WSFS Financial
Annual Report 2021

Plain-text annual report

WSFS Bank Center • 500 Delaware Avenue, Wilmington, DE 19801 • wsfsbank.com ©2022 WSFS Bank. All rights reserved. wsfsbank.com Website 877-864-4747 Brooklyn, NY 11219 6201 15th Avenue Transfer Agent American Stock Transfer & Trust Company, LLC stockholderrelations@wsfsbank.com 302-504-9857 Wilmington, DE 19801 500 Delaware Avenue WSFS Bank Center Investor Relations WSFS Financial Corporation Stockholders or others seeking information regarding the Company may call or write: Stockholder Information 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 Greater Philadelphia region. As of December 31, 2021, WSFS Financial Corporation had $15.8 billion in assets on its balance sheet and $34.6 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), 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 will thrive. STRATEGY Engaged Associates, living our culture, enriching the communities we serve. VALUES Service • Truth • Respect 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* 2021 $ 15,777 $ 7,905 $ 13,240 $ 1,939 2020 $ 14,334 $ 8,993 $ 11,857 $ 1,792 2019 $ 12,256 $ $ $ 8,508 9,587 1,850 0.21% 112 0.42% 112 0.32% 118 2021 $ 271,442 $ 5.69 1.82% 21.56% 2020 $ 114,774 $ 2.27 0.87% 9.68% 2019 $ 148,809 $ 3.00 1.30% 13.48% *Year-over-year compatibility impacted by our allowance for credit losses as 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 2021 $ 268,549 $ 5.63 1.80% 21.33% 2020 $ 96,648 $ 1.91 0.74% 8.26% 2019 $ 185,104 $ 3.74 1.61% 16.61% Net Loan Growth Deposit Growth Core Fee Revenue Growth† $8,508 $8,993 $7,905 $11,857 $13,240 $161.6 $169.1 $180.7 $9,587 2019 2020 2021 2019 2020 2021 2019 2020 2021 (Dollars in millions) † Excludes securities gains, and realized/unrealized gains on equity investments, net 3 Letter from Management Our 2019-2021 Strategic Plan drove unprecedented transformation for WSFS, including the two largest combinations in our history, Delivery Transformation of our physical and digital channels and the tripling of the size of the Company in three short years. We again delivered a strong financial performance. We achieved a full-year core ROA of 1.80%, core ROTCE of 21.33% and core EPS of $5.63. In conjunction with the improving economy, we experienced a release of approximately $117 million from credit loss reserves set aside from COVID-19 in 2020. Our strong operating performance and growth in the market reflects our focus on long-term strategic planning and execution. Our  2019-2021 Strategic Plan drove unprecedented transformation for WSFS, including the two largest combinations in our history, Delivery Transformation of our physical and digital channels and the tripling of the size of the Company in three short years. Our  2022-2024 Strategic Plan focuses on optimizing these investments, our commitment to talent and digital transformation, and reaffirming our promise to grow a sustainable, high performing Company. Rodger Levenson Chairman, President & Chief Executive Officer To our Associates, Customers, Owners, Community Partners and Friends: 2021 brought another year of change that helped demonstrate not only our adaptability but our aptitude to find new ways to grow and prosper. The team’s hard work, resilience and commitment persevered again in 2021 while we remained true to our Mission to support our Customers and Communities. I am always proud of our team and our success is based on their commitment to our Vision. Our Associates always find a way to rise above and focus on what is important to helping us move forward together. We welcomed Bryn Mawr Trust to our Company, which strengthened our business model, builds on prior franchise investments, and positions us as the premier, locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. The combination brought two companies with more than 330 years of rich history together to become a company with approximately $20  billion in assets, with about $58 billion in assets under administration and management and nearly 90 banking offices. 4 is the fourth Forward Together as One Company For nearly a year we worked to  combine Bryn Mawr Trust and  WSFS. The Philadelphia MSA  largest depository MSA  in  the U.S., with  very positive  long-term demographics. The competitive landscape in the market is very fragmented and includes many larger banks. WSFS is uniquely positioned as the only locally headquartered institution that combines local knowledge and focus with the scale and product offerings to compete against these larger players. This  provides a long-term opportunity for growth. Also, we have a diverse and unique mix of fee-based businesses, enhanced by the combination of our wealth management platforms. We  see significant growth potential from our combined wealth management platforms, especially as we meet the needs of the growing and maturing Baby Boomers and Millennials. Combining with Bryn Mawr Trust allows us to accelerate our long-term strategic objectives, including scale to continue to invest in our delivery and talent transformations. Together, we are poised and positioned to continue serving and outperforming for all our constituents, and to deliver sustainable high performance for years to come. We are also thrilled to welcome more than 400 Associates from Bryn Mawr Trust who are now part of WSFS. Focused on Tomorrow, Today Our Retail and Contact Center Associates again embraced a rollercoaster year of change and they remain the face of our franchise. They continued to adapt and pivot as new challenges came their way. These Associates continue to achieve high Customer engagement and Net Promoter Score (NPS) results, despite having to adjust to the various ways to provide the service promise, which is at the heart of our business model. We also promoted two great leaders to the Executive Leadership Team as Shari Kruzinski was named EVP, Chief Customer Officer and Christine E. Davis was promoted to EVP, Chief Risk Officer. Shari is an experienced leader with more than 30 years in banking. Her  experience is second to none and, combined with her ability to engage and develop Associates, she has become a highly respected member of our leadership team. Christine is a respected leader with more than 20 years of experience managing risk at WSFS. She has a collaborative working style coupled with industry knowledge and a keen ability to balance risk and the evolving regulatory landscape. These promotions and several others are part of our robust succession planning strategy and WSFS’ focus on talent development throughout our organization. This year we also congratulated Peggy Eddens and Paul Greenplate on their retirements. Peggy has been a staple at WSFS for nearly 15 years. Her impact is felt in every corner of the Company, especially in our culture and values. Paul’s 20-year tenure with WSFS was invaluable and helped us grow as a key leader in our Finance and Risk areas. We  are forever grateful to them and we wish them the best in retirement. WSFS continues to lead by doing the right thing and serving others. The WSFS CARES Foundation was formed in 2021 through the combination of the WSFS Foundation, the philanthropic arm of WSFS Financial Corporation, and the WSFS Community Foundation, which was previously the Beneficial Bank Foundation. The combination of these two foundations enabled WSFS to provide even greater support to the community, with the WSFS CARES Foundation’s key pillars of support focused on: Community investments; Affordable housing; Revitalization and business economic empowerment; Education and leadership development; and Strengthening those in need. The Foundation provided grants and donations of more than $2 million to nearly 350 organizations located across Delaware, New Jersey and Pennsylvania in 2021. Continued on Page 6. 5 I would also like to welcome Frank J. Leto, Lynn B. McKee, and Diego F. Calderin, who joined the WSFS Board as part of the Bryn Mawr Trust combination. We know they will share their expertise and knowledge to help enhance our business model. See more about their backgrounds in A View from the Boardroom. A special thank you goes to Mark Turner for his years of service to WSFS. I can’t thank Mark enough for his support, friendship, and guidance over the years. Since my arrival at WSFS in 2006, he has been a constant role model for me in his strategic vision, humility and overall leadership skills. His  entrepreneurial approach and impact will be felt at WSFS for years to come. Learn more about Mark and his service to WSFS in A View from the Boardroom. We are excited for what lies ahead in 2022. I am proud to lead such a dedicated team of Associates, whose focus is doing what’s right for our Customers, Communities, and each other. I also want to offer my thanks to our Executive Leadership Team who have signed this letter with me. On behalf of all of us at WSFS, thank you for your continued support throughout the year and we look forward to delivering on our mission of We Stand for Service in 2022. Rodger and Team In addition to a $1 million grant we made in 2021, we are making a $2 million grant to the WSFS CARES Foundation as part of our combination with Bryn Mawr Trust, to support communities throughout our footprint. Serving others also means looking at the social issues impacting our Communities and having a voice on important issues. We have shared that we stand with our Communities in seeking social justice and equality. Supporting each other and increasing diversity among our talent is not only the right thing to do but drives better business results and leads to a more robust culture. We are committed to continuing to align WSFS more closely with the communities we serve. Connected by Our Path Forward Our culture and engaged Associates drive our success. They continued to shine in 2021, and their hard work was recognized again. We were named a Top Workplace in Philadelphia and Delaware and are a five-time winner of Gallup’s Exceptional Workplace Award. Our 2021 Gallup Associate Engagement Survey continues to place us solidly in the Top Quintile in Gallup’s global database. We ranked 10th in Forbes’ list of America’s Best Banks and were number one in Delaware. We were also honored with the President’s Award for Business Excellence as part of the Delaware Small Business Chamber Blue Ribbon Awards. Our SBA team continued to focus on helping our Customers recover from the pandemic. When the U.S. Small Business Administration released their regional and national fiscal year 2021 rankings, in Delaware the team led all lenders with $12.6 million in loans and was second in the state in loan originations, while placing third in New Jersey for dollar amount and loans originated. Thank You! I am again thankful for the support and guidance of our Board of Directors. While we always work closely together, this year we hosted a three-day Strategic Planning Offsite and built a new format for planning by creating subcommittees tied to Board and Management expertise. A special thanks to Jennifer “J.J.” Wagner Davis for taking on the role of our new Lead Independent Director. Her leadership and fresh perspective is highly valued in the Boardroom. I also thank Thère I. du Pont for his years of service and vision as the prior Lead Independent Director and look forward to having him continue to serve on the Board. 6 Commitment to Community Together in 2021, WSFS and our Associate volunteers supported our Communities through initiatives, including: 13,229 hours including online Financial Literacy and community service hours $600,000+ in large dollar grants to 15 different organizations $1,600,000+ in contributions to 465 other charitable organizations To learn more about our commitment to the Communities we serve, please refer to the Environmental, Social, and Governance Report, available on the Investor Relations section of wsfsbank.com. 7 k P l a c e , P hiladelphia SFS B a n W o n t g nter, W il m i n e C k n a B S F S W 8 PennsylvaniaMarylandNew JerseyPhiladelphiaWilmington A View from the Boardroom—2021 Edition Mark was an early leader in recognizing the importance of Associate and Customer engagement. He was also keenly focused on hiring and retaining top talent, including our current Chairman, President and CEO, Rodger Levenson, and many of our current leaders and hundreds of our Associates. Jennifer “J.J.” Wagner Davis Lead Independent Director Dear fellow WSFS Owners: 2021 was an incredible year for WSFS! The Company’s performance was strong and included the combination with Bryn Mawr Trust and the completion of our successful 2019-2021 Strategic Plan. Delivering on our mission to serve Customers, Communities, and fellow Associates remained a top priority for the organization while navigating through the global pandemic. I am honored to be the new Lead Independent Director and to collaborate with the Board and Management as we lead through these dynamic and transformative times. The Board and the Executive Leadership Team continues to focus on what matters: nurturing the WSFS culture, investing in Associates, engaging our Customers and Communities, earning the right to remain independent and enriching the communities we serve. Mark Turner’s Lasting Impact This year is especially bittersweet as Mark Turner steps away from our Board of Directors. This represents the final step in our long-planned CEO succession and aligns with Mark’s personal objectives. Mark was born and raised in Philadelphia and is a lifelong resident of the Greater Delaware Valley. He  joined WSFS in 1996 and quickly became CFO in 1998. Over the next decade, Mark assumed greater responsibilities and ultimately was appointed WSFS President and CEO in April 2007. As  CEO, Mark’s dedicated leadership and strategic agility directed the Company through the Financial Crisis and Great Recession of 2007-2009. It was during this period that Mark led an acceleration of several years of planned future investment to better position the Company for growth. An integral component of his vision was the expansion of WSFS Wealth to deepen Customer relationships and increase fee revenue. This led to the acquisition of Christiana Bank and Trust at a time when few, if any, were making such investments. A series of additional strategic investments followed with the achievement of sustained high performance over the next decade. Mark knew what brought value to WSFS and our owners and began to architect the Bank’s growth strategy. Throughout these years, Mark often said, “Every cloud has a silver lining, if you can’t see it, find it and if you can’t find it, make it.” It was his impressive combination of strategy and foresight that led us to the largest merger in our Company’s history, the Beneficial Bank combination, which fortified our market position in demographically rich southeastern Pennsylvania. The Beneficial acquisition almost doubled our size as WSFS became the largest, locally headquartered bank in the region and established WSFS as a key player in the Philadelphia market. The WSFS sign, prominently taking its place amid the Philadelphia skyline, has become our beacon to serve the Greater Philadelphia and Delaware region. An integral component of the Beneficial combination was the scale to increase and shift investment dollars into technology to provide enhanced digital solutions for our Customers. The focus of this Delivery  Transformation project was born out of Mark’s entrepreneurial and innovative Leading Practices Tour in 2016. Mark saw how technology was increasingly impacting all businesses. He spent three months away from day-to-day operations at WSFS to immerse himself with other companies and their executives to learn how to adapt WSFS to the rapidly evolving landscape. Once again, putting WSFS “ahead of the curve” under his leadership. Mark was an early leader in recognizing the importance of Associate and Customer engagement. Mark also was keenly focused on hiring and retaining top talent, including our current Chairman, President and CEO, Rodger Levenson, Continued on Page 10. 9 Company Performance As we do each year, we are sharing with you our financial performance and Total Shareholder Return (TSR) performance versus peers. Our one, three, and five year performance reflects a period of significant investment for WSFS. As we move into the optimization phase of these investments, we expect to achieve TSR that would solidly place us above peers consistent with our goal of sustainable, long-term high performance. and many of our current leaders and hundreds of our Associates. During this time, WSFS earned multiple accolades, including “Top Workplace” for 15 consecutive years. WSFS has also been honored multiple times by  the Gallup organization as a global Exceptional Workplace and for Culture Transformation. This focus on strategy and talent was facilitated over a decade of achieving sustainable high performance for our shareholders. “Whoever gets to truth first wins” is a sentiment that Mark championed. Being honest, transparent and succeeding “the right way” was Mark’s mantra and how he led the Company forward. Since the months just following the 2008 financial crisis, when the Company recorded a cycle low market valuation of approximately $100 million, WSFS’ market capitalization has increased to $3.3 billion today. Under Mark’s leadership, WSFS has grown into the organization it is today. We are forever grateful for his contributions and wish him all the best in his future endeavors. Total Shareholder Return 400% 350% 300% 250% 200% 150% 100% 50% 0% 1 Year 3 Year 5 Year 7 Year 10 Year WSFS Bank 12.86% 37.20% 13.95% 109.19% 359.70% 1 year 3 year 5 year 7 year 10 year KBW Bank Index SNL US Banks > $10B NASDAQ Bank Index 38.34% 68.90% 64.83% 112.85% 326.61% 70.79% 21.41% 97.23% 89.72% 203.72% 42.91% 64.41% 45.34% 118.26% 285.19% S&P 500 Index 28.68% 100.29% 133.28% 164.75% 362.12% *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 10 Forward Together This has been an exciting year of partnership between the Board and Management. This year we engaged in our triennial offsite to discuss and co-develop our 2022-2024 Strategic Plan. After consultation with Rodger and the Executive Leadership Team, we launched a new format for analyzing and discussing critical future trends, issues, and opportunities. It was an exceptional opportunity to gather insights and expertise from our Board and Management and stimulate collaboration and engagement. Together, the Board and Management embraced and recognized the value of our distinguished combination with Bryn Mawr Trust. This combination creates the premier wealth management and trust business in the region and the sixth largest bank-affiliated wealth management and trust business under $100 billion in assets nationwide. Our  combined assets, approximately $20 billion, and creating a premier national wealth franchise, along with the synergistic opportunities of our integrated entities, is an incredible opportunity for WSFS, our shareholders, our Associates, our Customers and our region. Our Boardroom culture continues to evolve, and we are thrilled to welcome Frank J. Leto, Lynn B. McKee, and Diego F. Calderin to the WSFS Board, who bring a wealth of knowledge and experience to our table. Frank Leto served as the President of Bryn Mawr since May 2014, and Chief Executive Officer of Bryn Mawr and Bryn Mawr Trust since January 2015. Lynn McKee is Executive Vice President, Human Resources for Aramark, a global services management company, and Diego Calderin is the co-founder and Managing Partner of Banbury Systems, a data acquisition platform company. We look forward to their unique insights, fresh perspectives, and industry and local acumen, which will augment our existing Board leadership and institutional knowledge. Together, we will forge our path forward and optimize the value of this significant combination. We recognize this will increase our Board size to 14 for a period of time. We will continue to monitor and assess the composition and size of the Board over time, with the goal to return to 10-12 members for the long term. As  Lead Independent Director, I will continue to engage our Board in regular conversations about our Board structure, core competencies and succession planning. We have recently engaged a third-party Board advisor to reflect and refresh with our members what is working well and where we can improve. Our model of a Board that is roughly one third longer tenure (12 or more years), one third medium tenure (6-12 years) and one third shorter tenure (less than 6 years) has worked well for us and will remain as a guidepost in the future. We also will continue to seek Board refreshment opportunities so that we can make sure the Boardroom attracts Directors with diverse thoughts and expertise with new or emerging areas of interest for WSFS. As we bring new and fresh thoughts and perspectives to our Board, I am confident that our long-term growth and success will continue. My confidence is rooted in the demonstrated commitment of the tremendous leadership team and Associates at WSFS, who bring their strategic vision to life and deliver unparalleled service and products to our Customers every day. I am excited about the opportunity our new combination will offer the region as WSFS solidifies its position as the premier bank and wealth management franchise in the Greater Philadelphia and Delaware region. Thank you to our shareholders, Customers and Communities for their ongoing support. We will strive every day to maintain your trust and to build upon the legacy Mark Turner has shaped for us. Sincerely, Jennifer (J.J.) Wagner Davis and Your WSFS Board of Directors 11 Board of Directors Anat Bird President & CEO SCB Forums, Ltd. Francis B. Brake Chair, Delivery Transformation Subcommittee and Personnel & Compensation Committee President, Epic Research, LLC Karen D. Buchholz Executive Vice President, Administration Comcast Corporation Diego F. Calderin Co-Founder Anexinet, Banbury Systems (Retired) Jennifer W. Davis Lead Independent Director and Chair, Corporate Governance and Nominating Committee 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 Chair, Wealth Management Fiduciary Committee President, The Longwood Foundation Nancy J. Foster President and Chief Executive Officer The Risk Management Association Christopher T. Gheysens President & CEO Wawa, Inc. Francis J. Leto Former President & CEO Bryn Mawr Trust Rodger Levenson Chair, Corporate Development Committee and Executive & Risk Committee, Chairman, President & CEO WSFS Financial Corporation and WSFS Bank Lynn B. McKee Executive Vice President, Human Resources Aramark David G. Turner Chair, Audit and Wealth Fiduciary Audit Committees Vice President & Partner North America Financial Services IBM Global Business Services Mark A. Turner Former Chairman, President & CEO WSFS Financial Corporation and WSFS Bank A special “Thank You” to Mark Turner, for his 25+ years of service. Under his leadership WSFS grew into the organization it is today, and we are forever grateful for all his contributions. 12 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, an increase in unemployment levels, inflation, supply chain issues and slowdowns in economic growth, including as a result of the novel coronavirus (“COVID-19”) pandemic; possible additional loan losses and impairment of the collectability of loans; additional credit, fraud and litigation risks associated with our PPP lending activities; economic and financial impact of federal, state and local emergency orders, vaccine mandates and other actions taken in response to the COVID-19 pandemic; the continuation of these conditions related to the COVID-19 pandemic, including whether due to a resurgence or additional waves of COVID-19 infections or variants thereof, particularly as the geographic areas in which we operate continue to re-open, and how quickly and to what extent normal economic and operating conditions can resume and continue; 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; conditions in the financial markets, that may limit the Company’s access to additional funding to meet its liquidity needs; the discontinued publication of London Inter-Bank Offered Rate (LIBOR) and the transition to an alternative reference interest rate, such as the Secured Overnight Financing Rate (SOFR), including methodologies for calculating the rate that are different from the LIBOR methodology and changed language for existing and new floating or adjustable rate contracts; the success of the Company’s growth plans, including its plans to grow the commercial small business leasing portfolio and residential mortgage small business and Small Business Administration portfolios; 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, including its recent acquisition of Bryn Mawr Trust; 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 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; 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; 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, 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 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; and other risks and uncertainties, including those discussed herein under the heading “Risk Factors” and other documents filed by the Company with the Securities and Exchange Commission (SEC) from time to time. 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 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 Annual Report, 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. 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 877-864-4747 Website wsfsbank.com ©2022 WSFS Bank. All rights reserved. WSFS Bank Center • 500 Delaware Avenue, Wilmington, DE 19801 • wsfsbank.com WSFS Bank Center • 500 Delaware Avenue, Wilmington, DE 19801 • wsfsbank.com ©2022 WSFS Bank. All rights reserved. wsfsbank.com Website 877-864-4747 Brooklyn, NY 11219 6201 15th Avenue Transfer Agent American Stock Transfer & Trust Company, LLC stockholderrelations@wsfsbank.com 302-504-9857 Wilmington, DE 19801 500 Delaware Avenue WSFS Bank Center Investor Relations WSFS Financial Corporation Stockholders or others seeking information regarding the Company may call or write: Stockholder Information 

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