SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

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

	Three Months Ended September 30, 2023								Three Months Ended September 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	$	245,520	$	—	$	5,619	$	251,139	$	183,107	$	—	$	3,458	$	186,565
Noninterest income	18,371		21,231		33,066		72,668		17,585		15,416		29,650		62,651
Total external customer revenues	263,891		21,231		38,685		323,807		200,692		15,416		33,108		249,216
Inter-segment revenues:
Interest income	7,213		340		27,011		34,564		4,570		416		13,658		18,644
Noninterest income	7,384		499		190		8,073		6,906		431		222		7,559
Total inter-segment revenues	14,597		839		27,201		42,637		11,476		847		13,880		26,203
Total revenue	278,488		22,070		65,886		366,444		212,168		16,263		46,988		275,419
External customer expenses:
Interest expense	60,133		—		8,404		68,537		8,923		—		811		9,734
Noninterest expenses	105,655		15,524		18,510		139,689		104,817		9,646		18,454		132,917
Provision for (recovery of) credit losses	18,544		—		(130)		18,414		7,463		—		(9)		7,454
Total external customer expenses	184,332		15,524		26,784		226,640		121,203		9,646		19,256		150,105
Inter-segment expenses:
Interest expense	27,351		4,068		3,145		34,564		14,074		3,414		1,156		18,644
Noninterest expenses	689		1,391		5,993		8,073		653		1,185		5,721		7,559
Total inter-segment expenses	28,040		5,459		9,138		42,637		14,727		4,599		6,877		26,203
Total expenses	212,372		20,983		35,922		269,277		135,930		14,245		26,133		176,308
Income before taxes	$	66,116	$	1,087	$	29,964	$	97,167	$	76,238	$	2,018	$	20,855	$	99,111
Income tax provision							22,904								25,767
Consolidated net income							74,263								73,344
Net income (loss) attributable to noncontrolling interest							97								(38)
Net income attributable to WSFS							$	74,166							$	73,382
Supplemental Information
Capital expenditures for the period ended	$	1,131	$	—	$	10	$	1,141	$	3,213	$	16	$	—	$	3,229

	Nine Months Ended September 30, 2023								Nine Months Ended September 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	$	703,210	$	—	$	16,081	$	719,291	$	481,683	$	—	$	9,039	$	490,722
Noninterest income	46,610		59,402		96,654		202,666		63,833		37,500		93,921		195,254
Total external customer revenues	749,820		59,402		112,735		921,957		545,516		37,500		102,960		685,976
Inter-segment revenues:
Interest income	20,037		1,058		72,686		93,781		7,720		1,148		27,865		36,733
Noninterest income	21,545		1,455		389		23,389		20,103		1,220		569		21,892
Total inter-segment revenues	41,582		2,513		73,075		117,170		27,823		2,368		28,434		58,625
Total revenue	791,402		61,915		185,810		1,039,127		573,339		39,868		131,394		744,601
External customer expenses:
Interest expense	152,582		—		19,733		172,315		20,475		—		1,243		21,718
Noninterest expenses	314,751		43,562		55,674		413,987		361,949		25,383		54,091		441,423
Provision for credit losses	62,589		—		666		63,255		34,647		—		46		34,693
Total external customer expenses	529,922		43,562		76,073		649,557		417,071		25,383		55,380		497,834
Inter-segment expenses:
Interest expense	73,744		11,478		8,559		93,781		29,013		4,896		2,824		36,733
Noninterest expenses	1,844		4,221		17,324		23,389		1,789		3,436		16,667		21,892
Total inter-segment expenses	75,588		15,699		25,883		117,170		30,802		8,332		19,491		58,625
Total expenses	605,510		59,261		101,956		766,727		447,873		33,715		74,871		556,459
Income before taxes	$	185,892	$	2,654	$	83,854	$	272,400	$	125,466	$	6,153	$	56,523	$	188,142
Income tax provision							66,880								49,929
Consolidated net income							205,520								138,213
Net income attributable to noncontrolling interest							272								287
Net income attributable to WSFS							$	205,248							$	137,926
Supplemental Information
Capital expenditures for the period ended	$	2,943	$	—	$	10	$	2,953	$	7,649	$	16	$	—	$	7,665

The following table shows significant components of segment net assets as of September 30, 2023 and December 31, 2022:

	September 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	$	241,531	$	327,417	$	42,532	$	611,480	$	317,022	$	476,850	$	43,386	$	837,258
Goodwill	753,586		—		132,312		885,898		753,586		—		130,051		883,637
Other segment assets	18,132,659		11,662		399,293		18,543,614		17,824,946		10,429		358,485		18,193,860
Total segment assets	$	19,127,776	$	339,079	$	574,137	$	20,040,992	$	18,895,554	$	487,279	$	531,922	$	19,914,755