WSFS FINANCIAL CORP
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 6, 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 Cash Flows for the and
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| Operating activities: | ||
| Net income | $199,340 | $205,520 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 53,374 | 63,255 |
| Depreciation of premises and equipment, net | 10,678 | 13,552 |
| Accretion of fees and discounts, net | (17,825) | (20,891) |
| Amortization of intangible assets | 11,784 | 11,596 |
| Amortization of right-of-use lease assets | 7,713 | 11,559 |
| Decrease in operating lease liability | (8,115) | (9,328) |
| Income from mortgage banking activities, net | (5,931) | (3,680) |
| Loss on sale of other real estate owned and valuation adjustments, net | 296 | 195 |
| Stock-based compensation expense | 8,990 | 7,211 |
| Unrealized loss on equity investments, net | — | 9 |
| Realized gain on sale of equity investments, net | (2,186) | — |
| Deferred income tax benefit | (1,989) | (1,681) |
| Increase in accrued interest receivable | (1,381) | (7,461) |
| Increase in other assets | (28,889) | (42,228) |
| Origination of loans held for sale | (281,945) | (206,979) |
| Proceeds from sales of loans held for sale | 229,224 | 144,990 |
| Decrease in value of bank owned life insurance | 376 | 511 |
| Increase in capitalized interest, net | (1,038) | (1,702) |
| Increase in accrued interest payable | 26,734 | 37,307 |
| (Decrease) increase in other liabilities | (38,351) | 86,052 |
| Net cash provided by operating activities | $160,859 | $287,807 |
| Investing activities: | ||
| Repayments, maturities and calls of investment securities held-to-maturity | 45,827 | 57,826 |
| Purchases of investment securities available-for-sale | (51,641) | (21,080) |
| Repayments, maturities and calls of investment securities available-for-sale | 262,808 | 269,156 |
| Proceeds from bank-owned life insurance death benefit | 112 | — |
| Proceeds from bank-owned life insurance surrender | 6,616 | — |
| Net increase in loans | (272,276) | (486,508) |
| Net cash paid for business combinations | — | (3,000) |
| Purchase of loans held-for-investment | (269,635) | (238,047) |
| Purchases of stock of Federal Home Loan Bank of Pittsburgh | (360,603) | (119,479) |
| Redemptions of stock of Federal Home Loan Bank of Pittsburgh | 358,504 | 131,396 |
| Sales of other real estate owned | 550 | 833 |
| Investment in premises and equipment | (10,595) | (2,953) |
| Sales of premises and equipment | — | 3 |
| Net cash used in investing activities | $(290,333) | $(411,853) |
| Nine Months Ended September 30, | ||
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| Financing activities: | ||
| Net decrease in demand and saving deposits | $(352,369) | $(816,546) |
| Increase in time deposits | 358,483 | 612,672 |
| Decrease in brokered deposits | (51,676) | (33,486) |
| Receipts from FHLB advances | 10,849,997 | 5,945,000 |
| Repayments of FHLB advances | (10,806,839) | (6,295,000) |
| Receipts from federal funds purchased | 380,001 | 6,033,000 |
| Repayments of federal funds purchased | (380,001) | (6,008,000) |
| Receipts from Bank Term Funding Program | 135,000 | 565,000 |
| Distributions to noncontrolling shareholders | (3,299) | (4,462) |
| Cash dividend | (26,983) | (27,633) |
| Issuance of common stock including proceeds from exercise of common stock options | 337 | 2,420 |
| Redemption of senior and subordinated debt | — | (30,000) |
| Repurchases of common shares | (75,159) | (44,697) |
| Net cash (used in) provided by financing activities | $27,492 | $(101,732) |
| Decrease in cash, cash equivalents, and restricted cash | (101,982) | (225,778) |
| 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 | $990,918 | $611,480 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid during the period for: | ||
| Interest | $246,279 | $135,008 |
| Income taxes | 56,638 | 72,789 |
| Non-cash information: | ||
| Loans transferred to other real estate owned | $282 | $298 |
| Loans transferred to portfolio from held-for-sale at fair value | 43,499 | 68,022 |
| Fair value of assets acquired, net of cash received | — | 7,993 |
| Fair value of liabilities assumed | — | 4,993 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.