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SEGMENT INFORMATION (Tables)
9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Details of Segment Information
The following tables show segment results for the three and nine months ended September 30, 2018 and 2017:
 
 
Three Months Ended September 30, 2018
 
Three Months Ended September 30, 2017
(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
 
$
72,836

 
$

 
$
2,579

 
$
75,415

 
$
62,748

 
$

 
$
2,262

 
$
65,010

Noninterest income
 
18,524

 
13,026

 
10,351

 
41,901

 
12,102

 
11,212

 
9,127

 
32,441

Total external customer revenues
 
91,360

 
13,026

 
12,930

 
117,316

 
74,850

 
11,212

 
11,389

 
97,451

Inter-segment revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
4,002

 

 
3,020

 
7,022

 
2,537

 

 
2,235

 
4,772

Noninterest income
 
2,122

 
200

 
36

 
2,358

 
1,721

 
213

 
37

 
1,971

Total inter-segment revenues
 
6,124

 
200

 
3,056

 
9,380

 
4,258

 
213

 
2,272

 
6,743

Total revenue
 
97,484

 
13,226

 
15,986

 
126,696

 
79,108

 
11,425

 
13,661

 
104,194

External customer expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
11,461

 

 
857

 
12,318

 
8,542

 

 
339

 
8,881

Noninterest expenses
 
44,922

 
8,133

 
(601
)
 
52,454

 
39,546

 
7,048

 
7,569

 
54,163

Provision for loan losses
 
3,776

 

 
(60
)
 
3,716

 
3,065

 

 
(169
)
 
2,896

Total external customer expenses
 
60,159

 
8,133

 
196

 
68,488

 
51,153

 
7,048

 
7,739

 
65,940

Inter-segment expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
3,020

 
2,885

 
1,117

 
7,022

 
2,235

 
1,856

 
681

 
4,772

Noninterest expenses
 
236

 
627

 
1,495

 
2,358

 
250

 
556

 
1,165

 
1,971

Total inter-segment expenses
 
3,256

 
3,512

 
2,612

 
9,380

 
2,485

 
2,412

 
1,846

 
6,743

Total expenses
 
63,415

 
11,645

 
2,808

 
77,868

 
53,638

 
9,460

 
9,585

 
72,683

Income before taxes
 
$
34,069

 
$
1,581

 
$
13,178

 
$
48,828

 
$
25,470

 
$
1,965

 
$
4,076

 
$
31,511

Income tax provision
 
 
 
 
 
 
 
9,893

 
 
 
 
 
 
 
10,942

Consolidated net income
 
 
 
 
 
 
 
$
38,935

 
 
 
 
 
 
 
$
20,569



 
 
Nine Months Ended September 30, 2018
 
Nine Months Ended September 30, 2017
(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
 
$
207,725

 
$

 
$
7,454

 
$
215,179

 
$
181,670

 
$

 
$
6,500

 
$
188,170

Noninterest income
 
57,175

 
36,707

 
30,473

 
124,355

 
34,318

 
31,403

 
26,488

 
92,209

Total external customer revenues
 
264,900

 
36,707

 
37,927

 
339,534

 
215,988

 
31,403

 
32,988

 
280,379

Inter-segment revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
10,535

 

 
8,053

 
18,588

 
6,780

 

 
6,735

 
13,515

Noninterest income
 
6,449

 
581

 
107

 
7,137

 
5,791

 
611

 
113

 
6,515

Total inter-segment revenues
 
16,984

 
581

 
8,160

 
25,725

 
12,571

 
611

 
6,848

 
20,030

Total revenue
 
281,884

 
37,288

 
46,087

 
365,259

 
228,559

 
32,014

 
39,836

 
300,409

External customer expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
31,563

 

 
1,816

 
33,379

 
23,744

 

 
880

 
24,624

Noninterest expenses
 
126,862

 
23,357

 
13,478

 
163,697

 
117,288

 
19,774

 
21,334

 
158,396

Provision for loan losses
 
9,721

 

 
143

 
9,864

 
6,097

 

 
804

 
6,901

Total external customer expenses
 
168,146

 
23,357

 
15,437

 
206,940

 
147,129

 
19,774

 
23,018

 
189,921

Inter-segment expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
8,053

 
7,460

 
3,075

 
18,588

 
6,735

 
4,843

 
1,937

 
13,515

Noninterest expenses
 
688

 
1,936

 
4,513

 
7,137

 
724

 
1,944

 
3,847

 
6,515

Total inter-segment expenses
 
8,741

 
9,396

 
7,588

 
25,725

 
7,459

 
6,787

 
5,784

 
20,030

Total expenses
 
176,887

 
32,753

 
23,025

 
232,665

 
154,588

 
26,561

 
28,802

 
209,951

Income before taxes
 
$
104,997

 
$
4,535

 
$
23,062

 
$
132,594

 
$
73,971

 
$
5,453

 
$
11,034

 
$
90,458

Income tax provision
 
 
 
 
 
 
 
27,569

 
 
 
 
 
 
 
30,382

Consolidated net income
 
 
 
 
 
 
 
$
105,025

 
 
 
 
 
 
 
$
60,076


The following table shows significant components of segment net assets as of September 30, 2018 and December 31, 2017:
 
 
September 30, 2018
 
December 31, 2017
(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
 
$
132,857

 
$
564,915

 
$
13,600

 
$
711,372

 
$
104,530

 
$
611,385

 
$
7,951

 
$
723,866

Goodwill
 
145,808

 

 
20,199

 
166,007

 
145,808

 

 
20,199

 
166,007

Other segment assets
 
6,053,095

 
8,098

 
221,270

 
6,282,463

 
5,882,910

 
6,078

 
220,679

 
6,109,667

Total segment assets
 
$
6,331,760

 
$
573,013

 
$
255,069

 
$
7,159,842

 
$
6,133,248

 
$
617,463

 
$
248,829

 
$
6,999,540

Capital expenditures
 
$
4,252

 
$
340

 
$
316

 
$
4,908

 
$
8,197

 
$
184

 
$
613

 
$
8,994