false2021Q1--12-310000828944us-gaap:AccountingStandardsUpdate201602Memberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:LiabilitiesAbstractus-gaap:LiabilitiesAbstract00008289442021-01-012021-03-31xbrli:shares00008289442021-05-03iso4217:USD00008289442020-01-012020-03-310000828944us-gaap:CreditAndDebitCardMember2021-01-012021-03-310000828944us-gaap:CreditAndDebitCardMember2020-01-012020-03-310000828944us-gaap:FinancialServiceMember2021-01-012021-03-310000828944us-gaap:FinancialServiceMember2020-01-012020-03-310000828944us-gaap:DepositAccountMember2021-01-012021-03-310000828944us-gaap:DepositAccountMember2020-01-012020-03-310000828944us-gaap:MortgageBankingMember2021-01-012021-03-310000828944us-gaap:MortgageBankingMember2020-01-012020-03-310000828944us-gaap:ServiceOtherMember2021-01-012021-03-310000828944us-gaap:ServiceOtherMember2020-01-012020-03-31iso4217:USDxbrli:shares00008289442021-03-3100008289442020-12-310000828944us-gaap:CommonStockMember2020-12-310000828944us-gaap:AdditionalPaidInCapitalMember2020-12-310000828944us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000828944us-gaap:RetainedEarningsMember2020-12-310000828944us-gaap:TreasuryStockMember2020-12-310000828944us-gaap:ParentMember2020-12-310000828944us-gaap:NoncontrollingInterestMember2020-12-310000828944us-gaap:RetainedEarningsMember2021-01-012021-03-310000828944us-gaap:ParentMember2021-01-012021-03-310000828944us-gaap:NoncontrollingInterestMember2021-01-012021-03-310000828944us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000828944us-gaap:CommonStockMember2021-01-012021-03-310000828944us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000828944us-gaap:TreasuryStockMember2021-01-012021-03-310000828944us-gaap:CommonStockMember2021-03-310000828944us-gaap:AdditionalPaidInCapitalMember2021-03-310000828944us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000828944us-gaap:RetainedEarningsMember2021-03-310000828944us-gaap:TreasuryStockMember2021-03-310000828944us-gaap:ParentMember2021-03-310000828944us-gaap:NoncontrollingInterestMember2021-03-310000828944us-gaap:CommonStockMember2019-12-310000828944us-gaap:AdditionalPaidInCapitalMember2019-12-310000828944us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000828944us-gaap:RetainedEarningsMember2019-12-310000828944us-gaap:TreasuryStockMember2019-12-310000828944us-gaap:ParentMember2019-12-310000828944us-gaap:NoncontrollingInterestMember2019-12-3100008289442019-12-310000828944us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000828944us-gaap:ParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000828944srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000828944srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2019-12-310000828944srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AdditionalPaidInCapitalMember2019-12-310000828944srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000828944srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2019-12-310000828944srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:TreasuryStockMember2019-12-310000828944srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:ParentMember2019-12-310000828944srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:NoncontrollingInterestMember2019-12-310000828944srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000828944us-gaap:RetainedEarningsMember2020-01-012020-03-310000828944us-gaap:ParentMember2020-01-012020-03-310000828944us-gaap:NoncontrollingInterestMember2020-01-012020-03-310000828944us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000828944us-gaap:CommonStockMember2020-01-012020-03-310000828944us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000828944us-gaap:TreasuryStockMember2020-01-012020-03-310000828944us-gaap:CommonStockMember2020-03-310000828944us-gaap:AdditionalPaidInCapitalMember2020-03-310000828944us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000828944us-gaap:RetainedEarningsMember2020-03-310000828944us-gaap:TreasuryStockMember2020-03-310000828944us-gaap:ParentMember2020-03-310000828944us-gaap:NoncontrollingInterestMember2020-03-3100008289442020-03-310000828944us-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-03-31wsfs:subsidiary0000828944srt:ParentCompanyMember2021-03-31wsfs:Office0000828944stpr:PA2021-03-310000828944stpr:DE2021-03-310000828944stpr:NJ2021-03-310000828944stpr:VA2021-03-310000828944stpr:NV2021-03-310000828944wsfs:BailmentFeesMember2021-01-012021-03-310000828944wsfs:BailmentFeesMember2020-01-012020-03-310000828944wsfs:InterchangeFeesMember2021-01-012021-03-310000828944wsfs:InterchangeFeesMember2020-01-012020-03-310000828944wsfs:OtherCardandATMFeesMember2021-01-012021-03-310000828944wsfs:OtherCardandATMFeesMember2020-01-012020-03-310000828944wsfs:TrustFeesMember2021-01-012021-03-310000828944wsfs:TrustFeesMember2020-01-012020-03-310000828944wsfs:WealthManagementandAdvisoryFeesMember2021-01-012021-03-310000828944wsfs:WealthManagementandAdvisoryFeesMember2020-01-012020-03-310000828944wsfs:ServiceFeesMember2021-01-012021-03-310000828944wsfs:ServiceFeesMember2020-01-012020-03-310000828944wsfs:ReturnandOverdraftFeesMember2021-01-012021-03-310000828944wsfs:ReturnandOverdraftFeesMember2020-01-012020-03-310000828944wsfs:OtherDepositServiceFeesMember2021-01-012021-03-310000828944wsfs:OtherDepositServiceFeesMember2020-01-012020-03-310000828944wsfs:ManagedServiceFeesMember2021-01-012021-03-310000828944wsfs:ManagedServiceFeesMember2020-01-012020-03-310000828944wsfs:CurrencyPreparationMember2021-01-012021-03-310000828944wsfs:CurrencyPreparationMember2020-01-012020-03-310000828944wsfs:ATMInsuranceMember2021-01-012021-03-310000828944wsfs:ATMInsuranceMember2020-01-012020-03-310000828944wsfs:MiscellaneousProductsAndServicesMember2021-01-012021-03-310000828944wsfs:MiscellaneousProductsAndServicesMember2020-01-012020-03-310000828944us-gaap:CollateralizedMortgageObligationsMember2021-03-310000828944us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2021-03-310000828944us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2021-03-310000828944us-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2021-03-310000828944us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-03-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMember2021-03-310000828944us-gaap:ForeignGovernmentDebtMember2021-03-310000828944us-gaap:CollateralizedMortgageObligationsMember2020-12-310000828944us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2020-12-310000828944us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-12-310000828944us-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2020-12-310000828944us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000828944us-gaap:ForeignGovernmentDebtMember2020-12-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMembersrt:FitchAPlusRatingMember2021-03-310000828944us-gaap:BondsMembersrt:FitchAPlusRatingMember2021-03-310000828944wsfs:FitchNotRatedMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-03-310000828944us-gaap:BondsMemberwsfs:FitchNotRatedMember2021-03-310000828944us-gaap:BondsMember2021-03-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMembersrt:FitchAPlusRatingMember2020-12-310000828944us-gaap:BondsMembersrt:FitchAPlusRatingMember2020-12-310000828944wsfs:FitchNotRatedMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000828944us-gaap:BondsMemberwsfs:FitchNotRatedMember2020-12-310000828944us-gaap:BondsMember2020-12-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-03-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMember2020-01-012020-03-310000828944us-gaap:USStatesAndPoliticalSubdivisionsMember2020-03-310000828944us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-01-012021-03-310000828944us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-01-012020-03-310000828944us-gaap:OtherInvestmentCompaniesMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:OwnerOccupiedCommercialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:OwnerOccupiedCommercialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMember2020-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2021-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialSmallBusinessLeasesMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialSmallBusinessLeasesMember2020-12-310000828944us-gaap:ResidentialPortfolioSegmentMember2021-03-310000828944us-gaap:ResidentialPortfolioSegmentMember2020-12-310000828944us-gaap:ConsumerPortfolioSegmentMember2021-03-310000828944us-gaap:ConsumerPortfolioSegmentMember2020-12-310000828944wsfs:FinancingReceivablePortfolioSegmentIncludingReverseMortgagesMember2021-03-310000828944wsfs:FinancingReceivablePortfolioSegmentIncludingReverseMortgagesMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:PaycheckProtectionProgramCARESActMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:PaycheckProtectionProgramCARESActMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMember2021-01-012021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:OwnerOccupiedCommercialMember2021-01-012021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMember2021-01-012021-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2021-01-012021-03-310000828944us-gaap:ResidentialPortfolioSegmentMember2021-01-012021-03-310000828944us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMember2019-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:OwnerOccupiedCommercialMember2019-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMember2019-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2019-12-310000828944us-gaap:ResidentialPortfolioSegmentMember2019-12-310000828944us-gaap:ConsumerPortfolioSegmentMember2019-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000828944us-gaap:CommercialPortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberwsfs:OwnerOccupiedCommercialMember2019-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000828944us-gaap:ResidentialPortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000828944us-gaap:ConsumerPortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:OwnerOccupiedCommercialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMember2020-01-012020-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2020-01-012020-03-310000828944us-gaap:ResidentialPortfolioSegmentMember2020-01-012020-03-310000828944us-gaap:ConsumerPortfolioSegmentMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMember2020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:OwnerOccupiedCommercialMember2020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMember2020-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2020-03-310000828944us-gaap:ResidentialPortfolioSegmentMember2020-03-310000828944us-gaap:ConsumerPortfolioSegmentMember2020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMemberwsfs:FinancialAsset30To89DaysPastDueMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwsfs:CommercialAndIndustrialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:FinancialAsset30To89DaysPastDueMemberwsfs:OwnerOccupiedCommercialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwsfs:OwnerOccupiedCommercialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberwsfs:FinancialAsset30To89DaysPastDueMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwsfs:CommercialMortgagesMember2021-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberwsfs:FinancialAsset30To89DaysPastDueMember2021-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberwsfs:FinancialAsset30To89DaysPastDueMember2021-03-310000828944us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-03-310000828944us-gaap:ConsumerPortfolioSegmentMemberwsfs:FinancialAsset30To89DaysPastDueMember2021-03-310000828944us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000828944wsfs:FinancialAsset30To89DaysPastDueMember2021-03-310000828944us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-03-31xbrli:pure0000828944us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMemberwsfs:FinancialAsset30To89DaysPastDueMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwsfs:CommercialAndIndustrialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:FinancialAsset30To89DaysPastDueMemberwsfs:OwnerOccupiedCommercialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwsfs:OwnerOccupiedCommercialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberwsfs:FinancialAsset30To89DaysPastDueMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwsfs:CommercialMortgagesMember2020-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberwsfs:FinancialAsset30To89DaysPastDueMember2020-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000828944us-gaap:ResidentialPortfolioSegmentMemberwsfs:FinancialAsset30To89DaysPastDueMember2020-12-310000828944us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000828944us-gaap:ConsumerPortfolioSegmentMemberwsfs:FinancialAsset30To89DaysPastDueMember2020-12-310000828944us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000828944wsfs:FinancialAsset30To89DaysPastDueMember2020-12-310000828944us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000828944us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMembersrt:OtherPropertyMemberwsfs:CommercialAndIndustrialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMemberwsfs:EquipmentAndOtherMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMembersrt:OtherPropertyMemberwsfs:CommercialAndIndustrialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMemberwsfs:EquipmentAndOtherMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMembersrt:OtherPropertyMemberwsfs:OwnerOccupiedCommercialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:EquipmentAndOtherMemberwsfs:OwnerOccupiedCommercialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMembersrt:OtherPropertyMemberwsfs:OwnerOccupiedCommercialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:EquipmentAndOtherMemberwsfs:OwnerOccupiedCommercialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMembersrt:OtherPropertyMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberwsfs:EquipmentAndOtherMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMembersrt:OtherPropertyMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberwsfs:EquipmentAndOtherMember2020-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMembersrt:OtherPropertyMember2021-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberwsfs:EquipmentAndOtherMember2021-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMembersrt:OtherPropertyMember2020-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberwsfs:EquipmentAndOtherMember2020-12-310000828944us-gaap:ResidentialPortfolioSegmentMembersrt:OtherPropertyMember2021-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberwsfs:EquipmentAndOtherMember2021-03-310000828944us-gaap:ResidentialPortfolioSegmentMembersrt:OtherPropertyMember2020-12-310000828944us-gaap:ResidentialPortfolioSegmentMemberwsfs:EquipmentAndOtherMember2020-12-310000828944srt:OtherPropertyMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000828944us-gaap:ConsumerPortfolioSegmentMemberwsfs:EquipmentAndOtherMember2021-03-310000828944srt:OtherPropertyMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000828944us-gaap:ConsumerPortfolioSegmentMemberwsfs:EquipmentAndOtherMember2020-12-310000828944srt:OtherPropertyMember2021-03-310000828944wsfs:EquipmentAndOtherMember2021-03-310000828944srt:OtherPropertyMember2020-12-310000828944wsfs:EquipmentAndOtherMember2020-12-31wsfs:SecurityLoan0000828944us-gaap:CommercialPortfolioSegmentMember2021-01-012021-03-310000828944us-gaap:ResidentialPortfolioSegmentMember2020-01-012020-12-310000828944us-gaap:CommercialPortfolioSegmentMember2020-01-012020-12-310000828944wsfs:ResidentialAndConsumerPortfolioSegmentMember2021-01-012021-03-310000828944wsfs:ResidentialAndConsumerPortfolioSegmentMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberwsfs:CommercialAndIndustrialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMemberwsfs:SubstandardOrLowerMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberwsfs:OwnerOccupiedCommercialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMemberwsfs:OwnerOccupiedCommercialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:SubstandardOrLowerMemberwsfs:OwnerOccupiedCommercialMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberus-gaap:PassMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberus-gaap:SpecialMentionMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberwsfs:SubstandardOrLowerMember2021-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-03-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberwsfs:SubstandardOrLowerMember2021-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2021-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2021-03-310000828944us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000828944us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberwsfs:CommercialAndIndustrialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialAndIndustrialMemberwsfs:SubstandardOrLowerMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberwsfs:OwnerOccupiedCommercialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMemberwsfs:OwnerOccupiedCommercialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:SubstandardOrLowerMemberwsfs:OwnerOccupiedCommercialMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberus-gaap:PassMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberus-gaap:SpecialMentionMember2020-12-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberwsfs:SubstandardOrLowerMember2020-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2020-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310000828944us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberwsfs:SubstandardOrLowerMember2020-12-310000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2020-12-310000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2020-12-310000828944us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000828944us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-3100008289442020-01-012020-12-31wsfs:loan0000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2021-01-012021-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PrincipalForgivenessMember2021-01-012021-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberwsfs:OtherModificationsMember2021-01-012021-03-310000828944us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-310000828944us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-310000828944us-gaap:PrincipalForgivenessMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-310000828944wsfs:OtherModificationsMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-310000828944us-gaap:ContractualInterestRateReductionMember2021-01-012021-03-310000828944us-gaap:ExtendedMaturityMember2021-01-012021-03-310000828944us-gaap:PrincipalForgivenessMember2021-01-012021-03-310000828944wsfs:OtherModificationsMember2021-01-012021-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:ContractualInterestRateReductionMemberwsfs:CommercialAndIndustrialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMemberwsfs:CommercialAndIndustrialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:PrincipalForgivenessMemberwsfs:CommercialAndIndustrialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:OtherModificationsMemberwsfs:CommercialAndIndustrialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:ContractualInterestRateReductionMemberwsfs:OwnerOccupiedCommercialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMemberwsfs:OwnerOccupiedCommercialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:PrincipalForgivenessMemberwsfs:OwnerOccupiedCommercialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:OtherModificationsMemberwsfs:OwnerOccupiedCommercialMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMemberwsfs:CommercialMortgagesMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:CommercialMortgagesMemberus-gaap:PrincipalForgivenessMember2020-01-012020-03-310000828944us-gaap:CommercialPortfolioSegmentMemberwsfs:OtherModificationsMemberwsfs:CommercialMortgagesMember2020-01-012020-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2020-01-012020-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PrincipalForgivenessMember2020-01-012020-03-310000828944us-gaap:ResidentialPortfolioSegmentMemberwsfs:OtherModificationsMember2020-01-012020-03-310000828944us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2020-01-012020-03-310000828944us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2020-01-012020-03-310000828944us-gaap:PrincipalForgivenessMemberus-gaap:ConsumerPortfolioSegmentMember2020-01-012020-03-310000828944wsfs:OtherModificationsMemberus-gaap:ConsumerPortfolioSegmentMember2020-01-012020-03-310000828944us-gaap:ContractualInterestRateReductionMember2020-01-012020-03-310000828944us-gaap:ExtendedMaturityMember2020-01-012020-03-310000828944us-gaap:PrincipalForgivenessMember2020-01-012020-03-310000828944wsfs:OtherModificationsMember2020-01-012020-03-310000828944srt:MinimumMember2021-03-310000828944srt:MaximumMember2021-03-310000828944wsfs:WsfsBankMember2020-12-310000828944wsfs:CashConnectMember2020-12-310000828944wsfs:TrustAndWealthManagementMember2020-12-310000828944wsfs:WsfsBankMember2021-01-012021-03-310000828944wsfs:CashConnectMember2021-01-012021-03-310000828944wsfs:TrustAndWealthManagementMember2021-01-012021-03-310000828944wsfs:WsfsBankMember2021-03-310000828944wsfs:CashConnectMember2021-03-310000828944wsfs:TrustAndWealthManagementMember2021-03-310000828944us-gaap:CoreDepositsMember2021-03-310000828944us-gaap:CoreDepositsMember2021-01-012021-03-310000828944us-gaap:CustomerRelationshipsMember2021-03-310000828944us-gaap:CustomerRelationshipsMembersrt:MinimumMember2021-01-012021-03-310000828944us-gaap:CustomerRelationshipsMembersrt:MaximumMember2021-01-012021-03-310000828944us-gaap:NoncompeteAgreementsMember2021-03-310000828944us-gaap:NoncompeteAgreementsMember2021-01-012021-03-310000828944wsfs:LoanServicingRightsMember2021-03-310000828944wsfs:LoanServicingRightsMembersrt:MinimumMember2021-01-012021-03-310000828944wsfs:LoanServicingRightsMembersrt:MaximumMember2021-01-012021-03-310000828944us-gaap:CoreDepositsMember2020-12-310000828944us-gaap:CoreDepositsMember2020-01-012020-12-310000828944us-gaap:CustomerRelationshipsMember2020-12-310000828944us-gaap:CustomerRelationshipsMembersrt:MinimumMember2020-01-012020-12-310000828944us-gaap:CustomerRelationshipsMembersrt:MaximumMember2020-01-012020-12-310000828944us-gaap:NoncompeteAgreementsMember2020-12-310000828944us-gaap:NoncompeteAgreementsMember2020-01-012020-12-310000828944wsfs:LoanServicingRightsMember2020-12-310000828944wsfs:LoanServicingRightsMembersrt:MinimumMember2020-01-012020-12-310000828944wsfs:LoanServicingRightsMembersrt:MaximumMember2020-01-012020-12-310000828944wsfs:LoanServicingRightsMember2021-01-012021-03-310000828944wsfs:LoanServicingRightsMember2020-01-012020-12-310000828944us-gaap:OtherIntangibleAssetsMember2021-01-012021-03-310000828944us-gaap:OtherIntangibleAssetsMember2020-01-012020-03-3100008289442014-03-312014-03-310000828944us-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-01-012021-03-310000828944us-gaap:DefinedBenefitPostretirementHealthCoverageMember2020-01-012020-03-310000828944us-gaap:PensionPlansDefinedBenefitMemberwsfs:AllianceMember2020-04-012020-06-300000828944us-gaap:PensionPlansDefinedBenefitMemberwsfs:AllianceMember2020-01-012020-03-310000828944us-gaap:PensionPlansDefinedBenefitMemberwsfs:BeneficialMember2021-01-012021-03-310000828944us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberwsfs:BeneficialMember2021-01-012021-03-310000828944us-gaap:PensionPlansDefinedBenefitMemberwsfs:BeneficialMember2020-01-012020-03-310000828944us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberwsfs:BeneficialMember2020-01-012020-03-3100008289442020-01-012020-01-010000828944us-gaap:GeneralBusinessMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel1Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel2Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueInputsLevel1Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueInputsLevel2Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMemberus-gaap:FairValueInputsLevel1Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMemberus-gaap:FairValueInputsLevel2Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMember2021-03-310000828944us-gaap:OtherInvestmentCompaniesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-03-310000828944us-gaap:OtherInvestmentCompaniesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-03-310000828944us-gaap:OtherInvestmentCompaniesMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:OtherInvestmentCompaniesMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-03-310000828944us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-03-310000828944us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-03-310000828944us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:FairValueMeasurementsNonrecurringMember2021-03-310000828944us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberwsfs:LoansheldforSaleMember2021-03-310000828944us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberwsfs:LoansheldforSaleMember2021-03-310000828944us-gaap:FairValueMeasurementsNonrecurringMemberwsfs:LoansheldforSaleMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:FairValueMeasurementsNonrecurringMemberwsfs:LoansheldforSaleMember2021-03-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel1Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueInputsLevel1Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueInputsLevel2Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMemberus-gaap:FairValueInputsLevel1Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMemberus-gaap:FairValueInputsLevel2Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:FairValueMeasurementsRecurringMember2020-12-310000828944us-gaap:OtherInvestmentCompaniesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000828944us-gaap:OtherInvestmentCompaniesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000828944us-gaap:OtherInvestmentCompaniesMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:OtherInvestmentCompaniesMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000828944us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000828944us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000828944us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000828944us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberwsfs:LoansheldforSaleMember2020-12-310000828944us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberwsfs:LoansheldforSaleMember2020-12-310000828944us-gaap:FairValueMeasurementsNonrecurringMemberwsfs:LoansheldforSaleMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:FairValueMeasurementsNonrecurringMemberwsfs:LoansheldforSaleMember2020-12-310000828944wsfs:SwapGuaranteeMember2021-03-310000828944wsfs:SwapGuaranteeMember2020-12-310000828944us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944wsfs:ValuationCollateralApproachMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944wsfs:ValuationCollateralApproachMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-01-012021-03-310000828944us-gaap:MeasurementInputExpectedTermMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000828944us-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000828944us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310000828944us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310000828944us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000828944us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000828944us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310000828944us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310000828944us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000828944us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000828944us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-03-310000828944us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2020-12-310000828944us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-03-310000828944us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2021-03-310000828944us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberwsfs:RiskParticipationAgreementsMember2021-03-310000828944us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateLockCommitmentsMember2021-03-310000828944us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateLockCommitmentsMember2021-03-310000828944us-gaap:ForwardContractsMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-03-310000828944us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-03-310000828944us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-03-310000828944us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2020-12-310000828944us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2020-12-310000828944us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberwsfs:RiskParticipationAgreementsMember2020-12-310000828944us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateLockCommitmentsMember2020-12-310000828944us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateLockCommitmentsMember2020-12-310000828944us-gaap:ForwardContractsMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-12-310000828944us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2020-12-310000828944us-gaap:NondesignatedMember2020-12-31wsfs:instrument00008289442020-04-300000828944us-gaap:DesignatedAsHedgingInstrumentMember2020-04-300000828944us-gaap:InterestIncomeMemberus-gaap:InterestRateContractMember2020-01-012020-03-31wsfs:institution0000828944us-gaap:InterestRateSwapMember2021-03-310000828944us-gaap:InterestRateSwapMember2020-12-310000828944srt:MinimumMember2021-01-012021-03-310000828944srt:MaximumMember2021-01-012021-03-310000828944wsfs:MortgageBankingActivityNetMemberus-gaap:NondesignatedMemberus-gaap:InterestRateLockCommitmentsMember2021-01-012021-03-310000828944wsfs:MortgageBankingActivityNetMemberus-gaap:NondesignatedMemberus-gaap:InterestRateLockCommitmentsMember2020-01-012020-03-310000828944wsfs:MortgageBankingActivityNetMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2021-01-012021-03-310000828944wsfs:MortgageBankingActivityNetMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2020-01-012020-03-310000828944us-gaap:NondesignatedMember2021-01-012021-03-310000828944us-gaap:NondesignatedMember2020-01-012020-03-310000828944us-gaap:OtherAggregatedInvestmentsMember2021-03-310000828944us-gaap:CashMember2021-03-31wsfs:segment0000828944us-gaap:OperatingSegmentsMemberwsfs:WsfsBankMember2021-01-012021-03-310000828944us-gaap:OperatingSegmentsMemberwsfs:CashConnectMember2021-01-012021-03-310000828944us-gaap:OperatingSegmentsMemberwsfs:WealthManagementMember2021-01-012021-03-310000828944us-gaap:OperatingSegmentsMember2021-01-012021-03-310000828944us-gaap:OperatingSegmentsMemberwsfs:WsfsBankMember2020-01-012020-03-310000828944us-gaap:OperatingSegmentsMemberwsfs:CashConnectMember2020-01-012020-03-310000828944us-gaap:OperatingSegmentsMemberwsfs:WealthManagementMember2020-01-012020-03-310000828944us-gaap:OperatingSegmentsMember2020-01-012020-03-310000828944wsfs:WealthManagementMember2021-01-012021-03-310000828944wsfs:WsfsBankMember2020-01-012020-03-310000828944wsfs:CashConnectMember2020-01-012020-03-310000828944wsfs:WealthManagementMember2020-01-012020-03-310000828944us-gaap:IntersegmentEliminationMemberwsfs:WsfsBankMember2021-01-012021-03-310000828944us-gaap:IntersegmentEliminationMemberwsfs:CashConnectMember2021-01-012021-03-310000828944us-gaap:IntersegmentEliminationMemberwsfs:WealthManagementMember2021-01-012021-03-310000828944us-gaap:IntersegmentEliminationMember2021-01-012021-03-310000828944us-gaap:IntersegmentEliminationMemberwsfs:WsfsBankMember2020-01-012020-03-310000828944us-gaap:IntersegmentEliminationMemberwsfs:CashConnectMember2020-01-012020-03-310000828944us-gaap:IntersegmentEliminationMemberwsfs:WealthManagementMember2020-01-012020-03-310000828944us-gaap:IntersegmentEliminationMember2020-01-012020-03-310000828944wsfs:WealthManagementMember2021-03-310000828944wsfs:WealthManagementMember2020-12-310000828944wsfs:SecondaryMarketLoanSalesMember2021-01-012021-03-31wsfs:transaction0000828944wsfs:SecondaryMarketLoanSalesMember2020-01-012020-03-310000828944us-gaap:UnfundedLoanCommitmentMember2021-03-310000828944us-gaap:UnfundedLoanCommitmentMember2020-12-310000828944us-gaap:UnfundedLoanCommitmentMember2021-01-012021-03-310000828944us-gaap:UnfundedLoanCommitmentMember2020-01-012020-03-310000828944us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000828944us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2020-12-310000828944us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000828944us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310000828944wsfs:AccumulatedEquityMethodInvestmentsParentMember2020-12-310000828944us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000828944us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2021-01-012021-03-310000828944us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000828944us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310000828944wsfs:AccumulatedEquityMethodInvestmentsParentMember2021-01-012021-03-310000828944us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000828944us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2021-03-310000828944us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000828944us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310000828944wsfs:AccumulatedEquityMethodInvestmentsParentMember2021-03-310000828944us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000828944us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2019-12-310000828944us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000828944us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000828944wsfs:AccumulatedEquityMethodInvestmentsParentMember2019-12-310000828944us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000828944us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2020-01-012020-03-310000828944us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000828944us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-03-310000828944wsfs:AccumulatedEquityMethodInvestmentsParentMember2020-01-012020-03-310000828944us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310000828944us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2020-03-310000828944us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000828944us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-03-310000828944wsfs:AccumulatedEquityMethodInvestmentsParentMember2020-03-310000828944us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberwsfs:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAccumulatedOtherComprehensiveIncomeForSaleOfSecuritiesNetOfTaxMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000828944us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberwsfs:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAccumulatedOtherComprehensiveIncomeForSaleOfSecuritiesNetOfTaxMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000828944wsfs:OtherComprehensiveIncomeAmortizationOfUnrealizedGainsOnSecuritiesTransferredFromAvailableForSaleAndHeldToMaturityNetOfTaxMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000828944wsfs:OtherComprehensiveIncomeAmortizationOfUnrealizedGainsOnSecuritiesTransferredFromAvailableForSaleAndHeldToMaturityNetOfTaxMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000828944us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000828944us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000828944us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000828944us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000828944us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000828944us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000828944us-gaap:LoansMember2021-01-012021-03-310000828944us-gaap:LoansMember2020-01-012020-03-310000828944us-gaap:LoansMember2020-12-310000828944us-gaap:LoansMember2021-03-310000828944wsfs:NewLoansAndCreditLineAdvanceToRelatedPartiesMember2021-01-012021-03-310000828944wsfs:UniversitasEducationLLCMemberus-gaap:SettledLitigationMember2018-02-272018-02-270000828944wsfs:UniversitasEducationLLCMemberus-gaap:SettledLitigationMember2018-07-012018-09-300000828944us-gaap:PendingLitigationMemberwsfs:NaturesHealingTrustMember2017-03-310000828944us-gaap:SubsequentEventMemberwsfs:FourPointFiveZeroPercentSeniorUnsecuredNotesMatureOnTwoThousandTwentySixMemberus-gaap:SeniorNotesMember2021-05-072021-05-070000828944us-gaap:SubsequentEventMemberwsfs:FourPointFiveZeroPercentSeniorUnsecuredNotesMatureOnTwoThousandTwentySixMemberus-gaap:SeniorNotesMember2021-05-070000828944us-gaap:SubsequentEventMemberus-gaap:LondonInterbankOfferedRateLIBORMemberwsfs:FourPointFiveZeroPercentSeniorUnsecuredNotesMatureOnTwoThousandTwentySixMemberus-gaap:SeniorNotesMember2021-05-072021-05-070000828944us-gaap:SubsequentEventMemberwsfs:FourPointFiveZeroPercentSeniorUnsecuredNotesMatureOnTwoThousandTwentySixMemberus-gaap:SeniorNotesMembersrt:ScenarioForecastMember2021-04-012021-06-30

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, 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: 47,532,042 shares as of May 3, 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 Months Ended March 31, 2021 and 2020
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020
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 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 (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 Funding 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 Trust Company (Bryn Mawr);
3

Table of Contents
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’ 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 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.

4

Table of Contents

WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 Three Months Ended March 31,
(Dollars in thousands, except per share and share data)20212020
Interest income:
Interest and fees on loans and leases$108,852 $119,202 
Interest on mortgage-backed securities10,704 13,219 
Interest and dividends on investment securities:
Taxable701 15 
Tax-exempt748 911 
Other interest income276 508 
121,281 133,855 
Interest expense:
Interest on deposits4,496 14,637 
Interest on Federal Home Loan Bank advances5 830 
Interest on senior debt2,266 1,179 
Interest on federal funds purchased  470 
Interest on trust preferred borrowings324 586 
Interest on other borrowings5 3 
7,096 17,705 
Net interest income114,185 116,150 
(Recovery of) provision for credit losses(20,160)56,646 
Net interest income after (recovery of) provision for credit losses134,345 59,504 
Noninterest income:
Credit/debit card and ATM income6,805 11,359 
Investment management and fiduciary income14,253 10,962 
Deposit service charges5,460 5,647 
Mortgage banking activities, net8,600 3,471 
Loan and lease fee income3,485 1,119 
Securities gains, net329 693 
Unrealized gains on equity investments, net 668 
Bank owned life insurance income205 (25)
Other income8,685 6,953 
47,822 40,847 
Noninterest expense:
Salaries, benefits and other compensation53,138 45,346 
Occupancy expense8,460 7,666 
Equipment expense7,391 4,964 
Data processing and operations expenses3,385 3,078 
Professional fees3,856 4,600 
Marketing expense992 951 
FDIC expenses1,069 (54)
Loan workout and other credit costs1,120 453 
Corporate development expense2,095 1,341 
Restructuring expense(265) 
Other operating expense14,378 20,151 
95,619 88,496 
Income before taxes86,548 11,855 
Income tax provision21,407 1,288 
Net income$65,141 $10,567 
Less: Net income (loss) attributable to noncontrolling interest59 (360)
Net income attributable to WSFS$65,082 $10,927 
Earnings per share:
Basic$1.37 $0.21 
Diluted$1.36 $0.21 
Weighted average shares of common stock outstanding:
Basic47,509,205 51,086,316 
Diluted47,792,108 51,164,224 

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
5

Table of Contents
WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
 
Three Months Ended March 31,
(Dollars in thousands)20212020
Net income$65,141 $10,567 
Less: Net income (loss) attributable to noncontrolling interest59 (360)
Net income attributable to WSFS65,082 10,927 
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 $(21,972) and $14,538, respectively
(69,589)46,036 
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $79 and $166, respectively
(250)(527)
(69,839)45,509 
Net change in securities held-to-maturity
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $5 and $21, respectively
(16)(65)
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized (loss) gain, prior service cost and transition obligation, net of tax (benefit) expense of $(5) and $1, respectively
(16)4 
Net change in cash flow hedge
Net unrealized gain arising during the period, net of tax expense of $ and $501, respectively
 1,585 
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $35 and $, respectively
(111) 
(111)1,585 
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax expense of $86, and $, respectively
273  
Total other comprehensive (loss) income(69,709)47,033 
Total comprehensive (loss) income$(4,627)$57,960 
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
6

Table of Contents
WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)

(Dollars in thousands, except per share and share data)March 31, 2021December 31, 2020
Assets:
Cash and due from banks$1,628,773 $1,244,705 
Cash in non-owned ATMs428,180 402,339 
Interest-bearing deposits in other banks including collateral (restricted cash) of $7,000 at March 31, 2021 and $7,390 December 31, 2020, respectively
7,208 7,691 
Total cash, cash equivalents, and restricted cash2,064,161 1,654,735 
Investment securities, available-for-sale (amortized cost of $3,000,986 at March 31, 2021 and $2,450,265 at December 31, 2020
2,987,885 2,529,057 
Investment securities, held-to-maturity, net of allowance for credit losses of $5 at March 31, 2021 and $6 at December 31, 2020 (fair value $107,629 at March 31, 2021 and $116,421 at December 31, 2020)
103,523 111,741 
Other investments10,227 9,541 
Loans, held for sale at fair value155,447 197,541 
Loans and leases, net of allowance for credit losses of $204,818 at March 31, 2021 and $228,804 at December 31, 2020
8,373,766 8,795,935 
Bank owned life insurance32,255 32,051 
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost5,506 5,771 
Other real estate owned2,068 3,061 
Accrued interest receivable43,159 44,335 
Premises and equipment94,309 96,556 
Goodwill472,828 472,828 
Intangible assets81,873 84,558 
Other assets303,445 296,204 
Total assets$14,730,452 $14,333,914 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$3,857,610 $3,415,021 
Interest-bearing8,426,090 8,441,643 
Total deposits12,283,700 11,856,664 
FHLB advances 6,623 
Trust preferred borrowings67,011 67,011 
Senior debt246,734 246,617 
Other borrowed funds21,456 20,390 
Accrued interest payable4,153 1,450 
Other liabilities338,944 345,679 
Total liabilities12,961,998 12,544,434 
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 57,589,330 at March 31, 2021 and 57,575,783 at December 31, 2020
576 576 
Capital in excess of par value1,054,291 1,053,022 
Accumulated other comprehensive (loss) income(13,702)56,007 
Retained earnings1,036,797 977,414 
Treasury stock at cost, 10,086,936 shares at March 31, 2021 and 9,819,627 shares at December 31, 2020
(307,321)(295,293)
Total stockholders’ equity of WSFS1,770,641 1,791,726 
Noncontrolling interest(2,187)(2,246)
Total stockholders' equity1,768,454 1,789,480 
Total liabilities and stockholders' equity$14,730,452 $14,333,914 

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
7

Table of Contents
WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended March 31, 2021
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive (Loss) IncomeRetained 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    65,082  65,082 59 65,141 
Other comprehensive loss   (69,709)  (69,709) (69,709)
Cash dividend, $0.12 per share
    (5,699) (5,699) (5,699)
Issuance of common stock including proceeds from exercise of common stock options13,547  115    115  115 
Stock-based compensation expense  1,155    1,155  1,155 
Repurchases of common stock (1)
  (1)  (12,028)(12,029) (12,029)
Balance, March 31, 202157,589,330 $576 $1,054,291 $(13,702)$1,036,797 $(307,321)$1,770,641 $(2,187)$1,768,454 
(1)Repurchase of common stock includes 267,309 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors, and 20 shares withheld to cover tax liabilities.

Three Months Ended March 31, 2020
(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, 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— — — — (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.

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
8

Table of Contents
WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Three Months Ended March 31,
(Dollars in thousands)20212020
Operating activities:
Net income$65,141 $10,567 
Adjustments to reconcile net income to net cash provided by operating activities:
(Recovery of) provision for credit losses(20,160)56,646 
Depreciation of premises and equipment, net3,090 4,572 
Accretion of fees and discounts, net(16,472)(13,273)
Amortization of intangible assets2,651 2,764 
Amortization of right of use lease asset3,100 4,834 
Decrease in operating lease liability(4,113)(4,466)
Income from mortgage banking activities, net(8,600)(3,471)
Gain on sale of securities, net(329)(693)
Gain on sale of other real estate owned and valuation adjustments, net(45) 
Stock-based compensation expense1,155 604 
Unrealized gain on equity investments, net (668)
Deferred income tax expense (benefit)11,052 (3,020)
Decrease (increase) in accrued interest receivable1,176 (1,040)
Decrease (increase) in other assets1,569 10,913 
Origination of loans held for sale(246,127)(167,485)
Proceeds from sales of loans held for sale275,181 163,415 
(Increase) decrease in value of bank owned life insurance(204)201 
Increase in capitalized interest, net(911)(1,024)
Increase in accrued interest payable2,703 2,694 
(Decrease) increase in other liabilities(207)352 
Net cash provided by operating activities$69,650 $62,422 
Investing activities:
Repayments, maturities and calls of investment securities held-to-maturity$8,030 $3,535 
Sale of investment securities available-for-sale9,332 30,641 
Purchases of investment securities available-for-sale(748,317)(162,826)
Repayments of investment securities available-for-sale185,002 83,532 
Net decrease (increase) in loans481,294 (59,232)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (145,399)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh265 132,509 
Sales of other real estate owned1,148 131 
Investment in premises and equipment(1,270)(2,531)
Sales of premises and equipment427 42 
Net cash used in investing activities$(64,089)$(119,598)

9

Table of Contents
Three Months Ended March 31,
(Dollars in thousands)20212020
Financing activities:
Net increase in demand and saving deposits$646,348 $169,387 
Decrease in time deposits(64,861)(84,456)
(Decrease) increase in brokered deposits(153,386)37,215 
Receipts from FHLB advances 5,037,296 
Repayments of FHLB advances(6,623)(5,030,000)
Receipts from federal funds purchased 7,665,475 
Repayments of federal funds purchased  (7,760,475)
Cash dividend(5,699)(6,160)
Issuance of common stock including proceeds from exercise of common stock options115 991 
Repurchases of common shares(12,029)(38,739)
Net cash provided by (used in) financing activities$403,865 $(9,466)
Increase (decrease) in cash, cash equivalents, and restricted cash409,426 (66,642)
Cash, cash equivalents, and restricted cash at beginning of period1,654,735 571,752 
Cash, cash equivalents, and restricted cash at end of period$2,064,161 $505,110 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
     Interest$4,393 $15,011 
     Income taxes2,572 792 
Non-cash information:
Loans transferred to other real estate owned376 2,350 
Loans transferred to portfolio from held-for-sale at fair value5,149 6,399 
Impact of ASC 326 Adoption:
Allowance for credit losses on held-to-maturity debt securities (8)
Allowance for credit losses on loans and leases (35,855)
Deferred tax assets 8,461 
Allowance for credit losses on unfunded lending commitments (2,966)
Retained earnings 30,368 
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
10

Table of Contents
WSFS FINANCIAL CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2021
(UNAUDITED)
1. BASIS OF PRESENTATION
General
These unaudited Consolidated Financial Statements include the accounts of WSFS Financial Corporation (the Company or WSFS), Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), WSFS Wealth Management, LLC (Powdermill®), WSFS Capital Management, LLC (West Capital), Cypress Capital Management, LLC (Cypress), Christiana Trust Company of Delaware® (Christiana Trust DE) and WSFS SPE Services, LLC. The Company also has one unconsolidated subsidiary, WSFS Capital Trust III. WSFS Bank has three wholly owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC), WSFS Investment Group, Inc. (WSFS Wealth® Investments), and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).
Overview
Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). The Company provides residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. The core banking business is commercial lending funded primarily by customer-generated deposits. In addition, the Company offers a variety of wealth management and trust services to personal and corporate customers. The Federal Deposit Insurance Corporation (FDIC) insures the customers’ deposits to their legal maximums. The Company serves its customers primarily from 111 offices located in Pennsylvania (51), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1), its ATM network, website at www.wsfsbank.com and mobile app. Information on the website is not incorporated by reference into this Quarterly Report on Form 10-Q.
The Company's leasing business is conducted by NewLane Finance®. NewLane Finance® originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers insurance through its subsidiary, Prime Protect, which commenced operations during the fourth quarter of 2020.
Basis of Presentation
In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity), lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets, the establishment of additional allowance and lending-related commitment reserves as well as increased post-retirement benefits expense.
The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Certain prior period amounts have been reclassified to conform with current period presentation. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2021. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Annual Report on Form 10-K) that was filed with the SEC on March 1, 2021 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.





11

Table of Contents
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES: