EX-99.1 2 exhibit991earningsrelease6.htm EX-99.1 Document
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WSFS Bank CenterWSFS Bank Place
1
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
EXHIBIT 99.1
FOR IMMEDIATE RELEASEInvestor Relations Contact: Andrew Basile
(302) 504-9857; abasile@wsfsbank.com
July 25, 2024Media Contact: Kyle Babcock
(215) 864-1795; kbabcock@wsfsbank.com

WSFS REPORTS 2Q 2024 ROA OF 1.34% AND EPS OF $1.16;
RESULTS REFLECT LOAN, DEPOSIT AND DIVERSIFIED FEE REVENUE GROWTH,
NET INTEREST MARGIN OF 3.85%

Wilmington, DE — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the second quarter of 2024.
Selected financial results and metrics are as follows:
(Dollars in millions, except per share data)2Q 20241Q 20242Q 2023
Net interest income$174.4 $175.3 $181.8 
Fee revenue91.6 75.9 66.9 
Total net revenue266.0 251.1 248.7 
Provision for credit losses19.8 15.1 15.8 
Noninterest expense155.8 149.1 141.3 
Net income attributable to WSFS
69.3 65.8 68.7 
Pre-provision net revenue (PPNR)(1)
110.3 102.1 107.5 
Earnings per share (EPS) (diluted)1.16 1.09 1.12 
Return on average assets (ROA) (a)1.34 %1.28 %1.36 %
Return on average equity (ROE) (a)11.4 10.7 11.8 
Fee revenue as % of total net revenue34.4 30.2 26.8 
Efficiency ratio58.5 59.3 56.7 
See “Notes”
GAAP results for the quarterly periods shown included items that are excluded from core results. Below is a summary of the financial effects of these items.
2Q 20241Q 20242Q 2023
(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)
Fee revenue(2)
$5.6 $0.07 $(0.6)$(0.01)$(0.6)$(0.01)
Noninterest expense(3)
(0.2)— 1.5 0.02 2.8 0.03 
Income tax impacts(4)
1.3 0.02 (0.5)(0.01)(0.8)(0.01)

(1) As used in this press release, PPNR is a non-GAAP financial measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for credit losses. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
(2) Includes a gain due to the reduction of our Visa B derivative liability established from our previous sale of 360,000 shares in 2Q 2020, a gain on the liquidation of a portion of our remaining Visa B equity investment, and post-close distributions from our investment in Spring EQ.
(3) Includes a reduction to expense for the final FDIC special assessment received during the quarter and corporate development and restructuring costs.
(4) Income tax impacts are presented on an after-tax basis.

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
2
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
CEO Commentary
Rodger Levenson, Chairman, CEO and President, said, "We are pleased to report second quarter earnings of a core ROA(5) of 1.25% and accompanying core EPS(5) of $1.08. Our results were highlighted by quarterly core fee revenue(5) growth of 13%, driven by strong performance in our Cash Connect®, Wealth and Trust, Capital Markets, and Mortgage businesses. Solid annualized loan growth of 6% was driven primarily by our commercial and consumer lending portfolios while deposits increased 3% annualized and the net interest margin of 3.85% also increased slightly from the prior quarter. Our strong performance provides momentum as we head into the second half of 2024.
"Overall asset quality metrics remained stable and reflected the uneven economy. While we experienced improvement in both non-performing loans and delinquency levels, problem loans saw a modest increase to 4.76% of total gross loans. Net charge-offs of 44 basis points remained consistent with recent history.
"During the quarter, Moody's Investor Services reaffirmed their ratings of WSFS Financial Corporation with an investment-grade issuer rating of Baa2 with a Stable Outlook. The ratings affirmation reflects the benefits of our diversified business model, our strong capital levels, earnings, liquidity, and asset quality.
"On June 12th, we held our second annual 'We Stand For Service Day', where nearly 1,500 of our Associates volunteered at more than 130 community organizations across the Greater Philadelphia, Southern New Jersey, and Delaware region. Additionally, we were honored to be named a 2024 honoree of The Civic 50 Greater Philadelphia by the Philadelphia Chamber of Commerce for the third year in a row. These community efforts are a testament of our over 2,200 Associates who live our mission of 'We Stand for Service' every day."




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

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
3
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103

Highlights for 2Q 2024: 
•Core EPS was $1.08 compared to $1.11 for 1Q 2024.
•Core ROA was 1.25% compared to 1.31% for 1Q 2024.
•Core PPNR as a percent of average assets(6) of 2.02% was flat compared to 1Q 2024.
•Core fee revenue (noninterest income) of $86.0 million, an increase of $9.6 million, or 13% (not annualized), compared to 1Q 2024, driven by our Cash Connect®, Wealth and Trust, Capital Markets, and Mortgage businesses.
•Gross loan growth of 1% (6% annualized) from 1Q 2024 primarily driven by growth in the commercial & industrial (C&I) and consumer portfolios.
•Customer deposits increased by 1% (3% annualized) compared to 1Q 2024, driven by increases in noninterest demand deposits from short-term Trust deposits.
•Net interest margin of 3.85% compared to 3.84% for 1Q 2024, reflects increasing loan yields mostly offset by higher deposit pricing.
•Total net credit costs were $18.5 million, compared to $16.2 million for 1Q 2024 due to a higher provision on the commercial mortgage (CRE) portfolio.
•WSFS repurchased 897,461 shares of common stock at an average price of $44.20 per share, totaling an aggregate of $39.7 million. Tangible common book value (TBV) per share(6) increased by $0.68 to $25.20. The Board of Directors also approved a quarterly cash dividend of $0.15 per share.




(6) As used in this press release, core PPNR as a percentage of average assets and TBV per share are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
4
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Second Quarter 2024 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and composition at June 30, 2024 compared to March 31, 2024 and June 30, 2023:
Loans and Leases
(Dollars in millions)June 30, 2024March 31, 2024June 30, 2023
Commercial & industrial (C&I)$4,599 35 %$4,489 35 %$4,533 37 %
Commercial mortgage4,035 31 3,877 30 3,553 29 
Construction879 7 1,056 8 955 7 
Commercial small business leases644 5 634 5 590 5 
Total commercial loans and leases10,157 78 10,056 78 9,631 78 
Residential mortgage936 7 888 7 847 7 
Consumer2,106 17 2,066 17 1,905 16 
Gross loans and leases13,199 102 %13,010 102 %12,383 101 %
ACL(198)(2)(193)(2)(172)(1)
Net loans and leases$13,001 100 %$12,817 100 %$12,211 100 %
At June 30, 2024, WSFS’ gross loan and lease portfolio increased $189.2 million, or 1% (6% annualized), when compared with March 31, 2024 due to increases of $110.2 million in C&I, $47.9 million in residential mortgage due to the retention of certain loans based on favorable yields and relationship opportunities, and $40.6 million in consumer loans (primarily from Spring EQ home equity loans). The increase of $158.0 million in commercial mortgage and corresponding decrease of $177.1 million in construction loans was a result of a migration of construction loans to permanent commercial mortgages.
The C&I portfolio (including owner-occupied real estate) continued to be our largest portfolio at 35% of net loans and leases. Additionally, our total commercial loan and lease portfolio represents a majority of our lending portfolio at 78% of net loans and leases.
Gross loans and leases at June 30, 2024 increased $815.8 million, or 7%, when compared with June 30, 2023. The increase was driven by increases of $482.0 million in commercial mortgage, $201.2 million in consumer loans (primarily from Spring EQ), $89.2 million in residential mortgage, and $65.9 million in C&I.


wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
5
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
The following table summarizes customer deposit balances and composition at June 30, 2024 compared to March 31, 2024 and June 30, 2023:
Customer Deposits
(Dollars in millions)
June 30, 2024March 31, 2024June 30, 2023
Noninterest demand$4,783 29 %$4,653 29 %$5,462 34 %
Interest-bearing demand2,812 17 2,856 18 2,969 18 
Savings1,537 9 1,577 10 1,815 11 
Money market5,175 33 5,206 31 4,375 27 
Total core deposits14,307 88 14,292 88 14,621 90 
Customer time deposits1,984 12 1,895 12 1,640 10 
Total customer deposits$16,291 100 %$16,187 100 %$16,261 100 %
Total customer deposits increased by $103.9 million, or 1% (3% annualized), when compared with March 31, 2024, primarily due to increases in noninterest demand deposits from short-term Trust deposits and time deposits.
Customer deposits increased by $30.6 million from June 30, 2023, primarily due to transactional accounts, which drive notable inflows and outflows of deposits in our Wealth and Trust and Commercial businesses.
Our deposit base remains highly diverse, with more than half of our customer deposits, or 51%, coming from our Commercial, Small Business, and Wealth and Trust business lines. The loan-to-deposit ratio(7) was 80% at June 30, 2024, reflecting continued capacity to fund future loan growth.
Core deposits were a strong 88% of total customer deposits. No- and low-cost checking accounts represented 46% of total customer deposits with a weighted average cost of 43bps for the quarter. While customer deposits continue to shift into Certificates of Deposits (CDs), these accounts represent only 12% of total customer deposits as of June 30, 2024.





(7) Ratio of net loans and leases to total customer deposits.

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WSFS Bank CenterWSFS Bank Place
6
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Net Interest Income
Three Months Ending
(Dollars in millions)
June 30, 2024March 31, 2024June 30, 2023
Net interest income before purchase accretion$172.7 $173.1 $178.5 
Purchase accounting accretion1.7 2.2 3.3 
Net interest income
$174.4 $175.3 $181.8 
Net interest margin before purchase accretion3.81 %3.79 %4.03 %
Purchase accounting accretion0.04 0.05 0.08 
Net interest margin
3.85 %3.84 %4.11 %
Net interest income decreased $0.8 million, or less than 1% (not annualized), compared to 1Q 2024 primarily due to higher deposit pricing resulting from growth in high yield money markets and repricing of maturing CDs. Net interest income decreased $7.4 million, or 4%, compared to 2Q 2023, primarily driven by lagging increases in deposit pricing following rate hikes in 2023 and increased deposit costs due to the reasons noted above.
Total loan yields were 7.09%, an increase of 7bps when compared to 1Q 2024. Total customer deposit costs were 1.89%, an increase of 10bps, while customer interest-bearing deposit costs were 2.69%, an increase of 14bps compared to the prior quarter.
Net interest margin increased 1bp from 1Q 2024, due to increasing loan yields mostly offset by higher deposit pricing which resulted from growth in high yield money markets and repricing of maturing CDs. Net interest margin decreased 26bps from 2Q 2023, primarily due to lagging increases in deposit pricing following rate hikes in 2023 and a continued shift to higher yielding deposit products.

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WSFS Bank CenterWSFS Bank Place
7
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Asset Quality
The following table summarizes asset quality metrics as of and for the period ended June 30, 2024 compared to March 31, 2024 and June 30, 2023.
(Dollars in millions)June 30, 2024March 31, 2024June 30, 2023
Problem assets(8)
$628.5 $573.2 $465.3 
Nonperforming assets65.4 67.2 33.5 
Delinquencies89.0 104.5 72.8 
Net charge-offs14.2 8.6 13.1 
Total net credit costs (recoveries) (r)18.5 16.2 16.4 
Problem assets to total Tier 1 capital plus ACL27.00 %23.42 %20.14 %
Classified assets to total Tier 1 capital plus ACL19.93 17.56 15.37 
Ratio of nonperforming assets to total assets0.32 0.33 0.16 
Delinquencies to gross loans (n)0.68 0.81 0.59 
Ratio of quarterly net charge-offs to average gross loans0.44 0.27 0.43 
Ratio of allowance for credit losses to total loans and leases (q) 1.51 1.48 1.39 
Ratio of allowance for credit losses to nonaccruing loans310 292 521 
See “Notes”
Overall asset quality remained stable compared to the previous quarter. Problem assets to total Tier 1 capital plus ACL ratio was 27.00%, an increase of 358bps compared to March 31, 2024, primarily driven by the downgrades of three C&I loans totaling $56.6 million during the quarter.
Delinquencies of $89.0 million, or 68bps of gross loans, decreased $15.5 million, or 13bps, compared to March 31, 2024, due to the payoff of a $15.3 million CRE-multifamily relationship.
Nonperforming assets decreased $1.8 million, or 1bp of total assets, compared to March 31, 2024, primarily driven by favorable resolutions and paydowns of multiple loans, partially offset by the addition of a $17.3 million C&I relationship and a $4.3 million CRE-office relationship in the suburban Philadelphia market. Net charge-offs increased $5.6 million to $14.2 million, or 0.44% (annualized) of average gross loans during the quarter, primarily due to a charge-off on the CRE-office relationship mentioned above. Excluding Upstart and NewLane, net charge-offs were 17bps of average gross loans.
Total net credit costs were $18.5 million in the quarter compared to $16.2 million in 1Q 2024. The ACL was $198.3 million as of June 30, 2024, an increase of $5.6 million from March 31, 2024. The ACL coverage ratio was 1.51%, an increase of 3bps from March 31, 2024. The increases in net credit costs and ACL from the prior quarter were primarily due to higher provision on the CRE portfolio.

(8) Problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO).

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WSFS Bank CenterWSFS Bank Place
8
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Core Fee Revenue
Fee businesses, including Wealth and Trust, Cash Connect®, Capital Markets and Mortgage banking, continue to perform well and reflect the investments we have made to diversify our revenue. Core fee revenue (noninterest income) increased $9.6 million, or 13% (not annualized), compared to $86.0 million from 1Q 2024, primarily driven by increases of $4.7 million from Cash Connect® and $4.7 million from Wealth and Trust. The increase from Cash Connect® was due to growth from ATM customers added during 1Q and 2Q and one Customer moving to higher margin services during the quarter. The increase from Wealth and Trust was due to growth in Trust Services and seasonally-driven tax revenue in Private Wealth Management.
Core fee revenue increased $18.6 million, or 28%, compared to 2Q 2023. The increase was primarily due to the reasons noted above.
For 2Q 2024, our core fee revenue ratio(9) was 33.0% compared to 30.3% in 1Q 2024 and 27.0% in 2Q 2023. Fee revenue is a competitive differentiator providing a well-diversified source of revenue with further growth opportunities expected across all sources.









(9) As used in this press release, core fee revenue ratio is 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.

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WSFS Bank CenterWSFS Bank Place
9
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Core Noninterest Expense(10)
Core noninterest expense of $156.0 million increased $8.4 million, or 6% (not annualized), compared to 1Q 2024. Excluding the one-time benefits of approximately $3.2 million to reflect lower incentive payments during 1Q 2024 and a $2.1 million increase in Cash Connect® external funding costs, core noninterest expense increased by $3.1 million, or 2% (not annualized). The increase was primarily due to an increase of $1.9 million in Associate medical benefits as well as impacts from annual merit increases and other investments in our Associates.
Core noninterest expense increased $17.5 million, or 13%, compared to 2Q 2023. The increase was primarily due to $10.9 million in higher salaries and benefits from annual salary increases and talent additions and $8.9 million from Cash Connect® external funding costs, partially offset by a decrease in professional fees.
Our core efficiency ratio(10) was 59.8% in 2Q 2024, compared to 58.6% in 1Q 2024 and 55.5% in 2Q 2023.
Income Taxes
We recorded a $21.3 million income tax provision in 2Q 2024, compared to $21.2 million in 1Q 2024 and $23.0 million in 2Q 2023.
The effective tax rate was 23.5% in 2Q 2024 compared to 24.4% in 1Q 2024 and 25.1% in 2Q 2023. The decrease in effective tax rate for 2Q 2024 compared to 1Q 2024 was primarily driven by solar tax credit investments entered into during the quarter. The decrease in effective tax rate when compared to 2Q 2023 is due to the benefit from the solar and other tax credit investments and lower state income taxes.




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

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
10
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Capital Management
Capital levels remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at June 30, 2024, with WSFS Bank’s Tier 1 leverage ratio of 10.44%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 13.07%, and Total Risk-based capital ratio of 14.32%.
WSFS’ total stockholders’ equity increased $16.1 million, or less than 1% (not annualized), during 2Q 2024. The increase was primarily due to quarterly earnings of $69.3 million and was partially offset by capital returns of $48.7 million to stockholders, comprising $39.7 million from share repurchases and $9.0 million from quarterly dividends, as well as a decrease in accumulated other comprehensive income (AOCI) of $6.0 million driven by market-value decreases on investment securities.
WSFS’ tangible common equity(11) increased $20.3 million, or less than 1% (not annualized), compared to March 31, 2024, primarily due to the reasons described above and scheduled amortization of intangibles. WSFS’ common equity to assets ratio was 12.00% and our tangible common equity to tangible assets ratio(11) was 7.56% at June 30, 2024, both essentially flat compared to the prior quarter.
At June 30, 2024, book value per share was $42.01, an increase of $0.84, or 2% (not annualized), from March 31, 2024, and TBV per share was $25.20, an increase of $0.68, or 3% (not annualized), from March 31, 2024.
During 2Q 2024, WSFS repurchased 897,461 shares of common stock for an aggregate of $39.7 million. As of June 30, 2024, WSFS has 3,951,764 shares, or approximately 7% of outstanding shares, remaining to repurchase under its current authorization. For the year, total capital returned to stockholders through share repurchases and quarterly dividends was $78.7 million.
The Board of Directors approved a quarterly cash dividend of $0.15 per share of common stock. This dividend will be paid on August 23, 2024 to stockholders of record as of August 9, 2024.







(11) As used in this press release, tangible common equity and tangible common equity to tangible assets ratio 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_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
11
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Selected Business Segments (included in previous results):
Wealth Management
The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, credit and deposit products to individual, corporate, and institutional clients.

Selected quarterly performance results and metrics are as follows:
(Dollars in millions)June 30, 2024March 31, 2024June 30, 2023
Net interest income$18.4 $19.7 $21.5 
Provision for (recovery of) credit losses— 0.3 (0.5)
Fee revenue38.2 33.5 32.9 
Noninterest expense(12)
28.0 26.4 24.3 
Pre-tax income28.6 26.5 30.5 
Performance Metrics
Trust fee revenue (Institutional Services and BMT of DE)$21.8 $17.8 $17.5 
Private Wealth Management fee revenue15.5 14.8 14.4 
AUM/AUA(13)
84,938 80,464 67,877 
Wealth Management pre-tax income increased $2.1 million, or 8% (not annualized), compared to 1Q 2024. Fee revenue increased $4.7 million from 1Q 2024, primarily due to account-based fees from new business and increases in assignment and bankruptcy fees in Institutional Services, increased activity in the Bryn Mawr Trust Company of Delaware and seasonal recognition of tax revenue in Private Wealth Management. Net interest income decreased $1.3 million, as average trust deposits were lower by $162.5 million compared to 1Q 2024. Total noninterest expense increased $1.7 million, compared to 1Q 2024 mostly due to our trust system conversion and certain volume-based charges.
Wealth Management pre-tax income decreased $1.9 million compared to 2Q 2023 due to higher expenses and lower net interest income. Fee revenue increased $5.3 million, or 16%, compared to 2Q 2023 due to account growth in Private Wealth Management, which includes market-based appreciation and expansion into the Rehoboth, DE market. Net interest income decreased $3.1 million due to higher funding costs. Total noninterest expense increased $3.7 million driven by salary expense, reflecting the growth in the business including the addition of the Rehoboth office.
Net AUM of $9.0 billion at the end of 2Q 2024 was essentially flat compared to 1Q 2024, and increased $0.9 billion, or 11%, compared to 2Q 2023. AUM balances over the period benefited primarily from positive returns in broader equity markets.

(12) Includes intercompany allocation of expense.
(13) Represents Assets Under Management and Assets Under Administration.

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
12
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Cash Connect®
Cash Connect® is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Customers with one of the largest branded ATM networks in our region.

Selected quarterly financial results and metrics are as follows:
(Dollars in millions)June 30, 2024March 31, 2024June 30, 2023
Net revenue(14)
$27.6 $24.1 $17.0 
Noninterest expense(15)
25.6 23.3 16.0 
Pre-tax income2.0 0.8 0.9 
Performance Metrics
Cash managed $1,730 $1,992 $1,632 
Number of serviced non-bank ATMs and smart safes42,524 46,031 34,325 
Number of WSFS owned and branded ATMs579 583 679 
ROA1.72 %0.83 %0.72 %
Cash Connect® pre-tax income increased $1.2 million to $2.0 million and ROA increased 89bps to 1.72%, compared to 0.83% in 1Q 2024, driven by growth from ATM customers added in 1Q and 2Q 2024 and one Customer moving to higher margin services during the quarter. Net revenue increased $3.5 million from 1Q 2024 driven by the same. Noninterest expense increased $2.2 million due to higher external funding costs associated with the increase in vault bailment units.
Net revenue increased $10.6 million and noninterest expense increased $9.6 million compared to 2Q 2023, primarily driven by an 84% increase in bailment units year over year. This also drove a pre-tax income increase of $1.0 million compared to 2Q 2023. ROA increased 100bps compared to 2Q 2023 due to higher net income and a higher proportion of external funding mix.
During 2Q 2024, Cash Connect® saw improved financial metrics, a net decrease in overall units, and cash managed as a result of the Customer shift mentioned above.




(14) Includes intercompany allocation of income and net interest income.
(15) Includes intercompany allocation of expense.

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
13
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Second Quarter 2024 Earnings Release Conference Call
Management will conduct a conference call to review 2Q 2024 results at 1:00 p.m. Eastern Time (ET) on Friday, July 26, 2024. Interested parties may access the conference call live on our Investor Relations website (https://investors.wsfsbank.com). For those who cannot access the live conference call, a replay will be accessible shortly after the event concludes through our Investor Relations website.
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of June 30, 2024, WSFS Financial Corporation had $20.7 billion in assets on its balance sheet and $84.9 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
14
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Forward-Looking Statements
This press release contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth; the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; 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, which could impact market confidence in the Company’s operations; possible additional loan losses and impairment of the collectability of loans; the Company's level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums; , the credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development 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 its ability to generate liquidity internally or raise capital on favorable terms; possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes; any impairments of the Company's goodwill or other intangible assets; the success of the Company's growth plans; failure of the financial and/or operational controls of the Company's Cash Connect® and/or Wealth Management segments; 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; negative perceptions or publicity with respect to the Company generally and, in particular, the Company's trust and wealth management business; 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 remote working arrangements; the Company's ability to recruit and retain key Associates; the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks; the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage); possible changes in the speed of loan prepayments by the Company's Customers and loan origination or sales volumes; possible changes in market valuations and/or the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate; regulatory limits on the Company's ability to receive dividends from its subsidiaries and pay dividends to its stockholders; any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; any compounding effects or unexpected interactions of the risks discussed above; and other risks and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, Form 10-Q for the quarter ended March 31, 2024, and other documents filed by the Company with the Securities and Exchange Commission from time to time.

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

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
15
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited)
Three months endedSix months ended
(Dollars in thousands, except per share data)June 30, 2024March 31, 2024June 30, 2023June 30, 2024June 30, 2023
Interest income:
Interest and fees on loans $230,815 $224,703 $207,884 $455,518 $401,608 
Interest on mortgage-backed securities25,784 25,897 27,130 51,681 54,656 
Interest and dividends on investment securities2,183 2,184 2,182 4,367 4,419 
Other interest income6,455 8,838 4,573 15,293 7,469 
265,237 261,622 241,769 526,859 468,152 
Interest expense:
Interest on deposits76,693 72,795 50,054 149,488 85,246 
Interest on Federal Home Loan Bank advances359 308 1,597 667 4,968 
Interest on senior and subordinated debt2,441 2,449 2,334 4,890 4,907 
Interest on trust preferred borrowings1,750 1,756 1,635 3,506 3,190 
Interest on other borrowings9,545 9,036 4,307 18,581 5,467 
90,788 86,344 59,927 177,132 103,778 
Net interest income174,449 175,278 181,842 349,727 364,374 
Provision for credit losses19,814 15,138 15,830 34,952 44,841 
Net interest income after provision for credit losses154,635 160,140 166,012 314,775 319,533 
Noninterest income:
Credit/debit card and ATM income23,875 19,669 14,430 43,544 27,791 
Investment management and fiduciary revenue37,606 32,928 32,379 70,534 62,855 
Deposit service charges6,496 6,487 6,277 12,983 12,316 
Mortgage banking activities, net2,217 1,647 1,304 3,864 2,426 
Loan and lease fee income1,706 1,523 1,190 3,229 2,562 
Unrealized loss on equity investment, net— — — — (4)
Realized gain on sale of equity investment, net2,130 — — 2,130 — 
Bank-owned life insurance income793 1,200 760 1,993 2,270 
Other income16,775 12,403 10,531 29,178 19,782 
91,598 75,857 66,871 167,455 129,998 
Noninterest expense:
Salaries, benefits and other compensation83,249 75,806 72,367 159,055 145,216 
Occupancy expense9,387 9,479 10,132 18,866 20,540 
Equipment expense12,054 10,692 10,810 22,746 20,602 
Data processing and operations expense4,807 3,660 4,771 8,467 9,495 
Professional fees4,781 4,481 6,118 9,262 10,557 
Marketing expense2,020 1,782 2,165 3,802 3,881 
FDIC expenses2,390 3,982 2,863 6,372 5,445 
Loan workout and other credit costs(1,278)1,071 536 (207)481 
Corporate development expense158 208 2,796 366 3,536 
Restructuring expense— — (26)— (787)
Other operating expenses38,200 37,911 28,721 76,111 55,332 
155,768 149,072 141,253 304,840 274,298 
Income before taxes90,465 86,925 91,630 177,390 175,233 
Income tax provision21,257 21,202 23,035 42,459 43,976 
Net income69,208 65,723 68,595 134,931 131,257 
Less: Net (loss) income attributable to noncontrolling interest(65)(38)(83)(103)175 
Net income attributable to WSFS$69,273 $65,761 $68,678 $135,034 $131,082 
Diluted earnings per share of common stock:$1.16 $1.09 $1.12 $2.24 $2.13 
Weighted average shares of common stock outstanding for fully diluted EPS59,958,628 60,521,951 61,414,273 60,237,232 61,526,331 
See “Notes”

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
16
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) - continued
Three months endedSix months ended
 June 30, 2024March 31, 2024June 30, 2023June 30, 2024June 30, 2023
Performance Ratios:
Return on average assets (a)1.34 %1.28 %1.36 %1.31 %1.31 %
Return on average equity (a)11.39 10.68 11.81 11.03 11.51 
Return on average tangible common equity (a)(o)20.08 18.76 21.66 19.42 21.43 
Net interest margin (a)(b)3.85 3.84 4.11 3.85 4.18 
Efficiency ratio (c)58.46 59.28 56.71 58.86 55.37 
Noninterest income as a percentage of total net revenue (b)34.38 30.16 26.85 32.33 26.24 
See “Notes”

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
17
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(Dollars in thousands)June 30, 2024March 31, 2024June 30, 2023
Assets:
Cash and due from banks$618,446 $787,729 $723,034 
Cash in non-owned ATMs400,482 186,522 386,176 
Investment securities, available-for-sale3,651,913 3,734,229 3,954,918 
Investment securities, held-to-maturity1,038,854 1,049,807 1,079,768 
Other investments36,204 35,397 40,309 
Net loans and leases (e)(f)(l)13,000,556 12,816,986 12,211,112 
Bank owned life insurance36,090 42,708 101,108 
Goodwill and intangibles996,181 1,000,344 1,004,278 
Other assets965,804 925,526 884,988 
Total assets$20,744,530 $20,579,248 $20,385,691 
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits$4,782,920 $4,652,875 $5,462,461 
Interest-bearing deposits11,508,161 11,534,329 10,798,060 
Total customer deposits16,291,081 16,187,204 16,260,521 
Brokered deposits— — 167,435 
Total deposits16,291,081 16,187,204 16,427,956 
Federal Home Loan Bank advances22,306 — — 
Other borrowings1,119,949 1,124,958 899,493 
Other liabilities832,837 801,464 750,858 
Total liabilities18,266,173 18,113,626 18,078,307 
Stockholders’ equity of WSFS2,489,580 2,473,481 2,314,659 
Noncontrolling interest(11,223)(7,859)(7,275)
Total stockholders' equity2,478,357 2,465,622 2,307,384 
Total liabilities and stockholders' equity$20,744,530 $20,579,248 $20,385,691 
Capital Ratios:
Equity to asset ratio12.00 %12.02 %11.35 %
Tangible common equity to tangible asset ratio (o)7.56 7.52 6.76 
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)13.07 14.00 13.68 
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)10.44 11.14 10.83 
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)13.07 14.00 13.68 
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)14.32 15.25 14.85 
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans (t)$64,034 $65,948 $33,003 
Assets acquired through foreclosure1,342 1,210 527 
Total nonperforming assets$65,376 $67,158 $33,530 
Past due loans (h)$9,798 $11,362 $13,571 
Troubled loans (u)133,080 119,243 51,129 
Allowance for credit losses198,260 192,637 171,877 
Ratio of nonperforming assets to total assets0.32 %0.33 %0.16 %
Ratio of allowance for credit losses to total loans and leases (q)1.51 1.48 1.39 
Ratio of allowance for credit losses to nonaccruing loans310 292 521 
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)0.44 0.27 0.43 
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)0.35 0.27 0.41 
See “Notes”

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
18
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued) 
AVERAGE BALANCE SHEET (Unaudited)
(Dollars in thousands)Three months ended
 June 30, 2024March 31, 2024June 30, 2023
 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)$5,115,017 $91,001 7.17 %$5,047,482 $88,530 7.06 %$5,051,292 $86,073 6.85 %
Commercial real estate loans (s)4,968,847 88,852 7.19 4,887,483 86,724 7.14 4,484,162 78,018 6.98 
Residential mortgage892,139 10,995 4.93 874,703 10,579 4.84 804,390 9,384 4.67 
Consumer loans2,088,180 39,019 7.52 2,041,390 38,228 7.53 1,907,294 33,508 7.05 
Loans held for sale42,010 948 9.08 34,907 642 7.40 45,766 901 7.90 
Total loans and leases13,106,193 230,815 7.09 12,885,965 224,703 7.02 12,292,904 207,884 6.79 
Mortgage-backed securities (d)4,335,831 25,784 2.38 4,476,032 25,897 2.31 4,766,207 27,130 2.28 
Investment securities (d)361,093 2,183 2.70 365,375 2,184 2.65 370,530 2,182 2.62 
Other interest-earning assets469,120 6,455 5.53 643,749 8,838 5.52 345,791 4,573 5.30 
Total interest-earning assets$18,272,237 $265,237 5.85 %$18,371,121 $261,622 5.74 %$17,775,432 $241,769 5.46 %
Allowance for credit losses(195,557)(188,762)(170,968)
Cash and due from banks308,226 273,286 255,590 
Cash in non-owned ATMs339,430 243,941 387,889 
Bank owned life insurance41,067 42,791 101,031 
Other noninterest-earning assets2,020,925 1,953,037 1,872,610 
Total assets$20,786,328 $20,695,414 $20,221,584 
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand$2,807,761 $8,107 1.16 %$2,834,273 $7,366 1.05 %$3,039,257 $6,525 0.86 %
Savings1,553,044 1,774 0.46 1,588,224 1,580 0.40 1,873,572 1,342 0.29 
Money market5,172,682 46,390 3.61 5,186,402 45,433 3.52 4,137,867 27,898 2.70 
Customer time deposits1,937,265 20,422 4.24 1,835,424 18,238 4.00 1,578,615 10,597 2.69 
Total interest-bearing customer deposits11,470,752 76,693 2.69 11,444,323 72,617 2.55 10,629,311 46,362 1.75 
Brokered deposits— — — 18,410 178 3.89 307,515 3,692 4.82 
Total interest-bearing deposits11,470,752 76,693 2.69 11,462,733 72,795 2.55 10,936,826 50,054 1.84 
Federal Home Loan Bank advances25,742 359 5.61 21,429 308 5.78 123,297 1,597 5.20 
Trust preferred borrowings90,704 1,750 7.76 90,655 1,756 7.79 90,511 1,635 7.25 
Senior and subordinated debt218,478 2,441 4.47 218,420 2,449 4.48 218,247 2,334 4.28 
Other borrowed funds816,919 9,545 4.70 781,854 9,036 4.65 390,576 4,307 4.42 
Total interest-bearing liabilities$12,622,595 $90,788 2.89 %$12,575,091 $86,344 2.76 %$11,759,457 $59,927 2.04 %
Noninterest-bearing demand deposits4,835,912 4,828,865 5,458,676 
Other noninterest-bearing liabilities891,273 822,834 674,300 
Stockholders’ equity of WSFS2,446,371 2,476,453 2,332,147 
Noncontrolling interest(9,823)(7,829)(2,996)
Total liabilities and equity$20,786,328 $20,695,414 $20,221,584 
Excess of interest-earning assets over interest-bearing liabilities$5,649,642 $5,796,030 $6,015,975 
Net interest and dividend income$174,449 $175,278 $181,842 
Interest rate spread2.96 %2.98 %3.42 %
Net interest margin3.85 %3.84 %4.11 %
See “Notes”

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
19
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
 
(Dollars in thousands, except per share data)Three months endedSix months ended
Stock Information:June 30, 2024March 31, 2024June 30, 2023June 30, 2024June 30, 2023
Market price of common stock:
High$47.55$47.71$40.54$47.71$51.77
Low41.3340.2029.5940.2029.59
Close47.0045.1437.7247.0037.72
Book value per share of common stock42.0141.1737.89
Tangible common book value (TBV) per share of common stock (o)25.2024.5221.45
Number of shares of common stock outstanding (000s)59,26160,08461,093
Other Financial Data:
One-year repricing gap to total assets (k)(0.30)%0.19%2.50%
Weighted average duration of the MBS portfolio5.7 years5.8 years5.8 years
Unrealized losses on securities available for sale, net of taxes$(549,039)$(539,939)$(550,890)
Number of Associates (FTEs) (m)2,2792,2412,219
Number of offices (branches, LPO’s, operations centers, etc.)114114114
Number of WSFS owned and branded ATMs579583679
Notes:
(a)Annualized.
(b)Computed on a fully tax-equivalent basis.
(c)Noninterest expense divided by (tax-equivalent) net interest income and noninterest income.
(d)Includes securities held-to-maturity (at amortized cost) and securities available-for-sale (at fair value).
(e)Net of unearned income.
(f)Net of allowance for credit losses.
(g)Represents capital ratios of Wilmington Savings Fund Society, FSB and subsidiaries. Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed.
(h)Accruing loans which are contractually past due 90 days or more as to principal or interest. Balance includes student loans, which are U.S. government guaranteed with little risk of credit loss.
(i)Excludes loans held for sale.
(j)Nonperforming loans are included in average balance computations.
(k)The difference between projected amounts of interest-sensitive assets and interest-sensitive liabilities repricing within one year divided by total assets, based on a current interest rate scenario.
(l)Includes loans held for sale and reverse mortgages.
(m)Includes seasonal Associates, when applicable.
(n)Excludes reverse mortgage loans.
(o)The Company uses non-GAAP (United States Generally Accepted Accounting Principles) financial information in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP financial measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release.
(p)Includes commercial & industrial loans and commercial small business leases.
(q)Represents amortized cost basis for loans and leases.
(r)Includes provision for credit losses, loan workout expenses, OREO expenses and other credit costs.
(s)Includes commercial mortgage and commercial construction loans.
(t)Includes nonaccruing troubled loans.
(u)Represents loans modified in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, or a term extension to borrowers experiencing financial difficulty.

wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
20
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION 
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
 
Non-GAAP Reconciliation (o):Three months endedSix months ended
 June 30, 2024March 31, 2024June 30, 2023June 30, 2024June 30, 2023
Net interest income (GAAP)$174,449 $175,278 $181,842 $349,727 $364,374 
Core net interest income (non-GAAP)174,449 175,278 181,842 349,727 364,374 
Noninterest income (GAAP)91,598 75,857 66,871 167,455 129,998 
Plus: Unrealized loss on equity investments, net— — — — (4)
Less: Realized gain on sale of equity investment, net2,130 — — 2,130 — 
Less/(plus): Visa derivative valuation adjustment3,434 (605)(552)2,829 (1,105)
Core fee revenue (non-GAAP)$86,034 $76,462 $67,423 $162,496 $131,107 
Core net revenue (non-GAAP)$260,483 $251,740 $249,265 $512,223 $495,481 
Core net revenue (non-GAAP)(tax-equivalent)$260,900 $252,084 $249,633 $512,984 $496,492 
Noninterest expense (GAAP)$155,768 $149,072 $141,253 $304,840 $274,298 
(Plus)/less: FDIC special assessment(383)1,263 — 880 — 
Less: Corporate development expense158 208 2,796 366 3,536 
Plus: Restructuring expense— — (26)— (787)
Core noninterest expense (non-GAAP)$155,993 $147,601 $138,483 $303,594 $271,549 
Core efficiency ratio (non-GAAP)59.8 %58.6 %55.5 %59.2 %54.7 %
Core fee revenue ratio (non-GAAP) (b)33.0 %30.3 %27.0 %31.7 %26.4 %
 End of period
 June 30, 2024March 31, 2024June 30, 2023
Total assets (GAAP)$20,744,530 $20,579,248 $20,385,691 
Less: Goodwill and other intangible assets996,181 1,000,344 1,004,278 
Total tangible assets (non-GAAP)$19,748,349 $19,578,904 $19,381,413 
Total stockholders’ equity of WSFS (GAAP)$2,489,580 $2,473,481 $2,314,659 
Less: Goodwill and other intangible assets996,181 1,000,344 1,004,278 
Total tangible common equity (non-GAAP)$1,493,399 $1,473,137 $1,310,381 
Tangible common book value (TBV) per share:
Book value per share (GAAP)$42.01 $41.17 $37.89 
Tangible common book value per share (non-GAAP)25.20 24.52 21.45 
Tangible common equity to tangible assets:
Equity to asset ratio (GAAP)12.00 %12.02 %11.35 %
Tangible common equity to tangible assets ratio (non-GAAP)7.56 7.52 6.76 





wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
21
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Non-GAAP Reconciliation - continued (o):Three months endedSix months ended
June 30, 2024March 31, 2024June 30, 2023June 30, 2024June 30, 2023
GAAP net income attributable to WSFS$69,273 $65,761 $68,678 $135,034 $131,082 
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense(5,789)2,076 3,322 (3,713)3,858 
(Plus)/less: Tax impact of pre-tax adjustments1,273 (507)(798)776 (976)
Adjusted net income (non-GAAP) attributable to WSFS$64,757 $67,330 $71,202 $132,097 $133,964 
GAAP return on average assets (ROA)1.34 %1.28 %1.36 %1.31 %1.31 %
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense(0.11)0.04 0.07 (0.04)0.04 
(Plus)/less: Tax impact of pre-tax adjustments0.02 (0.01)(0.02)0.01 (0.01)
Core ROA (non-GAAP)1.25 %1.31 %1.41 %1.28 %1.34 %
Earnings per share (diluted) (GAAP)$1.16 $1.09 $1.12 $2.24 $2.13 
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense(0.10)0.03 0.05 (0.06)0.06 
(Plus)/less: Tax impact of pre-tax adjustments0.02 (0.01)(0.01)0.01 (0.01)
Core earnings per share (non-GAAP)$1.08 $1.11 $1.16 $2.19 $2.18 
Calculation of return on average tangible common equity:
GAAP net income attributable to WSFS$69,273 $65,761 $68,678 $135,034 $131,082 
Plus: Tax effected amortization of intangible assets3,007 2,973 2,884 5,980 5,764 
Net tangible income (non-GAAP)$72,280 $68,734 $71,562 $141,014 $136,846 
Average stockholders’ equity of WSFS$2,446,371 $2,476,453 $2,332,147 $2,461,412 $2,296,403 
Less: Average goodwill and intangible assets998,939 1,003,167 1,006,972 1,001,053 1,008,798 
Net average tangible common equity$1,447,432 $1,473,286 $1,325,175 $1,460,359 $1,287,605 
Return on average tangible common equity (non-GAAP)20.08 %18.76 %21.66 %19.42 %21.43 %





wsfs_corp2a.jpg
WSFS Bank CenterWSFS Bank Place
22
500 Delaware Avenue,1818 Market St,
Wilmington, Delaware 19801Philadelphia, PA 19103
Non-GAAP Reconciliation - continued (o):Three months endedSix months ended
June 30, 2024March 31, 2024June 30, 2023June 30, 2024June 30, 2023
Calculation of PPNR:
Net income (GAAP)$69,208 $65,723 $68,595 $134,931 $131,257 
Plus: Income tax provision 21,257 21,202 23,035 42,459 43,976 
Plus: Provision for credit losses19,814 15,138 15,830 34,952 44,841 
PPNR (non-GAAP)$110,279 $102,063 $107,460 $212,342 $220,074 
Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense(5,789)2,076 3,322 (3,713)3,858 
Core PPNR (non-GAAP)$104,490 $104,139 $110,782 $208,629 $223,932 
Calculation of core PPNR to average assets:
Core PPNR (non-GAAP)$104,490 $104,139 $110,782 $208,629 $223,932 
Total average assets20,786,328 20,695,414 20,221,584 20,740,871 20,112,616 
Core PPNR to average assets2.02 %2.02 %2.20 %2.02 %2.25 %