8-K - WSFS - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 27, 2020

Date of Report

(Date of earliest event reported)

WSFS Financial Corporation

(Exact name of registrant as specified in its charter)

Delaware	001-35638	22-2866913
(State or other jurisdiction<br>of incorporation)	(SEC Commission<br>File Number)	(IRS Employer<br>Identification Number)

500 Delaware Ave,

Wilmington, Delaware, 19801

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (302) 792-6000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
---	---	---
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	WSFS	Nasdaq Global Select Market

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

Emerging growth company ☐

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

Item 2.02 Results of Operation and Financial Condition

On April 27, 2020, the Registrant issued a press release to report earnings for the quarter ended March 31, 2020. Copies of the press release and 1Q 2020 Earnings Release Supplement are furnished with this Form 8-K as exhibits.

Item 9.01 Financial Statements and Other Exhibits

(d) Exhibits.

99.1 Press Release, dated April 27 , 2020

99.2 1Q 2020 Earnings Release Supplement

SIGNATURES

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

		WSFS FINANCIAL CORPORATION
Date:	April 27, 2020	By:	/s/ Dominic C. Canuso
			Dominic C. Canuso<br>Executive Vice President and<br>Chief Financial Officer

Document

WSFS Bank Center		1
	500 Delaware Avenue,
	Wilmington, Delaware 19801
	EXHIBIT 99.1
---	---
FOR IMMEDIATE RELEASE	Investor Relations Contact: Dominic C. Canuso
	phone: (302) 571-6833; email: dcanuso@wsfsbank.com
April 27, 2020	Media Contact: Rebecca Acevedo
	phone: (215) 253-5566; email: racevedo@wsfsbank.com

WSFS REPORTS 1Q 2020 EPS OF $0.21, RESULTS IMPACTED BY COVID-19 AND CECL;

WSFS COMMUNITY FOUNDATION RECEIVES $3.0 MILLION GRANT FROM WSFS BANK

FOR ADDITIONAL INFORMATION REGARDING OUR COVID-19 RESPONSE, FINANCIAL IMPACTS AND OUTLOOK, PLEASE REFER TO THE 1Q 2020 EARNINGS RELEASE SUPPLEMENT AVAILABLE IN THE INVESTOR RELATIONS SECTION OF WSFS' WEBSITE (www.wsfsbank.com).

WILMINGTON, Del. — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the first quarter of 2020.

Selected financial results and metrics are as follows:

(Dollars in millions, except per share data)	1Q 2020			4Q 2019			1Q 2019
Net interest income	$	116.2		$	117.6		$	83.3
Fee income	40.8			41.8			41.1
Total net revenue	157.0			159.3			124.4
Provision for credit losses	56.6			1.6			7.7
Noninterest expense	88.5			98.1			97.6
Net income attributable to WSFS	10.9			45.7			13.0
Pre-provision net revenue (PPNR)^(1)^	68.5			61.2			26.8
EPS (diluted)	0.21			0.88			0.33
Return on average assets (ROA)	0.36		%	1.48		%	0.58		%
Return on average equity (ROE)	2.4			9.8			4.5
Efficiency ratio	56.3			61.5			78.2

GAAP results for 1Q 2020 were significantly impacted by the economic effects of the COVID-19 pandemic and our adoption of the Current Expected Credit Loss method of accounting (CECL), primarily reflected in additional provision for credit losses of $56.6 million for the quarter. Results also include our acquisition of Beneficial Bancorp, Inc. (Beneficial) on March 1, 2019 and other significant items including the following:

	1Q 2020						4Q 2019
(Dollars in millions, except per share data)	Total<br>(pre-tax)		Per share<br>(after-tax)		Total<br>(pre-tax)		Per share<br>(after-tax)		Total<br>(pre-tax)		Per share<br>(after-tax)
Corporate development and restructuring expense	$	1.3	$	0.02	$	6.1	$	0.09	$	31.0	$	0.65
Contribution to WSFS Community Foundation	3.0		0.04		—		—		—		—
Net unrealized gain on equity investments	0.7		0.01		—		—		3.8		0.07
Securities gains	0.7		0.01		0.3		—		—		—

^(1)^ As used in this press release, pre-provision net revenue is a non-GAAP financial measure calculated as the difference between net revenue before provision for credit losses and noninterest expense. For a reconciliation of this and other non-GAAP measures to their comparable GAAP measures, see pages 20 and 21 of this press release.

WSFS Bank Center		2
	500 Delaware Avenue,
	Wilmington, Delaware 19801

CEO Commentary

Rodger Levenson, Chairman, President and CEO, said, “Our first quarter 2020 results were significantly impacted by the economic effects of the global COVID-19 pandemic, including $56.6 million of additional provision expense, or $0.84 per share, under CECL. Our core pre-provision net revenue (PPNR)^(2)^ was $71.5 million during the quarter, continuing the trend of strong fundamental operating performance since the Beneficial combination and we continue to maintain significant excess capital levels and liquidity capacity. While the Board recently approved a new share repurchase authorization of 15% of outstanding shares as of March 31, 2020, in light of the current environment, we have temporarily suspended all share repurchases until we have a clearer view on the impact of COVID-19 on the economy and our performance.

“Our immediate focus remains on the health, wellbeing, and safety of our Associates, Customers, and our communities during this challenging and uncertain time. This includes reinforcing best healthcare and prevention practices and universal precautions in offices and banking locations and supporting our Customers through several relief programs including significant participation in the Coronavirus Aid, Relief and Economic Security (CARES) Act and Payroll Protection Program (PPP). We also were pleased to make a $3.0 million grant to the WSFS Community Foundation to address the impacts of COVID-19 and provide long-term support for education, health and human services, and economic development in our communities.

“We often cite the value of our culture and the strong engagement of our Associates and Customers. We capture that in our Strategy: ‘Engaged Associates, living our culture, making a better life for all we serve.’ Now, more than ever, our strategy is vital; we’re open for business, serving our Customers and hiring new Associates. I am proud of all our Associates and how hard they are working to support our Customers and local communities during this uncertain time. Over the past 188 years, we’ve faced many challenges; we’re here and stand ready to serve those in need, now and for many years to come.”

^(2)^ Core pre-provision net revenue is a non-GAAP financial measure defined as the difference between core net revenue before provision for credit losses and core noninterest expense. For a reconciliation of this and other non-GAAP measures to their comparable GAAP measures, see pages 20 and 21 of this press release.

WSFS Bank Center		3
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Notable Items in the Quarter (all excluded from core results):

•WSFS made a $3.0 million (pre-tax) contribution, or $0.04 per share (after-tax), to the WSFS Community Foundation to address the impacts of the COVID-19 pandemic and further fund improvements in the expanded communities served by WSFS Bank.

•WSFS recorded net unrealized gains on our equity investments of $0.7 million (pre-tax), or $0.01 per share (after-tax), including $2.9 million (pre-tax), or approximately $0.04 per share (after-tax), of net unrealized gains on our investment in Visa Class B shares, compared with $3.8 million (pre-tax), or approximately $0.07 per share (after-tax), in unrealized gains related to Visa Class B shares in 1Q 2019. Since our adoption of ASU 2016-01 in 1Q 2018, cumulative realized and unrealized gains on Visa Class B shares total $53.0 million. The gains on our investment in Visa Class B shares in the quarter were partially offset by an impairment charge of $2.3 million (pre-tax), or $0.03 per share (after-tax), on our investment in Spring EQ.

•WSFS recorded $1.3 million (pre-tax), or approximately $0.02 per share (after-tax), of corporate development expenses related to our acquisition of Beneficial, compared with $31.0 million (pre-tax), or approximately $0.65 per share (after-tax), of corporate development and restructuring expenses in 1Q 2019. The merger-to-date amounts are less than our original expectations.

•WSFS realized $0.7 million (pre-tax), or approximately $0.01 per share (after-tax), in net gains on sales of securities.

WSFS Bank Center		4
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Highlights for 1Q 2020:

•WSFS adopted the CECL method of accounting as of January 1, 2020, which considers forward-looking information when establishing reserves for credit losses. While credit quality metrics at March 31, 2020 were strong and improved, the COVID-19 pandemic has resulted in deterioration in expected macroeconomic drivers in our CECL modeling, resulting in additional provision for credit losses of $56.6 million in the quarter, which is included in our core results noted below, and reducing core EPS^(3)^ by $0.84 and core ROA^(3)^ by 1.43%.

•Core ROA was 0.39% compared to 1.59% for 1Q 2019.

•Core EPS ^^was $0.23 compared to $0.91 for 1Q 2019.

•Core net revenue^(3)^ of $155.6 million increased $35.0 million, or 29%, from 1Q 2019, including a $32.8 million, or 39%, increase in core net interest income^(3)^, and a $2.2 million, or 6%, increase in core fee income (noninterest income)^(3)^.

•Core noninterest expense^(3)^ increased $17.6 million, or 26%, from 1Q 2019, creating a full 3 percentage points of positive core operating leverage^(3)^and resulting in a core efficiency ratio^(3)^ of 54.0% compared to 55.1% for 1Q 2019.

•Core pre-provision net revenue (PPNR) was $71.5 million, an increase of $4.8 million, or 7%, from 4Q 2019 and $17.5 million, or 32% from 1Q 2019.

•WSFS repurchased $38.7 million, or 1,004,348 shares of our common stock during the quarter, completing our current authorization. During the quarter, the Board approved a new share repurchase authorization of 15% of outstanding shares as of March 31, 2020; however, we have temporarily suspended all share repurchases until we have a clearer view of the impact of COVID-19 on the economy and our performance.

^(3)^ As used in this press release, core ROA, core EPS, core net revenue, core net interest income, core fee income (noninterest income), core noninterest expense, core operating leverage, and core efficiency ratio are non-GAAP financial measures. These non-GAAP measures exclude securities gains, realized/unrealized gains on equity investments, corporate development and restructuring expense, and the contribution to the WSFS Community Fund. For a reconciliation of these and other non-GAAP measures to their comparable GAAP measures, see pages 20 and 21 of this press release.

WSFS Bank Center		5
	500 Delaware Avenue,
	Wilmington, Delaware 19801

First Quarter 2020 Discussion of Financial Results

Balance Sheet

The following tables summarize loan and customer funding balances and composition at March 31, 2020 compared to December 31, 2019 and March 31, 2019:

Loans
(Dollars in thousands)	March 31, 2020						December 31, 2019						March 31, 2019
Commercial & industrial	$	3,412,266	40	%	$	3,341,136	39	%	$	3,388,503	39	%
Commercial real estate	2,223,117		26		2,212,026		26		2,345,568		27
Construction	626,253		8		578,713		7		573,773		7
Commercial small business leases	201,753		2		190,592		2		144,658		2
Total commercial loans	6,463,389		76		6,322,467		74		6,452,502		75
Residential mortgage	1,054,544		13		1,099,744		13		1,146,982		13
Consumer	1,118,287		13		1,133,701		14		1,136,334		13
Allowance for credit losses	(139,073)		(2)		(47,576)		(1)		(46,321)		(1)
Net loans	$	8,497,147	100	%	$	8,508,336	100	%	$	8,689,497	100	%
Customer Funding
---	---	---	---	---	---	---	---	---	---	---	---	---
(Dollars in thousands)	March 31, 2020						December 31, 2019						March 31, 2019
Noninterest demand	$	2,314,982	25	%	$	2,189,573	23	%	$	2,191,321	24	%
Interest-bearing demand	2,093,388		22		2,129,725		23		2,069,393		22
Savings	1,594,735		17		1,563,000		17		1,721,417		18
Money market	2,149,119		23		2,100,188		22		1,900,223		20
Total core deposits	8,152,224		87		7,982,486		85		7,882,354		84
Customer time deposits	1,272,154		13		1,356,610		15		1,475,695		16
Total customer deposits	$	9,424,378	100	%	$	9,339,096	100	%	$	9,358,049	100	%

At March 31, 2020, WSFS’ net loan portfolio decreased $11.2 million when compared with December 31, 2019 and $192.4 million when compared with March 31, 2019. These results included a $96.2 million decline during the quarter and a $342.8 million decline year-over-year in non-relationship CRE and residential mortgage run-off portfolios primarily acquired from the Beneficial acquisition. Excluding these run-off portfolios and a $91.5 million increase in the allowance for credit losses recorded upon the adoption of CECL as of January 1, 2020, net loans increased $176.5 million during the quarter, due to a $69.3 million increase in revolving lines of credit and additional growth across several categories. Year-over-year, net loans increased $243.2 million, or 3%, excluding run-off portfolios and the change in the allowance for credit losses, with growth across C&I, construction, small business leases, home equity installment loans originated through our partnership with Spring EQ and student loans through our partnership with LendKey.

WSFS Bank Center		6
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Total customer funding was $9.4 billion at March 31, 2020, an $85.3 million increase from December 31, 2019 and a $66.3 million increase from March 31, 2019, reflecting minimal impact of post-conversion customer attrition from the Beneficial acquisition. Core deposits were $8.2 billion at March 31, 2020, an increase of $169.7 million, or 9% (annualized), over the prior quarter, and were a strong 87% of total customer deposits. No- and low-cost checking deposit accounts represented a robust 47% of total customer deposits at March 31, 2020. These core deposits predominantly represent longer-term, less price-sensitive customer relationships. The ratio of loans to customer deposits was 90% at March 31, 2020 reflecting significant liquidity capacity.

Net Interest Income


(Dollars in thousands)	March 31, 2020			December 31, 2019			March 31, 2019
Net interest income before purchase accounting accretion	$	101,941		$	103,696		$	78,444
Purchase accounting accretion	14,209			13,873			4,870
Net interest income	$	116,150		$	117,569		$	83,314
Net interest margin before purchase accounting accretion	3.85		%	3.83		%	4.05		%
Purchase accounting accretion	0.53			0.52			0.25
Net interest margin	4.38		%	4.35		%	4.30		%

Net interest income increased $32.8 million, or 39%, compared to 1Q 2019, primarily due to a full quarter impact of the Beneficial acquisition in the current quarter. Net interest margin increased 8 bps from 1Q 2019 due to higher purchase accounting accretion partially offset by the significantly lower rate environment and expected margin compression due to Beneficial's lower-margin balance sheet.

Net interest income decreased $1.4 million, or 1% (not annualized), from 4Q 2019 primarily due to the lower rate environment, including a 150 bps reduction in the Fed Funds rate during the quarter, partially offset by incremental purchase loan accretion. Net interest margin increased 3 bps due to favorable funding mix and higher purchase accounting accretion, which included one large commercial loan payoff that refinanced a significant portion with WSFS.

WSFS Bank Center		7
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Credit Quality

As discussed earlier in this release, WSFS adopted CECL as of January 1, 2020. Under CECL, we consider forward-looking information regarding macro-economic conditions and correlated impact on the loan portfolio’s credit when we establish reserves for credit losses. While credit quality metrics at March 31, 2020 were strong and improved, the COVID-19 pandemic has resulted in deterioration in expected macroeconomic drivers in our CECL modeling, resulting in additional provision for credit losses of $56.6 million and a significant increase to the allowance for credit losses.

The following table summarizes credit quality metrics as of and for the period ended March 31, 2020. Most credit metrics were stable in comparison with 4Q 2019. Since the close of the Beneficial combination on March 1, 2019, we have reduced problem assets, which includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO), by 11% and nonperforming assets by 23%, providing a strong foundation prior to the expected deterioration of economic conditions as a result of COVID-19. Net charge-offs for 1Q 2020 were a low $0.8 million, or 0.04% (annualized), of average gross loans and included a $2.6 million partial recovery of prior period charges from a C&I relationship. Excluding nonperforming delinquencies, performing loan delinquencies were 0.61% of gross loans at March 31, 2020, compared to 0.57% at December 31, 2019. Included in total delinquencies were $21.5 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.

(Dollars in millions)	March 31, 2020			December 31, 2019			March 31, 2019
Problem assets	$	221.9		$	238.6		$	248.3
Nonperforming assets	38.1			39.8			49.3
Delinquencies	59.8			61.1			71.9
Net charge-offs	0.8			1.7			0.9
Total credit costs (r)	57.1			2.7			7.9
Problem assets to total Tier 1 capital plus ALLL	14.68		%	16.89		%	20.04		%
Classified assets to total Tier 1 capital plus ALLL	12.64			13.15			14.56
Ratio of nonperforming assets to total assets	0.31			0.32			0.40
Ratio of nonperforming assets (excluding accruing TDRs) to total assets	0.20			0.21			0.28
Delinquencies to gross loans	0.69			0.72			0.83
Ratio of quarterly net charge-offs to average gross loans	0.04			0.08			0.06
Ratio of allowance for credit losses to total loans and leases (q)	1.60			0.56			0.53
Ratio of allowance for credit losses to nonaccruing loans	723			208			145
WSFS Bank Center		8
---	---	---
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Core Fee Income

Core fee income (noninterest income) was $39.5 million, an increase of $2.2 million, or 6%, compared to 1Q 2019, including an increase of $1.9 million from traditional banking-related fee income, primarily related to the full quarter impact of the Beneficial combination and a $1.4 million increase from our mortgage banking business due to increased volume primarily from refinancings resulting from the lower interest rate environment. Partially offsetting these increases was a $0.7 million decrease in cash logistics services (Cash Connect^®^), which was primarily due to the lower interest rate environment and fully offset by lower funding costs, and $0.7 million, net, from fee recognition in the prior year quarter related to the functional sale of certain Wealth Management accounts.

Core fee income decreased $2.0 million, or 5%, compared to 4Q 2019, and included $0.7 million of one-time items that reduced fee income during the quarter. Excluding these one-time items, core fee income decreased $1.3 million, or 3%, including a decrease of $1.1 million in traditional banking-related fee income, primarily related to lower seasonal transactional volume and the impact of COVID-19 late in the quarter, and a $0.8 million decrease in Cash Connect^®^ bailment revenue due to the significant decline in interest rates during the quarter fully offset by lower funding costs. These decreases are partially offset by a $0.5 million increase from our mortgage banking business, for the reasons described above.

For 1Q 2020, core fee income was 25.3% of core net revenue, compared to 30.9% for 1Q 2019, and was diversified among various sources, including traditional banking, mortgage banking, trust and wealth management and cash logistics services (Cash Connect^®^). The year-over-year percentage decline primarily reflects the full quarter effect of our combination with Beneficial, which had lower fee income.

WSFS Bank Center		9
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Core Noninterest Expenses

Our core efficiency ratio was 54.0% in 1Q 2020, compared to 58.0% in 4Q 2019 and 55.1% in 1Q 2019.

Core noninterest expense for 1Q 2020 was $84.2 million, an increase of $17.6 million, or 26%, from $66.6 million in 1Q 2019, primarily due to a full quarter impact from our combination with Beneficial and other franchise growth offset by cost synergies achieved over the last year.

When compared to 4Q 2019, core noninterest expense decreased $8.3 million, or 9% (not annualized). The quarter-over-quarter decrease reflected two outsized items from the previous quarter, including $1.8 million related to the transition of our former Executive Chairman of the Board of Directors and $1.1 million from damage resulting from a fire at a branch location, for which we are actively working with insurance carriers to recover the loss. In addition, 1Q 2020 included $4.0 million of lower incentive compensation costs, primarily due to higher year-end accruals in the prior quarter; $1.1 million of lower cash logistics services (Cash Connect^®^) expenses, and; $0.9 million of lower marketing costs.

Income Taxes

We recorded a $1.3 million income tax provision in 1Q 2020, compared to provisions of $14.2 million in 4Q 2019 and $6.3 million in 1Q 2019.

The effective tax rate was 10.9% in 1Q 2020, 23.8% in 4Q 2019, and 32.6% in 1Q 2019. The lower tax rate in 1Q 2020 compared to 4Q 2019 and 1Q 2019 primarily reflects a one-time tax benefit of $1.8 million related to certain favorable income tax provisions contained in the CARES Act passed during the quarter, as well as nondeductible expenses associated with the acquisition of Beneficial incurred during 1Q 2019.

WSFS Bank Center		10
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Capital Management

WSFS’ total stockholders’ equity decreased $15.7 million, or less than 1% (not annualized), during 1Q 2020, primarily due to the adoption of CECL, share repurchases, and the dividend on common stock paid during the quarter, partially offset by the effect of quarterly earnings and market value changes on available-for-sale securities.

WSFS’ tangible common equity^(4)^decreased $12.7 million, or less than 1% (not annualized) compared to December 31, 2019 for the reasons described in the paragraph above. WSFS’ common equity to assets ratio was 14.94% at March 31, 2020, and our tangible common equity to tangible assets ratio^(4)^ decreased by 14 bps during the quarter to 10.83%.

At March 31, 2020, book value per share was $36.23, an increase of $0.35, or 1%, from December 31, 2019, and tangible common book value per share^(4)^ was $25.06, an increase of $0.21, or 1%, from December 31, 2019.

At March 31, 2020, WSFS Bank’s Tier 1 leverage ratio of 11.85%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 13.41%, and Total Capital ratio of 14.53% were all substantially in excess of the “well-capitalized” regulatory benchmarks.

The Board of Directors approved a quarterly cash dividend of $0.12 per share of common stock. This dividend will be paid on May 22, 2020 to stockholders of record as of May 8, 2020.

WSFS repurchased 1,004,348 shares of common stock at an average price of $38.53 during 1Q 2020, completing our share repurchase program approved by the Board of Directors in 1Q 2019. During the quarter, the Board approved a new share repurchase authorization of 15% of outstanding shares as of March 31, 2020; however, we have temporarily suspended all share repurchases until we have a clearer view of the impact of COVID-19 on the economy and our performance.

^(4)^As used in this release, tangible common equity, tangible common equity to tangible assets and tangible common book value per share are non-GAAP financial measures. These non-GAAP measures exclude goodwill and intangible assets and the related tax-effected amortization. For a reconciliation of these and other non-GAAP measures to their comparable GAAP measures, see pages 20 and 21 of this press release.

WSFS Bank Center		11
	500 Delaware Avenue,
	Wilmington, Delaware 19801

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, and credit and deposit products to individual, corporate, and institutional clients through multiple integrated businesses. Combined, these businesses had $21.1 billion in assets under management (AUM) and assets under administration (AUA) as of March 31, 2020.

Wealth Management reported pre-tax income of $3.8 million in 1Q 2020 compared to $7.2 million in 1Q 2019, and $5.2 million in 4Q 2019. Results were impacted by elevated provision expense on our Private Banking portfolio as a result of our adoption of CECL and the lower interest rate environment. Provision expense was $1.6 million in 1Q 2020, a $1.2 million increase compared to 1Q 2019 and a $1.4 million increase compared to 4Q 2019.

Total Wealth Management revenue (net interest income and fee income) was $14.7 million for 1Q 2020, a decrease of $1.2 million, or 8%, compared to 1Q 2019. The decrease included $0.8 million of lower net interest income due to the lower rate environment and the functional sale of certain wealth management accounts for $0.7 million, net, in 1Q 2019. Excluding the sale in the prior year quarter, core fee income grew by $0.7 million, or 7%, due to continued strength in our trust services business, which grew by 6%. Our AUM businesses also generated higher year-over-year investment advisory fees, benefiting from improvements in market valuations and strong net inflows (advisory fees are billed based on prior quarter AUM). Excluding the referenced sale, AUM revenue grew $0.4 million, or 14%. Compared to 4Q 2019, revenue decreased $0.6 million, or 4%, primarily due to the lower net interest income resulting from the lower interest rate environment.

Net interest income was $3.4 million for 1Q 2020, a decrease of $0.8 million, or 19% compared to 1Q 2019 due to the lower interest rate environment, and despite year-over-year growth in the balance sheet. Loan balances grew by $8.6 million, or 4% and deposits grew by $10.5 million, or 2% compared to 1Q 2019. Compared to 4Q 2019, net interest income decreased $0.4 million, or 11% which was due primarily to spread compression on deposits of approximately 23 bps.

Total noninterest expense (including intercompany allocations and excluding provision for credit losses) was $9.4 million in 1Q 2020, an increase of $1.0 million compared to 1Q 2019 and a decrease of $0.5 million compared to 4Q 2019. The year-over-year increase was driven by higher compensation costs, resulting from the addition of six wealth advisors and three private bankers to support our expansion into the Pennsylvania and New Jersey markets and higher variable incentive compensation costs.

WSFS Bank Center		12
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Cash Connect^®^

Cash Connect^®^ is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States. Cash Connect^®^ services approximately 31,000 non-bank ATMs and retail safes nationwide supplying or servicing over $1.3 billion in cash at March 31, 2020 and provides other fee-based services. Cash Connect^®^ also operates 470 ATMs for WSFS Bank, which is one of the largest branded ATM networks in our market.

Cash Connect^®^ reported pre-tax income of $2.0 million and ROA of 1.84% for 1Q 2020. Pre-tax income increased $0.5 million, or 38%, compared to 1Q 2019, and increased $0.9 million compared to 4Q 2019, primarily due to a mix shift from lower yielding to higher yielding business and additional non-asset based fee business, and continued growth in our remote cash capture business. ROA in 1Q 2020 improved 79 bps from 1Q 2019 and 78 bps from 4Q 2019.

Net revenue (fee income less funding costs) was $11.0 million in 1Q 2020, an increase of 9% from 1Q 2019. This growth was driven by a 7% increase in the number of units serviced and a significant shift to higher margin services and non-asset based fees, including a 53% increase in remote cash capture devices (smart safes) and a 26% increase of ATMs utilizing our reconciliation services (non-bailment Customer). Compared to 4Q 2019, net revenue decreased $0.3 million, or 3% (not annualized), primarily due to lower bailment revenue resulting from the lower interest rate environment offset by lower cost of funds, and a reduction of $0.5 million of third-party funding costs in noninterest expense. Cash Connect^®^’s total units serviced increased 2% quarter over quarter (not annualized).

Noninterest expense (including intercompany allocations of expense) was $9.0 million in 1Q 2020, an increase of $0.4 million compared to 1Q 2019 and a decrease of $1.2 million compared to 4Q 2019. The increase in expenses compared to 1Q 2019 was primarily due to higher operating costs associated with increased revenue, offset by lower funding costs. The $1.2 million decrease versus prior quarter primarily resulted from leadership transition costs occurring in 4Q 2019 and lower funding costs due to rate decreases.

During 1Q 2020, the division continued its focus on expanding smart safe and ATM managed services to increase fee income and margin. Cash Connect^®^ drove strong growth in the strategic Remote Cash Capture (smart safe, recycler and kiosk) space with approximately 3,700 devices under service, an increase of over 450 units during the quarter. Our pipeline remains strong as we add new channel partners, including top financial institutions which have brought us significant national opportunities. We are continuing to deploy new ATM and safe devices during the COVID-19 pandemic and anticipate rollouts to increase when businesses reopen nationwide.

WSFS Bank Center		13
	500 Delaware Avenue,
	Wilmington, Delaware 19801

First Quarter 2020 Earnings Release Conference Call and Supplemental Materials

Management will conduct a conference call to review 1Q 2020 results at 1:00 p.m. Eastern Time (ET) on Tuesday, April 28, 2020. Interested parties may listen to this call by dialing 1-877-312-5857 and using Conference ID #9227636. A rebroadcast of the conference call will be available beginning at 4:00 p.m. ET on April 28, 2020 until May 9, 2020 at 4:00 p.m. ET by dialing 1-855-859-2056 and using Conference ID #9227636.

We have provided additional information in the 1Q 2020 Earnings Release Supplement, which is available in the Investor Relations section of WSFS' website (www.wsfsbank.com).

About WSFS Financial Corporation

WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company headquartered in Delaware and the greater Philadelphia region. As of March 31, 2020, WSFS Financial Corporation had $12.3 billion in assets on its balance sheet and $21.1 billion in assets under management and administration. WSFS operates from 116 offices, 91 of which are banking offices, located in Pennsylvania (54), Delaware (44), New Jersey (16), 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, Cash Connect^®^, Cypress Capital Management, LLC, Christiana Trust of Delaware, NewLane Finance, Powdermill Financial Solutions, West Capital Management, 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 Center		14
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Forward-Looking Statement Disclaimer

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, those related to the effects of the COVID-19 pandemic and actions taken in response thereto, including difficult market conditions and significant unfavorable economic trends in the United States generally, and particularly in the markets in which the Company operates and in which its loans are concentrated, including the effects of a likely economic recession, declines in housing markets, and significant increase in unemployment levels and substantial slowdowns in economic growth; the Company's level of credit expenses and nonperforming assets and the costs associated with resolving problem loans including litigation and other costs; possible additional loan losses and impairment of the collectability of loans, particularly as a result of the policies and programs implemented by the CARES Act, including its automatic loan forbearance provisions; 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 our loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company's operations including the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) the Economic Growth, Regulatory Relief, and Consumer Protection Act (which amended the Dodd-Frank Act), and the rules and regulations issued in accordance therewith and potential expenses associated with complying with such regulations; the Company's ability to comply with applicable capital and liquidity requirements (including the finalized Basel III capital standards and the effect of our transition to the CECL methodology for allowances and related adjustments), including our ability to generate liquidity internally or raise capital on favorable terms; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies, and similar organizations; any impairment of the Company's goodwill or other intangible assets; conditions in the financial markets, including the destabilized economic environment caused by the COVID-19 outbreak, that may limit the Company's access to additional funding to meet its liquidity needs; the success of the Company's growth plans, including our plans to grow the commercial small business leasing portfolio and residential mortgage small business and Small Business Administration (SBA) portfolios following our acquisition of Beneficial; the successful integration of acquisitions; the Company's ability to fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition customer acceptance of the Company's products and services and related Customer disintermediation; negative perceptions or publicity with respect to the Company'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; 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 employees; the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally; the effects of weather and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability and man-made disasters including terrorist attacks; 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 due to changes in the interest rate environment, particularly as a result of the COVID-19 outbreak, 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, legal, liquidity, regulatory and compliance risk resulting from developments related to any 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, 2019 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 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 Center		15
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited)

	Three months ended
(Dollars in thousands, except per share data)	March 31, 2020		December 31, 2019		March 31, 2019
Interest income:
Interest and fees on loans	$	119,202	$	122,302	$	87,117
Interest on mortgage-backed securities	13,219		13,270		10,466
Interest and dividends on investment securities	926		973		1,044
Other interest income	508		805		950
	133,855		137,350		99,577
Interest expense:
Interest on deposits	14,637		16,159		10,942
Interest on Federal Home Loan Bank advances	830		1,025		2,590
Interest on senior debt	1,179		1,179		1,179
Interest on trust preferred borrowings	586		636		726
Interest on other borrowings	473		782		826
	17,705		19,781		16,263
Net interest income	116,150		117,569		83,314
Provision for credit losses	56,646		1,590		7,654
Net interest income after provision for credit losses	59,504		115,979		75,660
Noninterest income:
Credit/debit card and ATM income	11,359		12,076		11,515
Investment management and fiduciary revenue	10,962		11,462		10,147
Deposit service charges	5,647		5,984		4,746
Mortgage banking activities, net	3,471		2,963		2,092
Loan and lease fee income	1,119		1,219		885
Securities gains, net	693		255		15
Unrealized gain on equity investment, net	668		—		3,798
Bank-owned life insurance income	(25)		370		217
Other income	6,953		7,441		7,707
	40,847		41,770		41,122
Noninterest expense:
Salaries, benefits and other compensation	45,346		48,895		36,205
Occupancy expense	7,666		8,806		6,367
Equipment expense	4,964		5,882		3,989
Data processing and operations expense	3,078		3,193		2,588
Professional fees	4,600		3,200		1,872
Marketing expense	951		1,804		1,590
FDIC expenses	(54)		48		620
Loan workout and OREO expense	674		893		108
Corporate development expense	1,341		4,607		26,627
Restructuring expense	—		1,530		4,362
Recovery of fraud loss	—		(463)		—
Other operating expenses	19,930		19,731		13,264
	88,496		98,126		97,592
Income before taxes	11,855		59,623		19,190
Income tax provision	1,288		14,199		6,260
Net income	$	10,567	$	45,424	$	12,930
Less: Net loss attributable to noncontrolling interest	(360)		(280)		(93)
Net income attributable to WSFS	$	10,927	$	45,704	$	13,023
Diluted earnings per share of common stock:	$	0.21	$	0.88	$	0.33
Weighted average shares of common stock outstanding for fully diluted EPS	51,164,224		52,164,692		39,284,057

See “Notes”

WSFS Bank Center		16
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited) - continued

	Three months ended
	March 31, 2020		December 31, 2019		March 31, 2019
Performance Ratios:
Return on average assets (a)	0.36	%	1.48	%	0.58	%
Return on average equity (a)	2.39		9.77		4.54
Return on average tangible common equity (a)(o)	4.13		14.76		6.77
Net interest margin (a)(b)	4.38		4.35		4.30
Efficiency ratio (c)	56.27		61.47		78.23
Noninterest income as a percentage of total net revenue (b)	25.97		26.17		32.96

See “Notes”

WSFS Bank Center		17
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(Dollars in thousands)	March 31, 2020			December 31, 2019			March 31, 2019
Assets:
Cash and due from banks	$	182,125		$	164,021		$	190,611
Cash in non-owned ATMs	322,844			407,524			457,046
Investment securities (d)	134,047			133,601			148,190
Other investments	104,843			91,350			61,034
Mortgage-backed securities (d)	2,048,400			1,944,914			1,523,196
Net loans (e)(f)(l)	8,497,147			8,508,336			8,689,497
Bank owned life insurance	30,093			30,294			89,449
Goodwill and intangibles	565,763			568,745			580,263
Other assets	393,628			407,517			445,131
Total assets	$	12,278,890		$	12,256,302		$	12,184,417
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits	$	2,314,982		$	2,189,573		$	2,191,321
Interest-bearing deposits	7,109,396			7,149,523			7,166,728
Total customer deposits	9,424,378			9,339,096			9,358,049
Brokered deposits	284,976			247,761			315,655
Total deposits	9,709,354			9,586,857			9,673,704
Federal Home Loan Bank advances	119,971			112,675			81,240
Other borrowings	281,314			376,613			325,128
Other liabilities	334,832			330,666			314,668
Total liabilities	10,445,471			10,406,811			10,394,740
Stockholders’ equity of WSFS	1,834,594			1,850,306			1,789,752
Noncontrolling interest	(1,175)			(815)			(75)
Total stockholders' equity	1,833,419			1,849,491			1,789,677
Total liabilities and stockholders' equity	$	12,278,890		$	12,256,302		$	12,184,417
Capital Ratios:
Equity to asset ratio	14.94		%	15.10		%	14.69		%
Tangible common equity to tangible asset ratio (o)	10.83			10.97			10.42
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)	13.41			13.52			11.73
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)	11.85			11.72			14.00
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)	13.41			13.52			11.73
Total Risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)	14.53			14.01			12.20
Asset Quality Indicators:
Nonperforming Assets:
Nonaccruing loans	$	19,236		$	22,922		$	32,038
Troubled debt restructuring (accruing)	14,070			14,281			14,995
Assets acquired through foreclosure	4,825			2,605			2,233
Total nonperforming assets	$	38,131		$	39,808		$	49,266
Past due loans (h)	$	14,282		$	16,150		$	11,752
Allowance for credit losses	139,081			47,576			46,321
Ratio of nonperforming assets to total assets	0.31		%	0.32		%	0.40		%
Ratio of nonperforming assets (excluding accruing TDRs) to total assets	0.20			0.21			0.28
Ratio of allowance for credit losses to total loans and leases (q)	1.60			0.56			0.53
Ratio of allowance for credit losses to nonaccruing loans	723			208			145
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)	0.04			0.08			0.06
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)	0.04			0.22			0.06

See “Notes”

WSFS Bank Center		18
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

AVERAGE BALANCE SHEET (Unaudited)

(Dollars in thousands)	Three months ended
	March 31, 2020										December 31, 2019								March 31, 2019
	Average<br>Balance		Interest &<br>Dividends		Yield/<br>Rate<br>(a)(b)		Average<br>Balance		Interest &<br>Dividends		Yield/<br>Rate<br>(a)(b)		Average<br>Balance		Interest &<br>Dividends		Yield/<br>Rate<br>(a)(b)
Assets:
Interest-earning assets:
Loans: (e) (j)
Commercial real estate loans	$	2,808,867	$	34,292	4.91	%	$	2,768,893	$	36,016	5.16	%	$	1,970,030	$	26,604	5.48	%
Residential real estate loans	992,408		13,541		5.46		1,029,469		14,344		5.57		528,686		7,601		5.75
Commercial loans (p)	3,533,626		55,693		6.35		3,549,692		55,725		6.24		2,854,458		41,146		5.86
Consumer loans	1,130,223		14,935		5.31		1,141,969		15,532		5.40		842,543		11,468		5.52
Loans held for sale	69,884		741		4.26		69,204		685		3.93		20,482		298		5.90
Total loans	8,535,008		119,202		5.62		8,559,227		122,302		5.67		6,216,199		87,117		5.69
Mortgage-backed securities (d)	1,959,637		13,219		2.70		1,934,750		13,270		2.74		1,437,159		10,466		2.91
Investment securities (d)	131,121		926		3.40		134,494		973		3.41		149,127		1,044		3.40
Other interest-earning assets	76,356		508		2.68		111,276		805		2.87		79,015		950		4.88
Total interest-earning assets	10,702,122		133,855		5.04	%	10,739,747		137,350		5.08	%	7,881,500		99,577		5.14	%
Allowance for credit losses	(85,055)						(47,136)						(40,433)
Cash and due from banks	139,836						110,997						107,845
Cash in non-owned ATMs	335,434						357,869						427,890
Bank owned life insurance	30,154						30,838						35,058
Other noninterest-earning assets	1,037,033						1,033,847						687,316
Total assets	$	12,159,524					$	12,226,162					$	9,099,176
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	$	2,085,229	$	1,897	0.37	%	$	2,134,950	$	2,405	0.45	%	$	1,383,088	$	1,736	0.51	%
Money market	2,152,986		4,090		0.76		2,005,696		4,363		0.86		1,647,032		3,840		0.95
Savings	1,574,215		1,744		0.45		1,556,488		2,104		0.54		947,170		871		0.37
Customer time deposits	1,305,432		5,655		1.74		1,337,387		5,827		1.73		972,458		3,264		1.36
Total interest-bearing customer deposits	7,117,862		13,386		0.76		7,034,521		14,699		0.83		4,949,748		9,711		0.80
Brokered deposits	230,423		1,251		2.18		248,824		1,460		2.33		213,675		1,231		2.34
Total interest-bearing deposits	7,348,285		14,637		0.80		7,283,345		16,159		0.88		5,163,423		10,942		0.86
FHLB of Pittsburgh advances	170,058		830		1.96		183,925		1,025		2.21		403,961		2,590		2.60
Trust preferred borrowings	67,011		586		3.52		67,011		636		3.77		67,011		726		4.39
Senior debt	98,627		1,179		4.78		98,573		1,179		4.78		98,410		1,179		4.79
Other borrowed funds	148,256		473		1.28		199,145		782		1.56		173,253		826		1.93
Total interest-bearing liabilities	7,832,237		17,705		0.91	%	7,831,999		19,781		1.00	%	5,906,058		16,263		1.12	%
Noninterest-bearing demand deposits	2,166,510						2,217,023						1,768,570
Other noninterest-bearing liabilities	326,185						321,432						262,004
Stockholders’ equity of WSFS	1,835,501						1,856,311						1,162,591
Noncontrolling interest	(909)						(603)						(47)
Total liabilities and equity	$	12,159,524					$	12,226,162					$	9,099,176
Excess of interest-earning assets over interest-bearing liabilities	$	2,869,885					$	2,907,748					$	1,975,442
Net interest and dividend income			$	116,150					$	117,569					$	83,314
Interest rate spread					4.13	%					4.08	%					4.02	%
Net interest margin					4.38	%					4.35	%					4.30	%

See “Notes”

WSFS Bank Center		19
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

(Dollars in thousands, except per share data)	Three months ended
Stock Information:	March 31, 2020	December 31, 2019	March 31, 2019
Market price of common stock:
High	$44.70	$45.93	$45.13
Low	17.84	41.68	37.19
Close	24.92	43.99	38.60
Book value per share of common stock	36.23	35.88	33.69
Tangible common book value per share of common stock (o)	25.06	24.85	22.77
Number of shares of common stock outstanding (000s)	50,633	51,567	53,128
Other Financial Data:
One-year repricing gap to total assets (k)	2.38%	(2.06)%	(4.28)%
Weighted average duration of the MBS portfolio	2.2 years	3.7 years	4.2 years
Unrealized gains on securities available for sale, net of taxes	$72,436	$26,927	$2,700
Number of Associates (FTEs) (m)	1,791	1,782	1,903
Number of offices (branches, LPO’s, operations centers, etc.)	116	118	152
Number of WSFS owned and branded ATMs	470	473	507

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.

(h)Accruing loans which are contractually past due 90 days or more as to principal or interest. Beginning in 1Q 2019, 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 (Generally Accepted Accounting Principles) financial information in its analysis of the Company’s performance. 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 and other non-GAAP measures to their comparable GAAP measures, see pages 20 and 21 of this press release.

(p)Includes commercial small business leases.

(q)Represents amortized cost basis for loans, leases and held-to-maturity securities.

(r)Includes provision for credit losses, loan workout expenses, OREO expenses and other credit costs.

WSFS Bank Center		20
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

(Dollars in thousands, except per share data)

(Unaudited)

Non-GAAP Reconciliation (o):	Three months ended
	March 31, 2020			December 31, 2019			March 31, 2019
Net interest income (GAAP)	$	116,150		$	117,569		$	83,314
Core net interest income (non-GAAP)	$	116,150		$	117,569		$	83,314
Noninterest income (GAAP)	$	40,847		$	41,770		$	41,122
Less: Securities gains	693			255			15
Less: Unrealized gains on equity investments, net	668			—			3,798
Core fee income (non-GAAP)	$	39,486		$	41,515		$	37,309
Core net revenue (non-GAAP)	$	155,636		$	159,084		$	120,623
Core net revenue (non-GAAP)(tax-equivalent)	$	155,905		$	159,365		$	120,940
Noninterest expense (GAAP)	$	88,496		$	98,126		$	97,592
Plus: Recovery of fraud loss	—			(463)			—
Less: Corporate development expense	1,341			4,607			26,627
Less: Restructuring expense	—			1,530			4,362
Less: Contribution to WSFS Community Foundation	3,000			—			—
Core noninterest expense (non-GAAP)	$	84,155		$	92,452		$	66,603
Core efficiency ratio (c)	54.0		%	58.0		%	55.1		%
	Three months ended
Calculation of core operating leverage:	March 31, 2020			December 31, 2019			March 31, 2019
Core net revenue growth (year-over-year)	29		%	58		%	34		%
Core noninterest expense growth (year-over-year)	26		%	56		%	21		%
Core operating leverage (non-GAAP)	3		%	2		%	13		%
	End of period
	March 31, 2020			December 31, 2019			March 31, 2019
Total assets	$	12,278,890		$	12,256,302		$	12,184,417
Less: Goodwill and other intangible assets	565,763			568,745			580,263
Total tangible assets	$	11,713,127		$	11,687,557		$	11,604,154
Total stockholders’ equity of WSFS	$	1,834,594		$	1,850,306		$	1,789,752
Less: Goodwill and other intangible assets	565,763			568,745			580,263
Total tangible common equity (non-GAAP)	$	1,268,831		$	1,281,561		$	1,209,489
Calculation of tangible common book value per share:
Book value per share (GAAP)	$	36.23		$	35.88		$	33.69
Tangible common book value per share (non-GAAP)	25.06			24.85			22.77
Calculation of tangible common equity to tangible assets:
Equity to asset ratio (GAAP)	14.94		%	15.10		%	14.69		%
Tangible common equity to tangible assets ratio (non-GAAP)	10.83			10.97			10.42
WSFS Bank Center		21
---	---	---
	500 Delaware Avenue,
	Wilmington, Delaware 19801			Non-GAAP Reconciliation - continued (o):	Three months ended
---	---	---	---	---	---	---	---	---	---
	March 31, 2020			December 31, 2019			March 31, 2019
GAAP net income attributable to WSFS	$	10,927		$	45,704		$	13,023
Plus/(less): Pre-tax adjustments: Securities gains, unrealized gains on equity investments, corporate development and restructuring expense, recovery of fraud loss, and contribution to WSFS Community Foundation	2,980			5,419			27,176
(Plus)/less: Tax impact of pre-tax adjustments	(2,020)			(1,023)			(4,552)
Adjusted net income (non-GAAP) attributable to WSFS	$	11,887		$	50,100		$	35,647
Net income (GAAP)	$	10,567		$	45,424		$	12,930
Plus: Income tax provision	1,288			14,199			6,260
Plus: Provision for credit losses	56,646			1,590			7,654
Pre-provision net revenue (PPNR) (Non-GAAP)	68,501			61,213			26,844
Plus/(less): Pre-tax adjustments: Securities gains, unrealized gains on equity investments, corporate development and restructuring expense, recovery of fraud loss, and contribution to WSFS Community Foundation	2,980			5,419			27,176
Core PPNR (Non-GAAP)	$	71,481		$	66,632		$	54,020
GAAP return on average assets (ROA)	0.36		%	1.48		%	0.58		%
Plus/(less): Pre-tax adjustments: Securities gains, unrealized gains on equity investments, corporate development and restructuring expense, recovery of fraud loss, and contribution to WSFS Community Foundation	0.10			0.18			1.21
(Plus) less: Tax impact of pre-tax adjustments	(0.07)			(0.03)			(0.20)
Core ROA (non-GAAP)	0.39		%	1.63		%	1.59		%
EPS (GAAP)	$	0.21		$	0.88		$	0.33
Plus/(less): Pre-tax adjustments: Securities gains, unrealized gains on equity investments, corporate development and restructuring expense, recovery of fraud loss, and contribution to WSFS Community Foundation	0.06			0.10			0.70
(Plus) less: Tax impact of pre-tax adjustments	(0.04)			(0.02)			(0.12)
Core EPS (non-GAAP)	$	0.23		$	0.96		$	0.91
Calculation of return on average tangible common equity:
GAAP net income attributable to WSFS	$	10,927		$	45,704		$	13,023
Plus: Tax effected amortization of intangible assets	2,103			2,121			1,034
Net tangible income (non-GAAP)	$	13,030		$	47,825		$	14,057
Average stockholders’ equity of WSFS	$	1,835,501		$	1,856,311		$	1,162,591
Less: average goodwill and intangible assets	567,695			570,685			321,102
Net average tangible common equity	$	1,267,806		$	1,285,626		$	841,489
Return on average tangible common equity (non-GAAP)	4.13		%	14.76		%	6.77		%
Calculation of core return on average tangible common equity:
Adjusted net income (non-GAAP) attributable to WSFS	$	11,887		$	50,100		$	35,647
Plus: Tax effected amortization of intangible assets	2,103			2,121			1,034
Core net tangible income (non-GAAP)	$	13,990		$	52,221		$	36,681
Net average tangible common equity	$	1,267,806		$	1,285,626		$	841,489
Core return on average tangible common equity (non-GAAP)	4.44		%	16.12		%	17.68		%

a1q2020earningssupplemen

WSFS Financial Corporation EXHIBIT 99.2 1Q 2020 Earnings Release Supplement April 27, 2020

Forward Looking Statements and Non-GAAP Financial Measures 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 uncertain effects of the COVID-19 pandemic 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 the Company's Form 10-K for the year ended December 31, 2019 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 adjusted net income, core net revenue, core noninterest income, core noninterest expense, core pre-provision net revenue ("PPNR"), core PPNR to average assets ratio and related measures. 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 reconciliations of these non-GAAP measures to their comparable GAAP measures, see Appendix 2 and our Earnings Release filed as Exhibit 99.1 to our April 27, 2020 8-K filing. 2

Table of Contents COVID-19 Preparedness and Response Page 4 Customer Support and Relief Programs Page 5 Channel Strategy and Digital Adoption Page 6 1Q 2020 Financial Highlights Page 7 1Q 2020 CECL Overview Page 8 Capital Position and Stress Scenarios Page 9 Financial Strength and Performance Page 10 NIM and Pre-Provision Net Revenue (PPNR) Trends Page 11 Appendix 1: Loan Portfolio Page 12 Appendix 2: 1Q 2020 Reported Results and Reconciliation of Non-GAAP Financial Information Page 18 3

COVID-19 Preparedness and Response Management Response Associate and Community Initiatives Business and Consumer Support Implemented our well-tested • Retail office Associate schedules • Drive-thru service only at retail offices Business Continuity Plan, including: adjusted to balance work and family beginning March 17th (4 days on / 4 days off) • Over 1,000 Associates began working • Phased approach to retail office closures th from home on March 16 • Enhanced Associate benefit programs with 85% accessible through March and currently nearly two-thirds of Retail • Daily Task Force meetings and updates including: offices serving Customers to all Associates • Additional paid personal time off; • Loan closings, safe deposit box access, • Weekly update meetings with the Board • Increased compensation during and urgent notary services available by and Executive Management response period; • Financial relief initiatives; and appointment with appropriate • Frequent dialogue with Federal, State • Expanded COVID-19 health preventive measures and Local agencies benefits • National businesses Wealth • Enhanced monitoring against • $3 million contribution to the WSFS Management, Cash Connect®, and cybersecurity threats Community Foundation bolstering NewLane Finance are fully operational support for COVID-19 and other critical with Associates working from home community initiatives Our Associates health, well-being and safety is our top priority, and by extension, we are caring for our Customers and our Communities 4

Customer Support and Relief Programs • $1.6 billion of Customer loans receiving deferred payments (over 99% 90 days or Payment Deferral Loan Modifications as of April 17th less) resulting in ~$11 million of monthly cashflow support to our Customers as of # of % of th ($ in '000's) Loans $ Portfolio April 17 C&I 795 $ 580,709 28% CRE 375 531,308 24% • SBA Paycheck Protection Program (“PPP”): +2,400 loans and over $770 million Owner Occupied 432 328,586 25% processed through April 17th; expected to generate approximately $20 million of Construction 31 75,662 12% Total Commercial (ex Leases) 1,633 $ 1,516,264 24% pretax fees over the life of the loan through net interest margin Leases 655 $ 30,679 15% Residential Mortgage 168 37,120 4% • Customer draws of over $69 million of existing revolving lines of credit as of March Education 98 5,188 4% 31, 2020 Consumer 116 4,488 1% Credit Cards 16 199 2% • Providing SBA disaster assistance for businesses in Delaware, New Jersey and Total 2,686 $ 1,593,938 19% 1 Pennsylvania Select Commercial Industry Sectors # of % of • Waiving minimum balance fees or direct deposit requirements from April to June ($ in '000's) Loans $ Portfolio Real Estate Rental and Leasing (ex Retail) 373 $ 369,049 18% 2020 Retail2 237 346,539 36% Hotel2 36 291,968 65% • Waived early withdrawal penalties for all Certificate of Deposits (CDs) and Other Services (ex Public Admin) 210 100,346 26% Individual Retirement Accounts (IRAs) Food Service2 184 92,608 48% Health Care and Social Assistance 175 77,684 28% • Immediate increase in remote deposit limits to reduce the need for Customers to Manufacturing 56 58,030 20% make in-person deposits Construction 89 33,081 6% All Other 273 146,959 13% Total Commercial (ex Leases) 1,633 $ 1,516,264 24% 1 Amounts are included in total $1.6 billion of loan modifications through April 17, 2020 5 2 See Appendix for additional information related to these industry sectors

Channel Strategy and Digital Adoption Channel Volumes 1 • Since COVID-19 pandemic, WSFS supported consistent volumes of total 150% 141% 140% deposit transactions with a significant shift from physical to mobile 127% 130% 121% 120% 114% 110% 102% 104% 105% 100% 99% 96% • Increased digital and remote banking volume demonstrates versatile 100% 92% 90% 83% and adaptable channel strategy, while managing a significant increase 80% in contact center volume due to COVID-19 impact and relief programs 70% 59% 60% 50% 2019 Mthly Avg Jan 2020 Feb 2020 Mar 2020 Apr 2020 Est • Branch Net Promoter Score (NPS) has remained at strong levels of 75 Branch Transactions Mobile Deposits Contact Center Calls Handled through March and early April. Surveys conducted utilizing Medallia, a newly implemented Customer Experience management platform that MyWSFS Adoption and delivers surveys to Customers based upon retail office visits and Usage Growth2 583% provides real-time feedback 600% 500% • MyWSFS, launched in 2019, offers a secure mobile application that 382% 400% enables communication directly and in real-time with a WSFS Associate 300% to support Customer’s banking needs from any location 200% 100% • Almost 400% increase in adoption and 500% in usage from March 3/2/2020 4/2/2020 to April 2020. Adoptions Conversations 1 Chart reflects monthly volume in 2020 indexed to average monthly 2019 volume 2 Chart reflects weekly growth in myWSFS Adoption and Conversations indexed to the week of March 2, 2020 6

1Q 2020 Financial Highlights Strong fundamental operating performance as pre-provision net revenue (PPNR)1 continues strong trend since the Beneficial combination. Significant excess capital levels and liquidity capacity. 1Q 2020 • Core results include adoption of CECL; COVID-19 impact on macroeconomic drivers (1) $ in millions (expect per share amounts) Core used in our CECL modeling resulted in increased provision of $56.6 million, EPS $0.23 reducing core EPS by $0.84 and core ROA by 1.43% for 1Q 2020 PPNR (1) $71.5 • Loans increased $80.3 million from 4Q 2019. Excluding purposeful run-off portfolios, loans increased $176.5 million, or 10% annualized, during the quarter ROA 0.39% • Customer funding increased $85.3 million from 4Q 2019. Core deposits increased ROTCE(1) 4.44% $169.7 million, or 9% annualized, during the quarter NIM 4.38% • Core net revenue (1) of $155.6 million increased $35.0 million, or 29%, from 1Q Fee Income/Total Revenue(2) 25.3% 2019(4) Efficiency Ratio 54.0% • Core noninterest expense (1) increased $17.6 million, or 26%, from 1Q 2019, (3) ACL Coverage Ratio 1.60% creating 3 percentage points of positive core operating leverage and resulting in a core efficiency ratio of 54.0% compared to 55.1% for 1Q 2019 Loan to Deposit Ratio 90% • Core pre-provision net revenue (PPNR) (1) increased $4.8 million, or 7%, from 4Q Tier 1 Risk-Based Capital 13.41% 2019 and $17.5 million, or 32% from 1Q 2019 (1) This is non-GAAP financial information and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix 2 and our Earnings Release filed at Exhibit 99.1 to our April 27, 2020 8-K filing for a summary of our 1Q 2020 reported results and a reconciliation of non-GAAP financial information (2) Tax-equivalent 7 (3) Core operating leverage is a non-GAAP financial measure calculated as the difference between core net revenue growth and core noninterest expense growth (4) 1Q 2019 includes one month combined with Beneficial

1Q 2020 CECL Overview Consensus Economic Outlook expects 2Q’20 1Q’20 ACL Drivers GDP Growth of -15% and Unemployment of ~9% (in millions) ACL by Segment January 1, 2020 March 31, 2020 • ($ thousands) CECL Adoption CECL Day 1 CECL adoption was approximately $36 million, driven by: % of % of o Estimated life of loan losses Portfolio Loan Segment Amount Amount Segment Segment o Mix of organic and acquired loans C&I $ 40,327 1.99% $ 62,328 2.96% o Economic forecast as of Jan 1, 2020 Construction 4,572 0.78% 5,198 0.82% • 1Q-20 ACL impacted by COVID–19’s effect on economic drivers CRE Investor 9,114 0.41% 26,600 1.19% Owner Occupied 3,144 0.24% 9,541 0.72% • Including estimated remaining credit mark on acquired loan Leases 1,989 0.77% 3,442 1.34% portfolio, coverage ratio is 2.19% Mortgage 8,903 0.90% 11,593 1.22% HELOC & HEIL 9,387 1.27% 12,552 1.69% • Strong capital levels allow for 1/1/2020 adoption of CECL; Installment - Other 3,824 3.82% 4,445 5.17% 2020-2022 capital phasing Other 1,899 0.33% 3,382 0.81% Total $ 83,159 0.96% $ 139,081 1.60% 8

Capital Position and Stress Scenarios Well Positioned in Current Environment and Compared to beginning of Great Recession1 Common Equity Tier-1 Capital 2-Year Stress Scenario • WSFS Bank’s Common Equity Tier-1 Capital Ratio was a strong 13.52% at 14.00% end of 2019 compared to 10.97% at the beginning of Great Recession 14.01% 13.52% • Capital stress testing, completed annually, indicates the Bank is well 12.00% positioned to absorb losses experienced during the Great Recession. 10.97% 11.20% Severely adverse scenario assumes nearly 2 times the loss rates of the 10.00% Great Recession 8.00% • Severely adverse scenario assumes incremental $592 million of provision for credit losses over 2 years. WSFS could also absorb an additional $414 million of losses during that period and remain well-capitalized 6.00% 3Q 2008 4Q 2019 4Q 2021 (Severely Adverse) Well – Capitalized (6.50%) Strong capital position supported our quarterly stockholder cash dividend of $0.12 per share of common stock to be paid in May 2020; share repurchases temporarily suspended and planned to be revaluated at a later time 1 Analysis assumes financial data as of September 30, 2008 as beginning of Great Recession 9

Financial Strength and Performance Significantly Stronger Financial Performance Compared to Beginning of Great Recession1 Core ROA2 Core PPNR2 1.60% $300,000 2.50% 1.61% 2.31% 1.20% 264,789 $200,000 2.00% 0.80% 0.85% $100,000 1.50% 0.40% 1.53% 48,780 0.00% $0 1.00% TTM 3Q'08 TTM 4Q'19 3Q 2008 TTM 4Q 2019 TTM Core PPNR PPNR/Average Assets • Core ROA nearly 2 times greater and Core PPNR over 5 times greater than compared to period entering the Great Recession • Increased geographic footprint and well-diversified revenue sources, including over 20 fee income sources, provides increased sustainability and strength • 4Q’19 trailing twelve months (TTM) Loan to Customer Deposit ratio of 92% compared to 147% entering the Great Recession • Strong liquidity level with significant access to multiple market rate funding sources including over $4 billion of available wholesale borrowing capacity; utilizing only 9% of borrowing capacity at March 31, 2020 1 Analysis assumes financial data as of September 30, 2008 as beginning of Great Recession 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 2 10 for a reconciliation to GAAP financial information

NIM and Pre-Provision Net Revenue (PPNR) Trends Net Interest Margin (NIM)1 CORE PPNR1,2 4.75% 4.37% 4.38% 3.85%–3.95%1 $140,000 3.00% 4.50% $120,000 2.16% 2.36% 0.13% 0.23% 2.41% 2.27% 2.50% 4.25% 0 1.65-1.70%1 0-0.10%% $100,000 4.00% 0.35% 2.00% 0.31% $72,986 $80,000 $71,151 $66,632 $71,481 3.75% 0.30% $50-$55 mm1 1.50% 3.50% $60,000 1.00% 3.89% $40,000 3.25% 3.84% 3.55% 0.50% 3.00% $20,000 2.75% $0 0.00% 2.50% 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 2H 2019 1Q 2020 2Q 2020 Outlook Estimate NIM Ex Accretion Modeled BNCL Accretion Incremental BNCL Accretion Core PPNR PPNR/Avg Assets (annualized) • • 1Q 2020 NIM includes 23bps of incremental purchased loan accretion Core PPNR as a percentage of average assets expected to decline in 2Q with 14bps from one large commercial loan payoff that refinanced a 2020 due primarily to decline in NIM resulting from 150 bps decrease in significant portion with WSFS the Fed Funds rate in March. In addition, lower fee Income expected due to a decline in transaction volume, lower AUM, and lower Cash • 2Q 2020 NIM outlook includes the full quarter impact of the 150 bps Connect fees (offset in costs) decrease in the Fed Fund rate in March • First round of PPP on loans originated through April 17, 2020 includes • Deposit and Loan betas are ~30% for down rate cycle. Deposits beta estimated processing fees of approximately $20 million to be earned driven by mix of indexed and managed deposit accounts and loans due over the life of the loan through net interest margin to variable loan resets and new loan originations 1 Excludes impact of CARES Act Payment Protection Program (PPP) including the accretion of earned fees 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 2 11 for a reconciliation to GAAP financial information

Appendix: Loan Portfolio

Balance Sheet Composition at March 31, 2020 Loan to Deposit Ratio - 90% Asset Composition Funding Composition Assets: $12.3 Billion; Net Loans: $8.5 Billion Total Funding: $12.3 Billion; Customer Deposits: $9.4 Billion Time CRE, 26% 13% Non-interest Net Loans 69% Consumer, DDA 25% Customer Deposits 77% 13% C&I, 40% Money Market & Residential Savings 40% Interest DDA Mortgage, 12% 22% Other Non- Construction, 7% Earning Assets 9% Commercial Leasing, 2% Other • Commercial loans comprise • Core deposits represent Liabilities 3% Cash Other Investments 19% 73% of the loan portfolio 87% of total customer Equity 15% Connect Borrowings deposits 3% • 85% of consumer loans are 5% secured • Non-interest and very low • Investments composed of high quality, interest DDA (WAC 46 bps) marketable investment grade securities • Low credit card exposure: represent 47% of customer with low credit risk with more than 90% in $10.5 million at March 31, 2020 funding MBS issued by GNMA, FNMA or FHLMC 13

Commercial Loan Portfolio at March 31, 2020 C&I and Owner Occupied - $3.4 billion CRE Investor and Construction - $2.8 billion Real Estate Rental Special Use & Mixed Use, Flex, Warehouse, Well Diversified and Granular and Leasing, 10% Other, 4% 1% Self-Storage, Other, 20% General Industrial, • No single industry, CRE, project, or Residential 9% individual borrower concentrations Accommodation Multi-Family, Wholesale and Food Services, 26% • House Limit: $70 million at Trade, 5% 17% Office, 20% 3/31/2020 • 3 relationships >$50 million Professional, 1 Scientific and • CRE - 208% Other Services Technical • 2 Services, 6% (except Public CLD - 57% Administration), 11% Health Care Residential 1- • In compliance with all 20 Board and Social 4, 11% approved concentration limits at Assistance, Retail Trade, Construction, Retail, 30% 7% 8% March 31, 2020 8% Manufacturing, 9% No or Low Exposure Industries3: • No direct exposure to Energy, Casinos & Gambling, and Cruise Lines • Less than $15 million combined exposure to Movie Theaters, Amusement, and Aviation 1 Defined as the sum of CRE and Construction (excluding owner occupied) exposures divided by the sum of Tier-1 Capital and ACL. 2 Defined as Construction and land development (excluding owner occupied) exposure divided by the sum of Tier-1 Capital and ACL 14 3 As defined by the North American Industry Classification System (NAICS)

Retail and Food Service Portfolios at March 31, 2020 Retail Food Service1 Loan Type # of Outstanding Average Loan Type # of Outstanding Average ($ in millions) Loans Balances Outstanding ($ in millions) Loans Balances Outstanding CRE/Construction 605 $744.2 $1.2 C&I 364 $108.9 $0.3 C&I 583 $127.1 $0.2 Owner-Occupied 140 $70.0 $0.5 Owner Occupied 271 $146.8 $0.5 CRE/Construction 22 $15.2 $0.7 Total 1,459 $1,018.1 $0.7 Total 526 $194.1 $0.4 • Average loan size of $700,000 • Average loan size of $400,000 • 11 CRE borrowers individually over $10 million, or ~16% of retail CRE, with • $78.6 million, or ~40%, of the exposure is comprised of loans of less than largest loan of $33 million $100K o ~70% anchored by grocery stores • Only 2 borrowers over $10 million; largest is $17 million • No exposure to indoor shopping malls; limited exposure to power centers • 6 of the 7 largest borrower exposures are associated with multi-site • No Owner Occupied or C&I loans over $10 million; largest is $9 million operations o 7 of the 10 largest loans are a mix of grocery stores, other food stores, pharmaceutical providers and furniture stores 1 Reflects 11 unique NAICS codes covering Restaurants, Bars, Caterers, Mobile Food Services, and Food Service Contractors 15

Hotel Portfolio at March 31, 2020 Hotels1 • Conservative credit underwriting with maximum loan-to-value of 75% and debt service coverage ratio of 1.30 times at original loan Loan Type # of Outstanding Average underwriting ($ in millions) Loans Balances Outstanding CRE 72 $386.0 $5.4 • 4 loans over $20 million; largest loan of $45.5 million of exposure covering 3 separate properties Construction 10 $62.9 $6.3 o Other Brand category includes one $24 million relationship Total 82 $449.0 $5.5 with 40+ properties • Over 50% of exposure is in Pennsylvania and primarily in large EXPOSURE BY BRAND metro markets Other 8% Marriott, • Business focused hotels represent over two-thirds of exposure 25% with leisure/resort style less than one-third Independent 23% • Over two-thirds of hotel exposure to large brands (Hilton, Marriott, and InterContinental) Hilton, 33% • Independently operated hotels includes largest relationship InterContinetal mentioned above 11% 1 NAICS Code 721110 – Hotels (except Casino Hotels) and Motels 16

1Q 2020 Loan and Deposit Growth Loans - 1Q'20 vs 4Q'19 and 1Q'19 Mar Dec Mar 1Q'20 $ Annualized YOY $ YOY % • We are ahead of schedule after the first year of ($ in millions) 2020 2019 2019 Growth % Growth Growth Growth executing our strategy to optimize our loan mix towards C & I Loans $3,412 $ 3,341 $ 3,389 $ 71 8% 24 1% Commercial Mortgages 2,223 2,212 2,346 11 2% (122) -5% relationship-based, higher yielding C&I loans Construction Loans 626 579 574 48 33% 52 9% Commercial Leases 202 190 144 12 26% 58 40% Total Commercial Loans 6,463 6,322 6,453 141 9% 11 0% • Loan growth impacted by anticipated declines in run-off Residential Mortgage (HFS/HFI/Rev Mgt) 1,055 1,100 1,147 (45) -16% (92) -8% Consumer Loans 1,118 1,134 1,136 (15) -4% (18) -2% portfolios; loans grew 10% during 1Q 2020 on an Total Gross Loans 8,636 8,556 8,736 80 4% (100) -1% annualized basis excluding run-off Run-Off Portfolios Residential Mortgage (HFI) 956 1,001 1,100 (45) -18% (144) -13% Student Loans Acquired from BNCL 123 128 135 (5) -11% (12) -8% • Deposit growth impacted by sale of five legacy Beneficial Auto Loans Acquired From BNCL 40 49 80 (9) -74% (40) -51% Participation portfolios (CRE) from BNCL 210 233 286 (23) -39% (76) -28% branches ($178 million of deposits) to Bank of Princeton Leveraged Loans (C&I) from BNCL 12 26 83 (14) nm (71) -86% Total Run-Off Portfolios 1,340 1,437 1,683 (96) -27% (343) -20% in 2Q 2019. Excluding this sale, core deposits increased Gross Loans ex Run-Off Portfolios 7,296 7,119 7,053 177 10% 243 3% 5% YOY as we have exceeded our original Beneficial Deposits - 1Q'20 vs 4Q'19 and 1Q'19 attrition expectations Mar Dec Mar 1Q'20 $ Annualized YOY $ YOY % ($ in millions) 2020 2019 2019 Growth % Growth Growth Growth Noninterest Demand $2,315 $ 2,189 $ 2,191 $ 126 23% 124 6% Interest Demand Deposits 2,093 2,130 2,069 (36) -7% 24 1% Savings 1,595 1,563 1,721 32 8% (127) -7% Money Market 2,149 2,100 1,900 49 9% 249 13% Total Core Deposits 8,152 7,982 7,882 170 9% 270 3% Customer Time Deposits 1,272 1,357 1,476 (84) -25% (204) -14% Total Customer Deposits1 9,424 9,339 9,358 85 4% 66 1% 1 Customer Deposits as of March 31, 2020 reflect the sale of 5 branches ($178 million of deposits) to Bank of Princeton in 2Q 2019 17

Appendix 2: 1Q 2020 Reported Financial Results and Reconciliation of Non-GAAP Financial Information

1Q 2020 Reported Financial Results 1Q 2020 • GAAP results for 1Q 2020 were significantly impacted by the economic effects of the COVID-19 pandemic and our adoption of $ in millions (expect per share amounts) the Current Expected Credit Loss method of accounting (CECL), Net Revenue $157.0 primarily reflected in additional provision for credit losses of Non-Interest Expense $88.5 $56.6 million for the quarter Net Income attributable to WSFS $10.9 • 1Q 2020 GAAP Results include: Pre-Provision Net Revenue (PPNR) (1) $68.5 • $3.0 million (pre-tax) contribution, or $0.04 per share, to EPS $0.21 the WSFS Community Foundation ROA 0.36% • $1.3 million (pre-tax), or $0.02 per share (after-tax) of net ROTCE(1) 4.13% corporate development and restructuring costs related to our acquisition of Beneficial NIM 4.38% • $2.9 million (pre-tax), or $0.04 per share (after-tax), from (2) Fee Income/Total Revenue 26.0% unrealized gains in Visa Class B shares and a $2.2 million Efficiency Ratio 56.3% (pre-tax), or $0.03 per share (after-tax) charge due to an ACL Coverage Ratio 1.60% impairment charge on our investment in Spring EQ Loan to Deposit Ratio 90% • GAAP results reflect our acquisition of Beneficial Bancorp, Inc. Tier 1 Risk-Based Capital 13.41% (Beneficial) on March 1, 2019 (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 2 for a reconciliation to GAAP financial information (2) Tax-equivalent 19

Reconciliation of Non-GAAP Financial Information Reconcilation of Non-GAAP Financial Information: PPNR and Core PPNR $ in 000's 4Q'07 1Q'08 2Q'08 3Q'08 TTM 3Q'08 Net Income $ 7,496 $ 7,246 $ 6,700 $ 5,510 $ 26,952 Plus: Income Tax Provision 1,533 2,902 3,735 2,957 11,127 Plus: Provision for Credit Losses 2,376 2,390 2,433 3,502 10,701 Pre-Provision Net Revenue $ 11,405 $ 12,538 $ 12,868 $ 11,969 $ 48,780 Core Pre-Provision Net Revenue $ 11,405 $ 12,538 $ 12,868 $ 11,969 $ 48,780 Average Assets $ 3,142,738 $ 3,179,528 $ 3,165,461 $ 3,214,159 $ 3,175,472 PPNR/Avg Assets (annualized) 1.44% 1.60% 1.61% 1.48% 1.53% (1) WSFS did not present non-GAAP financial information in the above presented periods. $ in 000's 1Q'19 2Q'19 3Q'19 4Q'19 TTM 4Q'19 1Q'20 Net Income $ 12,930 $ 35,969 $ 53,595 $ 45,424 $ 147,918 $ 10,567 Plus: Income Tax Provision 6,260 10,091 15,902 14,199 46,452 1,288 Plus: Provision for Credit Losses 7,654 12,195 4,121 1,590 25,560 56,646 Plus/Less: Core Adjustments (1) 27,176 14,731 (2,467) 5,419 44,859 2,980 Core Pre-Provision Net Revenue $ 54,020 $ 72,986 $ 71,151 $ 66,632 $ 264,789 $ 71,481 Average Assets $ 9,099,176 $ 12,122,966 $ 12,418,420 $ 12,226,162 $ 11,466,681 $ 12,159,524 PPNR/Avg Assets (annualized) 2.41% 2.41% 2.27% 2.16% 2.31% 2.36% (1) For detail on our core adjustments for 1Q'20, 4Q'19 and 1Q'19, refer to our Earnings Release filed at Exhibit 99.1 to our April 27,2020 8-K filing. For detail on our core adjustments for 2Q'19 and 3Q'19, refer to our Earnings Release filed at Exhibit 99.1 to our October 22,2019 8-K filing. Reconcilation of Non-GAAP Financial Information: ROA and Core ROA $ in 000's 4Q'07 1Q'08 2Q'08 3Q'08 TTM 3Q'08 TTM 4Q'19 Net Income Attributable to WSFS $ 7,496 $ 7,246 $ 6,700 $ 5,510 $ 26,952 $ 148,809 Plus/Less: Core Adjustments (after-tax) (1) - - - - - 36,295 Adjusted Net Income attributable to WSFS $ 7,496 $ 7,246 $ 6,700 $ 5,510 $ 26,952 $ 185,104 Average Assets $ 3,142,738 $ 3,179,528 $ 3,165,461 $ 3,214,159 $ 3,175,472 $ 11,477,856 ROA 0.95% 0.92% 0.84% 0.68% 0.85% 1.30% Core ROA 0.95% 0.92% 0.84% 0.68% 0.85% 1.61% (1) WSFS did not present non-GAAP financial information in 2007 or 2008. For detail on our core adjustments for 2019, refer to our Earnings Release filed at Exhibit 99.1 to our January 22, 2020 8-K filing. 20

WSFS Mission, Vision, Strategy and Values 21

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 stockholderrelations@wsfsbank.com www.wsfsbank.com Rodger Levenson Dominic C. Canuso Chairman, President and CEO Chief Financial Officer 302-571-7296 302-571-6833 rlevenson@wsfsbank.com dcanuso@wsfsbank.com 22