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CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Interest and fees on loans and leases $ 110,195 $ 124,800 $ 341,657 $ 340,918
Interest on mortgage-backed securities 11,686 12,989 37,454 35,684
Interest and dividends on investment securities:        
Taxable 435 29 552 79
Tax-exempt 830 939 2,648 2,963
Other interest income 224 2,505 797 4,098
Total interest income 123,370 141,262 383,108 383,742
Interest expense:        
Interest on deposits 8,346 16,851 32,815 43,916
Interest on Federal Home Loan Bank advances 445 1,099 1,900 4,495
Interest on senior debt 1,179 1,179 3,538 3,538
Interest on federal funds purchased 0 602 471 2,194
Interest on trust preferred borrowings 347 693 1,417 2,136
Interest on other borrowings 5 5 13 84
Total interest expense 10,322 20,429 40,154 56,363
Net interest income 113,048 120,833 342,954 327,379
Provision for credit losses 2,716 4,121 154,116 23,970
Net interest income after provision for credit losses 110,332 116,712 188,838 303,409
Noninterest income:        
Loan and lease fee income 1,165 823 3,381 2,358
Securities gains, net 3,322 0 5,923 78
Unrealized gains on equity investments, net 104 21,344 761 26,175
Realized gain on sale of equity investment 0 0 22,052 0
Bank owned life insurance income 591 277 1,011 877
Total non interest income 49,171 62,346 154,393 146,339
Noninterest expense:        
Salaries, benefits and other compensation 48,772 48,914 142,875 133,669
Occupancy expense 8,152 9,085 24,114 24,262
Equipment expense 5,678 5,564 16,401 14,997
Data processing and operations expenses 3,198 3,861 9,337 10,180
Professional fees 4,611 3,180 13,634 7,967
Marketing expense 1,451 1,373 3,617 4,910
Loss on early extinguishment of debt 2,280 0 2,280 0
FDIC expenses 829 (227) 1,080 1,435
Loan workout and other credit costs 1,422 846 6,462 2,537
Corporate development expense 428 10,517 4,570 51,090
Restructuring expense 0 8,360 0 14,603
Other operating expense 16,719 18,088 51,101 49,351
Total non interest expenses 93,540 109,561 275,471 315,001
Income before taxes 65,963 69,497 67,760 134,747
Income tax provision 15,140 15,902 14,181 32,253
Net income 50,823 53,595 53,579 102,494
Less: Net loss attributable to noncontrolling interest (322) (287) (1,382) (611)
Net income attributable to WSFS $ 51,145 $ 53,882 $ 54,961 $ 103,105
Earnings per share:        
Basic (in dollars per share) $ 1.01 $ 1.02 $ 1.08 $ 2.13
Diluted (in dollars per share) $ 1.01 $ 1.02 $ 1.08 $ 2.12
Weighted average shares of common stock outstanding:        
Weighted average basic shares (in shares) 50,665,359 52,863,202 50,801,777 48,381,338
Weighted average fully diluted shares (in shares) 50,684,493 53,054,368 50,832,085 48,668,460
Credit/debit card and ATM income        
Noninterest income:        
Noninterest fee income $ 7,251 $ 13,115 $ 27,916 $ 38,307
Investment management and fiduciary income        
Noninterest income:        
Noninterest fee income 13,266 10,459 35,157 30,988
Deposit service charges        
Noninterest income:        
Noninterest fee income 4,772 6,139 14,594 16,988
Mortgage banking activities, net        
Noninterest income:        
Noninterest fee income 11,507 3,152 23,472 8,090
Other income        
Noninterest income:        
Noninterest fee income $ 7,193 $ 7,037 $ 20,126 $ 22,478