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

July 23, 2020

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 July 23, 2020, the Registrant issued a press release to report earnings for the quarter ended June 30, 2020. Copies of the press release and 2Q 2020 Earnings Release Supplement are furnished with this Form 8-K as exhibits.

Item 9.01 Financial Statements and Other Exhibits

(d) Exhibits.

99.1 Press Release, dated July 23, 2020

99.2 2Q 2020 Earnings Release Supplement

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:	July 23, 2020	By:	/s/ Dominic C. Canuso
			Dominic C. Canuso Executive Vice President and Chief Financial Officer

EX-99.1

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

	EXHIBIT 99.1
FOR IMMEDIATE RELEASE	Investor Relations Contact: Dominic C. Canuso
	phone: (302) 571-6833; email: dcanuso@wsfsbank.com
July 23, 2020	Media Contact: Rebecca Acevedo
	phone: (215) 253-5566; email: racevedo@wsfsbank.com

WSFS REPORTS 2Q NET LOSS OF $7.1 MILLION, YTD NET INCOME OF $3.8 MILLION;

2Q INCLUDES $94.8 MILLION PROVISION DRIVEN BY COVID-19,

$22.1 MILLION GAIN ON VISA CLASS B SALE AND NEARLY $1 BILLION OF PPP LOANS

FOR ADDITIONAL INFORMATION REGARDING OUR CONTINUED COVID-19 RESPONSE, FINANCIAL IMPACTS AND OUTLOOK, PLEASE REFER TO THE 2Q 2020 EARNINGS RELEASE SUPPLEMENT AVAILABLE IN THE INVESTOR RELATIONS SECTION OF WSFS' WEBSITE (www.wsfsbank.com).

WILMINGTON, Del. — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the second quarter of 2020.

Selected financial results and metrics are as follows:

(Dollars in millions, except per share data)	2Q 2020			1Q 2020			2Q 2019
Net interest income	$	113.8		$	116.2		$	123.2
Fee income	64.4			40.8			42.9
Total net revenue	178.1			157.0			166.1
Provision for credit losses	94.8			56.6			12.2
Noninterest expense	93.4			88.5			107.8
Net (loss) income attributable to WSFS	(7.1)			10.9			36.2
Pre-provision net revenue (PPNR)(1)	84.7			68.5			58.3
(Loss) earnings per share (diluted)	(0.14)			0.21			0.68
Return on average assets (ROA)	(0.22)		%	0.36		%	1.20		%
Return on average equity (ROE)	(1.6)			2.4			8.0
Efficiency ratio	52.4			56.3			64.8

GAAP results for 2Q 2020 were significantly impacted by deterioration in economic forecasts since March 31, 2020 and the continued and anticipated impacts of COVID-19 resulting in $94.8 million of provision for credit losses for the quarter. GAAP results reflect significant items, including a $22.1 million net realized gain on sale of Visa Class B shares as previously disclosed in our Current Report on Form 8-K filed on June 18, 2020.

	2Q 2020				1Q 2020				2Q 2019
(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)
Securities gains	$	1.9	$	0.03	$	0.7	$	0.01	$	0.1	$	—
Unrealized gain on equity investments, net	—		—		0.7		0.01		1.0		0.01
Realized gain on sale of equity investment, net	22.1		0.35		—		—		—		—
Corporate development and restructuring expense	2.8		0.04		1.3		0.02		15.8		0.22
Contribution to WSFS Community Foundation	—		—		3.0		0.04		—		—

⁽¹⁾As used in this press release, PPNR is a non-GAAP financial measure calculated as net revenue before provision for credit losses and net of noninterest expense. For a reconciliation of this and other non-GAAP measures to their comparable GAAP measures, see pages 20, 21 and 22 of this press release.

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

CEO Commentary

Rodger Levenson, Chairman, President and CEO, said, “Despite a challenging operating environment related to COVID-19, our 2Q results reflected solid performance including core pre-provision net revenue (PPNR)⁽²⁾ of $63.5 million, or 1.96% of average assets. During the quarter we provided nearly $1.0 billion in Paycheck Protection Program (PPP) loans for more than 5,400 new and existing WSFS Customers, supporting an estimated 100,000 jobs in our region. Additionally, we prudently increased credit reserves amidst the uncertain economic environment and recorded $94.8 million of provision for credit losses in the quarter. Even after the large reserve build, we continue to maintain significant excess capital levels with a Common Equity Tier 1 Ratio of 12.68% at June 30th. Also, in 2Q, we also successfully monetized nearly our entire investment in Visa Class B shares and recognized a net gain of $22.1 million, or $0.35 per share. Total returns-to-date on Visa Class B shares of $78.0 million on a total portfolio investment of $17.7 million demonstrate our longstanding entrepreneurial spirit and ability to prudently invest capital. Overall, our strong balance sheet, capital and diversified business model positions us well as the economy continues to gradually reopen.

“Our immediate focus remains on the health, wellbeing, and safety of our Associates, Customers, and our communities. We continue to serve Customers through drive-thru locations and have begun a carefully planned and phased approach to opening previously closed office and banking locations that aligns with Federal and State guidance and is informed by direction from the CDC, State Departments of Health and other governing bodies. We are encouraged by signs of improvement in our region’s economy during the early stages of a potentially prolonged and uneven recovery period.

“During the quarter we were honored to be ranked #21 in the United States on the Forbes World’s Best Banks Listing. This recognition is especially rewarding as it comes to us from the voices of our Customers and their shared experiences with WSFS. Additionally, WSFS was selected as one of only two companies nationwide to receive the Gallup Culture Transformation Award in its inaugural year. These recognitions affirm our Strategy of ‘Engaged Associates, living our culture, making a better life for all we serve.”

⁽²⁾ Core PPNR is a non-GAAP financial measure calculated as core net revenue before provision for credit losses and net of core noninterest expense. For a reconciliation of this and other non-GAAP measures to their comparable GAAP measures, see pages 20, 21 and 22 of this press release.

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

Notable Items in the Quarter (all excluded from core results):

•WSFS recorded net realized gains on our equity investments of $22.1 million (pre-tax), or $0.35 per share (after-tax), from the sale of 360,000 Visa Class B shares, compared with a combined $1.0 million (pre-tax), or approximately $0.01 per share (after-tax), in unrealized gains related to Visa Class B shares and our strategic partnership investment in Spring EQ in 2Q 2019. Since our adoption of ASU 2016-01 in 1Q 2018, cumulative realized and unrealized gains and dividends on Visa Class B shares total$78.0 million on a total portfolio investment of $17.7 million.

•WSFS recorded $2.8 million (pre-tax), or approximately $0.04 per share (after-tax), of corporate development expenses related to our acquisition of Beneficial Bancorp, Inc. (Beneficial), compared with $15.8 million(pre-tax), or approximately $0.22 per share (after-tax), of corporate development and restructuring expenses in 2Q 2019. The merger-to-date amounts are less than our original expectations.

•WSFS realized $1.9 million (pre-tax), or approximately $0.03 per share (after-tax), in net gains on sales of other securities compared to $0.1 million (pre-tax) in 2Q 2019.

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

Highlights for 2Q 2020:

•WSFS recorded $94.8 million of provision expense, which reduced core EPS⁽³⁾ by $1.49 and core ROA⁽³⁾ by 2.33%. The allowance for credit losses increased to $232.2 million with a coverage ratio of 2.73% excluding PPP loans and 3.26% when including the remaining credit mark on acquired loans.

•Core PPNR was $63.5 million, or 1.96% of average assets, a decrease of $7.9 million, or 11%, from 1Q 2020 and $9.4 million, or 13% from 2Q 2019 due to the factors described above. Excluding the impact of PPP, core PPNR was $60.5 million in 2Q 2020, or 1.98% of average assets.

•PPP loans were $945.1 million as of June 30, 2020 and resulted in $3.0 million of pre-tax, or $0.05 per share, net impact (measured as net interest income from PPP loans less direct PPP expenses) in 2Q 2020. WSFS provided PPP loans for more than 5,400 new and existing WSFS Customers, supporting an estimated 100,000 jobs in our region.

•Core net revenue⁽³⁾ of $154.2 million decreased $10.8 million, or 7%, from 2Q 2019, including a $9.5 million, or 8%, decrease in core net interest income⁽³⁾, and a $1.3 million, or 3%, decrease in core fee income (noninterest income)⁽³⁾ primarily due to the lower interest rate environment.

•Core noninterest expense⁽³⁾ decreased $1.4 million, or 2%, compared to 2Q 2019 while our core efficiency ratio⁽³⁾ increased to 58.7% from 55.7% in 2Q 2019 due to decreased net revenue. 2Q 2020 included $3.2 million of increased loan workout and other credit costs compared to 2Q 2019 driven by $3.4 million of unfunded commitment reserve.

•WSFS maintained significant excess capital levels with a Common Equity Tier 1 Ratio of 12.68%, including the year-to-date increase in the allowance for credit losses.

•The Board of Directors approved a quarterly cash dividend of $0.12 per share of common stock consistent with the prior quarter. WSFS continued the temporary suspension of all share repurchases until we have a clearer long-term view of the impact of COVID-19 on the economy and our performance. The current Board authorization allows for the purchase of approximately 15% of outstanding shares.

⁽³⁾As used in this press release, core ROA, core EPS, core net revenue, core net interest income, core fee income (noninterest income), core noninterest expense, core PPNR, and core efficiency ratio are non-GAAP financial measures. These non-GAAP measures exclude securities gains, realized/unrealized gains on equity investments, corporate development and restructuring expense, and the contribution to the WSFS Community Fund. For a reconciliation of these and other non-GAAP measures to their comparable GAAP measures, see pages 20, 21 and 22 of this press release.

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

Second Quarter 2020 Discussion of Financial Results

Balance Sheet

The following tables summarize loan and customer funding balances and composition at June 30, 2020 compared to March 31, 2020 and June 30, 2019:

Loans
(Dollars in thousands)	June 30, 2020				March 31, 2020				June 30, 2019
Commercial & industrial	$	3,354,007	36	%	$	3,412,266	40	%	$	3,421,197	40	%
Commercial real estate (CRE)	2,165,547		24		2,223,117		26		2,280,912		27
PPP	945,136		10		—		—		—		—
Construction	638,504		7		626,253		8		539,559		6
Commercial small business leases	213,133		2		201,753		2		156,767		2
Total commercial loans	7,316,327		79		6,463,389		76		6,398,435		75
Residential mortgage	1,012,235		11		1,054,544		13		1,134,786		13
Consumer	1,133,371		13		1,118,287		13		1,131,573		13
Allowance for credit losses	(232,192)		(3)		(139,073)		(2)		(45,364)		(1)
Net loans	$	9,229,741	100	%	$	8,497,147	100	%	$	8,619,430	100	%

Customer Funding
(Dollars in thousands)	June 30, 2020				March 31, 2020				June 30, 2019
Noninterest demand	$	3,188,046	30	%	$	2,314,982	25	%	$	2,190,180	23	%
Interest-bearing demand	2,302,484		21		2,093,388		22		2,091,719		22
Savings	1,731,875		16		1,594,735		17		1,624,776		18
Money market	2,333,326		22		2,149,119		23		2,005,568		22
Total core deposits	9,555,731		89		8,152,224		87		7,912,243		85
Customer time deposits	1,228,440		11		1,272,154		13		1,359,308		15
Total customer deposits	$	10,784,171	100	%	$	9,424,378	100	%	$	9,271,551	100	%

At June 30, 2020, WSFS’ net loan portfolio increased $732.6 million when compared with March 31, 2020 and $610.3 million when compared with June 30, 2019, primarily due to $945.1 million of PPP loans as of June 30, 2020. The PPP loan increase was partially offset by a decline in non-relationship run-off portfolios of $115.0 million during the quarter and $371.0 million year-over-year, and an increase in the allowance for credit losses of $93.1 million during the quarter and $186.8 million year-over-year. Excluding PPP loans, run-off portfolios, and the allowance for credit losses, loans decreased $4.4 million during the quarter and increased $223.0 million, or 3%, year-over-year, with growth across CRE, construction, commercial small business leases, and home equity installment loans originated through our partnership with Spring EQ.

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

Total customer funding was $10.8 billion at June 30, 2020, a $1.4 billion increase from March 31, 2020 and a $1.5 billion increase from June 30, 2019, reflecting an estimated $700 million of deposits from customers who received PPP loans, the impact of government stimulus checks, delayed tax payment and less customer spending during the health pandemic. Core deposits were $9.6 billion at June 30, 2020, an increase of $1.4 billion over the prior quarter due to the reasons noted above, including the deposits from customers who received PPP loans, and were a strong 89% of total customer deposits. No- and low-cost checking deposit accounts represented a robust 51% of total customer deposits at June 30, 2020. These core deposits predominantly represent longer-term, less price-sensitive customer relationships. The ratio of loans to customer deposits was 86% at June 30, 2020 reflecting significant liquidity capacity.

Net Interest Income

	Three Months Ending
(Dollars in thousands)		June 30, 2020			March 31, 2020			June 30, 2019
Net interest income before purchase accretion and PPP		$	96,400		$	101,941		$	107,018
Purchase accounting accretion		12,520			14,209			16,214
Net interest income before PPP		108,920			116,150			123,232
PPP		4,836			—			—
Net interest income		$	113,756		$	116,150		$	123,232
Net interest margin before purchase accretion and PPP		3.58		%	3.85		%	4.07		%
Purchase accounting accretion		0.43			0.53			0.61
Net interest margin before PPP		4.01			4.38			4.68
PPP (excluding income and interest-earning assets)		(0.08)			—			—
Net interest margin		3.93		%	4.38		%	4.68		%

Net interest income decreased $9.5 million, or 8%, compared to 2Q 2019, primarily due to the lower rate environment and a $3.7 million decrease in purchase accounting accretion, partially offset by $4.8 million of PPP income which included $3.1 million of fee accretion. Net interest margin decreased 75 bps from 2Q 2019 due to the lower rate environment, lower purchase accounting accretion, an impact from PPP, and asset mix from the significant short-term liquidity increase in customer deposits.

Net interest income decreased $2.4 million, or 2% (not annualized), from 1Q 2020 primarily due to the lower rate environment, including a 150 bps reduction in the Fed Funds rate that occurred late in the first quarter and a $1.7 million decrease in purchase accounting accretion, partially offset by PPP income and favorable deposit betas. Net interest margin decreased 45 bps due to the lower rate environment, an impact from PPP, lower purchase accounting accretion, and asset mix change resulting from the significant short-term liquidity increase in customer deposits.

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

Credit Quality

Credit quality metrics at June 30, 2020 reflected the impact of the COVID-19 pandemic. Total problem assets increased to $568.5 million from $221.9 million as of March 31, 2020 and included risk rating migration of $247.0 million in the hotel sector with the remaining increase primarily attributable to the food service and retail sectors. Total problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO).

Delinquencies were lower compared to 1Q 2020 and 2Q 2019 reflecting the impact of $2.1 billion of customer loans receiving deferred payment modifications as of June 30, 2020. Through constructive discussions with these customers we expect that at least 75% of these loan modifications will revert to full contractual payment terms in 3Q 2020. Nonperforming assets increased $6.7 million, or 18% (not annualized), to $44.9 million compared to March 31, 2020. Net charge-offs for 2Q 2020 were a low $1.6 million, or 0.07% (annualized), of average gross loans.

Provision for credit losses was $94.8 million in the quarter and the allowance for credit losses increased $93.1 million with $55.5 million of the provision impact due to portfolio credit migration and other portfolio impacts attributable to the pandemic and $39.3 million resulting directly from the deterioration in economic forecasts, which are tenuous during this unique and uncertain economic environment.

The following table summarizes credit quality metrics as of and for the period ended June 30, 2020 compared to March 31, 2020 and June 30, 2019.

(Dollars in millions)	June 30, 2020			March 31, 2020			June 30, 2019
Problem assets	$	568.5		$	221.9		$	219.7
Nonperforming assets	44.9			38.1			55.5
Delinquencies	48.4			59.8			67.5
Net charge-offs	1.6			1.0			13.2
Total credit costs (r)	99.3			57.1			13.6
Problem assets to total Tier 1 capital plus ACL	37.30		%	14.68		%	16.78		%
Classified assets to total Tier 1 capital plus ACL	25.52			12.64			13.77
Ratio of nonperforming assets to total assets	0.33			0.31			0.46
Ratio of nonperforming assets (excluding accruing TDRs) to total assets	0.22			0.20			0.34
Delinquencies to gross loans	0.51			0.69			0.78
Ratio of quarterly net charge-offs to average gross loans	0.07			0.04			0.61
Ratio of allowance for credit losses to total loans and leases (q)	2.45			1.60			0.53
Ratio of allowance for credit losses to nonaccruing loans	887			722			121

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

Core Fee Income

Core fee income (noninterest income) was $40.4 million, a decrease of $1.3 million, or 3%, compared to 2Q 2019, including a $4.3 million decrease in Cash Connect^®, which was primarily due to the lower interest rate environment and fully offset by lower funding costs, and a $3.0 million decrease in traditional banking-related fee income due to lower transaction volumes due to COVID-19, lower fees due to higher average customer balances, and lower gain on sale from Small Business Association (SBA) loans due to a decline in volume. Partially offsetting these decreases, was a $5.6 million increase from our mortgage banking business due to increased volume primarily from refinancings resulting from the lower interest rate environment.

Core fee income increased $0.9 million, or 2%, compared to 1Q 2020, due to a $5.0 million increase from our mortgage banking business due to improved secondary market condition and increased volume. The increase in mortgage fee income was partially offset by a $2.7 million decrease in Cash Connect^® due to the significant decline in interest rates during the quarter fully offset by lower funding costs, and a $1.4 million decrease in traditional banking-related fee income, primarily related to lower fees due to the higher average customer balances.

For 2Q 2020, core fee income was 26.2% of core net revenue, compared to 25.3% for 2Q 2019, and was diversified among various sources, including traditional banking, mortgage banking, trust and wealth management and cash logistics services (Cash Connect^®). The year-over-year percentage increase primarily reflects lower net interest income due to the lower rate environment.

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

Core Noninterest Expenses

Core noninterest expense for 2Q 2020 decreased $1.4 million, or 2%, compared to 2Q 2019, primarily due to $2.7 million of lower Cash Connect^® third-party funding costs, $1.9 million of lower combined occupancy, data processing, and marketing costs due to synergies from the prior year Beneficial acquisition, a $1.2 million insurance recovery of prior quarter expenses from a fire at a branch location, and a $3.9 million decrease, net, in other costs including spend on travel and entertainment due to COVID-19. Partially offsetting these declines was a $3.2 million increase in unfunded commitment reserve expense, $1.9 million of COVID-19 related costs, $1.8 million of PPP related costs, and a $1.4 million loss from the change in fair value of plan assets of a previously acquired pension plan.

When compared to 1Q 2020, core noninterest expense increased $6.5 million, or 8% (not annualized), including higher incentive costs of $3.9 million primarily due to a prior year accrual reversal in 1Q 2020, $3.6 million of higher unfunded commitment reserve expense, $1.9 million of COVID-19 related costs, $1.7 million of PPP related costs, and the $1.4 million pension plan loss described above. The quarter-over-quarter increase was partially offset by $1.5 million of lower Cash Connect^® third-party funding costs primarily due to the lower rate environment, the $1.2 million insurance recovery in 2Q 2020 from the branch location fire, and a $3.3 million decrease, net, in other costs including spend on travel and entertainment due to COVID-19 and lower benefit costs which are typically higher in the first quarter.

Our core efficiency ratio was 58.7% in 2Q 2020, compared to 54.0% in 1Q 2020 and 55.7% in 2Q 2019.

Income Taxes

We recorded a $2.2 million income tax benefit in 2Q 2020, compared to provisions of $1.3 million in 1Q 2020 and $10.1 million in 2Q 2019.

The effective tax rate was 22.3% in 2Q 2020, 10.9% in 1Q 2020, and 21.9% in 2Q 2019. The lower tax rate in 1Q 2020 primarily reflects a one-time tax benefit of $1.8 million related to certain favorable income tax provisions contained in the Coronavirus Aid, Relief and Economic Security (CARES) Act passed during the quarter.

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

Capital Management

WSFS’ total stockholders’ equity decreased $10.9 million, or less than 1% (not annualized), during 2Q 2020, primarily due to the loss recorded in the quarter driven by higher provision for credit losses and the dividend on common stock paid during the quarter.

WSFS’ tangible common equity⁽⁴⁾ decreased $7.7 million, or less than 1% (not annualized) compared to March 31, 2020 for the reasons described above. WSFS’ common equity to assets ratio was 13.44%at June 30, 2020, and our tangible common equity to tangible assets ratio⁽⁴⁾ decreased by 114 bps during the quarter to 9.69%.

At June 30, 2020, book value per share was $36.00, a decrease of $0.23, or 1%, from March 31, 2020, and tangible common book value per share⁽⁴⁾ was $24.89, a decrease of $0.17, or 1%, from March 31, 2020.

At June 30, 2020, WSFS Bank’s Tier 1 leverage ratio of 10.40%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 12.68%, and Total Capital ratio of 13.93% were all substantially in excess of the “well-capitalized” regulatory benchmarks.

The Board of Directors approved a quarterly cash dividend of $0.12 per share of common stock. This dividend will be paid on August 20, 2020 to stockholders of record as of August 6, 2020.

WSFS has temporarily suspended all share repurchases until we have a clearer view of the impact of COVID-19 on the economy and our performance and therefore did not repurchase any shares of common stock during 2Q 2020. In 1Q 2020, the Board approved a new share repurchase authorization of approximately 15% of outstanding shares.

⁽⁴⁾ As used in this release, tangible common equity, tangible common equity to tangible assets and tangible common book value per share are non-GAAP financial measures. These non-GAAP measures exclude goodwill and intangible assets and the related tax-effected amortization. For a reconciliation of these and other non-GAAP measures to their comparable GAAP measures, see pages 20, 21 and 22 of this press release.

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

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, and credit and deposit products to individual, corporate, and institutional clients through multiple integrated businesses. Combined, these businesses had $20.8 billion in assets under management (AUM) and assets under administration (AUA) as of June 30, 2020. 

Wealth Management reported pre-tax income of $3.9 million in 2Q 2020 compared to $6.1 million in 2Q 2019, and $3.8 million in 1Q 2020. PPNR was $7.5 million in 2Q 2020 compared to $7.5 million in both 2Q 2019 and 1Q 2020. Results were impacted by elevated provision for credit losses in our Private Banking business and the impact of the lower interest rate environment. Provision expense was $0.9 million in 2Q 2020, a $1.0 million increase compared to 2Q 2019 (which reported a small net recovery) and a decrease of $0.7 million compared to 1Q 2020.

Total Wealth Management revenue (net interest income and fee income) was $14.8 million for 2Q 2020, a decrease of $0.3 million, or 2%, compared to 2Q 2019. The decrease was due to lower net interest income in our Private Banking business as a result of lower interest rates and decreased advisory fees resulting from lower asset market values.

Asset based revenue was $3.0 million in 2Q 2020 compared to $3.1 million in 2Q 2019, and $3.4 million in 1Q 2020. Net interest income was $3.3 million in 2Q 2020, a decrease of $0.9 million, or 20% compared to 2Q 2019 and $0.1 million, or 3% lower compared to 1Q 2020 despite year-over-year growth in the balance sheet and robust client volumes which were offset by the impact of lower interest rates. Excluding PPP loans, loan balances were roughly flat for the quarter while deposits grew by $91.6 million, or 15% compared to 2Q 2019. The Private Bank issued $32.6 million of PPP loans to support our client base through the COVID-19 pandemic, much of which remains deposited with the Private Bank.

Total noninterest expense (including intercompany allocations and excluding provision for credit losses) was $9.9 million in 2Q 2020, an increase of $0.9 million compared to 2Q 2019 and an increase of $0.5 million compared to 1Q 2020. The year-over-year increase was driven by higher compensation costs, resulting from the addition of front office staff to support expansion into the Pennsylvania and New Jersey markets and higher variable incentive compensation costs.

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

Cash Connect^®

Cash Connect^® is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States. Cash Connect^® services approximately 32,000 non-bank ATMs and retail safes nationwide supplying or servicing over $1.4 billion in cash at June 30, 2020 and provides other fee-based services. Cash Connect^® also supports 571ATMs for WSFS Bank Customers, which is one of the largest branded ATM networks in our market.

Cash Connect^® reported pre-tax income of $2.0 million for 2Q 2020, which was an increase of $0.2 million, or 14%, compared to 2Q 2019, primarily due to the mix shift from lower to higher yielding ATM business, continued growth in our non-asset based fee products and remote cash capture (smart safe, recycler and kiosk) business, and a lower interest rate environment. Net income in 2Q 2020 was flat from 1Q 2020, with reduced gross revenues fully offset by lower cost of funds and operating expenses. ROA of 1.81% in 2Q 2020 improved 33 bps from 2Q 2019 and was down 3 bps from 1Q 2020.

Net revenue of $9.3 million in 2Q 2020 was down 18% from 2Q 2019, driven by the lower interest rate environment, offset by lower cost of funds (including lower third party funding fees in noninterest expense) and higher volume. Cash Connect^® saw a 7% increase in the number of total units serviced and a significant shift to higher margin services and non-asset based fees, including a 46% increase in remote cash capture devices and a 14% increase of ATMs utilizing our non-bailment reconciliation services. Compared to 1Q 2020, net revenue decreased $1.7 million, or 15% (not annualized), due to lower bailment revenue resulting from the lower interest rate environment, fully offset by lower cost of funds and third-party funding fees in noninterest expense.

Noninterest expense (including intercompany allocations of expense) was $7.3 million in 2Q 2020, a decrease of $2.3 million compared to 2Q 2019 and a decrease of $1.7 million compared to 1Q 2020. The decreases in expenses compared to 2Q 2019 and 1Q 2020 were driven by lower funding fees, as noted above.

During 2Q 2020, the division continued to focus on expanding its smart safe and ATM managed services to increase fee income and margin. Cash Connect^® drove strong growth in the strategic remote cash capture space with approximately 4,100 devices under service, an increase of 400 units during the quarter. Our remote cash capture pipeline has grown as we add new channel partners, including top financial institutions which have brought us several significant national opportunities. We are increasing our cash logistics services for new ATM and safe devices during the COVID-19 pandemic and anticipate rollouts to increase as businesses continue to reopen nationwide.

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

Second Quarter 2020 Earnings Release Conference Call and Supplemental Materials

Management will conduct a conference call to review 2Q 2020 results at 1:00 p.m. Eastern Time (ET) on Friday, July 24, 2020. Interested parties may listen to this call by dialing 1-877-312-5857 and using Conference ID #3954236. A rebroadcast of the conference call will be available beginning at 4:00 p.m. ET on July 24, 2020 until August 4, 2020 at 4:00 p.m. ET by dialing 1-855-859-2056 and using Conference ID #3954236.

We have provided additional information in the 2Q 2020 Earnings Release Supplement, which is available in the Investor Relations section of WSFS' website (www.wsfsbank.com).

About WSFS Financial Corporation

WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company headquartered in Delaware and the greater Philadelphia region. As of June 30, 2020, WSFS Financial Corporation had $13.6 billion in assets on its balance sheet and $20.8 billion in assets under management and administration. WSFS operates from 115 offices, 90 of which are banking offices, located in Pennsylvania (54), Delaware (43), New Jersey (16), 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, Cash Connect^®, Cypress Capital Management, LLC, Christiana Trust of Delaware, NewLane Finance, Powdermill Financial Solutions, West Capital Management, 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	14
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Forward-Looking Statement Disclaimer

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 particularly in the markets in which the Company operates and in which its loans are concentrated, declines in housing markets, an increase in unemployment levels and slowdowns in economic growth, including as a result of the COVID-19 pandemic; possible additional loan losses and impairment of the collectability of loans, particularly as a result of the COVID-19 pandemic and the policies and programs implemented by the CARES Act, including its automatic loan forbearance provisions and our PPP lending activities; the Company's level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs; 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 and potential expenses associated with complying with such regulations; the Company's ability to comply with applicable capital and liquidity requirements (including the finalized Basel III capital standards and the effect of the transition to the Current Expected Credit Losses (CECL) methodology for allowances and related adjustments), 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; conditions in the financial markets, including the destabilized economic environment caused by the COVID-19 pandemic, that may limit the Company's access to additional funding to meet its liquidity needs; the intention of the United Kingdom's Financial Conduct Authority (FCA) to cease support of London Inter-Bank Offered Rate (LIBOR) and the transition to an alternative reference interest rate; the success of the Company's growth plans, including its plans to grow the commercial small business leasing portfolio and residential mortgage small business and SBA portfolios following the acquisition of Beneficial; the successful integration of acquisitions; the Company's ability to 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; 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; 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 employees; the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally; the effects of weather and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability 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 due to changes in the interest rate environment, particularly as a result of the COVID-19 pandemic, 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; and other risks and uncertainties, including those discussed in the Company's Form 10-K for the year ended December 31, 2019, Form 10-Q for the quarter ended March 31, 2020 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 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	15
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited)

	Three months ended						Six months ended
(Dollars in thousands, except per share data)	June 30, 2020		March 31, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Interest income:
Interest and fees on loans	$	112,260	$	119,202	$	129,001	$	231,462	$	216,118
Interest on mortgage-backed securities	12,549		13,219		12,229		25,768		22,695
Interest and dividends on investment securities	1,009		926		1,030		1,935		2,074
Other interest income	65		508		643		573		1,593
	125,883		133,855		142,903		259,738		242,480
Interest expense:
Interest on deposits	9,832		14,637		16,123		24,469		27,065
Interest on Federal Home Loan Bank advances	625		830		806		1,455		3,396
Interest on senior debt	1,180		1,179		1,180		2,359		2,359
Interest on trust preferred borrowings	484		586		717		1,070		1,443
Interest on other borrowings	6		473		845		479		1,671
	12,127		17,705		19,671		29,832		35,934
Net interest income	113,756		116,150		123,232		229,906		206,546
Provision for credit losses	94,754		56,646		12,195		151,400		19,849
Net interest income after provision for credit losses	19,002		59,504		111,037		78,506		186,697
Noninterest income:
Credit/debit card and ATM income	9,306		11,359		13,677		20,665		25,192
Investment management and fiduciary revenue	10,929		10,962		10,382		21,891		20,529
Deposit service charges	4,175		5,647		6,103		9,822		10,849
Mortgage banking activities, net	8,494		3,471		2,846		11,965		4,938
Loan and lease fee income	1,097		1,119		650		2,216		1,535
Securities gains, net	1,908		693		63		2,601		78
Unrealized (loss) gain on equity investment, net	(11)		668		1,033		657		4,831
Realized gain on sale of equity investment, net	22,052		—		—		22,052		—
Bank-owned life insurance income (loss)	445		(25)		383		420		600
Other income	5,980		6,953		7,734		12,933		15,441
	64,375		40,847		42,871		105,222		83,993
Noninterest expense:
Salaries, benefits and other compensation	48,757		45,346		48,550		94,103		84,755
Occupancy expense	8,296		7,666		8,810		15,962		15,177
Equipment expense	5,759		4,964		5,444		10,723		9,433
Data processing and operations expense	3,061		3,078		3,731		6,139		6,319
Professional fees	4,423		4,600		2,915		9,023		4,787
Marketing expense	1,215		951		1,947		2,166		3,537
FDIC expenses	305		(54)		1,042		251		1,662
Loan workout and other credit costs	4,587		453		1,419		5,040		1,690
Corporate development expense	2,801		1,341		13,946		4,142		40,573
Restructuring expense	—		—		1,881		—		6,243
Other operating expenses	14,231		20,151		18,163		34,382		31,264
	93,435		88,496		107,848		181,931		205,440
(Loss) income before taxes	(10,058)		11,855		46,060		1,797		65,250
Income tax (benefit) provision	(2,247)		1,288		10,091		(959)		16,351
Net (loss) income	$	(7,811)	$	10,567	$	35,969	$	2,756	$	48,899
Less: Net loss attributable to noncontrolling interest	(700)		(360)		(231)		(1,060)		(324)
Net (loss) income attributable to WSFS	$	(7,111)	$	10,927	$	36,200	$	3,816	$	49,223
Diluted (loss) earnings per share of common stock:	$	(0.14)	$	0.21	$	0.68	$	0.07	$	1.06
Weighted average shares of common stock outstanding for fully diluted EPS	50,655,154		51,164,224		53,516,851		50,910,790		46,438,173

See “Notes”

	WSFS Bank Center	16
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited)- continued

	Three months ended						Six months ended
	June 30, 2020		March 31, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Performance Ratios:
Return on average assets (a)	(0.22)	%	0.36	%	1.20	%	0.06	%	0.93	%
Return on average equity (a)	(1.55)		2.39		8.01		0.42		6.67
Return on average tangible common equity (a)(o)	(1.55)		4.13		12.46		1.28		10.17
Net interest margin (a)(b)	3.93		4.38		4.68		4.14		4.52
Efficiency ratio (c)	52.36		56.27		64.80		54.19		70.56
Noninterest income as a percentage of total net revenue (b)	36.07		25.97		25.76		31.34		28.85

See “Notes”

	WSFS Bank Center	17
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(Dollars in thousands)	June 30, 2020			March 31, 2020			June 30, 2019
Assets:
Cash and due from banks	$	583,221		$	182,125		$	183,632
Cash in non-owned ATMs	360,969			322,844			338,006
Investment securities (d)	127,601			134,047			143,317
Other investments	31,560			104,843			64,772
Mortgage-backed securities (d)	2,195,389			2,048,400			1,796,870
Net loans (e)(f)(l)	9,229,741			8,497,147			8,619,430
Bank owned life insurance	30,391			30,093			30,118
Goodwill and intangibles	562,515			565,763			575,696
Other assets	451,970			393,628			404,754
Total assets	$	13,573,357		$	12,278,890		$	12,156,595
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits	$	3,188,046		$	2,314,982		$	2,190,180
Interest-bearing deposits	7,596,125			7,109,396			7,081,371
Total customer deposits	10,784,171			9,424,378			9,271,551
Brokered deposits	278,329			284,976			323,159
Total deposits	11,062,500			9,709,354			9,594,710
Federal Home Loan Bank advances	106,395			119,971			115,675
Other borrowings	189,398			281,314			299,456
Other liabilities	393,270			334,832			310,366
Total liabilities	11,751,563			10,445,471			10,320,207
Stockholders’ equity of WSFS	1,823,669			1,834,594			1,836,611
Noncontrolling interest	(1,875)			(1,175)			(223)
Total stockholders' equity	1,821,794			1,833,419			1,836,388
Total liabilities and stockholders' equity	$	13,573,357		$	12,278,890		$	12,156,595
Capital Ratios:
Equity to asset ratio	13.44		%	14.94		%	15.11		%
Tangible common equity to tangible asset ratio (o)	9.69			10.83			10.89
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)	12.68			13.41			12.47
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)	10.40			11.85			10.95
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)	12.68			13.41			12.47
Total Risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)	13.93			14.53			12.93
Asset Quality Indicators:
Nonperforming Assets:
Nonaccruing loans	$	26,175		$	19,250		$	37,636
Troubled debt restructuring (accruing)	14,550			14,070			14,203
Assets acquired through foreclosure	4,153			4,825			3,703
Total nonperforming assets	$	44,878		$	38,145		$	55,542
Past due loans (h)	$	8,601		$	14,282		$	15,667
Allowance for credit losses	232,200			139,081			45,364
Ratio of nonperforming assets to total assets	0.33		%	0.31		%	0.46		%
Ratio of nonperforming assets (excluding accruing TDRs) to total assets	0.22			0.20			0.34
Ratio of allowance for credit losses to total loans and leases (q)	2.45			1.60			0.53
Ratio of allowance for credit losses to nonaccruing loans	887			722			121
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)	0.07			0.04			0.61
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)	0.06			0.04			0.38

See “Notes”

	WSFS Bank Center	18
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued) 

AVERAGE BALANCE SHEET (Unaudited)

(Dollars in thousands)	Three months ended
	June 30, 2020						March 31, 2020						June 30, 2019
	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 real estate loans	$	2,841,231	$	31,230	4.42	%	$	2,808,867	$	34,292	4.91	%	$	2,857,091	$	45,458	6.38	%
Residential real estate loans	933,854		13,679		5.86		992,408		13,541		5.46		1,102,362		15,359		5.57
Commercial loans (p)	4,291,301		53,390		5.01		3,533,626		55,693		6.35		3,571,559		51,798		5.83
Consumer loans	1,124,742		13,065		4.67		1,130,223		14,935		5.31		1,126,385		15,958		5.68
Loans held for sale	92,252		896		3.91		69,884		741		4.26		37,728		428		4.55
Total loans	9,283,380		112,260		4.87		8,535,008		119,202		5.62		8,695,125		129,001		5.96
Mortgage-backed securities (d)	2,048,357		12,549		2.45		1,959,637		13,219		2.70		1,653,582		12,229		2.96
Investment securities (d)	130,671		1,009		3.82		131,121		926		3.40		146,064		1,030		3.39
Other interest-earning assets	220,801		65		0.12		76,356		508		2.68		89,145		643		2.89
Total interest-earning assets	11,683,209		$	125,883	4.34	%	10,702,122		$	133,855	5.04	%	10,583,916		$	142,903	5.43	%
Allowance for credit losses	(156,576)						(85,055)						(46,719)
Cash and due from banks	108,463						139,836						112,657
Cash in non-owned ATMs	319,154						335,434						364,236
Bank owned life insurance	29,965						30,154						56,332
Other noninterest-earning assets	1,036,500						1,037,033						1,052,544
Total assets	$	13,020,715					$	12,159,524					$	12,122,966
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	$	2,213,369	$	882	0.16	%	$	2,085,229	$	1,897	0.37	%	$	2,029,361	$	2,163	0.43	%
Money market	2,262,737		2,311		0.41		2,152,986		4,090		0.76		1,936,112		4,932		1.02
Savings	1,681,587		877		0.21		1,574,215		1,744		0.45		1,657,790		2,009		0.49
Customer time deposits	1,242,730		4,954		1.60		1,305,432		5,655		1.74		1,476,763		5,100		1.39
Total interest-bearing customer deposits	7,400,423		9,024		0.49		7,117,862		13,386		0.76		7,100,026		14,204		0.80
Brokered deposits	286,655		808		1.13		230,423		1,251		2.18		307,514		1,919		2.50
Total interest-bearing deposits	7,687,078		9,832		0.51		7,348,285		14,637		0.80		7,407,540		16,123		0.87
FHLB of Pittsburgh advances	106,694		625		2.36		170,058		830		1.96		134,151		806		2.41
Trust preferred borrowings	67,011		484		2.90		67,011		586		3.52		67,011		717		4.29
Senior debt	98,681		1,180		4.78		98,627		1,179		4.78		98,464		1,180		4.79
Other borrowed funds	25,580		6		0.09		148,256		473		1.28		161,903		845		2.09
Total interest-bearing liabilities	7,985,044		$	12,127	0.61	%	7,832,237		$	17,705	0.91	%	7,869,069		$	19,671	1.00	%
Noninterest-bearing demand deposits	2,882,999						2,166,510						2,126,640
Other noninterest-bearing liabilities	311,697						326,185						315,108
Stockholders’ equity of WSFS	1,842,525						1,835,501						1,812,302
Noncontrolling interest	(1,550)						(909)						(153)
Total liabilities and equity	$	13,020,715					$	12,159,524					$	12,122,966
Excess of interest-earning assets over interest-bearing liabilities	$	3,698,165					$	2,869,885					$	2,714,847
Net interest and dividend income			$	113,756					$	116,150					$	123,232
Interest rate spread					3.73	%					4.13	%					4.43	%
Net interest margin					3.93	%					4.38	%					4.68	%

See “Notes”

	WSFS Bank Center	19
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

(Dollars in thousands, except per share data)	Three months ended			Six months ended
Stock Information:	June 30, 2020	March 31, 2020	June 30, 2019	June 30, 2020	June 30, 2019
Market price of common stock:
High	$33.32	$44.70	$44.39	$44.70	$45.13
Low	21.00	17.84	38.69	17.84	37.19
Close	28.70	24.92	41.30	28.70	41.30
Book value per share of common stock	36.00	36.23	34.50
Tangible common book value per share of common stock (o)	24.89	25.06	23.69
Number of shares of common stock outstanding (000s)	50,660	50,633	53,232
Other Financial Data:
One-year repricing gap to total assets (k)	6.95%	2.38%	(3.05)%
Weighted average duration of the MBS portfolio	1.3 years	2.2 years	3.3 years
Unrealized gains on securities available for sale, net of taxes	$74,689	$72,436	$22,243
Number of Associates (FTEs) (m)	1,862	1,791	1,914
Number of offices (branches, LPO’s, operations centers, etc.)	115	116	147
Number of WSFS owned and branded ATMs	571	470	509

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.

(h)Accruing loans which are contractually past due 90 days or more as to principal or interest. Beginning in 1Q 2019, balance includes student loans acquired from Beneficial, 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 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 and other non-GAAP measures to their comparable GAAP measures, see pages 20, 21 and 22 of this press release.

(p)Includes commercial small business leases.

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

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

	WSFS Bank Center	20
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION 

FINANCIAL HIGHLIGHTS (Continued)

(Dollars in thousands, except per share data)

(Unaudited)

Non-GAAP Reconciliation (o):	Three months ended									Six months ended
	June 30, 2020			March 31, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Net interest income (GAAP)	$	113,756		$	116,150		$	123,232		$	229,906		$	206,546
Core net interest income (non-GAAP)	$	113,756		$	116,150		$	123,232		$	229,906		$	206,546
Noninterest income (GAAP)	$	64,375		$	40,847		$	42,871		$	105,222		$	83,993
Less: Securities gains	1,908			693			63			2,601			78
(Plus)/less: Unrealized (losses) gains on equity investments, net	(11)			668			1,033			657			4,831
Less: Realized gain on sale of equity investment, net	22,052			—			—			22,052			—
Core fee income (non-GAAP)	$	40,426		$	39,486		$	41,775		$	79,912		$	79,084
Core net revenue (non-GAAP)	$	154,182		$	155,636		$	165,007		$	309,818		$	285,630
Core net revenue (non-GAAP)(tax-equivalent)	$	154,513		$	155,905		$	165,325		$	310,418		$	286,265
Noninterest expense (GAAP)	$	93,435		$	88,496		$	107,848		$	181,931		$	205,440
Less: Corporate development expense	2,801			1,341			13,946			4,142			40,573
Less: Restructuring expense	—			—			1,881			—			6,243
Less: Contribution to WSFS Community Foundation	—			3,000			—			3,000			—
Core noninterest expense (non-GAAP)	$	90,634		$	84,155		$	92,021		$	174,789		$	158,624
Core efficiency ratio (c)	58.7		%	54.0		%	55.7		%	56.3		%	55.4		%
	End of period
	June 30, 2020			March 31, 2020			June 30, 2019
Total assets	$	13,573,357		$	12,278,890		$	12,156,595
Less: Goodwill and other intangible assets	562,515			565,763			575,696
Total tangible assets	$	13,010,842		$	11,713,127		$	11,580,899
Total stockholders’ equity of WSFS	$	1,823,669		$	1,834,594		$	1,836,611
Less: Goodwill and other intangible assets	562,515			565,763			575,696
Total tangible common equity (non-GAAP)	$	1,261,154		$	1,268,831		$	1,260,915
Calculation of tangible common book value per share:
Book value per share (GAAP)	$	36.00		$	36.23		$	34.50
Tangible common book value per share (non-GAAP)	24.89			25.06			23.69
Calculation of tangible common equity to tangible assets:
Equity to asset ratio (GAAP)	13.44		%	14.94		%	15.11		%
Tangible common equity to tangible assets ratio (non-GAAP)	9.69			10.83			10.89

	WSFS Bank Center	21
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Non-GAAP Reconciliation - continued (o):	Three months ended									Six months ended
	June 30, 2020			March 31, 2020			June 30, 2019			June 30, 2020			June 30, 2019
GAAP net (loss) income attributable to WSFS	$	(7,111)		$	10,927		$	36,200		$	3,816		$	49,223
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains on equity investments, corporate development and restructuring expense, and contribution to WSFS Community Foundation	(21,148)			2,980			14,731			(18,168)			41,907
(Plus)/less: Tax impact of pre-tax adjustments	4,712			(2,020)			(3,580)			2,692			(8,132)
Adjusted net (loss) income (non-GAAP) attributable to WSFS	$	(23,547)		$	11,887		$	47,351		$	(11,660)		$	82,998
GAAP return on average assets (ROA)	(0.22)		%	0.36		%	1.20		%	0.06		%	0.93		%
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains on equity investments, corporate development and restructuring expense, and contribution to WSFS Community Foundation	(0.65)			0.10			0.49			(0.29)			0.80
(Plus)/less: Tax impact of pre-tax adjustments	0.14			(0.07)			(0.12)			0.04			(0.15)
Core ROA (non-GAAP)	(0.73)		%	0.39		%	1.57		%	(0.19)		%	1.58		%
(Loss) earnings per share (GAAP)	$	(0.14)		$	0.21		$	0.68		$	0.07		$	1.06
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains on equity investments, corporate development and restructuring expense, and contribution to WSFS Community Foundation	(0.42)			0.06			0.28			(0.36)			0.90
(Plus)/less: Tax impact of pre-tax adjustments	0.10			(0.04)			(0.08)			0.06			(0.17)
Core (loss) earnings per share (non-GAAP)	$	(0.46)		$	0.23		$	0.88		$	(0.23)		$	1.79
Calculation of return on average tangible common equity:
GAAP net (loss) income attributable to WSFS	$	(7,111)		$	10,927		$	36,200		$	3,816		$	49,223
Plus: Tax effected amortization of intangible assets	2,198			2,103			2,104			4,301			3,139
Net tangible (loss) income (non-GAAP)	$	(4,913)		$	13,030		$	38,304		$	8,117		$	52,362
Average stockholders’ equity of WSFS	$	1,842,525		$	1,835,501		$	1,812,302		$	1,839,013		$	1,489,241
Less: average goodwill and intangible assets	564,622			567,695			579,283			566,159			450,906
Net average tangible common equity	$	1,277,903		$	1,267,806		$	1,233,019		$	1,272,854		$	1,038,335
Return on average tangible common equity (non-GAAP)	(1.55)		%	4.13		%	12.46		%	1.28		%	10.17		%
Calculation of core return on average tangible common equity:
Adjusted net (loss) income (non-GAAP) attributable to WSFS	$	(23,547)		$	11,887		$	47,351		$	(11,660)		$	82,998
Plus: Tax effected amortization of intangible assets	2,198			2,103			2,104			4,301			3,139
Core net tangible (loss) income (non-GAAP)	$	(21,349)		$	13,990		$	49,455		$	(7,359)		$	86,137
Net average tangible common equity	$	1,277,903		$	1,267,806		$	1,233,019		$	1,272,854		$	1,038,335
Core return on average tangible common equity (non-GAAP)	(6.72)		%	4.44		%	16.09		%	(1.16)		%	16.73		%

	WSFS Bank Center	22
	500 Delaware Avenue,
	Wilmington, Delaware 19801

Non-GAAP Reconciliation - continued (o):	Three months ended									Six months ended
	June 30, 2020			March 31, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Calculation of core PPNR:
Net (loss) income (GAAP)	$	(7,811)		$	10,567		$	35,969		$	2,756		$	48,899
Plus/(less): Income tax (benefit) provision	(2,247)			1,288			10,091			(959)			16,351
Plus: Provision for credit losses	94,754			56,646			12,195			151,400			19,849
PPNR (Non-GAAP)	84,696			68,501			58,255			153,197			85,099
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains on equity investments, corporate development and restructuring expense, and contribution to WSFS Community Foundation	(21,148)			2,980			14,731			(18,168)			41,907
Core PPNR (Non-GAAP)	$	63,548		$	71,481		$	72,986		$	135,029		$	127,006
Calculation core PPNR to average assets, less PPP:
PPP income	$	4,836		$	—		$	—		$	4,836		$	—
PPP expense	1,814			—			—			1,814			—
PPP net income	$	3,022		$	—		$	—		$	3,022		$	—
Core PPNR (Non-GAAP), less PPP	$	60,526		$	71,481		$	72,986		$	132,007		$	127,006
Total average assets	13,020,715			12,159,524			12,122,966			12,590,119			10,619,425
Average assets (PPP)	727,377			—			—			363,689			—
Average assets, less PPP	$	12,293,338		$	12,159,524		$	12,122,966		$	12,226,430		$	10,619,425
Core PPNR to average assets	1.96		%	2.36		%	2.41		%	2.16		%	2.41		%
Core PPNR to average assets, less PPP	1.98		%	2.36		%	2.41		%	2.17		%	2.41		%

EX-99.2

Exhibit 99.2 WSFS Financial Corporation 2Q 2020 Earnings Supplement July 23, 2020

Forward Looking Statements and Non-GAAP Financial Measures 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 uncertain effects of the COVID-19 pandemic 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 the Company's Form 10-K for the year ended December 31, 2019 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 pre-provision net revenue (“PPNR”), core PPNR to average assets ratio and related measures. 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 and our Earnings Release filed as Exhibit 99.1 to our July 23, 2020 8-K filing. 2

Table of Contents 2Q 2020 Financial Highlights Page 4 PPP Loans Page 5 CECL Page 6 Credit Risk Management Page 7 Balance Sheet and Commercial Loan Composition Page 8 Hotel Portfolio Page 10 Food Services Portfolio Page 11 Retail Portfolio Page 12 2H 2020 Outlook Net Interest Margin Outlook Page 13 Core Pre-Provision Net Revenue (PPNR) Outlook Page 14 Capital Position Page 15 Balance Sheet Growth Page 16 Appendix: Reconciliation of Non-GAAP Financial Information Page 17 3

2Q 2020 Financial Highlights Solid Core operating performance with pre-provision net revenue (PPNR)1 at 1.96% of average assets Significant ACL reserve build, excess capital levels, and a $0.12 dividend approved in the quarter 2Q 2020 (1) • Core results include $94.8 million of provision expense reducing core EPS by $1.49 $ in millions (expect per share amounts) Core and core ROA by 2.33% for 2Q 2020 EPS ($0.46) • ACL coverage ratio of 2.73% excluding PPP loans and 3.26% including (1) PPNR $63.5 estimated credit mark on acquired loans ROA (0.73%) • COVID-19 impact on “at-risk” (hotel, food services, and retail) portfolio credit ROTCE(1) (6.72%) migration and economic forecasts drove 2Q provision and ACL build NIM 3.93% • Excluding PPP loans of $945.1 million and purposeful run-off portfolios, gross loans were flat compared to 1Q 2020 and grew $223.0 million, or 3% year-over-year Fee Income/Total Revenue(2) 26.2% Efficiency Ratio 58.7% • Customer funding increased $1.4 billion from 1Q 2020 primarily due to an estimated $700 million from PPP customers and impact of government stimulus ACL Coverage Ratio 2.45% checks, delayed tax payments and lower overall customer spending Loan to Deposit Ratio 86% • Excluding $3.0 million of pre-tax net income from PPP, Core PPNR1 was $60.5 Common Equity Tier 1 Capital 12.68% million in 2Q 2020, or 1.98% of average assets (1) This is a non-GAAP financial measure and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix and our Earnings Release filed at Exhibit 99.1 to our July 23, 2020 8-K filing for a summary of our 2Q 2020 GAAP results and a reconciliation of non-GAAP financial information to results reported in accordance with GAAP. 4 (2) Tax-equivalent

PPP Loans Nearly $1 billion of loans processed in 2Q 2020 supporting an estimated 100,000 jobs in our region PPP Loans as of June 30, 2020 PPP Loans by Size as of June 30, 2020 # of % of % of $ ($ in '000s) $ # of Loans Loan Size Loans total $ total # Construction $ 195,075 552 > $1M $358,764 175 39% 3% Professional, Scientific, and Technical 126,879 577 $500k-$1M 179,484 262 19% 5% Health Care and Social Assistance 101,495 505 $100k-500k 294,621 1,325 31% 26% Other Services (except Public Administration) 91,728 661 $50k-100k 59,775 841 6% 17% Manufacturing 70,747 177 $25k-50k 32,483 912 3% 18% Retail Trade 57,677 554 < $25k 20,009 1,490 2% 31% Food Services 54,723 352 Total $945,136 5,005 100% 100% Educational Services 42,401 129 Wholesale Trade 34,713 128 • Estimated $27 million of net fee accretion over the life of the loans Real Estate and Rental and Leasing 32,842 310 Admin Support/Waste Mngt/Remediation 26,577 171 • $4.8 million of net interest income, including $3.1 million of fee Hotels 12,554 70 accretion recorded in 2Q 2020. $1.8 million of costs in 2Q 2020 All Other 97,725 819 Total $ 945,136 5,005 • An estimated $27-28 million of net interest income including approximately $22M of fee accretion in 2020. Fee accretion assumes 75% loan forgiveness in 2H 2020 • Full-year costs of approximately $4-5 million expected, including Associate, third-party processing, consulting, and other costs 5

CECL Economic Forecast Full Year GDP of -6.1% in 2020 and 6.3% in 2021 Economic Forecast Impact Year-end Unemployment of 9.3% in 2020 and 7.6% in 2021 Coverage*: 1.60% 2.73% ACL by Segment ACL Considerations • 2Q 2020 ACL increase of $93 million driven by: • Slower forecasted recovery in unemployment • Prolonged lower interest rate environment 1 • Portfolio migration, driven by targeted review of at-risk 1 portfolios, including hotels and food services segments • Coverage ratio 3.26%, including estimated remaining credit mark on the acquired loan portfolio • YTD PPNR offsets nearly 90% of YTD Provision for Credit Losses of $151.4 million. PPNR combined with Visa Class B gain drive positive GAAP Net Income of $3.8 million YTD. * Excludes PPP Loans 1 Hotel loan balances are included in the C&I and Construction segments. See page 10 for additional details on the Hotel portfolio. 6

Credit Risk Management Original Loan Modifications1 Loan # of % of Active Management of Payment Deferrals First Modification ($ in '000s) Balances Loans Portfolio CRE $ 700,889 624 32% • At least 75% of original loan modifications expected to revert to full C&I 636,426 1,165 32% contractual payment terms in 3Q 2020 based on portfolio wide customer Owner Occupied 380,432 591 28% conversations Construction 109,861 41 17% Total Commercial $ 1,827,608 2,421 30% • New modification requests substantially ended in May 2020 Residential Mortgage $ 86,581 418 9% Leases 39,298 1,114 18% Consumer 35,545 744 4% • Approximately 25% of original commercial loan modifications made some 2 Education 29,333 149 24% level of payment during the 90 day period Credit Cards 284 24 3% Total Loan Portfolio $ 2,018,649 4,870 24% Expedited and Targeted Portfolio Risk Reviews Original Commercial Modifications by Sector3 Loan # of % of • $1.1 billion of loans within “at risk” portfolios reviewed through 2Q 2020 ($ in '000s) Balances Loans Portfolio Real Estate Rental and Leasing (ex Retail) 573,358 658 24% • Segment level targeted reviews include: Retail 4 363,376 320 66% • All Hotel loans Hotel 4 309,043 79 62% Other Services (ex Public Admin) 116,413 306 31% • Large Retail CRE and Retail Trade loans 4 Food Services 129,332 238 68% • Large Food Services loans Health Care and Social Assistance 84,330 226 32% Manufacturing 54,210 86 20% • All syndicated loans, SNC’s, and leveraged lending transactions, which are limited Construction 41,634 137 8% • Balance of portfolio will be reviewed during 3Q 2020 as part of our standard All Other 155,912 371 14% Total Commercial $ 1,827,608 2,421 30% quarterly credit risk management process 1 Balance of “First Round” loan modifications as of June 30, 2020 as 99% were 90 days or less. 2 Approximately 75% of the loan balances include U.S. government-guaranteed student loans that carry little risk of credit loss 3 Amounts are included in total $2.0 billion of original loan modifications. 7 4 See slides 10-12 for additional information related to these industry sectors.

Balance Sheet Composition at June 30, 2020 Asset Composition Funding Composition Assets: $12.61 Billion; Net Loans: $8.31 Billion Customer Deposits: $10.8 Billion Time CRE, 25% Net Loans (ex PPP) 11% Non-interest Consumer, DDA 30% Customer Deposits 80% 65% 13% C&I, 39% Money Market & Savings 38% Interest DDA Other Non- Residential 21% Earning Assets Mortgage, 12% 13% Construction, 8% Commercial Leasing, 3% Other Liabilities 3% Cash • Excluding PPP, Commercial • Core deposits represent Investments 19% 89% of total customer Other Connect loans comprise 75% of the Equity 13% Borrowings 3% gross loan portfolio deposits 4% • 85% of consumer loans are • Non-interest and very low • Investments composed of high quality, • Customer Funding increased $1.4 billion in secured interest DDA (WAC 7 bps) marketable investment grade securities 2Q 2020 primarily due to an estimated $700 represent 51% of customer with low credit risk with more than 90% in • Low credit card exposure: funding million from PPP loans along with pandemic MBS issued by GNMA, FNMA or FHLMC $9.8 million at June 30, 2020 related excess customer liquidity 1 Excludes $945 million of PPP loans at June 30, 2020. 8

Commercial Loan Portfolio (ex PPP) at June 30, 2020 C&I and Owner Occupied - $3.4 billion4 CRE Investor and Construction - $2.8 billion Real Estate Rental Special Use & Mixed Use, Flex, Warehouse, Well Diversified and Granular and Leasing, 10% Other, 8% 2% Self-Storage, Other, 20% General Industrial, • No single industry, CRE, project, or 9% individual borrower concentrations Hotels , 13% Residential • House Limit: $70 million at Wholesale Multi-Family, Trade, 5% 6/30/2020 (1 Relationship) 26% Office, 18% Food Services, • 5 relationships >$50 million Professional, 6% 1 Scientific and • CRE - 208% Technical • CLD2 - 59% Services, 5% Other Services (except Public Health Care and Administration), • In compliance with all 20 Board Social Assistance, 7% 10% Residential 1-4, Retail, 26% approved concentration limits at Construction, Retail Trade, 12% Manufacturing, 8% June 30, 2020 8% 8% No or Low Exposure Industries3: • No direct exposure to Energy, Casinos & Gambling, and Cruise Lines • Less than $15 million combined exposure to Movie Theaters, Amusement, and Aviation 1 Defined as the sum of CRE and Construction (excluding owner occupied) exposures divided by the sum of Tier-1 Capital and ACL. 2 Defined as Construction and land development (excluding owner occupied) exposure divided by the sum of Tier-1 Capital and ACL. 3 As defined by the North American Industry Classification System (NAICS). 9 4 Excludes $945 million of PPP loans as of June 30, 2020.

Hotel Portfolio at June 30, 2020 • Risk-rating reviews completed for entire portfolio in 2Q 2020 Hotels (ex PPP)1 • 48% of balances Criticized at June 30, 2020 Loan Type Loan Average ($ in millions) Balances Loan Size • Approximately 60% of balances with original modification C&I/Owner-Occupied $422.5 $7.2 • Around 35-40% of original modifications expected to revert to contractual payment terms in 3Q 2020 Construction $78.1 $7.1 • $13 million of PPP loans Total $500.5 $7.2 • Conservative underwriting with current weighted average LTV of ~55% EXPOSURE BY BRAND • Locally based operators with experienced sponsors Other 9% Marriott, 27% Independent • All but one property is currently open 18% • Approximately 75% of the portfolio has full or partial recourse • Over two-thirds of hotel exposure to large brands (Hilton, Marriott, InterContinental and InterContinental) 9% Hilton, 37% 1 NAICS Code 721110 – Hotels (except Casino Hotels) and Motels 10

Food Services Portfolio at June 30, 2020 • Approximately 50% of total portfolio, including majority of loans over $1 million, were reviewed in 2Q 2020 1 Food Services (ex PPP) • 13% of balances Criticized at June 30, 2020 Loan Type Loan Average • Approximately two-thirds of balances with original modification ($ in millions) Balances Loan Size • Around 80% of original modifications expected to revert to contractual payment terms in 3Q 2020 C&I $109.1 $0.3 • $55 million of PPP loans Owner-Occupied $83.2 $0.5 • Approximately 50% of balances are secured by real-estate CRE/Construction $7.6 $0.5 • Six of the seven largest borrowers are associated with multi-site Total $199.9 $0.4 operations • Granular portfolio with average balance of $400,000 • Nearly all large relationships include recourse 1 Reflects 11 unique NAICS codes covering Restaurants, Bars, Caterers, Mobile Food Services, and Food Service Contractors. 11

Retail Portfolio at June 30, 2020 Retail CRE (ex PPP) Retail Trade (ex PPP) Loan Type Loan Average Loan Type Loan Average ($ in millions) Balances Loan Size ($ in millions) Balances Loan Size C&I $116.0 $0.2 Total $741.3 $1.3 Owner Occupied $150.1 $0.6 • All large loans over $8 million and nearly half of the entire portfolio reviewed in 2Q 2020 Total $266.1 $0.4 • 5% of balances Criticized at June 30, 2020 • Reviewed largest loans totaling ~$100 million in exposure in 2Q • Approximately 50% of balances with original modification 2020 • Around 80% of original modifications expected to revert to • 7% of balances Criticized at June 30, 2020 contractual payment terms in 3Q 2020 • Approximately 5% of balances with original modification • No outstanding loan balances to indoor shopping malls; limited • Over 80% of original modifications expected to revert to exposure to power centers contractual payment terms in 3Q 2020 • Top 9 loan balances represent approximately 20% of total portfolio • Granular portfolio with no loans over $10 million with approximately 70% anchored by grocery stores • Minimal PPP loans • $58 million of PPP loans 12

Net Interest Margin Outlook • 2Q 2020 included full quarter impact of the March 150 4.75% 3.73% - 4.08% - bps Fed Fund rate decrease and negative 8 bps from 4.38% 3.93% 13 4.50% 3.83% 4.18% PPP; 1Q and 2Q 2020 included elevated purchase 0 accounting accretion (PAA) due to payoffs, which are 0.22% Negative 8 bps 4.25% PPP impact uneven 4.00% 0.31% 0.30% • 3Q outlook reflects margin compression from lower PAA, full quarter of lower LIBOR; declining loan and 3.75% 0.30% MBS yields from portfolio churn, and; margin 3.85% 0.27% 0.28% compression from significant excess liquidity 3.50% 3.58% 3.50% • 4Q outlook reflects 30 bps from PPP (loan forgiveness 3.43% 3.25% timing) plus core margin increase from reduced excess liquidity and increased deposit betas 3.00% 1Q 2020 2Q 2020 3Q 2020 Outlook 4Q 2020 Outlook • Deposit and Loan betas are ~25-30% for down rate NIM Ex PAA/PPP Modeled PAA Accretion cycle Incremental PAA Accretion PPP 13

Core PPNR1 Outlook $ in million’s 120.0 2.50% 2.36% • Outlook assumes no Fed rate changes and continued 1.93% - gradual reopening of the economy 100.0 1.98% 1.77% - 2.15% 1.98% 2.00% • Excluding PPP, core PPNR as a percentage of average 1.96% 1.66%- 1 80.0 1.70%- 1.83% assets is expected to decline in 3Q and 4Q 2020 due 71.5 1.85% 1.50% primarily to the following: 63.5 59 – 66 61 – 68 3.0 60.0 2 Decline in NIM from factors described in the NIM outlook 7 – 9 11 –132 • on page 13 1.00% 40.0 • Approximately $2.5 to $3.0 lower quarterly interchange 71.5 60.5 52- 57 50 – 55 revenue due to Durbin (Effective July 2020) 0.50% 20.0 • Lower mortgage revenue compared to 2Q 2020 due to expected decline in refinancing volume 0.0 0.00% • Above declines partially offset by expected lower 1Q 2020 2Q 2020 3Q 2020 4Q 2020 noninterest expenses, including non-provision credit costs PPNR (ex PPP) PPP PPNR % Assets PPNR % Assets (ex PPP) 1 This is a non-GAAP financial measure and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for a reconciliation of Core PPNR and Core PPNR as a percentage of assets to their comparable GAAP measures. 14 2 PPP pre-tax net income forecasted to grow in 3Q and 4Q based on anticipated loan forgiveness timing.

Capital Position Common Equity Tier-1 (CET1) Capital Ratio Scenario1 ACL Capacity1 Six Quarter PPNR Run-Rate and ACL Capacity to Remain “Well” Capitalized (Six Quarters Ending 4Q 2021) $ in millions 1 Common Equity Tier 1 Capital - 2Q20 $ 1,292 PPNR Run-Rate (after-tax)1 263 Dividend Run-Rate (36) Capacity to Absorb Additional ACL (858) "Well" Capitalized Minimum - 4Q21 $ 661 • PPNR (after-tax) run-rate1 provides approximately 43 bps of CET1 per quarter. After estimated routine dividends, the Bank could absorb approximately $858 million of additional provision for credit losses and remain well capitalized • Incremental $858 million is an addition to $232 million ACL at June 30, 2020 and estimated $45 million of remaining • Quarterly cash dividend of $0.12 per share of common stock to be paid credit mark on acquired loan portfolio August 2020 • PPNR run-rate fully absorbs “severely adverse” loss scenario • Share repurchases temporarily suspended • Excess capacity can absorb 3 times the “severely” adverse loss scenario 1 Assumed PPNR Run-Rate reflects 2H 2020 Outlook on page 14 and an estimated $55 million quarterly PPNR (pre-tax) per quarter scenario for 2021. 15

2Q 2020 Loan and Deposit Growth Loans - 2Q'20 vs 1Q'20 and 2Q'19 Mar Jun 2Q'20 $ Annualized YOY $ YOY % ($ in millions) Jun 2020 2020 2019 Growth % Growth Growth Growth • We continue to execute our strategy to optimize our C & I Loans $ 3,354 $ 3,412 $ 3,421 $ (58) -7% (67) -2% PPP Loans 945 0 0 945 100% 945 100% loan mix towards relationship-based, higher yielding C&I Commercial Mortgages 2,166 2,223 2,281 (58) -10% (116) -5% Construction Loans 638 626 540 12 8% 98 18% loans Commercial Leases 213 202 156 11 22% 57 37% Total Commercial Loans 7,316 6,463 6,398 853 53% 918 14% Residential Mortgage (HFS/HFI/Rev Mgt) 1,012 1,055 1,134 (43) -16% (122) -11% Consumer Loans 1,133 1,118 1,131 15 5% 2 0% • Excluding PPP loans of $945.1 million and purposeful Total Gross Loans 9,461 8,636 8,665 825 38% 796 9% Run-Off Portfolios run-off portfolios, gross loans were flat compared to 1Q Residential Mortgage (HFI) 892 955 1,070 (63) -27% (177) -17% Student Loans Acquired from BNCL 119 123 133 (3) -10% (14) -11% 2020 and grew $223.0 million, or 3% year-over-year Auto Loans Acquired From BNCL 33 40 69 (7) -70% (36) -52% Participation portfolios (CRE) from BNCL 169 210 253 (41) -79% (84) -33% Leveraged Loans (C&I) from BNCL 12 12 72 0 0% (60) -83% Total Run-Off Portfolios 1,225 1,340 1,597 (115) -35% (372) -23% • Customer funding increased $1.4 billion from 1Q 2020 Gross Loans ex Run-Off Portfolios 8,236 7,296 7,068 940 52% 1,168 17% PPP Loans 945 0 0 945 100% 945 100% and $1.5 billion year-over-year primarily due to an Gross Loans ex Run-Off & PPP Portfolios 7,291 7,296 7,068 (5) 0% 223 3% estimated $700 million from PPP customers and impact Deposits - 2Q'20 vs 1Q'20 and 2Q'19 of government stimulus checks, delayed tax payments Mar Jun 2Q'20 $ Annualized YOY $ YOY % ($ in millions) Jun 2020 2020 2019 Growth % Growth Growth Growth and lower overall customer spending Noninterest Demand $ 3,189 $ 2,315 $ 2,190 $ 874 152% 999 46% Interest Demand Deposits 2,302 2,093 2,092 209 40% 210 10% Savings 1,732 1,595 1,625 137 35% 107 7% Money Market 2,333 2,149 2,005 184 34% 328 16% Total Core Deposits 9,556 8,152 7,912 1,404 69% 1,645 21% Customer Time Deposits 1,228 1,272 1,359 (44) -14% (131) -10% Total Customer Deposits1 10,784 9,424 9,271 1,359 58% 1,513 16% 16

Appendix : Non-GAAP Financial Information

Appendix: 2Q 2020 Reported Financial Results 2Q 2020 • GAAP results for 2Q 2020 were significantly impacted by the continued $ in millions (expect per share amounts) impacts of COVID-19 and included $94.8 million (pre-tax), or $1.49 per share EPS ($0.14) (after-tax) of provision for credit losses due to portfolio credit migration and deterioration in economic forecasts PPNR (1) $84.7 ROA (0.22%) • 2Q 2020 GAAP results also include: ROTCE(1) (1.55%) • $22.1 million (pre-tax), or $0.35 per share (after-tax), net realized gain on sale of 360,000 Visa Class B shares. Cumulative realized and NIM 3.93% unrealized gains and dividends on Visa Class B shares total $78.0 Fee Income/Total Revenue(2) 36.1% million on a total portfolio investment of $17.7 million Efficiency Ratio 52.4% • $2.8 million (pre-tax), or $0.04 per share (after-tax) of corporate development expense related to our acquisition of Beneficial ACL Coverage Ratio 2.45% • $1.9 million, or $0.03 per share (after-tax) from realized gain on sale of Loan to Deposit Ratio 86% other investment Common Equity Tier 1 Capital 12.68% (1) This is non-GAAP financial information and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix2 a reconciliation of non-GAAP financial information. (2) Tax-equivalent 18

Appendix: Non-GAAP Financial Information Three Months Ended Three Months Ended June 30, March 31, June 30, June 30, June 30 , March 31,2020 (dollars in thousands, except per share data) 2020 2020 2019 (dollars in thousands, except per share data) 2020 2019 Net interest income (GAAP) $ 113,756 $ 116,150 $ 123,232 Net (loss) income (GAAP) $ (7,811) $ 10,567 $ 35,969 Core net interest income (non-GAAP) $ 113,756 $ 116,150 $ 123,232 Plus: Income tax (benefit) provision (2,247) 1,288 10,091 Noninterest income (GAAP) $ 64,375 $ 40,847 $ 42,871 Plus: Provision for credit losses 94,754 56,646 12,195 Less: Securities gains 1,908 693 63 Pre-provision net revenue (PPNR) (Non-GAAP) 84,696 68,501 58,255 Less: Unrealized (loss) gains on equity investment (11) 668 1,033 Less: Realized Gain on Sale 22,052 Plus (less): Pre-tax adjustments (1) (21,148) 2,980 14,731 Core fee income (non-GAAP) $ 40,426 $ 39,486 $ 41,775 Core PPNR (Non-GAAP) $ 63,548 $ 71,481 $ 72,986 Core net revenue (non-GAAP) $ 154,182 $ 155,636 $ 165,007 Core net revenue (non-GAAP)(tax-equivalent) $ 154,513 $ 155,905 $ 165,325 GAAP return on average assets (ROA) -0.22% 0.36% 1.20% (1) Noninterest expense (GAAP) $ 93,435 $ 88,496 $ 107,848 Plus (less): Pre-tax adjustments -0.65% 0.10% 0.49% (Plus)/less: Recovery of fraud loss - - - (Plus) less: Tax impact of pre-tax adjustments (ROA) 0.14% -0.07% -0.12% Less: Corporate development expense 2,801 1,341 13,946 Core ROA (non-GAAP) -0.73% 0.39% 1.57% Less: Restructuring expense - - 1,881 EPS (GAAP) $ (0.14) $ 0.21 $ 0.68 (1) Less: Contribution to WSFS Community Foundation - 3,000 - Plus (less): Pre-tax adjustments (0.42) 0.06 0.28 Core noninterest expense (non-GAAP) $ 90,634 $ 84,155 $ 92,021 (Plus) less: Tax impact of pre-tax adjustments (EPS) 0.10 (0.04) (0.08) Core efficiency ratio 58.7% 54.0% 55.7% Core EPS (non-GAAP) $ (0.46) $ 0.23 $ 0.88 Core fee income as a percentage of total core net revenue (tax equivalent) 26.2% 25.3% 25.3% GAAP net (loss) income attributable to WSFS $ (7,111) $ 10,927 $ 36,200 (1) Plus (less): Pre-tax adjustments (21,148) 2,980 14,731 (Plus)/less: Tax impact of pre-tax adjustments 4,712 (2,020) (3,580) Adjusted net (loss) income (non-GAAP) attributable to WSFS $ (23,547) $ 11,887 $ 47,351 (1) Pre-tax adjustments include Securities gains, unrealized gains on equity investments, corporate development and restructuring expense, recovery of fraud loss, and contribution to WSFS Community Foundation 19

Appendix: Non-GAAP Financial Information $ in 000's 1Q'19 2Q'19 3Q'19 4Q'19 TTM 4Q'19 1Q'20 2Q'20 Net Income $ 12,930 $ 35,969 $ 53,595 $ 45,424 $ 147,918 $ 10,567 $ (7,811) Plus: Income Tax Provision 6,260 10,091 15,902 14,199 46,452 1,288 (2,247) Plus: Provision for Credit Losses 7,654 12,195 4,121 1,590 25,560 56,646 94,754 Plus/Less: Core Adjustments (1) 27,176 14,731 (2,467) 5,419 44,859 2,980 (21,148) Core Pre-Provision Net Revenue $ 54,020 $ 72,986 $ 71,151 $ 66,632 $ 264,789 $ 71,481 $ 63,548 PPP Income - - - - - - 4,836 PPP Expense - - - - - - (1,814) PPP - - - - - - 3,022 Core Pre-Provision Net Revenue, Less PPP $ 54,020 $ 72,986 $ 71,151 $ 66,632 $ 264,789 $ 71,481 $ 60,526 Average Assets $ 9,099,176 $ 12,122,966 $ 12,418,420 $ 12,226,162 $ 11,466,681 $ 12,159,524 $ 13,020,715 PPP Average Assets $ 727,377 Average Assets less PPP $ 12,293,338 PPNR/Avg Assets (annualized) 2.41% 2.41% 2.27% 2.16% 2.31% 2.36% 1.96% PPNR less PPP/Avg Assets (annualized) 2.41% 2.41% 2.27% 2.16% 2.31% 2.36% 1.98% 1 For detail on our core adjustments for 2Q'20, 1Q'20 and 2Q'19 refer to our Earnings Release filed at Exhibit 99.1 to our July 23, 2020 8-K filing. For detail on our core adjustments for 4Q'19 and 1Q'19, refer to our Earnings Release filed at Exhibit 99.1 to our April 27,2020 8-K filing. For detail on our core adjustments for 3Q'19, refer to our Earnings Release filed at Exhibit 99.1 to our 20 October 22,2019 8-K filing.

Stockholders or others seeking information regarding the Company may call or write: WSFS Financial Corporation Investor Relations WSFS Bank Center 500 Delaware Avenue Wilmington, DE 19801 302-504-9857 stockholderrelations@wsfsbank.com www.wsfsbank.com Rodger Levenson Dominic C. Canuso Chairman, President and CEO Chief Financial Officer 302-571-7296 302-571-6833 rlevenson@wsfsbank.com dcanuso@wsfsbank.com 21

XML

COVER PAGE	Jul. 23, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 23, 2020
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