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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest income:      
Interest and fees on loans and leases $ 393,248 $ 460,394 $ 463,220
Interest on mortgage-backed securities 55,802 48,377 48,954
Interest and dividends on investment securities:      
Taxable 2,805 1,191 131
Tax-exempt 2,719 3,428 3,884
Other interest income 1,795 1,015 4,903
Total interest income 456,369 514,405 521,092
Interest expense:      
Interest on deposits 14,923 39,262 60,075
Interest on Federal Home Loan Bank advances 5 1,950 5,520
Interest on senior debt 6,497 4,998 4,717
Interest on trust preferred borrowings 1,274 1,751 2,772
Interest on federal funds purchased 0 471 2,971
Interest on other borrowings 21 18 89
Total interest expense 22,720 48,450 76,144
Net interest income 433,649 465,955 444,948
(Recovery of) provision for credit losses (117,087) 153,180 25,560
Net interest income after provision for credit losses 550,736 312,775 419,388
Noninterest income:      
Loan and lease fee income 7,533 4,518 3,577
Security gains, net 331 9,076 333
Unrealized gains on equity investments, net 5,141 761 26,175
Realized (loss) gain on sale of equity investment, net (706) 22,052 0
Bank owned life insurance income 1,251 1,280 1,247
Total non interest income 185,480 201,025 188,109
Noninterest expense:      
Salaries, benefits and other compensation 214,167 194,317 182,564
Occupancy expense 32,802 32,105 33,068
Equipment expense 29,040 23,793 20,879
Professional fees 15,614 18,757 11,167
Data processing and operations expenses 14,074 12,600 13,373
Marketing expense 5,413 5,677 6,714
FDIC expenses 4,081 2,148 1,483
Loan workout and other credit costs 663 6,899 3,616
Corporate development expense 11,676 4,328 55,697
Restructuring expense 1,346 510 16,133
Recovery of legal settlement (15,000) 0 0
Recovery of fraud loss 0 0 (463)
Loss on early extinguishment of debt 1,087 2,280 0
Other operating expense 63,553 65,430 68,896
Total non interest expenses 378,516 368,844 413,127
Income before taxes 357,700 144,956 194,370
Income tax provision 86,095 31,636 46,452
Net income 271,605 113,320 147,918
Less: Net income (loss) attributable to noncontrolling interest 163 (1,454) (891)
Net income attributable to WSFS $ 271,442 $ 114,774 $ 148,809
Basic earnings per share (in dollars per share) $ 5.71 $ 2.27 $ 3.02
Diluted earnings per share (in dollars per share) $ 5.69 $ 2.27 $ 3.00
Credit/debit card and ATM income      
Noninterest income:      
Noninterest income $ 29,479 $ 35,014 $ 50,383
Investment management and fiduciary revenue      
Noninterest income:      
Noninterest income 62,348 48,979 42,450
Deposit service charges      
Noninterest income:      
Noninterest income 22,090 19,999 22,972
Mortgage banking activities, net      
Noninterest income:      
Noninterest income 23,216 30,201 11,053
Other income      
Noninterest income:      
Noninterest income $ 34,797 $ 29,145 $ 29,919