Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'WSFS | ' |
Entity Registrant Name | 'WSFS FINANCIAL CORP | ' |
Entity Central Index Key | '0000828944 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 8,850,368 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income: | ' | ' | ' | ' |
Interest and fees on loans | $32,708 | $32,003 | $96,268 | $98,185 |
Interest on mortgage-backed securities | 3,527 | 4,344 | 10,726 | 14,953 |
Interest on reverse mortgages | 248 | 35 | 462 | -41 |
Interest and dividends on investment securities | 546 | 123 | 999 | 376 |
Other interest income | 87 | 9 | 134 | 27 |
Total interest income | 37,116 | 36,514 | 108,589 | 113,500 |
Interest expense: | ' | ' | ' | ' |
Interest on deposits | 1,673 | 3,237 | 5,513 | 10,652 |
Interest on Federal Home Loan Bank advances | 482 | 1,403 | 1,376 | 4,985 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 244 | 253 | 738 | 765 |
Interest on trust preferred borrowings | 339 | 369 | 1,005 | 1,114 |
Interest on senior debt | 943 | 353 | 2,830 | 353 |
Interest on other borrowings | 29 | 6 | 85 | 130 |
Total interest expenses | 3,710 | 5,621 | 11,547 | 17,999 |
Net interest income | 33,406 | 30,893 | 97,042 | 95,501 |
Provision for loan losses | 1,969 | 3,751 | 5,880 | 28,379 |
Net interest income after provision for loan losses | 31,437 | 27,142 | 91,162 | 67,122 |
Noninterest income: | ' | ' | ' | ' |
Credit/debit card and ATM income | 6,374 | 5,738 | 18,231 | 17,031 |
Deposit service charges | 4,407 | 4,360 | 12,637 | 12,673 |
Investment management and fiduciary revenue | 3,836 | 3,258 | 11,623 | 9,716 |
Reverse mortgage consolidation gain | 3,801 | ' | 3,801 | ' |
Mortgage banking activities, net | 907 | 914 | 2,837 | 1,882 |
Loan fee income | 419 | 706 | 1,401 | 1,803 |
Security gains, net | 306 | 2,451 | 2,856 | 17,797 |
Bank owned life insurance income | 74 | 1,126 | 162 | 1,447 |
Other income | 2,618 | 1,195 | 6,807 | 3,149 |
Total non interest income | 22,742 | 19,748 | 60,355 | 65,498 |
Noninterest expenses: | ' | ' | ' | ' |
Salaries, benefits and other compensation | 17,648 | 16,942 | 53,086 | 49,840 |
Occupancy expense | 3,385 | 3,235 | 10,169 | 9,697 |
Equipment expense | 2,044 | 1,701 | 5,990 | 5,403 |
Data processing and operations expenses | 1,548 | 1,402 | 4,291 | 4,190 |
FDIC expenses | 959 | 1,384 | 3,067 | 4,262 |
Professional fees | 866 | 671 | 2,712 | 2,917 |
Marketing expense | 643 | 379 | 1,768 | 1,976 |
Loan workout and OREO expenses | 492 | 2,115 | 1,432 | 4,902 |
Other operating expense | 5,224 | 4,324 | 15,816 | 12,972 |
Total non interest expenses | 32,809 | 32,153 | 98,331 | 96,159 |
Income before taxes | 21,370 | 14,737 | 53,186 | 36,461 |
Income tax provision | 7,210 | 4,758 | 18,378 | 12,708 |
Net income | 14,160 | 9,979 | 34,808 | 23,753 |
Dividends on preferred stock and accretion of discount | 332 | 693 | 1,633 | 2,077 |
Net income allocable to common stockholders | $13,828 | $9,286 | $33,175 | $21,676 |
Earnings per share: | ' | ' | ' | ' |
Basic | $1.57 | $1.07 | $3.77 | $2.49 |
Diluted | $1.54 | $1.06 | $3.72 | $2.47 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $14,160 | $9,979 | $34,808 | $23,753 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Unrealized (losses) gains on securities available-for-sale | -4,901 | 15,341 | -43,781 | 27,605 |
Tax benefit (expense) | 1,795 | -5,783 | 16,532 | -10,440 |
Net of tax amount | -3,106 | 9,558 | -27,249 | 17,165 |
Reclassification adjustment for gains included in net income | -306 | -2,451 | -2,856 | -17,797 |
Tax expense | 116 | 931 | 1,085 | 6,763 |
Net of tax amount | -190 | -1,520 | -1,771 | -11,034 |
Total other comprehensive (loss) income | -3,296 | 8,038 | -29,020 | 6,131 |
Total comprehensive income | $10,864 | $18,017 | $5,788 | $29,884 |
CONSOLIDATED_STATEMENTS_OF_CON
CONSOLIDATED STATEMENTS OF CONDITION (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $96,021 | $93,629 |
Cash in non-owned ATMs | 406,227 | 406,627 |
Interest-bearing deposits in other banks | 197 | 631 |
Total cash and cash equivalents | 502,445 | 500,887 |
Investment securities, available-for-sale | 806,926 | 907,955 |
Investment securities, trading | ' | 12,590 |
Loans held-for-sale | 12,608 | 12,758 |
Loans, net of allowance for loan losses of $41,431 at September 30, 2013 and $43,922 at December 31, 2012 | 2,829,992 | 2,723,916 |
Reverse mortgage loans | 40,095 | -457 |
Bank-owned life insurance | 63,077 | 62,915 |
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 33,876 | 31,165 |
Assets acquired through foreclosure | 7,163 | 4,622 |
Accrued interest receivable | 9,833 | 9,652 |
Premises and equipment | 36,001 | 38,257 |
Goodwill | 32,395 | 28,146 |
Intangible assets | 7,146 | 5,174 |
Other assets | 61,099 | 37,568 |
Total assets | 4,442,656 | 4,375,148 |
Deposits: | ' | ' |
Noninterest-bearing demand | 609,115 | 631,026 |
Interest-bearing demand | 669,173 | 538,195 |
Money market | 780,753 | 933,901 |
Savings | 378,397 | 389,977 |
Time | 256,397 | 316,986 |
Jumbo certificates of deposit - customer | 251,764 | 294,237 |
Total customer deposits | 2,945,599 | 3,104,322 |
Brokered deposits | 175,599 | 170,641 |
Total deposits | 3,121,198 | 3,274,963 |
Federal funds purchased and securities sold under agreements to repurchase | 114,000 | 110,000 |
Federal Home Loan Bank advances | 600,435 | 376,310 |
Trust preferred borrowings | 67,011 | 67,011 |
Senior debt | 55,000 | 55,000 |
Other borrowed funds | 38,169 | 28,945 |
Bonds payable | 26,340 | ' |
Accrued interest payable | 3,254 | 1,099 |
Other liabilities | 43,298 | 40,766 |
Total liabilities | 4,068,705 | 3,954,094 |
Stockholders' Equity: | ' | ' |
Serial preferred stock $0.01 par value, 7,500,000 shares authorized; issued 0 at September 30, 2013 and 52,625 issued at December 31, 2012 | ' | 1 |
Common stock $0.01 par value, 20,000,000 shares authorized; issued 18,425,025 at September 30, 2013 and 18,354,055 at December 31, 2012 | 184 | 184 |
Capital in excess of par value | 175,176 | 222,978 |
Accumulated other comprehensive (loss) / income | -16,077 | 12,943 |
Retained earnings | 462,948 | 433,228 |
Treasury stock at cost, 9,580,569 shares at September 30, 2013 and December 31, 2012 | -248,280 | -248,280 |
Total stockholders' equity | 373,951 | 421,054 |
Total liabilities and stockholders' equity | $4,442,656 | $4,375,148 |
CONSOLIDATED_STATEMENTS_OF_CON1
CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for loan losses | $41,431 | $43,922 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 7,500,000 | 7,500,000 |
Preferred stock, shares issued | 0 | 52,625 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 18,425,025 | 18,354,055 |
Treasury stock , shares | 9,580,569 | 9,580,569 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net Income | $34,808 | $23,753 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 5,880 | 28,379 |
Depreciation of premises and equipment | 4,329 | 3,803 |
Amortization, net | 8,575 | 8,123 |
(Increase) decrease in accrued interest receivable | -181 | 1,451 |
(Decrease) increase in other assets | -6,126 | 8,726 |
Origination of loans held-for-sale | -178,819 | -137,298 |
Proceeds from sales of loans held-for-sale | 191,831 | 142,535 |
Gain on mortgage banking activities, net | -2,837 | -1,882 |
Gain on mark-to-market adjustment on trading securities | 125 | ' |
Security gains, net | -2,981 | -17,797 |
Reverse mortgage consolidation gain | -3,801 | ' |
Stock-based compensation expense | 2,294 | 1,600 |
Excess tax benefits from share-based payment arrangements | -266 | -99 |
Increase in accrued interest payable | 2,155 | 4,425 |
Decrease in other liabilities | -9,488 | -3,432 |
Loss on sale of assets acquired through foreclosure and valuation adjustments, net | 203 | 2,891 |
Increase in value of bank-owned life insurance | -162 | -1,447 |
Decrease in capitalized interest, net | -802 | -478 |
Net cash provided by operating activities | 44,737 | 63,253 |
Investing activities: | ' | ' |
Maturities of investment securities | 510 | 5,039 |
Sale of investment securities available for sale | 239,383 | 616,254 |
Purchase of investment securities available-for-sale | -255,277 | -751,363 |
Repayments of investment securities available-for-sale | 64,369 | 101,729 |
Disbursements for reverse mortgages | -40 | -94 |
Proceeds from loan disposition | ' | 31,307 |
Net increase in loans | -121,589 | -38,190 |
Cash received in consolidation of reverse mortgage securitization trust | 5,833 | ' |
Payment of bank-owned life insurance | ' | 2,021 |
Acquisition of Array/Arrow, net of cash acquired | -4,189 | ' |
Net (increase) decrease in stock of Federal Home Loan Bank of Pittsburgh | -2,711 | 5,585 |
Sales of assets acquired through foreclosure, net | 4,682 | 11,789 |
Investment in premises and equipment, net | -1,948 | -5,747 |
Net cash (used for) provided by investing activities | -70,977 | -21,670 |
Financing activities: | ' | ' |
Net (decrease) increase in demand and saving deposits | -46,072 | 101,059 |
Decrease in time deposits | -103,062 | -58,991 |
Increase (decrease) in brokered deposits | 4,958 | -25,717 |
Receipts from FHLB advances | 29,071,254 | 27,299,083 |
Repayments of FHLB advances | -28,847,129 | -27,444,895 |
Receipts from federal funds purchased and securities sold under agreement to repurchase | 15,682,425 | 14,135,000 |
Repayments of federal funds purchased and securities sold under agreement to repurchase | -15,678,425 | -14,085,000 |
Repayment of unsecured debt | ' | -30,000 |
Issuance of Senior Debt | ' | 52,691 |
Dividends paid | -6,017 | -5,115 |
Issuance of common stock and exercise of common stock options | 2,223 | 1,086 |
Repurchase of common stock warrants | ' | -1,800 |
Redemption of preferred stock | -52,623 | ' |
Excess tax benefits from share-based payment arrangements | 266 | 99 |
Net cash provided by (used for) financing activities | 27,798 | -62,500 |
Increase (decrease) in cash and cash equivalents | 1,558 | -20,917 |
Cash and cash equivalents at beginning of period | 500,887 | 468,017 |
Cash and cash equivalents at end of period | 502,445 | 447,100 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Cash paid for interest during the period | 9,392 | 13,574 |
Cash paid for income taxes, net | 15,822 | 8,379 |
Loans transferred to assets acquired through foreclosure | 7,427 | 9,290 |
Net change in other comprehensive income | -29,021 | 6,131 |
Fair value of assets acquired | 12,817 | ' |
Fair value of liabilities assumed | 10,127 | ' |
Fair value of assets consolidated | 41,397 | ' |
Fair value of liabilities consolidated | $26,339 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. BASIS OF PRESENTATION | |
Our Consolidated Financial Statements include the accounts of WSFS Financial Corporation (“the Company”, “our Company”, “we”, “our” or “us”), Wilmington Savings Fund Society, FSB (“WSFS Bank” or the “Bank”) and Montchanin Capital Management, Inc. (“Montchanin”). We also have one unconsolidated affiliate, WSFS Capital Trust III (“the Trust”). WSFS Bank has two fully-owned subsidiaries, WSFS Investment Group, Inc. (“WIG”) and Monarch Entity Services LLC (“Monarch”) and Montchanin has one wholly owned subsidiary, Cypress Capital Management, LLC (“Cypress”). In addition to the subsidiaries listed above, we also have one consolidated variable interest entity, SASCO 2002-RM1 (“SASCO”), which is a reverse mortgage securitization trust. | |
Founded in 1832, the Bank is one of the ten oldest banks continuously operating under the same name in the United States. We provide residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. In addition, we offer a variety of wealth management and trust services to personal and corporate customers through our Wealth Management division. Lending activities are funded primarily with customer deposits and borrowings. The Federal Deposit Insurance Corporation (“FDIC”) insures our customers’ deposits to their legal maximums. We serve our customers primarily from our 51 offices located in Delaware (41), Pennsylvania (8), Virginia (1) and Nevada (1) and through our website at www.wsfsbank.com. Information on our website is not incorporated by reference into this quarterly report. | |
Amounts subject to significant estimates are items such as the allowance for loan losses and reserves for lending related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, investment in reverse mortgage, income taxes and other-than-temporary impairments (“OTTI”). Among other effects, changes to such estimates could result in future impairments of investment securities, goodwill and intangible assets and establishment of allowances for loan losses and lending related commitments as well as increased post-retirement benefits expense. | |
Our accounting and reporting policies conform with U.S. generally accepted accounting principles and prevailing practices within the banking industry for interim financial information and Rule 10-01 of the Securities and Exchange Commission (“SEC”) Regulation S-X. Rule 10-01 of Regulation S-X does not require us to include all information and notes for complete financial statements and prevailing practices within the banking industry. Operating results for the three and nine month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2013. For further information, refer to the consolidated financial statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2012 as filed with the SEC. | |
Whenever necessary, reclassifications have been made to prior period Consolidated Financial Statements to conform to the current period’s presentation. All significant intercompany transactions were eliminated in consolidation. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
2. EARNINGS PER SHARE | |||||||||||||||||
The following table shows the computation of basic and diluted earnings per share: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income allocable to common stockholders | $ | 13,828 | $ | 9,286 | $ | 33,175 | $ | 21,676 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share—weighted average shares | 8,828 | 8,712 | 8,804 | 8,702 | |||||||||||||
Effect of dilutive employee stock options and warrants | 148 | 83 | 106 | 77 | |||||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed exercise | 8,976 | 8,795 | 8,910 | 8,779 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income allocable to common stockholders | $ | 1.57 | $ | 1.07 | $ | 3.77 | $ | 2.49 | |||||||||
Diluted: | |||||||||||||||||
Net income allocable to common stockholders | $ | 1.54 | $ | 1.06 | $ | 3.72 | $ | 2.47 | |||||||||
Outstanding common stock equivalents having no dilutive effect | 402 | 338 | 557 | 361 |
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
3. INVESTMENT SECURITIES | |||||||||||||||||||||||||
The following tables detail the amortized cost and the estimated fair value of our investment securities available-for-sale and trading securities: | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
State and political subdivisions | $ | 87,987 | $ | 224 | $ | (4,879 | ) | $ | 83,332 | ||||||||||||||||
U.S. Government and government sponsored enterprises (“GSE”) | 41,670 | 131 | (3 | ) | 41,798 | ||||||||||||||||||||
Federal National Mortgage Association (“FNMA”) Mortgage-Backed Securities (“MBS”) | 379,721 | 518 | (11,990 | ) | 368,249 | ||||||||||||||||||||
Collateralized Mortgage Obligation (“CMO”) (1) | 112,887 | 169 | (4,585 | ) | 108,471 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation (“FHLMC”) MBS | 109,482 | 38 | (3,397 | ) | 106,123 | ||||||||||||||||||||
Government National Mortgage Association (“GNMA”) MBS | 100,349 | 1,134 | (2,530 | ) | 98,953 | ||||||||||||||||||||
$ | 832,096 | $ | 2,214 | $ | (27,384 | ) | $ | 806,926 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
State and political subdivisions | 3,120 | 89 | — | 3,209 | |||||||||||||||||||||
GSE | 46,726 | 266 | (2 | ) | 46,990 | ||||||||||||||||||||
FNMA | 396,910 | 9,588 | (243 | ) | 406,255 | ||||||||||||||||||||
CMO (1) | 251,848 | 7,849 | (301 | ) | 259,396 | ||||||||||||||||||||
FHLMC | 58,596 | 1,171 | (117 | ) | 59,650 | ||||||||||||||||||||
GNMA | 129,288 | 3,221 | (54 | ) | 132,455 | ||||||||||||||||||||
$ | 886,488 | $ | 22,184 | $ | (717 | ) | $ | 907,955 | |||||||||||||||||
Trading securities | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
CMO | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
CMO | $ | 12,590 | $ | — | $ | — | $ | 12,590 | |||||||||||||||||
-1 | Includes agency CMO securities classified as available-for-sale | ||||||||||||||||||||||||
The scheduled maturities of investment securities available-for-sale at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Within one year | $ | 22,860 | $ | 22,932 | |||||||||||||||||||||
After one year but within five years | 32,661 | 32,465 | |||||||||||||||||||||||
After five years but within ten years | 312,070 | 298,900 | |||||||||||||||||||||||
After ten years | 464,505 | 452,629 | |||||||||||||||||||||||
$ | 832,096 | $ | 806,926 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Within one year | $ | 19,001 | $ | 19,115 | |||||||||||||||||||||
After one year but within five years | 28,855 | 29,034 | |||||||||||||||||||||||
After five years but within ten years | 321,103 | 329,580 | |||||||||||||||||||||||
After ten years | 517,529 | 530,226 | |||||||||||||||||||||||
$ | 886,488 | $ | 907,955 | ||||||||||||||||||||||
The portfolio of available-for-sale “MBS” includes 134 securities all of which are GSE securities with an amortized cost of $702.4 million. All securities were AAA-rated at the time of purchase. All securities were re-evaluated for OTTI at September 30, 2013. The result of this evaluation showed no OTTI for the third quarter of 2013. The weighted average duration of MBS was 5.8 years at September 30, 2013. | |||||||||||||||||||||||||
MBS have expected maturities that differ from their contractual maturities. These differences arise because borrowers may have the right to call or prepay obligations with or without a prepayment penalty. | |||||||||||||||||||||||||
At September 30, 2013, investment securities with market values aggregating $513.0 million were pledged as collateral for retail customer repurchase agreements, municipal deposits, and other obligations. From time to time, investment securities are also pledged as collateral for FHLB borrowings. There were no FHLB pledged investment securities at September 30, 2013. | |||||||||||||||||||||||||
During the first nine months of 2013, we sold $239.9 million of investment securities categorized as available-for-sale for net gains of $3.0 million. In the first nine months of 2012, proceeds from the sale of investment securities available-for-sale were $616.3 million and resulted in net gains of $17.7 million. The cost basis of all investment securities sales is based on the specific identification method. | |||||||||||||||||||||||||
As of September 30, 2013, our investment securities portfolio had remaining unamortized premiums of $25.1 million and $90,000 of unaccreted discounts. | |||||||||||||||||||||||||
At September 30, 2013, we owned investment securities totaling $678.9 million in which the amortized cost basis exceeded fair value. Total unrealized losses on those securities were $27.4 million at September 30, 2013. The temporary impairment is the result of changes in market interest rates subsequent to the purchase of the securities. Our investment portfolio is reviewed each quarter for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the 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 any anticipated recovery in the market. We evaluate our intent and ability to hold 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. In addition, 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. | |||||||||||||||||||||||||
During the first nine months of 2013, we purchased $77.7 million of municipal bonds. The purpose was to improve return, diversify our investment portfolio and reduce our effective tax rate. | |||||||||||||||||||||||||
For these investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at September 30, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
State and political subdivisions | $ | 59,470 | $ | 4,879 | $ | — | $ | — | $ | 59,470 | $ | 4,879 | |||||||||||||
U.S Government and agencies | — | — | 2,003 | 3 | 2,003 | 3 | |||||||||||||||||||
FNMA | 331,949 | 11,840 | 4,060 | 150 | 336,009 | 11,990 | |||||||||||||||||||
CMO | 99,464 | 4,584 | 1,339 | 1 | 100,803 | 4,585 | |||||||||||||||||||
FHLMC | 105,539 | 3,397 | — | — | 105,539 | 3,397 | |||||||||||||||||||
GNMA | 75,096 | 2,530 | — | — | 75,096 | 2,530 | |||||||||||||||||||
Total temporarily impaired investments | $ | 671,518 | $ | 27,230 | $ | 7,402 | $ | 154 | $ | 678,920 | $ | 27,384 | |||||||||||||
The table below shows our investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at December 31, 2012. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
U.S Government and agencies | 2,008 | 2 | — | — | 2,008 | 2 | |||||||||||||||||||
FNMA | 43,696 | 243 | — | — | 43,696 | 243 | |||||||||||||||||||
CMO | 40,358 | 268 | 1,364 | 33 | 41,722 | 301 | |||||||||||||||||||
FHLMC | 13,884 | 117 | — | — | 13,884 | 117 | |||||||||||||||||||
GNMA | 10,029 | 54 | — | — | 10,029 | 54 | |||||||||||||||||||
Total temporarily impaired investments | $ | 109,975 | $ | 684 | $ | 1,364 | $ | 33 | $ | 111,339 | $ | 717 | |||||||||||||
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Credit Quality Information | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Credit Quality Information | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
4. ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||
We maintain an allowance for loan losses and charge losses to this allowance when such losses are realized. We established our allowance for loan losses in accordance with guidance provided in the SEC’s Staff Accounting Bulletin 102 (“SAB 102”). 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 upon a continuing review of these portfolios. The following are included in our allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||
• | Specific reserves for impaired loans | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Allowances for pools of homogenous loans based on historical loss experience | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Adjustments for qualitative and environmental factors | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Allowance for model estimation and complexity risk | ||||||||||||||||||||||||||||||||||||||||||||||||
Specific reserves are established for impaired loans where we have identified significant conditions or circumstances related to specific credits that indicate losses are probable. Unless loans are well-secured and collection is imminent, all loans that are 90 days past due are deemed impaired. Reserves for impaired loans are generally charged-off within 90 days of impairment recognition. Estimated losses are based on collateral values, estimates of future cash flows, or market valuations. | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowances for pooled homogeneous loans, that are not deemed impaired, are based on historical loss experience. Estimated losses for pooled portfolios are determined differently for commercial loan pools and retail loan pools. Commercial loans are pooled into the following segments: Business Loans (Commercial and Industrial Loans), Commercial Real Estate – Owner-Occupied, Commercial Real Estate – Investor, and Construction Loans. 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. Probability of default is calculated based on the historical rate of migration to impaired status during the last fourteen quarters. This was an increase of one quarter over the previous period’s analysis. This adjustment provides a more representative period and accurate estimation of the allowance at the current point in this credit cycle. Loss severity is calculated as the actual loan losses (net of recoveries) on impaired loans in the respective pool during the same time frame. Retail loans are pooled into the following segments: residential mortgage loans, home equity secured loans, and all other consumer loans. Pooled reserves for retail loans are calculated based solely on the previous three year average loss rate. | |||||||||||||||||||||||||||||||||||||||||||||||||
Qualitative and environmental adjustment factors are taken into consideration when determining the above reserve estimates or core reserves. These adjustment factors are based upon our evaluation of various current internal and external conditions including: | |||||||||||||||||||||||||||||||||||||||||||||||||
• | Assessment of current underwriting policies, staff, and portfolio mix | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Internal trends of delinquency, nonaccrual and criticized loans by segment | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Assessment of risk rating accuracy, control and regulatory assessments/environment | ||||||||||||||||||||||||||||||||||||||||||||||||
• | General economic conditions — locally and nationally | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Market trends impacting collateral values | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Competitive environment as it could impact loan structure and underwriting | ||||||||||||||||||||||||||||||||||||||||||||||||
The above factors are based on their relative standing compared to the period which historic losses are used in core reserve estimates and current directional trends. Each individual qualitative and environmental factor in our model can add or subtract to core reserves. | |||||||||||||||||||||||||||||||||||||||||||||||||
The final component of our allowance for loan losses is a reserve for model estimation and complexity risk. The calculation of reserves is generally quantitative; however, qualitative estimates of valuations and risk assessment are necessary. We increased our calculated reserves by 2% to account for model estimation and complexity risk as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||
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 and loan review consultants periodically review our loan ratings and allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide the activity of our allowance for loan losses and loan balances for three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner - | Commercial | Construction | Residential | Consumer | Complexity | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,967 | $ | 8,049 | $ | 6,345 | $ | 3,952 | $ | 3,230 | $ | 6,137 | $ | 814 | $ | 41,494 | |||||||||||||||||||||||||||||||||
Charge-offs | (1,172 | ) | (31 | ) | (103 | ) | (4 | ) | (290 | ) | (1,343 | ) | — | (2,943 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 273 | 55 | 333 | 21 | 10 | 219 | — | 911 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 594 | (23 | ) | 345 | (380 | ) | 364 | 1,071 | (2 | ) | 1,969 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Charge-offs | (2,311 | ) | (68 | ) | (1,824 | ) | (1,344 | ) | (985 | ) | (4,153 | ) | — | $ | (10,685 | ) | |||||||||||||||||||||||||||||||||
Recoveries | 900 | 100 | 442 | 106 | 51 | 715 | — | $ | 2,314 | ||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 410 | 1,910 | 223 | (1,629 | ) | 1,124 | 3,891 | (49 | ) | $ | 5,880 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,004 | $ | 945 | $ | 1,995 | $ | — | $ | 995 | $ | 12 | $ | — | $ | 5,951 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,658 | 7,105 | 4,925 | 3,589 | 2,319 | 6,072 | 812 | 35,480 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,833 | $ | 12,568 | $ | 8,894 | $ | 274 | $ | 17,360 | $ | 4,400 | $ | — | $ | 49,329 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 748,106 | 777,297 | 704,895 | 102,347 | 211,595 | 283,645 | — | $ | 2,827,885 | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 753,939 | $ | 789,865 | $ | 713,789 | $ | 102,621 | $ | 228,955 | $ | 288,045 | $ | — | $ | 2,877,214 | |||||||||||||||||||||||||||||||||
-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 at September 30, 2013 represents accruing troubled debt restructured loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides the activity of the allowance for loan losses and loan balances for the three and nine months ended September 30, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 9,891 | $ | 4,091 | $ | 9,618 | $ | 5,307 | $ | 6,265 | $ | 10,341 | $ | 916 | $ | 46,429 | |||||||||||||||||||||||||||||||||
Charge-offs | (1,281 | ) | (926 | ) | (709 | ) | (676 | ) | (705 | ) | (2,573 | ) | — | (6,870 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 455 | 184 | 18 | 1,314 | 113 | 204 | — | 2,288 | |||||||||||||||||||||||||||||||||||||||||
Provision | (127 | ) | (4 | ) | (2,281 | ) | (810 | ) | 2,690 | 4,300 | (17 | ) | 3,751 | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 8,938 | $ | 3,345 | $ | 6,646 | $ | 5,135 | $ | 8,363 | $ | 12,272 | $ | 899 | $ | 45,598 | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,067 | $ | 9,235 | $ | 7,556 | $ | 4,074 | $ | 6,544 | $ | 10,604 | $ | — | $ | 53,080 | |||||||||||||||||||||||||||||||||
Charge-offs | (11,316 | ) | (3,614 | ) | (5,600 | ) | (10,680 | ) | (3,344 | ) | (5,494 | ) | — | (40,048 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,305 | 190 | 382 | 1,642 | 171 | 497 | — | 4,187 | |||||||||||||||||||||||||||||||||||||||||
Provision | 3,882 | (2,466 | ) | 4,308 | 10,099 | 4,992 | 6,665 | 899 | 28,379 | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 8,938 | $ | 3,345 | $ | 6,646 | $ | 5,135 | $ | 8,363 | $ | 12,272 | $ | 899 | $ | 45,598 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,244 | $ | 222 | $ | 90 | $ | 94 | $ | 1,199 | $ | 24 | $ | — | $ | 2,873 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 7,694 | 3,123 | 6,556 | 5,041 | 7,164 | 12,248 | 899 | 42,725 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 8,938 | $ | 3,345 | $ | 6,646 | $ | 5,135 | $ | 8,363 | $ | 12,272 | $ | 899 | $ | 45,598 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,579 | $ | 13,324 | $ | 5,875 | $ | 2,620 | $ | 18,072 | $ | 6,694 | $ | — | $ | 50,164 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 694,626 | 737,670 | 598,681 | 111,557 | 232,270 | 276,791 | — | 2,651,595 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 698,205 | $ | 750,994 | $ | 604,556 | $ | 114,177 | $ | 250,342 | $ | 283,485 | $ | — | $ | 2,701,759 | |||||||||||||||||||||||||||||||||
-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 at September 30, 2012, represents accruing troubled debt restructured loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables show our nonaccrual and past due loans at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Past Due and | Past Due and | 90 Days | Due | Current | Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 13,212 | $ | — | $ | — | $ | 13,212 | $ | 735,077 | $ | 5,650 | $ | 753,939 | |||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 6,474 | — | — | 6,474 | 770,823 | 12,568 | 789,865 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 22 | — | — | 22 | 705,077 | 8,690 | 713,789 | ||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 102,347 | 274 | 102,621 | ||||||||||||||||||||||||||||||||||||||||||
Residential | 3,672 | 1,073 | 658 | 5,403 | 215,113 | 8,439 | 228,955 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,138 | 468 | — | 1,606 | 283,890 | 2,549 | 288,045 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 24,518 | $ | 1,541 | $ | 658 | $ | 26,717 | $ | 2,812,327 | $ | 38,170 | $ | 2,877,214 | |||||||||||||||||||||||||||||||||||
% of Total Loans | 0.85 | % | 0.06 | % | 0.02 | % | 0.93 | % | 97.74 | % | 1.33 | % | 100 | % | |||||||||||||||||||||||||||||||||||
December 31, 2012 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Past Due and | Past Due and | 90 Days | Due | Current | Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,214 | $ | — | $ | — | $ | 1,214 | $ | 698,416 | $ | 4,861 | $ | 704,491 | |||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 1,264 | — | — | 1,264 | 755,316 | 14,001 | 770,581 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | — | — | — | — | 618,731 | 12,634 | 631,365 | ||||||||||||||||||||||||||||||||||||||||||
Construction | 269 | 70 | — | 339 | 131,489 | 1,547 | 133,375 | ||||||||||||||||||||||||||||||||||||||||||
Residential | 5,383 | 606 | 786 | 6,775 | 226,863 | 9,989 | 243,627 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | 971 | 526 | — | 1,497 | 282,776 | 4,728 | 289,001 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,101 | $ | 1,202 | $ | 786 | $ | 11,089 | $ | 2,713,591 | $ | 47,760 | $ | 2,772,440 | |||||||||||||||||||||||||||||||||||
% of Total Loans | 0.33 | % | 0.04 | % | 0.03 | % | 0.4 | % | 97.88 | % | 1.72 | % | 100 | % | |||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of our impaired loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | Ending | Loans with | Loans with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Specific | Specific | Specific | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Reserve | Balances | Balances | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 5,833 | $ | 2,288 | $ | 3,545 | $ | 2,004 | $ | 13,728 | $ | 5,062 | |||||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 12,568 | 5,723 | 6,845 | 945 | 14,911 | 13,167 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,894 | 2,896 | 5,998 | 1,995 | 19,494 | 9,887 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 274 | 274 | — | — | 16,012 | 1,261 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 17,360 | 9,680 | 7,680 | 995 | 19,726 | 18,091 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 4,400 | 4,272 | 128 | 12 | 5,091 | 5,712 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 49,329 | $ | 25,133 | $ | 24,196 | $ | 5,951 | $ | 88,962 | $ | 53,180 | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | Ending | Loans with | Loans with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Specific | Specific | Specific | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Reserve | Balances | Balances | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 4,861 | $ | 1,598 | $ | 3,263 | $ | 2,100 | $ | 12,060 | $ | 4,993 | |||||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 14,001 | 13,827 | 174 | 1 | 18,658 | 16,856 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 12,634 | 5,422 | 7,212 | 1,887 | 22,192 | 10,233 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,547 | 1,172 | 375 | 28 | 17,711 | 11,239 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 18,483 | 11,053 | 7,430 | 919 | 20,771 | 16,917 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 6,329 | 5,635 | 694 | 16 | 7,265 | 4,514 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 57,855 | $ | 38,707 | $ | 19,148 | $ | 4,951 | $ | 98,657 | $ | 64,752 | |||||||||||||||||||||||||||||||||||||
-1 | Reflects loan balances at their remaining book balance. | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income of $234,000 and $706,000 was recognized on impaired loans during the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||||||||||||||
Below is a description of each of our risk ratings for all commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass. These borrowers presently show no current 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. The 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. Borrowers 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 that 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 in nonaccrual status. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of problem loans, by credit risk profile using internally assigned risk ratings, as of September 30, 2013 and December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Owner-Occupied | Commercial | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Mortgages | Construction | Commercial | |||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Amount | % | Amount | % | ||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | $ | 17,148 | $ | 14,611 | $ | 15,433 | $ | 27,398 | $ | 9,239 | $ | 29,267 | $ | 1,567 | $ | 2,453 | $ | 43,387 | $ | 73,729 | |||||||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | 58,944 | 63,074 | 38,792 | 44,899 | 6,156 | 6,222 | 2,907 | 5,755 | 106,930 | 119,950 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual | 2,105 | 1,598 | 5,723 | 13,827 | 2,896 | 5,422 | 274 | 1,172 | 10,902 | 22,019 | |||||||||||||||||||||||||||||||||||||||
Doubtful / Nonaccrual | 3,545 | 3,263 | 6,845 | 174 | 5,998 | 7,212 | — | 375 | 16,280 | 11,024 | |||||||||||||||||||||||||||||||||||||||
Total Special | |||||||||||||||||||||||||||||||||||||||||||||||||
Mention, Substandard and Doubtful | 81,742 | 82,546 | 66,793 | 86,298 | 24,289 | 48,123 | 4,748 | 9,755 | 177,499 | 8 | % | 226,722 | 10 | % | |||||||||||||||||||||||||||||||||||
Pass | 672,197 | 621,945 | 723,072 | 684,283 | 689,500 | 583,242 | 97,873 | 123,620 | 2,182,715 | 92 | % | 2,013,090 | 90 | ||||||||||||||||||||||||||||||||||||
Total Commercial Loans | $ | 753,939 | $ | 704,491 | $ | 789,865 | $ | 770,581 | $ | 713,789 | $ | 631,365 | $ | 102,621 | $ | 133,375 | $ | 2,360,214 | 100 | % | $ | 2,239,812 | 100 | % | |||||||||||||||||||||||||
Consumer credit exposure credit risk profile based on payment activity (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Consumer | Total Residential and Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | $ | 17,360 | $ | 18,483 | $ | 4,401 | $ | 6,329 | $ | 21,761 | 4 | % | $ | 24,812 | 5 | % | |||||||||||||||||||||||||||||||||
Performing | 211,595 | 225,144 | 283,644 | 282,672 | 495,239 | 96 | % | 507,816 | 95 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 228,955 | $ | 243,627 | $ | 288,045 | $ | 289,001 | $ | 517,000 | 100 | % | $ | 532,628 | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Includes $10.8 million as of September 30, 2013 and 10.1 million as of December 31, 2012 of troubled debt restructured mortgages and home equity installment loans that are performing in accordance with modified terms and are accruing interest. | ||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (TDR) | |||||||||||||||||||||||||||||||||||||||||||||||||
The balance of TDRs at September 30, 2013 and December 31, 2012 was $26.6 million and $22.0 million, respectively. The balance at September 30, 2013 included approximately $15.5 million in nonaccrual status and $11.1 million in accrual status compared to $11.9 million in nonaccrual status and $10.1 million in accrual status at December 31, 2012. Approximately $1.0 million and $936,000 in related reserves have been established for these loans at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||
During the nine months ended September 30, 2013, the terms of 21 loans were modified in TDRs, 5 of which were commercial loans that had already been placed on nonaccrual. The remaining loans represented residential and consumer loans. Our concessions on restructured loans consisted mainly of forbearance agreements, reduction in interest rates or extensions of maturities. Principal balances are generally not forgiven by us when a loan is modified as a TDR. Nonaccruing restructured loans remain in nonaccrual status until there has been a period of sustained repayment performance, typically six months. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans identified as TDRs during the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Three | Three | Nine | Nine | ||||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,800 | $ | 710 | $ | 6,824 | $ | 9,986 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 108 | — | 1,169 | — | |||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | 378 | |||||||||||||||||||||||||||||||||||||||||||||
Residential | 207 | 2,779 | 806 | 4,170 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 256 | 2,165 | 973 | 2,312 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7,371 | $ | 5,654 | $ | 9,772 | $ | 16,846 | |||||||||||||||||||||||||||||||||||||||||
The TDRs described in the table above increased our allowance for loan losses by $37,000 through allocation of a related reserve, and resulted in charge-offs of $363,000 during the nine months ended September 30, 2013, compared to increased reserves of $357,000 and charge-offs of $8.1 million for the same period of 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||
There was one residential TDR in the amount of $130,000 which defaulted (defined as past due 90 days) during the three and nine months ended September 30, 2013, that was restructured within the last twelve months prior to September 30, 2013. |
Reverse_Mortgage_Loans_and_Rel
Reverse Mortgage Loans and Related Assets and Liabilities | 9 Months Ended | ||
Sep. 30, 2013 | |||
Mortgage Banking [Abstract] | ' | ||
Reverse Mortgage Loans and Related Assets and Liabilities | ' | ||
5. REVERSE MORTGAGE LOANS AND RELATED ASSETS AND LIABILITIES | |||
Reverse mortgage loans are contracts in which a homeowner borrows against the equity in his/her home and receives cash in one lump sum payment, a line of credit, fixed monthly payments for either a specific term or for as long as the homeowner lives in the home, or a combination of these options. Since reverse mortgages are nonrecourse obligations, the loan repayments are generally limited to the sale proceeds of the borrower’s residence and the mortgage balance consists of cash advanced, interest compounded over the life of the loan and some may include a premium which represents a portion of the shared appreciation in the home’s value, if any, or a percentage of the value of the residence. | |||
In 1993, we acquired a pool of reverse mortgages from the FDIC and another lender. In 1994, we purchased Providential Home Income Plan, Inc., a California-based reverse mortgage lender. In November 2002, substantially the entire WSFS reverse mortgage portfolio was sold. In addition to cash payment for the loans, we received $10 million in BBB rated mortgage-backed securities (Class B) which we classified as trading and an option to acquire up to 49.9% of the Class “O” certificates issued in connection with mortgage-backed securities by SASCO 2002 RM-1 (“SASCO”). These mortgage-backed securities were part of a larger issuance of securities backed, in part, by the sold reverse mortgages. Subsequently we negotiated to purchase 100% of the SASCO Class “O” certificates for $2.5 million. This transaction closed in July, 2011. | |||
During the third quarter of 2013, we obtained the right to execute a clean-up call on the underlying collateral. This event triggered us to consolidate the assets and liabilities of the securitization trust, SASCO on our balance sheet in accordance with ASC 810, Consolidation. As a result, we consolidated $40.5 million of reverse mortgage loans, $5.8 million of cash, $885,000 of MBS and $38.8 million of debt all at fair value. Our existing investment in reverse mortgages was combined with the consolidated reverse mortgage loans for a total of $40.1 million at September 30, 2013. The average loan-to-value for these loans is approximately 45%, the average age of the borrowers is 92 years old and there is, in the view of management, significant overcollateralization in the portfolio. | |||
The value of the reverse mortgages is calculated by a third party model that uses the income approach as described in ASC 820-10-35-32. The model is a present value cash flow model, consistent with ASC 820-10-55-5 which describes the components of a present value measurement. The model incorporates the projected cash flows of the notes (including payouts and collections) and then discounts these cash flows using a rate that is commensurate with the risk adjusted rate. The inputs to the model reflect our expectations of what other market participants would use in pricing this asset in a current transaction and therefore is consistent with ASC 820 that requires an exit price methodology for determining fair value. | |||
To value these securities as of September 30, 2013 we used a proprietary model and actual cash flow information to estimate future cash flows. There are three main drivers of cash flows: 1) Prepayments; 2) House Price Appreciation (HPA) forecasts and 3) Interest Rates. | |||
1) | Prepayments – “one year look-back” comparing the actual cash flows to the forecasted cash flows based on the assumptions used. The base case prepayment represents the average payoff rates for proprietary reverse mortgages by borrower age, using approximately ten years of historical data. We have used 50% of the base case forecasted cash flows to reflect recent prepayment activity. | ||
2) | House Price Appreciation – Consistent with other reverse mortgage analyses from various market sources, we forecast a 2% decline in housing prices in the next year and a 2% recovery in the following year. We believe this forecast continues to be appropriate given the nature of reverse mortgage collateral and historical under-performance to the broad housing market. | ||
3) | Interest Rates –As of September 30, 2013 the forward rates on one month LIBOR are consistent with the assumptions used for future interest rates (one month LIBOR ramping up to 3% over ten years). | ||
The net present value of the projected cash flow depends on the discount rate used. We use a discount rate of 18.7% in valuing expected net cash flows. If the discount rate was decreased by 1%, the net present value would increase by $890,000. If the discount rate was increased by 1%, the net present value would decrease by $850,000. | |||
The fair values listed above are estimates that are subject to adjustments. However, while they are not expected to be materially different than those shown, any material adjustments to the estimates will be reflected, retroactively, as of the date of the transaction. | |||
Taxes_on_Income
Taxes on Income | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Taxes on Income | ' |
6. TAXES ON INCOME | |
We account for income taxes in accordance with FASB ASC 740, Income Taxes (“ASC 740”) (Formerly SFAS No. 109, Accounting for Income Taxes and FASB Interpretation No. 48, Accounting for Uncertainty In Income Taxes, an Interpretation of FASB Statement 109). 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. We exercise significant judgment in the evaluation of the amount and timing of the recognition of the resulting tax assets and liabilities. The judgments and estimates required for the evaluation are updated based upon changes in business factors and the tax laws. If actual results differ from the assumptions and other considerations used in estimating the amount and timing of tax recognized, there can be no assurance that additional expenses will not be required in future periods. | |
As a result of the consolidation for accounting purposes of the SASCO reverse mortgage securitization trust during the third quarter of 2013, a deferred tax asset (“DTA”) of approximately $6.7 million was recorded. However, because SASCO is not consolidated for income tax purposes, a full valuation allowance was also recorded on this DTA due to the uncertainty of its realization, as realization is dependent on future taxable income, which is anticipated upon consolidation for income tax purposes. We are taking steps to unwind the SASCO tax structure which will permit tax consolidation, at which point the uncertainty surrounding the realization of the DTA will be eliminated. Accordingly, if and when we complete this restructuring, we expect to remove the $6.7 million valuation allowance which will result in an income tax benefit through earnings. | |
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 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 were no unrecognized tax benefits as of December 31, 2012. We record interest and penalties on potential income tax deficiencies as income tax expense. Our federal and state tax returns for the 2009 through 2012 tax years are subject to examination as of September 30, 2013. During the current quarter, the audit of our 2010 federal tax return was completed by the Internal Revenue Service. We recorded a $200,000 tax benefit as a result of settling this audit. No state income tax return examinations are currently in process. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
7. SEGMENT INFORMATION | |||||||||||||||||
In accordance with FASB ASC 280, Segment Reporting (“ASC 280”) (Formerly SFAS No. 131, Disclosures About Segments of an Enterprise and Related Information) we discuss our business in three segments. There is one segment for each of WSFS Bank, Cash Connect, (the ATM division of WSFS Bank), and Trust and Wealth Management. | |||||||||||||||||
The WSFS Bank segment provides financial products to commercial and retail customers through its 51 offices located in Delaware (41), Pennsylvania (8) and Virginia (1) and Nevada (1). Retail and Commercial Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS. 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. Because of these and other reasons, these departments are not considered discrete segments and are appropriately aggregated within the WSFS Bank segment in accordance with ASC 280. | |||||||||||||||||
Cash Connect provides turnkey ATM services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. 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 division provides a broad array of fiduciary, investment management, credit and deposit products to clients through four businesses. WSFS Investment Group, Inc. provides insurance and brokerage products primarily to our retail banking clients. Cypress Capital Management, LLC is a registered investment advisor with over $609 million in assets under management. Cypress’ primary market segment is high net worth individuals, offering a ‘balanced’ investment style focused on preservation of capital and current income. Christiana Trust, with $8.1 billion in assets under administration, provides fiduciary and investment services to personal trust clients, and trustee, agency, custodial and commercial domicile services to corporate and institutional clients. WSFS Private Banking serves high net worth clients by delivering credit and deposit products and partnering with Cypress, Christiana and WSFS Investment Group to deliver investment management and fiduciary products and services. | |||||||||||||||||
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 ordinary 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. Segment information for the three and nine months ended September 30, 2013 and 2012 follows: | |||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & | Total | |||||||||||||
Wealth | |||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 35,171 | $ | — | $ | 1,945 | $ | 37,116 | |||||||||
Noninterest income | 12,449 | 6,360 | 3,933 | 22,742 | |||||||||||||
Total external customer revenues | 47,620 | 6,360 | 5,878 | 59,858 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 906 | — | 1,477 | 2,383 | |||||||||||||
Noninterest income | 1,689 | 222 | 28 | 1,939 | |||||||||||||
Total inter-segment revenues | 2,595 | 222 | 1,505 | 4,322 | |||||||||||||
Total revenue | 50,215 | 6,582 | 7,383 | 64,180 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 3,587 | — | 123 | 3,710 | |||||||||||||
Noninterest expenses | 26,510 | 3,470 | 2,829 | 32,809 | |||||||||||||
Provision for loan loss | 2,263 | — | (294 | ) | 1,969 | ||||||||||||
Total external customer expenses | 32,360 | 3,470 | 2,658 | 38,488 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 1,477 | 400 | 506 | 2,383 | |||||||||||||
Noninterest expenses | 250 | 561 | 1,128 | 1,939 | |||||||||||||
Total inter-segment expenses | 1,727 | 961 | 1,634 | 4,322 | |||||||||||||
Total expenses | 34,087 | 4,431 | 4,292 | 42,810 | |||||||||||||
Income before taxes | $ | 16,128 | $ | 2,151 | $ | 3,091 | $ | 21,370 | |||||||||
Provision for income taxes | 7,210 | ||||||||||||||||
Consolidated net income | $ | 14,160 | |||||||||||||||
Capital expenditures | $ | 460 | $ | 131 | $ | — | $ | 591 | |||||||||
As of September 30, 2013 | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 76,785 | $ | 422,544 | $ | 3,116 | $ | 502,445 | |||||||||
Other segment assets | 3,756,277 | 1,995 | 181,939 | 3,940,211 | |||||||||||||
Total segment assets | $ | 3,833,062 | $ | 424,539 | $ | 185,055 | $ | 4,442,656 | |||||||||
For the three months ended September 30, 2012 | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 34,475 | $ | — | $ | 2,039 | $ | 36,514 | |||||||||
Noninterest income | 11,686 | 4,707 | 3,355 | 19,748 | |||||||||||||
Total external customer revenues | 46,161 | 4,707 | 5,394 | 56,262 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 944 | — | 1,358 | 2,302 | |||||||||||||
Noninterest income | 2,122 | 148 | 24 | 2,294 | |||||||||||||
Total inter-segment revenues | 3,066 | 148 | 1,382 | 4,596 | |||||||||||||
Total revenue | 49,227 | 4,855 | 6,776 | 60,858 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 5,377 | — | 244 | 5,621 | |||||||||||||
Noninterest expenses | 27,300 | 2,113 | 2,740 | 32,153 | |||||||||||||
Provision for loan loss | 2,997 | — | 754 | 3,751 | |||||||||||||
Total external customer expenses | 35,674 | 2,113 | 3,738 | 41,525 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 1,358 | 338 | 606 | 2,302 | |||||||||||||
Noninterest expenses | 172 | 586 | 1,536 | 2,294 | |||||||||||||
Total inter-segment expenses | 1,530 | 924 | 2,142 | 4,596 | |||||||||||||
Total expenses | 37,204 | 3,037 | 5,880 | 46,121 | |||||||||||||
Income (loss) before taxes | $ | 12,023 | $ | 1,818 | $ | 896 | $ | 14,737 | |||||||||
Provision for income taxes | 4,758 | ||||||||||||||||
Consolidated net income | $ | 9,979 | |||||||||||||||
Capital expenditures | $ | 1,289 | $ | 311 | $ | 3 | $ | 1,603 | |||||||||
As of December 31, 2012 | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 68,419 | $ | 430,382 | $ | 2,086 | $ | 500,887 | |||||||||
Other segment assets | 3,683,073 | 1,605 | 189,583 | 3,874,261 | |||||||||||||
Total segment assets | $ | 3,751,492 | $ | 431,987 | $ | 191,669 | $ | 4,375,148 | |||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||
Statement of Operations | WSFS | Cash | Trust & | Total | |||||||||||||
Bank | Connect | Wealth | |||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 102,732 | $ | — | $ | 5,857 | $ | 108,589 | |||||||||
Noninterest income | 31,009 | 17,412 | 11,934 | 60,355 | |||||||||||||
Total external customer revenues | 133,741 | 17,412 | 17,791 | 168,944 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 2,723 | — | 4,276 | 6,999 | |||||||||||||
Noninterest income | 5,040 | 645 | 82 | 5,767 | |||||||||||||
Total inter-segment revenues | 7,763 | 645 | 4,358 | 12,766 | |||||||||||||
Total revenue | 141,504 | 18,057 | 22,149 | 181,710 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 11,120 | — | 427 | 11,547 | |||||||||||||
Noninterest expenses | 79,671 | 9,629 | 9,031 | 98,331 | |||||||||||||
Provision for loan loss | 6,044 | — | (164 | ) | 5,880 | ||||||||||||
Total external customer expenses | 96,835 | 9,629 | 9,294 | 115,758 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 4,276 | 1,176 | 1,547 | 6,999 | |||||||||||||
Noninterest expenses | 727 | 1,649 | 3,391 | 5,767 | |||||||||||||
Total inter-segment expenses | 5,003 | 2,825 | 4,938 | 12,766 | |||||||||||||
Total expenses | 101,838 | 12,454 | 14,232 | 128,524 | |||||||||||||
Income (loss) before taxes | $ | 39,666 | $ | 5,603 | $ | 7,917 | $ | 53,186 | |||||||||
Provision for income taxes | 18,378 | ||||||||||||||||
Consolidated net income | $ | 34,808 | |||||||||||||||
Capital expenditures | $ | 1,505 | $ | 591 | $ | — | $ | 2,096 | |||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 107,199 | $ | — | $ | 6,301 | $ | 113,500 | |||||||||
Noninterest income | 42,238 | 13,254 | 10,006 | 65,498 | |||||||||||||
Total external customer revenues | 149,437 | 13,254 | 16,307 | 178,998 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 3,099 | — | 4,344 | 7,443 | |||||||||||||
Noninterest income | 6,368 | 568 | 79 | 7,015 | |||||||||||||
Total inter-segment revenues | 9,467 | 568 | 4,423 | 14,458 | |||||||||||||
Total revenue | 158,904 | 13,822 | 20,730 | 193,456 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 17,330 | — | 669 | 17,999 | |||||||||||||
Noninterest expenses | 81,267 | 6,628 | 8,264 | 96,159 | |||||||||||||
Provision for loan loss | 26,786 | — | 1,593 | 28,379 | |||||||||||||
Total external customer expenses | 125,383 | 6,628 | 10,526 | 142,537 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 4,344 | 1,008 | 2,091 | 7,443 | |||||||||||||
Noninterest expenses | 647 | 1,711 | 4,657 | 7,015 | |||||||||||||
Total inter-segment expenses | 4,991 | 2,719 | 6,748 | 14,458 | |||||||||||||
Total expenses | 130,374 | 9,347 | 17,274 | 156,995 | |||||||||||||
Income (loss) before taxes | $ | 28,530 | $ | 4,475 | $ | 3,456 | $ | 36,461 | |||||||||
Provision for income taxes | 12,708 | ||||||||||||||||
Consolidated net income | $ | 23,753 | |||||||||||||||
Capital expenditures | $ | 5,406 | $ | 321 | $ | 20 | $ | 5,747 | |||||||||
Fair_Value_Disclosures_of_Fina
Fair Value Disclosures of Financial Assets and Liabilities | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Disclosures of Financial Assets and Liabilities | ' | ||||||||||||||||||
8. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||||
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||||
ASC 820-10, Fair Value Measurements and Disclosure, 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. | |||||||||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. | |||||||||||||||||||
The table below presents the balances of assets measured at fair value as of September 30, 2013 (there were no material liabilities measured at fair value): | |||||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets for | Inputs | ||||||||||||||||||
Identical | |||||||||||||||||||
Asset | |||||||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Fair Value | |||||||||||||||
(in Thousands) | |||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 108,470 | $ | — | $ | 108,470 | |||||||||||
FNMA | — | 368,249 | — | 368,249 | |||||||||||||||
FHLMC | — | 106,123 | — | 106,123 | |||||||||||||||
GNMA | — | 98,954 | — | 98,954 | |||||||||||||||
U.S. Government and agencies | — | 41,798 | — | 41,798 | |||||||||||||||
State and political subdivisions | — | 83,332 | — | 83,332 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 806,926 | $ | — | $ | 806,926 | |||||||||||
Liabilities Measured at Fair Value on a nonrecurring Basis | |||||||||||||||||||
Bonds payable | $ | — | $ | 26,340 | $ | — | $ | 26,340 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 7,163 | $ | 7,163 | |||||||||||
Reverse mortgage loans | — | — | 40,095 | 40,095 | |||||||||||||||
Impaired loans (collateral dependent) | — | — | 43,379 | 43,379 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 90,637 | $ | 90,637 | |||||||||||
The table below presents the balances of assets measured at fair value as of December 31, 2012 (there are no material liabilities measured at fair value): | |||||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets for | Inputs | ||||||||||||||||||
Identical | |||||||||||||||||||
Asset | |||||||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Fair Value | |||||||||||||||
(in Thousands) | |||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 252,300 | $ | 7,096 | $ | 259,396 | |||||||||||
FNMA | — | 406,255 | — | 406,255 | |||||||||||||||
FHLMC | — | 59,650 | — | 59,650 | |||||||||||||||
GNMA | — | 132,455 | — | 132,455 | |||||||||||||||
U.S. Government and agencies | — | 46,990 | — | 46,990 | |||||||||||||||
State and political subdivisions | — | 3,209 | — | 3,209 | |||||||||||||||
Reverse mortgage loans | — | — | (457 | ) | (457 | ) | |||||||||||||
Trading Securities | — | — | 12,590 | 12,590 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 900,859 | $ | 19,229 | $ | 920,088 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,622 | $ | 4,622 | |||||||||||
Impaired loans | — | — | 52,904 | 52,904 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 57,526 | $ | 57,526 | |||||||||||
Fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon 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 September 30, 2013, securities classified as available-for-sale were reported at fair value using both Level 2 and Level 3 inputs. Included in the Level 2 total were approximately $41.8 million in Federal Agency debentures, $681.8 million in Federal Agency MBS, and $83.3 million in municipal bonds. Agency and MBS securities were predominately AAA-rated. We believe that this Level 2 designation is appropriate for these securities under FASB ASC 820-10 as, with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observable 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. Included in the Level 3 total at December 31, 2012, was a small equity tranche of a reverse mortgage security purchased on July 15, 2011. This security was Level 3 because there was no active market for this security and no observable inputs that reflected quoted prices for identical assets in active markets (Level 1) or inputs other than quoted prices that were observable for the asset through corroboration with observable market data (Level 2). In order to establish the fair value for a Level 3 asset a “mark-to-model” was developed using the income approach described in FASB ASC 820-10-35-32 and was similar to the methodology used to value our trading securities described below. As of September 30, 2013, we consolidated the assets and liabilities of the securitization trust which resulted in these securities are being eliminated in consolidation. For additional information regarding these transactions, see Note 5, Reverse Mortgages and Related Assets and the discussion of reverse mortgages in this section. | |||||||||||||||||||
Trading securities. The amount included in the trading securities category at December 31, 2012 represented the fair value of a BBB-rated tranche of a reverse mortgage security. There was never an active market for these securities. As such, we classified these trading securities as Level 3 under FASB ASC 820-10. As prescribed by FASB ASC 820-10 management used various observable and unobservable inputs to develop a range of likely fair value prices where this security would be exchanged in an orderly transaction between market participants at the measurement date. The unobservable inputs reflected management’s assumptions about the assumptions that market participants would use in pricing this asset. Included in these inputs were the median of a selection of other BBB-rated securities as well as quoted market prices from higher rated tranches of this asset class. The unobservable inputs consisted of prepayments, house price appreciation and interest rates. Management completed a sensitivity analysis at December 31, 2012 which showed any increase or decrease in these inputs would not have had a significant impact on the fair value of these assets. As a result, the value assigned to this security was determined primarily through a discounted cash flow analysis. All of these assumptions required a significant degree of management judgment. As of September 30, 2013, we consolidated the assets and liabilities of the securitization trust which resulted in these securities being completely eliminated in consolidation. For additional information regarding these transactions, see Note 5, Reverse Mortgages and Related Assets and the discussion of reverse mortgages in this section. | |||||||||||||||||||
Reverse Mortgages. Reverse mortgage loans are valued using a present value cash flow model that incorporates the projected cash flows of the notes (including payouts and collections) and then discounts these cash flows using a rate that is commensurate with the risk adjusted rate. The inputs to the model reflect our expectations of what other market participants would use in pricing these assets in a current transaction. Due to the significant amount of management judgment and the unobservable input calculations, these reverse mortgages have been classified as Level 3. For additional information regarding these transactions, see Note 5, Reverse Mortgages and Related Assets and the discussion of reverse mortgages in this section. | |||||||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis are summarized as follows: | |||||||||||||||||||
Available- | |||||||||||||||||||
Trading | Reverse | for-sale | |||||||||||||||||
Securities | Mortgages | Securities | Total | ||||||||||||||||
(In Thousands) | |||||||||||||||||||
Balance at December 31, 2011 | $ | 12,432 | $ | (646 | ) | $ | 3,936 | $ | 15,722 | ||||||||||
Total net income for the period included in net income | 33 | 12 | — | 45 | |||||||||||||||
Purchases, sales, issuances, and settlements, net | — | 177 | — | 177 | |||||||||||||||
Mark-to-market adjustment | 125 | — | 3,160 | 3,285 | |||||||||||||||
Balance at December 31, 2012 | $ | 12,590 | $ | (457 | ) | $ | 7,096 | $ | 19,229 | ||||||||||
Mark-to-market adjustment | (125 | ) | — | — | (125 | ) | |||||||||||||
Reverse mortgage securitization trust consolidation | (12,465 | ) | 457 | (7,096 | ) | (19,104 | ) | ||||||||||||
Balance at September 30, 2013 | $ | — | $ | — | $ | — | $ | — | |||||||||||
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 as held for sale at the lower of the loan balance or 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. | |||||||||||||||||||
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 range from 10% - 50%. 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. | |||||||||||||||||||
Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a net amount of $43.4 million and $52.9 million at September 30, 2013 and December 31, 2012, respectively. The valuation allowance on impaired loans was $6.0 million as of September 30, 2013and $5.0 million as of December 31, 2012. | |||||||||||||||||||
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 Short-Term Investments: For cash and short-term investments, including due from banks, federal funds sold, securities purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||
Investments and Mortgage-Backed Securities: Since quoted market prices are not available, 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. The fair value of our investment in reverse mortgages is based on the net present value of estimated cash flows, which have been updated to reflect recent external appraisals of the underlying collateral. For additional discussion of our mortgage-backed securities-trading or our internally developed models, see “Fair Value of Financial Assets” in Note 7 to the Consolidated Financial Statements. | |||||||||||||||||||
Loans held-for-sale: Loans held-for-sale are carried at the lower of cost or market of the aggregate, or in some cases, individual loans. | |||||||||||||||||||
Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type: commercial, commercial mortgages, construction, residential mortgages and consumer. For loans that reprice frequently, the book value approximates fair value. The fair values of other types of loans 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 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 utilized if appraisals are not available. This technique does not contemplate an exit price. | |||||||||||||||||||
Reverse Mortgages. Reverse mortgage loans are valued using a present value cash flow model that incorporates the projected cash flows of the notes (including payouts and collections) and then discounts these cash flows using a rate that is commensurate with the risk adjusted rate. The inputs to the model reflect our expectations of what other market participants would use in pricing these assets in a current transaction. Due to the significant amount of management judgment and the unobservable inputs in the calculations, these reverse mortgages have been classified as Level 3. For additional information regarding these transactions, see Note 5, Reverse Mortgages and Related Assets and the discussion of reverse mortgages in this section. | |||||||||||||||||||
Bank-Owned Life Insurance: The estimated fair value approximates the book value for this investment. | |||||||||||||||||||
Demand Deposits, Savings Deposits and Time Deposits: The fair value of demand deposits and savings deposits is determined by projecting future cash flows using an estimated economic life based on account characteristics. The resulting cash flow is discounted using rates available on alternative funding sources. The fair value of time deposits is estimated using the rate and maturity characteristics of the deposits to estimate their cash flow. The cash flow is discounted at rates for similar term wholesale funding. | |||||||||||||||||||
Borrowed Funds: Rates currently available to us for debt with similar terms and remaining maturities are used to estimate fair value of existing debt. | |||||||||||||||||||
Stock in the Federal Home Loan Bank of Pittsburgh: The fair value of FHLB stock is assumed to be essentially equal to its cost basis, since the stock is non-marketable but redeemable at its par value. | |||||||||||||||||||
Bonds Payable: The fair value of bonds payable approximates the carrying value as the interest rates are based on market interest rates. | |||||||||||||||||||
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: | |||||||||||||||||||
Fair Value | September 30, 2013 | December 31, 2012 | |||||||||||||||||
Measurement | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||
(In Thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 502,445 | $ | 502,445 | $ | 500,887 | $ | 500,887 | ||||||||||
Investment securities | See previous table | 806,926 | 806,926 | 920,088 | 920,088 | ||||||||||||||
Loans held for sale | Level 3 | 12,608 | 12,608 | 12,758 | 12,758 | ||||||||||||||
Loans, net | Level 3 | 2,829,992 | 2,818,832 | 2,723,916 | 2,746,001 | ||||||||||||||
Reverse mortgage loans | Level 3 | 40,095 | 40,095 | (457 | ) | (457 | ) | ||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh | Level 2 | 33,876 | 33,876 | 31,165 | 31,165 | ||||||||||||||
Accrued interest receivable | Level 2 | 9,833 | 9,833 | 9,652 | 9,652 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 3,121,198 | 2,912,952 | 3,274,963 | 3,174,907 | ||||||||||||||
Borrowed funds | Level 2 | 874,615 | 874,534 | 637,266 | 638,375 | ||||||||||||||
Bonds Payable | Level 2 | 26,340 | 26,340 | — | — | ||||||||||||||
Standby letters of credit | Level 3 | 135 | 135 | 224 | 224 | ||||||||||||||
Accrued interest payable | Level 2 | 3,254 | 3,254 | 1,099 | 1,099 |
Indemnifications_and_Guarantee
Indemnifications and Guarantees | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Indemnifications and Guarantees | ' |
9. INDEMNIFICATIONS AND GUARANTEES | |
Secondary Market Loan Sales. Given the current interest rate environment and current customer preference for long-term fixed rate mortgages, coupled with our desire not to hold these assets in our portfolio, we generally sell newly originated fixed rate conventional, 15 to 30 year loans in the secondary market to GSEs such as FHLMC or to wholesale lenders. Loans held-for-sale are carried at the lower cost or market value of the aggregate, or in some cases, individual loans. Gains and losses on sales of loans are recognized at the time of the sale. We sometimes 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 we intend to sell in the secondary market are accounted for as derivatives under the guidance promulgated in FASB ASC Topic 815, Derivatives and Hedging. | |
We generally do not sell loans with recourse except to the extent arising from standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances first payment defaults by borrowers. These are customary repurchase provisions in the secondary market for conforming mortgage loan sales. These indemnifications may require our repurchase of the loans. Repurchases and losses are rare, and no provision is made for the losses at the time of sale. There were no such repurchases for the three and nine months ended September 30, 2013. | |
Swap Guarantees. We entered into agreements with three unrelated financial institutions whereby those financial institutions entered into interest rate derivative contracts (interest rate swap transactions) with customers referred to them by us. By 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 smaller financial institutions like 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 under FASB ASC Topic 815, Derivatives and Hedging. | |
At September 30, 2013 there were 104 variable-rate swap transactions between third party financial institutions and our customers, compared to 95 at December 31, 2012. The initial notional amount aggregated approximately $416.8 million at September 30, 2013 compared to $381.7 million at December 31, 2012. At September 30, 2013 maturities ranged from approximately six months to 11 years. The aggregate market value of these swaps to customers was a liability of $24.2 million at September 30, 2013 and $35.5 million at December 31, 2012. |
Associate_Employee_Benefit_Pla
Associate (Employee) Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Associate (Employee) Benefit Plans | ' | ||||||||||||||||
10. ASSOCIATE (EMPLOYEE) BENEFIT PLANS | |||||||||||||||||
Postretirement Benefits | |||||||||||||||||
We share certain costs of providing health and life insurance benefits to retired Associates (and their eligible dependents). Substantially all Associates may become eligible for these benefits if they reach normal retirement age while working for us. | |||||||||||||||||
We account for our obligations under the provisions of FASB ASC 715, Compensation – Retirement Benefits (“ASC 715”). ASC 715 requires the costs of these benefits be recognized over an Associate’s active working career. Disclosures are in accordance with ASC 715. | |||||||||||||||||
The following disclosures of the net periodic benefit cost components of postretirement benefits were measured at January 1, 2013 and 2012: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Service cost | $ | 86 | $ | 72 | $ | 258 | $ | 216 | |||||||||
Interest cost | 44 | 44 | 132 | 131 | |||||||||||||
Amortization of transition obligation | — | 15 | — | 45 | |||||||||||||
Net loss recognition | 20 | 17 | 60 | 51 | |||||||||||||
Net periodic benefit cost | $ | 150 | $ | 148 | $ | 450 | $ | 443 | |||||||||
Change_in_Accumulated_Other_Co
Change in Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Change in Accumulated Other Comprehensive Income | ' | ||||||||||||
11. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||
Accumulated other comprehensive income includes unrealized gains and losses on available-for-sale investments, unrealized gains and losses on interest-only strips, and unrecognized prior service costs on BOLI. Changes to other accumulated other comprehensive income are presented net of tax effect as a component of equity. Reclassification out of accumulated other comprehensive is recorded on the statement of operations either as a gain or loss. | |||||||||||||
Changes to accumulated other comprehensive income by component are shown net of taxes in the following tables for the period indicated: | |||||||||||||
Net unrealized | |||||||||||||
gains on | Net unrealized | ||||||||||||
investment | losses on defined | ||||||||||||
securities | benefit pension | ||||||||||||
(in thousands) | available-for-sale | plan | Total | ||||||||||
Balance, June 30, 2013 | $ | (12,309 | ) | $ | (472 | ) | $ | (12,781 | ) | ||||
Other comprehensive loss before reclassifications | (3,106 | ) | — | (3,106 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (190 | ) | — | (190 | ) | ||||||||
Net current-period other comprehensive loss | (3,296 | ) | — | (3,296 | ) | ||||||||
Balance, September 30, 2013 | $ | (15,605 | ) | $ | (472 | ) | $ | (16,077 | ) | ||||
Balance, June 30, 2012 | $ | 9,767 | $ | (472 | ) | $ | 9,295 | ||||||
Other comprehensive income before reclassifications | 9,558 | — | 9,558 | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (1,520 | ) | — | (1,520 | ) | ||||||||
Net current-period other comprehensive loss | 8,038 | — | 8,038 | ||||||||||
Balance, September 30, 2012 | $ | 17,805 | $ | (472 | ) | $ | 17,333 | ||||||
Net unrealized | |||||||||||||
gains on | Net unrealized | ||||||||||||
investment | losses on defined | ||||||||||||
securities | benefit pension | ||||||||||||
(in thousands) | available-for-sale | plan | Total | ||||||||||
Balance, December 31, 2012 | $ | 13,415 | $ | (472 | ) | $ | 12,943 | ||||||
Other comprehensive loss before reclassifications | (27,249 | ) | — | (27,249 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (1,771 | ) | — | (1,771 | ) | ||||||||
Net current-period other comprehensive loss | (29,020 | ) | — | (29,020 | ) | ||||||||
Balance, September 30, 2013 | $ | (15,605 | ) | $ | (472 | ) | $ | (16,077 | ) | ||||
Balance, December 31, 2011 | $ | 11,674 | $ | (472 | ) | $ | 11,202 | ||||||
Other comprehensive income before reclassifications | 17,165 | — | 17,165 | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (11,034 | ) | — | (11,034 | ) | ||||||||
Net current-period other comprehensive income | 6,131 | — | 6,131 | ||||||||||
Balance, September 30, 2012 | $ | 17,805 | $ | (472 | ) | $ | 17,333 | ||||||
The statement of operations impacted by components of other comprehensive income are presented in the table below. | |||||||||||||
Three Months Ended | Affected line item in | ||||||||||||
September 30, | Statements of Operations | ||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Securities available-for-sale: | |||||||||||||
Realized gains on securities transactions | $ | 306 | $ | 2,451 | Securities gains, net | ||||||||
Income taxes | (116 | ) | (931 | ) | Income tax provision | ||||||||
Net of tax | $ | 190 | $ | 1,520 | |||||||||
Nine Months Ended | Affected line item in | ||||||||||||
September 30, | Statements of Operations | ||||||||||||
2013 | 2012 | ||||||||||||
Securities available-for-sale: | |||||||||||||
Realized gains on securities transactions | $ | 2,856 | $ | 17,797 | Securities gains, net | ||||||||
Income taxes | (1,085 | ) | (6,763 | ) | Income tax provision | ||||||||
Net of tax | $ | 1,771 | $ | 11,034 | |||||||||
Goodwill_and_Intangibles
Goodwill and Intangibles | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangibles | ' | ||||||||||||
12. GOODWILL AND INTANGIBLES | |||||||||||||
Our goodwill and other intangible assets are accounted for in accordance with the accounting guidance in FASB ASC Topic 350 Intangibles — Goodwill and Other. | |||||||||||||
At December 31, 2012, we completed the Step One test of the analysis to determine potential goodwill impairment of the WSFS Bank and Trust and Wealth Management reporting units. The valuation incorporated a market-based analysis and indicated the fair values of our WSFS Bank and Trust and Wealth Management reporting units were above their carrying amounts. Therefore, in accordance with FASB ASC 350-20-35-6, the Step Two analysis was not required at that time. During the nine months ended September 30, 2013 we determined there were no events or other indicators of impairment as it relates to goodwill or other intangibles. | |||||||||||||
FASB 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. | |||||||||||||
During the third quarter of 2013, we completed the purchase of Array and Arrow. As a result of this transaction, we have recognized intangible assets of $2.4 million and goodwill of $4.2 million. The intangibles are mainly the result of the fair value of customer relationships and covenants not-to-compete. The fair values listed above are estimates and are subject to adjustment. However, while they are not expected to be materially different than those shown, any material adjustments to the estimates will be reflected, retroactively, as of the date of the transaction. | |||||||||||||
The following table summarizes other intangible assets: | |||||||||||||
Gross | Net | ||||||||||||
Intangible | Accumulated | Intangible | |||||||||||
Assets | Amortization | Assets | |||||||||||
(In Thousands) | |||||||||||||
September 30, 2013 | |||||||||||||
Core deposits | $ | 4,370 | $ | (2,458 | ) | $ | 1,912 | ||||||
Other | 7,104 | (1,870 | ) | 5,234 | |||||||||
Total other intangible assets | $ | 11,474 | $ | (4,328 | ) | $ | 7,146 | ||||||
31-Dec-12 | |||||||||||||
Core deposits | $ | 4,370 | $ | (2,020 | ) | $ | 2,350 | ||||||
Other | 4,464 | (1,640 | ) | 2,824 | |||||||||
Total other intangible assets | $ | 8,834 | $ | (3,660 | ) | $ | 5,174 | ||||||
Core deposits are amortized over their expected lives using the present value of the benefit of the core deposits and straight-line methods of amortization. During the nine months ended September 30, 2013, we recognized amortization expense on other intangible assets of $612,000. | |||||||||||||
The following presents the estimated amortization expense of intangibles: | |||||||||||||
Amortization | |||||||||||||
(In Thousands) | of Intangibles | ||||||||||||
Remaining in 2013 | $ | 370 | |||||||||||
2014 | 1,171 | ||||||||||||
2015 | 1,139 | ||||||||||||
2016 | 882 | ||||||||||||
2017 | 735 | ||||||||||||
Thereafter | 2,849 | ||||||||||||
Total | $ | 7,146 | |||||||||||
Business_Combinations
Business Combinations | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combinations | ' | ||||
13. BUSINESS COMBINATIONS | |||||
Array Financial Group, Inc. and Arrow Land Transfer Company Acquisition | |||||
On July 31, 2013, WSFS Bank successfully completed the purchase of Array Financial Group, Inc. (Array), a Delaware Valley mortgage banking company, specializing in a variety of residential mortgage and refinancing solutions, and Arrow Land Transfer Company (Arrow), an abstract and title company that is a related entity to Array. All Array and Arrow employees are now WSFS Associates. | |||||
These companies were acquired through an asset purchase transaction for the purchase price of $8.1 million (including a $1.4 million payment for the working capital of the two companies), $4.0 million of which will be earned through a five-year earn out based on achieved earnings contribution targets, the fair value is $2.8 million at September 30, 2013. Operating results of Array and Arrow are included in the consolidated financial statements since the date of acquisition. | |||||
The transaction was accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration paid were recorded at their estimated fair values as of the acquisition date. The excess of consideration paid over the fair value of net assets acquired was recorded as goodwill, which will not be amortizable for book purposes, however will be deductible for tax purposes. We allocated the total balance of goodwill to our WSFS Bank segment. We also recognized $2.4 million in intangible assets which will be amortized over 7 years utilizing the straight-line method. | |||||
In connection with the acquisition, the following table summarizes the combined fair value of the assets and liabilities acquired: | |||||
Consideration Paid: | |||||
Cash paid at closing | $ | 5,374 | |||
Fair value of contingent consideration | 2,750 | ||||
Value of consideration | 8,124 | ||||
Assets acquired: | |||||
(In Thousands) | |||||
Cash | 1,185 | ||||
Accounts receivable | 220 | ||||
Fixed assets | 148 | ||||
Loans-Held-For-Sale | 10,096 | ||||
Intangible assets | 2,353 | ||||
Total assets | 14,002 | ||||
Liabilities assumed: | |||||
Warehouse line of credit | 10,067 | ||||
Accounts payable | 60 | ||||
Total Liabilities | 10,127 | ||||
Net assets acquired | 3,875 | ||||
Goodwill resulting from acquisition of Array and Arrow | $ | 4,249 | |||
The fair values listed above are estimates and are subject to adjustment. However, while they are not expected to be materially different than those shown, any material adjustments to the estimates will be reflected retroactively, as of the date of the transaction. | |||||
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
14. LEGAL PROCEEDINGS | |
In July 2011, we were served with a complaint, filed in U.S. Bankruptcy Court for the Eastern District of Pennsylvania, by a bankruptcy trustee relating to a former WSFS Bank customer. The complaint challenges the Bank’s actions relating to the repayment of an outstanding loan and also seeks to avoid and recover the pre-bankruptcy repayment of that loan, approximately $5.0 million. The matter has been captioned Goldstein v. Wilmington Savings Fund Society, FSB (In re: Universal Marketing, Inc.), Chapter 7, Case No. 09-15404 (ELF), Adv. Pro. No. 11-00512. We believe we acted appropriately and we are vigorously defending ourselves against the complaint. | |
In July 2013, a complaint was filed against WSFS Bank and certain executives alleging that the Bank acted improperly in issuing, amending and/or collecting approximately $18.0 million in outstanding loans. The matter has been captioned Bennett v. Wilmington Savings Fund Society, FSB, Case No. 2013-08738, in the Court of Common Pleas, Montgomery County, Pennsylvania. This complaint was filed in the context of suits filed by WSFS Bank to obtain repayment and other damages relating to these same loans. We have entered into a settlement agreement to resolve these actions. | |
Based upon available information we believe the estimate of the aggregate range of reasonably possible losses for all of these legal proceedings was from approximately $250,000 to approximately $5.0 million at September 30, 2013. | |
Except as noted above, there are no other significant pending legal proceedings involving us other than those arising out of routine operations. We do not anticipate that the ultimate liability, if any, arising out of such other proceedings will have a material effect on the Consolidated Financial Statements. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
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: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income allocable to common stockholders | $ | 13,828 | $ | 9,286 | $ | 33,175 | $ | 21,676 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share—weighted average shares | 8,828 | 8,712 | 8,804 | 8,702 | |||||||||||||
Effect of dilutive employee stock options and warrants | 148 | 83 | 106 | 77 | |||||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed exercise | 8,976 | 8,795 | 8,910 | 8,779 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income allocable to common stockholders | $ | 1.57 | $ | 1.07 | $ | 3.77 | $ | 2.49 | |||||||||
Diluted: | |||||||||||||||||
Net income allocable to common stockholders | $ | 1.54 | $ | 1.06 | $ | 3.72 | $ | 2.47 | |||||||||
Outstanding common stock equivalents having no dilutive effect | 402 | 338 | 557 | 361 |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale and Trading Securities | ' | ||||||||||||||||||||||||
The following tables detail the amortized cost and the estimated fair value of our investment securities available-for-sale and trading securities: | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
State and political subdivisions | $ | 87,987 | $ | 224 | $ | (4,879 | ) | $ | 83,332 | ||||||||||||||||
U.S. Government and government sponsored enterprises (“GSE”) | 41,670 | 131 | (3 | ) | 41,798 | ||||||||||||||||||||
Federal National Mortgage Association (“FNMA”) Mortgage-Backed Securities (“MBS”) | 379,721 | 518 | (11,990 | ) | 368,249 | ||||||||||||||||||||
Collateralized Mortgage Obligation (“CMO”) (1) | 112,887 | 169 | (4,585 | ) | 108,471 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation (“FHLMC”) MBS | 109,482 | 38 | (3,397 | ) | 106,123 | ||||||||||||||||||||
Government National Mortgage Association (“GNMA”) MBS | 100,349 | 1,134 | (2,530 | ) | 98,953 | ||||||||||||||||||||
$ | 832,096 | $ | 2,214 | $ | (27,384 | ) | $ | 806,926 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
State and political subdivisions | 3,120 | 89 | — | 3,209 | |||||||||||||||||||||
GSE | 46,726 | 266 | (2 | ) | 46,990 | ||||||||||||||||||||
FNMA | 396,910 | 9,588 | (243 | ) | 406,255 | ||||||||||||||||||||
CMO (1) | 251,848 | 7,849 | (301 | ) | 259,396 | ||||||||||||||||||||
FHLMC | 58,596 | 1,171 | (117 | ) | 59,650 | ||||||||||||||||||||
GNMA | 129,288 | 3,221 | (54 | ) | 132,455 | ||||||||||||||||||||
$ | 886,488 | $ | 22,184 | $ | (717 | ) | $ | 907,955 | |||||||||||||||||
Trading securities | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
CMO | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
CMO | $ | 12,590 | $ | — | $ | — | $ | 12,590 | |||||||||||||||||
-1 | Includes agency CMO securities classified as available-for-sale | ||||||||||||||||||||||||
Schedule of Maturities of Investment Securities Available-for-Sale | ' | ||||||||||||||||||||||||
The scheduled maturities of investment securities available-for-sale at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Within one year | $ | 22,860 | $ | 22,932 | |||||||||||||||||||||
After one year but within five years | 32,661 | 32,465 | |||||||||||||||||||||||
After five years but within ten years | 312,070 | 298,900 | |||||||||||||||||||||||
After ten years | 464,505 | 452,629 | |||||||||||||||||||||||
$ | 832,096 | $ | 806,926 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Within one year | $ | 19,001 | $ | 19,115 | |||||||||||||||||||||
After one year but within five years | 28,855 | 29,034 | |||||||||||||||||||||||
After five years but within ten years | 321,103 | 329,580 | |||||||||||||||||||||||
After ten years | 517,529 | 530,226 | |||||||||||||||||||||||
$ | 886,488 | $ | 907,955 | ||||||||||||||||||||||
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category | ' | ||||||||||||||||||||||||
For these investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at September 30, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
State and political subdivisions | $ | 59,470 | $ | 4,879 | $ | — | $ | — | $ | 59,470 | $ | 4,879 | |||||||||||||
U.S Government and agencies | — | — | 2,003 | 3 | 2,003 | 3 | |||||||||||||||||||
FNMA | 331,949 | 11,840 | 4,060 | 150 | 336,009 | 11,990 | |||||||||||||||||||
CMO | 99,464 | 4,584 | 1,339 | 1 | 100,803 | 4,585 | |||||||||||||||||||
FHLMC | 105,539 | 3,397 | — | — | 105,539 | 3,397 | |||||||||||||||||||
GNMA | 75,096 | 2,530 | — | — | 75,096 | 2,530 | |||||||||||||||||||
Total temporarily impaired investments | $ | 671,518 | $ | 27,230 | $ | 7,402 | $ | 154 | $ | 678,920 | $ | 27,384 | |||||||||||||
The table below shows our investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at December 31, 2012. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
U.S Government and agencies | 2,008 | 2 | — | — | 2,008 | 2 | |||||||||||||||||||
FNMA | 43,696 | 243 | — | — | 43,696 | 243 | |||||||||||||||||||
CMO | 40,358 | 268 | 1,364 | 33 | 41,722 | 301 | |||||||||||||||||||
FHLMC | 13,884 | 117 | — | — | 13,884 | 117 | |||||||||||||||||||
GNMA | 10,029 | 54 | — | — | 10,029 | 54 | |||||||||||||||||||
Total temporarily impaired investments | $ | 109,975 | $ | 684 | $ | 1,364 | $ | 33 | $ | 111,339 | $ | 717 | |||||||||||||
Allowance_for_Loan_Losses_and_1
Allowance for Loan Losses and Credit Quality Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [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 three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner - | Commercial | Construction | Residential | Consumer | Complexity | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,967 | $ | 8,049 | $ | 6,345 | $ | 3,952 | $ | 3,230 | $ | 6,137 | $ | 814 | $ | 41,494 | |||||||||||||||||||||||||||||||||
Charge-offs | (1,172 | ) | (31 | ) | (103 | ) | (4 | ) | (290 | ) | (1,343 | ) | — | (2,943 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 273 | 55 | 333 | 21 | 10 | 219 | — | 911 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 594 | (23 | ) | 345 | (380 | ) | 364 | 1,071 | (2 | ) | 1,969 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Charge-offs | (2,311 | ) | (68 | ) | (1,824 | ) | (1,344 | ) | (985 | ) | (4,153 | ) | — | $ | (10,685 | ) | |||||||||||||||||||||||||||||||||
Recoveries | 900 | 100 | 442 | 106 | 51 | 715 | — | $ | 2,314 | ||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 410 | 1,910 | 223 | (1,629 | ) | 1,124 | 3,891 | (49 | ) | $ | 5,880 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,004 | $ | 945 | $ | 1,995 | $ | — | $ | 995 | $ | 12 | $ | — | $ | 5,951 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,658 | 7,105 | 4,925 | 3,589 | 2,319 | 6,072 | 812 | 35,480 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,833 | $ | 12,568 | $ | 8,894 | $ | 274 | $ | 17,360 | $ | 4,400 | $ | — | $ | 49,329 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 748,106 | 777,297 | 704,895 | 102,347 | 211,595 | 283,645 | — | $ | 2,827,885 | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 753,939 | $ | 789,865 | $ | 713,789 | $ | 102,621 | $ | 228,955 | $ | 288,045 | $ | — | $ | 2,877,214 | |||||||||||||||||||||||||||||||||
-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 at September 30, 2013 represents accruing troubled debt restructured loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides the activity of the allowance for loan losses and loan balances for the three and nine months ended September 30, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 9,891 | $ | 4,091 | $ | 9,618 | $ | 5,307 | $ | 6,265 | $ | 10,341 | $ | 916 | $ | 46,429 | |||||||||||||||||||||||||||||||||
Charge-offs | (1,281 | ) | (926 | ) | (709 | ) | (676 | ) | (705 | ) | (2,573 | ) | — | (6,870 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 455 | 184 | 18 | 1,314 | 113 | 204 | — | 2,288 | |||||||||||||||||||||||||||||||||||||||||
Provision | (127 | ) | (4 | ) | (2,281 | ) | (810 | ) | 2,690 | 4,300 | (17 | ) | 3,751 | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 8,938 | $ | 3,345 | $ | 6,646 | $ | 5,135 | $ | 8,363 | $ | 12,272 | $ | 899 | $ | 45,598 | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,067 | $ | 9,235 | $ | 7,556 | $ | 4,074 | $ | 6,544 | $ | 10,604 | $ | — | $ | 53,080 | |||||||||||||||||||||||||||||||||
Charge-offs | (11,316 | ) | (3,614 | ) | (5,600 | ) | (10,680 | ) | (3,344 | ) | (5,494 | ) | — | (40,048 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,305 | 190 | 382 | 1,642 | 171 | 497 | — | 4,187 | |||||||||||||||||||||||||||||||||||||||||
Provision | 3,882 | (2,466 | ) | 4,308 | 10,099 | 4,992 | 6,665 | 899 | 28,379 | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 8,938 | $ | 3,345 | $ | 6,646 | $ | 5,135 | $ | 8,363 | $ | 12,272 | $ | 899 | $ | 45,598 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,244 | $ | 222 | $ | 90 | $ | 94 | $ | 1,199 | $ | 24 | $ | — | $ | 2,873 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 7,694 | 3,123 | 6,556 | 5,041 | 7,164 | 12,248 | 899 | 42,725 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 8,938 | $ | 3,345 | $ | 6,646 | $ | 5,135 | $ | 8,363 | $ | 12,272 | $ | 899 | $ | 45,598 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,579 | $ | 13,324 | $ | 5,875 | $ | 2,620 | $ | 18,072 | $ | 6,694 | $ | — | $ | 50,164 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 694,626 | 737,670 | 598,681 | 111,557 | 232,270 | 276,791 | — | 2,651,595 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 698,205 | $ | 750,994 | $ | 604,556 | $ | 114,177 | $ | 250,342 | $ | 283,485 | $ | — | $ | 2,701,759 | |||||||||||||||||||||||||||||||||
-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 at September 30, 2012, represents accruing troubled debt restructured loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nonaccrual and Past Due Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables show our nonaccrual and past due loans at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Past Due and | Past Due and | 90 Days | Due | Current | Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 13,212 | $ | — | $ | — | $ | 13,212 | $ | 735,077 | $ | 5,650 | $ | 753,939 | |||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 6,474 | — | — | 6,474 | 770,823 | 12,568 | 789,865 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 22 | — | — | 22 | 705,077 | 8,690 | 713,789 | ||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 102,347 | 274 | 102,621 | ||||||||||||||||||||||||||||||||||||||||||
Residential | 3,672 | 1,073 | 658 | 5,403 | 215,113 | 8,439 | 228,955 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,138 | 468 | — | 1,606 | 283,890 | 2,549 | 288,045 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 24,518 | $ | 1,541 | $ | 658 | $ | 26,717 | $ | 2,812,327 | $ | 38,170 | $ | 2,877,214 | |||||||||||||||||||||||||||||||||||
% of Total Loans | 0.85 | % | 0.06 | % | 0.02 | % | 0.93 | % | 97.74 | % | 1.33 | % | 100 | % | |||||||||||||||||||||||||||||||||||
December 31, 2012 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Past Due and | Past Due and | 90 Days | Due | Current | Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,214 | $ | — | $ | — | $ | 1,214 | $ | 698,416 | $ | 4,861 | $ | 704,491 | |||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 1,264 | — | — | 1,264 | 755,316 | 14,001 | 770,581 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | — | — | — | — | 618,731 | 12,634 | 631,365 | ||||||||||||||||||||||||||||||||||||||||||
Construction | 269 | 70 | — | 339 | 131,489 | 1,547 | 133,375 | ||||||||||||||||||||||||||||||||||||||||||
Residential | 5,383 | 606 | 786 | 6,775 | 226,863 | 9,989 | 243,627 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | 971 | 526 | — | 1,497 | 282,776 | 4,728 | 289,001 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,101 | $ | 1,202 | $ | 786 | $ | 11,089 | $ | 2,713,591 | $ | 47,760 | $ | 2,772,440 | |||||||||||||||||||||||||||||||||||
% of Total Loans | 0.33 | % | 0.04 | % | 0.03 | % | 0.4 | % | 97.88 | % | 1.72 | % | 100 | % | |||||||||||||||||||||||||||||||||||
Analysis of Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of our impaired loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | Ending | Loans with | Loans with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Specific | Specific | Specific | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Reserve | Balances | Balances | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 5,833 | $ | 2,288 | $ | 3,545 | $ | 2,004 | $ | 13,728 | $ | 5,062 | |||||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 12,568 | 5,723 | 6,845 | 945 | 14,911 | 13,167 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,894 | 2,896 | 5,998 | 1,995 | 19,494 | 9,887 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 274 | 274 | — | — | 16,012 | 1,261 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 17,360 | 9,680 | 7,680 | 995 | 19,726 | 18,091 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 4,400 | 4,272 | 128 | 12 | 5,091 | 5,712 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 49,329 | $ | 25,133 | $ | 24,196 | $ | 5,951 | $ | 88,962 | $ | 53,180 | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | Ending | Loans with | Loans with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Specific | Specific | Specific | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Reserve | Balances | Balances | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 4,861 | $ | 1,598 | $ | 3,263 | $ | 2,100 | $ | 12,060 | $ | 4,993 | |||||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 14,001 | 13,827 | 174 | 1 | 18,658 | 16,856 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 12,634 | 5,422 | 7,212 | 1,887 | 22,192 | 10,233 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,547 | 1,172 | 375 | 28 | 17,711 | 11,239 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 18,483 | 11,053 | 7,430 | 919 | 20,771 | 16,917 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 6,329 | 5,635 | 694 | 16 | 7,265 | 4,514 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 57,855 | $ | 38,707 | $ | 19,148 | $ | 4,951 | $ | 98,657 | $ | 64,752 | |||||||||||||||||||||||||||||||||||||
-1 | Reflects loan balances at their remaining book balance. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Customer Credit Exposure Credit Risk Profile by Internally Assigned Risk Rating | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of problem loans, by credit risk profile using internally assigned risk ratings, as of September 30, 2013 and December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Owner-Occupied | Commercial | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Mortgages | Construction | Commercial | |||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Amount | % | Amount | % | ||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | $ | 17,148 | $ | 14,611 | $ | 15,433 | $ | 27,398 | $ | 9,239 | $ | 29,267 | $ | 1,567 | $ | 2,453 | $ | 43,387 | $ | 73,729 | |||||||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | 58,944 | 63,074 | 38,792 | 44,899 | 6,156 | 6,222 | 2,907 | 5,755 | 106,930 | 119,950 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual | 2,105 | 1,598 | 5,723 | 13,827 | 2,896 | 5,422 | 274 | 1,172 | 10,902 | 22,019 | |||||||||||||||||||||||||||||||||||||||
Doubtful / Nonaccrual | 3,545 | 3,263 | 6,845 | 174 | 5,998 | 7,212 | — | 375 | 16,280 | 11,024 | |||||||||||||||||||||||||||||||||||||||
Total Special | |||||||||||||||||||||||||||||||||||||||||||||||||
Mention, Substandard and Doubtful | 81,742 | 82,546 | 66,793 | 86,298 | 24,289 | 48,123 | 4,748 | 9,755 | 177,499 | 8 | % | 226,722 | 10 | % | |||||||||||||||||||||||||||||||||||
Pass | 672,197 | 621,945 | 723,072 | 684,283 | 689,500 | 583,242 | 97,873 | 123,620 | 2,182,715 | 92 | % | 2,013,090 | 90 | ||||||||||||||||||||||||||||||||||||
Total Commercial Loans | $ | 753,939 | $ | 704,491 | $ | 789,865 | $ | 770,581 | $ | 713,789 | $ | 631,365 | $ | 102,621 | $ | 133,375 | $ | 2,360,214 | 100 | % | $ | 2,239,812 | 100 | % | |||||||||||||||||||||||||
Schedule of Consumer Credit Exposure Credit Risk Profile Based on Payment Activity | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer credit exposure credit risk profile based on payment activity (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Consumer | Total Residential and Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | $ | 17,360 | $ | 18,483 | $ | 4,401 | $ | 6,329 | $ | 21,761 | 4 | % | $ | 24,812 | 5 | % | |||||||||||||||||||||||||||||||||
Performing | 211,595 | 225,144 | 283,644 | 282,672 | 495,239 | 96 | % | 507,816 | 95 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 228,955 | $ | 243,627 | $ | 288,045 | $ | 289,001 | $ | 517,000 | 100 | % | $ | 532,628 | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Includes $10.8 million as of September 30, 2013 and 10.1 million as of December 31, 2012 of troubled debt restructured mortgages and home equity installment loans that are performing in accordance with modified terms and are accruing interest. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans identified as TDRs during the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Three | Three | Nine | Nine | ||||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,800 | $ | 710 | $ | 6,824 | $ | 9,986 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 108 | — | 1,169 | — | |||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | 378 | |||||||||||||||||||||||||||||||||||||||||||||
Residential | 207 | 2,779 | 806 | 4,170 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 256 | 2,165 | 973 | 2,312 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7,371 | $ | 5,654 | $ | 9,772 | $ | 16,846 | |||||||||||||||||||||||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Details of Segment Information | ' | ||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & | Total | |||||||||||||
Wealth | |||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 35,171 | $ | — | $ | 1,945 | $ | 37,116 | |||||||||
Noninterest income | 12,449 | 6,360 | 3,933 | 22,742 | |||||||||||||
Total external customer revenues | 47,620 | 6,360 | 5,878 | 59,858 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 906 | — | 1,477 | 2,383 | |||||||||||||
Noninterest income | 1,689 | 222 | 28 | 1,939 | |||||||||||||
Total inter-segment revenues | 2,595 | 222 | 1,505 | 4,322 | |||||||||||||
Total revenue | 50,215 | 6,582 | 7,383 | 64,180 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 3,587 | — | 123 | 3,710 | |||||||||||||
Noninterest expenses | 26,510 | 3,470 | 2,829 | 32,809 | |||||||||||||
Provision for loan loss | 2,263 | — | (294 | ) | 1,969 | ||||||||||||
Total external customer expenses | 32,360 | 3,470 | 2,658 | 38,488 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 1,477 | 400 | 506 | 2,383 | |||||||||||||
Noninterest expenses | 250 | 561 | 1,128 | 1,939 | |||||||||||||
Total inter-segment expenses | 1,727 | 961 | 1,634 | 4,322 | |||||||||||||
Total expenses | 34,087 | 4,431 | 4,292 | 42,810 | |||||||||||||
Income before taxes | $ | 16,128 | $ | 2,151 | $ | 3,091 | $ | 21,370 | |||||||||
Provision for income taxes | 7,210 | ||||||||||||||||
Consolidated net income | $ | 14,160 | |||||||||||||||
Capital expenditures | $ | 460 | $ | 131 | $ | — | $ | 591 | |||||||||
As of September 30, 2013 | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 76,785 | $ | 422,544 | $ | 3,116 | $ | 502,445 | |||||||||
Other segment assets | 3,756,277 | 1,995 | 181,939 | 3,940,211 | |||||||||||||
Total segment assets | $ | 3,833,062 | $ | 424,539 | $ | 185,055 | $ | 4,442,656 | |||||||||
For the three months ended September 30, 2012 | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 34,475 | $ | — | $ | 2,039 | $ | 36,514 | |||||||||
Noninterest income | 11,686 | 4,707 | 3,355 | 19,748 | |||||||||||||
Total external customer revenues | 46,161 | 4,707 | 5,394 | 56,262 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 944 | — | 1,358 | 2,302 | |||||||||||||
Noninterest income | 2,122 | 148 | 24 | 2,294 | |||||||||||||
Total inter-segment revenues | 3,066 | 148 | 1,382 | 4,596 | |||||||||||||
Total revenue | 49,227 | 4,855 | 6,776 | 60,858 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 5,377 | — | 244 | 5,621 | |||||||||||||
Noninterest expenses | 27,300 | 2,113 | 2,740 | 32,153 | |||||||||||||
Provision for loan loss | 2,997 | — | 754 | 3,751 | |||||||||||||
Total external customer expenses | 35,674 | 2,113 | 3,738 | 41,525 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 1,358 | 338 | 606 | 2,302 | |||||||||||||
Noninterest expenses | 172 | 586 | 1,536 | 2,294 | |||||||||||||
Total inter-segment expenses | 1,530 | 924 | 2,142 | 4,596 | |||||||||||||
Total expenses | 37,204 | 3,037 | 5,880 | 46,121 | |||||||||||||
Income (loss) before taxes | $ | 12,023 | $ | 1,818 | $ | 896 | $ | 14,737 | |||||||||
Provision for income taxes | 4,758 | ||||||||||||||||
Consolidated net income | $ | 9,979 | |||||||||||||||
Capital expenditures | $ | 1,289 | $ | 311 | $ | 3 | $ | 1,603 | |||||||||
As of December 31, 2012 | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 68,419 | $ | 430,382 | $ | 2,086 | $ | 500,887 | |||||||||
Other segment assets | 3,683,073 | 1,605 | 189,583 | 3,874,261 | |||||||||||||
Total segment assets | $ | 3,751,492 | $ | 431,987 | $ | 191,669 | $ | 4,375,148 | |||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||
Statement of Operations | WSFS | Cash | Trust & | Total | |||||||||||||
Bank | Connect | Wealth | |||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 102,732 | $ | — | $ | 5,857 | $ | 108,589 | |||||||||
Noninterest income | 31,009 | 17,412 | 11,934 | 60,355 | |||||||||||||
Total external customer revenues | 133,741 | 17,412 | 17,791 | 168,944 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 2,723 | — | 4,276 | 6,999 | |||||||||||||
Noninterest income | 5,040 | 645 | 82 | 5,767 | |||||||||||||
Total inter-segment revenues | 7,763 | 645 | 4,358 | 12,766 | |||||||||||||
Total revenue | 141,504 | 18,057 | 22,149 | 181,710 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 11,120 | — | 427 | 11,547 | |||||||||||||
Noninterest expenses | 79,671 | 9,629 | 9,031 | 98,331 | |||||||||||||
Provision for loan loss | 6,044 | — | (164 | ) | 5,880 | ||||||||||||
Total external customer expenses | 96,835 | 9,629 | 9,294 | 115,758 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 4,276 | 1,176 | 1,547 | 6,999 | |||||||||||||
Noninterest expenses | 727 | 1,649 | 3,391 | 5,767 | |||||||||||||
Total inter-segment expenses | 5,003 | 2,825 | 4,938 | 12,766 | |||||||||||||
Total expenses | 101,838 | 12,454 | 14,232 | 128,524 | |||||||||||||
Income (loss) before taxes | $ | 39,666 | $ | 5,603 | $ | 7,917 | $ | 53,186 | |||||||||
Provision for income taxes | 18,378 | ||||||||||||||||
Consolidated net income | $ | 34,808 | |||||||||||||||
Capital expenditures | $ | 1,505 | $ | 591 | $ | — | $ | 2,096 | |||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 107,199 | $ | — | $ | 6,301 | $ | 113,500 | |||||||||
Noninterest income | 42,238 | 13,254 | 10,006 | 65,498 | |||||||||||||
Total external customer revenues | 149,437 | 13,254 | 16,307 | 178,998 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 3,099 | — | 4,344 | 7,443 | |||||||||||||
Noninterest income | 6,368 | 568 | 79 | 7,015 | |||||||||||||
Total inter-segment revenues | 9,467 | 568 | 4,423 | 14,458 | |||||||||||||
Total revenue | 158,904 | 13,822 | 20,730 | 193,456 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 17,330 | — | 669 | 17,999 | |||||||||||||
Noninterest expenses | 81,267 | 6,628 | 8,264 | 96,159 | |||||||||||||
Provision for loan loss | 26,786 | — | 1,593 | 28,379 | |||||||||||||
Total external customer expenses | 125,383 | 6,628 | 10,526 | 142,537 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 4,344 | 1,008 | 2,091 | 7,443 | |||||||||||||
Noninterest expenses | 647 | 1,711 | 4,657 | 7,015 | |||||||||||||
Total inter-segment expenses | 4,991 | 2,719 | 6,748 | 14,458 | |||||||||||||
Total expenses | 130,374 | 9,347 | 17,274 | 156,995 | |||||||||||||
Income (loss) before taxes | $ | 28,530 | $ | 4,475 | $ | 3,456 | $ | 36,461 | |||||||||
Provision for income taxes | 12,708 | ||||||||||||||||
Consolidated net income | $ | 23,753 | |||||||||||||||
Capital expenditures | $ | 5,406 | $ | 321 | $ | 20 | $ | 5,747 | |||||||||
Fair_Value_Disclosures_of_Fina1
Fair Value Disclosures of Financial Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Balances of Assets Measured at Fair Value | ' | ||||||||||||||||||
The table below presents the balances of assets measured at fair value as of September 30, 2013 (there were no material liabilities measured at fair value): | |||||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets for | Inputs | ||||||||||||||||||
Identical | |||||||||||||||||||
Asset | |||||||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Fair Value | |||||||||||||||
(in Thousands) | |||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 108,470 | $ | — | $ | 108,470 | |||||||||||
FNMA | — | 368,249 | — | 368,249 | |||||||||||||||
FHLMC | — | 106,123 | — | 106,123 | |||||||||||||||
GNMA | — | 98,954 | — | 98,954 | |||||||||||||||
U.S. Government and agencies | — | 41,798 | — | 41,798 | |||||||||||||||
State and political subdivisions | — | 83,332 | — | 83,332 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 806,926 | $ | — | $ | 806,926 | |||||||||||
Liabilities Measured at Fair Value on a nonrecurring Basis | |||||||||||||||||||
Bonds payable | $ | — | $ | 26,340 | $ | — | $ | 26,340 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 7,163 | $ | 7,163 | |||||||||||
Reverse mortgage loans | — | — | 40,095 | 40,095 | |||||||||||||||
Impaired loans (collateral dependent) | — | — | 43,379 | 43,379 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 90,637 | $ | 90,637 | |||||||||||
The table below presents the balances of assets measured at fair value as of December 31, 2012 (there are no material liabilities measured at fair value): | |||||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets for | Inputs | ||||||||||||||||||
Identical | |||||||||||||||||||
Asset | |||||||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Fair Value | |||||||||||||||
(in Thousands) | |||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 252,300 | $ | 7,096 | $ | 259,396 | |||||||||||
FNMA | — | 406,255 | — | 406,255 | |||||||||||||||
FHLMC | — | 59,650 | — | 59,650 | |||||||||||||||
GNMA | — | 132,455 | — | 132,455 | |||||||||||||||
U.S. Government and agencies | — | 46,990 | — | 46,990 | |||||||||||||||
State and political subdivisions | — | 3,209 | — | 3,209 | |||||||||||||||
Reverse mortgage loans | — | — | (457 | ) | (457 | ) | |||||||||||||
Trading Securities | — | — | 12,590 | 12,590 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 900,859 | $ | 19,229 | $ | 920,088 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,622 | $ | 4,622 | |||||||||||
Impaired loans | — | — | 52,904 | 52,904 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 57,526 | $ | 57,526 | |||||||||||
Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis are summarized as follows: | |||||||||||||||||||
Available- | |||||||||||||||||||
Trading | Reverse | for-sale | |||||||||||||||||
Securities | Mortgages | Securities | Total | ||||||||||||||||
(In Thousands) | |||||||||||||||||||
Balance at December 31, 2011 | $ | 12,432 | $ | (646 | ) | $ | 3,936 | $ | 15,722 | ||||||||||
Total net income for the period included in net income | 33 | 12 | — | 45 | |||||||||||||||
Purchases, sales, issuances, and settlements, net | — | 177 | — | 177 | |||||||||||||||
Mark-to-market adjustment | 125 | — | 3,160 | 3,285 | |||||||||||||||
Balance at December 31, 2012 | $ | 12,590 | $ | (457 | ) | $ | 7,096 | $ | 19,229 | ||||||||||
Mark-to-market adjustment | (125 | ) | — | — | (125 | ) | |||||||||||||
Reverse mortgage securitization trust consolidation | (12,465 | ) | 457 | (7,096 | ) | (19,104 | ) | ||||||||||||
Balance at September 30, 2013 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Book Value and Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||||
The book value and estimated fair value of our financial instruments are as follows: | |||||||||||||||||||
Fair Value | September 30, 2013 | December 31, 2012 | |||||||||||||||||
Measurement | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||
(In Thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 502,445 | $ | 502,445 | $ | 500,887 | $ | 500,887 | ||||||||||
Investment securities | See previous table | 806,926 | 806,926 | 920,088 | 920,088 | ||||||||||||||
Loans held for sale | Level 3 | 12,608 | 12,608 | 12,758 | 12,758 | ||||||||||||||
Loans, net | Level 3 | 2,829,992 | 2,818,832 | 2,723,916 | 2,746,001 | ||||||||||||||
Reverse mortgage loans | Level 3 | 40,095 | 40,095 | (457 | ) | (457 | ) | ||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh | Level 2 | 33,876 | 33,876 | 31,165 | 31,165 | ||||||||||||||
Accrued interest receivable | Level 2 | 9,833 | 9,833 | 9,652 | 9,652 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 3,121,198 | 2,912,952 | 3,274,963 | 3,174,907 | ||||||||||||||
Borrowed funds | Level 2 | 874,615 | 874,534 | 637,266 | 638,375 | ||||||||||||||
Bonds Payable | Level 2 | 26,340 | 26,340 | — | — | ||||||||||||||
Standby letters of credit | Level 3 | 135 | 135 | 224 | 224 | ||||||||||||||
Accrued interest payable | Level 2 | 3,254 | 3,254 | 1,099 | 1,099 |
Associate_Employee_Benefit_Pla1
Associate (Employee) Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | ' | ||||||||||||||||
The following disclosures of the net periodic benefit cost components of postretirement benefits were measured at January 1, 2013 and 2012: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Service cost | $ | 86 | $ | 72 | $ | 258 | $ | 216 | |||||||||
Interest cost | 44 | 44 | 132 | 131 | |||||||||||||
Amortization of transition obligation | — | 15 | — | 45 | |||||||||||||
Net loss recognition | 20 | 17 | 60 | 51 | |||||||||||||
Net periodic benefit cost | $ | 150 | $ | 148 | $ | 450 | $ | 443 | |||||||||
Change_in_Accumulated_Other_Co1
Change in Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||
Changes to accumulated other comprehensive income by component are shown net of taxes in the following tables for the period indicated: | |||||||||||||
Net unrealized | |||||||||||||
gains on | Net unrealized | ||||||||||||
investment | losses on defined | ||||||||||||
securities | benefit pension | ||||||||||||
(in thousands) | available-for-sale | plan | Total | ||||||||||
Balance, June 30, 2013 | $ | (12,309 | ) | $ | (472 | ) | $ | (12,781 | ) | ||||
Other comprehensive loss before reclassifications | (3,106 | ) | — | (3,106 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (190 | ) | — | (190 | ) | ||||||||
Net current-period other comprehensive loss | (3,296 | ) | — | (3,296 | ) | ||||||||
Balance, September 30, 2013 | $ | (15,605 | ) | $ | (472 | ) | $ | (16,077 | ) | ||||
Balance, June 30, 2012 | $ | 9,767 | $ | (472 | ) | $ | 9,295 | ||||||
Other comprehensive income before reclassifications | 9,558 | — | 9,558 | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (1,520 | ) | — | (1,520 | ) | ||||||||
Net current-period other comprehensive loss | 8,038 | — | 8,038 | ||||||||||
Balance, September 30, 2012 | $ | 17,805 | $ | (472 | ) | $ | 17,333 | ||||||
Net unrealized | |||||||||||||
gains on | Net unrealized | ||||||||||||
investment | losses on defined | ||||||||||||
securities | benefit pension | ||||||||||||
(in thousands) | available-for-sale | plan | Total | ||||||||||
Balance, December 31, 2012 | $ | 13,415 | $ | (472 | ) | $ | 12,943 | ||||||
Other comprehensive loss before reclassifications | (27,249 | ) | — | (27,249 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (1,771 | ) | — | (1,771 | ) | ||||||||
Net current-period other comprehensive loss | (29,020 | ) | — | (29,020 | ) | ||||||||
Balance, September 30, 2013 | $ | (15,605 | ) | $ | (472 | ) | $ | (16,077 | ) | ||||
Balance, December 31, 2011 | $ | 11,674 | $ | (472 | ) | $ | 11,202 | ||||||
Other comprehensive income before reclassifications | 17,165 | — | 17,165 | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (11,034 | ) | — | (11,034 | ) | ||||||||
Net current-period other comprehensive income | 6,131 | — | 6,131 | ||||||||||
Balance, September 30, 2012 | $ | 17,805 | $ | (472 | ) | $ | 17,333 | ||||||
Components of Other Comprehensive Income | ' | ||||||||||||
The statement of operations impacted by components of other comprehensive income are presented in the table below. | |||||||||||||
Three Months Ended | Affected line item in | ||||||||||||
September 30, | Statements of Operations | ||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Securities available-for-sale: | |||||||||||||
Realized gains on securities transactions | $ | 306 | $ | 2,451 | Securities gains, net | ||||||||
Income taxes | (116 | ) | (931 | ) | Income tax provision | ||||||||
Net of tax | $ | 190 | $ | 1,520 | |||||||||
Nine Months Ended | Affected line item in | ||||||||||||
September 30, | Statements of Operations | ||||||||||||
2013 | 2012 | ||||||||||||
Securities available-for-sale: | |||||||||||||
Realized gains on securities transactions | $ | 2,856 | $ | 17,797 | Securities gains, net | ||||||||
Income taxes | (1,085 | ) | (6,763 | ) | Income tax provision | ||||||||
Net of tax | $ | 1,771 | $ | 11,034 | |||||||||
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Other Intangible Assets | ' | ||||||||||||
The following table summarizes other intangible assets: | |||||||||||||
Gross | Net | ||||||||||||
Intangible | Accumulated | Intangible | |||||||||||
Assets | Amortization | Assets | |||||||||||
(In Thousands) | |||||||||||||
September 30, 2013 | |||||||||||||
Core deposits | $ | 4,370 | $ | (2,458 | ) | $ | 1,912 | ||||||
Other | 7,104 | (1,870 | ) | 5,234 | |||||||||
Total other intangible assets | $ | 11,474 | $ | (4,328 | ) | $ | 7,146 | ||||||
31-Dec-12 | |||||||||||||
Core deposits | $ | 4,370 | $ | (2,020 | ) | $ | 2,350 | ||||||
Other | 4,464 | (1,640 | ) | 2,824 | |||||||||
Total other intangible assets | $ | 8,834 | $ | (3,660 | ) | $ | 5,174 | ||||||
Schedule of Estimated Amortization Expense of Intangibles | ' | ||||||||||||
The following presents the estimated amortization expense of intangibles: | |||||||||||||
Amortization | |||||||||||||
(In Thousands) | of Intangibles | ||||||||||||
Remaining in 2013 | $ | 370 | |||||||||||
2014 | 1,171 | ||||||||||||
2015 | 1,139 | ||||||||||||
2016 | 882 | ||||||||||||
2017 | 735 | ||||||||||||
Thereafter | 2,849 | ||||||||||||
Total | $ | 7,146 | |||||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Combined Fair Value of Assets and Liabilities Acquired | ' | ||||
In connection with the acquisition, the following table summarizes the combined fair value of the assets and liabilities acquired: | |||||
Consideration Paid: | |||||
Cash paid at closing | $ | 5,374 | |||
Fair value of contingent consideration | 2,750 | ||||
Value of consideration | 8,124 | ||||
Assets acquired: | |||||
(In Thousands) | |||||
Cash | 1,185 | ||||
Accounts receivable | 220 | ||||
Fixed assets | 148 | ||||
Loans-Held-For-Sale | 10,096 | ||||
Intangible assets | 2,353 | ||||
Total assets | 14,002 | ||||
Liabilities assumed: | |||||
Warehouse line of credit | 10,067 | ||||
Accounts payable | 60 | ||||
Total Liabilities | 10,127 | ||||
Net assets acquired | 3,875 | ||||
Goodwill resulting from acquisition of Array and Arrow | $ | 4,249 | |||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
VIE | |
Subsidiary | |
Subsidiary or Equity Method Investee [Line Items] | ' |
Number of offices | 51 |
WSFS Bank [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Number of wholly-owned subsidiaries | 2 |
Number of consolidated variable interest entity | 1 |
Montchanin [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Number of wholly-owned subsidiaries | 1 |
Delaware [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Number of offices | 41 |
Pennsylvania [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Number of offices | 8 |
Virginia [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Number of offices | 1 |
Nevada [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Number of offices | 1 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income allocable to common stockholders | $13,828 | $9,286 | $33,175 | $21,676 |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share - weighted average shares | 8,828 | 8,712 | 8,804 | 8,702 |
Effect of dilutive employee stock options and warrants | 148 | 83 | 106 | 77 |
Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercise | 8,976 | 8,795 | 8,910 | 8,779 |
Basic: | ' | ' | ' | ' |
Net income allocable to common stockholders | $1.57 | $1.07 | $3.77 | $2.49 |
Diluted: | ' | ' | ' | ' |
Net income allocable to common stockholders | $1.54 | $1.06 | $3.72 | $2.47 |
Outstanding common stock equivalents having no dilutive effect | 402 | 338 | 557 | 361 |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale and Trading Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $832,096 | $886,488 |
Gross Unrealized Losses | -27,384 | -717 |
Fair Value | 806,926 | 907,955 |
Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 832,096 | 886,488 |
Gross Unrealized Gains | 2,214 | 22,184 |
Gross Unrealized Losses | -27,384 | -717 |
Fair Value | 806,926 | 907,955 |
Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Unrealized Losses | -11,990 | -243 |
Federal National Mortgage Association ("FNMA") [Member] | Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 396,910 |
Gross Unrealized Gains | ' | 9,588 |
Gross Unrealized Losses | ' | -243 |
Fair Value | ' | 406,255 |
Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Unrealized Losses | -4,585 | -301 |
Collateralized Mortgage Obligation ("CMO") [Member] | Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 112,887 | 251,848 |
Gross Unrealized Gains | 169 | 7,849 |
Gross Unrealized Losses | -4,585 | -301 |
Fair Value | 108,471 | 259,396 |
Collateralized Mortgage Obligation ("CMO") [Member] | Trading Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 12,590 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | ' |
Fair Value | ' | 12,590 |
Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Unrealized Losses | -3,397 | -117 |
Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 58,596 |
Gross Unrealized Gains | ' | 1,171 |
Gross Unrealized Losses | ' | -117 |
Fair Value | ' | 59,650 |
Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Unrealized Losses | -2,530 | -54 |
Government National Mortgage Association ("GNMA") [Member] | Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 129,288 |
Gross Unrealized Gains | ' | 3,221 |
Gross Unrealized Losses | ' | -54 |
Fair Value | ' | 132,455 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Unrealized Losses | -4,879 | ' |
State and Political Subdivisions [Member] | Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 87,987 | 3,120 |
Gross Unrealized Gains | 224 | 89 |
Gross Unrealized Losses | -4,879 | ' |
Fair Value | 83,332 | 3,209 |
U.S. Government and government sponsored enterprises ("GSE") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Unrealized Losses | -3 | -2 |
U.S. Government and government sponsored enterprises ("GSE") [Member] | Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 41,670 | 46,726 |
Gross Unrealized Gains | 131 | 266 |
Gross Unrealized Losses | -3 | -2 |
Fair Value | 41,798 | 46,990 |
Mortgage-backed Securities ("MBS") [Member] | Federal National Mortgage Association ("FNMA") [Member] | Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 379,721 | ' |
Gross Unrealized Gains | 518 | ' |
Gross Unrealized Losses | -11,990 | ' |
Fair Value | 368,249 | ' |
Mortgage-backed Securities ("MBS") [Member] | Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 109,482 | ' |
Gross Unrealized Gains | 38 | ' |
Gross Unrealized Losses | -3,397 | ' |
Fair Value | 106,123 | ' |
Mortgage-backed Securities ("MBS") [Member] | Government National Mortgage Association ("GNMA") [Member] | Available-For-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 100,349 | ' |
Gross Unrealized Gains | 1,134 | ' |
Gross Unrealized Losses | -2,530 | ' |
Fair Value | $98,953 | ' |
Investment_Securities_Schedule1
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | $832,096 | $886,488 |
Available-for-Sale, Fair Value | 806,926 | 907,955 |
Within one year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 22,860 | 19,001 |
Available-for-Sale, Fair Value | 22,932 | 19,115 |
After one year but within five years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 32,661 | 28,855 |
Available-for-Sale, Fair Value | 32,465 | 29,034 |
After five years but within ten years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 312,070 | 321,103 |
Available-for-Sale, Fair Value | 298,900 | 329,580 |
After ten years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 464,505 | 517,529 |
Available-for-Sale, Fair Value | $452,629 | $530,226 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Securities amortized cost | $832,096,000 | ' | $886,488,000 |
Securities pledged as collateral | 513,000,000 | ' | ' |
Proceeds from sale of investment securities | 239,900,000 | 616,300,000 | ' |
Gain from sale of investment securities | 3,000,000 | 17,700,000 | ' |
Unamortized premiums | 25,100,000 | ' | ' |
Unaccreted discounts | 90,000 | ' | ' |
Owned investment securities | 678,920,000 | ' | 111,339,000 |
Total unrealized losses on securities | -27,384,000 | ' | -717,000 |
Purchase price of municipal bonds | 77,700,000 | ' | ' |
Mortgage-backed Securities ("MBS") [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Number of securities | 134 | ' | ' |
Weighted average duration of MBS portfolio | 5.8 | ' | ' |
U.S. Government and government sponsored enterprises ("GSE") [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Owned investment securities | 2,003,000 | ' | 2,008,000 |
Total unrealized losses on securities | -3,000 | ' | -2,000 |
U.S. Government and government sponsored enterprises ("GSE") [Member] | Mortgage-backed Securities ("MBS") [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Securities amortized cost | $702,400,000 | ' | ' |
Investment_Securities_Schedule2
Investment Securities - Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $671,518 | $109,975 |
Less than 12 months, Unrealized Loss | 27,230 | 684 |
12 months or longer, Fair Value | 7,402 | 1,364 |
12 months or longer, Unrealized Loss | 154 | 33 |
Total, Fair Value | 678,920 | 111,339 |
Total, Unrealized Loss | 27,384 | 717 |
Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 331,949 | 43,696 |
Less than 12 months, Unrealized Loss | 11,840 | 243 |
12 months or longer, Fair Value | 4,060 | ' |
12 months or longer, Unrealized Loss | 150 | ' |
Total, Fair Value | 336,009 | 43,696 |
Total, Unrealized Loss | 11,990 | 243 |
Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 99,464 | 40,358 |
Less than 12 months, Unrealized Loss | 4,584 | 268 |
12 months or longer, Fair Value | 1,339 | 1,364 |
12 months or longer, Unrealized Loss | 1 | 33 |
Total, Fair Value | 100,803 | 41,722 |
Total, Unrealized Loss | 4,585 | 301 |
Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 105,539 | 13,884 |
Less than 12 months, Unrealized Loss | 3,397 | 117 |
12 months or longer, Fair Value | ' | ' |
12 months or longer, Unrealized Loss | ' | ' |
Total, Fair Value | 105,539 | 13,884 |
Total, Unrealized Loss | 3,397 | 117 |
Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 75,096 | 10,029 |
Less than 12 months, Unrealized Loss | 2,530 | 54 |
12 months or longer, Fair Value | ' | ' |
12 months or longer, Unrealized Loss | ' | ' |
Total, Fair Value | 75,096 | 10,029 |
Total, Unrealized Loss | 2,530 | 54 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 59,470 | ' |
Less than 12 months, Unrealized Loss | 4,879 | ' |
12 months or longer, Fair Value | ' | ' |
12 months or longer, Unrealized Loss | ' | ' |
Total, Fair Value | 59,470 | ' |
Total, Unrealized Loss | 4,879 | ' |
U.S. Government and government sponsored enterprises ("GSE") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | 2,008 |
Less than 12 months, Unrealized Loss | ' | 2 |
12 months or longer, Fair Value | 2,003 | ' |
12 months or longer, Unrealized Loss | 3 | ' |
Total, Fair Value | 2,003 | 2,008 |
Total, Unrealized Loss | $3 | $2 |
Allowance_for_Loan_Losses_and_2
Allowance for Loan Losses and Credit Quality Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Period for impairment loans | ' | '90 days | ' | ' |
Impairment loans, charge off period | ' | '90 days | ' | ' |
Increase in calculated reserves percentage | 2.00% | 2.00% | ' | ' |
Interest income on impaired loans | $234,000 | $706,000 | ' | ' |
Balance of troubled debt restructurings | 26,600,000 | 26,600,000 | ' | 22,000,000 |
TDRs in nonaccrual status | ' | 15,500,000 | ' | 11,900,000 |
TDRs in accrual status | ' | 11,100,000 | ' | 10,100,000 |
Troubled debt restructuring related reserves | 1 | 1 | ' | 936,000 |
Usual sustained repayment performance period | ' | '6 months | ' | ' |
Increase in allowance for loan losses | ' | 37,000 | 357,000 | ' |
Troubled debt restructurings charged off | 363,000 | 363,000 | 8,100,000 | ' |
Consumer Loan Commitments [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Term past due loans placed on nonaccrual status | ' | 90 | ' | ' |
Commercial Loan Commitments [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of term loans modified in troubled debt restructurings | ' | 5 | ' | ' |
Residential and Consumer Loan [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of term loans modified in troubled debt restructurings | ' | 21 | ' | ' |
Residential [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of TDRs that defaulted during period | 1 | 1 | ' | ' |
Residential TDR | $130,000 | $130,000 | ' | ' |
Allowance_for_Loan_Losses_and_3
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Beginning balance | $41,494 | $46,429 | $43,922 | $53,080 |
Charge-offs | -2,943 | -6,870 | -10,685 | -40,048 |
Recoveries | 911 | 2,288 | 2,314 | 4,187 |
Provision (credit) | 1,969 | 3,751 | 5,880 | 28,379 |
Ending balance | 41,431 | 45,598 | 41,431 | 45,598 |
Loans individually evaluated for impairment | 5,951 | 2,873 | 5,951 | 2,873 |
Loans collectively evaluated for impairment | 35,480 | 42,725 | 35,480 | 42,725 |
Ending balance | 41,431 | 45,598 | 41,431 | 45,598 |
Loans individually evaluated for impairment | 49,329 | 50,164 | 49,329 | 50,164 |
Loans collectively evaluated for impairment | 2,827,885 | 2,651,595 | 2,827,885 | 2,651,595 |
Ending balance | 2,877,214 | 2,701,759 | 2,877,214 | 2,701,759 |
Commercial Loan Commitments [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Beginning balance | 12,967 | 9,891 | 13,663 | 15,067 |
Charge-offs | -1,172 | -1,281 | -2,311 | -11,316 |
Recoveries | 273 | 455 | 900 | 1,305 |
Provision (credit) | 594 | -127 | 410 | 3,882 |
Ending balance | 12,662 | 8,938 | 12,662 | 8,938 |
Loans individually evaluated for impairment | 2,004 | 1,244 | 2,004 | 1,244 |
Loans collectively evaluated for impairment | 10,658 | 7,694 | 10,658 | 7,694 |
Ending balance | 12,662 | 8,938 | 12,662 | 8,938 |
Loans individually evaluated for impairment | 5,833 | 3,579 | 5,833 | 3,579 |
Loans collectively evaluated for impairment | 748,106 | 694,626 | 748,106 | 694,626 |
Ending balance | 753,939 | 698,205 | 753,939 | 698,205 |
Owner - Occupied Commercial [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Beginning balance | 8,049 | 4,091 | 6,108 | 9,235 |
Charge-offs | -31 | -926 | -68 | -3,614 |
Recoveries | 55 | 184 | 100 | 190 |
Provision (credit) | -23 | -4 | 1,910 | -2,466 |
Ending balance | 8,050 | 3,345 | 8,050 | 3,345 |
Loans individually evaluated for impairment | 945 | 222 | 945 | 222 |
Loans collectively evaluated for impairment | 7,105 | 3,123 | 7,105 | 3,123 |
Ending balance | 8,050 | 3,345 | 8,050 | 3,345 |
Loans individually evaluated for impairment | 12,568 | 13,324 | 12,568 | 13,324 |
Loans collectively evaluated for impairment | 777,297 | 737,670 | 777,297 | 737,670 |
Ending balance | 789,865 | 750,994 | 789,865 | 750,994 |
Commercial Mortgages [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Beginning balance | 6,345 | 9,618 | 8,079 | 7,556 |
Charge-offs | -103 | -709 | -1,824 | -5,600 |
Recoveries | 333 | 18 | 442 | 382 |
Provision (credit) | 345 | -2,281 | 223 | 4,308 |
Ending balance | 6,920 | 6,646 | 6,920 | 6,646 |
Loans individually evaluated for impairment | 1,995 | 90 | 1,995 | 90 |
Loans collectively evaluated for impairment | 4,925 | 6,556 | 4,925 | 6,556 |
Ending balance | 6,920 | 6,646 | 6,920 | 6,646 |
Loans individually evaluated for impairment | 8,894 | 5,875 | 8,894 | 5,875 |
Loans collectively evaluated for impairment | 704,895 | 598,681 | 704,895 | 598,681 |
Ending balance | 713,789 | 604,556 | 713,789 | 604,556 |
Construction [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Beginning balance | 3,952 | 5,307 | 6,456 | 4,074 |
Charge-offs | -4 | -676 | -1,344 | -10,680 |
Recoveries | 21 | 1,314 | 106 | 1,642 |
Provision (credit) | -380 | -810 | -1,629 | 10,099 |
Ending balance | 3,589 | 5,135 | 3,589 | 5,135 |
Loans individually evaluated for impairment | ' | 94 | ' | 94 |
Loans collectively evaluated for impairment | 3,589 | 5,041 | 3,589 | 5,041 |
Ending balance | 3,589 | 5,135 | 3,589 | 5,135 |
Loans individually evaluated for impairment | 274 | 2,620 | 274 | 2,620 |
Loans collectively evaluated for impairment | 102,347 | 111,557 | 102,347 | 111,557 |
Ending balance | 102,621 | 114,177 | 102,621 | 114,177 |
Residential [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Beginning balance | 3,230 | 6,265 | 3,124 | 6,544 |
Charge-offs | -290 | -705 | -985 | -3,344 |
Recoveries | 10 | 113 | 51 | 171 |
Provision (credit) | 364 | 2,690 | 1,124 | 4,992 |
Ending balance | 3,314 | 8,363 | 3,314 | 8,363 |
Loans individually evaluated for impairment | 995 | 1,199 | 995 | 1,199 |
Loans collectively evaluated for impairment | 2,319 | 7,164 | 2,319 | 7,164 |
Ending balance | 3,314 | 8,363 | 3,314 | 8,363 |
Loans individually evaluated for impairment | 17,360 | 18,072 | 17,360 | 18,072 |
Loans collectively evaluated for impairment | 211,595 | 232,270 | 211,595 | 232,270 |
Ending balance | 228,955 | 250,342 | 228,955 | 250,342 |
Consumer Loan Commitments [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Beginning balance | 6,137 | 10,341 | 5,631 | 10,604 |
Charge-offs | -1,343 | -2,573 | -4,153 | -5,494 |
Recoveries | 219 | 204 | 715 | 497 |
Provision (credit) | 1,071 | 4,300 | 3,891 | 6,665 |
Ending balance | 6,084 | 12,272 | 6,084 | 12,272 |
Loans individually evaluated for impairment | 12 | 24 | 12 | 24 |
Loans collectively evaluated for impairment | 6,072 | 12,248 | 6,072 | 12,248 |
Ending balance | 6,084 | 12,272 | 6,084 | 12,272 |
Loans individually evaluated for impairment | 4,400 | 6,694 | 4,400 | 6,694 |
Loans collectively evaluated for impairment | 283,645 | 276,791 | 283,645 | 276,791 |
Ending balance | 288,045 | 283,485 | 288,045 | 283,485 |
Complexity Risk [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Beginning balance | 814 | 916 | 861 | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision (credit) | -2 | -17 | -49 | 899 |
Ending balance | 812 | 899 | 812 | 899 |
Loans individually evaluated for impairment | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 812 | 899 | 812 | 899 |
Ending balance | 812 | 899 | 812 | 899 |
Loans individually evaluated for impairment | ' | ' | ' | ' |
Loans collectively evaluated for impairment | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' |
Allowance_for_Loan_Losses_and_4
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | $24,518 | $9,101 |
60-89 Days Past Due and Still Accruing, Total | 1,541 | 1,202 |
Greater Than 90 Days Past Due and Still Accruing, Total | 658 | 786 |
Total Past Due And Still Accruing, Total | 26,717 | 11,089 |
Accruing Current Balances, Total | 2,812,327 | 2,713,591 |
Nonaccrual Loans, Total | 38,170 | 47,760 |
Total Loans | 2,877,214 | 2,772,440 |
30-59 Days Past Due and Still Accruing, % of Total Loans | 0.85% | 0.33% |
60-89 Days Past Due and Still Accruing, % of Total Loans | 0.06% | 0.04% |
Greater Than 90 Days Past Due and Still Accruing, % of Total Loans | 0.02% | 0.03% |
Total Past Due And Still Accruing, % of Total Loans | 0.93% | 0.40% |
Accruing Current Balances, % of Total Loans | 97.74% | 97.88% |
Nonaccrual Loans, % of Total Loans | 1.33% | 1.72% |
% of Total Loans | 100.00% | 100.00% |
Commercial Loan Commitments [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 13,212 | 1,214 |
60-89 Days Past Due and Still Accruing, Total | ' | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' |
Total Past Due And Still Accruing, Total | 13,212 | 1,214 |
Accruing Current Balances, Total | 735,077 | 698,416 |
Nonaccrual Loans, Total | 5,650 | 4,861 |
Total Loans | 753,939 | 704,491 |
Owner - Occupied Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 6,474 | 1,264 |
60-89 Days Past Due and Still Accruing, Total | ' | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' |
Total Past Due And Still Accruing, Total | 6,474 | 1,264 |
Accruing Current Balances, Total | 770,823 | 755,316 |
Nonaccrual Loans, Total | 12,568 | 14,001 |
Total Loans | 789,865 | 770,581 |
Commercial Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 22 | ' |
60-89 Days Past Due and Still Accruing, Total | ' | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' |
Total Past Due And Still Accruing, Total | 22 | ' |
Accruing Current Balances, Total | 705,077 | 618,731 |
Nonaccrual Loans, Total | 8,690 | 12,634 |
Total Loans | 713,789 | 631,365 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | ' | 269 |
60-89 Days Past Due and Still Accruing, Total | ' | 70 |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' |
Total Past Due And Still Accruing, Total | ' | 339 |
Accruing Current Balances, Total | 102,347 | 131,489 |
Nonaccrual Loans, Total | 274 | 1,547 |
Total Loans | 102,621 | 133,375 |
Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 3,672 | 5,383 |
60-89 Days Past Due and Still Accruing, Total | 1,073 | 606 |
Greater Than 90 Days Past Due and Still Accruing, Total | 658 | 786 |
Total Past Due And Still Accruing, Total | 5,403 | 6,775 |
Accruing Current Balances, Total | 215,113 | 226,863 |
Nonaccrual Loans, Total | 8,439 | 9,989 |
Total Loans | 228,955 | 243,627 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 1,138 | 971 |
60-89 Days Past Due and Still Accruing, Total | 468 | 526 |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' |
Total Past Due And Still Accruing, Total | 1,606 | 1,497 |
Accruing Current Balances, Total | 283,890 | 282,776 |
Nonaccrual Loans, Total | 2,549 | 4,728 |
Total Loans | $288,045 | $289,001 |
Allowance_for_Loan_Losses_and_5
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Ending Loan Balances | $49,329 | $57,855 |
Loans with No Specific Reserve | 25,133 | 38,707 |
Loans with Specific Reserve | 24,196 | 19,148 |
Related Specific Reserve | 5,951 | 4,951 |
Contractual Principal Balances | 88,962 | 98,657 |
Average Loan Balances | 53,180 | 64,752 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Ending Loan Balances | 5,833 | 4,861 |
Loans with No Specific Reserve | 2,288 | 1,598 |
Loans with Specific Reserve | 3,545 | 3,263 |
Related Specific Reserve | 2,004 | 2,100 |
Contractual Principal Balances | 13,728 | 12,060 |
Average Loan Balances | 5,062 | 4,993 |
Owner - Occupied Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Ending Loan Balances | 12,568 | 14,001 |
Loans with No Specific Reserve | 5,723 | 13,827 |
Loans with Specific Reserve | 6,845 | 174 |
Related Specific Reserve | 945 | 1 |
Contractual Principal Balances | 14,911 | 18,658 |
Average Loan Balances | 13,167 | 16,856 |
Commercial Mortgage [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Ending Loan Balances | 8,894 | 12,634 |
Loans with No Specific Reserve | 2,896 | 5,422 |
Loans with Specific Reserve | 5,998 | 7,212 |
Related Specific Reserve | 1,995 | 1,887 |
Contractual Principal Balances | 19,494 | 22,192 |
Average Loan Balances | 9,887 | 10,233 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Ending Loan Balances | 274 | 1,547 |
Loans with No Specific Reserve | 274 | 1,172 |
Loans with Specific Reserve | ' | 375 |
Related Specific Reserve | ' | 28 |
Contractual Principal Balances | 16,012 | 17,711 |
Average Loan Balances | 1,261 | 11,239 |
Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Ending Loan Balances | 17,360 | 18,483 |
Loans with No Specific Reserve | 9,680 | 11,053 |
Loans with Specific Reserve | 7,680 | 7,430 |
Related Specific Reserve | 995 | 919 |
Contractual Principal Balances | 19,726 | 20,771 |
Average Loan Balances | 18,091 | 16,917 |
Consumer Loan Commitments [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Ending Loan Balances | 4,400 | 6,329 |
Loans with No Specific Reserve | 4,272 | 5,635 |
Loans with Specific Reserve | 128 | 694 |
Related Specific Reserve | 12 | 16 |
Contractual Principal Balances | 5,091 | 7,265 |
Average Loan Balances | $5,712 | $4,514 |
Allowance_for_Loan_Losses_and_6
Allowance for Loan Losses and Customer Credit Quality Information - Schedule of Credit Exposure Credit Risk Profile by Internally Assigned Risk Rating (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial Loans | 100.00% | 100.00% |
Accrual | $2,360,214 | $2,239,812 |
Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 43,387 | 73,729 |
Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 106,930 | 119,950 |
Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 10,902 | 22,019 |
Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 16,280 | 11,024 |
Total Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial Loans | 8.00% | 10.00% |
Accrual | 177,499 | 226,722 |
Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial Loans | 92.00% | 90.00% |
Accrual | 2,182,715 | 2,013,090 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 753,939 | 704,491 |
Commercial [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 17,148 | 14,611 |
Commercial [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 58,944 | 63,074 |
Commercial [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 2,105 | 1,598 |
Commercial [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 3,545 | 3,263 |
Commercial [Member] | Total Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 81,742 | 82,546 |
Commercial [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 672,197 | 621,945 |
Owner - Occupied Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 789,865 | 770,581 |
Owner - Occupied Commercial [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 15,433 | 27,398 |
Owner - Occupied Commercial [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 38,792 | 44,899 |
Owner - Occupied Commercial [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 5,723 | 13,827 |
Owner - Occupied Commercial [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 6,845 | 174 |
Owner - Occupied Commercial [Member] | Total Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 66,793 | 86,298 |
Owner - Occupied Commercial [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 723,072 | 684,283 |
Commercial Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 713,789 | 631,365 |
Commercial Mortgages [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 9,239 | 29,267 |
Commercial Mortgages [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 6,156 | 6,222 |
Commercial Mortgages [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 2,896 | 5,422 |
Commercial Mortgages [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 5,998 | 7,212 |
Commercial Mortgages [Member] | Total Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 24,289 | 48,123 |
Commercial Mortgages [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 689,500 | 583,242 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 102,621 | 133,375 |
Construction [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 1,567 | 2,453 |
Construction [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 2,907 | 5,755 |
Construction [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 274 | 1,172 |
Construction [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | ' | 375 |
Construction [Member] | Total Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | 4,748 | 9,755 |
Construction [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accrual | $97,873 | $123,620 |
Allowance_for_Loan_Losses_and_7
Allowance for Loan Losses and Credit Quality Information - Schedule of Consumer Credit Exposure Credit Risk Profile Based on Payment Activity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | $2,877,214 | $2,772,440 |
Total | 100.00% | 100.00% |
Residential and Consumer Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 517,000 | 532,628 |
Total | 100.00% | 100.00% |
Residential and Consumer Loan [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 21,761 | 24,812 |
Total | 4.00% | 5.00% |
Residential and Consumer Loan [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 495,239 | 507,816 |
Total | 96.00% | 95.00% |
Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 228,955 | 243,627 |
Residential [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 17,360 | 18,483 |
Residential [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 211,595 | 225,144 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 288,045 | 289,001 |
Consumer [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 4,401 | 6,329 |
Consumer [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | $283,644 | $282,672 |
Allowance_for_Loan_Losses_and_8
Allowance for Loan Losses and Credit Quality Information - Schedule of Consumer Credit Exposure Credit Risk Profile Based on Payment Activity (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Troubled debt restructured mortgages and home equity installment loans | $11.10 | $10.10 |
Allowance_for_Loan_Losses_and_9
Allowance for Loan Losses and Credit Quality Information - Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | $7,371 | $5,654 | $9,772 | $16,846 |
Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | 6,800 | 710 | 6,824 | 9,986 |
Commercial Mortgages [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | 108 | ' | 1,169 | ' |
Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | ' | ' | ' | 378 |
Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | 207 | 2,779 | 806 | 4,170 |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | $256 | $2,165 | $973 | $2,312 |
Reverse_Mortgages_Loans_and_Re
Reverse Mortgages Loans and Related Assets and Liabilities - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Maximum [Member] | Minimum [Member] | Reverse mortgage loans [Member] | SASCO 2002-RM1 Class O Securities [Member] | SASCO 2002-RM1 Class O Securities [Member] | |||
M | Mortgage-backed Securities ("MBS") [Member] | ||||||
Mortgage Banking Activities [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Mortgage-backed securities, additional payment receivable | ' | $12,590,000 | ' | ' | ' | ' | $10,000,000 |
Additional option acquired interest rate | ' | ' | ' | ' | ' | ' | 49.90% |
Trading securities, par value | ' | ' | ' | ' | ' | ' | 2,500,000 |
Investments purchase percentage | ' | ' | ' | ' | ' | ' | 100.00% |
Consolidated reverse mortgage loan | ' | ' | ' | ' | ' | 40,500,000 | ' |
Reverse mortgage loan cash amount | ' | ' | ' | ' | ' | 5,800,000 | ' |
Mortgage-backed securities fair value | ' | ' | ' | ' | ' | 885,000 | ' |
Mortgage payoff backed value | ' | ' | ' | ' | ' | 38,800,000 | ' |
Consolidated mortgage investment | 40,100,000 | ' | ' | ' | ' | ' | ' |
Approximate average loan rate | 45.00% | ' | ' | ' | ' | ' | ' |
Average useful life of borrowers | '92 years | ' | ' | ' | ' | ' | ' |
Estimated cash flow percent | 50.00% | ' | ' | ' | ' | ' | ' |
Forecasted house decline rate | 2.00% | ' | ' | ' | ' | ' | ' |
Forecasted house recovery rate | 2.00% | ' | ' | ' | ' | ' | ' |
Assumptions used for future interest rates | ' | ' | ' | ' | 'Up to 3% over ten years | ' | ' |
Interest rate | ' | ' | ' | ' | 3.00% | ' | ' |
Interest rate of LIBOR period | ' | ' | ' | ' | '10 years | ' | ' |
LIBOR period | ' | ' | ' | ' | 1 | ' | ' |
Net present value decrease | ' | ' | $890,000 | $850,000 | ' | ' | ' |
Change in present value of discount rate | ' | ' | 1.00% | 1.00% | ' | ' | ' |
Discount rate | 18.70% | ' | ' | ' | ' | ' | ' |
Taxes_on_Income_Additional_Inf
Taxes on Income - Additional Information (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Deferred tax asset | $6,700,000 |
Deferred tax asset, valuation allowance | 6,700,000 |
Tax benefit | $200,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment | Segment | Segment | Segment | |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Number of businesses | 3 | 3 | 3 | 3 |
Assets under management | $609,000,000 | ' | $609,000,000 | ' |
Assets under administration | $8,100,000,000 | ' | $8,100,000,000 | ' |
Segment_Information_Details_of
Segment Information - Details of Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | $37,116 | $36,514 | $108,589 | $113,500 | ' | ' |
Noninterest income | 22,742 | 19,748 | 60,355 | 65,498 | ' | ' |
Total revenue | 59,858 | 56,262 | 168,944 | 178,998 | ' | ' |
Interest expense | 3,710 | 5,621 | 11,547 | 17,999 | ' | ' |
Noninterest expenses | 32,809 | 32,153 | 98,331 | 96,159 | ' | ' |
Provision for loan loss | 1,969 | 3,751 | 5,880 | 28,379 | ' | ' |
Total expenses | 38,488 | 41,525 | 115,758 | 142,537 | ' | ' |
Income (loss) before taxes | 21,370 | 14,737 | 53,186 | 36,461 | ' | ' |
Provision for income taxes | 7,210 | 4,758 | 18,378 | 12,708 | ' | ' |
Consolidated net income | 14,160 | 9,979 | 34,808 | 23,753 | ' | ' |
Capital expenditures | 591 | 1,603 | 2,096 | 5,747 | ' | ' |
Cash and cash equivalents | 502,445 | 447,100 | 502,445 | 447,100 | 500,887 | 468,017 |
Other segment assets | 3,940,211 | ' | 3,940,211 | ' | 3,874,261 | ' |
Total assets | 4,442,656 | ' | 4,442,656 | ' | 4,375,148 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenue | 64,180 | 60,858 | 181,710 | 193,456 | ' | ' |
Total expenses | 42,810 | 46,121 | 128,524 | 156,995 | ' | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 2,383 | 2,302 | 6,999 | 7,443 | ' | ' |
Noninterest income | 1,939 | 2,294 | 5,767 | 7,015 | ' | ' |
Total revenue | 4,322 | 4,596 | 12,766 | 14,458 | ' | ' |
Interest expense | 2,383 | 2,302 | 6,999 | 7,443 | ' | ' |
Noninterest expenses | 1,939 | 2,294 | 5,767 | 7,015 | ' | ' |
Total expenses | 4,322 | 4,596 | 12,766 | 14,458 | ' | ' |
WSFS Bank [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 35,171 | 34,475 | 102,732 | 107,199 | ' | ' |
Noninterest income | 12,449 | 11,686 | 31,009 | 42,238 | ' | ' |
Total revenue | 47,620 | 46,161 | 133,741 | 149,437 | ' | ' |
Interest expense | 3,587 | 5,377 | 11,120 | 17,330 | ' | ' |
Noninterest expenses | 26,510 | 27,300 | 79,671 | 81,267 | ' | ' |
Provision for loan loss | 2,263 | 2,997 | 6,044 | 26,786 | ' | ' |
Total expenses | 32,360 | 35,674 | 96,835 | 125,383 | ' | ' |
Income (loss) before taxes | 16,128 | 12,023 | 39,666 | 28,530 | ' | ' |
Capital expenditures | 460 | 1,289 | 1,505 | 5,406 | ' | ' |
WSFS Bank [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenue | 50,215 | 49,227 | 141,504 | 158,904 | ' | ' |
Total expenses | 34,087 | 37,204 | 101,838 | 130,374 | ' | ' |
Cash and cash equivalents | 76,785 | ' | 76,785 | ' | 68,419 | ' |
Other segment assets | 3,756,277 | ' | 3,756,277 | ' | 3,683,073 | ' |
Total assets | 3,833,062 | ' | 3,833,062 | ' | 3,751,492 | ' |
WSFS Bank [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 906 | 944 | 2,723 | 3,099 | ' | ' |
Noninterest income | 1,689 | 2,122 | 5,040 | 6,368 | ' | ' |
Total revenue | 2,595 | 3,066 | 7,763 | 9,467 | ' | ' |
Interest expense | 1,477 | 1,358 | 4,276 | 4,344 | ' | ' |
Noninterest expenses | 250 | 172 | 727 | 647 | ' | ' |
Total expenses | 1,727 | 1,530 | 5,003 | 4,991 | ' | ' |
Cash Connect [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' |
Noninterest income | 6,360 | 4,707 | 17,412 | 13,254 | ' | ' |
Total revenue | 6,360 | 4,707 | 17,412 | 13,254 | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' |
Noninterest expenses | 3,470 | 2,113 | 9,629 | 6,628 | ' | ' |
Provision for loan loss | ' | ' | ' | ' | ' | ' |
Total expenses | 3,470 | 2,113 | 9,629 | 6,628 | ' | ' |
Income (loss) before taxes | 2,151 | 1,818 | 5,603 | 4,475 | ' | ' |
Capital expenditures | 131 | 311 | 591 | 321 | ' | ' |
Cash Connect [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenue | 6,582 | 4,855 | 18,057 | 13,822 | ' | ' |
Total expenses | 4,431 | 3,037 | 12,454 | 9,347 | ' | ' |
Cash and cash equivalents | 422,544 | ' | 422,544 | ' | 430,382 | ' |
Other segment assets | 1,995 | ' | 1,995 | ' | 1,605 | ' |
Total assets | 424,539 | ' | 424,539 | ' | 431,987 | ' |
Cash Connect [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' |
Noninterest income | 222 | 148 | 645 | 568 | ' | ' |
Total revenue | 222 | 148 | 645 | 568 | ' | ' |
Interest expense | 400 | 338 | 1,176 | 1,008 | ' | ' |
Noninterest expenses | 561 | 586 | 1,649 | 1,711 | ' | ' |
Total expenses | 961 | 924 | 2,825 | 2,719 | ' | ' |
Trust & Wealth Management [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 1,945 | 2,039 | 5,857 | 6,301 | ' | ' |
Noninterest income | 3,933 | 3,355 | 11,934 | 10,006 | ' | ' |
Total revenue | 5,878 | 5,394 | 17,791 | 16,307 | ' | ' |
Interest expense | 123 | 244 | 427 | 669 | ' | ' |
Noninterest expenses | 2,829 | 2,740 | 9,031 | 8,264 | ' | ' |
Provision for loan loss | -294 | 754 | -164 | 1,593 | ' | ' |
Total expenses | 2,658 | 3,738 | 9,294 | 10,526 | ' | ' |
Income (loss) before taxes | 3,091 | 896 | 7,917 | 3,456 | ' | ' |
Capital expenditures | ' | 3 | ' | 20 | ' | ' |
Trust & Wealth Management [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenue | 7,383 | 6,776 | 22,149 | 20,730 | ' | ' |
Total expenses | 4,292 | 5,880 | 14,232 | 17,274 | ' | ' |
Cash and cash equivalents | 3,116 | ' | 3,116 | ' | 2,086 | ' |
Other segment assets | 181,939 | ' | 181,939 | ' | 189,583 | ' |
Total assets | 185,055 | ' | 185,055 | ' | 191,669 | ' |
Trust & Wealth Management [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 1,477 | 1,358 | 4,276 | 4,344 | ' | ' |
Noninterest income | 28 | 24 | 82 | 79 | ' | ' |
Total revenue | 1,505 | 1,382 | 4,358 | 4,423 | ' | ' |
Interest expense | 506 | 606 | 1,547 | 2,091 | ' | ' |
Noninterest expenses | 1,128 | 1,536 | 3,391 | 4,657 | ' | ' |
Total expenses | $1,634 | $2,142 | $4,938 | $6,748 | ' | ' |
Fair_Value_Disclosures_of_Fina2
Fair Value Disclosures of Financial Assets - Balances of Assets Measured at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | $806,926 | $907,955 |
Total assets measured at fair value on a recurring basis | 806,926 | 920,088 |
Bonds payable | 26,340 | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 7,163 | 4,622 |
Assets Measured at Fair Value on a Nonrecurring Basis | 43,400 | 52,900 |
Total assets measured at fair value on a nonrecurring basis | 90,634 | 57,526 |
Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 108,470 | 259,396 |
Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 368,249 | 406,255 |
Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 106,123 | 59,650 |
Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 98,954 | 132,455 |
U.S. Government and agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 41,798 | 46,990 |
State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 83,332 | 3,209 |
Reverse Mortgage Loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 40,095 | -457 |
Other real estate owned [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 7,163 | 4,622 |
Impaired loans (collateral dependent) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 43,379 | 52,904 |
Trading Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | 12,590 |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total assets measured at fair value on a recurring basis | ' | ' |
Bonds payable | ' | ' |
Total assets measured at fair value on a nonrecurring basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | U.S. Government and agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | Reverse Mortgage Loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | Other real estate owned [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | Impaired loans (collateral dependent) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | Trading Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total assets measured at fair value on a recurring basis | 806,926 | 900,859 |
Bonds payable | 26,340 | ' |
Total assets measured at fair value on a nonrecurring basis | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 108,470 | 252,300 |
Significant Other Observable Inputs (Level 2) [Member] | Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 368,249 | 406,255 |
Significant Other Observable Inputs (Level 2) [Member] | Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 106,123 | 59,650 |
Significant Other Observable Inputs (Level 2) [Member] | Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 98,954 | 132,455 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 41,798 | 46,990 |
Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 83,332 | 3,209 |
Significant Other Observable Inputs (Level 2) [Member] | Reverse Mortgage Loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Other real estate owned [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Impaired loans (collateral dependent) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Trading Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total assets measured at fair value on a recurring basis | ' | 19,229 |
Bonds payable | ' | ' |
Total assets measured at fair value on a nonrecurring basis | 90,637 | 57,526 |
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | 7,096 |
Significant Unobservable Inputs (Level 3) [Member] | Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Government and agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Reverse Mortgage Loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 40,095 | -457 |
Significant Unobservable Inputs (Level 3) [Member] | Other real estate owned [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 7,163 | 4,622 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired loans (collateral dependent) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 43,379 | 52,904 |
Significant Unobservable Inputs (Level 3) [Member] | Trading Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | ' | $12,590 |
Fair_Value_Disclosures_of_Fina3
Fair Value Disclosures of Financial Assets - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | $806,926,000 | $907,955,000 |
Minimum discount rate on appraisals of collateral securing loan | 10.00% | ' |
Maximum discount rate on appraisals of collateral securing loan | 50.00% | ' |
Collateral for collateral dependent loans | 43,400,000 | 52,900,000 |
Valuation allowance on impaired loans | 6,000,000 | 5,000,000 |
Federal Agency debentures [Member] | AAA-rated [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | 41,800,000 | ' |
Federal Agency MBS [Member] | AAA-rated [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | 681,800,000 | ' |
Municipal bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | $83,300,000 | ' |
Fair_Value_Disclosures_of_Fina4
Fair Value Disclosures of Financial Assets - Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balance | $19,229 | $15,722 |
Total net income (losses) for the period included in net income | ' | 45 |
Purchases, sales, issuances, and settlements, net | ' | 177 |
Mark-to-market adjustment | -125 | 3,285 |
Reverse mortgage securitization trust consolidation | -19,104 | ' |
Balance | ' | 19,229 |
Trading Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balance | 12,590 | 12,432 |
Total net income (losses) for the period included in net income | ' | 33 |
Purchases, sales, issuances, and settlements, net | ' | ' |
Mark-to-market adjustment | -125 | 125 |
Reverse mortgage securitization trust consolidation | -12,465 | ' |
Balance | ' | 12,590 |
Reverse Mortgage Loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balance | -457 | -646 |
Total net income (losses) for the period included in net income | ' | 12 |
Purchases, sales, issuances, and settlements, net | ' | 177 |
Mark-to-market adjustment | ' | ' |
Reverse mortgage securitization trust consolidation | 457 | ' |
Balance | ' | -457 |
Available-For-Sale Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balance | 7,096 | 3,936 |
Total net income (losses) for the period included in net income | ' | ' |
Purchases, sales, issuances, and settlements, net | ' | ' |
Mark-to-market adjustment | ' | 3,160 |
Reverse mortgage securitization trust consolidation | -7,096 | ' |
Balance | ' | $7,096 |
Fair_Value_Disclosures_of_Fina5
Fair Value Disclosures of Financial Assets - Book Value and Estimated Fair Value of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $502,445 | $500,887 | $447,100 | $468,017 |
Loans held for sale | 12,608 | 12,758 | ' | ' |
Loans, net | 2,829,992 | 2,723,916 | ' | ' |
Stock in Federal Home Loan Bank of Pittsburgh | 33,876 | 31,165 | ' | ' |
Accrued interest receivable | 9,833 | 9,652 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 3,121,198 | 3,274,963 | ' | ' |
Borrowed funds | 38,169 | 28,945 | ' | ' |
Bonds payable | 26,340 | ' | ' | ' |
Accrued interest payable | 3,254 | 1,099 | ' | ' |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Bonds payable | ' | ' | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Bonds payable | ' | ' | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Bonds payable | 26,340 | ' | ' | ' |
Book Value [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities | 806,926 | 920,088 | ' | ' |
Book Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 502,445 | 500,887 | ' | ' |
Book Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans held for sale | 12,608 | 12,758 | ' | ' |
Loans, net | 2,829,992 | 2,723,916 | ' | ' |
Reverse mortgage loans | 40,095 | -457 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Standby letters of credit | 135 | 224 | ' | ' |
Book Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Stock in Federal Home Loan Bank of Pittsburgh | 33,876 | 31,165 | ' | ' |
Accrued interest receivable | 9,833 | 9,652 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 3,121,198 | 3,274,963 | ' | ' |
Borrowed funds | 874,615 | 637,266 | ' | ' |
Bonds payable | 26,340 | ' | ' | ' |
Accrued interest payable | 3,254 | 1,099 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities | 806,926 | 920,088 | ' | ' |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 502,445 | 500,887 | ' | ' |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans held for sale | 12,608 | 12,758 | ' | ' |
Loans, net | 2,818,832 | 2,746,001 | ' | ' |
Reverse mortgage loans | 40,095 | -457 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Standby letters of credit | 135 | 224 | ' | ' |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Stock in Federal Home Loan Bank of Pittsburgh | 33,876 | 31,165 | ' | ' |
Accrued interest receivable | 9,833 | 9,652 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 2,912,952 | 3,174,907 | ' | ' |
Borrowed funds | 874,534 | 638,375 | ' | ' |
Bonds payable | 26,340 | ' | ' | ' |
Accrued interest payable | $3,254 | $1,099 | ' | ' |
Indemnifications_and_Guarantee1
Indemnifications and Guarantees - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Transactions | Transactions | |
Financial_Institution | ||
Guarantor Obligations [Line Items] | ' | ' |
Number of unrelated financial institutions | 3 | ' |
Derivative transaction held for guarantee | 104 | 95 |
Aggregate notional amount | $416.80 | $381.70 |
Notional amount maturity period | '6 months | ' |
Notional amount maturity period | '11 years | ' |
Aggregate market value of swaps to customers | $24.20 | $35.50 |
Minimum [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Term period of loan | '15 years | ' |
Maximum [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Term period of loan | '30 years | ' |
Associate_Employee_Benefit_Pla2
Associate (Employee) Benefit Plans - Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Postemployment Benefits [Abstract] | ' | ' | ' | ' |
Service cost | $86 | $72 | $258 | $216 |
Interest cost | 44 | 44 | 132 | 131 |
Amortization of transition obligation | ' | 15 | ' | 45 |
Net loss recognition | 20 | 17 | 60 | 51 |
Net periodic benefit cost | $150 | $148 | $450 | $443 |
Change_in_Accumulated_Other_Co2
Change in Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ($12,781) | $9,295 | $12,943 | $11,202 |
Other comprehensive income (loss) before reclassifications | -3,106 | 9,558 | -27,249 | 17,165 |
Less: Amounts reclassified from accumulated other comprehensive loss | -190 | -1,520 | -1,771 | -11,034 |
Total other comprehensive (loss) income | -3,296 | 8,038 | -29,020 | 6,131 |
Ending Balance | -16,077 | 17,333 | -16,077 | 17,333 |
Net Unrealized Losses on Defined Benefit Pension Plan [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -472 | -472 | -472 | -472 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' |
Less: Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' |
Total other comprehensive (loss) income | ' | ' | ' | ' |
Ending Balance | -472 | -472 | -472 | -472 |
Net Unrealized Gains on Investment Securities Available For Sale [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -12,309 | 9,767 | 13,415 | 11,674 |
Other comprehensive income (loss) before reclassifications | -3,106 | 9,558 | -27,249 | 17,165 |
Less: Amounts reclassified from accumulated other comprehensive loss | -190 | -1,520 | -1,771 | -11,034 |
Total other comprehensive (loss) income | -3,296 | 8,038 | -29,020 | 6,131 |
Ending Balance | ($15,605) | $17,805 | ($15,605) | $17,805 |
Change_in_Accumulated_Other_Co3
Change in Accumulated Other Comprehensive Income - Components of Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Realized gains on securities transactions | $21,370 | $14,737 | $53,186 | $36,461 |
Income taxes | -7,210 | -4,758 | -18,378 | -12,708 |
Net Unrealized Gains on Investment Securities Available For Sale [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Realized gains on securities transactions | 306 | 2,451 | 2,856 | 17,797 |
Income taxes | -116 | -931 | -1,085 | -6,763 |
Net of tax | $190 | $1,520 | $1,771 | $11,034 |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill impairment loss | $0 | ' |
Goodwill | 32,395,000 | 28,146,000 |
Array Financial Group, Inc. [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets recognized | 2,353,000 | ' |
Goodwill | 4,249,000 | ' |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization expense on other intangible assets | $612,000 | ' |
Goodwill_and_Intangibles_Summa
Goodwill and Intangibles - Summary of Other Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | $11,474 | $8,834 |
Accumulated Amortization | -4,328 | -3,660 |
Net Intangible Assets | 7,146 | 5,174 |
Core deposits [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 4,370 | 4,370 |
Accumulated Amortization | -2,458 | -2,020 |
Net Intangible Assets | 1,912 | 2,350 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 7,104 | 4,464 |
Accumulated Amortization | -1,870 | -1,640 |
Net Intangible Assets | $5,234 | $2,824 |
Goodwill_and_Intangibles_Sched
Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangibles (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Remaining in 2013 | $370 | ' |
2014 | 1,171 | ' |
2015 | 1,139 | ' |
2016 | 882 | ' |
2017 | 735 | ' |
Thereafter | 2,849 | ' |
Net Intangible Assets | $7,146 | $5,174 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (Array Financial Group, Inc. [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Array Financial Group, Inc. [Member] | ' |
Business Acquisition [Line Items] | ' |
Total purchase price | $8,100,000 |
Payments for working capital | 1,400,000 |
Earn out amount of purchase price | 4,000,000 |
Earn out period | '5 years |
Fair value of consideration paid | 2,800,000 |
Intangible assets recognized | $2,353,000 |
Amortization period for intangible assets | '7 years |
Business_Combinations_Summary_
Business Combinations - Summary of Combined Fair Value of Assets and Liabilities Acquired (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Consideration Paid: | ' | ' |
Value of consideration | $4,189 | ' |
Liabilities assumed: | ' | ' |
Goodwill resulting from acquisition of Array and Arrow | 32,395 | 28,146 |
Array Financial Group, Inc. [Member] | ' | ' |
Consideration Paid: | ' | ' |
Cash paid at closing | 5,374 | ' |
Fair value of contingent consideration | 2,750 | ' |
Value of consideration | 8,124 | ' |
Assets acquired: | ' | ' |
Cash | 1,185 | ' |
Accounts receivable | 220 | ' |
Fixed assets | 148 | ' |
Loans-Held-For-Sale | 10,096 | ' |
Intangible assets | 2,353 | ' |
Total assets | 14,002 | ' |
Liabilities assumed: | ' | ' |
Warehouse line of credit | 10,067 | ' |
Accounts payable | 60 | ' |
Total Liabilities | 10,127 | ' |
Net assets acquired | 3,875 | ' |
Goodwill resulting from acquisition of Array and Arrow | $4,249 | ' |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (USD $) | Jul. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Goldstein Case [Member] | Bennett Case [Member] | Minimum [Member] | Maximum [Member] | |
Gain Contingencies [Line Items] | ' | ' | ' | ' |
Disputed amount | $5,000,000 | $18,000,000 | ' | ' |
Reasonably possible losses for loan proceedings | ' | ' | $250,000 | $5,000,000 |