Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 04, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | WSFS | |
Entity Registrant Name | WSFS FINANCIAL CORP | |
Entity Central Index Key | 828,944 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,324,432 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Interest and fees on loans | $ 48,546 | $ 38,437 | $ 136,568 | $ 111,771 |
Interest on mortgage-backed securities | 3,854 | 3,588 | 11,658 | 10,544 |
Interest and dividends on investment securities: | ||||
Taxable | 80 | 56 | 242 | 177 |
Tax-exempt | 1,134 | 819 | 3,418 | 2,410 |
Interest on reverse mortgage loans | 1,303 | 1,561 | 3,826 | 3,963 |
Other interest income | 420 | 396 | 1,174 | 1,898 |
Total interest income | 55,337 | 44,857 | 156,886 | 130,763 |
Interest expense: | ||||
Interest on deposits | 2,412 | 1,587 | 6,734 | 5,354 |
Interest on senior debt | 2,119 | 942 | 4,236 | 2,825 |
Interest on Federal Home Loan Bank advances | 1,225 | 868 | 3,397 | 2,332 |
Interest on trust preferred borrowings | 415 | 343 | 1,183 | 1,009 |
Interest on other borrowings | 145 | 120 | 545 | 339 |
Total interest expense | 6,316 | 3,860 | 16,095 | 11,859 |
Net interest income | 49,021 | 40,997 | 140,791 | 118,904 |
Provision for loan losses | 5,828 | 1,453 | 7,862 | 6,012 |
Net interest income after provision for loan losses | 43,193 | 39,544 | 132,929 | 112,892 |
Noninterest income: | ||||
Credit/debit card and ATM income | 7,776 | 6,486 | 21,930 | 18,975 |
Wealth management income | 6,074 | 5,373 | 17,610 | 16,173 |
Deposit service charges | 4,482 | 4,338 | 13,100 | 12,342 |
Mortgage banking activities, net | 2,555 | 1,251 | 6,025 | 4,544 |
Securities gains, net | 1,040 | 76 | 1,890 | 1,004 |
Loan fee income | 542 | 405 | 1,499 | 1,337 |
Bank owned life insurance income | 255 | 162 | 697 | 544 |
Other income | 4,125 | 3,574 | 12,017 | 10,299 |
Total non interest income | 26,849 | 21,665 | 74,768 | 65,218 |
Noninterest expense: | ||||
Salaries, benefits and other compensation | 24,804 | 20,784 | 71,189 | 62,139 |
Occupancy expense | 4,335 | 3,757 | 12,560 | 11,272 |
Equipment expense | 2,653 | 2,059 | 7,642 | 6,100 |
Professional fees | 1,554 | 2,039 | 6,891 | 5,264 |
Data processing and operations expenses | 1,500 | 1,570 | 4,564 | 4,451 |
Marketing expense | 712 | 619 | 2,177 | 2,210 |
Loan workout and OREO expenses | 511 | 166 | 1,059 | 495 |
FDIC expenses | 469 | 786 | 2,080 | 2,142 |
Corporate development expense | 5,885 | 855 | 7,003 | 2,137 |
Other operating expense | 8,074 | 6,070 | 22,558 | 20,062 |
Total non interest expenses | 50,497 | 38,705 | 137,723 | 116,272 |
Income before taxes | 19,545 | 22,504 | 69,974 | 61,838 |
Income tax provision | 6,823 | 8,078 | 24,004 | 22,289 |
Net income | $ 12,722 | $ 14,426 | $ 45,970 | $ 39,549 |
Earnings per share: | ||||
Basic | $ 0.42 | $ 0.52 | $ 1.54 | $ 1.41 |
Diluted | $ 0.41 | $ 0.51 | $ 1.50 | $ 1.39 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 12,722 | $ 14,426 | $ 45,970 | $ 39,549 |
Net change in unrealized (losses) gains on investment securities available for sale | ||||
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of ($682), $3,787, $8,668 and $2,892 respectively | (1,112) | 6,178 | 14,143 | 4,721 |
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $395, $29, $718 and $381, respectively | (645) | (47) | (1,172) | (623) |
Net change in unrealized gains (losses) on investment securities available-for-sale | (1,757) | 6,131 | 12,971 | 4,098 |
Net change in securities held-to-maturity | ||||
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $60, $55, $187, $175, respectively | (102) | (104) | (305) | (312) |
Net change in unfunded pension liability | ||||
Change in unfunded pension liability related to unrealized (loss) gain, prior service cost and transition obligation, net of tax (benefit) expense of ($14), ($9), $266 and ($27), respectively | (20) | (15) | 436 | (45) |
Net change in cash flow hedge | ||||
Net unrealized gain arising during the period, net of tax expense of $38, $0, $38, and $0, respectively | 61 | 61 | ||
Total other comprehensive (loss) income | (1,818) | 6,012 | 13,163 | 3,741 |
Total comprehensive income | $ 10,904 | $ 20,438 | $ 59,133 | $ 43,290 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net change in Unrealized (losses) gains, tax (benefit) expense | $ (682) | $ 3,787 | $ 8,668 | $ 2,892 |
Reclassification adjustment for gains, tax expense | 395 | 29 | 718 | 381 |
Amortization of unrealized gain on securities reclassified to held-to-maturity, tax expense | 60 | 55 | 187 | 175 |
Change in unfunded pension liability related to unrealized (loss) gain, prior service cost and transition obligation, tax (benefit) expense | (14) | (9) | 266 | (27) |
Net change in cash flow hedge, tax expense | $ 38 | $ 0 | $ 38 | $ 0 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 119,159 | $ 83,065 |
Cash in non-owned ATMs | 694,022 | 477,924 |
Interest-bearing deposits in other banks | 224 | 190 |
Total cash and cash equivalents | 813,405 | 561,179 |
Investment securities, available for sale | 777,835 | 721,029 |
Investment securities, held to maturity-at cost | 164,880 | 165,862 |
Loans, held for sale at fair value | 61,198 | 41,807 |
Loans, net of allowance for loan losses of $39,028 at September 30, 2016 and $37,089 at December 31, 2015 | 4,347,027 | 3,729,050 |
Reverse mortgage loans | 23,120 | 24,284 |
Bank-owned life insurance | 101,185 | 90,208 |
Stock in Federal Home Loan Bank of Pittsburgh-at cost | 36,710 | 30,519 |
Assets acquired through foreclosure | 3,232 | 5,080 |
Accrued interest receivable | 15,257 | 14,040 |
Premises and equipment | 47,094 | 39,569 |
Goodwill | 155,436 | 85,212 |
Intangible assets | 17,273 | 10,083 |
Other assets | 63,941 | 66,715 |
Total assets | 6,627,593 | 5,584,637 |
Deposits: | ||
Noninterest-bearing demand | 1,245,127 | 958,238 |
Interest-bearing demand | 967,248 | 784,619 |
Money market | 1,251,315 | 1,090,050 |
Savings | 538,093 | 439,918 |
Time | 329,401 | 333,000 |
Jumbo certificates of deposit - customer | 257,816 | 254,011 |
Total customer deposits | 4,589,000 | 3,859,836 |
Brokered deposits | 144,639 | 156,730 |
Total deposits | 4,733,639 | 4,016,566 |
Federal funds purchased and securities sold under agreements to repurchase | 81,000 | 128,200 |
Federal Home Loan Bank advances | 817,167 | 669,514 |
Trust preferred borrowings | 67,011 | 67,011 |
Senior debt | 151,914 | 53,675 |
Other borrowed funds | 27,615 | 14,486 |
Accrued interest payable | 3,658 | 801 |
Other liabilities | 53,579 | 53,913 |
Total liabilities | 5,935,583 | 5,004,166 |
Stockholders' Equity: | ||
Common stock $0.01 par value, 65,000,000 shares authorized; issued 55,903,577 at September 30, 2016 and 55,945,245 at December 31, 2015 | 580 | 560 |
Capital in excess of par value | 327,148 | 256,435 |
Accumulated other comprehensive income | 13,859 | 696 |
Retained earnings | 611,163 | 570,630 |
Treasury stock at cost, 24,569,145 shares at September 30, 2016 and 26,182,401 shares at December 31, 2015 | (260,740) | (247,850) |
Total stockholders' equity | 692,010 | 580,471 |
Total liabilities and stockholders' equity | $ 6,627,593 | $ 5,584,637 |
Consolidated Statements of Con6
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 39,028 | $ 37,089 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, issued | 55,903,577 | 55,945,245 |
Treasury stock, shares | 24,569,145 | 26,182,401 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net Income | $ 45,970 | $ 39,549 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 7,862 | 6,012 |
Depreciation of premises and equipment, net | 5,587 | 4,650 |
Amortization of fees and discounts, net | 13,921 | 11,221 |
Amortization of intangible assets | 1,260 | 1,258 |
(Increase) decrease in accrued interest receivable | (239) | 12 |
Decrease (increase) decrease in other assets | 8,028 | (253) |
Origination of loans held-for-sale | (252,368) | (350,584) |
Proceeds from sales of loans held-for-sale | 230,864 | 348,760 |
Gain on mortgage banking activities, net | (6,025) | (4,544) |
Gain on sale of securities, net | (1,890) | (1,004) |
Stock-based compensation expense | 2,253 | 3,319 |
Increase in accrued interest payable | 2,857 | 756 |
(Decrease) increase in other liabilities | (2,286) | 1,524 |
Loss (gain) on sale of other real estate owned and valuation adjustments, net | 230 | (298) |
Deferred income tax expense | 5,364 | 2,418 |
Increase in value of bank-owned life insurance | (2,311) | (527) |
Increase in capitalized interest, net, on reverse mortgage loans | (3,834) | (4,088) |
Net cash provided by operating activities | 55,243 | 58,181 |
Investing activities: | ||
Purchases of investment securities held-to-maturity | (3,329) | (19,195) |
Repayments of investment securities held-to-maturity | 970 | |
Maturities and calls of investment securities held-to-maturity | 2,840 | 3,881 |
Sale of investment securities available-for-sale | 155,789 | 117,380 |
Purchases of investment securities available-for-sale | (254,993) | (209,947) |
Repayments of investment securities available-for-sale | 62,798 | 80,293 |
Repayments on reverse mortgages | 6,134 | 9,559 |
Disbursements for reverse mortgages | (1,136) | (649) |
Net increase in loans | (146,498) | (181,290) |
Net cash for business combinations | 51,788 | |
Net increase in stock of FHLB | (6,191) | (4,665) |
Sales of assets acquired through foreclosure, net | 4,069 | 5,278 |
Investment in premises and equipment, net | (7,677) | (4,968) |
Net cash used for investing activities | (136,406) | (203,353) |
Financing activities: | ||
Net increase in demand and saving deposits | 221,336 | 76,241 |
Decrease in time deposits | (57,383) | (116,863) |
(Decrease) increase in brokered deposits | (12,091) | 36,624 |
(Decrease) increase in loan payable | (366) | 61 |
Receipts from FHLB advances | 90,314,153 | 46,342,654 |
Repayments of FHLB advances | (90,166,500) | (46,105,521) |
Receipts from federal funds purchased and securities sold under agreement to repurchase | 21,676,620 | 22,843,325 |
Repayments of federal funds purchased and securities sold under agreement to repurchase | (21,723,820) | (22,855,550) |
Maturity of repurchase agreement | (25,000) | |
Dividends paid | (5,437) | (4,216) |
Issuance of common stock and exercise of common stock options | 1,918 | 2,688 |
Issuance of senior debt | 97,849 | |
Purchase of treasury stock | (12,890) | (28,273) |
Net cash provided by financing activities | 333,389 | 166,170 |
Increase in cash and cash equivalents | 252,226 | 20,998 |
Cash and cash equivalents at beginning of period | 561,179 | 508,039 |
Cash and cash equivalents at end of period | 813,405 | 529,037 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for interest during the period | 13,238 | 11,103 |
Cash paid for income taxes, net | 18,640 | 16,558 |
Loans transferred to other real estate owned | 1,455 | 2,545 |
Loans transferred to portfolio from held-for-sale at fair value | 6,337 | 104 |
Net change in accumulated other comprehensive income | 13,163 | 3,741 |
Fair value of assets acquired, net of cash received | 526,767 | |
Fair value of liabilities assumed | 583,517 | |
Non-cash goodwill adjustments, net | $ (1,496) | $ 136 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION General Our unaudited Consolidated Financial Statements include the accounts of WSFS Financial Corporation (the Company, our Company, we, our or us), Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), Cypress Capital Management, LLC (Cypress) and WSFS Wealth Management, LLC. We also have one unconsolidated affiliate, WSFS Capital Trust III (the Trust). WSFS Bank has three wholly-owned subsidiaries: WSFS Wealth Investments, 1832 Holdings, Inc. and Monarch Entity Services LLC (Monarch). The acronyms and abbreviations below are used in the unaudited Notes to The Consolidated Financial Statements as well as in Management’s Discussion and Analysis of Financial Condition and Results of Operations. You may find it helpful to refer back to this page as you read this report. AICPA: American Institute of Certified Public Accountants Allowance: Allowance for loan losses or ALLL Alliance: Alliance Bancorp Inc. of Pennsylvania Array: Formerly Array Financial Group (WSFS Mortgage) Arrow: Arrow Land Transfer ASC: Accounting standard codification Associate: Employee ASU: Accounting standard update BCBS: Basel Committee on Banking Supervision C&I: Commercial & Industrial (loans) CMO: Collateralized mortgage obligation Cypress: Cypress Capital Management, LLC Dodd-Frank Act: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 DTA: Deferred tax asset Exchange Act: Securities Exchange Act of 1934 FASB: Financial Accounting Standards Board FDIC: Federal Deposit Insurance Corporation Federal Reserve: Board of Governors of the Federal Reserve System Monarch: Monarch Entity Services, LLC FHLB: Federal Home Loan Bank FHLMC: Federal Home Loan Mortgage Corporation FNMA: Federal National Mortgage Association GAAP: U.S. Generally Accepted Accounting Principles GNMA: Government National Mortgage Association GSE: U.S. Government and government sponsored enterprises HPA: House Price Appreciation IRR: Internal Rate of Return NSFR: Net stable funding ratio MBS: Mortgage-backed securities OCC: Office of the Comptroller of the Currency OREO: Other real estate owned OTTI: Other-than-temporary impairment TDR: Troubled Debt Restructurings Overview Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States. We provide residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. Lending activities are funded primarily with customer deposits and borrowings. In addition, we offer a variety of wealth management and trust services to personal and corporate customers. The FDIC insures our customers’ deposits to their legal maximums. We serve our customers primarily from our 76 offices located in Delaware (46), Pennsylvania (28), Virginia (1) and Nevada (1) and through our website at www.wsfsbank.com Amounts subject to significant estimates include the allowance for loan losses and reserves for lending related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, reverse mortgage loans, OTTI, and income tax valuation allowance. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets and establishment of the allowance and lending related commitments as well as increased post-retirement benefits expense. Our accounting and reporting policies conform to GAAP, prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2016. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in our 2015 Annual Report on Form 10-K that was filed with the SEC on February 29, 2016 and is available at www.sec.gov Whenever necessary, reclassifications have been made to the prior period Consolidated Financial Statements to conform to the current period’s presentation. All significant intercompany transactions were eliminated in consolidation. The significant accounting policies used in preparation of our Consolidated Financial Statements are disclosed in our 2015 Annual Report on Form 10-K. There have not been any material changes in our significant accounting policies from those contained in our 2015 Annual Report on Form 10-K. Common Stock Split In March 2015, the Company’s Board of Directors adopted an amendment to the Company’s Certificate of Incorporation to increase the number of shares of common stock the Company is authorized to issue from 20,000,000, par value $0.01, to 65,000,000, par value $0.01. This amendment to the Company’s Certificate of Incorporation was approved by the Company’s stockholders at the 2015 Annual Meeting held on April 30, 2015. In May 2015, the Company effected a three-for-one stock split in the form of a stock dividend to shareholders of record as of May 4, 2015. All share and per share information has been retroactively adjusted to reflect the stock split. We retroactively adjusted stockholders’ equity to reflect the stock split by reclassifying an amount equal to the par value, $0.01, of the additional shares arising from the split from capital in excess of par value to common stock, resulting in no net impact to stockholders’ equity on our Consolidated Statements of Condition. Senior Unsecured Debt On June 13, 2016, the Company issued $100 million of senior unsecured fixed-to-floating rate notes. The senior unsecured notes mature on June 15, 2026 and have a fixed coupon rate of 4.50% from issuance until June 15, 2021 and a variable coupon rate of three-month LIBOR plus 3.30% from June 15, 2021 until maturity. The senior unsecured notes may be redeemed beginning on June 15, 2021 at 100% of principal plus accrued and unpaid interest. The proceeds will be used for general corporate purposes. Acquisitions On August 12, 2016 we completed the acquisition of Penn Liberty Financial Corp. (Penn Liberty), a community bank headquartered in Wayne, Pennsylvania. We expect this acquisition to build our market share, deepen our presence in the southeastern Pennsylvania market, and enhance our customer base. The results of Penn Liberty’s operations are included in our Consolidated Financial Statements since the date of the acquisition. See Note 2 – Business Combinations for further information. Also during the third quarter, we acquired the assets of Powdermill Financial Solutions LLC (Powdermill), a multi-family office serving an affluent clientele in the local community and throughout the United States. This acquisition aligns with our strategic plan to expand our wealth management offerings and to diversify our fee-income generating businesses. Derivatives and Hedging During the third quarter of 2016, we implemented a hedging program to manage our interest rate risk. This program did not have a material effect on our statements of condition or results of operations. RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2016 In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, Compensation – Stock Compensation 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. In April 2015, the FASB issued ASU No 2015-03, Interest- Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. other assets Senior debt In February 2015, the FASB issued ASU No 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. Accounting Guidance Pending Adoption at September 30, 2016 In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers (Topic 606). Revenue Recognition. Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2014-9 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU No. 2016-05: Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships In March 2016, the FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments, Derivatives and Hedging (Topic 815). In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting, Investments - Equity Method and Joint Ventures (Topic 323). In March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers In June 2016, the FASB issued ASU 2016-13, Financial Instruments —Credit Losses (Topic 326). In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | 2. BUSINESS COMBINATIONS Penn Liberty Financial Corporation On August 12, 2016, we completed the acquisition of Penn Liberty. Penn Liberty conducted its primary business operations through its subsidiary Penn Liberty Bank, which was merged into WSFS Bank. Upon closing the transaction, Penn Liberty had 11 banking offices in Montgomery and Chester counties, Pennsylvania, which are suburbs of Philadelphia. WSFS acquired Penn Liberty to expand the scale and efficiency of its operations in southeastern Pennsylvania in addition to the opportunity of generating additional revenue by providing its full suite of banking, mortgage banking, wealth management and insurance services to the Penn Liberty markets. The acquisition of Penn Liberty 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 fair values are preliminary estimates and are subject to adjustment during the one year measurement period after the acquisition. We are currently evaluating the fair values of replacement equity awards, fixed assets acquired and leases assumed in the transaction. The excess of consideration paid over the preliminary fair value of net assets acquired was recorded as goodwill in the amount of $65.2 million, which is not 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 $2.9 million in core deposit intangibles which are being amortized over ten years using the straight-line depreciation method. 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: (Dollars in thousands) Fair Value Consideration Paid: Common shares issued (1,806,748) $ 66,759 Cash paid to Penn Liberty stock and option holders 40,549 Value of consideration 107,308 Assets acquired: Cash and due from banks 102,301 Investment securities 627 Loans 483,482 Premises and equipment 7,364 Deferred income taxes 6,452 Bank owned life insurance 8,666 Core deposit intangible 2,882 Other real estate owned 996 Other assets 10,595 Total assets 623,365 Liabilities assumed: Deposits 568,706 Other borrowings 10,000 Other liabilities 2,557 Total liabilities 581,263 Net assets acquired: 42,102 Goodwill resulting from acquisition of Penn Liberty $ 65,206 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 and loss severity, along with estimated prepayment rates. Non-impaired acquired loans had a gross contractual balance of $491.2 million and a fair value of $470.8 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 $15.3 million with a fair value of $12.7 million. For additional information regarding acquired impaired loans, see Note 5 - Loans. 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. Direct costs related to the acquisition were expensed as incurred. During the three months ended September 30, 2016, the Company incurred $5.7 million in integration expenses, including $2.0 million in salary and benefits, $1.1 million in professional fees, $0.9 in data processing expense and $0.8 in marketing expense. Powdermill Financial Solutions LLC On August 1, 2016, we acquired the assets of Powdermill, a multi-family office serving an affluent clientele in the local community and throughout the United States. This acquisition aligns with our strategic plan to expand our wealth offerings and diversify our fee-income generating business. The excess of consideration paid over the preliminary fair value of the net assets acquired was recorded as goodwill, which is not amortizable but is deductible for tax purposes. The Company allocated the total balance of goodwill to its Wealth Management segment. Alliance Bancorp, Inc. of Pennsylvania On October 9, 2015 we completed the acquisition of Alliance and its wholly owned subsidiary, Alliance Bank, headquartered in Broomall, Pennsylvania. At that time Alliance merged into the Company and Alliance Bank merged into WSFS Bank. In accordance with the terms of the Agreement and Plan of Merger, dated March 2, 2015, holders of shares of Alliance common stock received, in aggregate, $26.6 million in cash and 2,459,120 shares of WSFS common stock. The transaction was valued at $97.9 million based on WSFS’ October 9, 2015 closing share price of $29.01 as quoted on The Nasdaq Global Select Market. The results of the combined entity’s operations are included in our Consolidated Financial Statements since the date of the acquisition. The acquisition of Alliance 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 in the amount of $36.4 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 $2.6 million in core deposit intangibles which are being amortized over ten years using the straight-line depreciation method and $511,000 for non-compete covenants which are being amortized between six and eighteen months. In connection with the merger, the consideration paid and the fair value of identifiable assets acquired and liabilities assumed, are summarized in the following table: (Dollars in thousands) Fair Value Consideration Paid: Common shares issued (2,459,120) $ 71,345 Cash paid to Alliance stockholders 26,576 Value of consideration 97,921 Assets acquired: Cash and due from banks 67,439 Investment securities 3,002 Loans 307,695 Premises and equipment 2,685 Deferred income taxes 7,669 Bank owned life insurance 12,923 Core deposit intangible 2,635 Other real estate owned 768 Other assets 3,365 Total assets 408,181 Liabilities assumed: Deposits 341,682 Other Borrowings 2,826 Other liabilities 681 Total liabilities 345,189 Net assets acquired: 62,992 Goodwill resulting from acquisition of Alliance $ 34,929 The following table details the changes to goodwill in 2016: (Dollars in thousands) Fair Value Goodwill resulting from the acquisition of Alliance reported as of December 31, 2015 $ 36,425 Effects of adjustments to: Deferred income taxes (125 ) Other assets (379 ) Other liabilities (992 ) Adjusted goodwill resulting from the acquisition of Alliance as of September 30, 2016 $ 34,929 The adjustments made to goodwill during the first nine months of 2016 reflect changes in the fair value of deferred federal income taxes, other assets, and other liabilities during the measurement period. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. EARNINGS PER SHARE The following table shows the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, (Dollars and Shares in thousands, Except Per Share Data) 2016 2015 2016 2015 Numerator: Net income $ 12,722 $ 14,426 $ 45,970 $ 39,549 Denominator: Weighted average basic shares 30,520 27,721 29,914 28,035 Dilutive potential common shares 797 511 747 468 Weighted average fully diluted shares 31,317 28,232 30,661 28,503 Earnings per share: Basic $ 0.42 $ 0.52 $ 1.54 $ 1.41 Diluted $ 0.41 $ 0.51 $ 1.50 $ 1.39 Outstanding common stock equivalents having no dilutive effect 1 83 10 184 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments Schedule [Abstract] | |
Investment Securities | 4. 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. None of our investment securities are classified as trading. Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gain Loss Value Available-for-Sale Securities: September 30, 2016 GSE $ 35,070 $ 66 $ — $ 35,136 CMO 259,379 5,396 34 264,741 FNMA MBS 370,292 10,149 150 380,291 FHLMC MBS 66,326 1,846 — 68,172 GNMA MBS 28,264 646 42 28,868 Other investments 627 — — 627 $ 759,958 $ 18,103 $ 226 $ 777,835 December 31, 2015 GSE $ 31,041 $ — $ 127 $ 30,914 CMO 253,189 713 2,414 251,488 FNMA MBS 320,105 1,081 2,715 318,471 FHLMC MBS 99,350 405 313 99,442 GNMA MBS 20,387 420 93 20,714 $ 724,072 $ 2,619 $ 5,662 $ 721,029 Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gain Loss Value Held-to-Maturity Securities (1) September 30, 2016 State and political subdivisions $ 164,880 $ 4,713 $ 31 $ 169,562 December 31, 2015 State and political subdivisions $ 165,862 $ 1,943 $ 62 $ 167,743 (1) Held-to–maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $2.4 million and $2.9 million at September 30, 2016 and December 31, 2015, respectively, related to securities transferred, which are offset in Accumulated Other Comprehensive Income, net of tax. The scheduled maturities of investment securities available-for-sale and held-to-maturity at September 30, 2016 and December 31, 2015 are presented in the table below: Available-for-Sale (1) Amortized Fair (Dollars in thousands) Cost Value September 30, 2016 Within one year $ 8,995 $ 9,010 After one year but within five years 26,075 26,125 After five years but within ten years 281,237 289,917 After ten years 443,024 452,156 $ 759,331 $ 777,208 December 31, 2015 Within one year $ 3,997 $ 3,995 After one year but within five years 30,009 29,840 After five years but within ten years 218,023 215,018 After ten years 472,043 472,176 $ 724,072 $ 721,029 Held-to-Maturity Amortized Fair (Dollars in thousands) Cost Value September 30, 2016 Within one year $ — $ — After one year but within five years 5,097 5,180 After five years but within ten years 9,030 9,219 After ten years 150,753 155,163 $ 164,880 $ 169,562 December 31, 2015 Within one year $ 1,486 $ 1,488 After one year but within five years 3,465 3,456 After five years but within ten years 7,939 8,045 After ten years 152,972 154,754 $ 165,862 $ 167,743 (1) Included in the investment portfolio, but not in the table above, is a mutual fund with an amortized cost and fair value, as of September 30, 2016 of $0.6 million, which has no stated maturity. 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 $598.9 million and $457.0 million were pledged as collateral for retail customer repurchase agreements, municipal deposits, and other obligations as of September 30, 2016 and December 31, 2015, respectively. During the first nine months of 2016 and 2015, we sold $155.8 million and $117.3 million, respectively of investment securities categorized as available-for-sale, for a gain of $1.9 million and $1.0 million, respectively. No losses were incurred from sales during the first nine months of 2016 and 2015. As of September 30, 2016 and December 31, 2015, our investment securities portfolio had remaining unamortized premiums of $18.5 million and $18.3 million, respectively, and unaccreted discounts of $0.3 million at both September 30, 2016 and December 31, 2015. For those investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at September 30, 2016. Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale securities: CMO $ 7,690 $ 1 $ 5,144 $ 33 $ 12,834 $ 34 FNMA MBS 37,371 150 — — 37,371 150 GNMA MBS 9,311 42 — — 9,311 42 Total temporarily impaired investments $ 54,372 $ 193 $ 5,144 $ 33 $ 59,516 $ 226 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Held-to-maturity securities: State and political subdivisions $ 3,372 $ 21 $ 708 $ 10 $ 4,080 $ 31 Total temporarily impaired investments $ 3,372 $ 21 $ 708 $ 10 $ 4,080 $ 31 For 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, 2015. Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale securities: GSE $ 30,914 $ 127 $ — $ — $ 30,914 $ 127 CMO 139,486 1,703 26,536 711 166,022 2,414 FNMA MBS 214,465 2,715 — — 214,465 2,715 FHLMC MBS 41,791 136 4,025 177 45,816 313 GNMA MBS 4,073 29 2,377 64 6,450 93 Total temporarily impaired investments $ 430,729 $ 4,710 $ 32,938 $ 952 $ 463,667 $ 5,662 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Held-to-maturity securities: State and political subdivisions $ 9,845 $ 62 $ — $ — $ 9,845 $ 62 Total temporarily impaired investments $ 9,845 $ 62 $ — $ — $ 9,845 $ 62 At September 30, 2016, we owned investment securities totaling $63.6 million for which the amortized cost basis exceeded fair value. Total unrealized losses on these securities were $0.3 million at September 30, 2016. 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 OTTI. This review includes analyzing the length of time and the extent to which the fair value has been lower than the amortized cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and our intent and ability to hold the investment for a period of time sufficient to allow for full recovery of the unrealized loss. We evaluate our intent and ability to hold securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. We do not have the intent to sell, nor is it more likely-than-not we will be required to sell these securities before we are able to recover the amortized cost basis. All securities, with the exception of one, were AA-rated or better at the time of purchase and remained investment grade at September 30, 2016. All securities were evaluated for OTTI at September 30, 2016 and December 31, 2015. The result of this evaluation showed no OTTI as of September 30, 2016 or December 31, 2015. The estimated weighted average duration of MBS was 4.3 years at September 30, 2016. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans | 5. LOANS The following table shows our loan portfolio by category: September 30, December 31, (Dollars in thousands) 2016 2015 Commercial and industrial $ 1,266,717 $ 1,061,597 Owner-occupied commercial 1,057,645 880,643 Commercial mortgages 1,153,903 966,698 Construction 208,976 245,773 Residential 268,711 259,679 Consumer 438,158 360,249 4,394,110 $ 3,774,639 Less: Deferred fees, net 8,055 $ 8,500 Allowance for loan losses 39,028 37,089 Net loans $ 4,347,027 $ 3,729,050 The following table shows the outstanding principal balance and carrying amounts for acquired credit impaired loans for which the Company applies ASC 310-30 as of the dates indicated: (Dollars in thousands) September 30, 2016 December 31, 2015 Outstanding principal balance $ 46,892 $ 38,067 Carrying amount 37,829 32,658 Allowance for loan losses 274 132 The following table presents the changes in accretable yield on the acquired credit impaired loans for the nine months ended September 30, 2016: (Dollars in thousands) January 1 through September 30, 2016 Balance at beginning of period $ 4,764 Accretion (1,933 ) Reclassification from nonaccretable difference 1,086 Additions/adjustments 344 Disposals (7 ) Balance at the end of the period $ 4,254 |
Allowance for Loan Losses and C
Allowance for Loan Losses and Credit Quality Information | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Allowance for Loan Losses and Credit Quality Information | 6. ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY INFORMATION Allowance for Loan Losses We maintain an allowance for loan losses and charge losses to this allowance when such losses are realized. We established our allowance for loan losses in accordance with guidance provided in the SEC’s Staff Accounting Bulletin 102 (SAB 102) and FASB ASC 450, Contingencies • Specific reserves for impaired loans • An allowance for each pool of homogenous loans based on historical loss experience • Adjustments for qualitative and environmental factors allocated to pools of homogenous loans When it is probable that the Bank will be unable to collect all amounts due (interest and principal) in accordance with the contractual terms of the loan agreement, it assigns a specific reserve to that loan, 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. We charge loans off when they are deemed to be uncollectible. During the nine months ended September 30, 2016, net charge-offs totaled $5.9 million or 0.20% of average loans annualized, compared to $9.0 million, or 0.36% of average loans annualized, during the nine months ended September 30, 2015. Allowances for pooled homogeneous loans, that are not deemed impaired, are based on historical net loss experience. Estimated losses for pooled portfolios are determined differently for commercial loan pools and retail loan pools. Commercial loans are pooled as follows: commercial, owner-occupied, commercial 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 23 quarters. During 2016, we increased the look-back period to 23 quarters from the 20 quarters used at December 31, 2015. This increase in the look-back period allows us to continue to anchor to the fourth quarter of 2010 to ensure that the core reserves calculated by the ALLL model are adequately considering the losses within a full credit cycle. Loss severity upon default is calculated as the actual loan losses (net of recoveries) on impaired loans in their respective pool during the same time frame. Retail loans are pooled into the following segments: residential mortgage, consumer secured and consumer unsecured loans. Pooled reserves for retail loans are calculated based solely on average net loss rates over the same 23 quarter look-back period. Qualitative adjustment factors consider various current internal and external conditions which are allocated among loan types and take into consideration: • Current underwriting policies, staff, and portfolio mix, • Internal trends of delinquency, nonaccrual and criticized loans by segment, • Risk rating accuracy, control and regulatory assessments/environment, • General economic conditions - locally and nationally, • Market trends impacting collateral values, • The competitive environment, as it could impact loan structure and underwriting, and • Valuation complexity by segment. The above factors are based on their relative standing compared to the period in which historic losses are used in core reserve estimates and current directional trends. Qualitative factors in our model can add to or subtract from core reserves. Continued economic improvement and continued refinement of the quantitative model have driven an overall reduction in qualitative factors during the period. The allowance methodology uses a loss emergence period (LEP), which is the period of time between an event that triggers the probability of a loss and the confirmation of the loss. We estimate the commercial LEP to be approximately 8 quarters as of September 30, 2016. Our residential mortgage and consumer LEP remained at 4 quarters as of September 30, 2016. We evaluate LEP quarterly for reasonableness and complete a detailed historical analysis of our commercial LEP at least annually. The final component of the allowance in prior periods is the reserve for model estimation and complexity risk. The calculation of this reserve is generally quantitative; however, qualitative estimates of valuations and risk assessment, and methodology judgments are necessary in order to capture factors not already included in other components in our allowance for loan losses methodology. We review qualitative estimates of valuation factors quarterly and management uses its judgement to make adjustments based on current trends. During the second quarter of 2016 as a result of continued improvement in the model and normal review of the factors, we removed the model estimation and complexity risk reserve from our calculation of the allowance of loan losses. Our loan officers and risk managers meet at least quarterly to discuss and review the conditions and risks associated with individual problem loans. In addition, various regulatory agencies periodically review our loan ratings and allowance for loan losses and the Bank’s internal loan review department performs loan reviews. The following tables provide the activity of our allowance for loan losses and loan balances for three and nine months ended September 30, 2016: (Dollars in thousands) Commercial Owner-Occupied Commercial Construction Residential Consumer Complexity Risk (1) Total Three months ended September 30, 2016 Allowance for loan losses Beginning balance $ 11,402 $ 6,723 $ 8,135 $ 3,308 $ 2,352 $ 5,826 $ — $ 37,746 Charge-offs (3,737 ) (1,415 ) (1 ) (30 ) (43 ) (518 ) — (5,744 ) Recoveries 223 15 197 440 33 290 — 1,198 Provision (credit) 3,714 1,437 1,089 (824 ) (179 ) 401 — 5,638 Provision for acquired loans 117 185 (48 ) (76 ) 12 — — 190 Ending balance $ 11,719 $ 6,945 $ 9,372 $ 2,818 $ 2,175 $ 5,999 $ — $ 39,028 Nine months ended September 30, 2016 Allowance for loan losses Beginning balance $ 11,156 $ 6,670 $ 6,487 $ 3,521 $ 2,281 $ 5,964 $ 1,010 $ 37,089 Charge-offs (4,643 ) (1,556 ) (79 ) (59 ) (72 ) (1,967 ) — (8,376 ) Recoveries 557 66 310 486 112 922 — 2,453 Provision (credit) 4,551 1,564 2,650 (1,104 ) (177 ) 1,118 (1,010 ) $ 7,592 Provision for acquired loans 98 201 4 (26 ) 31 (38 ) — 270 Ending balance $ 11,719 $ 6,945 $ 9,372 $ 2,818 $ 2,175 $ 5,999 $ — $ 39,028 Period-end allowance allocated to: Loans individually evaluated for impairment $ 692 $ — $ 1,264 $ 215 $ 989 $ 201 $ — $ 3,361 Loans collectively evaluated for impairment 10,974 6,923 7,982 2,549 1,167 5,798 — 35,393 Acquired loans evaluated for impairment 53 22 126 54 19 — — 274 Ending balance $ 11,719 $ 6,945 $ 9,372 $ 2,818 $ 2,175 $ 5,999 $ — $ 39,028 Period-end loan balances evaluated for: Loans individually evaluated for impairment $ 4,198 $ 2,510 $ 7,165 $ 1,419 $ 13,957 $ 8,105 $ — $ 37,354 (2) Loans collectively evaluated for impairment 1,077,258 869,051 904,328 182,338 150,318 368,428 — 3,551,721 Acquired nonimpaired loans 175,570 175,411 229,530 21,627 103,537 61,257 — 766,932 Acquired impaired loans 9,691 10,673 12,880 3,592 899 368 — 38,103 Ending balance $ 1,266,717 $ 1,057,645 $ 1,153,903 $ 208,976 $ 268,711 $ 438,158 $ — $ 4,394,110 (3) The following table provides the activity of the allowance for loan losses and loan balances for the three and nine months ended September 30, 2015: (Dollars in thousands) Commercial Owner Occupied Commercial Construction Residential Consumer Complexity Risk Total Three months ended September 30, 2015 Allowance for loan losses Beginning balance $ 14,512 $ 6,733 $ 6,831 $ 3,313 $ 2,709 $ 5,788 $ 959 $ 40,845 Charge-offs (4,147 ) (26 ) (804 ) — (130 ) (1,499 ) — (6,606 ) Recoveries 84 40 14 19 158 405 — 720 Provision (credit) 303 (62 ) 231 306 (362 ) 1,086 11 1,513 Provision for acquired loans — — (71 ) 104 (92 ) (1 ) — (60 ) Ending balance $ 10,752 $ 6,685 $ 6,201 $ 3,742 $ 2,283 $ 5,779 $ 970 $ 36,412 Nine months ended September 30, 2015 Allowance for loan losses Beginning balance $ 12,837 $ 6,643 $ 7,266 $ 2,596 $ 2,523 $ 6,041 $ 1,520 $ 39,426 Charge-offs (6,184 ) (623 ) (808 ) — (397 ) (2,570 ) — (10,582 ) Recoveries 198 62 83 179 195 839 — 1,556 Provision (credit) 3,485 574 (508 ) 863 50 1,460 (550 ) 5,374 Provision for acquired loans 416 29 168 104 (88 ) 9 — 638 Ending balance $ 10,752 $ 6,685 $ 6,201 $ 3,742 $ 2,283 $ 5,779 $ 970 $ 36,412 Period-end allowance allocated to: Loans individually evaluated for impairment $ 993 $ — $ 241 $ 214 $ 934 $ 202 $ — $ 2,584 Loans collectively evaluated for impairment 9,406 6,657 5,907 3,527 1,348 5,577 970 33,392 Acquired loans evaluated for impairment 353 28 53 1 1 — — 436 Ending balance $ 10,752 $ 6,685 6,201 $ 3,742 $ 2,283 $ 5,779 $ 970 $ 36,412 Period-end loan balances: Loans individually evaluated for impairment $ 5,775 $ 1,170 $ 6,805 $ 1,419 $ 14,613 $ 7,749 $ — $ 37,531 (2) Loans collectively evaluated for impairment 900,660 770,246 836,556 190,925 169,566 327,524 — 3,195,477 Acquired nonimpaired loans 28,998 37,937 25,555 8,223 15,137 5,930 — 121,780 Acquired impaired loans 2,627 2,195 5,400 2,594 380 7 — 13,203 Ending balance $ 938,060 $ 811,548 $ 874,316 $ 203,161 $ 199,696 $ 341,210 $ — $ 3,367,991 (3) (1) Represents the portion of the allowance for loan losses established to capture factors not already included in other components in our allowance for loan losses methodology. (2) The difference between this amount and nonaccruing loans represents accruing troubled debt restructured loans of $14.2 million and $13.6 million for the periods ending September 30, 2016 and 2015, respectively. Accruing troubled debt restructured loans are considered impaired loans. (3) Ending loan balances do not include deferred costs. Nonaccrual 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 which remain in accrual status because they are considered well secured and are in the process of collection. The following tables show our nonaccrual and past due loans at the dates indicated: September 30, 2016 (In Thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Acquired Nonaccrual Total Loans Commercial $ 354 $ 1,297 $ — $ 1,651 $ 1,251,430 $ 9,691 $ 3,945 $ 1,266,717 Owner-occupied commercial 572 — — 572 1,043,890 10,673 2,510 1,057,645 Commercial mortgages 3,096 6,902 — 9,998 1,123,939 12,880 7,086 1,153,903 Construction — — — — 205,384 3,592 — 208,976 Residential 4,867 157 — 5,024 257,308 899 5,480 268,711 Consumer 788 135 271 1,194 432,445 368 4,151 438,158 Total (1) $ 9,677 $ 8,491 $ 271 $ 18,439 $ 4,314,396 $ 38,103 $ 23,172 $ 4,394,110 % of Total Loans 0.22 % 0.19 % 0.01 % 0.42 % 98.18 % 0.87 % 0.53 % 100 % (1) The balances above include $766.9 million of acquired nonimpaired loans. December 31, 2015 (In Thousands) 30–59 Days 60–89 Days Greater Than Total Past Accruing Acquired Nonaccrual Total Commercial $ 1,686 $ 270 $ 12,355 $ 14,311 $ 1,028,973 $ 12,985 $ 5,328 $ 1,061,597 Owner-occupied commercial 713 217 4,886 5,816 869,048 4,688 1,091 880,643 Commercial mortgages 141 4 288 433 952,426 10,513 3,326 966,698 Construction — — — — 242,229 3,544 — 245,773 Residential 5,263 621 251 6,135 245,307 950 7,287 259,679 Consumer 1,222 36 252 1,510 354,599 7 4,133 360,249 Total (1) $ 9,025 $ 1,148 $ 18,032 $ 28,205 $ 3,692,582 $ 32,687 $ 21,165 $ 3,774,639 % of Total Loans 0.24 % 0.03 % 0.48 % 0.75 % 97.83 % 0.86 % 0.56 % 100 % (1) The balances above include $371.1 million of acquired nonimpaired loans Impaired Loans Loans for which it is probable we will not collect all principal and interest due according to their contractual terms, which is assessed based on the credit characteristics of the loan and/or payment status, are measured for impairment in accordance with the provisions of SAB 102 and FASB ASC 310, Receivables The following tables provide an analysis of our impaired loans at September 30, 2016 and December 31, 2015: Ending Loans with Loans with Contractual Average September 30, 2016 Loan No Related Related Related Principal Loan (Dollars in thousands) Balances Reserve (1) Reserve Reserve Balances Balances Commercial $ 5,383 $ 1,578 $ 3,805 $ 745 $ 6,616 $ 5,430 Owner-occupied commercial 4,153 2,510 1,643 22 4,340 2,827 Commercial mortgages 9,152 1,614 7,538 1,390 11,529 5,889 Construction 2,524 — 2,524 269 2,625 1,942 Residential 14,776 6,967 7,809 1,008 16,994 15,174 Consumer 8,105 6,791 1,314 201 9,922 7,856 Total (2) $ 44,093 $ 19,460 $ 24,633 $ 3,635 $ 52,026 $ 39,118 (1) Reflects loan balances at or written down to their remaining book balance. (2) The above includes acquired impaired loans totaling $6.7 million in the ending loan balance and $7.8 million in the contractual principal balance. December 31, 2015 (Dollars in thousands) Ending Loans with (1) Loans with Related Contractual Average Commercial $ 6,137 $ 951 $ 5,186 $ 1,168 $ 20,206 $ 9,391 Owner-occupied commercial 2,127 1,090 1,037 22 2,947 2,111 Commercial mortgages 4,652 3,410 1,242 103 11,826 7,540 Construction 1,419 — 1,419 211 1,419 1,448 Residential 15,710 9,034 6,676 920 18,655 15,264 Consumer 7,665 6,498 1,167 200 9,353 6,801 Total (2) $ 37,710 $ 20,983 $ 16,727 $ 2,624 $ 64,406 $ 42,555 (1) Reflects loan balances at or written down to their remaining book balance. (2) The above includes acquired impaired loans totaling $2.9 million in the ending loan balance and $3.5 million in the contractual principal balance. Interest income of $0.5 million and $0.8 million was recognized on impaired loans during the three and nine months ended September 30, 2016, respectively. Interest income of $0.4 million and $1.3 million was recognized on impaired loans during the three and nine months ended September 30, 2015. As of September 30, 2016, there were 27 residential loans and 12 commercial loans in the process of foreclosure. The total outstanding balance on the loans was $4.9 million and $2.0 million, respectively. As of December 31, 2015, there were 32 residential loans and 3 commercial loans in the process of foreclosure. The total outstanding balance on the loans was $5.0 million and $0.7 million, respectively. Reserves on Acquired Nonimpaired Loans In accordance with FASB ASC 310, loans acquired by the Bank through its merger with FNBW, Alliance and Penn Liberty are required to be reflected on the balance sheet at their fair values on the date of acquisition as opposed to their contractual values. Therefore, on the date of acquisition establishing an allowance for acquired loans is prohibited. After the acquisition date the Bank performs a separate allowance analysis on a quarterly basis to determine if an allowance for loan loss is necessary. Should the credit risk calculated exceed the purchased loan portfolio’s remaining credit mark, additional reserves will be added to the Bank’s allowance. When a purchased loan becomes impaired after its acquisition, it is evaluated as part of the Bank’s reserve analysis and a specific reserve is established to be included in the Bank’s allowance. Credit Quality Indicators Below is a description of each of our risk ratings for all commercial loans: • Pass • Special Mention . • Substandard • Doubtful • Loss Residential and Consumer Loans The residential and consumer loan portfolios are monitored on an ongoing basis using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans that are greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status. The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the Allowance for Loan Loss. Commercial Credit Exposure (Dollars in thousands) Commercial Owner-Occupied Commercial Mortgages Construction Total Commercial (1) Sept. 30, 2016 Dec. 31, Sept. 30, Dec. 31 Sept. 30, Dec. 31 Sept. 30, Dec. 31 Sept. 30, Dec. 31 Amount % Amount % Risk Rating: Special mention $ 16,925 $ 5,620 $ 16,744 $ 9,535 $ 34,368 $ 12,323 $ 188 $ — $ 68,225 $ 27,478 Substandard: Accrual 28,630 33,883 18,941 22,901 11,170 2,547 2,011 8,296 60,752 67,627 Nonaccrual 3,253 4,164 2,510 1,090 5,822 3,326 — — 11,585 8,580 Doubtful 692 1,164 — — 1,264 — — — 1,956 1,164 Total Special and Substandard 49,500 44,831 38,195 33,526 52,624 18,196 2,199 8,296 142,518 4 % 104,849 3 % Acquired impaired 9,691 12,985 10,673 4,688 12,880 10,513 3,592 3,544 36,836 1 31,730 1 Pass 1,207,526 1,003,781 1,008,777 842,429 1,088,399 937,989 203,185 233,933 3,507,887 95 3,018,132 96 Total $ 1,266,717 $ 1,061,597 $ 1,057,645 $ 880,643 $ 1,153,903 $ 966,698 $ 208,976 $ 245,773 $ 3,687,241 100 % $ 3,154,711 100 % (1) Table includes $602.1 million and $277.0 million of acquired nonimpaired loans as of September 30, 2016 and December 31, 2015, respectively. Residential and Consumer Credit Exposure (Dollars in thousands) Residential Consumer Total Residential and Consumer (2) Sept. 30, Dec. 31 Sept. 30, Dec. 31 Sept. 30, 2016 Dec. 31, 2015 2016 2015 2016 2015 Amount Percent Amount Percent Nonperforming(1) $ 13,957 $ 15,548 $ 8,105 $ 7,664 $ 22,062 3 % $ 23,212 4 % Acquired impaired loans 899 950 368 7 1,267 — 957 — Performing 253,855 243,181 429,685 352,578 683,540 97 595,759 96 Total $ 268,711 $ 259,679 $ 438,158 $ 360,249 $ 706,869 100 % $ 619,928 100 % (1) Includes $14.2 million as of September 30, 2016 and $13.6 million as of December 31, 2015 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 $164.8 million and $94.2 million in acquired nonimpaired loans as of September 30, 2016 and December 31, 2015, respectively. Troubled Debt Restructurings (TDR) TDRs are recorded in accordance with FASB ASC 310-40, Troubled Debt Restructuring by Creditors (ASC 310-40) During the nine months ended September 30, 2016, the terms of 20 loans were modified in TDRs. Twelve modifications were for consumer loans of which ten were HELOC conversions and two loans were discharged in bankruptcy. Six were residential mortgages; three received rate reduction and maturity date extension, two received forbearance agreements and one residential mortgage was discharged in bankruptcy. One commercial loan in bankruptcy was granted interest-only payments and one commercial loan was granted a maturity date extension. Our concessions on restructured loans typically consist of forbearance agreements, reduction in interest rates or extensions of maturities. Principal balances are generally not forgiven when a loan is modified as a TDR. Nonaccruing restructured loans remain in nonaccrual status until there has been a period of sustained repayment performance, typically six months and payment is reasonably assured. The following table presents loans identified as TDRs during the three and nine months ended September 30, 2016 and 2015. (Dollars in thousands) Three Three Nine Nine Commercial $ — $ — $ 1,125 $ — Owner Occupied Commercial — — — 577 Commercial mortgages — — — — Construction — — — — Residential 797 38 1,523 447 Consumer 278 643 733 1,306 Total $ 1,075 $ 681 $ 3,381 $ 2,330 During the nine months ended September 30, 2016, the TDRs set forth in the table above increased our allowance for loan losses less than $0.1 million, and resulted in charge-offs of less than $0.1 million. For the same period of 2015, the TDRs set forth in the table above increased our allowance for loan losses less than $0.1 million through the allocation of a related reserve and resulted in charge-offs of less than $0.1 million. |
Reverse Mortgage Loans
Reverse Mortgage Loans | 9 Months Ended |
Sep. 30, 2016 | |
Mortgage Banking [Abstract] | |
Reverse Mortgage Loans | 7. REVERSE MORTGAGE LOANS Reverse mortgage loans are contracts in which a homeowner borrows against the equity in their home and receives cash in one lump sum payment, a line of credit, fixed monthly payments for either a specific term or for as long as the homeowner lives in the home, or a combination of these options. Since reverse mortgages are nonrecourse obligations, the loan repayments are generally limited to the sale proceeds of the borrower’s residence and the mortgage balance consists of cash advanced, interest compounded over the life of the loan and some may include a premium which represents a portion of the shared appreciation in the home’s value, if any, or a percentage of the value of the residence. Our investment in reverse mortgages totaled $23.1 million at September 30, 2016. The portfolio consists of 80 loans with an average borrowers’ age of 94 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 $42.1 million exceeds the outstanding book balance at September 30, 2016. Broker price opinions are updated at least annually. Additional broker price opinions are obtained when our quarterly review indicates that a home’s value has increased or decreased by at least 50% during any given period. The carrying value of the reverse mortgages is calculated using a proprietary model that uses the income approach as described in FASB ASC 820-10, Fair Value Measurements and Disclosure To determine the carrying value of these reverse mortgages as of September 30, 2016, we used the proprietary model described above 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 – We used the actuarial estimates of contract termination provided in the United States Mortality Rates Period Life Table, 2011, published by the Office of the Actuary—Social Security in 2015, adjusted for expected prepayments and relocations which we adopted during 2016. 2) House Price Appreciation – We utilize house price forecasts from various market sources. Based on this information, we forecasted a 2.5% increase in housing prices during 2016 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, current collateral values are updated through broker price opinions. 3) Internal Rate of Return – As of September 30, 2016, the internal rate of return (IRR) of 19.49% 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 expected to be liquidated. As of September 30, 2016, the Company’s actuarially estimated cash payments to reverse mortgagors are as follows: (Dollars in thousands) Year Ending 2016 $ 266 2017 433 2018 341 2019 265 2020 204 Years 2021 - 2025 471 Years 2026 - 2030 95 Years 2031 - 2035 14 Thereafter 2 Total (1) $ 2,091 (1) 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 we were not to make cash payments to reverse mortgagors in the future is $6.4 million. The future cash flows depend on the HPA assumptions. If the future changes in collateral value were assumed to be zero, income would decrease by $0.7 million for the quarter ended September 30, 2016 with an IRR of 18.76%. If the future changes in collateral value were assumed to be reduced by 1%, income would decrease by $0.3 million with an IRR of 19.16%. The net present value of the projected cash flows depends on the IRR used. If the IRR increased by 1%, the net present value would increase by $1.2 million. If the IRR decreased by 1%, the net present value would decrease by $1.2 million. |
Goodwill and Intangibles
Goodwill and Intangibles | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | 8. GOODWILL AND INTANGIBLES In accordance with FASB ASC 805, Business Combinations Intangibles-Goodwill and Other During the nine months ended September 30, 2016, we determined there were no events or other indicators of impairment as it relates to goodwill or other intangibles. The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing: WSFS Cash Wealth Consolidated (Dollars in thousands) Bank Connect Management Company December 31, 2015 $ 80,078 $ — $ 5,134 $ 85,212 Changes in goodwill (1,496 ) — — (1,496 ) Goodwill from business combinations 65,206 — 6,514 71,720 September 30, 2016 $ 143,788 $ — $ 11,648 $ 155,436 ASC 350 also requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes other intangible assets: Gross Net (Dollars in thousands) Intangible Accumulated Intangible Assets Amortization Assets September 30, 2016 Core deposits $ 13,128 (5,344 ) $ 7,784 Customer relationships 11,105 (2,511 ) 8,594 Non-compete agreements 604 (374 ) 230 Mortgage servicing rights 1,518 (1,034 ) 484 Favorable lease asset 195 (14 ) 181 Total intangible assets $ 26,550 $ (9,277 ) $ 17,273 December 31, 2015 Core deposits $ 10,246 (4,512 ) $ 5,734 Customer relationships 5,495 (2,028 ) 3,467 Non-compete agreements 511 (110 ) 401 Mortgage servicing rights 1,430 (949 ) 481 Total intangible assets $ 17,682 $ (7,599 ) $ 10,083 Core deposits are amortized over their expected lives using the present value of the benefit of the core deposits and either accelerated or straight-line methods of amortization. During the nine months ended September 30, 2016, we recognized amortization expense on other intangible assets of $1.3 million. The following presents the estimated amortization expense of intangibles: (Dollars in thousands) Amortization Remaining in 2016 $ 641 2017 2,295 2018 2,132 2019 2,063 2020 1,868 Thereafter 8,274 Total $ 17,273 |
Associate Benefit Plans
Associate Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Associate Benefit Plans | 9. ASSOCIATE BENEFIT PLANS Postretirement Benefits We share certain costs of providing health and life insurance benefits to eligible retired Associates and their eligible dependents. Previously, all Associates were eligible for these benefits if they reached normal retirement age while working for us. Effective March 31, 2014, we changed the eligibility of this plan to include only those Associates who have achieved ten years of service with us as of March 31, 2014. As of December 31, 2014, we began to use the mortality table issued by the Office of the Actuary of the United States Bureau of Census in October 2014 in our calculation. We account for our obligations under the provisions of FASB ASC 715, Compensation - Retirement Benefits The following are disclosures of the net periodic benefit cost components of postretirement benefits measured at January 1, 2016 and 2015. Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 14 $ 15 $ 43 $ 44 Interest cost 19 22 57 66 Prior service cost amortization (18 ) (19 ) (44 ) (57 ) Net gain recognition (16 ) (5 ) (47 ) (15 ) Net periodic benefit cost $ (1 ) $ 13 $ 9 $ 38 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES We account for income taxes in accordance with FASB ASC 740, Income Taxes ASC 740 prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. We recognize, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the financial statements. Assessment of uncertain tax positions under ASC 740 requires careful consideration of the technical merits of a position based on our analysis of tax regulations and interpretations. There were no unrecognized tax benefits as of September 30, 2016. We record interest and penalties on potential income tax deficiencies as income tax expense. Our federal and state tax returns for the 2013 through 2015 tax years are subject to examination as of September 30, 2016. Pennsylvania is currently auditing our 2012 and 2013 state tax returns. We do not expect to record or realize any material unrecognized tax benefits during 2016. As a result of the adoption of ASU No. 2014-01, “ Investments-Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing Projects The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the nine months ended September 30, 2016 were $1.2 million, $1.2 million and $0.3 million, respectively. The carrying value of the investment in affordable housing credits is $10.8 million at September 30, 2016, compared to $12.0 million at December 31, 2015. |
Fair Value Disclosures of Finan
Fair Value Disclosures of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures of Financial Assets and Liabilities | 11. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following tables present financial instruments carried at fair value as of September 30, 2016 and December 31, 2015 by level in the valuation hierarchy (as described above): (Dollars in thousands) September 30, 2016 Quoted Significant Significant Total Fair Assets measured at fair value on a recurring basis Available-for-sale securities: CMO $ — $ 264,741 $ — $ 264,741 FNMA MBS — 380,291 — 380,291 FHLMC MBS — 68,172 — 68,172 GNMA MBS — 28,868 — 28,868 GSE — 35,136 — 35,136 Other investments 627 — — 627 Total assets measured at fair value on a recurring basis $ 627 $ 777,208 $ — $ 777,835 Assets measured at fair value on a nonrecurring basis Other real estate owned $ — $ — $ 3,232 $ 3,232 Loans held-for-sale — 61,198 — 61,198 Impaired loans, net — — 40,458 40,458 Total assets measured at fair value on a nonrecurring basis $ — $ 61,198 $ 43,690 $ 104,888 (Dollars in thousands) December 31, 2015 Quoted Significant Significant Total Fair Assets measured at fair value on a recurring basis Available-for-sale securities: CMO $ — $ 251,488 $ — $ 251,488 FNMA MBS — 318,471 — 318,471 FHLMC MBS — 99,442 — 99,442 GNMA MBA — 20,714 — 20,714 GSE 30,914 — 30,914 Total assets measured at fair value on a recurring basis $ — $ 721,029 $ — $ 721,029 Assets measured at fair value on a nonrecurring basis Other real estate owned $ — $ — $ 5,080 $ 5,080 Loans held-for sale — 41,807 — 41,807 Impaired loans (collateral dependent) — — 35,086 35,086 Total assets measured at fair value on a nonrecurring basis $ — $ 41,807 $ 40,166 $ 81,973 There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ending September 30, 2016 and no material liabilities measured at fair value as of September 30, 2016 and December 31, 2015. Fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe our valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Available-for-sale securities As of September 30, 2016, securities classified as available-for-sale are reported at fair value using Level 2 inputs, except for one mutual fund asset related to the Penn Liberty acquisition, which is categorized as Level 1. Included in the Level 2 total are approximately $35.1 million in U.S. Treasury Notes and Federal Agency debentures, and $742.1 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 The fair value of our loans held for sale is based upon estimates using Level 2 inputs. These inputs are based upon pricing information obtained from secondary markets and brokers and applied to loans with similar interest rates and maturities. Impaired loans We evaluate and value impaired loans at the time the loan is identified as impaired, and the fair values of such loans are estimated using Level 3 inputs in the fair value hierarchy. Each loan’s collateral has a unique appraisal and management’s discount of the value is based on the factors unique to each impaired loan. The significant unobservable input in determining the fair value is management’s subjective discount on appraisals of the collateral securing the loan, which 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 $44.1 million and $37.7 million at September 30, 2016 and December 31, 2015, respectively. The valuation allowance on impaired loans was $3.6 million as of September 30, 2016 and $2.6 million as of December 31, 2015. FAIR VALUE OF FINANCIAL INSTRUMENTS The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and cash equivalents For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value. Investment securities Fair value is estimated using quoted prices for similar securities, which we obtain from a third party vendor. We utilize one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by us to validate the vendor’s methodology. Loans held for sale Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type: commercial, commercial mortgages, owner-occupied commercial construction, residential mortgages and consumer. For loans that reprice frequently, the book value approximates fair value. The fair values of other types of loans 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 loans 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 information on reverse mortgage loans, see Note 7- Reverse Mortgage Loans. Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value. Other assets Other assets includes, among others, other real estate owned (see discussion earlier in this note) and our investment in Visa Class B stock. Our ownership includes shares acquired at no cost from our prior participation in Visa’s network, while Visa operated as a cooperative. During 2015 and 2016 we purchased additional shares which are accounted for as non-marketable equity securities and carried at cost. We evaluated the shares carried at cost for OTTI as of September 30, 2016, and the evaluation showed no OTTI as of September 30, 2016. Following resolution of Visa’s covered litigation, shares of Visa’s Class B stock will be converted to Visa Class A shares. 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 $13.3 million as of September 30, 2016. 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. The book value and estimated fair value of our financial instruments are as follows: (Dollars in thousands) Fair Value September 30, 2016 December 31, 2015 Measurement Book Value Fair Value Book Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 813,405 813,405 $ 561,179 $ 561,179 Investment securities available-for-sale Level 2 777,835 777,835 721,029 721,029 Investment securities held-to-maturity Level 2 164,880 169,562 165,862 167,743 Loans, held-for-sale Level 2 61,198 61,198 41,807 41,807 Loans, net (1) Level 2 4,306,569 4,283,862 3,693,964 3,637,714 Impaired loans, net Level 3 40,458 40,458 35,086 35,086 Reverse mortgage loans Level 3 23,120 23,120 24,284 24,284 Stock in FHLB of Pittsburgh Level 2 36,710 36,710 30,519 30,519 Accrued interest receivable Level 2 15,257 15,257 14,040 14,040 Other assets Level 3 7,277 16,625 8,669 18,416 Financial liabilities: Deposits Level 2 4,733,639 4,528,014 4,016,566 3,791,606 Borrowed funds Level 2 1,144,707 1,143,498 932,886 933,905 Standby letters of credit Level 3 284 284 195 195 Accrued interest payable Level 2 3,658 3,658 801 801 (1) Excludes impaired loans, net. At September 30, 2016 and December 31, 2015 we had no commitments to extend credit measured at fair value. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 12. SEGMENT INFORMATION As defined in FASB ASC 280, Segment Reporting The WSFS Bank segment provides financial products to commercial and retail customers. Retail and Commercial Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS Bank. These departments share the same regulator, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated within the WSFS Bank segment in accordance with ASC 280. Cash Connect provides ATM vault cash and smart safe and cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. The balance sheet category “Cash in non-owned ATMs” includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect. The Wealth Management segment provides a broad array of fiduciary, investment management, credit and deposit products to clients through four business lines. WSFS Wealth Investments provides insurance and brokerage products primarily to our retail banking clients. Cypress Capital Management, LLC is a registered investment advisor. Cypress’ primary market segment is high net worth individuals, offering a ‘balanced’ investment style focused on preservation of capital and current income. Christiana Trust provides fiduciary and investment services to personal trust clients, and trustee, agency, bankruptcy administration, 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 other business units to deliver investment management and fiduciary products and services. Segment information for the three months ended September 30, 2016 and 2015 follows: Three months ended September 30, 2016 (Dollars in thousands) WSFS Bank Cash Wealth Total Statement of Operations External customer revenues: Interest income $ 53,332 $ — $ 2,005 $ 55,337 Noninterest income 11,957 8,632 6,260 26,849 Total external customer revenues 65,289 8,632 8,265 82,186 Inter-segment revenues: Interest income 1,302 — 1,698 3,000 Noninterest income 2,140 229 27 2,396 Total inter-segment revenues 3,442 229 1,725 5,396 Total revenue 68,731 8,861 9,990 87,582 External customer expenses: Interest expense 6,113 — 203 6,316 Noninterest expenses 40,991 5,006 4,500 50,497 Provision for loan losses 5,669 — 159 5,828 Total external customer expenses 52,773 5,006 4,862 62,641 Inter-segment expenses: Interest expense 1,698 790 512 3,000 Noninterest expenses 256 744 1,396 2,396 Total inter-segment expenses 1,954 1,534 1,908 5,396 Total expenses 54,727 6,540 6,770 68,037 Income before taxes $ 14,004 $ 2,321 $ 3,220 $ 19,545 Income tax provision 6,823 Consolidated net income $ 12,722 Capital expenditures $ 10,900 $ 248 $ 11 $ 11,159 As of September 30, 2016: Statement of Condition Cash and cash equivalents $ 99,298 $ 712,209 $ 1,898 $ 813,405 Goodwill 143,788 — 11,648 155,436 Other segment assets 5,499,725 2,599 156,428 5,658,752 Total segment assets $ 5,742,811 $ 714,808 $ 169,974 $ 6,627,593 Three months ended September 30, 2015 (Dollars in thousands) WSFS Bank Cash Wealth Total Statement of Operations External customer revenues: Interest income $ 42,873 $ — $ 1,984 $ 44,857 Noninterest income 8,944 7,138 5,583 21,665 Total external customer revenues 51,817 7,138 7,567 66,522 Inter-segment revenues: Interest income 879 — 1,697 2,576 Noninterest income 2,028 219 26 2,273 Total inter-segment revenues 2,907 219 1,723 4,849 Total revenue 54,724 7,357 9,290 71,371 External customer expenses: Interest expense 3,688 — 172 3,860 Noninterest expenses 30,066 4,255 4,384 38,705 Provision for loan losses 1,345 — 108 1,453 Total external customer expenses 35,099 4,255 4,664 44,018 Inter-segment expenses Interest expense 1,697 394 485 2,576 Noninterest expenses 245 624 1,404 2,273 Total inter-segment expenses 1,942 1,018 1,889 4,849 Total expenses 37,041 5,273 6,553 48,867 Income before taxes $ 17,683 $ 2,084 $ 2,737 $ 22,504 Income tax provision 8,078 Consolidated net income 14,426 Capital expenditures (1) $ 1,663 $ 429 $ 5 $ 2,097 As of December 31, 2015: Statement of Condition Cash and cash equivalents $ 65,663 $ 493,165 $ 2,351 $ 561,179 Goodwill 80,078 — 5,134 85,212 Other segment assets 4,745,670 — 192,576 4,938,246 Total segment assets $ 4,891,411 $ 493,165 $ 200,061 $ 5,584,637 (1) Capital expenditures amounts have been adjusted to correct errors that were not material to our Form 10-Q for the quarterly period ended September 30, 2015. Previously reported capital expenditures were $3.5 million for WSFS Bank, $1.5 million for Cash Connect, $0.1 million for Wealth Management, and $5.0 million for Total Consolidated Company. Segment information for the nine months ended September 30, 2016 and 2015 follows: Nine months ended September 30, 2016 (Dollars in thousands) WSFS Bank Cash Wealth Total Statement of Operations External customer revenues: Interest income $ 150,862 $ — $ 6,024 $ 156,886 Noninterest income 31,982 24,443 18,343 74,768 Total external customer revenues 182,844 24,443 24,367 231,654 Inter-segment revenues: Interest income 3,498 — 5,245 8,743 Noninterest income 6,211 632 76 6,919 Total inter-segment revenues 9,709 632 5,321 15,662 Total revenue 192,553 25,075 29,688 247,316 External customer expenses: Interest expense 15,506 — 589 16,095 Noninterest expenses 109,265 14,687 13,771 137,723 Provision for loan losses 7,675 — 187 7,862 Total external customer expenses 132,446 14,687 14,547 161,680 Inter-segment expenses: Interest expense 5,245 1,973 1,525 8,743 Noninterest expenses 708 2,186 4,025 6,919 Total inter-segment expenses 5,953 4,159 5,550 15,662 Total expenses 138,399 18,846 20,097 177,342 Income before taxes $ 54,154 $ 6,229 $ 9,591 $ 69,974 Income tax provision 24,004 Consolidated net income $ 45,970 Capital expenditures $ 14,346 $ 672 $ 19 $ 15,037 As of September 30, 2016: Statement of Condition Cash and cash equivalents $ 99,298 $ 712,209 $ 1,898 $ 813,405 Goodwill 143,788 — 11,648 155,436 Other segment assets 5,499,725 2,599 156,428 5,658,752 Total segment assets $ 5,742,811 $ 714,808 $ 169,974 $ 6,627,593 Nine months ended September 30, 2015 (Dollars in thousands) WSFS Bank Cash Connect Wealth Total Statement of Operations External customer revenues: Interest income $ 124,739 $ — $ 6,024 $ 130,763 Noninterest income 27,615 20,845 16,758 65,218 Total external customer revenues 152,354 20,845 22,782 195,981 Inter-segment revenues: Interest income 2,626 — 4,782 7,408 Noninterest income 5,810 601 73 6,484 Total inter-segment revenues 8,436 601 4,855 13,892 Total revenue 160,790 21,446 27,637 209,873 External customer expenses: Interest expense 11,422 — 437 11,859 Noninterest expenses 91,066 12,780 12,426 116,272 Provision for loan losses 5,688 — 324 6,012 Total external customer expenses 108,176 12,780 13,187 134,143 Inter-segment expenses: Interest expense 4,782 1,156 1,470 7,408 Noninterest expenses 674 1,882 3,928 6,484 Total inter-segment expenses 5,456 3,038 5,398 13,892 Total expenses 113,632 15,818 18,585 148,035 Income before taxes $ 47,158 $ 5,628 $ 9,052 $ 61,838 Income tax provision 22,289 Consolidated net income $ 39,549 Capital expenditures (1) $ 3,243 $ 1,650 $ 20 $ 4,913 As of December 31, 2015: Statement of Condition Cash and cash equivalents $ 65,663 $ 493,165 $ 2,351 $ 561,179 Goodwill 80,078 — 5,134 85,212 Other segment assets 4,745,670 — 192,576 4,938,246 Total segment assets $ 4,891,411 $ 493,165 $ 200,061 $ 5,584,637 (1) Capital expenditures amounts have been adjusted to correct errors that were not material to our Form 10-Q for the nine month period ended September 30, 2015. Previously reported capital expenditures were $4.6 million for WSFS Bank, $4.0 million for Cash Connect, $0.1 million for Wealth Management, and $8.7 million for Total Consolidated Company. |
Indemnifications and Guarantees
Indemnifications and Guarantees | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Indemnifications and Guarantees | 13. INDEMNIFICATIONS AND GUARANTEES Secondary Market Loan Sales Given the current interest rate environment, coupled with our desire not to hold newly originated residential mortgage loans in our portfolio, we generally sell these assets in the secondary market to mortgage loan aggregators, and on a more limited basis, to GSEs such as FHLMC, FNMA, and the FHLB. Loans held for sale are reflected on our unaudited Consolidated Statements of Condition at fair value with changes in the value reflected in our unaudited Consolidated Statements of Cash Flows and Comprehensive Income. Gains and losses are recognized at the time of sale. We periodically retain the servicing rights on residential mortgage loans sold which results in monthly service fee income. The mortgage servicing rights are included in our intangible assets in our unaudited Consolidated Statements of Condition. Otherwise, we sell loans with servicing released on a nonrecourse basis. Rate-locked loan commitments that we intend to sell in the secondary market are accounted for as derivatives under the guidance in FASB ASC Topic 815, Derivatives and Hedging We generally do not sell loans with recourse, except for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, 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 no such repurchases for the nine months ended September 30, 2016. Swap Guarantees We entered into agreements with three unrelated financial institutions whereby those financial institutions entered into interest rate derivative contracts (interest rate swap transactions) with customers referred to them by us. By the terms of the agreements, those financial institutions have recourse to us for any exposure created under each swap transaction in the event that 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 ASC 815 . At September 30, 2016 there were 130 variable-rate to fixed-rate swap transactions between the third party financial institutions and our customers, compared to 119 at December 31, 2015. The initial notional aggregate amount was approximately $498.6 million at September 30, 2016 compared to $481.6 million at December 31, 2015. At September 30, 2016 maturities ranged from one month to over 19 years. The aggregate market value of these swaps to the customers was a liability of $27.2 million at September 30, 2016 and $18.1 million at December 31, 2015. There were no reserves for the swap guarantees as of September 30, 2016. |
Change in Accumulated Other Com
Change in Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income | 14. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income includes unrealized gains and losses on available-for-sale investments and unrecognized prior service costs on defined benefit pension plans, and changes to the fair value of derivatives used for cash flow hedging. Changes to accumulated other comprehensive income are presented net of tax effect as a component of equity. Reclassification out of accumulated other comprehensive income is recorded on the statement of operations either as a gain or loss. Changes to accumulated other comprehensive income by component are shown net of taxes in the following tables for the period indicated: (Dollars in thousands) Net change in available-for-sale Net change held-to- maturity Net Net Change in Total Balance, June 30, 2016 $ 12,841 $ 1,592 $ 1,244 $ — $ 15,677 Other comprehensive income before reclassifications (1,112 ) — — 61 (1,051 ) Plus (less): Net amounts reclassified to/from accumulated other comprehensive income (645 ) (102 ) (20 ) — (767 ) Net current-period other comprehensive income (loss) (1,757 ) (102 ) (20 ) 61 (1,818 ) Balance, September 30, 2016 $ 11,084 $ 1,490 $ 1,224 $ 61 $ 13,859 Balance, June 30, 2015 $ (1,587 ) $ 1,999 $ 817 $ — $ 1,229 Other comprehensive loss before reclassifications 6,178 — — — 6,178 Plus (less): Net amounts reclassified to/from accumulated other comprehensive income (47 ) (104 ) (15 ) — (166 ) Net current-period other comprehensive (loss) income 6,131 (104 ) (15 ) — 6,012 Balance, September 30, 2015 $ 4,544 $ 1,895 $ 802 $ — $ 7,241 (Dollars in thousands) Net change in available-for-sale Net change in held-to- maturity Net change in defined Net Change in Total Balance, December 31, 2015 $ (1,887 ) $ 1,795 $ 788 $ — $ 696 Other comprehensive income before reclassifications 14,143 — — 61 14,204 Plus (less): Net amounts reclassified to/from accumulated other comprehensive income (1,172 ) (305 ) 436 — (1,041 ) Net current-period other comprehensive income (loss) 12,971 (305 ) 436 61 13,163 Balance, September 30, 2016 $ 11,084 $ 1,490 $ 1,224 $ 61 $ 13,859 Balance, December 31, 2014 $ 446 $ 2,207 $ 847 $ — $ 3,500 Other comprehensive income before reclassifications 4,721 — — — 4,721 Plus (less): Net amounts reclassified to/from accumulated other comprehensive income (623 ) (312 ) (45 ) — (980 ) Net current-period other comprehensive income (loss) 4,098 (312 ) (45 ) — 3,741 Balance, September 30, 2015 $ 4,544 $ 1,895 $ 802 $ — $ 7,241 The Consolidated Statements of Operations were impacted by components of other comprehensive income as shown in the table below: Three Months Ended Affected line item in Consolidated Statements of Operations (Dollars in thousands) September 30, 2016 2015 Securities available-for-sale: Realized gains on securities transactions $ (1,040 ) $ (76 ) Security gains, net Income taxes 395 29 Income tax provision Net of tax $ (645 ) $ (47 ) Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: Amortization of net unrealized gains to income during the period $ (162 ) $ (159 ) Interest income on investment securities Income taxes 60 55 Income tax provision Net of tax $ (102 ) $ (104 ) Amortization of Defined Benefit Pension items: Prior service (credits) costs $ (18 ) $ (19 ) Transition obligation — — Actuarial losses (gains) (16 ) (5 ) Total before tax $ (34 ) $ (24 ) Salaries, benefits and other compensation Income taxes 14 9 Income tax provision Net of tax (20 ) (15 ) Total reclassifications $ (767 ) $ (166 ) Nine Months Ended Affected line item in Consolidated Statements of Operations September 30, 2016 2015 Securities available-for-sale: Realized gains on securities transactions $ (1,890 ) $ (1,004 ) Security gains, net Income taxes 718 381 Income tax provision Net of tax $ (1,172 ) $ (623 ) Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: Amortization of net unrealized gains to income during the period $ (492 ) $ (487 ) Interest income on investment securities Income taxes 187 175 Income tax provision Net of tax $ (305 ) $ (312 ) Amortization of Defined Benefit Pension items: Prior service (credits) costs $ (44 ) $ (57 ) Transition obligation — — Actuarial (gains) losses 746 (15 ) Total before tax $ 702 $ (72 ) Salaries, benefits and other compensation Income taxes (266 ) 27 Income tax provision Net of tax $ 436 $ (45 ) Total reclassifications $ (1,041 ) $ (980 ) |
Legal and Other Proceedings
Legal and Other Proceedings | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal and Other Proceedings | 15. LEGAL AND OTHER PROCEEDINGS As we disclosed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, a tentative settlement was reached in the litigation 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 (Bkcy. E. D. PA). The settlement has since been approved by the court, and the case has been dismissed. From time to time we are brought into certain legal matters and/or disputes through our Wealth Management segment, as a result of sometimes highly complex documents and servicing requirements that are part of this business. While the outcomes carry some degree of uncertainty, management does not currently anticipate that the ultimate liability, if any, arising out of such other proceedings we are aware of, will have a material effect on the Consolidated Financial Statements. 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | General Our unaudited Consolidated Financial Statements include the accounts of WSFS Financial Corporation (the Company, our Company, we, our or us), Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), Cypress Capital Management, LLC (Cypress) and WSFS Wealth Management, LLC. We also have one unconsolidated affiliate, WSFS Capital Trust III (the Trust). WSFS Bank has three wholly-owned subsidiaries: WSFS Wealth Investments, 1832 Holdings, Inc. and Monarch Entity Services LLC (Monarch). The acronyms and abbreviations below are used in the unaudited Notes to The Consolidated Financial Statements as well as in Management’s Discussion and Analysis of Financial Condition and Results of Operations. You may find it helpful to refer back to this page as you read this report. AICPA: American Institute of Certified Public Accountants Allowance: Allowance for loan losses or ALLL Alliance: Alliance Bancorp Inc. of Pennsylvania Array: Formerly Array Financial Group (WSFS Mortgage) Arrow: Arrow Land Transfer ASC: Accounting standard codification Associate: Employee ASU: Accounting standard update BCBS: Basel Committee on Banking Supervision C&I: Commercial & Industrial (loans) CMO: Collateralized mortgage obligation Cypress: Cypress Capital Management, LLC Dodd-Frank Act: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 DTA: Deferred tax asset Exchange Act: Securities Exchange Act of 1934 FASB: Financial Accounting Standards Board FDIC: Federal Deposit Insurance Corporation Federal Reserve: Board of Governors of the Federal Reserve System Monarch: Monarch Entity Services, LLC FHLB: Federal Home Loan Bank FHLMC: Federal Home Loan Mortgage Corporation FNMA: Federal National Mortgage Association GAAP: U.S. Generally Accepted Accounting Principles GNMA: Government National Mortgage Association GSE: U.S. Government and government sponsored enterprises HPA: House Price Appreciation IRR: Internal Rate of Return NSFR: Net stable funding ratio MBS: Mortgage-backed securities OCC: Office of the Comptroller of the Currency OREO: Other real estate owned OTTI: Other-than-temporary impairment TDR: Troubled Debt Restructurings Overview Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States. We provide residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. Lending activities are funded primarily with customer deposits and borrowings. In addition, we offer a variety of wealth management and trust services to personal and corporate customers. The FDIC insures our customers’ deposits to their legal maximums. We serve our customers primarily from our 76 offices located in Delaware (46), Pennsylvania (28), Virginia (1) and Nevada (1) and through our website at www.wsfsbank.com Amounts subject to significant estimates include the allowance for loan losses and reserves for lending related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, reverse mortgage loans, OTTI, and income tax valuation allowance. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets and establishment of the allowance and lending related commitments as well as increased post-retirement benefits expense. Our accounting and reporting policies conform to GAAP, prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2016. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in our 2015 Annual Report on Form 10-K that was filed with the SEC on February 29, 2016 and is available at www.sec.gov Whenever necessary, reclassifications have been made to the prior period Consolidated Financial Statements to conform to the current period’s presentation. All significant intercompany transactions were eliminated in consolidation. The significant accounting policies used in preparation of our Consolidated Financial Statements are disclosed in our 2015 Annual Report on Form 10-K. There have not been any material changes in our significant accounting policies from those contained in our 2015 Annual Report on Form 10-K. |
Common Stock Split | Common Stock Split In March 2015, the Company’s Board of Directors adopted an amendment to the Company’s Certificate of Incorporation to increase the number of shares of common stock the Company is authorized to issue from 20,000,000, par value $0.01, to 65,000,000, par value $0.01. This amendment to the Company’s Certificate of Incorporation was approved by the Company’s stockholders at the 2015 Annual Meeting held on April 30, 2015. In May 2015, the Company effected a three-for-one stock split in the form of a stock dividend to shareholders of record as of May 4, 2015. All share and per share information has been retroactively adjusted to reflect the stock split. We retroactively adjusted stockholders’ equity to reflect the stock split by reclassifying an amount equal to the par value, $0.01, of the additional shares arising from the split from capital in excess of par value to common stock, resulting in no net impact to stockholders’ equity on our Consolidated Statements of Condition. |
Acquisitions | Acquisitions On August 12, 2016 we completed the acquisition of Penn Liberty Financial Corp. (Penn Liberty), a community bank headquartered in Wayne, Pennsylvania. We expect this acquisition to build our market share, deepen our presence in the southeastern Pennsylvania market, and enhance our customer base. The results of Penn Liberty’s operations are included in our Consolidated Financial Statements since the date of the acquisition. See Note 2 – Business Combinations for further information. Also during the third quarter, we acquired the assets of Powdermill Financial Solutions LLC (Powdermill), a multi-family office serving an affluent clientele in the local community and throughout the United States. This acquisition aligns with our strategic plan to expand our wealth management offerings and to diversify our fee-income generating businesses. |
Derivatives and Hedging | Derivatives and Hedging During the third quarter of 2016, we implemented a hedging program to manage our interest rate risk. This program did not have a material effect on our statements of condition or results of operations. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2016 In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, Compensation – Stock Compensation 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. In April 2015, the FASB issued ASU No 2015-03, Interest- Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. other assets Senior debt In February 2015, the FASB issued ASU No 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. Accounting Guidance Pending Adoption at September 30, 2016 In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers (Topic 606). Revenue Recognition. Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2014-9 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU No. 2016-05: Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships In March 2016, the FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments, Derivatives and Hedging (Topic 815). In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting, Investments - Equity Method and Joint Ventures (Topic 323). In March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers In June 2016, the FASB issued ASU 2016-13, Financial Instruments —Credit Losses (Topic 326). In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Penn Liberty Financial Corporation [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 identifiable assets acquired and liabilities assumed, as of the date of acquisition, are summarized in the following table: (Dollars in thousands) Fair Value Consideration Paid: Common shares issued (1,806,748) $ 66,759 Cash paid to Penn Liberty stock and option holders 40,549 Value of consideration 107,308 Assets acquired: Cash and due from banks 102,301 Investment securities 627 Loans 483,482 Premises and equipment 7,364 Deferred income taxes 6,452 Bank owned life insurance 8,666 Core deposit intangible 2,882 Other real estate owned 996 Other assets 10,595 Total assets 623,365 Liabilities assumed: Deposits 568,706 Other borrowings 10,000 Other liabilities 2,557 Total liabilities 581,263 Net assets acquired: 42,102 Goodwill resulting from acquisition of Penn Liberty $ 65,206 |
Alliance Bancorp, 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 identifiable assets acquired and liabilities assumed, are summarized in the following table: (Dollars in thousands) Fair Value Consideration Paid: Common shares issued (2,459,120) $ 71,345 Cash paid to Alliance stockholders 26,576 Value of consideration 97,921 Assets acquired: Cash and due from banks 67,439 Investment securities 3,002 Loans 307,695 Premises and equipment 2,685 Deferred income taxes 7,669 Bank owned life insurance 12,923 Core deposit intangible 2,635 Other real estate owned 768 Other assets 3,365 Total assets 408,181 Liabilities assumed: Deposits 341,682 Other Borrowings 2,826 Other liabilities 681 Total liabilities 345,189 Net assets acquired: 62,992 Goodwill resulting from acquisition of Alliance $ 34,929 |
Schedule of Changes to Goodwill | The following table details the changes to goodwill in 2016: (Dollars in thousands) Fair Value Goodwill resulting from the acquisition of Alliance reported as of December 31, 2015 $ 36,425 Effects of adjustments to: Deferred income taxes (125 ) Other assets (379 ) Other liabilities (992 ) Adjusted goodwill resulting from the acquisition of Alliance as of September 30, 2016 $ 34,929 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, (Dollars and Shares in thousands, Except Per Share Data) 2016 2015 2016 2015 Numerator: Net income $ 12,722 $ 14,426 $ 45,970 $ 39,549 Denominator: Weighted average basic shares 30,520 27,721 29,914 28,035 Dilutive potential common shares 797 511 747 468 Weighted average fully diluted shares 31,317 28,232 30,661 28,503 Earnings per share: Basic $ 0.42 $ 0.52 $ 1.54 $ 1.41 Diluted $ 0.41 $ 0.51 $ 1.50 $ 1.39 Outstanding common stock equivalents having no dilutive effect 1 83 10 184 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments Schedule [Abstract] | |
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities | The following tables detail the amortized cost and the estimated fair value of our available-for-sale and held-to-maturity investment securities. None of our investment securities are classified as trading. Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gain Loss Value Available-for-Sale Securities: September 30, 2016 GSE $ 35,070 $ 66 $ — $ 35,136 CMO 259,379 5,396 34 264,741 FNMA MBS 370,292 10,149 150 380,291 FHLMC MBS 66,326 1,846 — 68,172 GNMA MBS 28,264 646 42 28,868 Other investments 627 — — 627 $ 759,958 $ 18,103 $ 226 $ 777,835 December 31, 2015 GSE $ 31,041 $ — $ 127 $ 30,914 CMO 253,189 713 2,414 251,488 FNMA MBS 320,105 1,081 2,715 318,471 FHLMC MBS 99,350 405 313 99,442 GNMA MBS 20,387 420 93 20,714 $ 724,072 $ 2,619 $ 5,662 $ 721,029 Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gain Loss Value Held-to-Maturity Securities (1) September 30, 2016 State and political subdivisions $ 164,880 $ 4,713 $ 31 $ 169,562 December 31, 2015 State and political subdivisions $ 165,862 $ 1,943 $ 62 $ 167,743 (1) Held-to–maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $2.4 million and $2.9 million at September 30, 2016 and December 31, 2015, respectively, related to securities transferred, which are offset in Accumulated Other Comprehensive Income, net of tax. |
Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of investment securities available-for-sale and held-to-maturity at September 30, 2016 and December 31, 2015 are presented in the table below: Available-for-Sale (1) Amortized Fair (Dollars in thousands) Cost Value September 30, 2016 Within one year $ 8,995 $ 9,010 After one year but within five years 26,075 26,125 After five years but within ten years 281,237 289,917 After ten years 443,024 452,156 $ 759,331 $ 777,208 December 31, 2015 Within one year $ 3,997 $ 3,995 After one year but within five years 30,009 29,840 After five years but within ten years 218,023 215,018 After ten years 472,043 472,176 $ 724,072 $ 721,029 Held-to-Maturity Amortized Fair (Dollars in thousands) Cost Value September 30, 2016 Within one year $ — $ — After one year but within five years 5,097 5,180 After five years but within ten years 9,030 9,219 After ten years 150,753 155,163 $ 164,880 $ 169,562 December 31, 2015 Within one year $ 1,486 $ 1,488 After one year but within five years 3,465 3,456 After five years but within ten years 7,939 8,045 After ten years 152,972 154,754 $ 165,862 $ 167,743 (1) Included in the investment portfolio, but not in the table above, is a mutual fund with an amortized cost and fair value, as of September 30, 2016 of $0.6 million, which has no stated maturity. |
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category | For those investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at September 30, 2016. Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale securities: CMO $ 7,690 $ 1 $ 5,144 $ 33 $ 12,834 $ 34 FNMA MBS 37,371 150 — — 37,371 150 GNMA MBS 9,311 42 — — 9,311 42 Total temporarily impaired investments $ 54,372 $ 193 $ 5,144 $ 33 $ 59,516 $ 226 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Held-to-maturity securities: State and political subdivisions $ 3,372 $ 21 $ 708 $ 10 $ 4,080 $ 31 Total temporarily impaired investments $ 3,372 $ 21 $ 708 $ 10 $ 4,080 $ 31 For 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, 2015. Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale securities: GSE $ 30,914 $ 127 $ — $ — $ 30,914 $ 127 CMO 139,486 1,703 26,536 711 166,022 2,414 FNMA MBS 214,465 2,715 — — 214,465 2,715 FHLMC MBS 41,791 136 4,025 177 45,816 313 GNMA MBS 4,073 29 2,377 64 6,450 93 Total temporarily impaired investments $ 430,729 $ 4,710 $ 32,938 $ 952 $ 463,667 $ 5,662 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Held-to-maturity securities: State and political subdivisions $ 9,845 $ 62 $ — $ — $ 9,845 $ 62 Total temporarily impaired investments $ 9,845 $ 62 $ — $ — $ 9,845 $ 62 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Summary of Loan Portfolio by Category | The following table shows our loan portfolio by category: September 30, December 31, (Dollars in thousands) 2016 2015 Commercial and industrial $ 1,266,717 $ 1,061,597 Owner-occupied commercial 1,057,645 880,643 Commercial mortgages 1,153,903 966,698 Construction 208,976 245,773 Residential 268,711 259,679 Consumer 438,158 360,249 4,394,110 $ 3,774,639 Less: Deferred fees, net 8,055 $ 8,500 Allowance for loan losses 39,028 37,089 Net loans $ 4,347,027 $ 3,729,050 |
Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans | The following table shows the outstanding principal balance and carrying amounts for acquired credit impaired loans for which the Company applies ASC 310-30 as of the dates indicated: (Dollars in thousands) September 30, 2016 December 31, 2015 Outstanding principal balance $ 46,892 $ 38,067 Carrying amount 37,829 32,658 Allowance for loan losses 274 132 |
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 for the nine months ended September 30, 2016: (Dollars in thousands) January 1 through September 30, 2016 Balance at beginning of period $ 4,764 Accretion (1,933 ) Reclassification from nonaccretable difference 1,086 Additions/adjustments 344 Disposals (7 ) Balance at the end of the period $ 4,254 |
Allowance for Loan Losses and28
Allowance for Loan Losses and Credit Quality Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Schedule of Allowance for Loan Losses and Loan Balances | The following tables provide the activity of our allowance for loan losses and loan balances for three and nine months ended September 30, 2016: (Dollars in thousands) Commercial Owner-Occupied Commercial Construction Residential Consumer Complexity Risk (1) Total Three months ended September 30, 2016 Allowance for loan losses Beginning balance $ 11,402 $ 6,723 $ 8,135 $ 3,308 $ 2,352 $ 5,826 $ — $ 37,746 Charge-offs (3,737 ) (1,415 ) (1 ) (30 ) (43 ) (518 ) — (5,744 ) Recoveries 223 15 197 440 33 290 — 1,198 Provision (credit) 3,714 1,437 1,089 (824 ) (179 ) 401 — 5,638 Provision for acquired loans 117 185 (48 ) (76 ) 12 — — 190 Ending balance $ 11,719 $ 6,945 $ 9,372 $ 2,818 $ 2,175 $ 5,999 $ — $ 39,028 Nine months ended September 30, 2016 Allowance for loan losses Beginning balance $ 11,156 $ 6,670 $ 6,487 $ 3,521 $ 2,281 $ 5,964 $ 1,010 $ 37,089 Charge-offs (4,643 ) (1,556 ) (79 ) (59 ) (72 ) (1,967 ) — (8,376 ) Recoveries 557 66 310 486 112 922 — 2,453 Provision (credit) 4,551 1,564 2,650 (1,104 ) (177 ) 1,118 (1,010 ) $ 7,592 Provision for acquired loans 98 201 4 (26 ) 31 (38 ) — 270 Ending balance $ 11,719 $ 6,945 $ 9,372 $ 2,818 $ 2,175 $ 5,999 $ — $ 39,028 Period-end allowance allocated to: Loans individually evaluated for impairment $ 692 $ — $ 1,264 $ 215 $ 989 $ 201 $ — $ 3,361 Loans collectively evaluated for impairment 10,974 6,923 7,982 2,549 1,167 5,798 — 35,393 Acquired loans evaluated for impairment 53 22 126 54 19 — — 274 Ending balance $ 11,719 $ 6,945 $ 9,372 $ 2,818 $ 2,175 $ 5,999 $ — $ 39,028 Period-end loan balances evaluated for: Loans individually evaluated for impairment $ 4,198 $ 2,510 $ 7,165 $ 1,419 $ 13,957 $ 8,105 $ — $ 37,354 (2) Loans collectively evaluated for impairment 1,077,258 869,051 904,328 182,338 150,318 368,428 — 3,551,721 Acquired nonimpaired loans 175,570 175,411 229,530 21,627 103,537 61,257 — 766,932 Acquired impaired loans 9,691 10,673 12,880 3,592 899 368 — 38,103 Ending balance $ 1,266,717 $ 1,057,645 $ 1,153,903 $ 208,976 $ 268,711 $ 438,158 $ — $ 4,394,110 (3) The following table provides the activity of the allowance for loan losses and loan balances for the three and nine months ended September 30, 2015: (Dollars in thousands) Commercial Owner Occupied Commercial Construction Residential Consumer Complexity Risk Total Three months ended September 30, 2015 Allowance for loan losses Beginning balance $ 14,512 $ 6,733 $ 6,831 $ 3,313 $ 2,709 $ 5,788 $ 959 $ 40,845 Charge-offs (4,147 ) (26 ) (804 ) — (130 ) (1,499 ) — (6,606 ) Recoveries 84 40 14 19 158 405 — 720 Provision (credit) 303 (62 ) 231 306 (362 ) 1,086 11 1,513 Provision for acquired loans — — (71 ) 104 (92 ) (1 ) — (60 ) Ending balance $ 10,752 $ 6,685 $ 6,201 $ 3,742 $ 2,283 $ 5,779 $ 970 $ 36,412 Nine months ended September 30, 2015 Allowance for loan losses Beginning balance $ 12,837 $ 6,643 $ 7,266 $ 2,596 $ 2,523 $ 6,041 $ 1,520 $ 39,426 Charge-offs (6,184 ) (623 ) (808 ) — (397 ) (2,570 ) — (10,582 ) Recoveries 198 62 83 179 195 839 — 1,556 Provision (credit) 3,485 574 (508 ) 863 50 1,460 (550 ) 5,374 Provision for acquired loans 416 29 168 104 (88 ) 9 — 638 Ending balance $ 10,752 $ 6,685 $ 6,201 $ 3,742 $ 2,283 $ 5,779 $ 970 $ 36,412 Period-end allowance allocated to: Loans individually evaluated for impairment $ 993 $ — $ 241 $ 214 $ 934 $ 202 $ — $ 2,584 Loans collectively evaluated for impairment 9,406 6,657 5,907 3,527 1,348 5,577 970 33,392 Acquired loans evaluated for impairment 353 28 53 1 1 — — 436 Ending balance $ 10,752 $ 6,685 6,201 $ 3,742 $ 2,283 $ 5,779 $ 970 $ 36,412 Period-end loan balances: Loans individually evaluated for impairment $ 5,775 $ 1,170 $ 6,805 $ 1,419 $ 14,613 $ 7,749 $ — $ 37,531 (2) Loans collectively evaluated for impairment 900,660 770,246 836,556 190,925 169,566 327,524 — 3,195,477 Acquired nonimpaired loans 28,998 37,937 25,555 8,223 15,137 5,930 — 121,780 Acquired impaired loans 2,627 2,195 5,400 2,594 380 7 — 13,203 Ending balance $ 938,060 $ 811,548 $ 874,316 $ 203,161 $ 199,696 $ 341,210 $ — $ 3,367,991 (3) (1) Represents the portion of the allowance for loan losses established to capture factors not already included in other components in our allowance for loan losses methodology. (2) The difference between this amount and nonaccruing loans represents accruing troubled debt restructured loans of $14.2 million and $13.6 million for the periods ending September 30, 2016 and 2015, respectively. Accruing troubled debt restructured loans are considered impaired loans. (3) Ending loan balances do not include deferred costs. |
Summary of Nonaccrual and Past Due Loans | The following tables show our nonaccrual and past due loans at the dates indicated: September 30, 2016 (In Thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Acquired Nonaccrual Total Loans Commercial $ 354 $ 1,297 $ — $ 1,651 $ 1,251,430 $ 9,691 $ 3,945 $ 1,266,717 Owner-occupied commercial 572 — — 572 1,043,890 10,673 2,510 1,057,645 Commercial mortgages 3,096 6,902 — 9,998 1,123,939 12,880 7,086 1,153,903 Construction — — — — 205,384 3,592 — 208,976 Residential 4,867 157 — 5,024 257,308 899 5,480 268,711 Consumer 788 135 271 1,194 432,445 368 4,151 438,158 Total (1) $ 9,677 $ 8,491 $ 271 $ 18,439 $ 4,314,396 $ 38,103 $ 23,172 $ 4,394,110 % of Total Loans 0.22 % 0.19 % 0.01 % 0.42 % 98.18 % 0.87 % 0.53 % 100 % (1) The balances above include $766.9 million of acquired nonimpaired loans. December 31, 2015 (In Thousands) 30–59 Days 60–89 Days Greater Than Total Past Accruing Acquired Nonaccrual Total Commercial $ 1,686 $ 270 $ 12,355 $ 14,311 $ 1,028,973 $ 12,985 $ 5,328 $ 1,061,597 Owner-occupied commercial 713 217 4,886 5,816 869,048 4,688 1,091 880,643 Commercial mortgages 141 4 288 433 952,426 10,513 3,326 966,698 Construction — — — — 242,229 3,544 — 245,773 Residential 5,263 621 251 6,135 245,307 950 7,287 259,679 Consumer 1,222 36 252 1,510 354,599 7 4,133 360,249 Total (1) $ 9,025 $ 1,148 $ 18,032 $ 28,205 $ 3,692,582 $ 32,687 $ 21,165 $ 3,774,639 % of Total Loans 0.24 % 0.03 % 0.48 % 0.75 % 97.83 % 0.86 % 0.56 % 100 % (1) The balances above include $371.1 million of acquired nonimpaired loans |
Analysis of Impaired Loans | The following tables provide an analysis of our impaired loans at September 30, 2016 and December 31, 2015: Ending Loans with Loans with Contractual Average September 30, 2016 Loan No Related Related Related Principal Loan (Dollars in thousands) Balances Reserve (1) Reserve Reserve Balances Balances Commercial $ 5,383 $ 1,578 $ 3,805 $ 745 $ 6,616 $ 5,430 Owner-occupied commercial 4,153 2,510 1,643 22 4,340 2,827 Commercial mortgages 9,152 1,614 7,538 1,390 11,529 5,889 Construction 2,524 — 2,524 269 2,625 1,942 Residential 14,776 6,967 7,809 1,008 16,994 15,174 Consumer 8,105 6,791 1,314 201 9,922 7,856 Total (2) $ 44,093 $ 19,460 $ 24,633 $ 3,635 $ 52,026 $ 39,118 (1) Reflects loan balances at or written down to their remaining book balance. (2) The above includes acquired impaired loans totaling $6.7 million in the ending loan balance and $7.8 million in the contractual principal balance. December 31, 2015 (Dollars in thousands) Ending Loans with (1) Loans with Related Contractual Average Commercial $ 6,137 $ 951 $ 5,186 $ 1,168 $ 20,206 $ 9,391 Owner-occupied commercial 2,127 1,090 1,037 22 2,947 2,111 Commercial mortgages 4,652 3,410 1,242 103 11,826 7,540 Construction 1,419 — 1,419 211 1,419 1,448 Residential 15,710 9,034 6,676 920 18,655 15,264 Consumer 7,665 6,498 1,167 200 9,353 6,801 Total (2) $ 37,710 $ 20,983 $ 16,727 $ 2,624 $ 64,406 $ 42,555 (1) Reflects loan balances at or written down to their remaining book balance. (2) The above includes acquired impaired loans totaling $2.9 million in the ending loan balance and $3.5 million in the contractual principal balance. |
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 for Loan Loss. Commercial Credit Exposure (Dollars in thousands) Commercial Owner-Occupied Commercial Mortgages Construction Total Commercial (1) Sept. 30, 2016 Dec. 31, Sept. 30, Dec. 31 Sept. 30, Dec. 31 Sept. 30, Dec. 31 Sept. 30, Dec. 31 Amount % Amount % Risk Rating: Special mention $ 16,925 $ 5,620 $ 16,744 $ 9,535 $ 34,368 $ 12,323 $ 188 $ — $ 68,225 $ 27,478 Substandard: Accrual 28,630 33,883 18,941 22,901 11,170 2,547 2,011 8,296 60,752 67,627 Nonaccrual 3,253 4,164 2,510 1,090 5,822 3,326 — — 11,585 8,580 Doubtful 692 1,164 — — 1,264 — — — 1,956 1,164 Total Special and Substandard 49,500 44,831 38,195 33,526 52,624 18,196 2,199 8,296 142,518 4 % 104,849 3 % Acquired impaired 9,691 12,985 10,673 4,688 12,880 10,513 3,592 3,544 36,836 1 31,730 1 Pass 1,207,526 1,003,781 1,008,777 842,429 1,088,399 937,989 203,185 233,933 3,507,887 95 3,018,132 96 Total $ 1,266,717 $ 1,061,597 $ 1,057,645 $ 880,643 $ 1,153,903 $ 966,698 $ 208,976 $ 245,773 $ 3,687,241 100 % $ 3,154,711 100 % (1) Table includes $602.1 million and $277.0 million of acquired nonimpaired loans as of September 30, 2016 and December 31, 2015, respectively. |
Schedule of Consumer Credit Exposure | Residential and Consumer Credit Exposure (Dollars in thousands) Residential Consumer Total Residential and Consumer (2) Sept. 30, Dec. 31 Sept. 30, Dec. 31 Sept. 30, 2016 Dec. 31, 2015 2016 2015 2016 2015 Amount Percent Amount Percent Nonperforming(1) $ 13,957 $ 15,548 $ 8,105 $ 7,664 $ 22,062 3 % $ 23,212 4 % Acquired impaired loans 899 950 368 7 1,267 — 957 — Performing 253,855 243,181 429,685 352,578 683,540 97 595,759 96 Total $ 268,711 $ 259,679 $ 438,158 $ 360,249 $ 706,869 100 % $ 619,928 100 % (1) Includes $14.2 million as of September 30, 2016 and $13.6 million as of December 31, 2015 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 $164.8 million and $94.2 million in acquired nonimpaired loans as of September 30, 2016 and December 31, 2015, respectively. |
Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated | The following table presents loans identified as TDRs during the three and nine months ended September 30, 2016 and 2015. (Dollars in thousands) Three Three Nine Nine Commercial $ — $ — $ 1,125 $ — Owner Occupied Commercial — — — 577 Commercial mortgages — — — — Construction — — — — Residential 797 38 1,523 447 Consumer 278 643 733 1,306 Total $ 1,075 $ 681 $ 3,381 $ 2,330 |
Reverse Mortgage Loans (Tables)
Reverse Mortgage Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Mortgage Banking [Abstract] | |
Summary of Estimated Cash Payments to Reverse Mortgagors | As of September 30, 2016, the Company’s actuarially estimated cash payments to reverse mortgagors are as follows: (Dollars in thousands) Year Ending 2016 $ 266 2017 433 2018 341 2019 265 2020 204 Years 2021 - 2025 471 Years 2026 - 2030 95 Years 2031 - 2035 14 Thereafter 2 Total (1) $ 2,091 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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: WSFS Cash Wealth Consolidated (Dollars in thousands) Bank Connect Management Company December 31, 2015 $ 80,078 $ — $ 5,134 $ 85,212 Changes in goodwill (1,496 ) — — (1,496 ) Goodwill from business combinations 65,206 — 6,514 71,720 September 30, 2016 $ 143,788 $ — $ 11,648 $ 155,436 |
Summary of Other Intangible Assets | The following table summarizes other intangible assets: Gross Net (Dollars in thousands) Intangible Accumulated Intangible Assets Amortization Assets September 30, 2016 Core deposits $ 13,128 (5,344 ) $ 7,784 Customer relationships 11,105 (2,511 ) 8,594 Non-compete agreements 604 (374 ) 230 Mortgage servicing rights 1,518 (1,034 ) 484 Favorable lease asset 195 (14 ) 181 Total intangible assets $ 26,550 $ (9,277 ) $ 17,273 December 31, 2015 Core deposits $ 10,246 (4,512 ) $ 5,734 Customer relationships 5,495 (2,028 ) 3,467 Non-compete agreements 511 (110 ) 401 Mortgage servicing rights 1,430 (949 ) 481 Total intangible assets $ 17,682 $ (7,599 ) $ 10,083 |
Schedule of Estimated Amortization Expense of Intangibles | The following presents the estimated amortization expense of intangibles: (Dollars in thousands) Amortization Remaining in 2016 $ 641 2017 2,295 2018 2,132 2019 2,063 2020 1,868 Thereafter 8,274 Total $ 17,273 |
Associate Benefit Plans (Tables
Associate Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | The following are disclosures of the net periodic benefit cost components of postretirement benefits measured at January 1, 2016 and 2015. Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 14 $ 15 $ 43 $ 44 Interest cost 19 22 57 66 Prior service cost amortization (18 ) (19 ) (44 ) (57 ) Net gain recognition (16 ) (5 ) (47 ) (15 ) Net periodic benefit cost $ (1 ) $ 13 $ 9 $ 38 |
Fair Value Disclosures of Fin32
Fair Value Disclosures of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Carried at Fair Value | The following tables present financial instruments carried at fair value as of September 30, 2016 and December 31, 2015 by level in the valuation hierarchy (as described above): (Dollars in thousands) September 30, 2016 Quoted Significant Significant Total Fair Assets measured at fair value on a recurring basis Available-for-sale securities: CMO $ — $ 264,741 $ — $ 264,741 FNMA MBS — 380,291 — 380,291 FHLMC MBS — 68,172 — 68,172 GNMA MBS — 28,868 — 28,868 GSE — 35,136 — 35,136 Other investments 627 — — 627 Total assets measured at fair value on a recurring basis $ 627 $ 777,208 $ — $ 777,835 Assets measured at fair value on a nonrecurring basis Other real estate owned $ — $ — $ 3,232 $ 3,232 Loans held-for-sale — 61,198 — 61,198 Impaired loans, net — — 40,458 40,458 Total assets measured at fair value on a nonrecurring basis $ — $ 61,198 $ 43,690 $ 104,888 (Dollars in thousands) December 31, 2015 Quoted Significant Significant Total Fair Assets measured at fair value on a recurring basis Available-for-sale securities: CMO $ — $ 251,488 $ — $ 251,488 FNMA MBS — 318,471 — 318,471 FHLMC MBS — 99,442 — 99,442 GNMA MBA — 20,714 — 20,714 GSE 30,914 — 30,914 Total assets measured at fair value on a recurring basis $ — $ 721,029 $ — $ 721,029 Assets measured at fair value on a nonrecurring basis Other real estate owned $ — $ — $ 5,080 $ 5,080 Loans held-for sale — 41,807 — 41,807 Impaired loans (collateral dependent) — — 35,086 35,086 Total assets measured at fair value on a nonrecurring basis $ — $ 41,807 $ 40,166 $ 81,973 |
Book Value and Estimated Fair Value of Financial Instruments | The book value and estimated fair value of our financial instruments are as follows: (Dollars in thousands) Fair Value September 30, 2016 December 31, 2015 Measurement Book Value Fair Value Book Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 813,405 813,405 $ 561,179 $ 561,179 Investment securities available-for-sale Level 2 777,835 777,835 721,029 721,029 Investment securities held-to-maturity Level 2 164,880 169,562 165,862 167,743 Loans, held-for-sale Level 2 61,198 61,198 41,807 41,807 Loans, net (1) Level 2 4,306,569 4,283,862 3,693,964 3,637,714 Impaired loans, net Level 3 40,458 40,458 35,086 35,086 Reverse mortgage loans Level 3 23,120 23,120 24,284 24,284 Stock in FHLB of Pittsburgh Level 2 36,710 36,710 30,519 30,519 Accrued interest receivable Level 2 15,257 15,257 14,040 14,040 Other assets Level 3 7,277 16,625 8,669 18,416 Financial liabilities: Deposits Level 2 4,733,639 4,528,014 4,016,566 3,791,606 Borrowed funds Level 2 1,144,707 1,143,498 932,886 933,905 Standby letters of credit Level 3 284 284 195 195 Accrued interest payable Level 2 3,658 3,658 801 801 (1) Excludes impaired loans, net. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Details of Segment Information | Segment information for the three months ended September 30, 2016 and 2015 follows: Three months ended September 30, 2016 (Dollars in thousands) WSFS Bank Cash Wealth Total Statement of Operations External customer revenues: Interest income $ 53,332 $ — $ 2,005 $ 55,337 Noninterest income 11,957 8,632 6,260 26,849 Total external customer revenues 65,289 8,632 8,265 82,186 Inter-segment revenues: Interest income 1,302 — 1,698 3,000 Noninterest income 2,140 229 27 2,396 Total inter-segment revenues 3,442 229 1,725 5,396 Total revenue 68,731 8,861 9,990 87,582 External customer expenses: Interest expense 6,113 — 203 6,316 Noninterest expenses 40,991 5,006 4,500 50,497 Provision for loan losses 5,669 — 159 5,828 Total external customer expenses 52,773 5,006 4,862 62,641 Inter-segment expenses: Interest expense 1,698 790 512 3,000 Noninterest expenses 256 744 1,396 2,396 Total inter-segment expenses 1,954 1,534 1,908 5,396 Total expenses 54,727 6,540 6,770 68,037 Income before taxes $ 14,004 $ 2,321 $ 3,220 $ 19,545 Income tax provision 6,823 Consolidated net income $ 12,722 Capital expenditures $ 10,900 $ 248 $ 11 $ 11,159 As of September 30, 2016: Statement of Condition Cash and cash equivalents $ 99,298 $ 712,209 $ 1,898 $ 813,405 Goodwill 143,788 — 11,648 155,436 Other segment assets 5,499,725 2,599 156,428 5,658,752 Total segment assets $ 5,742,811 $ 714,808 $ 169,974 $ 6,627,593 Three months ended September 30, 2015 (Dollars in thousands) WSFS Bank Cash Wealth Total Statement of Operations External customer revenues: Interest income $ 42,873 $ — $ 1,984 $ 44,857 Noninterest income 8,944 7,138 5,583 21,665 Total external customer revenues 51,817 7,138 7,567 66,522 Inter-segment revenues: Interest income 879 — 1,697 2,576 Noninterest income 2,028 219 26 2,273 Total inter-segment revenues 2,907 219 1,723 4,849 Total revenue 54,724 7,357 9,290 71,371 External customer expenses: Interest expense 3,688 — 172 3,860 Noninterest expenses 30,066 4,255 4,384 38,705 Provision for loan losses 1,345 — 108 1,453 Total external customer expenses 35,099 4,255 4,664 44,018 Inter-segment expenses Interest expense 1,697 394 485 2,576 Noninterest expenses 245 624 1,404 2,273 Total inter-segment expenses 1,942 1,018 1,889 4,849 Total expenses 37,041 5,273 6,553 48,867 Income before taxes $ 17,683 $ 2,084 $ 2,737 $ 22,504 Income tax provision 8,078 Consolidated net income 14,426 Capital expenditures (1) $ 1,663 $ 429 $ 5 $ 2,097 As of December 31, 2015: Statement of Condition Cash and cash equivalents $ 65,663 $ 493,165 $ 2,351 $ 561,179 Goodwill 80,078 — 5,134 85,212 Other segment assets 4,745,670 — 192,576 4,938,246 Total segment assets $ 4,891,411 $ 493,165 $ 200,061 $ 5,584,637 (1) Capital expenditures amounts have been adjusted to correct errors that were not material to our Form 10-Q for the quarterly period ended September 30, 2015. Previously reported capital expenditures were $3.5 million for WSFS Bank, $1.5 million for Cash Connect, $0.1 million for Wealth Management, and $5.0 million for Total Consolidated Company. Segment information for the nine months ended September 30, 2016 and 2015 follows: Nine months ended September 30, 2016 (Dollars in thousands) WSFS Bank Cash Wealth Total Statement of Operations External customer revenues: Interest income $ 150,862 $ — $ 6,024 $ 156,886 Noninterest income 31,982 24,443 18,343 74,768 Total external customer revenues 182,844 24,443 24,367 231,654 Inter-segment revenues: Interest income 3,498 — 5,245 8,743 Noninterest income 6,211 632 76 6,919 Total inter-segment revenues 9,709 632 5,321 15,662 Total revenue 192,553 25,075 29,688 247,316 External customer expenses: Interest expense 15,506 — 589 16,095 Noninterest expenses 109,265 14,687 13,771 137,723 Provision for loan losses 7,675 — 187 7,862 Total external customer expenses 132,446 14,687 14,547 161,680 Inter-segment expenses: Interest expense 5,245 1,973 1,525 8,743 Noninterest expenses 708 2,186 4,025 6,919 Total inter-segment expenses 5,953 4,159 5,550 15,662 Total expenses 138,399 18,846 20,097 177,342 Income before taxes $ 54,154 $ 6,229 $ 9,591 $ 69,974 Income tax provision 24,004 Consolidated net income $ 45,970 Capital expenditures $ 14,346 $ 672 $ 19 $ 15,037 As of September 30, 2016: Statement of Condition Cash and cash equivalents $ 99,298 $ 712,209 $ 1,898 $ 813,405 Goodwill 143,788 — 11,648 155,436 Other segment assets 5,499,725 2,599 156,428 5,658,752 Total segment assets $ 5,742,811 $ 714,808 $ 169,974 $ 6,627,593 Nine months ended September 30, 2015 (Dollars in thousands) WSFS Bank Cash Connect Wealth Total Statement of Operations External customer revenues: Interest income $ 124,739 $ — $ 6,024 $ 130,763 Noninterest income 27,615 20,845 16,758 65,218 Total external customer revenues 152,354 20,845 22,782 195,981 Inter-segment revenues: Interest income 2,626 — 4,782 7,408 Noninterest income 5,810 601 73 6,484 Total inter-segment revenues 8,436 601 4,855 13,892 Total revenue 160,790 21,446 27,637 209,873 External customer expenses: Interest expense 11,422 — 437 11,859 Noninterest expenses 91,066 12,780 12,426 116,272 Provision for loan losses 5,688 — 324 6,012 Total external customer expenses 108,176 12,780 13,187 134,143 Inter-segment expenses: Interest expense 4,782 1,156 1,470 7,408 Noninterest expenses 674 1,882 3,928 6,484 Total inter-segment expenses 5,456 3,038 5,398 13,892 Total expenses 113,632 15,818 18,585 148,035 Income before taxes $ 47,158 $ 5,628 $ 9,052 $ 61,838 Income tax provision 22,289 Consolidated net income $ 39,549 Capital expenditures (1) $ 3,243 $ 1,650 $ 20 $ 4,913 As of December 31, 2015: Statement of Condition Cash and cash equivalents $ 65,663 $ 493,165 $ 2,351 $ 561,179 Goodwill 80,078 — 5,134 85,212 Other segment assets 4,745,670 — 192,576 4,938,246 Total segment assets $ 4,891,411 $ 493,165 $ 200,061 $ 5,584,637 (1) Capital expenditures amounts have been adjusted to correct errors that were not material to our Form 10-Q for the nine month period ended September 30, 2015. Previously reported capital expenditures were $4.6 million for WSFS Bank, $4.0 million for Cash Connect, $0.1 million for Wealth Management, and $8.7 million for Total Consolidated Company. |
Change in Accumulated Other C34
Change in Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | Changes to accumulated other comprehensive income by component are shown net of taxes in the following tables for the period indicated: (Dollars in thousands) Net change in available-for-sale Net change held-to- maturity Net Net Change in Total Balance, June 30, 2016 $ 12,841 $ 1,592 $ 1,244 $ — $ 15,677 Other comprehensive income before reclassifications (1,112 ) — — 61 (1,051 ) Plus (less): Net amounts reclassified to/from accumulated other comprehensive income (645 ) (102 ) (20 ) — (767 ) Net current-period other comprehensive income (loss) (1,757 ) (102 ) (20 ) 61 (1,818 ) Balance, September 30, 2016 $ 11,084 $ 1,490 $ 1,224 $ 61 $ 13,859 Balance, June 30, 2015 $ (1,587 ) $ 1,999 $ 817 $ — $ 1,229 Other comprehensive loss before reclassifications 6,178 — — — 6,178 Plus (less): Net amounts reclassified to/from accumulated other comprehensive income (47 ) (104 ) (15 ) — (166 ) Net current-period other comprehensive (loss) income 6,131 (104 ) (15 ) — 6,012 Balance, September 30, 2015 $ 4,544 $ 1,895 $ 802 $ — $ 7,241 (Dollars in thousands) Net change in available-for-sale Net change in held-to- maturity Net change in defined Net Change in Total Balance, December 31, 2015 $ (1,887 ) $ 1,795 $ 788 $ — $ 696 Other comprehensive income before reclassifications 14,143 — — 61 14,204 Plus (less): Net amounts reclassified to/from accumulated other comprehensive income (1,172 ) (305 ) 436 — (1,041 ) Net current-period other comprehensive income (loss) 12,971 (305 ) 436 61 13,163 Balance, September 30, 2016 $ 11,084 $ 1,490 $ 1,224 $ 61 $ 13,859 Balance, December 31, 2014 $ 446 $ 2,207 $ 847 $ — $ 3,500 Other comprehensive income before reclassifications 4,721 — — — 4,721 Plus (less): Net amounts reclassified to/from accumulated other comprehensive income (623 ) (312 ) (45 ) — (980 ) Net current-period other comprehensive income (loss) 4,098 (312 ) (45 ) — 3,741 Balance, September 30, 2015 $ 4,544 $ 1,895 $ 802 $ — $ 7,241 |
Components of Other Comprehensive Income | The Consolidated Statements of Operations were impacted by components of other comprehensive income as shown in the table below: Three Months Ended Affected line item in Consolidated Statements of Operations (Dollars in thousands) September 30, 2016 2015 Securities available-for-sale: Realized gains on securities transactions $ (1,040 ) $ (76 ) Security gains, net Income taxes 395 29 Income tax provision Net of tax $ (645 ) $ (47 ) Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: Amortization of net unrealized gains to income during the period $ (162 ) $ (159 ) Interest income on investment securities Income taxes 60 55 Income tax provision Net of tax $ (102 ) $ (104 ) Amortization of Defined Benefit Pension items: Prior service (credits) costs $ (18 ) $ (19 ) Transition obligation — — Actuarial losses (gains) (16 ) (5 ) Total before tax $ (34 ) $ (24 ) Salaries, benefits and other compensation Income taxes 14 9 Income tax provision Net of tax (20 ) (15 ) Total reclassifications $ (767 ) $ (166 ) Nine Months Ended Affected line item in Consolidated Statements of Operations September 30, 2016 2015 Securities available-for-sale: Realized gains on securities transactions $ (1,890 ) $ (1,004 ) Security gains, net Income taxes 718 381 Income tax provision Net of tax $ (1,172 ) $ (623 ) Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: Amortization of net unrealized gains to income during the period $ (492 ) $ (487 ) Interest income on investment securities Income taxes 187 175 Income tax provision Net of tax $ (305 ) $ (312 ) Amortization of Defined Benefit Pension items: Prior service (credits) costs $ (44 ) $ (57 ) Transition obligation — — Actuarial (gains) losses 746 (15 ) Total before tax $ 702 $ (72 ) Salaries, benefits and other compensation Income taxes (266 ) 27 Income tax provision Net of tax $ 436 $ (45 ) Total reclassifications $ (1,041 ) $ (980 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
May 31, 2015$ / shares | Sep. 30, 2016USD ($)Subsidiary$ / sharesOfficeshares | Jun. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)OfficeSubsidiary$ / sharesshares | Sep. 30, 2015USD ($) | Jun. 13, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Mar. 31, 2015$ / sharesshares | |
Basis Of Presentation [Line Items] | ||||||||||
Number of unconsolidated affiliate | Office | 1 | |||||||||
Number of banking offices | Office | 76 | 76 | ||||||||
Common stock, shares authorized | shares | 65,000,000 | 65,000,000 | 65,000,000 | 65,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Stock split description | Three-for-one stock split | |||||||||
Stock split conversion ratio | 3 | |||||||||
Stock dividend record date | May 4, 2015 | |||||||||
Tax benefit recognized | $ | $ (6,823) | $ (8,078) | $ (24,004) | $ (22,289) | ||||||
Senior Unsecured Fixed - to - Floating Rate Notes [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Senior unsecured fixed-to-floating rate notes, issued amount | $ | $ 100,000 | |||||||||
Senior unsecured notes, maturity date | Jun. 15, 2026 | |||||||||
Interest rate on unsecured debt | 4.50% | |||||||||
Senior unsecured notes, redemption beginning date | Jun. 15, 2021 | |||||||||
Senior unsecured notes, redemption price percentage of principal | 100.00% | |||||||||
Senior Unsecured Fixed - to - Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Senior unsecured notes, variable rate description | A variable coupon rate of three-month LIBOR plus 3.30% from June 15, 2021 until maturity. | |||||||||
Senior unsecured notes, variable rate added to LIBOR | 3.30% | |||||||||
Scenario, Previously Reported [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Common stock, shares authorized | shares | 20,000,000 | |||||||||
Common stock, par value | $ / shares | $ 0.01 | |||||||||
Accounting Standards Update 2015-03 [Member] | Other Assets [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Unamortized debt issuance cost | $ | $ 1,200 | $ 1,300 | ||||||||
Accounting Standards Update 2015-03 [Member] | Senior Debt [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Unamortized debt issuance cost | $ | 1,200 | 1,300 | ||||||||
Accounting Standards Update 2016-09 [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Tax benefit recognized | $ | $ 700 | |||||||||
Senior Debt Obligations [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Unamortized debt issuance costs related to senior debt | $ | $ 1,200 | $ 1,300 | ||||||||
Delaware [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Number of banking offices | Office | 46 | 46 | ||||||||
Pennsylvania [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Number of banking offices | Office | 28 | 28 | ||||||||
Virginia [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Number of banking offices | Office | 1 | 1 | ||||||||
Nevada [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Number of banking offices | Office | 1 | 1 | ||||||||
WSFS Financial Corporation [Member] | ||||||||||
Basis Of Presentation [Line Items] | ||||||||||
Number of wholly-owned subsidiaries | Subsidiary | 3 | 3 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Aug. 12, 2016USD ($)shares | Oct. 09, 2015USD ($)$ / sharesshares | Mar. 02, 2015USD ($)shares | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Branch | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||
Goodwill resulting from acquisition | $ 155,436,000 | $ 155,436,000 | $ 85,212,000 | |||||
Fair value on non-impaired acquired loans | $ 491,200,000 | |||||||
Fair value of acquired impaired loans | 12,700,000 | |||||||
Salary and benefits | 24,804,000 | $ 20,784,000 | 71,189,000 | $ 62,139,000 | ||||
Professional fees | 1,554,000 | 2,039,000 | 6,891,000 | 5,264,000 | ||||
Marketing expense | 712,000 | 619,000 | 2,177,000 | 2,210,000 | ||||
Data processing expense | 1,500,000 | $ 1,570,000 | $ 4,564,000 | $ 4,451,000 | ||||
Non Impaired Loans At Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Contractual balance on acquired loans | 470,800,000 | |||||||
Impaired Loans At Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Gross contractual loans on impaired loans | 15,300,000 | |||||||
Penn Liberty Financial Corporation [Member] | Acquisition Related Costs [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Integration expenses | 5,700,000 | |||||||
Salary and benefits | 2,000,000 | |||||||
Professional fees | 1,100,000 | |||||||
Marketing expense | 800,000 | |||||||
Data processing expense | 900,000 | |||||||
Penn Liberty Financial Corporation [Member] | Pennsylvania [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branch locations | Branch | 11 | |||||||
Goodwill resulting from acquisition | 65,206,000 | |||||||
Cash paid to stockholders | $ 40,549,000 | |||||||
Common stock shares issued | shares | 1,806,748 | |||||||
Transaction value, cash and stock | $ 107,308,000 | |||||||
Penn Liberty Financial Corporation [Member] | Pennsylvania [Member] | Core Deposits [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangibles | $ 2,900,000 | |||||||
Amortized period | 10 years | |||||||
Alliance Bancorp, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill resulting from acquisition | $ 34,929,000 | $ 34,929,000 | $ 36,425,000 | |||||
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill resulting from acquisition | $ 34,929,000 | |||||||
Cash paid to stockholders | $ 26,576,000 | $ 26,600,000 | ||||||
Common stock shares issued | shares | 2,459,120 | 2,459,120 | ||||||
Transaction value, cash and stock | $ 97,921,000 | |||||||
Effective date of merger | Oct. 9, 2015 | |||||||
Agreement date of merger | Mar. 2, 2015 | |||||||
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | NASDAQ [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Closing share price | $ / shares | $ 29.01 | |||||||
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | Core Deposits [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangibles | $ 2,600,000 | |||||||
Amortized period | 10 years | |||||||
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | Non-compete Agreements [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangibles | $ 511,000 | |||||||
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | Non-compete Agreements [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 6 months | |||||||
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | Non-compete Agreements [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 18 months |
Business Combinations - Summary
Business Combinations - Summary of Consideration Paid and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Aug. 12, 2016 | Oct. 09, 2015 | Mar. 02, 2015 | Sep. 30, 2016 | Dec. 31, 2015 |
Liabilities assumed: | |||||
Goodwill resulting from acquisition | $ 155,436 | $ 85,212 | |||
Alliance Bancorp, Inc. [Member] | |||||
Liabilities assumed: | |||||
Goodwill resulting from acquisition | $ 34,929 | $ 36,425 | |||
Pennsylvania [Member] | Penn Liberty Financial Corporation [Member] | |||||
Consideration Paid: | |||||
Common shares issued (1,806,748) | $ 66,759 | ||||
Cash paid to Penn Liberty stock and option holders / Alliance stockholders | 40,549 | ||||
Value of consideration | 107,308 | ||||
Assets acquired: | |||||
Cash and due from banks | 102,301 | ||||
Investment securities | 627 | ||||
Loans | 483,482 | ||||
Premises and equipment | 7,364 | ||||
Deferred income taxes | 6,452 | ||||
Bank owned life insurance | 8,666 | ||||
Core deposit intangible | 2,882 | ||||
Other real estate owned | 996 | ||||
Other assets | 10,595 | ||||
Total assets | 623,365 | ||||
Liabilities assumed: | |||||
Deposits | 568,706 | ||||
Other borrowings | 10,000 | ||||
Other liabilities | 2,557 | ||||
Total liabilities | 581,263 | ||||
Net assets acquired | 42,102 | ||||
Goodwill resulting from acquisition | $ 65,206 | ||||
Pennsylvania [Member] | Alliance Bancorp, Inc. [Member] | |||||
Consideration Paid: | |||||
Common shares issued (1,806,748) | $ 71,345 | ||||
Cash paid to Penn Liberty stock and option holders / Alliance stockholders | 26,576 | $ 26,600 | |||
Value of consideration | 97,921 | ||||
Assets acquired: | |||||
Cash and due from banks | 67,439 | ||||
Investment securities | 3,002 | ||||
Loans | 307,695 | ||||
Premises and equipment | 2,685 | ||||
Deferred income taxes | 7,669 | ||||
Bank owned life insurance | 12,923 | ||||
Core deposit intangible | 2,635 | ||||
Other real estate owned | 768 | ||||
Other assets | 3,365 | ||||
Total assets | 408,181 | ||||
Liabilities assumed: | |||||
Deposits | 341,682 | ||||
Other borrowings | 2,826 | ||||
Other liabilities | 681 | ||||
Total liabilities | 345,189 | ||||
Net assets acquired | 62,992 | ||||
Goodwill resulting from acquisition | $ 34,929 |
Business Combinations - Summa38
Business Combinations - Summary of Consideration Paid and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - Pennsylvania [Member] - shares | Aug. 12, 2016 | Oct. 09, 2015 | Mar. 02, 2015 |
Penn Liberty Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Common stock shares issued | 1,806,748 | ||
Alliance Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Common stock shares issued | 2,459,120 | 2,459,120 |
Business Combinations - Schedul
Business Combinations - Schedule of Changes to Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |
Goodwill, Beginning balance | $ 85,212 |
Goodwill, Ending balance | 155,436 |
Alliance Bancorp, Inc. [Member] | |
Business Acquisition [Line Items] | |
Goodwill, Beginning balance | 36,425 |
Goodwill, Ending balance | 34,929 |
Alliance Bancorp, Inc. [Member] | Deferred Income Taxes [Member] | |
Business Acquisition [Line Items] | |
Effect of adjustments | (125) |
Alliance Bancorp, Inc. [Member] | Other Assets [Member] | |
Business Acquisition [Line Items] | |
Effect of adjustments | (379) |
Alliance Bancorp, Inc. [Member] | Other Liabilities [Member] | |
Business Acquisition [Line Items] | |
Effect of adjustments | $ (992) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net Income | $ 12,722 | $ 14,426 | $ 45,970 | $ 39,549 |
Denominator: | ||||
Weighted average basic shares | 30,520 | 27,721 | 29,914 | 28,035 |
Dilutive potential common shares | 797 | 511 | 747 | 468 |
Weighted average fully diluted shares | 31,317 | 28,232 | 30,661 | 28,503 |
Earnings per share: | ||||
Basic | $ 0.42 | $ 0.52 | $ 1.54 | $ 1.41 |
Diluted | $ 0.41 | $ 0.51 | $ 1.50 | $ 1.39 |
Outstanding common stock equivalents having no dilutive effect | 1 | 83 | 10 | 184 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Trading securities | $ 0 | ||
Securities pledged as collateral | 598,900,000 | $ 457,000,000 | |
Proceeds from sale of investment securities | 155,800,000 | $ 117,300,000 | |
Gains from sale of Available-for-sale securities | 1,900,000 | 1,000,000 | |
Losses from sale of Available-for-sale securities | 0 | $ 0 | |
Unamortized premiums | 18,500,000 | 18,300,000 | |
Unaccreted discounts | 300,000 | 300,000 | |
Owned investment securities | 63,600,000 | ||
Total unrealized losses on securities | $ 300,000 | ||
Weighted average duration of MBS portfolio | 4 years 3 months 18 days | ||
Mortgage-Backed Securities ("MBS") [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
OTTI on evaluation of securities | $ 0 | $ 0 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 759,958 | $ 724,072 |
Gross Unrealized Gain | 18,103 | 2,619 |
Gross Unrealized Loss | 226 | 5,662 |
Fair Value | 777,835 | 721,029 |
Held-to-Maturity Securities, Amortized Cost | 164,880 | 165,862 |
Held-to-Maturity Securities, Fair Value | 169,562 | 167,743 |
CMO [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 259,379 | 253,189 |
Gross Unrealized Gain | 5,396 | 713 |
Gross Unrealized Loss | 34 | 2,414 |
Fair Value | 264,741 | 251,488 |
FNMA MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 370,292 | 320,105 |
Gross Unrealized Gain | 10,149 | 1,081 |
Gross Unrealized Loss | 150 | 2,715 |
Fair Value | 380,291 | 318,471 |
FHLMC MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 66,326 | 99,350 |
Gross Unrealized Gain | 1,846 | 405 |
Gross Unrealized Loss | 313 | |
Fair Value | 68,172 | 99,442 |
GNMA MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 28,264 | 20,387 |
Gross Unrealized Gain | 646 | 420 |
Gross Unrealized Loss | 42 | 93 |
Fair Value | 28,868 | 20,714 |
Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 627 | |
Fair Value | 627 | |
GSE [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 35,070 | 31,041 |
Gross Unrealized Gain | 66 | |
Gross Unrealized Loss | 127 | |
Fair Value | 35,136 | 30,914 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | 164,880 | 165,862 |
Held-to-Maturity Securities, Gross Unrealized Gain | 4,713 | 1,943 |
Held-to-Maturity Securities, Gross Unrealized Loss | 31 | 62 |
Held-to-Maturity Securities, Fair Value | $ 169,562 | $ 167,743 |
Investment Securities - Sched43
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities transferred from available-for-sale to held-to-maturity, net unrealized gain | $ 2.4 | $ 2.9 |
Investment Securities - Sched44
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale securities, amortized cost within one year | $ 8,995 | $ 3,997 |
Available-for-sale securities, amortized cost after one year but within five years | 26,075 | 30,009 |
Available-for-sale securities, amortized cost after five years but within ten years | 281,237 | 218,023 |
Available-for-sale securities, amortized cost after ten years | 443,024 | 472,043 |
Available-for-sale securities, amortized cost total | 759,331 | 724,072 |
Available-for-sale securities, fair value within one year | 9,010 | 3,995 |
Available-for-sale securities, fair value after one year but within five years | 26,125 | 29,840 |
Available-for-sale securities, fair value after five years but within ten years | 289,917 | 215,018 |
Available-for-sale securities, fair value after ten years | 452,156 | 472,176 |
Available-for-sale securities, fair value total | 777,208 | 721,029 |
Held-to-maturity securities, amortized cost within one year | 1,486 | |
Held-to-maturity securities, amortized cost after one year but within five years | 5,097 | 3,465 |
Held-to-maturity securities, amortized cost after five years but within ten years | 9,030 | 7,939 |
Held-to-maturity securities, amortized cost after ten years | 150,753 | 152,972 |
Held-to-Maturity Securities, Amortized Cost | 164,880 | 165,862 |
Held-to-maturity securities, fair value within one year | 1,488 | |
Held-to-maturity securities, fair value after one year but within five years | 5,180 | 3,456 |
Held-to-maturity securities, after five years but within ten years | 9,219 | 8,045 |
Held-to-maturity securities, after ten years | 155,163 | 154,754 |
Held-to-maturity securities, fair value total | $ 169,562 | $ 167,743 |
Investment Securities - Sched45
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | $ 759,958 | $ 724,072 |
Available for sale securities, fair value | 777,835 | 721,029 |
Mutual Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | $ 600 | |
Available for sale securities, fair value | $ 600 |
Investment Securities - Sched46
Investment Securities - Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | $ 54,372 | $ 430,729 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 193 | 4,710 |
Available-for-sale securities, 12 months or longer, Fair Value | 5,144 | 32,938 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 33 | 952 |
Available-for-sale securities, Total, Fair Value | 59,516 | 463,667 |
Available-for-sale securities, Total, Unrealized Loss | 226 | 5,662 |
Held-to-maturity, Less than 12 months, Fair Value | 3,372 | 9,845 |
Held-to-maturity, Less than 12 months, Unrealized Loss | 21 | 62 |
Held-to-maturity, 12 months or longer, Fair Value | 708 | |
Held-to-maturity, 12 months or longer, Unrealized Loss | 10 | |
Held-to-maturity, Total, Fair Value | 4,080 | 9,845 |
Held-to-maturity, Total, Unrealized Loss | 31 | 62 |
CMO [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 7,690 | 139,486 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 1 | 1,703 |
Available-for-sale securities, 12 months or longer, Fair Value | 5,144 | 26,536 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 33 | 711 |
Available-for-sale securities, Total, Fair Value | 12,834 | 166,022 |
Available-for-sale securities, Total, Unrealized Loss | 34 | 2,414 |
FNMA MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 37,371 | 214,465 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 150 | 2,715 |
Available-for-sale securities, Total, Fair Value | 37,371 | 214,465 |
Available-for-sale securities, Total, Unrealized Loss | 150 | 2,715 |
FHLMC MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 41,791 | |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 136 | |
Available-for-sale securities, 12 months or longer, Fair Value | 4,025 | |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 177 | |
Available-for-sale securities, Total, Fair Value | 45,816 | |
Available-for-sale securities, Total, Unrealized Loss | 313 | |
GNMA MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 9,311 | 4,073 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 42 | 29 |
Available-for-sale securities, 12 months or longer, Fair Value | 2,377 | |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 64 | |
Available-for-sale securities, Total, Fair Value | 9,311 | 6,450 |
Available-for-sale securities, Total, Unrealized Loss | 42 | 93 |
GSE [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 30,914 | |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 127 | |
Available-for-sale securities, Total, Fair Value | 30,914 | |
Available-for-sale securities, Total, Unrealized Loss | 127 | |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Fair Value | 3,372 | 9,845 |
Held-to-maturity, Less than 12 months, Unrealized Loss | 21 | 62 |
Held-to-maturity, 12 months or longer, Fair Value | 708 | |
Held-to-maturity, 12 months or longer, Unrealized Loss | 10 | |
Held-to-maturity, Total, Fair Value | 4,080 | 9,845 |
Held-to-maturity, Total, Unrealized Loss | $ 31 | $ 62 |
Loans - Summary of Loan Portfol
Loans - Summary of Loan Portfolio by Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 4,394,110 | $ 3,774,639 | $ 3,367,991 | |||
Deferred fees, net | 8,055 | 8,500 | ||||
Allowance for loan losses | 39,028 | $ 37,746 | 37,089 | 36,412 | $ 40,845 | $ 39,426 |
Net loans | 4,347,027 | 3,729,050 | ||||
Consumer Loan Commitments [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 438,158 | 360,249 | 341,210 | |||
Allowance for loan losses | 5,999 | 5,826 | 5,964 | 5,779 | 5,788 | 6,041 |
Commercial And Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,266,717 | 1,061,597 | ||||
Owner- Occupied Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,057,645 | 880,643 | 811,548 | |||
Allowance for loan losses | 6,945 | 6,723 | 6,670 | 6,685 | 6,733 | 6,643 |
Commercial Mortgages [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,153,903 | 966,698 | 874,316 | |||
Allowance for loan losses | 9,372 | 8,135 | 6,487 | 6,201 | 6,831 | 7,266 |
Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 208,976 | 245,773 | 203,161 | |||
Allowance for loan losses | 2,818 | $ 3,308 | 3,521 | $ 3,742 | $ 3,313 | $ 2,596 |
Residential (1-4 Family) [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 268,711 | $ 259,679 |
Loans - Schedule of Outstanding
Loans - Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Outstanding principal balance | $ 46,892 | $ 38,067 |
Carrying amount | 37,829 | 32,658 |
Allowance for loan losses | $ 274 | $ 132 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Accretable Yield on Acquired Credit Impaired Loans (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Receivables [Abstract] | |
Beginning balance | $ 4,764 |
Accretion | (1,933) |
Reclassification from nonaccretable difference | 1,086 |
Additions/adjustments | 344 |
Disposals | (7) |
Ending balance | $ 4,254 |
Allowance for Loan Losses and50
Allowance for Loan Losses and Credit Quality Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Net charge-offs | $ | $ 5,900,000 | $ 9,000,000 | |||
Percentage of average loans annualized, charged-offs | 0.20% | 0.36% | |||
Interest income on impaired loans | $ | $ 500,000 | $ 400,000 | $ 800,000 | $ 1,300,000 | |
Balance of troubled debt restructurings | $ | 22,000,000 | 22,000,000 | $ 24,600,000 | ||
TDRs in nonaccrual status | $ | 7,800,000 | 11,000,000 | |||
TDRs in accrual status | $ | 14,200,000 | 13,600,000 | |||
Troubled debt restructuring related reserves | $ | 1,800,000 | $ 1,800,000 | $ 2,100,000 | ||
Number of term loans modified in troubled debt restructurings | 20 | ||||
Usual sustained repayment performance period | 6 months | ||||
Commercial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of commercial loans | 12 | 3 | |||
Total loans outstanding,commercial loans | $ | $ 2,000,000 | $ 2,000,000 | $ 700,000 | ||
Number of term loans modified in troubled debt restructurings, discharged bankruptcies | 1 | ||||
Number of restructured loans extension of maturities | 1 | ||||
Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of residential loans in the process of foreclosure | 27 | 32 | |||
Total loans outstanding, residential loans | $ | $ 4,900,000 | $ 5,000,000 | |||
Number of term loans modified in troubled debt restructurings, discharged bankruptcies | 1 | ||||
Number of term loans modified in troubled debt restructurings of forbearance agreements | 2 | ||||
Number of restructured loans extension of maturities | 3 | ||||
Number of term loans modified in troubled debt restructurings | 6 | ||||
Consumer Loan Commitments [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of term loans modified in troubled debt restructurings, rate concession | 10 | ||||
Number of term loans modified in troubled debt restructurings, discharged bankruptcies | 2 | ||||
Number of term loans modified in troubled debt restructurings | 12 | ||||
Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Period for impairment loans | 90 days | ||||
Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Increase in allowance for loan losses | $ | $ 100,000 | 100,000 | |||
Troubled debt restructurings charged off | $ | $ 100,000 | $ 100,000 | |||
Total Residential and Consumer Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impairment loans, charge off period | 90 days | ||||
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 average net loss rates over the same 23 quarter look-back period. |
Allowance for Loan Losses and51
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 37,746 | $ 40,845 | $ 37,089 | $ 39,426 | $ 39,426 |
Charge-offs | (5,744) | (6,606) | (8,376) | (10,582) | |
Recoveries | 1,198 | 720 | 2,453 | 1,556 | |
Provision (credit) | 5,638 | 1,513 | 7,592 | 5,374 | |
Provision for acquired loans | 190 | (60) | 270 | 638 | |
Ending balance | 39,028 | 36,412 | 39,028 | 36,412 | 37,089 |
Loans individually evaluated for impairment | 3,361 | 2,584 | 3,361 | 2,584 | |
Loans collectively evaluated for impairment | 35,393 | 33,392 | 35,393 | 33,392 | |
Acquired loans evaluated for impairment | 274 | 436 | |||
Ending balance | 39,028 | 36,412 | 39,028 | 36,412 | |
Loans individually evaluated for impairment | 37,354 | 37,531 | 37,354 | 37,531 | |
Loans collectively evaluated for impairment | 3,551,721 | 3,195,477 | 3,551,721 | 3,195,477 | |
Acquired nonimpaired loans | 766,932 | 121,780 | 766,932 | 121,780 | 371,100 |
Acquired impaired loans | 38,103 | 13,203 | 32,687 | ||
Ending balance | 4,394,110 | 3,367,991 | 4,394,110 | 3,367,991 | 3,774,639 |
Owner- Occupied Commercial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 6,723 | 6,733 | 6,670 | 6,643 | 6,643 |
Charge-offs | (1,415) | (26) | (1,556) | (623) | |
Recoveries | 15 | 40 | 66 | 62 | |
Provision (credit) | 1,437 | (62) | 1,564 | 574 | |
Provision for acquired loans | 185 | 201 | 29 | ||
Ending balance | 6,945 | 6,685 | 6,945 | 6,685 | 6,670 |
Loans collectively evaluated for impairment | 6,923 | 6,657 | 6,923 | 6,657 | |
Acquired loans evaluated for impairment | 22 | 28 | |||
Ending balance | 6,945 | 6,685 | 6,945 | 6,685 | |
Loans individually evaluated for impairment | 2,510 | 1,170 | 2,510 | 1,170 | |
Loans collectively evaluated for impairment | 869,051 | 770,246 | 869,051 | 770,246 | |
Acquired nonimpaired loans | 175,411 | 37,937 | 175,411 | 37,937 | |
Acquired impaired loans | 10,673 | 2,195 | 4,688 | ||
Ending balance | 1,057,645 | 811,548 | 1,057,645 | 811,548 | 880,643 |
Commercial Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 8,135 | 6,831 | 6,487 | 7,266 | 7,266 |
Charge-offs | (1) | (804) | (79) | (808) | |
Recoveries | 197 | 14 | 310 | 83 | |
Provision (credit) | 1,089 | 231 | 2,650 | (508) | |
Provision for acquired loans | (48) | (71) | 4 | 168 | |
Ending balance | 9,372 | 6,201 | 9,372 | 6,201 | 6,487 |
Loans individually evaluated for impairment | 1,264 | 241 | 1,264 | 241 | |
Loans collectively evaluated for impairment | 7,982 | 5,907 | 7,982 | 5,907 | |
Acquired loans evaluated for impairment | 126 | 53 | |||
Ending balance | 9,372 | 6,201 | 9,372 | 6,201 | |
Loans individually evaluated for impairment | 7,165 | 6,805 | 7,165 | 6,805 | |
Loans collectively evaluated for impairment | 904,328 | 836,556 | 904,328 | 836,556 | |
Acquired nonimpaired loans | 229,530 | 25,555 | 229,530 | 25,555 | |
Acquired impaired loans | 12,880 | 5,400 | 10,513 | ||
Ending balance | 1,153,903 | 874,316 | 1,153,903 | 874,316 | 966,698 |
Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 3,308 | 3,313 | 3,521 | 2,596 | 2,596 |
Charge-offs | (30) | (59) | |||
Recoveries | 440 | 19 | 486 | 179 | |
Provision (credit) | (824) | 306 | (1,104) | 863 | |
Provision for acquired loans | (76) | 104 | (26) | 104 | |
Ending balance | 2,818 | 3,742 | 2,818 | 3,742 | 3,521 |
Loans individually evaluated for impairment | 215 | 214 | 215 | 214 | |
Loans collectively evaluated for impairment | 2,549 | 3,527 | 2,549 | 3,527 | |
Acquired loans evaluated for impairment | 54 | 1 | |||
Ending balance | 2,818 | 3,742 | 2,818 | 3,742 | |
Loans individually evaluated for impairment | 1,419 | 1,419 | 1,419 | 1,419 | |
Loans collectively evaluated for impairment | 182,338 | 190,925 | 182,338 | 190,925 | |
Acquired nonimpaired loans | 21,627 | 8,223 | 21,627 | 8,223 | |
Acquired impaired loans | 3,592 | 2,594 | 3,544 | ||
Ending balance | 208,976 | 203,161 | 208,976 | 203,161 | 245,773 |
Estimation/Complexity Risk [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 959 | 1,010 | 1,520 | 1,520 | |
Provision (credit) | 11 | (1,010) | (550) | ||
Ending balance | 970 | 970 | 1,010 | ||
Loans collectively evaluated for impairment | 970 | 970 | |||
Ending balance | 970 | 970 | |||
Commercial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 11,402 | 14,512 | 11,156 | 12,837 | 12,837 |
Charge-offs | (3,737) | (4,147) | (4,643) | (6,184) | |
Recoveries | 223 | 84 | 557 | 198 | |
Provision (credit) | 3,714 | 303 | 4,551 | 3,485 | |
Provision for acquired loans | 117 | 98 | 416 | ||
Ending balance | 11,719 | 10,752 | 11,719 | 10,752 | 11,156 |
Loans individually evaluated for impairment | 692 | 993 | 692 | 993 | |
Loans collectively evaluated for impairment | 10,974 | 9,406 | 10,974 | 9,406 | |
Acquired loans evaluated for impairment | 53 | 353 | |||
Ending balance | 11,719 | 10,752 | 11,719 | 10,752 | |
Loans individually evaluated for impairment | 4,198 | 5,775 | 4,198 | 5,775 | |
Loans collectively evaluated for impairment | 1,077,258 | 900,660 | 1,077,258 | 900,660 | |
Acquired nonimpaired loans | 175,570 | 28,998 | 175,570 | 28,998 | |
Acquired impaired loans | 9,691 | 2,627 | 12,985 | ||
Ending balance | 1,266,717 | 938,060 | 1,266,717 | 938,060 | 1,061,597 |
Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 2,352 | 2,709 | 2,281 | 2,523 | 2,523 |
Charge-offs | (43) | (130) | (72) | (397) | |
Recoveries | 33 | 158 | 112 | 195 | |
Provision (credit) | (179) | (362) | (177) | 50 | |
Provision for acquired loans | 12 | (92) | 31 | (88) | |
Ending balance | 2,175 | 2,283 | 2,175 | 2,283 | 2,281 |
Loans individually evaluated for impairment | 989 | 934 | 989 | 934 | |
Loans collectively evaluated for impairment | 1,167 | 1,348 | 1,167 | 1,348 | |
Acquired loans evaluated for impairment | 19 | 1 | |||
Ending balance | 2,175 | 2,283 | 2,175 | 2,283 | |
Loans individually evaluated for impairment | 13,957 | 14,613 | 13,957 | 14,613 | |
Loans collectively evaluated for impairment | 150,318 | 169,566 | 150,318 | 169,566 | |
Acquired nonimpaired loans | 103,537 | 15,137 | 103,537 | 15,137 | |
Acquired impaired loans | 899 | 380 | 950 | ||
Ending balance | 268,711 | 199,696 | 268,711 | 199,696 | 259,679 |
Consumer Loan Commitments [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 5,826 | 5,788 | 5,964 | 6,041 | 6,041 |
Charge-offs | (518) | (1,499) | (1,967) | (2,570) | |
Recoveries | 290 | 405 | 922 | 839 | |
Provision (credit) | 401 | 1,086 | 1,118 | 1,460 | |
Provision for acquired loans | (1) | (38) | 9 | ||
Ending balance | 5,999 | 5,779 | 5,999 | 5,779 | 5,964 |
Loans individually evaluated for impairment | 201 | 202 | 201 | 202 | |
Loans collectively evaluated for impairment | 5,798 | 5,577 | 5,798 | 5,577 | |
Ending balance | 5,999 | 5,779 | 5,999 | 5,779 | |
Loans individually evaluated for impairment | 8,105 | 7,749 | 8,105 | 7,749 | |
Loans collectively evaluated for impairment | 368,428 | 327,524 | 368,428 | 327,524 | |
Acquired nonimpaired loans | 61,257 | 5,930 | 61,257 | 5,930 | |
Acquired impaired loans | 368 | 7 | 7 | ||
Ending balance | $ 438,158 | $ 341,210 | $ 438,158 | $ 341,210 | $ 360,249 |
Allowance for Loan Losses and52
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Receivables [Abstract] | |||
Accrued troubled debt restructured loans | $ 14.2 | $ 13.6 | $ 13.6 |
Allowance for Loan Losses and53
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | $ 18,439 | $ 28,205 | |
Accruing Current Balances, Total | 4,314,396 | 3,692,582 | |
Acquired Impaired Loans, Total | 38,103 | $ 13,203 | 32,687 |
Nonaccrual Loans, Total | 23,172 | 21,165 | |
Total Loans | $ 4,394,110 | 3,367,991 | $ 3,774,639 |
30-59 Days Past Due and Still Accruing, % of Total Loans | 0.22% | 0.24% | |
60-89 Days Past Due and Still Accruing, % of Total Loans | 0.19% | 0.03% | |
Greater Than 90 Days Past Due and Still Accruing, % of Total Loans | 0.01% | 0.48% | |
Total Past Due And Still Accruing, % of Total Loans | 0.42% | 0.75% | |
Accruing Current Balances, % of Total Loans | 98.18% | 97.83% | |
Acquired Impaired Loans, % of Total Loans | 0.87% | 0.86% | |
Nonaccrual Loans, % of Total Loans | 0.53% | 0.56% | |
% of Total Loans | 100.00% | 100.00% | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | $ 1,651 | $ 14,311 | |
Accruing Current Balances, Total | 1,251,430 | 1,028,973 | |
Acquired Impaired Loans, Total | 9,691 | 2,627 | 12,985 |
Nonaccrual Loans, Total | 3,945 | 5,328 | |
Total Loans | 1,266,717 | 938,060 | 1,061,597 |
Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 5,024 | 6,135 | |
Accruing Current Balances, Total | 257,308 | 245,307 | |
Acquired Impaired Loans, Total | 899 | 380 | 950 |
Nonaccrual Loans, Total | 5,480 | 7,287 | |
Total Loans | 268,711 | 199,696 | 259,679 |
Consumer Loan Commitments [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 1,194 | 1,510 | |
Accruing Current Balances, Total | 432,445 | 354,599 | |
Acquired Impaired Loans, Total | 368 | 7 | 7 |
Nonaccrual Loans, Total | 4,151 | 4,133 | |
Total Loans | 438,158 | 341,210 | 360,249 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 9,677 | 9,025 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 354 | 1,686 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 4,867 | 5,263 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Loan Commitments [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 788 | 1,222 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 8,491 | 1,148 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 1,297 | 270 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 157 | 621 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Loan Commitments [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 135 | 36 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 271 | 18,032 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 12,355 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 251 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Loan Commitments [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 271 | 252 | |
Owner- Occupied Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 572 | 5,816 | |
Accruing Current Balances, Total | 1,043,890 | 869,048 | |
Acquired Impaired Loans, Total | 10,673 | 2,195 | 4,688 |
Nonaccrual Loans, Total | 2,510 | 1,091 | |
Total Loans | 1,057,645 | 811,548 | 880,643 |
Owner- Occupied Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 572 | 713 | |
Owner- Occupied Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 217 | ||
Owner- Occupied Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 4,886 | ||
Commercial Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 9,998 | 433 | |
Accruing Current Balances, Total | 1,123,939 | 952,426 | |
Acquired Impaired Loans, Total | 12,880 | 5,400 | 10,513 |
Nonaccrual Loans, Total | 7,086 | 3,326 | |
Total Loans | 1,153,903 | 874,316 | 966,698 |
Commercial Mortgages [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 3,096 | 141 | |
Commercial Mortgages [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 6,902 | 4 | |
Commercial Mortgages [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 288 | ||
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Accruing Current Balances, Total | 205,384 | 242,229 | |
Acquired Impaired Loans, Total | 3,592 | 2,594 | 3,544 |
Total Loans | $ 208,976 | $ 203,161 | $ 245,773 |
Allowance for Loan Losses and54
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Receivables [Abstract] | |||
Acquired non-impaired loans | $ 766,932 | $ 371,100 | $ 121,780 |
Allowance for Loan Losses and55
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | $ 44,093 | $ 37,710 |
Loans with No Related Reserve | 19,460 | 20,983 |
Loans with Related Reserve | 24,633 | 16,727 |
Related Reserve | 3,635 | 2,624 |
Contractual Principal Balances | 52,026 | 64,406 |
Average Loan Balances | 39,118 | 42,555 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 5,383 | 6,137 |
Loans with No Related Reserve | 1,578 | 951 |
Loans with Related Reserve | 3,805 | 5,186 |
Related Reserve | 745 | 1,168 |
Contractual Principal Balances | 6,616 | 20,206 |
Average Loan Balances | 5,430 | 9,391 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 14,776 | 15,710 |
Loans with No Related Reserve | 6,967 | 9,034 |
Loans with Related Reserve | 7,809 | 6,676 |
Related Reserve | 1,008 | 920 |
Contractual Principal Balances | 16,994 | 18,655 |
Average Loan Balances | 15,174 | 15,264 |
Consumer Loan Commitments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 8,105 | 7,665 |
Loans with No Related Reserve | 6,791 | 6,498 |
Loans with Related Reserve | 1,314 | 1,167 |
Related Reserve | 201 | 200 |
Contractual Principal Balances | 9,922 | 9,353 |
Average Loan Balances | 7,856 | 6,801 |
Owner- Occupied Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 4,153 | 2,127 |
Loans with No Related Reserve | 2,510 | 1,090 |
Loans with Related Reserve | 1,643 | 1,037 |
Related Reserve | 22 | 22 |
Contractual Principal Balances | 4,340 | 2,947 |
Average Loan Balances | 2,827 | 2,111 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 9,152 | 4,652 |
Loans with No Related Reserve | 1,614 | 3,410 |
Loans with Related Reserve | 7,538 | 1,242 |
Related Reserve | 1,390 | 103 |
Contractual Principal Balances | 11,529 | 11,826 |
Average Loan Balances | 5,889 | 7,540 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 2,524 | 1,419 |
Loans with Related Reserve | 2,524 | 1,419 |
Related Reserve | 269 | 211 |
Contractual Principal Balances | 2,625 | 1,419 |
Average Loan Balances | $ 1,942 | $ 1,448 |
Allowance for Loan Losses and56
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Acquired impaired loans | $ 6.7 | $ 2.9 |
Contractual principal balance | $ 7.8 | $ 3.5 |
Allowance for Loan Losses and57
Allowance for Loan Losses and Credit Quality Information - Schedule of Commercial Credit Exposure (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 100.00% | 100.00% |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 1,266,717 | $ 1,061,597 |
Special Mention [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 16,925 | 5,620 |
Accrual [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 28,630 | 33,883 |
Nonaccrual [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,253 | 4,164 |
Doubtful / Nonaccrual [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 692 | $ 1,164 |
Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 4.00% | 3.00% |
Total Special Mention and Substandard [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 49,500 | $ 44,831 |
Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 1.00% | 1.00% |
Acquired Impaired Loans [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 9,691 | $ 12,985 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 95.00% | 96.00% |
Pass [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 1,207,526 | $ 1,003,781 |
Owner- Occupied Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,057,645 | 880,643 |
Owner- Occupied Commercial [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 16,744 | 9,535 |
Owner- Occupied Commercial [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 18,941 | 22,901 |
Owner- Occupied Commercial [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 2,510 | 1,090 |
Owner- Occupied Commercial [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 38,195 | 33,526 |
Owner- Occupied Commercial [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 10,673 | 4,688 |
Owner- Occupied Commercial [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,008,777 | 842,429 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,153,903 | 966,698 |
Commercial Mortgages [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 34,368 | 12,323 |
Commercial Mortgages [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 11,170 | 2,547 |
Commercial Mortgages [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 5,822 | 3,326 |
Commercial Mortgages [Member] | Doubtful / Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,264 | |
Commercial Mortgages [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 52,624 | 18,196 |
Commercial Mortgages [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 12,880 | 10,513 |
Commercial Mortgages [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,088,399 | 937,989 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 208,976 | 245,773 |
Construction [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 188 | |
Construction [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 2,011 | 8,296 |
Construction [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 2,199 | 8,296 |
Construction [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,592 | 3,544 |
Construction [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 203,185 | 233,933 |
Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,687,241 | 3,154,711 |
Total Commercial [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 68,225 | 27,478 |
Total Commercial [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 60,752 | 67,627 |
Total Commercial [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 11,585 | 8,580 |
Total Commercial [Member] | Doubtful / Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,956 | 1,164 |
Total Commercial [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 142,518 | 104,849 |
Total Commercial [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 36,836 | 31,730 |
Total Commercial [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 3,507,887 | $ 3,018,132 |
Allowance for Loan Losses and58
Allowance for Loan Losses and Credit Quality Information - Schedule of Commercial Credit Exposure (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired non-impaired loans | $ 766,932 | $ 371,100 | $ 121,780 |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired non-impaired loans | $ 602,100 | $ 277,000 |
Allowance for Loan Losses and59
Allowance for Loan Losses and Credit Quality Information - Schedule of Residential and Consumer Credit Exposure (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 4,394,110 | $ 3,774,639 | $ 3,367,991 |
Total | 100.00% | 100.00% | |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 268,711 | $ 259,679 | 199,696 |
Consumer Loan Commitments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 438,158 | 360,249 | $ 341,210 |
Nonperforming Financing Receivable [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 13,957 | 15,548 | |
Nonperforming Financing Receivable [Member] | Consumer Loan Commitments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 8,105 | 7,664 | |
Performing Financing Receivable [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 253,855 | 243,181 | |
Performing Financing Receivable [Member] | Consumer Loan Commitments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 429,685 | $ 352,578 | |
Acquired Impaired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1.00% | 1.00% | |
Acquired Impaired Loans [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 899 | $ 950 | |
Acquired Impaired Loans [Member] | Consumer Loan Commitments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 368 | 7 | |
Total Residential and Consumer Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 706,869 | $ 619,928 | |
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 | $ 22,062 | $ 23,212 | |
Total | 3.00% | 4.00% | |
Total Residential and Consumer Loan [Member] | Performing Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 683,540 | $ 595,759 | |
Total | 97.00% | 96.00% | |
Total Residential and Consumer Loan [Member] | Acquired Impaired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 1,267 | $ 957 |
Allowance for Loan Losses and60
Allowance for Loan Losses and Credit Quality Information - Schedule of Residential and Consumer Credit Exposure (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans of troubled debt restructured mortgages and home equity installment loans | $ 14,200 | $ 13,600 | $ 13,600 |
Acquired nonimpaired loans | 766,932 | 371,100 | $ 121,780 |
Total Residential and Consumer Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired nonimpaired loans | $ 164,800 | $ 94,200 |
Allowance for Loan Losses and61
Allowance for Loan Losses and Credit Quality Information - Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Modifications [Line Items] | ||||
Total loans identified during the period | $ 1,075 | $ 681 | $ 3,381 | $ 2,330 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total loans identified during the period | 1,125 | |||
Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total loans identified during the period | 797 | 38 | 1,523 | 447 |
Consumer Loan Commitments [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total loans identified during the period | $ 278 | $ 643 | $ 733 | 1,306 |
Owner- Occupied Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total loans identified during the period | $ 577 |
Reverse Mortgage Loans - Additi
Reverse Mortgage Loans - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($)Loans | |
Reverse Mortgage Loan Activities [Line Items] | ||
Consolidated mortgage investment | $ 23,100,000 | $ 23,100,000 |
Number of loans | Loans | 80 | |
Average age of a mortgage backed securities borrower | 94 years | |
Realizable collateral value of mortgage backed securities | 42,100,000 | $ 42,100,000 |
Forecasted housing prices increase rate | 2.50% | |
Forecasted housing prices increase rate, following year and thereafter | 2.00% | |
Internal rate of return | 19.49% | |
Cash payments to reverse mortgages | 6,400,000 | $ 6,400,000 |
Decrease in income | $ 300,000 | |
Reduction in collateral value | 1.00% | |
Minimum [Member] | ||
Reverse Mortgage Loan Activities [Line Items] | ||
Percentage of increase decrease in home value | 50.00% | |
Net present value increase (decrease) | $ (1,200,000) | |
Increase (decrease) in present value of IRR | (1.00%) | |
Maximum [Member] | ||
Reverse Mortgage Loan Activities [Line Items] | ||
Net present value increase (decrease) | $ 1,200,000 | |
Increase (decrease) in present value of IRR | 1.00% | |
Zero Collateral Value [Member] | ||
Reverse Mortgage Loan Activities [Line Items] | ||
Internal rate of return | 18.76% | |
Decrease in income | $ 700,000 | |
Collateral Value Reduced by One Percent [Member] | ||
Reverse Mortgage Loan Activities [Line Items] | ||
Internal rate of return | 19.16% |
Reverse Mortgage Loans - Summar
Reverse Mortgage Loans - Summary of Estimated Cash Payments to Reverse Mortgagors (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Mortgage Banking [Abstract] | |
2,016 | $ 266 |
2,017 | 433 |
2,018 | 341 |
2,019 | 265 |
2,020 | 204 |
Years 2021 - 2025 | 471 |
Years 2026 - 2030 | 95 |
Years 2031 - 2035 | 14 |
Thereafter | 2 |
Total | $ 2,091 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Goodwill [Line Items] | ||
Goodwill, Beginning balance | $ 85,212 | |
Changes in goodwill | (1,496) | $ 136 |
Goodwill from business combinations | 71,720 | |
Goodwill, Ending balance | 155,436 | |
WSFS Bank [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 80,078 | |
Changes in goodwill | (1,496) | |
Goodwill from business combinations | 65,206 | |
Goodwill, Ending balance | 143,788 | |
Trust & Wealth Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 5,134 | |
Goodwill from business combinations | 6,514 | |
Goodwill, Ending balance | $ 11,648 |
Goodwill and Intangibles - Summ
Goodwill and Intangibles - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 26,550 | $ 17,682 |
Accumulated Amortization | (9,277) | (7,599) |
Net Intangible Assets | 17,273 | 10,083 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 13,128 | 10,246 |
Accumulated Amortization | (5,344) | (4,512) |
Net Intangible Assets | 7,784 | 5,734 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 11,105 | 5,495 |
Accumulated Amortization | (2,511) | (2,028) |
Net Intangible Assets | 8,594 | 3,467 |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 604 | 511 |
Accumulated Amortization | (374) | (110) |
Net Intangible Assets | 230 | 401 |
Mortgage Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 1,518 | 1,430 |
Accumulated Amortization | (1,034) | (949) |
Net Intangible Assets | 484 | $ 481 |
Favorable Lease Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 195 | |
Accumulated Amortization | (14) | |
Net Intangible Assets | $ 181 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense on other intangible assets | $ 1,260 | $ 1,258 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense on other intangible assets | $ 1,300 |
Goodwill and Intangibles - Sc67
Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangibles (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remaining in 2016 | $ 641 | |
2,017 | 2,295 | |
2,018 | 2,132 | |
2,019 | 2,063 | |
2,020 | 1,868 | |
Thereafter | 8,274 | |
Net Intangible Assets | $ 17,273 | $ 10,083 |
Associate (Employee) Benefit Pl
Associate (Employee) Benefit Plans - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Postemployment Benefits [Abstract] | |
Amortization of unrecognized gains losses exceed percentage | 10.00% |
Associate (Employee) Benefit 69
Associate (Employee) Benefit Plans - Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Postemployment Benefits [Abstract] | ||||
Service cost | $ 14 | $ 15 | $ 43 | $ 44 |
Interest cost | 19 | 22 | 57 | 66 |
Prior service cost amortization | (18) | (19) | (44) | (57) |
Net gain recognition | (16) | (5) | (47) | (15) |
Net periodic benefit cost | $ (1) | $ 13 | $ 9 | $ 38 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Tax Examination [Line Items] | |||||
Unrecognized tax benefits | $ 0 | $ 0 | |||
Income tax examination | Federal and state tax returns for the 2013 through 2015 tax years are subject to examination | ||||
Amortization of low-income housing credit investments reflected as income tax expense | 400,000 | $ 500,000 | $ 1,200,000 | $ 1,400,000 | |
Tax benefits recorded as income tax expense | 300,000 | ||||
Carrying value of investment in affordable housing credits | 10,800,000 | $ 10,800,000 | $ 12,000,000 | ||
Earliest Tax Year [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income tax examination period | 2,013 | ||||
Latest Tax Year [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income tax examination period | 2,015 | ||||
Tax Credit [Member] | |||||
Income Tax Examination [Line Items] | |||||
Affordable housing tax credits | $ 1,200,000 | $ 1,200,000 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Financial Instruments Carried at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 777,835 | $ 721,029 |
Total assets measured at fair value on a recurring basis | 777,835 | 721,029 |
Assets measured at fair value on a nonrecurring basis | 3,232 | 5,080 |
Loans held-for sale | 61,198 | 41,807 |
Impaired loans (collateral dependent),net | 40,458 | 35,086 |
Total assets measured at fair value on a nonrecurring basis | 104,888 | 81,973 |
GSE [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 35,136 | 30,914 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 3,232 | 5,080 |
FNMA MBS [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 380,291 | 318,471 |
FNMA MBS [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 380,291 | 318,471 |
FHLMC MBS [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 68,172 | 99,442 |
FHLMC MBS [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 68,172 | 99,442 |
GNMA MBS [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 28,868 | 20,714 |
GNMA MBS [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 28,868 | |
GNMA MBA [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 20,714 | |
CMO [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 264,741 | 251,488 |
CMO [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 264,741 | 251,488 |
Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 627 | |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets measured at fair value on a recurring basis | 627 | |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 627 | |
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 | 777,208 | 721,029 |
Loans held-for sale | 61,198 | 41,807 |
Total assets measured at fair value on a nonrecurring basis | 61,198 | 41,807 |
Significant Other Observable Inputs (Level 2) [Member] | GSE [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 35,136 | 30,914 |
Significant Other Observable Inputs (Level 2) [Member] | FNMA MBS [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 380,291 | 318,471 |
Significant Other Observable Inputs (Level 2) [Member] | FHLMC MBS [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 68,172 | 99,442 |
Significant Other Observable Inputs (Level 2) [Member] | GNMA MBS [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 28,868 | |
Significant Other Observable Inputs (Level 2) [Member] | GNMA MBA [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 20,714 | |
Significant Other Observable Inputs (Level 2) [Member] | CMO [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 264,741 | 251,488 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans (collateral dependent),net | 40,458 | 35,086 |
Total assets measured at fair value on a nonrecurring basis | 43,690 | 40,166 |
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 | $ 3,232 | $ 5,080 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of asset transfers between Level 1 and Level 2 | $ 0 | |
Fair value of asset transfers between Level 2 and Level 1 | 0 | |
Material liabilities measured at fair value | 0 | $ 0 |
Fair Value | $ 777,835,000 | 721,029,000 |
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 | $ 40,458,000 | 35,086,000 |
Valuation allowance on impaired loans | 3,600,000 | 2,600,000 |
Commitments to Extend Credit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments of lending operations | 0 | 0 |
U.S. Treasury Notes [Member] | AAA-Rated [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 35,100,000 | |
Federal Agency MBS [Member] | AAA-Rated [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 742,100,000 | |
Impaired Loans (Collateral Dependent) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral for collateral dependent loans | 44,100,000 | $ 37,700,000 |
Visa [Member] | Common Class B [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated value of shares | $ 13,300,000 |
Fair Value Disclosures - Book V
Fair Value Disclosures - Book Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Fair Value | $ 777,835 | $ 721,029 |
Investment securities held-to-maturity | 164,880 | 165,862 |
Loans, held-for-sale | 61,198 | 41,807 |
Loans, net | 4,347,027 | 3,729,050 |
Impaired loans, net | 40,458 | 35,086 |
Reverse mortgage loans | 23,120 | 24,284 |
Stock in FHLB of Pittsburgh | 36,710 | 30,519 |
Accrued interest receivable | 15,257 | 14,040 |
Other assets | 63,941 | 66,715 |
Financial liabilities: | ||
Deposits | 4,733,639 | 4,016,566 |
Accrued interest payable | 3,658 | 801 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Loans, held-for-sale | 61,198 | 41,807 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Impaired loans, net | 40,458 | 35,086 |
Book Value [Member] | ||
Financial assets: | ||
Fair Value | 777,835 | 721,029 |
Loans, held-for-sale | 61,198 | 41,807 |
Impaired loans, net | 40,458 | 35,086 |
Book Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 813,405 | 561,179 |
Book Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Investment securities held-to-maturity | 164,880 | 165,862 |
Loans, net | 4,306,569 | 3,693,964 |
Stock in FHLB of Pittsburgh | 36,710 | 30,519 |
Accrued interest receivable | 15,257 | 14,040 |
Financial liabilities: | ||
Deposits | 4,733,639 | 4,016,566 |
Borrowed funds | 1,144,707 | 932,886 |
Accrued interest payable | 3,658 | 801 |
Book Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Reverse mortgage loans | 23,120 | 24,284 |
Other assets | 7,277 | 8,669 |
Financial liabilities: | ||
Standby letters of credit | 284 | 195 |
Fair Value [Member] | ||
Financial assets: | ||
Fair Value | 777,835 | 721,029 |
Loans, held-for-sale | 61,198 | 41,807 |
Impaired loans, net | 40,458 | 35,086 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 813,405 | 561,179 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Investment securities held-to-maturity | 169,562 | 167,743 |
Loans, net | 4,283,862 | 3,637,714 |
Stock in FHLB of Pittsburgh | 36,710 | 30,519 |
Accrued interest receivable | 15,257 | 14,040 |
Financial liabilities: | ||
Deposits | 4,528,014 | 3,791,606 |
Borrowed funds | 1,143,498 | 933,905 |
Accrued interest payable | 3,658 | 801 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Reverse mortgage loans | 23,120 | 24,284 |
Other assets | 16,625 | 18,416 |
Financial liabilities: | ||
Standby letters of credit | $ 284 | $ 195 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016SegmentBusiness_Lines | |
Segment Reporting Information [Line Items] | |
Number of businesses | 3 |
WSFS Bank [Member] | |
Segment Reporting Information [Line Items] | |
Number of businesses | 3 |
Cash Connect [Member] | |
Segment Reporting Information [Line Items] | |
Number of businesses | 3 |
Trust & Wealth Management [Member] | |
Segment Reporting Information [Line Items] | |
Number of businesses | 3 |
Number of business lines | Business_Lines | 4 |
Segment Information - Details o
Segment Information - Details of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||
Interest income | $ 55,337 | $ 44,857 | $ 156,886 | $ 130,763 | ||
Noninterest income | 26,849 | 21,665 | 74,768 | 65,218 | ||
Total revenue | 82,186 | 66,522 | 231,654 | 195,981 | ||
Interest expense | 6,316 | 3,860 | 16,095 | 11,859 | ||
Noninterest expenses | 50,497 | 38,705 | 137,723 | 116,272 | ||
Provision for loan losses | 5,828 | 1,453 | 7,862 | 6,012 | ||
Total expenses | 62,641 | 44,018 | 161,680 | 134,143 | ||
Income before taxes | 19,545 | 22,504 | 69,974 | 61,838 | ||
Income tax provision | 6,823 | 8,078 | 24,004 | 22,289 | ||
Net Income | 12,722 | 14,426 | 45,970 | 39,549 | ||
Capital expenditures | 11,159 | 2,097 | 15,037 | |||
Cash and cash equivalents | 813,405 | 529,037 | 813,405 | 529,037 | $ 561,179 | $ 508,039 |
Goodwill | 155,436 | 155,436 | 85,212 | |||
Other segment assets | 5,658,752 | 5,658,752 | 4,938,246 | |||
Total assets | 6,627,593 | 6,627,593 | 5,584,637 | |||
Scenario, Adjustment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 5,584,637 | |||||
Inter-Segment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 3,000 | 2,576 | 8,743 | 7,408 | ||
Noninterest income | 2,396 | 2,273 | 6,919 | 6,484 | ||
Total revenue | 5,396 | 4,849 | 15,662 | 13,892 | ||
Interest expense | 3,000 | 2,576 | 8,743 | 7,408 | ||
Noninterest expenses | 2,396 | 2,273 | 6,919 | 6,484 | ||
Total expenses | 5,396 | 4,849 | 15,662 | 13,892 | ||
External Customer [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 87,582 | 71,371 | 247,316 | 209,873 | ||
Total expenses | 68,037 | 48,867 | 177,342 | 148,035 | ||
WSFS Bank [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 53,332 | 42,873 | 150,862 | 124,739 | ||
Noninterest income | 11,957 | 8,944 | 31,982 | 27,615 | ||
Total revenue | 65,289 | 51,817 | 182,844 | 152,354 | ||
Interest expense | 6,113 | 3,688 | 15,506 | 11,422 | ||
Noninterest expenses | 40,991 | 30,066 | 109,265 | 91,066 | ||
Provision for loan losses | 5,669 | 1,345 | 7,675 | 5,688 | ||
Total expenses | 52,773 | 35,099 | 132,446 | 108,176 | ||
Income before taxes | 14,004 | 17,683 | 54,154 | 47,158 | ||
Capital expenditures | 10,900 | 1,663 | 14,346 | |||
Cash and cash equivalents | 99,298 | 99,298 | 65,663 | |||
Goodwill | 143,788 | 143,788 | 80,078 | |||
Other segment assets | 5,499,725 | 5,499,725 | 4,745,670 | |||
Total assets | 5,742,811 | 5,742,811 | 4,891,411 | |||
WSFS Bank [Member] | Inter-Segment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 1,302 | 879 | 3,498 | 2,626 | ||
Noninterest income | 2,140 | 2,028 | 6,211 | 5,810 | ||
Total revenue | 3,442 | 2,907 | 9,709 | 8,436 | ||
Interest expense | 1,698 | 1,697 | 5,245 | 4,782 | ||
Noninterest expenses | 256 | 245 | 708 | 674 | ||
Total expenses | 1,954 | 1,942 | 5,953 | 5,456 | ||
WSFS Bank [Member] | External Customer [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 68,731 | 54,724 | 192,553 | 160,790 | ||
Total expenses | 54,727 | 37,041 | 138,399 | 113,632 | ||
Cash Connect [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Noninterest income | 8,632 | 7,138 | 24,443 | 20,845 | ||
Total revenue | 8,632 | 7,138 | 24,443 | 20,845 | ||
Noninterest expenses | 5,006 | 4,255 | 14,687 | 12,780 | ||
Total expenses | 5,006 | 4,255 | 14,687 | 12,780 | ||
Income before taxes | 2,321 | 2,084 | 6,229 | 5,628 | ||
Capital expenditures | 248 | 429 | 672 | |||
Cash and cash equivalents | 712,209 | 712,209 | 493,165 | |||
Other segment assets | 2,599 | 2,599 | ||||
Total assets | 714,808 | 714,808 | 493,165 | |||
Cash Connect [Member] | Inter-Segment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Noninterest income | 229 | 219 | 632 | 601 | ||
Total revenue | 229 | 219 | 632 | 601 | ||
Interest expense | 790 | 394 | 1,973 | 1,156 | ||
Noninterest expenses | 744 | 624 | 2,186 | 1,882 | ||
Total expenses | 1,534 | 1,018 | 4,159 | 3,038 | ||
Cash Connect [Member] | External Customer [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 8,861 | 7,357 | 25,075 | 21,446 | ||
Total expenses | 6,540 | 5,273 | 18,846 | 15,818 | ||
Wealth Management [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 2,005 | 1,984 | 6,024 | 6,024 | ||
Noninterest income | 6,260 | 5,583 | 18,343 | 16,758 | ||
Total revenue | 8,265 | 7,567 | 24,367 | 22,782 | ||
Interest expense | 203 | 172 | 589 | 437 | ||
Noninterest expenses | 4,500 | 4,384 | 13,771 | 12,426 | ||
Provision for loan losses | 159 | 108 | 187 | 324 | ||
Total expenses | 4,862 | 4,664 | 14,547 | 13,187 | ||
Income before taxes | 3,220 | 2,737 | 9,591 | 9,052 | ||
Capital expenditures | 11 | 5 | 19 | |||
Cash and cash equivalents | 1,898 | 1,898 | 2,351 | |||
Goodwill | 11,648 | 11,648 | 5,134 | |||
Other segment assets | 156,428 | 156,428 | 192,576 | |||
Total assets | 169,974 | 169,974 | $ 200,061 | |||
Wealth Management [Member] | Inter-Segment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 1,698 | 1,697 | 5,245 | 4,782 | ||
Noninterest income | 27 | 26 | 76 | 73 | ||
Total revenue | 1,725 | 1,723 | 5,321 | 4,855 | ||
Interest expense | 512 | 485 | 1,525 | 1,470 | ||
Noninterest expenses | 1,396 | 1,404 | 4,025 | 3,928 | ||
Total expenses | 1,908 | 1,889 | 5,550 | 5,398 | ||
Wealth Management [Member] | External Customer [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 9,990 | 9,290 | 29,688 | 27,637 | ||
Total expenses | $ 6,770 | $ 6,553 | $ 20,097 | $ 18,585 |
Segment Information - Details76
Segment Information - Details of Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 11,159 | $ 2,097 | $ 15,037 | |
Scenario, Previously Reported [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 5,000 | $ 8,700 | ||
WSFS Bank [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 10,900 | 1,663 | 14,346 | |
WSFS Bank [Member] | Scenario, Previously Reported [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 3,500 | 4,600 | ||
Cash Connect [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 248 | 429 | 672 | |
Cash Connect [Member] | Scenario, Previously Reported [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 1,500 | 4,000 | ||
Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 11 | 5 | $ 19 | |
Wealth Management [Member] | Scenario, Previously Reported [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 100 | $ 100 |
Indemnifications and Guarante77
Indemnifications and Guarantees - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)TransactionsFinancial_Institution | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)TransactionsFinancial_Institution | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Transactions | |
Guarantor Obligations [Line Items] | |||||
Provision for losses at the time of sale | $ 5,828,000 | $ 1,453,000 | $ 7,862,000 | $ 6,012,000 | |
Number of unrelated financial institutions | Financial_Institution | 3 | 3 | |||
Derivative transaction held for guarantee | Transactions | 130 | 130 | 119 | ||
Aggregate notional amount | $ 498,600,000 | $ 498,600,000 | $ 481,600,000 | ||
Aggregate fair value of swaps to customers | 27,200,000 | 27,200,000 | $ 18,100,000 | ||
Reserves for swap guarantees | $ 0 | $ 0 | |||
Minimum [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Notional amount maturity period | 1 month | ||||
Maximum [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Notional amount maturity period | 19 years | ||||
Secondary Market Loan Sales [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Provision for losses at the time of sale | $ 0 | ||||
Number of loans repurchased | Transactions | 0 |
Change in Accumulated Other C78
Change in Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 580,471 | |||
Ending Balance | $ 692,010 | 692,010 | ||
Net Change in Investment Securities Available-For-Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 12,841 | $ (1,587) | (1,887) | $ 446 |
Other comprehensive income (loss) before reclassifications | (1,112) | 6,178 | 14,143 | 4,721 |
Plus (less): Net amounts reclassified to/from accumulated other comprehensive income | (645) | (47) | (1,172) | (623) |
Total other comprehensive (loss) income | (1,757) | 6,131 | 12,971 | 4,098 |
Ending Balance | 11,084 | 4,544 | 11,084 | 4,544 |
Net Change in Securities Held-To-Maturity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 1,592 | 1,999 | 1,795 | 2,207 |
Plus (less): Net amounts reclassified to/from accumulated other comprehensive income | (102) | (104) | (305) | (312) |
Total other comprehensive (loss) income | (102) | (104) | (305) | (312) |
Ending Balance | 1,490 | 1,895 | 1,490 | 1,895 |
Net Change in Defined Benefit Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 1,244 | 817 | 788 | 847 |
Plus (less): Net amounts reclassified to/from accumulated other comprehensive income | (20) | (15) | 436 | (45) |
Total other comprehensive (loss) income | (20) | (15) | 436 | (45) |
Ending Balance | 1,224 | 802 | 1,224 | 802 |
Net Change in Fair Value of Derivative Used for Cash Flow Hedge [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | 61 | 61 | ||
Total other comprehensive (loss) income | 61 | 61 | ||
Ending Balance | 61 | 61 | ||
Total [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 15,677 | 1,229 | 696 | 3,500 |
Other comprehensive income (loss) before reclassifications | (1,051) | 6,178 | 14,204 | 4,721 |
Plus (less): Net amounts reclassified to/from accumulated other comprehensive income | (767) | (166) | (1,041) | (980) |
Total other comprehensive (loss) income | (1,818) | 6,012 | 13,163 | 3,741 |
Ending Balance | $ 13,859 | $ 7,241 | $ 13,859 | $ 7,241 |
Change in Accumulated Other C79
Change in Accumulated Other Comprehensive Income - Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gains on securities transactions | $ 1,040 | $ 76 | $ 1,890 | $ 1,004 |
Income before taxes | 19,545 | 22,504 | 69,974 | 61,838 |
Income taxes | (6,823) | (8,078) | (24,004) | (22,289) |
Net income | 12,722 | 14,426 | 45,970 | 39,549 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (767) | (166) | (1,041) | (980) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Change in Defined Benefit Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior service (credits) costs | (18) | (19) | (44) | (57) |
Transition obligation | 0 | 0 | 0 | 0 |
Actuarial losses (gains) | (16) | (5) | 746 | (15) |
Income before taxes | (34) | (24) | 702 | (72) |
Income taxes | 14 | 9 | (266) | 27 |
Net income | (20) | (15) | 436 | (45) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Realized Gains on Securities Transactions [Member] | Net Change in Investment Securities Available-For-Sale [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gains on securities transactions | (1,040) | (76) | (1,890) | (1,004) |
Income taxes | 395 | 29 | 718 | 381 |
Net income | (645) | (47) | (1,172) | (623) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Net Unrealized Gains to Income During Period [Member] | Net Change in Investment Securities Available-For-Sale [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income on investment securities | (162) | (159) | (492) | (487) |
Income taxes | 60 | 55 | 187 | 175 |
Net income | $ (102) | $ (104) | $ (305) | $ (312) |
Legal and Other Proceedings - A
Legal and Other Proceedings - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Additions to other significant pending legal or other proceedings | $ 0 |