Banking and thrift organizations with $10 billion or more in assets are subject to debit card interchange fee restrictions set forth in section 1075 of the Dodd-Frank Act, known as the Durbin Amendment, and implemented by regulations of the Federal Reserve. These provisions cap the maximum debit interchange fee that an issuer may receive per transaction at the sum of 21 cents plus five basis points. An issuer that adopts certain fraud prevention procedures may charge an additional one cent per transaction. The Bank became subject to the interchange restrictions of the Durbin Amendment on July 1, 2020.

Additionally, an insured depository institution with $10 billion or more in total assets is subject to supervision, examination, and enforcement with respect to consumer protection laws by the CFPB. WSFS Bank became subject to CFPB supervision, examination, and enforcement at the beginning of the first quarter of 2020.

Other regulatory requirements apply, to insured depository institution holding companies and insured depository institutions with $10 billion or more in total consolidated assets. Congress and/or regulatory agencies may impose new requirements or surcharges on such institutions in the future. The Economic Growth, Regulatory Relief, and Consumer Protection Act included provisions that relieve banking organizations with less than $10 billion in total consolidated assets (and that satisfy certain other conditions) from risk-based capital requirements, restrictions on proprietary trading and investment and sponsorship in hedge funds and private equity funds known as the Volcker Rule, and certain other regulatory requirements. By exceeding $10 billion in total consolidated assets, WSFS and WSFS Bank do not qualify for any of this relief.

The CFPB has reshaped consumer financial regulations through rulemaking and enforcement of prohibitions against unfair, deceptive or abusive business acts or practices. Compliance with any such change may impact the manner in which WSFS and WSFS Bank offer consumer financial products or services, and our results of operations.

As an insured depository institution with $10 billion or more in total assets, WSFS Bank is subject to supervision, examination, and enforcement with respect to consumer protection laws by the CFPB. The CFPB has broad authority to administer and carry out provisions of the Dodd-Frank Act with respect to the Company's consumer financial products and services and may impose requirements more onerous than those of other bank regulatory agencies. For example, the Dodd-Frank Act authorizes the CFPB to write rules or bring enforcement actions to prohibit acts or practices that are unfair, deceptive or abusive in connection with consumer financial products or services, and the concept of an "abusive" act or practice did not previously exist in federal banking law.

The CFPB has initiated enforcement actions against a variety of bank and non-bank market participants with respect to a number of consumer financial products and services, which has resulted in those participants expending significant time and money, including the costs of penalties, to respond to the actions pursued by the CFPB. As part of its rulemaking and enforcement activities, the CFPB has adopted interpretations of consumer protection laws that have required many market participants to change their practices and expend substantial resources to do so. The CFPB has used its authorities to penalize market participants and/or change market practices in several areas of the financial services industry, including automobile loan servicing, credit card account management, debt collection, small business lending, the operation of ATMs, mortgage origination, depository account management, the charging of late fees or other credit card fees, the charging of overdraft fees and insufficient funds fees on deposit accounts, and consumer reporting, among others.

There continues to be uncertainty as to how CFPB's strategies and priorities will impact the Company's business and operations. Any changes by the CFPB in regulatory expectations, interpretations or practices could increase the risk of additional enforcement actions, fines and penalties, which could have an adverse impact ~~to the Company's business and results of operations.~~

~~As a lender that participated in the SBA’s Paycheck Protection Program (PPP), the Company is subject to added risks, including credit, fraud, and litigation risks.~~

As a lender that participated in the PPP, we face increased risks, particularly in terms of credit, fraud and litigation risks. The PPP opened to borrower applications shortly after the enactment of its authorizing legislation, and, as a result, there was some ambiguity in the laws, rules and guidance regarding the program’s operation. Subsequent rounds of legislation and associated agency guidance did not provide the needed clarity and in certain instances potentially created additional inconsistencies and ambiguities. Accordingly, the Company is exposed to risks relating to compliance with PPP requirements, including the risk of becoming the subject of governmental investigations, enforcement actions, private litigation, and negative publicity.

We have additional credit risk with respect to PPP loans if a determination is made by the SBA that there is a deficiency in the manner in which the loan was originated, funded or serviced, such as an issue with the eligibility of a borrower to receive a PPP loan, which may or may not be related to the ambiguity in the laws, rules and guidance regarding the operation of the PPP. In the event of a loss resulting from a default on a PPP loan and a determination by the SBA that there was a deficiency in the manner in which the PPP loan was originated, funded, or serviced by the Bank, the SBA may deny its liability under the guaranty, reduce the amount of the guarantee or, if it has already paid under the guarantee, seek recovery of any loss related to the deficiency from the Bank.

Also, PPP loans are fixed, low interest rate loans that are guaranteed by the SBA and subject to numerous other regulatory requirements, and a borrower may apply to have all or a portion of the loan forgiven. If PPP borrowers fail to qualify for loan forgiveness, we face a heightened risk of holding these loans at unfavorable interest rates for an extended period of time.

Furthermore, since the launch of the PPP, several larger banks have been subject to litigation regarding the process and procedures that such banks used in processing applications for the PPP, and the Company and the Bank may be exposed to the risk of litigation, from both customers and non-customers that approached us regarding PPP loans, relating to these or other matters.

Also many financial institutions throughout the country have been named in putative class actions regarding the alleged nonpayment of fees that may be due to certain agents who facilitated PPP loan applications. The costs and effects of litigation related to PPP participation could have an adverse effect on our business, ~~financial condition and~~ results of ~~operations.~~operations, and financial condition.

5. Operational Risk

Our ~~risk management~~technology-related operational processes and procedures may not be effective in ~~mitigating our risks.~~accomplishing their intended purposes.

~~Management of our risks in some cases depends~~Our operations depend upon the use of computer programs, algorithms, and other analytical ~~and/or forecasting models.~~tools. If ~~the models that we use to manage these risks are~~such technology is ineffective at ~~predicting future losses~~its intended purposes or are otherwise inadequate, we may incur unexpected losses or otherwise be adversely affected. Even if the underlying assumptions and historical correlations used in our models are adequate, our models may be deficient due toincludes errors in computer code, unintended bias, bad data, misuse of data, or fraud, ~~or the use of a model for a purpose outside the scope of the model’s design.~~it may adversely affect our operations. Additionally, as societal norms, legal requirements, businesses and markets evolve, our ~~measurements~~technology may not accurately reflect this evolution. There may also be ~~risks~~technology-related issues that exist, or that develop in the future, that we have not ~~appropriately~~ anticipated, identified or mitigated, including when processes are changed or new products and services are introduced. In particular, the implementations of new technologies and digital solutions may cause business disruptions that affect our ability to maintain relationships with clients, customers, depositor and employees. If our risk management framework does not effectively identify and control ~~our~~such risks, we could suffer unexpected losses or be adversely affected, and that could have an adverse effect on our business, results of operations and financial condition.

Our results of operations and financial condition could be adversely affected if our Cash Connect® ~~segment��s~~segment’s policies, procedures and controls are inadequate to prevent a misappropriation of funds, or if a misappropriation of funds is not insured or not fully covered through insurance.

The profitability of our Cash Connect® segment depends to a large degree on its ability to accurately and efficiently distribute, track, and settle large amounts of cash to its customers’ ATMs which, in turn, depends on the successful implementation and monitoring of a comprehensive system of financial and operational controls that are designed to help prevent, detect, and recover any potential loss of funds. These controls require the implementation and maintenance of complex proprietary software, the ability to track and monitor an extensive network of armored car companies, and the ability to settle large amounts of electronic funds transfers (EFT) from various ATM networks. There is a risk that those associated with armored car companies, ATM networks and processors, ATM operators, or other parties may misappropriate funds belonging to Cash Connect®. Cash Connect® has experienced such occurrences in the past. If our Cash Connect® division’s established policies, procedures and controls are inadequate, or not properly executed to prevent or detect a misappropriation of funds, or if a misappropriation of funds is not insured or not fully covered through any insurance maintained by us, our business, results of operations or financial condition could be adversely affected.

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System failure or cybersecurity breaches of our network security could subject us to increased operating costs as well as litigation and other potential losses.

Failures in, or breaches of, our computer systems and network infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks, could disrupt our business, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, increase our costs and cause losses. Our operations are dependent upon our ability to protect our computer equipment against damage from fire, power loss, telecommunications failure or a similar catastrophic event. Any damage or failure that causes an interruption in our operations could have an adverse effect on our business, financial condition and results of operations. In addition, our operations are dependent upon our ability to protect the computer systems, software and ~~network infrastructure~~networks utilized by us, including our Internet banking activities, against damage from physical break-ins, cyber-attacks, cybersecurity breaches and other disruptive ~~problems caused by the Internet~~problems. Failures in, or breaches of, our computer systems, software and networks, or those of our third-party vendors or other ~~users. Cybersecurity~~service providers, including as a result of cyber-attacks, cybersecurity breaches and other disruptions, ~~would jeopardize~~could disrupt our business or operations or those of our Customers and counterparties, result in the disclosure or misuse of confidential or proprietary information, result in supervisory liability or regulatory enforcement action, damage our reputation, result in a loss of Customers and business, result in a loss of confidence in the security of ~~information stored in~~our systems, products and ~~transmitted through~~services, increase our ~~computer systems~~costs and ~~network infrastructure, which may result in significant liability~~cause losses to ~~us and damage to our reputation, and may discourage current and potential customers from using our Internet banking services.~~us. Our security measures, including firewalls and penetration testing, as well as Board oversight and management's assessment, identification and management of cybersecurity risks, may not prevent or detect future potential losses or liabilities from system failures or breaches or cyber-attacks, cybersecurity ~~breaches.~~breaches, or other disruptions. We seek to continuously monitor for and nimbly react to any and all such malicious cyber activity, and we develop our systems to protect our technology infrastructure and data from misuse, misappropriation or corruption. Senior management gives a quarterly update on cybersecurity to the Risk Committee of our Board of Directors and an annual update to our full Board of Directors.

~~In the normal course of business, we collect, process, and retain sensitive and confidential information regarding our Customers.~~ Although we devote significant resources and Board oversight and management focus to ensuring the integrity of our systems through information security and business continuity programs, our ~~facilities~~computer systems, software and ~~systems,~~networks, and those of our third-party service providers, are vulnerable to external or internal security breaches, acts of vandalism, computer viruses or malware, misplaced or lost data, denial-of-service attacks, programming or human errors, or other similar events. ~~In particular, the technologies and digital solutions we have introduced as part~~We also experience large volumes of our Delivery Transformation initiative, including our enhanced website and personalized messaging app, are susceptible to these events. We and our third-party service providers have experienced all of these events and expect to continue to experience them in the future. These events could interrupt our business or operations, result in significant legal and financial exposure, supervisory liability, regulatory enforcement action, damage to our reputation, loss of customers and business or a loss of confidence in the security of our systems, products and services. Although the impact to date from these events has not had an adverse effect on us, we cannot be sure this will be the case in the future. Any of these occurrences could have an adverse effect on our financial condition and results of operations.

Information security risks for financial institutions like us have increased recently in part because of new technologies, the use of the internet and telecommunications technologies (including mobile devices) to conduct financialphishing and other ~~business transactions and~~forms of social engineering attempted for the ~~increased sophistication and activities~~purpose of ~~organized crime, perpetrators of~~perpetrating fraud ~~hackers, terrorists and others.~~against us, our Associates, or our Customers. In addition to cyber-attacks or other security breaches involving the theft of sensitive and confidential information, hackers recently have engaged in attacks against large financial institutions that are designed to disrupt key business services, such as consumer-facing web sites. We and our third-party vendors or other service providers have experienced all of these events and expect to continue to experience them in the future. Any of these occurrences could have an adverse effect on our business, financial condition and results of operations. Although the impact to date from these events has not had an adverse effect on us, we cannot be sure this will be the case in the future. We are not able to anticipate or implement effective preventive measures against all security breaches of these types, especially because ~~the techniques used~~attacks are increasingly sophisticated, change frequently, often not recognized until launched, and ~~because attacks~~ can originate from a wide variety of sources. Our early detection and response mechanisms could fail to detect, mitigate or remediate these risks in a timely manner. Despite our implementation of protective measures and endeavoring to modify them as circumstances warrant, our computer systems, software and networks may be ~~thwarted by sophisticated~~vulnerable to human error, equipment failure, natural disasters, power loss, unauthorized access, supply chain attacks, distributed denial of service attacks, computer viruses and ~~malware~~other malicious code, and other events that could result in significant liability and damage to our reputation, and have an ongoing impact on the security and stability of our operations. In addition, although we maintain insurance coverage that may, subject to terms and conditions, cover certain aspects of cyber and information security risks, such insurance coverage may be insufficient to cover all losses, such as litigation costs or financial losses that exceed our policy limits or are not covered under any of our current insurance policies.

Information security risks for financial institutions like us have increased recently in part because of new technologies, the use of the internet, cloud, and telecommunications technologies (including mobile devices) to conduct financial and other business transactions and the increased sophistication and activities of organized crime, perpetrators of fraud, hackers, terrorists and others. Additionally, like many large enterprises, we have introduced more remote work arrangements for our Associates. The increase in remote work arrangements over the past few years has introduced potential new vulnerabilities to cyber threats. We also face increased cybersecurity risk as we deploy additional technologies and digital solutions, including our website and personalized messaging app. We may also face increased cybersecurity risk for a period of time after acquisitions as we transition the acquired entity’s historical systems and networks to our standards. Moreover, any cyber-attack or other security breach may persist for an extended period of time without detection. We endeavor to design and implement policies and procedures to identify such cyber-attacks or breaches as quickly as possible; however, we expect that any investigation of a cyber-attack or breach would take substantial amounts of time, and that there may be extensive delays before we obtain full and reliable information. During such time we would not necessarily know the extent of the harm or how best to remediate it, and certain errors or actions could be repeated or compounded before they are discovered and remediated, all of which would further increase the costs and consequences of such an attack or breach.

The SEC recently enacted rules, effective as of December 18, 2023, requiring public companies to disclose material cybersecurity incidents that they experience on Form 8-K within four business days of determining that a material cybersecurity incident has occurred and to disclose on annual basis material information regarding their cybersecurity risk management, strategy, and governance. If we fail to comply with these new requirements we could incur regulatory fines in addition to other adverse consequences to our reputation, business, financial condition and results of operations.

We may also be subject to liability under various data protection laws. In the normal course of business, we collect, process, and retain sensitive and confidential information regarding our Customers and Associates, including personal data. As a result, we are subject to numerous laws and regulations designed to ~~avoid detection.~~protect this information, such as U.S. federal, state and international laws governing the protection of personally identifiable information. These laws and regulations are increasing in complexity and number. If any person, including any of our associates, negligently disregards or intentionally breaches our established controls with respect to client or employee data, or otherwise mismanages or misappropriates such data, we could be subject to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution. In addition, unauthorized disclosure of sensitive or confidential client or employee data, whether through system failure, employee negligence, fraud or misappropriation, could damage our reputation and cause us to lose clients and related revenue. Potential liability in the event of a security breach of client data could be significant. Depending on the circumstances giving rise to the breach, this liability may not be subject to a contractual limit or an exclusion of consequential or indirect damages.

We rely on third parties for certain important functions. Any failures by those vendors and service providers could disrupt our business operations or expose us to loss of confidential information or intellectual property.

Our use of third-party service providers exposes us to the risk of failures in their operations and their risk and control environments. We outsource certain key functions to external parties, including some that are critical to financial reporting (including our use of hedge accounting), valuations, our mortgage-related investment activity, loan underwriting, and loan servicing. We may enter into other key outsourcing relationships in the future and continue to expand our existing reliance on third-party service providers. If one or more of these key external parties were not able to perform their functions for a period of time, perform them at an acceptable service level or handle increased volumes, or if one of them experiences a disruption in its own business or technology from any cause, our business operations could be constrained, disrupted, or otherwise negatively affected. Our use of third-party service providers also exposes us to the risk of losing intellectual property or confidential information and to other harm, including to our reputation. Our ability to monitor the activities or performance of third-party service providers may be constrained, which may make it difficult for us to assess and manage the risks associated with these relationships.

Our business may be adversely impacted by litigation and regulatory enforcement, which could expose us to significant liabilities and/or damage our reputation.

From time to time, we have and may become party to various litigation claims and legal proceedings. Our businesses involve the risk that clients or others may sue us, claiming that we have failed to perform under a contract or otherwise failed to carry out a duty perceived to be owed to them. Our trust, custody and investment management businesses are particularly subject to this risk. This risk may be heightened during periods when credit, equity or other financial markets are deteriorating in value or are particularly volatile, or when clients or investors are experiencing losses. In addition, as a ~~publicly-held~~publicly-traded company, we are subject to the risk of claims under the federal securities laws, and volatility in our stock price and those of other financial institutions increases this risk. Actions brought against us may result in injunctions, settlements, damages, fines or penalties, which could have an adverse effect on our business, financial condition or results of operations or require changes to our business. Even if we defend ourselves successfully, the cost of litigation may be substantial, and public reports regarding claims made against us may cause damage to our reputation among existing and prospective clients or negatively impact the confidence of counterparties, rating agencies and stockholders, consequently negatively affecting our earnings.

In the ordinary course of our business, we also are subject to various regulatory, governmental and enforcement inquiries, investigations and subpoenas. These may be directed generally to participants in the businesses in which we are involved or may be specifically directed at us. In enforcement matters, claims for disgorgement, the imposition of civil and criminal penalties and the imposition of other remedial sanctions are possible.

WSFS Bank provides indenture trustee and loan agency services, including administrative and collateral agent fee-based services for first lien, second lien, debtor-in-possession and exit facilities, and WSFS Bank professionals work with ad hoc committees, unsecured creditors’ committees, borrowers and other professionals involved in restructuring and bankruptcy. In this capacity, in the normal course of business, WSFS Bank may be named as a party in litigation. Although WSFS Bank has no credit or direct exposure in conjunction with this administrative role, the fact that the Bank’s name appears in the case caption may create the erroneous impression that WSFS Bank may have financial exposure in such a lawsuit.

Actual outcomes, losses and related expenses of pending legal proceedings may differ materially from assessments and estimates, and may exceed the amount of any reserves we have established, which could adversely affect our reputation, business, financial condition and results of operations.

Errors, breakdowns in controls or other mistakes in the provision of services to clients or in carrying out transactions for our own account can subject us to liability, result in losses or negatively affect our earnings in other ways.

In our asset servicing, investment management, fiduciary administration and other business activities, we effect or process transactions for clients and for us that involve very large amounts of money. Failure to properly manage or mitigate operational risks can have adverse consequences, and increased volatility in the financial markets may increase the magnitude of resulting losses. Given the high volume of transactions we process, errors that affect earnings may be repeated or compounded before they are discovered and corrected.

6. Strategic Risk

Integrating Bryn Mawr Trust's business into the Company's may be more difficult, costly or time consuming than expected and the anticipated benefits and cost savings of our acquisition of Bryn Mawr Trust may not be fully realized.

If we are unable to successfully integrate the business of Bryn Mawr Trust, the anticipated benefits of our acquisition of Bryn Mawr Trust, including expected revenue synergies, may not be realized fully, or at all, or may take longer to realize than expected. The company expects to integrate Bryn Mawr Trust’s business and it is possible that the integration process could result in the loss of key employees or create inconsistencies in standards, contracts, procedures and policies. The Company expects to incur substantial expenses in integrating the business, operations, networks, systems, technology, policies and procedures of Bryn Mawr Trust into its own. As with any merger of financial institutions, integration efforts have diverted management attention and resources, and there may be business disruptions that affect our ability to maintain relationships with clients, customers, depositors and employees or to achieve the anticipated benefits and cost savings of our acquisition of Bryn Mawr Trust. In addition, the impacts of the COVID-19 pandemic may make it more costly or difficult to integrate the businesses. These integration matters could have an adverse effect on WSFS, our financial results and the value of our common stock for an undetermined period.

~~The Company expects to incur substantial expenses related to our acquisition of Bryn Mawr Trust.~~

The Company expects to continue to incur substantial expenses in connection with consummation of our acquisition of Bryn Mawr Trust and combining the business, operations, networks, systems, technologies, policies and procedures of the two companies. Although we have assumed that a certain level of transaction and combination expenses would be incurred, there are a number of factors beyond their control that could affect the total amount or the timing of the combination expenses. Due to these factors, the transaction and combination expenses associated with our acquisition of Bryn Mawr Trust could, particularly in the near term, exceed the savings that we expect to achieve from the elimination of duplicative expenses and the realization of economies of scale and cost savings related to the combination of the businesses following the consummation of our acquisition of Bryn Mawr Trust. As a result of these expenses, we have taken and expect to continue to take charges against our earnings. The charges taken in connection with our acquisition of Bryn Mawr Trust have been and are expected to be significant, although the aggregate amount and timing of such charges are uncertain at present.

Our business strategy includes significant investment in growth plans, and our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth and investment in infrastructure effectively.

We are pursuing a significant growth strategy for our business. Our growth initiatives have required us to recruit experienced personnel to assist in such initiatives. The failure to retain such personnel would place significant limitations on our ability to successfully execute our growth strategy. In addition, as we expand our lending beyond our current market areas, we could incur additional risk related to those new market areas. We may not be able to expand our market presence in our existing market areas or successfully enter new markets.

A weak economy, low demand and competition for credit may impact our ability to successfully execute our growth plan and adversely affect our business, financial condition, results of operations, reputation and growth prospects. While we believe we have the executive management resources and internal systems in place to successfully manage our future growth, there can be no assurance growth opportunities will be available or that we will successfully manage our growth.

We regularly evaluate potential acquisitions and expansion opportunities. If appropriate opportunities present themselves, we expect to engage in selected acquisitions or other business growth initiatives or undertakings. We may not successfully identify appropriate opportunities, may not be able to negotiate or finance such activities and such activities, if undertaken, may not be successful.

We have in the past and may in the future pursue acquisitions, which may disrupt our business and adversely affect our ~~operating~~ results of operations, and we may fail to realize all of the anticipated benefits of any such acquisition.

We have historically pursued acquisitions, and may seek acquisitions in the future. We may not be able to successfully identify suitable candidates, negotiate appropriate acquisition terms, complete proposed acquisitions, successfully integrate acquired businesses into the existing operations, or expand into new markets. Once integrated, acquired operations may not achieve levels of revenues, profitability, or productivity comparable with those achieved by our existing operations, or otherwise perform as expected.

Acquisitions, such as our ~~recent~~ acquisition of Bryn Mawr Trust in January 2022, involve numerous risks, including difficulties in the integration of the operations, technologies, services and products of the acquired companies, and the diversion of management’s attention from other business concerns. We may not properly ascertain all such risks prior to an acquisition or prior to such a risk impacting us while integrating an acquired company. As a result, difficulties encountered with acquisitions could have an adverse effect on our business, financial condition and results of operations.

Furthermore, we must generally receive federal regulatory approval before we can acquire another insured depository institution or its holding company. In determining whether to approve a proposed acquisition, federal regulators will consider, among other factors, the effect of the acquisition on competition, the financial condition of the acquiring institution and the target, the future prospects of the acquiring institution, including current and projected capital levels, the competence, experience, and integrity of management, compliance with laws and regulations, the convenience and needs of the communities to be served, including the acquiring institution’s record of compliance under the Community Reinvestment Act, and the effectiveness of the acquiring institution in combating money laundering. In addition, we cannot be certain when or if, or on what terms and conditions, any required regulatory approvals will be granted. Consequently, we may not obtain regulatory approval for a proposed acquisition on acceptable terms or at all, in which case we would not be able to complete the acquisition despite the time and expenses invested in pursuing it.

~~The anticipated benefits of our Delivery Transformation initiative may not be fully realized.~~

We have devoted substantial resources to our strategic Delivery Transformation initiative. The success of this initiative will depend on, among other things, our ability to upgrade our technology and digital solutions in a manner that improves experiences of customers and employees. If we are unable to successfully achieve this objective, the anticipated benefits of the Delivery Transformation initiative may not be realized fully, or at all, or may take longer to realize than expected.

Additionally, the implementation of new technologies and digital solutions may cause business disruptions that affect our ability to maintain relationships with clients, customers, depositors and employees and could have an adverse effect on WSFS for an undetermined period.

Key ~~employees~~associates may be difficult to attract and retain.

Our Associates are our most important resource and, in many areas of the financial services industry, competition for qualified personnel is intense. We invest significantly in recruitment, training, development and talent management as our Associates are the cornerstone of our model. If we were unable to continue to attract and retain qualified key ~~employees~~associates to support the various functions of our businesses, our performance, including our competitive position, could be adversely affected. As economic conditions improve, we may face increased difficulty in retaining top performers and critical skilled ~~employees.~~associates. If key personnel were to leave us and equally knowledgeable or skilled personnel are unavailable within WSFS or could not be sourced in the market, our ability to manage our business may be hindered or impaired.

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7. Reputation Risk

Damage to our reputation could significantly harm our businesses.

Our ability to attract and retain customers, clients, investors, and highly-skilled management and ~~employees~~Associates is affected by our ~~reputation. Public perception~~reputation and the reputation of the financial services industry ~~declined~~ as a ~~result of the recent economic downturn and related government response, and we face increased public and regulatory scrutiny as a result. Further adverse~~whole. Adverse developments may result in additional scrutiny or new litigation against ~~us. Other~~us and potential sources of reputational damage are discussed throughout these risk factors. Although we monitor developments for areas of potential risk to our reputation and brand, negative perceptions or publicity could adversely impact our business, financial condition and results of operations.

Significant harm to our reputation can ~~also~~ arise from ~~other~~ sources, including economic changes, regulatory scrutiny, employee misconduct, actual or perceived unethical behavior, litigation or regulatory outcomes, failing to deliver minimum or required standards of service and quality, compliance failures, disclosure of confidential information, significant or numerous failures, interruptions or breaches of our information systems, and the activities of our clients, customers and counterparties, including vendors.

In particular, the success of our Wealth Management segment is highly dependent on reputation. Our Wealth Management segment derives the majority of its revenue from noninterest income which consists of trust, investment and other servicing fees, and our ability to attract trust and wealth management clients is highly dependent upon external perceptions of this segment’s level of service, trustworthiness, business practices and financial condition. Negative perceptions or publicity regarding these matters could damage the division’s and our reputation among existing customers and corporate clients, which could make it difficult for the Wealth Management segment to attract new clients and maintain existing ones.

We could also suffer significant harm to our reputation if we fail to properly identify and manage potential conflicts of interest. Management of potential conflicts of interests has become increasingly complex as we expand our business activities through more numerous transactions, obligations and interests with and among our clients. The actual or perceived failure to adequately address conflicts of interest could affect the willingness of clients to deal with us, which could adversely affect our ~~businesses.~~businesses, financial condition and results of operations

8. Model Risk

The quantitative models we use to manage certain accounting and risk management functions may not be effective, which may cause adverse effects on our results of operations and financial condition.

We use quantitative models to help manage certain aspects of our business and to assist with certain business decisions, including estimating probable loan losses, measuring the fair value of financial instruments when reliable market prices are unavailable and estimating the effects of changing interest rates and other market measures on our financial condition and results of operations. Our modeling methodologies rely on many assumptions, historical analyses and correlations. These assumptions may be incorrect, particularly in times of market distress, and the historical correlations on which we rely may no longer be relevant. Additionally, as businesses and markets evolve, our measurements may not accurately reflect this evolution. Even if the underlying assumptions and historical correlations used in our models are adequate, our models may be deficient due to errors in computer code, bad data, misuse of data, fraud or the use of a model for a purpose outside the scope of the model’s design.

~~Table of Contents~~

As a result, our models may not capture or fully express the risks we face, may suggest that we have sufficient capitalization when we do not, or may lead us to misjudge the business and economic environment in which we will operate. If our models fail to produce reliable results on an ongoing basis, we may not make appropriate risk management or other business or financial decisions. Furthermore, strategies that we employ to manage and govern the risks associated with our use of models may not be effective or fully reliable, and as a result, we may realize losses or other lapses.

Banking regulators continue to focus on the models used by banks and bank holding companies in their businesses. The failure or inadequacy of a model may result in increased regulatory scrutiny on us or may result in an enforcement action or proceeding against us by one of our regulators.

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9. General Risk

Impairment of goodwill and/or intangible assets could require charges to earnings, which could negatively impact our results of operations.

Goodwill and other intangible assets arise when a business is purchased for an amount greater than the net fair value of its identifiable assets. We have recognized goodwill as an asset on the balance sheet in connection with several recent acquisitions. We evaluate goodwill and intangibles for impairment at least annually. Although we have determined that goodwill and other intangible assets were not impaired during ~~2021,~~2023, a significant and sustained decline in our stock price and market capitalization, a significant decline in our expected future cash flows, a significant adverse change in the business climate, slower growth rates or other factors could result in impairment of goodwill ~~mortgage servicing rights asset,~~ or other intangible assets. Any future write-down of the goodwill ~~mortgage servicing rights asset,~~ or other intangible assets could result in a material charge to earnings.

Changes in accounting standards or changes in how the accounting standards are interpreted or applied could adversely impact the Company’s financial statements.

From time to time, the Financial Accounting Standards Board (FASB) or the SEC may change the financial accounting and reporting standards that govern the preparation of the Company’s financial statements. In addition, the FASB, SEC, banking regulators and the Company’s independent registered public accounting firm may also amend or even reverse their previous interpretations or positions on how various standards should be applied. These changes may be difficult to predict and could impact how we prepare and report the Company’s financial statements. In some cases, the Company could be required to apply a new or revised standard retroactively, potentially resulting in the Company restating prior period’s financial statements.

Changes in the value of our deferred tax assets could adversely affect our ~~operating~~ results of operations and regulatory capital ratios.

Our deferred tax assets are subject to an evaluation of whether it is more likely than not that they will be realized for financial statement purposes. In making this determination, we consider all positive and negative evidence available, including the impact of recent operating results, as well as potential carryback of tax to prior years’ taxable income, changes in statutory tax rates, reversals of existing taxable temporary differences, tax planning strategies and projected earnings within the statutory tax loss carryover period. If we conclude in the future that a significant portion of our deferred tax assets are not more likely than not to be realized, we will record a valuation allowance, which could adversely affect our financial position, results of operations and regulatory capital ratios.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

The Company maintains an Information Security Program to safeguard all WSFS information assets against unauthorized use, disclosure, modification, damage, or loss. Information Security, in conjunction with Operations, Technology, and Executive Leadership, work together to provide and maintain security processes and procedures pursuant to which the Company will:

•Ensure the security and confidentiality of customer and bank records covered by law.

•Protect against any anticipated threats or hazards to the security of such records.

•Protect against the unauthorized access or use of such records or information in ways that could result in substantial harm to the Company, our Customers, and Associates.

•Establish guidelines and practices for ensuring Information Technology compliance to external and regulatory requirements.

•Ensure proper and effective Business Continuity and Disaster Recovery programs are implemented and tested.

The Company's Chief Information Security Officer (CISO) is designated as the program coordinator responsible for coordinating and overseeing the program.

Our Information Security Department performs annual risk assessments to evaluate the effectiveness of the controls as set forth in the Information Security Program to support the requirements under Gramm-Leach Bliley Act (GLBA), and Federal Financial Institutions Examination Council (FFIEC) Guidance on Securing Customer Information. The focus areas include:

•technology systems used for information that is collected, processed and stored;

•assessing internal and external cybersecurity threats and vulnerabilities;

•performing regular penetration and controls testing;

•evaluation and assessment of impact should the information or systems become compromised;

•evaluation for the effectiveness of the governance structure for Information security risk management.

Internal and external Penetration Testing is performed annually. Tests are conducted or reviewed by independent third parties or qualified Associates independent of those that develop or maintain the security program. Testing is performed annually by third party auditors contracted through the Company's Risk Management Department. Management reviews test results promptly and ensures that appropriate steps are taken to address adverse test results.Remediation efforts are organized and made available to the Risk committee of the Board of Directors (Risk Committee)as well as for review by third party auditors and examiners.

The Company has implemented a Cybersecurity Incident Response Plan (CSIRP), which is integrated into its Master Business Continuity Plan, to identify, assess and respond to cybersecurity threats. The CSIRP provides a well-defined, consistent, and organized approach to information security related incidents and is supplemented by playbooks designed to respond to specific attacks. The CSIRP requires approval by the Executive Leadership Team under the Cybersecurity Committee and is governed by the Continuity of Operations Policy that is approved annually by the Board of Directors.

The Company is not aware of any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company's business strategy, results of operations or financial condition.

Governance

Our Information Security Policy and Information Security Program are the standards used to protect the Bank’s confidential information. The Information Security Policy is annually reviewed, updated, and approved by the Risk Committee and the Board of Directors.

The CISO reports security related incidents, findings, changes, etc. to the Risk Committee, on an annual basis or quarterly as needed. This information is communicated through the Company's Risk Department. The CISO has more than 25 years of experience in the information security field, including 20 years at WSFS, and holds several professional certifications and memberships in the Information Security, IT, and financial services fields.

The Board and Senior Management are charged with the ultimate responsibility for understanding the company’s risk environment. A Management Risk Committee, chaired by our Chief Risk Officer (CRO), is responsible to oversee the Company’s risk management program on an enterprise-wide basis.

The Company has dedicated incident management and response teams in place to facilitate response protocols and execute designed strategies necessary to mitigate business risk and support recovery initiatives. The Incident Management Team structure is based on the Incident Command System and follows a flexible, adaptable approach with response team membership designed to support expanding response team needs. An Incident Response Task Force (IRTF) is in place to oversees the assessment of cybersecurity incidents and operational response needs. The CISO and the Head of Regulatory Affairs/Relations co-lead IRTF response.

The CSIRP includes a framework to timely report cybersecurity incidents to our Executive Leadership Team. The severity of an incident is based on perceived impacts that include the severity of damage, compromise, or loss, and probability of further exploitation or escalation. The Chief Information Officer (CIO) and CRO are notified of all incidents that are determined to be significant. based on perceived impacts of the incident or event. The Chief Executive Officer and Board of Directors are notified of these incidents by the CIO and CRO as necessary.

For further information on risks to the Company from cybersecurity threats, see "System failure or cybersecurity breaches of our network security could subject us to increased operating costs as well as litigation and other potential losses" under Item 1A. Risk Factors."

Table of Contents

ITEM 2. PROPERTIES

Our headquarters are located at 500 Delaware Ave., Wilmington, Delaware where we lease 78,432 square feet of space. At December 31, ~~2021,~~2023, we conducted our business through 8988 banking offices located in Delaware, southeastern Pennsylvania and southern New Jersey. ~~We owned 33 of our banking offices while all other facilities were leased.~~

In addition to our branch network, we own or lease office space for 2326 other loan production offices and facilities located in Delaware, southeastern Pennsylvania, southern New Jersey, ~~Virginia~~Florida, Nevada and ~~Nevada~~Virginia to house operational activities, Cash Connect® and our Wealth Management businesses. We owned 37 of our banking offices and other facilities while all other locations were leased.

At December 31, ~~2021,~~2023, our premises and equipment had a net book value of ~~$87.3~~$104.5 million. All of these properties are generally in good condition and are appropriate for their intended use. While these facilities are adequate to meet our current needs, available space is limited and additional facilities may be required to support future expansion.

For additional detail regarding our properties and equipment, see Note 8 to the Consolidated Financial Statements.

ITEM 3. LEGAL PROCEEDINGS

For information regarding legal proceedings, see Note 24 to the Consolidated Financial Statements.

Item 103 of Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions unless we reasonably believe the monetary sanctions will not equal or exceed a threshold which we determine is reasonably designed to result in disclosure of any such proceeding that is material to our business or financial condition. We have determined such disclosure threshold to be $1 million.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market for Registrant’s Common Equity and Related Stockholder Matters

Our common stock is traded on the Nasdaq Global Select Market under the symbol “WSFS.” At February ~~24, 2022,~~26, 2024, we had ~~3,690~~3,404 registered common stockholders of record.

The closing market price of our common stock at February ~~24, 2022~~26, 2024 was ~~$49.76.~~$41.81.

Dividends

For a discussion of dividend restrictions on our common stock, or of restrictions on dividends from the Company's subsidiaries to the Company, see “Business - Regulation - Regulation of the Company - Dividends” and “Business - Regulation - Regulation of WSFS Bank - Dividends Restrictions.”

Securities Authorized for Issuance Under Equity Compensation Plans

Shown below is information as of December 31, ~~2021~~2023 with respect to compensation plans under which equity securities of the Registrant are authorized for issuance.

Equity Compensation Plan Information

(a)

(b)

(c)

(a)

(b)

(c)

Number of Securities to be issued upon exercise of outstanding options, warrants and rights

Weighted-Average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance under equity compensation plans (excluding securities

reflected in column (a))

Number of Securities to be issued upon exercise of outstanding options, warrants and rights

Weighted-Average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance under equity compensation plans (excluding securities

reflected in column (a))

Equity compensation plans approved by stockholders (1)

465,424

41.39

1,584,835

Equity compensation plans not approved by stockholders

N/A

Equity compensation plans not approved by stockholders

N/A

Total

465,424

41.39

1,584,835

(1)Plans approved by stockholders include the 2013 Incentive Plan and the 2018 Incentive Plan.

Share Repurchases:

During the first quarter of 2020, the Board of Directors approved a share repurchase program authorizing the repurchase of 7,594,977 shares, or 15% of our outstanding shares as of March 31, 2020. This repurchase program was completed during the first quarter of 2023. During the second quarter of 2022, the Board of Directors approved an additional share repurchase authorization under the program of 6,358,727 shares of common stock, or 10% of its outstanding shares as of June 30, 2022. Under the ~~program,~~programs, repurchases may be made from time to time in the open market or through negotiated transactions, subject to market conditions and other factors, and in accordance with applicable securities laws. The ~~program is~~programs are consistent with our intent to return a minimum of ~~25%~~35% of annual net income to stockholders through dividends and share repurchases while maintaining capital ratios in excess of regulatory minimums and, in the case of the Bank, the “well-capitalized” benchmarks.

During the three months ended December 31, ~~2021,~~2023, the Company had no241,000 shares of common stock repurchased under the current share repurchase program. All share repurchases were temporarily suspended upon the announcement of the signing of the Merger Agreement with BMBC on March 10, 2021. We resumed repurchases during the first quarter of 2022 following the close of our combination with Bryn Mawr Trust on January 1, 2022.programs.



Month	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs	Maximum Number of Shares that May Yet Be Purchased Under the Programs
October 1, 2023 - October 31, 2023	—	$	—	—	5,582,593
November 1, 2023 - November 28, 2023	169,000	38.49		169,000	5,413,593
December 1, 2023 - December 31, 2023	72,000	41.50		72,000	5,341,593
Total	241,000	39.39		241,000

COMPARATIVE STOCK PERFORMANCE GRAPH

The graph and table which follow show the yearly percentage change in the cumulative total shareholder return on our common stock over the last five years compared with the cumulative total shareholder return of the Dow Jones Total Market Index, the Nasdaq Bank Index and KBW Nasdaq Regional Bank Index over the same period as obtained from Bloomberg L.P. Cumulative total shareholder return on our common stock or the indices equals the total increase in value since December 31, ~~2016,~~2018, assuming reinvestment of all dividends paid into the common stock or the index, respectively. The graph and table were prepared assuming $100 was invested on December 31, ~~2016~~2018 in our common stock and in each of the indices. There can be no assurance that our future stock performance will be the same or similar to the historical stock performance shown in the graph below. We neither make nor endorse any predictions as to stock performance.


	December 31, 2018 through December 31, 2023 Cumulative Total Return
	2018		2019		2020		2021		2022		2023
WSFS Financial Corporation	$	100	$	117	$	122	$	137	$	126	$	129
Dow Jones Total Market Index	100		125		138		166		155		180
Nasdaq Bank Index	100		124		115		164		138		133
KBW Nasdaq Regional Bank Index	100		124		113		155		144		143

December 31, 2016 through December 31, 2021 Cumulative Total Return
2016 2017 2018 2019 2020 2021
WSFS Financial Corporation $ 100 $ 104 $ 83 $ 97 $ 101 $ 114
Dow Jones Total Market Index 100 128 124 155 170 206
Nasdaq Bank Index 100 105 88 110 102 145
KBW Bank Index 100 102 84 104 95 130

ITEM 6. [RESERVED]

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

WSFS Financial Corporation (the Company or WSFS) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by the Company’s subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With ~~$15.8~~$20.6 billion in assets and ~~$34.6~~$84.3 billion in assets under management (AUM) and assets under administration (AUA) at December 31, ~~2021,~~2023, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the ~~Delaware~~Greater Philadelphia and ~~Greater Philadelphia~~Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, WSFS Bank has been in operation for more than ~~189~~191 years. In addition to ~~its~~our focus on stellar customer ~~experiences, WSFS Bank has~~experience, we have continued to fuel growth and remain a leader in our community. We are a relationship-focused, locally-managed, community banking institution. Our mission is simple: “We Stand for Service.” Our strategy of “Engaged Associates, living our culture, ~~making a better life for all~~enriching the communities we serve” focuses on exceeding customer expectations, delivering stellar experiences and building customer advocacy through highly-trained, relationship-oriented, friendly, knowledgeable and empowered Associates.

As of December 31, ~~2021,~~2023, we had six consolidated subsidiaries: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management, LLC (BMCM), WSFS Wealth Management, LLC (Powdermill®), WSFS ~~Capital Management,~~SPE Services, LLC, ~~(West Capital), Cypress Capital Management, LLC (Cypress), Christiana Trust Company of Delaware~~® ~~(Christiana Trust DE)~~ and ~~WSFS SPE Services,~~601 Perkasie, LLC. We also had ~~one~~three unconsolidated ~~subsidiary,~~subsidiaries, WSFS Capital Trust ~~III.~~III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank had two ~~wholly owned~~wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).

On January 1, 2023, WSFS completed the merger and brand conversion of WSFS Capital Management, LLC (West Capital) and Cypress Capital Management, LLC and renamed the combined entity Bryn Mawr Capital Management, LLC. BMCM is registered as an investment advisor with the U.S. Securities and Exchange Commission and is a wholly-owned subsidiary of WSFS. In the third quarter of 2023, BMCM expanded its business in Southern Delaware and established a new presence in Boca Raton, Florida with the acquisition of a registered investment advisory firm's business based in Rehoboth Beach, Delaware.

Our banking business had a total loan and lease portfolio of ~~$7.9~~$12.8 billion as of December 31, ~~2021,~~2023, which was funded primarily through commercial relationships and ~~retail~~consumer and customer generated deposits. We have built a ~~$6.2~~$9.9 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering the high level of service and flexibility typically associated with a community bank and through acquisitions. We also offer a broad variety of consumer loan products and retail securities ~~and insurance~~ brokerage through our retail branches, ~~and~~in addition to mortgage and title services ~~in collaboration with~~through our branches and WSFS Mortgage®~~. WSFS Mortgage~~® ~~is a~~, our mortgage banking ~~company and abstract and title~~ company specializing in a variety of residential mortgage and refinancing solutions. Our leasing business, is conducted by NewLane Finance®~~. NewLane Finance~~®, originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.

Our Cash Connect® business is a premier provider of ATM vault cash, smart safe (safes that automatically accept, validate, record and hold cash in a secure environment) and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ~~U.S. As of December 31, 2021,~~ATM industry. Cash Connect®services non-bank and WSFS-branded ATMs and smart safes nationwide, and manages approximately ~~$1.7~~$1.9 billion in total cash and services approximately ~~27,400~~33,000 non-bank ATMs and ~~approximately 6,300~~8,700 smart safes nationwide. Cash Connect® provides related services such as online reporting and ATM cash management, predictive cash ordering and reconcilement services, armored carrier management, loss protection ~~ATM processing equipment sales~~ and deposit safe cash logistics. ~~As of December 31, 2021,~~ Cash Connect®also supports ~~over 600~~590 owned ~~and~~or branded ATMs for WSFS Bank Customers, which ~~has~~is one of the largest branded ATM networks in our market.

Our Wealth Management business provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate and institutional ~~clients through multiple integrated businesses.~~clients. Combined, these businesses had ~~$34.6~~$84.3 billion of AUM and AUA at December 31, ~~2021. WSFS Wealth~~2023.

Bryn Mawr Trust® ~~Investments provides financial~~is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management serves high-net-worth clients and institutions by providing trustee and advisory services, ~~along with insurance~~financial planning, customized investment strategies, brokerage products such as annuities and ~~brokerage products. Cypress,~~traditional banking services such as credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the bank’s charter, through a broker/dealer and as a registered investment ~~adviser, is~~advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only ~~wealth management firm managing a “balanced” investment style portfolio focused on preservation of capital~~arrangements, net interest income and ~~generating current income. West Capital, a registered investment adviser, is a~~other fee-only ~~wealth management firm operating under a multi-family office philosophy to provide customized solutions to institutions~~services such as estate administration, trust tax planning and ~~high-net-worth individuals. The trust division of WSFS, comprised of WSFS Institutional Services~~® and Christiana Trust DE, provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional and corporate clients and special purpose vehicles. Christiana Trust DE, a subsidiary of WSFS, provides personal trust and fiduciary services to families and individuals across the U.S.custody. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach.

BMT-DE provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS ~~Wealth Client Management serves high-net-worth~~Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients ~~by delivering credit~~ and ~~deposit products and partnering with other Wealth Management businesses to provide comprehensive solutions to clients.~~special purpose vehicles.

As of December 31, ~~2021,~~2023, we service our customers primarily from our ~~112~~114 offices located in Pennsylvania ~~(52)~~(57), Delaware ~~(42)~~(40), New Jersey ~~(16) Virginia~~(14), Florida (1), Nevada (1) and ~~Nevada~~Virginia (1), our ATM network, our website at www.wsfsbank.com, and our mobile ~~apps.~~app.

Notable Items Impacting Results of Operations, Financial Condition and Business Outlook

Notable items in ~~2021~~2023 include the following:

•~~Bryn Mawr Trust Acquisition~~

◦We recorded $13.0 million of corporate development and restructuring expenses during the year ended December 31, 2021 primarily related to our merger with Bryn Mawr Bank Corporation (BMBC), a Pennsylvania corporation and the parent holding company of The Bryn Mawr Trust Company, a Pennsylvania chartered bank and wholly owned subsidiary of BMBC. Throughout this document, we refer to these acquired entities collectively as “Bryn Mawr Trust.”

◦~~The merger was completed on January 1, 2022 with the purchase price consideration of $908 million to acquire or assume the following (at carrying value):~~

▪~~Total assets of $5.0 billion, including $3.5 billion in loans and leases,~~

▪~~Total liabilities of $4.4 billion, including $4.1 billion in deposits, and~~

▪~~Total AUM and AUA of $23.6 billion.~~

◦~~Our bank technology, branding and branch conversion is scheduled to occur later in the first quarter of 2022, with our Trust and Wealth integration expected to follow in late 2022 or early 2023.~~

◦~~Balance Sheet~~

◦~~On June 15, 2021,~~ WSFS completed the redemption of ~~$100.0~~the $30.0 million ~~in aggregate principal amount~~ of ~~our 4.50%~~ fixed-to-floating rate ~~senior~~subordinated notes due ~~2026~~2025 (the ~~2026~~2025 Notes)~~. We recorded~~ acquired from Bryn Mawr Trust. The 2025 Notes were redeemed at a ~~$1.1 million loss~~price of ~~debt extinguishment to recognize~~100%, plus accrued and unpaid interest through the ~~remaining unamortized debt issue costs associated with these notes.~~

◦~~During the year ended December 31, 2021, our balance sheet was significantly impacted by continued high levels~~date of excess liquidity due to deposit growth stemming from strong Customer relationships across all business lines coupled with elevated loan payoffs. We used a portion of the excess liquidity to purchase $3.5 billion of investment securities, available-for-sale, and to pay down our borrowings.redemption.

•~~Credit Metrics~~

◦There was ~~a reduction~~an increase in the allowance for credit losses (ACL) of ~~$134.3~~$34.3 million during the year ended December 31, ~~2021,~~2023, primarily due to net loan growth across the CRE, Consumer and commercial small business leasing portfolios as ~~a result of~~well as higher provisions on our CRE, commercial small business leasing, and Upstart portfolios and the ~~future recovery in our economic forecasts used in the ACL model and improved credit quality metrics with notable declines in our problem assets and delinquencies.~~elder care portfolio within C&I. See “Results of Operations - Provision/Allowance for Credit Losses (ACL)” for further information.

•~~Other Notable Items~~We realized a $9.5 million gain on our equity investment in Spring EQ, a digital home equity origination platform, which was sold during the fourth quarter.

◦•~~During 2021, we recorded a $4.4~~Recorded an income tax charge of $7.1 million ~~net gain on the liquidation of~~from our ~~investment in Social Finance, Inc. (SoFi). We used $1.0~~decision to surrender $65.5 million of previously acquired BOLI policies. This resulted from recent changes in the interest rate environment lowering our yields on these long-term assets and the termination of a stable value protection wrap policy. We expect to deploy the net proceeds from the surrender into higher yielding interest-earning assets or payoff wholesale funding.

•Recorded a $5.1 million expense for the FDIC Special Assessment charged to ~~make a contribution~~recover losses to the Deposit Insurance Fund related to the closures of certain banks in 2023.

•We contributed $4.9 million to the WSFS CARES Foundation to ~~further fund~~enhance community support ~~to our expanded communities.~~activities, which included a one-time $2.0 million special contribution in the fourth quarter.

◦•During 2023, WSFS repurchased 1,247,178 shares of common stock under the ~~third quarter~~Company's share repurchase program at an average price of ~~2021, we launched~~$41.52 per share, for an aggregate purchase price of $51.8 million and paid dividends on our ~~strategic partnership with Upstart Holdings, Inc. (Upstart), a leading white label lending-as-a-service platform provider specializing in risk-based priced unsecured consumer loans.~~common stock of $36.7 million, returning total capital to shareholders of $88.5 million.

◦•The Bank and the Company continue to be well above well-capitalized across all measures of regulatory capital, with total common equity tier 1 capital of 13.72% and 13.17%, respectively, and total risk-based capital of 14.96% and 15.23%, respectively.

•BMCM expanded into southern Delaware and established a new presence in Boca Raton, Florida, after an acquisition of a woman-founded, owned and managed registered investment advisory firm based in Rehoboth Beach, Delaware.

•In ~~October 2021, Michelle L. Burroughs joined~~June, we held our first-ever "We Stand for Service Day", during which approximately 1,200 of our Associates provided nearly 5,000 hours of service to more than 80 nonprofit and community organizations across the ~~Bank as Vice President, Director of Diversity, Equity~~Greater Philadelphia, Southern New Jersey and ~~Inclusion (DE&I), supporting WSFS in creating and delivering a work environment designed to foster a culture of inclusion and ensure the long-term sustainability of the Company’s DE&I efforts.~~

◦During 2021, we resolved all outstanding legal matters associated with Nature's Healing Trust and Charter Oak. In the fourth quarter of 2021, we recognized $15.0 million legal settlement recovery associated with Charter Oak.

Delaware region.

FINANCIAL CONDITION

Total assets increased ~~$1.5~~$0.7 billion, or ~~10%~~3%, to ~~$15.8~~$20.6 billion as of December 31, ~~2021,~~2023, compared to ~~$14.3~~$19.9 billion as of December 31, ~~2020.~~2022. These increases are primarily comprised of the following (in descending order of magnitude):

•~~Investment~~Net loans and leases, excluding loans held for sale, increased $823.2 million, primarily driven by growth of $450.1 million in commercial mortgages, $201.2 million in consumer loans driven by our consumer partnerships and $108.8 million in residential.

•Total cash and cash equivalents increased $255.6 million, primarily due to increased deposits.

•Total investment securities ~~available-for-sale:~~decreased $299.6 million:

◦Investment securities, ~~available for sale~~ ~~increased $2.7 billion, or 106%,~~available-for-sale decreased $246.5 million, primarily due to ~~$3.5 billion in purchases~~repayments of $354.8 million, partially offset by ~~repayments of $697.5 million, decreased market-values~~increased market values on available-for-sale securities of ~~$93.8~~$83.7 million and ~~sales of $14.1 million.~~$27.7 million in purchases.

•~~Loans and leases, net of allowance:Loans and leases, net of allowance~~,Bank-owned life insurance decreased ~~$1.0 billion, or 11%, reflecting a $782.4~~$59.2 million ~~decline in commercial and industrial loans that included a $719.7 million decrease~~primarily due to ~~forgiveness of PPP loans and higher loan payoffs, a $227.8 million decline~~our decision to surrender certain previously-acquired BOLI policies in residential loans, largely due to non-relationship run-off portfolios acquired through the Beneficial Bancorp, Inc. (Beneficial) acquisition, and a $204.6 million decline in commercial mortgage loans due to higher loan payoffs. Partially offsetting these decreases were $103.4 million of growth in our commercial small business leases portfolio, and a reduction of $134.3 million in our allowance for credit losses as described above.

•~~Cash, cash equivalents, and restricted cash:~~ ~~Cash, cash equivalents, and restricted cash~~ decreased $121.8 million, or 7%, primarily reflecting our purchases of available-for-sale investment securities, as noted above, partially offset by elevated customer deposits due to strong relationships across all of our lending and fee based business lines.

•~~Loans, held for sale:~~ ~~Loans, held for sale~~ ~~are recorded at fair value and decreased $84.2 million, or 43%, driven by a combination of lower origination volume and higher loans sales in our mortgage banking business.~~

•~~Investment securities, held-to-maturity:Investment securities, held-to-maturity~~ ~~decreased $21.1 million, or 19%, primarily reflecting repayments, maturities and calls during the year.~~2023.

Total liabilities increased ~~$1.3~~$0.4 billion, or ~~10%~~2%, to ~~$13.8~~$18.1 billion at December 31, ~~2021~~2023 compared to the prior year, primarily comprised of the following (in descending order of magnitude):

•~~Total Deposits:~~Other borrowed funds increased ~~Total depositsincreased $1.4 billion, or 12%, to $13.2 billion,~~$547.8 million primarily due to an$565.0 million borrowed from the Bank Term Funding Program (BTFP) as a result of favorable terms and pricing.

•Total deposits increased $270.5 million, primarily driven by a $236.6 million increase in ~~customer funding, reflecting continued elevated deposits from strong customer relationships across all lending~~trust deposits.

•FHLB advances decreased $350.0 million due to the repayment of fixed rate FHLB term advances as part of our routine balance sheet management.

•Other liabilities decreased $68.2 million primarily due to a net decrease of $65.3 million in collateral held on derivatives and ~~fee based business lines, including our trust line of business~~derivative liabilities driven by changes in Wealth Management, which had $1.2 billion in deposits as of December 31, 2021, an increase of $750.8 million from the prior year. The ratio of net loans and leases (including loans held for sale) to customer deposits was 60% at December 31, 2021 reflecting significant liquidity capacity.interest rates.

•Senior ~~debt:~~ ~~Senior~~and subordinated debt decreased ~~$98.7~~$29.8 million due to the redemption of the ~~2026 Notes, as described above.~~

•~~Other liabilities:Other liabilities~~ increased $14.4 million, primarily due to $17.7 million reflecting the timing of settlements for debt security trades, partially offset by a decrease of $5.8 million in certain retirement plan liabilities.2025 Notes.

Stockholders’ equity increased ~~$147.4~~$272.5 million to ~~$1.9~~$2.5 billion at December 31, ~~2021~~2023 compared to ~~$1.8 billion at December 31, 2020.~~the prior year. The increase was primarily due to earnings of ~~$271.4~~$269.2 million during the year and a decrease of $81.9 million in accumulated other comprehensive loss from market value increases on investment securities, partially offset by ~~$93.8~~significant levels of capital return to shareholders including $54.6 million ~~in unfavorable market-value changes on available-for-sale securities, $24.2 million in~~from the repurchase of shares of common stock under our stock repurchase plan and shares withheld to cover tax liabilities, and the payment of dividends ~~paid and $13.3 million related to share repurchases during 2021.~~on our common stock of $36.7 million.

We repurchased ~~267,309~~1,247,178 and ~~3,950,855~~4,151,117 shares of our common stock in ~~2021~~2023 and ~~2020,~~2022, respectively. We held ~~10,086,936~~15,557,263 shares and ~~9,819,627~~14,310,085 shares of our common stock as treasury shares at December 31, ~~2021~~2023 and ~~2020,~~2022, respectively.

For further information on our regulatory capital requirements, refer to our Capital Resources discussion below.

LIQUIDITY AND CAPITAL RESOURCES

Capital Resources

Regulatory capital requirements for the Bank and the Company include a minimum common equity Tier 1 capital ratio of 4.50% of risk-weighted assets, a Tier 1 capital ratio of 6.00% of risk-weighted assets, a minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets. ~~PPP loans receive a zero percent risk weighting under the regulators' capital rules.~~ In order to avoid limits on capital distributions and discretionary bonus payments, the Bank and the Company must maintain a capital conservation buffer of 2.5% of common equity Tier 1 capital over each of the risk-based capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory actions and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial statements.

Table of Contents

Regulators have established five capital tiers: well-capitalized, adequately-capitalized, under-capitalized, significantly under-capitalized, and critically under-capitalized. A depository institution’s capital tier depends upon its capital levels in relation to various relevant capital measures, which include leveraged and risk-based capital measures and certain other factors. Under the Prompt Corrective Action framework of the Federal Deposit Insurance Corporation Act, depository institutions that are not classified as well-capitalized are subject to various restrictions regarding capital distributions, payment of management fees, acceptance of brokered deposits and other operating activities. At December 31, ~~2021,~~2023, the Bank was in compliance with regulatory capital requirements and all of its regulatory ratios exceeded “well-capitalized” regulatory benchmarks. The Bank’s December 31, ~~2021~~2023 common equity Tier 1 capital ratio of ~~15.11%~~13.72%, Tier 1 capital ratio of ~~15.11%~~13.72%, total risk based capital ratio of ~~15.91%~~14.96% and Tier 1 leverage capital ratio of ~~10.44%~~10.92%, all remain substantially in excess of “well-capitalized” regulatory benchmarks, the highest regulatory capital rating. In addition, and not included in the Bank's capital, the holding company held ~~$103.7~~$197.3 million in cash to support potential dividends, acquisitions and strategic growth plans.

As part of our adoption of the CECL methodology in 2020, we elected to phase in the day-one adverse effects on regulatory capital that may result from the adoption of CECL over a three-year period, as permitted under a final rule of the federal banking agencies.

Liquidity

We manage our liquidity and funding needs through our Treasury function and our Asset/Liability Committee. We have a policy that separately addresses liquidity, and management monitors our adherence to policy limits. Also, liquidity risk management is a primary area of examination by the banking regulators.

Funding sources to support growth and meet our liquidity needs include cash from operations, commercial, consumer, wealth and ~~retail~~trust deposit programs, loan repayments, FHLB borrowings, repurchase agreements, BTFP borrowings, access to the Federal Reserve Discount Window, and access to the brokered deposit market as well as other wholesale funding avenues. In addition, we have a large portfolio of high-quality, liquid investments, primarily short-duration mortgage-backed securities, that provide a near-continuous source of cash flow to meet current cash needs, or can be sold to meet larger discrete needs for cash. We believe these sources are sufficient to meet our funding needs as well as maintain required and prudent levels of liquidity over the next twelve months and beyond.

As of December 31, 2023, the Company has $1.1 billion in cash, cash equivalents, and restricted cash. Our estimated uninsured deposits were $6.3 billion, or 38% of total customer deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $4.8 billion, or 29% of total customer deposits.

As of December 31, 2023, the Company had a readily available, secured borrowing capacity of $5.4 billion from the FHLB, $0.6 billion through the Federal Reserve Discount Window, and $1.7 billion through the BTFP. In addition, the Company had $1.5 billion in unpledged securities that could be used to support additional borrowings and $0.5 billion of cash deposited with the Federal Reserve Bank. The Company’s readily available, secured borrowing capacity to estimated unprotected deposits ratio is 202%.

During the year ended December 31, ~~2021,~~2023, cash, cash equivalents and restricted cash ~~decreased $121.8 million~~increased $0.3 billion to ~~$1.5~~$1.1 billion from ~~$1.7~~$0.8 billion as of December 31, ~~2020.~~2022. Cash provided by operating activities was ~~$125.6~~$237.0 million, primarily reflecting the cash impact of earnings. Cash used infor investing activities was ~~$1.5 billion~~$326.3 million primarily due to a $486.8 million net increase in loans and leases and purchases of loans held for investment of $313.4 million. These outflows were partially offset by net repayments of available-for-sale and held-to-maturity debt securities of ~~$2.8 billion partially offset by $1.3 billion from decreased lending activity related to PPP loan forgiveness~~$327.1 million and ~~meaningful payoffs and paydowns in the commercial loan portfolio.~~$73.0 million, respectively. Cash provided by financing activities was ~~$1.2 billion,~~$344.9 million, primarily due to the borrowing of $565.0 million from the BTFP and a ~~$1.4 billion~~$252.5 million net increase in deposits, ~~as a result of the increase in customer funding discussed above,~~ partially offset by $350.0 million for the ~~redemption~~repayment of ~~$100.0 million in aggregate principal amount of the 2026 Notes, liquidity management and common stock dividends of $24.2 million, $13.3~~fixed rate FHLB term advances, $54.6 million for repurchases of common stock under the previously announced stock repurchase plan, common stock dividends of $36.7 million, and ~~$6.6~~the $30.0 million ~~for repayment~~redemption of ~~FHLB advances due to~~ the ~~termination~~2025 Notes

Table of ~~fixed rate FHLB term advances as part of our routine balance sheet management.~~Contents

Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At December 31, ~~2021,~~2023, we had ~~$250.5~~$211.3 million in total contractual payments for ongoing leases that have remaining lease terms of less than 1one year to 4022 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases see Note 9 to the Consolidated Financial Statements. At December 31, ~~2021,~~2023, we had ~~no FHLB advances, and~~ obligations for principal payments on long-term debt ~~included~~including $67.0 million for our trust preferred borrowings, due June 1, 2035, $70.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2027, and $150.0 million for our senior debt, due December 15, 2030. Royal Bancshares Capital Trust I (Trust I) and Royal Bancshares Capital Trust II (Trust II) (collectively, the RBC Trusts), which were acquired from Bryn Mawr Bank Corporation, were utilized for the sole purpose of issuing and selling capital securities representing preferred beneficial interests. Although WSFS owns an aggregate of $0.8 million of the common securities of Trust I and Trust II, the RBC Trusts are not consolidated into the Company’s Consolidated Financial Statements as the Company is not deemed to be the primary beneficiary of these entities. Inclusive of the fair value marks, WSFS assumed junior subordinated debentures owed to the RBC Trusts with a carrying value of $11.8 million each, totaling $23.6 million. The Company records its investments in the RBC Trusts’ common securities of $0.4 million each as investments in unconsolidated entities and records dividend income upon declaration by Trust I and Trust II. The Company has fully and unconditionally guaranteed all of the obligations of the RBC Trusts, including any distributions and payments on liquidation or redemption of the capital securities. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.

We are also contractually obligated to make interest payments on our long-term debt through their respective maturities. For additional information regarding long-term debt, see Note 12 to the Consolidated Financial Statements. At December 31, ~~2021,~~2023, the Company had total commitments to extend credit of ~~$2.5~~$4.1 billion, which are generally one year commitments. For additional information regarding commitments to extend credit, see Note 17 to the Consolidated Financial Statements.

In 2022, we plan to invest approximately $15 million in our Delivery Transformation initiative to increase adoption and usage of digital channels aligned with our strategy. Our organization is committed to product and service innovation as a means to drive growth and to stay ahead of changing customer demands and emerging competition. We are focused on developing and maintaining a strong “culture of innovation” that solicits, captures, prioritizes and executes innovation initiatives, including feedback from our customers, as well as leveraging technology from product creation to process improvements.

5051

Table of Contents

NONPERFORMING ASSETS

Nonperforming assets ~~(NPAs)~~ include nonaccruing loans, ~~other real estate owned (OREO)~~OREO and restructured loans. Nonaccruing loans are those on which ~~the accrual of interest has ceased.~~we no longer accrue interest. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the value of the collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Past due loans are defined as loans contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection.

The following table shows our nonperforming assets and past due loans at the dates indicated:

At December 31,

(Dollars in thousands)

2021

2020

Nonaccruing loans:

Commercial and industrial

8,211

13,816

Owner-occupied commercial

811

5,360

Owner-occupied commercial

Commercial mortgages

2,070

17,175

Construction

—

Construction

Residential

3,125

3,247

Consumer

2,380

2,310

Total nonaccruing loans

16,609

41,908

Other real estate owned (OREO)

2,320

3,061

Restructured loans(1)(6)

14,204

15,539

Total nonperforming assets (NPAs)

33,133

60,508

Consumer

Total nonaccruing loans(1)

Other real estate owned

Restructured loans(2)

Total nonperforming assets

Past due loans:

Commercial

1,357

5,634

Commercial

Consumer(3)

Total past due loans

Troubled loans(4)(5):

Commercial

Residential

—

Consumer(2)

8,634

11,035

Total past due loans

9,991

16,694

Ratio of allowance for credit losses to total gross loans and leases(3)

1.19

2.51

Residential

Consumer

Total troubled loans

Ratio of allowance for credit losses to total gross loans and leases(6)

Ratio of nonaccruing loans to total gross loans and leases (4)

0.21

0.46

Ratio of nonaccruing loans to total gross loans and leases(7)

Ratio of nonperforming assets to total assets

0.21

0.42

Ratio of allowance for credit losses to nonaccruing loans

569

546

Ratio of allowance for credit losses to total nonperforming assets(5)

285

378

Ratio of allowance for credit losses to nonaccruing loans

Ratio of allowance for credit losses to total nonperforming assets(8)


(Mark One)
☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the fiscal year ended December 31, ~~2021~~2023
			OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
			Commission file number 001-35638
			WSFS FINANCIAL CORPORATION
			(Exact Name of Registrant as Specified in its Charter)


Delaware						22-2866913
(State or other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)
500 Delaware Avenue, Wilmington, Delaware						19801
(Address of Principal Executive Offices)						(Zip Code)
Registrant’s Telephone Number, Including Area Code: (302) 792-6000



		Page
	Part I
Item 1.	Business	3
Item 1A.	Risk Factors	3031
Item 1B.	Unresolved Staff Comments	4342
Item 1C.	Cybersecurity	42
Item 2.	Properties	44
Item 3.	Legal Proceedings	44
Item 4.	Mine Safety Disclosures	44

	Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	45
Item 6.	[Reserved]	46
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	6364
Item 8.	Financial Statements and Supplementary Data	6465
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~137~~142
Item 9A.	Controls and Procedures	~~138~~142
Item 9B.	Other Information	~~141~~145
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~141~~145

	Part III
Item 10.	Directors, Executive Officers and Corporate Governance	~~141~~145
Item 11.	Executive Compensation	~~141~~145
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~141~~145
Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~141~~145
Item 14.	Principal Accountant Fees and Services	~~141~~145

	Part IV
Item 15.	Exhibits and Financial Statement Schedules	~~142~~146
Item 16.	Form 10-K Summary	~~144~~147
	Signatures	~~145~~148


(Most recent available statistics)	Delaware	Southeastern Pennsylvania(1)	Southern New Jersey(2)	National Average
Unemployment (For November 2021) (3) (4) (5)	5.1%	4.1%	5.0%	4.2%
Median Household Income (2015-2019) (6)	$68,287	$80,261	$78,934	$62,843
Population Growth (2010-2020) (7)	10.3%	5.2%	2.4%	7.4%


(Most recent available statistics)	Delaware	Southeastern Pennsylvania(1)	Southern New Jersey(2)	National Average
Unemployment (For November 2023) (3) (4) (5)	4.2%	2.8%	4.2%	3.7%
Median Household Income (2018-2022) (6)	$79,325	$95,554	$92,310	$75,149
Population Growth (2020-2022) (7)	3.0%	(0.5)%	0.6%	0.5%


(Dollars in thousands)	(Dollars in thousands)	Less than One Year		One to Five Years		Five to Fifteen Years		Over Fifteen Years		Total		(Dollars in thousands)	Less than One Year	One to Five Years	Five to Fifteen Years	Over Fifteen Years	Total
Commercial and industrial(1)
Commercial and industrial
Interest rate:	Interest rate:
Interest rate:
Interest rate:
Fixed
Fixed
Fixed	Fixed	$	2,694	$	353,443	$	184,525	$	48,104	$	588,766
Adjustable	Adjustable	204,697		803,975		295,743		24,862		1,329,277
Total	Total	$	207,391	$	1,157,418	$	480,268	$	72,966	$	1,918,043
Owner-occupied commercial	Owner-occupied commercial
Interest rate:	Interest rate:
Interest rate:
Interest rate:
Fixed
Fixed
Fixed	Fixed	$	3,247	$	319,842	$	291,038	$	206,156	$	820,283
Adjustable	Adjustable	14,059		160,111		287,282		59,972		521,424
Total	Total	$	17,306	$	479,953	$	578,320	$	266,128	$	1,341,707
Commercial mortgages	Commercial mortgages
Interest rate:	Interest rate:
Interest rate:
Interest rate:
Fixed
Fixed
Fixed	Fixed	$	9,988	$	506,952	$	233,631	$	157,139	$	907,710
Adjustable	Adjustable	16,543		402,286		492,934		62,037		973,800
Total	Total	$	26,531	$	909,238	$	726,565	$	219,176	$	1,881,510
Construction	Construction
Interest rate:	Interest rate:
Interest rate:
Interest rate:
Fixed
Fixed
Fixed	Fixed	$	788	$	19,089	$	19,198	$	4,817	$	43,892
Adjustable	Adjustable	41,108		479,838		118,586		3,789		643,321
Total	Total	$	41,896	$	498,927	$	137,784	$	8,606	$	687,213
Commercial small business leases	Commercial small business leases
Interest rate:	Interest rate:
Interest rate:
Interest rate:
Fixed
Fixed
Fixed	Fixed	$	—	$	274,525	$	77,751	$	—	$	352,276
Adjustable	Adjustable	—		—		—		—		—
Total	Total	$	—	$	274,525	$	77,751	$	—	$	352,276
Residential(2)
Residential(1)
Interest rate:
Interest rate:
Interest rate:	Interest rate:
Fixed	Fixed	$	684	$	25,498	$	99,525	$	312,979	$	438,686
Adjustable(3)		—		588		15,681		87,778		104,047
Fixed
Fixed
Adjustable(2)
Total	Total	$	684	$	26,086	$	115,206	$	400,757	$	542,733
Consumer	Consumer
Interest rate:	Interest rate:
Interest rate:
Interest rate:
Fixed
Fixed
Fixed	Fixed	$	30	$	104,613	$	312,498	$	303,808	$	720,949
Adjustable	Adjustable	14,973		18,912		57,369		346,370		437,624
Total	Total	$	15,003	$	123,525	$	369,867	$	650,178	$	1,158,573
Total loans and leases	Total loans and leases	$	308,811	$	3,469,672	$	2,485,761	$	1,617,811	$	7,882,055


(Dollars in thousands)
Maturity Period	December 31, ~~2021~~2023
Less than 3 months	$	~~39,347~~111,858
Over 3 months to 6 months	~~15,041~~33,642
Over 6 months to 12 months	~~40,567~~160,011
Over 12 months	~~35,094~~6,565
Total	$	~~130,049~~312,076


	For the year ended
(Dollars in thousands)	December 31, ~~2021~~2023
Calculation of Core ROA (non-GAAP):
Net income attributable to WSFS (GAAP)	$	~~271,442~~269,156

~~(Less): Securities gains~~	~~(331)~~
Less: Unrealized gains on equity investments, net	~~(5,141)~~(329)
~~Recovery~~Realized gain on sale of ~~legal settlement~~equity investment, net	~~(15,000)~~(9,493)
Plus: ~~Realized loss on equity investments, net~~Visa derivative valuation adjustment	~~706~~2,460
~~Loss of debt extinguishment~~FDIC special assessment	~~1,087~~5,052


Corporate development and restructuring expenses	~~13,022~~3,701
Contribution to WSFS CARES Foundation	~~1,000~~2,000
Plus: Tax adjustments: BOLI surrender	7,056
Less: Tax impact of pre-tax adjustments	~~1,764~~(764)
Adjusted net income (non-GAAP)	$	~~268,549~~278,839
Average assets	$	~~14,903,920~~20,203,037
ROA (GAAP)	~~1.82~~1.33		%
Core ROA (non-GAAP)	~~1.80~~1.38		%


(Dollars in thousands)	December 31, ~~2021~~2023
Period End Tangible Assets
Period end assets	$	~~15,777,327~~20,594,672
Goodwill and intangible assets	~~(547,231)~~(1,004,560)
Tangible assets	$	~~15,230,096~~19,590,112
Period End Tangible Common Equity
Period end Stockholder’s equity of WSFS	$	~~1,939,099~~2,477,636
Goodwill and intangible assets	~~(547,231)~~(1,004,560)
Tangible common equity	$	~~1,391,868~~1,473,076
Tangible common equity to assets	~~9.14~~7.52		%


	December 31, 2016 through December 31, 2021 Cumulative Total Return
	2016		2017		2018		2019		2020		2021
WSFS Financial Corporation	$	100	$	104	$	83	$	97	$	101	$	114
Dow Jones Total Market Index	100		128		124		155		170		206
Nasdaq Bank Index	100		105		88		110		102		145
KBW Bank Index	100		102		84		104		95		130


Year Ended December 31,	Year Ended December 31,	2021						2020
Year Ended December 31,
Year Ended December 31,
(Dollars in thousands)
(Dollars in thousands)
(Dollars in thousands)	(Dollars in thousands)	Average Balance		Interest & Dividends		Yield/ Rate(1)		Average Balance		Interest & Dividends		Yield/ Rate (1)
Assets:	Assets:
Assets:
Assets:
Interest-earning assets:
Interest-earning assets:
Interest-earning assets:	Interest-earning assets:
Loans:(2)	Loans:(2)
Loans:(2)
Loans:(2)
Commercial loans and leases
Commercial loans and leases
Commercial loans and leases	Commercial loans and leases	$	3,801,816	$	183,782	4.84	%	$	4,174,451	$	221,595	5.32	%
Commercial mortgage loans	Commercial mortgage loans	2,770,241		113,979		4.11		2,827,875		125,811		4.45
Commercial mortgage loans
Commercial mortgage loans
Residential
Residential
Residential	Residential	636,443		42,063		6.61		910,263		53,780		5.91
Consumer	Consumer	1,134,569		49,330		4.35		1,144,435		55,304		4.83
Consumer
Consumer
Loans held for sale
Loans held for sale
Loans held for sale	Loans held for sale	118,803		4,094		3.45		106,398		3,904		3.67
Total loans and leases	Total loans and leases	8,461,872		393,248		4.65		9,163,422		460,394		5.03
Total loans and leases
Total loans and leases
Mortgage-backed securities(3)
Mortgage-backed securities(3)
Mortgage-backed securities(3)	Mortgage-backed securities(3)	3,340,001		55,802		1.67		2,052,672		48,377		2.36
Investment securities(3)	Investment securities(3)	321,599		5,524		1.94		219,603		4,619		2.47
Investment securities(3)
Investment securities(3)
Other interest-earning assets
Other interest-earning assets
Other interest-earning assets	Other interest-earning assets	1,320,229		1,795		0.14		369,229		1,015		0.27
Total interest-earning assets	Total interest-earning assets	13,443,701		456,369		3.40		11,804,926		514,405		4.37
Total interest-earning assets
Total interest-earning assets
Allowance for credit losses
Allowance for credit losses
Allowance for credit losses	Allowance for credit losses	(161,770)						(177,052)
Cash and due from banks	Cash and due from banks	144,778						119,337
Cash and due from banks
Cash and due from banks
Cash in non-owned ATMs
Cash in non-owned ATMs
Cash in non-owned ATMs	Cash in non-owned ATMs	454,803						347,925
Bank owned life insurance	Bank owned life insurance	32,818						30,729
Bank owned life insurance
Bank owned life insurance
Other noninterest-earning assets
Other noninterest-earning assets
Other noninterest-earning assets	Other noninterest-earning assets	989,590						1,022,452
Total assets	Total assets	$	14,903,920					$	13,148,317
Total assets
Total assets
Liabilities and stockholders’ equity:
Liabilities and stockholders’ equity:
Liabilities and stockholders’ equity:	Liabilities and stockholders’ equity:
Interest-bearing liabilities:	Interest-bearing liabilities:
Interest-bearing liabilities:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing deposits:
Interest-bearing deposits:	Interest-bearing deposits:
Interest-bearing demand	Interest-bearing demand	$	2,655,887	$	2,262	0.09	%	$	2,304,558	$	4,229	0.18	%
Interest-bearing demand
Interest-bearing demand
Money market
Money market
Money market	Money market	2,740,573		3,218		0.12		2,324,259		9,423		0.41
Savings	Savings	1,912,568		586		0.03		1,690,240		3,518		0.21
Savings
Savings
Customer time deposits
Customer time deposits
Customer time deposits	Customer time deposits	1,065,137		7,332		0.69		1,247,197		18,699		1.50
Total interest-bearing customer deposits	Total interest-bearing customer deposits	8,374,165		13,398		0.16		7,566,254		35,869		0.47
Total interest-bearing customer deposits
Total interest-bearing customer deposits
Brokered deposits
Brokered deposits
Brokered deposits	Brokered deposits	70,090		1,525		2.18		246,644		3,393		1.38
Total interest-bearing deposits	Total interest-bearing deposits	8,444,255		14,923		0.18		7,812,898		39,262		0.50
Total interest-bearing deposits
Total interest-bearing deposits
Federal Home Loan Bank advances
Federal Home Loan Bank advances
Federal Home Loan Bank advances	Federal Home Loan Bank advances	184		5		2.72		88,011		1,950		2.22
Trust preferred borrowings	Trust preferred borrowings	67,011		1,274		1.90		67,011		1,751		2.61
Senior debt		192,243		6,497		3.38		108,420		4,998		4.61
Trust preferred borrowings
Trust preferred borrowings
Senior and subordinated debt
Senior and subordinated debt
Senior and subordinated debt
Other borrowed funds(4)
Other borrowed funds(4)
Other borrowed funds(4)	Other borrowed funds(4)	21,661		21		0.10		53,828		489		0.91
Total interest-bearing liabilities	Total interest-bearing liabilities	8,725,354		22,720		0.26		8,130,168		48,450		0.60
Total interest-bearing liabilities
Total interest-bearing liabilities
Noninterest-bearing demand deposits
Noninterest-bearing demand deposits
Noninterest-bearing demand deposits	Noninterest-bearing demand deposits	4,008,140						2,848,243
Other noninterest-bearing liabilities	Other noninterest-bearing liabilities	323,715						335,456
Other noninterest-bearing liabilities
Other noninterest-bearing liabilities
Stockholders’ equity of WSFS
Stockholders’ equity of WSFS
Stockholders’ equity of WSFS	Stockholders’ equity of WSFS	1,848,904						1,836,115
Noncontrolling interest	Noncontrolling interest	(2,193)						(1,665)
Noncontrolling interest
Noncontrolling interest
Total liabilities and stockholders’ equity
Total liabilities and stockholders’ equity
Total liabilities and stockholders’ equity	Total liabilities and stockholders’ equity	$	14,903,920					$	13,148,317
Excess of interest-earning assets over interest-bearing liabilities	Excess of interest-earning assets over interest-bearing liabilities	$	4,718,347					$	3,674,758
Excess of interest-earning assets over interest-bearing liabilities
Excess of interest-earning assets over interest-bearing liabilities
Net interest and dividend income
Net interest and dividend income
Net interest and dividend income	Net interest and dividend income			$	433,649					$	465,955
Interest rate spread	Interest rate spread					3.14	%					3.77	%
Interest rate spread
Interest rate spread
Net interest margin	Net interest margin					3.23	%					3.96	%
Net interest margin
Net interest margin


Year Ended December 31,	Year Ended December 31,	2021 vs. 2020						Year Ended December 31,	2023 vs. 2022
(Dollars in thousands)	(Dollars in thousands)	Volume		Yield/Rate		Net		(Dollars in thousands)	Volume	Yield/Rate	Net
Interest Income:	Interest Income:
Loans:	Loans:
Loans:
Loans:
Commercial loans and leases(1)
Commercial loans and leases(1)
Commercial loans and leases(1)	Commercial loans and leases(1)	$	(18,805)	$	(19,008)	$	(37,813)
Commercial mortgage loans	Commercial mortgage loans	(2,492)		(9,340)		(11,832)
Residential	Residential	(17,551)		5,834		(11,717)
Consumer	Consumer	(477)		(5,497)		(5,974)
Loans held for sale	Loans held for sale	435		(245)		190
Mortgage-backed securities	Mortgage-backed securities	24,384		(16,959)		7,425
Investment securities(2)	Investment securities(2)	2,211		(1,306)		905
Other interest-earning assets	Other interest-earning assets	1,466		(686)		780
Unfavorable		(10,829)		(47,207)		(58,036)
Favorable
Interest expense:	Interest expense:
Deposits:	Deposits:
Deposits:
Deposits:
Interest-bearing demand
Interest-bearing demand
Interest-bearing demand	Interest-bearing demand	509		(2,476)		(1,967)
Money market	Money market	1,470		(7,675)		(6,205)
Savings	Savings	419		(3,351)		(2,932)
Customer time deposits	Customer time deposits	(2,419)		(8,948)		(11,367)
Brokered certificates of deposits	Brokered certificates of deposits	(3,212)		1,344		(1,868)
FHLB advances	FHLB advances	(2,305)		360		(1,945)
Trust preferred borrowings	Trust preferred borrowings	—		(477)		(477)
Senior debt		3,098		(1,599)		1,499
Senior and subordinated debt
Other borrowed funds	Other borrowed funds	(188)		(280)		(468)
Favorable		(2,628)		(23,102)		(25,730)
Unfavorable
Net change, as reported	Net change, as reported	$	(8,201)	$	(24,105)	$	(32,306)


(Dollars in thousands)	(Dollars in thousands)	Maturing During 2022			Maturing From 2023 Through 2026			Maturing From 2027 Through 2031			Maturing After 2031			Total			(Dollars in thousands)	Maturing During 2024		Maturing From 2025 Through 2028		Maturing From 2029 Through 2033		Maturing After 2033		Total
Collateralized mortgage obligations (CMO)	Collateralized mortgage obligations (CMO)
Amortized cost	Amortized cost	$	1,507		$	25,483		$	52,301		$	507,539		$	586,830
Amortized cost
Amortized cost
Weighted average yield	Weighted average yield	2.00		%	2.22		%	1.98		%	1.59		%	1.65		%	Weighted average yield	—	%	2.37	%	1.97	%	1.84	%	1.88	%
Fannie Mae (FNMA) mortgage-backed securities (MBS)	Fannie Mae (FNMA) mortgage-backed securities (MBS)
Amortized cost
Amortized cost
Amortized cost	Amortized cost	1,530			75,441			102,188			4,096,148			4,275,307
Weighted average yield	Weighted average yield	2.57		%	2.28		%	1.66		%	1.71		%	1.71		%	Weighted average yield	—	%	2.38	%	2.05	%	1.99	%	2.00	%
Freddie Mac (FHLMC) MBS	Freddie Mac (FHLMC) MBS
Amortized cost	Amortized cost	—			—			25,898			113,810			139,708
Amortized cost
Amortized cost
Weighted average yield	Weighted average yield	—		%	—		%	2.11		%	2.91		%	2.76		%	Weighted average yield	—	%	2.43	%	2.39	%	3.15	%	2.84	%
Ginnie Mae (GNMA) MBS	Ginnie Mae (GNMA) MBS
Amortized cost
Amortized cost
Amortized cost	Amortized cost	��			—			1,034			16,422			17,456
Weighted average yield	Weighted average yield	—		%	—		%	3.00		%	2.49		%	2.52		%	Weighted average yield	—	%	4.79	%	2.98	%	3.39	%	3.38	%
Government-sponsored enterprises (GSE)	Government-sponsored enterprises (GSE)
Amortized cost	Amortized cost	—			—			47,454			183,127			230,581
Amortized cost
Amortized cost
Weighted average yield	Weighted average yield	—		%	—		%	1.28		%	1.29		%	1.28		%	Weighted average yield	—	%	—	%	1.30	%	1.44	%	1.30	%
Total amortized cost	Total amortized cost	$	3,037		$	100,924		$	228,875		$	4,917,046		$	5,249,882
Weighted average yield	Weighted average yield	2.29		%	2.27		%	1.71		%	1.70		%	1.71		%	Weighted average yield	—	%	2.38	%	1.78	%	2.01	%	1.99	%


Change in Interest Rate (Basis Points)	Change in Interest Rate (Basis Points)	December 31, 2021		December 31, 2020		Change in Interest Rate (Basis Points)	December 31, 2023		December 31, 2022
		% Change in Net Interest Margin (1)	Economic Value of Equity (2)	% Change in Net Interest Margin (1)	Economic Value of Equity (2)		% Change in Net Interest Margin (1)	Economic Value of Equity (2)		% Change in Net Interest Margin (1)	Economic Value of Equity (2)
300	300	25.1%	24.27%	19.7%	19.10%	300	15.7%	22.44%		18.5%	27.54%
200	200	16.6%	23.07%	13.1%	18.69%	200	10.4%	21.46%		12.3%	26.44%
100	100	8.2%	21.76%	6.5%	18.05%	100	5.2%	20.41%		6.1%	25.22%
50	50	4.1%	20.33%	3.2%	17.59%	50	2.6%	19.85%		3.1%	24.56%
25	25	2.0%	20.05%	1.5%	17.32%	25	1.3%	19.56%		1.5%	24.22%
—	—	—%	19.73%	—%	17.04%	—	—%	19.26%		—%	23.87%
(25)	(25)	(1.4)%	19.28%	(1.5)%	16.62%	(25)	(1.3)%	18.96%		(1.6)%	23.50%
(50)	(50)	(2.2)%	18.72%	(2.1)%	16.20%	(50)	(2.6)%	18.64%		(3.3)%	23.10%
(100)	(100)	(3.8)%	17.36%	(2.8)%	15.16%	(100)	(4.9)%	18.00%		(6.8)%	22.20%
(200) (3)		NMF	NMF	NMF	NMF
(300) (3)		NMF	NMF	NMF	NMF
(200)						(200)	(9.6)%	16.50%		(14.0)%	20.20%
(300)						(300)	(14.2)%	14.80%		(21.2)%	17.90%


			Page
Report of Independent Registered Public Accounting Firm (KPMG LLP, Philadelphia, PA, Auditor Firm ID: 185)			6566
Consolidated Statements of ~~Income~~			68
~~Consolidated Statements of Comprehensive~~ Income			69
Consolidated Statements of Comprehensive Income (Loss)			70
Consolidated Statements of Financial Condition			7071
Consolidated Statements of Changes in Stockholders’ Equity			7172
Consolidated Statements of Cash Flows			7273


			December 31,
		December 31,								December 31,
(Dollars in thousands, except per share and share data)	(Dollars in thousands, except per share and share data)		2021		2020		(Dollars in thousands, except per share and share data)	2023	2022
Assets:	Assets:
Cash and due from banks	Cash and due from banks		$	1,046,992	$	1,244,705
Cash and due from banks
Cash and due from banks
Cash in non-owned ATMs	Cash in non-owned ATMs		480,527		402,339
Interest-bearing deposits in other banks including collateral (restricted cash) of $5,050 at December 31, 2021 and $7,390 at December 31, 2020			5,420		7,691
Interest-bearing deposits in other banks including collateral (restricted cash) of $4,270 at December 31, 2023 and $4,650 at December 31, 2022
Total cash, cash equivalents, and restricted cash	Total cash, cash equivalents, and restricted cash		1,532,939		1,654,735
Investment securities, available for sale (amortized cost of $5,249,882 at December 31, 2021 and $2,450,265 at December 31, 2020)			5,205,311		2,529,057
Investment securities, held to maturity, net of allowance for credit losses of $4 at December 31, 2021 and $6 at December 31, 2020 (fair value $94,131 at December 31, 2021 and $116,421 at December 31, 2020)			90,642		111,741
Investment securities, available for sale (amortized cost of $4,504,342 at December 31, 2023 and $4,834,550 at December 31, 2022)
Investment securities, held to maturity, net of allowance for credit losses of $8 at December 31, 2023 and $10 at December 31, 2022 (fair value $985,931 at December 31, 2023 and $1,040,104 at December 31, 2022)
Other investments	Other investments		10,518		9,541
Loans held for sale at fair value	Loans held for sale at fair value		113,349		197,541
Loans and leases, net of allowance of $94,507 at December 31, 2021 and $228,804 at December 31, 2020			7,791,482		8,795,935
Loans and leases, net of allowance of $186,126 at December 31, 2023 and $151,861 at December 31, 2022
Bank-owned life insurance	Bank-owned life insurance		33,099		32,051
Stock in Federal Home Loan Bank of Pittsburgh, at cost	Stock in Federal Home Loan Bank of Pittsburgh, at cost		6,073		5,771
Other real estate owned	Other real estate owned		2,320		3,061
Accrued interest receivable	Accrued interest receivable		41,596		44,335
Premises and equipment	Premises and equipment		87,295		96,556
Goodwill	Goodwill		472,828		472,828
Intangible assets	Intangible assets		74,403		84,558
Other assets	Other assets		315,472		296,204
Total assets	Total assets		$	15,777,327	$	14,333,914
Liabilities and Stockholders’ Equity	Liabilities and Stockholders’ Equity
Liabilities:	Liabilities:
Liabilities:
Liabilities:
Deposits:	Deposits:
Deposits:
Deposits:
Noninterest-bearing
Noninterest-bearing
Noninterest-bearing	Noninterest-bearing		$	4,565,143	$	3,415,021
Interest-bearing demand	Interest-bearing demand		8,674,919		8,441,643
Total deposits	Total deposits		13,240,062		11,856,664

Federal Home Loan Bank advances	Federal Home Loan Bank advances		—		6,623
Federal Home Loan Bank advances
Federal Home Loan Bank advances
Trust preferred borrowings	Trust preferred borrowings		67,011		67,011
Senior debt			147,939		246,617
Senior and subordinated debt
Other borrowed funds	Other borrowed funds		24,527		20,390
Accrued interest payable	Accrued interest payable		736		1,450
Other liabilities	Other liabilities		360,036		345,679
Total liabilities	Total liabilities		13,840,311		12,544,434
Stockholders’ Equity:	Stockholders’ Equity:
Common stock 0.01 par value, shares authorized of 90,000,000; shares issued of 57,695,676 at December 31, 2021 and 57,575,783 at December 31, 2020			577		576
Common stock 0.01 par value, shares authorized of 90,000,000; shares issued of 76,095,094 at December 31, 2023 and 75,921,997 at December 31, 2022
Common stock 0.01 par value, shares authorized of 90,000,000; shares issued of 76,095,094 at December 31, 2023 and 75,921,997 at December 31, 2022
Common stock 0.01 par value, shares authorized of 90,000,000; shares issued of 76,095,094 at December 31, 2023 and 75,921,997 at December 31, 2022
Capital in excess of par value	Capital in excess of par value		1,058,997		1,053,022
Accumulated other comprehensive (loss) income			(37,768)		56,007
Accumulated other comprehensive loss
Retained earnings	Retained earnings		1,224,614		977,414
Treasury stock at cost, 10,086,936 shares at December 31, 2021 and 9,819,627 shares at December 31, 2020			(307,321)		(295,293)
Treasury stock at cost, 15,557,263 shares at December 31, 2023 and 14,310,085 shares at December 31, 2022
Total stockholders’ equity of WSFS	Total stockholders’ equity of WSFS		1,939,099		1,791,726
Noncontrolling interest	Noncontrolling interest		(2,083)		(2,246)
Total stockholders’ equity	Total stockholders’ equity		1,937,016		1,789,480
Total liabilities and stockholders’ equity	Total liabilities and stockholders’ equity		$	15,777,327	$	14,333,914


(Dollars in thousands, except per share and share amounts)	Shares	Common Stock		Capital in Excess of Par Value		Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Treasury Stock		Total Stockholders’ Equity of WSFS		Non-controlling Interest		Total Stockholders' Equity
Balance, December 31, 2018	56,926,978	$	569	$	349,810	$	(15,394)	$	791,031	$	(305,096)	$	820,920	$	—	$	820,920
Net income (loss)	—	—		—		—		148,809		—		148,809		(891)		147,918
Other comprehensive income	—	—		—		38,895		—		—		38,895		—		38,895
Cash dividend, $0.47 per share	—	—		—		—		(22,463)		—		(22,463)		—		(22,463)
Issuance of common stock including proceeds from exercise of common stock options	508,680	6		7,749		—		—		—		7,755		—		7,755
Re-issuance of treasury stock in connection with BNCL merger and related items	—	—		687,897		—		—		262,071		949,968		76		950,044
Stock-based compensation expense	—	—		3,608		—		—		—		3,608		—		3,608
Repurchase of common stock, 2,132,390 shares	—	—		—		—		—		(97,186)		(97,186)		—		(97,186)
Balance, December 31, 2019	57,435,658	$	575	$	1,049,064	$	23,501	$	917,377	$	(140,211)	$	1,850,306	$	(815)	$	1,849,491
Cumulative change in accounting principle (Note 2)	—	—		—		—		(30,368)		—		(30,368)		—		(30,368)
Balance, January 1, 2020 (as adjusted for change in accounting principle)	57,435,658	575		1,049,064		23,501		887,009		(140,211)		1,819,938		(815)		1,819,123
Net income (loss)	—	—		—		—		114,774		—		114,774		(1,454)		113,320
Other comprehensive income	—	—		—		32,506		—		—		32,506		—		32,506
Cash dividend, $0.48 per share	—	—		—		—		(24,369)		—		(24,369)		—		(24,369)
Issuance of common stock including proceeds from exercise of common stock options	140,125	1		2,031		—		—		—		2,032		—		2,032
Contributions from noncontrolling shareholders	—	—		—		—		—		—		—		23		23
Stock-based compensation expense	—	—		2,677		—		—		—		2,677		—		2,677
Repurchase of common stock (1)	—	—		(750)		—		—		(155,082)		(155,832)		—		(155,832)
Balance, December 31, 2020	57,575,783	$	576	$	1,053,022	$	56,007	$	977,414	$	(295,293)	$	1,791,726	$	(2,246)	$	1,789,480
Net income	—	—		—		—		271,442		—		271,442		163		271,605
Other comprehensive loss	—	—		—		(93,775)		—		—		(93,775)		—		(93,775)
Cash dividend, $0.51 per share	—	—		—		—		(24,242)		—		(24,242)		—		(24,242)
Issuance of common stock including proceeds from exercise of common stock options	119,893	1		1,521		—		—		—		1,522		—		1,522
Stock-based compensation expense	—	—		5,694		—		—		—		5,694		—		5,694
Repurchase of common stock (1)	—	—		(1,240)		—		—		(12,028)		(13,268)		—		(13,268)
Balance, December 31, 2021	57,695,676	$	577	$	1,058,997	$	(37,768)	$	1,224,614	$	(307,321)	$	1,939,099	$	(2,083)	$	1,937,016


			Twelve Months Ended December 31,
		Twelve Months Ended December 31,											Twelve Months Ended December 31,
(Dollars in thousands)	(Dollars in thousands)		2021		2020		2019		(Dollars in thousands)	2023	2022	2021
Bailment fees	Bailment fees		$	12,940	$	14,615	$	26,256
Interchange fees	Interchange fees		13,520		17,747		22,975
Other card and ATM fees	Other card and ATM fees		3,019		2,652		1,152
Total credit/debit card and ATM income	Total credit/debit card and ATM income		$	29,479	$	35,014	$	50,383


(Dollars and shares in thousands, except per share data)	(Dollars and shares in thousands, except per share data)	2021		2020		2019		(Dollars and shares in thousands, except per share data)	2023	2022	2021
Numerator:	Numerator:
Net income attributable to WSFS	Net income attributable to WSFS	$	271,442	$	114,774	$	148,809
Net income attributable to WSFS
Net income attributable to WSFS
Denominator:	Denominator:
Weighted average basic shares
Weighted average basic shares
Weighted average basic shares	Weighted average basic shares	47,539		50,510		49,298
Dilutive potential common shares	Dilutive potential common shares	164		37		256
Weighted average fully diluted shares	Weighted average fully diluted shares	47,703		50,547		49,554
Earnings per share:	Earnings per share:
Basic	Basic	$	5.71	$	2.27	$	3.02
Basic
Basic
Diluted	Diluted	$	5.69	$	2.27	$	3.00
Outstanding common stock equivalents having no dilutive effect	Outstanding common stock equivalents having no dilutive effect	1		12		1


		Available-for-Sale					Available-for-Sale
(Dollars in thousands)	(Dollars in thousands)	Amortized Cost		Fair Value		(Dollars in thousands)	Amortized Cost	Fair Value
December 31, 2021 (1)
December 31, 2023 (1)
Within one year
Within one year
Within one year	Within one year	$	—	$	—
After one year but within five years	After one year but within five years	103,960		107,009
After five years but within ten years	After five years but within ten years	204,186		204,289
After ten years	After ten years	4,941,736		4,894,013
		$	5,249,882	$	5,205,311
December 31, 2020 (1)
	$
December 31, 2022 (1)
Within one year
Within one year
Within one year	Within one year	$	—	$	—
After one year but within five years	After one year but within five years	37,852		39,985
After five years but within ten years	After five years but within ten years	239,845		251,874
After ten years	After ten years	2,172,568		2,237,198
		$	2,450,265	$	2,529,057

		Held-to-Maturity
(Dollars in thousands)		Amortized Cost		Fair Value
December 31, 2021 (1)
Within one year		$	232	$	234
After one year but within five years		2,675		2,736
After five years but within ten years		44,137		45,404
After ten years		43,602		45,757
		$	90,646	$	94,131
December 31, 2020 (1)
Within one year		$	1,144	$	1,154
After one year but within five years		972		990
After five years but within ten years		35,967		37,317
After ten years		73,664		76,960
		$	111,747	$	116,421
	$


		Duration of Unrealized Loss Position													Duration of Unrealized Loss Position
		Less than 12 months				12 months or longer				Total
	Less than 12 months																Less than 12 months		12 months or longer			Total
(Dollars in thousands)	(Dollars in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		(Dollars in thousands)	Fair Value	Unrealized Loss		Fair Value		Unrealized Loss	Fair Value		Unrealized Loss
Available-for-sale debt securities:	Available-for-sale debt securities:
CMO
CMO
CMO	CMO	$	411,347	$	12,730	$	35,638	$	1,903	$	446,985	$	14,633
FNMA MBS	FNMA MBS	3,018,606		41,021		356,665		12,772		3,375,271		53,793
FHLMC MBS	FHLMC MBS	11,227		348		1,917		168		13,144		516
GNMA MBS	GNMA MBS	4,847		71		—		—		4,847		71
GSE agency notes	GSE agency notes	64,509		1,918		155,888		8,266		220,397		10,184
	$
		$	3,510,536	$	56,088	$	550,108	$	23,109	$	4,060,644	$	79,197


(Dollars in thousands)	State and political subdivisions		Foreign bonds
A+ rated or higher	$	90,146	$	500
Not rated	—		—
Ending balance	$	90,146	$	500


(Dollars in thousands)	Commercial and Industrial(1)		Owner- occupied Commercial		Commercial Mortgages		Construction		Residential(2)		Consumer(3)		Total
Year Ended December 31, 2022
Allowance for credit losses
Beginning balance	$	49,967	$	4,574	$	11,623	$	1,903	$	3,352	$	23,088	$	94,507
Initial allowance on acquired PCD loans	22,614		595		2,684		71		61		78		26,103
Charge-offs	(19,004)		(179)		(581)		—		(186)		(7,520)		(27,470)
Recoveries	6,112		278		223		2,567		665		793		10,638
(Credit) provision(4)	(295)		751		7,524		2,446		776		36,881		48,083
Ending balance	$	59,394	$	6,019	$	21,473	$	6,987	$	4,668	$	53,320	$	151,861
Period-end allowance allocated to:
Loans evaluated on an individual basis	$	2,428	$	—	$	—	$	—	$	—	$	—	$	2,428
Loans evaluated on a collective basis	56,966		6,019		21,473		6,987		4,668		53,320		149,433
Ending balance	$	59,394	$	6,019	$	21,473	$	6,987	$	4,668	$	53,320	$	151,861
Period-end loan balances:
Loans evaluated on an individual basis	$	17,572	$	1,929	$	6,369	$	5,143	$	7,680	$	2,047	$	40,740
Loans evaluated on a collective basis	3,116,754		1,807,653		3,344,715		1,038,906		751,785		1,808,883		11,868,696
Ending balance	$	3,134,326	$	1,809,582	$	3,351,084	$	1,044,049	$	759,465	$	1,810,930	$	11,909,436


	December 31, 2022
(Dollars in thousands)	30–89 Days Past Due and Still Accruing			Greater Than 90 Days Past Due and Still Accruing			Total Past Due And Still Accruing			Accruing Current Balances			Nonaccrual Loans(1)			Total Loans
Commercial and industrial(2)	$	10,767		$	311		$	11,078		$	3,116,478		$	6,770		$	3,134,326
Owner-occupied commercial	3,500			474			3,974			1,805,222			386			1,809,582
Commercial mortgages	2,137			237			2,374			3,343,551			5,159			3,351,084
Construction	—			—			—			1,038,906			5,143			1,044,049
Residential(3)	2,563			—			2,563			753,703			3,199			759,465
Consumer(4)	12,263			15,513			27,776			1,781,009			2,145			1,810,930
Total(4)	$	31,230		$	16,535		$	47,765		$	11,838,869		$	22,802		$	11,909,436
% of Total Loans	0.26		%	0.14		%	0.40		%	99.41		%	0.19		%	100.00		%


	Term Loans Amortized Cost Basis by Origination Year(1)
	2023		2022		2021		2020		2019		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
(Dollars in thousands)
Commercial and industrial(2):
Risk Rating
Pass	$	977,196	$	682,680	$	283,771	$	251,848	$	105,933	$	395,601	$	8,785	$	237,786	$	2,943,600
Special mention	7,209		11,860		2,804		463		735		743		—		1,649		25,463
Substandard or Lower(3)	72,993		54,024		5,951		10,224		22,046		17,906		—		11,485		194,629
	$	1,057,398	$	748,564	$	292,526	$	262,535	$	128,714	$	414,250	$	8,785	$	250,920	$	3,163,692
Current-period gross writeoffs	$	1,528	$	7,818	$	9,661	$	3,201	$	8,302	$	11,784	$	—	$	—	$	42,294
Owner-occupied commercial:
Risk Rating
Pass	$	346,908	$	264,895	$	251,262	$	212,365	$	194,153	$	313,801	$	—	$	178,150	$	1,761,534
Special mention	2,885		3,115		5,419		1,105		11,002		5,559		—		1,393		30,478
Substandard or Lower	996		18,865		11,109		6,787		8,019		35,330		—		12,969		94,075
	$	350,789	$	286,875	$	267,790	$	220,257	$	213,174	$	354,690	$	—	$	192,512	$	1,886,087
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	184	$	—	$	—	$	—	$	184
Commercial mortgages:
Risk Rating
Pass	$	847,137	$	464,895	$	526,280	$	465,354	$	486,855	$	619,448	$	—	$	290,083	$	3,700,052
Special mention	20,632		—		67		1,837		10,666		—		—		—		33,202
Substandard or Lower	9,862		1,153		1,047		13,837		14,352		12,212		—		15,463		67,926
	$	877,631	$	466,048	$	527,394	$	481,028	$	511,873	$	631,660	$	—	$	305,546	$	3,801,180
Current-period gross writeoffs	$	—	$	83	$	—	$	217	$	—	$	—	$	—	$	—	$	300
Construction:
Risk Rating
Pass	$	429,055	$	319,958	$	111,333	$	3,030	$	388	$	7,016	$	—	$	87,741	$	958,521
Special mention	28,718		19,769		8,227		—		—		—		—		—		56,714
Substandard or Lower	5,698		—		3,308		8,598		2,134		—		—		557		20,295
	$	463,471	$	339,727	$	122,868	$	11,628	$	2,522	$	7,016	$	—	$	88,298	$	1,035,530
Current-period gross writeoffs	$	—	$	—	$	794	$	—	$	—	$	—	$	—	$	—	$	794
Residential(4):
Risk Rating
Performing	$	188,644	$	67,358	$	102,982	$	57,273	$	33,499	$	412,099	$	—	$	—	$	861,855
Nonperforming	—		170		713		486		1,251		3,420		—		—		6,040
	$	188,644	$	67,528	$	103,695	$	57,759	$	34,750	$	415,519	$	—	$	—	$	867,895
Current-period gross writeoffs	$	33	$	—	$	—	$	—	$	—	$	8	$	—	$	—	$	41
Consumer(5):
Risk Rating
Performing	$	391,580	$	568,919	$	153,930	$	104,248	$	44,996	$	245,849	$	494,663	$	5,662	$	2,009,847
Nonperforming	—		—		135		352		176		30		1,362		232		2,287
	$	391,580	$	568,919	$	154,065	$	104,600	$	45,172	$	245,879	$	496,025	$	5,894	$	2,012,134
Current-period gross writeoffs	$	1,790	$	15,227	$	4,411	$	313	$	198	$	455	$	—	$	—	$	22,394


	December 31, 2023
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Combination- Term Extension and Interest Rate Reduction		Combination - Payment Delay and Interest Rate Reduction		Total		% of Total Loan Category
Commercial and industrial(1)(2)	$	44,123	$	10,523	$	5,568	$	27	$	—	$	60,241	1.90	%
Owner-occupied commercial	66		—		—		138		—		204		0.01	%
Commercial mortgages	9,386		—		—		—		—		9,386		0.25	%
Construction	15,411		—		—		—		—		15,411		1.49	%
Residential	561		216		—		—		—		777		0.09	%
Consumer(3)	1,782		1,937		5,092		156		194		9,161		0.46	%
Total	$	71,329	$	12,676	$	10,660	$	321	$	194	$	95,180	0.75	%


	Term Extension(1)	Interest Rate Reduction(2)	More-Than-Insignificant Payment Delay(3)
Commercial and industrial(4)	1.34	4.00%	0.13%
Owner-occupied commercial	0.95	2.59	—
Commercial mortgages	1.33	—	—
Construction	1.00	—	—
Residential	20.18	—	—
Consumer	3.08	2.65	0.06


	More-Than-Insignificant Payment Delay		Combination Term Extension & Payment Delay		Total
Commercial and industrial	$	—	$	5,568	$	5,568




Consumer	98		—		98
Total	$	98	$	5,568	$	5,666


	December 31, 2023
(Dollars in thousands)	30-89 Days Past Due and Still Accruing		90+ Days Past Due and Still Accruing		Accruing Current Balances		Nonaccrual Loans		Total
Commercial and industrial(1)(2)	$	21	$	293	$	53,989	$	5,938	$	60,241
Owner-occupied commercial	—		—		—		204		204
Commercial mortgages	—		—		9,386		—		9,386
Construction	—		—		15,411		—		15,411
Residential	—		—		607		170		777
Consumer(3)	1,021		205		7,539		396		9,161
Total	$	1,042	$	498	$	86,932	$	6,708	$	95,180


(Dollars in thousands)	December 31, 2022
Performing TDRs	$	19,737
Nonperforming TDRs	2,006
Total TDRs	$	21,743


		December 31, 2021						December 31, 2020
		Contractual payment reduction	Maturity date extension	Discharged in bankruptcy	Other (1)	Total		Contractual payment reduction	Maturity date extension	Discharged in bankruptcy	Other (1)	Total
			December 31, 2022
			December 31, 2022
			December 31, 2022
							Contractual payment reduction						Contractual payment reduction	Maturity date extension	Discharged in bankruptcy	Other (1)	Total
Commercial	Commercial	—	—	—	—	—		1	—	—	—	1
Owner-occupied commercial	Owner-occupied commercial	—	—	—	—	—		3	—	—	—	3
Commercial mortgages	Commercial mortgages	—	—	—	—	—		—	1	—	—	1
Construction	Construction	—	—	—	—	—		—	—	—	—	—
Residential	Residential	—	—	2	—	2		—	—	6	4	10
Consumer	Consumer	—	1	23	6	30		—	—	12	7	19
Total	Total	—	1	25	6	32		4	1	18	11	34


		Twelve months ended
		Twelve months ended
		Twelve months ended
		Twelve months ended
(Dollars in thousands)	(Dollars in thousands)	December 31, 2021		December 31, 2020		December 31, 2019		(Dollars in thousands)	December 31, 2023	December 31, 2022	December 31, 2021
Operating lease cost (1)	Operating lease cost (1)	$	18,564	$	18,690	$	19,574
Sublease income	Sublease income	(365)		(372)		(486)
Net lease cost	Net lease cost	$	18,199	$	18,318	$	19,088


(Dollars in thousands)	(Dollars in thousands)	WSFS Bank		Wealth Management		Consolidated Company
December 31, 2019		$	452,629	$	20,199	$	472,828
(Dollars in thousands)
(Dollars in thousands)								WSFS Bank	Wealth Management	Consolidated Company
December 31, 2021
Goodwill from business combinations
Goodwill adjustments
December 31, 2022
Goodwill from business combinations(1)

Goodwill adjustments		—		—		—
December 31, 2020		452,629		20,199		472,828

Goodwill adjustments		—		—		—
December 31, 2021		$	452,629	$	20,199	$	472,828
December 31, 2023
December 31, 2023
December 31, 2023


(Dollars in thousands)	(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets		Amortization Period	(Dollars in thousands)		Gross Intangible Assets					Accumulated Amortization						Net Intangible Assets			Amortization Period
December 31, 2021
December 31, 2023
Core deposits
Core deposits
Core deposits	Core deposits	$	93,811	$	(30,103)	$	63,708	10 years	$	104,751		$		$	(50,754)			$		$	53,997		10 years		10 years
Customer relationships	Customer relationships	15,281		(7,876)		7,405		7-15 years	Customer relationships		73,880		(18,153)				(18,153)		55,727				55,727	7-15 years		7-15 years

Tradename
Tradename
Tradename											2,900					—						2,900			indefinite
Loan servicing rights(1)	Loan servicing rights(1)	6,671		(3,381)		3,290		10-25 years	Loan servicing rights(1)		12,613		(6,575)				(6,575)		6,038				6,038	10-25 years		10-25 years
Total intangible assets	Total intangible assets	$	115,763	$	(41,360)	$	74,403
December 31, 2020
December 31, 2022
December 31, 2022
December 31, 2022
Core deposits
Core deposits
Core deposits	Core deposits	$	95,711	$	(22,727)	$	72,984	10 years	$	104,751		$		$	(40,443)			$		$	64,308		10 years		10 years
Customer relationships	Customer relationships	15,281		(6,600)		8,681		7-15 years	Customer relationships		68,281		(12,937)				(12,937)		55,344				55,344	7-15 years		7-15 years
Non-compete agreements	Non-compete agreements	221		(190)		31		5 years	Non-compete agreements		200		(200)				(200)		—				—	1 year		1 year
Tradename									Tradename		2,900					—						2,900			indefinite
Loan servicing rights(2)	Loan servicing rights(2)	5,302		(2,440)		2,862		10-25 years	Loan servicing rights(2)		11,118		(5,075)				(5,075)		6,043				6,043	10-25 years		10-25 years
Total intangible assets	Total intangible assets	$	116,515	$	(31,957)	$	84,558


(Dollars in thousands)	Amortization of Intangibles
2022	$	11,249
2023	11,087
2024	10,899
2025	10,629
2026	10,011
Thereafter	20,528
Total	$	74,403