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CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Interest and fees on loans and leases $ 112,260 $ 129,001 $ 231,462 $ 216,118
Interest on mortgage-backed securities 12,549 12,229 25,768 22,695
Interest and dividends on investment securities:        
Taxable 102 31 117 50
Tax-exempt 907 999 1,818 2,024
Other interest income 65 643 573 1,593
Total interest income 125,883 142,903 259,738 242,480
Interest expense:        
Interest on deposits 9,832 16,123 24,469 27,065
Interest on Federal Home Loan Bank advances 625 806 1,455 3,396
Interest on senior debt 1,180 1,180 2,359 2,359
Interest on federal funds purchased 1 805 471 1,592
Interest on trust preferred borrowings 484 717 1,070 1,443
Interest on other borrowings 5 40 8 79
Total interest expense 12,127 19,671 29,832 35,934
Net interest income 113,756 123,232 229,906 206,546
Provision for credit losses 94,754 12,195 151,400 19,849
Net interest income after provision for credit losses 19,002 111,037 78,506 186,697
Noninterest income:        
Loan and lease fee income 1,097 650 2,216 1,535
Securities gains, net 1,908 63 2,601 78
Unrealized (losses) gains on equity investments, net (11) 1,033 657 4,831
Realized gain on sale of equity investment 22,052 0 22,052 0
Bank owned life insurance income 445 383 420 600
Total non interest income 64,375 42,871 105,222 83,993
Noninterest expense:        
Salaries, benefits and other compensation 48,757 48,550 94,103 84,755
Occupancy expense 8,296 8,810 15,962 15,177
Equipment expense 5,759 5,444 10,723 9,433
Data processing and operations expenses 3,061 3,731 6,139 6,319
Professional fees 4,423 2,915 9,023 4,787
Marketing expense 1,215 1,947 2,166 3,537
FDIC expenses 305 1,042 251 1,662
Loan workout and other credit costs 4,587 1,419 5,040 1,690
Corporate development expense 2,801 13,946 4,142 40,573
Restructuring expense 0 1,881 0 6,243
Other operating expense 14,231 18,163 34,382 31,264
Total non interest expenses 93,435 107,848 181,931 205,440
(Loss) income before taxes (10,058) 46,060 1,797 65,250
Income tax (benefit) provision (2,247) 10,091 (959) 16,351
Net (loss) income (7,811) 35,969 2,756 48,899
Less: Net loss attributable to noncontrolling interest (700) (231) (1,060) (324)
Net (loss) income attributable to WSFS $ (7,111) $ 36,200 $ 3,816 $ 49,223
(Loss) earnings per share:        
Basic (in dollars per share) $ (0.14) $ 0.68 $ 0.08 $ 1.07
Diluted (in dollars per share) $ (0.14) $ 0.68 $ 0.07 $ 1.06
Weighted average shares of common stock outstanding:        
Weighted average basic shares (in shares) 50,655,154 53,253,455 50,870,735 46,103,264
Weighted average fully diluted shares (in shares) 50,655,154 53,516,000 50,910,790 46,438,173
Credit/debit card and ATM income        
Noninterest income:        
Noninterest fee income $ 9,306 $ 13,677 $ 20,665 $ 25,192
Investment management and fiduciary income        
Noninterest income:        
Noninterest fee income 10,929 10,382 21,891 20,529
Deposit service charges        
Noninterest income:        
Noninterest fee income 4,175 6,103 9,822 10,849
Mortgage banking activities, net        
Noninterest income:        
Noninterest fee income 8,494 2,846 11,965 4,938
Other income        
Noninterest income:        
Noninterest fee income $ 5,980 $ 7,734 $ 12,933 $ 15,441