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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest income:        
Interest and fees on loans and leases $ 124,800 $ 67,164 $ 340,918 $ 192,071
Interest on mortgage-backed securities 12,989 6,662 35,684 18,251
Interest and dividends on investment securities:        
Taxable 29 14 79 47
Tax-exempt 939 1,065 2,963 3,260
Other interest income 2,505 510 4,098 1,550
Total interest income 141,262 75,415 383,742 215,179
Interest expense:        
Interest on deposits 16,851 7,977 43,916 19,585
Interest on Federal Home Loan Bank advances 1,099 2,097 4,495 7,096
Interest on senior debt 1,179 1,179 3,538 3,538
Interest on federal funds purchased 602 381 2,194 1,261
Interest on trust preferred borrowings 693 677 2,136 1,871
Interest on other borrowings 5 7 84 28
Total interest expense 20,429 12,318 56,363 33,379
Net interest income 120,833 63,097 327,379 181,800
Provision for loan losses 4,121 3,716 23,970 9,864
Net interest income after provision for loan losses 116,712 59,381 303,409 171,936
Noninterest income:        
Loan fee income 823 693 2,358 1,859
Securities gains, net 0 0 78 21
Unrealized gains on equity investments 21,344 3,249 26,175 18,595
Realized gain on sale of equity investment 0 3,757 0 3,757
Bank owned life insurance income 277 96 877 328
Total non interest income 62,346 41,901 146,339 124,355
Noninterest expense:        
Salaries, benefits and other compensation 48,914 30,641 133,669 91,438
Occupancy expense 9,085 4,697 24,262 14,953
Equipment expense 5,564 3,258 14,997 9,523
Data processing and operations expenses 3,861 1,962 10,180 5,765
Professional fees 3,180 2,358 7,967 6,403
Marketing expense 1,373 1,499 4,910 3,341
FDIC expenses (227) 518 1,435 1,632
Loan workout and OREO expenses 574 (19) 1,827 1,088
Corporate development expense 10,517 3,794 51,090 4,251
Restructuring expense 8,360 0 14,603 0
Recovery of legal settlement 0 (7,938) 0 (7,938)
Recovery of fraud loss 0 (10) 0 (1,675)
Other operating expense 18,360 11,694 50,061 34,916
Total non interest expenses 109,561 52,454 315,001 163,697
Income before taxes 69,497 48,828 134,747 132,594
Income tax provision 15,902 9,893 32,253 27,569
Net income 53,595 38,935 102,494 105,025
Less: Net loss attributable to noncontrolling interest (287) 0 (611) 0
Net income attributable to WSFS $ 53,882 $ 38,935 $ 103,105 $ 105,025
Earnings per share:        
Basic (in dollars per share) $ 1.02 $ 1.22 $ 2.13 $ 3.32
Diluted (in dollars per share) $ 1.02 $ 1.20 $ 2.12 $ 3.26
Credit/debit card and ATM income        
Noninterest income:        
Noninterest fee income $ 13,115 $ 11,239 $ 38,307 $ 31,753
Investment management and fiduciary income        
Noninterest income:        
Noninterest fee income 10,459 10,029 30,988 29,462
Deposit service charges        
Noninterest income:        
Noninterest fee income 6,139 4,670 16,988 13,964
Mortgage banking activities, net        
Noninterest income:        
Noninterest fee income 3,152 1,509 8,090 4,938
Other income        
Noninterest income:        
Noninterest fee income $ 7,037 $ 6,659 $ 22,478 $ 19,678