wsfs-20230126
false000082894400008289442023-01-262023-01-26

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

January 26, 2023
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 January 26, 2023, WSFS Financial Corporation (the “Registrant”) issued a press release to report earnings for the quarter ended December 31, 2022. 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 first quarter of 2023. Other presentations and related materials will be made available as they are presented during the year. A copy of the earnings release supplement is furnished with this Form 8-K as Exhibit 99.2.

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

Item 9.01 Financial Statements and Other Exhibits
(d) Exhibits.
99.1 Press Release, dated January 26, 2023
99.2 4Q 2022 Earnings Release Supplement, dated January 26, 2023




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:January 26, 2023By: /s/ Dominic C. Canuso
  Dominic C. Canuso
Executive Vice President and
Chief Financial Officer


WSFS Bank CenterWSFS Bank Place
1
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
EXHIBIT 99.1
FOR IMMEDIATE RELEASEInvestor Relations Contact: Dominic C. Canuso
(302) 571-6833; [email protected]
January 26, 2023Media Contact: Rebecca Acevedo
(215) 253-5566; [email protected]

WSFS REPORTS 4Q 2022 EPS OF $1.37 AND ROA OF 1.69%;
RESULTS REFLECT NIM OF 4.49%, LOAN GROWTH, AND DIVERSIFIED FEE REVENUE;
SUCCESSFUL FIRST FULL-YEAR OF BRYN MAWR TRUST COMBINATION
WILMINGTON, Del. — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the fourth quarter of 2022.
Selected financial results and metrics are as follows:
(Dollars in millions, except per share data)4Q 20223Q 20224Q 202120222021
Net interest income$193.9 $176.8 $108.2 $662.9 $433.6 
Fee revenue64.9 62.7 46.0 260.1 185.5 
Total net revenue258.8 239.5 154.3 923.0 619.1 
Provision for (recovery of) credit losses13.4 7.5 (8.1)48.1 (117.1)
Noninterest expense132.9 132.9 90.4 574.3 378.5 
Net income attributable to WSFS
84.4 73.4 56.3 222.4 271.4 
Pre-provision net revenue (PPNR)(1)
125.9 106.6 63.8 348.7 240.6 
Earnings per share (EPS) (diluted)1.37 1.16 1.18 3.49 5.69 
Return on average assets (ROA) (a)1.69 %1.44 %1.45 %1.09 %1.82 %
Return on average equity (ROE) (a)15.7 12.4 11.7 9.3 14.7 
Fee revenue as % of total net revenue25.0 26.1 29.8 28.1 29.9 
Efficiency ratio51.2 55.4 58.5 62.1 61.0 
GAAP results for the quarterly periods shown below included the following items that are excluded from core results. For 4Q 2022, the corporate development and restructuring expense primarily relates to our combination with Bryn Mawr Trust and the valuation adjustment of $0.6 million is related to our derivative liability established from the sale of 360,000 Visa Class B shares in 2Q 2020.
4Q 20223Q 20224Q 2021
(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)
Visa derivative valuation adjustment(2)
$0.6 $0.01 $2.3 $0.03 $— $— 
Corporate development and restructuring expense0.8 0.01 2.6 0.03 6.7 0.11 
Recovery of legal settlement— — — — (15.0)0.23 

(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 (recovery of) credit losses. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
(2) The Visa derivative valuation adjustment represents an expense to increase the liability and is included in Other income on the Summary Statements of Income.

WSFS Bank CenterWSFS Bank Place
2
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
CEO Commentary
Rodger Levenson, Chairman, President and CEO, said, “We are very pleased to end 2022 with strong 4Q results and momentum. Core EPS(3) of $1.38 and Core ROA(3) of 1.71% represented a significant lift from 3Q increasing 12% and 13%, respectively.
"Our operating performance was driven by a 50 basis point increase in NIM to 4.49% and solid loan growth. The strength and diversity of our fee revenue was also evident in the quarter. The decline in total deposits was a result of continued absorption of customer excess liquidity combined with lower transactional related deposits in our institutional trust business and normal reduction in seasonal municipal accounts. Credit metrics remained very favorable and capital levels strong.
"Despite the uncertain economic outlook, we enter 2023 highly optimistic about our unique market position and the growth potential of WSFS. The entire organization is focused on optimizing our prior strategic investments and strengthening our opportunity as the largest locally-headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region.
"I extend my sincere thanks to our over 2,100 Associates for their commitment, dedication, service to our customers, and overall contributions to this successful and milestone year.”






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

WSFS Bank CenterWSFS Bank Place
3
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Highlights for 4Q 2022: 
•Core ROA was 1.71% compared to 1.28% for 4Q 2021.
•Core EPS was $1.38 compared to $1.04 for 4Q 2021.
•Loan growth of 6% (annualized) driven by our consumer partnerships and the commercial portfolio, including small business leases.
•Customer deposits declined by $621.0 million. When excluding the decreases from seasonal public funding deposits and transactional trust deposits, the quarter-over-quarter decline was $236.3 million, or 2% (6% annualized), primarily from continued customer utilization of excess liquidity.
•Net interest margin expanded to 4.49% compared to 3.99% in 3Q 2022, driven by the benefits of our asset-sensitive balance sheet and reflective of competitive deposit betas.
•Total net credit costs were $13.0 million, primarily from the impact of the economic forecast and net loan growth on the provision for credit losses. The ACL coverage ratio was 1.17% compared to 1.14% at September 30, 2022.
•Core fee revenue (noninterest income)(4) was $65.5 million, an increase of $0.5 million compared to 3Q 2022, resulting in a 25.2% core fee revenue as a percentage of core net revenue(4), continuing to reflect the strength, resiliency, and diversification of our fee-based businesses.
•Core efficiency(4) ratio was 50.8% compared to 53.8% in 3Q 2022.
•WSFS repurchased 361,980 shares of common stock at an average price of $47.76 per share, totaling an aggregate of $17.3 million. During the year, WSFS repurchased approximately 4.2 million shares of common stock, or 7% of shares outstanding, at an average price of $46.78 per share, returning $194.2 million of capital to stockholders.
•The Board of Directors also approved a quarterly cash dividend of $0.15 per share.

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

WSFS Bank CenterWSFS Bank Place
4
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Fourth Quarter 2022 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and composition at December 31, 2022 compared to September 30, 2022 and December 31, 2021:
Loans and Leases
(Dollars in millions)December 31, 2022September 30, 2022December 31, 2021
Commercial & industrial (C&I)(5)
$4,408 37 %$4,445 38 %$3,271 41 %
Commercial mortgage3,351 28 3,280 28 1,882 24 
Construction1,044 9 1,028 9 687 9 
Commercial small business leases559 5 535 5 352 4 
Total commercial loans9,362 79 9,288 80 6,192 78 
Residential mortgage782 7 802 7 649 8 
Consumer1,811 15 1,677 14 1,159 15 
ACL(152)(1)(146)(1)(95)(1)
Net loans and leases$11,803 100 %$11,621 100 %$7,905 100 %
(5) C&I loans include PPP loans of $31.5 million as of 4Q 2021.
At December 31, 2022, WSFS’ net loan and lease portfolio increased $182.1 million, or 6% (annualized), when compared with September 30, 2022. Excluding the run-off in our acquired residential mortgage portfolio, net loans and leases increased $201.8 million, or 7% (annualized), due to increases of $129.3 million in our consumer partnerships, primarily from Spring EQ (home equity loans), $70.7 million in commercial mortgage, and $24.3 million in commercial small business leases.
In line with our strategic plan, the C&I portfolio (including owner-occupied real estate) continued to be our largest portfolio at 37% of net loans and leases. Additionally, our total commercial loan portfolio continues to represent a majority of our lending portfolio at 79% of net loans and leases.
Net loans and leases at December 31, 2022 increased $3.9 billion when compared with December 31, 2021. The increase was primarily driven by the $3.5 billion of net loans and leases acquired in the combination with Bryn Mawr Trust.


WSFS Bank CenterWSFS Bank Place
5
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
The following table summarizes customer deposit balances and composition at December 31, 2022 compared to September 30, 2022 and December 31, 2021:
Customer Deposits
(Dollars in millions)
December 31, 2022September 30, 2022December 31, 2021
Noninterest demand$5,739 36 %$6,171 37 %$4,565 35 %
Interest-bearing demand3,347 21 3,462 21 2,793 21 
Savings2,162 13 2,266 14 1,971 15 
Money market3,731 23 3,740 22 2,906 22 
Total core deposits14,979 93 15,639 94 12,235 93 
Customer time deposits1,102 7 1,063 6 989 7 
Total customer deposits$16,081 100 %$16,702 100 %$13,224 100 %
At December 31, 2022, total customer deposits decreased $621.0 million, or 4% (15% annualized), when compared with September 30, 2022. When excluding declines of $132.9 million in seasonally lower public funding deposits and $251.8 million in transactional trust deposits, deposits declined $236.3 million, or 2% (6% annualized), primarily driven by continued customer utilization of excess liquidity.
Customer deposits increased by $2.9 billion from December 31, 2021 primarily driven by the $4.1 billion of deposits acquired in the combination with Bryn Mawr Trust. This increase was primarily offset by the continued customer utilization of excess liquidity.
More than half of our customer deposits, or 54%, are from our Commercial, Small Business and Wealth Management customer relationships. The ratio of net loans and leases to customer deposits was 73% at December 31, 2022, reflecting continued capacity to fund future loan growth.
Core deposits were a strong 93% of total customer deposits, and no- and low-cost checking accounts represented a robust 57% of total customer deposits, at December 31, 2022. These core deposits predominantly represent longer-term, less price-sensitive customer relationships.


WSFS Bank CenterWSFS Bank Place
6
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Net Interest Income
Three Months Ending
(Dollars in millions)
December 31, 2022September 30, 2022December 31, 2021
Net interest income before purchase accretion$190.0 $172.7 $101.1 
Purchase accounting accretion3.8 4.1 6.5 
Net interest income before PPP
193.9 176.8 107.6 
PPP— — 0.6 
Net interest income
$193.9 $176.8 $108.2 
Net interest margin before purchase accretion4.40 %3.90 %2.90 %
Purchase accounting accretion0.09 0.09 0.19 
Net interest margin before PPP
4.49 3.99 3.09 
PPP— — 0.01 
Net interest margin
4.49 %3.99 %3.10 %
Net interest income increased $17.1 million, or 10% (not annualized), compared to 3Q 2022, primarily due to the benefits of our asset-sensitive balance sheet and loan growth. Net interest income increased $85.7 million, or 79%, compared to 4Q 2021, primarily due to a $49.0 million increase from the benefits of our asset-sensitive balance sheet and $39.9 million from the balance sheet size and mix due to the combination with Bryn Mawr Trust.
Net interest margin increased 50bps from 3Q 2022 due to impact from the benefits of our asset-sensitive balance sheet and loan growth. Net interest margin increased 139bps from 4Q 2021, primarily due to a favorable increase of 123bps from the benefits of our asset-sensitive balance sheet and 32bps from the balance sheet size and mix.

WSFS Bank CenterWSFS Bank Place
7
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Credit Quality
The following table summarizes credit quality metrics as of and for the period ended December 31, 2022 compared to September 30, 2022 and December 31, 2021.
(Dollars in millions)December 31, 2022September 30, 2022December 31, 2021
Problem assets $462.1 $472.9 $386.2 
Nonperforming assets43.4 37.3 33.1 
Delinquencies61.2 69.3 46.1 
Net charge-offs7.7 3.2 2.3 
Total net credit costs (recoveries) (r)13.0 8.5 (8.2)
Problem assets to total Tier 1 capital plus ACL21.44 %23.17 %23.38 %
Classified assets to total Tier 1 capital plus ACL14.29 15.14 15.95 
Ratio of nonperforming assets to total assets0.22 0.19 0.21 
Ratio of nonperforming assets (excluding accruing TDRs) to total assets0.12 0.10 0.12 
Delinquencies to gross loans0.51 0.59 0.58 
Ratio of quarterly net charge-offs to average gross loans0.26 0.11 0.12 
Ratio of allowance for credit losses to total loans and leases (q) 1.17 1.14 1.19 
Ratio of allowance for credit losses to nonaccruing loans666 755 569 
See “Notes”
Overall credit metric ratios remained positive and stable during the quarter and continued to reflect the strength of the originated and acquired portfolios. Total problem assets(6) decreased to $462.1 million at December 31, 2022 compared to $472.9 million at September 30, 2022, primarily from upgrades in commercial mortgage loans and our hotel sector. Total problem assets to total Tier 1 capital plus ACL was 21.44% at December 31, 2022, compared to 23.17% at September 30, 2022.
Delinquencies to gross loans decreased to 0.51% at December 31, 2022 compared to 0.59% at September 30, 2022, reflecting the resolution of elevated administrative delinquencies identified in the third quarter.
The ratio of nonperforming assets to total assets increased to 0.22% at December 31, 2022 compared to 0.19% at September 30, 2022. The ratio of nonperforming assets (excluding accruing TDRs) to total assets at December 31, 2022 was 0.12% compared to 0.10% at September 30, 2022. Net charge-offs for 4Q 2022 were $7.7 million, or 0.26% (annualized) of average gross loans, including a charge-off related to one service-based C&I relationship that experienced unique operating challenges during the year.

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

WSFS Bank CenterWSFS Bank Place
8
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Total net credit costs were $13.0 million in the quarter as compared to $8.5 million in 3Q 2022. The increase in credit costs was primarily due to $8.5 million from the continued weakening in the economic forecast and $4.8 million related to the mix of new loan originations. The ACL of $151.9 million as of December 31, 2022 increased $5.7 million from September 30, 2022, primarily due to the change in economic forecasts and loan growth, partially offset by upgrades to criticized and classified loans.
Core Fee Revenue
Core fee revenue (noninterest income) of $65.5 million increased $0.5 million, or 1% (not annualized), compared to 3Q 2022, primarily driven by $2.6 million at Cash Connect, driven by higher bailment revenue from variable rate pricing, $1.3 million in capital markets income, and $1.2 million in Wealth Management revenue, offset by decreases of $4.0 million in other banking fees, which included lower income from our equity investments and sales of SBA loans, and $0.7 million in mortgage banking fees.
Core fee revenue increased $19.5 million, or 42%, compared to 4Q 2021, primarily driven by a $13.4 million increase in Wealth Management revenue, of which $13.1 million was attributable to the combination with Bryn Mawr Trust. In addition, the year-over-year increase included $7.3 million in Cash Connect® and $2.1 million in capital markets income. Partially offsetting the increase was a $3.8 million decline in mortgage banking fees primarily resulting from the decline in refinancing originations compared to the historically higher levels in 4Q 2021.
For 4Q 2022, core fee revenue was 25.2% of core net revenue compared to 26.8% in 3Q 2022 and 29.8% in 4Q 2021. Fees continue to be resilient and well-diversified among various sources, including traditional and other banking fees, mortgage banking, capital markets, Wealth Management, and Cash Connect®.


WSFS Bank CenterWSFS Bank Place
9
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Core Noninterest Expense(7)
Core noninterest expense of $132.2 million increased $1.8 million, or 1% (not annualized), compared to 3Q 2022, primarily from $2.7 million in professional fees related to Wealth customer-related tax services (offset in fee revenue), project implementations and legal costs. In addition, there were $1.8 million higher variable operating costs from Cash Connect® driven by the rising interest rate environment. These increases were offset by $1.4 million lower loan workout and other credit costs and $1.1 million lower check fraud costs.
Core noninterest expense increased $33.5 million, or 34%, compared to 4Q 2021, primarily due to higher costs from the acquisition of Bryn Mawr Trust. These higher costs support the overall franchise growth of the combined company, including $17.2 million in salaries and benefits, $10.2 million of higher variable operating costs, including $4.0 million from Cash Connect®. In addition, there were $2.1 million in higher professional fees and $1.3 million in intangibles amortization expense. Our core efficiency ratio was 50.8% in 4Q 2022, compared to 53.8% in 3Q 2022 and 63.9% in 4Q 2021, primarily due to the impact of higher net interest income.
Income Taxes
We recorded a $28.0 million income tax provision in 4Q 2022, compared to a $25.8 million income tax provision in 3Q 2022 and $15.5 million in 4Q 2021, driven by higher earnings.
The effective tax rate was 24.9% in 4Q 2022, compared to 26.0% in 3Q 2022 and 21.5% in 4Q 2021. The increase in effective tax rate for 4Q 2022 compared to 4Q 2021 was primarily due to the acquisition of Bryn Mawr Trust, including higher state taxes and other nondeductible costs.




(7) As used in this press release, core noninterest expense is a non-GAAP financial measure. This non-GAAP financial measure excludes corporate development and restructuring expense. 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 Bank CenterWSFS Bank Place
10
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Capital Management
Capital levels remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at December 31, 2022 with WSFS Bank’s Tier 1 leverage ratio of 10.29%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 12.86%, and Total Risk-based capital ratio of 13.84%.
At December 31, 2022, WSFS’ total stockholders’ equity increased $101.5 million, or 5% (not annualized), during 4Q 2022. The increase was primarily due to quarterly earnings of $84.4 million and an improvement in accumulated other comprehensive income (AOCI) of $39.6 million from market-value increases on investment securities. These increases were partially offset by capital returns of $26.5 million to stockholders including $17.3 million from share repurchases and $9.2 million from quarterly dividends.
WSFS’ tangible common equity(8) increased $105.7 million, or 10% (not annualized) compared to September 30, 2022. WSFS’ common equity to assets ratio was 11.07% at December 31, 2022, and our tangible common equity to tangible assets ratio(8) increased by 58bps during the quarter to 6.31% primarily due to the reasons described above.
At December 31, 2022, book value per share was $35.79, an increase of $1.83, or 5% (not annualized), from September 30, 2022, and tangible common book value per share(8) was $19.36, an increase of $1.81, or 10% (not annualized), from September 30, 2022 primarily due to the reasons described above.
During 4Q 2022, WSFS repurchased 361,980 shares of common stock for an aggregate of $17.3 million. As of December 31, 2022, WSFS has 6,588,771 shares, or approximately 11% of outstanding shares, remaining to repurchase under its current authorizations. For the year, total capital returned to stockholders through share repurchases and quarterly dividends was $229.9 million.
The Board of Directors approved a quarterly cash dividend of $0.15 per share of common stock. This dividend will be paid on February 17, 2023 to stockholders of record as of February 3, 2023.

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

WSFS Bank CenterWSFS Bank Place
11
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 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 through multiple integrated businesses.
Selected quarterly performance results and metrics are as follows:
(Dollars in millions)December 31, 2022September 30, 2022December 31, 2021
Net interest income$18.7 $15.1 $4.7 
Provision for (recovery of) credit losses0.1 — (0.3)
Fee revenue31.0 29.9 17.8 
Noninterest expense(9)
23.6 24.2 (0.6)
Pre-tax income25.9 20.9 23.4 
Performance Metrics
Trust revenue(10)
$17.1 $16.1 $10.2 
Wealth advisory revenue12.8 12.6 4.2 
AUM/AUA(11)
64,517 61,393 34,568 
Wealth Management reported pre-tax income of $25.9 million in 4Q 2022 compared to $20.9 million in 3Q 2022, and $23.4 million in 4Q 2021, which included $13.3 million attributable to a recovery from the previously disclosed Charter Oak legal settlement in 4Q 2021. The quarter-over-quarter increase was primarily attributable to net interest income growth in our Private Banking business and higher fee income in the Institutional Trust business. The year-over-year increase was mainly from the combination of Bryn Mawr Trust and the higher interest rate environment.
Fee revenue was $31.0 million in 4Q 2022, an increase of $1.1 million or 4% (not annualized), compared to 3Q 2022, and an increase of $13.2 million, or 74%, compared to 4Q 2021. The increase in fee revenue from the prior quarter was generated across The Bryn Mawr Trust Company of Delaware, Institutional Services, and the AUM-based private wealth management business.
Total noninterest expense(9) was $23.6 million in 4Q 2022, compared to $24.2 million in 3Q 2022 and $12.7 million in 4Q 2021 (when excluding the one-time legal recovery in 4Q 2021 as described above). The year-over-year increase was primarily driven by the combination with Bryn Mawr Trust.
Net AUM of $7.6 billion at the end of 4Q 2022 increased $0.4 billion compared to 3Q 2022, and increased $5.0 billion compared to 4Q 2021. The quarter-over-quarter increase was primarily impacted by the rise in equity and fixed income markets. The year-over-year increase was due to the combination with Bryn Mawr Trust.
(9) Includes intercompany allocation of expense and excludes provision for credit losses.
(10) Includes institutional and direct trust revenue.
(11) Represents Assets Under Management and Assets Under Administration..

WSFS Bank CenterWSFS Bank Place
12
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 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 retail safes nationwide and supports 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)December 31, 2022September 30, 2022December 31, 2021
Net revenue(12)
$13.9 $12.8 $11.0 
Noninterest expense(13)
12.7 10.8 8.6 
Pre-tax income1.2 2.0 2.4 
Performance Metrics
Cash managed $1,717 $1,706 $1,691 
Number of serviced non-bank ATMs and retail safes33,820 34,285 33,699 
Number of WSFS owned and branded ATMs686 611 609 
ROA0.65 %0.99 %1.54 %
Cash Connect® reported pre-tax income of $1.2 million for 4Q 2022, a decrease of $0.8 million, compared to 3Q 2022 and a decrease of $1.2 million compared to 4Q 2021, driven by increased operating costs associated with the rising interest rate environment and costs associated with the growth in the retail safe business. ROA of 0.65% in 4Q 2022 decreased 34bps from 3Q 2022 and decreased 89bps from 4Q 2021, primarily driven by the reasons described above. Ongoing balance sheet optimization resulting from a significant third-party funding conversion and other optimization efforts are expected to improve Net Income and ROA beginning in 1Q 2023.
Net revenue(12) of $13.9 million in 4Q 2022 was up $1.0 million from 3Q 2022 and up $2.8 million from 4Q 2021 driven by the rising interest rate environment (offset by higher external funding expense) and higher year-over-year managed services volume.
Noninterest expense(13) was $12.7 million in 4Q 2022, an increase of $1.8 million higher compared to 3Q 2022 and $4.0 million higher compared to 4Q 2021 driven by higher external funding expense.
At the end of 4Q 2022, Cash Connect® had approximately $1.7 billion in cash managed with 19% year-over-year growth in retail safe units. Cash Connect® continues to focus on investment in its growing product lines and expand these services across the country, alongside a wide network and strong pipeline of channel partners, retailers, and top-tier financial institutions.
(12) Includes intercompany allocation of income and net interest income.
(13) Includes intercompany allocation of expense.

WSFS Bank CenterWSFS Bank Place
13
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Fourth Quarter 2022 Earnings Release Conference Call
Management will conduct a conference call to review 4Q 2022 results at 1:00 p.m. Eastern Time (ET) on Friday, January 27, 2023. Interested parties may access the conference call live on our Investor Relations website (www.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 Delaware and the Greater Philadelphia region. As of December 31, 2022, WSFS Financial Corporation had $19.9 billion in assets on its balance sheet and $64.5 billion in assets under management and administration. WSFS operates from 119 offices, 92 of which are banking offices, located in Pennsylvania (61), Delaware (39), New Jersey (17), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash 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 Bank CenterWSFS Bank Place
14
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 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, and 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 the novel coronavirus ("COVID-19") pandemic, and related variant developments, vaccination efforts and emergency orders; 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; 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; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial and industrial 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 potential expenses associated with complying with such regulations; and the effects of potential federal government shutdowns or delays; 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 discontinued publication of London Inter-Bank Offered Rate (LIBOR) and the transition to an alternative reference interest rate, such as the Secured Overnight Financing Rate (SOFR), including methodologies for calculating the rate that are different from the LIBOR methodology and changed language for existing and new floating or adjustable rate contracts; the success of the Company's growth plans, including its plans to grow the commercial small business leasing, residential, small business and Small Business Administration (SBA) portfolios and wealth management business following its recent acquisition of Bryn Mawr Bank Corporation (BMBC or Bryn Mawr Trust); the Company's ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Customer acceptance of the Company's products and services and related Customer disintermediation, including its recent acquisition of BMBC (the BMBC Merger); negative perceptions or publicity with respect to the Company generally and, in particular, the Company's trust and wealth management business; failure of the financial and operational controls of the Company's Cash Connect® division; 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 widespread remote working arrangements; the Company's ability to recruit and retain key Associates; the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally; 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); additional credit, fraud and litigation risks associated with our PPP lending activities; possible changes in the speed of loan prepayments by the Company's Customers and loan origination or sales volumes; possible changes in 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 Form 10-K for the year ended December 31, 2021, the Company's Form 10-Q for the quarterly period ended March 31, 2022, the Company's Form 10-Q for the quarterly period ended June 30, 2022, the Company's Form 10-Q for the quarterly period ended September 30, 2022 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 Bank CenterWSFS Bank Place
15
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited)
Three months endedTwelve months ended
(Dollars in thousands, except per share data)December 31, 2022September 30, 2022December 31, 2021December 31, 2022December 31, 2021
Interest income:
Interest and fees on loans $181,644 $152,887 $92,291 $582,754 $393,248 
Interest on mortgage-backed securities27,778 28,338 18,645 106,606 55,802 
Interest and dividends on investment securities2,257 1,981 1,339 6,899 5,524 
Other interest income1,414 3,359 460 7,556 1,795 
213,093 186,565 112,735 703,815 456,369 
Interest expense:
Interest on deposits14,644 6,643 3,099 28,181 14,923 
Interest on Federal Home Loan Bank advances496 42 — 538 5 
Interest on senior debt2,307 2,061 1,089 8,246 6,497 
Interest on trust preferred borrowings1,336 951 317 3,482 1,274 
Interest on other borrowings424 37 6 478 21 
19,207 9,734 4,511 40,925 22,720 
Net interest income193,886 176,831 108,224 662,890 433,649 
Provision for (recovery of) credit losses13,396 7,454 (8,054)48,089 (117,087)
Net interest income after provision for (recovery of) credit losses180,490 169,377 116,278 614,801 550,736 
Noninterest income:
Credit/debit card and ATM income12,642 10,993 7,456 40,088 29,479 
Investment management and fiduciary revenue30,731 29,504 17,365 121,608 62,348 
Deposit service charges6,326 6,262 5,569 24,484 22,090 
Mortgage banking activities, net742 1,420 4,526 7,271 23,216 
Loan and lease fee income1,818 1,425 1,102 6,275 7,533 
Securities gains, net— — — — 331 
Unrealized (loss) gain on equity investment, net(8)— — 5,980 5,141 
Realized loss on sale of equity investment, net— — — — (706)
Bank-owned life insurance income1,130 195 — 1,804 1,251 
Other income11,499 12,852 10,009 52,624 34,797 
64,880 62,651 46,027 260,134 185,480 
Noninterest expense:
Salaries, benefits and other compensation72,492 72,294 55,277 283,905 214,167 
Occupancy expense10,492 9,699 8,109 40,885 32,802 
Equipment expense10,320 9,913 7,504 40,994 29,040 
Data processing and operations expense4,867 5,362 3,778 20,876 14,074 
Professional fees6,212 3,561 4,113 18,497 15,614 
Marketing expense2,245 2,082 1,655 7,230 5,413 
FDIC expenses1,699 1,540 895 6,098 4,081 
Loss on debt extinguishment— — — — 1,087 
Loan workout and other credit costs(401)1,001 (101)702 663 
Corporate development expense1,070 1,248 4,989 42,749 11,676 
Restructuring expense(319)1,344 1,755 22,473 1,346 
Recovery of legal settlement— — (15,000)— (15,000)
Other operating expenses24,226 24,873 17,445 89,917 63,553 
132,903 132,917 90,419 574,326 378,516 
Income before taxes112,467 99,111 71,886 300,609 357,700 
Income tax provision28,032 25,767 15,485 77,961 86,095 
Net income84,435 73,344 56,401 222,648 271,605 
Less: Net (loss) income attributable to noncontrolling interest(14)(38)114 273 163 
Net income attributable to WSFS$84,449 $73,382 $56,287 $222,375 $271,442 
Diluted earnings per share of common stock:$1.37 $1.16 $1.18 $3.49 $5.69 
Weighted average shares of common stock outstanding for fully diluted EPS61,801,612 63,227,983 47,783,049 63,658,611 47,703,243 
See “Notes”

WSFS Bank CenterWSFS Bank Place
16
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) - continued
Three months endedTwelve months ended
 December 31, 2022September 30, 2022December 31, 2021December 31, 2022December 31, 2021
Performance Ratios:
Return on average assets (a)1.69 %1.44 %1.45 %1.09 %1.82 %
Return on average equity (a)15.74 12.40 11.67 9.27 14.68 
Return on average tangible common equity (a)(o)31.12 22.78 16.96 16.88 21.56 
Net interest margin (a)(b)4.49 3.99 3.10 3.71 3.23 
Efficiency ratio (c)51.22 55.37 58.52 62.09 61.04 
Noninterest income as a percentage of total net revenue (b)25.01 26.10 29.79 28.12 29.91 
See “Notes”


WSFS Bank CenterWSFS Bank Place
17
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(Dollars in thousands)December 31, 2022September 30, 2022December 31, 2021
Assets:
Cash and due from banks$332,961 $443,104 $1,046,992 
Cash in non-owned ATMs499,017 582,784 480,527 
Investment securities, available-for-sale4,093,060 4,153,615 5,205,311 
Investment securities, held-to-maturity1,111,619 1,121,895 90,642 
Other investments55,516 54,742 22,011 
Net loans and leases (e)(f)(l)11,802,977 11,620,866 7,904,831 
Bank owned life insurance101,935 101,061 33,099 
Goodwill and intangibles1,012,232 1,016,413 547,231 
Other assets905,438 890,907 446,683 
Total assets$19,914,755 $19,985,387 $15,777,327 
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits$5,739,647 $6,170,776 $4,565,143 
Interest-bearing deposits10,341,331 10,531,250 8,659,257 
Total customer deposits16,080,978 16,702,026 13,224,400 
Brokered deposits122,591 23,182 15,662 
Total deposits16,203,569 16,725,208 13,240,062 
Federal Home Loan Bank advances350,000 — — 
Other borrowings376,894 374,367 239,477 
Other liabilities782,406 784,981 360,772 
Total liabilities17,712,869 17,884,556 13,840,311 
Stockholders’ equity of WSFS2,205,113 2,103,593 1,939,099 
Noncontrolling interest(3,227)(2,762)(2,083)
Total stockholders' equity2,201,886 2,100,831 1,937,016 
Total liabilities and stockholders' equity$19,914,755 $19,985,387 $15,777,327 
Capital Ratios:
Equity to asset ratio11.07 %10.53 %12.29 %
Tangible common equity to tangible asset ratio (o)6.31 5.73 9.14 
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)12.86 12.38 15.11 
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)10.29 9.76 10.44 
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)12.86 12.38 15.11 
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)13.84 13.34 15.91 
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans$22,802 $19,369 $16,609 
Troubled debt restructuring (accruing)19,737 17,108 14,204 
Assets acquired through foreclosure833 840 2,320 
Total nonperforming assets$43,372 $37,317 $33,133 
Past due loans (h)$16,535 $24,754 $9,991 
Allowance for credit losses151,871 146,205 94,511 
Ratio of nonperforming assets to total assets0.22 %0.19 %0.21 %
Ratio of nonperforming assets (excluding accruing TDRs) to total assets0.12 0.10 0.12 
Ratio of allowance for credit losses to total loans and leases (q)1.17 1.14 1.19 
Ratio of allowance for credit losses to nonaccruing loans666 755 569 
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)0.26 0.11 0.12 
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)0.15 0.11 0.21 
See “Notes”

WSFS Bank CenterWSFS Bank Place
18
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued) 
AVERAGE BALANCE SHEET (Unaudited)
(Dollars in thousands)Three months ended
 December 31, 2022September 30, 2022December 31, 2021
 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)$4,920,329 $76,817 6.21 %$4,895,972 $67,060 5.45 %$3,553,814 $41,788 4.67 %
Commercial real estate loans (s)4,334,772 66,428 6.08 4,262,599 53,096 4.94 2,698,138 28,057 4.13 
Residential mortgage762,967 8,610 4.51 769,151 8,379 4.36 563,995 8,683 6.16 
Consumer loans1,753,871 28,843 6.52 1,594,673 23,384 5.82 1,146,484 12,905 4.47 
Loans held for sale56,605 946 6.63 66,103 968 5.81 92,890 858 3.66 
Total loans and leases11,828,544 181,644 6.10 11,588,498 152,887 5.24 8,055,321 92,291 4.55 
Mortgage-backed securities (d)4,849,450 27,778 2.29 5,243,169 28,338 2.16 4,454,446 18,645 1.67 
Investment securities (d)377,610 2,257 2.85 361,113 1,981 2.57 312,633 1,339 1.92 
Other interest-earning assets145,668 1,414 3.85 460,124 3,359 2.90 1,061,494 460 0.17 
Total interest-earning assets$17,201,272 $213,093 4.93 %$17,652,904 $186,565 4.21 %$13,883,894 $112,735 3.23 %
Allowance for credit losses(147,990)(143,943)(101,895)
Cash and due from banks253,031 242,734 142,316 
Cash in non-owned ATMs524,042 603,780 474,376 
Bank owned life insurance100,920 100,863 33,418 
Other noninterest-earning assets1,945,047 1,779,411 987,814 
Total assets$19,876,322 $20,235,749 $15,419,923 
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand$3,356,188 $3,740 0.44 %$3,370,158 $2,179 0.26 %$2,789,693 $540 0.08 %
Savings2,232,665 459 0.08 2,287,227 185 0.03 1,964,042 148 0.03 
Money market3,769,013 8,473 0.89 3,833,113 2,907 0.30 2,762,843 783 0.11 
Customer time deposits1,016,827 1,800 0.70 1,083,290 1,230 0.45 1,020,589 1,467 0.57 
Total interest-bearing customer deposits10,374,693 14,472 0.55 10,573,788 6,501 0.24 8,537,167 2,938 0.14 
Brokered deposits23,389 172 2.92 24,184 142 2.33 22,730 161 2.81 
Total interest-bearing deposits10,398,082 14,644 0.56 10,597,972 6,643 0.25 8,559,897 3,099 0.14 
Federal Home Loan Bank advances45,967 496 4.28 4,979 42 3.35 11 — — 
Trust preferred borrowings90,410 1,336 5.86 90,361 951 4.18 67,011 317 1.88 
Senior debt248,216 2,307 3.72 248,332 2,061 3.32 147,901 1,089 2.95 
Other borrowed funds78,755 424 2.14 39,745 37 0.37 21,962 6 0.09 
Total interest-bearing liabilities$10,861,430 $19,207 0.70 %$10,981,389 $9,734 0.35 %$8,796,782 $4,511 0.20 %
Noninterest-bearing demand deposits6,108,618 6,319,755 4,388,537 
Other noninterest-bearing liabilities780,336 589,817 322,831 
Stockholders’ equity of WSFS2,128,869 2,347,178 1,913,882 
Noncontrolling interest(2,931)(2,390)(2,109)
Total liabilities and equity$19,876,322 $20,235,749 $15,419,923 
Excess of interest-earning assets over interest-bearing liabilities$6,339,842 $6,671,515 $5,087,112 
Net interest and dividend income$193,886 $176,831 $108,224 
Interest rate spread4.23 %3.86 %3.03 %
Net interest margin4.49 %3.99 %3.10 %
See “Notes”

WSFS Bank CenterWSFS Bank Place
19
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
 
(Dollars in thousands, except per share data)Three months endedTwelve months ended
Stock Information:December 31, 2022September 30, 2022December 31, 2021December 31, 2022December 31, 2021
Market price of common stock:
High$50.67$51.76$56.08$56.30$56.08
Low41.8137.4046.7137.0340.64
Close45.3446.4650.1245.3450.12
Book value per share of common stock35.7933.9640.73
Tangible common book value per share of common stock (o)19.3617.5529.24
Number of shares of common stock outstanding (000s)61,61261,94947,609
Other Financial Data:
One-year repricing gap to total assets (k)6.29%8.82%7.28%
Weighted average duration of the MBS portfolio5.9 years6.0 years4.6 years
Unrealized (losses) gains on securities available for sale, net of taxes$(563,532)$(597,734)$(33,874)
Number of Associates (FTEs) (m)2,1602,1501,839
Number of offices (branches, LPO’s, operations centers, etc.)119119112
Number of WSFS owned and branded ATMs686611609
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 acquired from Beneficial, 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, PPP loans and commercial small business leases.
(q)Represents amortized cost basis for loans, leases and held-to-maturity securities.
(r)Includes provision for (recovery of) credit losses, loan workout expenses, OREO expenses and other credit costs.
(s)Includes commercial mortgage and commercial construction loans.

WSFS Bank CenterWSFS Bank Place
20
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION 
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
 
Non-GAAP Reconciliation (o):Three months endedTwelve months ended
 December 31, 2022September 30, 2022December 31, 2021December 31, 2022December 31, 2021
Net interest income (GAAP)$193,886 $176,831 $108,224 $662,890 $433,649 
Core net interest income (non-GAAP)193,886 176,831 108,224 662,890 433,649 
Noninterest income (GAAP)64,880 62,651 46,027 260,134 185,480 
Less: Securities gains— — — — 331 
(Plus)/less: Unrealized (loss) gain on equity investments, net(8)— — 5,980 5,141 
Plus: Realized loss on sale of equity investment, net— — — — (706)
Plus: Visa derivative valuation adjustment(592)(2,285)— (2,877)— 
Core fee revenue (non-GAAP)$65,480 $64,936 $46,027 $257,031 $180,714 
Core net revenue (non-GAAP)$259,366 $241,767 $154,251 $919,921 $614,363 
Core net revenue (non-GAAP)(tax-equivalent)$260,058 $242,327 $154,499 $921,829 $615,363 
Noninterest expense (GAAP)$132,903 $132,917 $90,419 $574,326 $378,516 
Less: Loss on debt extinguishment— — — — 1,087 
Less: Corporate development expense1,070 1,248 4,989 42,749 11,676 
(Plus)/less: Restructuring expense(319)1,344 1,755 22,473 1,346 
Plus: Recovery of legal settlement— — (15,000)— (15,000)
Less: Contribution to WSFS CARES Foundation— — — — 1,000 
Core noninterest expense (non-GAAP)$132,152 $130,325 $98,675 $509,104 $378,407 
Core efficiency ratio (non-GAAP)50.8 %53.8 %63.9 %55.2 %61.5 %
Core fee revenue as % of total core net revenue (non-GAAP) (b)25.2 %26.8 %29.8 %27.9 %29.4 %
 End of period
 December 31, 2022September 30, 2022December 31, 2021
Total assets (GAAP)$19,914,755 $19,985,387 $15,777,327 
Less: Goodwill and other intangible assets1,012,232 1,016,413 547,231 
Total tangible assets (non-GAAP)$18,902,523 $18,968,974 $15,230,096 
Total stockholders’ equity of WSFS (GAAP)$2,205,113 $2,103,593 $1,939,099 
Less: Goodwill and other intangible assets1,012,232 1,016,413 547,231 
Total tangible common equity (non-GAAP)$1,192,881 $1,087,180 $1,391,868 
Tangible common book value per share:
Book value per share (GAAP)$35.79 $33.96 $40.73 
Tangible common book value per share (non-GAAP)19.36 17.55 29.24 
Tangible common equity to tangible assets:
Equity to asset ratio (GAAP)11.07 %10.53 %12.29 %
Tangible common equity to tangible assets ratio (non-GAAP)6.31 5.73 9.14 





WSFS Bank CenterWSFS Bank Place
21
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103


Non-GAAP Reconciliation - continued (o):Three months endedTwelve months ended
December 31, 2022September 30, 2022December 31, 2021December 31, 2022December 31, 2021
GAAP net income attributable to WSFS$84,449 $73,382 $56,287 $222,375 $271,442 
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains (losses) on equity investments, Visa derivative valuation adjustment, loss on debt extinguishment, corporate development and restructuring expense, recovery of legal settlement, and contribution to WSFS CARES Foundation1,351 4,877 (8,256)62,119 (4,657)
(Plus)/less: Tax impact of pre-tax adjustments(308)(750)1,863 (13,809)1,764 
Adjusted net income (non-GAAP) attributable to WSFS$85,492 $77,509 $49,894 $270,685 $268,549 
GAAP return on average assets (ROA)1.69 %1.44 %1.45 %1.09 %1.82 %
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains (losses) on equity investments, Visa derivative valuation adjustment, loss on debt extinguishment, corporate development and restructuring expense, recovery of legal settlement, and contribution to WSFS CARES Foundation0.03 0.10 (0.21)0.30 (0.03)
(Plus)/less: Tax impact of pre-tax adjustments(0.01)(0.02)0.04 (0.07)0.01 
Core ROA (non-GAAP)1.71 %1.52 %1.28 %1.32 %1.80 %
Earnings per share (diluted) (GAAP)$1.37 $1.16 $1.18 $3.49 $5.69 
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains (losses) on equity investments, Visa derivative valuation adjustment, loss on debt extinguishment, corporate development and restructuring expense, recovery of legal settlement, and contribution to WSFS CARES Foundation0.02 0.08 (0.17)0.98 (0.10)
(Plus)/less: Tax impact of pre-tax adjustments(0.01)(0.01)0.03 (0.22)0.04 
Core earnings per share (non-GAAP)$1.38 $1.23 $1.04 $4.25 $5.63 
Calculation of return on average tangible common equity:
GAAP net income attributable to WSFS$84,449 $73,382 $56,287 $222,375 $271,442 
Plus: Tax effected amortization of intangible assets2,925 2,906 2,063 11,752 8,069 
Net tangible income (non-GAAP)$87,374 $76,288 $58,350 $234,127 $279,511 
Average stockholders’ equity of WSFS$2,128,869 $2,347,178 $1,913,882 $2,398,871 $1,848,904 
Less: Average goodwill and intangible assets1,014,985 1,018,592 548,552 1,012,233 552,345 
Net average tangible common equity$1,113,884 $1,328,586 $1,365,330 $1,386,638 $1,296,559 
Return on average tangible common equity (non-GAAP)31.12 %22.78 %16.96 %16.88 %21.56 %

WSFS Bank CenterWSFS Bank Place
22
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Non-GAAP Reconciliation - continued (o):Three months endedTwelve months ended
December 31, 2022September 30, 2022December 31, 2021December 31, 2022December 31, 2021
Calculation of PPNR:
Net income (GAAP)$84,435 $73,344 $56,401 $222,648 $271,605 
Plus: Income tax provision 28,032 25,767 15,485 77,961 86,095 
Plus/(less): Provision for (recovery of) credit losses13,396 7,454 (8,054)48,089 (117,087)
PPNR (non-GAAP)$125,863 $106,565 $63,832 $348,698 $240,613 
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains (losses) on equity investments, Visa derivative valuation adjustment, loss on debt extinguishment, corporate development and restructuring expense, recovery of legal settlement, and contribution to WSFS CARES Foundation1,351 4,877 (8,256)62,119 (4,657)
Core PPNR (non-GAAP)$127,214 $111,442 $55,576 $410,817 $235,956 


1 Exhibit 99.2 4Q 2022 Earnings Release Supplement January 2023 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 ability to successfully integrate and fully realize the cost savings and other benefits of our recent acquisition of Bryn Mawr Bank Corporation (“BMT”), the uncertain effects of the COVID-19 pandemic, 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, 2021, Form 10-Q for the quarter ended March 31, 2022, Form 10-Q for the quarter ended June 30, 2022, Form 10-Q for the quarter ended September 30, 2022, 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 EPS, Core Net Income, Core Return on Equity (“ROE”), Core Efficiency %, Pre-provision Net Revenue (“PPNR”), Core PPNR, PPNR to average assets ratio, Core PPNR to average assets ratio, Core Return on Assets (“ROA”), Core ROA, core net interest income, Core Net Interest Margin (“NIM”), Tangible Common Equity (“TCE”), tangible assets, tangible equity, Return on Tangible Common Equity (“ROTCE”), Core ROTCE, Core Fee Revenue and Core Fee Revenue as a percentage of total core net revenue. 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 4Q 2022 FY 2022 $ in millions (except per share amounts) Reported Core1 Reported Core1 EPS $1.37 $1.38 $3.49 $4.25 ROA 1.69% 1.71% 1.09% 1.32% Net Income2 $84.4 $85.5 $222.4 $270.7 PPNR1 $125.9 $127.2 $348.7 $410.8 PPNR %1 2.51% 2.54% 1.70% 2.01% ROE 15.74% 15.93% 9.27% 11.28% ROTCE1 31.12% 31.49% 16.88% 20.37% NIM 4.49% 4.49% 3.71% 3.71% Fee Revenue $64.9 $65.5 $260.1 $257.0 Fee Revenue %3 25.0% 25.2% 28.1% 27.9% Efficiency Ratio 51.2% 50.8% 62.1% 55.2% ACL Ratio 1.17% 1.17% 1.17% 1.17% Bank CET1 12.86% 12.86% 12.86% 12.86% 4Q 2022 Highlights: • Core EPS1 of $1.38, up 12.2% vs. 3Q • Core ROA1 was 1.71%, up 12.5% vs. 3Q • Core NIM1 of 4.49%, up 12.5% vs. 3Q • Core Fee Revenue1 grew to $65.5 million this quarter with a Core Fee Revenue %1 of 25.2% • Net credit costs were $13.0 million primarily due to the impact of the economic forecast and net loan growth on the provision for credit losses • Core Efficiency Ratio1 of 50.8%, down from 53.8% in 3Q • Repurchased 361,980 shares of common stock for an aggregate of $17.3 million this quarter • The Board of Directors approved a quarterly cash dividend of $0.15 per share of common stock 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 3 Tax-equivalent

 
4 3 2023 Outlook – Core Key Metrics Loan Growth Mid-single digit growth; Driven by diversified loan portfolios Deposit Growth Relatively flat; Core franchise growth offset by normalizing customer excess liquidity Net Interest Margin Range of 4.35% - 4.45%; Fed Funds Rate ending at 4.75%; IB deposit beta of approximately 35% by year-end Fee Revenue Growth Mid-to-high single digit growth; Fee Revenue % in the mid-to-high 20% Provision Costs 0.40% - 0.50% of average loans; Due to organic loan growth and forecasted economic environment Efficiency Ratio Mid 50s; Disciplined investment in franchise growth Tax Rate Approximately 25% Full-Year Core ROA1 Outlook of +/-1.50% and Core PPNR %1 of +/-2.30%; Delivering growth from our unique market position and diversified business model 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 Source: Oxford Economics as of December 2022 2023 Core Outlook1 Assumes a relatively flat interest rate environment and flat full-year GDP growth including a mild recession in 2H2

 
5 Loan Portfolio Trends • Total gross loan growth of 7% annualized excluding acquired residential mortgage portfolio • Commercial loan growth of $74 million, or 3% annualized driven by Commercial Mortgages and Leases • Commercial portfolio comprises 78% of total gross loans • Consumer loan growth of $134 million primarily from SpringEQ partnership product (home equity loans) Diversified products and strong pipeline positioned well for continued organic loan growth ($ in millions) Dec 2022 Sep 2022 Dec 2021 4Q22 $ Growth Annualized % Growth C & I Loans 4,408 4,445 3,271 ($37) (3%) Commercial Mortgages 3,351 3,280 1,882 71 9% Construction Loans 1,044 1,028 687 16 6% Commercial Leases 559 535 352 24 18% Total Commercial Loans $9,362 $9,288 $6,192 $74 3% Residential Mortgage (HFS/HFI) 782 802 649 (20) (10%) Consumer Loans 1,811 1,677 1,159 134 32% Total Gross Loans $11,955 $11,767 $8,000 $188 6% 0% Acquired HFI Resi Mortgage 578 595 386 ($17) (11%) Gross Loans ex Acquired HFI Resi Portfolio $11,377 $11,172 $7,614 $205 7% Loans - 4Q 2022 vs 3Q 2022 $490 $503 $685 $618 $689 ($626) ($516) ($600) ($558) ($619) $(800) $(600) $(400) $(200) - $200 $400 $600 $800 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Commercial Portfolio: New Net Loan Fundings ($mm)1 New Loans Fundings Paydown/Payoffs • Strong net new Commercial loan fundings of $689 million driven by closing activity and strong Construction loan funding • Commercial 90-day weighted average pipeline of approximately $290 million • Commercial line utilization of 37.7%, which represents significant improvement from a year ago 1 Includes new loans, existing new funding, paydowns, payoffs, and prior Commercial runoff portfolios. Excludes reclasses, HFS, purchase accounting mark/unearned changes, PPP loans, KCMI sale, and Commercial leases

 
6 Deposit Balance Trends • Excluding Public Funding and Transactional Trust deposits, Customer deposit decline of $236 million or 2% (6% annualized) • Due to continued customer utilization of excess liquidity • 54% of Customer deposits are in Wealth and Trust, Commercial, and Small Business portfolios • Competitive deposit betas of 15% interest-bearing and 9% total deposits as of 4Q 2022 • Strong loan-to-deposit ratio of 73% positioned well for organic loan growth Diversified franchise deposit base with low loan-to-deposit ratio and competitive through-the-cycle betas 1 Adjusted for Public Funding and Transactional Trust Deposits ($ in millions) Sep 2022 Dec 2021 4Q 2022 $ Growth Public Funding Δ Trans. Trust Δ Adj.1 4Q 2022 $ Growth Adj.1 4Q 2022 % Growth Adj1 Annual. % Growth Noninterest Demand 5,739 6,171 4,565 (178) (7) (252) 81 2% 7% Interest Demand Deposits 3,347 3,462 2,793 (115) (110) 0 (5) (0%) (1%) Savings 2,162 2,266 1,971 (104) (1) 0 (103) (5%) (18%) Money Market 3,731 3,740 2,906 (9) (4) 0 (5) (0%) (1%) Total Core Deposits $14,979 $15,639 $12,235 ($660) ($123) ($252) ($285) (2%) (8%) Customer Time Deposits 1,102 1,063 989 39 (11) 0 50 5% 19% Total Customer Deposits $16,081 $16,702 $13,224 ($621) ($133) ($252) ($236) (2%) (6%) Deposits by Product - 4Q 2022 vs 3Q 2022 Dec 2022 Consumer 45% Wealth and Trust 12% Commercial 24% Small Business 18% Other 1% 4Q 2022 Customer Deposits By LOB

 
7 0.09% 0.07% 0.08% 0.15% 0.35% 4.23% 4.13% 4.40% 5.12% 5.98% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0.0% 0.2% 0.3% 0.5% 0.6% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Lo an Y ie ld (% ) Cu st om er D ep os it Co st (% ) Total Deposit Cost Total Loans Ex PPP/PAA Yield 2.91% 2.94% 3.29% 3.90% 4.40% 0.19% 0.07% 0.11% 0.09% 0.09% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 NIM Ex PAA PAA Deposit Betas3 Net Interest Margin Trends Asset sensitive balance sheet and diversified low funding costs driving NIM expansion 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 and PPP 3 Deposit betas are cumulative for the current cycle; Federal Funds Target rates are end-of-period value 21 3.10% 3% 7% 15% 0% 2% 4% 9% 0.25% 0.50% 1.75% 3.25% 4.50% 0.0% 2.0% 4.0% 6.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Fe de ra l F un ds T ar ge t R at e De po sit B et a Interest-bearing Dep Beta Total Dep Beta Fed Funds Target 3.01% 3.40% 3.99% 4.49%

 
8 $18 $32 $33 $30 $31 $12 $16 $19 $19 $15 $11 $10 $12 $15 $18 $5 $3 $2 $1 $1 $46 $61 $66 $65 $65 $- $10 $20 $30 $40 $50 $60 $70 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Co re F ee R ev en ue ( $m m )2 Wealth Management Banking Cash Connect Mortgage 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 Tax-equivalent basis and excludes PPP revenue 3 Banking includes deposit service charges, SBA loan sales, loan and lease fees, credit and debit revenue, capital markets, and other banking related fees • Well-diversified with over 25 discrete lines of business and products within our three main segments: Banking, Wealth Management, and Cash Connect® • Core Fee Revenue percentage of 25.2% provides earnings stability through interest rate and credit cycles, and economic environments • Core Fee Revenue totaled $65.5 million, including $31.0 million from Wealth Management • Core Fee Revenue increased $0.5 million, compared to 3Q Core Fee Revenue1 Trends Diversified fee businesses drives resilient Core Fee Revenue 3 Core Fee Revenue %2 29.9% 30.4% 30.0% 26.8% 25.2%

 
9 0% 1% 2% 3% 4% 5% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 3Q22 Forecast 4Q22 Forecast ACL Ratio 1 Source: Oxford Economics as of December 2022 2 Hotel loan balances are included in the C&I and Construction segments ACL Overview ACL by Segment Full-Year GDP forecast of 2.0% in 2022 and 0.1% in 20231 Full-Year Unemployment forecast of 3.7% in 2022 and 4.2% in 20231 4Q 2022 ACL Commentary 1.14% 1.17% GDP Growth by Quarter Unemployment by Quarter • ACL Ratio of 1.17% and 1.41% including estimated remaining credit mark on the acquired loan portfolio • ACL increased $5.7 million in 4Q driven by economic impact and new loan generation -6% -4% -2% 0% 2% 4% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 3Q22 Forecast 4Q22 Forecast $60 $80 $100 $120 $140 $160 $180 9/30/2022 Economic Impact Net Loan Growth Migration Other 12/31/2022 4Q 2022 ACL ($mm) $9 $146 ($2) $152 ($5)$4 ($ millions) $ % $ % $ % C&I2 $44.0 2.33% $51.9 1.97% $49.5 1.93% Owner Occupied $1.9 0.28% $6.0 0.63% $6.0 0.33% CRE Investor $11.6 0.62% $21.5 0.66% $21.5 0.64% Construction2 $4.6 0.34% $6.5 0.34% $7.0 0.67% Mortgage $6.0 1.70% $4.8 0.64% $4.7 0.61% Leases $3.4 0.62% $8.0 1.49% $9.9 1.77% HELOC & HEIL $4.8 1.07% $7.0 1.24% $8.7 1.34% Consumer Partnerships $14.1 2.80% $36.4 4.40% $41.1 4.30% Other $4.1 1.87% $4.1 0.29% $3.5 0.27% TOTAL $94.5 1.19% $146.2 1.14% $151.9 1.17% December 31, 2021 September 30, 2022 December 31, 2022

 
10 Capital Management TCE Ratio1,2 with AOCI 4Q 2022 Bank Capital Ratios 7.47% 6.63% 5.73% 6.31% 1.57% 2.66% 3.77% 3.58% 9.04% 9.29% 9.50% 9.89% 0% 3% 6% 9% 12% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 TCE/Tangible Assets AOCI/Tangible Assets • TCE Ratio increased 58bps vs 3Q, including 14bps reduction from $26.5 million in capital returned to shareholders (share repurchases and dividends) • 85% of full-year 2022 adjusted net income1 returned to WSFS shareholders • Regulatory capital ratios remain well in excess of target and well-capitalized thresholds 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 Tangible Common Equity (TCE) Ratio is at the holding company level 13.84% 12.86% 10.29% 10.00% 6.50% 5.00% 3.84% 6.36% 5.29% 0% 3% 6% 9% 12% 15% Total Risk-based Capital CET1 Tier 1 Leverage Well-capitalized Incremental Strong regulatory capital ratios supported by continued capital accretion through earnings

 
11 Non-GAAP Financial Information Appendix:

 
12 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 impact of securities gains, realized/unrealized gains (losses) on equity investments, net, Visa derivative valuation adjustment, loss on debt extinguishment, corporate development and restructuring expense, recovery of legal settlement, and contribution to WSFS CARES Foundation; • Core noninterest income, also called Core Fee Revenue, is a non-GAAP measure that adjusts noninterest income as determined in accordance with GAAP to exclude the impact of securities gains, realized/unrealized gains on equity investments, net, and Visa derivative valuation adjustment; • Core Fee Revenue percentage (%) 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 loss on debt extinguishment, corporate development and restructuring expenses, recovery of legal settlement, and contribution to WSFS CARES Foundation; • Core Efficiency Ratio is a non-GAAP measure that divides (i) core noninterest expense by (ii) the sum of core interest income and Core Fee Revenue; • Core Return on Average Assets (ROA) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) average assets for the applicable period; • Tangible Common Equity (TCE) is a non-GAAP measure and is defined as total stockholders’ equity of WSFS less goodwill and other intangible assets; • TCE Ratio is a non-GAAP measure that divides (i) TCE by (ii) tangible assets; • Tangible assets is a non-GAAP measure and is defined as total assets less goodwill and other intangible assets; • Return on average tangible common equity (ROTCE) is a non-GAAP measure and is defined as net income allocable to common stockholders divided by tangible common equity; • 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 (recovery of) for credit losses; • Core PPNR is a non-GAAP measure that adjusts PPNR to exclude the impact of securities gains, realized/unrealized gains on equity investments, net, Visa derivative valuation adjustment, loss on debt extinguishment, corporate development and restructuring expenses, recovery of legal settlement, and contribution to WSFS CARES Foundation; • PPNR % is a non-GAAP measure that divides (i) PPNR (annualized) by (ii) average assets for the applicable period; • Core PPNR % is a non-GAAP measure that divides (i) core PPNR (annualized) by (ii) average assets for the applicable period; and • Core Return on Average Equity (ROE) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) average stockholders’ equity for the applicable period.

 
13 Appendix: Non-GAAP Financial Information Three Months Ended Twelve Months Ended (dollars in thousands) December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 Net interest income (GAAP) $ 193,886 $ 176,831 $ 108,224 $ 662,890 Core net interest income (non-GAAP) $ 193,886 $ 176,831 $ 108,224 $ 662,890 Noninterest income (GAAP) $ 64,880 $ 62,651 $ 46,027 $ 260,8134 (Plus)/less: Unrealized (loss) gain on equity investments, net (8) — — 5,980 Plus: Visa derivative valuation adjustment (592) (2,285) — (2,877) Core fee revenue (non-GAAP) $ 65,480 $ 64,936 $ 46,027 $ 257,031 Core net revenue (non-GAAP) $ 259,366 $ 241,767 $ 154,251 $ 919,921 Core net revenue (non-GAAP) (tax- equivalent) $ 260,058 $ 242,327 $ 154,499 $ 919,829 Noninterest expense (GAAP) $ 132,903 $ 132,917 $ 90,419 $ 574,326 Less: Corporate development expense 1,070 1,248 4,989 42,749 (Plus)/less: Restructuring expense (319) 1,344 1,755 22,473 Plus: Recovery of legal settlement — — (15,000) — Core noninterest expense (non-GAAP) $ 132,152 $ 130,325 $ 98,675 $ 509,104 Core efficiency ratio (non-GAAP) 50.8% 53.8% 63.9% 55.2% Core fee revenue as a % of total core net revenue (non-GAAP)(tax-equivalent) 25.2% 26.8% 29.8% 27.9% Three Months Ended (dollars in thousands) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Calculation of tangible common equity ratio: Total Assets (GAAP) $ 19,914,755 $ 19,985,387 $ 20,550,216 $ 20,964,674 Less: Goodwill and other intangible assets 1,012,232 1,016,413 1,019,857 1,032,189 Total tangible assets (non-GAAP) $ 18,902,523 $ 18,968,974 $ 19,530,359 $ 19,932,485 Total stockholders’ equity of WSFS (GAAP) 2,205,113 2,103,593 2,315,360 2,520,463 Less: Goodwill and other intangible assets 1,012,232 1,016,413 1,019,857 1,032,189 Total tangible common equity (non-GAAP) $ 1,192,881 $ 1,087,180 $ 1,295,503 $ 1,488,274 Equity to asset ratio (GAAP) 11.07% 10.53% 11.27% 12.02% Tangible common equity to tangible assets ratio (non-GAAP) 6.31% 5.73% 6.63% 7.47% Accumulated other comprehensive (loss) income (AOCI) $ (675,844) $ (715,479) $ (518,878) $ (313,780) Total assets (GAAP) 19,914,755 19,985,387 20,550,216 20,964,674 Total tangible assets (non-GAAP) 18,902,523 18,968,974 19,530,359 19,932,485 AOCI to asset ratio (GAAP) 3.39% 3.58% 2.52% 1.50% AOCI to tangible assets ratio (non-GAAP) 3.58% 3.77% 2.66% 1.57%

 
14 Appendix: Non-GAAP Financial Information Three Months Ended Twelve Months Ended (dollars in thousands, except per share data) December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 GAAP net income attributable to WSFS $ 84,449 $ 73,382 $ 56,287 $ 222,375 Plus/(less): Pre-tax adjustments1 1,351 4,877 (8,256) 62,119 (Plus)/less: Tax impact of pre-tax adjustments (308) (750) 1,863 (13,809) Adjusted net income (non-GAAP) attributable to WSFS $ 85,492 $ 77,509 $ 49,894 $ 270,685 Net income (GAAP) $ 84,435 $ 73,344 $ 56,401 $ 222,648 Plus: Income tax provision 28,032 25,767 15,485 77,961 Less: Provision for (recovery of) credit losses 13,396 7,454 (8,054) 48,089 PPNR (Non-GAAP) $ 125,863 $ 106,565 $ 63,832 $ 348,698 Plus/(less): Pre-tax adjustments1 1,351 4,877 (8,256) 62,119 Core PPNR (Non-GAAP) $ 127,214 $ 111,442 $ 55,576 $ 410,817 Average Assets $ 19,876,322 $ 20,235,749 $ 15,419,923 $ 20,463,695 PPNR % (Non-GAAP) 2.51% 2.09% 1.64% 1.70% Core PPNR % (Non-GAAP) 2.54% 2.18% 1.43% 2.01% GAAP return on average assets (ROA) 1.69% 1.44% 1.45% 1.09% Plus/(less): Pre-tax adjustments1 0.03 0.10 (0.21) 0.30 (Plus)/less: Tax impact of pre-tax adjustments (0.01) (0.02) 0.04 (0.07) Core ROA (non-GAAP) 1.71% 1.52% 1.28% 1.32% Earnings per share (diluted)(GAAP) $ 1.37 $ 1.16 $ 1.18 $ 3.49 Plus/(less): Pre-tax adjustments1 0.02 0.08 (0.17) 0.98 (Plus)/less: Tax impact of pre-tax adjustments (0.01) (0.01) 0.03 (0.22) Core earnings per share (non-GAAP) $ 1.38 $ 1.23 $ 1.04 $ 4.25 1 Pre-tax adjustments include unrealized (loss) gain on equity investments, net, Visa derivative valuation adjustment, corporate development and restructuring expense, and recovery of legal settlement

 
15 Appendix: Non-GAAP Financial Information Three Months Ended Twelve Months Ended (dollars in thousands) December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 Calculation of return on average tangible common equity: GAAP net income attributable to WSFS​ $ 84,449 $ 73,382 $ 56,287 $ 222,375 Plus: Tax effected amortization of intangible assets​ 2,925 2,906 2,063 11,752 Net tangible income (non-GAAP)​ $ 87,374 $ 76,288 $ 58,350 $ 234,127 Average stockholders' equity of WSFS​ $ 2,128,869 $ 2,347,178 $ 1,913,882 $ 2,398,871 Less: average goodwill and intangible assets​ 1,014,985 1,018,592 548,552 1,012,233 Net average tangible common equity​ $ 1,113,884 $ 1,328,586 $ 1,365,330 $ 1,386,638 Return on average equity (GAAP) 15.74% 12.40% 11.67% 9.27% Return on average tangible common equity (non-GAAP) 31.12% 22.78% 16.96% 16.88% Calculation of core return on average tangible common equity: Adjusted net income (non-GAAP) attributable to WSFS​ $ 85,492 $ 77,509 $ 49,894 $ 270,685 Plus: Tax effected amortization of intangible assets​ 2,925 2,906 2,063 11,752 Core net tangible income (non-GAAP)​ $ 88,417 $ 80,415 $ 51,957 $ 282,437 Net average tangible common equity​ $ 1,113,884 $ 1,328,586 $ 1,365,330 $ 1,386,638 Core return on average equity (non-GAAP) 15.93% 13.10% 10.34% 11.28% Core return on average tangible common equity (non-GAAP) 31.49% 24.01% 15.10% 20.37% Three Months Ended (dollars in thousands) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Core fee revenue (non-GAAP) $ 65,480 $ 64,936 $ 66,038 $ 60,577 $ 46,027 PPP fee income - - - - (63) Core fee income excl. PPP $ 65,480 $ 64,936 $ 66,038 $ 60,577 $ 46,090 Core net revenue (non-GAAP)(tax-equivalent) $ 260,058 $ 242,327 $ 220,095 $ 199,349 $ 154,499 PPP income - - - 170 608 Core net revenue excl. PPP $ 260,058 $ 242,327 $ 220,095 $ 199,179 $ 153,891 Core fee revenue as a % of core net revenue excl. PPP (non-GAAP) 25.2% 26.8% 30.0% 30.4% 29.9%

 
16 Stockholders or others seeking information regarding the Company may call or write: WSFS Financial Corporation Investor Relations WSFS Bank Center 500 Delaware Avenue Wilmington, DE 19801 302-504-9857 [email protected] www.wsfsbank.com Rodger Levenson Chairman, President and CEO 302-571-7296 [email protected] Dominic C. Canuso Chief Financial Officer 302-571-6833 [email protected]