Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'WSFS | ' |
Entity Registrant Name | 'WSFS FINANCIAL CORP | ' |
Entity Central Index Key | '0000828944 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 9,398,662 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Interest and fees on loans | $34,850 | $32,708 | $100,371 | $96,268 |
Interest on mortgage-backed securities | 3,317 | 3,159 | 10,130 | 9,665 |
Interest on reverse mortgage related assets | 1,323 | 616 | 3,917 | 1,523 |
Interest and dividends on investment securities | 837 | 546 | 2,443 | 999 |
Other interest income | 472 | 87 | 1,136 | 134 |
Total interest income | 40,799 | 37,116 | 117,997 | 108,589 |
Interest expense: | ' | ' | ' | ' |
Interest on deposits | 1,823 | 1,673 | 5,193 | 5,513 |
Interest on Federal Home Loan Bank advances | 663 | 482 | 1,850 | 1,376 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 268 | 244 | 783 | 738 |
Interest on trust preferred borrowings | 332 | 339 | 988 | 1,005 |
Interest on senior debt | 941 | 943 | 2,824 | 2,830 |
Interest on bonds payable | ' | ' | 15 | ' |
Interest on other borrowings | 25 | 29 | 76 | 85 |
Total interest expense | 4,052 | 3,710 | 11,729 | 11,547 |
Net interest income | 36,747 | 33,406 | 106,268 | 97,042 |
Provision for loan losses | 333 | 1,969 | 3,013 | 5,880 |
Net interest income after provision for loan losses | 36,414 | 31,437 | 103,255 | 91,162 |
Noninterest income: | ' | ' | ' | ' |
Credit/debit card and ATM income | 6,219 | 6,374 | 17,995 | 18,231 |
Deposit service charges | 4,477 | 4,407 | 13,092 | 12,637 |
Investment management and fiduciary revenue | 4,332 | 3,836 | 12,453 | 11,623 |
Reverse mortgage consolidation gain | ' | 3,801 | 0 | 3,801 |
Mortgage banking activities, net | 1,229 | 907 | 3,066 | 2,837 |
Loan fee income | 466 | 419 | 1,406 | 1,401 |
Bank owned life insurance income | 185 | 74 | 467 | 162 |
Security gains, net | 36 | 306 | 979 | 2,856 |
Other income | 3,360 | 2,618 | 8,833 | 6,807 |
Total non interest income | 20,304 | 22,742 | 58,291 | 60,355 |
Noninterest expenses: | ' | ' | ' | ' |
Salaries, benefits and other compensation | 19,292 | 17,648 | 56,434 | 53,086 |
Occupancy expense | 3,456 | 3,385 | 10,754 | 10,169 |
Equipment expense | 2,063 | 2,044 | 5,610 | 5,808 |
Data processing and operations expenses | 1,609 | 1,548 | 4,611 | 4,291 |
Professional fees | 1,762 | 673 | 5,083 | 2,701 |
FDIC expenses | 666 | 959 | 2,011 | 3,067 |
Loan workout and OREO expenses | 664 | 492 | 1,919 | 1,432 |
Marketing expense | 643 | 643 | 1,584 | 1,768 |
Corporate development | 2,620 | 193 | 3,032 | 193 |
Other operating expense | 6,682 | 5,224 | 18,115 | 15,816 |
Total non interest expenses | 39,457 | 32,809 | 109,153 | 98,331 |
Income before taxes | 17,261 | 21,370 | 52,393 | 53,186 |
Income tax provision | 5,848 | 7,210 | 11,344 | 18,378 |
Net income | 11,413 | 14,160 | 41,049 | 34,808 |
Dividends on preferred stock and accretion of discount | ' | 332 | ' | 1,633 |
Net income allocable to common stockholders | $11,413 | $13,828 | $41,049 | $33,175 |
Earnings per share: | ' | ' | ' | ' |
Basic | $1.26 | $1.57 | $4.58 | $3.77 |
Diluted | $1.23 | $1.54 | $4.46 | $3.72 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $11,413 | $14,160 | $41,049 | $34,808 |
Net change in unrealized gains (losses) on investment securities available-for-sale: | ' | ' | ' | ' |
Net Unrealized gains (losses) arising during the period, net of tax expense (benefit) of ($490), ($1,795), $10,688 and ($16,532) respectively | -778 | -3,106 | 18,046 | -27,249 |
Less: reclassification adjustment for net losses (gains) on sales realized in net income, net of tax benefit (expense) of ($13), ($116), ($371) and (1,085) respectively | -23 | -190 | -608 | -1,771 |
Net change in unrealized gains (losses) on investment securities available-for-sale | -801 | -3,296 | 17,438 | -29,020 |
Net change in unfunded pension liability: | ' | ' | ' | ' |
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax expense of $3, $0, $39 and $0 respectively | 5 | ' | 65 | ' |
Total other comprehensive (loss) income | -796 | -3,296 | 17,503 | -29,020 |
Total comprehensive income | $10,617 | $10,864 | $58,552 | $5,788 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net change in Unrealized gains (losses), tax expense (benefit) | ($490) | ($1,795) | $10,688 | ($16,532) |
Reclassification adjustment for losses (gains), tax benefit (expense) | -13 | -116 | -371 | -1,085 |
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, tax expense | $3 | $0 | $39 | $0 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $95,473 | $94,734 |
Cash in non-owned ATMs | 375,555 | 389,360 |
Interest-bearing deposits in other banks | 273 | 332 |
Total cash and cash equivalents | 471,301 | 484,426 |
Investment securities, available-for-sale acquired and sold securities | 843,316 | 817,115 |
Loans held-for-sale | 26,324 | 31,491 |
Loans, net of allowance for loan losses of $39,484 at September 30, 2014 and $41,244 at December 31, 2013 | 3,141,509 | 2,904,976 |
Reverse mortgage related assets | 29,392 | 37,328 |
Bank-owned life insurance | 76,276 | 63,185 |
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 29,782 | 35,869 |
Assets acquired through foreclosure | 6,307 | 4,532 |
Accrued interest receivable | 11,435 | 10,798 |
Premises and equipment | 34,979 | 35,178 |
Goodwill | 48,748 | 32,235 |
Intangible assets | 9,428 | 6,743 |
Other assets | 53,931 | 51,887 |
Total assets | 4,782,728 | 4,515,763 |
Deposits: | ' | ' |
Noninterest-bearing demand | 814,203 | 650,256 |
Interest-bearing demand | 689,544 | 638,403 |
Money market | 823,781 | 887,715 |
Savings | 405,157 | 383,731 |
Time | 263,365 | 236,965 |
Jumbo certificates of deposit - customer | 264,893 | 221,145 |
Total customer deposits | 3,260,943 | 3,018,215 |
Brokered deposits | 243,167 | 168,727 |
Total deposits | 3,504,110 | 3,186,942 |
Federal funds purchased and securities sold under agreements to repurchase | 100,000 | 97,000 |
Federal Home Loan Bank advances | 517,160 | 638,091 |
Trust preferred borrowings | 67,011 | 67,011 |
Senior debt | 55,000 | 55,000 |
Other borrowed funds | 18,068 | 24,739 |
Reverse mortgage trust bonds payable | ' | 21,990 |
Accrued interest payable | 3,442 | 838 |
Other liabilities | 41,613 | 41,102 |
Total liabilities | 4,306,404 | 4,132,713 |
Stockholders' Equity: | ' | ' |
Common stock $0.01 par value, 20,000,000 shares authorized; issued 18,523,661 at September 30, 2014 and 18,476,003 at December 31, 2013 | 185 | 185 |
Capital in excess of par value | 204,673 | 178,477 |
Accumulated other comprehensive loss | -3,791 | -21,294 |
Retained earnings | 511,804 | 473,962 |
Treasury stock at cost, 9,127,908 shares at September 30, 2014 and 9,580,569 at December 31, 2013 | -236,547 | -248,280 |
Total stockholders' equity | 476,324 | 383,050 |
Total liabilities and stockholders' equity | $4,782,728 | $4,515,763 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for loan losses | $39,484 | $41,244 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, issued | 18,523,661 | 18,476,003 |
Treasury stock, shares | 9,127,908 | 9,580,569 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' |
Net Income | $41,049 | $34,808 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 3,013 | 5,880 |
Depreciation of premises and equipment | 4,436 | 4,329 |
Amortization, net | 8,201 | 8,575 |
Increase in accrued interest receivable | -637 | -181 |
Decrease (increase) in other assets | 835 | -6,118 |
Origination of loans held-for-sale | -174,469 | -178,819 |
Proceeds from sales of loans held-for-sale | 180,794 | 191,831 |
Gain on mortgage banking activities, net | -3,066 | -2,837 |
Gain on market-to-market adjustment on trading securities | ' | 125 |
Gain on sale of securities, net | -979 | -2,981 |
Reverse mortgage consolidation gain | 0 | -3,801 |
Stock-based compensation expense | 3,637 | 2,294 |
Excess tax benefits from share-based payment arrangements | -551 | -266 |
Increase in accrued interest payable | 2,373 | 2,155 |
Decrease in other liabilities | -2,324 | -9,488 |
Loss (gain) on sale of assets acquired through foreclosure and valuation adjustments, net | 91 | 203 |
Deferred income tax (benefit) expense | -5,198 | -8 |
Increase in value of bank-owned life insurance | -467 | -162 |
Increase in capitalized interest for reverse mortgages, net | -4,184 | -802 |
Net cash provided by operating activities | 52,554 | 44,737 |
Investing activities: | ' | ' |
Maturities and Calls of investment securities | 2,335 | 510 |
Sale of investment securities available-for-sale | 200,734 | 239,383 |
Purchase of investment securities available-for-sale | -217,617 | -255,277 |
Repayments of investment securities available-for-sale | 54,328 | 64,369 |
Repayments on reverse mortgages | 13,049 | ' |
Disbursements for reverse mortgages | -929 | -40 |
Net increase in loans | -67,824 | -121,589 |
Cash received in consolidation of reverse mortgage securitization trust | ' | 5,833 |
Net decrease (increase) in stock of Federal Home Loan Bank of Pittsburgh | 6,087 | -2,711 |
Sales of assets acquired through foreclosure, net | 3,807 | 4,682 |
Investment in premises and equipment, net | -2,370 | -1,948 |
Net cash (used for) provided by investing activities | -33,990 | -70,977 |
Financing activities: | ' | ' |
Net increase (decrease) in demand and saving deposits | 3,774 | -46,072 |
Increase (decrease) in time deposits | 3,379 | -103,062 |
Increase in brokered deposits | 74,440 | 4,958 |
Increase in loan payable | 61 | ' |
Repayment of reverse mortgage trust bonds payable | -21,990 | ' |
Receipts from FHLB advances | 68,802,762 | 29,071,254 |
Repayments of FHLB advances | -68,928,745 | -28,847,129 |
Receipts from federal funds purchased and securities sold under agreement to repurchase | 19,040,751 | 15,682,425 |
Repayments of federal funds purchased and securities sold under agreement to repurchase | -19,037,751 | -15,678,425 |
Dividends paid | -3,213 | -6,017 |
Issuance of common stock and exercise of common stock options | 1,376 | 2,223 |
Reissuance of Treasury Stock for FNBW purchase, net | 32,916 | ' |
Redemption of preferred stock | ' | -52,623 |
Excess tax benefits from share-based payment arrangements | 551 | 266 |
Net cash provided by (used for) financing activities | -31,689 | 27,798 |
Increase (decrease) in cash and cash equivalents | -13,125 | 1,558 |
Cash and cash equivalents at beginning of period | 484,426 | 500,887 |
Cash and cash equivalents at end of period | 471,301 | 502,445 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Cash paid for interest during the period | 9,126 | 9,392 |
Cash paid for income taxes, net | 19,675 | 15,822 |
Loans transferred to assets acquired through foreclosure | 3,633 | 7,427 |
Loans transferred to portfolio from HFS | 2,169 | ' |
Other comprehensive income (loss) | 17,503 | -29,020 |
Fair value of assets acquired, net of cash received | 245,910 | 12,817 |
Fair value of liabilities assumed | 236,787 | 10,127 |
Fair value of assets consolidated | ' | 41,397 |
Fair value of liabilities consolidated | ' | 26,339 |
Non-Cash Goodwill Adjustment, Net | 46 | ' |
Array Financial Group, Inc. and Arrow Land Transfer Company [Member] | ' | ' |
Investing activities: | ' | ' |
Acquisition, net of cash acquired | ' | -4,189 |
First Wyoming Financial Corporation [Member] | ' | ' |
Investing activities: | ' | ' |
Acquisition, net of cash acquired | ($25,590) | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. BASIS OF PRESENTATION | |
Our Consolidated Financial Statements include the accounts of WSFS Financial Corporation (“the Company”, “our Company”, “we”, “our” or “us”), Wilmington Savings Fund Society, FSB (“WSFS Bank” or the “Bank”) and Cypress Capital Management, LLC (“Cypress”). We also have one unconsolidated affiliate, WSFS Capital Trust III (“the Trust”). WSFS Bank has two fully-owned subsidiaries, WSFS Investment Group, Inc. (“WIG”) and Monarch Entity Services LLC (“Monarch”). | |
Founded in 1832, the Bank is one of the ten oldest banks continuously operating under the same name in the United States. We provide residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. Lending activities are funded primarily with customer deposits and borrowings. In addition, we offer a variety of wealth management and trust services to personal and corporate customers through our Trust and Wealth Management division. The Federal Deposit Insurance Corporation (“FDIC”) insures our customers’ deposits to their legal maximums. We serve our customers primarily from our 55 offices located in Delaware (45), Pennsylvania (8), Virginia (1) and Nevada (1) and through our website at www.wsfsbank.com. Information on our website is not incorporated by reference into this quarterly report. | |
Amounts subject to significant estimates are items such as the allowance for loan losses and reserves for lending related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, reverse mortgage related assets, income taxes and other-than-temporary impairments (“OTTI”). Among other effects, changes to such estimates could result in future impairments of investment securities, goodwill and intangible assets and establishment of allowances for loan losses and lending related commitments as well as increased post-retirement benefits expense. | |
Our accounting and reporting policies conform with U.S. generally accepted accounting principles and prevailing practices within the banking industry for interim financial information and Rule 10-01 of the Securities and Exchange Commission (“SEC”) Regulation S-X. Rule 10-01 of Regulation S-X does not require us to include all information and notes that would be required in audited financial statements. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2014. For further information, refer to the Consolidated Financial Statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the SEC. | |
Whenever necessary, reclassifications have been made to prior period Consolidated Financial Statements to conform to the current period’s presentation. All significant intercompany transactions were eliminated in consolidation. | |
The significant accounting policies used in preparation of our Consolidated Financial Statements are disclosed in our Annual Report on Form 10-K. There have not been any material changes in our significant accounting policies from those contained in the 2013 Annual Report on Form 10-K other than the one described below, which was a result of the FNBW combination. | |
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. | |
In addition to originating loans, we occasionally acquire loans through mergers or loan purchase transactions. Some of these acquired loans may exhibit deteriorated credit quality that has occurred since origination and we may not expect to collect all contractual payments. Accounting for these purchased credit-impaired loans is done in accordance with ASC 310-30. The loans are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition on these loans is based on a reasonable expectation about the timing and amount of cash flows to be collected. Acquired loans deemed impaired and considered collateral dependent, with the timing of the sale of loan collateral indeterminate, remain on nonaccrual status and have no accretable yield. | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2014, the FASB issued ASU No. 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323) - Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” The ASU permits an entity to make an accounting policy election to account for its investment in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportionate amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The decision to apply the proportionate amortization method of accounting should be applied consistently to all qualifying affordable housing project investments. A reporting entity that uses the effective yield or other method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply such method to those preexisting investments. The amendments are effective for annual and interim periods beginning after December 15, 2014. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 states that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, ASU No. 2014-04 requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company’s Consolidated Financial Statements. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU includes amendments that change the requirements for reporting discontinued operations and disposals of components of an entity. Under the new guidance, only disposals representing a strategic shift that has (or will have) a major effect on the organization’s operations and financial results should be presented as discontinued operations. Additionally, the ASU requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. These amendments are effective prospectively for fiscal years and interim reporting periods within those years, beginning after December 15, 2014. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606).” The ASU introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently evaluating the new guidance to determine the impact it will have on its Consolidated Financial Statements. | |
In June 2014, the FASB issued ASU No. 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The new guidance aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. The guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement, which has resulted in outcomes referred to as off-balance-sheet accounting. The amendments in the ASU require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The amendments in the ASU also require expanded disclosures about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for public companies for the first interim or annual period beginning after December 15, 2014. In addition, for public companies, the disclosure for certain transactions accounted for as a sale is effective for the first interim or annual reporting periods beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required to be presented for annual reporting periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The standard update resolves the diverse accounting treatment for these share-based payments by requiring that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 will be effective for interim and annual reporting periods beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the new guidance to determine the impact it will have on its Consolidated Financial Statements. | |
In August 2014, the FASB issued ASU No. 2014-14, “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” The objective of this guidance is to reduce diversity in practice related to how creditors classify government-guaranteed mortgage loans, including FHA or VA guaranteed loans, upon foreclosure. Some creditors reclassify those loans to real estate consistent with other foreclosed loans that do not have guarantees; others reclassify the loans to other receivables. The amendments in this guidance require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) The loan has a government guarantee that is not separable from the loan before foreclosure; (2) At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (3) At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. ASU No. 2014-14 is effective for interim and annual reporting periods beginning after December 15, 2014. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. |
Business_Combinations
Business Combinations | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combinations | ' | ||||
2. BUSINESS COMBINATIONS | |||||
First Wyoming Financial Corporation | |||||
On September 5, 2014, the Company completed the merger of First Wyoming Financial Corporation (FNBW) into the Company (the “Merger”) and the merger of FNBW’s wholly owned subsidiary, The First National Bank of Wyoming (“First Wyoming”) into the Bank. In accordance with the terms of the Agreement and Plan of Merger, dated November 25, 2013, between the Company and FNBW (the “Merger Agreement”) holders of shares of FNBW common stock received, in aggregate, $32.0 million in cash and 452,769 shares of WSFS common stock. The transaction is valued at $64.9 million based on WSFS’ September 5, 2014 closing share price as listed on the NASDAQ stock market of $72.70. This in-market combination significantly bolsters our presence in Kent County and strengthens our position as the leading independent community bank in Delaware. The results of the combined entity’s operations are included in our unaudited Consolidated Statements of Operations for the period beginning on September 5, 2014, the date of the acquisition. | |||||
The acquisition of FNBW was accounted for 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 preliminary fair value of net assets acquired was recorded as goodwill in the amount of $16.5 million, which will not be amortizable and is not deductible for tax purposes. The Company allocated the total balance of goodwill to its Banking segment. The Company also recorded $3.2 million in core deposit intangibles which will be amortized over ten years using an accelerated depreciation method. | |||||
The fair values listed below are preliminary estimates and are subject to adjustment. 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 acquisition. | |||||
In connection with the merger, the consideration paid and the fair value of identifiable assets acquired and liabilities assumed as of the date of acquisition are summarized in the following table. | |||||
(In Thousands) | |||||
Consideration Paid: | |||||
Common shares issued (452,769) | $ | 32,916 | |||
Cash paid to FNBW stockholders | 32,029 | ||||
Value of consideration | 64,945 | ||||
Assets acquired: | |||||
Cash and due from banks | 39,355 | ||||
Investment securities | 41,825 | ||||
Loans | 175,966 | ||||
Premises and equipment | 1,877 | ||||
Deferred income taxes | 3,232 | ||||
Bank owned life insurance | 12,624 | ||||
Core deposit intangible | 3,240 | ||||
Other Real Estate Owned | 2,040 | ||||
Other assets | 5,106 | ||||
Total assets | 285,265 | ||||
Liabilities assumed: | |||||
Deposits | 228,844 | ||||
FHLB advances | 5,052 | ||||
Other liabilities | 2,891 | ||||
Total liabilities | 236,787 | ||||
Net assets acquired: | 48,478 | ||||
Goodwill resulting from acquisition of FNBW: | $ | 16,467 | |||
In many cases, the fair values of assets acquired and liabilities assumed were determined by estimating the cash flows expected to result from those assets and liabilities and discounting them at appropriate market rates. | |||||
Acquired loans are initially recorded at their fair value as of the acquisition date. The fair value is based on a discounted cash flow methodology that uses assumptions as to credit risk, default rates, collateral values, loss severity, along with estimated prepayment rates. Non-impaired acquired loans had gross contractual balance of $163.7 million and a fair value of $159.3 million. Loans that have deteriorated in credit quality since their origination, and for which it is probable that all contractual cash flows will not be received, are accounted for in accordance with ASC 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” The gross contractual balance of the impaired loans was $24.2 million. For additional information regarding purchased impaired loans, see Note 5 to the unaudited Consolidated Financial Statements. | |||||
The Company acquired FNBW’s investment portfolio with a fair value of $41.8 million, of which $31.5 million were sold at acquisition. The fair value of the investment portfolio was determined by taking into account market prices obtained from independent valuation source(s). For additional information regarding level 2 valuation, see Note 11 to the unaudited Consolidated Financial Statements. | |||||
The Company recorded a deferred income tax asset (DTA) of $3.2 million related to tax attributes of FNBW along with the effects of fair value adjustments resulting from acquisition accounting for the combination. | |||||
The fair value of savings and transaction deposit accounts acquired was assumed to approximate their carrying value as these accounts have no stated maturity and are payable on demand. Certificates of deposit accounts were valued by comparing the contractual cost of the portfolio to an identical portfolio bearing current market rates. The portfolio was segregated into pools based on remaining maturity. For each pool, the projected cash flows from maturing certificates was then calculated based on contractual rates and prevailing market rates. The valuation adjustment for each pool is equal to the present value of the difference of these two cash flows, discounted at the assumed market rate for a certificate with a corresponding maturity. The valuation adjustment will be accreted or amortized to interest expense over the remaining maturities of the respective pools. | |||||
The fair value of the FHLB advance was determined based on the prepayment penalties that would have been assessed as of September 5, 2014, by the FHLB for its redemption. The adjustment to the face value of the borrowing will be accreted to reduce interest expense over the remaining life of the advance. | |||||
Direct costs related to the acquisition were expensed as incurred. During the nine months ended September 30, 2014, the Company incurred $2.9 million in integration expenses, including $1.1 million in salary and benefits, $1.0 million in data processing expense, $495,000 in professional fees and $292,000 in marketing expense. | |||||
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. | |||||
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 can be earned through a five-year earn out based on achieved earnings contribution targets, the fair value of which is $3.0 million at September 30, 2014. Operating results of Array and Arrow are included in the Consolidated Financial Statements since the date of acquisition. | |||||
The transaction was accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration paid were recorded at their estimated fair values as of the acquisition date. The excess of consideration paid over the fair value of net assets acquired was recorded as goodwill, which will not be amortizable for book purposes, however will be deductible for tax purposes. We allocated the total balance of goodwill to our WSFS Bank segment. We also recognized $2.4 million in intangible assets which will be amortized over 7 years utilizing the straight-line method. | |||||
The following table details the effect on goodwill from the changes in the derivative assets and liabilities relating to the loan commitment pipeline and changes in fair value of contingent consideration from the amounts originally reported on the Form 10-K for the year ended December 31, 2013. | |||||
(In Thousands) | |||||
Goodwill resulting from acquisition of Array and Arrow reported on Form 10-K for the year ended December 31, 2013 | $ | 4,089 | |||
Effect of adjustments to: | |||||
Other assets | (338 | ) | |||
Contingent Liabilities | 181 | ||||
Other liabilities | 203 | ||||
Adjusted goodwill resulting from acquisition of Array & Arrow as of September 30, 2014 | $ | 4,135 | |||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
3. EARNINGS PER SHARE | |||||||||||||||||
The following table shows the computation of basic and diluted earnings per share: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income allocable to common stockholders | $ | 11,413 | $ | 13,828 | $ | 41,049 | $ | 33,175 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share - weighted average shares | 9,061 | 8,828 | 8,961 | 8,804 | |||||||||||||
Effect of dilutive employee stock options and warrants | 248 | 148 | 236 | 106 | |||||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed exercise | 9,309 | 8,976 | 9,197 | 8,910 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income allocable to common stockholders | $ | 1.26 | $ | 1.57 | $ | 4.58 | $ | 3.77 | |||||||||
Diluted: | |||||||||||||||||
Net income allocable to common stockholders | $ | 1.23 | $ | 1.54 | $ | 4.46 | $ | 3.72 | |||||||||
Outstanding common stock equivalents having no dilutive effect | 44 | 402 | 44 | 557 |
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
4. INVESTMENT SECURITIES | |||||||||||||||||||||||||
The following tables detail the amortized cost and the estimated fair value of our available-for-sale investment securities. None of our investment securities is classified as trading or held-to-maturity. | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
State and political subdivisions | $ | 121,080 | $ | 3,024 | $ | (595 | ) | $ | 123,509 | ||||||||||||||||
U.S. Government and government sponsored enterprises (“GSE”) | 29,976 | 32 | (37 | ) | 29,971 | ||||||||||||||||||||
Collateralized Mortgage Obligation (“CMO”) | 189,488 | 195 | (2,943 | ) | 186,740 | ||||||||||||||||||||
Federal National Mortgage Association (“FNMA”) Mortgage-Backed Securities (“MBS”) | 299,264 | 342 | (3,734 | ) | 295,872 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation MBS (“FHLMC”) | 128,395 | 104 | (1,467 | ) | 127,032 | ||||||||||||||||||||
Government National Mortgage Association MBS (“GNMA”) | 80,571 | 399 | (778 | ) | 80,192 | ||||||||||||||||||||
$ | 848,774 | $ | 4,096 | $ | (9,554 | ) | $ | 843,316 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
State and political subdivisions | $ | 105,354 | $ | 257 | $ | (5,426 | ) | $ | 100,185 | ||||||||||||||||
GSE | 32,082 | 93 | (17 | ) | 32,158 | ||||||||||||||||||||
CMO | 103,064 | 28 | (5,535 | ) | 97,557 | ||||||||||||||||||||
FNMA MBS | 382,909 | 20 | (15,801 | ) | 367,128 | ||||||||||||||||||||
FHLMC MBS | 129,460 | 29 | (4,994 | ) | 124,495 | ||||||||||||||||||||
GNMA MBS | 97,830 | 743 | (2,981 | ) | 95,592 | ||||||||||||||||||||
$ | 850,699 | $ | 1,170 | $ | (34,754 | ) | $ | 817,115 | |||||||||||||||||
The scheduled maturities of investment securities available-for-sale at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Within one year | $ | 25,616 | $ | 25,653 | |||||||||||||||||||||
After one year but within five years | 45,714 | 46,706 | |||||||||||||||||||||||
After five years but within ten years | 219,861 | 217,843 | |||||||||||||||||||||||
After ten years | 557,583 | 553,114 | |||||||||||||||||||||||
$ | 848,774 | $ | 843,316 | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||
MBS have expected maturities that differ from their contractual maturities. These differences arise because borrowers may have the right to call or prepay obligations with or without a prepayment penalty. | |||||||||||||||||||||||||
At September 30, 2014, investment securities with market values aggregating $502.4 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 $6.0 million of FHLB pledged investment securities at September 30, 2014. | |||||||||||||||||||||||||
During the first nine months of 2014, we sold $170.4 million of investment securities during the period categorized as available-for-sale for net gains of $978,600. In the first nine months of 2013, we sold $239.9 million of investment securities available-for-sale which resulted in net gains of $3.0 million. | |||||||||||||||||||||||||
As of September 30, 2014, our investment securities portfolio had remaining unamortized premiums of $22.1 million and $203,000 of unaccreted discounts compared to unamortized premiums of $25.3 million and unaccreted discounts of $63,000 as of December 31, 2013. | |||||||||||||||||||||||||
The tables below show our investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
September 30, 2014 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
State and political subdivisions | $ | 8,534 | $ | 19 | $ | 35,414 | $ | 575 | $ | 43,948 | $ | 594 | |||||||||||||
GSE | 8,948 | 37 | — | — | 8,948 | 37 | |||||||||||||||||||
CMO | 66,891 | 229 | 71,569 | 2,714 | 138,460 | 2,943 | |||||||||||||||||||
FNMA MBS | 95,007 | 522 | 134,877 | 3,212 | 229,884 | 3,734 | |||||||||||||||||||
FHLMC MBS | 30,390 | 68 | 76,681 | 1,399 | 107,071 | 1,467 | |||||||||||||||||||
GNMA MBS | 6,274 | 16 | 49,666 | 763 | 55,940 | 779 | |||||||||||||||||||
Total temporarily impaired investments | $ | 216,044 | $ | 891 | $ | 368,207 | $ | 8,663 | $ | 584,251 | $ | 9,554 | |||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
December 31, 2013 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
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 | |||||||||||||
All securities were AAA-rated at the time of purchase and remained at investment grade at both September 30, 2014 and December 31, 2013. All securities were re-evaluated for OTTI at September 30, 2014. The result of this evaluation showed no OTTI during the first nine months of 2014. The weighted average duration of MBS was 4.8 years at September 30, 2014. | |||||||||||||||||||||||||
At September 30, 2014, we owned investment securities totaling $584.3 million in which the amortized cost basis exceeded fair value. Total unrealized losses on those securities were $9.6 million at September 30, 2014. At December 31, 2013, we owned investment securities totaling $747.7 million in which the amortized cost basis exceeded fair value. Total unrealized loss at December 31, 2013 on those securities was $34.8 million. The temporary impairment is the result of changes in market interest rates subsequent to the purchase of the securities. Our investment portfolio is reviewed each quarter for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market. We evaluate our intent and ability to hold securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. In addition, we do not have the intent to sell, nor is it more likely-than-not we will be required to sell these securities before we are able to recover the amortized cost basis. |
Acquired_Credit_Impaired_Loans
Acquired Credit Impaired Loans | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Transfers and Servicing [Abstract] | ' | ||||
Acquired Credit Impaired Loans | ' | ||||
5 ACQUIRED CREDIT IMPAIRED LOANS | |||||
On September 5, 2014 $24.2 million of impaired loans were acquired from FNBW. Loans that have deteriorated in credit quality since their origination, and for which it is probable that all contractual cash flows will not be received, are accounted for in accordance with (ASC 310-30) Loans and Debt Securities Acquired with Deteriorated Credit Quality. Under ASC 310-30, acquired loans are generally considered accruing and performing loans as the loans accrete interest income over the estimated life of the loan when expected cash flows are reasonably estimable. Accordingly, acquired impaired loans that are contractually past due are still considered to be accruing and performing loans as long as the estimated cash flows are received as expected. If the timing and amount of cash flows is not reasonably estimable, the loans may be classified as nonaccrual loans and interest income may be recognized on a cash basis or as a reduction of the principal amount outstanding. At September 30, 2014, there were not any acquired impaired loans accounted for under ASC 310-30 classified as nonaccrual loans. There is no carry forward of allowance for loan losses on any of the acquired loans, because any credit deterioration evident in the loans was included in the determination of the fair value of the loans at the acquisition date. Updates to expected cash flows for acquired impaired loans accounted for under ASC 310-30 may result in a provision for loan losses and the establishment of an allowance for loan losses to the extent the amount and timing of expected cash flows decrease compared to those originally estimated at acquisition. | |||||
The following table details the loans that are accounted for in accordance with ASC 310-30 as of September 5, 2014: | |||||
(in thousands) | |||||
Contractually required principal and interest at acquisition | $ | 27,086 | |||
Contractual cash flows not expected to be collected (nonaccretable difference) | 7,956 | ||||
Expected cash flows at acquisition | 19,130 | ||||
Interest component of expected cash flows (accretable yield) | 1,790 | ||||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ | 17,340 | |||
The outstanding principal balance and carrying amounts for acquired credit-impaired loans for which the Company applies ASC 310-30 as of September 30, 2014: | |||||
(in thousands) | |||||
Outstanding principal balance | $ | 22,398 | |||
Carrying amount | $ | 17,129 | |||
Allowance for Loan Loss | N/A | ||||
The following table presents the changes in accretable yield on the acquired credit impaired loans: | |||||
Accretable | |||||
Yield | |||||
Balance as of September 5, 2014 | $ | 1,790 | |||
Accretion | (59 | ) | |||
Reclassification from nonaccretable difference | — | ||||
Additions/adjustments | — | ||||
Disposals | — | ||||
Ending balance as September 30, 2014 | $ | 1,731 | |||
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Credit Quality Information | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Credit Quality Information | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
6. ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||
We maintain an allowance for loan losses and charge losses to this allowance when such losses are realized. We established our allowance for loan losses in accordance with guidance provided in the SEC’s Staff Accounting Bulletin 102 (“SAB 102”). The determination of the allowance for loan losses requires significant judgment reflecting our best estimate of impairment related to specifically identified impaired loans, as well as probable loan losses in the remaining loan portfolio. Our evaluation is based upon a continuing review of these portfolios. The following are included in our allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||
• | Specific reserves for impaired loans | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Allowances for pools of homogenous loans based on historical net loss experience | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Adjustments for qualitative and environmental factors allocated to pools of homogenous loans | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Allowance for model estimation and complexity risk | ||||||||||||||||||||||||||||||||||||||||||||||||
Specific reserves are established for impaired loans where we have identified significant conditions or circumstances related to specific credits that indicate losses are probable. Unless loans are well-secured and collection is imminent, all loans that are 90 days past due are deemed impaired. Reserves for impaired loans are generally charged-off within 90 days of impairment recognition. Estimated losses are based on collateral values, estimates of future cash flows or market valuations. Loans are charged off when they are deemed to be uncollectible. During the nine months ended September 30, 2014, net charge-offs totaled $4.7 million or 0.21% of average loans annualized, compared to $8.4 million, or 0.39% of average loans annualized during the nine months ended September 30, 2013. We charge loans off when they are deemed to be uncollectible. | |||||||||||||||||||||||||||||||||||||||||||||||||
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 the following segments: Business Loans (Commercial and Industrial Loans), Commercial Real Estate — Owner-Occupied, Commercial Real Estate – Investor, and Construction Loans. Each pool is further segmented by internally assessed risk ratings. Loan losses for commercial loans are estimated by determining the probability of default and expected loss severity upon default. Probability of default is calculated based on the historical rate of migration to impaired status during the last 16 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 four years 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 and are allocated among loan types and take into consideration the following: | |||||||||||||||||||||||||||||||||||||||||||||||||
• | Assessment of current underwriting policies, staff, and portfolio mix | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Internal trends of delinquency, nonaccrual and criticized loans by segment | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Assessment of risk rating accuracy, control and regulatory assessments/environment | ||||||||||||||||||||||||||||||||||||||||||||||||
• | General economic conditions — locally and nationally | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Market trends impacting collateral values | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Competitive environment as it could impact loan structure and underwriting | ||||||||||||||||||||||||||||||||||||||||||||||||
The above factors are based on their relative standing compared to the period in 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. In addition, a 15 basis point consideration was given to the C&I loan portfolio due to the assessment of qualitative factors on two lending relationships. | |||||||||||||||||||||||||||||||||||||||||||||||||
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 management uses its judgment to make adjustments based on current trends. | |||||||||||||||||||||||||||||||||||||||||||||||||
Our loan officers and risk managers meet at least quarterly to discuss and review the conditions and risks associated with individual problem loans. In addition, various regulatory agencies and loan review consultants periodically review our loan ratings and allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide the activity of our allowance for loan losses and loan balances for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner - | Commercial | Construction | Residential | Consumer | Estimation / | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Complexity | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Risk (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,346 | $ | 7,986 | $ | 7,617 | $ | 2,319 | $ | 2,759 | $ | 6,299 | $ | 1,055 | $ | 41,381 | |||||||||||||||||||||||||||||||||
Charge-offs | (1,840 | ) | (272 | ) | (101 | ) | — | (147 | ) | (372 | ) | — | (2,732 | ) | |||||||||||||||||||||||||||||||||||
Recoveries | 66 | 77 | 4 | 8 | 86 | 261 | — | 502 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 1,833 | 454 | (1,097 | ) | (897 | ) | (6 | ) | 56 | (10 | ) | 333 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,405 | $ | 8,245 | $ | 6,423 | $ | 1,430 | $ | 2,692 | $ | 6,244 | $ | 1,045 | $ | 39,484 | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | 3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Charge-offs | (3,335 | ) | (593 | ) | (261 | ) | (88 | ) | (674 | ) | (2,095 | ) | — | (7,046 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 873 | 244 | 43 | 192 | 129 | 792 | — | 2,273 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 3,116 | 956 | (291 | ) | (2,000 | ) | 159 | 1,053 | 20 | 3,013 | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,405 | $ | 8,245 | $ | 6,423 | $ | 1,430 | $ | 2,692 | $ | 6,244 | $ | 1,045 | $ | 39,484 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,573 | $ | 993 | $ | 240 | $ | — | $ | 850 | $ | 211 | $ | — | $ | 3,867 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 11,832 | 7,252 | 6,183 | 1,430 | 1,842 | 6,033 | 1,045 | 35,617 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,405 | $ | 8,245 | $ | 6,423 | $ | 1,430 | $ | 2,692 | $ | 6,244 | $ | 1,045 | $ | 39,484 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,683 | $ | 3,390 | $ | 8,760 | $ | 1,419 | $ | 16,807 | $ | 6,610 | $ | — | $ | 40,669 | (2) | ||||||||||||||||||||||||||||||||
Purchased credit impaired loans | 5,908 | 2,728 | 7,892 | 5,202 | 623 | 45 | — | 22,398 | |||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 872,679 | 802,139 | 777,260 | 141,595 | 211,791 | 319,131 | — | 3,124,595 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 882,270 | $ | 808,257 | $ | 793,912 | $ | 148,216 | $ | 229,221 | $ | 325,786 | $ | — | $ | 3,187,662 | (3) | ||||||||||||||||||||||||||||||||
Commercial | Owner - | Commercial | Construction | Residential | Consumer | Estimation/ | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Complexity | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Risk (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,967 | $ | 8,049 | $ | 6,345 | $ | 3,952 | $ | 3,230 | $ | 6,137 | $ | 814 | $ | 41,494 | |||||||||||||||||||||||||||||||||
Charge-offs | (1,172 | ) | (31 | ) | (103 | ) | (4 | ) | (290 | ) | (1,343 | ) | — | (2,943 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 273 | 55 | 333 | 21 | 10 | 219 | — | 911 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 594 | (23 | ) | 345 | (380 | ) | 364 | 1,071 | (2 | ) | 1,969 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Charge-offs | (2,311 | ) | (68 | ) | (1,824 | ) | (1,344 | ) | (985 | ) | (4,153 | ) | — | (10,685 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 900 | 100 | 442 | 106 | 51 | 715 | — | 2,314 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 410 | 1,910 | 223 | (1,629 | ) | 1,124 | 3,891 | (49 | ) | 5,880 | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,004 | $ | 945 | $ | 1,995 | $ | — | $ | 995 | $ | 12 | $ | — | $ | 5,951 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,658 | 7,105 | 4,925 | 3,589 | 2,319 | 6,072 | 812 | 35,480 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,833 | $ | 12,568 | $ | 8,894 | $ | 274 | $ | 17,360 | $ | 4,400 | $ | — | $ | 49,329 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 748,106 | 777,297 | 704,895 | 102,347 | 211,595 | 283,645 | — | 2,827,885 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 753,939 | $ | 789,865 | $ | 713,789 | $ | 102,621 | $ | 228,955 | $ | 288,045 | $ | — | $ | 2,877,214 | (3) | ||||||||||||||||||||||||||||||||
-1 | Represents the portion of the allowance for loan losses established to account for the inherent complexity and uncertainty of estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||
-2 | The difference between this amount and nonaccruing loans at September 30, 2014, represents accruing troubled debt restructured (“TDR”) loans which are considered to be impaired loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Ending loan balances do not include deferred costs of $6.7 million for September 30, 2014 and $5.8 million for September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables show our nonaccrual and past due loans at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Acquired | Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Past Due and | Past Due and | 90 Days | Due | Current | Impaired | Loans | Loans | |||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | Loans | ||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 299 | $ | 10,765 | $ | — | $ | 11,064 | $ | 862,223 | $ | 5,908 | $ | 3,075 | $ | 882,270 | |||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 734 | 5,561 | — | 6,295 | 795,844 | 2,728 | 3,390 | 808,257 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 17 | 81 | — | 98 | 777,252 | 7,892 | 8,670 | 793,912 | |||||||||||||||||||||||||||||||||||||||||
Construction | 60 | — | — | 60 | 142,954 | 5,202 | — | 148,216 | |||||||||||||||||||||||||||||||||||||||||
Residential | 2,756 | 937 | 678 | 4,371 | 216,279 | 623 | 7,948 | 229,221 | |||||||||||||||||||||||||||||||||||||||||
Consumer | 861 | 397 | — | 1,258 | 320,790 | 45 | 3,693 | 325,786 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,727 | $ | 17,741 | $ | 678 | $ | 23,146 | $ | 3,115,342 | $ | 22,398 | $ | 26,776 | $ | 3,187,662 | |||||||||||||||||||||||||||||||||
% of Total Loans | 0.15 | % | 0.56 | % | 0.02 | % | 0.73 | % | 97.73 | % | 0.7 | % | 0.84 | % | 100 | % | |||||||||||||||||||||||||||||||||
December 31, 2013 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Past Due and | Past Due and | 90 Days | Due | Current | Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Still | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 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 | % | |||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of our impaired loans at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Ending | Loans with | Loans with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Specific | Specific | Specific | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Reserve | Balances | Balances | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,683 | $ | 1,480 | $ | 2,203 | $ | 1,573 | $ | 4,612 | $ | 4,642 | |||||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 3,390 | 1,857 | 1,533 | 993 | 4,338 | 6,480 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,760 | 5,136 | 3,624 | 240 | 11,667 | 11,117 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,419 | 1,419 | — | — | 1,419 | 784 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 16,807 | 9,215 | 7,592 | 850 | 19,045 | 17,635 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 6,610 | 5,228 | 1,382 | 211 | 7,332 | 5,507 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 40,669 | $ | 24,335 | $ | 16,334 | $ | 3,867 | $ | 48,413 | $ | 46,165 | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | Ending | Loans with | Loans with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Specific | Specific | Specific | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Reserve | Balances | Balances | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 5,003 | $ | 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 | |||||||||||||||||||||||||||||||||||||
-1 | Reflects loan balances at or written down to their remaining book balance. | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income of $401,000 and $1.1 million was recognized on impaired loans during the three and nine months ended September 30, 2014, respectively. Interest income of $234,000 and $706,000 was recognized on impaired loans during the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||||||||||||||
Below is a description of each of our risk ratings for all commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass. These borrowers presently show no current or potential problems and their loans are considered fully collectible. | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention. Borrowers have potential weaknesses that deserve management’s close attention. Borrowers in this category may be experiencing adverse operating trends, for example, declining revenues or margins, high leverage, tight liquidity, or increasing inventory without increasing sales. These adverse trends can have a potential negative effect on the borrower’s repayment capacity. These assets are not adversely classified and do not expose the Bank to significant risk that would warrant a more severe rating. Borrowers in this category may also be experiencing significant management problems, pending litigation, or other structural credit weaknesses. | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard. Borrowers have well-defined weaknesses that require extensive oversight by management. Borrowers in this category may exhibit one or more of the following: inadequate debt service coverage, unprofitable operations, insufficient liquidity, high leverage, and weak or inadequate capitalization. Relationships in this category are not adequately protected by the sound financial worth and paying capacity of the obligor or the collateral pledged on the loan, if any. The distinct possibility exists that the Bank will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful. Borrowers have well-defined weaknesses inherent in the Substandard category with the added characteristic that the possibility of loss is extremely high. Current circumstances in the credit relationship make collection or liquidation in full highly questionable. A doubtful asset has some pending event that may strengthen the asset that defers the loss classification. Such impending events include: perfecting liens on additional collateral, obtaining collateral valuations, an acquisition or liquidation preceding, proposed merger, or refinancing plan. | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss. Borrowers are uncollectible or of such negligible value that continuance as a bankable asset is not supportable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical to defer writing off this asset even though partial recovery may be recognized sometime in the future. | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential and Consumer Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
The residential and consumer loan portfolios are monitored on an ongoing basis using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of loans by credit risk profile using internally assigned risk ratings, as of September 30, 2014 and December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner-Occupied | Commercial | Construction | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Mortgages | Commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Amount | % | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | $ | 10,363 | $ | 12,566 | $ | 13,247 | $ | 4,747 | $ | 12,141 | $ | 2,092 | $ | 1,073 | $ | 226 | $ | 36,824 | $ | 19,631 | |||||||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | 62,453 | 56,806 | 43,382 | 45,181 | 12,107 | 8,146 | 5,254 | 3,599 | 123,196 | 113,732 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual | 1,572 | 2,362 | 2,041 | 5,185 | 6,925 | 2,784 | 313 | 1,158 | 10,851 | 11,489 | |||||||||||||||||||||||||||||||||||||||
Doubtful / | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 2,203 | 2,641 | 1,533 | 12 | 3,624 | 5,877 | — | — | 7,360 | 8,530 | |||||||||||||||||||||||||||||||||||||||
Total Special Mention, Substandard and Doubtful | 76,591 | 74,375 | 60,203 | 55,125 | 34,797 | 18,899 | 6,640 | 4,983 | 178,231 | 6 | % | 153,382 | 6 | % | |||||||||||||||||||||||||||||||||||
Pass | 805,679 | 736,507 | 748,054 | 731,235 | 759,115 | 706,294 | 141,576 | 101,091 | 2,454,424 | 94 | % | 2,275,127 | 94 | ||||||||||||||||||||||||||||||||||||
Total Commercial Loans | $ | 882,270 | $ | 810,882 | $ | 808,257 | $ | 786,360 | $ | 793,912 | $ | 725,193 | $ | 148,216 | $ | 106,074 | $ | 2,632,655 | 100 | % | $ | 2,428,509 | 100 | % | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Consumer | Total Residential and Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | $ | 16,807 | $ | 17,852 | $ | 6,610 | $ | 5,411 | $ | 23,417 | 4 | % | $ | 23,263 | 4 | % | |||||||||||||||||||||||||||||||||
Performing | 212,414 | 203,668 | 319,176 | 296,823 | 531,590 | 96 | % | 500,491 | 96 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 229,221 | $ | 221,520 | $ | 325,786 | $ | 302,234 | $ | 555,007 | 100 | % | $ | 523,754 | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Includes $12.1 million as of September 30, 2014 and $11.5 million as of December 31, 2013 of troubled debt restructured mortgages and home equity installment loans that are performing in accordance with modified terms and are accruing interest. | ||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (TDR) | |||||||||||||||||||||||||||||||||||||||||||||||||
The balance of TDRs at September 30, 2014 and December 31, 2013 was $28.3 million and $27.6 million, respectively. The balance at September 30, 2014 included approximately $14.1 million in nonaccrual status and $14.2 million in accrual status compared to $15.3 million in nonaccrual status and $12.3 million in accrual status at December 31, 2013. Approximately $2.5 million and $4.1million in related reserves have been established for these loans at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||
A modification is classified as a TDR if both of the following exist: (1) the borrower is experiencing financial difficulty and (2) the Bank has granted a concession to the borrower. Many aspects of the borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty. Concessions may include the reduction of 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 the nine months ended September 30, 2014, the terms of 20 loans were modified in TDRs, comprised of 4 commercial loans and the remaining being residential and consumer loans. Our concessions on restructured loans consisted mainly of forbearance agreements, reduction in interest rates or extensions of maturities. Principal balances are generally not forgiven by us when a loan is modified as a TDR. Nonaccruing restructured loans remain in nonaccrual status until there has been a period of sustained repayment performance, typically six months. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans identified as TDRs during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Three | Three | Nine | Nine | |||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 88 | $ | 6,800 | $ | 209 | $ | 6,824 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 3,430 | 108 | 3,430 | 1,169 | |||||||||||||||||||||||||||||||||||||||||||||
Construction | 1,419 | — | 1,419 | — | |||||||||||||||||||||||||||||||||||||||||||||
Residential | 72 | 207 | 1,916 | 806 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,097 | 256 | 1,612 | 973 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,106 | $ | 7,371 | $ | 8,586 | $ | 9,772 | |||||||||||||||||||||||||||||||||||||||||
The TDRs set forth in the table above increased our allowance for loan losses by $395,000 through allocation of a related reserve, and resulted in charge-offs of $49,000 during the nine months ended September 30, 2014, compared to a $37,000 increase and charge-offs of $363,000 for the same period in 2013. |
Reverse_Mortgage_Related_Asset
Reverse Mortgage Related Assets | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Mortgage Banking [Abstract] | ' | ||||
Reverse Mortgage Related Assets | ' | ||||
7. REVERSE MORTGAGE RELATED ASSETS | |||||
Reverse mortgage related assets include reverse mortgage loans as of September 30, 2014. In addition, prior to the clean-up call discussed below, the SASCO 2002-RM’s Class “O” certificates and the BBB-rated tranche of this reverse mortgage security were also included. | |||||
Reverse mortgage loans are contracts in which a homeowner borrows against the equity in his/her home and receives cash in one lump sum payment, a line of credit, fixed monthly payments for either a specific term or for as long as the homeowner lives in the home, or a combination of these options. Since reverse mortgages are nonrecourse obligations, the loan repayments are generally limited to the sale proceeds of the borrower’s residence and the mortgage balance consists of cash advanced, interest compounded over the life of the loan and some may include a premium which represents a portion of the shared appreciation in the home’s value, if any, or a percentage of the value of the residence. | |||||
In July 2011, we purchased 100% of SASCO 2002-RM1’s Class “O” certificates, representing equity ownership of a 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. | |||||
During the third quarter of 2013, we obtained the right to execute a clean-up call on the underlying collateral. This event led 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 of consolidation of the reverse mortgage trust during the third quarter of 2013, a DTA was recorded at that time. However, because the reverse mortgage trust was not able to be consolidated for income tax purposes, a full valuation allowance was also recorded at that time on the DTA due to the uncertainty of realizing this benefit. On January 27, 2014, WSFS completed the legal call of the reverse mortgage trust bonds and the redemption of the trust’s preferred stockholders, 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 removed the valuation allowance, and recorded a tax benefit of approximately $6.7 million during the first quarter 2014. | |||||
Our existing investment in reverse mortgages has been combined with the consolidated reverse mortgage loans for a total of $29.4 million at September 30, 2014. 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 collectible principal and interest, or appraised value and annual broker price opinion of the home) of $51.1 million well exceeds the outstanding book balance at September 30, 2014. | |||||
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 September 30, 2014, 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 residential mortgage analyses from various market sources, we forecast a 2.5% increase in housing prices during 2014 and a 2.0% 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 September 30, 2014, the internal rate of return (IRR) of 16.34% 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 September 30, 2014, the Company’s actuarially estimated cash payments to reverse mortgagors are as follows: | |||||
(in thousands) | |||||
Year Ending | |||||
Remaining in 2014 | $ | 181 | |||
2015 | 690 | ||||
2016 | 553 | ||||
2017 | 439 | ||||
2018 | 344 | ||||
Years 2019 - 2023 | 835 | ||||
Years 2024 - 2028 | 187 | ||||
Years 2029 - 2033 | 32 | ||||
Thereafter | 4 | ||||
Total (1) | $ | 3,265 | |||
-1 | This table does not take into consideration cash inflow including payments from mortgagors or payoffs based on contractual terms. These figures are stated values not discounted values. | ||||
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 $7.1 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 $502,000 for the quarter ended September 30, 2014 with an IRR of 14.83%. If the future changes in collateral value were assumed to be reduced by 1%, income would decrease by $230,000 with an IRR of 15.65%. | |||||
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 $384,000. If the IRR decreased by 1%, the net present value would decrease by $381,000. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangibles | ' | ||||||||||||||||
8. GOODWILL AND INTANGIBLES | |||||||||||||||||
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. | |||||||||||||||||
During the nine months ended September 30, 2014 we determined there were no events or other indicators of impairment as it relates to goodwill or other intangibles. | |||||||||||||||||
During the third quarter of 2014 we completed the acquisition of First National Bank of Wyoming, De (“FNBW”). As a result of this transaction, we have recognized core deposit intangible assets of $3.2 million and goodwill of $16.5 million. The fair values listed above are estimates and are subject to adjustment. While they are not expected to be materially different than those shown, any material adjustments to the estimates will be reflected, retroactively, as of the date of the transaction. | |||||||||||||||||
The following table 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, 2013 | $ | 27,101 | $ | — | $ | 5,134 | $ | 32,235 | |||||||||
Changes in goodwill | 46 | — | — | 46 | |||||||||||||
Goodwill from business combinations | 16,467 | — | — | 16,467 | |||||||||||||
September 30, 2014 | $ | 43,614 | $ | — | $ | 5,134 | $ | 48,748 | |||||||||
FASB ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. | |||||||||||||||||
The following table summarizes other intangible assets: | |||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||
Intangible | Amortization | Intangible | |||||||||||||||
Assets | Assets | ||||||||||||||||
(In Thousands) | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Core deposits | $ | 7,610 | $ | (3,074 | ) | $ | 4,536 | ||||||||||
Other | 7,021 | (2,129 | ) | 4,892 | |||||||||||||
Total other intangible assets | $ | 14,631 | $ | (5,203 | ) | $ | 9,428 | ||||||||||
31-Dec-13 | |||||||||||||||||
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 | ||||||||||
Core deposits are amortized over their expected lives using the present value of the benefit of the core deposits and straight-line methods of amortization. During the nine months ended September 30, 2014, we recognized amortization expense on other intangible assets of $879,000. | |||||||||||||||||
The following presents the estimated amortization expense of intangibles: | |||||||||||||||||
(In Thousands) | Amortization | ||||||||||||||||
of Intangibles | |||||||||||||||||
Remaining in 2014 | $ | 378 | |||||||||||||||
2015 | 1,485 | ||||||||||||||||
2016 | 1,229 | ||||||||||||||||
2017 | 1,081 | ||||||||||||||||
2018 | 1,062 | ||||||||||||||||
Thereafter | 4,193 | ||||||||||||||||
Total | $ | 9,428 | |||||||||||||||
Associate_Employee_Benefit_Pla
Associate (Employee) Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Associate (Employee) Benefit Plans | ' | ||||||||||||||||
9. ASSOCIATE (EMPLOYEE) BENEFIT PLANS | |||||||||||||||||
Postretirement Benefits | |||||||||||||||||
We share certain costs of providing health and life insurance benefits to eligible retired Associates and their eligible dependents. Previously, all Associates were eligible for these benefits if they reached normal retirement age while working for us. Effective March 31, 2014, we changed the eligibility of this plan to include only those Associates who have achieved ten years of service with us as of March 31, 2014. The change will impact our net periodic benefit cost; however, this impact was partially offset by a change in the assumptions used to determine these costs (discount rate of 4.5% compared to 4% at December 31, 2013). | |||||||||||||||||
We account for our obligations under the provisions of FASB ASC 715, Compensation – Retirement Benefits (“ASC 715”). ASC 715 requires the costs of these benefits be recognized over an Associate’s active working career. Disclosures are in accordance with ASC 715. | |||||||||||||||||
The following disclosures of the net periodic benefit cost components of postretirement benefits were measured at January 1, 2014 and 2013: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Service cost | $ | 49 | $ | 86 | $ | 147 | $ | 258 | |||||||||
Interest cost | 48 | 44 | 146 | 132 | |||||||||||||
Prior service cost amortization | (14 | ) | — | (44 | ) | — | |||||||||||
Net loss recognition | 22 | 20 | 66 | 60 | |||||||||||||
Net periodic benefit cost | $ | 105 | $ | 150 | $ | 315 | $ | 450 | |||||||||
Taxes_on_Income
Taxes on Income | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Taxes on Income | ' |
10. TAXES ON INCOME | |
We account for income taxes in accordance with FASB ASC 740, Income Taxes (“ASC 740”) (Formerly SFAS No. 109, Accounting for Income Taxes and FASB Interpretation No. 48, Accounting for Uncertainty In Income Taxes, an Interpretation of FASB Statement 109 ). ASC 740 requires the recording of deferred income taxes that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We exercise significant judgment in the evaluation of the amount and timing of the recognition of the resulting tax assets and liabilities. The judgments and estimates required for the evaluation are updated based upon changes in business factors and the tax laws. If actual results differ from the assumptions and other considerations used in estimating the amount and timing of tax recognized, there can be no assurance that additional expenses will not be required in future periods. | |
As a result of the consolidation for accounting purposes of the SASCO reverse mortgage securitization trust during 2013, a deferred tax asset (“DTA”) of approximately $4.9 million was recorded. In addition we recorded a $1.8 million deferred tax liability associated with our original investment in SASCO. However, because SASCO was not consolidated for income tax purposes, a full valuation allowance was also recorded on this DTA due to the uncertainty of its realization, as realization is dependent on future taxable income. On January 27, 2014 the separate company SASCO tax structure was eliminated, which permits 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. Accordingly, we removed the $4.9 million valuation allowance and eliminated the $1.8 million deferred tax liability, which resulted in an overall income tax benefit of $6.7 million in the quarter ended March 31, 2014. | |
As a result of the acquisition of the First National Bank of Wyoming, we recorded a net DTA of $3.2 million. Included in this DTA are $1.9 million of net operating loss carryovers and $300,000 of tax credit carryovers. We expect to fully utilize these tax attributes and, therefore, no valuation allowance has been recorded against the DTA. | |
ASC 740 prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. We recognize, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the financial statements. Assessment of uncertain tax positions under ASC 740 requires careful consideration of the technical merits of a position based on our analysis of tax regulations and interpretations. | |
There were no unrecognized tax benefits as of September 30, 2014. We record interest and penalties on potential income tax deficiencies as income tax expense. Our federal and state tax returns for the 2011 through 2013 tax years are subject to examination as of September 30, 2014. No federal or state income tax return examinations are currently in process. We do not expect to record or realize any material unrecognized tax benefits during 2014. |
Fair_Value_Disclosures_of_Fina
Fair Value Disclosures of Financial Assets and Liabilities | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Disclosures of Financial Assets and Liabilities | ' | ||||||||||||||||||
11. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||||
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||||
ASC 820-10, Fair Value Measurements and Disclosure, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: | |||||||||||||||||||
Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. | |||||||||||||||||||
Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. | |||||||||||||||||||
Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. | |||||||||||||||||||
The table below presents the balances of assets measured at fair value as of September 30, 2014 (there are no material liabilities measured at fair value): | |||||||||||||||||||
Description | Quoted | Significant | Significant | Total | |||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||
Asset | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
(in Thousands) | |||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 186,740 | $ | — | $ | 186,740 | |||||||||||
FNMA | — | 295,872 | — | 295,872 | |||||||||||||||
FHLMC | — | 127,032 | — | 127,032 | |||||||||||||||
GNMA | — | 80,192 | — | 80,192 | |||||||||||||||
U.S. Government and agencies | — | 29,971 | — | 29,971 | |||||||||||||||
State and political subdivisions | — | 123,509 | — | 123,509 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 843,316 | $ | — | $ | 843,316 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 6,307 | $ | 6,307 | |||||||||||
Loans held-for-sale | — | 26,324 | — | 26,324 | |||||||||||||||
Impaired loans (collateral dependent) | — | — | 36,802 | 36,802 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 26,324 | $ | 43,109 | $ | 69,433 | |||||||||||
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 for | Inputs | (Level 3) | |||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||
Asset | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
(in Thousands) | |||||||||||||||||||
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 | — | — | 38,379 | 38,379 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 42,911 | $ | 42,911 | |||||||||||
Fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe our valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | |||||||||||||||||||
Available-for-sale securities. As of September 30, 2014, 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 September 30, 2014. Included in the Level 2 total are approximately $29.9 million in Federal Agency debentures, $689.8 million in Federal Agency MBS and $123.5 million in municipal bonds. We believe that this Level 2 designation is appropriate for these securities under ASC 820-10 as, with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. | |||||||||||||||||||
Other real estate owned. Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded as held for sale at the lower of the loan balance or fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of our real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties. | |||||||||||||||||||
Loans held-for-sale. During the second quarter of 2014 we elected to record loans held-for-sale at their fair value. The fair value was estimated using Level 2 inputs based on value information provided by brokers. | |||||||||||||||||||
Impaired loans. We evaluate and value impaired loans at the time the loan is identified as impaired, and the fair values of such loans are estimated using Level 3 inputs in the fair value hierarchy. Each loan’s collateral has a unique appraisal and management’s discount of the value is based on the factors unique to each impaired loan. The significant unobservable input in determining the fair value is management’s subjective discount on appraisals of the collateral securing the loan, which range from 10% - 50%. Collateral may consist of real estate and/or business assets including equipment, inventory and/or accounts receivable and the value of these assets is determined based on the appraisals by qualified licensed appraisers hired by us. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. | |||||||||||||||||||
Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a net amount of $36.8 million and $38.4 million at September 30, 2014 and December 31, 2013, respectively. The valuation allowance on impaired loans was $3.9 million as of September 30, 2014 and $4.9 million as of December 31, 2013. | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||
The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future. | |||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | |||||||||||||||||||
Cash and Short-Term Investments: For cash and short-term investments, including due from banks, federal funds sold, securities purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||
Investments and Mortgage-Backed Securities: Since quoted market prices are not available, fair value is estimated using quoted prices for similar securities, which we obtain from a third party vendor. We utilize one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by us to validate the vendor’s methodology. The fair value of our investment in reverse mortgages is based on the net present value of estimated cash flows, which have been updated to reflect recent external appraisals of the underlying collateral. For additional discussion of our mortgage-backed securities-trading or our internally developed models, see “Fair Value of Financial Assets” in Note 10 to the unaudited Consolidated Financial Statements. | |||||||||||||||||||
Loans held-for-sale: Loans held-for-sale are carried at fair market value. | |||||||||||||||||||
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: For additional information on these reverse mortgage related assets, see Note 6, Reverse Mortgage Related Assets, to the unaudited Consolidated Financial Statements. | |||||||||||||||||||
Demand Deposits, Savings Deposits and Time Deposits: The fair value deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates currently offered for deposits with comparable remaining maturities. | |||||||||||||||||||
Borrowed Funds: Rates currently available to us for debt with similar terms and remaining maturities are used to estimate fair value of existing debt. | |||||||||||||||||||
Stock in the Federal Home Loan Bank of Pittsburgh: The fair value of FHLB stock is assumed to be essentially equal to its cost basis, since the stock is non-marketable but redeemable at its par value. | |||||||||||||||||||
Off-Balance Sheet Instruments: The fair value of off-balance sheet instruments, including commitments to extend credit and standby letters of credit, approximates the recorded net deferred fee amounts, which are not significant. Because commitments to extend credit and letters of credit are generally not assignable by either us or the borrower, they only have value to us and the borrower. | |||||||||||||||||||
The book value and estimated fair value of our financial instruments are as follows: | |||||||||||||||||||
Fair Value | September 30, 2014 | December 31, 2013 | |||||||||||||||||
Measurement | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||
(In Thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 471,301 | $ | 471,301 | $ | 484,426 | $ | 484,426 | ||||||||||
Investment securities | See previous table | 843,316 | 843,316 | 817,115 | 817,115 | ||||||||||||||
Loans held for sale | Level 3 | 26,324 | 26,324 | 31,491 | 31,491 | ||||||||||||||
Loans, net | Level 3 | 3,141,509 | 3,098,014 | 2,904,976 | 2,871,499 | ||||||||||||||
Reverse mortgage loans | Level 3 | 29,392 | 29,392 | 37,328 | 37,328 | ||||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh | Level 2 | 29,782 | 29,782 | 35,869 | 35,869 | ||||||||||||||
Accrued interest receivable | Level 2 | 11,435 | 11,435 | 10,798 | 10,798 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 3,504,110 | 3,295,795 | 3,186,942 | 2,982,420 | ||||||||||||||
Borrowed funds | Level 2 | 757,239 | 757,634 | 903,831 | 904,804 | ||||||||||||||
Standby letters of credit | Level 3 | 199 | 199 | 248 | 248 | ||||||||||||||
Accrued interest payable | Level 2 | 3,442 | 3,442 | 838 | 838 | ||||||||||||||
The estimated fair value of our off-balance sheet financial instruments is as follows: | |||||||||||||||||||
Sept. 30, | Dec. 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Off-balance sheet instruments: | $ | — | $ | — |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
12. SEGMENT INFORMATION | |||||||||||||||||
In accordance with FASB ASC 280, Segment Reporting (“ASC 280”) (Formerly SFAS No. 131, Disclosures About Segments of an Enterprise and Related Information) we discuss our business in three segments. 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. There is one segment for each of WSFS Bank, Cash Connect, and Trust and Wealth Management. | |||||||||||||||||
The WSFS Bank segment provides financial products to commercial and retail customers through its 55 offices located in Delaware (45), 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 Trust and Wealth Management division provides a broad array of fiduciary, investment management, credit and deposit products to clients through four business lines. WSFS Investment Group, Inc. provides insurance and brokerage products primarily to our retail banking clients. Cypress Capital Management, LLC is a registered investment advisor with over $638 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 $8.7 billion in assets under management and administration, provides fiduciary and investment services to personal trust clients, and trustee, agency, custodial and commercial domicile services to corporate and institutional clients. WSFS Private Banking serves high net worth clients by delivering credit and deposit products and partnering with Cypress, Christiana and WSFS Investment Group to deliver investment management and fiduciary products and services. | |||||||||||||||||
Segment information for the three months and nine months ended September 30, 2014 and 2013 follows: | |||||||||||||||||
For the three months ended September 30, 2014: | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 38,777 | $ | — | $ | 2,022 | $ | 40,799 | |||||||||
Noninterest income | 9,161 | 6,640 | 4,503 | 20,304 | |||||||||||||
Total external customer revenues | 47,938 | 6,640 | 6,525 | 61,103 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 880 | — | 1,361 | 2,241 | |||||||||||||
Noninterest income | 1,602 | 204 | 32 | 1,838 | |||||||||||||
Total inter-segment revenues | 2,482 | 204 | 1,393 | 4,079 | |||||||||||||
Total revenue | 50,420 | 6,844 | 7,918 | 65,182 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 3,952 | — | 100 | 4,052 | |||||||||||||
Noninterest expenses | 32,327 | 3,993 | 3,137 | 39,457 | |||||||||||||
Provision for loan loss | 198 | — | 135 | 333 | |||||||||||||
Total external customer expenses | 36,477 | 3,993 | 3,372 | 43,842 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 1,361 | 360 | 520 | 2,241 | |||||||||||||
Noninterest expenses | 236 | 509 | 1,093 | 1,838 | |||||||||||||
Total inter-segment expenses | 1,597 | 869 | 1,613 | 4,079 | |||||||||||||
Total expenses | 38,074 | 4,862 | 4,985 | 47,921 | |||||||||||||
Income before taxes | $ | 12,346 | $ | 1,982 | $ | 2,933 | $ | 17,261 | |||||||||
Provision for income taxes | 5,848 | ||||||||||||||||
Consolidated net income | $ | 11,413 | |||||||||||||||
Capital expenditures | $ | 914 | $ | 67 | $ | — | $ | 981 | |||||||||
As of September 30, 2014: | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 73,935 | $ | 393,977 | $ | 3,389 | $ | 471,301 | |||||||||
Goodwill | 43,614 | — | 5,134 | 48,748 | |||||||||||||
Other segment assets | 4,068,237 | 2,232 | 192,210 | 4,262,679 | |||||||||||||
Total segment assets | $ | 4,185,786 | $ | 396,209 | $ | 200,733 | $ | 4,782,728 | |||||||||
For the three months ended September 30, 2013: | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 35,171 | $ | — | $ | 1,945 | $ | 37,116 | |||||||||
Noninterest income | 12,449 | 6,360 | 3,933 | 22,742 | |||||||||||||
Total external customer revenues | 47,620 | 6,360 | 5,878 | 59,858 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 906 | — | 1,477 | 2,383 | |||||||||||||
Noninterest income | 1,689 | 222 | 28 | 1,939 | |||||||||||||
Total inter-segment revenues | 2,595 | 222 | 1,505 | 4,322 | |||||||||||||
Total revenue | 50,215 | 6,582 | 7,383 | 64,180 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 3,587 | — | 123 | 3,710 | |||||||||||||
Noninterest expenses | 26,510 | 3,470 | 2,829 | 32,809 | |||||||||||||
Provision for loan loss | 2,263 | — | (294 | ) | 1,969 | ||||||||||||
Total external customer expenses | 32,360 | 3,470 | 2,658 | 38,488 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 1,477 | 400 | 506 | 2,383 | |||||||||||||
Noninterest expenses | 250 | 561 | 1,128 | 1,939 | |||||||||||||
Total inter-segment expenses | 1,727 | 961 | 1,634 | 4,322 | |||||||||||||
Total expenses | 34,087 | 4,431 | 4,292 | 42,810 | |||||||||||||
Income before taxes | $ | 16,128 | $ | 2,151 | $ | 3,091 | $ | 21,370 | |||||||||
Provision for income taxes | 7,210 | ||||||||||||||||
Consolidated net income | $ | 14,160 | |||||||||||||||
Capital expenditures | $ | 460 | $ | 131 | $ | — | $ | 591 | |||||||||
As of December 31, 2013: | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 73,017 | $ | 408,096 | $ | 3,313 | $ | 484,426 | |||||||||
Goodwill | 27,101 | — | 5,134 | 32,235 | |||||||||||||
Other segment assets | 3,811,424 | 1,965 | 185,713 | 3,999,102 | |||||||||||||
Total segment assets | $ | 3,911,542 | $ | 410,061 | $ | 194,160 | $ | 4,515,763 | |||||||||
For the nine months ended September 30, 2014: | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 112,178 | $ | — | $ | 5,819 | $ | 117,997 | |||||||||
Noninterest income | 26,334 | 18,974 | 12,983 | 58,291 | |||||||||||||
Total external customer revenues | 138,512 | 18,974 | 18,802 | 176,288 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 2,545 | — | 4,124 | 6,669 | |||||||||||||
Noninterest income | 5,041 | 601 | 85 | 5,727 | |||||||||||||
Total inter-segment revenues | 7,586 | 601 | 4,209 | 12,396 | |||||||||||||
Total revenue | 146,098 | 19,575 | 23,011 | 188,684 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 11,413 | — | 316 | 11,729 | |||||||||||||
Noninterest expenses | 88,549 | 11,425 | 9,179 | 109,153 | |||||||||||||
Provision for loan loss | 2,320 | — | 693 | 3,013 | |||||||||||||
Total external customer expenses | 102,282 | 11,425 | 10,188 | 123,895 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 4,124 | 1,019 | 1,526 | 6,669 | |||||||||||||
Noninterest expenses | 686 | 1,688 | 3,353 | 5,727 | |||||||||||||
Total inter-segment expenses | 4,810 | 2,707 | 4,879 | 12,396 | |||||||||||||
Total expenses | 107,092 | 14,132 | 15,067 | 136,291 | |||||||||||||
Income before taxes | $ | 39,006 | $ | 5,443 | $ | 7,944 | $ | 52,393 | |||||||||
Provision for income taxes | 11,344 | ||||||||||||||||
Consolidated net income | $ | 41,049 | |||||||||||||||
Capital expenditures | $ | 2,207 | $ | 156 | $ | 3 | $ | 2,366 | |||||||||
As of September 30, 2014: | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 73,935 | $ | 393,977 | $ | 3,389 | $ | 471,301 | |||||||||
Goodwill | 43,614 | — | 5,134 | 48,748 | |||||||||||||
Other segment assets | 4,068,237 | 2,232 | 192,210 | 4,262,679 | |||||||||||||
Total segment assets | $ | 4,185,786 | $ | 396,209 | $ | 200,733 | $ | 4,782,728 | |||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 102,732 | $ | — | $ | 5,857 | $ | 108,589 | |||||||||
Noninterest income | 31,009 | 17,412 | 11,934 | 60,355 | |||||||||||||
Total external customer revenues | 133,741 | 17,412 | 17,791 | 168,944 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 2,723 | — | 4,276 | 6,999 | |||||||||||||
Noninterest income | 5,040 | 645 | 82 | 5,767 | |||||||||||||
Total inter-segment revenues | 7,763 | 645 | 4,358 | 12,766 | |||||||||||||
Total revenue | 141,504 | 18,057 | 22,149 | 181,710 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 11,120 | — | 427 | 11,547 | |||||||||||||
Noninterest expenses | 79,671 | 9,629 | 9,031 | 98,331 | |||||||||||||
Provision for loan loss | 6,044 | — | (164 | ) | 5,880 | ||||||||||||
Total external customer expenses | 96,835 | 9,629 | 9,294 | 115,758 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 4,276 | 1,176 | 1,547 | 6,999 | |||||||||||||
Noninterest expenses | 727 | 1,649 | 3,391 | 5,767 | |||||||||||||
Total inter-segment expenses | 5,003 | 2,825 | 4,938 | 12,766 | |||||||||||||
Total expenses | 101,838 | 12,454 | 14,232 | 128,524 | |||||||||||||
Income (loss) before taxes | $ | 39,666 | $ | 5,603 | $ | 7,917 | $ | 53,186 | |||||||||
Provision for income taxes | 18,378 | ||||||||||||||||
Consolidated net income | $ | 34,808 | |||||||||||||||
Capital expenditures | $ | 1,505 | $ | 591 | $ | — | $ | 2,096 | |||||||||
As of December 31, 2013: | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 73,017 | $ | 408,096 | $ | 3,313 | $ | 484,426 | |||||||||
Goodwill | 27,101 | — | 5,134 | 32,235 | |||||||||||||
Other segment assets | 3,811,424 | 1,965 | 185,713 | 3,999,102 | |||||||||||||
Total segment assets | $ | 3,911,542 | $ | 410,061 | $ | 194,160 | $ | 4,515,763 | |||||||||
Indemnifications_and_Guarantee
Indemnifications and Guarantees | 9 Months Ended |
Sep. 30, 2014 | |
Text Block [Abstract] | ' |
Indemnifications and Guarantees | ' |
13. INDEMNIFICATIONS AND GUARANTEES | |
Secondary Market Loan Sales. Given the current interest rate environment and current customer preference for long-term fixed rate mortgages, coupled with our desire not to hold these assets in our portfolio, we generally sell newly originated fixed rate conventional, 15 to 30 year loans in the secondary market to GSEs such as FHLMC or to wholesale lenders. 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 and related sales commitments 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 in the third quarter of 2014 and two repurchases totalling $354,000 for the nine months ended September 30, 2014. | |
Swap Guarantees. We entered into agreements with four unrelated financial institutions whereby those financial institutions entered into interest rate derivative contracts (interest rate swap transactions) with customers referred to them by us. By the terms of the agreements, those financial institutions have recourse to us for any exposure created under each swap transaction in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows smaller financial institutions like us to provide access to interest rate swap transactions for our customers without creating the swap ourselves. These swap guarantees are accounted for as credit derivatives under FASB ASC Topic 815, Derivatives and Hedging. | |
At September 30, 2014 there were 100 variable-rate swap transactions between third party financial institutions and our customers, compared to 101 at December 31, 2013. The initial notional aggregated amount was approximately $426.6 million at September 30, 2014 compared to $423.9 million at December 31, 2013. At September 30, 2014 maturities ranged from approximately one to eleven years. The aggregate market value of these swaps to customers was a liability of $15.5 million at September 30, 2014 and $17.8 million at December 31, 2013. Our analysis indicated there were no reserve requirements for the swap guarantees as of September 30, 2014 and $70,000 of reserves as of December 31, 2013. The methodology to determine reserves for swap guarantees is consistent with the ALLL methodology as described in Note 5 to the unaudited Consolidated Financial Statements. |
Change_in_Accumulated_Other_Co
Change in Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Change in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
14. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Accumulated other comprehensive income (loss) includes unrealized gains and losses on available-for-sale investments as well as unrecognized prior service costs, transition costs and actuarial gains and losses on defined benefit pension plans which reflects changes made to the post retirement benefit obligation for retiree health and life insurance. These changes were effective March 31, 2014 (see footnote 9 “Associate (Employee) Benefit Plans” for further information). 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 | ||||||||||
(losses) gains on | losses on defined | ||||||||||||
investment | benefit | ||||||||||||
securities | pension plan | ||||||||||||
available-for-sale | |||||||||||||
Balance, June 30, 2014 | $ | (2,583 | ) | $ | (412 | ) | $ | (2,995 | ) | ||||
Other comprehensive income (loss) before reclassifications | (778 | ) | 5 | (773 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (23 | ) | — | (23 | ) | ||||||||
Net current-period other comprehensive income (loss) | (801 | ) | 5 | (796 | ) | ||||||||
Balance, September 30, 2014 | $ | (3,384 | ) | $ | (407 | ) | $ | (3,791 | ) | ||||
Balance, June 30, 2013 | $ | (12,309 | ) | $ | (472 | ) | $ | (12,781 | ) | ||||
Other comprehensive income (loss) before reclassifications | (3,106 | ) | — | (3,106 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (190 | ) | — | (190 | ) | ||||||||
Net current-period other comprehensive income (loss) | (3,296 | ) | — | (3,296 | ) | ||||||||
Balance, September 30, 2013 | $ | (15,605 | ) | $ | (472 | ) | $ | (16,077 | ) | ||||
(in thousands) | Net unrealized | Net unrealized | Total | ||||||||||
(losses) gains on | losses on defined | ||||||||||||
investment | benefit | ||||||||||||
securities | pension plan | ||||||||||||
available-for-sale | |||||||||||||
Balance, December 31, 2013 | $ | (20,822 | ) | $ | (472 | ) | $ | (21,294 | ) | ||||
Other comprehensive income (loss) before reclassifications | 18,046 | 65 | 18,111 | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (608 | ) | — | (608 | ) | ||||||||
Net current-period other comprehensive income (loss) | 17,438 | 65 | 17,503 | ||||||||||
Balance, September 30, 2014 | $ | (3,384 | ) | $ | (407 | ) | $ | (3,791 | ) | ||||
Balance, December 31, 2012 | $ | 13,415 | $ | (472 | ) | $ | 12,943 | ||||||
Other comprehensive income (loss) before reclassifications | (27,249 | ) | — | (27,249 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (1,771 | ) | — | (1,771 | ) | ||||||||
Net current-period other comprehensive income (loss) | (29,020 | ) | — | $ | (29,020 | ) | |||||||
Balance, September 30, 2013 | $ | (15,605 | ) | $ | (472 | ) | $ | (16,077 | ) | ||||
The statement of operations impacted by components of other comprehensive income are presented in the table below. | |||||||||||||
Three Months Ended | Affected line item in Statements of Operations | ||||||||||||
September 30, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Securities available-for-sale: | |||||||||||||
Realized gains on securities transactions | $ | 36 | $ | 306 | Securities gains, net | ||||||||
Income taxes | (13 | ) | (116 | ) | Income tax provision | ||||||||
Net of tax | $ | 23 | $ | 190 | |||||||||
Amortization of Defined Benefit Pension Items: | |||||||||||||
Prior service costs | $ | 22 | $ | — | |||||||||
Transition obligation | — | — | |||||||||||
Actuarial losses | (14 | ) | — | ||||||||||
Total before tax | $ | 8 | $ | — | Salaries, benefits and other compensation | ||||||||
Income taxes | (3 | ) | — | Income tax provision | |||||||||
Net of tax | $ | 5 | $ | — | |||||||||
Total reclassifications | $ | 18 | $ | 190 | |||||||||
Nine Months Ended | Affected line item in Statements of Operations | ||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Securities available-for-sale: | |||||||||||||
Realized gains on securities transactions | $ | 979 | $ | 2,856 | Securities gains, net | ||||||||
Income taxes | (371 | ) | (1,085 | ) | Income tax provision | ||||||||
Net of tax | $ | 608 | $ | 1,771 | |||||||||
Amortization of Defined Benefit Pension Items: | |||||||||||||
Prior service costs | $ | 905 | $ | — | |||||||||
Transition obligation | 245 | — | |||||||||||
Actuarial losses | (1,046 | ) | — | ||||||||||
Total before tax | $ | 104 | $ | — | Salaries, benefits and other compensation | ||||||||
Income taxes | (39 | ) | — | Income tax provision | |||||||||
Net of tax | $ | 65 | $ | — | |||||||||
Total reclassifications | $ | 543 | $ | 1,771 | |||||||||
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
15. LEGAL PROCEEDINGS | |
As initially 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 $0 to approximately $5.0 million at September 30, 2014. Costs of litigation were covered by insurance; however, such costs have now exceeded the limits of insurance coverage for this case. Cross motions for summary judgement are currently pending before the court. | |
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. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
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. | |
In addition to originating loans, we occasionally acquire loans through mergers or loan purchase transactions. Some of these acquired loans may exhibit deteriorated credit quality that has occurred since origination and we may not expect to collect all contractual payments. Accounting for these purchased credit-impaired loans is done in accordance with ASC 310-30. The loans are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition on these loans is based on a reasonable expectation about the timing and amount of cash flows to be collected. Acquired loans deemed impaired and considered collateral dependent, with the timing of the sale of loan collateral indeterminate, remain on nonaccrual status and have no accretable yield. | |
Recent Accounting Pronouncements | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2014, the FASB issued ASU No. 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323) - Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” The ASU permits an entity to make an accounting policy election to account for its investment in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportionate amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The decision to apply the proportionate amortization method of accounting should be applied consistently to all qualifying affordable housing project investments. A reporting entity that uses the effective yield or other method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply such method to those preexisting investments. The amendments are effective for annual and interim periods beginning after December 15, 2014. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 states that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, ASU No. 2014-04 requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company’s Consolidated Financial Statements. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU includes amendments that change the requirements for reporting discontinued operations and disposals of components of an entity. Under the new guidance, only disposals representing a strategic shift that has (or will have) a major effect on the organization’s operations and financial results should be presented as discontinued operations. Additionally, the ASU requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. These amendments are effective prospectively for fiscal years and interim reporting periods within those years, beginning after December 15, 2014. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606).” The ASU introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently evaluating the new guidance to determine the impact it will have on its Consolidated Financial Statements. | |
In June 2014, the FASB issued ASU No. 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The new guidance aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. The guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement, which has resulted in outcomes referred to as off-balance-sheet accounting. The amendments in the ASU require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The amendments in the ASU also require expanded disclosures about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for public companies for the first interim or annual period beginning after December 15, 2014. In addition, for public companies, the disclosure for certain transactions accounted for as a sale is effective for the first interim or annual reporting periods beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required to be presented for annual reporting periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The standard update resolves the diverse accounting treatment for these share-based payments by requiring that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 will be effective for interim and annual reporting periods beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the new guidance to determine the impact it will have on its Consolidated Financial Statements. | |
In August 2014, the FASB issued ASU No. 2014-14, “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” The objective of this guidance is to reduce diversity in practice related to how creditors classify government-guaranteed mortgage loans, including FHA or VA guaranteed loans, upon foreclosure. Some creditors reclassify those loans to real estate consistent with other foreclosed loans that do not have guarantees; others reclassify the loans to other receivables. The amendments in this guidance require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) The loan has a government guarantee that is not separable from the loan before foreclosure; (2) At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (3) At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. ASU No. 2014-14 is effective for interim and annual reporting periods beginning after December 15, 2014. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. |
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Consideration Paid and Fair Value of Identifiable Assets Acquired and Liabilities Assumed | ' | ||||
In connection with the merger, the consideration paid and the fair value of identifiable assets acquired and liabilities assumed as of the date of acquisition are summarized in the following table. | |||||
(In Thousands) | |||||
Consideration Paid: | |||||
Common shares issued (452,769) | $ | 32,916 | |||
Cash paid to FNBW stockholders | 32,029 | ||||
Value of consideration | 64,945 | ||||
Assets acquired: | |||||
Cash and due from banks | 39,355 | ||||
Investment securities | 41,825 | ||||
Loans | 175,966 | ||||
Premises and equipment | 1,877 | ||||
Deferred income taxes | 3,232 | ||||
Bank owned life insurance | 12,624 | ||||
Core deposit intangible | 3,240 | ||||
Other Real Estate Owned | 2,040 | ||||
Other assets | 5,106 | ||||
Total assets | 285,265 | ||||
Liabilities assumed: | |||||
Deposits | 228,844 | ||||
FHLB advances | 5,052 | ||||
Other liabilities | 2,891 | ||||
Total liabilities | 236,787 | ||||
Net assets acquired: | 48,478 | ||||
Goodwill resulting from acquisition of FNBW: | $ | 16,467 | |||
Summary of Effect on Goodwill from Changes in Derivative Assets and Liabilities | ' | ||||
The following table details the effect on goodwill from the changes in the derivative assets and liabilities relating to the loan commitment pipeline and changes in fair value of contingent consideration from the amounts originally reported on the Form 10-K for the year ended December 31, 2013. | |||||
(In Thousands) | |||||
Goodwill resulting from acquisition of Array and Arrow reported on Form 10-K for the year ended December 31, 2013 | $ | 4,089 | |||
Effect of adjustments to: | |||||
Other assets | (338 | ) | |||
Contingent Liabilities | 181 | ||||
Other liabilities | 203 | ||||
Adjusted goodwill resulting from acquisition of Array & Arrow as of September 30, 2014 | $ | 4,135 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table shows the computation of basic and diluted earnings per share: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income allocable to common stockholders | $ | 11,413 | $ | 13,828 | $ | 41,049 | $ | 33,175 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share - weighted average shares | 9,061 | 8,828 | 8,961 | 8,804 | |||||||||||||
Effect of dilutive employee stock options and warrants | 248 | 148 | 236 | 106 | |||||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed exercise | 9,309 | 8,976 | 9,197 | 8,910 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income allocable to common stockholders | $ | 1.26 | $ | 1.57 | $ | 4.58 | $ | 3.77 | |||||||||
Diluted: | |||||||||||||||||
Net income allocable to common stockholders | $ | 1.23 | $ | 1.54 | $ | 4.46 | $ | 3.72 | |||||||||
Outstanding common stock equivalents having no dilutive effect | 44 | 402 | 44 | 557 |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Investment Securities | ' | ||||||||||||||||||||||||
The following tables detail the amortized cost and the estimated fair value of our available-for-sale investment securities. None of our investment securities is classified as trading or held-to-maturity. | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
State and political subdivisions | $ | 121,080 | $ | 3,024 | $ | (595 | ) | $ | 123,509 | ||||||||||||||||
U.S. Government and government sponsored enterprises (“GSE”) | 29,976 | 32 | (37 | ) | 29,971 | ||||||||||||||||||||
Collateralized Mortgage Obligation (“CMO”) | 189,488 | 195 | (2,943 | ) | 186,740 | ||||||||||||||||||||
Federal National Mortgage Association (“FNMA”) Mortgage-Backed Securities (“MBS”) | 299,264 | 342 | (3,734 | ) | 295,872 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation MBS (“FHLMC”) | 128,395 | 104 | (1,467 | ) | 127,032 | ||||||||||||||||||||
Government National Mortgage Association MBS (“GNMA”) | 80,571 | 399 | (778 | ) | 80,192 | ||||||||||||||||||||
$ | 848,774 | $ | 4,096 | $ | (9,554 | ) | $ | 843,316 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
State and political subdivisions | $ | 105,354 | $ | 257 | $ | (5,426 | ) | $ | 100,185 | ||||||||||||||||
GSE | 32,082 | 93 | (17 | ) | 32,158 | ||||||||||||||||||||
CMO | 103,064 | 28 | (5,535 | ) | 97,557 | ||||||||||||||||||||
FNMA MBS | 382,909 | 20 | (15,801 | ) | 367,128 | ||||||||||||||||||||
FHLMC MBS | 129,460 | 29 | (4,994 | ) | 124,495 | ||||||||||||||||||||
GNMA MBS | 97,830 | 743 | (2,981 | ) | 95,592 | ||||||||||||||||||||
$ | 850,699 | $ | 1,170 | $ | (34,754 | ) | $ | 817,115 | |||||||||||||||||
Schedule of Maturities of Investment Securities Available-for-Sale | ' | ||||||||||||||||||||||||
The scheduled maturities of investment securities available-for-sale at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Within one year | $ | 25,616 | $ | 25,653 | |||||||||||||||||||||
After one year but within five years | 45,714 | 46,706 | |||||||||||||||||||||||
After five years but within ten years | 219,861 | 217,843 | |||||||||||||||||||||||
After ten years | 557,583 | 553,114 | |||||||||||||||||||||||
$ | 848,774 | $ | 843,316 | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category | ' | ||||||||||||||||||||||||
The tables below show our investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
September 30, 2014 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
State and political subdivisions | $ | 8,534 | $ | 19 | $ | 35,414 | $ | 575 | $ | 43,948 | $ | 594 | |||||||||||||
GSE | 8,948 | 37 | — | — | 8,948 | 37 | |||||||||||||||||||
CMO | 66,891 | 229 | 71,569 | 2,714 | 138,460 | 2,943 | |||||||||||||||||||
FNMA MBS | 95,007 | 522 | 134,877 | 3,212 | 229,884 | 3,734 | |||||||||||||||||||
FHLMC MBS | 30,390 | 68 | 76,681 | 1,399 | 107,071 | 1,467 | |||||||||||||||||||
GNMA MBS | 6,274 | 16 | 49,666 | 763 | 55,940 | 779 | |||||||||||||||||||
Total temporarily impaired investments | $ | 216,044 | $ | 891 | $ | 368,207 | $ | 8,663 | $ | 584,251 | $ | 9,554 | |||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
December 31, 2013 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
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 | |||||||||||||
Acquired_Credit_Impaired_Loans1
Acquired Credit Impaired Loans (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Transfers and Servicing [Abstract] | ' | ||||
Schedule of Loans Accounted in Accordance with ASC 310-30 | ' | ||||
The following table details the loans that are accounted for in accordance with ASC 310-30 as of September 5, 2014: | |||||
(in thousands) | |||||
Contractually required principal and interest at acquisition | $ | 27,086 | |||
Contractual cash flows not expected to be collected (nonaccretable difference) | 7,956 | ||||
Expected cash flows at acquisition | 19,130 | ||||
Interest component of expected cash flows (accretable yield) | 1,790 | ||||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ | 17,340 | |||
Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans | ' | ||||
The outstanding principal balance and carrying amounts for acquired credit-impaired loans for which the Company applies ASC 310-30 as of September 30, 2014: | |||||
(in thousands) | |||||
Outstanding principal balance | $ | 22,398 | |||
Carrying amount | $ | 17,129 | |||
Allowance for Loan Loss | N/A | ||||
Summary of Changes in Accretable Yield on Acquired Credit Impaired Loans | ' | ||||
The following table presents the changes in accretable yield on the acquired credit impaired loans: | |||||
Accretable | |||||
Yield | |||||
Balance as of September 5, 2014 | $ | 1,790 | |||
Accretion | (59 | ) | |||
Reclassification from nonaccretable difference | — | ||||
Additions/adjustments | — | ||||
Disposals | — | ||||
Ending balance as September 30, 2014 | $ | 1,731 | |||
Allowance_for_Loan_Losses_and_1
Allowance for Loan Losses and Credit Quality Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses and Loan Balances | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide the activity of our allowance for loan losses and loan balances for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner - | Commercial | Construction | Residential | Consumer | Estimation / | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Complexity | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Risk (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,346 | $ | 7,986 | $ | 7,617 | $ | 2,319 | $ | 2,759 | $ | 6,299 | $ | 1,055 | $ | 41,381 | |||||||||||||||||||||||||||||||||
Charge-offs | (1,840 | ) | (272 | ) | (101 | ) | — | (147 | ) | (372 | ) | — | (2,732 | ) | |||||||||||||||||||||||||||||||||||
Recoveries | 66 | 77 | 4 | 8 | 86 | 261 | — | 502 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 1,833 | 454 | (1,097 | ) | (897 | ) | (6 | ) | 56 | (10 | ) | 333 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,405 | $ | 8,245 | $ | 6,423 | $ | 1,430 | $ | 2,692 | $ | 6,244 | $ | 1,045 | $ | 39,484 | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | 3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Charge-offs | (3,335 | ) | (593 | ) | (261 | ) | (88 | ) | (674 | ) | (2,095 | ) | — | (7,046 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 873 | 244 | 43 | 192 | 129 | 792 | — | 2,27 | 3 | ||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 3,116 | 956 | (291 | ) | (2,000 | ) | 159 | 1,053 | 20 | 3,013 | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,405 | $ | 8,245 | $ | 6,423 | $ | 1,430 | $ | 2,692 | $ | 6,244 | $ | 1,045 | $ | 39,484 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,573 | $ | 993 | $ | 240 | $ | — | $ | 850 | $ | 211 | $ | — | $ | 3,867 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 11,832 | 7,252 | 6,183 | 1,430 | 1,842 | 6,033 | 1,045 | 35,617 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 13,405 | $ | 8,245 | $ | 6,423 | $ | 1,430 | $ | 2,692 | $ | 6,244 | $ | 1,045 | $ | 39,484 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,683 | $ | 3,390 | $ | 8,760 | $ | 1,419 | $ | 16,807 | $ | 6,610 | $ | — | $ | 40,669 | (2) | ||||||||||||||||||||||||||||||||
Purchased credit impaired loans | 5,908 | 2,728 | 7,892 | 5,202 | 623 | 45 | — | 22,398 | |||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 872,679 | 802,139 | 777,260 | 141,595 | 211,791 | 319,131 | — | 3,124,595 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 882,270 | $ | 808,257 | $ | 793,912 | $ | 148,216 | $ | 229,221 | $ | 325,786 | $ | — | $ | 3,187,662 | (3) | ||||||||||||||||||||||||||||||||
Commercial | Owner - | Commercial | Construction | Residential | Consumer | Estimation/ | Total | ||||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Complexity | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Risk (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,967 | $ | 8,049 | $ | 6,345 | $ | 3,952 | $ | 3,230 | $ | 6,137 | $ | 814 | $ | 41,494 | |||||||||||||||||||||||||||||||||
Charge-offs | (1,172 | ) | (31 | ) | (103 | ) | (4 | ) | (290 | ) | (1,343 | ) | — | (2,943 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 273 | 55 | 333 | 21 | 10 | 219 | — | 911 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 594 | (23 | ) | 345 | (380 | ) | 364 | 1,071 | (2 | ) | 1,969 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Charge-offs | (2,311 | ) | (68 | ) | (1,824 | ) | (1,344 | ) | (985 | ) | (4,153 | ) | — | (10,685 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 900 | 100 | 442 | 106 | 51 | 715 | — | 2,314 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) | 410 | 1,910 | 223 | (1,629 | ) | 1,124 | 3,891 | (49 | ) | 5,880 | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,004 | $ | 945 | $ | 1,995 | $ | — | $ | 995 | $ | 12 | $ | — | $ | 5,951 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,658 | 7,105 | 4,925 | 3,589 | 2,319 | 6,072 | 812 | 35,480 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,662 | $ | 8,050 | $ | 6,920 | $ | 3,589 | $ | 3,314 | $ | 6,084 | $ | 812 | $ | 41,431 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,833 | $ | 12,568 | $ | 8,894 | $ | 274 | $ | 17,360 | $ | 4,400 | $ | — | $ | 49,329 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 748,106 | 777,297 | 704,895 | 102,347 | 211,595 | 283,645 | — | 2,827,885 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 753,939 | $ | 789,865 | $ | 713,789 | $ | 102,621 | $ | 228,955 | $ | 288,045 | $ | — | $ | 2,877,214 | (3) | ||||||||||||||||||||||||||||||||
-1 | Represents the portion of the allowance for loan losses established to account for the inherent complexity and uncertainty of estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||
-2 | The difference between this amount and nonaccruing loans at September 30, 2014, represents accruing troubled debt restructured (“TDR”) loans which are considered to be impaired loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Ending loan balances do not include deferred costs of $6.7 million for September 30, 2014 and $5.8 million for September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nonaccrual and Past Due Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables show our nonaccrual and past due loans at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Acquired | Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Past Due and | Past Due and | 90 Days | Due | Current | Impaired | Loans | Loans | |||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | Loans | ||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 299 | $ | 10,765 | $ | — | $ | 11,064 | $ | 862,223 | $ | 5,908 | $ | 3,075 | $ | 882,270 | |||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 734 | 5,561 | — | 6,295 | 795,844 | 2,728 | 3,390 | 808,257 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 17 | 81 | — | 98 | 777,252 | 7,892 | 8,670 | 793,912 | |||||||||||||||||||||||||||||||||||||||||
Construction | 60 | — | — | 60 | 142,954 | 5,202 | — | 148,216 | |||||||||||||||||||||||||||||||||||||||||
Residential | 2,756 | 937 | 678 | 4,371 | 216,279 | 623 | 7,948 | 229,221 | |||||||||||||||||||||||||||||||||||||||||
Consumer | 861 | 397 | — | 1,258 | 320,790 | 45 | 3,693 | 325,786 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,727 | $ | 17,741 | $ | 678 | $ | 23,146 | $ | 3,115,342 | $ | 22,398 | $ | 26,776 | $ | 3,187,662 | |||||||||||||||||||||||||||||||||
% of Total Loans | 0.15 | % | 0.56 | % | 0.02 | % | 0.73 | % | 97.73 | % | 0.7 | % | 0.84 | % | 100 | % | |||||||||||||||||||||||||||||||||
December 31, 2013 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Past Due and | Past Due and | 90 Days | Due | Current | Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Still | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 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 | % | |||||||||||||||||||||||||||||||||||
Analysis of Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of our impaired loans at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Ending | Loans with | Loans with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Specific | Specific | Specific | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Reserve | Balances | Balances | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,683 | $ | 1,480 | $ | 2,203 | $ | 1,573 | $ | 4,612 | $ | 4,642 | |||||||||||||||||||||||||||||||||||||
Owner-Occupied commercial | 3,390 | 1,857 | 1,533 | 993 | 4,338 | 6,480 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,760 | 5,136 | 3,624 | 240 | 11,667 | 11,117 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,419 | 1,419 | — | — | 1,419 | 784 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 16,807 | 9,215 | 7,592 | 850 | 19,045 | 17,635 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 6,610 | 5,228 | 1,382 | 211 | 7,332 | 5,507 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 40,669 | $ | 24,335 | $ | 16,334 | $ | 3,867 | $ | 48,413 | $ | 46,165 | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | Ending | Loans with | Loans with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Specific | Specific | Specific | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Reserve | Balances | Balances | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 5,003 | $ | 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 | |||||||||||||||||||||||||||||||||||||
-1 | Reflects loan balances at or written down to their remaining book balance. | ||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of Problem Loans, by Credit Risk Profile Using Internally Assigned Risk Ratings | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of loans by credit risk profile using internally assigned risk ratings, as of September 30, 2014 and December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner-Occupied | Commercial | Construction | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Mortgages | Commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Amount | % | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | $ | 10,363 | $ | 12,566 | $ | 13,247 | $ | 4,747 | $ | 12,141 | $ | 2,092 | $ | 1,073 | $ | 226 | $ | 36,824 | $ | 19,631 | |||||||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | 62,453 | 56,806 | 43,382 | 45,181 | 12,107 | 8,146 | 5,254 | 3,599 | 123,196 | 113,732 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual | 1,572 | 2,362 | 2,041 | 5,185 | 6,925 | 2,784 | 313 | 1,158 | 10,851 | 11,489 | |||||||||||||||||||||||||||||||||||||||
Doubtful / | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 2,203 | 2,641 | 1,533 | 12 | 3,624 | 5,877 | — | — | 7,360 | 8,530 | |||||||||||||||||||||||||||||||||||||||
Total Special Mention, Substandard and Doubtful | 76,591 | 74,375 | 60,203 | 55,125 | 34,797 | 18,899 | 6,640 | 4,983 | 178,231 | 6 | % | 153,382 | 6 | % | |||||||||||||||||||||||||||||||||||
Pass | 805,679 | 736,507 | 748,054 | 731,235 | 759,115 | 706,294 | 141,576 | 101,091 | 2,454,424 | 94 | % | 2,275,127 | 94 | ||||||||||||||||||||||||||||||||||||
Total Commercial Loans | $ | 882,270 | $ | 810,882 | $ | 808,257 | $ | 786,360 | $ | 793,912 | $ | 725,193 | $ | 148,216 | $ | 106,074 | $ | 2,632,655 | 100 | % | $ | 2,428,509 | 100 | % | |||||||||||||||||||||||||
Schedule of Consumer Credit Exposure | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Consumer | Total Residential and Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Sept. 30 | Dec. 31 | Sept. 30 | Dec. 31 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | $ | 16,807 | $ | 17,852 | $ | 6,610 | $ | 5,411 | $ | 23,417 | 4 | % | $ | 23,263 | 4 | % | |||||||||||||||||||||||||||||||||
Performing | 212,414 | 203,668 | 319,176 | 296,823 | 531,590 | 96 | % | 500,491 | 96 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 229,221 | $ | 221,520 | $ | 325,786 | $ | 302,234 | $ | 555,007 | 100 | % | $ | 523,754 | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Includes $12.1 million as of September 30, 2014 and $11.5 million as of December 31, 2013 of troubled debt restructured mortgages and home equity installment loans that are performing in accordance with modified terms and are accruing interest. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans identified as TDRs during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Three | Three | Nine | Nine | |||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 88 | $ | 6,800 | $ | 209 | $ | 6,824 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 3,430 | 108 | 3,430 | 1,169 | |||||||||||||||||||||||||||||||||||||||||||||
Construction | 1,419 | — | 1,419 | — | |||||||||||||||||||||||||||||||||||||||||||||
Residential | 72 | 207 | 1,916 | 806 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,097 | 256 | 1,612 | 973 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,106 | $ | 7,371 | $ | 8,586 | $ | 9,772 | |||||||||||||||||||||||||||||||||||||||||
Reverse_Mortgage_Related_Asset1
Reverse Mortgage Related Assets (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Mortgage Banking [Abstract] | ' | ||||
Summary of Estimated Cash Payments to Reverse Mortgagors | ' | ||||
As of September 30, 2014, the Company’s actuarially estimated cash payments to reverse mortgagors are as follows: | |||||
(in thousands) | |||||
Year Ending | |||||
Remaining in 2014 | $ | 181 | |||
2015 | 690 | ||||
2016 | 553 | ||||
2017 | 439 | ||||
2018 | 344 | ||||
Years 2019 - 2023 | 835 | ||||
Years 2024 - 2028 | 187 | ||||
Years 2029 - 2033 | 32 | ||||
Thereafter | 4 | ||||
Total (1) | $ | 3,265 | |||
-1 | This table does not take into consideration cash inflow including payments from mortgagors or payoffs based on contractual terms. These figures are stated values not discounted values. |
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, 2013 | $ | 27,101 | $ | — | $ | 5,134 | $ | 32,235 | |||||||||
Changes in goodwill | 46 | — | — | 46 | |||||||||||||
Goodwill from business combinations | 16,467 | — | — | 16,467 | |||||||||||||
September 30, 2014 | $ | 43,614 | $ | — | $ | 5,134 | $ | 48,748 | |||||||||
Summary of Other Intangible Assets | ' | ||||||||||||||||
The following table summarizes other intangible assets: | |||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||
Intangible | Amortization | Intangible | |||||||||||||||
Assets | Assets | ||||||||||||||||
(In Thousands) | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Core deposits | $ | 7,610 | $ | (3,074 | ) | $ | 4,536 | ||||||||||
Other | 7,021 | (2,129 | ) | 4,892 | |||||||||||||
Total other intangible assets | $ | 14,631 | $ | (5,203 | ) | $ | 9,428 | ||||||||||
31-Dec-13 | |||||||||||||||||
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 | ||||||||||
Schedule of Estimated Amortization Expense of Intangibles | ' | ||||||||||||||||
The following presents the estimated amortization expense of intangibles: | |||||||||||||||||
(In Thousands) | Amortization | ||||||||||||||||
of Intangibles | |||||||||||||||||
Remaining in 2014 | $ | 378 | |||||||||||||||
2015 | 1,485 | ||||||||||||||||
2016 | 1,229 | ||||||||||||||||
2017 | 1,081 | ||||||||||||||||
2018 | 1,062 | ||||||||||||||||
Thereafter | 4,193 | ||||||||||||||||
Total | $ | 9,428 | |||||||||||||||
Associate_Employee_Benefit_Pla1
Associate (Employee) Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | ' | ||||||||||||||||
The following disclosures of the net periodic benefit cost components of postretirement benefits were measured at January 1, 2014 and 2013: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Service cost | $ | 49 | $ | 86 | $ | 147 | $ | 258 | |||||||||
Interest cost | 48 | 44 | 146 | 132 | |||||||||||||
Prior service cost amortization | (14 | ) | — | (44 | ) | — | |||||||||||
Net loss recognition | 22 | 20 | 66 | 60 | |||||||||||||
Net periodic benefit cost | $ | 105 | $ | 150 | $ | 315 | $ | 450 | |||||||||
Fair_Value_Disclosures_of_Fina1
Fair Value Disclosures of Financial Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Balances of Assets Measured at Fair Value | ' | ||||||||||||||||||
The table below presents the balances of assets measured at fair value as of September 30, 2014 (there are no material liabilities measured at fair value): | |||||||||||||||||||
Description | Quoted | Significant | Significant | Total | |||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||
Asset | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
(in Thousands) | |||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 186,740 | $ | — | $ | 186,740 | |||||||||||
FNMA | — | 295,872 | — | 295,872 | |||||||||||||||
FHLMC | — | 127,032 | — | 127,032 | |||||||||||||||
GNMA | — | 80,192 | — | 80,192 | |||||||||||||||
U.S. Government and agencies | — | 29,971 | — | 29,971 | |||||||||||||||
State and political subdivisions | — | 123,509 | — | 123,509 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 843,316 | $ | — | $ | 843,316 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 6,307 | $ | 6,307 | |||||||||||
Loans held-for-sale | — | 26,324 | — | 26,324 | |||||||||||||||
Impaired loans (collateral dependent) | — | — | 36,802 | 36,802 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 26,324 | $ | 43,109 | $ | 69,433 | |||||||||||
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 for | Inputs | (Level 3) | |||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||
Asset | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
(in Thousands) | |||||||||||||||||||
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 | — | — | 38,379 | 38,379 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 42,911 | $ | 42,911 | |||||||||||
Book Value and Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||||
The book value and estimated fair value of our financial instruments are as follows: | |||||||||||||||||||
Fair Value | September 30, 2014 | December 31, 2013 | |||||||||||||||||
Measurement | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||
(In Thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 471,301 | $ | 471,301 | $ | 484,426 | $ | 484,426 | ||||||||||
Investment securities | See previous table | 843,316 | 843,316 | 817,115 | 817,115 | ||||||||||||||
Loans held for sale | Level 3 | 26,324 | 26,324 | 31,491 | 31,491 | ||||||||||||||
Loans, net | Level 3 | 3,141,509 | 3,098,014 | 2,904,976 | 2,871,499 | ||||||||||||||
Reverse mortgage loans | Level 3 | 29,392 | 29,392 | 37,328 | 37,328 | ||||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh | Level 2 | 29,782 | 29,782 | 35,869 | 35,869 | ||||||||||||||
Accrued interest receivable | Level 2 | 11,435 | 11,435 | 10,798 | 10,798 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 3,504,110 | 3,295,795 | 3,186,942 | 2,982,420 | ||||||||||||||
Borrowed funds | Level 2 | 757,239 | 757,634 | 903,831 | 904,804 | ||||||||||||||
Standby letters of credit | Level 3 | 199 | 199 | 248 | 248 | ||||||||||||||
Accrued interest payable | Level 2 | 3,442 | 3,442 | 838 | 838 | ||||||||||||||
Estimated Fair Value of Off-Balance Sheet Financial Instruments | ' | ||||||||||||||||||
The estimated fair value of our off-balance sheet financial instruments is as follows: | |||||||||||||||||||
Sept. 30, | Dec. 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Off-balance sheet instruments: | $ | — | $ | — |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Details of Segment Information | ' | ||||||||||||||||
Segment information for the three months and nine months ended September 30, 2014 and 2013 follows: | |||||||||||||||||
For the three months ended September 30, 2014: | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 38,777 | $ | — | $ | 2,022 | $ | 40,799 | |||||||||
Noninterest income | 9,161 | 6,640 | 4,503 | 20,304 | |||||||||||||
Total external customer revenues | 47,938 | 6,640 | 6,525 | 61,103 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 880 | — | 1,361 | 2,241 | |||||||||||||
Noninterest income | 1,602 | 204 | 32 | 1,838 | |||||||||||||
Total inter-segment revenues | 2,482 | 204 | 1,393 | 4,079 | |||||||||||||
Total revenue | 50,420 | 6,844 | 7,918 | 65,182 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 3,952 | — | 100 | 4,052 | |||||||||||||
Noninterest expenses | 32,327 | 3,993 | 3,137 | 39,457 | |||||||||||||
Provision for loan loss | 198 | — | 135 | 333 | |||||||||||||
Total external customer expenses | 36,477 | 3,993 | 3,372 | 43,842 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 1,361 | 360 | 520 | 2,241 | |||||||||||||
Noninterest expenses | 236 | 509 | 1,093 | 1,838 | |||||||||||||
Total inter-segment expenses | 1,597 | 869 | 1,613 | 4,079 | |||||||||||||
Total expenses | 38,074 | 4,862 | 4,985 | 47,921 | |||||||||||||
Income before taxes | $ | 12,346 | $ | 1,982 | $ | 2,933 | $ | 17,261 | |||||||||
Provision for income taxes | 5,848 | ||||||||||||||||
Consolidated net income | $ | 11,413 | |||||||||||||||
Capital expenditures | $ | 914 | $ | 67 | $ | — | $ | 981 | |||||||||
As of September 30, 2014: | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 73,935 | $ | 393,977 | $ | 3,389 | $ | 471,301 | |||||||||
Goodwill | 43,614 | — | 5,134 | 48,748 | |||||||||||||
Other segment assets | 4,068,237 | 2,232 | 192,210 | 4,262,679 | |||||||||||||
Total segment assets | $ | 4,185,786 | $ | 396,209 | $ | 200,733 | $ | 4,782,728 | |||||||||
For the three months ended September 30, 2013: | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 35,171 | $ | — | $ | 1,945 | $ | 37,116 | |||||||||
Noninterest income | 12,449 | 6,360 | 3,933 | 22,742 | |||||||||||||
Total external customer revenues | 47,620 | 6,360 | 5,878 | 59,858 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 906 | — | 1,477 | 2,383 | |||||||||||||
Noninterest income | 1,689 | 222 | 28 | 1,939 | |||||||||||||
Total inter-segment revenues | 2,595 | 222 | 1,505 | 4,322 | |||||||||||||
Total revenue | 50,215 | 6,582 | 7,383 | 64,180 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 3,587 | — | 123 | 3,710 | |||||||||||||
Noninterest expenses | 26,510 | 3,470 | 2,829 | 32,809 | |||||||||||||
Provision for loan loss | 2,263 | — | (294 | ) | 1,969 | ||||||||||||
Total external customer expenses | 32,360 | 3,470 | 2,658 | 38,488 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 1,477 | 400 | 506 | 2,383 | |||||||||||||
Noninterest expenses | 250 | 561 | 1,128 | 1,939 | |||||||||||||
Total inter-segment expenses | 1,727 | 961 | 1,634 | 4,322 | |||||||||||||
Total expenses | 34,087 | 4,431 | 4,292 | 42,810 | |||||||||||||
Income before taxes | $ | 16,128 | $ | 2,151 | $ | 3,091 | $ | 21,370 | |||||||||
Provision for income taxes | 7,210 | ||||||||||||||||
Consolidated net income | $ | 14,160 | |||||||||||||||
Capital expenditures | $ | 460 | $ | 131 | $ | — | $ | 591 | |||||||||
As of December 31, 2013: | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 73,017 | $ | 408,096 | $ | 3,313 | $ | 484,426 | |||||||||
Goodwill | 27,101 | — | 5,134 | 32,235 | |||||||||||||
Other segment assets | 3,811,424 | 1,965 | 185,713 | 3,999,102 | |||||||||||||
Total segment assets | $ | 3,911,542 | $ | 410,061 | $ | 194,160 | $ | 4,515,763 | |||||||||
For the nine months ended September 30, 2014: | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 112,178 | $ | — | $ | 5,819 | $ | 117,997 | |||||||||
Noninterest income | 26,334 | 18,974 | 12,983 | 58,291 | |||||||||||||
Total external customer revenues | 138,512 | 18,974 | 18,802 | 176,288 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 2,545 | — | 4,124 | 6,669 | |||||||||||||
Noninterest income | 5,041 | 601 | 85 | 5,727 | |||||||||||||
Total inter-segment revenues | 7,586 | 601 | 4,209 | 12,396 | |||||||||||||
Total revenue | 146,098 | 19,575 | 23,011 | 188,684 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 11,413 | — | 316 | 11,729 | |||||||||||||
Noninterest expenses | 88,549 | 11,425 | 9,179 | 109,153 | |||||||||||||
Provision for loan loss | 2,320 | — | 693 | 3,013 | |||||||||||||
Total external customer expenses | 102,282 | 11,425 | 10,188 | 123,895 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 4,124 | 1,019 | 1,526 | 6,669 | |||||||||||||
Noninterest expenses | 686 | 1,688 | 3,353 | 5,727 | |||||||||||||
Total inter-segment expenses | 4,810 | 2,707 | 4,879 | 12,396 | |||||||||||||
Total expenses | 107,092 | 14,132 | 15,067 | 136,291 | |||||||||||||
Income before taxes | $ | 39,006 | $ | 5,443 | $ | 7,944 | $ | 52,393 | |||||||||
Provision for income taxes | 11,344 | ||||||||||||||||
Consolidated net income | $ | 41,049 | |||||||||||||||
Capital expenditures | $ | 2,207 | $ | 156 | $ | 3 | $ | 2,366 | |||||||||
As of September 30, 2014: | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 73,935 | $ | 393,977 | $ | 3,389 | $ | 471,301 | |||||||||
Goodwill | 43,614 | — | 5,134 | 48,748 | |||||||||||||
Other segment assets | 4,068,237 | 2,232 | 192,210 | 4,262,679 | |||||||||||||
Total segment assets | $ | 4,185,786 | $ | 396,209 | $ | 200,733 | $ | 4,782,728 | |||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||
Statement of Operations | WSFS Bank | Cash Connect | Trust & Wealth | Total | |||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 102,732 | $ | — | $ | 5,857 | $ | 108,589 | |||||||||
Noninterest income | 31,009 | 17,412 | 11,934 | 60,355 | |||||||||||||
Total external customer revenues | 133,741 | 17,412 | 17,791 | 168,944 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 2,723 | — | 4,276 | 6,999 | |||||||||||||
Noninterest income | 5,040 | 645 | 82 | 5,767 | |||||||||||||
Total inter-segment revenues | 7,763 | 645 | 4,358 | 12,766 | |||||||||||||
Total revenue | 141,504 | 18,057 | 22,149 | 181,710 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 11,120 | — | 427 | 11,547 | |||||||||||||
Noninterest expenses | 79,671 | 9,629 | 9,031 | 98,331 | |||||||||||||
Provision for loan loss | 6,044 | — | (164 | ) | 5,880 | ||||||||||||
Total external customer expenses | 96,835 | 9,629 | 9,294 | 115,758 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 4,276 | 1,176 | 1,547 | 6,999 | |||||||||||||
Noninterest expenses | 727 | 1,649 | 3,391 | 5,767 | |||||||||||||
Total inter-segment expenses | 5,003 | 2,825 | 4,938 | 12,766 | |||||||||||||
Total expenses | 101,838 | 12,454 | 14,232 | 128,524 | |||||||||||||
Income (loss) before taxes | $ | 39,666 | $ | 5,603 | $ | 7,917 | $ | 53,186 | |||||||||
Provision for income taxes | 18,378 | ||||||||||||||||
Consolidated net income | $ | 34,808 | |||||||||||||||
Capital expenditures | $ | 1,505 | $ | 591 | $ | — | $ | 2,096 | |||||||||
As of December 31, 2013: | |||||||||||||||||
Statement of Condition | |||||||||||||||||
Cash and cash equivalents | $ | 73,017 | $ | 408,096 | $ | 3,313 | $ | 484,426 | |||||||||
Goodwill | 27,101 | — | 5,134 | 32,235 | |||||||||||||
Other segment assets | 3,811,424 | 1,965 | 185,713 | 3,999,102 | |||||||||||||
Total segment assets | $ | 3,911,542 | $ | 410,061 | $ | 194,160 | $ | 4,515,763 | |||||||||
Change_in_Accumulated_Other_Co1
Change in Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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 | ||||||||||
(losses) gains on | losses on defined | ||||||||||||
investment | benefit | ||||||||||||
securities | pension plan | ||||||||||||
available-for-sale | |||||||||||||
Balance, June 30, 2014 | $ | (2,583 | ) | $ | (412 | ) | $ | (2,995 | ) | ||||
Other comprehensive income (loss) before reclassifications | (778 | ) | 5 | (773 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (23 | ) | — | (23 | ) | ||||||||
Net current-period other comprehensive income (loss) | (801 | ) | 5 | (796 | ) | ||||||||
Balance, September 30, 2014 | $ | (3,384 | ) | $ | (407 | ) | $ | (3,791 | ) | ||||
Balance, June 30, 2013 | $ | (12,309 | ) | $ | (472 | ) | $ | (12,781 | ) | ||||
Other comprehensive income (loss) before reclassifications | (3,106 | ) | — | (3,106 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (190 | ) | — | (190 | ) | ||||||||
Net current-period other comprehensive income (loss) | (3,296 | ) | — | (3,296 | ) | ||||||||
Balance, September 30, 2013 | $ | (15,605 | ) | $ | (472 | ) | $ | (16,077 | ) | ||||
(in thousands) | Net unrealized | Net unrealized | Total | ||||||||||
(losses) gains on | losses on defined | ||||||||||||
investment | benefit | ||||||||||||
securities | pension plan | ||||||||||||
available-for-sale | |||||||||||||
Balance, December 31, 2013 | $ | (20,822 | ) | $ | (472 | ) | $ | (21,294 | ) | ||||
Other comprehensive income (loss) before reclassifications | 18,046 | 65 | 18,111 | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (608 | ) | — | (608 | ) | ||||||||
Net current-period other comprehensive income (loss) | 17,438 | 65 | 17,503 | ||||||||||
Balance, September 30, 2014 | $ | (3,384 | ) | $ | (407 | ) | $ | (3,791 | ) | ||||
Balance, December 31, 2012 | $ | 13,415 | $ | (472 | ) | $ | 12,943 | ||||||
Other comprehensive income (loss) before reclassifications | (27,249 | ) | — | (27,249 | ) | ||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (1,771 | ) | — | (1,771 | ) | ||||||||
Net current-period other comprehensive income (loss) | (29,020 | ) | — | $ | (29,020 | ) | |||||||
Balance, September 30, 2013 | $ | (15,605 | ) | $ | (472 | ) | $ | (16,077 | ) | ||||
Components of Other Comprehensive Income | ' | ||||||||||||
The statement of operations impacted by components of other comprehensive income are presented in the table below. | |||||||||||||
Three Months Ended | Affected line item in Statements of Operations | ||||||||||||
September 30, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Securities available-for-sale: | |||||||||||||
Realized gains on securities transactions | $ | 36 | $ | 306 | Securities gains, net | ||||||||
Income taxes | (13 | ) | (116 | ) | Income tax provision | ||||||||
Net of tax | $ | 23 | $ | 190 | |||||||||
Amortization of Defined Benefit Pension Items: | |||||||||||||
Prior service costs | $ | 22 | $ | — | |||||||||
Transition obligation | — | — | |||||||||||
Actuarial losses | (14 | ) | — | ||||||||||
Total before tax | $ | 8 | $ | — | Salaries, benefits and other compensation | ||||||||
Income taxes | (3 | ) | — | Income tax provision | |||||||||
Net of tax | $ | 5 | $ | — | |||||||||
Total reclassifications | $ | 18 | $ | 190 | |||||||||
Nine Months Ended | Affected line item in Statements of Operations | ||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Securities available-for-sale: | |||||||||||||
Realized gains on securities transactions | $ | 979 | $ | 2,856 | Securities gains, net | ||||||||
Income taxes | (371 | ) | (1,085 | ) | Income tax provision | ||||||||
Net of tax | $ | 608 | $ | 1,771 | |||||||||
Amortization of Defined Benefit Pension Items: | |||||||||||||
Prior service costs | $ | 905 | $ | — | |||||||||
Transition obligation | 245 | — | |||||||||||
Actuarial losses | (1,046 | ) | — | ||||||||||
Total before tax | $ | 104 | $ | — | Salaries, benefits and other compensation | ||||||||
Income taxes | (39 | ) | — | Income tax provision | |||||||||
Net of tax | $ | 65 | $ | — | |||||||||
Total reclassifications | $ | 543 | $ | 1,771 | |||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Subsidiary | |
Basis Of Presentation [Line Items] | ' |
Number of offices | 55 |
WSFS Bank [Member] | ' |
Basis Of Presentation [Line Items] | ' |
Number of wholly-owned subsidiaries | 2 |
WSFS Capital Trust III [Member] | ' |
Basis Of Presentation [Line Items] | ' |
Number of unconsolidated affiliate | 1 |
Delaware [Member] | ' |
Basis Of Presentation [Line Items] | ' |
Number of offices | 45 |
Pennsylvania [Member] | ' |
Basis Of Presentation [Line Items] | ' |
Number of offices | 8 |
Virginia [Member] | ' |
Basis Of Presentation [Line Items] | ' |
Number of offices | 1 |
Nevada [Member] | ' |
Basis Of Presentation [Line Items] | ' |
Number of offices | 1 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
Sep. 05, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 05, 2014 | Dec. 31, 2013 | Sep. 05, 2014 | Sep. 05, 2014 | Nov. 25, 2013 | Sep. 30, 2014 | Sep. 05, 2014 | Sep. 05, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 05, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Non Impaired Loans At Acquisition [Member] | Impaired Loans At Acquisition [Member] | First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | Array Financial Group, Inc. [Member] | Array Financial Group, Inc. [Member] | ||||||||
Core Deposits [Member] | Core Deposits [Member] | Acquisition Related Costs [Member] | NASDAQ Stock Market [Member] | |||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid to FNBW stockholders | $32,029,000 | ' | ' | ' | ' | ' | ' | ' | ' | $32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued | 452,769 | ' | ' | ' | ' | ' | ' | ' | ' | 452,769 | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction value, cash and stock | 64,945,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $72.70 | ' | ' |
Goodwill resulting from acquisition of FNBW | ' | 48,748,000 | ' | 48,748,000 | ' | ' | 32,235,000 | ' | ' | ' | 16,500,000 | 16,467,000 | ' | ' | ' | ' | 4,135,000 | 4,089,000 |
Core deposit intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' |
Amortized period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Fair value on non-impaired acquired loans | ' | ' | ' | ' | ' | 159,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual balance on acquired loans | ' | ' | ' | ' | ' | ' | ' | 163,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross contractual loans on impaired loans | ' | ' | ' | ' | ' | ' | ' | ' | 24,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of investment portfolio | ' | ' | ' | ' | ' | 41,825,000 | ' | ' | ' | ' | ' | 41,800,000 | ' | ' | ' | ' | ' | ' |
Fair value of investment portfolio sold at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,500,000 | ' | ' | ' | ' | ' | ' |
Business combination, deferred tax asset fair market value adjustment | ' | ' | ' | ' | ' | 3,232,000 | ' | ' | ' | ' | 3,200,000 | 3,200,000 | ' | ' | ' | ' | ' | ' |
Integration expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' | ' | ' |
Salary and benefits | ' | 19,292,000 | 17,648,000 | 56,434,000 | 53,086,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' |
Data processing expense | ' | 1,609,000 | 1,548,000 | 4,611,000 | 4,291,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Marketing expense | ' | 643,000 | 643,000 | 1,584,000 | 1,768,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 292,000 | ' | ' | ' |
Professional fees | ' | 1,762,000 | 673,000 | 5,083,000 | 2,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 495,000 | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' |
Payment 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Intangible assets recognized | ' | ' | ' | ' | ' | $3,240,000 | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | ' | ' | $2,400,000 | ' |
Amortization period for intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' |
Business_Combinations_Summary_
Business Combinations - Summary of Consideration Paid and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Detail) (USD $) | 0 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 05, 2014 | Sep. 30, 2014 | Sep. 05, 2014 | Dec. 31, 2013 | Nov. 25, 2013 | Sep. 30, 2014 | Sep. 05, 2014 |
First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | |||||
Consideration Paid: | ' | ' | ' | ' | ' | ' | ' |
Common shares issued (452,769) | $32,916 | ' | ' | ' | ' | ' | ' |
Cash paid to FNBW stockholders | 32,029 | ' | ' | ' | 32,000 | ' | ' |
Value of consideration | 64,945 | ' | ' | ' | ' | ' | ' |
Assets acquired: | ' | ' | ' | ' | ' | ' | ' |
Cash and due from banks | ' | ' | 39,355 | ' | ' | ' | ' |
Investment securities | ' | ' | 41,825 | ' | ' | ' | 41,800 |
Loans | ' | ' | 175,966 | ' | ' | ' | ' |
Premises and equipment | ' | ' | 1,877 | ' | ' | ' | ' |
Deferred income taxes | ' | ' | 3,232 | ' | ' | 3,200 | 3,200 |
Bank owned life insurance | ' | ' | 12,624 | ' | ' | ' | ' |
Core deposit intangible | ' | ' | 3,240 | ' | ' | ' | ' |
Other Real Estate Owned | ' | ' | 2,040 | ' | ' | ' | ' |
Other assets | ' | ' | 5,106 | ' | ' | ' | ' |
Total assets | ' | ' | 285,265 | ' | ' | ' | ' |
Liabilities assumed: | ' | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | 228,844 | ' | ' | ' | ' |
FHLB advances | ' | ' | 5,052 | ' | ' | ' | ' |
Other liabilities | ' | ' | 2,891 | ' | ' | ' | ' |
Total liabilities | ' | ' | 236,787 | ' | ' | ' | ' |
Net assets acquired: | ' | ' | 48,478 | ' | ' | ' | ' |
Goodwill resulting from acquisition of FNBW: | ' | $48,748 | ' | $32,235 | ' | $16,500 | $16,467 |
Business_Combinations_Summary_1
Business Combinations - Summary of Consideration Paid and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) | 0 Months Ended |
Sep. 05, 2014 | |
Business Combinations [Abstract] | ' |
Common stock shares issued | 452,769 |
Business_Combinations_Summary_2
Business Combinations - Summary of Effect on Goodwill from Changes in Derivative Assets and Liabilities (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Array Financial Group, Inc. [Member] | Array Financial Group, Inc. [Member] | Array Financial Group, Inc. [Member] | Array Financial Group, Inc. [Member] | Array Financial Group, Inc. [Member] | ||
Other Assets [Member] | Contingent Liabilities [Member] | Other Liabilities [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill, Beginning balance | $32,235 | $4,135 | $4,089 | ' | ' | ' |
Effect of adjustments | 46 | ' | ' | -338 | 181 | 203 |
Goodwill, Ending balance | $48,748 | $4,135 | $4,089 | ' | ' | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income allocable to common stockholders | $11,413 | $13,828 | $41,049 | $33,175 |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share - weighted average shares | 9,061 | 8,828 | 8,961 | 8,804 |
Effect of dilutive employee stock options and warrants | 248 | 148 | 236 | 106 |
Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercise | 9,309 | 8,976 | 9,197 | 8,910 |
Basic: | ' | ' | ' | ' |
Net income allocable to common stockholders | $1.26 | $1.57 | $4.58 | $3.77 |
Diluted: | ' | ' | ' | ' |
Net income allocable to common stockholders | $1.23 | $1.54 | $4.46 | $3.72 |
Outstanding common stock equivalents having no dilutive effect | 44 | 402 | 44 | 557 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Trading securities | $0 | ' | ' |
Held-to-maturity securities | 0 | ' | ' |
Securities pledged as collateral | 502,400,000 | ' | ' |
FHLB pledged investment securities | 6,000,000 | ' | ' |
Proceeds from sale of investment securities | 170,400,000 | 239,900,000 | ' |
Net gains from sale of investment securities | 978,600 | 3,000,000 | ' |
Unamortized premiums | 22,100,000 | ' | 25,300,000 |
Unaccreted discounts | 203,000 | ' | 63,000 |
Owned investment securities | 584,251,000 | ' | 747,718,000 |
Total unrealized losses on securities | 9,554,000 | ' | 34,754,000 |
Mortgage-Backed Securities ("MBS") [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Weighted average duration of MBS portfolio | '4 years 9 months 18 days | ' | ' |
OTTI on evaluation of securities | $0 | ' | ' |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Investment Securities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $848,774 | $850,699 |
Gross Unrealized Gains | 4,096 | 1,170 |
Gross Unrealized Losses | -9,554 | -34,754 |
Fair Value | 843,316 | 817,115 |
Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 189,488 | 103,064 |
Gross Unrealized Gains | 195 | 28 |
Gross Unrealized Losses | -2,943 | -5,535 |
Fair Value | 186,740 | 97,557 |
Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 299,264 | 382,909 |
Gross Unrealized Gains | 342 | 20 |
Gross Unrealized Losses | -3,734 | -15,801 |
Fair Value | 295,872 | 367,128 |
Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 128,395 | 129,460 |
Gross Unrealized Gains | 104 | 29 |
Gross Unrealized Losses | -1,467 | -4,994 |
Fair Value | 127,032 | 124,495 |
Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 80,571 | 97,830 |
Gross Unrealized Gains | 399 | 743 |
Gross Unrealized Losses | -778 | -2,981 |
Fair Value | 80,192 | 95,592 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 121,080 | 105,354 |
Gross Unrealized Gains | 3,024 | 257 |
Gross Unrealized Losses | -595 | -5,426 |
Fair Value | 123,509 | 100,185 |
U.S. Government and Government Sponsored Enterprises ("GSE") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 29,976 | 32,082 |
Gross Unrealized Gains | 32 | 93 |
Gross Unrealized Losses | -37 | -17 |
Fair Value | $29,971 | $32,158 |
Investment_Securities_Schedule1
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | $848,774 | $850,699 |
Available-for-Sale, Fair Value | 843,316 | 817,115 |
Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 25,616 | 16,319 |
Available-for-Sale, Fair Value | 25,653 | 16,378 |
After One Year But Within Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 45,714 | 19,761 |
Available-for-Sale, Fair Value | 46,706 | 19,986 |
After Five Years But Within Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 219,861 | 229,033 |
Available-for-Sale, Fair Value | 217,843 | 217,911 |
After Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 557,583 | 585,586 |
Available-for-Sale, Fair Value | $553,114 | $562,840 |
Investment_Securities_Schedule2
Investment Securities - Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $216,044 | $680,191 |
Less than 12 months, Unrealized Loss | 891 | 30,443 |
12 months or longer, Fair Value | 368,207 | 67,527 |
12 months or longer, Unrealized Loss | 8,663 | 4,311 |
Total, Fair Value | 584,251 | 747,718 |
Total, Unrealized Loss | 9,554 | 34,754 |
Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 66,891 | 73,109 |
Less than 12 months, Unrealized Loss | 229 | 4,173 |
12 months or longer, Fair Value | 71,569 | 21,590 |
12 months or longer, Unrealized Loss | 2,714 | 1,362 |
Total, Fair Value | 138,460 | 94,699 |
Total, Unrealized Loss | 2,943 | 5,535 |
Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 95,007 | 346,266 |
Less than 12 months, Unrealized Loss | 522 | 14,386 |
12 months or longer, Fair Value | 134,877 | 17,800 |
12 months or longer, Unrealized Loss | 3,212 | 1,415 |
Total, Fair Value | 229,884 | 364,066 |
Total, Unrealized Loss | 3,734 | 15,801 |
Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 30,390 | 116,732 |
Less than 12 months, Unrealized Loss | 68 | 4,548 |
12 months or longer, Fair Value | 76,681 | 7,307 |
12 months or longer, Unrealized Loss | 1,399 | 446 |
Total, Fair Value | 107,071 | 124,039 |
Total, Unrealized Loss | 1,467 | 4,994 |
Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 6,274 | 57,076 |
Less than 12 months, Unrealized Loss | 16 | 1,897 |
12 months or longer, Fair Value | 49,666 | 18,829 |
12 months or longer, Unrealized Loss | 763 | 1,084 |
Total, Fair Value | 55,940 | 75,905 |
Total, Unrealized Loss | 779 | 2,981 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 8,534 | 83,036 |
Less than 12 months, Unrealized Loss | 19 | 5,426 |
12 months or longer, Fair Value | 35,414 | ' |
12 months or longer, Unrealized Loss | 575 | ' |
Total, Fair Value | 43,948 | 83,036 |
Total, Unrealized Loss | 594 | 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 | 8,948 | 3,972 |
Less than 12 months, Unrealized Loss | 37 | 13 |
12 months or longer, Fair Value | ' | 2,001 |
12 months or longer, Unrealized Loss | ' | 4 |
Total, Fair Value | 8,948 | 5,973 |
Total, Unrealized Loss | $37 | $17 |
Acquired_Credit_Impaired_Loans2
Acquired Credit Impaired Loans - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 05, 2014 | |
Financing Receivable, Impaired [Line Items] | ' | ' |
Allowance for loan losses | $22,398,000 | ' |
First Wyoming Financial Corporation [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Acquired impaired loans | 0 | 24,200,000 |
Impaired loans acquired date | 5-Sep-14 | ' |
Allowance for loan losses | $0 | ' |
Allowance for loan losses, description | 'At September 30, 2014, there were not any acquired impaired loans accounted for under ASC 310-30 classified as nonaccrual loans. There is no carry forward of allowance for loan losses on any of the acquired loans, because any credit deterioration evident in the loans was included in the determination of the fair value of the loans at the acquisition date. | ' |
Acquired_Credit_Impaired_Loans3
Acquired Credit Impaired Loans - Schedule of Loans Accounted in Accordance with ASC 310-30 (Detail) (USD $) | Sep. 05, 2014 |
In Thousands, unless otherwise specified | |
Receivables [Abstract] | ' |
Contractually required principal and interest at acquisition | $27,086 |
Contractual cash flows not expected to be collected (nonaccretable difference) | 7,956 |
Expected cash flows at acquisition | 19,130 |
Interest component of expected cash flows (accretable yield) | 1,790 |
Fair value of acquired loans accounted for under FASB ASC 310-30 | $17,340 |
Acquired_Credit_Impaired_Loans4
Acquired Credit Impaired Loans - Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Receivables [Abstract] | ' |
Outstanding principal balance | $22,398 |
Carrying amount | 17,129 |
Allowance for Loan Loss | ' |
Acquired_Credit_Impaired_Loans5
Acquired Credit Impaired Loans - Summary of Changes in Accretable Yield on Acquired Credit Impaired Loans (Detail) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Receivables [Abstract] | ' |
Beginning balance | $1,790 |
Accretion | -59 |
Reclassification from nonaccretable difference | ' |
Additions/adjustments | ' |
Disposals | ' |
Ending balance | $1,731 |
Allowance_for_Loan_Losses_and_2
Allowance for Loan Losses and Credit Quality Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
SecurityLoan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Period for impairment loans | ' | ' | '90 days | ' | ' |
Net charge-offs | ' | ' | $4,700,000 | $8,400,000 | ' |
Percentage of average loans annualized, charged-offs | ' | ' | 0.21% | 0.39% | ' |
Calculated probability of default rate | ' | ' | 'Probability of default is calculated based on the historical rate of migration to impaired status during the last 16 quarters. | ' | ' |
Basis points | 15.00% | ' | 15.00% | ' | ' |
Interest income on impaired loans | 401,000 | 234,000 | 1,100,000 | 706,000 | ' |
Balance of troubled debt restructurings | 28,300,000 | ' | 28,300,000 | ' | 27,600,000 |
TDRs in nonaccrual status | ' | ' | 14,100,000 | ' | 15,300,000 |
TDRs in accrual status | ' | ' | 14,200,000 | ' | 12,300,000 |
Troubled debt restructuring related reserves | 2,500,000 | ' | 2,500,000 | ' | 4,100,000 |
Number of term loans modified in troubled debt restructurings, commercial loans | ' | ' | 4 | ' | ' |
Number of term loans modified in troubled debt restructurings, residential and consumer loans | ' | ' | 16 | ' | ' |
Usual sustained repayment performance period | ' | ' | '6 months | ' | ' |
Increase in allowance for loan losses | ' | ' | 395,000 | 37,000 | ' |
Troubled debt restructurings charged off | $49,000 | $363,000 | $49,000 | $363,000 | ' |
Total Residential and Consumer Loan [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Impairment loans, charge off period | ' | ' | '90 days | ' | ' |
Number of term loans modified in troubled debt restructurings | ' | ' | 20 | ' | ' |
Retail Loans [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Calculated pooled reserves for retail loans | ' | ' | 'Pooled reserves for retail loans are calculated based solely on the previous four years average net loss rate. | ' | ' |
Allowance_for_Loan_Losses_and_3
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | $41,381,000 | $41,494,000 | $41,244,000 | $43,922,000 | ' |
Charge-offs | -2,732,000 | -2,943,000 | -7,046,000 | -10,685,000 | ' |
Recoveries | 502,000 | 911,000 | 2,273,000 | 2,314,000 | ' |
Provision (credit) | 333,000 | 1,969,000 | 3,013,000 | 5,880,000 | ' |
Ending balance | 39,484,000 | 41,431,000 | 39,484,000 | 41,431,000 | ' |
Loans individually evaluated for impairment | 3,867,000 | 5,951,000 | 3,867,000 | 5,951,000 | ' |
Loans collectively evaluated for impairment | 35,617,000 | 35,480,000 | 35,617,000 | 35,480,000 | ' |
Ending balance | 39,484,000 | 41,431,000 | 39,484,000 | 41,431,000 | ' |
Loans individually evaluated for impairment | 40,669,000 | 49,329,000 | 40,669,000 | 49,329,000 | 43,282,000 |
Purchased credit impaired loans | ' | ' | 22,398,000 | ' | ' |
Loans collectively evaluated for impairment | 3,124,595,000 | 2,827,885,000 | 3,124,595,000 | 2,827,885,000 | ' |
Ending balance | 3,187,662,000 | 2,877,214,000 | 3,187,662,000 | 2,877,214,000 | 2,952,263,000 |
Commercial [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 13,346,000 | 12,967,000 | 12,751,000 | 13,663,000 | ' |
Charge-offs | -1,840,000 | -1,172,000 | -3,335,000 | -2,311,000 | ' |
Recoveries | 66,000 | 273,000 | 873,000 | 900,000 | ' |
Provision (credit) | 1,833,000 | 594,000 | 3,116,000 | 410,000 | ' |
Ending balance | 13,405,000 | 12,662,000 | 13,405,000 | 12,662,000 | ' |
Loans individually evaluated for impairment | 1,573,000 | 2,004,000 | 1,573,000 | 2,004,000 | ' |
Loans collectively evaluated for impairment | 11,832,000 | 10,658,000 | 11,832,000 | 10,658,000 | ' |
Ending balance | 13,405,000 | 12,662,000 | 13,405,000 | 12,662,000 | ' |
Loans individually evaluated for impairment | 3,683,000 | 5,833,000 | 3,683,000 | 5,833,000 | 5,003,000 |
Purchased credit impaired loans | ' | ' | 5,908,000 | ' | ' |
Loans collectively evaluated for impairment | 872,679,000 | 748,106,000 | 872,679,000 | 748,106,000 | ' |
Ending balance | 882,270,000 | 753,939,000 | 882,270,000 | 753,939,000 | 810,882,000 |
Owner-Occupied Commercial [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 7,986,000 | 8,049,000 | 7,638,000 | 6,108,000 | ' |
Charge-offs | -272,000 | -31,000 | -593,000 | -68,000 | ' |
Recoveries | 77,000 | 55,000 | 244,000 | 100,000 | ' |
Provision (credit) | 454,000 | -23,000 | 956,000 | 1,910,000 | ' |
Ending balance | 8,245,000 | 8,050,000 | 8,245,000 | 8,050,000 | ' |
Loans individually evaluated for impairment | 993,000 | 945,000 | 993,000 | 945,000 | ' |
Loans collectively evaluated for impairment | 7,252,000 | 7,105,000 | 7,252,000 | 7,105,000 | ' |
Ending balance | 8,245,000 | 8,050,000 | 8,245,000 | 8,050,000 | ' |
Loans individually evaluated for impairment | 3,390,000 | 12,568,000 | 3,390,000 | 12,568,000 | 5,197,000 |
Purchased credit impaired loans | ' | ' | 2,728,000 | ' | ' |
Loans collectively evaluated for impairment | 802,139,000 | 777,297,000 | 802,139,000 | 777,297,000 | ' |
Ending balance | 808,257,000 | 789,865,000 | 808,257,000 | 789,865,000 | 786,360,000 |
Commercial Mortgages [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 7,617,000 | 6,345,000 | 6,932,000 | 8,079,000 | ' |
Charge-offs | -101,000 | -103,000 | -261,000 | -1,824,000 | ' |
Recoveries | 4,000 | 333,000 | 43,000 | 442,000 | ' |
Provision (credit) | -1,097,000 | 345,000 | -291,000 | 223,000 | ' |
Ending balance | 6,423,000 | 6,920,000 | 6,423,000 | 6,920,000 | ' |
Loans individually evaluated for impairment | 240,000 | 1,995,000 | 240,000 | 1,995,000 | ' |
Loans collectively evaluated for impairment | 6,183,000 | 4,925,000 | 6,183,000 | 4,925,000 | ' |
Ending balance | 6,423,000 | 6,920,000 | 6,423,000 | 6,920,000 | ' |
Loans individually evaluated for impairment | 8,760,000 | 8,894,000 | 8,760,000 | 8,894,000 | 8,661,000 |
Purchased credit impaired loans | ' | ' | 7,892,000 | ' | ' |
Loans collectively evaluated for impairment | 777,260,000 | 704,895,000 | 777,260,000 | 704,895,000 | ' |
Ending balance | 793,912,000 | 713,789,000 | 793,912,000 | 713,789,000 | 725,193,000 |
Construction Loan Commitments [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 2,319,000 | 3,952,000 | 3,326,000 | 6,456,000 | ' |
Charge-offs | ' | -4,000 | -88,000 | -1,344,000 | ' |
Recoveries | 8,000 | 21,000 | 192,000 | 106,000 | ' |
Provision (credit) | -897,000 | -380,000 | -2,000,000 | -1,629,000 | ' |
Ending balance | 1,430,000 | 3,589,000 | 1,430,000 | 3,589,000 | ' |
Loans individually evaluated for impairment | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 1,430,000 | 3,589,000 | 1,430,000 | 3,589,000 | ' |
Ending balance | 1,430,000 | 3,589,000 | 1,430,000 | 3,589,000 | ' |
Loans individually evaluated for impairment | 1,419,000 | 274,000 | 1,419,000 | 274,000 | 1,158,000 |
Purchased credit impaired loans | ' | ' | 5,202,000 | ' | ' |
Loans collectively evaluated for impairment | 141,595,000 | 102,347,000 | 141,595,000 | 102,347,000 | ' |
Ending balance | 148,216,000 | 102,621,000 | 148,216,000 | 102,621,000 | 106,074,000 |
Residential [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 2,759,000 | 3,230,000 | 3,078,000 | 3,124,000 | ' |
Charge-offs | -147,000 | -290,000 | -674,000 | -985,000 | ' |
Recoveries | 86,000 | 10,000 | 129,000 | 51,000 | ' |
Provision (credit) | -6,000 | 364,000 | 159,000 | 1,124,000 | ' |
Ending balance | 2,692,000 | 3,314,000 | 2,692,000 | 3,314,000 | ' |
Loans individually evaluated for impairment | 850,000 | 995,000 | 850,000 | 995,000 | ' |
Loans collectively evaluated for impairment | 1,842,000 | 2,319,000 | 1,842,000 | 2,319,000 | ' |
Ending balance | 2,692,000 | 3,314,000 | 2,692,000 | 3,314,000 | ' |
Loans individually evaluated for impairment | 16,807,000 | 17,360,000 | 16,807,000 | 17,360,000 | 17,852,000 |
Purchased credit impaired loans | ' | ' | 623,000 | ' | ' |
Loans collectively evaluated for impairment | 211,791,000 | 211,595,000 | 211,791,000 | 211,595,000 | ' |
Ending balance | 229,221,000 | 228,955,000 | 229,221,000 | 228,955,000 | 221,520,000 |
Consumer [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 6,299,000 | 6,137,000 | 6,494,000 | 5,631,000 | ' |
Charge-offs | -372,000 | -1,343,000 | -2,095,000 | -4,153,000 | ' |
Recoveries | 261,000 | 219,000 | 792,000 | 715,000 | ' |
Provision (credit) | 56,000 | 1,071,000 | 1,053,000 | 3,891,000 | ' |
Ending balance | 6,244,000 | 6,084,000 | 6,244,000 | 6,084,000 | ' |
Loans individually evaluated for impairment | 211,000 | 12,000 | 211,000 | 12,000 | ' |
Loans collectively evaluated for impairment | 6,033,000 | 6,072,000 | 6,033,000 | 6,072,000 | ' |
Ending balance | 6,244,000 | 6,084,000 | 6,244,000 | 6,084,000 | ' |
Loans individually evaluated for impairment | 6,610,000 | 4,400,000 | 6,610,000 | 4,400,000 | 5,411,000 |
Purchased credit impaired loans | ' | ' | 45,000 | ' | ' |
Loans collectively evaluated for impairment | 319,131,000 | 283,645,000 | 319,131,000 | 283,645,000 | ' |
Ending balance | 325,786,000 | 288,045,000 | 325,786,000 | 288,045,000 | 302,234,000 |
Estimation/Complexity Risk [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 1,055,000 | 814,000 | 1,025,000 | 861,000 | ' |
Charge-offs | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' |
Provision (credit) | -10,000 | -2,000 | 20,000 | -49,000 | ' |
Ending balance | 1,045,000 | 812,000 | 1,045,000 | 812,000 | ' |
Loans individually evaluated for impairment | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 1,045,000 | 812,000 | 1,045,000 | 812,000 | ' |
Ending balance | 1,045,000 | 812,000 | 1,045,000 | 812,000 | ' |
Loans individually evaluated for impairment | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment | ' | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' | ' |
Allowance_for_Loan_Losses_and_4
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Deferred costs | $6.70 | $5.80 |
Allowance_for_Loan_Losses_and_5
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due and Still Accruing, Total | $4,727,000 | $5,115,000 | ' |
60-89 Days Past Due and Still Accruing, Total | 17,741,000 | 2,574,000 | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | 678,000 | 533,000 | ' |
Total Past Due And Still Accruing, Total | 23,146,000 | 8,222,000 | ' |
Accruing Current Balances, Total | 3,115,342,000 | 2,913,093,000 | ' |
Acquired Impaired Loans ,Total | 22,398,000 | ' | ' |
Nonaccrual Loans, Total | 26,776,000 | 30,948,000 | ' |
Total Loans | 3,187,662,000 | 2,952,263,000 | 2,877,214,000 |
30-59 Days Past Due and Still Accruing, % of Total Loans | 0.15% | 0.17% | ' |
60-89 Days Past Due and Still Accruing, % of Total Loans | 0.56% | 0.09% | ' |
Greater Than 90 Days Past Due and Still Accruing, % of Total Loans | 0.02% | 0.02% | ' |
Total Past Due And Still Accruing, % of Total Loans | 0.73% | 0.28% | ' |
Accruing Current Balances, % of Total Loans | 97.73% | 98.67% | ' |
Acquired Impaired Loans, % of Total Loans | 0.70% | ' | ' |
Nonaccrual Loans, % of Total Loans | 0.84% | 1.05% | ' |
% of Total Loans | 100.00% | 100.00% | ' |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 299,000 | 1,447,000 | ' |
60-89 Days Past Due and Still Accruing, Total | 10,765,000 | ' | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' | ' |
Total Past Due And Still Accruing, Total | 11,064,000 | 1,447,000 | ' |
Accruing Current Balances, Total | 862,223,000 | 805,132,000 | ' |
Acquired Impaired Loans ,Total | 5,908,000 | ' | ' |
Nonaccrual Loans, Total | 3,075,000 | 4,303,000 | ' |
Total Loans | 882,270,000 | 810,882,000 | 753,939,000 |
Owner-Occupied Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 734,000 | 538,000 | ' |
60-89 Days Past Due and Still Accruing, Total | 5,561,000 | ' | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' | ' |
Total Past Due And Still Accruing, Total | 6,295,000 | 538,000 | ' |
Accruing Current Balances, Total | 795,844,000 | 780,625,000 | ' |
Acquired Impaired Loans ,Total | 2,728,000 | ' | ' |
Nonaccrual Loans, Total | 3,390,000 | 5,197,000 | ' |
Total Loans | 808,257,000 | 786,360,000 | 789,865,000 |
Commercial Mortgages [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 17,000 | 83,000 | ' |
60-89 Days Past Due and Still Accruing, Total | 81,000 | 1,049,000 | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' | ' |
Total Past Due And Still Accruing, Total | 98,000 | 1,132,000 | ' |
Accruing Current Balances, Total | 777,252,000 | 715,496,000 | ' |
Acquired Impaired Loans ,Total | 7,892,000 | ' | ' |
Nonaccrual Loans, Total | 8,670,000 | 8,565,000 | ' |
Total Loans | 793,912,000 | 725,193,000 | 713,789,000 |
Construction Loan Commitments [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 60,000 | ' | ' |
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 | 60,000 | ' | ' |
Accruing Current Balances, Total | 142,954,000 | 104,916,000 | ' |
Acquired Impaired Loans ,Total | 5,202,000 | ' | ' |
Nonaccrual Loans, Total | ' | 1,158,000 | ' |
Total Loans | 148,216,000 | 106,074,000 | 102,621,000 |
Residential [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 2,756,000 | 1,952,000 | ' |
60-89 Days Past Due and Still Accruing, Total | 937,000 | 1,348,000 | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | 678,000 | 533,000 | ' |
Total Past Due And Still Accruing, Total | 4,371,000 | 3,833,000 | ' |
Accruing Current Balances, Total | 216,279,000 | 209,255,000 | ' |
Acquired Impaired Loans ,Total | 623,000 | ' | ' |
Nonaccrual Loans, Total | 7,948,000 | 8,432,000 | ' |
Total Loans | 229,221,000 | 221,520,000 | 228,955,000 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due and Still Accruing, Total | 861,000 | 1,095,000 | ' |
60-89 Days Past Due and Still Accruing, Total | 397,000 | 177,000 | ' |
Greater Than 90 Days Past Due and Still Accruing, Total | ' | ' | ' |
Total Past Due And Still Accruing, Total | 1,258,000 | 1,272,000 | ' |
Accruing Current Balances, Total | 320,790,000 | 297,669,000 | ' |
Acquired Impaired Loans ,Total | 45,000 | ' | ' |
Nonaccrual Loans, Total | 3,693,000 | 3,293,000 | ' |
Total Loans | $325,786,000 | $302,234,000 | $288,045,000 |
Allowance_for_Loan_Losses_and_6
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | $40,669 | $43,282 | $49,329 |
Loans with No Specific Reserve | 24,335 | 26,005 | ' |
Loans with Specific Reserve | 16,334 | 17,277 | ' |
Related Specific Reserve | 3,867 | 4,903 | ' |
Contractual Principal Balances | 48,413 | 65,644 | ' |
Average Loan Balances | 46,165 | 51,803 | ' |
Commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 3,683 | 5,003 | 5,833 |
Loans with No Specific Reserve | 1,480 | 2,362 | ' |
Loans with Specific Reserve | 2,203 | 2,641 | ' |
Related Specific Reserve | 1,573 | 1,781 | ' |
Contractual Principal Balances | 4,612 | 13,013 | ' |
Average Loan Balances | 4,642 | 5,347 | ' |
Owner-Occupied Commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 3,390 | 5,197 | 12,568 |
Loans with No Specific Reserve | 1,857 | 5,184 | ' |
Loans with Specific Reserve | 1,533 | 12 | ' |
Related Specific Reserve | 993 | 12 | ' |
Contractual Principal Balances | 4,338 | 8,293 | ' |
Average Loan Balances | 6,480 | 11,542 | ' |
Commercial Mortgages [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 8,760 | 8,661 | 8,894 |
Loans with No Specific Reserve | 5,136 | 2,784 | ' |
Loans with Specific Reserve | 3,624 | 5,877 | ' |
Related Specific Reserve | 240 | 1,987 | ' |
Contractual Principal Balances | 11,667 | 16,566 | ' |
Average Loan Balances | 11,117 | 10,444 | ' |
Construction Loan Commitments [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 1,419 | 1,158 | 274 |
Loans with No Specific Reserve | 1,419 | 1,158 | ' |
Loans with Specific Reserve | ' | ' | ' |
Related Specific Reserve | ' | ' | ' |
Contractual Principal Balances | 1,419 | 1,563 | ' |
Average Loan Balances | 784 | 968 | ' |
Residential [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 16,807 | 17,852 | 17,360 |
Loans with No Specific Reserve | 9,215 | 9,750 | ' |
Loans with Specific Reserve | 7,592 | 8,103 | ' |
Related Specific Reserve | 850 | 989 | ' |
Contractual Principal Balances | 19,045 | 20,153 | ' |
Average Loan Balances | 17,635 | 18,047 | ' |
Consumer [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Ending Loan Balances | 6,610 | 5,411 | 4,400 |
Loans with No Specific Reserve | 5,228 | 4,767 | ' |
Loans with Specific Reserve | 1,382 | 644 | ' |
Related Specific Reserve | 211 | 134 | ' |
Contractual Principal Balances | 7,332 | 6,056 | ' |
Average Loan Balances | $5,507 | $5,455 | ' |
Allowance_for_Loan_Losses_and_7
Allowance for Loan Losses and Credit Quality Information - Analysis of Problem Loans, by Credit Risk Profile Using Internally Assigned Risk Ratings (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial Loans | 100.00% | 100.00% |
Total Commercial Loans | $2,632,655 | $2,428,509 |
Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 36,824 | 19,631 |
Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 123,196 | 113,732 |
Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 10,851 | 11,489 |
Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 7,360 | 8,530 |
Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial Loans | 6.00% | 6.00% |
Total Commercial Loans | 178,231 | 153,382 |
Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial Loans | 94.00% | 94.00% |
Total Commercial Loans | 2,454,424 | 2,275,127 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 882,270 | 810,882 |
Commercial [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 10,363 | 12,566 |
Commercial [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 62,453 | 56,806 |
Commercial [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 1,572 | 2,362 |
Commercial [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 2,203 | 2,641 |
Commercial [Member] | Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 76,591 | 74,375 |
Commercial [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 805,679 | 736,507 |
Owner-Occupied Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 808,257 | 786,360 |
Owner-Occupied Commercial [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 13,247 | 4,747 |
Owner-Occupied Commercial [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 43,382 | 45,181 |
Owner-Occupied Commercial [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 2,041 | 5,185 |
Owner-Occupied Commercial [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 1,533 | 12 |
Owner-Occupied Commercial [Member] | Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 60,203 | 55,125 |
Owner-Occupied Commercial [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 748,054 | 731,235 |
Commercial Mortgage [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 793,912 | 725,193 |
Commercial Mortgage [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 12,141 | 2,092 |
Commercial Mortgage [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 12,107 | 8,146 |
Commercial Mortgage [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 6,925 | 2,784 |
Commercial Mortgage [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 3,624 | 5,877 |
Commercial Mortgage [Member] | Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 34,797 | 18,899 |
Commercial Mortgage [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 759,115 | 706,294 |
Construction Loan Commitments [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 148,216 | 106,074 |
Construction Loan Commitments [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 1,073 | 226 |
Construction Loan Commitments [Member] | Accrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 5,254 | 3,599 |
Construction Loan Commitments [Member] | Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 313 | 1,158 |
Construction Loan Commitments [Member] | Doubtful / Nonaccrual [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | ' | ' |
Construction Loan Commitments [Member] | Special Mention, Substandard and Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | 6,640 | 4,983 |
Construction Loan Commitments [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Commercial Loans | $141,576 | $101,091 |
Allowance_for_Loan_Losses_and_8
Allowance for Loan Losses and Credit Quality Information - Schedule of Consumer Credit Exposure (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | $3,187,662 | $2,952,263 | $2,877,214 |
Total | 100.00% | 100.00% | ' |
Total Residential and Consumer Loan [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | 555,007 | 523,754 | ' |
Total | 100.00% | 100.00% | ' |
Total Residential and Consumer Loan [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | 23,417 | 23,263 | ' |
Total | 4.00% | 4.00% | ' |
Total Residential and Consumer Loan [Member] | Performing Financing Receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | 531,590 | 500,491 | ' |
Total | 96.00% | 96.00% | ' |
Residential [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | 229,221 | 221,520 | 228,955 |
Residential [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | 16,807 | 17,852 | ' |
Residential [Member] | Performing Financing Receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | 212,414 | 203,668 | ' |
Consumer [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | 325,786 | 302,234 | 288,045 |
Consumer [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | 6,610 | 5,411 | ' |
Consumer [Member] | Performing Financing Receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross loans | $319,176 | $296,823 | ' |
Allowance_for_Loan_Losses_and_9
Allowance for Loan Losses and Credit Quality Information - Schedule of Consumer Credit Exposure (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Non-performing loans of troubled debt restructured mortgages and home equity installment loans | $12.10 | $11.50 |
Recovered_Sheet1
Allowance for Loan Losses and Credit Quality Information - Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | $6,106 | $7,371 | $8,586 | $9,772 |
Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | 88 | 6,800 | 209 | 6,824 |
Commercial Mortgages [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | 3,430 | 108 | 3,430 | 1,169 |
Construction Loan Commitments [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | 1,419 | ' | 1,419 | ' |
Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | 72 | 207 | 1,916 | 806 |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans identified during the period | $1,097 | $256 | $1,612 | $973 |
Reverse_Mortgage_Related_Asset2
Reverse Mortgage Related Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2011 | |
Maximum [Member] | Minimum [Member] | Zero Collateral Value [Member] | Collateral Value Reduced by One Percent [Member] | SASCO 2002-RM1's Class O Securities [Member] | ||||
Mortgage-Backed Securities ("MBS") [Member] | ||||||||
Reverse Mortgage Loan Activities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Trading securities, par value | $0 | ' | $0 | ' | ' | ' | ' | $2,500,000 |
Investments purchase percentage | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Income tax benefit | ' | 6,700,000 | ' | ' | ' | ' | ' | ' |
Consolidated mortgage investment | 29,400,000 | ' | 29,400,000 | ' | ' | ' | ' | ' |
Average age of a mortgage backed securities borrower | ' | ' | '92 years | ' | ' | ' | ' | ' |
Realizable collateral value of mortgage backed securities | 51,100,000 | ' | 51,100,000 | ' | ' | ' | ' | ' |
Forecasted housing prices increase rate | ' | ' | 2.50% | ' | ' | ' | ' | ' |
Forecasted housing prices increase rate, following year and thereafter | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Internal rate of return | ' | ' | 16.34% | ' | ' | 14.83% | 15.65% | ' |
Cash payments to reverse mortgagors | 7,100,000 | ' | 7,100,000 | ' | ' | ' | ' | ' |
Decrease in income | 230,000 | ' | ' | ' | ' | 502,000 | ' | ' |
Reduction in collateral value | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Net present value increase or decrease | ' | ' | ' | $384,000 | $381,000 | ' | ' | ' |
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 $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Mortgage Banking [Abstract] | ' |
Remaining in 2014 | $181 |
2015 | 690 |
2016 | 553 |
2017 | 439 |
2018 | 344 |
Years 2019 - 2023 | 835 |
Years 2024 - 2028 | 187 |
Years 2029 - 2033 | 32 |
Thereafter | 4 |
Total | $3,265 |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 05, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill impairment loss | $0 | ' | ' |
Core deposit intangibles assets | ' | 3,240,000 | ' |
Goodwill resulting from acquisition of FNBW | 48,748,000 | ' | 32,235,000 |
First Wyoming Financial Corporation [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill resulting from acquisition of FNBW | 16,500,000 | 16,467,000 | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense on other intangible assets | 879,000 | ' | ' |
Core Deposits [Member] | First Wyoming Financial Corporation [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Core deposit intangibles assets | $3,200,000 | ' | ' |
Goodwill_and_Intangibles_Sched
Goodwill and Intangibles - Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing (Detail) (USD $) | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
WSFS Bank [Member] | Cash Connect [Member] | Trust & Wealth Management [Member] | Trust & Wealth Management [Member] | ||
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Beginning balance | $32,235 | $27,101 | ' | $5,134 | $5,134 |
Changes in goodwill | 46 | 46 | ' | ' | ' |
Goodwill from business combinations | 16,467 | 16,467 | ' | ' | ' |
Goodwill, Ending balance | $48,748 | $43,614 | ' | $5,134 | $5,134 |
Goodwill_and_Intangibles_Summa
Goodwill and Intangibles - Summary of Other Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | $14,631 | $10,995 |
Accumulated Amortization | -5,203 | -4,252 |
Net Intangible Assets | 9,428 | 6,743 |
Core Deposits [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 7,610 | 4,370 |
Accumulated Amortization | -3,074 | -2,605 |
Net Intangible Assets | 4,536 | 1,765 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 7,021 | 6,625 |
Accumulated Amortization | -2,129 | -1,647 |
Net Intangible Assets | $4,892 | $4,978 |
Goodwill_and_Intangibles_Sched1
Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangibles (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Remaining in 2014 | $378 | ' |
2015 | 1,485 | ' |
2016 | 1,229 | ' |
2017 | 1,081 | ' |
2018 | 1,062 | ' |
Thereafter | 4,193 | ' |
Net Intangible Assets | $9,428 | $6,743 |
Associate_Employee_Benefit_Pla2
Associate (Employee) Benefit Plans - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' | ' |
Postretirement benefit plans eligibility term | 'Only those Associates who have achieved ten years of service | ' |
Net periodic benefit cost, discount rate | 4.50% | 4.00% |
Associate_Employee_Benefit_Pla3
Associate (Employee) Benefit Plans - Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Postemployment Benefits [Abstract] | ' | ' | ' | ' |
Service cost | $49 | $86 | $147 | $258 |
Interest cost | 48 | 44 | 146 | 132 |
Prior service cost amortization | -14 | ' | -44 | ' |
Net loss recognition | 22 | 20 | 66 | 60 |
Net periodic benefit cost | $105 | $150 | $315 | $450 |
Taxes_on_Income_Additional_Inf
Taxes on Income - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||
Mar. 31, 2014 | Sep. 30, 2014 | Sep. 05, 2014 | Sep. 30, 2014 | Sep. 05, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
First Wyoming Financial Corporation [Member] | First Wyoming Financial Corporation [Member] | SASCO [Member] | SASCO [Member] | SASCO [Member] | ||||
Eliminated [Member] | ||||||||
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset | ' | ' | ' | ' | ' | ' | $4,900,000 | ' |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' | 1,800,000 | 1,800,000 |
Deferred tax asset valuation allowance | ' | ' | ' | 0 | ' | 4,900,000 | ' | ' |
Income tax benefit | -6,700,000 | ' | ' | ' | ' | 6,700,000 | ' | ' |
Business combination, deferred tax asset | ' | ' | 3,232,000 | 3,200,000 | 3,200,000 | ' | ' | ' |
Deferred tax assets, net operating loss carryovers | ' | ' | ' | 1,900,000 | ' | ' | ' | ' |
Deferred tax assets, tax credit carryovers | ' | ' | ' | 300,000 | ' | ' | ' | ' |
Unrecognized tax benefits | ' | $0 | ' | ' | ' | ' | ' | ' |
Income tax examination | ' | 'Federal and state tax returns for the 2011 through 2013 tax years are subject to examination | ' | ' | ' | ' | ' | ' |
Income tax examination in process | ' | 'No federal or state income tax return examinations are currently in process | ' | ' | ' | ' | ' | ' |
Fair_Value_Disclosures_of_Fina2
Fair Value Disclosures of Financial Assets and Liabilities - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total liabilities measured at fair value | $0 | $0 |
Available for sale of securities, fair value | 843,316,000 | 817,115,000 |
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 | 3,900,000 | 4,900,000 |
Federal Agency Debentures [Member] | AAA-Rated [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | 29,900,000 | ' |
Federal Agency MBS [Member] | AAA-Rated [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | 689,800,000 | ' |
Municipal Bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale of securities, fair value | 123,500,000 | ' |
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 | 36,802,000 | 38,379,000 |
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 | $36,802,000 | $38,379,000 |
Fair_Value_Disclosures_of_Fina3
Fair Value Disclosures of Financial Assets and Liabilities - Balances of Assets Measured at Fair Value (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | $843,316 | $817,115 |
Total assets measured at fair value on a recurring basis | 843,316 | 817,115 |
Assets Measured at Fair Value on a Nonrecurring Basis | 6,307 | 4,532 |
Loans held-for-sale | 26,324 | 31,491 |
Total assets measured at fair value on a nonrecurring basis | 69,433 | 42,911 |
Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 186,740 | 97,557 |
U.S. Government and Agencies [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 29,971 | 32,158 |
State and Political Subdivisions [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 123,509 | 100,185 |
Other Real Estate Owned [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 6,307 | 4,532 |
Impaired Loans (Collateral Dependent) [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 36,802 | 38,379 |
Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 295,872 | 367,128 |
Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 127,032 | 124,495 |
Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 80,192 | 95,592 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total assets measured at fair value on a recurring basis | 843,316 | 817,115 |
Loans held-for-sale | 26,324 | ' |
Total assets measured at fair value on a nonrecurring basis | 26,324 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligation ("CMO") [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 186,740 | 97,557 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and Agencies [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 29,971 | 32,158 |
Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 123,509 | 100,185 |
Significant Other Observable Inputs (Level 2) [Member] | Federal National Mortgage Association ("FNMA") [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 295,872 | 367,128 |
Significant Other Observable Inputs (Level 2) [Member] | Federal Home Loan Mortgage Corporation ("FHLMC") [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 127,032 | 124,495 |
Significant Other Observable Inputs (Level 2) [Member] | Government National Mortgage Association ("GNMA") [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Recurring Basis | 80,192 | 95,592 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total assets measured at fair value on a nonrecurring basis | 43,109 | 42,911 |
Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | 6,307 | 4,532 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans (Collateral Dependent) [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets Measured at Fair Value on a Nonrecurring Basis | $36,802 | $38,379 |
Fair_Value_Disclosures_of_Fina4
Fair Value Disclosures of Financial Assets and Liabilities - Book Value and Estimated Fair Value of Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $471,301 | $484,426 | $502,445 | $500,887 |
Loans held for sale | 26,324 | 31,491 | ' | ' |
Loans, net | 3,141,509 | 2,904,976 | ' | ' |
Stock in Federal Home Loan Bank of Pittsburgh | 29,782 | 35,869 | ' | ' |
Accrued interest receivable | 11,435 | 10,798 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 3,504,110 | 3,186,942 | ' | ' |
Borrowed funds | 18,068 | 24,739 | ' | ' |
Accrued interest payable | 3,442 | 838 | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans held for sale | 26,324 | ' | ' | ' |
Book Value [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities | 843,316 | 817,115 | ' | ' |
Book Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 471,301 | 484,426 | ' | ' |
Book Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans held for sale | 26,324 | 31,491 | ' | ' |
Loans, net | 3,141,509 | 2,904,976 | ' | ' |
Reverse mortgage loans | 29,392 | 37,328 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Standby letters of credit | 199 | 248 | ' | ' |
Book Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Stock in Federal Home Loan Bank of Pittsburgh | 29,782 | 35,869 | ' | ' |
Accrued interest receivable | 11,435 | 10,798 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 3,504,110 | 3,186,942 | ' | ' |
Borrowed funds | 757,239 | 903,831 | ' | ' |
Accrued interest payable | 3,442 | 838 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities | 843,316 | 817,115 | ' | ' |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 471,301 | 484,426 | ' | ' |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans held for sale | 26,324 | 31,491 | ' | ' |
Loans, net | 3,098,014 | 2,871,499 | ' | ' |
Reverse mortgage loans | 29,392 | 37,328 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Standby letters of credit | 199 | 248 | ' | ' |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Stock in Federal Home Loan Bank of Pittsburgh | 29,782 | 35,869 | ' | ' |
Accrued interest receivable | 11,435 | 10,798 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 3,295,795 | 2,982,420 | ' | ' |
Borrowed funds | 757,634 | 904,804 | ' | ' |
Accrued interest payable | $3,442 | $838 | ' | ' |
Fair_Value_Disclosures_of_Fina5
Fair Value Disclosures of Financial Assets and Liabilities - Estimated Fair Value of Off-Balance Sheet Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Off-balance sheet instruments | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Office | |
Segment Reporting Information [Line Items] | ' |
Number of businesses | 3 |
Number of offices | 55 |
Cypress Capital Management, LLC [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Assets under management | 638,000,000 |
Christiana Trust [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Assets under administration | 8,700,000,000 |
Delaware [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of offices | 45 |
Pennsylvania [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of offices | 8 |
Virginia [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of offices | 1 |
Nevada [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of offices | 1 |
WSFS Bank [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of businesses | 1 |
Cash Connect [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of businesses | 1 |
Trust & Wealth Management [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of businesses | 1 |
Number of business lines | 4 |
Segment_Information_Details_of
Segment Information - Details of Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | $40,799,000 | $37,116,000 | $117,997,000 | $108,589,000 | ' | ' |
Noninterest income | 20,304,000 | 22,742,000 | 58,291,000 | 60,355,000 | ' | ' |
Total revenue | 61,103,000 | 59,858,000 | 176,288,000 | 168,944,000 | ' | ' |
Interest expense | 4,052,000 | 3,710,000 | 11,729,000 | 11,547,000 | ' | ' |
Noninterest expenses | 39,457,000 | 32,809,000 | 109,153,000 | 98,331,000 | ' | ' |
Provision for loan loss | 333,000 | 1,969,000 | 3,013,000 | 5,880,000 | ' | ' |
Total expenses | 43,842,000 | 38,488,000 | 123,895,000 | 115,758,000 | ' | ' |
Income before taxes | 17,261,000 | 21,370,000 | 52,393,000 | 53,186,000 | ' | ' |
Provision for income taxes | 5,848,000 | 7,210,000 | 11,344,000 | 18,378,000 | ' | ' |
Consolidated net income | 11,413,000 | 14,160,000 | 41,049,000 | 34,808,000 | ' | ' |
Capital expenditures | 981,000 | 591,000 | 2,366,000 | 2,096,000 | ' | ' |
Cash and cash equivalents | 471,301,000 | 502,445,000 | 471,301,000 | 502,445,000 | 484,426,000 | 500,887,000 |
Goodwill | 48,748,000 | ' | 48,748,000 | ' | 32,235,000 | ' |
Other segment assets | 4,262,679,000 | ' | 4,262,679,000 | ' | 3,999,102,000 | ' |
Total assets | 4,782,728,000 | ' | 4,782,728,000 | ' | 4,515,763,000 | ' |
Inter-Segment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 2,241,000 | 2,383,000 | 6,669,000 | 6,999,000 | ' | ' |
Noninterest income | 1,838,000 | 1,939,000 | 5,727,000 | 5,767,000 | ' | ' |
Total revenue | 4,079,000 | 4,322,000 | 12,396,000 | 12,766,000 | ' | ' |
Interest expense | 2,241,000 | 2,383,000 | 6,669,000 | 6,999,000 | ' | ' |
Noninterest expenses | 1,838,000 | 1,939,000 | 5,727,000 | 5,767,000 | ' | ' |
Total expenses | 4,079,000 | 4,322,000 | 12,396,000 | 12,766,000 | ' | ' |
External Customer [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenue | 65,182,000 | 64,180,000 | 188,684,000 | 181,710,000 | ' | ' |
Total expenses | 47,921,000 | 42,810,000 | 136,291,000 | 128,524,000 | ' | ' |
WSFS Bank [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 38,777,000 | 35,171,000 | 112,178,000 | 102,732,000 | ' | ' |
Noninterest income | 9,161,000 | 12,449,000 | 26,334,000 | 31,009,000 | ' | ' |
Total revenue | 47,938,000 | 47,620,000 | 138,512,000 | 133,741,000 | ' | ' |
Interest expense | 3,952,000 | 3,587,000 | 11,413,000 | 11,120,000 | ' | ' |
Noninterest expenses | 32,327,000 | 26,510,000 | 88,549,000 | 79,671,000 | ' | ' |
Provision for loan loss | 198,000 | 2,263,000 | 2,320,000 | 6,044,000 | ' | ' |
Total expenses | 36,477,000 | 32,360,000 | 102,282,000 | 96,835,000 | ' | ' |
Income before taxes | 12,346,000 | 16,128,000 | 39,006,000 | 39,666,000 | ' | ' |
Capital expenditures | 914,000 | 460,000 | 2,207,000 | 1,505,000 | ' | ' |
Cash and cash equivalents | 73,935,000 | ' | 73,935,000 | ' | 73,017,000 | ' |
Goodwill | 43,614,000 | ' | 43,614,000 | ' | 27,101,000 | ' |
Other segment assets | 4,068,237,000 | ' | 4,068,237,000 | ' | 3,811,424,000 | ' |
Total assets | 4,185,786,000 | ' | 4,185,786,000 | ' | 3,911,542,000 | ' |
WSFS Bank [Member] | Inter-Segment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 880,000 | 906,000 | 2,545,000 | 2,723,000 | ' | ' |
Noninterest income | 1,602,000 | 1,689,000 | 5,041,000 | 5,040,000 | ' | ' |
Total revenue | 2,482,000 | 2,595,000 | 7,586,000 | 7,763,000 | ' | ' |
Interest expense | 1,361,000 | 1,477,000 | 4,124,000 | 4,276,000 | ' | ' |
Noninterest expenses | 236,000 | 250,000 | 686,000 | 727,000 | ' | ' |
Total expenses | 1,597,000 | 1,727,000 | 4,810,000 | 5,003,000 | ' | ' |
WSFS Bank [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenue | 50,420,000 | 50,215,000 | 146,098,000 | 141,504,000 | ' | ' |
Total expenses | 38,074,000 | 34,087,000 | 107,092,000 | 101,838,000 | ' | ' |
Cash Connect [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Noninterest income | 6,640,000 | 6,360,000 | 18,974,000 | 17,412,000 | ' | ' |
Total revenue | 6,640,000 | 6,360,000 | 18,974,000 | 17,412,000 | ' | ' |
Noninterest expenses | 3,993,000 | 3,470,000 | 11,425,000 | 9,629,000 | ' | ' |
Total expenses | 3,993,000 | 3,470,000 | 11,425,000 | 9,629,000 | ' | ' |
Income before taxes | 1,982,000 | 2,151,000 | 5,443,000 | 5,603,000 | ' | ' |
Capital expenditures | 67,000 | 131,000 | 156,000 | 591,000 | ' | ' |
Cash and cash equivalents | 393,977,000 | ' | 393,977,000 | ' | 408,096,000 | ' |
Goodwill | ' | ' | ' | ' | ' | ' |
Other segment assets | 2,232,000 | ' | 2,232,000 | ' | 1,965,000 | ' |
Total assets | 396,209,000 | ' | 396,209,000 | ' | 410,061,000 | ' |
Cash Connect [Member] | Inter-Segment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Noninterest income | 204,000 | 222,000 | 601,000 | 645,000 | ' | ' |
Total revenue | 204,000 | 222,000 | 601,000 | 645,000 | ' | ' |
Interest expense | 360,000 | 400,000 | 1,019,000 | 1,176,000 | ' | ' |
Noninterest expenses | 509,000 | 561,000 | 1,688,000 | 1,649,000 | ' | ' |
Total expenses | 869,000 | 961,000 | 2,707,000 | 2,825,000 | ' | ' |
Cash Connect [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenue | 6,844,000 | 6,582,000 | 19,575,000 | 18,057,000 | ' | ' |
Total expenses | 4,862,000 | 4,431,000 | 14,132,000 | 12,454,000 | ' | ' |
Trust & Wealth Management [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 2,022,000 | 1,945,000 | 5,819,000 | 5,857,000 | ' | ' |
Noninterest income | 4,503,000 | 3,933,000 | 12,983,000 | 11,934,000 | ' | ' |
Total revenue | 6,525,000 | 5,878,000 | 18,802,000 | 17,791,000 | ' | ' |
Interest expense | 100,000 | 123,000 | 316,000 | 427,000 | ' | ' |
Noninterest expenses | 3,137,000 | 2,829,000 | 9,179,000 | 9,031,000 | ' | ' |
Provision for loan loss | 135,000 | -294,000 | 693,000 | -164,000 | ' | ' |
Total expenses | 3,372,000 | 2,658,000 | 10,188,000 | 9,294,000 | ' | ' |
Income before taxes | 2,933,000 | 3,091,000 | 7,944,000 | 7,917,000 | ' | ' |
Capital expenditures | ' | ' | 3,000 | ' | ' | ' |
Cash and cash equivalents | 3,389,000 | ' | 3,389,000 | ' | 3,313,000 | ' |
Goodwill | 5,134,000 | ' | 5,134,000 | ' | 5,134,000 | ' |
Other segment assets | 192,210,000 | ' | 192,210,000 | ' | 185,713,000 | ' |
Total assets | 200,733,000 | ' | 200,733,000 | ' | 194,160,000 | ' |
Trust & Wealth Management [Member] | Inter-Segment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Interest income | 1,361,000 | 1,477,000 | 4,124,000 | 4,276,000 | ' | ' |
Noninterest income | 32,000 | 28,000 | 85,000 | 82,000 | ' | ' |
Total revenue | 1,393,000 | 1,505,000 | 4,209,000 | 4,358,000 | ' | ' |
Interest expense | 520,000 | 506,000 | 1,526,000 | 1,547,000 | ' | ' |
Noninterest expenses | 1,093,000 | 1,128,000 | 3,353,000 | 3,391,000 | ' | ' |
Total expenses | 1,613,000 | 1,634,000 | 4,879,000 | 4,938,000 | ' | ' |
Trust & Wealth Management [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenue | 7,918,000 | 7,383,000 | 23,011,000 | 22,149,000 | ' | ' |
Total expenses | $4,985,000 | $4,292,000 | $15,067,000 | $14,232,000 | ' | ' |
Indemnifications_and_Guarantee1
Indemnifications and Guarantees - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Transactions | Transactions | Transactions | |||
Financial_Institution | Financial_Institution | ||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' |
Provision for losses at the time of sale | $333,000 | $1,969,000 | $3,013,000 | $5,880,000 | ' |
Number of unrelated financial institutions | 4 | ' | 4 | ' | ' |
Derivative transaction held for guarantee | 100 | ' | 100 | ' | 101 |
Aggregate notional amount | 426,600,000 | ' | 426,600,000 | ' | 423,900,000 |
Notional amount maturity period, minimum | ' | ' | '1 year | ' | ' |
Notional amount maturity period, maximum | ' | ' | '11 years | ' | ' |
Aggregate market value of swaps to customers | 15,500,000 | ' | 15,500,000 | ' | 17,800,000 |
Reserve for swap guarantees | 0 | ' | 0 | ' | 70,000,000 |
Secondary Market Loan Sales [Member] | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' |
Provision for losses at the time of sale | ' | ' | 0 | ' | ' |
Repurchase of the loans | $0 | ' | $354,000 | ' | ' |
Number of loans repurchased | ' | ' | 2 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' |
Term period of loan | ' | ' | '15 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' |
Term period of loan | ' | ' | '30 years | ' | ' |
Change_in_Accumulated_Other_Co2
Change in Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ($2,995) | ($12,781) | ($21,294) | $12,943 |
Other comprehensive income (loss) before reclassifications | -773 | -3,106 | 18,111 | -27,249 |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | -23 | -190 | -608 | -1,771 |
Total other comprehensive (loss) income | -796 | -3,296 | 17,503 | -29,020 |
Ending Balance | -3,791 | -16,077 | -3,791 | -16,077 |
Net Unrealized (Losses) Gains on Investment Securities Available-for-Sale [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -2,583 | -12,309 | -20,822 | 13,415 |
Other comprehensive income (loss) before reclassifications | -778 | -3,106 | 18,046 | -27,249 |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | -23 | -190 | -608 | -1,771 |
Total other comprehensive (loss) income | -801 | -3,296 | 17,438 | -29,020 |
Ending Balance | -3,384 | -15,605 | -3,384 | -15,605 |
Net Unrealized Losses on Defined Benefit Pension Plan [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -412 | -472 | -472 | -472 |
Other comprehensive income (loss) before reclassifications | 5 | ' | 65 | ' |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Total other comprehensive (loss) income | 5 | ' | 65 | ' |
Ending Balance | ($407) | ($472) | ($407) | ($472) |
Change_in_Accumulated_Other_Co3
Change in Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Realized gains on securities transactions | $17,261 | ' | $21,370 | $52,393 | $53,186 |
Income taxes | -5,848 | ' | -7,210 | -11,344 | -18,378 |
Income taxes | ' | 6,700 | ' | ' | ' |
Net income allocable to common stockholders | 11,413 | ' | 13,828 | 41,049 | 33,175 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Net income allocable to common stockholders | 18 | ' | 190 | 543 | 1,771 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Unrealized (Losses) Gains on Investment Securities Available-for-Sale [Member] | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Realized gains on securities transactions | 36 | ' | 306 | 979 | 2,856 |
Income taxes | -13 | ' | -116 | -371 | -1,085 |
Net of tax | 23 | ' | 190 | 608 | 1,771 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Unrealized Losses on Defined Benefit Pension Plan [Member] | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Prior service costs | 22 | ' | ' | 905 | ' |
Transition obligation | ' | ' | ' | 245 | ' |
Actuarial losses | -14 | ' | ' | -1,046 | ' |
Total before tax | 8 | ' | ' | 104 | ' |
Income taxes | -3 | ' | ' | -39 | ' |
Net income allocable to common stockholders | $5 | ' | ' | $65 | ' |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Loss Contingencies [Line Items] | ' |
Additions to other significant pending legal or other proceedings | $0 |
Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Reasonably possible losses for loan proceedings | 0 |
Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Reasonably possible losses for loan proceedings | 5,000,000 |
Goldstein Case [Member] | ' |
Loss Contingencies [Line Items] | ' |
Disputed amount | $5,000,000 |