WSFS
WSFS FinancialDDocument history
Earnings documents stored for WSFS.
Investor releaseQuarter not tagged2026-08-31KBRA Affirms WSFS Financial Corp.’s A- Senior Unsecured Debt Rating; Stable Outlook Supported by Strong Earnings, Liquidity, Capital Position and Diversified Revenue Streams
Business Wire
KBRA Affirms WSFS Financial Corp.’s A- Senior Unsecured Debt Rating; Stable Outlook Supported by Strong Earnings, Liquidity, Capital Position and Diversified Revenue Streams
WILMINGTON, Del., August 31, 2026--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has reaffirmed the senior unsecured debt rating of A- for WSFS Financial Corporation (NASDAQ: WSFS) ("WSFS" or "the Company"). KBRA also reaffirmed WSFS’ subordinated debt rating of BBB+ and a short-term debt rating of K2. WSFS Bank, the Company’s primary subsidiary, received strong credit ratings as well, including A ratings for both senior unsecured debt and deposit, a subordinated debt rating of A-, and the short-term debt and deposit ratings of K1. KBRA’s debt rating report for WSFS can be accessed here. About WSFS Financial Corporation WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of June 30, 2026, WSFS Financial Corporation had $22.7 billion in assets on its balance sheet and $101.7 billion in assets under management and administration. WSFS operates from 114 offices, 87 of which are banking offices, located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Trust Advisors, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, WSFS Wealth® Management, LLC, WSFS Institutional Services®, and WSFS Mortgage®. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260831819743/en/ Contacts Investor Relations Contact: Andrew Basile(302) [email protected] Media Contact: Connor Peoples(215) [email protected]
Investor releaseQuarter not tagged2026-08-28Moody’s Reaffirms WSFS Financial Corp’s Baa2 Issuer Rating with a Positive Outlook; Reflects Diversified Business Model, Strong Capital, and Earnings Strength
Business Wire
Moody’s Reaffirms WSFS Financial Corp’s Baa2 Issuer Rating with a Positive Outlook; Reflects Diversified Business Model, Strong Capital, and Earnings Strength
WILMINGTON, Del., August 28, 2026--(BUSINESS WIRE)--Moody’s Investors Service has reaffirmed their ratings to WSFS Financial Corporation (NASDAQ: WSFS) ("WSFS" or "the Company") and WSFS Bank with issuer ratings of Baa2 and revised outlook to positive from stable. The change in outlook was driven by improved credit, sustained earnings and continued balance sheet strength, underscoring the resilience of the franchise and financial performance. Long-and short-term deposits of A2/Prime-1, together with a standalone Baseline Credit Assessment of baa1. Moody’s has also assigned Counterparty Risk Assessment of A3(cr)/Prime-2(cr) and Counterparty Risk Ratings (local and foreign currency) of Baa1/Prime-2. Moody’s debt ratings for WSFS can be accessed here. "Moody’s affirmation of our Baa2 investment-grade rating and its decision to revise our outlook to positive from stable reflects the strength of our diversified business model, disciplined risk management, and resilient balance sheet. We have continued to deliver strong financial performance while maintaining solid capital levels, a robust liquidity profile, and low reliance on wholesale funding. We believe the positive outlook underscores our continued momentum and long-term financial strength," said David Burg, Executive Vice President and Chief Financial Officer, WSFS. About WSFS Financial Corporation WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of June 30, 2026, WSFS Financial Corporation had $22.7 billion in assets on its balance sheet and $101.7 billion in assets under management and administration. WSFS operates from 114 offices, 87 of which are banking offices, located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Trust Advisors, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, WSFS Wealth® Management, LLC, WSFS Institutional Services®, and WSFS Mortgage®. Serving the Greater Delaware Valley s…Read full documentShow less
WILMINGTON, Del., August 28, 2026--(BUSINESS WIRE)--Moody’s Investors Service has reaffirmed their ratings to WSFS Financial Corporation (NASDAQ: WSFS) ("WSFS" or "the Company") and WSFS Bank with issuer ratings of Baa2 and revised outlook to positive from stable. The change in outlook was driven by improved credit, sustained earnings and continued balance sheet strength, underscoring the resilience of the franchise and financial performance. Long-and short-term deposits of A2/Prime-1, together with a standalone Baseline Credit Assessment of baa1. Moody’s has also assigned Counterparty Risk Assessment of A3(cr)/Prime-2(cr) and Counterparty Risk Ratings (local and foreign currency) of Baa1/Prime-2. Moody’s debt ratings for WSFS can be accessed here. "Moody’s affirmation of our Baa2 investment-grade rating and its decision to revise our outlook to positive from stable reflects the strength of our diversified business model, disciplined risk management, and resilient balance sheet. We have continued to deliver strong financial performance while maintaining solid capital levels, a robust liquidity profile, and low reliance on wholesale funding. We believe the positive outlook underscores our continued momentum and long-term financial strength," said David Burg, Executive Vice President and Chief Financial Officer, WSFS. About WSFS Financial Corporation WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of June 30, 2026, WSFS Financial Corporation had $22.7 billion in assets on its balance sheet and $101.7 billion in assets under management and administration. WSFS operates from 114 offices, 87 of which are banking offices, located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Trust Advisors, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, WSFS Wealth® Management, LLC, WSFS Institutional Services®, and WSFS Mortgage®. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260827798111/en/ Contacts Investor Relations:Andrew Basile(302) [email protected] Media:Connor Peoples(215) [email protected]
Investor releaseQuarter not tagged2026-08-02WSFS Financial (WSFS) Stock Looks Cheap On Fair Value While Earnings Look Pricey
Simply Wall St.
WSFS Financial (WSFS) Stock Looks Cheap On Fair Value While Earnings Look Pricey
Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. WSFS Financial stock has delivered a 92.2% return over the past three years, yet today's valuation signals are split, with the Excess Returns intrinsic value estimate pointing to meaningful upside while traditional earnings multiples lean the other way. WSFS Financial has returned 92.2% over three years, which puts more focus on whether the current share price still leaves a margin of safety for new capital. Recent confirmation of strong credit ratings and a stable outlook can support confidence in the balance sheet. However, any setback in fee-based revenue growth may challenge how much investors are willing to pay for that quality. On Simply Wall St's checks, WSFS Financial screens as a mixed picture rather than a clear bargain or clear overvaluation, with 3 of 6 valuation factors pointing to value. The issue now is whether the market price for WSFS Financial is closer to the upside implied by the intrinsic value estimate or to the caution suggested by the richer earnings multiples. WSFS Financial delivered 50.9% returns over the last year. See how this stacks up to the rest of the Banks industry. The Excess Returns model estimates what WSFS Financial can earn on its equity after covering the cost of that equity, then capitalises those surplus profits into an intrinsic value per share. For WSFS Financial, the inputs are reasonably supportive of value creation. Book value sits at $52.97 per share and is projected to move toward a stable book value of $58.08 per share. Stable EPS is estimated at $7.01 per share, with an average return on equity of 12.07% against a cost of equity of $4.13 per share. That gap feeds into an excess return of $2.88 per share, which drives a higher intrinsic value than simple accounting measures might imply. On these assumptions the Excess Returns model arrives at an intrinsic value of about $138.78 per share, which indicates that the stock is trading at a 42.2% discount and therefore screens as undervalued under this framework. Morningstar DBRS confirming an A range rating with a stable outlook provides some support for the idea that the market may be assigning a cautious price to a balance sheet that independent analysts view as solid. Overall, the Excess Returns workup suggests WSFS Finan…Read full documentShow less
Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. WSFS Financial stock has delivered a 92.2% return over the past three years, yet today's valuation signals are split, with the Excess Returns intrinsic value estimate pointing to meaningful upside while traditional earnings multiples lean the other way. WSFS Financial has returned 92.2% over three years, which puts more focus on whether the current share price still leaves a margin of safety for new capital. Recent confirmation of strong credit ratings and a stable outlook can support confidence in the balance sheet. However, any setback in fee-based revenue growth may challenge how much investors are willing to pay for that quality. On Simply Wall St's checks, WSFS Financial screens as a mixed picture rather than a clear bargain or clear overvaluation, with 3 of 6 valuation factors pointing to value. The issue now is whether the market price for WSFS Financial is closer to the upside implied by the intrinsic value estimate or to the caution suggested by the richer earnings multiples. WSFS Financial delivered 50.9% returns over the last year. See how this stacks up to the rest of the Banks industry. The Excess Returns model estimates what WSFS Financial can earn on its equity after covering the cost of that equity, then capitalises those surplus profits into an intrinsic value per share. For WSFS Financial, the inputs are reasonably supportive of value creation. Book value sits at $52.97 per share and is projected to move toward a stable book value of $58.08 per share. Stable EPS is estimated at $7.01 per share, with an average return on equity of 12.07% against a cost of equity of $4.13 per share. That gap feeds into an excess return of $2.88 per share, which drives a higher intrinsic value than simple accounting measures might imply. On these assumptions the Excess Returns model arrives at an intrinsic value of about $138.78 per share, which indicates that the stock is trading at a 42.2% discount and therefore screens as undervalued under this framework. Morningstar DBRS confirming an A range rating with a stable outlook provides some support for the idea that the market may be assigning a cautious price to a balance sheet that independent analysts view as solid. Overall, the Excess Returns workup suggests WSFS Financial stock screens as undervalued relative to what its projected profitability on equity would justify. Our Excess Returns analysis suggests WSFS Financial is undervalued by 42.2%. Track this in your watchlist or portfolio, or discover 55 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for WSFS Financial. P/E is usually the cleanest starting point for a bank such as WSFS Financial because earnings remain the main driver of long term value for this type of business. WSFS Financial currently trades on a P/E of 12.9x. That sits above the Banks industry average of about 11.9x and is slightly below the peer group average of 13.5x. The fair P/E ratio from the model is 11.4x, which is lower than where the stock trades today. That gap suggests investors are already paying a premium to the earnings level that the model would treat as a reasonable anchor. The company’s confirmed A range credit ratings and recent earnings beat help explain why some investors may accept a higher multiple. Even so, the current P/E still comes out above the model’s fair ratio. This implies that WSFS Financial is pricing in a relatively full earnings outlook. On the P/E yardstick, WSFS Financial stock appears overvalued compared with the earnings multiple the model views as reasonable. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where this WSFS Financial valuation puzzle leaves off. They spell out which combinations of future growth, margins and earnings would need to play out for WSFS Financial's stock to be worth materially more or less than today's price, and they sit on the company’s Community page. Each links its number to a specific view on how growth, profitability and risks might evolve. You can revisit these views as fresh results and filings come through. You can add your own narrative on WSFS Financial's stock and present a data-driven view on whether the confirmed A range credit ratings and recent earnings outcome support today's valuation. Share your thesis with the Simply Wall St community and see how it holds up as new results and filings arrive. Do you think there's more to the story for WSFS Financial? Head over to our Community to see what others are saying! For WSFS Financial, the Excess Returns intrinsic value estimate points to a clear undervalued signal, while the market multiple framework flags the stock as overvalued on earnings. That split comes from different focus points. The intrinsic view leans on the company’s ability to earn above its cost of equity, while the P/E view reflects current growth expectations and sentiment around peers. With broader valuation checks landing in a mixed tier, the key question from here is whether earnings and fee-based revenue can justify the current premium multiple rather than leave the discount looking like a value trap. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include WSFS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]
Investor releaseQuarter not tagged2026-07-30The 5 Most Interesting Analyst Questions From WSFS Financial’s Q2 Earnings Call
StockStory
The 5 Most Interesting Analyst Questions From WSFS Financial’s Q2 Earnings Call
WSFS Financial’s second quarter was marked by strong revenue growth and a positive market reaction, as management credited both robust fee-based businesses and a disciplined approach to deposit costs. CEO Rodger Levenson emphasized the company’s ability to “win new mandates and capture market share,” particularly in Wealth and Trust as well as institutional services. CFO David Burg highlighted the expansion in net interest margin, which benefited from a reduction in client deposit costs and higher investment yields. Is now the time to buy WSFS? Find out in our full research report (it’s free). Revenue: $285.2 million vs analyst estimates of $278.7 million (6.4% year-on-year growth, 2.4% beat) Adjusted EPS: $1.66 vs analyst estimates of $1.50 (10.7% beat) Market Capitalization: $4.14 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Russell Gunther (Stephens): Asked about the trajectory of deposit costs and the ability to defend margins amid rising competition. CFO David Burg explained that while WSFS has lowered deposit costs, increasing competition may require higher pricing but expects margins to remain stable overall. Megan Lynch (KBW): Inquired about loan growth sustainability and pricing competition. Burg detailed strategic growth in C&I, emphasizing service differentiation, and noted that residential mortgage pricing remains challenging due to broader market dynamics. Manuel Navas (Piper Sandler): Requested clarification on expense variability. Burg discussed ongoing efficiency initiatives and the impact of revenue-driven costs, while CEO Rodger Levenson noted medical and fraud-related costs could add variability. Christopher Marinac (Brean Capital): Asked about the long-term outlook for fee income’s share of total revenue and its impact on selectivity in lending. Burg responded that both fee and loan growth are priorities, with selectivity driven by relationship value rather than deposit levels alone. Janet Lee (TD Cowen): Sought insight into the sustainability of noninterest-bearing deposit growth and its effect on net interest margin. Burg stated that maintaining the current level would be favorable, b…Read full documentShow less
WSFS Financial’s second quarter was marked by strong revenue growth and a positive market reaction, as management credited both robust fee-based businesses and a disciplined approach to deposit costs. CEO Rodger Levenson emphasized the company’s ability to “win new mandates and capture market share,” particularly in Wealth and Trust as well as institutional services. CFO David Burg highlighted the expansion in net interest margin, which benefited from a reduction in client deposit costs and higher investment yields. Is now the time to buy WSFS? Find out in our full research report (it’s free). Revenue: $285.2 million vs analyst estimates of $278.7 million (6.4% year-on-year growth, 2.4% beat) Adjusted EPS: $1.66 vs analyst estimates of $1.50 (10.7% beat) Market Capitalization: $4.14 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Russell Gunther (Stephens): Asked about the trajectory of deposit costs and the ability to defend margins amid rising competition. CFO David Burg explained that while WSFS has lowered deposit costs, increasing competition may require higher pricing but expects margins to remain stable overall. Megan Lynch (KBW): Inquired about loan growth sustainability and pricing competition. Burg detailed strategic growth in C&I, emphasizing service differentiation, and noted that residential mortgage pricing remains challenging due to broader market dynamics. Manuel Navas (Piper Sandler): Requested clarification on expense variability. Burg discussed ongoing efficiency initiatives and the impact of revenue-driven costs, while CEO Rodger Levenson noted medical and fraud-related costs could add variability. Christopher Marinac (Brean Capital): Asked about the long-term outlook for fee income’s share of total revenue and its impact on selectivity in lending. Burg responded that both fee and loan growth are priorities, with selectivity driven by relationship value rather than deposit levels alone. Janet Lee (TD Cowen): Sought insight into the sustainability of noninterest-bearing deposit growth and its effect on net interest margin. Burg stated that maintaining the current level would be favorable, but future growth may moderate, with NIM influenced by how these deposits are invested. In the coming quarters, the StockStory team will be monitoring (1) the sustainability of deposit growth and competitive positioning in institutional services, (2) the pace of loan growth and the ability to maintain asset quality improvements, and (3) progress on expense management and efficiency initiatives. Additional attention will be paid to how WSFS navigates margin pressures in a dynamic interest rate environment. WSFS Financial currently trades at $80.63, up from $78.96 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.
Investor releaseQuarter not tagged2026-07-25WSFS Financial Corp (WSFS) Q2 2026 Earnings Call Highlights: Strong Growth in Core Earnings and ...
GuruFocus.com
WSFS Financial Corp (WSFS) Q2 2026 Earnings Call Highlights: Strong Growth in Core Earnings and ...
This article first appeared on GuruFocus. Core Earnings Per Share: $1.66 Core Return on Assets (ROA): 1.55% Core Return on Tangible Common Equity: 20.2% Core Net Income Growth: 19% year-over-year Core Pre-Provision Net Revenue (PPNR) Growth: 10% year-over-year Net Interest Margin: 3.87%, expanded by 4 basis points linked quarter Core Fee Revenue Growth: 2% linked quarter, 5% year-over-year Wealth and Trust Revenue Growth: 17% year-over-year Corporate Trust Revenue Growth: 28% year-over-year Global Capital Markets Revenue Growth: 58% year-over-year Client Deposits Growth: 3% linked quarter, 11% year-over-year Noninterest Deposits: Up 10% linked quarter, representing 37% of total client deposits Gross Loans Growth: 1% linked quarter, 5% annualized Residential Mortgage and Home Equity Loans Growth: 10% linked quarter, 23% year-over-year Problem Assets Decrease: 6% linked quarter, 31% year-over-year Delinquencies Decrease: 5% linked quarter, nearly 40% year-over-year Nonperforming Assets Decrease: 8% linked quarter, nearly 25% year-over-year Net Charge-Offs: $7.1 million, 21 basis points of average loans Capital Returned: $77 million, including $66 million of buybacks Market Share in ABS and MBS Trustee: Increased to 14% from 11.7% in 2025 Warning! GuruFocus has detected 7 Warning Sign with WSFS. Is WSFS fairly valued? Test your thesis with our free DCF calculator. Release Date: July 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. WSFS Financial Corp (NASDAQ:WSFS) reported a core earnings per share of $1.66, a core ROA of 1.55%, and a core return on tangible common equity of 20.2%, all above first-quarter levels. Core net income increased by 19% year-over-year, with core earnings per share growth of 31% and tangible book value per share growth of 13%. Net interest margin expanded by 4 basis points to 3.87%, driven by reduced client deposit costs and higher investment securities yields. Core fee revenue grew 2% linked quarter and 5% year-over-year, with significant contributions from Wealth and Trust, Corporate Trust, and Global Capital Markets. WSFS Financial Corp (NASDAQ:WSFS) increased its market share in the ABS and MBS trustee market to 14%, up from 11.7% in 2025. Cash Connect fees declined year-over-year due to interest rate cuts and lower volumes, despite a higher profit margin. There is increas…Read full documentShow less
This article first appeared on GuruFocus. Core Earnings Per Share: $1.66 Core Return on Assets (ROA): 1.55% Core Return on Tangible Common Equity: 20.2% Core Net Income Growth: 19% year-over-year Core Pre-Provision Net Revenue (PPNR) Growth: 10% year-over-year Net Interest Margin: 3.87%, expanded by 4 basis points linked quarter Core Fee Revenue Growth: 2% linked quarter, 5% year-over-year Wealth and Trust Revenue Growth: 17% year-over-year Corporate Trust Revenue Growth: 28% year-over-year Global Capital Markets Revenue Growth: 58% year-over-year Client Deposits Growth: 3% linked quarter, 11% year-over-year Noninterest Deposits: Up 10% linked quarter, representing 37% of total client deposits Gross Loans Growth: 1% linked quarter, 5% annualized Residential Mortgage and Home Equity Loans Growth: 10% linked quarter, 23% year-over-year Problem Assets Decrease: 6% linked quarter, 31% year-over-year Delinquencies Decrease: 5% linked quarter, nearly 40% year-over-year Nonperforming Assets Decrease: 8% linked quarter, nearly 25% year-over-year Net Charge-Offs: $7.1 million, 21 basis points of average loans Capital Returned: $77 million, including $66 million of buybacks Market Share in ABS and MBS Trustee: Increased to 14% from 11.7% in 2025 Warning! GuruFocus has detected 7 Warning Sign with WSFS. Is WSFS fairly valued? Test your thesis with our free DCF calculator. Release Date: July 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. WSFS Financial Corp (NASDAQ:WSFS) reported a core earnings per share of $1.66, a core ROA of 1.55%, and a core return on tangible common equity of 20.2%, all above first-quarter levels. Core net income increased by 19% year-over-year, with core earnings per share growth of 31% and tangible book value per share growth of 13%. Net interest margin expanded by 4 basis points to 3.87%, driven by reduced client deposit costs and higher investment securities yields. Core fee revenue grew 2% linked quarter and 5% year-over-year, with significant contributions from Wealth and Trust, Corporate Trust, and Global Capital Markets. WSFS Financial Corp (NASDAQ:WSFS) increased its market share in the ABS and MBS trustee market to 14%, up from 11.7% in 2025. Cash Connect fees declined year-over-year due to interest rate cuts and lower volumes, despite a higher profit margin. There is increased deposit competition in the market, which may impact deposit pricing and costs going forward. The company expects some upward pressure on deposit costs due to competitive pressures, despite a stable net interest margin outlook. Loan growth, particularly in home lending, may not continue at the same pace due to seasonal slowdowns and rising interest rates. The company faces challenges in the office market and must remain selective in its commercial real estate investments. Q: How is WSFS Financial Corp managing the trajectory of deposit costs given the competitive pressures in the market? A: David Burg, CFO, explained that WSFS has successfully reduced deposit costs due to a strong liquidity profile, allowing them to let higher-cost deposits run off. However, increased market competition is leading to higher deposit rates, which may require WSFS to adjust their rates to remain competitive. Despite this, they expect the net interest margin (NIM) to remain stable, although there could be upward pressure on deposit costs. Q: Can you provide insights into WSFS's expense management and efficiency targets? A: David Burg noted that expenses increased by 4% year-over-year, primarily driven by variable and revenue-driven expenses. WSFS aims to maintain expenses at current levels or slightly lower, with a focus on efficiency. They have ongoing initiatives to manage costs, such as exiting non-core businesses and optimizing real estate. The goal is to continue reducing the efficiency ratio, which was 58% for the last two quarters. Q: What are the key factors influencing WSFS's return on assets (ROA) target of 1.50% plus? A: David Burg highlighted that the "plus" in the ROA target indicates potential for slight outperformance, driven by continued fee revenue growth and deposit growth. However, the competitive environment makes sustaining current deposit growth challenging, which could impact the ROA. Q: How is WSFS handling loan growth and pricing amidst competition? A: On the commercial side, WSFS focuses on growing its C&I business, which is crucial for relationships and deposits. They differentiate through service and responsiveness rather than being the lowest-cost provider. In consumer lending, WSFS has exited non-core areas to focus on residential lending, where they have a differentiated product. However, rising rates have made pricing more challenging in residential real estate. Q: What is WSFS's approach to capital return and buybacks? A: WSFS prioritizes investing in the business for shareholder returns. They have been returning about 100% of net income through buybacks, having repurchased 14% of shares since last year. While they aim to continue this trend, they may adjust based on internal opportunities and market conditions. M&A opportunities are considered if they align with strategic goals and offer accretive value. For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Investor releaseQuarter not tagged2026-07-24WSFS Financial Q2 Earnings Call Highlights
MarketBeat
WSFS Financial Q2 Earnings Call Highlights
Interested in WSFS Financial Corporation? Here are five stocks we like better. WSFS Financial posted strong second-quarter 2026 results, with core EPS of $1.66, core ROA of 1.55%, and core ROTCE of 20.2%. Core EPS rose 31% year over year, supported by higher fee income, deposit growth, and selected lending growth. Net interest margin expanded to 3.87% as deposit costs fell, and management lifted its full-year margin outlook to about 3.85%. The company also noted a more competitive deposit environment, which could create some upward pressure on funding costs. Asset quality improved and capital returns stayed strong, with problem assets, delinquencies, and nonperforming assets all declining year over year. WSFS returned $77 million of capital in the quarter, mainly through buybacks, and raised its full-year outlook for ROA, deposit growth, and fee revenue growth. WSFS Financial (NASDAQ:WSFS) reported second-quarter 2026 core earnings per share of $1.66, core return on assets of 1.55% and core return on tangible common equity of 20.2%, with management citing growth in fee businesses, deposits and selected lending categories. Chief Financial Officer David Burg said core net income rose 19% from a year earlier, while core pre-provision net revenue increased 10%. Core EPS grew 31% year over year, and tangible book value per share increased 13%. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Core results excluded a $1.8 million reduction in net income, or $0.03 per share, primarily associated with the write-down of an equity investment, as well as the previously disclosed gain on the sale of the company’s credit-card portfolio. Net interest margin expanded 4 basis points from the first quarter to 3.87%. Burg attributed the increase to a 4-basis-point decline in client deposit costs and higher investment-security yields. The company’s interest-bearing deposit beta remained at 46%. → GE Vernova Just Sent a Mixed AI Signal to Investors Management updated its full-year 2026 outlook based on an assumption that the federal funds rate will not change during the remainder of the year. WSFS now expects net interest margin of approximately 3.85% for the year. During the question-and-answer session, Burg said the company expects to manage its margin despite a more competitive deposit environment. WSFS has allowed some higher-cost deposits to run off d…Read full documentShow less
Interested in WSFS Financial Corporation? Here are five stocks we like better. WSFS Financial posted strong second-quarter 2026 results, with core EPS of $1.66, core ROA of 1.55%, and core ROTCE of 20.2%. Core EPS rose 31% year over year, supported by higher fee income, deposit growth, and selected lending growth. Net interest margin expanded to 3.87% as deposit costs fell, and management lifted its full-year margin outlook to about 3.85%. The company also noted a more competitive deposit environment, which could create some upward pressure on funding costs. Asset quality improved and capital returns stayed strong, with problem assets, delinquencies, and nonperforming assets all declining year over year. WSFS returned $77 million of capital in the quarter, mainly through buybacks, and raised its full-year outlook for ROA, deposit growth, and fee revenue growth. WSFS Financial (NASDAQ:WSFS) reported second-quarter 2026 core earnings per share of $1.66, core return on assets of 1.55% and core return on tangible common equity of 20.2%, with management citing growth in fee businesses, deposits and selected lending categories. Chief Financial Officer David Burg said core net income rose 19% from a year earlier, while core pre-provision net revenue increased 10%. Core EPS grew 31% year over year, and tangible book value per share increased 13%. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Core results excluded a $1.8 million reduction in net income, or $0.03 per share, primarily associated with the write-down of an equity investment, as well as the previously disclosed gain on the sale of the company’s credit-card portfolio. Net interest margin expanded 4 basis points from the first quarter to 3.87%. Burg attributed the increase to a 4-basis-point decline in client deposit costs and higher investment-security yields. The company’s interest-bearing deposit beta remained at 46%. → GE Vernova Just Sent a Mixed AI Signal to Investors Management updated its full-year 2026 outlook based on an assumption that the federal funds rate will not change during the remainder of the year. WSFS now expects net interest margin of approximately 3.85% for the year. During the question-and-answer session, Burg said the company expects to manage its margin despite a more competitive deposit environment. WSFS has allowed some higher-cost deposits to run off during the first half because of its liquidity position, he said, but may need to raise rates in certain areas to remain competitive and support client growth. → D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? “We want to make sure that we remain competitive,” Burg said, noting that deposit competition had increased during the prior six months. “There could be some upward pressure on deposit costs.” Core fee revenue, which represented nearly one-third of total revenue, increased 2% from the first quarter and 5% from a year earlier. Wealth and trust revenue grew 17% year over year. Within Institutional Services, corporate trust revenue rose 28% year over year and global capital markets revenue increased 58%, according to Burg. The company said it continued to win mandates and gain market share in those businesses. For the first half of 2026, WSFS ranked as the third-most-active asset-backed securities and mortgage-backed securities trustee by deal count, increasing its market share to 14% from 11.7% in 2025, Burg said. Bryn Mawr Trust Company of Delaware, the company’s personal trust operation, grew 20% year over year as new accounts increased. Cash Connect fees declined from a year earlier because of interest-rate cuts and lower volumes. However, the business delivered a 15% profit margin for the second consecutive quarter. Burg told analysts that the ABS and MBS market has continued to expand, with industry growth of roughly 20% to 30%, while WSFS has also increased its share. He said the company’s ability to move quickly and provide service has helped it compete with larger players, though he cautioned against extrapolating the current pace of market growth. Client deposits increased 3% sequentially and 11% year over year, led by Institutional Services and commercial banking. Non-interest-bearing deposits climbed 10% from the first quarter and accounted for 37% of total client deposits, compared with 31% a year earlier. Average deposits rose 3% sequentially and 8% year over year. Burg said approximately 80% of the quarter’s non-interest-bearing deposit growth came from Institutional Services, split between corporate trust and global capital markets, with the remaining 20% coming from commercial banking. He said the company historically has operated with non-interest-bearing deposits in the low 30% range and would view a low-to-mid-30% level as a favorable sustainable range. Gross loans increased 1% from the prior quarter, equivalent to a 5% annualized pace. Commercial and industrial loans rose 2% sequentially, or 8% annualized. Residential mortgages and WSFS home-equity loans increased 10% sequentially and 23% year over year. Chairman, President and CEO Rodger Levenson said client sentiment appeared constructive despite cost pressures and uncertainty tied to geopolitical developments and energy volatility. He said businesses were continuing to invest in a relatively stable economic environment, supporting the company’s commercial loan pipeline. Management said home-lending growth may moderate after a strong spring selling season. Burg said the residential pipeline had declined somewhat as the seasonal market slowed and rates rose. Asset-quality measures improved during the quarter. Problem assets fell 6% sequentially and 31% year over year, aided by commercial payoffs. Delinquencies declined 5% from the first quarter and nearly 40% from a year earlier, while nonperforming assets fell 8% sequentially and nearly 25% year over year. Net charge-offs were $7.1 million, or 21 basis points of average loans. Excluding the prior quarter’s loan recovery, net charge-offs declined $5.1 million sequentially because of lower commercial charge-offs. Management said office properties remain a challenging area, but it did not identify a broader portfolio trend or asset-class concern. WSFS returned $77 million of capital during the second quarter, including $66 million of share repurchases. Year to date, the company repurchased more than 4% of its outstanding shares and returned approximately 100% of net income to shareholders. Burg said the company’s first priority remains investing in the business at attractive returns. Management said it would consider acquisitions that are additive to its strategy, including potential opportunities in fee businesses and wealth management, but Levenson said the bar for bank acquisitions would be high given the company’s organic opportunities in its existing markets. Full-year return on assets outlook was raised to 1.50%, with potential for modest upside. Deposit growth outlook was raised to the high-single-digit range. Fee revenue growth, excluding Cash Connect, is expected in the mid-to-high-single-digit range. Expected net charge-offs were lowered to 15 to 25 basis points of average loans for the year. The company maintained its efficiency outlook in the high-50% range. Burg said expenses could remain around current levels or be somewhat lower, though variable compensation, transaction-related costs, health-care expenses and fraud-related costs could create quarterly variability. He said the company is pursuing cost initiatives involving vendor spending, real estate optimization and exits from businesses that are not central to its strategy. WSFS Financial Corporation is the bank holding company for WSFS Bank, a regional financial institution headquartered in Wilmington, Delaware. The company traces its roots to the Safe Deposit & Trust Company, founded in 1832, and formally organized as WSFS Financial in the mid-1980s. Over its long history, WSFS has grown through a combination of organic expansion and selective acquisitions to serve a broad base of individual, commercial and institutional clients. WSFS Bank offers a full suite of banking and financial services, including retail and commercial deposit accounts, commercial and industrial lending, real estate financing, and treasury management solutions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "WSFS Financial Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.
TranscriptFY2026 Q22026-07-24FY2026 Q2 earnings call transcript
Earnings source - 80 paragraphs
FY2026 Q2 earnings call transcript
Hello, everyone. Thank you for joining us, and welcome to WSFS Financial Corporation second quarter earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, press star one to raise your hand. To withdraw your question, press star one again. I'd now like to turn the call over to your host for today, Mr. David Burg, Chief Financial Officer. Sir, please go ahead.
Thank you very much. Good afternoon, everyone. Thank you for joining our second quarter 2026 earnings call. Our earnings release and earnings release supplement, which we'll refer to on today's call, can be found in the investor relations section of our company website. With me on this call is Rodger Levenson, Chairman, President, and CEO. Prior to reviewing our financial results, I would like to read our safe harbor statement. Our discussion today will include information of our management's view of our future expectations, plans, and prospects that constitute forward-looking statements.
Actual results may differ materially from historical results or those indicated by these forward-looking statements due to risks and uncertainties, including, but not limited to, the risk factors in an annual report on Form 10-K and our most recent quarterly reports on Form 10-Q, as well as other documents we may periodically file with the Securities and Exchange Commission. All comments made during today's call are subject to the safe harbor statement. I will now turn to our financial results. During the second quarter, WSFS's performance continued to demonstrate the strength of our franchise and diverse business model. Results included a core earnings per share of $1.66, core ROA of 1.55%, and core return on tangible common equity of 20.2%, which are all above the first quarter levels when you exclude the previously disclosed loan recovery.
On a year-over-year basis, core net income increased 19% and core PPNR increased 10%, resulting in core earnings per share growth of 31% and tangible book value per share growth of 13%. Core results for the quarter exclude a $1.8 million decrease to net income and a $0.03 reduction to EPS, primarily related to the write-down of an equity investment, as well as the previously disclosed gain from the sale of our credit card portfolio. Net interest margin expanded four basis points linked quarter to 3.87%, driven by a four basis point reduction in our client deposit costs, as well as higher investment securities and yields. Our interest-bearing deposit beta remained at 46%. Core fee revenue, which represents nearly a third of total revenue, grew 2% linked quarter and 5% year-over-year.
The growth across our fee businesses was led by wealth and trust, which grew 17% year-over-year. Within Institutional Services, corporate trust and global capital markets were up 28% and 58% year-over-year respectively as we continued to win new mandates and capture market share. For the first half of 2026, WSFS was ranked as the third most active ABS and MBS trustee based on deal count, increasing our market share to 14% from 11.7% in 2025. Our personal trust business, the Bryn Mawr Trust Company of Delaware, also delivered strong year-over-year growth of 20%, driven by continued new account growth. Outside of wealth, our capital markets business within the commercial division also delivered strong double-digit growth both linked quarter and year-over-year.
Cash Connect fees declined year-over-year due to the impact of interest rate cuts and lower volumes, but the business delivered a higher profit margin of 15% for the second quarter in a row. Client deposits increased 3% linked quarter, driven by growth in Institutional Services and commercial. On a year-over-year basis, our client deposits are up 11%. Importantly, non-interest deposits were up 10% linked quarter and now represent 37% of total client deposits, up from 31% a year ago. While we continue to see some elevated quarter-end activity by clients, we are seeing strong deposit growth momentum as evidenced by increases in both end-of-period and average deposits, which also grew 3% linked quarter and 8% year-over-year. Gross loans were up 1% linked quarter or 5% annualized. In commercial, we continued to see strong momentum in C&I, which grew 2% linked quarter or 8% annualized.
In consumer, home lending generated strong growth with residential mortgage and WSFS home equity loans up 10% linked quarter and 23% year-over-year. Turning to asset quality, we continued the recent trend of improvements across our key metrics, including leading indicators. Problem assets decreased 6% linked quarter due to several commercial payoffs and are now down 31% year-over-year. Delinquencies are down 5% linked quarter and nearly 40% year-over-year with accruing delinquencies of $26 million as of quarter end. Non-performing assets are down 8% linked quarter and nearly 25% year-over-year. In addition, net charge-offs were $7.1 million or 21 basis points of average loans for the quarter. When you exclude the impact of the prior quarter loan recovery, net charge-offs decreased $5.1 million quarter-over-quarter, driven by lower commercial charge-offs.
During the quarter, we continued to execute on our capital return framework, returning $77 million of capital, including $66 million of buybacks. Year-to-date, we repurchased over 4% of our outstanding shares and returned approximately 100% of net income to shareholders. On the last page of the earnings supplement, we provided our updated 2026 outlook, which now assumes no Fed funds rate changes for the rest of the year. Our updated full-year outlook reflects improvements across most metrics. Notably, we're increasing our ROA outlook for the year to 1.50%, with potential upside from there as we continue to drive high performance and growth. We also raised our deposit growth rate from mid to high single digits. While our results reflect some elevated quarter-end transactional activity, we continue to see strong deposit growth momentum across Institutional Services and commercial.
Our NIM outlook has improved to approximately 3.85%, reflecting the updated rate forecast and momentum across deposits and loans. We continue to see elevated deposit competition, which may impact deposit pricing going forward. We raised our outlook for fee revenue, excluding Cash Connect, from mid to high single digits as we continue to see strong momentum and future growth opportunities in our fee businesses, and particularly Wealth and Trusts, where we continue to capture market share within Institutional Services and BMC of Delaware. Net charge-offs are now expected to be between 15 to 25 basis points of average loans for the year, a decrease from our previous outlook, which reflects the strong asset quality results we saw in the quarter and recent momentum across key leading indicators. Consistent with our first quarter update, this outlook includes the previously disclosed recovery in 1Q.
Our commercial portfolio continues to perform well, but losses may be uneven. Our outlook for efficiency remains unchanged. We plan to maintain strong expense discipline, but we'll continue to leverage opportunities to invest in the franchise, which, coupled with normal seasonality, may result in some variances quarter-to-quarter. We're pleased with these results and remain committed to delivering high performance. We'll now open the line for questions.
We will now begin the question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Russell Gunther with Stephens. Your line is open. Please go ahead.
Yes. Thank you. Good afternoon.
Afternoon.
Afternoon, guys. I wanted to begin on the revised margin guide. It looks like it implies relative stability in the back half of the year. We're getting towards the end of earnings this week, and a lot of the commentary so far is focused on margin headwinds for the industry. Tighter spreads, higher deposit costs. When I look at your guys' liquidity profile in terms of the below peer loan-to-deposit ratio, a lot of securities cash flow you can get reinvested better than peer non-interest-bearing mix that's growing. I'd think you guys would be better able to defend against competitive pressures, at least on the liability side. David, how are you guys thinking about the trajectory of deposit costs from here as what's reflected in the margin guide and as we think about 2027?
Yeah. Happy to address that. I think you're right. I think we've obviously had success in bringing down our deposit costs so far. We have a good liquidity profile. In fact, we've let some of our higher cost deposits run off in the first half of the year, as you can see in some of our CD run-offs. Because of our liquidity position, we were able to do that. At the same time, I think there are two factors to consider. One is we are, and we've been seeing it really throughout the first half of the year, there's definitely more deposit competition out in the market. We've seen that really build up over the last six months. To give you one example, our largest CD product was a six-month 3% CD, and we found ourselves to be really on the low end of market pricing.
If you go out, it's very easy to get over 4% for 12 months. We want to make sure that we remain competitive. Even though we don't necessarily need the liquidity today, we obviously want to continue to grow our clients. We want to defend our market share and capture more share. We want to remain competitive. I think we may need to increase in order to grow in some areas and be competitive, and that does put some pressure on our deposit costs going out. Expect the NIM to be stable. We expect to be able to manage that. There could be some upward pressure on deposit costs.
Got it. Okay. Thank you for your thoughts there. Switching gears to expenses. Appreciate the reiterated high 50s efficiency guide. As it relates to just kind of dollar non-interest expense, you referenced seasonal dynamics. Could you level set us in terms of how 2Q may compare to where 3Q is headed? Within that kind of high 50s target, what does that mean to you? Is there a ± to that? You guys were at like 59.3% I think last year. Is that a result you might be able to outperform?
In terms of expenses, this quarter when you look at our expenses year-over-year up about 4%, I think it's a reasonable growth rate. When you look at this particular quarter, the majority of our quarter-over-quarter expense was really driven by variable and revenue-driven expenses. It's really a direct result of the outperformance on the top line. Although we did have some non-recurring items hit like we've outlined in our press release. Generally, I think our expenses could be at this level, around this level, maybe a little bit lower going forward. The important thing is a big part of that is revenue driven. To the extent that we continue to outperform on the fee side, on the top line side, that will drive additional expenses. We do think of it as a result. You can't disassociate the revenue from the expenses.
We do think of it in terms of efficiency. As you said, we were over 59% last year. We want to continue to tick that down. We've been 58% for the last two quarters. We're comfortable in the range that we're at. Over time, our goal is to continue to tick that down. We've got a number of expense initiatives that are ongoing. We think about it a lot. Part of our strategy, by the way, around expenses is, as you know, we've been exiting some non-businesses that are not central to our strategy, and that's been an important driver as well. Overall, I think we'll continue to invest in the business. That's really the number one priority while maintaining discipline. I think around this efficiency level is where we would expect to be.
Okay. Nope, that makes a ton of sense. Thank you, David. I guess just last one for me. The 150+, that plus sign there in the ROA target, what are the biggest deltas to achieving that?
Yeah. I think we put the plus there because we'd like to come in a little bit better than that, not materially better. Obviously continued outperformance in fees if we continue to get some of the deposit growth. Again, it's a competitive environment. The deposit growth we've seen, I think is hard to continue at this level. That's where some of the pluses and minuses come in.
Okay. Wonderful. Thank you guys for taking all my questions.
Thanks, Russell.
Your next question from the line of Kelly Motta with KBW. Your line is open. Please go ahead.
Hi, this is Meghan Lynch on for Kelly Motta. Thanks for taking my question. Loan growth was very solid this quarter, and you're expecting this growth to sort of continue. Can you speak a bit to how pricing is coming in, especially with competition, and if this competition is pressuring your prices at all?
Sure. Happy to talk about that. I'll maybe split the discussion between commercial and consumer. On the commercial side, as you know, really our core strategy is to grow our C&I business. That's the business that drives our relationship. It's a very important contributor to our deposits and our non-interest-bearing deposits. That's really kind of our flagship product. C&I has always been very competitive, and continues to get very competitive as others try to penetrate the space. We're not the low-cost provider in the market. We really separate ourselves based on our service model. Obviously, we need to be competitive, but we separate ourselves based on service, based on our responsiveness, and our relationships. We want to make sure we grow in a reasonable, accretive way, and that's what we've been doing.
Expect our goal is to continue to grow at mid-single digits through the cycle. On the consumer side, our loan strategy, what we've really done is try to focus on areas where we have a differentiated value proposition. You've seen us, we sold our Upstart portfolio last year. We sold our credit card portfolio this year, and really focused on residential lending. In residential lending, we really have a differentiated product there with our service model and our ability to work with different types of clients. The pricing there because of the move in rates that we've seen, the pricing obviously on the residential real estate side has gotten more challenging. I think that's a market dynamic overall.
Thank you. That was very helpful. Just switching sort of to credit. You saw some improvement this quarter and the trends seem very solid. What are you seeing more broadly, and is there any place that you're watching in your portfolio?
Yeah. As you mentioned, we've had good credit performance. We take a very proactive approach to credit. We spend a lot of time on it where we try to get out early in front of any issues that may appear, and work with our clients to resolve any potential issues. If you look at the portfolio, there are always individual challenges with particular clients and particular situations, but there's not a kind of a big red flag when we look across or a theme or pattern. Office continues to be a challenging market and challenging prices, and we try to be very selective there. Generally nothing new in terms of any red flags where we can connect the dots across different types of asset classes.
Awesome. Thank you. That's it from me.
Thank you.
Your next question from the line of Manuel Navas with Piper Sandler. Your line is open. Please go ahead.
Hey, good afternoon. Could you add a little bit more color on the OpEx discussion? You said there could be some potential variability. In the prior conversation, it sounded like there could be a downward trajectory. What are some of the projects and things that add that kind of variability within OpEx? Is it just variable comp supporting revenues?
Part of our cost base, Manuel, is variable. Whenever we have revenue outperformance, we're going to see some additional expenses. Some of that is IC, and that was a meaningful part this quarter. We also have transaction expenses, for example, in Cash Connect. We have transaction expenses in our trust businesses. A portion of that revenue is definitely going to result in higher expenses. At the same time, we continue to, if you look at our core expense base and our base expense level, we continue to try to work that down and continue to try to have initiatives to offset general rising costs, inflation and medical expenses and those type of things. We have a number of ongoing initiatives.
Like I mentioned, some of that has been getting out of businesses that were not central to our strategy, that had expenses associated with them, that were not highly profitable businesses. We've really optimized our real estate portfolio. We have a successful initiative going on around vendor costs. We've got a number of different initiatives that are offsetting some of the natural increases, which is how we get to a 4% year-over-year growth. The revenue is going to drive some expense with it.
Manuel, I just would add to what David said. I think where the variability could come into play is, as David said, medical costs, healthcare costs are a big topic. I think will continue to be a big topic, although we're doing, I think, a very good job of managing that. Like many others we continue to periodically see fraud spike from different events. I think while we're in a good place, there's always some opportunity that we may see a little bit elevated costs in those two areas. To me, that's really where some of the pressure on driving it down that we can't point a finger on right now could occur.
I appreciate that. Shifting over to loan growth. A little bit more set guide here in the back half of the year, mid-single digits. Can you just talk about the main drivers there and what you're seeing in the marketplace from your borrowers from a sentiment pipelines and things like that?
I'll talk about sentiment. I've been out a fair bit over the last several weeks. I would characterize client sentiment as very good. I think they're definitely dealing with some headwinds on the cost side. All of the, what I would say, the uncertainty, geopolitical events, energy volatility, those kinds of things. I think they've kind of either come to accept there's going to be a certain amount of uncertainty or an ability to adjust their businesses based on what they dealt with last year if there's a sudden spike in one cost here or there. I think that's translating into businesses feeling pretty good and investing which should be really good for us on the C&I side. People are seeing the benefits of an overall stable economy.
That's the environment where businesses like to grow and invest, and we should benefit from that. That's a big driver of our pipeline and where we're seeing opportunities. As you know very well in our marketplace, particularly as you move up the curve in terms of medium-sized businesses, lower end of middle market really competing against much larger competition. We find that, as David has said, our service proposition plays very well into those kinds of clients. Growing with our clients as well as taking market share are really the two drivers of where we see loan growth for the rest of the year.
Manuel, I would just add that on the consumer side, a large part of our growth this quarter came from our home lending business. We had really a strong pipeline at the end of the first quarter into the spring selling season, also some of the lower rates that happened earlier. Now we're reaching a little bit of a slower part of the season, and rates have ticked up. The pipeline has come down a bit. Wouldn't expect the kind of growth that we've seen in home lending necessarily to continue, but still expect to be able to do well there.
I appreciate that. Switching over to deposits. Really strong first half of the year. I think that's a big part of the higher guide. Is some of the discussion points around NIM and around competitive pressures on deposits, is it because some of the non-interest bearing could flow out? Could you kind of talk about the non-interest bearing growth? Which is great. Institutional Services has kicking butt. I'm just wondering how much of that is sticky? How much of that are you kind of preparing for it to flow out, if any? Just talk about the non-interest bearing side a little bit and how it impacts your deposit costs.
Sure. Happy to do that, Manuel. I think when you think about our non-interest bearing, really the important thing to understand is that those deposits are really spread across a few businesses. They're spread across commercial, consumer, and Institutional Services. Within Institutional Services, there are actually two businesses that are important contributors there. Our corporate trust business which focuses on the ABS and MBS markets, as well as our global capital markets business, which focuses on bankruptcy, distressed debt, high yield debt, corporate issuance. All four of those businesses are important drivers. When we think about this quarter, probably about 80% of the NIB growth was within Institutional Services, split across both of those businesses, and 20% was in commercial. All of them are important drivers.
The competition that we're seeing is there are different drivers for each of those businesses in terms of deposit expectations. The competition that we talked about, that we're seeing is really in the consumer space and in the commercial space. We're definitely seeing more deposit competition in the market, and that may impact both NIB growth as well as pricing going forward. On the trust side, we've benefited from a very strong market, and we've been able to capture share. Again, those are transactional activities and we would not expect the kind of growth that we've seen to necessarily continue.
I appreciate that. Let me just add one more on kind of capital return. Really strong buyback activity. Is there a point where you become more price sensitive or you still have so much capital to return? Where does buyback stack up with other opportunities you have to deploy across organic growth, M&A? Just kind of some updated thoughts here.
Yeah. Generally, as you've heard us say before, our first priority is always to invest in the business. We think that that's the best return for shareholders. Investing at the right return level in the business is our first priority. We've obviously given you a capital target. We think we have excess capital at the moment. We look at a number of different metrics there, since we've rolled out the enhanced capital return framework kind of the beginning of last year, we've been returning about 100% net income, and we've bought back about 14% of our shares going back to the beginning of last year. I generally expect that trend to continue. In any given quarter, we may deviate from that depending on what the opportunities are that we have internally, depending on the environment. We look at interest rate volatility.
We look at our securities portfolio. We look at it from multiple different perspectives, and that's why in any given quarter, we may deviate from that. When you think about it over a multi-quarter period, we'd like to be in that 100% capital return. I'm not necessarily going to throw out a price target at which we stop or go. I think it depends on all of those factors and what else we have as opportunities internally.
Outside opportunities?
Are you referring to like M&A and those kinds of things, Manuel?
Yes.
Yeah. I think as we've said, I think if anything that we find could be additive and accretive to our current strategic plan, we would absolutely look at those opportunities across the franchise. Whether it's in the fee businesses, particularly the wealth side, would absolutely look at those kinds of opportunities. I'd say the same thing on the banking side. I think the challenge on the banking side, as we look at our footprint and our region, we feel like there's a lot of opportunity here.
The bar would be pretty high for us to take some portion of our organizational bandwidth and pivot away from the organic opportunity that's right in front of us. If it's there, we will absolutely go for it, and as David said, we always want to take the opportunity to accretively invest in the business. I think it's important that it's accretive to what we've already got going from an organic standpoint.
I really appreciate the commentary. Thank you so much.
Thanks, Manuel.
Your next question from the line of Christopher Marinac with Brean Capital LLC. Your line is open. Please go ahead.
Good afternoon. I wanted to ask about the percentage of fee income to the overall business. Would you see this rising further into 2027 and 2028? Does that give you even more flexibility on loan growth in terms of being even more selective than you have been?
Generally, we've been able to grow both. That's why that ratio has been generally consistent because we've been able to grow both. Our wealth and trust business, as you know, has been a fast grower, but that's been offset a bit by our Cash Connect business because of the interest rate impact on the top line there. In a steady state environment, generally would expect that our fees will probably go slightly faster, all else being equal. We don't necessarily manage to a particular number there. We're trying to grow both, and so we have a positive growth in the top line altogether.
Got it. Then I guess back to the concept of being selective in terms of who you're doing business with, particularly not having to grow extremely fast on loans. Is that helping you on deposits, and is the deposit gathering that you are seeing that success kind of a function of just really being focused in on the best customers who have funding?
Yeah. I think certainly when we look at lending opportunities, the relationship is really important to us. The deposits that those clients bring in are really important to us. We try to invest our management bandwidth into those types of opportunities. It's not the only thing we do. As you know, for example, the commercial real estate business tends to be a bit more transactional, and we have great clients there, and we continue to invest and continue to grow that business. Ideally we have those opportunities that bring a broader relationship which is not just deposits but also across wealth, across treasury services. That's what we think one of our big value propositions is, to bring the full firm.
Yeah, Chris, I don't think we look at it as sort of managing to find where there's the highest level of deposits in a C&I relationship. We take a relationship return view on all commercial relationships. We look at all the business we can get. As David said, typically in the C&I business, you're getting all the operating accounts, which could bring significant deposits, and the other business that we do. As long as it crosses our threshold with the loan pricing that we have, that's accretive to what we're doing. That's really the way we're selective on clients. We can be super aggressive on credit pricing for the right opportunity as long as we get the full relationship. We really look at it much more that way than trying to think about how much in deposits we may or may not get from a client.
Okay. That's great. Thank you for clarifying that. I appreciate it. Back to the capital goals. Is there a timeframe on when you want to get that towards 12, or are we still, it's just going to be multi quarters ahead?
Yeah. No particular timeframe, Christopher. For example, when you look at this quarter, if you just look at this quarter, I think we're down 15 basis points. If you just do the math on CET1, if you just do the math on that, you're talking about kind of two and a half to three years. I think it's a multi-year trajectory. We also look at TCE is really important. Our security portfolio is really important in the impact on capital. We look at a number of different factors there. No particular timeline. We want to continue with a measured approach at about 100%, again, we may deviate from that quarter-to-quarter.
Okay. I guess to that point, does the AOCI return, is any of that lumpy in the next year or two in terms of some preplanned return?
I wouldn't say so. I think it's been pretty consistent. Probably 95% of our portfolio's invested in MBS. There's no credit risk there. It's been pretty consistent with the way that AOCI has been coming off. We've had it move the other way in the last couple of quarters, that's really been a function of rate. It's down materially from where we were post-COVID, will continue to tick down kind of gradually.
Got it. Okay. Very well. Thank you for taking the questions today.
Thank you, Chris. Appreciate it.
Your next question from the line of Janet Lee with TD Cowen. Your line is open. Please go ahead.
Good afternoon.
Hi, Janet.
On Institutional Services, I know that there's a big portion of that growth is coming from the market share gains, specifically on the Corporate Trust side. You've also been benefiting from the secular tailwinds from the private capital securitization. I just want to see if you could provide some context around whether the strength there industry-wide is persisting or if there's any change there, and whether that's an important factor when we forecast your investment management or wealth and trust revenues?
Yeah. Janet, let me back up a little bit and just talk about, I think it's important when you think about Institutional Services to consider both businesses there, both Corporate Trust and Global Capital Markets. When you look at, for example, our NIB growth this quarter, both were important contributors. As I mentioned in my opening remarks, both were also important contributors on the fee side. To your direct question around the growth of that ABS and MBS market, it has continued to grow, and the first half of 2026 rankings just came out. We increased share, but the market also grew, and that market's been growing 20%-30%, and we've been growing on top of that. I think generally, whenever you can obviously take share in a market that's growing that quickly, it's very accretive to results, and that's what's been happening.
I think it's important to also recognize what the differentiating factors are for us. There are a number of them. In general, I can summarize it by saying that we have the balance sheet strength of some of the larger players, but are much more nimble, and have a much better service model. When you think about our ability to move quickly, our ability to innovate with clients, that has allowed us to take share. That market is a market where reputation matters a lot, and the better we do, the more we win.
Those have been some of the dynamics that have been at play here and what has allowed us to take share on top of the strong growth. I think that market has been a good growing market for a number of years. I don't think this pace of growth is something I would necessarily extrapolate, but we continue to believe in our ability to win share and play in different asset classes and play different roles there.
Thank you. Going back to non-interest-bearing deposits, obviously very impressive growth again this quarter, I appreciate the comment around how sustaining this level of growth may not be an easy feat. In terms of your 3.85% net interest margin guidance, are you contemplating any further growth in non-interest-bearing deposits? Or maybe what level of NIB as a percentage of total deposits is assumed in your guidance?
Yeah. I think if we keep it at this level, it would be really great. I'm not sure we can sustain it at this level of 37%. Historically, we've kind of run in the low 30s, but I think low to mid 30s will be a good level to maintain. In general, as we grow deposits, we want to maintain that level. I think this has been real outperformance. But Janet, I think the other thing to consider is when you have non-interest-bearing deposit growth based on where rates are today, if those deposits are invested in cash, it's not necessarily accretive to net interest margin.
It's really a push, I would say, generally to where net interest margin is. The upside to net interest margin is really going to be driven by loan growth, our ability to invest those non-interest-bearing deposits at something that's higher than cash, because otherwise it would just be a push.
Makes sense. All right. Thank you.
Thank you.
With no further questions in the queue, I would like to turn the call back over to David Burg.
Okay. Thank you very much. We appreciate you joining the call today. If you have any specific follow-up questions, please reach out to Andrew in Investor Relations or me. Have a great day and a great weekend, everyone.
This concludes today's call. Thank you for attending. You may now disconnect.
Investor releaseQuarter not tagged2026-07-23WSFS Financial (WSFS) Heads Into Earnings With Its Valuation Case Still In Focus
Simply Wall St.
WSFS Financial (WSFS) Heads Into Earnings With Its Valuation Case Still In Focus
Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. WSFS Financial (WSFS) is set to report Q2 2026 results after the market closes on July 23, a key moment for investors tracking how the regional bank is progressing this year. The market is expecting revenue of about $279.96 million, roughly 4% higher than the same quarter last year, with consensus earnings per share of $1.51 and estimates generally reaffirmed over the past month. See our latest analysis for WSFS Financial. At a share price of $78.86, WSFS Financial has seen its 30 day share price return of 5.01% build on a 12.42% gain over 90 days, while its 1 year total shareholder return of 37.19% and 5 year total shareholder return of 91.34% point to momentum that shareholders will be weighing against current expectations heading into earnings. If you are looking beyond WSFS Financial for other ideas in the market, this is a good moment to broaden your search and check out our 18 top founder-led companies After a strong run in WSFS Financial ahead of earnings, the stock now trades only slightly below analyst targets while some models point to a wider gap. Where does fair value really sit as expectations reset? With WSFS Financial last closing at $78.86 against a narrative fair value of about $81.17, the widely followed view sees modest upside that hinges on execution and capital use over time. Read the complete narrative. Curious what sits behind that confidence in WSFS Financial’s capital playbook and earnings path? The narrative leans on measured revenue growth, resilient margins and a specific future earnings multiple. The full breakdown explains how those elements combine into today’s fair value view. Result: Fair Value of $81.17 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are still pressure points for the WSFS Financial story, including dependence on Mid Atlantic economic health and the execution risk around ongoing acquisitions and integrations. Find out about the key risks to this WSFS Financial narrative. If this WSFS Financial narrative strikes you as confident, take a moment to test that sentiment against the underlying data and form your own stance, then review the 2 key rewards Do not stop at WSFS Financial. B…Read full documentShow less
Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. WSFS Financial (WSFS) is set to report Q2 2026 results after the market closes on July 23, a key moment for investors tracking how the regional bank is progressing this year. The market is expecting revenue of about $279.96 million, roughly 4% higher than the same quarter last year, with consensus earnings per share of $1.51 and estimates generally reaffirmed over the past month. See our latest analysis for WSFS Financial. At a share price of $78.86, WSFS Financial has seen its 30 day share price return of 5.01% build on a 12.42% gain over 90 days, while its 1 year total shareholder return of 37.19% and 5 year total shareholder return of 91.34% point to momentum that shareholders will be weighing against current expectations heading into earnings. If you are looking beyond WSFS Financial for other ideas in the market, this is a good moment to broaden your search and check out our 18 top founder-led companies After a strong run in WSFS Financial ahead of earnings, the stock now trades only slightly below analyst targets while some models point to a wider gap. Where does fair value really sit as expectations reset? With WSFS Financial last closing at $78.86 against a narrative fair value of about $81.17, the widely followed view sees modest upside that hinges on execution and capital use over time. Read the complete narrative. Curious what sits behind that confidence in WSFS Financial’s capital playbook and earnings path? The narrative leans on measured revenue growth, resilient margins and a specific future earnings multiple. The full breakdown explains how those elements combine into today’s fair value view. Result: Fair Value of $81.17 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are still pressure points for the WSFS Financial story, including dependence on Mid Atlantic economic health and the execution risk around ongoing acquisitions and integrations. Find out about the key risks to this WSFS Financial narrative. If this WSFS Financial narrative strikes you as confident, take a moment to test that sentiment against the underlying data and form your own stance, then review the 2 key rewards Do not stop at WSFS Financial. Broaden your watchlist with other stocks that match clear, data driven criteria so you are not caught missing obvious opportunities. Target reliable cash generators that still look overlooked by the market through the 47 high quality undervalued stocks. Build a steadier income stream by focusing on companies in the 7 dividend fortresses. Strengthen your downside protection by zeroing in on businesses screened in the 82 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include WSFS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]
Investor releaseQuarter not tagged2026-07-23WSFS (WSFS) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
Zacks
WSFS (WSFS) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
WSFS Financial (WSFS) reported $282.47 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 5.6%. EPS of $1.66 for the same period compares to $1.27 a year ago. The reported revenue represents a surprise of +0.9% over the Zacks Consensus Estimate of $279.96 million. With the consensus EPS estimate being $1.51, the EPS surprise was +9.93%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how WSFS performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Net Interest Margin: 3.9% versus the two-analyst average estimate of 3.8%. Efficiency Ratio: 58.8% versus the two-analyst average estimate of 58%. Net Interest Income: $192.5 million versus $188.13 million estimated by two analysts on average. Total Non-Interest Income: $89.97 million compared to the $91.83 million average estimate based on two analysts. Mortgage banking activities, net: $1.32 million versus $2.82 million estimated by two analysts on average. View all Key Company Metrics for WSFS here>>> Shares of WSFS have returned +2.9% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report WSFS Financial Corporation (WSFS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-07-23WSFS Financial (WSFS) Surpasses Q2 Earnings and Revenue Estimates
Zacks
WSFS Financial (WSFS) Surpasses Q2 Earnings and Revenue Estimates
WSFS Financial (WSFS) came out with quarterly earnings of $1.66 per share, beating the Zacks Consensus Estimate of $1.51 per share. This compares to earnings of $1.27 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +9.93%. A quarter ago, it was expected that this bank holding company would post earnings of $1.48 per share when it actually produced earnings of $1.45, delivering a surprise of -2.03%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. WSFS, which belongs to the Zacks Financial - Savings and Loan industry, posted revenues of $282.47 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.90%. This compares to year-ago revenues of $267.5 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. WSFS shares have added about 42.8% since the beginning of the year versus the S&P 500's gain of 9.6%. While WSFS has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for WSFS was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.…Read full documentShow less
WSFS Financial (WSFS) came out with quarterly earnings of $1.66 per share, beating the Zacks Consensus Estimate of $1.51 per share. This compares to earnings of $1.27 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +9.93%. A quarter ago, it was expected that this bank holding company would post earnings of $1.48 per share when it actually produced earnings of $1.45, delivering a surprise of -2.03%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. WSFS, which belongs to the Zacks Financial - Savings and Loan industry, posted revenues of $282.47 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.90%. This compares to year-ago revenues of $267.5 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. WSFS shares have added about 42.8% since the beginning of the year versus the S&P 500's gain of 9.6%. While WSFS has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for WSFS was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.55 on $285.02 million in revenues for the coming quarter and $6.32 on $1.13 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Savings and Loan is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Northwest Bancshares (NWBI), is yet to report results for the quarter ended June 2026. The results are expected to be released on July 27. This holding company for Northwest Savings Bank is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of +10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Northwest Bancshares' revenues are expected to be $178.55 million, up 18.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report WSFS Financial Corporation (WSFS) : Free Stock Analysis Report Northwest Bancshares, Inc. (NWBI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-07-23WSFS: Q2 Earnings Snapshot
Associated Press
WSFS: Q2 Earnings Snapshot
WILMINGTON, Del. (AP) — WILMINGTON, Del. (AP) — WSFS Financial Corp. (WSFS) on Thursday reported second-quarter net income of $84.4 million. The Wilmington, Delaware-based company said it had profit of $1.63 per share. Earnings, adjusted for non-recurring costs, were $1.66 per share. The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.51 per share. The bank holding company posted revenue of $346.8 million in the period. Its adjusted revenue was $282.5 million. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WSFS at https://www.zacks.com/ap/WSFS
Investor releaseQuarter not tagged2026-07-23WSFS Financial Q2 Adjusted Earnings, Revenue Rise
MT Newswires
WSFS Financial Q2 Adjusted Earnings, Revenue Rise
WSFS Financial (WSFS) reported Q2 adjusted earnings late Thursday of $1.66 per diluted share, up fro

