Welcome to the WSFS first quarter 2009 earnings release conference call. (Operator Instructions) At this time I would like to turn the conference call over to Mr. Steve Fowle.

Thank you to everyone participating on this call. Before Mark begins with his opening remarks, I'd like to read our Safe Harbor Statement. The following discussion may contain statements which are not historical facts and are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various assumptions, some of which may be beyond the company's control, are subject to risks and uncertainties 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 those related to the economic environment, particularly in the market areas in which the company operates, the volatility of the financial and securities markets, including changes with respect to the market value of our financial assets, changes in government regulations affecting financial institutions and potential expenses associated therewith, changes resulting from our participation in the CPP, including additional conditions that may be imposed in the future on participating companies, and the costs associated with resolving any problem loans and other risks and uncertainties discussed in documents filed by WSFS Financial Corporation with the Securities and Exchange Commission from time to time. The corporation does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of the corporation. With that, I'll turn the discussion over to Mark Turner, WSFS President and Chief Executive Officer.

Thank you all for your time and interest. I have about 10 minutes of opening comments before Q&A. First, a couple minutes on trends affecting us. As you know, in the fourth quarter of 2008, a number of items negatively impacted our earnings. And while the full year 2008 was profitable, these items led to our first quarterly loss in many years. In the first quarter of 2009, many of these items continued but lessened leading to a modestly profitable quarter. Some of these trends include our provision for loan loss at $7.7 million was much less than the $14.7 million last quarter. Also our adjustments to real estate owned improved from $700,000 to $466,000. Net charge-offs at $3.2 million improved from $11.9 million in the fourth quarter of 2008. We recorded a charge of $301,000 in the first quarter against our legacy reverse mortgage portfolio down from a $1 million charge in the fourth quarter. And we recorded $124,000 mark-to-market on our triple-B rated reverse mortgage-backed security in the first quarter of 2009, which was a significant improvement from the $1.4 million we recorded during the fourth quarter of 2008. The face value of this security is about $12.4 million but has been written down to book value of $10.7 million now. We continue to expect full payment on this security because of it's significant over collateralization, and we updated our understanding of this over collateralization with AVMs and BPO appraisals of all the underlying houses at the end of 2008. And finally, First Reverse our small startup reverse mortgage banking unit reported a pre-tax loss of $586,000 in the first quarter, an improvement from $832,000 reported in the fourth quarter of 2008. I'd like to spend a minute updating you also on some other items impacting our results.…

(Operator Instructions) Our first question comes from Avi Barak – Sandler O'Neil. Avi Barak – Sandler O'Neil: A few questions for you, firstly, the $11 – the $9 million, excuse me that went into non-performing loans that you mentioned it's basically four loans to a developer. Is it all the same developer, the four loans, or is it four different developers?

Avi, I'm going to have Rodger Levenson, who is head of our Commercial Division and heads our Chief Credit Officer function as well, answer that question.

Avi, these are four separate unrelated loans in different geographies to different borrowers. Avi Barak – Sandler O'Neil: Okay, thank you. Secondly, the modified loans in the consumer portfolio, I guess it was about $5 million or $6 million. If those continue to pay, will they eventually come off the non-performing balance or will they stay in non-performing for the life of the loan?

Now, based upon our understanding currently, as long as there's performance over a demonstrated period of time, we would expect that they would be reclassified out of TDRs. Avi Barak – Sandler O'Neil: Is that two quarters or?

Six months Avi Barak – Sandler O'Neil: Six months, okay, thanks. Thirdly, the OREO, I'm just wondering what kind of, is that just raw land, or is it half raw land half unfinished homes, or how should we think about that?

Avi, the single largest component of that was one of the projects we identified in the fourth quarter as taking a large write-down on and it's a partially completed condominium project in Philadelphia, which we've now taken control of. Avi Barak – Sandler O'Neil: And then, lastly, as the dynamics and the political environment of TARP continues to change and morph, I'm just wondering your thoughts on paying that back or holding onto it for the first year, etc. and where we stand in that regard.

Avi, we're going to be evaluating that literally over the next several weeks. We believe, obviously, there's some negatives to holding TARP, as has been well discussed in the press, and we've seen those as well, but also there continue to be some positives, including supporting our balance sheet in a difficult time and also supporting growth that we're experiencing. So it may have run its course for us and served its purpose, but we'll be making that decision over the next several weeks.

Our next question comes from Andy Stapp – B. Riley & Company. Andy Stapp – B. Riley & Company: Just following up on the TARP question, if you did decide to redeem it, would you do any type of capital raise?

Andy, that would be a part of the overall evaluation so I can't answer that at this time. Andy Stapp – B. Riley & Company: Okay.

We have, Andy, purchased mortgage-backed securities, liquid mortgage-backed securities over the last couple of quarters in anticipation and response to having raised it, so there is balance sheet room that we could potentially unwind if we were to pay that back. Andy Stapp – B. Riley & Company: Okay. And do you still anticipate First Reverse to turn a profit in the second quarter?

Andy, our primary goal now with First Reverse management is to continue to hone the model and cut costs to get them to a breakeven level as soon as possible. At the same time we're also working with First Reverse management on our strategic alternatives for that business, which could include partnering, a sale of part or all the business, or an orderly wind down if we cannot get sufficient traction. It's been a difficult market for a startup involved in mortgages as home values have come down. I'll say, though, we still strongly believe in the reverse mortgage product as a great way for seniors and baby boomers to live comfortably in their homes in retirement. We believe the product has a bright future because of the demographics, and we continue to have great success originating them from our local retail branch network. Andy Stapp – B. Riley & Company: Okay. And with regard to your nice deposit growth, was that driven, was that just driven all by gaining market share, or did you also do a promotional campaign?

Actually, our head of retail is here, Rick Wright, who wasn't introduced, so I'll ask Rick to add some comments on that.

We did have one promotion to the tune of about $10 million was all it was on the CD side, but we're finding just that continued flow of core deposits, particularly interest checking products that are coming to us with no particular promotional rate or offer. Andy Stapp – B. Riley & Company: Okay, great. And in your earnings release it mentioned a risk grade migration in your commercial portfolio. Is that talking about C&I specifically or just all commercial categories?

Andy, it's Rodger again. It's all categories, although it's primarily residential CLD, residential construction.

Our next question comes from Stephen Moss – Janney Montgomery Scott. Stephen Moss – Janney Montgomery Scott: Most of my questions have been answered. Just a little bit on the loan growth side, it was good for the quarter and what are your expectations going forward?

This is Rodger again. As we mentioned in the fourth quarter, we see the current environment presenting us with lots of very good opportunities to get full relationship banking at good structure and very well priced, and so our pipeline continues to be robust, and we feel very optimistic about it going forward. Stephen Moss – Janney Montgomery Scott: Okay, good. And then with regard to the margin, what should we be expecting going forward with the securities coming on?

Yes, the margin was beginning to recover at the end of this past quarter, so the margin rates were going up as we exited the first quarter. So I expect the margin to be just slightly above kind of the normalized rate for the first quarter.

Our next question comes from [Ronald Smith]. [Ronald Smith]: Yes, I'm a retired officer of the bank and I also own several thousand shares. I'm just going to ask a forward-looking question. Assuming that the loan loss debacle will eventually go away and you'll return to a more normal provision, such as the provisions that you were making in 2007. Is it reasonable to assume that the balance sheet growth and the net interest margin that's just slightly over three will get you back to an earnings per share of approximately $1 a quarter, without regard for when that might happen? I'm not asking you to say when, but it looks to me like that's achievable.

Well, thanks for listening, Ron, and thanks for your service to the company in the past. With all those caveats that you put on it, certainly if the loan loss provisioning got back to the levels that they were a couple of years ago, it's easy to assume that, given all the growth that we've had, that we could get back to the quarterly earnings that we had last year, which were over $1 a share. But I just mention that the if and then when of when the provisioning and loan losses will get back to levels of a couple of years ago is still very uncertain. [Ronald Smith]: I understand that. I'm a forward-looking guy, though, and I'm a patient guy too. Thanks for your answer.

(Operator Instructions) And, ladies and gentlemen, at this time I'm showing no additional questions.

Well, we'd like to thank you all for your time and interest and your questions, and Steve's and my numbers are well published. If you have calls, please feel free to call at any time and we look forward to getting on the road soon and talking more about WSFS.

That concludes today's teleconference.