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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest income:    
Interest and fees on loans and leases $ 108,852 $ 119,202
Interest on mortgage-backed securities 10,704 13,219
Interest and dividends on investment securities:    
Taxable 701 15
Tax-exempt 748 911
Other interest income 276 508
Total interest income 121,281 133,855
Interest expense:    
Interest on deposits 4,496 14,637
Interest on Federal Home Loan Bank advances 5 830
Interest on senior debt 2,266 1,179
Interest on federal funds purchased 0 470
Interest on trust preferred borrowings 324 586
Interest on other borrowings 5 3
Total interest expense 7,096 17,705
Net interest income 114,185 116,150
(Recovery of) provision for credit losses (20,160) 56,646
Net interest income after (recovery of) provision for credit losses 134,345 59,504
Noninterest income:    
Loan and lease fee income 3,485 1,119
Securities gains, net 329 693
Unrealized gains on equity investments, net 0 668
Bank owned life insurance income 205 (25)
Total non interest income 47,822 40,847
Noninterest expense:    
Salaries, benefits and other compensation 53,138 45,346
Occupancy expense 8,460 7,666
Equipment expense 7,391 4,964
Data processing and operations expenses 3,385 3,078
Professional fees 3,856 4,600
Marketing expense 992 951
FDIC expenses 1,069 (54)
Loan workout and other credit costs 1,120 453
Corporate development expense 2,095 1,341
Restructuring expense (265) 0
Other operating expense 14,378 20,151
Total non interest expenses 95,619 88,496
Income before taxes 86,548 11,855
Income tax provision 21,407 1,288
Net income 65,141 10,567
Less: Net income (loss) attributable to noncontrolling interest 59 (360)
Net income attributable to WSFS $ 65,082 $ 10,927
Earnings per share:    
Basic (in dollars per share) $ 1.37 $ 0.21
Diluted (in dollars per share) $ 1.36 $ 0.21
Weighted average shares of common stock outstanding:    
Weighted average basic shares (in shares) 47,509,205 51,086,316
Weighted average fully diluted shares (in shares) 47,792,108 51,164,224
Credit/debit card and ATM income    
Noninterest income:    
Noninterest fee income $ 6,805 $ 11,359
Investment management and fiduciary income    
Noninterest income:    
Noninterest fee income 14,253 10,962
Deposit service charges    
Noninterest income:    
Noninterest fee income 5,460 5,647
Mortgage banking activities, net    
Noninterest income:    
Noninterest fee income 8,600 3,471
Other income    
Noninterest income:    
Noninterest fee income $ 8,685 $ 6,953