SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

The following tables show segment results for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30, 2024								Three Months Ended September 30, 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	$	267,430	$	—	$	5,954	$	273,384	$	245,520	$	—	$	5,619	$	251,139
Noninterest income	21,338		31,805		37,015		90,158		18,371		21,231		33,066		72,668
Total external customer revenues	288,768		31,805		42,969		363,542		263,891		21,231		38,685		323,807
Inter-segment revenues:
Interest income	8,587		293		28,414		37,294		7,213		340		27,011		34,564
Noninterest income	8,901		468		227		9,596		7,384		499		190		8,073
Total inter-segment revenues	17,488		761		28,641		46,890		14,597		839		27,201		42,637
Total revenue	306,256		32,566		71,610		410,432		278,488		22,070		65,886		366,444
External customer expenses:
Interest expense	86,768		—		9,112		95,880		60,133		—		8,404		68,537
Noninterest expenses	118,219		24,481		21,023		163,723		105,655		15,524		18,510		139,689
Provision for (release of) credit losses	18,426		—		(4)		18,422		18,544		—		(130)		18,414
Total external customer expenses	223,413		24,481		30,131		278,025		184,332		15,524		26,784		226,640
Inter-segment expenses:
Interest expense	28,707		4,885		3,702		37,294		27,351		4,068		3,145		34,564
Noninterest expenses	695		1,571		7,330		9,596		689		1,391		5,993		8,073
Total inter-segment expenses	29,402		6,456		11,032		46,890		28,040		5,459		9,138		42,637
Total expenses	252,815		30,937		41,163		324,915		212,372		20,983		35,922		269,277
Income before taxes	$	53,441	$	1,629	$	30,447	$	85,517	$	66,116	$	1,087	$	29,964	$	97,167
Income tax provision							21,108								22,904
Consolidated net income							64,409								74,263
Net (loss) income attributable to noncontrolling interest							(26)								97
Net income attributable to WSFS							$	64,435							$	74,166
Supplemental Information
Capital expenditures for the period ended	$	2,896	$	124	$	618	$	3,638	$	1,131	$	—	$	10	$	1,141


	Nine Months Ended September 30, 2024								Nine Months Ended September 30, 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	$	782,950	$	—	$	17,293	$	800,243	$	703,210	$	—	$	16,081	$	719,291
Noninterest income	60,198		89,155		108,260		257,613		46,610		59,402		96,654		202,666
Total external customer revenues	843,148		89,155		125,553		1,057,856		749,820		59,402		112,735		921,957
Inter-segment revenues:
Interest income	23,132		1,119		84,606		108,857		20,037		1,058		72,686		93,781
Noninterest income	24,662		1,381		698		26,741		21,545		1,455		389		23,389
Total inter-segment revenues	47,794		2,500		85,304		135,598		41,582		2,513		73,075		117,170
Total revenue	890,942		91,655		210,857		1,193,454		791,402		61,915		185,810		1,039,127
External customer expenses:
Interest expense	241,528		—		31,484		273,012		152,582		—		19,733		172,315
Noninterest expenses	335,488		70,358		62,717		468,563		314,751		43,562		55,674		413,987
Provision for credit losses	53,046		—		328		53,374		62,589		—		666		63,255
Total external customer expenses	630,062		70,358		94,529		794,949		529,922		43,562		76,073		649,557
Inter-segment expenses:
Interest expense	85,725		12,308		10,824		108,857		73,744		11,478		8,559		93,781
Noninterest expenses	2,079		4,630		20,032		26,741		1,844		4,221		17,324		23,389
Total inter-segment expenses	87,804		16,938		30,856		135,598		75,588		15,699		25,883		117,170
Total expenses	717,866		87,296		125,385		930,547		605,510		59,261		101,956		766,727
Income before taxes	$	173,076	$	4,359	$	85,472	$	262,907	$	185,892	$	2,654	$	83,854	$	272,400
Income tax provision							63,567								66,880
Consolidated net income							199,340								205,520
Net (loss) income attributable to noncontrolling interest							(129)								272
Net income attributable to WSFS							$	199,469							$	205,248
Supplemental Information
Capital expenditures for the period ended	$	9,289	$	247	$	1,059	$	10,595	$	2,943	$	—	$	10	$	2,953

The following table shows significant components of segment net assets as of September 30, 2024 and December 31, 2023:


	September 30, 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	$	585,912	$	366,675	$	38,331	$	990,918	$	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	18,574,502		17,097		436,794		19,028,393		18,191,585		15,654		408,635		18,615,874
Total segment assets	$	19,914,000	$	383,772	$	607,437	$	20,905,209	$	19,545,654	$	459,085	$	589,933	$	20,594,672