XML 46 R37.htm IDEA: XBRL DOCUMENT v3.22.2.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing
The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:

(Dollars in thousands)WSFS
Bank
Cash
Connect
Wealth
Management
Consolidated
Company
December 31, 2021$452,629 $— $20,199 $472,828 
Goodwill from business combinations297,646  116,691 414,337 
Goodwill adjustments(1)
3,311  (6,839)(3,528)
September 30, 2022$753,586 $ $130,051 $883,637 
(1)Goodwill adjustments include the remeasurements as noted in Note 3 and Wealth Management includes the impact of the sale of the BMTIA business.
Schedule of Finite-Lived Intangible Assets The following table summarizes the Company's intangible assets:
(Dollars in thousands)Gross
Intangible
Assets
Accumulated
Amortization
Net
Intangible
Assets
Amortization Period
September 30, 2022
Core deposits$104,751 $(37,863)$66,888 10 years
Customer relationships68,281 (11,671)56,610 
7-15 years
Non-compete agreements200 (150)50 1 year
Tradename2,900  2,900 indefinite
Loan servicing rights(1)
10,992 (4,664)6,328 
10-25 years
Total intangible assets$187,124 $(54,348)$132,776 
December 31, 2021
Core deposits$93,811 $(30,103)$63,708 10 years
Customer relationships15,281 (7,876)7,405 
7-15 years
Loan servicing rights(2)
6,671 (3,381)3,290 
10-25 years
Total intangible assets$115,763 $(41,360)$74,403 
(1)Includes impairment losses of $0.1 million and $0.2 million for the three and nine months ended September 30, 2022, respectively.
(2)Includes reversal of impairment losses of $0.3 million for the year ended December 31, 2021
Schedule of Indefinite-Lived Intangible Assets The following table summarizes the Company's intangible assets:
(Dollars in thousands)Gross
Intangible
Assets
Accumulated
Amortization
Net
Intangible
Assets
Amortization Period
September 30, 2022
Core deposits$104,751 $(37,863)$66,888 10 years
Customer relationships68,281 (11,671)56,610 
7-15 years
Non-compete agreements200 (150)50 1 year
Tradename2,900  2,900 indefinite
Loan servicing rights(1)
10,992 (4,664)6,328 
10-25 years
Total intangible assets$187,124 $(54,348)$132,776 
December 31, 2021
Core deposits$93,811 $(30,103)$63,708 10 years
Customer relationships15,281 (7,876)7,405 
7-15 years
Loan servicing rights(2)
6,671 (3,381)3,290 
10-25 years
Total intangible assets$115,763 $(41,360)$74,403 
(1)Includes impairment losses of $0.1 million and $0.2 million for the three and nine months ended September 30, 2022, respectively.
(2)Includes reversal of impairment losses of $0.3 million for the year ended December 31, 2021
Schedule of Estimated Amortization Expense of Intangibles
The following table presents the estimated future amortization expense on definite life intangible assets:
 
(Dollars in thousands)September 30, 2022
Remaining in 2022$4,224 
202316,572 
202416,317 
202515,980 
202615,314 
Thereafter61,469 
Total$129,876