8-K

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 24, 2023

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 of incorporation)	(SEC Commission File Number)	(IRS Employer Identification Number)

500 Delaware Ave,

Wilmington, Delaware, 19801

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (302) 792-6000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

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

 

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:
Title of each 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 24, 2023, WSFS Financial Corporation (the “Registrant”) issued a press release to report earnings for the quarter ended March 31, 2023. A copy of the press release is furnished with this Form 8-K as Exhibit 99.1.

This information (including Exhibit 99.1) is being furnished under Item 2.02 hereof and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosures

The attached presentation contains information that the members of the Registrant's management will use during visits with investors, analysts, and other interested parties to assist their understanding of the Registrant from time to time throughout the second quarter of 2023. Other presentations and related materials will be made available as they are presented during the year. A copy of the earnings release supplement is furnished with this Form 8-K as Exhibit 99.2.

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

Item 9.01 Financial Statements and Other Exhibits

(d) Exhibits.

99.1 Press Release, dated April 24, 2023

99.2 1Q 2023 Earnings Release Supplement, dated April 24, 2023

SIGNATURES

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

 

		WSFS FINANCIAL CORPORATION
Date:	April 24, 2023	By:	/s/ Dominic C. Canuso
			Dominic C. Canuso Executive Vice President and Chief Financial Officer

EX-99.1

	WSFS Bank Center	WSFS Bank Place	1
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

	EXHIBIT 99.1
FOR IMMEDIATE RELEASE	Investor Relations Contact: Dominic C. Canuso
	(302) 571-6833; dcanuso@wsfsbank.com
April 24, 2023	Media Contact: Rebecca Acevedo
	(215) 253-5566; racevedo@wsfsbank.com

WSFS REPORTS 1Q 2023 EPS OF $1.01 AND ROA OF 1.27%;

REFLECTS THE STRENGTH AND RESILIENCY OF OUR DIVERSIFIED BUSINESSES;

LIQUIDITY AND CAPITAL CONTINUE AT STRONG LEVELS

Wilmington, DE — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the first quarter of 2023.

Selected financial results and metrics are as follows:

(Dollars in millions, except per share data)	1Q 2023			4Q 2022			1Q 2022
Net interest income	$	182.5		$	193.9		$	138.6
Fee revenue	63.1			64.9			60.6
Total net revenue	245.7			258.8			199.1
Provision for credit losses	29.0			13.4			19.0
Noninterest expense	133.0			132.9			174.5
Net income attributable to WSFS	62.4			84.4			3.8
Pre-provision net revenue (PPNR)(1)	112.6			125.9			24.7
Earnings per share (EPS) (diluted)	1.01			1.37			0.06
Return on average assets (ROA) (a)	1.27		%	1.69		%	0.07		%
Return on average equity (ROE) (a)	11.2			15.7			0.6
Fee revenue as % of total net revenue	25.6			25.0			30.4
Efficiency ratio	54.0			51.2			87.5

GAAP results for the quarterly periods shown below included the following items that are excluded from core results. For 1Q 2023, the valuation adjustment of $0.6 million is related to our derivative liability established from the sale of 360,000 Visa Class B shares in 2Q 2020.

	1Q 2023				4Q 2022				1Q 2022
(Dollars in millions, except per share data)	Total (pre-tax)		Per share (after-tax)		Total (pre-tax)		Per share (after-tax)		Total (pre-tax)		Per share (after-tax)
Visa derivative valuation adjustment(2)	$	0.6	$	0.01	$	0.6	$	0.01	$	—	$	—
Corporate development and restructuring expense	—		—		0.8		0.01		51.6		0.60

(1)As used in this press release, PPNR is a non-GAAP financial measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for (recovery of) credit losses. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

(2) The Visa derivative valuation adjustment represents an expense to increase the liability and is included in Other income on the Summary Statements of Income.

	WSFS Bank Center	WSFS Bank Place	2
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

CEO Commentary

Rodger Levenson, Chairman, President and CEO, said, "Despite the disruption in banking markets in mid-March, WSFS performed very well this quarter, reflecting the continued strength and diversity of our relationship-based business model. A huge thank you to all of our Associates who rallied together to serve our Customers during this period of uncertainty.

"Our balance sheet remains strong with significant liquidity capacity and capital levels above well-capitalized, even when including the effective AOCI(3) from the total investment portfolio.

"While most credit quality metrics remain at historically favorable levels, ACL reserves increased prudently due to the near-term economic outlook.

"WSFS remains very well positioned to serve our Customers and Communities. During the quarter, we were honored to be named to Forbes' list of America's Best Banks for the fourth year in a row and recognized by Gallup as one of its Exceptional Workplaces of 2023 for the seventh time since 2016."

(3)As used in this press release, effective AOCI is a non-GAAP financial measure. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

	WSFS Bank Center	WSFS Bank Place	3
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

Highlights for 1Q 2023:

•Core EPS(4) was $1.02 compared to $0.66 for 1Q 2022.

•Core ROA(4) was 1.27% compared to 0.83% for 1Q 2022.

•Customer deposits were flat prior to March 8th, and declined by $200.6 million, or 1% (5% annualized) for the full quarter.

•Highly diverse and granular deposit portfolio, including insured and total protected(5) deposits of 64% and 73% of total customer deposits, respectively.

•Net loan growth of 2% (7% annualized) from 4Q 2022 driven by the commercial portfolio and moderated consumer partnership growth.

•Net interest margin of 4.25% compared to 4.49% for 4Q 2022, reflects increasing deposit betas and funding mix, partially offset by higher loan yields.

•Core fee revenue (noninterest income)(4) was $63.7 million, an increase of $3.1 million, or 5%, compared to 1Q 2022, resulting in a 25.8% core fee revenue ratio(4).

•Total net credit costs were $29.0 million, primarily due to the impacts of the economic uncertainty and forecast on the quarterly provision and net loan growth. The ACL coverage ratio was 1.28% compared to 1.17% at December 31, 2022.

•WSFS Bank capital ratios remain well above well-capitalized levels, with total risk-based capital of 14.56%.

•WSFS repurchased 262,000 shares of common stock at an average price of $49.11 per share, totaling an aggregate of $12.9 million. The Board of Directors also approved a quarterly cash dividend of $0.15 per share.

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

(5)Protected deposits include insured and collateralized deposits.

	WSFS Bank Center	WSFS Bank Place	4
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

First Quarter 2023 Discussion of Financial Results

Balance Sheet

The following table summarizes loan and lease balances and composition at March 31, 2023 compared to December 31, 2022 and March 31, 2022:

Loans and Leases
(Dollars in millions)	March 31, 2023				December 31, 2022				March 31, 2022
Commercial & industrial (C&I)	$	4,443	37	%	$	4,408	37	%	$	4,384	39	%
Commercial mortgage	3,473		29		3,351		28		3,361		30
Construction	1,024		8		1,044		9		924		8
Commercial small business leases	577		5		559		5		491		4
Total commercial loans	9,517		79		9,362		79		9,160		81
Residential mortgage	801		6		782		7		862		8
Consumer	1,868		16		1,811		15		1,382		12
ACL	(169)		(1)		(152)		(1)		(136)		(1)
Net loans and leases	$	12,017	100	%	$	11,803	100	%	$	11,268	100	%

At March 31, 2023, WSFS’ net loan and lease portfolio increased $213.6 million, or 7% (annualized), when compared with December 31, 2022 due to increases of $122.0 million in commercial mortgage, $57.5 million in our consumer portfolio, primarily from Spring EQ (home equity loans), $35.1 million in C&I, and $17.6 million in commercial small business leases, partially offset by a decrease of $20.3 million in construction loans.

In line with our Strategic Plan, the C&I portfolio (including owner-occupied real estate) continued to be our largest portfolio at 37% of net loans and leases. Additionally, our total commercial loan portfolio continues to represent a majority of our lending portfolio at 79% of net loans and leases.

Net loans and leases at March 31, 2023 increased $748.5 million, or 7%, when compared with March 31, 2022. The increase was driven by increases of $486.3 million in our Consumer portfolio, primarily from Spring EQ, $111.8 million in commercial mortgage, and $99.8 million in construction loans.

	WSFS Bank Center	WSFS Bank Place	5
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

The following table summarizes customer deposit balances and composition at March 31, 2023 compared to December 31, 2022 and March 31, 2022:

Customer Deposits
(Dollars in millions)	March 31, 2023				December 31, 2022				March 31, 2022
Noninterest demand	$	5,299	33	%	$	5,739	36	%	$	6,639	37	%
Interest-bearing demand	3,159		20		3,347		21		3,292		19
Savings	1,967		13		2,162		13		2,279		13
Money market	4,002		25		3,731		23		4,179		24
Total core deposits	14,427		91		14,979		93		16,389		93
Customer time deposits	1,453		9		1,102		7		1,156		7
Total customer deposits	$	15,880	100	%	$	16,081	100	%	$	17,545	100	%

From year-end 2022 customer deposits were flat prior to March 8th. For the quarter, total customer deposits decreased $200.6 million, or 1% (5% annualized), when compared with December 31, 2022, primarily driven by continued customer utilization of excess liquidity.

Customer deposits decreased by $1.7 billion from March 31, 2022 primarily driven by both continued customer utilization of excess liquidity and $622.7 million from Trust deposits as capital market transactions slow due to market conditions.

More than half of our customer deposits, or 53%, are from our Commercial, Small Business and Wealth Management customer relationships. The loan to deposit ratio was 76% at March 31, 2023, reflecting continued capacity to fund future loan growth. Our insured and total protected deposits were 64% and 73% of total customer deposits, respectively.

Core deposits were a strong 91% of total customer deposits, and no- and low-cost checking accounts represented a robust 53% of total customer deposits, at March 31, 2023, with a weighted average cost of 23bps for the quarter. These core deposits predominantly represent longer-term, less price-sensitive customer relationships.

	WSFS Bank Center	WSFS Bank Place	6
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

Net Interest Income

	Three Months Ending
(Dollars in millions)		March 31, 2023			December 31, 2022			March 31, 2022
Net interest income before purchase accretion		$	179.1		$	190.0		$	135.2
Purchase accounting accretion		3.4			3.8			3.2
Net interest income before PPP		182.5			193.9			138.4
PPP		—			—			0.2
Net interest income		$	182.5		$	193.9		$	138.6
Net interest margin before purchase accretion		4.17		%	4.40		%	2.94		%
Purchase accounting accretion		0.08			0.09			0.07
Net interest margin before PPP		4.25			4.49			3.01
PPP		—			—			—
Net interest margin		4.25		%	4.49		%	3.01		%

Net interest income decreased $11.4 million, or 6% (not annualized), compared to 4Q 2022, primarily due to increasing deposit betas and funding mix, partially offset by higher loan yields.Net interest income increased $44.0 million, or 32%, compared to 1Q 2022, primarily due to the benefits of our asset-sensitive balance sheet.

Net interest margin decreased 24bps from 4Q 2022 primarily due to the reasons noted above. Net interest margin increased 124bps from 1Q 2022, primarily due to a favorable increase of 102bpsfrom the benefits of our asset-sensitive balance sheet and 22bps from loan growth and mix.

	WSFS Bank Center	WSFS Bank Place	7
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

Asset Quality

The following table summarizes asset quality metrics as of and for the period ended March 31, 2023 compared to December 31, 2022 and March 31, 2022.

(Dollars in millions)	March 31, 2023			December 31, 2022			March 31, 2022
Problem assets	$	416.7		$	462.1		$	618.1
Nonperforming assets	33.1			43.4			37.8
Delinquencies	100.5			61.2			54.6
Net charge-offs	11.7			7.7			3.3
Total net credit costs (recoveries) (r)	29.0			13.0			19.3
Problem assets to total Tier 1 capital plus ACL	18.65		%	21.44		%	28.79		%
Classified assets to total Tier 1 capital plus ACL	15.38			14.29			18.58
Ratio of nonperforming assets to total assets	0.16			0.22			0.18
Ratio of nonperforming assets (excluding accruing TDRs) to total assets	—			0.12			0.12
Delinquencies to gross loans	0.83			0.51			0.48
Ratio of quarterly net charge-offs to average gross loans	0.40			0.26			0.12
Ratio of allowance for credit losses to total loans and leases (q)	1.28			1.17			1.19
Ratio of allowance for credit losses to nonaccruing loans	528			666			591

See “Notes”

Most asset quality metrics remained relatively stable during the quarter and continued to reflect the strength of the originated and acquired portfolios. Total problem assets(6) decreased to $416.7 million at March 31, 2023 compared to $462.1 million at December 31, 2022. Total problem assets to total Tier 1 capital plus ACL was 18.65% at March 31, 2023, compared to 21.44% at December 31, 2022.

Delinquencies to gross loans increased to 0.83% at March 31, 2023 compared to 0.51% at December 31, 2022, primarily driven by a 19bps increase from two long-term problem loan relationships, one of which is still accruing. While these loans are C&I long-term care facilities, this portfolio is approximately $130.0 million in total outstandings.

The ratio of nonperforming assets to total assets remained relatively stable at 0.16% compared to 0.22% at December 31, 2022, and includes the adoption of troubled loan accounting. Net charge-offs for 1Q 2023 were $11.7 million, or 0.40% (annualized) of average gross loans. The increase over the prior quarter was primarily due to slightly higher commercial charge-offs and normal maturation of NewLane and Upstart portfolios, along with lower recoveries in the quarter.

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

	WSFS Bank Center	WSFS Bank Place	8
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

Total net credit costs were $29.0 million in the quarter compared to $13.0 million in 4Q 2022. The increase in credit costs was primarily due to $17.9 million from the impacts of the economic uncertainty and forecast and $6.6 million related to the mix of new loan originations. The ACL was $169.2 million as of March 31, 2023, an increase of $17.3 million from December 31, 2022, primarily due to the above factors, partially offset by favorable migration and net charge-offs. The ACL coverage ratio was 1.28% compared to 1.17% at December 31, 2022.

Core Fee Revenue

Core fee revenue (noninterest income) of $63.7 million decreased $1.8 million, or 3% (not annualized), compared to 4Q 2022, primarily driven by a decrease of $2.2 million in other income from our equity investments. The decrease was partially offset by an increase of $0.4 million in mortgage banking fees.

Core fee revenue increased $3.1 million, or 5%, compared to 1Q 2022, primarily driven by an $8.1 million increase in Cash Connect® income. The increase was partially offset by decreases of $1.8 million in mortgage banking fees, $1.3 million from BMT Insurance Advisors (sold in 2Q 2022), $0.6 million from gain on sale of SBA loans, and $0.5 million from other investing activities.

For 1Q 2023, our core fee revenue ratio was 25.8% compared to 25.2% in 4Q 2022 and 30.4% in 1Q 2022. Fees continue to be resilient and well-diversified among various sources, including traditional and other banking fees, mortgage banking, capital markets, Wealth Management, and Cash Connect®.

	WSFS Bank Center	WSFS Bank Place	9
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

Core Noninterest Expense(7)

Core noninterest expense of $133.1 million increased $0.9 million, or 1% (not annualized), compared to 4Q 2022. When excluding a $2.3 million net benefit from nonrecurring items, core noninterest expense was $135.4 million, or an increase of $3.2 million. The increase is primarily due to $2.8 million in salaries and benefits and $1.9 million from Cash Connect® driven by the rising interest rate environment. These increases were partially offset by $1.8 million lower professional fees related to Wealth customer-related tax services (offset in fee revenue) and legal costs.

Core noninterest expense increased $10.2 million, or 8% (not annualized), compared to 1Q 2022. When excluding the nonrecurring items, core noninterest expense increased $12.5 million, or 10%, primarily due to $7.5 million of higher variable operating costs, including $5.7 million from Cash Connect®, in addition to $2.2 million in salaries and benefits, and $1.2 million in FDIC assessment. Our core efficiency ratio was 53.9% in 1Q 2023, compared to 50.8% in 4Q 2022 and 61.7% in 1Q 2022.

Income Taxes

We recorded a $20.9 million income tax provision in 1Q 2023, compared to a $28.0 million income tax provision in 4Q 2022 and $1.7 million in 1Q 2022, driven by higher earnings.

The effective tax rate was 25.0% in 1Q 2023, compared to 24.9% in 4Q 2022 and 30.5% in 1Q 2022. The decrease in effective tax rate for 1Q 2023 compared to 1Q 2022 was primarily due to the acquisition of Bryn Mawr Trust in 1Q 2022, including higher state taxes and other nondeductible costs.

(7) As used in this press release, core noninterest expense is a non-GAAP financial measure. This non-GAAP financial measure excludes corporate development and restructuring expense. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

	WSFS Bank Center	WSFS Bank Place	10
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

Capital Management

Capital levels remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at March 31, 2023 with WSFS Bank’s Tier 1 leverage ratio of 10.57%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 13.39%, and Total Risk-based capital ratio of 14.56%.

WSFS’ total stockholders’ equity increased $101.2 million, or 5% (not annualized), during 1Q 2023. The increase was primarily due to quarterly earnings of $62.4 million and an improvement in accumulated other comprehensive income (AOCI) of $57.4 million from market-value increases on investment securities. These increases were partially offset by capital returns of $22.1 million to stockholders including $12.9 million from share repurchases and $9.3 million from quarterly dividends.

WSFS’ tangible common equity(8) increased $105.2 million, or 9% (not annualized), compared to December 31, 2022. WSFS’ common equity to assets ratio was 11.35% at March 31, 2023, and our tangible common equity to tangible assets ratio(8) increased by 41bps during the quarter to 6.72%, primarily due to the reasons described above.

At March 31, 2023, book value per share was $37.57, an increase of $1.78, or 5% (not annualized), from December 31, 2022, and tangible common book value per share(8) was $21.15, an increase of $1.79, or 9% (not annualized), from December 31, 2022, primarily due to the reasons described above.

During 1Q 2023, WSFS repurchased 262,000 shares of common stock for an aggregate of $12.9 million. As of March 31, 2023, WSFS has 6,326,771 shares, or approximately 10% of outstanding shares, remaining to repurchase under its current authorizations.

The Board of Directors approved a quarterly cash dividend of $0.15 per share of common stock. This dividend will be paid on May 19, 2023 to stockholders of record as of May 5, 2023.

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

	WSFS Bank Center	WSFS Bank Place	11
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

Selected Business Segments (included in previous results):

Wealth Management

The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, credit and deposit products to individual, corporate, and institutional clients through multiple integrated businesses.

Selected quarterly performance results and metrics are as follows:

(Dollars in millions)	March 31, 2023		December 31, 2022		March 31, 2022
Net interest income	$	17.9	$	18.7	$	7.1
Provision for (recovery of) credit losses	1.3		0.1		(0.2)
Fee revenue	30.9		31.0		31.9
Noninterest expense(9)	24.2		23.6		23.8
Pre-tax income	23.4		25.9		15.5
Performance Metrics
Institutional and Delaware trust revenue	$	17.0	$	17.1	$	14.1
Private wealth management revenue	13.1		13.1		14.7
AUM/AUA(10)	65,562		64,517		58,082

Wealth Management reported pre-tax income of $23.4 million in 1Q 2023 compared to $25.9 million in 4Q 2022, and $15.5 million in 1Q 2022. The quarter-over-quarter decrease was primarily attributable to higher interest expense while the year-over-year increase was mainly from the higher interest rate environment.

Fee revenue was $30.9 million in 1Q 2023, relatively flat compared to 4Q 2022, and a decrease of $1.0 million, or 3%, compared to 1Q 2022, primarily due to income from BMT Insurance Advisors in 1Q 2022, which was sold in the second quarter of 2022. Fee revenue was generally consistent with prior quarter across The Bryn Mawr Trust Company of Delaware, Institutional Services, and the AUM-based private wealth management business.

Total noninterest expense was $24.2 million in 1Q 2023, compared to $23.6 million in 4Q 2022 and $23.8 million in 1Q 2022. The quarter-over-quarter increase was primarily driven by salaries, benefits and other compensation.

Net AUM of $8.0 billion at the end of 1Q 2023 increased $0.3 billion compared to 4Q 2022, and decreased $1.0 billion compared to 1Q 2022. The quarter-over-quarter increase was primarily impacted by positive returns in both equity and fixed income markets. The year-over-year decrease was due to market declines and client cash outflows.

(9)Includes intercompany allocation of expense and excludes provision for credit losses.

(10) Represents Assets Under Management and Assets Under Administration.

	WSFS Bank Center	WSFS Bank Place	12
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

Cash Connect®

Cash Connect® is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and retail safes nationwide and supports ATMs for WSFS Bank Customers with one of the largest branded ATM networks in our region.

Selected quarterly financial results and metrics are as follows:

(Dollars in millions)	March 31, 2023			December 31, 2022			March 31, 2022
Net revenue(11)	$	15.5		$	13.9		$	10.5
Noninterest expense(12)	14.8			12.7			8.7
Pre-tax income	0.6			1.2			1.8
Performance Metrics
Cash managed	$	1,698		$	1,717		$	1,863
Number of serviced non-bank ATMs and retail safes	34,067			33,820			36,072
Number of WSFS owned and branded ATMs	691			686			630
ROA	0.45		%	0.65		%	1.12		%

Cash Connect® reported pre-tax income of $0.6 million for 1Q 2023, a decrease of $0.6 million, compared to 4Q 2022 driven by timing of both insurance-related and certain other operating expenses, and a decrease of $1.2 million compared to 1Q 2022, driven by increased operating costs associated with the rising interest rate environment and costs associated with the growth in the retail safe business. ROA of 0.45% in 1Q 2023 decreased 20bps from 4Q 2022 and decreased 67bps from 1Q 2022, primarily driven by the reasons described above.

Net revenue of $15.5 million in 1Q 2023 was up $1.6 million from 4Q 2022 and up $5.0 million from 1Q 2022 driven by the rising interest rate environment (offset by higher external funding expense) and higher year-over-year managed services volume.

Noninterest expense was $14.8 million in 1Q 2023, an increase of $2.2 million higher compared to 4Q 2022, primarily due to higher external funding expense and the timing impacts noted above, and $6.2 million higher compared to 1Q 2022 driven by higher external funding expense and armored carrier expense year-over-year.

At the end of 1Q 2023, Cash Connect® had approximately $1.7 billion in cash managed with 18% year-over-year growth in retail safe units. Cash Connect® continues to focus on investment in its growing product lines and expand these services across the country, alongside a wide network and strong pipeline of channel partners, retailers, and top-tier financial institutions, in a commitment to improve margin and ROA.

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

(12)Includes intercompany allocation of expense.

	WSFS Bank Center	WSFS Bank Place	13
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

First Quarter 2023 Earnings Release Conference Call

Management will conduct a conference call to review 1Q 2023 results at 1:00 p.m. Eastern Time (ET) on Tuesday, April 25, 2023. Interested parties may access the conference call live on our Investor Relations website (https://investors.wsfsbank.com). For those who cannot access the live conference call, a replay will be accessible shortly after the event concludes through our Investor Relations website.

About WSFS Financial Corporation

WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of March 31, 2023, WSFS Financial Corporation had $20.3 billion in assets on its balance sheet and $65.6 billion in assets under management and administration. WSFS operates from 119 offices, 92 of which are banking offices, located in Pennsylvania (61), Delaware (39), New Jersey (17), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

	WSFS Bank Center	WSFS Bank Place	14
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

Forward-Looking Statements

This press release contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, and particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, and inflation; the impacts related to or resulting from recent bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; possible additional loan losses and impairment of the collectability of loans; the Company's level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums; changes in market interest rates which may increase funding costs and reduce earning asset yields and thus reduce margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company's investment securities portfolio; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial and industrial loans in the Company's loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company's operations potential expenses associated with complying with such regulations; and the effects of potential federal government shutdowns or delays; the Company's ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms; possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes; any impairments of the Company's goodwill or other intangible assets; the discontinued publication of London Inter-Bank Offered Rate (LIBOR) and the transition to an alternative reference interest rate, such as the Secured Overnight Financing Rate (SOFR), including methodologies for calculating the rate that are different from the LIBOR methodology and changed language for existing and new floating or adjustable rate contracts; the success of the Company's growth plans, including its plans to grow the commercial small business leasing, residential, small business and Small Business Administration (SBA) portfolios and wealth management business; the Company's ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Customer acceptance of the Company's products and services and related Customer disintermediation, including its recent acquisition of BMBC (the BMBC Merger); negative perceptions or publicity with respect to the Company generally and, in particular, the Company's trust and wealth management business; failure of the financial and operational controls of the Company's Cash Connect® division; adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings; the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties; system failures or cybersecurity incidents or other breaches of the Company's network security, particularly given widespread remote working arrangements; the Company's ability to recruit and retain key Associates; the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally; the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks; the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage); possible changes in the speed of loan prepayments by the Company's Customers and loan origination or sales volumes; possible changes in the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate; regulatory limits on the Company's ability to receive dividends from its subsidiaries and pay dividends to its stockholders; any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; any compounding effects or unexpected interactions of the risks discussed above; and other risks and uncertainties, including those discussed in the Company's Form 10-K for the year ended December 31, 2022 and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company cautions readers not to place undue reliance on any such forward-looking statements,which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this press release, the terms "WSFS," "the Company," "registrant," "we," "us," and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

	WSFS Bank Center	WSFS Bank Place	15
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited)

	Three months ended
(Dollars in thousands, except per share data)	March 31, 2023		December 31, 2022		March 31, 2022
Interest income:
Interest and fees on loans	$	193,724	$	181,644	$	118,881
Interest on mortgage-backed securities	27,526		27,778		23,113
Interest and dividends on investment securities	2,237		2,257		1,321
Other interest income	2,896		1,414		822
	226,383		213,093		144,137
Interest expense:
Interest on deposits	35,192		14,644		3,128
Interest on Federal Home Loan Bank advances	3,371		496		—
Interest on senior and subordinated debt	2,573		2,307		1,929
Interest on trust preferred borrowings	1,555		1,336		513
Interest on other borrowings	1,160		424		9
	43,851		19,207		5,579
Net interest income	182,532		193,886		138,558
Provision for credit losses	29,011		13,396		18,971
Net interest income after provision for credit losses	153,521		180,490		119,587
Noninterest income:
Credit/debit card and ATM income	13,361		12,642		7,681
Investment management and fiduciary revenue	30,476		30,731		30,181
Deposit service charges	6,039		6,326		5,825
Mortgage banking activities, net	1,122		742		2,898
Loan and lease fee income	1,372		1,818		1,334
Unrealized loss on equity investment, net	(4)		(8)		(3)
Bank-owned life insurance income	1,510		1,130		105
Other income	9,251		11,499		12,553
	63,127		64,880		60,574
Noninterest expense:
Salaries, benefits and other compensation	72,849		72,492		70,930
Occupancy expense	10,408		10,492		10,792
Equipment expense	9,792		10,320		10,373
Data processing and operations expense	4,724		4,867		5,359
Professional fees	4,439		6,212		3,451
Marketing expense	1,716		2,245		1,266
FDIC expenses	2,582		1,699		1,391
Loan workout and other credit costs	(55)		(401)		328
Corporate development expense	740		1,070		34,038
Restructuring expense	(761)		(319)		17,514
Other operating expenses	26,611		24,226		19,015
	133,045		132,903		174,457
Income before taxes	83,603		112,467		5,704
Income tax provision	20,941		28,032		1,737
Net income	62,662		84,435		3,967
Less: Net income (loss) attributable to noncontrolling interest	258		(14)		163
Net income attributable to WSFS	$	62,404	$	84,449	$	3,804
Diluted earnings per share of common stock:	$	1.01	$	1.37	$	0.06
Weighted average shares of common stock outstanding for fully diluted EPS	61,678,871		61,801,612		65,127,000

See “Notes”

	WSFS Bank Center	WSFS Bank Place	16
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited)- continued

	Three months ended
	March 31, 2023		December 31, 2022		March 31, 2022
Performance Ratios:
Return on average assets (a)	1.27	%	1.69	%	0.07	%
Return on average equity (a)	11.20		15.74		0.57
Return on average tangible common equity (a)(o)	21.19		31.12		1.58
Net interest margin (a)(b)	4.25		4.49		3.01
Efficiency ratio (c)	54.02		51.22		87.51
Noninterest income as a percentage of total net revenue (b)	25.63		25.01		30.39

See “Notes”

	WSFS Bank Center	WSFS Bank Place	17
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(Dollars in thousands)	March 31, 2023			December 31, 2022			March 31, 2022
Assets:
Cash and due from banks	$	686,788		$	332,961		$	1,784,460
Cash in non-owned ATMs	409,265			499,017			490,784
Investment securities, available-for-sale	4,086,459			4,093,060			5,495,929
Investment securities, held-to-maturity	1,094,799			1,111,619			84,898
Other investments	73,906			55,516			30,980
Net loans and leases (e)(f)(l)	12,016,579			11,802,977			11,268,099
Bank owned life insurance	100,907			101,935			100,364
Goodwill and intangibles	1,008,250			1,012,232			1,032,189
Other assets	842,337			905,438			676,971
Total assets	$	20,319,290		$	19,914,755		$	20,964,674
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits	$	5,299,094		$	5,739,647		$	6,638,890
Interest-bearing deposits	10,581,285			10,341,331			10,906,016
Total customer deposits	15,880,379			16,080,978			17,544,906
Brokered deposits	309,309			122,591			78,638
Total deposits	16,189,688			16,203,569			17,623,544
Federal Home Loan Bank advances	800,000			350,000			—
Other borrowings	338,206			376,894			372,402
Other liabilities	688,052			782,406			450,911
Total liabilities	18,015,946			17,712,869			18,446,857
Stockholders’ equity of WSFS	2,306,362			2,205,113			2,520,463
Noncontrolling interest	(3,018)			(3,227)			(2,646)
Total stockholders' equity	2,303,344			2,201,886			2,517,817
Total liabilities and stockholders' equity	$	20,319,290		$	19,914,755		$	20,964,674
Capital Ratios:
Equity to asset ratio	11.35		%	11.07		%	12.02		%
Tangible common equity to tangible asset ratio (o)	6.72			6.31			7.47
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)	13.39			12.86			13.93
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)	10.57			10.29			9.98
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)	13.39			12.86			13.93
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)	14.56			13.84			14.89
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans (t)	$	32,017		$	22,802		$	23,087
Troubled debt restructurings (accruing)	—			19,737			12,933
Assets acquired through foreclosure	1,131			833			1,818
Total nonperforming assets	$	33,148		$	43,372		$	37,838
Past due loans (h)	$	13,565		$	16,535		$	11,623
Troubled loans	18,061			—			—
Allowance for credit losses	169,171			151,871			136,334
Ratio of nonperforming assets to total assets	0.16		%	0.22		%	0.18		%
Ratio of nonperforming assets (excluding accruing TDRs) to total assets	—			0.12			0.12
Ratio of allowance for credit losses to total loans and leases (q)	1.28			1.17			1.19
Ratio of allowance for credit losses to nonaccruing loans	528			666			591
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)	0.40			0.26			0.12
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)	0.40			0.15			0.12

See “Notes”

	WSFS Bank Center	WSFS Bank Place	18
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued) 

AVERAGE BALANCE SHEET (Unaudited)

(Dollars in thousands)	Three months ended
	March 31, 2023						December 31, 2022						March 31, 2022
	Average Balance		Interest & Dividends		Yield/ Rate (a)(b)		Average Balance		Interest & Dividends		Yield/ Rate (a)(b)		Average Balance		Interest & Dividends		Yield/ Rate (a)(b)
Assets:
Interest-earning assets:
Loans: (e) (j)
Commercial loans and leases (p)	$	4,954,622	$	80,744	6.63	%	$	4,920,329	$	76,817	6.21	%	$	4,851,090	$	52,466	4.39	%
Commercial real estate loans (s)	4,425,354		71,828		6.58		4,334,772		66,428		6.08		4,292,159		40,639		3.84
Residential mortgage	769,581		8,628		4.48		762,967		8,610		4.51		843,699		9,657		4.58
Consumer loans	1,849,398		31,535		6.92		1,753,871		28,843		6.52		1,357,970		15,284		4.56
Loans held for sale	43,527		989		9.21		56,605		946		6.63		74,694		835		4.53
Total loans and leases	12,042,482		193,724		6.53		11,828,544		181,644		6.10		11,419,612		118,881		4.22
Mortgage-backed securities (d)	4,823,507		27,526		2.28		4,849,450		27,778		2.29		5,223,794		23,113		1.77
Investment securities (d)	376,760		2,237		2.86		377,610		2,257		2.85		330,826		1,321		1.82
Other interest-earning assets	240,943		2,896		4.87		145,668		1,414		3.85		1,721,659		822		0.19
Total interest-earning assets	$	17,483,692	$	226,383	5.27	%	$	17,201,272	$	213,093	4.93	%	$	18,695,891	$	144,137	3.13	%
Allowance for credit losses	(153,181)						(147,990)						(134,780)
Cash and due from banks	230,193						253,031						209,730
Cash in non-owned ATMs	421,057						524,042						509,568
Bank owned life insurance	101,612						100,920						100,756
Other noninterest-earning assets	1,919,065						1,945,047						1,638,727
Total assets	$	20,002,438					$	19,876,322					$	21,019,892
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	$	3,142,930	$	5,024	0.65	%	$	3,356,188	$	3,740	0.44	%	$	3,435,377	$	581	0.07	%
Savings	2,065,212		1,256		0.25		2,232,665		459		0.08		2,262,026		162		0.03
Money market	3,861,590		19,258		2.02		3,769,013		8,473		0.89		4,092,835		925		0.09
Customer time deposits	1,276,204		5,993		1.90		1,016,827		1,800		0.70		1,173,023		1,323		0.46
Total interest-bearing customer deposits	10,345,936		31,531		1.24		10,374,693		14,472		0.55		10,963,261		2,991		0.11
Brokered deposits	346,355		3,661		4.29		23,389		172		2.92		63,376		137		0.88
Total interest-bearing deposits	10,692,291		35,192		1.33		10,398,082		14,644		0.56		11,026,637		3,128		0.12
Federal Home Loan Bank advances	267,367		3,371		5.11		45,967		496		4.28		—		—		—
Trust preferred borrowings	90,459		1,555		6.97		90,410		1,336		5.86		90,263		513		2.30
Senior and subordinated debt	233,189		2,573		4.41		248,216		2,307		3.72		248,565		1,929		3.10
Other borrowed funds	131,221		1,160		3.59		78,755		424		2.14		38,396		9		0.10
Total interest-bearing liabilities	$	11,414,527	$	43,851	1.56	%	$	10,861,430	$	19,207	0.70	%	$	11,403,861	$	5,579	0.20	%
Noninterest-bearing demand deposits	5,560,252						6,108,618						6,450,783
Other noninterest-bearing liabilities	770,565						780,336						445,855
Stockholders’ equity of WSFS	2,260,262						2,128,869						2,722,263
Noncontrolling interest	(3,168)						(2,931)						(2,870)
Total liabilities and equity	$	20,002,438					$	19,876,322					$	21,019,892
Excess of interest-earning assets over interest-bearing liabilities	$	6,069,165					$	6,339,842					$	7,292,030
Net interest and dividend income			$	182,532					$	193,886					$	138,558
Interest rate spread					3.71	%					4.23	%					2.93	%
Net interest margin					4.25	%					4.49	%					3.01	%

See “Notes”

	WSFS Bank Center	WSFS Bank Place	19
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

(Dollars in thousands, except per share data)	Three months ended
Stock Information:	March 31, 2023	December 31, 2022	March 31, 2022
Market price of common stock:
High	$51.77	$50.67	$56.30
Low	34.83	41.81	46.51
Close	37.61	45.34	46.62
Book value per share of common stock	37.57	35.79	38.94
Tangible common book value per share of common stock (o)	21.15	19.36	22.99
Number of shares of common stock outstanding (000s)	61,387	61,612	64,735
Other Financial Data:
One-year repricing gap to total assets (k)	3.34%	6.29%	12.19%
Weighted average duration of the MBS portfolio	6.0 years	5.9 years	5.5 years
Unrealized losses on securities available for sale, net of taxes	$(510,522)	$(563,532)	$(309,792)
Number of Associates (FTEs) (m)	2,177	2,160	2,265
Number of offices (branches, LPO’s, operations centers, etc.)	119	119	122
Number of WSFS owned and branded ATMs	691	686	630

Notes:

(a)Annualized.

(b)Computed on a fully tax-equivalent basis.

(c)Noninterest expense divided by (tax-equivalent) net interest income and noninterest income.

(d)Includes securities held-to-maturity (at amortized cost) and securities available-for-sale (at fair value).

(e)Net of unearned income.

(f)Net of allowance for credit losses.

(g)Represents capital ratios of Wilmington Savings Fund Society, FSB and subsidiaries. Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed.

(h)Accruing loans which are contractually past due 90 days or more as to principal or interest. Balance includes student loans, which are U.S. government guaranteed with little risk of credit loss.

(i)Excludes loans held for sale.

(j)Nonperforming loans are included in average balance computations.

(k)The difference between projected amounts of interest-sensitive assets and interest-sensitive liabilities repricing within one year divided by total assets, based on a current interest rate scenario.

(l)Includes loans held for sale and reverse mortgages.

(m)Includes seasonal Associates, when applicable.

(n)Excludes reverse mortgage loans.

(o)The Company uses non-GAAP (United States Generally Accepted Accounting Principles) financial information in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP financial measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

(p)Includes commercial & industrial loans, PPP loans and commercial small business leases.

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

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

(s)Includes commercial mortgage and commercial construction loans.

(t)Includes nonaccruing troubled loans beginning in 2023 and nonaccruing troubled debt restructurings prior to 2023.

	WSFS Bank Center	WSFS Bank Place	20
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

WSFS FINANCIAL CORPORATION 

FINANCIAL HIGHLIGHTS (Continued)

(Dollars in thousands, except per share data)

(Unaudited)

Non-GAAP Reconciliation (o):	Three months ended
	March 31, 2023			December 31, 2022			March 31, 2022
Net interest income (GAAP)	$	182,532		$	193,886		$	138,558
Core net interest income (non-GAAP)	182,532			193,886			138,558
Noninterest income (GAAP)	63,127			64,880			60,574
Plus: Unrealized loss on equity investments, net	(4)			(8)			(3)
Plus: Visa derivative valuation adjustment	(553)			(592)			—
Core fee revenue (non-GAAP)	$	63,684		$	65,480		$	60,577
Core net revenue (non-GAAP)	$	246,216		$	259,366		$	199,135
Core net revenue (non-GAAP)(tax-equivalent)	$	246,859		$	260,058		$	199,349
Noninterest expense (GAAP)	$	133,045		$	132,903		$	174,457
Less: Corporate development expense	740			1,070			34,038
(Plus)/less: Restructuring expense	(761)			(319)			17,514
Core noninterest expense (non-GAAP)	$	133,066		$	132,152		$	122,905
Core efficiency ratio (non-GAAP)	53.9		%	50.8		%	61.7		%
Core fee revenue ratio (non-GAAP) (b)	25.8		%	25.2		%	30.4		%
	End of period
	March 31, 2023			December 31, 2022			March 31, 2022
Total assets (GAAP)	$	20,319,290		$	19,914,755		$	20,964,674
Less: Goodwill and other intangible assets	1,008,250			1,012,232			1,032,189
Total tangible assets (non-GAAP)	$	19,311,040		$	18,902,523		$	19,932,485
Total stockholders’ equity of WSFS (GAAP)	$	2,306,362		$	2,205,113		$	2,520,463
Less: Goodwill and other intangible assets	1,008,250			1,012,232			1,032,189
Total tangible common equity (non-GAAP)	$	1,298,112		$	1,192,881		$	1,488,274
Tangible common book value per share:
Book value per share (GAAP)	$	37.57		$	35.79		$	38.94
Tangible common book value per share (non-GAAP)	21.15			19.36			22.99
Tangible common equity to tangible assets:
Equity to asset ratio (GAAP)	11.35		%	11.07		%	12.02		%
Tangible common equity to tangible assets ratio (non-GAAP)	6.72			6.31			7.47

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

Non-GAAP Reconciliation - continued (o):	Three months ended
	March 31, 2023			December 31, 2022			March 31, 2022
GAAP net income attributable to WSFS	$	62,404		$	84,449		$	3,804
Plus/(less): Pre-tax adjustments: Unrealized loss on equity investments, net, Visa derivative valuation adjustment, and corporate development and restructuring expense	536			1,351			51,555
(Plus)/less: Tax impact of pre-tax adjustments	(134)			(308)			(12,344)
Adjusted net income (non-GAAP) attributable to WSFS	$	62,806		$	85,492		$	43,015
GAAP return on average assets (ROA)	1.27		%	1.69		%	0.07		%
Plus/(less): Pre-tax adjustments: Unrealized loss on equity investments, net, Visa derivative valuation adjustment, and corporate development and restructuring expense	0.01			0.03			0.99
(Plus)/less: Tax impact of pre-tax adjustments	(0.01)			(0.01)			(0.23)
Core ROA (non-GAAP)	1.27		%	1.71		%	0.83		%
Earnings per share (diluted) (GAAP)	$	1.01		$	1.37		$	0.06
Plus/(less): Pre-tax adjustments: Unrealized loss on equity investments, net, Visa derivative valuation adjustment, and corporate development and restructuring expense	0.01			0.02			0.79
(Plus)/less: Tax impact of pre-tax adjustments	—			(0.01)			(0.19)
Core earnings per share (non-GAAP)	$	1.02		$	1.38		$	0.66
Calculation of return on average tangible common equity:
GAAP net income attributable to WSFS	$	62,404		$	84,449		$	3,804
Plus: Tax effected amortization of intangible assets	2,880			2,925			2,980
Net tangible income (non-GAAP)	$	65,284		$	87,374		$	6,784
Average stockholders’ equity of WSFS	$	2,260,262		$	2,128,869		$	2,722,263
Less: Average goodwill and intangible assets	1,010,645			1,014,985			982,800
Net average tangible common equity	$	1,249,617		$	1,113,884		$	1,739,463
Return on average tangible common equity (non-GAAP)	21.19		%	31.12		%	1.58		%

Non-GAAP Reconciliation - continued (o):	Three months ended
	March 31, 2023		December 31, 2022		March 31, 2022
Calculation of PPNR:
Net income (GAAP)	$	62,662	$	84,435	$	3,967
Plus: Income tax provision	20,941		28,032		1,737
Plus: Provision for credit losses	29,011		13,396		18,971
PPNR (non-GAAP)	$	112,614	$	125,863	$	24,675
Plus/(less): Pre-tax adjustments: Unrealized loss on equity investments, net, Visa derivative valuation adjustment, and corporate development and restructuring expense	536		1,351		51,555
Core PPNR (non-GAAP)	$	113,150	$	127,214	$	76,230

	WSFS Bank Center	WSFS Bank Place	22
	500 Delaware Avenue,	1818 Market St,
	Wilmington, Delaware 19801	Philadelphia, PA 19103

	Three months ended
	March 31, 2023
Calculation of effective AOCI
Unrealized losses on AFS securities	$	510,522
Unrealized losses on securities transferred from AFS to HTM	104,338
Unrecognized fair value losses on HTM securities	58,943
Effective AOCI (non-GAAP)	$	673,803

EX-99.2

1 WSFS Financial Corporation 1Q 2023 Earnings Release Supplement April 2023 Exhibit 99.2

2 Forward Looking Statements & Non-GAAP Forward Looking Statements: This presentation contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to significant risks and uncertainties (which change over time) and other factors, including the impacts related to or resulting from recent bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions, ability to successfully integrate and fully realize the cost savings and other benefits of our recent acquisition of Bryn Mawr Bank Corporation (“BMT”), the uncertain effects of public health crises, inflation, interest rates and actions taken in response thereto on our business, results of operations, capital and liquidity, which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties are discussed in detail in the Company's Form 10-K for the year ended December 31, 2022, and other documents filed by the Company with the Securities and Exchange Commission from time to time. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and the Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this presentation, the terms "WSFS", "the Company", "registrant", "we", "us", and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise. Non-GAAP Financial Measures: This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures include Core Earnings Per Share (“EPS”), Core EPS, Core Net Income, Core Return on Equity (“ROE”), Core Efficiency %, Pre-provision Net Revenue (“PPNR”), Core PPNR, PPNR to average assets ratio, Core PPNR to average assets ratio, Core Return on Assets (“ROA”), core net interest income, Core Net Interest Margin (“NIM”), Tangible Common Equity (“TCE”), tangible assets, tangible equity, Return on Tangible Common Equity (“ROTCE”), Core ROTCE, Core Fee Revenue and Core Fee Revenue ratio. These non-GAAP measures also include the calculation of Effective AOCI and its related components, which are further defined in the Appendix. The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these non- GAAP measures to their comparable GAAP measures, see the Appendix. Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders.

3 1Q 2023 Financial Highlights 1Q 2023 Highlights: • Customer deposit growth was flat prior to March 8th, and declined $201 million or 1% (5% annualized) in the full-quarter • Net loan growth of $214 million or 2% (7% annualized) • Loan-to-deposit ratio of 76% • NIM of 4.25% reflects increasing deposit betas and wholesale funding mix partially offset by higher loan yields • Diversified core fee revenue1 of $63.7 million, increased 5% year- over-year; 7% year-over-year growth excluding sale of BMTIA • Net credit costs of $29.0 million primarily driven by impacts of the economic uncertainty and forecast on the quarterly provision and net loan growth 1 These are non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information. 2 Excludes net income that is attributable to noncontrolling interest 3 Tax-equivalent Reported Core1 $ in millions (except per share amounts) 1Q23 4Q22 1Q23 4Q22 EPS $1.01 $1.37 $1.02 $1.38 ROA 1.27% 1.69% 1.27% 1.71% Net Income2 $62.4 $84.4 $62.8 $85.5 PPNR %1 2.28% 2.51% 2.29% 2.54% ROTCE1 21.19% 31.12% 21.32% 31.49% NIM 4.25% 4.49% 4.25% 4.49% Fee Revenue %3 25.6% 25.0% 25.8% 25.2% Efficiency Ratio 54.0% 51.2% 53.9% 50.8% ACL Ratio 1.28% 1.17% 1.28% 1.17% Bank CET1 13.39% 12.86% 13.39% 12.86%

4 Deposit Balance Trends Deposits well diversified by product and Customer mix ($ in millions) Dec 2022 Mar 2022 1Q 2023 $ Growth 1Q 2023 % Growth Non-interest Demand $5,299 $5,739 $6,639 ($440) (8%) Interest Demand Deposits 3,159 3,347 3,292 (188) (6%) Savings 1,967 2,162 2,279 (195) (9%) Money Market 4,002 3,731 4,179 271 7% Total Core Deposits $14,427 $14,979 $16,389 ($552) (4%) Customer Time Deposits 1,453 1,102 1,156 351 32% Total Customer Deposits $15,880 $16,081 $17,545 ($201) (1%) Deposits by Product - 1Q 2023 vs 4Q 2022 Mar 2023 Total Customer Deposit Mix Consumer 46% Commercial 24% Small Business 18% Trust 7% Wealth 5% Customer Deposits By Business Line (in thousands) Accounts Avg. Balance Consumer 400.6 $18 Small Business 55.0 50 Commercial 13.9 275 Wealth 5.2 169 Trust 0.1 12,443 Total 474.8 $33 Non-interest and low interest DDA represent 53% of customer funding (WAC 23bps) 7% 7% 9% 37% 36% 38% 19% 21% 20% 37% 36% 33% 0% 20% 40% 60% 80% 100% 1Q22 4Q22 1Q23 Non-interest Interest-bearing Savings/MM Time

5 Loan Portfolio Trends • Commercial loan growth of $155 million, or 2% (7% annualized) driven by Commercial Mortgages and C&I • Commercial line utilization of 37.0% • Consumer loan growth moderated to $57 million primarily from Spring EQ partnership product (home equity loans) • Upstart portfolio flat at $237 million; 2% of Total Gross Loans Highly diversified loan portfolio Loan Portfolio Composition 1 C&I loans includes Owner-Occupied C&I Loans Commercial Mortgages (CRE) Construction Loans Commercial Leases Residential Mortgage Traditional Consumer Consumer Partnerships 28% 36% 8% 5% 7% 7% 9% Commercial 77% Resi-Mortgage 7% Consumer Lending 16% ($ in millions) Mar 2023 Dec 2022 Mar 2022 1Q23 $ Growth Annualized % Growth C & I Loans1 $4,443 $4,408 $4,384 $35 3% Commercial Mortgages (CRE) 3,473 3,351 3,361 122 15% Construction Loans 1,024 1,044 924 (20) (8%) Commercial Leases 577 559 491 18 13% Total Commercial Loans $9,517 $9,362 $9,160 $155 7% Residential Mortgage (HFS/HFI) 801 782 862 19 10% Consumer Loans 1,868 1,811 1,382 57 13% Total Gross Loans $12,186 $11,955 $11,404 $231 8% Loans - 1Q 2023 vs 4Q 2022

6 Flex, Warehouse, Self- Storage, General Industrial, 10% Special Use & Other, 3% Medical Office, 2% Residential 1-4, 15% Residential Multi-Family, 28% Office, 15% Retail, 27% 3 Commercial Loan Composition1 Hotels, 15% Other Services (except Public Admin), 10% Healthcare & Social Assistance, 9% Construction, 8% Manufacturing, 7% Retail Trade, 7% Finance & Insurance, 6% Professional, Science & Tech. Services, 5% Food Services, 5% Wholesale Trade, 4% Other, 17% C&I and Owner-Occupied $4.4 billion CRE Investor and Construction $4.5 billion 1 As defined by the North American Industry Classification System (NAICS) 2 Office CRE portfolio excludes Medical Office CRE 3 Net loan and leases 4 CBD is Central Business District Granular C&I, CRE, and Construction Portfolios • $662.7 million or 5.5% of loan portfolio3 • $1.9 million average loan size • 14 loans over $10 million each • Largest ~$28 million • 76% Suburban and 24% Urban • 8.2% of Office is located in CBD4 • ~82% of loans with recourse • Portfolio average LTV in the low 60% Office Portfolio2 2 Real Estate Rental and Leasing, 7%

7 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 0.07% 0.08% 0.15% 0.35% 0.80% 4.13% 4.40% 5.12% 5.98% 6.42% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0.0% 0.4% 0.8% 1.2% 1.6% 2.0% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Lo an Y ie ld (% ) Cu st om er D ep os it Co st (% ) Total Deposit Cost Total Loans Ex PAA Yield Deposit Betas3 Net Interest Margin Trends Strong NIM driven by asset sensitive balance sheet, loan-to-deposit ratio of 76%, and diversified deposits Average Deposit Cost and Loan Yield 1 Includes non-interest and interest-bearing; interest-bearing deposits include demand, money market, savings, and customer time deposits 2 Average total loans yield excludes PAA 3 Deposit betas are cumulative for the current cycle; Federal Funds Target rates are end-of-period value 21 3% 7% 15% 28% 0% 2% 4% 9% 19% 0.50% 1.75% 3.25% 4.50% 5.00% -3.00% -1.00% 1.00% 3.00% 5.00% 0% 10% 20% 30% 40% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Fe de ra l F un ds T ar ge t R at e De po sit B et a Interest-bearing Dep Beta Total Dep Beta Fed Funds Target 3.01% 3.40% 3.99% 4.49% 4.25%

8 Liquidity Highlights Diversified deposits with nearly 75% Insured/Protected balances; Bolstered by significant Wholesale Funding Capacity 1 At the consolidated Corp. level 2 Total protected deposits accounts for FDIC insured and collateralized/other protected deposits • 73% of Customer deposits are protected with 64% insured • Granular deposit base with less than 5% in single industry exposure • Readily available/secured wholesale capacity nearly 2 times unprotected deposits • $7.9 billion of readily available/secured wholesale funding includes: • $4.2 billion from FHLB, $2.1 billion from additional pledgeable assets, $1.3 billion from FRB, and $0.2 billion from BTFP • $2.1 billion of uncommitted capacity is also currently available between Fed Funds and Brokered CDs, in addition to the readily available/secured wholesale funding capacity Total Protected Deposits2 $11.6B % of Total Customer Deposits 73% Readily Available/Secured Wholesale Capacity $7.9B % of Total Customer Deposits 50% Wholesale Borrowed $1.1B % of Total Readily Avail./Secured 13% % Readily Avail. and Secured Capacity / Unprotected Deposits 186% Insured Deposits1 $10.1B % of Total Customer Deposits 64% Collateralized/Other Protected Deposits $1.5B % of Total Customer Deposits 9% Liquidity

9 Banking 21% Cash Connect 29% Wealth Management 48% Mortgage 2% • Well-diversified with over 25 discrete lines of business and products within our three main segments: Banking, Wealth Management, and Cash Connect® • Core fee revenue ratio of 25.8% provides earnings stability through interest rate and credit cycles, and economic environments • Core fee revenue totaled $63.7 million, including $30.9 million from Wealth Management Core Fee Revenue Diversified and resilient fee businesses generating a 25.8% Core fee revenue ratio Wealth Management: • Wealth Planning • Investment Strategies • Trust & Estate • Family Office • Structured Finance • Agency Services • Bankruptcy/Default • Philanthropic & Charitable giving • Cash Management • Tax Strategies Banking: • Deposit Service Charges • Credit/Debit & ATM • SBA Loan Sales • Loan Fees & Lease Fees • Capital Markets • Equity-investment earnings • Bank Owned Life Insurance (BOLI) related fee revenue Cash Connect: • WSFS ATMs • ATM Vault Cash • Armored Carrier Mgmt. • Smart Safes • Cash Forecasting & Reconcilement Services • Loss Protection Fees

10 Asset Quality 1 Prior to 1Q23, NPA included accruing TDRs 2 Concentration limits are based on relationship exposure, and Tier-1 + ACL; As of March 31, 2023 3 Based on relationship’s outstanding balances 4 Defined as the sum of CRE Investor and Construction (excluding Owner-Occupied) $618 $568 $473 $462 $417 28.79% 26.24% 23.17% 21.44% 18.65% 10% 15% 20% 25% 30% 35% 40% $300 $400 $500 $600 $700 $800 1Q22 2Q22 3Q22 4Q22 1Q23 M ill io ns Problem Assets % of Tier 1 capital plus ACL Problem Assets $38 $34 $37 $43 $33 0.18% 0.16% 0.19% 0.22% 0.16% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% $0 $20 $40 $60 $80 $100 1Q22 2Q22 3Q22 4Q22 1Q23 M ill io ns Nonperforming Assets % of Total Assets Nonperforming Assets1 $55 $60 $69 $61 $101 0.48% 0.52% 0.59% 0.51% 0.83% 0.0% 0.3% 0.6% 0.9% 1.2% 1.5% $0 $25 $50 $75 $100 $125 $150 $175 $200 1Q22 2Q22 3Q22 4Q22 1Q23 M ill io ns Delinquencies % of Gross Loans Delinquencies $3 $3 $3 $8 $120.12% 0.09% 0.11% 0.26% 0.40% 0.0% 0.2% 0.4% 0.6% 0.8% $0 $4 $8 $12 $16 $20 $24 1Q22 2Q22 3Q22 4Q22 1Q23 M ill io ns Net Charge-offs % of Avg. Gross Loans Net Charge-offs • Problem Assets: Continues post-COVID positive trend • Nonperforming Assets: Remain at stable levels • Delinquencies: Increased primarily due to two C&I long- term problem loan relationships, one still accruing • Net Charge-offs: Slightly higher Commercial charge-offs and normal maturation of NewLane and Upstart portfolios, along with lower recoveries in the quarter 1Q23 Performance • 21 distinct concentration limits; All in compliance • House limit of $100 million (one relationship > limit) • 20 Relationships over $50 million; <9% Gross Loans3 • CRE4 concentration: 222% (300% limit) • Construction concentration: 64% (100% limit) • Retail Unsecured concentration: 19% (20% limit) Concentration Limits2

11 0% 1% 2% 3% 4% 5% 6% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 4Q22 Forecast 1Q23 Forecast ACL Ratio 1 Source: Oxford Economics as of March 2023 2 Hotel loan balances are included in the C&I and Construction segments ACL Overview ACL by Segment Full-Year GDP forecast of 0.9% in 2023 and 0.6% in 20241 Full-Year Unemployment forecast of 4.1% in 2023 and 5.2% in 20241 1Q 2023 ACL Commentary 1.17% 1.28% GDP Growth by Quarter Unemployment by Quarter • Coverage ratio of 1.28% and 1.50% including estimated remaining credit mark on the acquired loan portfolio • ACL increased $17.3 million, or 11%, in 1Q 2023 primarily driven by the economic uncertainty and forecast • Net loan growth was offset by favorable migration in our problem assets -4% -3% -2% -1% 0% 1% 2% 3% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q23 4Q22 Forecast 1Q23 Forecast $80 $100 $120 $140 $160 $180 $200 12/31/2022 Economic Impact Net Loan Growth Migration Other 3/31/2023 1Q 2023 ACL ($mm) $18 $152 ($3) $169 ($5)$7 ($ millions) $ % $ % $ % C&I2 $59.6 2.44% $49.5 1.93% $53.5 2.09% Owner Occupied $6.1 0.33% $6.0 0.33% $6.1 0.33% CRE Investor $23.1 0.67% $21.5 0.64% $30.1 0.87% Construction2 $3.1 0.34% $7.0 0.67% $9.7 0.94% Mortgage $5.0 0.62% $4.7 0.61% $5.3 0.65% Leases $6.1 1.24% $9.9 1.77% $9.2 1.58% HELOC & HEIL $6.8 1.22% $8.7 1.34% $7.8 1.24% Consumer Partnerships $20.9 3.57% $41.1 4.28% $44.0 4.24% Other $5.6 1.76% $3.5 0.27% $3.5 0.27% TOTAL $136.3 1.19% $151.9 1.17% $169.2 1.28% March 31, 2022 December 31, 2022 March 31, 2023

12 Capital Performance All capital ratios remain well-capitalized when including Effective AOCI1 impact; Long-term disciplined policies on Investment Portfolio concentrations, IRR, and Capital support strength 1 Effective AOCI ($673.8) includes AFS, HTM, and HTM unrecognized MTM; reported AOCI of ($618.4M) 2 Investment portfolio value includes market value AFS and adjusted value of HTM 3 Weighted average duration of the MBS portfolio • Total securities (cost) as a percentage of assets of 26.0% • Portfolio to run off to 16% - 18% of total assets over time with $1.1B cashflows over the next 24 months • Investments are high quality, marketable investment grade securities with low credit risk and more than 95% in Agency MBS and Agency Notes Investments 9.77% 9.70% 11.03% 6.72% 3.62% 0.87% 3.53% 2.05% 13.39% 10.57% 14.56% 8.77% 0% 4% 8% 12% 16% Bank CET1 Bank Leverage Bank TRBC Corp. TCE Effective AOCI Well-capitalized Reported 1Q23 Capital Ratios with Effective AOCI Impact +/- 50bps Rate Sensitivity: • AOCI -/+ ~$80 million • All capital ratios impacted -/+ ~55bps Investment Portfolio2 $5.2B % of Total Assets 26% Effective AOCI ($673.8M) % of Inv. Portfolio (13%) Portfolio Duration3 6.0yrs Portfolio Cashflow per yr. ~$550M AFS $4.1B HTM $1.1B

13 3 2023 Core Outlook Loan Growth Deposit Growth Net Interest Margin Fee Revenue Growth Provision Costs Efficiency Ratio ROA2 PPNR 1 The Company is not able to reconcile the forward-looking non-GAAP estimates set forth above to their most directly comparable GAAP estimates without unreasonable efforts because it is unable to predict, forecast or determine the probable significance of the items impacting these estimates with a reasonable degree of accuracy 2 25% effective tax rate assumed 3 Source: Oxford Economics as of December 2022 Original FY Core Outlook1 Mid-single digit growth Relatively flat Range of 4.35% - 4.45%; Mid-to-high single digit growth 0.40% - 0.50% of average loans Mid 50s +/- 1.50% +/- 2.30% 1Q23 Actuals Commentary 2% QoQ (1%) QoQ 4.25% 5% YoY 0.24% of average loans 53.9% 1.27% 2.29% Driven by CRE and moderated Consumer loan growth Continued excess liquidity normalization Higher loan yields, deposit betas and wholesale funding mix Primarily related to Cash Connect growth; 7% excluding BMTIA sale Economic uncertainty and forecast, and net loan growth Continued cost discipline Strong PPNR combined with credit costs Strong NIM and Fee Revenue Original Outlook assumed a relatively flat interest rate environment and flat full-year GDP growth including a mild recession in 2H3

14 Non-GAAP Financial Information Appendix:

15 Non-GAAP Information This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). This presentation may include the following non-GAAP measures: • Adjusted Net Income (non-GAAP) attributable to WSFS is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the unrealized losses on equity investments, net, Visa derivative valuation adjustment, and corporate development and restructuring expense; • Core noninterest income, also called Core Fee Revenue, is a non-GAAP measure that adjusts noninterest income as determined in accordance with GAAP to exclude the impact of unrealized losses on equity investments, net, and Visa derivative valuation adjustment; • Core fee revenue ratio (%) is a non-GAAP measure that divides (i) Core Fee Revenue by (ii) Core Net Revenue (tax-equivalent); • Core net interest income is a non-GAAP measure that adjusts net interest income to exclude the impact of certain dividends; • Core Earnings Per Share (EPS) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) weighted average shares of common stock outstanding for the applicable period; • Core Net Revenue is a non-GAAP measure that adds (i) core net interest income and (ii) Core Fee Revenue; • Core noninterest expense is a non-GAAP measure that adjusts noninterest expense as determined in accordance with GAAP to exclude corporate development and restructuring expenses; • Core Efficiency Ratio is a non-GAAP measure that divides (i) core noninterest expense by (ii) the sum of core interest income and Core Fee Revenue; • Core Return on Average Assets (ROA) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) average assets for the applicable period; • Tangible Common Equity (TCE) is a non-GAAP measure and is defined as total stockholders’ equity of WSFS less goodwill and other intangible assets; • TCE Ratio is a non-GAAP measure that divides (i) TCE by (ii) tangible assets; • Tangible assets is a non-GAAP measure and is defined as total assets less goodwill and other intangible assets; • Return on average tangible common equity (ROTCE) is a non-GAAP measure and is defined as net tangible income divided by tangible common equity; • Core ROTCE is a non-GAAP measure that is defined as core net tangible income divided by tangible common equity; • Net tangible income is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the amortization of intangible assets; • Core net tangible income is a non-GAAP measure that adjusts adjusted net income (non-GAAP) attributable to WSFS to exclude the impact of the amortization of intangible assets • Pre-provision Net Revenue (PPNR) is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for credit losses; • Core PPNR is a non-GAAP measure that adjusts PPNR to exclude the impact of unrealized losses on equity investments, net, Visa derivative valuation adjustment, and corporate development and restructuring expenses; • PPNR % is a non-GAAP measure that divides (i) PPNR (annualized) by (ii) average assets for the applicable period; • Core PPNR % is a non-GAAP measure that divides (i) core PPNR (annualized) by (ii) average assets for the applicable period; and • Core Return on Average Equity (ROE) is a non-GAAP measure that divides (i) Adjusted Net Income (non-GAAP) attributable to WSFS by (ii) average stockholders’ equity for the applicable period. • Effective AOCI is a non-GAAP measure that adds (i) unrealized losses on AFS securities, (ii) unrealized holding losses on securities transferred from AFS to HTM, and (iii) unrecognized fair value losses on HTM securities; • Adjusted risk weighted assets is a non-GAAP measure that adjusts the Bank’s risk weighted assets determined in accordance with GAAP to exclude our AFS and HTM securities; • Adjusted average assets is a non-GAAP measure that adjusts the Bank’s average assets determined in accordance with GAAP to exclude our AFS and HTM securities; • Adjusted tangible assets is a non-GAAP measure that adjusts risk weighted assets determined in accordance with GAAP to exclude our AFS and HTM securities ; • Adjusted TCE is a non-GAAP measure that adjusts TCE to exclude unrecognized fair value losses on HTM securities; • Adjusted TCE ratio is a non-GAAP measure (i) adjusted TCE by (ii) adjusted tangible assets; • Adjusted total risk-based capital is a non-GAAP measure that adjusts total risk-based capital determined in accordance with GAAP to exclude effective AOCI; • Adjusted total risk-based capital ratio is a non-GAAP measure that divides (i) adjusted total risk-based capital by (ii) adjusted risk weighted assets; • Adjusted common equity Tier 1 capital is a non-GAAP measure that adjusts common equity Tier 1 capital determined in accordance with GAAP to exclude effective AOCI; • Adjusted common equity Tier 1 capital ratio is a non-GAAP measure that divides (i) adjusted common equity Tier 1 capital by (ii) adjusted risk weighted assets; • Adjusted Tier 1 capital is a non-GAAP measure that adjusts Tier 1 capital determined in accordance with GAAP to exclude effective AOCI; • Adjusted Tier 1 leverage ratio is a non-GAAP measure that divides (i) adjusted Tier 1 capital by (ii) adjusted average assets.

16 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands) March 31, 2023 December 31, 2022 March 31, 2022 Net interest income (GAAP) $ 182,532 $ 193,886 $ 138,558 Core net interest income (non-GAAP) $ 182,532 $ 193,886 $ 138,558 Noninterest income (GAAP) $ 63,127 $ 64,880 $ 60,574 Plus: Unrealized loss on equity investments, net (4) (8) (3) Plus: Visa Derivative valuation adjustment (553) (592) — Core fee revenue (non-GAAP) $ 63,684 $ 65,480 $ 60,577 Core net revenue (non-GAAP) $ 246,216 $ 259,366 $ 199,135 Core net revenue (non-GAAP) (tax- equivalent) $ 246,859 $ 260,058 $ 199,349 Noninterest expense (GAAP) $ 133,045 $ 132,903 $ 174,457 Less: Corporate development expense 740 1,070 34,038 (Plus)/less: Restructuring expense (761) (319) 17,514 Core noninterest expense (non-GAAP) $ 133,066 $ 132,152 $ 122,905 Core efficiency ratio (non-GAAP) 53.9% 50.8% 61.7% Core fee revenue ratio (non-GAAP)(tax- equivalent) 25.8% 25.2% 30.4% Three Months Ended (dollars in thousands) March 31, 2023 December 31, 2022 March 31, 2022 Calculation of tangible common equity ratio: Total Assets (GAAP) $ 20,319,290 $ 19,914,755 $ 20,964,674 Less: Goodwill and other intangible assets 1,008,250 1,012,232 1,032,189 Total tangible assets (non-GAAP) $ 19,311,040 $ 18,902,523 $ 19,932,485 Total stockholders’ equity of WSFS (GAAP) 2,306,362 2,205,113 2,520,463 Less: Goodwill and other intangible assets 1,008,250 1,012,232 1,032,189 Total tangible common equity (non-GAAP) $ 1,298,112 $ 1,192,881 $ 1,488,274 Equity to asset ratio (GAAP) 11.35% 11.07% 12.02% Tangible common equity to tangible assets ratio (non-GAAP) 6.72% 6.31% 7.47%

17 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands, except per share data) March 31, 2023 December 31, 2022 March 31, 2022 GAAP net income attributable to WSFS $ 62,404 $ 84,449 $ 3,804 Plus/(less): Pre-tax adjustments1 536 1,351 51,555 (Plus)/less: Tax impact of pre-tax adjustments (134) (308) (12,344) Adjusted net income (non-GAAP) attributable to WSFS $ 62,806 $ 85,492 $ 43,015 Net income (GAAP) $ 62,662 $ 84,435 $ 3,967 Plus: Income tax provision 20,941 28,032 1,737 Less: Provision for credit losses 29,011 13,396 18,971 PPNR (Non-GAAP) $ 112,614 $ 125,863 $ 24,675 Plus/(less): Pre-tax adjustments1 536 1,351 51,555 Core PPNR (Non-GAAP) $ 113,150 $ 127,214 $ 76,230 Average Assets $ 20,002,438 $ 19,876,322 $ 21,019,892 PPNR % (Non-GAAP) 2.28% 2.51% 0.48% Core PPNR % (Non-GAAP) 2.29% 2.54% 1.47% GAAP return on average assets (ROA) 1.27% 1.69% 0.07% Plus/(less): Pre-tax adjustments1 0.01 0.03 0.99 (Plus)/less: Tax impact of pre-tax adjustments (0.01) (0.01) (0.23) Core ROA (non-GAAP) 1.27% 1.71% 0.83% Earnings per share (diluted)(GAAP) $ 1.01 $ 1.37 $ 0.06 Plus/(less): Pre-tax adjustments1 0.01 0.02 0.79 (Plus)/less: Tax impact of pre-tax adjustments — (0.01) (0.19) Core earnings per share (non-GAAP) $ 1.02 $ 1.38 $ 0.66 1 Pre-tax adjustments include unrealized loss on equity investments, net, Visa derivative valuation adjustment, and corporate development and restructuring expense,

18 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands) March 31, 2023 December 31, 2022 March 31, 2022 Calculation of return on average tangible common equity: GAAP net income attributable to WSFS​ $ 62,404 $ 84,449 $ 3,804 Plus: Tax effected amortization of intangible assets​ 2,880 2,925 2,980 Net tangible income (non-GAAP)​ $ 65,284 $ 87,374 $ 6,784 Average stockholders' equity of WSFS​ $ 2,260,262 $ 2,128,869 $ 2,722,263 Less: Average goodwill and intangible assets​ 1,010,645 1,014,985 982,800 Net average tangible common equity​ $ 1,249,617 $ 1,113,884 $ 1,739,463 Return on average equity (GAAP) 11.20% 15.74% 0.57% Return on average tangible common equity (non-GAAP) 21.19% 31.12% 1.58% Calculation of core return on average tangible common equity: Adjusted net income (non-GAAP) attributable to WSFS​ $ 62,806 $ 85,492 $ 43,015 Plus: Tax effected amortization of intangible assets​ 2,880 2,925 2,980 Core net tangible income (non-GAAP)​ $ 65,686 $ 88,417 $ 45,995 Net average tangible common equity​ $ 1,249,617 $ 1,113,884 $ 1,739,463 Core return on average equity (non-GAAP) 11.27% 15.93% 6.41% Core return on average tangible common equity (non-GAAP) 21.32% 31.49% 10.72%

19 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands) March 31, 2023 Calculation of Effective AOCI Unrealized lossses on AFS securities $ 510,522 Unrealized holding losses on securities transferred from AFS to HTM 104,338 Unrecognized fair value losses on HTM securities 58,943 Effective AOCI (non-GAAP) $ 673,803 Calculation of adjusted common equity Tier 1 capital Common equity Tier 1 capital $ 2,065,564 Less: Effective AOCI (non-GAAP) 673,803 Adjusted common equity Tier 1 capital (non-GAAP) $ 1,391,761 Risk Weighted Assets $ 15,428,927 Less: Debt Securities 1,176,517 Adjusted Risk Weighted Assets (non-GAAP) $ 14,252,410 Common equity Tier 1 capital 13.39% Adjusted common equity Tier 1 capital (non-GAAP) 9.77% Calculation of adjusted total risk-based capital Total risk-based capital $ 2,246,415 Less: Effective AOCI (non-GAAP) 673,803 Adjusted total risk-based capital (non-GAAP) $ 1,572,612 Risk Weighted Assets $ 15,428,927 Adjusted Risk Weighted Assets (non-GAAP) $ 14,252,410 Total risk-based capital 14.56% Adjusted total risk-based capital (non-GAAP) 11.03% Three Months Ended (dollars in thousands) March 31, 2023 Calculation of adjusted Tier 1 leverage Tier 1 capital $ 2,065,564 Less: Effective AOCI (non-GAAP) 673,803 Adjusted Tier 1 capital (non-GAAP) $ 1,391,761 Average assets $ 19,542,018 Less: Average debt securities 5,200,267 Adjusted average assets $ 14,341,751 Tier 1 leverage 10.57% Adjusted Tier 1 leverage (non-GAAP) 9.70% Calculation of adjusted TCE ratio Total tangible assets (non-GAAP) $ 19,311,040 Less: Debt securities 5,181,267 Adjusted tangible assets (non-GAAP) $ 14,129,773 Total tangible common equity (non-GAAP) $ 1,298,112 Less: Unrecognized fair value losses on HTM securities 58,943 Adjusted tangible common equity (non-GAAP) $ 1,239,169 Tangible common equity to tangible assets ratio (non-GAAP) 6.72% Adjusted tangible common equity to tangible assets ratio (non-GAAP) 8.77%

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COVER PAGE	Apr. 24, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 24, 2023
Entity Registrant Name	WSFS Financial Corporation
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35638
Entity Tax Identification Number	22-2866913
Entity Address, Address Line One	500 Delaware Ave
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19801
City Area Code	302
Local Phone Number	792-6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	WSFS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000828944