SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Details of Segment Information

The following tables show segment results for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30, 2022								Three Months Ended June 30, 2021
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	157,174	$	—	$	2,846	$	160,020	$	110,725	$	—	$	2,177	$	112,902
Noninterest income	27,423		12,014		32,592		72,029		22,282		11,213		15,523		49,018
Total external customer revenues	184,597		12,014		35,438		232,049		133,007		11,213		17,700		161,920
Inter-segment revenues:
Interest income	2,098		406		8,868		11,372		842		328		3,031		4,201
Noninterest income	6,707		424		161		7,292		3,790		316		515		4,621
Total inter-segment revenues	8,805		830		9,029		18,664		4,632		644		3,546		8,822
Total revenue	193,402		12,844		44,467		250,713		137,639		11,857		21,246		170,742
External customer expenses:
Interest expense	6,149		—		256		6,405		5,983		—		170		6,153
Noninterest expenses	108,631		8,188		17,230		134,049		80,480		7,288		8,264		96,032
Provision for (recovery of) credit losses	7,975		—		293		8,268		(66,385)		—		(1,178)		(67,563)
Total external customer expenses	122,755		8,188		17,779		148,722		20,078		7,288		7,256		34,622
Inter-segment expenses:
Interest expense	9,274		1,207		891		11,372		3,359		207		635		4,201
Noninterest expenses	585		1,106		5,601		7,292		831		1,104		2,686		4,621
Total inter-segment expenses	9,859		2,313		6,492		18,664		4,190		1,311		3,321		8,822
Total expenses	132,614		10,501		24,271		167,386		24,268		8,599		10,577		43,444
Income before taxes	$	60,788	$	2,343	$	20,196	$	83,327	$	113,371	$	3,258	$	10,669	$	127,298
Income tax provision							22,425								31,687
Consolidated net income							60,902								95,611
Net income (loss) attributable to noncontrolling interest							162								(56)
Net income attributable to WSFS							$	60,740							$	95,667
Supplemental Information
Capital expenditures for the period ended	$	2,789	$	—	$	—	$	2,789	$	1,735	$	—	$	—	$	1,735

	Six Months Ended June 30, 2022								Six Months Ended June 30, 2021
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	298,576	$	—	$	5,581	$	304,157	$	229,856	$	—	$	4,327	$	234,183
Noninterest income	46,248		22,084		64,271		132,603		45,630		20,915		30,295		96,840
Total external customer revenues	344,824		22,084		69,852		436,760		275,486		20,915		34,622		331,023
Inter-segment revenues:
Interest income	3,150		732		14,207		18,089		1,686		597		5,726		8,009
Noninterest income	13,197		789		347		14,333		7,485		602		916		9,003
Total inter-segment revenues	16,347		1,521		14,554		32,422		9,171		1,199		6,642		17,012
Total revenue	361,171		23,605		84,406		469,182		284,657		22,114		41,264		348,035
External customer expenses:
Interest expense	11,552		—		432		11,984		12,887		—		362		13,249
Noninterest expenses	257,132		15,737		35,637		308,506		161,024		14,586		16,041		191,651
Provision for (recovery of) credit losses	27,184		—		55		27,239		(85,978)		—		(1,745)		(87,723)
Total external customer expenses	295,868		15,737		36,124		347,729		87,933		14,586		14,658		117,177
Inter-segment expenses:
Interest expense	14,939		1,482		1,668		18,089		6,323		387		1,299		8,009
Noninterest expenses	1,136		2,251		10,946		14,333		1,518		2,191		5,294		9,003
Total inter-segment expenses	16,075		3,733		12,614		32,422		7,841		2,578		6,593		17,012
Total expenses	311,943		19,470		48,738		380,151		95,774		17,164		21,251		134,189
Income before taxes	$	49,228	$	4,135	$	35,668	$	89,031	$	188,883	$	4,950	$	20,013	$	213,846
Income tax provision							24,162								53,094
Consolidated net income							64,869								160,752
Net income attributable to noncontrolling interest							325								3
Net income attributable to WSFS							64,544								160,749
Supplemental Information
Capital expenditures for the period ended	$	4,436	$	—	$	—	$	4,436	$	3,005	$	—	$	—	$	3,005

The following table shows significant components of segment net assets as of June 30, 2022 and December 31, 2021:

	June 30, 2022								December 31, 2021
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Financial Condition
Cash and cash equivalents	$	1,018,601	$	624,794	$	33,214	$	1,676,609	$	1,039,046	$	477,806	$	16,087	$	1,532,939
Goodwill	753,065		—		130,051		883,116		452,629		—		20,199		472,828
Other segment assets	17,641,781		9,838		338,872		17,990,491		13,481,370		6,785		283,405		13,771,560
Total segment assets	$	19,413,447	$	634,632	$	502,137	$	20,550,216	$	14,973,045	$	484,591	$	319,691	$	15,777,327