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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Interest and fees on loans and leases $ 845,271 $ 582,754 $ 393,248
Interest on mortgage-backed securities 107,555 106,606 55,802
Interest and dividends on investment securities:      
Taxable 2,803 2,812 2,805
Tax-exempt 5,980 4,087 2,719
Other interest income 14,913 7,556 1,795
Total interest income 976,522 703,815 456,369
Interest expense:      
Interest on deposits 209,820 28,181 14,923
Interest on Federal Home Loan Bank advances 5,348 538 5
Interest on senior and subordinated debt 9,815 8,246 6,497
Interest on trust preferred borrowings 6,736 3,482 1,274
Interest on federal funds purchased 1,673 443 0
Interest on other borrowings 18,027 35 21
Total interest expense 251,419 40,925 22,720
Net interest income 725,103 662,890 433,649
Provision for (recovery of) credit losses 88,071 48,089 (117,087)
Net interest income after provision for (recovery of) credit losses 637,032 614,801 550,736
Noninterest income:      
Loan and lease fee income 5,718 6,275 7,533
Security gains, net 0 0 331
Unrealized gains on equity investments, net 329 5,980 5,141
Realized gain (loss) on sale of equity investment, net 9,493 0 (706)
Bank owned life insurance income 4,642 1,804 1,251
Total non interest income 289,871 260,134 185,480
Noninterest expense:      
Salaries, benefits and other compensation 289,193 283,905 214,167
Occupancy expense 42,184 40,885 32,802
Equipment expense 42,242 40,994 29,040
Professional fees 21,200 18,497 15,614
Data processing and operations expenses 19,054 20,876 14,074
Marketing expense 7,914 7,230 5,413
FDIC expenses 15,887 6,098 4,081
Loan workout and other credit costs 852 702 663
Corporate development expense 3,931 42,749 11,676
Restructuring expense (230) 22,473 1,346
Recovery of legal settlement 0 0 (15,000)
Loss on early extinguishment of debt 0 0 1,087
Other operating expense 119,406 89,917 63,553
Total non interest expenses 561,633 574,326 378,516
Income before taxes 365,270 300,609 357,700
Income tax provision 96,245 77,961 86,095
Net income 269,025 222,648 271,605
Less: Net (loss) income attributable to noncontrolling interest (131) 273 163
Net income attributable to WSFS $ 269,156 $ 222,375 $ 271,442
Basic earnings per share (in dollars per share) $ 4.40 $ 3.50 $ 5.71
Diluted earnings per share (in dollars per share) $ 4.40 $ 3.49 $ 5.69
Credit/debit card and ATM income      
Noninterest income:      
Noninterest income $ 59,718 $ 40,088 $ 29,479
Investment management and fiduciary revenue      
Noninterest income:      
Noninterest income 131,050 121,608 62,348
Deposit service charges      
Noninterest income:      
Noninterest income 25,393 24,484 22,090
Mortgage banking activities, net      
Noninterest income:      
Noninterest income 4,799 7,271 23,216
Other income      
Noninterest income:      
Noninterest income $ 48,729 $ 52,624 $ 34,797