WSFS FINANCIAL CORP (WSFS)

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $22.7 billion in assets and $101.7 billion in assets under management (AUM) and assets under administration (AUA) at June 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 June 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 $13.0 billion as of June 30, 2026, which was funded primarily through client-generated deposits. We have built a $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.

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. Combined, these businesses had $101.7 billion of AUM and AUA at June 30, 2026.

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 and as a registered investment advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.

BMT-DE provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate Clients and special purpose vehicles.

Our leasing business, conducted by NewLane Finance®, originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.

Our Cash Connect® segment is a premier provider of ATM vault cash, smart safe (safes that automatically accept, validate, record and hold cash in a secure environment) and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide, and manages approximately $1.3 billion in total cash and services approximately 23,100 non-bank ATMs and 12,100 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.

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

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

•Three Months Ended June 30, 2026

◦Diluted EPS was $1.63 and ROA was 1.52%, compared to $1.27 and 1.39%, respectively, for the three months ended June 30, 2025.

◦Total deposits increased $535.1 million, or 2.9%, during the quarter, primarily due to growth in Trust and Commercial. Noninterest deposits comprised 37% of total deposits at June 30, 2026.

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

▪WSFS Institutional Services® grew 34% and BMT-DE grew 20%.

▪The segment also surpassed $100 billion of fiduciary assets.

◦The Company completed the sale of its credit card portfolio and entered into a partnership to issue WSFS-branded credit cards. This portfolio had an outstanding book balance of $36.3 million at time of sale and the transaction resulted in a $1.7 million gain on sale and a $1.3 million release of provision for credit losses.

◦WSFS repurchased 923,948 shares of common stock under the Company's share repurchase plans at an average price of $71.69 per share, for an aggregate purchase price of approximately $66.2 million, and paid quarterly dividends of $10.4 million, for a total capital return of $76.6 million.

◦The Bank and the Company continue to be above well-capitalized across all measures of regulatory capital, with total common equity Tier 1 capital of 13.77% and 13.76%, respectively, and total risk-based capital of 14.94% and 15.47%, respectively.

•Six Months Ended June 30, 2026

◦Diluted EPS was $3.26 and ROA was 1.56%, compared to $2.39 and 1.34% for the six months ended June 30, 2025.

◦Total deposits increased $1.4 billion, or 7.7%, compared to December 31, 2025, primarily due to growth in Trust and Commercial.

◦The Bank recognized a $15.7 million recovery of previously charged-off loans to a fund invested in office properties.

◦The Board of Directors approved an 18% increase in the quarterly cash dividend to $0.20 per share, along with an additional share repurchase authorization of 15% of our outstanding shares as of March 31, 2026.

◦WSFS repurchased 2,243,574 shares of common stock under the Company's share repurchase plans at an average price of $67.39 per share, for an aggregate purchase price of approximately $151.2 million, and paid quarterly dividends of $19.4 million, for a total capital return of $170.6 million.

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FINANCIAL CONDITION

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

•Total cash and cash equivalents increased $871.5 million, primarily due to increases in deposits.

•Total investment securities increased $273.7 million:

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

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

•Loans and leases, net of allowance increased $207.8 million, primarily driven by growth in C&I and residential mortgages, partially offset by a decrease in consumer from the continued runoff of Spring EQ loans and the sale of the credit card portfolio.

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

Total liabilities increased $1.4 billion to $19.9 billion at June 30, 2026 compared to December 31, 2025 due to an increase in Client deposits. This deposit growth was primarily due to an increase in noninterest demand deposits, driven by Institutional Services and Commercial deposits.

For further information, see "Notes to the Consolidated Financial Statements (Unaudited)."

LIQUIDITY AND CAPITAL RESOURCES

Capital Resources

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

During the three months ended June 30, 2026, the Board of Directors approved a quarterly cash dividend of $0.20 per share of common stock. The dividend will be paid on August 21, 2026 to stockholders of record as of August 7, 2026.

Book value per share of common stock was $52.97 at June 30, 2026, an increase of $1.70 from $51.27 at December 31, 2025. Tangible book value per share of common stock (a non-GAAP financial measure) was $34.24 at June 30, 2026, an increase of $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."

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

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $21.3 billion in assets and $97.4 billion in assets under management (AUM) and assets under administration (AUA) at December 31, 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 193 years. In addition to our focus on stellar client experience, we have continued to fuel growth and remain a leader in our community. We are a relationship-focused, locally-managed, community banking institution. Our mission is simple: “We Stand for Service®.”

As of December 31, 2025, 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. Subsidiaries of WSFS Bank included 1832 Holdings, Inc. and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).

Our banking segment had a net loan and lease portfolio of $12.6 billion as of December 31, 2025. We have built a $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. 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 leasing business, conducted by NewLane Finance®, originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.

Our Cash Connect® segment is a premier provider of ATM vault cash, smart safe (safes that automatically accept, validate, record and hold cash in a secure environment) and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide, and manages approximately $1.3 billion in total cash and services approximately 24,000 non-bank ATMs and 11,900 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 488 owned or branded ATMs for WSFS Bank Clients, which is one of the largest branded ATM networks in our market.

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. Combined, these businesses had $97.4 billion of AUM and AUA at December 31, 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 and as a registered investment advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.

BMT-DE provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.

As of December 31, 2025, we service our Clients primarily from 113 offices located in Pennsylvania (58), Delaware (37), New Jersey (14), Florida (2), Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com, and our mobile app.

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Notable Items Impacting Results of Operations, Financial Condition and Business Outlook

Notable items in 2025 include the following:

•EPS was $5.09 and ROA was 1.36%, compared to $4.41 and 1.27%, respectively, for the year ended December 31, 2024.

•Net interest margin of 3.87%, compared to 3.82% for the year ended December 31, 2024, driven by deposit repricing actions continued wholesale funding optimization, and higher cash balances, partially offset by lower loan yields due to rate cuts.

•Client deposits increased $612.7 million, or 4%, primarily due to growth in Trust deposits, reflecting continued strong performance in this business.

•Net loans and leases grew $85.8 million, or 1%, compared to December 31, 2024. Increases in construction loans, commercial & industrial, and residential mortgage were partially offset by decreases in consumer loans and commercial mortgages.

•Noninterest income in our Wealth and Trust segment increased 16% compared to December 31, 2024, driven by growth in WSFS Institutional Services®.

◦WSFS Institutional Services® ended 2025 as the securitization industry's fourth most active trustee for U.S. ABS and MBS according to Asset-Backed Alert's ABS Database.

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

•Throughout the year, WSFS exited certain non-strategic businesses and product offerings which included the sales of the Upstart loan portfolio and Powdermill business (which provided tax and other administrative services to family offices), as well as the unwind of a wealth advisory partnership with Commonwealth Financial. These actions helped to streamline our product offering and organizational focus on our core strategic priorities.

◦The Upstart portfolio was an unsecured consumer lending portfolio generated through our partnership with Upstart. The impacts from the sale included a net charge-off of $5.2 million against previous reserves of $9.9 million, resulting in a provision release of $4.7 million.

•Returned $324.7 million of capital to shareholders through $287.5 million of share repurchases and $37.2 million of quarterly dividends. Under the Company's share repurchase program, 5,439,981 shares of common stock were repurchased at an average price of $52.86 per share.

•The Board approved a 13% increase in the quarterly cash dividend to $0.17 per share of common stock as well as an incremental share repurchase authorization of 10% of outstanding shares as of March 31, 2025.

•The Company and the Bank continue to be well-capitalized across all measures of regulatory capital, with total common equity tier 1 capital of 13.92% and 14.06%, respectively, and total risk-based capital of 15.67% and 15.25%, respectively.

•In December, the Company issued $200.0 million of senior notes due 2035 (the 2035 Notes). The 2035 Notes mature on December 15, 2035 and have a fixed coupon rate of 5.375% from issuance until December 15, 2030 and a variable coupon rate equal to the benchmark rate (which is expected to be three-month term SOFR), reset quarterly, plus 1.89% from December 15, 2030 until maturity. The proceeds from this issuance were concurrently used to redeem $150.0 million of Fixed-to-Floating Senior Notes due 2030 (the 2030 Notes).

•WSFS completed the redemption of $70.0 million fixed-to-floating rate subordinated notes due 2027 (the 2027 Notes) acquired from Bryn Mawr Trust using our other operating cash flows.

Subsequent Events

In February 2026, the Company received payment for loans that were previously charged off in the first quarter of 2025 to a fund invested in office properties. In the first quarter of 2026, the Company will recognize a recovery of $15.7 million (against the first quarter 2025 charge-off of $15.9 million) as well as the payoff of a $2.5 million nonperforming loan, specific to this transaction. Management will update its previously announced 2026 net charge-off outlook as part of its first quarter 2026 Earnings Release.

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FINANCIAL CONDITION

Total assets increased $499.8 million, or 2%, to $21.3 billion as of December 31, 2025, compared to $20.8 billion as of December 31, 2024. The increase is primarily comprised of the following (in descending order of magnitude):

•Total cash and cash equivalents increased $544.3 million, primarily due to higher deposits.

•Net loans and leases held for investment increased $85.8 million due to increases in construction loans of $191.8 million primarily from draws on existing commitments, $140.5 million in commercial and industrial loans, and $124.8 million in residential mortgage loans. These increases were partially offset by decreases in consumer loans of $191.9 million primarily driven by the Upstart portfolio sale and runoff of the Spring EQ portfolio, $114.5 million in commercial mortgages primarily due to the payoff of several large loans, and $36.3 million in owner-occupied commercial loans

•Other assets decreased $87.3 million, primarily driven by a $55.0 million decrease in low-income housing tax credit investments and a $34.9 million decrease in derivatives from our Capital Markets business due to changes in fair value, partially offset by a $15.2 million increase in receivables due to the settlement timing of ACH payments.

•Goodwill and intangible assets decreased $18.3 million due to scheduled amortization and impacts from the sale of the WSFS Wealth Management, LLC (dba Powdermill Financial Solutions) business.

•Total investment securities decreased $15.2 million:

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

◦Investment securities, available-for-sale increased $31.6 million, primarily due to a net $212.2 million increase in market value on available-for-sale securities and $203.0 million in purchases, partially offset by repayments of $380.6 million .

Total liabilities increased $351.1 million, or 2%, to $18.6 billion at December 31, 2025 compared to the prior year, primarily comprised

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