XML 11 R2.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Interest and fees on loans and leases $ 152,887 $ 93,460 $ 401,110 $ 300,957
Interest on mortgage-backed securities 28,338 13,947 78,828 37,157
Interest and dividends on investment securities:        
Taxable 703 702 2,107 2,105
Tax-exempt 1,278 651 2,535 2,080
Other interest income 3,359 691 6,142 1,335
Total interest income 186,565 109,451 490,722 343,634
Interest expense:        
Interest on deposits 6,643 3,550 13,537 11,824
Interest on Federal Home Loan Bank advances 42 0 42 5
Interest on senior and subordinated debt 2,061 1,089 5,939 5,408
Interest on federal funds purchased 28 0 28 0
Interest on trust preferred borrowings 951 316 2,146 957
Interest on other borrowings 9 5 26 15
Total interest expense 9,734 4,960 21,718 18,209
Net interest income 176,831 104,491 469,004 325,425
Provision for (recovery of) credit losses 7,454 (21,310) 34,693 (109,033)
Net interest income after provision for (recovery of) credit losses 169,377 125,801 434,311 434,458
Noninterest income:        
Loan and lease fee income 1,425 1,216 4,457 6,431
Securities gains, net 0 2 0 331
Unrealized (loss) gain on equity investments, net 0 (120) 5,988 5,141
Realized loss on sale of equity investments, net 0 (706) 0 (706)
Bank owned life insurance income 195 351 674 1,251
Total non interest income 62,651 42,613 195,254 139,453
Noninterest expense:        
Salaries, benefits and other compensation 72,294 53,344 211,413 158,890
Occupancy expense 9,699 8,150 30,393 24,693
Equipment expense 9,913 6,807 30,674 21,536
Data processing and operations expenses 5,362 3,467 16,009 10,296
Professional fees 3,561 4,244 12,285 11,501
Marketing expense 2,082 1,480 4,985 3,758
Loss on debt extinguishment 0 0 0 1,087
FDIC expenses 1,540 1,061 4,399 3,186
Loan workout and other credit costs 1,001 196 1,103 764
Corporate development expense 1,248 2,049 41,679 6,687
Restructuring expense 1,344 0 22,792 (409)
Other operating expense 24,873 15,648 65,691 46,108
Noninterest expenses 132,917 96,446 441,423 288,097
Income before taxes 99,111 71,968 188,142 285,814
Income tax provision 25,767 17,516 49,929 70,610
Net income 73,344 54,452 138,213 215,204
Less: Net (loss) income attributable to noncontrolling interest (38) 46 287 49
Net income attributable to WSFS $ 73,382 $ 54,406 $ 137,926 $ 215,155
Earnings per share:        
Basic (in dollars per share) $ 1.16 $ 1.14 $ 2.15 $ 4.53
Diluted (in dollars per share) $ 1.16 $ 1.14 $ 2.15 $ 4.51
Weighted average shares of common stock outstanding:        
Basic (in shares) 63,047,675 47,541,489 64,064,488 47,526,730
Diluted (in shares) 63,227,983 47,670,645 64,282,992 47,676,515
Credit/debit card and ATM income        
Noninterest income:        
Noninterest fee income $ 10,993 $ 7,651 $ 27,446 $ 22,023
Investment management and fiduciary income        
Noninterest income:        
Noninterest fee income 29,504 15,370 90,877 44,983
Deposit service charges        
Noninterest income:        
Noninterest fee income 6,262 5,742 18,158 16,521
Mortgage banking activities, net        
Noninterest income:        
Noninterest fee income 1,420 5,637 6,529 18,690
Other income        
Noninterest income:        
Noninterest fee income $ 12,852 $ 7,470 $ 41,125 $ 24,788