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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income:    
Interest and fees on loans and leases $ 193,724 $ 118,881
Interest on mortgage-backed securities 27,526 23,113
Interest and dividends on investment securities:    
Taxable 704 702
Tax-exempt 1,533 619
Other interest income 2,896 822
Total interest income 226,383 144,137
Interest expense:    
Interest on deposits 35,192 3,128
Interest on Federal Home Loan Bank advances 3,371 0
Interest on senior and subordinated debt 2,573 1,929
Interest on federal funds purchased 1,139 0
Interest on trust preferred borrowings 1,555 513
Interest on other borrowings 21 9
Total interest expense 43,851 5,579
Net interest income 182,532 138,558
Provision for credit losses 29,011 18,971
Net interest income after provision for credit losses 153,521 119,587
Noninterest income:    
Loan and lease fee income 1,372 1,334
Unrealized loss on equity investments, net (4) (3)
Bank owned life insurance income 1,510 105
Total non interest income 63,127 60,574
Noninterest expense:    
Salaries, benefits and other compensation 72,849 70,930
Occupancy expense 10,408 10,792
Equipment expense 9,792 10,373
Data processing and operations expenses 4,724 5,359
Professional fees 4,439 3,451
Marketing expense 1,716 1,266
FDIC expenses 2,582 1,391
Loan workout and other credit costs (55) 328
Corporate development expense 740 34,038
Restructuring expense (761) 17,514
Other operating expense 26,611 19,015
Noninterest expenses 133,045 174,457
Income before taxes 83,603 5,704
Income tax provision 20,941 1,737
Net income 62,662 3,967
Less: Net income attributable to noncontrolling interest 258 163
Net income attributable to WSFS $ 62,404 $ 3,804
Earnings per share:    
Basic (in dollars per share) $ 1.01 $ 0.06
Diluted (in dollars per share) $ 1.01 $ 0.06
Weighted average shares of common stock outstanding:    
Basic (in shares) 61,510,714 64,942,593
Diluted (in shares) 61,678,871 65,127,000
Total credit/debit card and ATM income    
Noninterest income:    
Noninterest income $ 13,361 $ 7,681
Investment management and fiduciary income    
Noninterest income:    
Noninterest income 30,476 30,181
Deposit service charges    
Noninterest income:    
Noninterest income 6,039 5,825
Mortgage banking activities, net    
Noninterest income:    
Noninterest income 1,122 2,898
Total other income    
Noninterest income:    
Noninterest income $ 9,251 $ 12,553