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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION
21. 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 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. Consumer and Commercial 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 smart 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. 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. Private Wealth Management, which includes Private Banking, serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and customized banking services including 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 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.
The following tables show segment results for the years ended December 31, 2023, 2022, and 2021:
 
Year Ended December 31, 2023
(Dollars in thousands)
WSFS
Bank
Cash
Connect®
Wealth
Management
Total
Statements of Income
External customer revenues:
Interest income$955,050 $— $21,472 $976,522 
Noninterest income74,951 82,468 132,452 289,871 
Total external customer revenues1,030,001 82,468 153,924 1,266,393 
Inter-segment revenues:
Interest income28,202 1,384 98,895 128,481 
Noninterest income29,199 1,930 568 31,697 
Total inter-segment revenues57,401 3,314 99,463 160,178 
Total revenue1,087,402 85,782 253,387 1,426,571 
External customer expenses:
Interest expense221,713 — 29,706 251,419 
Noninterest expenses425,703 59,485 76,445 561,633 
Provision for credit losses87,529 — 542 88,071 
Total external customer expenses734,945 59,485 106,693 901,123 
Inter-segment expenses
Interest expense100,279 16,348 11,854 128,481 
Noninterest expenses2,498 5,714 23,485 31,697 
Total inter-segment expenses102,777 22,062 35,339 160,178 
Total expenses837,722 81,547 142,032 1,061,301 
Income before taxes$249,680 $4,235 $111,355 $365,270 
Income tax provision96,245 
Consolidated net income$269,025 
Net income attributable to noncontrolling interest(131)
Net income attributable to WSFS$269,156 
Supplemental Information
Capital expenditures for the period ended$6,335 $— $71 $6,406 
Year Ended December 31, 2022
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management
Total
Statements of Income
External customer revenues:
Interest income$690,780 $— $13,035 $703,815 
Noninterest income79,800 55,519 124,815 260,134 
Total external customer revenues770,580 55,519 137,850 963,949 
Inter-segment revenues:
Interest income14,348 1,536 46,539 62,423 
Noninterest income27,534 1,610 654 29,798 
Total inter-segment revenues41,882 3,146 47,193 92,221 
Total revenue812,462 58,665 185,043 1,056,170 
External customer expenses:
Interest expense37,393 — 3,532 40,925 
Noninterest expenses465,999 36,777 71,550 574,326 
Provision for credit losses47,921 — 168 48,089 
Total external customer expenses551,313 36,777 75,250 663,340 
Inter-segment expenses
Interest expense48,075 9,831 4,517 62,423 
Noninterest expenses2,264 4,720 22,814 29,798 
Total inter-segment expenses50,339 14,551 27,331 92,221 
Total expenses601,652 51,328 102,581 755,561 
Income before taxes$210,810 $7,337 $82,462 $300,609 
Income tax provision77,961 
Consolidated net income$222,648 
Net income attributable to noncontrolling interest273 
Net income attributable to WSFS$222,375 
Supplemental Information
Capital expenditures for the period ended$8,793 $16 $— $8,809 
Year Ended December 31, 2021
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management
Total
Statements of Income
External customer revenues:
Interest income$447,542 $— $8,827 $456,369 
Noninterest income79,310 42,818 63,352 185,480 
Total external customer revenues526,852 42,818 72,179 641,849 
Inter-segment revenues:
Interest income3,460 1,088 12,002 16,550 
Noninterest income15,988 1,240 1,354 18,582 
Total inter-segment revenues19,448 2,328 13,356 35,132 
Total revenue546,300 45,146 85,535 676,981 
External customer expenses:
Interest expense22,058 — 662 22,720 
Noninterest expenses328,277 29,465 20,774 378,516 
Recovery of credit losses(113,715)— (3,372)(117,087)
Total external customer expenses236,620 29,465 18,064 284,149 
Inter-segment expenses
Interest expense13,090 856 2,604 16,550 
Noninterest expenses2,594 4,636 11,352 18,582 
Total inter-segment expenses15,684 5,492 13,956 35,132 
Total expenses252,304 34,957 32,020 319,281 
Income before taxes$293,996 $10,189 $53,515 $357,700 
Income tax provision86,095 
Consolidated net income$271,605 
Net loss attributable to noncontrolling interest163 
Net income attributable to WSFS$271,442 
Supplemental Information
Capital expenditures for the period ended$6,344 $232 $— $6,576 


The following table shows significant components of segment net assets as of December 31, 2023 and 2022:
December 31,
20232022
(Dollars in thousands)WSFS
Bank
Cash
Connect®
Wealth
Management		TotalWSFS
Bank
Cash
Connect®
Wealth
Management		Total
Cash and cash equivalents$600,483 $443,431 $48,986 $1,092,900 $317,022 $476,850 $43,386 $837,258 
Goodwill753,586 — 132,312 885,898 753,586 — 130,051 883,637 
Other segment assets18,191,585 15,654 408,635 18,615,874 17,824,946 10,429 358,485 18,193,860 
Total segment assets$19,545,654 $459,085 $589,933 $20,594,672 $18,895,554 $487,279 $531,922 $19,914,755