11.

SEGMENT INFORMATION

In accordance with FASB ASC 280, Segment Reporting (“ASC 280”) (Formerly SFAS No. 131, Disclosures About Segments of an Enterprise and Related Information) we discuss our business in three segments. An operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. We evaluate performance based on pretax ordinary income relative to resources used, and allocate resources based on these results. The accounting policies applicable to our segments are those that apply to our preparation of the accompanying Consolidated Financial Statements. There is one segment for each of WSFS Bank, Cash Connect, and Trust and Wealth Management.

The WSFS Bank segment provides financial products to commercial and retail customers through its 52 offices located in Delaware (42), Pennsylvania (8) and Virginia (1) and Nevada (1). Retail and Commercial Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS. These departments share the same regulator, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Because of these and other reasons, these departments are not considered discrete segments and are appropriately aggregated within the WSFS Bank segment in accordance with ASC 280.

Cash Connect provides turnkey ATM services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. The balance sheet category “Cash in non-owned ATMs” includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect.

The Trust and Wealth Management division provides a broad array of fiduciary, investment management, credit and deposit products to clients through four business lines. WSFS Investment Group, Inc. provides insurance and brokerage products primarily to our retail banking clients. Cypress Capital Management, LLC is a registered investment advisor with over $646 million in assets under management. Cypress’ primary market segment is high net worth individuals, offering a ‘balanced’ investment style focused on preservation of capital and current income. Christiana Trust, with $10.0 billion in assets under management and administration, provides fiduciary and investment services to personal trust clients, and trustee, agency, custodial and commercial domicile services to corporate and institutional clients. WSFS Private Banking serves high net worth clients by delivering credit and deposit products and partnering with Cypress, Christiana and WSFS Investment Group to deliver investment management and fiduciary products and services.

Segment information for the three months and six months ended June 30, 2014 and 2013 follows:

For the three months ended June 30, 2014:

WSFS Bank

Cash Connect

Trust &
Wealth
Management

Total

(In Thousands)

Statement of Operations

External customer revenues:

Interest income

37,480

—

1,933

39,413

Noninterest income

8,778

6,320

4,525

19,623

Total external customer revenues

46,258

6,320

6,458

59,036

Inter-segment revenues:

Interest income

834

—

1,342

2,176

Noninterest income

1,711

204

1,942

Total inter-segment revenues

2,545

204

1,369

4,118

Total revenue

48,803

6,524

7,827

63,154

External customer expenses:

Interest expense

3,831

—

105

3,936

Noninterest expenses

28,610

3,882

3,026

35,518

Provision for loan loss

(201

)

—

251

Total external customer expenses

32,240

3,882

3,382

39,504

Inter-segment expenses

Interest expense

1,342

328

506

2,176

Noninterest expenses

231

593

1,118

1,942

Total inter-segment expenses

1,573

921

1,624

4,118

Total expenses

33,813

4,803

5,006

43,622

Income before taxes

14,990

1,721

2,821

19,532

Provision for income taxes

6,807

Consolidated net income

12,725

Capital expenditures

815

—

848

As of June 30, 2014:

Statement of Condition

Cash and cash equivalents

89,284

383,072

2,833

475,189

Other segment assets

3,941,531

2,401

193,969

4,137,901

Total segment assets

4,030,815

385,473

196,802

4,613,090

For the three months ended June 30, 2013:


	WSFS Bank		Cash Connect		Trust & Wealth Management		Total
	(In Thousands)
Statement of Operations

External customer revenues:
Interest income	$	33,961	$	—	$	1,921	$	35,882
Noninterest income		9,333		6,025		4,181		19,539

Total external customer revenues		43,294		6,025		6,102		55,421


Inter-segment revenues:
Interest income		914		—		1,368		2,282
Noninterest income		1,701		223		28		1,952

Total inter-segment revenues		2,615		223		1,396		4,234


Total revenue		45,909		6,248		7,498		59,655


External customer expenses:
Interest expense		3,693		—		133		3,826
Noninterest expenses		26,731		3,167		3,254		33,152
Provision for loan loss		1,535		—		145		1,680

Total external customer expenses		31,959		3,167		3,532		38,658


Inter-segment expenses
Interest expense		1,368		405		509		2,282
Noninterest expenses		251		538		1,163		1,952

Total inter-segment expenses		1,619		943		1,672		4,234


Total expenses		33,578		4,110		5,204		42,892


Income before taxes	$	12,331	$	2,138	$	2,294	$	16,763
Provision for income taxes								5,855

Consolidated net income							$	10,908


Capital expenditures	$	272	$	277	$	—	$	549


As of December 31, 2013:
Statement of Condition

Cash and cash equivalents	$	73,017	$	408,096	$	3,313	$	484,426
Other segment assets		3,838,525		1,965		190,847		4,031,337

Total segment assets	$	3,911,542	$	410,061	$	194,160	$	4,515,763

For the six months ended June 30, 2014:

WSFS Bank

Cash Connect

Trust &
Wealth
Management

Total

(In Thousands)

Statement of Operations

External customer revenues:

Interest income

73,401

—

3,797

77,198

Noninterest income

17,173

12,334

8,480

37,987

Total external customer revenues

90,574

12,334

12,277

115,185

Inter-segment revenues:

Interest income

1,665

—

2,763

4,428

Noninterest income

3,449

397

3,899

Total inter-segment revenues

5,114

397

2,816

8,327

Total revenue

95,688

12,731

15,093

123,512

External customer expenses:

Interest expense

7,461

—

216

7,677

Noninterest expenses

56,222

7,432

6,042

69,696

Provision for loan loss

2,122

—

558

2,680

Total external customer expenses

65,805

7,432

6,816

80,053

Inter-segment expenses

Interest expense

2,763

659

1,006

4,428

Noninterest expenses

450

1,179

2,270

3,899

Total inter-segment expenses

3,213

1,838

3,276

8,327

Total expenses

69,018

9,270

10,092

88,380

Income before taxes

26,670

3,461

5,001

35,132

Provision for income taxes

5,496

Consolidated net income

29,636

Capital expenditures

1,293

1,385

As of June 30, 2014:

Statement of Condition

Cash and cash equivalents

89,284

383,072

2,833

475,189

Other segment assets

3,941,531

2,401

193,969

4,137,901

Total segment assets

4,030,815

385,473

196,802

4,613,090

For the six months ended June 30, 2013


	WSFS Bank		Cash Connect		Trust & Wealth Management		Total
	(In Thousands)
Statement of Operations

External customer revenues:
Interest income	$	67,561	$	—	$	3,912	$	71,473
Noninterest income		18,560		11,052		8,001		37,613

Total external customer revenues		86,121		11,052		11,913		109,086


Inter-segment revenues:
Interest income		1,817		—		2,799		4,616
Noninterest income		3,351		423		54		3,828

Total inter-segment revenues		5,168		423		2,853		8,444


Total revenue		91,289		11,475		14,766		117,530


External customer expenses:
Interest expense		7,533		—		304		7,837
Noninterest expenses		53,161		6,159		6,202		65,522
Provision for loan loss		3,781		—		130		3,911

Total external customer expenses		64,475		6,159		6,636		77,270


Inter-segment expenses
Interest expense		2,799		776		1,041		4,616
Noninterest expenses		477		1,088		2,263		3,828

Total inter-segment expenses		3,276		1,864		3,304		8,444


Total expenses		67,751		8,023		9,940		85,714


Income (loss) before taxes	$	23,538	$	3,452	$	4,826	$	31,816
Provision for income taxes								11,168

Consolidated net income							$	20,648


Capital expenditures	$	1,045	$	460	$	—	$	1,505


As of December 31, 2013:
Statement of Condition

Cash and cash equivalents	$	73,017	$	408,096	$	3,313	$	484,426
Other segment assets		3,838,525		1,965		190,847		4,031,337

Total segment assets	$	3,911,542	$	410,061	$	194,160	$	4,515,763