SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2020

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


	Three Months Ended September 30, 2020								Three Months Ended September 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	$	121,179	$	—	$	2,191	$	123,370	$	138,585	$	—	$	2,677	$	141,262
Noninterest income	25,601		10,157		13,413		49,171		38,563		13,067		10,716		62,346
Total external customer revenues	146,780		10,157		15,604		172,541		177,148		13,067		13,393		203,608
Inter-segment revenues:
Interest income	965		244		2,477		3,686		2,855		—		5,592		8,447
Noninterest income	3,359		199		497		4,055		2,483		257		320		3,060
Total inter-segment revenues	4,324		443		2,974		7,741		5,338		257		5,912		11,507
Total revenue	151,104		10,600		18,578		180,282		182,486		13,324		19,305		215,115
External customer expenses:
Interest expense	9,994		—		328		10,322		19,056		—		1,373		20,429
Noninterest expenses	79,469		6,537		7,534		93,540		93,146		9,132		7,283		109,561
Provision for credit losses	1,324		—		1,392		2,716		3,954		—		167		4,121
Total external customer expenses	90,787		6,537		9,254		106,578		116,156		9,132		8,823		134,111
Inter-segment expenses:
Interest expense	2,721		172		793		3,686		5,592		1,730		1,125		8,447
Noninterest expenses	696		798		2,561		4,055		577		680		1,803		3,060
Total inter-segment expenses	3,417		970		3,354		7,741		6,169		2,410		2,928		11,507
Total expenses	94,204		7,507		12,608		114,319		122,325		11,542		11,751		145,618
Income before taxes	$	56,900	$	3,093	$	5,970	$	65,963	$	60,161	$	1,782	$	7,554	$	69,497
Income tax provision							15,140								15,902
Consolidated net income							50,823								53,595
Net loss attributable to noncontrolling interest							(322)								(287)
Net income attributable to WSFS							51,145								53,882
Supplemental Information
Capital expenditures for the period ended	$	640	$	—	$	10	$	650	$	3,920	$	1,340	$	—	$	5,260


	Nine Months Ended September 30, 2020								Nine Months Ended September 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	$	376,198	$	—	$	6,910	$	383,108	$	375,762	$	—	$	7,980	$	383,742
Noninterest income	87,977		30,844		35,572		154,393		74,697		38,824		32,818		146,339
Total external customer revenues	464,175		30,844		42,482		537,501		450,459		38,824		40,798		530,081
Inter-segment revenues:
Interest income	3,845		481		7,768		12,094		9,992		—		13,649		23,641
Noninterest income	9,808		616		1,017		11,441		6,522		626		717		7,865
Total inter-segment revenues	13,653		1,097		8,785		23,535		16,514		626		14,366		31,506
Total revenue	477,828		31,941		51,267		561,036		466,973		39,450		55,164		561,587
External customer expenses:
Interest expense	38,400		—		1,754		40,154		52,474		—		3,889		56,363
Noninterest expenses	232,343		21,173		21,955		275,471		267,138		26,055		21,808		315,001
Provision for credit losses	150,177		—		3,939		154,116		23,479		—		491		23,970
Total external customer expenses	420,920		21,173		27,648		469,741		343,091		26,055		26,188		395,334
Inter-segment expenses:
Interest expense	8,249		1,257		2,588		12,094		13,649		6,491		3,501		23,641
Noninterest expenses	1,633		2,438		7,370		11,441		1,343		1,923		4,599		7,865
Total inter-segment expenses	9,882		3,695		9,958		23,535		14,992		8,414		8,100		31,506
Total expenses	430,802		24,868		37,606		493,276		358,083		34,469		34,288		426,840
Income before taxes	$	47,026	$	7,073	$	13,661	$	67,760	$	108,890	$	4,981	$	20,876	$	134,747
Income tax provision							14,181								32,253
Consolidated net income							53,579								102,494
Net loss attributable to noncontrolling interest							(1,382)								(611)
Net income attributable to WSFS							54,961								103,105
Supplemental Information
Capital expenditures for the period ended	$	3,077	$	256	$	147	$	3,480	$	9,160	$	1,411	$	130	$	10,701

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


	September 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	$	720,456	$	342,951	$	9,513	$	1,072,920	$	202,792	$	357,494	$	11,466	$	571,752
Goodwill	452,629		—		20,199		472,828		452,629		—		20,199		472,828
Other segment assets	12,045,866		6,757		231,737		12,284,360		10,982,681		6,555		222,486		11,211,722
Total segment assets	$	13,218,951	$	349,708	$	261,449	$	13,830,108	$	11,638,102	$	364,049	$	254,151	$	12,256,302