WSFS Financial Corporation Q1 FY2026 earnings call

• Strong start to 2026 with core financial metrics up. - Net interest margin flat q - o - q, deposits repriced and costs reduced. - Core fee revenue grew 11% y - o - y with broad - based growth in fee businesses, led by wealth and trust, institutional services, and personal trust. - Client deposits grew, non - interest deposits占比提升. - Loan growth with commercial CNI and consumer residential mortgage showing momentum. - Asset quality improved with delinquencies and problem assets down. - Executed capital return framework, repurchased shares and increased dividend. - Updated net charge - off outlook.

WSFS had a strong start in 2026. Core EPS was $1.68, core ROA was 1.65%, and core return on tangible common equity was 20.7%, all up vs prior quarter and year. Core net income grew 35% y - o - y, core PPNR grew 10%, resulting in core EPS growth of 49% and tangible book value per share growth of 15%. Net interest margin was 3.83% flat q - o - q. Core fee revenue, nearly a third of total revenue, grew 11% y - o - y, led by wealth and trust (up 25% y - o - y), institutional services like Corporate Trust and Global Capital Markets (each up over 40% y - o - y), and Bryn Mawr Trust Company of Delaware (up 27% y - o - y). Client deposits grew 5% q - o - q and over 9% y - o - y, non - interest deposits grew 14% q - o - q to 34% of total deposits. Gross loans were slightly up q - o - q, with CNI lending in commercial having 7% annualized growth q - o - q and small business banking up 11% annualized, consumer residential mortgage up over 70% y - o - y.

• Updated net charge - off outlook for the year to 25 - 35 basis points, down from previous 35 - 45 basis points. - Will provide updated four - year outlook when presenting Q2 results in July. - No rate cuts embedded in 2026 guide, asset sensitivity provides tailwind, but deposit competition and other factors have puts and takes on net interest margin.

• Actual results may differ materially from forward - looking statements due to risks in annual and quarterly reports. - Deposit competition may impact deposit costs and net interest margin. - Commercial real estate loan payoffs may have implications for loan growth and asset quality.

Q: Russell Gunther at Stevens asked about deposit growth sustainability and drivers in wealth and trust.

A: Deposit growth was strong but had elevated transactional deposits. Trust business growth was due to market growth and share taking, with deposit competition across businesses.

Q: Janet Lee at TD Cohen asked about loan growth cadence.

A: CNI is primary driver in commercial, with good momentum, but commercial real estate has elevated payoffs. Consumer side has runoff of spring portfolio and home lending to offset.

Q: Christopher Marinac at Brien Capital LLC asked about capital plans and regulatory changes.

A: Capital return framework is on multi - year glide path towards 12% CET1 target, monitoring regulatory ratios and rating agency ratios, regulatory changes may provide capital benefit.

Q: Manuel Navas at Piper Sandler asked about corporate trust business future.

A: Corporate trust and global capital markets businesses grew due to investment in headcount/technology, unique expertise, strong balance sheet/ratings, and market growth, expect to continue winning share though market growth may slow.

Q: Charlie Driscoll from KBW asked about M&A.

A: No update on M&A, but looking for opportunities in fee businesses.

Q: Charlie Driscoll also asked about credit.

A: Specific credit recovery was from an acquired loan with sponsor refinancing, overall portfolio trends positive with NDFI portfolio showing no issues.