Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Results

The following tables show segment results for the years ended December 31, 2020, 2019, and 2018:

	Year Ended December 31, 2020
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	505,258	$	—	$	9,147	$	514,405
Noninterest income	110,585		40,899		49,541		201,025
Total external customer revenues	615,843		40,899		58,688		715,430
Inter-segment revenues:
Interest income	4,930		851		10,747		16,528
Noninterest income	13,038		835		1,832		15,705
Total inter-segment revenues	17,968		1,686		12,579		32,233
Total revenue	633,811		42,585		71,267		747,663
External customer expenses:
Interest expense	46,428		—		2,022		48,450
Noninterest expenses	310,799		28,421		29,624		368,844
Provision for credit losses	149,453		—		3,727		153,180
Total external customer expenses	506,680		28,421		35,373		570,474
Inter-segment expenses
Interest expense	11,598		1,580		3,350		16,528
Noninterest expenses	2,667		3,340		9,698		15,705
Total inter-segment expenses	14,265		4,920		13,048		32,233
Total expenses	520,945		33,341		48,421		602,707
Income before taxes	$	112,866	$	9,244	$	22,846	$	144,956
Income tax provision							31,636
Consolidated net income							113,320
Net loss attributable to noncontrolling interest							(1,454)
Net income attributable to WSFS							$	114,774
Supplemental Information
Capital expenditures for the period ended	$	6,499	$	420	$	240	$	7,159

	Year Ended December 31, 2019
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	510,492	$	—	$	10,600	$	521,092
Noninterest income	92,898		51,143		44,068		188,109
Total external customer revenues	603,390		51,143		54,668		709,201
Inter-segment revenues:
Interest income	12,380		—		17,081		29,461
Noninterest income	9,654		890		902		11,446
Total inter-segment revenues	22,034		890		17,983		40,907
Total revenue	625,424		52,033		72,651		750,108
External customer expenses:
Interest expense	71,158		—		4,986		76,144
Noninterest expenses	348,351		35,377		29,399		413,127
Provision for loan and lease losses	24,884		—		676		25,560
Total external customer expenses	444,393		35,377		35,061		514,831
Inter-segment expenses
Interest expense	17,081		7,808		4,572		29,461
Noninterest expenses	1,792		2,754		6,900		11,446
Total inter-segment expenses	18,873		10,562		11,472		40,907
Total expenses	463,266		45,939		46,533		555,738
Income before taxes	$	162,158	$	6,094	$	26,118	$	194,370
Income tax provision							46,452
Consolidated net income							147,918
Net loss attributable to noncontrolling interest							(891)
Net income attributable to WSFS							$	148,809
Supplemental Information
Capital expenditures for the period ended	$	11,806	$	2,120	$	272	$	14,198

	Year Ended December 31, 2018
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	282,846	$	—	$	10,127	$	292,973
Noninterest income	70,894		50,679		40,968		162,541
Total external customer revenues	353,740		50,679		51,095		455,514
Inter-segment revenues:
Interest income	14,722		—		11,850		26,572
Noninterest income	8,793		774		145		9,712
Total inter-segment revenues	23,515		774		11,995		36,284
Total revenue	377,255		51,453		63,090		491,798
External customer expenses:
Interest expense	43,671		—		2,828		46,499
Noninterest expenses	172,254		32,378		20,415		225,047
Provision for loan and lease losses	12,934		—		236		13,170
Total external customer expenses	228,859		32,378		23,479		284,716
Inter-segment expenses
Interest expense	11,850		10,417		4,305		26,572
Noninterest expenses	919		2,603		6,190		9,712
Total inter-segment expenses	12,769		13,020		10,495		36,284
Total expenses	241,628		45,398		33,974		321,000
Income before taxes	$	135,627	$	6,055	$	29,116	$	170,798
Income tax provision							36,055
Consolidated net income							134,743
Net loss attributable to noncontrolling interest							—
Net income attributable to WSFS							$	134,743
Supplemental Information
Capital expenditures for the period ended	$	4,779	$	375	$	344	$	5,498

The following table shows significant components of segment net assets as of December 31, 2020 and 2019:

	December 31,
	2020								2019
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Cash and cash equivalents	$	1,246,394	$	397,878	$	10,463	$	1,654,735	$	202,792	$	357,494	$	11,466	$	571,752
Goodwill	452,629		—		20,199		472,828		452,629		—		20,199		472,828
Other segment assets	11,963,345		6,997		236,009		12,206,351		10,982,681		6,555		222,486		11,211,722
Total segment assets	$	13,662,368	$	404,875	$	266,671	$	14,333,914	$	11,638,102	$	364,049	$	254,151	$	12,256,302