Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Details of Segment Information

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 income	79,310		42,818		63,352		185,480
Total external customer revenues	526,852		42,818		72,179		641,849
Inter-segment revenues:
Interest income	3,460		1,088		12,002		16,550
Noninterest income	15,988		1,240		1,354		18,582
Total inter-segment revenues	19,448		2,328		13,356		35,132
Total revenue	546,300		45,146		85,535		676,981
External customer expenses:
Interest expense	22,058		—		662		22,720
Noninterest expenses	328,277		29,465		20,774		378,516
(Recovery of) provision for credit losses	(113,715)		—		(3,372)		(117,087)
Total external customer expenses	236,620		29,465		18,064		284,149
Inter-segment expenses
Interest expense	13,090		856		2,604		16,550
Noninterest expenses	2,594		4,636		11,352		18,582
Total inter-segment expenses	15,684		5,492		13,956		35,132
Total expenses	252,304		34,957		32,020		319,281
Income before taxes	$	293,996	$	10,189	$	53,515	$	357,700
Income tax provision							86,095
Consolidated net income							$	271,605
Net loss attributable to noncontrolling interest							163
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 income	110,585		40,899		49,541		201,025
Total external customer revenues	615,843		40,899		58,688		715,430
Inter-segment revenues:
Interest income	4,930		851		10,747		16,528
Noninterest income	13,038		835		1,832		15,705
Total inter-segment revenues	17,968		1,686		12,579		32,233
Total revenue	633,811		42,585		71,267		747,663
External customer expenses:
Interest expense	46,428		—		2,022		48,450
Noninterest expenses	310,799		28,421		29,624		368,844
Provision for credit losses	149,453		—		3,727		153,180
Total external customer expenses	506,680		28,421		35,373		570,474
Inter-segment expenses
Interest expense	11,598		1,580		3,350		16,528
Noninterest expenses	2,667		3,340		9,698		15,705
Total inter-segment expenses	14,265		4,920		13,048		32,233
Total expenses	520,945		33,341		48,421		602,707
Income before taxes	$	112,866	$	9,244	$	22,846	$	144,956
Income tax provision							31,636
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 income	92,898		51,143		44,068		188,109
Total external customer revenues	603,390		51,143		54,668		709,201
Inter-segment revenues:
Interest income	12,380		—		17,081		29,461
Noninterest income	9,654		890		902		11,446
Total inter-segment revenues	22,034		890		17,983		40,907
Total revenue	625,424		52,033		72,651		750,108
External customer expenses:
Interest expense	71,158		—		4,986		76,144
Noninterest expenses	348,351		35,377		29,399		413,127
Provision for loan and lease losses	24,884		—		676		25,560
Total external customer expenses	444,393		35,377		35,061		514,831
Inter-segment expenses
Interest expense	17,081		78,080		4,572		29,461
Noninterest expenses	1,792		2,754		6,900		11,446
Total inter-segment expenses	18,873		10,562		11,472		40,907
Total expenses	463,266		45,939		46,533		555,738
Income before taxes	$	162,158	$	6,094	$	26,118	$	194,370
Income tax provision							46,452
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,
	2021								2020
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS 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
Goodwill	452,629		—		20,199		472,828		452,629		—		20,199		472,828
Other segment assets	13,481,370		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