SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Details of Segment Information

The following tables show segment results for the years ended December 31, 2022, 2021, and 2020:

 

	Year Ended December 31, 2022
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	690,780	$	—	$	13,035	$	703,815
Noninterest income	79,800		55,519		124,815		260,134
Total external customer revenues	770,580		55,519		137,850		963,949
Inter-segment revenues:
Interest income	14,348		1,536		46,539		62,423
Noninterest income	27,534		1,610		654		29,798
Total inter-segment revenues	41,882		3,146		47,193		92,221
Total revenue	812,462		58,665		185,043		1,056,170
External customer expenses:
Interest expense	37,393		—		3,532		40,925
Noninterest expenses	465,999		36,777		71,550		574,326
Provision for credit losses	47,921		—		168		48,089
Total external customer expenses	551,313		36,777		75,250		663,340
Inter-segment expenses
Interest expense	48,075		9,831		4,517		62,423
Noninterest expenses	2,264		4,720		22,814		29,798
Total inter-segment expenses	50,339		14,551		27,331		92,221
Total expenses	601,652		51,328		102,581		755,561
Income before taxes	$	210,810	$	7,337	$	82,462	$	300,609
Income tax provision							77,961
Consolidated net income							$	222,648
Net income attributable to noncontrolling interest							273
Net income attributable to WSFS							$	222,375
Supplemental Information
Capital expenditures for the period ended	$	8,793	$	16	$	—	$	8,809

	Year Ended December 31, 2021
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	447,542	$	—	$	8,827	$	456,369
Noninterest income	79,310		42,818		63,352		185,480
Total external customer revenues	526,852		42,818		72,179		641,849
Inter-segment revenues:
Interest income	3,460		1,088		12,002		16,550
Noninterest income	15,988		1,240		1,354		18,582
Total inter-segment revenues	19,448		2,328		13,356		35,132
Total revenue	546,300		45,146		85,535		676,981
External customer expenses:
Interest expense	22,058		—		662		22,720
Noninterest expenses	328,277		29,465		20,774		378,516
Recovery of credit losses	(113,715)		—		(3,372)		(117,087)
Total external customer expenses	236,620		29,465		18,064		284,149
Inter-segment expenses
Interest expense	13,090		856		2,604		16,550
Noninterest expenses	2,594		4,636		11,352		18,582
Total inter-segment expenses	15,684		5,492		13,956		35,132
Total expenses	252,304		34,957		32,020		319,281
Income before taxes	$	293,996	$	10,189	$	53,515	$	357,700
Income tax provision							86,095
Consolidated net income							$	271,605
Net income attributable to noncontrolling interest							163
Net income attributable to WSFS							$	271,442
Supplemental Information
Capital expenditures for the period ended	$	6,344	$	232	$	—	$	6,576

	Year Ended December 31, 2020
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	505,258	$	—	$	9,147	$	514,405
Noninterest income	110,585		40,899		49,541		201,025
Total external customer revenues	615,843		40,899		58,688		715,430
Inter-segment revenues:
Interest income	4,930		851		10,747		16,528
Noninterest income	13,038		835		1,832		15,705
Total inter-segment revenues	17,968		1,686		12,579		32,233
Total revenue	633,811		42,585		71,267		747,663
External customer expenses:
Interest expense	46,428		—		2,022		48,450
Noninterest expenses	310,799		28,421		29,624		368,844
Provision for credit losses	149,453		—		3,727		153,180
Total external customer expenses	506,680		28,421		35,373		570,474
Inter-segment expenses
Interest expense	11,598		1,580		3,350		16,528
Noninterest expenses	2,667		3,340		9,698		15,705
Total inter-segment expenses	14,265		4,920		13,048		32,233
Total expenses	520,945		33,341		48,421		602,707
Income before taxes	$	112,866	$	9,244	$	22,846	$	144,956
Income tax provision							31,636
Consolidated net income							$	113,320
Net loss attributable to noncontrolling interest							(1,454)
Net income attributable to WSFS							$	114,774
Supplemental Information
Capital expenditures for the period ended	$	6,499	$	420	$	240	$	7,159

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

	December 31,
	2022								2021
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Cash and cash equivalents	$	317,022	$	476,850	$	43,386	$	837,258	$	1,039,046	$	477,806	$	16,087	$	1,532,939
Goodwill	753,586		—		130,051		883,637		452,629		—		20,199		472,828
Other segment assets	17,824,946		10,429		358,485		18,193,860		13,481,370		6,785		283,405		13,771,560
Total segment assets	$	18,895,554	$	487,279	$	531,922	$	19,914,755	$	14,973,045	$	484,591	$	319,691	$	15,777,327