WSFS Financial Corporation (the Company or WSFS) is a savings and loan holding
company headquartered in Wilmington, Delaware. Substantially all of our assets
are held by the Company's subsidiary, Wilmington Savings Fund Society, FSB (WSFS
Bank or the Bank), one of the ten oldest bank and trust companies in the United
States (U.S.) continuously operating under the same name. With $15.8 billion in
assets and $34.6 billion in assets under management (AUM) and assets under
administration (AUA) at December 31, 2021, WSFS Bank is the oldest and largest
locally-managed bank and trust company headquartered in the Delaware and Greater
Philadelphia region. As a federal savings bank that was formerly chartered as a
state mutual savings bank, WSFS Bank enjoys a broader scope of permissible
activities than most other financial institutions. A fixture in the community,
WSFS Bank has been in operation for more than 189 years. In addition to its
focus on stellar customer experiences, WSFS Bank has continued to fuel growth
and remain a leader in our community. We are a relationship-focused,
locally-managed, community banking institution. Our mission is simple: "We Stand
for Service." Our strategy of "Engaged Associates, living our culture, making a
better life for all we serve" focuses on exceeding customer expectations,
delivering stellar experiences and building customer advocacy through
highly-trained, relationship-oriented, friendly, knowledgeable and empowered

As of December 31, 2021, we had six consolidated subsidiaries: WSFS 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. We also had one
unconsolidated subsidiary, WSFS Capital Trust III. WSFS Bank had two wholly
owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832
Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company
(NewLane Finance®).

Our banking business had a total loan and lease portfolio of $7.9 billion as of
December 31, 2021, which was funded primarily through commercial relationships
and retail and customer generated deposits. We have built a $6.2 billion
commercial loan and lease portfolio by recruiting seasoned commercial lenders in
our markets, offering the high level of service and flexibility typically
associated with a community bank and through acquisitions. We also offer a broad
variety of consumer loan products, retail securities and insurance brokerage
through our retail branches, and mortgage and title services in collaboration
with WSFS Mortgage®. WSFS Mortgage® is a mortgage banking company and abstract
and title company specializing in a variety of residential mortgage and
refinancing solutions. Our 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 captive insurance through its subsidiary,
Prime Protect.

Our Cash Connect® business is a premier provider of ATM vault cash, smart safe
(safes that automatically accept, validate, record and hold cash in a secure
environment) and other cash logistics services in the U.S. As of December 31,
2021, Cash Connect® manages approximately $1.7 billion in total cash and
services approximately 27,400 non-bank ATMs and approximately 6,300 smart safes
nationwide. Cash Connect® provides related services such as online reporting and
ATM cash management, predictive cash ordering and reconcilement services,
armored carrier management, loss protection, ATM processing equipment sales and
deposit safe cash logistics. As of December 31, 2021, Cash Connect® also
supports over 600 owned and branded ATMs for WSFS Bank, which has one of the
largest branded ATM networks in our market.

Our Wealth Management business provides a broad array of planning and advisory
services, investment management, trust services, and credit and deposit products
to individual, corporate and institutional clients through multiple integrated
businesses. Combined, these businesses had $34.6 billion of AUM and AUA at
December 31, 2021. WSFS Wealth® Investments provides financial advisory services
along with insurance and brokerage products. Cypress, a registered investment
adviser, is a fee-only wealth management firm managing a "balanced" investment
style portfolio focused on preservation of capital and generating current
income. West Capital, a registered investment adviser, is a fee-only wealth
management firm operating under a multi-family office philosophy to provide
customized solutions to institutions and high-net-worth individuals. The trust
division of WSFS, comprised of WSFS Institutional Services® and Christiana Trust
DE, provides trustee, agency, bankruptcy administration, custodial and
commercial domicile services to institutional and corporate clients and special
purpose vehicles. Christiana Trust DE, a subsidiary of WSFS, provides personal
trust and fiduciary services to families and individuals across the U.S.
Powdermill® is a multi-family office specializing in providing independent
solutions to high-net-worth individuals, families and corporate executives
through a coordinated, centralized approach. WSFS Wealth Client Management
serves high-net-worth clients by delivering credit and deposit products and
partnering with other Wealth Management businesses to provide comprehensive
solutions to clients.

As of December 31, 2021, we service our customers primarily from our 112 offices
located in Pennsylvania (52), Delaware (42), New Jersey (16) Virginia (1) and
Nevada (1), our ATM network, our website at, and our mobile

Notable Items Affecting Results of Operations, Financial Condition and Business Outlook

Notable items in 2021 include the following:

• Acquisition of Bryn Mawr Trust

•We recorded $13.0 million of corporate development and restructuring expenses
during the year ended December 31, 2021 primarily related to our merger with
Bryn Mawr Bank Corporation (BMBC), a Pennsylvania corporation and the parent
holding company of The Bryn Mawr Trust Company, a Pennsylvania chartered bank
and wholly owned subsidiary of BMBC. Throughout this document, we refer to these
acquired entities collectively as "Bryn Mawr Trust."

• The merger was finalized on January 1, 2022 with consideration for the purchase price of $908 million to acquire or assume the following (at book value):

?Total assets of $5.0 billionincluding $3.5 billion in loans and leasing,

?Total liabilities of $4.4 billionincluding $4.1 billion in repositories, and

?Total AUM and AUA of $23.6 billion.

•Our bank technology, branding and branch conversion is scheduled to occur later
in the first quarter of 2022, with our Trust and Wealth integration expected to
follow in late 2022 or early 2023.

•Balance sheet

•On June 15, 2021, WSFS completed the redemption of $100.0 million in aggregate
principal amount of our 4.50% fixed-to-floating rate senior notes due 2026 (the
2026 Notes). We recorded a $1.1 million loss of debt extinguishment to recognize
the remaining unamortized debt issue costs associated with these notes.

•During the year ended December 31, 2021, our balance sheet was significantly
impacted by continued high levels of excess liquidity due to deposit growth
stemming from strong Customer relationships across all business lines coupled
with elevated loan payoffs. We used a portion of the excess liquidity to
purchase $3.5 billion of investment securities, available-for-sale, and to pay
down our borrowings.

•Credit Metrics

•There was a reduction in the allowance for credit losses (ACL) of $134.3
million during the year ended December 31, 2021, as a result of the future
recovery in our economic forecasts used in the ACL model and improved credit
quality metrics with notable declines in our problem assets and delinquencies.
See "Results of Operations - Provision/Allowance for Credit Losses (ACL)" for
further information.

•Other Notable Items

•During 2021, we recorded a $4.4 million net gain on the liquidation of our
investment in Social Finance, Inc. (SoFi). We used $1.0 million of the proceeds
to make a contribution to the WSFS CARES Foundation to further fund support to
our expanded communities.

•During the third quarter of 2021, we launched our strategic partnership with
Upstart Holdings, Inc. (Upstart), a leading white label lending-as-a-service
platform provider specializing in risk-based priced unsecured consumer loans.

•In October 2021, Michelle L. Burroughs joined the Bank as Vice President,
Director of Diversity, Equity and Inclusion (DE&I), supporting WSFS in creating
and delivering a work environment designed to foster a culture of inclusion and
ensure the long-term sustainability of the Company's DE&I efforts.

• In 2021, we resolved all outstanding legal issues associated with Nature’s
healing trust and Charter Oak. In the fourth quarter of 2021, we recognized
$15.0 million legal settlement recovery associated with Charter Oak.



Total assets increased $1.5 billion, or 10%, to $15.8 billion as of December 31,
2021, compared to $14.3 billion as of December 31, 2020. These increases are
primarily comprised of the following (in descending order of magnitude):

•Investment securities, available-for-sale: Investment securities, available for
sale increased $2.7 billion, or 106%, primarily due to $3.5 billion in purchases
partially offset by repayments of $697.5 million, decreased market-values on
available-for-sale securities of $93.8 million, and sales of $14.1 million.

•Loans and leases, net of allowance: Loans and leases, net of allowance,
decreased $1.0 billion, or 11%, reflecting a $782.4 million decline in
commercial and industrial loans that included a $719.7 million decrease due to
forgiveness of PPP loans and higher loan payoffs, a $227.8 million decline in
residential loans, largely due to non-relationship run-off portfolios acquired
through the Beneficial Bancorp, Inc. (Beneficial) acquisition, and a $204.6
million decline in commercial mortgage loans due to higher loan payoffs.
Partially offsetting these decreases were $103.4 million of growth in our
commercial small business leases portfolio, and a reduction of $134.3 million in
our allowance for credit losses as described above.

•Cash, cash equivalents, and restricted cash: Cash, cash equivalents, and
restricted cash decreased $121.8 million, or 7%, primarily reflecting our
purchases of available-for-sale investment securities, as noted above, partially
offset by elevated customer deposits due to strong relationships across all of
our lending and fee based business lines.

•Loans, held for sale: Loans, held for sale are recorded at fair value and
decreased $84.2 million, or 43%, driven by a combination of lower origination
volume and higher loans sales in our mortgage banking business.

• Held-to-maturity marketable securities: Held-to-maturity marketable securities decreased $21.1 millionor 19%, mainly reflecting repayments, maturities and calls during the year.

Total liabilities increased $1.3 billionor 10%, to $13.8 billion at
December 31, 2021 compared to the previous year, consisting mainly of the following elements (in descending order of magnitude):

•Total Deposits: Total deposits increased $1.4 billion, or 12%, to $13.2
billion, primarily due to an increase in customer funding, reflecting continued
elevated deposits from strong customer relationships across all lending and fee
based business lines, including our trust line of business in Wealth Management,
which had $1.2 billion in deposits as of December 31, 2021, an increase of
$750.8 million from the prior year. The ratio of net loans and leases (including
loans held for sale) to customer deposits was 60% at December 31, 2021
reflecting significant liquidity capacity.

• Senior debt: senior debt has decreased $98.7 million due to the redemption of the 2026 Bonds, as described above.

•Other liabilities: Other liabilities increased $14.4 million, primarily due to
$17.7 million reflecting the timing of settlements for debt security trades,
partially offset by a decrease of $5.8 million in certain retirement plan

Stockholders' equity increased $147.4 million to $1.9 billion at December 31,
2021 compared to $1.8 billion at December 31, 2020. The increase was primarily
due to earnings of $271.4 million during the year, partially offset by $93.8
million in unfavorable market-value changes on available-for-sale securities,
$24.2 million in common stock dividends paid and $13.3 million related to share
repurchases during 2021.

We repurchased 267,309 and 3,950,855 shares of our common stock in 2021 and 2020, respectively. We held 10,086,936 shares and 9,819,627 ordinary shares as treasury shares at December 31, 2021 and 2020, respectively.


Capital resources

Regulatory capital requirements for the Bank and the Company include a minimum
common equity Tier 1 capital ratio of 4.50% of risk-weighted assets, a Tier 1
capital ratio of 6.00% of risk-weighted assets, a minimum Total capital ratio of
8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of
4.00% of average assets. PPP loans receive a zero percent risk weighting under
the regulators' capital rules. In order to avoid limits on capital distributions
and discretionary bonus payments, the Bank and the Company must maintain a
capital conservation buffer of 2.5% of common equity Tier 1 capital over each of
the risk-based capital requirements. Failure to meet minimum capital
requirements can initiate certain mandatory actions and possibly additional
discretionary actions by regulators that, if undertaken, could have a direct
material effect on our financial statements.

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Regulators have established five capital tiers: well-capitalized,
adequately-capitalized, under-capitalized, significantly under-capitalized, and
critically under-capitalized. A depository institution's capital tier depends
upon its capital levels in relation to various relevant capital measures, which
include leveraged and risk-based capital measures and certain other factors.
Under the Prompt Corrective Action framework of the Federal Deposit Insurance
Corporation Act, depository institutions that are not classified as
well-capitalized are subject to various restrictions regarding capital
distributions, payment of management fees, acceptance of brokered deposits and
other operating activities. At December 31, 2021, the Bank was in compliance
with regulatory capital requirements and all of its regulatory ratios exceeded
"well-capitalized" regulatory benchmarks. The Bank's December 31, 2021 common
equity Tier 1 capital ratio of 15.11%, Tier 1 capital ratio of 15.11%, total
risk based capital ratio of 15.91% and Tier 1 leverage capital ratio of 10.44%,
all remain substantially in excess of "well-capitalized" regulatory benchmarks,
the highest regulatory capital rating. In addition, and not included in the
Bank's capital, the holding company held $103.7 million in cash to support
potential dividends, acquisitions and strategic growth plans.

As part of our adoption of the CECL methodology in 2020, we elected to phase in
the day-one adverse effects on regulatory capital that may result from the
adoption of CECL over a three-year period, as permitted under a final rule of
the federal banking agencies.


We manage our liquidity and funding needs through our Treasury function and our
Asset/Liability Committee. We have a policy that separately addresses liquidity,
and management monitors our adherence to policy limits. Also, liquidity risk
management is a primary area of examination by the banking regulators.

Funding sources to support growth and meet our liquidity needs include cash from
operations, commercial and retail deposit programs, loan repayments, FHLB
borrowings, repurchase agreements, access to the Federal Reserve Discount
Window, and access to the brokered deposit market as well as other wholesale
funding avenues. In addition, we have a large portfolio of high-quality, liquid
investments, primarily short-duration mortgage-backed securities, that provide a
near-continuous source of cash flow to meet current cash needs, or can be sold
to meet larger discrete needs for cash. We believe these sources are sufficient
to meet our funding needs as well as maintain required and prudent levels of
liquidity over the next twelve months and beyond.

During the year ended December 31, 2021, cash, cash equivalents and restricted
cash decreased $121.8 million to $1.5 billion from $1.7 billion as of
December 31, 2020. Cash provided by operating activities was $125.6 million,
primarily reflecting the cash impact of earnings. Cash used in investing
activities was $1.5 billion primarily due to net purchases of available-for-sale
debt securities of $2.8 billion partially offset by $1.3 billion from decreased
lending activity related to PPP loan forgiveness and meaningful payoffs and
paydowns in the commercial loan portfolio. Cash provided by financing activities
was $1.2 billion, primarily due to a $1.4 billion net increase in deposits, as a
result of the increase in customer funding discussed above, partially offset by
the redemption of $100.0 million in aggregate principal amount of the 2026
Notes, liquidity management and common stock dividends of $24.2 million, $13.3
million for repurchases of common stock under the previously announced stock
repurchase plan, and $6.6 million for repayment of FHLB advances due to the
termination of fixed rate FHLB term advances as part of our routine balance
sheet management.

Our primary cash contractual obligations relate to operating leases, long-term
debt, credit obligations, and data processing. At December 31, 2021, we had
$250.5 million in total contractual payments for ongoing leases have remaining
lease terms of less than 1 year to 40 years, which includes renewal options that
are exercised at our discretion. For additional information on our operating
leases see Note 9 to the Consolidated Financial Statements. At December 31,
2021, we had no FHLB advances, and obligations for principal payments on
long-term debt included $67.0 million for our trust preferred borrowings, due
June 1, 2035, and $150.0 million for our senior debt, due December 15, 2030. We
are also contractually obligated make interest payments on our long-term debt
through their respective maturities. For additional information regarding
long-term debt, see Note 12 to the Consolidated Financial Statements. At
December 31, 2021, the Company had total commitments to extend credit of $2.5
billion, which are generally one year commitments. For additional information
regarding commitments to extend credit, see Note 17 to the Consolidated
Financial Statements.

In 2022, we plan to invest approximately $15 million in our Delivery
Transformation initiative to increase adoption and usage of digital channels
aligned with our strategy. Our organization is committed to product and service
innovation as a means to drive growth and to stay ahead of changing customer
demands and emerging competition. We are focused on developing and maintaining a
strong "culture of innovation" that solicits, captures, prioritizes and executes
innovation initiatives, including feedback from our customers, as well as
leveraging technology from product creation to process improvements.


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Nonperforming assets (NPAs) include nonaccruing loans, other real estate owned
(OREO) and restructured loans. Nonaccruing loans are those on which the accrual
of interest has ceased. Loans are placed on nonaccrual status immediately if, in
the opinion of management, collection is doubtful, or when principal or interest
is past due 90 days or more and the value of the collateral is insufficient to
cover principal and interest. Interest accrued but not collected at the date a
loan is placed on nonaccrual status is reversed and charged against interest
income. In addition, the amortization of net deferred loan fees is suspended
when a loan is placed on nonaccrual status. Subsequent cash receipts are applied
either to the outstanding principal balance or recorded as interest income,
depending on management's assessment of the ultimate collectability of principal
and interest. Past due loans are defined as loans contractually past due 90 days
or more as to principal or interest payments but which remain in accrual status
because they are considered well secured and in the process of collection.

The following table shows our nonperforming assets and past due loans at the
dates indicated:

                                                                       At December 31,
(Dollars in thousands)                                           2021                   2020
Nonaccruing loans:
Commercial and industrial                                  $       8,211          $      13,816
Owner-occupied commercial                                            811                  5,360
Commercial mortgages                                               2,070                 17,175
Construction                                                          12                      -
Residential                                                        3,125                  3,247
Consumer                                                           2,380                  2,310
Total nonaccruing loans                                           16,609                 41,908
Other real estate owned (OREO)                                     2,320                  3,061
Restructured loans(1)(6)                                          14,204                 15,539
Total nonperforming assets (NPAs)                          $      33,133          $      60,508
Past due loans:
Commercial                                                 $       1,357          $       5,634
Residential                                                            -                     25
Consumer(2)                                                        8,634                 11,035
Total past due loans                                       $       9,991   

Ratio of allowance for credit losses to total gross loans and leases(3)

                                                       1.19  %                2.51  %

Ratio of non-current loans to total gross loans and leases (4)

                                                                 0.21                   0.46
Ratio of nonperforming assets to total assets                       0.21                   0.42
Ratio of allowance for credit losses to nonaccruing loans            569                    546
Ratio of allowance for credit losses to total
nonperforming assets(5)                                              285                    378

(1)Accruing loans only, which includes acquired nonimpaired loans. Nonaccruing
Troubled Debt Restructurings (TDRs) are included in their respective categories
of nonaccruing loans.
(2)Includes delinquent, but still accruing, U.S. government guaranteed student
loans with little risk of credit loss
(3)Represents amortized cost basis for loans, leases and held-to-maturity
(4)Total loans exclude loans held for sale and reverse mortgages.
(5)Excludes acquired impaired loans.
(6)Balance excludes COVID-19 modifications.


————————————————– ——————————


Nonperforming assets decreased $27.4 million between December 31, 2020 and
December 31, 2021. Non-performing loans decreased $25.3 million, primarily from
$15.8 million of net collections and charge-off activity on three commercial and
industrial relationships during the fourth quarter of 2021 and the payoff of one
commercial real estate relationship of approximately $15.1 million in the first
quarter. Restructured loans at December 31, 2021 decreased by $1.3 million
compared to December 31, 2020. The ratio of nonperforming assets to total assets
decreased from 0.42% at December 31, 2020 to 0.21% at December 31, 2021.

The following table presents an analysis of the evolution of the balance of non-performing assets over the last two years:

                                  Year Ended December 31,
(Dollars in thousands)               2021                2020
Beginning balance           $      60,508             $ 39,808
Additions                          45,387               45,929
Collections                       (47,477)             (16,192)
Transfers to accrual                 (494)                (134)
Charge-offs                       (24,791)              (8,903)
Ending balance              $      33,133             $ 60,508

The timely identification of problem loans is a key element in our strategy to
manage our loan portfolio. Timely identification enables us to take appropriate
action and, accordingly, minimize losses. An asset review system established to
monitor the asset quality of our loans and investments in real estate portfolios
facilitates the identification of problem assets. In general, this system
utilizes guidelines established by federal regulation.


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  Table of Contents


2020 compared with 2019

For a discussion of our results for the year ended December 31, 2020 compared to
the year ended December 31, 2019, please see "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our Annual Report
on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 1,

2021 compared with 2020

We recorded net income attributable to WSFS of $271.4 millionWhere $5.69 per diluted common share, for the year ended December 31, 2021an augmentation of
$156.7 million compared to $114.8 millionWhere $2.27 per diluted common share, for the year ended December 31, 2020.

•Net interest income for the year ended December 31, 2021 was $433.6 million, a
decrease of $32.3 million compared to 2020, primarily due to lower purchase
accounting accretion, the lower interest rate environment and balance sheet mix,
as well as the impact of PPP loans. See "Net Interest Income" for further

•Our provision for credit losses decreased $270.3 million in 2021, primarily due
to positive impacts in the economic forecast included in our CECL modeling and
improved credit quality metrics reflecting overall declines in problem assets
and delinquencies, partially offset by new loan originations. See
"Provision/Allowance for Credit Losses" for further information.

•Noninterest income decreased $15.5 million in 2021, primarily due to the impact
from the sale of Visa Class B shares in the prior year, lower securities gains,
a decline in our mortgage banking business, and lower interchange fees due to
the impact of the Durbin Amendment on 2021 results. These decreases were
partially offset by higher revenues from Wealth Management, other income and
traditional banking fees, and total net gains on equity investments. See
"Noninterest Income" for further information.

•Noninterest expense increased $9.7 million in 2021, primarily reflecting an
increase in salaries and benefits due to higher salaries and franchise growth,
higher net corporate development and restructuring costs related to our
acquisition of Bryn Mawr Trust and higher equipment expense, partially offset by
the Charter Oak legal settlement recovery in December 2021, and decreases in
loan workout and other credit costs, professional fees, and other operating
expenses. See "Noninterest Expense" for further information.

  Table of Contents
Net Interest Income
The following table provides information regarding the average balances of, and
yields/rates on, interest-earning assets and interest-bearing liabilities during
the periods indicated:

Year Ended December 31,                                                 2021                                                           2020
                                                   Average            Interest &            Yield/               Average            Interest &    


(Dollars in thousands)                             Balance             Dividends            Rate(1)              Balance             Dividends            Rate (1)
Interest-earning assets:
Commercial loans and leases                    $  3,801,816          $  183,782                4.84  %       $  4,174,451          $  221,595                 5.32  %
Commercial mortgage loans                         2,770,241             113,979                4.11             2,827,875             125,811                 4.45
Residential                                         636,443              42,063                6.61               910,263              53,780                 5.91
Consumer                                          1,134,569              49,330                4.35             1,144,435              55,304                 4.83
Loans held for sale                                 118,803               4,094                3.45               106,398               3,904         


Total loans and leases                            8,461,872             393,248                4.65             9,163,422             460,394       


Mortgage-backed securities(3)                     3,340,001              55,802                1.67             2,052,672              48,377                 2.36
Investment securities(3)                            321,599               5,524                1.94               219,603               4,619                 2.47
Other interest-earning assets                     1,320,229               1,795                0.14               369,229               1,015         


Total interest-earning assets                    13,443,701             456,369                3.40            11,804,926             514,405                 4.37
Allowance for credit losses                        (161,770)                                                     (177,052)
Cash and due from banks                             144,778                                                       119,337
Cash in non-owned ATMs                              454,803                                                       347,925
Bank owned life insurance                            32,818                                                        30,729
Other noninterest-earning assets                    989,590                                                     1,022,452
Total assets                                   $ 14,903,920                                                  $ 13,148,317
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand                        $  2,655,887          $    2,262                0.09  %       $  2,304,558          $    4,229                 0.18  %
Money market                                      2,740,573               3,218                0.12             2,324,259               9,423                 0.41
Savings                                           1,912,568                 586                0.03             1,690,240               3,518                 0.21
Customer time deposits                            1,065,137               7,332                0.69             1,247,197              18,699         


Total interest-bearing customer deposits          8,374,165              13,398                0.16             7,566,254              35,869                 0.47
Brokered deposits                                    70,090               1,525                2.18               246,644               3,393                 1.38
Total interest-bearing deposits                   8,444,255              14,923                0.18             7,812,898              39,262        


Federal Home Loan Bank advances                         184                   5                2.72                88,011               1,950                 2.22
Trust preferred borrowings                           67,011               1,274                1.90                67,011               1,751                 2.61
Senior debt                                         192,243               6,497                3.38               108,420               4,998                 4.61
Other borrowed funds(4)                              21,661                  21                0.10                53,828                 489                 0.91
Total interest-bearing liabilities                8,725,354              22,720                0.26             8,130,168              48,450        


Noninterest-bearing demand deposits               4,008,140                                                     2,848,243
Other noninterest-bearing liabilities               323,715                                                       335,456
Stockholders' equity of WSFS                      1,848,904                                                     1,836,115
Noncontrolling interest                              (2,193)                                                       (1,665)
Total liabilities and stockholders'
equity                                         $ 14,903,920                                                  $ 13,148,317
Excess of interest-earning assets over
interest-bearing liabilities                   $  4,718,347                                                  $  3,674,758
Net interest and dividend income                                     $  433,649                                                    $  465,955
Interest rate spread                                                                           3.14  %                                                        3.77  %
Net interest margin                                                                            3.23  %                                                        3.96  %

(1)Weighted average yields for tax-exempt securities and loans have been
computed on a tax-equivalent basis.
(2)Average balances are net of unearned income and include nonperforming loans.
(3)Includes securities held-to-maturity (at amortized cost) and securities
available-for-sale (at fair value).
(4)Includes federal funds purchased.

  Table of Contents
Net interest income decreased $32.3 million, or 7%, to $433.6 million in 2021,
from 2020 primarily due to a $20.9 million decrease in purchase accounting
accretion, a net decline of $8.2 million due to a full year impact of the lower
rate environment and change in balance sheet mix from optimization of excess
customer liquidity, and $3.2 million lower PPP income. Net interest margin
decreased 73 bps to 3.23% in 2021 from 3.96% in 2020. The decrease was primarily
due to a 59 bps net decline from the lower interest rate environment and balance
sheet mix and 23 bps from lower purchase accounting accretion, partially offset
by 9 bps from the impact of PPP loans.

The following table provides certain information regarding changes in net
interest income attributable to changes in the volumes of interest-earning
assets and interest-bearing liabilities and changes in the rates for the periods
indicated. For each category of interest-earning assets and interest-bearing
liabilities, information is provided on the changes that are attributable to:
(i) changes in volume (change in volume multiplied by prior year rate); (ii)
changes in rates (change in rate multiplied by prior year volume on each
category); and (iii) net change (the sum of the change in volume and the change
in rate). Changes due to the combination of rate and volume changes (changes in
volume multiplied by changes in rate) are allocated proportionately between
changes in rate and changes in volume.
Year Ended December 31,                           2021 vs. 2020
(Dollars in thousands)                Volume        Yield/Rate         Net
Interest Income:
Commercial loans and leases(1)      $ (18,805)     $  (19,008)     $ (37,813)
Commercial mortgage loans              (2,492)         (9,340)       (11,832)
Residential                           (17,551)          5,834        (11,717)
Consumer                                 (477)         (5,497)        (5,974)
Loans held for sale                       435            (245)           190
Mortgage-backed securities             24,384         (16,959)         7,425
Investment securities(2)                2,211          (1,306)           905
Other interest-earning assets           1,466            (686)           780
Unfavorable                           (10,829)        (47,207)       (58,036)
Interest expense:
Interest-bearing demand                   509          (2,476)        (1,967)
Money market                            1,470          (7,675)        (6,205)
Savings                                   419          (3,351)        (2,932)
Customer time deposits                 (2,419)         (8,948)       (11,367)
Brokered certificates of deposits      (3,212)          1,344         (1,868)
FHLB advances                          (2,305)            360         (1,945)
Trust preferred borrowings                  -            (477)          (477)
Senior debt                             3,098          (1,599)         1,499
Other borrowed funds                     (188)           (280)          (468)
Favorable                              (2,628)        (23,102)       (25,730)
Net change, as reported             $  (8,201)     $  (24,105)     $ (32,306)

(1)Includes income adjustment equivalent to tax related to commercial loans. (2)Includes income adjustment equivalent to municipal bond tax.


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Investment security

The following table details the maturity and the weighted average yield of the investment portfolio available for sale at December 31, 2021:

                                   Maturing During        Maturing From 2023        Maturing From 2027        Maturing After
(Dollars in thousands)                  2022                 Through 2026              Through 2031                2031                 Total
Collateralized mortgage
obligations (CMO)
Amortized cost                    $      1,507            $      25,483             $      52,301             $    507,539          $   586,830
Weighted average yield                    2.00    %                2.22     %                1.98     %               1.59  %              1.65  %
Fannie Mae (FNMA) mortgage-backed
securities (MBS)
Amortized cost                           1,530                   75,441                   102,188                4,096,148            4,275,307
Weighted average yield                    2.57    %                2.28     %                1.66     %               1.71  %              1.71  %
Freddie Mac (FHLMC) MBS
Amortized cost                               -                        -                    25,898                  113,810              139,708
Weighted average yield                       -    %                   -     %                2.11     %               2.91  %              2.76  %
Ginnie Mae (GNMA) MBS
Amortized cost                               -                        -                     1,034                   16,422               17,456
Weighted average yield                       -    %                   -     %                3.00     %               2.49  %              2.52  %
Government-sponsored enterprises
Amortized cost                               -                        -                    47,454                  183,127              230,581
Weighted average yield                       -    %                   -     %                1.28     %               1.29  %              1.28  %
Total amortized cost              $      3,037            $     100,924             $     228,875             $  4,917,046          $ 5,249,882
Weighted average yield                    2.29    %                2.27     %                1.71     %               1.70  %              1.71  %

As of December 31, 2021, WSFS does not have any tax-exempt securities within the
available for sale investment portfolio. Yields are calculated on a weighted
average basis using the investments amortized cost and respective average yields
for each investment category. Expected maturities of mortgage-backed securities
may differ from contractual maturities due to calls or prepay obligations.


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Provision/Allowance for Credit Losses (ACL)

We maintain an ACL at an appropriate level based on our assessment of estimable
and probable losses in the loan portfolio, which we evaluate in accordance with
applicable accounting principles, as discussed further in "Nonperforming
Assets." Our evaluation is based on a review of the portfolio and requires
significant, complex and difficult judgments.

For the year ended December 31, 2021, we recorded a recovery of credit losses of
$117.1 million, a net change of $270.3 million, compared to the provision for
credit losses of $153.2 million in 2020. The ACL was $94.5 million at
December 31, 2021 compared to $228.8 million at December 31, 2020.

The decrease of the ACL was due to positive impacts in our economic outlook from
our ACL modeling and improved credit quality metrics reflecting overall declines
in problem assets and delinquencies, offset by new loan originations. The ratio
of allowance for credit losses to total loans and leases was 1.19% at
December 31, 2021 and 2.51% at December 31, 2020.

The following table details the changes in the ACL of December 31, 2020 for
December 31, 2021:

                    [[Image Removed: wsfs-20211231_g3.jpg]]

(1)Other includes changes that may affect future cash flows that have an impact on ACL, such as changes in maturity dates and payment schedules.

The following tables detail the ACL allocation and show our net charges (recoveries) by portfolio category:

                                      Commercial and           occupied            Commercial
(Dollars in thousands)                Industrial(1)           Commercial           Mortgages           Construction          Residential(2)          Consumer(3)             Total
As of December 31, 2021
Allowance for credit losses          $      49,967          $     4,574          $    11,623          $      1,903          $        3,352          $    23,088          $    94,507
% of ACL to total ACL                           53  %                 5  %                12  %                  2  %                    4  %                24  %               100  %
Loan portfolio balance               $   2,270,319          $ 1,341,707          $ 1,881,510          $    687,213          $      546,667          $ 1,158,573          $ 7,885,989
% to total loans and leases                     28  %                17  %                24  %                  9  %                    7  %                15  %               100  %
Year ended December 31, 2021
Charge-offs                          $      23,592          $        83          $        73          $      2,473          $            -          $     2,094          $    28,315
Recoveries                                   8,756                  160                  269                     -                     789                1,131               11,105
Net charge-offs (recoveries)         $      14,836          $       (77)         $      (196)         $      2,473          $         (789)         $       963          $    17,210
Average loan balance                 $   2,463,933          $ 1,337,883          $ 1,994,995          $    775,246          $      628,411          $ 1,134,569          $ 8,335,037
Ratio of net charge-offs
(recoveries) to average gross
loans                                         0.60  %             (0.01) %             (0.01) %               0.32  %                (0.13) %              0.08  %              0.21  %


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  Table of Contents

                                      Commercial and           occupied            Commercial
(Dollars in thousands)                Industrial(1)           Commercial           Mortgages           Construction          Residential(2)          Consumer(3)             Total
As of December 31, 2020
Allowance for credit losses          $     150,875          $     9,615          $    31,071          $     12,190          $        6,893          $    18,160          $   228,804
% of ACL to total ACL                           66  %                 4  %                14  %                  5  %                    3  %                 8  %               100  %
Loan portfolio balance               $   2,949,303          $ 1,332,727          $ 2,086,062          $    716,275          $      774,455          $ 1,158,573          $ 9,024,739
% to total loans and leases                     32  %                15  %                23  %                  8  %                    9  %                13  %               100  %
Year ended December 31, 2020
Charge-offs                          $      10,388          $       336          $       104          $          -          $          229          $     2,464          $    13,521
Recoveries                                   4,255                  142                  158                    36                     230                  893                5,714
Net charge-offs (recoveries)         $       6,133          $       194          $       (54)         $        (36)         $           (1)         $     1,571          $     7,807
Average loan balance                 $   2,854,798          $ 1,319,653          $ 2,173,632          $    654,243          $      895,551          $ 1,144,435          $ 9,042,312
Ratio of net charge-offs
(recoveries) to average gross
loans                                         0.21  %              0.01  %                  NMF              (0.01) %                     NMF              0.14  %              0.09  %

(1)Includes commercial small business leases and PPP loans.
(2)Excludes reverse mortgages.
(3)Includes home equity lines of credit, installment loans unsecured lines of
credit and education loans.

Non-interest income

Noninterest income decreased $15.5 million to $185.5 million in 2021 from $201.0
million in 2020. This decrease reflects a decrease in Realized (loss) gain on
equity investments, net due to the $22.1 million gain on Visa Class B shares
that occurred in June 2020, an $8.7 million decrease in Securities gains, net, a
$7.0 million decrease in mortgage banking activities due to a decline in volume
compared to the historically higher levels in the prior year, and a $5.5 million
decrease in Credit/debit card and ATM income primarily as a result of the Durbin
Amendment enacted on July 1, 2020. Partially offsetting these decreases were
increases of $13.4 million in Wealth Management revenues driven by our
institutional trust business, $5.7 million from other income, primarily from
Cash Connect® and gains on the sale of SBA loans, $5.1 million from higher
traditional banking fees, and $4.4 million of net gains from the sale of our
SoFi investment.

Noninterest Expenses

Noninterest expense increased $9.7 million to $378.5 million in 2021 from $368.8
million in 2020. The increase was primarily due to a $19.9 million increase in
Salaries, benefits and other compensation as a result of higher salaries and
incentive compensation due to franchise growth, an $8.2 million increase in net
corporate development and restructuring costs related to our acquisition of Bryn
Mawr Trust, and a $5.2 million increase in Equipment expense including higher
third-party software expenses related to our ongoing delivery transformation
initiatives. These increases were partially offset by the $15.0 million recovery
of legal settlement previously mentioned, a $6.2 million decrease in Loan
workout and other credit costs due to the release of reserves on our unfunded
commitments driven by improved credit metrics and higher loan workout costs in
the prior period, a $3.1 million decrease in professional fees, and a $1.9
million decrease in Other operating expense, primarily due to $2.0 million in
lower contributions to the WSFS CARES Foundation when compared to the prior

Income taxes

We recorded $86.1 million of income tax expense for the year ended December 31,
2021 compared to $31.6 million for the year ended December 31, 2020. The
increase in income tax expense was primarily driven by an increase in income
before taxes of $212.7 million for the year ended December 31, 2021 compared to
the year ended December 31, 2020. The effective tax rates for the years ended
December 31, 2021 and 2020 were 24.1% and 21.8%, respectively. The effective tax
rate for year ended December 31, 2021 increased primarily due to higher
nondeductible expenses associated with the acquisition of Bryn Mawr Trust which
occurred on January 1, 2022. Nondeductible acquisition costs of $3.9 million
were recognized during the year ended December 31, 2021, whereas none were
incurred in the same period in 2020. In addition, we recognized $1.7 million in
tax benefits during the year ended December 31, 2020 related to tax law changes
contained in the CARES Act (see "Regulation - Coronavirus Aid, Relief, and
Economic Security (CARES) Act"), related to the ability to carry back certain
acquired net operating losses to prior years where the statutory tax rate was
higher than the current statutory tax rate. Further, the tax benefit related to
stock-based compensation activity for the year ended December 31, 2021 increased
compared to the prior year. We recorded $0.4 million of income tax benefit
during the year ended December 31, 2021 compared to less than $0.1 million of
income tax expense for the same period in 2020.

The effective tax rate reflects the recognition of certain tax benefits in the
financial statements including those benefits from tax-exempt interest income,
federal low-income housing/research and development tax credits, and excess tax
benefits from recognized stock compensation. These tax benefits are offset by
the tax effect of stock-based compensation expense related to incentive stock
options, nondeductible acquisition costs and a provision for state income tax

We frequently analyze our taxable income projections and make adjustments to our provision for income taxes accordingly.


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For financial reporting purposes, our business has three reporting segments:
WSFS Bank, Cash Connect®, and Wealth Management. The WSFS Bank segment provides
loans and leases and other financial products to commercial and retail
customers. Cash Connect® provides ATM vault cash, smart safe and other cash
logistics services in the U.S through strategic partnerships with several of the
largest networks, manufacturers and service providers in the ATM industry. Cash
Connect® services non-bank and WSFS-branded ATMs and retail safes nationwide.
The Wealth Management segment provides a broad array of planning and advisory
services, investment management, trust services, and credit and deposit products
to individual, corporate and institutional clients.

WSFS banking segment

The WSFS Bank segment income before taxes increased $181.1 million, or 160%, in
2021 compared to 2020 due primarily to a $263.2 million decrease in the
provision for credit losses due to positive impacts in our economic outlook from
our ACL modeling and improved credit quality metrics reflecting overall declines
in problem assets and delinquencies, offset by new loan originations. The
decrease in the provision for credit losses was partially offset by an increase
in external operating expenses of $17.5 million or 6%, to support franchise
growth, a decrease in external net interest income of $33.3 million, or 7%, and
a decrease of $31.3 million, or 28%, in external noninterest income primarily
due to a decrease in the realized/unrealized gains on equity investments
including the gain on Visa Class B shares previously mentioned, and a decline in
our mortgage business from the prior year.

Cash Connect® Segment

The Cash Connect® segment income before taxes increased to $10.2 million in 2021
from $9.2 million in 2020. During 2021, the Cash Connect® segment focused on
expanding smart safe and ATM managed services to increase fee income and
margins. This focus on improving margin and growing on balance sheet remote cash
capture volume resulted in a full-year 2021 ROA the Cash Connect® segment of
1.68%, a decrease of 29 bps in comparison with full-year 2020. Cash Connect® had
$1.7 billion and $1.6 billion in total cash managed at December 31, 2021 and
2020, respectively. At year-end 2021, Cash Connect® serviced approximately
27,400 non-bank ATMs and approximately 6,300 retail smart safes nationwide
compared to approximately 27,900 non-bank ATMs and approximately 4,500 smart
safes at year-end 2020.

Wealth Management Segment

The Wealth Management segment income before taxes increased $30.7 million in
2021 compared to 2020, reflecting significant growth in our institutional trust
activity and AUM growth from equity market performance, and $13.3 million of the
overall $15.0 million recovery of legal settlement related to Charter Oak. WSFS
Institutional Services® ended 2021 as the securitization industry's fourth most
active trustee for U.S. ABS and MBS according to Asset-Backed Alert's ABS
Database, an improvement from sixth most active in the prior year.

Segment financial information for the years ended December 31, 20212020 and 2019 is presented in note 21 of the consolidated financial statements.


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Our primary asset/liability management goal is to optimize long term net
interest income opportunities within the constraints of managing interest rate
risk, ensuring adequate liquidity and funding and maintaining a strong capital

In general, interest rate risk is mitigated by closely matching the maturities
or repricing periods of interest-sensitive assets and liabilities to ensure a
favorable interest rate spread. We regularly review our interest-rate
sensitivity, and use a variety of strategies as needed to adjust that
sensitivity within acceptable tolerance ranges established by management and our
Board of Directors. Changing the relative proportions of fixed-rate and
adjustable-rate assets and liabilities is one of our primary strategies to
accomplish this objective.

The matching of assets and liabilities may be analyzed using a number of methods
including by examining the extent to which such assets and liabilities are
"interest-rate sensitive" and by monitoring our interest-sensitivity gap. An
interest-sensitivity gap is considered positive when the amount of interest-rate
sensitive assets exceeds the amount of interest-rate sensitive liabilities
repricing within a defined period, and is considered negative when the amount of
interest-rate sensitive liabilities exceeds the amount of interest-rate
sensitive assets repricing within a defined period. For additional information
related to interest rate sensitivity, see "Quantitative and Qualitative
Disclosures About Market Risk."

The repricing and maturities of our interest-rate sensitive assets and
interest-rate sensitive liabilities at December 31, 2021 are shown in the
following table:

                                                Less than           One to Five         Five to Fifteen       Over Fifteen
(Dollars in thousands)                           One Year              Years                 Years                Years                Total
Interest-rate sensitive assets:
Commercial loans and leases(2)                $ 2,965,358          $ 1,098,580          $    281,560          $   11,259          $  4,356,757
Commercial mortgage loans(2)                    1,173,254              557,367               159,057               7,051             1,896,729
Residential(1)(2)                                 182,103              265,950               111,403               7,681               567,137
Consumer(2)                                       575,263              369,970               199,607               4,395             1,149,235
Loans held for sale(2)                            134,609                1,364                 1,628                 109               137,710
Investment securities,
available-for-sale                              1,734,964            2,742,747             1,681,258              52,508             6,211,477
Investment securities, held-to-maturity            17,267               66,800                 6,579                   -                90,646
Total interest-rate sensitive assets:         $ 6,782,818          $ 5,102,778          $  2,441,092          $   83,003          $ 14,409,691
Interest-rate sensitive liabilities:
Interest-bearing deposits:
Interest-bearing demand                       $ 1,396,639          $         -          $          -          $        -          $  1,396,639
Savings                                         1,129,268                    -                     -                   -             1,129,268
Money market                                    2,285,014                    -                     -                   -             2,285,014
Customer time deposits                            717,678              269,525                   732                   -               987,935

Trust preferred borrowings                         67,011                    -                     -                   -                67,011
Senior debt                                             -              147,939                     -                   -               147,939
Other borrowed funds                               37,860                    -                     -                   -                37,860
Total interest-rate sensitive
liabilities:                                  $ 5,633,470          $   417,464          $        732          $        -          $  6,051,666

Excess of interest-rate sensitive
assets over interest-rate liabilities
(interest-rate sensitive gap)                 $ 1,149,348          $ 4,685,314          $  2,440,360          $   83,003          $  8,358,025
One-year interest-rate sensitive
assets/interest-rate sensitive
liabilities                                        120.40  %
One-year interest-rate sensitive gap as
a percent of total assets                            7.28  %

(1)Includes reverse mortgage loans
(2)Loan balances exclude nonaccruing loans, deferred fees and costs


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Generally, during a period of rising interest rates, a positive gap would result
in an increase in net interest income while a negative gap would adversely
affect net interest income. Conversely, during a period of falling rates, a
positive gap would result in a decrease in net interest income while a negative
gap would augment net interest income. However, the interest-sensitivity table
does not provide a comprehensive representation of the impact of interest rate
changes on net interest income. Each category of assets or liabilities will not
be affected equally or simultaneously by changes in the general level of
interest rates. Even assets and liabilities which contractually reprice within
the rate period may not reprice at the same price, at the same time or with the
same frequency. It is also important to consider that the table represents a
specific point in time. Variations can occur as we adjust our interest
sensitivity position throughout the year.

To provide a more accurate position of our one-year gap, certain deposit
classifications are based on the interest-rate sensitive attributes and not on
the contractual repricing characteristics of these deposits. For the purpose of
this analysis, we estimate, based on historical trends of our deposit accounts,
with the exception of certain deposits estimated at 100%, that the majority of
our money market deposits are 75%, and the majority of our savings and
interest-bearing demand deposits are 50% sensitive to interest rate changes.
Accordingly, these interest-sensitive portions are classified in the "Less than
One Year" category with the remainder in the "Over Five Years" category. Deposit
rates other than time deposit rates are variable. Changes in deposit rates are
generally subject to local market conditions and our discretion and are not
indexed to any particular rate.

Impact of inflation

Our Consolidated Financial Statements have been prepared in accordance with
GAAP, which require the measurement of financial position and operating results
in terms of historical dollars without consideration of the changes in the
relative purchasing power of money over time due to inflation. The impact of
inflation is reflected in the increased costs of our operations. Unlike most
industrial companies, nearly all of our assets and liabilities are monetary. As
a result, interest rates have a greater impact on our performance than do the
effects of general levels of inflation. Interest rates do not necessarily move
in the same direction or the same extent as the price of goods and services.


We have no off balance sheet arrangements that have or are reasonably likely to
have a material current or future effect on our financial condition, changes in
financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources. For a description of certain
financial instruments to which we are party and which expose us to certain
credit risk not recognized in our financial statements, see Note 17 to the
Consolidated Financial Statements.



The discussion and analyses of the financial condition and results of operations
are based on the Consolidated Financial Statements, which are prepared in
conformity with U.S. GAAP and general practices within the banking industry. The
significant accounting policies of the Company are described in Note 2 to the
Consolidated Financial Statements. The preparation of these Consolidated
Financial Statements requires us to make estimates and assumptions that may
materially affect the reported amounts of assets, liabilities, revenues and
expenses. We regularly evaluate these estimates and assumptions including those
related to the allowance for credit losses, business combinations, deferred
taxes, fair value measurements and goodwill and other intangible assets. We base
our estimates on historical experience and various other factors and assumptions
that are believed to be reasonable under the circumstances. These form the basis
for making judgments on the carrying value of certain assets and liabilities
that are not readily apparent from other sources. Actual results may differ from
these estimates. The following critical accounting policy involves more
significant judgments and estimates. We have reviewed this critical accounting
policy and estimates with the Audit Committee.

Provision for credit losses

We maintain an allowance for credit losses (ACL) which represents our best
estimate of expected losses in our financial assets, which include loans, leases
and held-to-maturity debt securities. We establish our allowance in accordance
with guidance provided in ASC 326, Financial Instruments - Credit Losses. The
ACL includes two primary components: (i) an allowance established on financial
assets which share similar risk characteristics collectively evaluated for
credit losses (collective basis), and (ii) an allowance established on financial
assets which do not share similar risk characteristics with any loan segment and
is individually evaluated for credit losses (individual basis). We consider the
determination of the allowance for credit losses to be critical because it
requires significant judgment reflecting our best estimate of expected credit
losses based on our historical loss experience, current conditions and economic
forecasts. Our evaluation is based upon a continuous review of our financial
assets, with consideration given to evaluations resulting from examinations
performed by regulatory authorities. See Note 7 to the Consolidated Financial
Statements, for further discussion of the ACL.

The calculation of expected credit losses is determined using a single scenario
third-party economic forecast to adjust the calculated historical loss rates of
the portfolio segments to incorporate the effects of current and future economic
conditions. The determination of the appropriate level of the ACL inherently
involves a high degree of subjectivity and requires us to make significant
estimates, including modeling methodology, historical loss experience, relevant
available information from internal and external sources relating to qualitative
adjustment factors, prepayment speeds and reasonable and supportable forecasts
about future economic conditions. The Company's economic forecast considers the
general health of the economy, the interest rate environment, real estate
pricing and market risk

The ACL may increase or decrease due to changes in economic conditions affecting
borrowers and macroeconomic variables that our financial assets are more
susceptible to, including unforeseen events such as natural disasters and
pandemics, new information regarding existing financial assets, identification
of additional problems assets, the fair value of underlying collateral, and
other factors. These changes, both within and outside the Control's control, may
frequently update and have a material impact to our financial results.

Because current economic conditions and forecasts can change and future events
are inherently difficult to predict, the anticipated amount of estimated credit
losses on our financial assets, and therefore the appropriateness of the ACL,
could change significantly. It is difficult to estimate how potential changes in
any one economic factor or input might affect the overall ACL because a wide
variety of factors and inputs are considered in these estimates and changes in
those factors and inputs considered may not occur at the same rate and may not
be consistent across the Company's portfolio mix and segmentation. Additionally,
changes in factors and inputs may be directionally inconsistent, such that
improvement in one factor may offset deterioration in others. As of December 31,
2021, the Company believes that its ACL was adequate.

For more information on recent accounting pronouncements, see note 2 to the consolidated financial statements.


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