WSFSHIGH SIGNALRISK10-K

WSFS experienced a substantial increase in credit provisioning while recovering $15.7 million from previously charged-off loans in a subsequent event.

The provision for credit losses roughly doubled year-over-year, indicating heightened credit risk concerns or deteriorating loan quality that required management to set aside significantly more reserves. However, the February 2026 recovery of nearly all previously charged-off CRE loans ($15.7M recovery vs $15.9M charge-off) demonstrates some resilience in the commercial real estate portfolio and should improve first quarter 2026 results.

Comparing 2026-03-02 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

WSFS showed meaningfully expanded revenue generation alongside a substantial build in credit loss provisions, suggesting growth came with increased risk concerns. The company reduced capital expenditures by more than half while building cash reserves to $1.7 billion. The overall picture signals a bank managing through credit cycle pressures while maintaining liquidity strength, though the doubling of loss provisions raises questions about asset quality trends.

FINANCIAL STATEMENT CHANGES
Provision for Credit Losses
P&L
+94.1%
$13.2M→$25.6M

Credit loss provisions surged 94.1% — management flagging significant deterioration in loan quality ahead.

Capital Expenditure
Cash Flow
-55.2%
$14.3M→$6.4M

Capex reduced 55.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Revenue
P&L
+50.2%
$641.8M→$963.9M

Strong top-line growth of 50.2% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
+47.1%
$1.2B→$1.7B

Cash position surged 47.1% — strong cash generation or capital raise providing significant financial cushion.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-28
ADDED
SUBSEQUENT EVENTS The Company evaluated subsequent events in accordance with ASC Topic 855 and determined that the following qualifies as a non-recognized subsequent event: Recovery of Previously Charged-Off Loans In February 2026, the Company received payment for C I loans that were previously charged off in the first quarter of 2025 to a fund invested in office properties.
In the first quarter of 2026, the Company will recognize a recovery of $15.7 million (against the first quarter 2025 charge-off of $15.9 million) as well as the payoff of a $2.5 million nonperforming loan, specific to this transaction.
Management will update its previously announced 2026 net charge-off outlook as part of its first quarter 2026 Earnings Release.
As of February 23, 2026, there were issued and outstanding 52,732,172 shares of the registrant s common stock, par value $0.01 per share.
The following are registered trademarks of the Company: Bryn Mawr Trust , Cash Connect , NewLane Finance , WSFS Institutional Services , and WSFS Mortgage .
With $21.3 billion in assets and $97.4 billion in assets under management (AUM) and assets under administration (AUA) at December 31, 2025, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the Greater Philadelphia and Delaware region.
Our Mission and Strategy of We Stand for Service " is our foundation and drives our purpose.
Our Associates are our main competitive advantage and focus on exceeding Client expectations, delivering stellar experiences and building client advocacy.
As of December 31, 2025, we serviced our Clients primarily from our 113 offices located in Pennsylvania (58), Delaware (37), New Jersey (14), Florida (2), Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app.
Subsidiaries As of December 31, 2025, the Company's consolidated operating subsidiaries included: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), WSFS SPE Services, LLC.
REMOVED
As of February 24, 2025, there were issued and outstanding 58,557,557 shares of the registrant s common stock, par value $0.01 per share.
The following are registered trademarks of the Company: Bryn Mawr Trust , Cash Connect , NewLane Finance , Powdermill Financial Solutions, WSFS Institutional Services , WSFS Mortgage and WSFS Wealth Investments.
With $20.8 billion in assets and $89.4 billion in assets under management (AUM) and assets under administration (AUA) at December 31, 2024, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the Greater Philadelphia and Delaware region.
Our strategy of Engaged Associates, living our culture, enriching the Communities we serve focuses on exceeding Client expectations, delivering stellar experiences and building client advocacy through highly-trained, relationship-oriented, friendly, knowledgeable and empowered Associates.
As of December 31, 2024, we serviced our Clients primarily from our 114 offices located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app.
Subsidiaries As of December 31, 2024, the Company had six consolidated subsidiaries: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management, LLC (BMCM), WSFS Wealth Management, LLC (Powdermill ), WSFS SPE Services, LLC, and 601 Perkasie, LLC.
BMT-DE has approximately $35.6 billion in AUM and AUA at December 31, 2024.
BMCM is a registered investment adviser and provides fee-only asset management services.
BMCM had approximately $3.7 billion in AUM and AUA at December 31, 2024.
Powdermill provides multi-family office services to affluent clientele in the local community and throughout the U.S.
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