SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2019

The following tables show segment results for the three and nine months ended September 30, 2019 and 2018:


	Three Months Ended September 30, 2019														Three Months Ended September 30, 2018
(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	$	138,585	$	—	$	2,677	$	141,262	$	72,836	$	—	$	2,579	$	75,415
Noninterest income	38,563		13,067		10,716		62,346		18,524		13,026		10,351		41,901
Total external customer revenues	177,148		13,067		13,393		203,608		91,360		13,026		12,930		117,316
Inter-segment revenues:
Interest income	2,855		—		5,592		8,447		4,002		—		3,020		7,022
Noninterest income	2,483		257		320		3,060		2,122		200		36		2,358
Total inter-segment revenues	5,338		257		5,912		11,507		6,124		200		3,056		9,380
Total revenue	182,486		13,324		19,305		215,115		97,484		13,226		15,986		126,696
External customer expenses:
Interest expense	19,056		—		1,373		20,429		11,461		—		857		12,318
Noninterest expenses	93,146		9,132		7,283		109,561		44,922		8,133		(601)		52,454
Provision for loan losses	3,954		—		167		4,121		3,776		—		(60)		3,716
Total external customer expenses	116,156		9,132		8,823		134,111		60,159		8,133		196		68,488
Inter-segment expenses:
Interest expense	5,592		1,730		1,125		8,447		3,020		2,885		1,117		7,022
Noninterest expenses	577		680		1,803		3,060		236		627		1,495		2,358
Total inter-segment expenses	6,169		2,410		2,928		11,507		3,256		3,512		2,612		9,380
Total expenses	122,325		11,542		11,751		145,618		63,415		11,645		2,808		77,868
Income before taxes	$	60,161	$	1,782	$	7,554	$	69,497	$	34,069	$	1,581	$	13,178	$	48,828
Income tax provision							15,902								9,893
Consolidated net income							53,595								38,935
Net loss attributable to noncontrolling interest							(287)								—
Net income attributable to WSFS							53,882								38,935


	Nine Months Ended September 30, 2019														Nine Months Ended September 30, 2018
(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	$	375,762	$	—	$	7,980	$	383,742	$	207,725	$	—	$	7,454	$	215,179
Noninterest income	74,697		38,824		32,818		146,339		57,175		36,707		30,473		124,355
Total external customer revenues	450,459		38,824		40,798		530,081		264,900		36,707		37,927		339,534
Inter-segment revenues:
Interest income	9,992		—		13,649		23,641		10,535		—		8,053		18,588
Noninterest income	6,522		626		717		7,865		6,449		581		107		7,137
Total inter-segment revenues	16,514		626		14,366		31,506		16,984		581		8,160		25,725
Total revenue	466,973		39,450		55,164		561,587		281,884		37,288		46,087		365,259
External customer expenses:
Interest expense	52,474		—		3,889		56,363		31,563		—		1,816		33,379
Noninterest expenses	267,138		26,055		21,808		315,001		126,862		23,357		13,478		163,697
Provision for loan losses	23,479		—		491		23,970		9,721		—		143		9,864
Total external customer expenses	343,091		26,055		26,188		395,334		168,146		23,357		15,437		206,940
Inter-segment expenses:
Interest expense	13,649		6,491		3,501		23,641		8,053		7,460		3,075		18,588
Noninterest expenses	1,343		1,923		4,599		7,865		688		1,936		4,513		7,137
Total inter-segment expenses	14,992		8,414		8,100		31,506		8,741		9,396		7,588		25,725
Total expenses	358,083		34,469		34,288		426,840		176,887		32,753		23,025		232,665
Income before taxes	$	108,890	$	4,981	$	20,876	$	134,747	$	104,997	$	4,535	$	23,062	$	132,594
Income tax provision							32,253								27,569
Consolidated net income							102,494								105,025
Net loss attributable to noncontrolling interest							(611)								—
Net income attributable to WSFS							103,105								105,025

The following table shows significant components of segment net assets as of September 30, 2019 and December 31, 2018:


	September 30, 2019														December 31, 2018
(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	$	255,440	$	313,964	$	10,895	$	580,299	$	115,147	$	491,863	$	13,747	$	620,757
Goodwill	452,759		—		20,199		472,958		145,808		—		20,199		166,007
Other segment assets	10,985,960		6,411		227,045		11,219,416		6,225,820		7,743		228,543		6,462,106
Total segment assets	$	11,694,159	$	320,375	$	258,139	$	12,272,673	$	6,486,775	$	499,606	$	262,489	$	7,248,870
Capital expenditures	$	9,160	$	1,411	$	130	$	10,701	$	4,779	$	375	$	344	$	5,498