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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 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 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 and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, 2024 |  | Three Months Ended September 30, 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 |  | $ | 267,430 |  |  | $ | — |  |  | $ | 5,954 |  |  | $ | 273,384 |  |  | $ | 245,520 |  |  | $ | — |  |  | $ | 5,619 |  |  | $ | 251,139 |
Noninterest income |  | 21,338 |  |  | 31,805 |  |  | 37,015 |  |  | 90,158 |  |  | 18,371 |  |  | 21,231 |  |  | 33,066 |  |  | 72,668 |
Total external customer revenues |  | 288,768 |  |  | 31,805 |  |  | 42,969 |  |  | 363,542 |  |  | 263,891 |  |  | 21,231 |  |  | 38,685 |  |  | 323,807 |
Inter-segment revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 8,587 |  |  | 293 |  |  | 28,414 |  |  | 37,294 |  |  | 7,213 |  |  | 340 |  |  | 27,011 |  |  | 34,564 |
Noninterest income |  | 8,901 |  |  | 468 |  |  | 227 |  |  | 9,596 |  |  | 7,384 |  |  | 499 |  |  | 190 |  |  | 8,073 |
Total inter-segment revenues |  | 17,488 |  |  | 761 |  |  | 28,641 |  |  | 46,890 |  |  | 14,597 |  |  | 839 |  |  | 27,201 |  |  | 42,637 |
Total revenue |  | 306,256 |  |  | 32,566 |  |  | 71,610 |  |  | 410,432 |  |  | 278,488 |  |  | 22,070 |  |  | 65,886 |  |  | 366,444 |
External customer expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | 86,768 |  |  | — |  |  | 9,112 |  |  | 95,880 |  |  | 60,133 |  |  | — |  |  | 8,404 |  |  | 68,537 |
Noninterest expenses |  | 118,219 |  |  | 24,481 |  |  | 21,023 |  |  | 163,723 |  |  | 105,655 |  |  | 15,524 |  |  | 18,510 |  |  | 139,689 |
Provision for (release of) credit losses |  | 18,426 |  |  | — |  |  | (4) |  |  | 18,422 |  |  | 18,544 |  |  | — |  |  | (130) |  |  | 18,414 |
Total external customer expenses |  | 223,413 |  |  | 24,481 |  |  | 30,131 |  |  | 278,025 |  |  | 184,332 |  |  | 15,524 |  |  | 26,784 |  |  | 226,640 |
Inter-segment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | 28,707 |  |  | 4,885 |  |  | 3,702 |  |  | 37,294 |  |  | 27,351 |  |  | 4,068 |  |  | 3,145 |  |  | 34,564 |
Noninterest expenses |  | 695 |  |  | 1,571 |  |  | 7,330 |  |  | 9,596 |  |  | 689 |  |  | 1,391 |  |  | 5,993 |  |  | 8,073 |
Total inter-segment expenses |  | 29,402 |  |  | 6,456 |  |  | 11,032 |  |  | 46,890 |  |  | 28,040 |  |  | 5,459 |  |  | 9,138 |  |  | 42,637 |
Total expenses |  | 252,815 |  |  | 30,937 |  |  | 41,163 |  |  | 324,915 |  |  | 212,372 |  |  | 20,983 |  |  | 35,922 |  |  | 269,277 |
Income before taxes |  | $ | 53,441 |  |  | $ | 1,629 |  |  | $ | 30,447 |  |  | $ | 85,517 |  |  | $ | 66,116 |  |  | $ | 1,087 |  |  | $ | 29,964 |  |  | $ | 97,167 |
Income tax provision |  |  |  |  |  |  |  | 21,108 |  |  |  |  |  |  |  |  | 22,904 |
Consolidated net income |  |  |  |  |  |  |  | 64,409 |  |  |  |  |  |  |  |  | 74,263 |
Net (loss) income attributable to noncontrolling interest |  |  |  |  |  |  |  | (26) |  |  |  |  |  |  |  |  | 97 |
Net income attributable to WSFS |  |  |  |  |  |  |  | $ | 64,435 |  |  |  |  |  |  |  |  | $ | 74,166 |
Supplemental Information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures for the period ended |  | $ | 2,896 |  |  | $ | 124 |  |  | $ | 618 |  |  | $ | 3,638 |  |  | $ | 1,131 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 1,141 |
|  | Nine Months Ended September 30, 2024 |  | Nine Months Ended September 30, 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 |  | $ | 782,950 |  |  | $ | — |  |  | $ | 17,293 |  |  | $ | 800,243 |  |  | $ | 703,210 |  |  | $ | — |  |  | $ | 16,081 |  |  | $ | 719,291 |
Noninterest income |  | 60,198 |  |  | 89,155 |  |  | 108,260 |  |  | 257,613 |  |  | 46,610 |  |  | 59,402 |  |  | 96,654 |  |  | 202,666 |
Total external customer revenues |  | 843,148 |  |  | 89,155 |  |  | 125,553 |  |  | 1,057,856 |  |  | 749,820 |  |  | 59,402 |  |  | 112,735 |  |  | 921,957 |
Inter-segment revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 23,132 |  |  | 1,119 |  |  | 84,606 |  |  | 108,857 |  |  | 20,037 |  |  | 1,058 |  |  | 72,686 |  |  | 93,781 |
Noninterest income |  | 24,662 |  |  | 1,381 |  |  | 698 |  |  | 26,741 |  |  | 21,545 |  |  | 1,455 |  |  | 389 |  |  | 23,389 |
Total inter-segment revenues |  | 47,794 |  |  | 2,500 |  |  | 85,304 |  |  | 135,598 |  |  | 41,582 |  |  | 2,513 |  |  | 73,075 |  |  | 117,170 |
Total revenue |  | 890,942 |  |  | 91,655 |  |  | 210,857 |  |  | 1,193,454 |  |  | 791,402 |  |  | 61,915 |  |  | 185,810 |  |  | 1,039,127 |
External customer expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | 241,528 |  |  | — |  |  | 31,484 |  |  | 273,012 |  |  | 152,582 |  |  | — |  |  | 19,733 |  |  | 172,315 |
Noninterest expenses |  | 335,488 |  |  | 70,358 |  |  | 62,717 |  |  | 468,563 |  |  | 314,751 |  |  | 43,562 |  |  | 55,674 |  |  | 413,987 |
Provision for credit losses |  | 53,046 |  |  | — |  |  | 328 |  |  | 53,374 |  |  | 62,589 |  |  | — |  |  | 666 |  |  | 63,255 |
Total external customer expenses |  | 630,062 |  |  | 70,358 |  |  | 94,529 |  |  | 794,949 |  |  | 529,922 |  |  | 43,562 |  |  | 76,073 |  |  | 649,557 |
Inter-segment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | 85,725 |  |  | 12,308 |  |  | 10,824 |  |  | 108,857 |  |  | 73,744 |  |  | 11,478 |  |  | 8,559 |  |  | 93,781 |
Noninterest expenses |  | 2,079 |  |  | 4,630 |  |  | 20,032 |  |  | 26,741 |  |  | 1,844 |  |  | 4,221 |  |  | 17,324 |  |  | 23,389 |
Total inter-segment expenses |  | 87,804 |  |  | 16,938 |  |  | 30,856 |  |  | 135,598 |  |  | 75,588 |  |  | 15,699 |  |  | 25,883 |  |  | 117,170 |
Total expenses |  | 717,866 |  |  | 87,296 |  |  | 125,385 |  |  | 930,547 |  |  | 605,510 |  |  | 59,261 |  |  | 101,956 |  |  | 766,727 |
Income before taxes |  | $ | 173,076 |  |  | $ | 4,359 |  |  | $ | 85,472 |  |  | $ | 262,907 |  |  | $ | 185,892 |  |  | $ | 2,654 |  |  | $ | 83,854 |  |  | $ | 272,400 |
Income tax provision |  |  |  |  |  |  |  | 63,567 |  |  |  |  |  |  |  |  | 66,880 |
Consolidated net income |  |  |  |  |  |  |  | 199,340 |  |  |  |  |  |  |  |  | 205,520 |
Net (loss) income attributable to noncontrolling interest |  |  |  |  |  |  |  | (129) |  |  |  |  |  |  |  |  | 272 |
Net income attributable to WSFS |  |  |  |  |  |  |  | $ | 199,469 |  |  |  |  |  |  |  |  | $ | 205,248 |
Supplemental Information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures for the period ended |  | $ | 9,289 |  |  | $ | 247 |  |  | $ | 1,059 |  |  | $ | 10,595 |  |  | $ | 2,943 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 2,953 |
The following table shows significant components of segment net assets as of September 30, 2024 and December 31, 2023:
|  | September 30, 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 |  | $ | 585,912 |  |  | $ | 366,675 |  |  | $ | 38,331 |  |  | $ | 990,918 |  |  | $ | 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 |  | 18,574,502 |  |  | 17,097 |  |  | 436,794 |  |  | 19,028,393 |  |  | 18,191,585 |  |  | 15,654 |  |  | 408,635 |  |  | 18,615,874 |
Total segment assets |  | $ | 19,914,000 |  |  | $ | 383,772 |  |  | $ | 607,437 |  |  | $ | 20,905,209 |  |  | $ | 19,545,654 |  |  | $ | 459,085 |  |  | $ | 589,933 |  |  | $ | 20,594,672 |

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