WSFS 10-K & 10-Q changes, risk factors and insider trading

•Decreases in customerClient deposits;

•Decreases in our Wealth Managementand Trust segment's AUM portfolios as a result of, among other things, decreases in market value from investment performance losses and clients'Clients' increased financial needs;

Future changes in interest rates may reduce the market value of our investment securities, which could impact market confidence in our operations. AFor example, a series of bank failures in the spring of 2023 was precipitated by losses in the value of securities portfolios due to rising interest rates and subsequent reduction in deposits. In addition, our securities portfolio is subject to risk as a result of our exposure to the credit quality and strength of the issuers of the securities or the collateral backing such securities. Any decrease in the value of the underlying collateral will likely decrease the overall value of our securities, affecting equity and possibly impacting earnings.

Our principal sources of liquidity include customerclient deposits, FHLB borrowings, brokered certificates of deposit, sales of loans, repayments to the Bank from borrowers and paydowns and sales of investment securities. Our ability to obtain funds from these sources could become limited, or our costs to obtain such funds could increase, due to a variety of factors, including changes in our financial performance, the imposition of regulatory restrictions on us, or adverse developments in the capital markets, including weakening economic conditions or negative views and expectations about the prospects for the financial services industry as a whole. If our ability to obtain necessary funding is limited or the costs of such funding increase, our ability to meet our obligations or grow our banking business would be adversely affected and our financial condition and results of operations could be harmed.

We are subject to extensive federal and state regulation, supervision and examination governing almost all aspects of our operations. The laws and regulations governing our business are intended primarily to protect depositors, our Clients, the public, the FDIC’s Deposit Insurance Fund, and the banking system as a whole, and not our stockholders or holders of our debt. The Federal Reserve is the primary federal regulator for the Company, the OCC is the Bank’s primary regulator and the CFPB regulates the Bank’s compliance with a defined category of Federal consumer financial protectionlaws. laws.Other agencies, including the U.S Department of Justice, the U.S Department of Housing and Urban Development, and state attorney's in general also have enforcement or other authority. The banking laws, regulations and policies applicable to us govern a variety of matters, including certain debt obligations, changes in control, maintenance of adequate capital, and general business operations, including permissible types, amounts and terms of loans and investments, the amount of reserves held against deposits, restrictions on dividends, establishment of new offices, the maximum interest rate that may be charged by law and treatment of clients. In addition, federal and state banking regulators have broad authority to supervise our banking business, including the authority to prohibit activities that represent unsafe or unsound banking practices or constitute violations of statute, rule, regulation or administrative order. Failure to appropriately comply with any such laws, regulations or regulatory policies could result in sanctions by regulatory agencies, civil money penalties or damage to our reputation, all of which could adversely affect our business, results of operations, financial condition or prospects. A government shutdown or understaffing at the Federal Reserve, the OCC and/or the CFPB could result in unforeseen delays in our ability to receive approval for certain transactions or deal with other regulatory issues. Such a delay could adversely affect our business, results of operations, or financial condition.

The Bank Secrecy Act, the USA PATRIOT Act of 2001, and other laws and regulations require financial institutions, among other duties, to institute and maintain an effective anti-money laundering program and file suspicious activity and currency transaction reports when appropriate. These laws and regulations also provide that we are ultimately responsible to ensure our third party vendors adhere to the same laws and regulations. In addition to other bank regulatory agencies, FinCEN is authorized to impose significant civil money penalties for violations of those requirements and has engaged in coordinated enforcement efforts with the state and federal banking regulators, as well as the U.S. Department of Justice, CFPB, Drug Enforcement Administration, and Internal Revenue Service.

The Equal Credit Opportunity Act, the Fair Housing Act and other fair lending laws and regulations impose nondiscriminatory lending requirements on financial institutions. Adverse findings in an evaluation of our fair lending compliance could result in a wide variety of sanctions, including damages and civil money penalties, injunctive relief, restrictions on mergers and acquisitions activity, restrictions on expansion, and restrictions on entering new business lines. Private parties may also have the ability to challenge our performance under fair lending laws in private individual and class action litigation. Such actions could have an adverse effect on our business, financial condition, results of operations and prospects.

The Community Reinvestment Act imposesrequires federal banking regulators to use their supervisory authority to assess depository institutions' record of community investment obligations on insured depository institutions.investment. If the Bank does not perform satisfactorily under the Community Reinvestment Act, as determined by the OCC, the Company and the Bank could be restricted in their ability to expand through mergers, acquisitions, and/or the establishment of branches.

As an insured depository institution with $10 billion or more in total assets, WSFS Bank is subject to supervision, examination, and enforcement with respect to defined Federal consumer protectionfinancial laws by the CFPB. The CFPB has broad authority to administer and carry out provisions of the Dodd-Frank Act with respect to the Company's consumer financial products and services and may impose requirements more onerous than those of other bank regulatory agencies. For example, the Dodd-Frank Act authorizes the CFPB to write rules or bring enforcement actions to prohibit acts or practices that are unfair, deceptive or abusive in connection with consumer financial products or services, and the concept of an "abusive" act or practice did not previously exist in federal banking law.

The CFPB has initiated enforcement actions against a variety of bank and non-bank market participants with respect to a number of consumer financial products and services, which has resulted in those participants expending significant time and money, including the costs of penalties,penalties and consumer redress, to respond to the actions pursued by the CFPB. As part of its rulemaking and enforcement activities, the CFPB has adopted interpretations of consumer protection laws that have required many market participants to change their practices and expend substantial resources to do so. The CFPB has used its authorities to penalize market participants and/or change market practices in several areas of the financial services industry, including automobile loan servicing, credit card account management, debt collection, small business lending, the operation of ATMs, mortgage origination,origination and servicing, depository account management, the charging of late fees or other credit card fees, the charging of overdraft fees and insufficient funds fees on deposit accounts, and consumer reporting, among others.

There continues to be uncertainty as to how CFPB's strategies and priorities will impact the Company's business and operations. As noted in “Business - Regulation of the Company,” the Acting Director of the CFPB instructed agency staff to pause most activity, including supervision and enforcement. There also has been a reduction in staffing and funding at the CFPB in 2025, which has been challenged in ongoing litigation. While it is presently unclear whenwhat the level and tonature whatof extentactivity by the CFPB will resumebe itsgoing activities,forward, other governmental authorities, including state attorneys general or banking regulators, may seek to increase their regulation,regulation supervision,and supervision of, and enforcement ofagainst providers of consumer financial products and services in response to changes at the CFPB,CFPB and other federal agencies, which could increase our regulatory risk.

Our operations depend upon the use of computer programs, algorithms, and other analytical tools. If such technology is ineffective at its intended purposes or includes errors in computer code, unintended bias, bad data, misuse of data, or fraud, it may adversely affect our operations. Additionally, as societal norms, legal requirements, businesses and markets evolve, our technology may not accurately reflect this evolution. There may also be technology-related issues that exist, or that develop in the future, that we have not anticipated, identified or mitigated, including when processes are changed or new products and services are introduced. In particular, the implementations of new technologies and digital solutions may cause business disruptions that affect our ability to maintain relationships with clients, depositors and employees. If our risk management framework does not effectively identify and control such risks, we could suffer unexpected losses or be adversely affected, and that could have an adverse effect on our business, results of operations and financial condition.

Our operations are dependent upon our ability to protect our computer equipment against damage from fire, power loss, telecommunications failure or a similar catastrophic event. Any damage or failure that causes an interruption in our operations could have an adverse effect on our business, financial condition and results of operations. In addition, our operations are dependent upon our ability to protect the computer systems, software and networks utilized by us, including our Internet banking activities, against damage from physical break-ins, cyber-attacks, cybersecurity breaches and other disruptive problems. Failures in, or breaches of, our computer systems, software and networks, or those of our third-party vendors or other service providers, including as a result of cyber-attacks, cybersecurity breaches and other disruptions, could disrupt our business or operations or those of our Clients and counterparties, result in the disclosure or misuse of confidential or proprietary information, result in supervisory liability or regulatory enforcement action, damage our reputation, result in a loss of Clients and business, result in a loss of confidence in the security of our systems, products and services, increase our costs and cause losses to us. Our security measures, including firewalls and penetration testing, as well as Board oversight and management's assessment, identification and management of cybersecurity risks, may not prevent or detect future potential losses or liabilities from system failures or breaches or cyber-attacks, cybersecurity breaches, or other disruptions. We seek to continuously monitor for and nimbly react to any and all such malicious cyber activity, and we develop our systems to protect our technology infrastructure and data from misuse, misappropriation or corruption. Senior management gives a quarterly update on cybersecurity to the Risk Committee and Cybersecurity Committee of our Board of(Risk DirectorsCommittee) and an annual update to our full Board of Directors.Board.

Information security risks for financial institutions like us have increased recently in part because of new technologies, the use of the internet, cloud, and telecommunications technologies (including mobile devices) to conduct financial and other business transactions and the increased sophistication and activities of organized crime, perpetrators of fraud, hackers, terrorists and others. Additionally, like many large enterprises, we have introduced more remote work arrangements for our Associates. The increase in remote work arrangements over the past few years has introduced potential new vulnerabilities to cyber threats. We also face increased cybersecurity risk as we deploy additional technologies and digital solutions, including our website and personalizedmobile messagingbanking app. We may also face increased cybersecurity risk for a period of time after acquisitions as we transition the acquired entity’s historical systems and networks to our standards. Moreover, any cyber-attack or other security breach may persist for an extended period of time without detection. We endeavor to design and implement policies and procedures to identify such cyber-attacks or breaches as quickly as possible; however, we expect that any investigation of a cyber-attack or breach would take substantial amounts of time, and that there may be extensive delays before we obtain full and reliable information. During such time we would not necessarily know the extent of the harm or how best to remediate it, and certain errors or actions could be repeated or compounded before they are discovered and remediated, all of which would further increase the costs and consequences of such an attack or breach.

Our use of third-party service providers exposes us to the risk of failures in their operations and their risk and control environments. We outsource certain key functions to external parties, including some that are critical to financial reporting (including our use of hedge accounting), valuations, our mortgage-related investment activity, loan underwriting, and loan servicing. We may enter into other key outsourcing relationships in the future and continue to expand our existing reliance on third-party service providers. If one or more of these key external parties were not able to perform their functions for a period of time,functions, perform them at an acceptable service level or handle increased volumes, or if one of them experiences a disruption in its own business or technology from any cause, our business operations could be constrained, disrupted, or otherwise negatively affected. Our use of third-party service providers also exposes us to the risk of losing intellectual property or confidential information and to other harm, including to our reputation. Our ability to monitor the activities or performance of third-party service providers may be constrained, which may make it difficult for us to assess and manage the risks associated with these relationships.

In our asset servicing, investment management, fiduciary administration and other business activities, we effect or process transactions for clients and for us that involveinvolves very large amounts of money. Failure to properly manage or mitigate operational risks can have adverse consequences, and increased volatility in the financial markets may increase the magnitude of resulting losses. Given the high volume of transactions we process, errors that affect earnings may be repeated or compounded before they are discovered and corrected.

Our ability to attract and retain clients, clients, investors, and highly-skilled management and Associates is affected by our reputation and the reputation of the financial services industry as a whole. Adverse developments may result in additional scrutiny or new litigation against us and potential sources of reputational damage are discussed throughout these risk factors. Although we monitor developments for areas of potential risk to our reputation and brand, negative perceptions or publicity could adversely impact our business, financial condition and results of operations.

In particular, the success of our Wealth Managementand Trust segment is highly dependent on reputation. Our Wealth Managementand Trust segment derives the majority of its revenue from noninterest income which consists of trust, investment and other servicing fees, and our ability to attract trust and wealth management clients is highly dependent upon external perceptions of this segment’s level of service, trustworthiness, business practices and financial condition. Negative perceptions or publicity regarding these matters could damage the division’s and our reputation among existing clients and corporate clients, which could make it difficult for the Wealth Managementand Trust segment to attract new clients and maintain existing ones.

WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $20.8$21.3 billion in assets and $89.4$97.4 billion in assets under management (AUM) and assets under administration (AUA) at December 31, 2024,2025, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the Greater Philadelphia and Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, we have been in operation for more than 192193 years. In addition to our focus on stellar client experience, we have continued to fuel growth and remain a leader in our community. We are a relationship-focused, locally-managed, community banking institution. Our mission is simple: “We Stand for Service®.” Our strategy of “Engaged Associates, living our culture, enriching the communities we serve” focuses on exceeding client expectations, delivering stellar experiences and building client advocacy through highly-trained, relationship-oriented, friendly, knowledgeable and empowered Associates.

As of December 31, 2024,2025, wethe had sixCompany's consolidated operating subsidiaries: included WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr CapitalTrust Management, LLCAdvisors (BMCMBMTA), WSFS Wealth Management, LLC (Powdermill®),and WSFS SPE Services, LLC, and 601 Perkasie, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. Subsidiaries of WSFS Bank has two wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) andincluded 1832 Holdings, Inc.,Inc. and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).

Our banking businesssegment had a totalnet loan and lease portfolio of $12.8$12.6 billion as of December 31, 2024, which was funded primarily through commercial relationships and client generated deposits.2025. We have built a $9.9$10.0 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering the high level of service and flexibility typically associated with a community bank and through acquisitions. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches,branches. inThe additionHome toLending division offers mortgage banking and title services through our branches and WSFS Mortgage®, our mortgage banking division specializing in a variety of residential mortgage and refinancing solutions. OurWe leasingfund business,our conductedlending bybusinesses NewLaneprimarily Finance®,with originatesdeposits smallgenerated businessthrough leasescommercial relationships and providesconsumer, commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinarywealth and othertrust areas.client Indeposits, addition,as NewLanewell Finance® offers captive insuranceas through itsour subsidiary,digital Primebanking Protect.platforms.

Our Cash Connect® businesssegment is a premier provider of ATM vault cash, smart safe (safes that automatically accept, validate, record and hold cash in a secure environment) and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide, and manages approximately $1.6$1.3 billion in total cash and services approximately 28,60024,000 non-bank ATMs and 10,00011,900 smart safes nationwide. Cash Connect® provides related services such as online reporting and ATM cash management, predictive cash ordering and reconcilement services, armored carrier management, loss protection, and deposit safe cash logistics. Cash Connect® also supports 567488 owned or branded ATMs for WSFS Bank Clients, which is one of the largest branded ATM networks in our market.

Our Wealth Managementand businessTrust segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate and institutional clients. Combined, these businesses had $89.4$97.4 billion of AUM and AUA at December 31, 2024.2025.

Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and traditional banking services such as credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the Bank’s charter, through a broker/dealercharter and as a registered investment advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach.

•Net loans and leases grew $413.0$85.8 million, or 3%,1%, compared to December 31, 2023.2024. Increases in commercialconstruction mortgage andloans, commercial & industrialindustrial, and residential mortgage were partially offset by decreases in constructionconsumer loans,loans partially driven by migration intoand commercial mortgages.

•RecognizedDuring $4.3the year, WSFS recognized $3.2 million of nonrecurring income from our partnership with Spring EQ, comprised of the $2.3 million annual earnout and $2.0$0.9 million of post-close distributions related to the sale of our equity investment in Spring EQ that occurred in the fourth quarter of 2023.

•The BankCompany and the CompanyBank continue to be well above well-capitalized across all measures of regulatory capital, with total common equity tier 1 capital of 13.88%13.92% and 13.81%,14.06%, respectively, and total risk-based capital of 15.13%15.67% and 15.77%,15.25%, respectively.

•Total cash and cash equivalents increased $61.9$544.3 million, primarily due to increasedhigher deposits, partially offset by the repayment of borrowings from the BTFP and increased lending activity.deposits.

◦Investment securities, held to maturity decreased $43.4$46.8 million primarily due to repayments, maturities and calls of $61.3$62.2 million, partially offset by $14.8$12.4 million of amortization of net unrealized losses on available-for-sale securities transferred tofrom held-to-maturity.available-for-sale.

•Total deposits increased $555.7$612.7 million, primarily driven by the ConsumerWealth and CommercialTrust businesses,segment, with growth in time, money market, and noninterest demand and money market deposits.

•Other liabilities increaseddecreased $74.3$162.2 million primarily due to ana increasedecrease of $53.1$162.4 million in collateral held on derivatives and derivative liabilities and $12.8 million due to performance-based incentive increases.liabilities.

•FHLB advances increaseddecreased $51.0 million due to favorablewholesale pricingfunding terms.optimization.

Stockholders’ equity increased $112.1$148.8 million to $2.6$2.7 billion at December 31, 20242025 compared to the prior year. The increase was primarily due to earnings of $263.7$287.3 million during the year,year and a decrease of $179.3 million in accumulated other comprehensive loss due to market value increases on investment securities, partially offset by significant capital returns to shareholders ($96.3$287.5 million from the repurchase of shares of common stock under our stock repurchase plan as well as payment of dividends on our common stock of $35.8$37.2 million), and an increase of $30.9 million in accumulated other comprehensive loss due to market value decreases on investment securities..

Regulators have established five capital tiers: well-capitalized, adequately-capitalized, under-capitalized, significantly under-capitalized, and critically under-capitalized. A depository institution’s capital tier depends upon its capital levels in relation to various relevant capital measures, which include leveraged and risk-based capital measures and certain other factors. Under the Prompt Corrective Action framework of the Federal Deposit Insurance Corporation Act, depository institutions that are not classified as well-capitalized are subject to various restrictions regarding capital distributions, payment of management fees, acceptance of brokered deposits and other operating activities. At December 31, 2024,2025, the Bank wasand the Company were in compliance with regulatory capital requirements and all of itstheir regulatory ratios exceeded “well-capitalized” regulatory benchmarks. TheFor Bank’s December 31, 2024 common equity Tier 1the capital ratioposition of 13.88%,the TierBank 1and capitalthe ratioCompany, refer to Note 13 of 13.88%, total risk based capital ratio of 15.13% and Tier 1 leverage capital ratio of 11.03%, all remain substantially in excess of “well-capitalized” regulatory benchmarks, the highestConsolidated regulatoryFinancial capital rating. In addition, and not included in the Bank's capital, the holding company held $275.4 million in cash to support potential dividends, acquisitions and strategic growth plans.Statements.

As of December 31, 2024,2025, the Company has $1.2$1.7 billion in cash, cash equivalents, and restricted cash. Our estimated uninsured deposits were $6.4$7.1 billion, or 38%40% of total customerclient deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $5.2$5.3 billion, or 31%30% of total customerClient deposits.

During the year ended December 31, 2024,2025, cash, cash equivalents and restricted cash increased $61.9$544.3 million to $1.2$1.7 billion from $1.1$1.2 billion as of December 31, 2023.2024. Cash provided by operating activities was $219.9$220.0 million, primarily reflecting the cash impact of earnings. Cash usedprovided forby investing activities was $66.7$124.9 million primarily due to purchasesrepayments of loansAFS heldand forHTM investmentsecurities of $269.6$380.6 million and $62.2 million, respectively, partially offset by $203.0 million of purchases of AFS securities and a $138.3$117.7 million net increase in loans and leases. These outflows were partially offset by net repayments of available-for-sale and held-to-maturity debt securities of $283.0 million and $61.3 million, respectively. Cash usedprovided by financing activities was $91.2$199.5 million, primarily due to thea $604.3 million net repaymentincrease in deposits and $200.0 million from the issuance of $565.0the million2035 ofNotes, BTFPoffset borrowings,by $96.3$290.3 million for repurchases of common stock under the previously announced stock repurchase plan, and$220.0 commonmillion stockfor dividendsthe redemption of $35.8 million, partially offset by a $557.7 million net increase in depositssenior and subordinated debt, $51.0 million for the receiptredemption of fixed rate FHLB term advances.advances, and $37.2 million for the payment of quarterly dividends.

Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At December 31, 2024,2025, we had $212.5$167.9 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 2119 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases see Note 9 to the Consolidated Financial Statements. At December 31, 2024,2025, we had obligations for principal payments on long-term debt including $51.0$200.0 million offor FHLBour advances,senior debt due December 15, 2035, $67.0 million for our trust preferred borrowings,borrowings due June 1, 2035, $23.8and $24.0 million for our trust preferred borrowings,borrowings due December 15, 2034, $70.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2027, and $150.0 million for our senior debt, due December 15, 2030.2034. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.

We are also contractually obligated to make interest payments on our long-term debt through their respective maturities. For additional information regarding long-term debt, see Note 12 to the Consolidated Financial Statements. At December 31, 2024,2025, the Company had total commitments to extend credit of $4.2$4.5 billion, which are generally one year commitments. For additional information regarding commitments to extend credit, see Note 17 to the Consolidated Financial Statements.

(2)Includes nonaccrual loans held-for-sale as of December 31, 2023 (3)Includes U.S. government guaranteed student loans with little risk of credit loss.

Nonperforming assets increaseddecreased $51.6$55.3 million between December 31, 20232024 and December 31, 2024.2025. This increasedecrease was primarily due to the transfer inpayoff of three existing nonperforming commercial mortgage relationships totaling $74.1 millionloans and two commercial and industrial relationships totaling $37.7 million during the period.charge-off Theseof inflowsan wereexisting nonperforming C&I loan to a fund that is invested in office properties, partially offset by partialthe charge-offs on somemigration of thea commercialland mortgagedevelopment and commercial and industrial relationships totaling $14.2 million, several smaller payoffs, and the continued collection of principal payments on the majority of these loans.loan. The ratio of nonperforming assets to total assets increaseddecreased from 0.37% at December 31, 2023 to 0.61% at December 31, 2024.2024 to 0.34% at December 31, 2025.

We recorded net income attributable to WSFS of $287.3 million, or $5.09 per diluted common share, for the year ended December 31, 2025, an increase of $23.7 million compared to $263.7 million, or $4.41 per diluted common share, for the year ended December 31, 2024, a decrease of $5.5 million compared to $269.2 million, or $4.40 per diluted common share, for the year ended December 31, 2023.2024.

WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $22.1$22.7 billion in assets and $97.6$101.7 billion in assets under management (AUM) and assets under administration (AUA) at MarchJune 31,30, 2026, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the Greater Philadelphia and Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, we have been in operation for more than 194 years. In addition to our focus on stellar client experience, we have continued to fuel growth and remain a leader in our community. We are a relationship-focused, locally-managed, community banking institution. Our mission and strategy is simple: “We Stand for Service®.”

As of MarchJune 31,30, 2026, the Company's consolidated operating subsidiaries included WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), and WSFS SPE Services, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. Operating subsidiaries of WSFS Bank included 1832 Holdings, Inc. and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).

Our WSFS Bank segment had a total loan and lease portfolio of $12.8$13.0 billion as of MarchJune 31,30, 2026, which was funded primarily with deposits generated through commercialclient-generated relationships and our consumer banking business.deposits. We have built a $10.0$10.1 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering the high level of service and flexibility typically associated with a community bank and through acquisitions. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches. The Home Lending division offers mortgage banking and title services through our branches and WSFS Mortgage®, our mortgage banking division specializing in a variety of residential mortgage and refinancing solutions. We fund our lending businesses primarily with deposits generated through commercial relationships and consumer, wealth and trust client deposits, as well as through our digital banking platforms.

Our Wealth and Trust segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate and institutional clients.Clients. Combined, these businesses had $97.6$101.7 billion of AUM and AUA at MarchJune 31,30, 2026.

As of MarchJune 31,30, 2026, we service our clientsClients primarily from 114 offices located in Pennsylvania (58), Delaware (38), New Jersey (14), Florida (2), Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app.

Highlights and Other Notables Items for Three and Six Months Ended MarchJune 31,30, 2026

•Three Months Ended MarchJune 31,30, 2026

◦Diluted EPS was $1.64$1.63 and ROA was 1.61%,1.52%, compared to $1.12$1.27 and 1.29%,1.39%, respectively, for the three months ended MarchJune 31,30, 2025.

◦Total deposits increased $826.0$535.1 million, or 4.7%,2.9%, comparedduring tothe December 31, 2025,quarter, primarily due to growth in Trust and Commercial. Noninterest deposits comprised 34%37% of total deposits at MarchJune 31,30, 2026.

◦Wealth and Trust noninterest income grew 25%17% compared to the three months ended MarchJune 31,30, 2025.

▪WSFS Institutional Services®, which consists of Corporate Trust and Global Capital Markets, grew 46%, and BMT-DE grew 27% ◦The Bank recognized a $15.7 million recovery of previously charged-off loans to a fund invested in office properties.

Total assets increased $792.8$1.3 millionbillion to $22.1$22.7 billion at MarchJune 31,30, 2026 compared to December 31, 2025. This increase is primarily comprised of the following:

◦Investment securitiessecurities, available-for-sale increased $39.6$298.8 million, primarily due to purchases of $154.3$533.5 million, partially offset by repayments, maturities and calls of $102.6$211.9 million and decreased market values of $11.5$22.9 million.

◦Investment securitiessecurities, held-to-maturity decreased $10.1$25.0 million, primarily due to repayments, maturities and calls of $13.5$31.8 million, partially offset by $3.3$6.7 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.

•Other real estate owned increased $12.5 million, due to the transfer of an existing nonperforming land development loan during the quarter.loan.

Total liabilities increased $806.9$1.4 millionbillion to $19.4$19.9 billion at MarchJune 31,30, 2026 compared to December 31, 2025.2025 due to an increase in Client deposits. This increasedeposit isgrowth was primarily compriseddue ofto thean following:increase in noninterest demand deposits, driven by Institutional Services and Commercial deposits.

Stockholders’ equity of WSFS decreased $14.1$16.7 million to $2.7 billion at MarchJune 31,30, 2026 compared to December 31, 2025. This decrease was primarily due to $85.0$151.2 million for the repurchase of shares of common stock under our stock repurchase plan, the payment of dividends on our common stock of $9.0 million, and an increase of $8.5$20.7 million in accumulated other comprehensive loss driven by market value decreases on available-for-sale mortgage-backedinvestment securities,securities and our cash flow hedges, and the payment of dividends on our common stock of $19.4 million, partially offset by $86.8$171.2 million of net income attributable to WSFS.

InDuring Aprilthe three months ended June 30, 2026, as part of our annual capital planning process, the Board of Directors approved an 18% increase in thea quarterly cash dividend toof $0.20 per share of common stock and an incremental share repurchase authorization of 15% of outstanding shares as of March 31, 2026.stock. The dividend will be paid on MayAugust 22,21, 2026 to stockholders of record as of MayAugust 8,7, 2026.

Book value per share of common stock was $52.24$52.97 at MarchJune 31,30, 2026, an increase of $0.97$1.70 from $51.27 at December 31, 2025. Tangible book value per share of common stock (a non-GAAP financial measure) was $33.71$34.24 at MarchJune 31,30, 2026, an increase of $0.60$1.13 from $33.11 at December 31, 2025. We believe tangible book value per common share helps management and investors better understand and assess changes from period to period in stockholders’ equity exclusive of changes in intangible assets. This non-GAAP measure should be considered in addition to results prepared in accordance with Generally Accepted Accounting Principles in the U.S. (GAAP), and is not a substitute for, or superior to, GAAP results. For a reconciliation of tangible book value per common share to book value per share in accordance with GAAP, see "Reconciliation of Non-GAAP Measure to GAAP Measure."

The table below compares the Bank's and the Company’s consolidated capital position to the minimum regulatory requirements as of MarchJune 31,30, 2026:

Regulatory capital requirements for the Bank and the Company include a minimum common equity Tier 1 capital ratio of 4.50% of risk-weighted assets, a Tier 1 capital ratio of 6.00% of risk-weighted assets, a minimum total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets. In order to avoid limits on capital distributions and discretionary bonus payments, the Bank and the Company must maintain a capital conservation buffer of 2.5% of common equity Tier 1 capital over each of the risk-based capital requirements. As of MarchJune 31,30, 2026, the Bank and the Company were in compliance with the regulatory capital requirements and met or exceeded the amounts required to be considered “well-capitalized” as defined in the regulations.

As of MarchJune 31,30, 2026, the Company had $2.5$2.6 billion in cash, cash equivalents, and restricted cash. Our estimated uninsured deposits were $7.9$8.5 billion, or 43%45% of total client deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $6.5$7.3 billion, or 35%38% of total client deposits.

As of MarchJune 31,30, 2026, the Company had a readily available, secured borrowing capacity of $6.0 billion from the FHLB and $2.2$2.1 billion through the Federal Reserve Discount Window. In addition, the Company had $1.9$2.0 billion of cash deposited with the Federal Reserve Bank and $0.6$1.1 billion in unpledged securities that could be used to support additional borrowings.

Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At MarchJune 31,30, 2026, we had $172.2$156.4 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 19 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases, see Note 87 to the unaudited Consolidated Financial Statements. At MarchJune 31,30, 2026, we had obligations for principal payments on long-term debt including $67.0 million for our trust preferred borrowings, due June 1, 2035, $24.1$25.0 million for our trust preferred borrowings due December 15, 2034, and $200.0 million for our senior debt due December 15, 2035. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.

Commitments to extend credit provide for financing on predetermined terms as long as the client continues to meet specific criteria. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. At MarchJune 31,30, 2026, the Company had total commitments to extend credit, including cancellable commitments, of $4.5$4.6 billion, which are generally one yearone-year commitments.

Nonperforming assets include nonaccruing loans and OREO. Nonaccruing loans are those on which we no longer accrue interest. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the value of the collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Past due loans shown in the table below are definedloans asthat loansare contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection. Troubled loans are loans modified in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, or a term extension to borrowers experiencing financial difficulty.

Nonperforming assets increased $15.7$8.9 million between December 31, 2025 and MarchJune 31,30, 2026. This increase was primarily driven by the additionsaddition of an $11.2 million owner-occupied loan and a $6.6 million multifamily loan. The ratio of nonperforming assets to total assets increased from 0.34% at December 31, 2025 to 0.40% at March 31, 2026.

Our primary tool for achieving our asset/liability management strategies is to match maturities or repricing periods of interest rate-sensitive assets and liabilities to promote a favorable interest rate spread and mitigate exposure to fluctuations in interest rates. We regularly review our interest rate sensitivity and adjust the sensitivity within acceptable tolerance ranges. At MarchJune 31,30, 2026, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $2.5$1.5 billion. OurWhen including the impact of cash flow hedges, our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 128.95%116.81% at March 31, 2026 compared with 120.45% at December 31, 2025. Likewise,and the one-year interest-sensitive gap as a percentage of total assets was 11.50%6.45% at MarchJune 31,30, 2026 compared with 8.37%103.26% and 1.33% at December 31, 2025.2025, respectively.

The following table shows the estimated impact of immediate changes in interest rates on our net interest marginincome and economic value of equity ratio at the specified levels at MarchJune 31,30, 2026 and December 31, 2025:

(1)The percentage difference between net interest margin in a stable interest rate environment and net interest marginincome as projected under the various rate change environments.

Three months ended MarchJune 31,30, 2026: During the three months ended MarchJune 31,30, 2026, net interest income increased $9.9$13.0 million from the three months ended MarchJune 31,30, 2025 primarily driven by higher cash balances from growth in deposits, lower deposit costs, higher cash balances, and higher average loan balances,balances. These increases were partially offset by lower loan yields.yields as a result of three 25bp Federal Funds rate cuts that occurred in 2025. Net interest margin was 3.83%3.87% for the firstsecond quarter of 2026, a 52 basis point decrease compared to 3.88%3.89% for the firstsecond quarter of 2025. The decrease was primarily due to the impact of the three interest rate cuts that occurred in 2025.2025, partially offset by higher investment yields and favorable balance sheet mix.

We maintain the allowance for credit losses at an appropriate level based on our assessment of estimable and expected losses related to various portfolios subject to credit risk. Our allowance for credit losses (ACL) is based on our historical loss experience that includes the inherent risk of our loans and leases, HTM securities, and other account receivables, along with various other factors including but not limited to, collateral values, trends in asset quality, level of delinquent loans and concentrations, consideration of past events, current conditions, and reasonable and supportable forecasts. Further, regional and national economic forecasts are considered in our expected credit losses on loans and leases. Our evaluation is based on a review of the portfolio and requires significant, complex and difficult judgments.

During the three months ended MarchJune 31,30, 2026, we recorded a releaseprovision offor credit losses of $2.0$5.0 million, a decrease of $19.3$7.6 million, compared to the provision for credit losses of $17.4$12.6 million for the three months ended MarchJune 31,30, 2025. The current yearquarter releaseprovision offor credit losses aswas wellprimarily asdriven by loan growth, partially offset by the release from the sale of our credit card portfolio. The decrease compared to the prior year were bothwas primarily driven by athe recoveryaforementioned release of C&IACL loanson tocredit acards fundas investedwell inas officehigher propertiescharge-offs that were charged-off induring the firstthree quartermonths ofended June 30, 2025.

The total allowance for credit losses increaseddecreased to $182.9$180.0 million at MarchJune 31,30, 2026 from $182.5 million at December 31, 2025. The ratio of allowance for credit losses to total loans and leases remainedwas flat1.32% at June 30, 2026 and 1.36% at March 31, 2026 and December 31, 2025.

Three months ended MarchJune 31,30, 2026: During the three months ended MarchJune 31,30, 2026, noninterest income was $90.1$90.0 million, an increase of $9.2$2.0 million from $80.9$88.0 million during the three months ended MarchJune 31,30, 2025. The increase was driven by double-digit growth across several of our fee-based businesses, including WSFS Institutional Services®, BMT-DE, and Capital Markets, and WSFS Home Lending.Markets. These increases were partially offset by a $2.7$4.1 million impairment of one of our equity investments and a $2.1 million decrease in Cash Connect®, primarily due to the impact of interest rates and lower ATM volumes.

Three months ended MarchJune 31,30, 2026: During the three months ended MarchJune 31,30, 2026, noninterest expense was $162.8$166.3 million, an increase of $11.0$7.0 million from $151.8$159.3 million for the three months ended MarchJune 31,30, 2025. The increase was primarily due to an increase of $9.4$6.6 million from salaries and benefits from the impact of lower incentive payments made in the first quarter of 2025, higher salariesperformance-based due to annual merit-based increases,incentives and higher medical costs.costs, Additionally,as restructuringwell expensesas increasedhigher $2.5fraud million, due to a loss on a property salecosts and a write-down$1.6 ofmillion held-for-saleone-time realinsurance estate,recovery andin loanthe workoutprior and other credit costs increased $1.9 million.year. These increases were partially offset by a $3.9$1.5 million decrease in otherprofessional operating expenses, primarily related to a decrease in Cash Connect® external funding costs, driven by lower ATM volumes and rates.fees.

We and our subsidiaries file a consolidated federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with ASC 740, Income Taxes, which requires the recording of deferred income taxes for tax consequences of temporary differences. We recorded income tax expense of $27.6$26.8 million and $54.4 million during the three and six months ended MarchJune 31,30, 20262026, respectively, compared to income tax expense of $21.1$23.3 million and $44.4 million for the same periodperiods in 2025. The increase for the three and six months ended MarchJune 31,30, 2026 compared to the same periodperiods in 2025 was primarily due to higher income before taxes in 2026.

Our effective tax rate was 24.1% for both the three and six months ended MarchJune 31,30, 2026 compared to 24.4% and 24.3% for the three and six months ended MarchJune 31,30, 2025.2025, respectively. The reduction was primarily due to increased federal tax credits.