What changed in this filing

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Item 1. Business

2026-03-02 compared with 2025-02-28 · 124 added, 174 removed, 685 unchanged (30% of the section changed)

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In addition to its focus on stellar client experiences, WSFS Bank has continued to fuel growth and remain a leader in our community.

We are a relationship-focused and locally-managed community banking and wealth franchise, complemented by nationwide businesses.

Our mission is simple:

“We Stand for Service®.” 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.

We are a relationship-focused and locally-managed community banking and wealth management franchise, complemented by nationwide businesses.

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.

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, a Delaware state chartered non-depository trust company, supplements our existing Wealth Management segment by offering Delaware advantage trust services including directed trusts, asset protection trusts and dynasty trusts via centers of influence such as estate planning attorneys.

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.

• BMT-DE, a Delaware state chartered non-depository trust company, supplements our existing Wealth and Trust segment by offering Delaware advantage trust services including directed trusts, asset protection trusts and dynasty trusts via centers of influence such as estate planning attorneys.

BMT-DE has approximately $40.7 billion in AUM and AUA at December 31, 2025.

• 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.

• BMTA is a registered investment adviser and provides fee-only asset management services.

BMTA had approximately $4.4 billion in AUM and AUA at December 31, 2025.

• WSFS SPE Services, LLC provides commercial domicile services which include providing employees, directors, subleases of office facilities and registered agent services in Delaware and Nevada.

• 601 Perkasie, LLC was formed to hold certain tax credit investments.

As of December 31, 2024, WSFS Bank had two wholly-owned subsidiaries:

Beneficial Equipment Finance Corporation (BEFC), and 1832 Holdings, Inc.

WSFS Bank had one majority-owned subsidiary, NewLane Finance Company (NewLane Finance ® ).

• BEFC, a small equipment and fixed assets leasing company, was acquired during the Beneficial Bancorp, Inc.

(Beneficial) acquisition.

Subsequent to the Beneficial acquisition, BEFC ceased origination of new leases and its leasing operations were combined with NewLane Finance ® , described below.

As of December 31, 2025, WSFS Bank's operating subsidiaries included 1832 Holdings, Inc.

and the majority-owned NewLane Finance Company (NewLane Finance ® ).

• 1832 Holdings, Inc.

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For financial reporting purposes, our business has three segments:

WSFS Bank, Cash Connect ® and Wealth Management.

WSFS Bank, Cash Connect ® and Wealth and Trust.

The WSFS Bank segment provides loans and leases, deposits and other financial products to Commercial and Consumer Clients.

Cash Connect ® provides ATM vault cash, smart safe and cash logistics services in the U.S, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Clients with one of the largest branded ATM networks in our region.

The Wealth Management segment provides a broad array of planning and advisor services, investment management, personal and institutional trust services, and credit and deposit products to individuals, corporate, and institutional clients.

As of December 31, 2024, WSFS Bank's banking business had a total loan and lease portfolio of $12.8 billion.

We have built a $9.9 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering a high level of service and flexibility.

We fund our lending businesses primarily with deposits generated through commercial relationships and consumer deposits, as well as through our digital banking platforms.

Cash Connect ® provides ATM vault cash, smart safe and cash logistics services in the U.S, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Clients.

The Wealth and Trust segment provides a broad array of planning and advisory services, investment management, personal and institutional trust services, and credit and deposit products to individuals, corporate, and institutional clients.

As of December 31, 2025, WSFS Bank's banking business had a net loan and lease portfolio of $12.6 billion.

We have built a $10.0 billion commercial loan and lease portfolio primarily by recruiting seasoned commercial lenders in our markets, offering a high level of service and flexibility.

WSFS Bank also offers a broad variety of consumer loan products, retail securities and insurance brokerage services through our branches.

The WSFS Home Lending division offers mortgage and title services through WSFS Mortgage ® as well as home equity lending.

Our WSFS Mortgage ® business is a mortgage banking company and abstract and title company specializing in a variety of residential mortgage and refinancing solutions.

The Home Lending division offers mortgage banking and title services through WSFS Mortgage ® as well as home equity lending.

We fund our lending businesses primarily with deposits generated through commercial relationships and consumer, wealth and trust client deposits, as well as through our digital banking platforms.

Cash Connect ®

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Cash Connect ® provides related services such as online reporting and ATM cash management, predictive cash ordering and reconcilement services, armored carrier management, loss protection and deposit safe cash logistics.

As of December 31, 2024, Cash Connect ® also supports 567 owned or branded ATMs for WSFS Bank Clients, which has one of the largest branded ATM networks in our market.

Wealth Management

Our Wealth Management business provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients.

As of December 31, 2025, Cash Connect ® also supports 488 owned or branded ATMs for WSFS Bank Clients.

Wealth and Trust

Our Wealth and Trust business provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional Clients.

Combined, these businesses had $97.4 billion of AUM and AUA at December 31, 2025.

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Private Wealth Management, which includes Private Banking, serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and customized banking services including credit and deposit products tailored to its clientele.

Private Wealth Management includes businesses that operate under the bank’s charter, through a third-party broker/dealer, and as a registered investment advisor (RIA).

Private Wealth Management includes businesses that operate under the bank’s charter and as a registered investment advisor (RIA).

It generates revenue through fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody.

Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach.

The Bryn Mawr Trust Company of Delaware provides personal trust and fiduciary services to families and individuals across the U.S.

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WSFS DIFFERENTIATION STRATEGY

Through our unique competitive position as the largest locally headquartered bank and trust company in a top financial market with a full suite of national and international banking capabilities, diversified and resilient fee revenue (noninterest income), and high touch client service, WSFS sets itself apart from other banks in our market and the industry.

Through our unique competitive position as the largest locally headquartered bank and trust company in a top financial market with a full suite of national and international capabilities, diversified and resilient fee revenue (noninterest income), and high touch client service, WSFS sets itself apart from other banks in our market and the industry.

This differentiation strategy supports our core franchise with a mix of organic and acquisition-related growth and builds value for our stockholders.

Since December 31, 2018, the last full year prior to our two recent large acquisitions, our commercial loans and leases, which exclude loans held-for-sale, have grown 153% from $4.0 billion to $10.1 billion at December 31, 2024.

Over the same period, customer deposits have grown 213% from $5.4 billion to $17.0 billion.

Since December 31, 2022, our net loans and leases, which exclude loans held-for-sale, have grown 11% from $11.8 billion to $13.1 billion at December 31, 2025.

Over the same period, client deposits have grown 10% from $16.1 billion to $17.6 billion.

The following factors summarize what we believe is our differentiation strategy:

Our Mission and Strategy

Our Mission and Strategy, "We Stand For Service ® ," is our foundation and drives our purpose.

Since 1832, WSFS has been a service-oriented, locally managed community banking institution serving Greater Philadelphia and Delaware region families and businesses.

We strive to meet our Clients’ evolving banking needs and to exceed their expectations every day.

We strive to meet our Clients’ evolving needs and to exceed their expectations every day.

Our values define our culture.

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In 2025, we were honored to receive the following accolades:

• Received The Gallup Exceptional Workplace Award for the eighth time;

• Named to Forbes' list of America's Best Banks for the fifth year in a row;

• Named a Top Workplace for 2024 by the Delaware News Journal, Philadelphia Inquirer, and NJ.com;

• Named a 2024 honoree of The Civic 50 Greater Philadelphia by the Philadelphia Chamber of Commerce for the third year in a row;

• Selected as Reader's Pick for Named "Best of Biz" for Commercial Lending in South Jersey Biz magazine;

• Recognized in Newsweek's List of America's Best Regional Banks and Credit Unions 2025.

Beyond having diverse talent and Clients, WSFS works to create a truly inclusive environment with opportunities to find commonalities, build relationships and provide support to our diverse Communities from different backgrounds and cultures.

We are committed to enhancing workforce diversity, creating developmental opportunities and continually improving hiring practices to retain our status as an employer of choice.

• Named to Forbes' list of America's Best Banks for the sixth year in a row;

• Named a Top Workplace for 2025 by the Delaware News Journal and the Philadelphia Inquirer;

• Named a 2025 honoree of The Civic 50 Greater Philadelphia by the Philadelphia Chamber of Commerce for the fourth year in a row;

• Recognized in Newsweek's List of America's Greatest Workplaces in Financial Services 2025.

Beyond having diverse talent and Clients, WSFS works to create a truly inclusive environment with opportunities to find commonalities, build relationships and provide support to our Communities from different backgrounds and cultures.

We are committed to enhancing belonging and inclusion at work, creating developmental opportunities and continually improving hiring practices to retain our status as an employer of choice.

During 2025, the Company completed the following:

• The number of Associates engaged as members of one or more Resource Groups grew by 70% in 2024.

• Completed the second cohort of a formalized, 9-month mentoring program for Associates in Resource Groups.

• Over 300 Associates completed monthly challenges to engage in trainings, conversations, and activities.

• Facilitated a total of 19 Implicit Bias and Ally Trainings to 269 Associates.

• Launched the inaugural Inclusion Week, hosting daily events and trainings for more than 300 Associates.

During 2024, our Associates continued to embody our strategy through the following community enrichment activities:

• The number of Associates engaged as members of one or more Resource Groups grew by 66% in 2025, with approximately 25% of Associates companywide engaged in Resource Groups.

• Completed the third and largest cohort of a formalized, 9-month mentoring program for Associates in Resource Groups.

• Hosted our second annual Inclusion Week, featuring daily events and trainings for more than 400 Associates.

During 2025, our Associates continued to embody our mission through the following community enrichment activities:

• WSFS Associates surpassed the Company's 2025 volunteer commitment goal of 36,000 hours of service by providing over 38,000 hours of service to our Communities;

• In June, we held our second annual "We Stand for Service Day", during which approximately 1,500 of our Associates provided more than 5,000 hours of service to more than 130 nonprofit and community organizations across the Greater Philadelphia, Southern New Jersey and Delaware region.

• We contributed $3.3 million to the WSFS CARES Foundation, the charitable giving arm of WSFS Bank, to enhance community support activities.

• In October, we held our third annual "We Stand for Service Day", during which approximately 1,600 of our Associates provided more than 5,500 hours of service to more than 130 nonprofit and community organizations across the bank's footprint in Delaware, Pennsylvania, and New Jersey.

• We contributed $3.3 million to the WSFS CARES Foundation, the charitable giving arm of WSFS, to enhance community support activities.

Community Banking Model

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We believe this trend has underserved small and medium size business owners who have become accustomed to dealing directly with their bank’s senior executives, discouraged consumer clients who often experience deteriorating levels of service in branches and other service outlets, and resulted in less empowered bank employees who are less engaged to provide good and timely service to their clients.

We have created the largest, premier, locally headquartered community bank in the Greater Philadelphia and Delaware region, offering the benefits of local market knowledge and decision-making, a full-service product suite, the balance sheet to compete with larger regional and national banks, and most importantly, a culture of engaged Associates that bring to life WSFS’ mission of "We Stand For Service ® " in our daily delivery of stellar Client experiences.

We have created the largest, premier, locally headquartered community bank in the Greater Philadelphia and Delaware region, offering the benefits of local market knowledge and decision-making, a full-service product suite, the balance sheet to compete with larger regional and national banks, and most importantly, a culture of engaged Associates that bring to life WSFS’ mission and strategy of "We Stand For Service ® " in our daily delivery of stellar Client experiences.

WSFS Bank offers:

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We focus on relationship-based lending which provides the potential for higher profit margins, resilient deposits and strong consumer relationships.

In addition, our diversified fee revenue businesses, which include banking fees, Wealth, Trust, Cash Connect ® , and Capital Markets, account for 32.5% of our revenue and further differentiate us from our peers and provide additional growth opportunities for the Company.

In addition, our diversified fee revenue businesses, which include Wealth Management, Trust, Cash Connect ® , banking fees, and Capital Markets, account for 31.8% of our revenue and further differentiate us from our peers and provide additional growth opportunities for the Company.

Balance Sheet Management

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Our philosophy and pre-purchase due diligence have allowed us to control credit risk in our investment portfolio.

• Asset/liability management strategies - Our investment portfolio is consistent with the approved risk appetite of our Board of Directors.

• Asset/liability management strategies - Our investment portfolio is consistent with the approved risk appetite of our Board of Directors (the Board).

We work to optimize duration, yield and liquidity and to minimize credit risk within policy guidelines.

The concentration in agency mortgage backed securities (96% of investment portfolio) and bank qualified municipal bonds (4% of investment portfolio) provides liquidity, yield and credit to meet the intended risk profile.

Disciplined Capital Management

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Maintaining prudent capital levels is key to our operating philosophy.

At December 31, 2024 all regulatory capital levels for the Bank were in excess of "well-capitalized" levels.

At December 31, 2025 all regulatory capital levels for the Bank and the Company were in excess of "well-capitalized" levels.

For the capital position of the Bank and the Company, refer to Note 13 of the Consolidated Financial Statements.

At December 31, 2024, the Company's common equity to assets ratio was 12.44% and its tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, was 8.08%.

For a reconciliation of tangible common equity and tangible assets to net income and total assets, the most comparable measures in accordance with U.S.

At December 31, 2025, the Company's common equity to assets ratio was 12.85%, compared to 12.44% at December 31, 2024, and its tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, was 8.69%, compared to 8.08% at December 31, 2024.

For a reconciliation of tangible common equity and tangible assets to net income and total assets, the most directly comparable measures in accordance with U.S.

generally accepted accounting principles (GAAP), refer to “Reconciliation of non-GAAP financial measures included in Item 1” located at the end of this section.

We continue to execute our current Board-approved share repurchase plan, as well as any future Board-approved share repurchase plans, including opportunistically repurchasing shares, based on current valuation levels, above our stated practice of returning a minimum of 35% of annual net income to stockholders through dividends and share repurchases.

We continue to execute our current Board-approved share repurchase plan, as well as any future Board-approved share repurchase plans, including opportunistically repurchasing shares based on current valuation levels, consistent with our intent to optimize capital levels through a mix of dividends and share repurchases while maintaining capital ratios in excess of “well-capitalized” regulatory benchmarks and targeting a corporate Common Equity Tier 1 capital ratio of approximately 12%.

Performance Expectations and Alignment with Stockholder Priorities

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More details on management incentive plans will be included in the proxy statement for our 2026 Annual Meeting of Stockholders.

For the year ended December 31, 2024, WSFS reported ROA of 1.27%.

Core ROA, which excludes non-core items and is a non-GAAP financial measure, was 1.26% for the year ended December 31, 2024.

Core ROA for 2024 excludes (i) realized gains on equity investments, (ii) valuation adjustments related to our derivative liability established from the sale of 360,000 Visa Class B shares in 2Q 2020, (iii) FDIC special assessment, (iv) remeasurement of lease liability, and (v) corporate development and restructuring expense.

For a reconciliation of Core ROA to ROA, the most comparable GAAP measure, refer to “Reconciliation of non-GAAP financial measures included in Item 1” located at the end of this section.

We have achieved success over the long-term in lending and deposit gathering, growing the Wealth Management segment’s client base and product offerings and growing Cash Connect ® ’s client base and services.

We have achieved success over the long-term in lending and deposit gathering, growing the Wealth and Trust segment’s Client base and product offerings and growing Cash Connect ® ’s Client base and services.

Our success has been the result of a focused strategy that provides service, responsiveness and careful execution in a consolidating marketplace.

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• We are committed to building Associate engagement and Client loyalty and advocacy as a way to differentiate ourselves and grow our franchise.

• Building fee revenue through investment in and growth of our Wealth Management and Cash Connect ® segments.

◦ Wealth Management saw a 12% increase in fee revenue year-over-year.

Private Wealth Management has made significant investments in its advisory team since the start of 2024, including the addition of two advisory teams from competitors.

◦ Cash Connect ® saw increased fee revenue due to increased ATM bailment volume from new clients added in the fourth quarter of 2023 and first quarter of 2024, increasing market share, and continued growth in smart safes.

• Building fee revenue through investment in and growth of our fee-based businesses, led by the Wealth and Trust segment.

◦ Wealth and Trust saw a 16% increase in fee revenue year-over-year led by WSFS Institutional Services ® and BMT-DE.

Private Wealth Management continues to make significant investments in its advisory team, including the addition of two advisory teams from competitors since December 2024.

◦ Cash Connect ® grew smart safe units by 20% in 2025 and continues to focus on profitability and developing technology solutions to serve the evolving cash and payments landscape.

The division, in partnership with our retail strategy, continued to serve the Greater Philadelphia and the Delaware region through the WSFS ATM network.

The number of owned or branded ATMs was 488 as of December 31, 2025.

◦ Enhancing our capabilities to serve the needs of our Clients through our Capital Markets division by making strategic investments to build our Interest Rate Derivatives, Foreign Exchange, and Trade Finance lines of business, employing products and services that enable Clients to better manage their own market risk exposures, and investing in a team of highly experienced markets personnel and improved technology solutions to deliver the capabilities of a globally capable financial institution with a locally headquartered team that is fully embedded in the WSFS culture.

• Continuing strong growth in commercial and consumer lending by:

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◦ Further expanding our Commercial and Small Business Client relationships with deposit and treasury management products.

◦ Expanding services within WSFS Institutional Services ® and increasing relationship opportunities within Private Wealth Management.

◦ Continuing to grow WSFS Institutional Services ® and increasing relationship opportunities within Private Wealth Management.

◦ Finding creative ways to build deposit market share such as targeted marketing programs.

• Enhancing our capabilities to serve the needs of our Clients through our Capital Markets division by:

◦ Making strategic investments to build our Interest Rate Derivatives, Foreign Exchange, and Trade Finance lines of business.

◦ Employing products and services that enable Clients to better manage their own market risk exposures, providing additional sources of non-interest fee revenue for the Company.

◦ Making continued investments in a team of highly experienced markets personnel and improved technology solutions.

◦ Delivering the capabilities of a globally capable financial institution with a locally headquartered team that is fully embedded in the WSFS culture.

• Seeking targeted, strategic opportunities in our non-banking businesses while we focus on optimizing our recent franchise investments.

• Seeking targeted, strategic opportunities in our businesses while we focus on optimizing our recent franchise investments.

• Continuing investment in our franchise to increase adoption and usage of digital channels aligned with our strategy by:

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◦ Continue to build upon people, processes and controls within a focus on information security and fraud prevention.

◦ Leveraging the newly completed conversion of our trust accounting system and client portal in our Wealth Management business to drive efficiency and growth.

◦ Leveraging our trust accounting system and client portal in our Wealth and Trust business to drive efficiency and growth.

Our organization is committed to product and service innovation as a means to drive growth and to stay ahead of changing client demands and emerging competition.

We are focused on developing and maintaining a strong “culture of innovation” that solicits, captures, prioritizes and executes innovation initiatives, including feedback from our Clients, as well as leveraging technology from product creation to process improvements.

Cash Connect ® , a premier provider of ATM vault cash, smart safe and other cash logistics services in the U.S., serves as an innovation engine by driving enhancements such as mobile phone cash withdrawals from WSFS ATMs, and has developed best-in-class cash logistics and reconciliation software.

Cash Connect ® , a premier provider of ATM vault cash, smart safe and other cash logistics services in the U.S., serves as an innovation engine by driving enhancements such as mobile phone cash withdrawals from WSFS Branch ATMs, and has developed best-in-class cash logistics and reconciliation software.

WSFS Institutional Services ® , which offers owner and indenture trustee services for asset-backed securities, custody, escrow, and verification agent services, as well as numerous other services through the Corporate Trust business, and offers owner and indenture trustee services for high yield and investment grade securities, as well as escrow, administrative agent, collateral agent, security trustee, and numerous other services through the Global Capital Markets business, has partnered with several technology firms to enhance and expand our client offerings.

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We have embraced a partnership model to help diversify our consumer business and learn from innovators in the industry.

We position ourselves with strategic partners when it is the best experience for our Clients and aligned to our strategic plan.

Through these partnerships, we look forward to offering and supporting even more innovative products to the financial services marketplace, continuing our organizational learning in this fast-developing space, and participating in value creation for our stockholders.

These partnerships have included:

• Spring EQ, LLC:

A digital mortgage solution specializing in home equity, refinancing, cash out, and home purchase loans.

A leading white label lending-as-a-service platform provider specializing in risk-based priced unsecured consumer loans.

Our partnership with Upstart allowed us to expand our personal loan offerings to a wider, more inclusive Client base while diversifying our business and creating more digital-friendly Client experiences.

• LendKey Technologies, Inc.:

A digital lending platform that specializes in student loans and student loan refinancing.

• Cred Technologies (cred.ai):

A Philadelphia-based fintech company that provides a high-tech, mobile-first everyday card spending experience.

Through our partnership with cred.ai, we issue credit cards and provide deposit accounts.

Enterprise Risk Management

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ERM engages and has credible challenge discussions with Risk Liaisons and business line leaders to gather information for ERM reporting.

ERM reporting is also provided to the Board of Directors quarterly.

ERM reporting is also provided to the Board quarterly.

In addition, our Management Risk Committee (MRC), which meets each quarter, provides management governance and oversight of the Company's risk management program on an enterprise-wide basis, and includes members of the Company's executive and senior management teams.

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CREDIT EXTENSION ACTIVITIES

Over the past several years we have focused on growing the more profitable, relationship-oriented segments of our loan portfolio as well as growing our consumer portfolio primarily through our consumer partnerships.

Our current portfolio lending activity is concentrated on small- to mid-sized businesses in the mid-Atlantic region of the U.S., primarily in Delaware, southeastern Pennsylvania, southern New Jersey, Maryland and northern Virginia.

Over the past several years we have focused on growing the more profitable, relationship-oriented segments of our loan portfolio as well as growing our consumer portfolio.

Our current portfolio lending activity is concentrated on small- to mid-sized businesses in the mid-Atlantic region of the U.S., primarily in Delaware, southeastern Pennsylvania, central and southern New Jersey, Maryland and northern Virginia.

Based on current market conditions, we expect our focus on growing commercial and industrial loans and other relationship-based commercial loans to continue during the remainder of 2026 and beyond.

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Total loans and leases

Interest rate:

Fixed $ 382,058 $ 2,250,280 $ 1,577,500 $ 1,552,572 $ 5,762,410

Adjustable 1,050,379 3,343,525 1,817,702 1,283,930 7,495,536

Total $ 1,432,437 $ 5,593,805 $ 3,395,202 $ 2,836,502 $ 13,257,946

(1) Excludes reverse mortgages at fair value of $3.7 million.

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In some cases these loans are made as “construction/permanent” loans, which provides for disbursement of loan funds during construction with the option of conversion to mini-permanent loans (one - five years) upon completion of construction.

These construction loans are short-term, usually not exceeding three years, with interest rates generally indexed to our WSFS prime rate, the “Wall Street” prime rate or the Secured Overnight Financing Rate (SOFR), and are adjusted periodically as these indices change.

These construction loans are short-term, usually not exceeding three years (unless they have a term-out option), with interest rates generally indexed to our WSFS prime rate, the “Wall Street” prime rate or the Secured Overnight Financing Rate (SOFR), and are adjusted periodically as these indices change.

The loan appraisal process includes the same evaluation criteria as required for permanent mortgage loans, but also takes into consideration:

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At December 31, 2025, $1.8 billion was committed for construction loans, of which $1.0 billion was outstanding.

Also at December 31, 2024, the residential construction and land development (CLD) portfolio represented $488.9 million, or 4%, of total loans and the commercial CLD portfolio represented $197.0 million, or 1%, of total loans.

Also at December 31, 2025, the residential construction and land development (CLD) portfolio represented $690.8 million, or 5%, of total loans and leases and the commercial CLD portfolio represented $163.5 million, or 1%, of total loans and leases.

At December 31, 2025, the construction portfolio included $163.6 million of “land hold” loans, which are land loans not currently being developed.

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These loans are diversified by industry, with no industry representing more than 15% of the portfolio.

Small business and middle market commercial loans that include specialty-lending products, including small business leases and SBA loans, comprise the remainder of our commercial portfolio.

As of December 31, 2024, our small business and SBA loans include loan exposures up to $1.5 million and $3.0 million, respectively.

Our commercial small business leases generated through NewLane Finance ® , finance critical equipment through advanced technologies, a client-centric approach and transparent business lending practices.

The commercial small business leases portfolio was $647.5 million, or 5% of total loans, at December 31, 2024.

The commercial small business leases portfolio was $603.3 million, or 5%, of total loans and leases, at December 31, 2025.

These leases included initial average deal sizes of approximately $33 thousand, with yields ranging from 4% to 30% and initial maturity terms of 12 to 84 months.

The remainder of our commercial portfolio includes Small Business, Business Banking, and SBA loans.

As of December 31, 2025, Small Business included relationship exposures up to $1.0 million, Business Banking included relationship exposures up to $3.0 million, and SBA loans included loan exposures up to $5.0 million.

Federal law limits the Bank’s extensions of credit to any one borrower to 15% of our unimpaired capital (approximately $366.2 million), and an additional 10% if the additional extensions of credit are secured by readily marketable collateral.

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On a limited basis, we have originated loans with loan-to-value ratios exceeding 80% without a private mortgage insurance requirement or government guarantee.

Any such loans are either originated for sale into the secondary market or held for investment.

At December 31, 2025, the balance of all such loans was approximately $144.1 million.

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We enforce due-on-sale clauses through foreclosure and other legal proceedings to the extent available under applicable laws.

In general, loans are sold without recourse except for the repurchase right arising from standard contract provisions covering violation of representations and warranties or, under certain investor contracts, a default by the borrower on the first payment.

In general, loans that we choose to sell are sold without recourse except for the repurchase right arising from standard contract provisions covering violation of representations and warranties or, under certain investor contracts, a default by the borrower on the first payment.

We also have limited recourse exposure under certain investor contracts in the event a borrower prepays a loan in total within a specified period after sale, typically 120 days.

The recourse is limited to a pro rata portion of the premium paid by the investor for that loan, less any prepayment penalty collectible from the borrower.

There were three loans repurchased in 2024 for $0.7 million, one repurchased in 2023 for $0.8 million, and two repurchased in 2022 for $0.8 million.

There were three loans repurchased in 2025 for $0.8 million, three repurchased in 2024 for $0.7 million, and one repurchased in 2023 for $0.8 million.

Consumer Lending

The Company has focused on diversifying our consumer credit products to meet our Clients’ needs, with over 50% of the portfolio from our fintech lending partnerships.

We have purchased certain second-lien home equity installment loans through our partnership with Spring EQ, LLC (Spring EQ).

These select loans meet or exceed our current underwriting standards and are similar to home equity loans originated through our branch network.

We have originated personal loans, which are typically unsecured with 36-month or 60-month terms, through our partnership with Upstart.

We have student loans through our partnership with LendKey Technologies Inc.

LendKey student loans are primarily to consolidate existing student debt and are also underwritten in accordance with our current credit standards.

The student loans portfolio also includes loans acquired from past acquisitions, which are U.S.

government guaranteed with little risk of credit loss.

Our in-house originations consist primarily of home equity lines of credit and installment loans.

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This credit risk is mitigated by our underwriting standards and limit on the combined LTV on residences with a value greater than $2.5 million.

We have purchased certain second-lien home equity installment loans through a partnership with Spring EQ, LLC (Spring EQ).

These select loans meet or exceed our current underwriting standards and are similar to home equity loans originated through our branch network.

We have purchased student loans through our partnership with LendKey Technologies Inc.

LendKey student loans are primarily to consolidate existing student debt and are also underwritten in accordance with our current credit standards.

The student loans portfolio also includes loans acquired from past acquisitions, which are U.S.

government guaranteed with little risk of credit loss.

We have originated personal loans, which are typically unsecured with 36-month or 60-month terms, through our partnership with Upstart.

The Spring EQ, LendKey, and Upstart portfolios are in runoff as of December 31, 2025 and the majority of the Upstart portfolio was sold during the twelve months then ended.

The following table shows the composition of our consumer loan portfolio at year-end for the last two years:

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Loan Originations, Purchases and Sales

We engage in traditional lending activities primarily in Delaware, southeastern Pennsylvania, southern New Jersey, and contiguous areas of neighboring states.

We engage in traditional lending activities primarily in Delaware, southeastern Pennsylvania, central and southern New Jersey, and contiguous areas of neighboring states.

As a federal savings bank, however, we may originate, purchase and sell loans throughout the U.S and do so when such purchases are deemed appropriate.

We originate fixed-rate and adjustable-rate residential loans through our banking offices and WSFS Mortgage ® , our mortgage banking company.

We originate fixed-rate and adjustable-rate residential loans through our banking offices and WSFS Mortgage ® , which is part of our Home Lending division.

We originate commercial mortgage and commercial loans through our commercial lending division and SBA loan program.

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Commercial credit approvals require a minimum of two authorized signers, and three signers, of escalating authority, are required for new credit actions to relationships with exposure over $2.5 million up to $30.0 million.

New credit actions to relationships exceeding $35.0 million, along with new single transactions of $30 million or more, new transactions exceeding the Bank’s Single Borrower or Project Hold limits and new transactions of $10.0 million or more with two or more Tier 1 exceptions require approval by Senior Loan Committee.

New credit actions to relationships exceeding $30.0 million, require approval by the Senior Loan Committee.

Our credit policy includes a “House Limit” to any one borrowing relationship of $100.0 million.

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There were no purchases in 2025 or 2024 related to our Community Reinvestment Act (CRA) obligations.

We sell most newly originated mortgage loans in the secondary market to generate fee revenue and to manage our overall balance sheet mix.

We sell a portion of newly originated mortgage loans in the secondary market to generate fee revenue and to manage our overall balance sheet mix.

Residential loan sales totaled $367.1 million in 2025 and $303.7 million in 2024.

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During 2025 and 2024, we originated $8.3 million and $6.6 million in reverse mortgages, respectively.

Our 2024 consumer lending activity was conducted through our branch offices, our website, our partnerships with Spring EQ, Upstart and LendKey, and referrals from other parts of our business.

We originate a variety of consumer credit products including home equity loans, home equity lines of credit, automobile loans, unsecured lines of credit and other secured and unsecured personal installment loans.

Our 2025 consumer lending activity was conducted through our branch offices, our website, our partnerships with Upstart (the majority of which was sold in 2025) and LendKey, and referrals from other parts of our business.

We originate a variety of consumer credit products including home equity loans, home equity lines of credit, and unsecured lines of credit.

Fee Income from Lending Activities

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Those fees represented interest income of $10.9 million, $7.9 million and $8.8 million during 2025, 2024 and 2023 respectively.

Loan fee income was mainly due to fee accretion on new and existing loans (including the acceleration of the accretion on loans that paid early), loan growth and prepayment penalties.

Loan fee income was mainly due to fee accretion on new and existing loans (including the acceleration of the accretion on loans that paid early) and prepayment penalties.

LOAN AND LEASE LOSS EXPERIENCE, PROBLEM ASSETS AND DELINQUENCIES

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Nonaccruing loans are those on which the accrual of interest has ceased.

Loans are placed on nonaccrual status immediately if, in our opinion, collection is doubtful, or when principal or interest is past due 90 days and collateral is insufficient to cover principal and interest payments.

Loans are placed on nonaccrual status immediately if, in our opinion, collection is doubtful, or when principal or interest is past due 90 days.

Interest accrued, but not collected at the date a loan is placed on nonaccrual status, is reversed and charged against interest income.

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We manage our portfolio to identify problem loans as promptly as possible and take immediate actions to minimize losses.

To accomplish this, our Risk Management Administration and Credit and Asset Recovery departments monitor the asset quality of our loans and real estate portfolios and reports such information to the Consumer Credit Quality Committee, Credit Policy Committee, the Finance Division, and the Audit Committee of our Board of Directors.

SOURCES OF FUNDS

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• Federal funds purchased

• Federal Home Loan Bank (FHLB) borrowings

• Federal Reserve Discount Window access

• Federal Home Loan Bank (FHLB)

• Federal Reserve Discount Window

• Brokered deposits

• Trust preferred borrowings

• Senior and subordinated debt

• Senior/ Subordinated debt

Our branch strategy has been focused on expanding our market penetration and retail footprint in Delaware, southeastern Pennsylvania and southern New Jersey and attracting new clients in part to provide additional deposit growth.

WSFS Bank primarily attracts deposits through its retail branch offices and loan production offices, in Delaware, southeastern Pennsylvania and southern New Jersey, as well as through our digital banking platforms.

Total Client deposits as of December 31, 2025 were $17.6 billion compared to $17.0 billion at December 31, 2024.

The estimated amount of total uninsured deposits as of December 31, 2025 was $7.1 billion as compared to $6.4 billion at December 31, 2024.

WSFS Bank offers various deposit products to our Clients, including savings accounts, demand deposits, interest-bearing demand deposits, money market deposit accounts and certificates of deposit.

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Total $ 428,217

The estimated amount of total uninsured deposits as of December 31, 2024 was $6.4 billion as compared to $6.3 billion at December 31, 2023.

Federal Home Loan Bank Advances

As a member of the FHLB, we are able to obtain FHLB advances.

At December 31, 2024, we had $51.0 million of FHLB advances compared to no FHLB advances at December 31, 2023.

At December 31, 2025, we had no FHLB advances compared to $51.0 million FHLB advances at December 31, 2024.

Pursuant to collateral agreements with the FHLB, the advances are secured by qualifying first mortgage loans, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB.

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On December 11, 2025 the Company issued $200.0 million of senior notes due 2035 (the 2035 Notes).

The 2030 Notes mature on December 15, 2030 and have a fixed coupon rate of 2.75% from issuance until December 15, 2025 and a variable coupon rate equal to the three-month term SOFR, reset quarterly, plus 2.485% from December 15, 2025 until maturity.

The 2035 Notes mature on December 15, 2035 and have a fixed coupon rate of 5.375% from issuance until December 15, 2030 and a variable coupon rate equal to the benchmark rate (which is expected to be three-month term SOFR), reset quarterly, plus 1.89% from December 15, 2030 until maturity.

The 2035 Notes may be redeemed by the Company beginning December 15, 2030 at 100% of principal plus accrued and unpaid interest.

On December 3, 2020, the Company issued $150.0 million of senior notes due 2030 (the 2030 Notes).

The 2030 Notes were redeemed on December 15, 2025 at 100% of principal plus accrued and unpaid interest, using cash from the issuance of the 2035 notes.

The 2030 Notes had a fixed coupon rate of 2.75% from issuance until redemption.

The Company assumed $70.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2027 (the 2027 Notes) from Bryn Mawr Bank Corporation, which were issued by Bryn Mawr Bank Corporation in an underwritten public offering on December 13, 2017.

The 2027 Notes mature on December 15, 2027, and had a fixed annual interest of 4.25% until and including December 14, 2022, and currently bear interest at a variable rate of 6.67%.

The variable rate will reset quarterly to a level equal to the three-month term SOFR plus 2.31% until December 15, 2027, or any early redemption date.

On January 30, 2025, the Company notified bondholders that it will redeem all of the outstanding principal of the 2027 Notes in the first quarter of 2025.

The 2027 Notes were redeemed on March 17, 2025, at 100% of principal plus accrued and unpaid interest.

The 2027 Notes bore interest at a variable rate that reset quarterly to a level equal to the then-current three-month term SOFR rate plus 2.31%.

Reconciliation of non-GAAP financial measures included in Item 1

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To supplement our financial information presented in accordance with U.S.

GAAP, we provide the following non-GAAP financial measures in Item 1:

core ROA and the tangible common equity to tangible assets ratio.

We believe these measures provide investors with useful information for understanding the Company’s performance when analyzing changes in our underlying business between reporting periods and provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making.

We believe the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the company’s operating performance and underlying prospects.

GAAP, we provide the tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, in Item 1.

We believe this measure provides investors with useful information for understanding the Company’s performance when analyzing changes in our underlying business between reporting periods and provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making.

We believe the presentation of this non-GAAP financial measure, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the company’s operating performance and underlying prospects.

This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.

Core ROA is calculated as follows:

For the year ended

(Dollars in thousands) December 31, 2024

Calculation of Core ROA (non-GAAP):

Net income attributable to WSFS (GAAP) $ 263,671

Realized gain on sale of equity investment, net (2,309)

Visa derivative valuation adjustment (2,829)

FDIC special assessment 880

Remeasurement of lease liability (112)

Corporate development and restructuring expenses 2,666

Tax impact of pre-tax adjustments 485

Adjusted net income (non-GAAP) $ 262,452

Average assets $ 20,821,071

ROA (GAAP) 1.27 %

Core ROA (non-GAAP) 1.26 %

The tangible common equity to tangible assets ratio is calculated as follows:

(Dollars in thousands) December 31, 2024

(Dollars in thousands) December 31, 2025 December 31, 2024

Period End Tangible Assets

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Tangible common equity to assets (non-GAAP) 8.69 % 8.08 %

The Company and the Bank are subject to extensive federal and state banking laws, regulations, and policies that are intended primarily for the protection of depositors, the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (FDIC) and the banking system as a whole, and not for the protection of our other creditors and stockholders.

The Company and the Bank are subject to extensive federal and state banking laws, regulations, and policies.

The Office of the Comptroller of the Currency (OCC) is the Bank’s primary regulator and the Federal Reserve is the Company’s primary regulator.

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For example, the Dodd-Frank Act, which was enacted in 2010 and amended by the Economic Growth Act in 2018, imposed significant new restrictions and an expanded framework of regulatory oversight for banking institutions and their holding companies.

The Bank’s deposits are insured by the FDIC to the fullest extent allowed by law.

The Bank’s deposits are insured by the Federal Deposit Insurance Corporation (FDIC) to the fullest extent allowed by law.

As an insurer of bank deposits, the FDIC promulgates regulations, requires the filing of reports, and has authority to examine the operations of all institutions to which it provides deposit insurance for insurance purposes.

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Any change in the statutes, regulations or regulatory policies applicable to us, including changes in their interpretation, expectations or implementation, could have a material effect on our business and operations.

To this end, due to the recent issuance of certain executive orders by the President of the United States, it may not be clear for a period of time as to what the priorities of the three prudential banking agencies, the OCC, Federal Reserve and FDIC, may be with respect to their respective supervisory and enforcement matters for banks and bank holding companies during the current administration.

For example, one executive order requires independent agencies, including the Federal Reserve and FDIC to submit to the White House Office of Management and Budget (“OMB”) major orders proposed by these agencies for OMB's review.

OMB would also write "performance standards and management objectives" to the heads of independent agencies, review and adjust their budgets, including the Federal Reserve (excluding with respect to its monetary policy function) and the FDIC.

As a result, it may take longer for the prudential banking agencies to establish their supervisory and enforcement priorities and develop and adopt new rules and regulations, or make changes to existing rules and regulations.

Another executive order requires agency heads to determine whether ongoing enforcement of any regulations identified in their regulatory review is compliant with law and policy of the current administration.

This executive order also provides that to preserve resources and ensure lawful enforcement, agency heads, in consultation with the Director of the OMB, shall, on a case-by-case basis and as appropriate and consistent with applicable law, then direct the termination of all such enforcement proceedings that do not comply with the Constitution, laws, or the policy of the current administration.

It is unclear what impact these orders will have on the supervisory and enforcement activities of the OCC, Federal Reserve and FDIC.

In addition, there is continued uncertainty about the CFPB's priorities and how they will change under the current administration.

For example, in February 2025, the Acting Director of the CFPB instructed agency staff to pause most activity, including supervision and enforcement.

While it is presently unclear when and to what extent the CFPB will resume its activities, other governmental authorities, including state attorneys general or banking regulators, may seek to increase their regulation, supervision, and enforcement of providers of consumer financial products and services in response to changes at the CFPB.

Moreover, changes at the CFPB may lead to federal legislative efforts to alter the framework for consumer financial services regulation.

The impact of such regulations on our business is discussed further below, as well as in "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors – Risks Relating to Regulation."

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Additionally, provisions of federal law known as the Bank Merger Act require prior regulatory approval for an insured depository institution to merge with another insured depository institution.

In September 2024, the OCC finalized a new Policy Statement Regarding Statutory Factors Under the Bank Merger Act (Policy Statement), which outlines factors that the OCC will considering when evaluating a proposed bank merger transaction, including factors related to financial stability, the financial and managerial resources and future prospects of the existing and proposed institutions, and the convenience and needs of the community.

In September 2024, the OCC finalized a new Policy Statement Regarding Statutory Factors Under the Bank Merger Act (Policy Statement), which outlines factors that the OCC will consider when evaluating a proposed bank merger transaction, including factors related to financial stability, the financial and managerial resources and future prospects of the existing and proposed institutions, and the convenience and needs of the community.

The Policy Statement also lists thirteen indicators that will be present in merger applications that are more likely to be approved expeditiously, including that the resulting institution will have total assets less than $50 billion and that the target’s total assets are less than 50 percent of the acquirer’s total assets.

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The Federal Reserve can assess civil money penalties on a party for unsafe and unsound activities conducted on a knowing or reckless basis, if those activities caused a loss to an institution or pecuniary gain to the party.

The penalties can range up to $25,000 for certain reckless violations and up to $1.0 million for certain knowing violations for each day such a violation continues.

The statutory penalties can range up to $25,000 for certain reckless violations and up to $1.0 million, adjusted for inflation by regulation, for certain knowing violations for each day such a violation continues.

Source of Strength

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In addition, pursuant to the Dodd-Frank Act, the capital rules for savings and loan holding companies are no less stringent than those that apply to their subsidiary savings associations.

The principal sources of the Company’s cash are debt issuances and dividends from the Bank, supplemented by dividends from its other operating subsidiaries (including Bryn Mawr Capital Management, LLC, Powdermill ® , and The Bryn Mawr Trust Company of Delaware).

The principal sources of the Company’s cash are debt issuances and dividends from the Bank, supplemented by dividends from its other operating subsidiaries (including The Bryn Mawr Trust Company of Delaware).

Our earnings and activities are affected by federal, state and local laws and regulations.

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Consistent with this policy, a banking organization should have comprehensive policies on dividend payments that clearly articulate the organization’s objectives and approaches for maintaining a strong capital position and achieving the objectives of the Federal Reserve’s policy statement.

A Federal Reserve supervisory letter setting forth expectations for the payment of dividends by holding companies states that a holding company’s board of directors considering the payment of dividends should consider, among other things, the following factors:

A Federal Reserve supervisory letter setting forth expectations for the payment of dividends by holding companies states that a holding company’s Board considering the payment of dividends should consider, among other things, the following factors:

(i) overall asset quality, potential need to increase reserves and write down assets, and concentrations of credit;

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and (ix) the ability to raise additional equity capital in prevailing market and economic conditions (the Dividend Factors).

It is particularly important for a holding company’s board of directors to ensure that the level of a prospective dividend is prudent relative to the organization’s financial position and is not based on overly optimistic earnings scenarios.

In addition, a holding company’s board of directors should strongly consider, after careful analysis of the Dividend Factors, reducing, deferring, or eliminating dividends when the quantity and quality of the holding company’s earnings have declined or the holding company is experiencing other financial problems, or when the macroeconomic outlook for the holding company’s primary profit centers has deteriorated.

It is particularly important for a holding company’s Board to ensure that the level of a prospective dividend is prudent relative to the organization’s financial position and is not based on overly optimistic earnings scenarios.

In addition, a holding company’s Board should strongly consider, after careful analysis of the Dividend Factors, reducing, deferring, or eliminating dividends when the quantity and quality of the holding company’s earnings have declined or the holding company is experiencing other financial problems, or when the macroeconomic outlook for the holding company’s primary profit centers has deteriorated.

The supervisory letter also states that, as a general matter, a holding company should eliminate, defer or significantly reduce its distributions if:

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Among these powers is the authority to proscribe the payment of dividends by bank and savings and loan holding companies.

Bryn Mawr Capital Management, LLC

Bryn Mawr Capital Management, LLC is a registered investment adviser under the Investment Advisers Act of 1940 (the Investment Advisers Act) and as such is supervised by the SEC.

Bryn Mawr Trust Advisors, LLC

Bryn Mawr Trust Advisors, LLC is a registered investment adviser under the Investment Advisers Act of 1940 (the Investment Advisers Act) and as such is supervised by the SEC.

The Investment Advisers Act imposes numerous obligations on registered investment advisers, including record-keeping, operational and marketing requirements, disclosure obligations and prohibitions on fraudulent activities.

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Additional Tier 1 capital includes noncumulative perpetual preferred stock and related surplus, and certain minority interests in the equity accounts of fully consolidated subsidiaries not included in common equity Tier 1 capital (subject to certain limitations).

Tier 2 capital includes subordinated debt with a minimum original maturity of five years, related surplus, certain minority interests in in the equity accounts of fully consolidated subsidiaries not included in Tier 1 capital (subject to certain limitations), and limited amounts of a bank’s allowance for credit losses (ACL).

Tier 2 capital includes subordinated debt with a minimum original maturity of five years, related surplus, certain minority interests in the equity accounts of fully consolidated subsidiaries not included in Tier 1 capital (subject to certain limitations), and limited amounts of a bank’s allowance for credit losses (ACL).

Certain deductions and adjustments are necessary for both additional Tier 1 capital and Tier 2 capital.

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Accordingly, we recognized an additional FDIC special assessment anticipated charge of $0.9 million for the year ended December 31, 2024.

In December 2025, the FDIC issued an interim final rule to amend the collection of the special assessment.

The Company does not anticipate additional charges as a result of this rule.

The FDIC may terminate the deposit insurance of any insured depository institution, including the Bank, if it determines after a hearing that the institution has engaged or is engaging in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations, or has violated any applicable law, regulation, order or any condition imposed by an agreement with the FDIC.

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An increase in the amount of brokered deposits on an insured depository institution’s balance sheet could, among other consequences, increase the institution’s deposit insurance assessment costs.

On March 3, 2025, the FDIC withdrew this proposed rule.

Pursuant to regulations of the Federal Reserve, a savings association must maintain reserves against its transaction accounts.

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The Bank has grown its branch office network primarily through mergers with other institutions, rather than branch office purchases or de novo offices.

A federal savings association also may open agency offices for certain purposes without prior OCC approval.

The Bank does not have any agency offices and has no plans to open any such offices.

Consumer Protection Regulations

The Bank’s offerings of retail products and services to consumers are subject to a large number of statutes and regulations designed to protect the finances of consumers and to promote lending to various sectors of the economy and population.

The Bank’s offerings of retail products and services to consumers are subject to a large number of federal and state statutes, regulations, and policies.

These laws include, but are not limited to the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the Truth in Savings Act, the Electronic Funds Transfer Act, federal and state prohibitions on unfair, deceptive, or abusive acts or practices, and regulations implementing each of these statutes.

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Among other things, the rules require home mortgage lenders to:

(i) develop and implement procedures to ensure compliance with a “reasonable ability to repay” test and identify whether a loan meets a new definition for a “qualified mortgage,” in which case a rebuttable presumption exists that the creditor extending the loan has satisfied the reasonable ability to repay test;

(i) develop and implement procedures to ensure compliance with a “reasonable ability to repay” test, under which there exists a rebuttable presumption that defined "qualified mortgages" satisfy the reasonable ability to repay test;

(ii) implement new or revised disclosures, policies and procedures for originating and servicing mortgages including, but not limited to, pre-loan counseling, early intervention with delinquent borrowers and specific loss mitigation procedures for loans secured by a borrower’s principal residence;

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and (v) maintain escrow accounts for higher-priced mortgage loans for a longer period of time.

Some of these rules may be modified, but the CFPB has not finalized any changes.

The CFPB also has authority to establish rules prohibiting unfair, deceptive, or abusive acts or practices.

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Principal requirements for an insured depository institution include (i) establishment of an anti-money laundering program that includes training and audit components;

(ii) establishment of a "know your customer" program involving due diligence to confirm the identity of persons seeking to open accounts and to deny accounts to those persons unable to demonstrate their identities;

(ii) establishment of a "know your client" program involving due diligence to confirm the identity of persons seeking to open accounts and to deny accounts to those persons unable to demonstrate their identities;

(iii) the filing of currency transaction reports for deposits and withdrawals of large amounts of currency;

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Bank Secrecy Act and anti-money laundering compliance has been a special focus of the OCC and the other federal banking agencies in recent years.

Any non-compliance is likely to result in an enforcement action, often with substantial monetary penalties and reputation damage.

Non-compliance may result in an enforcement action, often with substantial monetary penalties and reputation damage.

A savings association or bank that is required to strengthen its compliance program often must put on hold any initiatives that require banking agency approval.

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Community Reinvestment Act

All savings associations and banks are subject to the Community Reinvestment Act (CRA), which requires each such institution to help meet the credit needs of low- to moderate-income communities and individuals within the institution’s assessment area.

All savings associations and banks are subject to the Community Reinvestment Act (CRA), which requires federal banking regulators to use their supervisory authority to encourage such institutions to help meet the credit needs of the communities within the institution’s assessment area.

The CRA does not impose specific lending requirements, and it does not contemplate that a savings association or bank would take any action inconsistent with safety and soundness.

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Industry organizations have challenged the final rule in court, and on March 29, 2024, the United States District Court for the Northern District of Texas granted an injunction and stay of the final rule.

On July 16, 2025, the Federal Reserve, FDIC, and OCC issued a notice of proposed rulemaking to rescind the October 24, 2023 final rule implementing the CRA and to replace it with the prior CRA regulations that were originally adopted by the agencies in 1995, with certain amendments.

The litigation described above challenging the October 24, 2023 final rule has been stayed on appeal pending completion of the new rulemaking proceedings.

The final outcome of such challenge is uncertain.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business