☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
WSFS FINANCIAL CORPORATION | ||||||||||||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||||||||||||
Delaware | 22-2866913 | |||||||||||||||||||
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | WSFS | Nasdaq Global Select Market |
Large accelerated filer | x | Accelerated filer | ☐ | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
Emerging growth company | ☐ |
PART I. Financial Information | Page | |||||||
Item 1. | Financial Statements (Unaudited) | |||||||
Consolidated Statements of Income for the Three and | ||||||||
Consolidated Statements of Comprehensive Income for the Three and | ||||||||
Consolidated Statements of Financial Condition as of | ||||||||
Consolidated Statements of Changes in Stockholders' Equity for the Three and | ||||||||
Consolidated Statements of Cash Flows for the | ||||||||
Notes to the Consolidated Financial Statements for the Three and | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share data) | (Dollars in thousands, except per share and share data) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands, except per share and share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans and leases | Interest and fees on loans and leases | $ | 207,884 | $ | 129,342 | $ | 401,608 | $ | 248,223 | Interest and fees on loans and leases | $ | 218,903 | $ | 152,887 | $ | 620,511 | $ | 401,110 | ||||||||||||||||||||||||||||||||||
Interest on mortgage-backed securities | Interest on mortgage-backed securities | 27,130 | 27,377 | 54,656 | 50,490 | Interest on mortgage-backed securities | 26,654 | 28,338 | 81,310 | 78,828 | ||||||||||||||||||||||||||||||||||||||||||
Interest and dividends on investment securities: | Interest and dividends on investment securities: | Interest and dividends on investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 700 | 702 | 1,404 | 1,404 | Taxable | 699 | 703 | 2,103 | 2,107 | ||||||||||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 1,482 | 638 | 3,015 | 1,257 | Tax-exempt | 1,481 | 1,278 | 4,496 | 2,535 | ||||||||||||||||||||||||||||||||||||||||||
Other interest income | Other interest income | 4,573 | 1,961 | 7,469 | 2,783 | Other interest income | 3,402 | 3,359 | 10,871 | 6,142 | ||||||||||||||||||||||||||||||||||||||||||
241,769 | 160,020 | 468,152 | 304,157 | 251,139 | 186,565 | 719,291 | 490,722 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits | Interest on deposits | 50,054 | 3,766 | 85,246 | 6,894 | Interest on deposits | 57,255 | 6,643 | 142,501 | 13,537 | ||||||||||||||||||||||||||||||||||||||||||
Interest on Federal Home Loan Bank advances | Interest on Federal Home Loan Bank advances | 1,597 | — | 4,968 | — | Interest on Federal Home Loan Bank advances | 167 | 42 | 5,135 | 42 | ||||||||||||||||||||||||||||||||||||||||||
Interest on senior and subordinated debt | Interest on senior and subordinated debt | 2,334 | 1,949 | 4,907 | 3,878 | Interest on senior and subordinated debt | 2,453 | 2,061 | 7,360 | 5,939 | ||||||||||||||||||||||||||||||||||||||||||
Interest on federal funds purchased | Interest on federal funds purchased | — | — | 1,139 | — | Interest on federal funds purchased | 185 | 28 | 1,324 | 28 | ||||||||||||||||||||||||||||||||||||||||||
Interest on trust preferred borrowings | Interest on trust preferred borrowings | 1,635 | 682 | 3,190 | 1,195 | Interest on trust preferred borrowings | 1,764 | 951 | 4,954 | 2,146 | ||||||||||||||||||||||||||||||||||||||||||
Interest on other borrowings | Interest on other borrowings | 4,307 | 8 | 4,328 | 17 | Interest on other borrowings | 6,713 | 9 | 11,041 | 26 | ||||||||||||||||||||||||||||||||||||||||||
59,927 | 6,405 | 103,778 | 11,984 | 68,537 | 9,734 | 172,315 | 21,718 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 181,842 | 153,615 | 364,374 | 292,173 | Net interest income | 182,602 | 176,831 | 546,976 | 469,004 | ||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 15,830 | 8,268 | 44,841 | 27,239 | Provision for credit losses | 18,414 | 7,454 | 63,255 | 34,693 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 166,012 | 145,347 | 319,533 | 264,934 | Net interest income after provision for credit losses | 164,188 | 169,377 | 483,721 | 434,311 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit/debit card and ATM income | Credit/debit card and ATM income | 14,430 | 8,772 | 27,791 | 16,453 | Credit/debit card and ATM income | 14,869 | 10,993 | 42,660 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||
Investment management and fiduciary income | Investment management and fiduciary income | 32,379 | 31,192 | 62,855 | 61,373 | Investment management and fiduciary income | 32,720 | 29,504 | 95,575 | 90,877 | ||||||||||||||||||||||||||||||||||||||||||
Deposit service charges | Deposit service charges | 6,277 | 6,071 | 12,316 | 11,896 | Deposit service charges | 6,534 | 6,262 | 18,850 | 18,158 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage banking activities, net | Mortgage banking activities, net | 1,304 | 2,211 | 2,426 | 5,109 | Mortgage banking activities, net | 1,254 | 1,420 | 3,680 | 6,529 | ||||||||||||||||||||||||||||||||||||||||||
Loan and lease fee income | Loan and lease fee income | 1,190 | 1,698 | 2,562 | 3,032 | Loan and lease fee income | 1,621 | 1,425 | 4,183 | 4,457 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on equity investments, net | — | 5,991 | (4) | 5,988 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) gain on equity investments, net | Unrealized (loss) gain on equity investments, net | (5) | — | (9) | 5,988 | |||||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | Bank owned life insurance income | 760 | 374 | 2,270 | 479 | Bank owned life insurance income | 1,697 | 195 | 3,967 | 674 | ||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 10,531 | 15,720 | 19,782 | 28,273 | Other income | 13,978 | 12,852 | 33,760 | 41,125 | ||||||||||||||||||||||||||||||||||||||||||
66,871 | 72,029 | 129,998 | 132,603 | 72,668 | 62,651 | 202,666 | 195,254 | |||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries, benefits and other compensation | Salaries, benefits and other compensation | 72,367 | 68,189 | 145,216 | 139,119 | Salaries, benefits and other compensation | 74,453 | 72,294 | 219,669 | 211,413 | ||||||||||||||||||||||||||||||||||||||||||
Occupancy expense | Occupancy expense | 10,132 | 9,902 | 20,540 | 20,694 | Occupancy expense | 9,529 | 9,699 | 30,069 | 30,393 | ||||||||||||||||||||||||||||||||||||||||||
Equipment expense | Equipment expense | 10,810 | 10,388 | 20,602 | 20,761 | Equipment expense | 10,563 | 9,913 | 31,165 | 30,674 | ||||||||||||||||||||||||||||||||||||||||||
Data processing and operations expenses | Data processing and operations expenses | 4,771 | 5,288 | 9,495 | 10,647 | Data processing and operations expenses | 4,867 | 5,362 | 14,362 | 16,009 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 6,118 | 5,273 | 10,557 | 8,724 | Professional fees | 4,612 | 3,561 | 15,169 | 12,285 | ||||||||||||||||||||||||||||||||||||||||||
Marketing expense | Marketing expense | 2,165 | 1,637 | 3,881 | 2,903 | Marketing expense | 2,049 | 2,082 | 5,930 | 4,985 | ||||||||||||||||||||||||||||||||||||||||||
FDIC expenses | FDIC expenses | 2,863 | 1,468 | 5,445 | 2,859 | FDIC expenses | 2,534 | 1,540 | 7,979 | 4,399 | ||||||||||||||||||||||||||||||||||||||||||
Loan workout and other credit costs | Loan workout and other credit costs | 536 | (226) | 481 | 102 | Loan workout and other credit costs | (189) | 1,001 | 292 | 1,103 | ||||||||||||||||||||||||||||||||||||||||||
Corporate development expense | Corporate development expense | 2,796 | 6,393 | 3,536 | 40,431 | Corporate development expense | 113 | 1,248 | 3,649 | 41,679 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring expense | Restructuring expense | (26) | 3,934 | (787) | 21,448 | Restructuring expense | — | 1,344 | (787) | 22,792 | ||||||||||||||||||||||||||||||||||||||||||
Other operating expense | Other operating expense | 28,721 | 21,803 | 55,332 | 40,818 | Other operating expense | 31,158 | 24,873 | 86,490 | 65,691 | ||||||||||||||||||||||||||||||||||||||||||
141,253 | 134,049 | 274,298 | 308,506 | 139,689 | 132,917 | 413,987 | 441,423 | |||||||||||||||||||||||||||||||||||||||||||||
Income before taxes | Income before taxes | 91,630 | 83,327 | 175,233 | 89,031 | Income before taxes | 97,167 | 99,111 | 272,400 | 188,142 | ||||||||||||||||||||||||||||||||||||||||||
Income tax provision | Income tax provision | 23,035 | 22,425 | 43,976 | 24,162 | Income tax provision | 22,904 | 25,767 | 66,880 | 49,929 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 68,595 | $ | 60,902 | $ | 131,257 | $ | 64,869 | Net income | $ | 74,263 | $ | 73,344 | $ | 205,520 | $ | 138,213 | ||||||||||||||||||||||||||||||||||
Less: Net (loss) income attributable to noncontrolling interest | (83) | 162 | 175 | 325 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | Less: Net income (loss) attributable to noncontrolling interest | 97 | (38) | 272 | 287 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to WSFS | Net income attributable to WSFS | $ | 68,678 | $ | 60,740 | $ | 131,082 | $ | 64,544 | Net income attributable to WSFS | $ | 74,166 | $ | 73,382 | $ | 205,248 | $ | 137,926 | ||||||||||||||||||||||||||||||||||
Earnings per share: | Earnings per share: | Earnings per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 1.12 | $ | 0.95 | $ | 2.13 | $ | 1.00 | Basic | $ | 1.22 | $ | 1.16 | $ | 3.35 | $ | 2.15 | ||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 1.12 | $ | 0.94 | $ | 2.13 | $ | 1.00 | Diluted | $ | 1.22 | $ | 1.16 | $ | 3.34 | $ | 2.15 | ||||||||||||||||||||||||||||||||||
Weighted average shares of common stock outstanding: | Weighted average shares of common stock outstanding: | Weighted average shares of common stock outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 61,348,200 | 64,224,018 | 61,429,008 | 64,581,321 | Basic | 60,941,922 | 63,047,675 | 61,264,862 | 64,064,488 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 61,414,273 | 64,283,288 | 61,526,331 | 64,696,053 | Diluted | 61,039,317 | 63,227,983 | 61,367,802 | 64,282,992 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net income | $ | 68,595 | $ | 60,902 | $ | 131,257 | $ | 64,869 | ||||||||||||||||||
Less: Net (loss) income attributable to noncontrolling interest | (83) | 162 | 175 | 325 | ||||||||||||||||||||||
Net income attributable to WSFS | 68,678 | 60,740 | 131,082 | 64,544 | ||||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||||
Net change in unrealized (losses) gains on investment securities available-for-sale | ||||||||||||||||||||||||||
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(12,747), $(26,975), $3,993, and $(114,107), respectively | (40,367) | (85,422) | 12,643 | (361,340) | ||||||||||||||||||||||
Net change in securities held-to-maturity | ||||||||||||||||||||||||||
Net change unrealized gains (losses) on available-for-sale securities reclassified to held-to-maturity, net of tax (benefit) expense of $(1,386), $37,830, $(2,702), and $37,839, respectively(1) | 4,393 | (119,796) | 8,558 | (119,824) | ||||||||||||||||||||||
Net change in unfunded pension liability | ||||||||||||||||||||||||||
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax benefit of $17, 9, $28, and $17, respectively | (54) | (28) | (89) | (55) | ||||||||||||||||||||||
Net change in cash flow hedge | ||||||||||||||||||||||||||
Net unrealized (gain) loss arising during the period, net of tax expense of $(466), $—, $(361), and $—, respectively | (1,475) | — | (1,143) | 1 | ||||||||||||||||||||||
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $13, $13, $25, and $25, respectively | (40) | (40) | (80) | (80) | ||||||||||||||||||||||
(1,515) | (40) | (1,223) | (79) | |||||||||||||||||||||||
Net change in equity method investments | ||||||||||||||||||||||||||
Net change in other comprehensive income of equity method investments, net of tax (benefit) expense of $(32), $59, $(33), and $59, respectively | (101) | 188 | (104) | 188 | ||||||||||||||||||||||
Total other comprehensive (loss) income | (37,644) | (205,098) | 19,785 | (481,110) | ||||||||||||||||||||||
Total comprehensive income (loss) | $ | 31,034 | $ | (144,358) | $ | 150,867 | $ | (416,566) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 74,263 | $ | 73,344 | $ | 205,520 | $ | 138,213 | ||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 97 | (38) | 272 | 287 | ||||||||||||||||||||||
Net income attributable to WSFS | 74,166 | 73,382 | 205,248 | 137,926 | ||||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||||
Net change in unrealized losses on investment securities available-for-sale | ||||||||||||||||||||||||||
Net unrealized losses arising during the period, net of tax benefit of $40,270, $63,954, $36,278, and $178,061, respectively | (127,523) | (202,520) | (114,880) | (563,860) | ||||||||||||||||||||||
Net change in securities held-to-maturity | ||||||||||||||||||||||||||
Net change unrealized gains (losses) on available-for-sale securities reclassified to held-to-maturity, net of tax (benefit) expense of $(1,379), $(1,884), $(4,080), and $35,955, respectively(1) | 4,366 | 5,966 | 12,924 | (113,858) | ||||||||||||||||||||||
Net change in unfunded pension liability | ||||||||||||||||||||||||||
Change in unfunded pension liability related to unrealized gain and prior service cost, net of tax expense of $16, $10, $44, and $27, respectively | (51) | (31) | (140) | (86) | ||||||||||||||||||||||
Net change in cash flow hedge | ||||||||||||||||||||||||||
Net unrealized loss arising during the period, net of tax benefit of $508, $—, $869, and $—, respectively | (1,608) | — | (2,752) | — | ||||||||||||||||||||||
Amortization of unrealized gain on terminated cash flow hedges, net of tax expense of $9, $13, $34, and $38, respectively | (28) | (41) | (107) | (120) | ||||||||||||||||||||||
(1,636) | (41) | (2,859) | (120) | |||||||||||||||||||||||
Net change in equity method investments | ||||||||||||||||||||||||||
Net change in other comprehensive income of equity method investments, net of tax expense of $61, $8, $28, and $67, respectively | 192 | 25 | 88 | 213 | ||||||||||||||||||||||
Total other comprehensive loss | (124,652) | (196,601) | (104,867) | (677,711) | ||||||||||||||||||||||
Total comprehensive (loss) income | $ | (50,486) | $ | (123,219) | $ | 100,381 | $ | (539,785) |
(Dollars in thousands, except per share and share data) | (Dollars in thousands, except per share and share data) | June 30, 2023 | December 31, 2022 | (Dollars in thousands, except per share and share data) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 723,034 | $ | 332,961 | Cash and due from banks | $ | 260,200 | $ | 332,961 | ||||||||||||||||||
Cash in non-owned ATMs | Cash in non-owned ATMs | 386,176 | 499,017 | Cash in non-owned ATMs | 345,754 | 499,017 | ||||||||||||||||||||||
Interest-bearing deposits in other banks including collateral (restricted cash) of $5,940 at June 30, 2023 and $4,650 at December 31, 2022 | 6,350 | 5,280 | ||||||||||||||||||||||||||
Interest-bearing deposits in other banks including collateral (restricted cash) of $5,010 at September 30, 2023 and $4,650 at December 31, 2022 | Interest-bearing deposits in other banks including collateral (restricted cash) of $5,010 at September 30, 2023 and $4,650 at December 31, 2022 | 5,526 | 5,280 | |||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | Total cash, cash equivalents, and restricted cash | 1,115,560 | 837,258 | Total cash, cash equivalents, and restricted cash | 611,480 | 837,258 | ||||||||||||||||||||||
Investment securities, available-for-sale (amortized cost of $4,679,774 at June 30, 2023 and $4,834,550 at December 31, 2022 | 3,954,918 | 4,093,060 | ||||||||||||||||||||||||||
Investment securities, held-to-maturity, net of allowance for credit losses of $8 at June 30, 2023 and $10 at December 31, 2022 (fair value $1,005,843 at June 30, 2023 and $1,040,104 at December 31, 2022) | 1,079,768 | 1,111,619 | ||||||||||||||||||||||||||
Investment securities, available-for-sale (amortized cost of $4,584,190 at September 30, 2023 and $4,834,550 at December 31, 2022 | Investment securities, available-for-sale (amortized cost of $4,584,190 at September 30, 2023 and $4,834,550 at December 31, 2022 | 3,691,541 | 4,093,060 | |||||||||||||||||||||||||
Investment securities, held-to-maturity, net of allowance for credit losses of $8 at September 30, 2023 and $10 at December 31, 2022 (fair value $927,680 at September 30, 2023 and $1,040,104 at December 31, 2022) | Investment securities, held-to-maturity, net of allowance for credit losses of $8 at September 30, 2023 and $10 at December 31, 2022 (fair value $927,680 at September 30, 2023 and $1,040,104 at December 31, 2022) | 1,068,871 | 1,111,619 | |||||||||||||||||||||||||
Other investments | Other investments | 24,560 | 26,120 | Other investments | 21,741 | 26,120 | ||||||||||||||||||||||
Loans, held for sale at fair value | Loans, held for sale at fair value | 43,065 | 42,985 | Loans, held for sale at fair value | 36,658 | 42,985 | ||||||||||||||||||||||
Loans and leases, net of allowance for credit losses of $171,869 at June 30, 2023 and $151,861 at December 31, 2022 | 12,168,047 | 11,759,992 | ||||||||||||||||||||||||||
Loans and leases, net of allowance for credit losses of $175,988 at September 30, 2023 and $151,861 at December 31, 2022 | Loans and leases, net of allowance for credit losses of $175,988 at September 30, 2023 and $151,861 at December 31, 2022 | 12,502,404 | 11,759,992 | |||||||||||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 101,108 | 101,935 | Bank owned life insurance | 101,424 | 101,935 | ||||||||||||||||||||||
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost | Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost | 9,399 | 24,116 | Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost | 12,199 | 24,116 | ||||||||||||||||||||||
Other real estate owned | Other real estate owned | 527 | 833 | Other real estate owned | 298 | 833 | ||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 77,830 | 74,448 | Accrued interest receivable | 81,909 | 74,448 | ||||||||||||||||||||||
Premises and equipment | Premises and equipment | 108,389 | 115,603 | Premises and equipment | 105,001 | 115,603 | ||||||||||||||||||||||
Goodwill | Goodwill | 883,637 | 883,637 | Goodwill | 885,898 | 883,637 | ||||||||||||||||||||||
Intangible assets | Intangible assets | 120,641 | 128,595 | Intangible assets | 122,574 | 128,595 | ||||||||||||||||||||||
Other assets | Other assets | 698,242 | 714,554 | Other assets | 798,994 | 714,554 | ||||||||||||||||||||||
Total assets | Total assets | $ | 20,385,691 | $ | 19,914,755 | Total assets | $ | 20,040,992 | $ | 19,914,755 | ||||||||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $ | 5,462,461 | $ | 5,739,647 | Noninterest-bearing | $ | 4,913,517 | $ | 5,739,647 | ||||||||||||||||||
Interest-bearing | Interest-bearing | 10,965,495 | 10,463,922 | Interest-bearing | 11,072,852 | 10,463,922 | ||||||||||||||||||||||
Total deposits | Total deposits | 16,427,956 | 16,203,569 | Total deposits | 15,986,369 | 16,203,569 | ||||||||||||||||||||||
Federal funds purchased | Federal funds purchased | 25,000 | — | |||||||||||||||||||||||||
FHLB advances | FHLB advances | — | 350,000 | FHLB advances | — | 350,000 | ||||||||||||||||||||||
Trust preferred borrowings | Trust preferred borrowings | 90,540 | 90,442 | Trust preferred borrowings | 90,589 | 90,442 | ||||||||||||||||||||||
Senior and subordinated debt | Senior and subordinated debt | 218,285 | 248,169 | Senior and subordinated debt | 218,342 | 248,169 | ||||||||||||||||||||||
Other borrowed funds | Other borrowed funds | 590,668 | 38,283 | Other borrowed funds | 583,902 | 38,283 | ||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 25,718 | 5,174 | Accrued interest payable | 42,481 | 5,174 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 725,140 | 777,232 | Other liabilities | 858,931 | 777,232 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 18,078,307 | 17,712,869 | Total liabilities | 17,805,614 | 17,712,869 | ||||||||||||||||||||||
Stockholders’ Equity: | Stockholders’ Equity: | Stockholders’ Equity: | ||||||||||||||||||||||||||
Common stock $0.01 par value, 90,000,000 shares authorized; issued 76,021,963 at June 30, 2023 and 75,921,997 at December 31, 2022 | 760 | 759 | ||||||||||||||||||||||||||
Common stock $0.01 par value, 90,000,000 shares authorized; issued 76,043,902 at September 30, 2023 and 75,921,997 at December 31, 2022 | Common stock $0.01 par value, 90,000,000 shares authorized; issued 76,043,902 at September 30, 2023 and 75,921,997 at December 31, 2022 | 761 | 759 | |||||||||||||||||||||||||
Capital in excess of par value | Capital in excess of par value | 1,977,945 | 1,974,210 | Capital in excess of par value | 1,981,474 | 1,974,210 | ||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (656,059) | (675,844) | Accumulated other comprehensive loss | (780,711) | (675,844) | ||||||||||||||||||||||
Retained earnings | Retained earnings | 1,523,849 | 1,411,243 | Retained earnings | 1,588,858 | 1,411,243 | ||||||||||||||||||||||
Treasury stock at cost, 14,929,363 shares at June 30, 2023 and 14,310,085 shares at December 31, 2022 | (531,836) | (505,255) | ||||||||||||||||||||||||||
Treasury stock at cost, 15,316,263 shares at September 30, 2023 and 14,310,085 shares at December 31, 2022 | Treasury stock at cost, 15,316,263 shares at September 30, 2023 and 14,310,085 shares at December 31, 2022 | (547,587) | (505,255) | |||||||||||||||||||||||||
Total stockholders’ equity of WSFS | Total stockholders’ equity of WSFS | 2,314,659 | 2,205,113 | Total stockholders’ equity of WSFS | 2,242,795 | 2,205,113 | ||||||||||||||||||||||
Noncontrolling interest | Noncontrolling interest | (7,275) | (3,227) | Noncontrolling interest | (7,417) | (3,227) | ||||||||||||||||||||||
Total stockholders' equity | Total stockholders' equity | 2,307,384 | 2,201,886 | Total stockholders' equity | 2,235,378 | 2,201,886 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | Total liabilities and stockholders' equity | $ | 20,385,691 | $ | 19,914,755 | Total liabilities and stockholders' equity | $ | 20,040,992 | $ | 19,914,755 |
Six Months Ended June 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | (Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | (Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 75,921,997 | $ | 759 | $ | 1,974,210 | $ | (675,844) | $ | 1,411,243 | $ | (505,255) | $ | 2,205,113 | $ | (3,227) | $ | 2,201,886 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | 76,021,963 | $ | 760 | $ | 1,977,945 | $ | (656,059) | $ | 1,523,849 | $ | (531,836) | $ | 2,314,659 | $ | (7,275) | $ | 2,307,384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 131,082 | — | 131,082 | 175 | 131,257 | Net income | — | — | — | — | 74,166 | — | 74,166 | 97 | 74,263 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 19,785 | — | — | 19,785 | — | 19,785 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.30 per share | — | — | — | — | (18,476) | — | (18,476) | — | (18,476) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (4,223) | (4,223) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 99,966 | 1 | 362 | — | — | — | 363 | — | 363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 5,738 | — | — | — | 5,738 | — | 5,738 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (1) | — | — | (2,365) | — | — | (26,581) | (28,946) | — | (28,946) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | 76,021,963 | $ | 760 | $ | 1,977,945 | $ | (656,059) | $ | 1,523,849 | $ | (531,836) | $ | 2,314,659 | $ | (7,275) | $ | 2,307,384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | 75,958,600 | $ | 759 | $ | 1,977,757 | $ | (618,415) | $ | 1,464,392 | $ | (518,131) | $ | 2,306,362 | $ | (3,018) | $ | 2,303,344 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | 68,678 | — | 68,678 | (83) | 68,595 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (37,644) | — | — | (37,644) | — | (37,644) | Other comprehensive loss | — | — | — | (124,652) | — | — | (124,652) | — | (124,652) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.15 per share | Cash dividend, $0.15 per share | — | — | — | — | (9,221) | — | (9,221) | — | (9,221) | Cash dividend, $0.15 per share | — | — | — | — | (9,157) | — | (9,157) | — | (9,157) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (4,174) | (4,174) | Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (239) | (239) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | Issuance of common stock including proceeds from exercise of common stock options | 63,363 | 1 | — | — | — | — | 1 | — | 1 | Issuance of common stock including proceeds from exercise of common stock options | 21,939 | 1 | 2,057 | — | — | — | 2,058 | — | 2,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | 2,553 | — | — | — | 2,553 | — | 2,553 | Stock-based compensation expense | — | — | 1,472 | — | — | — | 1,472 | — | 1,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common shares (2) | — | — | (2,365) | — | — | (13,705) | (16,070) | — | (16,070) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | 76,021,963 | $ | 760 | $ | 1,977,945 | $ | (656,059) | $ | 1,523,849 | $ | (531,836) | $ | 2,314,659 | $ | (7,275) | $ | 2,307,384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common shares (1) | Repurchases of common shares (1) | — | — | — | — | — | (15,751) | (15,751) | — | (15,751) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | 76,043,902 | $ | 761 | $ | 1,981,474 | $ | (780,711) | $ | 1,588,858 | $ | (547,587) | $ | 2,242,795 | $ | (7,417) | $ | 2,235,378 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | (Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | 75,921,997 | $ | 759 | $ | 1,974,210 | $ | (675,844) | $ | 1,411,243 | $ | (505,255) | $ | 2,205,113 | $ | (3,227) | $ | 2,201,886 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 205,248 | — | 205,248 | 272 | 205,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (104,867) | — | — | (104,867) | — | (104,867) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.45 per share | Cash dividend, $0.45 per share | — | — | — | — | (27,633) | — | (27,633) | — | (27,633) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (4,462) | (4,462) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | Issuance of common stock including proceeds from exercise of common stock options | 121,905 | 2 | 2,418 | — | — | — | 2,420 | — | 2,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | 7,211 | — | — | — | 7,211 | — | 7,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (2) | Repurchases of common stock (2) | — | — | (2,365) | — | — | (42,332) | (44,697) | — | (44,697) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | 76,043,902 | $ | 761 | $ | 1,981,474 | $ | (780,711) | $ | 1,588,858 | $ | (547,587) | $ | 2,242,795 | $ | (7,417) | $ | 2,235,378 |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 75,870,300 | $ | 759 | $ | 1,968,175 | $ | (518,878) | $ | 1,272,192 | $ | (406,888) | $ | 2,315,360 | $ | (2,484) | $ | 2,312,876 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | 73,382 | — | 73,382 | (38) | 73,344 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (196,601) | — | — | (196,601) | — | (196,601) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.15 per share | — | — | — | — | (9,535) | — | (9,535) | — | (9,535) | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling shareholders | — | — | — | — | — | — | — | (240) | (240) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 26,054 | — | 2,087 | — | — | — | 2,087 | — | 2,087 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 1,366 | — | — | — | 1,366 | — | 1,366 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common shares (1) | — | — | — | — | — | (82,466) | (82,466) | — | (82,466) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 75,896,354 | $ | 759 | $ | 1,971,628 | $ | (715,479) | $ | 1,336,039 | $ | (489,354) | $ | 2,103,593 | $ | (2,762) | $ | 2,100,831 | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 57,695,676 | $ | 577 | $ | 1,058,997 | $ | (37,768) | $ | 1,224,614 | $ | (307,321) | $ | 1,939,099 | $ | (2,083) | $ | 1,937,016 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 137,926 | — | 137,926 | 287 | 138,213 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (677,711) | — | — | (677,711) | — | (677,711) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.41 per share | — | — | — | — | (26,501) | — | (26,501) | — | (26,501) | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling shareholders | — | — | — | — | — | — | — | (53) | (53) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 83,830 | 1 | 2,518 | — | — | — | 2,519 | — | 2,519 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition of BMT | 18,116,848 | 181 | 907,835 | — | — | — | 908,016 | — | 908,016 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest assumed in acquisition | — | — | — | — | — | — | — | (913) | (913) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 4,427 | — | — | — | 4,427 | — | 4,427 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (2) | — | — | (2,149) | — | — | (182,033) | (184,182) | — | (184,182) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 75,896,354 | $ | 759 | $ | 1,971,628 | $ | (715,479) | $ | 1,336,039 | $ | (489,354) | $ | 2,103,593 | $ | (2,762) | $ | 2,100,831 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 57,695,676 | $ | 577 | $ | 1,058,997 | $ | (37,768) | $ | 1,224,614 | $ | (307,321) | $ | 1,939,099 | $ | (2,083) | $ | 1,937,016 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 64,544 | — | 64,544 | 325 | 64,869 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (481,110) | — | — | (481,110) | — | (481,110) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.26 per share | — | — | — | — | (16,966) | — | (16,966) | — | (16,966) | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling shareholders | — | — | — | — | — | — | — | 187 | 187 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 57,776 | 1 | 431 | — | — | — | 432 | — | 432 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition of BMT | 18,116,848 | 181 | 907,835 | — | — | — | 908,016 | — | 908,016 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest assumed in acquisition | — | — | — | — | — | — | — | (913) | (913) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 3,061 | — | — | — | 3,061 | — | 3,061 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (1) | — | — | (2,149) | — | — | (99,567) | (101,716) | — | (101,716) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 75,870,300 | $ | 759 | $ | 1,968,175 | $ | (518,878) | $ | 1,272,192 | $ | (406,888) | $ | 2,315,360 | $ | (2,484) | $ | 2,312,876 | |||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 75,832,292 | $ | 758 | $ | 1,967,972 | $ | (313,780) | $ | 1,219,882 | $ | (354,369) | $ | 2,520,463 | $ | (2,646) | $ | 2,517,817 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 60,740 | — | 60,740 | 162 | 60,902 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (205,098) | — | — | (205,098) | — | (205,098) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.13 per share | — | — | — | — | (8,430) | — | (8,430) | — | (8,430) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 38,008 | 1 | 2 | — | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 1,728 | — | — | — | 1,728 | — | 1,728 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common shares (1) | — | — | (1,527) | — | — | (52,519) | (54,046) | — | (54,046) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 75,870,300 | $ | 759 | $ | 1,968,175 | $ | (518,878) | $ | 1,272,192 | $ | (406,888) | $ | 2,315,360 | $ | (2,484) | $ | 2,312,876 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||||||||
Net income | Net income | $ | 131,257 | $ | 64,869 | Net income | $ | 205,520 | $ | 138,213 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 44,841 | 27,239 | Provision for credit losses | 63,255 | 34,693 | ||||||||||||||||||||||
Depreciation of premises and equipment, net | Depreciation of premises and equipment, net | 9,023 | 15,076 | Depreciation of premises and equipment, net | 13,552 | 20,009 | ||||||||||||||||||||||
Accretion of fees and discounts, net | Accretion of fees and discounts, net | (14,346) | (5,537) | Accretion of fees and discounts, net | (20,891) | (16,965) | ||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 7,689 | 10,605 | Amortization of intangible assets | 11,596 | 14,505 | ||||||||||||||||||||||
Amortization of right-of-use lease assets | Amortization of right-of-use lease assets | 8,813 | 11,599 | Amortization of right-of-use lease assets | 11,559 | 14,715 | ||||||||||||||||||||||
Decrease in operating lease liability | Decrease in operating lease liability | (6,450) | (9,254) | Decrease in operating lease liability | (9,328) | (12,856) | ||||||||||||||||||||||
Income from mortgage banking activities, net | Income from mortgage banking activities, net | (2,426) | (5,109) | Income from mortgage banking activities, net | (3,680) | (6,529) | ||||||||||||||||||||||
Loss (gain) on sale of other real estate owned and valuation adjustments, net | Loss (gain) on sale of other real estate owned and valuation adjustments, net | 195 | (255) | Loss (gain) on sale of other real estate owned and valuation adjustments, net | 195 | (235) | ||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 5,738 | 3,061 | Stock-based compensation expense | 7,211 | 4,427 | ||||||||||||||||||||||
Unrealized loss (gain) on equity investments, net | Unrealized loss (gain) on equity investments, net | 4 | (5,988) | Unrealized loss (gain) on equity investments, net | 9 | (5,988) | ||||||||||||||||||||||
Deferred income tax expense (benefit) | 1,919 | (3,448) | ||||||||||||||||||||||||||
Deferred income tax benefit | Deferred income tax benefit | (1,681) | (6,439) | |||||||||||||||||||||||||
Increase in accrued interest receivable | Increase in accrued interest receivable | (3,382) | (3,421) | Increase in accrued interest receivable | (7,461) | (11,096) | ||||||||||||||||||||||
Decrease in other assets | Decrease in other assets | 11,184 | 17,909 | Decrease in other assets | (42,228) | (39,991) | ||||||||||||||||||||||
Origination of loans held for sale | Origination of loans held for sale | (131,703) | (324,227) | Origination of loans held for sale | (206,979) | (453,952) | ||||||||||||||||||||||
Proceeds from sales of loans held for sale | Proceeds from sales of loans held for sale | 85,096 | 321,515 | Proceeds from sales of loans held for sale | 144,990 | 421,098 | ||||||||||||||||||||||
Decrease in value of bank owned life insurance | 827 | 109 | ||||||||||||||||||||||||||
Decrease (increase) in value of bank owned life insurance | Decrease (increase) in value of bank owned life insurance | 511 | (437) | |||||||||||||||||||||||||
Increase in capitalized interest, net | Increase in capitalized interest, net | (649) | (1,202) | Increase in capitalized interest, net | (1,702) | (1,650) | ||||||||||||||||||||||
Increase (decrease) in accrued interest payable | 20,544 | (887) | ||||||||||||||||||||||||||
(Decrease) increase in other liabilities | (45,616) | 126,515 | ||||||||||||||||||||||||||
Increase in accrued interest payable | Increase in accrued interest payable | 37,307 | 1,590 | |||||||||||||||||||||||||
Increase in other liabilities | Increase in other liabilities | 86,052 | 313,791 | |||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 122,558 | $ | 239,169 | Net cash provided by operating activities | $ | 287,807 | $ | 406,903 | ||||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||||||||
Purchases of investment securities held to maturity | Purchases of investment securities held to maturity | $ | — | $ | (49,088) | Purchases of investment securities held to maturity | $ | — | $ | (120,868) | ||||||||||||||||||
Repayments, maturities and calls of investment securities held-to-maturity | Repayments, maturities and calls of investment securities held-to-maturity | 41,961 | 28,487 | Repayments, maturities and calls of investment securities held-to-maturity | 57,826 | 49,768 | ||||||||||||||||||||||
Purchases of investment securities available-for-sale | Purchases of investment securities available-for-sale | (20,030) | (1,166,663) | Purchases of investment securities available-for-sale | (21,080) | (1,218,022) | ||||||||||||||||||||||
Repayments, maturities and calls of investment securities available-for-sale | Repayments, maturities and calls of investment securities available-for-sale | 173,145 | 784,871 | Repayments, maturities and calls of investment securities available-for-sale | 269,156 | 911,125 | ||||||||||||||||||||||
Proceeds from bank-owned life insurance death benefit | Proceeds from bank-owned life insurance death benefit | — | 1,437 | Proceeds from bank-owned life insurance death benefit | — | 1,437 | ||||||||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | (238,112) | 86,523 | Net (increase) decrease in loans | (486,508) | 11,642 | ||||||||||||||||||||||
Net cash from business combinations | — | 573,745 | ||||||||||||||||||||||||||
Net cash (paid for) from business combinations | Net cash (paid for) from business combinations | (3,000) | 573,745 | |||||||||||||||||||||||||
Purchase of loans held-for-investment | Purchase of loans held-for-investment | (159,669) | (137,008) | Purchase of loans held-for-investment | (238,047) | (252,185) | ||||||||||||||||||||||
Purchases of stock of Federal Home Loan Bank of Pittsburgh | Purchases of stock of Federal Home Loan Bank of Pittsburgh | (103,879) | (1,314) | Purchases of stock of Federal Home Loan Bank of Pittsburgh | (119,479) | (15,318) | ||||||||||||||||||||||
Redemptions of stock of Federal Home Loan Bank of Pittsburgh | Redemptions of stock of Federal Home Loan Bank of Pittsburgh | 118,596 | 1 | Redemptions of stock of Federal Home Loan Bank of Pittsburgh | 131,396 | 6 | ||||||||||||||||||||||
Sales of other real estate owned | Sales of other real estate owned | 604 | 1,844 | Sales of other real estate owned | 833 | 1,844 | ||||||||||||||||||||||
Investment in premises and equipment | Investment in premises and equipment | (1,812) | (4,436) | Investment in premises and equipment | (2,953) | (7,665) | ||||||||||||||||||||||
Sales of premises and equipment | Sales of premises and equipment | 3 | 891 | Sales of premises and equipment | 3 | 891 | ||||||||||||||||||||||
Net cash (used in) provided by investing activities | $ | (189,193) | $ | 119,290 | ||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | $ | (411,853) | $ | (63,600) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||||||||
Net (decrease) increase in demand and saving deposits | $ | (370,288) | $ | 32,850 | ||||||||||||||||||||||||
Net decrease in demand and saving deposits | Net decrease in demand and saving deposits | $ | (816,546) | $ | (466,105) | |||||||||||||||||||||||
Increase (decrease) in time deposits | Increase (decrease) in time deposits | 536,663 | (91,628) | Increase (decrease) in time deposits | 612,672 | (132,825) | ||||||||||||||||||||||
Increase (decrease) in brokered deposits | 44,844 | (37,948) | ||||||||||||||||||||||||||
Decrease in brokered deposits | Decrease in brokered deposits | (33,486) | (37,704) | |||||||||||||||||||||||||
Receipts from FHLB advances | Receipts from FHLB advances | 5,265,000 | — | Receipts from FHLB advances | 5,945,000 | 458,100 | ||||||||||||||||||||||
Repayments of FHLB advances | Repayments of FHLB advances | (5,615,000) | — | Repayments of FHLB advances | (6,295,000) | (458,100) | ||||||||||||||||||||||
Receipts from federal funds purchased | Receipts from federal funds purchased | 5,150,000 | — | Receipts from federal funds purchased | 6,033,000 | 310,001 | ||||||||||||||||||||||
Repayments of federal funds purchased | Repayments of federal funds purchased | (5,150,000) | — | Repayments of federal funds purchased | (6,008,000) | (310,001) | ||||||||||||||||||||||
Receipts from Bank Term Funding Program | Receipts from Bank Term Funding Program | 565,000 | — | Receipts from Bank Term Funding Program | 565,000 | — | ||||||||||||||||||||||
(Distributions to) contributions from noncontrolling shareholders | (4,223) | 187 | ||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | Distributions to noncontrolling shareholders | (4,462) | (53) | |||||||||||||||||||||||||
Cash dividend | Cash dividend | (18,476) | (16,966) | Cash dividend | (27,633) | (26,501) | ||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | Issuance of common stock including proceeds from exercise of common stock options | 363 | 432 | Issuance of common stock including proceeds from exercise of common stock options | 2,420 | 2,519 | ||||||||||||||||||||||
Redemption of senior and subordinated debt | Redemption of senior and subordinated debt | (30,000) | — | Redemption of senior and subordinated debt | (30,000) | — | ||||||||||||||||||||||
Repurchases of common shares | Repurchases of common shares | (28,946) | (101,716) | Repurchases of common shares | (44,697) | (184,182) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | $ | 344,937 | $ | (214,789) | ||||||||||||||||||||||||
Increase in cash, cash equivalents, and restricted cash | 278,302 | 143,670 | ||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | $ | (101,732) | $ | (844,851) | |||||||||||||||||||||||
Decrease in cash, cash equivalents, and restricted cash | Decrease in cash, cash equivalents, and restricted cash | (225,778) | (501,548) | |||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | Cash, cash equivalents, and restricted cash at beginning of period | 837,258 | 1,532,939 | Cash, cash equivalents, and restricted cash at beginning of period | 837,258 | 1,532,939 | ||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | Cash, cash equivalents, and restricted cash at end of period | $ | 1,115,560 | $ | 1,676,609 | Cash, cash equivalents, and restricted cash at end of period | $ | 611,480 | $ | 1,031,391 | ||||||||||||||||||
Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | Cash paid during the period for: | ||||||||||||||||||||||||||
Interest | Interest | $ | 83,234 | $ | 9,630 | Interest | $ | 135,008 | $ | 16,886 | ||||||||||||||||||
Income taxes | Income taxes | 48,698 | 15,796 | Income taxes | 72,789 | 26,237 | ||||||||||||||||||||||
Non-cash information: | Non-cash information: | Non-cash information: | ||||||||||||||||||||||||||
Loans transferred to other real estate owned | Loans transferred to other real estate owned | $ | 298 | $ | — | Loans transferred to other real estate owned | $ | 298 | $ | 502 | ||||||||||||||||||
Loans transferred to portfolio from held-for-sale at fair value | Loans transferred to portfolio from held-for-sale at fair value | 46,103 | 54,684 | Loans transferred to portfolio from held-for-sale at fair value | 68,022 | 84,829 | ||||||||||||||||||||||
Available-for-sale securities purchased, not settled | 2,667 | — | ||||||||||||||||||||||||||
Held-to-maturity securities purchased, not settled | Held-to-maturity securities purchased, not settled | — | 8,355 | Held-to-maturity securities purchased, not settled | — | 5,136 | ||||||||||||||||||||||
Securities transferred to held-to-maturity from available-for-sale at fair value | Securities transferred to held-to-maturity from available-for-sale at fair value | — | 931,421 | Securities transferred to held-to-maturity from available-for-sale at fair value | — | 931,421 | ||||||||||||||||||||||
Fair value of assets acquired, net of cash received | Fair value of assets acquired, net of cash received | — | 4,712,782 | Fair value of assets acquired, net of cash received | 7,993 | 4,713,544 | ||||||||||||||||||||||
Fair value of liabilities assumed | Fair value of liabilities assumed | — | 4,378,511 | Fair value of liabilities assumed | 4,993 | 4,379,273 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Bailment fees | Bailment fees | $ | 9,385 | $ | 4,014 | $ | 18,069 | $ | 6,799 | Bailment fees | $ | 9,982 | $ | 6,306 | $ | 28,051 | $ | 13,105 | ||||||||||||||||||||||||||||
Interchange fees | Interchange fees | 3,993 | 3,890 | 7,879 | 7,989 | Interchange fees | 3,885 | 3,870 | 11,764 | 11,859 | ||||||||||||||||||||||||||||||||||||
Other card and ATM fees | Other card and ATM fees | 1,052 | 868 | 1,843 | 1,665 | Other card and ATM fees | 1,002 | 817 | 2,845 | 2,482 | ||||||||||||||||||||||||||||||||||||
Total credit/debit card and ATM income | Total credit/debit card and ATM income | $ | 14,430 | $ | 8,772 | $ | 27,791 | $ | 16,453 | Total credit/debit card and ATM income | $ | 14,869 | $ | 10,993 | $ | 42,660 | $ | 27,446 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Trust fees | Trust fees | $ | 21,936 | $ | 20,398 | $ | 42,452 | $ | 39,488 | Trust fees | $ | 22,062 | $ | 19,170 | $ | 64,514 | $ | 58,658 | ||||||||||||||||||||||||||||
Wealth management and advisory fees | Wealth management and advisory fees | 10,443 | 10,794 | 20,403 | 21,885 | Wealth management and advisory fees | 10,658 | 10,334 | 31,061 | 32,219 | ||||||||||||||||||||||||||||||||||||
Total investment management and fiduciary income | Total investment management and fiduciary income | $ | 32,379 | $ | 31,192 | $ | 62,855 | $ | 61,373 | Total investment management and fiduciary income | $ | 32,720 | $ | 29,504 | $ | 95,575 | $ | 90,877 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Service fees | Service fees | $ | 4,315 | $ | 3,972 | $ | 8,451 | $ | 7,856 | Service fees | $ | 4,382 | $ | 3,933 | $ | 12,833 | $ | 11,789 | ||||||||||||||||||||||||||||
Return and overdraft fees | Return and overdraft fees | 1,720 | 1,896 | 3,367 | 3,671 | Return and overdraft fees | 1,851 | 2,164 | 5,218 | 5,835 | ||||||||||||||||||||||||||||||||||||
Other deposit service fees | Other deposit service fees | 242 | 203 | 498 | 369 | Other deposit service fees | 301 | 165 | 799 | 534 | ||||||||||||||||||||||||||||||||||||
Total deposit service charges | Total deposit service charges | $ | 6,277 | $ | 6,071 | $ | 12,316 | $ | 11,896 | Total deposit service charges | $ | 6,534 | $ | 6,262 | $ | 18,850 | $ | 18,158 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Managed service fees | Managed service fees | $ | 5,216 | $ | 4,387 | $ | 10,015 | $ | 8,225 | Managed service fees | $ | 5,301 | $ | 4,866 | $ | 15,316 | $ | 13,091 | ||||||||||||||||||||||||||||
Currency preparation | Currency preparation | 1,342 | 929 | 2,624 | 1,800 | Currency preparation | 1,331 | 1,104 | 3,955 | 2,904 | ||||||||||||||||||||||||||||||||||||
ATM loss protection | ATM loss protection | 647 | 674 | 1,295 | 1,282 | ATM loss protection | 643 | 681 | 1,938 | 1,963 | ||||||||||||||||||||||||||||||||||||
Capital markets revenue | Capital markets revenue | 1,710 | 3,437 | 4,589 | 4,945 | Capital markets revenue | 3,581 | 793 | 8,170 | 5,738 | ||||||||||||||||||||||||||||||||||||
Miscellaneous products and services(1) | Miscellaneous products and services(1) | 1,616 | 6,293 | 1,259 | 12,021 | Miscellaneous products and services(1) | 3,122 | 5,408 | 4,381 | 17,429 | ||||||||||||||||||||||||||||||||||||
Total other income | Total other income | $ | 10,531 | $ | 15,720 | $ | 19,782 | $ | 28,273 | Total other income | $ | 13,978 | $ | 12,852 | $ | 33,760 | $ | 41,125 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(Dollars and shares in thousands, except per share data) | (Dollars and shares in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | (Dollars and shares in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to WSFS | Net income attributable to WSFS | $ | 68,678 | $ | 60,740 | $ | 131,082 | $ | 64,544 | Net income attributable to WSFS | $ | 74,166 | $ | 73,382 | $ | 205,248 | $ | 137,926 | ||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average basic shares | Weighted average basic shares | 61,348 | 64,224 | 61,429 | 64,581 | Weighted average basic shares | 60,942 | 63,048 | 61,265 | 64,064 | ||||||||||||||||||||||||||||||||||||
Dilutive potential common shares | Dilutive potential common shares | 66 | 59 | 97 | 115 | Dilutive potential common shares | 97 | 180 | 103 | 219 | ||||||||||||||||||||||||||||||||||||
Weighted average fully diluted shares | Weighted average fully diluted shares | 61,414 | 64,283 | $ | 61,526 | $ | 64,696 | Weighted average fully diluted shares | 61,039 | 63,228 | $ | 61,368 | $ | 64,283 | ||||||||||||||||||||||||||||||||
Earnings per share: | Earnings per share: | Earnings per share: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 1.12 | $ | 0.95 | $ | 2.13 | $ | 1.00 | Basic | $ | 1.22 | $ | 1.16 | $ | 3.35 | $ | 2.15 | ||||||||||||||||||||||||||||
Diluted | Diluted | $ | 1.12 | $ | 0.94 | $ | 2.13 | $ | 1.00 | Diluted | $ | 1.22 | $ | 1.16 | $ | 3.34 | $ | 2.15 | ||||||||||||||||||||||||||||
Outstanding common stock equivalents having no dilutive effect | Outstanding common stock equivalents having no dilutive effect | 98 | 51 | 22 | 7 | Outstanding common stock equivalents having no dilutive effect | 18 | 2 | 18 | 7 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value | (Dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | Available-for-Sale Debt Securities | Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligation (CMO) | Collateralized mortgage obligation (CMO) | $ | 585,518 | $ | — | $ | 101,792 | $ | — | $ | 483,726 | Collateralized mortgage obligation (CMO) | $ | 573,393 | $ | — | $ | 118,729 | $ | — | $ | 454,664 | ||||||||||||||||||||||||||||||||||||||||||
Fannie Mae (FNMA) mortgage-backed securities (MBS) | Fannie Mae (FNMA) mortgage-backed securities (MBS) | 3,688,588 | — | 558,010 | — | 3,130,578 | Fannie Mae (FNMA) mortgage-backed securities (MBS) | 3,608,095 | — | 694,683 | — | 2,913,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Freddie Mac (FHLMC) MBS | Freddie Mac (FHLMC) MBS | 131,282 | — | 13,405 | — | 117,877 | Freddie Mac (FHLMC) MBS | 128,999 | — | 18,280 | — | 110,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ginnie Mae (GNMA) MBS | Ginnie Mae (GNMA) MBS | 47,661 | — | 3,404 | — | 44,257 | Ginnie Mae (GNMA) MBS | 47,621 | — | 4,870 | — | 42,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises (GSE) agency notes | Government-sponsored enterprises (GSE) agency notes | 226,725 | — | 48,245 | — | 178,480 | Government-sponsored enterprises (GSE) agency notes | 226,082 | — | 56,087 | — | 169,995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 4,679,774 | $ | — | $ | 724,856 | $ | — | $ | 3,954,918 | $ | 4,584,190 | $ | — | $ | 892,649 | $ | — | $ | 3,691,541 | |||||||||||||||||||||||||||||||||||||||||||||
Held-to-Maturity Debt Securities(1) | Held-to-Maturity Debt Securities(1) | Held-to-Maturity Debt Securities(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FNMA MBS | FNMA MBS | $ | 892,199 | $ | — | $ | 72,297 | $ | — | $ | 819,902 | FNMA MBS | $ | 881,844 | $ | — | $ | 129,388 | $ | — | $ | 752,456 | ||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 187,577 | 814 | 2,442 | 8 | 185,941 | State and political subdivisions | 187,035 | 24 | 11,827 | 8 | 175,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,079,776 | $ | 814 | $ | 74,739 | $ | 8 | $ | 1,005,843 | $ | 1,068,879 | $ | 24 | $ | 141,215 | $ | 8 | $ | 927,680 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||
CMO | $ | 608,834 | $ | — | $ | 102,454 | $ | — | $ | 506,380 | ||||||||||||||||||||||
FNMA MBS | 3,823,036 | — | 572,778 | — | 3,250,258 | |||||||||||||||||||||||||||
FHLMC MBS | 135,554 | — | 13,555 | — | 121,999 | |||||||||||||||||||||||||||
GNMA MBS | 39,116 | — | 2,978 | — | 36,138 | |||||||||||||||||||||||||||
GSE agency notes | 228,010 | — | 49,725 | — | 178,285 | |||||||||||||||||||||||||||
$ | 4,834,550 | $ | — | $ | 741,490 | $ | — | $ | 4,093,060 | |||||||||||||||||||||||
Held-to-Maturity Debt Securities(1) | ||||||||||||||||||||||||||||||||
FNMA MBS | $ | 909,498 | $ | — | $ | 68,677 | $ | — | $ | 840,821 | ||||||||||||||||||||||
State and political subdivisions | 201,631 | 532 | 3,372 | 10 | 198,781 | |||||||||||||||||||||||||||
Foreign bonds | 500 | 2 | — | — | 502 | |||||||||||||||||||||||||||
$ | 1,111,629 | $ | 534 | $ | 72,049 | $ | 10 | $ | 1,040,104 | |||||||||||||||||||||||
Available-for-Sale | Available-for-Sale | |||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Cost | Value | (Dollars in thousands) | Cost | Value | ||||||||||||||||||||||
June 30, 2023 (1) | ||||||||||||||||||||||||||||
September 30, 2023 (1) | September 30, 2023 (1) | |||||||||||||||||||||||||||
Within one year | Within one year | $ | 17,445 | $ | 16,573 | Within one year | $ | — | $ | — | ||||||||||||||||||
After one year but within five years | After one year but within five years | 67,943 | 63,357 | After one year but within five years | 87,314 | 81,548 | ||||||||||||||||||||||
After five years but within ten years | After five years but within ten years | 564,061 | 473,869 | After five years but within ten years | 577,578 | 465,454 | ||||||||||||||||||||||
After ten years | After ten years | 4,030,325 | 3,401,119 | After ten years | 3,919,298 | 3,144,539 | ||||||||||||||||||||||
$ | 4,679,774 | $ | 3,954,918 | $ | 4,584,190 | $ | 3,691,541 | |||||||||||||||||||||
December 31, 2022 (1) | December 31, 2022 (1) | December 31, 2022 (1) | ||||||||||||||||||||||||||
Within one year | Within one year | $ | — | $ | — | Within one year | $ | — | $ | — | ||||||||||||||||||
After one year but within five years | After one year but within five years | 83,014 | 77,499 | After one year but within five years | 83,014 | 77,499 | ||||||||||||||||||||||
After five years but within ten years | After five years but within ten years | 465,777 | 398,607 | After five years but within ten years | 465,777 | 398,607 | ||||||||||||||||||||||
After ten years | After ten years | 4,285,759 | 3,616,954 | After ten years | 4,285,759 | 3,616,954 | ||||||||||||||||||||||
$ | 4,834,550 | $ | 4,093,060 | $ | 4,834,550 | $ | 4,093,060 |
Held-to-Maturity | Held-to-Maturity | |||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Cost | Value | (Dollars in thousands) | Cost | Value | ||||||||||||||||||||||
June 30, 2023 (1) | ||||||||||||||||||||||||||||
September 30, 2023 (1) | September 30, 2023 (1) | |||||||||||||||||||||||||||
Within one year | Within one year | $ | 230 | $ | 230 | Within one year | $ | — | $ | — | ||||||||||||||||||
After one year but within five years | After one year but within five years | 8,004 | 7,935 | After one year but within five years | 9,793 | 9,373 | ||||||||||||||||||||||
After five years but within ten years | After five years but within ten years | 40,366 | 40,011 | After five years but within ten years | 45,306 | 42,615 | ||||||||||||||||||||||
After ten years | After ten years | 1,031,176 | 957,667 | After ten years | 1,013,780 | 875,692 | ||||||||||||||||||||||
$ | 1,079,776 | $ | 1,005,843 | $ | 1,068,879 | $ | 927,680 | |||||||||||||||||||||
December 31, 2022 (1) | December 31, 2022 (1) | December 31, 2022 (1) | ||||||||||||||||||||||||||
Within one year | Within one year | $ | 731 | $ | 732 | Within one year | $ | 731 | $ | 732 | ||||||||||||||||||
After one year but within five years | After one year but within five years | 9,530 | 9,476 | After one year but within five years | 9,530 | 9,476 | ||||||||||||||||||||||
After five years but within ten years | After five years but within ten years | 46,170 | 45,944 | After five years but within ten years | 46,170 | 45,944 | ||||||||||||||||||||||
After ten years | After ten years | 1,055,198 | 983,952 | After ten years | 1,055,198 | 983,952 | ||||||||||||||||||||||
$ | 1,111,629 | $ | 1,040,104 | $ | 1,111,629 | $ | 1,040,104 |
Duration of Unrealized Loss Position | Duration of Unrealized Loss Position | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | (Dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CMO | CMO | $ | 48,553 | $ | 3,380 | $ | 435,173 | $ | 98,412 | $ | 483,726 | $ | 101,792 | CMO | $ | — | $ | — | $ | 454,664 | $ | 118,729 | $ | 454,664 | $ | 118,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FNMA MBS | FNMA MBS | 276,322 | 17,425 | 2,851,590 | 540,585 | 3,127,912 | 558,010 | FNMA MBS | 8,792 | 467 | 2,904,620 | 694,216 | 2,913,412 | 694,683 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLMC MBS | FHLMC MBS | 51,254 | 3,598 | 66,616 | 9,807 | 117,870 | 13,405 | FHLMC MBS | 7 | — | 110,712 | 18,280 | 110,719 | 18,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA MBS | GNMA MBS | 23,052 | 1,214 | 21,204 | 2,190 | 44,256 | 3,404 | GNMA MBS | 11,421 | 654 | 31,330 | 4,216 | 42,751 | 4,870 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE agency notes | GSE agency notes | — | — | 178,480 | 48,245 | 178,480 | 48,245 | GSE agency notes | — | — | 169,995 | 56,087 | 169,995 | 56,087 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 399,181 | $ | 25,617 | $ | 3,553,063 | $ | 699,239 | $ | 3,952,244 | $ | 724,856 | $ | 20,220 | $ | 1,121 | $ | 3,671,321 | $ | 891,528 | $ | 3,691,541 | $ | 892,649 |
Duration of Unrealized Loss Position | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||
CMO | $ | 158,449 | $ | 13,855 | $ | 347,931 | $ | 88,599 | $ | 506,380 | $ | 102,454 | ||||||||||||||||||||||||||
FNMA MBS | 1,237,560 | 145,752 | 2,012,698 | 427,026 | 3,250,258 | 572,778 | ||||||||||||||||||||||||||||||||
FHLMC MBS | 102,321 | 9,268 | 19,671 | 4,287 | 121,992 | 13,555 | ||||||||||||||||||||||||||||||||
GNMA MBS | 32,076 | 2,265 | 4,030 | 713 | 36,106 | 2,978 | ||||||||||||||||||||||||||||||||
GSE agency notes | — | — | 178,285 | 49,725 | 178,285 | 49,725 | ||||||||||||||||||||||||||||||||
$ | 1,530,406 | $ | 171,140 | $ | 2,562,615 | $ | 570,350 | $ | 4,093,021 | $ | 741,490 | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | FNMA MBS | State and political subdivisions | (Dollars in thousands) | FNMA MBS | State and political subdivisions | ||||||||||||||||||||||||||||||||||
A+ rated or higher | A+ rated or higher | $ | — | $ | 187,577 | A+ rated or higher | $ | — | $ | 187,035 | ||||||||||||||||||||||||||||||
Not rated | Not rated | 892,199 | — | Not rated | 881,844 | — | ||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 892,199 | $ | 187,577 | Ending balance | $ | 881,844 | $ | 187,035 |
(Dollars in thousands) | FNMA MBS | State and political subdivisions | Foreign bonds | |||||||||||||||||
A+ rated or higher | $ | — | $ | 201,631 | $ | 500 | ||||||||||||||
Not rated | 909,498 | — | — | |||||||||||||||||
Ending balance | $ | 909,498 | $ | 201,631 | $ | 500 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 9 | $ | 4 | $ | 10 | $ | 4 | Beginning balance | $ | 8 | $ | 6 | $ | 10 | $ | 4 | ||||||||||||||||||||||||||||||||||
(Recovery of) provision for credit losses | (1) | 2 | (2) | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses | Provision for (recovery of) credit losses | — | 4 | (2) | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 8 | $ | 6 | $ | 8 | $ | 6 | Ending balance | $ | 8 | $ | 10 | $ | 8 | $ | 10 |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | (Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 2,623,723 | $ | 2,575,345 | Commercial and industrial | $ | 2,644,039 | $ | 2,575,345 | ||||||||||||||||||
Owner-occupied commercial | Owner-occupied commercial | 1,883,055 | 1,809,582 | Owner-occupied commercial | 1,924,171 | 1,809,582 | ||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 3,552,800 | 3,351,084 | Commercial mortgages | 3,645,723 | 3,351,084 | ||||||||||||||||||||||
Construction | Construction | 955,224 | 1,044,049 | Construction | 1,043,568 | 1,044,049 | ||||||||||||||||||||||
Commercial small business leases | Commercial small business leases | 590,063 | 558,981 | Commercial small business leases | 605,698 | 558,981 | ||||||||||||||||||||||
Residential(1) | Residential(1) | 829,832 | 761,882 | Residential(1) | 858,111 | 761,882 | ||||||||||||||||||||||
Consumer(2) | Consumer(2) | 1,905,219 | 1,810,930 | Consumer(2) | 1,957,082 | 1,810,930 | ||||||||||||||||||||||
12,339,916 | 11,911,853 | 12,678,392 | 11,911,853 | |||||||||||||||||||||||||
Less: | Less: | Less: | ||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | 171,869 | 151,861 | Allowance for credit losses | 175,988 | 151,861 | ||||||||||||||||||||||
Net loans and leases | Net loans and leases | $ | 12,168,047 | $ | 11,759,992 | Net loans and leases | $ | 12,502,404 | $ | 11,759,992 |
(Dollars in thousands) | (Dollars in thousands) | Commercial and Industrial(1) | Owner-occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | (Dollars in thousands) | Commercial and Industrial(1) | Owner-occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 62,709 | $ | 6,056 | $ | 30,114 | $ | 9,672 | $ | 5,327 | $ | 55,284 | $ | 169,162 | Beginning balance | $ | 62,783 | $ | 6,335 | $ | 31,937 | $ | 9,228 | $ | 5,043 | $ | 56,543 | $ | 171,869 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (10,359) | (184) | — | — | (33) | (5,298) | (15,874) | Charge-offs | (10,675) | — | (300) | — | — | (5,872) | (16,847) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 2,214 | 31 | 1 | 1 | 113 | 390 | 2,750 | Recoveries | 2,124 | 14 | 1 | 1 | 55 | 357 | 2,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 8,219 | 432 | 1,822 | (445) | (364) | 6,167 | 15,831 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | Provision | 7,438 | 1,501 | 1,549 | 2,088 | 253 | 5,585 | 18,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 62,783 | $ | 6,335 | $ | 31,937 | $ | 9,228 | $ | 5,043 | $ | 56,543 | $ | 171,869 | Ending balance | $ | 61,670 | $ | 7,850 | $ | 33,187 | $ | 11,317 | $ | 5,351 | $ | 56,613 | $ | 175,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 59,394 | $ | 6,019 | $ | 21,473 | $ | 6,987 | $ | 4,668 | $ | 53,320 | $ | 151,861 | Beginning balance | $ | 59,394 | $ | 6,019 | $ | 21,473 | $ | 6,987 | $ | 4,668 | $ | 53,320 | $ | 151,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (19,821) | (184) | — | — | (33) | (9,502) | (29,540) | Charge-offs | (30,496) | (184) | (300) | — | (33) | (15,374) | (46,387) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 3,430 | 36 | 3 | 531 | 156 | 549 | 4,705 | Recoveries | 5,554 | 50 | 4 | 532 | 211 | 906 | 7,257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | Provision | 19,780 | 464 | 10,461 | 1,710 | 252 | 12,176 | 44,843 | Provision | 27,218 | 1,965 | 12,010 | 3,798 | 505 | 17,761 | 63,257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 62,783 | $ | 6,335 | $ | 31,937 | $ | 9,228 | $ | 5,043 | $ | 56,543 | $ | 171,869 | Ending balance | $ | 61,670 | $ | 7,850 | $ | 33,187 | $ | 11,317 | $ | 5,351 | $ | 56,613 | $ | 175,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | Period-end allowance allocated to: | Period-end allowance allocated to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | Loans evaluated on an individual basis | $ | 1,953 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,953 | Loans evaluated on an individual basis | $ | 1,054 | $ | 161 | $ | — | $ | 1,600 | $ | — | $ | — | $ | 2,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | Loans evaluated on a collective basis | 60,830 | 6,335 | 31,937 | 9,228 | 5,043 | 56,543 | 169,916 | Loans evaluated on a collective basis | 60,616 | 7,689 | 33,187 | 9,717 | 5,351 | 56,613 | 173,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 62,783 | $ | 6,335 | $ | 31,937 | $ | 9,228 | $ | 5,043 | $ | 56,543 | $ | 171,869 | Ending balance | $ | 61,670 | $ | 7,850 | $ | 33,187 | $ | 11,317 | $ | 5,351 | $ | 56,613 | $ | 175,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-end loan balances: | Period-end loan balances: | Period-end loan balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | Loans evaluated on an individual basis | $ | 18,367 | $ | 3,979 | $ | 7,515 | $ | 741 | $ | 6,491 | $ | 2,175 | $ | 39,268 | Loans evaluated on an individual basis | $ | 26,355 | $ | 16,442 | $ | 7,918 | $ | 4,828 | $ | 5,838 | $ | 1,798 | $ | 63,179 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | Loans evaluated on a collective basis | 3,195,419 | 1,879,076 | 3,545,285 | 954,483 | 820,259 | 1,903,044 | 12,297,566 | Loans evaluated on a collective basis | 3,223,382 | 1,907,729 | 3,637,805 | 1,038,740 | 849,502 | 1,955,284 | 12,612,442 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 3,213,786 | $ | 1,883,055 | $ | 3,552,800 | $ | 955,224 | $ | 826,750 | $ | 1,905,219 | $ | 12,336,834 | Ending balance | $ | 3,249,737 | $ | 1,924,171 | $ | 3,645,723 | $ | 1,043,568 | $ | 855,340 | $ | 1,957,082 | $ | 12,675,621 |
(Dollars in thousands) | (Dollars in thousands) | Commercial and Industrial(1) | Owner - occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | (Dollars in thousands) | Commercial and Industrial(1) | Owner - occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 65,716 | $ | 6,125 | $ | 23,105 | $ | 3,145 | $ | 4,956 | $ | 33,283 | $ | 136,330 | Beginning balance | $ | 60,921 | $ | 5,510 | $ | 23,663 | $ | 5,058 | $ | 4,988 | $ | 41,830 | $ | 141,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,549) | — | — | — | — | (1,418) | (3,967) | Charge-offs | (5,120) | — | (544) | — | — | (1,834) | (7,498) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 870 | 141 | 1 | — | 144 | 183 | 1,339 | Recoveries | 3,194 | 4 | 101 | 653 | 207 | 114 | 4,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Credit) provision | (3,116) | (756) | 557 | 1,913 | (112) | 9,782 | 8,268 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) | Provision (credit) | 889 | 489 | (1,686) | 788 | (377) | 7,347 | 7,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 60,921 | $ | 5,510 | $ | 23,663 | $ | 5,058 | $ | 4,988 | $ | 41,830 | $ | 141,970 | Ending balance | $ | 59,884 | $ | 6,003 | $ | 21,534 | $ | 6,499 | $ | 4,818 | $ | 47,457 | $ | 146,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 49,967 | $ | 4,574 | $ | 11,623 | $ | 1,903 | $ | 3,352 | $ | 23,088 | $ | 94,507 | Beginning balance | $ | 49,967 | $ | 4,574 | $ | 11,623 | $ | 1,903 | $ | 3,352 | $ | 23,088 | $ | 94,507 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial allowance on acquired PCD loans | Initial allowance on acquired PCD loans | 22,614 | 595 | 2,684 | 71 | 61 | 78 | 26,103 | Initial allowance on acquired PCD loans | 22,614 | 595 | 2,684 | 71 | 61 | 78 | 26,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (6,188) | (179) | (37) | — | (186) | (2,228) | (8,818) | Charge-offs | (11,308) | (179) | (581) | — | (186) | (4,062) | (16,316) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,471 | 267 | 122 | — | 530 | 549 | 2,939 | Recoveries | 4,667 | 271 | 223 | 653 | 737 | 663 | 7,214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Credit) provision(4) | (Credit) provision(4) | (6,943) | 253 | 9,271 | 3,084 | 1,231 | 20,343 | 27,239 | (Credit) provision(4) | (6,056) | 742 | 7,585 | 3,872 | 854 | 27,690 | 34,687 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 60,921 | $ | 5,510 | $ | 23,663 | $ | 5,058 | $ | 4,988 | $ | 41,830 | $ | 141,970 | Ending balance | $ | 59,884 | $ | 6,003 | $ | 21,534 | $ | 6,499 | $ | 4,818 | $ | 47,457 | $ | 146,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | Period-end allowance allocated to: | Period-end allowance allocated to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | Loans evaluated on an individual basis | $ | 5,437 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,437 | Loans evaluated on an individual basis | $ | 5,348 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | Loans evaluated on a collective basis | 55,484 | 5,510 | 23,663 | 5,058 | 4,988 | 41,830 | 136,533 | Loans evaluated on a collective basis | 54,536 | 6,003 | 21,534 | 6,499 | 4,818 | 47,457 | 140,847 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 60,921 | $ | 5,510 | $ | 23,663 | $ | 5,058 | $ | 4,988 | $ | 41,830 | $ | 141,970 | Ending balance | $ | 59,884 | $ | 6,003 | $ | 21,534 | $ | 6,499 | $ | 4,818 | $ | 47,457 | $ | 146,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-end loan balances: | Period-end loan balances: | Period-end loan balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | Loans evaluated on an individual basis | $ | 29,030 | $ | 787 | $ | 7,771 | $ | 5,392 | $ | 5,803 | $ | 2,012 | $ | 50,795 | Loans evaluated on an individual basis | $ | 21,565 | $ | 1,713 | $ | 9,483 | $ | 5,360 | $ | 6,451 | $ | 1,884 | $ | 46,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | Loans evaluated on a collective basis | 3,078,710 | 1,822,442 | 3,313,883 | 928,932 | 764,772 | 1,520,584 | 11,429,323 | Loans evaluated on a collective basis | 3,147,913 | 1,786,878 | 3,270,896 | 1,022,843 | 752,142 | 1,675,244 | 11,655,916 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 3,107,740 | $ | 1,823,229 | $ | 3,321,654 | $ | 934,324 | $ | 770,575 | $ | 1,522,596 | $ | 11,480,118 | Ending balance | $ | 3,169,478 | $ | 1,788,591 | $ | 3,280,379 | $ | 1,028,203 | $ | 758,593 | $ | 1,677,128 | $ | 11,702,372 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 30–89 Days Past Due and Still Accruing | Greater Than 90 Days Past Due and Still Accruing | Total Past Due And Still Accruing | Accruing Current Balances | Nonaccrual Loans With No Allowance | Nonaccrual Loans With An Allowance | Total Loans | (Dollars in thousands) | 30–89 Days Past Due and Still Accruing | Greater Than 90 Days Past Due and Still Accruing | Total Past Due And Still Accruing | Accruing Current Balances | Nonaccrual Loans With No Allowance | Nonaccrual Loans With An Allowance | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1) | Commercial and industrial(1) | $ | 8,320 | $ | 989 | $ | 9,309 | $ | 3,186,199 | $ | 6,017 | $ | 12,261 | $ | 3,213,786 | Commercial and industrial(1) | $ | 10,183 | $ | 1,119 | $ | 11,302 | $ | 3,212,140 | $ | 21,138 | $ | 5,157 | $ | 3,249,737 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | Owner-occupied commercial | 2,350 | — | 2,350 | 1,878,041 | 2,664 | — | 1,883,055 | Owner-occupied commercial | 1,669 | — | 1,669 | 1,907,355 | 14,085 | 1,062 | 1,924,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 5,035 | 353 | 5,388 | 3,541,109 | 6,303 | — | 3,552,800 | Commercial mortgages | 16,691 | — | 16,691 | 3,622,326 | 6,706 | — | 3,645,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 2,051 | — | 2,051 | 952,432 | 741 | — | 955,224 | Construction | 8,285 | 2,016 | 10,301 | 1,028,439 | 726 | 4,102 | 1,043,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential(2) | Residential(2) | 3,176 | — | 3,176 | 820,865 | 2,709 | — | 826,750 | Residential(2) | 6,764 | — | 6,764 | 846,045 | 2,531 | — | 855,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(3) | Consumer(3) | 14,255 | 12,229 | 26,484 | 1,876,427 | 2,308 | — | 1,905,219 | Consumer(3) | 15,580 | 11,222 | 26,802 | 1,928,327 | 1,953 | — | 1,957,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 35,187 | $ | 13,571 | $ | 48,758 | $ | 12,255,073 | $ | 20,742 | $ | 12,261 | $ | 12,336,834 | Total | $ | 59,172 | $ | 14,357 | $ | 73,529 | $ | 12,544,632 | $ | 47,139 | $ | 10,321 | $ | 12,675,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Total Loans | % of Total Loans | 0.29 | % | 0.11 | % | 0.40 | % | 99.33 | % | 0.17 | % | 0.10 | % | 100 | % | % of Total Loans | 0.47 | % | 0.11 | % | 0.58 | % | 98.97 | % | 0.37 | % | 0.08 | % | 100 | % |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30–89 Days Past Due and Still Accruing | Greater Than 90 Days Past Due and Still Accruing | Total Past Due And Still Accruing | Accruing Current Balances | Nonaccrual Loans(1) | Total Loans | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial(2) | $ | 10,767 | $ | 311 | $ | 11,078 | $ | 3,116,478 | $ | 6,770 | $ | 3,134,326 | ||||||||||||||||||||||||||||||||
Owner-occupied commercial | 3,500 | 474 | 3,974 | 1,805,222 | 386 | 1,809,582 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 2,137 | 237 | 2,374 | 3,343,551 | 5,159 | 3,351,084 | ||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | 1,038,906 | 5,143 | 1,044,049 | ||||||||||||||||||||||||||||||||||||||
Residential(3) | 2,563 | — | 2,563 | 753,703 | 3,199 | 759,465 | ||||||||||||||||||||||||||||||||||||||
Consumer(4) | 12,263 | 15,513 | 27,776 | 1,781,009 | 2,145 | 1,810,930 | ||||||||||||||||||||||||||||||||||||||
Total(4) | $ | 31,230 | $ | 16,535 | $ | 47,765 | $ | 11,838,869 | $ | 22,802 | $ | 11,909,436 | ||||||||||||||||||||||||||||||||
% of Total Loans | 0.26 | % | 0.14 | % | 0.40 | % | 99.41 | % | 0.19 | % | 100 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Property | Equipment and other | Property | Equipment and other | (Dollars in thousands) | Property | Equipment and other | Property | Equipment and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1) | Commercial and industrial(1) | $ | 15,255 | $ | 3,023 | $ | 3,848 | $ | 2,922 | Commercial and industrial(1) | $ | 21,650 | $ | 4,645 | $ | 3,848 | $ | 2,922 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | Owner-occupied commercial | 2,664 | — | 386 | — | Owner-occupied commercial | 15,147 | — | 386 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 6,303 | — | 5,159 | — | Commercial mortgages | 6,706 | — | 5,159 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 741 | — | 5,143 | — | Construction | 4,828 | — | 5,143 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential(2) | Residential(2) | 2,709 | — | 3,199 | — | Residential(2) | 2,531 | — | 3,199 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(3) | Consumer(3) | 2,308 | — | 2,145 | — | Consumer(3) | 1,953 | — | 2,145 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 29,980 | $ | 3,023 | $ | 19,880 | $ | 2,922 | Total | $ | 52,815 | $ | 4,645 | $ | 19,880 | $ | 2,922 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(2): | Commercial and industrial(2): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | Risk Rating | Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 497,648 | $ | 971,490 | $ | 368,237 | $ | 310,758 | $ | 143,004 | $ | 458,737 | $ | 8,277 | $ | 246,341 | $ | 3,004,492 | Pass | $ | 830,232 | $ | 854,412 | $ | 321,269 | $ | 264,724 | $ | 119,282 | $ | 396,845 | $ | 8,710 | $ | 243,969 | $ | 3,039,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 7,658 | 27,040 | 3,594 | 768 | 601 | 522 | — | 2,455 | 42,638 | Special mention | 14,913 | 24,194 | 2,917 | 350 | 798 | 7 | — | 861 | 44,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | Substandard or Lower | 54,478 | 18,091 | 12,112 | 10,084 | 36,939 | 19,883 | — | 15,069 | 166,656 | Substandard or Lower | 53,341 | 34,854 | 5,908 | 11,086 | 24,982 | 19,568 | — | 16,515 | 166,254 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 559,784 | $ | 1,016,621 | $ | 383,943 | $ | 321,610 | $ | 180,544 | $ | 479,142 | $ | 8,277 | $ | 263,865 | $ | 3,213,786 | $ | 898,486 | $ | 913,460 | $ | 330,094 | $ | 276,160 | $ | 145,062 | $ | 416,420 | $ | 8,710 | $ | 261,345 | $ | 3,249,737 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 82 | $ | 3,485 | $ | 5,595 | $ | 1,184 | $ | 3,171 | $ | 6,304 | $ | — | $ | — | $ | 19,821 | Current-period gross writeoffs | $ | 399 | $ | 5,410 | $ | 8,437 | $ | 1,398 | $ | 6,435 | $ | 8,417 | $ | — | $ | — | $ | 30,496 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial: | Owner-occupied commercial: | Owner-occupied commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | Risk Rating | Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 164,939 | $ | 279,655 | $ | 294,797 | $ | 216,730 | $ | 203,500 | $ | 411,651 | $ | — | $ | 177,666 | $ | 1,748,938 | Pass | $ | 289,740 | $ | 269,796 | $ | 268,593 | $ | 213,060 | $ | 206,999 | $ | 361,669 | $ | — | $ | 171,762 | $ | 1,781,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 2,929 | 652 | 5,436 | 5,931 | 8,824 | 5,747 | — | 1,209 | 30,728 | Special mention | 2,907 | 2,182 | 6,638 | 1,122 | 9,621 | 5,601 | — | 1,615 | 29,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | Substandard or Lower | 8,606 | 18,378 | 3,820 | 8,538 | 2,872 | 42,916 | — | 18,259 | 103,389 | Substandard or Lower | 8,936 | 18,540 | 9,523 | 11,588 | 2,831 | 42,725 | — | 18,723 | 112,866 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 176,474 | $ | 298,685 | $ | 304,053 | $ | 231,199 | $ | 215,196 | $ | 460,314 | $ | — | $ | 197,134 | $ | 1,883,055 | $ | 301,583 | $ | 290,518 | $ | 284,754 | $ | 225,770 | $ | 219,451 | $ | 409,995 | $ | — | $ | 192,100 | $ | 1,924,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | — | $ | — | $ | — | $ | — | $ | 184 | $ | — | $ | — | $ | — | $ | 184 | Current-period gross writeoffs | $ | — | $ | — | $ | — | $ | — | $ | 184 | $ | — | $ | — | $ | — | $ | 184 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | Commercial mortgages: | Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | Risk Rating | Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 380,749 | $ | 509,272 | $ | 580,119 | $ | 502,722 | $ | 519,953 | $ | 735,252 | $ | — | $ | 253,328 | $ | 3,481,395 | Pass | $ | 682,033 | $ | 478,103 | $ | 521,669 | $ | 475,369 | $ | 494,904 | $ | 625,112 | $ | — | $ | 263,124 | $ | 3,540,314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 9,328 | — | 71 | 2,438 | 6,032 | 5,367 | — | 301 | 23,537 | Special mention | 9,599 | — | 69 | 4,802 | 24,401 | 19,797 | — | 294 | 58,962 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | Substandard or Lower | 9,470 | 17,042 | 4,742 | 10,080 | 1,614 | 4,692 | — | 228 | 47,868 | Substandard or Lower | 9,913 | 2,584 | 1,343 | 11,041 | 1,249 | 4,846 | — | 15,471 | 46,447 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 399,547 | $ | 526,314 | $ | 584,932 | $ | 515,240 | $ | 527,599 | $ | 745,311 | $ | — | $ | 253,857 | $ | 3,552,800 | $ | 701,545 | $ | 480,687 | $ | 523,081 | $ | 491,212 | $ | 520,554 | $ | 649,755 | $ | — | $ | 278,889 | $ | 3,645,723 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current-period gross writeoffs | $ | — | $ | 83 | $ | — | $ | 217 | $ | — | $ | — | $ | — | $ | — | $ | 300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction: | Construction: | Construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | Risk Rating | Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 277,159 | $ | 378,299 | $ | 206,930 | $ | 22,097 | $ | 2,441 | $ | 8,118 | $ | — | $ | 36,970 | $ | 932,014 | Pass | $ | 361,914 | $ | 387,776 | $ | 158,656 | $ | 20,879 | $ | 2,405 | $ | 9,241 | $ | — | $ | 41,362 | $ | 982,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 13,527 | — | — | — | — | — | — | — | 13,527 | Special mention | 14,239 | 14,338 | 10,691 | — | — | — | — | — | 39,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | Substandard or Lower | — | — | — | 8,942 | 168 | — | — | 573 | 9,683 | Substandard or Lower | 8,285 | — | 4,102 | 8,954 | 161 | — | — | 565 | 22,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 290,686 | $ | 378,299 | $ | 206,930 | $ | 31,039 | $ | 2,609 | $ | 8,118 | $ | — | $ | 37,543 | $ | 955,224 | $ | 384,438 | $ | 402,114 | $ | 173,449 | $ | 29,833 | $ | 2,566 | $ | 9,241 | $ | — | $ | 41,927 | $ | 1,043,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current-period gross writeoffs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential(2): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential(3): | Residential(3): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | Risk Rating | Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 104,143 | $ | 70,167 | $ | 105,199 | $ | 58,757 | $ | 34,406 | $ | 447,587 | $ | — | $ | — | $ | 820,259 | Performing | $ | 152,336 | $ | 68,990 | $ | 104,664 | $ | 57,762 | $ | 34,205 | $ | 431,381 | $ | — | $ | — | $ | 849,338 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | 171 | 1,007 | 492 | 1,266 | 3,555 | — | — | 6,491 | Nonperforming | — | 170 | 589 | 489 | 1,259 | 3,495 | — | — | 6,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 104,143 | $ | 70,338 | $ | 106,206 | $ | 59,249 | $ | 35,672 | $ | 451,142 | $ | — | $ | — | $ | 826,750 | $ | 152,336 | $ | 69,160 | $ | 105,253 | $ | 58,251 | $ | 35,464 | $ | 434,876 | $ | — | $ | — | $ | 855,340 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 33 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 33 | Current-period gross writeoffs | $ | 33 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(3): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(4): | Consumer(4): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | Risk Rating | Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 159,097 | $ | 629,797 | $ | 174,387 | $ | 113,970 | $ | 49,228 | $ | 250,979 | $ | 521,054 | $ | 4,532 | $ | 1,903,044 | Performing | $ | 251,967 | $ | 598,183 | $ | 164,642 | $ | 107,950 | $ | 47,046 | $ | 256,796 | $ | 523,391 | $ | 5,188 | $ | 1,955,163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | — | — | — | 43 | 188 | 1,626 | 318 | 2,175 | Nonperforming | — | — | — | 199 | 41 | — | 1,367 | 312 | 1,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 159,097 | $ | 629,797 | $ | 174,387 | $ | 113,970 | $ | 49,271 | $ | 251,167 | $ | 522,680 | $ | 4,850 | $ | 1,905,219 | $ | 251,967 | $ | 598,183 | $ | 164,642 | $ | 108,149 | $ | 47,087 | $ | 256,796 | $ | 524,758 | $ | 5,500 | $ | 1,957,082 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 482 | $ | 6,361 | $ | 2,122 | $ | 207 | $ | 99 | $ | 231 | $ | — | $ | — | $ | 9,502 | Current-period gross writeoffs | $ | 787 | $ | 10,716 | $ | 3,174 | $ | 235 | $ | 142 | $ | 320 | $ | — | $ | — | $ | 15,374 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,123,803 | $ | 501,761 | $ | 387,225 | $ | 211,310 | $ | 153,713 | $ | 276,588 | $ | 8,099 | $ | 250,486 | $ | 2,912,985 | ||||||||||||||||||||||||||||||||||||||
Special mention | 28,672 | 27,689 | 7,585 | 9,451 | 347 | 1,010 | — | 2,596 | 77,350 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | 32,362 | 16,162 | 6,943 | 37,534 | 37,133 | 6,768 | — | 7,089 | 143,991 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,184,837 | $ | 545,612 | $ | 401,753 | $ | 258,295 | $ | 191,193 | $ | 284,366 | $ | 8,099 | $ | 260,171 | $ | 3,134,326 | |||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 280,898 | $ | 325,388 | $ | 258,177 | $ | 226,717 | $ | 106,390 | $ | 363,420 | $ | — | $ | 132,942 | $ | 1,693,932 | ||||||||||||||||||||||||||||||||||||||
Special mention | 17,376 | — | — | — | — | 2,166 | — | 3,351 | 22,893 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | 2,981 | 1,500 | 23,284 | 4,401 | 11,864 | 35,311 | — | 13,416 | 92,757 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 301,255 | $ | 326,888 | $ | 281,461 | $ | 231,118 | $ | 118,254 | $ | 400,897 | $ | — | $ | 149,709 | $ | 1,809,582 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 516,783 | $ | 600,226 | $ | 526,312 | $ | 549,788 | $ | 276,414 | $ | 594,024 | $ | — | $ | 210,550 | $ | 3,274,097 | ||||||||||||||||||||||||||||||||||||||
Special mention | 1,450 | 75 | 3,848 | 6,121 | 9,596 | 32,014 | — | — | 53,104 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | 1,861 | 1,210 | 12,552 | 2,909 | 3,573 | 1,209 | — | 569 | 23,883 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 520,094 | $ | 601,511 | $ | 542,712 | $ | 558,818 | $ | 289,583 | $ | 627,247 | $ | — | $ | 211,119 | $ | 3,351,084 | |||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 448,581 | $ | 299,619 | $ | 115,667 | $ | 9,319 | $ | 26,553 | $ | 7,539 | $ | — | $ | 122,116 | $ | 1,029,394 | ||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | 581 | 581 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | — | 4,200 | 8,930 | 183 | — | — | — | 761 | 14,074 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 448,581 | $ | 303,819 | $ | 124,597 | $ | 9,502 | $ | 26,553 | $ | 7,539 | $ | — | $ | 123,458 | $ | 1,044,049 | |||||||||||||||||||||||||||||||||||||||
Residential(2): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 64,500 | $ | 110,508 | $ | 60,625 | $ | 36,118 | $ | 45,859 | $ | 434,175 | $ | — | $ | — | $ | 751,785 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 729 | 502 | 999 | 1,218 | 4,232 | — | — | 7,680 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 64,500 | $ | 111,237 | $ | 61,127 | $ | 37,117 | $ | 47,077 | $ | 438,407 | $ | — | $ | — | $ | 759,465 | |||||||||||||||||||||||||||||||||||||||
Consumer(3): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 595,158 | $ | 195,397 | $ | 126,456 | $ | 54,449 | $ | 220,039 | $ | 71,478 | $ | 540,308 | $ | 5,232 | $ | 1,808,517 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 350 | — | 479 | — | 1,255 | 329 | 2,413 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 595,158 | $ | 195,397 | $ | 126,806 | $ | 54,449 | $ | 220,518 | $ | 71,478 | $ | 541,563 | $ | 5,561 | $ | 1,810,930 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Term Extension | More-Than-Insignificant Payment Delay | Combination- Term Extension and Payment Delay | Combination- Term Extension and Interest Rate Reduction | Combination - Payment Delay and Interest Rate Reduction | Total | % of Total Loan Category | (Dollars in thousands) | Term Extension | More-Than-Insignificant Payment Delay | Combination- Term Extension and Payment Delay | Combination- Term Extension and Interest Rate Reduction | Combination - Payment Delay and Interest Rate Reduction | Total | % of Total Loan Category | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1) | Commercial and industrial(1) | $ | 21,530 | $ | — | $ | 10,164 | $ | — | $ | — | $ | 31,694 | 0.99 | % | Commercial and industrial(1) | $ | 36,683 | $ | 1,193 | $ | 10,163 | $ | 31 | $ | — | $ | 48,070 | 1.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | Owner-occupied commercial | — | — | 1,062 | 144 | — | 1,206 | 0.06 | % | Owner-occupied commercial | — | — | 1,062 | 209 | — | 1,271 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 9,468 | — | — | — | — | 9,468 | 0.27 | % | Commercial mortgages | 9,427 | — | — | — | — | 9,427 | 0.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 3,305 | — | — | — | — | 3,305 | 0.35 | % | Construction | 9,194 | — | — | — | — | 9,194 | 0.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 563 | 50 | — | — | — | 613 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(2) | Consumer(2) | 888 | 871 | 3,344 | 158 | 195 | 5,456 | 0.29 | % | Consumer(2) | 1,102 | 2,704 | 5,154 | 157 | 494 | 9,611 | 0.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 35,191 | $ | 871 | $ | 14,570 | $ | 302 | $ | 195 | $ | 51,129 | 0.41 | % | Total | $ | 56,969 | $ | 3,947 | $ | 16,379 | $ | 397 | $ | 494 | $ | 78,186 | 0.62 | % |
Term Extension(1) | Interest Rate Reduction(2) | More-Than-Insignificant Payment Delay(3) | Term Extension(1) | Interest Rate Reduction(2) | More-Than-Insignificant Payment Delay(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1.08 | —% | 0.08% | Commercial and industrial | 1.55 | 4.00% | 0.09% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | Owner-occupied commercial | 1.29 | 2.57 | 0.01 | Owner-occupied commercial | 1.27 | 2.58 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 1.33 | — | — | Commercial mortgages | 1.33 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 0.25 | — | — | Construction | 0.27 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 20.18 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 4.35 | 2.65 | 0.04 | Consumer | 3.07 | 3.27 | 0.07 |
Term Extension | More-Than-Insignificant Payment Delay | Combination Term Extension & Payment Delay | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 707 | $ | — | $ | 10,163 | $ | 10,870 | ||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | — | — | 1,062 | 1,062 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | — | 101 | — | 101 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 707 | $ | 101 | $ | 11,225 | $ | 12,033 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 30-89 Days Past Due and Still Accruing | 90+ Days Past Due and Still Accruing | Accruing Current Balances | Nonaccrual Loans | Total | (Dollars in thousands) | 30-89 Days Past Due and Still Accruing | 90+ Days Past Due and Still Accruing | Accruing Current Balances | Nonaccrual Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1) | Commercial and industrial(1) | $ | — | $ | — | $ | 30,301 | $ | 1,393 | $ | 31,694 | Commercial and industrial(1) | $ | 428 | $ | — | $ | 36,299 | $ | 11,343 | $ | 48,070 | ||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | Owner-occupied commercial | — | — | 1,062 | 144 | 1,206 | Owner-occupied commercial | — | — | — | 1,271 | 1,271 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | — | — | 9,468 | — | 9,468 | Commercial mortgages | — | — | 9,427 | — | 9,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | 3,305 | — | 3,305 | Construction | 8,285 | — | 909 | — | 9,194 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential(2) | Residential(2) | — | — | 613 | — | 613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(2) | Consumer(2) | 358 | 101 | 4,997 | — | 5,456 | Consumer(2) | 727 | 207 | 8,277 | 400 | 9,611 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 358 | $ | 101 | $ | 49,133 | $ | 1,537 | $ | 51,129 | Total | $ | 9,440 | $ | 207 | $ | 55,525 | $ | 13,014 | $ | 78,186 |
(Dollars in thousands) | December 31, 2022 | |||||||
Performing TDRs | $ | 19,737 | ||||||
Nonperforming TDRs | 2,006 | |||||||
Total TDRs | $ | 21,743 |
Three months ended June 30, 2022 | Six months ended June 30, 2022 | Three months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | — | — | — | — | — | 1 | — | — | — | 1 | Commercial and industrial | — | — | — | 2 | 2 | 1 | — | — | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | — | — | — | — | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | — | — | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | — | 1 | — | 1 | 1 | — | 1 | — | 2 | Residential | — | — | — | — | — | 1 | — | 1 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | — | 26 | 1 | — | 27 | 1 | 26 | 3 | 1 | 31 | Consumer | 50 | 8 | 4 | 2 | 64 | 51 | 32 | 7 | 3 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | — | 26 | 2 | — | 28 | 3 | 26 | 4 | 1 | 34 | Total | 50 | 8 | 4 | 4 | 66 | 53 | 34 | 8 | 5 | 100 |
Three months ended June 30, 2022 | Six Months Ended June 30, 2022 | Three months ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Pre Modification | Post Modification | Pre Modification | Post Modification | (Dollars in thousands) | Pre Modification | Post Modification | Pre Modification | Post Modification | ||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | — | $ | — | $ | (19) | $ | (19) | Commercial | $ | 157 | $ | 157 | $ | 185 | $ | 185 | ||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 2,390 | 2,390 | 2,390 | 2,390 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 2,000 | 2,000 | 2,000 | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 134 | 134 | 139 | 139 | Residential | — | — | 138 | 138 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 281 | 281 | 463 | 463 | Consumer | 948 | 948 | 1,409 | 1,409 | ||||||||||||||||||||||||||||||||||||||||||
Total(1)(2) | Total(1)(2) | $ | 415 | $ | 415 | $ | 583 | $ | 583 | Total(1)(2) | $ | 5,495 | $ | 5,495 | $ | 6,122 | $ | 6,122 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | (Dollars in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Operating lease cost (1) | Operating lease cost (1) | $ | 4,723 | $ | 5,039 | $ | 9,516 | $ | 10,389 | Operating lease cost (1) | $ | 3,077 | $ | 4,900 | $ | 12,593 | $ | 15,289 | ||||||||||||||||||||||||||||||||||
Sublease income | Sublease income | (32) | (84) | (81) | (171) | Sublease income | (37) | (51) | (118) | (222) | ||||||||||||||||||||||||||||||||||||||||||
Net lease cost | Net lease cost | $ | 4,691 | $ | 4,954 | $ | 9,435 | $ | 10,218 | Net lease cost | $ | 3,040 | $ | 4,849 | $ | 12,475 | $ | 15,067 |
(Dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||
Right-of-use assets | $ | 124,734 | $ | 138,182 | ||||||||||
Lease liabilities | $ | 146,882 | $ | 158,269 | ||||||||||
Lease term and discount rate | ||||||||||||||
Weighted average remaining lease term (in years) | 19.56 | 17.91 | ||||||||||||
Weighted average discount rate | 4.71 | % | 4.25 | % |
(Dollars in thousands) | June 30, 2023 | |||||||
Remaining in 2023 | $ | 8,213 | ||||||
2024 | 14,865 | |||||||
2025 | 14,832 | |||||||
2026 | 14,129 | |||||||
2027 | 12,722 | |||||||
After 2027 | 188,328 | |||||||
Total lease payments | 253,089 | |||||||
Less: Interest | (106,207) | |||||||
Present value of lease liabilities | $ | 146,882 | ||||||
(Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||
Right-of-use assets | $ | 127,020 | $ | 138,182 | ||||||||||
Lease liabilities | $ | 147,102 | $ | 158,269 | ||||||||||
Lease term and discount rate | ||||||||||||||
Weighted average remaining lease term (in years) | 12.82 | 17.91 | ||||||||||||
Weighted average discount rate | 5.18 | % | 4.25 | % |
(Dollars in thousands) | September 30, 2023 | |||||||
Remaining in 2023 | $ | 4,652 | ||||||
2024 | 17,259 | |||||||
2025 | 17,014 | |||||||
2026 | 16,176 | |||||||
2027 | 14,865 | |||||||
After 2027 | 135,220 | |||||||
Total lease payments | 205,186 | |||||||
Less: Interest | (58,084) | |||||||
Present value of lease liabilities | $ | 147,102 | ||||||
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | (Dollars in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating cash flows from operating leases | Operating cash flows from operating leases | $ | 5,134 | $ | 5,063 | $ | 10,194 | $ | 10,714 | Operating cash flows from operating leases | $ | 4,041 | $ | 5,196 | $ | 14,235 | $ | 15,911 | ||||||||||||||||||||||||||||||||||
Right of use assets obtained in exchange for new operating lease liabilities (non-cash) | Right of use assets obtained in exchange for new operating lease liabilities (non-cash) | — | — | — | 13,707 | Right of use assets obtained in exchange for new operating lease liabilities (non-cash) | — | — | — | 13,707 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | (Dollars in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Direct financing leases: | Direct financing leases: | Direct financing leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income on lease receivable | Interest income on lease receivable | $ | 13,136 | $ | 10,326 | $ | 25,518 | $ | 20,063 | Interest income on lease receivable | $ | 13,682 | $ | 10,822 | $ | 39,200 | $ | 30,885 | ||||||||||||||||||||||||||||||||||
Interest income on deferred fees and costs, net | Interest income on deferred fees and costs, net | (1,450) | (953) | (2,836) | (1,497) | Interest income on deferred fees and costs, net | (1,643) | (925) | (4,479) | (2,422) | ||||||||||||||||||||||||||||||||||||||||||
Total direct financing lease net interest income | Total direct financing lease net interest income | $ | 11,686 | $ | 9,373 | $ | 22,682 | $ | 18,566 | Total direct financing lease net interest income | $ | 12,039 | $ | 9,897 | $ | 34,721 | $ | 28,463 |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | (Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Lease receivables | Lease receivables | $ | 683,530 | $ | 642,369 | Lease receivables | $ | 698,729 | $ | 642,369 | ||||||||||||||||||
Unearned income | Unearned income | (107,588) | (95,683) | Unearned income | (108,629) | (95,683) | ||||||||||||||||||||||
Deferred fees and costs | Deferred fees and costs | 14,121 | 12,295 | Deferred fees and costs | 15,598 | 12,295 | ||||||||||||||||||||||
Net investment in direct financing leases | Net investment in direct financing leases | $ | 590,063 | $ | 558,981 | Net investment in direct financing leases | $ | 605,698 | $ | 558,981 |
(Dollars in thousands) | (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Consolidated Company | (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Consolidated Company | ||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | $ | 753,586 | $ | — | $ | 130,051 | $ | 883,637 | December 31, 2022 | $ | 753,586 | $ | — | $ | 130,051 | $ | 883,637 | ||||||||||||||||||||||||||||
Goodwill from business combinations(1) | Goodwill from business combinations(1) | — | — | 2,261 | 2,261 | |||||||||||||||||||||||||||||||||||||||||
Goodwill adjustments | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | $ | 753,586 | $ | — | $ | 130,051 | $ | 883,637 | ||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | $ | 753,586 | $ | — | $ | 132,312 | $ | 885,898 |
(Dollars in thousands) | (Dollars in thousands) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | Amortization Period | (Dollars in thousands) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | Amortization Period | ||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Core deposits | Core deposits | $ | 104,751 | $ | (45,602) | $ | 59,149 | 10 years | Core deposits | $ | 104,751 | $ | (48,180) | $ | 56,571 | 10 years | ||||||||||||||||||||||||||||||
Customer relationships | Customer relationships | 68,281 | (15,467) | 52,814 | 7-15 years | Customer relationships | 73,880 | (16,795) | 57,085 | 7-15 years | ||||||||||||||||||||||||||||||||||||
Loan servicing rights(1) | Loan servicing rights(1) | 11,593 | (5,815) | 5,778 | 10-25 years | Loan servicing rights(1) | 12,201 | (6,183) | 6,018 | 10-25 years | ||||||||||||||||||||||||||||||||||||
Tradename | Tradename | 2,900 | — | 2,900 | indefinite | Tradename | 2,900 | — | 2,900 | indefinite | ||||||||||||||||||||||||||||||||||||
Total intangible assets | Total intangible assets | $ | 187,525 | $ | (66,884) | $ | 120,641 | Total intangible assets | $ | 193,732 | $ | (71,158) | $ | 122,574 | ||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Core deposits | Core deposits | $ | 104,751 | $ | (40,443) | $ | 64,308 | 10 years | Core deposits | $ | 104,751 | $ | (40,443) | $ | 64,308 | 10 years | ||||||||||||||||||||||||||||||
Customer relationships | Customer relationships | 68,281 | (12,937) | 55,344 | 7-15 years | Customer relationships | 68,281 | (12,937) | 55,344 | 7-15 years | ||||||||||||||||||||||||||||||||||||
Loan servicing rights(2) | Loan servicing rights(2) | 11,118 | (5,075) | 6,043 | 10-25 years | Loan servicing rights(2) | 11,118 | (5,075) | 6,043 | 10-25 years | ||||||||||||||||||||||||||||||||||||
Tradename | Tradename | 2,900 | — | 2,900 | indefinite | Tradename | 2,900 | — | 2,900 | indefinite | ||||||||||||||||||||||||||||||||||||
Non-compete agreements | Non-compete agreements | 200 | (200) | — | 1 year | Non-compete agreements | 200 | (200) | — | 1 year | ||||||||||||||||||||||||||||||||||||
Total intangible assets | Total intangible assets | $ | 187,250 | $ | (58,655) | $ | 128,595 | Total intangible assets | $ | 187,250 | $ | (58,655) | $ | 128,595 |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | (Dollars in thousands) | September 30, 2023 | ||||||
Remaining in 2023 | Remaining in 2023 | $ | 8,272 | Remaining in 2023 | $ | 4,239 | ||||
2024 | 2024 | 16,351 | 2024 | 16,793 | ||||||
2025 | 2025 | 16,016 | 2025 | 16,451 | ||||||
2026 | 2026 | 15,348 | 2026 | 15,775 | ||||||
2027 | 2027 | 14,920 | 2027 | 15,337 | ||||||
Thereafter | Thereafter | 46,834 | Thereafter | 51,079 | ||||||
Total | Total | $ | 117,741 | Total | $ | 119,674 |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | (Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Noninterest-bearing: | Noninterest-bearing: | Noninterest-bearing: | ||||||||||||||||||||||||||||||||||||||
Noninterest demand | $ | 5,462,461 | $ | 5,739,647 | Noninterest demand | $ | 4,913,517 | $ | 5,739,647 | |||||||||||||||||||||||||||||||
Total noninterest-bearing | $ | 5,462,461 | $ | 5,739,647 | Total noninterest-bearing | $ | 4,913,517 | $ | 5,739,647 | |||||||||||||||||||||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,969,189 | $ | 3,346,682 | Interest-bearing demand | $ | 3,027,780 | $ | 3,346,682 | |||||||||||||||||||||||||||||||
Savings | 1,814,508 | 2,161,858 | Savings | 1,680,864 | 2,161,858 | |||||||||||||||||||||||||||||||||||
Money market | 4,375,142 | 3,730,778 | Money market | 4,559,643 | 3,730,778 | |||||||||||||||||||||||||||||||||||
Customer time deposits | 1,639,221 | 1,102,013 | Customer time deposits | 1,715,460 | 1,102,013 | |||||||||||||||||||||||||||||||||||
Brokered deposits | 167,435 | 122,591 | Brokered deposits | 89,105 | 122,591 | |||||||||||||||||||||||||||||||||||
Total interest-bearing | 10,965,495 | 10,463,922 | Total interest-bearing | 11,072,852 | 10,463,922 | |||||||||||||||||||||||||||||||||||
Total deposits | $ | 16,427,956 | $ | 16,203,569 | Total deposits | $ | 15,986,369 | $ | 16,203,569 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Quoted Prices in Active Markets for Identical Asset (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | (Dollars in thousands) | Quoted Prices in Active Markets for Identical Asset (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Assets measured at fair value on a recurring basis: | Assets measured at fair value on a recurring basis: | Assets measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities: | Available-for-sale securities: | Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
CMO | CMO | $ | — | $ | 483,726 | $ | — | $ | 483,726 | CMO | $ | — | $ | 454,664 | $ | — | $ | 454,664 | ||||||||||||||||||||||||||||||||||
FNMA MBS | FNMA MBS | — | 3,130,578 | — | 3,130,578 | FNMA MBS | — | 2,913,412 | — | 2,913,412 | ||||||||||||||||||||||||||||||||||||||||||
FHLMC MBS | FHLMC MBS | — | 117,877 | — | 117,877 | FHLMC MBS | — | 110,719 | — | 110,719 | ||||||||||||||||||||||||||||||||||||||||||
GNMA MBS | GNMA MBS | — | 44,257 | — | 44,257 | GNMA MBS | — | 42,751 | — | 42,751 | ||||||||||||||||||||||||||||||||||||||||||
GSE agency notes | GSE agency notes | — | 178,480 | — | 178,480 | GSE agency notes | — | 169,995 | — | 169,995 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | — | 151,882 | 60 | 151,942 | Other assets | — | 203,083 | 23 | 203,106 | ||||||||||||||||||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | Total assets measured at fair value on a recurring basis | $ | — | $ | 4,106,800 | $ | 60 | $ | 4,106,860 | Total assets measured at fair value on a recurring basis | $ | — | $ | 3,894,624 | $ | 23 | $ | 3,894,647 | ||||||||||||||||||||||||||||||||||
Liabilities measured at fair value on a recurring basis: | Liabilities measured at fair value on a recurring basis: | Liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | $ | — | $ | 148,184 | $ | 15,671 | $ | 163,855 | Other liabilities | $ | — | $ | 196,821 | $ | 14,482 | $ | 211,303 | ||||||||||||||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis: | Assets measured at fair value on a nonrecurring basis: | Assets measured at fair value on a nonrecurring basis: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | $ | — | $ | — | $ | 24,560 | $ | 24,560 | Other investments | $ | — | $ | — | $ | 21,741 | $ | 21,741 | ||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | — | — | 527 | 527 | Other real estate owned | — | — | 298 | 298 | ||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | — | 43,065 | — | 43,065 | Loans held for sale | — | 36,658 | — | 36,658 | ||||||||||||||||||||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 43,065 | $ | 25,087 | $ | 68,152 | Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 36,658 | $ | 22,039 | $ | 58,697 |
December 31, 2022 | ||||||||||||||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Asset (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||||||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
CMO | $ | — | $ | 506,380 | $ | — | $ | 506,380 | ||||||||||||||||||
FNMA MBS | — | 3,250,258 | — | 3,250,258 | ||||||||||||||||||||||
FHLMC MBS | — | 121,999 | — | 121,999 | ||||||||||||||||||||||
GNMA MBS | — | 36,138 | — | 36,138 | ||||||||||||||||||||||
GSE agency notes | — | 178,285 | — | 178,285 | ||||||||||||||||||||||
Other assets | — | 156,912 | 81 | 156,993 | ||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 4,249,972 | $ | 81 | $ | 4,250,053 | ||||||||||||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 156,520 | $ | 17,102 | $ | 173,622 | ||||||||||||||||||
Assets measured at fair value on a nonrecurring basis | ||||||||||||||||||||||||||
Other investments | $ | — | $ | — | $ | 26,120 | $ | 26,120 | ||||||||||||||||||
Other real estate owned | — | — | 833 | 833 | ||||||||||||||||||||||
Loans held for sale | — | 42,985 | — | 42,985 | ||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 42,985 | $ | 26,953 | $ | 69,938 |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | (Dollars in thousands) | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instrument | Financial Instrument | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | Financial Instrument | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | $ | 24,560 | Observed market comparable transactions | Period of observed transactions | May 2022 | Other investments | $ | 21,741 | Observed market comparable transactions | Period of observed transactions | May 2022 | ||||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 527 | Fair market value of collateral | Costs to sell | 10.0% | Other real estate owned | 298 | Fair market value of collateral | Costs to sell | 10.0% | ||||||||||||||||||||||||||||||||||||||||||
Other assets (Risk participation agreements purchased) | Other assets (Risk participation agreements purchased) | 60 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 110 - 250 bps (197 bps) LGD: –% - 30% (30%) | Other assets (Risk participation agreements purchased) | 23 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 110 - 360 bps (196 bps) LGD: –% - 30% (30%) | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities (Risk participation agreements sold) | Other liabilities (Risk participation agreements sold) | 3 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 1 - 250 bps (93 bps) LGD: 30% | Other liabilities (Risk participation agreements sold) | 1 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 1 - 250 bps (78 bps) LGD: 30% | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities (Financial derivative related to sales of certain Visa Class B shares) | Other liabilities (Financial derivative related to sales of certain Visa Class B shares) | 15,668 | Discounted cash flow | Timing of Visa litigation resolution | 1.00 - 5.25 years (3.34 years or 4Q 2025) | Other liabilities (Financial derivative related to sales of certain Visa Class B shares) | 14,481 | Discounted cash flow | Timing of Visa litigation resolution | 1.00 - 5.00 years (3.20 years or 4Q 2025) |
(Dollars in thousands) | December 31, 2022 | |||||||||||||||||||||||||
Financial Instrument | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||
Other investments | $ | 26,120 | Observed market comparable transactions | Period of observed transactions | May 2022 | |||||||||||||||||||||
Other real estate owned | 833 | Fair market value of collateral | Costs to sell | 10.0% | ||||||||||||||||||||||
Other assets (Risk participation agreements purchased) | 81 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 110 - 250 bps (205 bps) LGD: –% - 30% (30%) | ||||||||||||||||||||||
Other liabilities (Risk participation agreements sold) | 2 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 1 - 250 bps (158 bps) LGD: 30% | ||||||||||||||||||||||
Other liabilities (Financial derivative related to sales of certain Visa Class B shares) | 17,100 | Discounted cash flow | Timing of Visa litigation resolution | 1.00 - 5.75 years (3.61 years or 4Q 2025) |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Fair Value Measurement | Book Value | Fair Value | Book Value | Fair Value | (Dollars in thousands) | Fair Value Measurement | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash | Cash, cash equivalents, and restricted cash | Level 1 | $ | 1,115,560 | $ | 1,115,560 | $ | 837,258 | $ | 837,258 | Cash, cash equivalents, and restricted cash | Level 1 | $ | 611,480 | $ | 611,480 | $ | 837,258 | $ | 837,258 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale | Investment securities available-for-sale | Level 2 | 3,954,918 | 3,954,918 | 4,093,060 | 4,093,060 | Investment securities available-for-sale | Level 2 | 3,691,541 | 3,691,541 | 4,093,060 | 4,093,060 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities held-to-maturity, net | Investment securities held-to-maturity, net | Level 2 | 1,079,768 | 1,005,843 | 1,111,619 | 1,040,104 | Investment securities held-to-maturity, net | Level 2 | 1,068,871 | 927,680 | 1,111,619 | 1,040,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | Level 3 | 24,560 | 24,560 | 26,120 | 26,120 | Other investments | Level 3 | 21,741 | 21,741 | 26,120 | 26,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, held for sale | Loans, held for sale | Level 2 | 43,065 | 43,065 | 42,985 | 42,985 | Loans, held for sale | Level 2 | 36,658 | 36,658 | 42,985 | 42,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases, net(1) | Loans and leases, net(1) | Level 3 | 12,168,047 | 12,204,153 | 11,759,992 | 11,567,888 | Loans and leases, net(1) | Level 3 | 12,502,404 | 12,454,772 | 11,759,992 | 11,567,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock in FHLB of Pittsburgh | Stock in FHLB of Pittsburgh | Level 2 | 9,399 | 9,399 | 24,116 | 24,116 | Stock in FHLB of Pittsburgh | Level 2 | 12,199 | 12,199 | 24,116 | 24,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | Level 2 | 77,830 | 77,830 | 74,448 | 74,448 | Accrued interest receivable | Level 2 | 81,909 | 81,909 | 74,448 | 74,448 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | Levels 2, 3 | 151,942 | 151,942 | 156,993 | 156,993 | Other assets | Levels 2, 3 | 203,106 | 203,106 | 156,993 | 156,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | Level 2 | $ | 16,427,956 | $ | 16,386,841 | $ | 16,203,569 | $ | 16,156,124 | Deposits | Level 2 | $ | 15,986,369 | $ | 15,951,775 | $ | 16,203,569 | $ | 16,156,124 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | Level 2 | 899,493 | 883,174 | 726,894 | 709,014 | Borrowed funds | Level 2 | 917,833 | 917,053 | 726,894 | 709,014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Standby letters of credit | Standby letters of credit | Level 3 | 674 | 674 | 739 | 739 | Standby letters of credit | Level 3 | 663 | 663 | 739 | 739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | Level 2 | 25,718 | 25,718 | 5,174 | 5,174 | Accrued interest payable | Level 2 | 42,481 | 42,481 | 5,174 | 5,174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | Levels 2, 3 | 163,855 | 163,855 | 173,622 | 173,622 | Other liabilities | Levels 2, 3 | 211,303 | 211,303 | 173,622 | 173,622 |
Fair Values of Derivative Instruments | Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Count | Notional | Balance Sheet Location | Derivatives (Fair Value) | (Dollars in thousands) | Count | Notional | Balance Sheet Location | Derivatives (Fair Value) | ||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate products | Interest rate products | 3 | $ | 250,000 | Other assets | $ | 3,065 | Interest rate products | 6 | $ | 500,000 | Other assets | $ | 5,508 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 250,000 | $ | 3,065 | Total | $ | 500,000 | $ | 5,508 | ||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate products | Interest rate products | $ | 2,474,004 | Other assets | $ | 147,976 | Interest rate products | $ | 2,226,251 | Other assets | $ | 196,508 | ||||||||||||||||||||||||||||||||||||||||
Interest rate products | Interest rate products | 2,680,213 | Other liabilities | (148,099) | Interest rate products | 2,226,251 | Other liabilities | (196,508) | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments with customers | Interest rate lock commitments with customers | 35,326 | Other assets | 642 | Interest rate lock commitments with customers | 32,747 | Other assets | 498 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments with customers | Interest rate lock commitments with customers | 868 | Other liabilities | (3) | Interest rate lock commitments with customers | 3,886 | Other liabilities | (20) | ||||||||||||||||||||||||||||||||||||||||||||
Forward sale commitments | Forward sale commitments | 20,250 | Other assets | 116 | Forward sale commitments | 21,500 | Other assets | 203 | ||||||||||||||||||||||||||||||||||||||||||||
Forward sale commitments | Forward sale commitments | 18,000 | Other liabilities | (32) | Forward sale commitments | 13,907 | Other liabilities | (32) | ||||||||||||||||||||||||||||||||||||||||||||
FX forwards | FX forwards | 3,060 | Other assets | 83 | FX forwards | 16,687 | Other assets | 366 | ||||||||||||||||||||||||||||||||||||||||||||
FX forwards | FX forwards | 2,400 | Other liabilities | (50) | FX forwards | 14,793 | Other liabilities | (261) | ||||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements sold | Risk participation agreements sold | 101,644 | Other liabilities | (3) | Risk participation agreements sold | 97,049 | Other liabilities | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements purchased | Risk participation agreements purchased | 140,544 | Other assets | 60 | Risk participation agreements purchased | 115,520 | Other assets | 23 | ||||||||||||||||||||||||||||||||||||||||||||
Financial derivatives related to sales of certain Visa Class B shares | Financial derivatives related to sales of certain Visa Class B shares | 113,177 | Other liabilities | (15,668) | Financial derivatives related to sales of certain Visa Class B shares | 113,177 | Other liabilities | (14,481) | ||||||||||||||||||||||||||||||||||||||||||||
Total derivatives | Total derivatives | $ | 5,839,486 | $ | (11,913) | Total derivatives | $ | 5,381,768 | $ | (8,197) |
Fair Values of Derivative Instruments | ||||||||||||||||||||||||||
(Dollars in thousands) | Notional | Balance Sheet Location | Derivatives (Fair Value) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate products | $ | 1,794,678 | Other assets | $ | 156,414 | |||||||||||||||||||||
Interest rate products | 1,794,678 | Other liabilities | (156,414) | |||||||||||||||||||||||
Interest rate lock commitments with customers | 24,673 | Other assets | 385 | |||||||||||||||||||||||
Interest rate lock commitments with customers | 1,179 | Other liabilities | (7) | |||||||||||||||||||||||
Forward sale commitments | 9,072 | Other assets | 75 | |||||||||||||||||||||||
Forward sale commitments | 20,719 | Other liabilities | (54) | |||||||||||||||||||||||
FX forwards | 4,177 | Other assets | 38 | |||||||||||||||||||||||
FX forwards | 3,052 | Other liabilities | (45) | |||||||||||||||||||||||
Risk participation agreements sold | 68,459 | Other liabilities | (2) | |||||||||||||||||||||||
Risk participation agreements purchased | 87,168 | Other assets | 81 | |||||||||||||||||||||||
Financial derivatives related to sales of certain Visa Class B shares | 113,177 | Other liabilities | (17,100) | |||||||||||||||||||||||
Total derivatives | $ | 3,921,032 | $ | (16,629) |
Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion) | Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion) | Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion) | Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion) | Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | (Dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | 2023 | 2022 | 2023 | 2022 | Derivatives in Cash Flow Hedging Relationships | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate products | Interest rate products | $ | (1,475) | $ | — | $ | (1,143) | $ | 1 | Interest income | Interest rate products | $ | (1,608) | $ | — | $ | (2,752) | $ | — | Interest income | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (1,475) | $ | — | $ | (1,143) | $ | 1 | Total | $ | (1,608) | $ | — | $ | (2,752) | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | (Dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | 2023 | 2022 | 2023 | 2022 | Derivatives not designated as hedging instruments | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate products | Interest rate products | $ | 1,531 | $ | 3,461 | $ | 3,971 | $ | 4,924 | Other income | Interest rate products | $ | 3,427 | $ | 674 | $ | 7,397 | $ | 5,599 | Other income | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments with customers | Interest rate lock commitments with customers | (134) | 403 | 287 | (825) | Mortgage banking activities, net | Interest rate lock commitments with customers | (171) | (1,032) | 116 | (1,856) | Mortgage banking activities, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward sale commitments | Forward sale commitments | 213 | 887 | 66 | $ | 4,023 | Mortgage banking activities, net | Forward sale commitments | 595 | 1,097 | 660 | $ | 5,120 | Mortgage banking activities, net | ||||||||||||||||||||||||||||||||||||||||||||||||||
FX forwards | FX forwards | 13 | 61 | 28 | 41 | Other income | FX forwards | 97 | 54 | 126 | 95 | Other income | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | (17) | (119) | (14) | (190) | Other income | Risk participation agreements | (317) | (1) | (330) | (191) | Other income | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,606 | $ | 4,693 | $ | 4,338 | $ | 7,973 | Total | $ | 3,631 | $ | 792 | $ | 7,969 | $ | 8,767 |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statements of Income | Statements of Income | Statements of Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External customer revenues: | External customer revenues: | External customer revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 236,405 | $ | — | $ | 5,364 | $ | 241,769 | $ | 157,174 | $ | — | $ | 2,846 | $ | 160,020 | Interest income | $ | 245,520 | $ | — | $ | 5,619 | $ | 251,139 | $ | 183,107 | $ | — | $ | 3,458 | $ | 186,565 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 14,089 | 19,992 | 32,790 | 66,871 | 27,423 | 12,014 | 32,592 | 72,029 | Noninterest income | 18,371 | 21,231 | 33,066 | 72,668 | 17,585 | 15,416 | 29,650 | 62,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total external customer revenues | Total external customer revenues | 250,494 | 19,992 | 38,154 | 308,640 | 184,597 | 12,014 | 35,438 | 232,049 | Total external customer revenues | 263,891 | 21,231 | 38,685 | 323,807 | 200,692 | 15,416 | 33,108 | 249,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment revenues: | Inter-segment revenues: | Inter-segment revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 6,725 | 323 | 24,948 | 31,996 | 2,098 | 406 | 8,868 | 11,372 | Interest income | 7,213 | 340 | 27,011 | 34,564 | 4,570 | 416 | 13,658 | 18,644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 7,261 | 495 | 94 | 7,850 | 6,707 | 424 | 161 | 7,292 | Noninterest income | 7,384 | 499 | 190 | 8,073 | 6,906 | 431 | 222 | 7,559 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment revenues | Total inter-segment revenues | 13,986 | 818 | 25,042 | 39,846 | 8,805 | 830 | 9,029 | 18,664 | Total inter-segment revenues | 14,597 | 839 | 27,201 | 42,637 | 11,476 | 847 | 13,880 | 26,203 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 264,480 | 20,810 | 63,196 | 348,486 | 193,402 | 12,844 | 44,467 | 250,713 | Total revenue | 278,488 | 22,070 | 65,886 | 366,444 | 212,168 | 16,263 | 46,988 | 275,419 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External customer expenses: | External customer expenses: | External customer expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 53,962 | — | 5,965 | 59,927 | 6,149 | — | 256 | 6,405 | Interest expense | 60,133 | — | 8,404 | 68,537 | 8,923 | — | 811 | 9,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | Noninterest expenses | 108,147 | 14,538 | 18,568 | 141,253 | 108,631 | 8,188 | 17,230 | 134,049 | Noninterest expenses | 105,655 | 15,524 | 18,510 | 139,689 | 104,817 | 9,646 | 18,454 | 132,917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses | Provision for (recovery of) credit losses | 16,328 | — | (498) | 15,830 | 7,975 | — | 293 | 8,268 | Provision for (recovery of) credit losses | 18,544 | — | (130) | 18,414 | 7,463 | — | (9) | 7,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total external customer expenses | Total external customer expenses | 178,437 | 14,538 | 24,035 | 217,010 | 122,755 | 8,188 | 17,779 | 148,722 | Total external customer expenses | 184,332 | 15,524 | 26,784 | 226,640 | 121,203 | 9,646 | 19,256 | 150,105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment expenses: | Inter-segment expenses: | Inter-segment expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 25,271 | 3,851 | 2,874 | 31,996 | 9,274 | 1,207 | 891 | 11,372 | Interest expense | 27,351 | 4,068 | 3,145 | 34,564 | 14,074 | 3,414 | 1,156 | 18,644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | Noninterest expenses | 589 | 1,484 | 5,777 | 7,850 | 585 | 1,106 | 5,601 | 7,292 | Noninterest expenses | 689 | 1,391 | 5,993 | 8,073 | 653 | 1,185 | 5,721 | 7,559 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment expenses | Total inter-segment expenses | 25,860 | 5,335 | 8,651 | 39,846 | 9,859 | 2,313 | 6,492 | 18,664 | Total inter-segment expenses | 28,040 | 5,459 | 9,138 | 42,637 | 14,727 | 4,599 | 6,877 | 26,203 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 204,297 | 19,873 | 32,686 | 256,856 | 132,614 | 10,501 | 24,271 | 167,386 | Total expenses | 212,372 | 20,983 | 35,922 | 269,277 | 135,930 | 14,245 | 26,133 | 176,308 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before taxes | Income before taxes | $ | 60,183 | $ | 937 | $ | 30,510 | $ | 91,630 | $ | 60,788 | $ | 2,343 | $ | 20,196 | $ | 83,327 | Income before taxes | $ | 66,116 | $ | 1,087 | $ | 29,964 | $ | 97,167 | $ | 76,238 | $ | 2,018 | $ | 20,855 | $ | 99,111 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | Income tax provision | 23,035 | 22,425 | Income tax provision | 22,904 | 25,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income | Consolidated net income | 68,595 | 60,902 | Consolidated net income | 74,263 | 73,344 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to noncontrolling interest | (83) | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | Net income (loss) attributable to noncontrolling interest | 97 | (38) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to WSFS | Net income attributable to WSFS | $ | 68,678 | $ | 60,740 | Net income attributable to WSFS | $ | 74,166 | $ | 73,382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information | Supplemental Information | Supplemental Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures for the period ended | Capital expenditures for the period ended | $ | 956 | $ | — | $ | — | $ | 956 | $ | 2,789 | $ | — | $ | — | $ | 2,789 | Capital expenditures for the period ended | $ | 1,131 | $ | — | $ | 10 | $ | 1,141 | $ | 3,213 | $ | 16 | $ | — | $ | 3,229 |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statements of Income | Statements of Income | Statements of Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External customer revenues: | External customer revenues: | External customer revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 457,690 | $ | — | $ | 10,462 | $ | 468,152 | $ | 298,576 | $ | — | $ | 5,581 | $ | 304,157 | Interest income | $ | 703,210 | $ | — | $ | 16,081 | $ | 719,291 | $ | 481,683 | $ | — | $ | 9,039 | $ | 490,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 28,239 | 38,171 | 63,588 | 129,998 | 46,248 | 22,084 | 64,271 | 132,603 | Noninterest income | 46,610 | 59,402 | 96,654 | 202,666 | 63,833 | 37,500 | 93,921 | 195,254 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total external customer revenues | Total external customer revenues | 485,929 | 38,171 | 74,050 | 598,150 | 344,824 | 22,084 | 69,852 | 436,760 | Total external customer revenues | 749,820 | 59,402 | 112,735 | 921,957 | 545,516 | 37,500 | 102,960 | 685,976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment revenues: | Inter-segment revenues: | Inter-segment revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 12,824 | 718 | 45,675 | 59,217 | 3,150 | 732 | 14,207 | 18,089 | Interest income | 20,037 | 1,058 | 72,686 | 93,781 | 7,720 | 1,148 | 27,865 | 36,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 14,161 | 956 | 199 | 15,316 | 13,197 | 789 | 347 | 14,333 | Noninterest income | 21,545 | 1,455 | 389 | 23,389 | 20,103 | 1,220 | 569 | 21,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment revenues | Total inter-segment revenues | 26,985 | 1,674 | 45,874 | 74,533 | 16,347 | 1,521 | 14,554 | 32,422 | Total inter-segment revenues | 41,582 | 2,513 | 73,075 | 117,170 | 27,823 | 2,368 | 28,434 | 58,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 512,914 | 39,845 | 119,924 | 672,683 | 361,171 | 23,605 | 84,406 | 469,182 | Total revenue | 791,402 | 61,915 | 185,810 | 1,039,127 | 573,339 | 39,868 | 131,394 | 744,601 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External customer expenses: | External customer expenses: | External customer expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 92,449 | — | 11,329 | 103,778 | 11,552 | — | 432 | 11,984 | Interest expense | 152,582 | — | 19,733 | 172,315 | 20,475 | — | 1,243 | 21,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | Noninterest expenses | 209,096 | 28,038 | 37,164 | 274,298 | 257,132 | 15,737 | 35,637 | 308,506 | Noninterest expenses | 314,751 | 43,562 | 55,674 | 413,987 | 361,949 | 25,383 | 54,091 | 441,423 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 44,045 | — | 796 | 44,841 | 27,184 | — | 55 | 27,239 | Provision for credit losses | 62,589 | — | 666 | 63,255 | 34,647 | — | 46 | 34,693 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total external customer expenses | Total external customer expenses | 345,590 | 28,038 | 49,289 | 422,917 | 295,868 | 15,737 | 36,124 | 347,729 | Total external customer expenses | 529,922 | 43,562 | 76,073 | 649,557 | 417,071 | 25,383 | 55,380 | 497,834 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment expenses: | Inter-segment expenses: | Inter-segment expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 46,393 | 7,410 | 5,414 | 59,217 | 14,939 | 1,482 | 1,668 | 18,089 | Interest expense | 73,744 | 11,478 | 8,559 | 93,781 | 29,013 | 4,896 | 2,824 | 36,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | Noninterest expenses | 1,155 | 2,830 | 11,331 | 15,316 | 1,136 | 2,251 | 10,946 | 14,333 | Noninterest expenses | 1,844 | 4,221 | 17,324 | 23,389 | 1,789 | 3,436 | 16,667 | 21,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment expenses | Total inter-segment expenses | 47,548 | 10,240 | 16,745 | 74,533 | 16,075 | 3,733 | 12,614 | 32,422 | Total inter-segment expenses | 75,588 | 15,699 | 25,883 | 117,170 | 30,802 | 8,332 | 19,491 | 58,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 393,138 | 38,278 | 66,034 | 497,450 | 311,943 | 19,470 | 48,738 | 380,151 | Total expenses | 605,510 | 59,261 | 101,956 | 766,727 | 447,873 | 33,715 | 74,871 | 556,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before taxes | Income before taxes | $ | 119,776 | $ | 1,567 | $ | 53,890 | $ | 175,233 | $ | 49,228 | $ | 4,135 | $ | 35,668 | $ | 89,031 | Income before taxes | $ | 185,892 | $ | 2,654 | $ | 83,854 | $ | 272,400 | $ | 125,466 | $ | 6,153 | $ | 56,523 | $ | 188,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | Income tax provision | 43,976 | 24,162 | Income tax provision | 66,880 | 49,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income | Consolidated net income | 131,257 | 64,869 | Consolidated net income | 205,520 | 138,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | Net income attributable to noncontrolling interest | 175 | 325 | Net income attributable to noncontrolling interest | 272 | 287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to WSFS | Net income attributable to WSFS | $ | 131,082 | $ | 64,544 | Net income attributable to WSFS | $ | 205,248 | $ | 137,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information | Supplemental Information | Supplemental Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures for the period ended | Capital expenditures for the period ended | $ | 1,812 | $ | — | $ | — | $ | 1,812 | $ | 4,436 | $ | — | $ | — | $ | 4,436 | Capital expenditures for the period ended | $ | 2,943 | $ | — | $ | 10 | $ | 2,953 | $ | 7,649 | $ | 16 | $ | — | $ | 7,665 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | (Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statements of Financial Condition | Statements of Financial Condition | Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 719,817 | $ | 354,497 | $ | 41,246 | $ | 1,115,560 | $ | 317,022 | $ | 476,850 | $ | 43,386 | $ | 837,258 | Cash and cash equivalents | $ | 241,531 | $ | 327,417 | $ | 42,532 | $ | 611,480 | $ | 317,022 | $ | 476,850 | $ | 43,386 | $ | 837,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 753,586 | — | 130,051 | 883,637 | 753,586 | — | 130,051 | 883,637 | Goodwill | 753,586 | — | 132,312 | 885,898 | 753,586 | — | 130,051 | 883,637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other segment assets | Other segment assets | 17,999,598 | 11,556 | 375,340 | 18,386,494 | 17,824,946 | 10,429 | 358,485 | 18,193,860 | Other segment assets | 18,132,659 | 11,662 | 399,293 | 18,543,614 | 17,824,946 | 10,429 | 358,485 | 18,193,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total segment assets | Total segment assets | $ | 19,473,001 | $ | 366,053 | $ | 546,637 | $ | 20,385,691 | $ | 18,895,554 | $ | 487,279 | $ | 531,922 | $ | 19,914,755 | Total segment assets | $ | 19,127,776 | $ | 339,079 | $ | 574,137 | $ | 20,040,992 | $ | 18,895,554 | $ | 487,279 | $ | 531,922 | $ | 19,914,755 |
(Dollars in thousands) | (Dollars in thousands) | Net change in investment securities available-for-sale | Net change in investment securities held-to-maturity | Net change in defined benefit plan | Net change in fair value of derivatives used for cash flow hedges(1) | Net change in equity method investments | Total | (Dollars in thousands) | Net change in investment securities available-for-sale | Net change in investment securities held-to-maturity | Net change in defined benefit plan | Net change in fair value of derivatives used for cash flow hedges(1) | Net change in equity method investments | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | (510,523) | $ | (104,338) | $ | (4,517) | $ | 400 | $ | 563 | $ | (618,415) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (40,367) | — | (7) | (1,475) | (101) | (41,950) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | (550,890) | $ | (99,945) | $ | (4,571) | $ | (1,115) | $ | 462 | $ | (656,059) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (127,523) | — | (3) | (1,608) | 192 | (128,942) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | Less: Amounts reclassified from accumulated other comprehensive loss | — | 4,393 | (47) | (40) | — | 4,306 | Less: Amounts reclassified from accumulated other comprehensive loss | — | 4,366 | (48) | (28) | — | 4,290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive loss | (40,367) | 4,393 | (54) | (1,515) | (101) | (37,644) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | (550,890) | $ | (99,945) | $ | (4,571) | $ | (1,115) | $ | 462 | $ | (656,059) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | Net current-period other comprehensive (loss) income | (127,523) | 4,366 | (51) | (1,636) | 192 | (124,652) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | $ | (678,413) | $ | (95,579) | $ | (4,622) | $ | (2,751) | $ | 654 | $ | (780,711) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | (309,791) | $ | 147 | $ | (4,718) | $ | 229 | $ | 353 | $ | (313,780) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | Balance, June 30, 2022 | $ | (395,213) | $ | (119,649) | $ | (4,746) | $ | 189 | $ | 541 | $ | (518,878) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (85,422) | (119,824) | (1) | — | 188 | (205,059) | Other comprehensive (loss) income | (202,520) | (1) | (4) | — | 25 | (202,500) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | Less: Amounts reclassified from accumulated other comprehensive loss | — | 28 | (27) | (40) | — | (39) | Less: Amounts reclassified from accumulated other comprehensive loss | — | 5,967 | (27) | (41) | — | 5,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | Net current-period other comprehensive (loss) income | (85,422) | (119,796) | (28) | (40) | 188 | (205,098) | Net current-period other comprehensive (loss) income | (202,520) | 5,966 | (31) | (41) | 25 | (196,601) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | (395,213) | $ | (119,649) | $ | (4,746) | $ | 189 | $ | 541 | $ | (518,878) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Cash flow hedges were terminated as of April 1, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2)Includes $119.8 million, net of tax, of unrealized losses on transferred investment securities from available-for-sale to held-to-maturity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | (597,733) | $ | (113,683) | $ | (4,777) | $ | 148 | $ | 566 | $ | (715,479) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes amortization of net gain for cash flow hedges terminated as of April 1, 2020. | (1)Includes amortization of net gain for cash flow hedges terminated as of April 1, 2020. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Net change in investment securities available-for-sale | Net change in investment securities held-to-maturity | Net change in defined benefit plan | Net change in fair value of derivatives used for cash flow hedges (1) | Net change in equity method investments | Total | (Dollars in thousands) | Net change in investment securities available-for-sale | Net change in investment securities held-to-maturity | Net change in defined benefit plan | Net change in fair value of derivatives used for cash flow hedges(1) | Net change in equity method investments | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | $ | (563,533) | $ | (108,503) | $ | (4,482) | $ | 108 | $ | 566 | $ | (675,844) | Balance, December 31, 2022 | $ | (563,533) | $ | (108,503) | $ | (4,482) | $ | 108 | $ | 566 | $ | (675,844) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 12,643 | — | 5 | (1,143) | (104) | 11,401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (114,880) | — | 2 | (2,752) | 88 | (117,542) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | Less: Amounts reclassified from accumulated other comprehensive loss | — | 8,558 | (94) | (80) | — | 8,384 | Less: Amounts reclassified from accumulated other comprehensive loss | — | 12,924 | (142) | (107) | — | 12,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 12,643 | 8,558 | (89) | (1,223) | (104) | 19,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | (550,890) | $ | (99,945) | $ | (4,571) | $ | (1,115) | $ | 462 | $ | (656,059) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | Net current-period other comprehensive (loss) income | (114,880) | 12,924 | (140) | (2,859) | 88 | (104,867) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | $ | (678,413) | $ | (95,579) | $ | (4,622) | $ | (2,751) | $ | 654 | $ | (780,711) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | $ | (33,873) | $ | 175 | $ | (4,691) | $ | 268 | $ | 353 | $ | (37,768) | Balance, December 31, 2021 | $ | (33,873) | $ | 175 | $ | (4,691) | $ | 268 | $ | 353 | $ | (37,768) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income(2) | Other comprehensive (loss) income(2) | (361,340) | (119,768) | — | 1 | 188 | (480,919) | Other comprehensive (loss) income(2) | (563,860) | (119,769) | (4) | — | 213 | (683,420) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | Less: Amounts reclassified from accumulated other comprehensive loss | — | (56) | (55) | (80) | — | (191) | Less: Amounts reclassified from accumulated other comprehensive loss | — | 5,911 | (82) | (120) | — | 5,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | Net current-period other comprehensive (loss) income | (361,340) | (119,824) | (55) | (79) | 188 | (481,110) | Net current-period other comprehensive (loss) income | (563,860) | (113,858) | (86) | (120) | 213 | (677,711) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | (395,213) | $ | (119,649) | $ | (4,746) | $ | 189 | $ | 541 | $ | (518,878) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Cash flow hedges were terminated as of April 1, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | (597,733) | $ | (113,683) | $ | (4,777) | $ | 148 | $ | 566 | $ | (715,479) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes amortization of net gain for cash flow hedges terminated as of April 1, 2020. | (1)Includes amortization of net gain for cash flow hedges terminated as of April 1, 2020. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2)Includes $119.8 million, net of tax, of unrealized losses on transferred investment securities from available-for-sale to held-to-maturity. | (2)Includes $119.8 million, net of tax, of unrealized losses on transferred investment securities from available-for-sale to held-to-maturity. | (2)Includes $119.8 million, net of tax, of unrealized losses on transferred investment securities from available-for-sale to held-to-maturity. |
Three Months Ended June 30, | Affected line item in unaudited Consolidated Statements of Income | Three Months Ended September 30, | Affected line item in unaudited Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
Net unrealized holding losses (gains) on securities transferred between available-for-sale and held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized losses (gains) to income during the period | 5,779 | 37 | Net interest income | |||||||||||||||||||||||||||||||||||||
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity: | Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity: | |||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized losses to income during the period | Amortization of net unrealized losses to income during the period | 5,745 | 7,851 | Net interest income | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | (1,386) | (9) | Income tax provision | Income taxes | (1,379) | (1,884) | Income tax provision | ||||||||||||||||||||||||||||||||
Net of tax | Net of tax | 4,393 | 28 | Net of tax | 4,366 | 5,967 | ||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension plan-related items: | Amortization of defined benefit pension plan-related items: | Amortization of defined benefit pension plan-related items: | ||||||||||||||||||||||||||||||||||||||
Prior service credits | Prior service credits | (19) | (19) | Prior service credits | (19) | (19) | ||||||||||||||||||||||||||||||||||
Actuarial (gains) losses | (43) | (17) | ||||||||||||||||||||||||||||||||||||||
Actuarial gains | Actuarial gains | (44) | (17) | |||||||||||||||||||||||||||||||||||||
Total before tax | Total before tax | (62) | (36) | Salaries, benefits and other compensation | Total before tax | (63) | (36) | Salaries, benefits and other compensation | ||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 15 | 9 | Income tax provision | Income taxes | 15 | 9 | Income tax provision | ||||||||||||||||||||||||||||||||
Net of tax | Net of tax | (47) | (27) | Net of tax | (48) | (27) | ||||||||||||||||||||||||||||||||||
Net unrealized gains on terminated cash flow hedges: | Net unrealized gains on terminated cash flow hedges: | Net unrealized gains on terminated cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized gains to income during the period | Amortization of net unrealized gains to income during the period | (53) | (53) | Interest and fees on loans and leases | Amortization of net unrealized gains to income during the period | (37) | (54) | Interest and fees on loans and leases | ||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 13 | 13 | Income tax provision | Income taxes | 9 | 13 | Income tax provision | ||||||||||||||||||||||||||||||||
Net of tax | Net of tax | (40) | (40) | Net of tax | (28) | (41) | ||||||||||||||||||||||||||||||||||
Total reclassifications | Total reclassifications | $ | 4,306 | $ | (39) | Total reclassifications | $ | 4,290 | $ | 5,899 | ||||||||||||||||||||||||||||||
Six Months Ended June 30, | Affected line item in unaudited Consolidated Statements of Operations | Nine Months Ended September 30, | Affected line item in unaudited Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Net unrealized holding losses (gains) on securities transferred between available-for-sale and held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized losses (gains) to income during the period | 11,260 | (74) | Net interest income | |||||||||||||||||||||||||||||||||||||
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity: | Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity: | |||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized losses to income during the period | Amortization of net unrealized losses to income during the period | 17,005 | 7,777 | Net interest income | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | (2,702) | 18 | Income tax provision | Income taxes | (4,081) | (1,866) | Income tax provision | ||||||||||||||||||||||||||||||||
Net of tax | Net of tax | 8,558 | (56) | Net of tax | 12,924 | 5,911 | ||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension plan-related items: | Amortization of defined benefit pension plan-related items: | Amortization of defined benefit pension plan-related items: | ||||||||||||||||||||||||||||||||||||||
Prior service credits | Prior service credits | (38) | (38) | Prior service credits | (57) | (57) | ||||||||||||||||||||||||||||||||||
Actuarial losses (gains) | (86) | (34) | ||||||||||||||||||||||||||||||||||||||
Actuarial gains | Actuarial gains | (130) | (51) | |||||||||||||||||||||||||||||||||||||
Total before tax | Total before tax | (124) | (72) | Salaries, benefits and other compensation | Total before tax | (187) | (108) | Salaries, benefits and other compensation | ||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 30 | 17 | Income tax provision | Income taxes | 45 | 26 | Income tax provision | ||||||||||||||||||||||||||||||||
Net of tax | Net of tax | (94) | (55) | Net of tax | (142) | (82) | ||||||||||||||||||||||||||||||||||
Net unrealized gains on terminated cash flow hedges: | Net unrealized gains on terminated cash flow hedges: | Net unrealized gains on terminated cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized gains to income during the period | Amortization of net unrealized gains to income during the period | (105) | (105) | Interest and fees on loans and leases | Amortization of net unrealized gains to income during the period | (141) | (158) | Interest and fees on loans and leases | ||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 25 | 25 | Income tax provision | Income taxes | 34 | 38 | Income tax provision | ||||||||||||||||||||||||||||||||
Net of tax | Net of tax | (80) | (80) | Net of tax | (107) | (120) | ||||||||||||||||||||||||||||||||||
Total reclassifications | Total reclassifications | $ | 8,384 | $ | (191) | Total reclassifications | $ | 12,675 | $ | 5,709 |
Consolidated Capital | Minimum For Capital Adequacy Purposes | To be Well-Capitalized Under Prompt Corrective Action Provisions | Consolidated Capital | Minimum For Capital Adequacy Purposes | To be Well-Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | (Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | Total Capital (to Risk-Weighted Assets) | Total Capital (to Risk-Weighted Assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | Wilmington Savings Fund Society, FSB | $ | 2,322,709 | 14.85 | % | $ | 1,251,012 | 8.00 | % | $ | 1,563,765 | 10.00 | % | Wilmington Savings Fund Society, FSB | $ | 2,314,101 | 14.43 | % | $ | 1,282,652 | 8.00 | % | $ | 1,603,315 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
WSFS Financial Corporation | WSFS Financial Corporation | 2,327,290 | 14.85 | 1,253,901 | 8.00 | 1,567,377 | 10.00 | WSFS Financial Corporation | 2,379,208 | 14.82 | 1,284,609 | 8.00 | 1,605,762 | 10.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | Tier 1 Capital (to Risk-Weighted Assets) | Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | Wilmington Savings Fund Society, FSB | 2,138,769 | 13.68 | 938,259 | 6.00 | 1,251,012 | 8.00 | Wilmington Savings Fund Society, FSB | 2,125,926 | 13.26 | 961,989 | 6.00 | 1,282,652 | 8.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WSFS Financial Corporation | WSFS Financial Corporation | 1,999,595 | 12.76 | 940,426 | 6.00 | 1,253,901 | 8.00 | WSFS Financial Corporation | 2,047,229 | 12.75 | 963,457 | 6.00 | 1,284,609 | 8.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | Common Equity Tier 1 Capital (to Risk-Weighted Assets) | Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | Wilmington Savings Fund Society, FSB | 2,138,769 | 13.68 | 703,694 | 4.50 | 1,016,447 | 6.50 | Wilmington Savings Fund Society, FSB | 2,125,926 | 13.26 | 721,492 | 4.50 | 1,042,155 | 6.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WSFS Financial Corporation | WSFS Financial Corporation | 1,999,595 | 12.76 | 705,319 | 4.50 | 1,018,795 | 6.50 | WSFS Financial Corporation | 2,047,229 | 12.75 | 722,593 | 4.50 | 1,043,745 | 6.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Leverage Capital | Tier 1 Leverage Capital | Tier 1 Leverage Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | Wilmington Savings Fund Society, FSB | 2,138,769 | 10.83 | 789,791 | 4.00 | 987,239 | 5.00 | Wilmington Savings Fund Society, FSB | 2,125,926 | 10.72 | 793,596 | 4.00 | 991,995 | 5.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WSFS Financial Corporation | WSFS Financial Corporation | 1,999,595 | 10.11 | 790,818 | 4.00 | 988,523 | 5.00 | WSFS Financial Corporation | 2,047,229 | 10.31 | 794,475 | 4.00 | 993,094 | 5.00 |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | (Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Nonaccruing loans(1): | Nonaccruing loans(1): | Nonaccruing loans(1): | ||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 18,278 | $ | 6,770 | Commercial and industrial | $ | 26,295 | $ | 6,770 | ||||||||||||||||||
Owner-occupied commercial | Owner-occupied commercial | 2,664 | 386 | Owner-occupied commercial | 15,147 | 386 | ||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 6,303 | 5,159 | Commercial mortgages | 6,706 | 5,159 | ||||||||||||||||||||||
Construction | Construction | 741 | 5,143 | Construction | 4,828 | 5,143 | ||||||||||||||||||||||
Residential | Residential | 2,709 | 3,199 | Residential | 2,531 | 3,199 | ||||||||||||||||||||||
Consumer | Consumer | 2,308 | 2,145 | Consumer | 1,953 | 2,145 | ||||||||||||||||||||||
Total nonaccruing loans | Total nonaccruing loans | 33,003 | 22,802 | Total nonaccruing loans | 57,460 | 22,802 | ||||||||||||||||||||||
Other real estate owned | Other real estate owned | 527 | 833 | Other real estate owned | 298 | 833 | ||||||||||||||||||||||
Troubled debt restructurings (accruing)(2) | Troubled debt restructurings (accruing)(2) | — | 19,737 | Troubled debt restructurings (accruing)(2) | — | 19,737 | ||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 33,530 | $ | 43,372 | Total nonperforming assets | $ | 57,758 | $ | 43,372 | ||||||||||||||||||
Past due loans: | Past due loans: | Past due loans: | ||||||||||||||||||||||||||
Commercial | Commercial | $ | 1,342 | $ | 1,022 | Commercial | $ | 3,135 | $ | 1,022 | ||||||||||||||||||
Consumer(3) | Consumer(3) | 12,229 | 15,513 | Consumer(3) | 11,222 | 15,513 | ||||||||||||||||||||||
Total past due loans | Total past due loans | $ | 13,571 | $ | 16,535 | Total past due loans | $ | 14,357 | $ | 16,535 | ||||||||||||||||||
Troubled loans: | Troubled loans: | Troubled loans: | ||||||||||||||||||||||||||
Commercial | Commercial | $ | 45,673 | $ | — | Commercial | $ | 67,962 | $ | — | ||||||||||||||||||
Residential | Residential | 613 | — | |||||||||||||||||||||||||
Consumer | Consumer | 5,456 | — | Consumer | 9,611 | — | ||||||||||||||||||||||
Total troubled loans | Total troubled loans | $ | 51,129 | $ | — | Total troubled loans | $ | 78,186 | $ | — | ||||||||||||||||||
Ratio of allowance for credit losses to total loans and leases(4) | Ratio of allowance for credit losses to total loans and leases(4) | 1.28 | % | 1.17 | % | Ratio of allowance for credit losses to total loans and leases(4) | 1.28 | % | 1.17 | % | ||||||||||||||||||
Ratio of nonaccruing loans to total gross loans and leases(5) | Ratio of nonaccruing loans to total gross loans and leases(5) | 0.27 | 0.19 | Ratio of nonaccruing loans to total gross loans and leases(5) | 0.45 | 0.19 | ||||||||||||||||||||||
Ratio of nonperforming assets to total assets | Ratio of nonperforming assets to total assets | 0.16 | 0.22 | Ratio of nonperforming assets to total assets | 0.29 | 0.22 | ||||||||||||||||||||||
Ratio of allowance for credit losses to nonaccruing loans | Ratio of allowance for credit losses to nonaccruing loans | 521 | 666 | Ratio of allowance for credit losses to nonaccruing loans | 306 | 666 | ||||||||||||||||||||||
Ratio of allowance for credit losses to total nonperforming assets(6) | Ratio of allowance for credit losses to total nonperforming assets(6) | 513 | 350 | Ratio of allowance for credit losses to total nonperforming assets(6) | 305 | 350 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 43,372 | $ | 33,133 | Beginning balance | $ | 43,372 | $ | 33,133 | ||||||||||||||||||
Additions | Additions | 37,483 | 14,191 | Additions | 75,216 | 24,513 | ||||||||||||||||||||||
Collections | Collections | (10,983) | (11,084) | Collections | (16,487) | (15,909) | ||||||||||||||||||||||
Transfers to accrual(1) | Transfers to accrual(1) | (19,903) | — | Transfers to accrual(1) | (20,263) | (922) | ||||||||||||||||||||||
Charge-offs | Charge-offs | (16,439) | (2,387) | Charge-offs | (24,080) | (3,498) | ||||||||||||||||||||||
Ending balance | Ending balance | $ | 33,530 | $ | 33,853 | Ending balance | $ | 57,758 | $ | 37,317 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
% Change in Interest Rate (Basis Points) | % Change in Interest Rate (Basis Points) | % Change in Net Interest Margin(1) | Economic Value of Equity(2) | % Change in Net Interest Margin(1) | Economic Value of Equity(2) | % Change in Interest Rate (Basis Points) | % Change in Net Interest Margin(1) | Economic Value of Equity(2) | % Change in Net Interest Margin(1) | Economic Value of Equity(2) | ||||||||||||||||||||||||||||||||||||||||||
+300 | +300 | 17.5% | 23.95% | 18.5% | 27.54% | +300 | 15.1% | 24.23% | 18.5% | 27.54% | ||||||||||||||||||||||||||||||||||||||||||
+200 | +200 | 11.6% | 23.04% | 12.3% | 26.44% | +200 | 10.0% | 23.33% | 12.3% | 26.44% | ||||||||||||||||||||||||||||||||||||||||||
+100 | +100 | 5.8% | 22.06% | 6.1% | 25.22% | +100 | 5.0% | 22.36% | 6.1% | 25.22% | ||||||||||||||||||||||||||||||||||||||||||
+50 | +50 | 2.9% | 21.54% | 3.1% | 24.56% | +50 | 2.5% | 21.83% | 3.1% | 24.56% | ||||||||||||||||||||||||||||||||||||||||||
+25 | +25 | 1.4% | 21.27% | 1.5% | 24.22% | +25 | 1.2% | 21.56% | 1.5% | 24.22% | ||||||||||||||||||||||||||||||||||||||||||
— | — | —% | 20.99% | —% | 23.87% | — | —% | 21.29% | —% | 23.87% | ||||||||||||||||||||||||||||||||||||||||||
-25 | -25 | (1.4)% | 20.70% | (1.6)% | 23.50% | -25 | (1.2)% | 20.99% | (1.6)% | 23.50% | ||||||||||||||||||||||||||||||||||||||||||
-50 | -50 | (2.9)% | 20.41% | (3.3)% | 23.10% | -50 | (2.5)% | 20.70% | (3.3)% | 23.10% | ||||||||||||||||||||||||||||||||||||||||||
-100 | -100 | (5.9)% | 19.80% | (6.8)% | 22.20% | -100 | (5.0)% | 20.10% | (6.8)% | 22.20% | ||||||||||||||||||||||||||||||||||||||||||
'-200 | '-200 | (12.2)% | 18.30% | (14.0)% | 20.20% | '-200 | (10.1)% | 18.60% | (14.0)% | 20.20% | ||||||||||||||||||||||||||||||||||||||||||
'-300 | '-300 | (18.8)% | 16.70% | (21.2)% | 17.90% | '-300 | (15.2)% | 17.00% | (21.2)% | 17.90% |
Three months ended June 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Loans:(2) | ||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | $ | 5,051,292 | $ | 86,073 | 6.85 | % | $ | 4,831,874 | $ | 56,950 | 4.74 | % | ||||||||||||||||||||||||||
Commercial real estate loans | 4,484,162 | 78,018 | 6.98 | 4,238,090 | 43,448 | 4.11 | ||||||||||||||||||||||||||||||||
Residential loans | 804,390 | 9,384 | 4.67 | 787,909 | 8,774 | 4.45 | ||||||||||||||||||||||||||||||||
Consumer loans | 1,907,294 | 33,508 | 7.05 | 1,463,391 | 19,232 | 5.27 | ||||||||||||||||||||||||||||||||
Loans held for sale | 45,766 | 901 | 7.90 | 66,502 | 938 | 5.66 | ||||||||||||||||||||||||||||||||
Total loans and leases | 12,292,904 | 207,884 | 6.79 | 11,387,766 | 129,342 | 4.56 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | 4,766,207 | 27,130 | 2.28 | 5,292,568 | 27,377 | 2.07 | ||||||||||||||||||||||||||||||||
Investment securities(3) | 370,530 | 2,182 | 2.62 | 285,610 | 1,340 | 2.21 | ||||||||||||||||||||||||||||||||
Other interest-earning assets | 345,791 | 4,573 | 5.30 | 1,206,849 | 1,961 | 0.65 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 17,775,432 | $ | 241,769 | 5.46 | % | $ | 18,172,793 | $ | 160,020 | 3.54 | % | ||||||||||||||||||||||||||
Allowance for credit losses | (170,968) | (136,773) | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 255,590 | 268,485 | ||||||||||||||||||||||||||||||||||||
Cash in non-owned ATMs | 387,889 | 566,174 | ||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | 101,031 | 100,356 | ||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | 1,872,610 | 1,766,854 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 20,221,584 | $ | 20,737,889 | ||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 3,039,257 | $ | 6,525 | 0.86 | % | $ | 3,348,511 | $ | 941 | 0.11 | % | ||||||||||||||||||||||||||
Savings | 1,873,572 | 1,342 | 0.29 | 2,281,051 | 159 | 0.03 | ||||||||||||||||||||||||||||||||
Money market | 4,137,867 | 27,898 | 2.70 | 3,984,562 | 1,231 | 0.12 | ||||||||||||||||||||||||||||||||
Customer time deposits | 1,578,615 | 10,597 | 2.69 | 1,142,139 | 1,273 | 0.45 | ||||||||||||||||||||||||||||||||
Total interest-bearing customer deposits | 10,629,311 | 46,362 | 1.75 | 10,756,263 | 3,604 | 0.13 | ||||||||||||||||||||||||||||||||
Brokered deposits | 307,515 | 3,692 | 4.82 | 35,469 | 162 | 1.83 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 10,936,826 | 50,054 | 1.84 | 10,791,732 | 3,766 | 0.14 | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 123,297 | 1,597 | 5.20 | — | — | — | ||||||||||||||||||||||||||||||||
Trust preferred borrowings | 90,511 | 1,635 | 7.25 | 90,312 | 682 | 3.03 | ||||||||||||||||||||||||||||||||
Senior and subordinated debt | 218,247 | 2,334 | 4.28 | 248,448 | 1,949 | 3.14 | ||||||||||||||||||||||||||||||||
Other borrowed funds | 390,576 | 4,307 | 4.42 | 31,045 | 8 | 0.10 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 11,759,457 | $ | 59,927 | 2.04 | % | $ | 11,161,537 | $ | 6,405 | 0.23 | % | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 5,458,676 | 6,631,062 | ||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 674,300 | 543,587 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,332,147 | 2,404,262 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | (2,996) | (2,559) | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 20,221,584 | $ | 20,737,889 | ||||||||||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | $ | 6,015,975 | $ | 7,011,256 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 181,842 | $ | 153,615 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 3.42 | % | 3.31 | % | ||||||||||||||||||||||||||||||||||
Net interest margin | 4.11 | % | 3.40 | % | ||||||||||||||||||||||||||||||||||
Six months ended June 30, | Three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | (Dollars in thousands) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans:(2) | Loans:(2) | Loans:(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | Commercial loans and leases | $ | 5,003,224 | $ | 166,817 | 6.74 | % | $ | 4,841,834 | $ | 109,416 | 4.57 | % | Commercial loans and leases | $ | 5,107,501 | $ | 90,098 | 7.01 | % | $ | 4,895,972 | $ | 67,060 | 5.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 4,454,920 | 149,846 | 6.78 | 4,264,570 | 84,087 | 3.98 | Commercial real estate loans | 4,611,968 | 82,040 | 7.06 | 4,262,599 | 53,096 | 4.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential loans | Residential loans | 787,082 | 18,012 | 4.58 | 815,650 | 18,431 | 4.52 | Residential loans | 841,510 | 10,698 | 5.09 | 769,151 | 8,379 | 4.36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,878,506 | 65,043 | 6.98 | 1,410,971 | 34,516 | 4.93 | Consumer loans | 1,940,418 | 34,972 | 7.15 | 1,594,673 | 23,384 | 5.82 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 44,653 | 1,890 | 8.54 | 70,576 | 1,773 | 5.07 | Loans held for sale | 54,072 | 1,095 | 8.03 | 66,103 | 968 | 5.81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | 12,168,385 | 401,608 | 6.66 | 11,403,601 | 248,223 | 4.39 | Total loans and leases | 12,555,469 | 218,903 | 6.92 | 11,588,498 | 152,887 | 5.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | Mortgage-backed securities(3) | 4,794,699 | 54,656 | 2.28 | 5,258,371 | 50,490 | 1.92 | Mortgage-backed securities(3) | 4,602,107 | 26,654 | 2.32 | 5,243,169 | 28,338 | 2.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 373,628 | 4,419 | 2.74 | 308,093 | 2,661 | 2.00 | Investment securities | 364,565 | 2,180 | 2.64 | 361,113 | 1,981 | 2.57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | 293,656 | 7,469 | 5.13 | 1,462,832 | 2,783 | 0.38 | Other interest-earning assets | 251,273 | 3,402 | 5.37 | 460,124 | 3,359 | 2.90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | $ | 17,630,368 | $ | 468,152 | 5.37 | % | $ | 18,432,897 | $ | 304,157 | 3.33 | % | Total interest-earning assets | $ | 17,773,414 | $ | 251,139 | 5.61 | % | $ | 17,652,904 | $ | 186,565 | 4.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (162,124) | (135,782) | Allowance for credit losses | (173,052) | (143,943) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 242,962 | 239,249 | Cash and due from banks | 277,780 | 242,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash in non-owned ATMs | Cash in non-owned ATMs | 404,381 | 538,048 | Cash in non-owned ATMs | 363,131 | 603,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 101,320 | 100,555 | Bank-owned life insurance | 101,411 | 100,863 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | Other noninterest-earning assets | 1,895,709 | 1,703,144 | Other noninterest-earning assets | 1,922,080 | 1,779,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 20,112,616 | $ | 20,878,111 | Total assets | $ | 20,264,764 | $ | 20,235,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | Liabilities and Stockholders’ Equity: | Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | Interest-bearing deposits: | Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | $ | 3,090,807 | $ | 11,549 | 0.75 | % | $ | 3,391,704 | $ | 1,522 | 0.09 | % | Interest-bearing demand | $ | 2,955,613 | $ | 7,156 | 0.96 | % | $ | 3,370,158 | $ | 2,179 | 0.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 1,968,863 | 2,598 | 0.27 | 2,271,591 | 321 | 0.03 | Savings | 1,750,809 | 1,521 | 0.34 | 2,287,227 | 185 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 4,000,491 | 47,156 | 2.38 | 4,038,399 | 2,156 | 0.11 | Money market | 4,499,909 | 34,639 | 3.05 | 3,833,113 | 2,907 | 0.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer time deposits | Customer time deposits | 1,428,245 | 16,590 | 2.34 | 1,157,496 | 2,596 | 0.45 | Customer time deposits | 1,661,885 | 12,828 | 3.06 | 1,083,290 | 1,230 | 0.45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing customer deposits | Total interest-bearing customer deposits | 10,488,406 | 77,893 | 1.50 | 10,859,190 | 6,595 | 0.12 | Total interest-bearing customer deposits | 10,868,216 | 56,144 | 2.05 | 10,573,788 | 6,501 | 0.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 326,828 | 7,353 | 4.54 | 49,345 | 299 | 1.22 | Brokered deposits | 88,594 | 1,111 | 4.98 | 24,184 | 142 | 2.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 10,815,234 | 85,246 | 1.59 | 10,908,535 | 6,894 | 0.13 | Total interest-bearing deposits | 10,956,810 | 57,255 | 2.07 | 10,597,972 | 6,643 | 0.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 194,934 | 4,968 | 5.14 | — | — | — | Federal Home Loan Bank advances | 11,576 | 167 | 5.72 | 4,979 | 42 | 3.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred borrowings | Trust preferred borrowings | 90,485 | 3,190 | 7.11 | 90,288 | 1,195 | 2.67 | Trust preferred borrowings | 90,557 | 1,764 | 7.73 | 90,361 | 951 | 4.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior debt | 225,677 | 4,907 | 4.35 | 248,507 | 3,878 | 3.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior and subordinated debt | Senior and subordinated debt | 218,304 | 2,453 | 4.49 | 248,332 | 2,061 | 3.32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowed funds(4) | Other borrowed funds(4) | 261,615 | 5,467 | 4.21 | 34,700 | 17 | 0.10 | Other borrowed funds(4) | 604,156 | 6,898 | 4.53 | 39,745 | 37 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | 11,587,945 | $ | 103,778 | 1.81 | % | $ | 11,282,030 | $ | 11,984 | 0.21 | % | Total interest-bearing liabilities | $ | 11,881,403 | $ | 68,537 | 2.29 | % | $ | 10,981,389 | $ | 9,734 | 0.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | 5,509,184 | 6,541,421 | Noninterest-bearing demand deposits | 5,248,931 | 6,319,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | Other noninterest-bearing liabilities | 722,166 | 494,990 | Other noninterest-bearing liabilities | 813,858 | 589,817 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 2,296,403 | 2,562,384 | Stockholders’ equity | 2,327,853 | 2,347,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | Noncontrolling interest | (3,082) | (2,714) | Noncontrolling interest | (7,281) | (2,390) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 20,112,616 | $ | 20,878,111 | Total liabilities and stockholders’ equity | $ | 20,264,764 | $ | 20,235,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | Excess of interest-earning assets over interest-bearing liabilities | $ | 6,042,423 | $ | 7,150,867 | Excess of interest-earning assets over interest-bearing liabilities | $ | 5,892,011 | $ | 6,671,515 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest and dividend income | $ | 364,374 | $ | 292,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 182,602 | $ | 176,831 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 3.56 | % | 3.12 | % | Interest rate spread | 3.32 | % | 3.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 4.18 | % | 3.20 | % | Net interest margin | 4.08 | % | 3.99 | % |
Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Loans:(2) | ||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | $ | 5,038,365 | $ | 256,915 | 6.83 | % | $ | 4,860,079 | $ | 176,476 | 4.87 | % | ||||||||||||||||||||||||||
Commercial real estate loans | 4,507,845 | 231,886 | 6.88 | 4,263,906 | 137,183 | 4.30 | ||||||||||||||||||||||||||||||||
Residential loans | 805,424 | 28,710 | 4.75 | 799,980 | 26,810 | 4.47 | ||||||||||||||||||||||||||||||||
Consumer loans | 1,899,370 | 100,015 | 7.04 | 1,472,878 | 57,900 | 5.26 | ||||||||||||||||||||||||||||||||
Loans held for sale | 47,827 | 2,985 | 8.34 | 69,068 | 2,741 | 5.31 | ||||||||||||||||||||||||||||||||
Total loans and leases | 12,298,831 | 620,511 | 6.75 | 11,465,911 | 401,110 | 4.68 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | 4,729,796 | 81,310 | 2.29 | 5,253,248 | 78,828 | 2.00 | ||||||||||||||||||||||||||||||||
Investment securities | 370,573 | 6,599 | 2.71 | 325,960 | 4,642 | 2.21 | ||||||||||||||||||||||||||||||||
Other interest-earning assets | 279,373 | 10,871 | 5.20 | 1,124,922 | 6,142 | 0.73 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 17,678,573 | $ | 719,291 | 5.45 | % | $ | 18,170,041 | $ | 490,722 | 3.62 | % | ||||||||||||||||||||||||||
Allowance for credit losses | (165,807) | (138,532) | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 254,702 | 240,421 | ||||||||||||||||||||||||||||||||||||
Cash in non-owned ATMs | 390,474 | 560,202 | ||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | 101,350 | 100,659 | ||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | 1,904,597 | 1,728,847 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 20,163,889 | $ | 20,661,638 | ||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 3,045,247 | $ | 18,705 | 0.82 | % | $ | 3,384,443 | $ | 3,701 | 0.15 | % | ||||||||||||||||||||||||||
Savings | 1,895,379 | 4,119 | 0.29 | 2,276,861 | 506 | 0.03 | ||||||||||||||||||||||||||||||||
Money market | 4,168,793 | 81,795 | 2.62 | 3,969,219 | 5,063 | 0.17 | ||||||||||||||||||||||||||||||||
Customer time deposits | 1,506,980 | 29,418 | 2.61 | 1,132,489 | 3,826 | 0.45 | ||||||||||||||||||||||||||||||||
Total interest-bearing customer deposits | 10,616,399 | 134,037 | 1.69 | 10,763,012 | 13,096 | 0.16 | ||||||||||||||||||||||||||||||||
Brokered deposits | 246,544 | 8,464 | 4.59 | 40,866 | 441 | 1.44 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 10,862,943 | 142,501 | 1.75 | 10,803,878 | 13,537 | 0.17 | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 133,143 | 5,135 | 5.16 | 1,678 | 42 | 3.35 | ||||||||||||||||||||||||||||||||
Trust preferred borrowings | 90,510 | 4,954 | 7.32 | 90,313 | 2,146 | 3.18 | ||||||||||||||||||||||||||||||||
Senior debt | 223,192 | 7,360 | 4.40 | 248,448 | 5,939 | 3.19 | ||||||||||||||||||||||||||||||||
Other borrowed funds(4) | 377,050 | 12,365 | 4.38 | 36,401 | 54 | 0.20 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 11,686,838 | $ | 172,315 | 1.97 | % | $ | 11,180,718 | $ | 21,718 | 0.26 | % | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 5,421,479 | 6,466,720 | ||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 753,067 | 526,945 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,307,002 | 2,489,860 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | (4,497) | (2,605) | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 20,163,889 | $ | 20,661,638 | ||||||||||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | $ | 5,991,735 | $ | 6,989,323 | ||||||||||||||||||||||||||||||||||
Net interest and dividend income | $ | 546,976 | $ | 469,004 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 3.48 | % | 3.36 | % | ||||||||||||||||||||||||||||||||||
Net interest margin | 4.15 | % | 3.46 | % | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | (Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | As of September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | $ | 62,783 | $ | 6,335 | $ | 31,937 | $ | 9,228 | $ | 5,043 | $ | 56,543 | $ | 171,869 | Allowance for credit losses | $ | 61,670 | $ | 7,850 | $ | 33,187 | $ | 11,317 | $ | 5,351 | $ | 56,613 | $ | 175,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of ACL to total ACL | % of ACL to total ACL | 37 | % | 3 | % | 19 | % | 5 | % | 3 | % | 33 | % | 100 | % | % of ACL to total ACL | 35 | % | 5 | % | 19 | % | 6 | % | 3 | % | 32 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan portfolio balance | Loan portfolio balance | $ | 3,213,786 | $ | 1,883,055 | $ | 3,552,800 | $ | 955,224 | $ | 826,750 | $ | 1,905,219 | $ | 12,336,834 | Loan portfolio balance | $ | 3,249,737 | $ | 1,924,171 | $ | 3,645,723 | $ | 1,043,568 | $ | 855,340 | $ | 1,957,082 | $ | 12,675,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% to total loans and leases | % to total loans and leases | 26 | % | 15 | % | 29 | % | 8 | % | 7 | % | 15 | % | 100 | % | % to total loans and leases | 26 | % | 15 | % | 29 | % | 8 | % | 7 | % | 15 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | $ | 10,359 | $ | 184 | $ | — | $ | — | $ | 33 | $ | 5,298 | $ | 15,874 | Charge-offs | $ | 10,675 | $ | — | $ | 300 | $ | — | $ | — | $ | 5,872 | $ | 16,847 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 2,214 | 31 | 1 | 1 | 113 | 390 | 2,750 | Recoveries | 2,124 | 14 | 1 | 1 | 55 | 357 | 2,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | $ | 8,145 | $ | 153 | $ | (1) | $ | (1) | $ | (80) | $ | 4,908 | $ | 13,124 | Net charge-offs (recoveries) | $ | 8,551 | $ | (14) | $ | 299 | $ | (1) | $ | (55) | $ | 5,515 | $ | 14,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average loan balance | Average loan balance | $ | 3,189,130 | $ | 1,862,163 | $ | 3,484,673 | $ | 999,488 | $ | 801,471 | $ | 1,907,294 | $ | 12,244,219 | Average loan balance | $ | 3,217,096 | $ | 1,890,404 | $ | 3,612,027 | $ | 999,941 | $ | 838,556 | $ | 1,940,418 | $ | 12,498,442 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | Ratio of net charge-offs (recoveries) to average gross loans | 1.02 | % | 0.03 | % | NMF | NMF | (0.04) | % | 1.03 | % | 0.43 | % | Ratio of net charge-offs (recoveries) to average gross loans | 1.05 | % | NMF | 0.03 | % | NMF | (0.03) | % | 1.13 | % | 0.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | $ | 19,821 | $ | 184 | $ | — | $ | — | $ | 33 | $ | 9,502 | $ | 29,540 | Charge-offs | $ | 30,496 | $ | 184 | $ | 300 | $ | — | $ | 33 | $ | 15,374 | $ | 46,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 3,430 | 36 | 3 | 531 | 156 | 549 | 4,705 | Recoveries | 5,554 | 50 | 4 | 532 | 211 | 906 | 7,257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | $ | 16,391 | $ | 148 | $ | (3) | $ | (531) | $ | (123) | $ | 8,953 | $ | 24,835 | Net charge-offs (recoveries) | $ | 24,942 | $ | 134 | $ | 296 | $ | (532) | $ | (178) | $ | 14,468 | $ | 39,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average loan balance | Average loan balance | $ | 3,162,182 | $ | 1,841,042 | $ | 3,456,686 | $ | 998,234 | $ | 784,300 | $ | 1,878,506 | $ | 12,120,950 | Average loan balance | $ | 3,180,688 | $ | 1,857,677 | $ | 3,509,036 | $ | 998,809 | $ | 802,584 | $ | 1,899,370 | $ | 12,248,164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio | Ratio | 1.05 | % | 0.02 | % | NMF | (0.11) | % | (0.03) | % | 0.96 | % | 0.41 | % | Ratio | 1.05 | % | 0.01 | % | 0.01 | % | (0.07) | % | (0.03) | % | 1.02 | % | 0.43 | % |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 59,394 | $ | 6,019 | $ | 21,473 | $ | 6,987 | $ | 4,668 | $ | 53,320 | $ | 151,861 | ||||||||||||||||||||||||||||||
% of ACL to total ACL | 39 | % | 4 | % | 14 | % | 5 | % | 3 | % | 35 | % | 100 | % | ||||||||||||||||||||||||||||||
Loan portfolio balance | $ | 3,134,326 | $ | 1,809,582 | $ | 3,351,084 | $ | 1,044,049 | $ | 759,465 | $ | 1,810,930 | $ | 11,909,436 | ||||||||||||||||||||||||||||||
% to total loans and leases | 26 | % | 15 | % | 28 | % | 9 | % | 7 | % | 15 | % | 100 | % | ||||||||||||||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | $ | 19,004 | $ | 179 | $ | 581 | $ | — | $ | 186 | $ | 7,520 | $ | 27,470 | ||||||||||||||||||||||||||||||
Recoveries | 6,112 | 278 | 223 | 2,567 | 665 | 793 | 10,638 | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 12,892 | $ | (99) | $ | 358 | $ | (2,567) | $ | (479) | $ | 6,727 | $ | 16,832 | ||||||||||||||||||||||||||||||
Average loan balance | $ | 3,043,836 | $ | 1,831,428 | $ | 3,319,687 | $ | 962,082 | $ | 787,273 | $ | 1,543,704 | $ | 11,488,010 | ||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | 0.42 | % | (0.01) | % | 0.01 | % | (0.27) | % | (0.06) | % | 0.44 | % | 0.15 | % |
(Dollars and share amounts in thousands, except per share amounts) | (Dollars and share amounts in thousands, except per share amounts) | June 30, 2023 | December 31, 2022 | (Dollars and share amounts in thousands, except per share amounts) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Stockholders’ equity of WSFS | Stockholders’ equity of WSFS | $ | 2,314,659 | $ | 2,205,113 | Stockholders’ equity of WSFS | $ | 2,242,795 | $ | 2,205,113 | ||||||||||||||||||
Less: Goodwill and other intangible assets | Less: Goodwill and other intangible assets | 1,004,278 | 1,012,232 | Less: Goodwill and other intangible assets | 1,008,472 | 1,012,232 | ||||||||||||||||||||||
Tangible common equity (numerator) | Tangible common equity (numerator) | $ | 1,310,381 | $ | 1,192,881 | Tangible common equity (numerator) | $ | 1,234,323 | $ | 1,192,881 | ||||||||||||||||||
Shares of common stock outstanding (denominator) | Shares of common stock outstanding (denominator) | 61,093 | 61,612 | Shares of common stock outstanding (denominator) | 60,728 | 61,612 | ||||||||||||||||||||||
Book value per share of common stock | Book value per share of common stock | $ | 37.89 | $ | 35.79 | Book value per share of common stock | $ | 36.93 | $ | 35.79 | ||||||||||||||||||
Goodwill and other intangible assets | Goodwill and other intangible assets | 16.44 | 16.43 | Goodwill and other intangible assets | 16.60 | 16.43 | ||||||||||||||||||||||
Tangible book value per share of common stock | Tangible book value per share of common stock | $ | 21.45 | $ | 19.36 | Tangible book value per share of common stock | $ | 20.33 | $ | 19.36 |
Month | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1, 2023 - April 31, 2023 | — | $ | — | — | 6,326,771 | |||||||||||||||||||||
May 1, 2023 - May 28, 2023 | 9,820 | 30.57 | 9,820 | 6,316,951 | ||||||||||||||||||||||
June 1, 2023 - June 31, 2023 | 347,458 | 38.54 | 347,458 | 5,969,493 | ||||||||||||||||||||||
Total | 357,278 | $ | 38.32 | 357,278 |
Month | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1, 2023 - July 31, 2023 | 36,000 | $ | 43.82 | 36,000 | 5,933,493 | |||||||||||||||||||||
August 1, 2023 - August 28, 2023 | 209,000 | 41.45 | 209,000 | 5,724,493 | ||||||||||||||||||||||
September 1, 2023 - September 31, 2023 | 141,900 | 38.72 | 141,900 | 5,582,593 | ||||||||||||||||||||||
Total | 386,900 | $ | 40.67 | 386,900 |
Exhibit Number | Description of Document | |||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document * | |||||||
101.SCH | XBRL Schema Document * | |||||||
101.CAL | XBRL Calculation Linkbase Document * | |||||||
101.LAB | XBRL Labels Linkbase Document * | |||||||
101.PRE | XBRL Presentation Linkbase Document * | |||||||
101.DEF | XBRL Definition Linkbase Document * | |||||||
104 | The cover page of this Quarterly Report on Form 10-Q for the quarter ended |
WSFS FINANCIAL CORPORATION | ||||||||
Date: | /s/ Rodger Levenson | |||||||
Rodger Levenson | ||||||||
Chairman, President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: | /s/ | |||||||
Executive Vice President, Chief Wealth Officer and | ||||||||
Interim Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |