WSFS FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
WSFS$79.94+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands, except per share data) | 2023 | 2022 | 2021 |
| Interest income: | |||
| Interest and fees on loans and leases | $845,271 | $582,754 | $393,248 |
| Interest on mortgage-backed securities | 107,555 | 106,606 | 55,802 |
| Interest and dividends on investment securities: | |||
| Taxable | 2,803 | 2,812 | 2,805 |
| Tax-exempt | 5,980 | 4,087 | 2,719 |
| Other interest income | 14,913 | 7,556 | 1,795 |
| 976,522 | 703,815 | 456,369 | |
| Interest expense: | |||
| Interest on deposits | 209,820 | 28,181 | 14,923 |
| Interest on Federal Home Loan Bank advances | 5,348 | 538 | 5 |
| Interest on senior and subordinated debt | 9,815 | 8,246 | 6,497 |
| Interest on trust preferred borrowings | 6,736 | 3,482 | 1,274 |
| Interest on federal funds purchased | 1,673 | 443 | — |
| Interest on other borrowings | 18,027 | 35 | 21 |
| 251,419 | 40,925 | 22,720 | |
| Net interest income | 725,103 | 662,890 | 433,649 |
| Provision for (recovery of) credit losses | 88,071 | 48,089 | (117,087) |
| Net interest income after provision for (recovery of) credit losses | 637,032 | 614,801 | 550,736 |
| Noninterest income: | |||
| Credit/debit card and ATM income | 59,718 | 40,088 | 29,479 |
| Investment management and fiduciary revenue | 131,050 | 121,608 | 62,348 |
| Deposit service charges | 25,393 | 24,484 | 22,090 |
| Mortgage banking activities, net | 4,799 | 7,271 | 23,216 |
| Loan and lease fee income | 5,718 | 6,275 | 7,533 |
| Security gains, net | — | — | 331 |
| Unrealized gains on equity investments, net | 329 | 5,980 | 5,141 |
| Realized gain (loss) on sale of equity investment, net | 9,493 | — | (706) |
| Bank owned life insurance income | 4,642 | 1,804 | 1,251 |
| Other income | 48,729 | 52,624 | 34,797 |
| 289,871 | 260,134 | 185,480 | |
| Noninterest expense: | |||
| Salaries, benefits and other compensation | 289,193 | 283,905 | 214,167 |
| Occupancy expense | 42,184 | 40,885 | 32,802 |
| Equipment expense | 42,242 | 40,994 | 29,040 |
| Professional fees | 21,200 | 18,497 | 15,614 |
| Data processing and operations expenses | 19,054 | 20,876 | 14,074 |
| Marketing expense | 7,914 | 7,230 | 5,413 |
| FDIC expenses | 15,887 | 6,098 | 4,081 |
| Loan workout and other credit costs | 852 | 702 | 663 |
| Corporate development expense | 3,931 | 42,749 | 11,676 |
| Restructuring expense | (230) | 22,473 | 1,346 |
| Recovery of legal settlement | — | — | (15,000) |
| Loss on early extinguishment of debt | — | — | 1,087 |
| Other operating expense | 119,406 | 89,917 | 63,553 |
| 561,633 | 574,326 | 378,516 | |
| Income before taxes | 365,270 | 300,609 | 357,700 |
| Income tax provision | 96,245 | 77,961 | 86,095 |
| Net income | $269,025 | $222,648 | $271,605 |
| Less: Net (loss) income attributable to noncontrolling interest | (131) | 273 | 163 |
| Net income attributable to WSFS | $269,156 | $222,375 | $271,442 |
| Basic earnings per share | $4.40 | $3.50 | $5.71 |
| Diluted earnings per share | $4.40 | $3.49 | $5.69 |
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