WSFS Q3 2026 Earnings Call: $1.75 Core EPS, Walton Trust Growth and NIM Outlook
Source Tradingkey
Key Takeaways
- WSFS Financial Corporation reported Q3 2026 core EPS of $1.75, core ROA of 1.58% and core return on tangible common equity of 20.7%, all above the prior quarter.
- Core pre-provision net revenue increased 15% year over year, while core net income rose 14% and core EPS grew 25%.
- Net interest margin expanded 1 basis point sequentially to 3.88%. Management said each additional 25-basis-point rate increase could add roughly 2 basis points to margin, depending on deposit pricing.
- Walton Trust revenue grew 30% year over year and represented approximately 60% of total fee revenue. Management continues to target double-digit growth for the business over time.
- Gross loans increased 1% sequentially, or 5% annualized. Excluding the runoff of the Spring EQ portfolio, loans rose 2% quarter over quarter and 7% year over year.
- Credit metrics were largely stable, but problem assets increased 12% sequentially and the company recorded an $8 million specific reserve tied to a student housing-related loan.
Core Financial Data
| Metric | Q3 2026 result | Change or context |
|---|---|---|
| Core EPS | $1.75 | Up 25% year over year |
| Core ROA | 1.58% | Above the prior quarter |
| Core return on tangible common equity | 20.7% | Above the prior quarter |
| Core pre-provision net revenue | — | Up 15% year over year |
| Core net income | — | Up 14% year over year |
| Net interest margin | 3.88% | Up 1 basis point sequentially; September exit margin was 3.89% |
| Core fee revenue | Nearly one-third of total revenue | Down 1% sequentially; up 3% year over year |
| Gross loans | — | Up 1% sequentially, or 5% annualized |
| Average core deposits | — | Up 10% year over year |
| Average noninterest-bearing deposits | 35% of average deposits | Up 20% year over year |
| Core noninterest expense | — | Down 3% sequentially; broadly flat year over year |
| Efficiency ratio | 56.1% | Improved from slightly above 60% previously |
| Year-to-date net charge-offs | 3 basis points of average gross loans | Q3 included a net recovery |
| Capital returned | $70 million | Included $60 million of share repurchases |
Business and Operating Performance
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