or other jurisdiction of Incorporation or organization)
(I.R.S. Employer Identification Number)
500 Delaware Ave,
Wilmington, Delaware, 19801
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (302) 792-6000
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
WSFS
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesx No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yesx No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
Number of shares outstanding of the issuer's common stock, as of the latest practicable date: 54,675,949 shares as of October 31, 2025.
This Quarterly Report on Form 10-Q, and exhibits hereto, contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to:
•volatile market conditions and uncertain economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including potential recessionary and other unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, the United States government shutdown, 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;
•changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes;
•any impairments of the Company's goodwill or other intangible assets;
•the success of the Company's growth plans;
•failure of the financial and/or operational controls of the Company’s Cash Connect® and/or Wealth and Trust segments;
•negative perceptions or publicity with respect to the Company generally and, in particular, the Company’s Wealth and Trust segment;
•adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings;
•the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties;
•system failures or cybersecurity incidents or other breaches of the Company’s network security, particularly given remote working arrangements;
•the Company’s ability to recruit and retain key Associates;
•the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes, wildfires and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks;
•the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage);
•possible changes in the speed of loan prepayments by the Company’s Clients and loan origination or sales volumes;
•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 under the heading “Risk Factors” and in other documents filed by the Company with the Securities and Exchange Commission ("SEC") from time to time.
The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.
As used in this Quarterly Report on Form 10-Q, the terms “WSFS”, “the Company”, “registrant”, “we”, “us”, and “our” mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.
The following are registered trademarks of the Company: Bryn Mawr Trust®, Cash Connect®, NewLane Finance®, WSFS Institutional Services®, WSFS Mortgage® and WSFS Wealth® Investments. Any other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in thousands)
2025
2024
2025
2024
Net income
$
76,467
$
64,409
$
214,555
$
199,340
Less: Net income (loss) attributable to noncontrolling interest
18
(26)
(116)
(129)
Net income attributable to WSFS
76,449
64,435
214,671
199,469
Other comprehensive income (loss):
Net change in unrealized gains on investment securities available-for-sale
Net unrealized gains arising during the period, net of tax expense of $14,019, $40,491, $43,301, and $24,984, respectively
44,395
128,223
137,120
79,116
Net change in securities held-to-maturity
Amortization of net unrealized losses on available-for-sale securities reclassified to held-to-maturity, net of tax expense of $1,063, $1,252, $3,103, and $3,613, respectively
3,370
3,965
9,825
11,442
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized gain and prior service cost, net of tax benefit of $20 and $17, $58, and $72, respectively
(62)
(53)
(184)
(229)
Net change in cash flow hedge
Net unrealized (loss) gain arising during the period, net of tax (benefit) expense of $(68), $3,386, $1,295, and $1,169, respectively
(215)
10,722
4,100
3,702
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax (benefit) expense of $(7), $1, $(213), and $(18), respectively
(21)
4
(673)
(57)
Total other comprehensive income
47,467
142,861
150,188
93,974
Total comprehensive income
$
123,916
$
207,296
$
364,859
$
293,443
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
(Dollars in thousands, except per share and share data)
September 30, 2025
December 31, 2024
Assets:
Cash and due from banks
$
1,199,540
$
722,722
Cash in non-owned ATMs
364,733
430,320
Interest-bearing deposits in other banks including collateral (restricted cash) of $6,390 at September 30, 2025 and $1,701 at December 31, 2024
8,827
1,776
Total cash, cash equivalents, and restricted cash
1,573,100
1,154,818
Investment securities, available-for-sale (amortized cost of $4,029,355 at September 30, 2025 and $4,218,266 at December 31, 2024)
3,502,159
3,510,648
Investment securities, held-to-maturity, net of allowance for credit losses of $6 at September 30, 2025 and $7 at December 31, 2024 (fair value $886,182 at September 30, 2025 and $895,511 at December 31, 2024)
979,698
1,015,161
Other investments
17,715
18,184
Loans, held for sale at fair value
63,047
49,699
Loans and leases, net of allowance for credit losses of $183,230 at September 30, 2025 and $195,281 at December 31, 2024
12,777,336
12,996,218
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost
20,149
11,805
Other real estate owned
439
5,204
Accrued interest receivable
79,512
84,671
Premises and equipment
82,748
86,028
Goodwill and intangible assets
973,677
988,160
Other assets, net of allowance for credit losses of $2,268 at September 30, 2025 and $– at December 31, 2024
770,835
893,707
Total assets
$
20,840,415
$
20,814,303
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing
$
5,236,956
$
4,987,753
Interest-bearing
11,989,262
12,042,055
Total deposits
17,226,218
17,029,808
FHLB advances
—
51,040
Trust preferred borrowings
90,981
90,834
Senior and subordinated debt
148,804
218,631
Other borrowed funds
15,314
23,102
Accrued interest payable
25,742
38,173
Other liabilities
590,575
783,339
Total liabilities
18,097,634
18,234,927
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 76,444,957 at September 30, 2025 and 76,264,211 at December 31, 2024
764
763
Capital in excess of par value
2,002,681
1,996,191
Accumulated other comprehensive loss
(474,689)
(624,877)
Retained earnings
2,058,283
1,871,523
Treasury stock at cost, 21,017,515 shares at September 30, 2025 and 17,607,002 shares at December 31, 2024
(833,766)
(653,848)
Total stockholders’ equity of WSFS
2,753,273
2,589,752
Noncontrolling interest
(10,492)
(10,376)
Total stockholders' equity
2,742,781
2,579,376
Total liabilities and stockholders' equity
$
20,840,415
$
20,814,303
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended September 30, 2025
(Dollars in thousands, except per share and share amounts)
Shares
Common Stock
Capital in Excess of Par Value
Accumulated Other Comprehensive Loss
Retained Earnings
Treasury Stock
Total Stockholders' Equity of WSFS
Non-controlling Interest
Total Stockholders' Equity
Balance, June 30, 2025
76,425,414
$
764
$
1,999,338
$
(522,156)
$
1,991,330
$
(786,548)
$
2,682,728
$
(10,510)
$
2,672,218
Net income
—
—
—
—
76,449
—
76,449
18
76,467
Other comprehensive income
—
—
—
47,467
—
—
47,467
—
47,467
Cash dividend, $0.17 per share
—
—
—
—
(9,496)
—
(9,496)
—
(9,496)
Issuance of common stock including proceeds from exercise of common stock options (1)
19,543
—
228
—
—
—
228
—
228
Stock-based compensation expense
—
—
3,115
—
—
—
3,115
—
3,115
Repurchases of common stock (2)
—
—
—
—
—
(47,218)
(47,218)
—
(47,218)
Balance, September 30, 2025
76,444,957
$
764
$
2,002,681
$
(474,689)
$
2,058,283
$
(833,766)
$
2,753,273
$
(10,492)
$
2,742,781
Nine Months Ended September 30, 2025
(Dollars in thousands, except per share and share amounts)
Shares
Common Stock
Capital in Excess of Par Value
Accumulated Other Comprehensive Loss
Retained Earnings
Treasury Stock
Total Stockholders' Equity of WSFS
Non-controlling Interest
Total Stockholders' Equity
Balance, December 31, 2024
76,264,211
$
763
$
1,996,191
$
(624,877)
$
1,871,523
$
(653,848)
$
2,589,752
$
(10,376)
$
2,579,376
Net income (loss)
—
—
—
—
214,671
—
214,671
(116)
214,555
Other comprehensive income
—
—
—
150,188
—
—
150,188
—
150,188
Cash dividend, $0.49 per share
—
—
—
—
(27,911)
—
(27,911)
—
(27,911)
Issuance of common stock including proceeds from exercise of common stock options (3)
180,746
1
(2,952)
—
—
—
(2,951)
—
(2,951)
Stock-based compensation expense
—
—
9,442
—
—
—
9,442
—
9,442
Repurchases of common stock (4)
—
—
—
—
—
(179,918)
(179,918)
—
(179,918)
Balance, September 30, 2025
76,444,957
$
764
$
2,002,681
$
(474,689)
$
2,058,283
$
(833,766)
$
2,753,273
$
(10,492)
$
2,742,781
(1)Issuance of common stock includes 6,701 shares withheld to cover tax liabilities.
(2)Repurchases of common stock includes 827,100 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.
(3)Issuance of common stock includes 89,919 shares withheld to cover tax liabilities.
(4)Repurchases of common stock includes 3,410,513 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.
(Dollars in thousands, except per share and share amounts)
Shares
Common Stock
Capital in Excess of Par Value
Accumulated Other Comprehensive Loss
Retained Earnings
Treasury Stock
Total Stockholders' Equity of WSFS
Non-controlling Interest
Total Stockholders' Equity
Balance, June 30, 2024
76,208,354
$
762
$
1,989,289
$
(642,878)
$
1,760,598
$
(618,191)
$
2,489,580
$
(11,223)
$
2,478,357
Net income (loss)
—
—
—
—
64,435
—
64,435
(26)
64,409
Other comprehensive income
—
—
—
142,861
—
—
142,861
—
142,861
Cash dividend, $0.15 per share
—
—
—
—
(8,890)
—
(8,890)
—
(8,890)
Issuance of common stock including proceeds from exercise of common stock options (1)
38,417
—
1,436
—
—
—
1,436
—
1,436
Stock-based compensation expense
—
—
2,813
—
—
—
2,813
—
2,813
Repurchases of common stock (2)
—
—
534
—
—
(14,505)
(13,971)
—
(13,971)
Balance, September 30, 2024
76,246,771
$
762
$
1,994,072
$
(500,017)
$
1,816,143
$
(632,696)
$
2,678,264
$
(11,249)
$
2,667,015
Nine Months Ended September 30, 2024
(Dollars in thousands, except per share and share amounts)
Shares
Common Stock
Capital in Excess of Par Value
Accumulated Other Comprehensive Loss
Retained Earnings
Treasury Stock
Total Stockholders' Equity of WSFS
Non-controlling Interest
Total Stockholders' Equity
Balance, December 31, 2023
76,095,094
$
761
$
1,984,746
$
(593,991)
$
1,643,657
$
(557,537)
$
2,477,636
$
(7,821)
$
2,469,815
Net income (loss)
—
—
—
—
199,469
—
199,469
(129)
199,340
Other comprehensive income
—
—
—
93,974
—
—
93,974
—
93,974
Cash dividend, $0.45 per share
—
—
—
—
(26,983)
—
(26,983)
—
(26,983)
Distributions to noncontrolling shareholders
—
—
—
—
—
—
—
(3,299)
(3,299)
Issuance of common stock including proceeds from exercise of common stock options (3)
151,677
1
336
—
—
—
337
—
337
Stock-based compensation expense
—
—
8,990
—
—
—
8,990
—
8,990
Repurchases of common stock (4)
—
—
—
—
—
(75,159)
(75,159)
—
(75,159)
Balance, September 30, 2024
76,246,771
$
762
$
1,994,072
$
(500,017)
$
1,816,143
$
(632,696)
$
2,678,264
$
(11,249)
$
2,667,015
(1)Issuance of common stock includes 1,610 shares withheld to cover tax liabilities.
(2)Repurchases of common stock includes 266,672 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.
(3)Issuance of common stock includes 51,714 shares withheld to cover tax liabilities.
(4)Repurchases of common stock includes 1,656,501 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025
(UNAUDITED)
1. BASIS OF PRESENTATION
General
These unaudited Consolidated Financial Statements include the accounts of WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company), and its consolidated subsidiaries. WSFS’ primary subsidiary is Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank). As of September 30, 2025, the other subsidiaries of WSFS include The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), WSFS SPE Services, LLC, and 601 Perkasie, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank has two wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).
Overview
Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). The Company provides residential and commercial mortgage, commercial and consumer lending services, as well as consumer deposit and treasury management services. The Company's core banking business is commercial lending funded primarily by client-generated deposits. The Company also originates small business leases and provides commercial financing to businesses nationwide, primarily through NewLane Finance®. In addition, the Company offers a variety of wealth management and trust services to individuals, institutions and corporations. The Company provides ATM vault cash, smart safe and cash logistics services in the United States through our Cash Connect® business. The Federal Deposit Insurance Corporation (FDIC) insures the Company's clients’ deposits to their legal maximums. The Company serves its clients primarily from 114 offices located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2), Nevada (1) and Virginia (1), its ATM network, website at www.wsfsbank.com and mobile app. Information on the website is not incorporated by reference into this Quarterly Report on Form 10-Q.
Basis of Presentation
In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity, as well as accounts receivable for fee businesses), loans held for sale, lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and/or intangible assets, the establishment of additional allowance and lending-related commitment reserves, changes in the fair value of financial instruments, as well as increased post-retirement benefits and income tax expense.
The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2025. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report on Form 10-K) that was filed with the SEC on February 28, 2025 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.
The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Company's 2024 Annual Report on Form 10-K. Those significant accounting policies remain unchanged at September 30, 2025.
RECENT ACCOUNTING PRONOUNCEMENTS
The following accounting pronouncement was adopted by the Company during the three months ended September 30, 2025, but did not have a material impact on the unaudited Consolidated Financial Statements.
ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05): In July 2025, the FASB issued ASU 2025-05, which provides a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts when estimating expected credit losses. The amendments will be applied prospectively.
There were no other applicable material accounting pronouncements adopted by the Company since December 31, 2024.
Accounting Guidance Pending Adoption as of September 30, 2025
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09): In December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. The Company is finalizing its assessment of this update and the impact on its disclosures and will adopt this guidance beginning with its Annual Report on Form 10-K for the year ending December 31, 2025.
ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03): In November 2024, the FASB issued ASU 2024-03, which requires entities to disclose disaggregated information about certain income statement expense line items in the notes to their financial statements on an annual and interim basis. Subsequently, in January 2025, the FASB issued ASU 2025-01— Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, making ASU 2024-03 effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating this update to determine the impact on the Company’s disclosures.
ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06): In September 2025, the FASB issued ASU 2025-06, which clarifies the capitalization threshold on costs to develop software for internal use. This update removes the prescriptive and sequential software development stages (referred to as “project stages”) and requires entities to start capitalizing software costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods on a prospective, modified transition, or a retrospective basis. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating this update to determine its impact on the Consolidated Financial Statements.
The following table presents the components of credit/debit card and ATM income:
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in thousands)
2025
2024
2025
2024
Bailment fees
$
13,609
$
19,616
$
41,065
$
53,399
Interchange fees
4,038
4,046
11,862
11,770
Other card and ATM fees
840
959
2,612
2,996
Total credit/debit card and ATM income
$
18,487
$
24,621
$
55,539
$
68,165
Credit/debit card and ATM income is composed of bailment fees, interchange fees, and other card and ATM fees. Bailment fees are earned from bailment arrangements with clients. Bailment arrangements are legal relationships in which property is delivered to another party without a transfer of ownership. The party who transferred the property (the bailor) retains ownership interest of the property. In the event that the bailee files for bankruptcy protection, the property is not included in the bailee's assets. The bailee pays an agreed-upon fee for the use of the bailor's property in exchange for the bailor allowing use of the assets at the bailee's site. Bailment fees are earned from cash that is made available for clients' use at an offsite location, such as cash located in an ATM at a client's place of business. These fees are typically indexed to a market interest rate. This revenue stream generates fee income through monthly billing for bailment services.
Credit/debit card and ATM income also includes interchange fees. Interchange fees are paid by a merchant's bank to a bank that issued a debit or credit card used in a transaction to compensate the issuing bank for the value and benefit the merchant receives from accepting electronic payments. These revenue streams generate fee income at the time a transaction occurs and are recorded as revenue at the time of the transaction.
Investment management and fiduciary income
The following table presents the components of investment management and fiduciary income:
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in thousands)
2025
2024
2025
2024
Trust fees
$
31,511
$
25,295
$
91,902
$
73,299
Wealth management and advisory fees
9,761
11,353
32,425
33,883
Total investment management and fiduciary income
$
41,272
$
36,648
$
124,327
$
107,182
Investment management and fiduciary income is composed of trust fees and wealth management and advisory fees. Trust fees are based on revenue earned from custody, escrow, trustee and trustee related services on structured finance transactions; indenture trustee, administrative agent, paying agent and collateral agent services to individuals, institutions and corporations; commercial domicile and independent director services; and investment and trustee services to families and individuals. Most fees are flat fees, except for a portion of personal and corporate trustee fees where the Company earns a percentage on the assets under management or assets held within a trust. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for services provided.
Wealth management and advisory fees consists of fees from Bryn Mawr Trust®, BMTA, WSFS Wealth Management, LLC (for the three and six months ended June 30, 2025), and WSFS Wealth® Investments. Wealth management and advisory fees are based on revenue earned from services including asset management, financial planning, family office, and brokerage. The fees are based on the market value of assets, are assessed as a flat fee, or are brokerage commissions. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for the services.
The following table presents the components of deposit service charges:
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in thousands)
2025
2024
2025
2024
Service fees
$
4,682
$
4,649
$
13,930
$
13,533
Return and overdraft fees
2,026
1,867
5,721
5,315
Other deposit service fees
293
321
905
972
Total deposit service charges
$
7,001
$
6,837
$
20,556
$
19,820
Deposit service charges includes revenue earned from core deposit products, certificates of deposit, and brokered deposits. The Company generates fee revenues from deposit service charges primarily through service charges and overdraft fees. Service charges consist primarily of monthly account maintenance fees, treasury management fees, foreign ATM fees and other maintenance fees. All of these revenue streams generate fee income through service charges for monthly account maintenance and similar items, transfer fees, late fees, overlimit fees, and stop payment fees. Revenue is recorded at the time of the transaction.
Other income
The following table presents the components of other income:
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in thousands)
2025
2024
2025
2024
Managed service fees
$
4,914
$
5,529
$
14,796
$
16,976
Currency preparation
1,691
1,915
5,152
5,514
ATM loss protection
659
834
1,963
2,577
Capital markets revenue
3,017
3,371
6,610
9,750
Miscellaneous products and services
4,311
6,767
14,261
14,770
Total other income
$
14,592
$
18,416
$
42,782
$
49,587
Other income consists of managed service fees, which are primarily courier fees related to cash management, currency preparation, ATM loss protection, Capital Markets revenue, and other miscellaneous products and services offered by the Bank. These fees are primarily generated through monthly billings or at the time of the transaction. Capital Markets revenue consists of fees related to interest rate swaps, risk participation agreements, foreign exchange contracts, letters of credit, and trade finance products and services offered by the Bank.
Arrangements with multiple performance obligations
The Company's contracts with clients may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to clients.
Practical expedients and exemptions
The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.
See Note 14 for further information about the disaggregation of noninterest income by segment.
The following table shows the computation of basic and diluted earnings per share:
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars and shares in thousands, except per share data)
2025
2024
2025
2024
Numerator:
Net income attributable to WSFS
$
76,449
$
64,435
$
214,671
$
199,469
Denominator:
Weighted average basic shares
55,805
59,186
56,977
59,788
Dilutive potential common shares
156
208
195
168
Weighted average fully diluted shares
55,961
59,394
$
57,172
$
59,956
Earnings per share:
Basic
$
1.37
$
1.09
$
3.77
$
3.34
Diluted
$
1.37
$
1.08
$
3.75
$
3.33
Outstanding common stock equivalents having no dilutive effect
—
—
1
2
Basic earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average basic shares outstanding. Diluted earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average fully diluted shares outstanding, using the treasury stock method. Fully diluted shares include the adjustment for the dilutive effect of common stock awards, which include outstanding stock options and unvested restricted stock units and performance stock units under the 2018 Incentive Plan.
5. INVESTMENT SECURITIES
Debt Securities
The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
September 30, 2025
(Dollars in thousands)
Amortized Cost
Gross Unrealized Gain
Gross Unrealized Loss
Allowance for Credit Losses
Fair Value
Available-for-Sale Debt Securities
Collateralized mortgage obligations (CMO)
$
490,692
$
425
$
74,326
$
—
$
416,791
Fannie Mae (FNMA) mortgage-backed securities (MBS)
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $87.6 million at September 30, 2025, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $100.5 million at December 31, 2024, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
The scheduled maturities of available-for-sale debt securities at September 30, 2025 and December 31, 2024 are presented in the table below:
Available-for-Sale
Amortized
Fair
(Dollars in thousands)
Cost
Value
September 30, 2025 (1)
Within one year
$
46,291
$
45,761
After one year but within five years
158,811
150,121
After five years but within ten years
483,677
429,792
After ten years
3,340,576
2,876,485
$
4,029,355
$
3,502,159
December 31, 2024 (1)
Within one year
$
16,833
$
16,698
After one year but within five years
147,157
138,870
After five years but within ten years
487,921
409,908
After ten years
3,566,355
2,945,172
$
4,218,266
$
3,510,648
(1)Actual maturities could differ from contractual maturities.
As of September 30, 2025, the Company’s available-for-sale investment securities consisted of 1,009 securities, 954 of which were in an unrealized loss position, and substantially all of the Company's available-for-sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. As of September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity.
The scheduled maturities of held-to-maturity debt securities at September 30, 2025 and December 31, 2024 are presented in the table below:
Held-to-Maturity
Amortized
Fair
(Dollars in thousands)
Cost
Value
September 30, 2025 (1)
Within one year
$
1,420
$
1,420
After one year but within five years
19,175
19,163
After five years but within ten years
68,957
68,957
After ten years
890,152
796,642
$
979,704
$
886,182
December 31, 2024 (1)
Within one year
$
—
$
—
After one year but within five years
16,727
16,444
After five years but within ten years
51,671
50,451
After ten years
946,770
828,616
$
1,015,168
$
895,511
(1)Actual maturities could differ from contractual maturities.
MBS may have expected maturities that differ from their contractual maturities. These differences arise because issuers may have the right to call securities and borrowers may have the right to prepay obligations with or without prepayment penalty.
The held-to-maturity debt securities are not collateral-dependent securities as these are general obligation bonds issued by cities, states, counties, or other local governments, and government-sponsored MBS.
Investment securities with fair market values aggregating $3.7 billion and $3.3 billion were pledged as collateral for investment sweep repurchase agreements, municipal deposits, and other obligations as of September 30, 2025 and December 31, 2024, respectively.
During the nine months ended September 30, 2025 and 2024, the Company had no sales of debt securities categorized as available-for-sale.
As of September 30, 2025 and December 31, 2024, the Company's debt securities portfolio had remaining unamortized premiums of $42.1 million and $48.1 million, respectively, and unaccreted discounts of $17.1 million and $17.6 million, respectively.
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at September 30, 2025.
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2024.
Duration of Unrealized Loss Position
Less than 12 months
12 months or longer
Total
Fair
Unrealized
Fair
Unrealized
Fair
Unrealized
(Dollars in thousands)
Value
Loss
Value
Loss
Value
Loss
Available-for-sale debt securities:
CMO
$
—
$
—
$
420,663
$
95,967
$
420,663
$
95,967
FNMA MBS
46,971
525
2,691,778
549,486
2,738,749
550,011
FHLMC MBS
6
—
105,508
13,091
105,514
13,091
GNMA MBS
4,404
143
35,054
3,759
39,458
3,902
GSE agency notes
—
—
177,937
44,932
177,937
44,932
$
51,381
$
668
$
3,430,940
$
707,235
$
3,482,321
$
707,903
The Company does not have the intent to sell, nor is it more likely than not it will be required to sell these securities before it is able to recover the amortized cost basis. The unrealized losses are the result of changes in market interest rates subsequent to purchase, not credit loss, as these are highly rated agency securities with no expected credit loss, in the event of a default. As a result, there is no allowance for credit losses recorded for available-for-sale debt securities as of September 30, 2025.
At September 30, 2025 and December 31, 2024, held-to-maturity debt securities had an amortized cost basis of $1.0 billion. The held-to-maturity debt security portfolio primarily consists of mortgage-backed securities which were issued or guaranteed by U.S. government-sponsored entities and agencies and highly rated municipal bonds. The Company monitors credit quality of its non-government and non-agency securities through credit ratings. The following table summarizes the amortized cost of debt securities held-to-maturity as of September 30, 2025, aggregated by credit quality indicator:
(Dollars in thousands)
FNMA MBS
State and political subdivisions
A+ rated or higher
$
—
$
180,156
Not rated
799,548
—
Ending balance
$
799,548
$
180,156
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2024, aggregated by credit quality indicator:
The Company reviewed its held-to-maturity debt securities by major security type for potential credit losses. There was no activity in the allowance for credit losses for FNMA MBS debt securities for the nine months ended September 30, 2025 and 2024. The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the three and nine months ended September 30, 2025 and 2024:
Three months ended September 30,
Nine months ended September 30,
(Dollars in thousands)
2025
2024
2025
2024
Allowance for credit losses:
Beginning balance
$
6
$
7
$
7
$
8
Release of credit losses
—
—
(1)
(1)
Ending balance
$
6
$
7
$
6
$
7
Accrued interest receivable of $3.0 million and $3.6 million as of September 30, 2025 and December 31, 2024, respectively, for held-to-maturity debt securities were excluded from the evaluation of allowance for credit losses. There were no nonaccrual or past due held-to-maturity debt securities as of September 30, 2025 and December 31, 2024.
Equity Investments
The Company had equity investments of $17.7 million and $18.2 million as of September 30, 2025 and December 31, 2024, respectively. The Company recognized realized gains of $0.9 million and $1.0 million related to our equity investments for the three and nine months ended September 30, 2025, respectively. The Company recognized realized gains of $0.1 million and $2.2 million related to our equity investments for the three and nine months ended September 30, 2024, respectively.
The following table shows the Company's loan and lease portfolio by category:
(Dollars in thousands)
September 30, 2025
December 31, 2024
Commercial and industrial
$
2,625,152
$
2,656,174
Owner-occupied commercial
1,922,767
1,973,645
Commercial mortgages
3,855,971
4,030,627
Construction
1,003,986
832,093
Commercial small business leases
617,256
647,516
Residential(1)
1,038,656
965,051
Consumer(2)
1,896,778
2,086,393
12,960,566
13,191,499
Less:
Allowance for credit losses
183,230
195,281
Net loans and leases
$
12,777,336
$
12,996,218
(1) Includes reverse mortgages at fair value of $5.3 millionat September 30, 2025 and $3.6 millionat December 31, 2024.
(2) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
Accrued interest receivable on loans and leases was $64.0 million and $67.5 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on loans and leases was excluded from the evaluation of allowance for credit losses.
Allowance for Credit Losses Related to Loans and Leases
The following tables provide the activity of allowance for credit losses and loan balances for our loan and lease portfolio for the three and nine months ended September 30, 2025 and 2024. For the three and nine months ended September 30, 2025, the decrease was primarily due to the resolution of several problem loans as well as the Upstart loan sale.
(Dollars in thousands)
Commercial and Industrial
Owner-occupied Commercial
Commercial Mortgages
Construction
Commercial Small Business Leases
Residential(1)
Consumer(2)
Total
Three months ended September 30, 2025
Allowance for credit losses
Beginning balance
$
52,121
$
8,584
$
54,775
$
10,696
$
18,301
$
5,815
$
36,012
$
186,304
Charge-offs
(7,363)
(4)
(43)
—
(3,860)
—
(1,083)
(12,353)
Recoveries
1,541
4
—
—
932
43
747
3,267
Charge-offs arising from transfer of loans to held for sale
—
—
—
—
—
—
(826)
(826)
Provision (release)
3,330
(273)
(6,122)
6,478
1,892
594
939
6,838
Ending balance
$
49,629
$
8,311
$
48,610
$
17,174
$
17,265
$
6,452
$
35,789
$
183,230
Nine months ended September 30, 2025
Allowance for credit losses
Beginning balance
$
57,131
$
9,139
$
48,962
$
9,185
$
15,965
$
5,566
$
49,333
$
195,281
Charge-offs
(28,514)
(4)
(240)
—
(11,203)
—
(8,059)
(48,020)
Recoveries
3,985
16
527
—
2,265
140
6,339
13,272
Charge-offs arising from transfer of loans to held for sale
(552)
—
—
—
—
—
(8,929)
(9,481)
Provision (release)
17,579
(840)
(639)
7,989
10,238
746
(2,895)
32,178
Ending balance
$
49,629
$
8,311
$
48,610
$
17,174
$
17,265
$
6,452
$
35,789
$
183,230
Period-end allowance allocated to:
Loans evaluated on an individual basis
$
—
$
—
$
—
$
6,069
$
—
$
—
$
—
$
6,069
Loans evaluated on a collective basis
49,629
8,311
48,610
11,105
17,265
6,452
35,789
177,161
Ending balance
$
49,629
$
8,311
$
48,610
$
17,174
$
17,265
$
6,452
$
35,789
$
183,230
Period-end loan balances:
Loans evaluated on an individual basis
$
14,986
$
6,672
$
3,145
$
29,381
$
—
$
8,149
$
3,024
$
65,357
Loans evaluated on a collective basis
2,610,166
1,916,095
3,852,826
974,605
617,256
1,025,194
1,893,754
12,889,896
Ending balance
$
2,625,152
$
1,922,767
$
3,855,971
$
1,003,986
$
617,256
$
1,033,343
$
1,896,778
$
12,955,253
(1)Period-end loan balance excludes reverse mortgages at fair value of $5.3 million.
(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
(1)Residential accruing current balances excludes reverse mortgages, at fair value of $3.6 million.
(2)Includes $15.6 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.
The following table presents the amortized cost basis of nonaccruing collateral-dependent loans by class at September 30, 2025 and December 31, 2024:
September 30, 2025
December 31, 2024
(Dollars in thousands)
Property
Equipment and other
Property
Equipment and other
Commercial and industrial(1)
$
6,788
$
8,054
$
41,105
$
20,704
Owner-occupied commercial
6,502
—
4,710
—
Commercial mortgages
3,145
—
22,223
—
Construction
29,381
—
25,600
—
Residential(2)
4,892
—
5,011
—
Consumer(3)
3,014
26
2,828
—
Total
$
53,722
$
8,080
$
101,477
$
20,704
(1)Excludes $10.3 million of nonaccruing loans held for sale.
(2)Excludes reverse mortgages at fair value.
(3)Includes home equity lines of credit.
As of September 30, 2025, there were 30 residential loans and 34 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $5.6 million and $43.0 million, respectively. As of December 31, 2024, there were 31 residential loans and 15 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $5.6 million and $6.6 million, respectively. Loan workout and other real estate owned (OREO) expenses (recoveries) were $1.1 million and $3.3 million during the three and nine months ended September 30, 2025, respectively, and $0.8 million and $0.7 million during three and nine months ended September 30, 2024, respectively. Loan workout and OREO expenses are included in Loan workout and other credit costs on the unaudited Consolidated Statements of Income.
Below is a description of each of the risk ratings for all commercial loans:
•Pass. These borrowers currently show no indication of deterioration or potential problems and their loans are considered fully collectible.
•Special Mention. These borrowers have potential weaknesses that deserve management’s close attention. Borrowers in this category may be experiencing adverse operating trends, for example, declining revenues or margins, high leverage, tight liquidity, or increasing inventory without increasing sales. These adverse trends can have a potential negative effect on the borrower’s repayment capacity. These assets are not adversely classified and do not expose the Bank to significant risk that would warrant a more severe rating. Borrowers in this category may also be experiencing significant management problems, pending litigation, or other structural credit weaknesses.
•Substandard or Lower. These borrowers have well-defined weaknesses that require extensive oversight by management. Borrowers in this category may exhibit one or more of the following: inadequate debt service coverage, unprofitable operations, insufficient liquidity, high leverage, and weak or inadequate capitalization. Relationships in this category are not adequately protected by the sound financial worth and paying capacity of the obligor or the collateral pledged on the loan, if any. A distinct possibility exists that the Bank will sustain some loss if the deficiencies are not corrected. In addition, some borrowers in this category could have the added characteristic that the possibility of loss is extremely high. Current circumstances in the credit relationship make collection or liquidation in full highly questionable. Such impending events include: perfecting liens on additional collateral, obtaining collateral valuations, an acquisition or liquidation preceding, proposed merger, or refinancing plan.
Residential and Consumer Loans
The residential and consumer loan portfolios are monitored on an ongoing basis using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans that are greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status.
The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of September 30, 2025.
Term Loans Amortized Cost Basis by Origination Year(1)(2)
(Dollars in thousands)
2025
2024
2023
2022
2021
Prior
Revolving loans amortized cost basis
Revolving loans converted to term
Total
Commercial and industrial:
Risk Rating
Pass
$
512,106
$
599,556
$
376,825
$
249,644
$
75,397
$
320,403
$
7,889
$
277,683
$
2,419,503
Special mention
8,755
2,904
6,690
14,414
826
4,149
—
3,133
40,871
Substandard or Lower
52,491
30,376
8,716
6,432
3,539
31,392
25
31,807
164,778
$
573,352
$
632,836
$
392,231
$
270,490
$
79,762
$
355,944
$
7,914
$
312,623
$
2,625,152
Current-period gross charge-offs
$
20
$
5,888
$
1,635
$
1,664
$
13,390
$
6,469
$
—
$
—
$
29,066
Owner-occupied commercial:
Risk Rating
Pass
$
185,776
$
247,043
$
255,409
$
182,827
$
191,648
$
468,775
$
—
$
266,597
$
1,798,075
Special mention
2,126
—
691
1,384
1,249
26,218
—
7,859
39,527
Substandard or Lower
2,989
5,712
15,975
10,612
9,522
30,843
—
9,512
85,165
$
190,891
$
252,755
$
272,075
$
194,823
$
202,419
$
525,836
$
—
$
283,968
$
1,922,767
Current-period gross charge-offs
$
—
$
—
$
4
$
—
$
—
$
—
$
—
$
—
$
4
Commercial mortgages:
Risk Rating
Pass
$
381,971
$
408,112
$
556,056
$
348,303
$
365,412
$
1,025,437
$
—
$
569,406
$
3,654,697
Special mention
18,921
739
1,611
—
4,159
46,134
—
23,740
95,304
Substandard or Lower
15,417
8,529
2,602
15,303
1,518
51,883
—
10,718
105,970
$
416,309
$
417,380
$
560,269
$
363,606
$
371,089
$
1,123,454
$
—
$
603,864
$
3,855,971
Current-period gross charge-offs
$
—
$
34
$
9
$
—
$
—
$
197
$
—
$
—
$
240
Construction:
Risk Rating
Pass
$
330,722
$
273,830
$
192,867
$
73,666
$
4,384
$
10,909
$
—
$
54,602
$
940,980
Special mention
—
—
—
—
—
—
—
—
—
Substandard or Lower
32,852
5,435
22,099
—
—
—
—
2,620
63,006
$
363,574
$
279,265
$
214,966
$
73,666
$
4,384
$
10,909
$
—
$
57,222
$
1,003,986
Current-period gross charge-offs
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Commercial small business leases:
Risk Rating
Performing
$
147,082
$
200,265
$
138,961
$
80,540
$
29,661
$
20,747
$
—
$
—
$
617,256
Nonperforming
—
—
—
—
—
—
—
—
—
$
147,082
$
200,265
$
138,961
$
80,540
$
29,661
$
20,747
$
—
$
—
$
617,256
Current-period gross charge-offs
$
357
$
2,148
$
3,980
$
3,143
$
1,343
$
232
$
—
$
—
$
11,203
Residential(3):
Risk Rating
Performing
$
158,264
$
162,100
$
151,244
$
60,257
$
87,089
$
406,084
$
—
$
—
$
1,025,038
Nonperforming
—
—
116
—
3,453
4,736
—
—
8,305
$
158,264
$
162,100
$
151,360
$
60,257
$
90,542
$
410,820
$
—
$
—
$
1,033,343
Current-period gross charge-offs
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Consumer(4):
Risk Rating
Performing
$
49,579
$
229,171
$
247,427
$
338,060
$
90,955
$
260,397
$
668,228
$
9,937
$
1,893,754
Nonperforming
—
—
155
234
—
78
2,343
214
3,024
$
49,579
$
229,171
$
247,582
$
338,294
$
90,955
$
260,475
$
670,571
$
10,151
$
1,896,778
Current-period gross charge-offs
$
9,212
$
558
$
1,758
$
3,647
$
1,082
$
731
$
—
$
—
$
16,988
(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.
(2)Excludes loans held for sale.
(3)Excludes reverse mortgages at fair value.
(4)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of December 31, 2024.
Term Loans Amortized Cost Basis by Origination Year(1)(2)
(Dollars in thousands)
2024
2023
2022
2021
2020
Prior
Revolving loans amortized cost basis
Revolving loans converted to term
Total
Commercial and industrial:
Risk Rating
Pass
$
662,723
$
542,655
$
345,370
$
126,173
$
155,137
$
309,445
$
8,744
$
252,524
$
2,402,771
Special mention
18,861
386
4,147
1,176
2,490
607
—
1,868
29,535
Substandard or Lower
68,282
28,707
19,960
4,587
21,589
29,785
27
50,931
223,868
$
749,866
$
571,748
$
369,477
$
131,936
$
179,216
$
339,837
$
8,771
$
305,323
$
2,656,174
Current-period gross charge-offs
$
102
$
1,303
$
4,276
$
706
$
275
$
8,828
$
—
$
—
$
15,490
Owner-occupied commercial:
Risk Rating
Pass
$
285,146
$
296,339
$
224,797
$
225,086
$
168,368
$
404,515
$
—
$
238,356
$
1,842,607
Special mention
—
—
498
—
25,220
—
—
756
26,474
Substandard or Lower
3,501
9,044
21,913
8,885
4,807
41,044
—
15,370
104,564
$
288,647
$
305,383
$
247,208
$
233,971
$
198,395
$
445,559
$
—
$
254,482
$
1,973,645
Current-period gross charge-offs
$
—
$
114
$
—
$
—
$
—
$
63
$
—
$
—
$
177
Commercial mortgages:
Risk Rating
Pass
$
546,404
$
740,711
$
396,458
$
414,546
$
379,637
$
858,744
$
—
$
506,394
$
3,842,894
Special mention
15,606
3,389
—
1,962
2,356
2,136
—
36,738
62,187
Substandard or Lower
43,572
23,996
16,328
2,077
20,880
18,165
—
528
125,546
$
605,582
$
768,096
$
412,786
$
418,585
$
402,873
$
879,045
$
—
$
543,660
$
4,030,627
Current-period gross charge-offs
$
—
$
62
$
—
$
—
$
97
$
5,590
$
—
$
—
$
5,749
Construction:
Risk Rating
Pass
$
318,363
$
277,130
$
161,517
$
3,112
$
87
$
3,319
$
—
$
22,416
$
785,944
Special mention
—
—
—
—
—
—
—
—
—
Substandard or Lower
19,759
—
20,779
791
—
—
—
4,820
46,149
$
338,122
$
277,130
$
182,296
$
3,903
$
87
$
3,319
$
—
$
27,236
$
832,093
Current-period gross charge-offs
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Commercial small business leases:
Risk Rating
Performing
$
247,583
$
189,509
$
121,990
$
56,998
$
14,569
$
16,867
$
—
$
—
$
647,516
Nonperforming
—
—
—
—
—
—
—
—
—
$
247,583
$
189,509
$
121,990
$
56,998
$
14,569
$
16,867
$
—
$
—
$
647,516
Current-period gross charge-offs
$
1,018
$
5,442
$
8,216
$
3,645
$
1,235
$
477
$
—
$
—
$
20,033
Residential(3):
Risk Rating
Performing
$
170,647
$
176,923
$
62,833
$
92,574
$
49,994
$
399,981
$
—
$
—
$
952,952
Nonperforming
—
120
360
3,468
983
3,543
—
—
8,474
$
170,647
$
177,043
$
63,193
$
96,042
$
50,977
$
403,524
$
—
$
—
$
961,426
Current-period gross charge-offs
$
—
$
—
$
—
$
—
$
—
$
125
$
—
$
—
$
125
Consumer(4):
Risk Rating
Performing
$
282,465
$
350,605
$
446,701
$
116,890
$
85,633
$
229,340
$
564,839
$
7,124
$
2,083,597
Nonperforming
—
249
96
265
192
—
1,697
297
2,796
$
282,465
$
350,854
$
446,797
$
117,155
$
85,825
$
229,340
$
566,536
$
7,421
$
2,086,393
Current-period gross charge-offs
$
1,282
$
3,942
$
13,955
$
2,837
$
863
$
670
$
—
$
—
$
23,549
(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.
(2)Excludes loans held for sale.
(3)Excludes reverse mortgages at fair value.
(4)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
The Company offers loan modifications to commercial and consumer borrowers that may result in a term extension, payment delay, interest rate reduction, principal forgiveness, or combination thereof. Loan modifications are offered on a case-by-case basis and are generally term extension, payment delay, and interest rate reduction modification types. Forbearance (due to hardship) programs result in modification types including payment delay and/or term extension. In addition, certain reorganization bankruptcy judgments may result in interest rate reduction, term extension, or principal forgiveness modification types.
The following tables show the period-end amortized cost basis of troubled loans modified during the three and nine months ended September 30, 2025 and 2024, disaggregated by portfolio segment and type of modification granted:
Three Months Ended September 30, 2025
(Dollars in thousands)
Term Extension
More-Than-Insignificant Payment Delay
Combination- Term Extension and Payment Delay
Total
% of Total Loan Category
Commercial and industrial
$
15,895
$
—
$
272
$
16,167
0.62
%
Owner-occupied commercial
484
—
3,011
3,495
0.18
%
Commercial mortgages
19,158
—
—
19,158
0.50
%
Construction
1,714
—
—
1,714
0.17
%
Consumer(1)
271
136
6
413
0.02
%
Total
$
37,522
$
136
$
3,289
$
40,947
0.32
%
Nine Months Ended September 30, 2025
(Dollars in thousands)
Term Extension
More-Than-Insignificant Payment Delay
Combination- Term Extension and Payment Delay
Total
% of Total Loan Category
Commercial and industrial
$
18,235
$
2,500
$
302
$
21,037
0.80
%
Owner-occupied commercial
610
739
3,011
4,360
0.23
%
Commercial mortgages
50,410
—
6,570
56,980
1.48
%
Construction
28,474
—
—
28,474
2.84
%
Consumer(1)
273
327
399
999
0.05
%
Total
$
98,002
$
3,566
$
10,282
$
111,850
0.86
%
(1)Includes home equity lines of credit, installment loans and unsecured lines of credit.
Combination- Term Extension and Interest Rate Reduction
Total
% of Total Loan Category
Commercial and industrial
$
7,021
$
—
$
15,157
$
—
$
28
$
22,206
0.84
%
Commercial mortgages
14,557
—
—
—
—
14,557
0.35
%
Construction
18,120
—
—
—
—
18,120
2.25
%
Residential
—
121
25
—
—
146
0.02
%
Consumer(1)
307
—
879
1,234
—
2,420
0.11
%
Total
$
40,005
$
121
$
16,061
$
1,234
$
28
$
57,449
0.43
%
Nine Months Ended September 30, 2024
(Dollars in thousands)
Term Extension
Interest Rate Reduction
More-Than-Insignificant Payment Delay
Combination- Term Extension and Payment Delay
Combination- Term Extension and Interest Rate Reduction
Total
% of Total Loan Category
Commercial and industrial
$
66,728
$
—
$
16,028
$
755
$
28
$
83,539
3.17
%
Commercial mortgages
14,557
—
—
—
—
14,557
0.35
%
Construction
21,294
—
—
—
—
21,294
2.64
%
Residential
—
121
25
—
—
146
0.02
%
Consumer(1)
717
—
1,897
3,406
—
6,020
0.28
%
Total
$
103,296
$
121
$
17,950
$
4,161
$
28
$
125,556
0.94
%
(1)Includes home equity lines of credit, installment loans and unsecured lines of credit.
The following table describes the financial effect of the modifications made to troubled loans during the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, 2025
Nine Months Ended September 30, 2025
Term Extension(1)
More-Than-Insignificant Payment Delay(2)
Term Extension(1)
More-Than-Insignificant Payment Delay(2)
Commercial and industrial
1.88
—%
1.77
0.02%
Owner-occupied commercial
0.81
0.02
0.82
0.03
Commercial mortgages
1.18
—
0.80
0.05
Construction
0.49
—
0.87
—
Consumer
3.68
—
1.81
0.01
Three Months Ended September 30, 2024
Nine Months Ended September 30, 2024
Term Extension(1)
Interest Rate Reduction(3)
More-Than-Insignificant Payment Delay(2)
Term Extension(1)
Interest Rate Reduction(3)
More-Than-Insignificant Payment Delay(2)
Commercial and industrial
0.31
6.11%
0.11%
0.90
6.11%
0.13%
Commercial mortgages
0.45
—
—
0.45
—
—
Construction
0.17
—
—
0.37
—
—
Residential
0
4.25
—
0
4.25
—
Consumer
0.49
—
0.02
0.48
—
0.04
(1)Represents the weighted-average increase in the life of modified loans measured in years, which reduces monthly payment amounts for borrowers.
(2)Represents the percentage of loans deferred over the total loan portfolio excluding reverse mortgages at fair value.
(3)Represents the weighted-average decrease in the contractual interest rate on the modified loans.
As of September 30, 2025 and December 31, 2024, the Company had commitments to extend credit of $4.0 million and $18.6 million, respectively, to borrowers experiencing financial difficulty whose terms had been modified.
Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.
The following tables show the amortized cost of loans that received a modification that had a payment default during the three and nine months ended September 30, 2025 and 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
The Company closely monitors the performance of troubled loans to understand the effectiveness of its modification efforts. The following tables show the performance of loans that have been modified in the last 12 months as of September 30, 2025 and 2024:
September 30, 2025
(Dollars in thousands)
30-89 Days Past Due and Still Accruing
90+ Days Past Due and Still Accruing
Accruing Current Balances
Nonaccrual Loans
Total
Commercial and industrial(1)
$
—
$
—
$
32,097
$
3,363
$
35,460
Owner-occupied commercial
—
—
2,197
2,163
4,360
Commercial mortgages
6,570
—
50,929
—
57,499
Construction
—
—
21,355
26,760
48,115
Consumer(2)
1
—
916
106
1,023
Total
$
6,571
$
—
$
107,494
$
32,392
$
146,457
(1)Excludes $10.3 million of troubled loans held for sale.
(2)Includes home equity lines of credit, installment loans and unsecured lines of credit.
September 30, 2024
30-89 Days Past Due and Still Accruing
90+ Days Past Due and Still Accruing
Accruing Current Balances
Nonaccrual Loans
Total
Commercial and industrial
$
—
$
—
$
63,410
$
44,121
$
107,531
Commercial mortgages
—
—
30,001
—
30,001
Construction
—
—
21,294
—
21,294
Residential
—
—
—
309
309
Consumer(1)
908
382
6,147
182
7,619
Total
$
908
$
382
$
120,852
$
44,612
$
166,754
(1)Includes home equity lines of credit, installment loans and unsecured lines of credit.
Allowance for Credit Losses Related to Other Accounts Receivable
The Company determines the allowance for other accounts receivable (e.g. fee-related receivables) considering historical loss information and other available indicators. In certain cases where there are no historical or current indicators of an expected credit loss, we may estimate the reserve to be close to zero. The allowance for credit losses related to other accounts receivable was $2.3 million as of September 30, 2025.
As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment. As a lessor, the Company primarily provides financing through its equipment leasing business.
Lessee
The Company's ongoing leases have remaining lease terms of less than one year to 20 years, which includes renewal options that are reasonably expected to be exercised at its discretion. The Company's lease terms to calculate the lease liability and right-of-use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right-of-use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statements of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statements of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties.
The components of operating lease cost were as follows:
Three months ended
Nine months ended
(Dollars in thousands)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Operating lease cost (1)
$
3,919
$
4,308
$
12,547
$
12,732
Sublease income
(27)
(30)
(78)
(90)
Net lease cost
$
3,892
$
4,278
$
12,469
$
12,642
(1)Includes variable lease cost and short-term lease cost.
Supplemental information related to operating leases was as follows:
(Dollars in thousands)
September 30, 2025
December 31, 2024
Right-of-use assets
$
107,267
$
131,126
Lease liabilities
$
130,465
$
152,364
Lease term and discount rate
Weighted average remaining lease term (in years)
11.46
12.62
Weighted average discount rate
5.24
%
5.28
%
Maturities of operating lease liabilities were as follows:
Supplemental cash flow information related to operating leases was as follows:
Three months ended
Nine months ended
(Dollars in thousands)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
4,901
$
4,999
$
14,368
$
14,482
As of September 30, 2025, the Company had entered into one lease that has not yet commenced with estimated future lease payments of approximately $25.2 million. This lease is expected to commence in the third quarter of 2026, with an initial lease term of 13 years.
Lessor Equipment Leasing
The Company provides equipment and small business lease financing through its leasing subsidiary, NewLane Finance®. Interest income from direct financing leases where the Company is a lessor is recognized in Interest and fees on loans and leases on the unaudited Consolidated Statements of Income. The allowance for credit losses on finance leases is included in Provision for credit losses on the unaudited Consolidated Statements of Income.
The components of direct finance lease income are summarized in the table below:
Three months ended
Nine months ended
(Dollars in thousands)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Direct financing leases:
Interest income on lease receivable
$
15,893
$
16,051
$
48,173
$
46,665
Interest income on deferred fees and costs, net
(2,307)
(2,034)
(6,853)
(5,715)
Total direct financing lease net interest income
$
13,586
$
14,017
$
41,320
$
40,950
Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:
In accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles - Goodwill and Other (ASC 350), all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value as of acquisition date.
WSFS performs its annual goodwill impairment test on October 1, or more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. In between annual tests, management performs a qualitative review of goodwill quarterly as part of the Company's review of the overall business to ensure no events or circumstances have occurred that would impact its goodwill evaluation. During the nine months ended September 30, 2025, management determined based on its qualitative assessment that the fair values of our reporting units exceeded their carrying values, and no goodwill impairment existed.
The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:
(Dollars in thousands)
WSFS Bank
Wealth and Trust
Consolidated Company
December 31, 2024
$
753,586
$
132,312
$
885,898
Goodwill adjustments(1)
—
(674)
(674)
September 30, 2025
$
753,586
$
131,638
$
885,224
(1)During the second quarter of 2025, the Company completed the sale of the WSFS Wealth Management, LLC (dba Powdermill Financial Solutions) business.
ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes the Company's intangible assets:
(Dollars in thousands)
Gross Intangible Assets
Accumulated Amortization
Net Intangible Assets
Amortization Period
September 30, 2025
Core deposits
$
101,511
$
(65,373)
$
36,138
10 years
Client relationships
68,270
(23,378)
44,892
7-15 years
Loan servicing rights(1)
11,293
(6,771)
4,522
10-25 years
Tradename
2,900
—
2,900
indefinite
Total intangible assets
$
183,974
$
(95,522)
$
88,452
December 31, 2024
Core deposits
$
104,751
$
(60,999)
$
43,752
10 years
Client relationships
73,880
(23,588)
50,292
7-15 years
Loan servicing rights(2)
11,220
(5,901)
5,319
10-25 years
Tradename
2,900
—
2,900
indefinite
Total intangible assets
$
192,751
$
(90,488)
$
102,263
(1)Gross asset includes valuation allowance for impairment losses of $0.4 million as of September 30, 2025.
(2)Gross asset includes valuation allowance for impairment losses of $0.1 million as of December 31, 2024.
The Company recognized amortization expense on intangible assets of $3.8 million and $11.6 million for the three and nine months ended September 30, 2025, respectively, compared to $3.9 million and $11.8 million for the three and nine months ended September 30, 2024, respectively.
The following table presents the estimated future amortization expense on definite life intangible assets:
(Dollars in thousands)
September 30, 2025
Remaining in 2025
$
4,007
2026
15,569
2027
15,058
2028
14,387
2029
7,151
Thereafter
29,380
Total
$
85,552
Servicing Assets
The value of the Company's SBA loan servicing rights was $3.4 million and $4.0 million at September 30, 2025 and December 31, 2024, respectively, and the value of its mortgage servicing rights was $1.1 million and $1.3 million at September 30, 2025 and December 31, 2024, respectively. Changes in the value of the Company's servicing rights resulted in impairment losses of less than $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively, and impairment losses of $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively. Revenues from the Company's SBA loan servicing rights are included in Loan and lease fee income in the unaudited Consolidated Statements of Income, and revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage banking activities, net in the unaudited Consolidated Statements of Income.
Besides the impairment on loan servicing rights noted above, there was no impairment of other intangible assets as of September 30, 2025 or December 31, 2024.
There were no unrecognized tax benefits as of September 30, 2025. The Company records interest and penalties on potential income tax deficiencies as income tax expense. The Company's federal and state tax returns for the 2021 through 2024 tax years are subject to examination as of September 30, 2025. The Company does not expect to record or realize any material unrecognized tax benefits during 2025.
The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the three months ended September 30, 2025 were $1.9 million, $2.2 million, and $0.6 million, respectively, compared to $1.7 million, $1.9 million, and $0.6 million, respectively, for the three months ended September 30, 2024. The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the nine months ended September 30, 2025 were $5.8 million, $6.5 million and $1.9 million, respectively, compared to $5.1 million, $5.7 million, and $1.7 million, respectively, for the nine months ended September 30, 2024. The carrying value of the investment in affordable housing credits is $116.0 million at September 30, 2025, compared to $94.3 million at December 31, 2024 and is included in the Other assets line item on the unaudited Consolidated Statements of Financial Condition.
12. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
ASC 820-10, Fair Value Measurement (ASC 820-10) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:
•Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.
•Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means.
•Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
The following tables present financial instruments carried at fair value as of September 30, 2025 and December 31, 2024 by level in the valuation hierarchy (as described above):
September 30, 2025
(Dollars in thousands)
Quoted Prices in Active Markets for Identical Asset (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO
$
—
$
416,791
$
—
$
416,791
FNMA MBS
—
2,746,158
—
2,746,158
FHLMC MBS
—
109,547
—
109,547
GNMA MBS
—
42,898
—
42,898
GSE agency notes
—
186,765
—
186,765
Other assets
—
147,803
73
147,876
Total assets measured at fair value on a recurring basis
$
—
$
3,649,962
$
73
$
3,650,035
Liabilities measured at fair value on a recurring basis:
Other liabilities
$
—
$
123,614
$
5,342
$
128,956
Assets measured at fair value on a nonrecurring basis:
Other investments
$
—
$
—
$
15,489
$
15,489
Other real estate owned
—
—
439
439
Loans held for sale
—
63,047
—
63,047
Total assets measured at fair value on a nonrecurring basis
$
—
$
63,047
$
15,928
$
78,975
December 31, 2024
(Dollars in thousands)
Quoted Prices in Active Markets for Identical Asset (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO
$
—
$
430,942
$
—
$
430,942
FNMA MBS
—
2,755,579
—
2,755,579
FHLMC MBS
—
105,514
—
105,514
GNMA MBS
—
40,676
—
40,676
GSE agency notes
—
177,937
—
177,937
Other assets
—
170,464
25
170,489
Total assets measured at fair value on a recurring basis
$
—
$
3,681,112
$
25
$
3,681,137
Liabilities measured at fair value on a recurring basis:
Other liabilities
$
—
$
155,242
$
5,270
$
160,512
Assets measured at fair value on a nonrecurring basis
Other investments
$
—
$
—
$
15,516
$
15,516
Other real estate owned
—
—
5,204
5,204
Loans held for sale
—
49,699
—
49,699
Total assets measured at fair value on a nonrecurring basis
Fair value is based on quoted market prices, where available. If such quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Available-for-sale securities
Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company believes that this Level 2 designation is appropriate under ASC 820-10, as these securities are GSEs and GNMA securities with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors.
Other investments
Other investments includes equity investments without readily determinable fair values, which are categorized as Level 3. The Company’s equity investments without readily determinable fair values are held at cost, and are adjusted for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer during the reporting period.
Other real estate owned
Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of other real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties.
Loans held for sale
The fair value of loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities or market bids obtained from potential buyers.
Other assets
Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, and risk participation agreements. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of foreign exchange forward contracts and risk participation agreements are obtained from an independent pricing service.
Other liabilities
Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of foreign exchange forward contracts and risk participation agreements are obtained from an independent pricing service. Valuation of the derivative related to the sale of certain Visa Class B common shares is based on: (i) the agreed upon graduated fee structure; (ii) the length of time until the resolution of the Visa covered litigation; and (iii) the estimated impact of dilution in the conversion ratio of Class B shares resulting from changes in the Visa covered litigation.
The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future.
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:
Cash, cash equivalents, and restricted cash
For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value.
Investment securities
Investment securities include debt securities classified as held-to-maturity or available-for-sale. Fair value is estimated using quoted prices for similar securities, which the Company obtains from a third-party vendor. The Company uses one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by the Company to validate the vendor’s methodology as described above in available-for-sale securities.
Other investments
Other investments includes equity investments without readily determinable fair values (see discussion in “Fair Value of Financial Assets and Liabilities” section above) as well as equity method investments.
Loans held for sale
Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above).
Loans and leases
Loans and leases are segregated by portfolio segments with similar financial characteristics. The fair values of loans and leases, with the exception of reverse mortgages, are estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. The fair values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral, if the loan is collateral dependent. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique does contemplate an exit price.
Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh
The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value.
Accrued interest receivable
The carrying amounts of interest receivable approximate fair value.
Other assets
Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, and risk participation agreements (see discussion in “Fair Value of Financial Assets and Liabilities” section above).
Deposits
The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates currently offered for deposits with comparable remaining maturities.
Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt.
Off-balance sheet instruments
The fair value of off-balance sheet instruments, including swap guarantees of $4.4 million at September 30, 2025 and $5.5 million at December 31, 2024, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution.
Accrued interest payable
The carrying amounts of interest payable approximate fair value.
Other liabilities
Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above).
Financial instruments measured at fair value using significant unobservable inputs (Level 3)
The following tables provide a description of the valuation techniques and significant unobservable inputs for the Company's financial instruments classified as Level 3 as of September 30, 2025 and December 31, 2024:
(Dollars in thousands)
September 30, 2025
Financial Instrument
Fair Value
Valuation Technique(s)
Unobservable Input
Range (Weighted Average)
Other investments
$
15,489
Observed market comparable transactions
Period of observed transactions
September 2025
Other real estate owned
439
Fair market value of collateral
Costs to sell
10.0% (10.0%)
Other assets (Risk participation agreements purchased)
73
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: 110 - 360 bps (288 bps)
LGD: 2%
Other liabilities (Risk participation agreements sold)
187
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: 160 - 350 bps (198 bps)
LGD: 30%
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)
5,155
Discounted cash flow
Timing of Visa litigation resolution
1.75 years or 2Q 2027
(Dollars in thousands)
December 31, 2024
Financial Instrument
Fair Value
Valuation Technique(s)
Unobservable Input
Range (Weighted Average)
Other investments
$
15,516
Observed market comparable transactions
Period of observed transactions
December 2023
Other real estate owned
5,204
Fair market value of collateral
Costs to sell
10.0%
Other assets (Risk participation agreements purchased)
25
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: 110 - 360 bps (192 bps)
LGD: –% - 30% (30%)
Other liabilities (Risk participation agreements sold)
90
Credit Valuation Adjustment
CDS Spread and Loss Given Default (LGD)
CDS spread: 1 - 250 bps (207 bps)
LGD: 30%
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)
The Company is exposed to certain risks arising from both economic conditions and its business operations. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. The Company does not use derivative financial instruments for proprietary or speculative trading.
Fair Values of Derivative Instruments
The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of September 30, 2025.
Fair Values of Derivative Instruments
(Dollars in thousands)
Count
Notional
Balance Sheet Location
Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate options
23
$
2,000,000
Other assets
$
23,149
Total
$
2,000,000
$
23,149
Derivatives not designated as hedging instruments:
Interest rate swaps and options
$
3,105,482
Other assets
$
122,255
Interest rate swaps and options
3,107,460
Other liabilities
(122,257)
Interest rate lock commitments with clients
65,213
Other assets
1,064
Forward sale commitments
19,216
Other assets
66
Forward sale commitments
42,319
Other liabilities
(139)
FX forwards
13,665
Other assets
1,269
FX forwards
13,310
Other liabilities
(1,218)
Risk participation agreements sold
111,041
Other liabilities
(187)
Risk participation agreements purchased
133,029
Other assets
73
Financial derivatives related to sales of certain Visa Class B shares
The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of December 31, 2024.
Fair Values of Derivative Instruments
(Dollars in thousands)
Count
Notional
Balance Sheet Location
Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate options
18
$
1,500,000
Other assets
$
14,265
Total
$
1,500,000
$
14,265
Derivatives not designated as hedging instruments:
Interest rate swaps and options
$
2,942,675
Other assets
$
153,980
Interest rate swaps and options
2,942,675
Other liabilities
(153,980)
Interest rate lock commitments with clients
41,238
Other assets
612
Interest rate lock commitments with clients
3,658
Other liabilities
(18)
Forward sale commitments
28,927
Other assets
200
Forward sale commitments
27,071
Other liabilities
(39)
FX forwards
26,716
Other assets
1,407
FX forwards
25,924
Other liabilities
(1,205)
Risk participation agreements sold
110,948
Other liabilities
(90)
Risk participation agreements purchased
97,201
Other assets
25
Financial derivatives related to sales of certain Visa Class B shares
55,358
Other liabilities
(5,180)
Total derivatives
$
7,802,391
$
9,977
Effect of Derivative Instruments on the Income Statement
The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2025 and September 30, 2024.
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate options, including floors, caps, collars, or swaps as part of its interest rate risk management strategy. Interest rate options designated as cash flow hedges involve the receipt of fixed amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount.
The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if it fails to maintain its status as a well-capitalized or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.
As of September 30, 2025, the Company had 23 interest rate floors purchased at an aggregate premium of $40.4 million with an aggregate notional amount of $2.0 billion to hedge variable cash flows associated with a variable rate loan pool through the second quarter of 2030. Changes to the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. If the Company determines that a cash flow hedge is no longer highly effective, future changes in the fair value of the hedging instrument would be reported in earnings. As of September 30, 2025, the Company determined the cash flow hedges remain highly effective. During the three and nine months ended September 30, 2025, $3.1 million and $7.2 million of amortization expense on the premium was reclassified into interest income, respectively, compared to $1.3 million and $3.1 million during the three and nine months ended September 30, 2024, respectively. The Company does not expect any unrealized gains or losses related to cash flow hedges to be reclassified into earnings in the next twelve months.
Derivatives Not Designated as Hedging Instruments:
Client Derivatives – Interest Rate Swaps
The Company enters into interest rate swaps, options, and other hedging contracts (collectively, "swaps") with commercial loan clients and other qualified client counterparties wishing to manage interest rate risk exposures. The Company then enters into offsetting hedging agreements with swap dealer counterparties to economically hedge the exposure arising from these contracts. The interest rate swaps with both the clients and third parties are not designated as hedges under ASC 815, Derivatives and Hedging (ASC 815) and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of September 30, 2025, there were no fair value adjustments related to credit quality.
Derivative Financial Instruments from Mortgage Banking Activities
Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans to clients, also referred to as interest rate lock commitments. The Company may also enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate interest rate risk.
Foreign Exchange Forward Contracts
The Company enters into foreign exchange forward contracts (FX forwards) with clients to exchange one currency for another on an agreed date in the future at an agreed exchange rate. The Company then enters into corresponding FX forwards with swap dealer counterparties to economically hedge its exposure on the exchange rate component of the client agreements. The FX forwards with both the clients and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate. As the FX forwards are structured to offset each other, changes to the underlying term structure of currency exchange rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of September 30, 2025, there were no fair value adjustments related to credit quality.
The Company may enter into a risk participation agreement (RPA) with another institution as a means to assume a portion of the credit risk associated with a loan structure which includes a derivative instrument, in exchange for fee income commensurate with the risk assumed. This type of derivative is referred to as an “RPA sold.” In addition, in an effort to reduce the credit risk associated with an interest rate swap agreement with a borrower for whom the Corporation has provided a loan structured with a derivative, the Corporation may purchase an RPA from an institution participating in the facility in exchange for a fee commensurate with the risk shared. This type of derivative is referred to as an “RPA purchased.”
Swap Guarantees
The Company entered into agreements with one unrelated financial institution whereby that financial institution entered into interest rate derivative contracts (interest rate swap transactions) directly with clients referred to them by the Company. Under the terms of the agreements, the financial institution has recourse to us for any exposure created under each swap transaction, only in the event that the client defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows us to provide access to interest rate swap transactions for our clients without creating the swap ourselves. These swap guarantees are accounted for as credit derivatives.
At September 30, 2025 and December 31, 2024, there were 130 and 154 variable-rate to fixed-rate swap transactions between the third-party financial institutions and the Company's clients, respectively. The initial notional aggregate amount was approximately $0.5 billion and $0.6 billion at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, the swap transactions remaining maturities ranged from under 1 year to 10 years. At September 30, 2025, none of these client swaps were in a paying position to third parties, with our swap guarantees having a fair value of $4.4 million. At December 31, 2024, none of these client swaps were in a paying position to third parties, with the Company's swap guarantees having a fair value of $5.5 million. For both periods, none of the Company's clients were in default of the swap agreements.
Credit-risk-related Contingent Features
The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if it fails to maintain its status as a well-capitalized or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.
The Company had $4.4 million of derivatives with credit-risk-related contingent features in a net liability position as of September 30, 2025 and none at December 31, 2024. The Company was required to post collateral on these derivatives of $4.9 million as of September 30, 2025 compared to none as of December 31, 2024.
If the Company had breached any of these provisions at September 30, 2025, it could have been required to settle its obligations under the agreements at the termination value.
Other Derivative Posted Collateral
The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $6.4 million in cash against its obligations under these agreements which meets or exceeds the minimum collateral posting requirements.
As defined in ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company evaluates performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to the Company's segments are those that apply to its preparation of the accompanying unaudited Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth and Trust.
The WSFS Bank segment provides financial products to Commercial and Consumer clients. Commercial and Consumer Banking and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same Clients and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment.
The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with clients of Cash Connect®.
The Wealth and Trust segment (previously referred to as the Wealth Management segment) provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients. Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management, which includes Private Banking, serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and customized banking services including credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the bank’s charter, through a third-party broker/dealer, and as a registered investment advisor (RIA). It generates revenue through fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.
The Bryn Mawr Trust Company of Delaware provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.
The following table shows segment results for the three months ended September 30, 2025 and 2024, and represent amounts included in management's reports that are regularly provided to the Company's CODM: Rodger Levenson, Chairman, President and Chief Executive Officer. The CODM evaluates performance based on pretax net income relative to resources used, and allocates resources based on these results.
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
(Dollars in thousands)
WSFS Bank
Cash
Connect®
Wealth and Trust
Total
WSFS Bank
Cash
Connect®
Wealth and Trust
Total
Statements of Income
External client revenues:
Interest income
$
251,766
$
—
$
6,655
$
258,421
$
267,430
$
—
$
5,954
$
273,384
Interest expense
66,248
—
8,150
74,398
86,768
—
9,112
95,880
Net interest income
185,518
—
(1,495)
184,023
180,662
—
(3,158)
177,504
Noninterest income
19,353
25,275
41,843
86,471
21,338
31,805
37,015
90,158
Total external client revenues
204,871
25,275
40,348
270,494
202,000
31,805
33,857
267,662
Inter-segment revenues:
Interest income
8,210
498
29,540
38,248
8,587
293
28,414
37,294
Interest expense
30,038
4,179
4,031
38,248
28,707
4,885
3,702
37,294
Net interest income
(21,828)
(3,681)
25,509
—
(20,120)
(4,592)
24,712
—
Noninterest income
9,426
449
458
10,333
8,901
468
227
9,596
Total inter-segment revenues
(12,402)
(3,232)
25,967
10,333
(11,219)
(4,124)
24,939
9,596
Total revenue
192,469
22,043
66,315
280,827
190,781
27,681
58,796
277,258
External client expenses:
Provision for (release of) credit losses
6,563
59
(56)
6,566
18,426
—
(4)
18,422
Noninterest expenses:
Salaries, benefits and other compensation
72,799
2,486
16,376
91,661
69,029
2,642
14,453
86,124
Occupancy expense
8,324
—
174
8,498
9,281
3
286
9,595
Equipment expense
10,333
—
2,600
12,933
9,146
—
2,488
12,076
Professional fees
3,100
—
1,842
4,942
2,872
—
817
3,819
Other segment items(1)
26,319
15,418
3,285
45,022
27,891
21,836
2,979
52,109
Total external client expenses
127,438
17,963
24,221
169,622
136,645
24,481
21,019
182,145
Inter-segment expenses:
Noninterest expenses
907
1,734
7,692
10,333
695
1,571
7,330
9,596
Total inter-segment expenses
907
1,734
7,692
10,333
695
1,571
7,330
9,596
Total expenses
128,345
19,697
31,913
179,955
137,340
26,052
28,349
191,741
Income before taxes
$
64,124
$
2,346
$
34,402
$
100,872
$
53,441
$
1,629
$
30,447
$
85,517
Income tax provision
24,405
21,108
Consolidated net income
76,467
64,409
Net income (loss) attributable to noncontrolling interest
18
(26)
Net income attributable to WSFS
$
76,449
$
64,435
Supplemental Information
Capital expenditures for the period ended
$
1,061
$
88
$
83
$
1,232
$
2,896
$
124
$
618
$
3,638
(1)Other segment items for each reportable segment includes: WSFS Bank - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, corporate development expense, restructuring expense, and certain other noninterest expenses. Cash Connect® - data processing and operation expense, marketing expense, and certain other noninterest expenses, which includes external funding costs. Wealth and Trust - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses
The Company typically sells newly originated residential mortgage loans in the secondary market to mortgage loan aggregators and, on a more limited basis, to GSEs such as FHLMC, FNMA, and the FHLB. Loans held for sale are reflected on the unaudited Consolidated Statements of Financial Condition at fair value with changes in the value reflected in the unaudited Consolidated Statements of Income. Gains and losses are recognized at the time of sale. The Company periodically retains the servicing rights on residential mortgage loans sold which results in monthly service fee income. The mortgage servicing rights are included in Goodwill and intangible assets on the unaudited Consolidated Statements of Financial Condition. Otherwise, the Company sells loans with servicing released on a nonrecourse basis. Rate-locked loan commitments that the Company intends to sell in the secondary market are accounted for as derivatives under ASC 815.
The Company does not sell loans with recourse, except for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, early payment default by the borrower. These are customary repurchase provisions in the secondary market for residential mortgage loan sales. These provisions may include either an indemnification from loss or the repurchase of the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were three repurchases for $0.8 million during the nine months ended September 30, 2025 and three repurchases for $0.7 million during the same period in 2024.
Unfunded Lending Commitments
At September 30, 2025 and December 31, 2024, the Company had unfunded lending commitments of $3.0 billion and $2.8 billion, respectively. As of September 30, 2025 and December 31, 2024, the reserve for unfunded lending commitments was $12.9 million and $12.5 million, respectively. An expense of $0.7 million and $0.4 million was recognized during the three and nine months ended September 30, 2025, respectively, compared to an expense of $1.3 million and $0.7 million during the three and nine months ended September 30, 2024, respectively.
16. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss includes unrealized gains and losses on available-for-sale investments, unrealized gains and losses on cash flow hedges, as well as unrecognized prior service costs and actuarial gains and losses on defined benefit pension plans. Changes to accumulated other comprehensive loss are presented, net of tax, as a component of stockholders’ equity. Amounts that are reclassified out of accumulated other comprehensive loss are recorded on the unaudited Consolidated Statements of Income either as a gain or loss. Changes to accumulated other comprehensive loss by component are shown, net of taxes, in the following tables for the period indicated:
(Dollars in thousands)
Net change in investment securities available-for-sale
Net change in investment securities held-to-maturity
Net change in defined benefit plan
Net change in fair value of derivatives used for cash flow hedges
Net change in equity method investments
Total
Balance, June 30, 2025
$
(445,064)
$
(69,950)
$
(3,937)
$
(2,982)
$
(223)
$
(522,156)
Other comprehensive income (loss)
44,395
—
7
(215)
(21)
44,166
Amounts reclassified from accumulated other comprehensive loss
—
3,370
(69)
—
—
3,301
Net current-period other comprehensive income (loss)
44,395
3,370
(62)
(215)
(21)
47,467
Balance, September 30, 2025
$
(400,669)
$
(66,580)
$
(3,999)
$
(3,197)
$
(244)
$
(474,689)
Balance, June 30, 2024
$
(549,039)
$
(84,046)
$
(4,790)
$
(5,423)
$
420
$
(642,878)
Other comprehensive income (loss)
128,223
—
(4)
10,722
4
138,945
Amounts reclassified from accumulated other comprehensive loss
—
3,965
(49)
—
—
3,916
Net current-period other comprehensive income (loss)
128,223
3,965
(53)
10,722
4
142,861
Balance, September 30, 2024
$
(420,816)
$
(80,081)
$
(4,843)
$
5,299
$
424
$
(500,017)
(Dollars in thousands)
Net change in investment securities available-for-sale
Net change in investment securities held-to-maturity
Net change in defined benefit plan
Net change in fair value of derivatives used for cash flow hedges
Net change in equity method investments
Total
Balance, December 31, 2024
$
(537,789)
$
(76,405)
$
(3,815)
$
(7,297)
$
429
$
(624,877)
Other comprehensive income (loss)
137,120
—
24
4,100
(673)
140,571
Amounts reclassified from accumulated other comprehensive loss
—
9,825
(208)
—
—
9,617
Net current-period other comprehensive income (loss)
137,120
9,825
(184)
4,100
(673)
150,188
Balance, September 30, 2025
$
(400,669)
$
(66,580)
$
(3,999)
$
(3,197)
$
(244)
$
(474,689)
Balance, December 31, 2023
$
(499,932)
$
(91,523)
$
(4,614)
$
1,597
$
481
$
(593,991)
Other comprehensive income (loss)
79,116
—
(81)
3,702
(57)
82,680
Amounts reclassified from accumulated other comprehensive loss
—
11,442
(148)
—
—
11,294
Net current-period other comprehensive income (loss)
The unaudited Consolidated Statements of Income were impacted by components of other comprehensive income (loss) as shown in the tables below:
Three Months Ended September 30,
Affected line item in unaudited Consolidated Statements of Income
(Dollars in thousands)
2025
2024
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:
Amortization of net unrealized losses to income during the period
4,433
5,217
Net interest income
Income taxes
(1,063)
(1,252)
Income tax provision
Net of tax
3,370
3,965
Amortization of defined benefit pension plan-related items:
Prior service credits
(19)
(19)
Actuarial gains
(72)
(46)
Total before tax
(91)
(65)
Salaries, benefits and other compensation
Income taxes
22
16
Income tax provision
Net of tax
(69)
(49)
Total reclassifications
$
3,301
$
3,916
Nine Months Ended September 30,
Affected line item in unaudited Consolidated Statements of Income
2025
2024
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:
Amortization of net unrealized losses to income during the period
12,927
15,055
Net interest income
Income taxes
(3,102)
(3,613)
Income tax provision
Net of tax
9,825
11,442
Amortization of defined benefit pension plan-related items:
Prior service credits
(57)
(57)
Actuarial gains
(217)
(138)
Total before tax
(274)
(195)
Salaries, benefits and other compensation
Income taxes
66
47
Income tax provision
Net of tax
(208)
(148)
Total reclassifications
$
9,617
$
11,294
17. LEGAL AND OTHER PROCEEDINGS
In accordance with the current accounting standards for loss contingencies, the Company establishes reserves for litigation-related matters that arise in the ordinary course of its business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. In addition, the Company's defense of litigation claims may result in legal fees, which it expenses as incurred.
On October 3, 2022, Mary Elizabeth Gibbons filed a petition against WSFS Bank, in its individual capacity, in the Circuit Court of St. Louis County for the State of Missouri asserting claims and seeking damages related to an alleged injury that occurred on a property that was allegedly held by the Bank as owner trustee of a RMBS trust. The plaintiff sought in excess of $25 thousand in damages and other equitable relief. On June 6, 2023, the court entered a default judgment against the Bank in the amount of $15.0 million, plus post-judgment interest. On January 3, 2025, the Bank received notice that the plaintiff seeks to domesticate and execute on the Missouri judgment by filing an action in the Philadelphia Court of Common Pleas. Based on the inherent uncertainty of this matter, it is reasonably possible that the Bank may incur a loss in the range of $0.0-$15.0 million. The Bank, in accordance with its normal procedures, notified its insurance carriers of a possible claim. The Bank disputes the judgment, the Bank's connection to the property, and denies liability.
There were no material changes or additions to other significant pending legal or other proceedings involving the Company other than those arising out of routine operations.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $20.8 billion in assets and $93.4 billion in assets under management (AUM) and assets under administration (AUA) at September 30, 2025, WSFS Bank is the oldest and largest locally-managed bank and wealth management franchise headquartered in the Greater Philadelphia and Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, we have been in operation for more than 193 years. In addition to our focus on stellar client experience, we have continued to fuel growth and remain a leader in our community. We are a relationship-focused, locally-managed, community banking institution. Our mission and strategy is simple: “We Stand for Service.”
As of September 30, 2025, we had five consolidated subsidiaries: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), WSFS SPE Services, LLC, and 601 Perkasie, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank has two wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).
Our banking business had a total loan and lease portfolio of $12.5 billion as of September 30, 2025, which was funded primarily with deposits generated through commercial relationships and our consumer banking business. We have built a $9.7 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering a high level of service and flexibility, through acquisitions, and through our leasing business conducted by NewLane Finance®. NewLane Finance® originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches, in addition to mortgage and title services through our branches and WSFS Mortgage®, our mortgage banking business specializing in a variety of residential mortgage and refinancing solutions. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.
Our Cash Connect® business is a premier provider of ATM vault cash, smart safe (safes that automatically accept, validate, record and hold cash in a secure environment) and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide, and manages approximately $1.3 billion in total cash and services approximately 24,900 non-bank ATMs and 11,600 smart safes nationwide. Cash Connect® provides related services such as online reporting and ATM cash management, predictive cash ordering and reconcilement services, armored carrier management, loss protection, and deposit safe cash logistics. Cash Connect® also supports 524 owned or branded ATMs for WSFS Bank Clients, which is one of the largest branded ATM networks in our market.
Our Wealth and Trust business provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate and institutional clients. Combined, these businesses had $93.4 billion of AUM and AUA at September 30, 2025.
Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and traditional banking services such as credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the Bank’s charter, through a third-party broker/dealer and as a registered investment advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.
BMT-DE provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.
As of September 30, 2025, we service our clients primarily from 114 offices located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2) Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app.
Highlights and Other Notables Items for Three and Nine Months Ended September 30, 2025
•Three Months Ended September 30, 2025
◦EPS was $1.37 and ROA was 1.44%, compared to $1.08 and 1.22% for the three months ended September 30, 2024.
◦Net interest margin of 3.91%, compared to 3.78% for the three months ended September 30, 2024, driven by deposit repricing actions and reduction in wholesale funding costs, partially offset by lower asset yields due to rate cuts in late 2024.
◦Continued growth in Client deposits while maintaining strong average noninterest bearing composition of 32%.
◦Continued year-over-year double-digit fee revenue growth in Wealth and Trust.
◦The Company completed the sale of the majority of its remaining unsecured consumer lending portfolio generated through its partnership with Upstart.
◦The Company completed the redemption of $51.0 million of Federal Home Loan Bank (FHLB) advances.
◦WSFS repurchased 827,100 shares of common stock under the Company's share repurchase programs at an average price of $56.53 per share, for an aggregate purchase price of approximately $46.8 million, and paid quarterly dividends of $9.5 million, for a total capital return of $56.3 million.
◦The Bank and the Company continue to be well above well-capitalized across all measures of regulatory capital, with total common equity Tier 1 capital of 13.76% and 14.39%, respectively, and total risk-based capital of 15.00% and 16.19%, respectively.
•Nine Months Ended September 30, 2025
◦EPS was $3.75 and ROA was 1.37%, compared to $3.33 and 1.28% for the nine months ended September 30, 2024.
◦Net interest margin of 3.89%, compared to 3.82% for the nine months ended September 30, 2024, driven by the reasons mentioned above.
◦WSFS sold the majority of the Upstart loan portfolio and recognized a write-down of $8.9 million. This sale accelerates the disposition of this runoff portfolio.
◦WSFS completed the redemption of the $70.0 million of fixed-to-floating rate subordinated notes due 2027 (the 2027 Notes) acquired from Bryn Mawr Trust using our operating cash flows.
◦During the year, WSFS recognized $3.2 million of nonrecurring income from our partnership with Spring
EQ, comprised of a $2.3 million annual earnout and post-close distributions of $0.9 million related to the sale of our equity investment in Spring EQ that occurred in the fourth quarter of 2023.
◦The Board of Directors approved a 13% increase in the quarterly cash dividend to $0.17 per share of common stock as well as an incremental share repurchase authorization of 10% of outstanding shares as of March 31, 2025.
◦WSFS repurchased 3,410,513 shares of common stock under the Company's share repurchase programs at an average price of $52.27 per share, for an aggregate purchase price of approximately $178.3 million, and paid quarterly dividends of $27.9 million, for a total capital return of $206.2 million.
Total assets increased $26.1 million to $20.8 billion at September 30, 2025 compared to December 31, 2024. This increase is primarily comprised of the following:
•Total cash and cash equivalents increased $418.3 million, primarily due to a decrease in lending activity, increased deposits and runoff in the investment securities portfolios.
•Net loans and leases held for investment decreased $218.9 million, primarily due to decreases of $287.9 million in our consumer partnership loans from the sale of the majority of the Upstart portfolio and the runoff of the Spring EQ portfolio, and $174.7 million in commercial mortgages, primarily due to the payoff of several large loans. The decrease was partially offset by increases of $171.9 million in construction loans, primarily due to draws on existing commitments, $98.3 million in WSFS-originated consumer loans, and $73.6 million in residential mortgage.
•Other assets decreased $122.9 million, primarily due to decreases of $59.0 million in deferred taxes primarily due to increased market values on available-for-sale investment securities, $31.8 million in derivatives from our Capital Markets business due to changes in fair value, and $22.6 million in lease right of use asset due to lease remeasurement activity.
◦Investment securities held-to-maturity decreased $35.5 million, primarily due to repayments, maturities and calls of $47.1 million, partially offset by $11.6 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.
◦Investment securities available-for-sale decreased $8.5 million, primarily due to repayments, maturities and calls of $287.0 million, partially offset by increased market values of $180.4 million and purchases of $100.4 million.
Total liabilities decreased $137.3 million to $18.1 billion at September 30, 2025 compared to December 31, 2024. This decrease is primarily comprised of the following:
•Other liabilities decreased $192.8 million, primarily due to decreases of $159.7 million in collateral held on derivatives and derivative liabilities, $21.9 million in our lease liability due to lease remeasurement activity, and $9.5 million in our accrued expenses primarily related to incentive payments made in the first quarter of 2025.
•Senior and subordinated debt decreased $69.8 million due to the redemption of the 2027 Notes.
•Client deposits increased $196.4 million primarily due to a seasonal increase in municipal deposits and growth in Trust deposits, reflecting continued strong performance in this business.
For further information, see "Notes to the Consolidated Financial Statements (Unaudited)."
LIQUIDITY AND CAPITAL RESOURCES
Capital Resources
Stockholders’ equity of WSFS increased $163.5 million to $2.8 billion at September 30, 2025 compared to December 31, 2024. This increase was primarily due to $214.7 million of earnings and a decrease of $150.2 million in accumulated other comprehensive loss driven by market value increases on available-for-sale mortgage-backed securities, offset by $178.3 million from the repurchase of shares of common stock under our stock repurchase plan and the payment of dividends on our common stock of $27.9 million.
During the three months ended September 30, 2025, the Board of Directors approved a quarterly cash dividend of $0.17 per share of common stock. This dividend will be paid on November 21, 2025 to stockholders of record as of November 7, 2025.
Book value per share of common stock was $49.67 at September 30, 2025, an increase of $5.52 from $44.15 at December 31, 2024. Tangible book value per share of common stock (a non-GAAP financial measure) was $32.11 at September 30, 2025, an increase of $4.81 from $27.30 at December 31, 2024. We believe tangible book value per common share helps management and investors better understand and assess changes from period to period in stockholders’ equity exclusive of changes in intangible assets. This non-GAAP measure should be considered in addition to results prepared in accordance with Generally Accepted Accounting Principles in the U.S. (GAAP), and is not a substitute for, or superior to, GAAP results. For a reconciliation of tangible book value per common share to book value per share in accordance with GAAP, see "Reconciliation of Non-GAAP Measure to GAAP Measure."
The table below compares the Bank's and the Company’s consolidated capital position to the minimum regulatory requirements as of September 30, 2025:
Consolidated Capital
Minimum For Capital Adequacy Purposes
To be Well-Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)
Amount
Percent
Amount
Percent
Amount
Percent
Total Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB
$
2,376,612
15.00
%
$
1,267,862
8.00
%
$
1,584,827
10.00
%
WSFS Financial Corporation
2,565,145
16.19
1,267,573
8.00
1,584,466
10.00
Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB
2,180,369
13.76
950,896
6.00
1,267,862
8.00
WSFS Financial Corporation
2,280,707
14.39
950,680
6.00
1,267,573
8.00
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB
2,180,369
13.76
713,172
4.50
1,030,138
6.50
WSFS Financial Corporation
2,280,707
14.39
713,010
4.50
1,029,903
6.50
Tier 1 Leverage Capital
Wilmington Savings Fund Society, FSB
2,180,369
10.62
821,125
4.00
1,026,406
5.00
WSFS Financial Corporation
2,280,707
11.11
821,462
4.00
1,026,828
5.00
Under the prompt corrective action regime, regulators have established five capital tiers: well-capitalized, adequately-capitalized, under-capitalized, significantly under-capitalized, and critically under-capitalized. A depository institution’s capital tier depends on its capital levels in relation to various relevant capital measures, which include leverage and risk-based capital measures and certain other factors. Depository institutions that are not classified as well-capitalized are subject to various restrictions, which may include restrictions on capital distributions, payment of management fees, acceptance of brokered deposits and other operating activities.
Regulatory capital requirements for the Bank and the Company include a minimum common equity Tier 1 capital ratio of 4.50% of risk-weighted assets, a Tier 1 capital ratio of 6.00% of risk-weighted assets, a minimum total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets. In order to avoid limits on capital distributions and discretionary bonus payments, the Bank and the Company must maintain a capital conservation buffer of 2.5% of common equity Tier 1 capital over each of the risk-based capital requirements. As of September 30, 2025, the Bank and the Company were in compliance with the regulatory capital requirements and met or exceeded the amounts required to be considered “well-capitalized” as defined in the regulations.
Not included in the Bank’s capital, the Company separately held $326.4 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.
We manage our liquidity and funding needs through our Treasury function and our Asset/Liability Committee. We have a policy that separately addresses liquidity, and management monitors our adherence to policy limits. Also, liquidity risk management is a primary area of examination by the banking regulators.
Funding sources to support growth and meet our liquidity needs include cash from operations, commercial, consumer, wealth and trust deposits, loan repayments, FHLB borrowings, repurchase agreements, access to the Federal Reserve Discount Window, and access to the brokered deposit market as well as other wholesale funding avenues. In addition, we have a large portfolio of high-quality, liquid investments, primarily short-duration mortgage-backed securities, that provide a near-continuous source of cash flow to meet current cash needs, or can be sold to meet larger discrete needs for cash. We believe these sources are sufficient to meet our funding needs as well as maintain required and prudent levels of liquidity over the next twelve months and beyond.
As of September 30, 2025, the Company had $1.6 billion in cash, cash equivalents, and restricted cash. As of September 30, 2025, our estimated uninsured deposits were $6.7 billion, or 39% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $5.1 billion, or 29% of total client deposits.
As of September 30, 2025, the Company had a readily available, secured borrowing capacity of $5.6 billion from the FHLB and $2.3 billion through the Federal Reserve Discount Window. In addition, the Company had $0.7 billion in unpledged securities that could be used to support additional borrowings and $1.0 billion of cash deposited with the Federal Reserve Bank.
Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At September 30, 2025, we had $174.3 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 20 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases, see Note 8 to the unaudited Consolidated Financial Statements. At September 30, 2025, we had obligations for principal payments on long-term debt including $67.0 million for our trust preferred borrowings, due June 1, 2035, $24.0 million for our trust preferred borrowings, due December 15, 2034, and $150.0 million for our senior debt, due December 15, 2030. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.
Commitments to extend credit provide for financing on predetermined terms as long as the client continues to meet specific criteria. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. At September 30, 2025, the Company had total commitments to extend credit, including cancellable commitments, of $4.4 billion, which are generally one year commitments.
Nonperforming assets include nonaccruing loans, OREO and restructured loans. Nonaccruing loans are those on which we no longer accrue interest. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the value of the collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Past due loans are defined as loans contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection.
The following table shows our nonperforming assets, past due loans, and troubled loans at the dates indicated:
(Dollars in thousands)
September 30, 2025
December 31, 2024
Nonaccruing loans(1):
Commercial and industrial
$
25,188
$
61,809
Owner-occupied commercial
6,502
4,710
Commercial mortgages
3,145
22,223
Construction
29,381
25,600
Residential
4,892
5,011
Consumer
3,040
2,828
Total nonaccruing loans
72,148
122,181
Other real estate owned
439
5,204
Total nonperforming assets
$
72,587
$
127,385
Past due loans:
Commercial
$
3,896
$
1,812
Residential
189
15
Consumer(2)
10,210
7,375
Total past due loans
$
14,295
$
9,202
Troubled loans(3):
Commercial
$
155,780
$
143,904
Residential
—
144
Consumer
1,023
7,240
Total troubled loans
$
156,803
$
151,288
Ratio of allowance for credit losses to total loans and leases(4)
1.41
%
1.48
%
Ratio of nonaccruing loans to total gross loans and leases(5)
0.56
0.93
Ratio of nonperforming assets to total assets
0.35
0.61
Ratio of allowance for credit losses to nonaccruing loans(6)
254
160
Ratio of allowance for credit losses to total nonperforming assets(7)
252
153
(1)Includes nonaccruing troubled loans and loans held for sale.
(2)Includes U.S. government guaranteed student loans with little risk of credit loss.
(3)Includes troubled loans held for sale.
(4)Reflects allowance for credit losses related to loans and leases over the amortized cost of the total portfolio.
(5)Total loans exclude loans held for sale and reverse mortgages.
Nonperforming assets decreased $54.8 million between December 31, 2024 and September 30, 2025. This decrease was primarily driven by the payoff of three existing nonperforming commercial loans and the charge-off of an existing nonperforming C&I loan to a fund that is invested in office properties, partially offset by the migration of a land development loan. The ratio of nonperforming assets to total assets decreased from 0.61% at December 31, 2024 to 0.35% at September 30, 2025.
The following table summarizes the changes in nonperforming assets during the periods indicated:
Nine Months Ended September 30,
(Dollars in thousands)
2025
2024
Beginning balance
$
127,385
$
75,754
Additions
60,563
146,457
Collections
(57,478)
(63,672)
Transfers to accrual
(1,230)
(15,430)
Charge-offs
(56,653)
(51,769)
Ending balance
$
72,587
$
91,340
The timely identification of problem loans is a key element in our strategy to manage our loan portfolio. Problem loans are all criticized, classified and nonperforming loans and other real estate owned. Timely identification enables us to take appropriate action and accordingly, minimize losses. An asset review system established to monitor the asset quality of our loans and investments in real estate portfolios facilitates the identification of problem assets. In general, this system uses guidelines established by federal regulation.
Our primary objective in managing interest rate risk is to minimize the adverse impact of changes in interest rates on net interest income and capital, while maximizing the yield/cost spread on our asset/liability structure. Interest rates are partly a function of decisions by the Federal Open Market Committee (FOMC) on the target range for the federal funds rate, and these decisions are sometimes difficult to anticipate. The FOMC lowered the federal funds target rate in September and October 2025 for a total of 50 basis points and three times in 2024 for a total of 100 basis points after they increased the target rate four times in 2023 for a total of 100 basis points. In order to manage the risks associated with changes or possible changes in interest rates, we rely primarily on our asset/liability structure.
Our primary tool for achieving our asset/liability management strategies is to match maturities or repricing periods of interest rate-sensitive assets and liabilities to promote a favorable interest rate spread and mitigate exposure to fluctuations in interest rates. We regularly review our interest rate sensitivity and adjust the sensitivity within acceptable tolerance ranges. At September 30, 2025, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $1.2 billion. Our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 113.89% at September 30, 2025 compared with 105.28% at December 31, 2024. Likewise, the one-year interest-sensitive gap as a percentage of total assets was 5.86% at September 30, 2025 compared with 2.26% at December 31, 2024.
Market risk is the risk of loss from adverse changes in market prices and rates. Our market risk arises primarily from interest rate risk inherent in our lending, investing, and funding activities. To that end, we actively monitor and manage our interest rate risk exposure. One measure evaluates the impact of an immediate change in interest rates in 100 basis point increments on the economic value of equity ratio. The economic value of the equity ratio is defined as the economic value of the estimated cash flows from assets and liabilities as a percentage of economic value of cash flows from total assets.
The following table shows the estimated impact of immediate changes in interest rates on our net interest margin and economic value of equity ratio at the specified levels at September 30, 2025 and December 31, 2024:
September 30, 2025
December 31, 2024
% Change in Interest Rate (Basis Points)
% Change in Net
Interest Margin(1)
Economic Value of Equity(2)
% Change in Net
Interest Margin(1)
Economic Value of Equity(2)
+300
16.6%
22.19%
14.9%
18.60%
+200
10.9%
22.39%
9.8%
19.15%
+100
5.2%
22.53%
4.8%
19.82%
+50
2.3%
22.56%
2.3%
20.05%
+25
1.0%
22.58%
1.1%
20.17%
—
—%
22.55%
—%
20.31%
-25
(0.7)%
22.51%
(0.9)%
20.32%
-50
(1.5)%
22.47%
(1.7)%
20.33%
-100
(2.7)%
22.30%
(3.2)%
20.30%
'-200
(5.3)%
21.60%
(6.1)%
19.70%
'-300
(7.8)%
20.40%
(9.0)%
18.30%
(1)The percentage difference between net interest margin in a stable interest rate environment and net interest margin as projected under the various rate change environments.
(2)The economic value of equity ratio in a stable interest rate environment and the economic value of equity ratio as projected under the various rate change environments.
We also engage in other business activities that are sensitive to changes in interest rates. For example, mortgage banking revenues and expenses can fluctuate with changing interest rates. These fluctuations are difficult to model and estimate.
Three months ended September 30, 2025: Net income attributable to WSFS for the three months ended September 30, 2025 was $76.4 million, compared to $64.4 million for the three months ended September 30, 2024.
•Net interest income increased $6.5 million driven by lower deposit and wholesale funding costs as well as higher cash balances from growth in average deposits. The increase was partially offset by lower asset yields due to rate cuts in late 2024. See “Net Interest Income” for further information.
•Our provision for credit losses decreased $11.9 million. The current quarter's provision was impacted by favorable asset quality. See “Allowance for Credit Losses” for further information.
•Noninterest income decreased $3.7 million, driven by a decrease in Cash Connect® (which is offset in noninterest expense), a double-digit increase in Wealth and Trust, and was impacted by a valuation adjustment to our Visa B derivative liability. See “Noninterest Income” for further information.
•Noninterest expense decreased $0.7 million, primarily due to decreases in Cash Connect® external funding costs and occupancy expense, partially offset by higher salaries and benefits from talent additions in key business lines and performance-based increases. See “Noninterest Expense” for further information.
•Income tax provision increased $3.3 million, primarily due to higher income before taxes and certain tax credits recognized in 2024. See "Income Taxes" for further information.
Nine months ended September 30, 2025: Net income for the nine months ended September 30, 2025 was $214.7 million, compared to $199.5 million for the nine months ended September 30, 2024.
•Net interest income increased $11.5 million compared to the nine months ended September 30, 2024, primarily due to the reasons described above. See “Net Interest Income” for further information.
•Our provision for credit losses decreased $16.8 million compared to the nine months ended September 30, 2024, primarily due to the reasons mentioned above as well as a provision release associated with the Upstart loans sale. See “Allowance for Credit Losses” for further information.
•Noninterest income decreased $2.2 million due to the reasons mentioned above.
•Noninterest expense increased $5.6 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to higher salaries and benefits, equipment expenses, professional fees, and loan workout and other credit costs. The increase was partially offset by decreases in other operating expense driven by lower Cash Connect® external funding costs and FDIC expenses. See “Noninterest Expense” for further information.
•Income tax provision increased $5.3 million compared to the nine months ended September 30, 2024, primarily due to the reasons described above. See "Income Taxes" for further information.
The following tables provide information concerning the average balances, yields and rates on interest-earning assets and interest-bearing liabilities during the periods indicated:
Three months ended September 30,
2025
2024
(Dollars in thousands)
Average Balance
Interest
Yield/
Rate(1)
Average Balance
Interest
Yield/
Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Commercial loans and leases
$
5,229,187
$
87,722
6.67
%
$
5,246,721
$
93,594
7.11
%
Commercial real estate loans
4,831,359
82,914
6.81
4,952,571
89,516
7.19
Residential loans
1,002,442
13,711
5.47
924,830
11,916
5.15
Consumer loans
1,908,700
32,548
6.77
2,112,423
39,909
7.52
Loans held for sale
75,418
1,355
7.13
50,556
1,042
8.20
Total loans and leases
13,047,106
218,250
6.64
13,287,101
235,977
7.07
Mortgage-backed securities(3)
4,090,178
24,202
2.37
4,354,462
25,348
2.33
Investment securities(3)
366,450
2,180
2.66
366,098
2,184
2.62
Other interest-earning assets
1,227,761
13,789
4.46
709,358
9,875
5.54
Total interest-earning assets
$
18,731,495
$
258,421
5.48
%
$
18,717,019
$
273,384
5.82
%
Allowance for credit losses
(190,837)
(199,380)
Cash and due from banks
176,874
189,523
Cash in non-owned ATMs
393,148
387,019
Bank-owned life insurance
36,553
35,689
Other noninterest-earning assets
1,887,865
1,931,521
Total assets
$
21,035,098
$
21,061,391
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand
$
2,825,284
$
7,870
1.11
%
$
2,806,850
$
9,074
1.29
%
Savings
1,433,399
1,723
0.48
1,519,457
2,038
0.53
Money market
5,581,010
42,378
3.01
5,125,286
46,686
3.62
Time deposits
2,077,815
19,214
3.67
2,061,526
22,849
4.41
Total interest-bearing deposits
11,917,508
71,185
2.37
11,513,119
80,647
2.79
Federal Home Loan Bank advances
50,215
586
4.63
108,196
1,472
5.41
Trust preferred borrowings
90,952
1,524
6.65
90,753
1,749
7.67
Senior and subordinated debt
148,766
1,089
2.93
218,535
2,446
4.48
Other borrowed funds(4)
16,504
14
0.34
816,373
9,566
4.66
Total interest-bearing liabilities
$
12,223,945
$
74,398
2.41
%
$
12,746,976
$
95,880
2.99
%
Noninterest-bearing demand deposits
5,493,161
4,979,859
Other noninterest-bearing liabilities
633,625
770,572
Stockholders’ equity of WSFS
2,694,883
2,575,182
Noncontrolling interest
(10,516)
(11,198)
Total liabilities and stockholders’ equity
$
21,035,098
$
21,061,391
Excess of interest-earning assets over interest-bearing liabilities
$
6,507,550
$
5,970,043
Net interest income
$
184,023
$
177,504
Interest rate spread
3.07
%
2.83
%
Net interest margin
3.91
%
3.78
%
(1)Weighted average yields for tax-exempt securities and loans have been computed on a tax-equivalent basis.
(2)Average balances are net of unearned income and include nonperforming loans.
(3)Includes securities available-for-sale at fair value.
Excess of interest-earning assets over interest-bearing liabilities
$
6,350,461
$
5,805,839
Net interest and dividend income
$
538,734
$
527,231
Interest rate spread
3.05
%
2.92
%
Net interest margin
3.89
%
3.82
%
(1)Weighted average yields for tax-exempt securities and loans have been computed on a tax-equivalent basis.
(2)Average balances are net of unearned income and include nonperforming loans.
(3)Includes securities available-for-sale at fair value.
(4)Includes federal funds purchased.
Three months ended September 30, 2025: During the three months ended September 30, 2025, net interest income increased $6.5 million from the three months ended September 30, 2024 driven by lower deposit and wholesale funding costs as well as higher cash balances from growth in average deposits. The increase was partially offset by lower loan yields due to rate cuts in late 2024. Net interest margin was 3.91% for the third quarter of 2025, a 13 basis point increase compared to 3.78% for the third quarter of 2024. The increase was primarily due todeposit repricing actions, continued wholesale funding optimization, and higher cash balances, partially offset by lower loan balances and loan yields.
Nine months ended September 30, 2025: During the nine months ended September 30, 2025, net interest income increased $11.5 million from the nine months ended September 30, 2024 due to the reasons noted above. Net interest margin was 3.89% for the nine months ended September 30, 2025, a 7 basis point increase compared to 3.82% for the nine months ended September 30, 2024. The increase was due to the reasons mentioned above.
Allowance for Credit Losses
We maintain the allowance for credit losses at an appropriate level based on our assessment of estimable and expected losses related to various portfolios subject to credit risk. Our allowance for credit losses is based on our historical loss experience that includes the inherent risk of our loans and leases, HTM securities, and other account receivables, along with various other factors including but not limited to, collateral values, trends in asset quality, level of delinquent loans and concentrations, consideration of past events, current conditions, and reasonable and supportable forecasts. Further, regional and national economic forecasts are considered in our expected credit losses on loans and leases. Our evaluation is based on a review of the portfolio and requires significant, complex and difficult judgments.
During the three months ended September 30, 2025, we recorded a provision for credit losses of $6.6 million, a decrease of $11.9 million, compared to the provision for credit losses of $18.4 million for the three months ended September 30, 2024. The current quarter provision was primarily driven by charge-offs on our C&I and commercial small business lease portfolios. The decrease was driven by favorable migration when compared to the prior period as well as payoffs of several large nonperforming assets.
During the nine months ended September 30, 2025, we recorded a provision for credit losses of $36.5 million, a decrease of $16.8 million, compared to the provision for credit losses of $53.4 million for the nine months ended September 30, 2024. The current year provision was primarily driven by charge-offs and new originations in our C&I and commercial small business lease portfolios, partially offset by the reduction in the allowance due to the sale of the Upstart loans. The decrease was due to the reasons mentioned above, as well a provision release associated with the Upstart loans sale.
The total allowance for credit losses decreased to $185.5 million at September 30, 2025 from $195.3 million at December 31, 2024 primarily due to the resolution of several problem loans as well as the Upstart loan sale, partially offset by additional reserve on accounts receivable for certain fee-based businesses. The ratio of allowance for credit losses to total loans and leases decreased to 1.41% at September 30, 2025 from 1.48% at December 31, 2024, due to a decrease of 11bps driven by the sale of the Upstart loans and continued runoff of the portfolio, partially offset by a 4bps increase due to deterioration of the economic forecast.
Three months ended September 30, 2025: During the three months ended September 30, 2025, noninterest income was $86.5 million, a decrease of $3.7 million from $90.2 million during the three months ended September 30, 2024. The decrease was driven by a $6.5 million decline in Cash Connect®, primarily due to the lower rate environment and lower ATM bailment volume, and a $2.4 million loss related to a valuation adjustment to our Visa B derivative liability established from our previous sale of 360,000 shares in 2Q 2020. The decrease was partially offset by a $5.1 million increase in Wealth and Trust.
Nine months ended September 30, 2025: During the nine months ended September 30, 2025, noninterest income was $255.4 million, a decrease of $2.2 million from $257.6 million during the nine months ended September 30, 2024. This decrease was primarily driven by $15.1 million in the Cash Connect® segment for the reasons mentioned above as well as a $5.1 million impact from valuation adjustments to our Visa B derivative liability in 2025 and 2024. The decrease was partially offset by an increase of $17.8 million in Wealth and Trust fees.
For further information, see Note 3 to the unaudited Consolidated Financial Statements.
Noninterest Expense
Three months ended September 30, 2025: During the three months ended September 30, 2025, noninterest expense was $163.1 million, a decrease of $0.7 million from $163.7 million for the three months ended September 30, 2024. The decrease was primarily due to $5.4 million of lower Cash Connect® external funding costs and a $1.1 million decline in occupancy expense, partially offset by an increase of $5.5 million from salaries and benefits as a result of talent additions in key business areas and performance-based increases.
Nine months ended September 30, 2025: During the nine months ended September 30, 2025, noninterest expense was $474.2 million, an increase of $5.6 million from $468.6 million for the nine months ended September 30, 2024. The increase was primarily due to $18.1 million in salaries and benefits due to the reasons mentioned above, $4.6 million from equipment expenses driven by technology costs, $2.8 million in professional fees, and $2.2 million related to loan workout costs, partially offset by a $21.0 million decrease in other operating expense driven by lower Cash Connect® external funding costs and a $1.5 million decrease in FDIC expenses, primarily driven by the special assessment fees recognized in 2024.
Income Taxes
We and our subsidiaries file a consolidated federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with ASC 740, Income Taxes, which requires the recording of deferred income taxes for tax consequences of temporary differences. We recorded income tax expense of $24.4 million and $68.8 million during the three and nine months ended September 30, 2025, respectively, compared to income tax expense of $21.1 million and $63.6 million for the same periods in 2024. The increase for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to higher income before taxes in 2025 and certain tax credits recognized in 2024.
Our effective tax rate was 24.2% and 24.3% for the three and nine months ended September 30, 2025, respectively, compared to 24.7% and 24.2% for the three and nine months ended September 30, 2024, respectively.
The effective tax rate reflects the recognition of certain tax benefits in the financial statements including those benefits from tax-exempt interest income, federal low-income housing tax credits, solar tax credits, research and development tax credits, and excess tax benefits from recognized stock compensation. These tax benefits are offset by the tax effect of stock-based compensation expense related to incentive stock options, tax deficiencies from recognized stock compensation, and a provision for state income tax expense. We frequently analyze our projections of taxable income and make adjustments to our provision for income taxes accordingly.
RECONCILIATION OF NON-GAAP MEASURE TO GAAP MEASURE
The following table provides a reconciliation of tangible book value per share of common stock to book value per share of common stock, the most directly comparable GAAP financial measure. We believe this measure helps management and investors better understand and assess changes from period to period in stockholders’ equity exclusive of changes in intangible assets. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results.
(Dollars and share amounts in thousands, except per share amounts)
September 30, 2025
December 31, 2024
Stockholders’ equity of WSFS
$
2,753,273
$
2,589,752
Less: Goodwill and other intangible assets
973,677
988,160
Tangible common equity (numerator)
$
1,779,596
$
1,601,592
Shares of common stock outstanding (denominator)
55,427
58,657
Book value per share of common stock
$
49.67
$
44.15
Goodwill and other intangible assets
17.56
16.85
Tangible book value per share of common stock
$
32.11
$
27.30
CRITICAL ACCOUNTING ESTIMATES
The preparation of the unaudited Consolidated Financial Statements in accordance with U.S. GAAP requires us to make estimates and assumptions affecting the reported amounts of assets, liabilities, revenue and expenses. We regularly evaluate these estimates and assumptions including those related to the allowance for credit losses, business combinations, deferred taxes, fair value measurements and goodwill and other intangible assets. We base our estimates on historical experience and various other factors and assumptions that are believed to be reasonable under the circumstances. These form the basis for making judgments on the carrying value of certain assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Although our current estimates contemplate current economic conditions and how we expect them to change in the future, for the remainder of 2025, it is possible that actual conditions may be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Actual results may differ from these estimates under different assumptions or conditions.
Critical accounting estimates at September 30, 2025 did not significantly change from our critical accounting estimates at December 31, 2024, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
RECENT LEGISLATIVE AND REGULATORY DEVELOPMENTS
Recent regulatory developments at September 30, 2025 did not significantly change from our recent regulatory developments at December 31, 2024, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, except as noted below.
One Big Beautiful Bill Act (OBBBA)
On July 4, 2025, the OBBBA was signed into law by President Trump in the United States. The legislation introduces several changes to the U.S. corporate income tax system, including the immediate expensing of qualifying research and development expenditures and the permanent extension of select provisions originally enacted under the Tax Cuts and Jobs Act. The legislation has multiple effective dates and is not expected to have a material impact on the Company.
GENIUS Act
On July 18, 2025, President Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the “GENIUS Act,” into law, establishing a federal licensing and supervisory framework for payment stablecoins and their issuers. The GENIUS Act may accelerate and increase the competition that non-traditional financial institutions pose to banks' payment services, but may also create opportunities for banks to hold stablecoin reserve assets, custody stablecoins, or issue stablecoins. Several key provisions of the GENIUS Act require federal regulatory agencies to adopt implementing regulations, and the Act will take effect the earlier of 18 months after its enactment or 120 days after the agencies issue final implementing regulations. The Company continues to assess the impact of the GENIUS Act as the stablecoin industry evolves.
On October 24, 2023, the Federal Reserve, FDIC, and Office of the Comptroller of the Currency (OCC) issued a final rule revising their framework for evaluating banks’ records of community reinvestment under the CRA. On July 16, 2025, the bank regulatory agencies issued a notice of proposed rulemaking to rescind the October 2023 final rule and restore the CRA framework that existed previously, which has remained in effect due to a preliminary injunction that stayed implementation of the October 2023 rule. The Bank received a rating of “Satisfactory” in its most recent performance evaluation, which was conducted using the CRA framework that existed prior to the October 2023 final rule.
Brokered Deposits
On July 30, 2024, the FDIC issued a proposed rule that would revise the FDIC’s regulations governing the classification and treatment of brokered deposits.The proposed rule would have potentially required the Bank to classify a greater amount of its deposits obtained with the involvement of third parties as brokered deposits.On March 3, 2025, the FDIC withdrew this proposed rule.
Bank Merger Act
On September 17, 2024, the OCC finalized a new Policy Statement Regarding Statutory Factors Under the Bank Merger Act (the “Policy Statement”), which updated the factors the OCC would apply in evaluating a proposed bank merger transaction.The Policy Statement could have potentially made it more difficult and/or costly for us to obtain OCC approval for an acquisition or otherwise resulted in more onerous conditions in approval orders than the OCC had previously imposed.On May 8, 2025, the OCC rescinded the Policy Statement. The United States Department of Justice (DOJ) has left in place its 2023 Merger Guidelines as a framework to review bank mergers and has not reinstated the 1995 Bank Merger Guidelines that it previously applied to bank mergers and which the Federal Reserve and OCC continue to apply. Compared to the 1995 Bank Merger Guidelines, the 2023 Merger Guidelines set forth more stringent concentration limits and add several largely qualitative bases on which the DOJ may challenge a merger.
Recent Regulatory Developments since September 30, 2025
Since September 30, 2025, the OCC has issued certain written guidance and a number of proposed rules that collectively are designed to reduce the regulatory burden for community banks, defined as banks with assets up to $30 billion, and include the Bank. The following is a short summary of certain of the written guidance and proposed rules (none of which are final) recently issued by the OCC:
•Guidance that eliminates mandatory examination activities not required by statute or regulation starting January 1, 2026, and requiring OCC examiners to tailor their examination of a community bank’s specific activities in light of its size, complexity, and risk profile, with heightened focus on material financial risks.
•Guidance that eliminates the examination of community banks' use of the procedures and standards in the retail nondeposit investment products booklet of the handbook issued by the OCC.
•Guidance that provides community banks with flexibility to tailor their model risk management practices, including the appropriate frequency and nature of validation activities,and stating that the OCC will not provide negative supervisory feedback solely for the frequency or scope of the model validation that a community bank reasonably determined to perform.
•A notice of proposed rulemaking to remove the "Fair Housing Home Loan Data System" in 12 C.F.R. Part 27, after the OCC determined that the regulation is obsolete and largely duplicative of and inconsistent with other legal authorities that require national banks to collect and retain certain information on applications for home loans.
•A notice of proposed rulemaking (along with the FDIC) to define the term "unsafe or unsound practice," which is used but not defined in Section 8 of the Federal Deposit Insurance Act,to focus on material harm to the financial condition of the bank or material risk of loss to the deposit insurance fund, as well as to set forth uniform standards for issuing matters requiring attention by bank examiners that only address certain financial risks of, or violations of law by, banks.
•A notice of proposed rulemaking (along with the FDIC) to codify the elimination of reputation risk from their supervisory programs and therefore prohibit the OCC from criticizing or taking adverse action against a bank on the basis of reputation risk or from requiring, instructing, or encouraging a bank to close an account, to refrain from providing an account, product, or service, or to modify or terminate any product or service on the basis of a person or entity’s political, social, cultural, or religious views or beliefs, constitutionally protected speech, or solely on the basis of politically disfavored but lawful business activities perceived to present reputation risk.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The information required by this Item is incorporated herein by reference to the information provided in Part I Item 2 (Interest Rate Sensitivity) of this Quarterly Report on Form-10-Q.
(a)Evaluation of disclosure controls and procedures. Based on their evaluation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934), our principal executive officer and principal financial officer have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q such disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)Changes in internal control over financial reporting. There was no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting during the three months ended September 30, 2025.
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
The information required by this Item is incorporated herein by reference to the information provided in Note 17 – Legal and Other Proceedings to the unaudited Consolidated Financial Statements.
Item 1A. Risk Factors
There have not been any material changes to the risk factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the second quarter of 2022, the Board of Directors of the Company approved a share repurchase program authorizing the repurchase of 6,358,727 shares of common stock, or 10% of its outstanding shares as of June 30, 2022. This repurchase program was completed during the third quarter of 2025. During the second quarter of 2025, the Board of Directors of the Company approved a share repurchase program authorizing the repurchase of 5,769,334 shares of common stock, or 10% of its outstanding shares as of March 31, 2025. Under the program, repurchases may be made from time to time in the open market or through negotiated transactions, subject to market conditions and other factors, and in accordance with applicable securities laws. The program is consistent with our intent to optimize capital levels through a mix of dividends and share repurchases while maintaining capital ratios in excess of “well-capitalized” regulatory benchmarks and targeting a corporate Common Equity Tier 1 capital ratio of approximately 12%.
The following table represents information with respect to repurchases of common stock made by the Company during the three months ended September 30, 2025.
Month
Total Number
of Shares Purchased
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.