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

FOR IMMEDIATE RELEASE	Contact: Stephen A. Fowle
July 24, 2008	(302) 571-6833

WSFS REPORTS EPS OF $1.07 FOR THE 2^ND QUARTER 2008

NET INTEREST MARGIN INCREASED TO 3.20%, A 20 BASIS POINT INCREASE OVER 1^ST QUARTER 2008

COMPANY ANNOUNCES $0.12 DIVIDEND, A 20% INCREASE FROM 2^ND QUARTER 2007

WSFS Financial Corporation (NASDAQ/GS: WSFS), the parent company of Wilmington Savings Fund Society, FSB, reported quarterly diluted earnings per share of $1.07, or net income of $6.7 million, compared to $1.11, or $7.2 million in the second quarter of 2007. Net income for the first six months of 2008 was $13.9 million, or $2.22 per diluted share, compared to $15.0 million, or $2.26 in 2007.

During the quarter, earnings continued at a solid pace, allowing the Company to pursue franchise growth opportunities while growing its capital and maintaining an appropriate allowance for loan losses.

Highlights include:

• Pre-tax income increased $287,000 or 3% from the first quarter of 2008, despite nearly $2.0 million in additional earnings related to Visa’s initial public offering (IPO) in the first quarter of 2008.

• The net interest margin and net interest income improved significantly to 3.20% or $22.4 million from 3.00% or $21.0 million in the first quarter of 2008.

• During the quarter the Company announced a 20% increase to the dividend from the second quarter of 2007.

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

• WSFS’ capital continued its increasing trends and grew by $15.7 million from the second quarter of 2007 remaining substantially above “well-capitalized” levels by all regulatory measures.

• Commercial loan growth continued its strong pace, increasing 16%, or $216.4 million from the second quarter of 2007.

• The Company increased its loan loss reserve ratio from 1.18% to 1.22% by recording a $2.4 million provision for loan losses in the second quarter, stable with levels of the past two quarters, in excess of net charge-offs of $1.1 million.

• Net charge-offs continued at historically low levels and were less than 20 basis points (0.20%) of average loans.

Notable events:

• WSFS acquired a majority interest in 1^st Reverse Financial Services, LLC (1^st Reverse), specializing in business-to-business reverse mortgage lending through banks and financial institutions throughout the United States.

• WSFS continued its franchise growth, recently opening branches in Selbyville and Smyrna, Delaware.

CEO outlook and commentary:

Mark A. Turner, WSFS’ President and CEO said, “The weak credit environment continues to have an impact on our earnings and that of the industry in general. However, we recognize this market disruption as an opportunity for well capitalized companies with solid earnings to take advantage of growth opportunities. We have done just that.

“In prior quarters, I have discussed a number of decisions we have made in growing our business that have positioned us for the current economic environment. We continue to manage under and benefit from those decisions including maintaining a diversified commercial portfolio

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

with limits on high risk lending activities. As an example, residential development loans now represent less than 7% of our loan portfolio. Additionally, our underwriting standards have resulted in residential and consumer delinquencies that are lower than half the national average, and in some cases much lower. Our securities portfolio continues to perform well and is comprised predominantly of ‘plain vanilla’ AAA-rated, short duration securities. There are no sub-prime mortgages as collateral in our mortgage-backed portfolio and the collateral underlying these securities is performing well. We have no trust preferred pooled securities in our investment portfolio and our bank owned life insurance (BOLI) investment has not suffered from asset quality or insurance-wrap issues that have affected other banks.

“Earnings remain strong despite the current economic environment. We have grown our margin 20 basis points this quarter through active management of our balance sheet and disciplined product pricing. This growth has helped to increase pre-tax earnings from first quarter levels which is particularly gratifying since the first quarter included $2.0 million in Visa-related earnings. This has allowed us to continue to build our capital levels.

“As a result, we are in a strong position to take advantage of opportunities to grow our franchise. We recently opened new branch offices in Selbyville and Smyrna, continuing our string of branch office openings. In early May we announced the acquisition of a majority ownership in 1^st Reverse Financial Services, LLC (1^st Reverse). As with many new initiatives, we expect modest start-up losses, and 1^st Reverse experienced a $0.02 per share loss this quarter, but believe the revenue and profit opportunities of providing this product line are great. We also

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

are using this economic environment as an opportunity to optimize our banking operations and customer service and retention platform.”

Second Quarter 2008 Discussion of Financial Results

Net interest income improves

Net interest income and net interest margin for the second quarter of 2008 were $22.4 million and 3.20%, respectively, a significant increase of $1.4 million or 20 basis points (0.20%) from the first quarter of 2008. These increases were the result of a liability sensitive balance sheet combined with active management of deposit pricing during the recent round of Federal Reserve rate reductions.

Net interest income for the second quarter of 2008 improved by $2.2 million in comparison to the second quarter of 2007. The interest margin increased 10 basis points (0.10%) from 3.10% reported in the second quarter of 2007.

Total commercial loans increased 16% or $216.4 million from June 2007

Commercial and commercial real estate (CRE) loans increased a strong $216.4 million, or 16% over June 30, 2007. More than half of this growth was due to commercial and industrial (C&I) loans. Construction and land development (CLD) loans decreased $12.0 million from June 30, 2007. Total net loans were $2.3 billion at June 30, 2008, an increase of $205.5 million, or 10%, over June 30, 2007.

Commercial and CRE loans increased $46.3 million, or 3% (12% annualized) over March 31, 2008 levels. This included a $36.3 million, or 5% (18% annualized) increase in C&I loans. CLD loans decreased $13.0 million during the quarter. Total net loans increased $47.1 million, or 2% (8% annualized) over March 31, 2008.

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

The following table summarizes the current loan balances and composition compared to prior periods.

	At					At					At
(Dollars in thousands)	Jun. 30, 2008					Mar. 31, 2008					Jun. 30, 2007
Commercial and CRE	$	1,602,103		70	%	$	1,555,799		69	%	$	1,385,662		66	%
Residential mortgage		436,216		19			439,328		20			457,881		22
Consumer		280,887		12			275,636		12			270,297		13
Allowance for loan losses		(28,198	)	(1	)		(26,868	)	(1	)		(28,359	)	(1	)
Net Loans	$	2,291,008		100	%	$	2,243,895		100	%	$	2,085,481		100	%

Asset quality

The Company recorded a provision for loan losses of $2.4 million, in the second quarter of 2008, due to continued loan growth and the effect of current economic conditions on the loan portfolio, compared to $1.3 million in the second quarter of 2007 and $2.4 million in the first quarter of 2008. The ratio of allowance for loan losses to total loans increased to 1.22% at June 30, 2008, compared to 1.18% at March 31, 2008. This ratio stood at 1.34% at June 30, 2007.

Nonperforming assets as a percentage of total assets was 0.95% at June 30, 2008 compared to 0.62% at March 31, 2008 and 0.14% at June 30, 2007. The increase from March 31, 2008 is due primarily to a $9.7 million residential development loan. The bank has established a specific reserve for this loan, equal to the difference between its carrying value and estimated net realizable value, the majority of which is included in this quarter’s provision for loan losses.

Annualized net charge-offs in the second quarter of 2008 continued at historically low levels and were 0.19% of average loans. This compares to 0.14% for the first quarter of 2008 and 0.10% for the second quarter of 2007.

Customer deposits

Total customer deposits (core deposits and customer time deposits) were $1.5 billion at June 30, 2008, an increase of $24.0 million, or 2%, over balances at June 30, 2007. The growth rate in deposits is slower than historical levels and reflects increased competition including

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

competition from a small number of liquidity-focused competitors, as well as additional focus on deposit pricing. This focus on deposit pricing during the recent rounds of Federal Reserve rate reductions contributed to the Company’s margin improvement.

Customer deposits increased $9.7 million, or 1% (3% annualized) over levels reported for March 31, 2008. Average customer deposits increased $38.5 million, or 3% (11% annualized) over the first quarter of 2008.

The following table summarizes the current customer deposit balances and composition compared to prior periods.

	At				At				At
(Dollars in thousands)	Jun. 30, 2008				Mar. 31, 2008				Jun. 30, 2007
Noninterest demand	$	302,969	20	%	$	291,595	20	%	$	295,729	20	%
Interest-bearing demand		169,741	12			172,937	12			162,487	11
Savings		195,817	13			196,930	13			216,104	15
Money market		293,703	20			316,067	21			308,639	21
Total core deposits		962,230	65			977,529	66			982,959	67
Customer time		526,426	35			501,459	34			481,742	33
Total customer deposits	$	1,488,656	100	%	$	1,478,988	100	%	$	1,464,701	100	%

Noninterest income

During the second quarter of 2008, the Company recorded noninterest income of $11.7 million, a slight increase over the second quarter of 2007. This included increases of $320,000 in deposit service charges and $196,000 in loan fee income, primarily due to overall growth in deposits and loans. The increase also included $227,000 in fees from 1^st Reverse, which was included in WSFS’ results for two months of the quarter. Offsetting these increases was a $760,000 decrease in credit/debit card and ATM income mainly from Cash Connect, WSFS’ ATM division. This decrease was mostly due to reduced market rates on ATM bailment fees. Excluding the revenues from Cash Connect, noninterest income increased $815,000, or 12%, from the second quarter of 2007. While noninterest income comparisons were negatively impacted by lower bailment fees, the net interest margin benefited due to lower funding costs.

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

Noninterest income was $835,000 less than the first quarter of 2008. This first quarter of 2008 included a $1.4 million gain on the sale of shares related to the completion of Visa’s initial public offering (IPO) partially offset by a $303,000 charge related to a mark-to-market of trading securities. Excluding these items, noninterest income increased by $232,000, or 2% (8% annualized). This increase included $376,000 in deposit service charges and $134,000 in loan fee income. The increase also included $227,000 in fees from 1^st Reverse. Partially offsetting these increases was a $217,000 decrease in credit/debit card and ATM income due to reduced market rates on ATM bailment fees.

Noninterest expense increases reflect continued investment in WSFS franchise

Noninterest expenses for the second quarter of 2008 totaled $21.2 million, which was $2.1 million, or 11% greater than the second quarter of 2007. This increase included $469,000 of expenses related to 1^st Reverse which was included in WSFS’ results for two months of the quarter. Additionally, salaries and benefits increased $688,000, other operating expenses increased $376,000 and marketing expense increased $280,000. Expenses are actively managed and these increases are in accordance with the Company’s growth plans.

Noninterest expenses increased $233,000, or 1% from the first quarter of 2008. As previously mentioned, this increase included $469,000 of expenses related to 1^st Reverse. The first quarter of 2008 included a reversal of a $562,000 contingency reserve corresponding with the completion of Visa’s IPO. Excluding these items, noninterest expense decreased $798,000, or 4%, compared to the first quarter of 2008. This decrease included a $548,000 decrease in salaries and benefits and a $438,000 decrease in other operating expenses. The decrease in salaries and benefits related to decreased payroll taxes and decreased 401(k) expenses while the decrease in other operating expenses was the result of a number of reduced items.

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

Income taxes

Pre-tax income increased $287,000 or 3% from the first quarter of 2008; however net income decreased due to an increase in the effective tax rate in the second quarter of 2008. The Company recorded a $3.7 million income tax provision (reflecting a 35.8% effective tax rate) in the second quarter of 2008 versus $4.2 million in the second quarter of 2007 (36.9% effective tax rate) and $2.9 million in the first quarter of 2008 (28.6% effective tax rate). The higher rate in 2007 resulted from a one-time charge to reflect changes in Maryland tax law. The lower rate in the first quarter of 2008 resulted from a $723,000 tax benefit resulting from the expiration of the statute of limitations affecting certain previously recorded reserves. Excluding this tax benefit, the Company would have recorded a $3.6 million tax provision (reflecting a 35.7% effective tax rate). Volatility on effective tax rates from quarter to quarter is expected as the result of tax accounting guidance adopted in the first quarter of 2007, and will continue into the future.

Capital management

The Company strengthened its capital by growing equity $15.7 million over June 30, 2007 levels. All capital levels are in excess of “well-capitalized” regulatory benchmarks, the regulators’ highest capital rating. The Tier 1 capital ratio was 11.03%, significantly above the 6.00% level required to be considered “well-capitalized” under regulatory definitions. The ratio of tangible equity to assets decreased slightly to 6.66% at June 30, 2008 from 6.72% at March 31, 2008, as equity increased $619,000. Tangible book value per share decreased slightly to $34.66 at June 30, 2008, from $34.73 at March 31, 2008 but increased from $31.47 at June 30, 2007. During the quarter the Company repurchased 8,500 shares of common stock at an average price of $48.93 per share. At June 30, 2008, the Company had 531,000 shares remaining under its current share repurchase authorization, or 8.7% of its 6.1 million outstanding shares.

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

WSFS’ Board of Directors declares a quarterly cash dividend of $0.12 per share

The Board of Directors also declared a quarterly cash dividend of $0.12 per share. This dividend represents a 20% increase from that of the second quarter of 2007. This dividend will be paid on August 29, 2008, to shareholders of record as of August 8, 2008.

WSFS Financial Corporation is a $3.2 billionfinancial services company. Its principal subsidiary, Wilmington Savings Fund Society, FSB, currently operates 34 retail banking and loan production offices in Delaware, as well as Southeastern Pennsylvania and Northern Virginia, providing comprehensive banking services including wealth management and personal trust services. Other subsidiaries include WSFS Investment Group, Inc., Montchanin Capital Management, Inc. and 1^st Reverse Financial Services, LLC. Founded in 1832, WSFS is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit the Bank’s website at www.wsfsbank.com.

* * *

Statements contained in this news release which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by WSFS Financial Corporation with the Securities and Exchange Commission from time to time. The Corporation does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Corporation.

#  #  #

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

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

STATEMENT OF OPERATIONS

(Dollars in thousands, except per share data)

(Unaudited)

	Three months ended									Six Months ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2008			2008			2007			2008			2007
Interest income:
Interest and fees on loans	$	34,464		$	37,682		$	39,385		$	72,146		$	77,854
Interest on mortgage-backed securities		5,715			5,988			6,001			11,703			12,238
Interest and dividends on investment securities		202			338			723			540			2,437
Other interest income		414			552			558			966			1,226
		40,795			44,560			46,667			85,355			93,755
Interest expense:
Interest on deposits		9,223			12,129			14,299			21,352			28,687
Interest on Federal Home Loan Bank advances		7,356			8,968			9,538			16,324			18,460
Interest on trust preferred borrowings		783			1,018			1,161			1,801			2,338
Interest on other borrowings		1,066			1,476			1,529			2,542			3,070
		18,428			23,591			26,527			42,019			52,555
Net interest income		22,367			20,969			20,140			43,336			41,200
Provision for loan losses		2,433			2,390			1,273			4,823			1,644
Net interest income after provision for loan losses		19,934			18,579			18,867			38,513			39,556
Noninterest income:
Credit/debit card and ATM income		4,314			4,531			5,074			8,845			9,557
Deposit service charges		4,174			3,798			3,854			7,972			7,456
Investment advisory income		591			655			598			1,246			1,192
Loan fee income		1,004			643			581			1,647			1,142
Bank owned life insurance income		456			574			542			1,030			1,099
Mortgage banking activities, net		93			105			78			198			150
Securities gains		53			1,067			—			1,120			—
Other income		986			1,133			889			2,119			1,753
		11,671			12,506			11,616			24,177			22,349
Noninterest expenses:
Salaries, benefits and other compensation		11,297			11,487			10,251			22,784			21,101
Occupancy expense		2,063			2,107			2,083			4,170			3,915
Equipment expense		1,533			1,463			1,345			2,996			2,591
Data processing and operations expense		1,082			1,038			946			2,120			1,889
Marketing expense		1,161			907			867			2,068			1,609
Professional fees		723			849			654			1,572			1,307
Other operating expenses		3,311			3,086			2,881			6,397			5,973
		21,170			20,937			19,027			42,107			38,385
Income before taxes		10,435			10,148			11,456			20,583			23,520
Income tax provision		3,735			2,902			4,227			6,637			8,510
Net income	$	6,700		$	7,246		$	7,229		$	13,946		$	15,010
Diluted earnings per share:
Net income	$	1.07		$	1.15		$	1.11		$	2.22		$	2.26
Weighted average shares outstanding for diluted EPS		6,279,051			6,310,171			6,500,209			6,294,728			6,632,566
Performance Ratios:
Return on average assets (a)		0.85	%		0.91	%		0.98	%		0.88	%		1.02	%
Return on average equity (a)		12.29			13.17			14.21			12.73			14.49
Net interest margin (a)(b)		3.20			3.00			3.10			3.10			3.17
Efficiency ratio (c)		61.69			62.03			59.40			61.86			59.88
Noninterest income as a percentage of total revenue (b)		34.01			37.05			36.26			35.52			34.86

See “Notes”

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

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

SUMMARY STATEMENT OF CONDITION:

(Dollars in thousands)

(Unaudited)

	June 30,			March 31,			June 30,
	2008			2008			2007
Assets:
Cash and due from banks	$	76,543		$	75,115		$	83,291
Cash in non-owned ATMs		167,693			175,313			176,987
Investment securities (d)(e)		32,868			32,086			28,494
Other investments		40,397			43,715			41,568
Mortgage-backed securities (d)		457,208			477,234			472,467
Net loans (f)(g)(n)		2,291,008			2,243,895			2,085,481
Bank owned life insurance		58,581			58,125			56,381
Other assets		73,745			69,851			73,450
Total assets	$	3,198,043		$	3,175,334		$	3,018,119
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits	$	302,969		$	291,595		$	295,729
Interest-bearing deposits		1,185,687			1,187,393			1,168,972
Total customer deposits		1,488,656			1,478,988			1,464,701
Other jumbo CDs		78,618			87,322			100,595
Brokered deposits		288,590			238,071			283,265
Total deposits		1,855,864			1,804,381			1,848,561
Federal Home Loan Bank advances		833,130			883,899			734,377
Other borrowings		250,542			243,659			205,085
Other liabilities		41,633			27,140			28,886
Total liabilities		2,981,169			2,959,079			2,816,909
Minority interest		—			—			34
Stockholders’ equity		216,874			216,255			201,176
Total liabilities, minority interest and stockholders’ equity	$	3,198,043		$	3,175,334		$	3,018,119
Capital Ratios:
Equity to asset ratio		6.78	%		6.81	%		6.67	%
Tangible equity to asset ratio		6.66			6.72			6.57
Core capital (h) (required: 4.00%; well-capitalized: 5.00%)		8.83			8.72			8.99
Tier 1 capital (h) (required: 4.00%; well-capitalized: 6.00%)		11.03			11.03			11.68
Risk-based capital (h) (required: 8.00%; well-capitalized: 10.00%)		12.02			12.04			12.88
Asset Quality Indicators:
Nonperforming Assets:
Nonaccruing loans	$	28,289		$	17,934		$	3,873
Troubled debt restructuring		905			818			—
Assets acquired through foreclosure		1,248			1,033			388
Total nonperforming assets	$	30,442		$	19,785		$	4,261
Past due loans (i)	$	51		$	3,915		$	426
Allowance for loan losses	$	28,198		$	26,868		$	28,359
Ratio of nonperforming assets to total assets		0.95	%		0.62	%		0.14	%
Ratio of allowance for loan losses to total gross loans (j)		1.22			1.18			1.34
Ratio of allowance for loan losses to nonaccruing loans (k)		91			144			719
Ratio of quarterly net charge-offs to average gross loans (a)(f)		0.19			0.14			0.10
Ratio of year-to-date net charge-offs to average gross loans (a)(f)		0.16			0.14			0.06

See “Notes”

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

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

AVERAGE BALANCE SHEET

(Dollars in thousands)

(Unaudited)

	Three months ended
	June 30, 2008							March 31, 2008							June 30, 2007
						Yield/							Yield/							Yield/
	Average			Interest &		Rate		Average			Interest &		Rate		Average			Interest &		Rate
	Balance			Dividends		(a)(b)		Balance			Dividends		(a)(b)		Balance			Dividends		(a)(b)
Assets:
Interest-earning assets:
Loans: (f) (l)
Commercial real estate loans	$	754,051		$	11,407	6.05	%	$	747,433		$	13,236	7.08	%	$	663,812		$	13,807	8.32	%
Residential real estate loans (n)		438,132			6,339	5.79			445,681			6,497	5.83			460,592			6,530	5.67
Commercial loans		821,889			12,446	6.12			795,136			13,247	6.73			687,493			14,001	8.22
Consumer loans		276,695			4,272	6.21			277,402			4,702	6.82			268,472			5,047	7.54
Total loans (n)		2,290,767			34,464	6.07			2,265,652			37,682	6.70			2,080,369			39,385	7.63
Mortgage-backed securities (d)		463,196			5,715	4.94			495,538			5,988	4.83			489,318			6,001	4.91
Investment securities (d)(e)		31,698			202	2.55			29,707			338	4.55			28,242			723	10.24
Other interest-earning assets		42,829			414	3.89			45,296			552	4.90			39,117			558	5.72
Total interest-earning assets		2,828,490			40,795	5.81			2,836,193			44,560	6.32			2,637,046			46,667	7.12
Allowance for loan losses		(26,998	)						(25,496	)						(27,789	)
Cash and due from banks		62,679							70,191							70,648
Cash in non-owned ATMs		174,223							175,413							157,690
Bank owned life insurance		58,283							57,749							56,035
Other noninterest-earning assets		68,784							65,478							67,315
Total assets	$	3,165,461						$	3,179,528						$	2,960,945
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest bearing deposits:
Interest-bearing demand	$	167,939		$	184	0.44		$	161,832		$	326	0.81		$	147,552		$	322	0.88
Money market		300,181			1,158	1.55			304,226			2,172	2.87			309,655			3,002	3.89
Savings		195,646			139	0.29			194,440			257	0.53			217,117			439	0.81
Customer time deposits		525,982			5,046	3.86			504,155			5,639	4.50			458,298			5,353	4.68
Total interest-bearing customer deposits		1,189,748			6,527	2.21			1,164,653			8,394	2.90			1,132,622			9,116	3.23
Other jumbo certificates of deposit		85,861			635	2.97			97,585			1,009	4.16			99,079			1,311	5.31
Brokered deposits		275,041			2,061	3.01			256,454			2,726	4.28			287,025			3,872	5.41
Total interest-bearing deposits		1,550,650			9,223	2.39			1,518,692			12,129	3.21			1,518,726			14,299	3.78
FHLB of Pittsburgh advances		842,780			7,356	3.45			911,647			8,968	3.89			741,095			9,538	5.09
Trust preferred borrowings		67,011			783	4.62			67,011			1,018	6.01			67,011			1,161	6.85
Other borrowed funds		178,556			1,066	2.39			170,538			1,476	3.46			127,905			1,529	4.78
Total interest-bearing liabilities		2,638,997			18,428	2.79			2,667,888			23,591	3.54			2,454,737			26,527	4.32
Noninterest-bearing demand deposits		281,908							268,543							278,360
Other noninterest-bearing liabilities		26,372							23,063							24,376
Minority interest		—							—							38
Stockholders’ equity		218,184							220,034							203,434
Total liabilities and stockholders’ equity	$	3,165,461						$	3,179,528						$	2,960,945
Excess of interest-earning assets
over interest-bearing liabilities	$	189,493						$	168,305						$	182,309
Net interest and dividend income				$	22,367						$	20,969						$	20,140
Interest rate spread						3.02	%						2.78	%						2.80	%
Net interest margin						3.20	%						3.00	%						3.10	%

See “Notes”

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

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

(Dollars in thousands, except per share data)

(Unaudited)

	Three months ended			Six months ended
	June 30,	March 31,	June 30,	June 30,	June 30,
	2008	2008	2007	2008	2007
Stock Information:
Market price of common stock:
High	$53.12	$53.79	$68.08	$53.79	$70.69
Low	43.08	44.46	63.12	43.08	61.31
Close	44.60	49.28	65.43	44.60	65.43
Book value per share	35.35	35.22	31.95
Tangible book value per share	34.66	34.73	31.47
Number of shares outstanding (000s)	6,134	6,141	6,296
Other Financial Data:
One-year repricing gap to total assets (m)	(0.55)%	(1.33)%	(0.67)%
Weighted average duration of the MBS portfolio	3.1 years	2.6 years	3.4 years
Unrealized losses on securities available-for-sale, net of taxes	$(5,257)	$(3,921)	$ (9,853)
Number of associates (FTEs)	664	603	609
Number of branch offices	29	29	30
Number of WSFS owned ATMs	322	326	317
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 available-for-sale.
(e)	Includes reverse mortgages.
(f)	Net of unearned income.
(g)	Net of allowance for loan losses.
(h)	Represents capital ratios of Wilmington Savings Fund Society, FSB and subsidiaries.
(i)	Accruing loans which are contractually past due 90 days or more as to principal or interest.
(j)	Excludes loans held-for-sale.
(k)	Includes general reserves only.
(l)	Nonperforming loans are included in average balance computations.
(m)	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.
(n)	Includes loans held-for-sale.