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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Interest and fees on loans and leases $ 218,903 $ 152,887 $ 620,511 $ 401,110
Interest on mortgage-backed securities 26,654 28,338 81,310 78,828
Interest and dividends on investment securities:        
Taxable 699 703 2,103 2,107
Tax-exempt 1,481 1,278 4,496 2,535
Other interest income 3,402 3,359 10,871 6,142
Total interest income 251,139 186,565 719,291 490,722
Interest expense:        
Interest on deposits 57,255 6,643 142,501 13,537
Interest on Federal Home Loan Bank advances 167 42 5,135 42
Interest on senior and subordinated debt 2,453 2,061 7,360 5,939
Interest on federal funds purchased 185 28 1,324 28
Interest on trust preferred borrowings 1,764 951 4,954 2,146
Interest on other borrowings 6,713 9 11,041 26
Total interest expense 68,537 9,734 172,315 21,718
Net interest income 182,602 176,831 546,976 469,004
Provision for credit losses 18,414 7,454 63,255 34,693
Net interest income after provision for credit losses 164,188 169,377 483,721 434,311
Noninterest income:        
Loan and lease fee income 1,621 1,425 4,183 4,457
Unrealized (loss) gain on equity investments, net (5) 0 (9) 5,988
Bank owned life insurance income 1,697 195 3,967 674
Total non interest income 72,668 62,651 202,666 195,254
Noninterest expense:        
Salaries, benefits and other compensation 74,453 72,294 219,669 211,413
Occupancy expense 9,529 9,699 30,069 30,393
Equipment expense 10,563 9,913 31,165 30,674
Data processing and operations expenses 4,867 5,362 14,362 16,009
Professional fees 4,612 3,561 15,169 12,285
Marketing expense 2,049 2,082 5,930 4,985
FDIC expenses 2,534 1,540 7,979 4,399
Loan workout and other credit costs (189) 1,001 292 1,103
Corporate development expense 113 1,248 3,649 41,679
Restructuring expense 0 1,344 (787) 22,792
Other operating expense 31,158 24,873 86,490 65,691
Noninterest expenses 139,689 132,917 413,987 441,423
Income before taxes 97,167 99,111 272,400 188,142
Income tax provision 22,904 25,767 66,880 49,929
Net income 74,263 73,344 205,520 138,213
Less: Net income (loss) attributable to noncontrolling interest 97 (38) 272 287
Net income attributable to WSFS $ 74,166 $ 73,382 $ 205,248 $ 137,926
Earnings per share:        
Basic (in dollars per share) $ 1.22 $ 1.16 $ 3.35 $ 2.15
Diluted (in dollars per share) $ 1.22 $ 1.16 $ 3.34 $ 2.15
Weighted average shares of common stock outstanding:        
Basic (in shares) 60,941,922 63,047,675 61,264,862 64,064,488
Diluted (in shares) 61,039,317 63,227,983 61,367,802 64,282,992
Total credit/debit card and ATM income        
Noninterest income:        
Noninterest income $ 14,869 $ 10,993 $ 42,660 $ 27,446
Investment management and fiduciary income        
Noninterest income:        
Noninterest income 32,720 29,504 95,575 90,877
Deposit service charges        
Noninterest income:        
Noninterest income 6,534 6,262 18,850 18,158
Mortgage banking activities, net        
Noninterest income:        
Noninterest income 1,254 1,420 3,680 6,529
Total other income        
Noninterest income:        
Noninterest income $ 13,978 $ 12,852 $ 33,760 $ 41,125