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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