SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Details of Segment Information

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 expense	318,484		—		39,660		358,144
Net interest income	721,708		—		(16,270)		705,438
Noninterest income	78,249		114,539		148,132		340,920
Total external client revenues	799,957		114,539		131,862		1,046,358
Inter-segment revenues:
Interest income	31,036		1,441		113,329		145,806
Interest expense	114,770		16,645		14,391		145,806
Net interest income	(83,734)		(15,204)		98,938		—
Noninterest income	33,933		1,835		1,112		36,880
Total inter-segment revenues	(49,801)		(13,369)		100,050		36,880
Total revenue	750,156		101,170		231,912		1,083,238
External client expenses:
Provision for credit losses	60,710		—		700		61,410
Noninterest expenses:
Salaries, benefits and other compensation	264,281		10,209		58,192		332,682
Occupancy expense	36,486		28		1,065		37,579
Equipment expense	38,607		—		9,137		47,744
Professional fees	15,286		—		4,878		20,164
Other segment items(1)	104,180		83,641		11,699		199,520
Total external client expenses	519,550		93,878		85,671		699,099
Inter-segment expenses
Noninterest expenses	2,947		6,293		27,640		36,880
Total inter-segment expenses	2,947		6,293		27,640		36,880
Total expenses	522,497		100,171		113,311		735,979
Income before taxes	$	227,659	$	999	$	118,601	$	347,259
Income tax provision							83,764
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 expense	221,713		—		29,706		251,419
Net interest income	733,337		—		(8,234)		725,103
Noninterest income	74,951		82,468		132,452		289,871
Total external client revenues	808,288		82,468		124,218		1,014,974
Inter-segment revenues:
Interest income	28,202		1,384		98,895		128,481
Interest expense	100,279		16,348		11,854		128,481
Net interest income	(72,077)		(14,964)		87,041		—
Noninterest income	29,199		1,930		568		31,697
Total inter-segment revenues	(42,878)		(13,034)		87,609		31,697
Total revenue	765,410		69,434		211,827		1,046,671
External client expenses:
Provision for credit losses	87,529		—		542		88,071
Noninterest expenses:
Salaries, benefits and other compensation	229,740		9,395		50,058		289,193
Occupancy expense	40,694		296		1,194		42,184
Equipment expense	35,657		—		6,585		42,242
Professional fees	11,418		—		7,636		19,054
Other segment items(1)	108,194		49,794		10,972		168,960
Total external client expenses	513,232		59,485		76,987		649,704
Inter-segment expenses
Noninterest expenses	2,498		5,714		23,485		31,697
Total inter-segment expenses	2,498		5,714		23,485		31,697
Total expenses	515,730		65,199		100,472		681,401
Income before taxes	$	249,680	$	4,235	$	111,355	$	365,270
Income tax provision							96,245
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 expense	37,393		—		3,532		40,925
Net interest income	653,387		—		9,503		662,890
Noninterest income	79,800		55,519		124,815		260,134
Total external client revenues	733,187		55,519		134,318		923,024
Inter-segment revenues:
Interest income	14,348		1,536		46,539		62,423
Interest expense	48,075		9,831		4,517		62,423
Net interest income	(33,727)		(8,295)		42,022		—
Noninterest income	27,534		1,610		654		29,798
Total inter-segment revenues	(6,193)		(6,685)		42,676		29,798
Total revenue	726,994		48,834		176,994		952,822
External client expenses:
Provision for credit losses	47,921		—		168		48,089
Noninterest expenses:
Salaries, benefits and other compensation	226,354		8,113		49,438		283,905
Occupancy expense	39,362		299		1,224		40,885
Equipment expense	37,280		—		3,714		40,994
Professional fees	15,485		—		5,391		20,876
Other segment items(1)	147,518		28,365		11,783		187,666
Total external client expenses	513,920		36,777		71,718		622,415
Inter-segment expenses
Noninterest expenses	2,264		4,720		22,814		29,798
Total inter-segment expenses	2,264		4,720		22,814		29,798
Total expenses	516,184		41,497		94,532		652,213
Income before taxes	$	210,810	$	7,337	$	82,462	$	300,609
Income tax provision							77,961
Consolidated net income							$	222,648
Net income attributable to noncontrolling interest							273
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,
	2024								2023
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS 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
Goodwill	753,586		—		132,312		885,898		753,586		—		132,312		885,898
Other segment assets	18,292,205		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