What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-03-02 compared with 2025-02-28 · 300 added, 249 removed, 2186 unchanged (20% of the section changed)

101 unchanged sentences

Loan and lease fee income 7,068 6,681 5,718

Unrealized gains on equity investments, net — 329 5,980

Unrealized (loss) gain on equity investments, net ( 4,057 ) — 329

Realized gain on sale of equity investment, net 957 2,309 9,493

Bank owned life insurance income 4,724 4,642 1,804

Other income 58,246 62,046 53,371

8 unchanged sentences

FDIC expenses 10,294 12,166 15,887

Loss on early extinguishment of debt 1,503 — —

Loan workout and other credit costs 2,975 2,123 852

17 unchanged sentences

Net income $ 287,249 $ 263,495 $ 269,025

Net (loss) income attributable to noncontrolling interest ( 176 ) ( 131 ) 273

Net loss attributable to noncontrolling interest ( 100 ) ( 176 ) ( 131 )

Net income attributable to WSFS $ 287,349 $ 263,671 $ 269,156

Other comprehensive (loss) income:

Other comprehensive income (loss):

Net change in unrealized gains (losses) on investment securities available-for-sale

Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $( 11,955 ), $ 20,085 , and $( 167,261 ), respectively

Net unrealized gains (losses) arising during the period, net of tax expense (benefit) of $ 50,919 , $( 11,955 ), and $ 20,085 , respectively

161,244 ( 37,857 ) 63,601

Net change in securities held-to-maturity

Net change in unrealized losses (gains) on securities reclassified to held-to-maturity, net of tax expense (benefit) of $ 4,774 , $ 5,361 , and $( 34,319 ), respectively (1)(2)

Amortization of net unrealized losses on available-for-sale securities reclassified to held-to-maturity, net of tax expense of $ 4,103 , $ 4,774 , and $ 5,361 , respectively

12,996 15,118 16,980

Net change in unfunded pension liability

Change in unfunded pension liability related to unrealized loss (gain) and prior service cost, net of tax expense (benefit) of $ 269 , $ 1 , and $( 5 ), respectively

Change in unfunded pension liability related to unrealized loss (gain) and prior service cost, net of tax expense of $ 410 , $ 269 , and $ 1 , respectively

1,291 799 ( 132 )

Net change in cash flow hedge

Net unrealized (loss) gain arising during the period, net of tax (benefit) expense of $( 2,809 ), $ 504 , and $ — , respectively

Net unrealized gain (loss) arising during the period, net of tax expense (benefit) of $ 1,423 , $( 2,809 ), and $ 504 , respectively

4,507 ( 8,894 ) 1,596

2 unchanged sentences

4,507 ( 8,894 ) 1,489

( 8,894 ) 1,489 ( 160 )

Net change in equity method investments

Net change in other comprehensive (loss) income of equity method investments, net of tax (benefit) expense of $( 16 ), $( 27 ), and $ 67 , respectively

Net change in other comprehensive loss of equity method investments, net of tax benefit of $ 224 , $ 16 , and $ 27 , respectively

( 708 ) ( 52 ) ( 85 )

Total other comprehensive (loss) income ( 30,886 ) 81,853 ( 638,076 )

Total comprehensive income (loss) $ 232,785 $ 351,009 $ ( 415,701 )

(1) Includes $ 119.8 million, net of tax benefit, of unrealized losses on transferred investment securities with a book value of $ 1.1 billion from available-for-sale to held-to-maturity that were transferred in June 2022 .

(2) Includes amortization of unrealized gains and losses on securities reclassified to held-to-maturity.

Total other comprehensive income (loss) 179,330 ( 30,886 ) 81,853

Total comprehensive income $ 466,679 $ 232,785 $ 351,009

The accompanying notes are an integral part of these Consolidated Financial Statements

13 unchanged sentences

13,082,027 12,996,218

Bank-owned life insurance 36,565 42,762

Stock in Federal Home Loan Bank of Pittsburgh, at cost 10,194 11,805

3 unchanged sentences

Goodwill and intangible assets 969,903 988,160

Other assets 857,142 712,022

Other assets, net of allowance for credit losses of $ 2,848 at December 31, 2025 and $ – at December 31, 2024

806,402 893,707

Total assets $ 21,314,076 $ 20,814,303

33 unchanged sentences

Balance, December 31, 2022 75,921,997 $ 759 $ 1,974,210 $ ( 675,844 ) $ 1,411,243 $ ( 505,255 ) $ 2,205,113 $ ( 3,227 ) $ 2,201,886

Net income — — — — 222,375 — 222,375 273 222,648

Other comprehensive loss — — — ( 638,076 ) — — ( 638,076 ) — ( 638,076 )

Net income (loss) — — — — 269,156 — 269,156 ( 131 ) 269,025

Other comprehensive income — — — 81,853 — — 81,853 — 81,853

Cash dividend, $ 0.60 per share

3 unchanged sentences

options 173,097 2 3,296 — — — 3,298 — 3,298

Issuance of common stock in acquisition of BMT 18,116,848 181 907,835 — — — 908,016 — 908,016

Noncontrolling interest assumed in acquisition — — — — — — — ( 913 ) ( 913 )

Stock-based compensation expense — — 9,605 — — — 9,605 — 9,605

3 unchanged sentences

Net income (loss) — — — — 263,671 — 263,671 ( 176 ) 263,495

Other comprehensive income — — — 81,853 — — 81,853 — 81,853

Other comprehensive loss — — — ( 30,886 ) — — ( 30,886 ) — ( 30,886 )

Cash dividend, $ 0.60 per share

2 unchanged sentences

Issuance of common stock including proceeds from exercise of common stock options (2)

169,117 2 464 — — — 466 — 466

Stock-based compensation expense — — 11,901 — — — 11,901 — 11,901

3 unchanged sentences

Net income (loss) — — — — 287,349 — 287,349 ( 100 ) 287,249

Other comprehensive loss — — — ( 30,886 ) — — ( 30,886 ) — ( 30,886 )

Other comprehensive income — — — 179,330 — — 179,330 — 179,330

Cash dividend, $ 0.66 per share

— — — — ( 37,166 ) — ( 37,166 ) — ( 37,166 )

Distributions to noncontrolling shareholders — — ( 920 ) — — — ( 920 ) ( 2,379 ) ( 3,299 )

Contributions from noncontrolling shareholders — — — — — — — 6 6

Issuance of common stock including proceeds from exercise of common stock options (2)

4 unchanged sentences

Balance, December 31, 2025 76,456,499 $ 765 $ 2,005,747 $ ( 445,547 ) $ 2,121,706 $ ( 944,126 ) $ 2,738,545 $ ( 10,470 ) $ 2,728,075

(1) Repurchase of common stock for the years ended December 31, 2024, 2023 and 2022 included 2,049,739 , 1,247,178 and 4,151,117 shares repurchased, respectively, in connection with the Company's share buyback program approved by the Board of Directors.

The years ended December 31, 2023 and 2022 included 45,489 and 113,039 shares withheld, respectively, to cover tax liabilities.

(2) Issuance of common stock includes 54,972 shares withheld to cover tax liabilities.

(1) Repurchase of common stock for the years ended December 31, 2025, 2024 and 2023 included 5,439,981 , 2,049,739 and 1,247,178 shares repurchased, respectively, in connection with the Company's share buyback program approved by the Board.

The year ended December 31, 2023 included 45,489 shares withheld to cover tax liabilities.

(2) Issuance of common stock for the years ended December 31, 2025 and 2024 include 95,056 and 54,972 shares withheld, respectively, to cover tax liabilities.

The accompanying notes are an integral part of these Consolidated Financial Statements

12 unchanged sentences

Income from mortgage banking activities, net ( 8,359 ) ( 7,565 ) ( 4,799 )

Loss (gain) on sale of other real estate owned and valuation adjustments, net 296 195 ( 221 )

Loss on sale of other real estate owned and valuation adjustments, net 910 296 195

Stock-based compensation expense 12,793 11,901 9,605

Unrealized gains on equity investments, net — ( 329 ) ( 5,980 )

Unrealized loss (gain) on equity investments, net 4,057 — ( 329 )

Realized gain on sale of equity investment, net ( 957 ) ( 2,309 ) ( 9,493 )

Deferred income tax benefit ( 8,162 ) ( 5,397 ) ( 4,005 )

Gain on sale of WSFS Wealth Management, LLC business ( 386 ) — —

Deferred income tax expense (benefit) 5,700 ( 8,162 ) ( 5,397 )

Decrease (increase) in accrued interest receivable 4,386 1,308 ( 11,531 )

Increase in other assets ( 106,041 ) ( 2,185 ) ( 58,852 )

Decrease (increase) in other assets 36,047 ( 106,041 ) ( 2,185 )

Origination of loans held-for-sale ( 466,151 ) ( 393,408 ) ( 280,826 )

1 unchanged sentence

(Decrease) increase in accrued interest payable ( 18,527 ) ( 8,511 ) 41,510

Increase (decrease) in other liabilities 85,291 ( 60,781 ) 315,065

(Increase) decrease in value of bank-owned life insurance ( 531 ) ( 2,053 ) ( 1,311 )

(Decrease) increase in other liabilities ( 149,549 ) 85,291 ( 60,781 )

Increase in value of bank-owned life insurance ( 672 ) ( 531 ) ( 2,053 )

Increase in capitalized interest, net ( 1,585 ) ( 1,471 ) ( 1,738 )

1 unchanged sentence

Investing activities:

Purchases of investment securities held to maturity $ — $ — $ ( 120,868 )

Repayments, maturities and calls of investment securities held to maturity $ 62,163 $ 61,332 $ 72,966

4 unchanged sentences

Net proceeds from sale of equity investments — — 17,946

Net cash (paid for) from business combinations — ( 3,000 ) 573,745

Net cash paid for business combinations — — ( 3,000 )

Net increase in loans and leases ( 117,745 ) ( 138,250 ) ( 486,819 )

Net cash from sale of WSFS Wealth Management, LLC business 2,433 — —

Purchases of loans held for investment — ( 269,635 ) ( 313,363 )

4 unchanged sentences

Investment in premises and equipment, net ( 6,388 ) ( 14,258 ) ( 6,406 )

Net cash used in investing activities $ ( 66,732 ) $ ( 326,261 ) $ ( 137,367 )

Net cash provided by (used in) investing activities $ 124,882 $ ( 66,732 ) $ ( 326,261 )

(continued on following page)

4 unchanged sentences

Net increase (decrease) in demand and saving deposits $ 725,419 $ 263,007 $ ( 358,115 )

Increase (decrease) in time deposits 346,329 681,484 ( 94,251 )

(Decrease) increase in brokered deposits ( 51,676 ) ( 70,915 ) 61,705

(Decrease) increase in time deposits ( 121,125 ) 346,329 681,484

Decrease in brokered deposits — ( 51,676 ) ( 70,915 )

Receipts from FHLB advances 17,210,000 13,037,879 7,195,000

4 unchanged sentences

Repayments of Bank Term Funding Program — ( 800,000 ) —

Distributions to noncontrolling shareholders ( 3,299 ) ( 4,463 ) ( 504 )

Cash dividend ( 35,805 ) ( 36,742 ) ( 35,746 )

Contributions from (distributions to) noncontrolling shareholders 6 ( 3,299 ) ( 4,463 )

Cash dividends ( 37,166 ) ( 35,805 ) ( 36,742 )

Issuance of common stock and exercise of common stock options ( 3,235 ) 466 3,298

Redemption of senior and subordinated debt ( 220,000 ) — ( 30,000 )

Receipts from issuance of senior debt 200,000 — —

Senior debt issuance costs ( 3,126 ) — —

Repurchase of common shares ( 290,278 ) ( 96,311 ) ( 54,647 )

Net cash (used in) provided by financing activities $ ( 91,249 ) $ 344,900 $ ( 1,039,168 )

Increase (decrease) in cash, cash equivalents, and restricted cash $ 61,918 $ 255,642 $ ( 695,681 )

Net cash provided by (used in) financing activities $ 199,455 $ ( 91,249 ) $ 344,900

Increase in cash, cash equivalents, and restricted cash $ 544,336 $ 61,918 $ 255,642

Cash, cash equivalents, and restricted cash at beginning of period 1,154,818 1,092,900 837,258

3 unchanged sentences

Cash paid for income taxes, net (1)

75,162 82,122 99,136

Non-cash information:

1 unchanged sentence

Loans transferred to portfolio from held-for-sale at fair value ( 4,458 ) 57,813 96,312

Securities transferred to held-to-maturity from available-for-sale at fair value — — 931,421

Receivable for bank-owned life insurance surrender proceeds — — 4,731

3 unchanged sentences

Fair value of liabilities assumed — — 4,993

(1) Includes $ 11.4 million related to the purchase of renewable energy tax credits for the year ended December 31, 2025.

The accompanying notes are an integral part of these Consolidated Financial Statements

3 unchanged sentences

Substantially all of the Company's assets are held by its subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), a federal savings bank organized under the laws of the United States (U.S.).

The Consolidated Financial Statements include the accounts of the Company, 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.

The Consolidated Financial Statements include the accounts of the Company, WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), and WSFS SPE Services, LLC.

The Company also has three unconsolidated subsidiaries, WSFS Capital Trust III (the Trust), Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II .

WSFS Bank has two wholly-owned subsidiaries:

Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance ® ).

WSFS Bank's subsidiaries include 1832 Holdings, Inc.

and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance ® ).

Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the U.S.

The Company provides residential and commercial mortgage, commercial and consumer lending services, as well as retail deposit and treasury management services.

The Company's core banking business is commercial lending funded primarily by customer-generated deposits.

The Company's core banking business is commercial lending funded primarily by client-generated deposits.

In addition, the Company offers a variety of wealth management and trust services to individual, corporate and institutional clients.

86 unchanged sentences

For loans greater than 90 days past due, unless loans are well-secured and collection is imminent, their respective reserves are generally charged off once the loss has been confirmed.

Expected recoveries do not exceed the aggregate of amounts previously charged off.

A loan, for which the terms have been modified in the form of principal forgiveness, an interest rate reduction, an other than-insignificant payment delay, or a term extension to a borrower experiencing financial difficulty, is considered a troubled loan.

49 unchanged sentences

For additional detail regarding the allowance for credit losses and the provision for credit losses, see Note 7.

Allowance for Credit Losses – Other Accounts Receivable

The Company establishes its allowance on other accounts receivable in accordance with guidance provided in ASC 326, Financial Instruments - Credit Losses .

The allowance for credit losses includes quantitative and qualitative factors that comprise the Company's current estimate of expected credit losses, including historical loss experience and relevant available information from internal and external sources relating to qualitative adjustment factors.

The Company adopted ASU 2025-05 which provides a practical expedient regarding assumptions used for future economic forecasts.

The historical loss rates for other accounts receivable are estimated by determining the PD and expected LGD and are applied to the receivables’ exposure at default.

The PD is calculated based on the historical rate of migration to an event of credit loss during the look-back period, which is 16 quarters.

Unfunded Lending Commitments

77 unchanged sentences

The following accounting pronouncement was adopted by the Company during the year ended December 31, 2025:

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (ASU 2023-07):

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (ASU 2023-07):

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (ASU 2023-07):

In November 2023, the FASB issued ASU 2023-07 to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss.

The Company adopted this ASU on a retrospective basis for its annual period ending December 31, 2024 and for the interim period beginning January 1, 2025.

For further details on the impact of the adoption, see segment information disclosures in Note 21.

The following accounting pronouncements were adopted by the Company during the year ended December 31, 2024, but do not have a material impact on the Consolidated Financial Statements:

2023-01, Leases (Topic 842) — Common Control Agreements

2023-02, Investments — Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

There were no other applicable material accounting pronouncements adopted by the Company since December 31, 2023.

Accounting Guidance Pending Adoption as of December 31, 2024

2025-05, Financial Instruments – Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05):

In July 2025, the FASB issued ASU 2025-05, which provides a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts when estimating expected credit losses for accounts receivable and current contract assets arising from transactions under ASC 606.

The Company adopted this ASU on a prospective basis during the period ending September 30, 2025 .

2023-09, Income Taxes (Topic 740):

2 unchanged sentences

The amendments are effective for fiscal years beginning after December 15, 2024.

Adoption is permitted on either a prospective or retrospective basis and the Company is currently evaluating this update to determine the impact on the Company’s disclosures.

The Company adopted this ASU on a retrospective basis for the periods presented in its Annual Report on Form 10-K for the year ended December 31, 2025.

There were no other applicable material accounting pronouncements adopted by the Company since December 31, 2024.

Accounting Guidance Pending Adoption as of December 31, 2025

2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

4 unchanged sentences

The Company is currently evaluating this update to determine the impact on the Company’s disclosures.

2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20):

Induced Conversions of Convertible Debt Instruments (ASU 2024-04):

In November 2024, the FASB issued ASU 2024-04 which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishment of convertible debt.

The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods.

The Company is currently evaluating the impact upon adoption and will apply the guidance after completion of its assessment.

2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06):

In September 2025, the FASB issued ASU 2025-06, which clarifies the capitalization threshold on costs to develop software for internal use.

This update removes the prescriptive and sequential software development stages (referred to as “project stages”) and requires entities to start capitalizing software costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”).

The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods on a prospective, modified transition, or a retrospective basis.

Early adoption is permitted as of the beginning of an annual reporting period.

The Company is currently evaluating this update to determine its impact on the Consolidated Financial Statements.

2025-08, Financial Instruments – Credit Losses (Topic 326):

Purchased Loans (ASU 2025-08):

In November 2025, the FASB issued ASU 2025-08 which aligns the initial recognition of the allowance for credit losses on financial assets acquired with a “more-than-insignificant” deterioration of credit quality since its origination (PCD assets) and non PCD assets by applying the “gross up approach” to both populations.

The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods therein on a prospective basis.

Early adoption is permitted.

The Company is currently evaluating this update to determine the impact on the Consolidated Financial Statements.

2025-09, Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements (ASU 2025-09):

In November 2025, the FASB issued ASU 2025-09 to clarify certain aspects on hedge accounting to align with the economics of an entity's risk management activities more closely.

The update allows entities to group forecasted transactions with similar risk exposures.

Entities may either determine whether a hedged risk related to a forecasted transaction within a hedged group is similar to other hedged risks in the group or determine if the designated hedging instrument is highly effective against each risk in the group.

The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods therein on a prospective basis.

Early adoption is permitted.

The Company is currently evaluating this update to determine the impact on the Consolidated Financial Statements.

2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements (ASU 2025-11):

In December 2025, the FASB issued ASU 2025-11 which clarifies the current requirements of interim financial statements, including its form and content, and includes a disclosure principle that requires entities to disclosure events since the last annual reporting period that have a material impact on the entity.

The amendments are effective for fiscal years beginning after December 15, 2027, and for interim periods within annual reporting periods beginning after December 15, 2028 on a prospective or a retrospective basis.

Early adoption is permitted.

The Company is currently evaluating this update to determine the impact on the Company’s disclosures.

NONINTEREST INCOME

23 unchanged sentences

(Dollars in thousands) 2025 2024 2023

Trust fees $ 101,514 $ 89,396 $ 79,472

Wealth management and advisory fees 45,431 41,654 42,136

WSFS Institutional Services ®

$ 78,662 $ 58,421 $ 49,553

Private Wealth Management 59,073 61,771 57,262

The Bryn Mawr Trust Company of Delaware 31,719 26,753 24,235

Total investment management and fiduciary income $ 169,454 $ 146,945 $ 131,050

Investment management and fiduciary income is composed of trust fees and wealth management and advisory fees.

Trust fees are based on revenue earned from custody, escrow, trustee and trustee related services on structured finance transactions;

indenture trustee, administrative agent and collateral agent services to individuals, institutions and corporations;

commercial domicile and independent director services;

and investment and trustee services to families and individuals.

Investment management and fiduciary income is composed of fees from WSFS Institutional Services®, BMT-DE, and Private Wealth Management.

WSFS Institutional Services ® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate Clients and special purpose vehicles.

BMT-DE provides personal trust and fiduciary services to families and individuals across the U.S.

and internationally.

Most fees are flat fees, except for a portion of personal and corporate trustee fees where the Company earns a percentage on the assets under management or assets held within a trust.

This revenue stream primarily generates fee income through monthly, quarterly and annual billings for services provided.

Wealth management and advisory fees consists of fees from Bryn Mawr Trust ® , BMCM, Powdermill ® , and WSFS Wealth ® Investments.

Wealth management and advisory fees are based on revenue earned from services including asset management, financial planning, family office, and brokerage.

The fees are based on the market value of assets, are assessed as a flat fee, or are brokerage commissions.

Private Wealth management fees consist of fees from Bryn Mawr Trust ® and BMTA.

It also included WSFS Wealth Management, LLC (family office) and WSFS Wealth ® Investments through June 30, 2025.

Private Wealth Management fees are based on revenue earned from services including asset management, financial planning, and brokerage.

The fees are based on the market value of assets, a flat fee, or brokerage commissions.

This revenue stream primarily generates fee income through monthly, quarterly and annual billings for the services.

20 unchanged sentences

Miscellaneous products and services 19,246 18,440 12,941

13,716 8,299 20,027

Total other income $ 58,246 $ 62,046 $ 53,371

(1) Includes commissions income from BMTIA in 2022.

The BMTIA business was sold during the second quarter of 2022.

Other income consists of managed service fees, which are primarily courier fees related to treasury management and are partially offset in noninterest expense, currency preparation, ATM loss protection, Capital Markets revenue, and other miscellaneous products and services offered by the Bank.

Other income consists of managed service fees, which are primarily courier fees related to cash management, currency preparation, ATM loss protection, Capital Markets revenue, and other miscellaneous products and services offered by the Bank.

These fees are primarily generated through monthly billings or at the time of the transaction.

20 unchanged sentences

Diluted earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average fully diluted shares outstanding, using the treasury stock method.

Fully diluted shares include the adjustment for the dilutive effect of common stock awards, which include outstanding stock options under the 2013 Incentive Plan and the 2018 Incentive Plan and unvested restricted stock units and performance stock units under the 2018 Incentive Plan.

Fully diluted shares include the adjustment for the dilutive effect of common stock awards, which include outstanding stock options and unvested restricted stock units and performance stock units under the 2018 Incentive Plan.

INVESTMENT SECURITIES

56 unchanged sentences

As of December 31, 2025, the Company’s available-for-sale investment securities consisted of 1,021 securities, 955 of which were in an unrealized loss position.

As of December 31, 2024, substantially all of the Company’s available-for-sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S.

As of December 31, 2025, substantially all of the Company’s available-for-sale investment securities were mortgage-backed securities or collateralized mortgage obligations which were issued or guaranteed by U.S.

government-sponsored entities and agencies.

21 unchanged sentences

The held-to-maturity debt securities are not collateral-dependent securities as these are general obligation bonds issued by cities, states, counties, or other local and foreign governments.

Investment securities with fair market values aggregating $ 3.3 billion were pledged as collateral for investment sweep repurchase agreements, municipal deposits, and other obligations as of December 31, 2024 and December 31, 2023.

Investment securities with fair market values aggregating $ 4.1 billion and $ 3.3 billion were pledged as collateral for investment sweep repurchase agreements, municipal deposits, and other obligations as of December 31, 2025 and December 31, 2024, respectively.

During the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company had no sales of debt securities categorized as available-for-sale.

26 unchanged sentences

The Company assessed whether an allowance for credit losses was required on our available-for-sale debt securities and determined no allowance was necessary as of December 31, 2025 as (1) the Company currently does not have the intent to sell, nor is it more likely than not it will be required to sell these securities before it is able to recover the amortized cost basis and (2) the unrealized losses are the result of changes in market interest rates subsequent to purchase, not credit loss, as these are highly rated agency securities with no expected credit loss, in the event of a default.

At December 31, 2024 and December 31, 2023, held-to-maturity debt securities had an amortized cost basis of $ 1.0 billion and $ 1.1 billion, respectively.

At December 31, 2025 and December 31, 2024, held-to-maturity debt securities had an amortized cost basis of $ 1.0 billion.

The held-to-maturity debt security portfolio primarily consists of mortgage-backed securities which were issued or guaranteed by U.S.

13 unchanged sentences

There was no activity in the allowance for credit losses for FNMA MBS debt securities for the twelve months ended December 31, 2025, 2024, and 2023.

The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the twelve months ended December 31, 2024, 2023, and 2022:

Twelve months ended December 31,

(Dollars in thousands) 2024 2023 2022

Allowance for credit losses:

Beginning balance $ 8 $ 10 $ 4

Provision for credit losses ( 1 ) ( 2 ) 6

Ending balance $ 7 $ 8 $ 10

See Note 7 for information on the activity in the allowance for credit losses for state and political subdivisions debt securities for the twelve months ended December 31, 2025, 2024, and 2023.

Accrued interest receivable of $ 3.4 million and $ 3.6 million as of December 31, 2025 and December 31, 2024, respectively, for held-to-maturity debt securities were excluded from the evaluation of allowance for credit losses.

2 unchanged sentences

The Company had equity investments with a fair value of $ 13.4 million and $ 18.2 million as of December 31, 2025 and December 31, 2024, respectively.

During the year ended December 31, 2024, total net gains on equity investments of $ 2.3 million were recorded, driven by an annual earnout distribution related to the Company's investment in Spring EQ presented within Realized gain on sale of equity investment, net in the Consolidated Statements of Income.

During the year ended December 31, 2023, total net gains on equity investments of $ 9.8 million were recorded, driven by a realized gain on the Company's investment in Spring EQ presented within Realized gain on sale of equity investment, net in the Consolidated Statements of Income.

During the year ended December 31, 2023, the Company recognized $ 2.5 million of net gains related to our equity method investments within Other income on the Consolidated Statements of Income.

During the year ended December 31, 2022, total net gains on equity investments of $ 6.0 million were recorded, driven by an unrealized gain on the Company's investment in cred.ai presented within Unrealized gains on equity investment, net in the Consolidated Statements of Income.

During the year ended December 31, 2022, the Company recognized $ 5.4 million of net gains related to our equity method investments within Other income on the Consolidated Statements of Income.

During the year ended December 31, 2025, the Company recognized an impairment loss of $ 4.1 million related to one of our equity investments recorded within Unrealized (loss) gain on equity investments, net in the Consolidated Statements of Income .

The Company also recognized a gain of $ 1.0 million due to post-close distributions related to its investment in Spring EQ, recorded within Realized gain on sale of equity investment, net in the Consolidated Statements of Income.

During the year ended December 31, 2024, the Company recognized net gains on equity investments of $ 2.3 million, driven by post-close distributions related to the Company's investment in Spring EQ recorded within Realized gain on sale of equity investment, net in the Consolidated Statements of Income.

During the year ended December 31, 2023, the Company recognized a net gain of $ 0.3 million related to one of our equity investments recorded within Unrealized gain on equity investments, net in the Consolidated Statements of Income .

The Company also recognized net gains on equity investments of $ 9.5 million, driven by a realized gain on the Company's investment in Spring EQ presented within Realized gain on sale of equity investment, net in the Consolidated Statements of Income.

The Company also recognized $ 2.5 million of net gains related to our equity method investments within Other income on the Consolidated Statements of Income.

LOANS AND LEASES

13 unchanged sentences

(1) Includes reverse mortgages, at fair value of $ 3.7 million and $ 3.6 million at December 31, 2025 and 2024, respectively .

(2) Includes home equity lines of credit, installment loans unsecured lines of credit and education loans.

(2) Primarily includes home equity lines of credit, installment loans unsecured lines of credit and education loans.

Accrued interest receivable on loans outstanding was $ 64.9 million and $ 67.5 million at December 31, 2025 and 2024, respectively.

ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION

The following tables provide the activity of the total allowance for credit losses for the years ended December 31, 2025, 2024, and 2023.

Year ended December 31, 2025

(Dollars in thousands) Loans and Leases

HTM Securities (1)

Other Accounts Receivable Total

Allowance for credit losses

Beginning balance $ 195,281 $ 7 $ — $ 195,288

Charge-offs ( 65,586 ) — ( 4,242 ) ( 69,828 )

Recoveries 15,662 — 1,653 17,315

Charge-offs arising from transfer of loans to held for sale ( 9,481 ) — — ( 9,481 )

Provision (release) 43,771 ( 2 ) 5,437 49,206

Ending balance $ 179,647 $ 5 $ 2,848 $ 182,500

Year ended December 31, 2024

(Dollars in thousands) Loans and Leases

HTM Securities (1)

Other Accounts Receivable Total

Allowance for credit losses

Beginning balance $ 186,126 $ 8 $ — $ 186,134

Charge-offs ( 65,123 ) — — ( 65,123 )

Recoveries 12,867 — — 12,867

Provision (release) 61,411 ( 1 ) — 61,410

Ending balance $ 195,281 $ 7 $ — $ 195,288

Year ended December 31, 2023

(Dollars in thousands) Loans and Leases

HTM Securities (1)

Other Accounts Receivable Total

Allowance for credit losses

Beginning balance $ 151,861 $ 10 $ — $ 151,871

Charge-offs ( 66,007 ) — — ( 66,007 )

Recoveries 12,199 — — 12,199

Provision (release) 88,073 ( 2 ) — 88,071

Ending balance 186,126 8 — 186,134

(1) See Note 5 for further detail on the HTM securities allowance.

The following tables provide the activity of the Company's allowance for credit losses and loan and lease balances for the years ended December 31, 2025, 2024, and 2023.

During 2024, the increase was primarily due to net loan growth, as well as increases in criticized loan levels in the commercial mortgages portfolio and specific reserves on certain commercial loans.

During 2025, the decrease was primarily due to the resolution of several problem loans as well as the Upstart loan sale.

(Dollars in thousands) Commercial and Industrial Owner-

5 unchanged sentences

Recoveries 4,894 19 622 — 2,959 188 6,980 15,662

Charge-offs arising from transfer of loans to held for sale ( 552 ) — — — — — ( 8,929 ) ( 9,481 )

Provision (release) 23,022 ( 1,317 ) 3,046 8,979 11,911 1,010 ( 2,880 ) 43,771

19 unchanged sentences

Recoveries 6,883 217 183 — 2,705 225 2,654 12,867

Provision 18,786 4,830 14,875 4,037 18,957 596 25,992 88,073

Provision (release) 16,344 ( 1,620 ) 18,473 ( 1,577 ) 18,123 ( 17 ) 11,685 61,411

Ending balance $ 57,131 $ 9,139 $ 48,962 $ 9,185 $ 15,965 $ 5,566 $ 49,333 $ 195,281

14 unchanged sentences

Beginning balance $ 49,526 $ 6,019 $ 21,473 $ 6,987 $ 9,868 $ 4,668 $ 53,320 $ 151,861

Impact of adoption ASC 326 (3)

22,613 595 2,684 71 1 61 78 26,103

Charge-offs ( 26,653 ) ( 184 ) ( 300 ) ( 794 ) ( 15,641 ) ( 41 ) ( 22,394 ) ( 66,007 )

Recoveries 7,735 54 7 532 1,986 260 1,625 12,199

(Release) provision ( 9,380 ) 751 7,524 2,446 9,085 776 36,881 48,083

Provision 18,786 4,830 14,875 4,037 18,957 596 25,992 88,073

Ending balance $ 49,394 $ 10,719 $ 36,055 $ 10,762 $ 15,170 $ 5,483 $ 58,543 $ 186,126

9 unchanged sentences

(2) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

(3) Includes $ 23.5 million initial provision for credit losses on non-PCD loans.

The following tables show nonaccrual and past due loans presented at amortized cost at the date indicated:

21 unchanged sentences

Still Accruing

Nonaccrual Loans With No Allowance (1)

Nonaccrual Loans With An Allowance Total Loans

Nonaccrual Loans With No Allowance Nonaccrual Loans With An Allowance Total Loans

Commercial and industrial $ 1,482 $ 488 $ 1,970 $ 2,592,395 $ 43,206 $ 18,603 $ 2,656,174

$ 1,630 $ 293 $ 1,923 $ 2,518,934 $ 13,645 $ 5,568 $ 2,540,070

Owner-occupied commercial 706 196 902 1,968,033 4,710 — 1,973,645

7 unchanged sentences

% of Total Loans 0.27 % 0.07 % 0.34 % 98.73 % 0.79 % 0.14 % 100.00 %

(1) Excludes nonaccruing loans held-for-sale.

(1) Residential accruing current balances exclude reverse mortgages at fair value of $ 3.6 million.

5 unchanged sentences

Commercial and industrial $ 17,557 $ 9,504 $ 41,105 $ 20,704

$ 41,105 $ 20,704 $ 17,230 $ 1,983

Owner-occupied commercial 6,580 — 4,710 —

5 unchanged sentences

Total $ 62,370 $ 9,528 $ 101,477 $ 20,704

(1) Excludes nonaccruing loans held-for-sale in 2023.

(1) Excludes reverse mortgages at fair value.

146 unchanged sentences

Total $ 90,245 $ 120 $ 18,527 $ 22,964 $ 27 $ 19,405 $ 151,288 1.15 %

Twelve Months Ended December 31, 2023

(Dollars in thousands) Term Extension Interest Rate Reduction More-Than-Insignificant Payment Delay Combination- Term Extension and Payment Delay Combination- Term Extension and Interest Rate Reduction Combination - Payment Delay and Interest Rate Reduction Total % of Total Loan Category

Commercial and industrial $ 44,123 $ — $ 10,523 $ 5,568 $ 27 $ — $ 60,241 1.90 %

Owner-occupied commercial 66 — — — 138 — 204 0.01 %

Commercial mortgages 9,386 — — — — — 9,386 0.25 %

Construction 15,411 — — — — — 15,411 1.49 %

Residential 561 — 216 — — — 777 0.09 %

1,782 — 1,937 5,092 156 194 9,161 0.46 %

Total $ 71,329 $ — $ 12,676 $ 10,660 $ 321 $ 194 $ 95,180 0.75 %

(1) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

The following table describes the financial effect of the modifications made to troubled loans during the twelve months ended December 31, 2025, 2024, and 2023:

Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023

Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023

Term Extension ( 1)

4 unchanged sentences

More-Than-Insignificant Payment Delay (3)

Term Extension (1)

Interest Rate Reduction (2)

More-Than-Insignificant Payment Delay (3)

Commercial and industrial 1.10 — % 0.03 % 0.92 6.11 % 0.26 % 1.34 4.00 % 0.13 %

12 unchanged sentences

Twelve Months Ended December 31, 2025

Interest Rate Reduction More-Than-Insignificant Payment Delay Total

(Dollars in thousands) Term Extension Combination Term Extension & Payment Delay Total

Commercial and industrial $ — $ 272 $ 272

Commercial mortgages 2,100 — 2,100

Construction 5,435 — 5,435

Total $ 7,535 $ 272 $ 7,807

Twelve Months Ended December 31, 2024

(Dollars in thousands) Interest Rate Reduction More-Than-Insignificant Payment Delay Total

Residential 120 24 144

2 unchanged sentences

Twelve Months Ended December 31, 2023

More-Than-Insignificant Payment Delay Combination Term Extension & Payment Delay Total

(Dollars in thousands) More-Than-Insignificant Payment Delay Combination Term Extension & Payment Delay Total

Commercial and industrial $ — $ 5,568 $ 5,568

23 unchanged sentences

(1) Includes home equity lines of credit, installment loans and unsecured lines of credit.

December 31, 2023

30-89 Days Past Due and Still Accruing 90+ Days Past Due and Still Accruing Accruing Current Balances Nonaccrual Loans Total

Commercial and industrial $ 21 $ 293 $ 53,989 $ 5,938 $ 60,241

Owner-occupied commercial — — — 204 204

Commercial mortgages — — 9,386 — 9,386

Construction — — 15,411 — 15,411

Residential — — 607 170 777

1,021 205 7,539 396 9,161

Total $ 1,042 $ 498 $ 86,932 $ 6,708 $ 95,180

(1) Includes home equity lines of credit, installment loans and unsecured lines of credit.

Allowance for Credit Losses Related to Other Accounts Receivable

The Company determines the allowance for other accounts receivable (e.g.

fee-related receivables) considering historical loss information and other available indicators.

In certain cases where there are no historical or current indicators of an expected credit loss, we may estimate the reserve to be close to zero.

The allowance for credit losses related to other accounts receivable was $ 2.8 million as of December 31, 2025.

PREMISES AND EQUIPMENT

9 unchanged sentences

The Company recognized depreciation expense of $ 11.7 million, $ 13.4 million and $ 17.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

During the year, the Company transferred $ 18.8 million of land and building assets to held for sale as part of an optimization plan of WSFS-owned real estate properties.

The Company recognized a $ 2.2 million loss on the transfer, which is reflected in restructuring expense on the Company's Consolidated Statements of Income.

The Company is actively working to dispose of the assets.

As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment.

22 unchanged sentences

Weighted average discount rate 5.26 % 5.28 %

Maturities of operating lease liabilities were as follows:

Maturities of operating lease liabilities are as follows:

(Dollars in thousands) December 31, 2025

9 unchanged sentences

Operating cash flows from operating leases $ 19,255 $ 19,488 $ 19,104

Right of use assets obtained in exchange for new operating lease liabilities (non-cash) — — 13,707

As of December 31, 2024, the Company had not entered into any material leases that have not yet commenced.

As of December 31, 2025, the Company had entered into two leases that have not yet commenced, with combined estimated future lease payments of approximately $ 27.2 million.

These leases are expected to commence in the first and third quarter of 2026, with an initial lease term of 13 years and 10 years, respectively.

Lessor Equipment Leasing

30 unchanged sentences

December 31, 2023 $ 753,586 $ 132,312 $ 885,898

Goodwill from business combinations (1)

— 2,261 2,261

Goodwill adjustments — — —

December 31, 2024 753,586 132,312 885,898

Goodwill adjustments (1)

— ( 674 ) ( 674 )

December 31, 2025 $ 753,586 $ 131,638 $ 885,224

(1) During the third quarter of 2023, BMCM acquired the business of a registered investment advisory firm.

(1) During the second quarter of 2025, the Company completed the sale of the WSFS Wealth Management, LLC (dba Powdermill Financial Solutions) business.

ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so.

4 unchanged sentences

Core deposits $ 101,511 $ ( 67,845 ) $ 33,666 10 years

Customer relationships 73,880 ( 23,588 ) 50,292 7 - 15 years

Client relationships 68,270 ( 24,620 ) 43,650 7 - 15 years

Tradename 2,900 — 2,900 indefinite

4 unchanged sentences

Core deposits $ 104,751 $ ( 60,999 ) $ 43,752 10 years

Customer relationships 73,880 ( 18,153 ) 55,727 7 - 15 years

Client relationships 73,880 ( 23,588 ) 50,292 7 - 15 years

Tradename 2,900 — 2,900 indefinite

2 unchanged sentences

Total intangible assets $ 192,751 $ ( 90,488 ) $ 102,263

(1) Includes impairment losses of $ 0.6 million for the year ended December 31, 2024.

(2) Includes impairment losses of less than $ 0.1 million for the year ended December 31, 2023.

(1) Gross asset includes valuation allowance for impairment losses of $ 0.4 million for the year ended December 31, 2025.

(2) Gross asset includes valuation allowance for impairment losses of $ 0.1 million for the year ended December 31, 2024.

The Company recognized amortization expense on other intangible assets of $ 15.3 million, $ 15.7 million and $ 15.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

6 unchanged sentences

Servicing Assets

The Company records mortgage servicing rights and servicing rights on Small Business Administration (SBA) loans.

The Company's mortgage loan servicing portfolio includes acquired servicing portfolios, mortgages it originates, and mortgages that it services for others.

Mortgage servicing rights and SBA loan servicing rights are included are in Intangible assets in the accompanying Consolidated Statements of Financial Condition.

Mortgage loans which the Company services for others are not included in Loans and leases, net of allowance in the accompanying Consolidated Statements of Financial Condition.

Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans the Company acquires or originates, or that it services for others.

The value of the Company's mortgage servicing rights was $ 1.1 million and $ 1.3 million at December 31, 2025 and 2024, respectively, and the value of its SBA loan servicing rights was $ 3.4 million and $ 4.0 million at December 31, 2025 and 2024, respectively.

Changes in the value of these servicing rights resulted in an impairment reversal of $ 0.6 million during 2024 and impairment losses of less than $ 0.1 million during 2023.

Changes in the value of these servicing rights resulted in impairment losses of $ 0.3 million during 2025 and a reversal of impairment losses of $ 0.6 million during 2024.

Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage Banking Activities, Net in the Consolidated Statements of Income and revenues from the Company's SBA loan servicing rights are included in Loan and lease fee income, in the Consolidated Statements of Income.

Besides the impairment on loan servicing rights noted above, there was no impairment of other intangible assets as of December 31, 2025 or 2024.

Changing economic conditions that may adversely affect the Company's performance and could result in impairment, which could adversely affect earnings in the future.

The following table is a summary of the Company's deposits by category:

7 unchanged sentences

Money market 5,761,965 5,471,611

Customer time deposits 2,130,724 1,784,317

Brokered deposits — 51,676

Client time deposits 2,009,629 2,130,724

Total interest-bearing $ 12,065,890 $ 12,042,055

Total deposits $ 17,642,488 $ 17,029,808

The following table is a summary of the remaining time to maturity for customer time deposits:

The following table is a summary of the remaining time to maturity for client time deposits:

(Dollars in thousands) 2025 2024

22 unchanged sentences

Time deposits 78,562 84,871 45,184

Total customer interest expense $ 308,498 $ 199,756 $ 27,568

Total client interest expense $ 278,257 $ 308,498 $ 199,756

Brokered deposits 3 178 10,064

16 unchanged sentences

Federal Home Loan Bank Advances

Advances from the FHLB with ranges ranging from 3.77 % to 4.72 % at December 31, 2024 are due as follows:

(Dollars in thousands) Amount Weighted

2025 $ 7,882 4.30 %

2026 16,261 3.96

2027 26,897 4.56

$ 51,040 4.33 %

As of December 31, 2025, there were no advances from the FHLB.

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

25 unchanged sentences

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.

The remaining net proceeds from the issuance of the 2030 Notes are being used for general corporate purposes, including, but not limited to, financing organic growth, acquisitions, repurchases of common stock, and redemption of outstanding indebtedness.

The carrying value of the 2030 Notes, inclusive of deferred issuance costs, was $ 148.6 million as of December 31, 2024 and $ 148.4 million as of December 31, 2023.

The Company assumed $ 30.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2025 (the 2025 Notes) from Bryn Mawr Bank Corporation, which were issued in a private placement to institutional accredited investors on August 6, 2015.

Effective February 15, 2023, the Company redeemed all remaining outstanding principal amount of the 2025 Notes.

The 2025 Notes bore interest at a variable rate that reset quarterly to a level equal to the then-current three-month LIBOR plus an issuance spread of 3.068 %.

The net proceeds from the issuance of the 2035 Notes were used to redeem $ 150.0 million of Fixed-to-Floating Senior Notes due 2030 (the 2030 Notes) and the Company expects to use the remaining proceeds for general corporate purposes, including, but not limited to, financing organic growth, acquisitions, repurchases of common stock, and redemption of outstanding indebtedness.

The carrying value of the 2035 Notes, inclusive of deferred issuance costs, was $ 196.9 million as of December 31, 2025.

On December 3, 2020, the Company issued the 2030 Notes at a face value of $ 150.0 million.

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

The 2030 Notes bore interest at 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 rate plus 2.31 % until December 15, 2027, or any early redemption date.

The carrying value of the 2027 Notes was $ 70.0 million as of December 31, 2024 and December 31, 2023.

Effective June 2025, the Company redeemed all remaining outstanding principal of the 2027 Notes.

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 %.

Other Borrowed Funds

Included in other borrowed funds are collateralized borrowings of $ 14.7 million and $ 23.1 million at December 31, 2025 and 2024, respectively, primarily consisting of outstanding retail repurchase agreements, contractual arrangements under which portions of certain securities are sold overnight to retail clients under agreements to repurchase.

Other borrowed funds at December 31, 2023 included $ 565.0 million of Bank Term Funding Program borrowings.

Such borrowings were collateralized by mortgage-backed securities.

Borrower in Custody

The Company had $ 2.3 billion and $ 2.5 billion of loans and securities pledged to the Federal Reserve of Philadelphia (FRB) at December 31, 2025 and December 31, 2024, respectively.

The Company had no borrowings outstanding from the FRB at December 31, 2024 and $ 565.0 million in borrowings outstanding from the FRB as of December 31, 2023.

The Company had no borrowings outstanding from the FRB at December 31, 2025 and December 31, 2024.

STOCKHOLDERS' EQUITY AND REGULATORY CAPITAL

58 unchanged sentences

Pursuant to federal laws and regulations, the Company's ability to engage in transactions with affiliated corporations, including the loan of funds to, or guarantee of the indebtedness of, an affiliate, is limited.

During the year ended December 31, 2024, the Company repurchased 2,049,739 common shares at an average price of $ 46.55 per share as part of its share buy-back program approved by the Board of Directors.

The program is consistent with the Company's intent to return 35 % of annual net income to stockholders through routine share repurchases and common equity dividends, along with incremental capital return as appropriate through additional share repurchases, while maintaining capital ratios in excess of the “well-capitalized” benchmarks.

During the year ended December 31, 2025, the Company repurchased 5,439,981 common shares at an average price of $ 52.86 per share as part of its share buy-back program approved by the Board.

The program is 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%.

ASSOCIATE BENEFIT PLANS

9 unchanged sentences

The plan’s yearly activity includes net sales of 42,000 , 65,000 and 14,000 shares of the Company's common stock in 2025, 2024 and 2023 respectively.

There were no purchases in 2024, 2023 or 2022.

There were 13,000 shares purchased in 2025 and none in 2024 or 2023.

Postretirement Medical Benefits

62 unchanged sentences

2025 2024 2023

(Dollars in thousands) Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits

(Dollars in thousands) Pension Benefits Other Postretirement Benefits (1)

Pension Benefits Other Postretirement Benefits (1)

Change in benefit obligation:

3 unchanged sentences

Plan participants' contributions — 89 — 41 — 63

Actuarial (gain) loss ( 5,481 ) 68 1,604 256 ( 26,233 ) ( 3,346 )

Actuarial loss (gain) 264 ( 169 ) ( 5,481 ) 68 1,604 256

Benefits paid ( 4,429 ) ( 1,285 ) ( 5,035 ) ( 1,382 ) ( 4,336 ) ( 1,415 )

17 unchanged sentences

Net periodic benefit (income) cost $ ( 1,106 ) $ 260 $ ( 1,214 ) $ 498 $ ( 812 ) $ 281

(1) Includes Beneficial Bank Other Postretirement, FMS Other Postretirement, and Split-Dollar Plan

(2) Before tax effects

34 unchanged sentences

Government Agencies — 8,812 — 8,812 10.9

Pooled separate accounts 13 — — 13 —

Accrued Income 223 — — 223 0.3

13 unchanged sentences

Total $ 69,091 $ 8,958 $ — $ 78,049 100.0 %

As of December 31, 2024, pension and postretirement plan assets were comprised of investments in equity mutual funds, fixed income mutual funds, and pooled separate accounts.

As of December 31, 2025, pension and postretirement plan assets were comprised of investments in equity mutual funds and fixed income mutual funds.

The Bank’s consolidated pension plan investment policy pro vides that assets are to be managed over a long-term investment horizon to ensure that the chances and duration of investment losses are carefully weighed against the long-term potential for asset appreciation.

5 unchanged sentences

Also, a small portion is maintained in cash reserves when appropriate.

The Company has four additional plans which are no longer being provided to current Associates:

(1) a Supplemental Pension Plan with a corresponding liability of $ 0.1 million and $ 0.2 million for December 31, 2024 and 2023 respectively;

(2) an Early Retirement Window Plan with a corresponding liability of $ 0.1 million for both December 31, 2024 and 2023;

(3) a Supplemental Executive Retirement Plan with a corresponding liability of $ 1.3 million for both December 31, 2024 and 2023, and;

(4) a Post-Retirement Medical Plan with a corresponding liability of less than $ 0.1 million and $ 0.1 million for December 31, 2024 and 2023, respectively.

The Company has four additional plans which are no longer being provided to current Associates with an aggregate liability of $ 1.4 million and $ 1.5 million as of December 31, 2025 and 2024, respectively

The Company and its subsidiaries file a consolidated federal income tax return and separate state income tax returns.

5 unchanged sentences

State and local taxes 21,736 22,337 19,968

Total current taxes $ 87,663 $ 91,926 $ 101,642

Deferred income taxes:

1 unchanged sentence

State and local taxes ( 189 ) ( 1,345 ) ( 66 )

Total deferred taxes $ 5,700 $ ( 8,162 ) $ ( 5,397 )

Total $ 93,363 $ 83,764 $ 96,245

18 unchanged sentences

Net deferred tax asset $ 185,828 $ 248,161

(1) Other deferred tax assets includes investments, deferred gains, tax credits in 2024 and 2023, and reverse mortgages in 2023.

(2) Other deferred tax liabilities includes derivatives, partnership investments, and employee benefit plans in 2024 and 2023, reverse mortgages in 2024, and deferred loan costs in 2023.

(1) Other deferred tax assets includes investments, deferred gains, and tax credits.

(2) Other deferred tax liabilities includes partnership investments, employee benefit plans, and reverse mortgages.

Based on the Company's history of prior earnings and its expectations of the future, it is anticipated that operating income and the reversal pattern of its temporary differences will, more likely than no t, be sufficient to realize a net deferred tax asset of $ 185.8 million at December 31, 2025.

4 unchanged sentences

The Company has $ 7.3 million of remaining Federal net operating losses (NOLs).

Such NOLs expire beginning in 2030 and, due to Internal Revenue Service (IRS) limitations, $ 2.8 million are being utilized each year.

Due to Internal Revenue Service (IRS) limitations, $ 2.7 million are being utilized each year.

Accordingly, the Company fully expects to utilize all of these NOLs.

4 unchanged sentences

Year ended December 31,

Year Ended December 31, 2024 2023 2022

(Dollars in thousands) 2025 2024 2023

Statutory federal income tax rate $ 79,929 21.0 % $ 72,924 21.0 % $ 76,707 21.0 %

State tax, net of federal tax benefit (1)

Tax-exempt interest ( 0.7 ) ( 0.6 ) ( 0.5 )

Bank-owned life insurance income ( 0.1 ) ( 0.1 ) —

Nondeductible acquisition costs — — 0.1

17,812 4.7 16,448 4.7 16,195 4.4

Federal tax credits, net of amortization ( 3,084 ) ( 0.8 ) ( 4,592 ) ( 1.3 ) ( 1,729 ) ( 0.5 )

Nondeductible compensation 0.1 0.1 0.2

Nondeductible goodwill — — 0.5

Nontaxable or nondeductible items (federal)

Surrender of bank-owned life insurance policies — — — — 4,742 1.3

Other ( 1,563 ) ( 0.4 ) ( 2,518 ) ( 0.7 ) ( 204 ) —

Other 269 — 1,502 0.4 534 0.1

Effective tax rate $ 93,363 24.5 % $ 83,764 24.1 % $ 96,245 26.3 %

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return.

Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information.

A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met.

Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties.

(1) State taxes in Pennsylvania and Delaware made up the majority (greater than 50 percent) of the tax effect in this category.

The amount of income taxes paid (net of refunds received) disaggregated by federal (national) and state taxes is shown below:

Year ended December 31,

(Dollars in thousands) 2025 2024 2023

Federal tax, net of refunds $ 59,427 $ 60,504 $ 78,624

State and local tax, net of refunds

Delaware state tax 6,063 6,113 4,217

Pennsylvania state tax 2,996 8,297 10,335

New Jersey state tax 3,100 4,000 2,766

Other state tax 3,576 3,208 3,194

Total state and local tax, net of refunds $ 15,735 $ 21,618 $ 20,512

Total income tax paid $ 75,162 $ 82,122 $ 99,136

Based on recent changes in the interest rate environment lowering our yields on our Bank Owned Life Insurance (BOLI) policies and the termination of a stable value protection wrap policy, during 2023, we surrendered $ 65.5 million of previously acquired BOLI policies.

18 unchanged sentences

At December 31, 2025, 1,710,180 shares were available for future grants under the 2018 Plan.

During February 2022, the Board of Directors and the Leadership and Compensation Committee (the Committee) approved the Executive Leadership Team Incentive Plan (ELTIP), which provides for new cash and equity awards designed to recognize the rewards and efforts of the Company's executive leadership team for the Company's achievement of certain key measures of short-term success and the value of such success to the Company's longer-term performance.

During February 2022, the Board and the Leadership and Compensation Committee (the Committee) approved the Executive Leadership Team Incentive Plan (ELTIP), which provides for new cash and equity awards designed to recognize and reward the efforts of the Company's executive leadership team for the Company's achievement of certain key measures of short-term success and the value of such success to the Company's longer-term performance.

Awards under the ELTIP include short-term incentive (STI) cash bonus awards and long-term incentive (LTI) awards of RSUs and PSUs that will be issued under the Company's 2018 Incentive Plan.

LTI awards under the ELTIP will be awarded to the CEO and Executive Vice Presidents that directly report to the CEO or COO in the form of RSUs that vest in equal annual installments over a three-year service period, and PSUs that vest based on a service condition defined as the achievement of a three-year service period and a performance condition based on the Company's cumulative core ROA performance over a three-year period relative to the KBW Nasdaq Regional Bank Index (the KRX Index) for the same period.

LTI awards under the ELTIP will be awarded to the CEO and and other members of senior management in the form of RSUs that vest in equal annual installments over a three-year service period, and PSUs that vest based on a service condition defined as the achievement of a three-year service period and a performance condition based on the Company's cumulative core ROA performance over a three-year period relative to the KBW Nasdaq Regional Bank Index (the KRX Index) for the same period.

Total stock-based compensation expense recognized was $ 13.5 million ($ 10.2 million after tax) for 2025, $ 12.7 million ($ 9.6 million after tax) for 2024, and $ 10.0 million ($ 7.6 million after tax) for 2023.

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Exercised ( 19,266 ) 48.40

Expired ( 32,726 ) 48.62

Outstanding at end of year 151,354 43.66 1.92 1,210

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Nonvested at end of period — — —

The total amount of unrecognized compensation cost related to non-vested stock options as of December 31, 2024 was less than $ 0.1 million.

The weighted-average period over which the expense is expected to be recognized is 0.28 years.

During 2024, the Company recognized $ 0.2 million of compensation expense related to these awards compared to $ 0.3 million in 2023 and $ 0.7 million in 2022.

There was no unrecognized compensation cost related to non-vested stock options as of December 31, 2025.

During 2025, the Company recognized less than $ 0.1 million of compensation expense related to these awards compared to $ 0.2 million in 2024 and $ 0.3 million in 2023.

Restricted Stock Units

RSUs are granted at no cost to the recipient and generally vest over a three year period, with the exception of RSUs from the ELTIP which vest over a three year period.

RSUs are granted at no cost to the recipient and generally vest over a three year period.

Most outstanding awards granted to senior executives vest over no less than a three year period.

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Granted 55,813 53.07

Vested ( 59,264 ) 49.76

Forfeited ( 16,417 ) 49.76

Balance at December 31, 2025 267,682 48.37

Integration Performance RSU Plan :

In February 2019, the Board of Directors approved the Integration Performance RSU Plan (“the Integration Plan”), in which certain senior executives were granted awards based on the achievement of three defined goals measuring the success of the integration of Beneficial and execution of the Company's strategic goals over the five-year period ending 2023.

In February 2019, the Board approved the Integration Performance RSU Plan (“the Integration Plan”), in which certain senior executives were granted awards based on the achievement of three defined goals measuring the success of the integration of Beneficial and execution of the Company's strategic goals over the five-year period ending 2023.

The Plan provided for a three-year performance achievement period beginning in 2021 and ending in 2023.

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Thus, 20 % of the restricted stock units subject to the Integration Awards will performance vest and become subject to service-based vesting conditions.

During 2024 and 2023, the Company recognized $ 0.1 million of compensation expense related to these awards.

Beneficial Acquisition Success Plan:

On December 10, 2020, the Board of Directors approved the Beneficial Acquisition Success Plan (the Success Plan) and granted 66,703 RSUs, vesting in equal installments over three years .

The Success Plan was designed to recognize and reward the Company’s achievement of certain key measures of near-term success related to Beneficial and the efforts of the Company’s senior leaders and the value of such success to the Company’s longer term performance.

The key measures of success related to Beneficial include acquisition economics, one-time acquisition costs, banking location integration and optimization, customer deposit retention, and cost synergies.

During 2023, the RSUs previously issued under the Success Plan fully vested.

Awards from the Integration Plan and the Success Plan were issued under the Company’s 2018 Incentive Plan.

During 2025, the Company recognized less than $ 0.1 million of compensation expense related to these awards compared to $ 0.1 million in 2024 and 2023.

During 2025, the RSU's previously issued under the Integration Plan fully vested.

Awards from the Integration Plan were issued under the Company’s 2018 Incentive Plan.

COMMITMENTS AND CONTINGENCIES

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Residential loan commitments (1)

12,751 11,797

Consumer loan commitments (2)

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Secondary Market Loan Sales

The Company typically sells newly originated residential loans in the secondary market to mortgage loan aggregators and on a more limited basis, to GSEs, such as FHLMC, FNMA, and the FHLB.

The Company sells certain newly originated residential loans in the secondary market to mortgage loan aggregators and on a more limited basis, to GSEs, such as FHLMC, FNMA, and the FHLB.

Loans held for sale are reflected on the Consolidated Statements of Financial Condition at their fair value with changes in the value reflected in the Consolidated Statements of Income.

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Repurchases and losses have been rare and no provision is made for losses at the time of sale.

There were three repurchases for $ 0.7 million during the year ended December 31, 2024 and one repurchase for $ 0.8 million during the same period in 2023.

There were three repurchases for $ 0.8 million during the year ended December 31, 2025 and three repurchases for $ 0.7 million during the same period in 2024.

Unfunded Lending Commitments

At December 31, 2025 and December 31, 2024, the allowance for credit losses of unfunded lending commitments was $ 12.3 million and $ 12.5 million, respectively.

A provision expense for unfunded lending commitments of $ 0.4 million was recognized during the year ended December 31, 2024, compared to provision expenses for unfunded lending commitments of $ 0.2 million and $ 0.3 million during years ended December 31, 2023 and December 31, 2022, respectively.

A provision release for unfunded lending commitments of $ 0.2 million was recognized during the year ended December 31, 2025, compared to provision expenses for unfunded lending commitments of $ 0.4 million and $ 0.2 million during years ended December 31, 2024 and December 31, 2023, respectively.

FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES

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The fair value of loans held for sale is based on estimates using Level 2 inputs.

These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities.

These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities or market bids obtained from potential buyers.

Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, and risk participation agreements.

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110 - 360 bps ( 281 bps)

— % - 30 % ( 30 %)

Other liabilities (Risk participation agreements sold) 122 Credit Value Adjustment CDS Spread and Loss Given Default (LGD) CDS spread:

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Other liabilities (Financial derivative related to

sales of certain Visa Class B shares) 14,023 Discounted cash flow Timing of Visa litigation resolution 1.00 - 4.75 years ( 3.06 years or 4Q 2025)

sales of certain Visa Class B shares) 5,180 Discounted cash flow Timing of Visa litigation resolution 2.50 years or 2Q 2027

The book value and estimated fair value of the Company's financial instruments are as follows:

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Interest rate lock commitments with clients 41,238 Other assets 612

Interest rate lock commitments with clients 3,658 Other liabilities ( 18 )

Forward sale commitments 28,927 Other assets 200

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The table below presents the effect of the derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023.

Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion) Location of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)

Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)

(Dollars in thousands) Year Ended December 31,

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The Company also has agreements with certain derivative counterparties that contain a provision where if it fails to maintain its status as a well-capitalized or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.

As of December 31, 2024, the Company had 18 interest rate floors purchased at an aggregate premium of $ 29.7 million with an aggregate notional amount of $ 1.5 billion to hedge variable cash flows associated with a variable rate loan pool through the third quarter of 2027.

As of December 31, 2025, the Company had 25 interest rate floors purchased at an aggregate premium of $ 44.6 million with an aggregate notional amount of $ 2.2 billion to hedge variable cash flows associated with a variable rate loan pool through the second quarter of 2030.

Changes to the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings.

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Risk Participation Agreements

The Company may enter into a risk participation agreement (RPA) with another institution as a means to assume a portion of the credit risk associated with a loan structure which includes a derivative instrument, in exchange for fee income

commensurate with the risk assumed.

This type of derivative is referred to as an “RPA sold.” In addition, in an effort to reduce the credit risk associated with an interest rate swap agreement with a borrower for whom the Company has provided a loan structured with a derivative, the Company may purchase an RPA from an institution participating in the facility in exchange for a fee commensurate with the risk shared.

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The Company entered into an agreement with one unrelated financial institution whereby that financial institution entered into interest rate derivative contracts (interest rate swap transactions) directly with clients referred to them by the Company.

Under the terms of the agreements, those financial institutions have recourse to us for any exposure created under each swap transaction, only in the event that the client defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution.

Under the terms of the agreements, the financial institution has recourse to us for any exposure created under each swap transaction, only in the event that the client defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution.

This is a customary arrangement that allows us to provide access to interest rate swap transactions for our clients without creating the swap ourselves.

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At December 31, 2025, the swap transactions remaining maturities ranged from under 1 year to 10 years.

At December 31, 2024, none of these client swaps were in a paying position to third parties, with our swap guarantees having a fair value of $ 5.5 million.

At December 31, 2025, one of these client swaps was in a paying position to third parties for less than $ 1.0 thousand, with our swap guarantees having a fair value of $ 4.1 million.

At December 31, 2024, none of these client swaps were in a paying position to third parties, with the Company's swap guarantees having a fair value of $ 5.5 million.

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The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $ 1.7 million in cash against its obligations under these agreements which meets or exceeds the minimum collateral posting requirements.

If the Company had breached any of these provisions at December 31, 2025, it could have been required to settle its obligations under the agreements at the termination value.

The Company had $ 4.4 million of derivatives with credit-risk-related contingent features in a net liability position as of December 31, 2025 and none at December 31, 2024.

The Company was required to post collateral on these derivatives of $ 5.0 million as of December 31, 2025 compared to none as of December 31, 2024.

What changed 10-K

Item 8. Financial Statements and Supplementary Data