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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income:        
Interest and fees on loans and leases $ 129,342 $ 98,645 $ 248,223 $ 207,497
Interest on mortgage-backed securities 27,377 12,506 50,490 23,210
Interest and dividends on investment securities:        
Taxable 702 702 1,404 1,403
Tax-exempt 638 681 1,257 1,429
Other interest income 1,961 368 2,783 644
Total interest income 160,020 112,902 304,157 234,183
Interest expense:        
Interest on deposits 3,766 3,778 6,894 8,274
Interest on Federal Home Loan Bank advances 0 0 0 5
Interest on senior and subordinated debt 1,949 2,053 3,878 4,319
Interest on trust preferred borrowings 682 317 1,195 641
Interest on other borrowings 8 5 17 10
Total interest expense 6,405 6,153 11,984 13,249
Net interest income 153,615 106,749 292,173 220,934
Provision for (recovery of) credit losses 8,268 (67,563) 27,239 (87,723)
Net interest income after provision for (recovery of) credit losses 145,347 174,312 264,934 308,657
Noninterest income:        
Loan and lease fee income 1,698 1,730 3,032 5,215
Securities gains, net 0 0 0 329
Unrealized gain on equity investments, net 5,991 5,261 5,988 5,261
Bank owned life insurance income 374 695 479 900
Total non interest income 72,029 49,018 132,603 96,840
Noninterest expense:        
Salaries, benefits and other compensation 68,189 52,408 139,119 105,546
Occupancy expense 9,902 8,083 20,694 16,543
Equipment expense 10,388 7,338 20,761 14,729
Data processing and operations expenses 5,288 3,444 10,647 6,829
Professional fees 5,273 3,401 8,724 7,257
Marketing expense 1,637 1,286 2,903 2,278
Loss on debt extinguishment 0 1,087 0 1,087
FDIC expenses 1,468 1,056 2,859 2,125
Loan workout and other credit costs (226) (552) 102 568
Corporate development expense 6,393 2,543 40,431 4,638
Restructuring expense 3,934 (144) 21,448 (409)
Other operating expense 21,803 16,082 40,818 30,460
Noninterest expenses 134,049 96,032 308,506 191,651
Income before taxes 83,327 127,298 89,031 213,846
Income tax provision 22,425 31,687 24,162 53,094
Net income 60,902 95,611 64,869 160,752
Less: Net income (loss) attributable to noncontrolling interest 162 (56) 325 3
Net income attributable to WSFS $ 60,740 $ 95,667 $ 64,544 $ 160,749
Earnings per share:        
Basic (in dollars per share) $ 0.95 $ 2.01 $ 1.00 $ 3.38
Diluted (in dollars per share) $ 0.94 $ 2.01 $ 1.00 $ 3.37
Weighted average shares of common stock outstanding:        
Basic (in shares) 64,224,018 47,529,143 64,581,321 47,519,229
Diluted (in shares) 64,283,288 47,691,709 64,696,053 47,675,223
Credit/debit card and ATM income        
Noninterest income:        
Noninterest fee income $ 8,772 $ 7,567 $ 16,453 $ 14,372
Investment management and fiduciary income        
Noninterest income:        
Noninterest fee income 31,192 15,360 61,373 29,613
Deposit service charges        
Noninterest income:        
Noninterest fee income 6,071 5,319 11,896 10,779
Mortgage banking activities, net        
Noninterest income:        
Noninterest fee income 2,211 4,453 5,109 13,053
Other income        
Noninterest income:        
Noninterest fee income $ 15,720 $ 8,633 $ 28,273 $ 17,318