GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2021

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 the reportable operating segments for purposes of goodwill impairment testing:

(Dollars in thousands)	WSFS Bank		Cash Connect		Wealth Management		Consolidated Company
December 31, 2020	$	452,629	$	—	$	20,199	$	472,828
Goodwill adjustments	—		—		—		—
June 30, 2021	$	452,629	$	—	$	20,199	$	472,828

Summary of Other Intangible Assets

The following table summarizes the Company's intangible assets:

(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets		Amortization Period
June 30, 2021
Core deposits	$	93,811	$	(25,469)	$	68,342	10 years
Customer relationships	15,281		(7,238)		8,043		7-15 years
Non-compete agreements	221		(212)		9		5 years
Loan servicing rights(1)	5,639		(2,910)		2,729		10-25 years
Total intangible assets	$	114,952	$	(35,829)	$	79,123
December 31, 2020
Core deposits	$	95,711	$	(22,727)	$	72,984	10 years
Customer relationships	15,281		(6,600)		8,681		7-15 years
Non-compete agreements	221		(190)		31		5 years
Loan servicing rights(2)	5,302		(2,440)		2,862		10-25 years
Total intangible assets	$	116,515	$	(31,957)	$	84,558

(1)Includes impairment losses of $0.1 million and less than $0.1 million for the three and six months ended June 30, 2021.

(2)Includes impairment losses of $0.2 million for the year ended December 31, 2020

Schedule of Estimated Amortization Expense of Intangibles

The following table presents the estimated future amortization expense on intangible assets:

 

(Dollars in thousands)	June 30, 2021
Remaining in 2021	$	5,647
2022	11,132
2023	10,980
2024	10,800
2025	10,544
Thereafter	30,020
Total	$	79,123