SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

The following tables show segment results for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
(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	$	256,133	$	—	$	5,489	$	261,622	$	221,285	$	—	$	5,098	$	226,383
Noninterest income	16,220		26,350		33,287		75,857		14,150		18,179		30,798		63,127
Total external customer revenues	272,353		26,350		38,776		337,479		235,435		18,179		35,896		289,510
Inter-segment revenues:
Interest income	6,566		440		28,871		35,877		6,099		395		20,727		27,221
Noninterest income	7,273		435		207		7,915		6,900		461		105		7,466
Total inter-segment revenues	13,839		875		29,078		43,792		12,999		856		20,832		34,687
Total revenue	286,192		27,225		67,854		381,271		248,434		19,035		56,728		324,197
External customer expenses:
Interest expense	75,079		—		11,265		86,344		38,487		—		5,364		43,851
Noninterest expenses	106,632		21,935		20,505		149,072		100,949		13,500		18,596		133,045
Provision for credit losses	14,820		—		318		15,138		27,717		—		1,294		29,011
Total external customer expenses	196,531		21,935		32,088		250,554		167,153		13,500		25,254		205,907
Inter-segment expenses:
Interest expense	29,311		3,129		3,437		35,877		21,122		3,559		2,540		27,221
Noninterest expenses	642		1,409		5,864		7,915		566		1,346		5,554		7,466
Total inter-segment expenses	29,953		4,538		9,301		43,792		21,688		4,905		8,094		34,687
Total expenses	226,484		26,473		41,389		294,346		188,841		18,405		33,348		240,594
Income before taxes	$	59,708	$	752	$	26,465	$	86,925	$	59,593	$	630	$	23,380	$	83,603
Income tax provision							21,202								20,941
Consolidated net income							65,723								62,662
Net (loss) income attributable to noncontrolling interest							(38)								258
Net income attributable to WSFS							$	65,761							$	62,404
Supplemental Information
Capital expenditures for the period ended	$	4,220	$	—	$	13	$	4,233	$	856	$	—	$	—	$	856

The following table shows significant components of segment net assets as of March 31, 2024 and December 31, 2023:


	March 31, 2024								December 31, 2023
(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	$	750,657	$	173,291	$	53,123	$	977,071	$	600,483	$	443,431	$	48,986	$	1,092,900
Goodwill	753,586		—		132,312		885,898		753,586		—		132,312		885,898
Other segment assets	18,278,973		15,798		421,508		18,716,279		18,191,585		15,654		408,635		18,615,874
Total segment assets	$	19,783,216	$	189,089	$	606,943	$	20,579,248	$	19,545,654	$	459,085	$	589,933	$	20,594,672