v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income $ 260,485 $ 214,555
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 11,439 36,537
Depreciation of premises and equipment, net 12,272 8,916
Accretion of fees and discounts, net (20,230) (19,259)
Amortization of intangible assets 10,946 11,571
Amortization of right-of-use lease assets 6,711 6,664
Decrease in operating lease liability (8,660) (8,096)
Income from mortgage banking activities, net (4,655) (6,232)
Loss on sale of other real estate owned and valuation adjustments, net 1,999 887
Stock-based compensation expense 10,477 9,442
Unrealized loss on equity investments, net 4,134 0
Realized gain on sale of equity investments, net (305) (957)
Gain on sale of WSFS Wealth Management, LLC business 0 (386)
Gain on sale of credit card portfolio (1,606) 0
Deferred income tax benefit 1,411 11,537
(Increase) decrease in accrued interest receivable (886) 5,159
(Increase) decrease in other assets (101,924) 72,546
Origination of loans held for sale (312,814) (346,048)
Proceeds from sales of loans held for sale 185,424 369,741
Increase in value of bank owned life insurance (1,579) (407)
Increase in capitalized interest, net (794) (1,681)
Increase (decrease) in accrued interest payable 570 (12,431)
Increase (decrease) in other liabilities 191,823 (184,604)
Net cash provided by operating activities 244,238 167,454
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 52,918 47,055
Purchases of investment securities available-for-sale (694,240) (100,351)
Repayments, maturities and calls of investment securities available-for-sale 359,734 286,976
Proceeds from bank-owned life insurance death benefit 108 241
Net (increase) decrease in loans (254,343) 166,963
Proceeds from sale of credit card portfolio 34,349 0
Net cash from sale of WSFS Wealth Management, LLC business 0 2,425
Purchases of stock of Federal Home Loan Bank of Pittsburgh (552,020) (366,045)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 551,726 357,701
Sales of other real estate owned 216 4,725
Investment in premises and equipment (9,827) (5,639)
Net cash (used in) provided by investing activities (511,379) 394,051
Financing activities:    
Net increase in demand and saving deposits 852,962 240,482
Decrease in time deposits (109,934) (51,885)
Receipts from FHLB advances 13,100,000 9,200,000
Repayments of FHLB advances (13,100,000) (9,251,040)
Repurchase of noncontrolling interest (203) 0
Cash dividend (29,629) (27,911)
Issuance of common stock including proceeds from exercise of common stock options (2,227) (2,951)
Redemption of subordinated debt 0 (70,000)
Repurchases of common stock (212,725) (179,918)
Net cash provided by (used in) financing activities 498,244 (143,223)
Increase in cash, cash equivalents, and restricted cash 231,103 418,282
Cash, cash equivalents, and restricted cash at beginning of period 1,699,154 1,154,818
Cash, cash equivalents, and restricted cash at end of period 1,930,257 1,573,100
Cash paid during the period for:    
Interest 195,150 236,186
Income taxes [1] 55,591 50,227
Non-cash information:    
Loans transferred to other real estate owned 13,894 485
Loans transferred to portfolio from held for sale at fair value $ 167,772 $ (32,854)
[1] Includes $18.4 million and $11.4 million related to the purchase of renewable energy tax credits for the nine months ended September 30, 2026 and September 30, 2025, respectively.