Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Details of Segment Information

Segment information for the three months ended June 30, 2016 and 2015 follows:

For the three months ended June 30, 2016:

(In Thousands)	WSFS Bank		Cash Connect		Wealth Management		Total
Statement of Operations
External customer revenues:
Interest income	$	49,492	$	—	$	2,011	$	51,503
Noninterest income		10,173		8,138		6,538		24,849
Total external customer revenues		59,665		8,138		8,549		76,352
Inter-segment revenues:
Interest income		1,135		—		1,652		2,787
Noninterest income		2,011		210		25		2,246
Total inter-segment revenues		3,146		210		1,677		5,033
Total revenue		62,811		8,348		10,226		81,385
External customer expenses:
Interest expense		4,896		—		193		5,089
Noninterest expenses		34,462		4,831		4,734		44,027
Provision for loan losses		1,191		—		63		1,254
Total external customer expenses		40,549		4,831		4,990		50,370
Inter-segment expenses:
Interest expense		1,652		628		507		2,787
Noninterest expenses		235		727		1,284		2,246
Total inter-segment expenses		1,887		1,355		1,791		5,033
Total expenses		42,436		6,186		6,781		55,403
Income before taxes	$	20,375	$	2,162	$	3,445	$	25,982
Income tax provision								8,504
Consolidated net income							$	17,478
Capital expenditures	$	2,235	$	404	$	6	$	2,645
As of June 30, 2016:
Statement of Condition
Cash and cash equivalents	$	84,919	$	617,339	$	1,635	$	703,893
Goodwill		79,718		—		5,134		84,852
Other segment assets		4,843,166		3,419		198,777		5,045,362
Total segment assets	$	5,007,803	$	620,758	$	205,546	$	5,834,107

For the three months ended June 30, 2015:

(In Thousands)	WSFS Bank		Cash Connect		Wealth Management		Total
Statement of Operations
External customer revenues:
Interest income	$	41,043	$	—	$	2,012	$	43,055
Noninterest income		9,482		7,068		5,908		22,458
Total external customer revenues		50,525		7,068		7,920		65,513
Inter-segment revenues:
Interest income		876		—		1,638		2,514
Noninterest income		1,998		214		29		2,241
Total inter-segment revenues		2,874		214		1,667		4,755
Total revenue		53,399		7,282		9,587		70,268
External customer expenses:
Interest expense		3,822		—		143		3,965
Noninterest expenses		29,921		4,350		4,383		38,654
Provision for loan losses		3,610		—		163		3,773
Total external customer expenses		37,353		4,350		4,689		46,392
Inter-segment expenses
Interest expense		1,638		389		487		2,514
Noninterest expenses		243		644		1,354		2,241
Total inter-segment expenses		1,881		1,033		1,841		4,755
Total expenses		39,234		5,383		6,530		51,147
Income before taxes	$	14,165	$	1,899	$	3,057	$	19,121
Income tax provision								6,887
Consolidated net income								12,234
Capital expenditures (1)	$	1,083	$	987	$	12	$	2,082
As of December 31, 2015:
Statement of Condition
Cash and cash equivalents	$	65,663	$	493,165	$	2,351	$	561,179
Goodwill		80,078		—		5,134		85,212
Other segment assets		4,745,670		—		192,576		4,938,246
Total segment assets	$	4,891,411	$	493,165	$	200,061	$	5,584,637

(1) Capital expenditures amounts have been adjusted to correct errors that were not material to our Form 10-Q for the quarterly period ended June 30, 2015. Previously reported capital expenditures were $299,000 for WSFS Bank, $2,570,000 for Cash Connect, $13,000 for Wealth Management, and $2,882,000 for Total Consolidated Company.

Segment information for the six months ended June 30, 2016 and 2015 follows:

For the six months ended June 30, 2016:

(In Thousands)	WSFS Bank		Cash Connect		Wealth Management		Total
Statement of Operations
External customer revenues:
Interest income	$	97,530	$	—	$	4,019	$	101,549
Noninterest income		20,025		15,811		12,083		47,919
Total external customer revenues		117,555		15,811		16,102		149,468
Inter-segment revenues:
Interest income		2,196		—		3,547		5,743
Noninterest income		4,071		403		49		4,523
Total inter-segment revenues		6,267		403		3,596		10,266
Total revenue		123,822		16,214		19,698		159,734
External customer expenses:
Interest expense		9,393		—		386		9,779
Noninterest expenses		68,274		9,681		9,271		87,226
Provision for loan losses		2,006		—		28		2,034
Total external customer expenses		79,673		9,681		9,685		99,039
Inter-segment expenses:
Interest expense		3,547		1,183		1,013		5,743
Noninterest expenses		452		1,442		2,629		4,523
Total inter-segment expenses		3,999		2,625		3,642		10,266
Total expenses		83,672		12,306		13,327		109,305
Income before taxes	$	40,150	$	3,908	$	6,371	$	50,429
Income tax provision								17,181
Consolidated net income							$	33,248
Capital expenditures	$	3,446	$	424	$	8	$	3,878
As of June 30, 2016:
Statement of Condition
Cash and cash equivalents	$	84,919	$	617,339	$	1,635	$	703,893
Goodwill		79,718		—		5,134		84,852
Other segment assets		4,843,166		3,419		198,777		5,045,362
Total segment assets	$	5,007,803	$	620,758	$	205,546	$	5,834,107

For the six months ended June 30, 2015:

(In Thousands)	WSFS Bank		Cash Connect		Wealth Management		Total
Statement of Operations
External customer revenues:
Interest income	$	81,866	$	—	$	4,040	$	85,906
Noninterest income		18,671		13,707		11,175		43,553
Total external customer revenues		100,537		13,707		15,215		129,459
Inter-segment revenues:
Interest income		1,747		—		3,085		4,832
Noninterest income		3,782		382		47		4,211
Total inter-segment revenues		5,529		382		3,132		9,043
Total revenue		106,066		14,089		18,347		138,502
External customer expenses:
Interest expense		7,734		—		265		7,999
Noninterest expenses		61,000		8,525		8,042		77,567
Provision for loan losses		4,343		—		216		4,559
Total external customer expenses		73,077		8,525		8,523		90,125
Inter-segment expenses:
Interest expense		3,085		762		985		4,832
Noninterest expenses		429		1,258		2,524		4,211
Total inter-segment expenses		3,514		2,020		3,509		9,043
Total expenses		76,591		10,545		12,032		99,168
Income before taxes	$	29,475	$	3,544	$	6,315	$	39,334
Income tax provision								14,211
Consolidated net income							$	25,123
Capital expenditures	$	1,580	$	1,221	$	15	$	2,816
As of December 31, 2015:
Statement of Condition
Cash and cash equivalents	$	65,663	$	493,165	$	2,351	$	561,179
Goodwill		80,078		—		5,134		85,212
Other segment assets		4,745,670		—		192,576		4,938,246
Total segment assets	$	4,891,411	$	493,165	$	200,061	$	5,584,637

(1) Capital expenditures amounts have been adjusted to correct errors that were not material to our Form 10-Q for the six month period ended June 30, 2015. Previously reported capital expenditures were $1,116,000 for WSFS Bank, $2,570,000 for Cash Connect, $13,000 for Wealth Management, and $3,699,000 for Total Consolidated Company.