SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2025

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 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 unaudited Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth and Trust.

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 and Trust segment (previously referred to as 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 third-party 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.

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 table shows segment results for the three months ended June 30, 2025 and 2024, 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.

	Three Months Ended June 30, 2025								Three Months Ended June 30, 2024
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth and Trust		Total		WSFS Bank		Cash Connect®		Wealth and Trust		Total
Statements of Income
External client revenues:
Interest income	$	246,891	$	—	$	6,299	$	253,190	$	259,387	$	—	$	5,850	$	265,237
Interest expense	66,142		—		7,553		73,695		79,681		—		11,107		90,788
Net interest income	180,749		—		(1,254)		179,495		179,706		—		(5,257)		174,449
Noninterest income	19,475		24,301		44,233		88,009		22,640		31,000		37,958		91,598
Total external client revenues	200,224		24,301		42,979		267,504		202,346		31,000		32,701		266,047
Inter-segment revenues:
Interest income	7,950		465		28,107		36,522		7,979		386		27,321		35,686
Interest expense	28,572		4,077		3,873		36,522		27,707		4,294		3,685		35,686
Net interest income	(20,622)		(3,612)		24,234		—		(19,728)		(3,908)		23,636		—
Noninterest income	9,105		452		304		9,861		8,488		478		264		9,230
Total inter-segment revenues	(11,517)		(3,160)		24,538		9,861		(11,240)		(3,430)		23,900		9,230
Total revenue	188,707		21,141		67,517		277,365		191,106		27,570		56,601		275,277
External client expenses:
Provision for credit losses	8,172		—		4,449		12,621		19,800		—		14		19,814
Noninterest expenses:
Salaries, benefits and other compensation	70,136		2,587		16,422		89,145		66,621		2,671		13,957		83,249
Occupancy expense	8,501		—		328		8,829		9,101		11		261		9,387
Equipment expense	11,290		—		2,488		13,778		9,398		—		2,214		12,054
Professional fees	3,456		—		2,755		6,211		2,982		—		1,669		4,781
Other segment items(1)	24,886		13,676		2,818		41,380		22,535		21,260		3,088		46,297
Total external client expenses	126,441		16,263		29,260		171,964		130,437		23,942		21,203		175,582
Inter-segment expenses:
Noninterest expenses	756		1,585		7,520		9,861		742		1,650		6,838		9,230
Total inter-segment expenses	756		1,585		7,520		9,861		742		1,650		6,838		9,230
Total expenses	127,197		17,848		36,780		181,825		131,179		25,592		28,041		184,812
Income before taxes	$	61,510	$	3,293	$	30,737	$	95,540	$	59,927	$	1,978	$	28,560	$	90,465
Income tax provision							23,319								21,257
Consolidated net income							72,221								69,208
Net loss attributable to noncontrolling interest							(105)								(65)
Net income attributable to WSFS							$	72,326							$	69,273
Supplemental Information
Capital expenditures for the period ended	$	1,774	$	67	$	135	$	1,976	$	2,173	$	123	$	428	$	2,724

(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 and Trust - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses

	Six Months Ended June 30, 2025							Six Months Ended June 30, 2024
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total	WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External client revenues:
Interest income	491,768		—		12,300		504,068	515,520		—		11,339		526,859
Interest expense	134,075		—		15,282		149,357	154,760		—		22,372		177,132
Net interest income	357,693		—		(2,982)		354,711	360,760		—		(11,033)		349,727
Noninterest income	36,170		48,836		83,900		168,906	38,860		57,350		71,245		167,455
Total external client revenues	393,863		48,836		80,918		523,617	399,620		57,350		60,212		517,182
Inter-segment revenues:
Interest income	15,484		886		53,749		70,119	14,545		826		56,192		71,563
Interest expense	54,635		7,974		7,510		70,119	57,018		7,423		7,122		71,563
Net interest income	(39,151)		(7,088)		46,239		—	(42,473)		(6,597)		49,070		—
Noninterest income	17,327		850		518		18,695	15,761		913		471		17,145
Total inter-segment revenues	(21,824)		(6,238)		46,757		18,695	(26,712)		(5,684)		49,541		17,145
Total revenue	372,039		42,598		127,675		542,312	372,908		51,666		109,753		534,327
External client expenses:
Provision for credit losses	24,683		—		5,288		29,971	34,620		—		332		34,952
Noninterest expenses:
Salaries, benefits and other compensation	134,073		5,208		32,341		171,622	125,916		5,225		27,914		159,055
Occupancy expense	18,026		—		696		18,722	18,329		25		512		18,866
Equipment expense	21,336		—		5,170		26,506	18,096		—		3,772		22,746
Professional fees	6,641		—		4,268		10,909	5,648		—		3,402		9,262
Other segment items(1)	48,342		29,513		5,524		83,379	49,280		40,627		6,094		94,911
Total external client expenses	253,101		34,721		53,287		341,109	251,889		45,877		42,026		339,792
Inter-segment expenses:
Noninterest expenses	1,368		3,030		14,297		18,695	1,384		3,059		12,702		17,145
Total inter-segment expenses	1,368		3,030		14,297		18,695	1,384		3,059		12,702		17,145
Total expenses	254,469		37,751		67,584		359,804	253,273		48,936		54,728		356,937
Income before taxes	$	117,570	$	4,847	$	60,091	182,508	$	119,635	$	2,730	$	55,025	177,390
Income tax provision							44,420							42,459
Consolidated net income							138,088							134,931
Net loss attributable to noncontrolling interest							(134)							(103)
Net income attributable to WSFS							138,222							135,034
Supplemental Information
Capital expenditures for the period ended	3,795		109		503		4,407	6,393		123		441		6,957

The following table shows significant components of segment net assets as of June 30, 2025 and December 31, 2024:

	June 30, 2025								December 31, 2024
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth and Trust		Total		WSFS Bank		Cash Connect®		Wealth and Trust		Total
Statements of Financial Condition
Cash and cash equivalents	$	893,287	$	400,218	$	37,993	$	1,331,498	$	686,735	$	424,907	$	43,176	$	1,154,818
Goodwill	753,586		—		131,638		885,224		753,586		—		132,312		885,898
Other segment assets	18,064,292		10,214		472,064		18,546,570		18,292,205		12,536		468,846		18,773,587
Total segment assets	$	19,711,165	$	410,432	$	641,695	$	20,763,292	$	19,732,526	$	437,443	$	644,334	$	20,814,303