SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

The following tables show segment results for the three and six months ended June 30, 2020 and 2019:


	Three Months Ended June 30, 2020														Three Months Ended June 30, 2019
(Dollars in thousands)	WSFS Bank		Cash Connect^®		Wealth Management		Total		WSFS Bank		Cash Connect^®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	123,710	$	—	$	2,173	$	125,883	$	140,231	$	—	$	2,672	$	142,903
Noninterest income	44,304		9,008		11,063		64,375		18,870		13,355		10,646		42,871
Total external customer revenues	168,014		9,008		13,236		190,258		159,101		13,355		13,318		185,774
Inter-segment revenues:
Interest income	937		237		2,442		3,616		3,345		—		4,052		7,397
Noninterest income	3,542		188		347		4,077		2,156		192		211		2,559
Total inter-segment revenues	4,479		425		2,789		7,693		5,501		192		4,263		9,956
Total revenue	172,493		9,433		16,025		197,951		164,602		13,547		17,581		195,730
External customer expenses:
Interest expense	11,659		—		468		12,127		18,282		—		1,389		19,671
Noninterest expenses	79,789		6,413		7,233		93,435		91,415		8,893		7,540		107,848
Provision for credit losses	93,819		—		935		94,754		12,239		—		(44)		12,195
Total external customer expenses	185,267		6,413		8,636		200,316		121,936		8,893		8,885		139,714
Inter-segment expenses:
Interest expense	2,679		131		806		3,616		4,052		2,203		1,142		7,397
Noninterest expenses	535		899		2,643		4,077		403		698		1,458		2,559
Total inter-segment expenses	3,214		1,030		3,449		7,693		4,455		2,901		2,600		9,956
Total expenses	188,481		7,443		12,085		208,009		126,391		11,794		11,485		149,670
(Loss) income before taxes	$	(15,988)	$	1,990	$	3,940	$	(10,058)	$	38,211	$	1,753	$	6,096	$	46,060
Income tax (benefit) provision							(2,247)								10,091
Consolidated net (loss) income							(7,811)								35,969
Net loss attributable to noncontrolling interest							(700)								(231)
Net (loss) income attributable to WSFS							(7,111)								36,200


	Six Months Ended June 30, 2020														Six Months Ended June 30, 2019
(Dollars in thousands)	WSFS Bank		Cash Connect^®		Wealth Management		Total		WSFS Bank		Cash Connect^®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	255,019	$	—	$	4,719	$	259,738	$	237,177	$	—	$	5,303	$	242,480
Noninterest income	62,376		20,687		22,159		105,222		36,134		25,757		22,102		83,993
Total external customer revenues	317,395		20,687		26,878		364,960		273,311		25,757		27,405		326,473
Inter-segment revenues:
Interest income	2,880		237		5,291		8,408		7,137		—		8,057		15,194
Noninterest income	6,449		417		520		7,386		4,039		369		397		4,805
Total inter-segment revenues	9,329		654		5,811		15,794		11,176		369		8,454		19,999
Total revenue	326,724		21,341		32,689		380,754		284,487		26,126		35,859		346,472
External customer expenses:
Interest expense	28,406		—		1,426		29,832		33,418		—		2,516		35,934
Noninterest expenses	152,874		14,636		14,421		181,931		173,992		16,923		14,525		205,440
Provision for credit losses	148,853		—		2,547		151,400		19,525		—		324		19,849
Total external customer expenses	330,133		14,636		18,394		363,163		226,935		16,923		17,365		261,223
Inter-segment expenses:
Interest expense	5,528		1,085		1,795		8,408		8,057		4,761		2,376		15,194
Noninterest expenses	937		1,640		4,809		7,386		766		1,243		2,796		4,805
Total inter-segment expenses	6,465		2,725		6,604		15,794		8,823		6,004		5,172		19,999
Total expenses	336,598		17,361		24,998		378,957		235,758		22,927		22,537		281,222
(Loss) income before taxes	$	(9,874)	$	3,980	$	7,691	$	1,797	$	48,729	$	3,199	$	13,322	$	65,250
Income (benefit) tax provision							(959)								16,351
Consolidated net income							2,756								48,899
Net loss attributable to noncontrolling interest							(1,060)								(324)
Net income attributable to WSFS							3,816								49,223

The following table shows significant components of segment net assets as of June 30, 2020 and December 31, 2019:


	June 30, 2020														December 31, 2019
(Dollars in thousands)	WSFS Bank		Cash Connect^®		Wealth Management		Total		WSFS Bank		Cash Connect^®		Wealth Management		Total
Statements of Financial Condition
Cash and cash equivalents	$	591,518	$	356,785	$	7,464	$	955,767	$	202,792	$	357,494	$	11,466	$	571,752
Goodwill	452,629		—		20,199		472,828		452,629		—		20,199		472,828
Other segment assets	11,914,250		5,171		225,341		12,144,762		10,982,681		6,555		222,486		11,211,722
Total segment assets	$	12,958,397	$	361,956	$	253,004	$	13,573,357	$	11,638,102	$	364,049	$	254,151	$	12,256,302
Capital expenditures for the period ended	$	2,437	$	256	$	137	$	2,830	$	11,806	$	2,120	$	272	$	14,198