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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION
21. SEGMENT INFORMATION
As defined in ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company evaluates performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to the Company's segments are those that apply to its preparation of the accompanying Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth Management.
The WSFS Bank segment provides financial products to commercial and retail customers. Retail and Commercial Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment.
The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and retail safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect®.
The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients through multiple integrated businesses. WSFS Wealth® Investments provides financial advisory services along with insurance and brokerage products. Cypress, a registered investment adviser, is a fee-only wealth management firm managing a “balanced” investment style portfolio focused on preservation of capital and generating current income. West Capital, a registered investment adviser, is a fee-only wealth management firm operating under a multi-family office philosophy to provide customized solutions to institutions and high-net-worth individuals. The trust division of WSFS, comprised of WSFS Institutional Services® and Christiana Trust DE, provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles. Christiana Trust DE also provides personal trust and fiduciary services to families and individuals across the U.S. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach. WSFS Wealth Client Management serves high-net-worth clients by delivering credit and deposit products and partnering with other Wealth Management units to provide comprehensive solutions to clients.
The following tables show segment results for the years ended December 31, 2021, 2020, and 2019:
 
Year Ended December 31, 2021
(Dollars in thousands)
WSFS
Bank
Cash
Connect®
Wealth
Management
Total
Statements of Income
External customer revenues:
Interest income$447,542 $— $8,827 $456,369 
Noninterest income79,310 42,818 63,352 185,480 
Total external customer revenues526,852 42,818 72,179 641,849 
Inter-segment revenues:
Interest income3,460 1,088 12,002 16,550 
Noninterest income15,988 1,240 1,354 18,582 
Total inter-segment revenues19,448 2,328 13,356 35,132 
Total revenue546,300 45,146 85,535 676,981 
External customer expenses:
Interest expense22,058 — 662 22,720 
Noninterest expenses328,277 29,465 20,774 378,516 
(Recovery of) provision for credit losses(113,715)— (3,372)(117,087)
Total external customer expenses236,620 29,465 18,064 284,149 
Inter-segment expenses
Interest expense13,090 856 2,604 16,550 
Noninterest expenses2,594 4,636 11,352 18,582 
Total inter-segment expenses15,684 5,492 13,956 35,132 
Total expenses252,304 34,957 32,020 319,281 
Income before taxes$293,996 $10,189 $53,515 $357,700 
Income tax provision86,095 
Consolidated net income$271,605 
Net loss attributable to noncontrolling interest163 
Net income attributable to WSFS$271,442 
Supplemental Information
Capital expenditures for the period ended$6,344 $232 $— $6,576 
Year Ended December 31, 2020
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management
Total
Statements of Income
External customer revenues:
Interest income$505,258 $— $9,147 $514,405 
Noninterest income110,585 40,899 49,541 201,025 
Total external customer revenues615,843 40,899 58,688 715,430 
Inter-segment revenues:
Interest income4,930 851 10,747 16,528 
Noninterest income13,038 835 1,832 15,705 
Total inter-segment revenues17,968 1,686 12,579 32,233 
Total revenue633,811 42,585 71,267 747,663 
External customer expenses:
Interest expense46,428 — 2,022 48,450 
Noninterest expenses310,799 28,421 29,624 368,844 
Provision for credit losses149,453 — 3,727 153,180 
Total external customer expenses506,680 28,421 35,373 570,474 
Inter-segment expenses
Interest expense11,598 1,580 3,350 16,528 
Noninterest expenses2,667 3,340 9,698 15,705 
Total inter-segment expenses14,265 4,920 13,048 32,233 
Total expenses520,945 33,341 48,421 602,707 
Income before taxes$112,866 $9,244 $22,846 $144,956 
Income tax provision31,636 
Consolidated net income$113,320 
Net loss attributable to noncontrolling interest(1,454)
Net income attributable to WSFS$114,774 
Supplemental Information
Capital expenditures for the period ended$6,499 $420 $240 $7,159 
Year Ended December 31, 2019
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management
Total
Statements of Income
External customer revenues:
Interest income$510,492 $— $10,600 $521,092 
Noninterest income92,898 51,143 44,068 188,109 
Total external customer revenues603,390 51,143 54,668 709,201 
Inter-segment revenues:
Interest income12,380 — 17,081 29,461 
Noninterest income9,654 890 902 11,446 
Total inter-segment revenues22,034 890 17,983 40,907 
Total revenue625,424 52,033 72,651 750,108 
External customer expenses:
Interest expense71,158 — 4,986 76,144 
Noninterest expenses348,351 35,377 29,399 413,127 
Provision for loan and lease losses24,884 — 676 25,560 
Total external customer expenses444,393 35,377 35,061 514,831 
Inter-segment expenses
Interest expense17,081 78,080 4,572 29,461 
Noninterest expenses1,792 2,754 6,900 11,446 
Total inter-segment expenses18,873 10,562 11,472 40,907 
Total expenses463,266 45,939 46,533 555,738 
Income before taxes$162,158 $6,094 $26,118 $194,370 
Income tax provision46,452 
Consolidated net income$147,918 
Net loss attributable to noncontrolling interest(891)
Net income attributable to WSFS$148,809 
Supplemental Information
Capital expenditures for the period ended$11,806 $2,120 $272 $14,198 


The following table shows significant components of segment net assets as of December 31, 2021 and 2020:
December 31,
20212020
(Dollars in thousands)WSFS
Bank
Cash
Connect®
Wealth
Management		TotalWSFS
Bank
Cash
Connect®
Wealth
Management		Total
Cash and cash equivalents$1,039,046 $477,806 $16,087 $1,532,939 $1,246,394 $397,878 $10,463 $1,654,735 
Goodwill452,629 — 20,199 472,828 452,629 — 20,199 472,828 
Other segment assets13,481,370 6,785 283,405 13,771,560 11,963,345 6,997 236,009 12,206,351 
Total segment assets$14,973,045 $484,591 $319,691 $15,777,327 $13,662,368 $404,875 $266,671 $14,333,914