Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing

The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:

 

(Dollars in thousands)	WSFS Bank		Wealth Management		Consolidated Company
December 31, 2019	$	452,629	$	20,199	$	472,828
Goodwill adjustments	—		—		—
December 31, 2020	452,629		20,199		472,828
Goodwill adjustments	—		—		—
December 31, 2021	$	452,629	$	20,199	$	472,828

Summary of Other Intangible Assets

The following table summarizes the Company's intangible assets:

 

(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets		Amortization Period
December 31, 2021
Core deposits	$	93,811	$	(30,103)	$	63,708	10 years
Customer relationships	15,281		(7,876)		7,405		7-15 years
Loan servicing rights(1)	6,671		(3,381)		3,290		10-25 years
Total intangible assets	$	115,763	$	(41,360)	$	74,403
December 31, 2020
Core deposits	$	95,711	$	(22,727)	$	72,984	10 years
Customer relationships	15,281		(6,600)		8,681		7-15 years
Non-compete agreements	221		(190)		31		5 years
Loan servicing rights(2)	5,302		(2,440)		2,862		10-25 years
Total intangible assets	$	116,515	$	(31,957)	$	84,558

(1)Includes reversal of impairment losses of $0.3 million for the year ended December 31, 2021.

(2)Includes impairment losses of $0.2 million for the year ended December 31, 2020.

Schedule of Estimated Amortization Expense of Intangibles

The following presents the estimated amortization expense of intangibles:

 

(Dollars in thousands)	Amortization of Intangibles
2022	$	11,249
2023	11,087
2024	10,899
2025	10,629
2026	10,011
Thereafter	20,528
Total	$	74,403