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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net income $ 214,555 $ 199,340
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 36,537 53,374
Depreciation of premises and equipment, net 8,916 10,678
Accretion of fees and discounts, net (19,259) (17,825)
Amortization of intangible assets 11,571 11,784
Amortization of right-of-use lease assets 6,664 7,713
Decrease in operating lease liability (8,096) (8,115)
Income from mortgage banking activities, net (6,232) (5,931)
Loss on sale of other real estate owned and valuation adjustments, net 887 296
Stock-based compensation expense 9,442 8,990
Realized gain on sale of equity investments, net (957) (2,186)
Gain on sale of WSFS Wealth Management, LLC business (386) 0
Deferred income tax benefit 11,537 (1,989)
Decrease (increase) in accrued interest receivable 5,159 (1,381)
Decrease (increase) in other assets 72,546 (28,889)
Origination of loans held for sale (346,048) (281,945)
Proceeds from sales of loans held for sale 369,741 229,224
(Increase) decrease in value of bank owned life insurance (407) 376
Increase in capitalized interest, net (1,681) (1,038)
(Decrease) increase in accrued interest payable (12,431) 26,734
Decrease in other liabilities (184,604) (38,351)
Net cash provided by operating activities 167,454 160,859
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 47,055 45,827
Purchases of investment securities available-for-sale (100,351) (51,641)
Repayments, maturities and calls of investment securities available-for-sale 286,976 262,808
Proceeds from bank-owned life insurance death benefit 241 112
Proceeds from bank-owned life insurance surrender 0 6,616
Net decrease (increase) in loans 166,963 (272,276)
Net cash from sale of WSFS Wealth Management, LLC business 2,425 0
Purchase of loans held-for-investment 0 (269,635)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (366,045) (360,603)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 357,701 358,504
Sales of other real estate owned 4,725 550
Investment in premises and equipment (5,639) (10,595)
Net cash provided by (used in) investing activities 394,051 (290,333)
Financing activities:    
Net increase (decrease) in demand and saving deposits 240,482 (352,369)
(Decrease) increase in time deposits (51,885) 358,483
Decrease in brokered deposits 0 (51,676)
Receipts from FHLB advances 9,200,000 10,849,997
Repayments of FHLB advances (9,251,040) (10,806,839)
Receipts from federal funds purchased 0 380,001
Repayments of federal funds purchased 0 (380,001)
Receipts from Bank Term Funding Program 0 235,000
Repayments of Bank Term Funding Program 0 (100,000)
Distributions to noncontrolling shareholders 0 (3,299)
Cash dividend (27,911) (26,983)
Issuance of common stock including proceeds from exercise of common stock options (2,951) 337
Redemption of senior and subordinated debt (70,000) 0
Repurchases of common stock (179,918) (75,159)
Net cash (used in) provided by financing activities (143,223) 27,492
Increase (decrease) in cash, cash equivalents, and restricted cash 418,282 (101,982)
Cash, cash equivalents, and restricted cash at beginning of period 1,154,818 1,092,900
Cash, cash equivalents, and restricted cash at end of period 1,573,100 990,918
Cash paid during the period for:    
Interest 236,186 246,279
Income taxes 50,227 [1] 56,638
Non-cash information:    
Loans transferred to other real estate owned 485 282
Loans transferred to portfolio from held for sale at fair value $ (32,854) $ 43,499
[1] Includes $11.4 million related to the purchase of renewable energy tax credits for the nine months ended September 30, 2025.