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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Interest and fees on loans and leases $ 207,884 $ 129,342 $ 401,608 $ 248,223
Interest on mortgage-backed securities 27,130 27,377 54,656 50,490
Interest and dividends on investment securities:        
Taxable 700 702 1,404 1,404
Tax-exempt 1,482 638 3,015 1,257
Other interest income 4,573 1,961 7,469 2,783
Total interest income 241,769 160,020 468,152 304,157
Interest expense:        
Interest on deposits 50,054 3,766 85,246 6,894
Interest on Federal Home Loan Bank advances 1,597 0 4,968 0
Interest on senior and subordinated debt 2,334 1,949 4,907 3,878
Interest on federal funds purchased 0 0 1,139 0
Interest on trust preferred borrowings 1,635 682 3,190 1,195
Interest on other borrowings 4,307 8 4,328 17
Total interest expense 59,927 6,405 103,778 11,984
Net interest income 181,842 153,615 364,374 292,173
Provision for credit losses 15,830 8,268 44,841 27,239
Net interest income after provision for credit losses 166,012 145,347 319,533 264,934
Noninterest income:        
Loan and lease fee income 1,190 1,698 2,562 3,032
Unrealized gain (loss) on equity investments, net 0 5,991 (4) 5,988
Bank owned life insurance income 760 374 2,270 479
Total non interest income 66,871 72,029 129,998 132,603
Noninterest expense:        
Salaries, benefits and other compensation 72,367 68,189 145,216 139,119
Occupancy expense 10,132 9,902 20,540 20,694
Equipment expense 10,810 10,388 20,602 20,761
Data processing and operations expenses 4,771 5,288 9,495 10,647
Professional fees 6,118 5,273 10,557 8,724
Marketing expense 2,165 1,637 3,881 2,903
FDIC expenses 2,863 1,468 5,445 2,859
Loan workout and other credit costs 536 (226) 481 102
Corporate development expense 2,796 6,393 3,536 40,431
Restructuring expense (26) 3,934 (787) 21,448
Other operating expense 28,721 21,803 55,332 40,818
Noninterest expenses 141,253 134,049 274,298 308,506
Income before taxes 91,630 83,327 175,233 89,031
Income tax provision 23,035 22,425 43,976 24,162
Net income 68,595 60,902 131,257 64,869
Less: Net (loss) income attributable to noncontrolling interest (83) 162 175 325
Net income attributable to WSFS $ 68,678 $ 60,740 $ 131,082 $ 64,544
Earnings per share:        
Basic (in dollars per share) $ 1.12 $ 0.95 $ 2.13 $ 1.00
Diluted (in dollars per share) $ 1.12 $ 0.94 $ 2.13 $ 1.00
Weighted average shares of common stock outstanding:        
Basic (in shares) 61,348,200 64,224,018 61,429,008 64,581,321
Diluted (in shares) 61,414,273 64,283,288 61,526,331 64,696,053
Total credit/debit card and ATM income        
Noninterest income:        
Noninterest income $ 14,430 $ 8,772 $ 27,791 $ 16,453
Investment management and fiduciary income        
Noninterest income:        
Noninterest income 32,379 31,192 62,855 61,373
Deposit service charges        
Noninterest income:        
Noninterest income 6,277 6,071 12,316 11,896
Mortgage banking activities, net        
Noninterest income:        
Noninterest income 1,304 2,211 2,426 5,109
Total other income        
Noninterest income:        
Noninterest income $ 10,531 $ 15,720 $ 19,782 $ 28,273