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

October 21, 2021

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 October 21, 2021, the WSFS Financial Corporation (the “Registrant”) issued a press release to report earnings for the quarter ended September 30, 2021. A copy of the press release is furnished with this Form 8-K as Exhibit 99.1.

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

Item 7.01 Regulation FD Disclosures

The attached presentation contains information that the members of the Registrant's management will use during visits with investors, analysts, and other interested parties to assist their understanding of the Registrant from time to time throughout the fourth quarter of 2021. Other presentations and related materials will be made available as they are presented during the year. A copy of the investor presentation is furnished with this Form 8-K as Exhibit 99.2.

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

Item 9.01 Financial Statements and Other Exhibits

(d) Exhibits.

99.1 Press Release, dated October 21, 2021

99.2 3Q 2021 Investor Presentation, dated October 21, 2021

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:	October 21, 2021	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
	(302) 571-6833; dcanuso@wsfsbank.com
October 21, 2021	Media Contact: Rebecca Acevedo
	(215) 253-5566; racevedo@wsfsbank.com

WSFS REPORTS 3Q 2021 EPS OF $1.14 AND ROA OF 1.43%;

CONTINUED STRENGTH FROM DIVERSIFIED BUSINESS MODEL;

$21.3 MILLION ACL RELEASE AS POSITIVE CREDIT TRENDS CONTINUE

WILMINGTON, Del. — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the third quarter of 2021.

Selected quarterly financial results and metrics are as follows:

(Dollars in millions, except per share data)	3Q 2021			2Q 2021			3Q 2020
Net interest income	$	104.5		$	106.7		$	113.0
Fee income	42.6			49.0			49.2
Total net revenue	147.1			155.8			162.2
(Recovery of) provision for credit losses	(21.3)			(67.6)			2.7
Noninterest expense	96.4			96.0			93.5
Net income attributable to WSFS	54.4			95.7			51.1
Pre-provision net revenue (PPNR)(1)	50.7			59.7			68.7
Earnings per share (diluted)	1.14			2.01			1.01
Return on average assets (ROA) (a)	1.43		%	2.60		%	1.49		%
Return on average equity (ROE) (a)	11.3			21.3			11.1
Efficiency ratio	65.5			61.6			57.6

GAAP results for the quarterly periods shown below included the following items that are excluded from core results. For 3Q 2021, the $2.0 million of corporate development and restructuring expense primarily relates to our pending combination with Bryn Mawr Bank Corporation (“Bryn Mawr”).

	3Q 2021				2Q 2021				3Q 2020
(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	$	—	$	—	$	—	$	—	$	3.3	$	0.05
Unrealized (loss) gain on equity investments, net	(0.1)		—		5.3		0.08		0.1		—
Realized loss on sale of equity investment, net	(0.7)		0.01		—		—		—		—
Corporate development and restructuring expense	2.0		0.04		2.4		0.04		0.4		0.01
Loss on debt extinguishment	—		—		1.1		0.02		2.3		0.03
Contribution to WSFS CARES Foundation	—		—		1.0		0.02		—		—

(1)As used in this press release, PPNR is a non-GAAP financial measure calculated as net revenue before (recovery of) provision for credit losses and net of noninterest expense. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

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

CEO Commentary

Rodger Levenson, Chairman, President and CEO, said, “3Q operating results reflect continued strength in our diversified business model including solid results in our fee businesses, a strong capital position, and overall improving credit metrics. We continue to be well positioned for significant organic growth across all of our business lines.

“Our integration planning continues to keep us on track to close the Bryn Mawr acquisition upon receipt of the final regulatory approval from the Federal Reserve. Upon completion, we look forward to executing on the significant organic growth opportunity as the largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region.

“During the quarter, we were honored to receive several recognitions demonstrating the success of our Strategy across our footprint, including: Top Workplace in Delaware for the 15th year in a row by The News Journal, named 'Best of Biz Editor's Pick' for customer service in the South Jersey Business Magazine, recognized by The Forum of Executive Women as a 'Champion of Board Diversity,' and; we were also named to the ‘Soaring 76’ for the fifth year in a row by the Philadelphia Business Journal, recognizing us as one of the fastest growing companies in the greater Philadelphia region. Our Associates remain committed to deliver on our Strategy of ‘Engaged Associates, living our culture, making a better life for all we serve.’ ”

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

Highlights for 3Q 2021:

•Core ROA(2) was 1.48% in 3Q 2021 compared to 1.48% for 3Q 2020.

•Core EPS(2) was $1.19 in 3Q 2021 compared to $1.00 for 3Q 2020.

•Total net credit (recoveries) costs were $(21.1) million during the quarter. Third quarter results reflected a $27.5 million decrease in the allowance for credit losses ("ACL") as overall credit quality improved quarter-over-quarter, including declines in problem assets and delinquencies, and economic forecasts continued to reflect favorable future trends. The ACL coverage ratio was 1.30%, excluding Paycheck Protection Program ("PPP") loans, at September 30, 2021.

•WSFS Bank maintained its strong capital generation and position with a Common Equity Tier 1 capital ratio increasing to 14.59% at September 30, 2021.

•Core fee revenue (noninterest income)(2) was $43.4 million, a decrease of $2.3 million compared to 3Q 2020. Despite the year-over-year decline, our core fee revenue as a percentage of core net revenue grew to a strong 29.3% reflective of our diversified business model. Excluding mortgage banking revenue, which was impacted by lower refinance volumes, core fee revenue increased $3.6 million, or 10%, compared to 3Q 2020.

•During the quarter we launched our strategic partnership with Upstart, a digital artificial intelligence lending platform specializing in consumer loans.

•The Board of Directors approved a quarterly cash dividend of $0.13 per share of common stock.

•The Office of the Comptroller of the Currency, our primary regulator, approved the combination with Bryn Mawr on July 21st.

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

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

Third Quarter 2021 Discussion of Financial Results

Balance Sheet

The following tables summarize loan and lease and customer deposit balances and composition at September 30, 2021 compared to June 30, 2021 and September 30, 2020:

Loans and Leases
(Dollars in millions)	September 30, 2021				June 30, 2021				September 30, 2020
Commercial & industrial (C&I)	$	3,194	40	%	$	3,233	39	%	$	3,300	36	%
Commercial real estate (CRE)	1,988		25		2,024		25		2,168		23
PPP	67		1		223		3		954		10
Construction	763		10		780		9		666		7
Commercial small business leases	317		3		292		4		228		3
Total commercial loans	6,329		79		6,552		80		7,316		79
Residential mortgage	654		8		720		9		1,003		11
Consumer	1,118		14		1,105		13		1,169		13
ACL	(105)		(1)		(132)		(2)		(233)		(3)
Net loans and leases	$	7,996	100	%	$	8,245	100	%	$	9,255	100	%

Customer Deposits
(Dollars in millions)	September 30, 2021				June 30, 2021				September 30, 2020
Noninterest demand	$	4,134	33	%	$	4,328	34	%	$	3,197	29	%
Interest-bearing demand	2,845		22		2,633		21		2,521		23
Savings	1,942		15		1,928		15		1,718		15
Money market	2,772		22		2,723		22		2,489		22
Total core deposits	11,693		92		11,612		92		9,925		89
Customer time deposits	1,035		8		1,052		8		1,224		11
Total customer deposits	$	12,728	100	%	$	12,664	100	%	$	11,149	100	%

At September 30, 2021, WSFS’ net loan and lease portfolio decreased $249.2 million when compared with June 30, 2021, including a $156.2 million decrease in PPP loans due to forgiveness. Excluding PPP loans, purposeful run-off portfolios on previously acquired loans, and the ACL, loans and leases decreased $80.1 million, or 4% (annualized). While new loan originations continue to be strong, it was more than offset by higher paydowns in our construction portfolio. This decrease was partially offset by modest increases in our commercial small business leases and consumer portfolios.

Net loans and leases at September 30, 2021 decreased $1.3 billion when compared with September 30, 2020, including a $887.5 million decrease in PPP loans primarily due to forgiveness. Excluding PPP loans, purposeful run-off portfolios, and the ACL, loans and leases decreased $79.4 million, or 1%, year-over-year, primarily due to the higher commercial loan paydowns as described above.

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

Total customer deposits were $12.7 billion at September 30, 2021, a $64.2 million, or 2% (annualized), increase from June 30, 2021. The increase is primarily due to $238.0 million of seasonally higher public funding deposits, partially offset by a $115.0 million decrease from short term customer deposits and lower Wealth Management deposits from our corporate trust business. Customer deposits increased $1.6 billion, or 14%, from September 30, 2020, reflecting continued elevated deposits from customers who received PPP loans, government stimulus impact and lower customer spending, and an increase in Wealth Management deposits.

Core deposits were a strong 92% of total customer deposits and no- and low-cost checking accounts represented a robust 55% of total customer deposits at September 30, 2021. These core deposits predominantly represent longer-term, less price-sensitive customer relationships. The ratio of net loans and leases to customer deposits was 63% at September 30, 2021 reflecting significant liquidity capacity.

Net Interest Income

	Three Months Ending
(Dollars in millions)		September 30, 2021			June 30, 2021			September 30, 2020
Net interest income before purchase accretion and PPP		$	95.6		$	93.4		$	95.6
Purchase accounting accretion		6.3			7.6			11.1
Net interest income before PPP		101.9			101.0			106.7
PPP		2.6			5.7			6.3
Net interest income		$	104.5		$	106.7		$	113.0
Net interest margin before purchase accretion and PPP		2.82		%	2.91		%	3.35		%
Purchase accounting accretion		0.18			0.24			0.39
Net interest margin before PPP		3.00			3.15			3.74
PPP		0.05			0.08			(0.08)
Net interest margin		3.05		%	3.23		%	3.66		%

Net interest income decreased $8.6 million, or 8%, compared to 3Q 2020, due to a $4.8 million decrease in purchase accounting accretion, $3.7 million of lower PPP income due to lower balances from loan forgiveness, and a slight decline from the lower rate environment and balance sheet mix. Net interest income decreased $2.3 million, or 2% (not annualized), from 2Q 2021 due to $3.1 million of lower PPP income due to lower balances from loan forgiveness and a $1.3 million decrease in purchase accounting accretion, partially offset by a $2.1 million increase due to the continued growth of the investment portfolio.

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

Net interest margin decreased 61 bps from 3Q 2020, including 53 bps from the lower rate environment and balance sheet mix, and 21 bps from lower purchase accounting accretion, partially offset by a 13 bps increase from PPP. Net interest margin decreased 18 bps from 2Q 2021 including 9 bps from the balance sheet mix, 6 bps from lower purchase accounting accretion, and 3 bps from PPP.

Third quarter 2021 results were significantly impacted by continued high levels of excess customer liquidity described below. The additional customer liquidity reduced our net interest margin by approximately 61 bps compared to a reduction of 50 bps in 2Q 2021 and 14 bps in 3Q 2020.

Excess customer liquidity was driven by our strong Customer relationships across all of our business lines. This includes those who previously received PPP loans, government stimulus and had continued lower spending during the pandemic. Compared to the prior year, our excess Customer liquidity has grown by $2.9 billion, with $1.9 billion of the excess Customer liquidity shifting towards optimizing higher earning assets with additional purchases of high-quality agency mortgage-backed securities combined with reductions in our wholesale borrowings of $220.1 million.

Credit Quality

The following table summarizes credit quality metrics as of and for the period ended September 30, 2021 compared to June 30, 2021 and September 30, 2020.

(Dollars in millions)	September 30, 2021			June 30, 2021			September 30, 2020
Problem assets	$	532.0		$	624.9		$	769.7
Nonperforming assets	51.8			40.1			44.5
Delinquencies	45.4			54.5			76.8
Net (recoveries) charge-offs	6.2			4.8			2.2
Total net credit (recoveries) costs (r)	(21.1)			(68.1)			4.1
Problem assets to total Tier 1 capital plus ACL	33.18		%	39.73		%	48.78		%
Classified assets to total Tier 1 capital plus ACL	20.58			26.06			32.34
Ratio of nonperforming assets to total assets	0.34			0.26			0.32
Ratio of nonperforming assets (excluding accruing TDRs) to total assets	0.24			0.17			0.21
Delinquencies to gross loans	0.57			0.66			0.82
Ratio of quarterly net (recoveries) charge-offs to average gross loans	0.31			0.23			0.09
Ratio of allowance for credit losses to total loans and leases (q)	1.29			1.59			2.47
Ratio of allowance for credit losses to nonaccruing loans	303			551			901

See “Notes”

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

Overall credit metrics remained favorable led by the continued improvement of total problem assets(3) which declined to $532.0 million at September 30, 2021 compared to $624.9 million at June 30, 2021, primarily due to a payoff of one large CRE relationship, the sale of two loans in the hotel sector, and improvements in the retail sector. Delinquencies also decreased to $45.4 million at September 30, 2021, or 0.57% of gross loans, compared to $54.5 million at June 30, 2021.

Nonperforming assets increased to $51.8 million at September 30, 2021 primarily due to two commercial relationships totaling $13.0 million (net book value) that were downgraded during the quarter. Net charge-offs for 3Q 2021 were $6.2 million, or 0.31% (annualized) of average gross loans, driven by partial charge-offs on the two downgraded relationships and recoveries from two previously charged-off relationships.

Total net credit (recoveries) costs were $(21.1) million in the quarter compared to $(68.1) million in 2Q 2021, and the ACL decreased to $104.9 million due to the continued future economic recovery captured in our forecasts and overall stable credit trends, with new loan originations offset by portfolio run-off.

Core Fee Revenue

Core fee revenue (noninterest income) was $43.4 million, a decrease of $2.3 million, or 5%, compared to 3Q 2020, which included a $5.9 million decline in mortgage banking fees primarily resulting from the decline in refinancing originations compared to the historically higher levels in 3Q 2020. Excluding the impact of mortgage banking fees, core fee revenue increased by $3.6 million, or 10%, including increases of $2.1 million from Wealth Management fees and $1.0 million from Cash Connect®.

Core fee revenue decreased $0.3 million, or 1%, compared to 2Q 2021, due to a decrease of $1.1 million primarily from valuation adjustments on equity investments and a commercial loan sale in 3Q 2021 and $0.4 million of lower PPP Round Two referral fees, partially offset by a $1.2 million increase in mortgage banking fees.

For 3Q 2021, core fee revenue was 29.3% of core net revenue compared to 28.8% at 3Q 2020, and was diversified among various sources, including traditional banking, mortgage banking, Wealth Management and Cash Connect®.

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

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

Core Noninterest Expense(4)

Core noninterest expense of $94.4 million for 3Q 2021 increased $3.6 million compared to $90.8 million in 3Q 2020, primarily due to a $4.6 million increase in salaries and benefits reflecting franchise growth and a $1.1 million increase in equipment expense primarily due to higher third-party software expense related to our ongoing delivery transformation initiatives. These increases were partially offset by a $1.2 million decrease in loan workout and other credit costs due to a decrease in unfunded commitment reserves driven by stable credit metrics and $1.1 million from lower miscellaneous operating expenses.

When compared to 2Q 2021, core noninterest expense increased $2.9 million primarily due to $0.9 million higher salaries and benefits, $0.8 million of higher professional fees, and $0.7 million of higher loan workout and other credit costs primarily due to fluctuation in the unfunded commitment reserves driven by increased utilization in the prior quarter.

Our core efficiency ratio(4) was 63.7% in 3Q 2021, compared to 60.7% in 2Q 2021 and 57.1% in 3Q 2020 primarily due to the impact of lower net interest income.

Income Taxes

We recorded a $17.5 million income tax provision in 3Q 2021, compared to a $31.7 million income tax provision in 2Q 2021 and $15.1 million in 3Q 2020. The effective tax rate was 24.3% in 3Q 2021, 24.9% in 2Q 2021, and 23.0% in 3Q 2020.

(4) As used in this press release, core noninterest expense and core efficiency ratio are non-GAAP financial measures. These non-GAAP financial measures exclude corporate development and restructuring expense and the contribution to the WSFS Community Fund. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

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

Capital Management

The Board of Directors approved a quarterly cash dividend of $0.13 per share of common stock. This dividend will be paid on November 18, 2021 to stockholders of record as of November 4, 2021.

No repurchases of common stock occurred in 3Q 2021 and we expect repurchases will continue to be suspended until the close of the merger with Bryn Mawr. WSFS has 4,381,161 shares, or approximately 9% of outstanding shares, remaining to repurchase under our current authorization.

WSFS’ total stockholders’ equity increased $24.8 million, or 1% (not annualized), during 3Q 2021, primarily due to quarterly earnings, partially offset by a $25.6 million market-value decrease on available-for-sale securities and the dividend on common stock paid during the quarter.

WSFS’ tangible common equity(5) increased $27.4 million, or 2% (not annualized) compared to June 30, 2021 for the reasons described above. WSFS’ common equity to assets ratio was 12.41%at September 30, 2021, and our tangible common equity to tangible assets ratio(5) increased by 4 bps during the quarter to 9.17%.

At September 30, 2021, book value per share was $40.15, an increase of $0.52, or 1%, from June 30, 2021, and tangible common book value per share(5) was $28.59, an increase of $0.57 from June 30, 2021.

At September 30, 2021, WSFS Bank’s Tier 1 leverage ratio of 10.27%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 14.59%, and Total Capital ratio of 15.50% were all substantially in excess of the “well-capitalized” regulatory benchmarks.

(5) As used in this press 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 financial measures exclude goodwill and intangible assets and the related tax-effected amortization. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

	WSFS Bank Center	10
	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 $27.6 billion in assets under management (AUM) and assets under administration (AUA) as of September 30, 2021. 

Wealth Management reported pre-tax income of $10.1 million in 3Q 2021 compared to $6.0 million in 3Q 2020, and $10.7 million in 2Q 2021.

For 3Q 2021, total revenue (net interest income and fee revenue) was $20.2 million, an increase of $2.7 million, or 15%, compared to 3Q 2020 and a decrease of $0.3 million, or 1%, compared to 2Q 2021. The results were due to continued strong performance across all Wealth Management lines of business.

WSFS Institutional Services®' revenue of $8.6 million in 3Q 2021 was up 14% from 3Q 2020 and down $0.2 million from 2Q 2021. Growth in our corporate trust business was supported by continued strength in the debt securitization market as reflected by a 5% increase in transaction volume relative to 2Q 2021 and new client relationships, partially offset by lower assignment trading fees for the quarter.

Revenue from our advisory businesses, consisting of West Capital Management®, Cypress and WSFS Wealth® Investments, totaled $4.1 million in 3Q 2021 compared to $3.3 million in 3Q 2020, and $3.9 million in 2Q 2021. Net AUM at the end of 3Q 2021 was 13% higher than 3Q 2020 and roughly flat to 2Q 2021 primarily from strong equity market performance and client inflows.

Total noninterest expense (including intercompany allocations and excluding provision for credit losses) was $11.4 million in 3Q 2021, compared to $10.1 million in 3Q 2020 and $10.9 million in 2Q 2021. Noninterest expenses increased $0.5 million from 2Q 2021 and $1.3 million from 3Q 2020 due to higher compensation and benefits, incentive accruals and legal expense. Wealth Management efficiency ratio was 50% in 3Q 2021, compared to 52% in 3Q 2020 and 47% in 2Q 2021.

	WSFS Bank Center	11
	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 34,000 non-bank ATMs and retail safes nationwide supplying or servicing $1.7 billion in cash at September 30, 2021. Cash Connect® also supports over 600 ATMs for WSFS Bank Customers, which is one of the largest branded ATM networks in our market.

Cash Connect® reported pre-tax income of $2.8 million for 3Q 2021, a decrease of $0.3 million, or 9%, compared to 3Q 2020 and a decrease of $0.4 million, or 13%, compared to 2Q 2021. These decreases were driven by an increase in operational expenses including personnel and armored carrier services. ROA of 1.75% in 3Q 2021 decreased 33 bps from 2Q 2021 driven by an increase in on-balance-sheet cash, and 71 bps from 3Q 2020 due to the increased on-balance-sheet cash described above and certain nonrecurring items in the prior year.

Net revenue of $11.5 million in 3Q 2021 was up $1.1 million from 3Q 2020 and relatively flat compared to 2Q 2021. The year-over-year increase was driven by higher smart safe and managed service fee revenue.

Noninterest expense (including intercompany allocations of expense) was $8.7 million in 3Q 2021, an increase of $1.4 million compared to 3Q 2020 and $0.3 million compared to 2Q 2021. The year-over-year increase was driven by increased intercompany allocations and armored carrier activity (offset in managed services revenue).

During 3Q 2021, Cash Connect® continued to experience a sustained demand for cash as ATM and smart safe activity remained resilient across the nation. Cash Connect® continues build a strong pipeline for its growing smart safe and cash reconciliation programs, leveraging relationships with national retailers and top financial institutions.

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

Third Quarter 2021 Earnings Release Conference Call

Management will conduct a conference call to review 3Q 2021 results at 1:00 p.m. Eastern Time (ET) on Friday, October 22, 2021. Interested parties may listen to this call by dialing 1-877-312-5857 and using Conference ID #6366609. A rebroadcast of the conference call will be available beginning at 4:00 p.m. ET on October 22, 2021 until November 2, 2021 by dialing 1-855-859-2056 and using Conference ID #6366609.

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 September 30, 2021, WSFS Financial Corporation had $15.4 billion in assets on its balance sheet and $27.6 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), 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 Company 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	13
	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, including possible declines in housing markets, an increase in unemployment levels and slowdowns in economic growth, including as a result of the novel coronavirus ("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; additional credit, fraud and litigation risks associated with our PPP lending activities; economic and financial impact of federal, state and local emergency orders and other actions taken in response to the COVID-19 pandemic; the continuation of these conditions related to the COVID-19 pandemic, including whether due to a resurgence or additional waves of COVID-19 infections, particularly as the geographic areas in which we operate continue to re-open, and how quickly and to what extent normal economic and operating conditions can resume, especially as a vaccine becomes widely available; the Company's level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums; changes in market interest rates which may increase funding costs and reduce earning asset yields and thus reduce margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company's investment securities portfolio; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial and industrial loans in the Company's loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company's operations and potential expenses associated with complying with such regulations; the Company's ability to comply with applicable capital and liquidity requirements (including 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, such as the Secured Overnight Financing Rate (SOFR), including methodologies for calculating the rate that are different from the LIBOR methodology and changed language for existing and new floating or adjustable rate contracts; the success of the Company's growth plans, including its plans to grow the commercial small business leasing portfolio and residential mortgage small business and Small Business Administration portfolios; the Company's ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Customer acceptance of the Company's products and services and related Customer disintermediation, including its pending acquisition of Bryn Mawr; the Company’s ability to complete the acquisition of Bryn Mawr on the terms proposed, which are subject to a number of conditions, risks and uncertainties, including the possibility that the proposed acquisition does not close when expected or at all because all conditions to closing are not received or satisfied on a timely basis or at all, the failure to close for any other reason, diversion of management time on merger-related issues, risks relating to the potential dilutive effect of shares of the Company’s common stock to be issued in the acquisition of Bryn Mawr, and the reaction to the acquisition of Bryn Mawr of the companies’ respective customers, employees and counterparties; negative perceptions or publicity with respect to the Company generally and, in particular, the Company's trust and wealth management business; failure of the financial and operational controls of the Company's Cash Connect® division; adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings; the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties; system failures or cybersecurity incidents or other breaches of the Company's network security, particularly given widespread remote working arrangements; the Company's ability to recruit and retain key Associates; the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally; the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability, public health crises and man-made disasters including terrorist attacks; the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage); possible changes in the speed of loan prepayments by the Company's Customers and loan origination or sales volumes; possible changes in the speed of prepayments of mortgage-backed securities 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, 2020, Form 10-Q for the quarter ended March 31, 2021, Form 10-Q for the quarter ended June 30, 2021 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	14
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited)

	Three months ended						Nine months ended
(Dollars in thousands, except per share data)	September 30, 2021		June 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Interest income:
Interest and fees on loans	$	93,460	$	98,645	$	110,195	$	300,957	$	341,657
Interest on mortgage-backed securities	13,947		12,506		11,686		37,157		37,454
Interest and dividends on investment securities	1,353		1,383		1,265		4,185		3,200
Other interest income	691		368		224		1,335		797
	109,451		112,902		123,370		343,634		383,108
Interest expense:
Interest on deposits	3,550		3,778		8,346		11,824		32,815
Interest on Federal Home Loan Bank advances	—		—		445		5		1,900
Interest on senior debt	1,089		2,053		1,179		5,408		3,538
Interest on trust preferred borrowings	316		317		347		957		1,417
Interest on other borrowings	5		5		5		15		484
	4,960		6,153		10,322		18,209		40,154
Net interest income	104,491		106,749		113,048		325,425		342,954
(Recovery of) provision for credit losses	(21,310)		(67,563)		2,716		(109,033)		154,116
Net interest income after (recovery of) provision for credit losses	125,801		174,312		110,332		434,458		188,838
Noninterest income:
Credit/debit card and ATM income	7,651		7,567		7,251		22,023		27,916
Investment management and fiduciary revenue	15,370		15,360		13,266		44,983		35,157
Deposit service charges	5,742		5,319		4,772		16,521		14,594
Mortgage banking activities, net	5,637		4,453		11,507		18,690		23,472
Loan and lease fee income	1,216		1,730		1,165		6,431		3,381
Securities gains, net	2		—		3,322		331		5,923
Unrealized (loss) gain on equity investment, net	(120)		5,261		104		5,141		761
Realized (loss) gain on sale of equity investment, net	(706)		—		—		(706)		22,052
Bank-owned life insurance income	351		695		591		1,251		1,011
Other income	7,470		8,633		7,193		24,788		20,126
	42,613		49,018		49,171		139,453		154,393
Noninterest expense:
Salaries, benefits and other compensation	53,344		52,408		48,772		158,890		142,875
Occupancy expense	8,150		8,083		8,152		24,693		24,114
Equipment expense	6,807		7,338		5,678		21,536		16,401
Data processing and operations expense	3,467		3,444		3,198		10,296		9,337
Professional fees	4,244		3,401		4,611		11,501		13,634
Marketing expense	1,480		1,286		1,451		3,758		3,617
FDIC expenses	1,061		1,056		829		3,186		1,080
Loss on debt extinguishment	—		1,087		2,280		1,087		2,280
Loan workout and other credit costs	196		(552)		1,422		764		6,462
Corporate development expense	2,049		2,543		428		6,687		4,570
Restructuring expense	—		(144)		—		(409)		—
Other operating expenses	15,648		16,082		16,719		46,108		51,101
	96,446		96,032		93,540		288,097		275,471
Income before taxes	71,968		127,298		65,963		285,814		67,760
Income tax provision	17,516		31,687		15,140		70,610		14,181
Net income	54,452		95,611		50,823		215,204		53,579
Less: Net income (loss) attributable to noncontrolling interest	46		(56)		(322)		49		(1,382)
Net income attributable to WSFS	$	54,406	$	95,667	$	51,145	$	215,155	$	54,961
Diluted earnings per share of common stock:	$	1.14	$	2.01	$	1.01	$	4.51	$	1.08
Weighted average shares of common stock outstanding for fully diluted EPS	47,670,645		47,691,709		50,684,493		47,676,515		50,832,085

See “Notes”

	WSFS Bank Center	15
	500 Delaware Avenue,
	Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS

SUMMARY STATEMENTS OF INCOME (Unaudited)- continued

	Three months ended						Nine months ended
	September 30, 2021		June 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Performance Ratios:
Return on average assets (a)	1.43	%	2.60	%	1.49	%	1.95	%	0.57	%
Return on average equity (a)	11.31		21.32		11.08		15.74		3.99
Return on average tangible common equity (a)(o)	16.49		31.43		16.61		23.22		6.44
Net interest margin (a)(b)	3.05		3.23		3.66		3.28		3.97
Efficiency ratio (c)	65.46		61.55		57.57		61.87		55.29
Noninterest income as a percentage of total net revenue (b)	28.92		31.42		30.26		29.95		30.99

See “Notes”

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

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(Dollars in thousands)	September 30, 2021			June 30, 2021			September 30, 2020
Assets:
Cash and due from banks	$	1,538,178		$	1,944,059		$	714,062
Cash in non-owned ATMs	472,863			470,157			347,462
Investment securities, available-for-sale	4,242,981			3,366,579			2,334,922
Investment securities, held-to-maturity	92,169			95,126			113,609
Other investments	22,087			28,635			28,329
Net loans and leases (e)(f)(l)	7,995,859			8,245,019			9,254,785
Bank owned life insurance	33,788			32,759			31,717
Goodwill and intangibles	549,352			551,951			559,806
Other assets	428,819			414,576			445,416
Total assets	$	15,376,096		$	15,148,861		$	13,830,108
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits	$	4,133,945		$	4,328,060		$	3,196,967
Interest-bearing deposits	8,594,226			8,335,960			7,951,619
Total customer deposits	12,728,171			12,664,020			11,148,586
Brokered deposits	39,390			62,825			242,759
Total deposits	12,767,561			12,726,845			11,391,345
Federal Home Loan Bank advances	—			—			16,751
Other borrowings	235,868			236,470			187,543
Other liabilities	465,969			303,735			373,167
Total liabilities	13,469,398			13,267,050			11,968,806
Stockholders’ equity of WSFS	1,908,895			1,884,054			1,863,499
Noncontrolling interest	(2,197)			(2,243)			(2,197)
Total stockholders' equity	1,906,698			1,881,811			1,861,302
Total liabilities and stockholders' equity	$	15,376,096		$	15,148,861		$	13,830,108
Capital Ratios:
Equity to asset ratio	12.41		%	12.44		%	13.47		%
Tangible common equity to tangible asset ratio (o)	9.17			9.13			9.82
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)	14.59			14.21			13.24
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)	10.27			10.11			10.31
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)	14.59			14.21			13.24
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)	15.50			15.41			14.50
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans	$	34,599		$	24,024		$	25,835
Troubled debt restructuring (accruing)	15,036			14,997			15,670
Assets acquired through foreclosure	2,195			1,044			3,000
Total nonperforming assets	$	51,830		$	40,065		$	44,505
Past due loans (h)	$	8,149		$	8,533		$	11,886
Allowance for credit losses	104,875			132,423			232,733
Ratio of nonperforming assets to total assets	0.34		%	0.26		%	0.32		%
Ratio of nonperforming assets (excluding accruing TDRs) to total assets	0.24			0.17			0.21
Ratio of allowance for credit losses to total loans and leases (q)	1.29			1.59			2.47
Ratio of allowance for credit losses to nonaccruing loans	303			551			901
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)	0.31			0.23			0.09
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)	0.24			0.20			0.07

See “Notes”

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

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued) 

AVERAGE BALANCE SHEET (Unaudited)

(Dollars in thousands)	Three months ended
	September 30, 2021						June 30, 2021						September 30, 2020
	Average Balance		Interest & Dividends		Yield/ Rate (a)(b)		Average Balance		Interest & Dividends		Yield/ Rate (a)(b)		Average Balance		Interest & Dividends		Yield/ Rate (a)(b)
Assets:
Interest-earning assets:
Loans: (e) (j)
Commercial loans and leases (p)	$	3,623,187	$	43,335	4.75	%	$	3,900,612	$	46,039	4.74	%	$	4,472,190	$	52,753	4.70	%
Commercial real estate loans (s)	2,788,963		28,454		4.05		2,791,438		28,277		4.06		2,848,655		30,218		4.22
Residential mortgage	601,998		9,245		6.14		647,442		11,271		6.96		892,634		12,512		5.61
Consumer loans	1,109,188		11,639		4.16		1,123,440		11,950		4.27		1,153,168		13,726		4.74
Loans held for sale	90,635		787		3.44		131,460		1,108		3.38		110,768		986		3.54
Total loans and leases	8,213,971		93,460		4.52		8,594,392		98,645		4.61		9,477,415		110,195		4.63
Mortgage-backed securities (d)	3,397,297		13,947		1.64		2,978,331		12,506		1.68		2,062,459		11,686		2.27
Investment securities (d)	319,226		1,353		1.89		318,415		1,383		1.97		261,670		1,265		2.22
Other interest-earning assets	1,697,840		691		0.16		1,414,264		368		0.10		530,178		224		0.17
Total interest-earning assets	$	13,628,334	$	109,451	3.19	%	$	13,305,402	$	112,902	3.41	%	$	12,331,722	$	123,370	3.99	%
Allowance for credit losses	(125,830)						(194,211)						(233,301)
Cash and due from banks	145,547						176,015						135,198
Cash in non-owned ATMs	481,755						468,136						370,912
Bank owned life insurance	33,349						32,329						30,956
Other noninterest-earning assets	974,417						998,948						1,012,506
Total assets	$	15,137,572					$	14,786,619					$	13,647,993
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	$	2,698,391	$	573	0.08	%	$	2,560,283	$	531	0.08	%	$	2,372,547	$	790	0.13	%
Savings	1,931,433		139		0.03		1,922,342		149		0.03		1,753,489		621		0.14
Money market	2,761,222		780		0.11		2,754,895		801		0.12		2,404,202		1,805		0.30
Customer time deposits	1,045,746		1,646		0.62		1,078,296		1,842		0.69		1,234,637		4,402		1.42
Total interest-bearing customer deposits	8,436,792		3,138		0.15		8,315,816		3,323		0.16		7,764,875		7,618		0.39
Brokered deposits	58,645		412		2.79		63,407		455		2.88		243,728		728		1.19
Total interest-bearing deposits	8,495,437		3,550		0.17		8,379,223		3,778		0.18		8,008,603		8,346		0.41
Federal Home Loan Bank advances	—		—		—		—		—		—		68,442		445		2.59
Trust preferred borrowings	67,011		316		1.87		67,011		317		1.90		67,011		347		2.06
Senior debt	147,730		1,089		2.95		228,260		2,053		3.60		98,733		1,179		4.78
Other borrowed funds	23,324		5		0.09		21,661		5		0.09		20,062		5		0.10
Total interest-bearing liabilities	$	8,733,502	$	4,960	0.23	%	$	8,696,155	$	6,153	0.28	%	$	8,262,851	$	10,322	0.50	%
Noninterest-bearing demand deposits	4,177,984						3,963,476						3,176,647
Other noninterest-bearing liabilities	320,421						329,341						374,206
Stockholders’ equity of WSFS	1,907,868						1,799,839						1,836,256
Noncontrolling interest	(2,203)						(2,192)						(1,967)
Total liabilities and equity	$	15,137,572					$	14,786,619					$	13,647,993
Excess of interest-earning assets over interest-bearing liabilities	$	4,894,832					$	4,609,247					$	4,068,871
Net interest and dividend income			$	104,491					$	106,749					$	113,048
Interest rate spread					2.96	%					3.13	%					3.49	%
Net interest margin					3.05	%					3.23	%					3.66	%

See “Notes”

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

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

(Dollars in thousands, except per share data)	Three months ended			Nine months ended
Stock Information:	September 30, 2021	June 30, 2021	September 30, 2020	September 30, 2021	September 30, 2020
Market price of common stock:
High	$52.48	$55.12	$32.83	$55.18	$44.70
Low	42.58	46.32	24.59	40.64	17.84
Close	51.31	46.59	26.97	51.31	26.97
Book value per share of common stock	40.15	39.63	36.77
Tangible common book value per share of common stock (o)	28.59	28.02	25.73
Number of shares of common stock outstanding (000s)	47,548	47,535	50,673
Other Financial Data:
One-year repricing gap to total assets (k)	10.40%	14.38%	7.58%
Weighted average duration of the MBS portfolio	4.6 years	4.6 years	2.1 years
Unrealized (losses) gains on securities available for sale, net of taxes	$(11,494)	$14,147	$68,690
Number of Associates (FTEs) (m)	1,851	1,859	1,827
Number of offices (branches, LPO’s, operations centers, etc.)	112	112	115
Number of WSFS owned and branded ATMs	610	614	635

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

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

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

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

(s)Includes commercial mortgage and commercial construction loans.

(t)During the second quarter of 2021, the WSFS Foundation and the WSFS Community Foundation merged to form the WSFS CARES Foundation.

	WSFS Bank Center	19
	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									Nine months ended
	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Net interest income (GAAP)	$	104,491		$	106,749		$	113,048		$	325,425		$	342,954
Core net interest income (non-GAAP)	104,491			106,749			113,048			325,425			342,954
Noninterest income (GAAP)	42,613			49,018			49,171			139,453			154,393
Less: Securities gains	2			—			3,322			331			5,923
(Plus)/less: Unrealized (loss) gain on equity investments, net	(120)			5,261			104			5,141			761
(Plus)/less: Realized (loss) gain on sale of equity investment, net	(706)			—			—			(706)			22,052
Core fee revenue (non-GAAP)	$	43,437		$	43,757		$	45,745		$	134,687		$	125,657
Core net revenue (non-GAAP)	$	147,928		$	150,506		$	158,793		$	460,112		$	468,611
Core net revenue (non-GAAP)(tax-equivalent)	$	148,167		$	150,755		$	159,068		$	460,864		$	469,486
Noninterest expense (GAAP)	$	96,446		$	96,032		$	93,540		$	288,097		$	275,471
Less: Corporate development expense	2,049			2,543			428			6,687			4,570
Less/(plus): Restructuring expense	—			(144)			—			(409)			—
Less: Loss on debt extinguishment	—			1,087			2,280			1,087			2,280
Less: Contribution to WSFS CARES Foundation (t)	—			1,000			—			1,000			3,000
Core noninterest expense (non-GAAP)	$	94,397		$	91,546		$	90,832		$	279,732		$	265,621
Core efficiency ratio (non-GAAP)	63.7		%	60.7		%	57.1		%	60.7		%	56.6		%
	End of period
	September 30, 2021			June 30, 2021			September 30, 2020
Total assets (GAAP)	$	15,376,096		$	15,148,861		$	13,830,108
Less: Goodwill and other intangible assets	549,352			551,951			559,806
Total tangible assets (non-GAAP)	$	14,826,744		$	14,596,910		$	13,270,302
Total stockholders’ equity of WSFS (GAAP)	$	1,908,895		$	1,884,054		$	1,863,499
Less: Goodwill and other intangible assets	549,352			551,951			559,806
Total tangible common equity (non-GAAP)	$	1,359,543		$	1,332,103		$	1,303,693
Calculation of tangible common book value per share:
Book value per share (GAAP)	$	40.15		$	39.63		$	36.77
Tangible common book value per share (non-GAAP)	28.59			28.02			25.73
Calculation of tangible common equity to tangible assets:
Equity to asset ratio (GAAP)	12.41		%	12.44		%	13.47		%
Tangible common equity to tangible assets ratio (non-GAAP)	9.17			9.13			9.82

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

Non-GAAP Reconciliation - continued (o):	Three months ended									Nine months ended
	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
GAAP net income attributable to WSFS	$	54,406		$	95,667		$	51,145		$	215,155		$	54,961
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains (losses) on equity investments, corporate development and restructuring expense, loss on debt extinguishment, and contribution to WSFS CARES Foundation (t)	2,873			(775)			(718)			3,599			(18,886)
(Plus)/less: Tax impact of pre-tax adjustments	(619)			510			264			(99)			2,956
Adjusted net income (non-GAAP) attributable to WSFS	$	56,660		$	95,402		$	50,691		$	218,655		$	39,031
GAAP return on average assets (ROA)	1.43		%	2.60		%	1.49		%	1.95		%	0.57		%
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains (losses) on equity investments, corporate development and restructuring expense, loss on debt extinguishment, and contribution to WSFS CARES Foundation (t)	0.08			(0.02)			(0.02)			0.03			(0.19)
(Plus)/less: Tax impact of pre-tax adjustments	(0.03)			0.01			0.01			—			0.02
Core ROA (non-GAAP)	1.48		%	2.59		%	1.48		%	1.98		%	0.40		%
Earnings per share (GAAP)	$	1.14		$	2.01		$	1.01		$	4.51		$	1.08
Plus/(less): Pre-tax adjustments: Securities gains, realized/unrealized gains (losses) on equity investments, corporate development and restructuring expense, loss on debt extinguishment, and contribution to WSFS CARES Foundation (t)	0.06			(0.02)			(0.01)			0.08			(0.37)
(Plus)/less: Tax impact of pre-tax adjustments	(0.01)			0.01			—			—			0.06
Core earnings per share (non-GAAP)	$	1.19		$	2.00		$	1.00		$	4.59		$	0.77
Calculation of return on average tangible common equity:
GAAP net income attributable to WSFS	$	54,406		$	95,667		$	51,145		$	215,155		$	54,961
Plus: Tax effected amortization of intangible assets	2,006			1,996			2,090			6,006			6,391
Net tangible income (non-GAAP)	$	56,412		$	97,663		$	53,235		$	221,161		$	61,352
Average stockholders’ equity of WSFS	$	1,907,868		$	1,799,839		$	1,836,256		$	1,827,007		$	1,838,087
Less: average goodwill and intangible assets	550,923			553,665			561,505			553,624			564,596
Net average tangible common equity	$	1,356,945		$	1,246,174		$	1,274,751		$	1,273,383		$	1,273,491
Return on average tangible common equity (non-GAAP)	16.49		%	31.43		%	16.61		%	23.22		%	6.44		%

Non-GAAP Reconciliation - continued (o):	Three months ended						Nine months ended
	September 30, 2021		June 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Calculation of PPNR:
Net income (GAAP)	$	54,452	$	95,611	$	50,823	$	215,204	$	53,579
Plus: Income tax provision	17,516		31,687		15,140		70,610		14,181
Plus/(less): (Recovery of) provision for credit losses	(21,310)		(67,563)		2,716		(109,033)		154,116
PPNR (non-GAAP)	$	50,658	$	59,735	$	68,679	$	176,781	$	221,876

EX-99.2

1 WSFS Financial Corporation 3Q 2021 Investor Update October 2021 Exhibit 99.2

2 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 our pending acquisition of Bryn Mawr Bank Corporation and 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 in the Company's Form 10-K for the year ended December 31, 2020, Form 10-Q for the quarter ended March 31, 2021, Form 10-Q for the quarter ended June 30, 2021 and other documents filed by the Company with the Securities and Exchange Commission from time to time. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and the Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this presentation, the terms "WSFS", "the Company", "registrant", "we", "us", and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise. Non-GAAP Financial Measures: This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures include core earnings per share (“EPS”), core net income, core return on equity (“ROE”), core efficiency ratio, pre-provision net revenue (“PPNR”), core PPNR, PPNR to average assets ratio, core PPNR to average assets ratio, core return on assets (“ROA”), core net interest income, core net interest margin (“NIM”), return on tangible common equity (“ROTCE”), core ROTCE, core fee revenue and core fee revenue as a percentage of total core net revenue. 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. Forward Looking Statements & Non-GAAP Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders.

3 Table of Contents 3Q 2021 Highlights Page 4 Loan and Deposit Growth Page 5 Excess Liquidity Trends Page 6 Net Interest Margin Trends Page 7 Core Fee Revenue Trends Page 8 ACL Overview Page 9 2021 Core Outlook Page 10 WSFS Franchise and Markets Page 11 Lines of Business Page 19 Selected Financial and Performance Metrics Page 25 Capital Management Page 32 WSFS Mission, Vision, Strategy, and Values Page 35 Appendix: Reconciliation of Non-GAAP Financial Information Page 36

4 1 These are non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information. 2 Attributable to WSFS 3 Tax-equivalent 3Q 2021 Highlights 3Q 2021 $ in millions (expect per share amounts) Reported Core1 EPS $1.14 $1.19 ROA 1.43% 1.48% Net Income2 $54.4 $56.7 PPNR1 $50.7 $53.5 PPNR %1 1.33% 1.40% ROE 11.31% 11.78% ROTCE1 16.49% 17.15% NIM 3.05% 3.05% Fee Revenue $42.6 $43.4 Fee Revenue %3 28.9% 29.3% Efficiency Ratio 65.5% 63.7% ACL Ratio ex PPP 1.30% 1.30% Bank CET1 14.59% 14.59% 3Q 2021 operating results reflect diversified fee revenue, reduction in ACL reserves, and strong capital levels 3Q 2021 Highlights: • Core ROA1 of 1.48%, compared to 2.59% in 2Q 2021 • Core EPS1 of $1.19, compared to $2.00 in 2Q 2021 • Net credit (recoveries) costs were ($21.1) million due to continued improvement in the economic outlook and portfolio credit quality trends • Core fee revenue1 decreased $2.3 million (excluding impact of PPP), or 5% year-over-year, due to lower volumes in Mortgage banking refinance market. • Excluding Mortgage, fees increased $3.6 million, or 10% year-over-year, with 16% year-over-year increase in Wealth Management and 10% year-over-year increase in Cash Connect® • The Board of Directors approved a quarterly cash dividend of $0.13 per share of common stock • The OCC, our primary regulator, approved the combination with BMT on July 21st; closing to occur pending approval from the Board of Governors of the Federal Reserve in Washington, D.C.

5 Loan and Deposit Growth Significant excess customer liquidity continues due to growth in Customer deposits; Elevated payoffs offsetting strong new loan originations • Commercial run-off portfolios acquired from Beneficial Bancorp Inc. are down to $36 million; remaining run-off portfolio is primarily residential mortgage • PPP loans decreased $156 million from 2Q 2021 due to forgiveness • Customer funding levels remain elevated and increased $64 million during 3Q 2021 primarily due to seasonal municipal deposits ($ in millions) Sep 2021 Jun 2021 Sep 2020 3Q21 $ Growth Annualized % Growth YOY $ Growth YOY % Growth C & I Loans $3,194 $3,233 $3,300 ($39) (5%) ($106) (3%) PPP Loans $67 $223 $954 ($156) (278%) ($887) (93%) Commercial Mortgages $1,988 $2,024 $2,168 ($36) (7%) ($180) (8%) Construction Loans $763 $780 $666 ($17) (9%) $97 15% Commercial Leases $317 $292 $228 $25 34% $89 39% Total Commercial Loans $6,329 $6,552 $7,316 ($223) (14%) ($987) (13%) Residential Mortgage (HFS/HFI/Rev Mgt) $654 $720 $1,003 ($66) (36%) ($349) (35%) Consumer Loans $1,118 $1,105 $1,169 $13 5% ($51) (4%) Total Gross Loans $8,101 $8,377 $9,488 ($276) (13%) ($1,387) (15%) Residential Mortgage (HFI) $575 $606 $845 ($31) (20%) ($270) (32%) Student Loans Acquired from BNCL $111 $113 $118 ($2) (7%) ($7) (6%) Auto Loans Acquired From BNCL $8 $11 $27 ($3) (108%) ($19) (70%) Participation portfolios (CRE) from BNCL $36 $40 $147 ($4) (40%) ($111) (76%) Leveraged Loans (C&I) from BNCL $0 $0 $12 $0 0% ($12) (100%) Total Run-Off Portfolios $730 $770 $1,149 ($40) (21%) ($419) (36%) Gross Loans ex Run-Off Portfolios $7,371 $7,607 $8,339 ($236) (12%) ($968) (12%) PPP Loans $67 $223 $954 ($156) (278%) ($887) (93%) Gross Loans ex Run-Off & PPP Portfolios $7,304 $7,384 $7,385 ($80) (4%) ($81) (1%) Loans - 3Q 2021 vs 2Q 2021 and 3Q 2020 ($ in millions) Sep 2021 Jun 2021 Sep 2020 3Q21 $ Growth Annualized % Growth YOY $ Growth YOY % Growth Noninterest Demand $4,134 $4,328 $3,197 ($194) (18%) $937 29% Interest Demand Deposits $2,845 $2,633 $2,521 $212 32% $324 13% Savings $1,942 $1,928 $1,718 $14 3% $224 13% Money Market $2,772 $2,723 $2,489 $49 7% $283 11% Total Core Deposits $11,693 $11,612 $9,925 $81 3% $1,768 18% Customer Time Deposits $1,035 $1,052 $1,224 ($17) (6%) ($189) (15%) Total Customer Deposits $12,728 $12,664 $11,149 $64 2% $1,579 14% Deposits - 3Q 2021 vs 2Q 2021 and 3Q 2020

6 Excess Liquidity Impact and Management Excess liquidity impacted by loan growth and investment expansion $1,945 $1,945 $1,945 $1,945 $1,945 $1,945 $1,945 $1,945 $0 $103 $250 $390 $584 $1,043 $1,422 $2,298 $2,079 $2,182 $2,323 $2,449 $2,641 $3,091 $3,462 $4,335 $0 $1,000 $2,000 $3,000 $4,000 $5,000 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Investment Expansion ($mm) Munis Agency MBS & Debentures Agency MBS & Debenture growth Total Portfolio $429 $467 $256 $372 $359 $338 $434 $398 ($512) ($451) ($450) ($442) ($464) ($446) ($428) ($509) $(600) $(400) $(200) $- $200 $400 $600 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 New Loans Originated Paydown/Payoffs Commercial Portfolio: Net New Loan Originations ($mm)1 Commercial Portfolio Highlights • New Commercial loan originations of ~$400 million, offset by near record-level payoffs • New loan originations nearing pre-COVID levels Investment Portfolio Highlights • Optimizing excess liquidity, shifting cash to securities and reducing wholesale borrowings • 77% YoY investment portfolio increase • 85% YoY wholesale borrowings decrease • Consistent with our existing Investment portfolio strategy, purchasing high-quality US Agency mortgage-backed securities • Portfolio Average Life constant at 5.5 years 1 Includes new loans, existing new funding, Commercial runoff portfolio, paydowns, and payoffs. Excludes reclasses, purchase accounting mark/unearned changes, PPP loans, or Commercial leases

7 Negative Excess Liquidity Impact on NIM4 0.14% 0.21% 0.39% 0.50% 0.61% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 3.35% 3.36% 3.10% 2.91% 2.82% 0.39% 0.51% 0.37% 0.24% 0.18% 0.06% 0.12% 0.08% 0.05% 2.00% 2.25% 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 NIM Ex PAA/PPP PAA PPP 0 3.66%1 Net Interest Margin Trends NIM impacted by significant customer liquidity, lower PAA, PPP, balance sheet mix, and low funding costs 3.93% 3.59% Average Deposit Cost2 and Loan Yield3 1 Negative 8 bps impact related to PPP in 3Q 2020 as forgiveness of PPP loans and accelerated fee accretion started in 4Q 2020 2 Includes non-interest and interest-bearing; interest-bearing deposits include demand, money market, savings, and customer time deposits 3 Average total loans yield excludes PAA and PPP 4 Excess Liquidity includes Cash in excess of $50 million and expansion of the Investment Portfolio 32 3.23% 3.05% 0.28% 0.21% 0.14% 0.11% 0.10% 4.33% 4.39% 4.30% 4.20% 4.16% 3.0% 3.2% 3.4% 3.6% 3.8% 4.0% 4.2% 4.4% 4.6% 0.0% 0.2% 0.3% 0.5% 0.6% 0.8% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Lo an Y ie ld (% ) Cu st om er D ep os it Co st (% ) Total Deposit Cost Total Loans Ex PPP/PAA Yield

8 $11 $13 $12 $12 $10 $10 $10 $10 $11 $11 $13 $14 $15 $16 $16 $12 $7 $9 $4 $6 $- $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Co re F ee R ev en ue E xc lu di ng P PP ($ m m ) Banking Cash Connect Wealth & Trust Mortgage 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 reconciliation to GAAP financial information. 2 Core Fee (non-interest) revenue / core net revenue. This is a non-GAAP financial measure; see Appendix for reconciliation to GAAP financial information. 3 Core Fee (non-interest) revenue / core net revenue excluding PPP net interest income and fee revenue. This is a non-GAAP financial measure; see Appendix for reconciliation to GAAP financial information. 4 Banking includes deposit service charges, SBA loan sales, loan and lease fees, credit and debit revenue, and other banking related fees • Well-diversified with over 20 discrete lines of business and products within our three core segments: Banking, Wealth, and Cash Connect® • Provides earnings stability through interest rate and credit cycles, and economic environments • Excluding PPP, 3Q 2021 increased $0.1 million, or 0.2%, compared to 2Q 2021 • 3Q 2021 decreased $2.3 million, or 5.0%, compared to 3Q 2020, ex PPP • Year-over-year, Mortgage is lower mainly due to the interest rate environment and impact on the refinance market Core Fee Revenue1 Trends Diversified business model drives Core Fee Revenue strength 4 Core Fee Revenue % (excluding PPP)330.0% 27.9% 30.2% 30.0% Core Fee Revenue % (including PPP)228.8% 26.1% 29.4% 29.1% 29.3% 29.9%

9 3% 4% 5% 6% 7% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2Q21 Forecast 3Q21 Forecast Coverage Ratio (ex PPP) 1 Source: Oxford Economics as of September 2021 2 Hotel loan balances are included in the C&I and Construction segments ACL Overview ACL by Segment (ex. PPP) Full-Year GDP forecast of 5.5% in 2021 and 4.4% in 20221 Full-Year Unemployment forecast of 5.4% in 2021 and 4.0% in 20221 3Q 2021 ACL Commentary 1.63% 1.30% GDP Growth by Quarter Unemployment by Quarter Economic Forecast Impact • Coverage ratio of 1.30% excluding PPP loans and 1.58% including estimated remaining credit mark on the acquired loan portfolio • ACL declined $27.5 million in 3Q 2021 driven by: • Continued favorability in the economic forecast and net migration • Overall stable to improving credit trends • Core loan growth offset by purposeful portfolio run-off 3Q 2021 ACL ($mm) -5% 0% 5% 10% 15% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2Q21 Forecast 3Q21 Forecast $0 $20 $40 $60 $80 $100 $120 $140 6/30/2021 Economic Forecast Impact Risk Rating Migration/Other 9/30/2021 -$14 $132 $105 -$13 ($ millions) $ % $ % $ % C&I2 $137.8 7.24% $80.4 4.32% $59.3 3.22% Construction2 $10.2 1.54% $3.5 0.45% $2.1 0.28% CRE Investor $34.3 1.58% $16.1 0.80% $13.2 0.67% Owner Occupied $10.4 0.77% $6.2 0.45% $4.9 0.37% Leases $10.7 4.70% $6.8 2.32% $6.6 2.07% Mortgage $8.4 1.00% $3.3 0.55% $3.0 0.52% HELOC & HEIL $11.2 1.41% $10.9 1.37% $10.5 1.33% Installment - Other $5.6 5.55% $2.3 3.79% $2.4 2.75% Other $4.1 1.04% $2.9 0.87% $2.9 0.87% TOTAL $232.7 2.74% $132.4 1.63% $104.9 1.30% September 30, 2020 June 30, 2021 September 30, 2021

10 3 Full Year 2021 Core Outlook as of July 22, 2021 Loan Growth Mid single digits Low single digits Ongoing excess Customer liquidity driving lower loan demand; Continued pricing and structure discipline Deposit Growth Mid single digit core deposits excluding excess liquidity offset by purposeful CD reduction Mid to high single digit core deposits including excess liquidity offset by purposeful CD reduction Higher Customer liquidity expected to remain through year-end; CD run-off of ~$110 million vs original outlook of $150 million Net Interest Margin 3.65% - 3.80% 3.20% -3.30% ~35 bps of additional negative impact from excess liquidity (~45-50 bps in total); ~5-10 bps lower loan and investment yields from portfolio turnover; ~5 bps lower PPP and purchase accretion impact due to larger balance sheet Fee Income Growth1 Mid single digit growth excluding Durbin and Mortgage; flat including Durbin & Mortgage High single to low double digits excluding Durbin & Mortgage; low single digits with Durbin & Mortgage Trust and Wealth growth nearly 10% greater than original outlook; Additional growth from PPP Round Two and most other business lines; Durbin impact and Mortgage revenue consistent with original outlook Provision $20-$25 million ~($90-100) million Modest reserve release dependent on continued improvement in credit performance and economic outlook offset by loan growth Efficiency Ratio1 Low 60%s Low 60%s Lower net interest income offset by higher fee income and lower expenses Tax Rate Approximately 24% Approximately 24-25% Higher net income increases effective tax rate 1 The Company is not able to reconcile the forward-looking non-GAAP estimates set forth above to their most directly comparable GAAP estimates without unreasonable efforts because it is unable to predict, forecast or determine the probable significance of the items impacting these estimates with a reasonable degree of accuracy Original CommentaryUpdate Full year core PPNR outlook range of 1.50% to 1.60%; Outlook assumes a gradual and uneven economic recovery; Excludes BMT merger impact, expected to be immaterial to full year 2021 core performance ratios

11 WSFS Franchise and Markets

12 • 4th largest metro in the Northeast –$455 billion regional economy • 7th largest MSA population in the U.S. • 4th largest depository MSA in the U.S. 1 Sources: FDIC and S&P Global Market Intelligence. Market Share data excludes brokered deposits as defined by FDIC, credit unions, and non-traditional banks (e.g. credit card companies); as of June 30, 2021. Philadelphia- Camden-Wilmington MSA (includes Cecil County, MD). Also excludes TD Banks’s 2035 Limestone Rd Wilmington, DE location 2 Sources: U.S Bureau of Economic Analysis, U.S. Census Bureau, Select Greater Philadelphia Council, U.S Bureau of Labor Statistics. Philadelphia-Camden-Wilmington MSA (includes Cecil County, MD) At $15.4 billion in assets at 9/30/21, WSFS fills a long-standing service gap in our market between larger regional/national banks and smaller community banks The WSFS Franchise – Strategic Opportunity Regional Highlights2 • 17% YOY improvement in deposits per branch • 16% YOY deposit growth • Largest deposit market share of locally headquartered banks by over 2x WSFS Highlights1 # Institution Name Net Deposits ($mm) Market Share % Deposits / Branch ($mm) Branch Count 1 Wells Fargo Bank $37,368 15.6% $218.5 171 2 TD Bank $31,979 13.4% $249.8 128 3 PNC Bank $28,909 12.1% $200.8 144 4 Bank of America $24,977 10.4% $312.2 80 5 Citizens Bank $20,244 8.5% $127.3 159 6 M&T Bank $16,171 6.8% $414.6 39 7 Santander Bank $11,793 4.9% $168.5 70 8 WSFS Bank $11,199 4.7% $147.4 76 9 Truist Bank $5,438 2.3% $74.5 73 10 Univest Bank and Trust $4,796 2.0% $177.6 27 11 Fulton Bank $4,420 1.8% $88.4 50 12 Republic First Bank $4,250 1.8% $151.8 28 13 Firstrust Savings Bank $4,159 1.7% $244.7 17 14 Bryn Mawr Trust $3,978 1.7% $102.0 39 15 KeyBank $2,732 1.1% $75.9 36 76 Remaining Institutions $26,963 11.3% $76.6 352 2021 MSA: Philadelphia-Camden-Wilmington1

13 1 As of 9/30/2021 2 AUA represents Assets Under Administration and AUM represents Assets Under Management 3 AUM includes advisory businesses (West Capital Management, Cypress Capital Management, and WSFS Wealth Investments) The WSFS Franchise1 Largest independent bank & trust company HQ in Delaware-Greater Philadelphia region • $15.4 billion in assets • $27.6 billion in combined AUA2 and AUM2, including $2.5 billion in AUM3 • 112 offices, including 89 branches • One of largest ATM networks in our market with 610 branded-ATMs Founded in 1832, WSFS is one of the ten oldest banks in the U.S. Major Business Lines National Presence Commercial Retail Wealth Mgmt. Cash Connect® NewLane Equipment Leasing Mortgage Regional Presence

14 ~10-20% higher income than the U.S. overall 1 Bureau of Labor Statistics, as of August 2021: Employees on nonfarm payrolls by industry supersector; Philadelphia-Camden-Wilmington MSA; not seasonally adjusted 2 Unemployment rate for the Philadelphia-Camden-Wilmington MSA, as of August 2021. Not seasonally adjusted 3 U.S. Census Bureau: 2019 American Community Survey; Philadelphia-Camden-Wilmington MSA 4 Bureau of Labor Statistics, as of May 2019: Occupational Employment and Wages, Philadelphia-Camden-Wilmington, MSA Diversity of industries drives stable and favorable employment and economic growth in our markets Regional Employment Composition1 Regional Statistics3 The WSFS Franchise - Our Markets Philadelphia-Camden-Wilmington MSA Over 4% of U.S. within branch network 6.1M Population 2.3M Households 2.5M Housing Units $40.9K Per Capita Income $264K Median Home Value ~10% higher household value than the U.S. overall 38.9 Median Age 67% Housing Owner Occupied 6.7% Unemployment2 • 55% improvement since 2Q 2020 peak Purchasing power vs. US Avg Income $27.69 Mean Hourly Wage4 $74.5K Median Home Income Manufacturing 6% Trade, Transportation & Utilities 19% Financial Activities 8% Professional & Business Services 16% Educational & Health Services 23% Leisure & Hospitality 8% Other 9% Government 11%

15 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 reconciliation to GAAP financial information Note: GAAP ROA is the following: 2018 – 1.92%, 2019 – 1.30%, and 2020 – 0.87% The WSFS Franchise – Growth & Performance M ill io ns

16 Partnering with industry leaders for product diversification, knowledge, and technology best-practices The WSFS Franchise – Strategic Partnerships Timeline 2013 – Current 2015 – 2017 2016 – Current 2017 – 2021 2020 – Current 2021 - Current Business Summary Digital lending platform that specializes in student loans and student loan refinancing Mobile multi- currency account for people who live, work, or travel across borders Digital mortgage solution specializing in home equity, refinancing, cash out, and home purchase loans Online personal finance company with a full suite of products High-tech and premium everyday card spending experience Digital AI lending platform specializing in personal loans Financial Interest Consumer Loans Equity Position and Deposits Equity Position and Consumer Loans Equity Position and Deposits Equity Position, Deposits, and Credit Cards Consumer Loans Strategic Rationale • Generates student loans for Consumer portfolio • Knowledge of technology-based platforms and processes • Cross-sell opportunities within our footprint • Knowledge of Fintech space • Generated low-cost deposits and fee income Successful Sale • Generates home equity loans for Consumer portfolio • Knowledge of technology-based lenders • Knowledge of Fintech space • Generated low-cost deposits and fee income • Supported their checking account Successful IPO • Generates low-cost deposits and fee income • Knowledge of Millennial Customer segment for cross- sell opportunities • Knowledge of Fintech space • Digitize our unsecured personal loan product • Acquire new in- footprint customers • Cross-sell opportunities within our footprint

17 • Maximizing data-driven analytics to deliver personalized campaigns leading to customer acquisitions • Implementing Salesforce© for improved 360-degree views of Customers for cross-sell opportunities • Lower new customer acquisition cost while improving Net Promoter Score Optimization of our physical footprint driving accelerating investments into our digital capabilities, consistent with our brand, to provide best-in-industry solutions and better serve Customers Delivery Transformation • Redesigning the account opening process focused on the Customer Experience • Delivering a true omnichannel experience that reduces application time and processing requirements • Improving synergies with marketing campaigns and reduced physical signatures • Digital documentation and retention • Improving AML and fraud detection success through Verafin© • Incorporating robotic processing automation into organization design reducing manual turnaround times and decreasing cost • Creating a flexible technology stack for future growth and broader capabilities Identify & target new Customers Enable our Customers to bank as they want Transforming for the evolving digital age OneWSFS Identify & Target Enable Customers Transform $16.1M 2021 Expected Net Investment

18 #1 “Top Bank” in Delaware nine years in a row; The News Journal “Soaring 76’s Fastest Growing Companies”; Philadelphia Business Journal “President’s Award for Business Excellence and Best Community Involvement”; DE Small Business Chamber “Best of Biz” for Business Banking; South Jersey Magazine “1st Ranked Bank in Delaware”; Forbes “Best Board and Technology Strategy”; Bank Director 1 Per Bloomberg; closing price as of September 30, 2021 Recognitions and Total Shareholder Returns “Top Workplace” fifteen years in a row and #2 in 2021; The News Journal “Top Workplace” six years in a row; Inquirer.com 10th Ranked Bank in America for 2021; Forbes 2021 Gallup Exceptional Workplace Award; Gallup Organization Engaged Associates, living our culture, making a better life for all we serve Total Shareholder Returns1 “4th Ranked Bank Overall”; Bank Director 2021 Annual World's Best Banks honoree; Forbes 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 1 Year 3 Year 5 Year 7 Year 10 Year 1 Year 3 Year 5 Year 7 Year 10 Year WSFS 92.5% 13.0% 48.1% 129.9% 436.5% KBW Bank 83.4% 36.5% 110.6% 117.8% 368.9% SNL U.S. Bank > $10B 64.8% 13.1% 86.5% 90.2% 216.5% NASDAQ Bank 93.1% 26.8% 77.6% 124.0% 327.7% S&P 500 30.0% 56.0% 118.2% 150.2% 365.4%

19 Lines of Business

20 37 35 41 6 6 6 14 15 15 12 19 17 4 5 7 0 20 40 60 80 100 2018 2019 2020 Relationship Managers3 Business Banking Middle Market CRE Small Business SBA Lending Disciplined Credit and Underwriting Philosophy • Conservative lending and concentration limits • CRE1: 300% limit; 195% actual • Construction2: 100% limit; 68% actual • Concentration limits by industry, CRE, project and individual borrower • House Limit: $70 million at 9/30/2021 (No Relationships Exceed) • 6 relationships >$50 million Business Banking Middle Market Comm. Real Estate Small Business SBA Lending Revenues: $3 million - $20 million+ Revenues: $20 million-$150 million Revenues: N/A Revenues: $250,000 - $5 million+ Profit: Up to $5 million Loan Exposure: $1 million – $15 million+ Loan Exposure: $5 million – $30 million+ Loan Exposure: $3 million – $30 million+ Loan Exposure: up to $1.5 million Loan Exposure: up to $5 million Average Relationship Exposure: $2.6 million Average Relationship Exposure: $6.0 million Average Relationship Exposure: $8.7 million Average Loan Exposure: $0.1 million Average Loan Exposure: $0.2 million 37 Relationship Managers 6 Relationship Managers 13 Relationship Managers 17 Relationship Managers 7 Relationship Managers Local, relationship-focused lending including cash management, wealth management, and private banking services 1 Defined as the sum of CRE and Construction (excluding owner occupied) exposures divided by the sum of Tier 1 Capital and ACL; as of 9/30/21 2 Defined as Construction (excluding owner occupied) exposure divided by the sum of Tier 1 Capital and ACL; as of 9/30/21 3 As of 12/31 each year Commercial Banking 86 80 73

21 Branch & ATM Network Digitally Active Banking Lending Mortgage Locations across Delaware, southeastern Pennsylvania and southern New Jersey Over 131K digitally active Customers, which includes active online banking and mobile users Providing Customers with a wide range of options to make banking simple, intuitive and seamless Meeting Customers’ borrowing needs through in-house originations and strategic partnerships Offering a full range of mortgage products with national capabilities, world-class service and local-decision making Operates universal banking model to maximize staffing efficiencies while providing a superior Customer experience Highly rated mobile banking application that provides a range of functionality including WSFS SnapShot Deposit, Zelle®, MyWSFS and WSFS Mobile Cash Deposit Products: • Noninterest DDA • Interest DDA • Savings • Money Market • Time Deposits Consumer Loan Products: • Installment • HELOC • Personal Lines • Credit Cards • Student Loans Significant contributor to fee revenue through our originate and sell mortgage model 1 As of 9/30/2021 2 Completed by the Gallup Organization; as of December 31, 2020 3 Excludes Brokered Deposits; as of September 30th of each year Relationship-focused community banking model with 89 banking offices & 610 ATMs1 Retail Banking Customer engagement survey places WSFS at the 66th percentile2 60% of WSFS Customers surveyed rated us a “5” out of 5, saying “WSFS is the perfect bank for people like me”2 Customer Engagement Average Customer Deposits Per Branch ($mm)3 $99 $124 $143 $- $20 $40 $60 $80 $100 $120 $140 $160 3Q 2019 3Q 2020 3Q 2021

22 WSFS Wealth 1 AUM includes advisory businesses (West Capital Management, Cypress Capital Management, and WSFS Wealth Investments) 2 As of September 30th of each year Financial Highlights 3Q 2021 total revenue of $20.2 million 3Q 2021 pre-tax income of $10.1 million $27.6 billion in combined Assets Under Management and Administration, including $2.5 billion in AUM1 at 9/30/2021 Total AUM and AUA2 $20.2 $23.1 $27.6 $- $5 $10 $15 $20 $25 $30 3Q 2019 3Q 2020 3Q 2021 Bi lli on s

23 • Oldest and second largest vault cash provider in the ATM industry - approximately $1.7 billion in vault cash supplied or supported at 9/30/2021 • Approximately 34,000 non-bank ATMs & retail safes in all 50 states1 • ~9,200 devices utilizing armored car management and/or cash forecasting1 • Support over 70 ATM ISOs and ~1,000 deposit safe customers with over 6,000 safes1 • Supports over 6001 branded ATMs for WSFS Bank; one of the largest networks in our footprint • $11.5 million in net revenue (fee revenue less funding costs) and $2.8 million in pre-tax income in 3Q 2021 • 3Q 2021 ROA of 1.75% • 5-year CAGR2 for net revenue of 10.5% • 5-year growth in dollars managed of 70%2 1 As of 9/30/2021 2 5 years ending 9/30/2021 3 As of September 30th of each year ATM Vault Cash “Bailment” Smart Safes Armored Carrier Management Cash Forecasting & Reconcilement Services Loss Protection Fees WSFS Branded ATMs Leading National Provider of Cash Logistics and Services Cash Connect® An innovation center for the company, both expanding core ATM offerings and additional payment, processing and software-related activities (i.e., launched WSFS Mobile Cash) Dollars Managed ($mm)3 $1,265 $1,390 $1,735 $0 $400 $800 $1,200 $1,600 $2,000 3Q 2019 3Q 2020 3Q 2021

24 NewLane Finance Background: • Co-founded in 2017 by industry veterans, each with over 20 years of experience1 Market Size: • Micro & Small Ticket Equipment Leasing is a $100 billion segment with over 100 thousand equipment dealers and 31 million small businesses nationwide Product Offering: • Lease/Loan to finance business critical equipment • Deal size ranges from $3K - $500K; average deal size approximately $30K • Yields range 4%-29% with terms 12-72 months • Stable credit default risk and minimal residual exposure Vendor Relationship Model Small and Mid-Size Business Market Focus Advanced Technology Platform Superior Customer Experience Simple, Fast and Convenient Offer Attractive Risk Adjusted Margins Micro & Small Ticket Commercial Equipment Financing Value Proposition: • Provide a better lending experience through advanced technologies, customer-centric approach and transparent business lending practices • Deliver simple, fast, & competitive financing solutions $57 $111 $135 $- $30 $60 $90 $120 $150 2018 2019 2020 FY Leasing Originations ($mm) 1 Co-founders built Marlin Business Services from a start-up to a publicly-traded company (Nasdaq: MRLN) 2 YTD totals include first three quarters in each year $78 $90 $143 $- $20 $40 $60 $80 $100 $120 $140 $160 3Q19 3Q20 3Q21 YTD Leasing Originations2 ($mm)

25 Selected Financial and Performance Metrics

26 Time 8% Non-interest DDA 33% Money Market & Savings 37% Interest DDA 22% Customer Funding increased $64 million in 3Q 2021, due to seasonal growth in municipal accounts Balance Sheet Composition at September 30, 2021 C&I 40% CRE 25% Construction 10% Commerical Leasing 3% Residential Mortgage 8% Consumer 14% Investments 28% Cash Connect 3% Other Non- Earning Assets 17% Net Loans (ex PPP) 52% • Commercial loans comprise 78% of the gross loan portfolio, excluding PPP • $14.1 million credit card exposure Equity 12% Customer Deposits 83% Investments are composed of high quality, marketable investment grade securities with low credit risk and more than 95% in Agency MBS and Agency Notes 1 Excludes $66.7 million of PPP loans at September 30, 2021 2 Excludes brokered deposits $15.3B Assets $7.9B Net Loans Asset Composition (ex PPP)1 19% YOY Asset Growth Funding Composition $12.7B Deposits2 63% Loan-to-Deposit 14% YOY Deposit Growth Other Borrowings 2% Other Liabilities 3% Consumer 46%Wealth & Trust 10% Commercial 28% Small Business 15% Other 1% Deposits By LOB2

27 Customer Deposit Costs 1 Interest-bearing deposits include demand, money market, savings, and customer time deposits • Disciplined funding cost- management through interest rate cycles while supporting Customer and deposit retention • 92% total Customer deposits represent Core • No and low-interest DDA accounts (WAC 3 bps) represent 55% of customer deposits • Total Customer deposit costs are below Great Recession lows 1 1 0.26% 0.28% 0.37% 0.65% 0.82% 0.47% 0.15% 0.19% 0.21% 0.27% 0.47% 0.62% 0.35% 0.10% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2015 2016 2017 2018 2019 2020 3Q 2021 Bi lli on s Interest-bearing Noninterest-bearing Interest-bearing cost Total deposit cost

28 $33 $37 $40 $55 $48 $36 $43 $51 $51 $41 $27 $36 $41 $44 $50 $7 $6 $6 $11 $30 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 2016 2017 2018 2019 2020 To ta l C or e1 Fe e Re ve nu e $ in M ill io ns Bank Segment Cash Connect Wealth & Trust Mortgage 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 reconciliation to GAAP financial information. 2 %s represent core fee (noninterest) revenue / total net revenue Note: GAAP Fee Revenue is the following: 2018 – $201.0M, 2019 – $188.1M, and 2020 - $162.5M; GAAP Fee Revenue/Total Net Revenue is the following: 2018 – 40%, 2019 – 30%, and 2020 – 30% • Core Fee revenue is well diversified with over 20 discrete products and services within our lines of business 2020 Notables: • Cash Connect fees impacted by the lower interest rate environment, fully offset by reduced funding costs • Bank Segment included the first year of Durbin, which had a $6.5M negative impact • Strong historical growth in each segment; 5-year CAGR (2016-2020): • Trust & Wealth: 17% • Cash Connect: 6% • Bank: 10% • Total: 14% Diversified and Robust Core Fee Revenue 27%2 27%2 36%2 36%2 35%2

29 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 Delinquencies Govt. Guaranteed Student Loans 0.57% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 0.0% 0.2% 0.4% 0.6% 0.8% 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 10% 20% 30% 40% 50% 60% 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 Classified Loans Criticized Loans Delinquencies1 / Gross Loans Net Charge-Offs2 1 Includes non-accruing loans 2 Ratio of quarterly net charge-offs to average gross loans Criticized & Classified Loans / Tier-1 + ACL NPAs / Total Assets 0.34% 0.31% Credit Metrics (ex PPP) 33.18% 20.58%

30 3 Credit Risk Management – Select Portfolios • All modified Commercial loans are making payments as of September 30, 2021 • All select portfolios’ criticized percentages decreased compared to 2Q 2021 • $525.6 million or 6.6% of loan portfolio1 • 33% Criticized; ~82% of loans include recourse; 100% secured by real estate • 65% business and 35% leisure • $706.7 million or 8.8% of loan portfolio1 • 5.3% Criticized; ~75% of loans include recourse • No outstanding loan balances to indoor shopping malls • $159.3 million or 2.0% of loan portfolio1 • 29% Criticized; ~90% of loans include recourse; ~60% secured by real estate • $348 thousand average loan size • $411.7 million or 5.1% of loan portfolio1 • 8% Criticized; ~85% of loans include recourse; 100% secured by real estate • $1.4 million average loan size Hotel Portfolio Retail CRE Portfolio Office CRE Portfolio2 Food Services Portfolio Retail Trade Portfolio • $238.9 million or 3.0% of loan portfolio1 • 4% Criticized; ~95% of loans include recourse • 43% are grocers, food/beverage retailers, drug stores, or home improvement Loan Modifications1 1 Portfolio values are net loans excluding PPP as of September 30, 2021 2 Office CRE portfolio excludes Medical Office CRE ($ in thousands) $ % of Portfolio C&I $12,324 0.7% Owner Occupied $1,810 0.1% Total Commercial $14,134 0.2% Total Consumer $8,685 0.5% Total Loan Modifications $22,819 0.3%

31 • Branch Net Promoter Score (NPS) held flat at 79.6 in 3Q 2021, which ties the highest quarter performance since program inception. Contact Center Net Promotor Score (NPS) improved in 3Q 2021 to 64.1. Surveys are conducted utilizing Medallia • Since COVID-19 pandemic, WSFS supported consistent volumes of total deposit transactions with a significant shift from physical to mobile • Increased digital and remote banking volume demonstrates versatile and adaptable channel strategy, while managing a significant increase in contact center volume due to COVID-19 impact and relief programs • MyWSFS, launched in 2019, offers a secure mobile application that enables communication directly and in real-time with a WSFS Associate to support Customer’s banking needs from any location 1 Chart reflects monthly volume in 2020 and 2021 indexed to average monthly 2019 volume 2 Chart reflects cumulative growth since COVID-19 and through September 30, 2021 Channel Strategy and Digital Adoption - 3,000 6,000 9,000 12,000 15,000 18,000 3/2/2020 6/2/2020 9/2/2020 12/2/2020 3/2/2021 6/2/2021 9/2/2021 myWSFS Adoption and Usage Growth2 Conversations Adoptions 100% 91% 62% 66% 66% 64% 67% 66% 100% 101% 108% 101% 95% 101% 82% 82% 116% 163% 166% 170% 164% 172% 170% 0% 25% 50% 75% 100% 125% 150% 175% 200% 2019 Avg 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Channel Volumes1 Branch Transactions Contact Center Call Handled Mobile Deposits

32 9.28% 9.83% 10.35% 10.52% 10.72% 9.66% 9.73% 10.82% 11.72% 10.31% 9.74% 9.82% 10.11% 10.27% 4.5% 6.5% 8.5% 10.5% 12.5% 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Average Assets (QTD) Tier 1 Leverage Ratio 13.40% 14.29% 14.36% 13.56% 13.15% 11.93% 12.08% 13.37% 14.01% 14.50% 13.76% 14.46% 15.41% 15.50% 9.5% 10.5% 11.5% 12.5% 13.5% 14.5% 15.5% 400 600 800 1,000 1,200 1,400 1,600 1,800 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Total Capital Total Risk Based Capital Ratio 12.15% 13.04% 13.16% 12.54% 12.35% 11.19% 11.36% 12.69% 13.52% 13.24% 12.50% 13.20% 14.21% 14.59% 7.5% 9.5% 11.5% 13.5% 15.5% 350 550 750 950 1,150 1,350 1,550 1,750 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Tier 1 Capital Tier 1 Capital Ratio Capital Management - Bank Disciplined capital management providing flexibility to grow & return profits to shareholders Tier 1 Leverage Ratio Common Equity Tier 1 Capital Tier 1 Capital Total Risk-Based Capital M ill io ns M ill io ns M ill io ns M ill io ns 12.15% 13.04% 13.16% 12.54% 12.35% 11.19% 11.36% 12.69% 13.52% 13.24% 12.50% 13.20% 14.21% 14.59% 4% 6% 8% 10% 12% 14% 16% 350 550 750 950 1,150 1,350 1,550 1,750 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Common Equity Tier 1 Capital Common Equity Tier 1 Capital Ratio M ill io ns

33Note: 2015 adjusted to reflect 3 for 1 stock split in May 2015 1 As defined in our most recent proxy as of March 12, 2021 (dollars in 000s) 2015 2016 2017 2018 2019 2020 Total Capital Returned $37,606 $22,061 $21,165 $44,419 $113,780 $179,313 Total Shares Repurchased 1,152,233 449,371 255,000 691,742 2,132,390 3,950,855 $0.21 $0.25 $0.30 $0.42 $0.47 $0.48 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 2015 2016 2017 2018 2019 2020 An nu al D iv id en ds P ai d pe r S ha re Ca pi ta l R et ur ne d ($ in 0 00 s) Dividends Routine buybacks Incremental buybacks Annual Dividend Per Share Capital Management / Ownership Alignment • Executive management incentive compensation and equity awards aligned with shareholder performance ROA, ROTCE and EPS growth – equally weighted • Insider ownership1 is approximately 2% Board of Directors and Executive Management ownership guidelines in place and followed • No share repurchases in 3Q 2021; suspended until the close of the BMT merger Approximately 9% of common shares outstanding still available for repurchase under the Board authorization approved in 2Q 2020, that allows for the purchase of 15% of outstanding shares • The Board of Directors approved a quarterly cash dividend of $0.13 per share of common stock which will be paid in November 2021

34 1 WSFS IRR model estimates: Static Balance Sheet / Instantaneous Rate Shocks 2 Includes PPP loans • High % of variable/adjustable rate to total loan portfolio: 51% excluding PPP • Approximately half of variable rate loans tied to 30- day LIBOR • Approximately $840 million at their contractual floor • High % core deposits: 92%; high % non-interest bearing and low-interest DDA: 55% • Solid brand and position / strong and diversified low-cost funding across all lines of business • Assumes long-term historical deposit beta of approximately 24% Interest Rate Risk1 at September 30, 2021 WSJ Prime @ 3.25% Balance Sheet Drivers12-Month IRR2 BPs change NII Impact (%) NII Impact ($) -100 (3.9%) ($16.3 million) -50 (2.4%) ($9.9 million) -25 (1.5%) ($6.3 million) Static Base +25 2.3% $9.8 million +50 4.7% $19.8 million +100 9.6% $40.1 million

35 WSFS Mission, Vision, Strategy, and Values

36 Appendix: Non-GAAP Financial Information

37 Non-GAAP Information This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). This presentation may include the following non-GAAP measures: • Adjusted net income (non-GAAP) attributable to WSFS is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of securities gains, realized/unrealized gains on equity investments, net, corporate development and restructuring expenses, and Contribution to WSFS CARES Foundation; • Core noninterest income, also called core fee revenue, is a non-GAAP measure that adjusts noninterest income as determined in accordance with GAAP to exclude the impact of securities gains and realized/unrealized gains on equity investments, net; • Core fee revenue percentage is a non-GAAP measure that divides (i) core fee revenue by (ii) core net revenue (tax-equivalent); • Core net interest income is a non-GAAP measure that adjusts net interest income to exclude the impact of FHLB special dividend; • Core earnings (loss) per share is a non-GAAP measure that divides (i) adjusted net income (non-GAAP) attributable to WSFS by (ii) weighted average shares of common stock outstanding for the applicable period; • Core net revenue is a non-GAAP measure that adds (i) core net interest income and (ii) core fee revenue; • Core noninterest expense is a non-GAAP measure that adjusts noninterest expense as determined in accordance with GAAP to exclude corporate development and restructuring expenses, and contribution to WSFS CARES Foundation; • Core efficiency ratio is a non-GAAP measure that divides (i) core noninterest expense by (ii) the sum of core interest income and core fee revenue; • Core return on average assets (ROA) is a non-GAAP measure that divides (i) adjusted net income (non-GAAP) attributable to WSFS by (ii) average assets for the applicable period; • Tangible common equity is a non-GAAP measure and is defined as total average stockholders’ equity less goodwill, other intangible assets; • Return on average tangible common equity (ROTCE) is a non-GAAP measure and is defined as net income allocable to common stockholders divided by tangible common equity; • Pre-provision net revenue (PPNR) is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) (recovery of) provision for credit losses; • Core PPNR is a non-GAAP measure that excludes the impact of securities gains, realized/unrealized gains on equity investments, net, corporate development and restructuring expenses, and Contribution to WSFS CARES Foundation; • PPNR percentage is a non-GAAP measure that divides (i) PPNR (annualized) by (ii) average assets for the applicable period; • Core PPNR percentage is a non-GAAP measure that divides (i) core PPNR (annualized) by (ii) average assets for the applicable period; and • Core return on average equity (ROE) is a non-GAAP measure that divides (i) adjusted net income (non-GAAP) attributable to WSFS by (ii) average stockholders’ equity for the applicable period

38 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands, except per share data) September 30, 2021 June 30, 2021 September 30, 2020 Net interest income (GAAP) $ 104,491 $ 106,749 $ 113,048 Core net interest income (non-GAAP) $ 104,491 $ 106,749 $ 113,048 Noninterest income (GAAP) $ 49,613 $ 49,018 $ 49,171 Less: Securities gains 2 — 3,322 Less: Unrealized (loss) gains on equity investments, net (120) 5,261 104 Less: Realized (loss) gain on sale of equity investment, net (706) — — Core fee revenue (non-GAAP) $ 43,437 $ 43,757 $ 45,745 Core net revenue (non-GAAP) $ 147,928 $ 150,506 $ 158,793 Core net revenue (non-GAAP) (tax-equivalent) $ 148,167 $ 150,755 $ 159,068 Noninterest expense (GAAP) $ 96,446 $ 96,032 $ 93,540 Less: Corporate development expense 2,049 2,543 428 (Plus)/less: Restructuring expense — (144) — Less: Loss on debt extinguishment — 1,087 2,280 Less: Contribution to WSFS CARES Foundation — 1,000 — Core noninterest expense (non-GAAP) $ 94,397 $ 91,546 $ 90,832 Core efficiency ratio (non-GAAP) 63.7% 60.7% 57.1% Core fee revenue as a percentage of total core net revenue (non-GAAP)(tax- equivalent) 29.32% 29.03% 28.76% PPP income (non-GAAP) $ 2,628 $ 6,135 $ 6,373

39 Appendix: Non-GAAP Financial Information 1 Pre-tax adjustments include securities gains, realized/unrealized gains (losses) on equity investments, corporate development and restructuring expense, loss on debt extinguishment, and contribution to WSFS CARES Foundation. (dollars in thousands, except per share data) GAAP net income attributable to WSFS $ 54,406 $ 95,667 $ 51,145 Plus/(less): Pre-tax adjustments1 (718) (Plus)/less: Tax impact of pre-tax adjustments Adjusted net income (non-GAAP) attributable to WSFS $ 56,660 $ 95,402 $ 50,691 Net income (GAAP) $ 54,452 $ 95,611 $ 50,823 Plus: Income tax provision 15,140 Plus/(less): (Recovery of) provision for credit losses 2,716 PPNR (Non-GAAP) 68,679 Plus/(less): Pre-tax adjustments1 (718) Core PPNR (Non-GAAP) $ 53,531 $ 58,960 $ 67,961 Average Assets PPNR % (Non-GAAP) 1.33% 1.62% 2.00% Core PPNR % (Non-GAAP) 1.40% 1.60% 1.98% GAAP return on average assets (ROA) 1.49% Plus/(less): Pre-tax adjustments1 (0.02) (Plus)/less: Tax impact of pre-tax adjustments Core ROA (non-GAAP) 1.48% Earnings per share (GAAP) $ 1.14 $ 2.01 $ 1.01 Plus/(less): Pre-tax adjustments1 (0.01) (Plus)/less: Tax impact of pre-tax adjustments Core earnings per share (non-GAAP) $ 1.19 $ 2.00 $ 1.00 2,873 (775) September 30, 2021 June 30, 2021 September 30, 2020 (21,310) (67,563) 50,658 59,735 (619) 510 17,516 31,687 264 1.43% 2.60% 0.08 (0.02) 2,873 (775) 15,137,572$ 14,786,619$ 13,647,993$ (0.03) 0.01 1.48% 2.59% 0.01 0.06 (0.02) (0.01) 0.01 — Three Months Ended

40 Appendix: Non-GAAP Financial Information (dollars in thousands, except per share data) Calculation of return on average tangible common equity:​ GAAP net income attributable to WSFS​ $ 54,406 $ 95,667 $ 51,145 Plus: Tax effected amortization of intangible assets​ 2,090 Net tangible income (non-GAAP)​ $ 56,412 $ 97,663 $ 53,235 Average stockholders' equity of WSFS​ Less: average goodwill and intangible assets​ 550,923 553,665 561,505 Net average tangible common equity​ Return on average common equity (GAAP) ​ 11.31% 21.32% 11.08% Return on average tangible common equity (non-GAAP) ​ 16.49% 31.43% 16.61% Calculation of core return on average tangible common equity:​ Adjusted net income (non-GAAP) attributable to WSFS​ $ 56,660 $ 95,402 $ 50,691 Plus: Tax effected amortization of intangible assets​ 2,090 Core net tangible income (non-GAAP)​ Net average tangible common equity​ Core return on average common equity (non-GAAP) ​ 11.78% 21.26% 10.98% Core return on average tangible common equity (non-GAAP) ​ 17.15% 31.35% 16.47% Three Months Ended 2,006 1,996 58,666$ 97,398$ 1,907,868$ 1,799,839$ 1,356,945$ 1,246,174$ 2,006 1,996 September 30, 2021 June 30, 2021 September 30, 2020 1,836,256$ 1,274,751$ 52,781$ 1,274,751$ 1,357,093$ 1,246,174$

41 Appendix: Non-GAAP Financial Information 1 For details on our core adjustments for full-year 2010 through 2020 refer to each years’ respective fourth quarter Earnings Release filed at Exhibit 99.1 on Form 8-K (dollars in thousands, except per share data) 2010 2011 2012 2013 Net Income (GAAP) 14,117$ 22,677$ 31,311$ 46,882$ Adj: Plus/less core (after-tax)1 420 (2,664) (11,546) (4,290) Adjusted net income (non-GAAP) 14,537$ 20,013$ 19,765$ 42,592$ Average Assets 3,796,166$ 4,070,896$ 4,267,358$ 4,365,389$ GAAP ROA 0.37% 0.56% 0.73% 1.07% Core ROA (non-GAAP) 0.38% 0.49% 0.46% 0.98% (dollars in thousands, except per share data) 2014 2015 2016 2017 Net Income (GAAP) 53,757$ 53,533$ 64,080$ 50,244$ Adj: Plus/less core (after-tax)1 (4,632) 4,407 4,323 32,597 Adjusted net income (non-GAAP) 49,125$ 57,940$ 68,403$ 82,841$ Average Assets 4,598,121$ 5,074,129$ 6,042,824$ 6,820,471$ GAAP ROA 1.17% 1.05% 1.06% 0.74% Core ROA (non-GAAP) 1.07% 1.14% 1.13% 1.21% (dollars in thousands, except per share data) 2018 2019 2020 Net Income (GAAP) 134,743$ 148,809$ 114,774$ Adj: Plus/less core (after-tax)1 (20,436) 36,295 (18,126) Adjusted net income (non-GAAP) 114,307$ 185,104$ 96,648$ Average Assets 7,014,447$ 11,477,856$ 13,148,317$ GAAP ROA 1.92% 1.30% 0.87% Core ROA (non-GAAP) 1.63% 1.61% 0.74% For the year ended December 31, For the year ended December 31, For the year ended December 31,

42 Appendix: Non-GAAP Financial Information 1 Completed on a fully tax-equivalent basis (dollars in thousands, except per share data) Net interest income (as reported) Adj: FHLB special dividend Adj: Tax-equivalent income 2,298 Core net interest income1 (non-GAAP) Average Interest-Earning Assets Net interest margin 3.87% Core net interest margin (non-GAAP) 3.85% Noninterest income (as reported) Adj: Securities gains Adj: Realized gain on sale of equity investment, net - - - Adj: Unrealized gains on equity investment, net - - - Core fee revenue (non-GAAP) Core net revenue (non-GAAP) Core net revenue (tax-equivalent)(non-GAAP) Core fee revenue % (non-GAAP) 34.3% Core fee revenue % (non-GAAP)(tax-equivalent) 34.0% (761) 169,136$ 635,091$ 26.6% 11,804,926$ 3.96% 3.96% 201,025$ (9,076) (22,052) 606,549$ 607,764$ 26.6% 26.6% 2019 2020 465,955$ - 1,151 467,106$ 4.44% 188,109$ (333) - (26,175) 161,601$ 444,948$ - 1,215 446,163$ 10,057,074$ 4.44% 636,242$ 26.6% 2017 (21) 138,018$ 384,492$ 385,852$ 35.9% 35.8% (3,757) (20,745) 1,360 247,834$ 6,052,145$ 4.09% 4.09% 162,541$ 246,474$ - (1,984) 122,660$ 343,931$ 346,922$ 35.7% 35.4% 34.6% 34.3% 5,684,724$ 3.95% 299,407$ 2,970 3.88% 3.88% (2,369) 3.95% 124,644$ 2015 2016 (808) For the year ended December 31, (1,478) 86,777$ 255,769$ 255,067$ 193,745$ - 196,715$ 5,072,473$ 105,061$ 102,692$ 296,437$ 4,368,223$ 168,290$ 166,800$ 88,255$ 2018 221,271$ - 2,991 224,262$ (dollars in thousands, except per share data) Core fee revenue (non-GAAP) PPP fee revenue Core fee revenue excl. PPP (non-GAAP) Core net revenue (non-GAAP) PPP income Core net revenue excl. PPP (non-GAAP) Core fee revenue as a percentage of core net revenue excl. PPP (non-GAAP) 29.9% Three Months Ended 43,437$ 43,440$ 147,928$ 145,300$ March 31, 2021 December 31, 2020June 30, 2021 43,757$ 389 43,368$ 150,506$ 6,135 144,371$ 30.0% September 30, 2021 (3) 2,628 30.2% 43,479$ 43,479$ 47,493$ 2,159 45,334$ 161,678$ 11,525 150,153$ 155,974$ 27.9% 166,480$ - 10,506

43 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 Chairman, President and CEO 302-571-7296 rlevenson@wsfsbank.com Dominic C. Canuso Chief Financial Officer 302-571-6833 dcanuso@wsfsbank.com

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COVER PAGE	Oct. 21, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 21, 2021
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