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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Interest and fees on loans and leases $ 235,977 $ 218,903 $ 691,495 $ 620,511
Interest on mortgage-backed securities 25,348 26,654 77,029 81,310
Interest and dividends on investment securities:        
Taxable 699 699 2,098 2,103
Tax-exempt 1,485 1,481 4,453 4,496
Other interest income 9,875 3,402 25,168 10,871
Total interest income 273,384 251,139 800,243 719,291
Interest expense:        
Interest on deposits 80,647 57,255 230,135 142,501
Interest on Federal Home Loan Bank advances 1,472 167 2,139 5,135
Interest Expense, Long-Term Debt 2,446 2,453 7,336 7,360
Interest on federal funds purchased 31 185 72 1,324
Interest on trust preferred borrowings 1,749 1,764 5,255 4,954
Interest on other borrowings 9,535 6,713 28,075 11,041
Total interest expense 95,880 68,537 273,012 172,315
Net interest income 177,504 182,602 527,231 546,976
Provision for credit losses 18,422 18,414 53,374 63,255
Net interest income after provision for credit losses 159,082 164,188 473,857 483,721
Noninterest income:        
Loan and lease fee income 1,513 1,621 4,742 4,183
Unrealized loss on equity investments, net 0 (5) 0 (9)
Realized gain on sale of equity investments, net 56 0 2,186 0
Bank owned life insurance income 1,540 1,697 3,533 3,967
Total non interest income 90,158 72,668 257,613 202,666
Noninterest expense:        
Salaries, benefits and other compensation 86,124 74,453 245,179 219,669
Occupancy expense 9,595 9,529 28,461 30,069
Equipment expense 12,076 10,563 34,822 31,165
Data processing and operations expenses 4,985 4,867 13,452 14,362
Professional fees 3,819 4,612 13,081 15,169
Marketing expense 2,053 2,049 5,855 5,930
FDIC expenses 2,882 2,534 9,254 7,979
Loan workout and other credit costs 1,684 (189) 1,477 292
Corporate development expense 46 113 412 3,649
Restructuring expense 0 0 0 (787)
Other operating expense 40,459 31,158 116,570 86,490
Noninterest expenses 163,723 139,689 468,563 413,987
Income before taxes 85,517 97,167 262,907 272,400
Income tax provision 21,108 22,904 63,567 66,880
Net income 64,409 74,263 199,340 205,520
Less: Net (loss) income attributable to noncontrolling interest (26) 97 (129) 272
Net income attributable to WSFS $ 64,435 $ 74,166 $ 199,469 $ 205,248
Earnings per share:        
Basic (in dollars per share) $ 1.09 $ 1.22 $ 3.34 $ 3.35
Diluted (in dollars per share) $ 1.08 $ 1.22 $ 3.33 $ 3.34
Weighted average shares of common stock outstanding:        
Basic (in shares) 59,185,848 60,941,922 59,788,212 61,264,862
Diluted (in shares) 59,393,651 61,039,317 59,956,324 61,367,802
Credit/debit card and ATM income        
Noninterest income:        
Noninterest income $ 24,621 $ 14,869 $ 68,165 $ 42,660
Investment management and fiduciary income        
Noninterest income:        
Noninterest income 36,648 32,720 107,182 95,575
Deposit service charges        
Noninterest income:        
Noninterest income 6,837 6,534 19,820 18,850
Mortgage banking activities, net        
Noninterest income:        
Noninterest income 2,067 1,254 5,931 3,680
Total other income        
Noninterest income:        
Noninterest income $ 16,876 $ 13,978 $ 46,054 $ 33,760