WSFS Financial (WSFS) 8-K WSFS President and CEO to Present to Analysts and Investors

WSFS Financial Corporation

Exhibit 99.2

Stockholders

or

others

seeking

information

regarding

the

Company

may

call

or

write:

WSFS Financial Corporation

Investor Relations

WSFS Bank Center

500 Delaware Avenue

Wilmington, DE  19801

302-571-7264

bsellers@wsfsbank.com

www.wsfsbank.com

2

Mark A. Turner

President and CEO

302-571-7160

mturner@wsfsbank.com

Stephen A. Fowle

Chief Financial Officer

302-571-6833

sfowle@wsfsbank.com

Rodger Levenson

Chief Commercial Banking Officer

302-571-7296

rlevenson@wsfsbank.com

This

presentation

contains

estimates,

predictions,

opinions,

projections

and

other

“forward-looking

statements”

as

that

phrase

is

defined

in

the

Private

Securities Litigation Reform Act of 1995.  Such statements include, without limitation, references to the Company’s financial goals, management’s plans

and objectives for future operations, financial and business trends, business prospects, and management’s outlook or expectations for earnings,

revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations.  Such

forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and

uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated.  Such risks

and

uncertainties

include,

but

are

not

limited

to,

those

related

to

the

economic

environment,

particularly

in

the

market

areas

in

which

the

Company

operates, including an increase in unemployment levels; the volatility of the financial and securities markets, including changes with respect to the market

value of financial assets; changes in market interest rates may increase funding costs and reduce earning asset yields thus reducing margin; increases in

benchmark rates would increase debt service requirements for customers whose terms include a variable interest rate, which may negatively impact the

ability of borrowers to pay as contractually obligated; changes in government regulation affecting financial institutions, including the Dodd-Frank Wall

Street Reform and Consumer Protection Act and the rules being issued in accordance with this statute and potential expenses and elevated capital levels

associated therewith; possible additional loan losses and impairment of the collectability of loans; seasonality, which may impact customer, such as

construction-related businesses, the availability of public funds, and certain types of the Company’s fee revenue, such as mortgage originations; possible

changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies, and similar organizations, may have

an adverse effect on business; possible rules and regulations issued by the Consumer Financial Protection Bureau or other regulators which might

adversely impact our business model or products and services; possible stresses in the real estate markets, including possible continued deterioration in

property values that affect the collateral value of underlying real estate loans; the Company’s ability to expand into new markets, develop competitive new

products and services in a timely manner and to maintain profit margins in the face of competitive pressures; possible changes in consumer and business

spending and savings habits could affect the Company’s ability to increase assets and to attract deposits; the Company’s ability to effectively manage

credit

risk,

interest

rate

risk

market

risk,

operational

risk,

legal

risk,

liquidity

risk,

reputational

risk,

and

regulatory

and

compliance

risk;

the

effects

of

increased

competition

from

both

banks

and

non-banks;

the

effects

of

geopolitical

instability

and

risks

such

as

terrorist

attacks;

the

effects

of

weather

and

natural disasters such as floods, droughts, wind, tornadoes and hurricanes, and the effects of man-made disasters; possible changes in the speed of loan

prepayments by the Company’s customers and loan origination or sales volumes; possible acceleration of prepayments of mortgage-backed securities

due to low interest rates, and the related acceleration of premium amortization on prepayments on mortgage-backed securities due to low interest rates;

the Company’s ability to timely integrate any businesses it may acquire and realize any anticipated cost savings from those acquisitions; and the costs

associated with resolving any problem loans, litigation and other risks and uncertainties, discussed in the Company’s Form 10-K for the year ended

December 31, 2013 and other documents filed by the Company with the Securities and Exchange Commission from time to time.  Forward looking

statements are as of the date they are made, and the Company does not undertake to update any forward-looking statement, whether written or oral, that

may be made from time to time by or on behalf of the Company.

3

Forward-Looking Statements

Quarter Highlights

•

4Q 2014 results reflect continued core revenue growth

•

Core revenues increased $4.5 million or 8% over 4Q 2013

•

Net interest income improved $3.7 million or 11%  over 4Q 2013

•

•

Reported ROA was 1.07%; ROTCE was 12.04%

•

Core

ROA

of

1.15%

increased

6%

from

1.08%

in

4Q

2013

•

Reported EPS was $1.32 compared to  $1.33 in 4Q 2013           

•

Core

EPS

of

$1.43

up

8%

from

core

EPS

of

$1.32

in

4Q

2013

•

Balance Sheet growth includes First National Bank of Wyoming Acquisition

•

Total loan growth was $248.7 million or 9% over 4Q 2013

•

Commercial growth of $228.2 million or 9%; Consumer growth of $25.4 million or 8%

•

Core deposit account growth of $401.2 million or an increase of 16% from 4Q 2013

•

Core deposit accounts are 85% of total customer funding

•

Includes year end temporary trust–related deposits of $188.5 million

4

Review of 4Q 2014 Results

Core noninterest income increased $793,000 or 4%  over 4Q 2013; stands at a robust 35% of

total revenue

•

Capital

levels

remain

strong,

boosted

by

earnings

and

investment

appreciation

•

Tangible common book value per share improved 3% to $45.89 and tangible common equity increased 15

basis points to 9.00%

•

Tier 1 leverage ratio was 10.25%, Tier 1 risk-based capital ratio was 12.79% and total risk-based capital

ratio was 13.83% at quarter-end

•

All

substantially

above

“well

capitalized”

levels

•

In September 2014, the Board of Directors approved a 25% increase to the cash dividend and authorized

a 5% stock repurchase plan

•

Credit quality metrics continued favorable trends

•

Delinquency decreased to 0.55% of total loans (includes nonperforming loans)

•

Charge offs are $624,000  for the 4Q 2014 or 8 basis points (annualized) of gross loans

•

Total credit costs (provision for loan losses, loan workout expenses, OREO expenses and other credit

reserves), were $991,000  during 4Q 2014 a decrease from $2.2 million in 4Q 2013

•

NPLs decreased $2.4 million to $24.1 million, or 0.75% of net loans at December 31, 2014

Quarter Highlights

5

6

Strategic Rationale:

Consistent with WSFS’s strategic growth plan

Size: Assets of $421MM; Loans $310MM; Deposits of $345MM; 8 Branches

Enhances

franchise

in

Delaware

County

and

Chester

County

–

from

#22

to

#9

(pro

forma)

in

Delaware County, PA

Provides appealing cross-sell opportunities for WSFS products and services, including

Array Financial ,Treasury Management, Mobile Banking and Wealth Management

Compatible Culture; client focused community banking model

Platform for future growth in Southeastern PA

Accretive in 1

st

full year (excluding integration costs) with IRR of 17%

Purchase Price:

Approximately $92.0 million in aggregate

70% Stock / 30% Cash

Tangible Book Value of 138.4%

Expected Closing:

Fourth quarter 2015; pending shareholder and regulatory approvals

Pending combination with Alliance Bancorp, Inc.

7

Recently completed combination with FNB of Wyoming (DE)

Strategic Rationale:

Consistent with WSFS’s strategic growth plan

Size: Assets of $285MM; Loans $176MM; Deposits of $229MM; 6 Branches

Enhances

franchise

in

Kent

County

–

from

#6

to

#2

(pro

forma)

in

market

share

Diversifies revenue stream and improves core funding and liquidity; The First National Bank

of Wyoming is ranked 2nd in SBA lending in Delaware

Low risk in-market transaction and plain balance sheet; business lines are easily integrated

Attractive financial returns; opportunity for significant cost savings

Accretive

in

1

st

full

year

(excluding

integration

costs)

with

IRR

well

in

excess

of

20%

Purchase Price:

Approximately $65.0 million in aggregate

Tangible Book Value of 129%

50% Stock / 50% Cash

Closing:

September 5, 2014.

Completed successful integration

8

The WSFS Franchise

•

Largest independent bank and

trust co. in the Delaware Valley

•

$4.9 billion in assets

•

55 offices

•

Major business lines

•

Retail

•

Commercial

•

Wealth Management

Indicates WSFS branch office and LPO

locations

Not shown on map: Annandale, VA (LPO) &

Las Vegas, NV (Wealth Management Office)

•

$9.9 billion in fiduciary assets,

includes $1.2 billion in assets

under management

•

Founded in 1832, WSFS is one of the ten

oldest banks in the U.S.

•

Cash Connect

®

(ATM cash and

related businesses)

Note: the varying shades of green represent the

intensity of the number of Customers we serve in

our regional footprint

WSFS Bank

Deposits of Traditional Banks in Delaware

June 30, 2014*

Rank

Institution

Branch

Count

Total Deposits

in Market

Total Market

Share

CAGR

‘08-’14

1

M&T Bancorp (NY)

41

5,672,018

29.41%

3.58%

2

PNC Financial Services Group (PA)

41

3,932,958

20.40%

10.11%

3

WSFS (DE)¹

37

3,090,816

16.03%

11.52%

4

Wells Fargo & Company (CA)

19

2,188,755

11.35%

-7.54%

5

TD Bank (Canada)²

13

2,062,985

10.70%

11.67%

6

Citizens (RBS -Scotland)

23

943,384

4.89%

-1.67%

7

Artisan’s Bank (DE)

12

440,888

2.29%

-2.98%

8

Fulton Financial Corp. (PA)

11

416,159

2.16%

9.65%

9

County Bank (DE)

7

295,014

1.53%

0.51%

10

Bank of America (NC)

4

239,917

1.24%

47.09%

Top 10 Delaware Banks³

208

$19,282,894

100.00%

4.42%

9

*Most recently available FDIC data

(1)

WSFS deposits are restated year over year to include First National Bank of Wyoming and its surviving branches

(2)

Excludes estimated out-of-market deposits of TD Bank

(3)

Top 10 Delaware Banks house 96% of all traditional deposits in the state

Commercial Bank Assets

4Q 2014:

•

•

C&I (including owner-occupied

real estate), the largest

component, makes up 54% of all

loans

•

•

Commercial loans grew  9%

•

Consumer loans grew 8%

•

Reflects FNBW acquisition

Comments

Assets $4.9 Billion; Net Loans $3.2 Billion

Asset Composition-December 31, 2014

WSFS Bank –

Balance Sheet

10

RCLC = Residential Construction & Land Development

CCLC = Commercial Construction & and Land Development

Cash

Connect

8%

Investments

18%

BOLI 2%

Non-

Earning

Assets 6%

Net Loans

66%

1%CCLD

3%

7%

10%

54%

25%

CRE

C&I

Residential

Mortgages

Consumer

RCLD

Commercial loans comprise 83%

of the loan portfolio

Net loans grew 9% from 4Q 2013

Comments

Customer Funding -

$3.5 billion

Funding

Composition-December 31, 2014

WSFS Bank –

Balance Sheet

11

•

•

Non-interest and very low interest

DDA (WAC 9bps) stands at 43% of

total customer funding

•

Customer funding up 8% from 

December 31, 2013 driven by $401.2

million or 16% growth in core deposits

•

4% core deposit growth, excluding

FNBW acquired deposits and

temporary increases in Trust-related

money market over prior year. At

December 31, 2014, we held $188.5

million in temporary trust-related

money market deposits

•

•

Down from a high of 140% prior to the

beginning of the economic cycle

Other

Liabilities

1%

Wholesale

Deposits

5%

Borrowings

16%

Equity 10%

Customer

Funding

68%

Non

interest

DDA 23%

Interest

DDA 20%

Money

Market &

Savings

42%

Sweeps

1%

Time 14%

Loan to customer funding ratio is at

92%

Core customer funding comprises

85% of total customer funding

Heavy Bias Towards Core:

•

Fiduciary and investment services

•

Services to personal trust clients as well as trustee, agency,

custodial and commercial domicile services to corporate and

institutional clients

•

$3.4 million revenue in 4Q 2014 

•

$526 million in assets under management and $8.8 billion

assets under administration

•

Ranked sixth among all U.S. corporate trustees in the

ABS/MBS industry for 2014

(1)

Wealth Management

WSFS

Private Banking

WSFS  Wealth Investments

•

Offers insurance and brokerage products

•

Focus on retail banking clients

•

$469,000 revenue in 4Q 2014 

•

Offers credit and deposit products

•

Focus on high net worth individuals

•

Partners/refers to other wealth units

•

$2.1 million  revenue in 4Q 2014 

•

Registered investment advisor offering a

“balanced’

investment style focused on

preservation of capital and current income

•

Focus on high net worth individuals

•

$661 million + assets under management

•

$563,000 revenue in 4Q 2014 

(1) Per the January 2015 issue of Asset-Backed Alert

12

CYPRESS

CAPITAL MANAGEMENT,

LLC

Cash Connect

®

13

•

Leading provider of ATM vault cash, armored carrier management, cash forecasting services,

insurance and equipment services

•

Adding ATM settlement services to existing managed service offering

•

Expanding ATM managed services from ISO market to FI market sector

•

Services non-bank ATM owners

•

More than $486 million in vault cash

•

Nearly 15,000 non-bank ATMs nationwide

•

$6.5 million net revenue (fee income less funding costs) and $1.9 million in pre-tax profitability

in 4Q 2014

•

5 year CAGR for net revenue is 13.4%

•

Also serves as an innovation center for the company, both expanding core ATM offerings and

additional payment-, processing-

and software-related activities

•

Launched Smart Safe cash services in 2Q 2014. Currently 51 safes; projecting 400 by

EOY 2015

•

Operates more than 465 ATMs for WSFS Bank; largest in-market ATM franchise

Fee Income Businesses

14

Significant Growth in Fee Businesses

*    Excludes security gains, reverse mortgage consolidation gains and BOLI  gain

35% of

Total

Revenues*

$0

$10

$20

$30

$40

$50

$60

$70

$80

2010

2011

2012

2013

2014

WSFS Bank*

Cash Connect

Wealth

15

•

Focus on increasing operating leverage and earnings

•

Continued credit quality improvement

•

Managing capital prudently and thoughtfully

•

Continuing strong alignment of management and owners

•

Goal

–

become

solidly

high

performing

(top

quintile

of

peers

in

ROA,

ROTCE

and

EPS growth), supporting above-peer Total Shareholder Returns

•

On a path to high performing status; see analysis on page 23 

The WSFS Franchise

Organizational Focus

•

Generating above-peer Total Shareholder Returns over 3, 5, and 10 year time frames,

see analysis on page 24

Comments

Building Bottom Line Performance:

•

•

4Q 2014 Core ROA of 1.15%  ahead of

1.08% in 4Q 2013

•

Goal of 1.20% -1.30%  by end of  4Q

2015

•

Normalized EPS growth

momentum

•

Increased 8% from 4Q 2013

reflecting success in building market

share

Increasing Earnings

16

(1)

Peer

group

ROA

reflects

97%

reporting

for

December

31,

2014

(2)

Represents normalization for securities gain/losses, non-routine BOLI income, bulk sale provision, OREO

impact and debt extinguishment loss. Please see Appendix 3  Non-GAAP Financial Information for details

ROA Progression

(1)

Normalized EPS Trend

(2)

ROA trend has consistently improved

from a break-even year in 2009

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

2010

2011

2012

2013

2014

WSFS

$2

-$10B Peer Median(1)

$0.30

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

Increasing Earnings

35.6%

Provision and Credit Costs

•

•

Fee Income

•

•

•

Wealth Management  fee income

increased 24% from 4Q 2013

•

Cash Connect net revenue increased

6% from 4Q 2013

17

Percentages represent normalized fee income as a percentage of total revenues

Comments

Core Fee Income

Reflects Improved Credit Quality

Decreased significantly, reflecting long term

trend in asset quality improvement and

lower charge offs in 4Q 2014.

Total Problem loans reduced significantly to

25.97%  of Tier I Capital plus ALLL

Increased focus on fee income growth,  

35%

of revenues in 2014

Fee income increased $793,000 million or

4%

from 4Q 2013

reflecting growth in most

segments of the business

$0

$20

$40

$60

$80

$100

2010

2011

2012

2013

2014

27.3%

31.0%

33.6%

35.0%

$0

$10

$20

$30

$40

$50

2010

2011

2012

2013

2014

Provision

Other Credit  Cost

Fee Income Normalized

Securities Gains

Rev Mtg Consol Gain

BOLI Gain

Increasing Earnings

Net Interest Margin / Net Interest

Income

Improving Efficiency Ratio

18

Comments

Improving Efficiency Ratio

(1)

Improved Net Interest Income

(1) Excludes pro forma items listed on page 29

$100

$110

$120

$130

$140

$150

2010

2011

2012

2013

2014

60.0%

62.0%

64.0%

66.0%

68.0%

70.0%

2010

2011

2012

2013

2014

Strong revenue growth across all

business lines

Improving credit costs

Moderating core expenses

Increased operating leverage

Net interest income increased $3.7

million or 11% over 4Q 2013

Net Interest Margin of 3.78% improved

10 basis points over 4Q 2013

What happens when Rates go up?

Balance Sheet Drivers

•

+100 Model results reflects impact of loan floors and WSFS prime

•

High % of variable/adjustable rate total loan portfolio: 66%

•

High % core deposits: 88%

•

High % non-interest bearing deposits: 26%

•

Solid brand and position / “Price Leader”

•

* Static Balance Sheet / Instantaneous Rate Shocks

19

NII

NII

BPS Change*

% Impact

$ Impact

+100

(1)%

$ (1.6) mm

+200

2%

$ +2.2 mm

+300

4%

$ +6.2 mm

+400

7%

$ +9.9 mm

Recent

strategy:

shortening

duration

of

investment

portfolio

and

lengthening

duration

of

FHLB

advances

Asset Quality Metrics

Improving credit quality trends:

•

•

•

From a cycle–high of over 70%

•

•

20

Comments

Problem Loan Key Ratios

Credit Quality Continues to Improve

Adjusted for FNBW acquired loans, ALLL Ratio is 1.30%

NPAs were 1.08% of total assets at

December 31, 2014

Classified loans decreased to 21.3%

of Tier 1 Capital + ALLL

ALLL remains at a strong 1.23% of

loans*

Coverage ratio stands at 164% of

non-performing loans at

December 31, 2014

46.6%

52.2%

36.8%

29.7%

21.3%

63.9%

84.8%

52.5%

33.6%

26.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

2010

2011

2012

2013

2014

21

Bank-Level Capital Ratios

(thousands)

Total Risk-Based Capital

13.62%

13.43%

14.29%

14.36%

13.83%

Tier 1 Capital

12.36%

12.18%

13.04%

13.16%

12.79%

Excess RBC (above 10%)

$108,611

$110,940

$140,117

$153,542

$147,186

Tangible Common Equity

7.18%

7.18%

7.72%

7.69%

9.00%

Tangible Common Book Value

$33.03

$35.96

$38.21

$38.68

$45.89

Managing Capital

$409,034

$434,301

$466,925

$505,354

$531,208

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000

12/10

12/11

12/12

12/13

12/14

Total Risk-Based Capital

Well Capitalized Requirement

Strong Alignment

•

Insider

ownership

is

nearly

8%

*

•

Board of Directors and Executive Management ownership guidelines

in place

•

Executive

management

bonuses

and

equity

awards

based

on

bottom-line

performance

•

ROA, ROTCE and EPS growth

•

5% stock buyback authorization in place; repurchased 1% or 116,421

common share equivalents in 4Q 2014

•

$54.3 million in cash remains in the Holding Co. as of December 31, 2014 to  

so

support the buyback and other company cash needs.  

•

The Board of Directors approved a 25% increase of the quarterly cash

dividend to $0.15 per share of common stock in September 2014

22

*   As defined in our most recent proxy, adjusted for options approved by shareholders and awarded to the CEO and EVP’s in April 2013.

Path to High Performing –

2015 Goal

Item

Action Plan

Planned

Impact

+

Possible        

Impact

LTD

Improvements

NII

(Goal: 3.60 –

3.75%)

Planned:

2012

deleverage

strategy,

municipal

investment,

fixed

rate

loan

growth,

balance sheet mix.  Possible: Rate environment

15 bp

+

6 bp

18 bp

Fee income

(Goal: 36 –

40%)

Planned:

Low

double

digit

growth

in

Cash

Connect,

high

single

digit

growth

in

Wealth Division fees, intro of new banking solutions

20 bp

+

0 bp

4 bp

Efficiency ratio

(Goal: low 60s%)

Planned:

Reduction

in

regulatory

costs

from

release

of

MOU,

higher

1Q

seasonal

costs. Possible: Contain expense growth to 2% in 2013, 5% in later year

8 bp

+

1 bp

2 bp

Credit costs

(Goal: 0.27%)

Planned:

Reduced

credit

costs

to

industry

median

(35

bps

of

loans

2012). 

Possible:

Further

improvement

possible

in

stronger

economy

5 bp

+

3 bp

8 bp

Tax rate

Planned:

Tax

impact

of

muni

investment

2 bp

+

0 bp

3 bp

Total

50 bp

+

10 bp

35 bp

(1Q 2013 Normalized)  0.70%  ROA

11

10

(1Q 2013 Normalized +

Planned

Impacts)

1.20%

0.91% (as Reported)

1.30% (with Possible)

6

3

5

2

12

1

20

Credit Costs

Security Gains

8

15

(4Q 2014 Normalized)  1.05%

% ROA

* 1.05% normalized ROA for 4Q 2014 adjusted includes credit costs at long term expectations for the industry (-11bps), the impact of securities gains, and one-time identifiable expenses related to corporate development activities and retirement benefit charge (+9bps)

1.07% (Reported)

2*

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

Q4 2014 Results

Goal

Tax rate

Credit costs

Efficiency ratio

Fee income growth

Net interest income

1Q 2013 Baseline

Business Model and Total Shareholder Returns

24

*    Completed by the Gallup Organization, as of December 31, 2013

**   Per Bloomberg; closing price as of December 31, 2014

Focused Business Model

•

Gallup survey showed

WSFS best among top

players in market at

delivering

service

*

•

Consistently ranked in the

top quintile of all

businesses

surveyed

*

•

WSFS has been recog-

nized by The Wilmington

News Journal as a “Top

Workplace Award”

winner 

nine years in a row; “Top 3”

the last 5 years running

•

Customer advocacy survey places

WSFS at the 89th percentile*

•

On a scale of 1-5, 44% of WSFS

customers rated us a “5”

(“strongly

agree”) saying “I can’t imagine a

world

without

WSFS”

*

•

Voted “Top Bank”

in Delaware 4

years running (The News Journal)

•

Builds sustainable real profit

growth

•

Leads to increased

shareholder value

•

Total Shareholder Returns**

WSFS

Nasdaq

Bank Index

1 year

(.12)%

4.91%

3 year

70.76%

49.52%

5 year

216.23%

80.25%

10 year

41.15%

5.64%

Appendices

Appendix –

Table of Contents

Section

Page #

•

Appendix

1

–

Management

Team

27-28

•

Appendix

2

–

Business

Model

29

•

Appendix

3

–

Non-GAAP

Financial

Information

30-31

•

Appendix

4

–

Alliance

Bancorp,

Inc.

presentation

32-41

26

Appendix

1

–

Management

Team

•

Mark

A.

Turner,

52,

has

served

as

President

and

Chief

Executive

Officer

since

2007.

Mr.

Turner

was

previously

Chief Operating Officer and the Chief Financial Officer for WSFS. Prior to joining WSFS, his experience includes

working at CoreStates Bank and Meridian Bancorp.  Mr. Turner started his career at the international professional

services firm of KPMG, LLP.  He received his MBA from the Wharton School of the University of Pennsylvania,

his Masters Degree in Executive Leadership from the University of Nebraska and his Bachelor’s Degree in

Accounting and Management from LaSalle University.

•

Peggy

H.

Eddens,

59,

Executive

Vice

President,

Chief

Human

Capital

Officer

since

2007.

From

2003

to

2007

she was Senior Vice President for Human Resources and Development for NexTier Bank, Butler PA. Ms. Eddens

received

a

Master

of

Science

Degree

in

Human

Resource

Management

from

La

Roche

College

and

her

Bachelor

of Science Degree in Business Administration with minors in Management and Psychology from Robert Morris

University.

•

Stephen

A.

Fowle,

49,

Executive

Vice

President

and

Chief

Financial

Officer

since

2005.

From

2000

to

2004,

he

was Chief Financial Officer at Third Federal Savings and Loan Association of Cleveland.  Mr. Fowle received his

Masters of Management, Finance and Marketing from Northwestern University and his Bachelor’s Degree in

Chemistry from Stanford University.    

•

Paul

D.

Geraghty,

61,

Executive

Vice

President

and

Chief

Wealth

Officer

since

2011.

From

2007

to

2010,

he

was Chief Executive Officer at Harleysville National Corporation, Harleysville, PA. Mr. Geraghty received his

Bachelor of Science in Accounting from Villanova University and pursued graduate study in business at Lehigh

University.

27

Appendix

1

–

Management

Team

•

Thomas

W.

Kearney,

67,

Executive

Vice

President

and

Chief

Risk

Officer

has

been

with

WSFS

since

1998.

Mr. Kearney holds a Bachelor’s degree in Business Administration (Finance and Accounting) from Drexel

University. He also holds the professional designations of Certified Bank Auditor (CBA) and Certified Financial

Services Auditor (CFSA). As Chief Risk Officer, Mr. Kearney’s primary responsibility is to manage and direct the

various oversight functions throughout the Company. These oversight functions include Enterprise Risk

Management, Loan Review, In-house Counsel, Security/Fraud Investigations, Regulatory Compliance, Internal

Control/Audit and Credit Administration.

•

Rodger

Levenson,

53,

Executive

Vice

President

and

Chief

Commercial

Banking

Officer

since

2006.

From

2003

to 2006, Mr. Levenson was Senior Vice President and Manager of the Specialized Banking and Business

Banking Divisions of Citizens Bank.  Mr. Levenson received his MBA in Finance from Drexel University and his

Bachelor’s Degree in Finance from Temple University.

•

S.

James

Mazarakis,

58,

Executive

Vice

President

and

Chief

Technology

Officer

since

2010.

Mr.

Mazarakis

served in a senior leadership role as Chief Information Officer for T. Rowe Price, and Managing Director and

Divisional CIO at JP Morgan Investment Asset Management. He received his Master of Science degree in

Management of Technology from Polytechnic Institute of New York University.

•

Thomas

Stevenson,

62,

has

served

as

President

of

Cash

Connect

Division

since

2003.

Mr.

Stevenson

joined

WSFS in 1996 as  Executive Vice President and Chief Information Officer.  Prior to joining WSFS, Mr. Stevenson

was the Manager of Quality Assurance at Electronic Payment Services.  Mr. Stevenson attended Wayne State

University

and

the

Banking

and

Financial

Services

program

at

the

University

of

Michigan’s

Graduate

School

of

Business Administration.

•

Richard

M.

Wright,

62,

Executive

Vice

President

and

Chief

Retail

Banking

Officer

since

2006.

From

2003

to

2006, Mr. Wright was Executive Vice President, Retail Banking and Marketing for DNB First in Downingtown, PA. 

Mr. Wright received his MBA in Management Decision Systems from the University of Southern California and his

Bachelor’s Degree in Marketing and Economics from California State University.

28

Appendix

2

–

Business

Model

29

Appendix

3

–

Non-GAAP

Financial

Information

Rev Mtg

Securities

Non-Routine

Debt

Consolidation

Corporate

Fraud/

(Gains)

BOLI

Bulk

Extinguishment

Gain / Tax

Development

Litigation

PRBO

Proforma

EPS

Losses

Income

Sale

Loss

Benefit

Costs

Costs

Adj.

EPS

4th Quarter 2011

0.63

(0.14)

0.49

1st Quarter 2012

0.66

(0.15)

0.51

2nd Quarter 2012

0.76

(0.95)

1.04

0.85

3rd Quarter 2012

1.06

(0.18)

(0.11)

0.77

4th Quarter 2012

0.78

(0.27)

0.27

0.78

1st Quarter 2013

1.02

(0.12)

0.90

2nd Quarter 2013

1.16

(0.07)

1.09

3rd Quarter 2013

1.54

(0.02)

(0.27)

0.01

1.26

4th Quarter 2013

1.33

(0.05)

0.04

1.32

1st Quarter 2014

1.85

(0.04)

(0.73)

0.02

1.10

2nd Quarter 2014

1.39

(0.03)

0.02

0.06

1.44

3rd Quarter 2014

1.23

(0.00)

0.18

0.07

1.48

4th Quarter 2014

1.32

(0.00)

0.07

0.04

1.43

30

End of Period

December 31,

September 30,

December 31,

2014

2014

2013

Total assets

$

4,853,320

$

4,782,728

$

4,442,656

Less: Goodwill and other intangible assets

(57,593)

(58,176)

(39,541)

Total tangible assets

$

4,795,727

$

4,724,552

$

4,403,115

Total Stockholders' equity

$

489,051

$

476,324

$

373,951

Less: Goodwill and other intangible assets

(57,693)

(58,176)

(39,541)

Total tangible common equity

$

431,358

$

418,148

$

334,410

Calculation of tangible common book value:

Book Value (GAAP)

$

52.01

$

50.70

$

43.06

Tangible book value (non-GAAP)

45.89

44.50

38.68

Tangible common book value (non-GAAP)

45.89

44.50

36.68

Calculation of tangible common equity to assets:

Equity to asset ratio (GAAP)

10.08%

9.96%

8.48%

Tangible equity to asset ratio (non-GAAP)

9.00%

8.85%

7.69%

Tangible common equity to asset ratio (non-GAAP)

9.00%

8.85%

7.69%

Appendix

3

–

Non-GAAP

Financial

Information

Tangible common book value and equity to assets

31

WSFS Financial Corporation

to acquire

Alliance Bancorp, Inc. of Pennsylvania

March 3, 2015

Appendix 4

32

Forward-Looking Statement Disclaimer

33

This presentation contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined

in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s financial

goals, management’s plans and objectives for future operations, financial and business trends, business prospects, and management’s

outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business

performance, strategies or expectations. Such forward-looking statements are based on various assumptions (some of which may be

beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause

actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, those related

to the economic environment, particularly in the market areas in which the Company operates, including an increase in unemployment

levels; the volatility of the financial and securities markets, including changes with respect to the market value of financial assets; changes

in market interest rates may increase funding costs and reduce earning asset yields thus reducing margin; increases in benchmark rates

would increase debt service requirements for customers whose terms include a variable interest rate, which may negatively impact the

ability of borrowers to pay as contractually obligated; changes in government regulation affecting financial institutions, including the

Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules being issued in accordance with this statute and potential

expenses and elevated capital levels associated therewith; possible additional loan losses and impairment of the collectability of loans;

seasonality, which may impact customer, such as construction-related businesses, the availability of public funds, and certain types of the

Company’s fee revenue, such as mortgage originations; possible changes in trade, monetary and fiscal policies, laws and regulations and

other activities of governments, agencies, and similar organizations, may have an adverse effect on business; possible rules and

regulations issued by the Consumer Financial Protection Bureau or other regulators which might adversely impact our business model or

products and services; possible stresses in the real estate markets, including possible continued deterioration in property values that

affect the collateral value of underlying real estate loans; the Company’s ability to expand into new markets, develop competitive new

products and services in a timely manner and to maintain profit margins in the face of competitive pressures; possible changes in

consumer and business spending and savings habits could affect the Company’s ability to increase assets and to attract deposits; the

Company’s ability to effectively manage credit risk, interest rate risk market risk, operational risk, legal risk, liquidity risk, reputational risk,

and regulatory and compliance risk; the effects of increased competition from both banks and non-banks; the effects of geopolitical

instability and risks such as terrorist attacks; the effects of weather and natural disasters such as floods, droughts, wind, tornadoes and

hurricanes, and the effects of man-made disasters; possible changes in the speed of loan prepayments by the Company’s customers and

loan origination or sales volumes; possible acceleration of prepayments of mortgage-backed securities due to low interest rates, and the

related acceleration of premium amortization on prepayments on mortgage-backed securities due to low interest rates; and the costs

associated with resolving any problem loans, litigation and other risks and uncertainties, discussed in the Company’s Form 10-K for the

year ended December 31, 2013 and other documents filed by the Company with the Securities and Exchange Commission from time to time.

Forward looking statements are as of the date they are made, and the Company does not undertake to update any forward-looking

statement, whether written or oral, that may be made from time to time by or on behalf of the Company. This presentation speaks only as of

its date, and WSFS disclaims any duty to update the information herein.

34

IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed merger, WSFS will file with the SEC a Registration Statement on Form S-4 that will include a

proxy statement of Alliance and a prospectus of WSFS, as well as other relevant documents concerning the proposed

transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a

solicitation of any vote or approval. SHAREHOLDERS OF ALLIANCE ARE URGED TO READ THE REGISTRATION STATEMENT

AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER

RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS,

BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about WSFS and Alliance, may be

obtained at the SEC’s Internet site (http://www.sec.gov), when they are filed. You will also be able to obtain these documents,

when they are filed, free of charge, from WSFS at www.wsfsbank.com under the heading “About WSFS” and then under the

heading “Investor Relations” and then under “SEC Filings” or from Alliance by accessing Alliance’s website at

www.allianceanytime.com under the heading “Stockholder Information” and then under “Corporate and Market Information”.

Copies of the Proxy Statement/Prospectus can also be obtained, when it becomes available, free of charge, by directing a

request to WSFS Financial Corporation, WSFS Bank Center, 500 Delaware Avenue, Wilmington, Delaware 19801, Attention:

Corporate Secretary, Telephone: (302) 792-6000 or to Alliance Bancorp, Inc. of Pennsylvania, 541 Lawrence Road, Broomall,

Pennsylvania 19008, Attention: Corporate Secretary, Telephone: (610) 353-2900.

PARTICIPANTS IN THE SOLICITATION

Alliance and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from

the shareholders of Alliance in connection with the proposed merger. Information about the directors and executive officers of

Alliance and their ownership of Alliance common stock is set forth in the proxy statement for Alliance’s 2014 annual meeting of

shareholders, as filed with the SEC on Schedule 14A on March 19, 2014. Additional information regarding the interests of those

participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy

Statement/Prospectus regarding the proposed merger when it becomes available. Free copies of this document may be obtained

as described in the section above.

Strategic Rationale

Strategic Rationale

Financially Attractive

35

Consistent with WSFS’s strategic growth plan in

Southeastern PA

Only remaining independent community bank of scale

headquartered in attractive Delaware County market

Favorable demographics, similar to WSFS core markets

8 offices in overlapping and adjacent market; WSFS will have

17 locations in Southeastern PA at close

Alliance - Assets of $421mm; Loans $310mm; Deposits of

$345mm

Alliance customer base provides appealing cross-sell

opportunities for WSFS products and services including Array

Financial (residential mortgages), Treasury Management,

Mobile Banking, and Wealth Management.

Platform for future growth in Southeastern PA

Compatible culture; client focused community banking model

Accretive to first full year earnings per share excluding one-time

costs

Slight dilution to tangible book value earned back in 4.7 years

WSFS pro forma capital ratios well in excess of “well-capitalized”

guidelines following close

17% anticipated IRR

Pro forma ownership by Alliance shareholders in WSFS – 8.0%

Overview of Alliance Bancorp, Inc.

1)

Represents bank level (Alliance Bank) financial data as of and for the year ended December 31, 2014.

Source: SNL Financial and Company provided information.

As of 12/31/14

36

$284

$303

$310

$270

$280

$290

$300

$310

$320

2012

2013

2014

Total Gross Loans ($mm)

76%

88%

90%

60%

70%

80%

90%

100%

2012

2013

2014

Loan / Deposits (%)

Financial Highlights

Total Assets ($mm)

420.8

Gross Loans ($mm)

310.2

Total Deposits ($mm)

344.8

Loans / Deposits

89.98%

Capital Ratios

Tangible Equity ($mm)

66.5

Tangible Equity / Tangible Assets

15.79%

Total Risk-Based Ratio

1

23.19%

Leverage Ratio

1

14.39%

Asset Quality Metrics

NPAs / Total Assets

1

1.72%

NPAs Ex. TDRs / Total Assets

1

0.60%

LLR / Gross Loans

1.44%

NCOs / Avg. Loans¹

0.07%

Profitability Metrics

Net Income ($mm)

2.6

Return on Average Assets

0.60%

Return on Average Equity

3.74%

Net

Interest

Margin¹

3.61%

Attractive Combined Franchise

37

(1)

Does not include purchase accounting adjustments.

(2)

Based on 20 Day Average WSFS share price as of 2/26/2015 of $77.77.

Source: SNL Financial and Company provided information.

Deposit Market Share (Delaware County) as of 6/30/2014

Rank

Institution

Branches

Deposits

($mm)

Market

Share

(%)

1

Toronto-Dominion Bank

15

2,354

19.8%

2

Wells Fargo & Co. (CA)

23

2,333

19.6%

3

Royal Bank of Scotland Group

21

1,625

13.7%

4

PNC Financial Services Group (PA)

11

1,111

9.4%

5

Banco Santander

13

832

7.0%

6

Bryn Mawr Bank Corp. (PA)

14

589

5.0%

7

Beneficial Bancorp Inc (PA)

6

413

3.5%

8

Bank of America Corp. (NC)

9

404

3.4%

Pro Forma

10

388

3.3%

9

Alliance Bancorp of Penn (PA)

7

342

2.9%

10

M&T Bank Corp. (NY)

9

261

2.2%

22

WSFS Financial Corp. (DE)

3

46

0.4%

Total (1-10)

128

10,263

86.4%

Total (1-31)

169

11,881

100.0%

($mm)

12/31/2014

Combined

(1)

Assets:

4,853

421

5,274

Gross Loans:

3,225

310

3,535

Deposits:

3,649

345

3,994

Market Cap

(2)

:

731

-

794

Offices:

55

8

63

Assets Under Management:

1,187

-

1,187

Assets Under Administration:

9,416

-

9,416

The combination creates the largest, most diversified, community bank headquartered in the

Delaware Valley (Philadelphia-Camden-Wilmington MSA).

Market Demographics

Delaware

Pennsylvania

New Castle

Kent

Sussex

Delaware

Chester

County

County

County

County

County

Total Population

551,010

171,028

207,614

562,633

511,036

Median Household Income

$66,757

$52,489

$56,481

$61,896

$80,383

% of Household Income > $100k

30.6%

16.5%

21.6%

28.5%

39.3%

Median Home Value

$254,448

$199,798

$245,039

$240,250

$324,247

Current Unemployment Rate

4.4%

4.6%

5.1%

4.5%

3.4%

WSFS Offices

(3)

28

9

8

4 / 11

(1)

4

(2)

/ 5

(1)

Distance from WSFS HQ to Alliance HQ

25 miles

25 miles

(1)

Pro Forma for Alliance.

(2)

Pro Forma including new WSFS Devon, PA office opening March 2015

(3)

WSFS offices in Nevada, Virginia, and Montgomery County, PA are not included in this chart.

Source: SNL Financial.

38

Alliance operates in a contiguous market with similar demographics to WSFS’s home market, where

we have had success for 183 years.

Pro Forma Loans and Deposits

Note: Financial data as of 12/31/2014.  No purchase accounting assumptions are incorporated in the pro forma loan and deposit

composition.  Owner occupied CRE is classified as C&I.

Source: SNL Financial and Company provided information.

ALLB:

$310.2 mm

WSFS:

$3,224.6 mm

Pro Forma:

$3,534.8 mm

ALLB:

$344.8 mm

WSFS:

$3,649.2 mm

Pro Forma:

$3,994.0 mm

Pro Forma Loan Composition

Pro Forma Deposit Composition

39

Transaction

22%

MMDA &

Savings

22%

Retail CDs

54%

Jumbo CDs

2%

Transaction

43%

MMDA &

Savings

42%

Retail CDs

11%

Jumbo CDs

4%

Transaction

41%

MMDA &

Savings

40%

Retail CDs

15%

Jumbo CDs

4%

1-4 Family

10%

C&I

51%

CRE &

Multi

Family

26%

Constr.

and Dev.

5%

Other

Loans

8%

1-4 Family

8%

C&I

54%

CRE &

Multi

Family

25%

Constr.

and Dev.

4%

Other

Loans

9%

1-4 Family

39%

C&I

20%

CRE &

Multi

Family

31%

Constr.

and Dev.

8%

Other

Loans

1%

•

Approximately $92.0 million transaction value

•

70% common stock / 30% cash

•

0.28955 shares of WSFS or $22.00 in cash

•

Price / Tangible Book Value of 138.4%

•

Anticipated

closing

date

in

early

Q4

2015,

subject

to

completion

of

standard closing conditions, shareholder and regulatory approvals.

Transaction Overview and Financial Impact

Transaction

Structure

•

Assumptions based on comprehensive due diligence

•

One-time pre-tax transaction costs of $9.3 million

•

Cost savings of ~40% of Alliance’s non-interest expense base

•

Substantial

credit

diligence

undertaken;

expected

credit

mark

of

3.5%

•

No revenue synergies are modeled, but they are expected.

Assumptions

•

3.2% accretive to first full year earnings per share excluding one-time costs

•

Tangible book value dilution of 1.8%, earned back in 4.7 years

•

17% anticipated IRR

•

WSFS

pro

forma

capital

ratios

well

in

excess

of

“well-capitalized”

guidelines

following close

Financial Impact

40

For more information please contact:

Investor Relations:  Stephen Fowle

(302) 571-6833 or sfowle@wsfsbank.com

www.wsfsbank.com

Corporate Headquarters

500 Delaware Avenue

Wilmington, DE 19801

41