10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 001-35638

WSFS FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware	22-2866913
(State or other jurisdiction of Incorporation or organization)	(I.R.S. Employer Identification Number)

500 Delaware Ave,

Wilmington, Delaware, 19801

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (302) 792-6000

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	WSFS	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x

Number of shares outstanding of the issuer's common stock, as of the latest practicable date: 60,093,741 shares as of May 2, 2024.

WSFS FINANCIAL CORPORATION

FORM 10-Q

TABLE OF CONTENTS

 

	PART I. Financial Information	Page
Item 1.	Financial Statements (Unaudited)
	Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023	5
	Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023	6
	Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023	7
	Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023	8
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	9
	Notes to the Consolidated Financial Statements for the Three Months Ended March 31, 2024	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	59
PART II. Other Information
Item 1.	Legal Proceedings	60
Item 1A.	Risk Factors	60
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3.	Defaults upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other Information	60
Item 6.	Exhibits	61

2

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, and exhibits hereto, contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to:

•difficult market conditions and unfavorable economic trends in the United States generally and in financial markets, particularly in the markets in which the Company operates and in which its loans are concentrated, including difficult and unfavorable conditions and trends related to housing markets, costs of living, unemployment levels, interest rates, supply chain issues, inflation, and economic growth;

•the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions;

•changes in market interest rates, which may increase funding costs and reduce earning asset yields and thus reduce margin;

•the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company’s investment securities portfolio, which could impact market confidence in our operations;

•possible additional loan losses and impairment of the collectability of loans;

•the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums;

•the credit risk associated with the substantial amount of commercial real estate, commercial and industrial, and construction and land development loans in the Company's loan portfolio;

•the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations, and potential expenses associated with complying with such regulations;

•the Company’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms;

•possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes;

•any impairments of the Company's goodwill or other intangible assets;

•the success of the Company's growth plans;

•failure of the financial and/or operational controls of the Company’s Cash Connect® and/or Wealth Management segments;

•the Company’s ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Customer acceptance of the Company’s products and services and related Customer disintermediation;

•negative perceptions or publicity with respect to the Company generally and, in particular, the Company’s trust and wealth management business;

•adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings;

•the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties;

•system failures or cybersecurity incidents or other breaches of the Company’s network security, particularly given remote working arrangements;

•the Company’s ability to recruit and retain key Associates;

•the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks;

•the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage);

3

•possible changes in the speed of loan prepayments by the Company’s Customers and loan origination or sales volumes;

•possible changes in market valuations and/or the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate;

•regulatory limits on the Company’s ability to receive dividends from its subsidiaries and pay dividends to its stockholders;

•any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above;

•any compounding effects or unexpected interactions of the risks discussed above; and

•other risks and uncertainties, including those discussed herein under the heading “Risk Factors” and in other documents filed by the Company with the Securities and Exchange Commission (SEC) from time to time.

The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.

As used in this Quarterly Report on Form 10-Q, the terms “WSFS”, “the Company”, “registrant”, “we”, “us”, and “our” mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

The following are registered trademarks of the Company: Bryn Mawr Trust®, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage® and WSFS Wealth® Investments. Any other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.

4

WSFS FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
(Dollars in thousands, except per share and share data)	2024		2023
Interest income:
Interest and fees on loans and leases	$	224,703	$	193,724
Interest on mortgage-backed securities	25,897		27,526
Interest and dividends on investment securities:
Taxable	700		704
Tax-exempt	1,484		1,533
Other interest income	8,838		2,896
	261,622		226,383
Interest expense:
Interest on deposits	72,795		35,192
Interest on Federal Home Loan Bank advances	308		3,371
Interest on senior and subordinated debt	2,449		2,573
Interest on federal funds purchased	—		1,139
Interest on trust preferred borrowings	1,756		1,555
Interest on other borrowings	9,036		21
	86,344		43,851
Net interest income	175,278		182,532
Provision for credit losses	15,138		29,011
Net interest income after provision for credit losses	160,140		153,521
Noninterest income:
Credit/debit card and ATM income	19,669		13,361
Investment management and fiduciary income	32,928		30,476
Deposit service charges	6,487		6,039
Mortgage banking activities, net	1,647		1,122
Loan and lease fee income	1,523		1,372
Unrealized loss on equity investments, net	—		(4)
Bank owned life insurance income	1,200		1,510
Other income	12,403		9,251
	75,857		63,127
Noninterest expense:
Salaries, benefits and other compensation	75,806		72,849
Occupancy expense	9,479		10,408
Equipment expense	10,692		9,792
Data processing and operations expenses	3,660		4,724
Professional fees	4,481		4,439
Marketing expense	1,782		1,716
FDIC expenses	3,982		2,582
Loan workout and other credit costs	1,071		(55)
Corporate development expense	208		740
Restructuring expense	—		(761)
Other operating expense	37,911		26,611
	149,072		133,045
Income before taxes	86,925		83,603
Income tax provision	21,202		20,941
Net income	$	65,723	$	62,662
Less: Net (loss) income attributable to noncontrolling interest	(38)		258
Net income attributable to WSFS	$	65,761	$	62,404
Earnings per share:
Basic	$	1.09	$	1.01
Diluted	$	1.09	$	1.01
Weighted average shares of common stock outstanding:
Basic	60,352,200		61,510,714
Diluted	60,521,951		61,678,871

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

5

WSFS FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Net income	$	65,723	$	62,662
Less: Net (loss) income attributable to noncontrolling interest	(38)		258
Net income attributable to WSFS	65,761		62,404
Other comprehensive (loss) income:
Net change in unrealized (losses) gains on investment securities available-for-sale
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(12,634) and $16,740, respectively	(40,007)		53,010
Net change in securities held-to-maturity
Net change in unrealized gains on available-for-sale securities reclassified to held-to-maturity, net of tax benefit of $1,158 and $1,315, respectively	3,669		4,165
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized gain and prior service cost, net of tax expense of $39 and $11, respectively	(124)		(35)
Net change in cash flow hedge
Net unrealized (loss) gain arising during the period, net of tax (benefit) expense of $(2,031) and $105, respectively	(6,433)		332
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $— and $13, respectively	—		(40)
	(6,433)		292
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax benefit of $7 and $1, respectively	(21)		(3)
Total other comprehensive (loss) income	(42,916)		57,429
Total comprehensive income	$	22,845	$	119,833

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

6

WSFS FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

(Dollars in thousands, except per share and share data)	March 31, 2024		December 31, 2023
Assets:
Cash and due from banks	$	787,729	$	629,310
Cash in non-owned ATMs	186,522		458,889
Interest-bearing deposits in other banks including collateral (restricted cash) of $2,453 at March 31, 2024 and $4,270 at December 31, 2023	2,820		4,701
Total cash, cash equivalents, and restricted cash	977,071		1,092,900
Investment securities, available-for-sale (amortized cost of $4,444,676 at March 31, 2024 and $4,504,342 at December 31, 2023	3,734,229		3,846,537
Investment securities, held-to-maturity, net of allowance for credit losses of $8 at March 31, 2024 and December 31, 2023 (fair value $949,727 at March 31, 2024 and $985,931 at December 31, 2023)	1,049,807		1,058,557
Other investments	17,051		17,434
Loans, held for sale at fair value	26,858		29,268
Loans and leases, net of allowance for credit losses of $192,629 at March 31, 2024 and $186,126 at December 31, 2023	12,790,128		12,583,202
Bank owned life insurance	42,708		42,762
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost	15,526		15,398
Other real estate owned	1,210		1,569
Accrued interest receivable	88,310		85,979
Premises and equipment	104,617		104,484
Goodwill and intangible assets	1,000,344		1,004,560
Other assets	731,389		712,022
Total assets	$	20,579,248	$	20,594,672
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	4,652,875	$	4,917,297
Interest-bearing	11,534,329		11,556,789
Total deposits	16,187,204		16,474,086
Trust preferred borrowings	90,687		90,638
Senior and subordinated debt	218,458		218,400
Other borrowed funds	815,813		586,038
Accrued interest payable	37,911		46,684
Other liabilities	763,553		709,011
Total liabilities	18,113,626		18,124,857
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 76,133,596 at March 31, 2024 and 76,095,094 at December 31, 2023	761		761
Capital in excess of par value	1,987,800		1,984,746
Accumulated other comprehensive loss	(636,907)		(593,991)
Retained earnings	1,700,349		1,643,657
Treasury stock at cost, 16,049,631 shares at March 31, 2024 and 15,557,263 shares at December 31, 2023	(578,522)		(557,537)
Total stockholders’ equity of WSFS	2,473,481		2,477,636
Noncontrolling interest	(7,859)		(7,821)
Total stockholders' equity	2,465,622		2,469,815
Total liabilities and stockholders' equity	$	20,579,248	$	20,594,672

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

7

WSFS FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Unaudited)

	Three Months Ended March 31, 2024
(Dollars in thousands, except per share and share amounts)	Shares	Common Stock		Capital in Excess of Par Value		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Stockholders' Equity of WSFS		Non-controlling Interest		Total Stockholders' Equity
Balance, December 31, 2023	76,095,094	$	761	$	1,984,746	$	(593,991)	$	1,643,657	$	(557,537)	$	2,477,636	$	(7,821)	$	2,469,815
Net income	—	—		—		—		65,761		—		65,761		(38)		65,723
Other comprehensive loss	—	—		—		(42,916)		—		—		(42,916)		—		(42,916)
Cash dividend, $0.15 per share	—	—		—		—		(9,069)		—		(9,069)		—		(9,069)
Issuance of common stock including proceeds from exercise of common stock options	38,502	—		599		—		—		—		599		—		599
Stock-based compensation expense	—	—		2,455		—		—		—		2,455		—		2,455
Repurchases of common shares (1)	—	—		—		—		—		(20,985)		(20,985)		—		(20,985)
Balance, March 31, 2024	76,133,596	$	761	$	1,987,800	$	(636,907)	$	1,700,349	$	(578,522)	$	2,473,481	$	(7,859)	$	2,465,622

(1)Repurchase of common stock includes 492,368 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.

	Three Months Ended March 31, 2023
(Dollars in thousands, except per share and share amounts)	Shares	Common Stock		Capital in Excess of Par Value		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Stockholders' Equity of WSFS		Non-controlling Interest		Total Stockholders' Equity
Balance, December 31, 2022	75,921,997	$	759	$	1,974,210	$	(675,844)	$	1,411,243	$	(505,255)	$	2,205,113	$	(3,227)	$	2,201,886
Net income	—	—		—		—		62,404		—		62,404		258		62,662
Other comprehensive income	—	—		—		57,429		—		—		57,429		—		57,429
Cash dividend, $0.15 per share	—	—		—		—		(9,255)		—		(9,255)		—		(9,255)
Distributions to noncontrolling shareholders	—	—		—		—		—		—		—		(49)		(49)
Issuance of common stock including proceeds from exercise of common stock options	36,603	—		362		—		—		—		362		—		362
Stock-based compensation expense	—	—		3,185		—		—		—		3,185		—		3,185
Repurchases of common shares (1)	—	—		—		—		—		(12,876)		(12,876)		—		(12,876)
Balance, March 31, 2023	75,958,600	$	759	$	1,977,757	$	(618,415)	$	1,464,392	$	(518,131)	$	2,306,362	$	(3,018)	$	2,303,344

(1)Repurchase of common stock includes 262,000 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors, and 8,258 shares withheld to cover tax liabilities.

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

8

WSFS FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Operating activities:
Net income	$	65,723	$	62,662
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	15,138		29,011
Depreciation of premises and equipment, net	4,100		4,327
Accretion of fees and discounts, net	(5,380)		(6,358)
Amortization of intangible assets	3,931		3,845
Amortization of right-of-use lease assets	2,837		3,905
Decrease in operating lease liability	(2,627)		(3,170)
Income from mortgage banking activities, net	(1,647)		(1,122)
Loss on sale of other real estate owned and valuation adjustments, net	23		—
Stock-based compensation expense	2,455		3,185
Unrealized loss on equity investments, net	—		4
Deferred income tax benefit	5,239		1,484
Increase in accrued interest receivable	(2,331)		(2,908)
(Increase) decrease in other assets	(16,346)		47,058
Origination of loans held for sale	(67,083)		(58,269)
Proceeds from sales of loans held for sale	60,776		36,986
Decrease in value of bank owned life insurance	54		1,028
Increase in capitalized interest, net	(332)		(315)
(Decrease) increase in accrued interest payable	(8,773)		9,961
Increase (decrease) in other liabilities	57,109		(101,123)
Net cash provided by operating activities	$	112,866	$	30,191
Investing activities:
Repayments, maturities and calls of investment securities held-to-maturity	13,084		21,721
Purchases of investment securities available-for-sale	(17,231)		(4,824)
Repayments, maturities and calls of investment securities available-for-sale	76,084		80,343
Net increase in loans	(117,639)		(129,561)
Purchase of loans held-for-investment	(92,358)		(88,455)
Purchases of stock of Federal Home Loan Bank of Pittsburgh	(6,168)		(92,439)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh	6,040		74,433
Sales of other real estate owned	359		—
Investment in premises and equipment	(4,233)		(856)
Sales of premises and equipment	—		3
Net cash used in investing activities	$	(142,062)	$	(139,635)

9

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Financing activities:
Net decrease in demand and saving deposits	$	(351,025)	$	(560,596)
Increase in time deposits	110,523		350,922
(Decrease) increase in brokered deposits	(51,676)		186,718
Receipts from FHLB advances	1,950,000		4,153,000
Repayments of FHLB advances	(1,950,000)		(3,703,000)
Receipts from federal funds purchased	—		5,150,000
Repayments of federal funds purchased	—		(5,150,000)
Receipts from Bank Term Funding Program	235,000		—
Distributions to noncontrolling shareholders	—		(49)
Cash dividend	(9,069)		(9,255)
Issuance of common stock including proceeds from exercise of common stock options	599		362
Redemption of senior and subordinated debt	—		(30,000)
Repurchases of common shares	(20,985)		(12,876)
Net cash used in financing activities	$	(86,633)	$	375,226
(Decrease) increase in cash, cash equivalents, and restricted cash	(115,829)		265,782
Cash, cash equivalents, and restricted cash at beginning of period	1,092,900		837,258
Cash, cash equivalents, and restricted cash at end of period	$	977,071	$	1,103,040
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	95,118	$	33,890
Income taxes	2,289		455
Non-cash information:
Loans transferred to other real estate owned	$	—	$	298
Loans transferred to portfolio from held-for-sale at fair value	9,252		23,476
Available-for-sale securities purchased, not settled	1,236		—

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

10

WSFS FINANCIAL CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024

(UNAUDITED)

1. BASIS OF PRESENTATION

General

These unaudited Consolidated Financial Statements include the accounts of WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company), and its consolidated subsidiaries. WSFS’ primary subsidiary is Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank). As of March 31, 2024, the other subsidiaries of WSFS include The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management, LLC (BMCM), WSFS Wealth Management, LLC (Powdermill®), WSFS SPE Services, LLC, and 601 Perkasie, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank has two wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).

Overview

Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). The Company provides residential and commercial mortgage, commercial and consumer lending services, as well as consumer deposit and treasury management services. The Company's core banking business is commercial lending funded primarily by customer-generated deposits. In addition, the Company offers a variety of wealth management and trust services to individuals, institutions and corporations. The Federal Deposit Insurance Corporation (FDIC) insures the Company's customers’ deposits to their legal maximums. The Company serves its customers primarily from 114 offices located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1),  Nevada (1) and Virginia (1), its ATM network, website at www.wsfsbank.com and mobile app. Information on the website is not incorporated by reference into this Quarterly Report on Form 10-Q.

The Company's leasing business is conducted by NewLane Finance®. NewLane Finance® originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.

Basis of Presentation

In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity), loans held for sale, lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets, the establishment of additional allowance and lending-related commitment reserves, changes in the fair value of financial instruments, as well as increased post-retirement benefits and income tax expense.

The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2024. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Annual Report on Form 10-K) that was filed with the SEC on February 29, 2024 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES:

The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Company's 2023 Annual Report on Form 10-K. Those significant accounting policies remain unchanged at March 31, 2024.

RECENT ACCOUNTING PRONOUNCEMENTS

The following accounting pronouncements were adopted by the Company during the three months ended March 31, 2024, but did not have a material impact on the unaudited Consolidated Financial Statements.

•ASU No. 2023-01, Leases (Topic 842) — Common Control Agreements

•ASU No. 2023-02, Investments — Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

There were no other applicable material accounting pronouncements adopted by the Company since December 31, 2023.

Accounting Guidance Pending Adoption as of March 31, 2024

ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Adoption is required retrospectively for all prior periods presented in the financial statements. The Company is currently evaluating this update to determine the impact on the Company’s disclosures.

ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures: In March 2023, The FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The amendments permit reporting entities to elect to account for any equity investments in a tax credit program using the proportional amortization method if certain conditions are met. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Adoption is required on a prospective, modified retrospective, or retrospective basis depending on the amendment. The Company is currently evaluating this update to determine the impact on the Company’s disclosures.

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3. NONINTEREST INCOME

Credit/debit card and ATM income

The following table presents the components of credit/debit card and ATM income:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Bailment fees	$	14,964	$	8,684
Interchange fees	3,753		3,886
Other card and ATM fees	952		791
Total credit/debit card and ATM income	$	19,669	$	13,361

Credit/debit card and ATM income is composed of bailment fees, interchange fees, and other card and ATM fees. Bailment fees are earned from bailment arrangements with customers. Bailment arrangements are legal relationships in which property is delivered to another party without a transfer of ownership. The party who transferred the property (the bailor) retains ownership interest of the property. In the event that the bailee files for bankruptcy protection, the property is not included in the bailee's assets. The bailee pays an agreed-upon fee for the use of the bailor's property in exchange for the bailor allowing use of the assets at the bailee's site. Bailment fees are earned from cash that is made available for customers' use at an offsite location, such as cash located in an ATM at a customer's place of business. These fees are typically indexed to a market interest rate. This revenue stream generates fee income through monthly billing for bailment services.

Credit/debit card and ATM income also includes interchange fees. Interchange fees are paid by a merchant's bank to a bank that issued a debit or credit card used in a transaction to compensate the issuing bank for the value and benefit the merchant receives from accepting electronic payments. These revenue streams generate fee income at the time a transaction occurs and are recorded as revenue at the time of the transaction.

Investment management and fiduciary income

The following table presents the components of investment management and fiduciary income:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Trust fees	$	21,861	$	20,516
Wealth management and advisory fees	11,067		9,960
Total investment management and fiduciary income	$	32,928	$	30,476

Investment management and fiduciary income is composed of trust fees and wealth management and advisory fees. Trust fees are based on revenue earned from custody, escrow, trustee and trustee related services on structured finance transactions; indenture trustee, administrative agent and collateral agent services to individuals, institutions and corporations; commercial domicile and independent director services; and investment and trustee services to families and individuals. Most fees are flat fees, except for a portion of personal and corporate trustee fees where the Company earns a percentage on the assets under management or assets held within a trust. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for services provided.

Wealth management and advisory fees consists of fees from Bryn Mawr Trust (excluding BMT-DE), BMCM, Powdermill®, and WSFS Wealth® Investments. Wealth management and advisory fees are based on revenue earned from services including asset management, financial planning, family office, and brokerage. The fees are based on the market value of assets, are assessed as a flat fee, or are brokerage commissions. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for the services.

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Deposit service charges

The following table presents the components of deposit service charges:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Service fees	$	4,362	$	4,136
Return and overdraft fees	1,800		1,647
Other deposit service fees	325		256
Total deposit service charges	$	6,487	$	6,039

Deposit service charges includes revenue earned from core deposit products, certificates of deposit, and brokered deposits. The Company generates fee revenues from deposit service charges primarily through service charges and overdraft fees. Service charges consist primarily of monthly account maintenance fees, treasury management fees, foreign ATM fees and other maintenance fees. All of these revenue streams generate fee income through service charges for monthly account maintenance and similar items, transfer fees, late fees, overlimit fees, and stop payment fees. Revenue is recorded at the time of the transaction.

Other income

The following table presents the components of other income:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Managed service fees	$	5,586	$	4,799
Currency preparation	1,675		1,282
ATM loss protection	859		648
Capital markets revenue	3,001		2,879
Miscellaneous products and services	1,282		(357)
Total other income	$	12,403	$	9,251

Other income consists of managed service fees, which are primarily courier fees related to treasury management and are partially offset in noninterest expense, currency preparation, ATM loss protection, capital markets revenue, and other miscellaneous products and services offered by the Bank. These fees are primarily generated through monthly billings or at the time of the transaction. Capital markets revenue consists of fees related to interest rate swaps, risk participation agreements, foreign exchange contracts, letters of credit, and trade finance products and services offered by the Bank.

Arrangements with multiple performance obligations

The Company's contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers.

Practical expedients and exemptions

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

See Note 14 for further information about the disaggregation of noninterest income by segment.

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4. EARNINGS PER SHARE

The following table shows the computation of basic and diluted earnings per share:

	Three Months Ended March 31,
(Dollars and shares in thousands, except per share data)	2024		2023
Numerator:
Net income attributable to WSFS	$	65,761	$	62,404
Denominator:
Weighted average basic shares	60,352		61,511
Dilutive potential common shares	170		168
Weighted average fully diluted shares	60,522		61,679
Earnings per share:
Basic	$	1.09	$	1.01
Diluted	$	1.09	$	1.01
Outstanding common stock equivalents having no dilutive effect	—		6

Basic earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average basic shares outstanding. Diluted earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average fully diluted shares outstanding, using the treasury stock method. Fully diluted shares include the adjustment for the dilutive effect of common stock awards, which include outstanding stock options and unvested restricted stock units under the 2013 Incentive Plan and the 2018 Incentive Plan and performance stock units under the 2018 Incentive Plan.

5. INVESTMENT SECURITIES

Debt Securities

The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.

	March 31, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized  Gain		Gross Unrealized  Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
Collateralized mortgage obligation (CMO)	$	551,883	$	—	$	99,992	$	—	$	451,891
Fannie Mae (FNMA) mortgage-backed securities (MBS)	3,495,526		118		548,295		—		2,947,349
Freddie Mac (FHLMC) MBS	124,992		—		13,241		—		111,751
Ginnie Mae (GNMA) MBS	47,478		1		3,539		—		43,940
Government-sponsored enterprises (GSE) agency notes	224,797		—		45,499		—		179,298
	$	4,444,676	$	119	$	710,566	$	—	$	3,734,229
Held-to-Maturity Debt Securities(1)
FNMA MBS	$	864,584	$	—	$	99,912	$	—	$	764,672
State and political subdivisions	185,231		1,368		1,536		8		185,055
	$	1,049,815	$	1,368	$	101,448	$	8	$	949,727

(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $115.6 million at March 31, 2024, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.

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	December 31, 2023
(Dollars in thousands)	Amortized Cost		Gross Unrealized  Gain		Gross Unrealized  Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
CMO	$	560,952	$	—	$	96,333	$	—	$	464,619
FNMA MBS	3,544,762		162		502,574		—		3,042,350
FHLMC MBS	126,856		—		11,324		—		115,532
GNMA MBS	46,333		6		2,999		—		43,340
GSE agency notes	225,439		—		44,743		—		180,696
	$	4,504,342	$	168	$	657,973	$	—	$	3,846,537
Held-to-Maturity Debt Securities(1)
FNMA MBS	$	872,653	$	—	$	74,332	$	—	$	798,321
State and political subdivisions	185,912		2,665		959		8		187,610
	$	1,058,565	$	2,665	$	75,291	$	8	$	985,931

(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $120.4 million at December 31, 2023, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.

The scheduled maturities of available-for-sale debt securities at March 31, 2024 and December 31, 2023 are presented in the table below:

	Available-for-Sale
	Amortized		Fair
(Dollars in thousands)	Cost		Value
March 31, 2024 (1)
Within one year	$	2,480	$	2,415
After one year but within five years	97,525		92,024
After five years but within ten years	549,047		462,583
After ten years	3,795,624		3,177,207
	$	4,444,676	$	3,734,229
December 31, 2023 (1)
Within one year	$	—	$	—
After one year but within five years	86,224		82,387
After five years but within ten years	569,956		485,593
After ten years	3,848,162		3,278,557
	$	4,504,342	$	3,846,537

(1)Actual maturities could differ from contractual maturities.

As of March 31, 2024, the Company’s available-for-sale investment securities consisted of 973 securities, 965 of which were in an unrealized loss position.

As of March 31, 2024, substantially all of the Corporation’s available-for-sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. As of March 31, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity.

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The scheduled maturities of held-to-maturity debt securities at March 31, 2024 and December 31, 2023 are presented in the table below:

	Held-to-Maturity
	Amortized		Fair
(Dollars in thousands)	Cost		Value
March 31, 2024 (1)
Within one year	$	—	$	—
After one year but within five years	11,930		11,741
After five years but within ten years	47,195		46,747
After ten years	990,690		891,239
	$	1,049,815	$	949,727
December 31, 2023 (1)
Within one year	$	—	$	—
After one year but within five years	10,932		10,856
After five years but within ten years	46,489		46,246
After ten years	1,001,144		928,829
	$	1,058,565	$	985,931

(1)Actual maturities could differ from contractual maturities.

MBS may have expected maturities that differ from their contractual maturities. These differences arise because issuers may have the right to call securities and borrowers may have the right to prepay obligations with or without prepayment penalty. The estimated weighted average duration of MBS was 5.8 years at March 31, 2024.

The held-to-maturity debt securities are not collateral-dependent securities as these are general obligation bonds issued by cities, states, counties, or other local and foreign governments.

Investment securities with fair market values aggregating $3.0 billion and $3.3 billion were pledged as collateral for investment sweep repurchase agreements, municipal deposits, and other obligations as of March 31, 2024 and December 31, 2023, respectively.

During the three months ended March 31, 2024 and 2023, the Company had no sales of debt securities categorized as available-for-sale.

As of March 31, 2024 and December 31, 2023, the Company's debt securities portfolio had remaining unamortized premiums of $54.7 million and $56.9 million, respectively, and unaccreted discounts of $20.3 million and $20.9 million, respectively.

For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at March 31, 2024.

	Duration of Unrealized Loss Position
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
Available-for-sale debt securities:
CMO	$	—	$	—	$	451,891	$	99,992	$	451,891	$	99,992
FNMA MBS	18,744		275		2,916,614		548,020		2,935,358		548,295
FHLMC MBS	—		—		111,745		13,241		111,745		13,241
GNMA MBS	7,785		227		35,109		3,312		42,894		3,539
GSE agency notes	—		—		179,298		45,499		179,298		45,499
	$	26,529	$	502	$	3,694,657	$	710,064	$	3,721,186	$	710,566

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For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2023.

	Duration of Unrealized Loss Position
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
Available-for-sale debt securities:
CMO	$	—	$	—	$	464,619	$	96,333	$	464,619	$	96,333
FNMA MBS	9,068		125		3,026,520		502,449		3,035,588		502,574
FHLMC MBS	—		—		115,525		11,324		115,525		11,324
GNMA MBS	10,543		217		31,681		2,782		42,224		2,999
GSE agency notes	—		—		180,696		44,743		180,696		44,743
	$	19,611	$	342	$	3,819,041	$	657,631	$	3,838,652	$	657,973

The Company does not have the intent to sell, nor is it more likely than not it will be required to sell these securities before it is able to recover the amortized cost basis. The unrealized losses are the result of changes in market interest rates subsequent to purchase, not credit loss, as these are highly rated agency securities with no expected credit loss, in the event of a default. As a result, there is no allowance for credit losses recorded for available-for-sale debt securities as of March 31, 2024.

At March 31, 2024 and December 31, 2023, held-to-maturity debt securities had an amortized cost basis of $1.0 billion. The held-to-maturity debt security portfolio primarily consists of mortgage-backed securities which were issued or guaranteed by U.S. government-sponsored entities and agencies and highly rated municipal bonds. The Company monitors credit quality of its non-government and non-agency securities through credit ratings. The following table summarizes the amortized cost of debt securities held-to-maturity as of March 31, 2024, aggregated by credit quality indicator:

(Dollars in thousands)	FNMA MBS		State and political subdivisions
A+ rated or higher	$	—	$	185,231
Not rated	864,584		—
Ending balance	$	864,584	$	185,231

The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2023, aggregated by credit quality indicator:

(Dollars in thousands)	FNMA MBS		State and political subdivisions
A+ rated or higher	$	—	$	185,912
Not rated	872,653		—
Ending balance	$	872,653	$	185,912

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The Company reviewed its held-to-maturity debt securities by major security type for potential credit losses. There was no activity in the allowance for credit losses for FNMA MBS and foreign bond debt securities for the three months ended March 31, 2024 and 2023. The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the three months ended March 31, 2024 and 2023:

	Three months ended March 31,
(Dollars in thousands)	2024		2023
Allowance for credit losses:
Beginning balance	$	8	$	10
Provision for (recovery of) credit losses	—		(1)
Ending balance	$	8	$	9

Accrued interest receivable of $3.2 million and $3.7 million as of March 31, 2024 and December 31, 2023, respectively, for held-to-maturity debt securities were excluded from the evaluation of allowance for credit losses. There were no nonaccrual or past due held-to-maturity debt securities as of March 31, 2024 and December 31, 2023.

Equity Investments

The Company had equity investments at fair value of $17.1 million and $17.4 million as of March 31, 2024 and December 31, 2023, respectively.

During the three months ended March 31, 2024, the Company did not recognize any gains or losses related to our equity method investments.

During the three months ended March 31, 2023, the Company recognized $1.3 million of net losses related to our equity method investments within Other income on the unaudited Consolidated Statements of Income.

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6. LOANS AND LEASES

The following table shows the Company's loan and lease portfolio by category:  

(Dollars in thousands)	March 31, 2024		December 31, 2023
Commercial and industrial	$	2,591,861	$	2,540,070
Owner-occupied commercial	1,882,876		1,886,087
Commercial mortgages	3,876,856		3,801,180
Construction	1,056,349		1,035,530
Commercial small business leases	633,803		623,622
Residential(1)	875,141		870,705
Consumer(2)	2,065,871		2,012,134
	12,982,757		12,769,328
Less:
Allowance for credit losses	192,629		186,126
Net loans and leases	$	12,790,128	$	12,583,202

(1) Includes reverse mortgages at fair value of $2.5 million at March 31, 2024 and $2.8 million at December 31, 2023.

(2) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

Accrued interest receivable on loans and leases was $71.6 million and $69.8 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on loans and leases was excluded from the evaluation of allowance for credit losses.

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7. ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION

The following tables provide the activity of allowance for credit losses and loan balances for the three months ended March 31, 2024 and 2023. The increase was primarily due to the impacts of the economic uncertainty and forecast and net loan growth.

(Dollars in thousands)	Commercial and Industrial		Owner-occupied Commercial		Commercial Mortgages		Construction		Commercial Small Business Leases		Residential(1)		Consumer(2)		Total
Three months ended March 31, 2024
Allowance for credit losses
Beginning balance	$	49,394	$	10,719	$	36,055	$	10,762	$	15,170	$	5,483	$	58,543	$	186,126
Charge-offs	(476)		—		(25)		—		(4,852)		(50)		(6,456)		(11,859)
Recoveries	1,766		201		2		—		591		89		575		3,224
Provision	5,218		(351)		765		197		4,550		(115)		4,874		15,138
Ending balance	$	55,902	$	10,569	$	36,797	$	10,959	$	15,459	$	5,407	$	57,536	$	192,629
Period-end allowance allocated to:
Loans evaluated on an individual basis	$	6,814	$	—	$	—	$	—	$	—	$	—	$	—	$	6,814
Loans evaluated on a collective basis	49,088		10,569		36,797		10,959		15,459		5,407		57,536		185,815
Ending balance	$	55,902	$	10,569	$	36,797	$	10,959	$	15,459	$	5,407	$	57,536	$	192,629
Period-end loan balances:
Loans evaluated on an individual basis	$	27,229	$	5,866	$	21,536	$	3,962	$	—	$	8,311	$	2,664	$	69,568
Loans evaluated on a collective basis	2,564,632		1,877,010		3,855,320		1,052,387		633,803		864,354		2,063,207		12,910,713
Ending balance	$	2,591,861	$	1,882,876	$	3,876,856	$	1,056,349	$	633,803	$	872,665	$	2,065,871	$	12,980,281

(1)Period-end loan balance excludes reverse mortgages at fair value of $2.5 million.

(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

(Dollars in thousands)	Commercial and Industrial		Owner - occupied Commercial		Commercial Mortgages		Construction		Commercial Small Business Leases		Residential(1)		Consumer(2)		Total
Three months ended March 31, 2023
Allowance for credit losses
Beginning balance	$	49,526	$	6,019	$	21,473	$	6,987	$	9,868	$	4,668	$	53,320	$	151,861
Charge-offs	(6,563)		—		—		—		(2,899)		—		(4,204)		(13,666)
Recoveries	701		5		2		530		515		43		159		1,955
Provision	9,809		32		8,639		2,155		1,752		616		6,009		29,012
Ending balance	$	53,473	$	6,056	$	30,114	$	9,672	$	9,236	$	5,327	$	55,284	$	169,162
Period-end allowance allocated to:
Loans evaluated on an individual basis	$	4,562	$	91	$	—	$	—	$	—	$	—	$	—	$	4,653
Loans evaluated on a collective basis	48,911		5,965		30,114		9,672		9,236		5,327		55,284		164,509
Ending balance	$	53,473	$	6,056	$	30,114	$	9,672	$	9,236	$	5,327	$	55,284	$	169,162
Period-end loan balances:
Loans evaluated on an individual basis	$	22,443	$	1,907	$	7,343	$	760	$	—	$	6,522	$	1,916	$	40,891
Loans evaluated on a collective basis	2,546,299		1,844,754		3,465,740		1,022,951		576,584		779,538		1,866,511		12,102,377
Ending balance	$	2,568,742	$	1,846,661	$	3,473,083	$	1,023,711	$	576,584	$	786,060	$	1,868,427	$	12,143,268

(1)Period-end loan balance excludes reverse mortgages at fair value of $2.7 million.

(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

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The following tables show nonaccrual and past due loans presented at amortized cost at the date indicated:

	March 31, 2024
(Dollars in thousands)	30–89 Days Past Due and Still  Accruing			Greater  Than 90 Days Past Due and Still Accruing			Total Past Due And Still Accruing			Accruing Current Balances			Nonaccrual Loans With No Allowance			Nonaccrual Loans With An Allowance			Total Loans
Commercial and industrial	$	2,674		$	590		$	3,264		$	2,561,347		$	12,987		$	14,263		$	2,591,861
Owner-occupied commercial	3,582			599			4,181			1,873,369			5,326			—			1,882,876
Commercial mortgages	1,866			49			1,915			3,853,407			21,534			—			3,876,856
Construction	7,343			—			7,343			1,045,044			3,962			—			1,056,349
Commercial small business leases	9,809			3			9,812			623,991			—			—			633,803
Residential(1)	1,793			—			1,793			865,684			5,188			—			872,665
Consumer(2)	17,651			10,121			27,772			2,035,411			2,688			—			2,065,871
Total	$	44,718		$	11,362		$	56,080		$	12,858,253		$	51,685		$	14,263		$	12,980,281
% of Total Loans	0.34		%	0.09		%	0.43		%	99.06		%	0.40		%	0.11		%	100		%

(1)Residential accruing current balances excludes reverse mortgages at fair value of $2.5 million.

(2)Includes $16.1 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.

	December 31, 2023
(Dollars in thousands)	30–89 Days Past Due and Still  Accruing			Greater  Than 90 Days Past Due and Still Accruing			Total Past Due And Still Accruing			Accruing Current Balances			Nonaccrual Loans With No Allowance(1)			Nonaccrual Loans With An Allowance			Total Loans
Commercial and industrial	$	1,630		$	293		$	1,923		$	2,518,934		$	13,645		$	5,568		$	2,540,070
Owner-occupied commercial	1,786			487			2,273			1,878,952			4,862			—			1,886,087
Commercial mortgages	1,190			—			1,190			3,777,698			22,292			—			3,801,180
Construction	—			—			—			1,022,913			12,617			—			1,035,530
Commercial small business leases	6,697			772			7,469			616,153			—			—			623,622
Residential(2)	9,261			—			9,261			856,055			2,579			—			867,895
Consumer(3)	15,249			10,032			25,281			1,984,407			2,446			—			2,012,134
Total	$	35,813		$	11,584		$	47,397		$	12,655,112		$	58,441		$	5,568		$	12,766,518
% of Total Loans	0.28		%	0.09		%	0.37		%	99.13		%	0.46		%	0.04		%	100		%

(1)Excludes nonaccruing loans held-for-sale.

(2)Residential accruing current balances excludes reverse mortgages, at fair value of $2.8 million.

(3)Includes $14.5 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.

The following table presents the amortized cost basis of nonaccruing collateral-dependent loans by class at March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(Dollars in thousands)	Property		Equipment and other		Property		Equipment and other
Commercial and industrial(1)	$	17,141	$	10,110	$	17,230	$	1,983
Owner-occupied commercial	5,326		—		4,862		—
Commercial mortgages	21,534		—		22,292		—
Construction	3,962		—		12,617		—
Residential(2)	5,188		—		2,579		—
Consumer(3)	2,687		—		2,446		—
Total	$	55,838	$	10,110	$	62,026	$	1,983

(1)Excludes nonaccruing loans held-for-sale in 2023.

(2)Excludes reverse mortgages at fair value.

(3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

22

As of March 31, 2024, there were 32 residential loans and 11 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $6.3 million and $1.3 million, respectively. As of December 31, 2023, there were 31 residential loans and 9 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $3.2 million and $1.1 million, respectively. Loan workout and other real estate owned (OREO) (recoveries) expenses were $(0.4) million during the three months ended March 31, 2024 and $0.2 million during three months ended March 31, 2023. Loan workout and OREO expenses are included in Loan workout and other credit costs on the unaudited Consolidated Statements of Income.

Credit Quality Indicators

Below is a description of each of the risk ratings for all commercial loans:

•Pass. These borrowers currently show no indication of deterioration or potential problems and their loans are considered fully collectible.

•Special Mention. These borrowers have potential weaknesses that deserve management’s close attention. Borrowers in this category may be experiencing adverse operating trends, for example, declining revenues or margins, high leverage, tight liquidity, or increasing inventory without increasing sales. These adverse trends can have a potential negative effect on the borrower’s repayment capacity. These assets are not adversely classified and do not expose the Bank to significant risk that would warrant a more severe rating. Borrowers in this category may also be experiencing significant management problems, pending litigation, or other structural credit weaknesses.

•Substandard or Lower. These borrowers have well-defined weaknesses that require extensive oversight by management. Borrowers in this category may exhibit one or more of the following: inadequate debt service coverage, unprofitable operations, insufficient liquidity, high leverage, and weak or inadequate capitalization. Relationships in this category are not adequately protected by the sound financial worth and paying capacity of the obligor or the collateral pledged on the loan, if any. A distinct possibility exists that the Bank will sustain some loss if the deficiencies are not corrected. In addition, some borrowers in this category could have the added characteristic that the possibility of loss is extremely high. Current circumstances in the credit relationship make collection or liquidation in full highly questionable. Such impending events include: perfecting liens on additional collateral, obtaining collateral valuations, an acquisition or liquidation preceding, proposed merger, or refinancing plan.

Residential and Consumer Loans

The residential and consumer loan portfolios are monitored on an ongoing basis using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans that are greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status.

23

The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of March 31, 2024.

	Term Loans Amortized Cost Basis by Origination Year(1)
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial:
Risk Rating
Pass	$	176,858	$	762,244	$	450,439	$	163,071	$	191,450	$	385,731	$	9,218	$	233,340	$	2,372,351
Special mention	1,662		4,485		8,443		3,228		218		2,526		—		1,589		22,151
Substandard or Lower	43,408		52,654		41,001		6,973		5,473		33,163		—		14,687		197,359
	$	221,928	$	819,383	$	499,883	$	173,272	$	197,141	$	421,420	$	9,218	$	249,616	$	2,591,861
Current-period gross writeoffs	$	—	$	—	$	109	$	143	$	156	$	68	$	—	$	—	$	476
Owner-occupied commercial:
Risk Rating
Pass	$	59,845	$	340,919	$	242,775	$	239,418	$	206,450	$	473,877	$	—	$	188,984	$	1,752,268
Special mention	—		3,123		3,037		5,369		1,088		22,524		—		1,571		36,712
Substandard or Lower	—		1,196		17,957		11,550		5,430		45,662		—		12,101		93,896
	$	59,845	$	345,238	$	263,769	$	256,337	$	212,968	$	542,063	$	—	$	202,656	$	1,882,876
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial mortgages:
Risk Rating
Pass	$	126,380	$	806,552	$	461,038	$	488,314	$	431,554	$	1,051,552	$	—	$	395,234	$	3,760,624
Special mention	5,324		22,437		576		1,107		1,810		5,117		—		—		36,371
Substandard or Lower	—		10,159		1,153		1,009		21,285		30,794		—		15,461		79,861
	$	131,704	$	839,148	$	462,767	$	490,430	$	454,649	$	1,087,463	$	—	$	410,695	$	3,876,856
Current-period gross writeoffs	$	—	$	25	$	—	$	—	$	—	$	—	$	—	$	—	$	25
Construction:
Risk Rating
Pass	$	81,959	$	357,747	$	344,241	$	75,655	$	2,704	$	2,088	$	—	$	110,361	$	974,755
Special mention	7,148		35,402		5,257		—		—		—		—		—		47,807
Substandard or Lower	—		15,430		14,395		3,258		—		152		—		552		33,787
	$	89,107	$	408,579	$	363,893	$	78,913	$	2,704	$	2,240	$	—	$	110,913	$	1,056,349
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial small business leases:
Risk Rating
Performing	$	68,659	$	244,037	$	174,415	$	91,029	$	33,350	$	22,313	$	—	$	—	$	633,803
Nonperforming	—		—		—		—		—		—		—		—		—
	$	68,659	$	244,037	$	174,415	$	91,029	$	33,350	$	22,313	$	—	$	—	$	633,803
Current-period gross writeoffs	$	—	$	1,347	$	1,656	$	1,253	$	429	$	167	$	—	$	—	$	4,852
Residential(2):
Risk Rating
Performing	$	23,516	$	188,880	$	67,040	$	96,732	$	56,831	$	431,193	$	—	$	—	$	864,192
Nonperforming	—		—		167		3,538		483		4,285		—		—		8,473
	$	23,516	$	188,880	$	67,207	$	100,270	$	57,314	$	435,478	$	—	$	—	$	872,665
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	—	$	50	$	—	$	—	$	50
Consumer(3):
Risk Rating
Performing	$	54,669	$	423,471	$	538,009	$	144,717	$	99,941	$	296,127	$	500,904	$	5,329	$	2,063,167
Nonperforming	—		—		—		135		352		—		1,717		500		2,704
	$	54,669	$	423,471	$	538,009	$	144,852	$	100,293	$	296,127	$	502,621	$	5,829	$	2,065,871
Current-period gross writeoffs	$	286	$	677	$	4,239	$	774	$	380	$	100	$	—	$	—	$	6,456

(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.

(2)Excludes reverse mortgages at fair value.

(3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

24

The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of December 31, 2023.

	Term Loans Amortized Cost Basis by Origination Year(1)
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial:
Risk Rating
Pass	$	716,848	$	490,934	$	180,343	$	211,151	$	90,522	$	383,609	$	8,785	$	237,786	$	2,319,978
Special mention	7,209		11,860		2,804		463		735		743		—		1,649		25,463
Substandard or Lower	72,993		54,024		5,951		10,224		22,046		17,906		—		11,485		194,629
	$	797,050	$	556,818	$	189,098	$	221,838	$	113,303	$	402,258	$	8,785	$	250,920	$	2,540,070
Current-period gross writeoffs	$	—	$	568	$	5,214	$	1,747	$	7,567	$	11,557	$	—	$	—	$	26,653
Owner-occupied commercial:
Risk Rating
Pass	$	346,908	$	264,895	$	251,262	$	212,365	$	194,153	$	313,801	$	—	$	178,150	$	1,761,534
Special mention	2,885		3,115		5,419		1,105		11,002		5,559		—		1,393		30,478
Substandard or Lower	996		18,865		11,109		6,787		8,019		35,330		—		12,969		94,075
	$	350,789	$	286,875	$	267,790	$	220,257	$	213,174	$	354,690	$	—	$	192,512	$	1,886,087
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	184	$	—	$	—	$	—	$	184
Commercial mortgages:
Risk Rating
Pass	$	847,137	$	464,895	$	526,280	$	465,354	$	486,855	$	619,448	$	—	$	290,083	$	3,700,052
Special mention	20,632		—		67		1,837		10,666		—		—		—		33,202
Substandard or Lower	9,862		1,153		1,047		13,837		14,352		12,212		—		15,463		67,926
	$	877,631	$	466,048	$	527,394	$	481,028	$	511,873	$	631,660	$	—	$	305,546	$	3,801,180
Current-period gross writeoffs	$	—	$	83	$	—	$	217	$	—	$	—	$	—	$	—	$	300
Construction:
Risk Rating
Pass	$	429,055	$	319,958	$	111,333	$	3,030	$	388	$	7,016	$	—	$	87,741	$	958,521
Special mention	28,718		19,769		8,227		—		—		—		—		—		56,714
Substandard or Lower	5,698		—		3,308		8,598		2,134		—		—		557		20,295
	$	463,471	$	339,727	$	122,868	$	11,628	$	2,522	$	7,016	$	—	$	88,298	$	1,035,530
Current-period gross writeoffs	$	—	$	—	$	794	$	—	$	—	$	—	$	—	$	—	$	794
Commercial small business leases:
Risk Rating
Performing	$	260,348	$	191,746	$	103,428	$	40,697	$	15,411	$	11,992	$	—	$	—	$	623,622
Nonperforming	—		—		—		—		—		—		—		—		—
	$	260,348	$	191,746	$	103,428	$	40,697	$	15,411	$	11,992	$	—	$	—	$	623,622
Current-period gross writeoffs	$	1,528	$	7,250	$	4,447	$	1,454	$	735	$	227	$	—	$	—	$	15,641
Residential(2):
Risk Rating
Performing	$	188,644	$	67,358	$	102,982	$	57,273	$	33,499	$	412,099	$	—	$	—	$	861,855
Nonperforming	—		170		713		486		1,251		3,420		—		—		6,040
	$	188,644	$	67,528	$	103,695	$	57,759	$	34,750	$	415,519	$	—	$	—	$	867,895
Current-period gross writeoffs	$	33	$	—	$	—	$	—	$	—	$	8	$	—	$	—	$	41
Consumer(3):
Risk Rating
Performing	$	391,580	$	568,919	$	153,930	$	104,248	$	44,996	$	245,849	$	494,663	$	5,662	$	2,009,847
Nonperforming	—		—		135		352		176		30		1,362		232		2,287
	$	391,580	$	568,919	$	154,065	$	104,600	$	45,172	$	245,879	$	496,025	$	5,894	$	2,012,134
Current-period gross writeoffs	$	1,790	$	15,227	$	4,411	$	313	$	198	$	455	$	—	$	—	$	22,394

(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.

(2)Excludes reverse mortgages at fair value.

(3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

25

Troubled Loans

The Company offers loan modifications to commercial and consumer borrowers that may result in a payment delay, interest rate reduction, term extension, principal forgiveness, or combination thereof. Loan modifications are offered on a case-by-case basis and are generally term extension, payment delay, and interest rate reduction modification types. Forbearance (due to hardship) programs result in modification types including payment delay and/or term extension. In addition, certain reorganization bankruptcy judgments may result in interest rate reduction, term extension, or principal forgiveness modification types.

The following tables show the period-end amortized cost basis of troubled loans modified during the three months ended March 31, 2024 and 2023, disaggregated by portfolio segment and type of modification granted:

	Three Months Ended March 31, 2024
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Combination- Term Extension and Interest Rate Reduction		Combination - Payment Delay and Interest Rate Reduction		Total		% of Total Loan Category
Commercial and industrial	$	31,865	$	349	$	820	$	—	$	—	$	33,034	1.27	%
Construction	1,910		—		—		—		—		1,910		0.18	%
Consumer(1)	325		702		1,932		—		—		2,959		0.14	%
Total	$	34,100	$	1,051	$	2,752	$	—	$	—	$	37,903	0.29	%

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

	Three months ended March 31, 2023
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Combination- Term Extension and Interest Rate Reduction		Combination - Payment Delay and Interest Rate Reduction		Total		% of Total Loan Category
Commercial and industrial	$	12,837	$	—	$	—	$	—	$	—	$	12,837	0.41	%
Owner-occupied commercial	—		—		—		148		—		148		0.01	%
Commercial mortgages	2,057		—		—		—		—		2,057		0.06	%
Consumer(1)	803		162		1,777		158		119		3,019		0.16	%
Total	$	15,697	$	162	$	1,777	$	306	$	119	$	18,061	0.15	%

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

The following table describes the financial effect of the modifications made to troubled loans during the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024
	Term Extension(1)	Interest Rate Reduction(2)	More-Than-Insignificant Payment Delay(3)
Commercial and industrial	1.24	—%	0.01%
Construction	1.00	—	—
Consumer	0.47	—	0.02
	Three Months Ended March 31, 2023
	Term Extension(1)	Interest Rate Reduction(2)	More-Than-Insignificant Payment Delay(3)
Commercial and industrial	0.91	—%	—%
Owner-occupied commercial	0.96	2.56	—
Commercial mortgages	0.48	—	—
Consumer	6.71	2.07	0.02

(1)Represents the weighted-average increase in the life of modified loans measured in years, which reduces monthly payment amounts for borrowers.

(2)Represents the weighted-average decrease in the contractual interest rate on the modified loans.

(3)Represents the percentage of loans deferred over the total loan portfolio excluding reverse mortgages at fair value.

26

As of March 31, 2024 and December 31, 2023, the Company had commitments to extend credit of $19.2 million and $18.4 million, respectively, to borrowers experiencing financial difficulty whose terms had been modified.

Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

The following table shows the amortized cost of loans that received a term extension modification that had a payment default during the three months ended March 31, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty. There were no loans that had a payment default during the three months ended March 31, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

	Three Months Ended March 31, 2024
	Term Extension		More-Than-Insignificant Payment Delay		Total
Commercial and industrial	$	8,694	$	199	$	8,893
Total	$	8,694	$	199	$	8,893

The Company closely monitors the performance of troubled loans to understand the effectiveness of its modification efforts. The following tables show the performance of loans that have been modified in the last 12 months as of March 31, 2024 and 2023:

	March 31, 2024
(Dollars in thousands)	30-89 Days Past Due and Still Accruing		90+ Days Past Due and Still Accruing		Accruing Current Balances		Nonaccrual Loans		Total
Commercial and industrial	$	—	$	—	$	58,771	$	24,133	$	82,904
Owner-occupied commercial	—		—		—		65		65
Commercial mortgages	—		—		9,345		—		9,345
Construction	—		—		17,331		—		17,331
Residential	—		—		44		167		211
Consumer(1)	1,096		258		7,646		387		9,387
Total	$	1,096	$	258	$	93,137	$	24,752	$	119,243

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

	March 31, 2023
	30-89 Days Past Due and Still Accruing		90+ Days Past Due and Still Accruing		Accruing Current Balances		Nonaccrual Loans		Total
Commercial and industrial	$	—	$	—	$	12,837	$	—	$	12,837
Owner-occupied commercial	—		—		148		—		148
Commercial mortgages	1,016		1,041		—		—		2,057
Consumer(1)	25		—		2,994		—		3,019
Total	$	1,041	$	1,041	$	15,979	$	—	$	18,061

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

27

8. LEASES

As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment. As a lessor, the Company primarily provides financing through its equipment leasing business.

Lessee

The Company's ongoing leases have remaining lease terms of less than one year to 21 years, which includes renewal options that are exercised at its discretion. The Company's lease terms to calculate the lease liability and right-of-use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right-of-use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statements of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statements of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties.

The components of operating lease cost were as follows:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Operating lease cost (1)	$	3,972	$	4,793
Sublease income	(32)		(49)
Net lease cost	$	3,940	$	4,744

(1)Includes variable lease cost and short-term lease cost.

Supplemental information related to operating leases was as follows:

(Dollars in thousands)	March 31, 2024			December 31, 2023
Right-of-use assets	$	129,996		$	130,601
Lease liabilities	$	151,255		$	151,596
Lease term and discount rate
Weighted average remaining lease term (in years)	12.86			13.01
Weighted average discount rate	5.2		%	5.2		%

Maturities of operating lease liabilities were as follows:

(Dollars in thousands)	March 31, 2024
Remaining in 2024	$	13,564
2025	17,747
2026	16,912
2027	15,536
2028	15,538
After 2028	130,975
Total lease payments	210,272
Less: Interest	(59,017)
Present value of lease liabilities	$	151,255

Supplemental cash flow information related to operating leases was as follows:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,721	$	5,060

As of March 31, 2024, the Corporation had not entered into any material leases that have not yet commenced.

28

Lessor Equipment Leasing

The Company provides equipment and small business lease financing through its leasing subsidiary, NewLane Finance®. Interest income from direct financing leases where the Company is a lessor is recognized in Interest and fees on loans and leases on the unaudited Consolidated Statements of Income. The allowance for credit losses on finance leases is included in Provision for credit losses on the unaudited Consolidated Statements of Income.

The components of direct finance lease income are summarized in the table below:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Direct financing leases:
Interest income on lease receivable	$	14,800	$	12,382
Interest income on deferred fees and costs, net	(1,792)		(1,386)
Total direct financing lease net interest income	$	13,008	$	10,996

Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:

(Dollars in thousands)	March 31, 2024		December 31, 2023
Lease receivables	$	733,630	$	721,338
Unearned income	(118,177)		(114,341)
Deferred fees and costs	18,350		16,625
Net investment in direct financing leases	$	633,803	$	623,622

29

9. GOODWILL AND INTANGIBLE ASSETS

In accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles - Goodwill and Other (ASC 350), all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value as of acquisition date.

WSFS performs its annual goodwill impairment test on October 1, or more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. In between annual tests, management performs a qualitative review of goodwill quarterly as part of the Company's review of the overall business to ensure no events or circumstances have occurred that would impact its goodwill evaluation. During the three months ended March 31, 2024, management determined based on its qualitative assessment that the fair values of our reporting units exceeded their carrying values, and no goodwill impairment existed during the three months ended March 31, 2024.

The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:

(Dollars in thousands)	WSFS Bank		Wealth Management		Consolidated Company
December 31, 2023	$	753,586	$	132,312	$	885,898
Goodwill adjustments	—		—		—
March 31, 2024	$	753,586	$	132,312	$	885,898

ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes the Company's intangible assets:

(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets		Amortization Period
March 31, 2024
Core deposits	$	104,751	$	(53,327)	$	51,424	10 years
Customer relationships	73,880		(19,512)		54,368		7-15 years
Loan servicing rights(1)	12,734		(6,980)		5,754		10-25 years
Tradename	2,900		—		2,900		indefinite
Total intangible assets	$	194,265	$	(79,819)	$	114,446
December 31, 2023
Core deposits	$	104,751	$	(50,754)	$	53,997	10 years
Customer relationships	73,880		(18,153)		55,727		7-15 years
Loan servicing rights(2)	12,613		(6,575)		6,038		10-25 years
Tradename	2,900		—		2,900		indefinite
Total intangible assets	$	194,144	$	(75,482)	$	118,662

(1)Includes impairment losses of $0.1 million for the three months ended March 31, 2024.

(2)Includes impairment losses of less than $0.1 million for the year ended December 31, 2023.

The Company recognized amortization expense on intangible assets of $3.9 million for the three months ended March 31, 2024 compared to $3.8 million for the three months ended March 31, 2023.

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

(Dollars in thousands)	March 31, 2024
Remaining in 2024	$	12,678
2025	16,576
2026	15,869
2027	15,404
2028	14,580
Thereafter	36,439
Total	$	111,546

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Servicing Assets

The Company records mortgage servicing rights on its mortgage loan servicing portfolio, which includes mortgages that it acquires or originates as well as mortgages that it services for others, and servicing rights on Small Business Administration (SBA) loans. Mortgage servicing rights and SBA loan servicing rights are included in Goodwill and intangible assets in the accompanying unaudited Consolidated Statements of Financial Condition. Mortgage loans which the Company services for others are not included in Loans and leases, net of allowance in the accompanying unaudited Consolidated Statements of Financial Condition. Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans the Company acquires or originates, or that it services for others.

The value of the Company's mortgage servicing rights was $1.7 million at March 31, 2024 and December 31, 2023, and the value of its SBA loan servicing rights was $4.1 million and $4.3 million at March 31, 2024 and December 31, 2023, respectively. Changes in the value of the Company's servicing rights resulted in impairment losses of $0.1 million for the three months ended March 31, 2024 and a reversal of impairment losses of less than $0.1 million for the three months ended March 31, 2023. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage banking activities, net in the unaudited Consolidated Statements of Income and revenues from the Company's SBA loan servicing rights are included in Loan and lease fee income in the unaudited Consolidated Statements of Income.

Besides the impairment on loan servicing rights noted above, there was no impairment of other intangible assets as of March 31, 2024 or December 31, 2023. Changing economic conditions that may adversely affect the Company's performance and could result in impairment, which could adversely affect earnings in the future.

10. DEPOSITS

The following table shows deposits by category:

(Dollars in thousands)			March 31, 2024		December 31, 2023
Noninterest-bearing:
	Noninterest demand		$	4,652,875	$	4,917,297
		Total noninterest-bearing	$	4,652,875	$	4,917,297
Interest-bearing:
	Interest-bearing demand		$	2,856,366	$	2,935,530
	Savings		1,577,264		1,610,143
	Money market		5,205,835		5,175,123
	Customer time deposits		1,894,864		1,784,317
	Brokered deposits		—		51,676
		Total interest-bearing	11,534,329		11,556,789
		Total deposits	$	16,187,204	$	16,474,086

11. INCOME TAXES

There were no unrecognized tax benefits as of March 31, 2024. The Company records interest and penalties on potential income tax deficiencies as income tax expense. The Company's federal and state tax returns for the 2020 through 2023 tax years are subject to examination as of March 31, 2024. The Company does not expect to record or realize any material unrecognized tax benefits during 2024.

The amortization of the low-income housing credit investments has been reflected as income tax expense of $1.9 million and $1.4 million for the three months ended March 31, 2024 and 2023, respectively.

The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the three months ended March 31, 2024 were $1.7 million, $1.9 million and $0.6 million, respectively. The carrying value of the investment in affordable housing credits is $85.2 million at March 31, 2024, compared to $87.1 million at December 31, 2023 and is included in the Other assets line item on the unaudited Consolidated Statements of Financial Condition.

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12. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

ASC 820-10, Fair Value Measurement (ASC 820-10) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:

•Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

•Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means.

•Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

The following tables present financial instruments carried at fair value as of March 31, 2024 and December 31, 2023 by level in the valuation hierarchy (as described above):

	March 31, 2024
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	451,891	$	—	$	451,891
FNMA MBS	—		2,947,349		—		2,947,349
FHLMC MBS	—		111,751		—		111,751
GNMA MBS	—		43,940		—		43,940
GSE agency notes	—		179,298		—		179,298
Other assets	—		168,510		44		168,554
Total assets measured at fair value on a recurring basis	$	—	$	3,902,739	$	44	$	3,902,783
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	156,243	$	13,426	$	169,669
Assets measured at fair value on a nonrecurring basis:
Other investments	$	—	$	—	$	14,714	$	14,714
Other real estate owned	—		—		1,210		1,210
Loans held for sale	—		26,858		—		26,858
Total assets measured at fair value on a nonrecurring basis	$	—	$	26,858	$	15,924	$	42,782

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	December 31, 2023
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	464,619	$	—	$	464,619
FNMA MBS	—		3,042,350		—		3,042,350
FHLMC MBS	—		115,532		—		115,532
GNMA MBS	—		43,340		—		43,340
GSE agency notes	—		180,696		—		180,696
Other assets	—		153,569		78		153,647
Total assets measured at fair value on a recurring basis	$	—	$	4,000,106	$	78	$	4,000,184
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	137,616	$	14,026	$	151,642
Assets measured at fair value on a nonrecurring basis
Other investments	$	—	$	—	$	15,206	$	15,206
Other real estate owned	—		—		1,569		1,569
Loans held for sale	—		29,268		—		29,268
Total assets measured at fair value on a nonrecurring basis	$	—	$	29,268	$	16,775	$	46,043

Fair value is based on quoted market prices, where available. If such quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

Available-for-sale securities

Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company believes that this Level 2 designation is appropriate under ASC 820-10, as these securities are GSEs and GNMA securities with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors.

Other investments

Other investments includes equity investments without readily determinable fair values, which are categorized as Level 3. The Company’s equity investments without readily determinable fair values are held at cost, and are adjusted for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer during the reporting period and its equity method investments are initially recorded at cost based on the Company’s percentage ownership in the investee, and are adjusted to reflect the recognition of the Company’s proportionate share of income or loss of the investee based on the investee’s earnings.

Other real estate owned

Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of other real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties.

33

Loans held for sale

The fair value of loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities.

Other assets

Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of risk participation agreements are obtained from an independent pricing service.

Other liabilities

Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of foreign exchange forward contracts and risk participation agreements are obtained from an independent pricing service. Valuation of the derivative related to the sale of certain Visa Class B common shares is based on: (i) the agreed upon graduated fee structure; (ii) the length of time until the resolution of the Visa covered litigation; and (iii) the estimated impact of dilution in the conversion ratio of Class B shares resulting from changes in the Visa covered litigation.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash, cash equivalents, and restricted cash

For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value.

Investment securities

Investment securities include debt securities classified as held-to-maturity or available-for-sale. Fair value is estimated using quoted prices for similar securities, which the Company obtains from a third party vendor. The Company uses one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by the Company to validate the vendor’s methodology as described above in available-for-sale securities.

Other investments

Other investments includes equity investments without readily determinable fair values (see discussion in “Fair Value of Financial Assets and Liabilities” section above) as well as equity method investments.

Loans held for sale

Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above).

34

Loans and leases

Loans and leases are segregated by portfolio segments with similar financial characteristics. The fair values of loans and leases, with the exception of reverse mortgages, are estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. The fair values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral, if the loan is collateral dependent. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique does contemplate an exit price.

Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh

The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value.

Accrued interest receivable

The carrying amounts of interest receivable approximate fair value.

Other assets

Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements (see discussion in “Fair Value of Financial Assets and Liabilities” section above).

Deposits

The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates currently offered for deposits with comparable remaining maturities.

Borrowed funds

Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt.

Off-balance sheet instruments

The fair value of off-balance sheet instruments, including swap guarantees of $6.9 million at March 31, 2024 and $7.3 million at December 31, 2023, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution.

Accrued interest payable

The carrying amounts of interest payable approximate fair value.

Other liabilities

Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above).

35

Financial instruments measured at fair value using significant unobservable inputs (Level 3)

The following tables provide a description of the valuation techniques and significant unobservable inputs for the Company's financial instruments classified as Level 3 as of March 31, 2024 and December 31, 2023:

(Dollars in thousands)	March 31, 2024
Financial Instrument	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Other investments	$	14,714	Observed market comparable transactions	Period of observed transactions	December 2023
Other real estate owned	1,210		Fair market value of collateral	Costs to sell	20.0%
Other assets (Risk participation agreements purchased)	44		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 110 - 360 bps (189 bps) LGD: –% - 30% (30%)
Other liabilities (Risk participation agreements sold)	2		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 1 - 250 bps (81 bps) LGD: –% - 30% (30%)
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)	13,424		Discounted cash flow	Timing of Visa litigation resolution	1.00 - 4.50 years (2.93 years or 4Q 2025)

(Dollars in thousands)	December 31, 2023
Financial Instrument	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Other investments	$	15,206	Observed market comparable transactions	Period of observed transactions	December 2023
Other real estate owned	1,569		Fair market value of collateral	Costs to sell	10.0% - 20.0% (18.1%)
Other assets (Risk participation agreements purchased)	78		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 110 - 360 bps (195 bps) LGD: –% - 30% (30%)
Other liabilities (Risk participation agreements sold)	3		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 1 - 250 bps (95 bps) LGD: 30%
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)	14,023		Discounted cash flow	Timing of Visa litigation resolution	1.00 - 4.75 years (3.06 years or 4Q 2025)

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The book value and estimated fair value of the Company's financial instruments are as follows:

 

		March 31, 2024				December 31, 2023
(Dollars in thousands)	Fair Value Measurement	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash, cash equivalents, and restricted cash	Level 1	$	977,071	$	977,071	$	1,092,900	$	1,092,900
Investment securities available-for-sale	Level 2	3,734,229		3,734,229		3,846,537		3,846,537
Investment securities held-to-maturity, net	Level 2	1,049,807		949,727		1,058,557		985,931
Other investments	Level 3	17,051		17,051		17,434		17,434
Loans, held for sale	Level 2	26,858		26,858		29,268		29,268
Loans and leases, net(1)	Level 3	12,790,128		12,829,259		12,583,202		12,514,431
Stock in FHLB of Pittsburgh	Level 2	15,526		15,526		15,398		15,398
Accrued interest receivable	Level 2	88,310		88,310		85,979		85,979
Other assets	Levels 2, 3	168,554		168,554		153,647		153,647
Financial liabilities:
Deposits	Level 2	$	16,187,204	$	16,160,641	$	16,474,086	$	16,449,198
Borrowed funds	Level 2	1,124,958		1,134,269		895,076		912,760
Standby letters of credit	Level 3	754		754		814		814
Accrued interest payable	Level 2	37,911		37,911		46,684		46,684
Other liabilities	Levels 2, 3	169,669		169,669		151,642		151,642

 (1) Includes reverse mortgage loans.

At March 31, 2024 and December 31, 2023 the Company had no commitments to extend credit measured at fair value.

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13. DERIVATIVE FINANCIAL INSTRUMENTS

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both economic conditions and its business operations. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. The Company does not use derivative financial instruments for trading purposes.

Fair Values of Derivative Instruments

The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of March 31, 2024.

	Fair Values of Derivative Instruments
(Dollars in thousands)		Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate products		13	$	1,000,000	Other assets	$	11,312
Total			$	1,000,000		$	11,312
Derivatives not designated as hedging instruments:
Interest rate products			$	2,547,154	Other assets	$	155,994
Interest rate products			2,547,154		Other liabilities	(155,994)
Interest rate lock commitments with customers			54,818		Other assets	947
Interest rate lock commitments with customers			150		Other liabilities	—
Forward sale commitments			7,442		Other assets	23
Forward sale commitments			43,880		Other liabilities	(166)
FX forwards			34,021		Other assets	234
FX forwards			17,033		Other liabilities	(83)
Risk participation agreements sold			103,028		Other liabilities	(2)
Risk participation agreements purchased			115,091		Other assets	44
Financial derivatives related to sales of certain Visa Class B shares			113,177		Other liabilities	(13,424)
Total derivatives			$	6,582,948		$	(1,115)

38

The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of December 31, 2023.

	Fair Values of Derivative Instruments
(Dollars in thousands)		Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate products		9	$	750,000	Other assets	$	15,578
Total			$	750,000		$	15,578
Derivatives not designated as hedging instruments:
Interest rate products			$	2,428,306	Other assets	$	136,924
Interest rate products			2,383,443		Other liabilities	(136,924)
Interest rate lock commitments with customers			34,651		Other assets	637
Forward sale commitments			1,000		Other assets	1
Forward sale commitments			37,348		Other liabilities	(283)
FX forwards			15,812		Other assets	429
FX forwards			13,064		Other liabilities	(409)
Risk participation agreements sold			103,648		Other liabilities	(3)
Risk participation agreements purchased			116,804		Other assets	78
Financial derivatives related to sales of certain Visa Class B shares			113,177		Other liabilities	(14,023)
Total derivatives			$	5,997,253		$	2,005

Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the three months ended March 31, 2024 and March 31, 2023.

	Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)				Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion)
(Dollars in thousands)	Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships	2024		2023
Interest rate products	$	(6,433)	$	332	Interest income
Total	$	(6,433)	$	332
	Amount of Gain (Loss) Recognized in Income				Location of Gain (Loss) Recognized in Income
(Dollars in thousands)	Three Months Ended March 31,
Derivatives not designated as hedging instruments	2024		2023
Interest rate products	$	2,435	$	2,440	Other income
Interest rate lock commitments with customers	252		421		Mortgage banking activities, net
Forward sale commitments	114		(148)		Mortgage banking activities, net
FX forwards	159		16		Other income
Risk participation agreements	(34)		3		Other income
Total	$	2,926	$	2,732

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Derivatives Designated as Hedging Instruments:

Cash Flow Hedges of Interest Rate Risk

The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate options, including floors, caps, collars, or swaps as part of its interest rate risk management strategy. Interest rate options designated as cash flow hedges involve the receipt of fixed amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount.

The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if it fails to maintain its status as a well-capitalized or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.

As of March 31, 2024, the Company had 13 interest rate floors purchased at an aggregate premium of $19.7 million with an aggregate notional amount of $1.0 billion to hedge variable cash flows associated with a variable rate loan pool through the first quarter of 2027. Changes to the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. If the Company determines that a cash flow hedge is no longer highly effective, future changes in the fair value of the hedging instrument would be reported in earnings. As of March 31, 2024, the Company determined the cash flow hedges remain highly effective. During the three months ended March 31, 2024, $0.8 million of amortization expense on the premium was reclassified into interest income compared to less than $0.1 million during the three months ended March 31, 2023. The Company does not expect any unrealized gains or losses related to cash flow hedges to be reclassified into earnings in the next twelve months.

Derivatives Not Designated as Hedging Instruments:

Customer Derivatives – Interest Rate Swaps

The Company enters into interest rate swaps with commercial loan customers wishing to manage interest rate risk. The Company then enters into corresponding swap agreements with swap dealer counterparties to economically hedge the exposure arising from these contracts. The interest rate swaps with both the customers and third parties are not designated as hedges under ASC 815, Derivatives and Hedging (ASC 815) and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of March 31, 2024, there were no fair value adjustments related to credit quality.

Derivative Financial Instruments from Mortgage Banking Activities

Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans to customers, also referred to as interest rate lock commitments. The Company may also enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate interest rate risk.

Foreign Exchange Forward Contracts

The Company enters into foreign exchange forward contracts (FX forwards) with customers to exchange one currency for another on an agreed date in the future at an agreed exchange rate. The Corporation then enters into corresponding FX forwards with swap dealer counterparties to economically hedge its exposure on the exchange rate component of the customer agreements. The FX forwards with both the customers and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate. As the FX forwards are structured to offset each other, changes to the underlying term structure of currency exchange rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of March 31, 2024, there were no fair value adjustments related to credit quality.

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Risk Participation Agreements

The Company may enter into a risk participation agreement (RPA) with another institution as a means to assume a portion of the credit risk associated with a loan structure which includes a derivative instrument, in exchange for fee income commensurate with the risk assumed. This type of derivative is referred to as an “RPA sold.” In addition, in an effort to reduce the credit risk associated with an interest rate swap agreement with a borrower for whom the Corporation has provided a loan structured with a derivative, the Corporation may purchase an RPA from an institution participating in the facility in exchange for a fee commensurate with the risk shared. This type of derivative is referred to as an “RPA purchased.”

Swap Guarantees

The Company entered into agreements with one unrelated financial institution whereby that financial institution entered into interest rate derivative contracts (interest rate swap transactions) directly with customers referred to them by the Company. Under the terms of the agreements, the financial institution has recourse to us for any exposure created under each swap transaction, only in the event that the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows us to provide access to interest rate swap transactions for our customers without creating the swap ourselves. These swap guarantees are accounted for as credit derivatives.

At March 31, 2024 and December 31, 2023, there were 185 and 188 variable-rate to fixed-rate swap transactions between the third-party financial institutions and the Company's customers, respectively. The initial notional aggregate amount was approximately $0.7 billion at March 31, 2024 and December 31, 2023. At March 31, 2024, the swap transactions remaining maturities ranged from under 1 year to 11 years. At March 31, 2024, none of these customer swaps were in a paying position to third parties, with our swap guarantees having a fair value of $6.9 million. At December 31, 2023, none of these customer swaps were in a paying position to third parties, with the Company's swap guarantees having a fair value of $7.3 million. However, for both periods, none of the Company's customers were in default of the swap agreements.

Credit-risk-related Contingent Features

The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $2.5 million in cash against its obligations under these agreements which meets or exceeds the minimum collateral posting requirements. If the Company had breached any of these provisions at March 31, 2024, it could have been required to settle its obligations under the agreements at the termination value.

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14. SEGMENT INFORMATION

As defined in ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company evaluates performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to the Company's segments are those that apply to its preparation of the accompanying unaudited Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth Management.

The WSFS Bank segment provides financial products to commercial and consumer customers. Commercial and Consumer Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment.

The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect®.

The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients. Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management, which includes Private Banking, serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and customized banking services including credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the bank’s charter, through a broker/dealer and as a registered investment advisor (RIA). It generates revenue through fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach.

The Bryn Mawr Trust Company of Delaware provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.

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The following tables show segment results for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
(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	$	256,133	$	—	$	5,489	$	261,622	$	221,285	$	—	$	5,098	$	226,383
Noninterest income	16,220		26,350		33,287		75,857		14,150		18,179		30,798		63,127
Total external customer revenues	272,353		26,350		38,776		337,479		235,435		18,179		35,896		289,510
Inter-segment revenues:
Interest income	6,566		440		28,871		35,877		6,099		395		20,727		27,221
Noninterest income	7,273		435		207		7,915		6,900		461		105		7,466
Total inter-segment revenues	13,839		875		29,078		43,792		12,999		856		20,832		34,687
Total revenue	286,192		27,225		67,854		381,271		248,434		19,035		56,728		324,197
External customer expenses:
Interest expense	75,079		—		11,265		86,344		38,487		—		5,364		43,851
Noninterest expenses	106,632		21,935		20,505		149,072		100,949		13,500		18,596		133,045
Provision for credit losses	14,820		—		318		15,138		27,717		—		1,294		29,011
Total external customer expenses	196,531		21,935		32,088		250,554		167,153		13,500		25,254		205,907
Inter-segment expenses:
Interest expense	29,311		3,129		3,437		35,877		21,122		3,559		2,540		27,221
Noninterest expenses	642		1,409		5,864		7,915		566		1,346		5,554		7,466
Total inter-segment expenses	29,953		4,538		9,301		43,792		21,688		4,905		8,094		34,687
Total expenses	226,484		26,473		41,389		294,346		188,841		18,405		33,348		240,594
Income before taxes	$	59,708	$	752	$	26,465	$	86,925	$	59,593	$	630	$	23,380	$	83,603
Income tax provision							21,202								20,941
Consolidated net income							65,723								62,662
Net (loss) income attributable to noncontrolling interest							(38)								258
Net income attributable to WSFS							$	65,761							$	62,404
Supplemental Information
Capital expenditures for the period ended	$	4,220	$	—	$	13	$	4,233	$	856	$	—	$	—	$	856

The following table shows significant components of segment net assets as of March 31, 2024 and December 31, 2023:

	March 31, 2024								December 31, 2023
(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	$	750,657	$	173,291	$	53,123	$	977,071	$	600,483	$	443,431	$	48,986	$	1,092,900
Goodwill	753,586		—		132,312		885,898		753,586		—		132,312		885,898
Other segment assets	18,278,973		15,798		421,508		18,716,279		18,191,585		15,654		408,635		18,615,874
Total segment assets	$	19,783,216	$	189,089	$	606,943	$	20,579,248	$	19,545,654	$	459,085	$	589,933	$	20,594,672

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15. COMMITMENTS AND CONTINGENCIES

Secondary Market Loan Sales

The Company typically sells newly originated residential mortgage loans in the secondary market to mortgage loan aggregators and to GSEs such as FHLMC, FNMA, and on a more limited basis, the FHLB. Loans held for sale are reflected on the unaudited Consolidated Statements of Financial Condition at fair value with changes in the value reflected in the unaudited Consolidated Statements of Income. Gains and losses are recognized at the time of sale. The Company periodically retains the servicing rights on residential mortgage loans sold which results in monthly service fee income. The mortgage servicing rights are included in Goodwill and intangible assets on the unaudited Consolidated Statements of Financial Condition. Otherwise, the Company sells loans with servicing released on a nonrecourse basis. Rate-locked loan commitments that the Company intends to sell in the secondary market are accounted for as derivatives under ASC 815.

The Company does not sell loans with recourse, except for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, early payment default by the borrower. These are customary repurchase provisions in the secondary market for residential mortgage loan sales. These provisions may include either an indemnification from loss or the repurchase of the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There was one repurchase during the three months ended March 31, 2024 for $0.3 million and no repurchases during the same period in 2023.

Unfunded Lending Commitments

At March 31, 2024 and December 31, 2023, the allowance for credit losses of unfunded lending commitments was $11.8 million and $12.1 million, respectively. A provision release of $0.3 million was recognized during the three months ended March 31, 2024 compared to a provision release of $0.2 million during the three months ended March 31, 2023.

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16. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss includes unrealized gains and losses on available-for-sale investments, unrealized gains and losses on cash flow hedges, as well as unrecognized prior service costs and actuarial gains and losses on defined benefit pension plans. Changes to accumulated other comprehensive loss are presented, net of tax, as a component of stockholders’ equity. Amounts that are reclassified out of accumulated other comprehensive loss are recorded on the unaudited Consolidated Statements of Income either as a gain or loss. Changes to accumulated other comprehensive loss by component are shown, net of taxes, in the following tables for the period indicated:

(Dollars in thousands)	Net change in investment securities available-for-sale		Net change in investment securities held-to-maturity		Net change in defined benefit plan		Net change in fair value of derivatives used for cash flow hedges		Net change in equity method investments		Total
Balance, December 31, 2023	$	(499,932)	$	(91,523)	$	(4,614)	$	1,597	$	481	$	(593,991)
Other comprehensive (loss) income	(40,007)		—		(75)		(6,433)		(21)		(46,536)
Less: Amounts reclassified from accumulated other comprehensive loss	—		3,669		(49)		—		—		3,620
Net current-period other comprehensive (loss) income	(40,007)		3,669		(124)		(6,433)		(21)		(42,916)
Balance, March 31, 2024	$	(539,939)	$	(87,854)	$	(4,738)	$	(4,836)	$	460	$	(636,907)
Balance, December 31, 2022	$	(563,533)	$	(108,503)	$	(4,482)	$	108	$	566	$	(675,844)
Other comprehensive income (loss)	53,010		(1)		12		332		(3)		53,350
Less: Amounts reclassified from accumulated other comprehensive loss	—		4,166		(47)		(40)		—		4,079
Net current-period other comprehensive income (loss)	53,010		4,165		(35)		292		(3)		57,429
Balance, March 31, 2023	$	(510,523)	$	(104,338)	$	(4,517)	$	400	$	563	$	(618,415)

The unaudited Consolidated Statements of Income were impacted by components of other comprehensive loss as shown in the tables below:

	Three Months Ended March 31,				Affected line item in unaudited Consolidated Statements of Income
(Dollars in thousands)	2024		2023
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:
Amortization of net unrealized losses to income during the period	4,827		5,481		Net interest income
Income taxes	(1,158)		(1,315)		Income tax provision
Net of tax	3,669		4,166
Amortization of defined benefit pension plan-related items:
Prior service credits	(19)		(19)
Actuarial gains	(45)		(43)
Total before tax	(64)		(62)		Salaries, benefits and other compensation
Income taxes	15		15		Income tax provision
Net of tax	(49)		(47)
Net unrealized gains on terminated cash flow hedges:
Amortization of net unrealized gains to income during the period	—		(52)		Interest and fees on loans and leases
Income taxes	—		12		Income tax provision
Net of tax	—		(40)
Total reclassifications	$	3,620	$	4,079

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17. LEGAL AND OTHER PROCEEDINGS

In accordance with the current accounting standards for loss contingencies, the Company establishes reserves for litigation-related matters that arise in the ordinary course of its business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. In addition, the Company's defense of litigation claims may result in legal fees, which it expenses as incurred.

There were no material changes or additions to other significant pending legal or other proceedings involving the Company other than those arising out of routine operations.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $20.6 billion in assets and $80.5 billion in assets under management (AUM) and assets under administration (AUA) at March 31, 2024, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the Greater Philadelphia and Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, we have been in operation for more than 192 years. In addition to our focus on stellar customer experience, we have continued to fuel growth and remain a leader in our community. We are a relationship-focused, locally-managed, community banking institution. Our mission is simple: “We Stand for Service.” Our strategy of “Engaged Associates, living our culture, enriching the communities we serve” focuses on exceeding customer expectations, delivering stellar experiences and building customer advocacy through highly-trained, relationship-oriented, friendly, knowledgeable and empowered Associates.

As of March 31, 2024, we had six consolidated subsidiaries: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management, LLC (BMCM), WSFS Wealth Management, LLC (Powdermill®), WSFS SPE Services, LLC, and 601 Perkasie, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank has two wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).

Our banking business had a total loan and lease portfolio of $13.0 billion as of March 31, 2024, which was funded primarily through commercial relationships and consumer and customer generated deposits. We have built a $10.0 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering the high level of service and flexibility typically associated with a community bank and through acquisitions. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches, in addition to mortgage and title services through our branches and WSFS Mortgage®, our mortgage banking company specializing in a variety of residential mortgage and refinancing solutions. Our leasing business, conducted by NewLane Finance®, originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.

Our Cash Connect® business is a premier provider of ATM vault cash, smart safe (safes that automatically accept, validate, record and hold cash in a secure environment) and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide, and manages approximately $2.0 billion in total cash and services approximately 36,900 non-bank ATMs and 9,100 smart safes nationwide. Cash Connect® provides related services such as online reporting and ATM cash management, predictive cash ordering and reconcilement services, armored carrier management, loss protection, ATM processing equipment sales and deposit safe cash logistics. Cash Connect® also supports 583 owned or branded ATMs for WSFS Bank Customers, which is one of the largest branded ATM networks in our market.

Our Wealth Management business provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate and institutional clients. Combined, these businesses had $80.5 billion of AUM and AUA at March 31, 2024.

Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and traditional banking services such as credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the bank’s charter, through a broker/dealer and as a registered investment advisor (RIA). It generates revenue through a percentage fee based on account assets, fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach.

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BMT-DE provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.

As of March 31, 2024, we service our customers primarily from 114 offices located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1) and Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app.

Highlights and Other Notables Items for Three Months Ended March 31, 2024

•Three Months Ended March 31, 2024

◦Net loan growth of $206.9 million, or 2% (7% annualized), driven by growth across the commercial portfolio and consumer partnerships.

◦WSFS repurchased 492,368 shares of common stock under the Company's share repurchase programs at an average price of $42.62 per share, for an aggregate purchase price of approximately $21.0 million.

◦The Board of Directors approved a $0.15 per share quarterly cash dividend.

◦The Bank and the Company continue to be well above well-capitalized across all measures of regulatory capital, with total common equity tier 1 capital of 14.00% and 13.29%, respectively, and total risk-based capital of 15.25% and 15.35%, respectively.

◦WSFS recorded a $1.3 million expense for the updated FDIC Special Assessment as a result of the FDIC's revised estimated losses related to the closures of certain banks in 2023, which reflects the current estimate of what WSFS will need to pay as part of the FDIC Special Assessment. However, depending on future adjustments to the DIF's estimated loss, the FDIC retained the ability to cease collection early, extend the special assessment collection period, or impose a final shortfall special assessment.

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FINANCIAL CONDITION

Total assets decreased $15.4 million to $20.6 billion at March 31, 2024 compared to December 31, 2023. This decrease is primarily comprised of the following:

•Total investment securities decreased $121.1 million:

◦Investment securities, available-for-sale decreased $112.3 million, primarily due to repayments, maturities and calls of $76.1 million and decreased market values of $52.6 million, partially offset by purchases of $17.2 million.

◦Investment securities, held-to-maturity decreased $8.8 million, primarily due to repayments, maturities and calls of $13.1 million, partially offset by $3.5 million of amortization of net unrealized losses on available-for-sale securities transferred to held-to-maturity.

•Total cash and cash equivalents decreased $115.8 million, primarily due to decreased deposits and increased lending activity, partially offset by an increase in other borrowed funds.

•Goodwill and intangible assets decreased $4.2 million due to scheduled amortization of intangible assets.

•Net loans and leases held for investment increased $206.9 million, primarily due to increases of $75.7 million in commercial mortgages, $53.7 million in consumer loans primarily from Spring EQ home equity loans, $51.8 million in commercial and industrial, $20.8 million in construction, and $10.2 million in commercial small business leases.

•Other assets increased $19.4 million, primarily due to a $19.0 million increase in derivatives from our capital markets business due to changes in fair value and an $8.3 million increase to our deferred tax asset primarily related to unrealized losses on available-for-sale securities. The increase was partially offset by the settlement of $5.5 million in receivables related to bank-owned life insurance (BOLI) policies surrendered in 2023 and death benefits, and a $4.3 million decrease in the fair value of our cash flow hedges.

Total liabilities decreased $11.2 million to $18.1 billion at March 31, 2024 compared to December 31, 2023. This decrease is primarily comprised of the following:

•Customer deposits decreased $235.2 million primarily due to decreases from expected trust deposit activity and a short-term deposit within our commercial line of business, partially offset by increases in wealth and consumer deposits.

•Accrued interest payable decreased $8.8 million, primarily due to the timing of interest payments on BTFP borrowings.

•Other borrowed funds increased $229.8 million, primarily due to $235.0 million borrowed from the Bank Term Funding Program (BTFP) as a result of favorable terms and pricing.

For further information, see "Notes to the Consolidated Financial Statements (Unaudited)."

LIQUIDITY AND CAPITAL RESOURCES

Capital Resources

Stockholders’ equity of WSFS decreased $4.2 million between December 31, 2023 and March 31, 2024. This decrease was primarily due to an increase of $42.9 million in accumulated other comprehensive loss driven by market value decreases on available-for-sale mortgage-backed securities, $21.0 million from the repurchase of shares of common stock under our stock repurchase plan, and the payment of dividends on our common stock of $9.1 million, partially offset by $65.8 million of earnings.

During the three months ended March 31, 2024, our Board of Directors approved a quarterly cash dividend of $0.15 per share of common stock. This dividend will be paid on May 24, 2024 to stockholders of record as of May 10, 2024.

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Book value per share of common stock was $41.17 at March 31, 2024, an increase of $0.24 from $40.93 at December 31, 2023. Tangible book value per share of common stock (a non-GAAP financial measure) was $24.52 at March 31, 2024, an increase of $0.19 from $24.33 at December 31, 2023.  We believe tangible book value per common share helps management and investors better understand and assess changes from period to period in stockholders’ equity exclusive of changes in intangible assets. This non-GAAP measure should be considered in addition to results prepared in accordance with Generally Accepted Accounting Principles in the U.S. (GAAP), and is not a substitute for, or superior to, GAAP results. For a reconciliation of tangible book value per common share to book value per share in accordance with GAAP, see "Reconciliation of Non-GAAP Measure to GAAP Measure."

The table below compares the Bank's and the Company’s consolidated capital position to the minimum regulatory requirements as of March 31, 2024:

	Consolidated Capital				Minimum For Capital Adequacy Purposes				To be Well-Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Total Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB	$	2,455,986	15.25	%	$	1,288,361	8.00	%	$	1,610,451	10.00	%
WSFS Financial Corporation	2,472,486		15.35		1,288,973		8.00		1,611,216		10.00
Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB	2,254,618		14.00		966,271		6.00		1,288,361		8.00
WSFS Financial Corporation	2,141,122		13.29		966,730		6.00		1,288,973		8.00
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Wilmington Savings Fund Society, FSB	2,254,618		14.00		724,703		4.50		1,046,793		6.50
WSFS Financial Corporation	2,141,122		13.29		725,047		4.50		1,047,291		6.50
Tier 1 Leverage Capital
Wilmington Savings Fund Society, FSB	2,254,618		11.14		809,479		4.00		1,011,849		5.00
WSFS Financial Corporation	2,141,122		10.57		810,305		4.00		1,012,881		5.00

Under the prompt corrective action regime, regulators have established five capital tiers: well-capitalized, adequately-capitalized, under-capitalized, significantly under-capitalized, and critically under-capitalized. A depository institution’s capital tier depends on its capital levels in relation to various relevant capital measures, which include leverage and risk-based capital measures and certain other factors. Depository institutions that are not classified as well-capitalized are subject to various restrictions, which may include restrictions on capital distributions, payment of management fees, acceptance of brokered deposits and other operating activities.

Regulatory capital requirements for the Bank and the Company include a minimum common equity Tier 1 capital ratio of 4.50% of risk-weighted assets, a Tier 1 capital ratio of 6.00% of risk-weighted assets, a minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets. In order to avoid limits on capital distributions and discretionary bonus payments, the Bank and the Company must maintain a capital conservation buffer of 2.5% of common equity Tier 1 capital over each of the risk-based capital requirements. As of March 31, 2024, the Bank and the Company were in compliance with the regulatory capital requirements and met or exceeded the amounts required to be considered “well-capitalized” as defined in the regulations.

Not included in the Bank’s capital, WSFS separately held $163.7 million in cash to support share repurchases, potential dividends, acquisitions, strategic growth plans and other general corporate purposes.

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Liquidity

We manage our liquidity and funding needs through our Treasury function and our Asset/Liability Committee. We have a policy that separately addresses liquidity, and management monitors our adherence to policy limits. Also, liquidity risk management is a primary area of examination by the banking regulators.

Funding sources to support growth and meet our liquidity needs include cash from operations, commercial, consumer, wealth and trust deposits, loan repayments, FHLB borrowings, repurchase agreements, access to the Federal Reserve Discount Window, and access to the brokered deposit market as well as other wholesale funding avenues. In addition, we have a large portfolio of high-quality, liquid investments, primarily short-duration mortgage-backed securities, that provide a near-continuous source of cash flow to meet current cash needs, or can be sold to meet larger discrete needs for cash. We believe these sources are sufficient to meet our funding needs as well as maintain required and prudent levels of liquidity over the next twelve months and beyond.

As of March 31, 2024, the Company had $1.0 billion in cash, cash equivalents, and restricted cash. As of March 31, 2024, our estimated uninsured deposits were $5.9 billion, or 37% of total customer deposits, and our estimated unprotected deposits (uninsured and uncollateralized) were $4.5 billion, or 28% of total customer deposits.

As of March 31, 2024, the Company had a readily available, secured borrowing capacity of $5.3 billion from the FHLB and $1.0 billion through the Federal Reserve Discount Window. In addition, the Company had $1.7 billion in unpledged securities that could be used to support additional borrowings and $0.6 billion of cash deposited with the Federal Reserve Bank.

Our primary cash contractual obligations relate to operating leases, long-term debt, credit obligations, and data processing. At March 31, 2024, we had $210.3 million in total contractual payments for ongoing leases that have remaining lease terms of less than one year to 21 years, which includes renewal options that are exercised at our discretion. For additional information on our operating leases, see Note 8 to the unaudited Consolidated Financial Statements. At March 31, 2024, we had obligations for principal payments on long-term debt including $67.0 million for our trust preferred borrowings, due June 1, 2035, $70.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2027, and $150.0 million for our senior debt, due December 15, 2030. Royal Bancshares Capital Trust I (Trust I) and Royal Bancshares Capital Trust II (Trust II) (collectively, the RBC Trusts), which were acquired from Bryn Mawr Bank Corporation, were utilized for the sole purpose of issuing and selling capital securities representing preferred beneficial interests. Although WSFS owns an aggregate of $0.8 million of the common securities of Trust I and Trust II, the RBC Trusts are not consolidated into the Company’s Consolidated Financial Statements. Inclusive of the fair value marks, WSFS assumed junior subordinated debentures owed to the RBC Trusts with a current carrying value of $11.8 million each, totaling $23.7 million. The Company records its investments in the RBC Trusts’ common securities of $0.4 million each as investments in unconsolidated entities and records dividend income upon declaration by Trust I and Trust II. The Company has fully and unconditionally guaranteed all of the obligations of the RBC Trusts, including any distributions and payments on liquidation or redemption of the capital securities. We are also contractually obligated to make interest payments on our long-term debt through their respective maturities.

Commitments to extend credit provide for financing on predetermined terms as long as the customer continues to meet specific criteria. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. At March 31, 2024, the Company had total commitments to extend credit of $4.0 billion, which are generally one year commitments.

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NONPERFORMING ASSETS

Nonperforming assets include nonaccruing loans, OREO and restructured loans. Nonaccruing loans are those on which we no longer accrue interest. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the value of the collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Past due loans are defined as loans contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection.

The following table shows our nonperforming assets and past due loans at the dates indicated:

(Dollars in thousands)	March 31, 2024			December 31, 2023
Nonaccruing loans(1):
Commercial and industrial	$	27,250		$	29,389
Owner-occupied commercial	5,326			4,862
Commercial mortgages	21,534			22,292
Construction	3,962			12,617
Residential	5,188			2,579
Consumer	2,688			2,446
Total nonaccruing loans(2)	65,948			74,185
Other real estate owned	1,210			1,569
Total nonperforming assets	$	67,158		$	75,754
Past due loans:
Commercial	$	1,241		$	1,552
Consumer(3)	10,121			10,032
Total past due loans	$	11,362		$	11,584
Troubled loans:
Commercial	$	109,645		$	85,330
Residential	211			777
Consumer	9,387			9,161
Total troubled loans	$	119,243		$	95,268
Ratio of allowance for credit losses to total loans and leases(4)	1.48		%	1.46		%
Ratio of nonaccruing loans to total gross loans and leases(5)	0.51			0.58
Ratio of nonperforming assets to total assets	0.33			0.37
Ratio of allowance for credit losses to nonaccruing loans	292			251
Ratio of allowance for credit losses to total nonperforming assets(6)	287			246

(1)Includes nonaccruing troubled loans.

(2)Includes nonaccrual loans held-for-sale as of December 31, 2023

(3)Includes U.S. government guaranteed student loans with little risk of credit loss.

(4)Represents amortized cost basis for loans and leases.

(5)Total loans exclude loans held for sale and reverse mortgages.

(6)Excludes acquired PCD loans.

Nonperforming assets decreased $8.6 million between December 31, 2023 and March 31, 2024. This decrease was primarily driven by the resolution of two nonperforming C&I loans during the quarter. The ratio of nonperforming assets to total assets decreased from 0.37% at December 31, 2023 to 0.33% at March 31, 2024.

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The following table summarizes the changes in nonperforming assets during the periods indicated:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Beginning balance	$	75,754	$	43,372
Additions	23,927		23,150
Collections	(25,538)		(8,707)
Transfers to accrual(1)	(193)		(19,903)
Charge-offs	(6,792)		(4,764)
Ending balance	$	67,158	$	33,148

(1)Includes impact of ASU No. 2022-02 adoption in 2023.

The timely identification of problem loans is a key element in our strategy to manage our loan portfolio. Problem loans are all criticized, classified and nonperforming loans and other real estate owned. Timely identification enables us to take appropriate action and accordingly, minimize losses. An asset review system established to monitor the asset quality of our loans and investments in real estate portfolios facilitates the identification of problem assets. In general, this system uses guidelines established by federal regulation.

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INTEREST RATE SENSITIVITY

Our primary objective in managing interest rate risk is to minimize the adverse impact of changes in interest rates on net interest income and capital, while maximizing the yield/cost spread on our asset/liability structure. Interest rates are partly a function of decisions by the Federal Open Market Committee (FOMC) on the target range for the federal funds rate, and these decisions are sometimes difficult to anticipate. The FOMC raised the federal funds target rate four times in 2023 for a total of 100 basis points and has suggested it may lower interest rates in 2024. In order to manage the risks associated with changes or possible changes in interest rates, we rely primarily on our asset/liability structure.

Our primary tool for achieving our asset/liability management strategies is to match maturities or repricing periods of interest rate-sensitive assets and liabilities to promote a favorable interest rate spread and mitigate exposure to fluctuations in interest rates. We regularly review our interest rate sensitivity and adjust the sensitivity within acceptable tolerance ranges. At March 31, 2024, interest-earning assets exceeded interest-bearing liabilities that mature or reprice within one year (interest-sensitive gap) by $38.5 million. Our interest-sensitive assets as a percentage of interest-sensitive liabilities within the one-year window was 100.42% at March 31, 2024 compared with 99.67% at December 31, 2023. Likewise, the one-year interest-sensitive gap as a percentage of total assets was 0.19% at March 31, 2024 compared with (0.14)% at December 31, 2023.

Market risk is the risk of loss from adverse changes in market prices and rates. Our market risk arises primarily from interest rate risk inherent in our lending, investing, and funding activities. To that end, we actively monitor and manage our interest rate risk exposure. One measure evaluates the impact of an immediate change in interest rates in 100 basis point increments on the economic value of equity ratio. The economic value of the equity ratio is defined as the economic value of the estimated cash flows from assets and liabilities as a percentage of economic value of cash flows from total assets.

The following table shows the estimated impact of immediate changes in interest rates on our net interest margin and economic value of equity ratio at the specified levels at March 31, 2024 and December 31, 2023:

 

	March 31, 2024		December 31, 2023
% Change in Interest Rate (Basis Points)	% Change in Net Interest Margin(1)	Economic Value of Equity(2)	% Change in Net Interest Margin(1)	Economic Value of Equity(2)
+300	17.9%	22.48%	15.7%	22.44%
+200	11.9%	21.60%	10.4%	21.46%
+100	5.9%	20.66%	5.2%	20.41%
+50	3.0%	20.15%	2.6%	19.85%
+25	1.5%	19.90%	1.3%	19.56%
—	—%	19.64%	—%	19.26%
-25	(1.5)%	19.36%	(1.3)%	18.96%
-50	(2.8)%	19.08%	(2.6)%	18.64%
-100	(5.3)%	18.50%	(4.9)%	18.00%
'-200	(9.9)%	17.20%	(9.6)%	16.50%
'-300	(14.2)%	15.80%	(14.2)%	14.80%

(1)The percentage difference between net interest margin in a stable interest rate environment and net interest margin as projected under the various rate change environments.

(2)The economic value of equity ratio in a stable interest rate environment and the economic value of equity ratio as projected under the various rate change environments.

We also engage in other business activities that are sensitive to changes in interest rates. For example, mortgage banking revenues and expenses can fluctuate with changing interest rates. These fluctuations are difficult to model and estimate.

54

RESULTS OF OPERATIONS

Three months ended March 31, 2024: Net income for the three months ended March 31, 2024 was $65.8 million, compared to $62.4 million for the three months ended March 31, 2023.

•Net interest income decreased $7.3 million, primarily due to lagging increases in deposit pricing following rate hikes in 2023. See “Net Interest Income” for further information.

•Our provision for credit losses decreased $13.9 million, primarily due to lower provision across our commercial loan portfolios and our consumer partnership portfolio. See “Allowance for Credit Losses” for further information.

•Noninterest income increased $12.7 million, primarily due to increases in income from Cash Connect® due to additional units added during the fourth quarter of 2023 and Wealth Management fee income. See “Noninterest Income” for further information.

•Noninterest expense increased $16.0 million, primarily due to higher Cash Connect® funding costs associated with a shift towards external funding, salaries and benefits, and the FDIC special assessment.

•Income tax provision increased $0.3 million, primarily due to the $3.3 million increase in pre-tax income.

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Net Interest Income

The following tables provide information concerning the balances, yields and rates on interest-earning assets and interest-bearing liabilities during the periods indicated:

	Three months ended March 31,
	2024						2023
(Dollars in thousands)	Average Balance		Interest		Yield/ Rate(1)		Average Balance		Interest		Yield/ Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Commercial loans and leases	$	5,047,482	$	88,530	7.06	%	$	4,954,622	$	80,744	6.63	%
Commercial real estate loans	4,887,483		86,724		7.14		4,425,354		71,828		6.58
Residential loans	874,703		10,579		4.84		769,581		8,628		4.48
Consumer loans	2,041,390		38,228		7.53		1,849,398		31,535		6.92
Loans held for sale	34,907		642		7.40		43,527		989		9.21
Total loans and leases	12,885,965		224,703		7.02		12,042,482		193,724		6.53
Mortgage-backed securities(3)	4,476,032		25,897		2.31		4,823,507		27,526		2.28
Investment securities(3)	365,375		2,184		2.65		376,760		2,237		2.86
Other interest-earning assets	643,749		8,838		5.52		240,943		2,896		4.87
Total interest-earning assets	$	18,371,121	$	261,622	5.74	%	$	17,483,692	$	226,383	5.27	%
Allowance for credit losses	(188,762)						(153,181)
Cash and due from banks	273,286						230,193
Cash in non-owned ATMs	243,941						421,057
Bank-owned life insurance	42,791						101,612
Other noninterest-earning assets	1,953,037						1,919,065
Total assets	$	20,695,414					$	20,002,438
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	$	2,834,273	$	7,366	1.05	%	$	3,142,930	$	5,024	0.65	%
Savings	1,588,224		1,580		0.40		2,065,212		1,256		0.25
Money market	5,186,402		45,433		3.52		3,861,590		19,258		2.02
Customer time deposits	1,835,424		18,238		4.00		1,276,204		5,993		1.90
Total interest-bearing customer deposits	11,444,323		72,617		2.55		10,345,936		31,531		1.24
Brokered deposits	18,410		178		3.89		346,355		3,661		4.29
Total interest-bearing deposits	11,462,733		72,795		2.55		10,692,291		35,192		1.33
Federal Home Loan Bank advances	21,429		308		5.78		267,367		3,371		5.11
Trust preferred borrowings	90,655		1,756		7.79		90,459		1,555		6.97
Senior and subordinated debt	218,420		2,449		4.48		233,189		2,573		4.41
Other borrowed funds(4)	781,854		9,036		4.65		131,221		1,160		3.59
Total interest-bearing liabilities	$	12,575,091	$	86,344	2.76	%	$	11,414,527	$	43,851	1.56	%
Noninterest-bearing demand deposits	4,828,865						5,560,252
Other noninterest-bearing liabilities	822,834						770,565
Stockholders’ equity	2,476,453						2,260,262
Noncontrolling interest	(7,829)						(3,168)
Total liabilities and stockholders’ equity	$	20,695,414					$	20,002,438
Excess of interest-earning assets over interest-bearing liabilities	$	5,796,030					$	6,069,165
Net interest income			$	175,278					$	182,532
Interest rate spread					2.98	%					3.71	%
Net interest margin					3.84	%					4.25	%

(1)Weighted average yields for tax-exempt securities and loans have been computed on a tax-equivalent basis.

(2)Average balances are net of unearned income and include nonperforming loans.

(3)Includes securities available-for-sale at fair value.

(4)Includes federal funds purchased.

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Three months ended March 31, 2024: During the three months ended March 31, 2024, net interest income decreased $7.3 million from the three months ended March 31, 2023 primarily due to lagging deposit pricing increases following rate hikes in 2023. Net interest margin was 3.84% for the first quarter of 2024, a 41 basis point decrease compared to 4.25% for the first quarter of 2023 due to an unfavorable decrease of 48 basis points due to the lagging deposit pricing increases mentioned above and 3 basis points from purchase accounting accretion, partially offset by an increase of 10 basis points from our balance sheet size and mix.

Allowance for Credit Losses

We maintain the allowance for credit losses at an appropriate level based on our assessment of estimable and expected losses in the loan portfolio. Our allowance for credit losses is based on our historical loss experience that includes the inherent risk of our loans and various other factors including but not limited to, collateral values, trends in asset quality, level of delinquent loans and concentrations. Further, regional and national economic forecasts are considered in our expected credit losses. Our evaluation is based on a review of the portfolio and requires significant, complex and difficult judgments.

During the three months ended March 31, 2024, we recorded a provision for credit losses of $15.1 million, a decrease of $13.9 million, as compared with the provision for credit losses of $29.0 million for the three months ended March 31, 2023. This decrease was primarily due to lower losses across our commercial loan portfolios and our consumer partnership portfolio.

The allowance for credit losses increased to $192.6 million at March 31, 2024 from $186.1 million at December 31, 2023. The ratio of allowance for credit losses to total loans and leases was 1.48% at March 31, 2024 and 1.46% at December 31, 2023.

The following tables detail the allocation of the ACL and show our net charge-offs (recoveries) by portfolio category:

(Dollars in thousands)	Commercial and Industrial			Owner- occupied Commercial			Commercial Mortgages			Construction			Commercial Small Business Leases			Residential(1)			Consumer(2)			Total
As of March 31, 2024
Allowance for credit losses	$	55,902		$	10,569		$	36,797		$	10,959		$	15,459		$	5,407		$	57,536		$	192,629
% of ACL to total ACL	29		%	5		%	19		%	6		%	8		%	3		%	30		%	100		%
Loan portfolio balance	$	2,591,861		$	1,882,876		$	3,876,856		$	1,056,349		$	633,803		$	872,665		$	2,065,871		$	12,980,281
% to total loans and leases	19		%	15		%	30		%	8		%	5		%	7		%	16		%	100		%
Three months ended March 31, 2024
Charge-offs	$	476		$	—		$	25		$	—		$	4,852		$	50		$	6,456		$	11,859
Recoveries	(1,766)			(201)			(2)			—			(591)			(89)			(575)			(3,224)
Net (recoveries) charge-offs	$	(1,290)		$	(201)		$	23		$	—		$	4,261		$	(39)		$	5,881		$	8,635
Average loan balance	$	2,529,873		$	1,892,161		$	3,815,715		$	1,071,768		$	625,449		$	871,820		$	2,041,390		$	12,848,176
Ratio of net (recoveries) charge-offs to average gross loans	(0.21)		%	(0.04)		%	NMF			NMF			2.74		%	(0.02)		%	1.16		%	0.27		%

(1)Excludes reverse mortgages.

(2)Includes home equity lines of credit, installment loans unsecured lines of credit and education loans.

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(Dollars in thousands)	Commercial and Industrial			Owner- occupied Commercial			Commercial Mortgages			Construction			Commercial Small Business Leases			Residential(1)			Consumer(2)			Total
As of December 31, 2023
Allowance for credit losses	$	49,394		$	10,719		$	36,055		$	10,762		$	15,170		$	5,483		$	58,543		$	186,126
% of ACL to total ACL	27		%	6		%	19		%	6		%	8		%	3		%	31		%	100		%
Loan portfolio balance	$	2,540,070		$	1,886,087		$	3,801,180		$	1,035,530		$	623,622		$	867,895		$	2,012,134		$	12,766,518
% to total loans and leases	19		%	15		%	30		%	8		%	5		%	7		%	16		%	100		%
Year ended December 31, 2023
Charge-offs	$	26,653		$	184		$	300		$	794		$	15,641		$	41		$	22,394		$	66,007
Recoveries	(7,735)			(54)			(7)			(532)			(1,986)			(260)			(1,625)			(12,199)
Net charge-offs (recoveries)	$	18,918		$	130		$	293		$	262		$	13,655		$	(219)		$	20,769		$	53,808
Average loan balance	$	2,589,147		$	1,863,542		$	3,562,070		$	1,008,768		$	588,592		$	817,758		$	1,922,828		$	12,352,704
Ratio of net charge-offs (recoveries) to average gross loans	0.73		%	0.01		%	0.01		%	0.03		%	2.32		%	(0.03)		%	1.08		%	0.44		%

(1)Excludes reverse mortgages.

(2)Includes home equity lines of credit, installment loans unsecured lines of credit and education loans.

See Note 7 to the unaudited Consolidated Financial Statements and "Nonperforming Assets" above for further information.

Noninterest Income

Three months ended March 31, 2024: During the three months ended March 31, 2024, noninterest income was $75.9 million, an increase of $12.7 million from $63.1 million during the three months ended March 31, 2023. The increase was primarily driven by $8.2 million from Cash Connect® due to the addition of ATM vault cash units during the fourth quarter of 2023 and the higher rate environment and $2.3 million in Wealth Management fees.

Noninterest Expense

Three months ended March 31, 2024: During the three months ended March 31, 2024, noninterest expense was $149.1 million, an increase of $16.0 million from $133.0 million for the three months ended March 31, 2023. The increase was primarily due to $11.3 million from other operating expense driven by higher funding costs from Cash Connect® due to a shift towards external funding, $3.0 million from salaries and benefits costs, and $1.3 million from the FDIC Special Assessment.

Income Taxes

We and our subsidiaries file a consolidated federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with ASC 740, Income Taxes, which requires the recording of deferred income taxes for tax consequences of temporary differences. We recorded income tax expense of $21.2 million during the three months ended March 31, 2024, compared to income tax expense of $20.9 million for the same period in 2023.

Our effective tax rate was 24.4% for the three months ended March 31, 2024, compared to 25.0% for the same period in 2023. The effective tax rate for the three months ended March 31, 2024 decreased primarily due to an increase in projected tax benefits from our low-income housing tax credit investments, as well as a reduction in state income taxes.

The effective tax rate reflects the recognition of certain tax benefits in the financial statements including those benefits from tax-exempt interest income, federal low-income housing tax credits, research and development tax credits and excess tax benefits from recognized stock compensation. These tax benefits are offset by the tax effect of stock-based compensation expense related to incentive stock options and a provision for state income tax expense. We frequently analyze our projections of taxable income and make adjustments to our provision for income taxes accordingly.

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RECONCILIATION OF NON-GAAP MEASURE TO GAAP MEASURE

The following table provides a reconciliation of tangible book value per share of common stock to book value per share of common stock, the most directly comparable GAAP financial measure. We believe this measure helps management and investors better understand and assess changes from period to period in stockholders’ equity exclusive of changes in intangible assets. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results.

(Dollars and share amounts in thousands, except per share amounts)	March 31, 2024		December 31, 2023
Stockholders’ equity of WSFS	$	2,473,481	$	2,477,636
Less: Goodwill and other intangible assets	1,000,344		1,004,560
Tangible common equity (numerator)	$	1,473,137	$	1,473,076
Shares of common stock outstanding (denominator)	60,084		60,538
Book value per share of common stock	$	41.17	$	40.93
Goodwill and other intangible assets	16.65		16.58
Tangible book value per share of common stock	$	24.52	$	24.33

CRITICAL ACCOUNTING ESTIMATES

The preparation of the unaudited Consolidated Financial Statements in accordance with U.S. GAAP requires us to make estimates and assumptions affecting the reported amounts of assets, liabilities, revenue and expenses. We regularly evaluate these estimates and assumptions including those related to the allowance for credit losses, business combinations, deferred taxes, fair value measurements and goodwill and other intangible assets. We base our estimates on historical experience and various other factors and assumptions that are believed to be reasonable under the circumstances. These form the basis for making judgments on the carrying value of certain assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Although our current estimates contemplate current economic conditions and how we expect them to change in the future, for the remainder of 2024, it is possible that actual conditions may be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Actual results may differ from these estimates under different assumptions or conditions.

Critical accounting estimates at March 31, 2024 did not significantly change from our critical accounting estimates at December 31, 2023, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

RECENT REGULATORY DEVELOPMENTS

Recent regulatory developments at March 31, 2024 did not significantly change from our recent regulatory developments at December 31, 2023, which are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 3.     Quantitative and Qualitative Disclosures About Market Risk

The information required by this Item is incorporated herein by reference to the information provided in Part I Item 2 (Interest Rate Sensitivity) of this Quarterly Report on Form-10-Q.

Item 4.     Controls and Procedures

(a)Evaluation of disclosure controls and procedures. Based on their evaluation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934), our principal executive officer and principal financial officer have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q such disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)Changes in internal control over financial reporting. There was no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting during the three months ended March 31, 2024.

59

Part II. OTHER INFORMATION

Item 1.    Legal Proceedings

The information required by this Item is incorporated herein by reference to the information provided in Note 17 – Legal and Other Proceedings to the unaudited Consolidated Financial Statements.

Item 1A. Risk Factors

There have not been any material changes to the risk factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

During the second quarter of 2022, the Board of Directors of the Company approved an additional share repurchase authorization under the program of 6,358,727 shares of common stock, or 10% of its outstanding shares as of June 30, 2022. Under the program, repurchases may be made from time to time in the open market or through negotiated transactions, subject to market conditions and other factors, and in accordance with applicable securities laws. The program is consistent with our intent to return a minimum of 35% of annual net income to stockholders through dividends and share repurchases while maintaining capital ratios in excess of “well-capitalized” regulatory benchmarks.

The following table represents information with respect to repurchases of common stock made by the Company during the three months ended March 31, 2024.

Month	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2024 - January 31, 2024	14,000	$	46.67	14,000	5,327,593
February 1, 2024 - February 29, 2024	323,748	42.26		323,748	5,003,845
March 1, 2024 - March 31, 2024	154,620	43.01		154,620	4,849,225
Total	492,368	$	42.62	492,368

Item 3.    Defaults upon Senior Securities

None.

Item 4.    Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

60

Item 6.     Exhibits

 

Exhibit Number	Description of Document
31.1	Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document *
101.SCH	XBRL Schema Document *
101.CAL	XBRL Calculation Linkbase Document *
101.LAB	XBRL Labels Linkbase Document *
101.PRE	XBRL Presentation Linkbase Document *
101.DEF	XBRL Definition Linkbase Document *
104	The cover page of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 6, 2024, is formatted in Inline XBRL.

* Submitted as Exhibits 101 to this Quarterly Report on Form 10-Q are documents formatted in XBRL (Extensible Business Reporting Language). Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability.

61

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	WSFS FINANCIAL CORPORATION
Date: May 6, 2024	/s/ Rodger Levenson
	Rodger Levenson
	Chairman, President and Chief Executive Officer
	(Principal Executive Officer)
Date: May 6, 2024	/s/ Arthur J. Bacci
	Arthur J. Bacci
	Executive Vice President, Chief Wealth Officer and
	Interim Chief Financial Officer
	(Principal Financial and Accounting Officer)

62

EX-31.1

Exhibit 31.1

I, Rodger Levenson, certify that:

1.I have reviewed this quarterly report on Form 10-Q of WSFS Financial Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15-(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 6, 2024	/s/ Rodger Levenson
		Rodger Levenson
		Chairman, President and Chief Executive Officer
		(Principal Executive Officer)

EX-31.2

Exhibit 31.2

I, Arthur J. Bacci, certify that:

1.I have reviewed this quarterly report on Form 10-Q of WSFS Financial Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15-(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 6, 2024	/s/ Arthur J. Bacci
		Arthur J. Bacci
		Executive Vice President, Chief Wealth Officer and Interim Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of WSFS Financial Corporation (the Company) for the quarter ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the Report), we, Rodger Levenson, Chairman, President and Chief Executive Officer, and Arthur J. Bacci, Executive Vice President, Chief Wealth Officer and Interim Chief Financial Officer (Principal Accounting Officer), hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

1.The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Rodger Levenson	/s/ Arthur J. Bacci
Rodger Levenson	Arthur J. Bacci
Chairman, President and Chief Executive Officer	Executive Vice President, Chief Wealth Officer and
(Principal Executive Officer)	Interim Chief Financial Officer
	(Principal Financial and Accounting Officer)

Date: May 6, 2024

XML

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35638
Entity Registrant Name	WSFS FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2866913
Entity Address, Address Line One	500 Delaware Ave
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19801
City Area Code	302
Local Phone Number	792-6000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	WSFS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,093,741
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000828944
Current Fiscal Year End Date	--12-31

XML

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income:
Interest and fees on loans and leases	$ 224,703	$ 193,724
Interest on mortgage-backed securities	25,897	27,526
Interest and dividends on investment securities:
Taxable	700	704
Tax-exempt	1,484	1,533
Other interest income	8,838	2,896
Total interest income	261,622	226,383
Interest expense:
Interest on deposits	72,795	35,192
Interest on Federal Home Loan Bank advances	308	3,371
Interest on senior and subordinated debt	2,449	2,573
Interest on federal funds purchased	0	1,139
Interest on trust preferred borrowings	1,756	1,555
Interest on other borrowings	9,036	21
Total interest expense	86,344	43,851
Net interest income	175,278	182,532
Provision for credit losses	15,138	29,011
Net interest income after provision for credit losses	160,140	153,521
Noninterest income:
Loan and lease fee income	1,523	1,372
Unrealized loss on equity investments, net	0	(4)
Bank owned life insurance income	1,200	1,510
Total non interest income	75,857	63,127
Noninterest expense:
Salaries, benefits and other compensation	75,806	72,849
Occupancy expense	9,479	10,408
Equipment expense	10,692	9,792
Data processing and operations expenses	3,660	4,724
Professional fees	4,481	4,439
Marketing expense	1,782	1,716
FDIC expenses	3,982	2,582
Loan workout and other credit costs	1,071	(55)
Corporate development expense	208	740
Restructuring expense	0	(761)
Other operating expense	37,911	26,611
Noninterest expenses	149,072	133,045
Income before taxes	86,925	83,603
Income tax provision	21,202	20,941
Net income	65,723	62,662
Less: Net (loss) income attributable to noncontrolling interest	(38)	258
Net income attributable to WSFS	$ 65,761	$ 62,404
Earnings per share:
Basic (in dollars per share)	$ 1.09	$ 1.01
Diluted (in dollars per share)	$ 1.09	$ 1.01
Weighted average shares of common stock outstanding:
Basic (in shares)	60,352,200	61,510,714
Diluted (in shares)	60,521,951	61,678,871
Total credit/debit card and ATM income
Noninterest income:
Noninterest income	$ 19,669	$ 13,361
Investment management and fiduciary income
Noninterest income:
Noninterest income	32,928	30,476
Deposit service charges
Noninterest income:
Noninterest income	6,487	6,039
Mortgage banking activities, net
Noninterest income:
Noninterest income	1,647	1,122
Total other income
Noninterest income:
Noninterest income	$ 12,403	$ 9,251

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 65,723	$ 62,662
Less: Net (loss) income attributable to noncontrolling interest	(38)	258
Net income attributable to WSFS	65,761	62,404
Net change in unrealized (losses) gains on investment securities available-for-sale
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(12,634) and $16,740, respectively	(40,007)	53,010
Net change in securities held-to-maturity
Net change in unrealized gains on available-for-sale securities reclassified to held-to-maturity, net of tax benefit of $1,158 and $1,315, respectively	3,669	4,165
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized gain and prior service cost, net of tax expense of $39 and $11, respectively	(124)	(35)
Net change in cash flow hedge
Net unrealized (loss) gain arising during the period, net of tax (benefit) expense of $(2,031) and $105, respectively	(6,433)	332
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $— and $13, respectively	0	(40)
Net change in cash flow hedge	(6,433)	292
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax benefit of $7 and $1, respectively	(21)	(3)
Net current-period other comprehensive (loss) income	(42,916)	57,429
Total comprehensive income	$ 22,845	$ 119,833

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized (losses) gains	$ (12,634)	$ 16,740
Amortization of unrealized (gains) on securities reclassified to held-to-maturity, tax (benefit) expense	(1,158)	(1,315)
Change in unfunded pension liability related to unrealized gain, prior service cost and transition obligation, tax benefit	(39)	(11)
Reclassification adjustment related to derivatives, tax expense	(2,031)	105
Amortization of unrealized gain on terminated cash flow hedges, tax benefit	0	(13)
Equity method investment tax benefit	$ (7)	$ (1)

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash and due from banks	$ 787,729	$ 629,310
Cash in non-owned ATMs	186,522	458,889
Interest-bearing deposits in other banks including collateral (restricted cash) of $2,453 at March 31, 2024 and $4,270 at December 31, 2023	2,820	4,701
Total cash, cash equivalents, and restricted cash	977,071	1,092,900
Investment securities, available-for-sale (amortized cost of $4,444,676 at March 31, 2024 and $4,504,342 at December 31, 2023	3,734,229	3,846,537
Investment securities, held-to-maturity, net of allowance for credit losses of $8 at March 31, 2024 and December 31, 2023 (fair value $949,727 at March 31, 2024 and $985,931 at December 31, 2023)	1,049,807	1,058,557
Other investments	17,051	17,434
Loans, held for sale at fair value	26,858	29,268
Loans and leases, net of allowance for credit losses of $192,629 at March 31, 2024 and $186,126 at December 31, 2023	12,790,128	12,583,202
Bank owned life insurance	42,708	42,762
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost	15,526	15,398
Other real estate owned	1,210	1,569
Accrued interest receivable	88,310	85,979
Premises and equipment	104,617	104,484
Goodwill and intangible assets	1,000,344	1,004,560
Other assets	731,389	712,022
Total assets	20,579,248	20,594,672
Deposits:
Noninterest-bearing	4,652,875	4,917,297
Interest-bearing	11,534,329	11,556,789
Total deposits	16,187,204	16,474,086
Trust preferred borrowings	90,687	90,638
Senior and subordinated debt	218,458	218,400
Other borrowed funds	815,813	586,038
Accrued interest payable	37,911	46,684
Other liabilities	763,553	709,011
Total liabilities	18,113,626	18,124,857
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 76,133,596 at March 31, 2024 and 76,095,094 at December 31, 2023	761	761
Capital in excess of par value	1,987,800	1,984,746
Accumulated other comprehensive loss	(636,907)	(593,991)
Retained earnings	1,700,349	1,643,657
Treasury stock at cost, 16,049,631 shares at March 31, 2024 and 15,557,263 shares at December 31, 2023	(578,522)	(557,537)
Total stockholders’ equity of WSFS	2,473,481	2,477,636
Noncontrolling interest	(7,859)	(7,821)
Total stockholders' equity	2,465,622	2,469,815
Total liabilities and stockholders' equity	$ 20,579,248	$ 20,594,672

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Interest-bearing deposits in banks and other financial institutions, collateral	$ 2,453	$ 4,270
Amortized cost	4,444,676	4,504,342
Allowance for credit losses	8	8
Held-to-maturity securities, fair value	949,727	985,931
Allowance for credit losses	$ 192,629	$ 186,126
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, issued (in shares)	76,133,596	76,095,094
Treasury stock, shares (in shares)	16,049,631	15,557,263

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Total Stockholders' Equity of WSFS	Common Stock	Capital in Excess of Par Value	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2022				75,921,997
Beginning balance at Dec. 31, 2022		$ 2,201,886	$ 2,205,113	$ 759	$ 1,974,210	$ (675,844)	$ 1,411,243	$ (505,255)	$ (3,227)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		62,662	62,404				62,404		258
Other comprehensive (loss) income		57,429	57,429			57,429
Cash dividend		(9,255)	(9,255)				(9,255)
Distributions to noncontrolling shareholders		(49)							(49)
Issuance of common stock including proceeds from exercise of common stock options (in shares)				36,603
Issuance of common stock including proceeds from exercise of common stock options		362	362		362
Stock-based compensation expense		3,185	3,185		3,185
Repurchases of common stock	[1]	(12,876)	(12,876)					(12,876)
Ending balance (in shares) at Mar. 31, 2023				75,958,600
Ending balance at Mar. 31, 2023		2,303,344	2,306,362	$ 759	1,977,757	(618,415)	1,464,392	(518,131)	(3,018)
Beginning balance (in shares) at Dec. 31, 2023				76,095,094
Beginning balance at Dec. 31, 2023		2,469,815	2,477,636	$ 761	1,984,746	(593,991)	1,643,657	(557,537)	(7,821)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		65,723	65,761				65,761		(38)
Other comprehensive (loss) income		(42,916)	(42,916)			(42,916)
Cash dividend		(9,069)	(9,069)				(9,069)
Issuance of common stock including proceeds from exercise of common stock options (in shares)				38,502
Issuance of common stock including proceeds from exercise of common stock options		599	599		599
Stock-based compensation expense		2,455	2,455		2,455
Repurchases of common stock	[2]	(20,985)	(20,985)					(20,985)
Ending balance (in shares) at Mar. 31, 2024				76,133,596
Ending balance at Mar. 31, 2024		$ 2,465,622	$ 2,473,481	$ 761	$ 1,987,800	$ (636,907)	$ 1,700,349	$ (578,522)	$ (7,859)

[1] Repurchase of common stock includes 262,000 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors, and 8,258 shares withheld to cover tax liabilities.

[2] Repurchase of common stock includes 492,368 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors.

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash dividend (in dollars per share)	$ 0.15	$ 0.15
Treasury Stock
Repurchase of common stock (in shares)	492,368	262,000
Shares withheld for tax liabilities (in shares)		8,258

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 65,723	$ 62,662
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	15,138	29,011
Depreciation of premises and equipment, net	4,100	4,327
Accretion of fees and discounts, net	(5,380)	(6,358)
Amortization of intangible assets	3,931	3,845
Amortization of right-of-use lease assets	2,837	3,905
Decrease in operating lease liability	(2,627)	(3,170)
Income from mortgage banking activities, net	(1,647)	(1,122)
Loss on sale of other real estate owned and valuation adjustments, net	23	0
Stock-based compensation expense	2,455	3,185
Unrealized loss on equity investments, net	0	4
Deferred income tax benefit	5,239	1,484
Increase in accrued interest receivable	(2,331)	(2,908)
(Increase) decrease in other assets	(16,346)	47,058
Origination of loans held for sale	(67,083)	(58,269)
Proceeds from sales of loans held for sale	60,776	36,986
Decrease in value of bank owned life insurance	54	1,028
Increase in capitalized interest, net	(332)	(315)
(Decrease) increase in accrued interest payable	(8,773)	9,961
Increase (decrease) in other liabilities	57,109	(101,123)
Net cash provided by operating activities	112,866	30,191
Investing activities:
Repayments, maturities and calls of investment securities held-to-maturity	13,084	21,721
Purchases of investment securities available-for-sale	(17,231)	(4,824)
Repayments, maturities and calls of investment securities available-for-sale	76,084	80,343
Net increase in loans	(117,639)	(129,561)
Purchase of loans held-for-investment	(92,358)	(88,455)
Purchases of stock of Federal Home Loan Bank of Pittsburgh	(6,168)	(92,439)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh	6,040	74,433
Sales of other real estate owned	359	0
Investment in premises and equipment	(4,233)	(856)
Sales of premises and equipment	0	3
Net cash used in investing activities	(142,062)	(139,635)
Financing activities:
Net decrease in demand and saving deposits	(351,025)	(560,596)
Increase in time deposits	110,523	350,922
(Decrease) increase in brokered deposits	(51,676)	186,718
Receipts from FHLB advances	1,950,000	4,153,000
Repayments of FHLB advances	(1,950,000)	(3,703,000)
Receipts from federal funds purchased	0	5,150,000
Repayments of federal funds purchased	0	(5,150,000)
Receipts from Bank Term Funding Program	235,000	0
Distributions to noncontrolling shareholders	0	(49)
Cash dividend	(9,069)	(9,255)
Issuance of common stock including proceeds from exercise of common stock options	599	362
Redemption of senior and subordinated debt	0	(30,000)
Repurchases of common shares	(20,985)	(12,876)
Net cash used in financing activities	(86,633)	375,226
(Decrease) increase in cash, cash equivalents, and restricted cash	(115,829)	265,782
Cash, cash equivalents, and restricted cash at beginning of period	1,092,900	837,258
Cash, cash equivalents, and restricted cash at end of period	977,071	1,103,040
Cash paid during the period for:
Interest	95,118	33,890
Income taxes	2,289	455
Non-cash information:
Loans transferred to other real estate owned	0	298
Loans transferred to portfolio from held-for-sale at fair value	9,252	23,476
Available-for-sale securities purchased, not settled	$ 1,236	$ 0

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BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

General

These unaudited Consolidated Financial Statements include the accounts of WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company), and its consolidated subsidiaries. WSFS’ primary subsidiary is Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank). As of March 31, 2024, the other subsidiaries of WSFS include The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Capital Management, LLC (BMCM), WSFS Wealth Management, LLC (Powdermill®), WSFS SPE Services, LLC, and 601 Perkasie, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank has two wholly-owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®).

Overview

Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). The Company provides residential and commercial mortgage, commercial and consumer lending services, as well as consumer deposit and treasury management services. The Company's core banking business is commercial lending funded primarily by customer-generated deposits. In addition, the Company offers a variety of wealth management and trust services to individuals, institutions and corporations. The Federal Deposit Insurance Corporation (FDIC) insures the Company's customers’ deposits to their legal maximums. The Company serves its customers primarily from 114 offices located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1),  Nevada (1) and Virginia (1), its ATM network, website at www.wsfsbank.com and mobile app. Information on the website is not incorporated by reference into this Quarterly Report on Form 10-Q.

The Company's leasing business is conducted by NewLane Finance®. NewLane Finance® originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect.

Basis of Presentation

In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity), loans held for sale, lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets, the establishment of additional allowance and lending-related commitment reserves, changes in the fair value of financial instruments, as well as increased post-retirement benefits and income tax expense.

The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2024. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Annual Report on Form 10-K) that was filed with the SEC on February 29, 2024 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES:

The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Company's 2023 Annual Report on Form 10-K. Those significant accounting policies remain unchanged at March 31, 2024.

RECENT ACCOUNTING PRONOUNCEMENTS

The following accounting pronouncements were adopted by the Company during the three months ended March 31, 2024, but did not have a material impact on the unaudited Consolidated Financial Statements.

•ASU No. 2023-01, Leases (Topic 842) — Common Control Agreements

•ASU No. 2023-02, Investments — Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

There were no other applicable material accounting pronouncements adopted by the Company since December 31, 2023.

Accounting Guidance Pending Adoption as of March 31, 2024

ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Adoption is required retrospectively for all prior periods presented in the financial statements. The Company is currently evaluating this update to determine the impact on the Company’s disclosures.

ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures: In March 2023, The FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The amendments permit reporting entities to elect to account for any equity investments in a tax credit program using the proportional amortization method if certain conditions are met. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Adoption is required on a prospective, modified retrospective, or retrospective basis depending on the amendment. The Company is currently evaluating this update to determine the impact on the Company’s disclosures.

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NONINTEREST INCOME

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

NONINTEREST INCOME

3. NONINTEREST INCOME

Credit/debit card and ATM income

The following table presents the components of credit/debit card and ATM income:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Bailment fees	$	14,964	$	8,684
Interchange fees	3,753		3,886
Other card and ATM fees	952		791
Total credit/debit card and ATM income	$	19,669	$	13,361

Credit/debit card and ATM income is composed of bailment fees, interchange fees, and other card and ATM fees. Bailment fees are earned from bailment arrangements with customers. Bailment arrangements are legal relationships in which property is delivered to another party without a transfer of ownership. The party who transferred the property (the bailor) retains ownership interest of the property. In the event that the bailee files for bankruptcy protection, the property is not included in the bailee's assets. The bailee pays an agreed-upon fee for the use of the bailor's property in exchange for the bailor allowing use of the assets at the bailee's site. Bailment fees are earned from cash that is made available for customers' use at an offsite location, such as cash located in an ATM at a customer's place of business. These fees are typically indexed to a market interest rate. This revenue stream generates fee income through monthly billing for bailment services.

Credit/debit card and ATM income also includes interchange fees. Interchange fees are paid by a merchant's bank to a bank that issued a debit or credit card used in a transaction to compensate the issuing bank for the value and benefit the merchant receives from accepting electronic payments. These revenue streams generate fee income at the time a transaction occurs and are recorded as revenue at the time of the transaction.

Investment management and fiduciary income

The following table presents the components of investment management and fiduciary income:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Trust fees	$	21,861	$	20,516
Wealth management and advisory fees	11,067		9,960
Total investment management and fiduciary income	$	32,928	$	30,476

Investment management and fiduciary income is composed of trust fees and wealth management and advisory fees. Trust fees are based on revenue earned from custody, escrow, trustee and trustee related services on structured finance transactions; indenture trustee, administrative agent and collateral agent services to individuals, institutions and corporations; commercial domicile and independent director services; and investment and trustee services to families and individuals. Most fees are flat fees, except for a portion of personal and corporate trustee fees where the Company earns a percentage on the assets under management or assets held within a trust. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for services provided.

Wealth management and advisory fees consists of fees from Bryn Mawr Trust (excluding BMT-DE), BMCM, Powdermill®, and WSFS Wealth® Investments. Wealth management and advisory fees are based on revenue earned from services including asset management, financial planning, family office, and brokerage. The fees are based on the market value of assets, are assessed as a flat fee, or are brokerage commissions. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for the services.

Deposit service charges

The following table presents the components of deposit service charges:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Service fees	$	4,362	$	4,136
Return and overdraft fees	1,800		1,647
Other deposit service fees	325		256
Total deposit service charges	$	6,487	$	6,039

Deposit service charges includes revenue earned from core deposit products, certificates of deposit, and brokered deposits. The Company generates fee revenues from deposit service charges primarily through service charges and overdraft fees. Service charges consist primarily of monthly account maintenance fees, treasury management fees, foreign ATM fees and other maintenance fees. All of these revenue streams generate fee income through service charges for monthly account maintenance and similar items, transfer fees, late fees, overlimit fees, and stop payment fees. Revenue is recorded at the time of the transaction.

Other income

The following table presents the components of other income:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Managed service fees	$	5,586	$	4,799
Currency preparation	1,675		1,282
ATM loss protection	859		648
Capital markets revenue	3,001		2,879
Miscellaneous products and services	1,282		(357)
Total other income	$	12,403	$	9,251

Other income consists of managed service fees, which are primarily courier fees related to treasury management and are partially offset in noninterest expense, currency preparation, ATM loss protection, capital markets revenue, and other miscellaneous products and services offered by the Bank. These fees are primarily generated through monthly billings or at the time of the transaction. Capital markets revenue consists of fees related to interest rate swaps, risk participation agreements, foreign exchange contracts, letters of credit, and trade finance products and services offered by the Bank.

Arrangements with multiple performance obligations

The Company's contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers.

Practical expedients and exemptions

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

See Note 14 for further information about the disaggregation of noninterest income by segment.

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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

4. EARNINGS PER SHARE

The following table shows the computation of basic and diluted earnings per share:

	Three Months Ended March 31,
(Dollars and shares in thousands, except per share data)	2024		2023
Numerator:
Net income attributable to WSFS	$	65,761	$	62,404
Denominator:
Weighted average basic shares	60,352		61,511
Dilutive potential common shares	170		168
Weighted average fully diluted shares	60,522		61,679
Earnings per share:
Basic	$	1.09	$	1.01
Diluted	$	1.09	$	1.01
Outstanding common stock equivalents having no dilutive effect	—		6

Basic earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average basic shares outstanding. Diluted earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average fully diluted shares outstanding, using the treasury stock method. Fully diluted shares include the adjustment for the dilutive effect of common stock awards, which include outstanding stock options and unvested restricted stock units under the 2013 Incentive Plan and the 2018 Incentive Plan and performance stock units under the 2018 Incentive Plan.

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INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

5. INVESTMENT SECURITIES

Debt Securities

The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.

	March 31, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized  Gain		Gross Unrealized  Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
Collateralized mortgage obligation (CMO)	$	551,883	$	—	$	99,992	$	—	$	451,891
Fannie Mae (FNMA) mortgage-backed securities (MBS)	3,495,526		118		548,295		—		2,947,349
Freddie Mac (FHLMC) MBS	124,992		—		13,241		—		111,751
Ginnie Mae (GNMA) MBS	47,478		1		3,539		—		43,940
Government-sponsored enterprises (GSE) agency notes	224,797		—		45,499		—		179,298
	$	4,444,676	$	119	$	710,566	$	—	$	3,734,229
Held-to-Maturity Debt Securities(1)
FNMA MBS	$	864,584	$	—	$	99,912	$	—	$	764,672
State and political subdivisions	185,231		1,368		1,536		8		185,055
	$	1,049,815	$	1,368	$	101,448	$	8	$	949,727

(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $115.6 million at March 31, 2024, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.

	December 31, 2023
(Dollars in thousands)	Amortized Cost		Gross Unrealized  Gain		Gross Unrealized  Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
CMO	$	560,952	$	—	$	96,333	$	—	$	464,619
FNMA MBS	3,544,762		162		502,574		—		3,042,350
FHLMC MBS	126,856		—		11,324		—		115,532
GNMA MBS	46,333		6		2,999		—		43,340
GSE agency notes	225,439		—		44,743		—		180,696
	$	4,504,342	$	168	$	657,973	$	—	$	3,846,537
Held-to-Maturity Debt Securities(1)
FNMA MBS	$	872,653	$	—	$	74,332	$	—	$	798,321
State and political subdivisions	185,912		2,665		959		8		187,610
	$	1,058,565	$	2,665	$	75,291	$	8	$	985,931

(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $120.4 million at December 31, 2023, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.

The scheduled maturities of available-for-sale debt securities at March 31, 2024 and December 31, 2023 are presented in the table below:

	Available-for-Sale
	Amortized		Fair
(Dollars in thousands)	Cost		Value
March 31, 2024 (1)
Within one year	$	2,480	$	2,415
After one year but within five years	97,525		92,024
After five years but within ten years	549,047		462,583
After ten years	3,795,624		3,177,207
	$	4,444,676	$	3,734,229
December 31, 2023 (1)
Within one year	$	—	$	—
After one year but within five years	86,224		82,387
After five years but within ten years	569,956		485,593
After ten years	3,848,162		3,278,557
	$	4,504,342	$	3,846,537

(1)Actual maturities could differ from contractual maturities.

As of March 31, 2024, the Company’s available-for-sale investment securities consisted of 973 securities, 965 of which were in an unrealized loss position.

As of March 31, 2024, substantially all of the Corporation’s available-for-sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. As of March 31, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity.

The scheduled maturities of held-to-maturity debt securities at March 31, 2024 and December 31, 2023 are presented in the table below:

	Held-to-Maturity
	Amortized		Fair
(Dollars in thousands)	Cost		Value
March 31, 2024 (1)
Within one year	$	—	$	—
After one year but within five years	11,930		11,741
After five years but within ten years	47,195		46,747
After ten years	990,690		891,239
	$	1,049,815	$	949,727
December 31, 2023 (1)
Within one year	$	—	$	—
After one year but within five years	10,932		10,856
After five years but within ten years	46,489		46,246
After ten years	1,001,144		928,829
	$	1,058,565	$	985,931

(1)Actual maturities could differ from contractual maturities.

MBS may have expected maturities that differ from their contractual maturities. These differences arise because issuers may have the right to call securities and borrowers may have the right to prepay obligations with or without prepayment penalty. The estimated weighted average duration of MBS was 5.8 years at March 31, 2024.

The held-to-maturity debt securities are not collateral-dependent securities as these are general obligation bonds issued by cities, states, counties, or other local and foreign governments.

Investment securities with fair market values aggregating $3.0 billion and $3.3 billion were pledged as collateral for investment sweep repurchase agreements, municipal deposits, and other obligations as of March 31, 2024 and December 31, 2023, respectively.

During the three months ended March 31, 2024 and 2023, the Company had no sales of debt securities categorized as available-for-sale.

As of March 31, 2024 and December 31, 2023, the Company's debt securities portfolio had remaining unamortized premiums of $54.7 million and $56.9 million, respectively, and unaccreted discounts of $20.3 million and $20.9 million, respectively.

For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at March 31, 2024.

	Duration of Unrealized Loss Position
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
Available-for-sale debt securities:
CMO	$	—	$	—	$	451,891	$	99,992	$	451,891	$	99,992
FNMA MBS	18,744		275		2,916,614		548,020		2,935,358		548,295
FHLMC MBS	—		—		111,745		13,241		111,745		13,241
GNMA MBS	7,785		227		35,109		3,312		42,894		3,539
GSE agency notes	—		—		179,298		45,499		179,298		45,499
	$	26,529	$	502	$	3,694,657	$	710,064	$	3,721,186	$	710,566

For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2023.

	Duration of Unrealized Loss Position
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
Available-for-sale debt securities:
CMO	$	—	$	—	$	464,619	$	96,333	$	464,619	$	96,333
FNMA MBS	9,068		125		3,026,520		502,449		3,035,588		502,574
FHLMC MBS	—		—		115,525		11,324		115,525		11,324
GNMA MBS	10,543		217		31,681		2,782		42,224		2,999
GSE agency notes	—		—		180,696		44,743		180,696		44,743
	$	19,611	$	342	$	3,819,041	$	657,631	$	3,838,652	$	657,973

The Company does not have the intent to sell, nor is it more likely than not it will be required to sell these securities before it is able to recover the amortized cost basis. The unrealized losses are the result of changes in market interest rates subsequent to purchase, not credit loss, as these are highly rated agency securities with no expected credit loss, in the event of a default. As a result, there is no allowance for credit losses recorded for available-for-sale debt securities as of March 31, 2024.

At March 31, 2024 and December 31, 2023, held-to-maturity debt securities had an amortized cost basis of $1.0 billion. The held-to-maturity debt security portfolio primarily consists of mortgage-backed securities which were issued or guaranteed by U.S. government-sponsored entities and agencies and highly rated municipal bonds. The Company monitors credit quality of its non-government and non-agency securities through credit ratings. The following table summarizes the amortized cost of debt securities held-to-maturity as of March 31, 2024, aggregated by credit quality indicator:

(Dollars in thousands)	FNMA MBS		State and political subdivisions
A+ rated or higher	$	—	$	185,231
Not rated	864,584		—
Ending balance	$	864,584	$	185,231

The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2023, aggregated by credit quality indicator:

(Dollars in thousands)	FNMA MBS		State and political subdivisions
A+ rated or higher	$	—	$	185,912
Not rated	872,653		—
Ending balance	$	872,653	$	185,912

The Company reviewed its held-to-maturity debt securities by major security type for potential credit losses. There was no activity in the allowance for credit losses for FNMA MBS and foreign bond debt securities for the three months ended March 31, 2024 and 2023. The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the three months ended March 31, 2024 and 2023:

	Three months ended March 31,
(Dollars in thousands)	2024		2023
Allowance for credit losses:
Beginning balance	$	8	$	10
Provision for (recovery of) credit losses	—		(1)
Ending balance	$	8	$	9

Accrued interest receivable of $3.2 million and $3.7 million as of March 31, 2024 and December 31, 2023, respectively, for held-to-maturity debt securities were excluded from the evaluation of allowance for credit losses. There were no nonaccrual or past due held-to-maturity debt securities as of March 31, 2024 and December 31, 2023.

Equity Investments

The Company had equity investments at fair value of $17.1 million and $17.4 million as of March 31, 2024 and December 31, 2023, respectively.

During the three months ended March 31, 2024, the Company did not recognize any gains or losses related to our equity method investments.

During the three months ended March 31, 2023, the Company recognized $1.3 million of net losses related to our equity method investments within Other income on the unaudited Consolidated Statements of Income.

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LOANS AND LEASES

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

LOANS AND LEASES

6. LOANS AND LEASES

The following table shows the Company's loan and lease portfolio by category:  

(Dollars in thousands)	March 31, 2024		December 31, 2023
Commercial and industrial	$	2,591,861	$	2,540,070
Owner-occupied commercial	1,882,876		1,886,087
Commercial mortgages	3,876,856		3,801,180
Construction	1,056,349		1,035,530
Commercial small business leases	633,803		623,622
Residential(1)	875,141		870,705
Consumer(2)	2,065,871		2,012,134
	12,982,757		12,769,328
Less:
Allowance for credit losses	192,629		186,126
Net loans and leases	$	12,790,128	$	12,583,202

(1) Includes reverse mortgages at fair value of $2.5 million at March 31, 2024 and $2.8 million at December 31, 2023.

(2) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

Accrued interest receivable on loans and leases was $71.6 million and $69.8 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on loans and leases was excluded from the evaluation of allowance for credit losses.

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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION

7. ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION

The following tables provide the activity of allowance for credit losses and loan balances for the three months ended March 31, 2024 and 2023. The increase was primarily due to the impacts of the economic uncertainty and forecast and net loan growth.

(Dollars in thousands)	Commercial and Industrial		Owner-occupied Commercial		Commercial Mortgages		Construction		Commercial Small Business Leases		Residential(1)		Consumer(2)		Total
Three months ended March 31, 2024
Allowance for credit losses
Beginning balance	$	49,394	$	10,719	$	36,055	$	10,762	$	15,170	$	5,483	$	58,543	$	186,126
Charge-offs	(476)		—		(25)		—		(4,852)		(50)		(6,456)		(11,859)
Recoveries	1,766		201		2		—		591		89		575		3,224
Provision	5,218		(351)		765		197		4,550		(115)		4,874		15,138
Ending balance	$	55,902	$	10,569	$	36,797	$	10,959	$	15,459	$	5,407	$	57,536	$	192,629
Period-end allowance allocated to:
Loans evaluated on an individual basis	$	6,814	$	—	$	—	$	—	$	—	$	—	$	—	$	6,814
Loans evaluated on a collective basis	49,088		10,569		36,797		10,959		15,459		5,407		57,536		185,815
Ending balance	$	55,902	$	10,569	$	36,797	$	10,959	$	15,459	$	5,407	$	57,536	$	192,629
Period-end loan balances:
Loans evaluated on an individual basis	$	27,229	$	5,866	$	21,536	$	3,962	$	—	$	8,311	$	2,664	$	69,568
Loans evaluated on a collective basis	2,564,632		1,877,010		3,855,320		1,052,387		633,803		864,354		2,063,207		12,910,713
Ending balance	$	2,591,861	$	1,882,876	$	3,876,856	$	1,056,349	$	633,803	$	872,665	$	2,065,871	$	12,980,281

(1)Period-end loan balance excludes reverse mortgages at fair value of $2.5 million.

(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

(Dollars in thousands)	Commercial and Industrial		Owner - occupied Commercial		Commercial Mortgages		Construction		Commercial Small Business Leases		Residential(1)		Consumer(2)		Total
Three months ended March 31, 2023
Allowance for credit losses
Beginning balance	$	49,526	$	6,019	$	21,473	$	6,987	$	9,868	$	4,668	$	53,320	$	151,861
Charge-offs	(6,563)		—		—		—		(2,899)		—		(4,204)		(13,666)
Recoveries	701		5		2		530		515		43		159		1,955
Provision	9,809		32		8,639		2,155		1,752		616		6,009		29,012
Ending balance	$	53,473	$	6,056	$	30,114	$	9,672	$	9,236	$	5,327	$	55,284	$	169,162
Period-end allowance allocated to:
Loans evaluated on an individual basis	$	4,562	$	91	$	—	$	—	$	—	$	—	$	—	$	4,653
Loans evaluated on a collective basis	48,911		5,965		30,114		9,672		9,236		5,327		55,284		164,509
Ending balance	$	53,473	$	6,056	$	30,114	$	9,672	$	9,236	$	5,327	$	55,284	$	169,162
Period-end loan balances:
Loans evaluated on an individual basis	$	22,443	$	1,907	$	7,343	$	760	$	—	$	6,522	$	1,916	$	40,891
Loans evaluated on a collective basis	2,546,299		1,844,754		3,465,740		1,022,951		576,584		779,538		1,866,511		12,102,377
Ending balance	$	2,568,742	$	1,846,661	$	3,473,083	$	1,023,711	$	576,584	$	786,060	$	1,868,427	$	12,143,268

(1)Period-end loan balance excludes reverse mortgages at fair value of $2.7 million.

(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

The following tables show nonaccrual and past due loans presented at amortized cost at the date indicated:

	March 31, 2024
(Dollars in thousands)	30–89 Days Past Due and Still  Accruing			Greater  Than 90 Days Past Due and Still Accruing			Total Past Due And Still Accruing			Accruing Current Balances			Nonaccrual Loans With No Allowance			Nonaccrual Loans With An Allowance			Total Loans
Commercial and industrial	$	2,674		$	590		$	3,264		$	2,561,347		$	12,987		$	14,263		$	2,591,861
Owner-occupied commercial	3,582			599			4,181			1,873,369			5,326			—			1,882,876
Commercial mortgages	1,866			49			1,915			3,853,407			21,534			—			3,876,856
Construction	7,343			—			7,343			1,045,044			3,962			—			1,056,349
Commercial small business leases	9,809			3			9,812			623,991			—			—			633,803
Residential(1)	1,793			—			1,793			865,684			5,188			—			872,665
Consumer(2)	17,651			10,121			27,772			2,035,411			2,688			—			2,065,871
Total	$	44,718		$	11,362		$	56,080		$	12,858,253		$	51,685		$	14,263		$	12,980,281
% of Total Loans	0.34		%	0.09		%	0.43		%	99.06		%	0.40		%	0.11		%	100		%

(1)Residential accruing current balances excludes reverse mortgages at fair value of $2.5 million.

(2)Includes $16.1 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.

	December 31, 2023
(Dollars in thousands)	30–89 Days Past Due and Still  Accruing			Greater  Than 90 Days Past Due and Still Accruing			Total Past Due And Still Accruing			Accruing Current Balances			Nonaccrual Loans With No Allowance(1)			Nonaccrual Loans With An Allowance			Total Loans
Commercial and industrial	$	1,630		$	293		$	1,923		$	2,518,934		$	13,645		$	5,568		$	2,540,070
Owner-occupied commercial	1,786			487			2,273			1,878,952			4,862			—			1,886,087
Commercial mortgages	1,190			—			1,190			3,777,698			22,292			—			3,801,180
Construction	—			—			—			1,022,913			12,617			—			1,035,530
Commercial small business leases	6,697			772			7,469			616,153			—			—			623,622
Residential(2)	9,261			—			9,261			856,055			2,579			—			867,895
Consumer(3)	15,249			10,032			25,281			1,984,407			2,446			—			2,012,134
Total	$	35,813		$	11,584		$	47,397		$	12,655,112		$	58,441		$	5,568		$	12,766,518
% of Total Loans	0.28		%	0.09		%	0.37		%	99.13		%	0.46		%	0.04		%	100		%

(1)Excludes nonaccruing loans held-for-sale.

(2)Residential accruing current balances excludes reverse mortgages, at fair value of $2.8 million.

(3)Includes $14.5 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.

The following table presents the amortized cost basis of nonaccruing collateral-dependent loans by class at March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(Dollars in thousands)	Property		Equipment and other		Property		Equipment and other
Commercial and industrial(1)	$	17,141	$	10,110	$	17,230	$	1,983
Owner-occupied commercial	5,326		—		4,862		—
Commercial mortgages	21,534		—		22,292		—
Construction	3,962		—		12,617		—
Residential(2)	5,188		—		2,579		—
Consumer(3)	2,687		—		2,446		—
Total	$	55,838	$	10,110	$	62,026	$	1,983

(1)Excludes nonaccruing loans held-for-sale in 2023.

(2)Excludes reverse mortgages at fair value.

(3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

As of March 31, 2024, there were 32 residential loans and 11 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $6.3 million and $1.3 million, respectively. As of December 31, 2023, there were 31 residential loans and 9 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $3.2 million and $1.1 million, respectively. Loan workout and other real estate owned (OREO) (recoveries) expenses were $(0.4) million during the three months ended March 31, 2024 and $0.2 million during three months ended March 31, 2023. Loan workout and OREO expenses are included in Loan workout and other credit costs on the unaudited Consolidated Statements of Income.

Credit Quality Indicators

Below is a description of each of the risk ratings for all commercial loans:

•Pass. These borrowers currently show no indication of deterioration or potential problems and their loans are considered fully collectible.

•Special Mention. These borrowers have potential weaknesses that deserve management’s close attention. Borrowers in this category may be experiencing adverse operating trends, for example, declining revenues or margins, high leverage, tight liquidity, or increasing inventory without increasing sales. These adverse trends can have a potential negative effect on the borrower’s repayment capacity. These assets are not adversely classified and do not expose the Bank to significant risk that would warrant a more severe rating. Borrowers in this category may also be experiencing significant management problems, pending litigation, or other structural credit weaknesses.

•Substandard or Lower. These borrowers have well-defined weaknesses that require extensive oversight by management. Borrowers in this category may exhibit one or more of the following: inadequate debt service coverage, unprofitable operations, insufficient liquidity, high leverage, and weak or inadequate capitalization. Relationships in this category are not adequately protected by the sound financial worth and paying capacity of the obligor or the collateral pledged on the loan, if any. A distinct possibility exists that the Bank will sustain some loss if the deficiencies are not corrected. In addition, some borrowers in this category could have the added characteristic that the possibility of loss is extremely high. Current circumstances in the credit relationship make collection or liquidation in full highly questionable. Such impending events include: perfecting liens on additional collateral, obtaining collateral valuations, an acquisition or liquidation preceding, proposed merger, or refinancing plan.

Residential and Consumer Loans

The residential and consumer loan portfolios are monitored on an ongoing basis using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans that are greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status.

The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of March 31, 2024.

	Term Loans Amortized Cost Basis by Origination Year(1)
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial:
Risk Rating
Pass	$	176,858	$	762,244	$	450,439	$	163,071	$	191,450	$	385,731	$	9,218	$	233,340	$	2,372,351
Special mention	1,662		4,485		8,443		3,228		218		2,526		—		1,589		22,151
Substandard or Lower	43,408		52,654		41,001		6,973		5,473		33,163		—		14,687		197,359
	$	221,928	$	819,383	$	499,883	$	173,272	$	197,141	$	421,420	$	9,218	$	249,616	$	2,591,861
Current-period gross writeoffs	$	—	$	—	$	109	$	143	$	156	$	68	$	—	$	—	$	476
Owner-occupied commercial:
Risk Rating
Pass	$	59,845	$	340,919	$	242,775	$	239,418	$	206,450	$	473,877	$	—	$	188,984	$	1,752,268
Special mention	—		3,123		3,037		5,369		1,088		22,524		—		1,571		36,712
Substandard or Lower	—		1,196		17,957		11,550		5,430		45,662		—		12,101		93,896
	$	59,845	$	345,238	$	263,769	$	256,337	$	212,968	$	542,063	$	—	$	202,656	$	1,882,876
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial mortgages:
Risk Rating
Pass	$	126,380	$	806,552	$	461,038	$	488,314	$	431,554	$	1,051,552	$	—	$	395,234	$	3,760,624
Special mention	5,324		22,437		576		1,107		1,810		5,117		—		—		36,371
Substandard or Lower	—		10,159		1,153		1,009		21,285		30,794		—		15,461		79,861
	$	131,704	$	839,148	$	462,767	$	490,430	$	454,649	$	1,087,463	$	—	$	410,695	$	3,876,856
Current-period gross writeoffs	$	—	$	25	$	—	$	—	$	—	$	—	$	—	$	—	$	25
Construction:
Risk Rating
Pass	$	81,959	$	357,747	$	344,241	$	75,655	$	2,704	$	2,088	$	—	$	110,361	$	974,755
Special mention	7,148		35,402		5,257		—		—		—		—		—		47,807
Substandard or Lower	—		15,430		14,395		3,258		—		152		—		552		33,787
	$	89,107	$	408,579	$	363,893	$	78,913	$	2,704	$	2,240	$	—	$	110,913	$	1,056,349
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial small business leases:
Risk Rating
Performing	$	68,659	$	244,037	$	174,415	$	91,029	$	33,350	$	22,313	$	—	$	—	$	633,803
Nonperforming	—		—		—		—		—		—		—		—		—
	$	68,659	$	244,037	$	174,415	$	91,029	$	33,350	$	22,313	$	—	$	—	$	633,803
Current-period gross writeoffs	$	—	$	1,347	$	1,656	$	1,253	$	429	$	167	$	—	$	—	$	4,852
Residential(2):
Risk Rating
Performing	$	23,516	$	188,880	$	67,040	$	96,732	$	56,831	$	431,193	$	—	$	—	$	864,192
Nonperforming	—		—		167		3,538		483		4,285		—		—		8,473
	$	23,516	$	188,880	$	67,207	$	100,270	$	57,314	$	435,478	$	—	$	—	$	872,665
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	—	$	50	$	—	$	—	$	50
Consumer(3):
Risk Rating
Performing	$	54,669	$	423,471	$	538,009	$	144,717	$	99,941	$	296,127	$	500,904	$	5,329	$	2,063,167
Nonperforming	—		—		—		135		352		—		1,717		500		2,704
	$	54,669	$	423,471	$	538,009	$	144,852	$	100,293	$	296,127	$	502,621	$	5,829	$	2,065,871
Current-period gross writeoffs	$	286	$	677	$	4,239	$	774	$	380	$	100	$	—	$	—	$	6,456

(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.

(2)Excludes reverse mortgages at fair value.

(3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of December 31, 2023.

	Term Loans Amortized Cost Basis by Origination Year(1)
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial:
Risk Rating
Pass	$	716,848	$	490,934	$	180,343	$	211,151	$	90,522	$	383,609	$	8,785	$	237,786	$	2,319,978
Special mention	7,209		11,860		2,804		463		735		743		—		1,649		25,463
Substandard or Lower	72,993		54,024		5,951		10,224		22,046		17,906		—		11,485		194,629
	$	797,050	$	556,818	$	189,098	$	221,838	$	113,303	$	402,258	$	8,785	$	250,920	$	2,540,070
Current-period gross writeoffs	$	—	$	568	$	5,214	$	1,747	$	7,567	$	11,557	$	—	$	—	$	26,653
Owner-occupied commercial:
Risk Rating
Pass	$	346,908	$	264,895	$	251,262	$	212,365	$	194,153	$	313,801	$	—	$	178,150	$	1,761,534
Special mention	2,885		3,115		5,419		1,105		11,002		5,559		—		1,393		30,478
Substandard or Lower	996		18,865		11,109		6,787		8,019		35,330		—		12,969		94,075
	$	350,789	$	286,875	$	267,790	$	220,257	$	213,174	$	354,690	$	—	$	192,512	$	1,886,087
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	184	$	—	$	—	$	—	$	184
Commercial mortgages:
Risk Rating
Pass	$	847,137	$	464,895	$	526,280	$	465,354	$	486,855	$	619,448	$	—	$	290,083	$	3,700,052
Special mention	20,632		—		67		1,837		10,666		—		—		—		33,202
Substandard or Lower	9,862		1,153		1,047		13,837		14,352		12,212		—		15,463		67,926
	$	877,631	$	466,048	$	527,394	$	481,028	$	511,873	$	631,660	$	—	$	305,546	$	3,801,180
Current-period gross writeoffs	$	—	$	83	$	—	$	217	$	—	$	—	$	—	$	—	$	300
Construction:
Risk Rating
Pass	$	429,055	$	319,958	$	111,333	$	3,030	$	388	$	7,016	$	—	$	87,741	$	958,521
Special mention	28,718		19,769		8,227		—		—		—		—		—		56,714
Substandard or Lower	5,698		—		3,308		8,598		2,134		—		—		557		20,295
	$	463,471	$	339,727	$	122,868	$	11,628	$	2,522	$	7,016	$	—	$	88,298	$	1,035,530
Current-period gross writeoffs	$	—	$	—	$	794	$	—	$	—	$	—	$	—	$	—	$	794
Commercial small business leases:
Risk Rating
Performing	$	260,348	$	191,746	$	103,428	$	40,697	$	15,411	$	11,992	$	—	$	—	$	623,622
Nonperforming	—		—		—		—		—		—		—		—		—
	$	260,348	$	191,746	$	103,428	$	40,697	$	15,411	$	11,992	$	—	$	—	$	623,622
Current-period gross writeoffs	$	1,528	$	7,250	$	4,447	$	1,454	$	735	$	227	$	—	$	—	$	15,641
Residential(2):
Risk Rating
Performing	$	188,644	$	67,358	$	102,982	$	57,273	$	33,499	$	412,099	$	—	$	—	$	861,855
Nonperforming	—		170		713		486		1,251		3,420		—		—		6,040
	$	188,644	$	67,528	$	103,695	$	57,759	$	34,750	$	415,519	$	—	$	—	$	867,895
Current-period gross writeoffs	$	33	$	—	$	—	$	—	$	—	$	8	$	—	$	—	$	41
Consumer(3):
Risk Rating
Performing	$	391,580	$	568,919	$	153,930	$	104,248	$	44,996	$	245,849	$	494,663	$	5,662	$	2,009,847
Nonperforming	—		—		135		352		176		30		1,362		232		2,287
	$	391,580	$	568,919	$	154,065	$	104,600	$	45,172	$	245,879	$	496,025	$	5,894	$	2,012,134
Current-period gross writeoffs	$	1,790	$	15,227	$	4,411	$	313	$	198	$	455	$	—	$	—	$	22,394

(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.

(2)Excludes reverse mortgages at fair value.

(3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

Troubled Loans

The Company offers loan modifications to commercial and consumer borrowers that may result in a payment delay, interest rate reduction, term extension, principal forgiveness, or combination thereof. Loan modifications are offered on a case-by-case basis and are generally term extension, payment delay, and interest rate reduction modification types. Forbearance (due to hardship) programs result in modification types including payment delay and/or term extension. In addition, certain reorganization bankruptcy judgments may result in interest rate reduction, term extension, or principal forgiveness modification types.

The following tables show the period-end amortized cost basis of troubled loans modified during the three months ended March 31, 2024 and 2023, disaggregated by portfolio segment and type of modification granted:

	Three Months Ended March 31, 2024
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Combination- Term Extension and Interest Rate Reduction		Combination - Payment Delay and Interest Rate Reduction		Total		% of Total Loan Category
Commercial and industrial	$	31,865	$	349	$	820	$	—	$	—	$	33,034	1.27	%
Construction	1,910		—		—		—		—		1,910		0.18	%
Consumer(1)	325		702		1,932		—		—		2,959		0.14	%
Total	$	34,100	$	1,051	$	2,752	$	—	$	—	$	37,903	0.29	%

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

	Three months ended March 31, 2023
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Combination- Term Extension and Interest Rate Reduction		Combination - Payment Delay and Interest Rate Reduction		Total		% of Total Loan Category
Commercial and industrial	$	12,837	$	—	$	—	$	—	$	—	$	12,837	0.41	%
Owner-occupied commercial	—		—		—		148		—		148		0.01	%
Commercial mortgages	2,057		—		—		—		—		2,057		0.06	%
Consumer(1)	803		162		1,777		158		119		3,019		0.16	%
Total	$	15,697	$	162	$	1,777	$	306	$	119	$	18,061	0.15	%

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

The following table describes the financial effect of the modifications made to troubled loans during the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024
	Term Extension(1)	Interest Rate Reduction(2)	More-Than-Insignificant Payment Delay(3)
Commercial and industrial	1.24	—%	0.01%
Construction	1.00	—	—
Consumer	0.47	—	0.02
	Three Months Ended March 31, 2023
	Term Extension(1)	Interest Rate Reduction(2)	More-Than-Insignificant Payment Delay(3)
Commercial and industrial	0.91	—%	—%
Owner-occupied commercial	0.96	2.56	—
Commercial mortgages	0.48	—	—
Consumer	6.71	2.07	0.02

(1)Represents the weighted-average increase in the life of modified loans measured in years, which reduces monthly payment amounts for borrowers.

(2)Represents the weighted-average decrease in the contractual interest rate on the modified loans.

(3)Represents the percentage of loans deferred over the total loan portfolio excluding reverse mortgages at fair value.

As of March 31, 2024 and December 31, 2023, the Company had commitments to extend credit of $19.2 million and $18.4 million, respectively, to borrowers experiencing financial difficulty whose terms had been modified.

Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

The following table shows the amortized cost of loans that received a term extension modification that had a payment default during the three months ended March 31, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty. There were no loans that had a payment default during the three months ended March 31, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

	Three Months Ended March 31, 2024
	Term Extension		More-Than-Insignificant Payment Delay		Total
Commercial and industrial	$	8,694	$	199	$	8,893
Total	$	8,694	$	199	$	8,893

The Company closely monitors the performance of troubled loans to understand the effectiveness of its modification efforts. The following tables show the performance of loans that have been modified in the last 12 months as of March 31, 2024 and 2023:

	March 31, 2024
(Dollars in thousands)	30-89 Days Past Due and Still Accruing		90+ Days Past Due and Still Accruing		Accruing Current Balances		Nonaccrual Loans		Total
Commercial and industrial	$	—	$	—	$	58,771	$	24,133	$	82,904
Owner-occupied commercial	—		—		—		65		65
Commercial mortgages	—		—		9,345		—		9,345
Construction	—		—		17,331		—		17,331
Residential	—		—		44		167		211
Consumer(1)	1,096		258		7,646		387		9,387
Total	$	1,096	$	258	$	93,137	$	24,752	$	119,243

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

	March 31, 2023
	30-89 Days Past Due and Still Accruing		90+ Days Past Due and Still Accruing		Accruing Current Balances		Nonaccrual Loans		Total
Commercial and industrial	$	—	$	—	$	12,837	$	—	$	12,837
Owner-occupied commercial	—		—		148		—		148
Commercial mortgages	1,016		1,041		—		—		2,057
Consumer(1)	25		—		2,994		—		3,019
Total	$	1,041	$	1,041	$	15,979	$	—	$	18,061

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

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LEASES

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

LEASES

8. LEASES

As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment. As a lessor, the Company primarily provides financing through its equipment leasing business.

Lessee

The Company's ongoing leases have remaining lease terms of less than one year to 21 years, which includes renewal options that are exercised at its discretion. The Company's lease terms to calculate the lease liability and right-of-use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right-of-use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statements of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statements of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties.

The components of operating lease cost were as follows:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Operating lease cost (1)	$	3,972	$	4,793
Sublease income	(32)		(49)
Net lease cost	$	3,940	$	4,744

(1)Includes variable lease cost and short-term lease cost.

Supplemental information related to operating leases was as follows:

(Dollars in thousands)	March 31, 2024			December 31, 2023
Right-of-use assets	$	129,996		$	130,601
Lease liabilities	$	151,255		$	151,596
Lease term and discount rate
Weighted average remaining lease term (in years)	12.86			13.01
Weighted average discount rate	5.2		%	5.2		%

Maturities of operating lease liabilities were as follows:

(Dollars in thousands)	March 31, 2024
Remaining in 2024	$	13,564
2025	17,747
2026	16,912
2027	15,536
2028	15,538
After 2028	130,975
Total lease payments	210,272
Less: Interest	(59,017)
Present value of lease liabilities	$	151,255

Supplemental cash flow information related to operating leases was as follows:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,721	$	5,060

As of March 31, 2024, the Corporation had not entered into any material leases that have not yet commenced.

Lessor Equipment Leasing

The Company provides equipment and small business lease financing through its leasing subsidiary, NewLane Finance®. Interest income from direct financing leases where the Company is a lessor is recognized in Interest and fees on loans and leases on the unaudited Consolidated Statements of Income. The allowance for credit losses on finance leases is included in Provision for credit losses on the unaudited Consolidated Statements of Income.

The components of direct finance lease income are summarized in the table below:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Direct financing leases:
Interest income on lease receivable	$	14,800	$	12,382
Interest income on deferred fees and costs, net	(1,792)		(1,386)
Total direct financing lease net interest income	$	13,008	$	10,996

Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:

(Dollars in thousands)	March 31, 2024		December 31, 2023
Lease receivables	$	733,630	$	721,338
Unearned income	(118,177)		(114,341)
Deferred fees and costs	18,350		16,625
Net investment in direct financing leases	$	633,803	$	623,622

LEASES

8. LEASES

As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment. As a lessor, the Company primarily provides financing through its equipment leasing business.

Lessee

The Company's ongoing leases have remaining lease terms of less than one year to 21 years, which includes renewal options that are exercised at its discretion. The Company's lease terms to calculate the lease liability and right-of-use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right-of-use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statements of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statements of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties.

The components of operating lease cost were as follows:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Operating lease cost (1)	$	3,972	$	4,793
Sublease income	(32)		(49)
Net lease cost	$	3,940	$	4,744

(1)Includes variable lease cost and short-term lease cost.

Supplemental information related to operating leases was as follows:

(Dollars in thousands)	March 31, 2024			December 31, 2023
Right-of-use assets	$	129,996		$	130,601
Lease liabilities	$	151,255		$	151,596
Lease term and discount rate
Weighted average remaining lease term (in years)	12.86			13.01
Weighted average discount rate	5.2		%	5.2		%

Maturities of operating lease liabilities were as follows:

(Dollars in thousands)	March 31, 2024
Remaining in 2024	$	13,564
2025	17,747
2026	16,912
2027	15,536
2028	15,538
After 2028	130,975
Total lease payments	210,272
Less: Interest	(59,017)
Present value of lease liabilities	$	151,255

Supplemental cash flow information related to operating leases was as follows:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,721	$	5,060

As of March 31, 2024, the Corporation had not entered into any material leases that have not yet commenced.

Lessor Equipment Leasing

The Company provides equipment and small business lease financing through its leasing subsidiary, NewLane Finance®. Interest income from direct financing leases where the Company is a lessor is recognized in Interest and fees on loans and leases on the unaudited Consolidated Statements of Income. The allowance for credit losses on finance leases is included in Provision for credit losses on the unaudited Consolidated Statements of Income.

The components of direct finance lease income are summarized in the table below:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Direct financing leases:
Interest income on lease receivable	$	14,800	$	12,382
Interest income on deferred fees and costs, net	(1,792)		(1,386)
Total direct financing lease net interest income	$	13,008	$	10,996

Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:

(Dollars in thousands)	March 31, 2024		December 31, 2023
Lease receivables	$	733,630	$	721,338
Unearned income	(118,177)		(114,341)
Deferred fees and costs	18,350		16,625
Net investment in direct financing leases	$	633,803	$	623,622

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GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

9. GOODWILL AND INTANGIBLE ASSETS

In accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles - Goodwill and Other (ASC 350), all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value as of acquisition date.

WSFS performs its annual goodwill impairment test on October 1, or more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. In between annual tests, management performs a qualitative review of goodwill quarterly as part of the Company's review of the overall business to ensure no events or circumstances have occurred that would impact its goodwill evaluation. During the three months ended March 31, 2024, management determined based on its qualitative assessment that the fair values of our reporting units exceeded their carrying values, and no goodwill impairment existed during the three months ended March 31, 2024.

The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:

(Dollars in thousands)	WSFS Bank		Wealth Management		Consolidated Company
December 31, 2023	$	753,586	$	132,312	$	885,898
Goodwill adjustments	—		—		—
March 31, 2024	$	753,586	$	132,312	$	885,898

ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes the Company's intangible assets:

(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets		Amortization Period
March 31, 2024
Core deposits	$	104,751	$	(53,327)	$	51,424	10 years
Customer relationships	73,880		(19,512)		54,368		7-15 years
Loan servicing rights(1)	12,734		(6,980)		5,754		10-25 years
Tradename	2,900		—		2,900		indefinite
Total intangible assets	$	194,265	$	(79,819)	$	114,446
December 31, 2023
Core deposits	$	104,751	$	(50,754)	$	53,997	10 years
Customer relationships	73,880		(18,153)		55,727		7-15 years
Loan servicing rights(2)	12,613		(6,575)		6,038		10-25 years
Tradename	2,900		—		2,900		indefinite
Total intangible assets	$	194,144	$	(75,482)	$	118,662

(1)Includes impairment losses of $0.1 million for the three months ended March 31, 2024.

(2)Includes impairment losses of less than $0.1 million for the year ended December 31, 2023.

The Company recognized amortization expense on intangible assets of $3.9 million for the three months ended March 31, 2024 compared to $3.8 million for the three months ended March 31, 2023.

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

(Dollars in thousands)	March 31, 2024
Remaining in 2024	$	12,678
2025	16,576
2026	15,869
2027	15,404
2028	14,580
Thereafter	36,439
Total	$	111,546

Servicing Assets

The Company records mortgage servicing rights on its mortgage loan servicing portfolio, which includes mortgages that it acquires or originates as well as mortgages that it services for others, and servicing rights on Small Business Administration (SBA) loans. Mortgage servicing rights and SBA loan servicing rights are included in Goodwill and intangible assets in the accompanying unaudited Consolidated Statements of Financial Condition. Mortgage loans which the Company services for others are not included in Loans and leases, net of allowance in the accompanying unaudited Consolidated Statements of Financial Condition. Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans the Company acquires or originates, or that it services for others.

The value of the Company's mortgage servicing rights was $1.7 million at March 31, 2024 and December 31, 2023, and the value of its SBA loan servicing rights was $4.1 million and $4.3 million at March 31, 2024 and December 31, 2023, respectively. Changes in the value of the Company's servicing rights resulted in impairment losses of $0.1 million for the three months ended March 31, 2024 and a reversal of impairment losses of less than $0.1 million for the three months ended March 31, 2023. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage banking activities, net in the unaudited Consolidated Statements of Income and revenues from the Company's SBA loan servicing rights are included in Loan and lease fee income in the unaudited Consolidated Statements of Income.

Besides the impairment on loan servicing rights noted above, there was no impairment of other intangible assets as of March 31, 2024 or December 31, 2023. Changing economic conditions that may adversely affect the Company's performance and could result in impairment, which could adversely affect earnings in the future.

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DEPOSITS

3 Months Ended

Mar. 31, 2024

Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract]

DEPOSITS

10. DEPOSITS

The following table shows deposits by category:

(Dollars in thousands)			March 31, 2024		December 31, 2023
Noninterest-bearing:
	Noninterest demand		$	4,652,875	$	4,917,297
		Total noninterest-bearing	$	4,652,875	$	4,917,297
Interest-bearing:
	Interest-bearing demand		$	2,856,366	$	2,935,530
	Savings		1,577,264		1,610,143
	Money market		5,205,835		5,175,123
	Customer time deposits		1,894,864		1,784,317
	Brokered deposits		—		51,676
		Total interest-bearing	11,534,329		11,556,789
		Total deposits	$	16,187,204	$	16,474,086

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INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

11. INCOME TAXES

There were no unrecognized tax benefits as of March 31, 2024. The Company records interest and penalties on potential income tax deficiencies as income tax expense. The Company's federal and state tax returns for the 2020 through 2023 tax years are subject to examination as of March 31, 2024. The Company does not expect to record or realize any material unrecognized tax benefits during 2024.

The amortization of the low-income housing credit investments has been reflected as income tax expense of $1.9 million and $1.4 million for the three months ended March 31, 2024 and 2023, respectively.

The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the three months ended March 31, 2024 were $1.7 million, $1.9 million and $0.6 million, respectively. The carrying value of the investment in affordable housing credits is $85.2 million at March 31, 2024, compared to $87.1 million at December 31, 2023 and is included in the Other assets line item on the unaudited Consolidated Statements of Financial Condition.

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FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES

12. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

ASC 820-10, Fair Value Measurement (ASC 820-10) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:

•Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

•Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means.

•Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

The following tables present financial instruments carried at fair value as of March 31, 2024 and December 31, 2023 by level in the valuation hierarchy (as described above):

	March 31, 2024
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	451,891	$	—	$	451,891
FNMA MBS	—		2,947,349		—		2,947,349
FHLMC MBS	—		111,751		—		111,751
GNMA MBS	—		43,940		—		43,940
GSE agency notes	—		179,298		—		179,298
Other assets	—		168,510		44		168,554
Total assets measured at fair value on a recurring basis	$	—	$	3,902,739	$	44	$	3,902,783
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	156,243	$	13,426	$	169,669
Assets measured at fair value on a nonrecurring basis:
Other investments	$	—	$	—	$	14,714	$	14,714
Other real estate owned	—		—		1,210		1,210
Loans held for sale	—		26,858		—		26,858
Total assets measured at fair value on a nonrecurring basis	$	—	$	26,858	$	15,924	$	42,782

	December 31, 2023
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	464,619	$	—	$	464,619
FNMA MBS	—		3,042,350		—		3,042,350
FHLMC MBS	—		115,532		—		115,532
GNMA MBS	—		43,340		—		43,340
GSE agency notes	—		180,696		—		180,696
Other assets	—		153,569		78		153,647
Total assets measured at fair value on a recurring basis	$	—	$	4,000,106	$	78	$	4,000,184
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	137,616	$	14,026	$	151,642
Assets measured at fair value on a nonrecurring basis
Other investments	$	—	$	—	$	15,206	$	15,206
Other real estate owned	—		—		1,569		1,569
Loans held for sale	—		29,268		—		29,268
Total assets measured at fair value on a nonrecurring basis	$	—	$	29,268	$	16,775	$	46,043

Fair value is based on quoted market prices, where available. If such quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

Available-for-sale securities

Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company believes that this Level 2 designation is appropriate under ASC 820-10, as these securities are GSEs and GNMA securities with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors.

Other investments

Other investments includes equity investments without readily determinable fair values, which are categorized as Level 3. The Company’s equity investments without readily determinable fair values are held at cost, and are adjusted for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer during the reporting period and its equity method investments are initially recorded at cost based on the Company’s percentage ownership in the investee, and are adjusted to reflect the recognition of the Company’s proportionate share of income or loss of the investee based on the investee’s earnings.

Other real estate owned

Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of other real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties.

Loans held for sale

The fair value of loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities.

Other assets

Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of risk participation agreements are obtained from an independent pricing service.

Other liabilities

Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of foreign exchange forward contracts and risk participation agreements are obtained from an independent pricing service. Valuation of the derivative related to the sale of certain Visa Class B common shares is based on: (i) the agreed upon graduated fee structure; (ii) the length of time until the resolution of the Visa covered litigation; and (iii) the estimated impact of dilution in the conversion ratio of Class B shares resulting from changes in the Visa covered litigation.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash, cash equivalents, and restricted cash

For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value.

Investment securities

Investment securities include debt securities classified as held-to-maturity or available-for-sale. Fair value is estimated using quoted prices for similar securities, which the Company obtains from a third party vendor. The Company uses one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by the Company to validate the vendor’s methodology as described above in available-for-sale securities.

Other investments

Other investments includes equity investments without readily determinable fair values (see discussion in “Fair Value of Financial Assets and Liabilities” section above) as well as equity method investments.

Loans held for sale

Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above).

Loans and leases

Loans and leases are segregated by portfolio segments with similar financial characteristics. The fair values of loans and leases, with the exception of reverse mortgages, are estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. The fair values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral, if the loan is collateral dependent. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique does contemplate an exit price.

Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh

The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value.

Accrued interest receivable

The carrying amounts of interest receivable approximate fair value.

Other assets

Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements (see discussion in “Fair Value of Financial Assets and Liabilities” section above).

Deposits

The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates currently offered for deposits with comparable remaining maturities.

Borrowed funds

Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt.

Off-balance sheet instruments

The fair value of off-balance sheet instruments, including swap guarantees of $6.9 million at March 31, 2024 and $7.3 million at December 31, 2023, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution.

Accrued interest payable

The carrying amounts of interest payable approximate fair value.

Other liabilities

Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above).

Financial instruments measured at fair value using significant unobservable inputs (Level 3)

The following tables provide a description of the valuation techniques and significant unobservable inputs for the Company's financial instruments classified as Level 3 as of March 31, 2024 and December 31, 2023:

(Dollars in thousands)	March 31, 2024
Financial Instrument	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Other investments	$	14,714	Observed market comparable transactions	Period of observed transactions	December 2023
Other real estate owned	1,210		Fair market value of collateral	Costs to sell	20.0%
Other assets (Risk participation agreements purchased)	44		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 110 - 360 bps (189 bps) LGD: –% - 30% (30%)
Other liabilities (Risk participation agreements sold)	2		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 1 - 250 bps (81 bps) LGD: –% - 30% (30%)
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)	13,424		Discounted cash flow	Timing of Visa litigation resolution	1.00 - 4.50 years (2.93 years or 4Q 2025)

(Dollars in thousands)	December 31, 2023
Financial Instrument	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Other investments	$	15,206	Observed market comparable transactions	Period of observed transactions	December 2023
Other real estate owned	1,569		Fair market value of collateral	Costs to sell	10.0% - 20.0% (18.1%)
Other assets (Risk participation agreements purchased)	78		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 110 - 360 bps (195 bps) LGD: –% - 30% (30%)
Other liabilities (Risk participation agreements sold)	3		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 1 - 250 bps (95 bps) LGD: 30%
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)	14,023		Discounted cash flow	Timing of Visa litigation resolution	1.00 - 4.75 years (3.06 years or 4Q 2025)

The book value and estimated fair value of the Company's financial instruments are as follows:

 

		March 31, 2024				December 31, 2023
(Dollars in thousands)	Fair Value Measurement	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash, cash equivalents, and restricted cash	Level 1	$	977,071	$	977,071	$	1,092,900	$	1,092,900
Investment securities available-for-sale	Level 2	3,734,229		3,734,229		3,846,537		3,846,537
Investment securities held-to-maturity, net	Level 2	1,049,807		949,727		1,058,557		985,931
Other investments	Level 3	17,051		17,051		17,434		17,434
Loans, held for sale	Level 2	26,858		26,858		29,268		29,268
Loans and leases, net(1)	Level 3	12,790,128		12,829,259		12,583,202		12,514,431
Stock in FHLB of Pittsburgh	Level 2	15,526		15,526		15,398		15,398
Accrued interest receivable	Level 2	88,310		88,310		85,979		85,979
Other assets	Levels 2, 3	168,554		168,554		153,647		153,647
Financial liabilities:
Deposits	Level 2	$	16,187,204	$	16,160,641	$	16,474,086	$	16,449,198
Borrowed funds	Level 2	1,124,958		1,134,269		895,076		912,760
Standby letters of credit	Level 3	754		754		814		814
Accrued interest payable	Level 2	37,911		37,911		46,684		46,684
Other liabilities	Levels 2, 3	169,669		169,669		151,642		151,642

 (1) Includes reverse mortgage loans.

At March 31, 2024 and December 31, 2023 the Company had no commitments to extend credit measured at fair value.

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DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

13. DERIVATIVE FINANCIAL INSTRUMENTS

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both economic conditions and its business operations. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. The Company does not use derivative financial instruments for trading purposes.

Fair Values of Derivative Instruments

The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of March 31, 2024.

	Fair Values of Derivative Instruments
(Dollars in thousands)		Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate products		13	$	1,000,000	Other assets	$	11,312
Total			$	1,000,000		$	11,312
Derivatives not designated as hedging instruments:
Interest rate products			$	2,547,154	Other assets	$	155,994
Interest rate products			2,547,154		Other liabilities	(155,994)
Interest rate lock commitments with customers			54,818		Other assets	947
Interest rate lock commitments with customers			150		Other liabilities	—
Forward sale commitments			7,442		Other assets	23
Forward sale commitments			43,880		Other liabilities	(166)
FX forwards			34,021		Other assets	234
FX forwards			17,033		Other liabilities	(83)
Risk participation agreements sold			103,028		Other liabilities	(2)
Risk participation agreements purchased			115,091		Other assets	44
Financial derivatives related to sales of certain Visa Class B shares			113,177		Other liabilities	(13,424)
Total derivatives			$	6,582,948		$	(1,115)

The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of December 31, 2023.

	Fair Values of Derivative Instruments
(Dollars in thousands)		Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate products		9	$	750,000	Other assets	$	15,578
Total			$	750,000		$	15,578
Derivatives not designated as hedging instruments:
Interest rate products			$	2,428,306	Other assets	$	136,924
Interest rate products			2,383,443		Other liabilities	(136,924)
Interest rate lock commitments with customers			34,651		Other assets	637
Forward sale commitments			1,000		Other assets	1
Forward sale commitments			37,348		Other liabilities	(283)
FX forwards			15,812		Other assets	429
FX forwards			13,064		Other liabilities	(409)
Risk participation agreements sold			103,648		Other liabilities	(3)
Risk participation agreements purchased			116,804		Other assets	78
Financial derivatives related to sales of certain Visa Class B shares			113,177		Other liabilities	(14,023)
Total derivatives			$	5,997,253		$	2,005

Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the three months ended March 31, 2024 and March 31, 2023.

	Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)				Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion)
(Dollars in thousands)	Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships	2024		2023
Interest rate products	$	(6,433)	$	332	Interest income
Total	$	(6,433)	$	332
	Amount of Gain (Loss) Recognized in Income				Location of Gain (Loss) Recognized in Income
(Dollars in thousands)	Three Months Ended March 31,
Derivatives not designated as hedging instruments	2024		2023
Interest rate products	$	2,435	$	2,440	Other income
Interest rate lock commitments with customers	252		421		Mortgage banking activities, net
Forward sale commitments	114		(148)		Mortgage banking activities, net
FX forwards	159		16		Other income
Risk participation agreements	(34)		3		Other income
Total	$	2,926	$	2,732

Derivatives Designated as Hedging Instruments:

Cash Flow Hedges of Interest Rate Risk

The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate options, including floors, caps, collars, or swaps as part of its interest rate risk management strategy. Interest rate options designated as cash flow hedges involve the receipt of fixed amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount.

The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if it fails to maintain its status as a well-capitalized or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.

As of March 31, 2024, the Company had 13 interest rate floors purchased at an aggregate premium of $19.7 million with an aggregate notional amount of $1.0 billion to hedge variable cash flows associated with a variable rate loan pool through the first quarter of 2027. Changes to the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. If the Company determines that a cash flow hedge is no longer highly effective, future changes in the fair value of the hedging instrument would be reported in earnings. As of March 31, 2024, the Company determined the cash flow hedges remain highly effective. During the three months ended March 31, 2024, $0.8 million of amortization expense on the premium was reclassified into interest income compared to less than $0.1 million during the three months ended March 31, 2023. The Company does not expect any unrealized gains or losses related to cash flow hedges to be reclassified into earnings in the next twelve months.

Derivatives Not Designated as Hedging Instruments:

Customer Derivatives – Interest Rate Swaps

The Company enters into interest rate swaps with commercial loan customers wishing to manage interest rate risk. The Company then enters into corresponding swap agreements with swap dealer counterparties to economically hedge the exposure arising from these contracts. The interest rate swaps with both the customers and third parties are not designated as hedges under ASC 815, Derivatives and Hedging (ASC 815) and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of March 31, 2024, there were no fair value adjustments related to credit quality.

Derivative Financial Instruments from Mortgage Banking Activities

Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans to customers, also referred to as interest rate lock commitments. The Company may also enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate interest rate risk.

Foreign Exchange Forward Contracts

The Company enters into foreign exchange forward contracts (FX forwards) with customers to exchange one currency for another on an agreed date in the future at an agreed exchange rate. The Corporation then enters into corresponding FX forwards with swap dealer counterparties to economically hedge its exposure on the exchange rate component of the customer agreements. The FX forwards with both the customers and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate. As the FX forwards are structured to offset each other, changes to the underlying term structure of currency exchange rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. As of March 31, 2024, there were no fair value adjustments related to credit quality.

Risk Participation Agreements

The Company may enter into a risk participation agreement (RPA) with another institution as a means to assume a portion of the credit risk associated with a loan structure which includes a derivative instrument, in exchange for fee income commensurate with the risk assumed. This type of derivative is referred to as an “RPA sold.” In addition, in an effort to reduce the credit risk associated with an interest rate swap agreement with a borrower for whom the Corporation has provided a loan structured with a derivative, the Corporation may purchase an RPA from an institution participating in the facility in exchange for a fee commensurate with the risk shared. This type of derivative is referred to as an “RPA purchased.”

Swap Guarantees

The Company entered into agreements with one unrelated financial institution whereby that financial institution entered into interest rate derivative contracts (interest rate swap transactions) directly with customers referred to them by the Company. Under the terms of the agreements, the financial institution has recourse to us for any exposure created under each swap transaction, only in the event that the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows us to provide access to interest rate swap transactions for our customers without creating the swap ourselves. These swap guarantees are accounted for as credit derivatives.

At March 31, 2024 and December 31, 2023, there were 185 and 188 variable-rate to fixed-rate swap transactions between the third-party financial institutions and the Company's customers, respectively. The initial notional aggregate amount was approximately $0.7 billion at March 31, 2024 and December 31, 2023. At March 31, 2024, the swap transactions remaining maturities ranged from under 1 year to 11 years. At March 31, 2024, none of these customer swaps were in a paying position to third parties, with our swap guarantees having a fair value of $6.9 million. At December 31, 2023, none of these customer swaps were in a paying position to third parties, with the Company's swap guarantees having a fair value of $7.3 million. However, for both periods, none of the Company's customers were in default of the swap agreements.

Credit-risk-related Contingent Features

The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $2.5 million in cash against its obligations under these agreements which meets or exceeds the minimum collateral posting requirements. If the Company had breached any of these provisions at March 31, 2024, it could have been required to settle its obligations under the agreements at the termination value.

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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

14. SEGMENT INFORMATION

As defined in ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company evaluates performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to the Company's segments are those that apply to its preparation of the accompanying unaudited Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth Management.

The WSFS Bank segment provides financial products to commercial and consumer customers. Commercial and Consumer Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment.

The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect®.

The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients. Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management, which includes Private Banking, serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and customized banking services including credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the bank’s charter, through a broker/dealer and as a registered investment advisor (RIA). It generates revenue through fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach.

The Bryn Mawr Trust Company of Delaware provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.

The following tables show segment results for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
(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	$	256,133	$	—	$	5,489	$	261,622	$	221,285	$	—	$	5,098	$	226,383
Noninterest income	16,220		26,350		33,287		75,857		14,150		18,179		30,798		63,127
Total external customer revenues	272,353		26,350		38,776		337,479		235,435		18,179		35,896		289,510
Inter-segment revenues:
Interest income	6,566		440		28,871		35,877		6,099		395		20,727		27,221
Noninterest income	7,273		435		207		7,915		6,900		461		105		7,466
Total inter-segment revenues	13,839		875		29,078		43,792		12,999		856		20,832		34,687
Total revenue	286,192		27,225		67,854		381,271		248,434		19,035		56,728		324,197
External customer expenses:
Interest expense	75,079		—		11,265		86,344		38,487		—		5,364		43,851
Noninterest expenses	106,632		21,935		20,505		149,072		100,949		13,500		18,596		133,045
Provision for credit losses	14,820		—		318		15,138		27,717		—		1,294		29,011
Total external customer expenses	196,531		21,935		32,088		250,554		167,153		13,500		25,254		205,907
Inter-segment expenses:
Interest expense	29,311		3,129		3,437		35,877		21,122		3,559		2,540		27,221
Noninterest expenses	642		1,409		5,864		7,915		566		1,346		5,554		7,466
Total inter-segment expenses	29,953		4,538		9,301		43,792		21,688		4,905		8,094		34,687
Total expenses	226,484		26,473		41,389		294,346		188,841		18,405		33,348		240,594
Income before taxes	$	59,708	$	752	$	26,465	$	86,925	$	59,593	$	630	$	23,380	$	83,603
Income tax provision							21,202								20,941
Consolidated net income							65,723								62,662
Net (loss) income attributable to noncontrolling interest							(38)								258
Net income attributable to WSFS							$	65,761							$	62,404
Supplemental Information
Capital expenditures for the period ended	$	4,220	$	—	$	13	$	4,233	$	856	$	—	$	—	$	856

The following table shows significant components of segment net assets as of March 31, 2024 and December 31, 2023:

	March 31, 2024								December 31, 2023
(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	$	750,657	$	173,291	$	53,123	$	977,071	$	600,483	$	443,431	$	48,986	$	1,092,900
Goodwill	753,586		—		132,312		885,898		753,586		—		132,312		885,898
Other segment assets	18,278,973		15,798		421,508		18,716,279		18,191,585		15,654		408,635		18,615,874
Total segment assets	$	19,783,216	$	189,089	$	606,943	$	20,579,248	$	19,545,654	$	459,085	$	589,933	$	20,594,672

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

15. COMMITMENTS AND CONTINGENCIES

Secondary Market Loan Sales

The Company typically sells newly originated residential mortgage loans in the secondary market to mortgage loan aggregators and to GSEs such as FHLMC, FNMA, and on a more limited basis, the FHLB. Loans held for sale are reflected on the unaudited Consolidated Statements of Financial Condition at fair value with changes in the value reflected in the unaudited Consolidated Statements of Income. Gains and losses are recognized at the time of sale. The Company periodically retains the servicing rights on residential mortgage loans sold which results in monthly service fee income. The mortgage servicing rights are included in Goodwill and intangible assets on the unaudited Consolidated Statements of Financial Condition. Otherwise, the Company sells loans with servicing released on a nonrecourse basis. Rate-locked loan commitments that the Company intends to sell in the secondary market are accounted for as derivatives under ASC 815.

The Company does not sell loans with recourse, except for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, early payment default by the borrower. These are customary repurchase provisions in the secondary market for residential mortgage loan sales. These provisions may include either an indemnification from loss or the repurchase of the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There was one repurchase during the three months ended March 31, 2024 for $0.3 million and no repurchases during the same period in 2023.

Unfunded Lending Commitments

At March 31, 2024 and December 31, 2023, the allowance for credit losses of unfunded lending commitments was $11.8 million and $12.1 million, respectively. A provision release of $0.3 million was recognized during the three months ended March 31, 2024 compared to a provision release of $0.2 million during the three months ended March 31, 2023.

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CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS

16. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss includes unrealized gains and losses on available-for-sale investments, unrealized gains and losses on cash flow hedges, as well as unrecognized prior service costs and actuarial gains and losses on defined benefit pension plans. Changes to accumulated other comprehensive loss are presented, net of tax, as a component of stockholders’ equity. Amounts that are reclassified out of accumulated other comprehensive loss are recorded on the unaudited Consolidated Statements of Income either as a gain or loss. Changes to accumulated other comprehensive loss by component are shown, net of taxes, in the following tables for the period indicated:

(Dollars in thousands)	Net change in investment securities available-for-sale		Net change in investment securities held-to-maturity		Net change in defined benefit plan		Net change in fair value of derivatives used for cash flow hedges		Net change in equity method investments		Total
Balance, December 31, 2023	$	(499,932)	$	(91,523)	$	(4,614)	$	1,597	$	481	$	(593,991)
Other comprehensive (loss) income	(40,007)		—		(75)		(6,433)		(21)		(46,536)
Less: Amounts reclassified from accumulated other comprehensive loss	—		3,669		(49)		—		—		3,620
Net current-period other comprehensive (loss) income	(40,007)		3,669		(124)		(6,433)		(21)		(42,916)
Balance, March 31, 2024	$	(539,939)	$	(87,854)	$	(4,738)	$	(4,836)	$	460	$	(636,907)
Balance, December 31, 2022	$	(563,533)	$	(108,503)	$	(4,482)	$	108	$	566	$	(675,844)
Other comprehensive income (loss)	53,010		(1)		12		332		(3)		53,350
Less: Amounts reclassified from accumulated other comprehensive loss	—		4,166		(47)		(40)		—		4,079
Net current-period other comprehensive income (loss)	53,010		4,165		(35)		292		(3)		57,429
Balance, March 31, 2023	$	(510,523)	$	(104,338)	$	(4,517)	$	400	$	563	$	(618,415)

The unaudited Consolidated Statements of Income were impacted by components of other comprehensive loss as shown in the tables below:

	Three Months Ended March 31,				Affected line item in unaudited Consolidated Statements of Income
(Dollars in thousands)	2024		2023
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:
Amortization of net unrealized losses to income during the period	4,827		5,481		Net interest income
Income taxes	(1,158)		(1,315)		Income tax provision
Net of tax	3,669		4,166
Amortization of defined benefit pension plan-related items:
Prior service credits	(19)		(19)
Actuarial gains	(45)		(43)
Total before tax	(64)		(62)		Salaries, benefits and other compensation
Income taxes	15		15		Income tax provision
Net of tax	(49)		(47)
Net unrealized gains on terminated cash flow hedges:
Amortization of net unrealized gains to income during the period	—		(52)		Interest and fees on loans and leases
Income taxes	—		12		Income tax provision
Net of tax	—		(40)
Total reclassifications	$	3,620	$	4,079

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LEGAL AND OTHER PROCEEDINGS

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

LEGAL AND OTHER PROCEEDINGS

17. LEGAL AND OTHER PROCEEDINGS

In accordance with the current accounting standards for loss contingencies, the Company establishes reserves for litigation-related matters that arise in the ordinary course of its business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. In addition, the Company's defense of litigation claims may result in legal fees, which it expenses as incurred.

There were no material changes or additions to other significant pending legal or other proceedings involving the Company other than those arising out of routine operations.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 65,761	$ 62,404

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity), loans held for sale, lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets, the establishment of additional allowance and lending-related commitment reserves, changes in the fair value of financial instruments, as well as increased post-retirement benefits and income tax expense.

The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2024. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Annual Report on Form 10-K) that was filed with the SEC on February 29, 2024 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

The following accounting pronouncements were adopted by the Company during the three months ended March 31, 2024, but did not have a material impact on the unaudited Consolidated Financial Statements.

•ASU No. 2023-01, Leases (Topic 842) — Common Control Agreements

•ASU No. 2023-02, Investments — Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

There were no other applicable material accounting pronouncements adopted by the Company since December 31, 2023.

Accounting Guidance Pending Adoption as of March 31, 2024

ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Adoption is required retrospectively for all prior periods presented in the financial statements. The Company is currently evaluating this update to determine the impact on the Company’s disclosures.

ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures: In March 2023, The FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The amendments permit reporting entities to elect to account for any equity investments in a tax credit program using the proportional amortization method if certain conditions are met. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Adoption is required on a prospective, modified retrospective, or retrospective basis depending on the amendment. The Company is currently evaluating this update to determine the impact on the Company’s disclosures.

Fair Value Measurement

Available-for-sale securities

Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company believes that this Level 2 designation is appropriate under ASC 820-10, as these securities are GSEs and GNMA securities with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors.

Other investments

Other investments includes equity investments without readily determinable fair values, which are categorized as Level 3. The Company’s equity investments without readily determinable fair values are held at cost, and are adjusted for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer during the reporting period and its equity method investments are initially recorded at cost based on the Company’s percentage ownership in the investee, and are adjusted to reflect the recognition of the Company’s proportionate share of income or loss of the investee based on the investee’s earnings.

Other real estate owned

Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of other real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties.

Loans held for sale

The fair value of loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities.

Other assets

Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of risk participation agreements are obtained from an independent pricing service.

Other liabilities

Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of foreign exchange forward contracts and risk participation agreements are obtained from an independent pricing service. Valuation of the derivative related to the sale of certain Visa Class B common shares is based on: (i) the agreed upon graduated fee structure; (ii) the length of time until the resolution of the Visa covered litigation; and (iii) the estimated impact of dilution in the conversion ratio of Class B shares resulting from changes in the Visa covered litigation.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash, cash equivalents, and restricted cash

For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value.

Investment securities

Investment securities include debt securities classified as held-to-maturity or available-for-sale. Fair value is estimated using quoted prices for similar securities, which the Company obtains from a third party vendor. The Company uses one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by the Company to validate the vendor’s methodology as described above in available-for-sale securities.

Other investments

Other investments includes equity investments without readily determinable fair values (see discussion in “Fair Value of Financial Assets and Liabilities” section above) as well as equity method investments.

Loans held for sale

Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above).

Loans and leases

Loans and leases are segregated by portfolio segments with similar financial characteristics. The fair values of loans and leases, with the exception of reverse mortgages, are estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. The fair values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral, if the loan is collateral dependent. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique does contemplate an exit price.

Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh

The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value.

Accrued interest receivable

The carrying amounts of interest receivable approximate fair value.

Other assets

Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements (see discussion in “Fair Value of Financial Assets and Liabilities” section above).

Deposits

The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates currently offered for deposits with comparable remaining maturities.

Borrowed funds

Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt.

Off-balance sheet instruments

The fair value of off-balance sheet instruments, including swap guarantees of $6.9 million at March 31, 2024 and $7.3 million at December 31, 2023, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution.

Accrued interest payable

The carrying amounts of interest payable approximate fair value.

Other liabilities

Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above).

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NONINTEREST INCOME (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Credit/Debit Card and ATM Income

The following table presents the components of credit/debit card and ATM income:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Bailment fees	$	14,964	$	8,684
Interchange fees	3,753		3,886
Other card and ATM fees	952		791
Total credit/debit card and ATM income	$	19,669	$	13,361

Schedule of Investment Management and Fiduciary Income

The following table presents the components of investment management and fiduciary income:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Trust fees	$	21,861	$	20,516
Wealth management and advisory fees	11,067		9,960
Total investment management and fiduciary income	$	32,928	$	30,476

Schedule of Deposit Service Charges

The following table presents the components of deposit service charges:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Service fees	$	4,362	$	4,136
Return and overdraft fees	1,800		1,647
Other deposit service fees	325		256
Total deposit service charges	$	6,487	$	6,039

Schedule of Other Income

The following table presents the components of other income:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Managed service fees	$	5,586	$	4,799
Currency preparation	1,675		1,282
ATM loss protection	859		648
Capital markets revenue	3,001		2,879
Miscellaneous products and services	1,282		(357)
Total other income	$	12,403	$	9,251

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EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table shows the computation of basic and diluted earnings per share:

	Three Months Ended March 31,
(Dollars and shares in thousands, except per share data)	2024		2023
Numerator:
Net income attributable to WSFS	$	65,761	$	62,404
Denominator:
Weighted average basic shares	60,352		61,511
Dilutive potential common shares	170		168
Weighted average fully diluted shares	60,522		61,679
Earnings per share:
Basic	$	1.09	$	1.01
Diluted	$	1.09	$	1.01
Outstanding common stock equivalents having no dilutive effect	—		6

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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-sale

The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.

	March 31, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized  Gain		Gross Unrealized  Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
Collateralized mortgage obligation (CMO)	$	551,883	$	—	$	99,992	$	—	$	451,891
Fannie Mae (FNMA) mortgage-backed securities (MBS)	3,495,526		118		548,295		—		2,947,349
Freddie Mac (FHLMC) MBS	124,992		—		13,241		—		111,751
Ginnie Mae (GNMA) MBS	47,478		1		3,539		—		43,940
Government-sponsored enterprises (GSE) agency notes	224,797		—		45,499		—		179,298
	$	4,444,676	$	119	$	710,566	$	—	$	3,734,229
Held-to-Maturity Debt Securities(1)
FNMA MBS	$	864,584	$	—	$	99,912	$	—	$	764,672
State and political subdivisions	185,231		1,368		1,536		8		185,055
	$	1,049,815	$	1,368	$	101,448	$	8	$	949,727

(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $115.6 million at March 31, 2024, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.

	December 31, 2023
(Dollars in thousands)	Amortized Cost		Gross Unrealized  Gain		Gross Unrealized  Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
CMO	$	560,952	$	—	$	96,333	$	—	$	464,619
FNMA MBS	3,544,762		162		502,574		—		3,042,350
FHLMC MBS	126,856		—		11,324		—		115,532
GNMA MBS	46,333		6		2,999		—		43,340
GSE agency notes	225,439		—		44,743		—		180,696
	$	4,504,342	$	168	$	657,973	$	—	$	3,846,537
Held-to-Maturity Debt Securities(1)
FNMA MBS	$	872,653	$	—	$	74,332	$	—	$	798,321
State and political subdivisions	185,912		2,665		959		8		187,610
	$	1,058,565	$	2,665	$	75,291	$	8	$	985,931

(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $120.4 million at December 31, 2023, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.

Schedule of Debt Securities, Held-to-maturity

The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.

	March 31, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized  Gain		Gross Unrealized  Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
Collateralized mortgage obligation (CMO)	$	551,883	$	—	$	99,992	$	—	$	451,891
Fannie Mae (FNMA) mortgage-backed securities (MBS)	3,495,526		118		548,295		—		2,947,349
Freddie Mac (FHLMC) MBS	124,992		—		13,241		—		111,751
Ginnie Mae (GNMA) MBS	47,478		1		3,539		—		43,940
Government-sponsored enterprises (GSE) agency notes	224,797		—		45,499		—		179,298
	$	4,444,676	$	119	$	710,566	$	—	$	3,734,229
Held-to-Maturity Debt Securities(1)
FNMA MBS	$	864,584	$	—	$	99,912	$	—	$	764,672
State and political subdivisions	185,231		1,368		1,536		8		185,055
	$	1,049,815	$	1,368	$	101,448	$	8	$	949,727

(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $115.6 million at March 31, 2024, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.

	December 31, 2023
(Dollars in thousands)	Amortized Cost		Gross Unrealized  Gain		Gross Unrealized  Loss		Allowance for Credit Losses		Fair Value
Available-for-Sale Debt Securities
CMO	$	560,952	$	—	$	96,333	$	—	$	464,619
FNMA MBS	3,544,762		162		502,574		—		3,042,350
FHLMC MBS	126,856		—		11,324		—		115,532
GNMA MBS	46,333		6		2,999		—		43,340
GSE agency notes	225,439		—		44,743		—		180,696
	$	4,504,342	$	168	$	657,973	$	—	$	3,846,537
Held-to-Maturity Debt Securities(1)
FNMA MBS	$	872,653	$	—	$	74,332	$	—	$	798,321
State and political subdivisions	185,912		2,665		959		8		187,610
	$	1,058,565	$	2,665	$	75,291	$	8	$	985,931

(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $120.4 million at December 31, 2023, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.

The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the three months ended March 31, 2024 and 2023:

	Three months ended March 31,
(Dollars in thousands)	2024		2023
Allowance for credit losses:
Beginning balance	$	8	$	10
Provision for (recovery of) credit losses	—		(1)
Ending balance	$	8	$	9

Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity

The scheduled maturities of available-for-sale debt securities at March 31, 2024 and December 31, 2023 are presented in the table below:

	Available-for-Sale
	Amortized		Fair
(Dollars in thousands)	Cost		Value
March 31, 2024 (1)
Within one year	$	2,480	$	2,415
After one year but within five years	97,525		92,024
After five years but within ten years	549,047		462,583
After ten years	3,795,624		3,177,207
	$	4,444,676	$	3,734,229
December 31, 2023 (1)
Within one year	$	—	$	—
After one year but within five years	86,224		82,387
After five years but within ten years	569,956		485,593
After ten years	3,848,162		3,278,557
	$	4,504,342	$	3,846,537

(1)Actual maturities could differ from contractual maturities.

The scheduled maturities of held-to-maturity debt securities at March 31, 2024 and December 31, 2023 are presented in the table below:

	Held-to-Maturity
	Amortized		Fair
(Dollars in thousands)	Cost		Value
March 31, 2024 (1)
Within one year	$	—	$	—
After one year but within five years	11,930		11,741
After five years but within ten years	47,195		46,747
After ten years	990,690		891,239
	$	1,049,815	$	949,727
December 31, 2023 (1)
Within one year	$	—	$	—
After one year but within five years	10,932		10,856
After five years but within ten years	46,489		46,246
After ten years	1,001,144		928,829
	$	1,058,565	$	985,931

(1)Actual maturities could differ from contractual maturities.

Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category

For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at March 31, 2024.

	Duration of Unrealized Loss Position
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
Available-for-sale debt securities:
CMO	$	—	$	—	$	451,891	$	99,992	$	451,891	$	99,992
FNMA MBS	18,744		275		2,916,614		548,020		2,935,358		548,295
FHLMC MBS	—		—		111,745		13,241		111,745		13,241
GNMA MBS	7,785		227		35,109		3,312		42,894		3,539
GSE agency notes	—		—		179,298		45,499		179,298		45,499
	$	26,529	$	502	$	3,694,657	$	710,064	$	3,721,186	$	710,566

For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2023.

	Duration of Unrealized Loss Position
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
Available-for-sale debt securities:
CMO	$	—	$	—	$	464,619	$	96,333	$	464,619	$	96,333
FNMA MBS	9,068		125		3,026,520		502,449		3,035,588		502,574
FHLMC MBS	—		—		115,525		11,324		115,525		11,324
GNMA MBS	10,543		217		31,681		2,782		42,224		2,999
GSE agency notes	—		—		180,696		44,743		180,696		44,743
	$	19,611	$	342	$	3,819,041	$	657,631	$	3,838,652	$	657,973

Schedule of Held-to-Maturity Credit Quality Indicators

The following table summarizes the amortized cost of debt securities held-to-maturity as of March 31, 2024, aggregated by credit quality indicator:

(Dollars in thousands)	FNMA MBS		State and political subdivisions
A+ rated or higher	$	—	$	185,231
Not rated	864,584		—
Ending balance	$	864,584	$	185,231

The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2023, aggregated by credit quality indicator:

(Dollars in thousands)	FNMA MBS		State and political subdivisions
A+ rated or higher	$	—	$	185,912
Not rated	872,653		—
Ending balance	$	872,653	$	185,912

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LOANS AND LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Loan and Lease Portfolio by Category

The following table shows the Company's loan and lease portfolio by category:  

(Dollars in thousands)	March 31, 2024		December 31, 2023
Commercial and industrial	$	2,591,861	$	2,540,070
Owner-occupied commercial	1,882,876		1,886,087
Commercial mortgages	3,876,856		3,801,180
Construction	1,056,349		1,035,530
Commercial small business leases	633,803		623,622
Residential(1)	875,141		870,705
Consumer(2)	2,065,871		2,012,134
	12,982,757		12,769,328
Less:
Allowance for credit losses	192,629		186,126
Net loans and leases	$	12,790,128	$	12,583,202

(1) Includes reverse mortgages at fair value of $2.5 million at March 31, 2024 and $2.8 million at December 31, 2023.

(2) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Allowance for Loan Losses and Loan Balances

The following tables provide the activity of allowance for credit losses and loan balances for the three months ended March 31, 2024 and 2023. The increase was primarily due to the impacts of the economic uncertainty and forecast and net loan growth.

(Dollars in thousands)	Commercial and Industrial		Owner-occupied Commercial		Commercial Mortgages		Construction		Commercial Small Business Leases		Residential(1)		Consumer(2)		Total
Three months ended March 31, 2024
Allowance for credit losses
Beginning balance	$	49,394	$	10,719	$	36,055	$	10,762	$	15,170	$	5,483	$	58,543	$	186,126
Charge-offs	(476)		—		(25)		—		(4,852)		(50)		(6,456)		(11,859)
Recoveries	1,766		201		2		—		591		89		575		3,224
Provision	5,218		(351)		765		197		4,550		(115)		4,874		15,138
Ending balance	$	55,902	$	10,569	$	36,797	$	10,959	$	15,459	$	5,407	$	57,536	$	192,629
Period-end allowance allocated to:
Loans evaluated on an individual basis	$	6,814	$	—	$	—	$	—	$	—	$	—	$	—	$	6,814
Loans evaluated on a collective basis	49,088		10,569		36,797		10,959		15,459		5,407		57,536		185,815
Ending balance	$	55,902	$	10,569	$	36,797	$	10,959	$	15,459	$	5,407	$	57,536	$	192,629
Period-end loan balances:
Loans evaluated on an individual basis	$	27,229	$	5,866	$	21,536	$	3,962	$	—	$	8,311	$	2,664	$	69,568
Loans evaluated on a collective basis	2,564,632		1,877,010		3,855,320		1,052,387		633,803		864,354		2,063,207		12,910,713
Ending balance	$	2,591,861	$	1,882,876	$	3,876,856	$	1,056,349	$	633,803	$	872,665	$	2,065,871	$	12,980,281

(1)Period-end loan balance excludes reverse mortgages at fair value of $2.5 million.

(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

(Dollars in thousands)	Commercial and Industrial		Owner - occupied Commercial		Commercial Mortgages		Construction		Commercial Small Business Leases		Residential(1)		Consumer(2)		Total
Three months ended March 31, 2023
Allowance for credit losses
Beginning balance	$	49,526	$	6,019	$	21,473	$	6,987	$	9,868	$	4,668	$	53,320	$	151,861
Charge-offs	(6,563)		—		—		—		(2,899)		—		(4,204)		(13,666)
Recoveries	701		5		2		530		515		43		159		1,955
Provision	9,809		32		8,639		2,155		1,752		616		6,009		29,012
Ending balance	$	53,473	$	6,056	$	30,114	$	9,672	$	9,236	$	5,327	$	55,284	$	169,162
Period-end allowance allocated to:
Loans evaluated on an individual basis	$	4,562	$	91	$	—	$	—	$	—	$	—	$	—	$	4,653
Loans evaluated on a collective basis	48,911		5,965		30,114		9,672		9,236		5,327		55,284		164,509
Ending balance	$	53,473	$	6,056	$	30,114	$	9,672	$	9,236	$	5,327	$	55,284	$	169,162
Period-end loan balances:
Loans evaluated on an individual basis	$	22,443	$	1,907	$	7,343	$	760	$	—	$	6,522	$	1,916	$	40,891
Loans evaluated on a collective basis	2,546,299		1,844,754		3,465,740		1,022,951		576,584		779,538		1,866,511		12,102,377
Ending balance	$	2,568,742	$	1,846,661	$	3,473,083	$	1,023,711	$	576,584	$	786,060	$	1,868,427	$	12,143,268

(1)Period-end loan balance excludes reverse mortgages at fair value of $2.7 million.

(2)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

Schedule of Nonaccrual and Past Due Loans

The following tables show nonaccrual and past due loans presented at amortized cost at the date indicated:

	March 31, 2024
(Dollars in thousands)	30–89 Days Past Due and Still  Accruing			Greater  Than 90 Days Past Due and Still Accruing			Total Past Due And Still Accruing			Accruing Current Balances			Nonaccrual Loans With No Allowance			Nonaccrual Loans With An Allowance			Total Loans
Commercial and industrial	$	2,674		$	590		$	3,264		$	2,561,347		$	12,987		$	14,263		$	2,591,861
Owner-occupied commercial	3,582			599			4,181			1,873,369			5,326			—			1,882,876
Commercial mortgages	1,866			49			1,915			3,853,407			21,534			—			3,876,856
Construction	7,343			—			7,343			1,045,044			3,962			—			1,056,349
Commercial small business leases	9,809			3			9,812			623,991			—			—			633,803
Residential(1)	1,793			—			1,793			865,684			5,188			—			872,665
Consumer(2)	17,651			10,121			27,772			2,035,411			2,688			—			2,065,871
Total	$	44,718		$	11,362		$	56,080		$	12,858,253		$	51,685		$	14,263		$	12,980,281
% of Total Loans	0.34		%	0.09		%	0.43		%	99.06		%	0.40		%	0.11		%	100		%

(1)Residential accruing current balances excludes reverse mortgages at fair value of $2.5 million.

(2)Includes $16.1 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.

	December 31, 2023
(Dollars in thousands)	30–89 Days Past Due and Still  Accruing			Greater  Than 90 Days Past Due and Still Accruing			Total Past Due And Still Accruing			Accruing Current Balances			Nonaccrual Loans With No Allowance(1)			Nonaccrual Loans With An Allowance			Total Loans
Commercial and industrial	$	1,630		$	293		$	1,923		$	2,518,934		$	13,645		$	5,568		$	2,540,070
Owner-occupied commercial	1,786			487			2,273			1,878,952			4,862			—			1,886,087
Commercial mortgages	1,190			—			1,190			3,777,698			22,292			—			3,801,180
Construction	—			—			—			1,022,913			12,617			—			1,035,530
Commercial small business leases	6,697			772			7,469			616,153			—			—			623,622
Residential(2)	9,261			—			9,261			856,055			2,579			—			867,895
Consumer(3)	15,249			10,032			25,281			1,984,407			2,446			—			2,012,134
Total	$	35,813		$	11,584		$	47,397		$	12,655,112		$	58,441		$	5,568		$	12,766,518
% of Total Loans	0.28		%	0.09		%	0.37		%	99.13		%	0.46		%	0.04		%	100		%

(1)Excludes nonaccruing loans held-for-sale.

(2)Residential accruing current balances excludes reverse mortgages, at fair value of $2.8 million.

(3)Includes $14.5 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.

The following tables show the performance of loans that have been modified in the last 12 months as of March 31, 2024 and 2023:

	March 31, 2024
(Dollars in thousands)	30-89 Days Past Due and Still Accruing		90+ Days Past Due and Still Accruing		Accruing Current Balances		Nonaccrual Loans		Total
Commercial and industrial	$	—	$	—	$	58,771	$	24,133	$	82,904
Owner-occupied commercial	—		—		—		65		65
Commercial mortgages	—		—		9,345		—		9,345
Construction	—		—		17,331		—		17,331
Residential	—		—		44		167		211
Consumer(1)	1,096		258		7,646		387		9,387
Total	$	1,096	$	258	$	93,137	$	24,752	$	119,243

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

	March 31, 2023
	30-89 Days Past Due and Still Accruing		90+ Days Past Due and Still Accruing		Accruing Current Balances		Nonaccrual Loans		Total
Commercial and industrial	$	—	$	—	$	12,837	$	—	$	12,837
Owner-occupied commercial	—		—		148		—		148
Commercial mortgages	1,016		1,041		—		—		2,057
Consumer(1)	25		—		2,994		—		3,019
Total	$	1,041	$	1,041	$	15,979	$	—	$	18,061

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

Schedule Of Collateral Dependent Loans

The following table presents the amortized cost basis of nonaccruing collateral-dependent loans by class at March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(Dollars in thousands)	Property		Equipment and other		Property		Equipment and other
Commercial and industrial(1)	$	17,141	$	10,110	$	17,230	$	1,983
Owner-occupied commercial	5,326		—		4,862		—
Commercial mortgages	21,534		—		22,292		—
Construction	3,962		—		12,617		—
Residential(2)	5,188		—		2,579		—
Consumer(3)	2,687		—		2,446		—
Total	$	55,838	$	10,110	$	62,026	$	1,983

(1)Excludes nonaccruing loans held-for-sale in 2023.

(2)Excludes reverse mortgages at fair value.

(3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

Schedule of Credit Quality Indicators

The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of March 31, 2024.

	Term Loans Amortized Cost Basis by Origination Year(1)
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial:
Risk Rating
Pass	$	176,858	$	762,244	$	450,439	$	163,071	$	191,450	$	385,731	$	9,218	$	233,340	$	2,372,351
Special mention	1,662		4,485		8,443		3,228		218		2,526		—		1,589		22,151
Substandard or Lower	43,408		52,654		41,001		6,973		5,473		33,163		—		14,687		197,359
	$	221,928	$	819,383	$	499,883	$	173,272	$	197,141	$	421,420	$	9,218	$	249,616	$	2,591,861
Current-period gross writeoffs	$	—	$	—	$	109	$	143	$	156	$	68	$	—	$	—	$	476
Owner-occupied commercial:
Risk Rating
Pass	$	59,845	$	340,919	$	242,775	$	239,418	$	206,450	$	473,877	$	—	$	188,984	$	1,752,268
Special mention	—		3,123		3,037		5,369		1,088		22,524		—		1,571		36,712
Substandard or Lower	—		1,196		17,957		11,550		5,430		45,662		—		12,101		93,896
	$	59,845	$	345,238	$	263,769	$	256,337	$	212,968	$	542,063	$	—	$	202,656	$	1,882,876
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial mortgages:
Risk Rating
Pass	$	126,380	$	806,552	$	461,038	$	488,314	$	431,554	$	1,051,552	$	—	$	395,234	$	3,760,624
Special mention	5,324		22,437		576		1,107		1,810		5,117		—		—		36,371
Substandard or Lower	—		10,159		1,153		1,009		21,285		30,794		—		15,461		79,861
	$	131,704	$	839,148	$	462,767	$	490,430	$	454,649	$	1,087,463	$	—	$	410,695	$	3,876,856
Current-period gross writeoffs	$	—	$	25	$	—	$	—	$	—	$	—	$	—	$	—	$	25
Construction:
Risk Rating
Pass	$	81,959	$	357,747	$	344,241	$	75,655	$	2,704	$	2,088	$	—	$	110,361	$	974,755
Special mention	7,148		35,402		5,257		—		—		—		—		—		47,807
Substandard or Lower	—		15,430		14,395		3,258		—		152		—		552		33,787
	$	89,107	$	408,579	$	363,893	$	78,913	$	2,704	$	2,240	$	—	$	110,913	$	1,056,349
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial small business leases:
Risk Rating
Performing	$	68,659	$	244,037	$	174,415	$	91,029	$	33,350	$	22,313	$	—	$	—	$	633,803
Nonperforming	—		—		—		—		—		—		—		—		—
	$	68,659	$	244,037	$	174,415	$	91,029	$	33,350	$	22,313	$	—	$	—	$	633,803
Current-period gross writeoffs	$	—	$	1,347	$	1,656	$	1,253	$	429	$	167	$	—	$	—	$	4,852
Residential(2):
Risk Rating
Performing	$	23,516	$	188,880	$	67,040	$	96,732	$	56,831	$	431,193	$	—	$	—	$	864,192
Nonperforming	—		—		167		3,538		483		4,285		—		—		8,473
	$	23,516	$	188,880	$	67,207	$	100,270	$	57,314	$	435,478	$	—	$	—	$	872,665
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	—	$	50	$	—	$	—	$	50
Consumer(3):
Risk Rating
Performing	$	54,669	$	423,471	$	538,009	$	144,717	$	99,941	$	296,127	$	500,904	$	5,329	$	2,063,167
Nonperforming	—		—		—		135		352		—		1,717		500		2,704
	$	54,669	$	423,471	$	538,009	$	144,852	$	100,293	$	296,127	$	502,621	$	5,829	$	2,065,871
Current-period gross writeoffs	$	286	$	677	$	4,239	$	774	$	380	$	100	$	—	$	—	$	6,456

(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.

(2)Excludes reverse mortgages at fair value.

(3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of December 31, 2023.

	Term Loans Amortized Cost Basis by Origination Year(1)
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial:
Risk Rating
Pass	$	716,848	$	490,934	$	180,343	$	211,151	$	90,522	$	383,609	$	8,785	$	237,786	$	2,319,978
Special mention	7,209		11,860		2,804		463		735		743		—		1,649		25,463
Substandard or Lower	72,993		54,024		5,951		10,224		22,046		17,906		—		11,485		194,629
	$	797,050	$	556,818	$	189,098	$	221,838	$	113,303	$	402,258	$	8,785	$	250,920	$	2,540,070
Current-period gross writeoffs	$	—	$	568	$	5,214	$	1,747	$	7,567	$	11,557	$	—	$	—	$	26,653
Owner-occupied commercial:
Risk Rating
Pass	$	346,908	$	264,895	$	251,262	$	212,365	$	194,153	$	313,801	$	—	$	178,150	$	1,761,534
Special mention	2,885		3,115		5,419		1,105		11,002		5,559		—		1,393		30,478
Substandard or Lower	996		18,865		11,109		6,787		8,019		35,330		—		12,969		94,075
	$	350,789	$	286,875	$	267,790	$	220,257	$	213,174	$	354,690	$	—	$	192,512	$	1,886,087
Current-period gross writeoffs	$	—	$	—	$	—	$	—	$	184	$	—	$	—	$	—	$	184
Commercial mortgages:
Risk Rating
Pass	$	847,137	$	464,895	$	526,280	$	465,354	$	486,855	$	619,448	$	—	$	290,083	$	3,700,052
Special mention	20,632		—		67		1,837		10,666		—		—		—		33,202
Substandard or Lower	9,862		1,153		1,047		13,837		14,352		12,212		—		15,463		67,926
	$	877,631	$	466,048	$	527,394	$	481,028	$	511,873	$	631,660	$	—	$	305,546	$	3,801,180
Current-period gross writeoffs	$	—	$	83	$	—	$	217	$	—	$	—	$	—	$	—	$	300
Construction:
Risk Rating
Pass	$	429,055	$	319,958	$	111,333	$	3,030	$	388	$	7,016	$	—	$	87,741	$	958,521
Special mention	28,718		19,769		8,227		—		—		—		—		—		56,714
Substandard or Lower	5,698		—		3,308		8,598		2,134		—		—		557		20,295
	$	463,471	$	339,727	$	122,868	$	11,628	$	2,522	$	7,016	$	—	$	88,298	$	1,035,530
Current-period gross writeoffs	$	—	$	—	$	794	$	—	$	—	$	—	$	—	$	—	$	794
Commercial small business leases:
Risk Rating
Performing	$	260,348	$	191,746	$	103,428	$	40,697	$	15,411	$	11,992	$	—	$	—	$	623,622
Nonperforming	—		—		—		—		—		—		—		—		—
	$	260,348	$	191,746	$	103,428	$	40,697	$	15,411	$	11,992	$	—	$	—	$	623,622
Current-period gross writeoffs	$	1,528	$	7,250	$	4,447	$	1,454	$	735	$	227	$	—	$	—	$	15,641
Residential(2):
Risk Rating
Performing	$	188,644	$	67,358	$	102,982	$	57,273	$	33,499	$	412,099	$	—	$	—	$	861,855
Nonperforming	—		170		713		486		1,251		3,420		—		—		6,040
	$	188,644	$	67,528	$	103,695	$	57,759	$	34,750	$	415,519	$	—	$	—	$	867,895
Current-period gross writeoffs	$	33	$	—	$	—	$	—	$	—	$	8	$	—	$	—	$	41
Consumer(3):
Risk Rating
Performing	$	391,580	$	568,919	$	153,930	$	104,248	$	44,996	$	245,849	$	494,663	$	5,662	$	2,009,847
Nonperforming	—		—		135		352		176		30		1,362		232		2,287
	$	391,580	$	568,919	$	154,065	$	104,600	$	45,172	$	245,879	$	496,025	$	5,894	$	2,012,134
Current-period gross writeoffs	$	1,790	$	15,227	$	4,411	$	313	$	198	$	455	$	—	$	—	$	22,394

(1)Origination date represents the most recent underwriting of the loan which includes new relationships, renewals and extensions.

(2)Excludes reverse mortgages at fair value.

(3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated

The following tables show the period-end amortized cost basis of troubled loans modified during the three months ended March 31, 2024 and 2023, disaggregated by portfolio segment and type of modification granted:

	Three Months Ended March 31, 2024
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Combination- Term Extension and Interest Rate Reduction		Combination - Payment Delay and Interest Rate Reduction		Total		% of Total Loan Category
Commercial and industrial	$	31,865	$	349	$	820	$	—	$	—	$	33,034	1.27	%
Construction	1,910		—		—		—		—		1,910		0.18	%
Consumer(1)	325		702		1,932		—		—		2,959		0.14	%
Total	$	34,100	$	1,051	$	2,752	$	—	$	—	$	37,903	0.29	%

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

	Three months ended March 31, 2023
(Dollars in thousands)	Term Extension		More-Than-Insignificant Payment Delay		Combination- Term Extension and Payment Delay		Combination- Term Extension and Interest Rate Reduction		Combination - Payment Delay and Interest Rate Reduction		Total		% of Total Loan Category
Commercial and industrial	$	12,837	$	—	$	—	$	—	$	—	$	12,837	0.41	%
Owner-occupied commercial	—		—		—		148		—		148		0.01	%
Commercial mortgages	2,057		—		—		—		—		2,057		0.06	%
Consumer(1)	803		162		1,777		158		119		3,019		0.16	%
Total	$	15,697	$	162	$	1,777	$	306	$	119	$	18,061	0.15	%

(1)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.

The following table describes the financial effect of the modifications made to troubled loans during the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024
	Term Extension(1)	Interest Rate Reduction(2)	More-Than-Insignificant Payment Delay(3)
Commercial and industrial	1.24	—%	0.01%
Construction	1.00	—	—
Consumer	0.47	—	0.02
	Three Months Ended March 31, 2023
	Term Extension(1)	Interest Rate Reduction(2)	More-Than-Insignificant Payment Delay(3)
Commercial and industrial	0.91	—%	—%
Owner-occupied commercial	0.96	2.56	—
Commercial mortgages	0.48	—	—
Consumer	6.71	2.07	0.02

(1)Represents the weighted-average increase in the life of modified loans measured in years, which reduces monthly payment amounts for borrowers.

(2)Represents the weighted-average decrease in the contractual interest rate on the modified loans.

(3)Represents the percentage of loans deferred over the total loan portfolio excluding reverse mortgages at fair value.

The following table shows the amortized cost of loans that received a term extension modification that had a payment default during the three months ended March 31, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty. There were no loans that had a payment default during the three months ended March 31, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

	Three Months Ended March 31, 2024
	Term Extension		More-Than-Insignificant Payment Delay		Total
Commercial and industrial	$	8,694	$	199	$	8,893
Total	$	8,694	$	199	$	8,893

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LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease Cost

The components of operating lease cost were as follows:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Operating lease cost (1)	$	3,972	$	4,793
Sublease income	(32)		(49)
Net lease cost	$	3,940	$	4,744

(1)Includes variable lease cost and short-term lease cost.

Schedule of Balance Sheet Information

Supplemental information related to operating leases was as follows:

(Dollars in thousands)	March 31, 2024			December 31, 2023
Right-of-use assets	$	129,996		$	130,601
Lease liabilities	$	151,255		$	151,596
Lease term and discount rate
Weighted average remaining lease term (in years)	12.86			13.01
Weighted average discount rate	5.2		%	5.2		%

Schedule of Lease Maturities

Maturities of operating lease liabilities were as follows:

(Dollars in thousands)	March 31, 2024
Remaining in 2024	$	13,564
2025	17,747
2026	16,912
2027	15,536
2028	15,538
After 2028	130,975
Total lease payments	210,272
Less: Interest	(59,017)
Present value of lease liabilities	$	151,255

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information related to operating leases was as follows:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,721	$	5,060

Schedule of Direct Financing Leases

The components of direct finance lease income are summarized in the table below:

	Three months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Direct financing leases:
Interest income on lease receivable	$	14,800	$	12,382
Interest income on deferred fees and costs, net	(1,792)		(1,386)
Total direct financing lease net interest income	$	13,008	$	10,996

Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:

(Dollars in thousands)	March 31, 2024		December 31, 2023
Lease receivables	$	733,630	$	721,338
Unearned income	(118,177)		(114,341)
Deferred fees and costs	18,350		16,625
Net investment in direct financing leases	$	633,803	$	623,622

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GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

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		Wealth Management		Consolidated Company
December 31, 2023	$	753,586	$	132,312	$	885,898
Goodwill adjustments	—		—		—
March 31, 2024	$	753,586	$	132,312	$	885,898

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, 2024
Core deposits	$	104,751	$	(53,327)	$	51,424	10 years
Customer relationships	73,880		(19,512)		54,368		7-15 years
Loan servicing rights(1)	12,734		(6,980)		5,754		10-25 years
Tradename	2,900		—		2,900		indefinite
Total intangible assets	$	194,265	$	(79,819)	$	114,446
December 31, 2023
Core deposits	$	104,751	$	(50,754)	$	53,997	10 years
Customer relationships	73,880		(18,153)		55,727		7-15 years
Loan servicing rights(2)	12,613		(6,575)		6,038		10-25 years
Tradename	2,900		—		2,900		indefinite
Total intangible assets	$	194,144	$	(75,482)	$	118,662

(1)Includes impairment losses of $0.1 million for the three months ended March 31, 2024.

(2)Includes impairment losses of less than $0.1 million for the year ended December 31, 2023.

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, 2024
Core deposits	$	104,751	$	(53,327)	$	51,424	10 years
Customer relationships	73,880		(19,512)		54,368		7-15 years
Loan servicing rights(1)	12,734		(6,980)		5,754		10-25 years
Tradename	2,900		—		2,900		indefinite
Total intangible assets	$	194,265	$	(79,819)	$	114,446
December 31, 2023
Core deposits	$	104,751	$	(50,754)	$	53,997	10 years
Customer relationships	73,880		(18,153)		55,727		7-15 years
Loan servicing rights(2)	12,613		(6,575)		6,038		10-25 years
Tradename	2,900		—		2,900		indefinite
Total intangible assets	$	194,144	$	(75,482)	$	118,662

(1)Includes impairment losses of $0.1 million for the three months ended March 31, 2024.

(2)Includes impairment losses of less than $0.1 million for the year ended December 31, 2023.

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, 2024
Remaining in 2024	$	12,678
2025	16,576
2026	15,869
2027	15,404
2028	14,580
Thereafter	36,439
Total	$	111,546

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DEPOSITS (Tables)

3 Months Ended

Mar. 31, 2024

Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract]

Schedule of Deposits By Category

The following table shows deposits by category:

(Dollars in thousands)			March 31, 2024		December 31, 2023
Noninterest-bearing:
	Noninterest demand		$	4,652,875	$	4,917,297
		Total noninterest-bearing	$	4,652,875	$	4,917,297
Interest-bearing:
	Interest-bearing demand		$	2,856,366	$	2,935,530
	Savings		1,577,264		1,610,143
	Money market		5,205,835		5,175,123
	Customer time deposits		1,894,864		1,784,317
	Brokered deposits		—		51,676
		Total interest-bearing	11,534,329		11,556,789
		Total deposits	$	16,187,204	$	16,474,086

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FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Carried at Fair Value

The following tables present financial instruments carried at fair value as of March 31, 2024 and December 31, 2023 by level in the valuation hierarchy (as described above):

	March 31, 2024
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	451,891	$	—	$	451,891
FNMA MBS	—		2,947,349		—		2,947,349
FHLMC MBS	—		111,751		—		111,751
GNMA MBS	—		43,940		—		43,940
GSE agency notes	—		179,298		—		179,298
Other assets	—		168,510		44		168,554
Total assets measured at fair value on a recurring basis	$	—	$	3,902,739	$	44	$	3,902,783
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	156,243	$	13,426	$	169,669
Assets measured at fair value on a nonrecurring basis:
Other investments	$	—	$	—	$	14,714	$	14,714
Other real estate owned	—		—		1,210		1,210
Loans held for sale	—		26,858		—		26,858
Total assets measured at fair value on a nonrecurring basis	$	—	$	26,858	$	15,924	$	42,782

	December 31, 2023
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	464,619	$	—	$	464,619
FNMA MBS	—		3,042,350		—		3,042,350
FHLMC MBS	—		115,532		—		115,532
GNMA MBS	—		43,340		—		43,340
GSE agency notes	—		180,696		—		180,696
Other assets	—		153,569		78		153,647
Total assets measured at fair value on a recurring basis	$	—	$	4,000,106	$	78	$	4,000,184
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	137,616	$	14,026	$	151,642
Assets measured at fair value on a nonrecurring basis
Other investments	$	—	$	—	$	15,206	$	15,206
Other real estate owned	—		—		1,569		1,569
Loans held for sale	—		29,268		—		29,268
Total assets measured at fair value on a nonrecurring basis	$	—	$	29,268	$	16,775	$	46,043

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables provide a description of the valuation techniques and significant unobservable inputs for the Company's financial instruments classified as Level 3 as of March 31, 2024 and December 31, 2023:

(Dollars in thousands)	March 31, 2024
Financial Instrument	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Other investments	$	14,714	Observed market comparable transactions	Period of observed transactions	December 2023
Other real estate owned	1,210		Fair market value of collateral	Costs to sell	20.0%
Other assets (Risk participation agreements purchased)	44		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 110 - 360 bps (189 bps) LGD: –% - 30% (30%)
Other liabilities (Risk participation agreements sold)	2		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 1 - 250 bps (81 bps) LGD: –% - 30% (30%)
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)	13,424		Discounted cash flow	Timing of Visa litigation resolution	1.00 - 4.50 years (2.93 years or 4Q 2025)

(Dollars in thousands)	December 31, 2023
Financial Instrument	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Other investments	$	15,206	Observed market comparable transactions	Period of observed transactions	December 2023
Other real estate owned	1,569		Fair market value of collateral	Costs to sell	10.0% - 20.0% (18.1%)
Other assets (Risk participation agreements purchased)	78		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 110 - 360 bps (195 bps) LGD: –% - 30% (30%)
Other liabilities (Risk participation agreements sold)	3		Credit Value Adjustment	CDS Spread and Loss Given Default (LGD)	CDS spread: 1 - 250 bps (95 bps) LGD: 30%
Other liabilities (Financial derivative related to sales of certain Visa Class B shares)	14,023		Discounted cash flow	Timing of Visa litigation resolution	1.00 - 4.75 years (3.06 years or 4Q 2025)

Schedule of Book Value and Estimated Fair Value of Financial Instruments

The book value and estimated fair value of the Company's financial instruments are as follows:

 

		March 31, 2024				December 31, 2023
(Dollars in thousands)	Fair Value Measurement	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash, cash equivalents, and restricted cash	Level 1	$	977,071	$	977,071	$	1,092,900	$	1,092,900
Investment securities available-for-sale	Level 2	3,734,229		3,734,229		3,846,537		3,846,537
Investment securities held-to-maturity, net	Level 2	1,049,807		949,727		1,058,557		985,931
Other investments	Level 3	17,051		17,051		17,434		17,434
Loans, held for sale	Level 2	26,858		26,858		29,268		29,268
Loans and leases, net(1)	Level 3	12,790,128		12,829,259		12,583,202		12,514,431
Stock in FHLB of Pittsburgh	Level 2	15,526		15,526		15,398		15,398
Accrued interest receivable	Level 2	88,310		88,310		85,979		85,979
Other assets	Levels 2, 3	168,554		168,554		153,647		153,647
Financial liabilities:
Deposits	Level 2	$	16,187,204	$	16,160,641	$	16,474,086	$	16,449,198
Borrowed funds	Level 2	1,124,958		1,134,269		895,076		912,760
Standby letters of credit	Level 3	754		754		814		814
Accrued interest payable	Level 2	37,911		37,911		46,684		46,684
Other liabilities	Levels 2, 3	169,669		169,669		151,642		151,642

 (1) Includes reverse mortgage loans.

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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Instruments

The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of March 31, 2024.

	Fair Values of Derivative Instruments
(Dollars in thousands)		Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate products		13	$	1,000,000	Other assets	$	11,312
Total			$	1,000,000		$	11,312
Derivatives not designated as hedging instruments:
Interest rate products			$	2,547,154	Other assets	$	155,994
Interest rate products			2,547,154		Other liabilities	(155,994)
Interest rate lock commitments with customers			54,818		Other assets	947
Interest rate lock commitments with customers			150		Other liabilities	—
Forward sale commitments			7,442		Other assets	23
Forward sale commitments			43,880		Other liabilities	(166)
FX forwards			34,021		Other assets	234
FX forwards			17,033		Other liabilities	(83)
Risk participation agreements sold			103,028		Other liabilities	(2)
Risk participation agreements purchased			115,091		Other assets	44
Financial derivatives related to sales of certain Visa Class B shares			113,177		Other liabilities	(13,424)
Total derivatives			$	6,582,948		$	(1,115)

The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of December 31, 2023.

	Fair Values of Derivative Instruments
(Dollars in thousands)		Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate products		9	$	750,000	Other assets	$	15,578
Total			$	750,000		$	15,578
Derivatives not designated as hedging instruments:
Interest rate products			$	2,428,306	Other assets	$	136,924
Interest rate products			2,383,443		Other liabilities	(136,924)
Interest rate lock commitments with customers			34,651		Other assets	637
Forward sale commitments			1,000		Other assets	1
Forward sale commitments			37,348		Other liabilities	(283)
FX forwards			15,812		Other assets	429
FX forwards			13,064		Other liabilities	(409)
Risk participation agreements sold			103,648		Other liabilities	(3)
Risk participation agreements purchased			116,804		Other assets	78
Financial derivatives related to sales of certain Visa Class B shares			113,177		Other liabilities	(14,023)
Total derivatives			$	5,997,253		$	2,005

Schedule of Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the three months ended March 31, 2024 and March 31, 2023.

	Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)				Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion)
(Dollars in thousands)	Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships	2024		2023
Interest rate products	$	(6,433)	$	332	Interest income
Total	$	(6,433)	$	332
	Amount of Gain (Loss) Recognized in Income				Location of Gain (Loss) Recognized in Income
(Dollars in thousands)	Three Months Ended March 31,
Derivatives not designated as hedging instruments	2024		2023
Interest rate products	$	2,435	$	2,440	Other income
Interest rate lock commitments with customers	252		421		Mortgage banking activities, net
Forward sale commitments	114		(148)		Mortgage banking activities, net
FX forwards	159		16		Other income
Risk participation agreements	(34)		3		Other income
Total	$	2,926	$	2,732

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SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables show segment results for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
(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	$	256,133	$	—	$	5,489	$	261,622	$	221,285	$	—	$	5,098	$	226,383
Noninterest income	16,220		26,350		33,287		75,857		14,150		18,179		30,798		63,127
Total external customer revenues	272,353		26,350		38,776		337,479		235,435		18,179		35,896		289,510
Inter-segment revenues:
Interest income	6,566		440		28,871		35,877		6,099		395		20,727		27,221
Noninterest income	7,273		435		207		7,915		6,900		461		105		7,466
Total inter-segment revenues	13,839		875		29,078		43,792		12,999		856		20,832		34,687
Total revenue	286,192		27,225		67,854		381,271		248,434		19,035		56,728		324,197
External customer expenses:
Interest expense	75,079		—		11,265		86,344		38,487		—		5,364		43,851
Noninterest expenses	106,632		21,935		20,505		149,072		100,949		13,500		18,596		133,045
Provision for credit losses	14,820		—		318		15,138		27,717		—		1,294		29,011
Total external customer expenses	196,531		21,935		32,088		250,554		167,153		13,500		25,254		205,907
Inter-segment expenses:
Interest expense	29,311		3,129		3,437		35,877		21,122		3,559		2,540		27,221
Noninterest expenses	642		1,409		5,864		7,915		566		1,346		5,554		7,466
Total inter-segment expenses	29,953		4,538		9,301		43,792		21,688		4,905		8,094		34,687
Total expenses	226,484		26,473		41,389		294,346		188,841		18,405		33,348		240,594
Income before taxes	$	59,708	$	752	$	26,465	$	86,925	$	59,593	$	630	$	23,380	$	83,603
Income tax provision							21,202								20,941
Consolidated net income							65,723								62,662
Net (loss) income attributable to noncontrolling interest							(38)								258
Net income attributable to WSFS							$	65,761							$	62,404
Supplemental Information
Capital expenditures for the period ended	$	4,220	$	—	$	13	$	4,233	$	856	$	—	$	—	$	856

The following table shows significant components of segment net assets as of March 31, 2024 and December 31, 2023:

	March 31, 2024								December 31, 2023
(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	$	750,657	$	173,291	$	53,123	$	977,071	$	600,483	$	443,431	$	48,986	$	1,092,900
Goodwill	753,586		—		132,312		885,898		753,586		—		132,312		885,898
Other segment assets	18,278,973		15,798		421,508		18,716,279		18,191,585		15,654		408,635		18,615,874
Total segment assets	$	19,783,216	$	189,089	$	606,943	$	20,579,248	$	19,545,654	$	459,085	$	589,933	$	20,594,672

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CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

Changes to accumulated other comprehensive loss by component are shown, net of taxes, in the following tables for the period indicated:

(Dollars in thousands)	Net change in investment securities available-for-sale		Net change in investment securities held-to-maturity		Net change in defined benefit plan		Net change in fair value of derivatives used for cash flow hedges		Net change in equity method investments		Total
Balance, December 31, 2023	$	(499,932)	$	(91,523)	$	(4,614)	$	1,597	$	481	$	(593,991)
Other comprehensive (loss) income	(40,007)		—		(75)		(6,433)		(21)		(46,536)
Less: Amounts reclassified from accumulated other comprehensive loss	—		3,669		(49)		—		—		3,620
Net current-period other comprehensive (loss) income	(40,007)		3,669		(124)		(6,433)		(21)		(42,916)
Balance, March 31, 2024	$	(539,939)	$	(87,854)	$	(4,738)	$	(4,836)	$	460	$	(636,907)
Balance, December 31, 2022	$	(563,533)	$	(108,503)	$	(4,482)	$	108	$	566	$	(675,844)
Other comprehensive income (loss)	53,010		(1)		12		332		(3)		53,350
Less: Amounts reclassified from accumulated other comprehensive loss	—		4,166		(47)		(40)		—		4,079
Net current-period other comprehensive income (loss)	53,010		4,165		(35)		292		(3)		57,429
Balance, March 31, 2023	$	(510,523)	$	(104,338)	$	(4,517)	$	400	$	563	$	(618,415)

Schedule of Components of Other Comprehensive Loss

The unaudited Consolidated Statements of Income were impacted by components of other comprehensive loss as shown in the tables below:

	Three Months Ended March 31,				Affected line item in unaudited Consolidated Statements of Income
(Dollars in thousands)	2024		2023
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:
Amortization of net unrealized losses to income during the period	4,827		5,481		Net interest income
Income taxes	(1,158)		(1,315)		Income tax provision
Net of tax	3,669		4,166
Amortization of defined benefit pension plan-related items:
Prior service credits	(19)		(19)
Actuarial gains	(45)		(43)
Total before tax	(64)		(62)		Salaries, benefits and other compensation
Income taxes	15		15		Income tax provision
Net of tax	(49)		(47)
Net unrealized gains on terminated cash flow hedges:
Amortization of net unrealized gains to income during the period	—		(52)		Interest and fees on loans and leases
Income taxes	—		12		Income tax provision
Net of tax	—		(40)
Total reclassifications	$	3,620	$	4,079

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BASIS OF PRESENTATION (Details)	Mar. 31, 2024 subsidiary office
Basis Of Presentation [Line Items]
Number of unconsolidated subsidiary | subsidiary	3
Number of majority-owned subsidiary | subsidiary	1
Number of banking offices	114
Pennsylvania
Basis Of Presentation [Line Items]
Number of banking offices	57
Delaware
Basis Of Presentation [Line Items]
Number of banking offices	40
New Jersey
Basis Of Presentation [Line Items]
Number of banking offices	14
Nevada
Basis Of Presentation [Line Items]
Number of banking offices	1
FLORIDA
Basis Of Presentation [Line Items]
Number of banking offices	1
Virginia
Basis Of Presentation [Line Items]
Number of banking offices	1
WSFS Financial Corporation
Basis Of Presentation [Line Items]
Number of wholly-owned subsidiaries | subsidiary	2

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NONINTEREST INCOME - Schedule of Credit/Debit Card and ATM Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total credit/debit card and ATM income
Revenue from External Customer [Line Items]
Noninterest income	$ 19,669	$ 13,361
Bailment fees
Revenue from External Customer [Line Items]
Noninterest income	14,964	8,684
Interchange fees
Revenue from External Customer [Line Items]
Noninterest income	3,753	3,886
Other card and ATM fees
Revenue from External Customer [Line Items]
Noninterest income	$ 952	$ 791

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NONINTEREST INCOME - Schedule of Investment Management and Fiduciary Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment management and fiduciary income
Revenue from External Customer [Line Items]
Noninterest income	$ 32,928	$ 30,476
Trust fees
Revenue from External Customer [Line Items]
Noninterest income	21,861	20,516
Wealth management and advisory fees
Revenue from External Customer [Line Items]
Noninterest income	$ 11,067	$ 9,960

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NONINTEREST INCOME - Schedule of Deposit Service Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deposit service charges
Revenue from External Customer [Line Items]
Deposit service charges	$ 6,487	$ 6,039
Service fees
Revenue from External Customer [Line Items]
Deposit service charges	4,362	4,136
Return and overdraft fees
Revenue from External Customer [Line Items]
Deposit service charges	1,800	1,647
Other deposit service fees
Revenue from External Customer [Line Items]
Deposit service charges	$ 325	$ 256

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NONINTEREST INCOME - Schedule of Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total other income
Revenue from External Customer [Line Items]
Noninterest income	$ 12,403	$ 9,251
Managed service fees
Revenue from External Customer [Line Items]
Noninterest income	5,586	4,799
Currency preparation
Revenue from External Customer [Line Items]
Noninterest income	1,675	1,282
ATM loss protection
Revenue from External Customer [Line Items]
Noninterest income	859	648
Capital markets revenue
Revenue from External Customer [Line Items]
Noninterest income	3,001	2,879
Miscellaneous products and services
Revenue from External Customer [Line Items]
Noninterest income	$ 1,282	$ (357)

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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income attributable to WSFS	$ 65,761	$ 62,404
Net income attributable to WSFS	$ 65,761	$ 62,404
Denominator:
Weighted average basic shares (in shares)	60,352,200	61,510,714
Dilutive potential common shares (in shares)	170,000	168,000
Weighted average fully diluted shares (in shares)	60,521,951	61,678,871
Earnings per share:
Basic (in dollars per share)	$ 1.09	$ 1.01
Diluted (in dollars per share)	$ 1.09	$ 1.01
Outstanding common stock equivalents having no dilutive effect (in shares)	0	6,000

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INVESTMENT SECURITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) security	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Trading securities	$ 0
Number of available for sale investment securities | security	973
Number of available-for-sale securities unrealized loss position | security	965
Weighted average duration of MBS portfolio	5 years 9 months 18 days
Securities pledged as collateral	$ 3,000,000,000		$ 3,300,000,000
Sale of investment securities available-for-sale	0	$ 0
Unamortized premiums	54,700,000		56,900,000
Unaccreted discounts	20,300,000		20,900,000
Allowance for credit losses	0		0
Held-to-maturity debt securities with an amortized cost basis	1,000,000,000		1,000,000,000
Accrued interest	3,200,000		3,700,000
Debt securities nonaccrual	0		0
Past due held-to-maturity debt securities	1,049,815,000		1,058,565,000
Fair value	17,100,000		17,400,000
Gain (loss) on sale of equity investments	0
Other Income
Schedule of Investments [Line Items]
Gain (loss) on sale of equity investments		$ (1,300,000)
Past Due
Schedule of Investments [Line Items]
Past due held-to-maturity debt securities	0		0
Fannie Mae (FNMA) mortgage-backed securities (MBS)
Schedule of Investments [Line Items]
Allowance for credit losses	0		0
Past due held-to-maturity debt securities	$ 864,584,000		$ 872,653,000

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INVESTMENT SECURITIES - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Available-for-Sale Debt Securities
Amortized Cost	$ 4,444,676,000	$ 4,504,342,000
Gross Unrealized Gain	119,000	168,000
Gross Unrealized Loss	710,566,000	657,973,000
Allowance for Credit Losses	0	0
Fair Value	3,734,229,000	3,846,537,000
Held-to-Maturity Debt Securities
Amortized Cost	1,049,815,000	1,058,565,000
Gross Unrealized Gain	1,368,000	2,665,000
Gross Unrealized Loss	101,448,000	75,291,000
Allowance for Credit Losses	8,000	8,000
Fair Value	949,727,000	985,931,000
Available for sale securities transfers to held to maturity unrealized losses	115,600,000
Collateralized mortgage obligation (CMO)
Available-for-Sale Debt Securities
Amortized Cost	551,883,000	560,952,000
Gross Unrealized Gain	0	0
Gross Unrealized Loss	99,992,000	96,333,000
Allowance for Credit Losses	0	0
Fair Value	451,891,000	464,619,000
Fannie Mae (FNMA) mortgage-backed securities (MBS)
Available-for-Sale Debt Securities
Amortized Cost	3,495,526,000	3,544,762,000
Gross Unrealized Gain	118,000	162,000
Gross Unrealized Loss	548,295,000	502,574,000
Allowance for Credit Losses	0	0
Fair Value	2,947,349,000	3,042,350,000
Held-to-Maturity Debt Securities
Amortized Cost	864,584,000	872,653,000
Gross Unrealized Gain	0	0
Gross Unrealized Loss	99,912,000	74,332,000
Allowance for Credit Losses	0	0
Fair Value	764,672,000	798,321,000
Freddie Mac (FHLMC) MBS
Available-for-Sale Debt Securities
Amortized Cost	124,992,000	126,856,000
Gross Unrealized Gain	0	0
Gross Unrealized Loss	13,241,000	11,324,000
Allowance for Credit Losses	0	0
Fair Value	111,751,000	115,532,000
Ginnie Mae (GNMA) MBS
Available-for-Sale Debt Securities
Amortized Cost	47,478,000	46,333,000
Gross Unrealized Gain	1,000	6,000
Gross Unrealized Loss	3,539,000	2,999,000
Allowance for Credit Losses	0	0
Fair Value	43,940,000	43,340,000
Government-sponsored enterprises (GSE) agency notes
Available-for-Sale Debt Securities
Amortized Cost	224,797,000	225,439,000
Gross Unrealized Gain	0	0
Gross Unrealized Loss	45,499,000	44,743,000
Allowance for Credit Losses	0	0
Fair Value	179,298,000	180,696,000
State and political subdivisions
Held-to-Maturity Debt Securities
Amortized Cost	185,231,000	185,912,000
Gross Unrealized Gain	1,368,000	2,665,000
Gross Unrealized Loss	1,536,000	959,000
Allowance for Credit Losses	8,000	8,000	$ 9,000	$ 10,000
Fair Value	$ 185,055,000	187,610,000
Available for sale securities transfers to held to maturity unrealized losses		$ 120,400,000

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INVESTMENT SECURITIES - Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available for Sale, Amortized Cost
Within one year	$ 2,480	$ 0
After one year but within five years	97,525	86,224
After five years but within ten years	549,047	569,956
After ten years	3,795,624	3,848,162
Amortized Cost	4,444,676	4,504,342
Available for Sale, Fair Value
Within one year	2,415	0
After one year but within five years	92,024	82,387
After five years but within ten years	462,583	485,593
After ten years	3,177,207	3,278,557
Available-for-sale, fair value total	3,734,229	3,846,537
Held to Maturity, Amortized Cost
Within one year	0	0
After one year but within five years	11,930	10,932
After five years but within ten years	47,195	46,489
After ten years	990,690	1,001,144
Investment securities held-to-maturity, net	1,049,815	1,058,565
Held to Maturity, Fair Value
Within one year	0	0
After one year but within five years	11,741	10,856
After five years but within ten years	46,747	46,246
After ten years	891,239	928,829
Held-to-maturity, fair value total	$ 949,727	$ 985,931

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INVESTMENT SECURITIES - Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale debt securities:
Available-for-sale debt securities, Less than 12 months, Fair value	$ 26,529	$ 19,611
Available-for-sale debt securities, Less than 12 months, Unrealized loss	502	342
Available-for-sale debt securities, 12 months or longer, Fair value	3,694,657	3,819,041
Available-for-sale debt securities, 12 months or longer, Unrealized loss	710,064	657,631
Available-for-sale debt securities, Total, Fair value	3,721,186	3,838,652
Available-for-sale debt securities, Total, Unrealized loss	710,566	657,973
CMO
Available-for-sale debt securities:
Available-for-sale debt securities, Less than 12 months, Fair value	0	0
Available-for-sale debt securities, Less than 12 months, Unrealized loss	0	0
Available-for-sale debt securities, 12 months or longer, Fair value	451,891	464,619
Available-for-sale debt securities, 12 months or longer, Unrealized loss	99,992	96,333
Available-for-sale debt securities, Total, Fair value	451,891	464,619
Available-for-sale debt securities, Total, Unrealized loss	99,992	96,333
FNMA MBS
Available-for-sale debt securities:
Available-for-sale debt securities, Less than 12 months, Fair value	18,744	9,068
Available-for-sale debt securities, Less than 12 months, Unrealized loss	275	125
Available-for-sale debt securities, 12 months or longer, Fair value	2,916,614	3,026,520
Available-for-sale debt securities, 12 months or longer, Unrealized loss	548,020	502,449
Available-for-sale debt securities, Total, Fair value	2,935,358	3,035,588
Available-for-sale debt securities, Total, Unrealized loss	548,295	502,574
FHLMC MBS
Available-for-sale debt securities:
Available-for-sale debt securities, Less than 12 months, Fair value	0	0
Available-for-sale debt securities, Less than 12 months, Unrealized loss	0	0
Available-for-sale debt securities, 12 months or longer, Fair value	111,745	115,525
Available-for-sale debt securities, 12 months or longer, Unrealized loss	13,241	11,324
Available-for-sale debt securities, Total, Fair value	111,745	115,525
Available-for-sale debt securities, Total, Unrealized loss	13,241	11,324
GNMA MBS
Available-for-sale debt securities:
Available-for-sale debt securities, Less than 12 months, Fair value	7,785	10,543
Available-for-sale debt securities, Less than 12 months, Unrealized loss	227	217
Available-for-sale debt securities, 12 months or longer, Fair value	35,109	31,681
Available-for-sale debt securities, 12 months or longer, Unrealized loss	3,312	2,782
Available-for-sale debt securities, Total, Fair value	42,894	42,224
Available-for-sale debt securities, Total, Unrealized loss	3,539	2,999
GSE agency notes
Available-for-sale debt securities:
Available-for-sale debt securities, Less than 12 months, Fair value	0	0
Available-for-sale debt securities, Less than 12 months, Unrealized loss	0	0
Available-for-sale debt securities, 12 months or longer, Fair value	179,298	180,696
Available-for-sale debt securities, 12 months or longer, Unrealized loss	45,499	44,743
Available-for-sale debt securities, Total, Fair value	179,298	180,696
Available-for-sale debt securities, Total, Unrealized loss	$ 45,499	$ 44,743

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INVESTMENT SECURITIES - Schedule of Held To Maturity Credit Quality Indicator (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Past due held-to-maturity debt securities	$ 1,049,815	$ 1,058,565
FNMA MBS
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Past due held-to-maturity debt securities	864,584	872,653
FNMA MBS | A+ rated or higher
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Past due held-to-maturity debt securities	0	0
FNMA MBS | Not rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Past due held-to-maturity debt securities	864,584	872,653
State and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Past due held-to-maturity debt securities	185,231	185,912
State and political subdivisions | A+ rated or higher
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Past due held-to-maturity debt securities	185,231	185,912
State and political subdivisions | Not rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Past due held-to-maturity debt securities	$ 0	$ 0

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INVESTMENT SECURITIES - Schedule of Held-to-maturity, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for credit losses:
Beginning balance	$ 8
Ending balance	8
State and political subdivisions
Allowance for credit losses:
Beginning balance	8	$ 10
Provision for (recovery of) credit losses	0	(1)
Ending balance	$ 8	$ 9

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LOANS AND LEASES - Schedule of Loan and Lease Portfolio by Category (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 192,629	$ 186,126	$ 169,162	$ 151,861
Net loans and leases	12,790,128	12,583,202
Reverse mortgage, fair value	2,500	2,800	2,700
Financing Receivable Portfolio Segment, Including Reverse Mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	12,982,757	12,769,328
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	875,141	870,705
Allowance for credit losses	5,407	5,483	5,327	4,668
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,065,871	2,012,134
Allowance for credit losses	57,536	58,543	55,284	53,320
Commercial and industrial | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,591,861	2,540,070
Allowance for credit losses	55,902	49,394	53,473	49,526
Owner-occupied commercial | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,882,876	1,886,087
Allowance for credit losses	10,569	10,719	6,056	6,019
Commercial mortgages | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	3,876,856	3,801,180
Allowance for credit losses	36,797	36,055	30,114	21,473
Construction | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,056,349	1,035,530
Allowance for credit losses	10,959	10,762	9,672	6,987
Commercial Small Business Leases | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	633,803	623,622
Allowance for credit losses	$ 15,459	$ 15,170	$ 9,236	$ 9,868

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LOANS AND LEASES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable on loans and leases	$ 71.6	$ 69.8

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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Allowance for Loan Losses and Loan Balances (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Allowance for credit losses
Beginning balance	$ 186,126	$ 151,861	$ 151,861
Charge-offs	(11,859)	(13,666)
Recoveries	3,224	1,955
Provision	15,138	29,012
Ending balance	192,629	169,162	186,126
Period-end allowance allocated to:
Loans evaluated on an individual basis	6,814	4,653
Loans evaluated on a collective basis	185,815	164,509
Period-end loan balances:
Loans evaluated on an individual basis	69,568	40,891
Loans evaluated on a collective basis	12,910,713	12,102,377
Gross loans	12,980,281	12,143,268	12,766,518
Reverse mortgage, fair value	2,500	2,700	2,800
Commercial | Commercial and industrial
Allowance for credit losses
Beginning balance	49,394	49,526	49,526
Charge-offs	(476)	(6,563)	(26,653)
Recoveries	1,766	701
Provision	5,218	9,809
Ending balance	55,902	53,473	49,394
Period-end allowance allocated to:
Loans evaluated on an individual basis	6,814	4,562
Loans evaluated on a collective basis	49,088	48,911
Period-end loan balances:
Loans evaluated on an individual basis	27,229	22,443
Loans evaluated on a collective basis	2,564,632	2,546,299
Gross loans	2,591,861	2,568,742	2,540,070
Commercial | Owner-occupied commercial
Allowance for credit losses
Beginning balance	10,719	6,019	6,019
Charge-offs	0	0	(184)
Recoveries	201	5
Provision	(351)	32
Ending balance	10,569	6,056	10,719
Period-end allowance allocated to:
Loans evaluated on an individual basis	0	91
Loans evaluated on a collective basis	10,569	5,965
Period-end loan balances:
Loans evaluated on an individual basis	5,866	1,907
Loans evaluated on a collective basis	1,877,010	1,844,754
Gross loans	1,882,876	1,846,661	1,886,087
Commercial | Commercial mortgages
Allowance for credit losses
Beginning balance	36,055	21,473	21,473
Charge-offs	(25)	0	(300)
Recoveries	2	2
Provision	765	8,639
Ending balance	36,797	30,114	36,055
Period-end allowance allocated to:
Loans evaluated on an individual basis	0	0
Loans evaluated on a collective basis	36,797	30,114
Period-end loan balances:
Loans evaluated on an individual basis	21,536	7,343
Loans evaluated on a collective basis	3,855,320	3,465,740
Gross loans	3,876,856	3,473,083	3,801,180
Commercial | Construction
Allowance for credit losses
Beginning balance	10,762	6,987	6,987
Charge-offs	0	0	(794)
Recoveries	0	530
Provision	197	2,155
Ending balance	10,959	9,672	10,762
Period-end allowance allocated to:
Loans evaluated on an individual basis	0	0
Loans evaluated on a collective basis	10,959	9,672
Period-end loan balances:
Loans evaluated on an individual basis	3,962	760
Loans evaluated on a collective basis	1,052,387	1,022,951
Gross loans	1,056,349	1,023,711	1,035,530
Commercial | Commercial Small Business Leases
Allowance for credit losses
Beginning balance	15,170	9,868	9,868
Charge-offs	(4,852)	(2,899)	(15,641)
Recoveries	591	515
Provision	4,550	1,752
Ending balance	15,459	9,236	15,170
Period-end allowance allocated to:
Loans evaluated on an individual basis	0	0
Loans evaluated on a collective basis	15,459	9,236
Period-end loan balances:
Loans evaluated on an individual basis	0	0
Loans evaluated on a collective basis	633,803	576,584
Gross loans	633,803	576,584	623,622
Residential
Allowance for credit losses
Beginning balance	5,483	4,668	4,668
Charge-offs	(50)	0	(41)
Recoveries	89	43
Provision	(115)	616
Ending balance	5,407	5,327	5,483
Period-end allowance allocated to:
Loans evaluated on an individual basis	0	0
Loans evaluated on a collective basis	5,407	5,327
Period-end loan balances:
Loans evaluated on an individual basis	8,311	6,522
Loans evaluated on a collective basis	864,354	779,538
Gross loans	872,665	786,060	867,895
Consumer
Allowance for credit losses
Beginning balance	58,543	53,320	53,320
Charge-offs	(6,456)	(4,204)	(22,394)
Recoveries	575	159
Provision	4,874	6,009
Ending balance	57,536	55,284	58,543
Period-end allowance allocated to:
Loans evaluated on an individual basis	0	0
Loans evaluated on a collective basis	57,536	55,284
Period-end loan balances:
Loans evaluated on an individual basis	2,664	1,916
Loans evaluated on a collective basis	2,063,207	1,866,511
Gross loans	$ 2,065,871	$ 1,868,427	$ 2,012,134

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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Nonaccrual and Past Due Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans With No Allowance	$ 51,685	$ 58,441
Nonaccrual Loans With An Allowance	14,263	5,568
Gross loans	$ 12,980,281	$ 12,766,518	$ 12,143,268
Percent of nonaccrual loans with no allowance	0.40%	0.46%
Percent of nonaccrual loans with allowance	0.11%	0.04%
% of Total Loans	100.00%	100.00%
Reverse mortgage, fair value	$ 2,500	$ 2,800	2,700
Total Past Due And Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	$ 56,080	$ 47,397
Percent past due	0.43%	0.37%
30–89 Days Past Due and Still  Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	$ 44,718	$ 35,813
Percent past due	0.34%	0.28%
Greater  Than 90 Days Past Due and Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	$ 11,362	$ 11,584
Percent past due	0.09%	0.09%
Accruing Current Balances
Financing Receivable, Past Due [Line Items]
Total Loans	$ 12,858,253	$ 12,655,112
Percent of accruing current balances	99.06%	99.13%
Residential
Financing Receivable, Past Due [Line Items]
Total Loans	$ 875,141	$ 870,705
Nonaccrual Loans With No Allowance	5,188	2,579
Nonaccrual Loans With An Allowance	0	0
Gross loans	872,665	867,895	786,060
Residential | Total Past Due And Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	1,793	9,261
Residential | 30–89 Days Past Due and Still  Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	1,793	9,261
Residential | Greater  Than 90 Days Past Due and Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Residential | Accruing Current Balances
Financing Receivable, Past Due [Line Items]
Total Loans	865,684	856,055
Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	2,065,871	2,012,134
Nonaccrual Loans With No Allowance	2,688	2,446
Nonaccrual Loans With An Allowance	0	0
Gross loans	2,065,871	2,012,134	1,868,427
Consumer | Total Past Due And Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	27,772	25,281
Consumer | 30–89 Days Past Due and Still  Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	17,651	15,249
Consumer | Greater  Than 90 Days Past Due and Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	10,121	10,032
Consumer | Accruing Current Balances
Financing Receivable, Past Due [Line Items]
Total Loans	2,035,411	1,984,407
Commercial and industrial | Commercial
Financing Receivable, Past Due [Line Items]
Total Loans	2,591,861	2,540,070
Nonaccrual Loans With No Allowance	12,987	13,645
Nonaccrual Loans With An Allowance	14,263	5,568
Gross loans	2,591,861	2,540,070	2,568,742
Commercial and industrial | Commercial | Total Past Due And Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	3,264	1,923
Commercial and industrial | Commercial | 30–89 Days Past Due and Still  Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	2,674	1,630
Commercial and industrial | Commercial | Greater  Than 90 Days Past Due and Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	590	293
Commercial and industrial | Commercial | Accruing Current Balances
Financing Receivable, Past Due [Line Items]
Total Loans	2,561,347	2,518,934
Owner-occupied commercial | Commercial
Financing Receivable, Past Due [Line Items]
Total Loans	1,882,876	1,886,087
Nonaccrual Loans With No Allowance	5,326	4,862
Nonaccrual Loans With An Allowance	0	0
Gross loans	1,882,876	1,886,087	1,846,661
Owner-occupied commercial | Commercial | Total Past Due And Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	4,181	2,273
Owner-occupied commercial | Commercial | 30–89 Days Past Due and Still  Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	3,582	1,786
Owner-occupied commercial | Commercial | Greater  Than 90 Days Past Due and Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	599	487
Owner-occupied commercial | Commercial | Accruing Current Balances
Financing Receivable, Past Due [Line Items]
Total Loans	1,873,369	1,878,952
Commercial mortgages | Commercial
Financing Receivable, Past Due [Line Items]
Total Loans	3,876,856	3,801,180
Nonaccrual Loans With No Allowance	21,534	22,292
Nonaccrual Loans With An Allowance	0	0
Gross loans	3,876,856	3,801,180	3,473,083
Commercial mortgages | Commercial | Total Past Due And Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	1,915	1,190
Commercial mortgages | Commercial | 30–89 Days Past Due and Still  Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	1,866	1,190
Commercial mortgages | Commercial | Greater  Than 90 Days Past Due and Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	49	0
Commercial mortgages | Commercial | Accruing Current Balances
Financing Receivable, Past Due [Line Items]
Total Loans	3,853,407	3,777,698
Construction | Commercial
Financing Receivable, Past Due [Line Items]
Total Loans	1,056,349	1,035,530
Nonaccrual Loans With No Allowance	3,962	12,617
Nonaccrual Loans With An Allowance	0	0
Gross loans	1,056,349	1,035,530	1,023,711
Construction | Commercial | Total Past Due And Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	7,343	0
Construction | Commercial | 30–89 Days Past Due and Still  Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	7,343	0
Construction | Commercial | Greater  Than 90 Days Past Due and Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Construction | Commercial | Accruing Current Balances
Financing Receivable, Past Due [Line Items]
Total Loans	1,045,044	1,022,913
Commercial Small Business Leases | Commercial
Financing Receivable, Past Due [Line Items]
Total Loans	633,803	623,622
Nonaccrual Loans With No Allowance	0	0
Nonaccrual Loans With An Allowance	0	0
Gross loans	633,803	623,622	$ 576,584
Commercial Small Business Leases | Commercial | Total Past Due And Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	9,812	7,469
Commercial Small Business Leases | Commercial | 30–89 Days Past Due and Still  Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	9,809	6,697
Commercial Small Business Leases | Commercial | Greater  Than 90 Days Past Due and Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	3	772
Commercial Small Business Leases | Commercial | Accruing Current Balances
Financing Receivable, Past Due [Line Items]
Total Loans	623,991	616,153
Student loans | Consumer | Total Past Due And Still Accruing
Financing Receivable, Past Due [Line Items]
Total Loans	$ 16,100	$ 14,500

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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule Of Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	$ 55,838	$ 62,026
Equipment and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	10,110	1,983
Commercial | Commercial and industrial | Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	17,141	17,230
Commercial | Commercial and industrial | Equipment and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	10,110	1,983
Commercial | Owner-occupied commercial | Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	5,326	4,862
Commercial | Owner-occupied commercial | Equipment and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	0	0
Commercial | Commercial mortgages | Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	21,534	22,292
Commercial | Commercial mortgages | Equipment and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	0	0
Commercial | Construction | Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	3,962	12,617
Commercial | Construction | Equipment and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	0	0
Residential | Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	5,188	2,579
Residential | Equipment and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	0	0
Consumer | Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	2,687	2,446
Consumer | Equipment and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of nonaccruing collateral-dependent loans	$ 0	$ 0

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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan workout and other credit costs	$ 1,071,000	$ (55,000)
Various Modifications
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unused commitments to extend credit	19,200,000		$ 18,400,000
Loans Modified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans modified with subsequent default	$ 8,893,000	0
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans in the process of foreclosure | loan	32		31
Total loans outstanding	$ 6,300,000		$ 3,200,000
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans in the process of foreclosure | loan	11		9
Total loans outstanding	$ 1,300,000		$ 1,100,000
Residential and Consumer Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan workout and other credit costs	$ (400,000)	$ 200,000
Impairment loans, charge off period	90 days

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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 12,980,281	$ 12,143,268	$ 12,766,518
Total charge offs	11,859	13,666
Commercial | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	221,928		797,050
Year two, originated, fiscal year before current fiscal year	819,383		556,818
Year three, originated, two years before current fiscal year	499,883		189,098
Year four, originated, three years before current fiscal year	173,272		221,838
Year five, originated, four years before current fiscal year	197,141		113,303
Prior	421,420		402,258
Revolving loans amortized cost basis	9,218		8,785
Revolving loans converted to term	249,616		250,920
Total Loans	2,591,861	2,568,742	2,540,070
Year one, current fiscal year charge offs	0		0
Year two, current fiscal year charge offs	0		568
Year three, current fiscal year charge offs	109		5,214
Year four, current fiscal year charge offs	143		1,747
Year five, current fiscal year charge offs	156		7,567
Prior year charge offs	68		11,557
Revolving loans amortized cost basis charge offs	0		0
Revolving loans converted to term gross charge offs	0		0
Total charge offs	476	6,563	26,653
Commercial | Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	176,858		716,848
Year two, originated, fiscal year before current fiscal year	762,244		490,934
Year three, originated, two years before current fiscal year	450,439		180,343
Year four, originated, three years before current fiscal year	163,071		211,151
Year five, originated, four years before current fiscal year	191,450		90,522
Prior	385,731		383,609
Revolving loans amortized cost basis	9,218		8,785
Revolving loans converted to term	233,340		237,786
Total Loans	2,372,351		2,319,978
Commercial | Commercial and industrial | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	1,662		7,209
Year two, originated, fiscal year before current fiscal year	4,485		11,860
Year three, originated, two years before current fiscal year	8,443		2,804
Year four, originated, three years before current fiscal year	3,228		463
Year five, originated, four years before current fiscal year	218		735
Prior	2,526		743
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	1,589		1,649
Total Loans	22,151		25,463
Commercial | Commercial and industrial | Substandard or Lower
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	43,408		72,993
Year two, originated, fiscal year before current fiscal year	52,654		54,024
Year three, originated, two years before current fiscal year	41,001		5,951
Year four, originated, three years before current fiscal year	6,973		10,224
Year five, originated, four years before current fiscal year	5,473		22,046
Prior	33,163		17,906
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	14,687		11,485
Total Loans	197,359		194,629
Commercial | Owner-occupied commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	59,845		350,789
Year two, originated, fiscal year before current fiscal year	345,238		286,875
Year three, originated, two years before current fiscal year	263,769		267,790
Year four, originated, three years before current fiscal year	256,337		220,257
Year five, originated, four years before current fiscal year	212,968		213,174
Prior	542,063		354,690
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	202,656		192,512
Total Loans	1,882,876	1,846,661	1,886,087
Year one, current fiscal year charge offs	0		0
Year two, current fiscal year charge offs	0		0
Year three, current fiscal year charge offs	0		0
Year four, current fiscal year charge offs	0		0
Year five, current fiscal year charge offs	0		184
Prior year charge offs	0		0
Revolving loans amortized cost basis charge offs	0		0
Revolving loans converted to term gross charge offs	0		0
Total charge offs	0	0	184
Commercial | Owner-occupied commercial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	59,845		346,908
Year two, originated, fiscal year before current fiscal year	340,919		264,895
Year three, originated, two years before current fiscal year	242,775		251,262
Year four, originated, three years before current fiscal year	239,418		212,365
Year five, originated, four years before current fiscal year	206,450		194,153
Prior	473,877		313,801
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	188,984		178,150
Total Loans	1,752,268		1,761,534
Commercial | Owner-occupied commercial | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	0		2,885
Year two, originated, fiscal year before current fiscal year	3,123		3,115
Year three, originated, two years before current fiscal year	3,037		5,419
Year four, originated, three years before current fiscal year	5,369		1,105
Year five, originated, four years before current fiscal year	1,088		11,002
Prior	22,524		5,559
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	1,571		1,393
Total Loans	36,712		30,478
Commercial | Owner-occupied commercial | Substandard or Lower
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	0		996
Year two, originated, fiscal year before current fiscal year	1,196		18,865
Year three, originated, two years before current fiscal year	17,957		11,109
Year four, originated, three years before current fiscal year	11,550		6,787
Year five, originated, four years before current fiscal year	5,430		8,019
Prior	45,662		35,330
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	12,101		12,969
Total Loans	93,896		94,075
Commercial | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	131,704		877,631
Year two, originated, fiscal year before current fiscal year	839,148		466,048
Year three, originated, two years before current fiscal year	462,767		527,394
Year four, originated, three years before current fiscal year	490,430		481,028
Year five, originated, four years before current fiscal year	454,649		511,873
Prior	1,087,463		631,660
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	410,695		305,546
Total Loans	3,876,856	3,473,083	3,801,180
Year one, current fiscal year charge offs	0		0
Year two, current fiscal year charge offs	25		83
Year three, current fiscal year charge offs	0		0
Year four, current fiscal year charge offs	0		217
Year five, current fiscal year charge offs	0		0
Prior year charge offs	0		0
Revolving loans amortized cost basis charge offs	0		0
Revolving loans converted to term gross charge offs	0		0
Total charge offs	25	0	300
Commercial | Commercial mortgages | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	126,380		847,137
Year two, originated, fiscal year before current fiscal year	806,552		464,895
Year three, originated, two years before current fiscal year	461,038		526,280
Year four, originated, three years before current fiscal year	488,314		465,354
Year five, originated, four years before current fiscal year	431,554		486,855
Prior	1,051,552		619,448
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	395,234		290,083
Total Loans	3,760,624		3,700,052
Commercial | Commercial mortgages | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	5,324		20,632
Year two, originated, fiscal year before current fiscal year	22,437		0
Year three, originated, two years before current fiscal year	576		67
Year four, originated, three years before current fiscal year	1,107		1,837
Year five, originated, four years before current fiscal year	1,810		10,666
Prior	5,117		0
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	0		0
Total Loans	36,371		33,202
Commercial | Commercial mortgages | Substandard or Lower
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	0		9,862
Year two, originated, fiscal year before current fiscal year	10,159		1,153
Year three, originated, two years before current fiscal year	1,153		1,047
Year four, originated, three years before current fiscal year	1,009		13,837
Year five, originated, four years before current fiscal year	21,285		14,352
Prior	30,794		12,212
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	15,461		15,463
Total Loans	79,861		67,926
Commercial | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	89,107		463,471
Year two, originated, fiscal year before current fiscal year	408,579		339,727
Year three, originated, two years before current fiscal year	363,893		122,868
Year four, originated, three years before current fiscal year	78,913		11,628
Year five, originated, four years before current fiscal year	2,704		2,522
Prior	2,240		7,016
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	110,913		88,298
Total Loans	1,056,349	1,023,711	1,035,530
Year one, current fiscal year charge offs	0		0
Year two, current fiscal year charge offs	0		0
Year three, current fiscal year charge offs	0		794
Year four, current fiscal year charge offs	0		0
Year five, current fiscal year charge offs	0		0
Prior year charge offs	0		0
Revolving loans amortized cost basis charge offs	0		0
Revolving loans converted to term gross charge offs	0		0
Total charge offs	0	0	794
Commercial | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	81,959		429,055
Year two, originated, fiscal year before current fiscal year	357,747		319,958
Year three, originated, two years before current fiscal year	344,241		111,333
Year four, originated, three years before current fiscal year	75,655		3,030
Year five, originated, four years before current fiscal year	2,704		388
Prior	2,088		7,016
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	110,361		87,741
Total Loans	974,755		958,521
Commercial | Construction | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	7,148		28,718
Year two, originated, fiscal year before current fiscal year	35,402		19,769
Year three, originated, two years before current fiscal year	5,257		8,227
Year four, originated, three years before current fiscal year	0		0
Year five, originated, four years before current fiscal year	0		0
Prior	0		0
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	0		0
Total Loans	47,807		56,714
Commercial | Construction | Substandard or Lower
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	0		5,698
Year two, originated, fiscal year before current fiscal year	15,430		0
Year three, originated, two years before current fiscal year	14,395		3,308
Year four, originated, three years before current fiscal year	3,258		8,598
Year five, originated, four years before current fiscal year	0		2,134
Prior	152		0
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	552		557
Total Loans	33,787		20,295
Commercial | Commercial Small Business Leases
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	68,659		260,348
Year two, originated, fiscal year before current fiscal year	244,037		191,746
Year three, originated, two years before current fiscal year	174,415		103,428
Year four, originated, three years before current fiscal year	91,029		40,697
Year five, originated, four years before current fiscal year	33,350		15,411
Prior	22,313		11,992
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	0		0
Total Loans	633,803	576,584	623,622
Year one, current fiscal year charge offs	0		1,528
Year two, current fiscal year charge offs	1,347		7,250
Year three, current fiscal year charge offs	1,656		4,447
Year four, current fiscal year charge offs	1,253		1,454
Year five, current fiscal year charge offs	429		735
Prior year charge offs	167		227
Revolving loans amortized cost basis charge offs	0		0
Revolving loans converted to term gross charge offs	0		0
Total charge offs	4,852	2,899	15,641
Commercial | Commercial Small Business Leases | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	68,659		260,348
Year two, originated, fiscal year before current fiscal year	244,037		191,746
Year three, originated, two years before current fiscal year	174,415		103,428
Year four, originated, three years before current fiscal year	91,029		40,697
Year five, originated, four years before current fiscal year	33,350		15,411
Prior	22,313		11,992
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	0		0
Total Loans	633,803		623,622
Commercial | Commercial Small Business Leases | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	0		0
Year two, originated, fiscal year before current fiscal year	0		0
Year three, originated, two years before current fiscal year	0		0
Year four, originated, three years before current fiscal year	0		0
Year five, originated, four years before current fiscal year	0		0
Prior	0		0
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	0		0
Total Loans	0		0
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	23,516		188,644
Year two, originated, fiscal year before current fiscal year	188,880		67,528
Year three, originated, two years before current fiscal year	67,207		103,695
Year four, originated, three years before current fiscal year	100,270		57,759
Year five, originated, four years before current fiscal year	57,314		34,750
Prior	435,478		415,519
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	0		0
Total Loans	872,665	786,060	867,895
Year one, current fiscal year charge offs	0		33
Year two, current fiscal year charge offs	0		0
Year three, current fiscal year charge offs	0		0
Year four, current fiscal year charge offs	0		0
Year five, current fiscal year charge offs	0		0
Prior year charge offs	50		8
Revolving loans amortized cost basis charge offs	0		0
Revolving loans converted to term gross charge offs	0		0
Total charge offs	50	0	41
Residential | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	23,516		188,644
Year two, originated, fiscal year before current fiscal year	188,880		67,358
Year three, originated, two years before current fiscal year	67,040		102,982
Year four, originated, three years before current fiscal year	96,732		57,273
Year five, originated, four years before current fiscal year	56,831		33,499
Prior	431,193		412,099
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	0		0
Total Loans	864,192		861,855
Residential | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	0		0
Year two, originated, fiscal year before current fiscal year	0		170
Year three, originated, two years before current fiscal year	167		713
Year four, originated, three years before current fiscal year	3,538		486
Year five, originated, four years before current fiscal year	483		1,251
Prior	4,285		3,420
Revolving loans amortized cost basis	0		0
Revolving loans converted to term	0		0
Total Loans	8,473		6,040
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	54,669		391,580
Year two, originated, fiscal year before current fiscal year	423,471		568,919
Year three, originated, two years before current fiscal year	538,009		154,065
Year four, originated, three years before current fiscal year	144,852		104,600
Year five, originated, four years before current fiscal year	100,293		45,172
Prior	296,127		245,879
Revolving loans amortized cost basis	502,621		496,025
Revolving loans converted to term	5,829		5,894
Total Loans	2,065,871	1,868,427	2,012,134
Year one, current fiscal year charge offs	286		1,790
Year two, current fiscal year charge offs	677		15,227
Year three, current fiscal year charge offs	4,239		4,411
Year four, current fiscal year charge offs	774		313
Year five, current fiscal year charge offs	380		198
Prior year charge offs	100		455
Revolving loans amortized cost basis charge offs	0		0
Revolving loans converted to term gross charge offs	0		0
Total charge offs	6,456	$ 4,204	22,394
Consumer | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	54,669		391,580
Year two, originated, fiscal year before current fiscal year	423,471		568,919
Year three, originated, two years before current fiscal year	538,009		153,930
Year four, originated, three years before current fiscal year	144,717		104,248
Year five, originated, four years before current fiscal year	99,941		44,996
Prior	296,127		245,849
Revolving loans amortized cost basis	500,904		494,663
Revolving loans converted to term	5,329		5,662
Total Loans	2,063,167		2,009,847
Consumer | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated, current fiscal year	0		0
Year two, originated, fiscal year before current fiscal year	0		0
Year three, originated, two years before current fiscal year	0		135
Year four, originated, three years before current fiscal year	135		352
Year five, originated, four years before current fiscal year	352		176
Prior	0		30
Revolving loans amortized cost basis	1,717		1,362
Revolving loans converted to term	500		232
Total Loans	$ 2,704		$ 2,287

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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Troubled Loans Disaggregated by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 37,903	$ 18,061
% of Total Loan Category	0.29%	0.15%
Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 34,100	$ 15,697
More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,051	162
Combination- Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	2,752	1,777
Combination- Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	306
Combination - Payment Delay and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	119
Commercial | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 33,034	$ 12,837
% of Total Loan Category	1.27%	0.41%
Commercial | Commercial and industrial | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 31,865	$ 12,837
Commercial | Commercial and industrial | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	349	0
Commercial | Commercial and industrial | Combination- Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	820	0
Commercial | Commercial and industrial | Combination- Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial | Commercial and industrial | Combination - Payment Delay and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial | Owner-occupied commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		$ 148
% of Total Loan Category		0.01%
Commercial | Owner-occupied commercial | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		$ 0
Commercial | Owner-occupied commercial | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		0
Commercial | Owner-occupied commercial | Combination- Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		0
Commercial | Owner-occupied commercial | Combination- Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		148
Commercial | Owner-occupied commercial | Combination - Payment Delay and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		0
Commercial | Commercial mortgages
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		$ 2,057
% of Total Loan Category		0.06%
Commercial | Commercial mortgages | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		$ 2,057
Commercial | Commercial mortgages | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		0
Commercial | Commercial mortgages | Combination- Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		0
Commercial | Commercial mortgages | Combination- Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		0
Commercial | Commercial mortgages | Combination - Payment Delay and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total		0
Commercial | Construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 1,910
% of Total Loan Category	0.18%
Commercial | Construction | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 1,910
Commercial | Construction | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial | Construction | Combination- Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial | Construction | Combination- Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial | Construction | Combination - Payment Delay and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 2,959	$ 3,019
% of Total Loan Category	0.14%	0.16%
Consumer | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 325	$ 803
Consumer | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	702	162
Consumer | Combination- Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,932	1,777
Consumer | Combination- Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	158
Consumer | Combination - Payment Delay and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 119

XML

ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Financial Effect of the Modifications (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commercial | Commercial and industrial | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extension	1 year 2 months 26 days	10 months 28 days
Commercial | Commercial and industrial | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Interest Rate Reduction	0.00%	0.00%
Commercial | Commercial and industrial | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
More-Than-Insignificant Payment Delay	0.01%	0.00%
Commercial | Owner-occupied commercial | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extension		11 months 15 days
Commercial | Owner-occupied commercial | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Interest Rate Reduction		2.56%
Commercial | Owner-occupied commercial | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
More-Than-Insignificant Payment Delay		0.00%
Commercial | Commercial mortgages | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extension		5 months 23 days
Commercial | Commercial mortgages | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Interest Rate Reduction		0.00%
Commercial | Commercial mortgages | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
More-Than-Insignificant Payment Delay		0.00%
Commercial | Construction | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extension	1 year
Commercial | Construction | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Interest Rate Reduction	0.00%
Commercial | Construction | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
More-Than-Insignificant Payment Delay	0.00%
Consumer | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extension	5 months 19 days	6 years 8 months 15 days
Consumer | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Interest Rate Reduction	0.00%	2.07%
Consumer | More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
More-Than-Insignificant Payment Delay	0.02%	0.02%

XML

ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Amortized Cost of Loans Received Term Extension Modification (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loans Modified
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 8,893,000	$ 0
Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	8,694,000
More-Than-Insignificant Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	199,000
Commercial and industrial | Loans Modified | Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	8,893,000
Commercial and industrial | Term Extension | Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	8,694,000
Commercial and industrial | More-Than-Insignificant Payment Delay | Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 199,000

XML

ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Performance of Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 119,243	$ 18,061
30-89 Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,096	1,041
90+ Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	258	1,041
Accruing Current Balances
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	93,137	15,979
Nonaccrual Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	24,752	0
Commercial | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	82,904	12,837
Commercial | Commercial and industrial | 30-89 Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial | Commercial and industrial | 90+ Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial | Commercial and industrial | Accruing Current Balances
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	58,771	12,837
Commercial | Commercial and industrial | Nonaccrual Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	24,133	0
Commercial | Owner-occupied commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	65	148
Commercial | Owner-occupied commercial | 30-89 Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial | Owner-occupied commercial | 90+ Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial | Owner-occupied commercial | Accruing Current Balances
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	148
Commercial | Owner-occupied commercial | Nonaccrual Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	65	0
Commercial | Commercial mortgages
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	9,345	2,057
Commercial | Commercial mortgages | 30-89 Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	1,016
Commercial | Commercial mortgages | 90+ Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	1,041
Commercial | Commercial mortgages | Accruing Current Balances
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	9,345	0
Commercial | Commercial mortgages | Nonaccrual Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial | Construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	17,331
Commercial | Construction | 30-89 Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial | Construction | 90+ Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial | Construction | Accruing Current Balances
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	17,331
Commercial | Construction | Nonaccrual Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	211
Residential | 30-89 Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Residential | 90+ Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Residential | Accruing Current Balances
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	44
Residential | Nonaccrual Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	167
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	9,387	3,019
Consumer | 30-89 Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,096	25
Consumer | 90+ Days Past Due and Still Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	258	0
Consumer | Accruing Current Balances
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,646	2,994
Consumer | Nonaccrual Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 387	$ 0

XML

LEASES - Narrative (Details)	Mar. 31, 2024
Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term (in years)	21 years

XML

LEASES - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 3,972	$ 4,793
Sublease income	(32)	(49)
Net lease cost	$ 3,940	$ 4,744

XML

LEASES - Schedule of Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets	$ 129,996	$ 130,601
Lease liabilities	$ 151,255	$ 151,596
Weighted average remaining lease term (in years)	12 years 10 months 9 days	13 years 3 days
Weighted average discount rate	5.20%	5.20%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

XML

LEASES - Schedule of Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Remaining in 2024	$ 13,564
2025	17,747
2026	16,912
2027	15,536
2028	15,538
After 2028	130,975
Total lease payments	210,272
Less: Interest	(59,017)
Present value of lease liabilities	$ 151,255	$ 151,596

XML

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 4,721	$ 5,060

XML

LEASES - Schedule of Direct Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Abstract]
Interest income on lease receivable	$ 14,800	$ 12,382
Interest income on deferred fees and costs, net	(1,792)	(1,386)
Total direct financing lease net interest income	13,008	$ 10,996
Leasing receivables
Lease receivables	733,630		$ 721,338
Unearned income	(118,177)		(114,341)
Deferred fees and costs	18,350		16,625
Net investment in direct financing leases	$ 633,803		$ 623,622
Direct Financing Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and fees on loans and leases	Interest and fees on loans and leases

XML

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment losses related to goodwill	$ 0
Amortization expense on other intangible assets	3,931,000	$ 3,845,000
First Mortgage
Finite-Lived Intangible Assets [Line Items]
Value of servicing rights	1,700,000		$ 1,700,000
SBA Loans
Finite-Lived Intangible Assets [Line Items]
Value of servicing rights	4,100,000		4,300,000
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization expense on other intangible assets	3,900,000	3,800,000
Impairment of other intangible assets	0		0
Loan servicing rights
Finite-Lived Intangible Assets [Line Items]
Impairment loss	$ 100,000	$ (100,000)	$ 100,000

XML

GOODWILL AND INTANGIBLE ASSETS - Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 885,898
Goodwill adjustments	0
Goodwill ending balance	885,898
WSFS Bank
Goodwill [Roll Forward]
Goodwill beginning balance	753,586
Goodwill adjustments	0
Goodwill ending balance	753,586
Wealth Management
Goodwill [Roll Forward]
Goodwill beginning balance	132,312
Goodwill adjustments	0
Goodwill ending balance	$ 132,312

XML

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (79,819)		$ (75,482)
Net Intangible Assets	111,546
Indefinite-lived Intangible Assets [Line Items]
Gross Intangible Assets	194,265		194,144
Accumulated Amortization	(79,819)		(75,482)
Net Intangible Assets	114,446		118,662
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademark	2,900		2,900
Core deposits
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	104,751		104,751
Accumulated Amortization	(53,327)		(50,754)
Net Intangible Assets	$ 51,424		$ 53,997
Amortization Period	10 years		10 years
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (53,327)		$ (50,754)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	73,880		73,880
Accumulated Amortization	(19,512)		(18,153)
Net Intangible Assets	54,368		55,727
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (19,512)		$ (18,153)
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period	7 years		7 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period	15 years		15 years
Loan servicing rights
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 12,734		$ 12,613
Accumulated Amortization	(6,980)		(6,575)
Net Intangible Assets	5,754		6,038
Impairment loss	100	$ (100)	100
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (6,980)		$ (6,575)
Loan servicing rights | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period	10 years		10 years
Loan servicing rights | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period	25 years		25 years

XML

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense of Intangibles (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining in 2024	$ 12,678
2025	16,576
2026	15,869
2027	15,404
2028	14,580
Thereafter	36,439
Net Intangible Assets	$ 111,546

XML

DEPOSITS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Noninterest-bearing:
Noninterest demand	$ 4,652,875	$ 4,917,297
Total noninterest-bearing	4,652,875	4,917,297
Interest-bearing:
Interest-bearing demand	2,856,366	2,935,530
Savings	1,577,264	1,610,143
Money market	5,205,835	5,175,123
Customer time deposits	1,894,864	1,784,317
Brokered deposits	0	51,676
Total interest-bearing	11,534,329	11,556,789
Total deposits	$ 16,187,204	$ 16,474,086

XML

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0
Amortization of low-income housing credit investments reflected as income tax expense	1,900,000	$ 1,400,000
Affordable housing tax benefits	600,000
Carrying value of investment in affordable housing credits	85,200,000		$ 87,100,000
General Business Tax Credit Carryforward
Tax Credit Carryforward [Line Items]
Tax credit	$ 1,700,000

XML

FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES - Schedule of Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	$ 3,734,229	$ 3,846,537
Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Other assets, fair value	168,554	153,647
Liabilities measured at fair value on a recurring basis:
Other liabilities	169,669	151,642
Assets measured at fair value on a nonrecurring basis:
Total assets measured at fair value	3,902,783	4,000,184
Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Other real estate owned	1,210	1,569
Total assets measured at fair value	42,782	46,043
Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Other assets, fair value	0	0
Liabilities measured at fair value on a recurring basis:
Other liabilities	0	0
Assets measured at fair value on a nonrecurring basis:
Total assets measured at fair value	0	0
Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Other real estate owned	0	0
Total assets measured at fair value	0	0
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Other assets, fair value	168,510	153,569
Liabilities measured at fair value on a recurring basis:
Other liabilities	156,243	137,616
Assets measured at fair value on a nonrecurring basis:
Total assets measured at fair value	3,902,739	4,000,106
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Other real estate owned	0	0
Total assets measured at fair value	26,858	29,268
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Other assets, fair value	44	78
Liabilities measured at fair value on a recurring basis:
Other liabilities	13,426	14,026
Assets measured at fair value on a nonrecurring basis:
Total assets measured at fair value	44	78
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Other real estate owned	1,210	1,569
Total assets measured at fair value	15,924	16,775
Other investments | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Other investments	14,714	15,206
Other investments | Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Other investments	0	0
Other investments | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Other investments	0	0
Other investments | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Other investments	14,714	15,206
Loans held for sale | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Loans held for sale	26,858	29,268
Loans held for sale | Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Loans held for sale	0	0
Loans held for sale | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Loans held for sale	26,858	29,268
Loans held for sale | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis:
Loans held for sale	0	0
Collateralized mortgage obligation (CMO)
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	451,891	464,619
Collateralized mortgage obligation (CMO) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	451,891	464,619
Collateralized mortgage obligation (CMO) | Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	0	0
Collateralized mortgage obligation (CMO) | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	451,891	464,619
Collateralized mortgage obligation (CMO) | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	0	0
Fannie Mae (FNMA) mortgage-backed securities (MBS)
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	2,947,349	3,042,350
Fannie Mae (FNMA) mortgage-backed securities (MBS) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	2,947,349	3,042,350
Fannie Mae (FNMA) mortgage-backed securities (MBS) | Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	0	0
Fannie Mae (FNMA) mortgage-backed securities (MBS) | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	2,947,349	3,042,350
Fannie Mae (FNMA) mortgage-backed securities (MBS) | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	0	0
Freddie Mac (FHLMC) MBS
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	111,751	115,532
Freddie Mac (FHLMC) MBS | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	111,751	115,532
Freddie Mac (FHLMC) MBS | Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	0	0
Freddie Mac (FHLMC) MBS | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	111,751	115,532
Freddie Mac (FHLMC) MBS | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	0	0
Ginnie Mae (GNMA) MBS
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	43,940	43,340
Ginnie Mae (GNMA) MBS | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	43,940	43,340
Ginnie Mae (GNMA) MBS | Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	0	0
Ginnie Mae (GNMA) MBS | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	43,940	43,340
Ginnie Mae (GNMA) MBS | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	0	0
Government-sponsored enterprises (GSE) agency notes
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	179,298	180,696
Government-sponsored enterprises (GSE) agency notes | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	179,298	180,696
Government-sponsored enterprises (GSE) agency notes | Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	0	0
Government-sponsored enterprises (GSE) agency notes | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	179,298	180,696
Government-sponsored enterprises (GSE) agency notes | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Investment securities available-for-sale	$ 0	$ 0

XML

FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Commitments of lending operations	$ 0	$ 0
Swap Guarantee
Derivative [Line Items]
Aggregate fair value of swaps to customers	$ 6,900,000	$ 7,300,000

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FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares
Observed market comparable transactions
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments | $	$ 14,714	$ 15,206
Fair market value of collateral
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned | $	$ 1,210	$ 1,569
Fair market value of collateral | Costs to sell
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned, measurement input	0.200
Fair market value of collateral | Costs to sell | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned, measurement input		0.100
Fair market value of collateral | Costs to sell | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned, measurement input		0.200
Fair market value of collateral | Costs to sell | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned, measurement input		0.181
Credit Value Adjustment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, fair value | $	$ 44	$ 78
Other liabilities, fair value | $	$ 2	$ 3
Credit Value Adjustment | Measurement Input, CDS Spread | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, measurement input	0.0110	0.0110
Other liabilities, measurement input	0.0001	0.0001
Credit Value Adjustment | Measurement Input, CDS Spread | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, measurement input	0.0360	0.0360
Other liabilities, measurement input	0.0250	0.0250
Credit Value Adjustment | Measurement Input, CDS Spread | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, measurement input	0.0189	0.0195
Other liabilities, measurement input	0.0081	0.0095
Credit Value Adjustment | Measurement Input, Loss Given Default
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, measurement input		0.30
Other liabilities, measurement input		0.30
Credit Value Adjustment | Measurement Input, Loss Given Default | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, measurement input	0	0
Other liabilities, measurement input	0
Credit Value Adjustment | Measurement Input, Loss Given Default | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, measurement input	0.30
Other liabilities, measurement input	0.30
Credit Value Adjustment | Measurement Input, Loss Given Default | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, measurement input	0.30	0.30
Other liabilities, measurement input	0.30
Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other liabilities, fair value | $	$ 13,424	$ 14,023
Discounted cash flow | Timing of Visa litigation resolution | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other liabilities, measurement input, term	1 year	1 year
Discounted cash flow | Timing of Visa litigation resolution | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other liabilities, measurement input, term	4 years 6 months	4 years 9 months
Discounted cash flow | Timing of Visa litigation resolution | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other liabilities, measurement input, term	2 years 11 months 4 days	3 years 21 days

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FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES - Schedule of Book Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Investment securities available-for-sale	$ 3,734,229	$ 3,846,537
Stock in FHLB of Pittsburgh	15,526	15,398
Accrued interest receivable	88,310	85,979
Financial liabilities:
Deposits	16,187,204	16,474,086
Accrued interest payable	37,911	46,684
Book Value | Level 1
Financial assets:
Cash, cash equivalents, and restricted cash	977,071	1,092,900
Book Value | Level 2
Financial assets:
Investment securities available-for-sale	3,734,229	3,846,537
Investment securities held-to-maturity, net	1,049,807	1,058,557
Loans, held for sale	26,858	29,268
Stock in FHLB of Pittsburgh	15,526	15,398
Accrued interest receivable	88,310	85,979
Financial liabilities:
Deposits	16,187,204	16,474,086
Borrowed funds	1,124,958	895,076
Accrued interest payable	37,911	46,684
Book Value | Level 3
Financial assets:
Other investments	17,051	17,434
Loans and leases, net	12,790,128	12,583,202
Financial liabilities:
Standby letters of credit	754	814
Book Value | Levels 2, 3
Financial assets:
Other assets	168,554	153,647
Financial liabilities:
Other liabilities	169,669	151,642
Fair Value | Level 1
Financial assets:
Cash, cash equivalents, and restricted cash	977,071	1,092,900
Fair Value | Level 2
Financial assets:
Investment securities available-for-sale	3,734,229	3,846,537
Investment securities held-to-maturity, net	949,727	985,931
Loans, held for sale	26,858	29,268
Stock in FHLB of Pittsburgh	15,526	15,398
Accrued interest receivable	88,310	85,979
Financial liabilities:
Deposits	16,160,641	16,449,198
Borrowed funds	1,134,269	912,760
Accrued interest payable	37,911	46,684
Fair Value | Level 3
Financial assets:
Other investments	17,051	17,434
Loans and leases, net	12,829,259	12,514,431
Financial liabilities:
Standby letters of credit	754	814
Fair Value | Levels 2, 3
Financial assets:
Other assets	168,554	153,647
Financial liabilities:
Other liabilities	$ 169,669	$ 151,642

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DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Values of Derivative Instruments (Details) $ in Thousands	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($) instrument
Designated as Hedging Instrument
Derivative [Line Items]
Notional	$ 1,000,000	$ 750,000
Derivative asset	11,312	15,578
Derivatives not designated as hedging instruments
Derivative [Line Items]
Notional	6,582,948	5,997,253
Total derivatives	$ (1,115)	$ 2,005
Interest rate products | Designated as Hedging Instrument
Derivative [Line Items]
Count | instrument	13	9
Notional	$ 1,000,000	$ 750,000
Derivative asset	11,312	15,578
Interest rate products | Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative asset	155,994	136,924
Derivative liability	(155,994)	(136,924)
Interest rate products | Derivatives not designated as hedging instruments | Other assets
Derivative [Line Items]
Notional	2,547,154	2,428,306
Interest rate products | Derivatives not designated as hedging instruments | Other liabilities
Derivative [Line Items]
Notional	2,547,154	2,383,443
Interest rate lock commitments with customers | Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative asset	947	637
Derivative liability	0
Interest rate lock commitments with customers | Derivatives not designated as hedging instruments | Other assets
Derivative [Line Items]
Notional	54,818	34,651
Interest rate lock commitments with customers | Derivatives not designated as hedging instruments | Other liabilities
Derivative [Line Items]
Notional	150
Forward sale commitments | Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative asset	23	1
Derivative liability	(166)	(283)
Forward sale commitments | Derivatives not designated as hedging instruments | Other assets
Derivative [Line Items]
Notional	7,442	1,000
Forward sale commitments | Derivatives not designated as hedging instruments | Other liabilities
Derivative [Line Items]
Notional	43,880	37,348
FX forwards | Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative asset	234	429
Derivative liability	(83)	(409)
FX forwards | Derivatives not designated as hedging instruments | Other assets
Derivative [Line Items]
Notional	34,021	15,812
FX forwards | Derivatives not designated as hedging instruments | Other liabilities
Derivative [Line Items]
Notional	17,033	13,064
Risk participation agreements sold | Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative liability	(2)	(3)
Risk participation agreements sold | Derivatives not designated as hedging instruments | Other liabilities
Derivative [Line Items]
Notional	103,028	103,648
Risk participation agreements purchased | Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative asset	44	78
Risk participation agreements purchased | Derivatives not designated as hedging instruments | Other assets
Derivative [Line Items]
Notional	115,091	116,804
Financial derivatives related to sales of certain Visa Class B shares | Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative liability	(13,424)	(14,023)
Financial derivatives related to sales of certain Visa Class B shares | Derivatives not designated as hedging instruments | Other liabilities
Derivative [Line Items]
Notional	$ 113,177	$ 113,177

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DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Effect of Derivative Instruments on the Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Designated as Hedging Instrument
Derivative [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)	$ (6,433)	$ 332
Derivatives not designated as hedging instruments
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	2,926	2,732
Interest rate products | Designated as Hedging Instrument
Derivative [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)	(6,433)	332
Interest rate products | Derivatives not designated as hedging instruments
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	2,435	2,440
Interest rate lock commitments with customers | Derivatives not designated as hedging instruments
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	252	421
Forward sale commitments | Derivatives not designated as hedging instruments
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	114	(148)
FX forwards | Derivatives not designated as hedging instruments
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	159	16
Risk participation agreements | Derivatives not designated as hedging instruments
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (34)	$ 3

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DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) institution instrument	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) instrument
Derivative [Line Items]
Interest rate cash flow hedge expense reclassified to interest income (prior year less than)	$ 800	$ 100
Number of variable-rate to fixed-rate swap transactions | instrument	185		188
Minimum
Derivative [Line Items]
Remaining maturity period	1 year
Maximum
Derivative [Line Items]
Remaining maturity period	11 years
Swap Guarantee
Derivative [Line Items]
Number of financial institutions | institution	1
Aggregate fair value of swaps to customers	$ 6,900		$ 7,300
Interest rate swap
Derivative [Line Items]
Notional	$ 700,000		$ 700,000
Number of variable-rate to fixed-rate swap transactions | instrument	0		0
Cash
Derivative [Line Items]
Collateral value against obligations	$ 2,500
Designated as Hedging Instrument
Derivative [Line Items]
Notional	$ 1,000,000		$ 750,000
Designated as Hedging Instrument | Interest rate products
Derivative [Line Items]
Count | instrument	13		9
Purchase of derivatives	$ 19,700
Notional	$ 1,000,000		$ 750,000

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SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of segments	3

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SEGMENT INFORMATION - Schedule of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 261,622	$ 226,383
Noninterest income	75,857	63,127
Interest expense	86,344	43,851
Noninterest expenses	149,072	133,045
Provision for credit losses	15,138	29,011
Income before taxes	86,925	83,603
Income tax provision	21,202	20,941
Consolidated net income	65,723	62,662
Net (loss) income attributable to noncontrolling interest	(38)	258
Net income attributable to WSFS	65,761	62,404
Operating Segments
Segment Reporting Information [Line Items]
Revenues, Total	381,271	324,197
Total expenses	294,346	240,594
Income before taxes	86,925	83,603
Income tax provision	21,202	20,941
Consolidated net income	65,723	62,662
Net (loss) income attributable to noncontrolling interest	(38)	258
Net income attributable to WSFS	65,761	62,404
Capital expenditures for the period ended	4,233	856
Operating Segments | External Customers
Segment Reporting Information [Line Items]
Interest income	261,622	226,383
Noninterest income	75,857	63,127
Revenues, Total	337,479	289,510
Interest expense	86,344	43,851
Noninterest expenses	149,072	133,045
Provision for credit losses	15,138	29,011
Total expenses	250,554	205,907
Inter-Segment Eliminations
Segment Reporting Information [Line Items]
Interest income	35,877	27,221
Noninterest income	7,915	7,466
Revenues, Total	43,792	34,687
Interest expense	35,877	27,221
Noninterest expenses	7,915	7,466
Total expenses	43,792	34,687
WSFS Bank | Operating Segments
Segment Reporting Information [Line Items]
Revenues, Total	286,192	248,434
Total expenses	226,484	188,841
Income before taxes	59,708	59,593
Capital expenditures for the period ended	4,220	856
WSFS Bank | Operating Segments | External Customers
Segment Reporting Information [Line Items]
Interest income	256,133	221,285
Noninterest income	16,220	14,150
Revenues, Total	272,353	235,435
Interest expense	75,079	38,487
Noninterest expenses	106,632	100,949
Provision for credit losses	14,820	27,717
Total expenses	196,531	167,153
WSFS Bank | Inter-Segment Eliminations
Segment Reporting Information [Line Items]
Interest income	6,566	6,099
Noninterest income	7,273	6,900
Revenues, Total	13,839	12,999
Interest expense	29,311	21,122
Noninterest expenses	642	566
Total expenses	29,953	21,688
Cash Connect | Operating Segments
Segment Reporting Information [Line Items]
Revenues, Total	27,225	19,035
Total expenses	26,473	18,405
Income before taxes	752	630
Capital expenditures for the period ended	0	0
Cash Connect | Operating Segments | External Customers
Segment Reporting Information [Line Items]
Interest income	0	0
Noninterest income	26,350	18,179
Revenues, Total	26,350	18,179
Interest expense	0	0
Noninterest expenses	21,935	13,500
Provision for credit losses	0	0
Total expenses	21,935	13,500
Cash Connect | Inter-Segment Eliminations
Segment Reporting Information [Line Items]
Interest income	440	395
Noninterest income	435	461
Revenues, Total	875	856
Interest expense	3,129	3,559
Noninterest expenses	1,409	1,346
Total expenses	4,538	4,905
Wealth Management | Operating Segments
Segment Reporting Information [Line Items]
Revenues, Total	67,854	56,728
Total expenses	41,389	33,348
Income before taxes	26,465	23,380
Capital expenditures for the period ended	13	0
Wealth Management | Operating Segments | External Customers
Segment Reporting Information [Line Items]
Interest income	5,489	5,098
Noninterest income	33,287	30,798
Revenues, Total	38,776	35,896
Interest expense	11,265	5,364
Noninterest expenses	20,505	18,596
Provision for credit losses	318	1,294
Total expenses	32,088	25,254
Wealth Management | Inter-Segment Eliminations
Segment Reporting Information [Line Items]
Interest income	28,871	20,727
Noninterest income	207	105
Revenues, Total	29,078	20,832
Interest expense	3,437	2,540
Noninterest expenses	5,864	5,554
Total expenses	$ 9,301	$ 8,094

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SEGMENT INFORMATION - Schedule of Segment Information and Statement of Financial Condition (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 977,071	$ 1,092,900	$ 1,103,040	$ 837,258
Goodwill and intangible assets	885,898	885,898
Other segment assets	18,716,279	18,615,874
Total assets	20,579,248	20,594,672
WSFS Bank
Segment Reporting Information [Line Items]
Cash and cash equivalents	750,657	600,483
Goodwill and intangible assets	753,586	753,586
Other segment assets	18,278,973	18,191,585
Total assets	19,783,216	19,545,654
Cash Connect
Segment Reporting Information [Line Items]
Cash and cash equivalents	173,291	443,431
Goodwill and intangible assets	0	0
Other segment assets	15,798	15,654
Total assets	189,089	459,085
Wealth Management
Segment Reporting Information [Line Items]
Cash and cash equivalents	53,123	48,986
Goodwill and intangible assets	132,312	132,312
Other segment assets	421,508	408,635
Total assets	$ 606,943	$ 589,933

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COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Guarantor Obligations [Line Items]
Provision for credit losses	$ 15,138,000	$ 29,011,000
Allowance for credit losses	192,629,000	169,162,000	$ 186,126,000	$ 151,861,000
Unfunded Lending Commitment
Guarantor Obligations [Line Items]
Provision for credit losses	(300,000)	$ (200,000)
Allowance for credit losses	11,800,000		$ 12,100,000
Secondary Market Loan Sales
Guarantor Obligations [Line Items]
Provision for credit losses	$ 0
Number of loans repurchased | loan	1	0
Loans repurchase amount	$ 300,000

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CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,477,636
Other comprehensive (loss) income	(46,536)	$ 53,350
Less: Amounts reclassified from accumulated other comprehensive loss	3,620	4,079
Net current-period other comprehensive (loss) income	(42,916)	57,429
Ending balance	2,473,481
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(593,991)	(675,844)
Ending balance	(636,907)	(618,415)
Net change in investment securities available-for-sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(499,932)	(563,533)
Other comprehensive (loss) income	(40,007)	53,010
Less: Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive (loss) income	(40,007)	53,010
Ending balance	(539,939)	(510,523)
Net change in investment securities held-to-maturity
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(91,523)	(108,503)
Other comprehensive (loss) income	0	(1)
Less: Amounts reclassified from accumulated other comprehensive loss	3,669	4,166
Net current-period other comprehensive (loss) income	3,669	4,165
Ending balance	(87,854)	(104,338)
Net change in defined benefit plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4,614)	(4,482)
Other comprehensive (loss) income	(75)	12
Less: Amounts reclassified from accumulated other comprehensive loss	(49)	(47)
Net current-period other comprehensive (loss) income	(124)	(35)
Ending balance	(4,738)	(4,517)
Net change in fair value of derivatives used for cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,597	108
Other comprehensive (loss) income	(6,433)	332
Less: Amounts reclassified from accumulated other comprehensive loss	0	(40)
Net current-period other comprehensive (loss) income	(6,433)	292
Ending balance	(4,836)	400
Net change in equity method investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	481	566
Other comprehensive (loss) income	(21)	(3)
Less: Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive (loss) income	(21)	(3)
Ending balance	$ 460	$ 563

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CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components of Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income taxes	$ (21,202)	$ (20,941)
Income before taxes	86,925	83,603
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,620	4,079
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net change in investment securities available-for-sale
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net unrealized losses to income during the period	4,827	5,481
Income taxes	(1,158)	(1,315)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,669	4,166
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Prior service credits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service credits	(19)	(19)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Actuarial gains
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Actuarial gains	(45)	(43)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amortization of defined benefit pension plan-related items:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income taxes	15	15
Income before taxes	(64)	(62)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(49)	(47)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net unrealized gains on terminated cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net unrealized losses to income during the period	0	(52)
Income taxes	0	12
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 0	$ (40)

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LEGAL AND OTHER PROCEEDINGS (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Additions to other significant pending legal or other proceedings	$ 0