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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Interest and fees on loans and leases $ 230,815 $ 207,884 $ 455,518 $ 401,608
Interest on mortgage-backed securities 25,784 27,130 51,681 54,656
Interest and dividends on investment securities:        
Taxable 699 700 1,399 1,404
Tax-exempt 1,484 1,482 2,968 3,015
Other interest income 6,455 4,573 15,293 7,469
Total interest income 265,237 241,769 526,859 468,152
Interest expense:        
Interest on deposits 76,693 50,054 149,488 85,246
Interest on Federal Home Loan Bank advances 359 1,597 667 4,968
Interest on senior and subordinated debt 2,441 2,334 4,890 4,907
Interest on federal funds purchased 41 0 41 1,139
Interest on trust preferred borrowings 1,750 1,635 3,506 3,190
Interest on other borrowings 9,504 4,307 18,540 4,328
Total interest expense 90,788 59,927 177,132 103,778
Net interest income 174,449 181,842 349,727 364,374
Provision for credit losses 19,814 15,830 34,952 44,841
Net interest income after provision for credit losses 154,635 166,012 314,775 319,533
Noninterest income:        
Loan and lease fee income 1,706 1,190 3,229 2,562
Unrealized loss on equity investments, net 0 0 0 (4)
Realized gain on sale of equity investments, net 2,130 0 2,130 0
Bank owned life insurance income 793 760 1,993 2,270
Total non interest income 91,598 66,871 167,455 129,998
Noninterest expense:        
Salaries, benefits and other compensation 83,249 72,367 159,055 145,216
Occupancy expense 9,387 10,132 18,866 20,540
Equipment expense 12,054 10,810 22,746 20,602
Data processing and operations expenses 4,807 4,771 8,467 9,495
Professional fees 4,781 6,118 9,262 10,557
Marketing expense 2,020 2,165 3,802 3,881
FDIC expenses 2,390 2,863 6,372 5,445
Loan workout and other credit costs (1,278) 536 (207) 481
Corporate development expense 158 2,796 366 3,536
Restructuring expense 0 (26) 0 (787)
Other operating expense 38,200 28,721 76,111 55,332
Noninterest expenses 155,768 141,253 304,840 274,298
Income before taxes 90,465 91,630 177,390 175,233
Income tax provision 21,257 23,035 42,459 43,976
Net income 69,208 68,595 134,931 131,257
Less: Net (loss) income attributable to noncontrolling interest (65) (83) (103) 175
Net income attributable to WSFS $ 69,273 $ 68,678 $ 135,034 $ 131,082
Earnings per share:        
Basic (in dollars per share) $ 1.16 $ 1.12 $ 2.25 $ 2.13
Diluted (in dollars per share) $ 1.16 $ 1.12 $ 2.24 $ 2.13
Weighted average shares of common stock outstanding:        
Basic (in shares) 59,833,207 61,348,200 60,092,704 61,429,008
Diluted (in shares) 59,958,628 61,414,273 60,237,232 61,526,331
Total credit/debit card and ATM income        
Noninterest income:        
Noninterest income $ 23,875 $ 14,430 $ 43,544 $ 27,791
Investment management and fiduciary income        
Noninterest income:        
Noninterest income 37,606 32,379 70,534 62,855
Deposit service charges        
Noninterest income:        
Noninterest income 6,496 6,277 12,983 12,316
Mortgage banking activities, net        
Noninterest income:        
Noninterest income 2,217 1,304 3,864 2,426
Total other income        
Noninterest income:        
Noninterest income $ 16,775 $ 10,531 $ 29,178 $ 19,782