Parent Company Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

23. PARENT COMPANY FINANCIAL INFORMATION

Condensed Statements of Income

	Year Ended December 31,
(Dollars in thousands)	2019		2018		2017
Income:
Interest income	$	5,589	$	1,591	$	3,167
Unrealized gains on equity investments	3,646		15,819		—
Noninterest income	240,408		28,038		20,528
	249,643		45,448		23,695
Expense:
Interest expense	7,490		7,290		9,168
Other operating expense	259		245		996
	7,749		7,535		10,164
Income before equity in undistributed income of subsidiaries	241,894		37,913		13,531
Equity in undistributed (loss) income of subsidiaries	(92,020)		97,626		35,722
Income before taxes	149,874		135,539		49,253
Income tax provision (benefit)	1,065		796		(991)
Net income attributable to WSFS	$	148,809	$	134,743	$	50,244

Condensed Statements of Financial Condition

	December 31,
(Dollars in thousands)	2019		2018
Assets:
Cash and cash equivalents	$	71,430	$	30,581
Investment in subsidiaries	1,943,866		923,381
Investment in the Trust	2,011		2,011
Other assets	4,041		31,050
Total assets	$	2,021,348	$	987,023
Liabilities:
Trust preferred borrowings	$	67,011	$	67,011
Senior debt	98,605		98,388
Accrued interest payable	405		443
Other liabilities	5,021		261
Total liabilities	171,042		166,103
Stockholders’ equity:
Common stock	575		569
Capital in excess of par value	1,049,064		349,810
Accumulated other comprehensive income (loss)	23,501		(15,394)
Retained earnings	917,377		791,031
Treasury stock	(140,211)		(305,096)
Total stockholders’ equity of WSFS	1,850,306		820,920
Total liabilities and stockholders’ equity of WSFS	$	2,021,348	$	987,023

Condensed Statements of Cash Flows 

	Year Ended December 31,
(Dollars in thousands)	2019		2018		2017
Operating activities:
Net income attributable to WSFS	$	148,809	$	134,743	$	50,244
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed loss (income) of subsidiaries	92,020		(97,626)		(35,722)
Realized gains on sale of equity investments	—		(3,757)		—
Unrealized gains on equity investments	(3,646)		(15,088)		—
Decrease in other assets	3,538		2,265		1,618
Increase (decrease) in other liabilities	6,012		(237)		1,422
Net cash provided by operating activities	246,733		20,300		17,562
Investing activities:
Payments for investment in and advances to subsidiaries	—		—		(1,360)
Sale or repayment of investments in and advances to subsidiaries	—		—		1,066
Sale of Visa Class B shares	—		6,186		—
Net cash for business combinations	(93,990)		—		—
Purchases of Visa Class B shares	—		(51)		(10,072)
Net cash (used for) provided by investing activities	(93,990)		6,135		(10,366)
Financing activities:
Issuance of common stock and exercise of common stock options	7,755		11,253		3,307
Repayment of senior debt	—		—		(55,000)
Purchase of treasury stock	(97,186)		(31,202)		(11,752)
Dividends paid	(22,463)		(13,249)		(9,425)
Net cash used for financing activities	(111,894)		(33,198)		(72,870)
Increase (decrease) in cash and cash equivalents	40,849		(6,763)		(65,674)
Cash and cash equivalents at beginning of period	30,581		37,344		103,018
Cash and cash equivalents at end of period	$	71,430	$	30,581	$	37,344