WSFS Financial : 1Q 2022 Investor Presentation

WSFS Financial Corporation

1Q 2022 Investor Update

May 2022

Forward Looking Statements & Non-GAAP

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 ability to successfully integrate and fully realize the cost savings and other benefits of our recent acquisition of Bryn Mawr Bank Corporation ("BMT") and 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 in the Company's Form 10-K for the year ended December 31, 2021, 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 earnings per share ("EPS"), core EPS excluding initial BMT ACL provision, core net income, core return on equity ("ROE"), core efficiency ratio, pre-provision net revenue ("PPNR"), core PPNR, PPNR to average assets ratio, core PPNR to average assets ratio, core return on assets ("ROA"), core ROA excluding initial BMT ACL provision, core net interest income, core net interest margin ("NIM"), return on tangible common equity ("ROTCE"), tangible book value ("TBV") per share, TBV Dilution, core ROTCE, core fee revenue and core fee revenue as a percentage of total core net revenue. 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. For a reconciliation of these non-GAAP measures to their comparable GAAP measures, see the Appendix.

Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders.

Table of Contents

Earnings Supplement

Page 4

Franchise and Markets

Page 15

Selected Financial and Performance Metrics

Page 23

Earnings Supplement

1Q 2022 Financial Highlights

1Q 2022
$ in millions (except per share amounts)	Reported	Core1
EPS ROA Net Income2 PPNR1 PPNR %1 ROE ROTCE1 NIM Fee Revenue Fee Revenue %3 Efficiency Ratio ACL Ratio Bank CET1	$0.06 0.07% $3.8 $24.7 0.48% 0.57% 1.58% 3.01% $60.6 30.4% 87.5% 1.19% 13.93%	$0.66 0.83% $43.0 $76.2 1.47% 6.41% 10.72% 3.01% $60.6 30.4% 61.7% 1.19% 13.93%

1Q 2022 Core PPNR1 of $76.2 million, or 1.47% of assets, highlights strong and diversified performance, and a successful combination and conversion of Bryn Mawr Trust

1Q 2022 Highlights:

• • Excluding initial BMT ACL provision1, Core ROA was 1.17% and Core EPS was $0.93

• • Core Fee Revenue1 of $60.6 million and Core Fee Revenue Percentage1 of 30.4%

• • Net credit costs were $19.3 million including $23.5 million initial BMT ACL provision due to continued positive credit trends

• • Core Efficiency Ratio1 of 61.7% excluding one-time Corporate Development and Restructuring cost of $51.6 million

  • • Consistent with original expectations, Corporate Development and Restructuring had an EPS impact of $0.60 and ROA impact of 75bps in the quarter

• • Repurchased 938,985 shares of common stock for $47.6 million this quarter

• • The Board of Directors approved a quarterly cash dividend of $0.13 per share of common stock

• 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 results. See Appendix for reconciliation to GAAP financial information.

• 2 Excludes net income that is attributable to noncontrolling interest

• 3 Tax-equivalent