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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION
14. SEGMENT INFORMATION
As defined in ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company evaluates performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to the Company's segments are those that apply to its preparation of the accompanying unaudited Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth Management.
The WSFS Bank segment provides financial products to commercial and consumer customers. Commercial and Consumer Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment.
The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and retail safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect®.
The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients through multiple integrated businesses. Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. The Bryn Mawr Trust Company of Delaware provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles. Private Wealth Management serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and traditional banking services such as credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the bank’s charter, through a broker/dealer and as a registered investment advisor (RIA). It generates revenue through fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach.
The following tables show segment results for the three and six months ended June 30, 2023 and 2022:
 Three Months Ended June 30, 2023Three Months Ended June 30, 2022
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management		TotalWSFS Bank
Cash
Connect®
Wealth
Management		Total
Statements of Income
External customer revenues:
Interest income$236,405 $— $5,364 $241,769 $157,174 $— $2,846 $160,020 
Noninterest income14,089 19,992 32,790 66,871 27,423 12,014 32,592 72,029 
Total external customer revenues250,494 19,992 38,154 308,640 184,597 12,014 35,438 232,049 
Inter-segment revenues:
Interest income6,725 323 24,948 31,996 2,098 406 8,868 11,372 
Noninterest income7,261 495 94 7,850 6,707 424 161 7,292 
Total inter-segment revenues13,986 818 25,042 39,846 8,805 830 9,029 18,664 
Total revenue264,480 20,810 63,196 348,486 193,402 12,844 44,467 250,713 
External customer expenses:
Interest expense53,962 — 5,965 59,927 6,149 — 256 6,405 
Noninterest expenses108,147 14,538 18,568 141,253 108,631 8,188 17,230 134,049 
Provision for (recovery of) credit losses16,328 — (498)15,830 7,975 — 293 8,268 
Total external customer expenses178,437 14,538 24,035 217,010 122,755 8,188 17,779 148,722 
Inter-segment expenses:
Interest expense25,271 3,851 2,874 31,996 9,274 1,207 891 11,372 
Noninterest expenses589 1,484 5,777 7,850 585 1,106 5,601 7,292 
Total inter-segment expenses25,860 5,335 8,651 39,846 9,859 2,313 6,492 18,664 
Total expenses204,297 19,873 32,686 256,856 132,614 10,501 24,271 167,386 
Income before taxes$60,183 $937 $30,510 $91,630 $60,788 $2,343 $20,196 $83,327 
Income tax provision23,035 22,425 
Consolidated net income68,595 60,902 
Net (loss) income attributable to noncontrolling interest(83)162 
Net income attributable to WSFS$68,678 $60,740 
Supplemental Information
Capital expenditures for the period ended$956 $— $— $956 $2,789 $— $— $2,789 
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management		TotalWSFS Bank
Cash
Connect®
Wealth
Management		Total
Statements of Income
External customer revenues:
Interest income$457,690 $— $10,462 $468,152 $298,576 $— $5,581 $304,157 
Noninterest income28,239 38,171 63,588 129,998 46,248 22,084 64,271 132,603 
Total external customer revenues485,929 38,171 74,050 598,150 344,824 22,084 69,852 436,760 
Inter-segment revenues:
Interest income12,824 718 45,675 59,217 3,150 732 14,207 18,089 
Noninterest income14,161 956 199 15,316 13,197 789 347 14,333 
Total inter-segment revenues26,985 1,674 45,874 74,533 16,347 1,521 14,554 32,422 
Total revenue512,914 39,845 119,924 672,683 361,171 23,605 84,406 469,182 
External customer expenses:
Interest expense92,449 — 11,329 103,778 11,552 — 432 11,984 
Noninterest expenses209,096 28,038 37,164 274,298 257,132 15,737 35,637 308,506 
Provision for credit losses44,045 — 796 44,841 27,184 — 55 27,239 
Total external customer expenses345,590 28,038 49,289 422,917 295,868 15,737 36,124 347,729 
Inter-segment expenses:
Interest expense46,393 7,410 5,414 59,217 14,939 1,482 1,668 18,089 
Noninterest expenses1,155 2,830 11,331 15,316 1,136 2,251 10,946 14,333 
Total inter-segment expenses47,548 10,240 16,745 74,533 16,075 3,733 12,614 32,422 
Total expenses393,138 38,278 66,034 497,450 311,943 19,470 48,738 380,151 
Income before taxes$119,776 $1,567 $53,890 $175,233 $49,228 $4,135 $35,668 $89,031 
Income tax provision43,976 24,162 
Consolidated net income131,257 64,869 
Net income attributable to noncontrolling interest175 325 
Net income attributable to WSFS$131,082 $64,544 
Supplemental Information
Capital expenditures for the period ended$1,812 $— $— $1,812 $4,436 $— $— $4,436 
The following table shows significant components of segment net assets as of June 30, 2023 and December 31, 2022:
 June 30, 2023December 31, 2022
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management		TotalWSFS Bank
Cash
Connect®
Wealth
Management		Total
Statements of Financial Condition
Cash and cash equivalents$719,817 $354,497 $41,246 $1,115,560 $317,022 $476,850 $43,386 $837,258 
Goodwill753,586 — 130,051 883,637 753,586 — 130,051 883,637 
Other segment assets17,999,598 11,556 375,340 18,386,494 17,824,946 10,429 358,485 18,193,860 
Total segment assets$19,473,001 $366,053 $546,637 $20,385,691 $18,895,554 $487,279 $531,922 $19,914,755