WSFS Financial Corporation 1 1Q 2024 Earnings Release Supplement April 2024 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 objec ...

Financial Performance - WSFS reported a 1Q 2024 ROA of 1.28% and EPS of $1.09, with annualized loan growth of 7%[1] - Total net revenue for 1Q 2024 was $251.1 million, a decrease of 5.4% from $265.3 million in 4Q 2023[2] - Core EPS was $1.11, down from $1.15 in 4Q 2023, while core ROA decreased to 1.31% from 1.36%[4] - Net income attributable to WSFS increased to $65.8 million in Q1 2024, compared to $62.4 million in Q1 2023, with diluted earnings per share rising to $1.09[42] - GAAP net income attributable to WSFS for Q1 2024 was $65,761 thousand, an increase of 5.4% compared to $62,404 thousand in Q1 2023[49] Revenue and Income - Core fee revenue decreased by $1.5 million, or 2%, to $76.5 million compared to Q4 2023, but increased by $12.8 million, or 20%, compared to Q1 2023[21] - Noninterest income decreased to $75.9 million in Q1 2024 from $87.2 million in Q4 2023, with notable declines in investment management and fiduciary revenue[42] - Noninterest income (GAAP) for Q1 2024 was $75,857 thousand, a significant increase of 20.3% from $63,127 thousand in Q1 2023[48] - Cash Connect net revenue increased by $5.1 million to $24.1 million in Q1 2024 compared to Q4 2023, and by $8.6 million compared to Q1 2023[37] Assets and Loans - As of March 31, 2024, WSFS Financial Corporation had $20.6 billion in assets and $80.5 billion in assets under management and administration[40] - Total assets as of March 31, 2024, were $20.58 billion, slightly down from $20.59 billion at the end of 2023 but up from $20.32 billion a year ago[44] - Net loans and leases increased to $12.82 billion in Q1 2024, compared to $12.61 billion in Q4 2023 and $12.02 billion in Q1 2023[44] - Total loans and leases reached $12,885,965 thousand, generating $224,703 thousand in interest income, reflecting a yield of 7.02%[45] Deposits and Funding - Customer deposits decreased by $235.2 million, or 1% (6% annualized), primarily due to a reduction in corporate trust deposits[11] - Total customer deposits decreased to $16.19 billion in Q1 2024 from $16.42 billion in Q4 2023, but increased from $15.88 billion in Q1 2023[44] - The loan-to-deposit ratio was 79% at March 31, 2024, indicating continued capacity for future loan growth[12] Expenses and Efficiency - Core noninterest expense increased by $7.8 million, or 6%, to $147.6 million compared to Q4 2023, with a core efficiency ratio of 58.6%[23] - Noninterest expense increased by $6.0 million from Q4 2023 to $23.3 million in Q1 2024, primarily due to higher funding costs and onboarding costs for new units[37] - The efficiency ratio for Q1 2024 was 59.28%, higher than 55.56% in Q4 2023 and 54.02% in Q1 2023[43] Capital and Equity - Total stockholders' equity decreased by $4.2 million, or less than 1%, primarily due to a decrease in accumulated other comprehensive income[27] - Tangible common equity increased by $0.1 million, with a tangible common equity to tangible assets ratio of 7.52% as of March 31, 2024[28] - Total stockholders' equity of WSFS as of March 31, 2024, was $2,473,481 thousand, an increase from $2,306,362 thousand in Q1 2023[48] Credit Quality - Problem assets increased to $573.2 million as of March 31, 2024, up from $555.7 million at December 31, 2023, and $416.7 million at March 31, 2023[17] - Nonperforming assets decreased by $8.6 million to $67.2 million, representing 0.33% of total assets, down from 0.37% at December 31, 2023[18] - The allowance for credit losses increased to $192.64 million in Q1 2024 from $186.13 million in Q4 2023 and $169.17 million in Q1 2023[44] Shareholder Returns - WSFS repurchased 492,368 shares of common stock at an average price of $42.62 per share, totaling $21.0 million[7] - The Board of Directors approved a quarterly cash dividend of $0.15 per share, payable on May 24, 2024[29]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35638 WSFS FINANCIAL CORPORATION (Exact Name of Registrant as Specified in its Charter) | Delaware | 22-2866913 | | --- | --- | | (State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identifi ...

Financial Data and Key Metrics Changes - WSFS Financial Corporation reported full year core earnings per share of $4.55, core return on tangible common equity of 22.48%, and core return on assets of 1.38%, all exceeding 2022 levels [5][6] - Customer deposit growth was 3% linked quarter or 13% annualized, with a full year customer deposit growth of 2% [6][7] - Loan growth was 1% linked quarter or 3% annualized, with a full year loan growth of 7% and a year-end loan-to-deposit ratio of 77% [7][8] - Core net interest margin for the quarter was 3.99%, with interest-bearing deposit beta at 44% [8] - Core fee revenue growth was 6% linked quarter and 10% for the full year, with a core fee revenue ratio of 30.4% in the fourth quarter [8][9] - The core efficiency ratio was 54.5% for the quarter, which would have been 56.2% excluding favorable one-time adjustments [9] Business Line Data and Key Metrics Changes - Growth in core fee revenue was driven by Wealth and Trust, Cash Connect, and Capital Markets businesses [8] - The Cash Connect business is expected to continue double-digit growth into 2024 due to market share gains from a competitor exiting the market [25][26] - The Wealth Management business is seeing strong pipelines and integration with commercial and consumer banking, contributing to growth in assets under management (AUM) [26] Market Data and Key Metrics Changes - The company expects a full year core return on assets of around 1.20% for 2024, assuming no interest rate cuts [12] - The loan-to-deposit ratio of 77% and consistent cash flows from the securities portfolio provide opportunities for relationship-based loans [14] Company Strategy and Development Direction - The company aims for top-quartile performance through a diverse business model and multiple strategies [13] - Continued investment in technology and hiring is planned to support long-term growth [39] - The company is looking at potential acquisitions in the fee business, although nothing is currently included in the guidance [53] Management's Comments on Operating Environment and Future Outlook - Management noted that recent economic data and comments from central banks have tempered expectations for lower interest rates [12] - The company anticipates net charge-offs to be between 50 and 60 basis points of average loans for the year, primarily driven by Upstart and NewLane [17] - Management expressed confidence in the stability of credit metrics and the ability to absorb unfavorable economic developments [19] Other Important Information - The balance sheet remains strong with an allowance for credit losses (ACL) coverage of 1.35% [10] - The company is focused on maintaining a strong capital position to capitalize on market opportunities and enhance shareholder returns [19] Q&A Session Summary Question: Clarification on NIM and rate cuts - Management agreed that each rate cut could lower the net interest margin by approximately 5 basis points, with the full impact not felt in 2024 if cuts occur in the second half [21][22] Question: Fee growth opportunities - Management highlighted strong growth opportunities in Wealth and Cash Connect, with confidence in double-digit growth for 2024 [24][26] Question: Consumer charge-offs and credit environment - Management noted stable charge-offs in unsecured consumer credit, with Upstart being the primary area of concern [27][28] Question: Buyback strategy - Management reiterated that their capital return philosophy remains unchanged, with routine buybacks supplementing dividends [31] Question: Loan growth expectations - Management expects mid-single digit loan growth across all segments for 2024, despite elevated payoffs in the C&I segment [54][55]

For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35638 WSFS FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 22-2866913 (State or other ...

WSFS Financial Corporation (NASDAQ:WSFS) Q3 2023 Results Earnings Conference Call October 24, 2023 1:00 PM ET Company Participants Arthur Bacci - Executive Vice President, Chief Wealth Officer and Interim Chief Financial Officer Rodger Levenson - Chairman, President and Chief Executive Officer Stephen Clark - Executive Vice President and Chief Commercial Banking Officer Conference Call Participants Frank Schiraldi - Piper Sandler Russell Gunther - Stephens, Inc. Feddie Strickland - Janney Montgomery Scott M ...

WSFS Financial Corporation 1 3Q 2023 Earnings Release Supplement October 2023 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 obj ...

Financial Position - As of June 30, 2023, WSFS Financial Corporation had total assets of $20.4 billion and assets under management (AUM) and assets under administration (AUA) of $67.9 billion[203]. - The total loan and lease portfolio was $12.3 billion, with a commercial loan and lease portfolio of $9.6 billion[205]. - Stockholders' equity increased by $109.5 million from December 31, 2022, primarily due to $131.1 million in earnings[210]. - The book value per share of common stock was $37.89, an increase of $2.10 from $35.79 at December 31, 2022[212]. - As of June 30, 2023, the company had $1.1 billion in cash, cash equivalents, and restricted cash, with uninsured deposits estimated at $6.0 billion, representing 37% of total customer deposits[218]. - The company's readily available, secured borrowing capacity was $5.2 billion from the FHLB and $0.2 billion through the Federal Reserve Discount Window, with a ratio of secured borrowing capacity to estimated unprotected deposits at 186%[219]. - As of June 30, 2023, tangible common equity was $1,310,381 thousand, compared to $1,192,881 thousand as of December 31, 2022[251]. Income and Expenses - Net income for the three months ended June 30, 2023, was $68.7 million, an increase from $60.7 million for the same period in 2022[231]. - For the six months ended June 30, 2023, net income was $131.1 million, compared to $64.5 million for the same period in 2022[232]. - Noninterest income decreased by $5.2 million, mainly from declines in banking fees and capital markets income[233]. - Noninterest expense rose by $7.2 million, driven by higher variable operating costs and salaries[233]. - Noninterest income for the six months ended June 30, 2023, was $130.0 million, a decrease of $2.6 million from $132.6 million in the same period of 2022[244]. - Noninterest expense for the three months ended June 30, 2023, was $141.3 million, an increase of $7.2 million from $134.0 million for the same period in 2022[245]. Credit and Loans - The allowance for credit losses (ACL) on loans and leases increased by $29.9 million due to economic forecast impacts and net loan originations[209]. - The ratio of allowance for credit losses to total loans and leases was 1.28% as of June 30, 2023, compared to 1.17% at December 31, 2022[224]. - The provision for credit losses for the three months ended June 30, 2023, was $15.8 million, an increase of $7.6 million compared to $8.3 million for the same period in 2022[239]. - The provision for credit losses for the six months ended June 30, 2023 increased by $17.6 million due to economic uncertainty[233]. - The net charge-offs for the six months ended June 30, 2023, were $24,835 thousand, with a ratio of net charge-offs to average gross loans at 0.41%[242]. Interest Income and Margin - Net interest income increased by $28.2 million due to the rising interest rate environment and balance sheet size and mix[233]. - For the six months ended June 30, 2023, net interest income increased by $72.2 million compared to the same period in 2022[233]. - The net interest margin for the six months ended June 30, 2023, was 4.18%, a 98 basis point increase from 3.20% in the same period of 2022[237]. - Total interest-earning assets amounted to $17.78 billion with a net interest margin of 4.11% for the three months ended June 30, 2023[234]. - The interest rate spread for the six months ended June 30, 2023, was 3.56%, compared to 3.12% for the same period in 2022[236]. Asset Quality - Total nonperforming assets decreased by $9.8 million from December 31, 2022, to June 30, 2023, with a nonperforming assets to total assets ratio of 0.16%[224]. - The allowance for credit losses increased to $171.9 million at June 30, 2023, from $151.9 million at December 31, 2022, with a ratio of allowance for credit losses to total loans and leases at 1.28%[241]. Shareholder Actions - The company repurchased 357,278 shares of common stock at an average price of $38.32 per share, totaling approximately $13.7 million during the quarter[209]. - As of June 30, 2023, WSFS had $135.0 million in cash reserved for share repurchases, dividends, acquisitions, and strategic growth plans[215]. Economic Environment - The economic value of equity ratio decreased to 20.99% in a stable interest rate environment as of June 30, 2023, from 23.87% at December 31, 2022[230]. - The FDIC proposed a special deposit insurance assessment of 3.13 basis points on uninsured deposits exceeding $5 billion, applicable starting Q1 2024[256].

WSFS Financial Corporation (NASDAQ:WSFS) Q2 2023 Earnings Conference Call July 25, 2023 1:00 PM ET Company Participants Dominic Canuso - CFO Rodger Levenson - Chairman, President & CEO Art Bacci - Chief Wealth Officer Steve Clark - Chief Commercial Banking Officer Shari Kruzinski - Chief Consumer Banking Officer Conference Call Participants Frank Schiraldi - Piper Sandler Michael Perito - KBW Feddie Strickland - Janney Montgomery Scott Manuel Navas - D.A. Davidson Russell Gunther - Stephens Operator Ladies ...

Financial Position - As of March 31, 2023, WSFS Financial Corporation had total assets of $20.3 billion and assets under management (AUM) and assets under administration (AUA) of $65.6 billion[191][195]. - Total assets increased by $404.5 million from December 31, 2022, while total liabilities rose by $303.1 million[198]. - Stockholders' equity increased by $101.2 million, primarily due to $62.4 million in earnings[198]. - Book value per share of common stock was $37.57, an increase of $1.78 from $35.79 at December 31, 2022[200]. - Stockholders' equity increased to $2,306,362 thousand as of March 31, 2023, from $2,205,113 thousand as of December 31, 2022[235]. - Tangible common equity increased to $1,298,112 thousand as of March 31, 2023, compared to $1,192,881 thousand as of December 31, 2022[235]. Loan and Lease Portfolio - The total loan and lease portfolio amounted to $12.1 billion, with a commercial loan and lease portfolio of $9.5 billion[193]. - The total loans and leases increased to $12.04 billion in Q1 2023 from $11.42 billion in Q1 2022, with significant growth in commercial loans and consumer loans[222]. - The company had total commitments to extend credit of $3.8 billion as of March 31, 2023[209]. Income and Expenses - Net income for the three months ended March 31, 2023, was $62.4 million, a significant increase from $3.8 million for the same period in 2022[219]. - Net interest income increased by $44.0 million, driven by the balance sheet size and mix along with the rising interest rate environment[221]. - Noninterest income increased by $2.6 million, attributed to higher Cash Connect income, despite declines in mortgage banking fees and other income sources[221]. - Noninterest expense decreased by $41.4 million, primarily due to higher corporate development and restructuring costs from the combination with Bryn Mawr Bank Corporation in 2022[221]. - Noninterest expense for the three months ended March 31, 2023, was $133.0 million, a decrease of $41.4 million (23.7%) from $174.5 million for the same period in 2022[229]. - Income tax expense increased to $20.9 million for the three months ended March 31, 2023, compared to $1.7 million for the same period in 2022[230]. - The effective tax rate decreased to 25.0% for the three months ended March 31, 2023, from 30.5% for the same period in 2022[231]. Credit Quality - The allowance for credit losses (ACL) on loans and leases increased by $17.3 million due to economic forecast impacts and net loan originations[197]. - Total nonperforming assets decreased by $10.2 million from December 31, 2022, to March 31, 2023, with a ratio of nonperforming assets to total assets at 0.16%[212]. - The ratio of allowance for credit losses to total loans and leases was 1.28% as of March 31, 2023, compared to 1.17% at December 31, 2022[212]. - The provision for credit losses rose by $10.0 million due to economic uncertainty and net loan growth[221]. - The provision for credit losses was $29.0 million for Q1 2023, up from $19.0 million in Q1 2022, reflecting economic uncertainty and net loan growth[225]. - The allowance for credit losses rose to $169.2 million as of March 31, 2023, from $151.9 million at December 31, 2022, with a ratio of allowance to total loans and leases at 1.28%[226]. - The company recorded net charge-offs of $11.7 million for Q1 2023, with a net charge-off ratio of 0.40%[227]. Interest Rates and Margins - The net interest margin improved to 4.25% in Q1 2023, a 124 basis point increase from 3.01% in Q1 2022, driven by a favorable increase of 102 basis points from the asset-sensitive balance sheet[223]. - The interest rate spread widened to 3.71% in Q1 2023 from 2.93% in Q1 2022, reflecting the rising interest rate environment[223]. - Interest-sensitive assets exceeded interest-bearing liabilities maturing or repricing within one year by $679.1 million as of March 31, 2023[216]. Cash Management - The Cash Connect business managed approximately $1.7 billion in total cash and serviced about 26,100 non-bank ATMs nationwide[193]. - As of March 31, 2023, the company had a readily available, secured borrowing capacity of $4.2 billion from the FHLB, $1.3 billion through the Federal Reserve Discount Window, and $0.2 billion through the Bank Term Funding Program[207]. Regulatory and Compliance - Estimated uninsured deposits were $5.8 billion, or 36% of total customer deposits, as of March 31, 2023[206]. - The company is evaluating the impact of the new small business lending data collection rule finalized by the CFPB on March 30, 2023[240]. - The transition from LIBOR is expected to span several reporting periods through June 2023, with efforts led by a cross-functional team[244]. - The company is actively migrating its existing LIBOR indexed loan portfolio away from the LIBOR index, primarily to Term SOFR[244]. - The company had approximately $2.5 billion of loans and $2.0 billion of derivatives indexed to LIBOR as of March 31, 2023[243].