Executive Summary

EPS beat, revenue light vs consensus; asset quality improved. WSFS delivered GAAP diluted EPS of $1.37 and core/normalized EPS of $1.40, topping S&P Global consensus EPS $1.25*. Revenue (S&P Global definition) came in at $263.9M vs $268.5M consensus*, while company-reported total net revenue was $270.5M, up modestly QoQ .
Net interest margin resiliency and credit improvement. NIM expanded to 3.91% (+2 bps QoQ; +13 bps YoY), aided by an interest recovery (about 4 bps) and deposit growth; problem assets, NPAs, and delinquencies all improved QoQ on several large payoffs with no additional losses .
Fee mix and expenses mixed. Fee revenue declined YoY on Cash Connect® headwinds from lower rates/volume, but Wealth & Trust posted double-digit YoY fee growth; core noninterest expense rose 2% QoQ on medical costs and incentives .
Capital return and outlook. Repurchased 827K shares (~1.5% of shares as of 2Q), $46.8M in 3Q; year-to-date capital returns $206.2M. CET1 is 14.39%; management aims to glide CET1 toward ~12% over time and reiterated confidence in meeting the full‑year outlook despite an additional October rate cut .

What Went Well and What Went Wrong

What Went Well

NIM and deposit cost control: “Net interest margin expanded two basis points to 3.91%... deposit beta of 37%... exit beta for September is 43%” (CFO) .
Credit improvement: NPAs fell to 0.35% of assets from 0.51% QoQ; delinquencies and problem assets also declined on payoffs with no additional losses .
Wealth & Trust momentum: Wealth & Trust fee revenue grew YoY; management highlighted “double digit growth” and a robust pipeline, with BMT of DE and Institutional Services up ~20% and ~30% YoY respectively (CFO/COO) .

What Went Wrong

Fee revenue softness and Cash Connect headwinds: Core fee revenue was flat QoQ and down 2% YoY, with Cash Connect® pressured by lower rates/volume, partly offset by pricing actions .
Higher expenses QoQ: Core noninterest expense rose $2.5M (2%) QoQ due to medical costs and incentive accruals, modestly worsening the efficiency ratio .
Loan balances contracted: Gross loans/leases decreased $128.5M QoQ (-1%) from the Upstart sale and partnership runoff; commercial line utilization fell, offset by growth in mortgages and WSFS-originated consumer loans .

Financial Results

Company-reported results versus prior periods:

Metric	Q3 2024	Q2 2025	Q3 2025
Total Net Revenue ($MM)	267.7	267.5	270.5
Net Interest Income ($MM)	177.5	179.5	184.0
Fee Revenue ($MM)	90.2	88.0	86.5
Provision for Credit Losses ($MM)	18.4	12.6	6.6
Noninterest Expense ($MM)	163.7	159.3	163.1
Net Income Attributable to WSFS ($MM)	64.4	72.3	76.4
EPS (Diluted, GAAP)	$1.08	$1.27	$1.37
Core EPS (Non-GAAP)	$1.08	$1.27	$1.40
ROA (GAAP)	1.22%	1.39%	1.44%
NIM (TE)	3.78%	3.89%	3.91%
Efficiency Ratio	61.1%	59.5%	60.2%

Estimates comparison (S&P Global consensus and actuals):

Metric	Q3 2024	Q2 2025	Q3 2025
EPS (Primary) Consensus Mean*	1.054	1.1325	1.2525
EPS (Primary) Actual*	1.08	1.27	1.40
Revenue Consensus Mean ($MM)*	259.6	266.5	268.5
Revenue Actual ($MM, S&P def.)*	249.2	254.9	263.9

EPS beat: $1.40 vs $1.25 consensus; Revenue light: $263.9M vs $268.5M consensus*. Company-reported total net revenue was $270.5M .
Asterisked values retrieved from S&P Global.

Key KPIs and credit/capital:

KPI	Q3 2024	Q2 2025	Q3 2025
CET1	13.56%	14.07%	14.39%
TCE / Tang. Assets	8.47%	8.62%	8.96%
NPA / Assets	0.44%	0.51%	0.35%
Delinquencies / Gross Loans	1.11%	1.22%	0.81%
ACL / Loans	1.48%	1.43%	1.41%
Loan-to-Deposit Ratio	—	—	75%

Segment performance:

Segment	Metric	Q3 2024	Q2 2025	Q3 2025
Wealth & Trust	Net Interest Income ($MM)	21.6	23.0	24.0
	Fee Revenue ($MM)	37.2	44.5	42.3
	Noninterest Expense ($MM)	28.4	32.3	32.0
	Pre‑tax Income ($MM)	30.4	30.7	34.4
	AUM/AUA ($B)	87.2	92.4	93.4
Cash Connect®	Net Revenue ($MM)	27.7	21.1	22.0
	Noninterest Expense ($MM)	26.1	17.8	19.6
	Pre‑tax Income ($MM)	1.6	3.3	2.3
	Net Profit Margin	5.88%	15.58%	10.64%
	Avg. Cash Managed ($MM)	1,623	1,329	1,386

Guidance Changes

Management reiterated confidence in the previously announced full‑year outlook and will provide a 2026 outlook with 4Q results; no new numeric 4Q25 guidance was issued . Q2 mid‑year outlook (below) remains the latest formal guide .

Metric	Period	Previous Guidance (as of Q2’25)	Current (Q3’25)	Change
ROA	FY 2025	~1.30%	Reaffirmed ability to meet outlook	Maintained
NIM (TE)	FY 2025	~3.85% (incorporated 2 rate cuts)	Reaffirmed ability to meet outlook	Maintained
Commercial Loans	FY 2025	Low single-digit growth	Reaffirmed ability to meet outlook	Maintained
Consumer (ex‑Upstart)	FY 2025	Flat; home lending growth to offset Spring EQ runoff	Reaffirmed ability to meet outlook	Maintained
Fee Revenue	FY 2025	Low single-digit growth; Wealth & Trust double-digit; Cash Connect revenue down but margin up	Reaffirmed ability to meet outlook	Maintained
Efficiency Ratio	FY 2025	~60%	Reaffirmed ability to meet outlook	Maintained
Net Charge‑offs (ex‑Upstart)	FY 2025	35–45 bps of avg loans	Reaffirmed ability to meet outlook	Maintained
Capital Target	Medium term	CET1 ~12% glide path with buybacks	Maintain elevated buybacks toward ~12% CET1	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1–Q2 2025)	Current Period (Q3 2025)	Trend
Margin management & hedging	NIM +8 bps in Q1 to 3.88%; deposit repricing and $1.5B floor program mitigate cuts . Q2 raised NIM outlook to ~3.85% with two cuts assumed .	NIM 3.91%; ~3 bps per 25 bp immediate sensitivity; floors: $850M ITM now, $1.5B ITM with three more cuts; exit deposit beta ~43% .	Stable/positive
Deposit betas & mix	Interest‑bearing deposit beta ~38% in Q1; targeting ~40%+ .	Exit beta ~43%; non‑interest deposits >30% of total; deposit growth QoQ .	Stable/positive
Asset quality	Q1 NCOs elevated on single acquired C&I; guide still 35–45 bps ex‑Upstart .	NPAs 0.35%; problem assets and DLQs down; NCOs 30 bps; reserve kept conservative qualitatively .	Improving
Wealth & Trust	Q1: +19% YoY fee; Institutional + strong; BMT DE + . Q2: Wealth +17% YoY; Institutional +39%, BMT DE +7% .	Continued double‑digit YoY fee growth; strong pipelines and lift‑outs; net client inflows resuming .	Positive
Cash Connect®	Q1: revenue down with rates/volume; margin improvement with pricing/expense .	Pricing actions and lower funding costs improved profitability; margins ~10.6% vs 5.9% LY; revenue still below LY .	Mixed (profitability up, revenue down)
Macro/tariffs	Clients cautious; tariff uncertainty delaying projects .	Some optimism returning; pipelines improving; still monitoring .	Gradual improvement
Capital return	CET1 14.1% in Q1; glide to 12% with buybacks .	CET1 14.39%; bought back 1.5% of shares in Q3; intent to maintain elevated buybacks .	Ongoing

Management Commentary

CEO press release: “Core EPS of $1.40... core ROA of 1.48%... driven by a continued strong net interest margin of 3.91%, solid fee performance... and lower provision expense” .
CFO on NIM and rates: “Net interest margin... 3.91%... exit beta for September is 43%... interest recovery... added about four basis points... floors $850M ITM now; $1.5B ITM with three more cuts” .
COO on Wealth & Trust: “Our reputation and quality of service is being recognized... robust pipeline... becoming the preferred provider... BMT of Delaware seeing clients move to us” .
CFO on reserves: “Macro data would suggest capacity to release, but we kept qualitative overlays given potential volatility” .

Q&A Highlights

Capital deployment: Management expects capacity to execute buybacks at or above ~100% of net income for 2–3 years while retaining discretion; CET1 glide path toward ~12% remains intact .
Credit quality and reserves: Improvement broad‑based; reserves maintained conservatively amid macro uncertainty .
Wealth momentum: Institutional Services and BMT of DE are key drivers; private wealth seeing net inflows and better commercial referrals .
Margin sensitivity and hedging: Near‑term ~3 bps NIM impact per 25 bp cut, mitigated over time via deposit repricing, floors, and securities roll‑off .
Consumer/partnership runoff: Upstart sale (~$85M) completed; Spring EQ runoff ~$15–17M/month; home lending and WSFS‑originated consumer growth more than offset .

Estimates Context

EPS beat, revenue light versus S&P Global consensus. EPS (Primary) actual $1.40 vs $1.25 consensus; Revenue actual $263.9M vs $268.5M consensus*. Prior quarter also featured EPS outperformance against consensus and revenue underperformance*.
Forward consensus implies seasonal moderation in EPS near term (Q4 2025 $1.23*) with gradual resumption of growth across 2026*, consistent with management’s plan to update 2026 outlook in January .

Metric	Q3 2024	Q2 2025	Q3 2025
EPS (Primary) Consensus Mean*	1.054	1.1325	1.2525
EPS (Primary) Actual*	1.08	1.27	1.40
Revenue Consensus Mean ($MM)*	259.6	266.5	268.5
Revenue Actual ($MM, S&P def.)*	249.2	254.9	263.9

Asterisked values retrieved from S&P Global.

Key Takeaways for Investors

Quality beat on EPS with improving credit and stable‑to‑rising NIM; the revenue shortfall versus S&P stems partly from Cash Connect® rate sensitivity and definition differences versus company “total net revenue” .
Underlying NIM strength is supported by deposit repricing, a meaningful in‑the‑money floor program, and securities roll‑off—tempering the impact of future cuts .
Wealth & Trust is an engine for fee and deposit growth with operating leverage; watch for continued Institutional Services/BMT DE share gains .
Loan balances should stabilize as partnership runoff abates and home lending/consumer originations scale; commercial pipeline (~$300M) and talent lift‑outs are constructive .
Capital return remains a central pillar; CET1 at 14.39% provides ample capacity to sustain buybacks along the glide path to ~12% .
Near‑term watch items: underlying NIM ex one‑off interest recovery (~3.87%), Cash Connect® volume trajectory, and expense discipline as incentive/medical cost pressures persist .
Into 4Q/2026, the narrative hinges on sustaining core fee growth and margin defense while executing capital return; management plans to update 2026 outlook with 4Q results .

Additional Q3 press releases: The company announced the earnings release date and call logistics on Oct 9, 2025 .

Notes on definitions and reconciliations:

Company‑reported “Total net revenue” equals GAAP net interest income plus noninterest income; S&P Global revenue definitions may differ, which can drive estimate/actual variances vs company totals .
Non‑GAAP measures (Core EPS, Core PPNR, Core fee revenue, etc.) are reconciled in the release appendix .

WSFS FINANCIAL CORP (WSFS)·Q3 2025 Earnings Summary