Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 06, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'WSFS | ' | ' |
Entity Registrant Name | 'WSFS FINANCIAL CORP | ' | ' |
Entity Central Index Key | '0000828944 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 8,911,334 | ' |
Entity Public Float | ' | ' | $451,284,893 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Income | ' | ' | ' |
Interest and fees on loans | $129,138 | $130,526 | $130,922 |
Interest on mortgage-backed securities | 12,834 | 18,123 | 26,486 |
Interest and dividends on investment securities | 1,692 | 498 | 683 |
Interest on reverse mortgage related assets | 2,867 | 1,080 | 535 |
Other interest income | 391 | 60 | 16 |
Total interest income | 146,922 | 150,287 | 158,642 |
Interest Expense | ' | ' | ' |
Interest on deposits | 7,180 | 13,101 | 19,131 |
Interest on Federal Home Loan Bank advances | 1,874 | 6,252 | 9,972 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 994 | 757 | 1,197 |
Interest on trust preferred borrowings | 1,342 | 1,480 | 1,375 |
Interest on bonds payable | 60 | ' | ' |
Interest on senior debt | 3,771 | 1,296 | ' |
Interest on other borrowings | 113 | 402 | 930 |
Total interest expenses | 15,334 | 23,288 | 32,605 |
Net interest income | 131,588 | 126,999 | 126,037 |
Provision for loan losses | 7,172 | 32,053 | 27,996 |
Net interest income after provision for loan losses | 124,416 | 94,946 | 98,041 |
Noninterest Income | ' | ' | ' |
Credit/debit card and ATM income | 24,350 | 22,935 | 21,026 |
Deposit service charges | 17,208 | 17,133 | 16,371 |
Wealth management income | 15,528 | 13,310 | 11,881 |
Mortgage banking activities, net | 3,980 | 2,846 | 1,524 |
Reverse mortgage consolidation gain | 3,801 | ' | ' |
Securities gains, net | 3,516 | 21,425 | 4,878 |
Loan fee income | 1,959 | 2,340 | 2,460 |
Bank-owned life insurance income | 270 | 1,544 | 2,035 |
Other income | 9,539 | 5,160 | 3,413 |
Total non interest income | 80,151 | 86,693 | 63,588 |
Noninterest Expense | ' | ' | ' |
Salaries, benefits and other compensation | 70,866 | 66,047 | 59,823 |
Occupancy expense | 13,486 | 13,081 | 12,054 |
Equipment expense | 8,322 | 7,163 | 6,915 |
Data processing and operations expense | 5,924 | 5,581 | 5,340 |
Professional fees | 4,016 | 4,109 | 5,829 |
FDIC expenses | 3,492 | 5,658 | 5,949 |
Loan workout and OREO expense | 2,536 | 6,855 | 8,896 |
Marketing expense | 2,428 | 2,656 | 4,302 |
Corporate development costs | 717 | ' | 780 |
Debt extinguishment | ' | 3,662 | ' |
Other operating expense | 21,142 | 18,533 | 17,589 |
Total non interest expenses | 132,929 | 133,345 | 127,477 |
Income before taxes | 71,638 | 48,294 | 34,152 |
Income tax provision | 24,756 | 16,983 | 11,475 |
Net income | 46,882 | 31,311 | 22,677 |
Dividends on preferred stock and accretion of discount | 1,633 | 2,770 | 2,770 |
Net income allocable to common stockholders | $45,249 | $28,541 | $19,907 |
Basic | $5.13 | $3.28 | $2.31 |
Diluted | $5.06 | $3.25 | $2.28 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $46,882 | $31,311 | $22,677 |
Other comprehensive (loss) income: | ' | ' | ' |
Unrealized (losses) gains on securities available for sale | -51,535 | 24,114 | 12,373 |
Tax benefit (expense) | 19,478 | -9,090 | -4,671 |
Net of tax amount | -32,057 | 15,024 | 7,702 |
Reclassification adjustment for gains included in net income | -3,516 | -21,425 | -4,878 |
Tax expense | 1,336 | 8,142 | 1,854 |
Net of tax expense | -2,180 | -13,283 | -3,024 |
Total other comprehensive (loss) income | -34,237 | 1,741 | 4,678 |
Total comprehensive income | $12,645 | $33,052 | $27,355 |
Consolidated_Statement_of_Cond
Consolidated Statement of Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $94,734 | $93,629 |
Cash in non-owned ATMs | 389,360 | 406,627 |
Interest-bearing deposits in other banks | 332 | 631 |
Total cash and cash equivalents | 484,426 | 500,887 |
Investment securities, available-for-sale | 817,115 | 900,859 |
Loans held-for-sale | 31,491 | 12,758 |
Loans, net of allowance for loan losses of $41,244 at December 31, 2013 and $43,922 at December 31, 2012 | 2,904,976 | 2,723,916 |
Reverse mortgage related assets | 37,328 | 19,229 |
Bank-owned life insurance | 63,185 | 62,915 |
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 35,869 | 31,165 |
Assets acquired through foreclosure | 4,532 | 4,622 |
Accrued interest receivable | 10,798 | 9,652 |
Premises and equipment | 35,178 | 38,257 |
Goodwill | 32,235 | 28,146 |
Other intangible assets | 6,743 | 5,174 |
Other assets | 51,887 | 37,568 |
Total assets | 4,515,763 | 4,375,148 |
Deposits: | ' | ' |
Noninterest-bearing demand | 650,256 | 631,026 |
Interest-bearing demand | 638,403 | 538,195 |
Money market | 887,715 | 933,901 |
Savings | 383,731 | 389,977 |
Time | 236,965 | 316,986 |
Jumbo certificates of deposit | 221,145 | 294,237 |
Total customer deposits | 3,018,215 | 3,104,322 |
Brokered deposits | 168,727 | 170,641 |
Total deposits | 3,186,942 | 3,274,963 |
Federal funds purchased and securities sold under agreements to repurchase | 97,000 | 110,000 |
Federal Home Loan Bank advances | 638,091 | 376,310 |
Trust preferred borrowings | 67,011 | 67,011 |
Senior debt | 55,000 | 55,000 |
Reverse mortgage trust bonds payable | 21,990 | ' |
Other borrowed funds | 24,739 | 28,945 |
Accrued interest payable | 838 | 1,099 |
Other liabilities | 41,102 | 40,766 |
Total liabilities | 4,132,713 | 3,954,094 |
Stockholders' Equity: | ' | ' |
Serial preferred stock $0.01 par value, 7,500,000 shares authorized; none issued at December 31, 2013 and 52,625 at December 31, 2012 | ' | 1 |
Common stock $0.01 par value, 20,000,000 shares authorized; issued 18,476,003 at December 31, 2013 and 18,354,055 at December, 31 2012 | 185 | 184 |
Capital in excess of par value | 178,477 | 222,978 |
Accumulated other comprehensive (loss) income | -21,294 | 12,943 |
Retained earnings | 473,962 | 433,228 |
Treasury stock at cost, 9,580,569 shares at December 31, 2013 and December 31, 2012 | -248,280 | -248,280 |
Total stockholders' equity | 383,050 | 421,054 |
Total liabilities and stockholders' equity | $4,515,763 | $4,375,148 |
Consolidated_Statement_of_Cond1
Consolidated Statement of Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for loan losses | $41,244 | $43,922 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 7,500,000 | 7,500,000 |
Preferred stock, issued | ' | 52,625 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, issued | 18,476,003 | 18,354,055 |
Treasury stock, shares | 9,580,569 | 9,580,569 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Serial Preferred Stock [Member] | Common Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] | |
In Thousands | ||||||||
Beginning Balance at Dec. 31, 2010 | $367,822 | $1 | $180 | $216,316 | $6,524 | $393,081 | ($248,280) | |
Net income | 22,677 | ' | ' | ' | ' | 22,677 | ' | |
Other comprehensive income (loss) | 4,678 | ' | ' | ' | 4,678 | ' | ' | |
Cash dividend, $0.48 per share | -4,126 | ' | ' | ' | ' | -4,126 | ' | |
Issuance of common stock, including proceeds from exercise of common stock options | 1,124 | ' | 2 | 1,122 | ' | ' | ' | |
Stock-based compensation expense | 1,343 | ' | ' | 1,343 | ' | ' | ' | |
Issuance of restricted stock | 470 | ' | ' | 470 | ' | ' | ' | |
Tax benefit from exercises of common stock options | [1] | 776 | ' | ' | 776 | ' | ' | ' |
Preferred stock cash dividends | -2,631 | ' | ' | ' | ' | -2,631 | ' | |
Preferred stock discount accretion | ' | ' | ' | 136 | ' | -136 | ' | |
Ending Balance at Dec. 31, 2011 | 392,133 | 1 | 182 | 220,163 | 11,202 | 408,865 | -248,280 | |
Net income | 31,311 | ' | ' | ' | ' | 31,311 | ' | |
Other comprehensive income (loss) | 1,741 | ' | ' | ' | 1,741 | ' | ' | |
Cash dividend, $0.48 per share | -4,179 | ' | ' | ' | ' | -4,179 | ' | |
Issuance of common stock, including proceeds from exercise of common stock options | 2,503 | ' | 2 | 2,501 | ' | ' | ' | |
Stock-based compensation expense | 1,577 | ' | ' | 1,577 | ' | ' | ' | |
Issuance of restricted stock | ' | ' | ' | ' | ' | ' | ' | |
Tax benefit from exercises of common stock options | [1] | 399 | ' | ' | 399 | ' | ' | ' |
Preferred stock cash dividends | -2,631 | ' | ' | ' | ' | -2,631 | ' | |
Preferred stock discount accretion | ' | ' | ' | 138 | ' | -138 | ' | |
Repurchase of Warrant | -1,800 | ' | ' | -1,800 | ' | ' | ' | |
Ending Balance at Dec. 31, 2012 | 421,054 | 1 | 184 | 222,978 | 12,943 | 433,228 | -248,280 | |
Net income | 46,882 | ' | ' | ' | ' | 46,882 | ' | |
Other comprehensive income (loss) | -34,237 | ' | ' | ' | -34,237 | ' | ' | |
Cash dividend, $0.48 per share | -4,224 | ' | ' | ' | ' | -4,224 | ' | |
Issuance of common stock, including proceeds from exercise of common stock options | 4,353 | ' | 1 | 4,352 | ' | ' | ' | |
Stock-based compensation expense | 2,938 | ' | ' | 2,938 | ' | ' | ' | |
Tax benefit from exercises of common stock options | [1] | 683 | ' | ' | 683 | ' | ' | ' |
Preferred stock cash dividends | -1,774 | ' | ' | ' | ' | -1,774 | ' | |
Preferred stock discount accretion | ' | ' | ' | 150 | ' | -150 | ' | |
Redemption of preferred stock | -52,625 | -1 | ' | -52,624 | ' | ' | ' | |
Ending Balance at Dec. 31, 2013 | $383,050 | ' | $185 | $178,477 | ($21,294) | $473,962 | ($248,280) | |
[1] | Net of deferred tax adjustments for expired options |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Cash dividend per share | $0.48 | $0.48 | $0.48 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $46,882 | $31,311 | $22,677 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 7,172 | 32,053 | 27,996 |
Depreciation of premises and equipment | 6,007 | 5,139 | 5,015 |
Amortization, net | 11,329 | 12,261 | 6,123 |
(Increase) decrease in accrued interest receivable | -1,146 | 2,091 | 22 |
(Increase) decrease in other assets | 5,470 | 2,491 | -3,076 |
Origination of loans held-for-sale | -250,083 | -190,961 | -97,883 |
Proceeds from sales of loans held-for-sale | 254,135 | 222,369 | 104,133 |
Gain on mortgage banking activity, net | -3,980 | -2,846 | -1,524 |
Gain on mark to market adjustment on reverse mortgage trading asset | 125 | -125 | ' |
Gain on sale of securities, net | -3,641 | -21,300 | -4,878 |
Reverse mortgage consolidation gain | -3,801 | ' | ' |
Stock-based compensation expense | 3,621 | 1,976 | 1,810 |
Excess tax benefits from share based payment arrangements | -683 | -399 | -776 |
Decrease in accrued interest payable | -261 | -811 | -1,407 |
Increase (decrease) in other liabilities | -12,465 | 4,763 | 13,152 |
Loss on sale of premises and equipment | ' | ' | 115 |
Loss on sale of assets acquired through foreclosure and valuation adjustments, net | 868 | 3,701 | 4,049 |
Increase in value of bank-owned life insurance | -270 | -1,544 | -2,035 |
Deferred income tax (benefit) expense | 755 | 3,591 | 2,978 |
(Increase) decrease in capitalized interest, net | -2,653 | -728 | -143 |
Net cash provided by operating activities | 57,381 | 103,032 | 76,348 |
Investing activities: | ' | ' | ' |
Maturities and calls of investment securities | 770 | 9,039 | 11,943 |
Sales of investment securities available for sale | 274,070 | 769,982 | 335,959 |
Purchases of investment securities available for sale | -335,584 | -941,376 | -621,138 |
Repayments of investment securities available for sale | 90,041 | 131,212 | 175,691 |
Repayments on reverse mortgages | 4,929 | ' | 264 |
Disbursements for reverse mortgages | -391 | -189 | -441 |
Cash received in consolidation of reverse mortgage securitization trust | 5,833 | ' | ' |
Acquisition of Array/Arrow, net of cash acquired | -4,029 | ' | ' |
Net increase in loans | -207,043 | -96,435 | -189,701 |
Payment of bank-owned life insurance | ' | 2,021 | 2,886 |
Net (increase) decrease in stock of Federal Home Loan Bank of Pittsburgh | -4,704 | 4,591 | 1,780 |
Sales of assets acquired through foreclosure, net | 6,511 | 14,016 | 11,611 |
Proceeds from the sale of premises and equipment | ' | ' | 824 |
Investment in premises and equipment, net | -2,863 | -8,111 | -10,494 |
Net cash used for investing activities | -172,460 | -115,250 | -280,816 |
Financing Activities: | ' | ' | ' |
Net increase (decrease) in demand and savings deposits | 63,498 | 393,493 | 285,398 |
Increase (decrease) in time deposits | -153,113 | -147,372 | -23,381 |
Increase (decrease) in brokered deposits | -1,914 | -117,361 | 38,804 |
Increase (decrease ) in Loan payable | -698 | 1,727 | ' |
Repayment of reverse mortgage trust bonds payable | -4,349 | ' | ' |
Receipts from federal funds purchased and securities sold under agreement to repurchase | 21,291,625 | 19,027,675 | 13,350,000 |
Repayments of federal funds purchased and securities sold under agreement to repurchase | -21,304,625 | -18,967,675 | -13,400,000 |
Receipts from FHLB advances | 48,790,848 | 39,981,624 | 14,046,295 |
Repayments of FHLB advances | -48,529,067 | -40,143,996 | -13,996,572 |
Repayment of unsecured debt | ' | -30,000 | ' |
Issuance of Senior Debt | ' | 52,681 | ' |
Dividends paid | -5,998 | -6,810 | -6,718 |
Issuance of common stock and exercise of common stock options | 4,353 | 2,503 | 1,124 |
Redemption of preferred stock | -52,625 | ' | ' |
Repurchase of common stock warrants | ' | -1,800 | ' |
Excess tax benefits from share-based payment arrangements | 683 | 399 | 776 |
Net cash provided by financing activities | 98,618 | 45,088 | 295,726 |
Increase (decrease) in cash and cash equivalents | -16,461 | 32,870 | 91,258 |
Cash and cash equivalents at beginning of year | 500,887 | 468,017 | 376,759 |
Cash and cash equivalents at end of year | 484,426 | 500,887 | 468,017 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Cash paid in interest during the year | 15,696 | 24,099 | 34,012 |
Cash paid for income taxes, net | 21,868 | 13,806 | 3,150 |
Loans transferred to assets acquired through foreclosure | 7,289 | 9,953 | 18,331 |
Loans transferred from portfolio to held-for-sale | 9,131 | 31,987 | ' |
Net change in accumulated other comprehensive income | -34,237 | 1,741 | 4,678 |
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 | ' | ' |
Non-cash goodwill adjustments, net | ($160) | ' | $1,401 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
WSFS Financial Corporation (“the Company,” “our Company,” “WSFS”, “we,” “our” or “us”) is a savings and loan holding company organized under the laws of the State of Delaware. Our principal wholly-owned subsidiary, Wilmington Savings Fund Society, FSB (“WSFS Bank” or the “Bank”), is a federal savings bank organized under the laws of the United States which, at December 31, 2013, served customers from our 52 offices located in Delaware (42), Pennsylvania (8), Virginia (1), and Nevada (1). | |||||||||||||
In preparing the Consolidated Financial Statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions in 2014 could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Amounts subject to significant estimates are items such as the allowance for loan losses and lending-related commitments, goodwill and intangible assets, post-retirement obligations, the fair value of financial instruments, investment in reverse mortgage, income taxes and other-than-temporary impairments. Among other effects, such changes 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 expense. | |||||||||||||
Basis of Presentation | |||||||||||||
The Consolidated Financial Statements include the accounts of the parent company and its wholly owned subsidiaries, WSFS Bank and Montchanin Capital Management, Inc. (“Montchanin”). | |||||||||||||
WSFS Bank has two wholly-owned subsidiaries, including WSFS Investment Group, Inc. (“WIG”) and Monarch Entity Services LLC (“Monarch”). WIG markets various third-party insurance and securities products to Bank customers through the Bank’s retail banking system. Monarch provides commercial domicile services which include employees, directors, subleases and registered agent services in Delaware and Nevada. | |||||||||||||
Montchanin was formed to provide asset management products and services. Montchanin has one wholly owned subsidiary, Cypress Capital Management, LLC (“Cypress”). Cypress is a Wilmington-based investment advisory firm servicing high net worth individuals and institutions and has approximately $614 million in assets under management at December 31, 2013. | |||||||||||||
WSFS Capital Trust III (“the Trust”) is our unconsolidated subsidiary, and was formed in 2005 to issue $67.0 million aggregate principal amount of Pooled Floating Rate Capital Securities. The proceeds from this issue were used to fund the redemption of $51.5 million of Floating Rate WSFS Capital Trust I Preferred Securities (formerly, WSFS Capital Trust I). WSFS Capital Trust I invested all of the proceeds from the sale of the Pooled Floating Rate Capital Securities in our Junior Subordinated Debentures. | |||||||||||||
In addition to the subsidiaries listed above, as of December 31, 2013 we also had one consolidated variable interest entity (“VIE”), SASCO 2002-RM1 (“SASCO”), which is a reverse mortgage securitization trust. | |||||||||||||
Whenever necessary, reclassifications have been made to the prior years’ Consolidated Financial Statements to conform to the current year’s presentation. All significant intercompany transactions were eliminated in consolidation. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned ATMs, amounts due from banks, federal funds sold and securities purchased under agreements to resell. | |||||||||||||
Debt and Equity Securities | |||||||||||||
Investments in equity securities that have a readily determinable fair value and investments in debt securities are classified into three categories and accounted for as follows: | |||||||||||||
• | Debt securities with the positive intention to hold to maturity are classified as “held-to-maturity” and reported at amortized cost. | ||||||||||||
• | Debt and equity securities purchased with the intention of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. | ||||||||||||
• | Debt and equity securities not classified in either of the above are classified as “available-for-sale securities” and reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of stockholders’ equity. | ||||||||||||
Debt and equity securities include mortgage-backed securities, municipal bonds, U.S. Government and agency securities and certain equity securities. Premiums and discounts on debt and equity securities, held-to-maturity and available-for-sale, are recognized in interest income using a level yield method over the period to expected maturity. The fair value of debt and equity securities is primarily obtained from third-party pricing services. Implicit in the valuation are estimated prepayments based on historical and current market conditions. | |||||||||||||
When we conclude an investment security is other-than-temporarily impaired (“OTTI”), a loss for the difference between the investment security’s carrying value and its fair value may be recognized as a reduction to non-interest income in the consolidated statement of operations. For an investment in a debt security, if we do not intend to sell the investment security and conclude that it is not more likely than not we will be required to sell the security before recovering the carrying value, which may be maturity, the OTTI charge is separated into “credit” and “other” components. The “other” component of the OTTI is included in other comprehensive income/loss, net of the tax effect, and the “credit” component of the OTTI is included as a reduction to non-interest income in the consolidated statement of operations. We are required to use our judgment to determine impairment in certain circumstances. The specific identification method is used to determine realized gains and losses on sales of investment and mortgage-backed securities. All sales are made without recourse. | |||||||||||||
Loans | |||||||||||||
Loans are stated net of deferred fees and costs. Interest income on loans is recognized using the level yield method. Loan origination fees, commitment fees and direct loan origination costs are deferred and recognized over the life of the related loans using a level yield method over the period to maturity. | |||||||||||||
A loan is impaired when, based on current information and events, it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans are measured based on the present value of expected future discounted cash flows, the market price of the loan or the fair value of the underlying collateral if the loan is collateral dependent. In addition, all loans restructured in a troubled debt restructuring are considered to be impaired. Impaired loans include loans within our commercial (investor and owner-occupied), commercial mortgage, commercial construction, residential mortgages and consumer portfolios. Our policy for recognition of interest income on impaired loans is the same as for nonaccrual loans discussed below. | |||||||||||||
Past Due and Nonaccrual Loans | |||||||||||||
A loan is considered to be past due on the day after a principal or interest payment is due. Nonaccrual loans are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in our opinion, collection is doubtful, or when principal or interest is contractually past due 90 days or more and the loan is not well secured or in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the accretion of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal or recorded as interest income, depending on our assessment of the ultimate collectability of the loan. Loans are returned to an accrual status when we assess that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. including a consistent repayment record, generally six consecutive payments, has been demonstrated). | |||||||||||||
Allowances for Loan Losses | |||||||||||||
We maintain allowances for loan losses and charge losses to these allowances when such losses are realized. The determination of the allowance for loan losses requires significant judgment reflecting our best estimate of impairment related to specifically identified loans as well as probable loan losses in the remaining loan portfolio. Our evaluation is based upon a continuing review of these portfolios. | |||||||||||||
We have established the loan loss allowance in accordance with guidance provided by the SEC’s Staff Accounting Bulletin 102 (“SAB 102”). Its methodology for assessing the appropriateness of the allowance consists of several key elements which include: specific allowances for identified impaired loans, allowances for pools of homogeneous loans, adjustments for qualitative and environmental factors and allowances for model estimation and complexity risk. Impairment of troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective rate at inception or the fair value of the underlying collateral if the loan is collateral dependent. Troubled debt restructures consist of concessions granted to borrowers facing financial difficulty. | |||||||||||||
For additional detail regarding the provision for loan losses, see Note 5 to the Consolidated Financial Statements. | |||||||||||||
Loans Held-for-Sale | |||||||||||||
Loans held-for-sale are carried at the lower of cost or fair value of such loans in the aggregate or, in some cases, of individual loans. | |||||||||||||
Assets Acquired Through Foreclosure | |||||||||||||
Assets acquired through foreclosure are recorded at the lower of the recorded investment in the loans or their fair value less estimated disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed fair value less estimated disposal costs. Costs relating to holding or disposing of the assets are charged to expense in the current period. We write-down the value of the assets when declines in fair value below the carrying value are identified. Loan workout and OREO expenses include costs of holding and operating the assets, net gains or losses on sales of the assets and provisions for losses to reduce such assets to fair value less estimated disposal costs. During 2013, we recorded $592,000 in charges (including write-downs and net losses on sales of assets) related to assets acquired through foreclosure (REO). These charges were $4.3 million and $5.9 million for the years ended December 31, 2012 and 2011, respectively. | |||||||||||||
Reverse Mortgages | |||||||||||||
We account for our investment in reverse mortgages in accordance with the instructions provided by the staff of the Securities and Exchange Commission (“SEC”) entitled “Accounting for Pools of Uninsured Residential Reverse Mortgage Contracts,” which requires grouping the individual reverse mortgages into “pools” based on similar characteristics and recognizing income based on the estimated effective yield of the pools. In computing the effective yield, we must project the cash inflows and outflows of the pool including actuarial projections of the life expectancy of the individual contract holder and changes in the collateral value of the residence. At each reporting date, a new economic forecast is made of the cash inflows and outflows of each pool of reverse mortgages. The effective yield of each pool is recomputed and income is adjusted to reflect the revised rate of return. Because of this highly specialized accounting, the recorded value of reverse mortgages can result in significant volatility associated with estimations. As a result, income recognition can vary significantly from reporting period to reporting period. | |||||||||||||
For additional detail regarding reverse mortgages, see Note 6 to the Consolidated Financial Statements. | |||||||||||||
Premises and Equipment | |||||||||||||
Premises and equipment is stated at cost less accumulated depreciation and amortization. Costs of major replacements, improvements and additions are capitalized. Depreciation expense is computed on a straight-line basis over the estimated useful lives of the assets or, for leasehold improvements, over the effective life of the related lease if less than the estimated useful life. In general, computer equipment, furniture and equipment and building renovations are depreciated over three, five and ten years, respectively. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
In accordance with FASB ASC 805, Business Combinations, and FASB ASC 350, Intangibles — Goodwill and Other, all assets and liabilities acquired in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value. We consider our accounting policies related to goodwill and other intangible assets to be critical because the assumptions or judgment used in determining the fair value of assets and liabilities acquired in past acquisitions are subjective and complex. As a result, changes in these assumptions or judgment could have a significant impact on our financial condition or results of operations. | |||||||||||||
For additional information regarding our goodwill and other intangible assets, see Notes 2 & 8 to the Consolidated Financial Statements. | |||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | |||||||||||||
We enter into sales of securities under agreements to repurchase. Securities sold under agreements to repurchase are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Condition. The securities underlying the agreements are assets. Generally, federal funds are purchased for periods ranging up to 90 days. | |||||||||||||
Loss Contingency for Standby Letters of Credit | |||||||||||||
We maintain a loss contingency reserve for standby letters of credit and charge losses to this contingency when such losses are realized. The determination of the loss contingency reserve for standby letters of credit requires significant judgment reflecting management’s best estimate of probable losses related to standby letters of credit. | |||||||||||||
Loss Contingency for Unfunded Commitments | |||||||||||||
We maintain a loss contingency reserve for unfunded commitments. The determination of the loss contingency reserve for unfunded commitments requires significant judgment reflecting managements best estimate of probable losses related to unfunded commitments. | |||||||||||||
Income Taxes | |||||||||||||
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement basis and tax basis of assets and liabilities. | |||||||||||||
We account for income taxes in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. | |||||||||||||
Earnings Per Share | |||||||||||||
The following table shows the computation of basic and diluted earnings per share: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||
Numerator: | |||||||||||||
Net income allocable to common shareholders | $ | 45,249 | $ | 28,541 | $ | 19,907 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share — weighted average shares | 8,818 | 8,712 | 8,606 | ||||||||||
Effect of dilutive employee stock options, restricted stock and warrants | 125 | 78 | 111 | ||||||||||
Denominator for diluted earnings per share — adjusted weighted average shares and assumed exercise | 8,943 | 8,790 | 8,717 | ||||||||||
Earnings per share: | |||||||||||||
Basic: | |||||||||||||
Net income allocable to common shareholders | $ | 5.13 | $ | 3.28 | $ | 2.31 | |||||||
Diluted: | |||||||||||||
Net income allocable to common shareholders | $ | 5.06 | $ | 3.25 | $ | 2.28 | |||||||
Outstanding common stock equivalents having no dilutive effect | 441 | 276 | 534 | ||||||||||
RECENT ACCOUNTING PRONOUNCEMENTS | |||||||||||||
In January 2013, the FASB issued an update (“ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”). The ASU amends Update 2011-11 to clarify that the scope applies to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to master netting or similar arrangements. Other types of financial assets and liabilities subject to master netting or similar arrangements are not subject to the disclosure requirements in Update 2011-11. The amendments are effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of this amendment did not have a material effect on our Consolidated Financial Statements. | |||||||||||||
In January 2013, the FASB issued an update (“ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”). The ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance did not have a material impact on our Financial Statements | |||||||||||||
In July 2013, the FASB issued ASU No. 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes” These amendments allow the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the current benchmark rates of UST (the rate on direct Treasury obligations of the U.S. government) and LIBOR (the London Interbank Offered Rate on swaps). The amendments were effective on a prospective basis for new or redesignated hedging relationships on July 17, 2013. The adoption of this amendment did not have material effect on our Consolidated Financial Statements. | |||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” to clarify the balance sheet presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The ASU requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption is not expected to have a material effect on our Consolidated Financial Statements. |
Business_Combinations
Business Combinations | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combinations | ' | ||||
2. BUSINESS COMBINATIONS | |||||
First Wyoming Financial Corporation | |||||
On November 25, 2013, we announced that we entered into an Agreement and Plan of Reorganization, with First Wyoming Financial Corporation, the parent company of The First National Bank of Wyoming (“First Wyoming”), in a cash and stock transaction valued at approximately $64 million. As of September 30, 2013, First Wyoming operated 6 banking offices in Kent County, Delaware with $307.7 million in total assets and $249.7 million in total deposits. The transaction is expected to be completed in the third quarter of 2014, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of First Wyoming Financial Corporation. | |||||
Array Financial Group, Inc. and Arrow Land Transfer Company Acquisition | |||||
On July 31, 2013, WSFS Bank 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. This purchase will expand our mortgage banking business while further increasing fee income. All Array and Arrow employees are now WSFS Associates. | |||||
These companies were acquired through an asset purchase transaction for the purchase price of $8.0 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 of this earn out is $2.6 million as of December 31, 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 (consisting mainly of customer relationships) 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: | |||||
(In Thousands) | |||||
Consideration Paid: | |||||
Cash paid at closing | $ | 5,374 | |||
Fair value of contingent consideration | 2,590 | (1) | |||
Value of consideration | 7,964 | ||||
Assets acquired (at Fair Value): | |||||
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 (at Fair Value): | |||||
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 | $ | 4,089 | (1) | ||
-1 | The fair value of contingent consideration and the goodwill resulting from the acquisition were each reduced by $160 from the amounts reported on Form 10-Q for the quarter ended September 30, 2013 as a result of adjustments to these estimates. | ||||
The fair values listed above are estimates and are subject to adjustment as management completes its financial analysis of potential derivatives purchased and in existence at the time of the acquisition. However, while they are not expected to be materially different than those shown, any adjustments to the estimates will be reflected retroactively, as of the date of the transaction. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 105,354 | $ | 257 | $ | (5,426 | ) | $ | 100,185 | ||||||||||||||||
U.S. Government and government sponsored enterprises (“GSE”) | 32,082 | 93 | (17 | ) | 32,158 | ||||||||||||||||||||
Collateralized Mortgage Obligation (“CMO”) (1) | 103,064 | 28 | (5,535 | ) | 97,557 | ||||||||||||||||||||
Federal National Mortgage Association (“FNMA”) Mortgage-Backed Securities (“MBS”) | 382,909 | 20 | (15,801 | ) | 367,128 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation MBS (“FHLMC”) | 129,460 | 29 | (4,994 | ) | 124,495 | ||||||||||||||||||||
Government National Mortgage Association MBS (“GNMA”) | 97,830 | 743 | (2,981 | ) | 95,592 | ||||||||||||||||||||
$ | 850,699 | $ | 1,170 | $ | (34,754 | ) | $ | 817,115 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
State and political subdivisions | $ | 3,120 | $ | 89 | $ | — | $ | 3,209 | |||||||||||||||||
GSE | 46,726 | 266 | (2 | ) | 46,990 | ||||||||||||||||||||
CMO (1) | 248,248 | 4,353 | (301 | ) | 252,300 | ||||||||||||||||||||
FNMA MBS | 396,910 | 9,588 | (243 | ) | 406,255 | ||||||||||||||||||||
FHLMC MBS | 58,596 | 1,171 | (117 | ) | 59,650 | ||||||||||||||||||||
GNMA MBS | 129,288 | 3,221 | (54 | ) | 132,455 | ||||||||||||||||||||
$ | 882,888 | $ | 18,688 | $ | (717 | ) | $ | 900,859 | |||||||||||||||||
-1 | Agency CMOs classified as available-for-sale totaled $103.1 million and $248.2 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The scheduled maturities of investment securities available-for-sale at December 31, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
Available-for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
2013 (1) | |||||||||||||||||||||||||
Within one year | $ | 16,319 | $ | 16,378 | |||||||||||||||||||||
After one year but within five years | 19,761 | 19,986 | |||||||||||||||||||||||
After five years but within ten years | 229,033 | 217,911 | |||||||||||||||||||||||
After ten years | 585,586 | 562,840 | |||||||||||||||||||||||
$ | 850,699 | $ | 817,115 | ||||||||||||||||||||||
2012 (1) | |||||||||||||||||||||||||
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 | 513,929 | 523,130 | |||||||||||||||||||||||
$ | 882,888 | $ | 900,859 | ||||||||||||||||||||||
-1 | Actual maturities could differ from contractual maturities. | ||||||||||||||||||||||||
All securities were AAA-rated at the time of purchase and remained at investment grade at December 31, 2013. All securities were evaluated for OTTI at December 31, 2013 and 2012. The result of this evaluation showed no OTTI during 2013. The weighted average duration of MBS was 5.3 years at December 31, 2013. | |||||||||||||||||||||||||
MBS have expected maturities that differ from their contractual maturities. These differences arise because borrowers have the right to call or prepay obligations with or without a prepayment penalty. | |||||||||||||||||||||||||
At December 31, 2013, investment securities with fair market values aggregating $447.7 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 December 31, 2013 or 2012. | |||||||||||||||||||||||||
During 2013, we sold $274.1 million of investment securities categorized as available-for-sale for net gains of $3.5 million, of which $3.7 million was gain and $230,000 was losses. In 2012, proceeds from the sale of investment securities available-for-sale were $770.0 million and resulted in net gains of $21.3 million. The cost basis of all investment securities sales is based on the specific identification method. | |||||||||||||||||||||||||
As of December 31, 2013, our investment securities portfolio had remaining unamortized premiums of $25.3 million and $63,000 of unaccreted discounts. | |||||||||||||||||||||||||
At December 31, 2013, we owned investment securities totaling $747.7 million in which the amortized cost basis exceeded fair value. Total unrealized losses on those securities were $34.8 million at December 31, 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 other than temporary impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the amortized cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and our intent and ability to hold the investment for a period of time sufficient to allow for full recovery of the unrealized loss. We evaluate our intent and ability to hold 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. | |||||||||||||||||||||||||
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 December 31, 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 securities: | |||||||||||||||||||||||||
State and political subdivisions | $ | 83,036 | $ | 5,426 | $ | — | $ | — | $ | 83,036 | $ | 5,426 | |||||||||||||
GSE | 3,972 | 13 | 2,001 | 4 | 5,973 | 17 | |||||||||||||||||||
CMO | 73,109 | 4,173 | 21,590 | 1,362 | 94,699 | 5,535 | |||||||||||||||||||
FNMA MBS | 346,266 | 14,386 | 17,800 | 1,415 | 364,066 | 15,801 | |||||||||||||||||||
FHLMC MBS | 116,732 | 4,548 | 7,307 | 446 | 124,039 | 4,994 | |||||||||||||||||||
GNMA MBS | 57,076 | 1,897 | 18,829 | 1,084 | 75,905 | 2,981 | |||||||||||||||||||
Total temporarily impaired investments | $ | 680,191 | $ | 30,443 | $ | 67,527 | $ | 4,311 | $ | 747,718 | $ | 34,754 | |||||||||||||
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 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 securities: | |||||||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
GSE | 2,008 | 2 | — | — | 2,008 | 2 | |||||||||||||||||||
CMO | 40,358 | 268 | 1,364 | 33 | 41,722 | 301 | |||||||||||||||||||
FNMA MBS | 43,696 | 243 | — | — | 43,696 | 243 | |||||||||||||||||||
FHLMC MBS | 13,884 | 117 | — | — | 13,884 | 117 | |||||||||||||||||||
GNMA MBS | 10,029 | 54 | — | — | 10,029 | 54 | |||||||||||||||||||
Total temporarily impaired investments | $ | 109,975 | $ | 684 | $ | 1,364 | $ | 33 | $ | 111,339 | $ | 717 |
Loans
Loans | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans | ' | ||||||||
4. LOANS | |||||||||
The following table details our loan portfolio by category: | |||||||||
December 31, | 2013 | 2012 | |||||||
(In Thousands) | |||||||||
Commercial | $ | 810,882 | $ | 704,491 | |||||
Owner occupied commercial | 786,360 | 770,581 | |||||||
Commercial Mortgages | 725,193 | 631,365 | |||||||
Construction | 106,074 | 133,375 | |||||||
Residential | 221,520 | 243,627 | |||||||
Consumer | 302,234 | 289,001 | |||||||
2,952,263 | 2,772,440 | ||||||||
Less: | |||||||||
Deferred fees, net | 6,043 | 4,602 | |||||||
Allowance for loan losses | 41,244 | 43,922 | |||||||
Net loans | $ | 2,904,976 | $ | 2,723,916 | |||||
Nonaccruing loans aggregated $31.0 million, $47.8 million and $71.1 million at December 31, 2013, 2012 and 2011, respectively. If interest on all such loans had been recorded in accordance with contractual terms, net interest income would have increased by $1.0 million in 2013, $1.6 million in 2012, and $3.1 million in 2011. | |||||||||
The total amounts of loans serviced for others were $229.8 million, $263.4 million and $308.1 million at December 31, 2013, 2012 and 2011, respectively, which consisted of residential first mortgage loans and reverse mortgage loans. We received fees from the servicing of loans of $342,000, $359,000 and $445,000 during 2013, 2012 and 2011, respectively. | |||||||||
We record mortgage-servicing rights on our mortgage loan-servicing portfolio. Mortgage servicing rights represent the present value of the future net servicing fees from servicing mortgage loans we acquire or originate. The value of these servicing rights was $419,000 and $240,000 at December 31, 2013 and 2012, respectively. Mortgage loans serviced for others are not included in loans in the accompanying Consolidated Statements of Condition. Changes in the valuation of these servicing rights resulted in net income of $178,000 during 2013 and net income of $24,000 during 2012. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in mortgage banking activities, net in the Consolidated Statements of Operations. | |||||||||
Accrued interest receivable on loans outstanding was $7.8 million and $7.6 million at December 31, 2013 and 2012, respectively. |
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Credit Quality Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Credit Quality Information | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
5. 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 loan loss allowance in accordance with guidance provided in the Securities and Exchange Commission’s Staff Accounting Bulletin 102 (“SAB 102”). The determination of the allowance for loan losses requires significant, complex and difficult judgments reflecting our best estimate of impairment related to specifically identified impaired loans as well as probable loan losses in the remaining loan portfolio. 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 are included in the 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 an amount of impairment. 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 charged-off when a probable loss has been confirmed. Estimated losses are based on collateral values, estimates of future cash flows or market valuations. During 2013, net charge-offs totaled $9.9 million, or 0.34%, of average loans annualized, compared to $41.2 million, or 1.49%, of average loans in 2012. We charge loans off when they are deemed to be uncollectable. | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowances for pooled homogeneous loans, that are not deemed impaired, are based on historical net loss experience. Estimated losses for pooled portfolios are determined differently for commercial loan pools and retail loan pools. Commercial loans are pooled into 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 15 quarters. 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 net 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, non-accrual 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 the allowance 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 review the qualitative estimates of valuation factors quarterly and adjust based on current trends. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of the allowance for loan losses and loan balances as of and for the year ended December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Charge-offs | (2,636 | ) | (1,225 | ) | (1,915 | ) | (1,749 | ) | (1,226 | ) | (4,913 | ) | — | (13,664 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,003 | 128 | 685 | 989 | 122 | 887 | — | 3,814 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) for | 721 | 2,627 | 83 | (2,370 | ) | 1,058 | 4,889 | 164 | 7,172 | ||||||||||||||||||||||||||||||||||||||||
loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | 3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,781 | $ | 12 | $ | 1,987 | $ | — | $ | 989 | $ | 134 | — | $ | 4,903 | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,970 | 7,626 | 4,945 | 3,326 | 2,089 | 6,360 | 1,025 | 36,341 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | 3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,003 | $ | 5,197 | $ | 8,661 | $ | 1,158 | $ | 17,852 | $ | 5,411 | — | $ | 43,282 | (2) | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 805,879 | 781,163 | 716,532 | 104,916 | 203,668 | 296,823 | — | 2,908,981 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 810,882 | $ | 786,360 | $ | 725,193 | $ | 106,074 | $ | 221,520 | $ | 302,234 | — | $ | 2,952,263 | ||||||||||||||||||||||||||||||||||
-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 December 31, 2013 and December 31, 2012, represents accruing troubled debt restructured loans of $12.3 million and $10.1 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,067 | $ | 9,235 | $ | 7,556 | $ | 4,074 | $ | 6,544 | $ | 10,604 | $ | — | $ | 53,080 | |||||||||||||||||||||||||||||||||
Charge-offs | (12,806 | ) | (5,076 | ) | (6,517 | ) | (10,820 | ) | (3,857 | ) | (6,726 | ) | — | (45,802 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,536 | 13 | 405 | 1,761 | 176 | 700 | — | 4,591 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) for Loan Losses | 9,866 | 1,936 | 6,635 | 11,441 | 261 | 1,053 | 861 | 32,053 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,100 | $ | 1 | $ | 1,887 | $ | 28 | $ | 919 | $ | 16 | $ | — | $ | 4,951 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 11,563 | 6,107 | 6,192 | 6,428 | 2,205 | 5,615 | 861 | 38,971 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,861 | $ | 14,001 | $ | 12,634 | $ | 1,547 | $ | 18,483 | $ | 6,329 | $ | — | $ | 57,855 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 699,630 | 756,580 | 618,731 | 131,828 | 225,144 | 282,672 | — | 2,714,585 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 704,491 | $ | 770,581 | $ | 631,365 | $ | 133,375 | $ | 243,627 | $ | 289,001 | $ | — | $ | 2,772,440 | |||||||||||||||||||||||||||||||||
Commercial (2) | Commercial | Construction | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 26,480 | $ | 10,564 | $ | 10,019 | $ | 4,028 | $ | 9,248 | $ | 60,339 | |||||||||||||||||||||||||||||||||||||
Charge-offs | (9,419 | ) | (7,446 | ) | (11,602 | ) | (3,165 | ) | (6,201 | ) | (37,833 | ) | |||||||||||||||||||||||||||||||||||||
Recoveries | 897 | 334 | 582 | 211 | 554 | 2,578 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credit) for Loan Losses | 6,344 | 4,104 | 5,075 | 5,470 | 7,003 | 27,996 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 24,302 | $ | 7,556 | $ | 4,074 | $ | 6,544 | $ | 10,604 | $ | 53,080 | |||||||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,630 | $ | 295 | $ | 723 | $ | 964 | $ | 101 | $ | 4,713 | |||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 21,672 | 7,261 | 3,351 | 5,580 | 10,503 | 48,367 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 24,302 | $ | 7,556 | $ | 4,074 | $ | 6,544 | $ | 10,604 | $ | 53,080 | |||||||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loan individually evaluated for impairment | $ | 23,193 | $ | 15,814 | $ | 22,124 | $ | 16,227 | $ | 2,621 | $ | 79,979 | (1) | ||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,437,619 | 610,925 | 84,144 | 257,878 | 288,358 | 2,678,924 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,460,812 | $ | 626,739 | $ | 106,268 | $ | 274,105 | $ | 290,979 | $ | 2,758,903 | |||||||||||||||||||||||||||||||||||||
-1 | The difference between this amount and nonaccruing loans at December 31, 2011, represents accruing troubled debt restructured loans of $8.9 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Prior to 2012, Owner Occupied Commercial loans were included in Commercial Loans | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing loans are those on which the accrual of interest has ceased. We discontinue accrual of interest on originated loans after payments become more than 90 days past due, or earlier if we do not expect the full collection of principal or interest in accordance with the terms of the loan agreement is probable. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the accretion of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on our assessment of the ultimate collectability of principal and interest. Loans greater than 90 days past due and still accruing are defined as loans contractually past due 90 days or more as to principal or interest payments, but remain in accrual status because they are considered well secured and in the process of collection. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables show our nonaccrual and past due loans at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
At Dec. 31, 2013 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,447 | $ | — | $ | — | $ | 1,447 | $ | 805,132 | $ | 4,303 | $ | 810,882 | |||||||||||||||||||||||||||||||||||
Owner occupied commercial | 538 | — | — | 538 | 780,625 | 5,197 | 786,360 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 83 | 1,049 | — | 1,132 | 715,496 | 8,565 | 725,193 | ||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | 104,916 | 1,158 | 106,074 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 1,952 | 1,348 | 533 | 3,833 | 209,255 | 8,432 | 221,520 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,095 | 177 | — | 1,272 | 297,669 | 3,293 | 302,234 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,115 | $ | 2,574 | $ | 533 | $ | 8,222 | $ | 2,913,093 | $ | 30,948 | $ | 2,952,263 | |||||||||||||||||||||||||||||||||||
% of Total Loans | 0.17 | % | 0.09 | % | 0.02 | % | 0.28 | % | 98.67 | % | 1.05 | % | 100 | % | |||||||||||||||||||||||||||||||||||
At Dec. 31, 2012 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total Loans | ||||||||||||||||||||||||||||||||||||||||||
Past Due and | Past Due and | 90 Days | Due | Current | Loans | ||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans for which it is probable we will not collect all principal and interest due according to contractual terms, which is assessed based on the credit characteristics of the loan and/or payment status, are measured for impairment in accordance with the provisions of FASB ASC 310, Receivables. The amount of impairment is required to be measured using one of two methods: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; or (2) the fair value of collateral, if the loan is collateral dependent. If the measure of the impaired loan is less than the recorded investment in the loan, a related allowance is allocated for the impairment. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of our impaired loans at December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | Ending | Loans with | Loan with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Related | Related | Reserve | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Balance | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 5,003 | $ | 2,362 | $ | 2,641 | $ | 1,781 | $ | 13,013 | $ | 5,347 | |||||||||||||||||||||||||||||||||||||
Owner-Occupied Commercial | 5,197 | 5,184 | 12 | 12 | 8,293 | 11,542 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,661 | 2,784 | 5,877 | 1,987 | 16,566 | 10,444 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,158 | 1,158 | — | — | 1,563 | 968 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 17,852 | 9,750 | 8,103 | 989 | 20,153 | 18,047 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 5,411 | 4,767 | 644 | 134 | 6,056 | 5,455 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 43,282 | $ | 26,005 | $ | 17,277 | $ | 4,903 | $ | 65,644 | $ | 51,803 | |||||||||||||||||||||||||||||||||||||
2012 | Ending | Loans with | Loan with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Related | Related | Reserve | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Balance | 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 or written down to their recorded investment. | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income of $922,000, $985,000 and $395,000 was recognized on impaired loans during 2013, 2012 and 2011, 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. We further segment Pass ratings into six classifications ranging from Substantially Risk Free (secured by marketable securities within margin and cash secured) to Acceptable Risk. | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention. Borrowers have potential weaknesses that deserve management’s close attention. Borrowers in this category may be experiencing adverse operating trends, e.g.: 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 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 loans by portfolio segment based on the credit quality indicators used to determine the Allowance at December 31: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner Occupied | Commercial | Construction | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | $ | 12,566 | $ | 14,611 | $ | 4,747 | $ | 27,398 | $ | 2,092 | $ | 29,267 | $ | 226 | $ | 2,453 | $ | 19,631 | $ | 73,729 | |||||||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | 56,806 | 63,074 | 45,181 | 44,899 | 8,146 | 6,222 | 3,599 | 5,755 | 113,732 | 119,950 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual | 2,362 | 1,598 | 5,185 | 13,827 | 2,784 | 5,422 | 1,158 | 1,172 | 11,489 | 22,019 | |||||||||||||||||||||||||||||||||||||||
Doubtful/ Nonaccrual | 2,641 | 3,263 | 12 | 174 | 5,877 | 7,212 | — | 375 | 8,530 | 11,024 | |||||||||||||||||||||||||||||||||||||||
Total Special Mention and Substandard | 74,375 | 82,546 | 55,125 | 86,298 | 18,899 | 48,123 | 4,983 | 9,755 | 153,382 | 6 | % | 226,722 | 10 | % | |||||||||||||||||||||||||||||||||||
Pass | 736,507 | 621,945 | 731,235 | 684,283 | 706,294 | 583,242 | 101,091 | 123,620 | 2,275,127 | 94 | 2,013,090 | 90 | |||||||||||||||||||||||||||||||||||||
Total | $ | 810,882 | $ | 704,491 | $ | 786,360 | $ | 770,581 | $ | 725,193 | $ | 631,365 | $ | 106,074 | $ | 133,375 | $ | 2,428,509 | 100 | % | $ | 2,239,812 | 100 | % | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential and Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Consumer | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | $ | 17,852 | $ | 18,483 | $ | 5,411 | $ | 6,329 | $ | 23,263 | 4 | % | $ | 24,812 | 5 | % | |||||||||||||||||||||||||||||||||
Performing | 203,668 | 225,144 | 296,823 | 282,672 | 500,491 | 96 | % | 507,816 | 95 | % | |||||||||||||||||||||||||||||||||||||||
Total | $ | 221,520 | $ | 243,627 | $ | 302,234 | $ | 289,001 | $ | 523,754 | 100 | % | $ | 532,628 | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Includes $11.5 million as of December 31, 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 the loans modified terms and are accruing interest. | ||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (TDR) | |||||||||||||||||||||||||||||||||||||||||||||||||
The balance of TDRs at December 31, 2013 and December 31, 2012 was $27.6 million and $22.0 million, respectively. The balances at December 31, 2013 include approximately $15.3 million of TDRs in nonaccrual status and $12.3 million of TDRs in accrual status compared to $11.9 million of TDRs in nonaccrual status and $10.1 million of TDRs in accrual status at December 31, 2012. Approximately $4.1 million and $936,000 in related reserves have been established for these loans at December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||
A modification is classified as a troubled debt restructuring (“TDR”) if both of the following exist: (1) the borrower is experiencing financial difficulty and (2) the Bank has granted a concession to the borrower. Many aspects of the borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty. Concessions may include the reduction of an interest rate at a rate lower than current market rate for a new loan with similar risk, extension of the maturity date, reduction of accrued interest, or principal forgiveness. The assessments of whether a borrower is experiencing (or is likely to experience) financial difficulty and whether a concession has been granted is subjective in nature and management’s judgment is required when determining whether a modification is a TDR. | |||||||||||||||||||||||||||||||||||||||||||||||||
During 2013, the terms of 32 loans were modified in TDRs, of which 9 were related to commercial loans that were already placed on nonaccrual. Nonaccruing restructured loans remain in nonaccrual status until there has been a period of sustained repayment performance, typically six months 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 when a loan is modified as a TDR. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans identified as TDRs during the twelve months ended December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Twelve | Twelve | |||||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 9,241 | $ | 10,235 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 7,056 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | 378 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | 1,076 | 5,217 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,323 | 2,386 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 18,696 | $ | 18,216 | ||||||||||||||||||||||||||||||||||||||||||||||
The TDRs described above increased the allowance for loan losses by $82,000 through allocation of a related reserve, and resulted in charge offs of $381,000 during the twelve months ending December 31, 2013, most of which had been previously identified and reserved for in prior periods. | |||||||||||||||||||||||||||||||||||||||||||||||||
There was one residential TDRs in the amount of $130,000 which defaulted (defined as past due 90 days) during the twelve months ended December 31, 2013 that was restructured within the last twelve months prior to December 31, 2012. There were no commercial or consumer TDRs that defaulted within the same time period. |
Reverse_Mortgage_Related_Asset
Reverse Mortgage Related Assets | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Mortgage Banking [Abstract] | ' | ||||
Reverse Mortgage Related Assets | ' | ||||
6. REVERSE MORTGAGE RELATED ASSETS | |||||
Reverse mortgage related assets include reverse mortgage loans, SASCO 2002-RM1’s Class “O” certificates and the BBB-rated tranche of this reverse mortgage security. | |||||
Reverse mortgage loans are contracts in which a homeowner borrows against the equity in their 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 July 2011, we purchased 100% of SASCO 2002-RM1’s Class “O” certificates, representing equity ownership of this reverse mortgage securitization trust, for $2.5 million. This securitization was created in 2002 through the purchase of reverse mortgage loans owned by us, as well as an additional lender. As part of this securitization we retained the BBB rated tranche of this securitization and held this instrument as a trading asset since that time. However, there has never been an active market develop for this asset. | |||||
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 2002 RM-1, on our Consolidated Statement of Condition 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 $26.3 million of bonds all at fair value as of September 30, 2013. Related to this accounting, we recorded $3.8 million (pre-tax) in income related to our ownership of the equity tranche of the reverse mortgage securitization. The benefit of this holding in previous years was recorded partially as an adjustment to equity (AOCI), but was taken through earnings during the third quarter as we consolidated the assets and liabilities of the securitization trust on our Consolidated Statement of Condition in accordance with GAAP. | |||||
On January 27, 2014, WSFS completed the legal call of the reverse mortgage trust bonds and the redemption of the trust’s preferred shareholders. For additional information regarding this call, see Note 23 to the Consolidated Financial Statements. | |||||
Our existing investment in reverse mortgages has been combined with the consolidated reverse mortgage loans for a total of $37.3 million at December 31, 2013. The average age of the borrowers is 92 years old and there is currently significant overcollateralization in the portfolio, as the realizable collateral value (the lower of collectable principal and interest or appraised value of the home) of $63 million and the liquid assets of $6 million well exceed the $22.0 million in outstanding bonds at December 31, 2013. | |||||
As of December 31, 2012, our reverse mortgage related assets included ($457,000)carrying value of reverse mortgages, $12.6 million fair value of reverse mortgage trading assets and $7.1 million fair value of SASCO 2002-RM1 Class “O” certificates. For additional information on the valuation of the Class “O” and trading assets see Note 17 of the Consolidated Financial Statements. | |||||
The carrying value of the reverse mortgages is calculated by a 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 loans (includes payouts and collections) and then discounts these cash flows using the effective yield required on the life of the portfolio to reduce the net investment to zero at the time the final reverse mortgage contract is liquidated. 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 determine the carrying value of these reverse mortgages as of December 31, 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) move-out rates. 2) house price appreciation (HPA) forecasts and 3) internal rate of return. | |||||
1) | Move-out rates — The projections incorporate actuarial estimates of contract termination using mortality tables published by the Office of the Actuary of the United States Bureau of Census, adjusted for expected prepayments and relocations. | ||||
2) | House Price Appreciation — Consistent with other reverse mortgage analyses from various market sources, we forecast a 2.5% increase in housing prices in the next year and a 1.75% increase in the following year and thereafter. 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) | Internal Rate of Return — As of December 31, 2013 the internal rate of return (IRR) of 14.22% was the effective yield required on the life of the portfolio to reduce the net investment to zero at the time the final reverse mortgage contract is liquidated. | ||||
As of December 31, 2013, the Company’s actuarially estimated cash payments to reverse mortgagors were as follows: | |||||
Year Ending | |||||
2014 | $ | 1,004,565 | |||
2015 | 820,257 | ||||
2016 | 663,038 | ||||
2017 | 530,411 | ||||
2018 | 419,873 | ||||
Years 2019 – 2023 | 1,038,376 | ||||
Years 2024 – 2028 | 242,803 | ||||
Years 2029 – 2033 | 42,848 | ||||
Thereafter | 5,181 | ||||
Total | $ | 4,767,352 | |||
This table does not take into consideration cash receipts from maturity events of these reverse mortgages. | |||||
The amount of the contract value that would be forfeited if the Company were not to make cash payments to reverse mortgagors in the future is $8.4 million. | |||||
The future cash flows depend on the HPA assumptions. If the future changes in collateral value were assumed to be zero, income would decrease by $155,000 for the year ended December 31, 2013 with an IRR of 12.50%. If the future changes in collateral value were assumed to be reduced by 1%, income would decrease by $77,000 with an IRR of 13.35%. | |||||
The net present value of the projected cash flow depends on the IRR used. If the IRR increased by 1%, the net present value would increase by $103,000. If the IRR decreased by 1%, the net present value would decrease by $101,000. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
7. PREMISES AND EQUIPMENT | |||||||||
Land, office buildings, leasehold improvements and furniture and equipment, at cost, are summarized by major classifications: | |||||||||
December 31, | 2013 | 2012 | |||||||
(In Thousands) | |||||||||
Land | $ | 1,362 | $ | 1,362 | |||||
Buildings | 4,030 | 4,020 | |||||||
Leasehold improvements | 35,506 | 35,011 | |||||||
Furniture and equipment | 38,135 | 35,912 | |||||||
79,033 | 76,305 | ||||||||
Less: | |||||||||
Accumulated depreciation | 43,855 | 38,048 | |||||||
$ | 35,178 | $ | 38,257 | ||||||
Depreciation expense is computed on a straight-line basis over the estimated useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life, whichever, is shorter. In general, computer equipment, furniture and equipment and building renovations are expensed over three, five and ten years, respectively. | |||||||||
We occupy certain premises including some with renewal options and operate certain equipment under noncancelable leases with terms ranging primarily from 1 to 25 years. These leases are accounted for as operating leases. Accordingly, lease costs are expensed as incurred in accordance with FASB ASC 840-20 Operating Leases. Rent expense was $9.1 million in 2013, $9.0 million in 2012 and $7.9 million in 2011. Future minimum cash payments under these leases at December 31, 2013 are as follows: | |||||||||
(In Thousands) | |||||||||
2014 | $ | 7,924 | |||||||
2015 | 7,712 | ||||||||
2016 | 7,483 | ||||||||
2017 | 7,430 | ||||||||
2018 | 7,590 | ||||||||
Thereafter | 144,635 | ||||||||
Total future minimum lease payments | $ | 182,774 | |||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||
8. GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||
In accordance with FASB ASC 805, Business Combinations, and FASB ASC 350, Intangibles — Goodwill and Other, all assets and liabilities acquired in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value. We consider our accounting policies related to goodwill and other intangible assets to be critical because the assumptions or judgment used in determining the fair value of assets and liabilities acquired in past acquisitions are subjective and complex. As a result, changes in these assumptions or judgment could have a significant impact on our financial condition or results of operations. | |||||||||||||||||
The fair value of acquired assets and liabilities, including the resulting goodwill, was based either on quoted market prices or provided by other third-party sources, when available. When third-party information was not available we made good-faith estimates primarily through the use of internal cash flow modeling techniques. The assumptions used in the cash flow modeling are subjective and susceptible to significant changes. | |||||||||||||||||
Goodwill and other intangible assets with indefinite useful lives are tested for impairment at least annually and charged to results of operations in periods in which the recorded value is more than the estimated fair value. Intangible assets that have finite useful lives will continue to be amortized over their useful lives and are periodically evaluated for impairment. Goodwill totaled $32.2 million at December 31, 2013 and $28.1 million at December 31, 2012. The majority of this goodwill, or $27.1 million, is in the WSFS Bank reporting unit and is the result of a branch acquisition in 2008, the acquisition of Christiana Bank and Trust (“CB&T”) during 2010 and the purchase of Array and Arrow during 2013. The remaining $5.1 million is in the Trust and Wealth Management reporting unit and is mainly the result of the acquisition of CB&T. | |||||||||||||||||
During 2011, ASU 2011-08, Intangibles — Goodwill and Other (Topic 350), was issued. Under the Update, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. Therefore, before the first step of the existing guidance, the entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that the fair value of goodwill is less than carrying value. The qualitative assessment includes adverse events or circumstances identified that could negatively affect the reporting units’ fair value as well as positive and mitigating events. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step process is unnecessary. The entity has the option to bypass the qualitative assessment step for any reporting unit in any period and proceed directly to the first step of the existing two-step process. The entity can resume performing the qualitative assessment in any subsequent period. | |||||||||||||||||
When required, the goodwill impairment test involves a two-step process. The first test is done by comparing the reporting unit’s aggregate fair value to its carrying value. Absent other indicators of impairment, if the aggregate fair value exceeds the carrying value, goodwill is not considered impaired and no additional analysis is necessary. If the carrying value of the reporting unit were to exceed the aggregate fair value, a second test would be performed to measure the amount of impairment loss, if any. To measure any impairment loss, the implied fair value would be determined in the same manner as if the reporting unit were being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge would be recorded for the difference. | |||||||||||||||||
Fair value may be determined using market prices, comparison to similar assets, market multiples, discounted cash flow analyses and other variables. Estimated cash flows extend five years into the future and, by their nature, are difficult to estimate over such an extended period of time. Factors that may significantly affect estimates include, but are not limited to, balance sheet growth assumptions, credit losses in our investment and loan portfolios, competitive pressures in our market area, changes in customer base and customer product preferences, changes in revenue growth trends, cost structure, changes in discount rates, conditions in the banking sector, and general economic variables. | |||||||||||||||||
As of December 31, 2013, we assessed qualitative factors including macroeconomic conditions, industry and market conditions, cost factors, and overall financial performance in 2013 and determined that it was not more likely than not that the fair value of any of our reporting units was less than their respective carrying amounts. Therefore we did not perform the two-step impairment test for any of our reporting units in 2013. No impairment losses related to our goodwill were recorded in 2013, however there can be no assurance that impairments of our goodwill will not occur in future periods. | |||||||||||||||||
For our goodwill impairment analysis, we allocate all of the goodwill to the individual operating segments. We identify reporting units that are one level below an operating segment (referred to as a component), and distinguish these reporting units based on how the segments and components are managed, taking into consideration the economic characteristics, nature of the products and customers of the components. At the time we acquire a business, we allocate goodwill to applicable reporting units based on their relative fair value, and if we have a significant business reorganization, we may reallocate the goodwill. For additional information on management reporting, see Note 19 to the Consolidated Financial Statements and Note 2 for additional information on the Goodwill that was recorded during 2013. | |||||||||||||||||
The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing. | |||||||||||||||||
(In Thousands) | WSFS | Cash | Trust & | Consolidated | |||||||||||||
Bank | Connect | Wealth | Company | ||||||||||||||
Management | |||||||||||||||||
December 31, 2011 | $ | 23,012 | $ | — | $ | 5,134 | $ | 28,146 | |||||||||
Changes in goodwill | — | — | — | — | |||||||||||||
December 31, 2012 | 23,012 | — | 5,134 | 28,146 | |||||||||||||
Goodwill from business combinations | 4,089 | — | — | 4,089 | |||||||||||||
December 31, 2013 | $ | 27,101 | $ | — | $ | 5,134 | $ | 32,235 | |||||||||
Gross | Accumulated | Net | |||||||||||||||
Intangible | Amortization | Intangible | |||||||||||||||
Assets | Assets | ||||||||||||||||
(In Thousands) | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Core deposits | $ | 4,370 | $ | (2,605 | ) | $ | 1,765 | ||||||||||
Other | 6,625 | (1,647 | ) | 4,978 | |||||||||||||
Total other intangible assets | $ | 10,995 | $ | (4,252 | ) | $ | 6,743 | ||||||||||
December 31, 2012 | |||||||||||||||||
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. We recognized amortization expense on other intangible assets of $1.0 million, $989,000, and $1.2 million for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||
The following presents the estimated amortization expense of intangibles: | |||||||||||||||||
(In Thousands) | Amortization | ||||||||||||||||
of Intangibles | |||||||||||||||||
2014 | $ | 1,167 | |||||||||||||||
2015 | 1,135 | ||||||||||||||||
2016 | 878 | ||||||||||||||||
2017 | 731 | ||||||||||||||||
2018 | 711 | ||||||||||||||||
Thereafter | 2,121 | ||||||||||||||||
Total | $ | 6,743 | |||||||||||||||
At December 31, 2013, goodwill and other intangible assets were not considered impaired. Changing economic conditions that may adversely affect our performance and stock price could result in impairment, which could adversely affect earnings in the future. |
Deposits
Deposits | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Deposits | ' | ||||||||||||
9. DEPOSITS | |||||||||||||
The following is a summary of deposits by category, including a summary of the remaining time to maturity for time deposits: | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Money market and demand: | |||||||||||||
Noninterest-bearing demand | $ | 650,256 | $ | 631,026 | |||||||||
Interest-bearing demand | 638,403 | 538,195 | |||||||||||
Money market | 887,715 | 933,901 | |||||||||||
Total money market and demand | 2,176,374 | 2,103,122 | |||||||||||
Savings | 383,731 | 389,977 | |||||||||||
Customer certificates of deposit by maturity: | |||||||||||||
Less than one year | 134,356 | 202,604 | |||||||||||
One year to two years | 89,750 | 45,955 | |||||||||||
Two years to three years | 7,951 | 60,879 | |||||||||||
Three years to four years | 1,446 | 5,894 | |||||||||||
Over four years | 3,462 | 1,654 | |||||||||||
Total customer time certificates | 236,965 | 316,986 | |||||||||||
Jumbo certificates of deposit, by maturity: | |||||||||||||
Less than one year | 162,617 | 234,716 | |||||||||||
One year to two years | 51,996 | 20,581 | |||||||||||
Two years to three years | 3,092 | 36,561 | |||||||||||
Three years to four years | 535 | 2,031 | |||||||||||
Over four years | 2,905 | 348 | |||||||||||
Total jumbo certificates of deposit | 221,145 | 294,237 | |||||||||||
Total customer deposits | 3,018,215 | 3,104,322 | |||||||||||
Brokered deposits less than one year | 168,727 | 170,641 | |||||||||||
Total deposits | $ | 3,186,942 | $ | 3,274,963 | |||||||||
Interest expense by category follows: | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(In Thousands) | |||||||||||||
Interest-bearing demand | $ | 529 | $ | 246 | $ | 405 | |||||||
Money market | 1,123 | 1,759 | 2,897 | ||||||||||
Savings | 217 | 431 | 1,465 | ||||||||||
Time deposits | 4,712 | 9,531 | 13,548 | ||||||||||
Total customer interest expense | 6,581 | 11,967 | 18,315 | ||||||||||
Brokered deposits | 599 | 1,134 | 816 | ||||||||||
Total interest expense on deposits | $ | 7,180 | $ | 13,101 | $ | 19,131 | |||||||
Borrowed_Funds
Borrowed Funds | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Borrowed Funds | ' | ||||||||||||||||||||
10. BORROWED FUNDS | |||||||||||||||||||||
The following is a summary of borrowed funds by type: | |||||||||||||||||||||
At or for the twelve months ended: | Balance at | Weighted | Maximum | Average | Weighted | ||||||||||||||||
End of | Average | Outstanding | Amount | Average | |||||||||||||||||
Period | Interest | at Month | Outstanding | Interest | |||||||||||||||||
Rate | End During | During the | Rate | ||||||||||||||||||
the Period | Year | During the | |||||||||||||||||||
Year | |||||||||||||||||||||
December 31, 2013 | (Dollars in Thousands) | ||||||||||||||||||||
FHLB advances | $ | 638,091 | 0.3 | % | $ | 685,591 | $ | 573,989 | 0.32 | % | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 97,000 | 0.98 | 126,000 | 108,105 | 0.91 | ||||||||||||||||
Trust preferred borrowings | 67,011 | 2.01 | 67,011 | 67,011 | 1.98 | ||||||||||||||||
Senior Debt | 55,000 | 6.25 | 55,000 | 55,000 | 6.86 | ||||||||||||||||
Reverse mortgage trust bonds payable | 21,990 | 0.34 | 26,340 | 6,757 | 0.88 | ||||||||||||||||
Other borrowed funds | 24,739 | 0.09 | 41,976 | 35,026 | 0.32 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
FHLB advances | $ | 376,310 | 0.57 | % | $ | 588,052 | $ | 466,243 | 1.32 | % | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 110,000 | 0.9 | 125,000 | 101,106 | 0.99 | ||||||||||||||||
Trust preferred borrowings | 67,011 | 2.08 | 67,011 | 67,011 | 2.17 | ||||||||||||||||
Senior Debt | 55,000 | 6.25 | 55,000 | 19,085 | 6.68 | ||||||||||||||||
Other borrowed funds | 28,945 | 0.09 | 64,599 | 33,924 | 0.41 | ||||||||||||||||
Federal Home Loan Bank Advances | |||||||||||||||||||||
Advances from the FHLB of Pittsburgh with rates ranging from 0.16% to 1.52% at December 31, 2013 are due as follows: | |||||||||||||||||||||
Amount | Weighted | ||||||||||||||||||||
Average | |||||||||||||||||||||
Rate | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
2014 | $ | 615,925 | 0.29 | % | |||||||||||||||||
2015 | 22,166 | 0.58 | |||||||||||||||||||
$ | 638,091 | 0.3 | |||||||||||||||||||
Pursuant to collateral agreements with the FHLB, advances are secured by qualifying first mortgage loans, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB. | |||||||||||||||||||||
As a member of the FHLB of Pittsburgh, we are required to purchase and hold shares of capital stock in the FHLB of Pittsburgh in an amount at least equal to 0.35% of our member asset value plus 4.60% of advances outstanding. We were in compliance with this requirement with a stock investment in FHLB of Pittsburgh of $35.9 million at December 31, 2013 and $31.2 million as of December 31, 2012. This stock is carried on the accompanying Consolidated Statement of Condition at cost, which approximates liquidation value. | |||||||||||||||||||||
The increase in FHLB stock was due to an increase in FHLB Advances outstanding. We received no dividends from the FHLB of Pittsburgh during 2011. However, in February of 2012, the FHLB of Pittsburgh declared and began to pay a dividend on capital stock. We received dividends of $391,000 and $60,000 for the years ended December 31, 2013 and 2012, respectively. For additional information regarding FHLB Stock, see Note 17 to the Consolidated Financial Statements. | |||||||||||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | |||||||||||||||||||||
During 2013 and 2012, we purchased federal funds as a short-term funding source. At December 31, 2013, we had purchased $72.0 million in federal funds at an average rate of 0.28%. At December 31, 2012, we had purchased $85.0 million in federal funds at a rate of 0.27%. | |||||||||||||||||||||
During 2013, we continued to have securities sold under agreements to repurchase as a funding source. At December 31, 2013, securities sold under agreements to repurchase had a fixed rate of 2.98%. These repurchases mature on January 1, 2015. The underlying securities are mortgage-backed securities with a fair value of $33.6 million at December 31, 2013. Securities sold under agreements to repurchase with the corresponding carrying and market values of the underlying securities are due as follows: | |||||||||||||||||||||
Borrowing | Rate | Collateral | |||||||||||||||||||
Amount | Carrying | Fair | Accrued | ||||||||||||||||||
Value | Value | Interest | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Over 90 days | $ | 25,000 | 2.98 | % | $ | 34,952 | $ | 33,596 | $ | 83 | |||||||||||
2012 | |||||||||||||||||||||
Over 90 days | $ | 25,000 | 2.98 | % | $ | 41,061 | $ | 41,714 | $ | 104 | |||||||||||
Trust Preferred Borrowings | |||||||||||||||||||||
In 2005, we issued $67.0 million of aggregate principal amount of Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate. | |||||||||||||||||||||
Senior Debt | |||||||||||||||||||||
In 2012, we issued and sold $55.0 million in aggregate principal amount of 6.25% Senior Notes due 2019 (the “Senior Debt”). The Senior Debt is unsecured and ranks equally with all of our other present and future unsecured unsubordinated obligations. The senior debt is effectively subordinated to our secured indebtedness and structurally subordinated to the indebtedness of our subsidiaries. At our option, the Senior Debt is callable, in whole or in part, after five years. The Senior Debt matures on September 1, 2019. | |||||||||||||||||||||
Reverse Mortgage Trust Bonds Payable | |||||||||||||||||||||
In conjunction with consolidating reverse mortgage loans through consolidation of a reverse mortgage securitization, we also have recognized the securitization bonds on our Consolidated Statement of Condition. The bonds have a carrying value of $22.0 million and carry an interest rate of 0.88%. We completed the legal call of the bonds on January 27, 2014. See Note 6 to the Consolidated Financial Statements. | |||||||||||||||||||||
Other Borrowed Funds | |||||||||||||||||||||
Included in other borrowed funds are collateralized borrowings of $24.7 million and $28.9 million at December 31, 2013 and 2012, respectively, consisting of outstanding retail repurchase agreements, contractual arrangements under which portions of certain securities are sold overnight to retail customers under agreements to repurchase. Such borrowings were collateralized by mortgage-backed securities. The average rates on these borrowings were 0.09% at both December 31, 2013 and 2012. |
Stock_and_Common_Stock_Warrant
Stock and Common Stock Warrants | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Stock and Common Stock Warrants | ' |
11. STOCK AND COMMON STOCK WARRANTS | |
In 2010, we completed an underwritten public offering of 1,370,000 shares of common stock and raised $47.1 million net of $2.9 million of costs. | |
In 2009 we completed a private placement of stock to Peninsula Investment Partners, L.P. (Peninsula), pursuant to which we issued and sold 862,069 shares of common stock for a total purchase price of $25.0 million, and a 10-year warrant to purchase 129,310 shares of common stock at an exercise price of $29.00 per share. The warrant is immediately exercisable. Total proceeds of $25.0 million were allocated, based on the relative fair value of common stock and common stock warrants, to common stock for $23.5 million and common stock warrants for $1.5 million. | |
In 2009, we entered into a purchase agreement with the U.S. Treasury (“Treasury”) pursuant to which we issued and sold 52,625 shares of our fixed-rate cumulative perpetual preferred stock for a total purchase price of $52.6 million, and a 10-year warrant to purchase 175,105 shares of common stock at an exercise price of $45.08 per share. During 2013 we declared and paid $1.8 million of cash dividends on the preferred stock. In 2012 and 2011 we declared and paid $2.6 million of cash dividends. On September 12, 2012 we entered into a letter agreement with the Treasury pursuant to which the Company repurchased the warrant for $1.8 million. | |
During 2013, we received regulatory non-objection to repurchase/redeem our cumulative perpetual preferred stock using available cash on hand. Late in the second quarter of 2013, we repurchased $20.0 million of the $52.6 million outstanding in open market transactions (at or very near par value), and redeemed the remaining preferred stock at the stated liquidation (par) value of $1,000 per share in the 3rdquarter. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||||||
12. STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Under guidelines issued by banking regulators, savings institutions such as the Bank must maintain “tangible” capital equal to 1.5% of adjusted total assets, “core” capital equal to 4.0% of adjusted total assets, “Tier 1” capital equal to 4.0% of risk weighted assets and “total” or “risk-based” capital (a combination of core and “supplementary” capital) equal to 8.0% of risk weighted assets. Failure to meet minimum capital requirements can initiate certain mandatory actions and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our bank’s financial statements. At December 31, 2013 and 2012, the Bank was in compliance with regulatory capital requirements and was deemed a “well-capitalized” institution. | |||||||||||||||||||||||||
The following table presents the capital position of the Bank as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Consolidated Bank | For Capital Adequacy | To Be Well-Capitalized | |||||||||||||||||||||||
Capital | Purposes | Under Prompt Corrective | |||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(In Thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 505,354 | 14.36 | % | $ | 281,450 | 8 | % | $ | 351,812 | 10 | % | |||||||||||||
Core Capital (to adjusted tangible assets) | 463,130 | 10.35 | 178,996 | 4 | 223,745 | 5 | |||||||||||||||||||
Tangible Capital (to tangible assets) | 463,130 | 10.35 | 67,124 | 1.5 | N/A | N/A | |||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 463,130 | 13.16 | 140,725 | 4 | 211,087 | 6 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 466,924 | 14.29 | % | $ | 261,440 | 8 | % | $ | 326,800 | 10 | % | |||||||||||||
Core Capital (to adjusted tangible assets) | 426,019 | 9.83 | 173,273 | 4 | 216,592 | 5 | |||||||||||||||||||
Tangible Capital (to tangible assets) | 426,019 | 9.83 | 64,977 | 1.5 | N/A | N/A | |||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 426,019 | 13.04 | 130,720 | 4 | 196,080 | 6 | |||||||||||||||||||
The Holding Company | |||||||||||||||||||||||||
As of December 31, 2013, our capital structure includes one class of stock, $0.01 par common stock outstanding with each share having equal voting rights. During 2013, our preferred stock was fully redeemed at par. | |||||||||||||||||||||||||
In 2005, WSFS Capital Trust III, our unconsolidated subsidiary, issued Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate with a scheduled maturity of June 1, 2035. The par value of these securities is $2.0 million and the aggregate principal is $67.0 million. The proceeds from the issue were invested in Junior Subordinated Debentures we issued. These securities are treated as borrowings with interest included in interest expense on the Consolidated Statement of Operations. At December 31, 2013, the coupon rate of the WSFS Capital Trust III securities was 2.01%. The effective rate will vary due to fluctuations in interest rates. | |||||||||||||||||||||||||
When infused into the Bank, the Trust Preferred Securities issued in 2005 qualify as Tier 1 capital. We are prohibited from paying any dividend or making any other capital distribution if, after making the distribution, we would be undercapitalized within the meaning of the Prompt Corrective Action regulations. | |||||||||||||||||||||||||
At December 31, 2013, $19.3 million in cash remains at the holding company to support the parent company’s needs. | |||||||||||||||||||||||||
Pursuant to federal laws and regulations, our ability to engage in transactions with affiliated corporations is limited, and we generally may not lend funds to nor guarantee our indebtedness. |
Associate_Employee_Benefit_Pla
Associate (Employee) Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Associate (Employee) Benefit Plans | ' | ||||||||||||
13. ASSOCIATE (EMPLOYEE) BENEFIT PLANS | |||||||||||||
Associate 401(k) Savings Plan | |||||||||||||
Certain subsidiaries of ours maintain a qualified plan in which Associates may participate. Participants in the plan may elect to direct a portion of their wages into investment accounts that include professionally managed mutual and money market funds and our common stock. Generally, the principal and related earnings are tax deferred until withdrawn. We match a portion of the Associates’ contributions. As a result, our total cash contributions to the plan on behalf of our Associates resulted in an expense of $2.6 million, $2.4 million, and $1.9 million for 2013, 2012, and 2011, respectively. | |||||||||||||
All contributions are invested in accordance with the Associates’ selection of investments. If Associates do not designate how discretionary contributions are to be invested, 100% will be invested in a balanced fund. Associates may generally make transfers to various other investment vehicles within the plan. The plan’s yearly activity includes net sales for the WSFS fund of 19,000 for 2013 and net purchases of 2,000, and 24,000 shares of our common stock during 2012 and 2011, respectively. | |||||||||||||
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 that the costs of these benefits be recognized over an Associate’s active working career. Amortization of unrecognized net gains or losses resulting from experience different from that assumed and from changes in assumptions is included as a component of net periodic benefit cost over the remaining service period of active employees to the extent that such gains and losses exceed 10% of the accumulated postretirement benefit obligation, as of the beginning of the year. | |||||||||||||
ASC 715 requires that we recognize the funded status of our defined benefit postretirement plan in our statement of financial position, with a corresponding adjustment to accumulated other comprehensive income, net of tax. The adjustment to accumulated other comprehensive income at adoption represented the net unrecognized actuarial losses and unrecognized transition obligation remaining from the initial adoption of ASC 715, all of which were previously netted against the plan’s funded status in our statement of financial position pursuant to the provisions of ASC 715. These amounts will be subsequently recognized as net periodic pension costs pursuant to our historical accounting policy for amortizing such amounts. Further, actuarial gains and losses that arise in subsequent periods, and are not recognized as net periodic pension cost in the same periods, will be recognized as a component of other comprehensive income. Those amounts will be subsequently recognized as a component of net periodic pension cost on the same basis as the amounts recognized in accumulated other comprehensive income at adoption of ASC 715. | |||||||||||||
In accordance with ASC 715, during 2014 we expect to recognize $56,000 in expense relating to the amortization of the net actuarial loss, and none relating to the net transition obligation. | |||||||||||||
The following disclosures relating to postretirement benefits were measured at December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 4,478 | $ | 3,923 | $ | 3,088 | |||||||
Service cost | 343 | 288 | 207 | ||||||||||
Interest cost | 176 | 174 | 166 | ||||||||||
Actuarial (gain) loss | (288 | ) | 271 | 623 | |||||||||
Benefits paid | (149 | ) | (178 | ) | (161 | ) | |||||||
Benefit obligation at end of year | $ | 4,560 | $ | 4,478 | $ | 3,923 | |||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | $ | — | |||||||
Employer contributions | 149 | 178 | 161 | ||||||||||
Benefits paid | (149 | ) | (178 | ) | (161 | ) | |||||||
Fair value of plan assets at end of year | $ | — | $ | — | $ | — | |||||||
Funded status: | |||||||||||||
Funded status | $ | (4,560 | ) | $ | (4,478 | ) | $ | (3,923 | ) | ||||
Recognized net loss | 1,221 | 1,587 | 1,444 | ||||||||||
Net amount recognized | $ | (3,339 | ) | $ | (2,891 | ) | $ | (2,479 | ) | ||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | 343 | $ | 288 | $ | 207 | |||||||
Interest cost | 177 | 174 | 166 | ||||||||||
Amortization of transition obligation | — | 61 | 61 | ||||||||||
Net loss recognition | 78 | 67 | 32 | ||||||||||
Net periodic benefit cost | $ | 598 | $ | 590 | $ | 466 | |||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||
Discount rate | 4 | % | 4.5 | % | 5.5 | % | |||||||
Health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Sensitivity analysis of health care cost trends: | |||||||||||||
Effect of +1% on service cost plus interest cost | $ | — | $ | (34 | ) | $ | (17 | ) | |||||
Effect of –1% on service cost plus interest cost | — | 12 | 13 | ||||||||||
Effect of +1% on APBO | — | (146 | ) | (129 | ) | ||||||||
Effect of –1% on APBO | — | 142 | 100 | ||||||||||
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||||||||||||
Discount rate | 5 | % | 4 | % | 4.5 | % | |||||||
Health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | |||||||
Year of ultimate trend rate | 2013 | 2012 | 2011 | ||||||||||
Estimated future benefit payments: | |||||||||||||
The following table shows the expected future payments for the next ten years: | |||||||||||||
(In Thousands) | |||||||||||||
During 2014 | $ | 125 | |||||||||||
During 2015 | 128 | ||||||||||||
During 2016 | 132 | ||||||||||||
During 2017 | 146 | ||||||||||||
During 2018 | 155 | ||||||||||||
During 2019 through 2023 | 1,078 | ||||||||||||
$ | 1,764 | ||||||||||||
We assume the average annual rate of increase for medical benefits will stabilize at an average increase of 5% per annum. The costs incurred for retirees’ health care are limited since certain current and all future retirees are restricted to an annual medical premium cap indexed (since 1995) by the lesser of 4% or the actual increase in medical premiums paid by us. For 2013, this annual premium cap amounted to $2,920 per retiree. We estimate that we will contribute approximately $3,037 per retiree to the plan during fiscal 2014. | |||||||||||||
We have five additional plans which are no longer being provided to Associates. They are a Supplemental Pension Plan with a corresponding liability of $381,000, an Early Retirement Window Plan with a corresponding liability of $149,000, a Director’s Plan with a corresponding liability of $44,000, a Supplemental Executive Retirement Plan with a corresponding liability of $932,000, and a Post-Retirement Medical Plan with a corresponding liability of $164,000. |
Taxes_on_Income
Taxes on Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Taxes on Income | ' | ||||||||||||
14. TAXES ON INCOME | |||||||||||||
We and our subsidiaries file a consolidated federal income tax return and separate state income tax returns. Our income tax provision consists of the following: | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(In Thousands) | |||||||||||||
Current income taxes: | |||||||||||||
Federal taxes | $ | 21,242 | $ | 11,136 | $ | 6,648 | |||||||
State and local taxes | 2,759 | 2,256 | 1,849 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal taxes | 875 | 3,591 | 2,978 | ||||||||||
State and local taxes | (120 | ) | — | — | |||||||||
Total | $ | 24,756 | $ | 16,983 | $ | 11,475 | |||||||
Current federal income taxes include taxes on income that cannot be offset by net operating loss carryforwards. | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Unrealized losses on available-for-sale securities | 12,762 | — | |||||||||||
Allowance for loan losses | 14,436 | 15,373 | |||||||||||
Reserves and other | 8,854 | 7,511 | |||||||||||
Deferred gains | 453 | 480 | |||||||||||
Net operating losses | 1,196 | — | |||||||||||
Reverse mortgages | 3,686 | — | |||||||||||
Total deferred tax assets before valuation allowance | 41,387 | 23,364 | |||||||||||
Less: valuation allowance | (4,882 | ) | — | ||||||||||
Total Deferred tax assets | 36,505 | 23,364 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Unrealized gains on available-for-sale securities | $ | — | $ | (8,053 | ) | ||||||||
Accelerated depreciation | (1,506 | ) | (2,115 | ) | |||||||||
Other | (2,132 | ) | (397 | ) | |||||||||
Prepaid expenses | (1,112 | ) | (1,590 | ) | |||||||||
Deferred loan costs | (1,843 | ) | (1,866 | ) | |||||||||
Intangibles | (1,765 | ) | (1,256 | ) | |||||||||
Total deferred tax liabilities before valuation allowance | (8,358 | ) | (15,277 | ) | |||||||||
Net deferred tax asset | $ | 28,147 | $ | 8,087 | |||||||||
Included in the table above is the effect of certain temporary differences for which no deferred tax expense or benefit was recognized. In 2013, such items consisted primarily of $12.8 million of unrealized losses on certain investments in debt and equity securities accounted for under ASC 320 along with $550,000 related to postretirement benefit obligations accounted for under ASC 715. In 2012, they consisted primarily of $8.1 million of unrealized gains on certain investments in debt and equity securities, partially offset by $550,000 related to postretirement benefit obligations. | |||||||||||||
Based on our history of prior earnings and our expectations of the future, it is anticipated that operating income and the reversal pattern of our temporary differences will, more likely than not, be sufficient to realize a net deferred tax asset of $28.1 million at December 31, 2013. | |||||||||||||
A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows: | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State tax, net of federal tax benefit | 2.4 | 3 | 3.4 | ||||||||||
Interest income 50% excludable | — | (0.5 | ) | (2.1 | ) | ||||||||
Tax-exempt interest | (1.2 | ) | (0.5 | ) | (0.4 | ) | |||||||
Bank-owned life insurance income | (0.1 | ) | (1.1 | ) | (2.0 | ) | |||||||
Incentive stock option and other nondeductible compensation | 0.3 | 0.6 | 0.9 | ||||||||||
Settlement of prior year charitable donation | — | — | (1.2 | ) | |||||||||
Federal tax credits | (1.7 | ) | (1.4 | ) | (0.5 | ) | |||||||
Other | (0.1 | ) | 0.1 | 0.5 | |||||||||
Effective tax rate | 34.6 | % | 35.2 | % | 33.6 | % | |||||||
We account for income taxes in accordance with FASB Accounting Standards Codification (“ASC”) 740, Income Taxes (formerly Statement of Financial Accounting Standards (“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 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. | |||||||||||||
As a result of the consolidation for accounting purposes of the SASCO reverse mortgage securitization trust during 2013, a deferred tax asset (“DTA”) of approximately $4.9 million was recorded. However, because SASCO is not consolidated for income tax purposes since it is subject to taxation on a separate entity basis as a real estate investment trust (“REIT”) as of and for the year ended December 31, 2013, a full valuation allowance was also recorded on this DTA due to the uncertainty of its realization. Realization of the DTA is dependent on future taxable income which is not assured as of December 31, 2013 with SASCO as a separate entity. On January 27, 2014 SASCO’s REIT tax structure was eliminated, which will permit tax consolidation within the Bank’s tax return filings on a prospective basis. At this date, the uncertainty surrounding the realization of the DTA was eliminated since the Bank’s Consolidated group is projected to have sufficient taxable income. Accordingly, we expect to remove the $4.9 million valuation allowance along with elimination of a $1.7 million deferred tax liability associated with our original investment in SASCO, which will result in an overall income tax benefit of $6.6 million in 2014. Finally, SASCO has $3.4 million of Federal net operating losses (“NOL’s”) that the Bank will acquire upon SASCO’s liquidation. Such NOL’s expire beginning in 2030. | |||||||||||||
Related to the move of our corporate headquarters, during 2007, we donated (to the local Historical Society, for the purpose of community viewing) an N.C. Wyeth mural which was previously displayed in our former headquarters. Pursuant to an appraisal by a nationally recognized art appraisal firm, the estimated fair value of the mural was $6.0 million, which was recorded as a charitable contribution expense. We recognized a related offsetting gain on the transfer of the asset during 2007. The expense and offsetting gain was shown net in our Consolidated Financial Statements. As the gain on the transfer of the asset is permanently excludible from taxation, the charitable contribution transaction results in a permanent deduction for income tax purposes. The amount of the deduction represented an income tax uncertainty because it was subject to evaluation by the Internal Revenue Service (“IRS”). The IRS did not audit our 2007 income tax return and the statute of limitations on this tax year expired in 2011. Accordingly, we recorded a $416,000 tax benefit in 2011 related to the resolution of this uncertainty. | |||||||||||||
We record interest and penalties on potential income tax deficiencies as income tax expense. Federal tax years 2010 through 2013 remain subject to examination as of December 31, 2013, while tax years 2010 through 2013 remain subject to examination by state taxing jurisdictions. During 2013, the audit of our 2010 federal tax return was completed by the IRS. We recorded a $186,000 tax benefit as a result of settling this audit. No state income tax return examinations are currently in process. We do not expect to record or realize any material unrecognized tax benefits during 2014. | |||||||||||||
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 are no longer any unrecognized tax benefits related to ASC 740 as of December 31, 2013. A reconciliation of the total amounts of unrecognized tax benefits during 2013 and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Unrecognized tax benefits at January 1 | $ | — | $ | 88 | |||||||||
Tax positions taken during prior years | — | (3 | ) | ||||||||||
Tax positions taken during current year | — | — | |||||||||||
Reductions relating to settlements with taxing authorities | — | (85 | ) | ||||||||||
Reductions as a result of a lapse of statutes of limitations | — | — | |||||||||||
Unrecognized tax benefits at December 31 | $ | — | $ | — | |||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||||||||||||||
15. STOCK-BASED COMPENSATION | |||||||||||||||||||||||||||||||||||||
Stock-based compensation is accounted for in accordance with FASB ASC 718, Stock Compensation. After shareholder approval in 2005, the 1997 Stock Option Plan (“1997 Plan”) was replaced by the 2005 Incentive Plan (“2005 Plan”). Upon stockholder approval in 2013, the 2005 Incentive Plan was amended and replaced by the 2013 Incentive Plan (“2013 Plan”). No future awards may be granted under the 2005 Plan, however, we still have options outstanding under the 1997 Plan and 2005 Plan for our officers, directors and employees of us and our subsidiaries (“Associates”). The 2013 Plan will terminate on the tenth anniversary of its effective date, after which no awards may be granted. Collectively, the 1997 Plan, 2005 Plan and 2013 Plan are referred to as Stock Incentive Plans. The number of shares reserved for issuance under the 2013 Plan is 698,845. At December 31, 2013, there were 548,845 shares available for future grants under the 2013 Plan. | |||||||||||||||||||||||||||||||||||||
With the exception of certain Performance Stock Awards, the Stock Incentive Plans provide for the granting of incentive stock options as defined in Section 422 of the Internal Revenue Code as well as non-incentive stock options (collectively, “Stock Options”). Additionally, the 2013 Plan provides for the granting of stock appreciation rights, performance awards, restricted stock and restricted stock unit awards, deferred stock units, dividend equivalents, other stock-based awards and cash awards. All Stock Options are to be granted at not less than the market price of our common stock on the date of the grant. With the exception of certain Non-Plan Stock Options (as defined below), all Stock Options granted during 2013 and 2012 vest in 25% per annum increments, start to become exercisable one year from the grant date and expire five years from the grant date. Generally, all awards become exercisable immediately in the event of a change in control, as defined within the Stock Incentive Plans. In addition, the Black-Scholes option-pricing model is used to determine the grant date fair value of Stock Options. | |||||||||||||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||||||||||
A summary of the status of our Stock Incentive Plans as of December 31, 2013, 2012 and 2011, respectively, and changes during those years are presented below: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | 335,730 | $ | 42.14 | 416,886 | $ | 43.52 | 566,323 | $ | 42.84 | ||||||||||||||||||||||||||||
Granted | 522,357 | 49.09 | 88,307 | 39.66 | 57,723 | 44.15 | |||||||||||||||||||||||||||||||
Exercised | (118,438 | ) | 39.39 | (71,055 | ) | 30.78 | (85,379 | ) | 18.94 | ||||||||||||||||||||||||||||
Forfeited | (13,081 | ) | 47.5 | — | — | (12,666 | ) | 40.85 | |||||||||||||||||||||||||||||
Expired | (13,990 | ) | 49.08 | (98,408 | ) | 53.99 | (109,115 | ) | 59.85 | ||||||||||||||||||||||||||||
Outstanding at end of year | 712,578 | 47.42 | 335,730 | 42.14 | 416,886 | 43.52 | |||||||||||||||||||||||||||||||
Exercisable at end of year | 103,549 | $ | 46.02 | 178,432 | $ | 45.28 | 304,628 | $ | 46.27 | ||||||||||||||||||||||||||||
Weighted-average fair value of awards granted | $ | 13.94 | $ | 12.5 | $ | 14.06 | |||||||||||||||||||||||||||||||
At January 1, 2013 there were nonvested options with a $6.1 million intrinsic value. Stock Options that vested during 2013 had an intrinsic value of $2.4 million and options that were exercised had an intrinsic value of $2.7 million. In addition, there were vested options that expired with no intrinsic value. The exercisable options remaining at December 31, 2013, had an intrinsic value of $3.3 million and an average remaining contractual term of 1.4 years. At December 31, 2013 outstanding options had an intrinsic value of $21.4 million and an average remaining contractual term of 4.7 years. | |||||||||||||||||||||||||||||||||||||
The following table provides information about our unvested stock options outstanding at December 31, 2013, 2012 and 2011, respectively: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | |||||||||||||||||||||||||||||
Average | Average | Shares | Average | Average | Average | Average | |||||||||||||||||||||||||||||||
Exercise | Grant Date | Exercise | Grant Date | Exercise | Grant Date | ||||||||||||||||||||||||||||||||
Price | Fair Value | Price | Fair Value | Price | Fair Value | ||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
Unvested at beginning of period | 157,298 | $ | 38.57 | $ | 11.98 | 112,258 | $ | 36.08 | $ | 10.69 | 123,486 | $ | 34.94 | $ | 8.27 | ||||||||||||||||||||||
Granted | 522,357 | 49.09 | 13.94 | 88,307 | 39.66 | 12.5 | 57,723 | 44.15 | 14.06 | ||||||||||||||||||||||||||||
Vested | (57,545 | ) | 35.41 | 10.65 | (43,267 | ) | 34.32 | 9.66 | (56,285 | ) | 40.77 | 9.13 | |||||||||||||||||||||||||
Forfeited | (13,081 | ) | 47.5 | 9.58 | — | (12,666 | ) | 40.85 | 9.44 | ||||||||||||||||||||||||||||
Unvested at end of period | 609,029 | $ | 47.66 | $ | 13.75 | 157,298 | $ | 38.57 | $ | 11.98 | 112,258 | $ | 36.08 | $ | 10.69 | ||||||||||||||||||||||
The total amount of unrecognized compensation cost related to nonvested stock options as of December 31, 2013 was $6.0 million. The weighted-average period over which the expense is expected to be recognized is 3.8 years. We issue new shares upon the exercise of options. | |||||||||||||||||||||||||||||||||||||
On April 25, 2013 stockholders approved a change in future compensation for Mark A. Turner, President and CEO. As a result, Mr. Turner was granted 250,000 non-statutory stock options (“Non-Plan Stock Options’) with a longer and slower vesting schedule than our standard options, 40% vesting after the second year and 20% vesting in each of the following three years. Additionally, these options were awarded at an exercise price of 20% over the December 2012 market value (date in which framework of the plan was decided on). Upon the grant, Mr. Turner is no longer eligible to receive grants under any of our other stock based award programs for a period of five years. The Black-Scholes option-pricing model was used to determine the grant date fair value of options. Significant assumptions used in the model included a weighted-average risk-free rate of return (zero coupon treasury yield) of 0.76% in 2013; an expected option life of five years; and an expected stock price volatility of 40.5% in 2013. For the purposes of this option-pricing model, a dividend yield of 1.01% was assumed. | |||||||||||||||||||||||||||||||||||||
Additionally, as a result of the stockholder approval, 150,000 incentive stock options were issued to certain executive officers of the Company under the 2013 Plan. These options have the same vesting schedule and exercise price as the Non-Plan Stock Options granted to Mr. Turner. The Black-Scholes option-pricing model was used to determine the grant date fair value of options. Significant assumptions used in the model included a weighted-average risk-free rate of return (zero coupon treasury yield) of 0.76% in 2013; an expected option life of five years; and an expected stock price volatility of 40.5% in 2013. For the purposes of this option-pricing model, a dividend yield of 1.01% was assumed. | |||||||||||||||||||||||||||||||||||||
During 2013, we granted 122,357 additional options with a five-year life and a four-year vesting period. The Black-Scholes option-pricing model was used to determine the grant date fair value of options. Significant assumptions used in the model included a weighted-average risk-free rate of return (zero coupon treasury yield) of 0.50% in 2013; an expected option life of three years and nine months; and an expected stock price volatility of 30.7% in 2013. For the purposes of this option-pricing model, a dividend yield of 1.01% was assumed. | |||||||||||||||||||||||||||||||||||||
During 2012, we granted 88,307 additional options with a five-year life and a four-year vesting period. The Black-Scholes option-pricing model was used to determine the grant date fair value of options. Significant assumptions used in the model included a weighted-average risk-free rate of return (zero coupon treasury yield) between 0.6% and 0.7% in 2012; an expected option life of three years and nine months; and an expected stock price volatility of 44.6% in 2012. For the purposes of this option-pricing model, a dividend yield of 1.2% was assumed. | |||||||||||||||||||||||||||||||||||||
The following table summarizes all outstanding Stock Options for option plans as of December 31, 2013, segmented by range of exercise prices: | |||||||||||||||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||||||||||||||
Number | Weighted- | Weighted- | Number | Weighted | |||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||
Exercise | Remaining | Exercise | |||||||||||||||||||||||||||||||||||
Price | Contractual Life | Price | |||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
$20.70-$27.60 | 13,818 | $ | 23.36 | 0.2 | 13,818 | $ | 23.36 | ||||||||||||||||||||||||||||||
$27.61-$34.50 | 16,552 | 31.33 | 1.6 | 8,879 | 31.3 | ||||||||||||||||||||||||||||||||
$34.51-$41.40 | 81,421 | 39.68 | 3.2 | 15,090 | 39.76 | ||||||||||||||||||||||||||||||||
$41.41-$48.30 | 155,065 | 46.76 | 3.6 | 20,040 | 45.02 | ||||||||||||||||||||||||||||||||
$48.31-$55.20 | 404,360 | 49.54 | 6.1 | 4,360 | 51.17 | ||||||||||||||||||||||||||||||||
$55.21-$62.10 | 40,057 | 58.85 | 1 | 40,057 | 58.85 | ||||||||||||||||||||||||||||||||
$62.11-$69.00 | 1,305 | 62.5 | 2.3 | 1,305 | 62.5 | ||||||||||||||||||||||||||||||||
Total | 712,578 | $ | 47.42 | 103,549 | $ | 46.02 | |||||||||||||||||||||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||||||||||||||||||||||||||
During 2013, we issued 11,357 restricted stock units (“RSUs”) and restricted stock awards. These awards vest over a four year period. These stock awards were made to certain executive officers. The total amount of compensation cost to be recognized relating to non-vested restricted stock as of December 31, 2013, was $1.2 million. This compares to $992,000 at December 31, 2012 and $1.2 million at December 31, 2011. The weighted-average period over which the cost is expected to be recognized is 1.7 years. | |||||||||||||||||||||||||||||||||||||
Compensation costs related to these issuances are recognized over the lives of the restricted stock and RSUs. We amortize the expense related to the restricted stock grants into salaries, benefits and other compensation expense on an accrual basis over the requisite service period for the entire award. When we award restricted stock to individuals from whom we may not receive services in the future, such as those who are eligible for retirement, we recognize the expense of restricted stock grants when we make the award, instead of amortizing the expense over the vesting period of the award. | |||||||||||||||||||||||||||||||||||||
Performance Stock Awards | |||||||||||||||||||||||||||||||||||||
The Long-Term Performance-Based Restricted Stock Unit program (“Long-Term Program”) provided for awards up to an aggregate of 77,800 shares of our stock to the remaining 14 participants, only after the achievement of targeted levels of return on assets (“ROA”) in any year through 2013. Under the terms of the plan, if an annual ROA performance level of 1.00% was achieved, up to 39,000 shares were to be awarded. If an annual ROA performance level of 1.125% was achieved, up to 53,300 shares were to be awarded. If an annual ROA performance level of 1.25% or greater was achieved, up to 77,800 shares were to be awarded. Additionally, if a performance level was achieved and there were insufficient shares available for grant, we had the option of granting the available shares with the remainder paid in cash. During 2013, the company achieved the 1.00% performance level of return on assets. In accordance with the Long-Term Program, we issued 36,152 RSUs to the plan’s participants. The awarded stock will vest in 25% increments over four years. During 2013 we recognized $88,000 of compensation expense related to this program. Compensation expense related to the Long-Term Program was based on the closing stock price as of May 28, 2008. | |||||||||||||||||||||||||||||||||||||
The Board approved a plan in which Marvin N. Schoenhals, Chairman of the Board, was granted 22,250 shares of restricted stock effective January 3, 2011 with a five-year performance vesting schedule starting at the end of the second year. These shares are subject to vesting in whole or in part based on the role that Mr. Schoenhals plays in establishing new business over a two year period of time that achieves over a two year period a result of at least a 50% return on investment of the cost of the restricted stock. We recognized compensation expense of $275,000 related to this award in 2013. | |||||||||||||||||||||||||||||||||||||
The impact of stock-based compensation for the year ended December 31, 2013 was $3.2 million pre-tax ($2.5 million after tax) to salaries, benefits and other compensation. This compares to $2.3 million pre-tax ($1.7 million after tax) in 2012, and $1.6 million pre-tax ($1.2 million after tax) in 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
16. COMMITMENTS AND CONTINGENCIES | |||||||||
Data Processing Operations | |||||||||
We have entered into contracts to manage our network operations, data processing and other related services. The projected amounts of future minimum payments contractually due (in thousands) are as follows: | |||||||||
Year | Amount | ||||||||
2014 | $ | 3,437 | |||||||
2015 | 1,598 | ||||||||
2016 | 763 | ||||||||
2017 | 727 | ||||||||
2018 | — | ||||||||
The expenses for data processing and operations for the year ending December 31, 2013 was $5.9 million, compared to $5.6 million for the year ended December 31, 2012 and $5.3 million for the year ended December 31, 2011. | |||||||||
Legal Proceedings | |||||||||
In the ordinary course of business, we are subject to legal actions that involve claims for monetary relief. For additional information regarding legal proceedings, see Note 22 to the Consolidated Financial Statements. | |||||||||
Financial Instruments With Off-Balance Sheet Risk | |||||||||
We are a party to financial instruments with off-balance sheet risk in the normal course of business primarily to meet the financing needs of our customers. To varying degrees, these financial instruments involve elements of credit risk that are not recognized in the Consolidated Statement of Condition. | |||||||||
Exposure to loss for commitments to extend credit and standby letters of credit written is represented by the contractual amount of those instruments. We generally require collateral to support such financial instruments in excess of the contractual amount of those instruments and use the same credit policies in making commitments as we do for on-balance sheet instruments. | |||||||||
The following represents a summary of off-balance sheet financial instruments at year-end: | |||||||||
December 31, | 2013 | 2012 | |||||||
(In Thousands) | |||||||||
Financial instruments with contract amounts which represent potential credit risk: | |||||||||
Construction loan commitments | $ | 64,210 | $ | 44,610 | |||||
Commercial mortgage loan commitments | 9,852 | 13,523 | |||||||
Commercial loan commitments | 335,257 | 317,750 | |||||||
Commercial owner-occupied commitments | 32,078 | 46,211 | |||||||
Commercial standby letters of credit | 56,651 | 55,540 | |||||||
Residential mortgage loan commitments | 5,018 | 22,657 | |||||||
Consumer loan commitments | 150,265 | 135,060 | |||||||
At December 31, 2013, we had total commitments to extend credit of $653.3 million. The consumer lines of credit of $150.3 million reflected in the table include $142.4 million secured by real estate. Residential mortgage loan commitments generally have closing dates within a one-month period but can be extended to six months in some cases. Not reflected in the table above are commitments to sell residential mortgages of $24.2 million and $55.2 million at December 31, 2013 and 2012, respectively. | |||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. We evaluate each customer’s creditworthiness and obtain collateral based on our credit evaluation of the counterparty. | |||||||||
Indemnifications | |||||||||
Secondary Market Loan Sales. Given the current interest rate environment 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 for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, first payment default by the borrower. These are customary repurchase provisions in the secondary market for conforming mortgage loan sales. These indemnifications may include our repurchase of the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were no such repurchases for the years ended December 31, 2013 and 2012. | |||||||||
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 December 31, 2013, there were 101 variable-rate to fixed-rate swap transactions between the third-party financial institutions and our customers. The initial notional aggregated amount was approximately $423.9 million, with maturities ranging from three months to twelve years. The aggregate fair value of these swaps to the customers was a liability of $17.8 million as of December 31, 2013, of which 89 swaps, with a liability of $18.2 million, were in paying positions to a third party. We had reserves of $70,000 for the swap guarantees. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||||
17. FAIR VALUE DISCLOSURES | |||||||||||||||||||
Fair Value of Financial Assets | |||||||||||||||||||
ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: | |||||||||||||||||||
Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. | |||||||||||||||||||
Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. | |||||||||||||||||||
Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||||
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 December 31, 2013 (there are no material liabilities measured at fair value): | |||||||||||||||||||
Description | Quoted | Significant | Significant | Total | |||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||
for | (Level 2) | ||||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 97,557 | $ | — | $ | 97,557 | |||||||||||
FNMA | — | 367,128 | — | 367,128 | |||||||||||||||
FHLMC | — | 124,495 | — | 124,495 | |||||||||||||||
GNMA | — | 95,592 | — | 95,592 | |||||||||||||||
U.S. Government and agencies | — | 32,158 | — | 32,158 | |||||||||||||||
State and political subdivisions | — | 100,185 | — | 100,185 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 817,115 | $ | — | $ | 817,115 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,532 | $ | 4,532 | |||||||||||
Impaired loans (collateral dependent) | — | — | 38,379 | 38,379 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 42,911 | $ | 42,911 | |||||||||||
The table below presents the balances of assets measured at fair value as of December 31, 2012 (there were no material liabilities measured at fair value): | |||||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||
for | (Level 2) | ||||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
Description | (Level 1) | ||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 252,300 | — | $ | 252,300 | ||||||||||||
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 related assets | — | — | 19,686 | 19,686 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 900,859 | $ | 19,686 | $ | 920,545 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,622 | $ | 4,622 | |||||||||||
Impaired loans (collateral dependent) | — | — | 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 December 31, 2013, securities classified as available for sale are reported at fair value using Level 2 inputs. As a result of the consolidation of the reverse mortgage trust, there were no securities with Level 3 inputs as of December 31, 2013. Included in the Level 2 total are approximately $32.2 million in Federal Agency debentures, $684.8 million in Federal Agency MBS and $100.2 million in municipal bonds. Agency and MBS securities are predominately AAA-rated. We believe that this Level 2 designation is appropriate for these securities under ASC 820-10 as, with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. | |||||||||||||||||||
Reverse Mortgage Related Assets. The amount included in the reverse mortgage related assets category at December 31, 2012 represents the fair value of the BBB-rated tranche of a reverse mortgage security (reverse mortgage trading asset) and the SASCO 2002-RM1’s Class “O” certificates. | |||||||||||||||||||
There has never been an active market for the reverse mortgage trading asset. As such, we classified these trading assets as Level 3 under ASC 820-10. As prescribed by 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 reflect 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 consist of prepayments, house price appreciation and interest rates. Our sensitivity analysis completed at December 31, 2013, showed that any increase or decrease in these inputs would not have a significant impact on the fair value of these assets. The value assigned to this security therefore is determined primarily through a discounted cash flow analysis. All assumptions required a significant degree of management judgment. | |||||||||||||||||||
The class “O” certificates are Level 3 because there is no active market and no observable inputs that reflect quoted prices for identical assets in active markets (Level 1) or inputs other than quoted prices that are observable for the asset through corroboration with observable market data (Level 2). To establish the fair value for the Level 3 security, a “mark-to-model” has been developed using the income approach described in ASC 820-10-35-32 and is similar to the methodology used to value our trading assets described above. | |||||||||||||||||||
As a result of the consolidation of the reverse mortgage trust in 2013, the balances of the reverse mortgages and related securities (including the trading securities) were eliminated in consolidation. | |||||||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis are summarized as follows: | |||||||||||||||||||
Reverse | |||||||||||||||||||
Mortgage | |||||||||||||||||||
Related | |||||||||||||||||||
Assets | |||||||||||||||||||
Balance at December 31, 2011 | $ | 16,368 | |||||||||||||||||
Total net income for the year included in net income | 33 | ||||||||||||||||||
Contractual monthly advances of principal | — | ||||||||||||||||||
Mark-to-market adjustment | 3,285 | ||||||||||||||||||
Balance at December 31, 2012 | $ | 19,686 | |||||||||||||||||
Mark-to-market adjustment | (125 | ) | |||||||||||||||||
Reverse mortgage securitization trust consolidation | (19,561 | ) | |||||||||||||||||
Balance at December 31, 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. Due to the continuing weakness in the real estate market, we utilize a more significant level of unobservable inputs and, as such, have reclassified the hierarchical levels of both Other Real Estate Owned and Impaired Loans to Level 3 for 2013. 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. The collateral for each loan has a unique appraisal and our discount of the value is based on the factors unique to each impaired loan. The significant unobservable input in determining the fair value is our subjective discount on appraisals of the collateral securing the loan, which ranges from 10% — 50%. Collateral may consist of real estate and/or business assets including equipment, inventory and accounts receivable. The value of these assets is determined based on appraisals by qualified licensed appraisers hired by us. Appraised and reported values may be discounted based on our historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or our expertise and knowledge of the customer and the customer’s business. | |||||||||||||||||||
Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, has a gross amount of $38.4 million and $52.9 million at December 31, 2013 and December 31, 2012, respectively. The valuation allowance on impaired loans was $4.9 million as of December 31, 2013 and $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 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 year-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 in 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 external appraisals of the underlying collateral. For additional discussion of our mortgage-backed securities trading, see Note 1 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 Mortgage Related Assets. Reverse mortgage related assets include reverse mortgage loans, SASCO 2002-RM1’s Class “O” certificates and the BBB-rated tranche of this reverse mortgage security. | |||||||||||||||||||
For additional information on these reverse mortgage related assets, see Note 6 to our Consolidated Financial Statements and our discussion earlier in this Note. | |||||||||||||||||||
Bank-Owned Life Insurance. The estimated fair value approximates the book value for this investment. | |||||||||||||||||||
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. | |||||||||||||||||||
Demand Deposits, Savings Deposits, and Time Deposits. The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits with comparable remaining maturities. | |||||||||||||||||||
Borrowed Funds. Rates currently available to us for debt with similar terms and remaining maturities are used to estimate fair value of existing debt. | |||||||||||||||||||
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: | |||||||||||||||||||
At December 31, | Fair Value | 2013 | 2012 | ||||||||||||||||
Measurement | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||
(In Thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | 484,426 | 484,426 | $ | 500,887 | $ | 500,887 | ||||||||||||
Investment securities | See previous | 817,115 | 817,115 | 900,859 | 900,859 | ||||||||||||||
table | |||||||||||||||||||
Loans, held-for-sale | Level 3 | 31,491 | 31,491 | 12,758 | 12,758 | ||||||||||||||
Loans, net | Level 3 | 2,904,976 | 2,871,499 | 2,723,916 | 2,746,001 | ||||||||||||||
Reverse mortgage related assets | Level 3 | 37,328 | 37,328 | 19,229 | 19,229 | ||||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh | Level 2 | 35,869 | 35,869 | 31,165 | 31,165 | ||||||||||||||
Accrued interest receivable | Level 2 | 10,798 | 10,798 | 9,652 | 9,652 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 3,186,942 | 2,982,420 | 3,274,963 | 3,174,907 | ||||||||||||||
Borrowed funds | Level 2 | 903,831 | 904,804 | 637,266 | 638,375 | ||||||||||||||
Standby letters of credit | Level 3 | 248 | 248 | 224 | 224 | ||||||||||||||
Accrued interest payable | Level 2 | 838 | 838 | 1,099 | 1,099 | ||||||||||||||
The estimated fair value of our off-balance sheet financial instruments is as follows: | |||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||
(In Thousands) | |||||||||||||||||||
Off-balance sheet instruments: | $ | — | $ | — |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
18. RELATED PARTY TRANSACTIONS | |
We routinely enter into transactions with our directors and officers. Such transactions are made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers. They do not, in the opinion of management, involve more than the normal credit risk or present other unfavorable features. The aggregate amount of loans to such related parties was $2.0 million and $2.1 million at December 31, 2013 and 2012, respectively. During 2013, new loans and credit line advances to such related parties amounted to $107,000 and repayments amounted to $304,000. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
19. SEGMENT INFORMATION | |||||||||||||||||
Under the definition of 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 (“Cypress”) is a registered investment advisor with over $614 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 $8.9 billion in assets under administration including approximately $497 million in assets under management, provides fiduciary and investment services to personal trust clients, 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 Trust 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 years ended December 31, 2013, 2012, and 2011 follows: | |||||||||||||||||
For the Year Ended December 31, 2013: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 139,082 | $ | — | $ | 7,840 | $ | 146,922 | |||||||||
Noninterest income | 40,479 | 23,746 | 15,926 | 80,151 | |||||||||||||
Total external customer revenues | 179,561 | 23,746 | 23,766 | 227,073 | |||||||||||||
Intersegment revenues: | |||||||||||||||||
Interest income | 3,603 | — | 5,749 | 9,352 | |||||||||||||
Noninterest income | 6,346 | 845 | 109 | 7,300 | |||||||||||||
Total intersegment revenues | 9,949 | 845 | 5,858 | 16,652 | |||||||||||||
Total revenue | 189,510 | 24,591 | 29,624 | 243,725 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 14,744 | — | 590 | 15,334 | |||||||||||||
Noninterest expenses | 107,195 | 12,950 | 12,784 | 132,929 | |||||||||||||
Provision for loan loss | 6,759 | — | 413 | 7,172 | |||||||||||||
Total external customer expenses | 128,698 | 12,950 | 13,787 | 155,435 | |||||||||||||
Intersegment expenses: | |||||||||||||||||
Interest expense | 5,749 | 1,541 | 2,062 | 9,352 | |||||||||||||
Noninterest expenses | 954 | 2,237 | 4,109 | 7,300 | |||||||||||||
Total intersegment expenses | 6,703 | 3,778 | 6,171 | 16,652 | |||||||||||||
Total expenses | 135,401 | 16,728 | 19,958 | 172,087 | |||||||||||||
Income before taxes | $ | 54,109 | $ | 7,863 | $ | 9,666 | $ | 71,638 | |||||||||
Income tax provision | 24,756 | ||||||||||||||||
Consolidated net income | $ | 46,882 | |||||||||||||||
Cash and cash equivalents | $ | 73,017 | $ | 408,096 | $ | 3,313 | $ | 484,426 | |||||||||
Other segment assets | 3,838,525 | 1,965 | 190,847 | 4,031,337 | |||||||||||||
Total segment assets at December 31, 2013 | $ | 3,911,542 | $ | 410,061 | $ | 194,160 | $ | 4,515,763 | |||||||||
Capital expenditures | $ | 2,232 | $ | 628 | $ | — | $ | 2,860 | |||||||||
For the Year Ended December 31, 2012: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 141,986 | $ | — | $ | 8,301 | $ | 150,287 | |||||||||
Noninterest income | 54,225 | 18,749 | 13,719 | 86,693 | |||||||||||||
Total external customer revenues | 196,211 | 18,749 | 22,020 | 236,980 | |||||||||||||
Intersegment revenues: | |||||||||||||||||
Interest income | 4,032 | — | 5,719 | 9,751 | |||||||||||||
Noninterest income | 8,563 | 779 | 105 | 9,447 | |||||||||||||
Total intersegment revenues | 12,595 | 779 | 5,824 | 19,198 | |||||||||||||
Total revenue | 208,806 | 19,528 | 27,844 | 256,178 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 22,397 | — | 891 | 23,288 | |||||||||||||
Noninterest expenses | 112,071 | 9,549 | 11,725 | 133,345 | |||||||||||||
Provision for loan loss | 32,222 | — | (169 | ) | 32,053 | ||||||||||||
Total external customer expenses | 166,690 | 9,549 | 12,447 | 188,686 | |||||||||||||
Intersegment expenses: | |||||||||||||||||
Interest expense | 5,719 | 1,368 | 2,664 | 9,751 | |||||||||||||
Noninterest expenses | 884 | 2,219 | 6,344 | 9,447 | |||||||||||||
Total intersegment expenses | 6,603 | 3,587 | 9,008 | 19,198 | |||||||||||||
Total expenses | 173,293 | 13,136 | 21,455 | 207,884 | |||||||||||||
Income before taxes | $ | 35,513 | $ | 6,392 | $ | 6,389 | $ | 48,294 | |||||||||
Income tax provision | 16,983 | ||||||||||||||||
Consolidated net income | $ | 31,311 | |||||||||||||||
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 at December 31, 2012 | $ | 3,751,492 | $ | 431,987 | $ | 191,669 | $ | 4,375,148 | |||||||||
Capital expenditures | $ | 7,796 | $ | 405 | $ | 27 | $ | 8,228 | |||||||||
For the Year Ended December 31, 2011: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 149,313 | $ | — | $ | 9,329 | $ | 158,642 | |||||||||
Noninterest income | 34,959 | 15,618 | 13,011 | 63,588 | |||||||||||||
Total external customer revenues | 184,272 | 15,618 | 22,340 | 222,230 | |||||||||||||
Intersegment revenues: | |||||||||||||||||
Interest income | 4,414 | — | 6,122 | 10,536 | |||||||||||||
Noninterest income | 7,447 | 724 | 143 | 8,314 | |||||||||||||
Total intersegment revenues | 11,861 | 724 | 6,265 | 18,850 | |||||||||||||
Total revenue | 196,133 | 16,342 | 28,605 | 241,080 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 31,345 | — | 1,260 | 32,605 | |||||||||||||
Noninterest expenses | 108,061 | 7,883 | 11,533 | 127,477 | |||||||||||||
Provision for loan loss | 26,641 | — | 1,355 | 27,996 | |||||||||||||
Total external customer expenses | 166,047 | 7,883 | 14,148 | 188,078 | |||||||||||||
Intersegment expenses: | |||||||||||||||||
Interest expense | 6,122 | 1,235 | 3,179 | 10,536 | |||||||||||||
Noninterest expenses | 867 | 1,578 | 5,869 | 8,314 | |||||||||||||
Total intersegment expenses | 6,989 | 2,813 | 9,048 | 18,850 | |||||||||||||
Total expenses | 173,036 | 10,696 | 23,196 | 206,928 | |||||||||||||
Income before taxes and extraordinary items | $ | 23,097 | $ | 5,646 | $ | 5,409 | $ | 34,152 | |||||||||
Income tax provision | 11,475 | ||||||||||||||||
Consolidated net income | $ | 22,677 | |||||||||||||||
Cash and cash equivalents | $ | 48,107 | $ | 416,949 | $ | 2,961 | $ | 468,017 | |||||||||
Other segment assets | 3,618,744 | 2,155 | 200,092 | 3,820,991 | |||||||||||||
Total segment assets at December 31, 2011 | $ | 3,666,851 | $ | 419,104 | $ | 203,053 | $ | 4,289,008 | |||||||||
Capital expenditures | $ | 8,877 | $ | 1,291 | $ | 326 | $ | 10,494 | |||||||||
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent Company Financial Information | ' | ||||||||||||
20. PARENT COMPANY FINANCIAL INFORMATION | |||||||||||||
Condensed Statement of Financial Condition | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 19,311 | $ | 62,244 | |||||||||
Investment securities, available-for-sale | — | 7,096 | |||||||||||
Investment in subsidiaries | 481,896 | 471,236 | |||||||||||
Investment in Capital Trust III | 2,011 | 2,011 | |||||||||||
Other assets | 2,920 | 2,451 | |||||||||||
Total assets | $ | 506,138 | $ | 545,038 | |||||||||
Liabilities: | |||||||||||||
Trust Preferred | $ | 67,011 | $ | 67,011 | |||||||||
Senior Debt | 55,000 | 55,000 | |||||||||||
Interest payable | 399 | 407 | |||||||||||
Other liabilities | 678 | 1,566 | |||||||||||
Total liabilities | 123,088 | 123,984 | |||||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock | — | 1 | |||||||||||
Common stock | 185 | 184 | |||||||||||
Capital in excess of par value | 178,477 | 222,978 | |||||||||||
Accumulated other comprehensive income | (21,294 | ) | 12,943 | ||||||||||
Retained earnings | 473,962 | 433,228 | |||||||||||
Treasury stock | (248,280 | ) | (248,280 | ) | |||||||||
Total stockholders’ equity | 383,050 | 421,054 | |||||||||||
Total liabilities and stockholders’ equity | $ | 506,138 | $ | 545,038 | |||||||||
Condensed Statement of Operations | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(In Thousands) | |||||||||||||
Income: | |||||||||||||
Interest income | $ | 2,455 | $ | 1,853 | $ | 1,021 | |||||||
Noninterest and dividend income | 9,983 | 139 | 153 | ||||||||||
Reverse mortgage consolidation gain | 3,801 | — | — | ||||||||||
16,239 | 1,992 | 1,174 | |||||||||||
Expenses: | |||||||||||||
Interest expense | 5,113 | 2,776 | 1,375 | ||||||||||
Other operating expenses | (737 | ) | (186 | ) | 419 | ||||||||
4,376 | 2,590 | 1,794 | |||||||||||
Income (loss) before equity in undistributed income of subsidiaries | 11,863 | (598 | ) | (620 | ) | ||||||||
Equity in undistributed income of subsidiaries | 35,019 | 31,909 | 23,297 | ||||||||||
Net income | 46,882 | 31,311 | 22,677 | ||||||||||
Dividends on preferred stock and accretion of discount | (1,633 | ) | (2,770 | ) | (2,770 | ) | |||||||
Net income allocable to common stockholders | $ | 45,249 | $ | 28,541 | $ | 19,907 | |||||||
Condensed Statement of Cash Flows | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(In Thousands) | |||||||||||||
Operating activities: | |||||||||||||
Net income | $ | 46,882 | $ | 31,311 | $ | 22,677 | |||||||
Adjustments to reconcile net income to net cash used for operating activities: | |||||||||||||
Equity in undistributed income of subsidiaries | (35,019 | ) | (31,909 | ) | (23,297 | ) | |||||||
Reverse mortgage consolidation gain | (3,801 | ) | — | — | |||||||||
Increase in capitalized interest | (801 | ) | (693 | ) | (280 | ) | |||||||
Decrease (increase) in other assets | 3,831 | 3,531 | (98 | ) | |||||||||
Increase in other liabilities | 245 | 384 | 32 | ||||||||||
Net cash provided by (used for) operating activities | 11,337 | 2,624 | (966 | ) | |||||||||
Investing activities: | |||||||||||||
Purchase of mortgage backed securities | — | — | (2,500 | ) | |||||||||
Net cash used for investing activities | — | — | (2,500 | ) | |||||||||
Financing activities: | |||||||||||||
Issuance of common stock | 4,353 | 2,503 | 3,709 | ||||||||||
Proceeds from the issuance of long-term debt | — | 52,681 | — | ||||||||||
Redemption of preferred stock | (52,625 | ) | — | — | |||||||||
Payments to repurchase stock warrants | — | (1,800 | ) | — | |||||||||
Cash dividends paid | (5,998 | ) | (6,810 | ) | (6,718 | ) | |||||||
Net cash provided by (used for) financing activities | (54,270 | ) | 46,574 | (3,009 | ) | ||||||||
Increase (decrease) in cash | (42,933 | ) | 49,198 | (6,475 | ) | ||||||||
Cash at beginning of period | 62,244 | 13,046 | 19,521 | ||||||||||
Cash at end of period | $ | 19,311 | $ | 62,244 | $ | 13,046 | |||||||
Change_in_Accumulated_Other_Co
Change in Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Change in Accumulated Other Comprehensive Income | ' | ||||||||||||||
21. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||
Accumulated other comprehensive income (loss) includes unrealized gains and losses on available-for-sale investments and unrecognized prior service costs on defined benefit pension plans. Changes to other accumulated other comprehensive income (loss) 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 (loss) by component are shown net of taxes in the following tables for the period indicated: | |||||||||||||||
(In Thousands) | Net unrealized | Net unrealized | Total | ||||||||||||
gains on | losses on defined | ||||||||||||||
investment | benefit pension | ||||||||||||||
securities | plan | ||||||||||||||
available-for-sale | |||||||||||||||
Balance, December 31, 2010 | $ | 6,996 | $ | (472 | ) | $ | 6,524 | ||||||||
Other comprehensive income before reclassifications | 7,702 | — | 7,702 | ||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (3,024 | ) | — | (3,024 | ) | ||||||||||
Net current-period other comprehensive loss | 4,678 | — | 4,678 | ||||||||||||
Balance, December 31, 2011 | $ | 11,674 | $ | (472 | ) | $ | 11,202 | ||||||||
Other comprehensive income before reclassifications | 15,024 | — | 15,024 | ||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (13,283 | ) | — | (13,283 | ) | ||||||||||
Net current-period other comprehensive loss | 1,741 | — | 1,741 | ||||||||||||
Balance, December 31, 2012 | $ | 13,415 | $ | (472 | ) | $ | 12,943 | ||||||||
Other comprehensive loss before reclassifications | (32,057 | ) | — | (32,057 | ) | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (2,180 | ) | — | (2,180 | ) | ||||||||||
Net current-period other comprehensive loss | (34,237 | ) | — | (34,237 | ) | ||||||||||
Balance, December 31, 2013 | $ | (20,822 | ) | $ | (472 | ) | $ | (21,294 | ) | ||||||
The statement of operations impacted by components of other comprehensive income are presented in the table below. | |||||||||||||||
Twelve Months Ended | Affected line item in | ||||||||||||||
December 31, | Statements of | ||||||||||||||
Operations | |||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||||
Securities available-for-sale: | |||||||||||||||
Realized gains on securities transactions | $ | 3,516 | $ | 21,425 | $ | 4,878 | Securities gains, net | ||||||||
Income taxes | (1,336 | ) | (8,142 | ) | (1,854 | ) | Income tax provision | ||||||||
Net of tax | $ | 2,180 | $ | 13,283 | $ | 3,024 | |||||||||
Legal_and_Other_Proceedings
Legal and Other Proceedings | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Legal and Other Proceedings | ' |
22. LEGAL AND OTHER PROCEEDINGS | |
As previously disclosed in 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. | |
Based upon available information we believe the estimate of the aggregate range of reasonably possible losses for this legal proceeding was from approximately $250,000 to approximately $5.0 million at December 31, 2013. | |
There were no material changes or additions to other significant pending legal or other proceedings involving us other than those arising out of routine operations. Management does not anticipate that the ultimate liability, if any, arising out of such other proceedings will have a material effect on the Consolidated Financial Statements. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
23. SUBSEQUENT EVENTS | |
As a result of consolidation of the reverse mortgage trust during the third quarter of 2013, a deferred tax asset (“DTA”) was recorded at that time. However, because the reverse mortgage trust was not able to be consolidated for income tax purposes for 2013 since it was a separate entity real estate investment trust, a full valuation allowance was also recorded at that time on the DTA due to the uncertainty of realizing this benefit since realizability of the DTA is dependent on taxable income of the separate entity. On January 27, 2014, WSFS completed the legal call of the reverse mortgage trust bonds and the redemption of the trust’s preferred shareholders, eliminating this uncertainty since the reverse mortgage trust’s assets have now been combined with the Bank’s for tax purposes. As a result, WSFS has removed the valuation allowance, and recorded a tax benefit of approximately $6.6 million during January 2014. This will positively impact diluted EPS and tangible book value per share by approximately $0.74 in the first quarter 2014 results. |
Quarterly_Financial_Summary
Quarterly Financial Summary | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Summary | ' | ||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL SUMMARY (Unaudited) | |||||||||||||||||||||||||||||||||
Three months ended | 12/31/13 | 9/30/13 | 6/30/13 | 3/31/13 | 12/31/12 | 9/30/12 | 6/30/12 | 3/31/12 | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||||||||||||||||||
Interest income | $ | 38,333 | $ | 37,116 | $ | 35,882 | $ | 35,591 | $ | 36,787 | $ | 36,514 | $ | 37,763 | $ | 39,223 | |||||||||||||||||
Interest expense | 3,787 | 3,710 | 3,826 | 4,011 | 5,289 | 5,621 | 5,685 | 6,693 | |||||||||||||||||||||||||
Net interest income | 34,546 | 33,406 | 32,056 | 31,580 | 31,498 | 30,893 | 32,078 | 32,530 | |||||||||||||||||||||||||
Provision for loan losses | 1,292 | 1,969 | 1,680 | 2,231 | 3,674 | 3,751 | 16,383 | 8,245 | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 33,254 | 31,437 | 30,376 | 29,349 | 27,824 | 27,142 | 15,695 | 24,285 | |||||||||||||||||||||||||
Noninterest income | 19,796 | 22,742 | 19,539 | 18,074 | 21,195 | 19,748 | 28,992 | 16,758 | |||||||||||||||||||||||||
Noninterest expenses | 34,598 | 32,809 | 33,152 | 32,370 | 37,186 | 32,153 | 33,017 | 30,989 | |||||||||||||||||||||||||
Income (loss) before taxes | 18,452 | 21,370 | 16,763 | 15,053 | 11,833 | 14,737 | 11,670 | 10,054 | |||||||||||||||||||||||||
Income tax provision (benefit) | 6,378 | 7,210 | 5,855 | 5,313 | 4,275 | 4,758 | 4,340 | 3,610 | |||||||||||||||||||||||||
Net Income | 12,074 | 14,160 | 10,908 | 9,740 | 7,558 | 9,979 | 7,330 | 6,444 | |||||||||||||||||||||||||
Dividends on preferred stock and accretion of discount | — | 332 | 609 | 692 | 693 | 693 | 692 | 692 | |||||||||||||||||||||||||
Net Income (loss) allocable to common stockholders | $ | 12,074 | $ | 13,828 | $ | 10,299 | $ | 9,048 | $ | 6,865 | $ | 9,286 | $ | 6,638 | $ | 5,752 | |||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1.36 | $ | 1.57 | $ | 1.17 | $ | 1.03 | $ | 0.79 | $ | 1.07 | $ | 0.76 | $ | 0.66 | |||||||||||||||||
Diluted | 1.33 | 1.54 | 1.16 | 1.02 | 0.78 | 1.06 | 0.76 | 0.66 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Presentation | ' | ||||||||||||
Basis of Presentation | |||||||||||||
The Consolidated Financial Statements include the accounts of the parent company and its wholly owned subsidiaries, WSFS Bank and Montchanin Capital Management, Inc. (“Montchanin”). | |||||||||||||
WSFS Bank has two wholly-owned subsidiaries, including WSFS Investment Group, Inc. (“WIG”) and Monarch Entity Services LLC (“Monarch”). WIG markets various third-party insurance and securities products to Bank customers through the Bank’s retail banking system. Monarch provides commercial domicile services which include employees, directors, subleases and registered agent services in Delaware and Nevada. | |||||||||||||
Montchanin was formed to provide asset management products and services. Montchanin has one wholly owned subsidiary, Cypress Capital Management, LLC (“Cypress”). Cypress is a Wilmington-based investment advisory firm servicing high net worth individuals and institutions and has approximately $614 million in assets under management at December 31, 2013. | |||||||||||||
WSFS Capital Trust III (“the Trust”) is our unconsolidated subsidiary, and was formed in 2005 to issue $67.0 million aggregate principal amount of Pooled Floating Rate Capital Securities. The proceeds from this issue were used to fund the redemption of $51.5 million of Floating Rate WSFS Capital Trust I Preferred Securities (formerly, WSFS Capital Trust I). WSFS Capital Trust I invested all of the proceeds from the sale of the Pooled Floating Rate Capital Securities in our Junior Subordinated Debentures. | |||||||||||||
In addition to the subsidiaries listed above, as of December 31, 2013 we also had one consolidated variable interest entity (“VIE”), SASCO 2002-RM1 (“SASCO”), which is a reverse mortgage securitization trust. | |||||||||||||
Whenever necessary, reclassifications have been made to the prior years’ Consolidated Financial Statements to conform to the current year’s presentation. All significant intercompany transactions were eliminated in consolidation. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned ATMs, amounts due from banks, federal funds sold and securities purchased under agreements to resell. | |||||||||||||
Debt and Equity Securities | ' | ||||||||||||
Debt and Equity Securities | |||||||||||||
Investments in equity securities that have a readily determinable fair value and investments in debt securities are classified into three categories and accounted for as follows: | |||||||||||||
• | Debt securities with the positive intention to hold to maturity are classified as “held-to-maturity” and reported at amortized cost. | ||||||||||||
• | Debt and equity securities purchased with the intention of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. | ||||||||||||
• | Debt and equity securities not classified in either of the above are classified as “available-for-sale securities” and reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of stockholders’ equity. | ||||||||||||
Debt and equity securities include mortgage-backed securities, municipal bonds, U.S. Government and agency securities and certain equity securities. Premiums and discounts on debt and equity securities, held-to-maturity and available-for-sale, are recognized in interest income using a level yield method over the period to expected maturity. The fair value of debt and equity securities is primarily obtained from third-party pricing services. Implicit in the valuation are estimated prepayments based on historical and current market conditions. | |||||||||||||
When we conclude an investment security is other-than-temporarily impaired (“OTTI”), a loss for the difference between the investment security’s carrying value and its fair value may be recognized as a reduction to non-interest income in the consolidated statement of operations. For an investment in a debt security, if we do not intend to sell the investment security and conclude that it is not more likely than not we will be required to sell the security before recovering the carrying value, which may be maturity, the OTTI charge is separated into “credit” and “other” components. The “other” component of the OTTI is included in other comprehensive income/loss, net of the tax effect, and the “credit” component of the OTTI is included as a reduction to non-interest income in the consolidated statement of operations. We are required to use our judgment to determine impairment in certain circumstances. The specific identification method is used to determine realized gains and losses on sales of investment and mortgage-backed securities. All sales are made without recourse. | |||||||||||||
Loans | ' | ||||||||||||
Loans | |||||||||||||
Loans are stated net of deferred fees and costs. Interest income on loans is recognized using the level yield method. Loan origination fees, commitment fees and direct loan origination costs are deferred and recognized over the life of the related loans using a level yield method over the period to maturity. | |||||||||||||
A loan is impaired when, based on current information and events, it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans are measured based on the present value of expected future discounted cash flows, the market price of the loan or the fair value of the underlying collateral if the loan is collateral dependent. In addition, all loans restructured in a troubled debt restructuring are considered to be impaired. Impaired loans include loans within our commercial (investor and owner-occupied), commercial mortgage, commercial construction, residential mortgages and consumer portfolios. Our policy for recognition of interest income on impaired loans is the same as for nonaccrual loans discussed below. | |||||||||||||
Past Due and Nonaccrual Loans | ' | ||||||||||||
Past Due and Nonaccrual Loans | |||||||||||||
A loan is considered to be past due on the day after a principal or interest payment is due. Nonaccrual loans are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in our opinion, collection is doubtful, or when principal or interest is contractually past due 90 days or more and the loan is not well secured or in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the accretion of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal or recorded as interest income, depending on our assessment of the ultimate collectability of the loan. Loans are returned to an accrual status when we assess that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. including a consistent repayment record, generally six consecutive payments, has been demonstrated). | |||||||||||||
Allowances for Loan Losses | ' | ||||||||||||
Allowances for Loan Losses | |||||||||||||
We maintain allowances for loan losses and charge losses to these allowances when such losses are realized. The determination of the allowance for loan losses requires significant judgment reflecting our best estimate of impairment related to specifically identified loans as well as probable loan losses in the remaining loan portfolio. Our evaluation is based upon a continuing review of these portfolios. | |||||||||||||
We have established the loan loss allowance in accordance with guidance provided by the SEC’s Staff Accounting Bulletin 102 (“SAB 102”). Its methodology for assessing the appropriateness of the allowance consists of several key elements which include: specific allowances for identified impaired loans, allowances for pools of homogeneous loans, adjustments for qualitative and environmental factors and allowances for model estimation and complexity risk. Impairment of troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective rate at inception or the fair value of the underlying collateral if the loan is collateral dependent. Troubled debt restructures consist of concessions granted to borrowers facing financial difficulty. | |||||||||||||
For additional detail regarding the provision for loan losses, see Note 5 to the Consolidated Financial Statements. | |||||||||||||
Loans Held-for-Sale | ' | ||||||||||||
Loans Held-for-Sale | |||||||||||||
Loans held-for-sale are carried at the lower of cost or fair value of such loans in the aggregate or, in some cases, of individual loans. | |||||||||||||
Assets Acquired Through Foreclosure | ' | ||||||||||||
Assets Acquired Through Foreclosure | |||||||||||||
Assets acquired through foreclosure are recorded at the lower of the recorded investment in the loans or their fair value less estimated disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed fair value less estimated disposal costs. Costs relating to holding or disposing of the assets are charged to expense in the current period. We write-down the value of the assets when declines in fair value below the carrying value are identified. Loan workout and OREO expenses include costs of holding and operating the assets, net gains or losses on sales of the assets and provisions for losses to reduce such assets to fair value less estimated disposal costs. During 2013, we recorded $592,000 in charges (including write-downs and net losses on sales of assets) related to assets acquired through foreclosure (REO). These charges were $4.3 million and $5.9 million for the years ended December 31, 2012 and 2011, respectively. | |||||||||||||
Reverse Mortgages | ' | ||||||||||||
Reverse Mortgages | |||||||||||||
We account for our investment in reverse mortgages in accordance with the instructions provided by the staff of the Securities and Exchange Commission (“SEC”) entitled “Accounting for Pools of Uninsured Residential Reverse Mortgage Contracts,” which requires grouping the individual reverse mortgages into “pools” based on similar characteristics and recognizing income based on the estimated effective yield of the pools. In computing the effective yield, we must project the cash inflows and outflows of the pool including actuarial projections of the life expectancy of the individual contract holder and changes in the collateral value of the residence. At each reporting date, a new economic forecast is made of the cash inflows and outflows of each pool of reverse mortgages. The effective yield of each pool is recomputed and income is adjusted to reflect the revised rate of return. Because of this highly specialized accounting, the recorded value of reverse mortgages can result in significant volatility associated with estimations. As a result, income recognition can vary significantly from reporting period to reporting period. | |||||||||||||
For additional detail regarding reverse mortgages, see Note 6 to the Consolidated Financial Statements. | |||||||||||||
Premises and Equipment | ' | ||||||||||||
Premises and Equipment | |||||||||||||
Premises and equipment is stated at cost less accumulated depreciation and amortization. Costs of major replacements, improvements and additions are capitalized. Depreciation expense is computed on a straight-line basis over the estimated useful lives of the assets or, for leasehold improvements, over the effective life of the related lease if less than the estimated useful life. In general, computer equipment, furniture and equipment and building renovations are depreciated over three, five and ten years, respectively. | |||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
In accordance with FASB ASC 805, Business Combinations, and FASB ASC 350, Intangibles — Goodwill and Other, all assets and liabilities acquired in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value. We consider our accounting policies related to goodwill and other intangible assets to be critical because the assumptions or judgment used in determining the fair value of assets and liabilities acquired in past acquisitions are subjective and complex. As a result, changes in these assumptions or judgment could have a significant impact on our financial condition or results of operations. | |||||||||||||
For additional information regarding our goodwill and other intangible assets, see Notes 2 & 8 to the Consolidated Financial Statements. | |||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | ' | ||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | |||||||||||||
We enter into sales of securities under agreements to repurchase. Securities sold under agreements to repurchase are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Condition. The securities underlying the agreements are assets. Generally, federal funds are purchased for periods ranging up to 90 days. | |||||||||||||
Loss Contingency for Standby Letters of Credit | ' | ||||||||||||
Loss Contingency for Standby Letters of Credit | |||||||||||||
We maintain a loss contingency reserve for standby letters of credit and charge losses to this contingency when such losses are realized. The determination of the loss contingency reserve for standby letters of credit requires significant judgment reflecting management’s best estimate of probable losses related to standby letters of credit. | |||||||||||||
Loss Contingency for Unfunded Commitments | ' | ||||||||||||
Loss Contingency for Unfunded Commitments | |||||||||||||
We maintain a loss contingency reserve for unfunded commitments. The determination of the loss contingency reserve for unfunded commitments requires significant judgment reflecting managements best estimate of probable losses related to unfunded commitments. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement basis and tax basis of assets and liabilities. | |||||||||||||
We account for income taxes in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. | |||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
The following table shows the computation of basic and diluted earnings per share: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||
Numerator: | |||||||||||||
Net income allocable to common shareholders | $ | 45,249 | $ | 28,541 | $ | 19,907 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share — weighted average shares | 8,818 | 8,712 | 8,606 | ||||||||||
Effect of dilutive employee stock options, restricted stock and warrants | 125 | 78 | 111 | ||||||||||
Denominator for diluted earnings per share — adjusted weighted average shares and assumed exercise | 8,943 | 8,790 | 8,717 | ||||||||||
Earnings per share: | |||||||||||||
Basic: | |||||||||||||
Net income allocable to common shareholders | $ | 5.13 | $ | 3.28 | $ | 2.31 | |||||||
Diluted: | |||||||||||||
Net income allocable to common shareholders | $ | 5.06 | $ | 3.25 | $ | 2.28 | |||||||
Outstanding common stock equivalents having no dilutive effect | 441 | 276 | 534 | ||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
RECENT ACCOUNTING PRONOUNCEMENTS | |||||||||||||
In January 2013, the FASB issued an update (“ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”). The ASU amends Update 2011-11 to clarify that the scope applies to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to master netting or similar arrangements. Other types of financial assets and liabilities subject to master netting or similar arrangements are not subject to the disclosure requirements in Update 2011-11. The amendments are effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of this amendment did not have a material effect on our Consolidated Financial Statements. | |||||||||||||
In January 2013, the FASB issued an update (“ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”). The ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance did not have a material impact on our Financial Statements | |||||||||||||
In July 2013, the FASB issued ASU No. 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes” These amendments allow the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the current benchmark rates of UST (the rate on direct Treasury obligations of the U.S. government) and LIBOR (the London Interbank Offered Rate on swaps). The amendments were effective on a prospective basis for new or redesignated hedging relationships on July 17, 2013. The adoption of this amendment did not have material effect on our Consolidated Financial Statements. | |||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” to clarify the balance sheet presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The ASU requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption is not expected to have a material effect on our Consolidated Financial Statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The following table shows the computation of basic and diluted earnings per share: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||
Numerator: | |||||||||||||
Net income allocable to common shareholders | $ | 45,249 | $ | 28,541 | $ | 19,907 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share — weighted average shares | 8,818 | 8,712 | 8,606 | ||||||||||
Effect of dilutive employee stock options, restricted stock and warrants | 125 | 78 | 111 | ||||||||||
Denominator for diluted earnings per share — adjusted weighted average shares and assumed exercise | 8,943 | 8,790 | 8,717 | ||||||||||
Earnings per share: | |||||||||||||
Basic: | |||||||||||||
Net income allocable to common shareholders | $ | 5.13 | $ | 3.28 | $ | 2.31 | |||||||
Diluted: | |||||||||||||
Net income allocable to common shareholders | $ | 5.06 | $ | 3.25 | $ | 2.28 | |||||||
Outstanding common stock equivalents having no dilutive effect | 441 | 276 | 534 |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||
Dec. 31, 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: | |||||
(In Thousands) | |||||
Consideration Paid: | |||||
Cash paid at closing | $ | 5,374 | |||
Fair value of contingent consideration | 2,590 | (1) | |||
Value of consideration | 7,964 | ||||
Assets acquired (at Fair Value): | |||||
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 (at Fair Value): | |||||
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 | $ | 4,089 | (1) | ||
-1 | The fair value of contingent consideration and the goodwill resulting from the acquisition were each reduced by $160 from the amounts reported on Form 10-Q for the quarter ended September 30, 2013 as a result of adjustments to these estimates. |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 105,354 | $ | 257 | $ | (5,426 | ) | $ | 100,185 | ||||||||||||||||
U.S. Government and government sponsored enterprises (“GSE”) | 32,082 | 93 | (17 | ) | 32,158 | ||||||||||||||||||||
Collateralized Mortgage Obligation (“CMO”) (1) | 103,064 | 28 | (5,535 | ) | 97,557 | ||||||||||||||||||||
Federal National Mortgage Association (“FNMA”) Mortgage-Backed Securities (“MBS”) | 382,909 | 20 | (15,801 | ) | 367,128 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation MBS (“FHLMC”) | 129,460 | 29 | (4,994 | ) | 124,495 | ||||||||||||||||||||
Government National Mortgage Association MBS (“GNMA”) | 97,830 | 743 | (2,981 | ) | 95,592 | ||||||||||||||||||||
$ | 850,699 | $ | 1,170 | $ | (34,754 | ) | $ | 817,115 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
State and political subdivisions | $ | 3,120 | $ | 89 | $ | — | $ | 3,209 | |||||||||||||||||
GSE | 46,726 | 266 | (2 | ) | 46,990 | ||||||||||||||||||||
CMO (1) | 248,248 | 4,353 | (301 | ) | 252,300 | ||||||||||||||||||||
FNMA MBS | 396,910 | 9,588 | (243 | ) | 406,255 | ||||||||||||||||||||
FHLMC MBS | 58,596 | 1,171 | (117 | ) | 59,650 | ||||||||||||||||||||
GNMA MBS | 129,288 | 3,221 | (54 | ) | 132,455 | ||||||||||||||||||||
$ | 882,888 | $ | 18,688 | $ | (717 | ) | $ | 900,859 | |||||||||||||||||
-1 | Agency CMOs classified as available-for-sale totaled $103.1 million and $248.2 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Schedule of Maturities of Investment Securities Available-for-Sale | ' | ||||||||||||||||||||||||
The scheduled maturities of investment securities available-for-sale at December 31, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
Available-for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
2013 (1) | |||||||||||||||||||||||||
Within one year | $ | 16,319 | $ | 16,378 | |||||||||||||||||||||
After one year but within five years | 19,761 | 19,986 | |||||||||||||||||||||||
After five years but within ten years | 229,033 | 217,911 | |||||||||||||||||||||||
After ten years | 585,586 | 562,840 | |||||||||||||||||||||||
$ | 850,699 | $ | 817,115 | ||||||||||||||||||||||
2012 (1) | |||||||||||||||||||||||||
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 | 513,929 | 523,130 | |||||||||||||||||||||||
$ | 882,888 | $ | 900,859 | ||||||||||||||||||||||
-1 | Actual maturities could differ from contractual maturities. | ||||||||||||||||||||||||
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 December 31, 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 securities: | |||||||||||||||||||||||||
State and political subdivisions | $ | 83,036 | $ | 5,426 | $ | — | $ | — | $ | 83,036 | $ | 5,426 | |||||||||||||
GSE | 3,972 | 13 | 2,001 | 4 | 5,973 | 17 | |||||||||||||||||||
CMO | 73,109 | 4,173 | 21,590 | 1,362 | 94,699 | 5,535 | |||||||||||||||||||
FNMA MBS | 346,266 | 14,386 | 17,800 | 1,415 | 364,066 | 15,801 | |||||||||||||||||||
FHLMC MBS | 116,732 | 4,548 | 7,307 | 446 | 124,039 | 4,994 | |||||||||||||||||||
GNMA MBS | 57,076 | 1,897 | 18,829 | 1,084 | 75,905 | 2,981 | |||||||||||||||||||
Total temporarily impaired investments | $ | 680,191 | $ | 30,443 | $ | 67,527 | $ | 4,311 | $ | 747,718 | $ | 34,754 | |||||||||||||
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 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 securities: | |||||||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
GSE | 2,008 | 2 | — | — | 2,008 | 2 | |||||||||||||||||||
CMO | 40,358 | 268 | 1,364 | 33 | 41,722 | 301 | |||||||||||||||||||
FNMA MBS | 43,696 | 243 | — | — | 43,696 | 243 | |||||||||||||||||||
FHLMC MBS | 13,884 | 117 | — | — | 13,884 | 117 | |||||||||||||||||||
GNMA MBS | 10,029 | 54 | — | — | 10,029 | 54 | |||||||||||||||||||
Total temporarily impaired investments | $ | 109,975 | $ | 684 | $ | 1,364 | $ | 33 | $ | 111,339 | $ | 717 | |||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Summary of Loan Portfolio by Category | ' | ||||||||
The following table details our loan portfolio by category: | |||||||||
December 31, | 2013 | 2012 | |||||||
(In Thousands) | |||||||||
Commercial | $ | 810,882 | $ | 704,491 | |||||
Owner occupied commercial | 786,360 | 770,581 | |||||||
Commercial Mortgages | 725,193 | 631,365 | |||||||
Construction | 106,074 | 133,375 | |||||||
Residential | 221,520 | 243,627 | |||||||
Consumer | 302,234 | 289,001 | |||||||
2,952,263 | 2,772,440 | ||||||||
Less: | |||||||||
Deferred fees, net | 6,043 | 4,602 | |||||||
Allowance for loan losses | 41,244 | 43,922 | |||||||
Net loans | $ | 2,904,976 | $ | 2,723,916 | |||||
Allowance_for_Loan_Losses_and_1
Allowance for Loan Losses and Credit Quality Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses and Loan Balances | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of the allowance for loan losses and loan balances as of and for the year ended December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Charge-offs | (2,636 | ) | (1,225 | ) | (1,915 | ) | (1,749 | ) | (1,226 | ) | (4,913 | ) | — | (13,664 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,003 | 128 | 685 | 989 | 122 | 887 | — | 3,814 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) for | 721 | 2,627 | 83 | (2,370 | ) | 1,058 | 4,889 | 164 | 7,172 | ||||||||||||||||||||||||||||||||||||||||
loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | 3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,781 | $ | 12 | $ | 1,987 | $ | — | $ | 989 | $ | 134 | — | $ | 4,903 | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,970 | 7,626 | 4,945 | 3,326 | 2,089 | 6,360 | 1,025 | 36,341 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | 3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,003 | $ | 5,197 | $ | 8,661 | $ | 1,158 | $ | 17,852 | $ | 5,411 | — | $ | 43,282 | (2) | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 805,879 | 781,163 | 716,532 | 104,916 | 203,668 | 296,823 | — | 2,908,981 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 810,882 | $ | 786,360 | $ | 725,193 | $ | 106,074 | $ | 221,520 | $ | 302,234 | — | $ | 2,952,263 | ||||||||||||||||||||||||||||||||||
-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 December 31, 2013 and December 31, 2012, represents accruing troubled debt restructured loans of $12.3 million and $10.1 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,067 | $ | 9,235 | $ | 7,556 | $ | 4,074 | $ | 6,544 | $ | 10,604 | $ | — | $ | 53,080 | |||||||||||||||||||||||||||||||||
Charge-offs | (12,806 | ) | (5,076 | ) | (6,517 | ) | (10,820 | ) | (3,857 | ) | (6,726 | ) | — | (45,802 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,536 | 13 | 405 | 1,761 | 176 | 700 | — | 4,591 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) for Loan Losses | 9,866 | 1,936 | 6,635 | 11,441 | 261 | 1,053 | 861 | 32,053 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,100 | $ | 1 | $ | 1,887 | $ | 28 | $ | 919 | $ | 16 | $ | — | $ | 4,951 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 11,563 | 6,107 | 6,192 | 6,428 | 2,205 | 5,615 | 861 | 38,971 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,861 | $ | 14,001 | $ | 12,634 | $ | 1,547 | $ | 18,483 | $ | 6,329 | $ | — | $ | 57,855 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 699,630 | 756,580 | 618,731 | 131,828 | 225,144 | 282,672 | — | 2,714,585 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 704,491 | $ | 770,581 | $ | 631,365 | $ | 133,375 | $ | 243,627 | $ | 289,001 | $ | — | $ | 2,772,440 | |||||||||||||||||||||||||||||||||
Commercial (2) | Commercial | Construction | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 26,480 | $ | 10,564 | $ | 10,019 | $ | 4,028 | $ | 9,248 | $ | 60,339 | |||||||||||||||||||||||||||||||||||||
Charge-offs | (9,419 | ) | (7,446 | ) | (11,602 | ) | (3,165 | ) | (6,201 | ) | (37,833 | ) | |||||||||||||||||||||||||||||||||||||
Recoveries | 897 | 334 | 582 | 211 | 554 | 2,578 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credit) for Loan Losses | 6,344 | 4,104 | 5,075 | 5,470 | 7,003 | 27,996 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 24,302 | $ | 7,556 | $ | 4,074 | $ | 6,544 | $ | 10,604 | $ | 53,080 | |||||||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,630 | $ | 295 | $ | 723 | $ | 964 | $ | 101 | $ | 4,713 | |||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 21,672 | 7,261 | 3,351 | 5,580 | 10,503 | 48,367 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 24,302 | $ | 7,556 | $ | 4,074 | $ | 6,544 | $ | 10,604 | $ | 53,080 | |||||||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loan individually evaluated for impairment | $ | 23,193 | $ | 15,814 | $ | 22,124 | $ | 16,227 | $ | 2,621 | $ | 79,979 | (1) | ||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,437,619 | 610,925 | 84,144 | 257,878 | 288,358 | 2,678,924 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,460,812 | $ | 626,739 | $ | 106,268 | $ | 274,105 | $ | 290,979 | $ | 2,758,903 | |||||||||||||||||||||||||||||||||||||
-1 | The difference between this amount and nonaccruing loans at December 31, 2011, represents accruing troubled debt restructured loans of $8.9 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Prior to 2012, Owner Occupied Commercial loans were included in Commercial Loans | ||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nonaccrual and Past Due Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables show our nonaccrual and past due loans at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
At Dec. 31, 2013 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,447 | $ | — | $ | — | $ | 1,447 | $ | 805,132 | $ | 4,303 | $ | 810,882 | |||||||||||||||||||||||||||||||||||
Owner occupied commercial | 538 | — | — | 538 | 780,625 | 5,197 | 786,360 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 83 | 1,049 | — | 1,132 | 715,496 | 8,565 | 725,193 | ||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | 104,916 | 1,158 | 106,074 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 1,952 | 1,348 | 533 | 3,833 | 209,255 | 8,432 | 221,520 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,095 | 177 | — | 1,272 | 297,669 | 3,293 | 302,234 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,115 | $ | 2,574 | $ | 533 | $ | 8,222 | $ | 2,913,093 | $ | 30,948 | $ | 2,952,263 | |||||||||||||||||||||||||||||||||||
% of Total Loans | 0.17 | % | 0.09 | % | 0.02 | % | 0.28 | % | 98.67 | % | 1.05 | % | 100 | % | |||||||||||||||||||||||||||||||||||
At Dec. 31, 2012 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total Loans | ||||||||||||||||||||||||||||||||||||||||||
Past Due and | Past Due and | 90 Days | Due | Current | Loans | ||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | Ending | Loans with | Loan with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Related | Related | Reserve | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Balance | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 5,003 | $ | 2,362 | $ | 2,641 | $ | 1,781 | $ | 13,013 | $ | 5,347 | |||||||||||||||||||||||||||||||||||||
Owner-Occupied Commercial | 5,197 | 5,184 | 12 | 12 | 8,293 | 11,542 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,661 | 2,784 | 5,877 | 1,987 | 16,566 | 10,444 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,158 | 1,158 | — | — | 1,563 | 968 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 17,852 | 9,750 | 8,103 | 989 | 20,153 | 18,047 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 5,411 | 4,767 | 644 | 134 | 6,056 | 5,455 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 43,282 | $ | 26,005 | $ | 17,277 | $ | 4,903 | $ | 65,644 | $ | 51,803 | |||||||||||||||||||||||||||||||||||||
2012 | Ending | Loans with | Loan with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Related | Related | Reserve | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Balance | 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 or written down to their recorded investment. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commercial Credit Exposure | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the Allowance at December 31: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner Occupied | Commercial | Construction | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | $ | 12,566 | $ | 14,611 | $ | 4,747 | $ | 27,398 | $ | 2,092 | $ | 29,267 | $ | 226 | $ | 2,453 | $ | 19,631 | $ | 73,729 | |||||||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | 56,806 | 63,074 | 45,181 | 44,899 | 8,146 | 6,222 | 3,599 | 5,755 | 113,732 | 119,950 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual | 2,362 | 1,598 | 5,185 | 13,827 | 2,784 | 5,422 | 1,158 | 1,172 | 11,489 | 22,019 | |||||||||||||||||||||||||||||||||||||||
Doubtful/ Nonaccrual | 2,641 | 3,263 | 12 | 174 | 5,877 | 7,212 | — | 375 | 8,530 | 11,024 | |||||||||||||||||||||||||||||||||||||||
Total Special Mention and Substandard | 74,375 | 82,546 | 55,125 | 86,298 | 18,899 | 48,123 | 4,983 | 9,755 | 153,382 | 6 | % | 226,722 | 10 | % | |||||||||||||||||||||||||||||||||||
Pass | 736,507 | 621,945 | 731,235 | 684,283 | 706,294 | 583,242 | 101,091 | 123,620 | 2,275,127 | 94 | 2,013,090 | 90 | |||||||||||||||||||||||||||||||||||||
Total | $ | 810,882 | $ | 704,491 | $ | 786,360 | $ | 770,581 | $ | 725,193 | $ | 631,365 | $ | 106,074 | $ | 133,375 | $ | 2,428,509 | 100 | % | $ | 2,239,812 | 100 | % | |||||||||||||||||||||||||
Schedule of Consumer Credit Exposure | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential and Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Consumer | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | $ | 17,852 | $ | 18,483 | $ | 5,411 | $ | 6,329 | $ | 23,263 | 4 | % | $ | 24,812 | 5 | % | |||||||||||||||||||||||||||||||||
Performing | 203,668 | 225,144 | 296,823 | 282,672 | 500,491 | 96 | % | 507,816 | 95 | % | |||||||||||||||||||||||||||||||||||||||
Total | $ | 221,520 | $ | 243,627 | $ | 302,234 | $ | 289,001 | $ | 523,754 | 100 | % | $ | 532,628 | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Includes $11.5 million as of December 31, 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 the loans 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 twelve months ended December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Twelve | Twelve | |||||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 9,241 | $ | 10,235 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 7,056 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | 378 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | 1,076 | 5,217 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,323 | 2,386 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 18,696 | $ | 18,216 | ||||||||||||||||||||||||||||||||||||||||||||||
Reverse_Mortgage_Related_Asset1
Reverse Mortgage Related Assets (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Mortgage Banking [Abstract] | ' | ||||
Summary of Estimated Cash Payments to Reverse Mortgagors | ' | ||||
As of December 31, 2013, the Company’s actuarially estimated cash payments to reverse mortgagors were as follows: | |||||
Year Ending | |||||
2014 | $ | 1,004,565 | |||
2015 | 820,257 | ||||
2016 | 663,038 | ||||
2017 | 530,411 | ||||
2018 | 419,873 | ||||
Years 2019 – 2023 | 1,038,376 | ||||
Years 2024 – 2028 | 242,803 | ||||
Years 2029 – 2033 | 42,848 | ||||
Thereafter | 5,181 | ||||
Total | $ | 4,767,352 | |||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Premises and Equipment | ' | ||||||||
Land, office buildings, leasehold improvements and furniture and equipment, at cost, are summarized by major classifications: | |||||||||
December 31, | 2013 | 2012 | |||||||
(In Thousands) | |||||||||
Land | $ | 1,362 | $ | 1,362 | |||||
Buildings | 4,030 | 4,020 | |||||||
Leasehold improvements | 35,506 | 35,011 | |||||||
Furniture and equipment | 38,135 | 35,912 | |||||||
79,033 | 76,305 | ||||||||
Less: | |||||||||
Accumulated depreciation | 43,855 | 38,048 | |||||||
$ | 35,178 | $ | 38,257 | ||||||
Summary of Future Minimum Cash Payments | ' | ||||||||
Future minimum cash payments under these leases at December 31, 2013 are as follows: | |||||||||
(In Thousands) | |||||||||
2014 | $ | 7,924 | |||||||
2015 | 7,712 | ||||||||
2016 | 7,483 | ||||||||
2017 | 7,430 | ||||||||
2018 | 7,590 | ||||||||
Thereafter | 144,635 | ||||||||
Total future minimum lease payments | $ | 182,774 | |||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing | ' | ||||||||||||||||
The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing. | |||||||||||||||||
(In Thousands) | WSFS | Cash | Trust & | Consolidated | |||||||||||||
Bank | Connect | Wealth | Company | ||||||||||||||
Management | |||||||||||||||||
December 31, 2011 | $ | 23,012 | $ | — | $ | 5,134 | $ | 28,146 | |||||||||
Changes in goodwill | — | — | — | — | |||||||||||||
December 31, 2012 | 23,012 | — | 5,134 | 28,146 | |||||||||||||
Goodwill from business combinations | 4,089 | — | — | 4,089 | |||||||||||||
December 31, 2013 | $ | 27,101 | $ | — | $ | 5,134 | $ | 32,235 | |||||||||
Summary of Other Intangible Assets | ' | ||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||
Intangible | Amortization | Intangible | |||||||||||||||
Assets | Assets | ||||||||||||||||
(In Thousands) | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Core deposits | $ | 4,370 | $ | (2,605 | ) | $ | 1,765 | ||||||||||
Other | 6,625 | (1,647 | ) | 4,978 | |||||||||||||
Total other intangible assets | $ | 10,995 | $ | (4,252 | ) | $ | 6,743 | ||||||||||
December 31, 2012 | |||||||||||||||||
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: | |||||||||||||||||
(In Thousands) | Amortization | ||||||||||||||||
of Intangibles | |||||||||||||||||
2014 | $ | 1,167 | |||||||||||||||
2015 | 1,135 | ||||||||||||||||
2016 | 878 | ||||||||||||||||
2017 | 731 | ||||||||||||||||
2018 | 711 | ||||||||||||||||
Thereafter | 2,121 | ||||||||||||||||
Total | $ | 6,743 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Deposits by Category, Including Summary of Remaining Time to Maturity for Time Deposits | ' | ||||||||||||
The following is a summary of deposits by category, including a summary of the remaining time to maturity for time deposits: | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Money market and demand: | |||||||||||||
Noninterest-bearing demand | $ | 650,256 | $ | 631,026 | |||||||||
Interest-bearing demand | 638,403 | 538,195 | |||||||||||
Money market | 887,715 | 933,901 | |||||||||||
Total money market and demand | 2,176,374 | 2,103,122 | |||||||||||
Savings | 383,731 | 389,977 | |||||||||||
Customer certificates of deposit by maturity: | |||||||||||||
Less than one year | 134,356 | 202,604 | |||||||||||
One year to two years | 89,750 | 45,955 | |||||||||||
Two years to three years | 7,951 | 60,879 | |||||||||||
Three years to four years | 1,446 | 5,894 | |||||||||||
Over four years | 3,462 | 1,654 | |||||||||||
Total customer time certificates | 236,965 | 316,986 | |||||||||||
Jumbo certificates of deposit, by maturity: | |||||||||||||
Less than one year | 162,617 | 234,716 | |||||||||||
One year to two years | 51,996 | 20,581 | |||||||||||
Two years to three years | 3,092 | 36,561 | |||||||||||
Three years to four years | 535 | 2,031 | |||||||||||
Over four years | 2,905 | 348 | |||||||||||
Total jumbo certificates of deposit | 221,145 | 294,237 | |||||||||||
Total customer deposits | 3,018,215 | 3,104,322 | |||||||||||
Brokered deposits less than one year | 168,727 | 170,641 | |||||||||||
Total deposits | $ | 3,186,942 | $ | 3,274,963 | |||||||||
Interest Expense by Category, Followed on Deposits | ' | ||||||||||||
Interest expense by category follows: | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(In Thousands) | |||||||||||||
Interest-bearing demand | $ | 529 | $ | 246 | $ | 405 | |||||||
Money market | 1,123 | 1,759 | 2,897 | ||||||||||
Savings | 217 | 431 | 1,465 | ||||||||||
Time deposits | 4,712 | 9,531 | 13,548 | ||||||||||
Total customer interest expense | 6,581 | 11,967 | 18,315 | ||||||||||
Brokered deposits | 599 | 1,134 | 816 | ||||||||||
Total interest expense on deposits | $ | 7,180 | $ | 13,101 | $ | 19,131 | |||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Borrowed Funds by Type | ' | ||||||||||||||||||||
The following is a summary of borrowed funds by type: | |||||||||||||||||||||
At or for the twelve months ended: | Balance at | Weighted | Maximum | Average | Weighted | ||||||||||||||||
End of | Average | Outstanding | Amount | Average | |||||||||||||||||
Period | Interest | at Month | Outstanding | Interest | |||||||||||||||||
Rate | End During | During the | Rate | ||||||||||||||||||
the Period | Year | During the | |||||||||||||||||||
Year | |||||||||||||||||||||
December 31, 2013 | (Dollars in Thousands) | ||||||||||||||||||||
FHLB advances | $ | 638,091 | 0.3 | % | $ | 685,591 | $ | 573,989 | 0.32 | % | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 97,000 | 0.98 | 126,000 | 108,105 | 0.91 | ||||||||||||||||
Trust preferred borrowings | 67,011 | 2.01 | 67,011 | 67,011 | 1.98 | ||||||||||||||||
Senior Debt | 55,000 | 6.25 | 55,000 | 55,000 | 6.86 | ||||||||||||||||
Reverse mortgage trust bonds payable | 21,990 | 0.34 | 26,340 | 6,757 | 0.88 | ||||||||||||||||
Other borrowed funds | 24,739 | 0.09 | 41,976 | 35,026 | 0.32 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
FHLB advances | $ | 376,310 | 0.57 | % | $ | 588,052 | $ | 466,243 | 1.32 | % | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 110,000 | 0.9 | 125,000 | 101,106 | 0.99 | ||||||||||||||||
Trust preferred borrowings | 67,011 | 2.08 | 67,011 | 67,011 | 2.17 | ||||||||||||||||
Senior Debt | 55,000 | 6.25 | 55,000 | 19,085 | 6.68 | ||||||||||||||||
Other borrowed funds | 28,945 | 0.09 | 64,599 | 33,924 | 0.41 | ||||||||||||||||
Advances from FHLB of Pittsburgh with Rates | ' | ||||||||||||||||||||
Advances from the FHLB of Pittsburgh with rates ranging from 0.16% to 1.52% at December 31, 2013 are due as follows: | |||||||||||||||||||||
Amount | Weighted | ||||||||||||||||||||
Average | |||||||||||||||||||||
Rate | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
2014 | $ | 615,925 | 0.29 | % | |||||||||||||||||
2015 | 22,166 | 0.58 | |||||||||||||||||||
$ | 638,091 | 0.3 | |||||||||||||||||||
Securities Sold under Agreements to Repurchase with Corresponding Carrying and Market Values of Underlying Securities | ' | ||||||||||||||||||||
Securities sold under agreements to repurchase with the corresponding carrying and market values of the underlying securities are due as follows: | |||||||||||||||||||||
Borrowing | Rate | Collateral | |||||||||||||||||||
Amount | Carrying | Fair | Accrued | ||||||||||||||||||
Value | Value | Interest | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Over 90 days | $ | 25,000 | 2.98 | % | $ | 34,952 | $ | 33,596 | $ | 83 | |||||||||||
2012 | |||||||||||||||||||||
Over 90 days | $ | 25,000 | 2.98 | % | $ | 41,061 | $ | 41,714 | $ | 104 | |||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Capital Position | ' | ||||||||||||||||||||||||
The following table presents the capital position of the Bank as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Consolidated Bank | For Capital Adequacy | To Be Well-Capitalized | |||||||||||||||||||||||
Capital | Purposes | Under Prompt Corrective | |||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(In Thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 505,354 | 14.36 | % | $ | 281,450 | 8 | % | $ | 351,812 | 10 | % | |||||||||||||
Core Capital (to adjusted tangible assets) | 463,130 | 10.35 | 178,996 | 4 | 223,745 | 5 | |||||||||||||||||||
Tangible Capital (to tangible assets) | 463,130 | 10.35 | 67,124 | 1.5 | N/A | N/A | |||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 463,130 | 13.16 | 140,725 | 4 | 211,087 | 6 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 466,924 | 14.29 | % | $ | 261,440 | 8 | % | $ | 326,800 | 10 | % | |||||||||||||
Core Capital (to adjusted tangible assets) | 426,019 | 9.83 | 173,273 | 4 | 216,592 | 5 | |||||||||||||||||||
Tangible Capital (to tangible assets) | 426,019 | 9.83 | 64,977 | 1.5 | N/A | N/A | |||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 426,019 | 13.04 | 130,720 | 4 | 196,080 | 6 |
Associate_Employee_Benefit_Pla1
Associate (Employee) Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | ' | ||||||||||||
The following disclosures relating to postretirement benefits were measured at December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 4,478 | $ | 3,923 | $ | 3,088 | |||||||
Service cost | 343 | 288 | 207 | ||||||||||
Interest cost | 176 | 174 | 166 | ||||||||||
Actuarial (gain) loss | (288 | ) | 271 | 623 | |||||||||
Benefits paid | (149 | ) | (178 | ) | (161 | ) | |||||||
Benefit obligation at end of year | $ | 4,560 | $ | 4,478 | $ | 3,923 | |||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | $ | — | |||||||
Employer contributions | 149 | 178 | 161 | ||||||||||
Benefits paid | (149 | ) | (178 | ) | (161 | ) | |||||||
Fair value of plan assets at end of year | $ | — | $ | — | $ | — | |||||||
Funded status: | |||||||||||||
Funded status | $ | (4,560 | ) | $ | (4,478 | ) | $ | (3,923 | ) | ||||
Recognized net loss | 1,221 | 1,587 | 1,444 | ||||||||||
Net amount recognized | $ | (3,339 | ) | $ | (2,891 | ) | $ | (2,479 | ) | ||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | 343 | $ | 288 | $ | 207 | |||||||
Interest cost | 177 | 174 | 166 | ||||||||||
Amortization of transition obligation | — | 61 | 61 | ||||||||||
Net loss recognition | 78 | 67 | 32 | ||||||||||
Net periodic benefit cost | $ | 598 | $ | 590 | $ | 466 | |||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||
Discount rate | 4 | % | 4.5 | % | 5.5 | % | |||||||
Health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Sensitivity analysis of health care cost trends: | |||||||||||||
Effect of +1% on service cost plus interest cost | $ | — | $ | (34 | ) | $ | (17 | ) | |||||
Effect of –1% on service cost plus interest cost | — | 12 | 13 | ||||||||||
Effect of +1% on APBO | — | (146 | ) | (129 | ) | ||||||||
Effect of –1% on APBO | — | 142 | 100 | ||||||||||
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||||||||||||
Discount rate | 5 | % | 4 | % | 4.5 | % | |||||||
Health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | |||||||
Year of ultimate trend rate | 2013 | 2012 | 2011 | ||||||||||
Estimated Future Benefit Payments | ' | ||||||||||||
The following table shows the expected future payments for the next ten years: | |||||||||||||
(In Thousands) | |||||||||||||
During 2014 | $ | 125 | |||||||||||
During 2015 | 128 | ||||||||||||
During 2016 | 132 | ||||||||||||
During 2017 | 146 | ||||||||||||
During 2018 | 155 | ||||||||||||
During 2019 through 2023 | 1,078 | ||||||||||||
$ | 1,764 | ||||||||||||
Taxes_on_Income_Tables
Taxes on Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
Our income tax provision consists of the following: | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(In Thousands) | |||||||||||||
Current income taxes: | |||||||||||||
Federal taxes | $ | 21,242 | $ | 11,136 | $ | 6,648 | |||||||
State and local taxes | 2,759 | 2,256 | 1,849 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal taxes | 875 | 3,591 | 2,978 | ||||||||||
State and local taxes | (120 | ) | — | — | |||||||||
Total | $ | 24,756 | $ | 16,983 | $ | 11,475 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Unrealized losses on available-for-sale securities | 12,762 | — | |||||||||||
Allowance for loan losses | 14,436 | 15,373 | |||||||||||
Reserves and other | 8,854 | 7,511 | |||||||||||
Deferred gains | 453 | 480 | |||||||||||
Net operating losses | 1,196 | — | |||||||||||
Reverse mortgages | 3,686 | — | |||||||||||
Total deferred tax assets before valuation allowance | 41,387 | 23,364 | |||||||||||
Less: valuation allowance | (4,882 | ) | — | ||||||||||
Total Deferred tax assets | 36,505 | 23,364 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Unrealized gains on available-for-sale securities | $ | — | $ | (8,053 | ) | ||||||||
Accelerated depreciation | (1,506 | ) | (2,115 | ) | |||||||||
Other | (2,132 | ) | (397 | ) | |||||||||
Prepaid expenses | (1,112 | ) | (1,590 | ) | |||||||||
Deferred loan costs | (1,843 | ) | (1,866 | ) | |||||||||
Intangibles | (1,765 | ) | (1,256 | ) | |||||||||
Total deferred tax liabilities before valuation allowance | (8,358 | ) | (15,277 | ) | |||||||||
Net deferred tax asset | $ | 28,147 | $ | 8,087 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows: | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State tax, net of federal tax benefit | 2.4 | 3 | 3.4 | ||||||||||
Interest income 50% excludable | — | (0.5 | ) | (2.1 | ) | ||||||||
Tax-exempt interest | (1.2 | ) | (0.5 | ) | (0.4 | ) | |||||||
Bank-owned life insurance income | (0.1 | ) | (1.1 | ) | (2.0 | ) | |||||||
Incentive stock option and other nondeductible compensation | 0.3 | 0.6 | 0.9 | ||||||||||
Settlement of prior year charitable donation | — | — | (1.2 | ) | |||||||||
Federal tax credits | (1.7 | ) | (1.4 | ) | (0.5 | ) | |||||||
Other | (0.1 | ) | 0.1 | 0.5 | |||||||||
Effective tax rate | 34.6 | % | 35.2 | % | 33.6 | % | |||||||
Schedule of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the total amounts of unrecognized tax benefits during 2013 and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Unrecognized tax benefits at January 1 | $ | — | $ | 88 | |||||||||
Tax positions taken during prior years | — | (3 | ) | ||||||||||
Tax positions taken during current year | — | — | |||||||||||
Reductions relating to settlements with taxing authorities | — | (85 | ) | ||||||||||
Reductions as a result of a lapse of statutes of limitations | — | — | |||||||||||
Unrecognized tax benefits at December 31 | $ | — | $ | — | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Summary of Stock Incentive Plans | ' | ||||||||||||||||||||||||||||||||||||
A summary of the status of our Stock Incentive Plans as of December 31, 2013, 2012 and 2011, respectively, and changes during those years are presented below: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | 335,730 | $ | 42.14 | 416,886 | $ | 43.52 | 566,323 | $ | 42.84 | ||||||||||||||||||||||||||||
Granted | 522,357 | 49.09 | 88,307 | 39.66 | 57,723 | 44.15 | |||||||||||||||||||||||||||||||
Exercised | (118,438 | ) | 39.39 | (71,055 | ) | 30.78 | (85,379 | ) | 18.94 | ||||||||||||||||||||||||||||
Forfeited | (13,081 | ) | 47.5 | — | — | (12,666 | ) | 40.85 | |||||||||||||||||||||||||||||
Expired | (13,990 | ) | 49.08 | (98,408 | ) | 53.99 | (109,115 | ) | 59.85 | ||||||||||||||||||||||||||||
Outstanding at end of year | 712,578 | 47.42 | 335,730 | 42.14 | 416,886 | 43.52 | |||||||||||||||||||||||||||||||
Exercisable at end of year | 103,549 | $ | 46.02 | 178,432 | $ | 45.28 | 304,628 | $ | 46.27 | ||||||||||||||||||||||||||||
Weighted-average fair value of awards granted | $ | 13.94 | $ | 12.5 | $ | 14.06 | |||||||||||||||||||||||||||||||
Schedule of Unvested Stock Option Outstanding | ' | ||||||||||||||||||||||||||||||||||||
The following table provides information about our unvested stock options outstanding at December 31, 2013, 2012 and 2011, respectively: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | |||||||||||||||||||||||||||||
Average | Average | Shares | Average | Average | Average | Average | |||||||||||||||||||||||||||||||
Exercise | Grant Date | Exercise | Grant Date | Exercise | Grant Date | ||||||||||||||||||||||||||||||||
Price | Fair Value | Price | Fair Value | Price | Fair Value | ||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
Unvested at beginning of period | 157,298 | $ | 38.57 | $ | 11.98 | 112,258 | $ | 36.08 | $ | 10.69 | 123,486 | $ | 34.94 | $ | 8.27 | ||||||||||||||||||||||
Granted | 522,357 | 49.09 | 13.94 | 88,307 | 39.66 | 12.5 | 57,723 | 44.15 | 14.06 | ||||||||||||||||||||||||||||
Vested | (57,545 | ) | 35.41 | 10.65 | (43,267 | ) | 34.32 | 9.66 | (56,285 | ) | 40.77 | 9.13 | |||||||||||||||||||||||||
Forfeited | (13,081 | ) | 47.5 | 9.58 | — | (12,666 | ) | 40.85 | 9.44 | ||||||||||||||||||||||||||||
Unvested at end of period | 609,029 | $ | 47.66 | $ | 13.75 | 157,298 | $ | 38.57 | $ | 11.98 | 112,258 | $ | 36.08 | $ | 10.69 | ||||||||||||||||||||||
Schedule of Outstanding Stock Options for Option Plans | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes all outstanding Stock Options for option plans as of December 31, 2013, segmented by range of exercise prices: | |||||||||||||||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||||||||||||||
Number | Weighted- | Weighted- | Number | Weighted | |||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||
Exercise | Remaining | Exercise | |||||||||||||||||||||||||||||||||||
Price | Contractual Life | Price | |||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
$20.70-$27.60 | 13,818 | $ | 23.36 | 0.2 | 13,818 | $ | 23.36 | ||||||||||||||||||||||||||||||
$27.61-$34.50 | 16,552 | 31.33 | 1.6 | 8,879 | 31.3 | ||||||||||||||||||||||||||||||||
$34.51-$41.40 | 81,421 | 39.68 | 3.2 | 15,090 | 39.76 | ||||||||||||||||||||||||||||||||
$41.41-$48.30 | 155,065 | 46.76 | 3.6 | 20,040 | 45.02 | ||||||||||||||||||||||||||||||||
$48.31-$55.20 | 404,360 | 49.54 | 6.1 | 4,360 | 51.17 | ||||||||||||||||||||||||||||||||
$55.21-$62.10 | 40,057 | 58.85 | 1 | 40,057 | 58.85 | ||||||||||||||||||||||||||||||||
$62.11-$69.00 | 1,305 | 62.5 | 2.3 | 1,305 | 62.5 | ||||||||||||||||||||||||||||||||
Total | 712,578 | $ | 47.42 | 103,549 | $ | 46.02 | |||||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Summary of Projected Amounts of Future Minimum Payments | ' | ||||||||
The projected amounts of future minimum payments contractually due (in thousands) are as follows: | |||||||||
Year | Amount | ||||||||
2014 | $ | 3,437 | |||||||
2015 | 1,598 | ||||||||
2016 | 763 | ||||||||
2017 | 727 | ||||||||
2018 | — | ||||||||
Summary of Off-Balance Sheet Financial Instruments | ' | ||||||||
The following represents a summary of off-balance sheet financial instruments at year-end: | |||||||||
December 31, | 2013 | 2012 | |||||||
(In Thousands) | |||||||||
Financial instruments with contract amounts which represent potential credit risk: | |||||||||
Construction loan commitments | $ | 64,210 | $ | 44,610 | |||||
Commercial mortgage loan commitments | 9,852 | 13,523 | |||||||
Commercial loan commitments | 335,257 | 317,750 | |||||||
Commercial owner-occupied commitments | 32,078 | 46,211 | |||||||
Commercial standby letters of credit | 56,651 | 55,540 | |||||||
Residential mortgage loan commitments | 5,018 | 22,657 | |||||||
Consumer loan commitments | 150,265 | 135,060 |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 December 31, 2013 (there are no material liabilities measured at fair value): | |||||||||||||||||||
Description | Quoted | Significant | Significant | Total | |||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||
for | (Level 2) | ||||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 97,557 | $ | — | $ | 97,557 | |||||||||||
FNMA | — | 367,128 | — | 367,128 | |||||||||||||||
FHLMC | — | 124,495 | — | 124,495 | |||||||||||||||
GNMA | — | 95,592 | — | 95,592 | |||||||||||||||
U.S. Government and agencies | — | 32,158 | — | 32,158 | |||||||||||||||
State and political subdivisions | — | 100,185 | — | 100,185 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 817,115 | $ | — | $ | 817,115 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,532 | $ | 4,532 | |||||||||||
Impaired loans (collateral dependent) | — | — | 38,379 | 38,379 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 42,911 | $ | 42,911 | |||||||||||
The table below presents the balances of assets measured at fair value as of December 31, 2012 (there were no material liabilities measured at fair value): | |||||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||
for | (Level 2) | ||||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
Description | (Level 1) | ||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 252,300 | — | $ | 252,300 | ||||||||||||
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 related assets | — | — | 19,686 | 19,686 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 900,859 | $ | 19,686 | $ | 920,545 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,622 | $ | 4,622 | |||||||||||
Impaired loans (collateral dependent) | — | — | 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: | |||||||||||||||||||
Reverse | |||||||||||||||||||
Mortgage | |||||||||||||||||||
Related | |||||||||||||||||||
Assets | |||||||||||||||||||
Balance at December 31, 2011 | $ | 16,368 | |||||||||||||||||
Total net income for the year included in net income | 33 | ||||||||||||||||||
Contractual monthly advances of principal | — | ||||||||||||||||||
Mark-to-market adjustment | 3,285 | ||||||||||||||||||
Balance at December 31, 2012 | $ | 19,686 | |||||||||||||||||
Mark-to-market adjustment | (125 | ) | |||||||||||||||||
Reverse mortgage securitization trust consolidation | (19,561 | ) | |||||||||||||||||
Balance at December 31, 2013 | $ | — | |||||||||||||||||
Book Value and Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||||
The book value and estimated fair value of our financial instruments are as follows: | |||||||||||||||||||
At December 31, | Fair Value | 2013 | 2012 | ||||||||||||||||
Measurement | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||
(In Thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | 484,426 | 484,426 | $ | 500,887 | $ | 500,887 | ||||||||||||
Investment securities | See previous | 817,115 | 817,115 | 900,859 | 900,859 | ||||||||||||||
table | |||||||||||||||||||
Loans, held-for-sale | Level 3 | 31,491 | 31,491 | 12,758 | 12,758 | ||||||||||||||
Loans, net | Level 3 | 2,904,976 | 2,871,499 | 2,723,916 | 2,746,001 | ||||||||||||||
Reverse mortgage related assets | Level 3 | 37,328 | 37,328 | 19,229 | 19,229 | ||||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh | Level 2 | 35,869 | 35,869 | 31,165 | 31,165 | ||||||||||||||
Accrued interest receivable | Level 2 | 10,798 | 10,798 | 9,652 | 9,652 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 3,186,942 | 2,982,420 | 3,274,963 | 3,174,907 | ||||||||||||||
Borrowed funds | Level 2 | 903,831 | 904,804 | 637,266 | 638,375 | ||||||||||||||
Standby letters of credit | Level 3 | 248 | 248 | 224 | 224 | ||||||||||||||
Accrued interest payable | Level 2 | 838 | 838 | 1,099 | 1,099 | ||||||||||||||
Estimated Fair Value of Off-Balance Sheet Financial Instruments | ' | ||||||||||||||||||
The estimated fair value of our off-balance sheet financial instruments is as follows: | |||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||
(In Thousands) | |||||||||||||||||||
Off-balance sheet instruments: | $ | — | $ | — |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Details of Segment Information | ' | ||||||||||||||||
Segment information for the years ended December 31, 2013, 2012, and 2011 follows: | |||||||||||||||||
For the Year Ended December 31, 2013: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 139,082 | $ | — | $ | 7,840 | $ | 146,922 | |||||||||
Noninterest income | 40,479 | 23,746 | 15,926 | 80,151 | |||||||||||||
Total external customer revenues | 179,561 | 23,746 | 23,766 | 227,073 | |||||||||||||
Intersegment revenues: | |||||||||||||||||
Interest income | 3,603 | — | 5,749 | 9,352 | |||||||||||||
Noninterest income | 6,346 | 845 | 109 | 7,300 | |||||||||||||
Total intersegment revenues | 9,949 | 845 | 5,858 | 16,652 | |||||||||||||
Total revenue | 189,510 | 24,591 | 29,624 | 243,725 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 14,744 | — | 590 | 15,334 | |||||||||||||
Noninterest expenses | 107,195 | 12,950 | 12,784 | 132,929 | |||||||||||||
Provision for loan loss | 6,759 | — | 413 | 7,172 | |||||||||||||
Total external customer expenses | 128,698 | 12,950 | 13,787 | 155,435 | |||||||||||||
Intersegment expenses: | |||||||||||||||||
Interest expense | 5,749 | 1,541 | 2,062 | 9,352 | |||||||||||||
Noninterest expenses | 954 | 2,237 | 4,109 | 7,300 | |||||||||||||
Total intersegment expenses | 6,703 | 3,778 | 6,171 | 16,652 | |||||||||||||
Total expenses | 135,401 | 16,728 | 19,958 | 172,087 | |||||||||||||
Income before taxes | $ | 54,109 | $ | 7,863 | $ | 9,666 | $ | 71,638 | |||||||||
Income tax provision | 24,756 | ||||||||||||||||
Consolidated net income | $ | 46,882 | |||||||||||||||
Cash and cash equivalents | $ | 73,017 | $ | 408,096 | $ | 3,313 | $ | 484,426 | |||||||||
Other segment assets | 3,838,525 | 1,965 | 190,847 | 4,031,337 | |||||||||||||
Total segment assets at December 31, 2013 | $ | 3,911,542 | $ | 410,061 | $ | 194,160 | $ | 4,515,763 | |||||||||
Capital expenditures | $ | 2,232 | $ | 628 | $ | — | $ | 2,860 | |||||||||
For the Year Ended December 31, 2012: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 141,986 | $ | — | $ | 8,301 | $ | 150,287 | |||||||||
Noninterest income | 54,225 | 18,749 | 13,719 | 86,693 | |||||||||||||
Total external customer revenues | 196,211 | 18,749 | 22,020 | 236,980 | |||||||||||||
Intersegment revenues: | |||||||||||||||||
Interest income | 4,032 | — | 5,719 | 9,751 | |||||||||||||
Noninterest income | 8,563 | 779 | 105 | 9,447 | |||||||||||||
Total intersegment revenues | 12,595 | 779 | 5,824 | 19,198 | |||||||||||||
Total revenue | 208,806 | 19,528 | 27,844 | 256,178 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 22,397 | — | 891 | 23,288 | |||||||||||||
Noninterest expenses | 112,071 | 9,549 | 11,725 | 133,345 | |||||||||||||
Provision for loan loss | 32,222 | — | (169 | ) | 32,053 | ||||||||||||
Total external customer expenses | 166,690 | 9,549 | 12,447 | 188,686 | |||||||||||||
Intersegment expenses: | |||||||||||||||||
Interest expense | 5,719 | 1,368 | 2,664 | 9,751 | |||||||||||||
Noninterest expenses | 884 | 2,219 | 6,344 | 9,447 | |||||||||||||
Total intersegment expenses | 6,603 | 3,587 | 9,008 | 19,198 | |||||||||||||
Total expenses | 173,293 | 13,136 | 21,455 | 207,884 | |||||||||||||
Income before taxes | $ | 35,513 | $ | 6,392 | $ | 6,389 | $ | 48,294 | |||||||||
Income tax provision | 16,983 | ||||||||||||||||
Consolidated net income | $ | 31,311 | |||||||||||||||
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 at December 31, 2012 | $ | 3,751,492 | $ | 431,987 | $ | 191,669 | $ | 4,375,148 | |||||||||
Capital expenditures | $ | 7,796 | $ | 405 | $ | 27 | $ | 8,228 | |||||||||
For the Year Ended December 31, 2011: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 149,313 | $ | — | $ | 9,329 | $ | 158,642 | |||||||||
Noninterest income | 34,959 | 15,618 | 13,011 | 63,588 | |||||||||||||
Total external customer revenues | 184,272 | 15,618 | 22,340 | 222,230 | |||||||||||||
Intersegment revenues: | |||||||||||||||||
Interest income | 4,414 | — | 6,122 | 10,536 | |||||||||||||
Noninterest income | 7,447 | 724 | 143 | 8,314 | |||||||||||||
Total intersegment revenues | 11,861 | 724 | 6,265 | 18,850 | |||||||||||||
Total revenue | 196,133 | 16,342 | 28,605 | 241,080 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 31,345 | — | 1,260 | 32,605 | |||||||||||||
Noninterest expenses | 108,061 | 7,883 | 11,533 | 127,477 | |||||||||||||
Provision for loan loss | 26,641 | — | 1,355 | 27,996 | |||||||||||||
Total external customer expenses | 166,047 | 7,883 | 14,148 | 188,078 | |||||||||||||
Intersegment expenses: | |||||||||||||||||
Interest expense | 6,122 | 1,235 | 3,179 | 10,536 | |||||||||||||
Noninterest expenses | 867 | 1,578 | 5,869 | 8,314 | |||||||||||||
Total intersegment expenses | 6,989 | 2,813 | 9,048 | 18,850 | |||||||||||||
Total expenses | 173,036 | 10,696 | 23,196 | 206,928 | |||||||||||||
Income before taxes and extraordinary items | $ | 23,097 | $ | 5,646 | $ | 5,409 | $ | 34,152 | |||||||||
Income tax provision | 11,475 | ||||||||||||||||
Consolidated net income | $ | 22,677 | |||||||||||||||
Cash and cash equivalents | $ | 48,107 | $ | 416,949 | $ | 2,961 | $ | 468,017 | |||||||||
Other segment assets | 3,618,744 | 2,155 | 200,092 | 3,820,991 | |||||||||||||
Total segment assets at December 31, 2011 | $ | 3,666,851 | $ | 419,104 | $ | 203,053 | $ | 4,289,008 | |||||||||
Capital expenditures | $ | 8,877 | $ | 1,291 | $ | 326 | $ | 10,494 |
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Statement of Financial Condition | ' | ||||||||||||
Condensed Statement of Financial Condition | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 19,311 | $ | 62,244 | |||||||||
Investment securities, available-for-sale | — | 7,096 | |||||||||||
Investment in subsidiaries | 481,896 | 471,236 | |||||||||||
Investment in Capital Trust III | 2,011 | 2,011 | |||||||||||
Other assets | 2,920 | 2,451 | |||||||||||
Total assets | $ | 506,138 | $ | 545,038 | |||||||||
Liabilities: | |||||||||||||
Trust Preferred | $ | 67,011 | $ | 67,011 | |||||||||
Senior Debt | 55,000 | 55,000 | |||||||||||
Interest payable | 399 | 407 | |||||||||||
Other liabilities | 678 | 1,566 | |||||||||||
Total liabilities | 123,088 | 123,984 | |||||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock | — | 1 | |||||||||||
Common stock | 185 | 184 | |||||||||||
Capital in excess of par value | 178,477 | 222,978 | |||||||||||
Accumulated other comprehensive income | (21,294 | ) | 12,943 | ||||||||||
Retained earnings | 473,962 | 433,228 | |||||||||||
Treasury stock | (248,280 | ) | (248,280 | ) | |||||||||
Total stockholders’ equity | 383,050 | 421,054 | |||||||||||
Total liabilities and stockholders’ equity | $ | 506,138 | $ | 545,038 | |||||||||
Condensed Statement of Operations | ' | ||||||||||||
Condensed Statement of Operations | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(In Thousands) | |||||||||||||
Income: | |||||||||||||
Interest income | $ | 2,455 | $ | 1,853 | $ | 1,021 | |||||||
Noninterest and dividend income | 9,983 | 139 | 153 | ||||||||||
Reverse mortgage consolidation gain | 3,801 | — | — | ||||||||||
16,239 | 1,992 | 1,174 | |||||||||||
Expenses: | |||||||||||||
Interest expense | 5,113 | 2,776 | 1,375 | ||||||||||
Other operating expenses | (737 | ) | (186 | ) | 419 | ||||||||
4,376 | 2,590 | 1,794 | |||||||||||
Income (loss) before equity in undistributed income of subsidiaries | 11,863 | (598 | ) | (620 | ) | ||||||||
Equity in undistributed income of subsidiaries | 35,019 | 31,909 | 23,297 | ||||||||||
Net income | 46,882 | 31,311 | 22,677 | ||||||||||
Dividends on preferred stock and accretion of discount | (1,633 | ) | (2,770 | ) | (2,770 | ) | |||||||
Net income allocable to common stockholders | $ | 45,249 | $ | 28,541 | $ | 19,907 | |||||||
Condensed Statement of Cash Flows | ' | ||||||||||||
Condensed Statement of Cash Flows | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(In Thousands) | |||||||||||||
Operating activities: | |||||||||||||
Net income | $ | 46,882 | $ | 31,311 | $ | 22,677 | |||||||
Adjustments to reconcile net income to net cash used for operating activities: | |||||||||||||
Equity in undistributed income of subsidiaries | (35,019 | ) | (31,909 | ) | (23,297 | ) | |||||||
Reverse mortgage consolidation gain | (3,801 | ) | — | — | |||||||||
Increase in capitalized interest | (801 | ) | (693 | ) | (280 | ) | |||||||
Decrease (increase) in other assets | 3,831 | 3,531 | (98 | ) | |||||||||
Increase in other liabilities | 245 | 384 | 32 | ||||||||||
Net cash provided by (used for) operating activities | 11,337 | 2,624 | (966 | ) | |||||||||
Investing activities: | |||||||||||||
Purchase of mortgage backed securities | — | — | (2,500 | ) | |||||||||
Net cash used for investing activities | — | — | (2,500 | ) | |||||||||
Financing activities: | |||||||||||||
Issuance of common stock | 4,353 | 2,503 | 3,709 | ||||||||||
Proceeds from the issuance of long-term debt | — | 52,681 | — | ||||||||||
Redemption of preferred stock | (52,625 | ) | — | — | |||||||||
Payments to repurchase stock warrants | — | (1,800 | ) | — | |||||||||
Cash dividends paid | (5,998 | ) | (6,810 | ) | (6,718 | ) | |||||||
Net cash provided by (used for) financing activities | (54,270 | ) | 46,574 | (3,009 | ) | ||||||||
Increase (decrease) in cash | (42,933 | ) | 49,198 | (6,475 | ) | ||||||||
Cash at beginning of period | 62,244 | 13,046 | 19,521 | ||||||||||
Cash at end of period | $ | 19,311 | $ | 62,244 | $ | 13,046 | |||||||
Change_in_Accumulated_Other_Co1
Change in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||
Changes to accumulated other comprehensive income (loss) by component are shown net of taxes in the following tables for the period indicated: | |||||||||||||||
(In Thousands) | Net unrealized | Net unrealized | Total | ||||||||||||
gains on | losses on defined | ||||||||||||||
investment | benefit pension | ||||||||||||||
securities | plan | ||||||||||||||
available-for-sale | |||||||||||||||
Balance, December 31, 2010 | $ | 6,996 | $ | (472 | ) | $ | 6,524 | ||||||||
Other comprehensive income before reclassifications | 7,702 | — | 7,702 | ||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (3,024 | ) | — | (3,024 | ) | ||||||||||
Net current-period other comprehensive loss | 4,678 | — | 4,678 | ||||||||||||
Balance, December 31, 2011 | $ | 11,674 | $ | (472 | ) | $ | 11,202 | ||||||||
Other comprehensive income before reclassifications | 15,024 | — | 15,024 | ||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (13,283 | ) | — | (13,283 | ) | ||||||||||
Net current-period other comprehensive loss | 1,741 | — | 1,741 | ||||||||||||
Balance, December 31, 2012 | $ | 13,415 | $ | (472 | ) | $ | 12,943 | ||||||||
Other comprehensive loss before reclassifications | (32,057 | ) | — | (32,057 | ) | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (2,180 | ) | — | (2,180 | ) | ||||||||||
Net current-period other comprehensive loss | (34,237 | ) | — | (34,237 | ) | ||||||||||
Balance, December 31, 2013 | $ | (20,822 | ) | $ | (472 | ) | $ | (21,294 | ) | ||||||
Components of Other Comprehensive Income | ' | ||||||||||||||
The statement of operations impacted by components of other comprehensive income are presented in the table below. | |||||||||||||||
Twelve Months Ended | Affected line item in | ||||||||||||||
December 31, | Statements of | ||||||||||||||
Operations | |||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||||
Securities available-for-sale: | |||||||||||||||
Realized gains on securities transactions | $ | 3,516 | $ | 21,425 | $ | 4,878 | Securities gains, net | ||||||||
Income taxes | (1,336 | ) | (8,142 | ) | (1,854 | ) | Income tax provision | ||||||||
Net of tax | $ | 2,180 | $ | 13,283 | $ | 3,024 | |||||||||
Quarterly_Financial_Summary_Ta
Quarterly Financial Summary (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Summary | ' | ||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL SUMMARY (Unaudited) | |||||||||||||||||||||||||||||||||
Three months ended | 12/31/13 | 9/30/13 | 6/30/13 | 3/31/13 | 12/31/12 | 9/30/12 | 6/30/12 | 3/31/12 | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||||||||||||||||||
Interest income | $ | 38,333 | $ | 37,116 | $ | 35,882 | $ | 35,591 | $ | 36,787 | $ | 36,514 | $ | 37,763 | $ | 39,223 | |||||||||||||||||
Interest expense | 3,787 | 3,710 | 3,826 | 4,011 | 5,289 | 5,621 | 5,685 | 6,693 | |||||||||||||||||||||||||
Net interest income | 34,546 | 33,406 | 32,056 | 31,580 | 31,498 | 30,893 | 32,078 | 32,530 | |||||||||||||||||||||||||
Provision for loan losses | 1,292 | 1,969 | 1,680 | 2,231 | 3,674 | 3,751 | 16,383 | 8,245 | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 33,254 | 31,437 | 30,376 | 29,349 | 27,824 | 27,142 | 15,695 | 24,285 | |||||||||||||||||||||||||
Noninterest income | 19,796 | 22,742 | 19,539 | 18,074 | 21,195 | 19,748 | 28,992 | 16,758 | |||||||||||||||||||||||||
Noninterest expenses | 34,598 | 32,809 | 33,152 | 32,370 | 37,186 | 32,153 | 33,017 | 30,989 | |||||||||||||||||||||||||
Income (loss) before taxes | 18,452 | 21,370 | 16,763 | 15,053 | 11,833 | 14,737 | 11,670 | 10,054 | |||||||||||||||||||||||||
Income tax provision (benefit) | 6,378 | 7,210 | 5,855 | 5,313 | 4,275 | 4,758 | 4,340 | 3,610 | |||||||||||||||||||||||||
Net Income | 12,074 | 14,160 | 10,908 | 9,740 | 7,558 | 9,979 | 7,330 | 6,444 | |||||||||||||||||||||||||
Dividends on preferred stock and accretion of discount | — | 332 | 609 | 692 | 693 | 693 | 692 | 692 | |||||||||||||||||||||||||
Net Income (loss) allocable to common stockholders | $ | 12,074 | $ | 13,828 | $ | 10,299 | $ | 9,048 | $ | 6,865 | $ | 9,286 | $ | 6,638 | $ | 5,752 | |||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1.36 | $ | 1.57 | $ | 1.17 | $ | 1.03 | $ | 0.79 | $ | 1.07 | $ | 0.76 | $ | 0.66 | |||||||||||||||||
Diluted | 1.33 | 1.54 | 1.16 | 1.02 | 0.78 | 1.06 | 0.76 | 0.66 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Payments | |||
Entity | |||
Office | |||
Securities | |||
Accounting Policies [Line Items] | ' | ' | ' |
Number of banking offices | 52 | ' | ' |
Number of consolidated variable interest entity | 1 | ' | ' |
Number of securities are classified | 3 | ' | ' |
Minimum number of days principal or interest to be considered past due | '90 days | ' | ' |
Number of consecutive payments for borrower status to be normal, as per consistent repayment record | 6 | ' | ' |
Additional charges related to assets acquired through foreclosure | $592,000 | $4,300,000 | $5,900,000 |
Maturity of federal funds purchased | '90 days | ' | ' |
Settlement of realized tax position | 50.00% | ' | ' |
Computer Equipment [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Furniture and Equipment [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life | '5 years | ' | ' |
Building Renovations [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life | '10 years | ' | ' |
WSFS Bank [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Number of wholly-owned subsidiaries | 2 | ' | ' |
Montchanin [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Number of wholly-owned subsidiaries | 1 | ' | ' |
Cypress [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Assets under management | 614,000,000 | ' | ' |
WSFS Capital Trust III [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Amount of aggregate principal issued | 67,000,000 | ' | ' |
Trust preferred securities redeemed | $51,500,000 | ' | ' |
Delaware [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Number of banking offices | 42 | ' | ' |
Pennsylvania [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Number of banking offices | 8 | ' | ' |
Virginia [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Number of banking offices | 1 | ' | ' |
Nevada [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Number of banking offices | 1 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income allocable to common shareholders | $12,074 | $13,828 | $10,299 | $9,048 | $6,865 | $9,286 | $6,638 | $5,752 | $45,249 | $28,541 | $19,907 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic earnings per share - weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 8,818 | 8,712 | 8,606 |
Effect of dilutive employee stock options, restricted stock and warrants | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 78 | 111 |
Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercise | ' | ' | ' | ' | ' | ' | ' | ' | 8,943 | 8,790 | 8,717 |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income allocable to common shareholders | $1.36 | $1.57 | $1.17 | $1.03 | $0.79 | $1.07 | $0.76 | $0.66 | $5.13 | $3.28 | $2.31 |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income allocable to common shareholders | $1.33 | $1.54 | $1.16 | $1.02 | $0.78 | $1.06 | $0.76 | $0.66 | $5.06 | $3.25 | $2.28 |
Outstanding common stock equivalents having no dilutive effect | ' | ' | ' | ' | ' | ' | ' | ' | 441 | 276 | 534 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 25, 2013 | Sep. 30, 2013 | Dec. 31, 2013 |
First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | Array Financial Group, Inc. [Member] | ||||
Office | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Transaction value, cash and stock | ' | ' | ' | $64,000,000 | ' | ' |
Number of banking offices | ' | ' | ' | ' | 6 | ' |
Total assets | 4,515,763,000 | 4,375,148,000 | 4,289,008,000 | ' | 307,700,000 | ' |
Total deposits | 3,186,942,000 | 3,274,963,000 | ' | ' | 249,700,000 | ' |
Total purchase price | ' | ' | ' | ' | ' | 8,000,000 |
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 | ' | ' | ' | ' | ' | 2,600,000 |
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 $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Liabilities assumed (at Fair Value): | ' | ' | ' |
Goodwill resulting from acquisition of Array and Arrow | $32,235 | $28,146 | $28,146 |
Array Financial Group, Inc. [Member] | ' | ' | ' |
Consideration Paid: | ' | ' | ' |
Cash paid at closing | 5,374 | ' | ' |
Fair value of contingent consideration | 2,590 | ' | ' |
Value of consideration | 7,964 | ' | ' |
Assets acquired (at Fair Value): | ' | ' | ' |
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 (at Fair Value): | ' | ' | ' |
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 | $4,089 | ' | ' |
Business_Combinations_Summary_1
Business Combinations - Summary of Combined Fair Value of Assets and Liabilities Acquired (Parenthetical) (Detail) (Array Financial Group, Inc. [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Array Financial Group, Inc. [Member] | ' |
Business Acquisition [Line Items] | ' |
Adjustment to fair value of contingent consideration | $160 |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale and Trading Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $850,699 | $882,888 |
Gross Unrealized Gains | 1,170 | 18,688 |
Gross Unrealized Losses | -34,754 | -717 |
Fair Value | 817,115 | 900,859 |
Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 103,064 | 248,248 |
Gross Unrealized Gains | 28 | 4,353 |
Gross Unrealized Losses | -5,535 | -301 |
Fair Value | 97,557 | 252,300 |
Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 382,909 | 396,910 |
Gross Unrealized Gains | 20 | 9,588 |
Gross Unrealized Losses | -15,801 | -243 |
Fair Value | 367,128 | 406,255 |
Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 129,460 | 58,596 |
Gross Unrealized Gains | 29 | 1,171 |
Gross Unrealized Losses | -4,994 | -117 |
Fair Value | 124,495 | 59,650 |
Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 97,830 | 129,288 |
Gross Unrealized Gains | 743 | 3,221 |
Gross Unrealized Losses | -2,981 | -54 |
Fair Value | 95,592 | 132,455 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 105,354 | 3,120 |
Gross Unrealized Gains | 257 | 89 |
Gross Unrealized Losses | -5,426 | ' |
Fair Value | 100,185 | 3,209 |
U.S. Government and government sponsored enterprises ("GSE") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 32,082 | 46,726 |
Gross Unrealized Gains | 93 | 266 |
Gross Unrealized Losses | -17 | -2 |
Fair Value | $32,158 | $46,990 |
Investment_Securities_Schedule1
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale and Trading Securities (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $850,699 | $882,888 |
Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 103,064 | 248,248 |
Agency Collateralized Mortgage Obligation [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $103,064 | ' |
Investment_Securities_Schedule2
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | $850,699 | $882,888 |
Available-for-Sale, Fair Value | 817,115 | 900,859 |
Within one year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 16,319 | 19,001 |
Available-for-Sale, Fair Value | 16,378 | 19,115 |
After one year but within five years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 19,761 | 28,855 |
Available-for-Sale, Fair Value | 19,986 | 29,034 |
After five years but within ten years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 229,033 | 321,103 |
Available-for-Sale, Fair Value | 217,911 | 329,580 |
After ten years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 585,586 | 513,929 |
Available-for-Sale, Fair Value | $562,840 | $523,130 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities pledged as collateral | $447,700,000 | ' |
FHLB pledged investment securities | 0 | 0 |
Proceeds from sale of investment securities | 274,100,000 | 770,000,000 |
Net gains from sale of investment securities | 3,500,000 | 21,300,000 |
Gains from sale of investment securities | 3,700,000 | ' |
Losses from sale of investment securities | 230,000 | ' |
Unamortized premiums | 25,300,000 | ' |
Unaccreted discounts | 63,000 | ' |
Owned investment securities | 747,718,000 | 111,339,000 |
Total unrealized losses on securities | 34,754,000 | 717,000 |
Mortgage-Backed Securities ("MBS") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
OTTI on evaluation of Mortgage backed securities | $0 | ' |
Weighted average duration of MBS portfolio | 5.3 | ' |
Investment_Securities_Schedule3
Investment Securities - Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $680,191 | $109,975 |
Less than 12 months, Unrealized Loss | 30,443 | 684 |
12 months or longer, Fair Value | 67,527 | 1,364 |
12 months or longer, Unrealized Loss | 4,311 | 33 |
Total, Fair Value | 747,718 | 111,339 |
Total, Unrealized Loss | 34,754 | 717 |
Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 73,109 | 40,358 |
Less than 12 months, Unrealized Loss | 4,173 | 268 |
12 months or longer, Fair Value | 21,590 | 1,364 |
12 months or longer, Unrealized Loss | 1,362 | 33 |
Total, Fair Value | 94,699 | 41,722 |
Total, Unrealized Loss | 5,535 | 301 |
Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 346,266 | 43,696 |
Less than 12 months, Unrealized Loss | 14,386 | 243 |
12 months or longer, Fair Value | 17,800 | ' |
12 months or longer, Unrealized Loss | 1,415 | ' |
Total, Fair Value | 364,066 | 43,696 |
Total, Unrealized Loss | 15,801 | 243 |
Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 116,732 | 13,884 |
Less than 12 months, Unrealized Loss | 4,548 | 117 |
12 months or longer, Fair Value | 7,307 | ' |
12 months or longer, Unrealized Loss | 446 | ' |
Total, Fair Value | 124,039 | 13,884 |
Total, Unrealized Loss | 4,994 | 117 |
Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 57,076 | 10,029 |
Less than 12 months, Unrealized Loss | 1,897 | 54 |
12 months or longer, Fair Value | 18,829 | ' |
12 months or longer, Unrealized Loss | 1,084 | ' |
Total, Fair Value | 75,905 | 10,029 |
Total, Unrealized Loss | 2,981 | 54 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 83,036 | ' |
Less than 12 months, Unrealized Loss | 5,426 | ' |
12 months or longer, Fair Value | ' | ' |
12 months or longer, Unrealized Loss | ' | ' |
Total, Fair Value | 83,036 | ' |
Total, Unrealized Loss | 5,426 | ' |
U.S. Government and government sponsored enterprises ("GSE") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 3,972 | 2,008 |
Less than 12 months, Unrealized Loss | 13 | 2 |
12 months or longer, Fair Value | 2,001 | ' |
12 months or longer, Unrealized Loss | 4 | ' |
Total, Fair Value | 5,973 | 2,008 |
Total, Unrealized Loss | $17 | $2 |
Loans_Summary_of_Loan_Portfoli
Loans - Summary of Loan Portfolio by Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Loans [Line Items] | ' | ' | ' | ' |
Gross loans | $2,952,263 | $2,772,440 | ' | ' |
Deferred fees, net | 6,043 | 4,602 | ' | ' |
Allowance for loan losses | 41,244 | 43,922 | 53,080 | 60,339 |
Net loans | 2,904,976 | 2,723,916 | ' | ' |
Commercial Loan Commitments [Member] | ' | ' | ' | ' |
Loans [Line Items] | ' | ' | ' | ' |
Gross loans | 810,882 | 704,491 | ' | ' |
Owner-Occupied Commercial [Member] | ' | ' | ' | ' |
Loans [Line Items] | ' | ' | ' | ' |
Gross loans | 786,360 | 770,581 | ' | ' |
Construction Loans [Member] | ' | ' | ' | ' |
Loans [Line Items] | ' | ' | ' | ' |
Gross loans | 106,074 | 133,375 | ' | ' |
Consumer Loan Commitments [Member] | ' | ' | ' | ' |
Loans [Line Items] | ' | ' | ' | ' |
Gross loans | 302,234 | 289,001 | ' | ' |
Commercial Mortgage [Member] | Real Estate Mortgage Loans [Member] | ' | ' | ' | ' |
Loans [Line Items] | ' | ' | ' | ' |
Gross loans | 725,193 | 631,365 | ' | ' |
Residential (1-4 Family) [Member] | Real Estate Mortgage Loans [Member] | ' | ' | ' | ' |
Loans [Line Items] | ' | ' | ' | ' |
Gross loans | $221,520 | $243,627 | ' | ' |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loans [Line Items] | ' | ' | ' |
Nonaccruing loans | $31,000,000 | $47,800,000 | $71,100,000 |
Potential increase in net interest income | 1,000,000 | 1,600,000 | 3,100,000 |
Accrued interest receivable | 10,798,000 | 9,652,000 | ' |
Loans receivable [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Accrued interest receivable | 7,800,000 | 7,600,000 | ' |
First Mortgage [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Amounts of loans serviced | 229,800,000 | 263,400,000 | 308,100,000 |
Fees from servicing of loans | 342,000 | 359,000 | 445,000 |
Value of mortgage servicing rights | 419,000 | 240,000 | ' |
First Mortgage [Member] | Servicing rights [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Net income expense | $178,000 | $24,000 | ' |
Allowance_for_Loan_Losses_and_2
Allowance for Loan Losses and Credit Quality Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SecurityLoan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Period for impairment loans | '90 days | ' | ' |
Net charge-offs | $9,900,000 | $41,200,000 | ' |
Percentage of average loans annualized, charged-offs | 0.34% | 1.49% | ' |
Calculated probability of default rate | 'Probability of default is calculated based on the historical rate of migration to impaired status during the last 15 quarters. | ' | ' |
Interest income on impaired loans | 922,000 | 985,000 | 395,000 |
Balance of troubled debt restructurings | 27,600,000 | 22,000,000 | ' |
TDRs in nonaccrual status | 15,300,000 | 11,900,000 | ' |
TDRs in accrual status | 12,300,000 | 10,100,000 | ' |
Troubled debt restructuring related reserves | 4,100,000 | 936,000 | ' |
Number of term loans modified in troubled debt restructurings | 32 | ' | ' |
Usual sustained repayment performance period | '6 months | ' | ' |
Increase in allowance for loan losses | 82,000 | ' | ' |
Troubled debt restructurings charged off | 381,000 | ' | ' |
Commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Number of TDRs that defaulted during period | 0 | ' | ' |
Consumer [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Number of TDRs that defaulted during period | 0 | ' | ' |
Commercial Loan Commitments [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Number of term loans modified in troubled debt restructurings | 9 | ' | ' |
Residential [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Number of TDRs that defaulted during period | 1 | ' | ' |
Residential TDRs | $130,000 | ' | ' |
Residential TDR default days | '90 days | ' | ' |
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 | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | $43,922 | ' | ' | ' | $53,080 | $43,922 | $53,080 | $60,339 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -13,664 | -45,802 | -37,833 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 3,814 | 4,591 | 2,578 |
Provision (credit) for loan losses | 1,292 | 1,969 | 1,680 | 2,231 | 3,674 | 3,751 | 16,383 | 8,245 | 7,172 | 32,053 | 27,996 |
Ending balance | 41,244 | ' | ' | ' | 43,922 | ' | ' | ' | 41,244 | 43,922 | 53,080 |
Loans individually evaluated for impairment | 4,903 | ' | ' | ' | 4,951 | ' | ' | ' | 4,903 | 4,951 | 4,713 |
Loans collectively evaluated for impairment | 36,341 | ' | ' | ' | 38,971 | ' | ' | ' | 36,341 | 38,971 | 48,367 |
Ending balance | 41,244 | ' | ' | ' | 43,922 | ' | ' | ' | 41,244 | 43,922 | 53,080 |
Loans individually evaluated for impairment | 43,282 | ' | ' | ' | 57,855 | ' | ' | ' | 43,282 | 57,855 | 79,979 |
Loans collectively evaluated for impairment | 2,908,981 | ' | ' | ' | 2,714,585 | ' | ' | ' | 2,908,981 | 2,714,585 | 2,678,924 |
Ending balance | 2,952,263 | ' | ' | ' | 2,772,440 | ' | ' | ' | 2,952,263 | 2,772,440 | 2,758,903 |
Commercial Loan Commitments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 13,663 | ' | ' | ' | 15,067 | 13,663 | 15,067 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,636 | -12,806 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 1,003 | 1,536 | ' |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 721 | 9,866 | ' |
Ending balance | 12,751 | ' | ' | ' | 13,663 | ' | ' | ' | 12,751 | 13,663 | ' |
Loans individually evaluated for impairment | 1,781 | ' | ' | ' | 2,100 | ' | ' | ' | 1,781 | 2,100 | ' |
Loans collectively evaluated for impairment | 10,970 | ' | ' | ' | 11,563 | ' | ' | ' | 10,970 | 11,563 | ' |
Ending balance | 12,751 | ' | ' | ' | 13,663 | ' | ' | ' | 12,751 | 13,663 | ' |
Loans individually evaluated for impairment | 5,003 | ' | ' | ' | 4,861 | ' | ' | ' | 5,003 | 4,861 | ' |
Loans collectively evaluated for impairment | 805,879 | ' | ' | ' | 699,630 | ' | ' | ' | 805,879 | 699,630 | ' |
Ending balance | 810,882 | ' | ' | ' | 704,491 | ' | ' | ' | 810,882 | 704,491 | ' |
Owner-Occupied Commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 6,108 | ' | ' | ' | 9,235 | 6,108 | 9,235 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,225 | -5,076 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 128 | 13 | ' |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 2,627 | 1,936 | ' |
Ending balance | 7,638 | ' | ' | ' | 6,108 | ' | ' | ' | 7,638 | 6,108 | ' |
Loans individually evaluated for impairment | 12 | ' | ' | ' | 1 | ' | ' | ' | 12 | 1 | ' |
Loans collectively evaluated for impairment | 7,626 | ' | ' | ' | 6,107 | ' | ' | ' | 7,626 | 6,107 | ' |
Ending balance | 7,638 | ' | ' | ' | 6,108 | ' | ' | ' | 7,638 | 6,108 | ' |
Loans individually evaluated for impairment | 5,197 | ' | ' | ' | 14,001 | ' | ' | ' | 5,197 | 14,001 | ' |
Loans collectively evaluated for impairment | 781,163 | ' | ' | ' | 756,580 | ' | ' | ' | 781,163 | 756,580 | ' |
Ending balance | 786,360 | ' | ' | ' | 770,581 | ' | ' | ' | 786,360 | 770,581 | ' |
Commercial Mortgages [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 8,079 | ' | ' | ' | 7,556 | 8,079 | 7,556 | 10,564 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,915 | -6,517 | -7,446 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 685 | 405 | 334 |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 83 | 6,635 | 4,104 |
Ending balance | 6,932 | ' | ' | ' | 8,079 | ' | ' | ' | 6,932 | 8,079 | 7,556 |
Loans individually evaluated for impairment | 1,987 | ' | ' | ' | 1,887 | ' | ' | ' | 1,987 | 1,887 | 295 |
Loans collectively evaluated for impairment | 4,945 | ' | ' | ' | 6,192 | ' | ' | ' | 4,945 | 6,192 | 7,261 |
Ending balance | 6,932 | ' | ' | ' | 8,079 | ' | ' | ' | 6,932 | 8,079 | 7,556 |
Loans individually evaluated for impairment | 8,661 | ' | ' | ' | 12,634 | ' | ' | ' | 8,661 | 12,634 | 15,814 |
Loans collectively evaluated for impairment | 716,532 | ' | ' | ' | 618,731 | ' | ' | ' | 716,532 | 618,731 | 610,925 |
Ending balance | 725,193 | ' | ' | ' | 631,365 | ' | ' | ' | 725,193 | 631,365 | 626,739 |
Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 6,456 | ' | ' | ' | 4,074 | 6,456 | 4,074 | 10,019 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,749 | -10,820 | -11,602 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 989 | 1,761 | 582 |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -2,370 | 11,441 | 5,075 |
Ending balance | 3,326 | ' | ' | ' | 6,456 | ' | ' | ' | 3,326 | 6,456 | 4,074 |
Loans individually evaluated for impairment | ' | ' | ' | ' | 28 | ' | ' | ' | ' | 28 | 723 |
Loans collectively evaluated for impairment | 3,326 | ' | ' | ' | 6,428 | ' | ' | ' | 3,326 | 6,428 | 3,351 |
Ending balance | 3,326 | ' | ' | ' | 6,456 | ' | ' | ' | 3,326 | 6,456 | 4,074 |
Loans individually evaluated for impairment | 1,158 | ' | ' | ' | 1,547 | ' | ' | ' | 1,158 | 1,547 | 22,124 |
Loans collectively evaluated for impairment | 104,916 | ' | ' | ' | 131,828 | ' | ' | ' | 104,916 | 131,828 | 84,144 |
Ending balance | 106,074 | ' | ' | ' | 133,375 | ' | ' | ' | 106,074 | 133,375 | 106,268 |
Residential [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 3,124 | ' | ' | ' | 6,544 | 3,124 | 6,544 | 4,028 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,226 | -3,857 | -3,165 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 176 | 211 |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,058 | 261 | 5,470 |
Ending balance | 3,078 | ' | ' | ' | 3,124 | ' | ' | ' | 3,078 | 3,124 | 6,544 |
Loans individually evaluated for impairment | 989 | ' | ' | ' | 919 | ' | ' | ' | 989 | 919 | 964 |
Loans collectively evaluated for impairment | 2,089 | ' | ' | ' | 2,205 | ' | ' | ' | 2,089 | 2,205 | 5,580 |
Ending balance | 3,078 | ' | ' | ' | 3,124 | ' | ' | ' | 3,078 | 3,124 | 6,544 |
Loans individually evaluated for impairment | 17,852 | ' | ' | ' | 18,483 | ' | ' | ' | 17,852 | 18,483 | 16,227 |
Loans collectively evaluated for impairment | 203,668 | ' | ' | ' | 225,144 | ' | ' | ' | 203,668 | 225,144 | 257,878 |
Ending balance | 221,520 | ' | ' | ' | 243,627 | ' | ' | ' | 221,520 | 243,627 | 274,105 |
Consumer Loan Commitments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 5,631 | ' | ' | ' | 10,604 | 5,631 | 10,604 | 9,248 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -4,913 | -6,726 | -6,201 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 887 | 700 | 554 |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 4,889 | 1,053 | 7,003 |
Ending balance | 6,494 | ' | ' | ' | 5,631 | ' | ' | ' | 6,494 | 5,631 | 10,604 |
Loans individually evaluated for impairment | 134 | ' | ' | ' | 16 | ' | ' | ' | 134 | 16 | 101 |
Loans collectively evaluated for impairment | 6,360 | ' | ' | ' | 5,615 | ' | ' | ' | 6,360 | 5,615 | 10,503 |
Ending balance | 6,494 | ' | ' | ' | 5,631 | ' | ' | ' | 6,494 | 5,631 | 10,604 |
Loans individually evaluated for impairment | 5,411 | ' | ' | ' | 6,329 | ' | ' | ' | 5,411 | 6,329 | 2,621 |
Loans collectively evaluated for impairment | 296,823 | ' | ' | ' | 282,672 | ' | ' | ' | 296,823 | 282,672 | 288,358 |
Ending balance | 302,234 | ' | ' | ' | 289,001 | ' | ' | ' | 302,234 | 289,001 | 290,979 |
Complexity Risk [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 861 | ' | ' | ' | ' | 861 | ' | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 164 | 861 | ' |
Ending balance | 1,025 | ' | ' | ' | 861 | ' | ' | ' | 1,025 | 861 | ' |
Loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 1,025 | ' | ' | ' | 861 | ' | ' | ' | 1,025 | 861 | ' |
Ending balance | 1,025 | ' | ' | ' | 861 | ' | ' | ' | 1,025 | 861 | ' |
Loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial And Owner Occupied Commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,480 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,419 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 897 |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,344 |
Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,302 |
Loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,630 |
Loans collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,672 |
Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,302 |
Loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,193 |
Loans collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,437,619 |
Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,460,812 |
Allowance_for_Loan_Losses_and_4
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Receivables [Abstract] | ' | ' | ' |
Accrued troubled debt restructured loans | $12.30 | $10.10 | $8.90 |
Allowance_for_Loan_Losses_and_5
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | $5,115 | $9,101 |
60-89 Days Past Due and Still Accruing, Total | 2,574 | 1,202 |
Greater Than 90 Days Past Due and Still Accruing, Total | 533 | 786 |
Total Past Due And Still Accruing, Total | 8,222 | 11,089 |
Accruing Current Balances, Total | 2,913,093 | 2,713,591 |
Nonaccrual Loans, Total | 30,948 | 47,760 |
Total Loans | 2,952,263 | 2,772,440 |
30-59 Days Past Due and Still Accruing, % of Total Loans | 0.17% | 0.33% |
60-89 Days Past Due and Still Accruing, % of Total Loans | 0.09% | 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 | 0.28% | 0.40% |
Accruing Current Balances, % of Total Loans | 98.67% | 97.88% |
Nonaccrual Loans, % of Total Loans | 1.05% | 1.72% |
% of Total Loans | 100.00% | 100.00% |
Commercial Loan Commitments [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 1,447 | 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 | 1,447 | 1,214 |
Accruing Current Balances, Total | 805,132 | 698,416 |
Nonaccrual Loans, Total | 4,303 | 4,861 |
Total Loans | 810,882 | 704,491 |
Owner-Occupied Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 538 | 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 | 538 | 1,264 |
Accruing Current Balances, Total | 780,625 | 755,316 |
Nonaccrual Loans, Total | 5,197 | 14,001 |
Total Loans | 786,360 | 770,581 |
Commercial Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 83 | ' |
60-89 Days Past Due and Still Accruing, Total | 1,049 | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' |
Total Past Due And Still Accruing, Total | 1,132 | ' |
Accruing Current Balances, Total | 715,496 | 618,731 |
Nonaccrual Loans, Total | 8,565 | 12,634 |
Total Loans | 725,193 | 631,365 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [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 | 104,916 | 131,489 |
Nonaccrual Loans, Total | 1,158 | 1,547 |
Total Loans | 106,074 | 133,375 |
Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 1,952 | 5,383 |
60-89 Days Past Due and Still Accruing, Total | 1,348 | 606 |
Greater Than 90 Days Past Due and Still Accruing, Total | 533 | 786 |
Total Past Due And Still Accruing, Total | 3,833 | 6,775 |
Accruing Current Balances, Total | 209,255 | 226,863 |
Nonaccrual Loans, Total | 8,432 | 9,989 |
Total Loans | 221,520 | 243,627 |
Consumer Loan Commitments [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 1,095 | 971 |
60-89 Days Past Due and Still Accruing, Total | 177 | 526 |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' |
Total Past Due And Still Accruing, Total | 1,272 | 1,497 |
Accruing Current Balances, Total | 297,669 | 282,776 |
Nonaccrual Loans, Total | 3,293 | 4,728 |
Total Loans | $302,234 | $289,001 |
Allowance_for_Loan_Losses_and_6
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | $43,282 | $57,855 | $79,979 |
Loans with No Related Reserve | 26,005 | 38,707 | ' |
Loans with Related Reserve | 17,277 | 19,148 | ' |
Related Reserve | 4,903 | 4,951 | ' |
Contractual Principal Balance | 65,644 | 98,657 | ' |
Average Loan Balances | 51,803 | 64,752 | ' |
Commercial Loan Commitments [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 5,003 | 4,861 | ' |
Loans with No Related Reserve | 2,362 | 1,598 | ' |
Loans with Related Reserve | 2,641 | 3,263 | ' |
Related Reserve | 1,781 | 2,100 | ' |
Contractual Principal Balance | 13,013 | 12,060 | ' |
Average Loan Balances | 5,347 | 4,993 | ' |
Owner-Occupied Commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 5,197 | 14,001 | ' |
Loans with No Related Reserve | 5,184 | 13,827 | ' |
Loans with Related Reserve | 12 | 174 | ' |
Related Reserve | 12 | 1 | ' |
Contractual Principal Balance | 8,293 | 18,658 | ' |
Average Loan Balances | 11,542 | 16,856 | ' |
Commercial Mortgages [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 8,661 | 12,634 | 15,814 |
Loans with No Related Reserve | 2,784 | 5,422 | ' |
Loans with Related Reserve | 5,877 | 7,212 | ' |
Related Reserve | 1,987 | 1,887 | ' |
Contractual Principal Balance | 16,566 | 22,192 | ' |
Average Loan Balances | 10,444 | 10,233 | ' |
Construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 1,158 | 1,547 | 22,124 |
Loans with No Related Reserve | 1,158 | 1,172 | ' |
Loans with Related Reserve | ' | 375 | ' |
Related Reserve | ' | 28 | ' |
Contractual Principal Balance | 1,563 | 17,711 | ' |
Average Loan Balances | 968 | 11,239 | ' |
Residential [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 17,852 | 18,483 | ' |
Loans with No Related Reserve | 9,750 | 11,053 | ' |
Loans with Related Reserve | 8,103 | 7,430 | ' |
Related Reserve | 989 | 919 | ' |
Contractual Principal Balance | 20,153 | 20,771 | ' |
Average Loan Balances | 18,047 | 16,917 | ' |
Consumer Loan Commitments [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 5,411 | 6,329 | 2,621 |
Loans with No Related Reserve | 4,767 | 5,635 | ' |
Loans with Related Reserve | 644 | 694 | ' |
Related Reserve | 134 | 16 | ' |
Contractual Principal Balance | 6,056 | 7,265 | ' |
Average Loan Balances | $5,455 | $4,514 | ' |
Allowance_for_Loan_Losses_and_7
Allowance for Loan Losses and Credit Quality Information - Schedule of Commercial Credit Exposure (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial Loans | 100.00% | 100.00% |
Total Commercial Loans | $2,428,509 | $2,239,812 |
Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 19,631 | 73,729 |
Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 113,732 | 119,950 |
Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 11,489 | 22,019 |
Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 8,530 | 11,024 |
Total Special Mention and Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial Loans | 6.00% | 10.00% |
Total Commercial Loans | 153,382 | 226,722 |
Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial Loans | 94.00% | 90.00% |
Total Commercial Loans | 2,275,127 | 2,013,090 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 810,882 | 704,491 |
Commercial [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 12,566 | 14,611 |
Commercial [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 56,806 | 63,074 |
Commercial [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 2,362 | 1,598 |
Commercial [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 2,641 | 3,263 |
Commercial [Member] | Total Special Mention and Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 74,375 | 82,546 |
Commercial [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 736,507 | 621,945 |
Owner-Occupied Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 786,360 | 770,581 |
Owner-Occupied Commercial [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 4,747 | 27,398 |
Owner-Occupied Commercial [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 45,181 | 44,899 |
Owner-Occupied Commercial [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 5,185 | 13,827 |
Owner-Occupied Commercial [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 12 | 174 |
Owner-Occupied Commercial [Member] | Total Special Mention and Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 55,125 | 86,298 |
Owner-Occupied Commercial [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 731,235 | 684,283 |
Commercial Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 725,193 | 631,365 |
Commercial Mortgages [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 2,092 | 29,267 |
Commercial Mortgages [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 8,146 | 6,222 |
Commercial Mortgages [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 2,784 | 5,422 |
Commercial Mortgages [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 5,877 | 7,212 |
Commercial Mortgages [Member] | Total Special Mention and Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 18,899 | 48,123 |
Commercial Mortgages [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 706,294 | 583,242 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 106,074 | 133,375 |
Construction [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 226 | 2,453 |
Construction [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 3,599 | 5,755 |
Construction [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 1,158 | 1,172 |
Construction [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | ' | 375 |
Construction [Member] | Total Special Mention and Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 4,983 | 9,755 |
Construction [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | $101,091 | $123,620 |
Allowance_for_Loan_Losses_and_8
Allowance for Loan Losses and Credit Quality Information - Schedule of Consumer Credit Exposure (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | $2,952,263 | $2,772,440 |
Total | 100.00% | 100.00% |
Residential and Consumer Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 523,754 | 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 | 23,263 | 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 | 500,491 | 507,816 |
Total | 96.00% | 95.00% |
Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 221,520 | 243,627 |
Residential [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 17,852 | 18,483 |
Residential [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 203,668 | 225,144 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 302,234 | 289,001 |
Consumer [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | 5,411 | 6,329 |
Consumer [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross loans | $296,823 | $282,672 |
Allowance_for_Loan_Losses_and_9
Allowance for Loan Losses and Credit Quality Information - Schedule of Consumer Credit Exposure (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Non-performing loans of troubled debt restructured mortgages and home equity installment loans | $11.50 | $10.10 |
Recovered_Sheet1
Allowance for Loan Losses and Credit Quality Information - Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans identified during the period | $18,696 | $18,216 |
Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans identified during the period | 9,241 | 10,235 |
Commercial Mortgages [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans identified during the period | 7,056 | ' |
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 | 1,076 | 5,217 |
Consumer [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans identified during the period | $1,323 | $2,386 |
Reverse_Mortgage_Related_Asset2
Reverse Mortgage Related Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Maximum [Member] | Minimum [Member] | Zero collateral value [Member] | Reverse Mortgage [Member] | SASCO 2002-RM1's Class O Securities [Member] | SASCO 2002-RM1's Class O Securities [Member] | SASCO 2002-RM1's Class O Securities [Member] | ||
Mortgage-Backed Securities ("MBS") [Member] | ||||||||
Reverse Mortgage Loan Activities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' |
Bonds at fair value | ' | ' | ' | ' | ' | 26,300,000 | ' | ' |
Pre-tax in income | ' | ' | ' | ' | ' | 3,800,000 | ' | ' |
Consolidated mortgage investment | 37,300,000 | ' | ' | ' | ' | ' | ' | ' |
Average age of a mortgage backed securities borrower | '92 years | ' | ' | ' | ' | ' | ' | ' |
Realizable collateral value of mortgage backed securities | 63,000,000 | ' | ' | ' | ' | ' | ' | ' |
Liquid assets | 6,000,000 | ' | ' | ' | ' | ' | ' | ' |
Outstanding bonds | 22,000,000 | ' | ' | ' | ' | ' | ' | ' |
Carrying value of reverse mortgages | ' | ' | ' | ' | -457,000 | ' | ' | ' |
Fair value of reverse mortgages | ' | ' | ' | ' | 12,600,000 | ' | 7,100,000 | ' |
Forecasted housing prices increase rate | 2.50% | ' | ' | ' | ' | ' | ' | ' |
Forecasted housing prices increase rate, following year and thereafter | 1.75% | ' | ' | ' | ' | ' | ' | ' |
Internal rate of return | 14.22% | ' | ' | ' | ' | ' | ' | ' |
Cash payments to reverse mortgagors | 8,400,000 | ' | ' | ' | ' | ' | ' | ' |
Decrease in income | 77,000 | ' | ' | 155,000 | ' | ' | ' | ' |
Reduction in collateral value | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Internal Rate of Return (IRR) | 13.35% | ' | ' | 12.50% | ' | ' | ' | ' |
Net present value increase or decrease | ' | $103,000 | $101,000 | ' | ' | ' | ' | ' |
Change in present value of IRR | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' |
Reverse_Mortgage_Related_Asset3
Reverse Mortgage Related Assets - Summary of Estimated Cash Payments to Reverse Mortgagors (Detail) (USD $) | Dec. 31, 2013 |
Mortgage Banking [Abstract] | ' |
2014 | $1,004,565 |
2015 | 820,257 |
2016 | 663,038 |
2017 | 530,411 |
2018 | 419,873 |
Years 2019 - 2023 | 1,038,376 |
Years 2024 - 2028 | 242,803 |
Years 2029 - 2033 | 42,848 |
Thereafter | 5,181 |
Total | $4,767,352 |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $79,033 | $76,305 |
Accumulated depreciation | 43,855 | 38,048 |
Property, plant and equipment, net | 35,178 | 38,257 |
Premises [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,362 | 1,362 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 4,030 | 4,020 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 35,506 | 35,011 |
Furniture and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $38,135 | $35,912 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Rent expense of operating leases | $9.10 | $9 | $7.90 |
Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Operating leases, lease terms | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Operating leases, lease terms | '25 years | ' | ' |
Computer Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Furniture and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Building Renovations [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '10 years | ' | ' |
Premises_and_Equipment_Summary1
Premises and Equipment - Summary of Future Minimum Cash Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items] | ' |
2014 | $3,437 |
2015 | 1,598 |
2016 | 763 |
2017 | 727 |
2018 | ' |
Premises [Member] | ' |
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items] | ' |
2014 | 7,924 |
2015 | 7,712 |
2016 | 7,483 |
2017 | 7,430 |
2018 | 7,590 |
Thereafter | 144,635 |
Total future minimum lease payments | $182,774 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | $32,235,000 | $28,146,000 | $28,146,000 |
Impairment losses related to goodwill | 0 | ' | ' |
WSFS Bank [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | 27,100,000 | ' | ' |
Trust & Wealth Management [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | 5,100,000 | ' | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense on other intangible assets | $1,000,000 | $989,000 | $1,200,000 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $28,146 | $28,146 |
Goodwill from business combinations | 4,089 | ' |
Changes in goodwill | ' | ' |
Ending Balance | 32,235 | 28,146 |
WSFS Bank [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 23,012 | 23,012 |
Goodwill from business combinations | 4,089 | ' |
Changes in goodwill | ' | ' |
Ending Balance | 27,101 | 23,012 |
Cash Connect [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | ' | ' |
Goodwill from business combinations | ' | ' |
Changes in goodwill | ' | ' |
Ending Balance | ' | ' |
Trust & Wealth Management [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 5,134 | 5,134 |
Goodwill from business combinations | ' | ' |
Changes in goodwill | ' | ' |
Ending Balance | $5,134 | $5,134 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Summary of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | $10,995 | $8,834 |
Accumulated Amortization | -4,252 | -3,660 |
Net Intangible Assets | 6,743 | 5,174 |
Core deposits [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 4,370 | 4,370 |
Accumulated Amortization | -2,605 | -2,020 |
Net Intangible Assets | 1,765 | 2,350 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 6,625 | 4,464 |
Accumulated Amortization | -1,647 | -1,640 |
Net Intangible Assets | $4,978 | $2,824 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense of Intangibles (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $1,167 | ' |
2015 | 1,135 | ' |
2016 | 878 | ' |
2017 | 731 | ' |
2018 | 711 | ' |
Thereafter | 2,121 | ' |
Net Intangible Assets | $6,743 | $5,174 |
Deposits_Deposits_by_Category_
Deposits - Deposits by Category, Including Summary of Remaining Time to Maturity for Time Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Time Deposits [Line Items] | ' | ' |
Noninterest-bearing demand | $650,256 | $631,026 |
Interest-bearing demand | 638,403 | 538,195 |
Money market | 887,715 | 933,901 |
Total money market and demand | 2,176,374 | 2,103,122 |
Savings | 383,731 | 389,977 |
Total customer time certificates | 236,965 | 316,986 |
Total jumbo certificates of deposit | 221,145 | 294,237 |
Total customer deposits | 3,018,215 | 3,104,322 |
Total deposits | 3,186,942 | 3,274,963 |
Customer Certificates of Deposits by Maturity [Member] | ' | ' |
Time Deposits [Line Items] | ' | ' |
Less than one year | 134,356 | 202,604 |
One year to two years | 89,750 | 45,955 |
Two years to three years | 7,951 | 60,879 |
Three years to four years | 1,446 | 5,894 |
Over four years | 3,462 | 1,654 |
Jumbo Certificates of Deposit by Maturity [Member] | ' | ' |
Time Deposits [Line Items] | ' | ' |
Less than one year | 162,617 | 234,716 |
One year to two years | 51,996 | 20,581 |
Two years to three years | 3,092 | 36,561 |
Three years to four years | 535 | 2,031 |
Over four years | 2,905 | 348 |
Brokered Deposits [Member] | ' | ' |
Time Deposits [Line Items] | ' | ' |
Less than one year | $168,727 | $170,641 |
Deposits_Interest_Expense_by_C
Deposits - Interest Expense by Category, Followed on Deposits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Banking And Thrift Interest [Abstract] | ' | ' | ' |
Interest-bearing demand | $529 | $246 | $405 |
Money market | 1,123 | 1,759 | 2,897 |
Savings | 217 | 431 | 1,465 |
Time deposits | 4,712 | 9,531 | 13,548 |
Total customer interest expense | 6,581 | 11,967 | 18,315 |
Brokered deposits | 599 | 1,134 | 816 |
Total interest expense on deposits | $7,180 | $13,101 | $19,131 |
Borrowed_Funds_Summary_of_Borr
Borrowed Funds - Summary of Borrowed Funds by Type (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Balance at End of Period | $638,091 | $376,310 |
Weighted Average Interest Rate | 0.30% | ' |
Maximum Outstanding at Month End During the Period | 685,591 | ' |
Average Amount Outstanding During the Period | 573,989 | ' |
Weighted Average Interest Rate During the Period | 0.32% | ' |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Balance at End of Period | 97,000 | 110,000 |
Weighted Average Interest Rate | 0.98% | 0.90% |
Maximum Outstanding at Month End During the Period | 126,000 | 125,000 |
Average Amount Outstanding During the Period | 108,105 | 101,106 |
Weighted Average Interest Rate During the Period | 0.91% | 0.99% |
Trust Preferred Borrowings [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Balance at End of Period | 67,011 | 67,011 |
Weighted Average Interest Rate | 2.01% | 2.08% |
Maximum Outstanding at Month End During the Period | 67,011 | 67,011 |
Average Amount Outstanding During the Period | 67,011 | 67,011 |
Weighted Average Interest Rate During the Period | 1.98% | 2.17% |
Senior Debt [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Balance at End of Period | 55,000 | 55,000 |
Weighted Average Interest Rate | 6.25% | 6.25% |
Maximum Outstanding at Month End During the Period | 55,000 | 55,000 |
Average Amount Outstanding During the Period | 55,000 | 19,085 |
Weighted Average Interest Rate During the Period | 6.86% | 6.68% |
Reverse Mortgage Trust Bonds Payable [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Balance at End of Period | 21,990 | ' |
Weighted Average Interest Rate | 0.34% | ' |
Maximum Outstanding at Month End During the Period | 26,340 | ' |
Average Amount Outstanding During the Period | 6,757 | ' |
Weighted Average Interest Rate During the Period | 0.88% | ' |
Other Borrowed Funds [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Balance at End of Period | 24,739 | 28,945 |
Weighted Average Interest Rate | 0.09% | 0.09% |
Maximum Outstanding at Month End During the Period | 41,976 | 64,599 |
Average Amount Outstanding During the Period | 35,026 | 33,924 |
Weighted Average Interest Rate During the Period | 0.32% | 0.41% |
FHLB Advances [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Balance at End of Period | ' | 376,310 |
Weighted Average Interest Rate | ' | 0.57% |
Maximum Outstanding at Month End During the Period | ' | 588,052 |
Average Amount Outstanding During the Period | ' | $466,243 |
Weighted Average Interest Rate During the Period | ' | 1.32% |
Borrowed_Funds_Additional_Info
Borrowed Funds - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
WSFS Capital Trust III [Member] | WSFS Capital Trust I [Member] | Mortgage-Backed Securities ("MBS") [Member] | Reverse Mortgage Trust Bonds Payable [Member] | LIBOR Rate [Member] | Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank of Pittsburgh [Member] | |||
WSFS Capital Trust III [Member] | Minimum [Member] | Maximum [Member] | ||||||||||
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rates on advances from the FHLB of Pittsburgh | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.16% | 1.52% |
Federal Home Loan Bank, Advances, general debt obligations, disclosures, general description of terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Purchase and hold shares of capital stock in the FHLB of Pittsburgh in an amount at least equal to 0.35% of our member asset value plus 4.60% of advances outstanding | ' |
Percentage of member asset value | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' |
Percentage of advances outstanding | ' | ' | ' | ' | ' | ' | ' | 4.60% | ' | ' | ' | ' |
FHLB stock | $35,869,000 | $31,165,000 | ' | ' | ' | ' | ' | $35,900,000 | $31,200,000 | ' | ' | ' |
Dividends from the FHLB of Pittsburgh | ' | ' | ' | ' | ' | ' | ' | 391,000 | 60,000 | 0 | ' | ' |
Purchase of federal funds | 72,000,000 | 85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal funds rate on securities purchased | 0.28% | 0.27% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of securities sold under repurchase agreements | ' | ' | ' | ' | 2.98% | ' | ' | ' | ' | ' | ' | ' |
Securities sold under agreements to repurchase, Maturity date | ' | ' | ' | ' | 1-Jan-15 | ' | ' | ' | ' | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' | ' | 33,600,000 | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of Pooled Floating Rate Securities | ' | ' | 67,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | ' | 1.77% | ' | ' | ' | ' | ' |
Variable interest rate period | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | 55,000,000 | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on unsecured debt | ' | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes Due Date | '2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Debt, Callable Period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Debt maturity date | 1-Sep-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of bonds | 638,091,000 | 376,310,000 | ' | ' | ' | 21,990,000 | ' | ' | ' | ' | ' | ' |
Interest rate of bonds | 0.32% | ' | ' | ' | ' | 0.88% | ' | ' | ' | ' | ' | ' |
Collateralized borrowings | $24,700,000 | $28,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average rates on borrowings | 0.09% | 0.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowed_Funds_Advances_from_F
Borrowed Funds - Advances from FHLB of Pittsburgh with Rates (Detail) (Federal Home Loan Bank of Pittsburgh [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Federal Home Loan Bank of Pittsburgh [Member] | ' |
Assets Sold under Agreements to Repurchase [Line Items] | ' |
2014 | $615,925 |
2015 | 22,166 |
Advances from FHLB of Pittsburgh, Amount | $638,091 |
2014 | 0.29% |
2015 | 0.58% |
Advances from FHLB of Pittsburgh | 0.30% |
Borrowed_Funds_Securities_Sold
Borrowed Funds - Securities Sold under Agreements to Repurchase with Corresponding Carrying and Market Values of Underlying Securities (Detail) (Maturity over 90 Days [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturity over 90 Days [Member] | ' | ' |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
Borrowing Amount | $25,000 | $25,000 |
Rate | 2.98% | 2.98% |
Collateral Carrying Value | 34,952 | 41,061 |
Collateral Fair Value | 33,596 | 41,714 |
Collateral Accrued Interest | $83 | $104 |
Stock_and_Common_Stock_Warrant1
Stock and Common Stock Warrants - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 28, 2012 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | |
U.S. Treasury Securities [Member] | U.S. Treasury Securities [Member] | U.S. Treasury Securities [Member] | U.S. Treasury Securities [Member] | U.S. Treasury Securities [Member] | Warrant [Member] | Peninsula Investment Partners, L.P. [Member] | Peninsula Investment Partners, L.P. [Member] | Peninsula Investment Partners, L.P. [Member] | Peninsula Investment Partners, L.P. [Member] | |||||||
U.S. Treasury Securities [Member] | Common Stock [Member] | Common Stock Warrants [Member] | Warrant [Member] | |||||||||||||
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwritten public offering common stock | ' | ' | ' | ' | 1,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium of public offering common stock | ' | $4,353,000 | $2,503,000 | $1,124,000 | $47,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of public offering common stock | ' | ' | ' | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of common stock, shares | ' | 18,476,003 | 18,354,055 | ' | ' | ' | ' | ' | ' | ' | ' | 175,105 | 862,069 | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,600,000 | ' | 25,000,000 | 23,500,000 | 1,500,000 | ' |
Warrant to purchase of common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,310 |
Warrant to purchase of common stock, exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45.08 | ' | ' | ' | $29 |
Warrant period to purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '10 years |
Total proceeds from private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' |
Issue of preferred stock, shares | ' | ' | 52,625 | ' | ' | ' | ' | ' | ' | 52,625 | 52,625 | ' | ' | ' | ' | ' |
Preferred stock dividend paid | ' | 1,774,000 | 2,631,000 | 2,631,000 | ' | ' | 1,800,000 | 2,600,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of warrant | ' | ' | 1,800,000 | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, liquidation preference per share | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase amount of outstanding in open market transactions | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount outstanding | ' | $52,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | Dec. 31, 2005 |
Class_of_Stock | WSFS Capital Trust III [Member] | WSFS Capital Trust III [Member] | ||
LIBOR Rate [Member] | ||||
Capital Unit [Line Items] | ' | ' | ' | ' |
Tangible capital percentage of adjusted total assets | 1.50% | 1.50% | ' | ' |
Core capital percentage of adjusted total assets | 4.00% | 4.00% | ' | ' |
Tier 1 capital percentage of risk weighted assets | 4.00% | 4.00% | ' | ' |
Risk based capital of risk weighted assets | 8.00% | 8.00% | ' | ' |
Common stock outstanding, par value | $0.01 | $0.01 | ' | ' |
Number of classes of stock | 1 | ' | ' | ' |
Number of class of common stock outstanding | 1 | ' | ' | ' |
Pooled Floating Rate Securities Issued | ' | ' | $67 | ' |
Pooled Floating Rate Securities, par value | 2 | ' | ' | ' |
Coupon rate | 2.01% | ' | ' | ' |
Date of maturity | 1-Jun-35 | ' | ' | ' |
Variable interest rate period | 'Three-month LIBOR | ' | ' | ' |
Variable interest rate | ' | ' | ' | 1.77% |
Cash remains at the holding company | $19.30 | ' | ' | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Capital Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Total Capital (to risk-weighted assets), Consolidated Bank Capital Amount | $505,354 | $466,924 |
Core Capital (to adjusted tangible assets), Consolidated Bank Capital Amount | 463,130 | 426,019 |
Tangible Capital (to tangible assets), Consolidated Bank Capital Amount | 463,130 | 426,019 |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 463,130 | 426,019 |
Total Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 14.36% | 14.29% |
Core Capital (to adjusted tangible assets), Consolidated Bank Capital Percent | 10.35% | 9.83% |
Tangible Capital (to tangible assets), Consolidated Bank Capital Percent | 10.35% | 9.83% |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 13.16% | 13.04% |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 281,450 | 261,440 |
Core Capital (to adjusted tangible assets), For Capital Adequacy Purposes Amount | 178,996 | 173,273 |
Tangible Capital (to tangible assets), For Capital Adequacy Purposes Amount | 67,124 | 64,977 |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 140,725 | 130,720 |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 8.00% | 8.00% |
Core Capital (to adjusted tangible assets), For Capital Adequacy Purposes Percentage | 4.00% | 4.00% |
Tangible Capital (to tangible assets), For Capital Adequacy Purposes Percentage | 1.50% | 1.50% |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 4.00% | 4.00% |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 351,812 | 326,800 |
Core Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 223,745 | 216,592 |
Tangible Capital (to tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | ' | ' |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $211,087 | $196,080 |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 10.00% | 10.00% |
Core Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 5.00% | 5.00% |
Tangible Capital (to tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | ' | ' |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 6.00% | 6.00% |
Associate_Employee_Benefit_Pla2
Associate (Employee) Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Plans | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash contributions to the plan on behalf of associates, cash expenditure | $2,600,000 | $2,400,000 | $1,900,000 |
Percentage of contributions to be invested in balanced fund if no designation made | 100.00% | ' | ' |
Employee benefit plan, purchases of common stock | ' | 2,000 | 24,000 |
Employee benefit plan, sales of common stock | 19,000 | ' | ' |
Amortization of unrecognized gains losses exceed percentage | 10.00% | ' | ' |
Expense relating to the amortization of the net actuarial loss | 56,000 | ' | ' |
Average annual rate of increase for medical benefits | 4.00% | ' | ' |
Amount of annual health premium per retiree | 2,920 | ' | ' |
Estimated contribution for health fund | 3,037 | ' | ' |
Reduction in annual medical premium cap | 5.00% | ' | ' |
Number of additional supplemental plans | 5 | ' | ' |
Supplemental Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit pension plan, corresponding liability | 381,000 | ' | ' |
Early Retirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit pension plan, corresponding liability | 149,000 | ' | ' |
Director's Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit pension plan, corresponding liability | 44,000 | ' | ' |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit pension plan, corresponding liability | 932,000 | ' | ' |
Post-Retirement Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit pension plan, corresponding liability | $164,000 | ' | ' |
Associate_Employee_Benefit_Pla3
Associate (Employee) Benefit Plans - Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | $4,478 | $3,923 | $3,088 |
Service cost | 343 | 288 | 207 |
Interest cost | 176 | 174 | 166 |
Actuarial (gain) loss | -288 | 271 | 623 |
Benefits paid | -149 | -178 | -161 |
Benefit obligation at end of year | 4,560 | 4,478 | 3,923 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | ' | ' |
Employer contributions | 149 | 178 | 161 |
Benefits paid | -149 | -178 | -161 |
Fair value of plan assets at end of year | ' | ' | ' |
Funded status: | ' | ' | ' |
Funded status | -4,560 | -4,478 | -3,923 |
Recognized net loss | 1,221 | 1,587 | 1,444 |
Net amount recognized | -3,339 | -2,891 | -2,479 |
Components of net periodic benefit cost: | ' | ' | ' |
Service cost | 343 | 288 | 207 |
Interest cost | 177 | 174 | 166 |
Amortization of transition obligation | ' | 61 | 61 |
Net loss recognition | 78 | 67 | 32 |
Net periodic benefit cost | 598 | 590 | 466 |
Assumptions used to determine net periodic benefit cost: | ' | ' | ' |
Discount rate | 4.00% | 4.50% | 5.50% |
Health care cost trend rate | 5.00% | 5.00% | 5.00% |
Sensitivity analysis of health care cost trends: | ' | ' | ' |
Effect of +1% on service cost plus interest cost | ' | -34 | -17 |
Effect of -1% on service cost plus interest cost | ' | 12 | 13 |
Effect of +1% on APBO | ' | -146 | -129 |
Effect of -1% on APBO | ' | $142 | $100 |
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): | ' | ' | ' |
Discount rate | 5.00% | 4.00% | 4.50% |
Health care cost trend rate | 5.00% | 5.00% | 5.00% |
Ultimate trend rate | 5.00% | 5.00% | 5.00% |
Year of ultimate trend rate | '2013 | '2012 | '2011 |
Associate_Employee_Benefit_Pla4
Associate (Employee) Benefit Plans - Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Postemployment Benefits [Abstract] | ' |
During 2014 | $125 |
During 2015 | 128 |
During 2016 | 132 |
During 2017 | 146 |
During 2018 | 155 |
During 2019 through 2023 | 1,078 |
Total | $1,764 |
Taxes_on_Income_Schedule_of_Co
Taxes on Income - Schedule of Components of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current income taxes, Federal taxes | $21,242 | $11,136 | $6,648 |
Current income taxes, State and local taxes | 2,759 | 2,256 | 1,849 |
Deferred income taxes, Federal taxes | 875 | 3,591 | 2,978 |
Deferred income taxes, State and local taxes | -120 | ' | ' |
Total | $24,756 | $16,983 | $11,475 |
Taxes_on_Income_Schedule_of_De
Taxes on Income - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Unrealized losses on available-for-sale securities | $12,762 | ' |
Allowance for loan losses | 14,436 | 15,373 |
Reserves and other | 8,854 | 7,511 |
Deferred gains | 453 | 480 |
Net operating losses | 1,196 | ' |
Reverse mortgages | 3,686 | ' |
Total deferred tax assets before valuation allowance | 41,387 | 23,364 |
Less: valuation allowance | -4,882 | ' |
Total Deferred tax assets | 36,505 | 23,364 |
Deferred tax liabilities: | ' | ' |
Unrealized gains on available-for-sale securities | ' | -8,053 |
Accelerated depreciation | -1,506 | -2,115 |
Other | -2,132 | -397 |
Prepaid expenses | -1,112 | -1,590 |
Deferred loan costs | -1,843 | -1,866 |
Intangibles | -1,765 | -1,256 |
Total deferred tax liabilities before valuation allowance | -8,358 | -15,277 |
Net deferred tax asset | $28,147 | $8,087 |
Taxes_on_Income_Additional_Inf
Taxes on Income - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Jan. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 27, 2014 | |
Subsequent Event [Member] | Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | SASCO [Member] | SASCO [Member] | |||||
Subsequent Event [Member] | |||||||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized losses on investments in debt and equity | $12,762,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains on investments in debt and equity | ' | 8,053,000 | ' | ' | ' | ' | ' | ' | ' |
Postretirement benefit obligations | 550,000 | 550,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax (benefit) expense | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset | 28,147,000 | 8,087,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of tax benefit | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset | 41,387,000 | 23,364,000 | ' | ' | ' | ' | ' | 4,900,000 | ' |
Deferred tax asset, valuation allowance | 4,882,000 | ' | ' | ' | ' | ' | ' | ' | 4,900,000 |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 |
Income tax benefit | 24,756,000 | 16,983,000 | 11,475,000 | ' | 6,600,000 | 416,000 | 186,000 | ' | 6,600,000 |
Federal net operating losses | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 |
Net operating loss expiration beginning period | ' | ' | ' | ' | ' | ' | ' | ' | '2030 |
Charitable contribution expense | ' | ' | ' | $6,000,000 | ' | ' | ' | ' | ' |
Income tax expired year | ' | ' | ' | '2011 | ' | ' | ' | ' | ' |
Income tax examination | 'Federal tax years 2010 through 2013 remain subject to examination | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax examination in process | 'No state income tax return examinations are currently in process. | ' | ' | ' | ' | ' | ' | ' | ' |
Completion of federal tax return audit by IRS | 'During 2013, the audit of our 2010 federal tax return was completed by the IRS. | ' | ' | ' | ' | ' | ' | ' | ' |
Taxes_on_Income_Schedule_of_Ef
Taxes on Income - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State tax, net of federal tax benefit | 2.40% | 3.00% | 3.40% |
Interest income 50% excludable | ' | -0.50% | -2.10% |
Tax-exempt interest | -1.20% | -0.50% | -0.40% |
Bank-owned life insurance income | -0.10% | -1.10% | -2.00% |
Incentive stock option and other nondeductible compensation | 0.30% | 0.60% | 0.90% |
Settlement of prior year charitable donation | ' | ' | -1.20% |
Federal tax credits | -1.70% | -1.40% | -0.50% |
Other | -0.10% | 0.10% | 0.50% |
Effective tax rate | 34.60% | 35.20% | 33.60% |
Taxes_on_Income_Schedule_of_Ef1
Taxes on Income - Schedule of Effective Income Tax Rate Reconciliation (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Interest income excludable | 50.00% |
Taxes_on_Income_Schedule_of_Un
Taxes on Income - Schedule of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits at January 1 | ' | $88 |
Tax positions taken during prior years | ' | -3 |
Tax positions taken during current year | ' | ' |
Reductions relating to settlements with taxing authorities | ' | -85 |
Reductions as a result of a lapse of statutes of limitations | ' | ' |
Unrecognized tax benefits at December 31 | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Apr. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Number of shares reserved for issuance under 2013 Plan | ' | 712,578 | 335,730 | 416,886 | 566,323 |
Stock options granted, vest in percentage per annum increments | ' | 25.00% | 25.00% | ' | ' |
Stock option exercisable period description | ' | 'Start to become exercisable one year from the grant date and expire five years from the grant date | ' | ' | ' |
Intrinsic value for nonvested options | ' | ' | $6,100,000 | ' | ' |
Intrinsic value for vested stock options | ' | $2,400,000 | ' | ' | ' |
Options exercised with an intrinsic value | ' | 2,700,000 | ' | ' | ' |
Intrinsic value of remaining exercisable options | ' | 3,300,000 | ' | ' | ' |
Average remaining contractual term of remaining exercisable options | ' | '1 year 4 months 24 days | ' | ' | ' |
Intrinsic value of outstanding options | ' | 21,400,000 | ' | ' | ' |
Average remaining contractual term of options outstanding | ' | '4 years 8 months 12 days | ' | ' | ' |
Total unrecognized compensation cost of nonvested stock options | ' | 6,000,000 | ' | ' | ' |
Expected weighted-average period | ' | '3 years 9 months 18 days | ' | ' | ' |
Non-statutory stock options, granted | 250,000 | ' | ' | ' | ' |
Non-statutory stock options, vesting percentage after second year | 40.00% | ' | ' | ' | ' |
Non-statutory stock options, vesting percentage in each of following three years | 20.00% | ' | ' | ' | ' |
Non-statutory stock options, exercise price over December 2012 market value, percent | 20.00% | ' | ' | ' | ' |
Non eligibility period of receiving grants under any of other stock based award programs | '5 years | ' | ' | ' | ' |
Weighted-average risk-free rate of return | ' | 0.50% | ' | ' | ' |
Expected option life | ' | '3 years 9 months | '3 years 9 months | ' | ' |
Expected stock price volatility rate | ' | 30.70% | 44.60% | ' | ' |
Assumed dividend yield | ' | 1.01% | 1.20% | ' | ' |
Additional options granted | ' | 522,357 | 88,307 | 57,723 | ' |
Stock-based compensation expense | ' | 2,938,000 | 1,577,000 | 1,343,000 | ' |
Shares vesting period | ' | 'Two year | ' | ' | ' |
Return on investment of cost of restricted stock | ' | 50.00% | ' | ' | ' |
Compensation expense | ' | 275,000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Performance award vesting period | ' | '1 year | ' | ' | ' |
Weighted-average risk-free rate of return | ' | ' | 0.60% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Performance award vesting period | ' | '5 years | ' | ' | ' |
Weighted-average risk-free rate of return | ' | ' | 0.70% | ' | ' |
Stock Incentive 2013 Plan [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Termination year of the plan | ' | '2023 | ' | ' | ' |
Number of shares reserved for issuance under 2013 Plan | ' | 698,845 | ' | ' | ' |
Shares available for future grants under 2013 Plan | ' | 548,845 | ' | ' | ' |
Stock Incentive 2013 Plan [Member] | Executive Officers [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Weighted-average risk-free rate of return | ' | 0.76% | ' | ' | ' |
Expected option life | ' | '5 years | ' | ' | ' |
Expected stock price volatility rate | ' | 40.50% | ' | ' | ' |
Assumed dividend yield | ' | 1.01% | ' | ' | ' |
Incentive stock options issued | ' | 150,000 | ' | ' | ' |
Performance Stock Awards [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Impact of stock-based compensation before tax | ' | 3,200,000 | 2,300,000 | 1,600,000 | ' |
Impact of stock-based compensation after tax | ' | 2,500,000 | 1,700,000 | 1,200,000 | ' |
Stock Options [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Performance award vesting period | ' | '4 years | '4 years | ' | ' |
Expected option life | ' | '5 years | '5 years | ' | ' |
Additional options granted | ' | 122,357 | 88,307 | ' | ' |
Non-Plan Stock Options [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Weighted-average risk-free rate of return | ' | 0.76% | ' | ' | ' |
Expected option life | ' | '5 years | ' | ' | ' |
Expected stock price volatility rate | ' | 40.50% | ' | ' | ' |
Assumed dividend yield | ' | 1.01% | ' | ' | ' |
Restricted Stock and Restricted Stock Units [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Performance award vesting period | ' | '4 years | ' | ' | ' |
Average remaining contractual term of options outstanding | ' | '1 year 8 months 12 days | ' | ' | ' |
Restricted stock units and awards issued | ' | 11,357 | ' | ' | ' |
Total amount of compensation cost of relating to non-vested restricted stock | ' | 1,200,000 | 992,000 | 1,200,000 | ' |
Performance Shares [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Restricted stock units and awards issued | ' | 36,152 | ' | ' | ' |
Aggregate shares of restricted stock awarded | ' | 77,800 | ' | ' | ' |
Number of participants under Long-Term Program | ' | 14 | ' | ' | ' |
Percentage of annual return on assets | ' | 1.00% | ' | ' | ' |
Vesting description | ' | 'The awarded stock will vest in 25% increments over four years | ' | ' | ' |
Stock-based compensation expense | ' | $88,000 | ' | ' | ' |
Performance Level One [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Percentage of annual return on assets | ' | 1.00% | ' | ' | ' |
Shares awarded under annual return of assets | ' | 39,000 | ' | ' | ' |
Performance Level Two [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Percentage of annual return on assets | ' | 1.13% | ' | ' | ' |
Shares awarded under annual return of assets | ' | 53,300 | ' | ' | ' |
Performance Level Three [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Percentage of annual return on assets | ' | 1.25% | ' | ' | ' |
Shares awarded under annual return of assets | ' | 77,800 | ' | ' | ' |
Director [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Performance award vesting period | ' | '5 years | ' | ' | ' |
Restricted stock granted | ' | 22,250 | ' | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Incentive Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Outstanding at beginning of year, Shares | 335,730 | 416,886 | 566,323 |
Granted, Shares | 522,357 | 88,307 | 57,723 |
Exercised, Shares | -118,438 | -71,055 | -85,379 |
Forfeited, Shares | -13,081 | ' | -12,666 |
Expired, Shares | -13,990 | -98,408 | -109,115 |
Outstanding at end of year, Shares | 712,578 | 335,730 | 416,886 |
Exercisable at end of year, Shares | 103,549 | 178,432 | 304,628 |
Weighted-average fair value of awards granted, Shares | $13.94 | $12.50 | $14.06 |
Outstanding at beginning of year, Weighted-Average Exercise Price | $42.14 | $43.52 | $42.84 |
Granted, Weighted-Average Exercise Price | $49.09 | $39.66 | $44.15 |
Exercised, Weighted-Average Exercise Price | $39.39 | $30.78 | $18.94 |
Forfeited, Weighted-Average Exercise Price | $47.50 | ' | $40.85 |
Expired, Weighted-Average Exercise Price | $49.08 | $53.99 | $59.85 |
Outstanding at end of year, Weighted-Average Exercise Price | $47.42 | $42.14 | $43.52 |
Exercisable at end of year, Weighted-Average Exercise Price | $46.02 | $45.28 | $46.27 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Unvested Stock Option Outstanding (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Unvested at beginning of period, Shares | 157,298 | 112,258 | 123,486 |
Granted, Shares | 522,357 | 88,307 | 57,723 |
Vested, Shares | -57,545 | -43,267 | -56,285 |
Forfeited, Shares | -13,081 | ' | -12,666 |
Unvested at end of period, Shares | 609,029 | 157,298 | 112,258 |
Unvested at beginning of period, Weighted-Average Exercise Price | $38.57 | $36.08 | $34.94 |
Granted, Weighted-Average Exercise Price | $49.09 | $39.66 | $44.15 |
Vested, Weighted-Average Exercise Price | $35.41 | $34.32 | $40.77 |
Forfeited, Weighted-Average Exercise Price | $47.50 | ' | $40.85 |
Unvested at end of period, Weighted-Average Exercise Price | $47.66 | $38.57 | $36.08 |
Unvested at beginning of period, Weighted-Average Grant Date Fair Value | $11.98 | $10.69 | $8.27 |
Granted, Weighted-Average Grant Date Fair Value | $13.94 | $12.50 | $14.06 |
Vested, Weighted-Average Grant Date Fair Value | $10.65 | $9.66 | $9.13 |
Forfeited, Weighted-Average Grant Date Fair Value | $9.58 | ' | $9.44 |
Unvested at end of period, Weighted-Average Grant Date Fair Value | $13.75 | $11.98 | $10.69 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Outstanding Stock Options for Option Plans (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Outstanding Number | 712,578 | 335,730 | 416,886 | 566,323 |
Outstanding Weighted-Average Exercise Price | $47.42 | $42.14 | $43.52 | $42.84 |
Outstanding Weighted-Average Remaining Contractual Life | '4 years 8 months 12 days | ' | ' | ' |
Exercisable Number | 103,549 | 178,432 | 304,628 | ' |
Exercisable, Weighted-Average Exercise Price | $46.02 | $45.28 | $46.27 | ' |
Exercise Price Range One [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise Price of Stock Options, Minimum | $20.70 | ' | ' | ' |
Exercise Price of Stock Options, Maximum | $27.60 | ' | ' | ' |
Outstanding Number | 13,818 | ' | ' | ' |
Outstanding Weighted-Average Exercise Price | $23.36 | ' | ' | ' |
Outstanding Weighted-Average Remaining Contractual Life | '2 months 12 days | ' | ' | ' |
Exercisable Number | 13,818 | ' | ' | ' |
Exercisable, Weighted-Average Exercise Price | $23.36 | ' | ' | ' |
Exercise Price Range Two [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise Price of Stock Options, Minimum | $27.61 | ' | ' | ' |
Exercise Price of Stock Options, Maximum | $34.50 | ' | ' | ' |
Outstanding Number | 16,552 | ' | ' | ' |
Outstanding Weighted-Average Exercise Price | $31.33 | ' | ' | ' |
Outstanding Weighted-Average Remaining Contractual Life | '1 year 7 months 6 days | ' | ' | ' |
Exercisable Number | 8,879 | ' | ' | ' |
Exercisable, Weighted-Average Exercise Price | $31.30 | ' | ' | ' |
Exercise Price Range Three [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise Price of Stock Options, Minimum | $34.51 | ' | ' | ' |
Exercise Price of Stock Options, Maximum | $41.40 | ' | ' | ' |
Outstanding Number | 81,421 | ' | ' | ' |
Outstanding Weighted-Average Exercise Price | $39.68 | ' | ' | ' |
Outstanding Weighted-Average Remaining Contractual Life | '3 years 2 months 12 days | ' | ' | ' |
Exercisable Number | 15,090 | ' | ' | ' |
Exercisable, Weighted-Average Exercise Price | $39.76 | ' | ' | ' |
Exercise Price Range Four [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise Price of Stock Options, Minimum | $41.41 | ' | ' | ' |
Exercise Price of Stock Options, Maximum | $48.30 | ' | ' | ' |
Outstanding Number | 155,065 | ' | ' | ' |
Outstanding Weighted-Average Exercise Price | $46.76 | ' | ' | ' |
Outstanding Weighted-Average Remaining Contractual Life | '3 years 7 months 6 days | ' | ' | ' |
Exercisable Number | 20,040 | ' | ' | ' |
Exercisable, Weighted-Average Exercise Price | $45.02 | ' | ' | ' |
Exercise Price Range Five [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise Price of Stock Options, Minimum | $48.31 | ' | ' | ' |
Exercise Price of Stock Options, Maximum | $55.20 | ' | ' | ' |
Outstanding Number | 404,360 | ' | ' | ' |
Outstanding Weighted-Average Exercise Price | $49.54 | ' | ' | ' |
Outstanding Weighted-Average Remaining Contractual Life | '6 years 1 month 6 days | ' | ' | ' |
Exercisable Number | 4,360 | ' | ' | ' |
Exercisable, Weighted-Average Exercise Price | $51.17 | ' | ' | ' |
Exercise Price Range Six [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise Price of Stock Options, Minimum | $55.21 | ' | ' | ' |
Exercise Price of Stock Options, Maximum | $62.10 | ' | ' | ' |
Outstanding Number | 40,057 | ' | ' | ' |
Outstanding Weighted-Average Exercise Price | $58.85 | ' | ' | ' |
Outstanding Weighted-Average Remaining Contractual Life | '1 year | ' | ' | ' |
Exercisable Number | 40,057 | ' | ' | ' |
Exercisable, Weighted-Average Exercise Price | $58.85 | ' | ' | ' |
Exercise Price Range Seven [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise Price of Stock Options, Minimum | $62.11 | ' | ' | ' |
Exercise Price of Stock Options, Maximum | $69 | ' | ' | ' |
Outstanding Number | 1,305 | ' | ' | ' |
Outstanding Weighted-Average Exercise Price | $62.50 | ' | ' | ' |
Outstanding Weighted-Average Remaining Contractual Life | '2 years 3 months 18 days | ' | ' | ' |
Exercisable Number | 1,305 | ' | ' | ' |
Exercisable, Weighted-Average Exercise Price | $62.50 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Summary of Projected Amounts of Future Minimum Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $3,437 |
2015 | 1,598 |
2016 | 763 |
2017 | 727 |
2018 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Transactions | |||
Financial_Institution | |||
Other Commitments [Line Items] | ' | ' | ' |
Expenses for data processing and operations | $5,924,000 | $5,581,000 | $5,340,000 |
Commitments to sell residential mortgages | 24,200,000 | 55,200,000 | ' |
Repurchases of loans | 0 | 0 | ' |
Provision for losses at the time of sale | 0 | ' | ' |
Number of unrelated financial institutions | 3 | ' | ' |
Derivative transaction held for guarantee | 101 | ' | ' |
Number of customers in paying position to third party | 89 | ' | ' |
Aggregate notional amount | 423,900,000 | ' | ' |
Notional amount maturity period, minimum | '3 months | ' | ' |
Notional amount maturity period, maximum | '12 years | ' | ' |
Aggregate fair value of swaps to customers | 17,800,000 | ' | ' |
Amount of swap liability in paying positions to third party | 18,200,000 | ' | ' |
Reserves for swap guarantees | 70,000 | ' | ' |
Commitments to Extend Credit [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Commitments of lending operations | 653,300,000 | ' | ' |
Consumer Loan Commitments [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Commitments of lending operations | 150,300,000 | ' | ' |
Real Estate [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Commitments of lending operations | $142,400,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Closing period of residential mortgage commitments | '1 month | ' | ' |
Loans sold in secondary market, period | '15 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Closing period of residential mortgage commitments | '6 months | ' | ' |
Loans sold in secondary market, period | '30 years | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies - Summary of Off-Balance Sheet Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Construction Loan Commitments [Member] | ' | ' |
Financial instruments with contract amounts which represent potential credit risk: | ' | ' |
Loan commitments | $64,210 | $44,610 |
Commercial Mortgage Loan Commitments [Member] | ' | ' |
Financial instruments with contract amounts which represent potential credit risk: | ' | ' |
Loan commitments | 9,852 | 13,523 |
Commercial Loan Commitments [Member] | ' | ' |
Financial instruments with contract amounts which represent potential credit risk: | ' | ' |
Loan commitments | 335,257 | 317,750 |
Commercial Owner-Occupied Commitments [Member] | ' | ' |
Financial instruments with contract amounts which represent potential credit risk: | ' | ' |
Loan commitments | 32,078 | 46,211 |
Commercial Standby Letters Of Credit [Member] | ' | ' |
Financial instruments with contract amounts which represent potential credit risk: | ' | ' |
Loan commitments | 56,651 | 55,540 |
Residential Mortgage loan commitments [Member] | ' | ' |
Financial instruments with contract amounts which represent potential credit risk: | ' | ' |
Loan commitments | 5,018 | 22,657 |
Consumer Loan Commitments [Member] | ' | ' |
Financial instruments with contract amounts which represent potential credit risk: | ' | ' |
Loan commitments | $150,265 | $135,060 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities measured at fair value | $0 | $0 |
Available for sale of securities, fair value | 817,115,000 | 900,859,000 |
Minimum discount rate on appraisals of collateral securing loan | 10.00% | ' |
Maximum discount rate on appraisals of collateral securing loan | 50.00% | ' |
Valuation allowance on impaired loans | 4,900,000 | 5,000,000 |
BBB-Rated Tranche [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Number of available-for-sale reverse mortgage security | 1 | ' |
Federal Agency Debentures [Member] | AAA-Rated [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | 32,200,000 | ' |
Federal Agency MBS [Member] | AAA-Rated [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | 684,800,000 | ' |
Municipal Bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | 100,200,000 | ' |
Reverse Mortgage Trust [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | 0 | ' |
Impaired Loans (Collateral Dependent) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Collateral for collateral dependent loans | 38,379,000 | 52,904,000 |
Impaired Loans (Collateral Dependent) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Collateral for collateral dependent loans | $38,379,000 | $52,904,000 |
Fair_Value_Disclosures_Balance
Fair Value Disclosures - Balances of Assets Measured at Fair Value (Detail) (USD $) | Dec. 31, 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 | $817,115 | $900,859 |
Total assets measured at fair value on a recurring basis | 817,115 | 920,545 |
Assets Measured at Fair Value on a Nonrecurring Basis | 4,532 | 4,622 |
Total assets measured at fair value on a nonrecurring basis | 42,911 | 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 | 97,557 | 252,300 |
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 | 367,128 | 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 | 124,495 | 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 | 95,592 | 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 | 32,158 | 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 | 100,185 | 3,209 |
Other Real Estate Owned [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 4,532 | 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 | 38,379 | 52,904 |
Reverse Mortgage Related Assets [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | ' | 19,686 |
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 | ' | ' |
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] | 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] | Reverse Mortgage Related Assets [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] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total assets measured at fair value on a recurring basis | 817,115 | 900,859 |
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 | 97,557 | 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 | 367,128 | 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 | 124,495 | 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 | 95,592 | 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 | 32,158 | 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 | 100,185 | 3,209 |
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] | Reverse Mortgage Related Assets [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring 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 | ' | 19,686 |
Total assets measured at fair value on a nonrecurring basis | 42,911 | 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 | ' | ' |
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] | Other Real Estate Owned [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 4,532 | 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 | 38,379 | 52,904 |
Significant Unobservable Inputs (Level 3) [Member] | Reverse Mortgage Related Assets [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | ' | $19,686 |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Detail) (Reverse Mortgage Related Assets [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reverse Mortgage Related Assets [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balance | $19,686 | $16,368 |
Total net income (loss) for the year included in net income | ' | 33 |
Contractual monthly advances of principal | ' | ' |
Mark-to-market adjustment | -125 | 3,285 |
Reverse mortgage securitization trust consolidation | -19,561 | ' |
Balance | ' | $19,686 |
Fair_Value_Disclosures_Book_Va
Fair Value Disclosures - Book Value and Estimated Fair Value of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $484,426 | $500,887 | $468,017 | $376,759 |
Loans, held-for-sale | 31,491 | 12,758 | ' | ' |
Loans, net | 2,904,976 | 2,723,916 | ' | ' |
Stock in Federal Home Loan Bank of Pittsburgh | 35,869 | 31,165 | ' | ' |
Accrued interest receivable | 10,798 | 9,652 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 3,186,942 | 3,274,963 | ' | ' |
Borrowed funds | 24,739 | 28,945 | ' | ' |
Accrued interest payable | 838 | 1,099 | ' | ' |
Book Value [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities | 817,115 | 900,859 | ' | ' |
Book Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 484,426 | 500,887 | ' | ' |
Book Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans, held-for-sale | 31,491 | 12,758 | ' | ' |
Loans, net | 2,904,976 | 2,723,916 | ' | ' |
Reverse mortgage related assets | 37,328 | 19,229 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Standby letters of credit | 248 | 224 | ' | ' |
Book Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Stock in Federal Home Loan Bank of Pittsburgh | 35,869 | 31,165 | ' | ' |
Accrued interest receivable | 10,798 | 9,652 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 3,186,942 | 3,274,963 | ' | ' |
Borrowed funds | 903,831 | 637,266 | ' | ' |
Accrued interest payable | 838 | 1,099 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities | 817,115 | 900,859 | ' | ' |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 484,426 | 500,887 | ' | ' |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans, held-for-sale | 31,491 | 12,758 | ' | ' |
Loans, net | 2,871,499 | 2,746,001 | ' | ' |
Reverse mortgage related assets | 37,328 | 19,229 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Standby letters of credit | 248 | 224 | ' | ' |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Stock in Federal Home Loan Bank of Pittsburgh | 35,869 | 31,165 | ' | ' |
Accrued interest receivable | 10,798 | 9,652 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 2,982,420 | 3,174,907 | ' | ' |
Borrowed funds | 904,804 | 638,375 | ' | ' |
Accrued interest payable | $838 | $1,099 | ' | ' |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures - Estimated Fair Value of Off-Balance Sheet Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Off-balance sheet instruments: | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | ' | ' |
Aggregate loans to related parties | $2,000,000 | $2,100,000 |
New loans and credit line advance to related parties | 107,000 | ' |
Related party loan repayment | $304,000 | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | Segment | |
Segment Reporting Information [Line Items] | ' | ' |
Number of businesses | 3 | 3 |
Cypress Capital Management, LLC [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets under management | 614 | ' |
Christiana Trust [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets under management | 497 | ' |
Assets under administration | 8,900 | ' |
Segment_Information_Details_of
Segment Information - Details of Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $38,333 | $37,116 | $35,882 | $35,591 | $36,787 | $36,514 | $37,763 | $39,223 | $146,922 | $150,287 | $158,642 | ' |
Noninterest income | 19,796 | 22,742 | 19,539 | 18,074 | 21,195 | 19,748 | 28,992 | 16,758 | 80,151 | 86,693 | 63,588 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 243,725 | 256,178 | 241,080 | ' |
Interest expense | 3,787 | 3,710 | 3,826 | 4,011 | 5,289 | 5,621 | 5,685 | 6,693 | 15,334 | 23,288 | 32,605 | ' |
Noninterest expenses | 34,598 | 32,809 | 33,152 | 32,370 | 37,186 | 32,153 | 33,017 | 30,989 | 132,929 | 133,345 | 127,477 | ' |
Provision for loan loss | 1,292 | 1,969 | 1,680 | 2,231 | 3,674 | 3,751 | 16,383 | 8,245 | 7,172 | 32,053 | 27,996 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 172,087 | 207,884 | 206,928 | ' |
Income before taxes | 18,452 | 21,370 | 16,763 | 15,053 | 11,833 | 14,737 | 11,670 | 10,054 | 71,638 | 48,294 | 34,152 | ' |
Income tax provision | 6,378 | 7,210 | 5,855 | 5,313 | 4,275 | 4,758 | 4,340 | 3,610 | 24,756 | 16,983 | 11,475 | ' |
Consolidated net income | 12,074 | 14,160 | 10,908 | 9,740 | 7,558 | 9,979 | 7,330 | 6,444 | 46,882 | 31,311 | 22,677 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,860 | 8,228 | 10,494 | ' |
Cash and cash equivalents | 484,426 | ' | ' | ' | 500,887 | ' | ' | ' | 484,426 | 500,887 | 468,017 | 376,759 |
Other segment assets | 4,031,337 | ' | ' | ' | 3,874,261 | ' | ' | ' | 4,031,337 | 3,874,261 | 3,820,991 | ' |
Total assets | 4,515,763 | ' | ' | ' | 4,375,148 | ' | ' | ' | 4,515,763 | 4,375,148 | 4,289,008 | ' |
External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 146,922 | 150,287 | 158,642 | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 80,151 | 86,693 | 63,588 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 227,073 | 236,980 | 222,230 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 15,334 | 23,288 | 32,605 | ' |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 132,929 | 133,345 | 127,477 | ' |
Provision for loan loss | ' | ' | ' | ' | ' | ' | ' | ' | 7,172 | 32,053 | 27,996 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 155,435 | 188,686 | 188,078 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 9,352 | 9,751 | 10,536 | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 7,300 | 9,447 | 8,314 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 16,652 | 19,198 | 18,850 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,352 | 9,751 | 10,536 | ' |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7,300 | 9,447 | 8,314 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 16,652 | 19,198 | 18,850 | ' |
WSFS Bank [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 189,510 | 208,806 | 196,133 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 135,401 | 173,293 | 173,036 | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 54,109 | 35,513 | 23,097 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,232 | 7,796 | 8,877 | ' |
WSFS Bank [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 139,082 | 141,986 | 149,313 | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 40,479 | 54,225 | 34,959 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 179,561 | 196,211 | 184,272 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,744 | 22,397 | 31,345 | ' |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 107,195 | 112,071 | 108,061 | ' |
Provision for loan loss | ' | ' | ' | ' | ' | ' | ' | ' | 6,759 | 32,222 | 26,641 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 128,698 | 166,690 | 166,047 | ' |
Cash and cash equivalents | 73,017 | ' | ' | ' | 68,419 | ' | ' | ' | 73,017 | 68,419 | 48,107 | ' |
Other segment assets | 3,838,525 | ' | ' | ' | 3,683,073 | ' | ' | ' | 3,838,525 | 3,683,073 | 3,618,744 | ' |
Total assets | 3,911,542 | ' | ' | ' | 3,751,492 | ' | ' | ' | 3,911,542 | 3,751,492 | 3,666,851 | ' |
WSFS Bank [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3,603 | 4,032 | 4,414 | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 6,346 | 8,563 | 7,447 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 9,949 | 12,595 | 11,861 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 5,749 | 5,719 | 6,122 | ' |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 954 | 884 | 867 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 6,703 | 6,603 | 6,989 | ' |
Cash Connect [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 24,591 | 19,528 | 16,342 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 16,728 | 13,136 | 10,696 | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,863 | 6,392 | 5,646 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 628 | 405 | 1,291 | ' |
Cash Connect [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 23,746 | 18,749 | 15,618 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 23,746 | 18,749 | 15,618 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 12,950 | 9,549 | 7,883 | ' |
Provision for loan loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 12,950 | 9,549 | 7,883 | ' |
Cash and cash equivalents | 408,096 | ' | ' | ' | 430,382 | ' | ' | ' | 408,096 | 430,382 | 416,949 | ' |
Other segment assets | 1,965 | ' | ' | ' | 1,605 | ' | ' | ' | 1,965 | 1,605 | 2,155 | ' |
Total assets | 410,061 | ' | ' | ' | 431,987 | ' | ' | ' | 410,061 | 431,987 | 419,104 | ' |
Cash Connect [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 845 | 779 | 724 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 845 | 779 | 724 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,541 | 1,368 | 1,235 | ' |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,237 | 2,219 | 1,578 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,778 | 3,587 | 2,813 | ' |
Trust & Wealth Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 29,624 | 27,844 | 28,605 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 19,958 | 21,455 | 23,196 | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9,666 | 6,389 | 5,409 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 326 | ' |
Trust & Wealth Management [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 7,840 | 8,301 | 9,329 | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 15,926 | 13,719 | 13,011 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 23,766 | 22,020 | 22,340 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 590 | 891 | 1,260 | ' |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 12,784 | 11,725 | 11,533 | ' |
Provision for loan loss | ' | ' | ' | ' | ' | ' | ' | ' | 413 | -169 | 1,355 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 13,787 | 12,447 | 14,148 | ' |
Cash and cash equivalents | 3,313 | ' | ' | ' | 2,086 | ' | ' | ' | 3,313 | 2,086 | 2,961 | ' |
Other segment assets | 190,847 | ' | ' | ' | 189,583 | ' | ' | ' | 190,847 | 189,583 | 200,092 | ' |
Total assets | 194,160 | ' | ' | ' | 191,669 | ' | ' | ' | 194,160 | 191,669 | 203,053 | ' |
Trust & Wealth Management [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 5,749 | 5,719 | 6,122 | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 109 | 105 | 143 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,858 | 5,824 | 6,265 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,062 | 2,664 | 3,179 | ' |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,109 | 6,344 | 5,869 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | $6,171 | $9,008 | $9,048 | ' |
Parent_Company_Financial_Infor2
Parent Company Financial Information - Condensed Statement of Financial Condition (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Cash | $484,426 | $500,887 | $468,017 | $376,759 |
Investment securities, available-for-sale | 817,115 | 900,859 | ' | ' |
Other assets | 51,887 | 37,568 | ' | ' |
Total assets | 4,515,763 | 4,375,148 | 4,289,008 | ' |
Liabilities: | ' | ' | ' | ' |
Trust Preferred | 67,011 | 67,011 | ' | ' |
Senior debt | 55,000 | 55,000 | ' | ' |
Interest payable | 838 | 1,099 | ' | ' |
Other liabilities | 41,102 | 40,766 | ' | ' |
Total liabilities | 4,132,713 | 3,954,094 | ' | ' |
Stockholders' Equity: | ' | ' | ' | ' |
Preferred stock | ' | 1 | ' | ' |
Common stock | 185 | 184 | ' | ' |
Capital in excess of par value | 178,477 | 222,978 | ' | ' |
Accumulated other comprehensive income | -21,294 | 12,943 | 11,202 | 6,524 |
Retained earnings | 473,962 | 433,228 | ' | ' |
Treasury stock | -248,280 | -248,280 | ' | ' |
Total stockholders' equity | 383,050 | 421,054 | ' | ' |
Total liabilities and stockholders' equity | 4,515,763 | 4,375,148 | ' | ' |
WSFS Bank [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash | 19,311 | 62,244 | 13,046 | 19,521 |
Investment securities, available-for-sale | ' | 7,096 | ' | ' |
Investment in subsidiaries | 481,896 | 471,236 | ' | ' |
Investment in Capital Trust III | 2,011 | 2,011 | ' | ' |
Other assets | 2,920 | 2,451 | ' | ' |
Total assets | 506,138 | 545,038 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Trust Preferred | 67,011 | 67,011 | ' | ' |
Senior debt | 55,000 | 55,000 | ' | ' |
Interest payable | 399 | 407 | ' | ' |
Other liabilities | 678 | 1,566 | ' | ' |
Total liabilities | 123,088 | 123,984 | ' | ' |
Stockholders' Equity: | ' | ' | ' | ' |
Preferred stock | ' | 1 | ' | ' |
Common stock | 185 | 184 | ' | ' |
Capital in excess of par value | 178,477 | 222,978 | ' | ' |
Accumulated other comprehensive income | -21,294 | 12,943 | ' | ' |
Retained earnings | 473,962 | 433,228 | ' | ' |
Treasury stock | -248,280 | -248,280 | ' | ' |
Total stockholders' equity | 383,050 | 421,054 | ' | ' |
Total liabilities and stockholders' equity | $506,138 | $545,038 | ' | ' |
Parent_Company_Financial_Infor3
Parent Company Financial Information - Condensed Statement of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse mortgage consolidation gain | ' | ' | ' | ' | ' | ' | ' | ' | $3,801 | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 243,725 | 256,178 | 241,080 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 3,787 | 3,710 | 3,826 | 4,011 | 5,289 | 5,621 | 5,685 | 6,693 | 15,334 | 23,288 | 32,605 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 21,142 | 18,533 | 17,589 |
Net interest income | -34,546 | -33,406 | -32,056 | -31,580 | -31,498 | -30,893 | -32,078 | -32,530 | -131,588 | -126,999 | -126,037 |
Income (loss) before equity in undistributed income of subsidiaries | 18,452 | 21,370 | 16,763 | 15,053 | 11,833 | 14,737 | 11,670 | 10,054 | 71,638 | 48,294 | 34,152 |
Net income | 12,074 | 14,160 | 10,908 | 9,740 | 7,558 | 9,979 | 7,330 | 6,444 | 46,882 | 31,311 | 22,677 |
Dividends on preferred stock and accretion of discount | ' | -332 | -609 | -692 | -693 | -693 | -692 | -692 | -1,633 | -2,770 | -2,770 |
Net income allocable to common stockholders | 12,074 | 13,828 | 10,299 | 9,048 | 6,865 | 9,286 | 6,638 | 5,752 | 45,249 | 28,541 | 19,907 |
WSFS Bank [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 2,455 | 1,853 | 1,021 |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 9,983 | 139 | 153 |
Reverse mortgage consolidation gain | ' | ' | ' | ' | ' | ' | ' | ' | 3,801 | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 16,239 | 1,992 | 1,174 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 5,113 | 2,776 | 1,375 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -737 | -186 | 419 |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 4,376 | 2,590 | 1,794 |
Income (loss) before equity in undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 11,863 | -598 | -620 |
Equity in undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 35,019 | 31,909 | 23,297 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 46,882 | 31,311 | 22,677 |
Dividends on preferred stock and accretion of discount | ' | ' | ' | ' | ' | ' | ' | ' | -1,633 | -2,770 | -2,770 |
Net income allocable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $45,249 | $28,541 | $19,907 |
Parent_Company_Financial_Infor4
Parent Company Financial Information - Condensed Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Operating activities: | ' | ' | ' | ' |
Net income | $46,882 | $31,311 | $22,677 | ' |
Adjustments to reconcile net income to net cash used for operating activities: | ' | ' | ' | ' |
Reverse mortgage consolidation gain | -3,801 | ' | ' | ' |
Decrease (increase) in other assets | 5,470 | 2,491 | -3,076 | ' |
Increase in other liabilities | -12,465 | 4,763 | 13,152 | ' |
Net cash provided by operating activities | 57,381 | 103,032 | 76,348 | ' |
Investing activities: | ' | ' | ' | ' |
Net cash used for investing activities | -172,460 | -115,250 | -280,816 | ' |
Financing Activities: | ' | ' | ' | ' |
Issuance of common stock | 4,353 | 2,503 | 1,124 | 47,100 |
Proceeds from the issuance of long-term debt | ' | 52,681 | ' | ' |
Redemption of preferred stock | -52,625 | ' | ' | ' |
Repurchase of common stock warrants | ' | -1,800 | ' | ' |
Cash dividends paid | -5,998 | -6,810 | -6,718 | ' |
Net cash provided by financing activities | 98,618 | 45,088 | 295,726 | ' |
Increase (decrease) in cash | -16,461 | 32,870 | 91,258 | ' |
Cash and cash equivalents at beginning of year | 500,887 | 468,017 | 376,759 | ' |
Cash and cash equivalents at end of year | 484,426 | 500,887 | 468,017 | 376,759 |
WSFS Bank [Member] | ' | ' | ' | ' |
Operating activities: | ' | ' | ' | ' |
Net income | 46,882 | 31,311 | 22,677 | ' |
Adjustments to reconcile net income to net cash used for operating activities: | ' | ' | ' | ' |
Equity in undistributed income of subsidiaries | -35,019 | -31,909 | -23,297 | ' |
Reverse mortgage consolidation gain | -3,801 | ' | ' | ' |
Increase in capitalized interest | -801 | -693 | -280 | ' |
Decrease (increase) in other assets | 3,831 | 3,531 | -98 | ' |
Increase in other liabilities | 245 | 384 | 32 | ' |
Net cash provided by operating activities | 11,337 | 2,624 | -966 | ' |
Investing activities: | ' | ' | ' | ' |
Purchase of mortgage backed securities | ' | ' | -2,500 | ' |
Net cash used for investing activities | ' | ' | -2,500 | ' |
Financing Activities: | ' | ' | ' | ' |
Issuance of common stock | 4,353 | 2,503 | 3,709 | ' |
Proceeds from the issuance of long-term debt | ' | 52,681 | ' | ' |
Redemption of preferred stock | -52,625 | ' | ' | ' |
Repurchase of common stock warrants | ' | -1,800 | ' | ' |
Cash dividends paid | -5,998 | -6,810 | -6,718 | ' |
Net cash provided by financing activities | -54,270 | 46,574 | -3,009 | ' |
Increase (decrease) in cash | -42,933 | 49,198 | -6,475 | ' |
Cash and cash equivalents at beginning of year | 62,244 | 13,046 | 19,521 | ' |
Cash and cash equivalents at end of year | $19,311 | $62,244 | $13,046 | ' |
Change_in_Accumulated_Other_Co2
Change in Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | $12,943 | $11,202 | $6,524 |
Other comprehensive income (loss) before reclassifications | -32,057 | 15,024 | 7,702 |
Less: Amounts reclassified from accumulated other comprehensive loss | -2,180 | -13,283 | -3,024 |
Total other comprehensive (loss) income | -34,237 | 1,741 | 4,678 |
Ending Balance | -21,294 | 12,943 | 11,202 |
Net Unrealized Losses on Defined Benefit Pension Plan [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | -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 |
Net Unrealized Gains on Investment Securities Available For Sale [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | 13,415 | 11,674 | 6,996 |
Other comprehensive income (loss) before reclassifications | -32,057 | 15,024 | 7,702 |
Less: Amounts reclassified from accumulated other comprehensive loss | -2,180 | -13,283 | -3,024 |
Total other comprehensive (loss) income | -34,237 | 1,741 | 4,678 |
Ending Balance | ($20,822) | $13,415 | $11,674 |
Change_in_Accumulated_Other_Co3
Change in Accumulated Other Comprehensive Income - Components of Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gains on securities transactions | $18,452 | $21,370 | $16,763 | $15,053 | $11,833 | $14,737 | $11,670 | $10,054 | $71,638 | $48,294 | $34,152 |
Income taxes | -6,378 | -7,210 | -5,855 | -5,313 | -4,275 | -4,758 | -4,340 | -3,610 | -24,756 | -16,983 | -11,475 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 3,516 | 21,425 | 4,878 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,336 | -8,142 | -1,854 |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $2,180 | $13,283 | $3,024 |
Legal_and_Other_Proceedings_Ad
Legal and Other Proceedings - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Gain Contingencies [Line Items] | ' |
Reasonably possible losses for loan proceedings | $250,000 |
Maximum [Member] | ' |
Gain Contingencies [Line Items] | ' |
Reasonably possible losses for loan proceedings | 5,000,000 |
Goldstein Case [Member] | ' |
Gain Contingencies [Line Items] | ' |
Disputed amount | $5,000,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Jan. 31, 2014 |
Scenario, Forecast [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Income tax benefit | $24,756 | $16,983 | $11,475 | ' | $6,600 |
Impact diluted EPS and tangible book value per share | ' | ' | ' | $0.74 | ' |
Quarterly_Financial_Summary_Qu
Quarterly Financial Summary - Quarterly Financial Summary (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $38,333 | $37,116 | $35,882 | $35,591 | $36,787 | $36,514 | $37,763 | $39,223 | $146,922 | $150,287 | $158,642 |
Interest expense | 3,787 | 3,710 | 3,826 | 4,011 | 5,289 | 5,621 | 5,685 | 6,693 | 15,334 | 23,288 | 32,605 |
Net interest income | 34,546 | 33,406 | 32,056 | 31,580 | 31,498 | 30,893 | 32,078 | 32,530 | 131,588 | 126,999 | 126,037 |
Provision for loan losses | 1,292 | 1,969 | 1,680 | 2,231 | 3,674 | 3,751 | 16,383 | 8,245 | 7,172 | 32,053 | 27,996 |
Net interest income after provision for loan losses | 33,254 | 31,437 | 30,376 | 29,349 | 27,824 | 27,142 | 15,695 | 24,285 | 124,416 | 94,946 | 98,041 |
Noninterest income | 19,796 | 22,742 | 19,539 | 18,074 | 21,195 | 19,748 | 28,992 | 16,758 | 80,151 | 86,693 | 63,588 |
Noninterest expenses | 34,598 | 32,809 | 33,152 | 32,370 | 37,186 | 32,153 | 33,017 | 30,989 | 132,929 | 133,345 | 127,477 |
Income (loss) before taxes | 18,452 | 21,370 | 16,763 | 15,053 | 11,833 | 14,737 | 11,670 | 10,054 | 71,638 | 48,294 | 34,152 |
Income tax provision (benefit) | 6,378 | 7,210 | 5,855 | 5,313 | 4,275 | 4,758 | 4,340 | 3,610 | 24,756 | 16,983 | 11,475 |
Net income | 12,074 | 14,160 | 10,908 | 9,740 | 7,558 | 9,979 | 7,330 | 6,444 | 46,882 | 31,311 | 22,677 |
Dividends on preferred stock and accretion of discount | ' | 332 | 609 | 692 | 693 | 693 | 692 | 692 | 1,633 | 2,770 | 2,770 |
Net Income (loss) allocable to common stockholders | $12,074 | $13,828 | $10,299 | $9,048 | $6,865 | $9,286 | $6,638 | $5,752 | $45,249 | $28,541 | $19,907 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $1.36 | $1.57 | $1.17 | $1.03 | $0.79 | $1.07 | $0.76 | $0.66 | $5.13 | $3.28 | $2.31 |
Diluted | $1.33 | $1.54 | $1.16 | $1.02 | $0.78 | $1.06 | $0.76 | $0.66 | $5.06 | $3.25 | $2.28 |