PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

23. PARENT COMPANY FINANCIAL INFORMATION

Condensed Statements of Income

	Year Ended December 31,
(Dollars in thousands)	2022		2021		2020
Income:
Interest income	$	374	$	357	$	356
Realized loss on sale of equity investment	—		(706)		—
Unrealized gains (losses) on equity investments, net	5,379		5,389		(1,617)
Other noninterest income	251,382		4,759		208,762
	257,135		9,799		207,501
Expense:
Interest expense	11,763		7,771		6,748
Other operating expense	11,489		7,508		2,553
	23,252		15,279		9,301
Income (loss) before equity in undistributed income of subsidiaries	233,883		(5,480)		198,200
Equity in undistributed (loss) income of subsidiaries	(12,672)		276,208		(84,346)
Income before taxes	221,211		270,728		113,854
Income tax benefit	(1,164)		(714)		(920)
Net income attributable to WSFS	$	222,375	$	271,442	$	114,774

Condensed Statements of Financial Condition

	December 31,
(Dollars in thousands)	2022		2021
Assets:
Cash and cash equivalents	$	205,841	$	103,708
Investment in subsidiaries	2,320,474		2,045,080
Investment in Trusts(1)	2,785		2,011
Other assets	16,944		4,514
Total assets	$	2,546,044	$	2,155,313
Liabilities:
Trust preferred borrowings	$	90,442	$	67,011
Senior and subordinated debt	248,169		147,939
Accrued interest payable	1,168		298
Other liabilities	1,152		966
Total liabilities	340,931		216,214
Stockholders’ equity:
Common stock	759		577
Capital in excess of par value	1,974,210		1,058,997
Accumulated other comprehensive loss	(675,844)		(37,768)
Retained earnings	1,411,243		1,224,614
Treasury stock	(505,255)		(307,321)
Total stockholders’ equity of WSFS	2,205,113		1,939,099
Total liabilities and stockholders’ equity of WSFS	$	2,546,044	$	2,155,313

(1)Includes WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II.

Condensed Statements of Cash Flows

	Year Ended December 31,
(Dollars in thousands)	2022		2021		2020
Operating activities:
Net income attributable to WSFS	$	222,375	$	271,442	$	114,774
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Equity in undistributed loss (income) of subsidiaries	12,672		(276,208)		84,346
Realized loss on sale of equity investments	—		706		—
Unrealized (gains) losses on equity investments	(5,379)		(5,389)		1,617
Decrease (increase) in other assets	2,569		10,910		(4,537)
Increase (decrease) in other liabilities	812		(6,690)		7,684
Net cash provided by (used for) operating activities	$	233,049	$	(5,229)	$	203,884
Investing activities:
Net cash for business combinations	$	101,734	$	—	$	—
Net cash provided by investing activities	$	101,734	$	—	$	—
Financing activities:
Issuance of common stock and exercise of common stock options	$	3,179	$	1,522	$	2,032
Issuance of senior debt	—		—		147,780
Redemption of senior debt	—		(100,000)		—
Purchase of treasury stock	(200,083)		(13,268)		(155,832)
Dividends paid	(35,746)		(24,242)		(24,369)
Net cash used for financing activities	$	(232,650)	$	(135,988)	$	(30,389)
Increase (decrease) in cash and cash equivalents	$	102,133	$	(141,217)	$	173,495
Cash and cash equivalents at beginning of period	103,708		244,925		71,430
Cash and cash equivalents at end of period	$	205,841	$	103,708	$	244,925