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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 March 31, 2020
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: 50,659,443 shares as of May 1, 2020.




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 Months Ended March 31, 2020 and 2019
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019
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

Table of Contents
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, and exhibits thereto, 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, including as a result of the novel coronavirus, or COVID-19, pandemic;
possible additional loan losses and impairment of the collectability of loans, particularly as a result of the COVID-19 pandemic and the policies and programs implemented by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, including its automatic loan forbearance provisions;
the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs;
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, including the destabilized economic environment caused by the COVID-19 outbreak, 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;
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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;
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, particularly given widespread remote working arrangements;
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, particularly as a result of the COVID-19 outbreak, 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.
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.

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.

Cash Connect® is our registered trademark. Any other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.

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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended March 31,
 20202019
(Dollars in thousands, except per share and share data)(Unaudited)
Interest income:
Interest and fees on loans and leases$119,202  $87,117  
Interest on mortgage-backed securities13,219  10,466  
Interest and dividends on investment securities:
Taxable15  19  
Tax-exempt911  1,025  
Other interest income508  950  
133,855  99,577  
Interest expense:
Interest on deposits14,637  10,942  
Interest on Federal Home Loan Bank advances830  2,590  
Interest on senior debt1,179  1,179  
Interest on federal funds purchased 470  787  
Interest on trust preferred borrowings586  726  
Interest on other borrowings3  39  
17,705  16,263  
Net interest income116,150  83,314  
Provision for credit losses56,646  7,654  
Net interest income after provision for credit losses59,504  75,660  
Noninterest income:
Credit/debit card and ATM income11,359  11,515  
Investment management and fiduciary income10,962  10,147  
Deposit service charges5,647  4,746  
Mortgage banking activities, net3,471  2,092  
Loan and lease fee income1,119  885  
Securities gains, net693  15  
Unrealized gains on equity investments, net668  3,798  
Bank owned life insurance income(25) 217  
Other income6,953  7,707  
40,847  41,122  
Noninterest expense:
Salaries, benefits and other compensation45,346  36,205  
Occupancy expense7,666  6,367  
Equipment expense4,964  3,989  
Data processing and operations expenses3,078  2,588  
Professional fees4,600  1,872  
Marketing expense951  1,590  
FDIC expenses(54) 620  
Loan workout and OREO expenses674  108  
Corporate development expense1,341  26,627  
Restructuring expense  4,362  
Other operating expense19,930  13,264  
88,496  97,592  
Income before taxes11,855  19,190  
Income tax provision1,288  6,260  
Net income$10,567  $12,930  
Less: Net loss attributable to noncontrolling interest(360) (93) 
Net income attributable to WSFS$10,927  $13,023  
Earnings per share:
Basic$0.21  $0.34  
Diluted$0.21  $0.33  
Weighted average shares of common stock outstanding:
Basic51,086,316  38,873,585  
Diluted51,164,224  39,284,057  
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Three Months Ended March 31,
 20202019
(Dollars in thousands)(Unaudited)
Net income$10,567  $12,930  
Less: Net loss attributable to noncontrolling interest(360) (93) 
Net income attributable to WSFS10,927  13,023  
Other comprehensive income:
Net change in unrealized gains on investment securities available-for-sale
Net unrealized gains arising during the period, net of tax expense of $14,538 and $5,452, respectively
46,036  17,265  
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $166 and $4, respectively
(527) (11) 
45,509  17,254  
Net change in securities held-to-maturity
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $21 and $29, respectively
(65) (93) 
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized gain (loss), prior service cost and transition obligation, net of tax (benefit) expense of $1 and $(8), respectively
4  (141) 
Net change in cash flow hedge
Net unrealized gain arising during the period, net of tax expense of $501 and $199, respectively
1,585  630  
Total other comprehensive income47,033  17,650  
Total comprehensive income$57,960  $30,673  
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, 2020December 31, 2019
(Dollars in thousands, except per share and share data)(Unaudited)
Assets:
Cash and due from banks$182,125  $164,021  
Cash in non-owned ATMs322,844  407,524  
Interest-bearing deposits in other banks including collateral of $0 at March 31, 2020 and December 31, 2019, respectively
141  207  
Total cash and cash equivalents505,110  571,752  
Investment securities, available-for-sale (amortized cost of $1,953,089 at March 31, 2020 and $1,909,483 at December 31, 2019
2,048,400  1,944,914  
Investment securities, held-to-maturity, net of allowance for credit losses of $8 (fair value $137,374 at March 31, 2020 and $136,625 at December 31, 2019)
134,047  133,601  
Other investments70,714  70,046  
Loans, held for sale at fair value85,458  83,872  
Loans and leases, net of allowance for credit losses of $139,073 at March 31, 2020 and $47,576 at December 31, 2019
8,411,689  8,424,464  
Bank owned life insurance30,093  30,294  
Stock in Federal Home Loan Bank of Pittsburgh at cost33,988  21,097  
Other real estate owned4,825  2,605  
Accrued interest receivable39,134  38,094  
Premises and equipment102,382  104,465  
Goodwill472,828  472,828  
Intangible assets92,935  95,917  
Other assets247,287  262,353  
Total assets$12,278,890  $12,256,302  
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$2,314,982  $2,189,573  
Interest-bearing7,394,372  7,397,284  
Total deposits9,709,354  9,586,857  
Federal funds purchased 100,000  195,000  
Federal Home Loan Bank advances119,971  112,675  
Trust preferred borrowings67,011  67,011  
Senior debt98,660  98,605  
Other borrowed funds15,643  15,997  
Accrued interest payable5,797  3,103  
Other liabilities329,035  327,563  
Total liabilities10,445,471  10,406,811  
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 57,506,298 at March 31, 2020 and 57,435,658 at December 31, 2019
576  575  
Capital in excess of par value1,050,658  1,049,064  
Accumulated other comprehensive income70,534  23,501  
Retained earnings891,776  917,377  
Treasury stock at cost, 6,873,120 shares at March 31, 2020 and 5,868,772 shares at December 31, 2019
(178,950) (140,211) 
Total stockholders’ equity of WSFS1,834,594  1,850,306  
Noncontrolling interest(1,175) (815) 
Total stockholders' equity1,833,419  1,849,491  
Total liabilities and stockholders' equity$12,278,890  $12,256,302  

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended March 31, 2020
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive IncomeRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 201957,435,658  $575  $1,049,064  $23,501  $917,377  $(140,211) $1,850,306  $(815) $1,849,491  
Cumulative change in accounting principle (Note 2)—  —  —  —  (30,368) —  (30,368) —  (30,368) 
Balance, January 1, 2020 (as adjusted for change in accounting principle)57,435,658  575  1,049,064  23,501  887,009  (140,211) 1,819,938  (815) 1,819,123  
Net income (loss)—  —  —  —  10,927  —  10,927  (360) 10,567  
Other comprehensive income—  —  —  47,033  —  —  47,033  —  47,033  
Cash dividend, $0.12 per share
—  —  —  —  (6,160) —  (6,160) —  (6,160) 
Issuance of common stock including proceeds from exercise of common stock options70,640  1  990  —  —  —  991  —  991  
Stock-based compensation expense—  —  604  —  —  —  604  —  604  
Repurchases of common shares (1)
—  —  —  —  —  (38,739) (38,739) —  (38,739) 
Balance, March 31, 202057,506,298  $576  $1,050,658  $70,534  $891,776  $(178,950) $1,834,594  $(1,175) $1,833,419  
(1)Repurchase of common stock includes 1,004,348 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.

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Three Months Ended March 31, 2019
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 201856,926,978  $569  $349,810  $(15,394) $791,031  $(305,096) $820,920  $  $820,920  
Net income—  —  —  —  13,023  —  13,023  (93) 12,930  
Other comprehensive income—  —  —  17,650  —  —  17,650  —  17,650  
Cash dividend, $0.11 per share
—  —  —  —  (3,451) —  (3,451) —  (3,451) 
Issuance of common stock including proceeds from exercise of common stock options14,515    236  —  —  —  236  —  236  
Re-issuance of treasury stock in connection with Beneficial merger and related items—  —  687,898  —  (92)