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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income $ 102,494 $ 105,025
Less: Net loss attributable to noncontrolling interest (611) 0
Net income attributable to WSFS 103,105 105,025
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 23,970 9,864
Depreciation of premises and equipment, net 11,139 6,347
Amortization of fees and discounts, net (32,308) 11,952
Amortization of intangible assets 8,348 2,223
Amortization of right of use lease asset 19,842  
Decrease in operating lease liability (9,999)  
Income from mortgage banking activities, net (8,090) (4,938)
Gain on sale of securities, net (78) (21)
Loss on sale of other real estate owned and valuation adjustments, net 63 83
Stock-based compensation expense 1,994 1,857
Unrealized gain on equity investments (26,175) (18,595)
Deferred income tax expense 6,106 3,330
Decrease (increase) in accrued interest receivable 729 (1,926)
Decrease in other assets 8,582 3,171
Origination of loans held for sale (325,103) (265,674)
Proceeds from sales of loans held for sale 271,679 257,026
Increase in accrued interest payable 7,581 6,083
Increase (decrease) in other liabilities 17,938 (5,273)
Increase in value of bank owned life insurance (1,590) (311)
Increase in capitalized interest, net (2,698) (2,795)
Net cash provided by operating activities 75,035 107,428
Investing activities:    
Repayments, maturities and calls of investment securities held to maturity 15,130 7,055
Sale of investment securities available for sale 602,467 7,012
Purchases of investment securities available for sale (800,020) (280,401)
Repayments of investment securities available for sale 170,646 82,501
Proceeds from bank-owned life insurance surrender 59,710 96,429
Net decrease (increase) in loans 125,511 (119,641)
Net cash from business combinations (76,072) 0
Purchases of stock of Federal Home Loan Bank of Pittsburgh (176,966) (137,199)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 196,777 151,943
Sales of other real estate owned 1,866 2,323
Investment in premises and equipment (10,701) (4,910)
Sales of premises and equipment 71 201
Net cash provided by (used in) investing activities 260,563 (194,687)
Financing activities:    
Net increase in demand and saving deposits 55,527 341,411
(Decrease) increase in time deposits (81,783) 83,788
(Decrease) increase in brokered deposits (161,892) 57,638
Receipts from FHLB advances 27,146,456 85,335,984
Repayments of FHLB advances (27,109,246) (85,707,520)
Receipts from federal funds purchased 21,475,000 18,821,100
Repayments of federal funds purchased (21,632,975) (18,849,100)
Dividends paid (16,208) (9,797)
Issuance of common stock and exercise of common stock options 7,340 9,776
Change in noncontrolling interest (535) 0
Purchase of common stock (57,740) (8,515)
Net cash (used in) provided by financing activities (376,056) 74,765
Decrease in cash and cash equivalents (40,458) (12,494)
Cash and cash equivalents at beginning of period 620,757 723,866
Cash and cash equivalents at end of period 580,299 711,372
Supplemental disclosure of cash flow information:    
Interest 48,782 27,297
Income taxes 24,579 21,754
Non-cash information:    
Loans transferred to other real estate owned 2,344 1,907
Loans transferred to portfolio from held-for-sale at fair value 19,278 7,261
Fair value of assets acquired, net of cash received 5,032,299 0
Fair value of liabilities assumed 5,108,371 0
Right of use asset 121,288 0
Lease liability $ (132,346) $ 0