WSFS earned more, and its share count did a surprising amount of the work. Net income rose 16.7% to $84.4 million in the three months ended June 30, while diluted EPS climbed 28.3% to $1.63.
The difference was arithmetic with consequences: diluted shares fell 8.6%, from 56.9 million to 51.9 million. Earnings grew, but earnings per share grew faster because there were fewer shares dividing them.
The operating picture underneath that result was less uniform. Wealth and Trust fees supplied the largest disclosed lift, while Cash Connect weakened and a prior-year earnout disappeared. At the same time, salaries, restructuring, and credit costs all moved higher.
Management described the revenue mix this way:
"This increase was primarily driven by $18.0 million of higher Wealth and Trust fees and a $2.1 million increase in Capital Markets, partially offset by a $4.8 million decrease in Cash Connect ® for the reasons mentioned above, the $4.1 million equity investment impairment, and $2.3 million of earnout revenue from Spring EQ recognized in the prior year."
WSFS Financial Corporation, 10-Q, Aug. 5, 2026
That is a fee-business story, with several offsets attached. WSFS does not disclose a single consolidated revenue figure in the supplied comparison, so the filing gives a clearer view of which businesses moved than of the total top-line change.
The cost side matters because the income gain was not simply a matter of collecting more fees. WSFS said expenses rose for several specific reasons:
"The increase was primarily due to $16.0 million of higher salaries and benefits due to the reasons mentioned above, $2.5 million related to restructuring costs due to a loss on a property sale and a write-down of held-for-sale real estate, $2.4 million of higher loan workout and other credit costs, partially offset by a $3.3 million decrease in other operating expense driven by lower Cash Connect ® external funding costs."
WSFS Financial Corporation, 10-Q, Aug. 5, 2026
The plain-English version is that the three-month period produced stronger earnings, but it also carried higher personnel, restructuring, and credit-related costs. Cash Connect’s lower external funding costs helped, though that benefit was smaller than the disclosed salary increase.
The balance sheet added a second piece to the story. Deposits increased by $1.4 billion, or 7.7%, from Dec. 31, 2025, primarily through Trust and Commercial growth. WSFS also increased total investment securities by $273.7 million, including $533.5 million of purchases of available-for-sale securities before repayments, maturities, calls, and market-value changes.
Capital return made the per-share math visible. Over six months, WSFS repurchased 2,243,574 shares for about $151.2 million and paid $19.4 million in dividends. The company also disclosed an additional authorization equal to 15% of shares outstanding as of March 31, 2026.
That buyback sits in contrast with the company’s latest annual history, where diluted shares increased 33.4% alongside a 50.2% jump in revenue. In the current filing, the share count moved in the other direction, making capital allocation part of the EPS result rather than background plumbing.
The specific number to compare in WSFS’s next quarterly report is diluted shares, which stood at 51.9 million for this three-month period.
Source: WSFS Financial Corporation 10-Q filed Aug. 5, 2026, for the three months ended June 30, 2026.