WSFS Financial : 2Q 2020 Investor Presentation Update

WSFS Financial Corporation

2Q 2020 Investor Update1 September 22, 2020

1 Page 9 updated as of September 15, 2020

Forward Looking Statements and Non-GAAP Financial Measures

Forward Looking Statements

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 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 significant risks and uncertainties (which change over time) and other factors, including the uncertain effects of the COVID-19 pandemic and actions taken in response thereto on our business, results of operations, capital and liquidity, which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties are discussed in detail the Company's Form 10-K for the year ended December 31, 2019 and other documents filed by the Company with the Securities and Exchange Commission from time to time.

We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and 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 presentation, 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.

Non-GAAP Financial Measures

This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). These non-GAAP measures include core pre-provision net revenue ("PPNR"), core PPNR to average assets ratio and related measures. The Company's management believes that these non-GAAP 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 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. See Appendix slides 41-46 for a reconciliation of these non-GAAP measures to their comparable GAAP measures,

2

Table of Contents

2Q 2020 Earnings Supplement	Page 4
WSFS Franchise and Markets	Page 19
Lines of Business and Technology	Page 25
Selected Financial Information	Page 33
Appendix: Non-GAAP Financial Information	Page 41

3

2Q 2020 Earnings Release Supplement

2Q 2020 Earnings Supplement - Table of Contents

2Q 2020 Financial Highlights	Page 6
PPP Loans	Page 7
CECL	Page 8
Credit Risk Management	Page 9
Balance Sheet and Commercial Loan Composition	Page 10
Hotel Portfolio	Page 12
Food Services Portfolio	Page 13
Retail Portfolio	Page 14
2H 2020 Outlook
Net Interest Margin Outlook	Page 15
Core Pre-Provision Net Revenue (PPNR) Outlook	Page 16
Capital Position	Page 17
Balance Sheet Growth	Page 18

5

2Q 2020 Financial Highlights

Solid Core operating performance with pre-provision net revenue (PPNR)1 at 1.96% of average assets

Significant ACL reserve build, excess capital levels, and a $0.12 dividend approved in the quarter

2Q 2020

$ in millions (expect per share amounts)	Core(1)
EPS	($0.46)
PPNR (1)	$63.5
ROA	(0.73%)
ROTCE(1)	(6.72%)
NIM	3.93%
Fee Income/Total Revenue(2)	26.2%
Efficiency Ratio	58.7%
ACL Coverage Ratio	2.45%
Loan to Deposit Ratio	86%
Common Equity Tier 1 Capital	12.68%

• Core results include $94.8 million of provision expense reducing core EPS by $1.49 and core ROA by 2.33% for 2Q 2020
• • ACL coverage ratio of 2.73% excluding PPP loans and 3.26% including estimated credit mark on acquired loans
  • COVID-19impact on "at-risk" (hotel, food services, and retail) portfolio credit migration and economic forecasts drove 2Q provision and ACL build
• Excluding PPP loans of $945.1 million and purposeful run-off portfolios, gross loans were flat compared to 1Q 2020 and grew $223.0 million, or 3% year-over-year
• Customer funding increased $1.4 billion from 1Q 2020 primarily due to an estimated $700 million from PPP customers and impact of government stimulus checks, delayed tax payments and lower overall customer spending
• Excluding $3.0 million of pre-tax net income from PPP, Core PPNR1 was $60.5 million in 2Q 2020, or 1.98% of average assets

(1)	This is a non-GAAP financial measure and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix and our Earnings Release filed	6
(2)	at Exhibit 99.1 to our July 23, 2020 8-K filing for a summary of our 2Q 2020 GAAP results and a reconciliation of non-GAAP financial information to results reported in accordance with GAAP.
Tax-equivalent

PPP Loans

Nearly $1 billion of loans processed in 2Q 2020 supporting an estimated 100,000 jobs in our region

PPP Loans as of June 30, 2020

($ in '000s)		$	# of Loans
Construction	$	195,075	552
Professional, Scientific, and Technical		126,879	577
Health Care and Social Assistance		101,495	505
Other Services (except Public Administration)		91,728	661
Manufacturing		70,747	177
Retail Trade		57,677	554
Food Services		54,723	352
Educational Services		42,401	129
Wholesale Trade		34,713	128
Real Estate and Rental and Leasing		32,842	310
Admin Support/Waste Mngt/Remediation		26,577	171
Hotels		12,554	70
All Other		97,725	819
Total	$	945,136	5,005

PPP Loans by Size as of June 30, 2020

Loan Size	$	# of	% of	% of
Loans	total $ total #
> $1M	$358,764	175	39%	3%
$500k-$1M	179,484	262	19%	5%
$100k-500k	294,621	1,325	31%	26%
$50k-100k	59,775	841	6%	17%
$25k-50k	32,483	912	3%	18%
< $25k	20,009	1,490	2%	31%
Total	$945,136	5,005	100%	100%

• Estimated $27 million of net fee accretion over the life of the loans
• $4.8 million of net interest income, including $3.1 million of fee accretion recorded in 2Q 2020. $1.8 million of costs in 2Q 2020
• An estimated $27-28 million of net interest income including approximately $22M of fee accretion in 2020. Fee accretion assumes 75% loan forgiveness in 2H 2020
• Full-yearcosts of approximately $4-5 million expected, including Associate, third-party processing, consulting, and other costs

7

CECL

Economic Forecast

Full Year GDP of -6.1% in 2020 and 6.3% in 2021Economic Forecast Impact Year-end Unemployment of 9.3% in 2020 and 7.6% in 2021

	Coverage*: 1.60%	2.73%
	ACL by Segment		ACL Considerations
	•	2Q 2020 ACL increase of $93 million driven by:
		•	Slower forecasted recovery in unemployment
		•	Prolonged lower interest rate environment
1	•	Portfolio migration, driven by targeted review of at-risk
1		portfolios, including hotels and food services segments
	•	Coverage ratio 3.26%, including estimated remaining credit mark on the
		acquired loan portfolio
	•	YTD PPNR offsets nearly 90% of YTD Provision for Credit Losses of $151.4
		million. PPNR combined with Visa Class B gain drive positive GAAP Net
		Income of $3.8 million YTD.
	* Excludes PPP Loans
	1 Hotel loan balances are included in the C&I and Construction segments. See page 12 for additional details on the Hotel portfolio.		8

Credit Risk Management - 9/15/2020 Update

Loan Modifications (Excludes PPP)

	As of June 30, 2020	As of September 15, 2020
($ in '000s)	Loan Balances1	% of Portfolio	Loan Balances2	% of Portfolio3
CRE	700,889	32%	143,287	7%
C&I	636,426	32%	235,727	12%
Owner Occupied	380,432	28%	70,125	5%
Construction	109,861	17%	18,755	3%
Total Commerical	1,827,608	30%	467,894	8%
Residential Mortgage	86,581	9%	28,313	3%
Leases	39,298	18%	246	0%
Consumer	35,545	4%	12,350	1%
Education4	29,333	12%	35,278	14%
Credit Cards	284	3%	285	3%
Total Consumer	191,041	8%	76,472	3%
Total Loan Portfolio	2,018,649	24%	544,366	6%

Commerical Loan Modifications by Sector (Excludes PPP)

	As of June 30, 2020	As of September 15, 2020
($ in '000s)	Loan Balances1	% of Portfolio	Loan Balances2	% of Portfolio3
Real Estate Rental and Leasing (ex Retail)	573,358	24%	110,115	6%
Retail	363,376	66%	74,196	8%
Hotel	309,043	62%	185,693	36%
Other Services (ex Public Admin)	116,413	31%	18,410	5%
Food Services	129,332	68%	27,970	15%
Health Care and Social Assistance	84,330	32%	14,962	6%
Manufacturing	54,210	20%	630	0%
Construction	41,634	8%	6,732	1%
All Other	155,912	14%	29,186	2%
Total Commerical	1,827,608	30%	467,894	8%

1. Balance of "First Round" loan modifications as of June 30, 2020 as 99% were 90 days or less
2. Balance of "First Round" and "Second Round" loan modifications
3. Portfolio values are as of August 31, 2020
4. Approximately 75% of the loan balances include U.S. government-guaranteed student loans that carry little risk of credit loss

Positive Payment Deferral Trends

• 73% of total COVID-19 related modifications have reverted to full contractual payment terms as of September 15th
• • Tracking towards our initial expectation of 75% by end of 3Q 2020 (~6% as a % of total loan portfolio)
• Second round total modifications were $255M as of September 15th including $209M of Commercial modifications
• • Second round Commercial modifications included 93% under 90 days or less and 78% with interest-only payments
• "At risk" sectors consistent with initial expectations; second round modifications as of September 15th include:
• • Hotel - $93M
  • Retail - $54M
  • Food Services - $4M

9

Balance Sheet Composition at June 30, 2020

Asset Composition	Funding Composition
Assets: $12.61 Billion; Net Loans: $8.31 Billion	Customer Deposits: $10.8 Billion

Net Loans (ex PPP) 65%

Other Non-

Earning Assets

13%

CRE, 25%

Consumer,

13%

C&I, 39%

Residential

Mortgage, 12%

Commercial Construction, 8%

Time
11% Non-interest	Customer Deposits 80%
DDA 30%

Money Market &

Savings 38% Interest DDA

21%

Cash

Connect Investments 19%

3%

• Investments composed of high quality, marketable investment grade securities with low credit risk with more than 90% in MBS issued by GNMA, FNMA or FHLMC

Leasing, 3%

• Excluding PPP, Commercial loans comprise 75% of the gross loan portfolio
• 85% of consumer loans are secured
• Low credit card exposure: $9.8 million at June 30, 2020

• Core deposits represent 89% of total customer deposits
• Non-interestand very low interest DDA (WAC 7 bps) represent 51% of customer funding

Other

Liabilities 3%

Other

Equity 13% Borrowings

4%

• Customer Funding increased $1.4 billion in 2Q 2020 primarily due to an estimated $700 million from PPP loans along with pandemic related excess customer liquidity

1 Excludes $945 million of PPP loans at June 30, 2020.	10

Commercial Loan Portfolio (ex PPP) at June 30, 2020

C&I and Owner Occupied - $3.4 billion4

CRE Investor and Construction - $2.8 billion

		Real Estate Rental	Special Use &	Mixed Use,	Flex, Warehouse,
Other, 20%		and Leasing, 10%	Other, 8%	2%	Self-Storage,
				General Industrial,
					9%
		Hotels , 13%	Residential
Wholesale
		Multi-Family,
Trade, 5%				Office, 18%
		26%
Professional,		Food Services,
	6%
Scientific and
Technical		Other Services
Services, 5%
Health Care and		(except Public
	Administration),
Social Assistance, 7%		Residential 1-4,
	10%		Retail, 26%
Construction,	Retail Trade,	12%
8%	Manufacturing, 8%	8%

Well Diversified and Granular

• No single industry, CRE, project, or individual borrower concentrations
• • House Limit: $70 million at 6/30/2020 (1 Relationship)
  • 5 relationships >$50 million
  • CRE1 - 208%
  • CLD2 - 59%
• In compliance with all 20 Board approved concentration limits at June 30, 2020

No or Low Exposure Industries3:

• No direct exposure to Energy, Casinos & Gambling, and Cruise Lines
• Less than $15 million combined exposure to Movie Theaters, Amusement, and Aviation

1 Defined as the sum of CRE and Construction (excluding owner occupied) exposures divided by the sum of Tier-1 Capital and ACL.

2	Defined as Construction and land development (excluding owner occupied) exposure divided by the sum of Tier-1 Capital and ACL.	11
3	As defined by the North American Industry Classification System (NAICS).
4	Excludes $945 million of PPP loans as of June 30, 2020.

Hotel Portfolio at June 30, 2020

Hotels (ex PPP)1

Loan Type	Loan	Average
($ in millions)	Balances	Loan Size
C&I/Owner-Occupied	$422.5	$7.2
Construction	$78.1	$7.1
Total	$500.5	$7.2

EXPOSURE BY BRAND

Other 9%	Marriott,
Independent	27%
18%

InterContinental
9%	Hilton, 37%

• Risk-ratingreviews completed for entire portfolio in 2Q 2020
• • 48% of balances Criticized at June 30, 2020
• Approximately 60% of balances with original modification
• • Around 35-40% of original modifications expected to revert to contractual payment terms in 3Q 2020
• $13 million of PPP loans
• Conservative underwriting with current weighted average LTV of ~55%
• Locally based operators with experienced sponsors
• • All but one property is currently open
  • Approximately 75% of the portfolio has full or partial recourse
• Over two-thirds of hotel exposure to large brands (Hilton, Marriott, and InterContinental)

1 NAICS Code 721110 - Hotels (except Casino Hotels) and Motels	12

Food Services Portfolio at June 30, 2020

Food Services (ex PPP)1

Loan Type	Loan	Average
($ in millions)	Balances	Loan Size
C&I	$109.1	$0.3
Owner-Occupied	$83.2	$0.5
CRE/Construction	$7.6	$0.5
Total	$199.9	$0.4

• Approximately 50% of total portfolio, including majority of loans over $1 million, were reviewed in 2Q 2020
• • 13% of balances Criticized at June 30, 2020
• Approximately two-thirds of balances with original modification
• • Around 80% of original modifications expected to revert to contractual payment terms in 3Q 2020
• $55 million of PPP loans
• Approximately 50% of balances are secured by real-estate
• Six of the seven largest borrowers are associated with multi-site operations
• Granular portfolio with average balance of $400,000
• Nearly all large relationships include recourse

1 Reflects 11 unique NAICS codes covering Restaurants, Bars, Caterers, Mobile Food Services, and Food Service Contractors.	13

Retail Portfolio at June 30, 2020

Retail CRE (ex PPP)

Loan Type	Loan	Average
($ in millions)	Balances	Loan Size
Total	$741.3	$1.3

• All large loans over $8 million and nearly half of the entire portfolio reviewed in 2Q 2020
• • 5% of balances Criticized at June 30, 2020
• Approximately 50% of balances with original modification
• • Around 80% of original modifications expected to revert to contractual payment terms in 3Q 2020
• No outstanding loan balances to indoor shopping malls; limited exposure to power centers
• Top 9 loan balances represent approximately 20% of total portfolio with approximately 70% anchored by grocery stores
• Minimal PPP loans

Retail Trade (ex PPP)

Loan Type	Loan	Average
($ in millions)	Balances	Loan Size
C&I	$116.0	$0.2
Owner Occupied	$150.1	$0.6
Total	$266.1	$0.4

• Reviewed largest loans totaling ~$100 million in exposure in 2Q 2020
• • 7% of balances Criticized at June 30, 2020
• Approximately 5% of balances with original modification
• • Over 80% of original modifications expected to revert to contractual payment terms in 3Q 2020
• Granular portfolio with no loans over $10 million
• $58 million of PPP loans

14

Net Interest Margin Outlook

4.75%								•
4.38%	3.93%	3.73% -	4.08% -
	3.83%	15
4.50%						4.18%
				Negative 8 bps		0
4.25%			0.22%
			PPP impact

4.00%	0.31%			0.30%	•
3.75%	3.85%	0.30%		0.27%
	0.28%
3.50%
	3.58%
		3.43%	3.50%	•
3.25%
3.00%	1Q 2020	2Q 2020	3Q 2020 Outlook	4Q 2020 Outlook
	•

NIM Ex PAA/PPP		Modeled PAA Accretion

Incremental PAA Accretion PPP

2Q 2020 included full quarter impact of the March 150 bps Fed Fund rate decrease and negative 8 bps from PPP; 1Q and 2Q 2020 included elevated purchase accounting accretion (PAA) due to payoffs, which are uneven

3Q outlook reflects margin compression from lower PAA, full quarter of lower LIBOR; declining loan and MBS yields from portfolio churn, and; margin compression from significant excess liquidity

4Q outlook reflects 30 bps from PPP (loan forgiveness timing) plus core margin increase from reduced excess liquidity and increased deposit betas

Deposit and Loan betas are ~25-30% for down rate cycle

15

Core PPNR1 Outlook

$ in million's

120.0 2.36%

				1.93% -
100.0		1.98%	1.77% -	2.15%
		1.96%	1.98%
		1.70%-	1.66%-
80.0	71.5		1.83%
		1.85%	61 - 68
		63.5	59 - 66
60.0		3.0	7 - 92	11 -132
40.0
71.5	60.5	52- 57	50 - 55
20.0

2.50%

2.00%

1.50%

1.00%

0.50%

• Outlook assumes no Fed rate changes and continued gradual reopening of the economy
• Excluding PPP, core PPNR as a percentage of average assets1 is expected to decline in 3Q and 4Q 2020 due primarily to the following:
• • Decline in NIM from factors described in the NIM outlook on page 15
  • Approximately $2.5 to $3.0 lower quarterly interchange revenue due to Durbin (Effective July 2020)
  • Lower mortgage revenue compared to 2Q 2020 due to expected decline in refinancing volume

0.0									0.00%	• Above declines partially offset by expected lower
1Q 2020		2Q 2020	3Q 2020
			4Q 2020	noninterest expenses, including non-provision credit costs
		PPNR (ex PPP)		PPP		PPNR % Assets		PPNR % Assets (ex PPP)

1 This is a non-GAAP financial measure and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for a

reconciliation of Core PPNR and Core PPNR as a percentage of assets to their comparable GAAP measures.

16

2 PPP pre-tax net income forecasted to grow in 3Q and 4Q based on anticipated loan forgiveness timing.

Capital Position

Common Equity Tier-1 (CET1) Capital Ratio Scenario1

Six Quarter PPNR Run-Rate and ACL Capacity to Remain "Well" Capitalized

1

ACL Capacity

(Six Quarters Ending 4Q 2021)	$ in millions
Common Equity Tier 1 Capital - 2Q20	$	1,292
PPNR Run-Rate(after-tax)1		263
Dividend Run-Rate		(36)
Capacity to Absorb Additional ACL		(858)
"Well" Capitalized Minimum - 4Q21	$	661

• PPNR (after-tax)run-rate1 provides approximately 43 bps of CET1 per quarter. After estimated routine dividends, the Bank could absorb approximately $858 million of additional provision for credit losses and remain well capitalized

• Quarterly cash dividend of $0.12 per share of common stock to be paid August 2020
• Share repurchases temporarily suspended

• Incremental $858 million is an addition to $232 million ACL at June 30, 2020 and estimated $45 million of remaining credit mark on acquired loan portfolio
• PPNR run-rate fully absorbs "severely adverse" loss scenario
• Excess capacity can absorb 3 times the "severely" adverse loss scenario

1 Assumed PPNR Run-Rate reflects 2H 2020 Outlook on page 16 and an estimated $55 million quarterly PPNR (pre-tax) per quarter scenario for 2021.	17

2Q 2020 Loan and Deposit Growth

Loans - 2Q'20 vs 1Q'20 and 2Q'19

		Mar	Jun	2Q'20 $	Annualized	YOY $	YOY %
($ in millions)	Jun 2020	2020	2019	Growth	% Growth	Growth	Growth
C & I Loans	$ 3,354	$ 3,412	$ 3,421	$ (58)	-7%	(67)	-2%
PPP Loans	945	0	0	945	100%	945	100%
Commercial Mortgages	2,166	2,223	2,281	(58)	-10%	(116)	-5%
Construction Loans	638	626	540	12	8%	98	18%
Commercial Leases	213	202	156	11	22%	57	37%
Total Commercial Loans	7,316	6,463	6,398	853	53%	918	14%
Residential Mortgage (HFS/HFI/Rev Mgt)	1,012	1,055	1,134	(43)	-16%	(122)	-11%
Consumer Loans	1,133	1,118	1,131	15	5%	2	0%
Total Gross Loans	9,461	8,636	8,665	825	38%	796	9%
Run-Off Portfolios
Residential Mortgage (HFI)	892	955	1,070	(63)	-27%	(177)	-17%
Student Loans Acquired from BNCL	119	123	133	(3)	-10%	(14)	-11%
Auto Loans Acquired From BNCL	33	40	69	(7)	-70%	(36)	-52%
Participation portfolios (CRE) from BNCL	169	210	253	(41)	-79%	(84)	-33%
Leveraged Loans (C&I) from BNCL	12	12	72	0	0%	(60)	-83%
Total Run-Off Portfolios	1,225	1,340	1,597	(115)	-35%	(372)	-23%
Gross Loans ex Run-Off Portfolios	8,236	7,296	7,068	940	52%	1,168	17%
PPP Loans	945	0	0	945	100%	945	100%
Gross Loans ex Run-Off & PPP Portfolios	7,291	7,296	7,068	(5)	0%	223	3%
Deposits	- 2Q'20 vs 1Q'20	and 2Q'19

		Mar	Jun	2Q'20 $	Annualized	YOY $	YOY %
($ in millions)	Jun 2020	2020	2019	Growth	% Growth	Growth	Growth
Noninterest Demand	$ 3,189	$ 2,315	$ 2,190	$ 874	152%	999	46%
Interest Demand Deposits	2,302	2,093	2,092	209	40%	210	10%
Savings	1,732	1,595	1,625	137	35%	107	7%
Money Market	2,333	2,149	2,005	184	34%	328	16%
Total Core Deposits	9,556	8,152	7,912	1,404	69%	1,645	21%
Customer Time Deposits	1,228	1,272	1,359	(44)	-14%	(131)	-10%
Total Customer Deposits1	10,784	9,424	9,271	1,359	58%	1,513	16%

• We continue to execute our strategy to optimize our loan mix towards relationship-based, higher yielding C&I loans
• Excluding PPP loans of $945.1 million and purposeful run-off portfolios, gross loans were flat compared to 1Q 2020 and grew $223.0 million, or 3% year-over-year
• Customer funding increased $1.4 billion from 1Q 2020 and $1.5 billion year-over-year primarily due to an estimated $700 million from PPP customers and impact of government stimulus checks, delayed tax payments and lower overall customer spending

18

WSFS Franchise and Markets

The WSFS Franchise - Overview

• Largest independent bank and

trust co. HQ in Delaware and greater Philadelphia region(1)

• • $13.6 billion in assets
  • $20.8 billion in fiduciary assets, including $2.6 billion in assets under management
  • 115 offices
• Founded in 1832, WSFS is one of the ten oldest banks in the U.S.
• Major business lines
• • Commercial
  • Retail
  • Wealth Management *
  • Cash Connect® *
  • Equipment Leasing *
  • National presence

(1) As of 6/30/2020	20

The WSFS Franchise - Our Markets

Philadelphia-Camden-Wilmington MSA

Regional Employment Composition(1)

Diversity of industries drives stable and favorable employment and economic growth in our markets

Regional Statistics

• Population: ~6.1 million
• Number of Households: ~2.3 million
• Unemployment 13.4%(2)
• • (US Unemployment Rate 13.3%)
• Median Household Income: ~$71,000
• • (approx. 10% higher than the US overall)
• Median Home Value (owner-occupied housing units): ~$256,000
• • (approx. 10% higher than the US median)
• Per Capita Income: ~$38,400
• • (approx. 10% higher than the US overall)

Sources: U.S. Census Bureau , U.S Bureau of Labor Statistics	21
(1)Chart Data Source: Bureau of Labor Statistics: Employees on nonfarm payrolls by industry supersector, Philadelphia-Camden-Wilmington MSA, not seasonally adjusted; May 2020.
(2) Unemployment rate is for the Philadelphia-Camden-Wilmington MSA. Preliminary, not seasonally adjusted - May 2020.

The WSFS Franchise - Strategic Growth Opportunity

At $13.6 billion in assets at 06/30/2020, WSFS fills a long-standing service gap in our market between larger regional/national banks and smaller community banks

MSA: Philadelphia-Camden-Wilmington

(PA/NJ/DE/MD)

		Total
		Deposits
#	Institution Name	($MM)	Market Share
1	Wells Fargo Bank NA	$30,865	18.75%
2	TD Bank NA	$28,192	17.13%
3	Bank of America NA	$15,805	9.60%
4	PNC Bank NA	$15,168	9.21%
5	Citizens Bank NA	$11,373	6.91%
6	WSFS Bank	$8,697	5.28%
7	M & T Bank	$8,204	4.98%
8	BB & T	$4,667	2.84%
9	Univest Bank and Trust Co.	$3,656	2.22%
10	Bryn Mawr Trust Co.	$3,483	2.12%
11	Santander Bank NA	$3,134	1.90%
12	Fulton Bank NA	$3,046	1.85%
13	Republic First Bank	$2,526	1.53%
14	Firstrust Savings Bank	$2,402	1.46%
15	KeyBank NA	$2,400	1.46%

WSFS has more than twice the market share of the next largest local community bank in our MSA

• 4th largest metro in the Northeast -$444 billion regional economy
• 4th largest depository MSA in the U.S. (2)
• 6th largest MSA population in the U.S.
• Major Industries: life sciences, energy and manufacturing, technology, and financial services
• Unemployment rate 05/2019 (3.8%) - 05/2020 (13.4%)(1)
• 4th largest university population among all U.S. metro areas (over 100 colleges and universities)
• 14 major health systems with over 100 hospitals
• Major transportation hub, conveniently located along I-95 corridor, Amtrak's Northeast Regional Line, access to Delaware River ports, and home to Philadelphia International Airport

Note: Market Share data excludes brokered deposits and non-traditional banks (e.g. credit card companies). Market share data as of June 30, 2019; Source: FDIC	22
Sources: U.S Bureau of Economic Analysis, S&P Global Market Intelligence, U.S. Census Bureau, Select Greater Philadelphia Council, U.S Bureau of Labor Statistics
(1)	Not seasonally adjusted - May 2020
(2)	Excludes Credit Unions

The WSFS Franchise - Delivering Growth and High Performance

23

Business Model and Total Shareholder Returns

		Total Shareholder Returns2
		NASDAQ	KBW	SNL US
		Bank	Bank	Banks >	S&P 500
	WSFS	Index	Index	$10B	Index
1 year	(30%)	(24%)	(21%)		(28%)	7%
3 year	(35%)	(22%)	(15%)		(22%)	36%
5 year	10%	6%	10%		(1%)	66%
10 year	163%	103%	101%		86%	270%

(1)	Completed by the Gallup Organization, as of December 31, 2019.	24
(2)	Per Bloomberg; closing price as of June 30,2020.

Lines of Business and Technology

Commercial Banking

Local, relationship-focused lending including cash management, wealth management, and private banking services

Business Banking		Middle Market		Comm. Real Estate		Small Business		SBA Lending
Revenues:		Revenues:		Revenues:		Revenues:		Profit:
$3 million - $20 million+		$20 million-$150 million		N/A		$250,000 - $5 million+		Up to $5 million
Loan Exposure:		Loan Exposure:		Loan Exposure:		Loan Exposure:		Loan Exposure:
$1 million - $15 million+		$5 million - $30 million+		$3 million - $30 million+		up to $1.5 million		up to $5 million
Average Relationship		Average Relationship		Average Relationship		Average Loan Exposure:		Average Loan Exposure:
Exposure:		Exposure:		Exposure:		$0.2 million		$0.2 million
$2.1 million		$6.2 million		$8.2 million
34 Relationship Managers		6 Relationship Managers		16 Relationship Managers		17 Relationship Managers		7 Relationship Managers

Disciplined Credit and Underwriting Philosophy

• Conservative lending and concentration limits
• • CRE(1): 300%, 205% actual
  • Construction(2): 100%, 58% actual
• Concentration limits by industry, CRE, project and individual borrower
• House Limit: $70 million at 6/30/2020 (1 Relationship)
• • 5 relationships >$50 million

In Delaware and Pennsylvania, WSFS Bank ranks 1st in

Overall Satisfaction, Values Long-Term Relationships,

Overall Satisfaction with Relationship Manager,

Responsiveness and Prompt Follow-up on Requests,

Knowledge of Cash Management Services, Provides Advice to Help Business Grow and Effectively Coordinates Product Specialists among commercial businesses surveyed.

Source: 2019 Greenwich Associates Market Tracking Program (WSFS - Total Footprint Plus Oversample - $1-500MM - FY 2019)

(1)	Defined as the sum of CRE and Construction (excluding owner occupied) exposures divided by the sum of Tier 1 Capital and ACL.	26
(2)	Defined as Construction (excluding owner occupied) exposure divided by the sum of Tier 1 Capital and ACL.

Retail Banking

Relationship-focused community banking model with 90 banking offices & 571 ATMS(1)

Recently optimized retail footprint through reduction of branch locations

Branch & ATM	Online & Mobile		Banking		Borrowing	Mortgage	COVID-19
Network							Response
							Our Associates health,
Locations across	Over 128K active online	Providing Customers with		Meeting Customers'	Offering a full range of	well-being and safety is
	mortgage products with	our top priority, and
Delaware, southeastern	banking users and over	a wide range of options to	borrowing needs through
national capabilities,	we are caring for our
Pennsylvania and	80K active mobile banking		make banking simple,	in-house originations and
	world-class service and	Customers and our
southern New Jersey	users		intuitive and seamless		strategic partnerships
		local-decision making	Communities
	Highly rated mobile
Operates universal	banking application that	Deposit Products:	Consumer Loan Products:		Phased Reopening… 80
banking model to	provides a range of	•	Noninterest DDA	•	Installment	Significant contributor to	out of 90 offices open
maximize staffing	functionality including	•	Interest DDA	•	HELOC	fee income through our	including 71 drive-
efficiencies while	WSFS SnapShot Deposit,	•	Savings	•	Personal Lines	originate and sell	thru/office hours and 9
providing a superior	Zelle®, MyWSFS and	•	Money Market	•	Credit Cards	mortgage model	with office hours only
Customer experience	WSFS Mobile Cash	•	Time Deposits	•	Student Loans

Voted #1 "Top Bank" in	68% of WSFS Customers
surveyed rated us a "5" out of 5,
Delaware eight years in a row by
saying "WSFS is the perfect bank
readers of The News Journal
for people like me." (2)

(1)	The large increase in ATMs in driven by the branded partnership that we agreed to with the Bancorp to wrap and whitelist our BINs to increase our non-branch ATM footprints at 3/31/2020	27
(2)	Completed by the Gallup Organization, as of December 31, 2019

Cash Connect®

Leading National Provider of Cash Logistics

ATM

Vault Cash "Bailment"

WSFS	Smart
Branded
Safes
ATMs

Armored

Loss Protection	Carrier
Management
Fees
Cash
	Forecasting &
	Reconcilement
	Services

$9.2 million in net revenue (fee income less funding costs) and $2.0 million in pre-tax income in 2Q 2020

• 5 year CAGR(2) for net revenue is 10.6%

Manages 484(1) branded ATMs for WSFS Bank; one of the largest networks in our footprint

Oldest and second largest vault cash provider in the ATM industry - over $1.4 billion in vault cash supplied or managed at 6/30/2020

Approximately 32,000 non-bank ATMs & retail safes in all 50 states

• ~9,300 devices utilizing armored car management and/or cash forecasting
• Support ~87 ATM ISOs and ~743 deposit safe customers
• Over $33 billion in annual non-WSFS Bank cash funding

Serves as an innovation center for the company, both expanding core ATM offerings and additional payment, processing and software-related activities; e.g., launched WSFS Mobile Cash

(1)	As of 06/30/2020	28
(2)	5 years ending 6/30/2020

NewLane Finance

Micro & Small Ticket Commercial Equipment Financing

Background:

• Co-foundedin 2017 by industry veterans who built Marlin Business Services from a start-up to a publicly-traded company (Nasdaq: MRLN)
• WSFS owns ~83% of the Company

Market Size:

• Micro & Small Ticket Equipment Leasing is a $100 billion segment with over 100 thousand equipment dealers and 31 million small businesses nationwide

Product Offering:

• Lease/Loan to finance business critical equipment
• Deal size ranges from $3,000 - $500,000
• • Average deal size approximately $20,000
• Yields range 6%-25%, terms 12-72 months
• Stable credit default risk
• Minimal residual exposure

Value Proposition:

• Provide a better lending experience through advanced technologies, customer-centric approach and transparent business lending practices
• Deliver simple, fast, & competitive financing solutions

Attractive Risk Adjusted Margins

Simple, Fast and Convenient Offer

Superior Customer Experience

Small and Mid-Size Business Market Focus

Vendor Relationship Model

Advanced Technology Platform

29

WSFS Wealth

Full-Service,Relationship-based Wealth Management

Financial Highlights

2Q 2020 Net Revenue: $13.8 million

2Q 2020 Pre-tax Income: $2.3 million

$20.8 billion in fiduciary assets, including $2.6 billion in assets under management at 6/30/2020

Private Banking Services for Commercial

Customers

Wealth Management Services for Retail

Customers

30

Delivery Transformation

2020 Program Focus and Outlook

Full-Year Gross Investment of $15.2mm; $9.7mm Net Expense; $8.2mm Net of Revenue Lift

Customer Acquisition

• Expand nCino capabilities
• Initiate implementation of enterprise-wide CRM, piloting Wealth, Middle Markets and Mortgage
• Advanced Customer targeting & marketing strategies based on Customer segmentation

Customer Experience

• Launch improved online and new mobile account opening solutions
• Automated & guided sales / onboarding tool leveraging tablet interface with dynamic customized experience
• Integrated real-time,transaction-specific Customer experience surveys in mobile/online channels

Infrastructure

• Implement enterprise-wide middleware platform
• Begin transformation of architecture
• Scope and design sales and service platform

Expected Benefits from 2020 Initiatives

• Grow Customer acquisitions at lower CTA
• Enhance and expedite onboarding process
• Deepen and strengthen Customer relationships
• Capture cross-sell opportunities
• Improve Customer retention
• Timely and deeper insights from Customer feedback
• Digitize & automate processes
• Increase Associate productivity and engagement
• Evolve infrastructure for increased flexibility and expedite future technology integrations

2021 and beyond: Continue to invest in our digital capabilities and

provide best-in-class solutions consistent with our brand, for our Customers and Associates.

31

Channel Strategy and Digital Adoption

• Since COVID-19 pandemic, WSFS supported consistent volumes of total deposit transactions with a significant shift from physical to mobile
• Increased digital and remote banking volume demonstrates versatile and adaptable channel strategy, while managing a significant increase in contact center volume due to COVID-19impact and relief programs
• Branch Net Promoter Score (NPS) remained flat in Q2 and remains strong at 69.1. Surveys are conducted utilizing Medallia, a Customer Experience management platform that delivers surveys to Customers based upon retail office visits and provides real-timefeedback.
  Medallia was launched in the Contact Centers at the end of Q2, to be included in Q3 results
• MyWSFS, launched in 2019, offers a secure mobile application that enables communication directly and in real-time with a WSFS Associate to support Customer's banking needs from any location

1	Chart reflects monthly volume in 2020 indexed to average monthly 2019 volume	32
2	Chart reflects cumulative growth since COVID-19 and through June 30, 2020

Selected Financial Information

Diversified & Robust Fee Income

$180 $160

Trust & Wealth

Cash Connect

27% (2)

• Fee income is well diversified with over

$140

Bank Segment

35% (2)

35%(2)

$44

20 discrete lines of business and products

within our three segments

$120

34% (2)

$41

• Strong historical growth in each segment.

Core(1) Fee income	$ in Millions
Total

$100

$80

$60

$40

$20 $0

35% (2)

$23

$30

$36

$36

$27	$51

$51

$43

$36

$66

$40

$44

$46

5-year CAGR:
•	Trust & Wealth: 19%
•	Cash Connect: 15%
•	Bank: 15%
•	Total: 16%
• 2020	Projected fee income / total net
revenue: 25% - 26%

2015

2016

2017

2018

2019

(1)	These are non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP	34
	results. See Appendix for reconciliation to GAAP financial information.
(2)	%s represent fee (noninterest) income / total net revenue.

Interest Rate Risk1 As of 6/30/20 (WSJ Prime @ 3.25%)

		12 month
	PPP included	PPP excluded
BPs Change	NII Impact - %	NII Impact - $	NII Impact - %	NII Impact - $
-100	(1.02%)	($4.3 million)	(1.05%)	($4.3 million)
-75	(1.01%)	($4.3 million)	(1.04%)	($4.2 million)
-50	(1.00%)	($4.2 million)	(1.03%)	($4.2 million)
-25	(0.86%)	($3.6 million)	(0.88%)	($3.6 million)
Static Base
+25	0.97%	$4.1 million	0.98%	$4.0 million
+50	1.91%	$8.1million	1.92%	$7.8 million
+75	2.88%	$12.1 million	2.89%	$11.8 million
+100	3.90%	$16.5 million	3.92%	$16.1 million

Balance Sheet Drivers

• High % of variable/adjustable rate to total loan portfolio: 50% ex PPP
• • Approximately half of variable rate loans tied to 30-day LIBOR
• High % core deposits: 89%; high % non- interest bearing and low-interest DDA: 51%
• Solid brand and position / WSFS is a market "price leader"
• Assumes long-term historical deposit beta of approximately 50%

1 WSFS IRR model estimates: Static Balance Sheet / Instantaneous Rate Shocks	35

Credit Metrics (ex PPP)

Criticized & Classified Loans / Tier-1 + ALLL		Delinquencies (1) / Gross Loans

40%

37.30%

2.00%

1.80%

35%

1.60%

30%

25.52%

1.40%

25%

1.20%

1.00%

0.51%

20%

0.80%

15%

0.60%

0.40%

10%

0.20%

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

Classified Loans

Criticized Loans

Delinquencies

Large Relationship (2)

Govt. Guaranteed Student Loans

NPAs / Total Assets

Net Charge-Offs(3)

2.20%

1.00%

1.70%

0.80%

1.20%

0.60%

0.70%

0.40%

0.33%

0.20%

0.07%

0.20%

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

0.00%

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

(1) Includes non-accruing loans

36

(2)

One large $15.4 million, highly-seasonal relationship that was exited in 3Q 2016

(3)

Ratio of quarterly net charge-offs to average gross loans

Capital Management - Bank

Disciplined capital management providing flexibility to grow & return profits to shareholders

Tier 1 Capital ($000s)

Common Equity Tier 1 Capital ($000s)

Tier 1 Leverage Ratio ($000s)

Total Risk Based Capital ($ 000s)

37

Share Buyback and Dividends - Recent History

Capital Returned ($ in 000s)

$120,000	$0.47

$0.42

$100,000

$80,000
					$0.30
	$0.25
$60,000	$0.24
$0.21
$40,000

$20,000

$-

2015	2016	2017	2018	2019	1H'20
Dividends		Routine buybacks			Incremental buybacks				Annual Dividend Per Share

$0.50

$0.45

$0.40

$0.35

$0.30

$0.25

$0.20

$0.15

$0.10

$0.05

$-

Annual Dividends Paid per Share

(dollars in 000s)	2015	2016	2017	2018	2019	1H'2020
Total Capital Returned	$ 37,606	$ 22,061	$ 21,165	$ 44,419	$ 113,780	$50,938
Total Shares	1,152,233	449,371	255,000	691,742	2,132,390	1,004,348
Repurchased

Note: 2015 adjusted to reflect 3 for 1 stock split in May 2015.	38

Strong Alignment / Capital Management

• Executive management bonuses and equity awards based on bottom-line performance

ROA, ROTCE and EPS growth - equally weighted

• Insider ownership1 is approximately 2%

Board of Directors and Executive Management ownership guidelines in place and followed

• WSFS repurchased $38.7 million, or 1,004,348 shares of our common stock during 1Q 2020, completing our current authorization. No share repurchases in 2Q 2020.

During 1Q 2020, the Board approved a new share repurchase authorization of 15% of outstanding shares as of March 31, 2020; however, we have temporarily suspended all share repurchases until we have a clearer view of the impact of COVID- 19 on the economy and our performance

• The Board of Directors approved a quarterly cash dividend of $0.12 per share of common stock which was paid in May 2020 and is scheduled to be paid in August 2020

1 As defined in our most recent proxy	39

WSFS Mission, Vision, Strategy and Values

40

Appendix:

Non-GAAP Financial Information

Appendix: 2Q 2020 Reported Financial Results

2Q 2020
$ in millions (expect per share amounts)
EPS	($0.14)
PPNR (1)	$84.7
ROA	(0.22%)
ROTCE(1)	(1.55%)
NIM	3.93%
Fee Income/Total Revenue(2)	36.1%
Efficiency Ratio	52.4%
ACL Coverage Ratio	2.45%
Loan to Deposit Ratio	86%
Common Equity Tier 1 Capital	12.68%

• GAAP results for 2Q 2020 were significantly impacted by the continued impacts of COVID-19 and included $94.8 million (pre-tax), or $1.49 per share (after-tax) of provision for credit losses due to portfolio credit migration and deterioration in economic forecasts
• 2Q 2020 GAAP results also include:
• • $22.1 million (pre-tax), or $0.35 per share (after-tax), net realized gain on sale of 360,000 Visa Class B shares. Cumulative realized and unrealized gains and dividends on Visa Class B shares total $78.0 million on a total portfolio investment of $17.7 million
  • $2.8 million (pre-tax), or $0.04 per share (after-tax) of corporate development expense related to our acquisition of Beneficial
  • $1.9 million, or $0.03 per share (after-tax) from realized gain on sale of other investment

(1)	This is non-GAAP financial information and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results.
(2)	Tax-equivalent	42

Appendix: Non-GAAP Financial Information

			Three Months Ended
(dollars in thousands, except per share data)		June 30,				March 31,		June 30,
	2020				2020				2019
Net interest income (GAAP)	$	113,756	$	116,150			$	123,232
Core net interest income (non-GAAP)	$	113,756	$	116,150			$	123,232
Noninterest income (GAAP)	$	64,375	$	40,847			$	42,871
Less: Securities gains		1,908				693				63
Less: Unrealized (loss) gains on equity investment		(11)				668				1,033
Less: Realized Gain on Sale		22,052
Core fee income (non-GAAP)	$	40,426			$	39,486			$	41,775
Core net revenue (non-GAAP)	$	154,182			$	155,636			$	165,007
Core net revenue (non-GAAP)(tax-equivalent)
$	154,513			$	155,905			$	165,325
Noninterest expense (GAAP)
$	93,435	$	88,496			$	107,848
(Plus)/less: Recovery of fraud loss		-				-				-
Less: Corporate development expense		2,801				1,341				13,946
Less: Restructuring expense		-				-				1,881
Less: Contribution to WSFS Community Foundation		-				3,000				-
Core noninterest expense (non-GAAP)	$	90,634	$	84,155			$	92,021
Core efficiency ratio		58.7%				54.0%				55.7%
Core fee income as a percentage of
total core net revenue (tax equivalent)		26.2%				25.3%				25.3%
GAAP net (loss) income attributable to WSFS	$	(7,111)	$	10,927			$	36,200
Plus (less): Pre-tax adjustments (1)		(21,148)				2,980				14,731
(Plus)/less: Tax impact of pre-tax adjustments		4,712				(2,020)				(3,580)
Adjusted net (loss) income (non-GAAP) attributable to WSFS	$	(23,547)	$	11,887			$	47,351

			Three Months Ended
(dollars in thousands, except per share data)		June 30,		March 31,2020		June 30 ,
	2020			2019
Net (loss) income (GAAP)	$	(7,811)	$	10,567		$	35,969
Plus: Income tax (benefit) provision		(2,247)			1,288			10,091
Plus: Provision for credit losses		94,754			56,646			12,195
Pre-provision net revenue (PPNR) (Non-GAAP)		84,696			68,501			58,255
Plus (less): Pre-tax adjustments (1)		(21,148)			2,980			14,731
Core PPNR (Non-GAAP)	$	63,548	$	71,481		$	72,986
GAAP return on average assets (ROA)
	-0.22%			0.36%			1.20%
Plus (less): Pre-tax adjustments (1)		-0.65%			0.10%			0.49%
(Plus) less: Tax impact of pre-tax adjustments (ROA)		0.14%			-0.07%			-0.12%
Core ROA (non-GAAP)		-0.73%			0.39%			1.57%
EPS (GAAP)
$	(0.14)	$	0.21		$	0.68
Plus (less): Pre-tax adjustments (1)		(0.42)			0.06			0.28
(Plus) less: Tax impact of pre-tax adjustments (EPS)		0.10			(0.04)			(0.08)
Core EPS (non-GAAP)	$	(0.46)	$	0.23		$	0.88

(1) Pre-tax adjustments include Securities gains, unrealized gains on equity investments, corporate development and restructuring expense, recovery of fraud loss, and contribution to WSFS Community Foundation

43

Appendix: Non-GAAP Financial Information

							March 31,			December 31,			March 31,
(dollars in thousands)			2020				2019				2019
GAAP net income attributable to WSFS	$	10,927		$	45,704		$	13,023
Plus: Tax-effected amortization of intangible assets			2,103				2,121				1,034
Net tangible income (non-GAAP)			$	13,030			$	47,825			$	14,057
Average shareholder's equity			$	1,835,501
			$	1,856,311		$	1,162,591
less: Average goodwill and intangible assets			567,695				570,685				321,102
Net average tangible common equity				$	1,267,806		$	1,285,626		$	841,489
Return on average tangible common equity (non-GAAP)
						4.13%				14.76%				6.77%

Calculation of core return on average tangible common equity:

	Adjusted net income (non-GAAP) attributable to WSFS	$	11,887	$					50,100						$		35,647
	Plus: Tax-effected amortization of intangible assets										2,103									2,121									1,034
	Core net tangible income (non-GAAP)									$	13,990				$					52,221						$		36,681
	Net average tangible common equity
					$	1,267,806	$		1,285,626						$		841,489
	Core return on average tangible common equity (non-GAAP)								4.44%								16.12%									17.68%
																					For the year ended December 31,
(dollars in thousands)		2010				2011			2012		2013		2014			2015						2016				2017			2018			2019
Net Income (GAAP)	$	14,117			$	22,677			$		31,311		$			46,882		$		53,757		$		53,533						$		64,080		$	59,551	$	134,743	$	148,809
Plus/less core adjustments (after-tax)		420				(2,664)					(11,546)							(4,290)					(4,632)					4,407									4,300				23,290			(20,436)			36,295
Adjusted net income (nonGAAP)	$	14,537			$	20,013			$		19,765		$			42,592		$		49,125		$		57,940						$		68,380		$	82,841		$	114,307		$	185,104
Average Assets	$	3,796,166			$	4,070,896			$ 4,267,358		$ 4,365,389		$ 4,598,121		$ 5,074,129						$ 6,042,824		$	6,828,471	$	7,014,447	$	11,477,856
ROA		0.37%				0.56%					0.73%							1.07%					1.17%					1.06%								1.06%				0.87%			1.92%			1.30%
Core ROA		0.38%				0.49%					0.46%							0.98%					1.07%					1.14%								1.13%				1.21%			1.63%			1.61%
																				For the year ended December 31,
		(dollars in thousands)							2015							2016					2017					2018									2019
		Noninterest income (GAAP)					$	88,255	$	105,061	$	124,644	$	162,541			$	188,109
		Less: Securities gains							1,478						2,369				1,984				21					333
		Less: Unrealized gains on equity investment			-							-					-					20,745					26,175
		Less: Gain on sale of Visa Class B shares			-							-					-					3,757					-
		Core fee income (non-GAAP)				$	86,777	$	102,692	$	122,660	$	138,018		$	161,601

44

Appendix: Non-GAAP Financial Information

$ in 000's		1Q'19		2Q'19		3Q'19		4Q'19	TTM 4Q'19			1Q'20		2Q'20
Net Income	$	12,930	$	35,969	$	53,595	$	45,424	$	147,918		$	10,567	$	(7,811)
Plus: Income Tax Provision		6,260		10,091		15,902		14,199		46,452			1,288		(2,247)
Plus: Provision for Credit Losses		7,654		12,195		4,121		1,590		25,560			56,646		94,754
Plus/Less: Core Adjustments (1)		27,176		14,731		(2,467)		5,419		44,859			2,980		(21,148)
Core Pre-Provision Net Revenue	$	54,020	$	72,986	$	71,151	$	66,632	$	264,789		$	71,481	$	63,548
PPP Income		-		-		-		-		-			-		4,836
PPP Expense		-		-		-		-		-			-		(1,814)
PPP		-		-		-		-		-			-		3,022
Core Pre-Provision Net Revenue, Less PPP	$	54,020	$	72,986	$	71,151	$	66,632	$	264,789		$	71,481	$	60,526
Average Assets	$	9,099,176	$	12,122,966	$	12,418,420	$	12,226,162	$	11,466,681		$	12,159,524	$	13,020,715
PPP Average Assets														$	727,377
Average Assets less PPP														$	12,293,338
PPNR/Avg Assets (annualized)		2.41%		2.41%		2.27%		2.16%		2.31%			2.36%		1.96%
PPNR less PPP/Avg Assets (annualized)		2.41%		2.41%		2.27%		2.16%		2.31%			2.36%		1.98%

1 For detail on our core adjustments for 2Q'20, 1Q'20 and 2Q'19 refer to our Earnings Release filed at Exhibit 99.1 to our July 23, 2020 8-K filing. For detail on our core adjustments for 4Q'19	45
and 1Q'19, refer to our Earnings Release filed at Exhibit 99.1 to our April 27,2020 8-K filing. For detail on our core adjustments for 3Q'19, refer to our Earnings Release filed at Exhibit 99.1 to our
October 22,2019 8-K filing.

Appendix: Non-GAAP Financial Information

								For the year ended December 31,
		2019		2018		2017		2016		2015	2014	2013	2012	2011
Net Income (GAAP)	$	148,809	$	134,743	$	50,244	$	64,080	$	53,533	$ 53,757	$ 46,882	$ 31,311	$ 22,677
Core Net Income		185,104		114,307		82,841		68,403		60,090	49,220	42,664	19,111	20,013
Core PPNR		264,789		156,422		135,387		116,300		97,581	79,134	73,384	61,578	58,050
Avg Assets	11,477,856		7,014,447		6,820,471		6,042,824		5,074,129	4,599,692	4,365,389	4,267,358	4,070,896
Avg Equity		1,670,869		764,489		725,763		638,624		522,925	440,273	404,029	408,879	380,418
Core ROA		1.61%		1.63%		1.21%		1.13%		1.18%	1.07%	0.98%	0.45%	0.49%
Core ROAE		10.84%		15.36%		10.92%		10.64%		11.35%	11.30%	10.67%	4.82%	5.30%
PPNR/Avg Assets		2.31%		2.23%		1.99%		1.92%		1.92%	1.72%	1.68%	1.44%	1.43%
								For the year ended December 31,
		2019		2018		2017		2016		2015	2014	2013	2012	2011
Net Int Income (as reported)	$	444,948	$	246,474	$	221,271	$	193,745	$	166,800	144507	131588	126999	126037
Adj: FHLB Dividend										(808)
Core Net Int Inc		444,948		246,474		221,271		193,745		165,992	144,507	131,588	126,999	126,037
Noninterest Inc (as reported)		188,109		162,541		124,644		105,061		88,255	78,278	80,151	86,693	63,588
Adj: Securities Gains		(333)		(21)		(1,984)		(2,369)		(1,478)	(1,037)	(3,516)	(21,425)	(4,878)
Adj:Less: Gain on sale of Visa Class B shares		(26,175)		(3,757)
Adj: Unrealized gains on equity investment		-		(20,745)
Adj: Rev mtg consol gain												(3,801)
Adj: BOLI gain													(1,006)
Core Nonint Inc		161,601		138,018		122,660		102,692		86,777	77,241	72,834	64,262	58,710
Noninterest Exp (as reported)		413,127		225,047		226,461		188,666		163,459	146,645	131,755	133,345	127,476
Adj: Corp Dev		(71,367)		3,157		(17,222)		(8,529)		(7,620)	(4,031)	(717)	(3,662)	(780)
Adj: Debt Extinguishment						(695)				(651)
Core Nonint Exp		341,760		228,204		208,544		180,137		155,188	142,614	131,038	129,683	126,696
Efficiency Ratio (as reported)		65.26%		55.02%		64.91%		62.52%		63.52%	65.76%	62.42%	62.19%	66.85%
Core Efficiency Ratio		56.20%		59.35%		60.11%		60.16%		60.84%	63.70%	63.72%	67.54%	68.18%

46

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

302-504-9857

[e-mail]

www.wsfsbank.com

Rodger Levenson	Dominic C. Canuso
Chairman, President and CEO	Chief Financial Officer
302-571-7296	302-571-6833
[e-mail]	[e-mail]

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