GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

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, 2021	$	452,629	$	—	$	20,199	$	472,828
Goodwill from business combinations	297,646		—		116,691		414,337
March 31, 2022	$	750,275	$	—	$	136,890	$	887,165

Schedule of Finite-Lived Intangible Assets

The following table summarizes the Company's intangible assets:

(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets		Amortization Period
March 31, 2022
Core deposits	$	104,751	$	(32,599)	$	72,152	10 years
Customer relationships	72,381		(9,218)		63,163		7-15 years
Non-compete agreements	500		(125)		375		1 year
Tradename	2,800		—		2,800		indefinite
Loan servicing rights(1)	10,321		(3,787)		6,534		10-25 years
Total intangible assets	$	190,753	$	(45,729)	$	145,024
December 31, 2021
Core deposits	$	93,811	$	(30,103)	$	63,708	10 years
Customer relationships	15,281		(7,876)		7,405		7-15 years
Loan servicing rights(2)	6,671		(3,381)		3,290		10-25 years
Total intangible assets	$	115,763	$	(41,360)	$	74,403

(1)Includes reversal of impairment losses of less than $0.1 million for the three months ended March 31, 2022.

(2)Includes reversal of impairment losses of $0.3 million for the year ended December 31, 2021

Schedule of Indefinite-Lived Intangible Assets

The following table summarizes the Company's intangible assets:

(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets		Amortization Period
March 31, 2022
Core deposits	$	104,751	$	(32,599)	$	72,152	10 years
Customer relationships	72,381		(9,218)		63,163		7-15 years
Non-compete agreements	500		(125)		375		1 year
Tradename	2,800		—		2,800		indefinite
Loan servicing rights(1)	10,321		(3,787)		6,534		10-25 years
Total intangible assets	$	190,753	$	(45,729)	$	145,024
December 31, 2021
Core deposits	$	93,811	$	(30,103)	$	63,708	10 years
Customer relationships	15,281		(7,876)		7,405		7-15 years
Loan servicing rights(2)	6,671		(3,381)		3,290		10-25 years
Total intangible assets	$	115,763	$	(41,360)	$	74,403

(1)Includes reversal of impairment losses of less than $0.1 million for the three months ended March 31, 2022.

(2)Includes reversal of impairment losses of $0.3 million for the year ended December 31, 2021

Schedule of Estimated Amortization Expense of Intangibles

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

 

(Dollars in thousands)	March 31, 2022
Remaining in 2022	$	13,249
2023	16,830
2024	16,558
2025	16,218
2026	15,551
Thereafter	63,818
Total	$	142,224