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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest income:    
Interest and fees on loans and leases $ 118,881,000 $ 108,852,000
Interest on mortgage-backed securities 23,113,000 10,704,000
Interest and dividends on investment securities:    
Taxable 702,000 701,000
Tax-exempt 619,000 748,000
Other interest income 822,000 276,000
Total interest income 144,137,000 121,281,000
Interest expense:    
Interest on deposits 3,128,000 4,496,000
Interest on Federal Home Loan Bank advances 0 5,000
Interest on senior and subordinated debt 1,929,000 2,266,000
Interest on trust preferred borrowings 513,000 324,000
Interest on other borrowings 9,000 5,000
Total interest expense 5,579,000 7,096,000
Net interest income 138,558,000 114,185,000
Provision for (recovery of) credit losses 18,971,000 (20,160,000)
Net interest income after provision for (recovery of) credit losses 119,587,000 134,345,000
Noninterest income:    
Loan and lease fee income 1,334,000 3,485,000
Securities gains, net 0 329,000
Unrealized loss on equity investments, net (3,000) 0
Bank owned life insurance income 105,000 205,000
Total non interest income 60,574,000 47,822,000
Noninterest expense:    
Salaries, benefits and other compensation 70,930,000 53,138,000
Occupancy expense 10,792,000 8,460,000
Equipment expense 10,373,000 7,391,000
Data processing and operations expenses 5,359,000 3,385,000
Professional fees 3,451,000 3,856,000
Marketing expense 1,266,000 992,000
FDIC expenses 1,391,000 1,069,000
Loan workout and other credit costs 328,000 1,120,000
Corporate development expense 34,038,000 2,095,000
Restructuring expense 17,514,000 (265,000)
Other operating expense 19,015,000 14,378,000
Noninterest expenses 174,457,000 95,619,000
Income before taxes 5,704,000 86,548,000
Income tax provision 1,737,000 21,407,000
Net income 3,967,000 65,141,000
Less: Net income attributable to noncontrolling interest 163,000 59,000
Net income attributable to WSFS $ 3,804,000 $ 65,082,000
Per share data:    
Basic (in dollars per share) $ 0.06 $ 1.37
Diluted (in dollars per share) $ 0.06 $ 1.36
Weighted average shares of common stock outstanding:    
Basic (in shares) 64,942,593 47,509,205
Diluted (in shares) 65,127,000 47,792,108
Credit/debit card and ATM income    
Noninterest income:    
Noninterest fee income $ 7,681,000 $ 6,805,000
Investment management and fiduciary income    
Noninterest income:    
Noninterest fee income 30,181,000 14,253,000
Deposit service charges    
Noninterest income:    
Noninterest fee income 5,825,000 5,460,000
Mortgage banking activities, net    
Noninterest income:    
Noninterest fee income 2,898,000 8,600,000
Other income    
Noninterest income:    
Noninterest fee income $ 12,553,000 $ 8,685,000