SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Details of Segment Information

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 income	74,951		82,468		132,452		289,871
Total external customer revenues	1,030,001		82,468		153,924		1,266,393
Inter-segment revenues:
Interest income	28,202		1,384		98,895		128,481
Noninterest income	29,199		1,930		568		31,697
Total inter-segment revenues	57,401		3,314		99,463		160,178
Total revenue	1,087,402		85,782		253,387		1,426,571
External customer expenses:
Interest expense	221,713		—		29,706		251,419
Noninterest expenses	425,703		59,485		76,445		561,633
Provision for credit losses	87,529		—		542		88,071
Total external customer expenses	734,945		59,485		106,693		901,123
Inter-segment expenses
Interest expense	100,279		16,348		11,854		128,481
Noninterest expenses	2,498		5,714		23,485		31,697
Total inter-segment expenses	102,777		22,062		35,339		160,178
Total expenses	837,722		81,547		142,032		1,061,301
Income before taxes	$	249,680	$	4,235	$	111,355	$	365,270
Income tax provision							96,245
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 income	79,800		55,519		124,815		260,134
Total external customer revenues	770,580		55,519		137,850		963,949
Inter-segment revenues:
Interest income	14,348		1,536		46,539		62,423
Noninterest income	27,534		1,610		654		29,798
Total inter-segment revenues	41,882		3,146		47,193		92,221
Total revenue	812,462		58,665		185,043		1,056,170
External customer expenses:
Interest expense	37,393		—		3,532		40,925
Noninterest expenses	465,999		36,777		71,550		574,326
Provision for credit losses	47,921		—		168		48,089
Total external customer expenses	551,313		36,777		75,250		663,340
Inter-segment expenses
Interest expense	48,075		9,831		4,517		62,423
Noninterest expenses	2,264		4,720		22,814		29,798
Total inter-segment expenses	50,339		14,551		27,331		92,221
Total expenses	601,652		51,328		102,581		755,561
Income before taxes	$	210,810	$	7,337	$	82,462	$	300,609
Income tax provision							77,961
Consolidated net income							$	222,648
Net income attributable to noncontrolling interest							273
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 income	79,310		42,818		63,352		185,480
Total external customer revenues	526,852		42,818		72,179		641,849
Inter-segment revenues:
Interest income	3,460		1,088		12,002		16,550
Noninterest income	15,988		1,240		1,354		18,582
Total inter-segment revenues	19,448		2,328		13,356		35,132
Total revenue	546,300		45,146		85,535		676,981
External customer expenses:
Interest expense	22,058		—		662		22,720
Noninterest expenses	328,277		29,465		20,774		378,516
Recovery of credit losses	(113,715)		—		(3,372)		(117,087)
Total external customer expenses	236,620		29,465		18,064		284,149
Inter-segment expenses
Interest expense	13,090		856		2,604		16,550
Noninterest expenses	2,594		4,636		11,352		18,582
Total inter-segment expenses	15,684		5,492		13,956		35,132
Total expenses	252,304		34,957		32,020		319,281
Income before taxes	$	293,996	$	10,189	$	53,515	$	357,700
Income tax provision							86,095
Consolidated net income							$	271,605
Net loss attributable to noncontrolling interest							163
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,
	2023								2022
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS 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
Goodwill	753,586		—		132,312		885,898		753,586		—		130,051		883,637
Other segment assets	18,191,585		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