SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2021

The following tables show segment results for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021								Three Months Ended March 31, 2020
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	119,131	$	—	$	2,150	$	121,281	$	131,309	$	—	$	2,546	$	133,855
Noninterest income	23,348		9,702		14,772		47,822		18,072		11,679		11,096		40,847
Total external customer revenues	142,479		9,702		16,922		169,103		149,381		11,679		13,642		174,702
Inter-segment revenues:
Interest income	844		269		2,695		3,808		1,943		—		2,849		4,792
Noninterest income	3,695		286		401		4,382		2,907		229		173		3,309
Total inter-segment revenues	4,539		555		3,096		8,190		4,850		229		3,022		8,101
Total revenue	147,018		10,257		20,018		177,293		154,231		11,908		16,664		182,803
External customer expenses:
Interest expense	6,904		—		192		7,096		16,747		—		958		17,705
Noninterest expenses	80,544		7,298		7,777		95,619		73,085		8,223		7,188		88,496
(Recovery of) provision for credit losses	(19,593)		—		(567)		(20,160)		55,034		—		1,612		56,646
Total external customer expenses	67,855		7,298		7,402		82,555		144,866		8,223		9,758		162,847
Inter-segment expenses:
Interest expense	2,964		180		664		3,808		2,849		954		989		4,792
Noninterest expenses	687		1,087		2,608		4,382		402		741		2,166		3,309
Total inter-segment expenses	3,651		1,267		3,272		8,190		3,251		1,695		3,155		8,101
Total expenses	71,506		8,565		10,674		90,745		148,117		9,918		12,913		170,948
Income before taxes	$	75,512	$	1,692	$	9,344	$	86,548	$	6,114	$	1,990	$	3,751	$	11,855
Income tax provision							21,407								1,288
Consolidated net income							65,141								10,567
Net loss attributable to noncontrolling interest							59								(360)
Net income attributable to WSFS							$	65,082							$	10,927
Supplemental Information
Capital expenditures for the period ended	$	1,270	$	—	$	—	$	1,270	$	2,282	$	211	$	38	$	2,531

The following table shows significant components of segment net assets as of March 31, 2021 and December 31, 2020:


	March 31, 2021								December 31, 2020
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Financial Condition
Cash and cash equivalents	$	1,627,674	$	423,406	$	13,081	$	2,064,161	$	1,246,394	$	397,878	$	10,463	$	1,654,735
Goodwill	452,629		—		20,199		472,828		452,629		—		20,199		472,828
Other segment assets	11,952,186		7,576		233,701		12,193,463		11,963,345		6,997		236,009		12,206,351
Total segment assets	$	14,032,489	$	430,982	$	266,981	$	14,730,452	$	13,662,368	$	404,875	$	266,671	$	14,333,914