v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
13. 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 maker (CODM) 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 and Trust.
The WSFS Bank segment provides financial products to Commercial and Consumer Clients. 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 Clients 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 Clients of Cash Connect®.
The Wealth and Trust 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 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.
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.
The following table shows segment results for the three months ended June 30, 2026 and 2025, and represent amounts included in management's reports that are regularly provided to the Company's CODM: Rodger Levenson, Chairman, President and Chief Executive Officer. The CODM evaluates performance based on pretax net income relative to resources used, and allocates resources based on these results.
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
and Trust		TotalWSFS Bank
Cash
Connect®
Wealth
and Trust		Total
Statements of Income
External client revenues:
Interest income$250,111 $— $6,725 $256,836 $246,891 $— $6,299 $253,190 
Interest expense56,481 — 7,855 64,336 66,142 — 7,553 73,695 
Net interest income193,630 — (1,130)192,500 180,749 — (1,254)179,495 
Noninterest income15,967 22,222 51,779 89,968 19,475 24,301 44,233 88,009 
Total external client revenues209,597 22,222 50,649 282,468 200,224 24,301 42,979 267,504 
Inter-segment revenues:
Interest income7,001 437 36,407 43,845 7,950 465 28,107 36,522 
Interest expense36,844 3,404 3,597 43,845 28,572 4,077 3,873 36,522 
Net interest income(29,843)(2,967)32,810 — (20,622)(3,612)24,234 — 
Noninterest income9,054 473 576 10,103 9,105 452 304 9,861 
Total inter-segment revenues(20,789)(2,494)33,386 10,103 (11,517)(3,160)24,538 9,861 
Total revenue188,808 19,728 84,035 292,571 188,707 21,141 67,517 277,365 
External client expenses:
Provision for credit losses3,227 6 1,811 5,044 8,172 — 4,449 12,621 
Noninterest expenses:
Salaries, benefits and other compensation75,152 2,609 18,006 95,767 70,136 2,587 16,422 89,145 
Occupancy expense8,315 — (6)8,309 8,501 — 328 8,829 
Equipment expense10,249 325 3,087 13,661 11,290 420 2,488 13,778 
Professional fees2,941 159 1,652 4,752 3,456 148 2,755 6,211 
Other segment items(1)
27,397 12,190 4,224 43,811 24,886 13,108 2,818 41,380 
Total external client expenses127,281 15,289 28,774 171,344 126,441 16,263 29,260 171,964 
Inter-segment expenses:
Noninterest expenses1,049 1,487 7,567 10,103 756 1,585 7,520 9,861 
Total inter-segment expenses1,049 1,487 7,567 10,103 756 1,585 7,520 9,861 
Total expenses128,330 16,776 36,341 181,447 127,197 17,848 36,780 181,825 
Income before taxes$60,478 $2,952 $47,694 $111,124 $61,510 $3,293 $30,737 $95,540 
Income tax provision26,795 23,319 
Consolidated net income84,329 72,221 
Net loss attributable to noncontrolling interest(69)(105)
Net income attributable to WSFS$84,398 $72,326 
Supplemental Information
Capital expenditures for the period ended$1,735 $— $— $1,735 $1,774 $67 $135 $1,976 
(1)Other segment items for each reportable segment includes:
WSFS Bank - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, corporate development expense, restructuring expense, and certain other noninterest expenses.
Cash Connect® - data processing and operation expense, marketing expense, and certain other noninterest expenses, which includes external funding costs.
Wealth and Trust - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
and Trust		TotalWSFS Bank
Cash
Connect®
Wealth
and Trust		Total
Statements of Income
External client revenues:
Interest income492,842 — 13,203 506,045 491,768 — 12,300 504,068 
Interest expense112,728 — 15,681 128,409 134,075 — 15,282 149,357 
Net interest income380,114 — (2,478)377,636 357,693 — (2,982)354,711 
Noninterest income34,694 44,047 101,342 180,083 36,170 48,836 83,900 168,906 
Total external client revenues414,808 44,047 98,864 557,719 393,863 48,836 80,918 523,617 
Inter-segment revenues:
Interest income13,521 895 68,706 83,122 15,484 886 53,749 70,119 
Interest expense69,601 6,491 7,030 83,122 54,635 7,974 7,510 70,119 
Net interest income(56,080)(5,596)61,676 — (39,151)(7,088)46,239 — 
Noninterest income17,954 878 1,056 19,888 17,327 850 518 18,695 
Total inter-segment revenues(38,126)(4,718)62,732 19,888 (21,824)(6,238)46,757 18,695 
Total revenue376,682 39,329 161,596 577,607 372,039 42,598 127,675 542,312 
External client expenses:
Provision for (release of) credit losses82 (70)3,034 3,046 24,683 — 5,288 29,971 
Noninterest expenses:
Salaries, benefits and other compensation146,834 5,072 35,748 187,654 134,073 5,208 32,341 171,622 
Occupancy expense18,472 — (24)18,448 18,026 — 696 18,722 
Equipment expense20,295 738 5,900 26,933 21,336 887 5,170 26,506 
Professional fees5,825 198 2,847 8,870 6,641 243 4,268 10,909 
Other segment items(1)
55,783 24,424 6,953 87,160 48,342 28,383 5,524 83,379 
Total external client expenses247,291 30,362 54,458 332,111 253,101 34,721 53,287 341,109 
Inter-segment expenses:
Noninterest expenses1,934 3,002 14,952 19,888 1,368 3,030 14,297 18,695 
Total inter-segment expenses1,934 3,002 14,952 19,888 1,368 3,030 14,297 18,695 
Total expenses249,225 33,364 69,410 351,999 254,469 37,751 67,584 359,804 
Income before taxes$127,457 $5,965 $92,186 225,608 $117,570 $4,847 $60,091 182,508 
Income tax provision54,434 44,420 
Consolidated net income171,174 138,088 
Net loss attributable to noncontrolling interest(51)(134)
Net income attributable to WSFS171,225 138,222 
Supplemental Information
Capital expenditures for the period ended2,620 — — 2,620 3,795 109 503 4,407 
(1)Other segment items for each reportable segment includes:
WSFS Bank - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, corporate development expense, restructuring expense, and certain other noninterest expenses.
Cash Connect® - data processing and operation expense, marketing expense, and certain other noninterest expenses, which includes external funding costs.
Wealth and Trust - data processing and operation expense, marketing expense, FDIC expense, loan workout and other credit costs, and certain other noninterest expenses.
The following table shows significant components of segment net assets as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
and Trust		TotalWSFS Bank
Cash
Connect®
Wealth
and Trust		Total
Statements of Financial Condition
Cash and cash equivalents$2,137,644 $387,730 $45,262 $2,570,636 $1,296,675 $355,854 $46,625 $1,699,154 
Goodwill753,586 — 131,638 885,224 753,586 — 131,638 885,224 
Other segment assets18,654,877 6,997 536,214 19,198,088 18,214,198 7,827 507,673 18,729,698 
Total segment assets$21,546,107 $394,727 $713,114 $22,653,948 $20,264,459 $363,681 $685,936 $21,314,076