Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Income

Condensed Statements of Income

	Year Ended December 31,
(Dollars in thousands)	2020		2019		2018
Income:
Interest income	$	356	$	5,589	$	1,591
Unrealized (losses) gains on equity investments	(1,617)		3,646		15,819
Noninterest income	208,762		240,408		28,038
	207,501		249,643		45,448
Expense:
Interest expense	6,748		7,490		7,290
Other operating expense	2,553		259		245
	9,301		7,749		7,535
Income before equity in undistributed income of subsidiaries	198,200		241,894		37,913
Equity in undistributed income (loss) of subsidiaries	(84,346)		(92,020)		97,626
Income before taxes	113,854		149,874		135,539
Income tax (benefit) provision	(920)		1,065		796
Net income attributable to WSFS	$	114,774	$	148,809	$	134,743

Condensed Statements of Financial Condition

Condensed Statements of Financial Condition

	December 31,
(Dollars in thousands)	2020		2019
Assets:
Cash and cash equivalents	$	244,925	$	71,430
Investment in subsidiaries	1,862,970		1,943,866
Investment in the Trust	2,011		2,011
Other assets	4,728		4,041
Total assets	$	2,114,634	$	2,021,348
Liabilities:
Trust preferred borrowings	$	67,011	$	67,011
Senior debt	246,617		98,605
Accrued interest payable	581		405
Other liabilities	8,699		5,021
Total liabilities	322,908		171,042
Stockholders’ equity:
Common stock	576		575
Capital in excess of par value	1,053,022		1,049,064
Accumulated other comprehensive income	56,007		23,501
Retained earnings	977,414		917,377
Treasury stock	(295,293)		(140,211)
Total stockholders’ equity of WSFS	1,791,726		1,850,306
Total liabilities and stockholders’ equity of WSFS	$	2,114,634	$	2,021,348

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows 

	Year Ended December 31,
(Dollars in thousands)	2020		2019		2018
Operating activities:
Net income attributable to WSFS	$	114,774	$	148,809	$	134,743
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed loss (income) of subsidiaries	84,346		92,020		(97,626)
Realized gains on sale of equity investments	—		—		(3,757)
Unrealized losses (gains) on equity investments	1,617		(3,646)		(15,088)
(Increase) decrease in other assets	(4,537)		3,538		2,265
Increase (decrease) in other liabilities	7,684		6,012		(237)
Net cash provided by operating activities	$	203,884	$	246,733	$	20,300
Investing activities:
Sale of Visa Class B shares	$	—	$	—	$	6,186
Net cash for business combinations	—		(93,990)		—
Purchases of Visa Class B shares	—		—		(51)
Net cash (used for) provided by investing activities	$	—	$	(93,990)	$	6,135
Financing activities:
Issuance of common stock and exercise of common stock options	$	2,032	$	7,755	$	11,253
Issuance of senior debt	147,780		—		—
Purchase of treasury stock	(155,832)		(97,186)		(31,202)
Dividends paid	(24,369)		(22,463)		(13,249)
Net cash used for financing activities	$	(30,389)	$	(111,894)	$	(33,198)
Increase (decrease) in cash and cash equivalents	$	173,495	$	40,849	$	(6,763)
Cash and cash equivalents at beginning of period	71,430		30,581		37,344
Cash and cash equivalents at end of period	$	244,925	$	71,430	$	30,581