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Segment Information (Tables)
9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Details of Segment Information
The following table shows segment results for the three months ended September 30, 2017 and 2016:

 
 
Three months ended September 30, 2017
 
Three months ended September 30, 2016
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
Statement of Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
External customer revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
62,748

 
$

 
$
2,262

 
$
65,010

 
53,332

 

 
2,005

 
55,337

Noninterest income
 
12,102

 
11,212

 
9,127

 
32,441

 
11,957

 
9,369

(r) 
6,260

 
27,586

Total external customer revenues
 
74,850

 
11,212

 
11,389

 
97,451

 
65,289

 
9,369

 
8,265

 
82,923

Inter-segment revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
2,537

 

 
2,235

 
4,772

 
1,302

 

 
1,698

 
3,000

Noninterest income
 
1,721

 
213

 
37

 
1,971

 
2,140

 
229

 
27

 
2,396

Total inter-segment revenues
 
4,258

 
213

 
2,272

 
6,743

 
3,442

 
229

 
1,725

 
5,396

Total revenue
 
79,108

 
11,425

 
13,661

 
104,194

 
68,731

 
9,598

 
9,990

 
88,319

External customer expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
8,542

 

 
339

 
8,881

 
6,113

 

 
203

 
6,316

Noninterest expenses
 
39,546

 
7,048

 
7,569

 
54,163

 
40,991

 
5,743

(r) 
4,500

 
51,234

Provision for loan losses
 
3,065

 

 
(169
)
 
2,896

 
5,669

 

 
159

 
5,828

Total external customer expenses
 
51,153

 
7,048

 
7,739

 
65,940

 
52,773

 
5,743

 
4,862

 
63,378

Inter-segment expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
2,235

 
1,856

 
681

 
4,772

 
1,698

 
790

 
512

 
3,000

Noninterest expenses
 
250

 
556

 
1,165

 
1,971

 
256

 
744

 
1,396

 
2,396

Total inter-segment expenses
 
2,485

 
2,412

 
1,846

 
6,743

 
1,954

 
1,534

 
1,908

 
5,396

Total expenses
 
53,638

 
9,460

 
9,585

 
72,683

 
54,727

 
7,277

 
6,770

 
68,774

Income before taxes
 
$
25,470

 
$
1,965

 
$
4,076

 
$
31,511

 
$
14,004

 
$
2,321

 
$
3,220

 
$
19,545

Income tax provision
 
 
 
 
 
 
 
10,942

 
 
 
 
 
 
 
6,823

Consolidated net income
 
 
 
 
 
 
 
$
20,569

 
 
 
 
 
 
 
$
12,722

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
$
2,688

 
$
35

 
$
117

 
$
2,840

 
$
10,900

 
$
248

 
$
11

 
$
11,159


(r) Noninterest income and noninterest expense for the period ended September 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.





The following table shows segment results for the nine months ended September 30, 2017 and 2016:

 
 
Nine months ended September 30, 2017
 
Nine months ended September 30, 2016
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
Statement of Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
External customer revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
181,670

 
$

 
$
6,500

 
$
188,170

 
$
150,862

 
$

 
$
6,024

 
$
156,886

Noninterest income
 
34,318

 
31,403

 
26,488

 
92,209

 
31,982

 
26,437

(r) 
18,343

 
76,762

Total external customer revenues
 
215,988

 
31,403

 
32,988

 
280,379

 
182,844

 
26,437

 
24,367

 
233,648

Inter-segment revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
6,780

 

 
6,735

 
13,515

 
3,498

 

 
5,245

 
8,743

Noninterest income
 
5,791

 
611

 
113

 
6,515

 
6,211

 
632

 
76

 
6,919

Total inter-segment revenues
 
12,571

 
611

 
6,848

 
20,030

 
9,709

 
632

 
5,321

 
15,662

Total revenue
 
228,559

 
32,014

 
39,836

 
300,409

 
192,553

 
27,069

 
29,688

 
249,310

External customer expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
23,744

 

 
880

 
24,624

 
15,506

 

 
589

 
16,095

Noninterest expenses
 
117,288

 
19,774

 
21,334

 
158,396

 
109,265

 
16,681

(r) 
13,771

 
139,717

Provision for loan losses
 
6,097

 

 
804

 
6,901

 
7,675

 

 
187

 
7,862

Total external customer expenses
 
147,129

 
19,774

 
23,018

 
189,921

 
132,446

 
16,681

 
14,547

 
163,674

Inter-segment expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
6,735

 
4,843

 
1,937

 
13,515

 
5,245

 
1,973

 
1,525

 
8,743

Noninterest expenses
 
724

 
1,944

 
3,847

 
6,515

 
708

 
2,186

 
4,025

 
6,919

Total inter-segment expenses
 
7,459

 
6,787

 
5,784

 
20,030

 
5,953

 
4,159

 
5,550

 
15,662

Total expenses
 
154,588

 
26,561

 
28,802

 
209,951

 
138,399

 
20,840

 
20,097

 
179,336

Income before taxes
 
$
73,971

 
$
5,453

 
$
11,034

 
$
90,458

 
$
54,154

 
$
6,229

 
$
9,591

 
$
69,974

Income tax provision
 
 
 
 
 
 
 
30,382

 
 
 
 
 
 
 
24,004

Consolidated net income
 
 
 
 
 
 
 
$
60,076

 
 
 
 
 
 
 
$
45,970

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
$
6,611

 
$
103

 
$
480

 
$
7,194

 
$
14,346

 
$
672

 
$
19

 
$
15,037


(r) Noninterest income and noninterest expense for the period ended September 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.


The following table shows significant components of segment net assets as of September 30, 2017 and December 31, 2016:

 
 
September 30, 2017
 
December 31, 2016
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
Statement of Financial Condition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
94,169

 
$
631,883

 
$
7,313

 
$
733,365

 
$
100,893

 
$
717,643

 
$
3,387

 
$
821,923

Goodwill
 
145,808

 

 
20,199

 
166,007

 
147,396

 

 
20,143

 
167,539

Other segment assets
 
5,757,941

 
2,983

 
215,048

 
5,975,972

 
5,545,611

 
3,533

 
226,664

 
5,775,808

Total segment assets
 
$
5,997,918

 
$
634,866

 
$
242,560

 
$
6,875,344

 
$
5,793,900

 
$
721,176

 
$
250,194

 
$
6,765,270