WSFS Financial (WSFS) Q2 2025 earnings summary

Executive summary

• EPS reached $1.27, ROA was 1.39%, and ROTCE was 18.08%, all up sequentially; core fee revenue grew 9% quarter over quarter, led by Wealth and Trust up 17% year-over-year.

• NIM increased to 3.89%, up 1bp sequentially and 4bps year-over-year, despite absorbing 100bps of rate declines.

• $87.3M returned to shareholders in Q2, including $77.7M in buybacks (2.7% of shares) and $9.6M in dividends; YTD buybacks total 4.4% of shares.

• Sale of most Upstart unsecured consumer loans accelerated runoff of non-strategic assets.

• Board approved a 13% dividend increase and a new 10% share repurchase authorization.

Financial highlights

• Net income for Q2 2025 was $72.3M, up from $65.9M in 1Q25 and $69.3M in Q2 2024; core PPNR was $107.8M, up 3% QoQ.

• Net interest income was $179.5M, up 2% from 1Q25 and 3% year-over-year.

• Core fee revenue reached $88.0M, up 9% QoQ and 2% YoY, mainly from Wealth and Trust and BMT of DE.

• Efficiency ratio at 59.5%, with a core efficiency ratio of 59.6%, stable QoQ.

• Book value per share was $47.71, and tangible book value per share was $30.32, up 20% year-over-year.

Outlook and guidance

• FY 2025 core ROA outlook raised to ~1.3%; NIM guidance increased to ~3.85% with two 25bp rate cuts assumed.

• Commercial loan growth revised to low-single digits; consumer flat excluding Upstart.

• Double-digit fee revenue growth expected in Wealth and Trust; overall fee revenue to grow low single digits due to Cash Connect headwinds.

• Net charge-offs expected between 35–45 bps of average loans for the year, excluding Upstart.

• Management expects sufficient liquidity and capital to support growth and maintain well-capitalized status over the next 12 months.