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WSFS Reports 4Q 2024 EPS of $1.09, ROA of 1.21%, NIM of 3.80%; Strong Deposit Growth and Record Wealth and Trust Revenue Full-Year EPS of $4.41 and ROA of 1.27%

1. 4Q 2024 net interest income slightly increased to $178.2 million. 2. Total customer deposits rose 4% sequentially, indicating strong growth. 3. Cash Connect® reported a $3.4 million loss due to a client termination. 4. Core EPS increased to $1.11, showing steady growth quarter-over-quarter. 5. Total net revenue reached $261.5 million, reflecting a solid annual increase.

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WSFS
WILMINGTON, Del.--(BUSINESS WIRE)--WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the full year and fourth quarter of 2024. Selected financial results and metrics are as follows: (Dollars in millions, except per share data) 4Q 2024 3Q 2024 4Q 2023 2024 2023 Net interest income $ 178.2 $ 177.5 $ 178.1 $ 705.4 $ 725.1 Fee revenue 83.3 90.2 87.2 340.9 289.9 Total net revenue 261.5 267.7 265.3 1,046.4 1,015.0 Provision for credit losses 8.0 18.4 24.8 61.4 88.1 Noninterest expense 169.1 163.7 147.6 637.7 561.6 Net income attributable to WSFS 64.2 64.4 63.9 263.7 269.2 Pre-provision net revenue (PPNR)(1) 92.4 103.9 117.7 408.7 453.3 Earnings per share (EPS) (diluted) 1.09 1.08 1.05 4.41 4.40 Return on average assets (ROA) (a) 1.21 % 1.22 % 1.25 % 1.27 % 1.33 % Return on average equity (ROE) (a) 9.7 10.0 11.1 10.4 11.7 Fee revenue as % of total net revenue 31.8 33.6 32.8 32.5 28.5 Efficiency ratio 64.6 61.1 55.6 60.9 55.2 GAAP results for the quarterly periods shown included items that are excluded from core results. Below is a summary of the financial effects of these items, which were primarily related to costs associated with the optimization of WSFS-owned real estate properties. For additional detail, refer to the Non-GAAP Reconciliation in the back of this earnings release. 4Q 2024 3Q 2024 4Q 2023 (Dollars in millions, except per share data) Total (pre-tax) Per share (after-tax) Total (pre-tax) Per share (after-tax) Total (pre-tax) Per share (after-tax) Fee revenue $ 0.1 $ — $ 0.1 $ — $ 9.2 $ 0.11 Noninterest expense 2.1 0.03 — — 7.9 0.09 Income tax impacts (0.4 ) (0.01 ) — — 7.1 0.12 (1) As used in this press release, PPNR is a non-GAAP financial measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for credit losses. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. CEO Commentary Rodger Levenson, Chairman, CEO and President, said, "WSFS delivered another strong quarter, with core EPS(2) of $1.11 and a core ROA(2) of 1.24%. Our performance was highlighted by robust deposit growth, a strong NIM, lower credit costs and record performance in our Wealth and Trust franchise. "Our Q4 results included the impact of an adverse event related to a Cash Connect® Client that led to our termination of this relationship. While disappointing, the actions of our team minimized our exposure, a portion of which we expect to recover through insurance and other avenues. "Full-year 2024 performance was also strong with core EPS of $4.39, core ROA of 1.26% and core ROTCE(2) of 17.83%, all reflecting the continued optimization of recent franchise investments. "During the quarter, we were honored to be recognized by Newsweek as one of America's Best Regional Banks, reinforcing our position as the leading locally-headquartered bank and wealth franchise in the Greater Philadelphia and Delaware region. "I extend my sincere thanks to our over 2,300 Associates for their hard work and commitment to WSFS this past year. We enter 2025 with continued momentum and opportunity as we embark on our 2025-2027 Strategic Plan." (2) As used in this press release, core ROA, core EPS and core ROTCE are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. Highlights for 4Q 2024: Core ROA was 1.24%, compared to 1.22% for 3Q 2024. Core EPS was $1.11, compared to $1.08 for 3Q 2024. Customer deposits increased 4% (not annualized) compared to 3Q 2024 and 4% compared to 4Q 2023, driven by broad-based growth across our Trust, Consumer, and Commercial business lines. Net interest margin of 3.80%, compared to 3.78% for 3Q 2024, reflects active deposit repricing actions and higher noninterest deposits, partially offset by lower loan yields. Total net credit costs were $8.7 million, compared to $20.1 million for 3Q 2024 due to a decrease in the provision for credit losses, reflecting improvement in leading indicators and lower net charge-offs. Gross loans decreased 1% (4% annualized) from 3Q 2024 primarily due to higher commercial payoffs as well as runoff in the consumer partnership portfolios. Gross loans increased 3% from 4Q 2023 driven by increases in commercial mortgage, C&I, residential mortgage, and consumer loans. Quarterly record fee revenue in Wealth and Trust, with 12% year over year growth. Cash Connect® pre-tax income was negatively impacted by $4.7 million as a result of the termination of a long-standing Client relationship, which is described further in the Cash Connect® section of this release. WSFS repurchased 393,238 shares of common stock at an average price of $53.27 per share, totaling an aggregate of $20.9 million. The Board of Directors approved a quarterly cash dividend of $0.15 per share. During the year, WSFS repurchased 2,049,739 shares of common stock, or 3%, of shares outstanding, at an average price of $46.55 per share, returning $95.4 million of capital to shareholders. Fourth Quarter 2024 Discussion of Financial Results Balance Sheet The following table summarizes loan and lease balances and composition at December 31, 2024 compared to September 30, 2024 and December 31, 2023: Loans and Leases (Dollars in millions) December 31, 2024 September 30, 2024 December 31, 2023 Commercial & industrial (C&I) $ 4,652 36 % $ 4,661 35 % $ 4,443 35 % Commercial mortgage 4,031 31 4,149 32 3,801 30 Construction 832 6 806 6 1,036 8 Commercial small business leases 648 5 645 5 624 5 Total commercial loans and leases 10,163 78 10,261 78 9,904 78 Residential mortgage 992 8 965 7 882 7 Consumer 2,086 16 2,138 16 2,012 16 Gross loans and leases 13,241 102 % 13,364 101 % 12,798 101 % ACL (195 ) (2 ) (197 ) (1 ) (186 ) (1 ) Net loans and leases $ 13,046 100 % $ 13,167 100 % $ 12,612 100 % At December 31, 2024, WSFS’ gross loan and lease portfolio decreased $123.1 million, or 1% (4% annualized), when compared with September 30, 2024, primarily driven by decreases of $118.4 million in commercial mortgage attributable to seasonally higher payoff activity, and $52.0 million in consumer loans due to runoff of the Spring EQ and Upstart portfolios. These decreases were partially offset by an increase of $27.0 million in residential mortgage, due to the retention of certain loans based on favorable yields and relationship opportunities. Gross loans and leases at December 31, 2024 increased $442.6 million, or 3%, when compared with December 31, 2023. Total commercial loans and leases grew $259.1 million, or 3%, driven by increases of $229.4 million, or 6%, in commercial mortgage and $209.2 million, or 5%, in C&I. These increases were partially offset by a $203.4 million decrease in construction loans, partially driven by migration into commercial mortgages and C&I loans (including owner-occupied real estate). Residential mortgage increased $109.2 million, or 12%, and consumer loans increased $74.3 million, or 4%, primarily due to growth in WSFS-originated consumer loans and Spring EQ. The following table summarizes customer deposit balances and composition at December 31, 2024 compared to September 30, 2024 and December 31, 2023: Customer Deposits (Dollars in millions) December 31, 2024 September 30, 2024 December 31, 2023 Noninterest demand $ 4,988 29 % $ 4,686 29 % $ 4,917 30 % Interest-bearing demand 2,973 17 2,931 18 2,936 18 Savings 1,466 9 1,489 9 1,610 10 Money market 5,472 32 5,178 31 5,175 31 Total core deposits 14,899 87 14,284 87 14,638 89 Customer time deposits 2,131 13 2,143 13 1,784 11 Total customer deposits $ 17,030 100 % $ 16,427 100 % $ 16,422 100 % Total customer deposits increased by $602.8 million, or 4% (not annualized), when compared with September 30, 2024, driven by broad-based growth across the Trust, Consumer, and Commercial business lines, partially offset by expected seasonal decreases in municipal deposits. Average customer deposits also increased 4%, compared to 3Q 2024. Average noninterest demand deposits, which comprised 31% of average customer deposits, grew 6% (not annualized), reflecting the strength of our core deposit base. Total customer deposits increased by $607.4 million, or 4%, from December 31, 2023, primarily driven by the Consumer and Commercial businesses, with growth in time, money market, and noninterest demand deposits. Average customer deposits increased 6% compared to 4Q 2023, including average noninterest demand deposit growth of 7%. The deposit base remains well-diversified, with 51% of customer deposits coming from the Commercial, Small Business, and Wealth and Trust business lines. The loan-to-deposit ratio(3) was 77% at December 31, 2024, providing continued capacity to fund future loan growth. Core deposits were 87% of total customer deposits, with a weighted average cost of 147bps for the quarter. No- and low-cost checking accounts represented 46% of total customer deposits with a weighted average cost of 41bps for the quarter. (3) Ratio of net loans and leases to total customer deposits. Net Interest Income Three Months Ending (Dollars in millions) December 31, 2024 September 30, 2024 December 31, 2023 Net interest income before purchase accretion $ 175.8 $ 175.5 $ 174.8 Purchase accounting accretion 2.4 2.0 3.3 Net interest income $ 178.2 $ 177.5 $ 178.1 Net interest margin before purchase accretion 3.75 % 3.74 % 3.92 % Purchase accounting accretion 0.05 0.04 0.07 Net interest margin 3.80 % 3.78 % 3.99 % Net interest income increased $0.7 million, or less than 1%, compared to 3Q 2024, driven by lower deposit and wholesale funding costs, which were partially offset by lower income from loans. Net interest income was essentially flat compared to 4Q 2023, despite 100bps of interest rate cuts in 2H 2024. Total loan yields were 6.80%, a decrease of 27bps when compared to 3Q 2024, due to the rate cuts in 2H 2024. Total customer deposit costs were 1.83%, a decrease of 12bps, while interest-bearing deposit costs were 2.65%, a decrease of 14bps compared to the prior quarter. The deposit cost decreases reflect deposit repricing actions taken in response to the Fed interest rate cuts. Net interest margin of 3.80%, an increase of 2bps compared to 3Q 2024, reflects the repricing actions and higher noninterest deposits, partially offset by the lower loan yields mentioned above. Net interest margin decreased 19bps from 4Q 2023, primarily driven by lower loan yields as well as deposit mix shift and growth in higher priced deposit products over the past year. Asset Quality (Dollars in millions) December 31, 2024 September 30, 2024 December 31, 2023 Problem assets(4) $ 645.0 $ 721.5 $ 555.7 Delinquencies 121.8 147.6 101.9 Nonperforming assets 127.4 91.3 75.8 Net charge-offs 10.2 19.2 14.7 Total net credit costs (r) 8.7 20.1 25.4 Problem assets to total Tier 1 capital plus ACL 26.21 % 30.11 % 23.44 % Classified assets to total Tier 1 capital plus ACL 21.40 21.41 17.29 Ratio of nonperforming assets to total assets 0.61 0.44 0.37 Delinquencies to gross loans (n) 0.92 1.11 0.80 Ratio of quarterly net charge-offs to average gross loans 0.31 0.58 0.46 Ratio of allowance for credit losses to total loans and leases (q) 1.48 1.48 1.46 Ratio of allowance for credit losses to nonaccruing loans 160 219 251 Total net credit costs were $8.7 million in the quarter, a decrease of $11.4 million, compared to $20.1 million in 3Q 2024. The decrease reflects improvements in early stage metrics of problem assets and delinquencies, as well as net charge-offs. Problem assets to total Tier 1 capital plus ACL ratio was 26.21%, a decrease of 390bps compared to September 30, 2024, driven by upgrades and the full payoff of a $21.6 million problem credit. Delinquencies of $121.8 million, or 92bps of gross loans, decreased $25.8 million, or 19bps, compared to September 30, 2024, primarily due to two commercial relationships brought current within the period. Nonperforming assets increased $36.0 million, or 17bps of total assets, compared to September 30, 2024, primarily driven by the migration of one relationship with two loans, one land and one multifamily construction. These loans were previously included in problem assets and are well-collateralized based on current valuations. Net charge-offs decreased $8.9 million to $10.2 million, or 31bps (annualized) of average gross loans during the quarter. Outside of the NewLane and Upstart portfolios, which continued to moderate, there were minimal losses in our commercial and consumer portfolios in the quarter. The ACL was $195.3 million as of December 31, 2024, a decrease of $2.2 million from September 30, 2024. The ACL coverage ratio was 1.48%, flat compared to September 30, 2024. (4) Problem assets includes all criticized, classified, and nonperforming loans as well as other real estate owned (OREO). Core Fee Revenue(5) Core fee revenue (noninterest income) of $83.2 million decreased $6.9 million, or 8% (not annualized), compared to $90.1 million from 3Q 2024. The decrease was driven by $6.4 million of lower Cash Connect® fee revenue and $2.3 million from the Spring EQ earnout recognized in 3Q 2024. The decline in Cash Connect® included a $2.8 million impact from the write-off of uncollectible fees related to the termination of a Client relationship as well as a $2.1 million impact from interest rates (which was offset in noninterest expense). The full impact of the Client termination is described further in the Cash Connect® section of this release. The decrease was partially offset by Wealth and Trust, which increased $3.0 million and delivered a record quarter, with double digit growth in Institutional Services. Core fee revenue increased $5.2 million, or 7%, compared to 4Q 2023. Excluding the impacts of the Cash Connect® Client termination and Spring EQ-related fees in 2023, core fee revenue increased 15%. The growth was driven by the Wealth and Trust and Cash Connect® business lines. Growth in Wealth and Trust was driven by Institutional Services, Private Wealth Management and The Bryn Mawr Trust Company of Delaware (BMT of DE). Growth in Cash Connect® was driven by bailment Clients added in the fourth quarter of 2023 and the first half of 2024. For 4Q 2024, our core fee revenue ratio(5) was 31.8% compared to 33.6% in 3Q 2024 and 30.4% in 4Q 2023. Fee revenue is a competitive differentiator providing a well-diversified source of revenue with further growth opportunities expected. (5) As used in this press release, core fee revenue and core fee revenue ratio is a non-GAAP financial measure. This non-GAAP financial measure excludes certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. Core Noninterest Expense(6) Core noninterest expense of $167.0 million increased $3.3 million, or 2% (not annualized), compared to 3Q 2024. Core noninterest expense was impacted by $1.9 million of nonrecurring items related to the Cash Connect® Client termination as well as favorable impacts of $2.3 million from Cash Connect® external funding costs driven by interest rate decreases. Excluding these items, core noninterest expense increased $3.7 million, or 3% (not annualized), which was driven by higher compliance and risk-related professional fees, legal fees and medical benefit costs. Core noninterest expense increased $27.2 million, or 19%, compared to 4Q 2023. Excluding the impact of the Cash Connect® Client termination and additional external funding costs of $5.4 million (which were more than offset in fee revenue), core noninterest expense increased $20.0 million, or 15%, compared to 4Q 2023. The $20.0 million increase was largely driven by $18.0 million in higher salaries and benefits as a result of talent additions, performance-based increases, and higher medical costs. The talent additions were concentrated in key business areas, such as Wealth and Trust, Commercial, and Technology. We continue to be a preferred platform for new talent as evidenced by two teams in Wealth and Trust that have recently joined us from competitors. Our core efficiency ratio(6) was 63.8% in 4Q 2024, compared to 61.1% in 3Q 2024 and 54.5% in 4Q 2023. Income Taxes We recorded a $20.2 million income tax provision in 4Q 2024, compared to $21.1 million in 3Q 2024 and $29.4 million in 4Q 2023. The quarter over quarter decrease is primarily due to lower income before taxes and the year over year decrease in income tax provision is primarily due to the surrender of bank-owned life insurance (BOLI) policies in 4Q 2023. The effective tax rate was 23.9% in 4Q 2024 compared to 24.7% in 3Q 2024 and 31.6% in 4Q 2023. The decrease in effective tax rate for 4Q 2024 compared to 3Q 2024 was primarily driven by lower state taxes and impacts from renewable energy tax credits. The decrease in effective tax rate when compared to 4Q 2023 is attributable to the surrender of BOLI policies mentioned above. The full-year effective tax rate was 24.1% in 2024 compared to 26.3% in 2023. (6) As used in this press release, core noninterest expense and core efficiency ratio are non-GAAP financial measures. These non-GAAP financial measures exclude certain pre-tax adjustments and the tax impact of such adjustments. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. Capital Management Capital levels remain strong and are all substantially in excess of the “well-capitalized” regulatory benchmarks at December 31, 2024, with WSFS Bank’s Tier 1 leverage ratio of 11.03%, Common Equity Tier 1 capital ratio and Tier 1 capital ratio of 13.88%, and Total Risk-based capital ratio of 15.13%. WSFS’ total stockholders’ equity decreased $88.5 million, or 3% (not annualized), during 4Q 2024. The decrease was primarily due to an increase in accumulated other comprehensive loss of $124.9 million, driven by market-value decreases on available-for-sale investment securities, and capital returns of $29.8 million to stockholders, comprising $20.9 million from share repurchases and $8.8 million from quarterly dividends. The decrease was partially offset by quarterly earnings of $64.2 million. WSFS’ tangible common equity(7) decreased $84.5 million, or 5% (not annualized), compared to September 30, 2024, primarily due to the reasons described above. WSFS’ common equity to assets ratio decreased 37bps to 12.44% during the quarter, and our tangible common equity to tangible assets ratio(7) was 8.08% at December 31, 2024, a decrease of 39bps, compared to the prior quarter. At December 31, 2024, book value per share was $44.15, a decrease of $1.22, or 3% (not annualized), from September 30, 2024, and tangible book value per share was $27.30, a decrease of $1.26, or 4% (not annualized), from September 30, 2024. These decreases were due to the reasons described above. Book value per share increased $3.22, or 8%, and tangible book value per share increased $2.97, or 12%, compared to 4Q 2023. During 4Q 2024, WSFS repurchased 393,238 shares of common stock for an aggregate of $20.9 million. As of December 31, 2024, WSFS has 3,291,854 shares, or approximately 6% of outstanding shares, remaining to repurchase under its current authorization. For the year, total capital returned to stockholders through share repurchases and quarterly dividends was $131.2 million. The Board of Directors approved a quarterly cash dividend of $0.15 per share of common stock. This dividend will be paid on February 21, 2025 to stockholders of record as of February 7, 2025. (7) As used in this press release, tangible common equity and tangible common equity to tangible assets ratio are non-GAAP financial measures. These non-GAAP financial measures exclude goodwill and intangible assets and the related tax-effected amortization. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. Selected Business Segments (included in previous results): Wealth Management The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, credit and deposit products to individual, corporate, and institutional Clients. Selected quarterly performance results and metrics are as follows: (Dollars in millions) December 31, 2024 September 30, 2024 December 31, 2023 Net interest income $ 23.1 $ 21.6 $ 18.3 Provision for (recovery of) credit losses 0.4 — (0.1 ) Fee revenue(8) 40.3 37.2 36.0 Noninterest expense(8) 29.9 28.4 26.9 Pre-tax income 33.1 30.4 27.5 Performance Metrics Trust fee revenue (Institutional Services and BMT of DE) $ 24.1 $ 21.5 $ 20.9 Private Wealth Management fee revenue 15.3 14.7 14.5 AUM/AUA(9) 89,425 87,217 78,087 Wealth Management delivered a record quarter in fee revenue and earnings, with pre-tax income of $33.1 million, which increased $2.7 million, or 9% (not annualized), compared to 3Q 2024. Net interest income increased $1.5 million, as average deposits were $222.0 million higher than 3Q 2024. Fee revenue increased $3.0 million from 3Q 2024, due to growth across all business areas, including Institutional Services, BMT of DE, and Private Wealth Management. Total noninterest expense increased $1.5 million, compared to 3Q 2024, mostly due to performance-based compensation and higher technology costs. Wealth Management pre-tax income increased $5.6 million, or 20%, compared to 4Q 2023 due to higher fee revenue and net interest income. Net interest income increased $4.7 million mostly due to higher deposit balances. Fee revenue increased $4.3 million, or 12%, compared to 4Q 2023, due to growth in Institutional Services, Private Wealth Management, and BMT of DE. Total noninterest expense increased $2.9 million driven by salaries and benefits expense from hiring new advisors and performance-based compensation. Net AUM of $9.2 billion at the end of 4Q 2024 decreased $0.1 billion, or 2%, compared to 3Q 2024, and increased $0.5 billion, or 6%, compared to 4Q 2023. AUM balances compared to the prior quarter were largely driven by declines in broader equity markets and some net outflows. (8) Includes intercompany allocation of revenue and expense. (9) Represents Assets Under Management and Assets Under Administration. Cash Connect® Cash Connect® is a premier provider of ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Customers with one of the largest branded ATM networks in our region. Selected quarterly financial results and metrics are as follows: (Dollars in millions) December 31, 2024 September 30, 2024 December 31, 2023 Net revenue(10) $ 21.8 $ 27.7 $ 19.0 Noninterest expense(11) 25.2 26.1 17.4 Pre-tax income (3.4 ) 1.6 1.6 Performance Metrics Average cash managed $ 1,585 $ 1,623 $ 1,579 Number of serviced non-bank ATMs and smart safes 38,574 42,126 41,695 Number of WSFS owned and branded ATMs 567 569 590 ROA (2.63 )% 1.29 % 1.17 % During the fourth quarter, WSFS terminated a relationship with a long-standing Cash Connect® Client as a result of negative events in the Client's overall business portfolio. Due to this termination, Cash Connect® recorded a loss of $3.4 million in 4Q 2024, driven by one-time charges totaling $4.7 million, including $2.8 million in uncollectible fees and $1.9 million in noninterest expense. We are actively engaged in the recovery of these costs through our insurance policies and other avenues, where appropriate. The table below summarizes the impact of these charges. Reported Adjusted (Dollars in millions) December 31, 2024 Adjustments December 31, 2024 Net revenue $ 21.8 $ 2.8 $ 24.6 Noninterest expense 25.2 (1.9 ) 23.3 Pre-tax income (3.4 ) 4.7 1.4 ROA (2.63 )% 3.69 % 1.06 % Excluding the impacts of the terminated relationship, net revenue was $24.6 million, a decrease of $3.0 million compared to 3Q 2024 and pre-tax income was $1.4 million, a decrease of $0.3 million. The decrease in net revenue was driven by $2.1 million related to interest rate reductions (which were offset in noninterest expense) and $1.5 million related to seasonally lower ATM volume, which also impacted pre-tax income. Excluding the impacts of the terminated relationship, pre-tax net income decreased $0.2 million compared to 4Q 2023. The decrease was primarily driven by higher vault-related expenses, partially offset by the benefit from lower rates. (10) Includes intercompany allocation of income and net interest income. (11) Includes intercompany allocation of expense. Fourth Quarter 2024 Earnings Release Conference Call Management will conduct a conference call to review 4Q 2024 results at 1:00 p.m. Eastern Time (ET) on Tuesday, January 28, 2025. Interested parties may access the conference call live on our Investor Relations website (https://investors.wsfsbank.com). For those who cannot access the live conference call, a replay will be accessible shortly after the event concludes through our Investor Relations website. About WSFS Financial Corporation WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of December 31, 2024, WSFS Financial Corporation had $20.8 billion in assets on its balance sheet and $89.4 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com. WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS SUMMARY STATEMENTS OF INCOME (Unaudited) Three months ended Twelve months ended (Dollars in thousands, except per share data) December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Interest income: Interest and fees on loans $ 226,886 $ 235,977 $ 224,760 $ 918,381 $ 845,271 Interest on mortgage-backed securities 24,995 25,348 26,245 102,024 107,555 Interest and dividends on investment securities 2,188 2,184 2,184 8,739 8,783 Other interest income 9,270 9,875 4,042 34,438 14,913 263,339 273,384 257,231 1,063,582 976,522 Interest expense: Interest on deposits 78,541 80,647 67,319 308,676 209,820 Interest on Federal Home Loan Bank advances 828 1,472 213 2,967 5,348 Interest on senior and subordinated debt 2,354 2,446 2,455 9,690 9,815 Interest on trust preferred borrowings 1,655 1,749 1,782 6,910 6,736 Interest on other borrowings 1,754 9,566 7,335 29,901 19,700 85,132 95,880 79,104 358,144 251,419 Net interest income 178,207 177,504 178,127 705,438 725,103 Provision for credit losses 8,036 18,422 24,816 61,410 88,071 Net interest income after provision for credit losses 170,171 159,082 153,311 644,028 637,032 Noninterest income: Credit/debit card and ATM income 20,545 24,621 17,058 88,710 59,718 Investment management and fiduciary revenue 39,763 36,648 35,475 146,945 131,050 Deposit service charges 6,844 6,837 6,543 26,664 25,393 Mortgage banking activities, net 1,634 2,067 1,119 7,565 4,799 Loan and lease fee income 1,939 1,513 1,535 6,681 5,718 Unrealized gain on equity investment, net — — 338 — 329 Realized gain on sale of equity investment, net 123 56 9,493 2,309 9,493 Bank-owned life insurance income 1,191 1,540 675 4,724 4,642 Other income 11,268 16,876 14,969 57,322 48,729 83,307 90,158 87,205 340,920 289,871 Noninterest expense: Salaries, benefits and other compensation 87,503 86,124 69,524 332,682 289,193 Occupancy expense 9,118 9,595 12,115 37,579 42,184 Equipment expense 12,922 12,076 11,077 47,744 42,242 Data processing and operations expense 4,829 4,985 4,692 18,281 19,054 Professional fees 7,083 3,819 6,031 20,164 21,200 Marketing expense 1,969 2,053 1,984 7,824 7,914 FDIC expenses 2,912 2,882 7,908 12,166 15,887 Loan workout and other credit costs 646 1,684 560 2,123 852 Corporate development expense 61 46 282 473 3,931 Restructuring expense 2,193 — 557 2,193 (230 ) Other operating expenses 39,890 40,459 32,916 156,460 119,406 169,126 163,723 147,646 637,689 561,633 Income before taxes 84,352 85,517 92,870 347,259 365,270 Income tax provision 20,197 21,108 29,365 83,764 96,245 Net income 64,155 64,409 63,505 263,495 269,025 Less: Net loss attributable to noncontrolling interest (47 ) (26 ) (403 ) (176 ) (131 ) Net income attributable to WSFS $ 64,202 $ 64,435 $ 63,908 $ 263,671 $ 269,156 Diluted earnings per share of common stock: $ 1.09 $ 1.08 $ 1.05 $ 4.41 $ 4.40 Weighted average shares of common stock outstanding for fully diluted EPS 59,078,572 59,393,651 60,772,603 59,738,889 61,220,647 WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS SUMMARY STATEMENTS OF INCOME (Unaudited) - continued Three months ended Twelve months ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Performance Ratios: Return on average assets (a) 1.21 % 1.22 % 1.25 % 1.27 % 1.33 % Return on average equity (a) 9.66 9.95 11.12 10.40 11.70 Return on average tangible common equity (a)(o) 16.17 16.96 20.83 17.91 21.73 Net interest margin (a)(b) 3.80 3.78 3.99 3.82 4.11 Efficiency ratio (c) 64.57 61.08 55.56 60.85 55.24 Noninterest income as a percentage of total net revenue (b) 31.80 33.64 32.81 32.53 28.51 WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) SUMMARY STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Dollars in thousands) December 31, 2024 September 30, 2024 December 31, 2023 Assets: Cash and due from banks $ 722,722 $ 571,798 $ 629,310 Cash in non-owned ATMs 430,320 414,931 458,889 Investment securities, available-for-sale 3,510,648 3,737,119 3,846,537 Investment securities, held-to-maturity 1,015,161 1,026,305 1,058,557 Other investments 31,765 38,662 37,533 Net loans and leases (e)(f)(l) 13,045,917 13,166,805 12,612,470 Bank owned life insurance 36,565 35,658 42,762 Goodwill and intangibles 988,160 992,163 1,004,560 Other assets 1,033,045 921,768 904,054 Total assets $ 20,814,303 $ 20,905,209 $ 20,594,672 Liabilities and Stockholders’ Equity: Noninterest-bearing deposits $ 4,987,753 $ 4,685,957 $ 4,917,297 Interest-bearing deposits 12,042,055 11,741,074 11,505,113 Total customer deposits 17,029,808 16,427,031 16,422,410 Brokered deposits — — 51,676 Total deposits 17,029,808 16,427,031 16,474,086 Federal Home Loan Bank advances 51,040 43,158 — Other borrowings 332,567 1,032,003 895,076 Other liabilities 821,512 736,002 755,695 Total liabilities 18,234,927 18,238,194 18,124,857 Stockholders’ equity of WSFS 2,589,752 2,678,264 2,477,636 Noncontrolling interest (10,376 ) (11,249 ) (7,821 ) Total stockholders' equity 2,579,376 2,667,015 2,469,815 Total liabilities and stockholders' equity $ 20,814,303 $ 20,905,209 $ 20,594,672 Capital Ratios: Equity to asset ratio 12.44 % 12.81 % 12.03 % Tangible common equity to tangible asset ratio (o) 8.08 8.47 7.52 Common equity Tier 1 capital (required: 4.5%; well capitalized: 6.5%) (g) 13.88 13.46 13.72 Tier 1 leverage (required: 4.00%; well-capitalized: 5.00%) (g) 11.03 10.68 10.92 Tier 1 risk-based capital (required: 6.00%; well-capitalized: 8.00%) (g) 13.88 13.46 13.72 Total risk-based capital (required: 8.00%; well-capitalized: 10.00%) (g) 15.13 14.71 14.96 Asset Quality Indicators: Nonperforming assets: Nonaccruing loans (t) $ 122,181 $ 90,039 $ 74,185 Assets acquired through foreclosure 5,204 1,301 1,569 Total nonperforming assets $ 127,385 $ 91,340 $ 75,754 Past due loans (h) $ 9,202 $ 31,714 $ 11,584 Troubled loans (u) 151,288 166,754 95,268 Allowance for credit losses 195,288 197,497 186,134 Ratio of nonperforming assets to total assets 0.61 % 0.44 % 0.37 % Ratio of allowance for credit losses to total loans and leases (q) 1.48 1.48 1.46 Ratio of allowance for credit losses to nonaccruing loans 160 219 251 Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n) 0.31 0.58 0.46 Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n) 0.40 0.43 0.44 See “Notes” Forward-Looking Statements This press release contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth; the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; changes in market interest rates which may increase funding costs and reduce earning asset yields and thus reduce margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company's investment securities portfolio, which could impact market confidence in the Company’s operations; possible additional loan losses and impairment of the collectability of loans; the Company's level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums; , the credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development loans in the Company's loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company's operations and potential expenses associated with complying with such regulations; the Company's ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms; possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes; any impairments of the Company's goodwill or other intangible assets; the success of the Company's growth plans; failure of the financial and/or operational controls of the Company's Cash Connect® and/or Wealth Management segments; negative perceptions or publicity with respect to the Company generally and, in particular, the Company's trust and wealth management business; adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings; the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties; system failures or cybersecurity incidents or other breaches of the Company's network security, particularly given remote working arrangements; the Company's ability to recruit and retain key Associates; the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks; the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage); possible changes in the speed of loan prepayments by the Company's Customers and loan origination or sales volumes; possible changes in market valuations and/or the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate; regulatory limits on the Company's ability to receive dividends from its subsidiaries and pay dividends to its stockholders; any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; any compounding effects or unexpected interactions of the risks discussed above; and other risks and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September 30,2024, and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this press release, the terms "WSFS," "the Company," "registrant," "we," "us," and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise. WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) AVERAGE BALANCE SHEET (Unaudited) (Dollars in thousands) Three months ended December 31, 2024 September 30, 2024 December 31, 2023 Average Balance Interest & Dividends Yield/ Rate (a)(b) Average Balance Interest & Dividends Yield/ Rate (a)(b) Average Balance Interest & Dividends Yield/ Rate (a)(b) Assets: Interest-earning assets: Loans: (e) (j) Commercial loans and leases (p) $ 5,234,307 $ 89,784 6.84 % $ 5,246,721 $ 93,594 7.11 % $ 5,049,932 $ 89,474 7.04 % Commercial real estate loans (s) 4,939,610 84,415 6.80 4,952,571 89,516 7.19 4,757,766 85,717 7.15 Residential mortgage 953,099 12,604 5.29 924,830 11,916 5.15 865,631 10,176 4.70 Consumer loans 2,112,283 39,039 7.35 2,112,423 39,909 7.52 1,992,434 38,495 7.67 Loans held for sale 49,455 1,044 8.40 50,556 1,042 8.20 46,227 898 7.71 Total loans and leases 13,288,754 226,886 6.80 13,287,101 235,977 7.07 12,711,990 224,760 7.02 Mortgage-backed securities (d) 4,295,179 24,995 2.33 4,354,462 25,348 2.33 4,376,102 26,245 2.40 Investment securities (d) 366,981 2,188 2.64 366,098 2,184 2.62 356,495 2,184 2.72 Other interest-earning assets 765,240 9,270 4.82 709,358 9,875 5.54 291,626 4,042 5.50 Total interest-earning assets $ 18,716,154 $ 263,339 5.61 % $ 18,717,019 $ 273,384 5.82 % $ 17,736,213 $ 257,231 5.76 % Allowance for credit losses (196,740 ) (199,380 ) (179,030 ) Cash and due from banks 189,730 189,523 263,724 Cash in non-owned ATMs 387,114 387,019 396,589 Bank owned life insurance 36,350 35,689 91,769 Other noninterest-earning assets 1,917,671 1,931,521 2,009,939 Total assets $ 21,050,279 $ 21,061,391 $ 20,319,204 Liabilities and stockholders’ equity: Interest-bearing liabilities: Interest-bearing deposits: Interest-bearing demand $ 2,843,613 $ 8,460 1.18 % $ 2,806,850 $ 9,074 1.29 % $ 2,941,311 $ 7,966 1.07 % Savings 1,480,650 1,922 0.52 1,519,457 2,038 0.53 1,646,314 1,614 0.39 Money market 5,323,856 44,797 3.35 5,125,286 46,686 3.62 4,760,003 40,373 3.37 Customer time deposits 2,155,891 23,362 4.31 2,061,526 22,849 4.41 1,763,678 15,766 3.55 Total interest-bearing customer deposits 11,804,010 78,541 2.65 11,513,119 80,647 2.79 11,111,306 65,719 2.35 Brokered deposits — — — — — — 119,843 1,600 5.30 Total interest-bearing deposits 11,804,010 78,541 2.65 11,513,119 80,647 2.79 11,231,149 67,319 2.38 Federal Home Loan Bank advances 71,331 828 4.62 108,196 1,472 5.41 14,620 213 5.78 Trust preferred borrowings 90,806 1,655 7.25 90,753 1,749 7.67 90,606 1,782 7.80 Senior and subordinated debt 218,593 2,354 4.31 218,535 2,446 4.48 218,362 2,455 4.50 Other borrowed funds 171,873 1,754 4.06 816,373 9,566 4.66 635,512 7,335 4.58 Total interest-bearing liabilities $ 12,356,613 $ 85,132 2.74 % $ 12,746,976 $ 95,880 2.99 % $ 12,190,249 $ 79,104 2.57 % Noninterest-bearing demand deposits 5,289,024 4,979,859 4,965,356 Other noninterest-bearing liabilities 772,531 770,572 889,962 Stockholders’ equity of WSFS 2,643,325 2,575,182 2,281,076 Noncontrolling interest (11,214 ) (11,198 ) (7,439 ) Total liabilities and equity $ 21,050,279 $ 21,061,391 $ 20,319,204 Excess of interest-earning assets over interest-bearing liabilities $ 6,359,541 $ 5,970,043 $ 5,545,964 Net interest and dividend income $ 178,207 $ 177,504 $ 178,127 Interest rate spread 2.87 % 2.83 % 3.19 % Net interest margin 3.80 % 3.78 % 3.99 % WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) (Unaudited) (Dollars in thousands, except per share data) Three months ended Twelve months ended Stock Information: December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Market price of common stock: High $62.75 $58.59 $47.97 $62.75 $51.77 Low 47.87 45.42 33.12 40.20 29.59 Close 53.13 50.99 45.93 53.13 45.93 Book value per share of common stock 44.15 45.37 40.93 Tangible common book value (TBV) per share of common stock (o) 27.30 28.56 24.33 Number of shares of common stock outstanding (000s) 58,657 59,033 60,538 Other Financial Data: One-year repricing gap to total assets (k) 2.26% (0.78)% (0.14)% Weighted average duration of the MBS portfolio 5.9 years 5.7 years 5.8 years Unrealized losses on securities available for sale, net of taxes $(537,790) $(420,815) $(499,932) Number of Associates (FTEs) (m) 2,309 2,316 2,229 Number of offices (branches, LPO’s, operations centers, etc.) 114 114 114 Number of WSFS owned and branded ATMs 567 569 590 Notes: (a) Annualized.   (b) Computed on a fully tax-equivalent basis. (c) Noninterest expense divided by (tax-equivalent) net interest income and noninterest income. (d) Includes securities held-to-maturity (at amortized cost) and securities available-for-sale (at fair value). (e) Net of unearned income. (f) Net of allowance for credit losses. (g) Represents capital ratios of Wilmington Savings Fund Society, FSB and subsidiaries. Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed. (h) Accruing loans which are contractually past due 90 days or more as to principal or interest. Balance includes student loans, which are U.S. government guaranteed with little risk of credit loss. (i) Excludes loans held for sale. (j) Nonperforming loans are included in average balance computations. (k) The difference between projected amounts of interest-sensitive assets and interest-sensitive liabilities repricing within one year divided by total assets, based on a current interest rate scenario. (l) Includes loans held for sale and reverse mortgages. (m) Includes seasonal Associates, when applicable. (n) Excludes reverse mortgage loans. (o) The Company uses non-GAAP (United States Generally Accepted Accounting Principles) financial information in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP financial measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these and other non-GAAP financial measures to their comparable GAAP measures, see "Non-GAAP Reconciliation" at the end of the press release. (p) Includes commercial & industrial loans and commercial small business leases. (q) Represents amortized cost basis for loans and leases. (r) Includes provision for credit losses, loan workout expenses, OREO expenses and other credit costs. (s) Includes commercial mortgage and commercial construction loans. (t) Includes nonaccruing troubled loans. (u) Represents loans modified in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, or a term extension to borrowers experiencing financial difficulty WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) (Dollars in thousands, except per share data) (Unaudited) Non-GAAP Reconciliation (o): Three months ended Twelve months ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net interest income (GAAP) $ 178,207 $ 177,504 $ 178,127 $ 705,438 $ 725,103 Core net interest income (non-GAAP) 178,207 177,504 178,127 705,438 725,103 Noninterest income (GAAP) 83,307 90,158 87,205 340,920 289,871 Less: Unrealized gain on equity investments, net — — 338 — 329 Less: Realized gain on sale of equity investment, net 123 56 9,493 2,309 9,493 Less/(plus): Visa derivative valuation adjustment — — (605 ) 2,829 (2,460 ) Core fee revenue (non-GAAP) $ 83,184 $ 90,102 $ 77,979 $ 335,782 $ 282,509 Core net revenue (non-GAAP) $ 261,391 $ 267,606 $ 256,106 $ 1,041,220 $ 1,007,612 Core net revenue (non-GAAP)(tax-equivalent) $ 261,811 $ 267,991 $ 256,523 $ 1,042,785 $ 1,009,427 Noninterest expense (GAAP) $ 169,126 $ 163,723 $ 147,646 $ 637,689 $ 561,633 Less: FDIC special assessment — — 5,052 880 5,052 Less: Corporate development expense 61 46 282 473 3,931 Less/(plus): Restructuring expense 2,193 — 557 2,193 (230 ) Plus: Remeasurement of lease liability (112 ) — — (112 ) — Less: Contribution to WSFS CARES Foundation — — 2,000 — 2,000 Core noninterest expense (non-GAAP) $ 166,984 $ 163,677 $ 139,755 $ 634,255 $ 550,880 Core efficiency ratio (non-GAAP) 63.8 % 61.1 % 54.5 % 60.8 % 54.6 % Core fee revenue ratio (non-GAAP) (b) 31.8 % 33.6 % 30.4 % 32.2 % 28.0 % End of period December 31, 2024 September 30, 2024 December 31, 2023 Total assets (GAAP) $ 20,814,303 $ 20,905,209 $ 20,594,672 Less: Goodwill and other intangible assets 988,160 992,163 1,004,560 Total tangible assets (non-GAAP) $ 19,826,143 $ 19,913,046 $ 19,590,112 Total stockholders’ equity of WSFS (GAAP) $ 2,589,752 $ 2,678,264 $ 2,477,636 Less: Goodwill and other intangible assets 988,160 992,163 1,004,560 Total tangible common equity (non-GAAP) $ 1,601,592 $ 1,686,101 $ 1,473,076 Tangible common book value (TBV) per share: Book value per share (GAAP) $ 44.15 $ 45.37 $ 40.93 Tangible common book value per share (non-GAAP) 27.30 28.56 24.33 Tangible common equity to tangible assets: Equity to asset ratio (GAAP) 12.44 % 12.81 % 12.03 % Tangible common equity to tangible assets ratio (non-GAAP) 8.08 8.47 7.52 Non-GAAP Reconciliation - continued (o): Three months ended Twelve months ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 GAAP net income attributable to WSFS $ 64,202 $ 64,435 $ 63,908 $ 263,671 $ 269,156 Plus/(less): Pre-tax adjustments: Realized/unrealized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, remeasurement of lease liability, and contribution to WSFS CARES Foundation 2,019 (10 ) (1,335 ) (1,704 ) 3,391 Plus: Tax adjustments: BOLI surrender — — 7,056 — 7,056 (Plus)/less: Tax impact of pre-tax adjustments (445 ) 2 65 485 (764 ) Adjusted net income (non-GAAP) attributable to WSFS $ 65,776 $ 64,427 $ 69,694 $ 262,452 $ 278,839 GAAP return on average assets (ROA) 1.21 % 1.22 % 1.25 % 1.27 % 1.33 % Plus/(less): Pre-tax adjustments: Realized/unrealized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, remeasurement of lease liability, and contribution to WSFS CARES Foundation 0.04 — (0.03 ) (0.01 ) 0.02 Plus: Tax adjustments: BOLI surrender — — 0.14 — 0.03 (Plus)/less: Tax impact of pre-tax adjustments (0.01 ) — — — — Core ROA (non-GAAP) 1.24 % 1.22 % 1.36 % 1.26 % 1.38 % Earnings per share (diluted) (GAAP) $ 1.09 $ 1.08 $ 1.05 $ 4.41 $ 4.40 Plus/(less): Pre-tax adjustments: Realized/unrealized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, remeasurement of lease liability, and contribution to WSFS CARES Foundation 0.03 — (0.02 ) (0.03 ) 0.05 Plus: Tax adjustments: BOLI surrender — — 0.12 — 0.12 (Plus)/less: Tax impact of pre-tax adjustments (0.01 ) — — 0.01 (0.02 ) Core earnings per share (non-GAAP) $ 1.11 $ 1.08 $ 1.15 $ 4.39 $ 4.55 Calculation of return on average tangible common equity: GAAP net income attributable to WSFS $ 64,202 $ 64,435 $ 63,908 $ 263,671 $ 269,156 Plus: Tax effected amortization of intangible assets 2,965 2,949 2,976 11,893 11,724 Net tangible income (non-GAAP) $ 67,167 $ 67,384 $ 66,884 $ 275,564 $ 280,880 Average stockholders’ equity of WSFS $ 2,643,325 $ 2,575,182 $ 2,281,076 $ 2,535,737 $ 2,300,467 Less: Average goodwill and intangible assets 990,762 994,818 1,007,136 996,899 1,008,128 Net average tangible common equity $ 1,652,563 $ 1,580,364 $ 1,273,940 $ 1,538,838 $ 1,292,339 Return on average tangible common equity (non-GAAP) 16.17 % 16.96 % 20.83 % 17.91 % 21.73 % Non-GAAP Reconciliation - continued (o): Three months ended Twelve months ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Calculation of core return on average tangible common equity: Adjusted net income (non-GAAP) attributable to WSFS $ 65,776 $ 64,427 $ 69,694 $ 262,452 $ 278,839 Plus: Tax effected amortization of intangible assets 2,965 2,949 2,976 11,893 11,724 Core net tangible income (non-GAAP) $ 68,741 $ 67,376 $ 72,670 $ 274,345 $ 290,563 Net average tangible common equity $ 1,652,563 $ 1,580,364 $ 1,273,940 $ 1,538,838 $ 1,292,339 Core return on average tangible common equity (non-GAAP) 16.55 % 16.96 % 22.63 % 17.83 % 22.48 % Calculation of PPNR: Net income (GAAP) $ 64,155 $ 64,409 $ 63,505 $ 263,495 $ 269,025 Plus: Income tax provision 20,197 21,108 29,365 83,764 96,245 Plus: Provision for credit losses 8,036 18,422 24,816 61,410 88,071 PPNR (non-GAAP) $ 92,388 $ 103,939 $ 117,686 $ 408,669 $ 453,341

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