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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 001-35638
WSFS FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware22-2866913
(State or other jurisdiction of Incorporation or organization)(I.R.S. Employer Identification Number)
500 Delaware Ave,
Wilmington, Delaware, 19801
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (302) 792-6000
Not Applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareWSFSNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x  Accelerated filer
Non-accelerated filer   Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x

Number of shares outstanding of the issuer's common stock, as of the latest practicable date: 60,731,884 shares as of October 31, 2023.



WSFS FINANCIAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
 PART I. Financial InformationPage
Item 1.Financial Statements (Unaudited)
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022
Notes to the Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2023
Item 2.
Item 3.
Item 4.
PART II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, and exhibits hereto, 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 recent bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions;
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;
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;
the credit risk associated with the substantial amount of commercial real estate, construction and land development and commercial and industrial 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 discontinued publication of London Inter-Bank Offered Rate (LIBOR) and the transition to Secured Overnight Financing Rate (SOFR) as an alternative reference interest rate;
the success of the Company's growth plans, including its plans to grow the commercial small business leasing, residential, small business and Small Business Administration (SBA) portfolios and wealth management business;
the Company’s ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Customer acceptance of the Company’s products and services and related Customer disintermediation;
negative perceptions or publicity with respect to the Company generally and, in particular, the Company’s trust and wealth management business;
failure of the financial and/or operational controls of the Company’s Cash Connect® and/or Wealth Management divisions;
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 widespread remote working arrangements;
the Company’s ability to recruit and retain key Associates;
the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally;
3

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 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 interaction of the risks discussed above; and
other risks and uncertainties, including those discussed herein under the heading “Risk Factors” and in other documents filed by the Company with the Securities and Exchange Commission (SEC) 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 Quarterly Report on Form 10-Q, 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.

The following are registered trademarks of the Company: Bryn Mawr Trust®, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage® and WSFS Wealth® Investments. Any other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.

4


WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands, except per share and share data)2023202220232022
Interest income:
Interest and fees on loans and leases$218,903 $152,887 $620,511 $401,110 
Interest on mortgage-backed securities26,654 28,338 81,310 78,828 
Interest and dividends on investment securities:
Taxable699 703 2,103 2,107 
Tax-exempt1,481 1,278 4,496 2,535 
Other interest income3,402 3,359 10,871 6,142 
251,139 186,565 719,291 490,722 
Interest expense:
Interest on deposits57,255 6,643 142,501 13,537 
Interest on Federal Home Loan Bank advances167 42 5,135 42 
Interest on senior and subordinated debt2,453 2,061 7,360 5,939 
Interest on federal funds purchased 185 28 1,324 28 
Interest on trust preferred borrowings1,764 951 4,954 2,146 
Interest on other borrowings6,713 9 11,041 26 
68,537 9,734 172,315 21,718 
Net interest income182,602 176,831 546,976 469,004 
Provision for credit losses18,414 7,454 63,255 34,693 
Net interest income after provision for credit losses164,188 169,377 483,721 434,311 
Noninterest income:
Credit/debit card and ATM income14,869 10,993 42,660 27,446 
Investment management and fiduciary income32,720 29,504 95,575 90,877 
Deposit service charges6,534 6,262 18,850 18,158 
Mortgage banking activities, net1,254 1,420 3,680 6,529 
Loan and lease fee income1,621 1,425 4,183 4,457 
Unrealized (loss) gain on equity investments, net(5) (9)5,988 
Bank owned life insurance income1,697 195 3,967 674 
Other income13,978 12,852 33,760 41,125 
72,668 62,651 202,666 195,254 
Noninterest expense:
Salaries, benefits and other compensation74,453 72,294 219,669 211,413 
Occupancy expense9,529 9,699 30,069 30,393 
Equipment expense10,563 9,913 31,165 30,674 
Data processing and operations expenses4,867 5,362 14,362 16,009 
Professional fees4,612 3,561 15,169 12,285 
Marketing expense2,049 2,082 5,930 4,985 
FDIC expenses2,534 1,540 7,979 4,399 
Loan workout and other credit costs(189)1,001 292 1,103 
Corporate development expense113 1,248 3,649 41,679 
Restructuring expense 1,344 (787)22,792 
Other operating expense31,158 24,873 86,490 65,691 
139,689 132,917 413,987 441,423 
Income before taxes97,167 99,111 272,400 188,142 
Income tax provision22,904 25,767 66,880 49,929 
Net income$74,263 $73,344 $205,520 $138,213 
Less: Net income (loss) attributable to noncontrolling interest97 (38)272 287 
Net income attributable to WSFS$74,166 $73,382 $205,248 $137,926 
Earnings per share:
Basic$1.22 $1.16 $3.35 $2.15 
Diluted$1.22 $1.16 $3.34 $2.15 
Weighted average shares of common stock outstanding:
Basic60,941,922 63,047,675 61,264,862 64,064,488 
Diluted61,039,317 63,227,983 61,367,802 64,282,992 

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
5

WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2023202220232022
Net income $74,263 $73,344 $205,520 $138,213 
Less: Net income (loss) attributable to noncontrolling interest97 (38)272 287 
Net income attributable to WSFS74,166 73,382 205,248 137,926 
Other comprehensive (loss) income:
Net change in unrealized losses on investment securities available-for-sale
Net unrealized losses arising during the period, net of tax benefit of $40,270, $63,954, $36,278, and $178,061, respectively
(127,523)(202,520)(114,880)(563,860)
Net change in securities held-to-maturity
Net change unrealized gains (losses) on available-for-sale securities reclassified to held-to-maturity, net of tax (benefit) expense of $(1,379), $(1,884), $(4,080), and $35,955, respectively(1)
4,366 5,966 12,924 (113,858)
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized gain and prior service cost, net of tax expense of $16, $10, $44, and $27, respectively
(51)(31)(140)(86)
Net change in cash flow hedge
Net unrealized loss arising during the period, net of tax benefit of $508, $, $869, and $, respectively
(1,608) (2,752) 
Amortization of unrealized gain on terminated cash flow hedges, net of tax expense of $9, $13, $34, and $38, respectively
(28)(41)(107)(120)
(1,636)(41)(2,859)(120)
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax expense of $61, $8, $28, and $67, respectively
192 25 88 213 
Total other comprehensive loss(124,652)(196,601)(104,867)(677,711)
Total comprehensive (loss) income$(50,486)$(123,219)$100,381 $(539,785)
(1)Includes $119.8 million, net of tax benefit, of unrealized losses on transferred investment securities with a book value of $1.1 billion from available-for-sale to held-to-maturity that were transferred in June 2022.
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
6

WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands, except per share and share data)September 30, 2023December 31, 2022
Assets:
Cash and due from banks$260,200 $332,961 
Cash in non-owned ATMs345,754 499,017 
Interest-bearing deposits in other banks including collateral (restricted cash) of $5,010 at September 30, 2023 and $4,650 at December 31, 2022
5,526 5,280 
Total cash, cash equivalents, and restricted cash611,480 837,258 
Investment securities, available-for-sale (amortized cost of $4,584,190 at September 30, 2023 and $4,834,550 at December 31, 2022
3,691,541 4,093,060 
Investment securities, held-to-maturity, net of allowance for credit losses of $8 at September 30, 2023 and $10 at December 31, 2022 (fair value $927,680 at September 30, 2023 and $1,040,104 at December 31, 2022)
1,068,871 1,111,619 
Other investments21,741 26,120 
Loans, held for sale at fair value36,658 42,985 
Loans and leases, net of allowance for credit losses of $175,988 at September 30, 2023 and $151,861 at December 31, 2022
12,502,404 11,759,992 
Bank owned life insurance101,424 101,935 
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost12,199 24,116 
Other real estate owned298 833 
Accrued interest receivable81,909 74,448 
Premises and equipment105,001 115,603 
Goodwill885,898 883,637 
Intangible assets122,574 128,595 
Other assets798,994 714,554 
Total assets$20,040,992 $19,914,755 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$4,913,517 $5,739,647 
Interest-bearing11,072,852 10,463,922 
Total deposits15,986,369 16,203,569 
Federal funds purchased 25,000  
FHLB advances 350,000 
Trust preferred borrowings90,589 90,442 
Senior and subordinated debt218,342 248,169 
Other borrowed funds583,902 38,283 
Accrued interest payable42,481 5,174 
Other liabilities858,931 777,232 
Total liabilities17,805,614 17,712,869 
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 76,043,902 at September 30, 2023 and 75,921,997 at December 31, 2022
761 759 
Capital in excess of par value1,981,474 1,974,210 
Accumulated other comprehensive loss(780,711)(675,844)
Retained earnings1,588,858 1,411,243 
Treasury stock at cost, 15,316,263 shares at September 30, 2023 and 14,310,085 shares at December 31, 2022
(547,587)(505,255)
Total stockholders’ equity of WSFS2,242,795 2,205,113 
Noncontrolling interest(7,417)(3,227)
Total stockholders' equity2,235,378 2,201,886 
Total liabilities and stockholders' equity$20,040,992 $19,914,755 

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
7

WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended September 30, 2023
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, June 30, 202376,021,963 $760 $1,977,945 $(656,059)$1,523,849 $(531,836)$2,314,659 $(7,275)$2,307,384 
Net income    74,166  74,166 97 74,263 
Other comprehensive loss   (124,652)  (124,652) (124,652)
Cash dividend, $0.15 per share
    (9,157) (9,157) (9,157)
Distributions to noncontrolling shareholders       (239)(239)
Issuance of common stock including proceeds from exercise of common stock options21,939 1 2,057    2,058  2,058 
Stock-based compensation expense  1,472    1,472  1,472 
Repurchases of common shares (1)
     (15,751)(15,751) (15,751)
Balance, September 30, 202376,043,902 $761 $1,981,474 $(780,711)$1,588,858 $(547,587)$2,242,795 $(7,417)$2,235,378 
Nine Months Ended September 30, 2023
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 202275,921,997 $759 $1,974,210 $(675,844)$1,411,243 $(505,255)$2,205,113 $(3,227)$2,201,886 
Net income    205,248  205,248 272 205,520 
Other comprehensive loss   (104,867)  (104,867) (104,867)
Cash dividend, $0.45 per share
    (27,633) (27,633) (27,633)
Distributions to noncontrolling shareholders       (4,462)(4,462)
Issuance of common stock including proceeds from exercise of common stock options121,905 2 2,418    2,420  2,420 
Stock-based compensation expense  7,211    7,211  7,211 
Repurchases of common stock (2)
  (2,365)  (42,332)(44,697) (44,697)
Balance, September 30, 202376,043,902 $761 $1,981,474 $(780,711)$1,588,858 $(547,587)$2,242,795 $(7,417)$2,235,378 
(1)Repurchase of common stock includes 386,900 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.
(2)Repurchase of common stock includes 1,006,178 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors, and 45,489 shares withheld to cover tax liabilities.
8

Three Months Ended September 30, 2022
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, June 30, 202275,870,300 $759 $1,968,175 $(518,878)$1,272,192 $(406,888)$2,315,360 $(2,484)$2,312,876 
Net income (loss)— — — — 73,382 — 73,382 (38)73,344 
Other comprehensive loss— — — (196,601)— — (196,601)— (196,601)
Cash dividend, $0.15 per share
— — — — (9,535)— (9,535)— (9,535)
Contributions from noncontrolling shareholders— — — — — — — (240)(240)
Issuance of common stock including proceeds from exercise of common stock options26,054 — 2,087 — — — 2,087 — 2,087 
Stock-based compensation expense— — 1,366 — — — 1,366 — 1,366 
Repurchases of common shares (1)
— — — — — (82,466)(82,466)— (82,466)
Balance, September 30, 202275,896,354 $759 $1,971,628 $(715,479)$1,336,039 $(489,354)$2,103,593 $(2,762)$2,100,831 
Nine Months Ended September 30, 2022
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 202157,695,676 $577 $1,058,997 $(37,768)$1,224,614 $(307,321)$1,939,099 $(2,083)$1