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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest income:      
Interest and fees on loans and leases $ 582,754 $ 393,248 $ 460,394
Interest on mortgage-backed securities 106,606 55,802 48,377
Interest and dividends on investment securities:      
Taxable 2,812 2,805 1,191
Tax-exempt 4,087 2,719 3,428
Other interest income 7,556 1,795 1,015
Total interest income 703,815 456,369 514,405
Interest expense:      
Interest on deposits 28,181 14,923 39,262
Interest on Federal Home Loan Bank advances 538 5 1,950
Interest on senior and subordinated debt 8,246 6,497 4,998
Interest on trust preferred borrowings 3,482 1,274 1,751
Interest on federal funds purchased 443 0 471
Interest on other borrowings 35 21 18
Total interest expense 40,925 22,720 48,450
Net interest income 662,890 433,649 465,955
Provision for (recovery of) credit losses 48,089 (117,087) 153,180
Net interest income after provision for (recovery of) credit losses 614,801 550,736 312,775
Noninterest income:      
Loan and lease fee income 6,275 7,533 4,518
Security gains, net 0 331 9,076
Unrealized gains on equity investments, net 5,980 5,141 761
Realized (loss) gain on sale of equity investment, net 0 (706) 22,052
Bank owned life insurance income 1,804 1,251 1,280
Total non interest income 260,134 185,480 201,025
Noninterest expense:      
Salaries, benefits and other compensation 283,905 214,167 194,317
Occupancy expense 40,885 32,802 32,105
Equipment expense 40,994 29,040 23,793
Professional fees 18,497 15,614 18,757
Data processing and operations expenses 20,876 14,074 12,600
Marketing expense 7,230 5,413 5,677
FDIC expenses 6,098 4,081 2,148
Loan workout and other credit costs 702 663 6,899
Corporate development expense 42,749 11,676 4,328
Restructuring expense 22,473 1,346 510
Recovery of legal settlement 0 (15,000) 0
Loss on early extinguishment of debt 0 1,087 2,280
Other operating expense 89,917 63,553 65,430
Total non interest expenses 574,326 378,516 368,844
Income before taxes 300,609 357,700 144,956
Income tax provision 77,961 86,095 31,636
Net income 222,648 271,605 113,320
Less: Net income (loss) attributable to noncontrolling interest 273 163 (1,454)
Net income attributable to WSFS $ 222,375 $ 271,442 $ 114,774
Basic earnings per share (in dollars per share) $ 3.50 $ 5.71 $ 2.27
Diluted earnings per share (in dollars per share) $ 3.49 $ 5.69 $ 2.27
Credit/debit card and ATM income      
Noninterest income:      
Noninterest income $ 40,088 $ 29,479 $ 35,014
Investment management and fiduciary revenue      
Noninterest income:      
Noninterest income 121,608 62,348 48,979
Deposit service charges      
Noninterest income:      
Noninterest income 24,484 22,090 19,999
Mortgage banking activities, net      
Noninterest income:      
Noninterest income 7,271 23,216 30,201
Other income      
Noninterest income:      
Noninterest income $ 52,624 $ 34,797 $ 29,145