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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest Income:      
Interest and fees on loans and leases $ 463,220 $ 260,506 $ 229,147
Interest on mortgage-backed securities 48,954 26,065 19,308
Interest and dividends on investment securities      
Taxable 131 61 137
Tax-exempt 3,884 4,317 4,511
Other interest income 4,903 2,024 1,623
Total interest income 521,092 292,973 254,726
Interest Expense:      
Interest on deposits 60,075 29,068 14,904
Interest on Federal Home Loan Bank advances 5,520 8,395 8,263
Interest on senior debt 4,717 4,717 7,228
Interest on trust preferred borrowings 2,772 2,573 1,940
Interest on federal funds purchased 2,971 1,695 972
Interest on other borrowings 89 51 148
Total interest expense 76,144 46,499 33,455
Net interest income 444,948 246,474 221,271
Provision for loan and lease losses 25,560 13,170 10,964
Net interest income after provision for loan and lease losses 419,388 233,304 210,307
Noninterest Income:      
Loan and lease fee income 3,577 2,492 2,218
Security gains, net 333 21 1,984
Unrealized gains on equity investments 26,175 20,745 0
Realized gain on sale of equity investment 0 3,757 0
Bank owned life insurance income 1,247 175 1,545
Total non interest income 188,109 162,541 124,644
Noninterest Expense:      
Salaries, benefits and other compensation 182,564 122,983 114,376
Occupancy expense 33,068 19,783 19,409
Equipment expense 20,879 12,609 12,564
Professional fees 11,167 8,733 8,597
Data processing and operations expenses 13,373 7,757 6,779
Marketing expense 6,714 4,586 3,083
FDIC expenses 1,483 2,117 2,216
Loan workout and OREO expenses 2,720 1,548 1,820
Corporate development expense 55,697 6,456 878
Restructuring expense 16,133 0 0
(Recovery of) provision for legal settlement 0 (7,938) 12,000
(Recovery of) provision for fraud loss (463) (1,675) 2,844
Early extinguishment of debt costs 0 0 695
Other operating expense 69,792 48,088 41,200
Total non interest expenses 413,127 225,047 226,461
Income before taxes 194,370 170,798 108,490
Income tax provision 46,452 36,055 58,246
Net income 147,918 134,743 50,244
Less: Net loss attributable to noncontrolling interest (891) 0 0
Net income attributable to WSFS $ 148,809 $ 134,743 $ 50,244
Basic (in dollars per share) $ 3.02 $ 4.27 $ 1.60
Diluted (in dollars per share) $ 3.00 $ 4.19 $ 1.56
Credit/debit card and ATM income      
Noninterest Income:      
Noninterest income $ 50,383 $ 43,837 $ 36,116
Investment management and fiduciary income      
Noninterest Income:      
Noninterest income 42,450 39,602 35,103
Deposit service charges      
Noninterest Income:      
Noninterest income 22,972 18,771 18,318
Mortgage banking activities, net      
Noninterest Income:      
Noninterest income 11,053 6,286 6,293
Other income      
Noninterest Income:      
Noninterest income $ 29,919 $ 26,855 $ 23,067