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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, 2021
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: 47,567,898 shares as of October 31, 2021.



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, 2021 and 2020
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020
Notes to the Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2021
Item 2.
Item 3.
Item 4.
PART II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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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 particularly in the markets in which the Company operates and in which its loans are concentrated, including possible declines in housing markets, an increase in unemployment levels and slowdowns in economic growth, including as a result of the novel coronavirus and its variants (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, as amended (CARES Act), including its automatic loan forbearance provisions and the Company's Paycheck Protection Program (PPP) lending activities;
additional credit, fraud and litigation risks associated with our PPP lending activities;
the economic and financial impact of federal, state and local emergency orders 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, 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, especially as a vaccine becomes widely available;
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 the effect of the transition to the Current Expected Credit Losses (CECL) methodology for allowances and related adjustments), 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, including the destabilized economic environment caused by the COVID-19 pandemic, 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, 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 (SBA) 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 pending acquisition of Bryn Mawr Bank Corporation (Bryn Mawr);
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the Company’s ability to complete the pending merger with Bryn Mawr on the terms proposed, which are subject to a number of conditions, risks and uncertainties, including the possibility that the proposed acquisition does not close when expected or at all because all conditions to closing are not received or satisfied on a timely basis or at all, the failure to close for any other reason, diversion of management time on merger-related issues, risks relating to the potential dilutive effect of shares of the Company’s common stock to be issued in the acquisition of Bryn Mawr, and the reaction to the acquisition of Bryn Mawr of the companies’ respective customers, employees and counterparties;
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, particularly as a result of the COVID-19 pandemic, 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 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: Cash Connect®, Christiana Trust Company of Delaware®, NewLane Finance®, Powdermill® Financial Solutions, West Capital Management®, 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.

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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)2021202020212020
Interest income:
Interest and fees on loans and leases$93,460 $110,195 $300,957 $341,657 
Interest on mortgage-backed securities13,947 11,686 37,157 37,454 
Interest and dividends on investment securities:
Taxable702 435 2,105 552 
Tax-exempt651 830 2,080 2,648 
Other interest income691 224 1,335 797 
109,451 123,370 343,634 383,108 
Interest expense:
Interest on deposits3,550 8,346 11,824 32,815 
Interest on Federal Home Loan Bank advances 445 5 1,900 
Interest on senior debt1,089 1,179 5,408 3,538 
Interest on federal funds purchased    471 
Interest on trust preferred borrowings316 347 957 1,417 
Interest on other borrowings5 5 15 13 
4,960 10,322 18,209 40,154 
Net interest income104,491 113,048 325,425 342,954 
(Recovery of) provision for credit losses(21,310)2,716 (109,033)154,116 
Net interest income after (recovery of) provision for credit losses125,801 110,332 434,458 188,838 
Noninterest income:
Credit/debit card and ATM income7,651 7,251 22,023 27,916 
Investment management and fiduciary income15,370 13,266 44,983 35,157 
Deposit service charges5,742 4,772 16,521 14,594 
Mortgage banking activities, net5,637 11,507 18,690 23,472 
Loan and lease fee income1,216 1,165 6,431 3,381 
Securities gains, net2 3,322 331 5,923 
Unrealized (loss) gain on equity investments, net(120)104 5,141 761 
Realized (loss) gain on sale of equity investments, net(706) (706)22,052 
Bank owned life insurance income351 591 1,251 1,011 
Other income7,470 7,193 24,788 20,126 
42,613 49,171 139,453 154,393 
Noninterest expense:
Salaries, benefits and other compensation53,344 48,772 158,890 142,875 
Occupancy expense8,150 8,152 24,693 24,114 
Equipment expense6,807 5,678 21,536 16,401 
Data processing and operations expenses3,467 3,198 10,296 9,337 
Professional fees4,244 4,611 11,501 13,634 
Marketing expense1,480 1,451 3,758 3,617 
Loss on debt extinguishment 2,280 1,087 2,280 
FDIC expenses1,061 829 3,186 1,080 
Loan workout and other credit costs196 1,422 764 6,462 
Corporate development expense2,049 428 6,687 4,570 
Restructuring expense  (409) 
Other operating expense15,648 16,719 46,108 51,101 
96,446 93,540 288,097 275,471 
Income before taxes71,968 65,963 285,814 67,760 
Income tax provision17,516 15,140 70,610 14,181 
Net income$54,452 $50,823 $215,204 $53,579 
Less: Net income (loss) attributable to noncontrolling interest46 (322)49 (1,382)
Net income attributable to WSFS$54,406 $51,145 $215,155 $54,961 
Earnings per share:
Basic$1.14 $1.01 $4.53 $1.08 
Diluted$1.14 $1.01 $4.51 $1.08 
Weighted average shares of common stock outstanding:
Basic47,541,489 50,665,359 47,526,730 50,801,777 
Diluted47,670,645 50,684,493 47,676,515 50,832,085 

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
(Unaudited)
 
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2021202020212020
Net income $54,452 $50,823 $215,204 $53,579 
Less: Net (loss) income attributable to noncontrolling interest46 (322)49 (1,382)
Net income attributable to WSFS54,406 51,145 215,155 54,961 
Other comprehensive (loss) income:
Net change in unrealized (losses) gains on investment securities available-for-sale
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(8,094), (1,097), $(22,457), and 14,610, respectively
(25,639)(3,474)(71,124)46,264 
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $1, $797, $80, and $1,421, respectively
(2)(2,525)(252)(4,501)
(25,641)(5,999)(71,376)41,763 
Net change in securities held-to-maturity
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $9, $12, $23, and $50, respectively
(29)(39)(73)(161)
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax benefit of $7, $8, $20, and $15, respectively
(23)(25)(63)(47)
Pension settlement, net of tax expense of $, $, $, and $67, respectively
   212 
(23)(25)(63)165 
Net change in cash flow hedge
Net unrealized gain arising during the period, net of tax expense of $, $ $, and $493, respectively
   1,560 
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $36, $36, $106, and $71, respectively
(113)(113)(336)(224)
(113)(113)(336)1,336 
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax expense (benefit) of $26, $(3), $112, and $(3), respectively
82 (9)355 (9)
Total other comprehensive (loss) income(25,724)(6,185)(71,493)43,094 
Total comprehensive income$28,682 $44,960 $143,662 $98,055 
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
(Unaudited)
(Dollars in thousands, except per share and share data)September 30, 2021December 31, 2020
Assets:
Cash and due from banks$1,538,178 $1,244,705 
Cash in non-owned ATMs472,863 402,339 
Interest-bearing deposits in other banks including collateral (restricted cash) of $5,560 at September 30, 2021 and $7,390 December 31, 2020
5,846 7,691 
Total cash, cash equivalents, and restricted cash2,016,887 1,654,735 
Investment securities, available-for-sale (amortized cost of $4,258,105 at September 30, 2021 and $2,450,265 at December 31, 2020
4,242,981 2,529,057 
Investment securities, held-to-maturity, net of allowance for credit losses of $4 at September 30, 2021 and $6 at December 31, 2020 (fair value $95,897 at September 30, 2021 and $116,421 at December 31, 2020)
92,169 111,741 
Other investments10,152 9,541 
Loans, held for sale at fair value81,549 197,541 
Loans and leases, net of allowance for credit losses of $104,871 at September 30, 2021 and $228,804 at December 31, 2020
7,914,310 8,795,935 
Bank owned life insurance33,788 32,051 
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost6,089 5,771 
Other real estate owned2,195 3,061 
Accrued interest receivable39,400 44,335 
Premises and equipment90,962 96,556 
Goodwill472,828 472,828 
Intangible assets76,524 84,558 
Other assets296,262 296,204 
Total assets$15,376,096 $14,333,914 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$4,133,945 $3,415,021 
Interest-bearing8,633,616 8,441,643 
Total deposits12,767,561 11,856,664 
FHLB advances 6,623 
Trust preferred borrowings67,011 67,011 
Senior debt147,881 246,617 
Other borrowed funds20,976 20,390 
Accrued interest payable3,165 1,450 
Other liabilities462,804 345,679 
Total liabilities13,469,398 12,544,434 
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 57,634,902 at September 30, 2021 and 57,575,783 at December 31, 2020
577 576 
Capital in excess of par value1,056,614 1,053,022 
Accumulated other comprehensive (loss) income(15,486)56,007 
Retained earnings1,174,511 977,414 
Treasury stock at cost, 10,086,936 shares at September 30, 2021 and 9,819,627 shares at December 31, 2020
(307,321)(295,293)
Total stockholders’ equity of WSFS1,908,895 1,791,726 
Noncontrolling interest(2,197)(2,246)
Total stockholders' equity1,906,698 1,789,480 
Total liabilities and stockholders' equity$15,376,096 $14,333,914 

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)
Nine Months Ended September 30, 2021
(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, 202057,575,783 $576 $1,053,022 $56,007 $977,414 $(295,293)$1,791,726 $(2,246)$1,789,480 
Net income    215,155