Company Overview - Citizens Financial Group, Inc. (CFG) has a healthy loan and deposit base, with loans and leases and deposits recording a CAGR of 6.3% and 6.4% respectively over the last three years [1] - WSFS Financial Corporation has $20.6 billion in assets and $80.5 billion in assets under management as of March 31, 2024, operating from 114 offices across multiple states [4] - HomeStreet, Inc. has total assets of $9.5 billion and is engaged in commercial banking, mortgage banking, and consumer/retail banking activities [28] Financial Performance - CFG's market capitalization is $16.69 billion, with a current-year earnings per share estimate of $3.16 [1] - WSFS has a market capitalization of $2.82 billion, with a current-year earnings estimate of $4.27, indicating a 6.2% year-over-year decline [6] - HomeStreet's revenues for 2024 are expected to be $176 million, with shares gaining 9% in the past year [30] Industry Trends - The Zacks Savings and Loan industry is facing challenges due to high interest rates, which have led to increased funding costs and pressure on net interest income (NII) [8][10] - The industry is currently ranked 190 by Zacks, placing it in the bottom 24% of over 250 Zacks industries, indicating bleak near-term prospects [14] - The industry's earnings estimates for 2024 have moved 39.2% downward over the past year, reflecting a loss of confidence in earnings growth potential [15] Growth Outlook - CFG's total deposits continued to grow in the first quarter of 2024, driven by retail and private banking [1] - WSFS expects mid-single-digit loan growth and low-single-digit deposit growth for 2024, with net interest margin projected to be in the range of 3.80-3.90% [5] - HomeStreet's merger with FirstSun Capital Bancorp is expected to create a leading regional bank with $17 billion in total assets, enhancing its market presence [31] Valuation Metrics - The Zacks Savings and Loan industry has a trailing 12-month P/TBV of 1.25X, below the median level of 1.37X over the past five years [20] - The industry is trading at a discount compared to the S&P 500, which has a trailing 12-month P/TBV ratio of 15.32X [26]

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 quarterly period ended March 31, 2024 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 juri ...

Financial Data and Key Metrics Changes - The company reported core earnings per share of $1.11, core return on tangible common equity of 19.2%, and core return on assets of 1.31% for Q1 2024 [6] - The core net interest margin was 3.84%, with an interest-bearing deposit beta of 47% [9] - Average deposit balances increased by 4.9% annualized linked quarter, while quarter-end customer deposits were up 3% linked quarter [8] Business Line Data and Key Metrics Changes - Gross loan growth was 2% linked quarter or 7% annualized, with growth across commercial mortgage, consumer, and C&I books [7] - Core fee revenue increased by 2.7% linked quarter, excluding income from the equity position in Spring EQ [10] - The core efficiency ratio stood at 58.6%, with noninterest expenses increasing by $7.2 million or 5% linked quarter [11] Market Data and Key Metrics Changes - Asset quality remained stable, with problem loans and delinquencies flat at 4.41% and 81 basis points of gross loans, respectively [13] - Net charge-offs decreased to 27 basis points of average gross loans, including a net recovery [13] Company Strategy and Development Direction - The company is focused on delivering top-quintile financial performance in 2024 and is tracking well to the full-year outlook communicated in January [14] - There is no current focus on traditional bank M&A, as the company believes it is uniquely positioned for significant organic growth [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to return to profitability levels in the Cash Connect business as they optimize cash usage [19] - The company anticipates a plateauing of net interest margin in Q2, with expectations of recovery in the second half of the year [32] Other Important Information - The company added 4,336 serviced non-bank ATMs during the quarter due to the exit of a large industry participant [12] - A one-time adjustment of $1.3 million in deferred revenue impacted wealth management revenue this quarter [26] Q&A Session Summary Question: Market share and competitor exit in Cash Connect - Management confirmed that U.S. Bancorp exited the space, allowing the company to add approximately 12,000 units [16] Question: Strategic shift regarding Upstart partnership - Management indicated that the Upstart partnership was paused due to unsatisfactory returns on cross-sell opportunities, but they remain well-reserved for expected losses [21][22] Question: M&A appetite and deposit discussions - Management stated that they are not currently focused on traditional bank M&A but continue to invest in wealth and commercial areas [24] Question: Wealth management and deferred revenue - A one-time item related to deferred revenue adjustment was clarified, with expectations of recovery in future quarters [26] Question: NIM outlook and deposit costs - Management discussed the impact of rising deposit costs on NIM, with expectations of stabilization and recovery in the second half of the year [30][32] Question: Charge-offs and guidance - Management expects charge-offs to plateau and potentially decline, particularly in the Upstart portfolio [39] Question: Loan growth and pipelines - The commercial bank's pipeline remains strong, with no significant impact from high rates on demand [42]

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 ...