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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest income:      
Interest and fees on loans and leases $ 460,394 $ 463,220 $ 260,506
Interest on mortgage-backed securities 48,377 48,954 26,065
Interest and dividends on investment securities:      
Taxable 1,191 131 61
Tax-exempt 3,428 3,884 4,317
Other interest income 1,015 4,903 2,024
Total interest income 514,405 521,092 292,973
Interest expense:      
Interest on deposits 39,262 60,075 29,068
Interest on Federal Home Loan Bank advances 1,950 5,520 8,395
Interest on senior debt 4,998 4,717 4,717
Interest on trust preferred borrowings 1,751 2,772 2,573
Interest on federal funds purchased 471 2,971 1,695
Interest on other borrowings 18 89 51
Total interest expense 48,450 76,144 46,499
Net interest income 465,955 444,948 246,474
Provision for credit losses 153,180 25,560 13,170
Net interest income after provision for credit losses 312,775 419,388 233,304
Noninterest income:      
Loan and lease fee income 4,518 3,577 2,492
Security gains, net 9,076 333 21
Unrealized gains on equity investments, net 761 26,175 20,745
Realized gain on sale of equity investment, net 22,052 0 3,757
Bank owned life insurance income 1,280 1,247 175
Total non interest income 201,025 188,109 162,541
Noninterest expense:      
Salaries, benefits and other compensation 194,317 182,564 122,983
Occupancy expense 32,105 33,068 19,783
Equipment expense 23,793 20,879 12,609
Professional fees 18,757 11,167 8,733
Data processing and operations expenses 12,600 13,373 7,757
Marketing expense 5,677 6,714 4,586
FDIC expenses 2,148 1,483 2,117
Loan workout and other credit costs 6,899 3,616 1,470
Corporate development expense 4,328 55,697 6,456
Restructuring expense 510 16,133 0
Recovery of legal settlement 0 0 (7,938)
Recovery of fraud loss 0 (463) (1,675)
Loss on early extinguishment of debt 2,280 0 0
Other operating expense 65,430 68,896 48,166
Total non interest expenses 368,844 413,127 225,047
Income before taxes 144,956 194,370 170,798
Income tax provision 31,636 46,452 36,055
Net income 113,320 147,918 134,743
Less: Net loss attributable to noncontrolling interest (1,454) (891) 0
Net income attributable to WSFS $ 114,774 $ 148,809 $ 134,743
Basic (in dollars per share) $ 2.27 $ 3.02 $ 4.27
Diluted (in dollars per share) $ 2.27 $ 3.00 $ 4.19
Credit/debit card and ATM income      
Noninterest income:      
Noninterest income $ 35,014 $ 50,383 $ 43,837
Investment management and fiduciary revenue      
Noninterest income:      
Noninterest income 48,979 42,450 39,602
Deposit service charges      
Noninterest income:      
Noninterest income 19,999 22,972 18,771
Mortgage banking activities, net      
Noninterest income:      
Noninterest income 30,201 11,053 6,286
Other income      
Noninterest income:      
Noninterest income $ 29,145 $ 29,919 $ 26,855