Q1 2026 WSFS Financial Corp Earnings Call Transcript
Key Points
- WSFS Financial Corp (WSFS) reported a strong start to 2026 with a core EPS of $1.68, core ROA of 1.65%, and core return on tangible common equity of 20.7%, all up versus the prior quarter and year.
- Core net income increased by 35% year-over-year, with core EPS growth of 49% and tangible book value per share growth of 15%.
- Core fee revenue grew 11% year-over-year, driven by broad-based growth across fee businesses, particularly Wealth & Trust, which grew 25% year-over-year.
- Client deposits increased by 5% link quarter, with non-interest deposits growing 14% link-quarter, now representing 34% of total deposits.
- WSFS Financial Corp (WSFS) returned $94 million of capital, including $85 million in buybacks, and announced an 18% increase in the quarterly dividend to $0.20 per share.
- The net interest margin of 3.83% was flat link quarter, reflecting a reduction of 12 basis points in total client deposit costs.
- Cash Connect fees declined quarter-over-quarter due to the impact of interest rate cuts and lower volumes.
- Non-performing assets increased link-quarter, driven by two loans, a C&I loan and a multifamily loan, despite being well-secured.
- The company faces increased deposit competition across all business segments, which could pressure deposit costs.
- Loan growth was offset by elevated payoffs in commercial mortgages and partnership consumer loans, impacting overall loan growth potential.
Hello, everyone, and thank you for joining us, and welcome to WSFS Financial Corporation's first quarter earnings call. (Operator Instructions).
I'd now like to turn the call over to your host for today, Mr. David Burg, Chief Financial Officer. Sir, you may begin.
Thank you very much. Good afternoon, and thank you, everyone, for joining our first-quarter 2026 earnings call.
Our earnings release and earnings release supplement, which we will refer to on today's call, can be found in the Investor Relations section of our company website. With me on this call is Roger Levinson, Chairman, President and CEO prior to reviewing our financial results, I would like to read our Safe Harbor Statement.
Our discussion today will include information about our management's view of our future expectations, plans, and prospects that constitute forward-looking statements.
Actual results may differ materially from historical results or those indicated by
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
