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

FOR IMMEDIATE RELEASE	Contact: Stephen A. Fowle
October 23, 2008	(302) 571-6833

WSFS REPORTS EPS OF $0.90 FOR THE 3^RD QUARTER 2008; $0.12 DIVIDEND DECLARED, A 20% INCREASE FROM 3^RD QUARTER 2007

WSFS Financial Corporation (NASDAQ/GS: WSFS), the parent company of Wilmington Savings Fund Society, FSB, reported quarterly diluted earnings per share of $0.90, or net income of $5.7 million, compared to $1.11, or $7.1 million in the third quarter of 2007. Net income for the first nine months of 2008 was $19.6 million, or $3.12 per diluted share, compared to $22.2 million, or $3.38 in 2007.

Highlights include:

• The net interest margin improved to 3.28% for the quarter, from 3.20% in the second quarter of 2008 and 3.04% in the third quarter of 2007. Net interest income increased 16% or $3.2 million from the third quarter of 2007.

• Commercial loan growth continued, increasing 11%, or $167.2 million from the end of the third quarter of 2007.

• Customer deposits continued to grow, increasing 6%, or $85.0 million from the end of the third quarter of 2007. Growth in customer deposits has accelerated this quarter, increasing 12%, on an annualized basis, from June 30, 2008.

• Capital continued to increase, growing $20.4 million from the end of the third quarter of 2007, and remains substantially above “well-capitalized” levels by all regulatory

(More)

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

measures. Tangible equity to assets increased to 6.74% at September 30, 2008 from 6.66% at June 30, 2008.

Notable events:

• During the quarter WSFS announced an agreement to acquire Sun National Bank’s six Delaware branch offices, including deposits of approximately $96 million and adding more than 6,600 customers to the Company’s franchise. This transaction is expected to close on October 24, 2008.

• 1^st Reverse Financial Services, LLC (1^st Reverse) an early stage business, which is focused on originating and selling reverse mortgages nationally, reduced the Company’s earnings per share by $0.08 in the third quarter 2008.

CEO outlook and commentary:

Mark A. Turner, WSFS’ President and CEO said, “Key measures for our Company reflect the success we are having in growing our core banking business. Our quarterly results show positive operating leverage compared to last year’s normalized third quarter, meaning that our revenues grew faster than our operating expenses. Our positive operating leverage is a reflection of the success that we have had in growing our core banking franchise and builds on the positive results we are experiencing in many of our Company’s performance metrics, such as continued margin expansion.

“However, the weak economic environment continues to negatively affect our credit statistics. Nonperforming assets are up to 1.12% and net charge-offs are also up, reflecting

(More)

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

progress we are making in resolving problem credits. The impact of a weak economic environment resulted in a provision for loan losses well above the levels we reported last quarter and for the third quarter of last year.

“As I have discussed in previous quarters, our loan portfolio is well diversified as we manage within internal concentration limits developed a number of years ago. These limits govern the size of our loan portfolios, including construction and land development (CLD) loans. In fact, during the quarter our residential CLD loan portfolio decreased to just 6% of total loans.

“As a result of our prudent risk management, we have no exposure to trust preferred securities, Fannie Mae or Freddie Mac preferred stock, or asset backed securities collateralized by sub-prime mortgages. Our securities portfolio continues to perform well and is comprised predominantly of ‘plain vanilla’ AAA-rated short duration securities.

“The strength of our balance sheet and earnings allows us to take advantage of opportunities to continue to grow our franchise, such as the acquisition of Sun National Bank’s Delaware branches, which is expected to close later this month. This acquisition presents an opportunity for us to build our branch network and customer base, increase our earnings and improve our funding costs and liquidity – benefits that are particularly attractive in the current operating environment.”

(More)

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

Third Quarter 2008 Discussion of Financial Results

Net interest income

Net interest income for the third quarter of 2008 was $23.3 million and the net interest margin was 3.28%, displaying strong growth of $940,000 and 8 basis points (0.08%) from the second quarter of 2008. These increases reflect the continued positive impact of deposit pricing management efforts, combined with a recovery from the temporary negative impact of Federal Reserve rate reductions made early in the year. Similarly, additional recent Federal Reserve rate reductions and deposit pricing competition will put pressure on the net interest margin in the near term.

Net interest income for the third quarter of 2008 improved by $3.2 million, or 16% in comparison to the third quarter of 2007. Accordingly, the net interest margin increased a strong 24 basis points (0.24%) from 3.04% reported in the third quarter of 2007.

Total commercial loans increased 11% or $167.2 million from September 2007

Commercial and commercial real estate (CRE) loans increased a strong $167.2 million, or 11% over September 30, 2007. Nearly three quarters of this growth ($120.8 million) was due to commercial and industrial (C&I) loans. Construction and land development (CLD) loans decreased $27.0 million, or 11% from September 30, 2007. Making up the difference, commercial mortgages increased $73.4 million, or 16%. Total net loans were $2.3 billion at September 30, 2008, an increase of $172.2 million, or 8%, over September 30, 2007.

(More)

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

Commercial and CRE loans increased $33.1 million, or 2% (8% annualized) over June 30, 2008 levels. This included a $46.4 million, or 6% (22% annualized) increase in C&I loans. CLD loans decreased $9.0 million, or 4% (15% annualized) during the quarter. Commercial mortgages were relatively flat compared to the previous quarter. Total net loans increased $39.2 million, or 2% (7% annualized) over June 30, 2008.

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

	At					At					At
(Dollars in thousands)	Sep. 30, 2008					Jun. 30, 2008					Sep. 30, 2007
Commercial and CRE	$	1,635,162		70	%	$	1,602,103		70	%	$	1,467,960		68	%
Residential mortgage		434,125		19			436,216		19			450,364		21
Consumer		289,301		12			280,887		12			268,468		12
Allowance for loan losses		(28,358	)	(1	)		(28,198	)	(1	)		(28,768	)	(1	)
Net Loans	$	2,330,230		100	%	$	2,291,008		100	%	$	2,158,024		100	%

Asset quality

The Company recorded a provision for loan losses of $3.5 million in the third quarter of 2008, compared to $1.0 million in the third quarter of 2007 and $2.4 million in the second quarter of 2008. The ratio of allowance for loan losses to total loans was 1.20% at September 30, 2008, compared to 1.22% at June 30, 2008. This ratio stood at 1.32% at September 30, 2007. The increased level of provisioning this quarter is attributable to continued loan growth in our commercial portfolio, combined with the current economic conditions, particularly in the housing sector and those businesses related to residential real estate.

Nonperforming assets as a percentage of total assets was 1.12% at September 30, 2008 compared to 0.95% at June 30, 2008 and 0.53% at September 30, 2007. This was driven by an increase in nonperforming real estate construction related loans.

(More)

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

Annualized net charge-offs in the third quarter of 2008 were 0.57% of average loans compared to 0.19% for the second quarter of 2008 and 0.11% for the third quarter of 2007. On a year-to-date basis net charge-offs for 2008 were 0.30% compared to 0.08% for 2007. The increase in net charge-offs reflects our progress in resolving problem credits, utilizing reserves provided in previous periods. The provision for loan losses of $3.5 million recorded during the third quarter of 2008 slightly exceeded net charge-offs of $3.3 million recorded during the quarter.

Customer deposits

Total customer deposits (core deposits and customer time deposits) were $1.5 billion at September 30, 2008, an increase of $85.0 million, or 6%, over balances at September 30, 2007. The growth in deposits was mainly the result of an increase in demand accounts and customer time deposits.

Customer deposits increased $45.1 million, or 3% (12% annualized) over levels reported for June 30, 2008. Consistent with the year-over-year increase, the linked quarter increase in deposits was mainly due to increased demand accounts and customer time deposits.

(More)

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

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

	At				At				At
(Dollars in thousands)	Sep. 30, 2008				Jun. 30, 2008				Sep. 30, 2007
Noninterest demand	$	294,648	19	%	$	302,969	20	%	$	272,678	19	%
Interest-bearing demand		184,566	12			169,741	12			172,680	12
Savings		192,515	13			195,817	13			203,560	14
Money market		286,020	19			293,703	20			311,132	21
Total core deposits		957,749	63			962,230	65			960,050	66
Customer time		576,011	37			526,426	35			488,735	34
Total customer deposits	$	1,533,760	100	%	$	1,488,656	100	%	$	1,448,785	100	%

Noninterest income

During the third quarter of 2008, the Company recorded noninterest income of $11.7 million, compared to $12.8 million in the third quarter of 2007. Contributing to this decrease was a $789,000 reduction in credit/debit card and ATM income, the result of reduced prime-rate based ATM bailment fees from Cash Connect, WSFS’ ATM division. While noninterest income comparisons were negatively impacted by lower bailment fees, the net interest margin continued to benefit from our lower funding costs for these borrowings. Offsetting this decrease were increases in deposit service charges of $417,000 and loan fee income of $204,000, primarily due to our investment in franchise growth. In addition, noninterest income was enhanced by $176,000 in fees from 1^st Reverse. The third quarter of 2007 included an $882,000 one-time gain on the sale of the WSFS’ credit card portfolio. Excluding the revenues from Cash Connect and the previously mentioned third quarter 2007 one-time gain on the sale of the WSFS’ credit card portfolio, noninterest income increased $546,000, or 8%, from the third quarter of 2007.

(More)

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

Noninterest income increased slightly in comparison to the second quarter of 2008. Deposit service charges and credit/debit card and ATM income were seasonally higher than the previous quarter while loan fee income was lower due to reduced reverse mortgage fees.

Noninterest expense

Noninterest expenses for the third quarter of 2008 totaled $22.8 million, which was $1.4 million, or 7% greater than the third quarter of 2007. Excluding $898,000 of expenses related to 1^st Reverse as we continue to develop its sales and operational platforms, expenses increased $546,000, or 3% over the third quarter of 2007. This increase included $562,000 in other operating expenses and $329,000 in professional fees. The increase in other operating expenses included a $174,000 increase in the FDIC charges due to increased assessment rates, as well as an increase in correspondent bank fees. The increase in professional fees related to increased legal expenses, reflecting increased costs relating to problem credits, typical at this point in the economic cycle. Partially offsetting these increases was a $351,000 decrease in marketing expenses due to higher expenses during last year’s launch of our brand campaign.

Noninterest expenses increased $1.6 million, or 8% from the second quarter of 2008. Excluding $430,000 of increased expenses related to 1^st Reverse, expenses were $1.2 million, or 6% over the second quarter of 2008. This included salaries and benefits of $635,000, other operating expenses of $389,000 and professional fees of $272,000, consistent with the previously mentioned year-over-year analysis.

On October 14, Visa notified members that it had reached a settlement in principle to a lawsuit brought against it by Discover; however, Visa has not disclosed the amount of this

(More)

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

settlement. In the fourth quarter of 2007, we set aside a reserve for our portion of expenses related to this settlement based on currently available information.

Income taxes

The Company recorded a $3.1 million income tax provision (reflecting a 35.0% effective tax rate) in the third quarter of 2008 versus $3.4 million in the third quarter of 2007 (32.4% effective tax rate) and $3.7 million in the second quarter of 2008 (35.8% effective tax rate). Volatility on effective tax rates from quarter to quarter is expected and will continue into the future.

Capital management

The Company strengthened its capital by growing equity $20.3 million over September 30, 2007 levels. All capital levels are in excess of “well-capitalized” regulatory benchmarks, the regulators’ highest capital rating. The Bank’s Tier 1 capital ratio was 10.97%, significantly above the 6.00% level required to be considered “well-capitalized” under regulatory definitions. The ratio of tangible equity to assets increased to 6.74% at September 30, 2008 from 6.66% at June 30, 2008, as equity increased $6.6 million. Tangible book value per share also increased to $35.43 at September 30, 2008, from $34.66 at June 30, 2008 and $32.18 at September 30, 2007. During the quarter the Company did not repurchase any shares of common stock. At September 30, 2008, the Company had 531,000 shares remaining under its current share repurchase authorization, or 8.6% of its 6.2 million outstanding shares.

(More)

 
10            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 third quarter of 2007. This dividend will be paid on November 28, 2008, to shareholders of record as of November 7, 2008.

WSFS Financial Corporation is a $3.3 billion financial services company. Its primary subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank), operates 31 retail banking offices located in Delaware and Pennsylvania, as well as three loan production offices in Dover, Delaware; Blue Bell, Pennsylvania and Annandale, Virginia. WSFS Bank provides comprehensive financial services including personal trust and wealth management. 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.

# # #

(More)

 
11            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									Nine months ended
	September 30,			June 30,			September 30,			September 30,		September 30,
	2008			2008			2007			2008		2007
Interest income:
Interest and fees on loans	$	34,683		$	34,464		$	40,747		$	106,829	$	118,601
Interest on mortgage-backed securities		5,904			5,715			5,799			17,607		18,037
Interest and dividends on investment securities		376			202			457			916		2,894
Other interest income		374			414			576			1,340		1,802
		41,337			40,795			47,579			126,692		141,334
Interest expense:
Interest on deposits		8,936			9,223			15,066			30,288		43,753
Interest on Federal Home Loan Bank advances		7,235			7,356			9,280			23,559		27,740
Interest on trust preferred borrowings		747			783			1,217			2,548		3,555
Interest on other borrowings		1,112			1,066			1,917			3,654		4,987
		18,030			18,428			27,480			60,049		80,035
Net interest income		23,307			22,367			20,099			66,643		61,299
Provision for loan losses		3,502			2,433			1,001			8,325		2,645
Net interest income after provision for loan losses		19,805			19,934			19,098			58,318		58,654
Noninterest income:
Credit/debit card and ATM income		4,416			4,314			5,205			13,261		14,762
Deposit service charges		4,354			4,174			3,937			12,326		11,393
Loan fee income		819			1,004			615			2,466		1,757
Investment advisory income		593			591			603			1,838		1,795
Bank owned life insurance income		548			456			543			1,578		1,642
Gain on sale of credit card loans		—			—			882			—		882
Mortgage banking activities, net		66			93			68			264		218
Securities (losses) gains		(5	)		53			—			1,115		—
Other income		893			986			956			3,013		2,709
		11,684			11,671			12,809			35,861		35,158
Noninterest expenses:
Salaries, benefits and other compensation		12,211			11,297			11,347			34,995		32,448
Occupancy expense		2,118			2,063			2,287			6,288		6,202
Equipment expense		1,575			1,533			1,597			4,571		4,188
Data processing and operations expense		1,095			1,082			1,089			3,215		2,978
Marketing expense		952			1,161			1,283			3,020		2,892
Professional fees		1,037			723			646			2,609		1,953
Other operating expenses		3,789			3,311			3,084			10,186		9,057
		22,777			21,170			21,333			64,884		59,718
Income before taxes		8,712			10,435			10,574			29,295		34,094
Income tax provision		3,051			3,735			3,431			9,688		11,941
Net income	$	5,661		$	6,700		$	7,143		$	19,607	$	22,153
Diluted earnings per share:
Net income	$	0.90		$	1.07		$	1.11		$	3.12	$	3.38
Weighted average shares outstanding for diluted EPS		6,290,130			6,279,051			6,426,816			6,291,859		6,562,269
Performance Ratios:
Return on average assets (a)		0.70	%		0.85	%		0.95	%		0.82		1.00	%
Return on average equity (a)		10.22			12.29			14.02			11.89		14.34
Net interest margin (a)(b)		3.28			3.20			3.04			3.16		3.13
Efficiency ratio (c)		64.58			61.69			64.28			62.79		61.38
Noninterest income as a percentage of total revenue (b)		33.13			34.01			38.60			34.70		36.14

See "Notes"

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

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

SUMMARY STATEMENT OF CONDITION:

(Dollars in thousands)

(Unaudited)

	September 30,			June 30,			September 30,
	2008			2008			2007
Assets:
Cash and due from banks	$	61,410		$	76,543		$	69,948
Cash in non-owned ATMs		159,824			167,693			168,162
Investment securities (d)(e)		36,647			32,868			27,530
Other investments		41,746			40,397			42,517
Mortgage-backed securities (d)		488,716			457,208			485,677
Net loans (f)(g)(n)		2,330,230			2,291,008			2,158,024
Bank owned life insurance		59,129			58,581			56,924
Other assets		77,139			73,745			74,996
Total assets	$	3,254,841		$	3,198,043		$	3,083,778
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits	$	294,648		$	302,969		$	272,678
Interest-bearing deposits		1,239,112			1,185,687			1,176,107
Total customer deposits		1,533,760			1,488,656			1,448,785
Other jumbo CDs		101,203			78,618			93,580
Brokered deposits		338,494			288,590			268,724
Total deposits		1,973,457			1,855,864			1,811,089
Federal Home Loan Bank advances		755,628			833,130			798,560
Other borrowings		269,567			250,542			236,120
Other liabilities		32,755			41,633			34,901
Total liabilities		3,031,407			2,981,169			2,880,670
Minority interest		—			—			34
Stockholders’ equity		223,434			216,874			203,074
Total liabilities, minority interest and stockholders’ equity	$	3,254,841		$	3,198,043		$	3,083,778
Capital Ratios:
Equity to asset ratio		6.86	%		6.78	%		6.59	%
Tangible equity to asset ratio		6.74			6.66			6.49
Core capital (h) (required: 4.00%; well-capitalized: 5.00%)		8.86			8.83			8.68
Tier 1 capital (h) (required: 4.00%; well-capitalized: 6.00%)		10.97			11.03			11.10
Risk-based capital (h) (required: 8.00%; well-capitalized: 10.00%)		11.94			12.02			12.22
Asset Quality Indicators:
Nonperforming Assets:
Nonaccruing loans	$	31,368		$	28,289		$	15,727
Troubled debt restructuring		1,432			905			—
Assets acquired through foreclosure		3,780			1,248			703
Total nonperforming assets	$	36,580		$	30,442		$	16,430
Past due loans (i)	$	1,655		$	51		$	733
Allowance for loan losses	$	28,358		$	28,198		$	28,768
Ratio of nonperforming assets to total assets		1.12	%		0.95	%		0.53	%
Ratio of allowance for loan losses to total gross
loans (j)		1.20			1.22			1.32
Ratio of allowance for loan losses to nonaccruing
loans (k)		82			91			172
Ratio of quarterly net charge-offs
to average gross loans (a)(f)		0.57			0.19			0.11
Ratio of year-to-date net charge-offs
to average gross loans (a)(f)		0.30			0.16			0.08

See “Notes”

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

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

AVERAGE BALANCE SHEET

(Dollars in thousands)

(Unaudited)

	Three months
	September 30, 2008							June 30, 2008							September 30, 2007
	Average			Interest &		Yield/		Average			Interest &		Yield/		Average			Interest &		Yield/
	Balance			Dividends		Rate (a)(b)		Balance			Dividends		Rate (a)(b)		Balance			Dividends		Rate (a)(b)
Assets:
Interest-earning assets:
Loans: (f) (l)
Commercial real estate loans	$	765,596		$	11,202	5.85	%	$	754,051		$	11,407	6.05	%	$	697,945		$	14,286	8.19	%
Residential real estate loans (n)		435,983			6,453	5.92			438,132			6,339	5.79			454,010			6,551	5.77
Commercial loans		843,687			12,635	5.99			821,889			12,446	6.12			721,080			14,707	8.13
Consumer loans		284,215			4,393	6.15			276,695			4,272	6.21			272,881			5,203	7.56
Total loans (n)		2,329,481			34,683	6.00			2,290,767			34,464	6.07			2,145,916			40,747	7.65
Mortgage-backed securities (d)		469,368			5,904	5.03			463,196			5,715	4.94			467,998			5,799	4.96
Investment securities (d)(e)		34,410			376	4.37			31,698			202	2.55			27,704			457	6.60
Other interest-earning assets		44,639			374	3.33			42,829			414	3.89			38,030			576	6.01
Total interest-earning assets		2,877,898			41,337	5.78			2,828,490			40,795	5.81			2,679,648			47,579	7.14
Allowance for loan losses		(28,246	)						(26,998	)						(28,503	)
Cash and due from banks		65,650							62,679							64,834
Cash in non-owned ATMs		176,441							174,223							169,775
Bank owned life insurance		58,769							58,283							56,571
Other noninterest-earning assets		63,647							68,784							70,447
Total assets	$	3,214,159						$	3,165,461						$	3,012,772
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	$	172,650		$	238	0.55	%	$	167,939		$	184	0.44	%	$	154,474		$	401	1.03	%
Money market		290,027			1,176	1.61			300,181			1,158	1.55			313,825			3,057	3.86
Savings		195,758			150	0.30			195,646			139	0.29			208,811			437	0.83
Customer time deposits		521,807			4,490	3.42			525,982			5,046	3.86			490,133			5,848	4.73
Total interest-bearing customer deposits		1,180,242			6,054	2.04			1,189,748			6,527	2.21			1,167,243			9,743	3.31
Other jumbo certificates of deposit		91,682			671	2.91			85,861			635	2.97			94,535			1,268	5.32
Brokered deposits		316,049			2,211	2.78			275,041			2,061	3.01			299,337			4,055	5.38
Total interest-bearing deposits		1,587,973			8,936	2.24			1,550,650			9,223	2.39			1,561,115			15,066	3.83
FHLB of Pittsburgh advances		823,750			7,235	3.44			842,780			7,356	3.45			719,175			9,280	5.05
Trust preferred borrowings		67,011			747	4.36			67,011			783	4.62			67,011			1,217	7.11
Other borrowed funds		194,929			1,112	2.28			178,556			1,066	2.39			160,752			1,917	4.77
Total interest-bearing liabilities		2,673,663			18,030	2.70			2,638,997			18,428	2.79			2,508,053			27,480	4.38
Noninterest-bearing demand deposits		286,128							281,908							273,990
Other noninterest-bearing liabilities		32,893							26,372							26,884
Minority interest		—							—							34
Stockholders' equity		221,475							218,184							203,811
Total liabilities and stockholders' equity	$	3,214,159						$	3,165,461						$	3,012,772
Excess of interest-earning assets
over interest-bearing liabilities	$	204,235						$	189,493						$	171,595
Net interest and dividend income				$	23,307						$	22,367						$	20,099
Interest rate spread						3.08	%						3.02	%						2.76	%
Net interest margin						3.28	%						3.20	%						3.04	%

See "Notes"

 
14            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									Nine months ended
	September 30,			June 30,			September 30,			September 30,		September 30,
	2008			2008			2007			2008		2007
Stock Information:
Market price of common stock:
High	$	62.44		$	53.12		$	67.31		$	62.44	$	70.69
Low		41.54			43.08			54.15			41.54		54.15
Close		60.00			44.60			62.40			60.00		62.40
Book value per share		36.15			35.35			32.67
Tangible book value per share		35.43			34.66			32.18
Number of shares outstanding (000s)		6,180			6,134			6,215
Other Financial Data:
One-year repricing gap to total assets (m)		(0.85	)%		(0.55	)%		(1.12	)%
Weighted average duration of the MBS portfolio		2.9 years			3.1 years			3.3 years
Unrealized losses on securities available-for-sale, net of taxes	$	(9,425	)	$	(9,178	)	$	(6,724	)
Number of associates (FTEs)		645			664			612
Number of branch offices		31			29			29
Number of WSFS owned ATMs		313			322			319

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.