Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 21, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WSFS | ||
Entity Registrant Name | WSFS FINANCIAL CORP | ||
Entity Central Index Key | 828,944 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 31,374,091 | ||
Entity Public Float | $ 1,657,621,739 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Income: | |||
Interest and fees on loans | $ 260,506 | $ 229,147 | $ 194,345 |
Interest on mortgage-backed securities | 26,065 | 19,308 | 15,754 |
Interest and dividends on investment securities | |||
Taxable | 61 | 137 | 321 |
Tax-exempt | 4,317 | 4,511 | 4,551 |
Other interest income | 2,024 | 1,623 | 1,607 |
Total interest income | 292,973 | 254,726 | 216,578 |
Interest Expense: | |||
Interest on deposits | 29,068 | 14,904 | 9,421 |
Interest on Federal Home Loan Bank advances | 8,395 | 8,263 | 4,707 |
Interest on senior debt | 4,717 | 7,228 | 6,356 |
Interest on trust preferred borrowings | 2,573 | 1,940 | 1,622 |
Interest on federal funds purchased | 1,695 | 972 | 606 |
Interest on other borrowings | 51 | 148 | 121 |
Total interest expense | 46,499 | 33,455 | 22,833 |
Net interest income | 246,474 | 221,271 | 193,745 |
Provision for loan losses | 13,170 | 10,964 | 12,986 |
Net interest income after provision for loan losses | 233,304 | 210,307 | 180,759 |
Noninterest Income: | |||
Loan fee income | 2,492 | 2,218 | 2,066 |
Security gains, net | 21 | 1,984 | 2,369 |
Unrealized gains on equity investments | 20,745 | 0 | 0 |
Realized gain on sale of equity investment | 3,757 | 0 | 0 |
Bank owned life insurance income | 175 | 1,545 | 919 |
Total non interest income | 162,541 | 124,644 | 105,061 |
Noninterest Expense: | |||
Salaries, benefits and other compensation | 122,983 | 114,376 | 95,983 |
Occupancy expense | 19,783 | 19,409 | 16,646 |
Equipment expense | 12,609 | 12,564 | 10,368 |
Professional fees | 8,733 | 8,597 | 9,142 |
Data processing and operations expenses | 7,757 | 6,779 | 6,275 |
Marketing expense | 4,586 | 3,083 | 3,020 |
FDIC expenses | 2,117 | 2,216 | 2,606 |
Loan workout and OREO expenses | 1,548 | 1,820 | 1,681 |
Corporate development expense | 6,456 | 878 | 8,529 |
(Recovery of) provision for legal settlement | (7,938) | 12,000 | 0 |
(Recovery of) provision for fraud loss | (1,675) | 2,844 | 0 |
Early extinguishment of debt costs | 0 | 695 | 0 |
Other operating expense | 48,088 | 41,200 | 34,416 |
Total non interest expenses | 225,047 | 226,461 | 188,666 |
Income before taxes | 170,798 | 108,490 | 97,154 |
Income tax provision | 36,055 | 58,246 | 33,074 |
Net income | $ 134,743 | $ 50,244 | $ 64,080 |
Basic (in dollars per share) | $ 4.27 | $ 1.60 | $ 2.12 |
Diluted (in dollars per share) | $ 4.19 | $ 1.56 | $ 2.06 |
Credit/debit card and ATM income | |||
Noninterest Income: | |||
Noninterest income | $ 43,837 | $ 36,116 | $ 29,899 |
Investment management and fiduciary income | |||
Noninterest Income: | |||
Noninterest income | 39,602 | 35,103 | 25,691 |
Deposit service charges | |||
Noninterest Income: | |||
Noninterest income | 18,771 | 18,318 | 17,734 |
Mortgage banking activities, net | |||
Noninterest Income: | |||
Noninterest income | 6,286 | 6,293 | 7,434 |
Other income | |||
Noninterest Income: | |||
Noninterest income | $ 26,855 | $ 23,067 | $ 18,949 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 134,743 | $ 50,244 | $ 64,080 |
Net change in unrealized gains (losses) on investment securities available for sale | |||
Net unrealized gains (losses) arising during the period, net of tax expense (benefit) of ($2,223), $1,813, and ($2,968), respectively | (6,695) | 3,073 | (4,838) |
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $5, $704, and $900, respectively | (16) | (1,280) | (1,469) |
Net change in unrealized gains (losses) on investment securities available for sale | (6,711) | 1,793 | (6,307) |
Net change in securities held to maturity | |||
Net change in securities held to maturity | (444) | (394) | (403) |
Net change in securities held to maturity | (444) | (394) | (403) |
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $136, $241, and $248, respectively | |||
Change in unfunded pension liability related to unrealized (loss) gain, prior service cost and transition obligation, net of tax (benefit) expense of ($56), $103, and ($37), respectively | (31) | (90) | 169 |
Net change in unfunded pension liability | (31) | (90) | 169 |
Net change in cash flow hedge | |||
Net unrealized (loss) arising during the period, net of tax (benefit) of ($29), ($113), and ($1,086), respectively | (56) | (184) | (1,772) |
Net change in cash flow hedge | (56) | (184) | (1,772) |
Total other comprehensive (loss) income | (7,242) | 1,125 | (8,313) |
Total comprehensive income | $ 127,501 | $ 51,369 | $ 55,767 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net change in unrealized gains (losses), tax expense (benefit) | $ (2,223) | $ 1,813 | $ (2,968) |
Reclassification adjustment for gains, tax expense | 5 | 704 | 900 |
Amortization of unrealized gain on securities reclassified to held-to-maturity, tax expense | 136 | 241 | 248 |
Change in unfunded pension liability related to unrealized (loss) gain, prior service cost and transition obligation, tax (benefit) expense | (10) | (56) | 103 |
Net change in cash flow hedge, tax (benefit) | $ (29) | $ (113) | $ (1,086) |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and due from banks | $ 134,939 | $ 122,141 |
Cash in non-owned ATMs | 484,648 | 598,117 |
Interest-bearing deposits in other banks including collateral of $1,000 at December 31, 2018 and $3,380 at December 31, 2017 | 1,170 | 3,608 |
Total cash and cash equivalents | 620,757 | 723,866 |
Fair Value | 1,205,079 | 837,499 |
Investment securities, held to maturity, at cost (fair value $149,431 at December 31, 2018 and $162,853 at December 31, 2017) | 149,950 | 161,186 |
Other investments | 37,233 | 17,971 |
Loans held for sale at fair value | 25,318 | 31,055 |
Loans, net of allowance for loan losses of $39,539 at December 31, 2018 and $40,599 at December 31, 2017 | 4,863,919 | 4,776,318 |
Loans, net of allowance for loan losses of $39,539 at December 31, 2018 and $40,599 at December 31, 2017 | 6,687 | 102,958 |
Bank-owned life insurance | 19,259 | 31,284 |
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 2,668 | 2,503 |
Other real estate owned | 22,001 | 19,405 |
Accrued interest receivable | 44,956 | 47,983 |
Premises and equipment | 166,007 | 166,007 |
Goodwill | 20,016 | 22,437 |
Intangible assets | 65,020 | 59,068 |
Other assets | 7,248,870 | 6,999,540 |
Deposits: | ||
Noninterest-bearing | 1,626,252 | 1,420,760 |
Interest-bearing demand | 4,014,179 | 3,826,844 |
Total deposits | 5,640,431 | 5,247,604 |
Federal funds purchased | 157,975 | 28,000 |
Federal Home Loan Bank advances | 328,465 | 710,001 |
Trust preferred borrowings | 67,011 | 67,011 |
Senior debt | 98,388 | 98,171 |
Other borrowed funds | 47,949 | 34,623 |
Accrued interest payable | 1,900 | 1,037 |
Other liabilities | 85,831 | 88,748 |
Total liabilities | 6,427,950 | 6,275,195 |
Stockholders’ Equity: | ||
Common stock $0.01 par value, 65,000,000 shares authorized; issued 56,926,978 at December 31, 2018 and 56,279,527 at December 31, 2017 | 569 | 563 |
Capital in excess of par value | 349,810 | 336,271 |
Accumulated other comprehensive loss | (15,394) | (8,152) |
Retained earnings | 791,031 | 669,557 |
Treasury stock at cost, 25,552,887 shares at December 31, 2018 and 24,861,145 shares at December 31, 2017 | (305,096) | (273,894) |
Total stockholders’ equity | 820,920 | 724,345 |
Total liabilities and stockholders’ equity | $ 7,248,870 | $ 6,999,540 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Interest-bearing deposits in other banks, collateral | $ 1,000 | $ 3,380 |
Amortized cost of investment securities, available for sale | 1,224,227 | 847,791 |
Investment securities, held-to-maturity-at cost, fair value | 149,431 | 162,853 |
Allowance for loan losses | $ 39,539 | $ 40,599 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 65,000,000 | 65,000,000 |
Common stock, issued (in shares) | 56,926,978 | 56,279,527 |
Treasury stock (in shares) | 25,552,887 | 24,861,145 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Treasury Stock | |
Beginning Balance (in shares) at Dec. 31, 2015 | 55,945,245 | ||||||
Beginning Balance at Dec. 31, 2015 | $ 580,471 | $ 560 | $ 256,435 | $ 696 | $ 570,630 | $ (247,850) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 64,080 | 64,080 | |||||
Other comprehensive income (loss) | (8,313) | (8,313) | |||||
Cash dividend | (7,632) | (7,632) | |||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 265,853 | ||||||
Issuance of common stock including proceeds from exercise of common stock options | 1,900 | $ 2 | 1,898 | ||||
Stock-based compensation expense | 2,790 | 2,790 | |||||
Acquisition of Penn Liberty (in shares) | 1,806,748 | ||||||
Acquisition of Penn Liberty | 68,352 | $ 18 | 68,334 | ||||
Repurchases of common stock | (14,312) | (14,312) | |||||
Treasury share adjustment (in shares) | [1] | (2,022,627) | |||||
Ending Balance (in shares) at Dec. 31, 2016 | 55,995,219 | ||||||
Ending Balance at Dec. 31, 2016 | 687,336 | $ 580 | 329,457 | (7,617) | 627,078 | (262,162) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reclassification due to the adoption of ASU | Accounting Standards Update 2018-02 | 0 | (1,660) | 1,660 | ||||
Net Income | 50,244 | 50,244 | |||||
Other comprehensive income (loss) | 1,125 | 1,125 | |||||
Cash dividend | (9,425) | (9,425) | |||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 284,308 | ||||||
Issuance of common stock including proceeds from exercise of common stock options | 3,421 | $ 3 | 3,418 | ||||
Stock-based compensation expense | 3,396 | 3,396 | |||||
Repurchases of common stock | (11,752) | $ (20) | (11,732) | ||||
Ending Balance (in shares) at Dec. 31, 2017 | 56,279,527 | ||||||
Ending Balance at Dec. 31, 2017 | 724,345 | $ 563 | 336,271 | (8,152) | 669,557 | (273,894) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reclassification due to the adoption of ASU | Accounting Standards Update 2016-01 | 0 | 20 | (20) | ||||
Net Income | 134,743 | 134,743 | |||||
Other comprehensive income (loss) | (7,242) | (7,262) | |||||
Cash dividend | (13,249) | (13,249) | |||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 647,451 | ||||||
Issuance of common stock including proceeds from exercise of common stock options | 11,253 | $ 6 | 11,247 | ||||
Stock-based compensation expense | 2,292 | 2,292 | |||||
Repurchases of common stock | (31,202) | (31,202) | |||||
Ending Balance (in shares) at Dec. 31, 2018 | 56,926,978 | ||||||
Ending Balance at Dec. 31, 2018 | $ 820,920 | $ 569 | $ 349,810 | $ (15,394) | $ 791,031 | $ (305,096) | |
[1] | The 2016 Consolidated Statement of Changes in Stockholder's Equity reflects an adjustment between shares issued and treasury stock. This reclassification had no impact on shares outstanding, earnings per share or retained earnings. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash dividend per share (in dollars per share) | $ 0.42 | $ 0.30 | $ 0.25 |
Repurchases of common stock (in shares) | 691,742 | 255,000 | 449,371 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||
Net Income | $ 134,743 | $ 50,244 | $ 64,080 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 13,170 | 10,964 | 12,986 |
Depreciation of premises and equipment, net | 8,329 | 8,557 | 7,477 |
Amortization of fees and discounts, net | 15,255 | 19,082 | 19,626 |
Amortization of intangible assets | 2,942 | 3,078 | 2,438 |
Income from mortgage banking activities, net | (6,286) | (6,293) | (7,434) |
Gain on sale of debt securities, net | (21) | (1,984) | (2,369) |
Gain on sale of equity investments, net | (3,757) | 0 | 0 |
Loss on sale of other real estate owned and valuation adjustments, net | 100 | 217 | 313 |
Stock-based compensation expense | 2,292 | 3,396 | 3,046 |
Unrealized gain on equity investments | (20,745) | 0 | 0 |
Debt extinguishment costs | 0 | 695 | 0 |
Deferred income tax expense | 3,378 | 17,899 | 5,370 |
Increase in accrued interest receivable | (2,596) | (2,378) | (2,009) |
(Increase) decrease in other assets | (6,297) | (2,517) | 443 |
Origination of loans held for sale | (351,108) | (354,659) | (366,859) |
Proceeds from sales of loans held for sale | 352,002 | 369,986 | 346,895 |
Increase (decrease) in accrued interest payable | 863 | (114) | 350 |
(Decrease) increase in other liabilities | (2,931) | 7,353 | 3,709 |
Provision for legal settlement | 0 | 12,000 | 0 |
Increase in value of bank-owned life insurance | (158) | (1,130) | (2,551) |
Increase in capitalized interest, net | (3,601) | (4,228) | (5,331) |
Net cash provided by operating activities | 135,574 | 130,168 | 80,180 |
Investing activities: | |||
Purchases of investment securities held to maturity | 0 | 0 | (3,329) |
Repayments, maturities and calls of investment securities held to maturity | 9,245 | 1,230 | 2,890 |
Sales of investment securities available for sale | 7,012 | 457,046 | 201,580 |
Purchases of investment securities available for sale | (498,465) | (696,581) | (371,590) |
Repayments of investment securities available for sale | 112,665 | 197,765 | 85,200 |
Proceeds of bank-owned life insurance death benefits | 0 | 371 | 0 |
Proceeds from bank-owned life insurance surrender | 96,429 | 0 | 0 |
Net cash for business combinations | 0 | 0 | 39,794 |
Purchases of Visa Class B shares | (101,174) | (343,858) | (217,572) |
Net increase in loans | (1,568) | (10,072) | (387) |
Sale of Visa Class B shares | 6,186 | 0 | 0 |
Purchases of stock of Federal Home Loan Bank of Pittsburgh | (169,613) | (160,089) | (88,176) |
Redemptions of stock of Federal Home Loan Bank of Pittsburgh | 181,638 | 167,053 | 80,447 |
Sales of other real estate owned | 3,037 | 6,077 | 4,423 |
Investment in premises and equipment | (5,500) | (7,728) | (9,873) |
Sales of premises and equipment | 198 | 0 | 0 |
Net cash used for investing activities | (359,910) | (388,786) | (276,593) |
Financing activities: | |||
Net increase in demand and savings deposits | 393,827 | 353,521 | 272,544 |
Net increase (decrease) in time deposits | 43,871 | 35,887 | (51,416) |
Net (decrease) increase in brokered deposits | (31,712) | 90,482 | (17,928) |
Decrease in loan payable | 0 | (338) | (370) |
Receipts from FHLB advances | 83,721,532 | 143,852,751 | 121,977,563 |
Repayments of FHLB advances | (84,103,068) | (143,996,986) | (121,792,841) |
Receipts from federal funds purchased and securities sold under agreement to repurchase | 21,239,675 | 23,008,000 | 27,702,620 |
Repayments of federal funds purchased and securities sold under agreement to repurchase | (21,109,700) | (23,110,000) | (27,700,820) |
Repayment of long-term debt | 0 | 0 | (10,000) |
Dividends paid | (13,249) | (9,425) | (7,632) |
Issuance of common stock and exercise of common stock options | 11,253 | 3,421 | 1,900 |
Repayment of senior debt | 0 | (55,000) | 0 |
Issuance of senior debt | 0 | 0 | 97,849 |
Purchase of treasury stock | (31,202) | (11,752) | (14,312) |
Net cash provided by financing activities | 121,227 | 160,561 | 457,157 |
(Decrease) increase in cash and cash equivalents | (103,109) | (98,057) | 260,744 |
Cash and cash equivalents at beginning of year | 723,866 | 821,923 | 561,179 |
Cash and cash equivalents at end of year | 620,757 | 723,866 | 821,923 |
Supplemental disclosure of cash flow information: | |||
Interest | 45,636 | 33,569 | 22,483 |
Income taxes | 33,316 | 31,441 | 24,825 |
Non-cash information: | |||
Loans transferred to other real estate owned | 3,302 | 5,206 | 2,251 |
Loans transferred to portfolio from held-for-sale at fair value | 9,553 | 13,142 | 12,919 |
Non-cash information: | 0 | 0 | 534,375 |
Loans transferred to other real estate owned | 0 | 0 | 589,632 |
Fair value of assets acquired, net of cash received | $ 0 | $ (1,532) | $ 2,112 |
Business and Basis of Presentat
Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS AND BASIS OF PRESENTATION | 1. BUSINESS AND BASIS OF PRESENTATION Organization WSFS Financial Corporation (the Company or as a consolidated institution, WSFS, we, our or us) is a savings and loan holding company organized under the laws of the State of Delaware. Substantially all of our assets are held by the Company’s subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), is a federal savings bank organized under the laws of the United States (U.S.). Founded in 1832, the Bank is one of the ten oldest bank and trust companies in the U.S. continuously operating under the same name. We provide residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. Our core banking business is commercial lending funded by customer-generated deposits. In addition, we offer a broad variety of wealth management and trust services to personal and corporate customers. The Federal Deposit Insurance Corporation (FDIC) insures our customers’ deposits to their legal maximums. We serve our customers primarily from our 76 offices located in Delaware ( 45 ), Pennsylvania ( 29 ), Virginia ( 1 ), and Nevada ( 1 ) and through our website at www.wsfsbank.com . Information on our website is not incorporated by reference into this Annual Report on Form 10-K. The Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. (GAAP). In preparing the Consolidated Financial Statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions in 2019 could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. The accounting for the allowance for loan losses and reserves for lending related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, income taxes and other than temporary impairment (OTTI) is subject to significant estimates. Among other effects, changes to these estimates could result in future impairment of investment securities, goodwill and intangible assets and the establishment of the allowance and lending related commitments as well as increased post-retirement benefits expense. Basis of Presentation Our Consolidated Financial Statements include the accounts of the Company, WSFS Bank, Cypress Capital Management, LLC (Cypress), WSFS Wealth Management, LLC (Powdermill), WSFS Capital Management, LLC (West Capital), and Christiana Trust Company of Delaware (Christiana Trust DE). We also have one unconsolidated subsidiary, WSFS Capital Trust III (the Trust). WSFS Bank has three wholly-owned subsidiaries: WSFS Wealth Investments, 1832 Holdings, Inc. and Monarch Entity Services LLC (Monarch). Cypress was formed to provide asset management services. As a registered investment advisor and Wilmington-based fee-only wealth management firm, Cypress has approximately $948.8 million in assets under management (AUM) at December 31, 2018 , compared to approximately $901.5 million at December 31, 2017 . Powdermill was formed in 2016 as a result of our acquisition of Powdermill Financial Solutions, LLC to provide multi-family office services to affluent clientele in the local community and throughout the U.S. West Capital was formed in 2016 as a result of our acquisition of West Capital Management, Inc. to provide fee-only wealth management services tailored to the needs of high net worth individuals operating under a multi-family office philosophy. West Capital has approximately $695.5 million in AUM at December 31, 2018 , compared to approximately $861.2 million at December 31, 2017 . Christiana Trust DE was formed in 2017 to supplement our existing Wealth Management segment by offering Delaware Advantage trust services including directed trusts, asset protection trusts and dynasty trusts. The Trust is our unconsolidated subsidiary, and was formed in 2005 to issue $67.0 million aggregate principal amount of Pooled Floating Rate Capital Securities. These securities are callable and have a maturity date of June 1, 2035 . The proceeds from this issue were used to fund the redemption of $51.5 million Floating Rate WSFS Capital Trust I Preferred Securities (formerly, WSFS Capital Trust I). WSFS Capital Trust I invested all of the proceeds from the sale of the Pooled Floating Rate Capital Securities in our Junior Subordinated Debentures. WSFS Wealth Investments markets various third-party investment and insurance products to Bank customers through the Bank’s retail banking system. 1832 Holdings, Inc. was formed to hold certain debt and equity investment securities. Monarch provides commercial domicile services which include providing employees, directors, subleases of office facilities and registered agent services in Delaware and Nevada. Certain reclassifications have been made to the prior year’s Consolidated Financial Statements to conform to the current year’s presentation. All significant intercompany accounts and transactions were eliminated in consolidation. Business Combinations On August 7, 2018, WSFS and Beneficial Bancorp, Inc. (Beneficial) entered into an Agreement and Plan of Reorganization (as amended from time to time, the Merger Agreement), pursuant to which, subject to the terms and conditions of the Merger Agreement, among other things, (i) Beneficial will merge with and into WSFS, with WSFS continuing as the surviving corporation (the “Merger”) and (ii) simultaneously, Beneficial Bank will merge with and into WSFS Bank, with WSFS Bank continuing as the surviving bank (the “Bank Merger” and, together with the Merger, the “Mergers”). Subject to the terms and conditions of the Merger Agreement, stockholders of Beneficial will receive 0.3013 shares of WSFS common stock and $2.93 in cash for each share of Beneficial common stock. Approvals from both WSFS and Beneficial shareholders were received in December 2018. The Mergers, which are subject to customary closing conditions, are expected to close on March 1, 2019 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned ATMs, amounts due from banks, federal funds sold and securities purchased under agreements to resell. Debt Securities Investments in debt securities are classified into one of the following three categories and accounted for as follows: • Debt securities purchased with the intent of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. • Debt securities not classified as either trading securities or as held to maturity securities are classified as “available-for-sale securities” and reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of stockholders’ equity. • Debt securities purchased with the intent to hold to maturity are classified as “held to maturity” securities and reported at amortized cost. Debt securities include mortgage-backed securities (MBS), municipal bonds, and U.S. government and agency securities. Premiums and discounts on MBS collateralized by residential 1-4 family loans are recognized in interest income using a level yield method over the period to expected maturity. Premiums and discounts on all other securities are recognized on a straight line basis over the period to expected maturity. The fair value of debt securities is primarily obtained from third-party pricing services. Implicit in the valuation of MBS are estimated prepayments based on historical and current market conditions. We follow Accounting Standards Codification (ASC) 320-10 “ Investments - Debt Securities ” which provides guidance related to the recognition of and expanded disclosure requirements for other-than-temporary impaired debt securities. When we conclude an investment security is other than temporarily impaired, a loss for the difference between the investment security’s carrying value and its fair value may be recognized as a reduction to noninterest income in the Consolidated Statements of Income. If we intend to sell an investment in debt security or it is more likely than not that we will be required to sell it before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the investment security and conclude that it is not more likely than not we will be required to sell the security before recovering the carrying value, which may be maturity, the OTTI charge is separated into “credit” and “other” components. The “credit” component of the OTTI is included as a reduction to noninterest income in the Consolidated Statements of Income and the “other” component of the OTTI is included in other comprehensive income (loss), net of the tax effect. We are required to use our judgment in determining impairment in certain circumstances. The specific identification method is used to determine realized gains and losses on sales of investment and mortgage-backed securities. All sales are made without recourse. For additional detail regarding debt securities, see Note 5 . Equity Securities Following our adoption of ASU 2016-01 on January 1, 2018, as described in “Recent Accounting Pronouncements”, we account for our investments in equity securities in accordance with ASC 321-10, Investments - Equity Securities. Our equity securities are classified into one of the two categories and accounted for as follows: • Equity securities with a readily determinable fair value are reported at fair value, with unrealized gains and losses included in earnings. Any dividends received are recorded in interest income. • Equity securities without a readily determinable fair value are reported at cost minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer and their impact on fair value. Any dividends received are recorded in interest income. Equity investments include our Visa Class B share holdings and certain other equity investments. The fair value of equity investments with readily determinable fair values is primarily obtained from third-party pricing services. For equity investments without readily determinable fair values, when an orderly transaction for the identical or similar investment of the same issuer is identified, we use valuation techniques permitted under ASC 820, Fair Value Measurement, to evaluate the observed transaction(s) and adjust the fair value of the equity investment. ASC 321-10 also provides guidance related to accounting for impairment of equity securities without readily determinable fair values. The qualitative assessment to determine whether impairment exists requires the use of our judgment in certain circumstances. If, after completing the qualitative assessment, we conclude an equity investment without a readily determinable fair value is impaired, a loss for the difference between the equity investment’s carrying value and its fair value may be recognized as a reduction to noninterest income in the Consolidated Statements of Income. Federal Funds Purchased and Securities Sold Under Agreements to Repurchase We enter into sales of securities under agreements to repurchase which are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statements of Financial Condition. The securities underlying the agreements are assets. Generally, federal funds are purchased for periods ranging up to 90 days. For additional detail regarding the Federal funds purchased and securities sold under agreements to repurchase, see Note 12 . Loans Loans are stated net of deferred fees and costs. Interest income on loans is recognized using the level yield method. Loan origination fees, commitment fees and direct loan origination costs are deferred and recognized over the life of the related loans using a level yield method over the period to maturity. A loan is impaired when, based on current information and events, it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans are measured based on either the present value of expected future discounted cash flows, the market price of the loan or the fair value of the underlying collateral if the loan is collateral dependent. All loans restructured in a troubled debt restructuring are considered to be impaired. Impaired loans include loans within our commercial and industrial, owner-occupied commercial, commercial mortgage, construction, residential and consumer portfolios. Our policy for recognition of interest income on impaired loans, excluding accruing loans, is the same as for nonaccrual loans discussed below. In addition to originating loans, we occasionally acquire loans through acquisitions or loan purchase transactions. Certain acquired loans may exhibit deteriorated credit quality that has occurred since origination and we may not expect to collect all contractual payments. We account for these purchased credit-impaired loans in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . The loans are initially recorded at fair value on the acquisition date, reflecting the present value of the cash flows expected to be collected. Income recognition on these loans is based on reasonable expectations on timing and amount of cash flows to be collected. Purchased credit impaired loans are evaluated for impairment on a quarterly basis with a complete updating of the estimated cash flows on a semi-annual basis. If a loan is determined to be impaired but considered collateral dependent, it will have no accretable yield. For additional detail regarding impaired loans, see Note 8 . For additional detail regarding purchased credit-impaired loans, see Note 7 . Past Due and Nonaccrual Loans Past due loans are defined as loans contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection. Nonaccruing loans are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the loan is not well secured and in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Loans are returned to an accrual status when we assess that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. including a consistent repayment record, generally six consecutive payments, has been demonstrated). For additional detail regarding past due and nonaccrual loans, see Note 8 . Allowance for Loan Losses We maintain an allowance for loan losses (allowance) which represents our best estimate of probable losses within our loan portfolio. As losses are realized, they are charged to the allowance. We establish our allowance in accordance with guidance provided in ASC 450, Contingencies (ASC 450), ASC 310, Receivables (ASC 310), and the SEC’s Staff Accounting Bulletin 102 , Selected Loan Loss Allowance Methodology and Documentation Issues (SAB 102). The allowance includes two primary components: (i) an allowance established on loans collectively evaluated for impairment (general allowance), and (ii) an allowance established on loans individually evaluated for impairment (specific allowance). In addition, we also maintain an allowance for acquired loans. The general allowance is calculated on a pooled loan basis using both quantitative and qualitative factors in accordance with ASC 450. The specific allowance is calculated on an individual loan basis when collectability of all contractually due principal and interest is no longer believed to be probable in accordance with ASC 310-10. Lastly, the allowance related to acquired loans is calculated when (i) there is deterioration in credit quality subsequent to acquisition for loans accounted for under ASC 310-30, and (ii) the inherent losses in the loans exceed the remaining credit discount recorded at the time of acquisition for loans accounted for under ASC 310-20. Impairment of troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective interest rate at inception or the fair value of the underlying collateral if the loan is collateral dependent. Troubled debt restructurings consist of concessions granted to borrowers facing financial difficulty. For additional detail regarding the allowance for loan losses and the provision for loan losses, see Note 8 . Fair Value Option Mortgage loans held for sale are recorded at fair value on a loan level basis based upon pricing information obtained from secondary markets and brokers and applied to loans with similar interest rates and maturities. Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate lock commitments. We may also enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate the effect of interest rate risk. Other Real Estate Owned Upon initial receipt, other real estate owned (OREO) is recorded at the estimated fair value less disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed estimated fair value less disposal costs. We periodically evaluate the OREO for impairment and write-down the value of the asset when declines in fair value below the carrying value are identified. Costs relating to holding or disposing of the assets are charged to expense in the current period. Loan workout and OREO expenses include costs of holding and operating the assets, net gains or losses on sales of the assets and provisions for losses to reduce such assets to the estimated fair values less disposal costs. For additional detail regarding other real estate owned, see Note 8 . Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Costs of major replacements, improvements and additions are capitalized. Depreciation expense is computed on a straight-line basis over the estimated useful lives of the assets or, for leasehold improvements, over the terms of the related lease or effective useful lives of the respective asset, whichever is less. In general, computer equipment, furniture and equipment and building renovations are depreciated over three , five and ten years, respectively. Premises and equipment acquired in business combinations are initially recorded at fair value and subsequently carried at cost less accumulated depreciation and amortization. For additional detail regarding premises and equipment, see Note 9 . Goodwill and Intangible Assets We account for intangible assets in accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles-Goodwill and Other (ASC 350). Intangible assets resulting from acquisitions under the acquisition method of accounting consist of goodwill and other intangible assets. Accounting for goodwill and other intangible assets requires the Company to make significant judgments, particularly with respect to estimating the fair value of each reporting unit and when required, estimating the fair value of net assets. The estimates utilize historical data, cash flows, and market and industry data specific to each reporting unit as well as projected data. Industry and market data are used to develop material assumptions such as transaction multiples, required rates of return, control premiums, transaction costs and synergies of a transaction, and capitalization. Goodwill is not amortized and is subject to periodic impairment testing. We review goodwill for impairment annually and more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. During 2018 , management moved our annual goodwill impairment test date from October 31 to October 1 in an effort to more closely align the impairment testing with our strategic business planning and forecasting process and provide the Company with additional time to complete our annual testing. The change will be applied prospectively and WSFS will conduct only one goodwill impairment test in 2018 as the new testing date is before our previous date. This change does not delay, accelerate or avoid an impairment charge. Other intangible assets with finite lives are amortized over their estimated useful lives. We review other intangible assets with finite lives for impairment if events and circumstances indicate that the carrying value may not be recoverable. For additional information regarding our goodwill and intangible assets, see Note 10 . Income Taxes The provision for income taxes includes federal, state and local income taxes currently payable and those deferred due to temporary differences between the financial statement basis and tax basis of assets and liabilities. We account for income taxes in accordance with ASC 740, Income Taxes (ASC 740). ASC 740 requires the recording of deferred income taxes that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. It prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. On December 22, 2017 the Tax Cuts and Jobs Act (Tax Reform Act), was enacted. See Note 15 - Taxes on Income for further information . As a result, the Company elected to reclassify the income tax effects of the Tax Reform Act from accumulated other comprehensive income to retained earnings for approximately $1.7 million in accordance with ASC 220, Income Statement - Reporting Comprehensive Income and ASC 740. See Note 23 . For additional detail regarding income taxes, see Note 15 . Stock-Based Compensation Stock-based compensation is accounted for in accordance with ASC 718, Stock Compensation . Compensation expense relating to all share-based payments is recognized on a straight-line basis, over the applicable vesting period. For additional detail regarding stock-based compensation, see Note 16 . Senior Debt On September 1, 2017, we redeemed $55.0 million in aggregate principal amount of our 6.25% senior notes due 2019 which were issued in 2012 (the 2012 senior notes). The 2012 senior notes were repaid using a portion of the proceeds from our 2016 issuance of senior unsecured fixed-to-floating rate notes (the 2016 senior notes) described below. We recorded noninterest expense of $0.7 million due to the write-off of unamortized debt issuance costs in connection with this redemption. On June 13, 2016, the Company issued $100.0 million of the 2016 senior notes. The 2016 senior notes mature on June 15, 2026 and have a fixed coupon rate of 4.50% from issuance until June 15, 2021 and a variable coupon rate of three month LIBOR plus 3.30% from June 15, 2021 until maturity. The 2016 senior notes may be redeemed beginning on June 15, 2021 at 100% of principal plus accrued and unpaid interest. The remaining net proceeds from the issuance of the 2016 senior notes are being used for general corporate purposes. RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2018 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . ASU No. 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers using a five-step model in which entities should exercise judgment when considering the terms of the contracts. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . This amendment deferred the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Gross versus Net), which amends the principal versus agent guidance and clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer. In addition, the FASB issued ASU Nos. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers and 2016-12, Narrow-Scope Improvements and Practical Expedients , both of which provide additional clarification on certain provisions in Topic 606. These ASC updates were effective for public business entities with annual and interim reporting periods in fiscal years beginning after December 15, 2017. The standard permits the use of either the retrospective or modified retrospective with the cumulative effect transition method. The Company adopted the standard on January 1, 2018. Consistent with the transition guidance in ASC 606, results for reporting periods beginning after January 1, 2018 are presented in accordance with ASC 606, while prior period amounts are reported in accordance with ASC 605. For revenue streams determined to be within the scope of the new standard, we concluded that the adoption of the standard did not have a material effect on our Consolidated Financial Statements at the time of adoption. See Note 3 for additional disclosures resulting from our adoption of this standard. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. This amendment requires that equity investments be measured at fair value with changes in fair value recognized in net income. When fair value is not readily determinable, an entity may elect to measure the equity investment at cost, less impairment, plus or minus any change in the investment’s observable price. For financial liabilities that are measured at fair value, the amendment requires an entity to present separately, in other comprehensive income, any change in fair value resulting from a change in instrument specific credit risk. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The standard requires retrospective application for equity investments with readily determinable fair values and prospective application for equity investments without readily determinable fair values. The Company adopted the standard on January 1, 2018, on a prospective basis for its equity investments without readily determinable fair values, and the adoption of the standard did not have an effect on our Consolidated Financial Statements at the time of adoption. Subsequent to the filing of our Annual Report on Form 10-K for the year ended December 31, 2017, we identified observable transactions related to an equity investment without a readily determinable fair value. These identified, observable transactions required the revaluation of this equity investment. The result of the initial revaluation was recorded in the Consolidated Statements of Income in the first quarter of 2018. See Note 18 for further information. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 represents the Emerging Issues Task Force’s final consensus on eight issues related to the classification of cash payments and receipts in the statement of cash flows for a number of common transactions. The consensus also clarifies when identifiable cash flows should be separated versus classified based on their predominant source or use. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company adopted this standard on January 1, 2018, on a retrospective basis and the adoption did not have an effect on the Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 provides a new, two-step framework for determining whether a transaction is accounted for as an acquisition (or disposal) of assets or a business. The first step is evaluating whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the transaction is not considered a business. Also, in order to be considered a business, the transaction would need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance is effective for public entities in annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted for transactions that have not been reported in financial statements that have been issued or been made available for issuance. The Company adopted this standard on January 1, 2018, on a prospective basis with no impact to the Consolidated Financial Statements at the time of adoption. In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. ASU 2017-05 provides clarification of the scope of ASC 610-20. Specifically, the new guidance clarifies that ASC 610-20 applies to nonfinancial assets which do not meet the definition of a business or not-for-profit activity. Further, a financial asset is within the scope of ASC 610-20 if it meets the definition of an in-substance nonfinancial asset which is defined as a financial asset promised to a counterparty in a contract where substantially all of the assets promised are nonfinancial. Finally, each distinct nonfinancial asset and in-substance nonfinancial asset should be derecognized when the counterparty obtains control. The guidance is effective in annual and interim reporting periods in fiscal years beginning after December 15, 2017. Early application is permitted for all entities, but not before annual reporting periods beginning after December 15, 2016. The Company adopted this standard on January 1, 2018, on a modified retrospective basis and the adoption did not have an effect on the Consolidated Financial Statements at the time of adoption. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new guidance requires that the service cost component of net periodic pension cost be disclosed with other compensation costs in the income statement. For all other cost components, an entity must either separately disclose the other cost components in separate line item(s) outside a subtotal of income from operations in the income statement or disclose the line item(s) used to present the other cost components in the income statement. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company adopted this standard on January 1, 2018, on a retrospective basis with no impact to the Consolidated Financial Statements at the time of adoption. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting . The new guidance clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. If the award’s fair value, vesting conditions and classification remain the same immediately before and after the change, modification accounting is not applied. Additionally, the guidance does not require valuation before or after the change if the change does not affect any of the inputs to the model used to value the award. The guidance is effective in annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The new guidance will be applied on a prospective basis to awards modified on or after the adoption date. The Company adopted this standard on January 1, 2018, on a prospective basis with no impact to the Consolidated Financial Statements at the time of adoption. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the measurement of goodwill impairment by removing the hypothetical purchase price allocation. The new guidance requires an impairment of goodwill be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, up to the amount of goodwill recorded. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests with measurement dates after January 1, 2017, using the prospective method of adoption. The Company elected to early adopt this standard on December 31, 2018, on a prospective basis, with no impact to the Consolidated Financial Statements at the time of adoption. Accounting Guidance Pending Adoption at December 31, 2018 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This ASU revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use (“ROU”) asset for substantially all leases. The new lease guidance also simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. ASU 2016-02 is effective for the first interim period within annual periods beginning after December 15, 2018, with early adoption permitted. Adoption using the comparative modified retrospective transition approach is required; however, in July 2018, the FASB issued ASU 2018-11, Leases-Targeted Improvements, which provides an optional transition method whereby comparative periods presented in the financial statements in the period of adoption do not need to be restated under Topic 842. The Company will adopt this guidance on January 1, 2019 using the comparative modified retrospective method and has elected to apply the package of practical expedients to ease transition. The Company completed our comprehensive lease analysis including implementation of a new software, review and update of our accounting policies, processes and related internal controls to reflect changes from the standard. The adoption of ASC 842 will result in the recognition of a ROU asset of $121.0 million and a lease liability of $132.1 million on our Consolidated Statements of Financial Condition. The adoption of ASC 842 did not have an impact on the Company’s other Consolidated Financial Statements. We will provide additional detail to our leases disclosures on a prospective basis, beginning in the first quarter of 2019. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit impaired loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326 , which clarifies that receivables arising from operating leases are not within the scope of Topic 326. In December 2018, regulators issued a final rule related to regulatory capital (Regulatory Capital Rule: Implementation and Transition of the Current Expected Credit Losses Methodology for Allowances and Related Adjustments to the Regulatory Capital Rule and Conforming Amendments to Other Regulations) which is intended to provide regulatory capital relief for entities transitioning to CECL. The Company does not plan to early adopt this guidance and will adopt this guidance on January 1, 2020. A cross-functional team from Finance, Credit, and IT is leading the implementation efforts to eval |
Noninterest Income
Noninterest Income | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
NONINTEREST INCOME | 3. NONINTEREST INCOME On January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified Topic 606. The standard applies to certain revenue streams included in noninterest income on our audited Consolidated Statements of Income. See Note 2 for further information about our adoption of ASU 2014-09, and Note 21 for further information about the disaggregation of noninterest income by segment. Credit/debit card and ATM income The following table presents the components of credit/debit card and ATM income: Twelve Months Ended December 31, (Dollars in thousands) 2018 2017 2016 Bailment fees $ 27,767 $ 21,360 $ 16,823 Interchange fees 14,982 13,696 12,390 Other card and ATM fees 1,088 1,060 686 Total credit/debit card and ATM income $ 43,837 $ 36,116 $ 29,899 Credit/debit card and ATM income is primarily composed of bailment fees which are earned from bailment arrangements with our customers. Bailment arrangements are legal relationships in which property is delivered to another party’s temporary custody and control without a transfer of ownership. The party receiving the property (the bailee) has possession and control of the property and is obligated to take reasonable care of the property. The party who transferred the property (the bailor) retains ownership interest of the property. In the event that the bailee files for bankruptcy protection, the property is not included in the bailee’s assets. The bailee pays an agreed-upon fee for the use of the bailor’s property in exchange for the bailor allowing use of the assets at the bailee's site. Bailment fees are earned from cash that is owned by WSFS but available for customers’ use at an offsite location, such as cash located in an ATM at a customer’s place of business. These fees are typically indexed to a market interest rate. This revenue stream generates fee income through monthly billing for bailment services. Credit/debit card and ATM income also includes interchange fees. Interchange fees are paid by a merchant's bank to a bank that issued a debit or credit card used in a transaction to compensate the issuing bank for the value and benefit the merchant receives from accepting electronic payments. These revenue streams generate fee income at the time a transaction occurs and are recorded as revenue at the time of the transaction. Investment management and fiduciary income The following table presents the components of investment management and fiduciary income: Twelve Months Ended December 31, (Dollars in thousands) 2018 2017 2016 Trust fees $ 23,386 $ 19,651 $ 17,978 Wealth management and advisory fees 16,216 15,452 7,713 Total investment management and fiduciary income $ 39,602 $ 35,103 $ 25,691 Investment management and fiduciary income is primarily composed of trust fees and wealth management and advisory fees. Trust fees are based on revenue earned from investment and trustee services to families and individuals across the U.S.; custody, escrow and trustee services on structured finance transactions; indenture trustee, administrative agent and collateral agent services to institutions and corporations; and commercial domicile and independent director services. Most fees are flat fees, except for a portion of personal and corporate trustee fees where we earn a percentage on AUM. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for services provided. Wealth management and advisory fees consists of fees from Cypress, West Capital, Powdermill, WSFS Wealth Client Management, WSFS Wealth Investments and WSFS Institutional Services. Wealth management and advisory fees are based on revenue earned from services including asset management, financial planning, family office, and, to a lesser extent, brokerage. The fees are based on the market value of assets or are assessed as a flat fee. This revenue stream primarily generates fee income through quarterly and annual billing for the services. Deposit service charges The following table presents the components of deposit service charges: Twelve Months Ended December 31, (Dollars in thousands) 2018 2017 2016 Service fees $ 10,526 $ 10,073 $ 9,162 Return and overdraft fees 7,676 7,650 7,969 Other deposit service fees 569 595 603 Total deposit service charges $ 18,771 $ 18,318 $ 17,734 Deposit service charges includes revenue earned from our core deposit products, certificates of deposit, and brokered deposits. We generate revenues from deposit service charges primarily through service charges and overdraft fees. Service charges consist primarily of monthly account maintenance fees, cash management fees, foreign ATM fees and other maintenance fees. All of these revenue streams generate fee income through service charges for monthly account maintenance and similar items, transfer fees, late fees, overlimit fees, and stop payment fees. Revenue is recorded at the time of the transaction. Other income The following table presents the components of other income: Twelve Months Ended December 31, (Dollars in thousands) 2018 2017 2016 Managed service fees 12,113 10,984 11,244 Currency preparation 3,575 2,900 2,706 ATM insurance 2,394 2,795 3,040 Miscellaneous products and services 8,773 6,388 1,959 Total other income $ 26,855 $ 23,067 $ 18,949 Other income consists of managed service fees, which are primarily courier fees related to cash management, currency preparation, ATM insurance and other miscellaneous products and services offered by the Bank. These fees are primarily generated through monthly billings or at the time of the transaction. Arrangements with multiple performance obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers. Practical expedients and exemptions We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 4. EARNINGS PER SHARE The following table shows the computation of basic and diluted earnings per share: (Dollars and shares in thousands, except per share data) 2018 2017 2016 Numerator: Net income $ 134,743 $ 50,244 $ 64,080 Denominator: Weighted average shares 31,570 31,419 30,276 Dilutive potential common shares 597 884 810 Weighted average fully diluted shares 32,167 32,303 31,086 Earnings per share: Basic $ 4.27 $ 1.60 $ 2.12 Diluted $ 4.19 $ 1.56 $ 2.06 Outstanding common stock equivalents having no dilutive effect 18 2 18 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments Schedule [Abstract] | |
INVESTMENT SECURITIES | 5. INVESTMENT SECURITIES The following tables detail the amortized cost and the estimated fair value of our investments in available-for-sale and held-to-maturity debt securities as well as our equity investments. None of our investments are classified as trading. December 31, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-Sale Debt Securities CMO $ 376,867 $ 1,721 $ 6,838 $ 371,750 FNMA MBS 655,485 1,526 12,938 644,073 FHLMC MBS 155,758 558 2,394 153,922 GNMA MBS 36,117 97 880 35,334 $ 1,224,227 $ 3,902 $ 23,050 $ 1,205,079 Held-to-Maturity Debt Securities (1) State and political subdivisions $ 149,950 $ 275 $ 794 $ 149,431 Equity Investments (2) Visa Class B shares $ 13,918 $ 20,015 $ — $ 33,933 Other equity investments 3,300 — — 3,300 $ 17,218 $ 20,015 $ — $ 37,233 (1) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $1.0 million at December 31, 2018 , related to securities transferred, which are offset in Accumulated other comprehensive loss, net of tax. (2) Equity investments are included in Other investments in the audited Consolidated Statements of Financial Condition. December 31, 2017 (Dollars in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-Sale Debt Securities CMO $ 250,592 $ 88 $ 4,141 $ 246,539 FNMA MBS 479,218 941 6,172 473,987 FHLMC MBS 88,681 118 924 87,875 GNMA MBS 29,300 209 411 29,098 $ 847,791 $ 1,356 $ 11,648 $ 837,499 Held-to-Maturity Debt Securities (1) State and political subdivisions $ 161,186 $ 1,758 $ 91 $ 162,853 Equity Investments (2)(3) Other equity investments $ 643 $ — $ 20 $ 623 $ 643 $ — $ 20 $ 623 (1) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $1.6 million at December 31, 2017 , related to securities transferred, which are offset in Accumulated other comprehensive loss, net of tax . (2) Equity investments are included in Other investments in the audited Consolidated Statements of Financial Condition. (3) This mutual fund was sold in 2018. The scheduled maturities of our available-for-sale and held-to-maturity at December 31, 2018 and December 31, 2017 are presented in the table below: Available-for-Sale (Dollars in thousands) Amortized Cost Fair Value December 31, 2018 (1) Within one year $ — $ — After one year but within five years 19,714 19,423 After five years but within ten years 170,118 163,731 After ten years 1,034,395 1,021,925 $ 1,224,227 $ 1,205,079 December 31, 2017 (1) (2) Within one year $ — $ — After one year but within five years 20,051 19,825 After five years but within ten years 179,812 175,583 After ten years 647,928 642,091 $ 847,791 $ 837,499 Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value December 31, 2018 (1) Within one year $ 1,018 $ 1,016 After one year but within five years 6,703 6,701 After five years but within ten years 29,613 29,547 After ten years 112,616 112,167 $ 149,950 $ 149,431 December 31, 2017 (1) Within one year $ 322 $ 320 After one year but within five years 5,895 5,894 After five years but within ten years 18,751 18,873 After ten years 136,218 137,766 $ 161,186 $ 162,853 (1) Actual maturities could differ from contractual maturities. (2) Included in the investment portfolio, but not in the table above, is a mutual fund with an amortized cost and fair value as of December 31, 2017 of $0.6 million which had no stated maturity and which was sold in 2018. Mortgage-backed securities (MBS) may have expected maturities that differ from their contractual maturities. These differences arise because issuers may have the right to call securities and borrowers may have the right to prepay obligations with or without prepayment penalty. Investment securities with fair market values aggregating $914.5 million and $688.2 million were pledged as collateral for retail customer repurchase agreements, municipal deposits, and other obligations as of December 31, 2018 and 2017 , respectively. During 2018 , we sold $7.0 million of debt securities categorized as available for sale, resulting in realized gains of less than $0.1 million and no realized losses. During 2017 , we sold $457.0 million of debt securities categorized as available for sale, resulting in realized gains of $2.1 million and realized losses of less than $0.1 million . The cost basis of all investment securities sales is based on the specific identification method. During 2016 , we sold $201.8 million of investment securities categorized as available for sale, resulting in realized gains of $2.4 million and realized losses of less than $0.1 million . During 2018, we sold $6.2 million of equity securities, specifically Visa Class B shares, resulting in realized gains of $3.8 million and no realized losses. There were no such sales 2017 or 2016. As of December 31, 2018 , and December 31, 2017 , our debt securities portfolio had remaining unamortized premiums of $12.7 million and $14.1 million , respectively, and unaccreted discounts of $2.5 million and $1.3 million , respectively. For those debt securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2018 . Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale debt securities: CMO $ 17,143 $ 40 $ 212,208 $ 6,798 $ 229,351 $ 6,838 FNMA MBS 34,214 162 407,638 12,776 441,852 12,938 FHLMC MBS 16,025 21 76,469 2,373 92,494 2,394 GNMA MBS 5,837 79 21,805 801 27,642 880 Total temporarily impaired investments $ 73,219 $ 302 $ 718,120 $ 22,748 $ 791,339 $ 23,050 Held-to-maturity debt securities: State and political subdivisions $ 91,228 $ 155 $ 58,203 $ 639 $ 149,431 $ 794 Total temporarily impaired investments $ 91,228 $ 155 $ 58,203 $ 639 $ 149,431 $ 794 For those debt securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2017 . 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 $ 146,726 $ 1,820 $ 77,149 $ 2,321 $ 223,875 $ 4,141 FNMA MBS 204,921 1,479 126,342 4,693 331,263 6,172 FHLMC MBS 42,514 269 21,405 655 63,919 924 GNMA MBS 4,615 56 14,782 355 19,397 411 Total temporarily impaired investments $ 398,776 $ 3,624 $ 239,678 $ 8,024 $ 638,454 $ 11,648 Held-to-maturity debt securities: State and political subdivisions $ 23,404 $ 59 $ 5,625 $ 32 $ 29,029 $ 91 Total temporarily impaired investments $ 23,404 $ 59 $ 5,625 $ 32 $ 29,029 $ 91 Other equity investments $ — $ — $ 624 $ 20 $ 624 $ 20 At December 31, 2018 , we owned debt securities totaling $940.8 million for which the amortized cost basis exceeded fair value. Total unrealized losses on these securities were $23.8 million at December 31, 2018 . The temporary impairment is the result of changes in market interest rates subsequent to purchase. Our investment portfolio is reviewed each quarter for indications of OTTI. This review includes analyzing the length of time and the extent to which the fair value has been lower than the amortized cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and our intent and ability to hold the investment for a period of time sufficient to allow for full recovery of the unrealized loss. We evaluate our intent and ability to hold debt securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. We do not have the intent to sell, nor is it more likely-than-not we will be required to sell these securities before we are able to recover the amortized cost basis. All debt securities, with the exception of one having a fair value of $0.6 million at December 31, 2018 , were AA- rated or better at the time of purchase and remained investment grade at December 31, 2018 . All securities were evaluated for OTTI at December 31, 2018 and 2017 . The result of this evaluation showed no OTTI as of December 31, 2018 or 2017 . The estimated weighted average duration of MBS was 4.7 years at December 31, 2018 . |
Loans
Loans | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
LOANS | 6. LOANS The following table shows our loan portfolio by category: December 31, (Dollars in thousands) 2018 2017 Commercial and industrial $ 1,472,489 $ 1,464,554 Owner-occupied commercial 1,059,974 1,079,247 Commercial mortgages 1,162,739 1,187,705 Construction 316,566 281,608 Residential real estate (1) 218,099 253,301 Consumer 680,939 558,493 4,910,806 4,824,908 Less: Deferred fees, net 7,348 7,991 Allowance for loan losses 39,539 40,599 Net loans $ 4,863,919 $ 4,776,318 (1) Includes reverse mortgages, at fair value of $16.5 million and $19.8 million at December 31, 2018 and 2017 , respectively . Nonaccruing loans totaled $30.1 million and $36.4 million at December 31, 2018 and 2017 , respectively. If interest on all such loans had been recorded in accordance with contractual terms, net interest income would have increased by $2.0 million and $1.8 million in 2018 and 2017 , respectively. The total amounts of loans serviced for others were $98.6 million and $102.5 million at December 31, 2018 and 2017 , respectively, which consisted of residential first mortgage loans and reverse mortgage loans. We received fees from the servicing of loans of $0.5 million and $0.4 million during 2018 and 2017 , respectively. We record mortgage servicing rights on our mortgage loan servicing portfolio, which includes mortgages that we acquire or originate as well as mortgages that we service for others, and servicing rights on SBA loans. Mortgage servicing rights and Small Business Administration (SBA) loan servicing rights are included are in Intangible assets in the accompanying Consolidated Statements of Financial Condition. Mortgage loans which we service for others are not included in Loans, net of allowance for loan losses in the accompanying Consolidated Statements of Financial Condition. Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans we acquire or originate, or that we service for others. The value of our mortgage servicing rights was $0.3 million and $0.4 million at December 31, 2018 and 2017 , respectively, and the value of our SBA loan servicing rights was $1.1 million and $0.5 million at December 31, 2018 and 2017 , respectively. Changes in the value of these servicing rights resulted in net losses of $0.2 million and less than $0.1 million during 2018 and 2017 , respectively. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage Banking Activities, Net in the Consolidated Statements of Income and revenues from our SBA loan servicing rights are included in Loan fee income, in the Consolidated Statements of Income. Accrued interest receivable on loans outstanding was $17.0 million and $15.4 million at December 31, 2018 and 2017 , respectively. |
Acquired Credit Impaired Loans
Acquired Credit Impaired Loans | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
ACQUIRED CREDIT IMPAIRED LOANS | 7. ACQUIRED CREDIT IMPAIRED LOANS We account for acquired loans that have deteriorated in credit quality since their origination, and for which it is probable that all contractual cash flows will not be received, in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (ASC 310-30). Under ASC 310-30, acquired loans are generally considered accruing and performing as the loans accrete interest income over the estimated life of the loan when expected cash flows are reasonably estimable. Accordingly, acquired impaired loans that are contractually past due are still considered to be accruing and performing as long as the estimated cash flows are expected to be received. If the timing and amount of cash flows is not reasonably estimable, the loans may be classified as nonaccrual loans and interest income may be recognized on a cash basis or as a reduction of the principal amount outstanding. Credit deterioration evident at the acquisition date is included in the determination of the fair value of the loans at the acquisition date. Updates to expected cash flows for acquired impaired loans accounted for under ASC 310-30 since acquisition has resulted in a provision for loan losses of $0.2 million and $0.4 million in 2018 and 2017 , respectively, due to changes in the amount and timing of expected cash flows subsequent to acquisition. The following is the outstanding principal balance and carrying amounts for all acquired credit impaired loans for which the company applies ASC 310-30 as of December 31, 2018 and 2017 : (Dollars in thousands) December 31, 2018 December 31, 2017 Outstanding principal balance $ 18,642 $ 27,034 Carrying amount 14,718 21,295 Allowance for loan losses 227 358 The following table presents the changes in accretable yield on all acquired credit impaired loans for the years indicated: (Dollars in thousands) Accretable Yield Balance at December 31, 2016 $ 5,150 Accretion (2,636 ) Reclassification from nonaccretable difference 2,015 Additions/adjustments (1,149 ) Disposals (345 ) Balance at December 31, 2017 $ 3,035 Accretion (1,704 ) Reclassification from nonaccretable difference 1,527 Additions/adjustments (395 ) Disposals — Balance at December 31, 2018 $ 2,463 |
Allowance for Loan Losses and C
Allowance for Loan Losses and Credit Quality Information | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY INFORMATION | 8. ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY INFORMATION Allowance for Loan Losses We maintain an allowance for loan losses which represents our best estimate of probable losses in our loan portfolio. As losses are realized, they are charged to this allowance. We established our allowance in accordance with guidance provided in ASC 450, Contingencies (ASC 450), ASC 310, Receivables (ASC 310), and the SEC’s Staff Accounting Bulletin 102 , Selected Loan Loss Allowance Methodology and Documentation Issues (SAB 102). When we have reason to believe it is probable that we will not be able to collect all contractually due amounts of principal and interest, loans are evaluated for impairment on an individual basis and a specific allocation of the allowance is assigned in accordance with ASC 310-10. We also maintain an allowance for loan losses on acquired loans when: (i) for loans accounted for under ASC 310-30, there is deterioration in credit quality subsequent to acquisition and (ii) for loans accounted for under ASC 310-20, the inherent losses in the loans exceed the remaining credit discount recorded at the time of acquisition. The determination of the allowance for loan losses requires significant judgment reflecting our best estimate of impairment related to specifically identified impaired loans as well as probable loan losses in the remaining loan portfolio. Our evaluation is based on a continuing review of these portfolios. The following are included in our allowance for loan losses: • Specific reserves for impaired loans • An allowance for each pool of homogeneous loans based on historical loss experience • Adjustments for qualitative and environmental factors allocated to pools of homogeneous loans When it is probable that the Bank will be unable to collect all amounts due (interest and principal) in accordance with the contractual terms of the loan agreement, it assigns a specific reserve to that loan, as necessary. Unless loans are well-secured and collection is imminent, loans greater than 90 days past due are deemed impaired and their respective reserves are generally charged off once the loss has been confirmed. Estimated specific reserves are based on collateral values, estimates of future cash flows or market valuations. We charge loans off when they are deemed to be uncollectible. During the years ended December 31, 2018 and 2017 , net charge-offs totaled $14.2 million , or 0.29% of average loans, and $10.1 million or 0.30% of average loans, respectively. Allowances for pooled homogeneous loans, that are not deemed impaired, are based on historical net loss experience. Estimated losses for pooled portfolios are determined differently for commercial loan pools and retail loan pools. Commercial loans are pooled as follows: commercial, owner-occupied commercial, commercial mortgages and construction. Each pool is further segmented by internally assessed risk ratings. Loan losses for commercial loans are estimated by determining the probability of default and expected loss severity upon default. The probability of default is calculated based on the historical rate of migration to impaired status during the last 32 quarters. During the year ended December 31, 2018 , we increased the look-back period to 32 quarters from 28 quarters used at December 31, 2017 . This increase in the look-back period allows us to continue to anchor to the fourth quarter of 2010 to ensure that the quantitative reserves calculated by the allowance for loan loss model are adequately considering the losses within a full credit cycle. Loss severity upon default is calculated as the actual loan losses (net of recoveries) on impaired loans in their respective pool during the same time frame. Retail loans are pooled into the following segments: residential mortgage, consumer secured and consumer unsecured loans. Pooled reserves for retail loans are calculated based solely on average net loss rates over the same 32 quarter look-back period. Qualitative adjustment factors consider various current internal and external conditions which are allocated among loan types and take into consideration: • Current underwriting policies, staff, and portfolio mix, • Internal trends of delinquency, nonaccrual and criticized loans by segment, • Risk rating accuracy, control and regulatory assessments/environment, • General economic conditions - locally and nationally, • Market trends impacting collateral values, and • The competitive environment, as it could impact loan structure and underwriting. The above factors are based on their relative standing compared to the period in which historic losses are used in quantitative reserve estimates and current directional trends. Qualitative factors in our model can add to or subtract from quantitative reserves. The allowance methodology uses a loss emergence period (LEP), which is the period of time between an event that triggers the probability of a loss and the confirmation of the loss. We estimate the commercial LEP to be approximately nine quarters as of December 31, 2018 . Our residential mortgage and consumer LEP remained at four quarters as of December 31, 2018 . We evaluate LEP quarterly for reasonableness and complete a detailed historical analysis of our LEP annually for our commercial portfolio and review of the current four quarter LEP for the retail portfolio to determine the continued reasonableness of this assumption. In prior periods, our allowance methodology included a component related to model estimation and complexity risk. During the second quarter of 2016 , as a result of continued refinement of the model and normal review of the factors, we removed the model estimation and complexity risk component from our calculation of the allowance for loan losses. Our loan officers and risk managers meet at least quarterly to discuss and review the conditions and risks associated with individual problem loans. In addition, various regulatory agencies periodically review our loan ratings and allowance for loan losses and the Bank’s internal loan review department performs loan reviews. The following tables provide the activity of our allowance for loan losses and loan balances for the years ended December 31, 2018 , 2017 and 2016 : (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Total Year Ended December 31, 2018 Allowance for loan losses Beginning balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Charge-offs (12,130 ) (417 ) (255 ) (1,475 ) (91 ) (2,615 ) (16,983 ) Recoveries 1,381 34 255 3 154 926 2,753 Provision (credit) 8,328 (38 ) 924 2,341 (404 ) 2,126 13,277 Provision (credit) for acquired loans (100 ) 56 (9 ) (18 ) (29 ) (7 ) (107 ) Ending balance $ 14,211 $ 5,057 $ 6,806 $ 3,712 $ 1,428 $ 8,325 $ 39,539 Period-end allowance allocated to: Loans individually evaluated for impairment $ 876 $ — $ — $ 444 $ 543 $ 168 $ 2,031 Loans collectively evaluated for impairment 13,334 4,965 6,727 3,254 847 8,155 37,282 Acquired loans evaluated for impairment 1 92 79 14 38 2 226 Ending balance $ 14,211 $ 5,057 $ 6,806 $ 3,712 $ 1,428 $ 8,325 $ 39,539 Period-end loan balances: Loans individually evaluated for impairment (2) $ 14,837 $ 4,406 $ 4,083 $ 2,781 $ 11,017 $ 7,883 $ 45,007 Loans collectively evaluated for impairment 1,366,151 938,934 1,005,504 310,511 132,064 651,160 4,404,324 Acquired nonimpaired loans 89,970 112,386 145,648 2,525 57,708 21,745 429,982 Acquired impaired loans 1,531 4,248 7,504 749 761 151 14,944 Ending balance (3) $ 1,472,489 $ 1,059,974 $ 1,162,739 $ 316,566 $ 201,550 $ 680,939 $ 4,894,257 (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Total Year Ended December 31, 2017 Allowance for loan losses Beginning balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ 39,751 Charge-offs (5,008 ) (296 ) (4,612 ) (574 ) (168 ) (3,184 ) (13,842 ) Recoveries 1,355 127 255 306 178 1,505 3,726 Provision (credit) 6,972 (1,098 ) 1,160 222 (300 ) 3,572 10,528 Provision (credit) for acquired loans 74 101 173 69 29 (10 ) 436 Ending balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Period-end allowance allocated to: Loans individually evaluated for impairment $ 3,687 $ — $ 18 $ — $ 760 $ 193 $ 4,658 Loans collectively evaluated for impairment 12,871 5,410 5,779 2,828 1,002 7,693 35,583 Acquired loans evaluated for impairment 174 12 94 33 36 9 358 Ending balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Period-end loan balances: Loans individually evaluated for impairment (2) $ 19,196 $ 3,655 $ 6,076 $ 6,022 $ 13,778 $ 7,588 $ 56,315 Loans collectively evaluated for impairment 1,324,636 933,352 983,400 258,887 146,621 514,713 4,161,609 Acquired nonimpaired loans 116,566 136,437 188,505 15,759 72,304 35,945 565,516 Acquired impaired loans 4,156 5,803 9,724 940 784 247 21,654 Ending balance (3) $ 1,464,554 $ 1,079,247 $ 1,187,705 $ 281,608 $ 233,487 $ 558,493 $ 4,805,094 (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Complexity (1) Total Year Ended December 31, 2016 Allowance for loan losses Beginning balance $ 11,156 $ 6,670 $ 6,487 $ 3,521 $ 2,281 $ 5,964 $ 1,010 $ 37,089 Charge-offs (5,052 ) (1,556 ) (422 ) (57 ) (88 ) (6,152 ) — (13,327 ) Recoveries 594 117 322 484 254 1,232 — 3,003 Provision (credit) 6,260 1,163 2,466 (1,117 ) (422 ) 4,989 (1,010 ) 12,329 Provision for acquired loans 381 194 62 7 34 (21 ) — 657 Ending balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ — $ 39,751 Period-end allowance allocated to: Loans individually evaluated for impairment $ 322 $ — $ 1,247 $ 217 $ 911 $ 198 $ — $ 2,895 Loans collectively evaluated for impairment 12,834 6,573 7,482 2,535 1,125 5,797 — 36,346 Acquired loans evaluated for impairment 183 15 186 86 23 17 — 510 Ending balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ — $ 39,751 Period-end loan balances evaluated for: Loans individually evaluated for impairment (2) $ 2,266 $ 2,078 $ 9,898 $ 1,419 $ 13,547 $ 7,863 $ — $ 37,071 Loans collectively evaluated for impairment 1,120,193 899,590 921,333 189,468 157,738 386,146 — 3,674,468 Acquired nonimpaired loans 159,089 164,372 221,937 28,131 94,883 55,651 — 724,063 Acquired impaired loans 6,183 12,122 10,386 3,694 860 369 — 33,614 Ending balance (3) $ 1,287,731 $ 1,078,162 $ 1,163,554 $ 222,712 $ 267,028 $ 450,029 $ — $ 4,469,216 (1) Represents the portion of the allowance for loan losses established to account for the inherent complexity and uncertainty of estimates. (2) The difference between this amount and nonaccruing loans represents accruing troubled debt restructured loans which are considered to be impaired loans of $15.0 million at December 31, 2018 , $20.1 million as of December 31, 2017 , and $14.3 million at December 31, 2016 . (3) Ending loan balances do not include net deferred fees. Nonaccrual and Past Due Loans Nonaccruing loans are those on which the accrual of interest has ceased. Typically, we discontinue accrual of interest on originated loans after payments become more than 90 days past due or earlier if we do not expect the full collection of principal or interest in accordance with the terms of the loan agreement. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the accretion of net deferred loan fees and amortization of net deferred loan costs is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on our assessment of the ultimate collectability of principal and interest. Loans greater than 90 days past due and still accruing are defined as loans contractually past due 90 days or more as to principal or interest payments, but which remain in accrual status because they are considered well secured and are in the process of collection. The following tables show our nonaccrual and past due loans at the dates indicated: December 31, 2018 (Dollars in thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Current Balances Acquired Impaired Loans Nonaccrual Loans Total Loans Commercial $ 3,653 $ 993 $ 71 $ 4,717 $ 1,452,185 $ 1,531 $ 14,056 $ 1,472,489 Owner-occupied commercial 733 865 — 1,598 1,049,722 4,248 4,406 1,059,974 Commercial mortgages 1,388 908 — 2,296 1,148,988 7,504 3,951 1,162,739 Construction 157 — — 157 312,879 749 2,781 316,566 Residential 1,970 345 660 2,975 194,960 761 2,854 201,550 Consumer 525 971 104 1,600 677,182 151 2,006 680,939 Total (1) (2) $ 8,426 $ 4,082 $ 835 $ 13,343 $ 4,835,916 $ 14,944 $ 30,054 $ 4,894,257 % of Total Loans 0.17 % 0.08 % 0.02 % 0.27 % 98.81 % 0.31 % 0.61 % 100.00 % (1) Balances in table above includes $430.0 million in acquired non-impaired loans. (2) Residential accruing current balances excludes reverse mortgages at fair value of $16.5 million . December 31, 2017 (Dollars in thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Current Balances Acquired Impaired Loans Nonaccrual Loans Total Loans Commercial $ 1,050 $ — $ — $ 1,050 $ 1,440,291 $ 4,156 $ 19,057 $ 1,464,554 Owner-occupied commercial 2,069 233 — 2,302 1,067,488 5,803 3,654 1,079,247 Commercial mortgages 320 90 — 410 1,171,701 9,724 5,870 1,187,705 Construction — — — — 278,864 940 1,804 281,608 Residential 2,058 731 356 3,145 225,434 784 4,124 233,487 Consumer 1,117 463 105 1,685 554,634 247 1,927 558,493 Total (1) (2) $ 6,614 $ 1,517 $ 461 $ 8,592 $ 4,738,412 $ 21,654 $ 36,436 $ 4,805,094 % of Total Loans 0.14 % 0.03 % 0.01 % 0.18 % 98.61 % 0.45 % 0.76 % 100.00 % (1) Balances in table above includes $565.5 million in acquired non-impaired loans. (2) Residential accruing current balances excludes reverse mortgages at fair value of $19.8 million . Impaired Loans Loans for which it is probable we will not collect all principal and interest due according to their contractual terms, which is assessed based on the credit characteristics of the loan and/or payment status, are measured for impairment in accordance with the provisions of ASC 310 and SAB 102. The amount of impairment is required to be measured using one of three methods: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the fair value of collateral, if the loan is collateral dependent or (3) the loan’s observable market price. If the measure of the impaired loan is less than the recorded investment in the loan, a related allowance is allocated for the impairment. The following tables provide an analysis of our impaired loans at December 31, 2018 and December 31, 2017 : December 31, 2018 (Dollars in thousands) Ending Loan Balances Loans with No Related Reserve (1) Loans with Related Reserve (2) Related Reserve Contractual Principal Balances (2) Average Loan Balances Commercial $ 14,841 $ 8,625 $ 6,216 $ 878 $ 22,365 $ 18,484 Owner-occupied commercial 6,065 4,406 1,659 92 6,337 5,378 Commercial mortgages 5,679 4,083 1,596 79 15,372 7,438 Construction 3,530 — 3,530 458 5,082 5,091 Residential 11,321 6,442 4,879 581 13,771 12,589 Consumer 7,916 6,899 1,017 170 8,573 7,956 Total $ 49,352 $ 30,455 $ 18,897 $ 2,258 $ 71,500 $ 56,936 (1) Reflects loan balances at or written down to their remaining book balance. (2) The above includes acquired impaired loans totaling $4.3 million in the ending loan balance and $4.8 million in the contractual principal balance. December 31, 2017 (Dollars in thousands) Ending Loan Balances Loans with No Related Reserve (1) Loans with Related Reserve (2) Related Reserve Contractual Principal Balances (2) Average Loan Balances Commercial $ 20,842 $ 3,422 $ 17,420 $ 3,861 $ 23,815 $ 15,072 Owner-occupied commercial 5,374 3,654 1,720 12 5,717 5,827 Commercial mortgages 7,598 4,487 3,111 112 16,658 12,630 Construction 6,292 6,023 269 33 6,800 4,523 Residential 14,181 8,282 5,899 796 17,015 14,533 Consumer 7,819 6,304 1,515 203 8,977 8,158 Total $ 62,106 $ 32,172 $ 29,934 $ 5,017 $ 78,982 $ 60,743 (1) Reflects loan balances at or written down to their remaining book balance. (2) The above includes acquired impaired loans totaling $5.8 million in the ending loan balance and $6.8 million in the contractual principal balance. Interest income of $0.8 million and $1.0 million was recognized on impaired loans during 2018 and 2017 respectively. As of December 31, 2018 , there were 26 residential loans and 11 commercial loans in the process of foreclosure. The total outstanding balance on the loans was $1.9 million and $5.3 million , respectively. As of December 31, 2017 , there were 33 residential loans and 8 commercial loans in the process of foreclosure. The total outstanding balance on the loans was $2.9 million and $6.0 million , respectively. Reserves on Acquired Nonimpaired Loans In accordance with ASC 310, loans acquired by the Bank through its mergers with First National Bank of Wyoming (FNBW), Alliance Bancorp, Inc. (Alliance), and Penn Liberty Bank (Penn Liberty) are reflected on the balance sheet at their fair values on the date of acquisition as opposed to their contractual values. Therefore, on the date of acquisition establishing an allowance for acquired loans is prohibited. After the acquisition date, the Bank performs a separate allowance analysis on a quarterly basis to determine if an allowance for loan loss is necessary. Should the credit risk calculated exceed the purchased loan portfolio’s remaining credit mark, additional reserves will be added to the Bank’s allowance. When a purchased loan becomes impaired after its acquisition, it is evaluated as part of the Bank’s reserve analysis and a specific reserve is established to be included in the Bank’s allowance. Credit Quality Indicators Below is a description of each of our risk ratings for all commercial loans: • Pass . These borrowers currently show no indication of deterioration or potential problems and their loans are considered fully collectible • Special Mention. Borrowers have potential weaknesses that deserve management’s close attention. Borrowers in this category may be experiencing adverse operating trends, for example, declining revenues or margins, high leverage, tight liquidity, or increasing inventory without increasing sales. These adverse trends can have a potential negative effect on the borrower’s repayment capacity. These assets are not adversely classified and do not expose the Bank to significant risk that would warrant a more severe rating. Borrowers in this category may also be experiencing significant management problems, pending litigation, or other structural credit weaknesses. • Substandard . Borrowers have well-defined weaknesses that require extensive oversight by management. Borrowers in this category may exhibit one or more of the following: inadequate debt service coverage, unprofitable operations, insufficient liquidity, high leverage, and weak or inadequate capitalization. Relationships in this category are not adequately protected by the sound financial worth and paying capacity of the obligor or the collateral pledged on the loan, if any. A distinct possibility exists that the Bank will sustain some loss if the deficiencies are not corrected. • Doubtful . Borrowers have well-defined weaknesses inherent in the Substandard category with the added characteristic that the possibility of loss is extremely high. Current circumstances in the credit relationship make collection or liquidation in full highly questionable. A doubtful asset has some pending event that may strengthen the asset that defers the loss classification. Such impending events include: perfecting liens on additional collateral, obtaining collateral valuations, an acquisition or liquidation preceding, proposed merger, or refinancing plan. • Loss . Loans are uncollectible or of such negligible value that continuance as a bankable asset is not supportable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical to defer writing off this asset even though partial recovery may be recognized sometime in the future. Residential and Consumer Loans The residential and consumer loan portfolios are monitored on an ongoing basis using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans that are greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status. The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the Allowance for Loan Loss. Commercial Credit Exposure December 31, 2018 (Dollars in thousands) Commercial and Industrial Owner-occupied Commercial Commercial Mortgages Construction Total Commercial (1) Amount % Risk Rating: Special mention $ 8,710 $ 21,230 $ — $ — $ 29,940 Substandard: Accrual 37,424 21,081 9,767 168 68,440 Nonaccrual 13,180 4,406 3,951 2,337 23,874 Doubtful 876 — — 444 1,320 Total Special Mention and Substandard 60,190 46,717 13,718 2,949 123,574 3 % Acquired impaired 1,531 4,248 7,504 749 14,032 — % Pass 1,410,768 1,009,009 1,141,517 312,868 3,874,162 97 % Total $ 1,472,489 $ 1,059,974 $ 1,162,739 $ 316,566 $ 4,011,768 100 % (1) Table includes $350.5 million of acquired non-impaired loans at December 31, 2018 . December 31, 2017 Commercial and Industrial Owner-occupied Commercial Construction Total Commercial (1) (Dollars in thousands) Amount % Risk Rating: Special mention $ 22,789 $ 16,783 $ — $ — $ 39,572 Substandard: Accrual 34,332 19,386 1,967 4,965 60,650 Nonaccrual 15,370 3,654 5,852 1,804 26,680 Doubtful 3,687 — 18 — 3,705 Total Special Mention and Substandard 76,178 39,823 7,837 6,769 130,607 3 % Acquired impaired 4,156 5,803 9,724 940 20,623 1 % Pass 1,384,220 1,033,621 1,170,144 273,899 3,861,884 96 % Total $ 1,464,554 $ 1,079,247 $ 1,187,705 $ 281,608 $ 4,013,114 100 % (1) Table includes $457.3 million of acquired non-impaired loans at December 31, 2017 . Residential and Consumer Credit Exposure Total Residential and Consumer (1) Residential Consumer 2018 2017 (Dollars in thousands) 2018 2017 2018 2017 Amount Percent Amount Percent Nonperforming (2) $ 11,017 $ 13,778 $ 7,883 $ 7,588 $ 18,900 2 % $ 21,366 3 % Acquired impaired loans 761 784 151 247 912 — % 1,031 — % Performing 189,772 218,925 672,905 550,658 862,677 98 % 769,583 97 % Total $ 201,550 $ 233,487 $ 680,939 $ 558,493 $ 882,489 100 % $ 791,980 100 % (1) Total includes acquired non-impaired loans of $79.5 million at December 31, 2018 and $108.2 million at December 31, 2017 . (2) Includes $14.0 million as of December 31, 2018 and $15.3 million as of December 31, 2017 of troubled debt restructured mortgages and home equity installment loans that are performing in accordance with the loans modified terms and are accruing interest. Troubled Debt Restructurings (TDR) A modification is classified as a TDR if both of the following exist: (1) the borrower is experiencing financial difficulty and (2) the Bank has granted a concession to the borrower. Many aspects of the borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty. Concessions may include the reduction of the interest rate to a rate lower than current market rate for a new loan with similar risk, extension of the maturity date, reduction of accrued interest, or principal forgiveness. The assessments of whether a borrower is experiencing (or is likely to experience) financial difficulty and whether a concession has been granted is subjective in nature and management’s judgment is required when determining whether a modification is a TDR. The following table presents the balance of TDRs as of the indicated dates: (Dollars in thousands) December 31, 2018 December 31, 2017 Performing TDRs $ 14,953 $ 20,061 Nonperforming TDRs 10,211 9,627 Total TDRs $ 25,164 $ 29,688 Approximately $1.2 million and $1.0 million in related reserves have been established for these loans at December 31, 2018 and December 31, 2017 , respectively. The following tables present information regarding the types of loan modifications made and the balances of loans modified as TDRs during the years ended December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Contractual payment reduction Maturity date extension Discharged in bankruptcy Other (1) Total Contractual Maturity Discharged Other (1) Total Commercial 6 — — — 6 1 4 — — 5 Owner-occupied commercial — — — — — — 1 — — 1 Commercial mortgages 2 1 — — 3 — 1 — — 1 Construction — 1 — — 1 — 5 — 1 6 Residential 4 — 1 — 5 2 1 5 1 9 Consumer 8 2 7 3 20 1 4 12 8 25 20 4 8 3 35 4 16 17 10 47 (1) Other includes interest rate reduction, forbearance, and interest only payments. Year Ended December 31, (Dollars in thousands) 2018 2017 Pre Modification Post Modification Pre Modification Post Modification Commercial $ 5,102 $ 5,102 $ 954 $ 954 Owner-occupied commercial — — 3,071 3,071 Commercial mortgages 2,190 2,190 183 183 Construction 920 920 6,054 6,054 Residential 557 557 1,652 1,652 Consumer 1,481 1,481 2,498 2,498 $ 10,250 $ 10,250 $ 14,412 $ 14,412 Principal balances are generally not forgiven when a loans is modified as a TDR. Nonaccruing restructured loans remain in nonaccrual status until there has been a period of sustained repayment performance, which is typically six months, and payment is reasonably assured. The TDRs shown in the table above resulted in a decreased our allowance for loan losses by $2.0 million through allocation of a related reserve, and resulted in $5.0 million of incremental charge-offs during the year ended December 31, 2018 . For the year ended December 31, 2017 , the TDRs set forth in the table above increased our allowance for loan losses by $0.1 million through allocation of a related reserve, and resulted in no incremental charge-offs. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | 9. PREMISES AND EQUIPMENT The following table shows the components of premises and equipment, at cost, are summarized by major classifications: December 31, (Dollars in thousands) 2018 2017 Land $ 2,758 $ 2,758 Buildings 6,179 6,155 Leasehold improvements 49,704 48,573 Furniture and equipment 49,035 44,968 107,676 102,454 Less: Accumulated depreciation 62,720 54,471 $ 44,956 $ 47,983 Depreciation expense is computed on a straight-line basis over the estimated useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life, whichever is shorter. In general, computer equipment, furniture and equipment and building renovations are expensed over 3 , 5 and 10 years, respectively. We recognized depreciation expense of $8.3 million , $8.6 million and $7.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. We occupy certain premises including some with renewal options and operate certain equipment under leases with noncancelable terms ranging primarily from 1 year to 25 years. These leases are accounted for as operating leases. Accordingly, lease costs are expensed as incurred in accordance with ASC 840-20, Operating Leases. Rent expense was $12.9 million in 2018 , $13.0 million in 2017 and $11.5 million in 2016 . Future minimum cash payments under these leases at December 31, 2018 are as follows: (Dollars in thousands) 2019 $ 11,562 2020 11,411 2021 11,132 2022 11,078 2023 11,141 Thereafter 169,929 Total future minimum lease payments $ 226,253 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 10. GOODWILL AND INTANGIBLE ASSETS In accordance with ASC 805 and ASC 350, all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value. The fair value of acquired assets and liabilities assumed, including the resulting goodwill, was based either on quoted market prices or provided by other third-party sources, when available. When third-party information was not available we made good-faith estimates primarily through the use of internal cash flow modeling techniques. The assumptions used in the cash flow modeling are subjective and susceptible to significant changes. Goodwill and other intangible assets with indefinite useful lives are tested for impairment at least annually and charged to results of operations in periods in which the recorded value is more than the estimated fair value. Intangible assets that have finite useful lives will continue to be amortized over their useful lives and are periodically evaluated for impairment. Goodwill totaled $166.0 million at both December 31, 2018 and 2017 . The majority of this goodwill, $145.8 million , is in the WSFS Bank segment and is the result of a branch acquisition in 2008 and the purchases of Christiana Bank and Trust (CB&T) in 2010, Array (currently known as WSFS Mortgage) and Arrow in 2013, FNBW in 2014, Alliance in 2015 and Penn Liberty in 2016. The Wealth Management segment also recorded goodwill as a result of the acquisitions of CB&T in 2010 as well as Powdermill and West Capital in 2016. ASC 350 states that an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. Therefore the entity may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of goodwill is less than carrying value. The qualitative assessment includes adverse events or circumstances identified that could negatively affect the reporting units’ fair value as well as positive and mitigating events. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, performing the quantitative assessment is not required. The entity has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to a quantitative assessment. The entity can resume performing the qualitative assessment in any subsequent period. When required, the quantitative assessment is done by comparing the reporting unit’s aggregate fair value to its carrying value. The quantitative goodwill impairment test is used to identify both the existence of impairment and the amount of impairment loss. Absent other indicators of impairment, if the aggregate fair value exceeds the carrying value, goodwill is not considered impaired and no additional analysis is necessary. If the carrying value of the reporting unit exceeds the aggregate fair value, an impairment loss shall be recognized in an amount equal to that excess. Fair value may be determined using market prices, comparison to similar assets, market multiples, discounted cash flow analysis and other variables. Estimated cash flows extend five years into the future and, by their nature, are difficult to estimate over such an extended period of time. Factors that may significantly affect estimates include, but are not limited to, balance sheet growth assumptions, credit losses in our investment and loan portfolios, competitive pressures in our market area, changes in customer base and customer product preferences, changes in revenue growth trends, cost structure, changes in discount rates, conditions in the banking sector, and general economic variables. During the fourth quarter of 2018 , we completed a quantitative assessment and determined the fair value of any of our reporting units exceeded their respective carrying amounts. No impairment losses related to our goodwill were recorded in 2018 or 2017 , however, there can be no assurances that impairments to our goodwill will not occur in the future periods. As of December 31, 2018 , we had three operating segments: WSFS Bank, Cash Connect®, and Wealth Management. Our operating segments may contain one or more reporting units depending on economic characteristics, products and customers. When we acquire a business, we assign it to a reporting unit and allocate its goodwill to that reporting unit based on its relative fair value. Should we have a significant business reorganization, we may reallocate the goodwill. See Note 21 for additional information on management reporting. The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing: ( Dollars in thousands ) WSFS Bank Wealth Management Consolidated Company December 31, 2016 $ 147,396 $ 20,143 $ 167,539 Goodwill adjustments (1) (1,588 ) 56 (1,532 ) December 31, 2017 145,808 20,199 166,007 Goodwill adjustments — — — December 31, 2018 $ 145,808 $ 20,199 $ 166,007 (1) The goodwill adjustments for WSFS Bank represent remeasurement adjustments related to our acquisition of Penn Liberty in 2016. The goodwill adjustments for Wealth Management represent remeasurement adjustments related to our acquisition of West Capital in 2016. ASC 350 also requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes our intangible assets: (Dollars in thousands) Gross Intangible Assets Accumulated Amortization Net Intangible Assets Amortization Period December 31, 2018 Core deposits $ 10,658 $ (5,285 ) $ 5,373 10 years Customer relationships 17,561 (5,815 ) 11,746 7-15 years Non-compete agreements 221 (101 ) 120 5 years Loan servicing rights 2,652 (1,301 ) 1,351 10-30 years Favorable lease asset 1,932 (506 ) 1,426 10 months-18 years Total other intangible assets $ 33,024 $ (13,008 ) $ 20,016 December 31, 2017 Core deposits $ 10,658 $ (4,263 ) $ 6,395 10 years Customer relationships 17,561 (4,214 ) 13,347 7-15 years Non-compete agreements 221 (57 ) 164 5 years Loan servicing rights 2,132 (1,191 ) 941 10-30 years Favorable lease asset 1,932 (342 ) 1,590 10 months-18 years Total other intangible assets $ 32,504 $ (10,067 ) $ 22,437 We recognized amortization expense on other intangible assets of $2.9 million , and $3.0 million and $2.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following presents the estimated amortization expense of intangibles: (Dollars in thousands) Amortization of Intangibles 2019 $ 2,873 2020 2,677 2021 2,352 2022 2,289 2023 2,257 Thereafter 7,568 Total $ 20,016 There was no impairment of other intangible assets as of December 31, 2018 or 2017 . Changing economic conditions that may adversely affect our performance and stock price could result in impairment, which could adversely affect earnings in the future. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
DEPOSITS | 11. DEPOSITS The following table is a summary of our deposits by category: December 31, (Dollars in thousands) 2018 2017 Noninterest-bearing: Noninterest-bearing demand $ 1,626,252 $ 1,420,760 Total noninterest-bearing $ 1,626,252 $ 1,420,760 Interest-bearing: Interest-bearing demand $ 1,062,228 $ 1,071,512 Savings 538,213 549,744 Money market 1,542,962 1,347,146 Customer time deposits 672,942 629,071 Brokered deposits 197,834 229,371 Total interest-bearing $ 4,014,179 $ 3,826,844 Total deposits $ 5,640,431 $ 5,247,604 The following table is a summary of the remaining time to maturity for customer time deposits: December 31, (Dollars in thousands) 2018 2017 Certificates of deposit (not jumbo): Less than one year $ 228,045 $ 167,757 One year to two years 94,488 103,192 Two years to three years 14,441 46,827 Three years to four years 4,048 5,962 Over four years 5,927 6,399 Total certificates of deposit (not jumbo) $ 346,949 $ 330,137 Jumbo certificates of deposit Less than one year $ 223,798 $ 166,348 One year to two years 91,486 94,905 Two years to three years 5,957 30,400 Three years to four years 2,399 3,512 Over four years 2,353 3,769 Total jumbo certificates of deposit 325,993 298,934 Total certificates of deposit $ 672,942 $ 629,071 The following table is a summary of interest expense on deposits by category: Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Interest-bearing demand $ 4,523 $ 2,211 $ 1,119 Money market 9,854 4,690 3,343 Savings 1,030 1,017 655 Time deposits 8,591 4,806 3,303 Total customer interest expense $ 23,998 $ 12,724 $ 8,420 Brokered deposits 5,070 2,180 1,001 Total interest expense on deposits $ 29,068 $ 14,904 $ 9,421 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | 12. BORROWED FUNDS The following is a summary of borrowed funds by type, at or for the twelve months ended: (Dollars in thousands) Balance at End of Period Weighted Average Interest Rate Maximum Outstanding at Month End During the Period Average Amount Outstanding During the Year Weighted Average Interest Rate During the Year December 31, 2018 FHLB advances $ 328,465 2.52 % $ 695,484 $ 426,755 1.97 % Federal funds purchased 157,975 2.52 157,975 89,325 1.90 Trust preferred borrowings 67,011 4.51 67,011 67,011 3.84 Senior debt 98,388 4.50 98,388 98,275 4.80 Other borrowed funds 47,949 0.23 71,584 39,314 0.12 December 31, 2017 FHLB advances $ 710,001 1.51 % $ 924,518 $ 716,962 1.15 % Federal funds purchased 28,000 1.54 135,000 87,438 1.11 Trust preferred borrowings 67,011 3.25 67,011 67,011 2.89 Senior debt 98,171 5.12 155,000 134,136 4.38 Other borrowed funds 34,623 0.09 97,984 43,514 0.09 Federal Home Loan Bank Advances Advances from the FHLB with rates ranging from 1.50% to 2.79% at December 31, 2018 are due as follows: (Dollars in thousands) Amount Weighted Average Rate 2019 $ 265,790 2.58 % 2020 33,465 1.80 2021 29,210 2.77 $ 328,465 2.52 % Pursuant to collateral agreements with the FHLB, advances are secured by qualifying loan collateral, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB. As a member of the FHLB, we are required to purchase and hold shares of capital stock in the FHLB in an amount at least equal to 0.10% of our member asset value plus 4.00% of advances outstanding. We were in compliance with this requirement with a stock investment in FHLB of $19.3 million at December 31, 2018 and $31.3 million at December 31, 2017 . This stock is carried on the accompanying Consolidated Statements of Financial Condition at cost, which approximates liquidation value. The decrease in FHLB stock was due to the decrease in FHLB advances outstanding. We received dividends on our stock investment in FHLB of $1.5 million and $1.6 million for the years ended December 31, 2018 and 2017 , respectively. For additional information regarding FHLB Stock, see Note 18 . Federal Funds Purchased and Securities Sold Under Agreements to Repurchase During 2018 and 2017 , we purchased federal funds as a short-term funding source. At December 31, 2018 , we had purchased $158.0 million in federal funds at an average rate of 2.52% . At December 31, 2017 , we had purchased $28.0 million in federal funds at an average rate of 1.54% . We had no securities sold under agreements to repurchase at December 31, 2018 and December 31, 2017 . Trust Preferred Borrowings In 2005, we issued $67.0 million of aggregate principal amount of Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate. These securities are callable and have a maturity date of June 1, 2035 . Senior Debt On September 1, 2017, we redeemed $55.0 million in aggregate principal amount of 6.25% senior notes due 2019 which were issued in 2012 (the 2012 senior notes). The 2012 senior debt were repaid using a portion of the proceeds from our 2016 issuance of senior unsecured fixed-to-floating rate notes (the 2016 senior notes) described below. We recorded noninterest expense of $0.7 million due to the write-off of unamortized debt issuance costs in connection with this redemption. On June 13, 2016, the Company issued $100 million of the 2016 senior notes. The 2016 senior notes mature on June 15, 2026 and have a fixed coupon rate of 4.50% from issuance to but excluding June 15, 2021 and a variable coupon rate of three month LIBOR plus 3.30% from June 15, 2021 until maturity. The 2016 senior notes may be redeemed beginning on June 15, 2021 at 100% of principal plus accrued and unpaid interest. The proceeds are being used for general corporate purposes. Other Borrowed Funds Included in other borrowed funds are collateralized borrowings of $47.9 million and $34.6 million at December 31, 2018 and 2017 , respectively, consisting of outstanding retail repurchase agreements, contractual arrangements under which portions of certain securities are sold overnight to retail customers under agreements to repurchase. Such borrowings were collateralized by mortgage-backed securities. The average rates on these borrowings were 0.12% and 0.09% at December 31, 2018 and 2017 respectively. Borrower in Custody The Bank had $176.4 million and $222.8 million of loans pledged to the Federal Reserve of Philadelphia (FRB) at December 31, 2018 and December 31, 2017 , respectively. The Bank did not borrow funds from the FRB during 2018 or 2017 . |
Stockholders' Equity and Regula
Stockholders' Equity and Regulatory Capital | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY AND REGULATORY CAPITAL | 13. STOCKHOLDERS’ EQUITY AND REGULATORY CAPITAL Savings associations such as the Bank are subject to regulatory capital requirements administered by various banking regulators. Failure to meet minimum capital requirements could result in certain actions by regulators that could have a material effect on the Company’s Consolidated Financial Statements. In July 2013, the Federal Reserve Board approved final rules (the “U.S. Basel III Capital Rules”) establishing a new comprehensive capital framework for U.S. banking organizations. The U.S. Basel III Capital Rules substantially revised the risk-based capital requirements applicable to bank holding companies and depository institutions, and included a minimum common equity Tier 1 capital ratio of 4.50% of risk-weighted assets, a minimum Tier 1 capital ratio of 6.00% of risk-weighted assets, and a current minimum total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets. As of December 31, 2018 and 2017 , the Bank was in compliance with regulatory capital requirements and exceeded the amounts required to be considered “well capitalized” as defined in the regulations. The following table presents the capital position of the Bank and the Company as of December 31, 2018 and 2017 : Consolidated Bank Capital For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Percent Amount Percent Amount Percent December 31, 2018 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 788,512 13.37 % $ 471,659 8.00 % $ 589,574 10.00 % WSFS Financial Corporation 761,027 12.71 478,980 8.00 598,724 10.00 Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 748,219 12.69 353,744 6.00 471,659 8.00 WSFS Financial Corporation 720,734 12.04 359,235 6.00 478,980 8.00 Common Equity Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 748,219 12.69 265,308 4.50 383,223 6.50 WSFS Financial Corporation 655,734 10.95 269,426 4.50 389,171 6.50 Tier 1 Leverage Capital Wilmington Savings Fund Society, FSB 748,219 10.82 276,665 4.00 345,831 5.00 WSFS Financial Corporation 720,734 10.37 278,111 4.00 347,636 5.00 December 31, 2017 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 695,739 12.08 % $ 460,639 8.00 % $ 575,799 10.00 % WSFS Financial Corporation 659,376 11.41 462,195 8.00 577,743 10.00 Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 654,308 11.36 345,480 6.00 460,639 8.00 WSFS Financial Corporation 617,945 10.70 346,646 6.00 462,195 8.00 Common Equity Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 654,308 11.36 259,110 4.50 374,270 6.50 WSFS Financial Corporation 552,982 9.57 259,984 4.50 375,533 6.50 Tier 1 Leverage Capital Wilmington Savings Fund Society, FSB 654,308 9.73 269,008 4.00 336,260 5.00 WSFS Financial Corporation 617,945 9.15 270,249 4.00 337,812 5.00 The December 31, 2018 and 2017 capital ratios presented above were determined in accordance with the Basel III Capital Rules. The Holding Company As of December 31, 2018 , our capital structure includes one class of stock, $0.01 par common stock outstanding with each share having equal voting rights. In 2005, WSFS Capital Trust III, our unconsolidated subsidiary, issued Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate with a scheduled maturity of June 1, 2035 . The par value of these securities is $2.0 million and the aggregate principal is $67.0 million . The proceeds from the issue were invested in Junior Subordinated Debentures issued by the Company. These securities are treated as borrowings with interest included in interest expense on the Consolidated Statements of Income. At December 31, 2018 , the coupon rate of the WSFS Capital Trust III securities was 4.51% . The effective rate will vary due to fluctuations in interest rates. When infused into the Bank, the Trust Preferred Securities issued in 2005 qualify as Tier 1 capital. The Bank is prohibited from paying any dividend or making any other capital distribution if, after making the distribution, the Bank would be undercapitalized within the meaning of the Prompt Corrective Action regulations. At December 31, 2018 , $30.6 million in cash remains at the holding company to support the parent company’s needs. Pursuant to federal laws and regulations, our ability to engage in transactions with affiliated corporations, including the loan of funds to, or guarantee of the indebtedness of, an affiliate, is limited. During the year ended December 31, 2018 , the Company repurchased 691,742 common shares at an average price of $45.06 per share substantially completing our previous 5% buyback program approved by the Board of Directors in 2015 . The Board of Directors approved a new share buy-back program in the fourth quarter of 2018 that will enable us to repurchase that will enable us to repurchase shares worth up to $15.4 million in 2019 after completion of our pending Merger with Beneficial. The program is consistent with our intent to return a minimum of 25% of annual net income to stockholders through dividends and share repurchases while maintaining capital ratios in excess of “well-capitalized” regulatory benchmarks. |
Associate Benefit Plans
Associate Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
ASSOCIATE BENEFIT PLANS | 14. ASSOCIATE BENEFIT PLANS Associate 401(k) Savings Plan Certain subsidiaries of ours maintain a qualified plan in which Associates may participate. Participants in the plan may elect to direct a portion of their wages into investment accounts that include professionally managed mutual and money market funds and our common stock. Generally, the principal and related earnings are tax deferred until withdrawn. We match a portion of the Associates’ contributions. As a result, our total cash contributions to the plan on behalf of our Associates resulted in an expense of $3.8 million , $3.6 million , and $3.1 million for 2018 , 2017 , and 2016 , respectively. All contributions are invested in accordance with the Associates’ selection of investments. If Associates do not designate how discretionary contributions are to be invested, 100% is invested in target-date fund that corresponds with the participant’s age. Associates may generally make transfers to various other investment vehicles within the plan. The plan’s yearly activity includes net sales of 51,000 , 156,000 and 36,000 shares of our common stock in 2018 , 2017 and 2016 respectively. There were no purchases in 2018, 83,000 net purchases in 2017 and none in 2016. Postretirement Medical Benefits We share certain costs of providing health and life insurance benefits to eligible retired Associates (employees) and their eligible dependents. Previously, all Associates were eligible for these benefits if they reached normal retirement age while working for us. Effective March 31, 2014, we changed the eligibility of this plan to include only those Associates who have achieved ten years of service with us as of March 31, 2014. As of December 31, 2014, we began to use the mortality table issued by the office of the Actuary of the U.S. Bureau of Census in our calculation. We account for our obligations under the provisions of ASC 715, Compensation - Retirement Benefits (ASC 715). ASC 715 requires that we recognize the costs of these benefits over an Associate's active working career. Amortization of unrecognized net gains or losses resulting from experience different from that assumed and from changes in assumptions is included as a component of net periodic benefit cost over the remaining service period of active employees to the extent that such gains and losses exceed 10% of the accumulated postretirement benefit obligation, as of the beginning of the year. We recognize our net periodic benefit cost in Salaries, benefits and other compensation in our Consolidated Statements of Income. ASC 715 requires that we recognize the funded status of our defined benefit postretirement plan in our statement of financial condition, with a corresponding adjustment to accumulated other comprehensive (loss) income, net of tax. The adjustment to accumulated other comprehensive (loss) income at adoption represented the net unrecognized actuarial losses and unrecognized transition obligation remaining from the initial adoption of ASC 715, all of which were previously netted against the plan’s funded status in our statement of financial condition pursuant to the provisions of ASC 715. These amounts will be subsequently recognized as net periodic pension costs pursuant to our historical accounting policy for amortizing such amounts. Further, actuarial gains and losses that arise in subsequent periods, and are not recognized as net periodic pension cost in the same periods, will be recognized as a component of other comprehensive income. Those amounts will be subsequently recognized as a component of net periodic pension cost on the same basis as the amounts recognized in accumulated other comprehensive income at adoption of ASC 715. In accordance with ASC 715, during 2019 we expect to recognize $0.1 million of amortization related to net actuarial gain and $0.1 million of amortization related to the net transition obligation. The following disclosures relating to postretirement medical benefits were measured at December 31: (Dollars in thousands) 2018 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 1,990 $ 1,764 $ 1,805 Service cost 60 53 58 Interest cost 70 71 76 Actuarial gain (143 ) 207 (68 ) Benefits paid (84 ) (105 ) (107 ) Benefit obligation at end of year $ 1,893 $ 1,990 $ 1,764 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 84 105 107 Benefits paid (84 ) (105 ) (107 ) Fair value of plan assets at end of year $ — $ — $ — Funded status: Unfunded status $ (1,893 ) $ (1,990 ) $ (1,764 ) Total (income) recognized in other comprehensive income (1,370 ) (1,348 ) (1,701 ) Net amount recognized $ (3,263 ) $ (3,338 ) $ (3,465 ) Components of net periodic benefit cost: Service cost $ 60 $ 53 $ 58 Interest cost 70 71 76 Amortization of transition obligation (76 ) (76 ) (76 ) Net (gain) loss recognition (45 ) (70 ) 505 Net periodic benefit cost $ 9 $ (22 ) $ 563 Assumption used to determine net periodic benefit cost: Discount rate 3.60 % 4.10 % 4.25 % Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate 4.20 % 3.60 % 4.10 % Estimated future benefit payments: The following table shows the expected future payments for the next 10 years: (Dollars in thousands) During 2018 $ 68 During 2019 69 During 2020 69 During 2021 72 During 2022 76 During 2023 through 2027 463 $ 817 We assume medical benefits will increase at an average rate of less than 10% per annum. The costs incurred for retirees’ health care are limited since certain current and all future retirees are restricted to an annual medical premium cap indexed (since 1995) by the lesser of 4% or the actual increase in medical premiums paid by us. For 2018 , this annual premium cap amounted to $3,553 per retiree. We estimate that we will contribute approximately $3,695 per retiree to the plan during fiscal 2019 . Alliance Associate Pension Plan During the fourth quarter of 2015, we completed the acquisition of Alliance and its wholly-owned subsidiary, Alliance Bank, headquartered in Broomall, Pennsylvania. At the time of the acquisition we assumed the Alliance pension plan offered to current Alliance associates. The net amount recognized in 2018 was $0.3 million . No estimated net loss and prior service cost for the defined benefit pension plans will be amortized from the accumulated other comprehensive income into net periodic benefit cost over the next fiscal year. The following disclosures relating to Alliance pension benefits were measured at December 31: (Dollars in thousands) 2018 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 7,853 $ 7,517 $ 7,148 Interest cost 279 297 301 Settlements (1,142 ) — — Disbursements (271 ) (407 ) (374 ) Actuarial loss (430 ) 446 442 Benefit obligation at end of year $ 6,289 $ 7,853 $ 7,517 Change in plan assets: Fair value of plan assets at beginning of year $ 8,378 $ 7,504 $ 7,397 Actual return on Plan Assets (393 ) 1,314 518 Settlements (1,146 ) — — Benefits paid (271 ) (407 ) (374 ) Administrative Expenses (35 ) (33 ) (37 ) Fair value of plan assets at end of year $ 6,533 $ 8,378 $ 7,504 Funded status: Unfunded status $ (6,289 ) $ (7,853 ) $ (7,517 ) Total loss (income) recognized in other comprehensive income 6,533 8,378 7,504 Net amount recognized $ 244 $ 525 $ (13 ) Components of net periodic benefit cost: Service cost $ 40 $ 40 $ 40 Interest cost 279 297 301 Expected return on plan assets (596 ) (548 ) (541 ) Settlements (24 ) — — Net gain recognition 413 (170 ) (157 ) Net periodic benefit cost $ 112 $ (381 ) $ (357 ) Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate for Net Periodic Benefit Cost 3.60 % 4.00 % 4.00 % Expected Return on Plan Assets 7.50 % 7.50 % 7.50 % Discount rate for Disclosure Obligations 4.20 % 3.60 % 4.00 % Estimated future benefit payments: The following table shows the expected future payments for the next 10 years : (Dollars in thousands) During 2019 $ 312 During 2020 310 During 2021 432 During 2022 318 During 2023 322 During 2024 through 2028 2,810 $ 4,504 During the fourth quarter of 2018 , the Company notified the Alliance pension plan participants of its intention to terminate the plan. The Company anticipates completing the pension plan termination in 2019 . As of December 31, 2018 , the valuation of the benefit obligations and estimated future benefit payments did not include termination assumptions. We have five additional plans which are no longer being provided to Associates: (1) a Supplemental Pension Plan with a corresponding liability of $0.7 million for both December 31, 2018 and 2017 ; (2) an Early Retirement Window Plan with a corresponding liability of $0.1 million for both December 31, 2018 and 2017 ; (3) a Director’s Plan with a corresponding asset of less than $0.1 million for both December 31, 2018 and 2017 ; (4) a Supplemental Executive Retirement Plan with a corresponding liability of $1.5 million for both December 31, 2018 and 2017 respectively, and; (5) a Post-Retirement Medical Plan with a corresponding liability of $0.1 million for both December 31, 2018 and 2017 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 15. INCOME TAXES The Company and its subsidiaries file a consolidated federal income tax return and separate state income tax returns. Our income tax provision consists of the following: Year ended December 31, (Dollars in thousands) 2018 2017 2016 Current income taxes: Federal taxes $ 26,164 $ 36,005 $ 23,857 State and local taxes 6,513 4,342 3,847 Deferred income taxes: Federal taxes 3,455 17,899 5,135 State and local taxes (77 ) — 235 Total $ 36,055 $ 58,246 $ 33,074 Current federal income taxes include taxes on income that cannot be offset by net operating loss carryforwards. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2018 and 2017 : (Dollars in thousands) 2018 2017 Deferred tax assets: Unrealized losses on available-for-sale securities $ 4,350 $ 2,084 Allowance for loan losses 8,303 8,526 Purchase accounting adjustments—loans 2,427 3,487 Reserves and other accruals 10,426 9,194 Provision for legal settlement — 2,520 Deferred gains 458 589 Net operating losses 165 188 Derivatives 775 757 Reverse mortgages 384 606 Total deferred tax assets $ 27,288 $ 27,951 Deferred tax liabilities: Unrealized gains on equity investments $ (4,203 ) $ — Accelerated depreciation (806 ) (778 ) Other (537 ) (326 ) Bank-owned life insurance — (5,387 ) Deferred loan costs (2,052 ) (989 ) Intangibles (4,130 ) (3,826 ) Total deferred tax liabilities (11,728 ) (11,306 ) Net deferred tax asset $ 15,560 $ 16,645 Included in the table above is the effect of certain temporary differences for which no deferred tax expense or benefit was recognized. In 2018 , such items consisted primarily of $4.4 million of unrealized losses on certain investments in debt and equity securities accounted for under ASC 320 along with $0.3 million of unrealized gains related to postretirement benefit obligations accounted for under ASC 715 and $0.8 million of unrealized losses on derivatives accounted for under ASC 815. In 2017 , they consisted primarily of $2.1 million of unrealized losses on certain investments in debt and equity securities along with $0.3 million of unrealized gains related to postretirement benefit obligations and $0.8 million of unrealized losses on derivatives. On December 22, 2017 the Tax Reform Act (the Act) was enacted. As a result, we were required to re-measure our existing net deferred tax asset (DTA) on that date based on the future federal corporate income tax rate of 21%. This DTA re-measurement resulted in a one-time charge to income tax expense in 2017 in the amount of $14.5 million , which we estimated as required under ASC 740 and which was based on our initial analysis of the impact of the provisions of the Act. During 2018, we recorded certain tax provision to tax return true-up adjustments associated with items that were finalized as part of our 2017 tax return filing during the year. We recorded a $0.9 million tax benefit in 2018, primarily for deferred tax temporary difference items that were claimed on the 2017 tax return at a 35% federal tax rate that were recorded at December 31, 2017 as anticipating to be deducted at a 21% federal tax rate. There were no remaining provisional items as of December 31, 2018. Based on our history of prior earnings and our expectations of the future, it is anticipated that operating income and the reversal pattern of our temporary differences will, more likely than not , be sufficient to realize a net deferred tax asset of $15.6 million at December 31, 2018 . Due to the reduction in the corporate tax rate resulting from the Tax Reform Act, in 2017, we decided to surrender substantially all of our bank-owned life insurance (BOLI) policies. While the formal surrender did not occur until 2018, we were required under ASC 740 to record a deferred tax liability in 2017 for the income tax effect of the surrender. We owed approximately $7.5 million for federal income taxes and an early-surrender penalty in 2018 due to the BOLI surrender. A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows: Year ended December 31, Year Ended December 31, 2018 2017 2016 Statutory federal income tax rate 21.0 % 35.0 % 35.0 % State tax, net of federal tax benefit 3.1 2.7 3.1 Adjustment to net deferred tax asset for enacted changes in tax laws and rates (0.5 ) 13.4 — Nondeductible acquisition costs 0.4 — 0.2 Tax-exempt interest (0.8 ) (1.9 ) (2.1 ) Bank-owned life insurance income — (0.5 ) (0.3 ) Excess tax benefits from share-based compensation (1.8 ) (2.0 ) (1.4 ) Surrender of bank-owned life insurance policies — 7.3 — Federal tax credits, net of amortization (0.1 ) (0.3 ) (0.5 ) Other (0.2 ) — — Effective tax rate 21.1 % 53.7 % 34.0 % As a result of the adoption of ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting, ” we recorded $3.5 million , $2.3 million and $1.5 million of income tax benefits in 2018 , 2017 and 2016 , respectively, related to excess tax benefits from stock compensation. Prior to 2016 , such excess tax benefits were recorded directly in stockholders’ equity. This accounting standard will result in volatility to future effective tax rates. We have $0.8 million of remaining Federal net operating losses. Such NOLs expire beginning in 2030 and, due to Internal Revenue Service (IRS) limitations, $0.1 million are being utilized each year. Accordingly, we fully expect to utilize all of these NOLs. We have no state NOLs. We account for income taxes in accordance with ASC 740, Income Taxes . ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. We record interest and penalties on potential income tax deficiencies as income tax expense. Federal tax years 2015 through 2018 remain subject to examination as of December 31, 2018 , while tax years 2015 through 2018 remain subject to examination by state taxing jurisdictions. No federal or state income tax return examinations are currently in process. We do no t expect to record or realize any material unrecognized tax benefits during 2019 . ASC 740 prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. We recognize, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Financial Statements. Assessment of uncertain tax positions under ASC 740 requires careful consideration of the technical merits of a position based on our analysis of tax regulations and interpretations. There are no unrecognized tax benefits related to ASC 740 as of December 31, 2018 nor has there been any unrecognized tax benefit activity since December 31, 2012. As a result of the adoption of ASU No. 2014-01, “ Investments-Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing Projects ,” the amortization of our low-income housing credit investments has been reflected as income tax expense. Accordingly, $1.9 million of such amortization has been reflected as income tax expense for the year ended December 31, 2018 , compared to $1.7 million and $1.6 million for the years ended December 31, 2017 and December 31, 2016 , respectively. The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the year ended December 31, 2018 were $1.7 million , $1.9 million and $0.3 million respectively. The carrying value of the investment in affordable housing credits is $16.9 million at December 31, 2018 , compared to $13.8 million at December 31, 2017 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | 16. STOCK-BASED COMPENSATION Our Stock Incentive Plans provide for the granting of stock options, stock appreciation rights, performance awards, restricted stock and restricted stock unit awards (RSUs), deferred stock units, and other awards that are payable in or valued by reference to our common shares. Upon stockholder approval in 2018, the 2013 Incentive Plan was replaced by the 2018 Incentive Plan (2018 Plan). We still have awards outstanding under the 2013 Plan for officers, directors and Associates. The 2018 Plan will terminate on the tenth anniversary of its effective date, after which no awards may be granted. Collectively, the 2013 Plan and the 2018 Plan are referred to as Stock Incentive Plans. The number of shares reserved for issuance under the 2018 Plan is 1,500,000 , of which 1,483,392 shares were available for future grants at December 31, 2018 . Generally, all awards become exercisable immediately in the event of a change in control, as defined within the Stock Incentive Plans. Total stock-based compensation expense recognized was $2.6 million ( $2.0 million after tax) for 2018 , $3.7 million ( $2.5 million after tax) for 2017 , and $3.0 million ( $2.0 million after tax) for 2016 . Stock-based compensation expense related to awards granted to Associates is recorded in Salaries, benefits and other compensation ; expense related to awards granted to directors is recorded in Other operating expense in our Consolidated Statements of Income. Stock Options Stock options are granted with an exercise price not less than the fair market value of our common stock on the date of the grant. With the exception of certain Non-Plan Stock Options (as defined below), all stock options granted during 2018 , 2017 , and 2016 vest in 25% per annum increments, start to become exercisable in April of the year following the year of grant, and expire between five years and seven years from the grant date. We issue new shares upon the exercise of options. We determine the grant date fair value of stock options using the Black-Scholes option-pricing model. The model requires the use of numerous assumptions, many of which are subjective. Beginning in 2016, the expected term was derived from historical exercise patterns and represents the amount of time that stock options granted are expected to be outstanding. Other significant assumptions to determine 2018 , 2017 , and 2016 grant date fair value included volatility measured using the fluctuation in month end closing stock prices over a period which corresponds with the average expected option life; a weighted-average risk-free rate of return (zero coupon treasury yield); and a dividend yield indicative of our current dividend rate. The assumptions for options issued during 2018 , 2017 , and 2016 are presented below: 2018 2017 2016 Expected term (in years) 5.3 5.3 5.3 Volatility 23.0 % 24.9 % 29.6 % Weighted-average risk-free interest rate 2.69 % 1.95 % 1.25 % Dividend yield 0.74 % 0.60 % 0.80 % On April 25, 2013 stockholders approved a change in future compensation for Mark A. Turner, President and CEO. As a result, Mr. Turner was granted 750,000 non-statutory stock options (Non-Plan Stock Options) with a longer and slower vesting schedule than our standard options. Under this vesting schedule, 40% of these options vested after the second year and 20% vested in each of the following three years . These options were awarded at an exercise price of 20% over the December 2012 market value (the date on which framework of the plan was decided). Upon the grant, Mr. Turner was no longer eligible to receive grants under any of our other stock based award programs for a period of 5 years , ending on February 28, 2018. The Black-Scholes option-pricing model was used to determine the grant date fair value of the options. Significant assumptions used in the model included a weighted-average risk-free rate of return (zero coupon treasury yield) of 0.76% ; an expected option life of 5 years ; an expected stock price volatility of 40.5% ; and a dividend yield of 1.01% . These awards fully vested in 2018. At December 31, 2018, 376,177 of these option awards were outstanding and exercisable. In March 2018, based on performance in 2017, Mr. Turner was granted stock options and RSUs with terms and conditions, including exercise price and vesting period, pursuant to our 2013 Incentive Plan. Additionally, in 2013, 450,000 incentive stock options were issued to certain executive officers of the Company under the 2013 Plan. These options had the same vesting schedule and exercise price as the Non-Plan Stock Options granted to Mr. Turner. The Black-Scholes option-pricing model with the same assumptions as the Non-Plan Stock Options was used to determine the grant date fair value of the options. These awards fully vested in 2018. A summary of the status of our options as of December 31, 2018 , and changes during the year, is presented below: 2018 Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Year) Aggregate Intrinsic Value (In Thousands) Stock Options: Outstanding at beginning of year 1,339,106 $ 19.08 2.56 $ 38,525 Plus: Granted 72,521 48.33 Less: Exercised 613,588 17.63 Forfeited 7,295 47.01 Outstanding at end of year 790,744 22.48 2.18 13,235 Nonvested at end of year 124,348 42.76 5.69 603 Exercisable at end of year 666,396 18.69 1.58 12,923 The weighted-average fair value of options granted was $11.62 in 2018 , $11.50 in 2017 and $7.84 in 2016 . The aggregate intrinsic value of options exercised was $20.6 million in 2018 , $7.5 million in 2017 , and $5.0 million in 2016 . The following table provides information about our nonvested stock options outstanding at December 31, 2018 : 2018 Shares Weighted- Average Exercise Price Weighted- Average Grant Date Fair Value Stock Options: Nonvested at beginning of period 389,134 $ 23.25 $ 6.24 Plus: Granted 72,521 48.33 11.62 Less: Vested 330,012 20.59 5.69 Forfeited 7,295 47.01 11.38 Nonvested at end of period 124,348 42.76 10.38 The total amount of unrecognized compensation cost related to nonvested stock options as of December 31, 2018 was $0.9 million . The weighted-average period over which the expense is expected to be recognized is 2.6 years. During 2018 , we recognized $0.7 million of compensation expense related to these awards. Restricted Stock Units RSUs are granted at no cost to the recipient and generally vest over a four year period. All outstanding awards granted to senior executives vest over no less than a four year period. The 2013 and 2018 Plans allow for awards with vesting periods less than four years, subject to Board approval. The fair value of RSUs is equal to the fair value of the common stock on the date of grant. We recognize the expense related to RSUs granted to Associates in Salaries, benefits and other compensation and granted to directors in Other operating expense on an accrual basis over the requisite service period for the entire award. When we award restricted stock to individuals from whom we may not receive services in the future, we recognize the expense of restricted stock grants when we make the award, instead of amortizing the expense over the vesting period of the award. The weighted-average fair value of RSUs granted was $48.38 in 2018 , $47.05 in 2017 , and $29.94 in 2016 . The total amount of compensation cost to be recognized relating to nonvested restricted stock as of December 31, 2018 , was $3.6 million . The weighted-average period over which the cost is expected to be recognized is 2.6 years. During 2018 , we recognized $1.6 million of compensation cost related to these awards. The following table summarizes the Company’s RSUs and changes during the year: Units (in whole) Weighted Average Grant-Date Fair Value per Unit Balance at December 31, 2017 114,388 $ 35.54 Plus: Granted 49,561 48.38 Less: Vested 62,500 32.48 Forfeited 5,742 39.77 Balance at December 31, 2018 95,707 43.08 The total fair value of RSUs that vested was $1.6 million in 2018 , $1.2 million in 2017 , and $1.4 million in 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 17. COMMITMENTS AND CONTINGENCIES Data Processing and Network Operations We have entered into contracts to manage our network operations, data processing and other related services. The projected amounts of future minimum payments contractually due are as follows: (Dollars in thousands) Year Amount 2019 $ 6,660 2020 4,019 2021 1,684 2022 1,134 2023 325 Legal Proceedings In the ordinary course of business, we are subject to legal actions that involve claims for monetary relief. See Note 24 for additional information. Financial Instruments With Off-Balance Sheet Risk In the ordinary course of business, we are a party to financial instruments with off-balance sheet risk, in the normal course of business primarily to meet the financing needs of our customers. To varying degrees, these financial instruments involve elements of credit risk that are not recognized in the Consolidated Statements of Financial Condition. Exposure to loss for commitments to extend credit and standby letters of credit written is represented by the contractual amount of those instruments. We generally require collateral to support such financial instruments in excess of the contractual amount of those instruments and use the same credit policies in making commitments as we do for on-balance sheet instruments. The following represents a summary of off-balance sheet financial instruments at year-end: December 31, (Dollars in thousands) 2018 2017 Financial instruments with contract amounts which represent potential credit risk: Construction loan commitments $ 177,767 $ 191,675 Commercial mortgage loan commitments 43,624 32,346 Commercial loan commitments 629,729 645,924 Commercial owner-occupied commitments 43,879 55,545 Commercial standby letters of credit 71,233 75,446 Residential mortgage loan commitments 6,297 8,057 Consumer loan commitments 330,929 296,010 Total $ 1,303,458 $ 1,305,003 At December 31, 2018 , we had total commitments to extend credit of $1.3 billion . Commitments for consumer lines of credit were $330.9 million of which, $308.9 million were secured by real estate. Residential mortgage loan commitments generally have closing dates within a one month period but can be extended to six months . Not reflected in the table above are commitments to sell residential mortgages of $32.4 million and $28.8 million at December 31, 2018 and 2017 , respectively. Commitments provide for financing on predetermined terms as long as the customer continues to meet specific criteria. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. We evaluate each customer’s creditworthiness and obtain collateral based on our credit evaluation of the counterparty. Indemnifications • Secondary Market Loan Sales: Given the current interest rate environment, coupled with our desire not to hold these assets in our portfolio, we generally sell newly originated residential mortgage loans in the secondary market to mortgage loan aggregators and on a more limited basis to government-sponsored enterprises, such as the Federal Home Loan Mortgage Corp (FHLMC), the Federal National Mortgage Association (FNMA), and the FHLB. Loans held for sale are reflected on our Consolidated Statements of Financial Condition at their fair value with changes in the value reflected in our Consolidated Statements of Income. Gains and losses are recognized at the time of sale. We periodically retain the servicing rights on residential mortgage loans sold which results in monthly service fee income. Otherwise, we sell loans with servicing released on a nonrecourse basis. Rate-locked loan commitments that we intend to sell in the secondary market are accounted for as derivatives under ASC 815. We generally do not sell loans with recourse, except for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, early payment default by the borrower. These are customary repurchase provisions in the secondary market for residential mortgage loan sales. These provisions may include either an indemnification from loss or an agreement to repurchase the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were no repurchases for the years ended December 31, 2018 and December 31, 2017 . • Swap Guarantees: We entered into agreements with five unrelated financial institutions whereby those financial institutions entered into interest rate derivative contracts (interest rate swap transactions) with customers referred to them by us. Under the terms of the agreements, those financial institutions have recourse to us for any exposure created under each swap transaction in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows us to provide access to interest rate swap transactions for our customers without creating the swap ourselves. These swap guarantees are accounted for as credit derivatives. At December 31, 2018 , there were 136 variable-rate to fixed-rate swap transactions between the third-party financial institutions and our customers. The initial notional aggregate amount was approximately $581.5 million , with maturities ranging from under one year to 11 years . The aggregate fair value of these swaps to the customers was a liability of $0.3 million as of December 31, 2018 , of which 50 swaps, with a liability of $4.6 million , were in paying positions to a third party. We had no reserves for the swap guarantees as of December 31, 2018 . At December 31, 2017 , there were 134 variable-rate to fixed-rate swap transactions between the third-party financial institutions and our customers. The initial notional aggregated amount was approximately $561.8 million , with maturities ranging from under one year to ten years . The aggregate fair value of these swaps to the customers was a liability of $3.3 million as of December 31, 2017 , of which 80 swaps, with a liability of $5.4 million , were in paying positions to a third party. We had no reserves for the swap guarantees as of December 31, 2017 . |
Fair Value Disclosures of Finan
Fair Value Disclosures of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES | 18. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: • Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. • Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following tables present financial instruments carried at fair value as of December 31, 2018 and December 31, 2017 by level in the valuation hierarchy (as described above): December 31, 2018 (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 $ — $ 371,750 $ — $ 371,750 FNMA MBS — 644,073 — 644,073 FHLMC MBS — 153,922 — 153,922 GNMA MBS — 35,334 — 35,334 Other assets — 2,098 — 2,098 Total assets measured at fair value on a recurring basis $ — $ 1,207,177 $ — $ 1,207,177 Liabilities measured at fair value on a recurring basis: Other liabilities $ — $ 3,493 $ — $ 3,493 Assets measured at fair value on a nonrecurring basis: Other investments (1) $ — $ — $ 37,233 $ 37,233 Other real estate owned — — 2,668 2,668 Loans held for sale — 25,318 — 25,318 Impaired loans, net — — 47,094 47,094 Total assets measured at fair value on a nonrecurring basis $ — $ 25,318 $ 86,995 $ 112,313 (1) See Note 1 for additional disclosures resulting from the Company's adoption of ASU 2016-01. December 31, 2017 (Dollars in thousands) Quoted Prices in Active Markets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Assets measured at fair value on a recurring basis: Available-for-sale securities: CMO $ — $ 246,539 $ — $ 246,539 FNMA MBS — 473,987 — 473,987 FHLMC MBS — 87,875 — 87,875 GNMA MBS — 29,098 — 29,098 Other investments 623 — — 623 Other assets — 747 — 747 Total assets measured at fair value on a recurring basis $ 623 $ 838,246 $ — $ 838,869 Liabilities measured at fair value on a recurring basis: Other liabilities $ — $ 3,225 $ — $ 3,225 Assets measured at fair value on a nonrecurring basis: Other real estate owned $ — $ — $ 2,503 $ 2,503 Loans held for sale — 31,055 — 31,055 Impaired loans, net — — 57,089 57,089 Total assets measured at fair value on a nonrecurring basis $ — $ 31,055 $ 59,592 $ 90,647 There were no transfers between Level 1 and Level 2 of the fair value hierarchy during 2018 and 2017 . Fair value is based on quoted market prices, where available. If such quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe our valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Available-for-sale securities As of December 31, 2018 securities classified as available-for-sale are reported at fair value using Level 2 inputs. Included in the Level 2 total are $1.2 billion in Federal Agency MBS. We believe that this Level 2 designation is appropriate for these securities under ASC 820-10 as, with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. Other investments Other investments includes investments in equity securities with and without readily determinable fair values. Equity investments with readily determinable fair values are categorized as Level 1. Equity investments without readily determinable fair values, which includes our Visa Class B shares, are categorized as Level 3. Our Visa Class B ownership includes shares acquired at no cost from our prior participation in Visa’s network while Visa operated as a cooperative as well as shares subsequently acquired through private transactions and auctions. Our equity investments without readily determinable fair values are held at cost, and are adjusted for any observable transactions during the reporting period. As a result of our adoption of ASU 2016-01 and observable market transactions, we recorded an unrealized gain on our Visa Class B shares of $20.7 million during the year ended December 31, 2018 . See Note 1 for further information. Other assets Other assets include the fair value of derivatives on the residential mortgage held for sale loan pipeline. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described below in Loans held for sale . Other liabilities Other liabilities include the fair value of interest rate swaps and derivatives on the residential mortgage held for sale loan pipeline. Valuation of our cash flow derivatives is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described below in Loans held for sale . Other real estate owned Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of our real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties. Loans held for sale The fair value of our loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities. Impaired loans We evaluate and value impaired loans at the time the loan is identified as impaired, and the fair values of such loans are estimated using Level 3 inputs in the fair value hierarchy. Each loan’s collateral has a unique appraisal and management’s discount of the value is based on the factors unique to each impaired loan. The significant unobservable input in determining the fair value is management’s subjective discount on appraisals of the collateral securing the loan, which typically ranges from 10% to 20% . Collateral may consist of real estate and/or business assets including equipment, inventory and/or accounts receivable and the value of these assets is determined based on the appraisals by qualified licensed appraisers hired by us. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. The gross amount of impaired loans, which are measured for impairment by either calculating the expected future cash flows discounted at the loan’s effective interest rate or determining the fair value of the collateral for collateral dependent loans was $49.4 million and $62.1 million at December 31, 2018 and December 31, 2017 , respectively. The valuation allowance on impaired loans was $2.3 million as of December 31, 2018 and $5.0 million as of December 31, 2017 . FAIR VALUE OF FINANCIAL INSTRUMENTS The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and cash equivalents For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value. Investment securities Fair value is estimated using quoted prices for similar securities, which we obtain from a third party vendor. We utilize one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by us to validate the vendor’s methodology as described above in available-for-sale securities. Other investments Other investments includes our investments in equity securities with and without readily determinable fair values. See “Fair Value of Financial Assets and Liabilities” above. Loans held for sale Loans held for sale are carried at their fair value. See “Fair Value of Financial Assets and Liabilities” above. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type: commercial, commercial mortgages, owner-occupied commercial, construction, residential mortgages and consumer. For loans that reprice frequently, the book value approximates fair value. The fair values of other types of loans, with the exception of reverse mortgages, are estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. The fair values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique contemplates an exit price. Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value. Other assets Other assets includes, among other things, investments in subsidiaries, prepaid expenses, interest and fee income receivable, derivatives on the residential mortgage held for sale loan pipeline and deferred tax assets. See “Fair Value of Financial Assets and Liabilities” above. Deposits The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates currently offered for deposits with comparable remaining maturities. Borrowed funds Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Other liabilities Other liabilities includes, among others, cash flow derivatives and derivatives on the residential mortgage held for sale loan pipeline. See “Fair Value of Financial Assets and Liabilities” above. Off-balance sheet instruments The fair value of off-balance sheet instruments, including commitments to extend credit and standby letters of credit, approximates the recorded net deferred fee amounts, which are not significant. Because commitments to extend credit and letters of credit are generally not assignable by either us or the borrower, they only have value to us and the borrower. The book value and estimated fair value of our financial instruments are as follows: December 31, Fair Value Measurement 2018 2017 (Dollars in thousands) Book Value Fair Value Book Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 620,757 $ 620,757 $ 723,866 $ 723,866 Investment securities available for sale See previous table 1,205,079 1,205,079 837,499 837,499 Investment securities held to maturity Level 2 149,950 149,431 161,186 162,853 Other investments Level 1,3 37,233 37,233 14,671 45,326 Loans, held for sale Level 2 25,318 25,318 31,055 31,055 Loans, net (1)(2) Level 3 4,816,825 4,772,377 4,719,229 4,699,458 Impaired loans, net Level 3 47,094 47,094 57,089 57,089 Stock in FHLB of Pittsburgh Level 2 19,259 19,259 31,284 31,284 Accrued interest receivable Level 2 22,001 22,001 19,405 19,405 Other assets Level 2 2,098 2,098 2,883 2,883 Financial liabilities: Deposits Level 2 $ 5,640,431 $ 5,597,227 $ 5,247,604 $ 4,848,588 Borrowed funds Level 2 699,788 694,526 937,806 937,605 Standby letters of credit Level 3 495 495 603 603 Accrued interest payable Level 2 1,900 1,900 1,037 1,037 Other liabilities Level 2 3,493 3,493 3,188 3,188 (1) Excludes impaired loans, net. (2) Includes reverse mortgage loans, which are categorized as Level 3. At December 31, 2018 and December 31, 2017 we had no commitments to extend credit measured at fair value. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | 19. DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both economic conditions and our business operations. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our assets and liabilities. We manage a matched book with respect to our derivative instruments in order to minimize our net risk exposure resulting from such transactions. Our cash flow hedging program began in the third quarter of 2016. Fair Values of Derivative Instruments The table below presents the fair value of our derivative financial instruments as well as their location on the Consolidated Statements of Financial Condition as of December 31, 2018 . Fair Values of Derivative Instruments (Dollars in thousands) Count Notional Balance Sheet Location Derivatives (Fair Value) Derivatives designated as hedging instruments: Interest rate products 3 $ 75,000 Other liabilities $ (3,308 ) Total $ 75,000 $ (3,308 ) Derivatives not designated as hedging instruments: Interest rate lock commitments with customers $ 40,795 Other assets $ 686 Interest rate lock commitments with customers 6,530 Other liabilities (24 ) Forward sale commitments 19,732 Other assets 143 Forward sale commitments 25,876 Other liabilities (161 ) Total $ 92,933 $ 644 Total derivatives $ 167,933 $ (2,664 ) Cash Flow Hedges of Interest Rate Risk Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of fixed amounts from a counterparty in exchange for us making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. During the year ended December 31, 2018 , such derivatives were used to hedge the variable cash flows associated with a variable rate loan pool. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2018 , we did no t record any hedge ineffectiveness. Amounts reported in accumulated other comprehensive income (loss) related to derivatives are reclassified to interest income as interest payments are received on our variable-rate pooled loans. During the next twelve months, we estimate that $1.1 million will be reclassified as an increase to interest income. During the year ended December 31, 2018 , $0.7 million was reclassified into interest income. We are hedging our exposure to the variability in future cash flows for forecasted transactions over a maximum period of one month (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). As of December 31, 2018 , we had three outstanding interest rate derivatives with an aggregate notional amount of $75 million that were designated as cash flow hedges of interest rate risk. Effect of Derivative Instruments on the Income Statement The table below presents the effect of the derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2018 and December 31, 2017 . Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) Location of (Loss) or Gain Reclassified from Accumulated OCI into Income (Effective Portion) (Dollars in thousands) Twelve Months Ended Derivatives in Cash Flow Hedging Relationships 2018 2017 Interest Rate Products $ (56 ) $ 184 Interest income Total $ (56 ) $ 184 Amount of (Loss) or Gain Recognized in Income Location of (Loss) or Gain Recognized in Income (Dollars in thousands) Twelve Months Ended Derivatives Not Designated as a Hedging Instrument 2018 2017 Interest Rate Lock Commitments $ (28 ) $ 680 Mortgage banking activities, net Forward Sale Commitments (336 ) (986 ) Mortgage banking activities, net Total $ (364 ) $ (306 ) Credit-risk-related Contingent Features We have agreements with certain derivative counterparties that contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. We also have agreements with certain derivative counterparties that contain a provision where if we fail to maintain our status as a well capitalized or adequately capitalized institution, then the counterparty could terminate the derivative positions and we would be required to settle our obligations under the agreements. As of December 31, 2018 the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $3.3 million . We have minimum collateral posting thresholds with certain of our derivative counterparties, and have posted collateral of $5.6 million against our obligations under these agreements. If we had breached any of these provisions at December 31, 2018 , we could have been required to settle our obligations under the agreements at the termination value. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 20. RELATED PARTY TRANSACTIONS In the ordinary course of business, from time to time we enter into transactions with related parties, including, but not limited to, our officers and directors. These transactions are made on substantially the same terms and conditions, including interest rates and collateral requirements, as those prevailing at the same time for comparable transactions with other customers. They do not, in the opinion of management, involve greater than normal credit risk or include other features unfavorable to us. Any related party loans exceeding $500,000 require review and approval by the Board of Directors. In 2018, there was one loan transaction to an executive officer exceeding $500,000 , and this loan was approved by the Board. The outstanding balances of loans to related parties at December 31, 2018 and 2017 were $1.2 million in both periods. Total deposits from related parties at December 31, 2018 and 2017 were $5.4 million in both periods. During 2018 , new loans and credit line advances to related parties were $1.7 million and repayments were $1.7 million . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 21. SEGMENT INFORMATION As defined in ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. We evaluate performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to our segments are those that apply to our preparation of the accompanying Consolidated Financial Statements. Based on these criteria, we have identified three segments: WSFS Bank, Cash Connect®, and Wealth Management. The WSFS Bank segment provides financial products to commercial and retail customers. Retail and Commercial Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS Bank. These departments share the same regulator, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated within the WSFS Bank segment in accordance with ASC 280. Out Cash Connect ® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and retail safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect®. The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients through multiple integrated businesses. WSFS Wealth Investments provides financial advisory services along with insurance and brokerage products. Cypress, a registered investment adviser is a fee-only wealth management firm managing a "balanced" investment style portfolio focused on preservation of capital and generating current income. West Capital, a registered investment adviser, is a fee-only wealth management firm operating under a multi-family office philosophy to provide customized solutions to institutions and high-net-worth individuals. The trust division of WSFS Bank (doing business as WSFS Institutional Services) provides personal trust and fiduciary services, as well as trustee, agency, bankruptcy administration, custodial and commercial domicile services to corporate and institutional clients. Powdermill is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach. WSFS Wealth Client Management serves high-net-worth clients by delivering credit and deposit products and partnering with other wealth management units to provide comprehensive solutions to clients. The following tables show segment results for the years ended December 31, 2018 , 2017 , and 2016 : Year Ended December 31, 2018 (Dollars in thousands) WSFS Bank Cash ® Wealth Management Total Statements of Income External customer revenues: Interest income $ 282,846 $ — $ 10,127 $ 292,973 Noninterest income 70,894 50,679 40,968 162,541 Total external customer revenues 353,740 50,679 51,095 455,514 Inter-segment revenues: Interest income 14,722 — 11,850 26,572 Noninterest income 8,793 774 145 9,712 Total inter-segment revenues 23,515 774 11,995 36,284 Total revenue 377,255 51,453 63,090 491,798 External customer expenses: Interest expense 43,671 — 2,828 46,499 Noninterest expenses 172,254 32,378 20,415 225,047 Provision for loan losses 12,934 — 236 13,170 Total external customer expenses 228,859 32,378 23,479 284,716 Inter-segment expenses Interest expense 11,850 10,417 4,305 26,572 Noninterest expenses 919 2,603 6,190 9,712 Total inter-segment expenses 12,769 13,020 10,495 36,284 Total expenses 241,628 45,398 33,974 321,000 Income before taxes $ 135,627 $ 6,055 $ 29,116 $ 170,798 Income tax provision 36,055 Consolidated net income $ 134,743 Year Ended December 31, 2017 (Dollars in thousands) WSFS Bank Cash ® Wealth Management Total Statements of Income External customer revenues: Interest income $ 245,932 $ — $ 8,794 $ 254,726 Noninterest income 45,749 42,641 36,254 124,644 Total external customer revenues 291,681 42,641 45,048 379,370 Inter-segment revenues: Interest income 9,567 — 9,012 18,579 Noninterest income 7,651 810 146 8,607 Total inter-segment revenues 17,218 810 9,158 27,186 Total revenue 308,899 43,451 54,206 406,556 External customer expenses: Interest expense 32,249 — 1,206 33,455 Noninterest expenses 158,942 26,654 40,865 226,461 Provision for loan losses 10,527 — 437 10,964 Total external customer expenses 201,718 26,654 42,508 270,880 Inter-segment expenses Interest expense 9,012 6,812 2,755 18,579 Noninterest expenses 956 2,603 5,048 8,607 Total inter-segment expenses 9,968 9,415 7,803 27,186 Total expenses 211,686 36,069 50,311 298,066 Income before taxes $ 97,213 $ 7,382 $ 3,895 $ 108,490 Income tax provision 58,246 Consolidated net income $ 50,244 Year Ended December 31, 2016 (Dollars in thousands) WSFS Bank Cash ® Wealth Management Total Statements of Income External customer revenues: Interest income $ 208,525 $ — $ 8,053 $ 216,578 Noninterest income 42,565 35,776 (r) 26,720 105,061 Total external customer revenues 251,090 35,776 34,773 321,639 Inter-segment revenues: Interest income 4,963 — 7,150 12,113 Noninterest income 8,145 835 118 9,098 Total inter-segment revenues 13,108 835 7,268 21,211 Total revenue 264,198 36,611 42,041 342,850 External customer expenses: Interest expense 22,028 — 805 22,833 Noninterest expenses 146,526 22,442 (r) 19,698 188,666 Provision for loan losses 9,370 — 3,616 12,986 Total external customer expenses 177,924 22,442 24,119 224,485 Inter-segment expenses Interest expense 7,150 2,915 2,048 12,113 Noninterest expenses 953 2,799 5,346 9,098 Total inter-segment expenses 8,103 5,714 7,394 21,211 Total expenses 186,027 28,156 31,513 245,696 Income before taxes $ 78,171 $ 8,455 $ 10,528 $ 97,154 Income tax provision 33,074 Consolidated net income $ 64,080 (r) Noninterest income and noninterest expense for the period ended December 31, 2016 have been restated to correct an immaterial error related to revenue earned for cash servicing fees. See Note 2 - Summary of Significant Accounting Policies for further information. The following table shows significant components of segment net assets as of December 31, 2018 and 2017: December 31, 2018 2017 (Dollars in thousands) WSFS Cash ® Wealth Total WSFS Cash ® Wealth Total Cash and cash equivalents $ 115,147 $ 491,863 $ 13,747 $ 620,757 $ 104,530 $ 611,385 $ 7,951 $ 723,866 Goodwill 145,808 — 20,199 166,007 145,808 — 20,199 166,007 Other segment assets 6,225,820 7,743 228,543 6,462,106 5,882,910 6,078 220,679 6,109,667 Total segment assets $ 6,486,775 $ 499,606 $ 262,489 $ 7,248,870 $ 6,133,248 $ 617,463 $ 248,829 $ 6,999,540 Capital expenditures $ 4,779 $ 375 $ 344 $ 5,498 $ 8,197 $ 184 $ 613 $ 8,994 |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | 22. PARENT COMPANY FINANCIAL INFORMATION Condensed Statements of Income Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Income: Interest income $ 1,591 $ 3,167 $ 3,402 Unrealized gains on equity investments 15,819 — — Noninterest income 28,038 20,528 68,498 45,448 23,695 71,900 Expenses: Interest expense 7,290 9,168 7,979 Other operating expenses 245 996 747 7,535 10,164 8,726 Income before equity in undistributed income of subsidiaries 37,913 13,531 63,174 Equity in undistributed income (loss) of subsidiaries 97,626 35,722 (779 ) Income before taxes 135,539 49,253 62,395 Income tax provision (benefit) 796 (991 ) (1,685 ) Net income allocable to common stockholders $ 134,743 $ 50,244 $ 64,080 Condensed Statements of Financial Condition December 31, (Dollars in thousands) 2018 2017 Assets: Cash $ 30,581 $ 37,344 Investment in subsidiaries 923,381 833,763 Investment in Capital Trust III 2,011 2,011 Other assets 31,050 17,465 Total assets $ 987,023 $ 890,583 Liabilities: Trust preferred $ 67,011 $ 67,011 Senior debt 98,388 98,171 Interest payable 443 388 Other liabilities 261 668 Total liabilities 166,103 166,238 Stockholders’ equity: Common stock 569 563 Capital in excess of par value 349,810 336,271 Accumulated other comprehensive loss (15,394 ) (8,152 ) Retained earnings 791,031 669,557 Treasury stock (305,096 ) (273,894 ) Total stockholders’ equity 820,920 724,345 Total liabilities and stockholders’ equity $ 987,023 $ 890,583 Condensed Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Operating activities : Net income $ 134,743 $ 50,244 $ 64,080 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income) loss of subsidiaries (97,626 ) (35,722 ) 779 Gain on sale of equity investments, net (3,757 ) — — Unrealized gains on equity investments (15,088 ) — — (Decrease) increase in other assets 2,265 1,618 133 (Decrease) increase in other liabilities (237 ) 1,422 655 Net cash provided by operating activities 20,300 17,562 65,647 Investing activities : Payments for investment in and advances to subsidiaries — (1,360 ) (119 ) Sale or repayment of investments in and advances to subsidiaries — 1,066 1,220 Sale of Visa Class B shares 6,186 — — Net cash from business combinations — — (57,604 ) Purchases of Visa Class B shares (51 ) (10,072 ) (387 ) Net cash provided by (used for) investing activities 6,135 (10,366 ) (56,890 ) Financing activities : Repayment of long-term debt — — (10,000 ) Issuance of common stock 11,253 3,307 1,900 Repayment of senior debt — (55,000 ) — Issuance of senior debt — — 97,849 Buy back of common stock (31,202 ) (11,752 ) (14,312 ) Cash dividends paid (13,249 ) (9,425 ) (7,632 ) Net cash (used for) provided by financing activities (33,198 ) (72,870 ) 67,805 (Decrease) increase in cash (6,763 ) (65,674 ) 76,562 Cash at beginning of period 37,344 103,018 26,456 Cash at end of period $ 30,581 $ 37,344 $ 103,018 |
Change in Accumulated Other Com
Change in Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME | 23. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive (loss) income includes unrealized gains and losses on available-for-sale investments, unrealized gains and losses on cash flow hedges, as well as unrecognized prior service costs, transition costs, and actuarial gains and losses on defined benefit pension plans. Changes to accumulated other comprehensive (loss) income are presented net of tax as a component of stockholders' equity. Amounts that are reclassified out of accumulated other comprehensive (loss) income are recorded on the Consolidated Statement of Income either as a gain or loss. Changes to accumulated other comprehensive (loss) income by component are shown net of taxes in the following tables for the period indicated: (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 Total Balance, December 31, 2015 $ (1,887 ) $ 1,795 $ 788 $ — $ 696 Other comprehensive income before reclassifications (4,838 ) — — (1,772 ) (6,610 ) Less: Amounts reclassified from accumulated other comprehensive loss (1,469 ) (403 ) 169 — (1,703 ) Net current-period other comprehensive loss (6,307 ) (403 ) 169 (1,772 ) (8,313 ) Balance, December 31, 2016 $ (8,194 ) $ 1,392 $ 957 $ (1,772 ) $ (7,617 ) Other comprehensive loss before reclassifications 3,073 — — (184 ) 2,889 Less: Amounts reclassified from accumulated other comprehensive loss (1,280 ) (394 ) (90 ) — (1,764 ) Net current-period other comprehensive loss 1,793 (394 ) (90 ) (184 ) 1,125 Less: Reclassification due to the adoption of ASU No. 2018-02 $ (1,441 ) $ 225 $ (2 ) $ (442 ) $ (1,660 ) Balance, December 31, 2017 $ (7,842 ) $ 1,223 $ 865 $ (2,398 ) $ (8,152 ) Other comprehensive income (loss) before reclassifications (6,695 ) 6 22 (56 ) (6,723 ) Less: Amounts reclassified from accumulated other comprehensive income (16 ) (450 ) (53 ) — (519 ) Net current-period other comprehensive loss (6,711 ) (444 ) (31 ) (56 ) (7,242 ) Balance, December 31, 2018 $ (14,553 ) $ 779 $ 834 $ (2,454 ) $ (15,394 ) Components of other comprehensive income that impact the Consolidated Statements of Income are presented in the table below. Twelve Months Ended Affected line item in Consolidated Statements of Income (Dollars in thousands) 2018 2017 2016 Securities available for sale: Realized gains on securities transactions $ (21 ) $ (1,984 ) $ (2,369 ) Securities gains, net Income taxes 5 704 900 Income tax provision Net of tax $ (16 ) $ (1,280 ) $ (1,469 ) Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: Amortization of net unrealized gains to income during the period $ (586 ) $ (635 ) $ (651 ) Interest and dividends on investment securities Income taxes 136 241 248 Income tax provision Net of tax $ (450 ) $ (394 ) $ (403 ) Amortization of Defined Benefit Pension Items: Prior service costs (credits) (1) $ 2 $ (76 ) $ (76 ) Transition obligation — — — Actuarial losses (45 ) (70 ) 348 Total before tax $ (43 ) $ (146 ) $ 272 Salaries, benefits and other compensation Income taxes (10 ) 56 (103 ) Income tax provision Net of tax $ (53 ) $ (90 ) $ 169 Total reclassifications $ (519 ) $ (1,764 ) $ (1,703 ) (1) Prior service costs balance for year ended December 31, 2018 includes a tax true-up adjustment of $0.1 million from March 31, 2018. Note that the tax true-up was made to the deferred tax asset with an offset to AOCI and does not affect the actual net periodic benefit costs of the pension plan. |
Legal and Other Proceedings
Legal and Other Proceedings | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL AND OTHER PROCEEDINGS | 24. LEGAL AND OTHER PROCEEDINGS In accordance with the current accounting standards for loss contingencies, we establish reserves for litigation-related matters that arise in the ordinary course of our business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. In addition, our defense of litigation claims may result in legal fees, which we expense as incurred. As previously disclosed, on February 27, 2018, we entered into a settlement agreement with Universitas Education, LLC (Universitas) to resolve arbitration claims related to services provided by CB&T prior to its acquisition by WSFS in December 2010. In accordance with the settlement, we paid Universitas $12.0 million to fully settle the claims. During the third quarter of 2018, we recovered $7.9 million in settlement and legal costs from insurance carriers that provided coverage relating to the Universitas matter. During the fourth quarter of 2018, we filed suit to pursue all of our rights and remedies to recover the remaining amounts relating to the Universitas settlement, including the Universitas settlement payment, legal fees and related costs, by enforcing the indemnity right in the 2010 purchase agreement by which WSFS acquired CB&T. In March 2017, Nature’s Healing Trust (NHT) filed a complaint against WSFS Bank in the Delaware Court of Chancery. NHT asserts that WSFS Bank failed to provide timely notice concerning the possible lapse of two life settlement policies (aggregate face amount of $6.3 million ) held in the trust. NHT asserts claims against WSFS Bank for breach of contract, breach of fiduciary duty, and negligence, and seeks the face value of the policies. WSFS Bank disputes the factual allegations and denies liability. WSFS Bank has, in accordance with its normal procedures, notified its insurance carriers of a possible claim. WSFS Bank is vigorously defending itself in this matter and believes it has valid factual and legal defenses. The case is expected to go to trial during the fourth quarter of 2019. There were no material changes or additions to other significant pending legal or other proceedings involving us other than those arising out of routine operations. |
Quarterly Financial Summary (Un
Quarterly Financial Summary (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL SUMMARY (Unaudited) | QUARTERLY FINANCIAL SUMMARY (Unaudited) Three months ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 3/31/2017 (Dollars in thousands, except per share data) Interest income $ 77,794 $ 75,415 $ 72,151 $ 67,613 $ 66,556 $ 65,010 $ 62,334 $ 60,826 Interest expense 13,120 12,318 11,162 9,899 8,831 8,881 8,020 7,723 Net interest income 64,674 63,097 60,989 57,714 57,725 56,129 54,314 53,103 Provision for loan losses 3,306 3,716 2,498 3,650 4,063 2,896 1,843 2,162 Net interest income after provision for loan losses 61,368 59,381 58,491 54,064 53,662 53,233 52,471 50,941 Noninterest income 38,186 41,901 34,987 47,467 32,435 32,441 31,676 28,092 Noninterest expenses 61,350 52,454 57,831 53,412 68,065 54,163 52,727 51,506 Income before taxes 38,204 48,828 35,647 48,119 18,032 31,511 31,420 27,527 Income tax provision 8,486 9,893 6,907 10,769 27,864 10,942 10,850 8,590 Net (loss) income $ 29,718 $ 38,935 $ 28,740 $ 37,350 $ (9,832 ) $ 20,569 $ 20,570 $ 18,937 Earnings per share: Basic $ 0.94 $ 1.22 $ 0.91 $ 1.19 $ (0.31 ) $ 0.65 $ 0.65 $ 0.60 Diluted $ 0.93 $ 1.20 $ 0.89 $ 1.16 $ (0.31 ) $ 0.64 $ 0.64 $ 0.59 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization | Organization WSFS Financial Corporation (the Company or as a consolidated institution, WSFS, we, our or us) is a savings and loan holding company organized under the laws of the State of Delaware. Substantially all of our assets are held by the Company’s subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), is a federal savings bank organized under the laws of the United States (U.S.). Founded in 1832, the Bank is one of the ten oldest bank and trust companies in the U.S. continuously operating under the same name. We provide residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. Our core banking business is commercial lending funded by customer-generated deposits. In addition, we offer a broad variety of wealth management and trust services to personal and corporate customers. The Federal Deposit Insurance Corporation (FDIC) insures our customers’ deposits to their legal maximums. We serve our customers primarily from our 76 offices located in Delaware ( 45 ), Pennsylvania ( 29 ), Virginia ( 1 ), and Nevada ( 1 ) and through our website at www.wsfsbank.com . Information on our website is not incorporated by reference into this Annual Report on Form 10-K. The Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. (GAAP). In preparing the Consolidated Financial Statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions in 2019 could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. The accounting for the allowance for loan losses and reserves for lending related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, income taxes and other than temporary impairment (OTTI) is subject to significant estimates. Among other effects, changes to these estimates could result in future impairment of investment securities, goodwill and intangible assets and the establishment of the allowance and lending related commitments as well as increased post-retirement benefits expense. |
Basis of Presentation | Basis of Presentation Our Consolidated Financial Statements include the accounts of the Company, WSFS Bank, Cypress Capital Management, LLC (Cypress), WSFS Wealth Management, LLC (Powdermill), WSFS Capital Management, LLC (West Capital), and Christiana Trust Company of Delaware (Christiana Trust DE). We also have one unconsolidated subsidiary, WSFS Capital Trust III (the Trust). WSFS Bank has three wholly-owned subsidiaries: WSFS Wealth Investments, 1832 Holdings, Inc. and Monarch Entity Services LLC (Monarch). Cypress was formed to provide asset management services. As a registered investment advisor and Wilmington-based fee-only wealth management firm, Cypress has approximately $948.8 million in assets under management (AUM) at December 31, 2018 , compared to approximately $901.5 million at December 31, 2017 . Powdermill was formed in 2016 as a result of our acquisition of Powdermill Financial Solutions, LLC to provide multi-family office services to affluent clientele in the local community and throughout the U.S. West Capital was formed in 2016 as a result of our acquisition of West Capital Management, Inc. to provide fee-only wealth management services tailored to the needs of high net worth individuals operating under a multi-family office philosophy. West Capital has approximately $695.5 million in AUM at December 31, 2018 , compared to approximately $861.2 million at December 31, 2017 . Christiana Trust DE was formed in 2017 to supplement our existing Wealth Management segment by offering Delaware Advantage trust services including directed trusts, asset protection trusts and dynasty trusts. The Trust is our unconsolidated subsidiary, and was formed in 2005 to issue $67.0 million aggregate principal amount of Pooled Floating Rate Capital Securities. These securities are callable and have a maturity date of June 1, 2035 . The proceeds from this issue were used to fund the redemption of $51.5 million Floating Rate WSFS Capital Trust I Preferred Securities (formerly, WSFS Capital Trust I). WSFS Capital Trust I invested all of the proceeds from the sale of the Pooled Floating Rate Capital Securities in our Junior Subordinated Debentures. WSFS Wealth Investments markets various third-party investment and insurance products to Bank customers through the Bank’s retail banking system. 1832 Holdings, Inc. was formed to hold certain debt and equity investment securities. Monarch provides commercial domicile services which include providing employees, directors, subleases of office facilities and registered agent services in Delaware and Nevada. |
Acquisitions | Business Combinations On August 7, 2018, WSFS and Beneficial Bancorp, Inc. (Beneficial) entered into an Agreement and Plan of Reorganization (as amended from time to time, the Merger Agreement), pursuant to which, subject to the terms and conditions of the Merger Agreement, among other things, (i) Beneficial will merge with and into WSFS, with WSFS continuing as the surviving corporation (the “Merger”) and (ii) simultaneously, Beneficial Bank will merge with and into WSFS Bank, with WSFS Bank continuing as the surviving bank (the “Bank Merger” and, together with the Merger, the “Mergers”). Subject to the terms and conditions of the Merger Agreement, stockholders of Beneficial will receive 0.3013 shares of WSFS common stock and $2.93 in cash for each share of Beneficial common stock. Approvals from both WSFS and Beneficial shareholders were received in December 2018. The Mergers, which are subject to customary closing conditions, are expected to close on March 1, 2019 . |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned ATMs, amounts due from banks, federal funds sold and securities purchased under agreements to resell |
Debt and Equity Securities | Debt Securities Investments in debt securities are classified into one of the following three categories and accounted for as follows: • Debt securities purchased with the intent of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. • Debt securities not classified as either trading securities or as held to maturity securities are classified as “available-for-sale securities” and reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of stockholders’ equity. • Debt securities purchased with the intent to hold to maturity are classified as “held to maturity” securities and reported at amortized cost. Debt securities include mortgage-backed securities (MBS), municipal bonds, and U.S. government and agency securities. Premiums and discounts on MBS collateralized by residential 1-4 family loans are recognized in interest income using a level yield method over the period to expected maturity. Premiums and discounts on all other securities are recognized on a straight line basis over the period to expected maturity. The fair value of debt securities is primarily obtained from third-party pricing services. Implicit in the valuation of MBS are estimated prepayments based on historical and current market conditions. We follow Accounting Standards Codification (ASC) 320-10 “ Investments - Debt Securities ” which provides guidance related to the recognition of and expanded disclosure requirements for other-than-temporary impaired debt securities. When we conclude an investment security is other than temporarily impaired, a loss for the difference between the investment security’s carrying value and its fair value may be recognized as a reduction to noninterest income in the Consolidated Statements of Income. If we intend to sell an investment in debt security or it is more likely than not that we will be required to sell it before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the investment security and conclude that it is not more likely than not we will be required to sell the security before recovering the carrying value, which may be maturity, the OTTI charge is separated into “credit” and “other” components. The “credit” component of the OTTI is included as a reduction to noninterest income in the Consolidated Statements of Income and the “other” component of the OTTI is included in other comprehensive income (loss), net of the tax effect. We are required to use our judgment in determining impairment in certain circumstances. The specific identification method is used to determine realized gains and losses on sales of investment and mortgage-backed securities. All sales are made without recourse. For additional detail regarding debt securities, see Note 5 . Equity Securities Following our adoption of ASU 2016-01 on January 1, 2018, as described in “Recent Accounting Pronouncements”, we account for our investments in equity securities in accordance with ASC 321-10, Investments - Equity Securities. Our equity securities are classified into one of the two categories and accounted for as follows: • Equity securities with a readily determinable fair value are reported at fair value, with unrealized gains and losses included in earnings. Any dividends received are recorded in interest income. • Equity securities without a readily determinable fair value are reported at cost minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer and their impact on fair value. Any dividends received are recorded in interest income. Equity investments include our Visa Class B share holdings and certain other equity investments. The fair value of equity investments with readily determinable fair values is primarily obtained from third-party pricing services. For equity investments without readily determinable fair values, when an orderly transaction for the identical or similar investment of the same issuer is identified, we use valuation techniques permitted under ASC 820, Fair Value Measurement, to evaluate the observed transaction(s) and adjust the fair value of the equity investment. ASC 321-10 also provides guidance related to accounting for impairment of equity securities without readily determinable fair values. The qualitative assessment to determine whether impairment exists requires the use of our judgment in certain circumstances. If, after completing the qualitative assessment, we conclude an equity investment without a readily determinable fair value is impaired, a loss for the difference between the equity investment’s carrying value and its fair value may be recognized as a reduction to noninterest income in the Consolidated Statements of Income. |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | Federal Funds Purchased and Securities Sold Under Agreements to Repurchase We enter into sales of securities under agreements to repurchase which are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statements of Financial Condition. The securities underlying the agreements are assets. Generally, federal funds are purchased for periods ranging up to 90 days. |
Loans | Loans Loans are stated net of deferred fees and costs. Interest income on loans is recognized using the level yield method. Loan origination fees, commitment fees and direct loan origination costs are deferred and recognized over the life of the related loans using a level yield method over the period to maturity. A loan is impaired when, based on current information and events, it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans are measured based on either the present value of expected future discounted cash flows, the market price of the loan or the fair value of the underlying collateral if the loan is collateral dependent. All loans restructured in a troubled debt restructuring are considered to be impaired. Impaired loans include loans within our commercial and industrial, owner-occupied commercial, commercial mortgage, construction, residential and consumer portfolios. Our policy for recognition of interest income on impaired loans, excluding accruing loans, is the same as for nonaccrual loans discussed below. In addition to originating loans, we occasionally acquire loans through acquisitions or loan purchase transactions. Certain acquired loans may exhibit deteriorated credit quality that has occurred since origination and we may not expect to collect all contractual payments. We account for these purchased credit-impaired loans in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . The loans are initially recorded at fair value on the acquisition date, reflecting the present value of the cash flows expected to be collected. Income recognition on these loans is based on reasonable expectations on timing and amount of cash flows to be collected. Purchased credit impaired loans are evaluated for impairment on a quarterly basis with a complete updating of the estimated cash flows on a semi-annual basis. If a loan is determined to be impaired but considered collateral dependent, it will have no accretable yield. |
Past Due and Nonaccrual Loans | Past Due and Nonaccrual Loans Past due loans are defined as loans contractually past due 90 days or more as to principal or interest payments but which remain in accrual status because they are considered well secured and in the process of collection. Nonaccruing loans are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the loan is not well secured and in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Loans are returned to an accrual status when we assess that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. including a consistent repayment record, generally six consecutive payments, has been demonstrated). |
Allowance for Loan Losses | Allowance for Loan Losses We maintain an allowance for loan losses (allowance) which represents our best estimate of probable losses within our loan portfolio. As losses are realized, they are charged to the allowance. We establish our allowance in accordance with guidance provided in ASC 450, Contingencies (ASC 450), ASC 310, Receivables (ASC 310), and the SEC’s Staff Accounting Bulletin 102 , Selected Loan Loss Allowance Methodology and Documentation Issues (SAB 102). The allowance includes two primary components: (i) an allowance established on loans collectively evaluated for impairment (general allowance), and (ii) an allowance established on loans individually evaluated for impairment (specific allowance). In addition, we also maintain an allowance for acquired loans. The general allowance is calculated on a pooled loan basis using both quantitative and qualitative factors in accordance with ASC 450. The specific allowance is calculated on an individual loan basis when collectability of all contractually due principal and interest is no longer believed to be probable in accordance with ASC 310-10. Lastly, the allowance related to acquired loans is calculated when (i) there is deterioration in credit quality subsequent to acquisition for loans accounted for under ASC 310-30, and (ii) the inherent losses in the loans exceed the remaining credit discount recorded at the time of acquisition for loans accounted for under ASC 310-20. Impairment of troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective interest rate at inception or the fair value of the underlying collateral if the loan is collateral dependent. Troubled debt restructurings consist of concessions granted to borrowers facing financial difficulty. |
Fair Value Option | Fair Value Option Mortgage loans held for sale are recorded at fair value on a loan level basis based upon pricing information obtained from secondary markets and brokers and applied to loans with similar interest rates and maturities. Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate lock commitments. We may also enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate the effect of interest rate risk. |
Other Real Estate Owned | Other Real Estate Owned Upon initial receipt, other real estate owned (OREO) is recorded at the estimated fair value less disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed estimated fair value less disposal costs. We periodically evaluate the OREO for impairment and write-down the value of the asset when declines in fair value below the carrying value are identified. Costs relating to holding or disposing of the assets are charged to expense in the current period. Loan workout and OREO expenses include costs of holding and operating the assets, net gains or losses on sales of the assets and provisions for losses to reduce such assets to the estimated fair values less disposal costs. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Costs of major replacements, improvements and additions are capitalized. Depreciation expense is computed on a straight-line basis over the estimated useful lives of the assets or, for leasehold improvements, over the terms of the related lease or effective useful lives of the respective asset, whichever is less. In general, computer equipment, furniture and equipment and building renovations are depreciated over three , five and ten years, respectively. Premises and equipment acquired in business combinations are initially recorded at fair value and subsequently carried at cost less accumulated depreciation and amortization. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets We account for intangible assets in accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles-Goodwill and Other (ASC 350). Intangible assets resulting from acquisitions under the acquisition method of accounting consist of goodwill and other intangible assets. Accounting for goodwill and other intangible assets requires the Company to make significant judgments, particularly with respect to estimating the fair value of each reporting unit and when required, estimating the fair value of net assets. The estimates utilize historical data, cash flows, and market and industry data specific to each reporting unit as well as projected data. Industry and market data are used to develop material assumptions such as transaction multiples, required rates of return, control premiums, transaction costs and synergies of a transaction, and capitalization. Goodwill is not amortized and is subject to periodic impairment testing. We review goodwill for impairment annually and more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. During 2018 , management moved our annual goodwill impairment test date from October 31 to October 1 in an effort to more closely align the impairment testing with our strategic business planning and forecasting process and provide the Company with additional time to complete our annual testing. The change will be applied prospectively and WSFS will conduct only one goodwill impairment test in 2018 as the new testing date is before our previous date. This change does not delay, accelerate or avoid an impairment charge. Other intangible assets with finite lives are amortized over their estimated useful lives. We review other intangible assets with finite lives for impairment if events and circumstances indicate that the carrying value may not be recoverable. |
Income Taxes | Income Taxes The provision for income taxes includes federal, state and local income taxes currently payable and those deferred due to temporary differences between the financial statement basis and tax basis of assets and liabilities. We account for income taxes in accordance with ASC 740, Income Taxes (ASC 740). ASC 740 requires the recording of deferred income taxes that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. It prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. On December 22, 2017 the Tax Cuts and Jobs Act (Tax Reform Act), was enacted. See Note 15 - Taxes on Income for further information . As a result, the Company elected to reclassify the income tax effects of the Tax Reform Act from accumulated other comprehensive income to retained earnings for approximately $1.7 million in accordance with ASC 220, Income Statement - Reporting Comprehensive Income and ASC 740. See Note 23 . |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for in accordance with ASC 718, Stock Compensation . Compensation expense relating to all share-based payments is recognized on a straight-line basis, over the applicable vesting period. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2018 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . ASU No. 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers using a five-step model in which entities should exercise judgment when considering the terms of the contracts. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . This amendment deferred the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Gross versus Net), which amends the principal versus agent guidance and clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer. In addition, the FASB issued ASU Nos. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers and 2016-12, Narrow-Scope Improvements and Practical Expedients , both of which provide additional clarification on certain provisions in Topic 606. These ASC updates were effective for public business entities with annual and interim reporting periods in fiscal years beginning after December 15, 2017. The standard permits the use of either the retrospective or modified retrospective with the cumulative effect transition method. The Company adopted the standard on January 1, 2018. Consistent with the transition guidance in ASC 606, results for reporting periods beginning after January 1, 2018 are presented in accordance with ASC 606, while prior period amounts are reported in accordance with ASC 605. For revenue streams determined to be within the scope of the new standard, we concluded that the adoption of the standard did not have a material effect on our Consolidated Financial Statements at the time of adoption. See Note 3 for additional disclosures resulting from our adoption of this standard. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. This amendment requires that equity investments be measured at fair value with changes in fair value recognized in net income. When fair value is not readily determinable, an entity may elect to measure the equity investment at cost, less impairment, plus or minus any change in the investment’s observable price. For financial liabilities that are measured at fair value, the amendment requires an entity to present separately, in other comprehensive income, any change in fair value resulting from a change in instrument specific credit risk. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The standard requires retrospective application for equity investments with readily determinable fair values and prospective application for equity investments without readily determinable fair values. The Company adopted the standard on January 1, 2018, on a prospective basis for its equity investments without readily determinable fair values, and the adoption of the standard did not have an effect on our Consolidated Financial Statements at the time of adoption. Subsequent to the filing of our Annual Report on Form 10-K for the year ended December 31, 2017, we identified observable transactions related to an equity investment without a readily determinable fair value. These identified, observable transactions required the revaluation of this equity investment. The result of the initial revaluation was recorded in the Consolidated Statements of Income in the first quarter of 2018. See Note 18 for further information. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 represents the Emerging Issues Task Force’s final consensus on eight issues related to the classification of cash payments and receipts in the statement of cash flows for a number of common transactions. The consensus also clarifies when identifiable cash flows should be separated versus classified based on their predominant source or use. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company adopted this standard on January 1, 2018, on a retrospective basis and the adoption did not have an effect on the Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 provides a new, two-step framework for determining whether a transaction is accounted for as an acquisition (or disposal) of assets or a business. The first step is evaluating whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the transaction is not considered a business. Also, in order to be considered a business, the transaction would need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance is effective for public entities in annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted for transactions that have not been reported in financial statements that have been issued or been made available for issuance. The Company adopted this standard on January 1, 2018, on a prospective basis with no impact to the Consolidated Financial Statements at the time of adoption. In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. ASU 2017-05 provides clarification of the scope of ASC 610-20. Specifically, the new guidance clarifies that ASC 610-20 applies to nonfinancial assets which do not meet the definition of a business or not-for-profit activity. Further, a financial asset is within the scope of ASC 610-20 if it meets the definition of an in-substance nonfinancial asset which is defined as a financial asset promised to a counterparty in a contract where substantially all of the assets promised are nonfinancial. Finally, each distinct nonfinancial asset and in-substance nonfinancial asset should be derecognized when the counterparty obtains control. The guidance is effective in annual and interim reporting periods in fiscal years beginning after December 15, 2017. Early application is permitted for all entities, but not before annual reporting periods beginning after December 15, 2016. The Company adopted this standard on January 1, 2018, on a modified retrospective basis and the adoption did not have an effect on the Consolidated Financial Statements at the time of adoption. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new guidance requires that the service cost component of net periodic pension cost be disclosed with other compensation costs in the income statement. For all other cost components, an entity must either separately disclose the other cost components in separate line item(s) outside a subtotal of income from operations in the income statement or disclose the line item(s) used to present the other cost components in the income statement. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company adopted this standard on January 1, 2018, on a retrospective basis with no impact to the Consolidated Financial Statements at the time of adoption. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting . The new guidance clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. If the award’s fair value, vesting conditions and classification remain the same immediately before and after the change, modification accounting is not applied. Additionally, the guidance does not require valuation before or after the change if the change does not affect any of the inputs to the model used to value the award. The guidance is effective in annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The new guidance will be applied on a prospective basis to awards modified on or after the adoption date. The Company adopted this standard on January 1, 2018, on a prospective basis with no impact to the Consolidated Financial Statements at the time of adoption. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the measurement of goodwill impairment by removing the hypothetical purchase price allocation. The new guidance requires an impairment of goodwill be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, up to the amount of goodwill recorded. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests with measurement dates after January 1, 2017, using the prospective method of adoption. The Company elected to early adopt this standard on December 31, 2018, on a prospective basis, with no impact to the Consolidated Financial Statements at the time of adoption. Accounting Guidance Pending Adoption at December 31, 2018 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This ASU revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use (“ROU”) asset for substantially all leases. The new lease guidance also simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. ASU 2016-02 is effective for the first interim period within annual periods beginning after December 15, 2018, with early adoption permitted. Adoption using the comparative modified retrospective transition approach is required; however, in July 2018, the FASB issued ASU 2018-11, Leases-Targeted Improvements, which provides an optional transition method whereby comparative periods presented in the financial statements in the period of adoption do not need to be restated under Topic 842. The Company will adopt this guidance on January 1, 2019 using the comparative modified retrospective method and has elected to apply the package of practical expedients to ease transition. The Company completed our comprehensive lease analysis including implementation of a new software, review and update of our accounting policies, processes and related internal controls to reflect changes from the standard. The adoption of ASC 842 will result in the recognition of a ROU asset of $121.0 million and a lease liability of $132.1 million on our Consolidated Statements of Financial Condition. The adoption of ASC 842 did not have an impact on the Company’s other Consolidated Financial Statements. We will provide additional detail to our leases disclosures on a prospective basis, beginning in the first quarter of 2019. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit impaired loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326 , which clarifies that receivables arising from operating leases are not within the scope of Topic 326. In December 2018, regulators issued a final rule related to regulatory capital (Regulatory Capital Rule: Implementation and Transition of the Current Expected Credit Losses Methodology for Allowances and Related Adjustments to the Regulatory Capital Rule and Conforming Amendments to Other Regulations) which is intended to provide regulatory capital relief for entities transitioning to CECL. The Company does not plan to early adopt this guidance and will adopt this guidance on January 1, 2020. A cross-functional team from Finance, Credit, and IT is leading the implementation efforts to evaluate the impact of this guidance on the Company's Consolidated Financial Statements, internal systems, accounting policies, processes and related internal controls. Presently, we are in the process of implementing a software solution to assist us with the initial and on-going requirements of the new guidance. We are also continuing to evaluate the acceptable methodologies, accounting policies, and reporting requirements under the guidance as well as implementation and transition rules issued by regulators. We continue to consult with third-party experts and specialists, where necessary, to assist with the implementation efforts. Our implementation efforts to date suggest that adoption may materially increase the allowance for loan losses and decrease capital levels; however, the extent of these impacts will depend on the asset quality of the portfolio, macroeconomic conditions, and significant estimates and judgments made by management at the time of adoption. In March 2017, the FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities . The new guidance requires the amortization period for certain non-contingent callable debt securities held at a premium to end at the earliest call date of the debt security. If the call option is not exercised at the earliest call date, the guidance requires the debt security's effective yield to be reset based on the contractual payment terms of the debt security. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2018. Early adoption is permitted. Use of the modified retrospective method, with a cumulative-effect adjustment to retained earnings is required. The Company will adopt this standard on January 1, 2019 with no expected impact to the Consolidated Financial Statements at the time of adoption. In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (Topic 815) . The new guidance changes both the designation and measurement guidance for qualifying hedging relationships and simplifies the presentation of hedge results. Specifically, the guidance eliminates the requirement to separately measure and report hedge ineffectiveness and also aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. Further, the new guidance provides entities the ability to apply hedge accounting to additional hedging strategies as well as permits a one-time reclassification of eligible to be hedged instruments from held to maturity to available for sale upon adoption. The guidance is effective in annual and interim periods beginning after December 15, 2018. Early adoption is permitted. Adoption using the modified retrospective approach is required for hedging relationships that exist as of the date of adoption; presentation and disclosure requirements are applied prospectively. The Company will adopt this standard on January 1, 2019 with no expected impact to the Consolidated Financial Statements at the time of adoption. We will provide additional details to our hedging disclosures, beginning in the first quarter of 2019. In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging - Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes (Topic 815) . The new guidance applies to all entities that elect to apply hedge accounting to benchmark interest rate hedges under Topic 815. It permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes in addition to the existing applicable rates. The guidance is required to be adopted concurrently with ASU 2017-12, on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after adoption. The Company will adopt this standard on January 1, 2019 with no expected impact to the Consolidated Financial Statements at the time of adoption. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Disclosure Framework, which amends ASC 820 - Fair Value Measurement . The ASU modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements for fair value measurements. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted. Adoption is required on both a prospective and retrospective basis depending on the amendment. The Company does not expect the application of this guidance to have a material impact on its Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits - Defined Benefit Plans-General (Topic 715) which applies to all employers that provide defined benefit pension or other postretirement benefit plans for their employees. The ASU modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements to financial statement users. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Use of the retrospective method is required. The Company does not expect the application of this guidance to have a material impact on its Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350). The new guidance provides clarity on capitalizing and expensing implementation costs for cloud computing arrangements in a service contract. If an implementation cost is capitalized, the cost should be recognized over the noncancellable term and periodically assessed for impairment. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted. Adoption should be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption. Our preliminary review of this guidance to date suggests that adoption may result in a material amount of implementation costs being deferred; however, the extent of the impact will depend on the cloud computing implementations occurring at the time of adoption. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Credit/Debit Card and ATM Income | The following table presents the components of credit/debit card and ATM income: Twelve Months Ended December 31, (Dollars in thousands) 2018 2017 2016 Bailment fees $ 27,767 $ 21,360 $ 16,823 Interchange fees 14,982 13,696 12,390 Other card and ATM fees 1,088 1,060 686 Total credit/debit card and ATM income $ 43,837 $ 36,116 $ 29,899 |
Schedule Of Investment Management And Fiduciary Income | The following table presents the components of investment management and fiduciary income: Twelve Months Ended December 31, (Dollars in thousands) 2018 2017 2016 Trust fees $ 23,386 $ 19,651 $ 17,978 Wealth management and advisory fees 16,216 15,452 7,713 Total investment management and fiduciary income $ 39,602 $ 35,103 $ 25,691 |
Schedule Of Deposit Service Charges | The following table presents the components of deposit service charges: Twelve Months Ended December 31, (Dollars in thousands) 2018 2017 2016 Service fees $ 10,526 $ 10,073 $ 9,162 Return and overdraft fees 7,676 7,650 7,969 Other deposit service fees 569 595 603 Total deposit service charges $ 18,771 $ 18,318 $ 17,734 |
Schedule of Other income | The following table presents the components of other income: Twelve Months Ended December 31, (Dollars in thousands) 2018 2017 2016 Managed service fees 12,113 10,984 11,244 Currency preparation 3,575 2,900 2,706 ATM insurance 2,394 2,795 3,040 Miscellaneous products and services 8,773 6,388 1,959 Total other income $ 26,855 $ 23,067 $ 18,949 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share: (Dollars and shares in thousands, except per share data) 2018 2017 2016 Numerator: Net income $ 134,743 $ 50,244 $ 64,080 Denominator: Weighted average shares 31,570 31,419 30,276 Dilutive potential common shares 597 884 810 Weighted average fully diluted shares 32,167 32,303 31,086 Earnings per share: Basic $ 4.27 $ 1.60 $ 2.12 Diluted $ 4.19 $ 1.56 $ 2.06 Outstanding common stock equivalents having no dilutive effect 18 2 18 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments Schedule [Abstract] | |
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities | The following tables detail the amortized cost and the estimated fair value of our investments in available-for-sale and held-to-maturity debt securities as well as our equity investments. None of our investments are classified as trading. December 31, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-Sale Debt Securities CMO $ 376,867 $ 1,721 $ 6,838 $ 371,750 FNMA MBS 655,485 1,526 12,938 644,073 FHLMC MBS 155,758 558 2,394 153,922 GNMA MBS 36,117 97 880 35,334 $ 1,224,227 $ 3,902 $ 23,050 $ 1,205,079 Held-to-Maturity Debt Securities (1) State and political subdivisions $ 149,950 $ 275 $ 794 $ 149,431 Equity Investments (2) Visa Class B shares $ 13,918 $ 20,015 $ — $ 33,933 Other equity investments 3,300 — — 3,300 $ 17,218 $ 20,015 $ — $ 37,233 (1) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $1.0 million at December 31, 2018 , related to securities transferred, which are offset in Accumulated other comprehensive loss, net of tax. (2) Equity investments are included in Other investments in the audited Consolidated Statements of Financial Condition. December 31, 2017 (Dollars in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-Sale Debt Securities CMO $ 250,592 $ 88 $ 4,141 $ 246,539 FNMA MBS 479,218 941 6,172 473,987 FHLMC MBS 88,681 118 924 87,875 GNMA MBS 29,300 209 411 29,098 $ 847,791 $ 1,356 $ 11,648 $ 837,499 Held-to-Maturity Debt Securities (1) State and political subdivisions $ 161,186 $ 1,758 $ 91 $ 162,853 Equity Investments (2)(3) Other equity investments $ 643 $ — $ 20 $ 623 $ 643 $ — $ 20 $ 623 (1) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $1.6 million at December 31, 2017 , related to securities transferred, which are offset in Accumulated other comprehensive loss, net of tax . (2) Equity investments are included in Other investments in the audited Consolidated Statements of Financial Condition. (3) This |
Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of our available-for-sale and held-to-maturity at December 31, 2018 and December 31, 2017 are presented in the table below: Available-for-Sale (Dollars in thousands) Amortized Cost Fair Value December 31, 2018 (1) Within one year $ — $ — After one year but within five years 19,714 19,423 After five years but within ten years 170,118 163,731 After ten years 1,034,395 1,021,925 $ 1,224,227 $ 1,205,079 December 31, 2017 (1) (2) Within one year $ — $ — After one year but within five years 20,051 19,825 After five years but within ten years 179,812 175,583 After ten years 647,928 642,091 $ 847,791 $ 837,499 Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value December 31, 2018 (1) Within one year $ 1,018 $ 1,016 After one year but within five years 6,703 6,701 After five years but within ten years 29,613 29,547 After ten years 112,616 112,167 $ 149,950 $ 149,431 December 31, 2017 (1) Within one year $ 322 $ 320 After one year but within five years 5,895 5,894 After five years but within ten years 18,751 18,873 After ten years 136,218 137,766 $ 161,186 $ 162,853 (1) Actual maturities could differ from contractual maturities. (2) Included in the investment portfolio, but not in the table above, is a mutual fund with an amortized cost and fair value as of December 31, 2017 of $0.6 million which had no stated maturity and which was sold in 2018. |
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category | For those debt securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2018 . Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale debt securities: CMO $ 17,143 $ 40 $ 212,208 $ 6,798 $ 229,351 $ 6,838 FNMA MBS 34,214 162 407,638 12,776 441,852 12,938 FHLMC MBS 16,025 21 76,469 2,373 92,494 2,394 GNMA MBS 5,837 79 21,805 801 27,642 880 Total temporarily impaired investments $ 73,219 $ 302 $ 718,120 $ 22,748 $ 791,339 $ 23,050 Held-to-maturity debt securities: State and political subdivisions $ 91,228 $ 155 $ 58,203 $ 639 $ 149,431 $ 794 Total temporarily impaired investments $ 91,228 $ 155 $ 58,203 $ 639 $ 149,431 $ 794 For those debt securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2017 . 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 $ 146,726 $ 1,820 $ 77,149 $ 2,321 $ 223,875 $ 4,141 FNMA MBS 204,921 1,479 126,342 4,693 331,263 6,172 FHLMC MBS 42,514 269 21,405 655 63,919 924 GNMA MBS 4,615 56 14,782 355 19,397 411 Total temporarily impaired investments $ 398,776 $ 3,624 $ 239,678 $ 8,024 $ 638,454 $ 11,648 Held-to-maturity debt securities: State and political subdivisions $ 23,404 $ 59 $ 5,625 $ 32 $ 29,029 $ 91 Total temporarily impaired investments $ 23,404 $ 59 $ 5,625 $ 32 $ 29,029 $ 91 Other equity investments $ — $ — $ 624 $ 20 $ 624 $ 20 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Loan Portfolio by Category | The following table shows our loan portfolio by category: December 31, (Dollars in thousands) 2018 2017 Commercial and industrial $ 1,472,489 $ 1,464,554 Owner-occupied commercial 1,059,974 1,079,247 Commercial mortgages 1,162,739 1,187,705 Construction 316,566 281,608 Residential real estate (1) 218,099 253,301 Consumer 680,939 558,493 4,910,806 4,824,908 Less: Deferred fees, net 7,348 7,991 Allowance for loan losses 39,539 40,599 Net loans $ 4,863,919 $ 4,776,318 (1) Includes reverse mortgages, at fair value of $16.5 million and $19.8 million at December 31, 2018 and 2017 , respectively . |
Acquired Credit Impaired Loans
Acquired Credit Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans | The following is the outstanding principal balance and carrying amounts for all acquired credit impaired loans for which the company applies ASC 310-30 as of December 31, 2018 and 2017 : (Dollars in thousands) December 31, 2018 December 31, 2017 Outstanding principal balance $ 18,642 $ 27,034 Carrying amount 14,718 21,295 Allowance for loan losses 227 358 |
Summary of Changes in Accretable Yield on Acquired Credit Impaired Loans | The following table presents the changes in accretable yield on all acquired credit impaired loans for the years indicated: (Dollars in thousands) Accretable Yield Balance at December 31, 2016 $ 5,150 Accretion (2,636 ) Reclassification from nonaccretable difference 2,015 Additions/adjustments (1,149 ) Disposals (345 ) Balance at December 31, 2017 $ 3,035 Accretion (1,704 ) Reclassification from nonaccretable difference 1,527 Additions/adjustments (395 ) Disposals — Balance at December 31, 2018 $ 2,463 |
Allowance for Loan Losses and_2
Allowance for Loan Losses and Credit Quality Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses and Loan Balances | The following tables provide the activity of our allowance for loan losses and loan balances for the years ended December 31, 2018 , 2017 and 2016 : (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Total Year Ended December 31, 2018 Allowance for loan losses Beginning balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Charge-offs (12,130 ) (417 ) (255 ) (1,475 ) (91 ) (2,615 ) (16,983 ) Recoveries 1,381 34 255 3 154 926 2,753 Provision (credit) 8,328 (38 ) 924 2,341 (404 ) 2,126 13,277 Provision (credit) for acquired loans (100 ) 56 (9 ) (18 ) (29 ) (7 ) (107 ) Ending balance $ 14,211 $ 5,057 $ 6,806 $ 3,712 $ 1,428 $ 8,325 $ 39,539 Period-end allowance allocated to: Loans individually evaluated for impairment $ 876 $ — $ — $ 444 $ 543 $ 168 $ 2,031 Loans collectively evaluated for impairment 13,334 4,965 6,727 3,254 847 8,155 37,282 Acquired loans evaluated for impairment 1 92 79 14 38 2 226 Ending balance $ 14,211 $ 5,057 $ 6,806 $ 3,712 $ 1,428 $ 8,325 $ 39,539 Period-end loan balances: Loans individually evaluated for impairment (2) $ 14,837 $ 4,406 $ 4,083 $ 2,781 $ 11,017 $ 7,883 $ 45,007 Loans collectively evaluated for impairment 1,366,151 938,934 1,005,504 310,511 132,064 651,160 4,404,324 Acquired nonimpaired loans 89,970 112,386 145,648 2,525 57,708 21,745 429,982 Acquired impaired loans 1,531 4,248 7,504 749 761 151 14,944 Ending balance (3) $ 1,472,489 $ 1,059,974 $ 1,162,739 $ 316,566 $ 201,550 $ 680,939 $ 4,894,257 (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Total Year Ended December 31, 2017 Allowance for loan losses Beginning balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ 39,751 Charge-offs (5,008 ) (296 ) (4,612 ) (574 ) (168 ) (3,184 ) (13,842 ) Recoveries 1,355 127 255 306 178 1,505 3,726 Provision (credit) 6,972 (1,098 ) 1,160 222 (300 ) 3,572 10,528 Provision (credit) for acquired loans 74 101 173 69 29 (10 ) 436 Ending balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Period-end allowance allocated to: Loans individually evaluated for impairment $ 3,687 $ — $ 18 $ — $ 760 $ 193 $ 4,658 Loans collectively evaluated for impairment 12,871 5,410 5,779 2,828 1,002 7,693 35,583 Acquired loans evaluated for impairment 174 12 94 33 36 9 358 Ending balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Period-end loan balances: Loans individually evaluated for impairment (2) $ 19,196 $ 3,655 $ 6,076 $ 6,022 $ 13,778 $ 7,588 $ 56,315 Loans collectively evaluated for impairment 1,324,636 933,352 983,400 258,887 146,621 514,713 4,161,609 Acquired nonimpaired loans 116,566 136,437 188,505 15,759 72,304 35,945 565,516 Acquired impaired loans 4,156 5,803 9,724 940 784 247 21,654 Ending balance (3) $ 1,464,554 $ 1,079,247 $ 1,187,705 $ 281,608 $ 233,487 $ 558,493 $ 4,805,094 (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Complexity (1) Total Year Ended December 31, 2016 Allowance for loan losses Beginning balance $ 11,156 $ 6,670 $ 6,487 $ 3,521 $ 2,281 $ 5,964 $ 1,010 $ 37,089 Charge-offs (5,052 ) (1,556 ) (422 ) (57 ) (88 ) (6,152 ) — (13,327 ) Recoveries 594 117 322 484 254 1,232 — 3,003 Provision (credit) 6,260 1,163 2,466 (1,117 ) (422 ) 4,989 (1,010 ) 12,329 Provision for acquired loans 381 194 62 7 34 (21 ) — 657 Ending balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ — $ 39,751 Period-end allowance allocated to: Loans individually evaluated for impairment $ 322 $ — $ 1,247 $ 217 $ 911 $ 198 $ — $ 2,895 Loans collectively evaluated for impairment 12,834 6,573 7,482 2,535 1,125 5,797 — 36,346 Acquired loans evaluated for impairment 183 15 186 86 23 17 — 510 Ending balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ — $ 39,751 Period-end loan balances evaluated for: Loans individually evaluated for impairment (2) $ 2,266 $ 2,078 $ 9,898 $ 1,419 $ 13,547 $ 7,863 $ — $ 37,071 Loans collectively evaluated for impairment 1,120,193 899,590 921,333 189,468 157,738 386,146 — 3,674,468 Acquired nonimpaired loans 159,089 164,372 221,937 28,131 94,883 55,651 — 724,063 Acquired impaired loans 6,183 12,122 10,386 3,694 860 369 — 33,614 Ending balance (3) $ 1,287,731 $ 1,078,162 $ 1,163,554 $ 222,712 $ 267,028 $ 450,029 $ — $ 4,469,216 (1) Represents the portion of the allowance for loan losses established to account for the inherent complexity and uncertainty of estimates. (2) The difference between this amount and nonaccruing loans represents accruing troubled debt restructured loans which are considered to be impaired loans of $15.0 million at December 31, 2018 , $20.1 million as of December 31, 2017 , and $14.3 million at December 31, 2016 . (3) Ending loan balances do not include net deferred fees. |
Summary of Nonaccrual and Past Due Loans | The following tables show our nonaccrual and past due loans at the dates indicated: December 31, 2018 (Dollars in thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Current Balances Acquired Impaired Loans Nonaccrual Loans Total Loans Commercial $ 3,653 $ 993 $ 71 $ 4,717 $ 1,452,185 $ 1,531 $ 14,056 $ 1,472,489 Owner-occupied commercial 733 865 — 1,598 1,049,722 4,248 4,406 1,059,974 Commercial mortgages 1,388 908 — 2,296 1,148,988 7,504 3,951 1,162,739 Construction 157 — — 157 312,879 749 2,781 316,566 Residential 1,970 345 660 2,975 194,960 761 2,854 201,550 Consumer 525 971 104 1,600 677,182 151 2,006 680,939 Total (1) (2) $ 8,426 $ 4,082 $ 835 $ 13,343 $ 4,835,916 $ 14,944 $ 30,054 $ 4,894,257 % of Total Loans 0.17 % 0.08 % 0.02 % 0.27 % 98.81 % 0.31 % 0.61 % 100.00 % (1) Balances in table above includes $430.0 million in acquired non-impaired loans. (2) Residential accruing current balances excludes reverse mortgages at fair value of $16.5 million . December 31, 2017 (Dollars in thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Current Balances Acquired Impaired Loans Nonaccrual Loans Total Loans Commercial $ 1,050 $ — $ — $ 1,050 $ 1,440,291 $ 4,156 $ 19,057 $ 1,464,554 Owner-occupied commercial 2,069 233 — 2,302 1,067,488 5,803 3,654 1,079,247 Commercial mortgages 320 90 — 410 1,171,701 9,724 5,870 1,187,705 Construction — — — — 278,864 940 1,804 281,608 Residential 2,058 731 356 3,145 225,434 784 4,124 233,487 Consumer 1,117 463 105 1,685 554,634 247 1,927 558,493 Total (1) (2) $ 6,614 $ 1,517 $ 461 $ 8,592 $ 4,738,412 $ 21,654 $ 36,436 $ 4,805,094 % of Total Loans 0.14 % 0.03 % 0.01 % 0.18 % 98.61 % 0.45 % 0.76 % 100.00 % (1) Balances in table above includes $565.5 million in acquired non-impaired loans. (2) Residential accruing current balances excludes reverse mortgages at fair value of $19.8 million . |
Analysis of Impaired Loans | The following tables provide an analysis of our impaired loans at December 31, 2018 and December 31, 2017 : December 31, 2018 (Dollars in thousands) Ending Loan Balances Loans with No Related Reserve (1) Loans with Related Reserve (2) Related Reserve Contractual Principal Balances (2) Average Loan Balances Commercial $ 14,841 $ 8,625 $ 6,216 $ 878 $ 22,365 $ 18,484 Owner-occupied commercial 6,065 4,406 1,659 92 6,337 5,378 Commercial mortgages 5,679 4,083 1,596 79 15,372 7,438 Construction 3,530 — 3,530 458 5,082 5,091 Residential 11,321 6,442 4,879 581 13,771 12,589 Consumer 7,916 6,899 1,017 170 8,573 7,956 Total $ 49,352 $ 30,455 $ 18,897 $ 2,258 $ 71,500 $ 56,936 (1) Reflects loan balances at or written down to their remaining book balance. (2) The above includes acquired impaired loans totaling $4.3 million in the ending loan balance and $4.8 million in the contractual principal balance. December 31, 2017 (Dollars in thousands) Ending Loan Balances Loans with No Related Reserve (1) Loans with Related Reserve (2) Related Reserve Contractual Principal Balances (2) Average Loan Balances Commercial $ 20,842 $ 3,422 $ 17,420 $ 3,861 $ 23,815 $ 15,072 Owner-occupied commercial 5,374 3,654 1,720 12 5,717 5,827 Commercial mortgages 7,598 4,487 3,111 112 16,658 12,630 Construction 6,292 6,023 269 33 6,800 4,523 Residential 14,181 8,282 5,899 796 17,015 14,533 Consumer 7,819 6,304 1,515 203 8,977 8,158 Total $ 62,106 $ 32,172 $ 29,934 $ 5,017 $ 78,982 $ 60,743 (1) Reflects loan balances at or written down to their remaining book balance. (2) The above includes acquired impaired loans totaling $5.8 million in the ending loan balance and $6.8 million in the contractual principal balance. |
Schedule of Commercial Credit Exposure | December 31, 2018 (Dollars in thousands) Commercial and Industrial Owner-occupied Commercial Commercial Mortgages Construction Total Commercial (1) Amount % Risk Rating: Special mention $ 8,710 $ 21,230 $ — $ — $ 29,940 Substandard: Accrual 37,424 21,081 9,767 168 68,440 Nonaccrual 13,180 4,406 3,951 2,337 23,874 Doubtful 876 — — 444 1,320 Total Special Mention and Substandard 60,190 46,717 13,718 2,949 123,574 3 % Acquired impaired 1,531 4,248 7,504 749 14,032 — % Pass 1,410,768 1,009,009 1,141,517 312,868 3,874,162 97 % Total $ 1,472,489 $ 1,059,974 $ 1,162,739 $ 316,566 $ 4,011,768 100 % (1) Table includes $350.5 million of acquired non-impaired loans at December 31, 2018 . December 31, 2017 Commercial and Industrial Owner-occupied Commercial Construction Total Commercial (1) (Dollars in thousands) Amount % Risk Rating: Special mention $ 22,789 $ 16,783 $ — $ — $ 39,572 Substandard: Accrual 34,332 19,386 1,967 4,965 60,650 Nonaccrual 15,370 3,654 5,852 1,804 26,680 Doubtful 3,687 — 18 — 3,705 Total Special Mention and Substandard 76,178 39,823 7,837 6,769 130,607 3 % Acquired impaired 4,156 5,803 9,724 940 20,623 1 % Pass 1,384,220 1,033,621 1,170,144 273,899 3,861,884 96 % Total $ 1,464,554 $ 1,079,247 $ 1,187,705 $ 281,608 $ 4,013,114 100 % (1) Table includes $457.3 million of acquired non-impaired loans at December 31, 2017 . |
Schedule of Consumer Credit Exposure | Total Residential and Consumer (1) Residential Consumer 2018 2017 (Dollars in thousands) 2018 2017 2018 2017 Amount Percent Amount Percent Nonperforming (2) $ 11,017 $ 13,778 $ 7,883 $ 7,588 $ 18,900 2 % $ 21,366 3 % Acquired impaired loans 761 784 151 247 912 — % 1,031 — % Performing 189,772 218,925 672,905 550,658 862,677 98 % 769,583 97 % Total $ 201,550 $ 233,487 $ 680,939 $ 558,493 $ 882,489 100 % $ 791,980 100 % (1) Total includes acquired non-impaired loans of $79.5 million at December 31, 2018 and $108.2 million at December 31, 2017 . (2) Includes $14.0 million as of December 31, 2018 and $15.3 million as of December 31, 2017 of troubled debt restructured mortgages and home equity installment loans that are performing in accordance with the loans modified terms and are accruing interest. |
Summary of Balance of TDRs | The following table presents the balance of TDRs as of the indicated dates: (Dollars in thousands) December 31, 2018 December 31, 2017 Performing TDRs $ 14,953 $ 20,061 Nonperforming TDRs 10,211 9,627 Total TDRs $ 25,164 $ 29,688 |
Summary of Loan Modifications By Type | The following tables present information regarding the types of loan modifications made and the balances of loans modified as TDRs during the years ended December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Contractual payment reduction Maturity date extension Discharged in bankruptcy Other (1) Total Contractual Maturity Discharged Other (1) Total Commercial 6 — — — 6 1 4 — — 5 Owner-occupied commercial — — — — — — 1 — — 1 Commercial mortgages 2 1 — — 3 — 1 — — 1 Construction — 1 — — 1 — 5 — 1 6 Residential 4 — 1 — 5 2 1 5 1 9 Consumer 8 2 7 3 20 1 4 12 8 25 20 4 8 3 35 4 16 17 10 47 (1) Other includes interest rate reduction, forbearance, and interest only payments. Year Ended December 31, (Dollars in thousands) 2018 2017 Pre Modification Post Modification Pre Modification Post Modification Commercial $ 5,102 $ 5,102 $ 954 $ 954 Owner-occupied commercial — — 3,071 3,071 Commercial mortgages 2,190 2,190 183 183 Construction 920 920 6,054 6,054 Residential 557 557 1,652 1,652 Consumer 1,481 1,481 2,498 2,498 $ 10,250 $ 10,250 $ 14,412 $ 14,412 |
Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated | Year Ended December 31, (Dollars in thousands) 2018 2017 Pre Modification Post Modification Pre Modification Post Modification Commercial $ 5,102 $ 5,102 $ 954 $ 954 Owner-occupied commercial — — 3,071 3,071 Commercial mortgages 2,190 2,190 183 183 Construction 920 920 6,054 6,054 Residential 557 557 1,652 1,652 Consumer 1,481 1,481 2,498 2,498 $ 10,250 $ 10,250 $ 14,412 $ 14,412 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following table shows the components of premises and equipment, at cost, are summarized by major classifications: December 31, (Dollars in thousands) 2018 2017 Land $ 2,758 $ 2,758 Buildings 6,179 6,155 Leasehold improvements 49,704 48,573 Furniture and equipment 49,035 44,968 107,676 102,454 Less: Accumulated depreciation 62,720 54,471 $ 44,956 $ 47,983 |
Summary of Future Minimum Cash Payments | Future minimum cash payments under these leases at December 31, 2018 are as follows: (Dollars in thousands) 2019 $ 11,562 2020 11,411 2021 11,132 2022 11,078 2023 11,141 Thereafter 169,929 Total future minimum lease payments $ 226,253 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing | The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing: ( Dollars in thousands ) WSFS Bank Wealth Management Consolidated Company December 31, 2016 $ 147,396 $ 20,143 $ 167,539 Goodwill adjustments (1) (1,588 ) 56 (1,532 ) December 31, 2017 145,808 20,199 166,007 Goodwill adjustments — — — December 31, 2018 $ 145,808 $ 20,199 $ 166,007 (1) The goodwill adjustments for WSFS Bank represent remeasurement adjustments related to our acquisition of Penn Liberty in 2016. The goodwill adjustments for Wealth Management represent remeasurement adjustments related to our acquisition of West Capital in 2016. |
Summary of Other Intangible Assets | The following table summarizes our intangible assets: (Dollars in thousands) Gross Intangible Assets Accumulated Amortization Net Intangible Assets Amortization Period December 31, 2018 Core deposits $ 10,658 $ (5,285 ) $ 5,373 10 years Customer relationships 17,561 (5,815 ) 11,746 7-15 years Non-compete agreements 221 (101 ) 120 5 years Loan servicing rights 2,652 (1,301 ) 1,351 10-30 years Favorable lease asset 1,932 (506 ) 1,426 10 months-18 years Total other intangible assets $ 33,024 $ (13,008 ) $ 20,016 December 31, 2017 Core deposits $ 10,658 $ (4,263 ) $ 6,395 10 years Customer relationships 17,561 (4,214 ) 13,347 7-15 years Non-compete agreements 221 (57 ) 164 5 years Loan servicing rights 2,132 (1,191 ) 941 10-30 years Favorable lease asset 1,932 (342 ) 1,590 10 months-18 years Total other intangible assets $ 32,504 $ (10,067 ) $ 22,437 |
Schedule of Estimated Amortization Expense of Intangibles | The following presents the estimated amortization expense of intangibles: (Dollars in thousands) Amortization of Intangibles 2019 $ 2,873 2020 2,677 2021 2,352 2022 2,289 2023 2,257 Thereafter 7,568 Total $ 20,016 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Deposits by Category, Including Summary of Remaining Time to Maturity for Time Deposits | The following table is a summary of our deposits by category: December 31, (Dollars in thousands) 2018 2017 Noninterest-bearing: Noninterest-bearing demand $ 1,626,252 $ 1,420,760 Total noninterest-bearing $ 1,626,252 $ 1,420,760 Interest-bearing: Interest-bearing demand $ 1,062,228 $ 1,071,512 Savings 538,213 549,744 Money market 1,542,962 1,347,146 Customer time deposits 672,942 629,071 Brokered deposits 197,834 229,371 Total interest-bearing $ 4,014,179 $ 3,826,844 Total deposits $ 5,640,431 $ 5,247,604 The following table is a summary of the remaining time to maturity for customer time deposits: December 31, (Dollars in thousands) 2018 2017 Certificates of deposit (not jumbo): Less than one year $ 228,045 $ 167,757 One year to two years 94,488 103,192 Two years to three years 14,441 46,827 Three years to four years 4,048 5,962 Over four years 5,927 6,399 Total certificates of deposit (not jumbo) $ 346,949 $ 330,137 Jumbo certificates of deposit Less than one year $ 223,798 $ 166,348 One year to two years 91,486 94,905 Two years to three years 5,957 30,400 Three years to four years 2,399 3,512 Over four years 2,353 3,769 Total jumbo certificates of deposit 325,993 298,934 Total certificates of deposit $ 672,942 $ 629,071 |
Interest Expense on Deposits by Category, Followed on Deposits | The following table is a summary of interest expense on deposits by category: Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Interest-bearing demand $ 4,523 $ 2,211 $ 1,119 Money market 9,854 4,690 3,343 Savings 1,030 1,017 655 Time deposits 8,591 4,806 3,303 Total customer interest expense $ 23,998 $ 12,724 $ 8,420 Brokered deposits 5,070 2,180 1,001 Total interest expense on deposits $ 29,068 $ 14,904 $ 9,421 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Borrowed Funds by Type | The following is a summary of borrowed funds by type, at or for the twelve months ended: (Dollars in thousands) Balance at End of Period Weighted Average Interest Rate Maximum Outstanding at Month End During the Period Average Amount Outstanding During the Year Weighted Average Interest Rate During the Year December 31, 2018 FHLB advances $ 328,465 2.52 % $ 695,484 $ 426,755 1.97 % Federal funds purchased 157,975 2.52 157,975 89,325 1.90 Trust preferred borrowings 67,011 4.51 67,011 67,011 3.84 Senior debt 98,388 4.50 98,388 98,275 4.80 Other borrowed funds 47,949 0.23 71,584 39,314 0.12 December 31, 2017 FHLB advances $ 710,001 1.51 % $ 924,518 $ 716,962 1.15 % Federal funds purchased 28,000 1.54 135,000 87,438 1.11 Trust preferred borrowings 67,011 3.25 67,011 67,011 2.89 Senior debt 98,171 5.12 155,000 134,136 4.38 Other borrowed funds 34,623 0.09 97,984 43,514 0.09 |
Advances from FHLB with Rates | Advances from the FHLB with rates ranging from 1.50% to 2.79% at December 31, 2018 are due as follows: (Dollars in thousands) Amount Weighted Average Rate 2019 $ 265,790 2.58 % 2020 33,465 1.80 2021 29,210 2.77 $ 328,465 2.52 % |
Stockholders' Equity and Regu_2
Stockholders' Equity and Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Capital Position | The following table presents the capital position of the Bank and the Company as of December 31, 2018 and 2017 : Consolidated Bank Capital For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Percent Amount Percent Amount Percent December 31, 2018 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 788,512 13.37 % $ 471,659 8.00 % $ 589,574 10.00 % WSFS Financial Corporation 761,027 12.71 478,980 8.00 598,724 10.00 Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 748,219 12.69 353,744 6.00 471,659 8.00 WSFS Financial Corporation 720,734 12.04 359,235 6.00 478,980 8.00 Common Equity Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 748,219 12.69 265,308 4.50 383,223 6.50 WSFS Financial Corporation 655,734 10.95 269,426 4.50 389,171 6.50 Tier 1 Leverage Capital Wilmington Savings Fund Society, FSB 748,219 10.82 276,665 4.00 345,831 5.00 WSFS Financial Corporation 720,734 10.37 278,111 4.00 347,636 5.00 December 31, 2017 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 695,739 12.08 % $ 460,639 8.00 % $ 575,799 10.00 % WSFS Financial Corporation 659,376 11.41 462,195 8.00 577,743 10.00 Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 654,308 11.36 345,480 6.00 460,639 8.00 WSFS Financial Corporation 617,945 10.70 346,646 6.00 462,195 8.00 Common Equity Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 654,308 11.36 259,110 4.50 374,270 6.50 WSFS Financial Corporation 552,982 9.57 259,984 4.50 375,533 6.50 Tier 1 Leverage Capital Wilmington Savings Fund Society, FSB 654,308 9.73 269,008 4.00 336,260 5.00 WSFS Financial Corporation 617,945 9.15 270,249 4.00 337,812 5.00 |
Associate Benefit Plans (Tables
Associate Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | The following disclosures relating to postretirement medical benefits were measured at December 31: (Dollars in thousands) 2018 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 1,990 $ 1,764 $ 1,805 Service cost 60 53 58 Interest cost 70 71 76 Actuarial gain (143 ) 207 (68 ) Benefits paid (84 ) (105 ) (107 ) Benefit obligation at end of year $ 1,893 $ 1,990 $ 1,764 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 84 105 107 Benefits paid (84 ) (105 ) (107 ) Fair value of plan assets at end of year $ — $ — $ — Funded status: Unfunded status $ (1,893 ) $ (1,990 ) $ (1,764 ) Total (income) recognized in other comprehensive income (1,370 ) (1,348 ) (1,701 ) Net amount recognized $ (3,263 ) $ (3,338 ) $ (3,465 ) Components of net periodic benefit cost: Service cost $ 60 $ 53 $ 58 Interest cost 70 71 76 Amortization of transition obligation (76 ) (76 ) (76 ) Net (gain) loss recognition (45 ) (70 ) 505 Net periodic benefit cost $ 9 $ (22 ) $ 563 Assumption used to determine net periodic benefit cost: Discount rate 3.60 % 4.10 % 4.25 % Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate 4.20 % 3.60 % 4.10 % |
Estimated Future Benefit Payments | The following table shows the expected future payments for the next 10 years: (Dollars in thousands) During 2018 $ 68 During 2019 69 During 2020 69 During 2021 72 During 2022 76 During 2023 through 2027 463 $ 817 |
Pennsylvania | Alliance | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | The following disclosures relating to Alliance pension benefits were measured at December 31: (Dollars in thousands) 2018 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 7,853 $ 7,517 $ 7,148 Interest cost 279 297 301 Settlements (1,142 ) — — Disbursements (271 ) (407 ) (374 ) Actuarial loss (430 ) 446 442 Benefit obligation at end of year $ 6,289 $ 7,853 $ 7,517 Change in plan assets: Fair value of plan assets at beginning of year $ 8,378 $ 7,504 $ 7,397 Actual return on Plan Assets (393 ) 1,314 518 Settlements (1,146 ) — — Benefits paid (271 ) (407 ) (374 ) Administrative Expenses (35 ) (33 ) (37 ) Fair value of plan assets at end of year $ 6,533 $ 8,378 $ 7,504 Funded status: Unfunded status $ (6,289 ) $ (7,853 ) $ (7,517 ) Total loss (income) recognized in other comprehensive income 6,533 8,378 7,504 Net amount recognized $ 244 $ 525 $ (13 ) Components of net periodic benefit cost: Service cost $ 40 $ 40 $ 40 Interest cost 279 297 301 Expected return on plan assets (596 ) (548 ) (541 ) Settlements (24 ) — — Net gain recognition 413 (170 ) (157 ) Net periodic benefit cost $ 112 $ (381 ) $ (357 ) Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate for Net Periodic Benefit Cost 3.60 % 4.00 % 4.00 % Expected Return on Plan Assets 7.50 % 7.50 % 7.50 % Discount rate for Disclosure Obligations 4.20 % 3.60 % 4.00 % |
Estimated Future Benefit Payments | The following table shows the expected future payments for the next 10 years : (Dollars in thousands) During 2019 $ 312 During 2020 310 During 2021 432 During 2022 318 During 2023 322 During 2024 through 2028 2,810 $ 4,504 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Our income tax provision consists of the following: Year ended December 31, (Dollars in thousands) 2018 2017 2016 Current income taxes: Federal taxes $ 26,164 $ 36,005 $ 23,857 State and local taxes 6,513 4,342 3,847 Deferred income taxes: Federal taxes 3,455 17,899 5,135 State and local taxes (77 ) — 235 Total $ 36,055 $ 58,246 $ 33,074 |
Schedule of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2018 and 2017 : (Dollars in thousands) 2018 2017 Deferred tax assets: Unrealized losses on available-for-sale securities $ 4,350 $ 2,084 Allowance for loan losses 8,303 8,526 Purchase accounting adjustments—loans 2,427 3,487 Reserves and other accruals 10,426 9,194 Provision for legal settlement — 2,520 Deferred gains 458 589 Net operating losses 165 188 Derivatives 775 757 Reverse mortgages 384 606 Total deferred tax assets $ 27,288 $ 27,951 Deferred tax liabilities: Unrealized gains on equity investments $ (4,203 ) $ — Accelerated depreciation (806 ) (778 ) Other (537 ) (326 ) Bank-owned life insurance — (5,387 ) Deferred loan costs (2,052 ) (989 ) Intangibles (4,130 ) (3,826 ) Total deferred tax liabilities (11,728 ) (11,306 ) Net deferred tax asset $ 15,560 $ 16,645 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows: Year ended December 31, Year Ended December 31, 2018 2017 2016 Statutory federal income tax rate 21.0 % 35.0 % 35.0 % State tax, net of federal tax benefit 3.1 2.7 3.1 Adjustment to net deferred tax asset for enacted changes in tax laws and rates (0.5 ) 13.4 — Nondeductible acquisition costs 0.4 — 0.2 Tax-exempt interest (0.8 ) (1.9 ) (2.1 ) Bank-owned life insurance income — (0.5 ) (0.3 ) Excess tax benefits from share-based compensation (1.8 ) (2.0 ) (1.4 ) Surrender of bank-owned life insurance policies — 7.3 — Federal tax credits, net of amortization (0.1 ) (0.3 ) (0.5 ) Other (0.2 ) — — Effective tax rate 21.1 % 53.7 % 34.0 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Assumptions for Options Issued | The assumptions for options issued during 2018 , 2017 , and 2016 are presented below: 2018 2017 2016 Expected term (in years) 5.3 5.3 5.3 Volatility 23.0 % 24.9 % 29.6 % Weighted-average risk-free interest rate 2.69 % 1.95 % 1.25 % Dividend yield 0.74 % 0.60 % 0.80 % |
Summary of Options Including Non-Plan Stock Options | A summary of the status of our options as of December 31, 2018 , and changes during the year, is presented below: 2018 Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Year) Aggregate Intrinsic Value (In Thousands) Stock Options: Outstanding at beginning of year 1,339,106 $ 19.08 2.56 $ 38,525 Plus: Granted 72,521 48.33 Less: Exercised 613,588 17.63 Forfeited 7,295 47.01 Outstanding at end of year 790,744 22.48 2.18 13,235 Nonvested at end of year 124,348 42.76 5.69 603 Exercisable at end of year 666,396 18.69 1.58 12,923 |
Schedule of Nonvested Stock Option Outstanding | The following table provides information about our nonvested stock options outstanding at December 31, 2018 : 2018 Shares Weighted- Average Exercise Price Weighted- Average Grant Date Fair Value Stock Options: Nonvested at beginning of period 389,134 $ 23.25 $ 6.24 Plus: Granted 72,521 48.33 11.62 Less: Vested 330,012 20.59 5.69 Forfeited 7,295 47.01 11.38 Nonvested at end of period 124,348 42.76 10.38 |
Schedule of RSAs and RSUs | The following table summarizes the Company’s RSUs and changes during the year: Units (in whole) Weighted Average Grant-Date Fair Value per Unit Balance at December 31, 2017 114,388 $ 35.54 Plus: Granted 49,561 48.38 Less: Vested 62,500 32.48 Forfeited 5,742 39.77 Balance at December 31, 2018 95,707 43.08 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Projected Amounts of Future Minimum Payments | The projected amounts of future minimum payments contractually due are as follows: (Dollars in thousands) Year Amount 2019 $ 6,660 2020 4,019 2021 1,684 2022 1,134 2023 325 |
Summary of Off-Balance Sheet Financial Instruments | The following represents a summary of off-balance sheet financial instruments at year-end: December 31, (Dollars in thousands) 2018 2017 Financial instruments with contract amounts which represent potential credit risk: Construction loan commitments $ 177,767 $ 191,675 Commercial mortgage loan commitments 43,624 32,346 Commercial loan commitments 629,729 645,924 Commercial owner-occupied commitments 43,879 55,545 Commercial standby letters of credit 71,233 75,446 Residential mortgage loan commitments 6,297 8,057 Consumer loan commitments 330,929 296,010 Total $ 1,303,458 $ 1,305,003 |
Fair Value Disclosures of Fin_2
Fair Value Disclosures of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Carried at Fair Value | The following tables present financial instruments carried at fair value as of December 31, 2018 and December 31, 2017 by level in the valuation hierarchy (as described above): December 31, 2018 (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 $ — $ 371,750 $ — $ 371,750 FNMA MBS — 644,073 — 644,073 FHLMC MBS — 153,922 — 153,922 GNMA MBS — 35,334 — 35,334 Other assets — 2,098 — 2,098 Total assets measured at fair value on a recurring basis $ — $ 1,207,177 $ — $ 1,207,177 Liabilities measured at fair value on a recurring basis: Other liabilities $ — $ 3,493 $ — $ 3,493 Assets measured at fair value on a nonrecurring basis: Other investments (1) $ — $ — $ 37,233 $ 37,233 Other real estate owned — — 2,668 2,668 Loans held for sale — 25,318 — 25,318 Impaired loans, net — — 47,094 47,094 Total assets measured at fair value on a nonrecurring basis $ — $ 25,318 $ 86,995 $ 112,313 (1) See Note 1 for additional disclosures resulting from the Company's adoption of ASU 2016-01. December 31, 2017 (Dollars in thousands) Quoted Prices in Active Markets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Assets measured at fair value on a recurring basis: Available-for-sale securities: CMO $ — $ 246,539 $ — $ 246,539 FNMA MBS — 473,987 — 473,987 FHLMC MBS — 87,875 — 87,875 GNMA MBS — 29,098 — 29,098 Other investments 623 — — 623 Other assets — 747 — 747 Total assets measured at fair value on a recurring basis $ 623 $ 838,246 $ — $ 838,869 Liabilities measured at fair value on a recurring basis: Other liabilities $ — $ 3,225 $ — $ 3,225 Assets measured at fair value on a nonrecurring basis: Other real estate owned $ — $ — $ 2,503 $ 2,503 Loans held for sale — 31,055 — 31,055 Impaired loans, net — — 57,089 57,089 Total assets measured at fair value on a nonrecurring basis $ — $ 31,055 $ 59,592 $ 90,647 |
Book Value and Estimated Fair Value of Financial Instruments | The book value and estimated fair value of our financial instruments are as follows: December 31, Fair Value Measurement 2018 2017 (Dollars in thousands) Book Value Fair Value Book Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 620,757 $ 620,757 $ 723,866 $ 723,866 Investment securities available for sale See previous table 1,205,079 1,205,079 837,499 837,499 Investment securities held to maturity Level 2 149,950 149,431 161,186 162,853 Other investments Level 1,3 37,233 37,233 14,671 45,326 Loans, held for sale Level 2 25,318 25,318 31,055 31,055 Loans, net (1)(2) Level 3 4,816,825 4,772,377 4,719,229 4,699,458 Impaired loans, net Level 3 47,094 47,094 57,089 57,089 Stock in FHLB of Pittsburgh Level 2 19,259 19,259 31,284 31,284 Accrued interest receivable Level 2 22,001 22,001 19,405 19,405 Other assets Level 2 2,098 2,098 2,883 2,883 Financial liabilities: Deposits Level 2 $ 5,640,431 $ 5,597,227 $ 5,247,604 $ 4,848,588 Borrowed funds Level 2 699,788 694,526 937,806 937,605 Standby letters of credit Level 3 495 495 603 603 Accrued interest payable Level 2 1,900 1,900 1,037 1,037 Other liabilities Level 2 3,493 3,493 3,188 3,188 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments | The table below presents the fair value of our derivative financial instruments as well as their location on the Consolidated Statements of Financial Condition as of December 31, 2018 . Fair Values of Derivative Instruments (Dollars in thousands) Count Notional Balance Sheet Location Derivatives (Fair Value) Derivatives designated as hedging instruments: Interest rate products 3 $ 75,000 Other liabilities $ (3,308 ) Total $ 75,000 $ (3,308 ) Derivatives not designated as hedging instruments: Interest rate lock commitments with customers $ 40,795 Other assets $ 686 Interest rate lock commitments with customers 6,530 Other liabilities (24 ) Forward sale commitments 19,732 Other assets 143 Forward sale commitments 25,876 Other liabilities (161 ) Total $ 92,933 $ 644 Total derivatives $ 167,933 $ (2,664 ) |
Summary of Company's Derivative Financial Instruments | The table below presents the effect of the derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2018 and December 31, 2017 . Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) Location of (Loss) or Gain Reclassified from Accumulated OCI into Income (Effective Portion) (Dollars in thousands) Twelve Months Ended Derivatives in Cash Flow Hedging Relationships 2018 2017 Interest Rate Products $ (56 ) $ 184 Interest income Total $ (56 ) $ 184 Amount of (Loss) or Gain Recognized in Income Location of (Loss) or Gain Recognized in Income (Dollars in thousands) Twelve Months Ended Derivatives Not Designated as a Hedging Instrument 2018 2017 Interest Rate Lock Commitments $ (28 ) $ 680 Mortgage banking activities, net Forward Sale Commitments (336 ) (986 ) Mortgage banking activities, net Total $ (364 ) $ (306 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Results | The following tables show segment results for the years ended December 31, 2018 , 2017 , and 2016 : Year Ended December 31, 2018 (Dollars in thousands) WSFS Bank Cash ® Wealth Management Total Statements of Income External customer revenues: Interest income $ 282,846 $ — $ 10,127 $ 292,973 Noninterest income 70,894 50,679 40,968 162,541 Total external customer revenues 353,740 50,679 51,095 455,514 Inter-segment revenues: Interest income 14,722 — 11,850 26,572 Noninterest income 8,793 774 145 9,712 Total inter-segment revenues 23,515 774 11,995 36,284 Total revenue 377,255 51,453 63,090 491,798 External customer expenses: Interest expense 43,671 — 2,828 46,499 Noninterest expenses 172,254 32,378 20,415 225,047 Provision for loan losses 12,934 — 236 13,170 Total external customer expenses 228,859 32,378 23,479 284,716 Inter-segment expenses Interest expense 11,850 10,417 4,305 26,572 Noninterest expenses 919 2,603 6,190 9,712 Total inter-segment expenses 12,769 13,020 10,495 36,284 Total expenses 241,628 45,398 33,974 321,000 Income before taxes $ 135,627 $ 6,055 $ 29,116 $ 170,798 Income tax provision 36,055 Consolidated net income $ 134,743 Year Ended December 31, 2017 (Dollars in thousands) WSFS Bank Cash ® Wealth Management Total Statements of Income External customer revenues: Interest income $ 245,932 $ — $ 8,794 $ 254,726 Noninterest income 45,749 42,641 36,254 124,644 Total external customer revenues 291,681 42,641 45,048 379,370 Inter-segment revenues: Interest income 9,567 — 9,012 18,579 Noninterest income 7,651 810 146 8,607 Total inter-segment revenues 17,218 810 9,158 27,186 Total revenue 308,899 43,451 54,206 406,556 External customer expenses: Interest expense 32,249 — 1,206 33,455 Noninterest expenses 158,942 26,654 40,865 226,461 Provision for loan losses 10,527 — 437 10,964 Total external customer expenses 201,718 26,654 42,508 270,880 Inter-segment expenses Interest expense 9,012 6,812 2,755 18,579 Noninterest expenses 956 2,603 5,048 8,607 Total inter-segment expenses 9,968 9,415 7,803 27,186 Total expenses 211,686 36,069 50,311 298,066 Income before taxes $ 97,213 $ 7,382 $ 3,895 $ 108,490 Income tax provision 58,246 Consolidated net income $ 50,244 Year Ended December 31, 2016 (Dollars in thousands) WSFS Bank Cash ® Wealth Management Total Statements of Income External customer revenues: Interest income $ 208,525 $ — $ 8,053 $ 216,578 Noninterest income 42,565 35,776 (r) 26,720 105,061 Total external customer revenues 251,090 35,776 34,773 321,639 Inter-segment revenues: Interest income 4,963 — 7,150 12,113 Noninterest income 8,145 835 118 9,098 Total inter-segment revenues 13,108 835 7,268 21,211 Total revenue 264,198 36,611 42,041 342,850 External customer expenses: Interest expense 22,028 — 805 22,833 Noninterest expenses 146,526 22,442 (r) 19,698 188,666 Provision for loan losses 9,370 — 3,616 12,986 Total external customer expenses 177,924 22,442 24,119 224,485 Inter-segment expenses Interest expense 7,150 2,915 2,048 12,113 Noninterest expenses 953 2,799 5,346 9,098 Total inter-segment expenses 8,103 5,714 7,394 21,211 Total expenses 186,027 28,156 31,513 245,696 Income before taxes $ 78,171 $ 8,455 $ 10,528 $ 97,154 Income tax provision 33,074 Consolidated net income $ 64,080 (r) Noninterest income and noninterest expense for the period ended December 31, 2016 have been restated to correct an immaterial error related to revenue earned for cash servicing fees. See Note 2 - Summary of Significant Accounting Policies for further information. The following table shows significant components of segment net assets as of December 31, 2018 and 2017: December 31, 2018 2017 (Dollars in thousands) WSFS Cash ® Wealth Total WSFS Cash ® Wealth Total Cash and cash equivalents $ 115,147 $ 491,863 $ 13,747 $ 620,757 $ 104,530 $ 611,385 $ 7,951 $ 723,866 Goodwill 145,808 — 20,199 166,007 145,808 — 20,199 166,007 Other segment assets 6,225,820 7,743 228,543 6,462,106 5,882,910 6,078 220,679 6,109,667 Total segment assets $ 6,486,775 $ 499,606 $ 262,489 $ 7,248,870 $ 6,133,248 $ 617,463 $ 248,829 $ 6,999,540 Capital expenditures $ 4,779 $ 375 $ 344 $ 5,498 $ 8,197 $ 184 $ 613 $ 8,994 |
Parent Company Financial Info_2
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Statements of Income | Condensed Statements of Income Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Income: Interest income $ 1,591 $ 3,167 $ 3,402 Unrealized gains on equity investments 15,819 — — Noninterest income 28,038 20,528 68,498 45,448 23,695 71,900 Expenses: Interest expense 7,290 9,168 7,979 Other operating expenses 245 996 747 7,535 10,164 8,726 Income before equity in undistributed income of subsidiaries 37,913 13,531 63,174 Equity in undistributed income (loss) of subsidiaries 97,626 35,722 (779 ) Income before taxes 135,539 49,253 62,395 Income tax provision (benefit) 796 (991 ) (1,685 ) Net income allocable to common stockholders $ 134,743 $ 50,244 $ 64,080 |
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition December 31, (Dollars in thousands) 2018 2017 Assets: Cash $ 30,581 $ 37,344 Investment in subsidiaries 923,381 833,763 Investment in Capital Trust III 2,011 2,011 Other assets 31,050 17,465 Total assets $ 987,023 $ 890,583 Liabilities: Trust preferred $ 67,011 $ 67,011 Senior debt 98,388 98,171 Interest payable 443 388 Other liabilities 261 668 Total liabilities 166,103 166,238 Stockholders’ equity: Common stock 569 563 Capital in excess of par value 349,810 336,271 Accumulated other comprehensive loss (15,394 ) (8,152 ) Retained earnings 791,031 669,557 Treasury stock (305,096 ) (273,894 ) Total stockholders’ equity 820,920 724,345 Total liabilities and stockholders’ equity $ 987,023 $ 890,583 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Operating activities : Net income $ 134,743 $ 50,244 $ 64,080 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income) loss of subsidiaries (97,626 ) (35,722 ) 779 Gain on sale of equity investments, net (3,757 ) — — Unrealized gains on equity investments (15,088 ) — — (Decrease) increase in other assets 2,265 1,618 133 (Decrease) increase in other liabilities (237 ) 1,422 655 Net cash provided by operating activities 20,300 17,562 65,647 Investing activities : Payments for investment in and advances to subsidiaries — (1,360 ) (119 ) Sale or repayment of investments in and advances to subsidiaries — 1,066 1,220 Sale of Visa Class B shares 6,186 — — Net cash from business combinations — — (57,604 ) Purchases of Visa Class B shares (51 ) (10,072 ) (387 ) Net cash provided by (used for) investing activities 6,135 (10,366 ) (56,890 ) Financing activities : Repayment of long-term debt — — (10,000 ) Issuance of common stock 11,253 3,307 1,900 Repayment of senior debt — (55,000 ) — Issuance of senior debt — — 97,849 Buy back of common stock (31,202 ) (11,752 ) (14,312 ) Cash dividends paid (13,249 ) (9,425 ) (7,632 ) Net cash (used for) provided by financing activities (33,198 ) (72,870 ) 67,805 (Decrease) increase in cash (6,763 ) (65,674 ) 76,562 Cash at beginning of period 37,344 103,018 26,456 Cash at end of period $ 30,581 $ 37,344 $ 103,018 |
Change in Accumulated Other C_2
Change in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Changes to Accumulated Other Comprehensive (Loss) Income | Changes to accumulated other comprehensive (loss) income by component are shown net of taxes in the following tables for the period indicated: (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 Total Balance, December 31, 2015 $ (1,887 ) $ 1,795 $ 788 $ — $ 696 Other comprehensive income before reclassifications (4,838 ) — — (1,772 ) (6,610 ) Less: Amounts reclassified from accumulated other comprehensive loss (1,469 ) (403 ) 169 — (1,703 ) Net current-period other comprehensive loss (6,307 ) (403 ) 169 (1,772 ) (8,313 ) Balance, December 31, 2016 $ (8,194 ) $ 1,392 $ 957 $ (1,772 ) $ (7,617 ) Other comprehensive loss before reclassifications 3,073 — — (184 ) 2,889 Less: Amounts reclassified from accumulated other comprehensive loss (1,280 ) (394 ) (90 ) — (1,764 ) Net current-period other comprehensive loss 1,793 (394 ) (90 ) (184 ) 1,125 Less: Reclassification due to the adoption of ASU No. 2018-02 $ (1,441 ) $ 225 $ (2 ) $ (442 ) $ (1,660 ) Balance, December 31, 2017 $ (7,842 ) $ 1,223 $ 865 $ (2,398 ) $ (8,152 ) Other comprehensive income (loss) before reclassifications (6,695 ) 6 22 (56 ) (6,723 ) Less: Amounts reclassified from accumulated other comprehensive income (16 ) (450 ) (53 ) — (519 ) Net current-period other comprehensive loss (6,711 ) (444 ) (31 ) (56 ) (7,242 ) Balance, December 31, 2018 $ (14,553 ) $ 779 $ 834 $ (2,454 ) $ (15,394 ) |
Components of Other Comprehensive Income | Components of other comprehensive income that impact the Consolidated Statements of Income are presented in the table below. Twelve Months Ended Affected line item in Consolidated Statements of Income (Dollars in thousands) 2018 2017 2016 Securities available for sale: Realized gains on securities transactions $ (21 ) $ (1,984 ) $ (2,369 ) Securities gains, net Income taxes 5 704 900 Income tax provision Net of tax $ (16 ) $ (1,280 ) $ (1,469 ) Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: Amortization of net unrealized gains to income during the period $ (586 ) $ (635 ) $ (651 ) Interest and dividends on investment securities Income taxes 136 241 248 Income tax provision Net of tax $ (450 ) $ (394 ) $ (403 ) Amortization of Defined Benefit Pension Items: Prior service costs (credits) (1) $ 2 $ (76 ) $ (76 ) Transition obligation — — — Actuarial losses (45 ) (70 ) 348 Total before tax $ (43 ) $ (146 ) $ 272 Salaries, benefits and other compensation Income taxes (10 ) 56 (103 ) Income tax provision Net of tax $ (53 ) $ (90 ) $ 169 Total reclassifications $ (519 ) $ (1,764 ) $ (1,703 ) (1) Prior service costs balance for year ended December 31, 2018 includes a tax true-up adjustment of $0.1 million from March 31, 2018. Note that the tax true-up was made to the deferred tax asset with an offset to AOCI and does not affect the actual net periodic benefit costs of the pension plan. |
Quarterly Financial Summary (_2
Quarterly Financial Summary (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Summary | Three months ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 3/31/2017 (Dollars in thousands, except per share data) Interest income $ 77,794 $ 75,415 $ 72,151 $ 67,613 $ 66,556 $ 65,010 $ 62,334 $ 60,826 Interest expense 13,120 12,318 11,162 9,899 8,831 8,881 8,020 7,723 Net interest income 64,674 63,097 60,989 57,714 57,725 56,129 54,314 53,103 Provision for loan losses 3,306 3,716 2,498 3,650 4,063 2,896 1,843 2,162 Net interest income after provision for loan losses 61,368 59,381 58,491 54,064 53,662 53,233 52,471 50,941 Noninterest income 38,186 41,901 34,987 47,467 32,435 32,441 31,676 28,092 Noninterest expenses 61,350 52,454 57,831 53,412 68,065 54,163 52,727 51,506 Income before taxes 38,204 48,828 35,647 48,119 18,032 31,511 31,420 27,527 Income tax provision 8,486 9,893 6,907 10,769 27,864 10,942 10,850 8,590 Net (loss) income $ 29,718 $ 38,935 $ 28,740 $ 37,350 $ (9,832 ) $ 20,569 $ 20,570 $ 18,937 Earnings per share: Basic $ 0.94 $ 1.22 $ 0.91 $ 1.19 $ (0.31 ) $ 0.65 $ 0.65 $ 0.60 Diluted $ 0.93 $ 1.20 $ 0.89 $ 1.16 $ (0.31 ) $ 0.64 $ 0.64 $ 0.59 |
Business and Basis of Present_2
Business and Basis of Presentation (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019$ / shares | Dec. 31, 2018USD ($)SubsidiaryOffice | Dec. 31, 2017USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of office locations | 76 | ||
Number of unconsolidated subsidiary | Subsidiary | 1 | ||
Forecast | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Shares issued | 0.3013 | ||
Cash paid per share (USD per share) | $ / shares | $ 2.93 | ||
Cypress | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Assets under management | $ | $ 948.8 | $ 901.5 | |
West Capital | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Assets under management | $ | 695.5 | $ 861.2 | |
WSFS Capital Trust III | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Amount of aggregate principal issued | $ | 67 | ||
Trust preferred securities redeemed | $ | $ 51.5 | ||
WSFS Financial Corporation | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of wholly-owned subsidiaries | Subsidiary | 3 | ||
Delaware | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of office locations | 45 | ||
Pennsylvania | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of office locations | 29 | ||
Virginia | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of office locations | 1 | ||
Nevada | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of office locations | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 01, 2017USD ($) | Jun. 13, 2016USD ($) | Dec. 31, 2018USD ($)payment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2012USD ($) |
Accounting Policies [Line Items] | |||||||
Maturity of federal funds purchased | 90 days | ||||||
Number of consecutive payments for borrower status to be normal, as per consistent repayment record | payment | 6 | ||||||
Charges related to assets acquired through foreclosure | $ 300,000 | $ 300,000 | $ 100,000 | ||||
Reclassification due to the adoption of ASU No. 2016-01 | (1,660,000) | ||||||
Write-off of unamortized debt issuance costs | $ 700,000 | 0 | 695,000 | $ 0 | |||
Scenario, Plan | Accounting Standards Update 2016-02 | |||||||
Accounting Policies [Line Items] | |||||||
ROU asset | $ 121,000,000 | ||||||
Lease liability | $ 132,100,000 | ||||||
Senior unsecured fixed - to - floating rate notes | |||||||
Accounting Policies [Line Items] | |||||||
Debt instrument, face amount | $ 100,000,000 | ||||||
Interest rate on unsecured debt (as percent) | 4.50% | ||||||
Redemption price, percentage (as percent) | 100.00% | ||||||
Senior unsecured fixed - to - floating rate notes | LIBOR Rate | |||||||
Accounting Policies [Line Items] | |||||||
Variable interest rate (as percent) | 3.30% | ||||||
6.25% Senior Notes Due 2019 | |||||||
Accounting Policies [Line Items] | |||||||
Debt instrument, face amount | $ 55,000,000 | ||||||
Interest rate on unsecured debt (as percent) | 6.25% | 6.25% | |||||
Write-off of unamortized debt issuance costs | 700,000 | ||||||
Accumulated Other Comprehensive (Loss) Income | |||||||
Accounting Policies [Line Items] | |||||||
Reclassification due to the adoption of ASU No. 2016-01 | (1,700,000) | ||||||
Retained Earnings | |||||||
Accounting Policies [Line Items] | |||||||
Reclassification due to the adoption of ASU No. 2016-01 | $ 1,700,000 | ||||||
Computer Equipment | |||||||
Accounting Policies [Line Items] | |||||||
Useful life | 3 years | ||||||
Furniture and equipment | |||||||
Accounting Policies [Line Items] | |||||||
Useful life | 5 years | ||||||
Building Renovations | |||||||
Accounting Policies [Line Items] | |||||||
Useful life | 10 years | ||||||
Residential | |||||||
Accounting Policies [Line Items] | |||||||
Mortgage loans, foreclosures | $ 1,900,000 | $ 2,900,000 |
Noninterest Income - Credit_Deb
Noninterest Income - Credit/Debit Card and ATM Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total credit/debit card and ATM income | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | $ 43,837 | $ 36,116 | $ 29,899 |
Bailment fees | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | 27,767 | 21,360 | 16,823 |
Interchange fees | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | 14,982 | 13,696 | 12,390 |
Other card and ATM fees | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | $ 1,088 | $ 1,060 | $ 686 |
Noninterest Income - Investment
Noninterest Income - Investment Management and Fiduciary Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Trust fees | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | $ 23,386 | $ 19,651 | $ 17,978 |
Wealth management and advisory fees | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | 16,216 | 15,452 | 7,713 |
Total investment management and fiduciary income | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | $ 39,602 | $ 35,103 | $ 25,691 |
Noninterest Income - Deposit Se
Noninterest Income - Deposit Service Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Service fees | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | $ 10,526 | $ 10,073 | $ 9,162 |
Return and overdraft fees | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | 7,676 | 7,650 | 7,969 |
Other deposit service fees | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | 569 | 595 | 603 |
Total deposit service charges | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | $ 18,771 | $ 18,318 | $ 17,734 |
Noninterest Income - Other Inco
Noninterest Income - Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Managed service fees | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | $ 12,113 | $ 10,984 | $ 11,244 |
Currency preparation | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | 3,575 | 2,900 | 2,706 |
ATM insurance | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | 2,394 | 2,795 | 3,040 |
Miscellaneous products and services | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | 8,773 | 6,388 | 1,959 |
Total other income | |||
Revenue from External Customer [Line Items] | |||
Noninterest income | $ 26,855 | $ 23,067 | $ 18,949 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net Income | $ 29,718 | $ 38,935 | $ 28,740 | $ 37,350 | $ (9,832) | $ 20,569 | $ 20,570 | $ 18,937 | $ 134,743 | $ 50,244 | $ 64,080 |
Denominator: | |||||||||||
Weighted average shares (in shares) | 31,570 | 31,419 | 30,276 | ||||||||
Dilutive potential common shares (in shares) | 597 | 884 | 810 | ||||||||
Weighted average fully diluted shares (in shares) | 32,167 | 32,303 | 31,086 | ||||||||
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.94 | $ 1.22 | $ 0.91 | $ 1.19 | $ (0.31) | $ 0.65 | $ 0.65 | $ 0.60 | $ 4.27 | $ 1.60 | $ 2.12 |
Diluted (in dollars per share) | $ 0.93 | $ 1.20 | $ 0.89 | $ 1.16 | $ (0.31) | $ 0.64 | $ 0.64 | $ 0.59 | $ 4.19 | $ 1.56 | $ 2.06 |
Outstanding common stock equivalents having no dilutive effect (in shares) | 18 | 2 | 18 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)secuirty | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Gain (Loss) on Securities [Line Items] | |||
Trading securities | $ 0 | ||
Securities pledged as collateral | 914,500,000 | $ 688,200,000 | |
Sale of investment securities available for sale | 7,012,000 | 457,046,000 | $ 201,580,000 |
Sale of investment securities available for sale in 2016 | 100,000 | 2,100,000 | 2,400,000 |
Losses from sale of available-for-sale securities (less than during the current quarter end) | 0 | 100,000 | 100,000 |
Proceeds from Sale of Debt Securities, Available-for-sale1 | 201,800,000 | ||
Proceeds from sale of equity securities | 6,200,000 | 0 | 0 |
Realized gain on sale of equity investment | 3,757,000 | 0 | $ 0 |
Realized losses on equity securities | 0 | ||
Unamortized premiums | 12,700,000 | 14,100,000 | |
Unaccreted discounts | 2,500,000 | 1,300,000 | |
Owned investment securities | 940,800,000 | ||
Total unrealized losses on securities | $ 23,800,000 | ||
Number of securities, below investment grade | secuirty | 1 | ||
Available-for-sale securities, below investment grade, fair value | $ 600,000 | ||
Weighted average duration of MBS portfolio | 4 years 8 months 12 days | ||
Collateralized Mortgage Backed Securities | |||
Gain (Loss) on Securities [Line Items] | |||
OTTI on evaluation of securities | $ 0 | $ 0 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-Sale Debt Securities | ||
Amortized Cost | $ 1,224,227 | $ 847,791 |
Gross Unrealized Gain | 3,902 | 1,356 |
Gross Unrealized Loss | 23,050 | 11,648 |
Fair Value | 1,205,079 | 837,499 |
Held-to-Maturity Debt Securities | ||
Amortized Cost | 149,950 | 161,186 |
Fair Value | 149,431 | 162,853 |
Equity Investments | ||
Amortized Cost | 17,218 | 643 |
Gross Unrealized Gain | 20,015 | 0 |
Gross Unrealized Loss | 0 | 20 |
Fair Value | 37,233 | 623 |
State and political subdivisions | ||
Held-to-Maturity Debt Securities | ||
Amortized Cost | 149,950 | 161,186 |
Gross Unrealized Gain | 275 | 1,758 |
Gross Unrealized Loss | 794 | 91 |
Fair Value | 149,431 | 162,853 |
Equity Investments | ||
Available for sale securities transfers to held to maturity unrealized gains | 1,000 | 1,600 |
CMO | ||
Available-for-Sale Debt Securities | ||
Amortized Cost | 376,867 | 250,592 |
Gross Unrealized Gain | 1,721 | 88 |
Gross Unrealized Loss | 6,838 | 4,141 |
Fair Value | 371,750 | 246,539 |
FNMA MBS | ||
Available-for-Sale Debt Securities | ||
Amortized Cost | 655,485 | 479,218 |
Gross Unrealized Gain | 1,526 | 941 |
Gross Unrealized Loss | 12,938 | 6,172 |
Fair Value | 644,073 | 473,987 |
FHLMC MBS | ||
Available-for-Sale Debt Securities | ||
Amortized Cost | 155,758 | 88,681 |
Gross Unrealized Gain | 558 | 118 |
Gross Unrealized Loss | 2,394 | 924 |
Fair Value | 153,922 | 87,875 |
GNMA MBS | ||
Available-for-Sale Debt Securities | ||
Amortized Cost | 36,117 | 29,300 |
Gross Unrealized Gain | 97 | 209 |
Gross Unrealized Loss | 880 | 411 |
Fair Value | 35,334 | 29,098 |
Common Stock | Visa | Visa Class B shares | ||
Equity Investments | ||
Amortized Cost | 13,918 | |
Gross Unrealized Gain | 20,015 | |
Gross Unrealized Loss | 0 | |
Fair Value | 33,933 | |
Other equity investments | ||
Equity Investments | ||
Amortized Cost | 3,300 | 643 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 20 |
Fair Value | $ 3,300 | $ 623 |
Investment Securities - Sched_2
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available for Sale Amortized Cost | ||
Within one year | $ 0 | $ 0 |
After one year but within five years | 19,714 | 20,051 |
After five years but within ten years | 170,118 | 179,812 |
After ten years | 1,034,395 | 647,928 |
Amortized Cost | 1,224,227 | 847,791 |
Available for Sale Fair Value | ||
Within one year | 0 | 0 |
After one year but within five years | 19,423 | 19,825 |
After five years but within ten years | 163,731 | 175,583 |
After ten years | 1,021,925 | 642,091 |
Available-for-sale securities, fair value total | 1,205,079 | 837,499 |
Held to Maturity, Amortized Cost | ||
Within one year | 1,018 | 322 |
After one year but within five years | 6,703 | 5,895 |
After five years but within ten years | 29,613 | 18,751 |
After ten years | 112,616 | 136,218 |
Amortized Cost | 149,950 | 161,186 |
Held to Maturity, Fair Value | ||
Within one year | 1,016 | 320 |
After one year but within five years | 6,701 | 5,894 |
After five years but within ten years | 29,547 | 18,873 |
After ten years | 112,167 | 137,766 |
Held-to-maturity securities, fair value total | $ 149,431 | 162,853 |
Mutual Fund | ||
Available for Sale Fair Value | ||
Available-for-sale securities, fair value total | $ 600 |
Investment Securities - Sched_3
Investment Securities - Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale debt securities: | ||
Available-for-sale debt securities, Less than 12 months, Fair Value | $ 73,219 | $ 398,776 |
Available-for-sale debt securities, Less than 12 months, Unrealized Loss | 302 | 3,624 |
Available-for-sale debt securities, 12 months or longer, Fair Value | 718,120 | 239,678 |
Available-for-sale debt securities, 12 months or longer, Unrealized Loss | 22,748 | 8,024 |
Available-for-sale debt securities, Total, Fair Value | 791,339 | 638,454 |
Available-for-sale debt securities, Total, Unrealized Loss | 23,050 | 11,648 |
Held-to-maturity debt securities: | ||
Held-to-maturity, Less than 12 months, Fair Value | 91,228 | 23,404 |
Held-to-maturity, Less than 12 months, Unrealized Loss | 155 | 59 |
Held-to-maturity, 12 months or longer, Fair Value | 58,203 | 5,625 |
Held-to-maturity, 12 months or longer, Unrealized Loss | 639 | 32 |
Held-to-maturity, Total, Fair Value | 149,431 | 29,029 |
Held-to-maturity, Total, Unrealized Loss | 794 | 91 |
State and political subdivisions | ||
Held-to-maturity debt securities: | ||
Held-to-maturity, Less than 12 months, Fair Value | 91,228 | 23,404 |
Held-to-maturity, Less than 12 months, Unrealized Loss | 155 | 59 |
Held-to-maturity, 12 months or longer, Fair Value | 58,203 | 5,625 |
Held-to-maturity, 12 months or longer, Unrealized Loss | 639 | 32 |
Held-to-maturity, Total, Fair Value | 149,431 | 29,029 |
Held-to-maturity, Total, Unrealized Loss | 794 | 91 |
CMO | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities, Less than 12 months, Fair Value | 17,143 | 146,726 |
Available-for-sale debt securities, Less than 12 months, Unrealized Loss | 40 | 1,820 |
Available-for-sale debt securities, 12 months or longer, Fair Value | 212,208 | 77,149 |
Available-for-sale debt securities, 12 months or longer, Unrealized Loss | 6,798 | 2,321 |
Available-for-sale debt securities, Total, Fair Value | 229,351 | 223,875 |
Available-for-sale debt securities, Total, Unrealized Loss | 6,838 | 4,141 |
FNMA MBS | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities, Less than 12 months, Fair Value | 34,214 | 204,921 |
Available-for-sale debt securities, Less than 12 months, Unrealized Loss | 162 | 1,479 |
Available-for-sale debt securities, 12 months or longer, Fair Value | 407,638 | 126,342 |
Available-for-sale debt securities, 12 months or longer, Unrealized Loss | 12,776 | 4,693 |
Available-for-sale debt securities, Total, Fair Value | 441,852 | 331,263 |
Available-for-sale debt securities, Total, Unrealized Loss | 12,938 | 6,172 |
FHLMC MBS | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities, Less than 12 months, Fair Value | 16,025 | 42,514 |
Available-for-sale debt securities, Less than 12 months, Unrealized Loss | 21 | 269 |
Available-for-sale debt securities, 12 months or longer, Fair Value | 76,469 | 21,405 |
Available-for-sale debt securities, 12 months or longer, Unrealized Loss | 2,373 | 655 |
Available-for-sale debt securities, Total, Fair Value | 92,494 | 63,919 |
Available-for-sale debt securities, Total, Unrealized Loss | 2,394 | 924 |
GNMA MBS | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities, Less than 12 months, Fair Value | 5,837 | 4,615 |
Available-for-sale debt securities, Less than 12 months, Unrealized Loss | 79 | 56 |
Available-for-sale debt securities, 12 months or longer, Fair Value | 21,805 | 14,782 |
Available-for-sale debt securities, 12 months or longer, Unrealized Loss | 801 | 355 |
Available-for-sale debt securities, Total, Fair Value | 27,642 | 19,397 |
Available-for-sale debt securities, Total, Unrealized Loss | $ 880 | 411 |
Other equity investments | ||
Other equity investments | ||
Other investments, Less than 12 months, Fair Value | 0 | |
Other investments, Less than 12 months, Unrealized Loss | 0 | |
Other investments, 12 months or longer, Fair Value | 624 | |
Other investments, 12 months or longer, Unrealized Loss | 20 | |
Other investments, Total, Fair Value | 624 | |
Other investments, Total, Unrealized Loss | $ 20 |
Loans - Summary of Loan Portfol
Loans - Summary of Loan Portfolio by Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | $ 4,894,257 | $ 4,805,094 | $ 4,469,216 | |
Deferred fees, net | 7,348 | 7,991 | ||
Allowance for loan losses | 39,539 | 40,599 | 39,751 | $ 37,089 |
Loans, net | 4,863,919 | 4,776,318 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 680,939 | 558,493 | 450,029 | |
Allowance for loan losses | 8,325 | 7,895 | 6,012 | 5,964 |
Financing Receivable Portfolio Segment, Including Reverse Mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 4,910,806 | 4,824,908 | ||
Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 218,099 | 253,301 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,472,489 | 1,464,554 | ||
Owner-occupied commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,059,974 | 1,079,247 | 1,078,162 | |
Allowance for loan losses | 5,057 | 5,422 | 6,588 | 6,670 |
Commercial mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,162,739 | 1,187,705 | 1,163,554 | |
Allowance for loan losses | 6,806 | 5,891 | 8,915 | 6,487 |
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 316,566 | 281,608 | 222,712 | |
Allowance for loan losses | $ 3,712 | $ 2,861 | $ 2,838 | $ 3,521 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans [Line Items] | ||
Reverse mortgage, fair value | $ 16,500 | $ 19,800 |
Nonaccruing loans | 30,100 | 36,400 |
Potential increase in net interest income | 2,000 | 1,800 |
Accrued interest receivable | 22,001 | 19,405 |
Loans Receivable | ||
Loans [Line Items] | ||
Accrued interest receivable | 17,000 | 15,400 |
First Mortgage | ||
Loans [Line Items] | ||
Amounts of loans serviced | 98,600 | 102,500 |
Fees from servicing of loans | 500 | 400 |
Value of servicing rights | 300 | 400 |
First Mortgage | Maximum | Servicing Rights | ||
Loans [Line Items] | ||
Net losses | 200 | 100 |
SBA Loans | ||
Loans [Line Items] | ||
Value of servicing rights | $ 1,100 | $ 500 |
Acquired Credit Impaired Loan_2
Acquired Credit Impaired Loans - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Allowance for loan losses | $ 227 | $ 358 |
Acquired Credit Impaired Loan_3
Acquired Credit Impaired Loans - Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Outstanding principal balance | $ 18,642 | $ 27,034 |
Carrying amount | 14,718 | 21,295 |
Allowance for loan losses | $ 227 | $ 358 |
Acquired Credit Impaired Loan_4
Acquired Credit Impaired Loans - Summary of Changes in Accretable Yield on Acquired Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ 3,035 | $ 5,150 |
Accretion | (1,704) | (2,636) |
Reclassification from nonaccretable difference | 1,527 | 2,015 |
Additions/adjustments | (395) | (1,149) |
Disposals | 0 | (345) |
Ending balance | $ 2,463 | $ 3,035 |
Allowance for Loan Losses and_3
Allowance for Loan Losses and Credit Quality Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)SecurityLoan | Dec. 31, 2017USD ($)SecurityLoan | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net charge-offs | $ 14,200 | $ 10,100 | ||
Percentage of average loans annualized, charged-offs | 0.29% | 0.30% | ||
Accrued troubled debt restructured loans | $ 15,000 | $ 15,000 | $ 20,100 | $ 14,300 |
Acquired nonimpaired loans | 429,982 | 429,982 | 565,516 | 724,063 |
Reverse mortgage, fair value | 16,500 | 16,500 | 19,800 | |
Acquired impaired loans | 4,300 | 4,300 | 5,800 | |
Contractual principal balance | 4,800 | 4,800 | 6,800 | |
Interest income on impaired loans | 800 | 1,000 | ||
Troubled debt restructuring related reserves | 1,200 | 1,200 | 1,000 | |
Private Banking Credit Exposure | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructurings charged off | 0 | 5,000 | ||
Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Decrease in allowance for loan losses | 2,000 | |||
Troubled debt restructurings charged off | 100 | |||
Nonperforming | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued troubled debt restructured loans | 14,000 | 14,000 | 15,300 | |
Total Residential and Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Acquired impaired loans | 79,500 | 79,500 | 108,200 | |
Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Acquired nonimpaired loans | 350,500 | 350,500 | 457,300 | |
Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Acquired nonimpaired loans | 57,708 | $ 57,708 | $ 72,304 | 94,883 |
Number of loans in the process of foreclosure | SecurityLoan | 26 | 33 | ||
Mortgage loans, foreclosures | $ 1,900 | $ 2,900 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Acquired nonimpaired loans | $ 89,970 | $ 89,970 | $ 116,566 | $ 159,089 |
Number of loans in the process of foreclosure | SecurityLoan | 11 | 8 | ||
Mortgage loans, foreclosures | $ 5,300 | $ 6,000 |
Allowance for Loan Losses and_4
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 40,599 | $ 39,751 | $ 37,089 |
Charge-offs | (16,983) | (13,842) | (13,327) |
Recoveries | 2,753 | 3,726 | 3,003 |
Provision (credit) | 13,277 | 10,528 | 12,329 |
Provision (credit) for acquired loans | (107) | 436 | 657 |
Ending balance | 39,539 | 40,599 | 39,751 |
Loans individually evaluated for impairment | 2,031 | 4,658 | 2,895 |
Loans collectively evaluated for impairment | 37,282 | 35,583 | 36,346 |
Acquired loans evaluated for impairment | 226 | 358 | 510 |
Ending balance | 39,539 | 40,599 | 39,751 |
Loans individually evaluated for impairment | 45,007 | 56,315 | 37,071 |
Loans collectively evaluated for impairment | 4,404,324 | 4,161,609 | 3,674,468 |
Acquired nonimpaired loans | 429,982 | 565,516 | 724,063 |
Acquired impaired loans | 14,944 | 21,654 | 33,614 |
Ending balance | 4,894,257 | 4,805,094 | 4,469,216 |
Owner-occupied commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 5,422 | 6,588 | 6,670 |
Charge-offs | (417) | (296) | (1,556) |
Recoveries | 34 | 127 | 117 |
Provision (credit) | (38) | (1,098) | 1,163 |
Provision (credit) for acquired loans | 56 | 101 | 194 |
Ending balance | 5,057 | 5,422 | 6,588 |
Loans individually evaluated for impairment | 0 | 0 | 0 |
Loans collectively evaluated for impairment | 4,965 | 5,410 | 6,573 |
Acquired loans evaluated for impairment | 92 | 12 | 15 |
Ending balance | 5,057 | 5,422 | 6,588 |
Loans individually evaluated for impairment | 4,406 | 3,655 | 2,078 |
Loans collectively evaluated for impairment | 938,934 | 933,352 | 899,590 |
Acquired nonimpaired loans | 112,386 | 136,437 | 164,372 |
Acquired impaired loans | 4,248 | 5,803 | 12,122 |
Ending balance | 1,059,974 | 1,079,247 | 1,078,162 |
Commercial mortgages | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 5,891 | 8,915 | 6,487 |
Charge-offs | (255) | (4,612) | (422) |
Recoveries | 255 | 255 | 322 |
Provision (credit) | 924 | 1,160 | 2,466 |
Provision (credit) for acquired loans | (9) | 173 | 62 |
Ending balance | 6,806 | 5,891 | 8,915 |
Loans individually evaluated for impairment | 0 | 18 | 1,247 |
Loans collectively evaluated for impairment | 6,727 | 5,779 | 7,482 |
Acquired loans evaluated for impairment | 79 | 94 | 186 |
Ending balance | 6,806 | 5,891 | 8,915 |
Loans individually evaluated for impairment | 4,083 | 6,076 | 9,898 |
Loans collectively evaluated for impairment | 1,005,504 | 983,400 | 921,333 |
Acquired nonimpaired loans | 145,648 | 188,505 | 221,937 |
Acquired impaired loans | 7,504 | 9,724 | 10,386 |
Ending balance | 1,162,739 | 1,187,705 | 1,163,554 |
Construction | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,861 | 2,838 | 3,521 |
Charge-offs | (1,475) | (574) | (57) |
Recoveries | 3 | 306 | 484 |
Provision (credit) | 2,341 | 222 | (1,117) |
Provision (credit) for acquired loans | (18) | 69 | 7 |
Ending balance | 3,712 | 2,861 | 2,838 |
Loans individually evaluated for impairment | 444 | 0 | 217 |
Loans collectively evaluated for impairment | 3,254 | 2,828 | 2,535 |
Acquired loans evaluated for impairment | 14 | 33 | 86 |
Ending balance | 3,712 | 2,861 | 2,838 |
Loans individually evaluated for impairment | 2,781 | 6,022 | 1,419 |
Loans collectively evaluated for impairment | 310,511 | 258,887 | 189,468 |
Acquired nonimpaired loans | 2,525 | 15,759 | 28,131 |
Acquired impaired loans | 749 | 940 | 3,694 |
Ending balance | 316,566 | 281,608 | 222,712 |
Complexity Risk | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 0 | 1,010 | |
Charge-offs | 0 | ||
Recoveries | 0 | ||
Provision (credit) | (1,010) | ||
Provision (credit) for acquired loans | 0 | ||
Ending balance | 0 | ||
Loans individually evaluated for impairment | 0 | ||
Loans collectively evaluated for impairment | 0 | ||
Acquired loans evaluated for impairment | 0 | ||
Ending balance | 0 | ||
Loans individually evaluated for impairment | 0 | ||
Loans collectively evaluated for impairment | 0 | ||
Acquired nonimpaired loans | 0 | ||
Acquired impaired loans | 0 | ||
Ending balance | 0 | ||
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 16,732 | 13,339 | 11,156 |
Charge-offs | (12,130) | (5,008) | (5,052) |
Recoveries | 1,381 | 1,355 | 594 |
Provision (credit) | 8,328 | 6,972 | 6,260 |
Provision (credit) for acquired loans | (100) | 74 | 381 |
Ending balance | 14,211 | 16,732 | 13,339 |
Loans individually evaluated for impairment | 876 | 3,687 | 322 |
Loans collectively evaluated for impairment | 13,334 | 12,871 | 12,834 |
Acquired loans evaluated for impairment | 1 | 174 | 183 |
Ending balance | 14,211 | 16,732 | 13,339 |
Loans individually evaluated for impairment | 14,837 | 19,196 | 2,266 |
Loans collectively evaluated for impairment | 1,366,151 | 1,324,636 | 1,120,193 |
Acquired nonimpaired loans | 89,970 | 116,566 | 159,089 |
Acquired impaired loans | 1,531 | 4,156 | 6,183 |
Ending balance | 1,472,489 | 1,464,554 | 1,287,731 |
Residential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,798 | 2,059 | 2,281 |
Charge-offs | (91) | (168) | (88) |
Recoveries | 154 | 178 | 254 |
Provision (credit) | (404) | (300) | (422) |
Provision (credit) for acquired loans | (29) | 29 | 34 |
Ending balance | 1,428 | 1,798 | 2,059 |
Loans individually evaluated for impairment | 543 | 760 | 911 |
Loans collectively evaluated for impairment | 847 | 1,002 | 1,125 |
Acquired loans evaluated for impairment | 38 | 36 | 23 |
Ending balance | 1,428 | 1,798 | 2,059 |
Loans individually evaluated for impairment | 11,017 | 13,778 | 13,547 |
Loans collectively evaluated for impairment | 132,064 | 146,621 | 157,738 |
Acquired nonimpaired loans | 57,708 | 72,304 | 94,883 |
Acquired impaired loans | 761 | 784 | 860 |
Ending balance | 201,550 | 233,487 | 267,028 |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 7,895 | 6,012 | 5,964 |
Charge-offs | (2,615) | (3,184) | (6,152) |
Recoveries | 926 | 1,505 | 1,232 |
Provision (credit) | 2,126 | 3,572 | 4,989 |
Provision (credit) for acquired loans | (7) | (10) | (21) |
Ending balance | 8,325 | 7,895 | 6,012 |
Loans individually evaluated for impairment | 168 | 193 | 198 |
Loans collectively evaluated for impairment | 8,155 | 7,693 | 5,797 |
Acquired loans evaluated for impairment | 2 | 9 | 17 |
Ending balance | 8,325 | 7,895 | 6,012 |
Loans individually evaluated for impairment | 7,883 | 7,588 | 7,863 |
Loans collectively evaluated for impairment | 651,160 | 514,713 | 386,146 |
Acquired nonimpaired loans | 21,745 | 35,945 | 55,651 |
Acquired impaired loans | 151 | 247 | 369 |
Ending balance | $ 680,939 | $ 558,493 | $ 450,029 |
Allowance for Loan Losses and_5
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | $ 13,343 | $ 8,592 | |
Accruing Current Balances | 4,835,916 | 4,738,412 | |
Acquired Impaired Loans | 14,944 | 21,654 | $ 33,614 |
Nonaccrual Loans | 30,054 | 36,436 | |
Total Loans | $ 4,894,257 | $ 4,805,094 | 4,469,216 |
30-59 Days Past Due and Still Accruing, % of Total Loans | 0.17% | 0.14% | |
60-89 Days Past Due and Still Accruing, % of Total Loans | 0.08% | 0.03% | |
Greater Than 90 Days Past Due and Still Accruing, % of Total Loans | 0.02% | 0.01% | |
Total Past Due And Still Accruing, % of Total Loans | 0.27% | 0.18% | |
Accruing Current Balances, % of Total Loans | 98.81% | 98.61% | |
Acquired Impaired Loans, % of Total Loans | 0.31% | 0.45% | |
Nonaccrual Loans, % of Total Loans | 0.61% | 0.76% | |
% of Total Loans | 100.00% | 100.00% | |
30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | $ 8,426 | $ 6,614 | |
60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 4,082 | 1,517 | |
Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 835 | 461 | |
Owner-occupied commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 1,598 | 2,302 | |
Accruing Current Balances | 1,049,722 | 1,067,488 | |
Acquired Impaired Loans | 4,248 | 5,803 | 12,122 |
Nonaccrual Loans | 4,406 | 3,654 | |
Total Loans | 1,059,974 | 1,079,247 | 1,078,162 |
Owner-occupied commercial | 30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 733 | 2,069 | |
Owner-occupied commercial | 60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 865 | 233 | |
Owner-occupied commercial | Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 0 | |
Commercial mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 2,296 | 410 | |
Accruing Current Balances | 1,148,988 | 1,171,701 | |
Acquired Impaired Loans | 7,504 | 9,724 | 10,386 |
Nonaccrual Loans | 3,951 | 5,870 | |
Total Loans | 1,162,739 | 1,187,705 | 1,163,554 |
Commercial mortgages | 30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 1,388 | 320 | |
Commercial mortgages | 60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 908 | 90 | |
Commercial mortgages | Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 0 | |
Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 157 | 0 | |
Accruing Current Balances | 312,879 | 278,864 | |
Acquired Impaired Loans | 749 | 940 | 3,694 |
Nonaccrual Loans | 2,781 | 1,804 | |
Total Loans | 316,566 | 281,608 | 222,712 |
Construction | 30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 157 | 0 | |
Construction | 60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 0 | |
Construction | Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 0 | |
Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 4,717 | 1,050 | |
Accruing Current Balances | 1,452,185 | 1,440,291 | |
Acquired Impaired Loans | 1,531 | 4,156 | 6,183 |
Nonaccrual Loans | 14,056 | 19,057 | |
Total Loans | 1,472,489 | 1,464,554 | 1,287,731 |
Commercial | 30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 3,653 | 1,050 | |
Commercial | 60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 993 | 0 | |
Commercial | Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 71 | 0 | |
Residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 2,975 | 3,145 | |
Accruing Current Balances | 194,960 | 225,434 | |
Acquired Impaired Loans | 761 | 784 | 860 |
Nonaccrual Loans | 2,854 | 4,124 | |
Total Loans | 201,550 | 233,487 | 267,028 |
Residential | 30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 1,970 | 2,058 | |
Residential | 60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 345 | 731 | |
Residential | Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 660 | 356 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 1,600 | 1,685 | |
Accruing Current Balances | 677,182 | 554,634 | |
Acquired Impaired Loans | 151 | 247 | 369 |
Nonaccrual Loans | 2,006 | 1,927 | |
Total Loans | 680,939 | 558,493 | $ 450,029 |
Consumer | 30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 525 | 1,117 | |
Consumer | 60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 971 | 463 | |
Consumer | Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | $ 104 | $ 105 |
Allowance for Loan Losses and_6
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | $ 49,352 | $ 62,106 |
Loans with No Related Reserve | 30,455 | 32,172 |
Loans with Related Reserve (2) | 18,897 | 29,934 |
Related Reserve | 2,258 | 5,017 |
Contractual Principal Balances (2) | 71,500 | 78,982 |
Average Loan Balances | 56,936 | 60,743 |
Owner-occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 6,065 | 5,374 |
Loans with No Related Reserve | 4,406 | 3,654 |
Loans with Related Reserve (2) | 1,659 | 1,720 |
Related Reserve | 92 | 12 |
Contractual Principal Balances (2) | 6,337 | 5,717 |
Average Loan Balances | 5,378 | 5,827 |
Commercial mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 5,679 | 7,598 |
Loans with No Related Reserve | 4,083 | 4,487 |
Loans with Related Reserve (2) | 1,596 | 3,111 |
Related Reserve | 79 | 112 |
Contractual Principal Balances (2) | 15,372 | 16,658 |
Average Loan Balances | 7,438 | 12,630 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 3,530 | 6,292 |
Loans with No Related Reserve | 0 | 6,023 |
Loans with Related Reserve (2) | 3,530 | 269 |
Related Reserve | 458 | 33 |
Contractual Principal Balances (2) | 5,082 | 6,800 |
Average Loan Balances | 5,091 | 4,523 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 14,841 | 20,842 |
Loans with No Related Reserve | 8,625 | 3,422 |
Loans with Related Reserve (2) | 6,216 | 17,420 |
Related Reserve | 878 | 3,861 |
Contractual Principal Balances (2) | 22,365 | 23,815 |
Average Loan Balances | 18,484 | 15,072 |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 11,321 | 14,181 |
Loans with No Related Reserve | 6,442 | 8,282 |
Loans with Related Reserve (2) | 4,879 | 5,899 |
Related Reserve | 581 | 796 |
Contractual Principal Balances (2) | 13,771 | 17,015 |
Average Loan Balances | 12,589 | 14,533 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 7,916 | 7,819 |
Loans with No Related Reserve | 6,899 | 6,304 |
Loans with Related Reserve (2) | 1,017 | 1,515 |
Related Reserve | 170 | 203 |
Contractual Principal Balances (2) | 8,573 | 8,977 |
Average Loan Balances | $ 7,956 | $ 8,158 |
Allowance for Loan Losses and_7
Allowance for Loan Losses and Credit Quality Information - Schedule of Commercial Credit Exposure (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Total Loans | 100.00% | 100.00% |
Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Total Loans | 3.00% | 3.00% |
Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Total Loans | 0.00% | 1.00% |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Total Loans | 97.00% | 96.00% |
Total Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 4,011,768 | $ 4,013,114 |
Total Commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 29,940 | 39,572 |
Total Commercial | Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 68,440 | 60,650 |
Total Commercial | Nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 23,874 | 26,680 |
Total Commercial | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,320 | 3,705 |
Total Commercial | Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 123,574 | 130,607 |
Total Commercial | Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 14,032 | 20,623 |
Total Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,874,162 | 3,861,884 |
Owner-occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,059,974 | 1,079,247 |
Owner-occupied commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 21,230 | 16,783 |
Owner-occupied commercial | Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 21,081 | 19,386 |
Owner-occupied commercial | Nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 4,406 | 3,654 |
Owner-occupied commercial | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 0 | 0 |
Owner-occupied commercial | Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 46,717 | 39,823 |
Owner-occupied commercial | Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 4,248 | 5,803 |
Owner-occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,009,009 | 1,033,621 |
Commercial mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,162,739 | 1,187,705 |
Commercial mortgages | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 0 | 0 |
Commercial mortgages | Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 9,767 | 1,967 |
Commercial mortgages | Nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,951 | 5,852 |
Commercial mortgages | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 0 | 18 |
Commercial mortgages | Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 13,718 | 7,837 |
Commercial mortgages | Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 7,504 | 9,724 |
Commercial mortgages | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,141,517 | 1,170,144 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 316,566 | 281,608 |
Construction | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 0 | 0 |
Construction | Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 168 | 4,965 |
Construction | Nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 2,337 | 1,804 |
Construction | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 444 | 0 |
Construction | Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 2,949 | 6,769 |
Construction | Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 749 | 940 |
Construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 312,868 | 273,899 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,472,489 | 1,464,554 |
Commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 8,710 | 22,789 |
Commercial | Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 37,424 | 34,332 |
Commercial | Nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 13,180 | 15,370 |
Commercial | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 876 | 3,687 |
Commercial | Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 60,190 | 76,178 |
Commercial | Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,531 | 4,156 |
Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 1,410,768 | $ 1,384,220 |
Allowance for Loan Losses and_8
Allowance for Loan Losses and Credit Quality Information - Schedule of Residential and Consumer Credit Exposure (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 4,894,257 | $ 4,805,094 | $ 4,469,216 |
% of Total Loans | 100.00% | 100.00% | |
Acquired impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
% of Total Loans | 0.00% | 1.00% | |
Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 201,550 | $ 233,487 | 267,028 |
Residential | Acquired impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 761 | 784 | |
Residential | Nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 11,017 | 13,778 | |
Residential | Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 189,772 | 218,925 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 680,939 | 558,493 | $ 450,029 |
Consumer | Acquired impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 151 | 247 | |
Consumer | Nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 7,883 | 7,588 | |
Consumer | Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 672,905 | 550,658 | |
Total Residential and Consumer Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 882,489 | $ 791,980 | |
% of Total Loans | 100.00% | 100.00% | |
Total Residential and Consumer Loan | Acquired impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 912 | $ 1,031 | |
% of Total Loans | 0.00% | 0.00% | |
Total Residential and Consumer Loan | Nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 18,900 | $ 21,366 | |
% of Total Loans | 2.00% | 3.00% | |
Total Residential and Consumer Loan | Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 862,677 | $ 769,583 | |
% of Total Loans | 98.00% | 97.00% |
Allowance for Loan Losses and_9
Allowance for Loan Losses and Credit Quality Information - Summary of Balance of TDRs (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Balance of TDRs | $ 25,164 | $ 29,688 |
Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Balance of TDRs | 14,953 | 20,061 |
Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
Balance of TDRs | $ 10,211 | $ 9,627 |
Allowance for Loan Losses an_10
Allowance for Loan Losses and Credit Quality Information - Summary of Loan Modifications By Type (Detail) - loan | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 35 | 47 |
Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 1 |
Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 3 | 1 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 6 | 5 |
Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 1 | 6 |
Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 5 | 9 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 20 | 25 |
Contractual payment reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 20 | 4 |
Contractual payment reduction | Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 0 |
Contractual payment reduction | Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 2 | 0 |
Contractual payment reduction | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 6 | 1 |
Contractual payment reduction | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 0 |
Contractual payment reduction | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 4 | 2 |
Contractual payment reduction | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 8 | 1 |
Maturity date extension | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 4 | 16 |
Maturity date extension | Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 1 |
Maturity date extension | Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 1 | 1 |
Maturity date extension | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 4 |
Maturity date extension | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 1 | 5 |
Maturity date extension | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 1 |
Maturity date extension | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 2 | 4 |
Discharged in bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 8 | 17 |
Discharged in bankruptcy | Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 0 |
Discharged in bankruptcy | Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 0 |
Discharged in bankruptcy | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 0 |
Discharged in bankruptcy | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 0 |
Discharged in bankruptcy | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 1 | 5 |
Discharged in bankruptcy | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 7 | 12 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 3 | 10 |
Other | Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 0 |
Other | Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 0 |
Other | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 0 |
Other | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 1 |
Other | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 0 | 1 |
Other | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan modification total | 3 | 8 |
Allowance for Loan Losses an_11
Allowance for Loan Losses and Credit Quality Information - Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | $ 10,250 | $ 14,412 |
Post Modification | 10,250 | 14,412 |
Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 0 | 3,071 |
Post Modification | 0 | 3,071 |
Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 2,190 | 183 |
Post Modification | 2,190 | 183 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 5,102 | 954 |
Post Modification | 5,102 | 954 |
Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 920 | 6,054 |
Post Modification | 920 | 6,054 |
Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 557 | 1,652 |
Post Modification | 557 | 1,652 |
Consumer loan commitments | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 1,481 | 2,498 |
Post Modification | $ 1,481 | $ 2,498 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 107,676 | $ 102,454 |
Less: Accumulated depreciation | 62,720 | 54,471 |
Property, plant and equipment, net | 44,956 | 47,983 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,758 | 2,758 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,179 | 6,155 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 49,704 | 48,573 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 49,035 | $ 44,968 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense of premises and equipment | $ 8,329 | $ 8,557 | $ 7,477 |
Depreciation expense of premises and equipment for 2016 | 7,600 | ||
Rent expense of operating leases | $ 12,900 | $ 13,000 | $ 11,500 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases, lease terms | 1 year | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases, lease terms | 25 years | ||
Computer Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Building Renovations | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Future Minimum Cash Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 11,562 |
2,020 | 11,411 |
2,021 | 11,132 |
2,022 | 11,078 |
2,023 | 11,141 |
Thereafter | 169,929 |
Total future minimum lease payments | $ 226,253 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 166,007,000 | $ 166,007,000 | $ 167,539,000 |
Impairment losses related to goodwill | $ 0 | 0 | |
Number of operating segments | segment | 3 | ||
Amortization expense on other intangible assets | $ 2,942,000 | 3,078,000 | 2,438,000 |
Impairment of other intangible assets | 0 | 0 | |
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense on other intangible assets | 2,900,000 | 3,000,000 | 2,400,000 |
WSFS Bank | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 145,808,000 | $ 145,808,000 | $ 147,396,000 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 166,007 | $ 167,539 | |
Goodwill adjustments | 0 | (1,532) | $ 2,112 |
Goodwill, ending balance | 166,007 | 166,007 | 167,539 |
WSFS Bank | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 145,808 | 147,396 | |
Goodwill adjustments | 0 | (1,588) | |
Goodwill, ending balance | 145,808 | 145,808 | 147,396 |
Wealth Management | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 20,199 | 20,143 | |
Goodwill adjustments | 0 | 56 | |
Goodwill, ending balance | $ 20,199 | $ 20,199 | $ 20,143 |
Goodwill and Intangibles - Summ
Goodwill and Intangibles - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 33,024 | $ 32,504 |
Accumulated Amortization | (13,008) | (10,067) |
Net Intangible Assets | 20,016 | 22,437 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 10,658 | 10,658 |
Accumulated Amortization | (5,285) | (4,263) |
Net Intangible Assets | $ 5,373 | $ 6,395 |
Amortization Period | 10 years | 10 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 17,561 | $ 17,561 |
Accumulated Amortization | (5,815) | (4,214) |
Net Intangible Assets | $ 11,746 | $ 13,347 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 7 years | 7 years |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 15 years | 15 years |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 221 | $ 221 |
Accumulated Amortization | (101) | (57) |
Net Intangible Assets | $ 120 | $ 164 |
Amortization Period | 5 years | 5 years |
Loan servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 2,652 | $ 2,132 |
Accumulated Amortization | (1,301) | (1,191) |
Net Intangible Assets | $ 1,351 | $ 941 |
Loan servicing rights | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years | 10 years |
Loan servicing rights | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 30 years | 30 years |
Favorable lease asset | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 1,932 | $ 1,932 |
Accumulated Amortization | (506) | (342) |
Net Intangible Assets | $ 1,426 | $ 1,590 |
Favorable lease asset | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 months | 10 months |
Favorable lease asset | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 18 years | 15 years |
Goodwill and Intangibles - Sc_2
Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 2,873 | |
2,020 | 2,677 | |
2,021 | 2,352 | |
2,022 | 2,289 | |
2,023 | 2,257 | |
Thereafter | 7,568 | |
Net Intangible Assets | $ 20,016 | $ 22,437 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Noninterest-bearing: | ||
Noninterest-bearing demand | $ 1,626,252 | $ 1,420,760 |
Total noninterest-bearing | 1,626,252 | 1,420,760 |
Interest-bearing: | ||
Interest-bearing demand | 1,062,228 | 1,071,512 |
Savings | 538,213 | 549,744 |
Money market | 1,542,962 | 1,347,146 |
Customer time deposits | 672,942 | 629,071 |
Brokered deposits | 197,834 | 229,371 |
Total deposits | 4,014,179 | 3,826,844 |
Total deposits | $ 5,640,431 | $ 5,247,604 |
Deposits - Summary of Remaining
Deposits - Summary of Remaining Time to Maturity for Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Certificates of deposit (not jumbo): | ||
Less than one year | $ 228,045 | $ 167,757 |
One year to two years | 94,488 | 103,192 |
Two years to three years | 14,441 | 46,827 |
Three years to four years | 4,048 | 5,962 |
Over four years | 5,927 | 6,399 |
Total certificates of deposit (not jumbo) | 346,949 | 330,137 |
Jumbo certificates of deposit | ||
Less than one year | 223,798 | 166,348 |
One year to two years | 91,486 | 94,905 |
Two years to three years | 5,957 | 30,400 |
Three years to four years | 2,399 | 3,512 |
Over four years | 2,353 | 3,769 |
Total jumbo certificates of deposit | 325,993 | 298,934 |
Total customer deposits | $ 672,942 | $ 629,071 |
Deposits - Summary of Interest
Deposits - Summary of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |||
Interest-bearing demand | $ 4,523 | $ 2,211 | $ 1,119 |
Money market | 9,854 | 4,690 | 3,343 |
Savings | 1,030 | 1,017 | 655 |
Time deposits | 8,591 | 4,806 | 3,303 |
Total customer interest expense | 23,998 | 12,724 | 8,420 |
Brokered deposits | 5,070 | 2,180 | 1,001 |
Total interest expense on deposits | $ 29,068 | $ 14,904 | $ 9,421 |
Borrowed Funds - Summary of Bor
Borrowed Funds - Summary of Borrowed Funds by Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 01, 2017 | |
Debt Instrument [Line Items] | |||
Federal Home Loan Bank advances | $ 328,465 | $ 710,001 | |
Federal funds purchased | 157,975 | 28,000 | |
Trust preferred borrowings | 67,011 | 67,011 | |
Senior debt | 98,388 | 98,171 | $ 55,000 |
Other borrowed funds | $ 47,949 | $ 34,623 | |
Weighted Average Interest Rate (as percent) | 2.52% | 1.51% | |
Maximum Outstanding at Month End During the Period | $ 695,484 | $ 924,518 | |
Average Amount Outstanding During the Year | $ 426,755 | $ 716,962 | |
Weighted Average Interest Rate During the Year (as percent) | 1.97% | 1.15% | |
Federal funds purchased | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate (as percent) | 2.52% | 1.54% | |
Maximum Outstanding at Month End During the Period | $ 157,975 | $ 135,000 | |
Average Amount Outstanding During the Year | $ 89,325 | $ 87,438 | |
Weighted Average Interest Rate During the Year (as percent) | 1.90% | 1.11% | |
Trust preferred borrowings | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate (as percent) | 4.51% | 3.25% | |
Maximum Outstanding at Month End During the Period | $ 67,011 | $ 67,011 | |
Average Amount Outstanding During the Year | $ 67,011 | $ 67,011 | |
Weighted Average Interest Rate During the Year (as percent) | 3.84% | 2.89% | |
Senior debt | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate (as percent) | 4.50% | 5.12% | |
Maximum Outstanding at Month End During the Period | $ 98,388 | $ 155,000 | |
Average Amount Outstanding During the Year | $ 98,275 | $ 134,136 | |
Weighted Average Interest Rate During the Year (as percent) | 4.80% | 4.38% | |
Other borrowed funds | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate (as percent) | 0.23% | 0.09% | |
Maximum Outstanding at Month End During the Period | $ 71,584 | $ 97,984 | |
Average Amount Outstanding During the Year | $ 39,314 | $ 43,514 | |
Weighted Average Interest Rate During the Year (as percent) | 0.12% | 0.09% |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) | Sep. 01, 2017 | Jun. 13, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2005 | Dec. 31, 2012 |
Repurchase Agreement Counterparty [Line Items] | |||||||
FHLB stock | $ 19,259,000 | $ 31,284,000 | |||||
Purchase of federal funds | $ 158,000,000 | $ 28,000,000 | |||||
Federal funds rate on securities purchased (as percent) | 2.52% | 1.54% | |||||
Securities sold under agreements to repurchase | $ 0 | $ 0 | |||||
Senior debt | $ 55,000,000 | 98,388,000 | 98,171,000 | ||||
Write-off of unamortized debt issuance costs | $ 700,000 | 0 | 695,000 | $ 0 | |||
Senior unsecured notes, amount | $ 100,000,000 | ||||||
Collateralized borrowings | $ 47,900,000 | $ 34,600,000 | |||||
Average rates on borrowings (as percent) | 0.12% | 0.09% | |||||
Federal Reserve Bank of Philadelphia | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Loans pledged as collateral | $ 176,400,000 | $ 222,800,000 | |||||
Borrowed funds | 0 | 0 | |||||
6.25% Senior Notes Due 2019 | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Interest rate on unsecured debt (as percent) | 6.25% | 6.25% | |||||
Write-off of unamortized debt issuance costs | $ 700,000 | ||||||
4.50% Senior Unsecured Notes Mature on 2026 | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Interest rate on unsecured debt (as percent) | 4.50% | ||||||
Senior unsecured notes, percentage of principle amount to be redeemed (as percent) | 100.00% | ||||||
4.50% Senior Unsecured Notes Mature on 2026 | LIBOR Rate | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Variable interest rate (as percent) | 3.30% | ||||||
WSFS Capital Trust III | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Aggregate principal amount of Pooled Floating Rate Securities | $ 67,000,000 | ||||||
WSFS Capital Trust III | LIBOR Rate | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Variable interest rate (as percent) | 1.77% | ||||||
Federal Home Loan Bank | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Percentage of member asset value (as percent) | 0.10% | ||||||
Percentage of advances outstanding (as percent) | 4.00% | ||||||
FHLB stock | $ 19,300,000 | 31,300,000 | |||||
Dividends from the FHLB | $ 1,500,000 | $ 1,600,000 | |||||
Minimum | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Interest rates on advances from FHLB (as percent) | 1.50% | ||||||
Maximum | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Interest rates on advances from FHLB (as percent) | 2.79% |
Borrowed Funds - Advances from
Borrowed Funds - Advances from FHLB with Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amount | ||
2,019 | $ 265,790 | |
2,020 | 33,465 | |
2,021 | 29,210 | |
Advances from FHLB, Amount | $ 328,465 | $ 710,001 |
Weighted Average Rate | ||
2,019 | 2.58% | |
2,020 | 1.80% | |
2,021 | 2.77% | |
Advances from FHLB | 2.52% |
Stockholders' Equity and Regu_3
Stockholders' Equity and Regulatory Capital - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2005 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2015 | |
Capital Unit [Line Items] | |||||
Ratio of common equity Tier 1 capital to risk-weighted assets (as percent) | 4.50% | 4.50% | |||
Ratio of Tier 1 capital to risk-weighted assets (as percent) | 12.04% | 10.70% | |||
Ratio of total capital to risk-weighted assets (as percent) | 12.71% | 11.41% | |||
Tier 1 leverage ratio (as percent) | 10.37% | 9.15% | |||
Common stock outstanding, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Coupon rate (as percent) | 4.51% | ||||
Cash remains at the holding company | $ 30.6 | ||||
Authorized repurchase amount (as percent) | 5.00% | ||||
Minimum annual net income expected (as percent) | 25.00% | ||||
Additional Stock Buyback Program | |||||
Capital Unit [Line Items] | |||||
Shares authorized to repurchase of common stock (in shares) | 691,742 | ||||
Common stock average repurchase price (in dollars per share) | $ 45.06 | ||||
Additional Stock Buyback Program | Forecast | |||||
Capital Unit [Line Items] | |||||
Authorized amount | $ 15.4 | ||||
Minimum | |||||
Capital Unit [Line Items] | |||||
Ratio of common equity Tier 1 capital to risk-weighted assets (as percent) | 4.50% | ||||
Ratio of Tier 1 capital to risk-weighted assets (as percent) | 6.00% | ||||
Ratio of total capital to risk-weighted assets (as percent) | 8.00% | ||||
Tier 1 leverage ratio (as percent) | 4.00% | ||||
WSFS Capital Trust III | |||||
Capital Unit [Line Items] | |||||
Pooled floating rate securities, par value | $ 2 | ||||
Pooled floating rate securities issued | $ 67 | ||||
LIBOR Rate | WSFS Capital Trust III | |||||
Capital Unit [Line Items] | |||||
Variable interest rate (as percent) | 1.77% | ||||
Trust preferred borrowings | LIBOR Rate | WSFS Capital Trust III | |||||
Capital Unit [Line Items] | |||||
Variable interest rate (as percent) | 1.77% |
Stockholders' Equity and Regu_4
Stockholders' Equity and Regulatory Capital - Schedule of Capital Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Unit [Line Items] | ||
Total Capital (to risk-weighted assets), Consolidated Bank Capital Amount | $ 761,027 | $ 659,376 |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 720,734 | 617,945 |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 655,734 | 552,982 |
Tier 1 Capital (to adjusted tangible assets), Consolidated Bank Capital Amount | $ 720,734 | $ 617,945 |
Total Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 12.71% | 11.41% |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 12.04% | 10.70% |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 10.95% | 9.57% |
Tier 1 Leverage Capital (to adjusted tangible assets), Consolidated Bank Capital Percent | 10.37% | 9.15% |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | $ 478,980 | $ 462,195 |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 359,235 | 346,646 |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 269,426 | 259,984 |
Tier 1 Leverage Capital (to adjusted tangible assets), For Capital Adequacy Purposes Amount | $ 278,111 | $ 270,249 |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 8.00% | 8.00% |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 4.50% | 4.50% |
Tier 1 Leverage Capital (to adjusted tangible assets), For Capital Adequacy Purposes Percentage | 4.00% | 4.00% |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 598,724 | $ 577,743 |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 478,980 | 462,195 |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 389,171 | 375,533 |
Tier 1 Leverage Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 347,636 | $ 337,812 |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 6.50% | 6.50% |
Tier 1 Leverage Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 5.00% | 5.00% |
WSFS Bank | ||
Capital Unit [Line Items] | ||
Total Capital (to risk-weighted assets), Consolidated Bank Capital Amount | $ 788,512 | $ 695,739 |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 748,219 | 654,308 |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 748,219 | 654,308 |
Tier 1 Capital (to adjusted tangible assets), Consolidated Bank Capital Amount | $ 748,219 | $ 654,308 |
Total Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 13.37% | 12.08% |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 12.69% | 11.36% |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 12.69% | 11.36% |
Tier 1 Leverage Capital (to adjusted tangible assets), Consolidated Bank Capital Percent | 10.82% | 9.73% |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | $ 471,659 | $ 460,639 |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 353,744 | 345,480 |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 265,308 | 259,110 |
Tier 1 Leverage Capital (to adjusted tangible assets), For Capital Adequacy Purposes Amount | $ 276,665 | $ 269,008 |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 8.00% | 8.00% |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 4.50% | 4.50% |
Tier 1 Leverage Capital (to adjusted tangible assets), For Capital Adequacy Purposes Percentage | 4.00% | 4.00% |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 589,574 | $ 575,799 |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 471,659 | 460,639 |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 383,223 | 374,270 |
Tier 1 Leverage Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 345,831 | $ 336,260 |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 6.50% | 6.50% |
Tier 1 Leverage Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 5.00% | 5.00% |
Associate Benefit Plans - Addit
Associate Benefit Plans - Additional Information (Detail) | Mar. 31, 2014 | Dec. 31, 2018USD ($)planshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash contributions to the plan on behalf of associates, cash expenditure | $ 3,800,000 | $ 3,600,000 | $ 3,100,000 | ||
Percentage of contributions to be invested in balanced fund if no designation made (as percent) | 100.00% | ||||
Employee benefit plan, sales of common stock (in shares) | shares | 51,000 | 156,000 | 36,000 | ||
Employee benefit plan purchase of common stock (in shares) | shares | 0 | 83,000 | 0 | ||
Requisite service period | 10 years | ||||
Amortization of unrecognized gains losses exceed (as percent) | 10.00% | ||||
Expected amortization of net actuarial gain in next fiscal year | $ 100,000 | ||||
Expected amortization of net transition obligation in next fiscal year | $ 100,000 | ||||
Percentage of annual medical premium cap (as percent) | 4.00% | ||||
Amount of annual health premium per retiree | $ 3,553 | ||||
Estimated contribution for health fund in next fiscal year | $ 3,695 | ||||
Benefit obligation | (1,893,000) | (1,990,000) | $ (1,764,000) | $ (1,805,000) | |
Defined benefit plan fair value of assets | $ 0 | 0 | 0 | 0 | |
Number of additional supplemental plans | plan | 5 | ||||
Supplemental Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability (less than) | $ 700,000 | 700,000 | |||
Early Retirement Window Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability (less than) | 100,000 | 100,000 | |||
Supplemental Executive Retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability (less than) | 1,500,000 | 1,500,000 | |||
Post-Retirement Medical Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability (less than) | $ 100,000 | 100,000 | |||
Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Average annual rate of increase for medical benefits (less than) (as percent) | 10.00% | ||||
Maximum | Director's Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding asset (less than) | $ 100,000 | 100,000 | |||
Alliance | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization from accumulated other comprehensive income | 0 | ||||
Pennsylvania | Alliance | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligation | (6,289,000) | (7,853,000) | (7,517,000) | (7,148,000) | |
Defined benefit plan fair value of assets | 6,533,000 | $ 8,378,000 | $ 7,504,000 | $ 7,397,000 | |
Net amount recognized | $ 300,000 |
Associate Benefit Plans - Sched
Associate Benefit Plans - Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in benefit obligation: | ||||||
Benefit obligation at beginning of year | $ 1,990 | $ 1,764 | $ 1,805 | |||
Service cost | 60 | 53 | 58 | |||
Interest cost | 70 | 71 | 76 | |||
Actuarial gain | (143) | 207 | (68) | |||
Benefits paid | (84) | (105) | (107) | |||
Benefit obligation at end of year | 1,893 | 1,990 | 1,764 | |||
Change in plan assets: | ||||||
Fair value of plan assets at beginning of year | 0 | 0 | 0 | |||
Employer contributions | 84 | 105 | 107 | |||
Benefits paid | (84) | (105) | (107) | |||
Funded status: | ||||||
Unfunded status | 1,990 | 1,764 | 1,805 | $ 1,893 | $ 1,990 | $ 1,764 |
Total loss (income) recognized in other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 |
Net amount recognized | $ (1,893) | $ (1,990) | $ (1,764) | |||
Components of net periodic benefit cost: | ||||||
Service cost | 60 | 53 | 58 | |||
Interest cost | 70 | 71 | 76 | |||
Amortization of transition obligation | (76) | (76) | (76) | |||
Net (gain) loss recognition | (45) | (70) | 505 | |||
Net periodic benefit cost | $ 9 | $ (22) | $ 563 | |||
Assumption used to determine net periodic benefit cost: | ||||||
Discount rate (as percent) | 3.60% | 4.10% | 4.25% | |||
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): | ||||||
Discount rate for Disclosure Obligations (as percent) | 4.20% | 3.60% | 4.10% | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ (1,370) | $ (1,348) | $ (1,701) | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | (3,263) | (3,338) | (3,465) | |||
Pennsylvania | Alliance | ||||||
Change in benefit obligation: | ||||||
Benefit obligation at beginning of year | 7,853 | 7,517 | 7,148 | |||
Service cost | 40 | 40 | 40 | |||
Interest cost | 279 | 297 | 301 | |||
Settlements | (1,142) | 0 | 0 | |||
Actuarial gain | (430) | 446 | 442 | |||
Benefits paid | (271) | (407) | (374) | |||
Benefit obligation at end of year | 6,289 | 7,853 | 7,517 | |||
Change in plan assets: | ||||||
Fair value of plan assets at beginning of year | 8,378 | 7,504 | 7,397 | |||
Actual return on Plan Assets | (393) | 1,314 | 518 | |||
Settlements | (1,146) | 0 | 0 | |||
Benefits paid | (271) | (407) | (374) | |||
Administrative Expenses | (35) | (33) | (37) | |||
Funded status: | ||||||
Unfunded status | 7,853 | 7,517 | 7,148 | $ 6,289 | $ 7,853 | $ 7,517 |
Total loss (income) recognized in other comprehensive income | 8,378 | 7,504 | 7,397 | 6,533 | 8,378 | 7,504 |
Net amount recognized | $ (6,289) | $ (7,853) | $ (7,517) | |||
Components of net periodic benefit cost: | ||||||
Service cost | 40 | 40 | 40 | |||
Interest cost | 279 | 297 | 301 | |||
Expected return on plan assets | (596) | (548) | (541) | |||
Settlements | (24) | 0 | 0 | |||
Net (gain) loss recognition | 413 | (170) | (157) | |||
Net periodic benefit cost | $ 112 | $ (381) | $ (357) | |||
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): | ||||||
Discount rate for Net Periodic Benefit Cost (as percent) | 3.60% | 4.00% | 4.00% | |||
Expected Return on Plan Assets (as percent) | 7.50% | 7.50% | 7.50% | |||
Discount rate for Disclosure Obligations (as percent) | 4.20% | 3.60% | 4.00% | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 6,533 | $ 8,378 | $ 7,504 | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | $ 244 | $ 525 | $ (13) |
Associate Benefit Plans - Estim
Associate Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
During 2,019 | $ 68 |
During 2,020 | 69 |
During 2,021 | 69 |
During 2,022 | 72 |
During 2,023 | 76 |
During 2024 through 2028 | 463 |
Total | 817 |
Alliance | Pennsylvania | |
Defined Benefit Plan Disclosure [Line Items] | |
During 2,019 | 312 |
During 2,020 | 310 |
During 2,021 | 432 |
During 2,022 | 318 |
During 2,023 | 322 |
During 2024 through 2028 | 2,810 |
Total | $ 4,504 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current income taxes: | |||||||||||
Federal taxes | $ 26,164 | $ 36,005 | $ 23,857 | ||||||||
State and local taxes | 6,513 | 4,342 | 3,847 | ||||||||
Deferred income taxes: | |||||||||||
Federal taxes | 3,455 | 17,899 | 5,135 | ||||||||
State and local taxes | (77) | 0 | 235 | ||||||||
Total | $ 8,486 | $ 9,893 | $ 6,907 | $ 10,769 | $ 27,864 | $ 10,942 | $ 10,850 | $ 8,590 | $ 36,055 | $ 58,246 | $ 33,074 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Unrealized losses on available-for-sale securities | $ 4,350 | $ 2,084 |
Allowance for loan losses | 8,303 | 8,526 |
Purchase accounting adjustments—loans | 2,427 | 3,487 |
Reserves and other accruals | 10,426 | 9,194 |
Provision for legal settlement | 0 | 2,520 |
Deferred gains | 458 | 589 |
Net operating losses | 165 | 188 |
Derivatives | 775 | 757 |
Reverse mortgages | 384 | 606 |
Total deferred tax assets | 27,288 | 27,951 |
Deferred tax liabilities: | ||
Unrealized gains on equity investments | (4,203) | 0 |
Accelerated depreciation | (806) | (778) |
Other | (537) | (326) |
Bank-owned life insurance | 0 | (5,387) |
Deferred loan costs | (2,052) | (989) |
Intangibles | (4,130) | (3,826) |
Total deferred tax liabilities | (11,728) | (11,306) |
Net deferred tax asset | $ 15,560 | $ 16,645 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Examination [Line Items] | |||
Deferred income tax (benefit) expense | $ 0 | $ 0 | |
Unrealized losses on investments in debt and equity | 4,350,000 | 2,084,000 | |
Postretirement benefit obligations | 300,000 | 300,000 | |
Unrealized losses on derivatives | 800,000 | 800,000 | |
Change in tax rate, deferred tax asset, provisional income tax expense | 14,500,000 | ||
Tax benefit, adjustment | 900,000 | ||
Deferred tax asset | 15,560,000 | 16,645,000 | |
Accrued income taxes related to BOLI surrender | 7,500,000 | ||
Excess income tax benefits from stock compensation | 3,500,000 | 2,300,000 | $ 1,500,000 |
Unrecognized tax benefits | 0 | ||
Amortization of low-income housing credit investments reflected as income tax expense | 1,900,000 | 1,700,000 | $ 1,600,000 |
Affordable housing tax benefits | 300,000 | ||
Carrying value of investment in affordable housing credits | 16,900,000 | $ 13,800,000 | |
Federal | |||
Income Tax Examination [Line Items] | |||
Net operating loss carryforwards | 800,000 | ||
Federal net operating loss | 100,000 | ||
General Business Tax Credit Carryforward [Member] | |||
Income Tax Examination [Line Items] | |||
Tax credit | $ 1,700,000 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 35.00% | 35.00% |
State tax, net of federal tax benefit | 3.10% | 2.70% | 3.10% |
Adjustment to net deferred tax asset for enacted changes in tax laws and rates | (0.50%) | 13.40% | 0.00% |
Nondeductible acquisition costs | 0.40% | 0.00% | 0.20% |
Tax-exempt interest | (0.80%) | (1.90%) | (2.10%) |
Bank-owned life insurance income | (0.00%) | (0.50%) | (0.30%) |
Excess tax benefits from share-based compensation | (1.80%) | (2.00%) | (1.40%) |
Surrender of bank-owned life insurance policies | 0.00% | 7.30% | 0.00% |
Federal tax credits, net of amortization | (0.10%) | (0.30%) | (0.50%) |
Other | (0.20%) | 0.00% | 0.00% |
Effective tax rate | 21.10% | 53.70% | 34.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Apr. 25, 2013 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense recognized | $ 2.6 | $ 3.7 | $ 3 | |||
Stock-based compensation expense after tax | $ 2 | $ 2.5 | $ 2 | |||
Weighted-average risk-free rate of return (as percent) | 2.69% | 1.95% | 1.25% | |||
Expected option life | 5 years 3 months | 5 years 3 months | 5 years 3 months 18 days | |||
Expected stock price volatility rate (as percent) | 23.00% | 24.90% | 29.60% | |||
Assumed dividend yield (as percent) | 0.74% | 0.60% | 0.80% | |||
Options outstanding (in shares) | 790,744 | 1,339,106 | ||||
Exercisable at end of year (in shares) | 666,396 | |||||
Weighted-average fair value of options granted (in dollars per share) | $ 11.62 | $ 11.50 | $ 7.84 | |||
Aggregate intrinsic value of options exercised | $ 20.6 | $ 7.5 | $ 5 | |||
Total unrecognized compensation cost of nonvested stock options | $ 0.9 | |||||
Expected weighted-average period | 2 years 7 months 9 days | |||||
Non-Vested Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense recognized | $ 0.7 | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense recognized | $ 1.6 | |||||
Vesting period | 4 years | |||||
Restricted stock granted (in shares) | 49,561 | |||||
Weighted average fair value, granted (in dollars per share) | $ 48.38 | $ 47.05 | $ 29.94 | |||
Total compensation cost to be recognized | $ 3.6 | |||||
Weighted average remaining contractual term | 2 years 7 months | |||||
Total fair value, vested | $ 1.6 | $ 1.2 | $ 1.4 | |||
Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-statutory stock options, granted (in shares) | 750,000 | |||||
Non-statutory stock options, vesting percentage after second year (as percent) | 40.00% | |||||
Non-statutory stock options, vesting percentage in each of following three years (as percent) | 20.00% | |||||
Non-statutory stock options, exercise price over December 2012 market value (as percent) | 20.00% | |||||
Non eligibility period of receiving grants under any of other stock based award programs | 5 years | |||||
Vesting period | 3 years | |||||
Chief Executive Officer | Non-Plan Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average risk-free rate of return (as percent) | 0.76% | |||||
Expected option life | 5 years | |||||
Expected stock price volatility rate (as percent) | 40.50% | |||||
Assumed dividend yield (as percent) | 1.01% | |||||
Options outstanding (in shares) | 376,177 | |||||
Exercisable at end of year (in shares) | 376,177 | |||||
Share-based Compensation Award, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted, vest in percentage per annum increments (as percent) | 25.00% | |||||
Share-based Compensation Award, Tranche One | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance award vesting period | 5 years | |||||
Share-based Compensation Award, Tranche One | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance award vesting period | 7 years | |||||
Share-Based Compensation Award, Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted, vest in percentage per annum increments (as percent) | 25.00% | |||||
Share-Based Compensation Award, Tranche Three | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted, vest in percentage per annum increments (as percent) | 25.00% | |||||
Share-based Compensation Award, Tranche Four | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted, vest in percentage per annum increments (as percent) | 25.00% | |||||
Stock Incentive 2013 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for future grants under 2013 Plan (in shares) | 1,500,000 | |||||
Shares reserved for future issuance (in shares) | 1,483,392 | |||||
Stock Incentive 2013 Plan | Executive Officers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incentive stock options issued (in shares) | 450,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Assumptions for Options Issued (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected term (in years) | 5 years 3 months | 5 years 3 months | 5 years 3 months 18 days |
Volatility | 23.00% | 24.90% | 29.60% |
Weighted-average risk-free interest rate | 2.69% | 1.95% | 1.25% |
Dividend yield | 0.74% | 0.60% | 0.80% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Options Including Non-Plan Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options: | ||
Outstanding at beginning of year (in shares) | 1,339,106 | |
Granted (in shares) | 72,521 | |
Exercised (in shares) | 613,588 | |
Forfeited (in shares) | 7,295 | |
Outstanding at end of year (in shares) | 790,744 | 1,339,106 |
Nonvested at end of year (in shares) | 124,348 | 389,134 |
Exercisable at end of year (in shares) | 666,396 | |
Weighted- Average Exercise Price | ||
Outstanding at beginning of year (in dollars per share) | $ 19.08 | |
Granted (in dollars per share) | 48.33 | |
Exercised (in dollars per share) | 17.63 | |
Forfeited (in dollars per share) | 47.01 | |
Outstanding at end of year (in dollars per share) | 22.48 | $ 19.08 |
Nonvested at end of year (in dollars per share) | 42.76 | $ 23.25 |
Exercisable at end of year (in dollars per share) | $ 18.69 | |
Weighted- Average Remaining Contractual Term (Year) | ||
Outstanding at end of year | 2 years 2 months 6 days | 2 years 6 months 21 days |
Nonvested at end of year | 5 years 8 months 10 days | |
Exercisable at end of year | 1 year 6 months 29 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value [Roll Forward] | ||
Outstanding at end of year | $ 13,235 | $ 38,525 |
Nonvested at end of year | 603 | |
Exercisable at end of year | $ 12,923 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Nonvested Stock Option Outstanding (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Nonvested at beginning of period (in shares) | 389,134 | ||
Granted (in shares) | 72,521 | ||
Vested (in shares) | 330,012 | ||
Forfeited (in shares) | 7,295 | ||
Nonvested at end of period (in shares) | 124,348 | 389,134 | |
Weighted- Average Exercise Price | |||
Nonvested at beginning of period (in dollars per share) | $ 23.25 | ||
Granted (in dollars per share) | 48.33 | ||
Vested (in dollars per share) | 20.59 | ||
Forfeited (in dollars per share) | 47.01 | ||
Nonvested at end of period (in dollars per share) | 42.76 | $ 23.25 | |
Weighted- Average Grant Date Fair Value | |||
Nonvested at beginning of period (in dollars per share) | 6.24 | ||
Granted (in dollars per share) | 11.62 | 11.50 | $ 7.84 |
Vested (in dollars per share) | 5.69 | ||
Forfeited (in dollars per share) | 11.38 | ||
Nonvested at end of period (in dollars per share) | $ 10.38 | $ 6.24 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of RSUs (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 114,388 | ||
Granted (in shares) | 49,561 | ||
Vested (in shares) | 62,500 | ||
Forfeited (in shares) | 5,742 | ||
Ending balance (in shares) | 95,707 | 114,388 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Per Unit [Roll Forward] | |||
Beginning balance (in dollars per share) | $ 35.54 | ||
Granted (in dollars per share) | 48.38 | $ 47.05 | $ 29.94 |
Vested (in dollars per share) | 32.48 | ||
Forfeited (in dollars per share) | 39.77 | ||
Ending balance (in dollars per share) | $ 43.08 | $ 35.54 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Projected Amounts of Future Minimum Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 6,660 |
2,020 | 4,019 |
2,021 | 1,684 |
2,022 | 1,134 |
2,023 | $ 325 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)institutioninstrument | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)instrument | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)institutiontransactioninstrument | Dec. 31, 2017USD ($)transactioninstrument | Dec. 31, 2016USD ($) | |
Other Commitments [Line Items] | |||||||||||
Commitments to sell residential mortgages | $ 32,400,000 | $ 28,800,000 | $ 32,400,000 | $ 28,800,000 | |||||||
Provision for losses at the time of sale | $ 3,306,000 | $ 3,716,000 | $ 2,498,000 | $ 3,650,000 | $ 4,063,000 | $ 2,896,000 | $ 1,843,000 | $ 2,162,000 | $ 13,170,000 | $ 10,964,000 | $ 12,986,000 |
Number of unrelated financial institutions | institution | 5 | 5 | |||||||||
Derivative transaction held for guarantee | instrument | 136 | 134 | 136 | 134 | |||||||
Aggregate notional amount | $ 167,933,000 | $ 167,933,000 | |||||||||
Aggregate fair value of swaps to customers | 300,000 | $ 3,300,000 | $ 300,000 | $ 3,300,000 | |||||||
Number of customers in paying position to third party | transaction | 50 | 80 | |||||||||
Amount of swap liability in paying positions to third party | 4,600,000 | 5,400,000 | $ 4,600,000 | $ 5,400,000 | |||||||
Reserves for swap guarantees | 0 | 0 | 0 | 0 | |||||||
Interest Rate Swap | |||||||||||
Other Commitments [Line Items] | |||||||||||
Aggregate notional amount | $ 581,500,000 | $ 561,800,000 | 581,500,000 | $ 561,800,000 | |||||||
Secondary Market Loan Sales | |||||||||||
Other Commitments [Line Items] | |||||||||||
Provision for losses at the time of sale | $ 0 | ||||||||||
Number of loans repurchased | transaction | 0 | 0 | |||||||||
Minimum | |||||||||||
Other Commitments [Line Items] | |||||||||||
Closing period of residential mortgage commitments | 1 month | ||||||||||
Notional amount maturity period | 1 year | 1 year | |||||||||
Maximum | |||||||||||
Other Commitments [Line Items] | |||||||||||
Closing period of residential mortgage commitments | 6 months | ||||||||||
Notional amount maturity period | 11 years | 10 years | |||||||||
Real Estate | |||||||||||
Other Commitments [Line Items] | |||||||||||
Commitments of lending operations | $ 308,900,000 | ||||||||||
Commitments to Extend Credit | |||||||||||
Other Commitments [Line Items] | |||||||||||
Commitments of lending operations | 1,300,000,000 | $ 0 | |||||||||
Consumer | |||||||||||
Other Commitments [Line Items] | |||||||||||
Commitments of lending operations | $ 330,900,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Off-Balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | $ 1,303,458 | $ 1,305,003 |
Commercial mortgage loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 43,624 | 32,346 |
Commercial loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 629,729 | 645,924 |
Commercial owner-occupied commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 43,879 | 55,545 |
Commercial standby letters of credit | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 71,233 | 75,446 |
Residential mortgage loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 6,297 | 8,057 |
Consumer loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 330,929 | 296,010 |
Construction loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | $ 177,767 | $ 191,675 |
Fair Value Disclosures of Fin_3
Fair Value Disclosures of Financial Assets and Liabilities - Schedule of Financial Instruments Carried at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 1,205,079 | $ 837,499 |
Loans held for sale | 25,318 | 31,055 |
Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 1,207,177 | 838,869 |
Other liabilities | 3,493 | 3,225 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held for sale | 25,318 | 31,055 |
Impaired loans, net | 47,094 | 57,089 |
Total assets measured at fair value | 112,313 | 90,647 |
Other assets | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets | 2,098 | 747 |
Other real estate owned | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned | 2,668 | 2,503 |
CMO | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 371,750 | 246,539 |
CMO | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 371,750 | 246,539 |
FNMA MBS | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 644,073 | 473,987 |
FNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 644,073 | 473,987 |
FHLMC MBS | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 153,922 | 87,875 |
FHLMC MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 153,922 | 87,875 |
GNMA MBS | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 35,334 | 29,098 |
GNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 35,334 | 29,098 |
Other investments | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 623 | |
Other investments | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 37,233 | |
Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 0 | 623 |
Other liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Asset (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held for sale | 0 | 0 |
Impaired loans, net | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Asset (Level 1) | Other assets | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Asset (Level 1) | Other real estate owned | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned | 0 | 0 |
Quoted Prices in Active Markets for Identical Asset (Level 1) | CMO | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Asset (Level 1) | FNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Asset (Level 1) | FHLMC MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Asset (Level 1) | GNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Asset (Level 1) | Other investments | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 623 | |
Quoted Prices in Active Markets for Identical Asset (Level 1) | Other investments | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 1,207,177 | 838,246 |
Other liabilities | 3,493 | 3,225 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held for sale | 25,318 | 31,055 |
Impaired loans, net | 0 | 0 |
Total assets measured at fair value | 25,318 | 31,055 |
Significant Other Observable Inputs (Level 2) | Other assets | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets | 2,098 | 747 |
Significant Other Observable Inputs (Level 2) | Other real estate owned | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned | 0 | 0 |
Significant Other Observable Inputs (Level 2) | CMO | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 371,750 | 246,539 |
Significant Other Observable Inputs (Level 2) | FNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 644,073 | 473,987 |
Significant Other Observable Inputs (Level 2) | FHLMC MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 153,922 | 87,875 |
Significant Other Observable Inputs (Level 2) | GNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 35,334 | 29,098 |
Significant Other Observable Inputs (Level 2) | Other investments | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Other investments | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Other liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held for sale | 0 | 0 |
Impaired loans, net | 47,094 | 57,089 |
Total assets measured at fair value | 86,995 | 59,592 |
Significant Unobservable Inputs (Level 3) | Other assets | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other real estate owned | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned | 2,668 | 2,503 |
Significant Unobservable Inputs (Level 3) | CMO | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | FNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | FHLMC MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | GNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other investments | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | $ 0 | |
Significant Unobservable Inputs (Level 3) | Other investments | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets measured at fair value | $ 37,233 |
Fair Value Disclosures of Fin_4
Fair Value Disclosures of Financial Assets and Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities available for sale | $ 1,205,079,000 | $ 837,499,000 | |
Unrealized gains on equity investments | $ 20,745,000 | 0 | $ 0 |
Minimum discount rate on appraisals of collateral securing loan (as percent) | 10.00% | ||
Maximum discount rate on appraisals of collateral securing loan (as percent) | 20.00% | ||
Valuation allowance on impaired loans | $ 2,300,000 | 5,000,000 | |
Commitments to Extend Credit | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Commitments of lending operations | 1,300,000,000 | 0 | |
Impaired Loans (Collateral Dependent) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Collateral for collateral dependent loans | 49,400,000 | $ 62,100,000 | |
AAA-Rated | US government and Agency MBS | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities available for sale | $ 1,200,000,000 |
Fair Value Disclosures of Fin_5
Fair Value Disclosures of Financial Assets and Liabilities - Book Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Investment securities available for sale | $ 1,205,079 | $ 837,499 |
Investment securities held to maturity | 149,950 | 161,186 |
Other investments | 37,233 | 17,971 |
Loans, held for sale | 25,318 | 31,055 |
Loans, net | 4,863,919 | 4,776,318 |
Stock in FHLB of Pittsburgh | 19,259 | 31,284 |
Accrued interest receivable | 22,001 | 19,405 |
Other assets | 65,020 | 59,068 |
Financial liabilities: | ||
Deposits | 5,640,431 | 5,247,604 |
Accrued interest payable | 1,900 | 1,037 |
Other liabilities | 85,831 | 88,748 |
Fair Value | ||
Financial assets: | ||
Investment securities available for sale | 1,205,079 | 837,499 |
Fair Value | Quoted Prices in Active Markets for Identical Asset (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 620,757 | 723,866 |
Fair Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Investment securities held to maturity | 149,431 | 162,853 |
Loans, held for sale | 25,318 | 31,055 |
Stock in FHLB of Pittsburgh | 19,259 | 31,284 |
Accrued interest receivable | 22,001 | 19,405 |
Financial liabilities: | ||
Deposits | 5,597,227 | 4,848,588 |
Borrowed funds | 694,526 | 937,605 |
Accrued interest payable | 1,900 | 1,037 |
Other liabilities | 3,493 | 3,188 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Other investments | 37,233 | 45,326 |
Loans, net | 4,772,377 | 4,699,458 |
Impaired loans, net | 47,094 | 57,089 |
Other assets | 2,098 | 2,883 |
Financial liabilities: | ||
Standby letters of credit | 495 | 603 |
Book Value | ||
Financial assets: | ||
Investment securities available for sale | 1,205,079 | 837,499 |
Book Value | Quoted Prices in Active Markets for Identical Asset (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 620,757 | 723,866 |
Book Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Investment securities held to maturity | 149,950 | 161,186 |
Loans, held for sale | 25,318 | 31,055 |
Stock in FHLB of Pittsburgh | 19,259 | 31,284 |
Accrued interest receivable | 22,001 | 19,405 |
Financial liabilities: | ||
Deposits | 5,640,431 | 5,247,604 |
Borrowed funds | 699,788 | 937,806 |
Accrued interest payable | 1,900 | 1,037 |
Other liabilities | 3,493 | 3,188 |
Book Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Other investments | 37,233 | 14,671 |
Loans, net | 4,816,825 | 4,719,229 |
Impaired loans, net | 47,094 | 57,089 |
Other assets | 2,098 | 2,883 |
Financial liabilities: | ||
Standby letters of credit | $ 495 | $ 603 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Values Instruments (Detail) instrument in Thousands, $ in Thousands | Dec. 31, 2018USD ($)instrument |
Derivatives, Fair Value [Line Items] | |
Notional | $ 167,933 |
Derivatives (Fair Value) | (2,664) |
Derivatives Designated as Hedging Instruments | Other liabilities | |
Derivatives, Fair Value [Line Items] | |
Notional | 75,000 |
Derivative liabilities, fair value | $ (3,308) |
Derivatives Designated as Hedging Instruments | Interest rate products | Other liabilities | |
Derivatives, Fair Value [Line Items] | |
Number of derivative instruments | instrument | 3 |
Notional | $ 75,000 |
Derivative liabilities, fair value | (3,308) |
Derivatives not designated as hedging instruments | |
Derivatives, Fair Value [Line Items] | |
Notional | 92,933 |
Derivatives (Fair Value) | 644 |
Derivatives not designated as hedging instruments | Interest rate lock commitments with customers | Other liabilities | |
Derivatives, Fair Value [Line Items] | |
Notional | 6,530 |
Derivative liabilities, fair value | (24) |
Derivatives not designated as hedging instruments | Interest rate lock commitments with customers | Other assets | |
Derivatives, Fair Value [Line Items] | |
Notional | 40,795 |
Derivative assets, fair value | 686 |
Derivatives not designated as hedging instruments | Forward sale commitments | Other liabilities | |
Derivatives, Fair Value [Line Items] | |
Notional | 25,876 |
Derivative liabilities, fair value | (161) |
Derivatives not designated as hedging instruments | Forward sale commitments | Other assets | |
Derivatives, Fair Value [Line Items] | |
Notional | 19,732 |
Derivative assets, fair value | $ 143 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($)swap | |
Derivatives, Fair Value [Line Items] | |
Interest rate cash flow hedge gain (loss) reclassified to earnings, net | $ 700,000 |
Notional | 167,933,000 |
Collateral value against obligations | 5,600,000 |
Accrued Liabilities | |
Derivatives, Fair Value [Line Items] | |
Termination value of derivatives | 3,300,000 |
Cash Flow Hedges of Interest Rate Risk | |
Derivatives, Fair Value [Line Items] | |
Derivative hedge ineffectiveness gain (loss) | 0 |
Interest rate cash flow hedge increase decrease interest expense to be reclassified during next 12 months (less than) | $ 1,100,000 |
Maximum period of hedged in cash flow hedge | 1 month |
Number of interest rate swaps | swap | 3 |
Notional | $ 75,000,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) | $ (56) | $ 184 |
Derivatives Designated as Hedging Instruments | Interest rate products | Interest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) | (56) | 184 |
Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) or Gain Recognized in Income | (364) | (306) |
Derivatives not designated as hedging instruments | Interest rate lock commitments with customers | Mortgage banking activities, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) or Gain Recognized in Income | (28) | 680 |
Derivatives not designated as hedging instruments | Forward sale commitments | Mortgage banking activities, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) or Gain Recognized in Income | $ (336) | $ (986) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Total deposits from related parties | $ 5.4 | $ 5.4 |
Related party loan repayment | 1.7 | |
Loans | ||
Related Party Transaction [Line Items] | ||
Maximum loan capacity | 0.5 | |
Outstanding balances to related parties | 1.2 | $ 1.2 |
New Loans and Credit Line Advance to Related Parties | ||
Related Party Transaction [Line Items] | ||
New loans and credit line advance to related parties | 1.7 | |
Executive Officer | Loans | ||
Related Party Transaction [Line Items] | ||
Maximum loan capacity | $ 0.5 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Information - Details o
Segment Information - Details of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest income | $ 77,794 | $ 75,415 | $ 72,151 | $ 67,613 | $ 66,556 | $ 65,010 | $ 62,334 | $ 60,826 | $ 292,973 | $ 254,726 | $ 216,578 |
Noninterest income | 38,186 | 41,901 | 34,987 | 47,467 | 32,435 | 32,441 | 31,676 | 28,092 | 162,541 | 124,644 | 105,061 |
Total revenue | 455,514 | 379,370 | 321,639 | ||||||||
Interest expense | 13,120 | 12,318 | 11,162 | 9,899 | 8,831 | 8,881 | 8,020 | 7,723 | 46,499 | 33,455 | 22,833 |
Noninterest expenses | 61,350 | 52,454 | 57,831 | 53,412 | 68,065 | 54,163 | 52,727 | 51,506 | 225,047 | 226,461 | 188,666 |
Provision for loan losses | 3,306 | 3,716 | 2,498 | 3,650 | 4,063 | 2,896 | 1,843 | 2,162 | 13,170 | 10,964 | 12,986 |
Total expenses | 284,716 | 270,880 | 224,485 | ||||||||
Income before taxes | 38,204 | 48,828 | 35,647 | 48,119 | 18,032 | 31,511 | 31,420 | 27,527 | 170,798 | 108,490 | 97,154 |
Income tax provision | 36,055 | 58,246 | 33,074 | ||||||||
Net income | $ 29,718 | $ 38,935 | $ 28,740 | $ 37,350 | $ (9,832) | $ 20,569 | $ 20,570 | $ 18,937 | 134,743 | 50,244 | 64,080 |
Inter-Segment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 26,572 | 18,579 | 12,113 | ||||||||
Noninterest income | 9,712 | 8,607 | 9,098 | ||||||||
Total revenue | 36,284 | 27,186 | 21,211 | ||||||||
Interest expense | 26,572 | 18,579 | 12,113 | ||||||||
Noninterest expenses | 9,712 | 8,607 | 9,098 | ||||||||
Total expenses | 36,284 | 27,186 | 21,211 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 491,798 | 406,556 | 342,850 | ||||||||
Total expenses | 321,000 | 298,066 | 245,696 | ||||||||
Income before taxes | 170,798 | 108,490 | 97,154 | ||||||||
WSFS Bank | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 282,846 | 245,932 | 208,525 | ||||||||
Noninterest income | 70,894 | 45,749 | 42,565 | ||||||||
Total revenue | 353,740 | 291,681 | 251,090 | ||||||||
Interest expense | 43,671 | 32,249 | 22,028 | ||||||||
Noninterest expenses | 172,254 | 158,942 | 146,526 | ||||||||
Provision for loan losses | 12,934 | 10,527 | 9,370 | ||||||||
Total expenses | 228,859 | 201,718 | 177,924 | ||||||||
WSFS Bank | Inter-Segment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 14,722 | 9,567 | 4,963 | ||||||||
Noninterest income | 8,793 | 7,651 | 8,145 | ||||||||
Total revenue | 23,515 | 17,218 | 13,108 | ||||||||
Interest expense | 11,850 | 9,012 | 7,150 | ||||||||
Noninterest expenses | 919 | 956 | 953 | ||||||||
Total expenses | 12,769 | 9,968 | 8,103 | ||||||||
WSFS Bank | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 377,255 | 308,899 | 264,198 | ||||||||
Total expenses | 241,628 | 211,686 | 186,027 | ||||||||
Income before taxes | 135,627 | 97,213 | 78,171 | ||||||||
Cash Connect | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Noninterest income | 50,679 | 42,641 | 35,776 | ||||||||
Total revenue | 50,679 | 42,641 | 35,776 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Noninterest expenses | 32,378 | 26,654 | 22,442 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Total expenses | 32,378 | 26,654 | 22,442 | ||||||||
Cash Connect | Inter-Segment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Noninterest income | 774 | 810 | 835 | ||||||||
Total revenue | 774 | 810 | 835 | ||||||||
Interest expense | 10,417 | 6,812 | 2,915 | ||||||||
Noninterest expenses | 2,603 | 2,603 | 2,799 | ||||||||
Total expenses | 13,020 | 9,415 | 5,714 | ||||||||
Cash Connect | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 51,453 | 43,451 | 36,611 | ||||||||
Total expenses | 45,398 | 36,069 | 28,156 | ||||||||
Income before taxes | 6,055 | 7,382 | 8,455 | ||||||||
Wealth Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 10,127 | 8,794 | 8,053 | ||||||||
Noninterest income | 40,968 | 36,254 | 26,720 | ||||||||
Total revenue | 51,095 | 45,048 | 34,773 | ||||||||
Interest expense | 2,828 | 1,206 | 805 | ||||||||
Noninterest expenses | 20,415 | 40,865 | 19,698 | ||||||||
Provision for loan losses | 236 | 437 | 3,616 | ||||||||
Total expenses | 23,479 | 42,508 | 24,119 | ||||||||
Wealth Management | Inter-Segment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 11,850 | 9,012 | 7,150 | ||||||||
Noninterest income | 145 | 146 | 118 | ||||||||
Total revenue | 11,995 | 9,158 | 7,268 | ||||||||
Interest expense | 4,305 | 2,755 | 2,048 | ||||||||
Noninterest expenses | 6,190 | 5,048 | 5,346 | ||||||||
Total expenses | 10,495 | 7,803 | 7,394 | ||||||||
Wealth Management | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 63,090 | 54,206 | 42,041 | ||||||||
Total expenses | 33,974 | 50,311 | 31,513 | ||||||||
Income before taxes | $ 29,116 | $ 3,895 | $ 10,528 |
Segment Information - Capital E
Segment Information - Capital Expenditures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Cash | $ 620,757 | $ 723,866 | $ 821,923 | $ 561,179 |
Goodwill | 166,007 | 166,007 | 167,539 | |
Other segment assets | 6,462,106 | 6,109,667 | ||
Other assets | 7,248,870 | 6,999,540 | ||
Capital expenditures | 5,498 | 8,994 | ||
WSFS Bank | ||||
Segment Reporting Information [Line Items] | ||||
Cash | 115,147 | 104,530 | ||
Goodwill | 145,808 | 145,808 | $ 147,396 | |
Other segment assets | 6,225,820 | 5,882,910 | ||
Other assets | 6,486,775 | 6,133,248 | ||
Capital expenditures | 4,779 | 8,197 | ||
Cash Connect | ||||
Segment Reporting Information [Line Items] | ||||
Cash | 491,863 | 611,385 | ||
Goodwill | 0 | 0 | ||
Other segment assets | 7,743 | 6,078 | ||
Other assets | 499,606 | 617,463 | ||
Capital expenditures | 375 | 184 | ||
Wealth Management | ||||
Segment Reporting Information [Line Items] | ||||
Cash | 13,747 | 7,951 | ||
Goodwill | 20,199 | 20,199 | ||
Other segment assets | 228,543 | 220,679 | ||
Other assets | 262,489 | 248,829 | ||
Capital expenditures | $ 344 | $ 613 |
Parent Company Financial Info_3
Parent Company Financial Information - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income: | |||||||||||
Unrealized gains on equity investments | $ 21 | $ 1,984 | $ 2,369 | ||||||||
Noninterest income | $ 38,186 | $ 41,901 | $ 34,987 | $ 47,467 | $ 32,435 | $ 32,441 | $ 31,676 | $ 28,092 | 162,541 | 124,644 | 105,061 |
Total revenue | 455,514 | 379,370 | 321,639 | ||||||||
Expenses: | |||||||||||
Interest expense | 13,120 | 12,318 | 11,162 | 9,899 | 8,831 | 8,881 | 8,020 | 7,723 | 46,499 | 33,455 | 22,833 |
Other operating expenses | (77,794) | (75,415) | (72,151) | (67,613) | (66,556) | (65,010) | (62,334) | (60,826) | (292,973) | (254,726) | (216,578) |
Net expenses | (64,674) | (63,097) | (60,989) | (57,714) | (57,725) | (56,129) | (54,314) | (53,103) | (246,474) | (221,271) | (193,745) |
Income before taxes | 38,204 | 48,828 | 35,647 | 48,119 | 18,032 | 31,511 | 31,420 | 27,527 | 170,798 | 108,490 | 97,154 |
Income tax provision | $ 8,486 | $ 9,893 | $ 6,907 | $ 10,769 | $ 27,864 | $ 10,942 | $ 10,850 | $ 8,590 | 36,055 | 58,246 | 33,074 |
WSFS Financial Corporation | |||||||||||
Income: | |||||||||||
Interest income | 1,591 | 3,167 | 3,402 | ||||||||
Unrealized gains on equity investments | 15,819 | 0 | 0 | ||||||||
Noninterest income | 28,038 | 20,528 | 68,498 | ||||||||
Total revenue | 45,448 | 23,695 | 71,900 | ||||||||
Expenses: | |||||||||||
Interest expense | 7,290 | 9,168 | 7,979 | ||||||||
Other operating expenses | 245 | 996 | 747 | ||||||||
Net expenses | 7,535 | 10,164 | 8,726 | ||||||||
Income before equity in undistributed income of subsidiaries | 37,913 | 13,531 | 63,174 | ||||||||
Equity in undistributed income (loss) of subsidiaries | 97,626 | 35,722 | (779) | ||||||||
Income before taxes | 135,539 | 49,253 | 62,395 | ||||||||
Income tax provision | 796 | (991) | (1,685) | ||||||||
Net income allocable to common stockholders | $ 134,743 | $ 50,244 | $ 64,080 |
Parent Company Financial Info_4
Parent Company Financial Information - Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | |||||
Cash | $ 620,757 | $ 723,866 | $ 821,923 | $ 561,179 | |
Intangible assets | 65,020 | 59,068 | |||
Other assets | 7,248,870 | 6,999,540 | |||
Liabilities: | |||||
Trust preferred | 67,011 | 67,011 | |||
Senior debt | 98,388 | 98,171 | $ 55,000 | ||
Interest payable | 1,900 | 1,037 | |||
Other liabilities | 85,831 | 88,748 | |||
Total liabilities | 6,427,950 | 6,275,195 | |||
Stockholders’ Equity: | |||||
Common stock | 569 | 563 | |||
Capital in excess of par value | 349,810 | 336,271 | |||
Accumulated other comprehensive loss | (15,394) | (8,152) | |||
Retained earnings | 791,031 | 669,557 | |||
Treasury stock | (305,096) | (273,894) | |||
Total stockholders’ equity | 820,920 | 724,345 | 687,336 | 580,471 | |
Total liabilities and stockholders’ equity | 7,248,870 | 6,999,540 | |||
WSFS Financial Corporation | |||||
Assets: | |||||
Cash | 30,581 | 37,344 | $ 103,018 | $ 26,456 | |
Investment in subsidiaries | 923,381 | 833,763 | |||
Investment in Capital Trust III | 2,011 | 2,011 | |||
Intangible assets | 31,050 | 17,465 | |||
Other assets | 987,023 | 890,583 | |||
Liabilities: | |||||
Trust preferred | 67,011 | 67,011 | |||
Senior debt | 98,388 | 98,171 | |||
Interest payable | 443 | 388 | |||
Other liabilities | 261 | 668 | |||
Total liabilities | 166,103 | 166,238 | |||
Stockholders’ Equity: | |||||
Common stock | 569 | 563 | |||
Capital in excess of par value | 349,810 | 336,271 | |||
Accumulated other comprehensive loss | (15,394) | (8,152) | |||
Retained earnings | 791,031 | 669,557 | |||
Treasury stock | (305,096) | (273,894) | |||
Total stockholders’ equity | 820,920 | 724,345 | |||
Total liabilities and stockholders’ equity | $ 987,023 | $ 890,583 |
Parent Company Financial Info_5
Parent Company Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||||||||||
Net Income | $ 29,718 | $ 38,935 | $ 28,740 | $ 37,350 | $ (9,832) | $ 20,569 | $ 20,570 | $ 18,937 | $ 134,743 | $ 50,244 | $ 64,080 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on sale of equity investments, net | (3,757) | 0 | 0 | ||||||||
Unrealized gains on equity investments | (20,745) | 0 | 0 | ||||||||
(Decrease) increase in other assets | (6,297) | (2,517) | 443 | ||||||||
(Decrease) increase in other liabilities | (2,931) | 7,353 | 3,709 | ||||||||
Net cash provided by operating activities | 135,574 | 130,168 | 80,180 | ||||||||
Investing activities: | |||||||||||
Sale of Visa Class B shares | 6,186 | 0 | 0 | ||||||||
Purchases of Visa Class B shares | (1,568) | (10,072) | (387) | ||||||||
Net cash used for investing activities | (359,910) | (388,786) | (276,593) | ||||||||
Financing activities: | |||||||||||
Repayment of long-term debt | 0 | 0 | (10,000) | ||||||||
Issuance of common stock | 11,253 | 3,421 | 1,900 | ||||||||
Repayment of senior debt | 0 | (55,000) | 0 | ||||||||
Issuance of senior debt | 0 | 0 | 97,849 | ||||||||
Buy back of common stock | (31,202) | (11,752) | (14,312) | ||||||||
Cash dividends paid | (13,249) | (9,425) | (7,632) | ||||||||
Net cash provided by financing activities | 121,227 | 160,561 | 457,157 | ||||||||
(Decrease) increase in cash and cash equivalents | (103,109) | (98,057) | 260,744 | ||||||||
Cash and cash equivalents at beginning of year | 723,866 | 821,923 | 723,866 | 821,923 | 561,179 | ||||||
Cash and cash equivalents at end of year | 620,757 | 723,866 | 620,757 | 723,866 | 821,923 | ||||||
WSFS Financial Corporation | |||||||||||
Operating activities: | |||||||||||
Net Income | 134,743 | 50,244 | 64,080 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed (income) loss of subsidiaries | (97,626) | (35,722) | 779 | ||||||||
Gain on sale of equity investments, net | (3,757) | 0 | 0 | ||||||||
Unrealized gains on equity investments | (15,088) | 0 | 0 | ||||||||
(Decrease) increase in other assets | 2,265 | 1,618 | 133 | ||||||||
(Decrease) increase in other liabilities | (237) | 1,422 | 655 | ||||||||
Net cash provided by operating activities | 20,300 | 17,562 | 65,647 | ||||||||
Investing activities: | |||||||||||
Payments for investment in and advances to subsidiaries | 0 | (1,360) | (119) | ||||||||
Sale or repayment of investments in and advances to subsidiaries | 0 | 1,066 | 1,220 | ||||||||
Sale of Visa Class B shares | 6,186 | 0 | 0 | ||||||||
Net cash from business combinations | 0 | 0 | (57,604) | ||||||||
Purchases of Visa Class B shares | (51) | (10,072) | (387) | ||||||||
Net cash used for investing activities | 6,135 | (10,366) | (56,890) | ||||||||
Financing activities: | |||||||||||
Repayment of long-term debt | 0 | 0 | (10,000) | ||||||||
Issuance of common stock | 11,253 | 3,307 | 1,900 | ||||||||
Repayment of senior debt | 0 | (55,000) | 0 | ||||||||
Issuance of senior debt | 0 | 0 | 97,849 | ||||||||
Buy back of common stock | (31,202) | (11,752) | (14,312) | ||||||||
Cash dividends paid | (13,249) | (9,425) | (7,632) | ||||||||
Net cash provided by financing activities | (33,198) | (72,870) | 67,805 | ||||||||
(Decrease) increase in cash and cash equivalents | (6,763) | (65,674) | 76,562 | ||||||||
Cash and cash equivalents at beginning of year | $ 37,344 | $ 103,018 | 37,344 | 103,018 | 26,456 | ||||||
Cash and cash equivalents at end of year | $ 30,581 | $ 37,344 | $ 30,581 | $ 37,344 | $ 103,018 |
Change in Accumulated Other C_3
Change in Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | $ 724,345 | $ 687,336 | $ 580,471 |
Other comprehensive income before reclassifications | (6,723) | 2,889 | (6,610) |
Less: Amounts reclassified from accumulated other comprehensive loss | (519) | (1,764) | (1,703) |
Net current-period other comprehensive loss | (7,242) | 1,125 | (8,313) |
Less: Reclassification due to the adoption of ASU No. 2018-02 | (1,660) | ||
Ending Balance | 820,920 | 724,345 | 687,336 |
Net change in investment securities available for sale | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (7,842) | (8,194) | (1,887) |
Other comprehensive income before reclassifications | (6,695) | 3,073 | (4,838) |
Less: Amounts reclassified from accumulated other comprehensive loss | (16) | (1,280) | (1,469) |
Net current-period other comprehensive loss | (6,711) | 1,793 | (6,307) |
Less: Reclassification due to the adoption of ASU No. 2018-02 | (1,441) | ||
Ending Balance | (14,553) | (7,842) | (8,194) |
Net change in investment securities held to maturity | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 1,223 | 1,392 | 1,795 |
Other comprehensive income before reclassifications | 6 | 0 | 0 |
Less: Amounts reclassified from accumulated other comprehensive loss | (450) | (394) | (403) |
Net current-period other comprehensive loss | (444) | (394) | (403) |
Less: Reclassification due to the adoption of ASU No. 2018-02 | 225 | ||
Ending Balance | 779 | 1,223 | 1,392 |
Net change in defined benefit plan | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 865 | 957 | 788 |
Other comprehensive income before reclassifications | 22 | 0 | 0 |
Less: Amounts reclassified from accumulated other comprehensive loss | (53) | (90) | 169 |
Net current-period other comprehensive loss | (31) | (90) | 169 |
Less: Reclassification due to the adoption of ASU No. 2018-02 | (2) | ||
Ending Balance | 834 | 865 | 957 |
Net change in fair value of derivatives used for cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (2,398) | (1,772) | 0 |
Other comprehensive income before reclassifications | (56) | (184) | (1,772) |
Less: Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Net current-period other comprehensive loss | (56) | (184) | (1,772) |
Less: Reclassification due to the adoption of ASU No. 2018-02 | (442) | ||
Ending Balance | (2,454) | (2,398) | (1,772) |
Accumulated Other Comprehensive (Loss) Income | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (8,152) | (7,617) | 696 |
Less: Reclassification due to the adoption of ASU No. 2018-02 | (1,700) | ||
Ending Balance | $ (15,394) | $ (8,152) | $ (7,617) |
Change in Accumulated Other C_4
Change in Accumulated Other Comprehensive Income - Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Security gains, net | $ 21 | $ 1,984 | $ 2,369 | |||||||||
Income tax provision (benefit) | $ (8,486) | $ (9,893) | $ (6,907) | $ (10,769) | $ (27,864) | $ (10,942) | $ (10,850) | $ (8,590) | (36,055) | (58,246) | (33,074) | |
Income before taxes | 38,204 | 48,828 | 35,647 | 48,119 | 18,032 | 31,511 | 31,420 | 27,527 | 170,798 | 108,490 | 97,154 | |
Net income | $ 29,718 | $ 38,935 | $ 28,740 | $ 37,350 | $ (9,832) | $ 20,569 | $ 20,570 | $ 18,937 | 134,743 | 50,244 | 64,080 | |
Prior service cost (credit), tax adjustment | $ 100 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Net income | (519) | (1,764) | (1,703) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net change in defined benefit plan | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income tax provision (benefit) | (10) | 56 | (103) | |||||||||
Prior service costs (credits) | 2 | (76) | (76) | |||||||||
Transition obligation | 0 | 0 | 0 | |||||||||
Actuarial losses | (45) | (70) | 348 | |||||||||
Income before taxes | (43) | (146) | 272 | |||||||||
Net income | (53) | (90) | 169 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Realized gains on securities transactions | Net change in investment securities available for sale | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Security gains, net | (21) | (1,984) | (2,369) | |||||||||
Income tax provision (benefit) | 5 | 704 | 900 | |||||||||
Net income | (16) | (1,280) | (1,469) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of net unrealized gains to income during the period | Net change in investment securities available for sale | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income tax provision (benefit) | 136 | 241 | 248 | |||||||||
Interest and dividends on investment securities | (586) | (635) | (651) | |||||||||
Net income | $ (450) | $ (394) | $ (403) |
Legal and Other Proceedings - A
Legal and Other Proceedings - Additional Information (Detail) - USD ($) | Feb. 27, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2017 |
Loss Contingencies [Line Items] | ||||
Additions to other significant pending legal or other proceedings | $ 0 | |||
Settled Litigation | Universitas Education, LLC | ||||
Loss Contingencies [Line Items] | ||||
Loss to legal settlement | $ 12,000,000 | |||
Recovery from legal settlement | $ 7,900,000 | |||
Pending Litigation | NHT | ||||
Loss Contingencies [Line Items] | ||||
Face amount of life settlement policies | $ 6,300,000 | |||
Deductible | $ 1,000,000 |
Quarterly Financial Summary (_3
Quarterly Financial Summary (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 77,794 | $ 75,415 | $ 72,151 | $ 67,613 | $ 66,556 | $ 65,010 | $ 62,334 | $ 60,826 | $ 292,973 | $ 254,726 | $ 216,578 |
Interest expense | 13,120 | 12,318 | 11,162 | 9,899 | 8,831 | 8,881 | 8,020 | 7,723 | 46,499 | 33,455 | 22,833 |
Net interest income | 64,674 | 63,097 | 60,989 | 57,714 | 57,725 | 56,129 | 54,314 | 53,103 | 246,474 | 221,271 | 193,745 |
Provision for loan losses | 3,306 | 3,716 | 2,498 | 3,650 | 4,063 | 2,896 | 1,843 | 2,162 | 13,170 | 10,964 | 12,986 |
Net interest income after provision for loan losses | 61,368 | 59,381 | 58,491 | 54,064 | 53,662 | 53,233 | 52,471 | 50,941 | 233,304 | 210,307 | 180,759 |
Noninterest income | 38,186 | 41,901 | 34,987 | 47,467 | 32,435 | 32,441 | 31,676 | 28,092 | 162,541 | 124,644 | 105,061 |
Noninterest expenses | 61,350 | 52,454 | 57,831 | 53,412 | 68,065 | 54,163 | 52,727 | 51,506 | 225,047 | 226,461 | 188,666 |
Income before taxes | 38,204 | 48,828 | 35,647 | 48,119 | 18,032 | 31,511 | 31,420 | 27,527 | 170,798 | 108,490 | 97,154 |
Income tax provision | 8,486 | 9,893 | 6,907 | 10,769 | 27,864 | 10,942 | 10,850 | 8,590 | 36,055 | 58,246 | 33,074 |
Net income | $ 29,718 | $ 38,935 | $ 28,740 | $ 37,350 | $ (9,832) | $ 20,569 | $ 20,570 | $ 18,937 | $ 134,743 | $ 50,244 | $ 64,080 |
Earnings Per Share [Abstract] | |||||||||||
Basic (in dollars per share) | $ 0.94 | $ 1.22 | $ 0.91 | $ 1.19 | $ (0.31) | $ 0.65 | $ 0.65 | $ 0.60 | $ 4.27 | $ 1.60 | $ 2.12 |
Diluted (in dollars per share) | $ 0.93 | $ 1.20 | $ 0.89 | $ 1.16 | $ (0.31) | $ 0.64 | $ 0.64 | $ 0.59 | $ 4.19 | $ 1.56 | $ 2.06 |