SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Details of Segment Information

The following tables show segment results for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS 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 income	14,089		19,992		32,790		66,871		27,423		12,014		32,592		72,029
Total external customer revenues	250,494		19,992		38,154		308,640		184,597		12,014		35,438		232,049
Inter-segment revenues:
Interest income	6,725		323		24,948		31,996		2,098		406		8,868		11,372
Noninterest income	7,261		495		94		7,850		6,707		424		161		7,292
Total inter-segment revenues	13,986		818		25,042		39,846		8,805		830		9,029		18,664
Total revenue	264,480		20,810		63,196		348,486		193,402		12,844		44,467		250,713
External customer expenses:
Interest expense	53,962		—		5,965		59,927		6,149		—		256		6,405
Noninterest expenses	108,147		14,538		18,568		141,253		108,631		8,188		17,230		134,049
Provision for (recovery of) credit losses	16,328		—		(498)		15,830		7,975		—		293		8,268
Total external customer expenses	178,437		14,538		24,035		217,010		122,755		8,188		17,779		148,722
Inter-segment expenses:
Interest expense	25,271		3,851		2,874		31,996		9,274		1,207		891		11,372
Noninterest expenses	589		1,484		5,777		7,850		585		1,106		5,601		7,292
Total inter-segment expenses	25,860		5,335		8,651		39,846		9,859		2,313		6,492		18,664
Total expenses	204,297		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 provision							23,035								22,425
Consolidated net income							68,595								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, 2023								Six Months Ended June 30, 2022
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS 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 income	28,239		38,171		63,588		129,998		46,248		22,084		64,271		132,603
Total external customer revenues	485,929		38,171		74,050		598,150		344,824		22,084		69,852		436,760
Inter-segment revenues:
Interest income	12,824		718		45,675		59,217		3,150		732		14,207		18,089
Noninterest income	14,161		956		199		15,316		13,197		789		347		14,333
Total inter-segment revenues	26,985		1,674		45,874		74,533		16,347		1,521		14,554		32,422
Total revenue	512,914		39,845		119,924		672,683		361,171		23,605		84,406		469,182
External customer expenses:
Interest expense	92,449		—		11,329		103,778		11,552		—		432		11,984
Noninterest expenses	209,096		28,038		37,164		274,298		257,132		15,737		35,637		308,506
Provision for credit losses	44,045		—		796		44,841		27,184		—		55		27,239
Total external customer expenses	345,590		28,038		49,289		422,917		295,868		15,737		36,124		347,729
Inter-segment expenses:
Interest expense	46,393		7,410		5,414		59,217		14,939		1,482		1,668		18,089
Noninterest expenses	1,155		2,830		11,331		15,316		1,136		2,251		10,946		14,333
Total inter-segment expenses	47,548		10,240		16,745		74,533		16,075		3,733		12,614		32,422
Total expenses	393,138		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 provision							43,976								24,162
Consolidated net income							131,257								64,869
Net income attributable to noncontrolling interest							175								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, 2023								December 31, 2022
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS 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
Goodwill	753,586		—		130,051		883,637		753,586		—		130,051		883,637
Other segment assets	17,999,598		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