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Segment Information (Tables)
6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Details of Segment Information
Segment information for the three months ended June 30, 2017 and 2016 is as follows:
 
 
Three months ended June 30, 2017
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
Statement of Income
 
 
 
 
 
 
 
 
External customer revenues:
 
 
 
 
 
 
 
 
Interest income
 
$
60,234

 
$

 
$
2,100

 
$
62,334

Noninterest income
 
12,049

 
10,514

 
9,113

 
31,676

Total external customer revenues
 
72,283

 
10,514

 
11,213

 
94,010

Inter-segment revenues:
 
 
 
 
 
 
 
 
Interest income
 
2,247

 

 
2,435

 
4,682

Noninterest income
 
1,906

 
207

 
40

 
2,153

Total inter-segment revenues
 
4,153

 
207

 
2,475

 
6,835

Total revenue
 
76,436

 
10,721

 
13,688

 
100,845

External customer expenses:
 
 
 
 
 
 
 
 
Interest expense
 
7,739

 

 
281

 
8,020

Noninterest expenses
 
38,782

 
6,591

 
7,354

 
52,727

Provision for loan losses
 
1,316

 

 
527

 
1,843

Total external customer expenses
 
47,837

 
6,591

 
8,162

 
62,590

Inter-segment expenses:
 
 
 
 
 
 
 
 
Interest expense
 
2,435

 
1,582

 
665

 
4,682

Noninterest expenses
 
247

 
673

 
1,233

 
2,153

Total inter-segment expenses
 
2,682

 
2,255

 
1,898

 
6,835

Total expenses
 
50,519

 
8,846

 
10,060

 
69,425

Income before taxes
 
$
25,917

 
$
1,875

 
$
3,628

 
$
31,420

Income tax provision
 
 
 
 
 
 
 
10,850

Consolidated net income
 
 
 
 
 
 
 
$
20,570

 
 
 
 
 
 
 
 
 
Capital expenditures
 
$
1,559

 
$
68

 
$
363

 
$
1,990


 
 
June 30, 2017
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
Statement of Financial Condition
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
96,306

 
$
643,506

 
$
5,499

 
$
745,311

Goodwill
 
145,808

 

 
20,199

 
166,007

Other segment assets
 
5,690,046

 
5,018

 
216,045

 
5,911,109

Total segment assets
 
$
5,932,160

 
$
648,524

 
$
241,743

 
$
6,822,427















 
 
Three months ended June 30, 2016
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
Statement of Income
 
 
 
 
 
 
 
 
External customer revenues:
 
 
 
 
 
 
 
 
Interest income
 
$
49,492

 
$

 
$
2,011

 
$
51,503

Noninterest income
 
10,173

 
8,796

(r) 
6,538

 
25,507

Total external customer revenues
 
59,665

 
8,796

 
8,549

 
77,010

Inter-segment revenues:
 
 
 
 
 
 
 
 
Interest income
 
1,135

 

 
1,652

 
2,787

Noninterest income
 
2,011

 
210

 
25

 
2,246

Total inter-segment revenues
 
3,146

 
210

 
1,677

 
5,033

Total revenue
 
62,811

 
9,006

 
10,226

 
82,043

External customer expenses:
 
 
 
 
 
 
 
 
Interest expense
 
4,896

 

 
193

 
5,089

Noninterest expenses
 
34,462

 
5,489

(r) 
4,734

 
44,685

Provision for loan losses
 
1,191

 

 
63

 
1,254

Total external customer expenses
 
40,549

 
5,489

 
4,990

 
51,028

Inter-segment expenses:
 
 
 
 
 
 
 
 
Interest expense
 
1,652

 
628

 
507

 
2,787

Noninterest expenses
 
235

 
727

 
1,284

 
2,246

Total inter-segment expenses
 
1,887

 
1,355

 
1,791

 
5,033

Total expenses
 
42,436

 
6,844

 
6,781

 
56,061

Income before taxes
 
$
20,375

 
$
2,162

 
$
3,445

 
$
25,982

Income tax provision
 
 
 
 
 
 
 
8,504

Consolidated net income
 
 
 
 
 
 
 
$
17,478

 
 
 
 
 
 
 
 
 
Capital expenditures
 
$
2,235

 
$
404

 
$
6

 
$
2,645


 
 
June 30, 2016
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
Statement of Financial Condition
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
84,919

 
$
617,339

 
$
1,635

 
$
703,893

Goodwill
 
79,718

 

 
5,134

 
84,852

Other segment assets
 
4,843,166

 
3,419

 
198,777

 
5,045,362

Total segment assets
 
$
5,007,803

 
$
620,758

 
$
205,546

 
$
5,834,107




(r) Noninterest income and noninterest expense for the period ended June 30, 2016 have been restated to correct an immaterial error related to revenue earned for cash servicing fees. See Note 1 - Basis of Presentation for further information.











Segment information for the six months ended June 30, 2017 and 2016 is as follows:

 
 
Six months ended June 30, 2017
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
Statement of Income
 
 
 
 
 
 
 
 
External customer revenues:
 
 
 

 
 
 
 
Interest income
 
$
118,922

 
$

 
$
4,238

 
$
123,160

Noninterest income
 
22,216

 
20,191

 
17,361

 
59,768

Total external customer revenues
 
141,138

 
20,191

 
21,599

 
182,928

Inter-segment revenues:
 
 
 
 
 
 
 
 
Interest income
 
4,243

 

 
4,500

 
8,743

Noninterest income
 
4,070

 
398

 
76

 
4,544

Total inter-segment revenues
 
8,313

 
398

 
4,576

 
13,287

Total revenue
 
149,451

 
20,589

 
26,175

 
196,215

External customer expenses:
 
 
 
 
 
 
 
 
Interest expense
 
15,202

 

 
541

 
15,743

Noninterest expenses
 
77,742

 
12,726

 
13,765

 
104,233

Provision for loan losses
 
3,032

 

 
973

 
4,005

Total external customer expenses
 
95,976

 
12,726

 
15,279

 
123,981

Inter-segment expenses
 
 
 
 
 
 
 
 
Interest expense
 
4,500

 
2,987

 
1,256

 
8,743

Noninterest expenses
 
474

 
1,388

 
2,682

 
4,544

Total inter-segment expenses
 
4,974

 
4,375

 
3,938

 
13,287

Total expenses
 
100,950

 
17,101

 
19,217

 
137,268

Income before taxes
 
$
48,501

 
$
3,488

 
$
6,958

 
$
58,947

Income tax provision
 
 
 
 
 
 
 
19,440

Consolidated net income
 
 
 
 
 
 
 
$
39,507

 
 
 
 
 
 
 
 
 
Capital expenditures
 
$
3,647

 
$
90

 
$
617

 
$
4,354


 
 
June 30, 2017
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
Statement of Financial Condition
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
96,306

 
$
643,506

 
$
5,499

 
$
745,311

Goodwill
 
145,808

 

 
20,199

 
166,007

Other segment assets
 
5,690,046

 
5,018

 
216,045

 
5,911,109

Total segment assets
 
$
5,932,160

 
$
648,524

 
$
241,743

 
$
6,822,427


 
 
Six months ended June 30, 2016
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
Statement of Income
 
 
 
 
 
 
 
 
External customer revenues:
 
 
 
 
 
 
 
 
Interest income
 
$
97,530

 
$

 
$
4,019

 
$
101,549

Noninterest income
 
20,025

 
17,068

(r) 
12,083

 
49,176

Total external customer revenues
 
117,555

 
17,068

 
16,102

 
150,725

Inter-segment revenues:
 
 
 
 
 
 
 
 
Interest income
 
2,196

 

 
3,547

 
5,743

Noninterest income
 
4,071

 
403

 
49

 
4,523

Total inter-segment revenues
 
6,267

 
403

 
3,596

 
10,266

Total revenue
 
123,822

 
17,471

 
19,698

 
160,991

External customer expenses:
 
 
 
 
 
 
 
 
Interest expense
 
9,393

 

 
386

 
9,779

Noninterest expenses
 
68,274

 
10,938

(r) 
9,271

 
88,483

Provision for loan losses
 
2,006

 

 
28

 
2,034

Total external customer expenses
 
79,673

 
10,938

 
9,685

 
100,296

Inter-segment expenses
 
 
 
 
 
 
 
 
Interest expense
 
3,547

 
1,183

 
1,013

 
5,743

Noninterest expenses
 
452

 
1,442

 
2,629

 
4,523

Total inter-segment expenses
 
3,999

 
2,625

 
3,642

 
10,266

Total expenses
 
83,672

 
13,563

 
13,327

 
110,562

Income before taxes
 
$
40,150

 
$
3,908

 
$
6,371

 
$
50,429

Income tax provision
 
 
 
 
 
 
 
17,181

Consolidated net income
 
 
 
 
 
 
 
$
33,248

 
 
 
 
 
 
 
 
 
Capital expenditures
 
$
3,446

 
$
424

 
$
8

 
$
3,878


 
 
June 30, 2016
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
Statement of Financial Condition
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
84,919

 
$
617,339

 
$
1,635

 
$
703,893

Goodwill
 
79,718

 

 
5,134

 
84,852

Other segment assets
 
4,843,166

 
3,419

 
198,777

 
5,045,362

Total segment assets
 
$
5,007,803

 
$
620,758

 
$
205,546

 
$
5,834,107


(r) Noninterest income and noninterest expense for the period ended June 30, 2016 have been restated to correct an immaterial error related to revenue earned for cash servicing fees. See Note 1 - Basis of Presentation for further information.