false000082894400008289442024-10-242024-10-24

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

October 24, 2024
Date of Report
(Date of Earliest Event Reported) 
WSFS Financial Corporation
(Exact Name of Registrant as Specified in its Charter)
 
Delaware001-3563822-2866913
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareWSFSNasdaq 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 October 24, 2024, WSFS Financial Corporation (the “Registrant”) issued a press release to report earnings for the quarter ended September 30, 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 fourth 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.




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:October 24, 2024By: /s/ David Burg
  David Burg
Executive Vice President, Chief Financial Officer


wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
1
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
EXHIBIT 99.1
FOR IMMEDIATE RELEASEInvestor Relations Contact: Andrew Basile
(302) 504-9857; abasile@wsfsbank.com
October 24, 2024Media Contact: Kyle Babcock
(215) 864-1795; kbabcock@wsfsbank.com

WSFS REPORTS 3Q 2024 ROA OF 1.22% AND EPS OF $1.08;
RESULTS REFLECT CONTINUED LOAN, DEPOSIT,
AND FEE REVENUE GROWTH



Wilmington, DE — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the third quarter of 2024.
Selected financial results and metrics are as follows:
(Dollars in millions, except per share data)3Q 20242Q 20243Q 2023
Net interest income$177.5 $174.4 $182.6 
Fee revenue90.2 91.6 72.7 
Total net revenue267.7 266.0 255.3 
Provision for credit losses18.4 19.8 18.4 
Noninterest expense163.7 155.8 139.7 
Net income attributable to WSFS
64.4 69.3 74.2 
Pre-provision net revenue (PPNR)(1)
103.9 110.3 115.6 
Earnings per share (EPS) (diluted)1.08 1.16 1.22 
Return on average assets (ROA) (a)1.22 %1.34 %1.45 %
Return on average equity (ROE) (a)10.0 11.4 12.6 
Fee revenue as % of total net revenue33.6 34.4 28.4 
Efficiency ratio61.1 58.5 54.6 
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. For additional detail, refer to the Non-GAAP reconciliation in the back of this earnings release.
3Q 20242Q 20243Q 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$0.1 $— $5.6 $0.07 $(0.8)$(0.01)
Noninterest expense— — (0.2)— 0.1 — 
Income tax impacts— — 1.3 0.02 (0.2)— 


(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.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
2
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
CEO Commentary
Rodger Levenson, Chairman, CEO and President, said, "WSFS performed very well in the third quarter as reflected in our operating results of a core ROA(2) of 1.22% and accompanying core EPS(2) of $1.08.
“Despite muted demand, our results were highlighted by annualized loan growth of 5% driven by our commercial, consumer, and residential mortgage portfolios. In addition, deposits grew 3% on an annualized basis primarily due to seasonal municipal deposit inflows.
“Our diverse fee businesses also continued to perform solidly. During the quarter, we completed the conversions of our trust accounting system and client portal in our Wealth Management business. These conversions were executed as part of our Bryn Mawr Trust integration plan and position us for significant future growth.
“Total net credit costs increased modestly compared to the prior quarter with a decrease in the provision for credit losses offset by an increase in reserves for unfunded loan commitments. The negative migration in credit metrics includes two existing problem commercial loans (office-related and hotel) which moved to nonperforming assets in the quarter.
"While the 50 basis point decrease in the Fed Funds Rate in mid-September had a minimal impact on 3Q results, we have updated our full-year 2024 Outlook in our Earnings Release Supplement to reflect this change.
“We look forward to finishing 2024 strong and as always I want to extend my sincere thanks to our 2,300 Associates who work tirelessly to serve our Customers, Communities and each other every day.”




(2) As used in this press release, core ROA and core EPS 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
3
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Highlights for 3Q 2024: 
•Core ROA was 1.22%, compared to 1.25% for 2Q 2024.
•Core EPS was $1.08, flat from 2Q 2024.
•Gross loan growth of 1% (5% annualized) from 2Q 2024 driven by growth in commercial, consumer, and residential mortgage.
•Customer deposits increased 1% (3% annualized) compared to 2Q 2024, driven by seasonal increases in municipal deposits and continued increases in customer time deposits, partially offset by expected outflows in Wealth and Trust deposits.
•Net interest margin of 3.78%, compared to 3.85% for 2Q 2024, reflects higher deposit costs and slightly lower asset yields.
•Core fee revenue (noninterest income)(3) of $90.1 million, increased $4.1 million, or 5% (not annualized), compared to 2Q 2024, driven by revenue from our partnership with Spring EQ and growth in Cash Connect®.
•Total net credit costs were $20.1 million, compared to $18.5 million for 2Q 2024. Provision for credit losses was $18.4 million, a decline of $1.4 million from the prior quarter, which was offset by increases in loan workout costs and reserves for unfunded commitments.
•WSFS repurchased 266,672 shares of common stock at an average price of $51.82 per share, totaling an aggregate of $13.8 million. Tangible common book value (TBV) per share(3) increased by $3.36 to $28.56. The Board of Directors approved a quarterly cash dividend of $0.15 per share.





(3) As used in this press release, core fee revenue (noninterest income) and TBV per share 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
4
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Third Quarter 2024 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and composition at September 30, 2024 compared to June 30, 2024 and September 30, 2023:
Loans and Leases
(Dollars in millions)September 30, 2024June 30, 2024September 30, 2023
Commercial & industrial (C&I)$4,661 35 %$4,599 35 %$4,590 37 %
Commercial mortgage4,149 32 4,035 31 3,646 29 
Construction806 6 879 7 1,043 8 
Commercial small business leases645 5 644 5 606 5 
Total commercial loans and leases10,261 78 10,157 78 9,885 79 
Residential mortgage965 7 936 7 873 7 
Consumer2,138 16 2,106 17 1,957 15 
Gross loans and leases13,364 101 %13,199 102 %12,715 101 %
ACL(197)(1)(198)(2)(176)(1)
Net loans and leases$13,167 100 %$13,001 100 %$12,539 100 %
At September 30, 2024, WSFS’ gross loan and lease portfolio increased $165.5 million, or 1% (5% annualized), when compared with June 30, 2024, driven by growth in commercial, consumer, and residential mortgages. Total commercial loans and leases increased $104.6 million, with growth from new originations and the conversion of construction loans, which drove increases in the C&I and commercial mortgage portfolios.
Consumer loans increased $31.6 million, primarily from Spring EQ home equity loans, partially offset by a decrease in Upstart loans. We met the 2024 origination target with Spring EQ and do not expect additional originations in the fourth quarter. As a result of the previously announced sale of Spring EQ, we are evaluating volumes for 2025. Residential mortgages increased $29.2 million due to the retention of certain loans based on favorable yields and relationship opportunities.
Gross loans and leases at September 30, 2024 increased $649.2 million, or 5%, when compared with September 30, 2023. The growth was driven by increases of $503.3 million in commercial mortgage, $181.0 million in consumer loans (primarily from Spring EQ), $91.9 million in residential mortgage due to the reasons noted above, and $71.0 million in C&I. These increases were partially offset by a $237.7 million decrease in construction loans, as they migrated into commercial mortgages and C&I loans, including owner-occupied real estate.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
5
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
The following table summarizes customer deposit balances and composition at September 30, 2024 compared to June 30, 2024 and September 30, 2023:
Customer Deposits
(Dollars in millions)
September 30, 2024June 30, 2024September 30, 2023
Noninterest demand$4,686 29 %$4,783 29 %$4,913 31 %
Interest-bearing demand2,931 18 2,812 17 3,028 19 
Savings1,489 9 1,537 9 1,681 10 
Money market5,178 31 5,175 33 4,560 29 
Total core deposits14,284 87 14,307 88 14,182 89 
Customer time deposits2,143 13 1,984 12 1,715 11 
Total customer deposits$16,427 100 %$16,291 100 %$15,897 100 %
Total customer deposits increased by $136.0 million, 1% (3% annualized), when compared with June 30, 2024, primarily driven by seasonal increases in municipal deposits of $227.7 million and continued increases in customer time deposits, partially offset by expected outflows in Wealth and Trust deposits. Average customer deposits increased 1% (5% annualized), including 12% (annualized) in noninterest demand, compared to June 30, 2024, primarily from Wealth and Trust flows.
Total customer deposits increased by $529.8 million, or 3%, from September 30, 2023, primarily due to increases in money market and time deposits. The growth was concentrated in the Commercial and Consumer businesses.
The deposit base remains well-diversified, with 51% of customer deposits coming from the Commercial, Small Business, and Wealth and Trust business lines. The loan-to-deposit ratio(4) was 80% at September 30, 2024, providing continued capacity to fund future loan growth.
Core deposits were 87% of total customer deposits, with a weighted average cost of 159bps for the quarter. Small mix changes continued this quarter with no- and low-cost checking accounts representing 47% of total customer deposits with a weighted average cost of 46bps for the quarter.




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

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
6
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Net Interest Income
Three Months Ending
(Dollars in millions)
September 30, 2024June 30, 2024September 30, 2023
Net interest income before purchase accretion$175.5 $172.7 $178.8 
Purchase accounting accretion2.0 1.7 3.8 
Net interest income
$177.5 $174.4 $182.6 
Net interest margin before purchase accretion3.74 %3.81 %4.00 %
Purchase accounting accretion0.04 0.04 0.08 
Net interest margin
3.78 %3.85 %4.08 %
Net interest income increased $3.1 million, or 2% (not annualized), compared to 2Q 2024, primarily due to loan growth. Net interest income decreased $5.1 million, or 3%, compared to 3Q 2023, primarily driven by continued deposit mix shift and growth in higher yielding deposit products.
Total loan yields were 7.07%, a decrease of 2bps when compared to 2Q 2024. Total customer deposit costs were 1.95%, an increase of 6bps, while interest-bearing customer deposit costs were 2.79%, an increase of 10bps compared to the prior quarter. The deposit cost increase was driven by growth in higher-priced deposits as we saw opportunities to deepen existing relationships and attract new business.
Net interest margin decreased 7bps from 2Q 2024, mainly due to growth in municipal and higher priced deposits as described above (3bps), as well as slightly lower asset yields, which were partially driven by market-value increases on available-for-sale investment securities (2bps). Net interest margin decreased 30bps from 3Q 2023, primarily driven by continued deposit mix shift and growth in higher priced deposit products over the past year.
To mitigate asset sensitivity, WSFS completed a previously announced $1.5 billion hedging program utilizing floor options.


wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
7
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Asset Quality
The following table summarizes asset quality metrics as of and for the period ended September 30, 2024 compared to June 30, 2024 and September 30, 2023.
(Dollars in millions)September 30, 2024June 30, 2024September 30, 2023
Problem assets(5)
$721.5 $628.5 $543.4 
Delinquencies147.6 89.0 110.8 
Nonperforming assets91.3 65.4 57.8 
Net charge-offs19.2 14.2 14.3 
Total net credit costs (r)20.1 18.5 18.2 
Problem assets to total Tier 1 capital plus ACL30.11 %27.00 %23.61 %
Classified assets to total Tier 1 capital plus ACL21.41 19.93 16.11 
Ratio of nonperforming assets to total assets0.44 0.32 0.29 
Delinquencies to gross loans (n)1.11 0.68 0.87 
Ratio of quarterly net charge-offs to average gross loans0.58 0.44 0.45 
Ratio of allowance for credit losses to total loans and leases (q) 1.48 1.51 1.39 
Ratio of allowance for credit losses to nonaccruing loans219 310 306 
See “Notes”
Total net credit costs were $20.1 million in the quarter, an increase of $1.6 million, compared to $18.5 million in 2Q 2024. Total net credit costs include a provision for credit losses of $18.4 million, which declined slightly from 2Q 2024. The increase in total net credit costs was due to higher reserves for unfunded commitments related to new loan commitments and the continued evaluation of the portfolio, as well as higher loan workout costs.
Nonperforming assets increased $25.9 million, or 12bps of total assets, compared to June 30, 2024, primarily driven by the migration of two loans - a $19.2 million C&I loan, in participation with another bank, to a fund that is invested in office properties predominantly in east coast suburban markets and a $14.7 million hotel loan in suburban Philadelphia, partially offset by the resolution of previously identified nonperforming assets.
Net charge-offs increased $5.0 million to $19.2 million, or 0.58% (annualized) of average gross loans during the quarter, mainly due to the previously identified hotel loan. Excluding Upstart and NewLane, which experienced losses consistent with the prior quarter, net charge-offs were 31bps of average gross loans.
Problem assets to total Tier 1 capital plus ACL ratio was 30.11%, an increase of 311bps compared to June 30, 2024, based on the continued evaluation of the portfolio.


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

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WSFS Bank CenterWSFS Bank Place
8
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Delinquencies of $147.6 million, or 111bps of gross loans, increased $58.6 million, or 43bps, compared to June 30, 2024. This increase was primarily driven by the previously mentioned hotel loan and one additional $42.1 million commercial real estate relationship in which we are working with the sponsor on a path toward resolution.

The ACL was $197.5 million as of September 30, 2024, a decrease of $0.8 million from June 30, 2024. The ACL coverage ratio was 1.48%, a decrease of 3bps from June 30, 2024. The decreases in the ACL and coverage ratio were due to continued runoff on the Upstart portfolio.
Core Fee Revenue
Fee businesses, including Wealth and Trust, Cash Connect®, Capital Markets, and Mortgage Banking reflect the investments we have made to diversify our revenue. Core fee revenue (noninterest income) of $90.1 million increased $4.1 million, or 5% (not annualized), compared to $86.0 million from 2Q 2024, primarily driven by $2.3 million of revenue from our partnership with Spring EQ (related to the annual earnout from the previously announced sale), $0.8 million from Cash Connect® due to increases in bailment and smart safe revenue, and $0.7 million from Bank Owned Life Insurance.
Core fee revenue increased $16.7 million, or 23%, compared to 3Q 2023. The growth was driven by the Cash Connect®, Wealth Management, Core Banking, and Mortgage business lines. Growth in Cash Connect® was driven by bailment Customers added in the fourth quarter of 2023 and the first half of 2024. Growth in Wealth Management was driven by growth across all key product lines, with double digit growth in Institutional Services and The Bryn Mawr Trust Company of Delaware (BMT of DE).
For 3Q 2024, our core fee revenue ratio(6) was 33.6% compared to 33.0% in 2Q 2024 and 28.6% in 3Q 2023. Fee revenue is a competitive differentiator providing a well-diversified source of revenue with further growth opportunities expected.


(6) 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
9
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Core Noninterest Expense(7)
Core noninterest expense of $163.7 million increased $7.7 million, or 5% (not annualized), compared to 2Q 2024. The increase included $3.0 million related to changes in unfunded loan commitment reserves due to new loan commitments and the continued evaluation of the portfolio, as well as higher loan workout costs. In addition, salaries and benefits increased by $2.9 million due to increased performance-based incentive accruals and talent additions as we continue to invest in the franchise, as well as a $1.4 million increase in external fraud losses.
Core noninterest expense increased $24.1 million, or 17%, compared to 3Q 2023. The increase was primarily due to $11.7 million in higher salaries and benefits from annual and performance-based increases and talent additions in key business lines, as well as $8.5 million from Cash Connect® external funding costs. Excluding the Cash Connect® external funding costs (which were offset in revenue), expenses increased by 12% compared to 3Q 2023.
Our core efficiency ratio(7) was 61.1% in 3Q 2024, compared to 59.8% in 2Q 2024 and 54.4% in 3Q 2023.
Income Taxes
We recorded a $21.1 million income tax provision in 3Q 2024, compared to $21.3 million in 2Q 2024 and $22.9 million in 3Q 2023.
The effective tax rate was 24.7% in 3Q 2024 compared to 23.5% in 2Q 2024 and 23.6% in 3Q 2023. The increase in effective tax rate for 3Q 2024 compared to 2Q 2024 was primarily driven by higher state taxes along with higher solar tax credit investment benefits in the second quarter. The increase in effective tax rate when compared to 3Q 2023 is attributable to an increase in state taxes. On a year-to-date basis, the effective tax rate was 24.2% in 2024 compared to 24.6% for the same period in 2023.



(7) 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.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
10
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Capital Management
Capital levels remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at September 30, 2024, with WSFS Bank’s Tier 1 leverage ratio of 10.68%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 13.46%, and Total Risk-based capital ratio of 14.71%.
WSFS’ total stockholders’ equity increased $188.7 million, or 8% (not annualized), during 3Q 2024. The increase was primarily due to an increase in accumulated other comprehensive income (AOCI) of $142.9 million driven by market-value increases on available-for-sale investment securities, as well as quarterly earnings of $64.4 million. These increases were partially offset by capital returns of $22.7 million to stockholders, comprising $13.8 million from share repurchases and $8.9 million from quarterly dividends.
WSFS’ tangible common equity(8) increased $192.7 million, or 13% (not annualized), compared to June 30, 2024, primarily due to the reasons described above and scheduled amortization of intangibles. WSFS’ common equity to assets ratio increased 81bps to 12.81% during the quarter, and our tangible common equity to tangible assets ratio(8) was 8.47% at September 30, 2024, an increase of 91bps, compared to the prior quarter.
At September 30, 2024, book value per share was $45.37, an increase of $3.36, or 8% (not annualized), from June 30, 2024, and tangible book value per share was $28.56, an increase of $3.36, or 13% (not annualized), from June 30, 2024. These increases were due to the reasons described above.
During 3Q 2024, WSFS repurchased 266,672 shares of common stock for an aggregate of $13.8 million. As of September 30, 2024, WSFS has 3,685,092 shares, or approximately 6% of outstanding shares, remaining to repurchase under its current authorization. For the year, total capital returned to stockholders through share repurchases and quarterly dividends was $101.5 million.
The Board of Directors approved a quarterly cash dividend of $0.15 per share of common stock. This dividend will be paid on November 22, 2024 to stockholders of record as of November 8, 2024.






(8) As used in this press release, tangible common equity and tangible common equity to tangible assets ratio 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
11
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, 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)September 30, 2024June 30, 2024September 30, 2023
Net interest income$21.6 $18.4 $21.1 
Provision for (recovery of) credit losses— — (0.1)
Fee revenue(9)
37.2 38.2 33.3 
Noninterest expense(9)
28.4 28.0 24.5 
Pre-tax income30.4 28.6 30.0 
Performance Metrics
Trust fee revenue (Institutional Services and BMT of DE)$21.5 $21.8 $18.5 
Private Wealth Management fee revenue14.7 15.5 14.5 
AUM/AUA(10)
87,217 84,938 77,560 
Wealth Management pre-tax income increased $1.9 million, or 7% (not annualized), compared to 2Q 2024. Net interest income increased $3.2 million, as average trust deposits were higher by $271.9 million compared to 2Q 2024. Fee revenue decreased $1.0 million from 2Q 2024, primarily due to lower seasonal tax-based revenue and nonrecurring items, partially offset by growth in Institutional Services fees. Total noninterest expense increased $0.3 million, compared to 2Q 2024, mostly due to salaries from hiring new advisors and performance-based compensation.
Wealth Management pre-tax income increased $0.5 million compared to 3Q 2023 due to higher fee revenue and net interest income. Net interest income increased $0.5 million due mostly to higher deposit balances. Fee revenue increased $4.0 million, or 12%, compared to 3Q 2023, due to increases in assignment and bankruptcy fees in Institutional Services, increased activity in The Bryn Mawr Trust Company of Delaware, and higher AUM in Private Wealth Management. Total noninterest expense increased $3.8 million driven by salary expenses from hiring new advisors and performance-based compensation.
Net AUM of $9.3 billion at the end of 3Q 2024 increased $0.3 billion, or 3% compared to 2Q 2024, and increased $1.2 billion, or 15%, compared to 3Q 2023. AUM balances over the period benefited primarily from positive returns in broader equity markets.


(9) Includes intercompany allocation of revenue and expense.
(10) Represents Assets Under Management and Assets Under Administration.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
12
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, 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)September 30, 2024June 30, 2024September 30, 2023
Net revenue(11)
$27.7 $27.6 $18.0 
Noninterest expense(12)
26.1 25.6 16.9 
Pre-tax income1.6 2.0 1.1 
Performance Metrics
Average cash managed$1,623 $1,530 $1,486 
Number of serviced non-bank ATMs and smart safes42,126 42,524 33,860 
Number of WSFS owned and branded ATMs569 579 592 
ROA1.29 %1.72 %0.87 %
Cash Connect® pre-tax income decreased $0.3 million to $1.6 million, due to an increase in non-earning cash (held in vaults) related to recently onboarded Clients and higher external funding costs, while net revenue was essentially flat. ROA decreased 43bps to 1.29%, compared to 1.72% in 2Q 2024, driven by lower net income (27bps) and a change in funding mix (16bps).
Pre-tax net income increased $0.5 million, or 50%, compared to 3Q 2023, primarily driven by an increase in bailment ATMs year over year. This increase in bailment units also drove a $9.7 million increase in net revenue and a $9.1 million increase in noninterest expense compared to 3Q 2023, as we continued to optimize newly onboarded customers. ROA increased 42bps compared to 3Q 2023 due to higher net income.
As we captured market share, total ATMs and smart safes increased by 8,243, or 24%, compared to 3Q 2023, primarily driven by an increase in bailment ATMs, partially offset by a decrease in lower margin reconciliation-only ATMs.



(11) Includes intercompany allocation of income and net interest income.
(12) Includes intercompany allocation of expense.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
13
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Third Quarter 2024 Earnings Release Conference Call
Management will conduct a conference call to review 3Q 2024 results at 1:00 p.m. Eastern Time (ET) on Friday, October 25, 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 September 30, 2024, WSFS Financial Corporation had $20.9 billion in assets on its balance sheet and $87.2 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
14
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, 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; 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, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
15
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited)
Three months endedNine months ended
(Dollars in thousands, except per share data)September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest income:
Interest and fees on loans $235,977 $230,815 $218,903 $691,495 $620,511 
Interest on mortgage-backed securities25,348 25,784 26,654 77,029 81,310 
Interest and dividends on investment securities2,184 2,183 2,180 6,551 6,599 
Other interest income9,875 6,455 3,402 25,168 10,871 
273,384 265,237 251,139 800,243 719,291 
Interest expense:
Interest on deposits80,647 76,693 57,255 230,135 142,501 
Interest on Federal Home Loan Bank advances1,472 359 167 2,139 5,135 
Interest on senior and subordinated debt2,446 2,441 2,453 7,336 7,360 
Interest on trust preferred borrowings1,749 1,750 1,764 5,255 4,954 
Interest on other borrowings9,566 9,545 6,898 28,147 12,365 
95,880 90,788 68,537 273,012 172,315 
Net interest income177,504 174,449 182,602 527,231 546,976 
Provision for credit losses18,422 19,814 18,414 53,374 63,255 
Net interest income after provision for credit losses159,082 154,635 164,188 473,857 483,721 
Noninterest income:
Credit/debit card and ATM income24,621 23,875 14,869 68,165 42,660 
Investment management and fiduciary revenue36,648 37,606 32,720 107,182 95,575 
Deposit service charges6,837 6,496 6,534 19,820 18,850 
Mortgage banking activities, net2,067 2,217 1,254 5,931 3,680 
Loan and lease fee income1,513 1,706 1,621 4,742 4,183 
Unrealized loss on equity investment, net— — (5)— (9)
Realized gain on sale of equity investment, net56 2,130 — 2,186 — 
Bank-owned life insurance income1,540 793 1,697 3,533 3,967 
Other income16,876 16,775 13,978 46,054 33,760 
90,158 91,598 72,668 257,613 202,666 
Noninterest expense:
Salaries, benefits and other compensation86,124 83,249 74,453 245,179 219,669 
Occupancy expense9,595 9,387 9,529 28,461 30,069 
Equipment expense12,076 12,054 10,563 34,822 31,165 
Data processing and operations expense4,985 4,807 4,867 13,452 14,362 
Professional fees3,819 4,781 4,612 13,081 15,169 
Marketing expense2,053 2,020 2,049 5,855 5,930 
FDIC expenses2,882 2,390 2,534 9,254 7,979 
Loan workout and other credit costs1,684 (1,278)(189)1,477 292 
Corporate development expense46 158 113 412 3,649 
Restructuring expense— — — — (787)
Other operating expenses40,459 38,200 31,158 116,570 86,490 
163,723 155,768 139,689 468,563 413,987 
Income before taxes85,517 90,465 97,167 262,907 272,400 
Income tax provision21,108 21,257 22,904 63,567 66,880 
Net income64,409 69,208 74,263 199,340 205,520 
Less: Net (loss) income attributable to noncontrolling interest(26)(65)97 (129)272 
Net income attributable to WSFS$64,435 $69,273 $74,166 $199,469 $205,248 
Diluted earnings per share of common stock:$1.08 $1.16 $1.22 $3.33 $3.34 
Weighted average shares of common stock outstanding for fully diluted EPS59,393,651 59,958,628 61,039,317 59,956,324 61,367,802 
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
16
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) - continued
Three months endedNine months ended
 September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Performance Ratios:
Return on average assets (a)1.22 %1.34 %1.45 %1.28 %1.36 %
Return on average equity (a)9.95 11.39 12.64 10.66 11.89 
Return on average tangible common equity (a)(o)16.96 20.08 23.19 18.55 22.03 
Net interest margin (a)(b)3.78 3.85 4.08 3.82 4.15 
Efficiency ratio (c)61.08 58.46 54.64 59.61 55.12 
Noninterest income as a percentage of total net revenue (b)33.64 34.38 28.42 32.78 26.98 
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
17
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(Dollars in thousands)September 30, 2024June 30, 2024September 30, 2023
Assets:
Cash and due from banks$571,798 $618,446 $260,200 
Cash in non-owned ATMs414,931 400,482 345,754 
Investment securities, available-for-sale3,737,119 3,651,913 3,691,541 
Investment securities, held-to-maturity1,026,305 1,038,854 1,068,871 
Other investments38,662 36,204 39,466 
Net loans and leases (e)(f)(l)13,166,805 13,000,556 12,539,062 
Bank owned life insurance35,658 36,090 101,424 
Goodwill and intangibles992,163 996,181 1,008,472 
Other assets921,768 965,804 986,202 
Total assets$20,905,209 $20,744,530 $20,040,992 
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits$4,685,957 $4,782,920 $4,913,517 
Interest-bearing deposits11,741,074 11,508,161 10,983,747 
Total customer deposits16,427,031 16,291,081 15,897,264 
Brokered deposits— — 89,105 
Total deposits16,427,031 16,291,081 15,986,369 
Federal Home Loan Bank advances43,158 22,306 — 
Other borrowings1,032,003 1,119,949 917,833 
Other liabilities736,002 832,837 901,412 
Total liabilities18,238,194 18,266,173 17,805,614 
Stockholders’ equity of WSFS2,678,264 2,489,580 2,242,795 
Noncontrolling interest(11,249)(11,223)(7,417)
Total stockholders' equity2,667,015 2,478,357 2,235,378 
Total liabilities and stockholders' equity$20,905,209 $20,744,530 $20,040,992 
Capital Ratios:
Equity to asset ratio12.81 %12.00 %11.19 %
Tangible common equity to tangible asset ratio (o)8.47 7.56 6.49 
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)13.46 13.07 13.26 
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)10.68 10.44 10.72 
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)13.46 13.07 13.26 
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)14.71 14.32 14.43 
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans (t)$90,039 $64,034 $57,460 
Assets acquired through foreclosure1,301 1,342 298 
Total nonperforming assets$91,340 $65,376 $57,758 
Past due loans (h)$31,714 $9,798 $14,357 
Troubled loans (u)166,754 133,080 78,186 
Allowance for credit losses197,497 198,260 175,996 
Ratio of nonperforming assets to total assets0.44 %0.32 %0.29 %
Ratio of allowance for credit losses to total loans and leases (q)1.48 1.51 1.39 
Ratio of allowance for credit losses to nonaccruing loans219 310 306 
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)0.58 0.44 0.45 
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)0.43 0.35 0.43 
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
18
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued) 
AVERAGE BALANCE SHEET (Unaudited)
(Dollars in thousands)Three months ended
 September 30, 2024June 30, 2024September 30, 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)$5,246,721 $93,594 7.11 %$5,115,017 $91,001 7.17 %$5,107,501 $90,098 7.01 %
Commercial real estate loans (s)4,952,571 89,516 7.19 4,968,847 88,852 7.19 4,611,968 82,040 7.06 
Residential mortgage924,830 11,916 5.15 892,139 10,995 4.93 841,510 10,698 5.09 
Consumer loans2,112,423 39,909 7.52 2,088,180 39,019 7.52 1,940,418 34,972 7.15 
Loans held for sale50,556 1,042 8.20 42,010 948 9.08 54,072 1,095 8.03 
Total loans and leases13,287,101 235,977 7.07 13,106,193 230,815 7.09 12,555,469 218,903 6.92 
Mortgage-backed securities (d)4,354,462 25,348 2.33 4,335,831 25,784 2.38 4,602,107 26,654 2.32 
Investment securities (d)366,098 2,184 2.62 361,093 2,183 2.70 364,565 2,180 2.64 
Other interest-earning assets709,358 9,875 5.54 469,120 6,455 5.53 251,273 3,402 5.37 
Total interest-earning assets$18,717,019 $273,384 5.82 %$18,272,237 $265,237 5.85 %$17,773,414 $251,139 5.61 %
Allowance for credit losses(199,380)(195,557)(173,052)
Cash and due from banks189,523 308,226 277,780 
Cash in non-owned ATMs387,019 339,430 363,131 
Bank owned life insurance35,689 41,067 101,411 
Other noninterest-earning assets1,931,521 2,020,925 1,922,080 
Total assets$21,061,391 $20,786,328 $20,264,764 
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand$2,806,850 $9,074 1.29 %$2,807,761 $8,107 1.16 %$2,955,613 $7,156 0.96 %
Savings1,519,457 2,038 0.53 1,553,044 1,774 0.46 1,750,809 1,521 0.34 
Money market5,125,286 46,686 3.62 5,172,682 46,390 3.61 4,499,909 34,639 3.05 
Customer time deposits2,061,526 22,849 4.41 1,937,265 20,422 4.24 1,661,885 12,828 3.06 
Total interest-bearing customer deposits11,513,119 80,647 2.79 11,470,752 76,693 2.69 10,868,216 56,144 2.05 
Brokered deposits— — — — — — 88,594 1,111 4.98 
Total interest-bearing deposits11,513,119 80,647 2.79 11,470,752 76,693 2.69 10,956,810 57,255 2.07 
Federal Home Loan Bank advances108,196 1,472 5.41 25,742 359 5.61 11,576 167 5.72 
Trust preferred borrowings90,753 1,749 7.67 90,704 1,750 7.76 90,557 1,764 7.73 
Senior and subordinated debt218,535 2,446 4.48 218,478 2,441 4.47 218,304 2,453 4.49 
Other borrowed funds816,373 9,566 4.66 816,919 9,545 4.70 604,156 6,898 4.53 
Total interest-bearing liabilities$12,746,976 $95,880 2.99 %$12,622,595 $90,788 2.89 %$11,881,403 $68,537 2.29 %
Noninterest-bearing demand deposits4,979,859 4,835,912 5,248,931 
Other noninterest-bearing liabilities770,572 891,273 813,858 
Stockholders’ equity of WSFS2,575,182 2,446,371 2,327,853 
Noncontrolling interest(11,198)(9,823)(7,281)
Total liabilities and equity$21,061,391 $20,786,328 $20,264,764 
Excess of interest-earning assets over interest-bearing liabilities$5,970,043 $5,649,642 $5,892,011 
Net interest and dividend income$177,504 $174,449 $182,602 
Interest rate spread2.83 %2.96 %3.32 %
Net interest margin3.78 %3.85 %4.08 %
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
19
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
 
(Dollars in thousands, except per share data)Three months endedNine months ended
Stock Information:September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Market price of common stock:
High$58.59$47.55$45.40$58.59$51.77
Low45.4241.3335.0240.2029.59
Close50.9947.0036.5050.9936.50
Book value per share of common stock45.3742.0136.93
Tangible common book value (TBV) per share of common stock (o)28.5625.2020.33
Number of shares of common stock outstanding (000s)59,03359,26160,728
Other Financial Data:
One-year repricing gap to total assets (k)(0.78)%(0.30)%0.41%
Weighted average duration of the MBS portfolio5.7 years5.7 years6.0 years
Unrealized losses on securities available for sale, net of taxes$(420,815)$(549,039)$(678,413)
Number of Associates (FTEs) (m)2,3162,2792,224
Number of offices (branches, LPO’s, operations centers, etc.)114114116
Number of WSFS owned and branded ATMs569579592
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.
(u)Represents loans modified in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, or a term extension to borrowers experiencing financial difficulty.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
20
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION 
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
 
Non-GAAP Reconciliation (o):Three months endedNine months ended
 September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Net interest income (GAAP)$177,504 $174,449 $182,602 $527,231 $546,976 
Core net interest income (non-GAAP)177,504 174,449 182,602 527,231 546,976 
Noninterest income (GAAP)90,158 91,598 72,668 257,613 202,666 
Plus: Unrealized loss on equity investments, net— — (5)— (9)
Less: Realized gain on sale of equity investment, net56 2,130 — 2,186 — 
Less/(plus): Visa derivative valuation adjustment— 3,434 (750)2,829 (1,855)
Core fee revenue (non-GAAP)$90,102 $86,034 $73,423 $252,598 $204,530 
Core net revenue (non-GAAP)$267,606 $260,483 $256,025 $779,829 $751,506 
Core net revenue (non-GAAP)(tax-equivalent)$267,991 $260,900 $256,412 $780,975 $752,904 
Noninterest expense (GAAP)$163,723 $155,768 $139,689 $468,563 $413,987 
(Plus)/less: FDIC special assessment— (383)— 880 — 
Less: Corporate development expense46 158 113 412 3,649 
Plus: Restructuring expense— — — — (787)
Core noninterest expense (non-GAAP)$163,677 $155,993 $139,576 $467,271 $411,125 
Core efficiency ratio (non-GAAP)61.1 %59.8 %54.4 %59.8 %54.6 %
Core fee revenue ratio (non-GAAP) (b)33.6 %33.0 %28.6 %32.3 %27.2 %
 End of period
 September 30, 2024June 30, 2024September 30, 2023
Total assets (GAAP)$20,905,209 $20,744,530 $20,040,992 
Less: Goodwill and other intangible assets992,163 996,181 1,008,472 
Total tangible assets (non-GAAP)$19,913,046 $19,748,349 $19,032,520 
Total stockholders’ equity of WSFS (GAAP)$2,678,264 $2,489,580 $2,242,795 
Less: Goodwill and other intangible assets992,163 996,181 1,008,472 
Total tangible common equity (non-GAAP)$1,686,101 $1,493,399 $1,234,323 
Tangible common book value (TBV) per share:
Book value per share (GAAP)$45.37 $42.01 $36.93 
Tangible common book value per share (non-GAAP)28.56 25.20 20.33 
Tangible common equity to tangible assets:
Equity to asset ratio (GAAP)12.81 %12.00 %11.19 %
Tangible common equity to tangible assets ratio (non-GAAP)8.47 7.56 6.49 





wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
21
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Non-GAAP Reconciliation - continued (o):Three months endedNine months ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
GAAP net income attributable to WSFS$64,435 $69,273 $74,166 $199,469 $205,248 
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense(10)(5,789)868 (3,723)4,726 
(Plus)/less: Tax impact of pre-tax adjustments2 1,273 (232)585 (1,293)
Adjusted net income (non-GAAP) attributable to WSFS$64,427 $64,757 $74,802 $196,331 $208,681 
GAAP return on average assets (ROA)1.22 %1.34 %1.45 %1.28 %1.36 %
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense— (0.11)0.02 (0.02)0.03 
(Plus)/less: Tax impact of pre-tax adjustments— 0.02 (0.01)— (0.01)
Core ROA (non-GAAP)1.22 %1.25 %1.46 %1.26 %1.38 %
Earnings per share (diluted) (GAAP)$1.08 $1.16 $1.22 $3.33 $3.34 
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense— (0.10)0.01 (0.06)0.08 
(Plus)/less: Tax impact of pre-tax adjustments— 0.02 — — (0.02)
Core earnings per share (non-GAAP)$1.08 $1.08 $1.23 $3.27 $3.40 
Calculation of return on average tangible common equity:
GAAP net income attributable to WSFS$64,435 $69,273 $74,166 $199,469 $205,248 
Plus: Tax effected amortization of intangible assets2,949 3,007 2,984 8,929 8,748 
Net tangible income (non-GAAP)$67,384 $72,280 $77,150 $208,398 $213,996 
Average stockholders’ equity of WSFS$2,575,182 $2,446,371 $2,327,853 $2,499,612 $2,307,002 
Less: Average goodwill and intangible assets994,818 998,939 1,007,803 998,960 1,008,463 
Net average tangible common equity$1,580,364 $1,447,432 $1,320,050 $1,500,652 $1,298,539 
Return on average tangible common equity (non-GAAP)16.96 %20.08 %23.19 %18.55 %22.03 %





wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
22
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Non-GAAP Reconciliation - continued (o):Three months endedNine months ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Calculation of PPNR:
Net income (GAAP)$64,409 $69,208 $74,263 $199,340 $205,520 
Plus: Income tax provision 21,108 21,257 22,904 63,567 66,880 
Plus: Provision for credit losses18,422 19,814 18,414 53,374 63,255 
PPNR (non-GAAP)$103,939 $110,279 $115,581 $316,281 $335,655 

1 Exhibit 99.2 3Q 2024 Earnings Release Supplement October 2024 WSFS Financial Corporation

 
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, Form 10-Q for the quarter ended March 31, 2024, Form 10-Q for the quarter ended June 30, 2024, 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 Fee Revenue, Core Fee Revenue ratio, 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, Return on Average Tangible Common Equity (“ROTCE”), Core ROTCE, Core Fee Revenue, Core Fee Revenue ratio, net tangible income, 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 3Q 2024 Highlights: • Loans increased $165.5mm or 5% (annualized) • Growth in Commercial, Consumer, and Residential portfolios • Customer Deposits increased $136.0mm or 3% (annualized) • Driven by seasonal growth in Munis and growth in CDs, partially offset by expected outflows in Wealth and Trust • Average deposits grew 5% (annualized), including 12% (annualized) in noninterest, primarily from Wealth and Trust flows. • NIM of 3.78% reflects growth in higher-priced deposits, due to seasonal Munis and CDs, as well as slightly lower asset yields • Core Fee Revenue1 of $90.1mm; grew 5% quarter-over-quarter • Driven by Spring EQ revenue and growth in Cash Connect® 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) 3Q24 2Q24 3Q24 2Q24 EPS $1.08 $1.16 $1.08 $1.08 ROA 1.22% 1.34% 1.22% 1.25% Net Income2 $64.4 $69.3 $64.4 $64.8 PPNR %1 1.96% 2.13% 1.96% 2.02% ROTCE1 16.96% 20.08% 16.96% 18.83% NIM3 3.78% 3.85% 3.78% 3.85% Fee Revenue %3 33.6% 34.4% 33.6% 33.0% Efficiency Ratio 61.1% 58.5% 61.1% 59.8% ACL Ratio4 1.48% 1.51% 1.48% 1.51% Bank CET1 13.46% 13.07% 13.46% 13.07% 3 Tax-equivalent 4 ACL Ratio excludes HTM securities

 
4 $19 $19 $17 $17 $21 $21 $23 $26 $31 $32 $33 $36 $33 $38 $37 $73 $78 $76 $86 $90 $- $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Co re F ee R ev en ue ( $m m )2 Banking Cash Connect Wealth Management3 Core Fee Revenue1 33.6% Core Fee Revenue ratio with multiple 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: • Finished the planned trust accounting system and client portal conversions; Bryn Mawr Trust integration completed • Institutional Services growth driven by higher assignment and paying agent fees • Private Wealth Management and The Bryn Mawr Trust Company of Delaware impacted by seasonally lower activity and nonrecurring items Cash Connect®: • Driven by bailment and smart safe revenue Banking: • Increase due to Spring EQ annual earnout and Bank Owned Life Insurance revenue ®

 
5 1.38% 1.62% 1.79% 1.89% 1.95% 1.59% 1.83% 1.99% 2.09% 2.15% 6.81% 6.92% 6.95% 7.03% 7.01% 2.0% 4.0% 6.0% 8.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 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 while generating profitable loan relationships 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 based on cumulative customer deposit costs for the current cycle; assumes Fed Funds of 5.50% 21 39% 44% 47% 50% 51% 27% 31% 34% 35% 36% 0% 15% 30% 45% 60% 75% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 De po sit B et a Interest-bearing Dep Beta Total Dep Beta Net Interest Margin 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4.08% 3.99% 3.84% 3.78% • Declined 7bps QoQ primarily driven by: • Growth in higher-priced deposits to take advantage of market opportunities • Market-value increases on available-for-sale investment securities • Completed previously announced $1.5bn hedging program to mitigate asset sensitivity through floors 3.85%

 
6 Loan Portfolio Highlights • Commercial: Growth from new originations and the conversion of construction loans drove increases in the C&I2 and CRE portfolios • Line utilization of 38.2%, down from 39.3% last quarter • Consumer: Driven by $51mm increase in Spring EQ loans, partially offset by $25mm decline in Upstart loans • Residential mortgage retained certain loans based on favorable yields and relationship opportunities • Spring EQ portfolio ($1.0bn in loans) achieved 2024 origination target; no additional originations are expected in 4Q 5% annualized loan growth across Commercial and Consumer portfolios 1 Includes new loans, existing new funding, paydowns, payoffs, and prior Commercial runoff portfolios. Excludes reclasses, HFS, purchase accounting mark/unearned changes, and Commercial leases 2 C&I loans includes Owner-Occupied Real Estate ($ in millions) Sept 2024 Jun 2024 Sept 2023 QoQ $ Growth Annualized % Growth C & I Loans2 $4,661 $4,599 $4,590 $62 5% Commercial Mortgages (CRE) 4,149 4,035 3,646 114 11% Construction Loans 806 879 1,043 (73) (33%) Commercial Leases 645 644 606 1 1% Total Commercial Loans $10,261 $10,157 $9,885 $104 4% Residential Mortgage (HFS/HFI) 965 936 873 29 12% Consumer Loans 2,138 2,106 1,957 32 6% Total Gross Loans $13,364 $13,199 $12,715 $165 5% EOP Loans - 3Q24 vs 2Q24 $442 $400 $326 $364 $353 ($289) ($379) ($241) ($285) ($254) $(600) $(400) $(200) - $200 $400 $600 3Q23 4Q23 1Q24 2Q24 3Q24 Commercial Portfolio: New Net Loan Fundings ($mm)1 New Loans Fundings Paydown/Payoffs

 
7 Deposit Highlights • Initiated actions across the deposit base to reduce pricing following mid-September’s rate cut • $136.0mm (3% annualized) increase in ending Customer Deposits • Driven by seasonal Muni growth and growth in CDs, partially offset by expected outflows in Wealth and Trust • 51% of Customer Deposits are from non-Consumer businesses Resilient deposit base with competitive pricing and diversified funding mix Average Total Customer Deposit Mix 10% 11% 11% 12% 13% 39% 40% 42% 41% 40% 18% 18% 17% 17% 17% 33% 31% 30% 30% 30% 0% 20% 40% 60% 80% 100% 3Q23 4Q23 1Q24 2Q24 3Q24 Noninterest Interest-bearing Savings/MM Time Consumer 49% Commercial 24% Small Business 13% Trust 8% Wealth 5%Other 1% Average Customer Deposits By Business Line ($ in millions) Sept 2024 Jun 2024 Sept 2023 QoQ $ Growth Annualized % Growth Noninterest Demand $4,686 $4,783 $4,913 ($97) (8%) Interest-bearing Demand 2,931 2,812 3,028 119 17% Savings 1,489 1,537 1,681 (48) (13%) Money Market 5,178 5,175 4,560 3 0% Total Core Deposits $14,284 $14,307 $14,182 ($23) (1%) Customer Time Deposits 2,143 1,984 1,715 159 32% Total Customer Deposits $16,427 $16,291 $15,897 $136 3% EOP Deposits by Product - 3Q24 vs 2Q24

 
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 September 30, 2024 2 Highly diversified C&I, Owner-Occupied, CRE, and Construction Portfolios C&I and Owner-Occupied $4.7 billion CRE and Construction2 $5.0 billion Hotels, 13% Other Services (except Public Admin), 11% Healthcare & Social Assistance, 9% Construction, 9% Manufacturing, 7% Real Estate Rental and Leasing, 5% Retail Trade, 7% Finance & Insurance, 9% Professional, Science & Tech., 5% Food Services, 5% Wholesale Trade, 4% Other, 16% Retail, 27% Residential Multifamily, 29% Office, 14% Flex, Warehouse, Self-Storage, General Industrial, 10% Residential 1-4, 11% Special Use & Other, 7% Medical Office, 2% • 22 distinct concentration limits3 • All in compliance • House limit of $100mm • No relationships > limit • 14 relationships over $50mm4; • <7% gross loans • CRE & Const./Tier 1 Capital + ACL: 213% • CRE & Const.: 37.1% of gross loans • Office5: 5.1% of gross loans • Multifamily: 11.2% of gross loans • Construction: 6.0% of gross loans Concentration Statistics 4 Based on relationship’s outstanding balances 5 Office portfolio includes a $19.2mm C&I loan, in participation with another bank, to a fund that is invested in office properties predominantly in East Coast suburban markets

 
9 $0.0 $0.1 $0.2 $0.3 $0.4 $0.5 $0.6 4Q24 2025 2026 2027 2028 Bi lli on s Volume of Maturing CRE Loans by Industry Office Multi-Family Industrial/Flex Retail Single Family Other CRE and Select Portfolios 1 Inclusive of Construction 2 Includes a $19.2mm C&I loan, in participation with another bank, to a fund that is invested in office properties predominantly in East Coast suburban markets 3 Office CRE portfolio excludes $97.3mm ($100.0mm exposure) of Medical Office CRE/Construction 4 Central Business District CRE Portfolio: • Granular with an average loan of $1.3mm; 8 relationships over $50mm • ~85% of the portfolio effectively has a fixed rate (~40% of the portfolio fixed with ~75% of the variable rate portfolio swapped) • ~6% of the portfolio is maturing in 4Q24; ~50% of loans mature post-2028 • Continually reviewing all $2.5mm+ loans maturing in the next 24 months • Less than $35mm of loans in 2024 and $80mm in 2025 have a DSCR below 1.05x in a 7.50% rate scenario; proactively addressing all maturing loans • $685mm with $715mm exposure3; 5.1% of gross loans • $1.8mm average loan size • 77% Suburban and 23% Urban; 8% of Office is in CBD4 • 15 loans over $10mm; 3 loans >$20mm (largest ~$27mm) • Average LTV of ~60% at origination • <1% DLQ; 0% NCO; 3.4% NPA; 14% problem loans • 80% with recourse Office Portfolio1,2 • $1.5bn with $1.8bn exposure; 11.2% of gross loans • $3.1mm average loan size • 51% Suburban and 49% Urban; 6% of CRE Multifamily is in CBD4 • 23 loans over $20mm; largest loan ~$34mm • Average LTV of ~56% at origination • 2.1% DLQ; 0% NCO; <1% NPA; 7% problem loans • 86% with recourse Multifamily Portfolio1 6.1% 11.7% 8.0% 10.5% 10.9% Portfolio Maturity %

 
10 Asset Quality Metrics Problem Assets Nonperforming Assets (NPA) Delinquencies (DLQ) Net Charge-offs (NCO) $543 $556 $573 $629 $722 4.27% 4.34% 4.41% 4.76% 5.40% 0.0% 1.2% 2.4% 3.6% 4.8% 6.0% $300 $400 $500 $600 $700 $800 3Q23 4Q23 1Q24 2Q24 3Q24 M ill io ns Problem Assets % of Gross Loans $111 $102 $105 $89 $148 0.87% 0.80% 0.81% 0.68% 1.11% 0.0% 0.3% 0.6% 0.9% 1.2% 1.5% $0 $25 $50 $75 $100 $125 $150 $175 $200 3Q23 4Q23 1Q24 2Q24 3Q24 M ill io ns Delinquencies % of Gross Loans $8 $10 $10 $9 $9 $6 $5 ($1) $6 $10 0.45% 0.46% 0.27% 0.44% 0.58% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% $0 $4 $8 $12 $16 $20 $24 3Q23 4Q23 1Q24 2Q24 3Q24 M ill io ns Upstart/NewLane Other % of Avg. Gross Loans $58 $76 $67 $65 $91 0.29% 0.37% 0.33% 0.32% 0.44% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% $0 $20 $40 $60 $80 $100 3Q23 4Q23 1Q24 2Q24 3Q24 M ill io ns Nonperforming Assets % of Total Assets • NPA: Increased 12bps QoQ • Primarily due to an office- related loan and a suburban hotel loan • DLQ: Increased 43bps QoQ • Driven by the hotel loan mentioned above and an additional CRE relationship • NCO: Increased 14bps QoQ • NCO of 31bps excluding Upstart and NewLane 3Q 2024 Performance

 
11 ACL Ratio $165 $175 $185 $195 $205 6/30/2024 Net Loan Growth (ex. Upstart) Migration / NCO / Other Upstart 9/30/2024 3Q 2024 ACL ($mm) $6 ($3) $197 ($4) 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 Includes a $19.2mm C&I loan, in participation with another bank, to a fund that is invested in office properties predominantly in East Coast suburban markets ACL Overview ACL and Coverage Ratio by Segment 3Q 2024 ACL Commentary 1.48% • ACL coverage ratio of 1.48%; 1.63% including estimated remaining credit mark on acquired loan portfolios1 • Decrease driven by continued runoff in the Upstart portfolio • CRE Office portfolio ACL of 3.14%2 • FY GDP forecast of 2.7% in 2024 and 2.0% in 20253 • FY Unemployment forecast of 4.1% in 2024 and 4.3% in 20253 1.51% 1.29% 1.98% 1.48% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 3Q20 3Q21 3Q22 3Q23 3Q24 ACL % By Portfolio and Total4 Commercial Consumer and Leasing Total ACL%6 3 Source: Oxford Economics as of September 2024 4 Percentages are over amortized cost of loans and leases (excluding HTM securities) 5 Hotel loan balances are included in the C&I and Construction segments 6 Commercial excludes Leasing $198 ($ millions) $ % $ % $ % C&I5 $51.7 1.96% $56.5 2.14% $56.8 2.15% Owner Occupied R/E $7.9 0.41% $9.7 0.50% $9.8 0.49% CRE Investor $33.2 0.91% $46.8 1.16% $49.0 1.18% Construction5 $11.3 1.08% $9.2 1.05% $8.3 1.04% Resi Mortgage $5.4 0.63% $5.1 0.56% $5.5 0.58% Leases $10.0 1.65% $16.2 2.51% $15.4 2.38% HELOC & HEIL $8.2 1.26% $9.2 1.29% $9.5 1.31% Consumer Partnerships $45.5 4.01% $42.8 3.44% $40.4 3.19% Other $2.8 1.83% $2.8 1.88% $2.8 1.95% TOTAL $176.0 1.39% $198.3 1.51% $197.5 1.48% September 30, 2023 June 30, 2024 September 30, 2024

 
12 Investment Portfolio High-quality investment portfolio providing consistent cash flows 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 ($568.2mm) includes AFS, HTM, and HTM unrecognized MTM; assumes all securities, including HTM, are sold at market prices • Targeting 18% - 20% of total assets over time • Forecasting P&I cash flows of $1bn+ over the next 24 months • Majority of cash flows continue to be redeployed into higher yielding loans • Anticipated cash flows could fund ~3.5% annualized loan growth • AOCI improved $142.9mm or 22.2% quarter-over-quarter Investments Investment Portfolio1 $4.76bn % of Total Assets 23% Portfolio Duration2 5.7yrs Portfolio Yield2 2.33% Agency MBS/Notes % >95% AOCI ($500.0mm) Effective AOCI3,4 ($568.2mm) AFS Agency MBS Agency CMOs GNMA MBS/CMOs Agency Debent. HTM Agency MBS Munis $3.74bn $1.02bn $781 $594 $637 $643 $500 $0 $200 $400 $600 $800 $1,000 3Q23 4Q23 1Q24 2Q24 3Q24 M ill io ns AOCI Trend

 
13 $28.56 $37.03 $15 $20 $25 $30 $35 $40 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 Corp. TBV and AOCI’s Impact per Share TBV/share TBV/share ex-AOCI Capital All capital ratios remain above “well-capitalized” while deploying our disciplined buyback framework 10.68% 10.27% 12.02% 8.47% 2.78% 2.69% 2.22% 13.46% 10.68% 14.71% 10.69% 0% 4% 8% 12% 16% Bank CET1 Bank Leverage Bank TRBC Corp. TCE Effective AOCI Well-capitalized Reported 3Q24 Capital Ratios with Effective AOCI1 Impact 1 Effective AOCI ($568.2mm) includes AFS, HTM, and HTM unrecognized MTM; reported AOCI of ($500.0mm) 2 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 22

 
14 Midyear FY Outlook1 Mid-single digit Flat Range of 3.80% - 3.90% Double-digit 0.50% - 0.60% +/- 60% +/- 1.25% 2024 Core Outlook - Update Loan Growth Deposit Growth Net Interest Margin Fee Revenue Growth Net Charge-offs Efficiency Ratio ROA2 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 accuracy 2 25% effective tax rate assumed Updated to reflect the 50bps rate cut that occurred in mid-September with no additional rate cuts 3Q FY Outlook1 Mid-single digit Flat +/- 3.80% Double-digit +/- 0.50% +/- 60% 1.20% - 1.25% +/- 25bps in Fed Funds Rate would have a +/- 3bps annualized ROA impact Commentary Continue to see solid pipeline; capturing market share Taking advantage of opportunities to deepen relationships and grow share 4Q NIM of 3.70% - 3.75% Driven by Cash Connect® and Wealth and Trust Upstart and NewLane moderating; Commercial may be uneven Continued Franchise investment Reflects YTD results and 4Q expectations

 
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 gains (losses) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense; • 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 gains (losses) 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 and corporate development and restructuring expenses; • 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 gains (losses) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expenses; • 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) September 30, 2024 June 30, 2024 September 30, 2023 Net interest income (GAAP) $ 177,504 $ 174,449 $ 182,602 Core net interest income (non-GAAP) $ 177,504 $ 174,449 $ 182,602 Noninterest income (GAAP) $ 90,158 $ 91,598 $ 72,668 Plus: Unrealized loss on equity investments, net — — (5) Less: Realized gain on sale of equity investment, net 56 2,130 — Less/(plus): Visa derivative valuation adjustment — 3,434 (750) Core fee revenue (non-GAAP) $ 90,102 $ 86,034 $ 73,423 Core net revenue (non-GAAP) $ 267,606 $ 260,483 $ 256,025 Core net revenue (non-GAAP) (tax- equivalent) $ 267,991 $ 260,900 $ 256,412 Noninterest expense (GAAP) $ 163,723 $ 155,768 $ 139,689 (Plus)/less: FDIC special assessment — (383) — Less: Corporate development expense 46 158 113 Plus: Restructuring expense — — — Core noninterest expense (non-GAAP) $ 163,677 $ 155,993 $ 139,576 Core efficiency ratio (non-GAAP) 61.1 % 59.8 % 54.4 % Core fee revenue ratio (non-GAAP)(tax- equivalent) 33.6 % 33.0 % 28.6 % Three Months Ended (dollars in thousands, except per share data) September 30, 2024 June 30, 2024 September 30, 2023 Calculation of tangible common equity ratio: Total Assets (GAAP) $ 20,905,209 $ 20,744,530 $ 20,040,992 Less: Goodwill and other intangible assets 992,163 996,181 1,008,472 Total tangible assets (non-GAAP) $ 19,913,046 $ 19,748,349 $ 19,032,520 Total stockholders’ equity of WSFS (GAAP) $ 2,678,264 $ 2,489,580 $ 2,242,795 Less: Goodwill and other intangible assets 992,163 996,181 1,008,472 Total tangible common equity (non-GAAP) $ 1,686,101 $ 1,493,399 $ 1,234,323 Equity to asset ratio (GAAP) 12.81 % 12.00 % 11.19 % Tangible common equity to tangible assets ratio (non-GAAP) 8.47 % 7.56 % 6.49 % Three Months Ended (dollars in thousands) September 30, 2024 Calculation of effective AOCI: Unrealized losses on AFS securities ​ $ 420,815 Unrealized losses on securities transferred from AFS to HTM 80,081 Unrecognized fair value on HTM securities 67,336 Effective AOCI (non-GAAP) $ 568,232 Calculation of coverage ratio including the estimated remaining credit marks: Coverage ratio 1.48 % Plus: Estimated remaining credit marks on the acquired loan portfolios 0.15 Coverage ratio including the estimated remaining credit marks (non-GAAP) 1.63 %

 
18 Appendix: Non-GAAP Financial Information 1 Pre-tax adjustments include realized/unrealized gains (losses) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense Three Months Ended (dollars in thousands, except per share data) September 30, 2024 June 30, 2024 September 30, 2023 GAAP net income attributable to WSFS $ 64,435 $ 69,273 $ 74,166 Plus/(less): Pre-tax adjustments1 (10) (5,789) 868 (Plus)/less: Tax impact of pre-tax adjustments 2 1,273 (232) Adjusted net income (non-GAAP) attributable to WSFS $ 64,427 $ 64,757 $ 74,802 Net income (GAAP) $ 64,409 $ 69,208 $ 74,263 Plus: Income tax provision 21,108 21,257 22,904 Plus: Provision for credit losses 18,422 19,814 18,414 PPNR (Non-GAAP) 103,939 110,279 115,581 Plus/(less): Pre-tax adjustments1 (10) (5,789) 868 Core PPNR (Non-GAAP) $ 103,929 $ 104,490 $ 116,449 Average Assets $ 21,061,391 $ 20,786,328 $ 20,264,764 PPNR % (Non-GAAP) 1.96 % 2.13 % 2.26 % Core PPNR % (Non-GAAP) 1.96 % 2.02 % 2.28 % GAAP return on average assets (ROA) 1.22 % 1.34 % 1.45 % Plus/(less): Pre-tax adjustments1 — (0.11) 0.02 (Plus)/less: Tax impact of pre-tax adjustments — 0.02 (0.01) Core ROA (non-GAAP) 1.22 % 1.25 % 1.46 % Earnings per share (diluted)(GAAP) $ 1.08 $ 1.16 $ 1.22 Plus/(less): Pre-tax adjustments1 — (0.10) 0.01 (Plus)/less: Tax impact of pre-tax adjustments — 0.02 — Core earnings per share (non-GAAP) $ 1.08 $ 1.08 $ 1.23

 
19 Appendix: Non-GAAP Financial Information Three Months Ended Three Months Ended (dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2023 September 30, 2024 June 30, 2024 September 30, 2023 Calculation of return on average tangible common equity: Calculation of core return on average tangible common equity: GAAP net income attributable to WSFS​ $ 64,435 $ 69,273 $ 74,166 Adjusted net income (non-GAAP) attributable to WSFS​ $ 64,427 $ 64,757 $ 74,802 Plus: Tax effected amortization of intangible assets​ 2,949 3,007 2,984 Plus: Tax effected amortization of intangible assets​ 2,949 3,007 2,984 Net tangible income (non-GAAP)​ $ 67,384 $ 72,280 $ 77,150 Core net tangible income (non-GAAP)​ $ 67,376 $ 67,764 $ 77,786 Average stockholders' equity of WSFS​ $ 2,575,182 $ 2,446,371 $ 2,327,853 Net average tangible common equity​ $ 1,580,364 $ 1,447,432 $ 1,320,050 Less: Average goodwill and intangible assets​ 994,818 998,939 1,007,803 Core return on average equity (non-GAAP) 9.95 % 10.65 % 12.75 % Net average tangible common equity​ $ 1,580,364 $ 1,447,432 $ 1,320,050 Core return on average tangible common equity (non-GAAP) 16.96 % 18.83 % 23.38 % Return on average equity (GAAP) 9.95 % 11.39 % 12.64 % Return on average tangible common equity (non-GAAP) 16.96 % 20.08 % 23.19 % Three Months Ended (dollars in thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Calculation of core fee revenue: Noninterest income (GAAP) $ 90,158 $ 91,598 $ 75,857 $ 87,205 $ 72,668 Less/(plus): Unrealized gains on equity investment — — — 338 (5) Less: Realized gain on sale of equity investment 56 2,130 — 9,493 — Less/(plus): Visa B Valuation Adjustment — 3,434 (605) (605) (750) Core fee revenue (non-GAAP) $ 90,102 $ 86,034 $ 76,462 $ 77,979 $ 73,423

 
20 Appendix: Non-GAAP Financial Information (dollars in thousands, except per share data) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Calculation of tangible common book value per share and tangible common book value per share ex-AOCI: Total stockholders’ equity of WSFS (GAAP) $ 2,678,264 $ 2,489,580 $ 2,473,481 $ 2,477,636 $ 2,242,795 $ 2,314,659 $ 2,306,362 $ 2,205,113 $ 2,103,593 Less: Goodwill and other intangible assets 992,163 996,181 1,000,344 1,004,560 1,008,472 1,004,278 1,008,250 1,012,232 1,016,413 Total tangible common equity (non-GAAP) 1,686,101 1,493,399 1,473,137 1,473,076 1,234,323 1,310,381 1,298,112 1,192,881 1,087,180 Less: AOCI (500,017) (642,878) (636,907) (593,991) (780,711) (656,059) (618,415) (675,844) (715,479) Tangible common equity ex-AOCI (non-GAAP) $ 2,186,118 $ 2,136,277 $ 2,110,044 $ 2,067,067 $ 2,015,034 $ 1,966,440 $ 1,916,527 $ 1,868,725 $ 1,802,659 Shares outstanding (000s) 59,033 59,261 60,084 60,538 60,728 61,093 61,387 61,612 61,949 Tangible common book value per share (non-GAAP) $ 28.56 $ 25.20 $ 24.52 $ 24.33 $ 20.33 $ 21.45 $ 21.15 $ 19.36 $ 17.55 Tangible common book value per share ex-AOCI (non- GAAP) $ 37.03 $ 36.05 $ 35.12 $ 34.14 $ 33.18 $ 32.19 $ 31.22 $ 30.33 $ 29.10 (dollars in thousands, except per share data) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Calculation of tangible common book value per share and tangible common book value per share ex-AOCI: Total stockholders’ equity of WSFS (GAAP) $ 2,315,360 $ 2,520,463 $ 1,939,099 $ 1,908,895 $ 1,884,054 $ 1,770,641 $ 1,791,726 $ 1,863,499 Less: Goodwill and other intangible assets 1,019,857 1,032,189 547,231 549,352 551,951 554,701 557,386 559,806 Total tangible common equity (non-GAAP) 1,295,503 1,488,274 1,391,868 1,359,543 1,332,103 1,215,940 1,234,340 1,303,693 Less: AOCI (518,878) (313,780) (37,768) (15,486) 10,238 (13,702) 56,007 66,595 Tangible common equity ex-AOCI (non-GAAP) $ 1,814,381 $ 1,802,054 $ 1,429,636 $ 1,375,029 $ 1,321,865 $ 1,229,642 $ 1,178,333 $ 1,237,098 Shares outstanding (000s) 63,587 64,735 47,609 47,548 47,535 47,502 47,756 50,673 Tangible common book value per share (non-GAAP) $ 20.37 $ 22.99 $ 29.24 $ 28.59 $ 28.02 $ 25.60 $ 25.85 $ 25.73 Tangible common book value per share ex-AOCI (non- GAAP) $ 28.53 $ 27.84 $ 30.03 $ 28.92 $ 27.81 $ 25.89 $ 24.67 $ 24.41

 
v3.24.3
COVER PAGE
Oct. 24, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 24, 2024
Entity Registrant Name WSFS Financial Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-35638
Entity Tax Identification Number 22-2866913
Entity Address, Address Line One 500 Delaware Ave
Entity Address, City or Town Wilmington
Entity Address, State or Province DE
Entity Address, Postal Zip Code 19801
City Area Code 302
Local Phone Number 792-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol WSFS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000828944
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