WSFS FINANCIAL CORPWSFS
WSFS FINANCIAL CORP Segments Disclosure
21. 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 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 (previously referred to as the Wealth Management 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.
The Bryn Mawr Trust Company of Delaware 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 tables show segment results for the years ended December 31, 2025, 2024, and 2023, 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.
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth and Trust | Total | |||||||||||||||||||
| Statements of Income | |||||||||||||||||||||||
| External client revenues: | |||||||||||||||||||||||
| Interest income | $ | 994,072 | $ | — | $ | 25,616 | $ | 1,019,688 | |||||||||||||||
| Interest expense | 262,177 | — | 31,424 | 293,601 | |||||||||||||||||||
| Net interest income | 731,895 | — | (5,808) | 726,087 | |||||||||||||||||||
| Noninterest income | 71,121 | 97,359 | 171,418 | 339,898 | |||||||||||||||||||
| Total external client revenues | 803,016 | 97,359 | 165,610 | 1,065,985 | |||||||||||||||||||
| Inter-segment revenues: | |||||||||||||||||||||||
| Interest income | 30,769 | 1,826 | 115,557 | 148,152 | |||||||||||||||||||
| Interest expense | 117,383 | 15,534 | 15,235 | 148,152 | |||||||||||||||||||
| Net interest income | (86,614) | (13,708) | 100,322 | — | |||||||||||||||||||
| Noninterest income | 36,863 | 1,726 | 1,466 | 40,055 | |||||||||||||||||||
| Total inter-segment revenues | (49,751) | (11,982) | 101,788 | 40,055 | |||||||||||||||||||
| Total revenue | 753,265 | 85,377 | 267,398 | 1,106,040 | |||||||||||||||||||
| External client expenses: | |||||||||||||||||||||||
| Provision for credit losses | 42,856 | 87 | 6,263 | 49,206 | |||||||||||||||||||
| Noninterest expenses: | |||||||||||||||||||||||
| Salaries, benefits and other compensation | 280,180 | 10,042 | 66,609 | 356,831 | |||||||||||||||||||
| Occupancy expense | 34,761 | — | 799 | 35,560 | |||||||||||||||||||
| Equipment expense | 42,440 | — | 10,500 | 52,940 | |||||||||||||||||||
| Professional fees | 14,516 | — | 6,755 | 21,271 | |||||||||||||||||||
Other segment items(1) | 99,256 | 58,944 | 11,365 | 169,565 | |||||||||||||||||||
| Total external client expenses | 514,009 | 69,073 | 102,291 | 685,373 | |||||||||||||||||||
| Inter-segment expenses | |||||||||||||||||||||||
| Noninterest expenses | 3,192 | 6,476 | 30,387 | 40,055 | |||||||||||||||||||
| Total inter-segment expenses | 3,192 | 6,476 | 30,387 | 40,055 | |||||||||||||||||||
| Total expenses | 517,201 | 75,549 | 132,678 | 725,428 | |||||||||||||||||||
| Income before taxes | $ | 236,064 | $ | 9,828 | $ | 134,720 | $ | 380,612 | |||||||||||||||
| Income tax provision | 93,363 | ||||||||||||||||||||||
| Consolidated net income | $ | 287,249 | |||||||||||||||||||||
| Net loss attributable to noncontrolling interest | (100) | ||||||||||||||||||||||
| Net income attributable to WSFS | $ | 287,349 | |||||||||||||||||||||
| Supplemental Information | |||||||||||||||||||||||
| Capital expenditures for the period ended | $ | 5,771 | $ | 197 | $ | 420 | $ | 6,388 | |||||||||||||||
(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.
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.
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth and Trust | Total | |||||||||||||||||||
| Statements of Income | |||||||||||||||||||||||
| External client revenues: | |||||||||||||||||||||||
| Interest income | $ | 1,040,192 | $ | — | $ | 23,390 | $ | 1,063,582 | |||||||||||||||
| Interest expense | 318,484 | — | 39,660 | 358,144 | |||||||||||||||||||
| Net interest income | 721,708 | — | (16,270) | 705,438 | |||||||||||||||||||
| Noninterest income | 78,249 | 114,539 | 148,132 | 340,920 | |||||||||||||||||||
| Total external client revenues | 799,957 | 114,539 | 131,862 | 1,046,358 | |||||||||||||||||||
| Inter-segment revenues: | |||||||||||||||||||||||
| Interest income | 31,036 | 1,441 | 113,329 | 145,806 | |||||||||||||||||||
| Interest expense | 114,770 | 16,645 | 14,391 | 145,806 | |||||||||||||||||||
| Net interest income | (83,734) | (15,204) | 98,938 | — | |||||||||||||||||||
| Noninterest income | 33,933 | 1,835 | 1,112 | 36,880 | |||||||||||||||||||
| Total inter-segment revenues | (49,801) | (13,369) | 100,050 | 36,880 | |||||||||||||||||||
| Total revenue | 750,156 | 101,170 | 231,912 | 1,083,238 | |||||||||||||||||||
| External client expenses: | |||||||||||||||||||||||
| Provision for credit losses | 60,710 | — | 700 | 61,410 | |||||||||||||||||||
| Noninterest expenses: | |||||||||||||||||||||||
| Salaries, benefits and other compensation | 264,281 | 10,209 | 58,192 | 332,682 | |||||||||||||||||||
| Occupancy expense | 36,486 | 28 | 1,065 | 37,579 | |||||||||||||||||||
| Equipment expense | 38,607 | — | 9,137 | 47,744 | |||||||||||||||||||
| Professional fees | 15,286 | — | 4,878 | 20,164 | |||||||||||||||||||
Other segment items(1) | 104,180 | 83,641 | 11,699 | 199,520 | |||||||||||||||||||
| Total external client expenses | 519,550 | 93,878 | 85,671 | 699,099 | |||||||||||||||||||
| Inter-segment expenses | |||||||||||||||||||||||
| Noninterest expenses | 2,947 | 6,293 | 27,640 | 36,880 | |||||||||||||||||||
| Total inter-segment expenses | 2,947 | 6,293 | 27,640 | 36,880 | |||||||||||||||||||
| Total expenses | 522,497 | 100,171 | 113,311 | 735,979 | |||||||||||||||||||
| Income before taxes | $ | 227,659 | $ | 999 | $ | 118,601 | $ | 347,259 | |||||||||||||||
| Income tax provision | 83,764 | ||||||||||||||||||||||
| Consolidated net income | $ | 263,495 | |||||||||||||||||||||
| Net loss attributable to noncontrolling interest | (176) | ||||||||||||||||||||||
| Net income attributable to WSFS | $ | 263,671 | |||||||||||||||||||||
| Supplemental Information | |||||||||||||||||||||||
| Capital expenditures for the period ended | $ | 12,305 | $ | 204 | $ | 1,749 | $ | 14,258 | |||||||||||||||
(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.
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.
| Year Ended December 31, 2023 | |||||||||||||||||||||||
| (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth and Trust | Total | |||||||||||||||||||
| Statements of Income | |||||||||||||||||||||||
| External client revenues: | |||||||||||||||||||||||
| Interest income | $ | 955,050 | $ | — | $ | 21,472 | $ | 976,522 | |||||||||||||||
| Interest expense | 221,713 | — | 29,706 | 251,419 | |||||||||||||||||||
| Net interest income | 733,337 | — | (8,234) | 725,103 | |||||||||||||||||||
| Noninterest income | 74,951 | 82,468 | 132,452 | 289,871 | |||||||||||||||||||
| Total external client revenues | 808,288 | 82,468 | 124,218 | 1,014,974 | |||||||||||||||||||
| Inter-segment revenues: | |||||||||||||||||||||||
| Interest income | 28,202 | 1,384 | 98,895 | 128,481 | |||||||||||||||||||
| Interest expense | 100,279 | 16,348 | 11,854 | 128,481 | |||||||||||||||||||
| Net interest income | (72,077) | (14,964) | 87,041 | — | |||||||||||||||||||
| Noninterest income | 29,199 | 1,930 | 568 | 31,697 | |||||||||||||||||||
| Total inter-segment revenues | (42,878) | (13,034) | 87,609 | 31,697 | |||||||||||||||||||
| Total revenue | 765,410 | 69,434 | 211,827 | 1,046,671 | |||||||||||||||||||
| External client expenses: | |||||||||||||||||||||||
| Provision for credit losses | 87,529 | — | 542 | 88,071 | |||||||||||||||||||
| Noninterest expenses: | |||||||||||||||||||||||
| Salaries, benefits and other compensation | 229,740 | 9,395 | 50,058 | 289,193 | |||||||||||||||||||
| Occupancy expense | 40,694 | 296 | 1,194 | 42,184 | |||||||||||||||||||
| Equipment expense | 35,657 | — | 6,585 | 42,242 | |||||||||||||||||||
| Professional fees | 11,418 | — | 7,636 | 19,054 | |||||||||||||||||||
Other segment items(1) | 108,194 | 49,794 | 10,972 | 168,960 | |||||||||||||||||||
| Total external client expenses | 513,232 | 59,485 | 76,987 | 649,704 | |||||||||||||||||||
| Inter-segment expenses | |||||||||||||||||||||||
| Noninterest expenses | 2,498 | 5,714 | 23,485 | 31,697 | |||||||||||||||||||
| Total inter-segment expenses | 2,498 | 5,714 | 23,485 | 31,697 | |||||||||||||||||||
| Total expenses | 515,730 | 65,199 | 100,472 | 681,401 | |||||||||||||||||||
| Income before taxes | $ | 249,680 | $ | 4,235 | $ | 111,355 | $ | 365,270 | |||||||||||||||
| Income tax provision | 96,245 | ||||||||||||||||||||||
| Consolidated net income | $ | 269,025 | |||||||||||||||||||||
| Net income attributable to noncontrolling interest | (131) | ||||||||||||||||||||||
| Net income attributable to WSFS | $ | 269,156 | |||||||||||||||||||||
| Supplemental Information | |||||||||||||||||||||||
| Capital expenditures for the period ended | $ | 6,335 | $ | — | $ | 71 | $ | 6,406 | |||||||||||||||
(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.
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 December 31, 2025 and 2024:
| December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth and Trust | Total | WSFS Bank | Cash Connect® | Wealth and Trust | Total | |||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 1,296,675 | $ | 355,854 | $ | 46,625 | $ | 1,699,154 | $ | 686,735 | $ | 424,907 | $ | 43,176 | $ | 1,154,818 | |||||||||||||||||||||||||||||||
| Goodwill | 753,586 | — | 131,638 | 885,224 | 753,586 | — | 132,312 | 885,898 | |||||||||||||||||||||||||||||||||||||||
| Other segment assets | 18,214,198 | 7,827 | 507,673 | 18,729,698 | 18,292,205 | 12,536 | 468,846 | 18,773,587 | |||||||||||||||||||||||||||||||||||||||
| Total segment assets | $ | 20,264,459 | $ | 363,681 | $ | 685,936 | $ | 21,314,076 | $ | 19,732,526 | $ | 437,443 | $ | 644,334 | $ | 20,814,303 | |||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.