WSFS Financial (WSFS) Q2 2026 earnings summary

Executive summary

• Core EPS reached $1.66, up 31% year-over-year, and ROA was 1.55%, both driven by strong net income and PPNR growth; diluted EPS for Q2 2026 was $1.63, with ROA at 1.52%.

• Client deposits grew 3% sequentially and 11% year-over-year, led by Institutional Services and Commercial segments, with noninterest deposits up 10% sequentially and now 37% of total deposits.

• Wealth and Trust fee revenue rose 17% year-over-year, with fiduciary assets surpassing $100 billion and noninterest income up 17%.

• Over 4% of outstanding shares were repurchased in the first half of 2026, with $170.6 million returned to shareholders, including $151.2 million in buybacks.

• Completed sale of credit card portfolio, resulting in a gain and new partnership for branded cards.

Financial highlights

• Net interest margin was 3.87%, up 4bps sequentially; net interest income for Q2 2026 was $192.5 million, up 7% year-over-year.

• Fee revenue was $92.2 million, up 2% sequentially and 5% year-over-year, with core fee revenue ratio at 32.3%.

• Gross loans grew 1% sequentially (5% annualized), with residential mortgage loans up 13% sequentially and 25% year-over-year.

• Noninterest expense for Q2 2026 was $166.3 million, up from $159.3 million in Q2 2025.

• Book value per share rose to $52.97, tangible book value per share to $34.24 at June 30, 2026.

Outlook and guidance

• Full-year ROA outlook raised to 1.50%+, with double-digit EPS growth and high-single digit deposit growth expected.

• Net interest margin outlook improved to ~3.85%, with high-single digit fee revenue growth excluding Cash Connect.

• Net charge-offs forecasted at 0.15%-0.25% of average loans for the year.

• Efficiency ratio expected to remain in the high 50s, with ongoing expense discipline.

• Assumes no Fed Funds rate changes for the remainder of 2026.