Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing

The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing:


(Dollars in thousands)	WSFS Bank		Wealth Management		Consolidated Company
December 31, 2017	$	145,808	$	20,199	$	166,007

Goodwill adjustments	—		—		—
December 31, 2018	145,808		20,199		166,007
Goodwill from business combinations	309,486		—		309,486
Remeasurement period adjustments	(2,665)		—		(2,665)
December 31, 2019	$	452,629	$	20,199	$	472,828

Summary of Other Intangible Assets

The following table summarizes our intangible assets:


(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets		Amortization Period
December 31, 2019
Core deposits	$	95,711	$	(13,326)	$	82,385	10 years
Customer relationships	17,561		(7,416)		10,145		7-15 years
Non-compete agreements	221		(146)		75		5 years
Loan servicing rights⁽¹⁾	4,880		(1,568)		3,312		10-25 years
Total other intangible assets	$	118,373	$	(22,456)	$	95,917
December 31, 2018
Core deposits	$	10,658	$	(5,285)	$	5,373	10 years
Customer relationships	17,561		(5,815)		11,746		7-15 years
Non-compete agreements	221		(101)		120		5 years
Loan servicing rights	2,652		(1,301)		1,351		10-30 years
Favorable lease asset⁽²⁾	1,932		(506)		1,426		10 months-18 years
Total other intangible assets	$	33,024	$	(13,008)	$	20,016

⁽¹⁾Includes impairment losses of $0.5 million for the year ended December 31, 2019

⁽²⁾The favorable lease asset was fully amortized and written off during the year ended December 31, 2019 as a result of our adoption of ASU 2016-02 on January 1, 2019. See Note 2 for further information.

Schedule of Estimated Amortization Expense of Intangibles

The following presents the estimated amortization expense of intangibles:


(Dollars in thousands)	Amortization of Intangibles
2020	$	11,603
2021	11,160
2022	10,989
2023	10,870
2024	10,725
Thereafter	40,570
Total	$	95,917