WSFS FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
WSFS$79.94+0.1%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows for the and
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | ||
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| Operating activities: | ||
| Net income | $65,723 | $62,662 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 15,138 | 29,011 |
| Depreciation of premises and equipment, net | 4,100 | 4,327 |
| Accretion of fees and discounts, net | (5,380) | (6,358) |
| Amortization of intangible assets | 3,931 | 3,845 |
| Amortization of right-of-use lease assets | 2,837 | 3,905 |
| Decrease in operating lease liability | (2,627) | (3,170) |
| Income from mortgage banking activities, net | (1,647) | (1,122) |
| Loss on sale of other real estate owned and valuation adjustments, net | 23 | — |
| Stock-based compensation expense | 2,455 | 3,185 |
| Unrealized loss on equity investments, net | — | 4 |
| Deferred income tax benefit | 5,239 | 1,484 |
| Increase in accrued interest receivable | (2,331) | (2,908) |
| (Increase) decrease in other assets | (16,346) | 47,058 |
| Origination of loans held for sale | (67,083) | (58,269) |
| Proceeds from sales of loans held for sale | 60,776 | 36,986 |
| Decrease in value of bank owned life insurance | 54 | 1,028 |
| Increase in capitalized interest, net | (332) | (315) |
| (Decrease) increase in accrued interest payable | (8,773) | 9,961 |
| Increase (decrease) in other liabilities | 57,109 | (101,123) |
| Net cash provided by operating activities | $112,866 | $30,191 |
| Investing activities: | ||
| Repayments, maturities and calls of investment securities held-to-maturity | 13,084 | 21,721 |
| Purchases of investment securities available-for-sale | (17,231) | (4,824) |
| Repayments, maturities and calls of investment securities available-for-sale | 76,084 | 80,343 |
| Net increase in loans | (117,639) | (129,561) |
| Purchase of loans held-for-investment | (92,358) | (88,455) |
| Purchases of stock of Federal Home Loan Bank of Pittsburgh | (6,168) | (92,439) |
| Redemptions of stock of Federal Home Loan Bank of Pittsburgh | 6,040 | 74,433 |
| Sales of other real estate owned | 359 | — |
| Investment in premises and equipment | (4,233) | (856) |
| Sales of premises and equipment | — | 3 |
| Net cash used in investing activities | $(142,062) | $(139,635) |
| Three Months Ended March 31, | ||
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| Financing activities: | ||
| Net decrease in demand and saving deposits | $(351,025) | $(560,596) |
| Increase in time deposits | 110,523 | 350,922 |
| (Decrease) increase in brokered deposits | (51,676) | 186,718 |
| Receipts from FHLB advances | 1,950,000 | 4,153,000 |
| Repayments of FHLB advances | (1,950,000) | (3,703,000) |
| Receipts from federal funds purchased | — | 5,150,000 |
| Repayments of federal funds purchased | — | (5,150,000) |
| Receipts from Bank Term Funding Program | 235,000 | — |
| Distributions to noncontrolling shareholders | — | (49) |
| Cash dividend | (9,069) | (9,255) |
| Issuance of common stock including proceeds from exercise of common stock options | 599 | 362 |
| Redemption of senior and subordinated debt | — | (30,000) |
| Repurchases of common shares | (20,985) | (12,876) |
| Net cash used in financing activities | $(86,633) | $375,226 |
| (Decrease) increase in cash, cash equivalents, and restricted cash | (115,829) | 265,782 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,092,900 | 837,258 |
| Cash, cash equivalents, and restricted cash at end of period | $977,071 | $1,103,040 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid during the period for: | ||
| Interest | $95,118 | $33,890 |
| Income taxes | 2,289 | 455 |
| Non-cash information: | ||
| Loans transferred to other real estate owned | $— | $298 |
| Loans transferred to portfolio from held-for-sale at fair value | 9,252 | 23,476 |
| Available-for-sale securities purchased, not settled | 1,236 | — |
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