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SEGMENT INFORMATION (Tables)
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Details of Segment Information
The following tables show segment results for the three and six months ended June 30, 2018 and 2017:
 
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
Statements of Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
External customer revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
69,599

 
$

 
$
2,552

 
$
72,151

 
$
60,234

 
$

 
$
2,100

 
$
62,334

Noninterest income
 
12,045

 
12,328

 
10,614

 
34,987

 
12,049

 
10,514

 
9,113

 
31,676

Total external customer revenues
 
81,644

 
12,328

 
13,166

 
107,138

 
72,283

 
10,514

 
11,213

 
94,010

Inter-segment revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
3,565

 

 
2,670

 
6,235

 
2,247

 

 
2,435

 
4,682

Noninterest income
 
2,219

 
200

 
37

 
2,456

 
1,906

 
207

 
40

 
2,153

Total inter-segment revenues
 
5,784

 
200

 
2,707

 
8,691

 
4,153

 
207

 
2,475

 
6,835

Total revenue
 
87,428

 
12,528

 
15,873

 
115,829

 
76,436

 
10,721

 
13,688

 
100,845

External customer expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
10,599

 

 
563

 
11,162

 
7,739

 

 
281

 
8,020

Noninterest expenses
 
42,505

 
7,905

 
7,421

 
57,831

 
38,782

 
6,591

 
7,354

 
52,727

Provision for loan losses
 
2,284

 

 
214

 
2,498

 
1,316

 

 
527

 
1,843

Total external customer expenses
 
55,388

 
7,905

 
8,198

 
71,491

 
47,837

 
6,591

 
8,162

 
62,590

Inter-segment expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
2,670

 
2,516

 
1,049

 
6,235

 
2,435

 
1,582

 
665

 
4,682

Noninterest expenses
 
237

 
637

 
1,582

 
2,456

 
247

 
673

 
1,233

 
2,153

Total inter-segment expenses
 
2,907

 
3,153

 
2,631

 
8,691

 
2,682

 
2,255

 
1,898

 
6,835

Total expenses
 
58,295

 
11,058

 
10,829

 
80,182

 
50,519

 
8,846

 
10,060

 
69,425

Income before taxes
 
$
29,133

 
$
1,470

 
$
5,044

 
$
35,647

 
$
25,917

 
$
1,875

 
$
3,628

 
$
31,420

Income tax provision
 
 
 
 
 
 
 
6,907

 
 
 
 
 
 
 
10,850

Consolidated net income
 
 
 
 
 
 
 
$
28,740

 
 
 
 
 
 
 
$
20,570



 
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
 
WSFS Bank
 
Cash
Connect®
 
Wealth
Management
 
Total
Statements of Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
External customer revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
134,889

 
$

 
$
4,875

 
$
139,764

 
$
118,922

 
$

 
$
4,238

 
$
123,160

Noninterest income
 
38,651

 
23,681

 
20,122

 
82,454

 
22,216

 
20,191

 
17,361

 
59,768

Total external customer revenues
 
173,540

 
23,681

 
24,997

 
222,218

 
141,138

 
20,191

 
21,599

 
182,928

Inter-segment revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
6,533

 

 
5,033

 
11,566

 
4,243

 

 
4,500

 
8,743

Noninterest income
 
4,327

 
381

 
71

 
4,779

 
4,070

 
398

 
76

 
4,544

Total inter-segment revenues
 
10,860

 
381

 
5,104

 
16,345

 
8,313

 
398

 
4,576

 
13,287

Total revenue
 
184,400

 
24,062

 
30,101

 
238,563

 
149,451

 
20,589

 
26,175

 
196,215

External customer expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
20,102

 

 
959

 
21,061

 
15,202

 

 
541

 
15,743

Noninterest expenses
 
81,940

 
15,224

 
14,079

 
111,243

 
77,742

 
12,726

 
13,765

 
104,233

Provision for loan losses
 
5,945

 

 
203

 
6,148

 
3,032

 

 
973

 
4,005

Total external customer expenses
 
107,987

 
15,224

 
15,241

 
138,452

 
95,976

 
12,726

 
15,279

 
123,981

Inter-segment expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
5,033

 
4,575

 
1,958

 
11,566

 
4,500

 
2,987

 
1,256

 
8,743

Noninterest expenses
 
452

 
1,309

 
3,018

 
4,779

 
474

 
1,388

 
2,682

 
4,544

Total inter-segment expenses
 
5,485

 
5,884

 
4,976

 
16,345

 
4,974

 
4,375

 
3,938

 
13,287

Total expenses
 
113,472

 
21,108

 
20,217

 
154,797

 
100,950

 
17,101

 
19,217

 
137,268

Income before taxes
 
$
70,928

 
$
2,954

 
$
9,884

 
$
83,766

 
$
48,501

 
$
3,488

 
$
6,958

 
$
58,947

Income tax provision
 
 
 
 
 
 
 
17,676

 
 
 
 
 
 
 
19,440

Consolidated net income
 
 
 
 
 
 
 
$
66,090

 
 
 
 
 
 
 
$
39,507


The following table shows significant components of segment net assets as of June 30, 2018 and December 31, 2017:
 
 
June 30, 2018
 
December 31, 2017
(Dollars in thousands)
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
 
WSFS Bank
 
Cash
Connect
®
 
Wealth
Management
 
Total
Statements of Financial Condition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
87,285

 
$
603,685

 
$
12,510

 
$
703,480

 
$
104,530

 
$
611,385

 
$
7,951

 
$
723,866

Goodwill
 
145,808

 

 
20,199

 
166,007

 
145,808

 

 
20,199

 
166,007

Other segment assets
 
6,007,041

 
6,819

 
229,200

 
6,243,060

 
5,882,910

 
6,078

 
220,679

 
6,109,667

Total segment assets
 
$
6,240,134

 
$
610,504

 
$
261,909

 
$
7,112,547

 
$
6,133,248

 
$
617,463

 
$
248,829

 
$
6,999,540

Capital expenditures
 
$
3,409

 
$
127

 
$
254

 
$
3,790

 
$
8,197

 
$
184

 
$
613

 
$
8,994