WSFS Financial Corporation operates as the savings and loan holding company for the Wilmington Savings Fund Society, FSB that provides various banking ...
WSFS Financial Corporation operates as the holding company for WSFS Bank, a federal savings bank established in 1832. With over $22 billion in assets and $97.6 billion in assets under management and administration, WSFS is the largest and longest-standing locally managed bank and wealth management franchise in the Delaware Valley. ...WSFS Financial Corporation operates as the holding company for WSFS Bank, a federal savings bank established in 1832. With over $22 billion in assets and $97.6 billion in assets under management and administration, WSFS is the largest and longest-standing locally managed bank and wealth management franchise in the Delaware Valley. The company operates through three segments: WSFS Bank, Cash Connect, and Wealth and Trust. WSFS Bank offers a comprehensive range of deposit products, including checking, savings, and certificates of deposit, as well as lending solutions such as commercial, residential, and consumer loans. Cash Connect provides ATM vault cash, smart safe, and cash logistics services to financial institutions and retailers. Wealth and Trust offers planning, investment management, and fiduciary services. Under CEO Rodger Levenson, WSFS emphasizes community service and customer-centric banking. Key financial metrics show a market cap of ~$4.23 billion, a price-to-earnings ratio of 13.64, and a return on equity of 11.7%. The company consistently pays dividends and maintains a strong capital position. With nearly 200 years of history, WSFS continues to grow through strategic acquisitions and organic expansion, focusing on the Mid-Atlantic region.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$1.4B
-3.1%
+3.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$287.3M
+9.0%
-2.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+74.7%
+6.6%
-1.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+28.0%
+13.1%
-2.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+21.1%
+12.4%
-6.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$213.6M
+3.9%
-116.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+15.7%
+7.1%
-116.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
11.1%
-25.1%
-1.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.08x
-30.9%
—
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: I would now like to turn the call over to your host for today, Mr. David Burg. Chief financial officer. Sir, please go ahead.
David Burg: Thank you very much, and good afternoon, everyone. Thank you for joining our second quarter 26 earnings call. Our earnings release and earnings release supplement, which we will 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 about our management's view over future expectations, plans, prospects. That constitutes 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 our 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' 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 in $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 4 basis points linked quarter to 3.87%, driven by a 4 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 1/3 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 continue to win new mandates and capture market share. For the first half of 26, WSFS was ranked as the 3rd 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 …
