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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  FORM 8-K
  
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

April 25, 2024
Date of Report
(Date of Earliest Event Reported) 
WSFS Financial Corporation
(Exact Name of Registrant as Specified in its Charter)
 
Delaware 001-35638 22-2866913
(State or Other Jurisdiction
of incorporation)		 (SEC Commission
File Number)		 (IRS Employer
Identification Number)
500 Delaware Ave,
Wilmington, Delaware, 19801
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (302) 792-6000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share WSFS Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 40.12b-2).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operation and Financial Condition

On April 25, 2024, WSFS Financial Corporation (the “Registrant”) issued a press release to report earnings for the quarter ended March 31, 2024. A copy of the press release is furnished with this Form 8-K as Exhibit 99.1.

This information (including Exhibit 99.1) is being furnished under Item 2.02 hereof and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosures

The attached presentation contains information that the members of the Registrant's management will use during visits with investors, analysts, and other interested parties to assist their understanding of the Registrant from time to time throughout the second quarter of 2024. Other presentations and related materials will be made available as they are presented during the year. A copy of the earnings release supplement is furnished with this Form 8-K as Exhibit 99.2.

This information (including Exhibit 99.2) is being furnished under Item 7.01 hereof and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Other Exhibits
(d) Exhibits.
99.1 Press Release, dated April 25, 2024
99.2 1Q 2024 Earnings Release Supplement, dated April 25, 2024




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

 
WSFS FINANCIAL CORPORATION
Date: April 25, 2024 By:   /s/ Arthur J. Bacci
    Arthur J. Bacci
Executive Vice President, Chief Wealth Officer and Interim Chief Financial Officer


EX-99.1 2 exhibit991earningsrelease3.htm EX-99.1 Document
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 WSFS Bank Center WSFS Bank Place
1
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
EXHIBIT 99.1
FOR IMMEDIATE RELEASE Investor Relations Contact: Andrew Basile
(302) 504-9857; abasile@wsfsbank.com
April 25, 2024 Media Contact: Kyle Babcock
(215) 864-1795; kbabcock@wsfsbank.com

WSFS REPORTS 1Q 2024 ROA OF 1.28% AND EPS OF $1.09;
ANNUALIZED LOAN GROWTH OF 7%;
REFLECTS BALANCE SHEET STRENGTH AND DIVERSE BUSINESS MODEL

Wilmington, DE — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the first quarter of 2024.
Selected financial results and metrics are as follows:
(Dollars in millions, except per share data) 1Q 2024 4Q 2023 1Q 2023
Net interest income $ 175.3  $ 178.1  $ 182.5 
Fee revenue 75.9  87.2  63.1 
Total net revenue 251.1  265.3  245.7 
Provision for credit losses 15.1  24.8  29.0 
Noninterest expense 149.1  147.6  133.0 
Net income attributable to WSFS
 65.8  63.9  62.4 
Pre-provision net revenue (PPNR)(1)
 102.1  117.7  112.6 
Earnings per share (EPS) (diluted) 1.09  1.05  1.01 
Return on average assets (ROA) (a) 1.28  % 1.25  % 1.27  %
Return on average equity (ROE) (a) 10.7  11.1  11.2 
Fee revenue as % of total net revenue 30.2  32.8  25.6 
Efficiency ratio 59.3  55.6  54.0 
See “Notes”
GAAP results for the quarterly periods shown included items that are excluded from core results. Below is a summary of the financial effects of these items. Refer to the "Non-GAAP Reconciliation" at the end of the press release for further detail.
1Q 2024 4Q 2023 1Q 2023
(Dollars in millions, except per share data) Total (pre-tax) Per share (after-tax) Total (pre-tax) Per share (after-tax) Total (pre-tax) Per share (after-tax)
Fee revenue $ (0.6) $ (0.01) $ 9.2  $ 0.11  $ (0.6) $ (0.01)
Noninterest expense 1.5  0.02  7.9  0.09  —  — 
Income tax(2)
 (0.5) (0.01) 7.1  0.12  (0.1) — 


(1) As used in this press release, PPNR is a non-GAAP financial measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for credit losses. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
(2) Income tax impacts are presented on an after-tax basis.

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 WSFS Bank Center WSFS Bank Place
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500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
CEO Commentary
Rodger Levenson, Chairman, CEO and President, said, "Despite a challenging operating environment, we are pleased to report first quarter earnings of a core EPS(3) of $1.11 and accompanying core ROA(3) of 1.31%. Our results were highlighted by annualized loan growth of 7% across both Commercial and Consumer business lines and continued solid, diversified core fee revenue(3) of $76.5 million. Deposit levels remained essentially flat excluding the reduction of corporate trust deposits, which can vary from quarter to quarter, and the net interest margin of 3.84% reflects continued competitive market conditions.
"Overall asset quality metrics remained stable and included reductions in both NPAs and net charge-offs. In light of the continued uncertain economic and interest rate environment, we remain very focused on prudently strengthening our balance sheet. This includes ongoing proactive credit risk management and a continued build of our ACL reserves which stood at 1.48% of total loans and leases at quarter end. Bank capital levels remain strong with CET1 at 14.00% and total risk based capital at 15.25% and above "well-capitalized" including the full impact of AOCI.
"During the quarter, we were honored to be named a recipient of both the Gallup Exceptional Workplaces for the eighth time since 2016 and Forbes America's Best Banks 2024. These recognitions are a direct result of our over 2,200 associates who continue to live our mission of 'We Stand for Service'."







(3) As used in this press release, core EPS, core ROA and core fee revenue are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
3
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Highlights for 1Q 2024: 
•Core EPS was $1.11 compared to $1.15 for 4Q 2023.
•Core ROA was 1.31% compared to 1.36% for 4Q 2023.
•Gross loan growth of 2% (7% annualized) from 4Q 2023 driven primarily by growth across the commercial portfolio and our consumer partnership with Spring EQ (home equity loans).
•Customer deposits decreased by $235.2 million, or 1% (6% annualized) for the quarter, primarily driven by a $207.4 million decrease in expected trust deposit activity and $81.9 million from a short-term commercial deposit.
•Core fee revenue (noninterest income) of $76.5 million, a decrease of $1.5 million, or 2% (not annualized), compared to 4Q 2023, primarily due to lower income from our equity position in Spring EQ, which was sold in 4Q 2023.
•Net interest margin of 3.84% compared to 3.99% for 4Q 2023, reflects lagging increases in deposit pricing following rate hikes in 2023.
•Total net credit costs were $16.2 million, down from $25.4 million for 4Q 2023 due to lower provision on our NewLane and Upstart portfolios.
•WSFS Bank capital ratios remain significantly above "well-capitalized" levels, with total risk-based capital of 15.25% and Common Equity Tier 1 of 14.00%.
•WSFS repurchased 492,368 shares of common stock at an average price of $42.62 per share, totaling an aggregate of $21.0 million. The Board of Directors also approved a quarterly cash dividend of $0.15 per share.
•Tangible common book value (TBV) per share(4) increased by $0.19 to $24.52
•Recorded a $1.3 million expense for the FDIC Special Assessment as a result of the FDIC's revised estimated losses related to the closures of certain banks in 2023.



(4) As used in this press release, TBV per share is a non-GAAP financial measure. This non-GAAP financial measure excludes certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
4
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
First Quarter 2024 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and composition at March 31, 2024 compared to December 31, 2023 and March 31, 2023:
Loans and Leases
(Dollars in millions) March 31, 2024 December 31, 2023 March 31, 2023
Commercial & industrial (C&I) $ 4,489  35  % $ 4,443  35  % $ 4,443  37  %
Commercial mortgage 3,877  30  3,801  30  3,473  29 
Construction 1,056  8  1,036  8  1,024  8 
Commercial small business leases 634  5  624  5  577  5 
Total commercial loans and leases 10,056  78  9,904  78  9,517  79 
Residential mortgage 888  7  882  7  801  6 
Consumer 2,066  17  2,012  16  1,868  16 
Gross loans and leases 13,010  102  % 12,798  101  % 12,186  101  %
ACL (193) (2) (186) (1) (169) (1)
Net loans and leases $ 12,817  100  % $ 12,612  100  % $ 12,017  100  %
At March 31, 2024, WSFS’ gross loan and lease portfolio increased $212.0 million, or 2% (7% annualized), when compared with December 31, 2023 primarily due to increases of $75.7 million in commercial mortgage, $53.7 million in consumer loans (primarily from Spring EQ home equity loans) and $45.5 million in C&I.
The C&I portfolio (including owner-occupied real estate) continued to be our largest portfolio at 35% of net loans and leases. Additionally, our total commercial loan and lease portfolio continues to represent a majority of our lending portfolio at 78% of net loans and leases.
Gross loans and leases at March 31, 2024 increased $823.9 million, or 7%, when compared with March 31, 2023. The increase was driven by increases of $403.8 million in commercial mortgage, $197.4 million in consumer loans (primarily from Spring EQ home equity loans), $87.0 million in residential mortgage, $57.2 million in commercial small business leases, and $45.8 million in C&I.


wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
5
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
The following table summarizes customer deposit balances and composition at March 31, 2024 compared to December 31, 2023 and March 31, 2023:
Customer Deposits
(Dollars in millions)
 March 31, 2024 December 31, 2023 March 31, 2023
Noninterest demand $ 4,653  29  % $ 4,917  30  % $ 5,299  33  %
Interest-bearing demand 2,856  18  2,936  18  3,159  20 
Savings 1,577  10  1,610  10  1,967  13 
Money market 5,206  31  5,175  31  4,002  25 
Total core deposits 14,292  88  14,638  89  14,427  91 
Customer time deposits 1,895  12  1,784  11  1,453  9 
Total customer deposits $ 16,187  100  % $ 16,422  100  % $ 15,880  100  %
Total customer deposits decreased $235.2 million, or 1% (6% annualized), when compared with December 31, 2023, primarily driven by a $207.4 million decrease in expected trust deposit activity and $81.9 million from a short-term commercial deposit.
Customer deposits increased by $306.8 million from March 31, 2023 primarily due to short-term deposit increases in the Wealth and Trust business lines.
Our deposit base remains highly diverse, with more than half of our customer deposits, or 52%, coming from our Commercial, Small Business, Wealth and Trust business lines. The loan-to-deposit ratio(5) was 79% at March 31, 2024, reflecting continued capacity to fund future loan growth.
Core deposits were a strong 88% of total customer deposits. While customer deposits continue to shift into higher interest-bearing accounts, no- and low-cost checking accounts represented 47% of total customer deposits at March 31, 2024, with a weighted average cost of 39bps for the quarter.






(5) Ratio of net loans and leases to total customer deposits.

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 WSFS Bank Center WSFS Bank Place
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500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Net Interest Income
Three Months Ending
(Dollars in millions)
 March 31, 2024 December 31, 2023 March 31, 2023
Net interest income before purchase accretion $ 173.1  $ 174.8  $ 179.1 
Purchase accounting accretion 2.2  3.3  3.4 
Net interest income
 $ 175.3  $ 178.1  $ 182.5 
Net interest margin before purchase accretion 3.79  % 3.92  % 4.17  %
Purchase accounting accretion 0.05  0.07  0.08 
Net interest margin
 3.84  % 3.99  % 4.25  %
Net interest income decreased $2.8 million, or 2% (not annualized), compared to 4Q 2023 and decreased $7.3 million, or 4%, compared to 1Q 2023, primarily driven by lagging increases in deposit pricing following rate hikes in 2023.
Total loan yields were 7.02%, and remained flat when compared to 4Q 2023. Total customer deposit costs were 1.79%, an increase of 17bps compared to 4Q 2023 and customer interest-bearing deposit costs were 2.55%, an increase of 20bps compared to 4Q 2023.
Net interest margin decreased 15bps from 4Q 2023 and decreased 41bps from 1Q 2023, primarily due to the reasons noted above.

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 WSFS Bank Center WSFS Bank Place
7
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Asset Quality
The following table summarizes asset quality metrics as of and for the period ended March 31, 2024 compared to December 31, 2023 and March 31, 2023.
(Dollars in millions) March 31, 2024 December 31, 2023 March 31, 2023
Problem assets(6)
 $ 573.2  $ 555.7  $ 416.7 
Nonperforming assets 67.2  75.8  33.1 
Delinquencies 104.5  101.9  100.5 
Net charge-offs 8.6  14.7  11.7 
Total net credit costs (recoveries) (r) 16.2  25.4  29.0 
Problem assets to total Tier 1 capital plus ACL 23.42  % 23.44  % 18.65  %
Classified assets to total Tier 1 capital plus ACL 17.56  17.29  15.38 
Ratio of nonperforming assets to total assets 0.33  0.37  0.16 
Delinquencies to gross loans (n) 0.81  0.80  0.83 
Ratio of quarterly net charge-offs to average gross loans 0.27  0.46  0.40 
Ratio of allowance for credit losses to total loans and leases (q) 1.48  1.46  1.39 
Ratio of allowance for credit losses to nonaccruing loans 292  251  528 
See “Notes”
Overall asset quality metrics remained stable and reflect continued credit normalization from prior favorable levels. Problem assets to total Tier 1 capital plus ACL ratio of 23.42% decreased 2bps from December 31, 2023. Delinquencies of $104.5 million or 81bps of gross loans increased $2.6 million, or 1bps compared to December 31, 2023.
Nonperforming assets decreased $8.6 million, or 4bps of total assets, compared to December 31, 2023 driven by the resolution of two nonperforming C&I loans. Net charge-offs decreased $6.0 million to $8.6 million, or 0.27% (annualized) of average gross loans during the quarter, due to lower charge-offs in our C&I and Construction portfolios. Excluding NewLane and Upstart, net charge-offs were a net recovery of $0.8 million.
Total net credit costs were $16.2 million in the quarter compared to $25.4 million in 4Q 2023, primarily due to lower provision on our NewLane and Upstart portfolios. The ACL was $192.6 million as of March 31, 2024, an increase of $6.5 million from December 31, 2023. The ACL coverage ratio was 1.48%, an increase of 2bps from December 31, 2023. The increase in ACL from the prior quarter was primarily due to specific reserves for two nonperforming C&I relationships.


(6) Problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO).

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 WSFS Bank Center WSFS Bank Place
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500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Core Fee Revenue
Fee business, including Wealth Management, Cash Connect®, capital markets and mortgage banking, continue to perform well, as expected, and reflect the investments we are making to diversify our fee businesses. Core fee revenue (noninterest income) decreased $1.5 million, or 2% (not annualized), compared to 4Q 2023 to $76.5 million, resulting from $3.5 million of lower income from our equity position in Spring EQ, which was sold in 4Q 2023. Excluding the impact from Spring EQ, fee revenue increased, mainly due to an additional $3.3 million in Cash Connect® driven by ATM vault cash units added during the fourth quarter of 2023.
Core fee revenue increased $12.8 million, or 20%, compared to 1Q 2023. The increase was primarily driven by $8.2 million from Cash Connect® due to the addition of ATM vault cash units during the fourth quarter of 2023 and the higher rate environment and $2.3 million from our Wealth and Trust business lines.
For 1Q 2024, our core fee revenue ratio(7) was 30.3% compared to 30.4% in 4Q 2023 and 25.8% in 1Q 2023. Fee revenue is a competitive differentiator providing a well-diversified source of revenue with further growth opportunities expected across all sources.








(7) As used in this press release, core fee revenue ratio is a non-GAAP financial measure. This non-GAAP financial measure excludes certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
9
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Core Noninterest Expense(8)
Core noninterest expense of $147.6 million increased $7.8 million, or 6% (not annualized), compared to 4Q 2023. Core noninterest expenses included a one-time benefit of approximately $3.2 million in 1Q 2024, reflecting lower actual incentive payments made for 2023 and $3.9 million of net favorable one-time adjustments in 4Q 2023 related to certain employee benefit plan valuations that were partially offset by accelerated costs associated with the closure of a branch. Excluding these nonrecurring items, expenses increased $7.2 million over the prior quarter. The increase was mostly due to Cash Connect® external funding costs, which increased $5.2 million from $8.3 million to $13.5 million compared to 4Q 2023. The remainder of the increase in expenses for the quarter was primarily driven by higher 401(k) expense and payroll taxes associated with annual incentive payouts made during the first quarter.
Core noninterest expense increased $14.5 million, or 11%, compared to 1Q 2023. The increase was primarily due to $7.7 million from Cash Connect® external funding costs, $3.0 million in salaries and benefits, $1.1 million in loan workout and OREO expenses, and $1.1 million in uninsured losses.
Our core efficiency ratio(8) was 58.6% in 1Q 2024, compared to 54.5% in 4Q 2023 and 53.9% in 1Q 2023.
Income Taxes
We recorded a $21.2 million income tax provision in 1Q 2024, compared to $29.4 million in 4Q 2023 and $20.9 million in 1Q 2023.
The effective tax rate was 24.4% in 1Q 2024 compared to 31.6% in 4Q 2023 and 25.0% in 1Q 2023. The decrease in effective tax rate for 1Q 2024 compared to 4Q 2023 was primarily driven by the surrender of BOLI policies during the prior quarter.



(8) As used in this press release, core noninterest expense and core efficiency ratio are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

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 WSFS Bank Center WSFS Bank Place
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500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Capital Management
Capital levels remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at March 31, 2024 with WSFS Bank’s Tier 1 leverage ratio of 11.14%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 14.00%, and Total Risk-based capital ratio of 15.25%.
WSFS’ total stockholders’ equity decreased $4.2 million, or less than 1% (not annualized), during 1Q 2024. The decrease was primarily due to a decrease in accumulated other comprehensive income (AOCI) of $42.9 million driven by market-value decreases on investment securities and capital returns of $30.1 million to stockholders, comprising $21.0 million from share repurchases and $9.1 million from quarterly dividends and was partially offset by quarterly earnings of $65.8 million.
WSFS’ tangible common equity(9) increased $0.1 million, or less than 1% (not annualized), compared to December 31, 2023 primarily due to scheduled amortization of intangibles offset by the reasons described above. WSFS’ common equity to assets ratio was 12.02% and our tangible common equity to tangible assets ratio(9) was 7.52% at March 31, 2024, both essentially flat compared to the prior quarter.
At March 31, 2024, book value per share was $41.17, an increase of $0.24, or 1% (not annualized), from December 31, 2023, and tangible common book value per share(9) was $24.52, an increase of $0.19, or 1% (not annualized), from December 31, 2023.
During 1Q 2024, WSFS repurchased 492,368 shares of common stock for an aggregate of $21.0 million. As of March 31, 2024, WSFS has 4,849,225 shares, or approximately 8% of outstanding shares, remaining to repurchase under its current authorizations. For the year, total capital returned to stockholder through share repurchases and quarterly dividends was $30.1 million.
The Board of Directors approved a quarterly cash dividend of $0.15 per share of common stock. This dividend will be paid on May 24, 2024 to stockholders of record as of May 10, 2024.







(9) As used in this press release, tangible common equity, tangible common equity to tangible assets ratio and tangible common book value per share are non-GAAP financial measures. These non-GAAP financial measures exclude goodwill and intangible assets and the related tax-effected amortization. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
11
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Selected Business Segments (included in previous results):
Wealth Management
The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, credit and deposit products to individual, corporate, and institutional clients.

Selected quarterly performance results and metrics are as follows:
(Dollars in millions) March 31, 2024 December 31, 2023 March 31, 2023
Net interest income $ 19.7  $ 18.3  $ 17.9 
Provision for (recovery of) credit losses 0.3  (0.1) 1.3 
Fee revenue 33.5  36.0  30.9 
Noninterest expense(10)
 26.4  26.9  24.2 
Pre-tax income 26.5  27.5  23.4 
Performance Metrics
Trust fee revenue (Institutional Services and BMT of DE) $ 17.8  $ 20.9  $ 17.0 
Private wealth management fee revenue 14.8  14.5  13.1 
AUM/AUA(11) (12)
 80,464  78,087  65,562 
Wealth Management pre-tax income decreased $1.0 million, or 4% (not annualized) compared to 4Q 2023.
Fee revenue decreased $2.5 million from 4Q 2023, primarily due to an adjustment to deferred revenue in Institutional Services and seasonally lower activity at Bryn Mawr Trust of Delaware. Net interest income increased $1.3 million as average trust deposits were higher by $92.6 million compared to 4Q 2023. Total noninterest expense decreased $0.6 million compared to 4Q 2023 driven by lower technology-related expenses.
Wealth Management pre-tax income increased $3.1 million compared to 1Q 2023. Fee revenue increased $2.6 million, or 8%, compared to 1Q 2023 due to AUM growth in Private Wealth Management including the Rehoboth expansion and account growth in Institutional Services. Net interest income increased $1.7 million.
Net AUM of $8.9 billion at the end of 1Q 2024 increased $0.3 billion, or 4% (not annualized), compared to 4Q 2023, and increased $1.0 billion, or 12%, compared to 1Q 2023. AUM balances over the period benefited primarily from positive returns in broader equity markets.

(10) Includes intercompany allocation of expense.
(11) Represents Assets Under Management and Assets Under Administration.
(12) AUM/AUA as of December 31, 2023 reflects a correction to the computation of AUA that reduces the previously reported AUM/AUA balance by $6.3 billion to $78.1 billion.

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
12
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Cash Connect®
Cash Connect® is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Customers with one of the largest branded ATM networks in our region.

Selected quarterly financial results and metrics are as follows:
(Dollars in millions) March 31, 2024 December 31, 2023 March 31, 2023
Net revenue(13)
 $ 24.1  $ 19.0  $ 15.5 
Noninterest expense(14)
 23.3  17.4  14.8 
Pre-tax income 0.8  1.6  0.6 
Performance Metrics
Cash managed $ 1,992  $ 1,867  $ 1,698 
Number of serviced non-bank ATMs and smart safes 46,031  41,695  34,067 
Number of WSFS owned and branded ATMs 583  590  691 
ROA 0.83  % 1.17  % 0.45  %
Cash Connect® net revenue increased $5.1 million from 4Q 2023 driven by ATM vault cash units added during the quarter. Noninterest expense increased $6.0 million due to higher funding cost associated with the shift toward external funding and non-recurring onboarding costs for the additional units. As a result, pre-tax income decreased $0.8 million and ROA decreased 34bps to 0.83% compared to 4Q 2023.
Net revenue increased $8.6 million compared to 1Q 2023 due to the added units described above. Noninterest expense increased $8.5 million due to the reasons described above. Pre-tax income was essentially flat compared to 1Q 2023. ROA increased 38bps to 0.83% compared to 1Q 2023 due to a higher proportion of external funding.
During 1Q 2024, Cash Connect® added 4,336 serviced non-bank ATMs as a result of a large industry participant exiting their ATM cash vault business. Cash Connect® is targeting additional unit growth opportunities in 2024 as a result of the factor mentioned above.




(13) Includes intercompany allocation of income and net interest income.
(14) Includes intercompany allocation of expense.

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
13
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
First Quarter 2024 Earnings Release Conference Call
Management will conduct a conference call to review 1Q 2024 results at 1:00 p.m. Eastern Time (ET) on Friday, April 26, 2024. Interested parties may access the conference call live on our Investor Relations website (https://investors.wsfsbank.com). For those who cannot access the live conference call, a replay will be accessible shortly after the event concludes through our Investor Relations website.
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of March 31, 2024, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $80.5 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
14
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Forward-Looking Statements
This press release contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth; the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; changes in market interest rates which may increase funding costs and reduce earning asset yields and thus reduce margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company's investment securities portfolio, which could impact market confidence in the Company’s operations; possible additional loan losses and impairment of the collectability of loans; the Company's level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums; , the credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development loans in the Company's loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company's operations and potential expenses associated with complying with such regulations; the Company's ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms; possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes; any impairments of the Company's goodwill or other intangible assets; the success of the Company's growth plans; failure of the financial and/or operational controls of the Company's Cash Connect® and/or Wealth Management segments; the Company's ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Customer acceptance of the Company's products and services and related Customer disintermediation; negative perceptions or publicity with respect to the Company generally and, in particular, the Company's trust and wealth management business; adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings; the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties; system failures or cybersecurity incidents or other breaches of the Company's network security, particularly given remote working arrangements; the Company's ability to recruit and retain key Associates; the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks; the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage); possible changes in the speed of loan prepayments by the Company's Customers and loan origination or sales volumes; possible changes in market valuations and/or the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate; regulatory limits on the Company's ability to receive dividends from its subsidiaries and pay dividends to its stockholders; any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; any compounding effects or unexpected interactions of the risks discussed above; and other risks and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this press release, the terms "WSFS," "the Company," "registrant," "we," "us," and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
15
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited)
Three months ended
(Dollars in thousands, except per share data) March 31, 2024 December 31, 2023 March 31, 2023
Interest income:
Interest and fees on loans $ 224,703  $ 224,760  $ 193,724 
Interest on mortgage-backed securities 25,897  26,245  27,526 
Interest and dividends on investment securities 2,184  2,184  2,237 
Other interest income 8,838  4,042  2,896 
261,622  257,231  226,383 
Interest expense:
Interest on deposits 72,795  67,319  35,192 
Interest on Federal Home Loan Bank advances 308  213  3,371 
Interest on senior and subordinated debt 2,449  2,455  2,573 
Interest on trust preferred borrowings 1,756  1,782  1,555 
Interest on other borrowings 9,036  7,335  1,160 
86,344  79,104  43,851 
Net interest income 175,278  178,127  182,532 
Provision for credit losses 15,138  24,816  29,011 
Net interest income after provision for credit losses 160,140  153,311  153,521 
Noninterest income:
Credit/debit card and ATM income 19,669  17,058  13,361 
Investment management and fiduciary revenue 32,928  35,475  30,476 
Deposit service charges 6,487  6,543  6,039 
Mortgage banking activities, net 1,647  1,119  1,122 
Loan and lease fee income 1,523  1,535  1,372 
Unrealized gain (loss) on equity investment, net —  338  (4)
Realized gain on sale of equity investment, net —  9,493  — 
Bank-owned life insurance income 1,200  675  1,510 
Other income 12,403  14,969  9,251 
75,857  87,205  63,127 
Noninterest expense:
Salaries, benefits and other compensation 75,806  69,524  72,849 
Occupancy expense 9,479  12,115  10,408 
Equipment expense 10,692  11,077  9,792 
Data processing and operations expense 3,660  4,692  4,724 
Professional fees 4,481  6,031  4,439 
Marketing expense 1,782  1,984  1,716 
FDIC expenses 3,982  7,908  2,582 
Loan workout and other credit costs 1,071  560  (55)
Corporate development expense 208  282  740 
Restructuring expense —  557  (761)
Other operating expenses 37,911  32,916  26,611 
149,072  147,646  133,045 
Income before taxes 86,925  92,870  83,603 
Income tax provision 21,202  29,365  20,941 
Net income 65,723  63,505  62,662 
Less: Net (loss) income attributable to noncontrolling interest (38) (403) 258 
Net income attributable to WSFS $ 65,761  $ 63,908  $ 62,404 
Diluted earnings per share of common stock: $ 1.09  $ 1.05  $ 1.01 
Weighted average shares of common stock outstanding for fully diluted EPS 60,521,951  60,772,603  61,678,871 
See “Notes”

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
16
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) - continued
Three months ended
  March 31, 2024 December 31, 2023 March 31, 2023
Performance Ratios:
Return on average assets (a) 1.28  % 1.25  % 1.27  %
Return on average equity (a) 10.68  11.12  11.20 
Return on average tangible common equity (a)(o) 18.76  20.83  21.19 
Net interest margin (a)(b) 3.84  3.99  4.25 
Efficiency ratio (c) 59.28  55.56  54.02 
Noninterest income as a percentage of total net revenue (b) 30.16  32.81  25.63 
See “Notes”

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
17
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(Dollars in thousands) March 31, 2024 December 31, 2023 March 31, 2023
Assets:
Cash and due from banks $ 787,729  $ 629,310  $ 686,788 
Cash in non-owned ATMs 186,522  458,889  409,265 
Investment securities, available-for-sale 3,734,229  3,846,537  4,086,459 
Investment securities, held-to-maturity 1,049,807  1,058,557  1,094,799 
Other investments 35,397  37,533  73,906 
Net loans and leases (e)(f)(l) 12,816,986  12,612,470  12,016,579 
Bank owned life insurance 42,708  42,762  100,907 
Goodwill and intangibles 1,000,344  1,004,560  1,008,250 
Other assets 925,526  904,054  842,337 
Total assets $ 20,579,248  $ 20,594,672  $ 20,319,290 
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits $ 4,652,875  $ 4,917,297  $ 5,299,094 
Interest-bearing deposits 11,534,329  11,505,113  10,581,285 
Total customer deposits 16,187,204  16,422,410  15,880,379 
Brokered deposits —  51,676  309,309 
Total deposits 16,187,204  16,474,086  16,189,688 
Federal Home Loan Bank advances —  —  800,000 
Other borrowings 1,124,958  895,076  338,206 
Other liabilities 801,464  755,695  688,052 
Total liabilities 18,113,626  18,124,857  18,015,946 
Stockholders’ equity of WSFS 2,473,481  2,477,636  2,306,362 
Noncontrolling interest (7,859) (7,821) (3,018)
Total stockholders' equity 2,465,622  2,469,815  2,303,344 
Total liabilities and stockholders' equity $ 20,579,248  $ 20,594,672  $ 20,319,290 
Capital Ratios:
Equity to asset ratio 12.02  % 12.03  % 11.35  %
Tangible common equity to tangible asset ratio (o) 7.52  7.52  6.72 
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g) 14.00  13.72  13.39 
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g) 11.14  10.92  10.57 
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g) 14.00  13.72  13.39 
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g) 15.25  14.96  14.56 
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans (t) $ 65,948  $ 74,185  $ 32,017 
Assets acquired through foreclosure 1,210  1,569  1,131 
Total nonperforming assets $ 67,158  $ 75,754  $ 33,148 
Past due loans (h) $ 11,362  $ 11,584  $ 13,565 
Troubled loans 119,243  95,268  18,061 
Allowance for credit losses 192,637  186,134  169,171 
Ratio of nonperforming assets to total assets 0.33  % 0.37  % 0.16  %
Ratio of allowance for credit losses to total loans and leases (q) 1.48  1.46  1.39 
Ratio of allowance for credit losses to nonaccruing loans 292  251  528 
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n) 0.27  0.46  0.40 
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n) 0.27  0.44  0.40 
See “Notes”

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
18
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued) 
AVERAGE BALANCE SHEET (Unaudited)
(Dollars in thousands) Three months ended
  March 31, 2024 December 31, 2023 March 31, 2023
  Average
Balance		 Interest &
Dividends		 Yield/
Rate
(a)(b)		 Average
Balance		 Interest &
Dividends		 Yield/
Rate
(a)(b)		 Average
Balance		 Interest &
Dividends		 Yield/
Rate
(a)(b)
Assets:
Interest-earning assets:
Loans: (e) (j)
Commercial loans and leases (p) $ 5,047,482  $ 88,530  7.06  % $ 5,049,932  $ 89,474  7.04  % $ 4,954,622  $ 80,744  6.63  %
Commercial real estate loans (s) 4,887,483  86,724  7.14  4,757,766  85,717  7.15  4,425,354  71,828  6.58 
Residential mortgage 874,703  10,579  4.84  865,631  10,176  4.70  769,581  8,628  4.48 
Consumer loans 2,041,390  38,228  7.53  1,992,434  38,495  7.67  1,849,398  31,535  6.92 
Loans held for sale 34,907  642  7.40  46,227  898  7.71  43,527  989  9.21 
Total loans and leases 12,885,965  224,703  7.02  12,711,990  224,760  7.02  12,042,482  193,724  6.53 
Mortgage-backed securities (d) 4,476,032  25,897  2.31  4,376,102  26,245  2.40  4,823,507  27,526  2.28 
Investment securities (d) 365,375  2,184  2.65  356,495  2,184  2.72  376,760  2,237  2.86 
Other interest-earning assets 643,749  8,838  5.52  291,626  4,042  5.50  240,943  2,896  4.87 
Total interest-earning assets $ 18,371,121  $ 261,622  5.74  % $ 17,736,213  $ 257,231  5.76  % $ 17,483,692  $ 226,383  5.27  %
Allowance for credit losses (188,762) (179,030) (153,181)
Cash and due from banks 273,286  263,724  230,193 
Cash in non-owned ATMs 243,941  396,589  421,057 
Bank owned life insurance 42,791  91,769  101,612 
Other noninterest-earning assets 1,953,037  2,009,939  1,919,065 
Total assets $ 20,695,414  $ 20,319,204  $ 20,002,438 
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand $ 2,834,273  $ 7,366  1.05  % $ 2,941,311  $ 7,966  1.07  % $ 3,142,930  $ 5,024  0.65  %
Savings 1,588,224  1,580  0.40  1,646,314  1,614  0.39  2,065,212  1,256  0.25 
Money market 5,186,402  45,433  3.52  4,760,003  40,373  3.37  3,861,590  19,258  2.02 
Customer time deposits 1,835,424  18,238  4.00  1,763,678  15,766  3.55  1,276,204  5,993  1.90 
Total interest-bearing customer deposits 11,444,323  72,617  2.55  11,111,306  65,719  2.35  10,345,936  31,531  1.24 
Brokered deposits 18,410  178  3.89  119,843  1,600  5.30  346,355  3,661  4.29 
Total interest-bearing deposits 11,462,733  72,795  2.55  11,231,149  67,319  2.38  10,692,291  35,192  1.33 
Federal Home Loan Bank advances 21,429  308  5.78  14,620  213  5.78  267,367  3,371  5.11 
Trust preferred borrowings 90,655  1,756  7.79  90,606  1,782  7.80  90,459  1,555  6.97 
Senior and subordinated debt 218,420  2,449  4.48  218,362  2,455  4.50  233,189  2,573  4.41 
Other borrowed funds 781,854  9,036  4.65  635,512  7,335  4.58  131,221  1,160  3.59 
Total interest-bearing liabilities $ 12,575,091  $ 86,344  2.76  % $ 12,190,249  $ 79,104  2.57  % $ 11,414,527  $ 43,851  1.56  %
Noninterest-bearing demand deposits 4,828,865  4,965,356  5,560,252 
Other noninterest-bearing liabilities 822,834  889,962  770,565 
Stockholders’ equity of WSFS 2,476,453  2,281,076  2,260,262 
Noncontrolling interest (7,829) (7,439) (3,168)
Total liabilities and equity $ 20,695,414  $ 20,319,204  $ 20,002,438 
Excess of interest-earning assets over interest-bearing liabilities $ 5,796,030  $ 5,545,964  $ 6,069,165 
Net interest and dividend income $ 175,278  $ 178,127  $ 182,532 
Interest rate spread 2.98  % 3.19  % 3.71  %
Net interest margin 3.84  % 3.99  % 4.25  %
See “Notes”

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
19
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
 
(Dollars in thousands, except per share data) Three months ended
Stock Information: March 31, 2024 December 31, 2023 March 31, 2023
Market price of common stock:
High $47.71 $47.97 $51.77
Low 40.20 33.12 34.83
Close 45.14 45.93 37.61
Book value per share of common stock 41.17 40.93 37.57
Tangible common book value (TBV) per share of common stock (o) 24.52 24.33 21.15
Number of shares of common stock outstanding (000s) 60,084 60,538 61,387
Other Financial Data:
One-year repricing gap to total assets (k) 0.19% (0.14)% 3.34%
Weighted average duration of the MBS portfolio 5.8 years 5.8 years 6.0 years
Unrealized losses on securities available for sale, net of taxes $(539,939) $(499,932) $(510,522)
Number of Associates (FTEs) (m) 2,241 2,229 2,177
Number of offices (branches, LPO’s, operations centers, etc.) 114 114 119
Number of WSFS owned and branded ATMs 583 590 691
Notes:
(a)Annualized.
(b)Computed on a fully tax-equivalent basis.
(c)Noninterest expense divided by (tax-equivalent) net interest income and noninterest income.
(d)Includes securities held-to-maturity (at amortized cost) and securities available-for-sale (at fair value).
(e)Net of unearned income.
(f)Net of allowance for credit losses.
(g)Represents capital ratios of Wilmington Savings Fund Society, FSB and subsidiaries. Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed.
(h)Accruing loans which are contractually past due 90 days or more as to principal or interest. Balance includes student loans, which are U.S. government guaranteed with little risk of credit loss.
(i)Excludes loans held for sale.
(j)Nonperforming loans are included in average balance computations.
(k)The difference between projected amounts of interest-sensitive assets and interest-sensitive liabilities repricing within one year divided by total assets, based on a current interest rate scenario.
(l)Includes loans held for sale and reverse mortgages.
(m)Includes seasonal Associates, when applicable.
(n)Excludes reverse mortgage loans.
(o)The Company uses non-GAAP (United States Generally Accepted Accounting Principles) financial information in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP financial measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
(p)Includes commercial & industrial loans and commercial small business leases.
(q)Represents amortized cost basis for loans and leases.
(r)Includes provision for credit losses, loan workout expenses, OREO expenses and other credit costs.
(s)Includes commercial mortgage and commercial construction loans.
(t)Includes nonaccruing troubled loans.

wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
20
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION 
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
 
Non-GAAP Reconciliation (o): Three months ended
  March 31, 2024 December 31, 2023 March 31, 2023
Net interest income (GAAP) $ 175,278  $ 178,127  $ 182,532 
Core net interest income (non-GAAP) 175,278  178,127  182,532 
Noninterest income (GAAP) 75,857  87,205  63,127 
Less/(plus): Unrealized gain (loss) on equity investments, net —  338  (4)
Less: Realized gain on sale of equity investment, net —  9,493  — 
Plus: Visa derivative valuation adjustment (605) (605) (553)
Core fee revenue (non-GAAP) $ 76,462  $ 77,979  $ 63,684 
Core net revenue (non-GAAP) $ 251,740  $ 256,106  $ 246,216 
Core net revenue (non-GAAP)(tax-equivalent) $ 252,084  $ 256,523  $ 246,859 
Noninterest expense (GAAP) $ 149,072  $ 147,646  $ 133,045 
Less: FDIC special assessment 1,263  5,052  — 
Less: Corporate development expense 208  282  740 
Less/(plus): Restructuring expense —  557  (761)
Less: Contribution to WSFS CARES Foundation —  2,000  — 
Core noninterest expense (non-GAAP) $ 147,601  $ 139,755  $ 133,066 
Core efficiency ratio (non-GAAP) 58.6  % 54.5  % 53.9  %
Core fee revenue ratio (non-GAAP) (b) 30.3  % 30.4  % 25.8  %
  End of period
  March 31, 2024 December 31, 2023 March 31, 2023
Total assets (GAAP) $ 20,579,248  $ 20,594,672  $ 20,319,290 
Less: Goodwill and other intangible assets 1,000,344  1,004,560  1,008,250 
Total tangible assets (non-GAAP) $ 19,578,904  $ 19,590,112  $ 19,311,040 
Total stockholders’ equity of WSFS (GAAP) $ 2,473,481  $ 2,477,636  $ 2,306,362 
Less: Goodwill and other intangible assets 1,000,344  1,004,560  1,008,250 
Total tangible common equity (non-GAAP) $ 1,473,137  $ 1,473,076  $ 1,298,112 
Tangible common book value (TBV) per share:
Book value per share (GAAP) $ 41.17  $ 40.93  $ 37.57 
Tangible common book value per share (non-GAAP) 24.52  24.33  21.15 
Tangible common equity to tangible assets:
Equity to asset ratio (GAAP) 12.02  % 12.03  % 11.35  %
Tangible common equity to tangible assets ratio (non-GAAP) 7.52  7.52  6.72 





wsfs_corp2a.jpg
 WSFS Bank Center WSFS Bank Place
21
500 Delaware Avenue, 1818 Market St,
Wilmington, Delaware 19801 Philadelphia, PA 19103
Non-GAAP Reconciliation - continued (o): Three months ended
March 31, 2024 December 31, 2023 March 31, 2023
GAAP net income attributable to WSFS $ 65,761  $ 63,908  $ 62,404 
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and contribution to WSFS CARES Foundation 2,076  (1,335) 536 
Plus: Tax adjustments: BOLI surrender —  7,056  — 
(Plus)/less: Tax impact of pre-tax adjustments (507) 65  (134)
Adjusted net income (non-GAAP) attributable to WSFS $ 67,330  $ 69,694  $ 62,806 
GAAP return on average assets (ROA) 1.28  % 1.25  % 1.27  %
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and contribution to WSFS CARES Foundation 0.04  (0.03) 0.01 
Plus: Tax adjustments: BOLI surrender —  0.14  — 
(Plus)/less: Tax impact of pre-tax adjustments (0.01) —  (0.01)
Core ROA (non-GAAP) 1.31  % 1.36  % 1.27  %
Earnings per share (diluted) (GAAP) $ 1.09  $ 1.05  $ 1.01 
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and contribution to WSFS CARES Foundation 0.03  (0.02) 0.01 
Plus: Tax adjustments: BOLI surrender —  0.12  — 
(Plus)/less: Tax impact of pre-tax adjustments (0.01) —  — 
Core earnings per share (non-GAAP) $ 1.11  $ 1.15  $ 1.02 
Calculation of return on average tangible common equity:
GAAP net income attributable to WSFS $ 65,761  $ 63,908  $ 62,404 
Plus: Tax effected amortization of intangible assets 2,973  2,976  2,880 
Net tangible income (non-GAAP) $ 68,734  $ 66,884  $ 65,284 
Average stockholders’ equity of WSFS $ 2,476,453  $ 2,281,076  $ 2,260,262 
Less: Average goodwill and intangible assets 1,003,167  1,007,136  1,010,645 
Net average tangible common equity $ 1,473,286  $ 1,273,940  $ 1,249,617 
Return on average tangible common equity (non-GAAP) 18.76  % 20.83  % 21.19  %
Non-GAAP Reconciliation - continued (o): Three months ended
March 31, 2024 December 31, 2023 March 31, 2023
Calculation of PPNR:
Net income (GAAP) $ 65,723  $ 63,505  $ 62,662 
Plus: Income tax provision 21,202  29,365  20,941 
Plus: Provision for credit losses 15,138  24,816  29,011 
PPNR (non-GAAP) $ 102,063  $ 117,686  $ 112,614 

EX-99.2 3 a1q24supplement425final.htm EX-99.2 a1q24supplement425final
1 WSFS Financial Corporation 1Q 2024 Earnings Release Supplement April 2024 Exhibit 99.2

 
2 Forward Looking Statements & Non-GAAP Forward Looking Statements: This presentation contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward- looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to significant risks and uncertainties (which change over time) and other factors, including the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions, the uncertain effects of geopolitical instability, armed conflicts, public health crises, inflation, interest rates and actions taken in response thereto on our business, results of operations, capital and liquidity, which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties are discussed in detail in the Company’s Form 10-K for the year ended December 31, 2023, and other documents filed by the Company with the Securities and Exchange Commission from time to time. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and the Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this presentation, the terms "WSFS", "the Company", "registrant", "we", "us", and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise. Non-GAAP Financial Measures: This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures include Core Earnings Per Share (“EPS”), Core Net Income, Core Efficiency ratio, Pre-provision Net Revenue (“PPNR”), Core PPNR, PPNR to average assets ratio, Core PPNR to average assets ratio, Core Return on Assets (“ROA”), core net interest income, Core Net Interest Margin (“NIM”), Tangible Common Equity (“TCE”), tangible assets, tangible equity, Return on Tangible Common Equity (“ROTCE”), Core ROTCE, Core Fee Revenue, Core Fee Revenue ratio, tangible common book value (“TBV”), TBV excluding AOCI, coverage ratio including the remaining credit marks, and Effective AOCI. The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these non-GAAP measures to their comparable GAAP measures, see the Appendix. Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders.

 
3 Financial Highlights 1Q 2024 Highlights: • Gross loans increased $212mm or 7% (annualized) • Growth across Commercial and Consumer segments • Customer deposits declined $235mm or 6% (annualized) • Expected declines in Trust and a short-term Commercial deposit partially offset by Consumer and Wealth growth • Core fee revenue1 of $76.5mm; continued growth opportunities • Increased 3% QoQ when excluding the income from equity in Spring EQ in 4Q23 • NIM of 3.84% in line with Outlook; reflects increased funding costs • Credit metrics stable with improvements in nonperforming assets (down 4bps to 0.33%) and net charge-offs (down 19bps to 0.27%) • Reported financials includes $1.3mm FDIC Special Assessment 1 These are non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information. 2 Excludes net income that is attributable to noncontrolling interest Reported Core1 $ in millions (except per share amounts) 1Q24 4Q23 1Q24 4Q23 EPS $1.09 $1.05 $1.11 $1.15 ROA 1.28% 1.25% 1.31% 1.36% Net Income2 $65.8 $63.9 $67.3 $69.7 PPNR %1 1.98% 2.30% 2.02% 2.27% ROTCE1 18.76% 20.83% 19.19% 22.63% NIM 3.84% 3.99% 3.84% 3.99% Fee Revenue %3 30.2% 32.8% 30.3% 30.4% Efficiency Ratio 59.3% 55.6% 58.6% 54.5% ACL Ratio4 1.48% 1.46% 1.48% 1.46% Bank CET1 14.00% 13.72% 14.00% 13.72% 3 Tax-equivalent 4 ACL Ratio excludes HTM securities

 
4 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 0.80% 1.16% 1.38% 1.62% 1.79% 1.05% 1.40% 1.59% 1.83% 1.99% 6.42% 6.69% 6.81% 6.92% 6.95% 2.0% 4.0% 6.0% 8.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Lo an Y ie ld (% ) Cu st om er D ep os it Co st (% ) Total Deposit Cost Total Funding Cost Total Loans Ex PAA Yield Deposit Betas3 Net Interest Margin Trends Favorable funding cost and competitive beta that is expected to stabilize Average Deposit Cost and Loan Yield 1 Includes non-interest and interest-bearing; interest-bearing deposits include demand, money market, savings, and customer time deposits 2 Average total loans yield excludes PAA 3 Deposit betas are cumulative customer deposits for the current cycle 21 4.25% 4.11% 4.08% 28% 35% 39% 44% 47% 19% 23% 27% 31% 34% 0% 15% 30% 45% 60% 75% 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 De po sit B et a Interest-bearing Dep Beta Total Dep Beta 3.99% 3.84% Compression driven by deposit product pricing and continued mix shift. Funding costs are expected to stabilize later in the year as reflected in our FY24 Outlook

 
5 $15 $15 $19 $19 $17 $18 $20 $21 $23 $26 $31 $32 $33 $36 $33 $64 $67 $73 $78 $76 $- $10 $20 $30 $40 $50 $60 $70 $80 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Co re F ee R ev en ue ( $m m )2 Banking Cash Connect Wealth Management3 Core Fee Revenue1 30.3% core fee revenue ratio with substantial growth opportunities 1 This is a non-GAAP financial measure and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information. 2 Tax-equivalent basis 3 Banking includes deposit service charges, SBA loan sales, loan and lease fees, credit and debit revenue, capital markets, mortgage, and other banking related fees Wealth Management: • Private Wealth Management benefited from AUM growth from positive market returns • Institutional Services decline attributable to an adjustment in deferred revenue • Bryn Mawr Trust of DE declined based on seasonally lower activity Cash Connect®: • Benefited from market share captured from a major competitor exiting the space Banking: • Spring EQ income from equity ceased in 4Q23 in conjunction with sale of the company ®

 
6 Deposit Highlights • $235mm (6% annualized) decrease in ending Customer Deposits • Decline driven by $207mm in expected Trust activity and $82mm from a short-term Commercial deposit • 1.79% total average Customer Deposit cost; 34% total deposit beta • 30% average noninterest deposits • 52% of Customer Deposits are from non-Consumer business lines Resilient deposit base with competitive pricing and diversified funding mix Average Total Customer Deposit Mix 8% 10% 10% 11% 11% 37% 37% 39% 40% 42% 20% 19% 18% 18% 17% 35% 34% 33% 31% 30% 0% 20% 40% 60% 80% 100% 1Q23 2Q23 3Q23 4Q23 1Q24 Noninterest Interest-bearing Savings/MM Time ($ in millions) Mar 2024 Dec 2023 Mar 2023 QoQ $ Growth Annualized % Growth Noninterest Demand $4,653 $4,917 $5,299 ($264) (22%) Interest-bearing Demand 2,856 2,936 3,159 (80) (11%) Savings 1,577 1,610 1,967 (33) (8%) Money Market 5,206 5,175 4,002 31 2% Total Core Deposits $14,292 $14,638 $14,427 ($346) (9%) Customer Time Deposits 1,895 1,784 1,453 111 25% Total Customer Deposits $16,187 $16,422 $15,880 ($235) (6%) EOP Deposits by Product - 1Q24 vs 4Q23 Consumer 48% Commercial 24% Small Business 13% Trust 7% Wealth 7% Other 1% Average Customer Deposits By Business Line

 
7 Loan Portfolio Highlights • Commercial: Growth driven by CRE new fundings and C&I originations; partially offset by payoffs and paydowns • Lowest quarterly payoffs/paydowns in over five years • Line utilization to 38.3%, up from 36.9% last quarter • Consumer: Driven by $59mm increase in Spring EQ loans, partially offset by $11mm decline in Upstart loans • Non-WSFS Customer Upstart originations paused; Upstart portfolio stands at $218mm and is expected to decline going forward 7% annualized gross loan growth across Commercial and Consumer segments 1 Includes new loans, existing new funding, paydowns, payoffs, and prior Commercial runoff portfolios. Excludes reclasses, HFS, purchase accounting mark/unearned changes, and Commercial leases 2 C&I loans includes Owner-Occupied Real Estate $461 $376 $442 $400 $326 ($315) ($491) ($289) ($379) ($241) $(600) $(400) $(200) - $200 $400 $600 1Q23 2Q23 3Q23 4Q23 1Q24 New Loans Fundings Paydown/Payoffs Commercial Portfolio: New Net Loan Fundings ($mm)1 ($ in millions) Mar 2024 Dec 2023 Mar 2023 1Q24 $ Growth Annualized % Growth C & I Loans2 $4,489 $4,443 $4,443 $46 4% Commercial Mortgages (CRE) 3,877 3,801 3,473 76 8% Construction Loans 1,056 1,036 1,024 20 8% Commercial Leases 634 624 577 10 6% Total Commercial Loans $10,056 $9,904 $9,517 $152 6% Residential Mortgage (HFS/HFI) 888 882 801 6 3% Consumer Loans 2,066 2,012 1,868 54 11% Total Gross Loans $13,010 $12,798 $12,186 $212 7% EOP Loans - 1Q24 vs 4Q23

 
8 3 Commercial Loan Composition1 1 As defined by the North American Industry Classification System (NAICS) 2 Based on the underlying real estate collateral 3 Concentration limits are based on relationship exposure, and Tier-1 + ACL; as of March 31, 2024 2 Highly diversified C&I, Owner-Occupied, CRE, and Construction Portfolios C&I and Owner-Occupied1 $4.5 billion CRE and Construction2 $4.9 billion Hotels, 12% Other Services (except Public Admin), 10% Healthcare & Social Assistance, 9% Construction, 9% Manufacturing, 7% Real Estate Rental and Leasing, 6% Retail Trade, 7% Finance & Insurance, 8% Professional, Science & Tech., 6% Food Services, 5% Wholesale Trade, 4% Other, 17% Retail, 25% Residential Multi-family, 29% Office5, 14% Flex, Warehouse, Self-Storage, General Industrial, 10% Residential 1-4, 11% Special Use & Other, 9% Medical Office, 2% • 22 distinct concentration limits3 • All in compliance • House limit of $100mm • No relationships > limit • 18 relationships over $50mm4; • <8% gross loans • CRE/Const.: 37.9% of gross loans • Office5: 5.2% of gross loans • Multifamily: 11.3% of gross loans • Construction: 8.2% of gross loans Concentration Statistics 4 Based on relationship’s outstanding balances 5 Office portfolio excludes Medical Office CRE/Construction

 
9 Stable Asset Quality Metrics $417 $465 $543 $556 $573 3.42% 3.76% 4.27% 4.34% 4.41% -2% 0% 2% 4% 6% 8% $300 $400 $500 $600 $700 $800 1Q23 2Q23 3Q23 4Q23 1Q24 M ill io ns Problem Assets % of Gross Loans Problem Assets $33 $34 $58 $76 $67 0.16% 0.16% 0.29% 0.37% 0.33% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% $0 $20 $40 $60 $80 $100 1Q23 2Q23 3Q23 4Q23 1Q24 M ill io ns Nonperforming Assets % of Total Assets Nonperforming Assets $101 $73 $111 $102 $105 0.83% 0.59% 0.87% 0.80% 0.81% 0.0% 0.3% 0.6% 0.9% 1.2% 1.5% $0 $25 $50 $75 $100 $125 $150 $175 $200 1Q23 2Q23 3Q23 4Q23 1Q24 M ill io ns Delinquencies % of Gross Loans Delinquencies $6 $8 $8 $10 $10 $6 $5 $6 $5 -$1 0.40% 0.43% 0.45% 0.46% 0.27% -1.0% -0.7% -0.4% -0.1% 0.2% 0.5% 0.8% $0 $4 $8 $12 $16 $20 1Q23 2Q23 3Q23 4Q23 1Q24 M ill io ns Upstart/NewLane Other % of Avg. Gross Loans Net Charge-offs • Problem Assets: Relatively flat QoQ • Delinquencies: Flat QoQ • Nonperforming Assets: Declined 4bps QoQ • Driven by the resolution of two nonperforming C&I loans • Net Charge-Offs: Declined 19bps QoQ • Charge-offs were down ~40% QoQ due to lower losses in the C&I and Construction portfolios • $1mm net recovery excluding Upstart/NewLane 1Q 2024 Performance

 
10 $0.0 $0.1 $0.2 $0.3 $0.4 $0.5 $0.6 2024 2025 2026 2027 2028 Bi lli on s Office Multi-Family Industrial/Flex Retail Single Family Other 9.3% 9.3% 8.3% 10.6% 12.3% Portfolio Maturity % CRE and Select Portfolios 1 Inclusive of Construction 2 Office CRE portfolio excludes $102.5mm ($107.1mm exposure) of Medical Office CRE/Construction 3 Central Business District Volume of Maturing CRE Loans by IndustryCRE Portfolio: • Granular with an average loan of $1.2mm; 5 relationships over $50mm • ~80% of the portfolio effectively has a fixed rate (36% of the portfolio fixed with ~70% of variable rates swapped) • ~9% of the portfolio is maturing in 2024; 50% of loans mature post-2028 • Continually reviewing all $2.5mm+ loans maturing in the next 24 months • Slightly above $100mm of loans have a DSCR below 1.05 in a 7.50% rate scenario; proactively addressing all maturing loans • $672mm with $712mm exposure2; 5.2% of gross loans • $1.7mm average loan size • 77% Suburban and 23% Urban; 8% of Office is in CBD3 • 14 loans over $10mm; 3 loans >$20mm (largest ~$27mm) • Average LTV of ~60% at origination • ACL of 2.82%; <1% DLQ; 0% NCO; <1% NPA; 8% problem loans • 84.8% with recourse Office Portfolio1 • $1.5b with $1.7b exposure; 11.3% of gross loans • $3.0mm average loan size • 50% Suburban and 50% Urban; 5% of CRE Multifamily is in CBD3 • 9 loans over $20mm; largest loan ~$35mm • Average LTV of ~58% at origination • ACL of 1.20%; 3% DLQ; 0% NCO; 2% NPA; 2% problem loans • 84.4% with recourse Multifamily Portfolio1

 
11 ACL Ratio $170 $175 $180 $185 $190 $195 $200 12/31/2023 Economic Impact Net Loan Growth Migration / Other 3/31/2024 1Q 2024 ACL ($mm) ($1) $186 $6 $193 $2 1 This is a non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information 2 Source: Oxford Economics as of March 2024 ACL Overview ACL and Coverage Ratio by Segment 1Q 2024 ACL Commentary 1.48% • ACL coverage ratio of 1.48%; 1.65% including estimated remaining credit mark on acquired loan portfolios1 • Increase due to specific reserves for two nonperforming C&I relationships • FY GDP forecast of 2.4% in 2024 and 1.7% in 20252 • FY Unemployment forecast of 3.9% in 2024 and 4.1% in 20252 1.46% 1.21% 2.19% 1.48% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 1Q20 1Q21 1Q22 1Q23 1Q24 ACL % By Portfolio and Total3 Commercial Consumer and Leasing Total ACL%5 3 Percentages are over amortized cost of loans and leases (excluding HTM securities) 4 Hotel loan balances are included in the C&I and Construction segments 5 Commercial excludes Leasing ($ millions) $ % $ % $ % C&I4 $53.5 2.09% $49.4 1.95% $55.9 2.17% Owner Occupied $6.1 0.33% $10.7 0.57% $10.6 0.56% CRE Investor $30.1 0.87% $36.1 0.95% $36.8 0.95% Construction4 $9.7 0.94% $10.8 1.04% $11.0 1.04% Mortgage $5.3 0.65% $5.5 0.63% $5.4 0.62% Leases $9.2 1.58% $15.2 2.43% $15.5 2.44% HELOC & HEIL $7.8 1.24% $8.4 1.27% $8.6 1.25% Consumer Partnerships $44.0 4.24% $47.2 4.01% $46.0 3.77% Other $3.5 1.96% $2.8 1.84% $2.8 1.86% TOTAL $169.2 1.39% $186.1 1.46% $192.6 1.48% March 31, 2023 December 31, 2023 March 31, 2024

 
12 Investment Portfolio High-quality investment portfolio providing consistent cashflows and borrowing capacity 1 Investment portfolio value includes market value AFS and book value of HTM 2 Weighted average duration and yield of the MBS portfolio 3 This is a non-GAAP financial measure and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information 4 Effective AOCI ($727.9mm) includes AFS, HTM, and HTM unrecognized MTM • Targeting 18% - 20% of total assets over time • Forecast cash flows of $1b+ over the next 24 months • Cashflows redeployed in higher yielding loans • Anticipated cashflows could fund ~3.5% annualized loan growth • AOCI grew $43mm or 7% quarter-over-quarter Investments Investment Portfolio1 $4.78b % of Total Assets 23% Portfolio Duration2 5.8yrs Portfolio Yield2 2.35% Agency MBS/Notes % >95% AOCI ($636.9mm) Effective AOCI3,4 ($727.9mm) AFS Agency MBS Agency CMOs GNMA MBS/CMOs Agency Debent. HTM Agency MBS Munis $3.73b $1.05b $618 $656 $781 $594 $637 $0 $200 $400 $600 $800 $1,000 1Q23 2Q23 3Q23 4Q23 1Q24 M ill io ns AOCI Trend

 
13 Capital All capital ratios remain significantly above “well-capitalized” 10.18% 9.92% 11.52% 7.52% 3.82% 1.22% 3.73% 1.76% 14.00% 11.14% 15.25% 9.28% 0% 4% 8% 12% 16% Bank CET1 Bank Leverage Bank TRBC Corp. TCE Effective AOCI Well-capitalized Reported 1Q24 Capital Ratios with Effective AOCI1 Impact 1 Effective AOCI ($727.9mm) includes AFS, HTM, and HTM unrecognized MTM; reported AOCI of ($636.9mm) 2 This is a non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information 2 $24.52 $35.12 $15 $20 $25 $30 $35 $40 4Q19 2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 2Q23 4Q23 Corp. TBV and AOCI’s Impact per Share TBV/share TBV/share ex-AOCI

 
14 3 2024 Outlook as originally presented in 4Q 2023 Supplement Loan Growth Mid-single digit growth; Increase market share due to favorable market position Deposit Growth Low-single digit growth; Broad-based growth across our businesses Net Interest Margin Range of 3.80% - 3.90%; NIM expected to plateau mid-year; IB deposit beta of ~50% by year-end Fee Revenue Growth Double-digit growth; Cash Connect® and Wealth & Trust growth Net Charge-offs 0.50% - 0.60% of average loans; ~35bps when excluding Upstart and NewLane Efficiency Ratio +/-60%; Continued franchise investment Tax Rate Approximately 25% Full-Year Core ROA1 Outlook of +/-1.20% Delivering high-performing results and franchise growth 1 The Company is not able to reconcile the forward-looking non-GAAP estimates set forth above to their most directly comparable GAAP estimates without unreasonable efforts because it is unable to predict, forecast or determine the probable significance of the items impacting these estimates with a reasonable degree of accuracy2 2024 Core Outlook1 Assumes a flat interest rate environment and a soft economic landing (FY GDP of ~1%) in 2024

 
15 Non-GAAP Financial Information Appendix:

 
16 Non-GAAP Information This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). This presentation may include the following non-GAAP measures: • Adjusted Net Income (non-GAAP) attributable to WSFS is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and contribution to WSFS CARES Foundation; • Core noninterest income, also called Core Fee Revenue, is a non-GAAP measure that adjusts noninterest income as determined in accordance with GAAP to exclude the impact of realized/unrealized gain (loss) on equity investments, net, and Visa derivative valuation adjustment; • Core fee revenue ratio (%) is a non-GAAP measure that divides (i) Core Fee Revenue by (ii) Core Net Revenue (tax-equivalent); • Core net interest income is a non-GAAP measure that adjusts net interest income to exclude the impact of certain dividends; • Core Earnings Per Share (EPS) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) weighted average shares of common stock outstanding for the applicable period; • Core Net Revenue is a non-GAAP measure that adds (i) core net interest income and (ii) Core Fee Revenue; • Core noninterest expense is a non-GAAP measure that adjusts noninterest expense as determined in accordance with GAAP to exclude FDIC special assessment, corporate development and restructuring expenses, and contribution to WSFS CARES Foundation; • Core Efficiency Ratio is a non-GAAP measure that divides (i) core noninterest expense by (ii) the sum of core interest income and Core Fee Revenue; • Core Return on Average Assets (ROA) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) average assets for the applicable period; • Tangible Common Equity (TCE) is a non-GAAP measure and is defined as total stockholders’ equity of WSFS less goodwill and other intangible assets; • TCE Ratio is a non-GAAP measure that divides (i) TCE by (ii) tangible assets; • Tangible assets is a non-GAAP measure and is defined as total assets less goodwill and other intangible assets; • Return on average tangible common equity (ROTCE) is a non-GAAP measure and is defined as net income allocable to common stockholders divided by tangible common equity; • Core ROTCE is a non-GAAP measure that is defined as adjusted net income (non-GAAP) attributable to WSFS divided by tangible common equity; • Net tangible income is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the amortization of intangible assets; • Core net tangible income is a non-GAAP measure that adjusts adjusted net income (non-GAAP) attributable to WSFS to exclude the impact of the amortization of intangible assets; • Tangible common book value per share (TBV) is a non-GAAP financial measure that divides (i) TCE by (ii) shares outstanding; • TBV excluding AOCI is a non-GAAP financial measure that adjusts TBV to exclude AOCI; • Pre-provision Net Revenue (PPNR) is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for credit losses; • Core PPNR is a non-GAAP measure that adjusts PPNR to exclude the impact of realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expenses, and contribution to WSFS CARES Foundation; • PPNR % is a non-GAAP measure that divides (i) PPNR (annualized) by (ii) average assets for the applicable period; • Core PPNR % is a non-GAAP measure that divides (i) core PPNR (annualized) by (ii) average assets for the applicable period; and • Core Return on Average Equity (ROE) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) average stockholders’ equity for the applicable period. • Effective AOCI is a non-GAAP measure that adds (i) unrealized losses on AFS securities, (ii) unrealized holding losses on securities transferred from AFS to HTM, and (iii) unrecognized fair value losses on HTM securities; • Adjusted risk weighted assets is a non-GAAP measure that adjusts the Bank’s risk weighted assets determined in accordance with GAAP to exclude our AFS and HTM securities; • Adjusted average assets is a non-GAAP measure that adjusts the Bank’s average assets determined in accordance with GAAP to exclude our AFS and HTM securities; • Adjusted tangible assets is a non-GAAP measure that adjusts risk weighted assets determined in accordance with GAAP to exclude our AFS and HTM securities ; • Adjusted TCE is a non-GAAP measure that adjusts TCE to exclude unrecognized fair value losses on HTM securities; • Adjusted TCE ratio is a non-GAAP measure (i) adjusted TCE by (ii) adjusted tangible assets; • Adjusted total risk-based capital is a non-GAAP measure that adjusts total risk-based capital determined in accordance with GAAP to exclude effective AOCI; • Adjusted total risk-based capital ratio is a non-GAAP measure that divides (i) adjusted total risk-based capital by (ii) adjusted risk weighted assets; • Adjusted common equity Tier 1 capital is a non-GAAP measure that adjusts common equity Tier 1 capital determined in accordance with GAAP to exclude effective AOCI; • Adjusted common equity Tier 1 capital ratio is a non-GAAP measure that divides (i) adjusted common equity Tier 1 capital by (ii) adjusted risk weighted assets; • Adjusted Tier 1 capital is a non-GAAP measure that adjusts Tier 1 capital determined in accordance with GAAP to exclude effective AOCI; • Adjusted Tier 1 leverage ratio is a non-GAAP measure that divides (i) adjusted Tier 1 capital by (ii) adjusted average assets; • Coverage ratio including the remaining credit marks is a non-GAAP measure that adjusts the coverage ratio to include the impact of the remaining credit marks on the acquired loan portfolios.

 
17 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands, except per share data) March 31, 2024 December 31, 2023 March 31, 2023 Calculation of tangible common equity ratio: Total Assets (GAAP) $ 20,579,248 $ 20,594,672 $ 20,319,290 Less: Goodwill and other intangible assets 1,000,344 1,004,560 1,008,250 Total tangible assets (non-GAAP) $ 19,578,904 $ 19,590,112 $ 19,311,040 Total stockholders’ equity of WSFS (GAAP) $ 2,473,481 $ 2,477,636 $ 2,306,362 Less: Goodwill and other intangible assets 1,000,344 1,004,560 1,008,250 Total tangible common equity (non-GAAP) $ 1,473,137 $ 1,473,076 $ 1,298,112 Equity to asset ratio (GAAP) 12.02 % 12.03 % 11.35 % Tangible common equity to tangible assets ratio (non-GAAP) 7.52 % 7.52 % 6.72 % Calculation of tangible common book value (TBV) per share excluding AOCI: Total stockholders’ equity of WSFS (GAAP) $ 2,473,481 $ 2,477,636 $ 2,306,362 Total tangible common equity (non-GAAP) $ 1,473,137 $ 1,473,076 $ 1,298,112 Less: AOCI (636,907) (593,991) (618,415) Tangible common equity ex-AOCI (non-GAAP) $ 2,110,044 $ 2,067,067 $ 1,916,527 Number of shares of common stock outstanding (000s) 60,084 60,538 61,387 Book value per share (GAAP) $ 41.17 $ 40.93 $ 37.57 Tangible common book value per share (non- GAAP) $ 24.52 $ 24.33 $ 21.15 Tangible common book value per share excluding AOCI (non-GAAP) $ 35.12 $ 34.14 $ 31.22 Three Months Ended (dollars in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Net interest income (GAAP) $ 175,278 $ 178,127 $ 182,532 Core net interest income (non-GAAP) $ 175,278 $ 178,127 $ 182,532 Noninterest income (GAAP) $ 75,857 $ 87,205 $ 63,127 Less/(plus): Unrealized gain (loss) on equity investments, net — 338 (4) Less: Realized gain on sale of equity investment, net — 9,493 — Plus: Visa derivative valuation adjustment (605) (605) (553) Core fee revenue (non-GAAP) $ 76,462 $ 77,979 $ 63,684 Core net revenue (non-GAAP) $ 251,740 $ 256,106 $ 246,216 Core net revenue (non-GAAP) (tax- equivalent) $ 252,084 $ 256,523 $ 246,859 Noninterest expense (GAAP) $ 149,072 $ 147,646 $ 133,045 Less: FDIC special assessment 1,263 5,052 — Less: Corporate development expense 208 282 740 Less/(plus): Restructuring expense — 557 (761) Less: Contribution to WSFS CARES Foundation — 2,000 — Core noninterest expense (non-GAAP) $ 147,601 $ 139,755 $ 133,066 Core efficiency ratio (non-GAAP) 58.6 % 54.5 % 53.9 % Core fee revenue ratio (non-GAAP)(tax- equivalent) 30.3 % 30.4 % 25.8 %

 
18 Appendix: Non-GAAP Financial Information 1 Pre-tax adjustments include realized/unrealized gain/(loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and contribution to WSFS Cares Foundation Three Months Ended (dollars in thousands, except per share data) March 31, 2024 December 31, 2023 March 31, 2023 GAAP net income attributable to WSFS $ 65,761 $ 63,908 $ 62,404 Plus/(less): Pre-tax adjustments1 2,076 (1,335) 536 Plus: Tax adjustments: BOLI surrender — 7,056 — (Plus)/less: Tax impact of pre-tax adjustments (507) 65 (134) Adjusted net income (non-GAAP) attributable to WSFS $ 67,330 $ 69,694 $ 62,806 Net income (GAAP) $ 65,723 $ 63,505 $ 62,662 Plus: Income tax provision 21,202 29,365 20,941 Plus: Provision for credit losses 15,138 24,816 29,011 PPNR (Non-GAAP) 102,063 117,686 112,614 Plus/(less): Pre-tax adjustments1 2,076 (1,335) 536 Core PPNR (Non-GAAP) $ 104,139 $ 116,351 $ 113,150 Average Assets $ 20,695,414 $ 20,319,204 $ 20,002,438 PPNR % (Non-GAAP) 1.98 % 2.30 % 2.28 % Core PPNR % (Non-GAAP) 2.02 % 2.27 % 2.29 % GAAP return on average assets (ROA) 1.28 % 1.25 % 1.27 % Plus/(less): Pre-tax adjustments1 0.04 (0.03) 0.01 Plus: Tax adjustments: BOLI surrender — 0.14 — (Plus)/less: Tax impact of pre-tax adjustments (0.01) — (0.01) Core ROA (non-GAAP) 1.31 % 1.36 % 1.27 % Earnings per share (diluted)(GAAP) $ 1.09 $ 1.05 $ 1.01 Plus/(less): Pre-tax adjustments1 0.03 (0.02) 0.01 Plus: Tax adjustments: BOLI surrender — 0.12 — (Plus)/less: Tax impact of pre-tax adjustments (0.01) — — Core earnings per share (non-GAAP) $ 1.11 $ 1.15 $ 1.02

 
19 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Calculation of return on average tangible common equity: GAAP net income attributable to WSFS​ $ 65,761 $ 63,908 $ 62,404 Plus: Tax effected amortization of intangible assets​ 2,973 2,976 2,880 Net tangible income (non-GAAP)​ $ 68,734 $ 66,884 $ 65,284 Average stockholders' equity of WSFS​ $ 2,476,453 $ 2,281,076 $ 2,260,262 Less: Average goodwill and intangible assets​ 1,003,167 1,007,136 1,010,645 Net average tangible common equity​ $ 1,473,286 $ 1,273,940 $ 1,249,617 Return on average equity (GAAP) 10.68 % 11.12 % 11.20 % Return on average tangible common equity (non-GAAP) 18.76 % 20.83 % 21.19 % Calculation of core return on average tangible common equity: Adjusted net income (non-GAAP) attributable to WSFS​ $ 67,330 $ 69,694 $ 62,806 Plus: Tax effected amortization of intangible assets​ 2,973 2,976 2,880 Core net tangible income (non-GAAP)​ $ 70,303 $ 72,670 $ 65,686 Net average tangible common equity​ $ 1,473,286 $ 1,273,940 $ 1,249,617 Core return on average equity (non-GAAP) 10.93 % 12.12 % 11.27 % Core return on average tangible common equity (non-GAAP) 19.19 % 22.63 % 21.32 % Three Months Ended (dollars in thousands) March 31, 2024 Calculation of effective AOCI: Unrealized losses on AFS securities ​ $ 539,939 Unrealized losses on securities transferred from AFS to HTM 87,854 Unrecognized fair value on HTM securities 100,081 Effective AOCI (non-GAAP) $ 727,874 Calculation of coverage ratio including the estimated remaining credit marks: Coverage ratio 1.48 % Plus: Estimated remaining credit marks on the acquired loan portfolios 0.17 Coverage ratio including the estimated remaining credit marks (non- GAAP) 1.65 %