EX-99.1 2 exhibit991earningsrelease9.htm EX-99.1 Document
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WSFS Bank CenterWSFS Bank Place
1
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
EXHIBIT 99.1
FOR IMMEDIATE RELEASEInvestor Relations Contact: Andrew Basile
(302) 504-9857; abasile@wsfsbank.com
October 24, 2024Media Contact: Kyle Babcock
(215) 864-1795; kbabcock@wsfsbank.com

WSFS REPORTS 3Q 2024 ROA OF 1.22% AND EPS OF $1.08;
RESULTS REFLECT CONTINUED LOAN, DEPOSIT,
AND FEE REVENUE GROWTH



Wilmington, DE — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the third quarter of 2024.
Selected financial results and metrics are as follows:
(Dollars in millions, except per share data)3Q 20242Q 20243Q 2023
Net interest income$177.5 $174.4 $182.6 
Fee revenue90.2 91.6 72.7 
Total net revenue267.7 266.0 255.3 
Provision for credit losses18.4 19.8 18.4 
Noninterest expense163.7 155.8 139.7 
Net income attributable to WSFS
64.4 69.3 74.2 
Pre-provision net revenue (PPNR)(1)
103.9 110.3 115.6 
Earnings per share (EPS) (diluted)1.08 1.16 1.22 
Return on average assets (ROA) (a)1.22 %1.34 %1.45 %
Return on average equity (ROE) (a)10.0 11.4 12.6 
Fee revenue as % of total net revenue33.6 34.4 28.4 
Efficiency ratio61.1 58.5 54.6 
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. For additional detail, refer to the Non-GAAP reconciliation in the back of this earnings release.
3Q 20242Q 20243Q 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$0.1 $— $5.6 $0.07 $(0.8)$(0.01)
Noninterest expense— — (0.2)— 0.1 — 
Income tax impacts— — 1.3 0.02 (0.2)— 


(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.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
2
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
CEO Commentary
Rodger Levenson, Chairman, CEO and President, said, "WSFS performed very well in the third quarter as reflected in our operating results of a core ROA(2) of 1.22% and accompanying core EPS(2) of $1.08.
“Despite muted demand, our results were highlighted by annualized loan growth of 5% driven by our commercial, consumer, and residential mortgage portfolios. In addition, deposits grew 3% on an annualized basis primarily due to seasonal municipal deposit inflows.
“Our diverse fee businesses also continued to perform solidly. During the quarter, we completed the conversions of our trust accounting system and client portal in our Wealth Management business. These conversions were executed as part of our Bryn Mawr Trust integration plan and position us for significant future growth.
“Total net credit costs increased modestly compared to the prior quarter with a decrease in the provision for credit losses offset by an increase in reserves for unfunded loan commitments. The negative migration in credit metrics includes two existing problem commercial loans (office-related and hotel) which moved to nonperforming assets in the quarter.
"While the 50 basis point decrease in the Fed Funds Rate in mid-September had a minimal impact on 3Q results, we have updated our full-year 2024 Outlook in our Earnings Release Supplement to reflect this change.
“We look forward to finishing 2024 strong and as always I want to extend my sincere thanks to our 2,300 Associates who work tirelessly to serve our Customers, Communities and each other every day.”




(2) As used in this press release, core ROA and core EPS 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
3
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Highlights for 3Q 2024: 
•Core ROA was 1.22%, compared to 1.25% for 2Q 2024.
•Core EPS was $1.08, flat from 2Q 2024.
•Gross loan growth of 1% (5% annualized) from 2Q 2024 driven by growth in commercial, consumer, and residential mortgage.
•Customer deposits increased 1% (3% annualized) compared to 2Q 2024, driven by seasonal increases in municipal deposits and continued increases in customer time deposits, partially offset by expected outflows in Wealth and Trust deposits.
•Net interest margin of 3.78%, compared to 3.85% for 2Q 2024, reflects higher deposit costs and slightly lower asset yields.
•Core fee revenue (noninterest income)(3) of $90.1 million, increased $4.1 million, or 5% (not annualized), compared to 2Q 2024, driven by revenue from our partnership with Spring EQ and growth in Cash Connect®.
•Total net credit costs were $20.1 million, compared to $18.5 million for 2Q 2024. Provision for credit losses was $18.4 million, a decline of $1.4 million from the prior quarter, which was offset by increases in loan workout costs and reserves for unfunded commitments.
•WSFS repurchased 266,672 shares of common stock at an average price of $51.82 per share, totaling an aggregate of $13.8 million. Tangible common book value (TBV) per share(3) increased by $3.36 to $28.56. The Board of Directors approved a quarterly cash dividend of $0.15 per share.





(3) As used in this press release, core fee revenue (noninterest income) 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
4
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Third Quarter 2024 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and composition at September 30, 2024 compared to June 30, 2024 and September 30, 2023:
Loans and Leases
(Dollars in millions)September 30, 2024June 30, 2024September 30, 2023
Commercial & industrial (C&I)$4,661 35 %$4,599 35 %$4,590 37 %
Commercial mortgage4,149 32 4,035 31 3,646 29 
Construction806 6 879 7 1,043 8 
Commercial small business leases645 5 644 5 606 5 
Total commercial loans and leases10,261 78 10,157 78 9,885 79 
Residential mortgage965 7 936 7 873 7 
Consumer2,138 16 2,106 17 1,957 15 
Gross loans and leases13,364 101 %13,199 102 %12,715 101 %
ACL(197)(1)(198)(2)(176)(1)
Net loans and leases$13,167 100 %$13,001 100 %$12,539 100 %
At September 30, 2024, WSFS’ gross loan and lease portfolio increased $165.5 million, or 1% (5% annualized), when compared with June 30, 2024, driven by growth in commercial, consumer, and residential mortgages. Total commercial loans and leases increased $104.6 million, with growth from new originations and the conversion of construction loans, which drove increases in the C&I and commercial mortgage portfolios.
Consumer loans increased $31.6 million, primarily from Spring EQ home equity loans, partially offset by a decrease in Upstart loans. We met the 2024 origination target with Spring EQ and do not expect additional originations in the fourth quarter. As a result of the previously announced sale of Spring EQ, we are evaluating volumes for 2025. Residential mortgages increased $29.2 million due to the retention of certain loans based on favorable yields and relationship opportunities.
Gross loans and leases at September 30, 2024 increased $649.2 million, or 5%, when compared with September 30, 2023. The growth was driven by increases of $503.3 million in commercial mortgage, $181.0 million in consumer loans (primarily from Spring EQ), $91.9 million in residential mortgage due to the reasons noted above, and $71.0 million in C&I. These increases were partially offset by a $237.7 million decrease in construction loans, as they migrated into commercial mortgages and C&I loans, including owner-occupied real estate.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
5
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
The following table summarizes customer deposit balances and composition at September 30, 2024 compared to June 30, 2024 and September 30, 2023:
Customer Deposits
(Dollars in millions)
September 30, 2024June 30, 2024September 30, 2023
Noninterest demand$4,686 29 %$4,783 29 %$4,913 31 %
Interest-bearing demand2,931 18 2,812 17 3,028 19 
Savings1,489 9 1,537 9 1,681 10 
Money market5,178 31 5,175 33 4,560 29 
Total core deposits14,284 87 14,307 88 14,182 89 
Customer time deposits2,143 13 1,984 12 1,715 11 
Total customer deposits$16,427 100 %$16,291 100 %$15,897 100 %
Total customer deposits increased by $136.0 million, 1% (3% annualized), when compared with June 30, 2024, primarily driven by seasonal increases in municipal deposits of $227.7 million and continued increases in customer time deposits, partially offset by expected outflows in Wealth and Trust deposits. Average customer deposits increased 1% (5% annualized), including 12% (annualized) in noninterest demand, compared to June 30, 2024, primarily from Wealth and Trust flows.
Total customer deposits increased by $529.8 million, or 3%, from September 30, 2023, primarily due to increases in money market and time deposits. The growth was concentrated in the Commercial and Consumer businesses.
The deposit base remains well-diversified, with 51% of customer deposits coming from the Commercial, Small Business, and Wealth and Trust business lines. The loan-to-deposit ratio(4) was 80% at September 30, 2024, providing continued capacity to fund future loan growth.
Core deposits were 87% of total customer deposits, with a weighted average cost of 159bps for the quarter. Small mix changes continued this quarter with no- and low-cost checking accounts representing 47% of total customer deposits with a weighted average cost of 46bps for the quarter.




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

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WSFS Bank CenterWSFS Bank Place
6
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Net Interest Income
Three Months Ending
(Dollars in millions)
September 30, 2024June 30, 2024September 30, 2023
Net interest income before purchase accretion$175.5 $172.7 $178.8 
Purchase accounting accretion2.0 1.7 3.8 
Net interest income
$177.5 $174.4 $182.6 
Net interest margin before purchase accretion3.74 %3.81 %4.00 %
Purchase accounting accretion0.04 0.04 0.08 
Net interest margin
3.78 %3.85 %4.08 %
Net interest income increased $3.1 million, or 2% (not annualized), compared to 2Q 2024, primarily due to loan growth. Net interest income decreased $5.1 million, or 3%, compared to 3Q 2023, primarily driven by continued deposit mix shift and growth in higher yielding deposit products.
Total loan yields were 7.07%, a decrease of 2bps when compared to 2Q 2024. Total customer deposit costs were 1.95%, an increase of 6bps, while interest-bearing customer deposit costs were 2.79%, an increase of 10bps compared to the prior quarter. The deposit cost increase was driven by growth in higher-priced deposits as we saw opportunities to deepen existing relationships and attract new business.
Net interest margin decreased 7bps from 2Q 2024, mainly due to growth in municipal and higher priced deposits as described above (3bps), as well as slightly lower asset yields, which were partially driven by market-value increases on available-for-sale investment securities (2bps). Net interest margin decreased 30bps from 3Q 2023, primarily driven by continued deposit mix shift and growth in higher priced deposit products over the past year.
To mitigate asset sensitivity, WSFS completed a previously announced $1.5 billion hedging program utilizing floor options.


wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
7
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Asset Quality
The following table summarizes asset quality metrics as of and for the period ended September 30, 2024 compared to June 30, 2024 and September 30, 2023.
(Dollars in millions)September 30, 2024June 30, 2024September 30, 2023
Problem assets(5)
$721.5 $628.5 $543.4 
Delinquencies147.6 89.0 110.8 
Nonperforming assets91.3 65.4 57.8 
Net charge-offs19.2 14.2 14.3 
Total net credit costs (r)20.1 18.5 18.2 
Problem assets to total Tier 1 capital plus ACL30.11 %27.00 %23.61 %
Classified assets to total Tier 1 capital plus ACL21.41 19.93 16.11 
Ratio of nonperforming assets to total assets0.44 0.32 0.29 
Delinquencies to gross loans (n)1.11 0.68 0.87 
Ratio of quarterly net charge-offs to average gross loans0.58 0.44 0.45 
Ratio of allowance for credit losses to total loans and leases (q) 1.48 1.51 1.39 
Ratio of allowance for credit losses to nonaccruing loans219 310 306 
See “Notes”
Total net credit costs were $20.1 million in the quarter, an increase of $1.6 million, compared to $18.5 million in 2Q 2024. Total net credit costs include a provision for credit losses of $18.4 million, which declined slightly from 2Q 2024. The increase in total net credit costs was due to higher reserves for unfunded commitments related to new loan commitments and the continued evaluation of the portfolio, as well as higher loan workout costs.
Nonperforming assets increased $25.9 million, or 12bps of total assets, compared to June 30, 2024, primarily driven by the migration of two loans - a $19.2 million C&I loan, in participation with another bank, to a fund that is invested in office properties predominantly in east coast suburban markets and a $14.7 million hotel loan in suburban Philadelphia, partially offset by the resolution of previously identified nonperforming assets.
Net charge-offs increased $5.0 million to $19.2 million, or 0.58% (annualized) of average gross loans during the quarter, mainly due to the previously identified hotel loan. Excluding Upstart and NewLane, which experienced losses consistent with the prior quarter, net charge-offs were 31bps of average gross loans.
Problem assets to total Tier 1 capital plus ACL ratio was 30.11%, an increase of 311bps compared to June 30, 2024, based on the continued evaluation of the portfolio.


(5) 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 Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Delinquencies of $147.6 million, or 111bps of gross loans, increased $58.6 million, or 43bps, compared to June 30, 2024. This increase was primarily driven by the previously mentioned hotel loan and one additional $42.1 million commercial real estate relationship in which we are working with the sponsor on a path toward resolution.

The ACL was $197.5 million as of September 30, 2024, a decrease of $0.8 million from June 30, 2024. The ACL coverage ratio was 1.48%, a decrease of 3bps from June 30, 2024. The decreases in the ACL and coverage ratio were due to continued runoff on the Upstart portfolio.
Core Fee Revenue
Fee businesses, including Wealth and Trust, Cash Connect®, Capital Markets, and Mortgage Banking reflect the investments we have made to diversify our revenue. Core fee revenue (noninterest income) of $90.1 million increased $4.1 million, or 5% (not annualized), compared to $86.0 million from 2Q 2024, primarily driven by $2.3 million of revenue from our partnership with Spring EQ (related to the annual earnout from the previously announced sale), $0.8 million from Cash Connect® due to increases in bailment and smart safe revenue, and $0.7 million from Bank Owned Life Insurance.
Core fee revenue increased $16.7 million, or 23%, compared to 3Q 2023. The growth was driven by the Cash Connect®, Wealth Management, Core Banking, and Mortgage business lines. Growth in Cash Connect® was driven by bailment Customers added in the fourth quarter of 2023 and the first half of 2024. Growth in Wealth Management was driven by growth across all key product lines, with double digit growth in Institutional Services and The Bryn Mawr Trust Company of Delaware (BMT of DE).
For 3Q 2024, our core fee revenue ratio(6) was 33.6% compared to 33.0% in 2Q 2024 and 28.6% in 3Q 2023. Fee revenue is a competitive differentiator providing a well-diversified source of revenue with further growth opportunities expected.


(6) 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.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
9
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Core Noninterest Expense(7)
Core noninterest expense of $163.7 million increased $7.7 million, or 5% (not annualized), compared to 2Q 2024. The increase included $3.0 million related to changes in unfunded loan commitment reserves due to new loan commitments and the continued evaluation of the portfolio, as well as higher loan workout costs. In addition, salaries and benefits increased by $2.9 million due to increased performance-based incentive accruals and talent additions as we continue to invest in the franchise, as well as a $1.4 million increase in external fraud losses.
Core noninterest expense increased $24.1 million, or 17%, compared to 3Q 2023. The increase was primarily due to $11.7 million in higher salaries and benefits from annual and performance-based increases and talent additions in key business lines, as well as $8.5 million from Cash Connect® external funding costs. Excluding the Cash Connect® external funding costs (which were offset in revenue), expenses increased by 12% compared to 3Q 2023.
Our core efficiency ratio(7) was 61.1% in 3Q 2024, compared to 59.8% in 2Q 2024 and 54.4% in 3Q 2023.
Income Taxes
We recorded a $21.1 million income tax provision in 3Q 2024, compared to $21.3 million in 2Q 2024 and $22.9 million in 3Q 2023.
The effective tax rate was 24.7% in 3Q 2024 compared to 23.5% in 2Q 2024 and 23.6% in 3Q 2023. The increase in effective tax rate for 3Q 2024 compared to 2Q 2024 was primarily driven by higher state taxes along with higher solar tax credit investment benefits in the second quarter. The increase in effective tax rate when compared to 3Q 2023 is attributable to an increase in state taxes. On a year-to-date basis, the effective tax rate was 24.2% in 2024 compared to 24.6% for the same period in 2023.



(7) 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
10
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Capital Management
Capital levels remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at September 30, 2024, with WSFS Bank’s Tier 1 leverage ratio of 10.68%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 13.46%, and Total Risk-based capital ratio of 14.71%.
WSFS’ total stockholders’ equity increased $188.7 million, or 8% (not annualized), during 3Q 2024. The increase was primarily due to an increase in accumulated other comprehensive income (AOCI) of $142.9 million driven by market-value increases on available-for-sale investment securities, as well as quarterly earnings of $64.4 million. These increases were partially offset by capital returns of $22.7 million to stockholders, comprising $13.8 million from share repurchases and $8.9 million from quarterly dividends.
WSFS’ tangible common equity(8) increased $192.7 million, or 13% (not annualized), compared to June 30, 2024, primarily due to the reasons described above and scheduled amortization of intangibles. WSFS’ common equity to assets ratio increased 81bps to 12.81% during the quarter, and our tangible common equity to tangible assets ratio(8) was 8.47% at September 30, 2024, an increase of 91bps, compared to the prior quarter.
At September 30, 2024, book value per share was $45.37, an increase of $3.36, or 8% (not annualized), from June 30, 2024, and tangible book value per share was $28.56, an increase of $3.36, or 13% (not annualized), from June 30, 2024. These increases were due to the reasons described above.
During 3Q 2024, WSFS repurchased 266,672 shares of common stock for an aggregate of $13.8 million. As of September 30, 2024, WSFS has 3,685,092 shares, or approximately 6% 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 $101.5 million.
The Board of Directors approved a quarterly cash dividend of $0.15 per share of common stock. This dividend will be paid on November 22, 2024 to stockholders of record as of November 8, 2024.






(8) 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
11
500 Delaware Avenue1818 Market Street
Wilmington, DE 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)September 30, 2024June 30, 2024September 30, 2023
Net interest income$21.6 $18.4 $21.1 
Provision for (recovery of) credit losses— — (0.1)
Fee revenue(9)
37.2 38.2 33.3 
Noninterest expense(9)
28.4 28.0 24.5 
Pre-tax income30.4 28.6 30.0 
Performance Metrics
Trust fee revenue (Institutional Services and BMT of DE)$21.5 $21.8 $18.5 
Private Wealth Management fee revenue14.7 15.5 14.5 
AUM/AUA(10)
87,217 84,938 77,560 
Wealth Management pre-tax income increased $1.9 million, or 7% (not annualized), compared to 2Q 2024. Net interest income increased $3.2 million, as average trust deposits were higher by $271.9 million compared to 2Q 2024. Fee revenue decreased $1.0 million from 2Q 2024, primarily due to lower seasonal tax-based revenue and nonrecurring items, partially offset by growth in Institutional Services fees. Total noninterest expense increased $0.3 million, compared to 2Q 2024, mostly due to salaries from hiring new advisors and performance-based compensation.
Wealth Management pre-tax income increased $0.5 million compared to 3Q 2023 due to higher fee revenue and net interest income. Net interest income increased $0.5 million due mostly to higher deposit balances. Fee revenue increased $4.0 million, or 12%, compared to 3Q 2023, due to increases in assignment and bankruptcy fees in Institutional Services, increased activity in The Bryn Mawr Trust Company of Delaware, and higher AUM in Private Wealth Management. Total noninterest expense increased $3.8 million driven by salary expenses from hiring new advisors and performance-based compensation.
Net AUM of $9.3 billion at the end of 3Q 2024 increased $0.3 billion, or 3% compared to 2Q 2024, and increased $1.2 billion, or 15%, compared to 3Q 2023. AUM balances over the period benefited primarily from positive returns in broader equity markets.


(9) Includes intercompany allocation of revenue and expense.
(10) Represents Assets Under Management and Assets Under Administration.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
12
500 Delaware Avenue1818 Market Street
Wilmington, DE 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)September 30, 2024June 30, 2024September 30, 2023
Net revenue(11)
$27.7 $27.6 $18.0 
Noninterest expense(12)
26.1 25.6 16.9 
Pre-tax income1.6 2.0 1.1 
Performance Metrics
Average cash managed$1,623 $1,530 $1,486 
Number of serviced non-bank ATMs and smart safes42,126 42,524 33,860 
Number of WSFS owned and branded ATMs569 579 592 
ROA1.29 %1.72 %0.87 %
Cash Connect® pre-tax income decreased $0.3 million to $1.6 million, due to an increase in non-earning cash (held in vaults) related to recently onboarded Clients and higher external funding costs, while net revenue was essentially flat. ROA decreased 43bps to 1.29%, compared to 1.72% in 2Q 2024, driven by lower net income (27bps) and a change in funding mix (16bps).
Pre-tax net income increased $0.5 million, or 50%, compared to 3Q 2023, primarily driven by an increase in bailment ATMs year over year. This increase in bailment units also drove a $9.7 million increase in net revenue and a $9.1 million increase in noninterest expense compared to 3Q 2023, as we continued to optimize newly onboarded customers. ROA increased 42bps compared to 3Q 2023 due to higher net income.
As we captured market share, total ATMs and smart safes increased by 8,243, or 24%, compared to 3Q 2023, primarily driven by an increase in bailment ATMs, partially offset by a decrease in lower margin reconciliation-only ATMs.



(11) Includes intercompany allocation of income and net interest income.
(12) Includes intercompany allocation of expense.

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
13
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Third Quarter 2024 Earnings Release Conference Call
Management will conduct a conference call to review 3Q 2024 results at 1:00 p.m. Eastern Time (ET) on Friday, October 25, 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 September 30, 2024, WSFS Financial Corporation had $20.9 billion in assets on its balance sheet and $87.2 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
14
500 Delaware Avenue1818 Market Street
Wilmington, DE 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; 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, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
15
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited)
Three months endedNine months ended
(Dollars in thousands, except per share data)September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest income:
Interest and fees on loans $235,977 $230,815 $218,903 $691,495 $620,511 
Interest on mortgage-backed securities25,348 25,784 26,654 77,029 81,310 
Interest and dividends on investment securities2,184 2,183 2,180 6,551 6,599 
Other interest income9,875 6,455 3,402 25,168 10,871 
273,384 265,237 251,139 800,243 719,291 
Interest expense:
Interest on deposits80,647 76,693 57,255 230,135 142,501 
Interest on Federal Home Loan Bank advances1,472 359 167 2,139 5,135 
Interest on senior and subordinated debt2,446 2,441 2,453 7,336 7,360 
Interest on trust preferred borrowings1,749 1,750 1,764 5,255 4,954 
Interest on other borrowings9,566 9,545 6,898 28,147 12,365 
95,880 90,788 68,537 273,012 172,315 
Net interest income177,504 174,449 182,602 527,231 546,976 
Provision for credit losses18,422 19,814 18,414 53,374 63,255 
Net interest income after provision for credit losses159,082 154,635 164,188 473,857 483,721 
Noninterest income:
Credit/debit card and ATM income24,621 23,875 14,869 68,165 42,660 
Investment management and fiduciary revenue36,648 37,606 32,720 107,182 95,575 
Deposit service charges6,837 6,496 6,534 19,820 18,850 
Mortgage banking activities, net2,067 2,217 1,254 5,931 3,680 
Loan and lease fee income1,513 1,706 1,621 4,742 4,183 
Unrealized loss on equity investment, net— — (5)— (9)
Realized gain on sale of equity investment, net56 2,130 — 2,186 — 
Bank-owned life insurance income1,540 793 1,697 3,533 3,967 
Other income16,876 16,775 13,978 46,054 33,760 
90,158 91,598 72,668 257,613 202,666 
Noninterest expense:
Salaries, benefits and other compensation86,124 83,249 74,453 245,179 219,669 
Occupancy expense9,595 9,387 9,529 28,461 30,069 
Equipment expense12,076 12,054 10,563 34,822 31,165 
Data processing and operations expense4,985 4,807 4,867 13,452 14,362 
Professional fees3,819 4,781 4,612 13,081 15,169 
Marketing expense2,053 2,020 2,049 5,855 5,930 
FDIC expenses2,882 2,390 2,534 9,254 7,979 
Loan workout and other credit costs1,684 (1,278)(189)1,477 292 
Corporate development expense46 158 113 412 3,649 
Restructuring expense— — — — (787)
Other operating expenses40,459 38,200 31,158 116,570 86,490 
163,723 155,768 139,689 468,563 413,987 
Income before taxes85,517 90,465 97,167 262,907 272,400 
Income tax provision21,108 21,257 22,904 63,567 66,880 
Net income64,409 69,208 74,263 199,340 205,520 
Less: Net (loss) income attributable to noncontrolling interest(26)(65)97 (129)272 
Net income attributable to WSFS$64,435 $69,273 $74,166 $199,469 $205,248 
Diluted earnings per share of common stock:$1.08 $1.16 $1.22 $3.33 $3.34 
Weighted average shares of common stock outstanding for fully diluted EPS59,393,651 59,958,628 61,039,317 59,956,324 61,367,802 
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
16
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) - continued
Three months endedNine months ended
 September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Performance Ratios:
Return on average assets (a)1.22 %1.34 %1.45 %1.28 %1.36 %
Return on average equity (a)9.95 11.39 12.64 10.66 11.89 
Return on average tangible common equity (a)(o)16.96 20.08 23.19 18.55 22.03 
Net interest margin (a)(b)3.78 3.85 4.08 3.82 4.15 
Efficiency ratio (c)61.08 58.46 54.64 59.61 55.12 
Noninterest income as a percentage of total net revenue (b)33.64 34.38 28.42 32.78 26.98 
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
17
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(Dollars in thousands)September 30, 2024June 30, 2024September 30, 2023
Assets:
Cash and due from banks$571,798 $618,446 $260,200 
Cash in non-owned ATMs414,931 400,482 345,754 
Investment securities, available-for-sale3,737,119 3,651,913 3,691,541 
Investment securities, held-to-maturity1,026,305 1,038,854 1,068,871 
Other investments38,662 36,204 39,466 
Net loans and leases (e)(f)(l)13,166,805 13,000,556 12,539,062 
Bank owned life insurance35,658 36,090 101,424 
Goodwill and intangibles992,163 996,181 1,008,472 
Other assets921,768 965,804 986,202 
Total assets$20,905,209 $20,744,530 $20,040,992 
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits$4,685,957 $4,782,920 $4,913,517 
Interest-bearing deposits11,741,074 11,508,161 10,983,747 
Total customer deposits16,427,031 16,291,081 15,897,264 
Brokered deposits— — 89,105 
Total deposits16,427,031 16,291,081 15,986,369 
Federal Home Loan Bank advances43,158 22,306 — 
Other borrowings1,032,003 1,119,949 917,833 
Other liabilities736,002 832,837 901,412 
Total liabilities18,238,194 18,266,173 17,805,614 
Stockholders’ equity of WSFS2,678,264 2,489,580 2,242,795 
Noncontrolling interest(11,249)(11,223)(7,417)
Total stockholders' equity2,667,015 2,478,357 2,235,378 
Total liabilities and stockholders' equity$20,905,209 $20,744,530 $20,040,992 
Capital Ratios:
Equity to asset ratio12.81 %12.00 %11.19 %
Tangible common equity to tangible asset ratio (o)8.47 7.56 6.49 
Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g)13.46 13.07 13.26 
Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g)10.68 10.44 10.72 
Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g)13.46 13.07 13.26 
Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g)14.71 14.32 14.43 
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans (t)$90,039 $64,034 $57,460 
Assets acquired through foreclosure1,301 1,342 298 
Total nonperforming assets$91,340 $65,376 $57,758 
Past due loans (h)$31,714 $9,798 $14,357 
Troubled loans (u)166,754 133,080 78,186 
Allowance for credit losses197,497 198,260 175,996 
Ratio of nonperforming assets to total assets0.44 %0.32 %0.29 %
Ratio of allowance for credit losses to total loans and leases (q)1.48 1.51 1.39 
Ratio of allowance for credit losses to nonaccruing loans219 310 306 
Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)0.58 0.44 0.45 
Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)0.43 0.35 0.43 
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
18
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued) 
AVERAGE BALANCE SHEET (Unaudited)
(Dollars in thousands)Three months ended
 September 30, 2024June 30, 2024September 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)$5,246,721 $93,594 7.11 %$5,115,017 $91,001 7.17 %$5,107,501 $90,098 7.01 %
Commercial real estate loans (s)4,952,571 89,516 7.19 4,968,847 88,852 7.19 4,611,968 82,040 7.06 
Residential mortgage924,830 11,916 5.15 892,139 10,995 4.93 841,510 10,698 5.09 
Consumer loans2,112,423 39,909 7.52 2,088,180 39,019 7.52 1,940,418 34,972 7.15 
Loans held for sale50,556 1,042 8.20 42,010 948 9.08 54,072 1,095 8.03 
Total loans and leases13,287,101 235,977 7.07 13,106,193 230,815 7.09 12,555,469 218,903 6.92 
Mortgage-backed securities (d)4,354,462 25,348 2.33 4,335,831 25,784 2.38 4,602,107 26,654 2.32 
Investment securities (d)366,098 2,184 2.62 361,093 2,183 2.70 364,565 2,180 2.64 
Other interest-earning assets709,358 9,875 5.54 469,120 6,455 5.53 251,273 3,402 5.37 
Total interest-earning assets$18,717,019 $273,384 5.82 %$18,272,237 $265,237 5.85 %$17,773,414 $251,139 5.61 %
Allowance for credit losses(199,380)(195,557)(173,052)
Cash and due from banks189,523 308,226 277,780 
Cash in non-owned ATMs387,019 339,430 363,131 
Bank owned life insurance35,689 41,067 101,411 
Other noninterest-earning assets1,931,521 2,020,925 1,922,080 
Total assets$21,061,391 $20,786,328 $20,264,764 
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand$2,806,850 $9,074 1.29 %$2,807,761 $8,107 1.16 %$2,955,613 $7,156 0.96 %
Savings1,519,457 2,038 0.53 1,553,044 1,774 0.46 1,750,809 1,521 0.34 
Money market5,125,286 46,686 3.62 5,172,682 46,390 3.61 4,499,909 34,639 3.05 
Customer time deposits2,061,526 22,849 4.41 1,937,265 20,422 4.24 1,661,885 12,828 3.06 
Total interest-bearing customer deposits11,513,119 80,647 2.79 11,470,752 76,693 2.69 10,868,216 56,144 2.05 
Brokered deposits— — — — — — 88,594 1,111 4.98 
Total interest-bearing deposits11,513,119 80,647 2.79 11,470,752 76,693 2.69 10,956,810 57,255 2.07 
Federal Home Loan Bank advances108,196 1,472 5.41 25,742 359 5.61 11,576 167 5.72 
Trust preferred borrowings90,753 1,749 7.67 90,704 1,750 7.76 90,557 1,764 7.73 
Senior and subordinated debt218,535 2,446 4.48 218,478 2,441 4.47 218,304 2,453 4.49 
Other borrowed funds816,373 9,566 4.66 816,919 9,545 4.70 604,156 6,898 4.53 
Total interest-bearing liabilities$12,746,976 $95,880 2.99 %$12,622,595 $90,788 2.89 %$11,881,403 $68,537 2.29 %
Noninterest-bearing demand deposits4,979,859 4,835,912 5,248,931 
Other noninterest-bearing liabilities770,572 891,273 813,858 
Stockholders’ equity of WSFS2,575,182 2,446,371 2,327,853 
Noncontrolling interest(11,198)(9,823)(7,281)
Total liabilities and equity$21,061,391 $20,786,328 $20,264,764 
Excess of interest-earning assets over interest-bearing liabilities$5,970,043 $5,649,642 $5,892,011 
Net interest and dividend income$177,504 $174,449 $182,602 
Interest rate spread2.83 %2.96 %3.32 %
Net interest margin3.78 %3.85 %4.08 %
See “Notes”

wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
19
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
 
(Dollars in thousands, except per share data)Three months endedNine months ended
Stock Information:September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Market price of common stock:
High$58.59$47.55$45.40$58.59$51.77
Low45.4241.3335.0240.2029.59
Close50.9947.0036.5050.9936.50
Book value per share of common stock45.3742.0136.93
Tangible common book value (TBV) per share of common stock (o)28.5625.2020.33
Number of shares of common stock outstanding (000s)59,03359,26160,728
Other Financial Data:
One-year repricing gap to total assets (k)(0.78)%(0.30)%0.41%
Weighted average duration of the MBS portfolio5.7 years5.7 years6.0 years
Unrealized losses on securities available for sale, net of taxes$(420,815)$(549,039)$(678,413)
Number of Associates (FTEs) (m)2,3162,2792,224
Number of offices (branches, LPO’s, operations centers, etc.)114114116
Number of WSFS owned and branded ATMs569579592
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_corp2.jpg
WSFS Bank CenterWSFS Bank Place
20
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
WSFS FINANCIAL CORPORATION 
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
 
Non-GAAP Reconciliation (o):Three months endedNine months ended
 September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Net interest income (GAAP)$177,504 $174,449 $182,602 $527,231 $546,976 
Core net interest income (non-GAAP)177,504 174,449 182,602 527,231 546,976 
Noninterest income (GAAP)90,158 91,598 72,668 257,613 202,666 
Plus: Unrealized loss on equity investments, net— — (5)— (9)
Less: Realized gain on sale of equity investment, net56 2,130 — 2,186 — 
Less/(plus): Visa derivative valuation adjustment— 3,434 (750)2,829 (1,855)
Core fee revenue (non-GAAP)$90,102 $86,034 $73,423 $252,598 $204,530 
Core net revenue (non-GAAP)$267,606 $260,483 $256,025 $779,829 $751,506 
Core net revenue (non-GAAP)(tax-equivalent)$267,991 $260,900 $256,412 $780,975 $752,904 
Noninterest expense (GAAP)$163,723 $155,768 $139,689 $468,563 $413,987 
(Plus)/less: FDIC special assessment— (383)— 880 — 
Less: Corporate development expense46 158 113 412 3,649 
Plus: Restructuring expense— — — — (787)
Core noninterest expense (non-GAAP)$163,677 $155,993 $139,576 $467,271 $411,125 
Core efficiency ratio (non-GAAP)61.1 %59.8 %54.4 %59.8 %54.6 %
Core fee revenue ratio (non-GAAP) (b)33.6 %33.0 %28.6 %32.3 %27.2 %
 End of period
 September 30, 2024June 30, 2024September 30, 2023
Total assets (GAAP)$20,905,209 $20,744,530 $20,040,992 
Less: Goodwill and other intangible assets992,163 996,181 1,008,472 
Total tangible assets (non-GAAP)$19,913,046 $19,748,349 $19,032,520 
Total stockholders’ equity of WSFS (GAAP)$2,678,264 $2,489,580 $2,242,795 
Less: Goodwill and other intangible assets992,163 996,181 1,008,472 
Total tangible common equity (non-GAAP)$1,686,101 $1,493,399 $1,234,323 
Tangible common book value (TBV) per share:
Book value per share (GAAP)$45.37 $42.01 $36.93 
Tangible common book value per share (non-GAAP)28.56 25.20 20.33 
Tangible common equity to tangible assets:
Equity to asset ratio (GAAP)12.81 %12.00 %11.19 %
Tangible common equity to tangible assets ratio (non-GAAP)8.47 7.56 6.49 





wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
21
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Non-GAAP Reconciliation - continued (o):Three months endedNine months ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
GAAP net income attributable to WSFS$64,435 $69,273 $74,166 $199,469 $205,248 
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(10)(5,789)868 (3,723)4,726 
(Plus)/less: Tax impact of pre-tax adjustments2 1,273 (232)585 (1,293)
Adjusted net income (non-GAAP) attributable to WSFS$64,427 $64,757 $74,802 $196,331 $208,681 
GAAP return on average assets (ROA)1.22 %1.34 %1.45 %1.28 %1.36 %
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)0.02 (0.02)0.03 
(Plus)/less: Tax impact of pre-tax adjustments— 0.02 (0.01)— (0.01)
Core ROA (non-GAAP)1.22 %1.25 %1.46 %1.26 %1.38 %
Earnings per share (diluted) (GAAP)$1.08 $1.16 $1.22 $3.33 $3.34 
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)0.01 (0.06)0.08 
(Plus)/less: Tax impact of pre-tax adjustments— 0.02 — — (0.02)
Core earnings per share (non-GAAP)$1.08 $1.08 $1.23 $3.27 $3.40 
Calculation of return on average tangible common equity:
GAAP net income attributable to WSFS$64,435 $69,273 $74,166 $199,469 $205,248 
Plus: Tax effected amortization of intangible assets2,949 3,007 2,984 8,929 8,748 
Net tangible income (non-GAAP)$67,384 $72,280 $77,150 $208,398 $213,996 
Average stockholders’ equity of WSFS$2,575,182 $2,446,371 $2,327,853 $2,499,612 $2,307,002 
Less: Average goodwill and intangible assets994,818 998,939 1,007,803 998,960 1,008,463 
Net average tangible common equity$1,580,364 $1,447,432 $1,320,050 $1,500,652 $1,298,539 
Return on average tangible common equity (non-GAAP)16.96 %20.08 %23.19 %18.55 %22.03 %





wsfs_corp2.jpg
WSFS Bank CenterWSFS Bank Place
22
500 Delaware Avenue1818 Market Street
Wilmington, DE 19801Philadelphia, PA 19103
Non-GAAP Reconciliation - continued (o):Three months endedNine months ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Calculation of PPNR:
Net income (GAAP)$64,409 $69,208 $74,263 $199,340 $205,520 
Plus: Income tax provision 21,108 21,257 22,904 63,567 66,880 
Plus: Provision for credit losses18,422 19,814 18,414 53,374 63,255 
PPNR (non-GAAP)$103,939 $110,279 $115,581 $316,281 $335,655