Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 05, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WSFS | ||
Entity Registrant Name | WSFS FINANCIAL CORP | ||
Entity Central Index Key | 828944 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 9,412,395 | ||
Entity Public Float | $641,771,858 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Income | |||
Interest and fees on loans | $137,048 | $129,138 | $130,526 |
Interest on mortgage-backed securities | 13,511 | 12,834 | 18,123 |
Interest and dividends on investment securities | 3,285 | 1,692 | 498 |
Interest on reverse mortgage related assets | 5,129 | 2,867 | 1,080 |
Other interest income | 1,364 | 391 | 60 |
Total interest income | 160,337 | 146,922 | 150,287 |
Interest Expense | |||
Interest on deposits | 7,151 | 7,180 | 13,101 |
Interest on Federal Home Loan Bank advances | 2,427 | 1,874 | 6,252 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 1,051 | 994 | 757 |
Interest on trust preferred borrowings | 1,321 | 1,342 | 1,480 |
Interest on bonds payable | 15 | 60 | |
Interest on senior debt | 3,766 | 3,771 | 1,296 |
Interest on other borrowings | 99 | 113 | 402 |
Total interest expense | 15,830 | 15,334 | 23,288 |
Net interest income | 144,507 | 131,588 | 126,999 |
Provision for loan losses | 3,580 | 7,172 | 32,053 |
Net interest income after provision for loan losses | 140,927 | 124,416 | 94,946 |
Noninterest Income | |||
Credit/debit card and ATM income | 24,129 | 24,350 | 22,935 |
Deposit service charges | 17,071 | 17,208 | 17,133 |
Wealth management income | 17,364 | 15,528 | 13,310 |
Mortgage banking activities, net | 3,994 | 3,980 | 2,846 |
Reverse mortgage consolidation gain | 3,801 | ||
Security gains, net | 1,037 | 3,516 | 21,425 |
Loan fee income | 1,921 | 1,959 | 2,340 |
Bank owned life insurance income | 700 | 270 | 1,544 |
Other income | 12,062 | 9,539 | 5,160 |
Total non interest income | 78,278 | 80,151 | 86,693 |
Noninterest Expense | |||
Salaries, benefits and other compensation | 76,387 | 70,866 | 66,047 |
Occupancy expense | 14,192 | 13,486 | 13,081 |
Equipment expense | 7,705 | 8,322 | 7,163 |
Data processing and operations expenses | 6,105 | 5,924 | 5,581 |
Professional fees | 6,797 | 4,016 | 4,109 |
FDIC expenses | 2,653 | 3,492 | 5,658 |
Loan workout and OREO expenses | 2,542 | 2,536 | 6,855 |
Marketing expense | 2,403 | 2,428 | 2,656 |
Corporate development costs | 4,031 | 717 | |
Debt extinguishment | 3,662 | ||
Other operating expense | 25,004 | 21,142 | 18,533 |
Total non interest expenses | 147,819 | 132,929 | 133,345 |
(Loss) income before equity in undistributed income of subsidiaries | 71,386 | 71,638 | 48,294 |
Income tax provision | 17,629 | 24,756 | 16,983 |
Net Income | 53,757 | 46,882 | 31,311 |
Dividends on preferred stock and accretion of discount | 1,633 | 2,770 | |
Net income allocable to common stockholders | $53,757 | $45,249 | $28,541 |
Basic | $5.92 | $5.13 | $3.28 |
Diluted | $5.78 | $5.06 | $3.25 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net Income | $53,757 | $46,882 | $31,311 | |||
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 $14,781, ($19,478), and $9,090 respectively | 24,118 | [1] | -32,057 | [1] | 15,024 | [1] |
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $393, $1,336 and $8,142 respectively | -643 | -2,180 | -13,283 | |||
Net change in unrealized gains (losses) on investment securities available-for-sale | 23,475 | -34,237 | 1,741 | |||
Net change in unfunded pension liability | ||||||
Change in unfunded pension liability related to unrealized gain, prior service cost and transition obligation, net of tax expense of $808, $0, and $0 respectively | 1,319 | |||||
Total other comprehensive income (loss) | 24,794 | -34,237 | 1,741 | |||
Total comprehensive income | $78,551 | $12,645 | $33,052 | |||
[1] | Includes $2.3 million (net of tax expense of $1.3 million) of other comprehensive income related to the transfer of available-for-sale securities to held-to-maturity. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Comprehensive Income [Abstract] | |||
Net change in Unrealized gains (losses), tax expense (benefit) | $14,781,000 | ($19,478,000) | $9,090,000 |
Reclassification adjustment for gains, tax expense | 393,000 | 1,336,000 | 8,142,000 |
Change in unfunded pension liability related to unrealized gain, prior service cost and transition obligation, tax expense | 808,000 | 0 | 0 |
Other comprehensive income related to the transfer of available-for-sale securities to held-to-maturity, tax expense | 2,300,000 | 2,300,000 | 2,300,000 |
Other comprehensive income related to the transfer of available-for-sale securities to held-to-maturity, net of tax expense | $1,300,000 | $1,300,000 | $1,300,000 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $93,717 | $94,734 |
Cash in non-owned ATMs | 414,188 | 389,360 |
Interest-bearing deposits in other banks | 134 | 332 |
Total cash and cash equivalents | 508,039 | 484,426 |
Investment securities, available-for-sale | 740,124 | 817,115 |
Investment securities, held-to-maturity | 126,168 | 0 |
Loans held-for-sale at fair value | 28,508 | 31,491 |
Loans, net of allowance for loan losses of $39,426 at December 31, 2014 and $41,244 at December 31, 2013 | 3,156,652 | 2,904,976 |
Reverse mortgage related assets | 29,298 | 37,328 |
Bank-owned life insurance | 76,509 | 63,185 |
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 23,278 | 35,869 |
Assets acquired through foreclosure | 5,734 | 4,532 |
Accrued interest receivable | 11,782 | 10,798 |
Premises and equipment | 35,074 | 35,178 |
Goodwill | 48,651 | 32,235 |
Intangible assets | 8,942 | 6,743 |
Other assets | 54,561 | 51,887 |
Total assets | 4,853,320 | 4,515,763 |
Deposits: | ||
Noninterest-bearing demand | 804,678 | 650,256 |
Interest-bearing demand | 688,370 | 638,403 |
Money market | 1,066,224 | 887,715 |
Savings | 402,032 | 383,731 |
Time | 253,302 | 236,965 |
Jumbo certificates of deposit-customer | 247,671 | 221,145 |
Total customer deposits | 3,462,277 | 3,018,215 |
Brokered deposits | 186,958 | 168,727 |
Total deposits | 3,649,235 | 3,186,942 |
Federal funds purchased and securities sold under agreements to repurchase | 128,225 | 97,000 |
Federal Home Loan Bank advances | 405,894 | 638,091 |
Trust preferred borrowings | 67,011 | 67,011 |
Senior debt | 55,000 | 55,000 |
Other borrowed funds | 11,645 | 24,739 |
Reverse mortgage trust bonds payable | 21,990 | |
Accrued interest payable | 1,004 | 838 |
Other liabilities | 46,255 | 41,102 |
Total liabilities | 4,364,269 | 4,132,713 |
Stockholders' equity: | ||
Serial preferred stock $0.01 par value, 7,500,000 shares authorized; issued none at December 31, 2014 and December 31, 2013 | ||
Common stock $0.01 par value, 20,000,000 shares authorized; issued 18,565,708 at December 31, 2014 and 18,476,003 at December 31, 2013 | 186 | 185 |
Capital in excess of par value | 201,501 | 178,477 |
Accumulated other comprehensive income/(loss) | 3,500 | -21,294 |
Retained earnings | 523,099 | 473,962 |
Treasury stock at cost, 9,163,096 shares at December 31, 2014 and 9,580,569 shares at December 31, 2013 | -239,235 | -248,280 |
Total stockholders' equity | 489,051 | 383,050 |
Total liabilities and stockholders' equity | $4,853,320 | $4,515,763 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $39,426 | $41,244 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 7,500,000 | 7,500,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, issued | 18,565,708 | 18,476,003 |
Treasury stock, shares | 9,163,096 | 9,580,569 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Serial Preferred Stock [Member] | Common Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] | |
In Thousands | ||||||||
Beginning Balance at Dec. 31, 2011 | $392,133 | $1 | $182 | $220,163 | $11,202 | $408,865 | ($248,280) | |
Net Income | 31,311 | 31,311 | ||||||
Other comprehensive income | 1,741 | 1,741 | ||||||
Cash dividend, $0.48 per share | -4,179 | -4,179 | ||||||
Issuance of common stock including proceeds from exercise of common stock options | 2,503 | 2 | 2,501 | |||||
Stock-based compensation expense | 1,577 | 1,577 | ||||||
Excess tax benefit from exercises of common stock options | [1] | 399 | 399 | |||||
Preferred stock cash dividends | -2,631 | -2,631 | ||||||
Preferred stock discount accretion | 138 | -138 | ||||||
Repurchase of Warrant | -1,800 | -1,800 | ||||||
Ending Balance at Dec. 31, 2012 | 421,054 | 1 | 184 | 222,978 | 12,943 | 433,228 | -248,280 | |
Net Income | 46,882 | 46,882 | ||||||
Other comprehensive income | -34,237 | -34,237 | ||||||
Cash dividend, $0.48 per share | -4,224 | -4,224 | ||||||
Issuance of common stock including proceeds from exercise of common stock options | 4,353 | 1 | 4,352 | |||||
Stock-based compensation expense | 2,938 | 2,938 | ||||||
Excess tax benefit from exercises of common stock options | [1] | 683 | 683 | |||||
Preferred stock cash dividends | -1,774 | -1,774 | ||||||
Preferred stock discount accretion | 150 | -150 | ||||||
Redemption of preferred stock | -52,625 | -1 | -52,624 | |||||
Ending Balance at Dec. 31, 2013 | 383,050 | 185 | 178,477 | -21,294 | 473,962 | -248,280 | ||
Net Income | 53,757 | 53,757 | ||||||
Other comprehensive income | 24,794 | 24,794 | ||||||
Cash dividend, $0.48 per share | -4,620 | -4,620 | ||||||
Issuance of common stock including proceeds from exercise of common stock options | 3,613 | 1 | 3,612 | |||||
Stock-based compensation expense | 3,738 | 3,738 | ||||||
Excess tax benefit from exercises of common stock options | [1] | 797 | 797 | |||||
Acquisition of FNBW | 32,908 | 21,177 | 11,731 | |||||
Repurchase of Warrant | -6,300 | -6,300 | ||||||
Treasury stock at cost, 35,188 shares | -2,686 | -2,686 | ||||||
Ending Balance at Dec. 31, 2014 | $489,051 | $186 | $201,501 | $3,500 | $523,099 | ($239,235) | ||
[1] | Net of deferred tax adjustments for expired options |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividend per share | $0.51 | $0.48 | $0.48 |
Treasury stock, shares | 35,188 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net Income | $53,757 | $46,882 | $31,311 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 3,580 | 7,172 | 32,053 |
Depreciation of premises and equipment | 5,951 | 6,007 | 5,139 |
Amortization, net | 12,099 | 11,329 | 12,261 |
(Increase) decrease in accrued interest receivable | -984 | -1,146 | 2,091 |
(Increase) decrease in other assets | -1,455 | 5,470 | 2,491 |
Origination of loans held-for-sale | -230,841 | -250,083 | -190,961 |
Proceeds from sales of loans held-for-sale | 235,908 | 254,135 | 222,369 |
Gain on mortgage banking activity, net | -3,994 | -3,980 | -2,846 |
Gain (loss) on mark to market adjustment on trading securities | 125 | -125 | |
Gain on sale of securities, net | -1,037 | -3,641 | -21,300 |
Reverse mortgage consolidation gain | -3,801 | ||
Stock-based compensation expense | 4,535 | 3,621 | 1,976 |
Excess tax benefits from share based payment arrangements | -797 | -683 | -399 |
Decrease in accrued interest payable | -65 | -261 | -811 |
Increase (decrease) in other liabilities | 2,054 | -12,465 | 4,763 |
Loss on sale of assets acquired through foreclosure and valuation adjustments, net | 144 | 868 | 3,701 |
Increase in value of bank-owned life insurance | -700 | -270 | -1,544 |
Deferred income tax (benefit) expense | -5,664 | 755 | 3,591 |
Increase in capitalized interest, net | -5,435 | -2,653 | -728 |
Net cash provided by (used for) operating activities | 67,056 | 57,381 | 103,032 |
Investing activities: | |||
Maturities and calls of investment securities | 4,572 | 770 | 9,039 |
Sales of investment securities available for sale | 229,515 | 274,070 | 769,982 |
Purchases of investment securities available for sale | -286,915 | -335,584 | -941,376 |
Repayments of investment securities available for sale | 79,006 | 90,041 | 131,212 |
Purchases of investment securities held-to-maturity | -1,295 | ||
Repayments on reverse mortgages | 14,677 | 4,929 | |
Disbursements for reverse mortgages | -1,212 | -391 | -189 |
Cash received in consolidation of reverse mortgage securitization trust | 5,833 | ||
Net cash from business combinations | 8,660 | -4,029 | |
Net increase in loans | -86,618 | -207,043 | -96,435 |
Payment of bank-owned life insurance | 2,021 | ||
Net decrease (increase) in stock of Federal Home Loan Bank of Pittsburgh | 12,591 | -4,704 | 4,591 |
Sales of assets acquired through foreclosure, net | 5,191 | 6,511 | 14,016 |
Investment in premises and equipment, net | -4,736 | -2,863 | -8,111 |
Net cash used for investing activities | -26,564 | -172,460 | -115,250 |
Financing activities: | |||
Net increase (decrease) in demand and savings deposits | 226,400 | 63,498 | 393,493 |
(Decrease) increase in time deposits | -23,906 | -153,113 | -147,372 |
Increase (decrease) in brokered deposits | 18,231 | -1,914 | -117,361 |
(Decrease) increase in loan payable | -370 | -698 | 1,727 |
Repayment of reverse mortgage trust bonds payable | -21,990 | -4,349 | |
Receipts from federal funds purchased and securities sold under agreement to repurchase | 25,741,826 | 21,291,625 | 19,027,675 |
Repayments of federal funds purchased and securities sold under agreement to repurchase | -25,710,601 | -21,304,625 | -18,967,675 |
Receipts from FHLB advances | 78,831,426 | 48,790,848 | 39,981,624 |
Repayments of FHLB advances | -79,068,675 | -48,529,067 | -40,143,996 |
Repayment of unsecured debt | -30,000 | ||
Issuance of senior debt | 52,681 | ||
Dividends paid | -4,644 | -5,998 | -6,810 |
Issuance of common stock and exercise of common stock options | 3,613 | 4,353 | 2,503 |
Redemption of preferred stock | -52,625 | ||
Repurchase of common stock warrants | -6,300 | -1,800 | |
Buy back of common stock | -2,686 | ||
Excess tax benefits from share-based payment arrangements | 797 | 683 | 399 |
Net cash (used for) provided by financing activities | -16,879 | 98,618 | 45,088 |
Increase (decrease) in cash and cash equivalents | 23,613 | -16,461 | 32,870 |
Cash and cash equivalents at beginning of year | 484,426 | 500,887 | 468,017 |
Cash and cash equivalents at end of year | 508,039 | 484,426 | 500,887 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid in interest during the year | 15,664 | 15,696 | 24,099 |
Cash paid for income taxes, net | 23,688 | 21,868 | 13,806 |
Loans transferred to assets acquired through foreclosure | 4,896 | 7,289 | 9,953 |
Loans transferred to portfolio from held-for-sale at fair value | 2,418 | 9,131 | 31,987 |
Net change in accumulated other comprehensive income (loss) | 24,794 | -34,237 | 1,741 |
Fair value of assets acquired, net of cash received | 244,836 | 12,817 | |
Fair value of liabilities assumed | 236,886 | 10,127 | |
Fair value of assets consolidated | 41,397 | ||
Fair value of liabilities consolidated | 26,339 | ||
Reissue of treasury stock for FNBW purchase, net | 32,908 | ||
Investment securities transferred from available-for-sale to held-to-maturity | 124,873 | ||
Non-cash goodwill adjustments, net | $46 | ($160) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
WSFS Financial Corporation (the Company, our Company, WSFS, we, our or us) is a savings and loan holding company organized under the laws of the State of Delaware. Our principal wholly-owned subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), is a federal savings bank organized under the laws of the United States which, at December 31, 2014, served customers from our 55 offices located in Delaware (45), Pennsylvania (8), Virginia (1), and Nevada (1). | |||||||||||||
In preparing the Consolidated Financial Statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions in 2015 could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Amounts subject to significant estimates are items such as the allowance for loan losses and lending-related commitments, goodwill and intangible assets, post-retirement obligations, the fair value of financial instruments, investment in reverse mortgage, income taxes and other-than-temporary impairments. Among other effects, such changes could result in future impairments of investment securities, goodwill and intangible assets and establishment of an allowance for loan losses and lending-related commitments as well as increased post-retirement expense. | |||||||||||||
Basis of Presentation | |||||||||||||
The Consolidated Financial Statements include the accounts of the parent company and its wholly-owned subsidiaries, WSFS Bank and Cypress Capital Management, LLC (Cypress). | |||||||||||||
WSFS Bank has two wholly-owned subsidiaries, including WSFS Wealth Investments and Monarch Entity Services LLC (Monarch). WSFS Wealth Investments markets various third-party insurance and securities products to Bank customers through the Bank’s retail banking system. Monarch provides commercial domicile services which include employees, directors, subleases and registered agent services in Delaware and Nevada. | |||||||||||||
Cypress was formed to provide asset management products and services. As a Wilmington-based investment advisory firm servicing high net worth individuals and institutions, it has approximately $661 million in assets under management at December 31, 2014, compared to approximately $614 million at December 31, 2013. | |||||||||||||
WSFS Capital Trust III (the Trust) is our unconsolidated subsidiary, and was formed in 2005 to issue $67.0 million aggregate principal amount of Pooled Floating Rate Capital Securities. The proceeds from this issue were used to fund the redemption of $51.5 million of Floating Rate WSFS Capital Trust I Preferred Securities (formerly, WSFS Capital Trust I). WSFS Capital Trust I invested all of the proceeds from the sale of the Pooled Floating Rate Capital Securities in our Junior Subordinated Debentures. | |||||||||||||
In addition to the subsidiaries listed above, as of December 31, 2013 the Company also had one consolidated variable interest entity (VIE), SASCO 2002-RM1 (SASCO), which is a reverse mortgage securitization trust. This entity was combined with WSFS Bank in 2014. | |||||||||||||
Whenever necessary, reclassifications have been made to the prior years’ Consolidated Financial Statements to conform to the current year’s presentation. All significant intercompany transactions were eliminated in consolidation. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned ATMs, amounts due from banks, federal funds sold and securities purchased under agreements to resell. | |||||||||||||
Debt and Equity Securities | |||||||||||||
Investments in equity securities that have a readily determinable fair value and investments in debt securities are classified into three categories and accounted for as follows: | |||||||||||||
• | Debt securities with the positive intention to hold to maturity are classified as “held-to-maturity” and reported at amortized cost. | ||||||||||||
• | Debt and equity securities purchased with the intention of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. | ||||||||||||
• | Debt and equity securities not classified in either of the above are classified as “available-for-sale securities” and reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of stockholders’ equity. | ||||||||||||
Debt and equity securities include mortgage-backed securities (MBS), municipal bonds, U.S. Government and agency securities and certain equity securities. Premiums and discounts on debt and equity securities, held-to-maturity and available-for-sale, are recognized in interest income using a level yield method over the period to expected maturity. The fair value of debt and equity securities is primarily obtained from third-party pricing services. Implicit in the valuation are estimated prepayments based on historical and current market conditions. | |||||||||||||
When we conclude an investment security is other-than-temporarily impaired (OTTI), a loss for the difference between the investment security’s carrying value and its fair value may be recognized as a reduction to non-interest income in the Consolidated Statements of Operations. For an investment in a debt security, if we intend to sell the investment security or it is more likely than not that we will be required to sell it before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the investment security and conclude that it is not more likely than not we will be required to sell the security before recovering the carrying value, which may be maturity, the OTTI charge is separated into “credit” and “other” components. The “other” component of the OTTI is included in other comprehensive income/loss, net of the tax effect, and the “credit” component of the OTTI is included as a reduction to non-interest income in the Consolidated Statements of Operations. We are required to use our judgment to determine impairment in certain circumstances. The specific identification method is used to determine realized gains and losses on sales of investment and mortgage-backed securities. All sales are made without recourse. | |||||||||||||
Reverse Mortgage Loans | |||||||||||||
We account for our investment in reverse mortgages in accordance with the instructions provided by the staff of the Securities and Exchange Commission (SEC) entitled “Accounting for Pools of Uninsured Residential Reverse Mortgage Contracts,” which requires grouping the individual reverse mortgages into “pools” based on similar characteristics and recognizing income based on the estimated effective yield of the pools. In computing the effective yield, we must project the cash inflows and outflows of the pool including actuarial projections of the life expectancy of the individual contract holder and changes in the collateral value of the residence. At each reporting date, a new economic forecast is made of the cash inflows and outflows of each pool of reverse mortgages. The effective yield of each pool is recomputed and income is adjusted to reflect the revised rate of return. Because of this highly specialized accounting, the recorded value of reverse mortgage assets can result in significant volatility associated with estimations. As a result, income recognition can vary significantly from reporting period to reporting period. | |||||||||||||
For additional detail regarding reverse mortgages, see Note 7 to the Consolidated Financial Statements. | |||||||||||||
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, excluding accruing loans, is the same as for nonaccrual loans discussed below. | |||||||||||||
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 initially recorded at fair value on the acquisition date, 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 are evaluated for impairment on a quarterly basis with complete updating of the estimated cash flows on a semi-annual basis, and if a loan is determined to be impaired but considered collateral dependent, it will have no accretable yield. | |||||||||||||
Past Due and Nonaccrual Loans | |||||||||||||
A loan is considered to be past due on the day after a principal or interest payment is due. Nonaccrual loans are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in our opinion, collection is doubtful, or when principal or interest is contractually past due 90 days or more and the loan is not well secured or in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the accretion of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal or recorded as interest income, depending on our assessment of the ultimate collectability of the loan. Loans are returned to an accrual status when we assess that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. including a consistent repayment record, generally six consecutive payments, has been demonstrated). | |||||||||||||
Allowance for Loan Losses | |||||||||||||
We maintain an allowance for loan losses and charge losses to this allowance when such losses are realized. The determination of the allowance for loan losses requires significant judgment reflecting our best estimate of impairment related to specifically identified loans as well as probable loan losses in the remaining loan portfolio. Our evaluation is based upon a continuing review of these portfolios. | |||||||||||||
We have established the loan loss allowance in accordance with guidance provided by the SEC’s Staff Accounting Bulletin 102 (SAB 102). Our methodology for assessing the appropriateness of the allowance consists of several key elements which include: a specific allowance for identified impaired loans, an allowance for pools of homogeneous loans, adjustments for qualitative and environmental factors and an allowance for model estimation and complexity risk. Impairment of troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective rate at inception or the fair value of the underlying collateral if the loan is collateral dependent. Troubled debt restructures consist of concessions granted to borrowers facing financial difficulty. For additional detail regarding the provision for loan losses, see Note 6 to the Consolidated Financial Statements. | |||||||||||||
Loans Held-for-Sale | |||||||||||||
Loans held-for-sale are carried at their fair value on a loan level. | |||||||||||||
Assets Acquired Through Foreclosure | |||||||||||||
Assets acquired through foreclosure are recorded at the lower of the recorded investment in the loans or their fair value less estimated disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed fair value less estimated disposal costs. Costs relating to holding or disposing of the assets are charged to expense in the current period. We write-down the value of the assets when declines in fair value below the carrying value are identified. Loan workout and OREO expenses include costs of holding and operating the assets, net gains or losses on sales of the assets and provisions for losses to reduce such assets to fair value less estimated disposal costs. During 2014, we recorded $672,000 in charges (including write-downs and net losses on sales of assets) related to assets acquired through foreclosure (REO). These charges were $592,000 and $4.3 million for the years ended December 31, 2013 and 2012, respectively. As of December 31, 2014 we had $4.4 million in residential real estate in process of foreclosure. | |||||||||||||
Premises and Equipment | |||||||||||||
Premises and equipment is stated at cost less accumulated depreciation and amortization. Costs of major replacements, improvements and additions are capitalized. Depreciation expense is computed on a straight-line basis over the estimated useful lives of the assets or, for leasehold improvements, over the effective life of the related lease if less than the estimated useful life. In general, computer equipment, furniture and equipment and building renovations are depreciated over three, five and ten years, respectively. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
In accordance with FASB ASC 805, Business Combinations, and FASB ASC 350, Intangibles—Goodwill and Other, all assets and liabilities acquired in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value. We consider our accounting policies related to goodwill and other intangible assets to be critical because the assumptions or judgment used in determining the fair value of assets and liabilities acquired in past acquisitions are subjective and complex. As a result, changes in these assumptions or judgment could have a significant impact on our financial condition or results of operations. For additional information regarding our goodwill and other intangible assets, see Notes 2 & 8 to the Consolidated Financial Statements. | |||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | |||||||||||||
We enter into sales of securities under agreements to repurchase. Securities sold under agreements to repurchase are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Condition. The securities underlying the agreements are assets. Generally, federal funds are purchased for periods ranging up to 90 days. | |||||||||||||
Loss Contingency for Unfunded Commitments | |||||||||||||
We maintain a loss contingency accrual for probable losses related to unfunded commitments. The determination of the loss contingency for unfunded commitments requires significant judgment reflecting management’s best estimate of probable losses related to unfunded commitments. | |||||||||||||
Income Taxes | |||||||||||||
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement basis and tax basis of assets and liabilities. | |||||||||||||
We account for income taxes in accordance with Financial Accounting Standard Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes. ASC 740. It prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. | |||||||||||||
Earnings Per Share | |||||||||||||
The following table shows the computation of basic and diluted earnings per share: | |||||||||||||
(In Thousands, Except Per share Data) | 2014 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Net income allocable to common shareholders | $ | 53,757 | $ | 45,249 | $ | 28,541 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share — weighted average shares | 9,073 | 8,818 | 8,712 | ||||||||||
Effect of dilutive employee stock options, restricted stock and warrants | 230 | 125 | 78 | ||||||||||
Denominator for diluted earnings per share — adjusted weighted average shares and assumed exercised | 9,303 | 8,943 | 8,790 | ||||||||||
Earnings per share: | |||||||||||||
Basic: | |||||||||||||
Net income allocable to common shareholders | $ | 5.92 | $ | 5.13 | $ | 3.28 | |||||||
Diluted: | |||||||||||||
Net income allocable to common shareholders | $ | 5.78 | $ | 5.06 | $ | 3.25 | |||||||
Outstanding common stock equivalents having no dilutive effect | 42 | 441 | 276 | ||||||||||
RECENT ACCOUNTING PRONOUNCEMENTS | |||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” to clarify the balance sheet presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The ASU requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We have determined that the adoption does not materially effect our Consolidated Financial Statements. | |||||||||||||
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 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 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 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 is 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 does not expect the application of this guidance to have a material impact on the Company’s 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 | 12 Months Ended | ||||
Dec. 31, 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 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 holders of shares of FNBW common stock received, in aggregate, $32.0 million in cash and 452,661 shares of WSFS common stock. The transaction was valued at $64.9 million based on WSFS’ closing share price of $72.70 on the NASDAQ stock market as of September 5, 2014. 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 $16.4 million, which will not be amortizable and is not deductible for tax purposes. The Company allocated the total balance of goodwill to its WSFS Bank 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) | Fair Value | ||||
Consideration Paid: | |||||
Common shares issued (452,661) | $ | 32,908 | |||
Cash paid to FNBW stockholders | 32,028 | ||||
Value of consideration | 64,936 | ||||
Assets acquired: | |||||
Cash and due from banks | 40,605 | ||||
Investment securities | 41,822 | ||||
Loans | 175,966 | ||||
Premises and equipment | 1,644 | ||||
Deferred income taxes | 3,139 | ||||
Bank owned life insurance | 12,624 | ||||
Core deposit intangible | 3,240 | ||||
Other Real Estate Owned | 1,641 | ||||
Other assets | 4,771 | ||||
Total assets | 285,452 | ||||
Liabilities assumed: | |||||
Deposits | 228,844 | ||||
FHLB advances | 5,052 | ||||
Other liabilities | 2,990 | ||||
Total liabilities | 236,886 | ||||
Net assets acquired: | 48,566 | ||||
Goodwill resulting from acquisition of FNBW: | $ | 16,370 | |||
The following table details the changes to goodwill: | |||||
Fair Value | |||||
Goodwill resulting from the acquisition of FNBW reported as of September 30, 2014 | $ | 16,467 | |||
Effects of adjustments to: | |||||
Assets | (187 | ) | |||
Liabilities | 99 | ||||
Final purchase price | (9 | ) | |||
Adjusted goodwill resulting from the acquisition of FNBW as of December 31, 2014 | $ | 16,370 | |||
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 were recorded at their fair value as of the acquisition date. The fair value was 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 a gross contractual balance of $163.7 million and a fair value of $158.7 million. Loans that had deteriorated in credit quality since their origination, and for which it was probable that all contractual cash flows would not be received, were 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 with a fair value of $17.3 million. For additional information regarding acquired impaired loans, see Note 4 to the 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 sources and subsequent sales. For additional information regarding level 2 valuation, see Note 18 to the Consolidated Financial Statements. | |||||
The Company recorded a deferred income tax asset (DTA) of $3.1 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 were 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 twelve months ended December 31, 2014, the Company incurred $3.8 million in integration expenses, including $1.1 million in salary and benefits, $1.4 million in data processing expense, $690,000 in professional fees and $296,000 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 $2.2 million at December 31, 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 seven years utilizing the straight-line method. | |||||
In connection with the merger, the consideration paid and the fair value of the assets acquired and the liabilities assumed as of the date of acquisition are summarized in the following table: | |||||
(In Thousands) | Fair Value | ||||
Consideration Paid: | |||||
Cash paid at closing | $ | 5,374 | |||
Fair value of contingent consideration | 2,771 | ||||
Value of consideration | 8,145 | ||||
Assets acquired: | |||||
Cash | 1,185 | ||||
Accounts receivable | 220 | ||||
Fixed assets | 148 | ||||
Loans held-for-sale | 10,096 | ||||
Intangible assets | 2,353 | ||||
Other assets | 338 | ||||
Total assets | 14,340 | ||||
Liabilities assumed: | |||||
Warehouse line of credit | 10,067 | ||||
Accounts payable | 60 | ||||
Other liabilities | 203 | ||||
Total Liabilities | 10,330 | ||||
Net assets acquired | 4,010 | ||||
$ | 4,135 | ||||
The following table details the changes to goodwill during the one year measurement period after the purchase. The goodwill adjustments are the changes in the derivative assets and liabilities relating to the loan commitment pipeline and changes in the fair value of contingent consideration from the amounts originally reported on the Form 10-K for the year ended December 31, 2013. | |||||
(In Thousands) | Fair Value | ||||
Goodwill resulting from acquisition of Array and Arrow reported 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 December 31, 2014 | $ | 4,135 | |||
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investment Securities | 3. INVESTMENT SECURITIES | ||||||||||||||||||||||||
The following tables detail the amortized cost and the estimated fair value of our available-for-sale and held-to-maturity investment securities: | |||||||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
U.S. Government and government sponsored Enterprises (GSE) | 30,020 | 14 | (74 | ) | 29,960 | ||||||||||||||||||||
Collateralized Mortgage Obligation (CMO) (1) | 193,672 | 874 | (1,614 | ) | 192,932 | ||||||||||||||||||||
Federal National Mortgage Association (FNMA) MBS | 291,606 | 2,053 | (1,106 | ) | 292,553 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation MBS (FHLMC) | 146,742 | 672 | (532 | ) | 146,882 | ||||||||||||||||||||
Government National Mortgage Association MBS (GNMA) | 77,364 | 701 | (268 | ) | 77,797 | ||||||||||||||||||||
$ | 739,404 | $ | 4,314 | $ | (3,594 | ) | $ | 740,124 | |||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
U.S. Government and agencies | |||||||||||||||||||||||||
State and political subdivisions | $ | 105,354 | $ | 257 | $ | (5,426 | ) | $ | 100,185 | ||||||||||||||||
GSE | 32,082 | 93 | (17 | ) | 32,158 | ||||||||||||||||||||
CMO (1) | 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 | |||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 126,168 | $ | 3 | $ | — | $ | 126,171 | |||||||||||||||||
-1 | Agency CMOs classified as available-for-sale totaled $193.7 million and $103.1 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
There were no held-to-maturity securities as of December 31, 2013. | |||||||||||||||||||||||||
At December 31, 161 municipal securities with a fair value of $124.9 million were transferred from available-for-sale to held-to-maturity. The reclassification was permitted as the Company has appropriately determined the ability and intent to hold these securities as an investment until maturity. These securities had an unrealized gain of $3.6 million at the time of transfer which continues to be reflected in accumulated other comprehensive gain on the Statement of Condition, net of subsequent accretion, which will be recognized over the life of the securities. | |||||||||||||||||||||||||
At December 31, 2014 the amortized cost of held to investments consisted of the following (in thousands): | |||||||||||||||||||||||||
(In Thousands) | Original | Unrealized Gain | Accretion | Amortized | |||||||||||||||||||||
Cost | at Transfer | Cost | |||||||||||||||||||||||
Transferred securities | $ | 121,314 | $ | 3,559 | $ | — | $ | 124,873 | |||||||||||||||||
Other held-to-maturity securities | 1,295 | — | — | 1,295 | |||||||||||||||||||||
Total | $ | 122,609 | $ | 3,559 | $ | — | $ | 126,168 | |||||||||||||||||
The scheduled maturities of investment securities available-for-sale at December 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
(In Thousands) | Amortized | Fair Value | |||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
2014 (1) | |||||||||||||||||||||||||
Within one year | $ | 10,000 | $ | 10,014 | |||||||||||||||||||||
After one year but within five years | 20,020 | 19,946 | |||||||||||||||||||||||
After five years but within ten years | 134,453 | 133,395 | |||||||||||||||||||||||
After ten years | 574,931 | 576,769 | |||||||||||||||||||||||
$ | 739,404 | $ | 740,124 | ||||||||||||||||||||||
2013 (1) | |||||||||||||||||||||||||
Within one year | $ | 16,319 | $ | 16,378 | |||||||||||||||||||||
After one year but within five years | 19,761 | 19,986 | |||||||||||||||||||||||
After five years but within ten years | 229,033 | 217,911 | |||||||||||||||||||||||
After ten years | 585,586 | 562,840 | |||||||||||||||||||||||
$ | 850,699 | $ | 817,115 | ||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
(In Thousands) | Amortized | Fair Value | |||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
2014 (1) | |||||||||||||||||||||||||
Within one year | $ | 3,608 | $ | 3,608 | |||||||||||||||||||||
After one year but within five years | 6,217 | 6,217 | |||||||||||||||||||||||
After five years but within ten years | 9,733 | 9,736 | |||||||||||||||||||||||
After ten years | 106,610 | 106,610 | |||||||||||||||||||||||
$ | 126,168 | $ | 126,171 | ||||||||||||||||||||||
-1 | Actual maturities could differ from contractual maturities. | ||||||||||||||||||||||||
There were no held-to-maturity securities as of December 31, 2013. | |||||||||||||||||||||||||
MBS have expected maturities that differ from their contractual maturities. These differences arise because borrowers have the right to call or prepay obligations with or without a prepayment penalty. | |||||||||||||||||||||||||
Investment securities with fair market values aggregating $470.4 million, $447.7 million and $486.9 million were pledged as collateral for retail customer repurchase agreements, municipal deposits, and other obligations as of December 31, 2014, 2013 and 2012, respectively. From time to time, investment securities are also pledged as collateral for FHLB borrowings. There were no FHLB pledged investment securities at December 31, 2014, 2013 or 2012. | |||||||||||||||||||||||||
During 2014, we sold $227.7 million of investment securities categorized as available-for-sale for net gains of $1.0 million, of which $1.1 million was gain and $60,000 was losses. In 2013, we sold $274.1 million investment securities categorized as available-for-sale for net gains of $3.5 million, of which $3.7 million was gain and $230,000 was losses. The cost basis of all investment securities sales is based on the specific identification method. | |||||||||||||||||||||||||
As of December 31, 2014, our investment securities portfolio had remaining unamortized premiums of $22.4 million and $188,000 of unaccreted discounts. | |||||||||||||||||||||||||
For these investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at December 31, 2014. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
(In Thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
GSE | 19,945 | 74 | — | — | 19,945 | 74 | |||||||||||||||||||
CMO | 15,492 | 108 | 61,630 | 1,506 | 77,122 | 1,614 | |||||||||||||||||||
FNMA MBS | — | — | 103,207 | 1,106 | 103,207 | 1,106 | |||||||||||||||||||
FHLMC MBS | 23,901 | 54 | 58,267 | 478 | 82,168 | 532 | |||||||||||||||||||
GNMA MBS | — | — | 48,312 | 268 | 48,312 | 268 | |||||||||||||||||||
Total temporarily impaired investments | $ | 59,338 | $ | 236 | $ | 271,416 | $ | 3,358 | 330,754 | 3,594 | |||||||||||||||
There were no held-to-maturity securities in an unrealized loss position as of December 31, 2014. | |||||||||||||||||||||||||
For these investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at December 31, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
State and political subdivisions | $ | 83,036 | $ | 5,426 | $ | — | $ | — | $ | 83,036 | $ | 5,426 | |||||||||||||
GSE | 3,972 | 13 | 2,001 | 4 | 5,973 | 17 | |||||||||||||||||||
CMO | 73,109 | 4,173 | 21,590 | 1,362 | 94,699 | 5,535 | |||||||||||||||||||
FNMA MBS | 346,266 | 14,386 | 17,800 | 1,415 | 364,066 | 15,801 | |||||||||||||||||||
FHLMC MBS | 116,732 | 4,548 | 7,307 | 446 | 124,039 | 4,994 | |||||||||||||||||||
GNMA MBS | 57,076 | 1,897 | 18,829 | 1,084 | 75,905 | 2,981 | |||||||||||||||||||
Total temporarily impaired investments | $ | 680,191 | $ | 30,443 | $ | 67,527 | $ | 4,311 | $ | 747,718 | $ | 34,754 | |||||||||||||
There were no held-to-maturity securities as of December 31, 2013. | |||||||||||||||||||||||||
All securities, with the exception of two, were AA-rated or better at the time of purchase and remained investment grade at December 31, 2014. In December 2014, we purchased a BBB- bond with a fair market value of $1.3 million as part of a financing transaction for an ongoing lending relationship. On September 5, 2014, we acquired one unrated municipal bond with a fair value of $179,000. All securities were evaluated for OTTI at December 31, 2014 and 2013. The result of this evaluation showed no OTTI as of December 31, 2014 or 2013. The weighted average duration of MBS was 4.0 years at December 31, 2014. | |||||||||||||||||||||||||
At December 31, 2014, we owned investment securities totaling $330.8 million in which the amortized cost basis exceeded fair value. Total unrealized losses on these securities were $3.6 million at December 31, 2014. The temporary impairment is the result of changes in market interest rates subsequent to the purchase of the securities. Our investment portfolio is reviewed each quarter for indications of other than temporary impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the amortized cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and our intent and ability to hold the investment for a period of time sufficient to allow for full recovery of the unrealized loss. We evaluate our intent and ability to hold securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. In addition, we do not have the intent to sell, nor is it more likely-than-not we will be required to sell these securities before we are able to recover the amortized cost basis. |
Acquired_Credit_Impaired_Loans
Acquired Credit Impaired Loans | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Transfers and Servicing [Abstract] | |||||
Acquired Credit Impaired Loans | 4. 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 expected to be received. If the timing and amount of cash flows is not reasonably estimable, the loans may be classified as nonaccrual loans and interest income may be recognized on a cash basis or as a reduction of the principal amount outstanding. At December 31, 2014, there were three acquired loans accounted for under ASC 310-20 classified as nonaccrual loans with a carrying value of $217,000. There is no 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 impaired 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 difference between $27.1 and $24.2 in Note 2 is contractual interest to be received | ||||
The outstanding principal balance and carrying amounts for acquired credit impaired loans for which the Company applies ASC 310-30 as of December 31, 2014: | |||||
(In Thousands) | |||||
Outstanding principal balance | $ | 22,752 | |||
Carrying amount | $ | 15,893 | |||
Allowance for Loan Loss | N/A | ||||
The following table presents the changes in accretable yield on the acquired credit impaired loans from September 5, 2014 to December 31, 2014: | |||||
Accretable | |||||
Yield | |||||
Balance as of September 5, 2014 | $ | 1,790 | |||
Accretion | (250 | ) | |||
Reclassification from nonaccretable difference | — | ||||
Additions/adjustments | (42 | ) | |||
Disposals | — | ||||
Ending balance as of December 31, 2014 | $ | 1,498 | |||
Loans
Loans | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Loans | 5. LOANS | ||||||||
The following table details our loan portfolio by category: | |||||||||
December 31, | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Commercial | $ | 920,072 | $ | 810,882 | |||||
Owner occupied commercial | 788,598 | 786,360 | |||||||
Commercial Mortgages | 805,459 | 725,193 | |||||||
Construction | 142,497 | 106,074 | |||||||
Residential | 218,329 | 221,520 | |||||||
Consumer | 327,543 | 302,234 | |||||||
3,202,498 | 2,952,263 | ||||||||
Less: | |||||||||
Deferred fees, net | 6,420 | 6,043 | |||||||
Allowance for loan losses | 39,426 | 41,244 | |||||||
Net loans | $ | 3,156,652 | $ | 2,904,976 | |||||
Nonaccruing loans aggregated $24.1 million, $31.0 million and $47.8 million at December 31, 2014, 2013 and 2012, respectively. If interest on all such loans had been recorded in accordance with contractual terms, net interest income would have increased by $800,000 in 2014, $1.0 million in 2013, and $1.6 million in 2012. | |||||||||
The total amounts of loans serviced for others were $153.3 million, $229.8 million and $263.4 million at December 31, 2014, 2013 and 2012, respectively, which consisted of residential first mortgage loans and reverse mortgage loans. We received fees from the servicing of loans of $285,000, $342,000 and $359,000 during 2014, 2013 and 2012, respectively. | |||||||||
We record mortgage-servicing rights on our mortgage loan-servicing portfolio. Mortgage servicing rights represent the present value of the future net servicing fees from servicing mortgage loans we acquire or originate. The value of these servicing rights was $321,000 and $419,000 at December 31, 2014 and 2013, respectively. Mortgage loans serviced for others are not included in loans in the accompanying Consolidated Statements of Condition. Changes in the fair value of these servicing rights resulted in net loss of $98,000 during 2014 and net income of $178,000 during 2013. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in mortgage banking activities, net in the Consolidated Statements of Operations. | |||||||||
Accrued interest receivable on loans outstanding was $8.5 million and $7.8 million at December 31, 2014 and 2013, respectively. |
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Credit Quality Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
When it is probable that the Bank will be unable to collect all amounts due (interest and principal) in accordance with the contractual terms of the loan agreement, it assigns a specific reserve to that loan if necessary. Unless loans are well-secured and collection is imminent, loans greater than 90 days past due are deemed impaired and their respective reserves are generally charged-off once the loss has been confirmed. Estimated specific reserves are based on collateral values, estimates of future cash flows or market valuations. During the twelve months ended December 31, 2014, net charge-offs totaled $5.4 million, or 0.18% of average loans, compared to $9.9 million, or 0.34% of average loans during the twelve months ended December 31, 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: Commercial, Owner-Occupied, Commercial Real Estate and Construction. Each pool is further segmented by internally assessed risk ratings. Loan losses for commercial loans are estimated by determining the probability of default and expected loss severity upon default. 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 and consumer loans. Pooled reserves for retail loans are calculated based solely on the previous four year average net loss rate. | |||||||||||||||||||||||||||||||||||||||||||||||||
Qualitative adjustment factors consider various current internal and external conditions, 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 which historic losses are used in core reserve estimates and current directional trends. Each individual qualitative factor in our model can add or subtract to core reserves. A special adjustment factor of 7.5 basis points was applied to the commercial portfolio as additional qualitative consideration not taken into consideration in the qualitative factors. In addition, management has established a new special adjustment factor to address the absence of default history within the construction segment for certain risk ratings. This additional adjustment factor added $1.2 million in reserves to this segment which is equal to a 1.25% reserve for construction loans. Finally, a continued economic trend relative to the three and five year averages as well as current trends have resulted in the further reduction of other applied factors. | |||||||||||||||||||||||||||||||||||||||||||||||||
The allowance methodology uses a loss emergence period (the period of time between an event that triggers the probability of a loss and the confirmation of the loss, LEP) of nine quarters based on generally improving economic conditions. Industry and historical data indicates that the LEP lengthens in an improving economy as the length of time between an adverse financial event and subsequent loss is extended. | |||||||||||||||||||||||||||||||||||||||||||||||||
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, and methodology judgements, are necessary. We review the qualitative estimates of valuation factors quarterly and management uses its judgment to make adjustments based on current trends. The model complexity risk factor was 5 basis points of total loans for December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||
Our loan officers and risk managers meet at least quarterly to discuss and review the conditions and risks associated with individual problem loans. In addition, various regulatory agencies periodically review our loan ratings and allowance for loan losses and the Bank’s internal loan review department performs loan reviews. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of the allowance for loan losses and loan balances as of and for the year ended December 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | |||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 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 | (3,587 | ) | (1,085 | ) | (425 | ) | (88 | ) | (811 | ) | (2,855 | ) | — | (8,851 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,611 | 249 | 202 | 242 | 168 | 981 | — | 3,453 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 2,062 | (159 | ) | 557 | (884 | ) | 88 | 1,421 | 495 | 3,580 | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,837 | $ | 6,643 | $ | 7,266 | $ | 2,596 | $ | 2,523 | $ | 6,041 | $ | 1,520 | $ | 39,426 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,034 | 609 | 319 | 334 | 790 | 231 | — | 5,317 | ||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 9,803 | 6,034 | 6,947 | 2,262 | 1,733 | 5,810 | 1,520 | 34,109 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,837 | $ | 6,643 | $ | 7,266 | $ | 2,596 | $ | 2,523 | $ | 6,041 | $ | 1,520 | $ | 39,426 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 12,381 | $ | 2,474 | $ | 8,335 | $ | 1,419 | $ | 15,666 | $ | 6,376 | $ | — | $ | 46,651 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 872,398 | 743,680 | 753,451 | 127,324 | 184,788 | 312,539 | — | 2,994,180 | |||||||||||||||||||||||||||||||||||||||||
Acquired nonimpaired loans | 32,024 | 40,180 | 37,697 | 9,891 | 17,363 | 8,619 | — | 145,774 | |||||||||||||||||||||||||||||||||||||||||
Acquired impaired loans | 3,269 | 2,264 | 5,976 | 3,863 | 512 | 9 | — | 15,893 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 920,072 | $ | 788,598 | $ | 805,459 | $ | 142,497 | $ | 218,329 | $ | 327,543 | $ | — | $ | 3,202,498 | (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 December 31, 2014, represents accruing troubled debt restructured loans of $22.6 million which are considered to be impaired. | ||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Ending loan balances do not include deferred costs of $6.4 million and $6.0 million for December 31, 2014 and for December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | |||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Charge-offs | (2,636 | ) | (1,225 | ) | (1,915 | ) | (1,749 | ) | (1,226 | ) | (4,913 | ) | — | (13,664 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,003 | 128 | 685 | 989 | 122 | 887 | — | 3,814 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 721 | 2,627 | 83 | (2,370 | ) | 1,058 | 4,889 | 164 | 7,172 | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | 3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,781 | $ | 12 | $ | 1,987 | $ | — | $ | 989 | $ | 134 | $ | — | $ | 4,903 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,970 | 7,626 | 4,945 | 3,326 | 2,089 | 6,360 | 1,025 | 36,341 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | $3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,003 | $ | 5,197 | $ | 8,661 | $ | 1,158 | $ | 17,852 | $ | 5,411 | $ | — | $ | 43,282 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 805,879 | 781,163 | 716,532 | 104,916 | 203,668 | 296,823 | — | 2,908,981 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 810,882 | $ | 786,360 | $ | 725,193 | $ | 106,074 | $ | 221,520 | $ | 302,234 | $ | — | $ | 2,952,263 | |||||||||||||||||||||||||||||||||
-1 | Represents the portion of the allowance for loan losses established to account for the inherent complexity and uncertainty of estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||
-2 | The difference between this amount and nonaccruing loans at December 31, 2013 represents accruing troubled debt restructured loans which are considered to be impaired loans of $12.3 million | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing loans are those on which the accrual of interest has ceased. We discontinue accrual of interest on originated loans after payments become more than 90 days past due or earlier if we do not expect the full collection of principal or interest in accordance with the terms of the loan agreement. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the accretion of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on our assessment of the ultimate collectability of principal and interest. Loans greater than 90 days past due and still accruing are defined as loans contractually past due 90 days or more as to principal or interest payments, but remain in accrual status because they are considered well secured and in the process of collection. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables show our nonaccrual and past due loans at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
At Dec. 31, 2014 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Acquired | Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 715 | $ | — | $ | — | $ | 715 | $ | 913,382 | 3,269 | 2,706 | $ | 920,072 | |||||||||||||||||||||||||||||||||||
Owner occupied commercial | 393 | — | — | 393 | 783,466 | 2,264 | 2,475 | 788,598 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 203 | — | — | 203 | 791,035 | 5,976 | 8,245 | 805,459 | |||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 138,634 | 3,863 | — | 142,497 | |||||||||||||||||||||||||||||||||||||||||
Residential | 3,879 | 604 | — | 4,483 | 206,266 | 512 | 7,068 | 218,329 | |||||||||||||||||||||||||||||||||||||||||
Consumer | 1,241 | 342 | 4 | 1,587 | 322,390 | 9 | 3,557 | 327,543 | |||||||||||||||||||||||||||||||||||||||||
Total (1) | $ | 6,431 | $ | 946 | $ | 4 | $ | 7,381 | $ | 3,155,173 | $ | 15,893 | $ | 24,051 | $ | 3,202,498 | |||||||||||||||||||||||||||||||||
% of Total Loans | 0.2 | % | 0.03 | % | 0 | % | 0.23 | % | 98.52 | % | 0.5 | % | 0.75 | % | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Balances in table above includes $145.8 million in acquired non-impaired loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
At Dec. 31, 2013 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Acquired | Nonaccrual | Total Loans | |||||||||||||||||||||||||||||||||||||||||
Past Due and | Past Due and | 90 Days | Due | Current | Impaired | Loans | |||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | Loans | ||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,447 | $ | — | $ | — | $ | 1,447 | $ | 805,132 | $ | — | $ | 4,303 | $ | 810,882 | |||||||||||||||||||||||||||||||||
Owner occupied commercial | 538 | — | — | 538 | 780,625 | — | 5,197 | 786,360 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 83 | 1,049 | — | 1,132 | 715,496 | — | 8,565 | 725,193 | |||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 104,916 | — | 1,158 | 106,074 | |||||||||||||||||||||||||||||||||||||||||
Residential | 1,952 | 1,348 | 533 | 3,833 | 209,255 | — | 8,432 | 221,520 | |||||||||||||||||||||||||||||||||||||||||
Consumer | 1,095 | 177 | — | 1,272 | 297,669 | — | 3,293 | 302,234 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,115 | $ | 2,574 | $ | 533 | $ | 8,222 | $ | 2,913,093 | — | $ | 30,948 | $ | 2,952,263 | ||||||||||||||||||||||||||||||||||
% of Total Loans | 0.17 | % | 0.09 | % | 0.02 | % | 0.28 | % | 98.67 | % | — | % | 1.05 | % | 100 | % | |||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans for which it is probable we will not collect all principal and interest due according to contractual terms, which is assessed based on the credit characteristics of the loan and/or payment status, are measured for impairment in accordance with the provisions of SAB 102. The amount of impairment is required to be measured using one of three methods: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the fair value of collateral, if the loan is collateral dependent or (3) the loan’s observable market price. If the measure of the impaired loan is less than the recorded investment in the loan, a related allowance is allocated for the impairment. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide an analysis of our impaired loans at December 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | Ending | Loans with | Loan with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Related | Related | Reserve | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Balance | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 12,381 | $ | 580 | $ | 11,801 | $ | 3,034 | $ | 20,924 | $ | 5,952 | |||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | 2,474 | 1,865 | 609 | 609 | 3,708 | 4,461 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,335 | 4,732 | 3,603 | 319 | 14,383 | 11,005 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,419 | — | 1,419 | 334 | 1,419 | 1,013 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 15,666 | 7,068 | 8,598 | 790 | 18,967 | 17,296 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 6,376 | 3,557 | 2,819 | 231 | 7,162 | 5,902 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 46,651 | $ | 17,802 | $ | 28,849 | $ | 5,317 | $ | 66,563 | $ | 45,629 | |||||||||||||||||||||||||||||||||||||
2013 | Ending | Loans with | Loan with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Related | Related | Reserve | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Balance | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 5,003 | $ | 2,362 | $ | 2,641 | $ | 1,781 | $ | 13,013 | $ | 5,347 | |||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | 5,197 | 5,184 | 12 | 12 | 8,293 | 11,542 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,661 | 2,784 | 5,877 | 1,987 | 16,566 | 10,444 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,158 | 1,158 | — | — | 1,563 | 968 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 17,852 | 9,750 | 8,103 | 989 | 20,153 | 18,047 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 5,411 | 4,767 | 644 | 134 | 6,056 | 5,455 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 43,282 | $ | 26,005 | $ | 17,277 | $ | 4,903 | $ | 65,644 | $ | 51,803 | |||||||||||||||||||||||||||||||||||||
-1 | Reflects loan balances at or written down to their recorded investment. | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income of $1.8 million and $922,000 was recognized on impaired loans during 2014 and 2013 respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserves On Acquired Nonimpaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
In accordance with FASB ASC 310, Receivables, loans acquired by the Bank through its merger with FNBW are required to be reflected on the balance sheet at their fair values as opposed to their book values on the date of acquisition. Therefore, on the date of acquisition establishing an allowance for acquired loans is prohibited. After the acquisition date the bank performs a separate allowance analysis on a quarterly basis to determine if an allowance for loan loss is necessary. Should the credit risk calculated exceed the purchased loan portfolio’s fair value, additional reserves will be added to the Bank’s allowance. When a purchased loan becomes impaired after its acquisition, it is evaluated as part of the Bank’s reserve analysis and a specific reserve is established to be included in the Bank’s allowance. | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||||||||||||||
Below is a description of each of our risk ratings for all commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass. These borrowers 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 portfolio segment based on the credit quality indicators used to determine the Allowance at December 31: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner Occupied | Commercial | Construction | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | $ | 4,744 | $ | 12,566 | $ | 6,989 | $ | 4,747 | $ | 9,065 | $ | 2,092 | $ | — | $ | 226 | 20,798 | $ | 19,631 | ||||||||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | 42,377 | 56,806 | 14,436 | 45,181 | 9,167 | 8,146 | 1,085 | 3,599 | 67,065 | 113,732 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual | 1,225 | 2,362 | 1,865 | 5,185 | 7,927 | 2,784 | — | 1,158 | 11,017 | 11,489 | |||||||||||||||||||||||||||||||||||||||
Doubtful/nonaccrual | 3,034 | 2,641 | 609 | 12 | 319 | 5,877 | 334 | — | 4,296 | 8,530 | |||||||||||||||||||||||||||||||||||||||
Total special mention and substandard | 51,380 | 74,375 | 23,899 | 55,125 | 26,478 | 18,899 | 1,419 | 4,983 | 103,176 | 4 | % | 153,382 | 6 | % | |||||||||||||||||||||||||||||||||||
Acquired impaired loans | 3,269 | — | 2,264 | — | 5,976 | — | 3,863 | — | 15,372 | 1 | % | — | — | ||||||||||||||||||||||||||||||||||||
Pass | 865,423 | 736,507 | 762,435 | 731,235 | 773,005 | 706,294 | 137,215 | 101,091 | 2,538,078 | 95 | % | 2,275,127 | 94 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 920,072 | $ | 810,882 | $ | 788,598 | $ | 786,360 | $ | 805,459 | $ | 725,193 | $ | 142,497 | $ | 106,074 | $ | 2,656,626 | 100 | % | $ | 2,428,509 | 100 | % | |||||||||||||||||||||||||
-1 | Table includes $119.8 million in acquired non-impaired loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential and Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Consumer | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | $ | 15,666 | $ | 17,852 | $ | 6,376 | $ | 5,411 | $ | 22,042 | 4 | % | $ | 23,263 | 4 | % | |||||||||||||||||||||||||||||||||
Acquired impaired loans | 512 | — | 9 | — | 521 | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||
Performing | 202,151 | 203,668 | 321,158 | 296,823 | 523,309 | 96 | % | 500,491 | 96 | % | |||||||||||||||||||||||||||||||||||||||
Total | $ | 218,329 | $ | 221,520 | $ | 327,543 | $ | 302,234 | $ | 545,872 | 100 | % | $ | 523,754 | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Includes $11.4 million as of December 31, 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 the loans modified terms and are accruing interest. | ||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Total includes $26.0 million in acquired non-impaired loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (TDR) | |||||||||||||||||||||||||||||||||||||||||||||||||
The balance of TDRs at December 31, 2014 and December 31, 2013 was $36.2 million and $27.6 million, respectively. The balances at December 31, 2014 include approximately $13.6 million of TDRs in nonaccrual status and $22.6 million of TDRs in accrual status compared to $15.3 million of TDRs in nonaccrual status and $12.3 million of TDRs in accrual status at December 31, 2013. Approximately $4.2 million and $4.1 million in related reserves have been established for these loans at December 31, 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 2014, the terms of 25 loans were modified in TDRs, of which seven were commercial loans and the remaining were residential and consumer loans. Our concessions on the restructured loans consisted of eight extensions of maturities, seven reductions in interest rates and four reductions of interest rates with extensions of maturities. Additionally, the TDRs included four bankruptcies and two forbearance agreements. Principal balances are generally not forgiven by us when a loan is modified as a TDR. Nonaccruing restructured loans may return to accrual status, if there has been a period of sustained repayment performance, typically six months, and repayment is reasonably assured. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans identified as TDRs during the twelve months ended December 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Twelve | Twelve | |||||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 9,356 | $ | 9,241 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 3,430 | 7,056 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | 1,419 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | 2,062 | 1,076 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,612 | 1,323 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 17,879 | $ | 18,696 | ||||||||||||||||||||||||||||||||||||||||||||||
The TDRs set forth in the table above increased our allowance for loan losses by $2.2 million through allocation of a related reserve, and resulted in charge-offs of $54,000 during the twelve months ended December 31, 2014. For the twelve months ended December 31, 2013, the TDRs set forth in the table above increased our allowance for loan losses by $82,000 through allocation of a related reserve, and resulted in charge-offs of $381,000. |
Reverse_Mortgages_and_Related_
Reverse Mortgages and Related Assets | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Mortgage Banking [Abstract] | |||||
Reverse Mortgages and Related Assets | 7. REVERSE MORTGAGES AND RELATED ASSETS | ||||
Reverse mortgages and related assets include only reverse mortgage loans as of December 31, 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 for the year ended December 31, 2013. | |||||
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 of December 31, 2013. As a result of consolidation of the reverse mortgage trust in 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 2014. | |||||
Our existing investment in reverse mortgages has been combined with the consolidated reverse mortgage loans for a total of $29.3 million at December 31, 2014. The portfolio consists of 112 loans with an average borrowers’ age of 93 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 $53.3 million well exceeds the outstanding book balance at December 31, 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 December 31, 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. During 2014 we updated these mortality tables to the new tables issued in October 2014. | ||||
2) | House Price Appreciation — Consistent with other residential mortgage analyses from various market sources, we forecast a 2.5% increase in housing prices during 2015 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. Annually, during the fourth quarter, housing price estimates are updated through broker price opinions. | ||||
3) | Internal Rate of Return — As of December 31, 2014, the internal rate of return (IRR) of 17.16% was the effective yield required on the life of the portfolio to reduce the net investment to zero at the time the final reverse mortgage contract is liquidated. | ||||
As of December 31, 2014, the Company’s actuarially estimated cash payments to reverse mortgagors were as follows: | |||||
Year Ending | |||||
2015 | $ | 712 | |||
2016 | 576 | ||||
2017 | 461 | ||||
2018 | 365 | ||||
2019 | 285 | ||||
Years 2020 — 2024 | 678 | ||||
Years 2025 — 2029 | 143 | ||||
Years 2030 — 2034 | 21 | ||||
Thereafter | 2 | ||||
Total | $ | 3,243 | |||
This | table does not take into consideration cash inflow including payments from mortgagors or payoffs based on contractual terms. | ||||
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 $7.9 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 $641,000 for the year ended December 31, 2014 with an IRR of 15.60%. If the future changes in collateral value were assumed to be reduced by 1%, income would decrease by $321,000 with an IRR of 16.38%. For December 31, 2013, future cash flows depended on the HPA assumptions. The assumptions for 2013 were, if the future changes in collateral value were assumed to be zero, income would decrease by $155,000 for the year ended December 31, 2013 with an IRR of 12.50%. If the future changes in collateral value were assumed to be reduced by 1%, income would decrease by $77,000 with an IRR of 13.35%. | |||||
The net present value of the projected cash flow depends on the IRR used. If the IRR increased by 1%, the net present value would increase by $478,000. If the IRR decreased by 1%, the net present value would decrease by $472,000. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Premises and Equipment | 8. PREMISES AND EQUIPMENT | ||||||||
Land, office buildings, leasehold improvements and furniture and equipment, at cost, are summarized by major classifications: | |||||||||
December 31, | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Land | $ | 2,052 | $ | 1,362 | |||||
Buildings | 4,791 | 4,030 | |||||||
Leasehold improvements | 35,925 | 35,506 | |||||||
Furniture and equipment | 24,644 | 38,135 | |||||||
67,412 | 79,033 | ||||||||
Less: | |||||||||
Accumulated depreciation | 32,338 | 43,855 | |||||||
$ | 35,074 | $ | 35,178 | ||||||
Depreciation expense is computed on a straight-line basis over the estimated useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life, whichever is shorter. In general, computer equipment, furniture and equipment and building renovations are expensed over three, five and ten years, respectively. | |||||||||
We occupy certain premises including some with renewal options and operate certain equipment under noncancelable leases with terms ranging primarily from 1 to 25 years. These leases are accounted for as operating leases. Accordingly, lease costs are expensed as incurred in accordance with FASB ASC 840-20 Operating Leases. Rent expense was $9.5 million in 2014, $9.1 million in 2013 and $9.0 million in 2012. Future minimum cash payments under these leases at December 31, 2014 are as follows: | |||||||||
(In Thousands) | |||||||||
2015 | $ | 7,641 | |||||||
2016 | 7,494 | ||||||||
2017 | 7,508 | ||||||||
2018 | 7,362 | ||||||||
2019 | 7,290 | ||||||||
Thereafter | 149,216 | ||||||||
Total future minimum lease payments | $ | 186,511 | |||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets | 9. GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||
In accordance with FASB ASC 805, Business Combinations, and FASB ASC 350, Intangibles — Goodwill and Other, all assets and liabilities acquired in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value. | |||||||||||||||||
The fair value of acquired assets and liabilities, including the resulting goodwill, was based either on quoted market prices or provided by other third-party sources, when available. When third-party information was not available we made good-faith estimates primarily through the use of internal cash flow modeling techniques. The assumptions used in the cash flow modeling are subjective and susceptible to significant changes. | |||||||||||||||||
Goodwill and other intangible assets with indefinite useful lives are tested for impairment at least annually and charged to results of operations in periods in which the recorded value is more than the estimated fair value. Intangible assets that have finite useful lives will continue to be amortized over their useful lives and are periodically evaluated for impairment. Goodwill totaled $48.7 million at December 31, 2014 and $32.2 million at December 31, 2013. The majority of this goodwill, or $43.5 million, is in the WSFS Bank reporting unit and is the result of a branch acquisition in 2008, the acquisition of Christiana Bank and Trust (CB&T) during 2010, the purchase of Array and Arrow during 2013, and the purchase of FNBW in 2014. The remaining goodwill is in the Trust and Wealth Management reporting unit and is mainly the result of the acquisition of CB&T. | |||||||||||||||||
ASC 350, Intangibles—Goodwill and Other (Topic 350), states that an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. Therefore, before the first step of the existing guidance, the entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that the fair value of goodwill is less than carrying value. The qualitative assessment includes adverse events or circumstances identified that could negatively affect the reporting units’ fair value as well as positive and mitigating events. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step process is unnecessary. The entity has the option to bypass the qualitative assessment step for any reporting unit in any period and proceed directly to the first step of the existing two-step process. The entity can resume performing the qualitative assessment in any subsequent period. | |||||||||||||||||
When required, the goodwill impairment test involves a two-step process. The first test is done by comparing the reporting unit’s aggregate fair value to its carrying value. Absent other indicators of impairment, if the aggregate fair value exceeds the carrying value, goodwill is not considered impaired and no additional analysis is necessary. If the carrying value of the reporting unit were to exceed the aggregate fair value, a second test would be performed to measure the amount of impairment loss, if any. To measure any impairment loss, the implied fair value would be determined in the same manner as if the reporting unit were being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge would be recorded for the difference. | |||||||||||||||||
Fair value may be determined using market prices, comparison to similar assets, market multiples, discounted cash flow analyses and other variables. Estimated cash flows extend five years into the future and, by their nature, are difficult to estimate over such an extended period of time. Factors that may significantly affect estimates include, but are not limited to, balance sheet growth assumptions, credit losses in our investment and loan portfolios, competitive pressures in our market area, changes in customer base and customer product preferences, changes in revenue growth trends, cost structure, changes in discount rates, conditions in the banking sector, and general economic variables. | |||||||||||||||||
As of December 31, 2014, we assessed qualitative factors including macroeconomic conditions, industry and market conditions, cost factors, and overall financial performance in 2014 and determined that it was not more likely than not that the fair value of any of our reporting units was less than their respective carrying amounts. Therefore we did not perform the two-step impairment test for any of our reporting units in 2014. No impairment losses related to our goodwill were recorded in 2014 or 2013, however there can be no assurance that impairments of our goodwill will not occur in future periods. | |||||||||||||||||
As of December 31, 2014, we had three operating segments, WSFS Bank, Cash Connect, and Trust & Wealth Management. Our operating segments may contain one or more reporting units depending on economic characteristics, products and customers. At the time we acquire a business, we allocate goodwill to the reporting unit where it will reside based on its relative fair value. Should we have significant business reorganization, we may reallocate the goodwill. For additional information on management reporting, see Note 20 to the Consolidated Financial Statements and Note 2 for additional information on the Goodwill that was recorded during 2014. | |||||||||||||||||
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, 2012 | $ | 23,012 | $ | — | $ | 5,134 | $ | 28,146 | |||||||||
Goodwill from business combinations | 4,089 | — | — | 4,089 | |||||||||||||
December 31, 2013 | 27,101 | — | 5,134 | 32,235 | |||||||||||||
Changes in Goodwill | 46 | — | — | 46 | |||||||||||||
Goodwill from business combinations | 16,370 | — | — | 16,370 | |||||||||||||
December 31, 2014 | $ | 43,517 | $ | — | $ | 5,134 | $ | 48,651 | |||||||||
FASB ASC 350 also requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. During 2014, we recorded intangible assets of $3.2 million due to the acquisition of FNBW. During 2013, we recorded intangible assets of $2.4 million due to the acquisition of Array and Arrow. See Note 2 to the Consolidated Financial Statements for additional information. The following table summarizes other intangible assets: | |||||||||||||||||
(In Thousands) | Gross | Accumulated | Net | ||||||||||||||
Intangible | Amortization | Intangible | |||||||||||||||
Assets | Assets | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Core deposits | $ | 7,610 | $ | (3,321 | ) | $ | 4,289 | ||||||||||
Other | 6,950 | (2,297 | ) | 4,653 | |||||||||||||
Total other intangible assets | $ | 14,560 | $ | (5,618 | ) | $ | 8,942 | ||||||||||
December 31, 2013 | |||||||||||||||||
Core deposits | $ | 4,370 | $ | (2,605 | ) | $ | 1,765 | ||||||||||
Other | 6,625 | (1,647 | ) | 4,978 | |||||||||||||
Total other intangible assets | $ | 10,995 | $ | (4,252 | ) | $ | 6,743 | ||||||||||
Core deposits are amortized over their expected lives using the present value of the benefit of the core deposits and straight-line methods of amortization. We recognized amortization expense on other intangible assets of $1.3 million, $1.0 million, and $989,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||
The following presents the estimated amortization expense of intangibles: | |||||||||||||||||
(In Thousands) | Amortization | ||||||||||||||||
of Intangibles | |||||||||||||||||
2015 | $ | 1,510 | |||||||||||||||
2016 | 1,253 | ||||||||||||||||
2017 | 1,106 | ||||||||||||||||
2018 | 1,086 | ||||||||||||||||
2019 | 1,070 | ||||||||||||||||
Thereafter | 2,917 | ||||||||||||||||
Total | $ | 8,942 | |||||||||||||||
At December 31, 2014, goodwill and other intangible assets were not considered impaired. Changing economic conditions that may adversely affect our performance and stock price could result in impairment, which could adversely affect earnings in the future. |
Deposits
Deposits | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Banking and Thrift [Abstract] | |||||||||||||
Deposits | 10. DEPOSITS | ||||||||||||
The following is a summary of deposits by category, including a summary of the remaining time to maturity for time deposits: | |||||||||||||
December 31, | 2014 | 2013 | |||||||||||
(In Thousands) | |||||||||||||
Money market and demand: | |||||||||||||
Noninterest-bearing demand | $ | 804,678 | $ | 650,256 | |||||||||
Interest-bearing demand | 688,370 | 638,403 | |||||||||||
Money market | 1,066,224 | 887,715 | |||||||||||
Total money market and demand | 2,559,272 | 2,176,374 | |||||||||||
Savings | 402,032 | 383,731 | |||||||||||
Customer certificates of deposit by maturity: | |||||||||||||
Less than one year | 188,922 | 134,356 | |||||||||||
One year to two years | 36,108 | 89,750 | |||||||||||
Two years to three years | 16,741 | 7,951 | |||||||||||
Three years to four years | 6,468 | 1,446 | |||||||||||
Over four years | 5,063 | 3,462 | |||||||||||
Total customer time certificates | 253,302 | 236,965 | |||||||||||
Jumbo certificates of deposit, by maturity: | |||||||||||||
Less than one year | 206,370 | 162,617 | |||||||||||
One year to two years | 23,621 | 51,996 | |||||||||||
Two years to three years | 10,117 | 3,092 | |||||||||||
Three years to four years | 3,896 | 535 | |||||||||||
Over four years | 3,667 | 2,905 | |||||||||||
Total jumbo certificates of deposit | 247,671 | 221,145 | |||||||||||
Total customer deposits | 3,462,277 | 3,018,215 | |||||||||||
Brokered deposits less than one year | 186,958 | 168,728 | |||||||||||
Total deposits | $ | 3,649,235 | $ | 3,186,942 | |||||||||
Interest expense on deposits by category follows: | |||||||||||||
(In Thousands) | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Interest-bearing demand | $ | 611 | $ | 529 | $ | 246 | |||||||
Money market | 1,478 | 1,123 | 1,759 | ||||||||||
Savings | 234 | 217 | 431 | ||||||||||
Time deposits | 4,060 | 4,712 | 9,531 | ||||||||||
Total customer interest expense | 6,383 | 6,581 | 11,967 | ||||||||||
Brokered deposits | 768 | 599 | 1,134 | ||||||||||
Total interest expense on deposits | $ | 7,151 | $ | 7,180 | $ | 13,101 | |||||||
Borrowed_Funds
Borrowed Funds | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Borrowed Funds | 11. BORROWED FUNDS | ||||||||||||||||||||
The following is a summary of borrowed funds by type: | |||||||||||||||||||||
At or for the twelve months ended: | Balance at | Weighted | Maximum | Average | Weighted | ||||||||||||||||
End of | Average | Outstanding | Amount | Average | |||||||||||||||||
Period | Interest | at Month | Outstanding | Interest | |||||||||||||||||
Rate | End During | During the | Rate | ||||||||||||||||||
the Period | Year | During the | |||||||||||||||||||
Year | |||||||||||||||||||||
December 31, 2014 | (Dollars in Thousands) | ||||||||||||||||||||
FHLB advances | $ | 405,894 | 0.52 | % | $ | 758,400 | $ | 600,172 | 0.4 | % | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 128,225 | 0.29 | 134,875 | 128,319 | 0.29 | ||||||||||||||||
Trust preferred borrowings | 67,011 | 1.97 | 67,011 | 67,011 | 1.97 | ||||||||||||||||
Senior Debt | 55,000 | 6.25 | 55,000 | 55,000 | 6.85 | ||||||||||||||||
Reverse mortgage trust bonds payable | — | — | — | 1,627 | 0.97 | ||||||||||||||||
Other borrowed funds | 11,645 | 0.08 | 27,088 | 20,228 | 0.09 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
FHLB advances | $ | 638,091 | 0.3 | % | $ | 685,591 | $ | 573,989 | 0.32 | % | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 97,000 | 0.98 | 126,000 | 108,105 | 0.91 | ||||||||||||||||
Trust preferred borrowings | 67,011 | 2.01 | 67,011 | 67,011 | 1.98 | ||||||||||||||||
Senior Debt | 55,000 | 6.25 | 55,000 | 55,000 | 6.86 | ||||||||||||||||
Reverse mortgage trust bonds payable | 21,990 | 0.34 | 26,340 | 6,757 | 0.88 | ||||||||||||||||
Other borrowed funds | 24,739 | 0.09 | 41,976 | 35,026 | 0.32 | ||||||||||||||||
Federal Home Loan Bank Advances | |||||||||||||||||||||
Advances from the FHLB with rates ranging from 0.27% to 1.12% at December 31, 2014 are due as follows: | |||||||||||||||||||||
(In Thousands) | Amount | Weighted | |||||||||||||||||||
Average | |||||||||||||||||||||
Rate | |||||||||||||||||||||
2015 | $ | 277,166 | 0.31 | % | |||||||||||||||||
2016 | — | ||||||||||||||||||||
2017 | 128,728 | 0.96 | |||||||||||||||||||
$ | 405,894 | 0.52 | |||||||||||||||||||
Pursuant to collateral agreements with the FHLB, advances are secured by qualifying first mortgage loans, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB. During 2014, we executed $100.0 million of three year advances at an average rate of 1.0%. This strategy is intended to reduce interest rate risk. | |||||||||||||||||||||
As a member of the FHLB, we are required to purchase and hold shares of capital stock in the FHLB in an amount at least equal to 0.35% of our member asset value plus 4.60% of advances outstanding. We were in compliance with this requirement with a stock investment in FHLB of $23.3 million at December 31, 2014 and $35.9 million as of December 31, 2013. This stock is carried on the accompanying Consolidated Statements of Condition at cost, which approximates liquidation value. | |||||||||||||||||||||
The decrease in FHLB stock was due to the decrease in FHLB Advances outstanding. In February of 2012, the FHLB declared and began to pay a dividend on capital stock. We received dividends of $1.4 million and $391,000 for the years ended December 31, 2014 and 2013, respectively. For additional information regarding FHLB Stock, see Note 18 to the Consolidated Financial Statements. | |||||||||||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | |||||||||||||||||||||
During 2014 and 2013, we purchased federal funds as a short-term funding source. At December 31, 2014, we had purchased $103.2 million in federal funds at an average rate of 0.27%. At December 31, 2013, we had purchased $72.0 million in federal funds at a rate of 0.28%. | |||||||||||||||||||||
During 2014, we continued to have securities sold under agreements to repurchase as a funding source. At December 31, 2014, securities sold under agreements to repurchase had a fixed rate of 2.98%. These repurchases matured on January 1, 2015. The underlying securities are mortgage-backed securities with a fair value of $35.5 million at December 31, 2014. Securities sold under agreements to repurchase with the corresponding carrying and fair values of the underlying securities are due as follows: | |||||||||||||||||||||
Borrowing | Rate | Collateral | |||||||||||||||||||
(In Thousands) | Amount | Carrying | Fair | Accrued | |||||||||||||||||
Value | Value | Interest | |||||||||||||||||||
2014 | |||||||||||||||||||||
Over 90 days | $ | 25,000 | 2.98 | % | $ | 35,886 | $ | 35,549 | $ | 64 | |||||||||||
2013 | |||||||||||||||||||||
Over 90 days | $ | 25,000 | 2.98 | % | $ | 34,952 | $ | 33,596 | $ | 83 | |||||||||||
Trust Preferred Borrowings | |||||||||||||||||||||
In 2005, we issued $67.0 million of aggregate principal amount of Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate. These securities are callable and have a maturity date of June 1, 2035. | |||||||||||||||||||||
Senior Debt | |||||||||||||||||||||
In 2012, we issued and sold $55.0 million in aggregate principal amount of 6.25% Senior Notes due 2019 (the Senior Debt). The Senior Debt is unsecured and ranks equally with all of our other present and future unsecured unsubordinated obligations. The senior debt is effectively subordinated to our secured indebtedness and structurally subordinated to the indebtedness of our subsidiaries. At our option, the Senior Debt is callable, in whole or in part, after five years. The Senior Debt matures on September 1, 2019. | |||||||||||||||||||||
Reverse Mortgage Trust Bonds Payable | |||||||||||||||||||||
In conjunction with consolidating reverse mortgage loans through consolidation of a reverse mortgage securitization, we recognized the securitization bonds on our Consolidated Statements of Condition. The bonds had a carrying value of $21.9 million and carry an interest rate of 30 day LIBOR plus 300 basis points. We completed the legal call of the bonds on January 27, 2014. See Note 7 to the Consolidated Financial Statements. | |||||||||||||||||||||
Other Borrowed Funds | |||||||||||||||||||||
Included in other borrowed funds are collateralized borrowings of $11.6 million and $24.7 million at December 31, 2014 and 2013, respectively, consisting of outstanding retail repurchase agreements, contractual arrangements under which portions of certain securities are sold overnight to retail customers under agreements to repurchase. Such borrowings were collateralized by mortgage-backed securities. The average rates on these borrowings were 0.08% and 0.09% at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
Borrower in Custody | |||||||||||||||||||||
As of December 31, 2014, the Bank had $177.0 million of loans pledged to the Federal Reserve Bank of Philadelphia (FRB) as collateral for discount window borrowings. The Bank did not borrow funds from the FRB during 2014. |
Stock_and_Common_Stock_Warrant
Stock and Common Stock Warrants | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Stock and Common Stock Warrants | 12. STOCK AND COMMON STOCK WARRANTS |
In 2009 we completed a private placement of stock to Peninsula Investment Partners, L.P. (Peninsula), pursuant to which the Company issued and sold 862,069 shares of common stock for a total purchase price of $25.0 million, and a 10-year warrant to purchase 129,310 shares of common stock at an exercise price of $29.00 per share. The warrant was immediately exercisable. Total proceeds of $25.0 million were allocated, based on the relative fair value of common stock and common stock warrants, to common stock for $23.5 million and common stock warrants for $1.5 million. During 2014, we entered into an agreement in which the Company repurchased the warrants for $6.3 million. | |
In 2009, we entered into a purchase agreement with the U.S. Treasury pursuant to which the Company issued and sold 52,625 shares of our fixed-rate cumulative perpetual preferred stock for a total purchase price of $52.6 million, and a 10-year warrant to purchase 175,105 shares of common stock at an exercise price of $45.08 per share. During 2013 we declared and paid $1.8 million of cash dividends on the preferred stock. In 2012 and 2011 the Company declared and paid $2.6 million of cash dividends. On September 12, 2012 we entered into a letter agreement with the U.S. Treasury pursuant to which the Company repurchased the warrant for $1.8 million. | |
In 2010, we completed an underwritten public offering of 1,370,000 shares of common stock and raised $47.1 million, net of $2.9 million of costs. | |
During 2013, we received regulatory non-objection to repurchase/redeem the Company’s cumulative perpetual preferred stock using available cash on hand. Late in the second quarter of 2013, the Company repurchased $20.0 million of the $52.6 million outstanding in open market transactions (at or very near par value), and redeemed the remaining preferred stock at the stated liquidation (par) value of $1,000 per share in the third quarter. | |
During 2014, the Board of Directors approved a stock buyback program of up to 5% of total outstanding shares of common stock. Related to this authorization, the Company repurchased 116,421 common shares and common share equivalents at an average implied price of $77.18 during 2014. These buybacks included 81,233 common share equivalents related to the repurchase of 129,310 warrants to purchase common stock issued in conjunction with a 2009 equity offering. The Company has approximately 353,000 shares (4% of its 9.4 million shares outstanding), remaining to repurchase under its current authorization. |
Stockholders_Equity_and_Regula
Stockholders' Equity and Regulatory Capital | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||
Stockholders' Equity and Regulatory Capital | 13. STOCKHOLDERS’ EQUITY AND REGULATORY CAPITAL | ||||||||||||||||||||||||
Under guidelines issued by banking regulators in effect as of December 31, 2014, savings institutions such as the Bank have maintained “tangible” capital equal to 1.5% of adjusted total assets, “core” capital equal to 4.0% of adjusted total assets, “Tier 1” capital equal to 4.0% of risk weighted assets and “total” or “risk-based” capital (a combination of core and “supplementary” capital) equal to 8.0% of risk weighted assets. Failure to meet minimum capital requirements can initiate certain mandatory actions and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our bank’s financial statements. At December 31, 2014 and 2013, the Bank was in compliance with regulatory capital requirements and was deemed a “well-capitalized” institution. | |||||||||||||||||||||||||
The following table presents the capital position of the Bank as of December 31, 2014 and 2013: | |||||||||||||||||||||||||
Consolidated Bank | For Capital Adequacy | To Be Well-Capitalized | |||||||||||||||||||||||
Capital | Purposes | Under Prompt Corrective | |||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(In Thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 531,209 | 13.83 | % | $ | 307,217 | 8 | % | $ | 384,022 | 10 | % | |||||||||||||
Core Capital (to adjusted tangible assets) | 491,229 | 10.25 | 191,753 | 4 | 239,692 | 5 | |||||||||||||||||||
Tangible Capital (to tangible assets) | 491,229 | 10.25 | 71,907 | 1.5 | N/A | N/A | |||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 491,229 | 12.79 | 153,609 | 4 | 230,413 | 6 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 505,354 | 14.36 | % | $ | 281,450 | 8 | % | $ | 351,812 | 10 | % | |||||||||||||
Core Capital (to adjusted tangible assets) | 463,130 | 10.35 | 178,996 | 4 | 223,745 | 5 | |||||||||||||||||||
Tangible Capital (to tangible assets) | 463,130 | 10.35 | 67,124 | 1.5 | N/A | N/A | |||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 463,130 | 13.16 | 140,725 | 4 | 211,087 | 6 | |||||||||||||||||||
The Holding Company | |||||||||||||||||||||||||
As of December 31, 2014, our capital structure includes one class of stock, $0.01 par common stock outstanding with each share having equal voting rights. During 2013, our preferred stock was fully redeemed at par. | |||||||||||||||||||||||||
In 2005, WSFS Capital Trust III, our unconsolidated subsidiary, issued Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate with a scheduled maturity of June 1, 2035. The par value of these securities is $2.0 million and the aggregate principal is $67.0 million. The proceeds from the issue were invested in Junior Subordinated Debentures the Company issued. These securities are treated as borrowings with interest included in interest expense on the Consolidated Statements of Operations. At December 31, 2014, the coupon rate of the WSFS Capital Trust III securities was 2.01%. The effective rate will vary due to fluctuations in interest rates. | |||||||||||||||||||||||||
When infused into the Bank, the Trust Preferred Securities issued in 2005 qualify as Tier 1 capital. The Bank is prohibited from paying any dividend or making any other capital distribution if, after making the distribution, the Bank would be undercapitalized within the meaning of the Prompt Corrective Action regulations. | |||||||||||||||||||||||||
At December 31, 2014, $54.3 million in cash remains at the holding company to support the parent company’s needs. | |||||||||||||||||||||||||
Pursuant to federal laws and regulations, our ability to engage in transactions with affiliated corporations, including the loan of funds to, or guarantee of the indebtedness of, an affiliate, is limited. |
Associate_Employee_Benefit_Pla
Associate (Employee) Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Associate (Employee) Benefit Plans | 14. ASSOCIATE (EMPLOYEE) BENEFIT PLANS | ||||||||||||
Associate 401(k) Savings Plan | |||||||||||||
Certain subsidiaries of ours maintain a qualified plan in which Associates may participate. Participants in the plan may elect to direct a portion of their wages into investment accounts that include professionally managed mutual and money market funds and our common stock. Generally, the principal and related earnings are tax deferred until withdrawn. We match a portion of the Associates’ contributions. As a result, our total cash contributions to the plan on behalf of our Associates resulted in an expense of $2.2 million, $2.6 million, and $2.4 million for 2014, 2013, and 2012, respectively. | |||||||||||||
All contributions are invested in accordance with the Associates’ selection of investments. If Associates do not designate how discretionary contributions are to be invested, 100% will be invested in a balanced fund. Associates may generally make transfers to various other investment vehicles within the plan. The plan’s yearly activity includes net sales of 2,000 of our common stock in 2014 and net purchases of 19,000, and 2,000 shares of our common stock during 2013 and 2012, respectively. | |||||||||||||
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. The discount rate decreased 100 basis points compared to the prior year, the future rates of participation were changed from 50% to 15%, and the mortality table was updated during 2014 to the new mortality tables issued by the Office of the Actuary of the United Sates Bureau of Census in October 2014. | |||||||||||||
We account for our obligations under the provisions of FASB ASC 715, Compensation — Retirement Benefits (ASC 715). ASC 715 requires that the costs of these benefits be recognized over an Associate’s active working career. Amortization of unrecognized net gains or losses resulting from experience different from that assumed and from changes in assumptions is included as a component of net periodic benefit cost over the remaining service period of active employees to the extent that such gains and losses exceed 10% of the accumulated postretirement benefit obligation, as of the beginning of the year. | |||||||||||||
ASC 715 requires that we recognize the funded status of our defined benefit postretirement plan in our statement of financial position, with a corresponding adjustment to accumulated other comprehensive income, net of tax. The adjustment to accumulated other comprehensive income at adoption represented the net unrecognized actuarial losses and unrecognized transition obligation remaining from the initial adoption of ASC 715, all of which were previously netted against the plan’s funded status in our statement of financial position pursuant to the provisions of ASC 715. These amounts will be subsequently recognized as net periodic pension costs pursuant to our historical accounting policy for amortizing such amounts. Further, actuarial gains and losses that arise in subsequent periods, and are not recognized as net periodic pension cost in the same periods, will be recognized as a component of other comprehensive income. Those amounts will be subsequently recognized as a component of net periodic pension cost on the same basis as the amounts recognized in accumulated other comprehensive income at adoption of ASC 715. | |||||||||||||
In accordance with ASC 715, during 2015 we expect to recognize $20,000 of amortization related to the net actuarial loss, and $76,000 relating to the net transition obligation. | |||||||||||||
The following disclosures relating to postretirement benefits were measured at December 31: | |||||||||||||
In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 4,560 | $ | 4,478 | $ | 3,923 | |||||||
Service cost | 195 | 343 | 288 | ||||||||||
Interest cost | 195 | 176 | 174 | ||||||||||
Actuarial (gain) loss | (1,611 | ) | (288 | ) | 271 | ||||||||
Benefits paid | (125 | ) | (149 | ) | (178 | ) | |||||||
Plan change | (948 | ) | — | — | |||||||||
Benefit obligation at end of year | $ | 2,266 | $ | 4,560 | $ | 4,478 | |||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | $ | — | |||||||
Employer contributions | 125 | 149 | 178 | ||||||||||
Benefits paid | (125 | ) | (149 | ) | (178 | ) | |||||||
Fair value of plan assets at end of year | $ | — | $ | — | $ | — | |||||||
Funded status: | |||||||||||||
Unfunded status | $ | (2,266 | ) | $ | (4,560 | ) | $ | (4,478 | ) | ||||
Total (income) loss recognized in other comprehensive income | (1,367 | ) | 1,221 | 1,587 | |||||||||
Net amount recognized | $ | (3,633 | ) | $ | (3,339 | ) | $ | (2,891 | ) | ||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | 195 | $ | 343 | $ | 288 | |||||||
Interest cost | 195 | 177 | 174 | ||||||||||
Amortization of transition obligation | (57 | ) | — | 61 | |||||||||
Net loss recognition | 86 | 78 | 67 | ||||||||||
Net periodic benefit cost | $ | 419 | $ | 598 | $ | 590 | |||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||
Discount rate | 5 | % | 4 | % | 4.5 | % | |||||||
Health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Sensitivity analysis of health care cost trends: | |||||||||||||
Effect of +1% on service cost plus interest cost | $ | — | $ | — | $ | (34 | ) | ||||||
Effect of –1% on service cost plus interest cost | — | — | 12 | ||||||||||
Effect of +1% on APBO | — | — | (146 | ) | |||||||||
Effect of –1% on APBO | — | — | 142 | ||||||||||
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||||||||||||
Discount rate | 4 | % | 5 | % | 4 | % | |||||||
Health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | |||||||
Year of ultimate trend rate | 2014 | 2013 | 2012 | ||||||||||
Estimated future benefit payments: | |||||||||||||
The following table shows the expected future payments for the next 10 years: | |||||||||||||
(In Thousands) | |||||||||||||
During 2015 | $ | 102 | |||||||||||
During 2016 | 100 | ||||||||||||
During 2017 | 103 | ||||||||||||
During 2018 | 103 | ||||||||||||
During 2019 | 105 | ||||||||||||
During 2020 through 2023 | 561 | ||||||||||||
$ | 1,074 | ||||||||||||
We assume medical benefits will increase at an average rate of 5% per annum. The costs incurred for retirees’ health care are limited since certain current and all future retirees are restricted to an annual medical premium cap indexed (since 1995) by the lesser of 4% or the actual increase in medical premiums paid by us. For 2014, this annual premium cap amounted to $3,037 per retiree. We estimate that we will contribute approximately $3,158 per retiree to the plan during fiscal 2015. | |||||||||||||
We have five additional plans which are no longer being provided to Associates. There is a Supplemental Pension Plan with a corresponding liability of $856,000 and $381,000 for December 31, 2014 and December 31, 2013, respectively. An Early Retirement Window Plan with a corresponding liability of $179,000 and $149,000 for December 31, 2014 and December 31, 2013, respectively. A Director’s Plan with a corresponding liability of $60,000 and $44,000 for December 31, 2014 and December 31, 2013, respectively. A Supplemental Executive Retirement Plan with a corresponding liability of $1,490,000 and $932,000 for December 31, 2014 and December 31, 2013, respectively, and a Post-Retirement Medical Plan with a corresponding liability of $147,000 and $164,000 for December 31, 2014 and December 31, 2013, respectively. |
Taxes_on_Income
Taxes on Income | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Taxes on Income | 15. TAXES ON INCOME | ||||||||||||
The Company and its subsidiaries file a consolidated federal income tax return and separate state income tax returns. Our income tax provision consists of the following: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(In Thousands) | |||||||||||||
Current income taxes: | |||||||||||||
Federal taxes | $ | 20,078 | $ | 21,242 | $ | 11,136 | |||||||
State and local taxes | 3,215 | 2,759 | 2,256 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal taxes | (5,575 | ) | 875 | 3,591 | |||||||||
State and local taxes | (89 | ) | (120 | ) | — | ||||||||
Total | $ | 17,629 | $ | 24,756 | $ | 16,983 | |||||||
Current federal income taxes include taxes on income that cannot be offset by net operating loss carryforwards. | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2014 and 2013: | |||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Unrealized losses on available-for-sale securities | $ | — | $ | 12,762 | |||||||||
Allowance for loan losses | 13,799 | 14,436 | |||||||||||
Loans | 3,016 | — | |||||||||||
Reserves and other | 10,400 | 8,854 | |||||||||||
Deferred gains | 761 | 453 | |||||||||||
Net operating losses | 1,104 | 1,196 | |||||||||||
Reverse mortgages | 3,707 | 3,686 | |||||||||||
Total deferred tax assets before valuation allowance | 32,787 | 41,387 | |||||||||||
Less: valuation allowance | — | (4,882 | ) | ||||||||||
Total Deferred tax assets | $ | 32,787 | $ | 36,505 | |||||||||
Deferred tax liabilities: | |||||||||||||
Unrealized gains on available-for-sale securities | $ | (1,626 | ) | $ | — | ||||||||
Bad debt recapture | (1,233 | ) | — | ||||||||||
Accelerated depreciation | (1,915 | ) | (1,506 | ) | |||||||||
Other | (267 | ) | (2,132 | ) | |||||||||
Prepaid expenses | (741 | ) | (1,112 | ) | |||||||||
Deferred loan costs | (1,904 | ) | (1,843 | ) | |||||||||
Intangibles | (3,349 | ) | (1,765 | ) | |||||||||
Total deferred tax liabilities | (11,035 | ) | (8,358 | ) | |||||||||
Net deferred tax asset | $ | 21,752 | $ | 28,147 | |||||||||
Included in the table above is the effect of certain temporary differences for which no deferred tax expense or benefit was recognized. In 2014, such items consisted primarily of $1.6 million of unrealized gains on certain investments in debt and equity securities accounted for under ASC 320 along with $258,000 related to postretirement benefit obligations accounted for under ASC 715. In 2013, they consisted primarily of $12.8 million of unrealized losses on certain investments in debt and equity securities along with $550,000 related to postretirement benefit obligations. | |||||||||||||
Based on our history of prior earnings and our expectations of the future, it is anticipated that operating income and the reversal pattern of our temporary differences will, more likely than not, be sufficient to realize a net deferred tax asset of $21.8 million at December 31, 2014. | |||||||||||||
As a result of the acquisition of the First National Bank of Wyoming (FNBW), we recorded a net deferred tax asset (DTA) of $3.1 million. Included in this DTA are $1.9 million of net operating loss (NOL) carryovers and $309,000 of alternative minimum tax credit carryovers. Such NOLs expire beginning in 2034, while the tax credits have an indefinite life. Although there is a limitation on the amount of FNBW’s net operating loss deduction (and certain other deductions) that we can utilize each tax year, we expect to fully utilize these tax attributes and, therefore, no valuation allowance has been recorded against the DTA. | |||||||||||||
A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State tax, net of federal tax benefit | 2.8 | 2.4 | 3 | ||||||||||
Interest income 50% excludable | — | — | (0.5 | ) | |||||||||
Tax-exempt interest | (2.0 | ) | (1.2 | ) | (0.5 | ) | |||||||
Bank-owned life insurance income | (0.3 | ) | (0.1 | ) | (1.1 | ) | |||||||
Incentive stock option and other nondeductible compensation | — | 0.3 | 0.6 | ||||||||||
Tax benefits from previously unconsolidated subsidiary (SASCO) | (9.4 | ) | — | — | |||||||||
Federal tax credits | (1.7 | ) | (1.7 | ) | (1.4 | ) | |||||||
Other | 0.3 | (0.1 | ) | 0.1 | |||||||||
Effective tax rate | 24.7 | % | 34.6 | % | 35.2 | % | |||||||
As a result of the consolidation for accounting purposes of the SASCO reverse mortgage securitization trust during 2013, a deferred tax asset of approximately $4.9 million was recorded. In addition we recorded a $1.8 million deferred tax liability associated with our 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 the realization was dependent on future taxable income. On January 27, 2014 the separate company SASCO tax structure was eliminated, which permits tax consolidation within the Bank’s tax return filings on a prospective basis. At this date, the uncertainty surrounding the realization of the DTA was eliminated. 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 2014. Finally, SASCO has $1.2 million of remaining Federal net operating losses that the Bank acquired upon SASCO’s liquidation. Such NOLs expire beginning in 2030. | |||||||||||||
We account for income taxes in accordance with FASB Accounting Standards Codification (ASC) 740, Income Taxes (formerly Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes and FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement 109). ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. | |||||||||||||
We record interest and penalties on potential income tax deficiencies as income tax expense. Federal tax years 2011 through 2014 remain subject to examination as of December 31, 2014, while tax years 2011 through 2014 remain subject to examination by state taxing jurisdictions. During 2013, the audit of our 2010 federal tax return was completed by the IRS. We recorded a $186,000 tax benefit as a result of settling this audit. No state income tax return examinations are currently in process. We do not expect to record or realize any material unrecognized tax benefits during 2015. | |||||||||||||
ASC 740 prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. We recognize, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the financial statements. Assessment of uncertain tax positions under ASC 740 requires careful consideration of the technical merits of a position based on our analysis of tax regulations and interpretations. There are no longer any unrecognized tax benefits related to ASC 740 as of December 31, 2014 nor has there been any unrecognized tax benefit activity since December 31, 2012. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | 16. STOCK-BASED COMPENSATION | ||||||||||||||||||||||||||||||||||||
Stock-based compensation is accounted for in accordance with FASB ASC 718, Stock Compensation. After shareholder approval in 2005, the 1997 Stock Option Plan (1997 Plan) was replaced by the 2005 Incentive Plan (2005 Plan). Upon stockholder approval in 2013, the 2005 Incentive Plan was amended and replaced by the 2013 Incentive Plan (2013 Plan). No future awards may be granted under the 2005 Plan, however, we still have options outstanding under the 1997 Plan and 2005 Plan for our officers, directors and employees of us and our subsidiaries (Associates). The 2013 Plan will terminate on the tenth anniversary of its effective date, after which no awards may be granted. Collectively, the 1997 Plan, 2005 Plan and 2013 Plan are referred to as Stock Incentive Plans. The number of shares reserved for issuance under the 2013 Plan is 698,845. At December 31, 2014, there were 361,157 shares available for future grants under the 2013 Plan. | |||||||||||||||||||||||||||||||||||||
With the exception of certain Performance Stock Awards, the Stock Incentive Plans provide for the granting of incentive stock options as defined in Section 422 of the Internal Revenue Code as well as non-incentive stock options (collectively, Stock Options). Additionally, the 2013 Plan provides for the granting of stock appreciation rights, performance awards, restricted stock and restricted stock unit awards, deferred stock units, dividend equivalents, other stock-based awards and cash awards. All Stock Options are to be granted at not less than the market price of our common stock on the date of the grant. With the exception of certain Non-Plan Stock Options (as defined below), all Stock Options granted during 2014, 2013 and 2012 vest in 25% per annum increments, start to become exercisable one year from the grant date and expire between five and seven years from the grant date. We use the simplified method provided for in Staff Accounting Bulletin (SAB Topic 14.D.2) to estimate the expected term of options. New shares are issued for all option exercises. Generally, all awards become exercisable immediately in the event of a change in control, as defined within the Stock Incentive Plans. In addition, the Black-Scholes option-pricing model is used to determine the grant date fair value of Stock Options. | |||||||||||||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||||||||||
A summary of the status of our Stock Incentive Plans as of December 31, 2014, 2013 and 2012, respectively, and changes during those years are presented below: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | 712,578 | $ | 47.42 | 335,730 | $ | 42.14 | 416,886 | $ | 43.52 | ||||||||||||||||||||||||||||
Granted | 43,686 | 71.47 | 522,357 | 49.09 | 88,307 | 39.66 | |||||||||||||||||||||||||||||||
Exercised | (90,505 | ) | 47.52 | (118,438 | ) | 39.39 | (71,055 | ) | 30.78 | ||||||||||||||||||||||||||||
Forfeited | — | — | (13,081 | ) | 47.5 | — | — | ||||||||||||||||||||||||||||||
Expired | (4,414 | ) | 23.55 | (13,990 | ) | 49.08 | (98,408 | ) | 53.99 | ||||||||||||||||||||||||||||
Outstanding at end of year | 661,345 | 49.15 | 712,578 | 47.42 | 335,730 | 42.14 | |||||||||||||||||||||||||||||||
Exercisable at end of year | 84,964 | $ | 43.3 | 103,549 | $ | 46.02 | 178,432 | $ | 45.28 | ||||||||||||||||||||||||||||
Weighted-average fair value of awards granted | $ | 17.35 | $ | 13.94 | $ | 12.5 | |||||||||||||||||||||||||||||||
At January 1, 2014 there were non-vested options with a $17.9 million intrinsic value. Stock Options that vested during 2014 had an intrinsic value of $2.6 million and options that were exercised had an intrinsic value of $2.4 million. In addition, there were vested options that expired with an intrinsic value of $220,000. The exercisable options remaining at December 31, 2014, had an intrinsic value of $2.9 million and an average remaining contractual term of 1.9 years. At December 31, 2014 outstanding options had an intrinsic value of $18.4 million and an average remaining contractual term of 4.3 years. | |||||||||||||||||||||||||||||||||||||
The following table provides information about our unvested stock options outstanding at December 31, 2014, 2013 and 2012, respectively: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | |||||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | ||||||||||||||||||||||||||||||||
Exercise | Grant | Exercise | Grant Date | Exercise | Grant Date | ||||||||||||||||||||||||||||||||
Price | Date Fair | Price | Fair Value | Price | Fair Value | ||||||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
Unvested at beginning of period | 609,029 | $ | 47.66 | $ | 13.75 | 157,298 | $ | 38.57 | $ | 11.98 | 112,258 | $ | 36.08 | $ | 10.69 | ||||||||||||||||||||||
Granted | 43,686 | 71.47 | 17.35 | 522,357 | 49.09 | 13.94 | 88,307 | 39.66 | 12.5 | ||||||||||||||||||||||||||||
Vested | (76,334 | ) | 43.55 | 11.77 | (57,545 | ) | 35.41 | 10.65 | (43,267 | ) | 34.32 | 9.66 | |||||||||||||||||||||||||
Forfeited | — | — | — | (13,081 | ) | 47.5 | 9.58 | — | — | — | |||||||||||||||||||||||||||
Unvested at end of period | 576,381 | $ | 50.01 | $ | 14.28 | 609,029 | $ | 47.66 | $ | 13.75 | 157,298 | $ | 38.57 | $ | 11.98 | ||||||||||||||||||||||
The total amount of unrecognized compensation cost related to nonvested stock options as of December 31, 2014 was $4.8 million. The weighted-average period over which the expense is expected to be recognized is 3.0 years. We issue new shares upon the exercise of options. | |||||||||||||||||||||||||||||||||||||
On April 25, 2013 stockholders approved a change in future compensation for Mark A. Turner, President and CEO. As a result, Mr. Turner was granted 250,000 non-statutory stock options (Non-Plan Stock Options) with a longer and slower vesting schedule than our standard options, 40% vesting after the second year and 20% vesting in each of the following three years. Additionally, these options were awarded at an exercise price of 20% over the December 2012 market value (the date on which framework of the plan was decided). Upon the grant, Mr. Turner is no longer eligible to receive grants under any of our other stock based award programs for a period of five years. The Black-Scholes option-pricing model was used to determine the grant date fair value of options. Significant assumptions used in the model included a weighted-average risk-free rate of return (zero coupon treasury yield) of 0.76% in 2013; an expected option life of five years; and an expected stock price volatility of 40.5% in 2013. For the purposes of this option-pricing model, a dividend yield of 1.01% was assumed. | |||||||||||||||||||||||||||||||||||||
Additionally, as a result of the stockholder approval, 150,000 incentive stock options were issued to certain executive officers of the Company under the 2013 Plan. These options have the same vesting schedule and exercise price as the Non-Plan Stock Options granted to Mr. Turner. The Black-Scholes option-pricing model was used to determine the grant date fair value of options and had the same significant assumptions used in the model as those used to value Mr. Turner’s options. | |||||||||||||||||||||||||||||||||||||
During 2013, we granted 122,357 additional options with a five-year life and a four-year vesting period. The Black-Scholes option-pricing model was used to determine the grant date fair value of the options. Significant assumptions used in the model included a weighted-average risk-free rate of return (zero coupon treasury yield) of 0.5% in 2013 an expected option life of three years and nine months; and an expected stock price volatility of 30.7% in 2013. For the purposes of this option-pricing model, a dividend yield of 1.01% was assumed. | |||||||||||||||||||||||||||||||||||||
During 2014, we granted 43,686 additional options with a seven-year life and a four-year vesting period. The Black-Scholes option-pricing model was used to determine the grant date fair value of options. Significant assumptions used in the model included a weighted-average risk-free rate of return (zero coupon treasury yield) of 0.97% in 2014; an expected option life of four years and nine months; and an expected stock price volatility of 29.0% in 2014. For the purposes of this option-pricing model, a dividend yield of 0.67% was assumed. | |||||||||||||||||||||||||||||||||||||
The following table summarizes all outstanding Stock Options for option plans as of December 31, 2014, segmented by range of exercise prices: | |||||||||||||||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||||||||||||||
Number | Weighted- | Weighted- | Number | Weighted | |||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||
Exercise | Remaining | Exercise | |||||||||||||||||||||||||||||||||||
Price | Contractual Life | Price | |||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
$27.61-$34.50 | 9,363 | $ | 32 | 0.8 | 8,314 | $ | 31.77 | ||||||||||||||||||||||||||||||
$34.51-$41.40 | 70,024 | 39.72 | 2.2 | 27,926 | 39.85 | ||||||||||||||||||||||||||||||||
$41.41-$48.30 | 134,556 | 46.8 | 2.6 | 43,719 | 46.05 | ||||||||||||||||||||||||||||||||
$48.31-$55.20 | 401,860 | 49.54 | 5.1 | 1,860 | 52.76 | ||||||||||||||||||||||||||||||||
$55.21-$62.10 | 1,840 | 58.99 | 0.2 | 1,840 | 58.99 | ||||||||||||||||||||||||||||||||
$62.11-$69.00 | 1,305 | 62.5 | 1.3 | 1,305 | 62.5 | ||||||||||||||||||||||||||||||||
$69.01-$75.90 | 42,397 | 71.47 | 6.2 | — | — | ||||||||||||||||||||||||||||||||
Total | 661,345 | $ | 49.15 | 84,964 | $ | 43.3 | |||||||||||||||||||||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||||||||||||||||||||||||||
During 2014, we issued 10,097 restricted stock units (RSUs) and restricted stock awards (RSAs). These awards vest over a four year period. The total amount of compensation cost to be recognized relating to non-vested restricted stock as of December 31, 2014, was $940,000. This compares to $1.2 million at December 31, 2013 and $992,000 at December 31, 2012. The weighted-average period over which the cost is expected to be recognized is 2.4 years. | |||||||||||||||||||||||||||||||||||||
Compensation costs related to these issuances are recognized over the lives of the restricted stock and RSUs. We amortize the expense related to the restricted stock grants into salaries, benefits and other compensation expense on an accrual basis over the requisite service period for the entire award. When we award restricted stock to individuals from whom we may not receive services in the future, we recognize the expense of restricted stock grants when we make the award, instead of amortizing the expense over the vesting period of the award. | |||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s RSUs and RSAs and changes during the year: | |||||||||||||||||||||||||||||||||||||
Units | Weighted Average | ||||||||||||||||||||||||||||||||||||
(in whole) | Grant-Date Fair | ||||||||||||||||||||||||||||||||||||
Value per Unit | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 53,826 | $ | 43.01 | ||||||||||||||||||||||||||||||||||
Granted | 10,097 | 71.15 | |||||||||||||||||||||||||||||||||||
Exercised/Converted | (22,770 | ) | 42.44 | ||||||||||||||||||||||||||||||||||
Canceled | (1,457 | ) | 34 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | 39,696 | $ | 50.83 | ||||||||||||||||||||||||||||||||||
At January 1, 2014 there were 53,340 non-vested RSUs and RSAs with a $4.1 million intrinsic value. RSUs and RSAs granted during 2014 had an intrinsic value of $778,000. RSUs and RSAs that were exercised/converted during 2014 had an intrinsic value of $1.7 million. RSUs and RSAs canceled during 2014 had an intrinsic value of $112,000 The unvested RSUs and RSAs remaining at December 31, 2014, had an intrinsic value of $3.1 million and an average remaining contractual term of 2.3 years. | |||||||||||||||||||||||||||||||||||||
Performance Stock Awards | |||||||||||||||||||||||||||||||||||||
The Long-Term Performance-Based Restricted Stock Unit program (Long-Term Program) provided for awards up to an aggregate of 77,800 shares of our stock to the remaining 14 participants, only after the achievement of targeted levels of return on assets (ROA) in any year through 2013. During 2013, the company achieved the 1.00% performance level of return on assets. In accordance with the Long-Term Program, we issued 36,152 RSUs to the plan’s participants. The awarded stock will vest in 25% increments over four years. During 2014, we recognized $442,000 of compensation expense related to this program. | |||||||||||||||||||||||||||||||||||||
The Board approved a plan in which Marvin N. Schoenhals, Chairman of the Board, was granted 22,250 shares of restricted stock effective January 3, 2011 with a five-year performance vesting schedule starting at the end of the second year following the grant date. These shares are subject to vesting in whole or in part based on the role that Mr. Schoenhals plays in establishing new business over a two year period of time that achieves over a two year period a result of at least a 50% return on investment of the cost of the restricted stock. We recognized compensation expense of $275,000 related to this award in 2014. | |||||||||||||||||||||||||||||||||||||
The impact of stock-based compensation (all options and restricted shares) for the year ended December 31, 2014 was $3.7 million pre-tax ($2.6 million after tax) to salaries, benefits and other compensation. This compares to $3.2 million pre-tax ($2.5 million after tax) in 2013, and $2.3 million pre-tax ($1.7 million after tax) in 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | 17. COMMITMENTS AND CONTINGENCIES | ||||||||
Data Processing Operations | |||||||||
We have entered into contracts to manage our network operations, data processing and other related services. The projected amounts of future minimum payments contractually due (in thousands) are as follows: | |||||||||
Year | Amount | ||||||||
2015 | $ | 4,831 | |||||||
2016 | 4,491 | ||||||||
2017 | 4,269 | ||||||||
2018 | 3,130 | ||||||||
2019 | 3,186 | ||||||||
The expenses for data processing and operations for the year ending December 31, 2014 were $6.1 million, compared to $5.9 million for the year ended December 31, 2013 and $5.6 million for the year ended December 31, 2012. | |||||||||
Legal Proceedings | |||||||||
In the ordinary course of business, we are subject to legal actions that involve claims for monetary relief. For additional information regarding legal proceedings, see Note 23 to the Consolidated Financial Statements. | |||||||||
Financial Instruments With Off-Balance Sheet Risk | |||||||||
We are a party to financial instruments with off-balance sheet risk in the normal course of business primarily to meet the financing needs of our customers. To varying degrees, these financial instruments involve elements of credit risk that are not recognized in the Consolidated Statement of Condition. | |||||||||
Exposure to loss for commitments to extend credit and standby letters of credit written is represented by the contractual amount of those instruments. We generally require collateral to support such financial instruments in excess of the contractual amount of those instruments and use the same credit policies in making commitments as we do for on-balance sheet instruments. | |||||||||
The following represents a summary of off-balance sheet financial instruments at year-end: | |||||||||
December 31, | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Financial instruments with contract amounts which represent potential credit risk: | |||||||||
Construction loan commitments | $ | 99,917 | $ | 64,210 | |||||
Commercial mortgage loan commitments | 16,110 | 9,852 | |||||||
Commercial loan commitments | 393,028 | 335,257 | |||||||
Commercial owner-occupied commitments | 33,302 | 32,078 | |||||||
Commercial standby letters of credit | 47,667 | 56,651 | |||||||
Residential mortgage loan commitments | 22,617 | 5,018 | |||||||
Consumer loan commitments | 168,391 | 150,265 | |||||||
At December 31, 2014, we had total commitments to extend credit of $781.0 million. Almost all of the consumer lines of credit of $168.4 million were secured by real estate. Residential mortgage loan commitments generally have closing dates within a one-month period but can be extended to six months in some cases. Not reflected in the table above are commitments to sell residential mortgages of $34.6 million, $24.2 million at December 31, 2014 and 2013, respectively. We did not have commitments to sell residential mortgages in 2012. | |||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. We evaluate each customer’s creditworthiness and obtain collateral based on our credit evaluation of the counterparty. | |||||||||
Indemnifications | |||||||||
Secondary Market Loan Sales. Given the current interest rate environment, coupled with our desire not to hold these assets in our portfolio, we generally sell newly originated residential mortgage loans in the secondary market to mortgage loan aggregators and on a more limited basis to Government Sponsored Entities (GSEs) such as Freddie Mac (FHLMC), Fannie Mae (FNMA), and the Federal Home Loan Bank (FHLB). Loans Held-for-Sale are reflected on our Balance Sheet at this fair value with changes in the value reflected in our Consolidated Statements. Gains and losses are recognized at the time of sale. We periodically retain the servicing rights on residential mortgage loans sold which result in monthly service fee income and are included in our Mortgage Servicing Rights (MSRs). Otherwise, we sell loans with servicing released on a nonrecourse basis. Rate-locked loan commitments we intend to sell in the secondary market are accounted for as derivatives under the guidance promulgated in FASB ASC Topic 450, Contingencies. | |||||||||
We generally do not sell loans with recourse, except for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, early payment default by the borrower. These are customary repurchase provisions in the secondary market for residential mortgage loan sales. These provisions may include either an indemnification from loss or the repurchase of the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were two repurchases totaling $354,000 for the year ended December 31, 2014 and no such repurchases for the year ended December 31, 2013. | |||||||||
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 450, Contingencies. | |||||||||
At December 31, 2014, there were 101 variable-rate to fixed-rate swap transactions between the third-party financial institutions and our customers. The initial notional aggregated amount was approximately $417.9 million, with maturities ranging from three months to eleven years. The aggregate fair value of these swaps to the customers was a liability of $16.5 million as of December 31, 2014, of which 99 swaps, with a liability of $16.5 million, were in paying positions to a third party. We had no reserves for the swap guarantees. | |||||||||
At December 31, 2013, there were 101 variable-rate to fixed-rate swap transactions between the third-party financial institutions and our customers. The initial notional aggregated amount was approximately $423.9 million, with maturities ranging from three months to twelve years. The aggregate fair value of these swaps to the customers was a liability of $17.8 million as of December 31, 2013, of which 89 swaps, with a liability of $18.2 million, were in paying positions to a third party. We had reserves of $70,000 for the swap guarantees. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Fair Value Disclosures | 18. FAIR VALUE DISCLOSURES | ||||||||||||||||||
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 December 31, 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 | Inputs | (Level 3) | |||||||||||||||||
for | (Level 2) | ||||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets measured at fair value on a recurring basis: | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 192,932 | $ | — | $ | 192,932 | |||||||||||
FNMA | — | 292,553 | — | 292,553 | |||||||||||||||
FHLMC | — | 146,882 | — | 146,882 | |||||||||||||||
GNMA | — | 77,797 | — | 77,797 | |||||||||||||||
U.S. Government and agencies | — | 29,960 | 29,960 | ||||||||||||||||
Total assets measured at fair value on a recurring basis | — | 740,124 | — | 740,124 | |||||||||||||||
Assets measured at fair value on a nonrecurring basis: | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 5,734 | $ | 5,734 | |||||||||||
Loans held-for-sale | — | 28,508 | — | 28,508 | |||||||||||||||
Impaired loans | — | — | 41,334 | 41,334 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 28,508 | $ | 47,068 | $ | 75,576 | |||||||||||
The table below presents the balances of assets measured at fair value as of December 31, 2013 (there were no material liabilities measured at fair value): | |||||||||||||||||||
Description | Quoted | Significant | Significant | Total | |||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||
for | (Level 2) | ||||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets measured at fair value on a recurring basis: | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 97,557 | $ | — | $ | 97,557 | |||||||||||
FNMA | — | 367,128 | — | 367,128 | |||||||||||||||
FHLMC | — | 124,495 | — | 124,495 | |||||||||||||||
GNMA | — | 95,592 | — | 95,592 | |||||||||||||||
U.S. Government and agencies | — | 132,343 | — | 132,343 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 817,115 | $ | — | $ | 817,115 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,532 | $ | 4,532 | |||||||||||
Impaired loans (collateral dependent) | — | — | 38,379 | 38,379 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 42,911 | $ | 42,911 | |||||||||||
Fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe our valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | |||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||
As of December 31, 2014, securities classified as available for sale are reported at fair value using Level 2 inputs. Included in the Level 2 total are approximately $30.0 million in Federal Agency debentures, and $710.2 million in Federal Agency MBS. We believe that this Level 2 designation is appropriate for these securities under ASC 820-10 as, with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. | |||||||||||||||||||
Other real estate owned | |||||||||||||||||||
Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the 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 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 by either calculating the expected future cash flows discounted at the loan’s effective interest rate or determining the fair value of the collateral for collateral dependent loans, has a gross amount of $46.7 million and $43.3 million at December 31, 2014 and December 31, 2013, respectively. The valuation allowance on impaired loans was $5.3 million as of December 31, 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 Consolidated Financial Statements. | |||||||||||||||||||
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. | |||||||||||||||||||
Loans held-for-sale | |||||||||||||||||||
Loans held-for-sale are carried at their fair 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 7, Reverse Mortgage Related Assets, to the 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. | |||||||||||||||||||
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. | |||||||||||||||||||
Other Assets | |||||||||||||||||||
WSFS holds 50,833 shares of Visa Class B stock. Following resolution of Visa’s covered litigation, shares of Visa Class B stock will be converted to Visa Class A shares (the current conversion rate is 0.4121 shares of Class A stock for each share of Class B stock). As our ownership is related to our prior participation in Visa’s network, while Visa operated as a cooperative, this ownership is recorded on our books with zero basis. | |||||||||||||||||||
While only current owners of Class B shares are allowed to purchase other Class B shares, there have been several transactions between Class B shareholders. Based on these transactions we estimate the value of our Class B shares to be $4.8 million as of December 31, 2014. | |||||||||||||||||||
The book value and estimated fair value of our financial instruments are as follows: | |||||||||||||||||||
(In Thousands) | Fair Value | 2014 | 2013 | ||||||||||||||||
At December 31, | Measurement | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | 508,039 | 508,039 | 484,426 | 484,426 | ||||||||||||||
Investment securities available-for-sale | See previous table | 740,124 | 740,124 | 817,115 | 817,115 | ||||||||||||||
Investment securities held-to-maturity | See previous table | 126,168 | 126,171 | — | — | ||||||||||||||
Loans, held-for-sale | See previous table | 28,508 | 28,508 | 31,491 | 31,491 | ||||||||||||||
Loans, net | Level 2 | 3,156,652 | 3,121,855 | 2,904,976 | 2,871,499 | ||||||||||||||
Reverse Mortgages | Level 3 | 29,298 | 29,298 | 37,328 | 37,328 | ||||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh | Level 2 | 23,278 | 23,278 | 35,869 | 35,869 | ||||||||||||||
Accrued interest receivable | Level 2 | 11,782 | 11,782 | 10,798 | 10,798 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 3,649,235 | 3,461,218 | 3,186,942 | 2,982,420 | ||||||||||||||
Borrowed funds | Level 2 | 667,775 | 672,850 | 903,831 | 904,804 | ||||||||||||||
Standby letters of credit | Level 3 | 151 | 151 | 248 | 248 | ||||||||||||||
Accrued interest payable | Level 2 | 1,004 | 1,004 | 838 | 838 | ||||||||||||||
The estimated fair value of our off-balance sheet financial instruments is as follows: | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
December 31, | 2014 | 2013 | |||||||||||||||||
Off-balance sheet instruments: | |||||||||||||||||||
Commitments to extend credit | $ | — | $ | — | |||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 19. RELATED PARTY TRANSACTIONS |
We routinely enter into transactions with our directors and officers. These related party transactions are made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers. They do not, in the opinion of management, involve more than the normal credit risk or present other unfavorable features. The outstanding balance of loans to related parties at December 31, 2014 and 2013 was $2.9 million and $2.0 million, respectively. Total deposits to related parties at December 31, 2014 and 2013 was $4.2 million and $3.8 million, respectively. During 2014, new loans and credit line advances to related parties amounted to $1.2 million and repayments amounted to $471,000. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | 20. 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. Wealth Investments, Inc. provides insurance and brokerage products primarily to our retail banking clients. Cypress Capital Management, LLC is a registered investment advisor with over $661 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 $8.6 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 Wealth Investments to deliver investment management and fiduciary products and services. | |||||||||||||||||
Segment information for the years ended December 31, 2014, 2013, and 2012 follows: | |||||||||||||||||
For the Year Ended December 31, 2014: | WSFS | Cash | Trust & | Total | |||||||||||||
Bank | Connect | Wealth | |||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 152,545 | $ | — | $ | 7,792 | $ | 160,337 | |||||||||
Noninterest income | 34,461 | 25,698 | 18,119 | 78,278 | |||||||||||||
Total external customer revenues | 187,006 | 25,698 | 25,911 | 238,615 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 3,405 | — | 5,558 | 8,963 | |||||||||||||
Noninterest income | 6,814 | 804 | 114 | 7,732 | |||||||||||||
Total inter-segment revenues | 10,219 | 804 | 5,672 | 16,695 | |||||||||||||
Total revenue | 197,225 | 26,502 | 31,583 | 255,310 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 15,409 | — | 421 | 15,830 | |||||||||||||
Noninterest expenses | 120,027 | 15,449 | 12,343 | 147,819 | |||||||||||||
Provision for loan loss | 2,938 | — | 642 | 3,580 | |||||||||||||
Total external customer expenses | 138,374 | 15,449 | 13,406 | 167,229 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 5,558 | 1,384 | 2,021 | 8,963 | |||||||||||||
Noninterest expenses | 918 | 2,291 | 4,523 | 7,732 | |||||||||||||
Total inter-segment expenses | 6,476 | 3,675 | 6,544 | 16,695 | |||||||||||||
Total expenses | 144,850 | 19,124 | 19,950 | 183,924 | |||||||||||||
Income before taxes | $ | 52,375 | $ | 7,378 | $ | 11,633 | $ | 71,386 | |||||||||
Provision for income taxes | 17,629 | ||||||||||||||||
Consolidated net income | $ | 53,757 | |||||||||||||||
Cash and cash equivalents | $ | 73,395 | $ | 431,527 | $ | 3,117 | $ | 508,039 | |||||||||
Goodwill | 43,517 | — | 5,134 | 48,651 | |||||||||||||
Other segment assets | 4,107,212 | 2,006 | 187,412 | 4,296,630 | |||||||||||||
Total segment assets at December 31, 2014 | $ | 4,224,124 | $ | 433,533 | $ | 195,663 | $ | 4,853,320 | |||||||||
Capital expenditures | $ | 3,192 | $ | 1,531 | $ | 9 | $ | 4,732 | |||||||||
For the Year Ended December 31, 2013: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 139,082 | $ | — | $ | 7,840 | $ | 146,922 | |||||||||
Noninterest income | 40,479 | 23,746 | 15,926 | 80,151 | |||||||||||||
Total external customer revenues | 179,561 | 23,746 | 23,766 | 227,073 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 3,603 | — | 5,749 | 9,352 | |||||||||||||
Noninterest income | 6,346 | 845 | 109 | 7,300 | |||||||||||||
Total inter-segment revenues | 9,949 | 845 | 5,858 | 16,652 | |||||||||||||
Total revenue | 189,510 | 24,591 | 29,624 | 243,725 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 14,744 | — | 590 | 15,334 | |||||||||||||
Noninterest expenses | 107,195 | 12,950 | 12,784 | 132,929 | |||||||||||||
Provision for loan loss | 6,759 | — | 413 | 7,172 | |||||||||||||
Total external customer expenses | 128,698 | 12,950 | 13,787 | 155,435 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 5,749 | 1,541 | 2,062 | 9,352 | |||||||||||||
Noninterest expenses | 954 | 2,237 | 4,109 | 7,300 | |||||||||||||
Total inter-segment expenses | 6,703 | 3,778 | 6,171 | 16,652 | |||||||||||||
Total expenses | 135,401 | 16,728 | 19,958 | 172,087 | |||||||||||||
Income before taxes | $ | 54,109 | $ | 7,863 | $ | 9,666 | $ | 71,638 | |||||||||
Provision for income taxes | 24,756 | ||||||||||||||||
Consolidated net income | $ | 46,882 | |||||||||||||||
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 at December 31, 2013 | $ | 3,911,542 | $ | 410,061 | $ | 194,160 | $ | 4,515,763 | |||||||||
Capital expenditures | $ | 2,232 | $ | 628 | $ | — | $ | 2,860 | |||||||||
For the Year Ended December 31, 2012: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 141,986 | $ | — | $ | 8,301 | $ | 150,287 | |||||||||
Noninterest income | 54,225 | 18,749 | 13,719 | 86,693 | |||||||||||||
Total external customer revenues | 196,211 | 18,749 | 22,020 | 236,980 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 4,032 | — | 5,719 | 9,751 | |||||||||||||
Noninterest income | 8,563 | 779 | 105 | 9,447 | |||||||||||||
Total inter-segment revenues | 12,595 | 779 | 5,824 | 19,198 | |||||||||||||
Total revenue | 208,806 | 19,528 | 27,844 | 256,178 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 22,397 | — | 891 | 23,288 | |||||||||||||
Noninterest expenses | 112,071 | 9,549 | 11,725 | 133,345 | |||||||||||||
Provision for loan loss | 32,222 | — | (169 | ) | 32,053 | ||||||||||||
Total external customer expenses | 166,690 | 9,549 | 12,447 | 188,686 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 5,719 | 1,368 | 2,664 | 9,751 | |||||||||||||
Noninterest expenses | 884 | 2,219 | 6,344 | 9,447 | |||||||||||||
Total inter-segment expenses | 6,603 | 3,587 | 9,008 | 19,198 | |||||||||||||
Total expenses | 173,293 | 13,136 | 21,455 | 207,884 | |||||||||||||
Income before taxes | $ | 35,513 | $ | 6,392 | $ | 6,389 | $ | 48,294 | |||||||||
Provision for income taxes | 16,983 | ||||||||||||||||
Consolidated net income | $ | 31,311 | |||||||||||||||
Cash and cash equivalents | $ | 68,419 | $ | 430,382 | $ | 2,086 | $ | 500,887 | |||||||||
Goodwill | 23,012 | — | 5,134 | 28,146 | |||||||||||||
Other segment assets | 3,660,061 | 1,605 | 184,449 | 3,846,115 | |||||||||||||
Total segment assets at December 31, 2012 | $ | 3,751,492 | $ | 431,987 | $ | 191,669 | $ | 4,375,148 | |||||||||
Capital expenditures | $ | 7,796 | $ | 405 | $ | 27 | $ | 8,228 |
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Parent Company Financial Information | 21. PARENT COMPANY FINANCIAL INFORMATION | ||||||||||||
Condensed Statements of Financial Condition | |||||||||||||
December 31, | 2014 | 2013 | |||||||||||
(In Thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 54,331 | $ | 19,311 | |||||||||
Investment in subsidiaries | 551,784 | 481,896 | |||||||||||
Investment in Capital Trust III | 2,011 | 2,011 | |||||||||||
Other assets | 3,436 | 2,920 | |||||||||||
Total assets | $ | 611,562 | $ | 506,138 | |||||||||
Liabilities: | |||||||||||||
Trust Preferred | $ | 67,011 | $ | 67,011 | |||||||||
Senior Debt | 55,000 | 55,000 | |||||||||||
Interest payable | 402 | 399 | |||||||||||
Other liabilities | 98 | 678 | |||||||||||
Total liabilities | 122,511 | 123,088 | |||||||||||
Stockholders’ equity: | |||||||||||||
Common stock | 186 | 185 | |||||||||||
Capital in excess of par value | 201,501 | 178,477 | |||||||||||
Accumulated other comprehensive income | 3,500 | (21,294 | ) | ||||||||||
Retained earnings | 523,099 | 473,962 | |||||||||||
Treasury stock | (239,235 | ) | (248,280 | ) | |||||||||
Total stockholders’ equity | 489,051 | 383,050 | |||||||||||
Total liabilities and stockholders’ equity | $ | 611,562 | $ | 506,138 | |||||||||
Condensed Statements of Operations | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(In Thousands) | |||||||||||||
Income: | |||||||||||||
Interest income | $ | 785 | $ | 2,455 | $ | 1,853 | |||||||
Noninterest income | 74,125 | 9,983 | 139 | ||||||||||
Reverse mortgage consolidation gain | — | 3,801 | — | ||||||||||
74,910 | 16,239 | 1,992 | |||||||||||
Expenses: | |||||||||||||
Interest expense | 5,087 | 5,113 | 2,776 | ||||||||||
Other operating expenses | 140 | 197 | 136 | ||||||||||
5,227 | 5,310 | 2,912 | |||||||||||
(Loss) income before equity in undistributed income of subsidiaries | 69,683 | 10,929 | (920 | ) | |||||||||
Equity in undistributed income of subsidiaries | (17,437 | ) | 35,019 | 31,909 | |||||||||
Income before taxes | 52,246 | 45,947 | 30,989 | ||||||||||
Income tax benefit | 1,511 | 934 | 322 | ||||||||||
Dividends on preferred stock and accretion of discount | — | (1,633 | ) | (2,770 | ) | ||||||||
Net income allocable to common stockholders | $ | 53,757 | $ | 45,249 | $ | 28,541 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(In Thousands) | |||||||||||||
Operating activities: | |||||||||||||
Net income | $ | 53,757 | $ | 46,882 | $ | 31,311 | |||||||
Adjustments to reconcile net income to net cash used for operating activities: | |||||||||||||
Equity in undistributed income of subsidiaries | 17,437 | (35,019 | ) | (31,909 | ) | ||||||||
Reverse mortgage consolidation gain | — | (3,801 | ) | — | |||||||||
Increase in capitalized interest | — | (801 | ) | (693 | ) | ||||||||
Increase in other assets | 4,217 | 3,831 | 3,531 | ||||||||||
Decrease in other liabilities | 203 | 245 | 384 | ||||||||||
Net cash provided by (used for) operating activities | 75,614 | 11,337 | 2,624 | ||||||||||
Investing activities: | |||||||||||||
Payments for investment in and advances to subsidiaries | (2,225 | ) | — | — | |||||||||
Sale or repayment of investments in and advances to subsidiaries | 3,676 | — | — | ||||||||||
Outlays for business acquisitions | (32,028 | ) | — | — | |||||||||
Net cash used for investing activities | (30,577 | ) | — | — | |||||||||
Financing activities: | |||||||||||||
Issuance of common stock | 3,613 | 4,353 | 2,503 | ||||||||||
Proceeds from the issuance of long-term debt | — | — | 52,681 | ||||||||||
Redemption of preferred stock | — | (52,625 | ) | — | |||||||||
Repurchase of common stock warrants | (6,300 | ) | |||||||||||
Payments to repurchase common stock | (2,686 | ) | — | (1,800 | ) | ||||||||
Cash dividends paid | (4,644 | ) | (5,998 | ) | (6,810 | ) | |||||||
Net cash provided by (used for) financing activities | (10,017 | ) | (54,270 | ) | 46,574 | ||||||||
Increase (decrease) in cash | 35,020 | (42,933 | ) | 49,198 | |||||||||
Cash at beginning of period | 19,311 | 62,244 | 13,046 | ||||||||||
Cash at end of period | $ | 54,331 | $ | 19,311 | $ | 62,244 | |||||||
Change_in_Accumulated_Other_Co
Change in Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity [Abstract] | |||||||||||||||
Change in Accumulated Other Comprehensive Income | 22. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||
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 8 “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 income is recorded on the Statements of Operations either as a gain or loss. | |||||||||||||||
Changes to accumulated other comprehensive income (loss) by component are shown net of taxes in the following tables for the period indicated: | |||||||||||||||
(In Thousands) | Net unrealized | Net unrealized | Total | ||||||||||||
gains on | losses on defined | ||||||||||||||
investment | benefit pension | ||||||||||||||
securities | plan | ||||||||||||||
available-for-sale | |||||||||||||||
Balance, December 31, 2011 | $ | 11,674 | $ | (472 | ) | $ | 11,202 | ||||||||
Other comprehensive income before reclassifications | 15,024 | — | 15,024 | ||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (13,283 | ) | — | (13,283 | ) | ||||||||||
Net current-period other comprehensive income | 1,741 | — | 1,741 | ||||||||||||
Balance, December 31, 2012 | $ | 13,415 | $ | (472 | ) | $ | 12,943 | ||||||||
Other comprehensive loss before reclassifications | (32,057 | ) | — | (32,057 | ) | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (2,180 | ) | — | (2,180 | ) | ||||||||||
Net current-period other comprehensive loss | (34,237 | ) | — | (34,237 | ) | ||||||||||
Balance, December 31, 2013 | $ | (20,822 | ) | $ | (472 | ) | $ | (21,294 | ) | ||||||
Other comprehensive income before reclassifications | 24,118 | 1,319 | 25,437 | ||||||||||||
Less: Reclassification of unrealized gains/losses of previously classified available-for-sale securities | (643 | ) | — | (643 | ) | ||||||||||
Net current-period other comprehensive income | 23,475 | 1,319 | 24,794 | ||||||||||||
Balance, December 31, 2014 | $ | 2,653 | $ | 847 | $ | 3,500 | |||||||||
Components of other comprehensive income that impact the statement of operations are presented in the table below. | |||||||||||||||
Twelve Months Ended | Affected line item in | ||||||||||||||
December 31, | Statements of | ||||||||||||||
Operations | |||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Securities available-for-sale: | |||||||||||||||
Realized gains on securities transactions | $ | 1,036 | $ | 3,516 | $ | 21,425 | Securities gains, net | ||||||||
Income taxes | (393 | ) | (1,336 | ) | (8,142 | ) | Income tax provision | ||||||||
Net of tax | $ | 643 | $ | 2,180 | $ | 13,283 | |||||||||
Amortization of Defined Benefit Pension Items: | |||||||||||||||
Prior service costs | $ | 891 | $ | — | $ | — | |||||||||
Transition obligation | 246 | — | — | ||||||||||||
Actuarial losses | 991 | — | — | ||||||||||||
Total before tax | $ | 2,128 | $ | — | $ | — | Salaries, benefits and other compensation | ||||||||
Income taxes | (809 | ) | — | — | Income tax provision | ||||||||||
Net of tax | $ | 1,319 | $ | — | $ | — | |||||||||
Total reclassifications | $ | (676 | ) | $ | 2,180 | $ | 13,283 | ||||||||
Legal_and_Other_Proceedings
Legal and Other Proceedings | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal and Other Proceedings | 23. LEGAL AND OTHER 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 December 31, 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 judgment are currently pending before the court. | |
On November 25, 2014, we were served with a complaint from a vendor seeking damages of $800,000 plus attorney’s fees, due to an alleged breach of contract. The parties have agreed to mediate the dispute. We believe we acted appropriately and will vigorously defend ourselves against the complaint. | |
There were no material changes or additions to other significant pending legal or other proceedings involving us other than those arising out of routine operations. Management does not anticipate that the ultimate liability, if any, arising out of such other proceedings will have a material effect on the Consolidated Financial Statements. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. SUBSEQUENT EVENTS |
On March 2, 2015 we, along with Alliance Bancorp, Inc. of Pennsylvania announced the signing of a definitive agreement and plan of merger whereby the Company will acquire Alliance Bank (Alliance), the wholly-owned subsidiary of Alliance Bancorp, Inc. of Pennsylvania. Upon the closing of the transaction, Alliance will merge into WSFS Bank. Alliance is a locally-managed institution with eight branch locations headquartered in Broomall, PA. It reported approximately $421 million in assets, $310 million in loans and $345 million in deposits as of December 31, 2014. We expect this acquisition to build our market share, expand our customer base and enhance our fee income. |
Quarterly_Financial_Summary
Quarterly Financial Summary | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Summary | QUARTERLY FINANCIAL SUMMARY (Unaudited) | ||||||||||||||||||||||||||||||||
Three months ended | 12/31/14 | 9/30/14 | 6/30/14 | 3/31/14 | 12/31/13 | 9/30/13 | 6/30/13 | 3/31/13 | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||||||||||||||||||
Interest income | $ | 42,340 | $ | 40,799 | $ | 39,413 | $ | 37,785 | $ | 38,333 | $ | 37,116 | $ | 35,882 | $ | 35,591 | |||||||||||||||||
Interest expense | 4,101 | 4,052 | 3,936 | 3,741 | 3,787 | 3,710 | 3,826 | 4,011 | |||||||||||||||||||||||||
Net interest income | 38,239 | 36,747 | 35,477 | 34,044 | 34,546 | 33,406 | 32,056 | 31,580 | |||||||||||||||||||||||||
Provision for loan losses | 567 | 333 | 50 | 2,630 | 1,292 | 1,969 | 1,680 | 2,231 | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 37,672 | 36,414 | 35,427 | 31,414 | 33,254 | 31,437 | 30,376 | 29,349 | |||||||||||||||||||||||||
Noninterest income | 19,987 | 20,304 | 19,623 | 18,364 | 19,796 | 22,742 | 19,539 | 18,074 | |||||||||||||||||||||||||
Noninterest expenses | 38,666 | 39,457 | 35,518 | 34,178 | 34,598 | 32,809 | 33,152 | 32,370 | |||||||||||||||||||||||||
Income (loss) before taxes | 18,993 | 17,261 | 19,532 | 15,600 | 18,452 | 21,370 | 16,763 | 15,053 | |||||||||||||||||||||||||
Income tax provision (benefit) | 6,285 | 5,848 | 6,807 | (1,311 | ) | 6,378 | 7,210 | 5,855 | 5,313 | ||||||||||||||||||||||||
Net Income | 12,708 | 11,413 | 12,725 | 16,911 | 12,074 | 14,160 | 10,908 | 9,740 | |||||||||||||||||||||||||
Dividends on preferred stock and accretion of discount | — | — | — | — | — | 332 | 609 | 692 | |||||||||||||||||||||||||
Net Income (loss) allocable to common stockholders | $ | 12,708 | $ | 11,413 | $ | 12,725 | $ | 16,911 | $ | 12,074 | $ | 13,828 | $ | 10,299 | $ | 9,048 | |||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||
Basic | 1.35 | 1.26 | 1.43 | 1.9 | 1.36 | 1.57 | 1.17 | 1.03 | |||||||||||||||||||||||||
Diluted | 1.32 | 1.23 | 1.39 | 1.85 | 1.33 | 1.54 | 1.16 | 1.02 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||
The Consolidated Financial Statements include the accounts of the parent company and its wholly-owned subsidiaries, WSFS Bank and Cypress Capital Management, LLC (Cypress). | |||||||||||||
WSFS Bank has two wholly-owned subsidiaries, including WSFS Wealth Investments and Monarch Entity Services LLC (Monarch). WSFS Wealth Investments markets various third-party insurance and securities products to Bank customers through the Bank’s retail banking system. Monarch provides commercial domicile services which include employees, directors, subleases and registered agent services in Delaware and Nevada. | |||||||||||||
Cypress was formed to provide asset management products and services. As a Wilmington-based investment advisory firm servicing high net worth individuals and institutions, it has approximately $661 million in assets under management at December 31, 2014, compared to approximately $614 million at December 31, 2013. | |||||||||||||
WSFS Capital Trust III (the Trust) is our unconsolidated subsidiary, and was formed in 2005 to issue $67.0 million aggregate principal amount of Pooled Floating Rate Capital Securities. The proceeds from this issue were used to fund the redemption of $51.5 million of Floating Rate WSFS Capital Trust I Preferred Securities (formerly, WSFS Capital Trust I). WSFS Capital Trust I invested all of the proceeds from the sale of the Pooled Floating Rate Capital Securities in our Junior Subordinated Debentures. | |||||||||||||
In addition to the subsidiaries listed above, as of December 31, 2013 the Company also had one consolidated variable interest entity (VIE), SASCO 2002-RM1 (SASCO), which is a reverse mortgage securitization trust. This entity was combined with WSFS Bank in 2014. | |||||||||||||
Whenever necessary, reclassifications have been made to the prior years’ Consolidated Financial Statements to conform to the current year’s presentation. All significant intercompany transactions were eliminated in consolidation. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||
For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned ATMs, amounts due from banks, federal funds sold and securities purchased under agreements to resell. | |||||||||||||
Debt and Equity Securities | Debt and Equity Securities | ||||||||||||
Investments in equity securities that have a readily determinable fair value and investments in debt securities are classified into three categories and accounted for as follows: | |||||||||||||
• | Debt securities with the positive intention to hold to maturity are classified as “held-to-maturity” and reported at amortized cost. | ||||||||||||
• | Debt and equity securities purchased with the intention of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. | ||||||||||||
• | Debt and equity securities not classified in either of the above are classified as “available-for-sale securities” and reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of stockholders’ equity. | ||||||||||||
Debt and equity securities include mortgage-backed securities (MBS), municipal bonds, U.S. Government and agency securities and certain equity securities. Premiums and discounts on debt and equity securities, held-to-maturity and available-for-sale, are recognized in interest income using a level yield method over the period to expected maturity. The fair value of debt and equity securities is primarily obtained from third-party pricing services. Implicit in the valuation are estimated prepayments based on historical and current market conditions. | |||||||||||||
When we conclude an investment security is other-than-temporarily impaired (OTTI), a loss for the difference between the investment security’s carrying value and its fair value may be recognized as a reduction to non-interest income in the Consolidated Statements of Operations. For an investment in a debt security, if we intend to sell the investment security or it is more likely than not that we will be required to sell it before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the investment security and conclude that it is not more likely than not we will be required to sell the security before recovering the carrying value, which may be maturity, the OTTI charge is separated into “credit” and “other” components. The “other” component of the OTTI is included in other comprehensive income/loss, net of the tax effect, and the “credit” component of the OTTI is included as a reduction to non-interest income in the Consolidated Statements of Operations. We are required to use our judgment to determine impairment in certain circumstances. The specific identification method is used to determine realized gains and losses on sales of investment and mortgage-backed securities. All sales are made without recourse. | |||||||||||||
Reverse Mortgage Loans | Reverse Mortgage Loans | ||||||||||||
We account for our investment in reverse mortgages in accordance with the instructions provided by the staff of the Securities and Exchange Commission (SEC) entitled “Accounting for Pools of Uninsured Residential Reverse Mortgage Contracts,” which requires grouping the individual reverse mortgages into “pools” based on similar characteristics and recognizing income based on the estimated effective yield of the pools. In computing the effective yield, we must project the cash inflows and outflows of the pool including actuarial projections of the life expectancy of the individual contract holder and changes in the collateral value of the residence. At each reporting date, a new economic forecast is made of the cash inflows and outflows of each pool of reverse mortgages. The effective yield of each pool is recomputed and income is adjusted to reflect the revised rate of return. Because of this highly specialized accounting, the recorded value of reverse mortgage assets can result in significant volatility associated with estimations. As a result, income recognition can vary significantly from reporting period to reporting period. | |||||||||||||
For additional detail regarding reverse mortgages, see Note 7 to the Consolidated Financial Statements. | |||||||||||||
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, excluding accruing loans, is the same as for nonaccrual loans discussed below. | |||||||||||||
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 initially recorded at fair value on the acquisition date, 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 are evaluated for impairment on a quarterly basis with complete updating of the estimated cash flows on a semi-annual basis, and if a loan is determined to be impaired but considered collateral dependent, it will have no accretable yield. | |||||||||||||
Past Due and Nonaccrual Loans | Past Due and Nonaccrual Loans | ||||||||||||
A loan is considered to be past due on the day after a principal or interest payment is due. Nonaccrual loans are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in our opinion, collection is doubtful, or when principal or interest is contractually past due 90 days or more and the loan is not well secured or in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the accretion of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal or recorded as interest income, depending on our assessment of the ultimate collectability of the loan. Loans are returned to an accrual status when we assess that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. including a consistent repayment record, generally six consecutive payments, has been demonstrated). | |||||||||||||
Allowances for Loan Losses | Allowance for Loan Losses | ||||||||||||
We maintain an allowance for loan losses and charge losses to this allowance when such losses are realized. The determination of the allowance for loan losses requires significant judgment reflecting our best estimate of impairment related to specifically identified loans as well as probable loan losses in the remaining loan portfolio. Our evaluation is based upon a continuing review of these portfolios. | |||||||||||||
We have established the loan loss allowance in accordance with guidance provided by the SEC’s Staff Accounting Bulletin 102 (SAB 102). Our methodology for assessing the appropriateness of the allowance consists of several key elements which include: a specific allowance for identified impaired loans, an allowance for pools of homogeneous loans, adjustments for qualitative and environmental factors and an allowance for model estimation and complexity risk. Impairment of troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective rate at inception or the fair value of the underlying collateral if the loan is collateral dependent. Troubled debt restructures consist of concessions granted to borrowers facing financial difficulty. For additional detail regarding the provision for loan losses, see Note 6 to the Consolidated Financial Statements. | |||||||||||||
Loans Held-for-Sale | Loans Held-for-Sale | ||||||||||||
Loans held-for-sale are carried at their fair value on a loan level. | |||||||||||||
Assets Acquired Through Foreclosure | Assets Acquired Through Foreclosure | ||||||||||||
Assets acquired through foreclosure are recorded at the lower of the recorded investment in the loans or their fair value less estimated disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed fair value less estimated disposal costs. Costs relating to holding or disposing of the assets are charged to expense in the current period. We write-down the value of the assets when declines in fair value below the carrying value are identified. Loan workout and OREO expenses include costs of holding and operating the assets, net gains or losses on sales of the assets and provisions for losses to reduce such assets to fair value less estimated disposal costs. During 2014, we recorded $672,000 in charges (including write-downs and net losses on sales of assets) related to assets acquired through foreclosure (REO). These charges were $592,000 and $4.3 million for the years ended December 31, 2013 and 2012, respectively. As of December 31, 2014 we had $4.4 million in residential real estate in process of foreclosure. | |||||||||||||
Premises and Equipment | Premises and Equipment | ||||||||||||
Premises and equipment is stated at cost less accumulated depreciation and amortization. Costs of major replacements, improvements and additions are capitalized. Depreciation expense is computed on a straight-line basis over the estimated useful lives of the assets or, for leasehold improvements, over the effective life of the related lease if less than the estimated useful life. In general, computer equipment, furniture and equipment and building renovations are depreciated over three, five and ten years, respectively. | |||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||||||||||||
In accordance with FASB ASC 805, Business Combinations, and FASB ASC 350, Intangibles—Goodwill and Other, all assets and liabilities acquired in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value. We consider our accounting policies related to goodwill and other intangible assets to be critical because the assumptions or judgment used in determining the fair value of assets and liabilities acquired in past acquisitions are subjective and complex. As a result, changes in these assumptions or judgment could have a significant impact on our financial condition or results of operations. For additional information regarding our goodwill and other intangible assets, see Notes 2 & 8 to the Consolidated Financial Statements. | |||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | ||||||||||||
We enter into sales of securities under agreements to repurchase. Securities sold under agreements to repurchase are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Condition. The securities underlying the agreements are assets. Generally, federal funds are purchased for periods ranging up to 90 days. | |||||||||||||
Loss Contingency for Unfunded Commitments | Loss Contingency for Unfunded Commitments | ||||||||||||
We maintain a loss contingency accrual for probable losses related to unfunded commitments. The determination of the loss contingency for unfunded commitments requires significant judgment reflecting management’s best estimate of probable losses related to unfunded commitments. | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement basis and tax basis of assets and liabilities. | |||||||||||||
We account for income taxes in accordance with Financial Accounting Standard Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes. ASC 740. It prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. | |||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||
The following table shows the computation of basic and diluted earnings per share: | |||||||||||||
(In Thousands, Except Per share Data) | 2014 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Net income allocable to common shareholders | $ | 53,757 | $ | 45,249 | $ | 28,541 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share — weighted average shares | 9,073 | 8,818 | 8,712 | ||||||||||
Effect of dilutive employee stock options, restricted stock and warrants | 230 | 125 | 78 | ||||||||||
Denominator for diluted earnings per share — adjusted weighted average shares and assumed exercised | 9,303 | 8,943 | 8,790 | ||||||||||
Earnings per share: | |||||||||||||
Basic: | |||||||||||||
Net income allocable to common shareholders | $ | 5.92 | $ | 5.13 | $ | 3.28 | |||||||
Diluted: | |||||||||||||
Net income allocable to common shareholders | $ | 5.78 | $ | 5.06 | $ | 3.25 | |||||||
Outstanding common stock equivalents having no dilutive effect | 42 | 441 | 276 | ||||||||||
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS | ||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” to clarify the balance sheet presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The ASU requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We have determined that the adoption does not materially effect our Consolidated Financial Statements. | |||||||||||||
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 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 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 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 is 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 does not expect the application of this guidance to have a material impact on the Company’s 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share: | ||||||||||||
(In Thousands, Except Per share Data) | 2014 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Net income allocable to common shareholders | $ | 53,757 | $ | 45,249 | $ | 28,541 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share — weighted average shares | 9,073 | 8,818 | 8,712 | ||||||||||
Effect of dilutive employee stock options, restricted stock and warrants | 230 | 125 | 78 | ||||||||||
Denominator for diluted earnings per share — adjusted weighted average shares and assumed exercised | 9,303 | 8,943 | 8,790 | ||||||||||
Earnings per share: | |||||||||||||
Basic: | |||||||||||||
Net income allocable to common shareholders | $ | 5.92 | $ | 5.13 | $ | 3.28 | |||||||
Diluted: | |||||||||||||
Net income allocable to common shareholders | $ | 5.78 | $ | 5.06 | $ | 3.25 | |||||||
Outstanding common stock equivalents having no dilutive effect | 42 | 441 | 276 |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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) | Fair Value | ||||
Consideration Paid: | |||||
Common shares issued (452,661) | $ | 32,908 | |||
Cash paid to FNBW stockholders | 32,028 | ||||
Value of consideration | 64,936 | ||||
Assets acquired: | |||||
Cash and due from banks | 40,605 | ||||
Investment securities | 41,822 | ||||
Loans | 175,966 | ||||
Premises and equipment | 1,644 | ||||
Deferred income taxes | 3,139 | ||||
Bank owned life insurance | 12,624 | ||||
Core deposit intangible | 3,240 | ||||
Other Real Estate Owned | 1,641 | ||||
Other assets | 4,771 | ||||
Total assets | 285,452 | ||||
Liabilities assumed: | |||||
Deposits | 228,844 | ||||
FHLB advances | 5,052 | ||||
Other liabilities | 2,990 | ||||
Total liabilities | 236,886 | ||||
Net assets acquired: | 48,566 | ||||
Goodwill resulting from acquisition of FNBW: | $ | 16,370 | |||
Schedule of Changes to Goodwill | The following table details the changes to goodwill during the one year measurement period after the purchase. The goodwill adjustments are the changes in the derivative assets and liabilities relating to the loan commitment pipeline and changes in the fair value of contingent consideration from the amounts originally reported on the Form 10-K for the year ended December 31, 2013. | ||||
(In Thousands) | Fair Value | ||||
Goodwill resulting from acquisition of Array and Arrow reported 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 December 31, 2014 | $ | 4,135 | |||
Array Financial Group, Inc. [Member] | |||||
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 the assets acquired and the liabilities assumed as of the date of acquisition are summarized in the following table: | ||||
(In Thousands) | Fair Value | ||||
Consideration Paid: | |||||
Cash paid at closing | $ | 5,374 | |||
Fair value of contingent consideration | 2,771 | ||||
Value of consideration | 8,145 | ||||
Assets acquired: | |||||
Cash | 1,185 | ||||
Accounts receivable | 220 | ||||
Fixed assets | 148 | ||||
Loans held-for-sale | 10,096 | ||||
Intangible assets | 2,353 | ||||
Other assets | 338 | ||||
Total assets | 14,340 | ||||
Liabilities assumed: | |||||
Warehouse line of credit | 10,067 | ||||
Accounts payable | 60 | ||||
Other liabilities | 203 | ||||
Total Liabilities | 10,330 | ||||
Net assets acquired | 4,010 | ||||
$ | 4,135 | ||||
First Wyoming Financial Corporation [Member] | |||||
Schedule of Changes to Goodwill | The following table details the changes to goodwill: | ||||
Fair Value | |||||
Goodwill resulting from the acquisition of FNBW reported as of September 30, 2014 | $ | 16,467 | |||
Effects of adjustments to: | |||||
Assets | (187 | ) | |||
Liabilities | 99 | ||||
Final purchase price | (9 | ) | |||
Adjusted goodwill resulting from the acquisition of FNBW as of December 31, 2014 | $ | 16,370 | |||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities | The following tables detail the amortized cost and the estimated fair value of our available-for-sale and held-to-maturity investment securities: | ||||||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
U.S. Government and government sponsored Enterprises (GSE) | 30,020 | 14 | (74 | ) | 29,960 | ||||||||||||||||||||
Collateralized Mortgage Obligation (CMO) (1) | 193,672 | 874 | (1,614 | ) | 192,932 | ||||||||||||||||||||
Federal National Mortgage Association (FNMA) MBS | 291,606 | 2,053 | (1,106 | ) | 292,553 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation MBS (FHLMC) | 146,742 | 672 | (532 | ) | 146,882 | ||||||||||||||||||||
Government National Mortgage Association MBS (GNMA) | 77,364 | 701 | (268 | ) | 77,797 | ||||||||||||||||||||
$ | 739,404 | $ | 4,314 | $ | (3,594 | ) | $ | 740,124 | |||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
U.S. Government and agencies | |||||||||||||||||||||||||
State and political subdivisions | $ | 105,354 | $ | 257 | $ | (5,426 | ) | $ | 100,185 | ||||||||||||||||
GSE | 32,082 | 93 | (17 | ) | 32,158 | ||||||||||||||||||||
CMO (1) | 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 | |||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 126,168 | $ | 3 | $ | — | $ | 126,171 | |||||||||||||||||
-1 | Agency CMOs classified as available-for-sale totaled $193.7 million and $103.1 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Schedule of Amortized Cost of Held to Investments | At December 31, 2014 the amortized cost of held to investments consisted of the following (in thousands): | ||||||||||||||||||||||||
(In Thousands) | Original | Unrealized Gain | Accretion | Amortized | |||||||||||||||||||||
Cost | at Transfer | Cost | |||||||||||||||||||||||
Transferred securities | $ | 121,314 | $ | 3,559 | $ | — | $ | 124,873 | |||||||||||||||||
Other held-to-maturity securities | 1,295 | — | — | 1,295 | |||||||||||||||||||||
Total | $ | 122,609 | $ | 3,559 | $ | — | $ | 126,168 | |||||||||||||||||
Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of investment securities available-for-sale at December 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
(In Thousands) | Amortized | Fair Value | |||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
2014 (1) | |||||||||||||||||||||||||
Within one year | $ | 10,000 | $ | 10,014 | |||||||||||||||||||||
After one year but within five years | 20,020 | 19,946 | |||||||||||||||||||||||
After five years but within ten years | 134,453 | 133,395 | |||||||||||||||||||||||
After ten years | 574,931 | 576,769 | |||||||||||||||||||||||
$ | 739,404 | $ | 740,124 | ||||||||||||||||||||||
2013 (1) | |||||||||||||||||||||||||
Within one year | $ | 16,319 | $ | 16,378 | |||||||||||||||||||||
After one year but within five years | 19,761 | 19,986 | |||||||||||||||||||||||
After five years but within ten years | 229,033 | 217,911 | |||||||||||||||||||||||
After ten years | 585,586 | 562,840 | |||||||||||||||||||||||
$ | 850,699 | $ | 817,115 | ||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
(In Thousands) | Amortized | Fair Value | |||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
2014 (1) | |||||||||||||||||||||||||
Within one year | $ | 3,608 | $ | 3,608 | |||||||||||||||||||||
After one year but within five years | 6,217 | 6,217 | |||||||||||||||||||||||
After five years but within ten years | 9,733 | 9,736 | |||||||||||||||||||||||
After ten years | 106,610 | 106,610 | |||||||||||||||||||||||
$ | 126,168 | $ | 126,171 | ||||||||||||||||||||||
-1 | Actual maturities could differ from contractual maturities. | ||||||||||||||||||||||||
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category | For these investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at December 31, 2014. | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
(In Thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
GSE | 19,945 | 74 | — | — | 19,945 | 74 | |||||||||||||||||||
CMO | 15,492 | 108 | 61,630 | 1,506 | 77,122 | 1,614 | |||||||||||||||||||
FNMA MBS | — | — | 103,207 | 1,106 | 103,207 | 1,106 | |||||||||||||||||||
FHLMC MBS | 23,901 | 54 | 58,267 | 478 | 82,168 | 532 | |||||||||||||||||||
GNMA MBS | — | — | 48,312 | 268 | 48,312 | 268 | |||||||||||||||||||
Total temporarily impaired investments | $ | 59,338 | $ | 236 | $ | 271,416 | $ | 3,358 | 330,754 | 3,594 | |||||||||||||||
For these investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at December 31, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
State and political subdivisions | $ | 83,036 | $ | 5,426 | $ | — | $ | — | $ | 83,036 | $ | 5,426 | |||||||||||||
GSE | 3,972 | 13 | 2,001 | 4 | 5,973 | 17 | |||||||||||||||||||
CMO | 73,109 | 4,173 | 21,590 | 1,362 | 94,699 | 5,535 | |||||||||||||||||||
FNMA MBS | 346,266 | 14,386 | 17,800 | 1,415 | 364,066 | 15,801 | |||||||||||||||||||
FHLMC MBS | 116,732 | 4,548 | 7,307 | 446 | 124,039 | 4,994 | |||||||||||||||||||
GNMA MBS | 57,076 | 1,897 | 18,829 | 1,084 | 75,905 | 2,981 | |||||||||||||||||||
Total temporarily impaired investments | $ | 680,191 | $ | 30,443 | $ | 67,527 | $ | 4,311 | $ | 747,718 | $ | 34,754 | |||||||||||||
Acquired_Credit_Impaired_Loans1
Acquired Credit Impaired Loans (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Transfers and Servicing [Abstract] | |||||
Schedule of Loans Accounted in Accordance with ASC 310-30 | The following table details the impaired 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 December 31, 2014: | ||||
(In Thousands) | |||||
Outstanding principal balance | $ | 22,752 | |||
Carrying amount | $ | 15,893 | |||
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 from September 5, 2014 to December 31, 2014: | ||||
Accretable | |||||
Yield | |||||
Balance as of September 5, 2014 | $ | 1,790 | |||
Accretion | (250 | ) | |||
Reclassification from nonaccretable difference | — | ||||
Additions/adjustments | (42 | ) | |||
Disposals | — | ||||
Ending balance as of December 31, 2014 | $ | 1,498 | |||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Summary of Loan Portfolio by Category | The following table details our loan portfolio by category: | ||||||||
December 31, | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Commercial | $ | 920,072 | $ | 810,882 | |||||
Owner occupied commercial | 788,598 | 786,360 | |||||||
Commercial Mortgages | 805,459 | 725,193 | |||||||
Construction | 142,497 | 106,074 | |||||||
Residential | 218,329 | 221,520 | |||||||
Consumer | 327,543 | 302,234 | |||||||
3,202,498 | 2,952,263 | ||||||||
Less: | |||||||||
Deferred fees, net | 6,420 | 6,043 | |||||||
Allowance for loan losses | 39,426 | 41,244 | |||||||
Net loans | $ | 3,156,652 | $ | 2,904,976 | |||||
Allowance_for_Loan_Losses_and_1
Allowance for Loan Losses and Credit Quality Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses and Loan Balances | The following tables provide an analysis of the allowance for loan losses and loan balances as of and for the year ended December 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | |||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 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 | (3,587 | ) | (1,085 | ) | (425 | ) | (88 | ) | (811 | ) | (2,855 | ) | — | (8,851 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,611 | 249 | 202 | 242 | 168 | 981 | — | 3,453 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 2,062 | (159 | ) | 557 | (884 | ) | 88 | 1,421 | 495 | 3,580 | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,837 | $ | 6,643 | $ | 7,266 | $ | 2,596 | $ | 2,523 | $ | 6,041 | $ | 1,520 | $ | 39,426 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,034 | 609 | 319 | 334 | 790 | 231 | — | 5,317 | ||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 9,803 | 6,034 | 6,947 | 2,262 | 1,733 | 5,810 | 1,520 | 34,109 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,837 | $ | 6,643 | $ | 7,266 | $ | 2,596 | $ | 2,523 | $ | 6,041 | $ | 1,520 | $ | 39,426 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 12,381 | $ | 2,474 | $ | 8,335 | $ | 1,419 | $ | 15,666 | $ | 6,376 | $ | — | $ | 46,651 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 872,398 | 743,680 | 753,451 | 127,324 | 184,788 | 312,539 | — | 2,994,180 | |||||||||||||||||||||||||||||||||||||||||
Acquired nonimpaired loans | 32,024 | 40,180 | 37,697 | 9,891 | 17,363 | 8,619 | — | 145,774 | |||||||||||||||||||||||||||||||||||||||||
Acquired impaired loans | 3,269 | 2,264 | 5,976 | 3,863 | 512 | 9 | — | 15,893 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 920,072 | $ | 788,598 | $ | 805,459 | $ | 142,497 | $ | 218,329 | $ | 327,543 | $ | — | $ | 3,202,498 | (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 December 31, 2014, represents accruing troubled debt restructured loans of $22.6 million which are considered to be impaired. | ||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Ending loan balances do not include deferred costs of $6.4 million and $6.0 million for December 31, 2014 and for December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Commercial | Owner | Commercial | Construction | Residential | Consumer | Complexity | Total | |||||||||||||||||||||||||||||||||||||||||
Occupied | Mortgages | Risk (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,663 | $ | 6,108 | $ | 8,079 | $ | 6,456 | $ | 3,124 | $ | 5,631 | $ | 861 | $ | 43,922 | |||||||||||||||||||||||||||||||||
Charge-offs | (2,636 | ) | (1,225 | ) | (1,915 | ) | (1,749 | ) | (1,226 | ) | (4,913 | ) | — | (13,664 | ) | ||||||||||||||||||||||||||||||||||
Recoveries | 1,003 | 128 | 685 | 989 | 122 | 887 | — | 3,814 | |||||||||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 721 | 2,627 | 83 | (2,370 | ) | 1,058 | 4,889 | 164 | 7,172 | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | 3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,781 | $ | 12 | $ | 1,987 | $ | — | $ | 989 | $ | 134 | $ | — | $ | 4,903 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,970 | 7,626 | 4,945 | 3,326 | 2,089 | 6,360 | 1,025 | 36,341 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 12,751 | $ | 7,638 | $ | 6,932 | $ | $3,326 | $ | 3,078 | $ | 6,494 | $ | 1,025 | $ | 41,244 | |||||||||||||||||||||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,003 | $ | 5,197 | $ | 8,661 | $ | 1,158 | $ | 17,852 | $ | 5,411 | $ | — | $ | 43,282 | (2) | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 805,879 | 781,163 | 716,532 | 104,916 | 203,668 | 296,823 | — | 2,908,981 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 810,882 | $ | 786,360 | $ | 725,193 | $ | 106,074 | $ | 221,520 | $ | 302,234 | $ | — | $ | 2,952,263 | |||||||||||||||||||||||||||||||||
-1 | Represents the portion of the allowance for loan losses established to account for the inherent complexity and uncertainty of estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||
-2 | The difference between this amount and nonaccruing loans at December 31, 2013 represents accruing troubled debt restructured loans which are considered to be impaired loans of $12.3 million | ||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nonaccrual and Past Due Loans | The following tables show our nonaccrual and past due loans at the dates indicated: | ||||||||||||||||||||||||||||||||||||||||||||||||
At Dec. 31, 2014 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Acquired | Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 715 | $ | — | $ | — | $ | 715 | $ | 913,382 | 3,269 | 2,706 | $ | 920,072 | |||||||||||||||||||||||||||||||||||
Owner occupied commercial | 393 | — | — | 393 | 783,466 | 2,264 | 2,475 | 788,598 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 203 | — | — | 203 | 791,035 | 5,976 | 8,245 | 805,459 | |||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 138,634 | 3,863 | — | 142,497 | |||||||||||||||||||||||||||||||||||||||||
Residential | 3,879 | 604 | — | 4,483 | 206,266 | 512 | 7,068 | 218,329 | |||||||||||||||||||||||||||||||||||||||||
Consumer | 1,241 | 342 | 4 | 1,587 | 322,390 | 9 | 3,557 | 327,543 | |||||||||||||||||||||||||||||||||||||||||
Total (1) | $ | 6,431 | $ | 946 | $ | 4 | $ | 7,381 | $ | 3,155,173 | $ | 15,893 | $ | 24,051 | $ | 3,202,498 | |||||||||||||||||||||||||||||||||
% of Total Loans | 0.2 | % | 0.03 | % | 0 | % | 0.23 | % | 98.52 | % | 0.5 | % | 0.75 | % | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Balances in table above includes $145.8 million in acquired non-impaired loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
At Dec. 31, 2013 | 30–59 Days | 60–89 Days | Greater Than | Total Past | Accruing | Acquired | Nonaccrual | Total Loans | |||||||||||||||||||||||||||||||||||||||||
Past Due and | Past Due and | 90 Days | Due | Current | Impaired | Loans | |||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | Past Due and | And Still | Balances | Loans | ||||||||||||||||||||||||||||||||||||||||||||
Still Accruing | Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,447 | $ | — | $ | — | $ | 1,447 | $ | 805,132 | $ | — | $ | 4,303 | $ | 810,882 | |||||||||||||||||||||||||||||||||
Owner occupied commercial | 538 | — | — | 538 | 780,625 | — | 5,197 | 786,360 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 83 | 1,049 | — | 1,132 | 715,496 | — | 8,565 | 725,193 | |||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 104,916 | — | 1,158 | 106,074 | |||||||||||||||||||||||||||||||||||||||||
Residential | 1,952 | 1,348 | 533 | 3,833 | 209,255 | — | 8,432 | 221,520 | |||||||||||||||||||||||||||||||||||||||||
Consumer | 1,095 | 177 | — | 1,272 | 297,669 | — | 3,293 | 302,234 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,115 | $ | 2,574 | $ | 533 | $ | 8,222 | $ | 2,913,093 | — | $ | 30,948 | $ | 2,952,263 | ||||||||||||||||||||||||||||||||||
% of Total Loans | 0.17 | % | 0.09 | % | 0.02 | % | 0.28 | % | 98.67 | % | — | % | 1.05 | % | 100 | % | |||||||||||||||||||||||||||||||||
Analysis of Impaired Loans | The following tables provide an analysis of our impaired loans at December 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | Ending | Loans with | Loan with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Related | Related | Reserve | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Balance | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 12,381 | $ | 580 | $ | 11,801 | $ | 3,034 | $ | 20,924 | $ | 5,952 | |||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | 2,474 | 1,865 | 609 | 609 | 3,708 | 4,461 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,335 | 4,732 | 3,603 | 319 | 14,383 | 11,005 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,419 | — | 1,419 | 334 | 1,419 | 1,013 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 15,666 | 7,068 | 8,598 | 790 | 18,967 | 17,296 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 6,376 | 3,557 | 2,819 | 231 | 7,162 | 5,902 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 46,651 | $ | 17,802 | $ | 28,849 | $ | 5,317 | $ | 66,563 | $ | 45,629 | |||||||||||||||||||||||||||||||||||||
2013 | Ending | Loans with | Loan with | Related | Contractual | Average | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loan | No Related | Related | Reserve | Principal | Loan | |||||||||||||||||||||||||||||||||||||||||||
Balances | Reserve (1) | Reserve | Balance | Balances | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 5,003 | $ | 2,362 | $ | 2,641 | $ | 1,781 | $ | 13,013 | $ | 5,347 | |||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | 5,197 | 5,184 | 12 | 12 | 8,293 | 11,542 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 8,661 | 2,784 | 5,877 | 1,987 | 16,566 | 10,444 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,158 | 1,158 | — | — | 1,563 | 968 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 17,852 | 9,750 | 8,103 | 989 | 20,153 | 18,047 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 5,411 | 4,767 | 644 | 134 | 6,056 | 5,455 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 43,282 | $ | 26,005 | $ | 17,277 | $ | 4,903 | $ | 65,644 | $ | 51,803 | |||||||||||||||||||||||||||||||||||||
-1 | Reflects loan balances at or written down to their recorded investment. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commercial Credit Exposure | The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the Allowance at December 31: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Owner Occupied | Commercial | Construction | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | $ | 4,744 | $ | 12,566 | $ | 6,989 | $ | 4,747 | $ | 9,065 | $ | 2,092 | $ | — | $ | 226 | 20,798 | $ | 19,631 | ||||||||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | 42,377 | 56,806 | 14,436 | 45,181 | 9,167 | 8,146 | 1,085 | 3,599 | 67,065 | 113,732 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual | 1,225 | 2,362 | 1,865 | 5,185 | 7,927 | 2,784 | — | 1,158 | 11,017 | 11,489 | |||||||||||||||||||||||||||||||||||||||
Doubtful/nonaccrual | 3,034 | 2,641 | 609 | 12 | 319 | 5,877 | 334 | — | 4,296 | 8,530 | |||||||||||||||||||||||||||||||||||||||
Total special mention and substandard | 51,380 | 74,375 | 23,899 | 55,125 | 26,478 | 18,899 | 1,419 | 4,983 | 103,176 | 4 | % | 153,382 | 6 | % | |||||||||||||||||||||||||||||||||||
Acquired impaired loans | 3,269 | — | 2,264 | — | 5,976 | — | 3,863 | — | 15,372 | 1 | % | — | — | ||||||||||||||||||||||||||||||||||||
Pass | 865,423 | 736,507 | 762,435 | 731,235 | 773,005 | 706,294 | 137,215 | 101,091 | 2,538,078 | 95 | % | 2,275,127 | 94 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 920,072 | $ | 810,882 | $ | 788,598 | $ | 786,360 | $ | 805,459 | $ | 725,193 | $ | 142,497 | $ | 106,074 | $ | 2,656,626 | 100 | % | $ | 2,428,509 | 100 | % | |||||||||||||||||||||||||
-1 | Table includes $119.8 million in acquired non-impaired loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consumer Credit Exposure | Consumer Credit Exposure | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential and Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Consumer | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | $ | 15,666 | $ | 17,852 | $ | 6,376 | $ | 5,411 | $ | 22,042 | 4 | % | $ | 23,263 | 4 | % | |||||||||||||||||||||||||||||||||
Acquired impaired loans | 512 | — | 9 | — | 521 | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||
Performing | 202,151 | 203,668 | 321,158 | 296,823 | 523,309 | 96 | % | 500,491 | 96 | % | |||||||||||||||||||||||||||||||||||||||
Total | $ | 218,329 | $ | 221,520 | $ | 327,543 | $ | 302,234 | $ | 545,872 | 100 | % | $ | 523,754 | 100 | % | |||||||||||||||||||||||||||||||||
-1 | Includes $11.4 million as of December 31, 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 the loans modified terms and are accruing interest. | ||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Total includes $26.0 million in acquired non-impaired loans. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated | The following table presents loans identified as TDRs during the twelve months ended December 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Twelve | Twelve | |||||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 9,356 | $ | 9,241 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 3,430 | 7,056 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | 1,419 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | 2,062 | 1,076 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,612 | 1,323 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 17,879 | $ | 18,696 | ||||||||||||||||||||||||||||||||||||||||||||||
Reverse_Mortgages_and_Related_1
Reverse Mortgages and Related Assets (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Mortgage Banking [Abstract] | |||||
Summary of Estimated Cash Payments to Reverse Mortgagors | As of December 31, 2014, the Company’s actuarially estimated cash payments to reverse mortgagors were as follows: | ||||
Year Ending | |||||
2015 | $ | 712 | |||
2016 | 576 | ||||
2017 | 461 | ||||
2018 | 365 | ||||
2019 | 285 | ||||
Years 2020 — 2024 | 678 | ||||
Years 2025 — 2029 | 143 | ||||
Years 2030 — 2034 | 21 | ||||
Thereafter | 2 | ||||
Total | $ | 3,243 | |||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary of Premises and Equipment | Land, office buildings, leasehold improvements and furniture and equipment, at cost, are summarized by major classifications: | ||||||||
December 31, | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Land | $ | 2,052 | $ | 1,362 | |||||
Buildings | 4,791 | 4,030 | |||||||
Leasehold improvements | 35,925 | 35,506 | |||||||
Furniture and equipment | 24,644 | 38,135 | |||||||
67,412 | 79,033 | ||||||||
Less: | |||||||||
Accumulated depreciation | 32,338 | 43,855 | |||||||
$ | 35,074 | $ | 35,178 | ||||||
Summary of Future Minimum Cash Payments | Future minimum cash payments under these leases at December 31, 2014 are as follows: | ||||||||
(In Thousands) | |||||||||
2015 | $ | 7,641 | |||||||
2016 | 7,494 | ||||||||
2017 | 7,508 | ||||||||
2018 | 7,362 | ||||||||
2019 | 7,290 | ||||||||
Thereafter | 149,216 | ||||||||
Total future minimum lease payments | $ | 186,511 | |||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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, 2012 | $ | 23,012 | $ | — | $ | 5,134 | $ | 28,146 | |||||||||
Goodwill from business combinations | 4,089 | — | — | 4,089 | |||||||||||||
December 31, 2013 | 27,101 | — | 5,134 | 32,235 | |||||||||||||
Changes in Goodwill | 46 | — | — | 46 | |||||||||||||
Goodwill from business combinations | 16,370 | — | — | 16,370 | |||||||||||||
December 31, 2014 | $ | 43,517 | $ | — | $ | 5,134 | $ | 48,651 | |||||||||
Summary of Other Intangible Assets | The following table summarizes other intangible assets: | ||||||||||||||||
(In Thousands) | Gross | Accumulated | Net | ||||||||||||||
Intangible | Amortization | Intangible | |||||||||||||||
Assets | Assets | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Core deposits | $ | 7,610 | $ | (3,321 | ) | $ | 4,289 | ||||||||||
Other | 6,950 | (2,297 | ) | 4,653 | |||||||||||||
Total other intangible assets | $ | 14,560 | $ | (5,618 | ) | $ | 8,942 | ||||||||||
December 31, 2013 | |||||||||||||||||
Core deposits | $ | 4,370 | $ | (2,605 | ) | $ | 1,765 | ||||||||||
Other | 6,625 | (1,647 | ) | 4,978 | |||||||||||||
Total other intangible assets | $ | 10,995 | $ | (4,252 | ) | $ | 6,743 | ||||||||||
Schedule of Estimated Amortization Expense of Intangibles | The following presents the estimated amortization expense of intangibles: | ||||||||||||||||
(In Thousands) | Amortization | ||||||||||||||||
of Intangibles | |||||||||||||||||
2015 | $ | 1,510 | |||||||||||||||
2016 | 1,253 | ||||||||||||||||
2017 | 1,106 | ||||||||||||||||
2018 | 1,086 | ||||||||||||||||
2019 | 1,070 | ||||||||||||||||
Thereafter | 2,917 | ||||||||||||||||
Total | $ | 8,942 | |||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Banking and Thrift [Abstract] | |||||||||||||
Deposits by Category, Including Summary of Remaining Time to Maturity for Time Deposits | The following is a summary of deposits by category, including a summary of the remaining time to maturity for time deposits: | ||||||||||||
December 31, | 2014 | 2013 | |||||||||||
(In Thousands) | |||||||||||||
Money market and demand: | |||||||||||||
Noninterest-bearing demand | $ | 804,678 | $ | 650,256 | |||||||||
Interest-bearing demand | 688,370 | 638,403 | |||||||||||
Money market | 1,066,224 | 887,715 | |||||||||||
Total money market and demand | 2,559,272 | 2,176,374 | |||||||||||
Savings | 402,032 | 383,731 | |||||||||||
Customer certificates of deposit by maturity: | |||||||||||||
Less than one year | 188,922 | 134,356 | |||||||||||
One year to two years | 36,108 | 89,750 | |||||||||||
Two years to three years | 16,741 | 7,951 | |||||||||||
Three years to four years | 6,468 | 1,446 | |||||||||||
Over four years | 5,063 | 3,462 | |||||||||||
Total customer time certificates | 253,302 | 236,965 | |||||||||||
Jumbo certificates of deposit, by maturity: | |||||||||||||
Less than one year | 206,370 | 162,617 | |||||||||||
One year to two years | 23,621 | 51,996 | |||||||||||
Two years to three years | 10,117 | 3,092 | |||||||||||
Three years to four years | 3,896 | 535 | |||||||||||
Over four years | 3,667 | 2,905 | |||||||||||
Total jumbo certificates of deposit | 247,671 | 221,145 | |||||||||||
Total customer deposits | 3,462,277 | 3,018,215 | |||||||||||
Brokered deposits less than one year | 186,958 | 168,728 | |||||||||||
Total deposits | $ | 3,649,235 | $ | 3,186,942 | |||||||||
Interest Expense on Deposits by Category, Followed on Deposits | Interest expense on deposits by category follows: | ||||||||||||
(In Thousands) | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Interest-bearing demand | $ | 611 | $ | 529 | $ | 246 | |||||||
Money market | 1,478 | 1,123 | 1,759 | ||||||||||
Savings | 234 | 217 | 431 | ||||||||||
Time deposits | 4,060 | 4,712 | 9,531 | ||||||||||
Total customer interest expense | 6,383 | 6,581 | 11,967 | ||||||||||
Brokered deposits | 768 | 599 | 1,134 | ||||||||||
Total interest expense on deposits | $ | 7,151 | $ | 7,180 | $ | 13,101 | |||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Summary of Borrowed Funds by Type | The following is a summary of borrowed funds by type: | ||||||||||||||||||||
At or for the twelve months ended: | Balance at | Weighted | Maximum | Average | Weighted | ||||||||||||||||
End of | Average | Outstanding | Amount | Average | |||||||||||||||||
Period | Interest | at Month | Outstanding | Interest | |||||||||||||||||
Rate | End During | During the | Rate | ||||||||||||||||||
the Period | Year | During the | |||||||||||||||||||
Year | |||||||||||||||||||||
December 31, 2014 | (Dollars in Thousands) | ||||||||||||||||||||
FHLB advances | $ | 405,894 | 0.52 | % | $ | 758,400 | $ | 600,172 | 0.4 | % | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 128,225 | 0.29 | 134,875 | 128,319 | 0.29 | ||||||||||||||||
Trust preferred borrowings | 67,011 | 1.97 | 67,011 | 67,011 | 1.97 | ||||||||||||||||
Senior Debt | 55,000 | 6.25 | 55,000 | 55,000 | 6.85 | ||||||||||||||||
Reverse mortgage trust bonds payable | — | — | — | 1,627 | 0.97 | ||||||||||||||||
Other borrowed funds | 11,645 | 0.08 | 27,088 | 20,228 | 0.09 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
FHLB advances | $ | 638,091 | 0.3 | % | $ | 685,591 | $ | 573,989 | 0.32 | % | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 97,000 | 0.98 | 126,000 | 108,105 | 0.91 | ||||||||||||||||
Trust preferred borrowings | 67,011 | 2.01 | 67,011 | 67,011 | 1.98 | ||||||||||||||||
Senior Debt | 55,000 | 6.25 | 55,000 | 55,000 | 6.86 | ||||||||||||||||
Reverse mortgage trust bonds payable | 21,990 | 0.34 | 26,340 | 6,757 | 0.88 | ||||||||||||||||
Other borrowed funds | 24,739 | 0.09 | 41,976 | 35,026 | 0.32 | ||||||||||||||||
Advances from FHLB with Rates | Advances from the FHLB with rates ranging from 0.27% to 1.12% at December 31, 2014 are due as follows: | ||||||||||||||||||||
(In Thousands) | Amount | Weighted | |||||||||||||||||||
Average | |||||||||||||||||||||
Rate | |||||||||||||||||||||
2015 | $ | 277,166 | 0.31 | % | |||||||||||||||||
2016 | — | ||||||||||||||||||||
2017 | 128,728 | 0.96 | |||||||||||||||||||
$ | 405,894 | 0.52 | |||||||||||||||||||
Securities Sold under Agreements to Repurchase with Corresponding Carrying and Fair Values of Underlying Securities | Securities sold under agreements to repurchase with the corresponding carrying and fair values of the underlying securities are due as follows: | ||||||||||||||||||||
Borrowing | Rate | Collateral | |||||||||||||||||||
(In Thousands) | Amount | Carrying | Fair | Accrued | |||||||||||||||||
Value | Value | Interest | |||||||||||||||||||
2014 | |||||||||||||||||||||
Over 90 days | $ | 25,000 | 2.98 | % | $ | 35,886 | $ | 35,549 | $ | 64 | |||||||||||
2013 | |||||||||||||||||||||
Over 90 days | $ | 25,000 | 2.98 | % | $ | 34,952 | $ | 33,596 | $ | 83 | |||||||||||
Stockholders_Equity_and_Regula1
Stockholders' Equity and Regulatory Capital (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Capital Position | The following table presents the capital position of the Bank as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
Consolidated Bank | For Capital Adequacy | To Be Well-Capitalized | |||||||||||||||||||||||
Capital | Purposes | Under Prompt Corrective | |||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(In Thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 531,209 | 13.83 | % | $ | 307,217 | 8 | % | $ | 384,022 | 10 | % | |||||||||||||
Core Capital (to adjusted tangible assets) | 491,229 | 10.25 | 191,753 | 4 | 239,692 | 5 | |||||||||||||||||||
Tangible Capital (to tangible assets) | 491,229 | 10.25 | 71,907 | 1.5 | N/A | N/A | |||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 491,229 | 12.79 | 153,609 | 4 | 230,413 | 6 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | $ | 505,354 | 14.36 | % | $ | 281,450 | 8 | % | $ | 351,812 | 10 | % | |||||||||||||
Core Capital (to adjusted tangible assets) | 463,130 | 10.35 | 178,996 | 4 | 223,745 | 5 | |||||||||||||||||||
Tangible Capital (to tangible assets) | 463,130 | 10.35 | 67,124 | 1.5 | N/A | N/A | |||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 463,130 | 13.16 | 140,725 | 4 | 211,087 | 6 |
Associate_Employee_Benefit_Pla1
Associate (Employee) Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | The following disclosures relating to postretirement benefits were measured at December 31: | ||||||||||||
In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 4,560 | $ | 4,478 | $ | 3,923 | |||||||
Service cost | 195 | 343 | 288 | ||||||||||
Interest cost | 195 | 176 | 174 | ||||||||||
Actuarial (gain) loss | (1,611 | ) | (288 | ) | 271 | ||||||||
Benefits paid | (125 | ) | (149 | ) | (178 | ) | |||||||
Plan change | (948 | ) | — | — | |||||||||
Benefit obligation at end of year | $ | 2,266 | $ | 4,560 | $ | 4,478 | |||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | $ | — | |||||||
Employer contributions | 125 | 149 | 178 | ||||||||||
Benefits paid | (125 | ) | (149 | ) | (178 | ) | |||||||
Fair value of plan assets at end of year | $ | — | $ | — | $ | — | |||||||
Funded status: | |||||||||||||
Unfunded status | $ | (2,266 | ) | $ | (4,560 | ) | $ | (4,478 | ) | ||||
Total (income) loss recognized in other comprehensive income | (1,367 | ) | 1,221 | 1,587 | |||||||||
Net amount recognized | $ | (3,633 | ) | $ | (3,339 | ) | $ | (2,891 | ) | ||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | 195 | $ | 343 | $ | 288 | |||||||
Interest cost | 195 | 177 | 174 | ||||||||||
Amortization of transition obligation | (57 | ) | — | 61 | |||||||||
Net loss recognition | 86 | 78 | 67 | ||||||||||
Net periodic benefit cost | $ | 419 | $ | 598 | $ | 590 | |||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||
Discount rate | 5 | % | 4 | % | 4.5 | % | |||||||
Health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Sensitivity analysis of health care cost trends: | |||||||||||||
Effect of +1% on service cost plus interest cost | $ | — | $ | — | $ | (34 | ) | ||||||
Effect of –1% on service cost plus interest cost | — | — | 12 | ||||||||||
Effect of +1% on APBO | — | — | (146 | ) | |||||||||
Effect of –1% on APBO | — | — | 142 | ||||||||||
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||||||||||||
Discount rate | 4 | % | 5 | % | 4 | % | |||||||
Health care cost trend rate | 5 | % | 5 | % | 5 | % | |||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | |||||||
Year of ultimate trend rate | 2014 | 2013 | 2012 | ||||||||||
Estimated Future Benefit Payments | The following table shows the expected future payments for the next 10 years: | ||||||||||||
(In Thousands) | |||||||||||||
During 2015 | $ | 102 | |||||||||||
During 2016 | 100 | ||||||||||||
During 2017 | 103 | ||||||||||||
During 2018 | 103 | ||||||||||||
During 2019 | 105 | ||||||||||||
During 2020 through 2023 | 561 | ||||||||||||
$ | 1,074 | ||||||||||||
Taxes_on_Income_Tables
Taxes on Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Our income tax provision consists of the following: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(In Thousands) | |||||||||||||
Current income taxes: | |||||||||||||
Federal taxes | $ | 20,078 | $ | 21,242 | $ | 11,136 | |||||||
State and local taxes | 3,215 | 2,759 | 2,256 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal taxes | (5,575 | ) | 875 | 3,591 | |||||||||
State and local taxes | (89 | ) | (120 | ) | — | ||||||||
Total | $ | 17,629 | $ | 24,756 | $ | 16,983 | |||||||
Schedule of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2014 and 2013: | ||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Unrealized losses on available-for-sale securities | $ | — | $ | 12,762 | |||||||||
Allowance for loan losses | 13,799 | 14,436 | |||||||||||
Loans | 3,016 | — | |||||||||||
Reserves and other | 10,400 | 8,854 | |||||||||||
Deferred gains | 761 | 453 | |||||||||||
Net operating losses | 1,104 | 1,196 | |||||||||||
Reverse mortgages | 3,707 | 3,686 | |||||||||||
Total deferred tax assets before valuation allowance | 32,787 | 41,387 | |||||||||||
Less: valuation allowance | — | (4,882 | ) | ||||||||||
Total Deferred tax assets | $ | 32,787 | $ | 36,505 | |||||||||
Deferred tax liabilities: | |||||||||||||
Unrealized gains on available-for-sale securities | $ | (1,626 | ) | $ | — | ||||||||
Bad debt recapture | (1,233 | ) | — | ||||||||||
Accelerated depreciation | (1,915 | ) | (1,506 | ) | |||||||||
Other | (267 | ) | (2,132 | ) | |||||||||
Prepaid expenses | (741 | ) | (1,112 | ) | |||||||||
Deferred loan costs | (1,904 | ) | (1,843 | ) | |||||||||
Intangibles | (3,349 | ) | (1,765 | ) | |||||||||
Total deferred tax liabilities | (11,035 | ) | (8,358 | ) | |||||||||
Net deferred tax asset | $ | 21,752 | $ | 28,147 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State tax, net of federal tax benefit | 2.8 | 2.4 | 3 | ||||||||||
Interest income 50% excludable | — | — | (0.5 | ) | |||||||||
Tax-exempt interest | (2.0 | ) | (1.2 | ) | (0.5 | ) | |||||||
Bank-owned life insurance income | (0.3 | ) | (0.1 | ) | (1.1 | ) | |||||||
Incentive stock option and other nondeductible compensation | — | 0.3 | 0.6 | ||||||||||
Tax benefits from previously unconsolidated subsidiary (SASCO) | (9.4 | ) | — | — | |||||||||
Federal tax credits | (1.7 | ) | (1.7 | ) | (1.4 | ) | |||||||
Other | 0.3 | (0.1 | ) | 0.1 | |||||||||
Effective tax rate | 24.7 | % | 34.6 | % | 35.2 | % | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of Stock Incentive Plans | A summary of the status of our Stock Incentive Plans as of December 31, 2014, 2013 and 2012, respectively, and changes during those years are presented below: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | 712,578 | $ | 47.42 | 335,730 | $ | 42.14 | 416,886 | $ | 43.52 | ||||||||||||||||||||||||||||
Granted | 43,686 | 71.47 | 522,357 | 49.09 | 88,307 | 39.66 | |||||||||||||||||||||||||||||||
Exercised | (90,505 | ) | 47.52 | (118,438 | ) | 39.39 | (71,055 | ) | 30.78 | ||||||||||||||||||||||||||||
Forfeited | — | — | (13,081 | ) | 47.5 | — | — | ||||||||||||||||||||||||||||||
Expired | (4,414 | ) | 23.55 | (13,990 | ) | 49.08 | (98,408 | ) | 53.99 | ||||||||||||||||||||||||||||
Outstanding at end of year | 661,345 | 49.15 | 712,578 | 47.42 | 335,730 | 42.14 | |||||||||||||||||||||||||||||||
Exercisable at end of year | 84,964 | $ | 43.3 | 103,549 | $ | 46.02 | 178,432 | $ | 45.28 | ||||||||||||||||||||||||||||
Weighted-average fair value of awards granted | $ | 17.35 | $ | 13.94 | $ | 12.5 | |||||||||||||||||||||||||||||||
Schedule of Unvested Stock Option Outstanding | The following table provides information about our unvested stock options outstanding at December 31, 2014, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | |||||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | ||||||||||||||||||||||||||||||||
Exercise | Grant | Exercise | Grant Date | Exercise | Grant Date | ||||||||||||||||||||||||||||||||
Price | Date Fair | Price | Fair Value | Price | Fair Value | ||||||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
Unvested at beginning of period | 609,029 | $ | 47.66 | $ | 13.75 | 157,298 | $ | 38.57 | $ | 11.98 | 112,258 | $ | 36.08 | $ | 10.69 | ||||||||||||||||||||||
Granted | 43,686 | 71.47 | 17.35 | 522,357 | 49.09 | 13.94 | 88,307 | 39.66 | 12.5 | ||||||||||||||||||||||||||||
Vested | (76,334 | ) | 43.55 | 11.77 | (57,545 | ) | 35.41 | 10.65 | (43,267 | ) | 34.32 | 9.66 | |||||||||||||||||||||||||
Forfeited | — | — | — | (13,081 | ) | 47.5 | 9.58 | — | — | — | |||||||||||||||||||||||||||
Unvested at end of period | 576,381 | $ | 50.01 | $ | 14.28 | 609,029 | $ | 47.66 | $ | 13.75 | 157,298 | $ | 38.57 | $ | 11.98 | ||||||||||||||||||||||
Schedule of Outstanding Stock Options for Option Plans | The following table summarizes all outstanding Stock Options for option plans as of December 31, 2014, segmented by range of exercise prices: | ||||||||||||||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||||||||||||||
Number | Weighted- | Weighted- | Number | Weighted | |||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||
Exercise | Remaining | Exercise | |||||||||||||||||||||||||||||||||||
Price | Contractual Life | Price | |||||||||||||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||||||||||||||
$27.61-$34.50 | 9,363 | $ | 32 | 0.8 | 8,314 | $ | 31.77 | ||||||||||||||||||||||||||||||
$34.51-$41.40 | 70,024 | 39.72 | 2.2 | 27,926 | 39.85 | ||||||||||||||||||||||||||||||||
$41.41-$48.30 | 134,556 | 46.8 | 2.6 | 43,719 | 46.05 | ||||||||||||||||||||||||||||||||
$48.31-$55.20 | 401,860 | 49.54 | 5.1 | 1,860 | 52.76 | ||||||||||||||||||||||||||||||||
$55.21-$62.10 | 1,840 | 58.99 | 0.2 | 1,840 | 58.99 | ||||||||||||||||||||||||||||||||
$62.11-$69.00 | 1,305 | 62.5 | 1.3 | 1,305 | 62.5 | ||||||||||||||||||||||||||||||||
$69.01-$75.90 | 42,397 | 71.47 | 6.2 | — | — | ||||||||||||||||||||||||||||||||
Total | 661,345 | $ | 49.15 | 84,964 | $ | 43.3 | |||||||||||||||||||||||||||||||
Schedule of RSUs and RSAs | The following table summarizes the Company’s RSUs and RSAs and changes during the year: | ||||||||||||||||||||||||||||||||||||
Units | Weighted Average | ||||||||||||||||||||||||||||||||||||
(in whole) | Grant-Date Fair | ||||||||||||||||||||||||||||||||||||
Value per Unit | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 53,826 | $ | 43.01 | ||||||||||||||||||||||||||||||||||
Granted | 10,097 | 71.15 | |||||||||||||||||||||||||||||||||||
Exercised/Converted | (22,770 | ) | 42.44 | ||||||||||||||||||||||||||||||||||
Canceled | (1,457 | ) | 34 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | 39,696 | $ | 50.83 | ||||||||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Summary of Projected Amounts of Future Minimum Payments | The projected amounts of future minimum payments contractually due (in thousands) are as follows: | ||||||||
Year | Amount | ||||||||
2015 | $ | 4,831 | |||||||
2016 | 4,491 | ||||||||
2017 | 4,269 | ||||||||
2018 | 3,130 | ||||||||
2019 | 3,186 | ||||||||
Summary of Off-Balance Sheet Financial Instruments | The following represents a summary of off-balance sheet financial instruments at year-end: | ||||||||
December 31, | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Financial instruments with contract amounts which represent potential credit risk: | |||||||||
Construction loan commitments | $ | 99,917 | $ | 64,210 | |||||
Commercial mortgage loan commitments | 16,110 | 9,852 | |||||||
Commercial loan commitments | 393,028 | 335,257 | |||||||
Commercial owner-occupied commitments | 33,302 | 32,078 | |||||||
Commercial standby letters of credit | 47,667 | 56,651 | |||||||
Residential mortgage loan commitments | 22,617 | 5,018 | |||||||
Consumer loan commitments | 168,391 | 150,265 |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 December 31, 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 | Inputs | (Level 3) | |||||||||||||||||
for | (Level 2) | ||||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets measured at fair value on a recurring basis: | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 192,932 | $ | — | $ | 192,932 | |||||||||||
FNMA | — | 292,553 | — | 292,553 | |||||||||||||||
FHLMC | — | 146,882 | — | 146,882 | |||||||||||||||
GNMA | — | 77,797 | — | 77,797 | |||||||||||||||
U.S. Government and agencies | — | 29,960 | 29,960 | ||||||||||||||||
Total assets measured at fair value on a recurring basis | — | 740,124 | — | 740,124 | |||||||||||||||
Assets measured at fair value on a nonrecurring basis: | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 5,734 | $ | 5,734 | |||||||||||
Loans held-for-sale | — | 28,508 | — | 28,508 | |||||||||||||||
Impaired loans | — | — | 41,334 | 41,334 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 28,508 | $ | 47,068 | $ | 75,576 | |||||||||||
The table below presents the balances of assets measured at fair value as of December 31, 2013 (there were no material liabilities measured at fair value): | |||||||||||||||||||
Description | Quoted | Significant | Significant | Total | |||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||
for | (Level 2) | ||||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets measured at fair value on a recurring basis: | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | 97,557 | $ | — | $ | 97,557 | |||||||||||
FNMA | — | 367,128 | — | 367,128 | |||||||||||||||
FHLMC | — | 124,495 | — | 124,495 | |||||||||||||||
GNMA | — | 95,592 | — | 95,592 | |||||||||||||||
U.S. Government and agencies | — | 132,343 | — | 132,343 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 817,115 | $ | — | $ | 817,115 | |||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,532 | $ | 4,532 | |||||||||||
Impaired loans (collateral dependent) | — | — | 38,379 | 38,379 | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | — | $ | 42,911 | $ | 42,911 | |||||||||||
Book Value and Estimated Fair Value of Financial Instruments | The book value and estimated fair value of our financial instruments are as follows: | ||||||||||||||||||
(In Thousands) | Fair Value | 2014 | 2013 | ||||||||||||||||
At December 31, | Measurement | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | 508,039 | 508,039 | 484,426 | 484,426 | ||||||||||||||
Investment securities available-for-sale | See previous table | 740,124 | 740,124 | 817,115 | 817,115 | ||||||||||||||
Investment securities held-to-maturity | See previous table | 126,168 | 126,171 | — | — | ||||||||||||||
Loans, held-for-sale | See previous table | 28,508 | 28,508 | 31,491 | 31,491 | ||||||||||||||
Loans, net | Level 2 | 3,156,652 | 3,121,855 | 2,904,976 | 2,871,499 | ||||||||||||||
Reverse Mortgages | Level 3 | 29,298 | 29,298 | 37,328 | 37,328 | ||||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh | Level 2 | 23,278 | 23,278 | 35,869 | 35,869 | ||||||||||||||
Accrued interest receivable | Level 2 | 11,782 | 11,782 | 10,798 | 10,798 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 3,649,235 | 3,461,218 | 3,186,942 | 2,982,420 | ||||||||||||||
Borrowed funds | Level 2 | 667,775 | 672,850 | 903,831 | 904,804 | ||||||||||||||
Standby letters of credit | Level 3 | 151 | 151 | 248 | 248 | ||||||||||||||
Accrued interest payable | Level 2 | 1,004 | 1,004 | 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: | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||
December 31, | 2014 | 2013 | |||||||||||||||||
Off-balance sheet instruments: | |||||||||||||||||||
Commitments to extend credit | $ | — | $ | — |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Details of Segment Information | Segment information for the years ended December 31, 2014, 2013, and 2012 follows: | ||||||||||||||||
For the Year Ended December 31, 2014: | WSFS | Cash | Trust & | Total | |||||||||||||
Bank | Connect | Wealth | |||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 152,545 | $ | — | $ | 7,792 | $ | 160,337 | |||||||||
Noninterest income | 34,461 | 25,698 | 18,119 | 78,278 | |||||||||||||
Total external customer revenues | 187,006 | 25,698 | 25,911 | 238,615 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 3,405 | — | 5,558 | 8,963 | |||||||||||||
Noninterest income | 6,814 | 804 | 114 | 7,732 | |||||||||||||
Total inter-segment revenues | 10,219 | 804 | 5,672 | 16,695 | |||||||||||||
Total revenue | 197,225 | 26,502 | 31,583 | 255,310 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 15,409 | — | 421 | 15,830 | |||||||||||||
Noninterest expenses | 120,027 | 15,449 | 12,343 | 147,819 | |||||||||||||
Provision for loan loss | 2,938 | — | 642 | 3,580 | |||||||||||||
Total external customer expenses | 138,374 | 15,449 | 13,406 | 167,229 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 5,558 | 1,384 | 2,021 | 8,963 | |||||||||||||
Noninterest expenses | 918 | 2,291 | 4,523 | 7,732 | |||||||||||||
Total inter-segment expenses | 6,476 | 3,675 | 6,544 | 16,695 | |||||||||||||
Total expenses | 144,850 | 19,124 | 19,950 | 183,924 | |||||||||||||
Income before taxes | $ | 52,375 | $ | 7,378 | $ | 11,633 | $ | 71,386 | |||||||||
Provision for income taxes | 17,629 | ||||||||||||||||
Consolidated net income | $ | 53,757 | |||||||||||||||
Cash and cash equivalents | $ | 73,395 | $ | 431,527 | $ | 3,117 | $ | 508,039 | |||||||||
Goodwill | 43,517 | — | 5,134 | 48,651 | |||||||||||||
Other segment assets | 4,107,212 | 2,006 | 187,412 | 4,296,630 | |||||||||||||
Total segment assets at December 31, 2014 | $ | 4,224,124 | $ | 433,533 | $ | 195,663 | $ | 4,853,320 | |||||||||
Capital expenditures | $ | 3,192 | $ | 1,531 | $ | 9 | $ | 4,732 | |||||||||
For the Year Ended December 31, 2013: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 139,082 | $ | — | $ | 7,840 | $ | 146,922 | |||||||||
Noninterest income | 40,479 | 23,746 | 15,926 | 80,151 | |||||||||||||
Total external customer revenues | 179,561 | 23,746 | 23,766 | 227,073 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 3,603 | — | 5,749 | 9,352 | |||||||||||||
Noninterest income | 6,346 | 845 | 109 | 7,300 | |||||||||||||
Total inter-segment revenues | 9,949 | 845 | 5,858 | 16,652 | |||||||||||||
Total revenue | 189,510 | 24,591 | 29,624 | 243,725 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 14,744 | — | 590 | 15,334 | |||||||||||||
Noninterest expenses | 107,195 | 12,950 | 12,784 | 132,929 | |||||||||||||
Provision for loan loss | 6,759 | — | 413 | 7,172 | |||||||||||||
Total external customer expenses | 128,698 | 12,950 | 13,787 | 155,435 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 5,749 | 1,541 | 2,062 | 9,352 | |||||||||||||
Noninterest expenses | 954 | 2,237 | 4,109 | 7,300 | |||||||||||||
Total inter-segment expenses | 6,703 | 3,778 | 6,171 | 16,652 | |||||||||||||
Total expenses | 135,401 | 16,728 | 19,958 | 172,087 | |||||||||||||
Income before taxes | $ | 54,109 | $ | 7,863 | $ | 9,666 | $ | 71,638 | |||||||||
Provision for income taxes | 24,756 | ||||||||||||||||
Consolidated net income | $ | 46,882 | |||||||||||||||
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 at December 31, 2013 | $ | 3,911,542 | $ | 410,061 | $ | 194,160 | $ | 4,515,763 | |||||||||
Capital expenditures | $ | 2,232 | $ | 628 | $ | — | $ | 2,860 | |||||||||
For the Year Ended December 31, 2012: | WSFS Bank | Cash | Trust & | Total | |||||||||||||
Connect | Wealth | ||||||||||||||||
Management | |||||||||||||||||
(In Thousands) | |||||||||||||||||
External customer revenues: | |||||||||||||||||
Interest income | $ | 141,986 | $ | — | $ | 8,301 | $ | 150,287 | |||||||||
Noninterest income | 54,225 | 18,749 | 13,719 | 86,693 | |||||||||||||
Total external customer revenues | 196,211 | 18,749 | 22,020 | 236,980 | |||||||||||||
Inter-segment revenues: | |||||||||||||||||
Interest income | 4,032 | — | 5,719 | 9,751 | |||||||||||||
Noninterest income | 8,563 | 779 | 105 | 9,447 | |||||||||||||
Total inter-segment revenues | 12,595 | 779 | 5,824 | 19,198 | |||||||||||||
Total revenue | 208,806 | 19,528 | 27,844 | 256,178 | |||||||||||||
External customer expenses: | |||||||||||||||||
Interest expense | 22,397 | — | 891 | 23,288 | |||||||||||||
Noninterest expenses | 112,071 | 9,549 | 11,725 | 133,345 | |||||||||||||
Provision for loan loss | 32,222 | — | (169 | ) | 32,053 | ||||||||||||
Total external customer expenses | 166,690 | 9,549 | 12,447 | 188,686 | |||||||||||||
Inter-segment expenses | |||||||||||||||||
Interest expense | 5,719 | 1,368 | 2,664 | 9,751 | |||||||||||||
Noninterest expenses | 884 | 2,219 | 6,344 | 9,447 | |||||||||||||
Total inter-segment expenses | 6,603 | 3,587 | 9,008 | 19,198 | |||||||||||||
Total expenses | 173,293 | 13,136 | 21,455 | 207,884 | |||||||||||||
Income before taxes | $ | 35,513 | $ | 6,392 | $ | 6,389 | $ | 48,294 | |||||||||
Provision for income taxes | 16,983 | ||||||||||||||||
Consolidated net income | $ | 31,311 | |||||||||||||||
Cash and cash equivalents | $ | 68,419 | $ | 430,382 | $ | 2,086 | $ | 500,887 | |||||||||
Goodwill | 23,012 | — | 5,134 | 28,146 | |||||||||||||
Other segment assets | 3,660,061 | 1,605 | 184,449 | 3,846,115 | |||||||||||||
Total segment assets at December 31, 2012 | $ | 3,751,492 | $ | 431,987 | $ | 191,669 | $ | 4,375,148 | |||||||||
Capital expenditures | $ | 7,796 | $ | 405 | $ | 27 | $ | 8,228 |
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition | ||||||||||||
December 31, | 2014 | 2013 | |||||||||||
(In Thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 54,331 | $ | 19,311 | |||||||||
Investment in subsidiaries | 551,784 | 481,896 | |||||||||||
Investment in Capital Trust III | 2,011 | 2,011 | |||||||||||
Other assets | 3,436 | 2,920 | |||||||||||
Total assets | $ | 611,562 | $ | 506,138 | |||||||||
Liabilities: | |||||||||||||
Trust Preferred | $ | 67,011 | $ | 67,011 | |||||||||
Senior Debt | 55,000 | 55,000 | |||||||||||
Interest payable | 402 | 399 | |||||||||||
Other liabilities | 98 | 678 | |||||||||||
Total liabilities | 122,511 | 123,088 | |||||||||||
Stockholders’ equity: | |||||||||||||
Common stock | 186 | 185 | |||||||||||
Capital in excess of par value | 201,501 | 178,477 | |||||||||||
Accumulated other comprehensive income | 3,500 | (21,294 | ) | ||||||||||
Retained earnings | 523,099 | 473,962 | |||||||||||
Treasury stock | (239,235 | ) | (248,280 | ) | |||||||||
Total stockholders’ equity | 489,051 | 383,050 | |||||||||||
Total liabilities and stockholders’ equity | $ | 611,562 | $ | 506,138 | |||||||||
Condensed Statements of Operations | Condensed Statements of Operations | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(In Thousands) | |||||||||||||
Income: | |||||||||||||
Interest income | $ | 785 | $ | 2,455 | $ | 1,853 | |||||||
Noninterest income | 74,125 | 9,983 | 139 | ||||||||||
Reverse mortgage consolidation gain | — | 3,801 | — | ||||||||||
74,910 | 16,239 | 1,992 | |||||||||||
Expenses: | |||||||||||||
Interest expense | 5,087 | 5,113 | 2,776 | ||||||||||
Other operating expenses | 140 | 197 | 136 | ||||||||||
5,227 | 5,310 | 2,912 | |||||||||||
(Loss) income before equity in undistributed income of subsidiaries | 69,683 | 10,929 | (920 | ) | |||||||||
Equity in undistributed income of subsidiaries | (17,437 | ) | 35,019 | 31,909 | |||||||||
Income before taxes | 52,246 | 45,947 | 30,989 | ||||||||||
Income tax benefit | 1,511 | 934 | 322 | ||||||||||
Dividends on preferred stock and accretion of discount | — | (1,633 | ) | (2,770 | ) | ||||||||
Net income allocable to common stockholders | $ | 53,757 | $ | 45,249 | $ | 28,541 | |||||||
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(In Thousands) | |||||||||||||
Operating activities: | |||||||||||||
Net income | $ | 53,757 | $ | 46,882 | $ | 31,311 | |||||||
Adjustments to reconcile net income to net cash used for operating activities: | |||||||||||||
Equity in undistributed income of subsidiaries | 17,437 | (35,019 | ) | (31,909 | ) | ||||||||
Reverse mortgage consolidation gain | — | (3,801 | ) | — | |||||||||
Increase in capitalized interest | — | (801 | ) | (693 | ) | ||||||||
Increase in other assets | 4,217 | 3,831 | 3,531 | ||||||||||
Decrease in other liabilities | 203 | 245 | 384 | ||||||||||
Net cash provided by (used for) operating activities | 75,614 | 11,337 | 2,624 | ||||||||||
Investing activities: | |||||||||||||
Payments for investment in and advances to subsidiaries | (2,225 | ) | — | — | |||||||||
Sale or repayment of investments in and advances to subsidiaries | 3,676 | — | — | ||||||||||
Outlays for business acquisitions | (32,028 | ) | — | — | |||||||||
Net cash used for investing activities | (30,577 | ) | — | — | |||||||||
Financing activities: | |||||||||||||
Issuance of common stock | 3,613 | 4,353 | 2,503 | ||||||||||
Proceeds from the issuance of long-term debt | — | — | 52,681 | ||||||||||
Redemption of preferred stock | — | (52,625 | ) | — | |||||||||
Repurchase of common stock warrants | (6,300 | ) | |||||||||||
Payments to repurchase common stock | (2,686 | ) | — | (1,800 | ) | ||||||||
Cash dividends paid | (4,644 | ) | (5,998 | ) | (6,810 | ) | |||||||
Net cash provided by (used for) financing activities | (10,017 | ) | (54,270 | ) | 46,574 | ||||||||
Increase (decrease) in cash | 35,020 | (42,933 | ) | 49,198 | |||||||||
Cash at beginning of period | 19,311 | 62,244 | 13,046 | ||||||||||
Cash at end of period | $ | 54,331 | $ | 19,311 | $ | 62,244 | |||||||
Change_in_Accumulated_Other_Co1
Change in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 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 | ||||||||||||
gains on | losses on defined | ||||||||||||||
investment | benefit pension | ||||||||||||||
securities | plan | ||||||||||||||
available-for-sale | |||||||||||||||
Balance, December 31, 2011 | $ | 11,674 | $ | (472 | ) | $ | 11,202 | ||||||||
Other comprehensive income before reclassifications | 15,024 | — | 15,024 | ||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (13,283 | ) | — | (13,283 | ) | ||||||||||
Net current-period other comprehensive income | 1,741 | — | 1,741 | ||||||||||||
Balance, December 31, 2012 | $ | 13,415 | $ | (472 | ) | $ | 12,943 | ||||||||
Other comprehensive loss before reclassifications | (32,057 | ) | — | (32,057 | ) | ||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (2,180 | ) | — | (2,180 | ) | ||||||||||
Net current-period other comprehensive loss | (34,237 | ) | — | (34,237 | ) | ||||||||||
Balance, December 31, 2013 | $ | (20,822 | ) | $ | (472 | ) | $ | (21,294 | ) | ||||||
Other comprehensive income before reclassifications | 24,118 | 1,319 | 25,437 | ||||||||||||
Less: Reclassification of unrealized gains/losses of previously classified available-for-sale securities | (643 | ) | — | (643 | ) | ||||||||||
Net current-period other comprehensive income | 23,475 | 1,319 | 24,794 | ||||||||||||
Balance, December 31, 2014 | $ | 2,653 | $ | 847 | $ | 3,500 | |||||||||
Components of Other Comprehensive Income | Components of other comprehensive income that impact the statement of operations are presented in the table below. | ||||||||||||||
Twelve Months Ended | Affected line item in | ||||||||||||||
December 31, | Statements of | ||||||||||||||
Operations | |||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Securities available-for-sale: | |||||||||||||||
Realized gains on securities transactions | $ | 1,036 | $ | 3,516 | $ | 21,425 | Securities gains, net | ||||||||
Income taxes | (393 | ) | (1,336 | ) | (8,142 | ) | Income tax provision | ||||||||
Net of tax | $ | 643 | $ | 2,180 | $ | 13,283 | |||||||||
Amortization of Defined Benefit Pension Items: | |||||||||||||||
Prior service costs | $ | 891 | $ | — | $ | — | |||||||||
Transition obligation | 246 | — | — | ||||||||||||
Actuarial losses | 991 | — | — | ||||||||||||
Total before tax | $ | 2,128 | $ | — | $ | — | Salaries, benefits and other compensation | ||||||||
Income taxes | (809 | ) | — | — | Income tax provision | ||||||||||
Net of tax | $ | 1,319 | $ | — | $ | — | |||||||||
Total reclassifications | $ | (676 | ) | $ | 2,180 | $ | 13,283 | ||||||||
Quarterly_Financial_Summary_Ta
Quarterly Financial Summary (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Summary | QUARTERLY FINANCIAL SUMMARY (Unaudited) | ||||||||||||||||||||||||||||||||
Three months ended | 12/31/14 | 9/30/14 | 6/30/14 | 3/31/14 | 12/31/13 | 9/30/13 | 6/30/13 | 3/31/13 | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||||||||||||||||||
Interest income | $ | 42,340 | $ | 40,799 | $ | 39,413 | $ | 37,785 | $ | 38,333 | $ | 37,116 | $ | 35,882 | $ | 35,591 | |||||||||||||||||
Interest expense | 4,101 | 4,052 | 3,936 | 3,741 | 3,787 | 3,710 | 3,826 | 4,011 | |||||||||||||||||||||||||
Net interest income | 38,239 | 36,747 | 35,477 | 34,044 | 34,546 | 33,406 | 32,056 | 31,580 | |||||||||||||||||||||||||
Provision for loan losses | 567 | 333 | 50 | 2,630 | 1,292 | 1,969 | 1,680 | 2,231 | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 37,672 | 36,414 | 35,427 | 31,414 | 33,254 | 31,437 | 30,376 | 29,349 | |||||||||||||||||||||||||
Noninterest income | 19,987 | 20,304 | 19,623 | 18,364 | 19,796 | 22,742 | 19,539 | 18,074 | |||||||||||||||||||||||||
Noninterest expenses | 38,666 | 39,457 | 35,518 | 34,178 | 34,598 | 32,809 | 33,152 | 32,370 | |||||||||||||||||||||||||
Income (loss) before taxes | 18,993 | 17,261 | 19,532 | 15,600 | 18,452 | 21,370 | 16,763 | 15,053 | |||||||||||||||||||||||||
Income tax provision (benefit) | 6,285 | 5,848 | 6,807 | (1,311 | ) | 6,378 | 7,210 | 5,855 | 5,313 | ||||||||||||||||||||||||
Net Income | 12,708 | 11,413 | 12,725 | 16,911 | 12,074 | 14,160 | 10,908 | 9,740 | |||||||||||||||||||||||||
Dividends on preferred stock and accretion of discount | — | — | — | — | — | 332 | 609 | 692 | |||||||||||||||||||||||||
Net Income (loss) allocable to common stockholders | $ | 12,708 | $ | 11,413 | $ | 12,725 | $ | 16,911 | $ | 12,074 | $ | 13,828 | $ | 10,299 | $ | 9,048 | |||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||
Basic | 1.35 | 1.26 | 1.43 | 1.9 | 1.36 | 1.57 | 1.17 | 1.03 | |||||||||||||||||||||||||
Diluted | 1.32 | 1.23 | 1.39 | 1.85 | 1.33 | 1.54 | 1.16 | 1.02 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Payments | |||
Entity | |||
Securities | |||
Office | |||
Accounting Policies [Line Items] | |||
Number of banking offices | 55 | ||
Number of consolidated variable interest entity | 1 | ||
Number of securities are classified | 3 | ||
Minimum number of days principal or interest to be considered past due | 90 days | ||
Number of consecutive payments for borrower status to be normal, as per consistent repayment record | 6 | ||
Additional charges related to assets acquired through foreclosure | $672,000 | $592,000 | $4,300,000 |
Maturity of federal funds purchased | 90 days | ||
Settlement of realized tax position | 50.00% | ||
Computer Equipment [Member] | |||
Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Furniture and Equipment [Member] | |||
Accounting Policies [Line Items] | |||
Estimated useful life | 5 years | ||
Building Renovations [Member] | |||
Accounting Policies [Line Items] | |||
Estimated useful life | 10 years | ||
Residential Real Estate [Member] | |||
Accounting Policies [Line Items] | |||
Additional charges related to assets acquired through foreclosure | 4,400,000 | ||
WSFS Financial Corporation [Member] | |||
Accounting Policies [Line Items] | |||
Number of wholly-owned subsidiaries | 2 | ||
Cypress [Member] | |||
Accounting Policies [Line Items] | |||
Assets under management | 661,000,000 | 614,000,000 | |
WSFS Capital Trust III [Member] | |||
Accounting Policies [Line Items] | |||
Amount of aggregate principal issued | 67,000,000 | ||
Trust preferred securities redeemed | $51,500,000 | ||
Delaware [Member] | |||
Accounting Policies [Line Items] | |||
Number of banking offices | 45 | ||
Pennsylvania [Member] | |||
Accounting Policies [Line Items] | |||
Number of banking offices | 8 | ||
Virginia [Member] | |||
Accounting Policies [Line Items] | |||
Number of banking offices | 1 | ||
Nevada [Member] | |||
Accounting Policies [Line Items] | |||
Number of banking offices | 1 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income allocable to common shareholders | $12,708 | $11,413 | $12,725 | $16,911 | $12,074 | $13,828 | $10,299 | $9,048 | $53,757 | $45,249 | $28,541 |
Denominator: | |||||||||||
Denominator for basic earnings per share - weighted average shares | 9,073 | 8,818 | 8,712 | ||||||||
Effect of dilutive employee stock options, restricted stock and warrants | 230 | 125 | 78 | ||||||||
Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercised | 9,303 | 8,943 | 8,790 | ||||||||
Basic: | |||||||||||
Net income allocable to common shareholders | $1.35 | $1.26 | $1.43 | $1.90 | $1.36 | $1.57 | $1.17 | $1.03 | $5.92 | $5.13 | $3.28 |
Diluted: | |||||||||||
Net income allocable to common shareholders | $1.32 | $1.23 | $1.39 | $1.85 | $1.33 | $1.54 | $1.16 | $1.02 | $5.78 | $5.06 | $3.25 |
Outstanding common stock equivalents having no dilutive effect | 42 | 441 | 276 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Sep. 05, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 25, 2013 | Jul. 31, 2014 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | |||||||
Cash paid to FNBW stockholders | $32,028,000 | ||||||
Common stock shares issued | 452,661 | ||||||
Transaction value, cash and stock | 64,936,000 | ||||||
Goodwill resulting from acquisition of FNBW | 48,651,000 | 32,235,000 | 28,146,000 | ||||
Fair value on non-impaired acquired loans | 158,700,000 | ||||||
Fair value of acquired impaired loans | 17,340,000 | ||||||
Fair value of investment portfolio | 41,822,000 | ||||||
Business combination, deferred tax asset fair market value adjustment | 3,139,000 | ||||||
Salary and benefits | 76,387,000 | 70,866,000 | 66,047,000 | ||||
Data processing expense | 6,105,000 | 5,924,000 | 5,581,000 | ||||
Marketing expense | 2,403,000 | 2,428,000 | 2,656,000 | ||||
Professional fees | 6,797,000 | 4,016,000 | 4,109,000 | ||||
Intangible assets recognized | 3,240,000 | ||||||
Non Impaired Loans At Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Contractual balance on acquired loans | 163,700,000 | ||||||
Impaired Loans At Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Gross contractual loans on impaired loans | 24,200,000 | 24,200,000 | |||||
First Wyoming Financial Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid to FNBW stockholders | 32,000,000 | ||||||
Common stock shares issued | 452,661 | ||||||
Goodwill resulting from acquisition of FNBW | 16,370,000 | 16,370,000 | 16,467,000 | ||||
Fair value of investment portfolio | 41,800,000 | ||||||
Fair value of investment portfolio sold at acquisition | 31,500,000 | ||||||
Business combination, deferred tax asset fair market value adjustment | 3,100,000 | 3,100,000 | |||||
Intangible assets recognized | 3,200,000 | ||||||
First Wyoming Financial Corporation [Member] | Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Core deposit intangibles | 3,200,000 | ||||||
Amortized period | 10 years | ||||||
First Wyoming Financial Corporation [Member] | Acquisition Related Costs [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Integration expenses | 3,800,000 | ||||||
Salary and benefits | 1,100,000 | ||||||
Data processing expense | 1,400,000 | ||||||
Marketing expense | 296,000 | ||||||
Professional fees | 690,000 | ||||||
First Wyoming Financial Corporation [Member] | NASDAQ Stock Market [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Closing share price | $72.70 | ||||||
Array Financial Group, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Transaction value, cash and stock | 8,145,000 | ||||||
Goodwill resulting from acquisition of FNBW | 4,135,000 | 4,089,000 | 4,135,000 | ||||
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 | 2,200,000 | ||||||
Intangible assets recognized | $2,400,000 | $2,353,000 | |||||
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 | ||||||
In Thousands, unless otherwise specified | Sep. 05, 2014 | Nov. 25, 2013 | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 |
Consideration Paid: | |||||||
Common shares issued (452,661) | $32,908 | ||||||
Cash paid to FNBW stockholders | 32,028 | ||||||
Value of consideration | 64,936 | ||||||
Assets acquired: | |||||||
Cash | 40,605 | ||||||
Investment securities | 41,822 | ||||||
Loans | 175,966 | ||||||
Fixed assets | 1,644 | ||||||
Deferred income taxes | 3,139 | ||||||
Bank owned life insurance | 12,624 | ||||||
Core deposit intangible | 3,240 | ||||||
Other Real Estate Owned | 1,641 | ||||||
Other assets | 4,771 | ||||||
Total assets | 285,452 | ||||||
Liabilities assumed: | |||||||
Deposits | 228,844 | ||||||
FHLB advances | 5,052 | ||||||
Other liabilities | 2,990 | ||||||
Total liabilities | 236,886 | ||||||
Net assets acquired | 48,566 | ||||||
Goodwill resulting from acquisition of Array Financial Group, Inc. and Arrow Land Transfer Company Acquisition: | 48,651 | 32,235 | 28,146 | ||||
First Wyoming Financial Corporation [Member] | |||||||
Consideration Paid: | |||||||
Cash paid to FNBW stockholders | 32,000 | ||||||
Assets acquired: | |||||||
Investment securities | 41,800 | ||||||
Deferred income taxes | 3,100 | 3,100 | |||||
Core deposit intangible | 3,200 | ||||||
Liabilities assumed: | |||||||
Goodwill resulting from acquisition of Array Financial Group, Inc. and Arrow Land Transfer Company Acquisition: | 16,370 | 16,370 | 16,467 | ||||
Array Financial Group, Inc. [Member] | |||||||
Consideration Paid: | |||||||
Cash paid at closing | 5,374 | ||||||
Fair value of contingent consideration | 2,771 | ||||||
Value of consideration | 8,145 | ||||||
Assets acquired: | |||||||
Cash | 1,185 | ||||||
Accounts receivable | 220 | ||||||
Fixed assets | 148 | ||||||
Loans held-for-sale | 10,096 | ||||||
Core deposit intangible | 2,353 | 2,400 | |||||
Other assets | 338 | ||||||
Total assets | 14,340 | ||||||
Liabilities assumed: | |||||||
Warehouse line of credit | 10,067 | ||||||
Accounts payable | 60 | ||||||
Other liabilities | 203 | ||||||
Total liabilities | 10,330 | ||||||
Net assets acquired | 4,010 | ||||||
Goodwill resulting from acquisition of Array Financial Group, Inc. and Arrow Land Transfer Company Acquisition: | $4,135 | $4,135 | $4,089 |
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 | 452,661 |
Business_Combinations_Summary_2
Business Combinations - Summary of Effect on Goodwill from Changes in Derivative Assets and Liabilities (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 05, 2014 |
Business Acquisition [Line Items] | |||||||
Goodwill, Beginning balance | $32,235 | $28,146 | |||||
Goodwill, Ending balance | 48,651 | 48,651 | 32,235 | 28,146 | |||
Array Financial Group, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill, Beginning balance | 4,089 | 4,135 | |||||
Goodwill, Ending balance | 4,135 | 4,135 | 4,089 | 4,135 | |||
Array Financial Group, Inc. [Member] | Other Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effect of adjustments | -338 | ||||||
Array Financial Group, Inc. [Member] | Contingent Liabilities [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effect of adjustments | 181 | ||||||
Array Financial Group, Inc. [Member] | Other Liabilities [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effect of adjustments | 203 | ||||||
First Wyoming Financial Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill, Beginning balance | 16,467 | 16,370 | |||||
Goodwill, Ending balance | 16,370 | 16,370 | 16,467 | 16,370 | |||
First Wyoming Financial Corporation [Member] | Final Purchase Price [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effect of adjustments | -9 | ||||||
First Wyoming Financial Corporation [Member] | Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effect of adjustments | -187 | ||||||
First Wyoming Financial Corporation [Member] | Liability [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effect of adjustments | $99 |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $739,404 | $850,699 |
Gross Unrealized Gains | 4,314 | 1,170 |
Gross Unrealized Losses | -3,594 | -34,754 |
Fair Value | 740,124 | 817,115 |
Held-to-maturity Securities, Amortized Cost | 126,168 | 0 |
Held-to-maturity Securities, Fair Value | 126,171 | |
Collateralized Mortgage Obligation (CMO) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 193,672 | 103,064 |
Gross Unrealized Gains | 874 | 28 |
Gross Unrealized Losses | -1,614 | -5,535 |
Fair Value | 192,932 | 97,557 |
Federal National Mortgage Association (FNMA) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 291,606 | 382,909 |
Gross Unrealized Gains | 2,053 | 20 |
Gross Unrealized Losses | -1,106 | -15,801 |
Fair Value | 292,553 | 367,128 |
Federal Home Loan Mortgage Corporation (FHLMC) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 146,742 | 129,460 |
Gross Unrealized Gains | 672 | 29 |
Gross Unrealized Losses | -532 | -4,994 |
Fair Value | 146,882 | 124,495 |
Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 77,364 | 97,830 |
Gross Unrealized Gains | 701 | 743 |
Gross Unrealized Losses | -268 | -2,981 |
Fair Value | 77,797 | 95,592 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 105,354 | |
Gross Unrealized Gains | 257 | |
Gross Unrealized Losses | -5,426 | |
Fair Value | 100,185 | |
Held-to-maturity Securities, Amortized Cost | 126,168 | |
Held-to-maturity Securities, Gross Unrealized Gains | 3 | |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | |
Held-to-maturity Securities, Fair Value | 126,171 | |
U.S. Government and Government Sponsored Enterprises (GSE) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 30,020 | 32,082 |
Gross Unrealized Gains | 14 | 93 |
Gross Unrealized Losses | -74 | -17 |
Fair Value | $29,960 | $32,158 |
Investment_Securities_Schedule1
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $739,404 | $850,699 |
Collateralized Mortgage Obligation (CMO) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $193,672 | $103,064 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 05, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities, held-to-maturity | $126,168,000 | $0 | ||
Securities transferred from available-for-sale to held-to-maturity, unrealized gain | 3,559,000 | |||
Securities pledged as collateral | 470,400,000 | 447,700,000 | 486,900,000 | |
FHLB pledged investment securities | 0 | 0 | 0 | |
Proceeds from sale of investment securities | 227,700,000 | 274,100,000 | ||
Net gains from sale of investment securities | 1,000,000 | 3,500,000 | ||
Gains from sale of investment securities | 1,100,000 | 3,700,000 | ||
Losses from sale of investment securities | 60,000 | 230,000 | ||
Unamortized premiums | 22,400,000 | |||
Unaccreted discounts | 188,000 | |||
Held-to-maturity securities, unrealized loss | 0 | |||
Owned investment securities | 330,754,000 | 747,718,000 | ||
Total unrealized losses on securities | 3,594,000 | 34,754,000 | ||
Municipal Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Number of securities transferred from available-for-sale to held-to-maturity | 161 | |||
Securities transferred from available-for-sale to held-to-maturity, Fair value | 124,900,000 | |||
Securities transferred from available-for-sale to held-to-maturity, unrealized gain | 3,600,000 | |||
Bond [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair market value of investment | 1,300,000 | |||
Municipal Bond [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair market value of investment | 179,000 | |||
Mortgage-Backed Securities ("MBS") [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Weighted average duration of MBS portfolio | 4 years | |||
OTTI on evaluation of securities | $0 |
Investment_Securities_Schedule2
Investment Securities - Schedule of Amortized Cost of Held to Investments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Original Cost | $122,609 | |
Held-to-maturity Securities, Unrealized Gain at Transfer | 3,559 | |
Held-to-maturity Securities, Accretion | 0 | |
Held-to-maturity Securities, Amortized Cost | 126,168 | 0 |
Transferred Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Original Cost | 121,314 | |
Held-to-maturity Securities, Unrealized Gain at Transfer | 3,559 | |
Held-to-maturity Securities, Accretion | 0 | |
Held-to-maturity Securities, Amortized Cost | 124,873 | |
Other Held-to-Maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Original Cost | 1,295 | |
Held-to-maturity Securities, Accretion | 0 | |
Held-to-maturity Securities, Amortized Cost | $1,295 |
Investment_Securities_Schedule3
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $739,404 | $850,699 |
Available-for-sale Securities, Fair Value | 740,124 | 817,115 |
Held-to-maturity Securities, Amortized Cost | 126,168 | 0 |
Held-to-maturity Securities, Fair Value | 126,171 | |
Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 10,000 | 16,319 |
Available-for-sale Securities, Fair Value | 10,014 | 16,378 |
Held-to-maturity Securities, Amortized Cost | 3,608 | |
Held-to-maturity Securities, Fair Value | 3,608 | |
After One Year But Within Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 20,020 | 19,761 |
Available-for-sale Securities, Fair Value | 19,946 | 19,986 |
Held-to-maturity Securities, Amortized Cost | 6,217 | |
Held-to-maturity Securities, Fair Value | 6,217 | |
After Five Years But Within Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 134,453 | 229,033 |
Available-for-sale Securities, Fair Value | 133,395 | 217,911 |
Held-to-maturity Securities, Amortized Cost | 9,733 | |
Held-to-maturity Securities, Fair Value | 9,736 | |
After Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 574,931 | 585,586 |
Available-for-sale Securities, Fair Value | 576,769 | 562,840 |
Held-to-maturity Securities, Amortized Cost | 106,610 | |
Held-to-maturity Securities, Fair Value | $106,610 |
Investment_Securities_Schedule4
Investment Securities - Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | $59,338 | $680,191 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 236 | 30,443 |
Available-for-sale securities, 12 months or longer, Fair Value | 271,416 | 67,527 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 3,358 | 4,311 |
Available-for-sale securities, Total, Fair Value | 330,754 | 747,718 |
Available-for-sale securities, Total, Unrealized Loss | 3,594 | 34,754 |
Collateralized Mortgage Obligation (CMO) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 15,492 | 73,109 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 108 | 4,173 |
Available-for-sale securities, 12 months or longer, Fair Value | 61,630 | 21,590 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 1,506 | 1,362 |
Available-for-sale securities, Total, Fair Value | 77,122 | 94,699 |
Available-for-sale securities, Total, Unrealized Loss | 1,614 | 5,535 |
Federal National Mortgage Association (FNMA) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 346,266 | |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 14,386 | |
Available-for-sale securities, 12 months or longer, Fair Value | 103,207 | 17,800 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 1,106 | 1,415 |
Available-for-sale securities, Total, Fair Value | 103,207 | 364,066 |
Available-for-sale securities, Total, Unrealized Loss | 1,106 | 15,801 |
Federal Home Loan Mortgage Corporation (FHLMC) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 23,901 | 116,732 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 54 | 4,548 |
Available-for-sale securities, 12 months or longer, Fair Value | 58,267 | 7,307 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 478 | 446 |
Available-for-sale securities, Total, Fair Value | 82,168 | 124,039 |
Available-for-sale securities, Total, Unrealized Loss | 532 | 4,994 |
Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 57,076 | |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 1,897 | |
Available-for-sale securities, 12 months or longer, Fair Value | 48,312 | 18,829 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 268 | 1,084 |
Available-for-sale securities, Total, Fair Value | 48,312 | 75,905 |
Available-for-sale securities, Total, Unrealized Loss | 268 | 2,981 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 83,036 | |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 5,426 | |
Available-for-sale securities, Total, Fair Value | 83,036 | |
Available-for-sale securities, Total, Unrealized Loss | 5,426 | |
U.S. Government and Government Sponsored Enterprises (GSE) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 19,945 | 3,972 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 74 | 13 |
Available-for-sale securities, 12 months or longer, Fair Value | 2,001 | |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 4 | |
Available-for-sale securities, Total, Fair Value | 19,945 | 5,973 |
Available-for-sale securities, Total, Unrealized Loss | $74 | $17 |
Acquired_Credit_Impaired_Loans2
Acquired Credit Impaired Loans - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Sep. 05, 2014 | |
SecurityLoan | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for loan losses | $15,893,000 | |
First Wyoming Financial Corporation [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Acquired impaired loans | 24,200,000 | |
Impaired loans acquired date | 5-Sep-14 | |
Allowance for loan losses | 0 | |
Number of loans acquired | 3 | |
Allowance for loan losses, description | At December 31, 2014, there were three acquired loans accounted for under ASC 310-20 classified as nonaccrual loans with a carrying value of $217,000. There is no 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. | |
Loans classified as non accrual loans carrying value | $217,000 |
Acquired_Credit_Impaired_Loans3
Acquired Credit Impaired Loans - Schedule of Loans Accounted in Accordance with ASC 310-30 (Detail) (USD $) | Dec. 31, 2014 | Sep. 05, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Contractually required principal and interest at acquisition | $27,100 | $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 Loans Accounted in Accordance with ASC 310-30 (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Sep. 05, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractual interest to be received | $27,100,000 | $27,086,000 |
Impaired Loans At Acquisition [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractual interest to be received on impaired loans | $24,200,000 | $24,200,000 |
Acquired_Credit_Impaired_Loans5
Acquired Credit Impaired Loans - Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Receivables [Abstract] | |
Outstanding principal balance | $22,752 |
Carrying amount | 15,893 |
Allowance for Loan Loss | $0 |
Acquired_Credit_Impaired_Loans6
Acquired Credit Impaired Loans - Summary of Changes in Accretable Yield on Acquired Credit Impaired Loans (Detail) (USD $) | 4 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Receivables [Abstract] | |
Beginning balance | $1,790 |
Accretion | -250 |
Reclassification from nonaccretable difference | 0 |
Additions/adjustments | -42 |
Disposals | 0 |
Ending balance | $1,498 |
Loans_Summary_of_Loan_Portfoli
Loans - Summary of Loan Portfolio by Category (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | |||
Gross loans | $3,202,498 | $2,952,263 | |
Deferred fees, net | 6,420 | 6,043 | |
Allowance for loan losses | 39,426 | 41,244 | 43,922 |
Net loans | 3,156,652 | 2,904,976 | |
Commercial Loan Commitments [Member] | |||
Loans [Line Items] | |||
Gross loans | 920,072 | 810,882 | |
Allowance for loan losses | 12,837 | 12,751 | 13,663 |
Owner Occupied Commercial [Member] | |||
Loans [Line Items] | |||
Gross loans | 788,598 | 786,360 | |
Allowance for loan losses | 6,643 | 7,638 | 6,108 |
Construction Loans [Member] | |||
Loans [Line Items] | |||
Gross loans | 142,497 | 106,074 | |
Consumer Loan Commitments [Member] | |||
Loans [Line Items] | |||
Gross loans | 327,543 | 302,234 | |
Commercial Mortgage [Member] | Real Estate Mortgage Loans [Member] | |||
Loans [Line Items] | |||
Gross loans | 805,459 | 725,193 | |
Residential (1-4 Family) [Member] | Real Estate Mortgage Loans [Member] | |||
Loans [Line Items] | |||
Gross loans | $218,329 | $221,520 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loans [Line Items] | |||
Nonaccruing loans | $24,100,000 | $31,000,000 | $47,800,000 |
Potential increase in net interest income | 800,000 | 1,000,000 | 1,600,000 |
Accrued interest receivable | 11,782,000 | 10,798,000 | |
Loans receivable [Member] | |||
Loans [Line Items] | |||
Accrued interest receivable | 8,500,000 | 7,800,000 | |
First Mortgage [Member] | |||
Loans [Line Items] | |||
Amounts of loans serviced | 153,300,000 | 229,800,000 | 263,400,000 |
Fees from servicing of loans | 285,000 | 342,000 | 359,000 |
Value of mortgage servicing rights | 321,000 | 419,000 | |
First Mortgage [Member] | Servicing rights [Member] | |||
Loans [Line Items] | |||
Net income (loss) expense | ($98,000) | $178,000 |
Allowance_for_Loan_Losses_and_2
Allowance for Loan Losses and Credit Quality Information - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
SecurityLoan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net charge-offs | $5,400,000 | $9,900,000 |
Percentage of average loans annualized, charged-offs | 0.18% | 0.34% |
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. | |
Special adjustment factor in reserves | 1,200,000 | |
Reserve for construction loans, percent | 1.25% | |
Adjustment in basis points | 0.08% | |
Basis points | 0.05% | |
Interest income on impaired loans | 1,800,000 | 922,000 |
Balance of troubled debt restructurings | 36,200,000 | 27,600,000 |
TDRs in nonaccrual status | 13,600,000 | 15,300,000 |
TDRs in accrual status | 22,600,000 | 12,300,000 |
Troubled debt restructuring related reserves | 4,200,000 | 4,100,000 |
Number of term loans modified in troubled debt restructurings, commercial loans | 7 | |
Number of term loans modified in troubled debt restructurings, residential and consumer loans | 18 | |
Number of term loans modified in troubled debt restructurings extensions of maturities | 8 | |
Number of term loans modified in troubled debt restructurings reduction in interest rates | 7 | |
Number of term loans modified in troubled debt restructurings reduction in interest rates with extension of maturities | 4 | |
Number of term loans modified in troubled debt restructurings of bankruptcies | 4 | |
Number of term loans modified in troubled debt restructurings of forbearance agreements | 2 | |
Usual sustained repayment performance period | 6 months | |
Increase in allowance for loan losses | 2,200,000 | 82,000 |
Troubled debt restructurings charged off | $54,000 | $381,000 |
Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Period for impairment loans | 90 days | |
Economic relative average period for further reduction factor | 3 years | |
Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Economic relative average period for further reduction factor | 5 years | |
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 | 25 | |
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 year 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 | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Beginning balance | $41,244,000 | $43,922,000 | $41,244,000 | $43,922,000 | |||||||
Charge-offs | -8,851,000 | -13,664,000 | |||||||||
Recoveries | 3,453,000 | 3,814,000 | |||||||||
Provision (credit) for loan losses | 567,000 | 333,000 | 50,000 | 2,630,000 | 1,292,000 | 1,969,000 | 1,680,000 | 2,231,000 | 3,580,000 | 7,172,000 | 32,053,000 |
Ending balance | 39,426,000 | 41,244,000 | 39,426,000 | 41,244,000 | 43,922,000 | ||||||
Loans individually evaluated for impairment | 5,317,000 | 4,903,000 | 5,317,000 | 4,903,000 | |||||||
Loans collectively evaluated for impairment | 34,109,000 | 36,341,000 | 34,109,000 | 36,341,000 | |||||||
Ending balance | 39,426,000 | 41,244,000 | 39,426,000 | 41,244,000 | |||||||
Loans individually evaluated for impairment | 46,651,000 | 43,282,000 | 46,651,000 | 43,282,000 | |||||||
Loans collectively evaluated for impairment | 2,994,180,000 | 2,908,981,000 | 2,994,180,000 | 2,908,981,000 | |||||||
Acquired nonimpaired loans | 145,774,000 | 145,774,000 | |||||||||
Acquired impaired loans | 15,893,000 | ||||||||||
Ending balance | 3,202,498,000 | 2,952,263,000 | 3,202,498,000 | 2,952,263,000 | |||||||
Commercial Loan Commitments [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Beginning balance | 12,751,000 | 13,663,000 | 12,751,000 | 13,663,000 | |||||||
Charge-offs | -3,587,000 | -2,636,000 | |||||||||
Recoveries | 1,611,000 | 1,003,000 | |||||||||
Provision (credit) for loan losses | 2,062,000 | 721,000 | |||||||||
Ending balance | 12,837,000 | 12,751,000 | 12,837,000 | 12,751,000 | |||||||
Loans individually evaluated for impairment | 3,034,000 | 1,781,000 | 3,034,000 | 1,781,000 | |||||||
Loans collectively evaluated for impairment | 9,803,000 | 10,970,000 | 9,803,000 | 10,970,000 | |||||||
Ending balance | 12,837,000 | 12,751,000 | 12,837,000 | 12,751,000 | |||||||
Loans individually evaluated for impairment | 12,381,000 | 5,003,000 | 12,381,000 | 5,003,000 | |||||||
Loans collectively evaluated for impairment | 872,398,000 | 805,879,000 | 872,398,000 | 805,879,000 | |||||||
Acquired nonimpaired loans | 32,024,000 | 32,024,000 | |||||||||
Acquired impaired loans | 3,269,000 | ||||||||||
Ending balance | 920,072,000 | 810,882,000 | 920,072,000 | 810,882,000 | |||||||
Owner Occupied Commercial [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Beginning balance | 7,638,000 | 6,108,000 | 7,638,000 | 6,108,000 | |||||||
Charge-offs | -1,085,000 | -1,225,000 | |||||||||
Recoveries | 249,000 | 128,000 | |||||||||
Provision (credit) for loan losses | -159,000 | 2,627,000 | |||||||||
Ending balance | 6,643,000 | 7,638,000 | 6,643,000 | 7,638,000 | |||||||
Loans individually evaluated for impairment | 609,000 | 12,000 | 609,000 | 12,000 | |||||||
Loans collectively evaluated for impairment | 6,034,000 | 7,626,000 | 6,034,000 | 7,626,000 | |||||||
Ending balance | 6,643,000 | 7,638,000 | 6,643,000 | 7,638,000 | |||||||
Loans individually evaluated for impairment | 2,474,000 | 5,197,000 | 2,474,000 | 5,197,000 | |||||||
Loans collectively evaluated for impairment | 743,680,000 | 781,163,000 | 743,680,000 | 781,163,000 | |||||||
Acquired nonimpaired loans | 40,180,000 | 40,180,000 | |||||||||
Acquired impaired loans | 2,264,000 | ||||||||||
Ending balance | 788,598,000 | 786,360,000 | 788,598,000 | 786,360,000 | |||||||
Commercial Mortgages [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Beginning balance | 6,932,000 | 8,079,000 | 6,932,000 | 8,079,000 | |||||||
Charge-offs | -425,000 | -1,915,000 | |||||||||
Recoveries | 202,000 | 685,000 | |||||||||
Provision (credit) for loan losses | 557,000 | 83,000 | |||||||||
Ending balance | 7,266,000 | 6,932,000 | 7,266,000 | 6,932,000 | |||||||
Loans individually evaluated for impairment | 319,000 | 1,987,000 | 319,000 | 1,987,000 | |||||||
Loans collectively evaluated for impairment | 6,947,000 | 4,945,000 | 6,947,000 | 4,945,000 | |||||||
Ending balance | 7,266,000 | 6,932,000 | 7,266,000 | 6,932,000 | |||||||
Loans individually evaluated for impairment | 8,335,000 | 8,661,000 | 8,335,000 | 8,661,000 | |||||||
Loans collectively evaluated for impairment | 753,451,000 | 716,532,000 | 753,451,000 | 716,532,000 | |||||||
Acquired nonimpaired loans | 37,697,000 | 37,697,000 | |||||||||
Acquired impaired loans | 5,976,000 | ||||||||||
Ending balance | 805,459,000 | 725,193,000 | 805,459,000 | 725,193,000 | |||||||
Construction Loan Commitments [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Beginning balance | 3,326,000 | 6,456,000 | 3,326,000 | 6,456,000 | |||||||
Charge-offs | -88,000 | -1,749,000 | |||||||||
Recoveries | 242,000 | 989,000 | |||||||||
Provision (credit) for loan losses | -884,000 | -2,370,000 | |||||||||
Ending balance | 2,596,000 | 3,326,000 | 2,596,000 | 3,326,000 | |||||||
Loans individually evaluated for impairment | 334,000 | 334,000 | |||||||||
Loans collectively evaluated for impairment | 2,262,000 | 3,326,000 | 2,262,000 | 3,326,000 | |||||||
Ending balance | 2,596,000 | 3,326,000 | 2,596,000 | 3,326,000 | |||||||
Loans individually evaluated for impairment | 1,419,000 | 1,158,000 | 1,419,000 | 1,158,000 | |||||||
Loans collectively evaluated for impairment | 127,324,000 | 104,916,000 | 127,324,000 | 104,916,000 | |||||||
Acquired nonimpaired loans | 9,891,000 | 9,891,000 | |||||||||
Acquired impaired loans | 3,863,000 | ||||||||||
Ending balance | 142,497,000 | 106,074,000 | 142,497,000 | 106,074,000 | |||||||
Residential [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Beginning balance | 3,078,000 | 3,124,000 | 3,078,000 | 3,124,000 | |||||||
Charge-offs | -811,000 | -1,226,000 | |||||||||
Recoveries | 168,000 | 122,000 | |||||||||
Provision (credit) for loan losses | 88,000 | 1,058,000 | |||||||||
Ending balance | 2,523,000 | 3,078,000 | 2,523,000 | 3,078,000 | |||||||
Loans individually evaluated for impairment | 790,000 | 989,000 | 790,000 | 989,000 | |||||||
Loans collectively evaluated for impairment | 1,733,000 | 2,089,000 | 1,733,000 | 2,089,000 | |||||||
Ending balance | 2,523,000 | 3,078,000 | 2,523,000 | 3,078,000 | |||||||
Loans individually evaluated for impairment | 15,666,000 | 17,852,000 | 15,666,000 | 17,852,000 | |||||||
Loans collectively evaluated for impairment | 184,788,000 | 203,668,000 | 184,788,000 | 203,668,000 | |||||||
Acquired nonimpaired loans | 17,363,000 | 17,363,000 | |||||||||
Acquired impaired loans | 512,000 | ||||||||||
Ending balance | 218,329,000 | 221,520,000 | 218,329,000 | 221,520,000 | |||||||
Consumer Loan Commitments [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Beginning balance | 6,494,000 | 5,631,000 | 6,494,000 | 5,631,000 | |||||||
Charge-offs | -2,855,000 | -4,913,000 | |||||||||
Recoveries | 981,000 | 887,000 | |||||||||
Provision (credit) for loan losses | 1,421,000 | 4,889,000 | |||||||||
Ending balance | 6,041,000 | 6,494,000 | 6,041,000 | 6,494,000 | |||||||
Loans individually evaluated for impairment | 231,000 | 134,000 | 231,000 | 134,000 | |||||||
Loans collectively evaluated for impairment | 5,810,000 | 6,360,000 | 5,810,000 | 6,360,000 | |||||||
Ending balance | 6,041,000 | 6,494,000 | 6,041,000 | 6,494,000 | |||||||
Loans individually evaluated for impairment | 6,376,000 | 5,411,000 | 6,376,000 | 5,411,000 | |||||||
Loans collectively evaluated for impairment | 312,539,000 | 296,823,000 | 312,539,000 | 296,823,000 | |||||||
Acquired nonimpaired loans | 8,619,000 | 8,619,000 | |||||||||
Acquired impaired loans | 9,000 | ||||||||||
Ending balance | 327,543,000 | 302,234,000 | 327,543,000 | 302,234,000 | |||||||
Complexity Risk [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Beginning balance | 1,025,000 | 861,000 | 1,025,000 | 861,000 | |||||||
Provision (credit) for loan losses | 495,000 | 164,000 | |||||||||
Ending balance | 1,520,000 | 1,025,000 | 1,520,000 | 1,025,000 | |||||||
Loans collectively evaluated for impairment | 1,520,000 | 1,025,000 | 1,520,000 | 1,025,000 | |||||||
Ending balance | $1,520,000 | $1,025,000 | $1,520,000 | $1,025,000 |
Allowance_for_Loan_Losses_and_4
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ||
Accrued troubled debt restructured loans | $22.60 | $12.30 |
Deferred costs | $6.40 | $6 |
Allowance_for_Loan_Losses_and_5
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due and Still Accruing, Total | $6,431,000 | $5,115,000 |
60-89 Days Past Due and Still Accruing, Total | 946,000 | 2,574,000 |
Greater Than 90 Days Past Due and Still Accruing, Total | 4,000 | 533,000 |
Total Past Due And Still Accruing, Total | 7,381,000 | 8,222,000 |
Accruing Current Balances, Total | 3,155,173,000 | 2,913,093,000 |
Acquired Impaired Loans ,Total | 15,893,000 | |
Nonaccrual Loans, Total | 24,051,000 | 30,948,000 |
Total Loans | 3,202,498,000 | 2,952,263,000 |
30-59 Days Past Due and Still Accruing, % of Total Loans | 0.20% | 0.17% |
60-89 Days Past Due and Still Accruing, % of Total Loans | 0.03% | 0.09% |
Greater Than 90 Days Past Due and Still Accruing, % of Total Loans | 0.00% | 0.02% |
Total Past Due And Still Accruing, % of Total Loans | 0.23% | 0.28% |
Accruing Current Balances, % of Total Loans | 98.52% | 98.67% |
Acquired Impaired Loans, % of Total Loans | 0.50% | |
Nonaccrual Loans, % of Total Loans | 0.75% | 1.05% |
% of Total Loans | 100.00% | 100.00% |
Commercial Loan Commitments [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due and Still Accruing, Total | 715,000 | 1,447,000 |
Total Past Due And Still Accruing, Total | 715,000 | 1,447,000 |
Accruing Current Balances, Total | 913,382,000 | 805,132,000 |
Acquired Impaired Loans ,Total | 3,269,000 | |
Nonaccrual Loans, Total | 2,706,000 | 4,303,000 |
Total Loans | 920,072,000 | 810,882,000 |
Owner Occupied Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due and Still Accruing, Total | 393,000 | 538,000 |
Total Past Due And Still Accruing, Total | 393,000 | 538,000 |
Accruing Current Balances, Total | 783,466,000 | 780,625,000 |
Acquired Impaired Loans ,Total | 2,264,000 | |
Nonaccrual Loans, Total | 2,475,000 | 5,197,000 |
Total Loans | 788,598,000 | 786,360,000 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due and Still Accruing, Total | 203,000 | 83,000 |
60-89 Days Past Due and Still Accruing, Total | 1,049,000 | |
Total Past Due And Still Accruing, Total | 203,000 | 1,132,000 |
Accruing Current Balances, Total | 791,035,000 | 715,496,000 |
Acquired Impaired Loans ,Total | 5,976,000 | |
Nonaccrual Loans, Total | 8,245,000 | 8,565,000 |
Total Loans | 805,459,000 | 725,193,000 |
Construction Loan Commitments [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Current Balances, Total | 138,634,000 | 104,916,000 |
Acquired Impaired Loans ,Total | 3,863,000 | |
Nonaccrual Loans, Total | 1,158,000 | |
Total Loans | 142,497,000 | 106,074,000 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due and Still Accruing, Total | 3,879,000 | 1,952,000 |
60-89 Days Past Due and Still Accruing, Total | 604,000 | 1,348,000 |
Greater Than 90 Days Past Due and Still Accruing, Total | 533,000 | |
Total Past Due And Still Accruing, Total | 4,483,000 | 3,833,000 |
Accruing Current Balances, Total | 206,266,000 | 209,255,000 |
Acquired Impaired Loans ,Total | 512,000 | |
Nonaccrual Loans, Total | 7,068,000 | 8,432,000 |
Total Loans | 218,329,000 | 221,520,000 |
Consumer Loan Commitments [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due and Still Accruing, Total | 1,241,000 | 1,095,000 |
60-89 Days Past Due and Still Accruing, Total | 342,000 | 177,000 |
Greater Than 90 Days Past Due and Still Accruing, Total | 4,000 | |
Total Past Due And Still Accruing, Total | 1,587,000 | 1,272,000 |
Accruing Current Balances, Total | 322,390,000 | 297,669,000 |
Acquired Impaired Loans ,Total | 9,000 | |
Nonaccrual Loans, Total | 3,557,000 | 3,293,000 |
Total Loans | $327,543,000 | $302,234,000 |
Allowance_for_Loan_Losses_and_6
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Receivables [Abstract] | |
Acquired non-impaired loans | $145,774 |
Allowance_for_Loan_Losses_and_7
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | $46,651 | $43,282 |
Loans with No Related Reserve | 17,802 | 26,005 |
Loan with Related Reserve | 28,849 | 17,277 |
Related Reserve | 5,317 | 4,903 |
Contractual Principal Balance | 66,563 | 65,644 |
Average Loan Balances | 45,629 | 51,803 |
Commercial Loan Commitments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 12,381 | 5,003 |
Loans with No Related Reserve | 580 | 2,362 |
Loan with Related Reserve | 11,801 | 2,641 |
Related Reserve | 3,034 | 1,781 |
Contractual Principal Balance | 20,924 | 13,013 |
Average Loan Balances | 5,952 | 5,347 |
Owner Occupied Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 2,474 | 5,197 |
Loans with No Related Reserve | 1,865 | 5,184 |
Loan with Related Reserve | 609 | 12 |
Related Reserve | 609 | 12 |
Contractual Principal Balance | 3,708 | 8,293 |
Average Loan Balances | 4,461 | 11,542 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 8,335 | 8,661 |
Loans with No Related Reserve | 4,732 | 2,784 |
Loan with Related Reserve | 3,603 | 5,877 |
Related Reserve | 319 | 1,987 |
Contractual Principal Balance | 14,383 | 16,566 |
Average Loan Balances | 11,005 | 10,444 |
Construction Loan Commitments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 1,419 | 1,158 |
Loans with No Related Reserve | 1,158 | |
Loan with Related Reserve | 1,419 | |
Related Reserve | 334 | |
Contractual Principal Balance | 1,419 | 1,563 |
Average Loan Balances | 1,013 | 968 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 15,666 | 17,852 |
Loans with No Related Reserve | 7,068 | 9,750 |
Loan with Related Reserve | 8,598 | 8,103 |
Related Reserve | 790 | 989 |
Contractual Principal Balance | 18,967 | 20,153 |
Average Loan Balances | 17,296 | 18,047 |
Consumer Loan Commitments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 6,376 | 5,411 |
Loans with No Related Reserve | 3,557 | 4,767 |
Loan with Related Reserve | 2,819 | 644 |
Related Reserve | 231 | 134 |
Contractual Principal Balance | 7,162 | 6,056 |
Average Loan Balances | $5,902 | $5,455 |
Allowance_for_Loan_Losses_and_8
Allowance for Loan Losses and Credit Quality Information - Schedule of Commercial Credit Exposure (Detail) (USD $) | Dec. 31, 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 | $2,656,626 | $2,428,509 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 20,798 | 19,631 |
Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 67,065 | 113,732 |
Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 11,017 | 11,489 |
Doubtful / Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 4,296 | 8,530 |
Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 4.00% | 6.00% |
Total Commercial Loans | 103,176 | 153,382 |
Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 1.00% | |
Total Commercial Loans | 15,372 | |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 95.00% | 94.00% |
Total Commercial Loans | 2,538,078 | 2,275,127 |
Commercial Loan Commitments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 920,072 | 810,882 |
Commercial Loan Commitments [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 4,744 | 12,566 |
Commercial Loan Commitments [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 42,377 | 56,806 |
Commercial Loan Commitments [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,225 | 2,362 |
Commercial Loan Commitments [Member] | Doubtful / Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,034 | 2,641 |
Commercial Loan Commitments [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 51,380 | 74,375 |
Commercial Loan Commitments [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,269 | |
Commercial Loan Commitments [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 865,423 | 736,507 |
Owner Occupied Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 788,598 | 786,360 |
Owner Occupied Commercial [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 6,989 | 4,747 |
Owner Occupied Commercial [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 14,436 | 45,181 |
Owner Occupied Commercial [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,865 | 5,185 |
Owner Occupied Commercial [Member] | Doubtful / Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 609 | 12 |
Owner Occupied Commercial [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 23,899 | 55,125 |
Owner Occupied Commercial [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 2,264 | |
Owner Occupied Commercial [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 762,435 | 731,235 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 805,459 | 725,193 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 9,065 | 2,092 |
Commercial Mortgage [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 9,167 | 8,146 |
Commercial Mortgage [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 7,927 | 2,784 |
Commercial Mortgage [Member] | Doubtful / Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 319 | 5,877 |
Commercial Mortgage [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 26,478 | 18,899 |
Commercial Mortgage [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 5,976 | |
Commercial Mortgage [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 773,005 | 706,294 |
Construction Loan Commitments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 142,497 | 106,074 |
Construction Loan Commitments [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 226 | |
Construction Loan Commitments [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,085 | 3,599 |
Construction Loan Commitments [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,158 | |
Construction Loan Commitments [Member] | Doubtful / Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 334 | |
Construction Loan Commitments [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,419 | 4,983 |
Construction Loan Commitments [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,863 | |
Construction Loan Commitments [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $137,215 | $101,091 |
Allowance_for_Loan_Losses_and_9
Allowance for Loan Losses and Credit Quality Information - Schedule of Commercial Credit Exposure (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Receivables [Abstract] | |
Acquired non-impaired loans | $145,774 |
Recovered_Sheet1
Allowance for Loan Losses and Credit Quality Information - Schedule of Consumer Credit Exposure (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $3,202,498 | $2,952,263 |
Total | 100.00% | 100.00% |
Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1.00% | |
Total Residential and Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 545,872 | 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 | 22,042 | 23,263 |
Total | 4.00% | 4.00% |
Total Residential and Consumer Loan [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 521 | |
Total Residential and Consumer Loan [Member] | Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 523,309 | 500,491 |
Total | 96.00% | 96.00% |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 218,329 | 221,520 |
Residential [Member] | Nonperforming Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 15,666 | 17,852 |
Residential [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 512 | |
Residential [Member] | Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 202,151 | 203,668 |
Consumer Loan Commitments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 327,543 | 302,234 |
Consumer Loan Commitments [Member] | Nonperforming Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 6,376 | 5,411 |
Consumer Loan Commitments [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 9 | |
Consumer Loan Commitments [Member] | Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $321,158 | $296,823 |
Recovered_Sheet2
Allowance for Loan Losses and Credit Quality Information - Schedule of Consumer Credit Exposure (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-performing loans of troubled debt restructured mortgages and home equity installment loans | $11,400,000 | $11,500,000 |
Acquired non-impaired loans | 145,774,000 | |
Total Residential and Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired non-impaired loans | $26,000,000 |
Recovered_Sheet3
Allowance for Loan Losses and Credit Quality Information - Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ||
Loans identified during the period | $17,879 | $18,696 |
Commercial Loan Commitments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans identified during the period | 9,356 | 9,241 |
Commercial Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans identified during the period | 3,430 | 7,056 |
Construction Loan Commitments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans identified during the period | 1,419 | |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans identified during the period | 2,062 | 1,076 |
Consumer Loan Commitments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans identified during the period | $1,612 | $1,323 |
Reverse_Mortgages_and_Related_2
Reverse Mortgages and Related Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 | |
Loans | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Income tax benefit | $17,629,000 | $24,756,000 | $16,983,000 | |
Consolidated mortgage investment | 29,300,000 | |||
Number of loans | 112 | |||
Average age of a mortgage backed securities borrower | 93 years | |||
Realizable collateral value of mortgage backed securities | 53,300,000 | |||
Forecasted housing prices increase rate | 2.50% | |||
Forecasted housing prices increase rate, following year and thereafter | 2.00% | |||
Internal rate of return | 17.16% | |||
Cash payments to reverse mortgagors | 7,900,000 | |||
Decrease in income | 321,000 | 77,000 | ||
Reduction in collateral value | 1.00% | 1.00% | ||
Maximum [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Net present value increase or decrease | 478,000 | |||
Change in present value of IRR | 1.00% | |||
Minimum [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Net present value increase or decrease | 472,000 | |||
Change in present value of IRR | 1.00% | |||
Zero Collateral Value [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Internal rate of return | 15.60% | 12.50% | ||
Decrease in income | 641,000 | 155,000 | ||
Collateral Value Reduced by One Percent [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Internal rate of return | 16.38% | 13.35% | ||
SASCO 2002-RM1's Class O Securities [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Income tax benefit | -6,700,000 | |||
SASCO 2002-RM1's Class O Securities [Member] | Mortgage-Backed Securities ("MBS") [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Trading securities, par value | $2,500,000 | |||
Investments purchase percentage | 100.00% |
Reverse_Mortgages_and_Related_3
Reverse Mortgages and Related Assets - Summary of Estimated Cash Payments to Reverse Mortgagors (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Mortgage Banking [Abstract] | |
2015 | $712 |
2016 | 576 |
2017 | 461 |
2018 | 365 |
2019 | 285 |
Years 2020 - 2024 | 678 |
Years 2025 - 2029 | 143 |
Years 2030 - 2034 | 21 |
Thereafter | 2 |
Total | $3,243 |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Premises and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $67,412 | $79,033 |
Accumulated depreciation | 32,338 | 43,855 |
Property, plant and equipment, net | 35,074 | 35,178 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,052 | 1,362 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,791 | 4,030 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 35,925 | 35,506 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $24,644 | $38,135 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Rent expense of operating leases | $9.50 | $9.10 | $9 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases, lease terms | 1 year | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases, lease terms | 25 years | ||
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Furniture and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Building Renovations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years |
Premises_and_Equipment_Summary1
Premises and Equipment - Summary of Future Minimum Cash Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items] | |
2015 | $4,831 |
2016 | 4,491 |
2017 | 4,269 |
2018 | 3,130 |
2019 | 3,186 |
Premises [Member] | |
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items] | |
2015 | 7,641 |
2016 | 7,494 |
2017 | 7,508 |
2018 | 7,362 |
2019 | 7,290 |
Thereafter | 149,216 |
Total future minimum lease payments | $186,511 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 05, 2014 | Sep. 30, 2014 | |
Segment | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $48,651,000 | $32,235,000 | $28,146,000 | ||
Impairment losses related to goodwill | 0 | 0 | |||
Number of operating segments | 3 | ||||
Description of reporting units for operating segments | Our operating segments may contain one or more reporting units depending on economic characteristics, products and customers. | ||||
Intangible assets | 3,240,000 | ||||
First Wyoming Financial Corporation [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 16,370,000 | 16,370,000 | 16,467,000 | ||
Intangible assets | 3,200,000 | ||||
Array and Arrow [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 2,400,000 | ||||
Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Number of Reporting units | 1 | ||||
WSFS Financial Corporation [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 43,500,000 | ||||
Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense on other intangible assets | $1,300,000 | $1,000,000 | $989,000 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Goodwill, Beginning balance | $32,235 | $28,146 | |
Changes in Goodwill | 46 | -160 | |
Goodwill from business combinations | 16,370 | 4,089 | |
Goodwill, Ending balance | 48,651 | 32,235 | |
WSFS Bank [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning balance | 27,101 | 23,012 | |
Changes in Goodwill | 46 | ||
Goodwill from business combinations | 16,370 | 4,089 | |
Goodwill, Ending balance | 43,517 | 27,101 | |
Trust & Wealth Management [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning balance | 5,134 | ||
Goodwill, Ending balance | $5,134 | $5,134 | $5,134 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Summary of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $14,560 | $10,995 |
Accumulated Amortization | -5,618 | -4,252 |
Net Intangible Assets | 8,942 | 6,743 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 7,610 | 4,370 |
Accumulated Amortization | -3,321 | -2,605 |
Net Intangible Assets | 4,289 | 1,765 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 6,950 | 6,625 |
Accumulated Amortization | -2,297 | -1,647 |
Net Intangible Assets | $4,653 | $4,978 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense of Intangibles (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $1,510 | |
2016 | 1,253 | |
2017 | 1,106 | |
2018 | 1,086 | |
2019 | 1,070 | |
Thereafter | 2,917 | |
Net Intangible Assets | $8,942 | $6,743 |
Deposits_Deposits_by_Category_
Deposits - Deposits by Category, Including Summary of Remaining Time to Maturity for Time Deposits (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Time Deposits [Line Items] | ||
Noninterest-bearing demand | $804,678 | $650,256 |
Interest-bearing demand | 688,370 | 638,403 |
Money market | 1,066,224 | 887,715 |
Total money market and demand | 2,559,272 | 2,176,374 |
Savings | 402,032 | 383,731 |
Less than one year | 188,922 | 134,356 |
One year to two years | 36,108 | 89,750 |
Two years to three years | 16,741 | 7,951 |
Three years to four years | 6,468 | 1,446 |
Over four years | 5,063 | 3,462 |
Total customer time certificates | 253,302 | 236,965 |
Total jumbo certificates of deposit | 247,671 | 221,145 |
Total customer deposits | 3,462,277 | 3,018,215 |
Brokered deposits less than one year | 186,958 | 168,727 |
Total deposits | 3,649,235 | 3,186,942 |
Jumbo Certificates of Deposit by Maturity [Member] | ||
Time Deposits [Line Items] | ||
Less than one year | 206,370 | 162,617 |
One year to two years | 23,621 | 51,996 |
Two years to three years | 10,117 | 3,092 |
Three years to four years | 3,896 | 535 |
Over four years | $3,667 | $2,905 |
Deposits_Interest_Expense_on_D
Deposits - Interest Expense on Deposits by Category, Followed on Deposits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Banking and Thrift, Interest [Abstract] | |||
Interest-bearing demand | $611 | $529 | $246 |
Money market | 1,478 | 1,123 | 1,759 |
Savings | 234 | 217 | 431 |
Time deposits | 4,060 | 4,712 | 9,531 |
Total customer interest expense | 6,383 | 6,581 | 11,967 |
Brokered deposits | 768 | 599 | 1,134 |
Total interest expense on deposits | $7,151 | $7,180 | $13,101 |
Borrowed_Funds_Summary_of_Borr
Borrowed Funds - Summary of Borrowed Funds by Type (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $405,894 | $638,091 |
Weighted Average Interest Rate | 0.52% | 0.30% |
Maximum Outstanding at Month End During the Period | 758,400 | 685,591 |
Average Amount Outstanding During the Period | 600,172 | 573,989 |
Weighted Average Interest Rate During the Period | 0.40% | 0.32% |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | 128,225 | 97,000 |
Weighted Average Interest Rate | 0.29% | 0.98% |
Maximum Outstanding at Month End During the Period | 134,875 | 126,000 |
Average Amount Outstanding During the Period | 128,319 | 108,105 |
Weighted Average Interest Rate During the Period | 0.29% | 0.91% |
Trust Preferred Borrowings [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | 67,011 | 67,011 |
Weighted Average Interest Rate | 1.97% | 2.01% |
Maximum Outstanding at Month End During the Period | 67,011 | 67,011 |
Average Amount Outstanding During the Period | 67,011 | 67,011 |
Weighted Average Interest Rate During the Period | 1.97% | 1.98% |
Senior Debt [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | 55,000 | 55,000 |
Weighted Average Interest Rate | 6.25% | 6.25% |
Maximum Outstanding at Month End During the Period | 55,000 | 55,000 |
Average Amount Outstanding During the Period | 55,000 | 55,000 |
Weighted Average Interest Rate During the Period | 6.85% | 6.86% |
Reverse Mortgage Trust Bonds Payable [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | 21,900 | 21,990 |
Weighted Average Interest Rate | 0.34% | |
Maximum Outstanding at Month End During the Period | 26,340 | |
Average Amount Outstanding During the Period | 1,627 | 6,757 |
Weighted Average Interest Rate During the Period | 0.97% | 0.88% |
Other Borrowed Funds [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | 11,645 | 24,739 |
Weighted Average Interest Rate | 0.08% | 0.09% |
Maximum Outstanding at Month End During the Period | 27,088 | 41,976 |
Average Amount Outstanding During the Period | $20,228 | $35,026 |
Weighted Average Interest Rate During the Period | 0.09% | 0.32% |
Borrowed_Funds_Additional_Info
Borrowed Funds - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2005 | Dec. 31, 2012 | |
Repurchase Agreement Counterparty [Line Items] | ||||
Federal home loan bank advances for a period | $100,000,000 | |||
Federal home loan bank advances for a period, average interest rate | 1.00% | |||
FHLB stock | 23,278,000 | 35,869,000 | ||
Purchase of federal funds | 103,200,000 | 72,000,000 | ||
Federal funds rate on securities purchased | 0.27% | 0.28% | ||
Securities called and matured, date | 1/1/35 | |||
Aggregate principal amount | 55,000,000 | 55,000,000 | 55,000,000 | |
Interest rate on unsecured debt | 6.25% | |||
Senior Notes Due Date | 2019 | |||
Senior Debt, Callable Period | 5 years | |||
Senior Debt maturity date | 1-Sep-19 | |||
Carrying value of bonds | 405,894,000 | 638,091,000 | ||
Collateralized borrowings | 11,600,000 | 24,700,000 | ||
Average rates on borrowings | 0.08% | 0.09% | ||
Reverse Mortgage Trust Bonds Payable [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Carrying value of bonds | 21,900,000 | 21,990,000 | ||
30 Day LIBOR Plus [Member] | Reverse Mortgage Trust Bonds Payable [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Variable interest rate | 3.00% | |||
WSFS Capital Trust III [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Aggregate principal amount of Pooled Floating Rate Securities | 67,000,000 | |||
WSFS Capital Trust III [Member] | LIBOR Rate [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Variable interest rate | 1.77% | |||
WSFS Capital Trust I [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Variable interest rate period | 3 months | |||
Mortgage-Backed Securities ("MBS") [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Rate of securities sold under repurchase agreements | 2.98% | |||
Securities sold under agreements to repurchase, Maturity date | 1-Jan-15 | |||
Securities sold under agreements to repurchase | 35,500,000 | |||
Federal Home Loan Bank [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Percentage of member asset value | 0.35% | |||
Percentage of advances outstanding | 4.60% | |||
FHLB stock | 23,300,000 | 35,900,000 | ||
Dividends from the FHLB | 1,400,000 | 391,000 | ||
Federal Home Loan Bank [Member] | Minimum [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Weighted average interest rates on advances from the FHLB | 0.27% | |||
Federal Home Loan Bank, Advances, general debt obligations, disclosures, general description of terms | Purchase and hold shares of capital stock in the FHLB in an amount at least equal to 0.35% of our member asset value plus 4.60% of advances outstanding. | |||
Federal Home Loan Bank [Member] | Maximum [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Weighted average interest rates on advances from the FHLB | 1.12% | |||
Federal Reserve Bank of Philadelphia [Member] | ||||
Repurchase Agreement Counterparty [Line Items] | ||||
Loans pledged as collateral | 177,000,000 | |||
Borrowed funds | $0 |
Borrowed_Funds_Advances_from_F
Borrowed Funds - Advances from FHLB with Rates (Detail) (Federal Home Loan Bank [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Federal Home Loan Bank [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
2015 | $277,166 |
2016 | 0 |
2017 | 128,728 |
Advances from FHLB, Amount | $405,894 |
2015 | 0.31% |
2016 | 0.00% |
2017 | 0.96% |
Advances from FHLB | 0.52% |
Borrowed_Funds_Securities_Sold
Borrowed Funds - Securities Sold under Agreements to Repurchase with Corresponding Carrying and Fair Values of Underlying Securities (Detail) (Maturity over 90 Days [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Maturity over 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowing Amount | $25,000 | $25,000 |
Rate | 2.98% | 2.98% |
Collateral Carrying Value | 35,886 | 34,952 |
Collateral Fair Value | 35,549 | 33,596 |
Collateral Accrued Interest | $64 | $83 |
Stock_and_Common_Stock_Warrant1
Stock and Common Stock Warrants - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Sep. 12, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Sep. 30, 2013 | |
Equity [Line Items] | |||||||||
Sale of common stock, shares | 18,565,708 | 18,476,003 | |||||||
Repurchase of warrant | $6,300,000 | $1,800,000 | |||||||
Issue of preferred stock, shares | 0 | 0 | |||||||
Preferred stock dividend paid | 1,774,000 | 2,631,000 | |||||||
Underwritten public offering common stock | 1,370,000 | ||||||||
Premium of public offering common stock | 3,613,000 | 4,353,000 | 2,503,000 | 47,100,000 | |||||
Cost of public offering common stock | 2,900,000 | ||||||||
Preferred stock, liquidation preference per share | $1,000 | ||||||||
Repurchase amount of outstanding in open market transactions | 20,000,000 | ||||||||
Total amount outstanding | 52,600,000 | ||||||||
Percentage of common stock shares approved | 5.00% | ||||||||
Shares authorized to repurchase of common stock | 116,421 | ||||||||
Common stock average repurchase price | $77.18 | ||||||||
Remaining shares authorized to repurchase of common stock | 353,000 | ||||||||
Percentage of remaining shares authorized to repurchase of common stock | 4.00% | ||||||||
Shares outstanding | 9,400,000 | ||||||||
2009 Equity Offering Plan [Member] | |||||||||
Equity [Line Items] | |||||||||
Warrant to purchase of common stock, shares | 129,310 | ||||||||
Shares authorized to repurchase of common stock | 81,233 | ||||||||
U.S. Treasury Securities [Member] | |||||||||
Equity [Line Items] | |||||||||
Total purchase price | 52,600,000 | ||||||||
Repurchase of warrant | 1,800,000 | ||||||||
Issue of preferred stock, shares | 52,625 | ||||||||
Preferred stock dividend paid | 1,800,000 | 2,600,000 | 2,600,000 | ||||||
Warrant [Member] | U.S. Treasury Securities [Member] | |||||||||
Equity [Line Items] | |||||||||
Sale of common stock, shares | 175,105 | ||||||||
Warrant to purchase of common stock, exercise price | $45.08 | ||||||||
Warrant period to purchase | 10 years | ||||||||
Peninsula Investment Partners, L.P. [Member] | |||||||||
Equity [Line Items] | |||||||||
Sale of common stock, shares | 862,069 | ||||||||
Total purchase price | 25,000,000 | ||||||||
Repurchase of warrant | 6,300,000 | ||||||||
Peninsula Investment Partners, L.P. [Member] | Warrant [Member] | |||||||||
Equity [Line Items] | |||||||||
Warrant to purchase of common stock, shares | 129,310 | ||||||||
Warrant to purchase of common stock, exercise price | $29 | ||||||||
Warrant period to purchase | 10 years | ||||||||
Peninsula Investment Partners, L.P. [Member] | Common Stock [Member] | |||||||||
Equity [Line Items] | |||||||||
Total purchase price | 23,500,000 | ||||||||
Peninsula Investment Partners, L.P. [Member] | Common Stock Warrants [Member] | |||||||||
Equity [Line Items] | |||||||||
Total purchase price | 1,500,000 | ||||||||
Total proceeds from private placement | $25,000,000 |
Stockholders_Equity_and_Regula2
Stockholders' Equity and Regulatory Capital - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2005 | Dec. 31, 2013 |
Class_of_Stock | |||
Capital Unit [Line Items] | |||
Tangible capital percentage of adjusted total assets | 1.50% | 1.50% | |
Core capital percentage of adjusted total assets | 4.00% | 4.00% | |
Tier 1 capital percentage of risk weighted assets | 4.00% | 4.00% | |
Risk based capital of risk weighted assets | 8.00% | 8.00% | |
Common stock outstanding, par value | $0.01 | $0.01 | |
Number of classes of stock | 1 | ||
Number of class of common stock outstanding | 1 | ||
Pooled Floating Rate Securities, par value | $2 | ||
Coupon rate | 2.01% | ||
Date of maturity | 1-Jun-35 | ||
Variable interest rate period | Three-month LIBOR | ||
Cash remains at the holding company | 54.3 | ||
WSFS Capital Trust III [Member] | |||
Capital Unit [Line Items] | |||
Pooled Floating Rate Securities Issued | 67 | ||
WSFS Capital Trust III [Member] | LIBOR Rate [Member] | |||
Capital Unit [Line Items] | |||
Variable interest rate | 1.77% |
Stockholders_Equity_and_Regula3
Stockholders' Equity and Regulatory Capital - Schedule of Capital Position (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ||
Total Capital (to risk-weighted assets), Consolidated Bank Capital Amount | $531,209 | $505,354 |
Core Capital (to adjusted tangible assets), Consolidated Bank Capital Amount | 491,229 | 463,130 |
Tangible Capital (to tangible assets), Consolidated Bank Capital Amount | 491,229 | 463,130 |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 491,229 | 463,130 |
Total Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 13.83% | 14.36% |
Core Capital (to adjusted tangible assets), Consolidated Bank Capital Percent | 10.25% | 10.35% |
Tangible Capital (to tangible assets), Consolidated Bank Capital Percent | 10.25% | 10.35% |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 12.79% | 13.16% |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 307,217 | 281,450 |
Core Capital (to adjusted tangible assets), For Capital Adequacy Purposes Amount | 191,753 | 178,996 |
Tangible Capital (to tangible assets), For Capital Adequacy Purposes Amount | 71,907 | 67,124 |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 153,609 | 140,725 |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 8.00% | 8.00% |
Core Capital (to adjusted tangible assets), For Capital Adequacy Purposes Percentage | 4.00% | 4.00% |
Tangible Capital (to tangible assets), For Capital Adequacy Purposes Percentage | 1.50% | 1.50% |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 4.00% | 4.00% |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 384,022 | 351,812 |
Core Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 239,692 | 223,745 |
Tangible Capital (to tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 0 | 0 |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $230,413 | $211,087 |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 10.00% | 10.00% |
Core Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 5.00% | 5.00% |
Tangible Capital (to tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 0.00% | 0.00% |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 6.00% | 6.00% |
Associate_Employee_Benefit_Pla2
Associate (Employee) Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Plans | Plans | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash contributions to the plan on behalf of associates, cash expenditure | $2,200,000 | $2,600,000 | $2,400,000 |
Percentage of contributions to be invested in balanced fund if no designation made | 100.00% | ||
Employee benefit plan, sales of common stock | 2,000 | ||
Employee benefit plan, purchases of common stock | 19,000 | 2,000 | |
Postretirement benefit plans eligibility term | Only those Associates who have achieved ten years of service | ||
Net periodic benefit cost, discount rate | The future rates of participation were changed from 50% to 15% | ||
Decrease in discount rate | 1.00% | ||
Amortization of unrecognized gains losses exceed percentage | 10.00% | ||
Amortization of net actuarial loss | 20,000 | ||
Amortization of net transition obligation | 76,000 | ||
Percentage of annual medical premium cap | 4.00% | ||
Amount of annual health premium per retiree | 3,037 | ||
Estimated contribution for health fund | 3,158 | ||
Average annual rate of increase for medical benefits | 5.00% | ||
Number of additional supplemental plans | 5 | 5 | |
Supplemental Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan, corresponding liability | 856,000 | 381,000 | |
Early Retirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan, corresponding liability | 179,000 | 149,000 | |
Director's Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan, corresponding liability | 60,000 | 44,000 | |
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan, corresponding liability | 1,490,000 | 932,000 | |
Post-Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan, corresponding liability | $147,000 | $164,000 |
Associate_Employee_Benefit_Pla3
Associate (Employee) Benefit Plans - Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $4,560 | $4,478 | $3,923 |
Service cost | 195 | 343 | 288 |
Interest cost | 195 | 176 | 174 |
Actuarial (gain) loss | -1,611 | -288 | 271 |
Benefits paid | -125 | -149 | -178 |
Plan change | -948 | ||
Benefit obligation at end of year | 2,266 | 4,560 | 4,478 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | 0 |
Employer contributions | 125 | 149 | 178 |
Benefits paid | -125 | -149 | -178 |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status: | |||
Unfunded status | -2,266 | -4,560 | -4,478 |
Total (income) loss recognized in other comprehensive income | -1,367 | 1,221 | 1,587 |
Net amount recognized | -3,633 | -3,339 | -2,891 |
Components of net periodic benefit cost: | |||
Service cost | 195 | 343 | 288 |
Interest cost | 195 | 177 | 174 |
Amortization of transition obligation | -57 | 61 | |
Net loss recognition | 86 | 78 | 67 |
Net periodic benefit cost | 419 | 598 | 590 |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 5.00% | 4.00% | 4.50% |
Health care cost trend rate | 5.00% | 5.00% | 5.00% |
Sensitivity analysis of health care cost trends: | |||
Effect of +1% on service cost plus interest cost | -34 | ||
Effect of -1% on service cost plus interest cost | 12 | ||
Effect of +1% on APBO | -146 | ||
Effect of -1% on APBO | $142 | ||
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||
Discount rate | 4.00% | 5.00% | 4.00% |
Health care cost trend rate | 5.00% | 5.00% | 5.00% |
Ultimate trend rate | 5.00% | 5.00% | 5.00% |
Year of ultimate trend rate | 2014 | 2013 | 2012 |
Associate_Employee_Benefit_Pla4
Associate (Employee) Benefit Plans - Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Postemployment Benefits [Abstract] | |
During 2015 | $102 |
During 2016 | 100 |
During 2017 | 103 |
During 2018 | 103 |
During 2019 | 105 |
During 2020 through 2023 | 561 |
Total | $1,074 |
Taxes_on_Income_Schedule_of_Co
Taxes on Income - Schedule of Components of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current income taxes, Federal taxes | $20,078 | $21,242 | $11,136 |
Current income taxes, State and local taxes | 3,215 | 2,759 | 2,256 |
Deferred income taxes, Federal taxes | -5,575 | 875 | 3,591 |
Deferred income taxes, State and local taxes | -89 | -120 | |
Total | $17,629 | $24,756 | $16,983 |
Taxes_on_Income_Schedule_of_De
Taxes on Income - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Unrealized losses on available-for-sale securities | $12,762 | |
Allowance for loan losses | 13,799 | 14,436 |
Loans | 3,016 | |
Reserves and other | 10,400 | 8,854 |
Deferred gains | 761 | 453 |
Net operating losses | 1,104 | 1,196 |
Reverse mortgages | 3,707 | 3,686 |
Total deferred tax assets before valuation allowance | 32,787 | 41,387 |
Less: valuation allowance | -4,882 | |
Total Deferred tax assets | 32,787 | 36,505 |
Deferred tax liabilities: | ||
Unrealized gains on available-for-sale securities | -1,626 | |
Bad debt recapture | -1,233 | |
Accelerated depreciation | -1,915 | -1,506 |
Other | -267 | -2,132 |
Prepaid expenses | -741 | -1,112 |
Deferred loan costs | -1,904 | -1,843 |
Intangibles | -3,349 | -1,765 |
Total deferred tax liabilities | -11,035 | -8,358 |
Net deferred tax asset | $21,752 | $28,147 |
Taxes_on_Income_Additional_Inf
Taxes on Income - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 27, 2014 | Sep. 05, 2014 | |
Income Tax Examination [Line Items] | |||||
Unrealized losses on investments in debt and equity | $12,762,000 | ||||
Unrealized gains on investments in debt and equity | 1,626,000 | ||||
Postretirement benefit obligations | 258,000 | 550,000 | |||
Deferred income tax (benefit) expense | 0 | ||||
Deferred tax asset | 21,752,000 | 28,147,000 | |||
Business combination, deferred tax asset | 3,139,000 | ||||
Deferred tax assets, net operating loss carryovers | 1,104,000 | 1,196,000 | |||
Deferred tax asset valuation allowance | 4,882,000 | ||||
Deferred tax asset | 32,787,000 | 41,387,000 | |||
Income tax benefit | 17,629,000 | 24,756,000 | 16,983,000 | ||
Percentage of tax benefit | 50.00% | ||||
Income tax examination | Federal tax years 2011 through 2014 remain subject to examination | ||||
Income tax examination in process | No state income tax return examinations are currently in process. | ||||
Completion of federal tax return audit by IRS | During 2013, the audit of our 2010 federal tax return was completed by the IRS. | ||||
First Wyoming Financial Corporation [Member] | |||||
Income Tax Examination [Line Items] | |||||
Business combination, deferred tax asset | 3,100,000 | 3,100,000 | |||
Deferred tax assets, net operating loss carryovers | 1,900,000 | ||||
Deferred tax asset valuation allowance | 0 | ||||
Net operating loss expiration beginning period | 2034 | ||||
First Wyoming Financial Corporation [Member] | Minimum [Member] | |||||
Income Tax Examination [Line Items] | |||||
Deferred tax assets, tax credit carryovers | 309,000 | ||||
SASCO [Member] | |||||
Income Tax Examination [Line Items] | |||||
Deferred tax asset valuation allowance | 4,900,000 | ||||
Net operating loss expiration beginning period | 2030 | ||||
Deferred tax asset | 4,900,000 | ||||
Deferred tax liabilities | 1,800,000 | ||||
Income tax benefit | 6,700,000 | ||||
Federal net operating losses | 1,200,000 | ||||
SASCO [Member] | Eliminated [Member] | |||||
Income Tax Examination [Line Items] | |||||
Deferred tax liabilities | 1,800,000 | ||||
Domestic Tax Authority [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income tax benefit | $186,000 |
Taxes_on_Income_Schedule_of_Ef
Taxes on Income - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State tax, net of federal tax benefit | 2.80% | 2.40% | 3.00% |
Interest income 50% excludable | -0.50% | ||
Tax-exempt interest | -2.00% | -1.20% | -0.50% |
Bank-owned life insurance income | -0.30% | -0.10% | -1.10% |
Incentive stock option and other nondeductible compensation | 0.30% | 0.60% | |
Tax benefits from previously unconsolidated subsidiary (SASCO) | -9.40% | ||
Federal tax credits | -1.70% | -1.70% | -1.40% |
Other | 0.30% | -0.10% | 0.10% |
Effective tax rate | 24.70% | 34.60% | 35.20% |
Taxes_on_Income_Schedule_of_Ef1
Taxes on Income - Schedule of Effective Income Tax Rate Reconciliation (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Interest income excludable | 50.00% |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Apr. 25, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2014 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares reserved for issuance under 2013 Plan | 661,345 | 661,345 | 712,578 | 335,730 | 712,578 | 335,730 | 416,886 | ||
Stock options granted, vest in percentage per annum increments | 25.00% | 25.00% | 25.00% | ||||||
Stock option exercisable period description | Start to become exercisable one year from the grant date and expire between five and seven years from the grant date | ||||||||
Intrinsic value for nonvested options | $17,900,000 | ||||||||
Intrinsic value for vested stock options | 2,600,000 | 2,600,000 | |||||||
Intrinsic value of vested options expired | 220,000 | 220,000 | |||||||
Options exercised with an intrinsic value | 2,400,000 | ||||||||
Intrinsic value of remaining exercisable options | 2,900,000 | 2,900,000 | |||||||
Average remaining contractual term of remaining exercisable options | 1 year 10 months 24 days | ||||||||
Intrinsic value of outstanding options | 18,400,000 | 18,400,000 | |||||||
Average remaining contractual term of options outstanding | 4 years 3 months 18 days | ||||||||
Total unrecognized compensation cost of nonvested stock options | 4,800,000 | 4,800,000 | |||||||
Expected weighted-average period | 3 years | ||||||||
Non-statutory stock options, granted | 250,000 | ||||||||
Non-statutory stock options, vesting percentage after second year | 40.00% | ||||||||
Non-statutory stock options, vesting percentage in each of following three years | 20.00% | ||||||||
Non-statutory stock options, exercise price over December 2012 market value, percent | 20.00% | ||||||||
Non eligibility period of receiving grants under any of other stock based award programs | 5 years | ||||||||
Weighted-average risk-free rate of return | 0.97% | 0.50% | |||||||
Expected option life | 4 years 9 months | 3 years 9 months | |||||||
Expected stock price volatility rate | 29.00% | 30.70% | |||||||
Assumed dividend yield | 0.67% | 1.01% | |||||||
Additional options granted | 43,686 | 522,357 | 88,307 | ||||||
Stock-based compensation expense | 3,738,000 | 2,938,000 | 1,577,000 | ||||||
Shares vesting period | Two year | ||||||||
Return on investment of cost of restricted stock | 50.00% | ||||||||
Compensation expense | 275,000 | ||||||||
Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance award vesting period | 5 years | ||||||||
Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance award vesting period | 7 years | ||||||||
Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance award vesting period | 5 years | ||||||||
Restricted stock granted | 22,250 | ||||||||
Stock Incentive 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Termination year of the plan | 2023 | ||||||||
Number of shares reserved for issuance under 2013 Plan | 698,845 | 698,845 | |||||||
Shares available for future grants under 2013 Plan | 361,157 | 361,157 | |||||||
Stock Incentive 2013 Plan [Member] | Executive Officers [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Incentive stock options issued | 150,000 | ||||||||
Performance Stock Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Impact of stock-based compensation before tax | 3,700,000 | 3,200,000 | 2,300,000 | ||||||
Impact of stock-based compensation after tax | 2,600,000 | 2,500,000 | 1,700,000 | ||||||
Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expected option life | 7 years | 5 years | |||||||
Additional options granted | 43,686 | 122,357 | |||||||
Performance award vesting period | 4 years | 4 years | |||||||
Non-Plan Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted-average risk-free rate of return | 0.76% | ||||||||
Expected option life | 5 years | ||||||||
Expected stock price volatility rate | 40.50% | ||||||||
Assumed dividend yield | 1.01% | ||||||||
Restricted Stock and Restricted Stock Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Average remaining contractual term of options outstanding | 2 years 4 months 24 days | ||||||||
Performance award vesting period | 4 years | ||||||||
Restricted stock units and awards issued | 10,097 | ||||||||
Total amount of compensation cost of relating to non-vested restricted stock | 940,000 | 1,200,000 | 992,000 | ||||||
Non - vested restricted stock units | 39,696 | 39,696 | 53,826 | 53,826 | 53,340 | ||||
Non - vested restricted stock awards | 4,100,000 | ||||||||
Non-vested share based compensation stock grants in period, intrinsic value | 778,000 | ||||||||
Non-vested share based compensation stock exercised/converted, intrinsic value | 1,700,000 | 1,700,000 | |||||||
Non-vested share based compensation stock canceled, intrinsic value | 112,000 | ||||||||
Non-vested share based compensation stock intrinsic value, outstanding | 3,100,000 | 3,100,000 | |||||||
Non-vested share based compensation stock average contractual term remaining | 2 years 3 months 18 days | ||||||||
Restricted stock granted | 10,097 | ||||||||
Performance Stock Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance award vesting period | 4 years | ||||||||
Restricted stock units and awards issued | 36,152 | ||||||||
Aggregate shares of restricted stock awarded | 77,800 | 77,800 | |||||||
Number of participants under Long-Term Program | 14 | 14 | |||||||
Percentage of annual return on assets | 1.00% | ||||||||
Vesting description | The awarded stock will vest in 25% increments over four years | ||||||||
Stock-based compensation expense | $442,000 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Incentive Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options: | |||
Outstanding at beginning of year, Shares | 712,578 | 335,730 | 416,886 |
Granted, Shares | 43,686 | 522,357 | 88,307 |
Exercised, Shares | -90,505 | -118,438 | -71,055 |
Forfeited, Shares | -13,081 | ||
Expired, Shares | -4,414 | -13,990 | -98,408 |
Outstanding at end of year, Shares | 661,345 | 712,578 | 335,730 |
Exercisable at end of year, Shares | 84,964 | 103,549 | 178,432 |
Weighted-average fair value of awards granted, Shares | $17.35 | $13.94 | $12.50 |
Outstanding at beginning of year, Weighted-Average Exercise Price | $47.42 | $42.14 | $43.52 |
Granted, Weighted-Average Exercise Price | $71.47 | $49.09 | $39.66 |
Exercised, Weighted-Average Exercise Price | $47.52 | $39.39 | $30.78 |
Forfeited, Weighted-Average Exercise Price | $47.50 | ||
Expired, Weighted-Average Exercise Price | $23.55 | $49.08 | $53.99 |
Outstanding at end of year, Weighted-Average Exercise Price | $49.15 | $47.42 | $42.14 |
Exercisable at end of year, Weighted-Average Exercise Price | $43.30 | $46.02 | $45.28 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Unvested Stock Option Outstanding (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options: | |||
Unvested at beginning of period, Shares | 609,029 | 157,298 | 112,258 |
Granted, Shares | 43,686 | 522,357 | 88,307 |
Vested, Shares | -76,334 | -57,545 | -43,267 |
Forfeited, Shares | -13,081 | ||
Unvested at end of period, Shares | 576,381 | 609,029 | 157,298 |
Unvested at beginning of period, Weighted-Average Exercise Price | $47.66 | $38.57 | $36.08 |
Granted, Weighted-Average Exercise Price | $71.47 | $49.09 | $39.66 |
Vested, Weighted-Average Exercise Price | $43.55 | $35.41 | $34.32 |
Forfeited, Weighted-Average Exercise Price | $47.50 | ||
Unvested at end of period, Weighted-Average Exercise Price | $50.01 | $47.66 | $38.57 |
Unvested at beginning of period, Weighted-Average Grant Date Fair Value | $13.75 | $11.98 | $10.69 |
Granted, Weighted-Average Grant Date Fair Value | $17.35 | $13.94 | $12.50 |
Vested, Weighted-Average Grant Date Fair Value | $11.77 | $10.65 | $9.66 |
Forfeited, Weighted-Average Grant Date Fair Value | $9.58 | ||
Unvested at end of period, Weighted-Average Grant Date Fair Value | $14.28 | $13.75 | $11.98 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Outstanding Stock Options for Option Plans (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding Number | 661,345 | 661,345 | 712,578 | 335,730 | 416,886 |
Outstanding Weighted-Average Exercise Price | $49.15 | $49.15 | $47.42 | $42.14 | $43.52 |
Outstanding Weighted-Average Remaining Contractual Life | 4 years 3 months 18 days | ||||
Exercisable Number | 84,964 | 84,964 | 103,549 | 178,432 | |
Exercisable, Weighted-Average Exercise Price | $43.30 | $43.30 | $46.02 | $45.28 | |
Exercise Price Range One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise Price of Stock Options, Minimum | $27.61 | ||||
Exercise Price of Stock Options, Maximum | ($34.50) | ||||
Outstanding Number | 9,363 | 9,363 | |||
Outstanding Weighted-Average Exercise Price | $32 | $32 | |||
Outstanding Weighted-Average Remaining Contractual Life | 9 months 18 days | ||||
Exercisable Number | 8,314 | 8,314 | |||
Exercisable, Weighted-Average Exercise Price | $31.77 | $31.77 | |||
Exercise Price Range Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise Price of Stock Options, Minimum | $34.51 | ||||
Exercise Price of Stock Options, Maximum | ($41.40) | ||||
Outstanding Number | 70,024 | 70,024 | |||
Outstanding Weighted-Average Exercise Price | $39.72 | $39.72 | |||
Outstanding Weighted-Average Remaining Contractual Life | 2 years 2 months 12 days | ||||
Exercisable Number | 27,926 | 27,926 | |||
Exercisable, Weighted-Average Exercise Price | $39.85 | $39.85 | |||
Exercise Price Range Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise Price of Stock Options, Minimum | $41.41 | ||||
Exercise Price of Stock Options, Maximum | ($48.30) | ||||
Outstanding Number | 134,556 | 134,556 | |||
Outstanding Weighted-Average Exercise Price | $46.80 | $46.80 | |||
Outstanding Weighted-Average Remaining Contractual Life | 2 years 7 months 6 days | ||||
Exercisable Number | 43,719 | 43,719 | |||
Exercisable, Weighted-Average Exercise Price | $46.05 | $46.05 | |||
Exercise Price Range Four [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise Price of Stock Options, Minimum | $48.31 | ||||
Exercise Price of Stock Options, Maximum | ($55.20) | ||||
Outstanding Number | 401,860 | 401,860 | |||
Outstanding Weighted-Average Exercise Price | $49.54 | $49.54 | |||
Outstanding Weighted-Average Remaining Contractual Life | 5 years 1 month 6 days | ||||
Exercisable Number | 1,860 | 1,860 | |||
Exercisable, Weighted-Average Exercise Price | $52.76 | $52.76 | |||
Exercise Price Range Five [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise Price of Stock Options, Minimum | $55.21 | ||||
Exercise Price of Stock Options, Maximum | ($62.10) | ||||
Outstanding Number | 1,840 | 1,840 | |||
Outstanding Weighted-Average Exercise Price | $58.99 | $58.99 | |||
Outstanding Weighted-Average Remaining Contractual Life | 2 months 12 days | ||||
Exercisable Number | 1,840 | 1,840 | |||
Exercisable, Weighted-Average Exercise Price | $58.99 | $58.99 | |||
Exercise Price Range Six [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise Price of Stock Options, Minimum | $62.11 | ||||
Exercise Price of Stock Options, Maximum | ($69) | ||||
Outstanding Number | 1,305 | 1,305 | |||
Outstanding Weighted-Average Exercise Price | $62.50 | $62.50 | |||
Outstanding Weighted-Average Remaining Contractual Life | 1 year 3 months 18 days | ||||
Exercisable Number | 1,305 | 1,305 | |||
Exercisable, Weighted-Average Exercise Price | $62.50 | $62.50 | |||
Exercise Price Range Seven [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise Price of Stock Options, Minimum | $69.01 | ||||
Exercise Price of Stock Options, Maximum | ($75.90) | ||||
Outstanding Number | 42,397 | 42,397 | |||
Outstanding Weighted-Average Exercise Price | $71.47 | $71.47 | |||
Outstanding Weighted-Average Remaining Contractual Life | 6 years 2 months 12 days |
StockBased_Compensation_Schedu2
Stock-Based Compensation - Schedule of RSUs and RSAs (Detail) (Restricted Stock and Restricted Stock Units [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock and Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at December 31, 2013 | 53,826 |
Granted | 10,097 |
Exercised/Converted | -22,770 |
Canceled | -1,457 |
Balance at December 31, 2014 | 39,696 |
Balance at December 31, 2013, Weighted Average Grant-Date Fair Value per Unit | $43.01 |
Granted, Weighted Average Grant-Date Fair Value per Unit | $71.15 |
Exercised/Converted, Weighted Average Grant-Date Fair Value per Unit | $42.44 |
Canceled, Weighted Average Grant-Date Fair Value per Unit | $34 |
Balance at December 31, 2014, Weighted Average Grant-Date Fair Value per Unit | $50.83 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Summary of Projected Amounts of Future Minimum Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $4,831 |
2016 | 4,491 |
2017 | 4,269 |
2018 | 3,130 |
2019 | $3,186 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Transactions | Transactions | Transactions | Transactions | ||||||||
Financial_Institution | Financial_Institution | ||||||||||
Other Commitments [Line Items] | |||||||||||
Expenses for data processing and operations | $6,105,000 | $5,924,000 | $5,581,000 | ||||||||
Commitments to sell residential mortgages | 34,600,000 | 24,200,000 | 34,600,000 | 24,200,000 | |||||||
Provision for losses at the time of sale | 567,000 | 333,000 | 50,000 | 2,630,000 | 1,292,000 | 1,969,000 | 1,680,000 | 2,231,000 | 3,580,000 | 7,172,000 | 32,053,000 |
Number of unrelated financial institutions | 4 | 4 | |||||||||
Derivative transaction held for guarantee | 101 | 101 | 101 | 101 | |||||||
Number of customers in paying position to third party | 99 | 89 | |||||||||
Aggregate notional amount | 417,900,000 | 423,900,000 | 417,900,000 | 423,900,000 | |||||||
Notional amount maturity period, minimum | 3 months | 3 months | |||||||||
Notional amount maturity period, maximum | 11 years | 12 years | |||||||||
Aggregate fair value of swaps to customers | 16,500,000 | 17,800,000 | 16,500,000 | 17,800,000 | |||||||
Amount of swap liability in paying positions to third party | 16,500,000 | 18,200,000 | 16,500,000 | 18,200,000 | |||||||
Reserves for swap guarantees | 0 | 70,000 | 0 | 70,000 | |||||||
Secondary Market Loan Sales [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Provision for losses at the time of sale | 0 | ||||||||||
Repurchase of the loans | 354,000 | 0 | |||||||||
Number of loans repurchased | 2 | ||||||||||
Commitments to Extend Credit [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Commitments of lending operations | 781,000,000 | ||||||||||
Real Estate [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Commitments of lending operations | $168,400,000 | ||||||||||
Minimum [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Closing period of residential mortgage commitments | 1 month | ||||||||||
Maximum [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Closing period of residential mortgage commitments | 6 months |
Commitments_and_Contingencies_3
Commitments and Contingencies - Summary of Off-Balance Sheet Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Construction Loan Commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | $99,917 | $64,210 |
Commercial Mortgage Loan Commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 16,110 | 9,852 |
Commercial Loan Commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 393,028 | 335,257 |
Commercial Owner-Occupied Commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 33,302 | 32,078 |
Commercial Standby Letters Of Credit [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 47,667 | 56,651 |
Residential Mortgage loan commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 22,617 | 5,018 |
Consumer Loan Commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | $168,391 | $150,265 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 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 | 740,124,000 | 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% | |
Collateral for collateral dependent loans | 41,334,000 | |
Valuation allowance on impaired loans | 5,300,000 | 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 | 30,000,000 | |
Federal Agency MBS [Member] | AAA-Rated [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale of securities, fair value | 710,200,000 | |
Impaired Loans (Collateral Dependent) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral for collateral dependent loans | 46,700,000 | 38,379,000 |
Visa [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Conversion rate of Class A stock for each share of Class B stock | 0.4121 | |
Visa [Member] | Common Class B [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Shares held by company | 50,833 | |
Estimated value of shares | $4,800,000 |
Fair_Value_Disclosures_Balance
Fair Value Disclosures - Balances of Assets Measured at Fair Value (Detail) (USD $) | Dec. 31, 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 | $740,124 | $817,115 |
Total assets measured at fair value on a recurring basis | 740,124 | 817,115 |
Assets Measured at Fair Value on a Nonrecurring Basis | 5,734 | 4,532 |
Loans held-for-sale | 28,508 | 31,491 |
Assets Measured at Fair Value on a Nonrecurring Basis | 41,334 | |
Total assets measured at fair value on a nonrecurring basis | 75,576 | 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 | 192,932 | 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 | 29,960 | 132,343 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets Measured at Fair Value on a Nonrecurring Basis | 5,734 | 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 | 46,700 | 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 | 292,553 | 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 | 146,882 | 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 | 77,797 | 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 | 740,124 | 817,115 |
Loans held-for-sale | 28,508 | |
Total assets measured at fair value on a nonrecurring basis | 28,508 | |
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 | 192,932 | 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 | 29,960 | 132,343 |
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 | 292,553 | 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 | 146,882 | 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 | 77,797 | 95,592 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets Measured at Fair Value on a Nonrecurring Basis | 41,334 | |
Total assets measured at fair value on a nonrecurring basis | 47,068 | 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 | 5,734 | 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 | $38,379 |
Fair_Value_Disclosures_Book_Va
Fair Value Disclosures - Book Value and Estimated Fair Value of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and cash equivalents | $508,039 | $484,426 | $500,887 | $468,017 |
Investment securities, available-for-sale | 740,124 | 817,115 | ||
Investment securities, held-to-maturity | 126,168 | 0 | ||
Loans, held -for -sale | 28,508 | 31,491 | ||
Loans, net | 3,156,652 | 2,904,976 | ||
Stock in Federal Home Loan Bank of Pittsburgh | 23,278 | 35,869 | ||
Accrued interest receivable | 11,782 | 10,798 | ||
Financial liabilities: | ||||
Deposits | 3,649,235 | 3,186,942 | ||
Borrowed funds | 11,645 | 24,739 | ||
Accrued interest payable | 1,004 | 838 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Loans, held -for -sale | 28,508 | |||
Book Value [Member] | ||||
Financial assets: | ||||
Investment securities, available-for-sale | 740,124 | 817,115 | ||
Investment securities, held-to-maturity | 126,168 | |||
Loans, held -for -sale | 28,508 | 31,491 | ||
Book Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 508,039 | 484,426 | ||
Book Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Loans, net | 3,156,652 | 2,904,976 | ||
Stock in Federal Home Loan Bank of Pittsburgh | 23,278 | 35,869 | ||
Accrued interest receivable | 11,782 | 10,798 | ||
Financial liabilities: | ||||
Deposits | 3,649,235 | 3,186,942 | ||
Borrowed funds | 667,775 | 903,831 | ||
Accrued interest payable | 1,004 | 838 | ||
Book Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Reverse Mortgages | 29,298 | 37,328 | ||
Financial liabilities: | ||||
Standby letters of credit | 151 | 248 | ||
Fair Value [Member] | ||||
Financial assets: | ||||
Investment securities, available-for-sale | 740,124 | 817,115 | ||
Investment securities, held-to-maturity | 126,171 | |||
Loans, held -for -sale | 28,508 | 31,491 | ||
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 508,039 | 484,426 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Loans, net | 3,121,855 | 2,871,499 | ||
Stock in Federal Home Loan Bank of Pittsburgh | 23,278 | 35,869 | ||
Accrued interest receivable | 11,782 | 10,798 | ||
Financial liabilities: | ||||
Deposits | 3,461,218 | 2,982,420 | ||
Borrowed funds | 672,850 | 904,804 | ||
Accrued interest payable | 1,004 | 838 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Reverse Mortgages | 29,298 | 37,328 | ||
Financial liabilities: | ||||
Standby letters of credit | $151 | $248 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures - Estimated Fair Value of Off-Balance Sheet Financial Instruments (Detail) (Commitments to Extend Credit [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet instruments | $0 | $0 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||
New loans and credit line advance to related parties | $1,200,000 | |
Related party loan repayment | 471,000 | |
Loans [Member] | ||
Related Party Transaction [Line Items] | ||
Outstanding balances to related parties | 2,900,000 | 2,000,000 |
Deposits [Member] | ||
Related Party Transaction [Line Items] | ||
Outstanding balances to related parties | $4,200,000 | $3,800,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 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 | 661,000,000 |
Christiana Trust [Member] | |
Segment Reporting Information [Line Items] | |
Assets under administration | 8,600,000,000 |
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 | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | $42,340,000 | $40,799,000 | $39,413,000 | $37,785,000 | $38,333,000 | $37,116,000 | $35,882,000 | $35,591,000 | $160,337,000 | $146,922,000 | $150,287,000 | |
Noninterest income | 19,987,000 | 20,304,000 | 19,623,000 | 18,364,000 | 19,796,000 | 22,742,000 | 19,539,000 | 18,074,000 | 78,278,000 | 80,151,000 | 86,693,000 | |
Total revenue | 238,615,000 | 227,073,000 | 236,980,000 | |||||||||
Interest expense | 4,101,000 | 4,052,000 | 3,936,000 | 3,741,000 | 3,787,000 | 3,710,000 | 3,826,000 | 4,011,000 | 15,830,000 | 15,334,000 | 23,288,000 | |
Noninterest expenses | 38,666,000 | 39,457,000 | 35,518,000 | 34,178,000 | 34,598,000 | 32,809,000 | 33,152,000 | 32,370,000 | 147,819,000 | 132,929,000 | 133,345,000 | |
Provision for loan loss | 567,000 | 333,000 | 50,000 | 2,630,000 | 1,292,000 | 1,969,000 | 1,680,000 | 2,231,000 | 3,580,000 | 7,172,000 | 32,053,000 | |
Total expenses | 167,229,000 | 155,435,000 | 188,686,000 | |||||||||
(Loss) income before equity in undistributed income of subsidiaries | 18,993,000 | 17,261,000 | 19,532,000 | 15,600,000 | 18,452,000 | 21,370,000 | 16,763,000 | 15,053,000 | 71,386,000 | 71,638,000 | 48,294,000 | |
Provision for income taxes | 6,285,000 | 5,848,000 | 6,807,000 | -1,311,000 | 6,378,000 | 7,210,000 | 5,855,000 | 5,313,000 | 17,629,000 | 24,756,000 | 16,983,000 | |
Consolidated net income | 12,708,000 | 11,413,000 | 12,725,000 | 16,911,000 | 12,074,000 | 14,160,000 | 10,908,000 | 9,740,000 | 53,757,000 | 46,882,000 | 31,311,000 | |
Capital expenditures | 4,732,000 | 2,860,000 | 8,228,000 | |||||||||
Cash and cash equivalents | 508,039,000 | 484,426,000 | 508,039,000 | 484,426,000 | 500,887,000 | 468,017,000 | ||||||
Goodwill | 48,651,000 | 32,235,000 | 48,651,000 | 32,235,000 | 28,146,000 | |||||||
Other segment assets | 4,296,630,000 | 3,999,102,000 | 4,296,630,000 | 3,999,102,000 | 3,846,115,000 | |||||||
Total assets | 4,853,320,000 | 4,515,763,000 | 4,853,320,000 | 4,515,763,000 | 4,375,148,000 | |||||||
Inter-Segment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 8,963,000 | 9,352,000 | 9,751,000 | |||||||||
Noninterest income | 7,732,000 | 7,300,000 | 9,447,000 | |||||||||
Total revenue | 16,695,000 | 16,652,000 | 19,198,000 | |||||||||
Interest expense | 8,963,000 | 9,352,000 | 9,751,000 | |||||||||
Noninterest expenses | 7,732,000 | 7,300,000 | 9,447,000 | |||||||||
Total expenses | 16,695,000 | 16,652,000 | 19,198,000 | |||||||||
External Customer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 255,310,000 | 243,725,000 | 256,178,000 | |||||||||
Total expenses | 183,924,000 | 172,087,000 | 207,884,000 | |||||||||
WSFS Bank [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 152,545,000 | 139,082,000 | 141,986,000 | |||||||||
Noninterest income | 34,461,000 | 40,479,000 | 54,225,000 | |||||||||
Total revenue | 187,006,000 | 179,561,000 | 196,211,000 | |||||||||
Interest expense | 15,409,000 | 14,744,000 | 22,397,000 | |||||||||
Noninterest expenses | 120,027,000 | 107,195,000 | 112,071,000 | |||||||||
Provision for loan loss | 2,938,000 | 6,759,000 | 32,222,000 | |||||||||
Total expenses | 138,374,000 | 128,698,000 | 166,690,000 | |||||||||
(Loss) income before equity in undistributed income of subsidiaries | 52,375,000 | 54,109,000 | 35,513,000 | |||||||||
Capital expenditures | 3,192,000 | 2,232,000 | 7,796,000 | |||||||||
Cash and cash equivalents | 73,395,000 | 73,017,000 | 73,395,000 | 73,017,000 | 68,419,000 | |||||||
Goodwill | 43,517,000 | 27,101,000 | 43,517,000 | 27,101,000 | 23,012,000 | |||||||
Other segment assets | 4,107,212,000 | 3,811,424,000 | 4,107,212,000 | 3,811,424,000 | 3,660,061,000 | |||||||
Total assets | 4,224,124,000 | 3,911,542,000 | 4,224,124,000 | 3,911,542,000 | 3,751,492,000 | |||||||
WSFS Bank [Member] | Inter-Segment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 3,405,000 | 3,603,000 | 4,032,000 | |||||||||
Noninterest income | 6,814,000 | 6,346,000 | 8,563,000 | |||||||||
Total revenue | 10,219,000 | 9,949,000 | 12,595,000 | |||||||||
Interest expense | 5,558,000 | 5,749,000 | 5,719,000 | |||||||||
Noninterest expenses | 918,000 | 954,000 | 884,000 | |||||||||
Total expenses | 6,476,000 | 6,703,000 | 6,603,000 | |||||||||
WSFS Bank [Member] | External Customer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 197,225,000 | 189,510,000 | 208,806,000 | |||||||||
Total expenses | 144,850,000 | 135,401,000 | 173,293,000 | |||||||||
Cash Connect [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Noninterest income | 25,698,000 | 23,746,000 | 18,749,000 | |||||||||
Total revenue | 25,698,000 | 23,746,000 | 18,749,000 | |||||||||
Noninterest expenses | 15,449,000 | 12,950,000 | 9,549,000 | |||||||||
Total expenses | 15,449,000 | 12,950,000 | 9,549,000 | |||||||||
(Loss) income before equity in undistributed income of subsidiaries | 7,378,000 | 7,863,000 | 6,392,000 | |||||||||
Capital expenditures | 1,531,000 | 628,000 | 405,000 | |||||||||
Cash and cash equivalents | 431,527,000 | 408,096,000 | 431,527,000 | 408,096,000 | 430,382,000 | |||||||
Other segment assets | 2,006,000 | 1,965,000 | 2,006,000 | 1,965,000 | 1,605,000 | |||||||
Total assets | 433,533,000 | 410,061,000 | 433,533,000 | 410,061,000 | 431,987,000 | |||||||
Cash Connect [Member] | Inter-Segment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Noninterest income | 804,000 | 845,000 | 779,000 | |||||||||
Total revenue | 804,000 | 845,000 | 779,000 | |||||||||
Interest expense | 1,384,000 | 1,541,000 | 1,368,000 | |||||||||
Noninterest expenses | 2,291,000 | 2,237,000 | 2,219,000 | |||||||||
Total expenses | 3,675,000 | 3,778,000 | 3,587,000 | |||||||||
Cash Connect [Member] | External Customer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 26,502,000 | 24,591,000 | 19,528,000 | |||||||||
Total expenses | 19,124,000 | 16,728,000 | 13,136,000 | |||||||||
Trust & Wealth Management [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 7,792,000 | 7,840,000 | 8,301,000 | |||||||||
Noninterest income | 18,119,000 | 15,926,000 | 13,719,000 | |||||||||
Total revenue | 25,911,000 | 23,766,000 | 22,020,000 | |||||||||
Interest expense | 421,000 | 590,000 | 891,000 | |||||||||
Noninterest expenses | 12,343,000 | 12,784,000 | 11,725,000 | |||||||||
Provision for loan loss | 642,000 | 413,000 | -169,000 | |||||||||
Total expenses | 13,406,000 | 13,787,000 | 12,447,000 | |||||||||
(Loss) income before equity in undistributed income of subsidiaries | 11,633,000 | 9,666,000 | 6,389,000 | |||||||||
Capital expenditures | 9,000 | 27,000 | ||||||||||
Cash and cash equivalents | 3,117,000 | 3,313,000 | 3,117,000 | 3,313,000 | 2,086,000 | |||||||
Goodwill | 5,134,000 | 5,134,000 | 5,134,000 | 5,134,000 | 5,134,000 | |||||||
Other segment assets | 187,412,000 | 185,713,000 | 187,412,000 | 185,713,000 | 184,449,000 | |||||||
Total assets | 195,663,000 | 194,160,000 | 195,663,000 | 194,160,000 | 191,669,000 | |||||||
Trust & Wealth Management [Member] | Inter-Segment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 5,558,000 | 5,749,000 | 5,719,000 | |||||||||
Noninterest income | 114,000 | 109,000 | 105,000 | |||||||||
Total revenue | 5,672,000 | 5,858,000 | 5,824,000 | |||||||||
Interest expense | 2,021,000 | 2,062,000 | 2,664,000 | |||||||||
Noninterest expenses | 4,523,000 | 4,109,000 | 6,344,000 | |||||||||
Total expenses | 6,544,000 | 6,171,000 | 9,008,000 | |||||||||
Trust & Wealth Management [Member] | External Customer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 31,583,000 | 29,624,000 | 27,844,000 | |||||||||
Total expenses | $19,950,000 | $19,958,000 | $21,455,000 |
Parent_Company_Financial_Infor2
Parent Company Financial Information - Condensed Statements of Financial Condition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash | $508,039 | $484,426 | $500,887 | $468,017 |
Other assets | 54,561 | 51,887 | ||
Total assets | 4,853,320 | 4,515,763 | 4,375,148 | |
Liabilities: | ||||
Trust Preferred | 67,011 | 67,011 | ||
Senior debt | 55,000 | 55,000 | 55,000 | |
Interest payable | 1,004 | 838 | ||
Other liabilities | 46,255 | 41,102 | ||
Total liabilities | 4,364,269 | 4,132,713 | ||
Stockholders' equity: | ||||
Common stock | 186 | 185 | ||
Capital in excess of par value | 201,501 | 178,477 | ||
Accumulated other comprehensive income | 3,500 | -21,294 | 12,943 | 11,202 |
Retained earnings | 523,099 | 473,962 | ||
Treasury stock | -239,235 | -248,280 | ||
Total stockholders' equity | 489,051 | 383,050 | ||
Total liabilities and stockholders' equity | 4,853,320 | 4,515,763 | ||
WSFS Financial Corporation [Member] | ||||
Assets | ||||
Cash | 54,331 | 19,311 | 62,244 | 13,046 |
Investment in subsidiaries | 551,784 | 481,896 | ||
Investment in Capital Trust III | 2,011 | 2,011 | ||
Other assets | 3,436 | 2,920 | ||
Total assets | 611,562 | 506,138 | ||
Liabilities: | ||||
Trust Preferred | 67,011 | 67,011 | ||
Senior debt | 55,000 | 55,000 | ||
Interest payable | 402 | 399 | ||
Other liabilities | 98 | 678 | ||
Total liabilities | 122,511 | 123,088 | ||
Stockholders' equity: | ||||
Common stock | 186 | 185 | ||
Capital in excess of par value | 201,501 | 178,477 | ||
Accumulated other comprehensive income | 3,500 | -21,294 | ||
Retained earnings | 523,099 | 473,962 | ||
Treasury stock | -239,235 | -248,280 | ||
Total stockholders' equity | 489,051 | 383,050 | ||
Total liabilities and stockholders' equity | $611,562 | $506,138 |
Parent_Company_Financial_Infor3
Parent Company Financial Information - Condensed Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income: | |||||||||||
Reverse mortgage consolidation gain | $3,801 | ||||||||||
Total revenue | 238,615 | 227,073 | 236,980 | ||||||||
Expenses: | |||||||||||
Interest expense | 4,101 | 4,052 | 3,936 | 3,741 | 3,787 | 3,710 | 3,826 | 4,011 | 15,830 | 15,334 | 23,288 |
Other operating expenses | 25,004 | 21,142 | 18,533 | ||||||||
Net interest income | -38,239 | -36,747 | -35,477 | -34,044 | -34,546 | -33,406 | -32,056 | -31,580 | -144,507 | -131,588 | -126,999 |
(Loss) income before equity in undistributed income of subsidiaries | 18,993 | 17,261 | 19,532 | 15,600 | 18,452 | 21,370 | 16,763 | 15,053 | 71,386 | 71,638 | 48,294 |
Income tax benefit | -17,629 | -24,756 | -16,983 | ||||||||
Dividends on preferred stock and accretion of discount | -332 | -609 | -692 | -1,633 | -2,770 | ||||||
Net income allocable to common stockholders | 12,708 | 11,413 | 12,725 | 16,911 | 12,074 | 13,828 | 10,299 | 9,048 | 53,757 | 45,249 | 28,541 |
WSFS Financial Corporation [Member] | |||||||||||
Income: | |||||||||||
Interest income | 785 | 2,455 | 1,853 | ||||||||
Noninterest income | 74,125 | 9,983 | 139 | ||||||||
Reverse mortgage consolidation gain | 3,801 | ||||||||||
Total revenue | 74,910 | 16,239 | 1,992 | ||||||||
Expenses: | |||||||||||
Interest expense | 5,087 | 5,113 | 2,776 | ||||||||
Other operating expenses | 140 | 197 | 136 | ||||||||
Net interest income | 5,227 | 5,310 | 2,912 | ||||||||
(Loss) income before equity in undistributed income of subsidiaries | 69,683 | 10,929 | -920 | ||||||||
Equity in undistributed income of subsidiaries | -17,437 | 35,019 | 31,909 | ||||||||
Income before taxes | 52,246 | 45,947 | 30,989 | ||||||||
Income tax benefit | 1,511 | 934 | 322 | ||||||||
Dividends on preferred stock and accretion of discount | -1,633 | -2,770 | |||||||||
Net income allocable to common stockholders | $53,757 | $45,249 | $28,541 |
Parent_Company_Financial_Infor4
Parent Company Financial Information - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Operating activities: | ||||
Net Income | $53,757 | $46,882 | $31,311 | |
Adjustments to reconcile net income to net cash used for operating activities: | ||||
Reverse mortgage consolidation gain | -3,801 | |||
(Increase) decrease in other assets | -1,455 | 5,470 | 2,491 | |
Increase (decrease) in other liabilities | 2,054 | -12,465 | 4,763 | |
Net cash provided by (used for) operating activities | 67,056 | 57,381 | 103,032 | |
Investing activities: | ||||
Net cash used for investing activities | -26,564 | -172,460 | -115,250 | |
Financing activities: | ||||
Issuance of common stock | 3,613 | 4,353 | 2,503 | 47,100 |
Proceeds from the issuance of long-term debt | 52,681 | |||
Redemption of preferred stock | -52,625 | |||
Repurchase of common stock warrants | -6,300 | -1,800 | ||
Payments to repurchase common stock | -2,686 | |||
Cash dividends paid | -4,644 | -5,998 | -6,810 | |
Net cash (used for) provided by financing activities | -16,879 | 98,618 | 45,088 | |
Increase (decrease) in cash | 23,613 | -16,461 | 32,870 | |
Cash and cash equivalents at beginning of year | 484,426 | 500,887 | 468,017 | |
Cash and cash equivalents at end of year | 508,039 | 484,426 | 500,887 | |
WSFS Financial Corporation [Member] | ||||
Operating activities: | ||||
Net Income | 53,757 | 46,882 | 31,311 | |
Adjustments to reconcile net income to net cash used for operating activities: | ||||
Equity in undistributed income of subsidiaries | 17,437 | -35,019 | -31,909 | |
Reverse mortgage consolidation gain | -3,801 | |||
Increase in capitalized interest | -801 | -693 | ||
(Increase) decrease in other assets | 4,217 | 3,831 | 3,531 | |
Increase (decrease) in other liabilities | 203 | 245 | 384 | |
Net cash provided by (used for) operating activities | 75,614 | 11,337 | 2,624 | |
Investing activities: | ||||
Payments for investment in and advances to subsidiaries | -2,225 | |||
Sale or repayment of investments in and advances to subsidiaries | 3,676 | |||
Outlays for business acquisitions | -32,028 | |||
Net cash used for investing activities | -30,577 | |||
Financing activities: | ||||
Issuance of common stock | 3,613 | 4,353 | 2,503 | |
Proceeds from the issuance of long-term debt | 52,681 | |||
Redemption of preferred stock | -52,625 | |||
Repurchase of common stock warrants | -6,300 | |||
Payments to repurchase common stock | -2,686 | -1,800 | ||
Cash dividends paid | -4,644 | -5,998 | -6,810 | |
Net cash (used for) provided by financing activities | -10,017 | -54,270 | 46,574 | |
Increase (decrease) in cash | 35,020 | -42,933 | 49,198 | |
Cash and cash equivalents at beginning of year | 19,311 | 62,244 | 13,046 | |
Cash and cash equivalents at end of year | $54,331 | $19,311 | $62,244 |
Change_in_Accumulated_Other_Co2
Change in Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | ($21,294) | $12,943 | $11,202 |
Other comprehensive income (loss) before reclassifications | 25,437 | -32,057 | 15,024 |
Less: Amounts reclassified from accumulated other comprehensive loss | -643 | -2,180 | -13,283 |
Total other comprehensive income (loss) | 24,794 | -34,237 | 1,741 |
Ending Balance | 3,500 | -21,294 | 12,943 |
Net Unrealized Gains on Investment Securities Available-for-Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -20,822 | 13,415 | 11,674 |
Other comprehensive income (loss) before reclassifications | 24,118 | -32,057 | 15,024 |
Less: Amounts reclassified from accumulated other comprehensive loss | -643 | -2,180 | -13,283 |
Total other comprehensive income (loss) | 23,475 | -34,237 | 1,741 |
Ending Balance | 2,653 | -20,822 | 13,415 |
Net Unrealized Losses on Defined Benefit Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -472 | -472 | -472 |
Other comprehensive income (loss) before reclassifications | 1,319 | ||
Less: Amounts reclassified from accumulated other comprehensive loss | |||
Total other comprehensive income (loss) | 1,319 | ||
Ending Balance | $847 | ($472) | ($472) |
Change_in_Accumulated_Other_Co3
Change in Accumulated Other Comprehensive Income - Components of Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Realized gains on securities transactions | $18,993 | $17,261 | $19,532 | $15,600 | $18,452 | $21,370 | $16,763 | $15,053 | $71,386 | $71,638 | $48,294 |
Income taxes | -6,285 | -5,848 | -6,807 | 1,311 | -6,378 | -7,210 | -5,855 | -5,313 | -17,629 | -24,756 | -16,983 |
Income taxes | -17,629 | -24,756 | -16,983 | ||||||||
Net income allocable to common stockholders | 12,708 | 11,413 | 12,725 | 16,911 | 12,074 | 13,828 | 10,299 | 9,048 | 53,757 | 45,249 | 28,541 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income allocable to common stockholders | -676 | 2,180 | 13,283 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Unrealized Gains on Investment Securities Available-for-Sale [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Realized gains on securities transactions | 1,036 | 3,516 | 21,425 | ||||||||
Income taxes | -393 | -1,336 | -8,142 | ||||||||
Net of tax | 643 | 2,180 | 13,283 | ||||||||
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 | 891 | ||||||||||
Transition obligation | 246 | ||||||||||
Actuarial losses | 991 | ||||||||||
Total before tax | 2,128 | ||||||||||
Income taxes | -809 | ||||||||||
Net income allocable to common stockholders | $1,319 |
Legal_and_Other_Proceedings_Ad
Legal and Other Proceedings - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
Nov. 25, 2014 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Damages for breach of contract | $800,000 | |
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 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Branch | |||
Subsequent Event [Line Items] | |||
Assets | $4,853,320 | $4,515,763 | $4,375,148 |
Loans | 3,156,652 | 2,904,976 | |
Deposits | 3,649,235 | 3,186,942 | |
Alliance [Member] | |||
Subsequent Event [Line Items] | |||
Assets | 421,000 | ||
Loans | 310,000 | ||
Deposits | $345,000 | ||
Number of branch locations | 8 |
Quarterly_Financial_Summary_Qu
Quarterly Financial Summary - Quarterly Financial Summary (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $42,340 | $40,799 | $39,413 | $37,785 | $38,333 | $37,116 | $35,882 | $35,591 | $160,337 | $146,922 | $150,287 |
Interest expense | 4,101 | 4,052 | 3,936 | 3,741 | 3,787 | 3,710 | 3,826 | 4,011 | 15,830 | 15,334 | 23,288 |
Net interest income | 38,239 | 36,747 | 35,477 | 34,044 | 34,546 | 33,406 | 32,056 | 31,580 | 144,507 | 131,588 | 126,999 |
Provision for loan losses | 567 | 333 | 50 | 2,630 | 1,292 | 1,969 | 1,680 | 2,231 | 3,580 | 7,172 | 32,053 |
Net interest income after provision for loan losses | 37,672 | 36,414 | 35,427 | 31,414 | 33,254 | 31,437 | 30,376 | 29,349 | 140,927 | 124,416 | 94,946 |
Noninterest income | 19,987 | 20,304 | 19,623 | 18,364 | 19,796 | 22,742 | 19,539 | 18,074 | 78,278 | 80,151 | 86,693 |
Noninterest expenses | 38,666 | 39,457 | 35,518 | 34,178 | 34,598 | 32,809 | 33,152 | 32,370 | 147,819 | 132,929 | 133,345 |
Income (loss) before taxes | 18,993 | 17,261 | 19,532 | 15,600 | 18,452 | 21,370 | 16,763 | 15,053 | 71,386 | 71,638 | 48,294 |
Income tax provision (benefit) | 6,285 | 5,848 | 6,807 | -1,311 | 6,378 | 7,210 | 5,855 | 5,313 | 17,629 | 24,756 | 16,983 |
Net Income | 12,708 | 11,413 | 12,725 | 16,911 | 12,074 | 14,160 | 10,908 | 9,740 | 53,757 | 46,882 | 31,311 |
Dividends on preferred stock and accretion of discount | 332 | 609 | 692 | 1,633 | 2,770 | ||||||
Net Income (loss) allocable to common stockholders | $12,708 | $11,413 | $12,725 | $16,911 | $12,074 | $13,828 | $10,299 | $9,048 | $53,757 | $45,249 | $28,541 |
Earnings per share: | |||||||||||
Basic | $1.35 | $1.26 | $1.43 | $1.90 | $1.36 | $1.57 | $1.17 | $1.03 | $5.92 | $5.13 | $3.28 |
Diluted | $1.32 | $1.23 | $1.39 | $1.85 | $1.33 | $1.54 | $1.16 | $1.02 | $5.78 | $5.06 | $3.25 |