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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 June 30, 2022
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: 63,512,527 shares as of July 31, 2022.



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 Six Months Ended June 30, 2022 and 2021
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021
Notes to the Consolidated Financial Statements for the Three and Six Months Ended June 30, 2022
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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Table of Contents
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, and exhibits hereto, contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to:
difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, unemployment levels, interest rates, supply chain issues, inflation, economic growth, and the novel coronavirus (COVID-19) pandemic, and related variant developments, vaccination efforts and emergency orders;
possible additional loan losses and impairment of the collectability of loans;
the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums;
changes in market interest rates, which may increase funding costs and reduce earning asset yields and thus reduce margin;
the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company’s investment securities portfolio;
the credit risk associated with the substantial amount of commercial real estate, construction and land development and commercial and industrial loans in the Company's loan portfolio;
the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations and potential expenses associated with complying with such regulations;
the Company’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms;
possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes;
any impairments of the Company's goodwill or other intangible assets;
the discontinued publication of London Inter-Bank Offered Rate (LIBOR) and the transition to 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, residential, small business and Small Business Administration (SBA) portfolios and wealth management business following its recent acquisition of Bryn Mawr Bank Corporation (BMBC or Bryn Mawr Trust);
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 BMBC (the BMBC Merger);
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;
3

Table of Contents
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, armed conflicts, public health crises and man-made disasters including terrorist attacks;
the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage);
additional credit, fraud and litigation risks associated with our PPP lending activities;
possible changes in the speed of loan prepayments by the Company’s Customers and loan origination or sales volumes;
possible changes in the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate;
regulatory limits on the Company’s ability to receive dividends from its subsidiaries and pay dividends to its stockholders;
any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; and
other risks and uncertainties, including those discussed herein under the heading “Risk Factors” and in other documents filed by the Company with the Securities and Exchange Commission (SEC) from time to time.
The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.

As used in this Quarterly Report on Form 10-Q, the terms “WSFS”, “the Company”, “registrant”, “we”, “us”, and “our” mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

The following are registered trademarks of the Company: Bryn Mawr Trust®, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, 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.

4

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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands, except per share and share data)2022202120222021
Interest income:
Interest and fees on loans and leases$129,342 $98,645 $248,223 $207,497 
Interest on mortgage-backed securities27,377 12,506 50,490 23,210 
Interest and dividends on investment securities:
Taxable702 702 1,404 1,403 
Tax-exempt638 681 1,257 1,429 
Other interest income1,961 368 2,783 644 
160,020 112,902 304,157 234,183 
Interest expense:
Interest on deposits3,766 3,778 6,894 8,274 
Interest on Federal Home Loan Bank advances   5 
Interest on senior and subordinated debt1,949 2,053 3,878 4,319 
Interest on trust preferred borrowings682 317 1,195 641 
Interest on other borrowings8 5 17 10 
6,405 6,153 11,984 13,249 
Net interest income153,615 106,749 292,173 220,934 
Provision for (recovery of) credit losses8,268 (67,563)27,239 (87,723)
Net interest income after provision for (recovery of) credit losses145,347 174,312 264,934 308,657 
Noninterest income:
Credit/debit card and ATM income8,772 7,567 16,453 14,372 
Investment management and fiduciary income31,192 15,360 61,373 29,613 
Deposit service charges6,071 5,319 11,896 10,779 
Mortgage banking activities, net2,211 4,453 5,109 13,053 
Loan and lease fee income1,698 1,730 3,032 5,215 
Securities gains, net   329 
Unrealized gain on equity investments, net5,991 5,261 5,988 5,261 
Bank owned life insurance income374 695 479 900 
Other income15,720 8,633 28,273 17,318 
72,029 49,018 132,603 96,840 
Noninterest expense:
Salaries, benefits and other compensation68,189 52,408 139,119 105,546 
Occupancy expense9,902 8,083 20,694 16,543 
Equipment expense10,388 7,338 20,761 14,729 
Data processing and operations expenses5,288 3,444 10,647 6,829 
Professional fees5,273 3,401 8,724 7,257 
Marketing expense1,637 1,286 2,903 2,278 
Loss on debt extinguishment 1,087  1,087 
FDIC expenses1,468 1,056 2,859 2,125 
Loan workout and other credit costs(226)(552)102 568 
Corporate development expense6,393 2,543 40,431 4,638 
Restructuring expense3,934 (144)21,448 (409)
Other operating expense21,803 16,082 40,818 30,460 
134,049 96,032 308,506 191,651 
Income before taxes83,327 127,298 89,031 213,846 
Income tax provision22,425 31,687 24,162 53,094 
Net income$60,902 $95,611 $64,869 $160,752 
Less: Net income (loss) attributable to noncontrolling interest162 (56)325 3 
Net income attributable to WSFS$60,740 $95,667 $64,544 $160,749 
Earnings per share:
Basic$0.95 $2.01 $1.00 $3.38 
Diluted$0.94 $2.01 $1.00 $3.37 
Weighted average shares of common stock outstanding:
Basic64,224,018 47,529,143 64,581,321 47,519,229 
Diluted64,283,288 47,691,709 64,696,053 47,675,223 

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 (LOSS)
(Unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2022202120222021
(Unaudited)
Net income $60,902 $95,611 $64,869 $160,752 
Less: Net income (loss) attributable to noncontrolling interest162 (56)325 3 
Net income attributable to WSFS60,740 95,667 64,544 160,749 
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) of $(26,975), $7,615, $(114,107), and $(14,361), respectively
(85,422)24,104 (361,340)(45,485)
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $, $, $ and $79, respectively
   (250)
(85,422)24,104 (361,340)(45,735)
Net change in securities held-to-maturity
Net change in unrealized loss on available-for-sale securities reclassified to held-to-maturity, net of tax benefit of $37,830, $9 , $37,839 and $14, respectively(1)
(119,796)(28)(119,824)(44)
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 $(9), (8), $(17) and (13), respectively
(28)(24)(55)(40)
Net change in cash flow hedge
Net unrealized gain arising during the period, net of tax expense of $, $ , $ and $ respectively
  1  
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $(13), $(35) , $(25) and $(70), respectively
(40)(112)(80)(223)
(40)(112)(79)(223)
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax expense of $59,$ , $59 and $86, respectively
188  188 273 
Total other comprehensive (loss) income(205,098)23,940 (481,110)(45,769)
Total comprehensive (loss) income$(144,358)$119,607 $(416,566)$114,980 
(1)Includes $119.8 million, net of tax benefit, of unrealized losses on transferred investment securities with a book value of $1.1 billion from available-for-sale to held-to-maturity.
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)June 30, 2022December 31, 2021
Assets:
Cash and due from banks$1,036,554 $1,046,992 
Cash in non-owned ATMs633,710 480,527 
Interest-bearing deposits in other banks including collateral (restricted cash) of $6,030 at June 30, 2022 and $5,050 at December 31, 2021
6,345 5,420 
Total cash, cash equivalents, and restricted cash1,676,609 1,532,939 
Investment securities, available-for-sale (amortized cost of $5,016,103 at June 30, 2022 and $5,249,882 at December 31, 2021
4,496,087 5,205,311 
Investment securities, held-to-maturity, net of allowance for credit losses of $6 at June 30, 2022 and $4 at December 31, 2021 (fair value $1,063,352 at June 30, 2022 and $94,131 at December 31, 2021)
1,064,182 90,642 
Other investments21,064 10,518 
Loans, held for sale at fair value60,775 113,349 
Loans and leases, net of allowance for credit losses of $141,970 at June 30, 2022 and $94,507 at December 31, 2021
11,340,711 7,791,482 
Bank owned life insurance100,515 33,099 
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost10,118 6,073 
Other real estate owned358 2,320 
Accrued interest receivable55,718 41,596 
Premises and equipment120,606 87,295 
Goodwill883,116 472,828 
Intangible assets136,741 74,403 
Other assets583,616 315,472 
Total assets$20,550,216 $15,777,327 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$6,551,542 $4,565,143 
Interest-bearing10,718,065 8,674,919 
Total deposits17,269,607 13,240,062 
Trust preferred borrowings90,344 67,011 
Senior and subordinated debt248,372 147,939 
Other borrowed funds31,067 24,527 
Accrued interest payable3,091 736 
Other liabilities594,859 360,036 
Total liabilities18,237,340 13,840,311 
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 75,870,300 at June 30, 2022 and 57,695,676 at December 31, 2021
759 577 
Capital in excess of par value1,968,175 1,058,997 
Accumulated other comprehensive loss(518,878)(37,768)
Retained earnings1,272,192 1,224,614 
Treasury stock at cost, 12,283,026 shares at June 30, 2022 and 10,086,936 shares at December 31, 2021
(406,888)(307,321)
Total stockholders’ equity of WSFS2,315,360 1,939,099 
Noncontrolling interest(2,484)(2,083)
Total stockholders' equity2,312,876 1,937,016 
Total liabilities and stockholders' equity$20,550,216 $15,777,327 

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)
Six Months Ended June 30, 2022
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 202157,695,676 $577 $1,058,997 $(37,768)$1,224,614 $(307,321)$1,939,099 $(2,083)$1,937,016 
Net income    64,544  64,544 325 64,869 
Other comprehensive loss   (481,110)  (481,110) (481,110)
Cash dividend, $0.26 per share
    (16,966) (16,966) (16,966)
Contributions from noncontrolling shareholders       187 187 
Issuance of common stock including proceeds from exercise of common stock options57,776 1 431    432  432 
Issuance of common stock in acquisition of BMT18,116,848 181 907,835