WSFS Financial (WSFS) Q1 2026 earnings summary

Executive summary

• Core EPS rose to $1.68, up 49% year-over-year, with core ROA at 1.65% and core ROTCE at 20.7%, all increasing versus prior periods; excluding a $15.7M loan recovery, core EPS was $1.45, up 28% year-over-year.

• Net income attributable to shareholders reached $86.8 million for Q1 2026, up from $65.9 million in Q1 2025, with diluted EPS of $1.64.

• Deposit growth was strong, with client deposits up 5% quarter-over-quarter and over 9% year-over-year, led by Trust and Commercial segments.

• Wealth and Trust segment delivered 25% year-over-year fee revenue growth, with Institutional Services up 46% and BMT-DE up 27%.

• Board approved an 18% dividend increase and a new 15% share repurchase authorization, with $85M in buybacks (2.5% of shares) and $9M in dividends paid in Q1 2026.

Financial highlights

• Net interest margin was 3.83%, flat sequentially and down 5bps year-over-year, despite absorbing prior quarter rate cuts.

• Core fee revenue rose 11% year-over-year to $90.1 million, with Wealth and Trust up 25% and Institutional Services up over 40%.

• Pre-provision net revenue (PPNR) was $112.5 million, up 10.2% year-over-year.

• Efficiency ratio improved to 58.0% in Q1 2026, down from 59.0% in the prior quarter.

• Allowance for credit losses remained stable at 1.36% of total loans and leases.

Outlook and guidance

• Annual net charge-off outlook revised to 25–35 bps, down from 35–45 bps, due to the loan recovery.

• Management expects continued growth in Wealth and Trust, with strong fee-based business momentum and robust capital and liquidity positions.

• Deposit growth momentum expected to moderate amid increased competition and some short-term transactional balances.

• Full-year outlook to be updated with 2Q results; current rate environment seen as favorable for NIM stability.

• GDP forecast of 2.4% in 2026 and 2.7% in 2027; unemployment forecast of 4.5% in 2026 and 4.3% in 2027.