XML 47 R31.htm IDEA: XBRL DOCUMENT v3.25.0.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
21. 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 maker (CODM) 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 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 Clients. Commercial and Consumer Banking and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same Clients 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 clients 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 years ended December 31, 2024, 2023, and 2022, and represent amounts included in management's reports that are regularly provided to the Company's CODM: Rodger Levenson, Chairman, President and Chief Executive Officer. The CODM evaluates performance based on pretax net income relative to resources used, and allocates resources based on these results.
 
Year Ended December 31, 2024
(Dollars in thousands)
WSFS
Bank
Cash
Connect®
Wealth
Management
Total
Statements of Income
External client revenues:
Interest income$1,040,192 $— $23,390 $1,063,582 
Interest expense318,484 — 39,660 358,144 
Net interest income721,708 — (16,270)705,438 
Noninterest income78,249 114,539 148,132 340,920 
Total external client revenues799,957 114,539 131,862 1,046,358 
Inter-segment revenues:
Interest income31,036 1,441 113,329 145,806 
Interest expense114,770 16,645 14,391 145,806 
Net interest income(83,734)(15,204)98,938 — 
Noninterest income33,933 1,835 1,112 36,880 
Total inter-segment revenues(49,801)(13,369)100,050 36,880 
Total revenue750,156 101,170 231,912 1,083,238 
External client expenses:
Provision for credit losses60,710 — 700 61,410 
Noninterest expenses:
Salaries, benefits and other compensation264,281 10,209 58,192 332,682 
Occupancy expense36,486 28 1,065 37,579 
Equipment expense38,607 — 9,137 47,744 
Professional fees15,286 — 4,878 20,164 
Other segment items(1)
104,180 83,641 11,699 199,520 
Total external client expenses519,550 93,878 85,671 699,099 
Inter-segment expenses
Noninterest expenses2,947 6,293 27,640 36,880 
Total inter-segment expenses2,947 6,293 27,640 36,880 
Total expenses522,497 100,171 113,311 735,979 
Income before taxes$227,659 $999 $118,601 $347,259 
Income tax provision83,764 
Consolidated net income$263,495 
Net loss attributable to noncontrolling interest(176)
Net income attributable to WSFS$263,671 
Supplemental Information
Capital expenditures for the period ended$12,305 $204 $1,749 $14,258 
(1)Other segment items for each reportable segment includes:
WSFS Bank - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, corporate development expense, restructuring expense, and certain other noninterest expenses.
Cash Connect® - data processing and operation expense, marketing expense, and certain other noninterest expenses, which includes external funding costs.
Wealth Management - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses.
Year Ended December 31, 2023
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management
Total
Statements of Income
External client revenues:
Interest income$955,050 $— $21,472 $976,522 
Interest expense221,713 — 29,706 251,419 
Net interest income733,337 — (8,234)725,103 
Noninterest income74,951 82,468 132,452 289,871 
Total external client revenues808,288 82,468 124,218 1,014,974 
Inter-segment revenues:
Interest income28,202 1,384 98,895 128,481 
Interest expense100,279 16,348 11,854 128,481 
Net interest income(72,077)(14,964)87,041 — 
Noninterest income29,199 1,930 568 31,697 
Total inter-segment revenues(42,878)(13,034)87,609 31,697 
Total revenue765,410 69,434 211,827 1,046,671 
External client expenses:
Provision for credit losses87,529 — 542 88,071 
Noninterest expenses:
Salaries, benefits and other compensation229,740 9,395 50,058 289,193 
Occupancy expense40,694 296 1,194 42,184 
Equipment expense35,657 — 6,585 42,242 
Professional fees11,418 — 7,636 19,054 
Other segment items(1)
108,194 49,794 10,972 168,960 
Total external client expenses513,232 59,485 76,987 649,704 
Inter-segment expenses
Noninterest expenses2,498 5,714 23,485 31,697 
Total inter-segment expenses2,498 5,714 23,485 31,697 
Total expenses515,730 65,199 100,472 681,401 
Income before taxes$249,680 $4,235 $111,355 $365,270 
Income tax provision96,245 
Consolidated net income$269,025 
Net loss 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 
(1)Other segment items for each reportable segment includes:
WSFS Bank - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, corporate development expense, restructuring expense, and certain other noninterest expenses.
Cash Connect® - data processing and operation expense, marketing expense, and certain other noninterest expenses, which includes external funding costs.
Wealth Management - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses.
Year Ended December 31, 2022
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management
Total
Statements of Income
External client revenues:
Interest income$690,780 $— $13,035 $703,815 
Interest expense37,393 — 3,532 40,925 
Net interest income653,387 — 9,503 662,890 
Noninterest income79,800 55,519 124,815 260,134 
Total external client revenues733,187 55,519 134,318 923,024 
Inter-segment revenues:
Interest income14,348 1,536 46,539 62,423 
Interest expense48,075 9,831 4,517 62,423 
Net interest income(33,727)(8,295)42,022 — 
Noninterest income27,534 1,610 654 29,798 
Total inter-segment revenues(6,193)(6,685)42,676 29,798 
Total revenue726,994 48,834 176,994 952,822 
External client expenses:
Provision for credit losses47,921 — 168 48,089 
Noninterest expenses:
Salaries, benefits and other compensation226,354 8,113 49,438 283,905 
Occupancy expense39,362 299 1,224 40,885 
Equipment expense37,280 — 3,714 40,994 
Professional fees15,485 — 5,391 20,876 
Other segment items(1)
147,518 28,365 11,783 187,666 
Total external client expenses513,920 36,777 71,718 622,415 
Inter-segment expenses
Noninterest expenses2,264 4,720 22,814 29,798 
Total inter-segment expenses2,264 4,720 22,814 29,798 
Total expenses516,184 41,497 94,532 652,213 
Income before taxes$210,810 $7,337 $82,462 $300,609 
Income tax provision77,961 
Consolidated net income$222,648 
Net income attributable to noncontrolling interest273 
Net income attributable to WSFS$222,375 
Supplemental Information
Capital expenditures for the period ended$8,793 $16 $— $8,809 
(1)Other segment items for each reportable segment includes:
WSFS Bank - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, corporate development expense, restructuring expense, and certain other noninterest expenses.
Cash Connect® - data processing and operation expense, marketing expense, and certain other noninterest expenses, which includes external funding costs.
Wealth Management - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses.
The following table shows significant components of segment net assets as of December 31, 2024 and 2023:
December 31,
20242023
(Dollars in thousands)WSFS
Bank
Cash
Connect®
Wealth
Management		TotalWSFS
Bank
Cash
Connect®
Wealth
Management		Total
Cash and cash equivalents$686,735 $424,907 $43,176 $1,154,818 $600,483 $443,431 $48,986 $1,092,900 
Goodwill753,586 — 132,312 885,898 753,586 — 132,312 885,898 
Other segment assets18,292,205 12,536 468,846 18,773,587 18,191,585 15,654 408,635 18,615,874 
Total segment assets$19,732,526 $437,443 $644,334 $20,814,303 $19,545,654 $459,085 $589,933 $20,594,672