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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
14. 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 unaudited 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. Commercial and Consumer 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 three and six months ended June 30, 2024 and 2023:
 Three Months Ended June 30, 2024Three Months Ended June 30, 2023
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management		TotalWSFS Bank
Cash
Connect®
Wealth
Management		Total
Statements of Income
External customer revenues:
Interest income$259,387 $— $5,850 $265,237 $236,405 $— $5,364 $241,769 
Noninterest income22,640 31,000 37,958 91,598 14,089 19,992 32,790 66,871 
Total external customer revenues282,027 31,000 43,808 356,835 250,494 19,992 38,154 308,640 
Inter-segment revenues:
Interest income7,979 386 27,321 35,686 6,725 323 24,948 31,996 
Noninterest income8,488 478 264 9,230 7,261 495 94 7,850 
Total inter-segment revenues16,467 864 27,585 44,916 13,986 818 25,042 39,846 
Total revenue298,494 31,864 71,393 401,751 264,480 20,810 63,196 348,486 
External customer expenses:
Interest expense79,681 — 11,107 90,788 53,962 — 5,965 59,927 
Noninterest expenses110,637 23,942 21,189 155,768 108,147 14,538 18,568 141,253 
Provision for credit losses19,800 — 14 19,814 16,328 — (498)15,830 
Total external customer expenses210,118 23,942 32,310 266,370 178,437 14,538 24,035 217,010 
Inter-segment expenses:
Interest expense27,707 4,294 3,685 35,686 25,271 3,851 2,874 31,996 
Noninterest expenses742 1,650 6,838 9,230 589 1,484 5,777 7,850 
Total inter-segment expenses28,449 5,944 10,523 44,916 25,860 5,335 8,651 39,846 
Total expenses238,567 29,886 42,833 311,286 204,297 19,873 32,686 256,856 
Income before taxes$59,927 $1,978 $28,560 $90,465 $60,183 $937 $30,510 $91,630 
Income tax provision21,257 23,035 
Consolidated net income69,208 68,595 
Net (loss) income attributable to noncontrolling interest(65)(83)
Net income attributable to WSFS$69,273 $68,678 
Supplemental Information
Capital expenditures for the period ended$2,173 $123 $428 $2,724 $956 $— $— $956 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management		TotalWSFS Bank
Cash
Connect®
Wealth
Management		Total
Statements of Income
External customer revenues:
Interest income$515,520 $— $11,339 $526,859 $457,690 $— $10,462 $468,152 
Noninterest income38,860 57,350 71,245 167,455 28,239 38,171 63,588 129,998 
Total external customer revenues554,380 57,350 82,584 694,314 485,929 38,171 74,050 598,150 
Inter-segment revenues:
Interest income14,545 826 56,192 71,563 12,824 718 45,675 59,217 
Noninterest income15,761 913 471 17,145 14,161 956 199 15,316 
Total inter-segment revenues30,306 1,739 56,663 88,708 26,985 1,674 45,874 74,533 
Total revenue584,686 59,089 139,247 783,022 512,914 39,845 119,924 672,683 
External customer expenses:
Interest expense154,760 — 22,372 177,132 92,449 — 11,329 103,778 
Noninterest expenses217,269 45,877 41,694 304,840 209,096 28,038 37,164 274,298 
Provision for credit losses34,620 — 332 34,952 44,045 — 796 44,841 
Total external customer expenses406,649 45,877 64,398 516,924 345,590 28,038 49,289 422,917 
Inter-segment expenses:
Interest expense57,018 7,423 7,122 71,563 46,393 7,410 5,414 59,217 
Noninterest expenses1,384 3,059 12,702 17,145 1,155 2,830 11,331 15,316 
Total inter-segment expenses58,402 10,482 19,824 88,708 47,548 10,240 16,745 74,533 
Total expenses465,051 56,359 84,222 605,632 393,138 38,278 66,034 497,450 
Income before taxes$119,635 $2,730 $55,025 $177,390 $119,776 $1,567 $53,890 $175,233 
Income tax provision42,459 43,976 
Consolidated net income134,931 131,257 
Net income attributable to noncontrolling interest(103)175 
Net income attributable to WSFS$135,034 $131,082 
Supplemental Information
Capital expenditures for the period ended$6,393 $123 $441 $6,957 $1,812 $— $— $1,812 
The following table shows significant components of segment net assets as of June 30, 2024 and December 31, 2023:
 June 30, 2024December 31, 2023
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management		TotalWSFS Bank
Cash
Connect®
Wealth
Management		Total
Statements of Financial Condition
Cash and cash equivalents$609,850 $371,122 $40,744 $1,021,716 $600,483 $443,431 $48,986 $1,092,900 
Goodwill753,586 — 132,312 885,898 753,586 — 132,312 885,898 
Other segment assets18,393,939 20,302 422,675 18,836,916 18,191,585 15,654 408,635 18,615,874 
Total segment assets$19,757,375 $391,424 $595,731 $20,744,530 $19,545,654 $459,085 $589,933 $20,594,672