Q2 2026 WSFS Financial Corp Earnings Call Transcript
Key Points
- WSFS Financial Corp (WSFS) reported a core earnings per share of $1.66, a core ROA of 1.55%, and a core return on tangible common equity of 20.2%, all above first-quarter levels.
- Core net income increased by 19% year-over-year, with core earnings per share growth of 31% and tangible book value per share growth of 13%.
- Net interest margin expanded by 4 basis points to 3.87%, driven by reduced client deposit costs and higher investment securities yields.
- Core fee revenue grew 2% linked quarter and 5% year-over-year, with significant contributions from Wealth and Trust, Corporate Trust, and Global Capital Markets.
- WSFS Financial Corp (WSFS) increased its market share in the ABS and MBS trustee market to 14%, up from 11.7% in 2025.
- Cash Connect fees declined year-over-year due to interest rate cuts and lower volumes, despite a higher profit margin.
- There is increased deposit competition in the market, which may impact deposit pricing and costs going forward.
- The company expects some upward pressure on deposit costs due to competitive pressures, despite a stable net interest margin outlook.
- Loan growth, particularly in home lending, may not continue at the same pace due to seasonal slowdowns and rising interest rates.
- The company faces challenges in the office market and must remain selective in its commercial real estate investments.
Hello, everyone. Thank you for joining us, and welcome to WSFS Financial Corporation second 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, please go ahead.
Thank you very much, and good afternoon, everyone. Thank you for joining our second quarter 2026 earnings call. Our earnings release and an earnings release supplement, which we'll refer to on today's call, can be found in the investor relations section of our company website. With me on this call is Rodger Levenson, 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 over future expectations, plans and prospects that constitute forward-looking statements.
Actual results may differ materially from historical results or those indicated by these forward
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