WSFS Financial
Annual Report 2019

Plain-text annual report

2019 Annual Report Momentum 1 About WSFS Financial Corporation WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in Delaware and the Delaware Valley. As of December 31, 2019, WSFS Financial Corporation had $12.3 billion in assets on its balance sheet and $20.7 billion in assets under management and administration. WSFS operates 118 offices, 93 of which are banking offices, located in Pennsylvania (55), Delaware (45), New Jersey (16), Virginia (1) and Nevada (1), and provides comprehensive financial services including commercial banking, retail banking, cash management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware, NewLane Finance, Powdermill Financial Solutions, West Capital Management, 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 wsfsbank.com. Our Foundation MISSION We Stand For Ser vice® VISION We envision a day when everyone says, “I can’t imagine a world without WSFS.” STRATEGY Engaged Associates, living our culture, making a better life for all we serve. VALUES At WSFS we: Do the right thing • Serve others Are welcoming, open and candid • Grow and improve WSFS Financial Corporation2 Financial Highlights (Dollars in millions) At December 31, Total assets Net loans, including held for sale Deposits Stockholders’ equity Nonperforming assets to total assets Number of offices (Dollars in thousands, except earnings per share data) For the years ended December 31, Net income* Diluted earnings per common share* Return on average assets* Return on tangible common equity* 2019 $ 12,256 $ 8,508 $ 9,587 $ 1,850 2018 2017 $ $ $ $ 7,249 4,889 5,640 821 $ $ $ $ 7,000 4,807 5,248 724 0.32% 118 0.66% 76 0.84% 76 2019 $ 148,809 $ 3.00 1.30% 13.48% 2018 $ 134,743 $ 4.19 1.92% 23.72% 2017 $ 50,244 $ 1.56 0.74% 9.74% *Year-over-year comparability impacted by certain one-time items discussed in our Annual Report on Form 10-K Core Highlights (Dollars in thousands, except earnings per share data) For the years ended December 31, Adjusted net income** Diluted earnings per common share** Return on average assets** Return on tangible common equity** **Excludes certain one-time items discussed in our Annual Report on Form 10-K 2019 $ 185,104 $ 3.74 1.61% 16.61% 2018 $ 114,307 $ 3.55 1.63% 20.18% 2017 $ 82,841 $ 2.56 1.21% 15.82% Net Loan Growth Deposit Growth Core Fee Income Growth† $8,508 $9,587 $4,807 $4,889 $5,248 $5,640 $122.7 $138.0 $161.6 2017 2018 2019 2017 2018 2019 2017 2018 2019 (Dollars in millions) † Excludes securities gains, and realized/unrealized gains on equity investments 10000 8000 6000 4000 2000 0 10000 8000 6000 4000 2000 0 200 150 100 50 0 WSFS Financial Corporation 3 Letter from Management Our well-executed integration and brand campaign have us tracking better than our original modeling and ahead of our Customer retention and engagement targets, which is ultimately the true test of a bank combination. Rodger Levenson Chairman, President & Chief Executive Officer Successful Integration To our Associates, Customers, Owners, Community Partners and Friends: 2019 was a landmark year for WSFS. It will always be the line in the sand that defined a major step in our growth and launched us into the next chapter of our 188-year history. Our combination with Beneficial Bank is the cornerstone of our 2019–2021 Strategic Plan as it provided us the scale to make a transformational investment in technology and delivery capabilities. It also gave us the unique and enviable market position as the only locally headquartered bank with the size, scale, and full service product offering in the vibrant Greater Delaware Valley region. We were able to integrate Beneficial while still delivering very strong operating results. We achieved a full-year core ROA of 1.61%, core ROTCE of 16.61%, and core  EPS of $3.74. Looking forward, we are fortunate to have significant revenue synergy and organic growth opportunities. 2019 has provided us significant momentum heading into 2020 and beyond. After more than a year of incredibly hard work, we successfully integrated Beneficial into WSFS, converting both the brand and technology platforms while onboarding more than 600 legacy Beneficial Associates in August 2019. I couldn’t have been more pleased with the integration and warm reception we’ve received from Greater Philadelphia and South Jersey. It has been a pleasure meeting many of our Customers and community partners. It is great to hear people all over the area echoing our brand campaign and calling us “Wiss-Fiss.” Our well-executed integration and brand campaign have us tracking better than our original modeling and ahead of our Customer retention and engagement targets, which is ultimately the true test of a bank combination. Continued on Page 4. 2019 Annual ReportOur achievements this year are a direct result of the dedication and hard work of our highly engaged Associates. Integrating two companies is never easy, especially ones of similar size and scope. In 2019, we were named a Top Workplace in Philadelphia and Delaware. Our 2019 Gallup Associate Engagement Survey, which included legacy Beneficial Associates, continues to place WSFS solidly in the Top Quintile for companies in Gallup’s global database. We were also honored to receive the Gallup “Great Workplace” Award for the 4th  year in a row, another great reflection of bringing together two companies successfully. 2019 Importantly, WSFS’ expansion continued to benefit the communities we serve. We gave back to our communities, both through financial contributions to support community partners and through the nearly 27,000 volunteer hours of our passionate and community-focused Associates. Details of these efforts, and more, can be found in the Commitment to Community section on page 6. 4 Innovation Innovation is not a new concept at WSFS. In recent memory, WSFS’ innovation dates to the formation of Cash Connect in the late 90’s. The idea for Cash Connect was sketched out on a napkin in 1997, over a cup of coffee between Tom Stevenson, and then CEO, Skip Schoenhals. Cash Connect has grown to become the second-largest provider of ATM cash and logistics services for approximately 30,000 non-bank ATMs and remote cash capture units nationwide, and a major contributor of fee-income for our Company. Since it was formed 20-plus years ago, Cash Connect has imbedded a culture of innovation into WSFS’ DNA, which spans far beyond our ATM business and is now at the core of everything we do (including several homegrown system applications from Cash Connect being used at the Bank). After 23 years of service to WSFS and Cash Connect, Tom Stevenson, founder and President of Cash Connect, retired. Thank you, Tom, for your leadership and commitment to service. And thank you to our CFO, Dominic Canuso, for assuming executive leadership of Cash Connect. We are also very excited with the growth potential of our new equipment finance business, NewLane Finance. Experienced industry veterans, Dan Dyer and George Pelose, joined WSFS to build a nationwide small ticket equipment leasing business with an advanced technology platform and a customer-centric approach. NewLane is now in their ramp up phase and is starting to gain significant momentum. NewLane will be an important component of our lending business for years to come. WSFS Financial Corporation5 Over the past decade, this spirit of innovation has led to our partnerships with fintech companies SoFi, Spring EQ, and Cred.ai. These partnerships have been valuable from many perspectives, especially our learnings regarding the rapidly changing technology landscape and its impact on Customer expectations. These experiences helped to inform our largest and boldest investment in innovation—our Delivery Transformation. As part of our vision for the future, we committed to investing to transform our technology and delivery systems so that we can continue to meet the evolving needs of our Customers. We spent most of 2019 assessing what Stellar Service feels like as our physical and digital channels meld closer together. In 2020, we will put our vision into action, significantly increasing our overall investment, and accelerating the timeline of our initial work to three years. This acceleration is based on the rapid evolution of technology in our industry, the opportunity to build on our Customer experience platform, drive operational efficiencies, and the return on our investment. Thank You! I want to again thank the Board of Directors for appointing me the Chairman (refer to A View From the Boardroom). I am honored by the confidence the Board continues to place in me. I especially want to thank Mark Turner for his support and guidance as Executive Chair this year. I look forward to his continued support as a Board Member, mentor, and friend. Finally, I would like to extend my thanks to our two retiring Directors, Gerry Cuddy and Pat Ward, for their commitment and contributions to WSFS. We are fortunate to have Pat continue as our Pennsylvania Market President. It is the collective work of the Board and my fellow Associates that will set us apart from our peers and solidify our position as the only locally headquartered, full-service community bank with the size, scale and offerings to compete with banks of all sizes in the Greater Delaware Valley. On behalf of all WSFS Associates and your Executive Management Team, thank you for your continuing support and for partnering with us to build on the momentum that we have created. Rodger and the Team To jump start our Delivery Transformation, this past year  we introduced several new digital products including the person-to-person payment app Zelle® and piloting myWSFS, a highly-personalized messaging application, staffed by local WSFS bankers. We also upgraded wsfsbank.com to provide a significantly enhanced user experience. All this transformation brings opportunity for our Associates. As our industry changes, the skill sets of the talent we need will evolve, too. We will invest in our people and in diversifying our Company to reflect the markets we serve. We will continue to attract, engage and retain the best talent who are dedicated to our Customers and to the communities we serve. 2019 Annual Report6 Commitment to Community Making a visible and sustainable impact for all we serve is a top priority for us; our community development programs and our Foundations serve to make that happen. At WSFS, we support non-profit organizations that focus on education, health and human services, programs for the homeless, and economic development and business growth. In 2019, we provided charitable giving and sponsorship support to 688 organizations for over $1.2 million. The WSFS Foundation and the WSFS Community Foundation provided 146 grants for almost $1.5 million to support programs in Delaware, Pennsylvania and New Jersey. Finally, our WSFS Associates personally contributed more than $220,000 to the United  Way. They consistently amaze us with their kindness. The way we look and feel to those outside our Company starts with how we live and care inside our Company. Our culture is the heartbeat of our organization and is based on the fundamental principal of “a really good life.” Our strategy: engaged Associates, living our culture, and making a better life for all we serve builds upon that principle. Our strategy fuels a virtuous cycle and builds on the momentum we’ve built: as we do better, our community does better, and as our community does better, we do better. It’s a simple premise that plays out in a big way every day. And we are all better for it. Peggy H. Eddens Executive Vice President, Chief Associate and Customer Experience Officer Vernita L. Dorsey Senior Vice President, Director of Community Strategy Since 1832, we’ve been serving our communities. It’s our passion and our purpose. We Stand For Service is our mission and we live it every day. Our Customers and Associates experience it and our communities feel it. We strive to better the lives of those we serve. We do so through thoughtful philanthropy efforts and the services and products that help our Customers buy a home, educate their children, grow their businesses, or plan for retirement. We deeply care about our communities. We roll up our sleeves and open our hearts as we partner with our neighbors and friends to work together to build and strengthen the world around us. As the largest, locally headquartered bank in the Greater Delaware Valley, it’s our responsibility and our privilege to support and invest in our local neighborhoods. It’s the right thing to do and it feels good making a difference for so many across our region. Our kind and generous Associates are the gift that keeps on giving to our community. Our volunteer program, Team WSFS, encourages Associates to volunteer or serve on boards of nonprofits. We offer Associates four hours paid per month to do something good for someone else. Our Associates volunteered a record- breaking nearly 27,000 hours in 2019. As part of that effort, we expanded the reach of our financial education programs by teaching at many local schools. In 2019, we provided more than 9,500 hours of financial education on topics such as the importance of savings, budgeting and the responsible use of credit. We’re helping our youth learn how to save, to think about spending, to be financially responsible, and to make good decisions. Our  commitment to providing access to financial education is just one of the ways we are building a stronger foundation for future generations throughout our communities. WSFS Financial CorporationNew York 7 Philadelphia Pennsylvania Wilmington New Jersey Baltimore Washington, DC Maryland Delaware 2019 Annual ReportNew YorkWashington, D.C.NYCTVTMAMENHRIVAPhiladelphiaBaltimoreDENJPAMD8 A View from the Boardroom—Volume VIII We’ve had a history of thoughtful leadership transitions, and based on all measures, this one too has gone exceptionally well. Eleuthère I. du Pont Lead Independent Director Dear fellow WSFS Owners: It has been an honor and privilege to be part of WSFS as it enters its 188th year. As we continue to earn the right to be independent, the last 16 months has been a period of significant growth and development for the Company and all its trusted Associates, Customers, Shareholders and members of the Board. As we look back, we can see that some of the Bank’s evolutions were incremental, while others have been transformative. In the early 1990’s, the changes led by C.G. Cheleden and Skip Schoenhals were daunting, but ultimately revitalized our mission. Similarly, our focus on a disciplined growth strategy coming out of the Great Recession led to significant out-performance over the last generation of leadership under then CEO, Mark Turner. During the past 16 months, the transformation we started is another significant milestone as we carefully orchestrated, and successfully executed, an integration to become a $12  billion-plus organization and developed a digital transformation strategy, all while making important changes in the senior leadership team and boardroom. One significant and thoughtfully planned change was the retirement of Mark Turner and the transition to our new talented CEO, Rodger Levenson. We’ve had a history of thoughtful leadership transitions, and based on all measures, this one has gone exceptionally well. While we will miss Mark’s experienced hand at the helm as Executive Chair, he continues to provide great wisdom to the Board, and mentoring for Rodger. The Board of Directors could not be more pleased with Rodger’s first year as CEO. We achieved a full- year core ROA of 1.61% and core EPS of $3.74. More  significantly, Rodger and his team successfully completed the integration of Beneficial Bank’s brand and technology systems. And several weeks after integrating the two companies, we conducted our annual Gallup Associate Engagement survey. The results of the combined team placed us solidly in the 86th percentile of their worldwide database—which means we are a top workplace not only nationally, but globally. This is indicative of a highly engaged and cohesive team. Rodger, and our leadership team, are hard at work preparing for the next phase of the WSFS brand, experience, and culture—one that is centered on our Associates, and on new technology and delivery channels so we can continue to deliver the world class service our Customers expect from us. At the end of 2019, Mark decided to focus on his next professional opportunity and stepped aside as Executive Chair. We are thrilled for Mark and grateful that he will continue as a member of the Board. At the time of transition, the Board carefully considered whether to combine the roles of Chair and CEO. After much discussion and deliberation, we decided that combining the roles was the best way to implement the Strategic Plan of WSFS. With significant cultural integration and technology evolution happening in financial services, we believe it best to have a single point of leadership to drive WSFS forward. WSFS Financial Corporation9 Upon their retirements, our Board will return to 11  members. As you see, we advocate for continually monitoring and assessing the needs of WSFS and reflect that in our membership in the boardroom. We find that continual refreshment of directorship brings new ideas, perspective, and knowledge. Simultaneously, we recognize that long term Directors bring deep institutional knowledge and help maintain the culture of the organization. We seek a Board that is roughly one third long tenure (12 or more years), one third medium tenure (6-12 years), and one third shorter tenure (less than 6 years). While it’s difficult to be precise about these metrics, they provide thoughtful guidelines as we consider renewal of our membership each year. Finally, we are sometimes asked about our classified Board. We recognize that it is less and less usual in today’s governance environment. However, as we have said before, we put long term returns for our Owners at the top of our financial targets. We want to align ourselves with a set of Shareholders who also think in periods of multiple years, not multiple quarters (or sometimes just the next quarter). Therefore, while we recognize that it would take 13 months to turn over most of the Board seats, should our Owners wish to do so, we believe that matches well with the timeline of the WSFS Owner. We welcome direct dialog with our Shareholders on this topic or others. Continued on Page 10. That said, we recognize that optimal Board performance requires a significant parallel role in the Lead Director. I will continue as Lead Director and preside over regular Board sessions involving only independent Directors and offer advice and guidance to Rodger during this time of transition. In addition, as Lead Director, I will continue to engage our Board in regular conversations about our Board structure, core competencies and, succession planning. With respect to Board changes, in March of 2019, we added three Directors from Beneficial to our Board: Karen Buchholz, Gerry Cuddy, and Michael Donahue. Separately, each brings valuable experience and perspective to the Board. Collectively, they have added breadth and further developed the culture of the Board. While we have benefitted significantly from their input, we believe that a Board of 10-11 members is optimal and we will only exceed that for a few years until we transition back to scale. In that spirit, in April of this year, we have two more significant transitions occurring. Pat Ward and Gerry Cuddy will not be standing for re-election to the Board. Their experience and wisdom will be greatly missed in the boardroom. Each has been essential to our growth by building great organizations and bringing specific market knowledge into WSFS. The success of Penn Liberty, its Associates, and its relationships significantly accelerated our growth in Southeastern Pennsylvania, particularly the demographically rich Chester and Montgomery counties. Without the scale, Customers, Associates, and history of Beneficial, WSFS would not be positioned as the premier bank with local decision makers in the Greater Philadelphia region. Pat will continue with his leadership role as Pennsylvania Market President and we look forward to his able contributions there. Gerry is retiring from the Bank after more than 30 years in the industry and 13 years as CEO of Beneficial. We are grateful for his many years of service and wish him well in the future. 2019 Annual Report1 0 While WSFS stock performance improved in 2019, it lagged all of the comparison groups. Three year Total Shareholder Returns* also underperformed. However, five year returns were superior to all comparison groups and ten year returns were more than double all of the bank comparison groups. We consider the short term an investment in the long term and will look to reap the benefits of those investments in the years to come. On behalf of the Board of Directors, thank you for your continued interest and support of WSFS. We are confident that we are well positioned to build on the momentum of 2019 as we head into the future. Sincerely, Your WSFS Board of Directors Company Performance As we have stated consistently for many years, we focus on both long-term results and achieving sustainable high performance, which is defined as top-quintile performance, or top 20%, in our peer group in ROA and ROTCE. This is our goal regardless of peer size and through economic cycles. In fact, 75% of the Executive Management team’s annual performance-based incentive compensation, and 100% of the CEO’s, is based on achieving our annual high-performance metrics, along with a third metric, EPS growth. We believe this aligns Management’s goals with our Shareholders. Our comparison point for achieving sustainable high- performance has changed in recent history, as our growth in asset size has placed us in larger peer groups. For 21 years, since 1994, we were included in the $1  billion to $5 billion peer group until we crossed into the $5 billion to $10 billion peer group in 2016. Now after four years, we are in the $10 billion to $50 billion peer group. With each increase in asset size peer group, the bar is raised for higher returns. At the same time, there has been an increase in regulatory costs and a need to significantly invest in technology to improve the Customer experience. However, the benefits of being larger—including scale, revenue synergies, fee income diversification, and disciplined cost management—are expected to outweigh the increases in costs and ultimately deliver higher returns. The opportunity resulting from our combination with Beneficial, along with the investments Management is making in Delivery Transformation, demonstrate the combined philosophy of delivering sustainable high-performance and maintaining a long-term orientation. Total Shareholder Return WSFS Bank 17.33% -2.56% 78.89% 465.84% NASDAQ Bank Index KBW Bank Index SNL US Banks > $10B 24.38% 9.95% 65.11% 197.72% 36.13% 32.84% 71.55% 225.81% 36.27% 34.34% 69.22% 201.90% 1 year 3 year 5 year 10 year S&P 500 Index 31.48% 53.14% 73.80% 256.39% *Calculated consistently as compared to up to seven other relevant indexes, as discussed in detail in prior Board letters; which can be seen at: investors.wsfsbank.com/financial-information WSFS Financial Corporation 1 1 Board of Directors Many thanks to Gerry Cuddy and Patrick Ward as they retire from the Board. We appreciate your invaluable insights and experience on the WSFS Board. Gerard P. Cuddy Vice Chairman, WSFS Bank Former President & CEO Beneficial Bank Patrick J. Ward Executive Vice President, Pennsylvania Market President, WSFS Financial Corporation and WSFS Bank Anat Bird President & CEO SCB Forums, Ltd. Francis B. Brake Chair, Integration and Delivery Transformation Subcommittee and Trust and Corporate Development Committees President, Epic Research, LLC Karen Dougherty Buchholz Senior Vice President, Administration Comcast Corporation Jennifer Wagner Davis Executive Vice President & Chief Operating Officer University of Virginia Michael J. Donahue Advisory Partner, NewSpring Capital Former Chief Operating Officer, KPMG Consulting, Inc. Eleuthère I. du Pont Lead Independent Director, Chair, Corporate Governance and Nominating Committee President, The Longwood Foundation Christopher T. Gheysens Chair, Audit and Trust Audit Committees, President & CEO Wawa, Inc. Rodger Levenson Chairman, President & CEO WSFS Financial Corporation and WSFS Bank Marvin N. Schoenhals Former Chairman, President & CEO WSFS Financial Corporation and WSFS Bank David G. Turner Chair, Personnel and Compensation Committee Vice President & Partner North America Financial Services IBM Global Business Services Mark A. Turner Former Executive Chairman, President & CEO WSFS Financial Corporation and WSFS Bank 2019 Annual Report1 2 2019 at a glance WSFS Financial CorporationForward-Looking Statements This Annual Report 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 particularly in the markets in which the Company operates and in which its loans are concentrated, including declines in housing markets, an increase in unemployment levels and slowdowns in economic growth; the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs; possible additional loan losses and impairment of the collectability of loans; 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 our loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations including the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), the Economic Growth, Regulatory Relief, and Consumer Protection Act (which amended the Dodd-Frank Act), and the rules and regulations issued in accordance therewith and potential expenses associated with complying with such regulations; the Company’s ability to comply with applicable capital and liquidity requirements (including the finalized Basel III capital standards and the effect of our transition to the Current Expected Credit Losses (CECL) methodology for allowances and related adjustments), including our ability to generate liquidity internally or raise capital on favorable terms; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies, and similar organizations; any impairments of the Company’s goodwill or other intangible assets; conditions in the financial markets that may limit the Company’s access to additional funding to meet its liquidity needs; the intention of the United Kingdom’s Financial Conduct Authority (FCA) to cease support of London Inter-Bank Offered Rate (LIBOR) and the transition to an alternative reference interest rate; the success of the Company’s growth plans, including our plans to grow the commercial small business leasing portfolio and residential mortgage, small business and Small Business Administration (SBA) portfolios following our acquisition of Beneficial Bancorp, Inc. (Beneficial); the successful integration of acquisitions; the Company’s ability to 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’s trust and wealth management business; failure of the financial and operational controls of the Company’s Cash Connect® division; adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings; our reliance on third parties for certain important functions, including the operation of our core systems; system failures or cybersecurity incidents or other breaches of the Company’s network security; the Company’s ability to recruit and retain key employees; the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally; the effects of weather and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability and man-made disasters including terrorist attacks; 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 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; litigation and other risks and uncertainties, including those discussed in other documents filed by the Company with the Securities and Exchange Commission (SEC) from time to time; and any reputation, credit, interest rate, market, operational, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above. These risks and uncertainties and other risks and uncertainties that could adversely affect our business, results of operations, financial condition or future prospects are discussed in our Annual Report on Form 10-K, including under the heading “Risk Factors,” and in other documents filed by the Company with the SEC. We caution 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. Stockholder Information 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 stockholderrelations@wsfsbank.com Transfer Agent American Stock Transfer & Trust Company, LLC 6201 15th Avenue Brooklyn, NY 11219 Website wsfsbank.com WSFS Bank Center • 500 Delaware Avenue, Wilmington, DE 19801 • wsfsbank.com ©2020 WSFS Bank. All rights reserved. 

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