Slide 1: 3Q 2024 Earnings Release Supplement
1 Exhibit 99.2 3Q 2024 Earnings Release Supplement October 2024 WSFS Financial Corporation
Slide 2: Forward Looking Statements & Non-GAAP
2 Forward Looking Statements & Non-GAAP Forward Looking Statements: This presentation 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 limi
Slide 3: Financial Highlights
3 Financial Highlights 3Q 2024 Highlights: • Loans increased $165.5mm or 5% (annualized) • Growth in Commercial, Consumer, and Residential portfolios • Customer Deposits increased $136.0mm or 3% (annualized) • Driven by seasonal growth in Munis and growth in CDs, partially offset by expected outflow
Slide 4: Core Fee Revenue ratio with multiple growth opportunities
4 $19 $19 $17 $17 $21 $21 $23 $26 $31 $32 $33 $36 $33 $38 $37 $73 $78 $76 $86 $90 $- $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Co re F ee R ev en ue ( $m m )2 Banking Cash Connect Wealth Management3 Core Fee Revenue1 33.6% Core Fee Revenue ratio with multiple g
Slide 5: Net Interest Margin Trends
5 1.38% 1.62% 1.79% 1.89% 1.95% 1.59% 1.83% 1.99% 2.09% 2.15% 6.81% 6.92% 6.95% 7.03% 7.01% 2.0% 4.0% 6.0% 8.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Lo an Y ie ld (% ) Cu st om er D ep os it Co st (% ) Total Deposit Cost Total Funding Cost Total Loans Ex PAA Yield De
Slide 6: Loan Portfolio Highlights
6 Loan Portfolio Highlights • Commercial: Growth from new originations and the conversion of construction loans drove increases in the C&I2 and CRE portfolios • Line utilization of 38.2%, down from 39.3% last quarter • Consumer: Driven by $51mm increase in Spring EQ loans, partially offset by $25mm
Slide 7: Deposit Highlights
7 Deposit Highlights • Initiated actions across the deposit base to reduce pricing following mid-September’s rate cut • $136.0mm (3% annualized) increase in ending Customer Deposits • Driven by seasonal Muni growth and growth in CDs, partially offset by expected outflows in Wealth and Trust • 51% of
Slide 8: Commercial Loan Composition
8 3 Commercial Loan Composition1 1 As defined by the North American Industry Classification System (NAICS) 2 Based on the underlying real estate collateral 3 Concentration limits are based on relationship exposure, and Tier-1 + ACL; as of September 30, 2024 2 Highly diversified C&I, Owner-Occupied,
Slide 9: CRE and Select Portfolios
9 $0.0 $0.1 $0.2 $0.3 $0.4 $0.5 $0.6 4Q24 2025 2026 2027 2028 Bi lli on s Volume of Maturing CRE Loans by Industry Office Multi-Family Industrial/Flex Retail Single Family Other CRE and Select Portfolios 1 Inclusive of Construction 2 Includes a $19.2mm C&I loan, in participation with another bank, t
Slide 10: Asset Quality Metrics
10 Asset Quality Metrics Problem Assets Nonperforming Assets (NPA) Delinquencies (DLQ) Net Charge-offs (NCO) $543 $556 $573 $629 $722 4.27% 4.34% 4.41% 4.76% 5.40% 0.0% 1.2% 2.4% 3.6% 4.8% 6.0% $300 $400 $500 $600 $700 $800 3Q23 4Q23 1Q24 2Q24 3Q24 M ill io ns Problem Assets % of Gross Loans $111 $1
Slide 11: ACL Ratio
11 ACL Ratio $165 $175 $185 $195 $205 6/30/2024 Net Loan Growth (ex. Upstart) Migration / NCO / Other Upstart 9/30/2024 3Q 2024 ACL ($mm) $6 ($3) $197 ($4) 1 This is a non-GAAP financial measures and should be considered along with results prepared in accordance with GAAP, and not as a substitute fo
Slide 12: Investment Portfolio
12 Investment Portfolio High-quality investment portfolio providing consistent cash flows and borrowing capacity 1 Investment portfolio value includes market value AFS and book value of HTM 2 Weighted average duration and yield of the MBS portfolio 3 This is a non-GAAP financial measure and should b
Slide 13: Capital
13 $28.56 $37.03 $15 $20 $25 $30 $35 $40 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 Corp. TBV and AOCI’s Impact per Share TBV/share TBV/share ex-AOCI Capital All capital ratios remain above “well-capitalized” while deploying our disciplined buyback framework 10.68% 10.27% 12.02% 8.47% 2.78% 2.69%
Slide 14: Midyear FY Outlook
14 Midyear FY Outlook1 Mid-single digit Flat Range of 3.80% - 3.90% Double-digit 0.50% - 0.60% +/- 60% +/- 1.25% 2024 Core Outlook - Update Loan Growth Deposit Growth Net Interest Margin Fee Revenue Growth Net Charge-offs Efficiency Ratio ROA2 1 The Company is not able to reconcile the forward-looki
Slide 15: Appendix: Non-GAAP Financial Information
15 Non-GAAP Financial Information Appendix:
Slide 16: Non-GAAP Information
16 Non-GAAP Information This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). This presentation may include the following non-GAAP measures: • Adjusted Net Income (non-GAAP) attributable
Slide 17: Appendix: Non-GAAP Financial Information
17 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2023 Net interest income (GAAP) $ 177,504 $ 174,449 $ 182,602 Core net interest income (non-GAAP) $ 177,504 $ 174,449 $ 182,602 Noninterest income (GAAP) $ 90,158 $ 91
Slide 18: Appendix: Non-GAAP Financial Information
18 Appendix: Non-GAAP Financial Information 1 Pre-tax adjustments include realized/unrealized gains (losses) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, and corporate development and restructuring expense Three Months Ended (dollars in thousands, except
Slide 19: Appendix: Non-GAAP Financial Information
19 Appendix: Non-GAAP Financial Information Three Months Ended Three Months Ended (dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2023 September 30, 2024 June 30, 2024 September 30, 2023 Calculation of return on average tangible common equity: Calculation of core return on aver
Slide 20: Appendix: Non-GAAP Financial Information
20 Appendix: Non-GAAP Financial Information (dollars in thousands, except per share data) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Calculation of tangible common book value per share and tan