[August 09, 2023]

WSFS Financial Corporation's A- Senior Unsecured Debt Rating Affirmed by KBRA, Reflecting Strong Earnings, Liquidity, and Capital

Kroll Bond Rating Agency (KBRA) has reaffirmed the senior unsecured debt rating of A- for WSFS Financial Corporation (NASDAQ: WSFS) ("WSFS" or "the Company"). KBRA also reaffirmed WSFS' subordinated debt rating of BBB+ and a short-term debt rating of K2. WSFS Bank, the Company's primary subsidiary, received strong credit ratings as well, including A ratings for both senior unsecured debt and deposit, a subordinated debt rating of A-, and the short-term debt and deposit ratings of K1. KBRA's debt rating report for WSFS will be on their website when available.

"For the eighth consecutive year, WSFS has received a strong Investment Grade debt rating by KRBA. The rating reflects the quality of our diversified business model, strength in our liquidity and capital position, as well as our disciplined approach to asset quality delivering high-quality loan growth. Our regional and national franchises are well positioned to serve our Customers and markets during these uncertain times," said WSFS' Executive Vice President and Chief Financial Officer Dominic C. Canuso.

KBRA also noted the ratings are supported by WSFS' significant and stable fee revenue base (~30% of revenue) derived from diversified business operations, particularly its premier wealth management franchise, which KBRA views as a key differentiatr and primary driver of the Company's high ratings profile. Also key to the ratings is WSFS' favorable core funding profile and strong market position, with the largest deposit market share in the Philadelphia-Camden-Wilmington MSA among locally headquartered institutions, further enhanced by the acquisition of Bryn Mawr Bank Corporation. KBRA also acknowledged WSFS' plentiful access to secondary sources of liquidity with minimal usage relative to many regional peers and the long tenured management team in place that has deep ties within key markets and have demonstrated the ability to successfully execute strategic initiatives over time.

About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-headquarter headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of June 30, 2023, WSFS Financial Corporation had $20.4 billion in assets on its balance sheet and $67.9 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (59), Delaware (39), New Jersey (14), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230809221773/en/

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