Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Income

Condensed Statements of Income

	Year Ended December 31,
(Dollars in thousands)	2021		2020		2019
Income:
Interest income	$	357	$	356	$	5,589
Realized loss on sale of equity investment	(706)		—		—
Unrealized gains (losses) on equity investments, net	5,389		(1,617)		3,646
Other noninterest income	4,759		208,762		240,408
	9,799		207,501		249,643
Expense:
Interest expense	7,771		6,748		7,490
Other operating expense	7,508		2,553		259
	15,279		9,301		7,749
(Loss) income before equity in undistributed income of subsidiaries	(5,480)		198,200		241,894
Equity in undistributed income (loss) of subsidiaries	276,208		(84,346)		(92,020)
Income before taxes	270,728		113,854		149,874
Income tax (benefit) provision	(714)		(920)		1,065
Net income attributable to WSFS	$	271,442	$	114,774	$	148,809

Condensed Statements of Financial Condition

Condensed Statements of Financial Condition

	December 31,
(Dollars in thousands)	2021		2020
Assets:
Cash and cash equivalents	$	103,708	$	244,925
Investment in subsidiaries	2,045,080		1,862,970
Investment in the Trust	2,011		2,011
Other assets	4,514		4,728
Total assets	$	2,155,313	$	2,114,634
Liabilities:
Trust preferred borrowings	$	67,011	$	67,011
Senior debt	147,939		246,617
Accrued interest payable	298		581
Other liabilities	966		8,699
Total liabilities	216,214		322,908
Stockholders’ equity:
Common stock	577		576
Capital in excess of par value	1,058,997		1,053,022
Accumulated other comprehensive (loss) income	(37,768)		56,007
Retained earnings	1,224,614		977,414
Treasury stock	(307,321)		(295,293)
Total stockholders’ equity of WSFS	1,939,099		1,791,726
Total liabilities and stockholders’ equity of WSFS	$	2,155,313	$	2,114,634

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	Year Ended December 31,
(Dollars in thousands)	2021		2020		2019
Operating activities:
Net income attributable to WSFS	$	271,442	$	114,774	$	148,809
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	(276,208)		84,346		92,020
Realized loss on sale of equity investments	706		—		—
Unrealized (gains) losses on equity investments	(5,389)		1,617		(3,646)
Decrease (increase) in other assets	10,910		(4,537)		3,538
(Decrease) increase in other liabilities	(6,690)		7,684		6,012
Net cash (used for) provided by operating activities	$	(5,229)	$	203,884	$	246,733
Investing activities:
Net cash for business combinations	$	—	$	—	$	(93,990)
Net cash used for investing activities	$	—	$	—	$	(93,990)
Financing activities:
Issuance of common stock and exercise of common stock options	$	1,522	$	2,032	$	7,755
Issuance of senior debt	—		147,780		—
Redemption of senior debt	(100,000)		—		—
Purchase of treasury stock	(13,268)		(155,832)		(97,186)
Dividends paid	(24,242)		(24,369)		(22,463)
Net cash used for financing activities	$	(135,988)	$	(30,389)	$	(111,894)
(Decrease) increase in cash and cash equivalents	$	(141,217)	$	173,495	$	40,849
Cash and cash equivalents at beginning of period	244,925		71,430		30,581
Cash and cash equivalents at end of period	$	103,708	$	244,925	$	71,430