Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WSFS | ||
Entity Registrant Name | WSFS FINANCIAL CORP | ||
Entity Central Index Key | 828,944 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 31,393,828 | ||
Entity Public Float | $ 933,723,516 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income: | |||
Interest and fees on loans | $ 189,198 | $ 157,220 | $ 137,048 |
Interest on mortgage-backed securities | 15,754 | 14,173 | 13,511 |
Interest and dividends on investment securities | |||
Taxable | 321 | 241 | 238 |
Tax-exempt | 4,551 | 3,431 | 3,047 |
Interest on reverse mortgage loans | 5,147 | 5,299 | 5,129 |
Other interest income | 1,607 | 2,212 | 1,364 |
Total interest income | 216,578 | 182,576 | 160,337 |
Interest Expense: | |||
Interest on deposits | 9,421 | 7,165 | 7,151 |
Interest on Federal Home Loan Bank advances | 4,707 | 3,008 | 2,427 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 606 | 360 | 1,051 |
Interest on trust preferred borrowings | 1,622 | 1,362 | 1,321 |
Interest on bonds payable | 15 | ||
Interest on senior debt | 6,356 | 3,766 | 3,766 |
Interest on other borrowings | 121 | 115 | 99 |
Total interest expense | 22,833 | 15,776 | 15,830 |
Net interest income | 193,745 | 166,800 | 144,507 |
Provision for loan losses | 12,986 | 7,790 | 3,580 |
Net interest income after provision for loan losses | 180,759 | 159,010 | 140,927 |
Noninterest Income: | |||
Credit/debit card and ATM income | 29,899 | 25,702 | 24,129 |
Deposit service charges | 17,734 | 16,684 | 17,071 |
Wealth management income | 25,691 | 21,884 | 17,364 |
Mortgage banking activities, net | 7,434 | 5,896 | 3,994 |
Security gains, net | 2,369 | 1,478 | 1,037 |
Loan fee income | 2,066 | 1,834 | 1,921 |
Bank owned life insurance income | 919 | 776 | 700 |
Other income | 16,243 | 14,001 | 12,062 |
Total non interest income | 102,355 | 88,255 | 78,278 |
Noninterest Expense: | |||
Salaries, benefits and other compensation | 95,983 | 83,908 | 76,387 |
Occupancy expense | 16,646 | 15,121 | 14,192 |
Equipment expense | 10,368 | 8,448 | 7,705 |
Data processing and operations expenses | 6,275 | 5,949 | 6,105 |
Professional fees | 9,142 | 7,737 | 6,797 |
FDIC expenses | 2,606 | 2,853 | 2,653 |
Loan workout and OREO expenses | 1,681 | 1,108 | 2,542 |
Marketing expense | 3,020 | 3,002 | 2,403 |
Corporate development expense | 8,529 | 7,620 | 4,031 |
Early extinguishment of debt costs | 651 | ||
Other operating expense | 31,710 | 27,062 | 23,830 |
Total non interest expenses | 185,960 | 163,459 | 146,645 |
Income before taxes | 97,154 | 83,806 | 72,560 |
Income tax provision | 33,074 | 30,273 | 18,803 |
Net income | $ 64,080 | $ 53,533 | $ 53,757 |
Basic | $ 2.12 | $ 1.88 | $ 1.98 |
Diluted | $ 2.06 | $ 1.85 | $ 1.93 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 64,080 | $ 53,533 | $ 53,757 | |
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 ($2,968), ($868), and $14,781, respectively | [1] | (4,838) | (1,417) | 24,118 |
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $900, $562, and $393, respectively | (1,469) | (916) | (643) | |
Net change in unrealized (losses) gains on investment securities available-for-sale | (6,307) | (2,333) | 23,475 | |
Net change in securities held to maturity | ||||
Amortization of unrealized gain on securities reclassified to held to maturity, net of tax expense of $248, $234, and $0, respectively | (403) | (412) | ||
Net change in unfunded pension liability | ||||
Change in unfunded pension liability related to unrealized gain (loss), prior service cost and transition obligation, net of tax expense (benefit) of $103, ($37), and $808, respectively | 169 | (59) | 1,319 | |
Net change in cash flow hedge | ||||
Net unrealized (loss) arising during the period, net of tax (benefit) of ($1,086), $0, $0, respectively | (1,772) | |||
Total other comprehensive (loss) income | (8,313) | (2,804) | 24,794 | |
Total comprehensive income | $ 55,767 | $ 50,729 | $ 78,551 | |
[1] | 2014 includes $3.6 million (net of tax expense of $2.2 million) of other comprehensive income related to the transfer of available-for-sale securities to held-to-maturity securities. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net change in Unrealized gains (losses), tax expense (benefit) | $ (2,968) | $ (868) | $ 14,781 |
Reclassification adjustment for gains, tax expense | 900 | 562 | 393 |
Amortization of unrealized gain on securities reclassified to held-to-maturity, tax expense | 248 | 234 | 0 |
Change in unfunded pension liability related to unrealized (loss) gain, prior service cost and transition obligation, tax (benefit) expense | 103 | (37) | 808 |
Net change in cash flow hedge, tax (benefit) | $ (1,086) | $ 0 | 0 |
Other comprehensive income related to the transfer of available-for-sale securities to held-to-maturity, tax expense | 3,600 | ||
Other comprehensive income related to the transfer of available-for-sale securities to held-to-maturity, net of tax expense | $ 2,200 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 119,929 | $ 83,065 |
Cash in non-owned ATMs | 698,454 | 477,924 |
Interest-bearing deposits in other banks | 3,540 | 190 |
Total cash and cash equivalents | 821,923 | 561,179 |
Investment securities, available-for-sale (book value $807,761 and $724,072 for 2016 and 2015, respectively) | 794,543 | 721,029 |
Investment securities, held-to-maturity-at cost (fair value $ 163,232 and $167,743 for 2016 and 2015, respectively) | 164,346 | 165,862 |
Loans held-for-sale at fair value | 54,782 | 41,807 |
Loans, net of allowance for loan losses of $39,751 at December 31, 2016 and $37,089 at December 31, 2015 | 4,421,792 | 3,729,050 |
Reverse mortgage loans | 22,583 | 24,284 |
Bank-owned life insurance | 101,425 | 90,208 |
Stock in Federal Home Loan Bank of Pittsburgh-at cost | 38,248 | 30,519 |
Other real estate owned | 3,591 | 5,080 |
Accrued interest receivable | 17,027 | 14,040 |
Premises and equipment | 48,871 | 39,569 |
Goodwill | 167,539 | 85,212 |
Intangible assets | 23,708 | 10,083 |
Other assets | 84,892 | 66,797 |
Total assets | 6,765,270 | 5,584,719 |
Deposits: | ||
Noninterest-bearing demand | 1,266,306 | 958,238 |
Interest-bearing demand | 935,333 | 784,619 |
Money market | 1,257,520 | 1,090,050 |
Savings | 547,293 | 439,918 |
Time | 332,624 | 333,000 |
Jumbo certificates of deposit - customer | 260,560 | 254,011 |
Total customer deposits | 4,599,636 | 3,859,836 |
Brokered deposits | 138,802 | 156,730 |
Total deposits | 4,738,438 | 4,016,566 |
Federal funds purchased and securities sold under agreements to repurchase | 130,000 | 128,200 |
Federal Home Loan Bank advances | 854,236 | 669,514 |
Trust preferred borrowings | 67,011 | 67,011 |
Senior debt | 152,050 | 53,757 |
Other borrowed funds | 64,150 | 14,486 |
Accrued interest payable | 1,151 | 801 |
Other liabilities | 70,898 | 53,913 |
Total liabilities | 6,077,934 | 5,004,248 |
Stockholders' equity: | ||
Common stock $0.01 par value, 65,000,000 shares authorized; issued 55,995,219 at December 31, 2016 and 55,945,245 at December 31, 2015 | 580 | 560 |
Capital in excess of par value | 329,457 | 256,435 |
Accumulated other comprehensive (loss) income | (7,617) | 696 |
Retained earnings | 627,078 | 570,630 |
Treasury stock at cost, 24,605,145 shares at December 31, 2016 and 26,182,401 shares at December 31, 2015 | (262,162) | (247,850) |
Total stockholders' equity | 687,336 | 580,471 |
Total liabilities and stockholders' equity | $ 6,765,270 | $ 5,584,719 |
Consolidated Statements of Con6
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Investment securities, available-for-sale, book value | $ 807,761 | $ 724,072 |
Investment securities, held-to-maturity-at cost, fair value | 163,232 | 167,743 |
Allowance for loan losses | $ 39,751 | $ 37,089 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, issued | 55,995,219 | 55,945,245 |
Treasury stock, shares | 24,605,145 | 26,182,401 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | First Wyoming Financial Corporation [Member] | Alliance Bancorp, Inc. [Member] | Penn Liberty Financial Corporation [Member] | Common Stock [Member] | Common Stock [Member]Penn Liberty Financial Corporation [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]First Wyoming Financial Corporation [Member] | Capital in Excess of Par Value [Member]Alliance Bancorp, Inc. [Member] | Capital in Excess of Par Value [Member]Penn Liberty Financial Corporation [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Treasury Stock [Member]First Wyoming Financial Corporation [Member] | Treasury Stock [Member]Alliance Bancorp, Inc. [Member] |
Beginning Balance at Dec. 31, 2013 | $ 383,050 | $ 556 | $ 178,106 | $ (21,294) | $ 473,962 | $ (248,280) | |||||||||
Net income | 53,757 | 53,757 | |||||||||||||
Other comprehensive income (loss) | 24,794 | 24,794 | |||||||||||||
Cash dividend, per share | (4,620) | (4,620) | |||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 4,410 | 1 | 4,409 | ||||||||||||
Stock-based compensation expense | 3,738 | 3,738 | |||||||||||||
Repurchase of Warrant | (6,300) | (6,300) | |||||||||||||
Acquisition | $ 32,908 | $ 21,177 | $ 11,731 | ||||||||||||
Repurchases of common stock | (2,686) | (2,686) | |||||||||||||
Ending Balance at Dec. 31, 2014 | 489,051 | 557 | 201,130 | 3,500 | 523,099 | (239,235) | |||||||||
Net income | 53,533 | 53,533 | |||||||||||||
Other comprehensive income (loss) | (2,804) | (2,804) | |||||||||||||
Cash dividend, per share | (6,002) | (6,002) | |||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 4,050 | 3 | 4,047 | ||||||||||||
Stock-based compensation expense | 2,957 | 2,957 | |||||||||||||
Acquisition | $ 71,345 | $ 48,301 | $ 23,044 | ||||||||||||
Repurchases of common stock | (31,659) | (31,659) | |||||||||||||
Ending Balance at Dec. 31, 2015 | 580,471 | 560 | 256,435 | 696 | 570,630 | (247,850) | |||||||||
Net income | 64,080 | 64,080 | |||||||||||||
Other comprehensive income (loss) | (8,313) | (8,313) | |||||||||||||
Cash dividend, per share | (7,632) | (7,632) | |||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 1,900 | 2 | 1,898 | ||||||||||||
Stock-based compensation expense | 2,790 | 2,790 | |||||||||||||
Acquisition | $ 68,532 | $ 18 | $ 68,334 | ||||||||||||
Repurchases of common stock | (14,312) | (14,312) | |||||||||||||
Ending Balance at Dec. 31, 2016 | $ 687,336 | $ 580 | $ 329,457 | $ (7,617) | $ 627,078 | $ (262,162) |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash dividend per share | $ 0.25 | $ 0.21 | $ 0.17 |
Repurchases of common stock, shares | 449,371 | 1,152,233 | 105,564 |
Common Stock [Member] | |||
Repurchases of common stock, shares | (449,371) | (1,152,233) | (105,564) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net income | $ 64,080 | $ 53,533 | $ 53,757 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 12,986 | 7,790 | 3,580 |
Depreciation of premises and equipment | 7,477 | 6,333 | 5,951 |
Amortization of fees and discounts, net | 19,626 | 18,490 | 10,836 |
Amortization of intangible assets | 2,438 | 1,847 | 1,263 |
Increase in accrued interest receivable | (2,009) | (1,334) | (984) |
Decrease (increase) in other assets | 443 | (1,643) | (1,455) |
Origination of loans held-for-sale | (366,859) | (573,703) | (230,841) |
Proceeds from sales of loans held-for-sale | 346,895 | 563,588 | 235,908 |
Gain on mortgage banking activity, net | (7,434) | (5,896) | (3,994) |
Gain on mark to market adjustment on trading securities | 0 | 0 | 0 |
Gain on sale of securities, net | (2,369) | (1,478) | (1,037) |
Reverse mortgage consolidation gain | 0 | 0 | 0 |
Stock-based compensation expense | 3,046 | 4,095 | 4,535 |
Increase (decrease) in accrued interest payable | 350 | (203) | (65) |
Increase in other liabilities | 3,709 | 6,502 | 2,054 |
Loss on sale of OREO and valuation adjustments, net | 313 | 319 | 144 |
Increase in value of bank-owned life insurance | (2,551) | (776) | (700) |
Deferred income tax expense (benefit) | 5,370 | 2,231 | (5,664) |
Increase in capitalized interest, net | (5,331) | (5,518) | (5,435) |
Net cash provided by operating activities | 80,180 | 74,177 | 67,853 |
Investing activities: | |||
Maturities and calls of investment securities | 2,890 | 5,551 | 4,572 |
Sales of investment securities available for sale | 201,580 | 192,933 | 229,515 |
Purchases of investment securities available for sale | (371,590) | (277,963) | (286,915) |
Repayments of investment securities available for sale | 85,200 | 100,485 | 79,006 |
Purchases of investment securities held-to-maturity | (3,329) | (48,184) | (1,295) |
Repayments on reverse mortgages | 8,337 | 11,393 | 14,677 |
Disbursements for reverse mortgages | (1,305) | (861) | (1,212) |
Investment in non-marketable securities | (387) | (3,589) | |
Net cash for business combinations | 39,794 | 40,863 | 8,660 |
Net increase in loans | (224,604) | (285,694) | (86,618) |
Purchases of stock of Federal Home Loan Bank of Pittsburgh | (88,176) | (66,955) | (32,263) |
Redemptions of stock of Federal Home Loan Bank of Pittsburgh | 80,447 | 59,714 | 44,854 |
Sales of OREO, net | 4,423 | 4,828 | 5,191 |
Investment in premises and equipment, net | (9,873) | (8,362) | (4,736) |
Net cash used for investing activities | (276,593) | (275,841) | (26,564) |
Financing Activities: | |||
Net increase in demand and savings deposits | 272,544 | 159,587 | 226,400 |
Decrease in time deposits | (51,416) | (103,710) | (23,906) |
(Decrease) increase in brokered deposits | (17,928) | (30,228) | 18,231 |
(Decrease) increase in loan payable | (370) | 61 | (370) |
Repayment of securities sold under agreement to repurchase | (25,000) | ||
Repayment of reverse mortgage trust bonds payable | (21,990) | ||
Receipts from federal funds purchased and securities sold under agreement to repurchase | 27,702,620 | 31,887,100 | 25,741,826 |
Repayments of federal funds purchased and securities sold under agreement to repurchase | (27,700,820) | (31,862,125) | (25,710,601) |
Receipts from FHLB advances | 121,977,563 | 63,310,841 | 78,831,426 |
Repayments of FHLB advances | (121,792,841) | (63,047,221) | (79,068,675) |
Repayment of long-term debt | (10,000) | ||
Dividends paid | (7,632) | (6,002) | (4,644) |
Issuance of common stock and exercise of common stock options | 1,900 | 3,160 | 3,613 |
Issuance of senior debt | 97,849 | ||
Repurchase of common stock warrants | (6,300) | ||
Buy back of common stock | (14,312) | (31,659) | (2,686) |
Net cash provided by (used for) financing activities | 457,157 | 254,804 | (17,676) |
Increase in cash and cash equivalents | 260,744 | 53,140 | 23,613 |
Cash and cash equivalents at beginning of year | 561,179 | 508,039 | 484,426 |
Cash and cash equivalents at end of year | 821,923 | 561,179 | 508,039 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid in interest during the year | 22,483 | 15,978 | 15,664 |
Cash paid for income taxes, net | 24,825 | 23,404 | 23,688 |
Loans transferred OREO | 2,251 | 3,725 | 4,896 |
Loans transferred to portfolio from held-for-sale at fair value | 12,919 | (1,499) | 2,418 |
Net change in accumulated other comprehensive (loss) income | (8,313) | (2,804) | 24,794 |
Fair value of assets acquired, net of cash received | 534,375 | 340,238 | 244,836 |
Fair value of liabilities assumed | 589,632 | 346,181 | 236,886 |
Reissuance of treasury stock for acquisitions, net | 71,345 | 32,908 | |
Investment securities transferred from available-for-sale to held-to-maturity | 124,873 | ||
Non-cash goodwill adjustments, net | $ 2,112 | $ 136 | $ 46 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The acronyms and abbreviations identified below are used in the Notes to Consolidated Financial Statements and in other sections of this report. You may find it helpful to refer back to this page as you read this report. AICPA: American Institute of Certified Public Federal Reserve: Board of Governors of the Federal Accountants Reserve System Allowance or ALLL: Allowance for loan losses FHLB: Federal Home Loan Bank Alliance: Alliance Bancorp, Inc. of Pennsylvania FHLMC: Federal Home Loan Mortgage Corporation ASC: Accounting standard codification FNMA: Federal National Mortgage Association Associate: Employee GAAP: U.S. Generally Accepted Accounting Principles ASU: Accounting standard update GNMA: Government National Mortgage Association BCBS: Basel Committee on Banking Supervision GSE: U.S. Government and government C&I: Commercial & Industrial (loans) HPA: House Price Appreciation CMO: Collateralized mortgage obligation IRR: Internal Rate of Return Cypress: Cypress Capital Management, LLC MBS: Mortgage-backed securities Dodd-Frank Act: Dodd-Frank Wall Street Reform Monarch: Monarch Entity Services, LLC and Consumer Protection Act of 2010 NSFR: Net stable funding ratio DTA: Deferred tax asset OCC: Office of the Comptroller of the Currency EPS: Earnings per share OREO: Other real estate owned Exchange Act: Securities Exchange Act of 1934 OTTI: Other-than-temporary impairment FASB: Financial Accounting Standards Board SEC: Securities and Exchange Commission FDIC: Federal Deposit Insurance Corporation TDR: Troubled debt restructuring Organization WSFS Financial Corporation (the Company or as a consolidated institution, we, our or us) is a savings and loan holding company organized under the laws of the State of Delaware. Our principal wholly-owned subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), is a federal savings bank organized under the laws of the U.S. which, at December 31, 2016, served customers primarily from our 77 offices located in Delaware (46), Pennsylvania (29), Virginia (1), and Nevada (1) and through our website at www.wsfsbank.com In preparing the Consolidated Financial Statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions in 2017 could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. The accounting for the allowance for loan losses and reserves for lending related commitments, business combinations, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, reverse mortgage-related assets, income taxes and OTTI is subject to significant estimates. 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. Basis of Presentation Our Consolidated Financial Statements include the accounts of the parent company and its consolidated subsidiaries, WSFS Bank, WSFS Wealth Management, LLC (Powdermill), WSFS Capital Management, LLC (West Capital) and Cypress. We also have one unconsolidated subsidiary, WSFS Capital Trust III (the Trust). WSFS Bank has three wholly-owned subsidiaries, WSFS Wealth Investments, 1832 Holdings, Inc. and Monarch. WSFS Wealth Investments markets various third-party insurance and securities products to Bank customers through the Bank’s retail banking system. 1832 Holdings, Inc. was formed to hold certain debt and equity investment securities. Monarch provides commercial domicile services which include providing employees, directors, subleases and registered agent services in Delaware and Nevada. Cypress was formed to provide asset management products and services. As a Wilmington-based investment advisory firm servicing high net worth individuals and institutions, it has approximately $677.9 million in assets under management at December 31, 2016, compared to approximately $637.8 million at December 31, 2015. WSFS Capital Trust III (the Trust) is our unconsolidated subsidiary, and was formed in 2005 to issue $67.0 million aggregate principal amount of Pooled Floating Rate Capital Securities. The proceeds from this issue were used to fund the redemption of $51.5 million of Floating Rate WSFS Capital Trust I Preferred Securities (formerly, WSFS Capital Trust I). WSFS Capital Trust I invested all of the proceeds from the sale of the Pooled Floating Rate Capital Securities in our Junior Subordinated Debentures. Whenever necessary, reclassifications have been made to the prior year’s Consolidated Financial Statements to conform to the current year’s presentation. All significant intercompany transactions were eliminated in consolidation. 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 Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned Debt and Equity Securities Investments in equity securities that have a readily determinable fair value and investments in debt securities are classified into three categories and accounted for as follows: • Debt securities with the positive intention to hold to maturity are classified as “held to maturity” and reported at amortized cost. • Debt and equity securities purchased with the intention of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. • Debt and equity securities not classified in either of the above are classified as “available-for-sale Debt and equity securities include MBS, municipal bonds, U.S. government and agency securities and certain equity securities. Premiums and discounts on MBS collateralized by residential 1-4 family loans are recognized in interest income using a level yield method over the period to expected maturity. Premiums and discounts on all other securities are recognized on a straight line basis over the period to expected maturity. The fair value of debt and equity securities is primarily obtained from third-party pricing services. Implicit in the valuation of MBS are estimated prepayments based on historical and current market conditions. We follow ASC 320-10 Investments - Debt and Equity Securities For additional detail regarding debt and equity securities, see Note 3. Reverse Mortgage Loans We account for our investment in reverse mortgage loans in accordance with the instructions provided by the staff of the SEC entitled “Accounting for Pools of Uninsured Residential Reverse Mortgage Contracts,” which requires us to group the individual reverse mortgages into “pools” based on similar characteristics and recognize income based on the estimated effective yield of the pools. In computing the effective yield, we are required to project the cash inflows and outflows of the pool including actuarial projections of the life expectancy of the individual contract holder and changes in the collateral value of the residence. At each reporting date, a new economic forecast is made of the cash inflows and outflows of each pool of reverse mortgages. The effective yield of each pool is recomputed and income is adjusted to reflect the revised rate of return. Because of this highly specialized accounting, the recorded value of reverse mortgage loans can result in significant volatility associated with estimations. As a result, income recognition can vary significantly between reporting periods. For additional detail regarding reverse mortgage loans, see Note 7. Loans Loans are stated net of deferred fees and costs. Interest income on loans is recognized using the level yield method. Loan origination fees, commitment fees and direct loan origination costs are deferred and recognized over the life of the related loans using a level yield method over the period to maturity. A loan is impaired when, based on current information and events, it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans are measured based on the present value of expected future discounted cash flows, the market price of the loan or the fair value of the underlying collateral if the loan is collateral dependent. In addition, all loans restructured in a troubled debt restructuring are considered to be impaired. Impaired loans include loans within our commercial and industrial, owner-occupied commercial, commercial mortgage, construction, residential and consumer portfolios. Our policy for recognition of interest income on impaired loans, excluding accruing loans, is the same as for nonaccrual loans discussed below. In addition to originating loans, we occasionally acquire loans through acquisitions or loan purchase transactions. Some of these acquired loans may exhibit deteriorated credit quality that has occurred since origination and we may not expect to collect all contractual payments. We account for these purchased credit-impaired loans in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality For additional detail regarding impaired loans, see Note 6 and for additional detail regarding purchased credit- impaired loans see Note 5. Past Due and Nonaccrual Loans Past due loans 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 in the process of collection. Nonaccruing loans are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the loan is not well secured and in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization 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 management’s assessment of the ultimate collectability of principal and interest. Loans are returned to an accrual status when we assess that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. including a consistent repayment record, generally six consecutive payments, has been demonstrated). For additional detail regarding past due and nonaccrual loans, see Note 6. Allowance for Loan Losses We maintain an allowance for loan losses (“allowance”) which represents our best estimate of probable losses within our loan portfolio. As losses are realized, they are charged to the allowance. We established our allowance in accordance with guidance provided in the SEC’s Staff Accounting Bulletin 102 , Selected Loan Loss Allowance Methodology and Documentation Issues Contingencies Receivables The general allowance is calculated on a pooled loan basis using both quantitative and qualitative factors in accordance with ASC 450. The specific allowance is calculated on an individual loan basis when collectability of all contractually due principal and interest is no longer believed to be probable. This calculation is in accordance with ASC 310-10. 310-30, 310-20. Impairment of troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective interest rate at inception or the fair value of the underlying collateral if the loan is collateral dependent. Troubled debt restructurings consist of concessions granted to borrowers facing financial difficulty. For additional detail regarding the allowance for loan losses and the provision for loan losses, see Note 6. Loans Held for Sale Loans held for sale are recorded at their fair value on a loan level. Other Real Estate Owned Other real estate owned is recorded at the lower of the recorded investment in the loans or their fair value less estimated disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed fair value less estimated disposal costs. Costs relating to holding or disposing of the assets are charged to expense in the current period. We write-down the value of the assets when declines in fair value below the carrying value are identified. Loan workout and OREO For additional detail regarding other real estate owned, see Note 6 to the Consolidated Financial Statements. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Costs of major replacements, improvements and additions are capitalized. Depreciation expense is computed on a straight-line basis over the estimated useful lives of the assets or, for leasehold improvements, over the effective life of the related lease if less than the estimated useful life. In general, computer equipment, furniture and equipment and building renovations are depreciated over three, five and ten years, respectively. Premises and equipment acquired in business combinations are initially recorded at fair value and subsequently carried at cost less accumulated depreciation and amortization. For additional detail regarding the provision for premises and equipment, see Note 8. Goodwill and Intangible Assets We account for intangible assets in accordance with ASC 805, Business Combinations Intangibles-Goodwill and Other Goodwill is not amortized and is subject to periodic impairment testing. We review goodwill for impairment annually and more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. Other intangible assets with finite lives are established through acquisitions and amortized over their estimated useful lives. We review other intangible assets with finite lives for impairment if events and circumstances indicate that the carrying value may not be recoverable. For additional information regarding our goodwill and intangible assets, see Notes 2 and 9. Federal Funds Purchased and Securities Sold Under Agreements to Repurchase We enter into sales of securities under agreements to repurchase. Securities sold under agreements to repurchase are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Condition. The securities underlying the agreements are assets. Generally, federal funds are purchased for periods ranging up to 90 days. For additional detail regarding the Federal funds purchased and sold under agreements to repurchase, see Note 11. Income Taxes The provision for income taxes includes federal, state and local income taxes currently payable and those deferred due to temporary differences between the financial statement basis and tax basis of assets and liabilities. We account for income taxes in accordance with FASB ASC 740, Income Taxes more-likely-than-not more-likely-than-not more-likely-than-not more-likely-than-not For additional detail regarding income taxes, see Note 14. Stock-Based Compensation Stock-based compensation is accounted for in accordance with FASB ASC 718, Stock Compensation For additional detail regarding stock-based compensation, see Note 15. Earnings Per Share The following table shows the computation of basic and diluted earnings per share: (Amounts in thousands, except per share data) 2016 2015 2014 Numerator: Net income $ 64,080 $ 53,533 $ 53,757 Denominator: Denominator for basic earnings per share - weighted average shares 30,276 28,435 27,218 Effect of dilutive employee stock options, restricted stock and warrants 810 508 690 Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercised 31,086 28,943 27,908 Earnings per share: Basic $ 2.12 $ 1.88 $ 1.98 Diluted $ 2.06 $ 1.85 $ 1.93 Outstanding common stock equivalents having no dilutive effect 18 83 127 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 2016-09 2016-09 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. 2014-12 In April 2015, the FASB issued ASU No 2015-03, Interest- Imputation of Interest (Subtopic 835-30) 2015-03 2015-03 2015-03 In February 2015, the FASB issued ASU No 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. No. 2015-02 Accounting Guidance Pending Adoption at December 31, 2016 In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers (Topic 606). Revenue Recognition. No. 2014-9 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. 2014-09 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers 2016-12, Narrow-Scope Improvements and Practical Expedients In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), 2016-01 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). right-of-use 2016-02 2016-02 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). 2016-06 815-15-25-24. catch-up one-time 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). 2016-07 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). 2016-08 2014-09, Revenue from Contracts with Customers 2014-09, 2016-8 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). 2016-13 available-for-sale In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15 In January 2017, the FASB issued ASU 2017-01, 2017-01 two-step In January 2017, the FASB issued ASU 2017-04, 2017-04 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 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 to generate 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 transferred 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 In connection with the merger, the consideration transferred 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 Transferred: Common shares issued (1,806,748), including replacement equity awards $ 68,352 Cash paid to Penn Liberty stock and option holders 40,549 Value of consideration 108,901 Assets acquired: Cash and due from banks 102,301 Investment securities 627 Loans 483,482 Premises and equipment 6,817 Deferred income taxes 7,422 Bank owned life insurance 8,666 Core deposit intangible 2,882 Other real estate owned 996 Other assets 10,645 Total assets 623,838 Liabilities assumed: Deposits 568,706 Other borrowings 10,000 Other liabilities 5,045 Total liabilities 583,751 Net assets acquired: 40,087 Goodwill resulting from acquisition of Penn Liberty $ 68,814 The following table details the changes to goodwill recorded subsequent to acquisition: Fair Value Goodwill resulting from the acquisition of Penn Liberty established as of August 12, 2016 $ 65,206 Replacement equity awards 1,593 Deferred income taxes (970 ) Premise and equipment 547 Other assets (50 ) Other liabilities 2,488 Adjusted goodwill resulting from the acquisition of Penn Liberty as of December 31, 2016 $ 68,814 The adjustments made to goodwill during 2016 reflect a change in the initially recorded fair values of replacement equity awards, deferred federal income taxes, other assets and other liabilities. Direct costs related to the acquisition were expensed as incurred. During the twelve months ended December 31, 2016, the Company incurred $7.5 million in integration expenses, including $2.5 million in salary and benefits, $1.5 million in professional fees, $1.2 million in data processing expense, $1.1 million in marketing expense and $0.9 million in occupancy costs. Powdermill Financial Solutions LLC On August 1, 2016, we acquired the assets of Powdermill Financial Solutions, LLC, a multi-family office serving an affluent clientele in the local community and throughout the U.S. This acquisition aligns with our strategic plan to expand our wealth offerings and diversify our fee-income West Capital Management, Inc. On October 17, 2016, we acquired the assets of West Capital Management, Inc., fee-only fee-income 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, shareholders 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 $34.9 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 $2.6 million in core deposit intangibles which are being amortized over ten years using the straight-line depreciation method and $0.5 million for non-compete In connection with the merger, the consideration transferred and the fair value of identifiable assets acquired and liabilities assumed, are summarized in the following table: (Dollars in thousands) Fair Value Consideration Transferred: 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 recorded subsequent to acquisition: (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 December 31, 2016 $ 34,929 The adjustments made to goodwill during 2016 reflect changes in the fair value of deferred federal income taxes, other assets, and other liabilities during the measurement period. The fair value of acquired assets and liabilities is now considered final. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments Schedule [Abstract] | |
Investment Securities | 3. INVESTMENT SECURITIES The following tables detail the amortized cost and the estimated fair value of our available-for-sale held-to-maturity (Dollars in thousands) Amortized Gross Gross Fair Value Available-for-sale December 31, 2016 GSE $ 35,061 $ 9 $ 60 $ 35,010 CMO 264,607 566 3,957 261,216 FNMA MBS 414,218 950 9,404 405,764 FHLMC MBS 64,709 135 1,330 63,514 GNMA MBS 28,540 303 427 28,416 Other investments 626 — 3 623 $ 807,761 $ 1,963 $ 15,181 $ 794,543 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 (Dollars in thousands) Amortized Gross Gross Fair Value Held-to-Maturity (1) December 31, 2016 State and political subdivisions $ 164,346 $ 271 $ 1,385 $ 163,232 December 31, 2015 State and political subdivisions $ 165,862 $ 1,943 $ 62 $ 167,743 (1) Held-to-maturity available-for-sale held-to-maturity held-to-maturity The scheduled maturities of investment securities available for sale and held to maturity at December 31, 2016 and December 31, 2015 are presented in the table below: Available for Sale (Dollars in thousands) Amortized Fair Value 2016 (1) (2) Within one year $ 16,009 $ 16,017 After one year but within five years 19,052 18,992 After five years but within ten years 276,635 270,300 After ten years 495,439 488,611 $ 807,135 $ 793,920 2015 (1) 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 (Dollars in thousands) Amortized Fair Value 2016 (1) Within one year $ — $ — After one year but within five years 6,168 6,162 After five years but within ten years 8,882 8,870 After ten years 149,296 148,200 $ 164,346 $ 163,232 2015 (1) 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) Actual maturities could differ from contractual maturities. (2) Included in the investment portfolio, but not in the table above, is a mutual fund with an amortized cost and fair value as of December 31, 2016 of $0.6 million and $0.6 million, respectively, 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 $562.5 million and $457.0 million were pledged as collateral for retail customer repurchase agreements, municipal deposits, and other obligations as of December 31, 2016 and 2015, respectively. During 2016, we sold $201.8 million of investment securities categorized as available for sale, resulting in realized gains of $2.4 million and one security with an immaterial loss. During 2015, we sold $192.8 million of investment securities categorized as available for sale, resulting in realized gains of $1.5 million and less than $0.1 million of realized losses. The cost basis of all investment securities sales is based on the specific identification method. As of December 31, 2016, our investment securities portfolio had remaining unamortized premiums of $18.0 million and $0.4 million of unaccreted discounts. 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 December 31, 2016. Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total (Dollars in thousands) Available-for-sale Fair Value Unrealized Fair Unrealized Fair Value Unrealized GSE $ 21,996 $ 60 $ — $ — $ 21,996 $ 60 CMO 160,572 3,867 4,654 90 165,226 3,957 FHLMC MBS 50,878 1,330 — — 50,878 1,330 FNMA MBS 300,403 9,404 — — 300,403 9,404 GNMA MBS 16,480 427 — — 16,480 427 Other investments 623 3 — — 623 3 Total temporarily impaired investments $ 550,952 $ 15,091 $ 4,654 $ 90 $ 555,606 $ 15,181 Less than 12 months 12 months or longer Total (Dollars in thousands) Held-to-maturity Fair Value Unrealized Fair Unrealized Fair Value Unrealized State and political subdivisions $ 112,642 $ 1,374 $ 695 $ 11 $ 113,337 $ 1,385 Total temporarily impaired investments $ 112,642 $ 1,374 $ 695 $ 11 $ 113,337 $ 1,385 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 December 31, 2015. Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale Value Loss Value Loss Value Loss 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 (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Held-to-maturity Value Loss Value Loss Value Loss State and political subdivisions $ 9,845 $ 62 $ — $ — $ 9,845 $ 62 Total temporarily impaired investments $ 9,845 $ 62 $ — $ — $ 9,845 $ 62 At December 31, 2016, we owned investment securities totaling $668.9 million for which the amortized cost basis exceeded fair value. Total unrealized losses on these securities were $16.6 million at December 31, 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 other than temporary impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the amortized cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and our intent and ability to hold the investment for a period of time sufficient to allow for full recovery of the unrealized loss. We evaluate our intent and ability to hold securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. In addition, we do not have the intent to sell, nor is it more likely-than-not All securities, with the exception of one, were AA- |
Acquired Credit Impaired Loans
Acquired Credit Impaired Loans | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Acquired Credit Impaired Loans | 5. ACQUIRED CREDIT IMPAIRED LOANS Penn Liberty On August 12, 2016, we completed the acquisition of Penn Liberty. Upon closing the transaction, we acquired $14.0 million of credit impaired loans. Loans that have deteriorated in credit quality since their origination, and for which it is probable that all contractual cash flows will not be received, are accounted for in accordance with FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (ASC 310-30) 310-30, 310-30 The following table details the loans acquired through the Penn Liberty merger on August 12, 2016 that are accounted for in accordance with FASB ASC 310-30. (Dollars in thousands) August 12, 2016 Contractually required principal and interest at acquisition* $ 16,499 Contractual cash flows not expected to be collected (nonaccretable difference) 3,125 Expected cash flows at acquisition 13,374 Interest component of expected cash flows (accretable yield) 670 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 12,704 * The difference between $16.5 and the unpaid principal balance of $15.3 is contractual interest to be received. Alliance On October 9, 2015, we acquired $24.6 million of credit impaired loans from our acquisition of Alliance. The following table details the loans acquired through the Alliance merger on October 9, 2015 that are accounted for in accordance with FASB ASC 310-30. (Dollars in thousands) October 9, 2015 Contractually required principal and interest at acquisition* $ 27,469 Contractual cash flows not expected to be collected (nonaccretable difference) 2,377 Expected cash flows at acquisition 25,092 Interest component of expected cash flows (accretable yield) 2,334 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 22,758 * The difference between $27.4 and the unpaid principal balance of $24.6 is contractual interest to be received. FNBW On September 5, 2014, $24.2 million of impaired loans were acquired from FNBW. The following table details the loans acquired through the FNBW merger on September 5, 2014 that are accounted for in accordance with FASB ASC 310-30. (Dollars in thousands) September 5, 2014 Contractually required principal and interest at acquisition* $ 27,086 Contractual cash flows not expected to be collected (nonaccretable difference) 7,956 Expected cash flows at acquisition 19,130 Interest component of expected cash flows (accretable yield) 1,790 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 17,340 * The difference between $27.1 and the unpaid principal balance of $24.2 is contractual interest to be received. The following is the outstanding principal balance and carrying amounts for all acquired credit impaired loans for which the company applies ASC 310-30 (Dollars in thousands) December 31, 2016 December 31, 2015 Outstanding principal balance $ 41,574 $ 38,067 Carrying amount 33,104 32,568 Allowance for loan losses 510 132 The following table presents the changes in accretable yield on all acquired credit impaired loans for the years indicated: (Dollars in thousands) Accretable Yield Balance as of December 31, 2014 $ 1,498 Addition from Alliance acquisition 2,334 Accretion (1,405 ) Reclassification from nonaccretable difference 3,054 Additions/adjustments (714 ) Disposals (3 ) Ending balance as of December 31, 2015 $ 4,764 Addition from Penn Liberty 1,473 Accretion (2,731 ) Reclassification from nonaccretable difference 2,352 Additions/adjustments (701 ) Disposals (7 ) Ending balance as of December 31, 2016 $ 5,150 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans | 4. LOANS The following table details our loan portfolio by category: December 31, (Dollars in thousands) 2016 2015 Commercial and industrial $ 1,287,731 $ 1,061,597 Owner-occupied commercial 1,078,162 880,643 Commercial mortgages 1,163,554 966,698 Construction 222,712 245,773 Residential 267,028 259,679 Consumer 450,029 360,249 4,469,216 3,774,639 Less: Deferred fees, net 7,673 8,500 Allowance for loan losses 39,751 37,089 Net loans $ 4,421,792 $ 3,729,050 Nonaccruing loans totaled $22.9 million and $21.2 million at December 31, 2016 and 2015, respectively. If interest on all such loans had been recorded in accordance with contractual terms, net interest income would have increased by $1.2 million and $0.9 million in 2016 and 2015, respectively. The total amounts of loans serviced for others were $124.7 million and $130.0 million at December 31, 2016 and 2015, respectively, which consisted of residential first mortgage loans and reverse mortgage loans. We received fees from the servicing of loans of $0.3 million during 2016 and 2015, respectively. We record mortgage-servicing rights on our mortgage loan-servicing portfolio. Mortgage servicing rights represent the present value of the future net servicing fees from servicing mortgage loans we acquire or originate. The value of these servicing rights was $0.5 million at December 31, 2016 and 2015. Mortgage loans serviced for others are not included in loans in the accompanying Consolidated Statements of Condition. Changes in the value of these servicing rights resulted in net losses of less than $0.1 million and $0.2 million during 2016 and 2015, respectively. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage Banking Activities, Net Accrued interest receivable on loans outstanding was $13.0 million and $10.4 million at December 31, 2016 and 2015, respectively. |
Allowance for Loan Losses and C
Allowance for Loan Losses and Credit Quality Information | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Allowance for Loan Losses and Credit Quality Information | 6. ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY INFORMATION We maintained an allowance for loan losses which represents our best estimate of probable losses within our loan portfolio. As losses are realized, they are charged to this allowance. We established our allowance in accordance with guidance provided in the SEC’s Staff Accounting Bulletin 102 (SAB 102), Selected Loan Loss Allowance Methodology and Documentation Issues Contingencies Receivables The specific allowance is calculated on an individual loan basis when collectability of all contractually due principal and interest is no longer believed to be probable. This calculation is in accordance with ASC 310-10. 310-30, 310-20. • 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 charge-off non-performing charge-off 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 24 quarters. During the twelve months ended December 31, 2016, we increased the look-back period to 24 quarters from 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 24 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. 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 December 31, 2016. Our residential mortgage and consumer LEP remained at approximately 4 quarters as of December 31, 2016. We evaluate LEP quarterly for reasonableness and complete a detailed historical analysis of our LEP annually for our commercial portfolio and review of the current 4 quarter LEP for the retail portfolio to determine the continued reasonableness of this assumption. The final component of the allowance in prior periods was the reserve for model estimation and complexity risk. The calculation of this reserve was generally quantitative; however estimates of valuations and risk assessment, and methodology judgements were necessary in order to capture factors quarterly. 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 calculations 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 an analysis of the allowance for loan losses and loan balances as of and for the year ended December 31, 2016, December 31, 2015 and December 31, 2014: (Dollars in thousands) Commercial Owner- Commercial Construction Residential Consumer Complexity (1) Total Twelve months ended December 31, 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 (5,052 ) (1,556 ) (422 ) (57 ) (88 ) (6,152 ) — (13,327 ) Recoveries 594 117 322 484 254 1,232 — 3,003 Provision (credit) for loan losses 6,260 1,163 2,466 (1,117 ) (422 ) 4,989 (1,010 ) 12,329 Provision for acquired loans 381 194 62 7 34 (21 ) — 657 Ending balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ — $ 39,751 Period-end Loans individually evaluated for impairment $ 322 $ — $ 1,247 $ 217 $ 911 $ 198 $ — $ 2,895 Loans collectively evaluated for impairment 12,834 6,573 7,482 2,535 1,125 5,797 — 36,346 Acquired loans evaluated for impairment 183 15 186 86 23 17 — 510 Ending balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ — $ 39,751 Period-end Loans individually evaluated for impairment $ 2,266 $ 2,078 $ 9,898 $ 1,419 $ 13,547 $ 7,863 $ — $ 37,071 (2) Loans collectively evaluated for impairment 1,120,193 899,590 921,333 189,468 157,738 386,146 — 3,674,468 Acquired nonimpaired loans 159,089 164,372 221,937 28,131 94,883 55,651 — 724,063 Acquired impaired loans 6,183 12,122 10,386 3,694 860 369 — 33,614 Ending balance $ 1,287,731 $ 1,078,162 $ 1,163,554 $ 222,712 $ 267,028 $ 450,029 $ — $ 4,469,216 (3) (Dollars in thousands) Commercial Owner- Commercial Construction Residential Consumer Complexity (1) Total Twelve months ended December 31, 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 (6,303 ) (738 ) (1,135 ) (146 ) (548 ) (3,225 ) — (12,095 ) Recoveries 301 77 222 185 226 957 — 1,968 Provision (credit) for loan losses 4,241 665 (67 ) 852 76 2,183 (510 ) 7,440 Provision for acquired loans 80 23 201 34 4 8 — 350 Ending balance $ 11,156 $ 6,670 $ 6,487 $ 3,521 $ 2,281 $ 5,964 $ 1,010 $ 37,089 Period-end Loans individually evaluated for impairment $ 1,164 $ — $ — $ 211 $ 918 $ 199 $ — $ 2,492 Loans collectively evaluated for impairment 9,988 6,648 6,384 3,310 1,360 5,765 1,010 34,465 Acquired loans evaluated for impairment 4 22 103 — 3 — — 132 Ending balance $ 11,156 $ 6,670 $ 6,487 $ 3,521 $ 2,281 $ 5,964 $ 1,010 $ 37,089 Period-end Loans individually evaluated for impairment $ 5,680 $ 1,090 $ 3,411 $ 1,419 $ 15,548 $ 7,664 $ — $ 34,812 (2) Loans collectively evaluated for impairment 930,346 820,911 869,359 213,801 166,252 335,323 — 3,335,992 Acquired nonimpaired loans 112,586 53,954 83,415 27,009 76,929 17,255 — 371,148 Acquired impaired loans 12,985 4,688 10,513 3,544 950 7 — 32,687 Ending balance $ 1,061,597 $ 880,643 $ 966,698 $ 245,773 $ 259,679 $ 360,249 $ — $ 3,774,639 (3) (Dollars in thousands) Commercial Owner- Commercial Construction Residential Consumer Complexity (1) Total Twelve months ended December 31, 2014 Allowance for loan losses Beginning balance $ 12,751 $ 7,638 $ 6,932 $ 3,326 $ 3,078 $ 6,494 $ 1,025 $ 41,244 Charge-offs (3,587 ) (1,085 ) (425 ) (88 ) (811 ) (2,855 ) — (8,851 ) Recoveries 1,611 249 202 242 168 981 — 3,453 Provision (credit) for loan losses 2,062 (159 ) 507 (884 ) 88 1,339 495 3,448 Provision for acquired loans — — 50 — — 82 — 132 Ending balance $ 12,837 $ 6,643 $ 7,266 $ 2,596 $ 2,523 $ 6,041 $ 1,520 $ 39,426 Period-end Loans individually evaluated for impairment $ 3,034 $ 609 $ 319 $ 334 $ 790 $ 231 $ — $ 5,317 Loans collectively evaluated for impairment 9,803 6,034 6,947 2,262 1,733 5,810 1,520 34,109 Acquired loans evaluated for impairment — — — — — — — — Ending balance $ 12,837 $ 6,643 $ 7,266 $ 2,596 $ 2,523 $ 6,041 $ 1,520 $ 39,426 Period-end Loans individually evaluated for impairment $ 12,381 $ 2,474 $ 8,335 $ 1,419 $ 15,666 $ 6,376 $ — $ 46,651 (2) Loans collectively evaluated for impairment 872,398 743,680 753,451 127,324 184,788 312,539 — 2,994,180 Acquired nonimpaired loans 32,024 40,180 37,697 9,891 17,363 8,619 — 145,774 Acquired impaired loans 3,269 2,264 5,976 3,863 512 9 — 15,893 Ending balance $ 920,072 $ 788,598 $ 805,459 $ 142,497 $ 218,329 $ 327,543 $ — $ 3,202,498 (3) (1) Represents the portion of the allowance for loan losses established to account for the inherent complexity and uncertainty of estimates. (2) The difference between this amount and nonaccruing loans represents accruing troubled debt restructured loans which are considered to be impaired loans of $14.3 million at December 31, 2016, $13.6 million as of December 31, 2015 and $22.6 million at December 31, 2014. (3) Ending loan balances do not include deferred costs. Nonaccrual and Past Due Loans Nonaccruing loans are those loans 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 and interest in accordance with the terms of the loan agreement. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the accretion of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on our assessment of the ultimate collectability of principal and interest. Loans greater than 90 days past due and still accruing are defined as loans contractually past due 90 days or more as to principal or interest payments, but remain in accrual status because they are considered well secured and in process of collection. The following tables show our nonaccrual and past due loans at the dates indicated: At December 31, 2016 30–59 Days 60–89 Days Greater Than Past Due and Total Past And Still Accruing Acquired Nonaccrual Total Loans (Dollars in thousands) Commercial $ 1,507 $ 278 $ — $ 1,785 $ 1,277,748 $ 6,183 $ 2,015 $ 1,287,731 Owner-occupied commercial 116 540 — 656 1,063,306 12,122 2,078 1,078,162 Commercial mortgages 167 — — 167 1,143,180 10,386 9,821 1,163,554 Construction 132 — — 132 218,886 3,694 — 222,712 Residential 3,176 638 153 3,967 257,234 860 4,967 267,028 Consumer 392 346 285 1,023 444,642 369 3,995 450,029 Total (1) $ 5,490 $ 1,802 $ 438 $ 7,730 $ 4,404,996 $ 33,614 $ 22,876 $ 4,469,216 % of Total Loans 0.12 % 0.04 % 0.01 % 0.17 % 98.57 % 0.75 % 0.51 % 100.00 % (1) Balances in table above includes $724.1 million in acquired non-impaired At December 31, 2015 30–59 Days 60–89 Days Greater Than Past Due and Total Past And Still Accruing Acquired Nonaccrual Total Loans (Dollars in thousands) 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 % 100.00 % (1) Balances in table above includes $371.1 million in acquired non-impaired Impaired Loans Loans for which it is probable we will not collect all principal and interest due according to contractual terms, which is assessed based on the credit characteristics of the loan and/or payment status, are measured for impairment in accordance with the provisions of SAB 102 , Selected Loan Loss Allowance Methodology and Documentation Issues Receivables The following tables provide an analysis of our impaired loans at December 31, 2016 and December 31, 2015: 2016 (Dollars in thousands) Ending Loans with (1) Loan with Related Contractual Average Commercial $ 4,250 $ 1,395 $ 2,855 $ 505 $ 5,572 $ 5,053 Owner-occupied commercial 4,650 2,078 2,572 15 5,129 3,339 Commercial mortgages 15,065 4,348 10,717 1,433 20,716 7,323 Construction 3,662 — 3,662 303 3,972 2,376 Residential 14,256 7,122 7,134 934 17,298 15,083 Consumer 8,021 6,561 1,460 215 11,978 7,910 Total (2) $ 49,904 $ 21,504 $ 28,400 $ 3,405 $ 64,665 $ 41,084 2015 (Dollars in thousands) Ending Loans (1) Loan 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 $ 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 $12.8 million in the ending loan balance and $15.0 million in the contractual principal balance. Interest income of $1.2 million and $1.6 million was recognized on impaired loans during 2016 and 2015 respectively. At December 31, 2016, there were 18 acquired loans accounted for under FASB ASC 310-20, Nonrefundable Fees and Other Costs As of December 31, 2016, there were 29 residential loans and 7 commercial loans in the process of foreclosure. The total outstanding balance on the loans was $3.7 million and $3.6 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 ASC 310 , Receivables 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 greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status. The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the Allowance at December 31: Commercial Credit Exposure Total Commercial (1) Commercial Owner-occupied Commercial Commercial Construction 2016 2015 (Dollars in thousands) 2016 2015 2016 2015 2016 2015 2016 2015 Amount % Amount % Risk Rating: Special mention $ 17,630 $ 5,620 $ 11,419 $ 9,535 $ 34,198 $ 12,323 $ — $ — $ 63,247 $ 27,478 Substandard: Accrual 45,067 33,883 19,871 22,901 239 2,547 2,193 8,296 67,370 67,627 Nonaccrual 1,693 4,164 2,078 1,090 8,574 3,326 — — 12,345 8,580 Doubtful/nonaccrual 322 1,164 — — 1,247 — — — 1,569 1,164 Total special mention and substandard 64,712 44,831 33,368 33,526 44,258 18,196 2,193 8,296 144,531 4 % 104,849 3 % Acquired impaired loans 6,183 12,985 12,122 4,688 10,386 10,513 3,694 3,544 32,385 1 % 31,730 1 % Pass 1,216,836 1,003,781 1,032,672 842,429 1,108,910 937,989 216,825 233,933 3,575,243 95 % 3,018,132 96 % Total $ 1,287,731 $ 1,061,597 $ 1,078,162 $ 880,643 $ 1,163,554 $ 966,698 $ 222,712 $ 245,773 $ 3,752,159 100 % $ 3,154,711 100 % (1) Table includes $573.5 million in acquired non-impaired Consumer Credit Exposure Total Residential and Consumer (2) Residential Consumer 2016 2015 (Dollars in thousands) 2016 2015 2016 2015 Amount Percent Amount Percent Nonperforming (1) $ 13,547 $ 15,548 $ 7,863 $ 7,664 $ 21,410 3 % $ 23,212 4 % Acquired impaired loans 860 950 369 7 1,229 — % 957 — % Performing 252,621 243,181 441,797 352,578 694,418 97 % 595,759 96 % Total $ 267,028 $ 259,679 $ 450,029 $ 360,249 $ 717,057 100 % $ 619,928 100 % (1) Includes $12.4 million as of December 31, 2016 and $11.8 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 acquired non-impaired Troubled Debt Restructurings (TDR) A modification is classified as a TDR if both of the following exist: (1) the borrower is experiencing financial difficulty and (2) the Bank has granted a concession to the borrower. Many aspects of the borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty. Concessions may include the reduction of the interest rate to a rate lower than current market rate for a new loan with similar risk, extension of the maturity date, reduction of accrued interest, or principal forgiveness. The assessments of whether a borrower is experiencing (or is likely to experience) financial difficulty and whether a concession has been granted is subjective in nature and management’s judgment is required when determining whether a modification is a TDR. The following table presents the balance of TDRs as of the indicated dates: (Dollars in thousands) December 31, December 31, Performing TDRs $ 14,336 $ 13,647 Nonperforming TDRs 8,451 10,983 $ 22,787 $ 24,630 Approximately $1.3 million and $2.1 million in related reserves have been established for these loans at December 31, 2016 and December 31, 2015, respectively. The following table presents information regarding the types of loan modifications made for the twelve months ended December 31, 2016: Contractual Maturity Discharged Other (1) Total Commercial — 2 — 1 3 Commercial mortgages — 2 — — 2 Residential — — 1 7 8 Consumer 12 — 2 — 14 12 4 3 8 27 (1) Other includes interest rate reduction and maturity date extension, forbearance, and interest only payments. Principal balances are generally not forgiven by us when a loan is modified as a TDR. Nonaccruing restructured loans remain in nonaccrual status until there has been a period of sustained repayment performance, typically six months, and repayment is reasonably assured. The following table presents loans identified as TDRs during the twelve months ended December 31, 2016 and December 31, 2015: Twelve Months Ended December 31, (Dollars in thousands) 2016 2015 Pre Post Pre Post Commercial $ 1,407 $ 1,407 $ — $ — Owner-occupied commercial — — 577 577 Commercial mortgages 1,111 1,111 — — Residential 2,754 2,754 895 895 Consumer 873 873 1,615 1,615 $ 6,145 $ 6,145 $ 3,087 $ 3,087 The TDRs set forth in the table above increased our allowance for loan losses by $0.1 million through allocation of a related reserve, and resulted in charge-offs of $0.4 million during the twelve months ended December 31, 2016. For the twelve months ended December 31, 2015, the TDRs set forth in the table above increased our allowance for loan losses by less than $0.1 million through allocation of a related reserve, and resulted in charge-offs of $0.2 million . |
Reverse Mortgage Loans
Reverse Mortgage Loans | 12 Months Ended |
Dec. 31, 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. In July 2011, we purchased 100% of SASCO 2002-RM1’s During the third quarter of 2013, we obtained the right to execute a clean-up RM-1, Consolidation Our investment in reverse mortgages totaled $22.6 million at December 31, 2016. The portfolio consists of 76 loans with an average borrowers’ age of 95 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 $42.5 million exceeds the outstanding book balance at December 31, 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 820-10). To determine the fair value of these reverse mortgages as of December 31, 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 1) Move-out 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 December 31, 2016, the internal rate of return (IRR) of 19.91 % 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 December 31, 2016, the Company’s actuarially estimated cash payments to reverse mortgagors are as follows: Year Ending 2017 $ 486 2018 383 2019 300 2020 231 2021 177 Years 2022 – 2026 399 Years 2027 – 2031 76 Years 2032 – 2036 11 Thereafter 1 Total (1) $ 2,064 (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 $6.5 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 $0.8 million for the year ended December 31, 2016 with an IRR of 19.22 %. If the future changes in collateral value were assumed to be reduced by 1%, income would decrease by $0.4 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 $1.3 million. If the IRR decreased by 1%, the net present value would decrease by $1.3 million. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | 8. PREMISES AND EQUIPMENT Land, office buildings, leasehold improvements and furniture and equipment, at cost, are summarized by major classifications: December 31, 2016 2015 (Dollars in thousands) Land $ 2,916 $ 2,325 Buildings 7,391 6,878 Leasehold improvements 44,493 37,123 Furniture and equipment 40,099 31,824 94,899 78,150 Less: Accumulated depreciation 46,028 38,581 $ 48,871 $ 39,569 Depreciation expense is computed on a straight-line basis over the estimated useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life, whichever is shorter. In general, computer equipment, furniture and equipment and building renovations are expensed over three, five and ten years, respectively. We recognized depreciation expense of $7.6 million, $6.3 million and $6.0 million for the years ended December 31, 2016, 2015 and 2014, respectively. We occupy certain premises including some with renewal options and operate certain equipment under noncancelable leases with terms ranging primarily from 1 to 25 years. These leases are accounted for as operating leases. Accordingly, lease costs are expensed as incurred in accordance with FASB ASC 840-20 Operating Leases. (Dollars in thousands) 2017 $ 10,546 2018 10,616 2019 10,466 2020 10,398 2021 10,104 Thereafter 167,365 Total future minimum lease payments $ 219,495 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 9. GOODWILL AND INTANGIBLE ASSETS In accordance with FASB ASC 805, Business Combinations Intangibles - Goodwill and Other The fair value of acquired assets and liabilities assumed, including the resulting goodwill, was based either on quoted market prices or provided by other third-party sources, when available. When third-party information was not available we made good-faith estimates primarily through the use of internal cash flow modeling techniques. The assumptions used in the cash flow modeling are subjective and susceptible to significant changes. Goodwill and other intangible assets with indefinite useful lives are tested for impairment at least annually and charged to results of operations in periods in which the recorded value is more than the estimated fair value. Intangible assets that have finite useful lives will continue to be amortized over their useful lives and are periodically evaluated for impairment. Goodwill totaled $167.5 million at December 31, 2016 and $85.2 million at December 31, 2015. The majority of this goodwill, or $147.4 million, is in the WSFS Bank segment and is the result of a branch acquisition in 2008, the purchases of: Christiana Bank and Trust (CB&T) in 2010, Array (currently known as WSFS Mortgage) and Arrow in 2013, FNBW in 2014, Alliance Bank in 2015 and Penn Liberty in 2016. The Wealth Management segment also recorded goodwill as a result of the acquisition of CB&T in 2010 and the acquisitions of Powdermill and West Capital in 2016. ASC 350, Intangibles - Goodwill and Other two-step two-step When required, the goodwill impairment test involves a two-step Fair value may be determined using market prices, comparison to similar assets, market multiples, discounted cash flow analyses and other variables. Estimated cash flows extend five years into the future and, by their nature, are difficult to estimate over such an extended period of time. Factors that may significantly affect estimates include, but are not limited to, balance sheet growth assumptions, credit losses in our investment and loan portfolios, competitive pressures in our market area, changes in customer base and customer product preferences, changes in revenue growth trends, cost structure, changes in discount rates, conditions in the banking sector, and general economic variables. As of December 31, 2016, we assessed qualitative factors including macroeconomic conditions, industry and market conditions, cost factors, and overall financial performance in 2016 and determined that it was not more likely than not that the fair value of any of our reporting units was less than their respective carrying amounts. Therefore we did not perform the two-step As of December 31, 2016, we had three operating segments: WSFS Bank, Cash Connect, and Wealth Management. Our operating segments may contain one or more reporting units depending on economic characteristics, products and customers. When we acquire a business, we assign it to a reporting unit and allocate its goodwill to that reporting unit based on its relative fair value. Should we have a significant business reorganization, we may reallocate the goodwill. See Note 20 for additional information on management reporting and Note 2 for additional information on the goodwill that was recorded during 2016. The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing: (Dollars in thousands) WSFS Cash Wealth Consolidated December 31, 2014 43,517 — 5,134 48,651 Goodwill from business combinations 36,425 — — 36,425 Remeasurement adjustments 136 — — 136 December 31, 2015 80,078 — 5,134 85,212 Goodwill from business combinations 65,206 — 15,009 80,215 Remeasurement adjustments 2,112 — — 2,112 December 31, 2016 $ 147,396 $ — $ 20,143 $ 167,539 ASC 350 also requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. During 2016, we recorded intangible assets of $15.9 million due to the acquisitions of Penn Liberty, Powdermill and West Capital as well as an adjustment related to our acquisition of Alliance Bank. During 2015, we recorded intangible assets of $3.1 million due to the acquisition of Alliance Bank. See Note 2 for additional information. The following table summarizes other intangible assets: (Dollars in thousands) Gross Accumulated Net Amortization Period December 31, 2016 Core deposits $ 13,128 $ (5,630 ) $ 7,498 10 years Customer relationships 17,561 (2,612 ) 14,949 7-15 Non-compete 1,006 (728 ) 278 6 months- 5 years Loan servicing rights 1,708 (1,067 ) 641 10-30 Favorable lease asset 458 (116 ) 342 10 months-15 years Total other intangible assets $ 33,861 $ (10,153 ) $ 23,708 December 31, 2015 Core deposits $ 10,246 $ (4,512 ) $ 5,734 10 years Customer relationships 5,221 (1,754 ) 3,467 7-15 Non-compete 785 (384 ) 401 6 months- 3 years Loan servicing rights 1,430 (949 ) 481 15-30 Total other intangible assets $ 17,682 $ (7,599 ) $ 10,083 We recognized amortization expense on other intangible assets of $2.4 million, $2.0 million, and $1.3 million for the years ended December 31, 2016, 2015, and 2014, respectively. The following presents the estimated amortization expense of intangibles: (Dollars in thousands) Amortization 2017 $ 3,008 2018 2,846 2019 2,777 2020 2,581 2021 2,246 Thereafter 10,250 Total $ 23,708 There was no impairment of other intangible assets as of December 31, 2016 or 2015. Changing economic conditions that may adversely affect our performance and stock price could result in impairment, which could adversely affect earnings in the future. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | 10. DEPOSITS The following is a summary of deposits by category, including a summary of the remaining time to maturity for time deposits: December 31, 2016 2015 (Dollars in thousands) Money market and demand: Noninterest-bearing demand $ 1,266,306 $ 958,238 Interest-bearing demand 935,333 784,619 Money market 1,257,520 1,090,050 Total money market and demand 3,459,159 2,832,907 Savings 547,293 439,918 Customer certificates of deposit by maturity: Less than one year 192,320 200,893 One year to two years 74,165 79,760 Two years to three years 32,687 25,256 Three years to four years 24,919 9,642 Over four years 8,533 17,449 Total customer time certificates 332,624 333,000 Jumbo certificates of deposit, by maturity: Less than one year 174,981 180,753 One year to two years 43,037 44,776 Two years to three years 20,655 15,256 Three years to four years 17,005 6,685 Over four years 4,882 6,541 Total jumbo certificates of deposit 260,560 254,011 Total customer deposits 4,599,636 3,859,836 Brokered deposits less than one year 138,802 156,730 Total deposits $ 4,738,438 $ 4,016,566 Interest expense on deposits by category follows: (Dollars in thousands) Year Ended December 31, 2016 2015 2014 Interest-bearing demand $ 1,119 $ 666 $ 611 Money market 3,343 2,466 1,478 Savings 655 289 234 Time deposits 3,303 3,057 4,060 Total customer interest expense 8,420 6,478 6,383 Brokered deposits 1,001 687 768 Total interest expense on deposits $ 9,421 $ 7,165 $ 7,151 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | 11. BORROWED FUNDS The following is a summary of borrowed funds by type, at or for the twelve months ended: (Dollars in thousands) Balance at Weighted Maximum Average Weighted December 31, 2016 FHLB advances $ 854,236 0.78 % $ 886,767 $ 735,975 0.67 % Federal funds purchased and securities sold under agreements to repurchase 130,000 0.79 130,000 112,150 0.54 Trust preferred borrowings 67,011 2.66 67,011 67,011 2.42 Senior debt 155,000 5.12 155,000 110,191 3.82 Other borrowed funds 64,150 0.09 64,150 21,335 0.09 December 31, 2015 FHLB advances $ 669,514 0.50 % $ 740,681 $ 621,024 0.48 % Federal funds purchased and securities sold under agreements to repurchase 128,200 0.45 135,550 119,290 0.30 Trust preferred borrowings 67,011 2.15 67,011 67,011 2.03 Senior debt 55,000 6.25 55,000 55,000 6.85 Other borrowed funds 14,486 0.09 16,808 15,227 0.09 Federal Home Loan Bank Advances Advances from the FHLB with rates ranging from 0.60% to 1.23% at December 31, 2016 are due as follows: (Dollars in thousands) Amount Weighted 2017 $ 807,325 0.76 % 2018 46,911 1.07 $ 854,236 0.78 % Pursuant to collateral agreements with the FHLB, advances are secured by qualifying loan collateral, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB. As a member of the FHLB, we are required to purchase and hold shares of capital stock in the FHLB in an amount at least equal to 0.10% of our member asset value plus 4.00% of advances outstanding. We were in compliance with this requirement with a stock investment in FHLB of $38.2 million at December 31, 2016 and $30.5 million as of December 31, 2015. This stock is carried on the accompanying Consolidated Statements of Condition at cost, which approximates liquidation value. The increase in FHLB stock was due to the increase in FHLB Advances outstanding. We received dividends on our stock investment in FHLB of $1.6 million and $2.2 million for the years ended December 31, 2016 and 2015, respectively. For additional information regarding FHLB Stock, see Note 17. Federal Funds Purchased and Securities Sold Under Agreements to Repurchase During 2016 and 2015, we purchased federal funds as a short-term funding source. At December 31, 2016, we had purchased $130.0 million in federal funds at an average rate of 0.79%. At December 31, 2015, we had purchased $128.2 million in federal funds at an average rate of 0.45%. We had no securities sold under agreements to repurchase at December 31, 2016 and December 31, 2015. Trust Preferred Borrowings In 2005, we issued $67.0 million of aggregate principal amount of Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate. These securities are callable and have a maturity date of June 1, 2035. Senior Debt On June 13, 2016, the Company issued $100 million of senior unsecured fixed-to-floating In 2012, we issued and sold $55.0 million in aggregate principal amount of 6.25% senior notes due 2019 (the “2012 senior debt”). The 2012 senior debt is unsecured and ranks equally with all of our other present and future unsecured unsubordinated obligations. The 2012 senior debt is effectively subordinated to our secured indebtedness and structurally subordinated to the indebtedness of our subsidiaries. At our option, the 2012 senior debt is callable, in whole or in part, on September 1, 2017, or on any scheduled interest payment date thereafter, at a price equal to the outstanding principal amount to be redeemed plus accrued and unpaid interest. The 2012 senior debt matures on September 1, 2019. Other Borrowed Funds Included in other borrowed funds are collateralized borrowings of $64.1 million and $14.5 million at December 31, 2016 and 2015, respectively, consisting of outstanding retail repurchase agreements, contractual arrangements under which portions of certain securities are sold overnight to retail customers under agreements to repurchase. Such borrowings were collateralized by mortgage-backed securities. The average rates on these borrowings were 0.09 % at December 31, 2016 and 2015. Borrower in Custody As of December 31, 2016, the Bank had $275.1 million of loans pledged to the Federal Reserve of Philadelphia (FRB). The Bank did not borrow funds from the FRB during 2016. |
Stockholders' Equity and Regula
Stockholders' Equity and Regulatory Capital | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Stockholders' Equity and Regulatory Capital | 12. STOCKHOLDERS’ EQUITY AND REGULATORY CAPITAL Savings institutions such as the Bank are subject to regulatory capital requirements administered by various banking regulators. Failure to meet minimum capital requirements could result in certain actions by regulators that could have a material effect on the Company’s financial statements. In July 2013, the Federal Reserve Board approved final rules (the “U.S. Basel III Capital Rules”) establishing a new comprehensive capital framework for U.S. banking organizations. The U.S. Basel III Capital Rules substantially revise the risk-based capital requirements applicable to bank holding companies and depository institutions. The new minimum regulatory capital requirements became effective for the Bank and the Company on January 1, 2015 and include a minimum common equity Tier 1 capital ratio of 4.50% of risk-weighted assets and a minimum Tier 1 capital ratio of 6.00% of risk-weighted assets. The rules also require a current minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets. As of December 31, 2016 and 2015, the Bank was in compliance with regulatory capital requirements and exceeded the amounts required to be considered “well capitalized” as defined in the regulations. The following table presents the capital position of the Bank and the Company as of December 31, 2016 and 2015: Consolidated Bank For Capital Adequacy To Be Well-Capitalized (Dollars in thousands) Amount Percent Amount Percent Amount Percent As of December 31, 2016 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 663,892 11.93 % $ 445,376 8.00 % $ 556,720 10.00 % WSFS Financial Corporation 624,440 11.20 446,001 8.00 557,501 10.00 Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 623,167 11.19 334,032 6.00 445,376 8.00 WSFS Financial Corporation 583,715 10.47 334,501 6.00 446,001 8.00 Common Equity Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 623,167 11.19 250,524 4.50 361,868 6.50 WSFS Financial Corporation 518,856 9.31 250,875 4.50 362,376 6.50 Tier 1 Leverage Capital Wilmington Savings Fund Society, FSB 623,167 9.66 257,957 4.00 322,446 5.00 WSFS Financial Corporation 583,715 9.02 258,767 4.00 323,459 5.00 As of December 31, 2015 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 618,454 13.11 % $ 377,332 8.00 % $ 471,666 10.00 % WSFS Financial Corporation 595,996 12.62 377,948 8.00 N/A N/A Core Capital (to adjusted tangible assets) Wilmington Savings Fund Society, FSB 580,735 12.31 282,999 6.00 377,332 8.00 WSFS Financial Corporation 558,278 11.82 283,461 6.00 N/A N/A Tangible Capital (to tangible assets) Wilmington Savings Fund Society, FSB 580,735 12.31 212,249 4.50 306,583 6.50 WSFS Financial Corporation 494,571 10.47 212,596 4.50 N/A N/A Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 580,735 10.88 213,502 4.00 266,877 5.00 WSFS Financial Corporation 558,278 10.44 213,849 4.00 N/A N/A The December 31, 2016 and 2015 capital ratios presented above were determined in accordance with the Basel III Capital Rules. The Holding Company As of December 31, 2016, our capital structure includes one class of stock, $0.01 par common stock outstanding with each share having equal voting rights. All share and per share information has been retroactively adjusted to reflect the Company’s three-for-one In 2005, WSFS Capital Trust III, our unconsolidated subsidiary, issued Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate with a scheduled maturity of June 1, 2035. The par value of these securities is $2.0 million and the aggregate principal is $67.0 million. The proceeds from the issue were invested in Junior Subordinated Debentures the Company issued. These securities are treated as borrowings with interest included in interest expense on the Consolidated Statements of Operations. At December 31, 2016, the coupon rate of the WSFS Capital Trust III securities was 2.70%. The effective rate will vary due to fluctuations in interest rates. When infused into the Bank, the Trust Preferred Securities issued in 2005 qualify as Tier 1 capital. The Bank is prohibited from paying any dividend or making any other capital distribution if, after making the distribution, the Bank would be undercapitalized within the meaning of the Prompt Corrective Action regulations. At December 31, 2016, $103.0 million in cash remains at the holding company to support the parent company’s needs. Pursuant to federal laws and regulations, our ability to engage in transactions with affiliated corporations, including the loan of funds to, or guarantee of the indebtedness of, an affiliate, is limited. During 2014, the Board of Directors approved a stock buyback program of up to 5% of total outstanding shares of common stock. Related to this authorization, during 2015 the Company repurchased 1,060,137 common shares at an average price of $26.88 per share. Additionally, in 2014 the Company repurchased 349,263 common shares and common share equivalents at an implied price of $25.73 per share. These buybacks included 243,699 common share equivalents related to the repurchase of the 387,930 warrants to purchase common stock issued in conjunction with the 2009 equity offering described in the preceding paragraph. The Company completed this stock buyback program during the fourth quarter of 2015. During 2015, the Board of Directors approved an additional stock buyback program of up to 5% of total outstanding shares of common stock. Related to this authorization, as of December 31, 2016, the Company had repurchased 449,371 common shares at an average price of $32.11 per share. The Company has approximately 951,194 million shares (approximately 3 % of its 29.8 million shares outstanding), remaining to repurchase under its current authorization as of December 31, 2016. |
Associate (Employee) Benefit Pl
Associate (Employee) Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Associate (Employee) Benefit Plans | 13. ASSOCIATE (EMPLOYEE) BENEFIT PLANS Associate 401(k) Savings Plan Certain subsidiaries of ours maintain a qualified plan in which Associates may participate. Participants in the plan may elect to direct a portion of their wages into investment accounts that include professionally managed mutual and money market funds and our common stock. Generally, the principal and related earnings are tax deferred until withdrawn. We match a portion of the Associates’ contributions. As a result, our total cash contributions to the plan on behalf of our Associates resulted in an expense of $3.1 million, $2.6 million, and $2.2 million for 2016, 2015, and 2014, respectively. All contributions are invested in accordance with the Associates’ selection of investments. If Associates do not designate how discretionary contributions are to be invested, 100% will be invested in a balanced fund. Associates may generally make transfers to various other investment vehicles within the plan. The plan’s yearly activity includes net sales of 36,000, 25,000 and 2,000 of our common stock in 2016, 2015 and 2014 respectively. Postretirement Medical Benefits We share certain costs of providing health and life insurance benefits to eligible retired Associates and their eligible dependents. Prior to March 31, 2014, 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 had achieved ten years of service with us as of March 31, 2014. We account for our obligations under the provisions of ASC 715, Compensation - Retirement Benefits ASC 715 requires that we recognize the funded status of our defined benefit postretirement plan in our statement of financial position, with a corresponding adjustment to accumulated other comprehensive income, net of tax. The adjustment to accumulated other comprehensive income at adoption represented the net unrecognized actuarial losses and unrecognized transition obligation remaining from the initial adoption of ASC 715, all of which were previously netted against the plan’s funded status in our statement of financial position pursuant to the provisions of ASC 715. These amounts will be subsequently recognized as net periodic pension costs pursuant to our historical accounting policy for amortizing such amounts. Further, actuarial gains and losses that arise in subsequent periods, and are not recognized as net periodic pension cost in the same periods, will be recognized as a component of other comprehensive income. Those amounts will be subsequently recognized as a component of net periodic pension cost on the same basis as the amounts recognized in accumulated other comprehensive income at adoption of ASC 715. In accordance with ASC 715, during 2017 we expect to recognize $0.1 million of amortization related to the net actuarial gain, and $0.1 million relating to the net transition obligation. The following disclosures relating to postretirement medical benefits were measured at December 31: (Dollars in thousands) 2016 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 1,805 $ 2,266 $ 4,560 Service cost 58 59 195 Interest cost 76 89 195 Actuarial gain (68 ) (502 ) (1,611 ) Benefits paid (107 ) (107 ) (125 ) Plan change — — (948 ) Benefit obligation at end of year $ 1,764 $ 1,805 $ 2,266 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 107 107 125 Benefits paid (107 ) (107 ) (125 ) Fair value of plan assets at end of year $ — $ — $ — Funded status: Unfunded status $ (1,764 ) $ (1,805 ) $ (2,266 ) Total (income) loss recognized in other comprehensive income (1,701 ) (1,271 ) (1,367 ) Net amount recognized $ (3,465 ) $ (3,076 ) $ (3,633 ) Components of net periodic benefit cost: Service cost $ 58 $ 59 $ 195 Interest cost 76 89 195 Amortization of transition obligation (76 ) (76 ) (57 ) Net loss (gain) recognition 505 (20 ) 86 Net periodic benefit cost $ 563 $ 52 $ 419 Assumptions used to determine net periodic benefit cost: Discount rate 4.25 % 4.00 % 5.00 % Health care cost trend rate 5.00 % 5.00 % 5.00 % Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate 4.10 % 4.25 % 4.00 % Health care cost trend rate 5.00 % 5.00 % 5.00 % Ultimate trend rate 5.00 % 5.00 % 5.00 % Year of ultimate trend rate 2017 2016 2015 Estimated future benefit payments: The following table shows the expected future payments for the next 10 years: (Dollars in thousands) During 2017 $ 66 During 2018 65 During 2019 67 During 2020 67 During 2021 67 During 2022 through 2026 403 $ 735 We assume medical benefits will increase at an average rate of less than 10% per annum. The costs incurred for retirees’ health care are limited since certain current and all future retirees are restricted to an annual medical premium cap indexed (since 1995) by the lesser of 4% or the actual increase in medical premiums paid by us. For 2016, this annual premium cap amounted to $3,285 per retiree. We estimate that we will contribute approximately $3,416 per retiree to the plan during fiscal 2017. Alliance Associate Pension Plan During the fourth quarter of 2015, we completed the acquisition of Alliance and its wholly owned subsidiary, Alliance Bank, headquartered in Broomall, Pennsylvania. At the time of the acquisition we assumed Alliance pension plan offered to current associates. The plan’s benefit obligation and fair value of assets were $7.1 million and $7.4 million, respectively at December 31, 2015. The net amount recognized in 2016 was $0.2 million. No estimated net loss and prior service cost for the defined benefit pension plans will be amortized from the accumulated other comprehensive income into net periodic benefit cost over the next fiscal year. The following disclosures relating to Alliance pension benefits were measured at December 31: (Dollars in thousands) 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 7,148 Interest cost 301 Disbursements (374 ) Actuarial loss 442 Benefit obligation at end of year $ 7,517 Change in plan assets: Fair value of plan assets at beginning of year $ 7,397 Actual return on Plan Assets 518 Benefits paid (374 ) Administrative Expenses (37 ) Fair value of plan assets at end of year $ 7,504 Funded status: Unfunded status $ (7,517 ) Total (income) loss recognized in other comprehensive income 7,504 Net amount recognized $ (13 ) Components of net periodic benefit cost: Service cost $ 40 Interest cost 301 Expected return on plan assets (541 ) Net gain recognition (157 ) Net periodic benefit cost $ (357 ) Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate for Net Periodic Benefit Cost 4.00 % Salary Scale for Net Periodic Benefit Cost N/A Expected Return on Plan Assets 7.50 % Discount rate for Disclosure Obligations 4.00 % Salary Scale for Disclosure Obligations N/A Estimated future benefit payments: The following table shows the expected future payments for the next 10 years: (Dollars in thousands) During 2017 $ 313 During 2018 395 During 2019 319 During 2020 318 During 2021 436 During 2022 through 2026 2,744 $ 4,525 We have five additional plans which are no longer being provided to Associates: (1) a Supplemental Pension Plan with a corresponding liability of $0.8 million for December 31, 2016 and 2015; (2) an Early Retirement Window Plan with a corresponding liability of $0.2 million for December 31, 2016 and 2015; (3) a Director’s Plan with a corresponding asset of less than $0.1 million for December 31, 2016 and liability of less than $0.1 million for December 31, 2015; (4) a Supplemental Executive Retirement Plan with a corresponding liability of $1.8 million and $1.4 million for December 31, 2016 and December 31, 2015, respectively, and; (5) a Post-Retirement Medical Plan with a corresponding liability of $0.1 million for December 31, 2016 and 2015, respectively. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Taxes on Income | 14. TAXES ON INCOME The Company and its subsidiaries file a consolidated federal income tax return and separate state income tax returns. Our income tax provision consists of the following: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Current income taxes: Federal taxes $ 23,857 $ 24,237 $ 21,252 State and local taxes 3,847 3,805 3,215 Deferred income taxes: Federal taxes 5,135 2,283 (5,575 ) State and local taxes 235 (52 ) (89 ) Total $ 33,074 $ 30,273 $ 18,803 Current federal income taxes include taxes on income that cannot be offset by net operating loss carryforwards. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2016 and 2015: (Dollars in thousands) 2016 2015 Deferred tax assets: Unrealized losses on available-for-sale $ 4,170 $ 57 Allowance for loan losses 13,913 12,981 Purchase accounting adjustments—loans 8,339 4,597 Reserves and other accruals 14,010 14,147 Deferred gains 1,109 888 Net operating losses 352 785 Tax credits — 1,664 Derivatives 1,086 — Reverse mortgages 2,262 3,290 Total deferred tax assets before valuation allowance 45,241 38,409 Less: valuation allowance — — Total Deferred tax assets $ 45,241 $ 38,409 Deferred tax liabilities: Bad debt recapture $ (545 ) $ (954 ) Accelerated depreciation (1,049 ) (1,806 ) Other (497 ) (344 ) Prepaid expenses — (371 ) Deferred loan costs (1,079 ) (1,209 ) Intangibles (5,946 ) (4,876 ) Total deferred tax liabilities (9,116 ) (9,560 ) Net deferred tax asset $ 36,125 $ 28,849 Included in the table above is the effect of certain temporary differences for which no deferred tax expense or benefit was recognized. In 2016, such items consisted primarily of $4.2 million of unrealized losses on certain investments in debt and equity securities accounted for under ASC 320 along with $0.3 million of unrealized gains related to postretirement benefit obligations accounted for under ASC 715 and $1.1 million of unrealized losses on derivatives accounted for under ASC 815. In 2015, they consisted primarily of $0.1 million of unrealized losses on certain investments in debt and equity securities along with $0.2 million related to postretirement benefit obligations. Based on our history of prior earnings and our expectations of the future, it is anticipated that operating income and the reversal pattern of our temporary differences will, more likely than not, be sufficient to realize a net deferred tax asset of $36.1 million at December 31, 2016. As a result of the acquisition of Penn Liberty on August 12, 2016, we recorded a net deferred tax asset (DTA) of $7.4 million. Penn Liberty did not have any federal or state net operating loss (NOL) carryovers, and had $0.1 million of alternative minimum tax credit carryovers that have now been fully utilized. We expect to utilize all tax attributes acquired from Penn Liberty. As a result of the acquisition of Alliance in 2015, we recorded a DTA of $7.7 million. Included in this DTA are $1.1 million of federal NOL’s carryovers, $2.6 million of state NOL carryovers and $1.7 million of alternative minimum tax credit carryovers. Such federal NOL’s expire beginning in 2035 while the state NOLs expire in 2017. The tax credits have an indefinite life. Although there is a limitation on the amount of Alliance’s net operating loss deduction and tax credit utilization (and certain other deductions) that we can utilize each tax year, we have now fully utilized these tax attributes and, therefore, no valuation allowance has been recorded against the DTA. Retained earnings at December 31, 2015 include approximately $7.1 million, representing prior Alliance bad debt deductions, for which no deferred income taxes have been provided. As a result of the acquisition of the First National Bank of Wyoming (FNBW) in 2014, we recorded a net DTA of $3.1 million. Included in this DTA are $1.9 million of NOL carryovers and $0.3 million of alternative minimum tax credit carryovers. Such NOLs expire beginning in 2034, while the tax credits have an indefinite life. Although there is a limitation on the amount of FNBW’s net operating loss deduction (and certain other deductions) that we can utilize each tax year, we have now fully utilized these tax attributes and, therefore, no valuation allowance has been recorded against the DTA. A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows: Year Ended December 31, 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State tax, net of federal tax benefit 3.1 2.9 2.8 Nondeductible acquisition costs 0.2 0.7 0.2 Tax-exempt (2.1 ) (1.9 ) (2.0 ) Bank-owned life insurance income (0.3 ) (0.3 ) (0.3 ) Excess tax benefits from share-based compensation (1.4 ) — — Tax benefits from previously unconsolidated subsidiary (SASCO) — — (9.4 ) Federal tax credits, net of amortization (0.5 ) (0.5 ) (0.5 ) Other — 0.2 0.1 Effective tax rate 34.0 % 36.1 % 25.9 % As a result of the early adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, As a result of the consolidation for accounting purposes of the SASCO reverse mortgage securitization trust during 2013, a deferred tax asset of approximately $4.9 million was recorded. In addition we recorded a $1.8 million deferred tax liability associated with our investment in SASCO. However, because SASCO was not consolidated for income tax purposes, a full valuation allowance was also recorded on this DTA due to the uncertainty of its realization, as the realization was dependent on future taxable income. On January 27, 2014 the separate company SASCO tax structure was eliminated, which permits tax consolidation within the Bank’s tax return filings on a prospective basis. At this date, the uncertainty surrounding the realization of the DTA was eliminated. Accordingly, we removed the $4.9 million valuation allowance and eliminated the $1.8 million deferred tax liability, which resulted in an overall income tax benefit of $6.7 million in 2014. Finally, SASCO has $1.0 million of remaining Federal net operating losses that the Bank acquired upon SASCO’s liquidation. Such NOLs expire beginning in 2030 and, due to IRS limitations, $0.1 million are being utilized each year. Accordingly, we fully expect to utilize all of these NOLs. These are our only remaining NOLs. We have no state NOLs. We account for income taxes in accordance with ASC 740, Income Taxes Accounting for Income Taxes Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement 109 more-likely-than-not more-likely-than-not more-likely-than-not more-likely-than-not We record interest and penalties on potential income tax deficiencies as income tax expense. Federal tax years 2013 through 2016 remain subject to examination as of December 31, 2016, while tax years 2013 through 2016 remain subject to examination by state taxing jurisdictions. No federal or state income tax return examinations are currently in process. We do not expect to record or realize any material unrecognized tax benefits during 2017. ASC 740 prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. We recognize, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the financial statements. Assessment of uncertain tax positions under ASC 740 requires careful consideration of the technical merits of a position based on our analysis of tax regulations and interpretations. There are no longer any unrecognized tax benefits related to ASC 740 as of December 31, 2016 nor has there been any unrecognized tax benefit activity since December 31, 2012. 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 low-income The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the year ended December 31, 2016 were $1.5 million, $1.6 million and $0.4 million, respectively. The carrying value of the investment in affordable housing credits is $15.4 million at December 31, 2016, compared to $12.0 million at December 31, 2015. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 15. STOCK-BASED COMPENSATION Our Stock Incentive Plans provide for the granting of stock options, stock appreciation rights, performance awards, restricted stock and restricted stock unit awards, deferred stock units, and other awards that are payable in or valued by reference to our common shares. The number of shares reserved for issuance under our 2013 Incentive Plan (2013 Plan) is 2,096,535. At December 31, 2016, there were 639,410 shares available for future grants under the 2013 Plan. Generally, all awards become exercisable immediately in the event of a change in control, as defined within the Stock Incentive Plans. Total stock-based compensation expense recognized was $3.0 million ($2.0 million after tax) for 2016, $3.2 million ($2.2 million after tax) for 2015, and $3.7 million ($2.6 million after tax) for 2014. Stock-based compensation expense related to awards granted to Associates is recorded in Salaries, benefits and other compensation Other operating expense Stock Options Stock options are granted with an exercise price not less than the fair market value of our common stock on the date of the grant. With the exception of certain Non-Plan We determine the grant date fair value of stock options using the Black-Scholes option-pricing model. The model requires the use of numerous assumptions, many of which are subjective. Beginning in 2016, the expected term was derived from historical exercise patterns and represents the amount of time that stock options granted are expected to be outstanding. Other significant assumptions to determine 2016, 2015, and 2014 grant date fair value included volatility measured using the fluctuation in month end closing stock prices over a period which corresponds with the average expected option life; a weighted-average risk-free rate of return (zero coupon treasury yield); and a dividend yield indicative of our current dividend rate. The assumptions for options issued during 2016, 2015, and 2014 are presented below: 2016 2015 2014 Expected term (in years) 5.3 4.9 4.9 Volatility 29.6 % 25.0 % 29.0 % Weighted-average risk-free interest rate 1.25 % 1.54 % 0.97 % Dividend yield 0.80 % 0.76 % 0.67 % On April 25, 2013 stockholders approved a change in future compensation for Mark A. Turner, President and CEO. As a result, Mr. Turner was granted 750,000 non-statutory (“Non-Plan Additionally, in 2013, 450,000 incentive stock options were issued to certain executive officers of the Company under the 2013 Plan. These options have the same vesting schedule and exercise price as the Non-Plan Non-Plan A summary of the status of our options (including Non-Plan 2016 Shares Weighted- Weighted- Aggregate Stock Options: Outstanding at beginning of year 1,647,878 $ 17.08 3.74 $ 25,175 Granted 155,978 22.40 Exercised (250,939 ) 15.84 Forfeited (4,937 ) 14.85 Outstanding at end of year 1,547,980 17.83 3.17 44,153 Nonvested at end of year 704,421 19.08 5.23 19,212 Exercisable at end of year 843,899 16.78 $ 2.90 24,950 The weighted-average fair value of options granted was $7.84 in 2016, $5.73 in 2015 and $5.78 in 2014. The aggregate intrinsic value of options exercised was $5.0 million in 2016, $3.0 million in 2015, and $2.4 million in 2014. The following table provides information about our nonvested stock options outstanding at December 31, 2016: 2016 Shares Weighted- Weighted- Stock Options: Nonvested at beginning of period 1,028,142 $ 17.58 $ 4.85 Granted 155,978 22.40 7.84 Vested (477,675 ) 16.95 3.60 Forfeited (2,024 ) 15.21 4.70 Nonvested at end of period 704,421 $ 19.08 $ 5.23 The total amount of unrecognized compensation cost related to nonvested stock options as of December 31, 2016 was $2.1 million. The weighted-average period over which the expense is expected to be recognized is 1.5 years. During 2016, we recognized $1.7 million of compensation expense related to these awards. Restricted Stock and Restricted Stock Units Restricted stock awards (RSAs) and restricted stock units (RSUs) are granted at no cost to the recipient and generally vest over a four year period. All outstanding awards granted to senior executives vest over no less than a four year period. The 2013 Plan allows for awards with vesting periods less than four years subject to Board approval. RSA recipients are entitled to voting rights and generally entitled to dividends on the common stock during the vesting period. The fair value of RSAs and RSUs is equal to the fair value of the Company’s common stock on the date of grant. We recognize the expense related to RSAs and RSUs granted to Associates into salaries, benefits and other compensation expense and granted to directors into other operating expense on an accrual basis over the requisite service period for the entire award. When we award restricted stock to individuals from whom we may not receive services in the future, we recognize the expense of restricted stock grants when we make the award, instead of amortizing the expense over the vesting period of the award. Effective January 3, 2011, the Board approved a plan in which Marvin N. Schoenhals, Chairman of the Board, was granted 66,750 RSA’s with a five-year performance vesting schedule starting at the end of the second year following the grant date. These RSAs are subject to vesting in whole or in part based on the role that Mr. Schoenhals plays in establishing new business over a two year period of time that achieves over a two year period a result of at least a 50% return on investment of the cost of the restricted stock. We recognized compensation expense of $0.1 million related to this award in 2016. The Long-Term Performance-Based Restricted Stock Unit program (Long-Term Program) provided for awards up to an aggregate of 233,400 RSUs to participants, only after the achievement of targeted levels of return on assets (ROA) in any year through 2013. During 2013, the Company achieved the 1.00% ROA performance level. In accordance with the Long-Term Program, the Company issued 108,456 RSUs to the plan’s participants in 2014. The RSUs vest in 25% increments over four years and we recognize expense over the implicit service period associated with the performance condition. During 2016, we recognized $0.4 million of compensation expense related to this program. The weighted-average fair value of RSUs and RSAs granted was $29.94 in 2016, $26.13 in 2015, and $23.72 in 2014. The total amount of compensation cost to be recognized relating to nonvested restricted stock, including performance awards, as of December 31, 2016, was $1.7 million. The weighted-average period over which the cost is expected to be recognized is 2.7 years. During 2016, we recognized $0.8 million of compensation cost related to these awards. The following table summarizes the Company’s RSAs and RSUs, including performance awards, and changes during the year: Units Weighted Average Balance at December 31, 2015 171,834 $ 12.60 Granted 46,099 29.94 Vested (80,443 ) 17.48 Forfeited (1,898 ) 26.73 Balance at December 31, 2016 135,592 $ 25.33 The total fair value of RSUs and RSAs that vested was $1.4 million in 2016, $1.3 million in 2015, and $1.2 million in 2014. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. COMMITMENTS AND CONTINGENCIES Data Processing Operations We have entered into contracts to manage our network operations, data processing and other related services. The projected amounts of future minimum payments contractually due are as follows: (Dollars in thousands) Year Amount 2017 $ 4,687 2018 3,670 2019 3,553 2020 1,239 2021 — The expenses for data processing and operations for the year ending December 31, 2016 were $6.3 million, compared to $5.9 million for the year ended December 31, 2015 and $6.1 million for the year ended December 31, 2014. Legal Proceedings In the ordinary course of business, we are subject to legal actions that involve claims for monetary relief. See Note 23, for additional information. Financial Instruments With Off-Balance In the ordinary course of business, we are a party to financial instruments with off-balance Exposure to loss for commitments to extend credit and standby letters of credit written is represented by the contractual amount of those instruments. We generally require collateral to support such financial instruments in excess of the contractual amount of those instruments and use the same credit policies in making commitments as we do for on-balance The following represents a summary of off-balance year-end: December 31, (Dollars in thousands) 2016 2015 Financial instruments with contract amounts which represent potential credit risk: Construction loan commitments $ 189,940 $ 149,119 Commercial mortgage loan commitments 25,821 22,393 Commercial loan commitments 610,838 506,615 Commercial owner-occupied commitments 55,205 40,052 Commercial standby letters of credit 71,612 49,832 Residential mortgage loan commitments 1,636 2,218 Consumer loan commitments 259,501 189,392 Total $ 1,214,553 $ 959,621 At December 31, 2016, we had total commitments to extend credit of $1.21 billion. Commitments for consumer lines of credit were $259.5 million of which, $246.1 million were secured by real estate. Residential mortgage loan commitments generally have closing dates within a one-month Commitments provide for financing on predetermined terms as long as the customer continues to meet specific criteria. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. We evaluate each customer’s creditworthiness and obtain collateral based on our credit evaluation of the counterparty. Indemnifications Secondary Market Loan Sales Derivatives and Hedging (ASC:815) 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 an agreement to repurchase the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were no repurchases for the year ended December 31, 2016 and one repurchase totaling $0.4 million for the year ended December 31, 2015. Swap Guarantees. At December 31, 2016, there were 134 variable-rate to fixed-rate swap transactions between the third-party financial institutions and our customers. The initial notional aggregated amount was approximately $518.8 million, with maturities ranging from under one year to twenty years. The aggregate fair value of these swaps to the customers was a liability of $10.9 million as of December 31, 2016, of which 109 swaps, with a liability of $11.7 million, were in paying positions to a third party. We had no reserves for the swap guarantees as of December 31, 2016. At December 31, 2015, there were 119 variable-rate to fixed-rate swap transactions between the third-party financial institutions and our customers. The initial notional aggregated amount was approximately $481.6 million, with maturities ranging from under one year to ten years. The aggregate fair value of these swaps to the customers was a liability of $18.1 million as of December 31, 2015, with all 119 swaps, in paying positions to a third party. We had no reserves for the swap guarantees as of December 31, 2015 |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 17. FAIR VALUE DISCLOSURES Fair Value of Financial Assets and Liabilities ASC 820-10 820-10 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 December 31, 2016 and December 31, 2015 by valuation hierarchy (as described above): December 31, 2016 (Dollars in thousands) Description Quoted Significant Significant Total Fair Assets measured at fair value on a recurring basis: Available-for-sale CMO $ — $ 261,215 $ — $ 261,215 FNMA MBS — 405,764 — 405,764 FHLMC MBS — 63,515 — 63,515 GNMA MBS — 28,416 — 28,416 GSE — 35,010 — 35,010 Other investments 623 — — 623 Other assets — 1,508 — 1,508 Total assets measured at fair value on a recurring basis $ 623 $ 795,428 $ — $ 796,051 Liabilities measured at fair value on a recurring basis: Other liabilities $ — $ 3,380 $ — $ 3,380 Assets measured at fair value on a nonrecurring basis: Other real estate owned $ — $ — $ 3,591 $ 3,591 Loans held for sale — 54,782 — 54,782 Impaired loans — — 46,499 46,499 Total assets measured at fair value on a nonrecurring basis $ — $ 54,782 $ 50,090 $ 104,872 December 31, 2015 (Dollars in thousands) Description Quoted Significant Significant Total Fair Assets measured at fair value on a recurring basis: Available-for-sale CMO $ — $ 251,488 $ — $ 251,488 FNMA MBS — 318,471 — 318,471 FHLMC MBS — 99,442 — 99,442 GNMA MBS — 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 — — 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 2016 and 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 As of December 31, 2016 securities classified as available-for-sale 820-10 Other Assets Other assets include the fair value of derivatives on the residential mortgage HFS loan pipeline. The derivatives represent the amounts that would be required to settle our derivative financial instruments at the balance sheet date. Other Liabilities Other liabilities include the fair value of interest rate swaps and derivatives on the residential mortgage HFS loan pipeline. The fair value of our derivatives represents the amounts that would be required to settle our derivative financial instruments at the balance sheet date. 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 $51.6 million and $37.7 million at December 31, 2016 and December 31, 2015, respectively. The valuation allowance on impaired loans was $3.4 million as of December 31, 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 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 earlier in this note). Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type: commercial, commercial mortgages, construction, residential mortgages and consumer. For loans that reprice frequently, the book value approximates fair value. The fair values of other types of loans are estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are utilized if appraisals are not available. This technique does not contemplate an exit price. Reverse mortgage 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. 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 Other assets Other assets include 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 we purchased additional shares which are accounted for as non-marketable 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 $12.1 million as of December 31, 2016. Deposits The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using 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. Other Liabilities Other liabilities include interest rate swaps and derivatives on the residential mortgage HFS loan pipeline (See discussion earlier in this note). Off-balance The fair value of off-balance The book value and estimated fair value of our financial instruments are as follows: (Dollars in thousands) Fair Value Measurement 2016 2015 At December 31, Book Value Fair Value Book Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 821,923 $ 821,923 $ 561,179 $ 561,179 Investment securities available for sale See previous table 794,543 794,543 721,029 721,029 Investment securities held to maturity Level 2 164,346 163,232 165,862 167,743 Loans, held for sale See previous table 54,782 54,782 41,807 41,807 Loans, net (1) Level 2 4,375,293 4,278,380 3,693,964 3,637,714 Impaired loans, net See previous table 46,499 46,499 35,086 35,086 Reverse mortgages Level 3 22,583 22,583 24,284 24,284 Stock in Federal Home Loan Bank of Pittsburgh Level 2 38,248 38,248 30,519 30,519 Accrued interest receivable Level 2 17,027 17,027 14,040 14,040 Other assets Level 3 9,189 15,787 8,669 18,416 Financial liabilities: Deposits Level 2 $ 4,738,438 $ 4,423,921 $ 4,016,566 $ 3,791,606 Borrowed funds Level 2 1,267,447 1,264,170 934,211 935,230 Standby letters of credit Level 3 468 468 195 195 Accrued interest payable Level 2 1,151 1,151 801 801 (1) Excludes impaired loans, net. At December 31, 2016 and December 31, 2015 we had no commitments to extend credit measured at fair value. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 18. DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. Fair Values of Derivative Instruments The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Condition as of December 31, 2016. Fair Values of Derivative Instruments Liability Derivatives As of December 31, 2016 (Dollars in thousands) Count Notional Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Products 3 $ 75,000 Other Liabilities $ 2,858 Total derivatives designated as hedging instruments $ 2,858 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2016, such derivatives were used to hedge the variable cash flows associated with a forecasted issuance of debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2016, the Company’s did not record any hedge ineffectiveness. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that less than $0.1 million will be reclassified as an increase to interest expense. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 3 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). As of December 31, 2016, the Company had three outstanding interest rate derivatives with a notional of $75 million that was designated as a cash flow hedge of interest rate risk. Effect of Derivative Instruments on the Income Statement The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the twelve months ended December 31, 2016. Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) Location of (Loss) or Gain Derivatives in Cash Flow Hedging Relationships Twelve Months Ended December 31, (Dollars in thousands) 2016 2015 Interest Rate Products $ (2,890 ) $ — Interest expense Total $ (2,890 ) $ — Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well / adequate capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of December 31, 2016 the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $2.9 million. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $3.4 million against its obligations under these agreements. If the Company had breached any of these provisions at December 31, 2016, it could have been required to settle its obligations under the agreements at the termination value. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 19. RELATED PARTY TRANSACTIONS In the ordinary course of business, from time to time we enter into transactions with related parties, including, but not limited to, our officers and directors. These transactions are made on substantially the same terms and conditions, including interest rates and collateral requirements, as those prevailing at the same time for comparable transactions with other customers. They do not, in the opinion of management, involve greater than normal credit risk or include other unfavorable features. The outstanding balances of loans to related parties at December 31, 2016 and 2015 were $1.3 million and $1.9 million, respectively. Total deposits from related parties at December 31, 2016 and 2015 were $3.6 million and $2.0 million, respectively. During 2016, new loans and credit line advances to related parties totaled $1.5 million and repayments were $1.7 million. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 20. SEGMENT INFORMATION As defined in FASB ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Based on these criteria, we have identified three segments: WSFS Bank, Cash Connect, and Wealth Management. We evaluate segment performance based on pretax ordinary income relative to resources used, and allocate resources based on these results. The accounting policies applicable to our segments are those that apply to our preparation of the accompanying unaudited Consolidated Financial Statements 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. These departments share the same regulator, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Because of the following and other reasons, these departments are not considered discrete segments and are appropriately aggregated within the WSFS Bank segment in accordance with ASC 280. The Cash Connect segment provides ATM vault cash 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 The Wealth Management segment provides a broad array of fiduciary, investment management, credit and deposit products to clients through six 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. West Capital, a registered investment advisor, is a fee-only Segment information for the years ended December 31, 2016, 2015, and 2014 follows: For the Year Ended December 31, 2016: WSFS Bank Cash Wealth Total (Dollars in thousands) External customer revenues: Interest income $ 208,525 $ — $ 8,053 $ 216,578 Noninterest income 42,565 33,070 26,720 102,355 Total external customer revenues 251,090 33,070 34,773 318,933 Inter-segment revenues: Interest income 4,963 — 7,150 12,113 Noninterest income 8,145 835 118 9,098 Total inter-segment revenues 13,108 835 7,268 21,211 Total revenue 264,198 33,905 42,041 340,144 External customer expenses: Interest expense 22,028 — 805 22,833 Noninterest expenses 146,526 19,736 19,698 185,960 Provision for loan losses 9,370 — 3,616 12,986 Total external customer expenses 177,924 19,736 24,119 221,779 Inter-segment expenses Interest expense 7,150 2,915 2,048 12,113 Noninterest expenses 953 2,799 5,346 9,098 Total inter-segment expenses 8,103 5,714 7,394 21,211 Total expenses 186,027 25,450 31,513 242,990 Income before taxes $ 78,171 $ 8,455 $ 10,528 $ 97,154 Provision for income taxes 33,074 Consolidated net income $ 64,080 Cash and cash equivalents $ 100,893 $ 717,643 $ 3,387 $ 821,923 Goodwill 147,396 — 20,143 167,539 Other segment assets 5,545,611 3,533 226,664 5,775,808 Total segment assets at December 31, 2016 $ 5,793,900 $ 721,176 $ 250,194 $ 6,765,270 Capital expenditures $ 18,625 $ 769 $ 26 $ 19,420 For the Year Ended December 31, 2015: WSFS Bank Cash Wealth Total (Dollars in thousands) External customer revenues: Interest income $ 174,636 $ — $ 7,940 $ 182,576 Noninterest income 37,042 28,420 22,793 88,255 Total external customer revenues 211,678 28,420 30,733 270,831 Inter-segment revenues: Interest income 3,507 — 6,678 10,185 Noninterest income 7,988 873 96 8,957 Total inter-segment revenues 11,495 873 6,774 19,142 Total revenue 223,173 29,293 37,507 289,973 External customer expenses: Interest expense 15,155 — 621 15,776 Noninterest expenses 129,138 17,270 17,051 163,459 Provision for loan losses 7,476 — 314 7,790 Total external customer expenses 151,769 17,270 17,986 187,025 Inter-segment expenses Interest expense 6,678 1,547 1,960 10,185 Noninterest expenses 969 2,612 5,376 8,957 Total inter-segment expenses 7,647 4,159 7,336 19,142 Total expenses 159,416 21,429 25,322 206,167 Income before taxes $ 63,757 $ 7,864 $ 12,185 $ 83,806 Provision for income taxes 30,273 Consolidated net income $ 53,533 Cash and cash equivalents $ 65,663 $ 493,165 $ 2,351 $ 561,179 Goodwill 80,078 — 5,134 85,212 Other segment assets 4,745,752 — 192,576 4,938,328 Total segment assets at December 31, 2015 $ 4,891,493 $ 493,165 $ 200,061 $ 5,584,719 Capital expenditures $ 8,017 $ 1,729 $ 22 $ 9,768 For the Year Ended December 31, 2014: WSFS Bank Cash Wealth Total (Dollars in thousands) External customer revenues: Interest income $ 152,545 $ — $ 7,792 $ 160,337 Noninterest income 34,461 25,698 18,119 78,278 Total external customer revenues 187,006 25,698 25,911 238,615 Inter-segment revenues: Interest income 3,405 — 5,558 8,963 Noninterest income 6,814 804 114 7,732 Total inter-segment revenues 10,219 804 5,672 16,695 Total revenue 197,225 26,502 31,583 255,310 External customer expenses: Interest expense 15,409 — 421 15,830 Noninterest expenses 118,853 15,449 12,343 146,645 Provision for loan losses 2,938 — 642 3,580 Total external customer expenses 137,200 15,449 13,406 166,055 Inter-segment expenses Interest expense 5,558 1,384 2,021 8,963 Noninterest expenses 918 2,291 4,523 7,732 Total inter-segment expenses 6,476 3,675 6,544 16,695 Total expenses 143,676 19,124 19,950 182,750 Income before taxes $ 53,549 $ 7,378 $ 11,633 $ 72,560 Provision for income taxes 18,803 Consolidated net income $ 53,757 Cash and cash equivalents $ 73,395 $ 431,527 $ 3,117 $ 508,039 Goodwill 43,517 — 5,134 48,651 Other segment assets 4,107,212 2,006 187,412 4,296,630 Total segment assets at December 31, 2014 $ 4,224,124 $ 433,533 $ 195,663 $ 4,853,320 Capital expenditures $ 3,192 $ 1,531 $ 9 $ 4,732 |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Financial Information | 21. PARENT COMPANY FINANCIAL INFORMATION Condensed Statements of Financial Condition December 31, 2016 2015 (Dollars in thousands) Assets: Cash $ 103,018 $ 26,456 Investment in subsidiaries 795,676 667,587 Investment in Capital Trust III 2,011 2,011 Other assets 6,480 7,197 Total assets $ 907,185 $ 703,251 Liabilities: Trust preferred $ 67,011 $ 67,011 Senior debt 152,050 55,000 Interest payable 642 413 Other liabilities 146 356 Total liabilities 219,849 122,780 Stockholders’ equity: Common stock 580 560 Capital in excess of par value 329,457 256,435 Accumulated other comprehensive (loss)/income (7,617 ) 696 Retained earnings 627,078 570,630 Treasury stock (262,162 ) (247,850 ) Total stockholders’ equity 687,336 580,471 Total liabilities and stockholders’ equity $ 907,185 $ 703,251 Condensed Statements of Operations Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Income: Interest income $ 3,402 $ 1,780 $ 785 Noninterest income 68,498 30,180 74,125 71,900 31,960 74,910 Expenses: Interest expense 7,979 5,124 5,087 Other operating expenses 747 233 140 8,726 5,357 5,227 Income before equity in undistributed income of subsidiaries 63,174 26,603 69,683 Equity in undistributed (loss)/income of subsidiaries (779 ) 25,765 (17,437 ) Income before taxes 62,395 52,368 52,246 Income tax benefit 1,685 1,165 1,511 Net income allocable to common stockholders $ 64,080 $ 53,533 $ 53,757 Condensed Statements of Cash Flows Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Operating activities Net income $ 64,080 $ 53,533 $ 53,757 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed loss/(income) of subsidiaries 779 (25,765 ) 17,437 Decrease in other assets 133 3,925 4,217 Increase in other liabilities 655 405 203 Net cash provided by operating activities 65,647 32,098 75,614 Investing activities Payments for investment in and advances to subsidiaries (119 ) — (2,225 ) Sale or repayment of investments in and advances to subsidiaries 1,220 1,213 3,676 Net cash from business combinations (57,604 ) (23,096 ) (32,028 ) Investment in non-marketable (387 ) (3,589 ) — Net cash used for investing activities (56,890 ) (25,472 ) (30,577 ) Financing activities Repayment of long-term debt (10,000 ) — — Issuance of common stock 1,900 3,160 3,613 Issuance of senior debt 97,849 — — Repurchase of common stock warrants — — (6,300 ) Payments to repurchase common stock (14,312 ) (31,659 ) (2,686 ) Cash dividends paid (7,632 ) (6,002 ) (4,644 ) Net cash provided by (used for) financing activities 67,805 (34,501 ) (10,017 ) Increase/(decrease) in cash 76,562 (27,875 ) 35,020 Cash at beginning of period 26,456 54,331 19,311 Cash at end of period $ 103,018 $ 26,456 $ 54,331 |
Change in Accumulated Other Com
Change in Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income | 22. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income (loss) includes unrealized gains and losses on available-for-sale Changes to accumulated other comprehensive income (loss) by component are shown net of taxes in the following tables for the period indicated: (Dollars in thousands) Net change in Net change in to maturity Net change in Net change in fair value of for cash flow hedge Total Balance, December 31, 2013 $ (20,822 ) $ — $ (472 ) $ — $ (21,294 ) Other comprehensive income before reclassifications 21,911 2,207 — — 24,118 Less: Amounts reclassified from accumulated other comprehensive loss (643 ) — 1,319 — 676 Net current-period other comprehensive loss 21,268 2,207 1,319 — 24,794 Balance, December 31, 2014 $ 446 $ 2,207 $ 847 $ — $ 3,500 Other comprehensive loss before reclassifications (1,417 ) — (1,417 ) Less: Amounts reclassified from accumulated other comprehensive loss (916 ) (412 ) (59 ) — (1,387 ) Net current-period other comprehensive income (2,333 ) (412 ) (59 ) — (2,804 ) Balance, December 31, 2015 $ (1,887 ) $ 1,795 $ 788 $ — $ 696 Other comprehensive loss before reclassifications (4,838 ) — (1,772 ) (6,610 ) Less: Amounts reclassified from accumulated other comprehensive income (1,469 ) (403 ) 169 — (1,703 ) Net current-period other comprehensive loss (6,307 ) (403 ) 169 (1,772 ) (8,313 ) Balance, December 31, 2016 $ (8,194 ) $ 1,392 $ 957 $ (1,772 ) $ (7,617 ) Components of other comprehensive income that impact the statement of operations are presented in the table below. Twelve Months Ended Affected line item in Statements of Operations (Dollars in thousands) 2016 2015 2014 Securities available for sale: Realized gains on securities transactions $ (2,369 ) $ (1,478 ) $ (1,036 ) Securities gains, net Income taxes 900 562 393 Income tax provision Net of tax $ (1,469 ) $ (916 ) $ (643 ) Net unrealized holding gains on securities transferred between available-for-sale held-to-maturity: Amortization of net unrealized gains to income during the period $ (651 ) $ (646 ) $ — Interest income on investment securities Income taxes 248 234 — Income tax provision Net of tax $ (403 ) $ (412 ) $ — Amortization of Defined Benefit Pension Items: Prior service costs $ (76 ) $ (76 ) $ 891 Transition obligation — — 246 Actuarial losses 348 (20 ) 991 Total before tax $ 272 $ (96 ) $ 2,128 Salaries, benefits and other compensation Income taxes (103 ) 37 (809 ) Income tax provision Net of tax $ 169 $ (59 ) $ 1,319 Total reclassifications $ (1,703 ) $ (1,387 ) $ 676 |
Legal and Other Proceedings
Legal and Other Proceedings | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal and Other Proceedings | 23. LEGAL AND OTHER PROCEEDINGS In accordance with the current accounting standards for loss contingencies, we establish reserves for litigation-related matters that arise from the ordinary course of our business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. 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. Our Commercial loan portfolio continues to grow, both organically and due to our acquisitions of other financial institutions. Accordingly, the inherent litigation risks associated with this portfolio have continued to expand, due to the increased number of loans and complexity in the Commercial lending market. 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 that 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. SUBSEQUENT EVENTS We reviewed subsequent events and determined that no further disclosures or measurements were required. |
Quarterly Financial Summary
Quarterly Financial Summary | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Summary | QUARTERLY FINANCIAL SUMMARY (Unaudited) Three months ended 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 (Dollars in thousands, Except Per Share Data) Interest income $ 59,692 $ 55,337 $ 51,503 $ 50,046 $ 51,813 $ 44,857 $ 43,055 $ 42,851 Interest expense 6,738 6,316 5,089 4,690 3,917 3,860 3,965 4,034 Net interest income 52,954 49,021 46,414 45,356 47,896 40,997 39,090 38,817 Provision for loan losses 5,124 5,828 1,254 780 1,778 1,453 3,773 786 Net interest income after provision for loan losses 47,830 43,193 45,160 44,576 46,118 39,544 35,317 38,031 Noninterest income 27,587 26,849 24,849 23,070 23,037 21,665 22,458 21,095 Noninterest expenses 48,237 50,497 44,027 43,199 47,187 38,705 38,654 38,913 Income before taxes 27,180 19,545 25,982 24,447 21,968 22,504 19,121 20,213 Income tax provision 9,070 6,823 8,504 8,677 7,984 8,078 6,887 7,324 Net Income $ 18,110 $ 12,722 $ 17,478 $ 15,770 $ 13,984 $ 14,426 $ 12,234 $ 12,889 Earnings per share: Basic $ 0.58 $ 0.42 $ 0.59 $ 0.53 $ 0.47 $ 0.52 $ 0.43 $ 0.46 Diluted 0.56 0.41 0.58 0.52 0.46 0.51 0.43 0.45 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization | Organization WSFS Financial Corporation (the Company or as a consolidated institution, we, our or us) is a savings and loan holding company organized under the laws of the State of Delaware. Our principal wholly-owned subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), is a federal savings bank organized under the laws of the U.S. which, at December 31, 2016, served customers primarily from our 77 offices located in Delaware (46), Pennsylvania (29), Virginia (1), and Nevada (1) and through our website at www.wsfsbank.com In preparing the Consolidated Financial Statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions in 2017 could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. The accounting for the allowance for loan losses and reserves for lending related commitments, business combinations, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, reverse mortgage-related assets, income taxes and OTTI is subject to significant estimates. 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. |
Basis of Presentation | Basis of Presentation Our Consolidated Financial Statements include the accounts of the parent company and its consolidated subsidiaries, WSFS Bank, WSFS Wealth Management, LLC (Powdermill), WSFS Capital Management, LLC (West Capital) and Cypress. We also have one unconsolidated subsidiary, WSFS Capital Trust III (the Trust). WSFS Bank has three wholly-owned subsidiaries, WSFS Wealth Investments, 1832 Holdings, Inc. and Monarch. WSFS Wealth Investments markets various third-party insurance and securities products to Bank customers through the Bank’s retail banking system. 1832 Holdings, Inc. was formed to hold certain debt and equity investment securities. Monarch provides commercial domicile services which include providing employees, directors, subleases and registered agent services in Delaware and Nevada. Cypress was formed to provide asset management products and services. As a Wilmington-based investment advisory firm servicing high net worth individuals and institutions, it has approximately $677.9 million in assets under management at December 31, 2016, compared to approximately $637.8 million at December 31, 2015. WSFS Capital Trust III (the Trust) is our unconsolidated subsidiary, and was formed in 2005 to issue $67.0 million aggregate principal amount of Pooled Floating Rate Capital Securities. The proceeds from this issue were used to fund the redemption of $51.5 million of Floating Rate WSFS Capital Trust I Preferred Securities (formerly, WSFS Capital Trust I). WSFS Capital Trust I invested all of the proceeds from the sale of the Pooled Floating Rate Capital Securities in our Junior Subordinated Debentures. Whenever necessary, reclassifications have been made to the prior year’s Consolidated Financial Statements to conform to the current year’s presentation. All significant intercompany transactions were eliminated in consolidation. |
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 |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned |
Debt and Equity Securities | Debt and Equity Securities Investments in equity securities that have a readily determinable fair value and investments in debt securities are classified into three categories and accounted for as follows: • Debt securities with the positive intention to hold to maturity are classified as “held to maturity” and reported at amortized cost. • Debt and equity securities purchased with the intention of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. • Debt and equity securities not classified in either of the above are classified as “available-for-sale Debt and equity securities include MBS, municipal bonds, U.S. government and agency securities and certain equity securities. Premiums and discounts on MBS collateralized by residential 1-4 family loans are recognized in interest income using a level yield method over the period to expected maturity. Premiums and discounts on all other securities are recognized on a straight line basis over the period to expected maturity. The fair value of debt and equity securities is primarily obtained from third-party pricing services. Implicit in the valuation of MBS are estimated prepayments based on historical and current market conditions. We follow ASC 320-10 Investments - Debt and Equity Securities For additional detail regarding debt and equity securities, see Note 3. |
Reverse Mortgage Loans | Reverse Mortgage Loans We account for our investment in reverse mortgage loans in accordance with the instructions provided by the staff of the SEC entitled “Accounting for Pools of Uninsured Residential Reverse Mortgage Contracts,” which requires us to group the individual reverse mortgages into “pools” based on similar characteristics and recognize income based on the estimated effective yield of the pools. In computing the effective yield, we are required to project the cash inflows and outflows of the pool including actuarial projections of the life expectancy of the individual contract holder and changes in the collateral value of the residence. At each reporting date, a new economic forecast is made of the cash inflows and outflows of each pool of reverse mortgages. The effective yield of each pool is recomputed and income is adjusted to reflect the revised rate of return. Because of this highly specialized accounting, the recorded value of reverse mortgage loans can result in significant volatility associated with estimations. As a result, income recognition can vary significantly between reporting periods. For additional detail regarding reverse mortgage loans, see Note 7. |
Loans | Loans Loans are stated net of deferred fees and costs. Interest income on loans is recognized using the level yield method. Loan origination fees, commitment fees and direct loan origination costs are deferred and recognized over the life of the related loans using a level yield method over the period to maturity. A loan is impaired when, based on current information and events, it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans are measured based on the present value of expected future discounted cash flows, the market price of the loan or the fair value of the underlying collateral if the loan is collateral dependent. In addition, all loans restructured in a troubled debt restructuring are considered to be impaired. Impaired loans include loans within our commercial and industrial, owner occupied commercial, commercial mortgage, construction, residential and consumer portfolios. Our policy for recognition of interest income on impaired loans, excluding accruing loans, is the same as for nonaccrual loans discussed below. In addition to originating loans, we occasionally acquire loans through acquisitions or loan purchase transactions. Some of these acquired loans may exhibit deteriorated credit quality that has occurred since origination and we may not expect to collect all contractual payments. We account for these purchased credit-impaired loans in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality For additional detail regarding impaired loans, see Note 6 and for additional detail regarding purchased credit- impaired loans see Note 5. |
Past Due and Nonaccrual Loans | Past Due and Nonaccrual Loans Past due loans 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 in the process of collection. Nonaccruing loans are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the loan is not well secured and in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. In addition, the amortization 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 management’s assessment of the ultimate collectability of principal and interest. Loans are returned to an accrual status when we assess that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. including a consistent repayment record, generally six consecutive payments, has been demonstrated). For additional detail regarding past due and nonaccrual loans, see Note 6. |
Allowance for Loan Losses | Allowance for Loan Losses We maintain an allowance for loan losses (“allowance”) which represents our best estimate of probable losses within our loan portfolio. As losses are realized, they are charged to the allowance. We established our allowance in accordance with guidance provided in the SEC’s Staff Accounting Bulletin 102 , Selected Loan Loss Allowance Methodology and Documentation Issues Contingencies Receivables The general allowance is calculated on a pooled loan basis using both quantitative and qualitative factors in accordance with ASC 450. The specific allowance is calculated on an individual loan basis when collectability of all contractually due principal and interest is no longer believed to be probable. This calculation is in accordance with ASC 310-10. 310-30, 310-20. Impairment of troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective interest rate at inception or the fair value of the underlying collateral if the loan is collateral dependent. Troubled debt restructurings consist of concessions granted to borrowers facing financial difficulty. For additional detail regarding the allowance for loan losses and the provision for loan losses, see Note 6. |
Loans Held for Sale | Loans Held-for-Sale Loans held-for-sale are recorded at their fair value on a loan level. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned is recorded at the lower of the recorded investment in the loans or their fair value less estimated disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed fair value less estimated disposal costs. Costs relating to holding or disposing of the assets are charged to expense in the current period. We write-down the value of the assets when declines in fair value below the carrying value are identified. Loan workout and OREO For additional detail regarding other real estate owned, see Note 6 to the Consolidated Financial Statements. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Costs of major replacements, improvements and additions are capitalized. Depreciation expense is computed on a straight-line basis over the estimated useful lives of the assets or, for leasehold improvements, over the effective life of the related lease if less than the estimated useful life. In general, computer equipment, furniture and equipment and building renovations are depreciated over three, five and ten years, respectively. Premises and equipment acquired in business combinations are initially recorded at fair value and subsequently carried at cost less accumulated depreciation and amortization. For additional detail regarding the provision for premises and equipment, see Note 8. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets We account for intangible assets in accordance with ASC 805, Business Combinations Intangibles-Goodwill and Other Goodwill is not amortized and is subject to periodic impairment testing. We review goodwill for impairment annually and more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. Other intangible assets with finite lives are established through acquisitions and amortized over their estimated useful lives. We review other intangible assets with finite lives for impairment if events and circumstances indicate that the carrying value may not be recoverable. For additional information regarding our goodwill and intangible assets, see Notes 2 and 9. |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | Federal Funds Purchased and Securities Sold Under Agreements to Repurchase We enter into sales of securities under agreements to repurchase. Securities sold under agreements to repurchase are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Condition. The securities underlying the agreements are assets. Generally, federal funds are purchased for periods ranging up to 90 days. For additional detail regarding the Federal funds purchased and sold under agreements to repurchase, see Note 11. |
Income Taxes | Income Taxes The provision for income taxes includes federal, state and local income taxes currently payable and those deferred due to temporary differences between the financial statement basis and tax basis of assets and liabilities. We account for income taxes in accordance with FASB ASC 740, Income Taxes more-likely-than-not more-likely-than-not more-likely-than-not more-likely-than-not For additional detail regarding income taxes, see Note 14. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for in accordance with FASB ASC 718, Stock Compensation For additional detail regarding stock-based compensation, see Note 15. |
Earnings Per Share | Earnings Per Share The following table shows the computation of basic and diluted earnings per share: (Amounts in thousands, except per share data) 2016 2015 2014 Numerator: Net income $ 64,080 $ 53,533 $ 53,757 Denominator: Denominator for basic earnings per share - weighted average shares 30,276 28,435 27,218 Effect of dilutive employee stock options, restricted stock and warrants 810 508 690 Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercised 31,086 28,943 27,908 Earnings per share: Basic $ 2.12 $ 1.88 $ 1.98 Diluted $ 2.06 $ 1.85 $ 1.93 Outstanding common stock equivalents having no dilutive effect 18 83 127 |
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 2016-09 2016-09 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. 2014-12 In April 2015, the FASB issued ASU No 2015-03, Interest- Imputation of Interest (Subtopic 835-30) 2015-03 2015-03 2015-03 In February 2015, the FASB issued ASU No 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. No. 2015-02 Accounting Guidance Pending Adoption at December 31, 2016 In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers (Topic 606). Revenue Recognition. No. 2014-9 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. 2014-09 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers 2016-12, Narrow-Scope Improvements and Practical Expedients In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), 2016-01 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). right-of-use 2016-02 2016-02 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). 2016-06 815-15-25-24. catch-up one-time 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). 2016-07 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). 2016-08 2014-09, Revenue from Contracts with Customers 2014-09, 2016-8 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). 2016-13 available-for-sale In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15 In January 2017, the FASB issued ASU 2017-01, 2017-01 two-step In January 2017, the FASB issued ASU 2017-04, 2017-04 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share: (Amounts in thousands, except per share data) 2016 2015 2014 Numerator: Net income $ 64,080 $ 53,533 $ 53,757 Denominator: Denominator for basic earnings per share - weighted average shares 30,276 28,435 27,218 Effect of dilutive employee stock options, restricted stock and warrants 810 508 690 Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercised 31,086 28,943 27,908 Earnings per share: Basic $ 2.12 $ 1.88 $ 1.98 Diluted $ 2.06 $ 1.85 $ 1.93 Outstanding common stock equivalents having no dilutive effect 18 83 127 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Penn Liberty Financial Corporation [Member] | |
Summary of Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed | In connection with the merger, the consideration transferred 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 Transferred: Common shares issued (1,806,748), including replacement equity awards $ 68,352 Cash paid to Penn Liberty stock and option holders 40,549 Value of consideration 108,901 Assets acquired: Cash and due from banks 102,301 Investment securities 627 Loans 483,482 Premises and equipment 6,817 Deferred income taxes 7,422 Bank owned life insurance 8,666 Core deposit intangible 2,882 Other real estate owned 996 Other assets 10,645 Total assets 623,838 Liabilities assumed: Deposits 568,706 Other borrowings 10,000 Other liabilities 5,045 Total liabilities 583,751 Net assets acquired: 40,087 Goodwill resulting from acquisition of Penn Liberty $ 68,814 |
Schedule of Changes to Goodwill | The following table details the changes to goodwill recorded subsequent to acquisition: Fair Value Goodwill resulting from the acquisition of Penn Liberty established as of August 12, 2016 $ 65,206 Replacement equity awards 1,593 Deferred income taxes (970 ) Premise and equipment 547 Other assets (50 ) Other liabilities 2,488 Adjusted goodwill resulting from the acquisition of Penn Liberty as of December 31, 2016 $ 68,814 |
Alliance Bancorp, Inc. [Member] | |
Summary of Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed | In connection with the merger, the consideration transferred and the fair value of identifiable assets acquired and liabilities assumed, are summarized in the following table: (Dollars in thousands) Fair Value Consideration Transferred: 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 recorded subsequent to acquisition: (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 December 31, 2016 $ 34,929 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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 held-to-maturity (Dollars in thousands) Amortized Gross Gross Fair Value Available-for-sale December 31, 2016 GSE $ 35,061 $ 9 $ 60 $ 35,010 CMO 264,607 566 3,957 261,216 FNMA MBS 414,218 950 9,404 405,764 FHLMC MBS 64,709 135 1,330 63,514 GNMA MBS 28,540 303 427 28,416 Other investments 626 — 3 623 $ 807,761 $ 1,963 $ 15,181 $ 794,543 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 (Dollars in thousands) Amortized Gross Gross Fair Value Held-to-Maturity (1) December 31, 2016 State and political subdivisions $ 164,346 $ 271 $ 1,385 $ 163,232 December 31, 2015 State and political subdivisions $ 165,862 $ 1,943 $ 62 $ 167,743 (1) Held-to-maturity available-for-sale held-to-maturity held-to-maturity |
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 December 31, 2016 and December 31, 2015 are presented in the table below: Available for Sale (Dollars in thousands) Amortized Fair Value 2016 (1) (2) Within one year $ 16,009 $ 16,017 After one year but within five years 19,052 18,992 After five years but within ten years 276,635 270,300 After ten years 495,439 488,611 $ 807,135 $ 793,920 2015 (1) 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 (Dollars in thousands) Amortized Fair Value 2016 (1) Within one year $ — $ — After one year but within five years 6,168 6,162 After five years but within ten years 8,882 8,870 After ten years 149,296 148,200 $ 164,346 $ 163,232 2015 (1) 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) Actual maturities could differ from contractual maturities. (2) Included in the investment portfolio, but not in the table above, is a mutual fund with an amortized cost and fair value as of December 31, 2016 of $0.6 million and $0.6 million, respectively, 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 December 31, 2016. Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total (Dollars in thousands) Available-for-sale Fair Value Unrealized Fair Unrealized Fair Value Unrealized GSE $ 21,996 $ 60 $ — $ — $ 21,996 $ 60 CMO 160,572 3,867 4,654 90 165,226 3,957 FHLMC MBS 50,878 1,330 — — 50,878 1,330 FNMA MBS 300,403 9,404 — — 300,403 9,404 GNMA MBS 16,480 427 — — 16,480 427 Other investments 623 3 — — 623 3 Total temporarily impaired investments $ 550,952 $ 15,091 $ 4,654 $ 90 $ 555,606 $ 15,181 Less than 12 months 12 months or longer Total (Dollars in thousands) Held-to-maturity Fair Value Unrealized Fair Unrealized Fair Value Unrealized State and political subdivisions $ 112,642 $ 1,374 $ 695 $ 11 $ 113,337 $ 1,385 Total temporarily impaired investments $ 112,642 $ 1,374 $ 695 $ 11 $ 113,337 $ 1,385 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 December 31, 2015. Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale Value Loss Value Loss Value Loss 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 (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Held-to-maturity Value Loss Value Loss Value Loss State and political subdivisions $ 9,845 $ 62 $ — $ — $ 9,845 $ 62 Total temporarily impaired investments $ 9,845 $ 62 $ — $ — $ 9,845 $ 62 |
Acquired Credit Impaired Loans
Acquired Credit Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans | The following is the outstanding principal balance and carrying amounts for all acquired credit impaired loans for which the company applies ASC 310-30 (Dollars in thousands) December 31, 2016 December 31, 2015 Outstanding principal balance $ 41,574 $ 38,067 Carrying amount 33,104 32,568 Allowance for loan losses 510 132 |
Summary of Changes in Accretable Yield on Acquired Credit Impaired Loans | The following table presents the changes in accretable yield on all acquired credit impaired loans for the years indicated: (Dollars in thousands) Accretable Yield Balance as of December 31, 2014 $ 1,498 Addition from Alliance acquisition 2,334 Accretion (1,405 ) Reclassification from nonaccretable difference 3,054 Additions/adjustments (714 ) Disposals (3 ) Ending balance as of December 31, 2015 $ 4,764 Addition from Penn Liberty 1,473 Accretion (2,731 ) Reclassification from nonaccretable difference 2,352 Additions/adjustments (701 ) Disposals (7 ) Ending balance as of December 31, 2016 $ 5,150 |
Penn Liberty Financial Corporation [Member] | |
Schedule of Loans Acquired Through Merger in Accordance with FASB ASC 310-30 | The following table details the loans acquired through the Penn Liberty merger on August 12, 2016 that are accounted for in accordance with FASB ASC 310-30. (Dollars in thousands) August 12, 2016 Contractually required principal and interest at acquisition* $ 16,499 Contractual cash flows not expected to be collected (nonaccretable difference) 3,125 Expected cash flows at acquisition 13,374 Interest component of expected cash flows (accretable yield) 670 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 12,704 * The difference between $16.5 and the unpaid principal balance of $15.3 is contractual interest to be received. |
Alliance Bancorp, Inc. [Member] | |
Schedule of Loans Acquired Through Merger in Accordance with FASB ASC 310-30 | The following table details the loans acquired through the Alliance merger on October 9, 2015 that are accounted for in accordance with FASB ASC 310-30. (Dollars in thousands) October 9, 2015 Contractually required principal and interest at acquisition* $ 27,469 Contractual cash flows not expected to be collected (nonaccretable difference) 2,377 Expected cash flows at acquisition 25,092 Interest component of expected cash flows (accretable yield) 2,334 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 22,758 * The difference between $27.4 and the unpaid principal balance of $24.6 is contractual interest to be received. |
First Wyoming Financial Corporation [Member] | |
Schedule of Loans Acquired Through Merger in Accordance with FASB ASC 310-30 | The following table details the loans acquired through the FNBW merger on September 5, 2014 that are accounted for in accordance with FASB ASC 310-30. (Dollars in thousands) September 5, 2014 Contractually required principal and interest at acquisition* $ 27,086 Contractual cash flows not expected to be collected (nonaccretable difference) 7,956 Expected cash flows at acquisition 19,130 Interest component of expected cash flows (accretable yield) 1,790 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 17,340 * The difference between $27.1 and the unpaid principal balance of $24.2 is contractual interest to be received. |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of Loan Portfolio by Category | The following table details our loan portfolio by category: December 31, (Dollars in thousands) 2016 2015 Commercial and industrial $ 1,287,731 $ 1,061,597 Owner-occupied commercial 1,078,162 880,643 Commercial mortgages 1,163,554 966,698 Construction 222,712 245,773 Residential 267,028 259,679 Consumer 450,029 360,249 4,469,216 3,774,639 Less: Deferred fees, net 7,673 8,500 Allowance for loan losses 39,751 37,089 Net loans $ 4,421,792 $ 3,729,050 |
Allowance for Loan Losses and41
Allowance for Loan Losses and Credit Quality Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Allowance for Loan Losses and Loan Balances | following tables provide an analysis of the allowance for loan losses and loan balances as of and for the year ended December 31, 2016, December 31, 2015 and December 31, 2014: (Dollars in thousands) Commercial Owner- Commercial Construction Residential Consumer Complexity (1) Total Twelve months ended December 31, 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 (5,052 ) (1,556 ) (422 ) (57 ) (88 ) (6,152 ) — (13,327 ) Recoveries 594 117 322 484 254 1,232 — 3,003 Provision (credit) for loan losses 6,260 1,163 2,466 (1,117 ) (422 ) 4,989 (1,010 ) 12,329 Provision for acquired loans 381 194 62 7 34 (21 ) — 657 Ending balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ — $ 39,751 Period-end Loans individually evaluated for impairment $ 322 $ — $ 1,247 $ 217 $ 911 $ 198 $ — $ 2,895 Loans collectively evaluated for impairment 12,834 6,573 7,482 2,535 1,125 5,797 — 36,346 Acquired loans evaluated for impairment 183 15 186 86 23 17 — 510 Ending balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ — $ 39,751 Period-end Loans individually evaluated for impairment $ 2,266 $ 2,078 $ 9,898 $ 1,419 $ 13,547 $ 7,863 $ — $ 37,071 (2) Loans collectively evaluated for impairment 1,120,193 899,590 921,333 189,468 157,738 386,146 — 3,674,468 Acquired nonimpaired loans 159,089 164,372 221,937 28,131 94,883 55,651 — 724,063 Acquired impaired loans 6,183 12,122 10,386 3,694 860 369 — 33,614 Ending balance $ 1,287,731 $ 1,078,162 $ 1,163,554 $ 222,712 $ 267,028 $ 450,029 $ — $ 4,469,216 (3) (Dollars in thousands) Commercial Owner- Commercial Construction Residential Consumer Complexity (1) Total Twelve months ended December 31, 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 (6,303 ) (738 ) (1,135 ) (146 ) (548 ) (3,225 ) — (12,095 ) Recoveries 301 77 222 185 226 957 — 1,968 Provision (credit) for loan losses 4,241 665 (67 ) 852 76 2,183 (510 ) 7,440 Provision for acquired loans 80 23 201 34 4 8 — 350 Ending balance $ 11,156 $ 6,670 $ 6,487 $ 3,521 $ 2,281 $ 5,964 $ 1,010 $ 37,089 Period-end Loans individually evaluated for impairment $ 1,164 $ — $ — $ 211 $ 918 $ 199 $ — $ 2,492 Loans collectively evaluated for impairment 9,988 6,648 6,384 3,310 1,360 5,765 1,010 34,465 Acquired loans evaluated for impairment 4 22 103 — 3 — — 132 Ending balance $ 11,156 $ 6,670 $ 6,487 $ 3,521 $ 2,281 $ 5,964 $ 1,010 $ 37,089 Period-end Loans individually evaluated for impairment $ 5,680 $ 1,090 $ 3,411 $ 1,419 $ 15,548 $ 7,664 $ — $ 34,812 (2) Loans collectively evaluated for impairment 930,346 820,911 869,359 213,801 166,252 335,323 — 3,335,992 Acquired nonimpaired loans 112,586 53,954 83,415 27,009 76,929 17,255 — 371,148 Acquired impaired loans 12,985 4,688 10,513 3,544 950 7 — 32,687 Ending balance $ 1,061,597 $ 880,643 $ 966,698 $ 245,773 $ 259,679 $ 360,249 $ — $ 3,774,639 (3) (Dollars in thousands) Commercial Owner- Commercial Construction Residential Consumer Complexity (1) Total Twelve months ended December 31, 2014 Allowance for loan losses Beginning balance $ 12,751 $ 7,638 $ 6,932 $ 3,326 $ 3,078 $ 6,494 $ 1,025 $ 41,244 Charge-offs (3,587 ) (1,085 ) (425 ) (88 ) (811 ) (2,855 ) — (8,851 ) Recoveries 1,611 249 202 242 168 981 — 3,453 Provision (credit) for loan losses 2,062 (159 ) 507 (884 ) 88 1,339 495 3,448 Provision for acquired loans — — 50 — — 82 — 132 Ending balance $ 12,837 $ 6,643 $ 7,266 $ 2,596 $ 2,523 $ 6,041 $ 1,520 $ 39,426 Period-end Loans individually evaluated for impairment $ 3,034 $ 609 $ 319 $ 334 $ 790 $ 231 $ — $ 5,317 Loans collectively evaluated for impairment 9,803 6,034 6,947 2,262 1,733 5,810 1,520 34,109 Acquired loans evaluated for impairment — — — — — — — — Ending balance $ 12,837 $ 6,643 $ 7,266 $ 2,596 $ 2,523 $ 6,041 $ 1,520 $ 39,426 Period-end Loans individually evaluated for impairment $ 12,381 $ 2,474 $ 8,335 $ 1,419 $ 15,666 $ 6,376 $ — $ 46,651 (2) Loans collectively evaluated for impairment 872,398 743,680 753,451 127,324 184,788 312,539 — 2,994,180 Acquired nonimpaired loans 32,024 40,180 37,697 9,891 17,363 8,619 — 145,774 Acquired impaired loans 3,269 2,264 5,976 3,863 512 9 — 15,893 Ending balance $ 920,072 $ 788,598 $ 805,459 $ 142,497 $ 218,329 $ 327,543 $ — $ 3,202,498 (3) (1) Represents the portion of the allowance for loan losses established to account for the inherent complexity and uncertainty of estimates. (2) The difference between this amount and nonaccruing loans represents accruing troubled debt restructured loans which are considered to be impaired loans of $14.3 million at December 31, 2016, $13.6 million as of December 31, 2015 and $22.6 million at December 31, 2014. (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: At December 31, 2016 30–59 Days 60–89 Days Greater Than Past Due and Total Past And Still Accruing Acquired Nonaccrual Total Loans (Dollars in thousands) Commercial $ 1,507 $ 278 $ — $ 1,785 $ 1,277,748 $ 6,183 $ 2,015 $ 1,287,731 Owner-occupied commercial 116 540 — 656 1,063,306 12,122 2,078 1,078,162 Commercial mortgages 167 — — 167 1,143,180 10,386 9,821 1,163,554 Construction 132 — — 132 218,886 3,694 — 222,712 Residential 3,176 638 153 3,967 257,234 860 4,967 267,028 Consumer 392 346 285 1,023 444,642 369 3,995 450,029 Total (1) $ 5,490 $ 1,802 $ 438 $ 7,730 $ 4,404,996 $ 33,614 $ 22,876 $ 4,469,216 % of Total Loans 0.12 % 0.04 % 0.01 % 0.17 % 98.57 % 0.75 % 0.51 % 100.00 % (1) Balances in table above includes $724.1 million in acquired non-impaired At December 31, 2015 30–59 Days 60–89 Days Greater Than Past Due and Total Past And Still Accruing Acquired Nonaccrual Total Loans (Dollars in thousands) 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 % 100.00 % (1) Balances in table above includes $371.1 million in acquired non-impaired |
Analysis of Impaired Loans | The following tables provide an analysis of our impaired loans at December 31, 2016 and December 31, 2015: 2016 (Dollars in thousands) Ending Loans with (1) Loan with Related Contractual Average Commercial $ 4,250 $ 1,395 $ 2,855 $ 505 $ 5,572 $ 5,053 Owner-occupied commercial 4,650 2,078 2,572 15 5,129 3,339 Commercial mortgages 15,065 4,348 10,717 1,433 20,716 7,323 Construction 3,662 — 3,662 303 3,972 2,376 Residential 14,256 7,122 7,134 934 17,298 15,083 Consumer 8,021 6,561 1,460 215 11,978 7,910 Total (2) $ 49,904 $ 21,504 $ 28,400 $ 3,405 $ 64,665 $ 41,084 2015 (Dollars in thousands) Ending Loans (1) Loan 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 $ 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 $12.8 million in the ending loan balance and $15.0 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 at December 31: Commercial Credit Exposure Total Commercial (1) Commercial Owner-occupied Commercial Commercial Construction 2016 2015 (Dollars in thousands) 2016 2015 2016 2015 2016 2015 2016 2015 Amount % Amount % Risk Rating: Special mention $ 17,630 $ 5,620 $ 11,419 $ 9,535 $ 34,198 $ 12,323 $ — $ — $ 63,247 $ 27,478 Substandard: Accrual 45,067 33,883 19,871 22,901 239 2,547 2,193 8,296 67,370 67,627 Nonaccrual 1,693 4,164 2,078 1,090 8,574 3,326 — — 12,345 8,580 Doubtful/nonaccrual 322 1,164 — — 1,247 — — — 1,569 1,164 Total special mention and substandard 64,712 44,831 33,368 33,526 44,258 18,196 2,193 8,296 144,531 4 % 104,849 3 % Acquired impaired loans 6,183 12,985 12,122 4,688 10,386 10,513 3,694 3,544 32,385 1 % 31,730 1 % Pass 1,216,836 1,003,781 1,032,672 842,429 1,108,910 937,989 216,825 233,933 3,575,243 95 % 3,018,132 96 % Total $ 1,287,731 $ 1,061,597 $ 1,078,162 $ 880,643 $ 1,163,554 $ 966,698 $ 222,712 $ 245,773 $ 3,752,159 100 % $ 3,154,711 100 % (1) Table includes $573.5 million in acquired non-impaired |
Schedule of Consumer Credit Exposure | Consumer Credit Exposure Total Residential and Consumer (2) Residential Consumer 2016 2015 (Dollars in thousands) 2016 2015 2016 2015 Amount Percent Amount Percent Nonperforming (1) $ 13,547 $ 15,548 $ 7,863 $ 7,664 $ 21,410 3 % $ 23,212 4 % Acquired impaired loans 860 950 369 7 1,229 — % 957 — % Performing 252,621 243,181 441,797 352,578 694,418 97 % 595,759 96 % Total $ 267,028 $ 259,679 $ 450,029 $ 360,249 $ 717,057 100 % $ 619,928 100 % (1) Includes $12.4 million as of December 31, 2016 and $11.8 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 acquired non-impaired |
Summary of Balance of TDRs | The following table presents the balance of TDRs as of the indicated dates: (Dollars in thousands) December 31, December 31, Performing TDRs $ 14,336 $ 13,647 Nonperforming TDRs 8,451 10,983 $ 22,787 $ 24,630 |
Summary of Loan Modifications By Type | The following table presents information regarding the types of loan modifications made for the twelve months ended December 31, 2016: Contractual Maturity Discharged Other (1) Total Commercial — 2 — 1 3 Commercial mortgages — 2 — — 2 Residential — — 1 7 8 Consumer 12 — 2 — 14 12 4 3 8 27 (1) Other includes interest rate reduction and maturity date extension, forbearance, and interest only payments. |
Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated | The following table presents loans identified as TDRs during the twelve months ended December 31, 2016 and December 31, 2015: Twelve Months Ended December 31, (Dollars in thousands) 2016 2015 Pre Post Pre Post Commercial $ 1,407 $ 1,407 $ — $ — Owner-occupied commercial — — 577 577 Commercial mortgages 1,111 1,111 — — Residential 2,754 2,754 895 895 Consumer 873 873 1,615 1,615 $ 6,145 $ 6,145 $ 3,087 $ 3,087 |
Reverse Mortgage Loans (Tables)
Reverse Mortgage Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Banking [Abstract] | |
Summary of Estimated Cash Payments to Reverse Mortgagors | As of December 31, 2016, the Company’s actuarially estimated cash payments to reverse mortgagors are as follows: Year Ending 2017 $ 486 2018 383 2019 300 2020 231 2021 177 Years 2022 – 2026 399 Years 2027 – 2031 76 Years 2032 – 2036 11 Thereafter 1 Total (1) $ 2,064 (1) This table does not take into consideration cash inflow including payments from mortgagors or payoffs based on contractual terms. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Land, office buildings, leasehold improvements and furniture and equipment, at cost, are summarized by major classifications: December 31, 2016 2015 (Dollars in thousands) Land $ 2,916 $ 2,325 Buildings 7,391 6,878 Leasehold improvements 44,493 37,123 Furniture and equipment 40,099 31,824 94,899 78,150 Less: Accumulated depreciation 46,028 38,581 $ 48,871 $ 39,569 |
Summary of Future Minimum Cash Payments | Future minimum cash payments under these leases at December 31, 2016 are as follows: (Dollars in thousands) 2017 $ 10,546 2018 10,616 2019 10,466 2020 10,398 2021 10,104 Thereafter 167,365 Total future minimum lease payments $ 219,495 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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: (Dollars in thousands) WSFS Cash Wealth Consolidated December 31, 2014 43,517 — 5,134 48,651 Goodwill from business combinations 36,425 — — 36,425 Remeasurement adjustments 136 — — 136 December 31, 2015 80,078 — 5,134 85,212 Goodwill from business combinations 65,206 — 15,009 80,215 Remeasurement adjustments 2,112 — — 2,112 December 31, 2016 $ 147,396 $ — $ 20,143 $ 167,539 |
Summary of Other Intangible Assets | The following table summarizes other intangible assets: (Dollars in thousands) Gross Accumulated Net Amortization Period December 31, 2016 Core deposits $ 13,128 $ (5,630 ) $ 7,498 10 years Customer relationships 17,561 (2,612 ) 14,949 7-15 Non-compete 1,006 (728 ) 278 6 months- 5 years Loan servicing rights 1,708 (1,067 ) 641 10-30 Favorable lease asset 458 (116 ) 342 10 months-15 years Total other intangible assets $ 33,861 $ (10,153 ) $ 23,708 December 31, 2015 Core deposits $ 10,246 $ (4,512 ) $ 5,734 10 years Customer relationships 5,221 (1,754 ) 3,467 7-15 Non-compete 785 (384 ) 401 6 months- 3 years Loan servicing rights 1,430 (949 ) 481 15-30 Total other 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 2017 $ 3,008 2018 2,846 2019 2,777 2020 2,581 2021 2,246 Thereafter 10,250 Total $ 23,708 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits by Category, Including Summary of Remaining Time to Maturity for Time Deposits | The following is a summary of deposits by category, including a summary of the remaining time to maturity for time deposits: December 31, 2016 2015 (Dollars in thousands) Money market and demand: Noninterest-bearing demand $ 1,266,306 $ 958,238 Interest-bearing demand 935,333 784,619 Money market 1,257,520 1,090,050 Total money market and demand 3,459,159 2,832,907 Savings 547,293 439,918 Customer certificates of deposit by maturity: Less than one year 192,320 200,893 One year to two years 74,165 79,760 Two years to three years 32,687 25,256 Three years to four years 24,919 9,642 Over four years 8,533 17,449 Total customer time certificates 332,624 333,000 Jumbo certificates of deposit, by maturity: Less than one year 174,981 180,753 One year to two years 43,037 44,776 Two years to three years 20,655 15,256 Three years to four years 17,005 6,685 Over four years 4,882 6,541 Total jumbo certificates of deposit 260,560 254,011 Total customer deposits 4,599,636 3,859,836 Brokered deposits less than one year 138,802 156,730 Total deposits $ 4,738,438 $ 4,016,566 |
Interest Expense on Deposits by Category, Followed on Deposits | Interest expense on deposits by category follows: (Dollars in thousands) Year Ended December 31, 2016 2015 2014 Interest-bearing demand $ 1,119 $ 666 $ 611 Money market 3,343 2,466 1,478 Savings 655 289 234 Time deposits 3,303 3,057 4,060 Total customer interest expense 8,420 6,478 6,383 Brokered deposits 1,001 687 768 Total interest expense on deposits $ 9,421 $ 7,165 $ 7,151 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Borrowed Funds by Type | The following is a summary of borrowed funds by type, at or for the twelve months ended: (Dollars in thousands) Balance at Weighted Maximum Average Weighted December 31, 2016 FHLB advances $ 854,236 0.78 % $ 886,767 $ 735,975 0.67 % Federal funds purchased and securities sold under agreements to repurchase 130,000 0.79 130,000 112,150 0.54 Trust preferred borrowings 67,011 2.66 67,011 67,011 2.42 Senior debt 155,000 5.12 155,000 110,191 3.82 Other borrowed funds 64,150 0.09 64,150 21,335 0.09 December 31, 2015 FHLB advances $ 669,514 0.50 % $ 740,681 $ 621,024 0.48 % Federal funds purchased and securities sold under agreements to repurchase 128,200 0.45 135,550 119,290 0.30 Trust preferred borrowings 67,011 2.15 67,011 67,011 2.03 Senior debt 55,000 6.25 55,000 55,000 6.85 Other borrowed funds 14,486 0.09 16,808 15,227 0.09 |
Advances from FHLB with Rates | Advances from the FHLB with rates ranging from 0.60% to 1.23% at December 31, 2016 are due as follows: (Dollars in thousands) Amount Weighted 2017 $ 807,325 0.76 % 2018 46,911 1.07 $ 854,236 0.78 % |
Stockholders' Equity and Regu47
Stockholders' Equity and Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Capital Position | The following table presents the capital position of the Bank and the Company as of December 31, 2016 and 2015: Consolidated Bank For Capital Adequacy To Be Well-Capitalized (Dollars in thousands) Amount Percent Amount Percent Amount Percent As of December 31, 2016 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 663,892 11.93 % $ 445,376 8.00 % $ 556,720 10.00 % WSFS Financial Corporation 624,440 11.20 446,001 8.00 557,501 10.00 Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 623,167 11.19 334,032 6.00 445,376 8.00 WSFS Financial Corporation 583,715 10.47 334,501 6.00 446,001 8.00 Common Equity Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 623,167 11.19 250,524 4.50 361,868 6.50 WSFS Financial Corporation 518,856 9.31 250,875 4.50 362,376 6.50 Tier 1 Leverage Capital Wilmington Savings Fund Society, FSB 623,167 9.66 257,957 4.00 322,446 5.00 WSFS Financial Corporation 583,715 9.02 258,767 4.00 323,459 5.00 As of December 31, 2015 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 618,454 13.11 % $ 377,332 8.00 % $ 471,666 10.00 % WSFS Financial Corporation 595,996 12.62 377,948 8.00 N/A N/A Core Capital (to adjusted tangible assets) Wilmington Savings Fund Society, FSB 580,735 12.31 282,999 6.00 377,332 8.00 WSFS Financial Corporation 558,278 11.82 283,461 6.00 N/A N/A Tangible Capital (to tangible assets) Wilmington Savings Fund Society, FSB 580,735 12.31 212,249 4.50 306,583 6.50 WSFS Financial Corporation 494,571 10.47 212,596 4.50 N/A N/A Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 580,735 10.88 213,502 4.00 266,877 5.00 WSFS Financial Corporation 558,278 10.44 213,849 4.00 N/A N/A |
Associate (Employee) Benefit 48
Associate (Employee) Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | The following disclosures relating to postretirement medical benefits were measured at December 31: (Dollars in thousands) 2016 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 1,805 $ 2,266 $ 4,560 Service cost 58 59 195 Interest cost 76 89 195 Actuarial gain (68 ) (502 ) (1,611 ) Benefits paid (107 ) (107 ) (125 ) Plan change — — (948 ) Benefit obligation at end of year $ 1,764 $ 1,805 $ 2,266 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 107 107 125 Benefits paid (107 ) (107 ) (125 ) Fair value of plan assets at end of year $ — $ — $ — Funded status: Unfunded status $ (1,764 ) $ (1,805 ) $ (2,266 ) Total (income) loss recognized in other comprehensive income (1,701 ) (1,271 ) (1,367 ) Net amount recognized $ (3,465 ) $ (3,076 ) $ (3,633 ) Components of net periodic benefit cost: Service cost $ 58 $ 59 $ 195 Interest cost 76 89 195 Amortization of transition obligation (76 ) (76 ) (57 ) Net loss (gain) recognition 505 (20 ) 86 Net periodic benefit cost $ 563 $ 52 $ 419 Assumptions used to determine net periodic benefit cost: Discount rate 4.25 % 4.00 % 5.00 % Health care cost trend rate 5.00 % 5.00 % 5.00 % Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate 4.10 % 4.25 % 4.00 % Health care cost trend rate 5.00 % 5.00 % 5.00 % Ultimate trend rate 5.00 % 5.00 % 5.00 % Year of ultimate trend rate 2017 2016 2015 |
Estimated Future Benefit Payments | The following table shows the expected future payments for the next 10 years: (Dollars in thousands) During 2017 $ 66 During 2018 65 During 2019 67 During 2020 67 During 2021 67 During 2022 through 2026 403 $ 735 |
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | |
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | The following disclosures relating to Alliance pension benefits were measured at December 31: (Dollars in thousands) 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 7,148 Interest cost 301 Disbursements (374 ) Actuarial loss 442 Benefit obligation at end of year $ 7,517 Change in plan assets: Fair value of plan assets at beginning of year $ 7,397 Actual return on Plan Assets 518 Benefits paid (374 ) Administrative Expenses (37 ) Fair value of plan assets at end of year $ 7,504 Funded status: Unfunded status $ (7,517 ) Total (income) loss recognized in other comprehensive income 7,504 Net amount recognized $ (13 ) Components of net periodic benefit cost: Service cost $ 40 Interest cost 301 Expected return on plan assets (541 ) Net gain recognition (157 ) Net periodic benefit cost $ (357 ) Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate for Net Periodic Benefit Cost 4.00 % Salary Scale for Net Periodic Benefit Cost N/A Expected Return on Plan Assets 7.50 % Discount rate for Disclosure Obligations 4.00 % Salary Scale for Disclosure Obligations N/A |
Estimated Future Benefit Payments | The following table shows the expected future payments for the next 10 years: (Dollars in thousands) During 2017 $ 313 During 2018 395 During 2019 319 During 2020 318 During 2021 436 During 2022 through 2026 2,744 $ 4,525 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Our income tax provision consists of the following: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Current income taxes: Federal taxes $ 23,857 $ 24,237 $ 21,252 State and local taxes 3,847 3,805 3,215 Deferred income taxes: Federal taxes 5,135 2,283 (5,575 ) State and local taxes 235 (52 ) (89 ) Total $ 33,074 $ 30,273 $ 18,803 |
Schedule of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2016 and 2015: (Dollars in thousands) 2016 2015 Deferred tax assets: Unrealized losses on available-for-sale $ 4,170 $ 57 Allowance for loan losses 13,913 12,981 Purchase accounting adjustments—loans 8,339 4,597 Reserves and other accruals 14,010 14,147 Deferred gains 1,109 888 Net operating losses 352 785 Tax credits — 1,664 Derivatives 1,086 — Reverse mortgages 2,262 3,290 Total deferred tax assets before valuation allowance 45,241 38,409 Less: valuation allowance — — Total Deferred tax assets $ 45,241 $ 38,409 Deferred tax liabilities: Bad debt recapture $ (545 ) $ (954 ) Accelerated depreciation (1,049 ) (1,806 ) Other (497 ) (344 ) Prepaid expenses — (371 ) Deferred loan costs (1,079 ) (1,209 ) Intangibles (5,946 ) (4,876 ) Total deferred tax liabilities (9,116 ) (9,560 ) Net deferred tax asset $ 36,125 $ 28,849 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows: Year Ended December 31, 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State tax, net of federal tax benefit 3.1 2.9 2.8 Nondeductible acquisition costs 0.2 0.7 0.2 Tax-exempt (2.1 ) (1.9 ) (2.0 ) Bank-owned life insurance income (0.3 ) (0.3 ) (0.3 ) Excess tax benefits from share-based compensation (1.4 ) — — Tax benefits from previously unconsolidated subsidiary (SASCO) — — (9.4 ) Federal tax credits, net of amortization (0.5 ) (0.5 ) (0.5 ) Other — 0.2 0.1 Effective tax rate 34.0 % 36.1 % 25.9 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Assumptions for Options Issued | The assumptions for options issued during 2016, 2015, and 2014 are presented below: 2016 2015 2014 Expected term (in years) 5.3 4.9 4.9 Volatility 29.6 % 25.0 % 29.0 % Weighted-average risk-free interest rate 1.25 % 1.54 % 0.97 % Dividend yield 0.80 % 0.76 % 0.67 % |
Summary of Options Including Non-Plan Stock Options | A summary of the status of our options (including Non-Plan 2016 Shares Weighted- Weighted- Aggregate Stock Options: Outstanding at beginning of year 1,647,878 $ 17.08 3.74 $ 25,175 Granted 155,978 22.40 Exercised (250,939 ) 15.84 Forfeited (4,937 ) 14.85 Outstanding at end of year 1,547,980 17.83 3.17 44,153 Nonvested at end of year 704,421 19.08 5.23 19,212 Exercisable at end of year 843,899 16.78 $ 2.90 24,950 |
Schedule of Nonvested Stock Option Outstanding | The following table provides information about our nonvested stock options outstanding at December 31, 2016: 2016 Shares Weighted- Weighted- Stock Options: Nonvested at beginning of period 1,028,142 $ 17.58 $ 4.85 Granted 155,978 22.40 7.84 Vested (477,675 ) 16.95 3.60 Forfeited (2,024 ) 15.21 4.70 Nonvested at end of period 704,421 $ 19.08 $ 5.23 |
Schedule of RSAs and RSUs | The following table summarizes the Company’s RSAs and RSUs, including performance awards, and changes during the year: Units Weighted Average Balance at December 31, 2015 171,834 $ 12.60 Granted 46,099 29.94 Vested (80,443 ) 17.48 Forfeited (1,898 ) 26.73 Balance at December 31, 2016 135,592 $ 25.33 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Projected Amounts of Future Minimum Payments | The projected amounts of future minimum payments contractually due are as follows: (Dollars in thousands) Year Amount 2017 $ 4,687 2018 3,670 2019 3,553 2020 1,239 2021 — |
Summary of Off-Balance Sheet Financial Instruments | The following represents a summary of off-balance year-end: December 31, (Dollars in thousands) 2016 2015 Financial instruments with contract amounts which represent potential credit risk: Construction loan commitments $ 189,940 $ 149,119 Commercial mortgage loan commitments 25,821 22,393 Commercial loan commitments 610,838 506,615 Commercial owner-occupied commitments 55,205 40,052 Commercial standby letters of credit 71,612 49,832 Residential mortgage loan commitments 1,636 2,218 Consumer loan commitments 259,501 189,392 Total $ 1,214,553 $ 959,621 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and December 31, 2015 by valuation hierarchy (as described above): December 31, 2016 (Dollars in thousands) Description Quoted Significant Significant Total Fair Assets measured at fair value on a recurring basis: Available-for-sale CMO $ — $ 261,215 $ — $ 261,215 FNMA MBS — 405,764 — 405,764 FHLMC MBS — 63,515 — 63,515 GNMA MBS — 28,416 — 28,416 GSE — 35,010 — 35,010 Other investments 623 — — 623 Other assets — 1,508 — 1,508 Total assets measured at fair value on a recurring basis $ 623 $ 795,428 $ — $ 796,051 Liabilities measured at fair value on a recurring basis: Other liabilities $ — $ 3,380 $ — $ 3,380 Assets measured at fair value on a nonrecurring basis: Other real estate owned $ — $ — $ 3,591 $ 3,591 Loans held for sale — 54,782 — 54,782 Impaired loans — — 46,499 46,499 Total assets measured at fair value on a nonrecurring basis $ — $ 54,782 $ 50,090 $ 104,872 December 31, 2015 (Dollars in thousands) Description Quoted Significant Significant Total Fair Assets measured at fair value on a recurring basis: Available-for-sale CMO $ — $ 251,488 $ — $ 251,488 FNMA MBS — 318,471 — 318,471 FHLMC MBS — 99,442 — 99,442 GNMA MBS — 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 — — 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 Measurement 2016 2015 At December 31, Book Value Fair Value Book Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 821,923 $ 821,923 $ 561,179 $ 561,179 Investment securities available for sale See previous table 794,543 794,543 721,029 721,029 Investment securities held to maturity Level 2 164,346 163,232 165,862 167,743 Loans, held for sale See previous table 54,782 54,782 41,807 41,807 Loans, net (1) Level 2 4, 375,293 4,278,380 3,693,964 3,637,714 Impaired loans, net See previous table 46,499 46,499 35,086 35,086 Reverse mortgages Level 3 22,583 22,583 24,284 24,284 Stock in Federal Home Loan Bank of Pittsburgh Level 2 38,248 38,248 30,519 30,519 Accrued interest receivable Level 2 17,027 17,027 14,040 14,040 Other assets Level 3 9,189 15,787 8,669 18,416 Financial liabilities: Deposits Level 2 $ 4,738,438 $ 4,423,921 $ 4,016,566 $ 3,791,606 Borrowed funds Level 2 1,267,447 1,264,170 934,211 935,230 Standby letters of credit Level 3 468 468 195 195 Accrued interest payable Level 2 1,151 1,151 801 801 (1) Excludes impaired loans, net. |
Derivative Financial Instrume53
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Condition as of December 31, 2016. Fair Values of Derivative Instruments Liability Derivatives As of December 31, 2016 (Dollars in thousands) Count Notional Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Products 3 $ 75,000 Other Liabilities $ 2,858 Total derivatives designated as hedging instruments $ 2,858 |
Summary of Company's Derivative Financial Instruments | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the twelve months ended December 31, 2016. Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) Location of (Loss) or Gain Derivatives in Cash Flow Hedging Relationships Twelve Months Ended December 31, (Dollars in thousands) 2016 2015 Interest Rate Products $ (2,890 ) $ — Interest expense Total $ (2,890 ) $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Details of Segment Information | Segment information for the years ended December 31, 2016, 2015, and 2014 follows: For the Year Ended December 31, 2016: WSFS Bank Cash Wealth Total (Dollars in thousands) External customer revenues: Interest income $ 208,525 $ — $ 8,053 $ 216,578 Noninterest income 42,565 33,070 26,720 102,355 Total external customer revenues 251,090 33,070 34,773 318,933 Inter-segment revenues: Interest income 4,963 — 7,150 12,113 Noninterest income 8,145 835 118 9,098 Total inter-segment revenues 13,108 835 7,268 21,211 Total revenue 264,198 33,905 42,041 340,144 External customer expenses: Interest expense 22,028 — 805 22,833 Noninterest expenses 146,526 19,736 19,698 185,960 Provision for loan losses 9,370 — 3,616 12,986 Total external customer expenses 177,924 19,736 24,119 221,779 Inter-segment expenses Interest expense 7,150 2,915 2,048 12,113 Noninterest expenses 953 2,799 5,346 9,098 Total inter-segment expenses 8,103 5,714 7,394 21,211 Total expenses 186,027 25,450 31,513 242,990 Income before taxes $ 78,171 $ 8,455 $ 10,528 $ 97,154 Provision for income taxes 33,074 Consolidated net income $ 64,080 Cash and cash equivalents $ 100,893 $ 717,643 $ 3,387 $ 821,923 Goodwill 147,396 — 20,143 167,539 Other segment assets 5,545,611 3,533 226,664 5,775,808 Total segment assets at December 31, 2016 $ 5,793,900 $ 721,176 $ 250,194 $ 6,765,270 Capital expenditures $ 18,625 $ 769 $ 26 $ 19,420 For the Year Ended December 31, 2015: WSFS Bank Cash Wealth Total (Dollars in thousands) External customer revenues: Interest income $ 174,636 $ — $ 7,940 $ 182,576 Noninterest income 37,042 28,420 22,793 88,255 Total external customer revenues 211,678 28,420 30,733 270,831 Inter-segment revenues: Interest income 3,507 — 6,678 10,185 Noninterest income 7,988 873 96 8,957 Total inter-segment revenues 11,495 873 6,774 19,142 Total revenue 223,173 29,293 37,507 289,973 External customer expenses: Interest expense 15,155 — 621 15,776 Noninterest expenses 129,138 17,270 17,051 163,459 Provision for loan losses 7,476 — 314 7,790 Total external customer expenses 151,769 17,270 17,986 187,025 Inter-segment expenses Interest expense 6,678 1,547 1,960 10,185 Noninterest expenses 969 2,612 5,376 8,957 Total inter-segment expenses 7,647 4,159 7,336 19,142 Total expenses 159,416 21,429 25,322 206,167 Income before taxes $ 63,757 $ 7,864 $ 12,185 $ 83,806 Provision for income taxes 30,273 Consolidated net income $ 53,533 Cash and cash equivalents $ 65,663 $ 493,165 $ 2,351 $ 561,179 Goodwill 80,078 — 5,134 85,212 Other segment assets 4,745,752 — 192,576 4,938,328 Total segment assets at December 31, 2015 $ 4,891,493 $ 493,165 $ 200,061 $ 5,584,719 Capital expenditures $ 8,017 $ 1,729 $ 22 $ 9,768 For the Year Ended December 31, 2014: WSFS Bank Cash Wealth Total (Dollars in thousands) External customer revenues: Interest income $ 152,545 $ — $ 7,792 $ 160,337 Noninterest income 34,461 25,698 18,119 78,278 Total external customer revenues 187,006 25,698 25,911 238,615 Inter-segment revenues: Interest income 3,405 — 5,558 8,963 Noninterest income 6,814 804 114 7,732 Total inter-segment revenues 10,219 804 5,672 16,695 Total revenue 197,225 26,502 31,583 255,310 External customer expenses: Interest expense 15,409 — 421 15,830 Noninterest expenses 118,853 15,449 12,343 146,645 Provision for loan losses 2,938 — 642 3,580 Total external customer expenses 137,200 15,449 13,406 166,055 Inter-segment expenses Interest expense 5,558 1,384 2,021 8,963 Noninterest expenses 918 2,291 4,523 7,732 Total inter-segment expenses 6,476 3,675 6,544 16,695 Total expenses 143,676 19,124 19,950 182,750 Income before taxes $ 53,549 $ 7,378 $ 11,633 $ 72,560 Provision for income taxes 18,803 Consolidated net income $ 53,757 Cash and cash equivalents $ 73,395 $ 431,527 $ 3,117 $ 508,039 Goodwill 43,517 — 5,134 48,651 Other segment assets 4,107,212 2,006 187,412 4,296,630 Total segment assets at December 31, 2014 $ 4,224,124 $ 433,533 $ 195,663 $ 4,853,320 Capital expenditures $ 3,192 $ 1,531 $ 9 $ 4,732 |
Parent Company Financial Info55
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition December 31, 2016 2015 (Dollars in thousands) Assets: Cash $ 103,018 $ 26,456 Investment in subsidiaries 795,676 667,587 Investment in Capital Trust III 2,011 2,011 Other assets 6,480 7,197 Total assets $ 907,185 $ 703,251 Liabilities: Trust preferred $ 67,011 $ 67,011 Senior debt 152,050 55,000 Interest payable 642 413 Other liabilities 146 356 Total liabilities 219,849 122,780 Stockholders’ equity: Common stock 580 560 Capital in excess of par value 329,457 256,435 Accumulated other comprehensive (loss)/income (7,617 ) 696 Retained earnings 627,078 570,630 Treasury stock (262,162 ) (247,850 ) Total stockholders’ equity 687,336 580,471 Total liabilities and stockholders’ equity $ 907,185 $ 703,251 |
Condensed Statements of Operations | Condensed Statements of Operations Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Income: Interest income $ 3,402 $ 1,780 $ 785 Noninterest income 68,498 30,180 74,125 71,900 31,960 74,910 Expenses: Interest expense 7,979 5,124 5,087 Other operating expenses 747 233 140 8,726 5,357 5,227 Income before equity in undistributed income of subsidiaries 63,174 26,603 69,683 Equity in undistributed (loss)/income of subsidiaries (779 ) 25,765 (17,437 ) Income before taxes 62,395 52,368 52,246 Income tax benefit 1,685 1,165 1,511 Net income allocable to common stockholders $ 64,080 $ 53,533 $ 53,757 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Operating activities Net income $ 64,080 $ 53,533 $ 53,757 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed loss/(income) of subsidiaries 779 (25,765 ) 17,437 Decrease in other assets 133 3,925 4,217 Increase in other liabilities 655 405 203 Net cash provided by operating activities 65,647 32,098 75,614 Investing activities Payments for investment in and advances to subsidiaries (119 ) — (2,225 ) Sale or repayment of investments in and advances to subsidiaries 1,220 1,213 3,676 Net cash from business combinations (57,604 ) (23,096 ) (32,028 ) Investment in non-marketable (387 ) (3,589 ) — Net cash used for investing activities (56,890 ) (25,472 ) (30,577 ) Financing activities Repayment of long-term debt (10,000 ) — — Issuance of common stock 1,900 3,160 3,613 Issuance of senior debt 97,849 — — Repurchase of common stock warrants — — (6,300 ) Payments to repurchase common stock (14,312 ) (31,659 ) (2,686 ) Cash dividends paid (7,632 ) (6,002 ) (4,644 ) Net cash provided by (used for) financing activities 67,805 (34,501 ) (10,017 ) Increase/(decrease) in cash 76,562 (27,875 ) 35,020 Cash at beginning of period 26,456 54,331 19,311 Cash at end of period $ 103,018 $ 26,456 $ 54,331 |
Change in Accumulated Other C56
Change in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Changes to accumulated other comprehensive income (loss) by component are shown net of taxes in the following tables for the period indicated: (Dollars in thousands) Net change in Net change in to maturity Net change in Net change in fair value of for cash flow hedge Total Balance, December 31, 2013 $ (20,822 ) $ — $ (472 ) $ — $ (21,294 ) Other comprehensive income before reclassifications 21,911 2,207 — — 24,118 Less: Amounts reclassified from accumulated other comprehensive loss (643 ) — 1,319 — 676 Net current-period other comprehensive loss 21,268 2,207 1,319 — 24,794 Balance, December 31, 2014 $ 446 $ 2,207 $ 847 $ — $ 3,500 Other comprehensive loss before reclassifications (1,417 ) — (1,417 ) Less: Amounts reclassified from accumulated other comprehensive loss (916 ) (412 ) (59 ) — (1,387 ) Net current-period other comprehensive income (2,333 ) (412 ) (59 ) — (2,804 ) Balance, December 31, 2015 $ (1,887 ) $ 1,795 $ 788 $ — $ 696 Other comprehensive loss before reclassifications (4,838 ) — (1,772 ) (6,610 ) Less: Amounts reclassified from accumulated other comprehensive income (1,469 ) (403 ) 169 — (1,703 ) Net current-period other comprehensive loss (6,307 ) (403 ) 169 (1,772 ) (8,313 ) Balance, December 31, 2016 $ (8,194 ) $ 1,392 $ 957 $ (1,772 ) $ (7,617 ) |
Components of Other Comprehensive Income | Components of other comprehensive income that impact the statement of operations are presented in the table below. Twelve Months Ended Affected line item in Statements of Operations (Dollars in thousands) 2016 2015 2014 Securities available for sale: Realized gains on securities transactions $ (2,369 ) $ (1,478 ) $ (1,036 ) Securities gains, net Income taxes 900 562 393 Income tax provision Net of tax $ (1,469 ) $ (916 ) $ (643 ) Net unrealized holding gains on securities transferred between available-for-sale held-to-maturity: Amortization of net unrealized gains to income during the period $ (651 ) $ (646 ) $ — Interest income on investment securities Income taxes 248 234 — Income tax provision Net of tax $ (403 ) $ (412 ) $ — Amortization of Defined Benefit Pension Items: Prior service costs $ (76 ) $ (76 ) $ 891 Transition obligation — — 246 Actuarial losses 348 (20 ) 991 Total before tax $ 272 $ (96 ) $ 2,128 Salaries, benefits and other compensation Income taxes (103 ) 37 (809 ) Income tax provision Net of tax $ 169 $ (59 ) $ 1,319 Total reclassifications $ (1,703 ) $ (1,387 ) $ 676 |
Quarterly Financial Summary (Ta
Quarterly Financial Summary (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Summary | QUARTERLY FINANCIAL SUMMARY (Unaudited) Three months ended 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 (Dollars in thousands, Except Per Share Data) Interest income $ 59,692 $ 55,337 $ 51,503 $ 50,046 $ 51,813 $ 44,857 $ 43,055 $ 42,851 Interest expense 6,738 6,316 5,089 4,690 3,917 3,860 3,965 4,034 Net interest income 52,954 49,021 46,414 45,356 47,896 40,997 39,090 38,817 Provision for loan losses 5,124 5,828 1,254 780 1,778 1,453 3,773 786 Net interest income after provision for loan losses 47,830 43,193 45,160 44,576 46,118 39,544 35,317 38,031 Noninterest income 27,587 26,849 24,849 23,070 23,037 21,665 22,458 21,095 Noninterest expenses 48,237 50,497 44,027 43,199 47,187 38,705 38,654 38,913 Income before taxes 27,180 19,545 25,982 24,447 21,968 22,504 19,121 20,213 Income tax provision 9,070 6,823 8,504 8,677 7,984 8,078 6,887 7,324 Net Income $ 18,110 $ 12,722 $ 17,478 $ 15,770 $ 13,984 $ 14,426 $ 12,234 $ 12,889 Earnings per share: Basic $ 0.58 $ 0.42 $ 0.59 $ 0.53 $ 0.47 $ 0.52 $ 0.43 $ 0.46 Diluted 0.56 0.41 0.58 0.52 0.46 0.51 0.43 0.45 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
May 31, 2015$ / shares | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)SecuritiesSubsidiary$ / sharesOfficePaymentsshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015$ / sharesshares | |
Accounting Policies [Line Items] | |||||||
Number of banking offices | Office | 77 | ||||||
Number of unconsolidated subsidiary | Subsidiary | 1 | ||||||
Common stock, shares authorized | shares | 65,000,000 | 65,000,000 | 65,000,000 | ||||
Common stock, par value | $ / shares | $ 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 | ||||||
Number of securities are classified | Securities | 3 | ||||||
Minimum number of days principal or interest to be considered past due | 90 days | ||||||
Number of consecutive payments for borrower status to be normal, as per consistent repayment record | Payments | 6 | ||||||
Charges related to assets acquired through foreclosure | $ 100 | $ 300 | $ 700 | ||||
Maturity of federal funds purchased | 90 days | ||||||
Settlement of realized tax position | 50.00% | ||||||
Tax benefit recognized | $ (33,074) | (30,273) | (18,803) | ||||
Accounting Standards Update 2016-09 [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Tax benefit recognized | $ 700 | ||||||
Other Assets [Member] | Accounting Standards Update 2015-03 [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Unamortized debt issuance cost | 1,300 | $ 1,200 | |||||
Senior Debt [Member] | Accounting Standards Update 2015-03 [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Unamortized debt issuance cost | 1,300 | 1,200 | |||||
2012 Senior Debt Obligations [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Unamortized debt issuance costs related to senior debt | 1,300 | $ 1,200 | |||||
Scenario, Previously Reported [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Common stock, shares authorized | shares | 20,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.01 | ||||||
Computer Equipment [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Estimated useful life | 3 years | ||||||
Furniture and Equipment [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Estimated useful life | 5 years | ||||||
Building Renovations [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Estimated useful life | 10 years | ||||||
Residential Real Estate [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Charges related to assets acquired through foreclosure | $ 3,700 | ||||||
WSFS Capital Trust III [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Amount of aggregate principal issued | 67,000 | ||||||
Trust preferred securities redeemed | 51,500 | ||||||
Cypress [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Assets under management | $ 677,900 | 637,800 | |||||
WSFS Financial Corporation [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of wholly-owned subsidiaries | Subsidiary | 3 | ||||||
Tax benefit recognized | $ 1,685 | $ 1,165 | $ 1,511 | ||||
Delaware [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of banking offices | Office | 46 | ||||||
Pennsylvania [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of banking offices | Office | 29 | ||||||
Virginia [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of banking offices | Office | 1 | ||||||
Nevada [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of banking offices | Office | 1 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income | $ 18,110 | $ 12,722 | $ 17,478 | $ 15,770 | $ 13,984 | $ 14,426 | $ 12,234 | $ 12,889 | $ 64,080 | $ 53,533 | $ 53,757 |
Denominator: | |||||||||||
Denominator for basic earnings per share - weighted average shares | 30,276 | 28,435 | 27,218 | ||||||||
Effect of dilutive employee stock options, restricted stock and warrants | 810 | 508 | 690 | ||||||||
Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercised | 31,086 | 28,943 | 27,908 | ||||||||
Basic: | |||||||||||
Net income allocable to common shareholders | $ 0.58 | $ 0.42 | $ 0.59 | $ 0.53 | $ 0.47 | $ 0.52 | $ 0.43 | $ 0.46 | $ 2.12 | $ 1.88 | $ 1.98 |
Diluted: | |||||||||||
Net income allocable to common shareholders | $ 0.56 | $ 0.41 | $ 0.58 | $ 0.52 | $ 0.46 | $ 0.51 | $ 0.43 | $ 0.45 | $ 2.06 | $ 1.85 | $ 1.93 |
Outstanding common stock equivalents having no dilutive effect | 18 | 83 | 127 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 12, 2016USD ($)shares | Oct. 09, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)Branch | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill resulting from acquisition | $ 167,539 | $ 85,212 | $ 48,651 | ||
Salary and benefits | 95,983 | 83,908 | 76,387 | ||
Professional fees | 9,142 | 7,737 | 6,797 | ||
Marketing expense | 3,020 | 3,002 | 2,403 | ||
Data processing expense | 6,275 | 5,949 | 6,105 | ||
Occupancy costs | 16,646 | 15,121 | $ 14,192 | ||
Alliance Bancorp, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill resulting from acquisition | 34,929 | 36,425 | |||
Alliance Bancorp, Inc. [Member] | Core Deposits [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles | $ 2,600 | ||||
Amortized period | 10 years | ||||
Alliance Bancorp, Inc. [Member] | Non-compete Agreements [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles | $ 500 | ||||
Alliance Bancorp, Inc. [Member] | Non-compete Agreements [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortized period | 6 months | ||||
Alliance Bancorp, Inc. [Member] | Non-compete Agreements [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortized period | 18 months | ||||
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill resulting from acquisition | $ 34,929 | ||||
Cash paid to Alliance stockholders | $ 26,576 | ||||
Common stock shares issued | shares | 2,459,120 | ||||
Transaction value, cash and stock | $ 97,921 | ||||
Alliance Bancorp, Inc. [Member] | NASDAQ [Member] | Pennsylvania [Member] | |||||
Business Acquisition [Line Items] | |||||
Closing share price | $ / shares | $ 29.01 | ||||
Penn Liberty Financial Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill resulting from acquisition | 68,814 | $ 65,206 | |||
Penn Liberty Financial Corporation [Member] | Acquisition Related Costs [Member] | |||||
Business Acquisition [Line Items] | |||||
Integration expenses | 7,500 | ||||
Salary and benefits | 2,500 | ||||
Professional fees | 1,500 | ||||
Marketing expense | 1,100 | ||||
Data processing expense | 1,200 | ||||
Occupancy costs | $ 900 | ||||
Penn Liberty Financial Corporation [Member] | Pennsylvania [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of branch locations | Branch | 11 | ||||
Goodwill resulting from acquisition | $ 68,814 | ||||
Cash paid to Alliance stockholders | $ 40,549 | ||||
Common stock shares issued | shares | 1,806,748 | ||||
Transaction value, cash and stock | $ 108,901 | ||||
Penn Liberty Financial Corporation [Member] | Pennsylvania [Member] | Core Deposits [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles | $ 2,900 | ||||
Amortized period | 10 years |
Business Combinations - Summary
Business Combinations - Summary of Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Aug. 12, 2016 | Oct. 09, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities assumed: | |||||
Goodwill resulting from acquisition | $ 167,539 | $ 85,212 | $ 48,651 | ||
Penn Liberty Financial Corporation [Member] | |||||
Assets acquired: | |||||
Deferred income taxes | $ 7,400 | ||||
Liabilities assumed: | |||||
Goodwill resulting from acquisition | 68,814 | 65,206 | |||
Penn Liberty Financial Corporation [Member] | Pennsylvania [Member] | |||||
Consideration Transferred: | |||||
Common shares issued | 68,352 | ||||
Cash paid to stockholders | 40,549 | ||||
Value of consideration | 108,901 | ||||
Assets acquired: | |||||
Cash and due from banks | 102,301 | ||||
Investment securities | 627 | ||||
Loans | 483,482 | ||||
Premises and equipment | 6,817 | ||||
Deferred income taxes | 7,422 | ||||
Bank owned life insurance | 8,666 | ||||
Core deposit intangible | 2,882 | ||||
Other real estate owned | 996 | ||||
Other assets | 10,645 | ||||
Total assets | 623,838 | ||||
Liabilities assumed: | |||||
Deposits | 568,706 | ||||
Other borrowings | 10,000 | ||||
Other liabilities | 5,045 | ||||
Total liabilities | 583,751 | ||||
Net assets acquired | 40,087 | ||||
Goodwill resulting from acquisition | $ 68,814 | ||||
Alliance Bancorp, Inc. [Member] | |||||
Assets acquired: | |||||
Deferred income taxes | 7,700 | ||||
Core deposit intangible | 3,100 | ||||
Liabilities assumed: | |||||
Goodwill resulting from acquisition | $ 34,929 | $ 36,425 | |||
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | |||||
Consideration Transferred: | |||||
Common shares issued | $ 71,345 | ||||
Cash paid to 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 | $ 34,929 |
Business Combinations - Summa62
Business Combinations - Summary of Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - Pennsylvania [Member] - shares | Aug. 12, 2016 | Oct. 09, 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 |
Business Combinations - Schedul
Business Combinations - Schedule of Changes to Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Goodwill, Beginning balance | $ 85,212 |
Goodwill, Ending balance | 167,539 |
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) |
Penn Liberty Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Goodwill, Beginning balance | 65,206 |
Goodwill, Ending balance | 68,814 |
Penn Liberty Financial Corporation [Member] | Replacement Equity Awards [Member] | |
Business Acquisition [Line Items] | |
Effect of adjustments | 1,593 |
Penn Liberty Financial Corporation [Member] | Deferred Income Taxes [Member] | |
Business Acquisition [Line Items] | |
Effect of adjustments | (970) |
Penn Liberty Financial Corporation [Member] | Premise and Equipment [Member] | |
Business Acquisition [Line Items] | |
Effect of adjustments | 547 |
Penn Liberty Financial Corporation [Member] | Other Assets [Member] | |
Business Acquisition [Line Items] | |
Effect of adjustments | (50) |
Penn Liberty Financial Corporation [Member] | Other Liabilities [Member] | |
Business Acquisition [Line Items] | |
Effect of adjustments | $ 2,488 |
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 807,761 | $ 724,072 |
Gross Unrealized Gains | 1,963 | 2,619 |
Gross Unrealized Losses | 15,181 | 5,662 |
Fair Value | 794,543 | 721,029 |
Held-to-Maturity Securities, Amortized Cost | 164,346 | 165,862 |
Held-to-Maturity Securities, Fair Value | 163,232 | 167,743 |
CMO [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 264,607 | 253,189 |
Gross Unrealized Gains | 566 | 713 |
Gross Unrealized Losses | 3,957 | 2,414 |
Fair Value | 261,216 | 251,488 |
FNMA MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 414,218 | 320,105 |
Gross Unrealized Gains | 950 | 1,081 |
Gross Unrealized Losses | 9,404 | 2,715 |
Fair Value | 405,764 | 318,471 |
FHLMC MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 64,709 | 99,350 |
Gross Unrealized Gains | 135 | 405 |
Gross Unrealized Losses | 1,330 | 313 |
Fair Value | 63,514 | 99,442 |
GNMA MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 28,540 | 20,387 |
Gross Unrealized Gains | 303 | 420 |
Gross Unrealized Losses | 427 | 93 |
Fair Value | 28,416 | 20,714 |
Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 626 | |
Gross Unrealized Losses | 3 | |
Fair Value | 623 | |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | 164,346 | 165,862 |
Held-to-Maturity Securities, Gross Unrealized Gains | 271 | 1,943 |
Held-to-Maturity Securities, Gross Unrealized Losses | 1,385 | 62 |
Held-to-Maturity Securities, Fair Value | 163,232 | 167,743 |
GSE [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 35,061 | 31,041 |
Gross Unrealized Gains | 9 | |
Gross Unrealized Losses | 60 | 127 |
Fair Value | $ 35,010 | $ 30,914 |
Investment Securities - Sched65
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 | Dec. 31, 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 | $ 2.2 | $ 2.9 |
Investment Securities - Sched66
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale securities, amortized cost within one year | $ 16,009 | $ 3,997 |
Available-for-sale securities, amortized cost after one year but within five years | 19,052 | 30,009 |
Available-for-sale securities, amortized cost after five years but within ten years | 276,635 | 218,023 |
Available-for-sale securities, amortized cost after ten years | 495,439 | 472,043 |
Available-for-sale securities, amortized cost total | 807,135 | 724,072 |
Available-for-sale securities, fair value within one year | 16,017 | 3,995 |
Available-for-sale securities, fair value after one year but within five years | 18,992 | 29,840 |
Available-for-sale securities, fair value after five years but within ten years | 270,300 | 215,018 |
Available-for-sale securities, fair value after ten years | 488,611 | 472,176 |
Available-for-sale securities, fair value total | 793,920 | 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 | 6,168 | 3,465 |
Held-to-maturity securities, amortized cost after five years but within ten years | 8,882 | 7,939 |
Held-to-maturity securities, amortized cost after ten years | 149,296 | 152,972 |
Held-to-Maturity Securities, Amortized Cost | 164,346 | 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 | 6,162 | 3,456 |
Held-to-maturity securities, fair value after five years but within ten years | 8,870 | 8,045 |
Held-to-maturity securities, fair value after ten years | 148,200 | 154,754 |
Held-to-maturity securities, fair value total | $ 163,232 | $ 167,743 |
Investment Securities - Sched67
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | $ 807,761 | $ 724,072 |
Available for sale securities, fair value | 794,543 | $ 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 - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities pledged as collateral | $ 562,500,000 | $ 457,000,000 |
Proceeds from sale of investment securities | 201,800,000 | 192,800,000 |
Gains from sale of Available-for-sale securities | 2,400,000 | 1,500,000 |
Unamortized premiums | 18,000,000 | |
Unaccreted discounts | 400,000 | |
Owned investment securities | 668,900,000 | |
Total unrealized losses on securities | $ 16,600,000 | |
Weighted average duration of MBS portfolio | 5 years 4 months 24 days | |
Maximum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Losses from sale of Available-for-sale securities | 100,000 | |
Mortgage-Backed Securities ("MBS") [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI on evaluation of securities | $ 0 | $ 0 |
Investment Securities - Sched69
Investment Securities - Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | $ 550,952 | $ 430,729 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 15,091 | 4,710 |
Available-for-sale securities, 12 months or longer, Fair Value | 4,654 | 32,938 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 90 | 952 |
Available-for-sale securities, Total, Fair Value | 555,606 | 463,667 |
Available-for-sale securities, Total, Unrealized Loss | 15,181 | 5,662 |
Held-to-maturity securities, Less than 12 months, Fair Value | 112,642 | 9,845 |
Held-to-maturity securities, Less than 12 months, Unrealized Loss | 1,374 | 62 |
Held-to-maturity securities, 12 months or longer, Fair Value | 695 | |
Held-to-maturity securities, 12 months or longer, Unrealized Loss | 11 | |
Held-to-maturity securities, Total, Fair Value | 113,337 | 9,845 |
Held-to-maturity securities, Total, Unrealized Loss | 1,385 | 62 |
CMO [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 160,572 | 139,486 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 3,867 | 1,703 |
Available-for-sale securities, 12 months or longer, Fair Value | 4,654 | 26,536 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 90 | 711 |
Available-for-sale securities, Total, Fair Value | 165,226 | 166,022 |
Available-for-sale securities, Total, Unrealized Loss | 3,957 | 2,414 |
FNMA MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 300,403 | 214,465 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 9,404 | 2,715 |
Available-for-sale securities, Total, Fair Value | 300,403 | 214,465 |
Available-for-sale securities, Total, Unrealized Loss | 9,404 | 2,715 |
FHLMC MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 50,878 | 41,791 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 1,330 | 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 | 50,878 | 45,816 |
Available-for-sale securities, Total, Unrealized Loss | 1,330 | 313 |
GNMA MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 16,480 | 4,073 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 427 | 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 | 16,480 | 6,450 |
Available-for-sale securities, Total, Unrealized Loss | 427 | 93 |
Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 623 | |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 3 | |
Available-for-sale securities, Total, Fair Value | 623 | |
Available-for-sale securities, Total, Unrealized Loss | 3 | |
GSE [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 21,996 | 30,914 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 60 | 127 |
Available-for-sale securities, Total, Fair Value | 21,996 | 30,914 |
Available-for-sale securities, Total, Unrealized Loss | 60 | 127 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity securities, Less than 12 months, Fair Value | 112,642 | 9,845 |
Held-to-maturity securities, Less than 12 months, Unrealized Loss | 1,374 | 62 |
Held-to-maturity securities, 12 months or longer, Fair Value | 695 | |
Held-to-maturity securities, 12 months or longer, Unrealized Loss | 11 | |
Held-to-maturity securities, Total, Fair Value | 113,337 | 9,845 |
Held-to-maturity securities, Total, Unrealized Loss | $ 1,385 | $ 62 |
Acquired Credit Impaired Loan70
Acquired Credit Impaired Loans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 12, 2016 | Oct. 09, 2015 | Sep. 05, 2014 | |
Financing Receivable, Impaired [Line Items] | ||||||||||||||
Acquired credit impaired loans | $ 12,800 | $ 12,800 | ||||||||||||
Provision for loan loss | $ 5,124 | $ 5,828 | $ 1,254 | $ 780 | $ 1,778 | $ 1,453 | $ 3,773 | $ 786 | $ 12,986 | $ 7,790 | $ 3,580 | |||
Alliance Bancorp, Inc. [Member] | ||||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||||
Acquired credit impaired loans | $ 24,600 | |||||||||||||
First Wyoming Financial Corporation [Member] | ||||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||||
Acquired credit impaired loans | $ 24,200 | |||||||||||||
Penn Liberty Financial Corporation [Member] | ||||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||||
Acquired credit impaired loans | $ 14,000 | |||||||||||||
Impaired loans acquired date | Aug. 12, 2016 | |||||||||||||
Allowance for loan losses, description | Credit deterioration evident in the loans was included in the determination of the fair value of the loans at the acquisition date. | |||||||||||||
Provision for loan loss | $ 500 |
Acquired Credit Impaired Loan71
Acquired Credit Impaired Loans - Schedule of Loans Acquired Through Merger in Accordance with FASB ASC 310-30 (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Aug. 12, 2016 | Oct. 09, 2015 | Sep. 05, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Contractually required principal and interest at acquisition | $ 15,000 | $ 15,300 | $ 24,600 | $ 24,200 |
Alliance Bancorp, Inc. [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Contractually required principal and interest at acquisition | 27,469 | |||
Contractual cash flows not expected to be collected (nonaccretable difference) | 2,377 | |||
Expected cash flows at acquisition | 25,092 | |||
Interest component of expected cash flows (accretable yield) | 2,334 | |||
Fair value of acquired loans accounted for under FASB ASC 310-30 | 22,758 | |||
Expected cash flows at acquisition | $ 25,092 | |||
First Wyoming Financial Corporation [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Contractually required principal and interest at acquisition | 27,086 | |||
Contractual cash flows not expected to be collected (nonaccretable difference) | 7,956 | |||
Expected cash flows at acquisition | 19,130 | |||
Interest component of expected cash flows (accretable yield) | 1,790 | |||
Fair value of acquired loans accounted for under FASB ASC 310-30 | 17,340 | |||
Expected cash flows at acquisition | $ 19,130 | |||
Penn Liberty Financial Corporation [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Contractually required principal and interest at acquisition | 16,499 | |||
Contractual cash flows not expected to be collected (nonaccretable difference) | 3,125 | |||
Expected cash flows at acquisition | 13,374 | |||
Interest component of expected cash flows (accretable yield) | 670 | |||
Fair value of acquired loans accounted for under FASB ASC 310-30 | 12,704 | |||
Expected cash flows at acquisition | $ 13,374 |
Acquired Credit Impaired Loan72
Acquired Credit Impaired Loans - Schedule of Loans Acquired Through Merger in Accordance with FASB ASC 310-30 (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Aug. 12, 2016 | Oct. 09, 2015 | Sep. 05, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Contractual interest to be received | $ 15 | $ 15.3 | $ 24.6 | $ 24.2 |
Impaired Loans At Acquisition [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Contractual interest to be received on impaired loans | $ 16.5 | $ 27.4 | $ 27.1 |
Acquired Credit Impaired Loan73
Acquired Credit Impaired Loans - Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Outstanding principal balance | $ 41,574 | $ 38,067 |
Carrying amount | 33,104 | 32,568 |
Allowance for loan losses | $ 510 | $ 132 |
Acquired Credit Impaired Loan74
Acquired Credit Impaired Loans - Summary of Changes in Accretable Yield on Acquired Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 4,764 | $ 1,498 |
Accretion | (2,731) | (1,405) |
Reclassification from nonaccretable difference | 2,352 | 3,054 |
Additions/adjustments | (701) | (714) |
Disposals | (7) | (3) |
Ending balance | 5,150 | 4,764 |
Alliance Bancorp, Inc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | $ 2,334 | |
Penn Liberty Financial Corporation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | $ 1,473 |
Loans - Summary of Loan Portfol
Loans - Summary of Loan Portfolio by Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | $ 4,469,216 | $ 3,774,639 | $ 3,202,498 | |
Deferred fees, net | 7,673 | 8,500 | ||
Allowance for loan losses | 39,751 | 37,089 | 39,426 | $ 41,244 |
Net loans | 4,421,792 | 3,729,050 | ||
Consumer Loan Commitments [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 450,029 | 360,249 | 327,543 | |
Allowance for loan losses | 6,012 | 5,964 | 6,041 | 6,494 |
Commercial And Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,287,731 | 1,061,597 | ||
Owner- Occupied Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,078,162 | 880,643 | 788,598 | |
Allowance for loan losses | 6,588 | 6,670 | 6,643 | 7,638 |
Commercial Mortgages [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,163,554 | 966,698 | 805,459 | |
Allowance for loan losses | 8,915 | 6,487 | 7,266 | 6,932 |
Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 222,712 | 245,773 | 142,497 | |
Allowance for loan losses | 2,838 | 3,521 | $ 2,596 | $ 3,326 |
Residential (1-4 Family) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | $ 267,028 | $ 259,679 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans [Line Items] | ||
Nonaccruing loans | $ 22,900,000 | $ 21,200,000 |
Potential increase in net interest income | 1,200,000 | 900,000 |
Accrued interest receivable | 17,027,000 | 14,040,000 |
Loans Receivable [Member] | ||
Loans [Line Items] | ||
Accrued interest receivable | 13,000,000 | 10,400,000 |
First Mortgage [Member] | ||
Loans [Line Items] | ||
Amounts of loans serviced | 124,700,000 | 130,000,000 |
Fees from servicing of loans | 300,000 | 300,000 |
Value of servicing rights | 500,000 | 500,000 |
First Mortgage [Member] | Servicing Rights [Member] | ||
Loans [Line Items] | ||
Net losses | $ 200,000 | |
First Mortgage [Member] | Maximum [Member] | Servicing Rights [Member] | ||
Loans [Line Items] | ||
Net losses | 100,000 | |
SBA Loans {Member] | ||
Loans [Line Items] | ||
Value of servicing rights | $ 200,000 |
Allowance for Loan Losses and77
Allowance for Loan Losses and Credit Quality Information - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)SecurityLoanLoans | Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Net charge-offs | $ 10,300,000 | $ 10,100,000 | |||||||||
Percentage of average loans annualized, charged-offs | 0.25% | 0.29% | |||||||||
Troubled debt restructurings charged off | $ 400,000 | $ 200,000 | |||||||||
Incremental loan loss provision | $ 5,124,000 | $ 5,828,000 | $ 1,254,000 | $ 780,000 | $ 1,778,000 | $ 1,453,000 | $ 3,773,000 | $ 786,000 | 12,986,000 | 7,790,000 | $ 3,580,000 |
Loans downgraded to non-performing status | 13,327,000 | 12,095,000 | 8,851,000 | ||||||||
Interest income on impaired loans | $ 1,200,000 | 1,600,000 | |||||||||
Number of acquired loans classified as nonaccrual loans | Loans | 18 | ||||||||||
Carrying amount of acquired loans classified as nonaccrual loans | 3,800,000 | $ 3,800,000 | |||||||||
Troubled debt restructuring related reserves | 1,300,000 | 2,100,000 | 1,300,000 | $ 2,100,000 | |||||||
Usual sustained repayment performance period | 6 months | ||||||||||
Increase in allowance for loan losses | 100,000 | ||||||||||
Private Banking Credit Exposure [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Troubled debt restructurings charged off | 3,500,000 | ||||||||||
Incremental loan loss provision | 3,500,000 | ||||||||||
Loans downgraded to non-performing status | 4,000,000 | ||||||||||
Unsecured loan credit exposure | 3,500,000 | ||||||||||
Commercial and Industrial Loans [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Net charge-offs | 15,400,000 | ||||||||||
Troubled debt restructurings charged off | 4,200,000 | ||||||||||
Incremental loan loss provision | $ 3,000,000 | ||||||||||
Residential [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans downgraded to non-performing status | $ 88,000 | $ 548,000 | 811,000 | ||||||||
Number of residential loans in the process of foreclosure | SecurityLoan | 29 | 32 | |||||||||
Total loans outstanding, residential loans | $ 3,700,000 | $ 5,000,000 | |||||||||
Commercial [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans downgraded to non-performing status | $ 5,052,000 | $ 6,303,000 | $ 3,587,000 | ||||||||
Number of commercial loans | SecurityLoan | 7 | 3 | |||||||||
Total loans outstanding,commercial loans | $ 3,600,000 | $ 700,000 | $ 3,600,000 | $ 700,000 | |||||||
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 | ||||||||||
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 24 quarter look-back period. |
Allowance for Loan Losses and78
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 37,089 | $ 39,426 | $ 41,244 |
Charge-offs | (13,327) | (12,095) | (8,851) |
Recoveries | 3,003 | 1,968 | 3,453 |
Provision (credit) for loan losses | 12,329 | 7,440 | 3,448 |
Provision for acquired loans | 657 | 350 | 132 |
Ending balance | 39,751 | 37,089 | 39,426 |
Loans individually evaluated for impairment | 2,895 | 2,492 | 5,317 |
Loans collectively evaluated for impairment | 36,346 | 34,465 | 34,109 |
Acquired loans evaluated for impairment | 510 | 132 | |
Ending balance | 39,751 | 37,089 | 39,426 |
Loans individually evaluated for impairment | 37,071 | 34,812 | 46,651 |
Loans collectively evaluated for impairment | 3,674,468 | 3,335,992 | 2,994,180 |
Acquired nonimpaired loans | 724,063 | 371,148 | 145,774 |
Acquired impaired loans | 33,614 | 32,687 | 15,893 |
Ending balance | 4,469,216 | 3,774,639 | 3,202,498 |
Owner- Occupied Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 6,670 | 6,643 | 7,638 |
Charge-offs | (1,556) | (738) | (1,085) |
Recoveries | 117 | 77 | 249 |
Provision (credit) for loan losses | 1,163 | 665 | (159) |
Provision for acquired loans | 194 | 23 | |
Ending balance | 6,588 | 6,670 | 6,643 |
Loans individually evaluated for impairment | 609 | ||
Loans collectively evaluated for impairment | 6,573 | 6,648 | 6,034 |
Acquired loans evaluated for impairment | 15 | 22 | |
Ending balance | 6,588 | 6,670 | 6,643 |
Loans individually evaluated for impairment | 2,078 | 1,090 | 2,474 |
Loans collectively evaluated for impairment | 899,590 | 820,911 | 743,680 |
Acquired nonimpaired loans | 164,372 | 53,954 | 40,180 |
Acquired impaired loans | 12,122 | 4,688 | 2,264 |
Ending balance | 1,078,162 | 880,643 | 788,598 |
Commercial Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 6,487 | 7,266 | 6,932 |
Charge-offs | (422) | (1,135) | (425) |
Recoveries | 322 | 222 | 202 |
Provision (credit) for loan losses | 2,466 | (67) | 507 |
Provision for acquired loans | 62 | 201 | 50 |
Ending balance | 8,915 | 6,487 | 7,266 |
Loans individually evaluated for impairment | 1,247 | 319 | |
Loans collectively evaluated for impairment | 7,482 | 6,384 | 6,947 |
Acquired loans evaluated for impairment | 186 | 103 | |
Ending balance | 8,915 | 6,487 | 7,266 |
Loans individually evaluated for impairment | 9,898 | 3,411 | 8,335 |
Loans collectively evaluated for impairment | 921,333 | 869,359 | 753,451 |
Acquired nonimpaired loans | 221,937 | 83,415 | 37,697 |
Acquired impaired loans | 10,386 | 10,513 | 5,976 |
Ending balance | 1,163,554 | 966,698 | 805,459 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 3,521 | 2,596 | 3,326 |
Charge-offs | (57) | (146) | (88) |
Recoveries | 484 | 185 | 242 |
Provision (credit) for loan losses | (1,117) | 852 | (884) |
Provision for acquired loans | 7 | 34 | |
Ending balance | 2,838 | 3,521 | 2,596 |
Loans individually evaluated for impairment | 217 | 211 | 334 |
Loans collectively evaluated for impairment | 2,535 | 3,310 | 2,262 |
Acquired loans evaluated for impairment | 86 | ||
Ending balance | 2,838 | 3,521 | 2,596 |
Loans individually evaluated for impairment | 1,419 | 1,419 | 1,419 |
Loans collectively evaluated for impairment | 189,468 | 213,801 | 127,324 |
Acquired nonimpaired loans | 28,131 | 27,009 | 9,891 |
Acquired impaired loans | 3,694 | 3,544 | 3,863 |
Ending balance | 222,712 | 245,773 | 142,497 |
Estimation/Complexity Risk [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 1,010 | 1,520 | 1,025 |
Provision (credit) for loan losses | (1,010) | (510) | 495 |
Ending balance | 1,010 | 1,520 | |
Loans collectively evaluated for impairment | 1,010 | 1,520 | |
Ending balance | 1,010 | 1,520 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 11,156 | 12,837 | 12,751 |
Charge-offs | (5,052) | (6,303) | (3,587) |
Recoveries | 594 | 301 | 1,611 |
Provision (credit) for loan losses | 6,260 | 4,241 | 2,062 |
Provision for acquired loans | 381 | 80 | |
Ending balance | 13,339 | 11,156 | 12,837 |
Loans individually evaluated for impairment | 322 | 1,164 | 3,034 |
Loans collectively evaluated for impairment | 12,834 | 9,988 | 9,803 |
Acquired loans evaluated for impairment | 183 | 4 | |
Ending balance | 13,339 | 11,156 | 12,837 |
Loans individually evaluated for impairment | 2,266 | 5,680 | 12,381 |
Loans collectively evaluated for impairment | 1,120,193 | 930,346 | 872,398 |
Acquired nonimpaired loans | 159,089 | 112,586 | 32,024 |
Acquired impaired loans | 6,183 | 12,985 | 3,269 |
Ending balance | 1,287,731 | 1,061,597 | 920,072 |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 2,281 | 2,523 | 3,078 |
Charge-offs | (88) | (548) | (811) |
Recoveries | 254 | 226 | 168 |
Provision (credit) for loan losses | (422) | 76 | 88 |
Provision for acquired loans | 34 | 4 | |
Ending balance | 2,059 | 2,281 | 2,523 |
Loans individually evaluated for impairment | 911 | 918 | 790 |
Loans collectively evaluated for impairment | 1,125 | 1,360 | 1,733 |
Acquired loans evaluated for impairment | 23 | 3 | |
Ending balance | 2,059 | 2,281 | 2,523 |
Loans individually evaluated for impairment | 13,547 | 15,548 | 15,666 |
Loans collectively evaluated for impairment | 157,738 | 166,252 | 184,788 |
Acquired nonimpaired loans | 94,883 | 76,929 | 17,363 |
Acquired impaired loans | 860 | 950 | 512 |
Ending balance | 267,028 | 259,679 | 218,329 |
Consumer Loan Commitments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 5,964 | 6,041 | 6,494 |
Charge-offs | (6,152) | (3,225) | (2,855) |
Recoveries | 1,232 | 957 | 981 |
Provision (credit) for loan losses | 4,989 | 2,183 | 1,339 |
Provision for acquired loans | (21) | 8 | 82 |
Ending balance | 6,012 | 5,964 | 6,041 |
Loans individually evaluated for impairment | 198 | 199 | 231 |
Loans collectively evaluated for impairment | 5,797 | 5,765 | 5,810 |
Acquired loans evaluated for impairment | 17 | ||
Ending balance | 6,012 | 5,964 | 6,041 |
Loans individually evaluated for impairment | 7,863 | 7,664 | 6,376 |
Loans collectively evaluated for impairment | 386,146 | 335,323 | 312,539 |
Acquired nonimpaired loans | 55,651 | 17,255 | 8,619 |
Acquired impaired loans | 369 | 7 | 9 |
Ending balance | $ 450,029 | $ 360,249 | $ 327,543 |
Allowance for Loan Losses and79
Allowance for Loan Losses and Credit Quality Information - Schedule of Allowance for Loan Losses and Loan Balances (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | |||
Accrued troubled debt restructured loans | $ 14.3 | $ 13.6 | $ 22.6 |
Allowance for Loan Losses and80
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | $ 7,730 | $ 28,205 | |
Accruing Current Balances, Total | 4,404,996 | 3,692,582 | |
Acquired Impaired Loans, Total | 33,614 | 32,687 | $ 15,893 |
Nonaccrual Loans, Total | 22,876 | 21,165 | |
Total Loans | $ 4,469,216 | $ 3,774,639 | 3,202,498 |
30-59 Days Past Due and Still Accruing, % of Total Loans | 0.12% | 0.24% | |
60-89 Days Past Due and Still Accruing, % of Total Loans | 0.04% | 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 | 0.17% | 0.75% | |
Accruing Current Balances, % of Total Loans | 98.57% | 97.83% | |
Acquired Impaired Loans, % of Total Loans | 0.75% | 0.86% | |
Nonaccrual Loans, % of Total Loans | 0.51% | 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 | $ 1,785 | $ 14,311 | |
Accruing Current Balances, Total | 1,277,748 | 1,028,973 | |
Acquired Impaired Loans, Total | 6,183 | 12,985 | 3,269 |
Nonaccrual Loans, Total | 2,015 | 5,328 | |
Total Loans | 1,287,731 | 1,061,597 | 920,072 |
Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 3,967 | 6,135 | |
Accruing Current Balances, Total | 257,234 | 245,307 | |
Acquired Impaired Loans, Total | 860 | 950 | 512 |
Nonaccrual Loans, Total | 4,967 | 7,287 | |
Total Loans | 267,028 | 259,679 | 218,329 |
Consumer Loan Commitments [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 1,023 | 1,510 | |
Accruing Current Balances, Total | 444,642 | 354,599 | |
Acquired Impaired Loans, Total | 369 | 7 | 9 |
Nonaccrual Loans, Total | 3,995 | 4,133 | |
Total Loans | 450,029 | 360,249 | 327,543 |
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 | 5,490 | 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 | 1,507 | 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 | 3,176 | 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 | 392 | 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 | 1,802 | 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 | 278 | 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 | 638 | 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 | 346 | 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 | 438 | 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 | 153 | 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 | 285 | 252 | |
Owner- Occupied Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due and Still Accruing, Total | 656 | 5,816 | |
Accruing Current Balances, Total | 1,063,306 | 869,048 | |
Acquired Impaired Loans, Total | 12,122 | 4,688 | 2,264 |
Nonaccrual Loans, Total | 2,078 | 1,091 | |
Total Loans | 1,078,162 | 880,643 | 788,598 |
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 | 116 | 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 | 540 | 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 | 167 | 433 | |
Accruing Current Balances, Total | 1,143,180 | 952,426 | |
Acquired Impaired Loans, Total | 10,386 | 10,513 | 5,976 |
Nonaccrual Loans, Total | 9,821 | 3,326 | |
Total Loans | 1,163,554 | 966,698 | 805,459 |
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 | 167 | 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 | 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] | |||
30-59 Days Past Due and Still Accruing, Total | 132 | ||
Accruing Current Balances, Total | 218,886 | 242,229 | |
Acquired Impaired Loans, Total | 3,694 | 3,544 | 3,863 |
Total Loans | 222,712 | $ 245,773 | $ 142,497 |
Construction [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 | $ 132 |
Allowance for Loan Losses and81
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | |||
Acquired non-impaired loans | $ 724,063 | $ 371,148 | $ 145,774 |
Allowance for Loan Losses and82
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | $ 49,904 | $ 37,710 |
Loans with No Related Reserve | 21,504 | 20,983 |
Loans with Related Reserve | 28,400 | 16,727 |
Related Reserve | 3,405 | 2,624 |
Contractual Principal Balances | 64,665 | 64,406 |
Average Loan Balances | 41,084 | 42,555 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 4,250 | 6,137 |
Loans with No Related Reserve | 1,395 | 951 |
Loans with Related Reserve | 2,855 | 5,186 |
Related Reserve | 505 | 1,168 |
Contractual Principal Balances | 5,572 | 20,206 |
Average Loan Balances | 5,053 | 9,391 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 14,256 | 15,710 |
Loans with No Related Reserve | 7,122 | 9,034 |
Loans with Related Reserve | 7,134 | 6,676 |
Related Reserve | 934 | 920 |
Contractual Principal Balances | 17,298 | 18,655 |
Average Loan Balances | 15,083 | 15,264 |
Consumer Loan Commitments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 8,021 | 7,665 |
Loans with No Related Reserve | 6,561 | 6,498 |
Loans with Related Reserve | 1,460 | 1,167 |
Related Reserve | 215 | 200 |
Contractual Principal Balances | 11,978 | 9,353 |
Average Loan Balances | 7,910 | 6,801 |
Owner- Occupied Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 4,650 | 2,127 |
Loans with No Related Reserve | 2,078 | 1,090 |
Loans with Related Reserve | 2,572 | 1,037 |
Related Reserve | 15 | 22 |
Contractual Principal Balances | 5,129 | 2,947 |
Average Loan Balances | 3,339 | 2,111 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 15,065 | 4,652 |
Loans with No Related Reserve | 4,348 | 3,410 |
Loans with Related Reserve | 10,717 | 1,242 |
Related Reserve | 1,433 | 103 |
Contractual Principal Balances | 20,716 | 11,826 |
Average Loan Balances | 7,323 | 7,540 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 3,662 | 1,419 |
Loans with Related Reserve | 3,662 | 1,419 |
Related Reserve | 303 | 211 |
Contractual Principal Balances | 3,972 | 1,419 |
Average Loan Balances | $ 2,376 | $ 1,448 |
Allowance for Loan Losses and83
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Aug. 12, 2016 | Oct. 09, 2015 | Sep. 05, 2014 |
Receivables [Abstract] | ||||
Acquired impaired loans | $ 12.8 | |||
Contractual principal balance | $ 15 | $ 15.3 | $ 24.6 | $ 24.2 |
Allowance for Loan Losses and84
Allowance for Loan Losses and Credit Quality Information - Schedule of Commercial Credit Exposure (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 1,287,731 | $ 1,061,597 |
Special Mention [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 17,630 | 5,620 |
Accrual [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 45,067 | 33,883 |
Nonaccrual [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,693 | 4,164 |
Doubtful / Nonaccrual [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 322 | $ 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 | $ 64,712 | $ 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 | $ 6,183 | $ 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 | $ 1,216,836 | $ 1,003,781 |
Owner- Occupied Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,078,162 | 880,643 |
Owner- Occupied Commercial [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 11,419 | 9,535 |
Owner- Occupied Commercial [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 19,871 | 22,901 |
Owner- Occupied Commercial [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 2,078 | 1,090 |
Owner- Occupied Commercial [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 33,368 | 33,526 |
Owner- Occupied Commercial [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 12,122 | 4,688 |
Owner- Occupied Commercial [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,032,672 | 842,429 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,163,554 | 966,698 |
Commercial Mortgages [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 34,198 | 12,323 |
Commercial Mortgages [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 239 | 2,547 |
Commercial Mortgages [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 8,574 | 3,326 |
Commercial Mortgages [Member] | Doubtful / Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,247 | |
Commercial Mortgages [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 44,258 | 18,196 |
Commercial Mortgages [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 10,386 | 10,513 |
Commercial Mortgages [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,108,910 | 937,989 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 222,712 | 245,773 |
Construction [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 2,193 | 8,296 |
Construction [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 2,193 | 8,296 |
Construction [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,694 | 3,544 |
Construction [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 216,825 | 233,933 |
Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,752,159 | 3,154,711 |
Total Commercial [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 63,247 | 27,478 |
Total Commercial [Member] | Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 67,370 | 67,627 |
Total Commercial [Member] | Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 12,345 | 8,580 |
Total Commercial [Member] | Doubtful / Nonaccrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,569 | 1,164 |
Total Commercial [Member] | Total Special Mention and Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 144,531 | 104,849 |
Total Commercial [Member] | Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 32,385 | 31,730 |
Total Commercial [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 3,575,243 | $ 3,018,132 |
Allowance for Loan Losses and85
Allowance for Loan Losses and Credit Quality Information - Schedule of Commercial Credit Exposure (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired non-impaired loans | $ 724,063 | $ 371,148 | $ 145,774 |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired non-impaired loans | $ 573,500 | $ 277,000 |
Allowance for Loan Losses and86
Allowance for Loan Losses and Credit Quality Information - Schedule of Residential and Consumer Credit Exposure (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 4,469,216 | $ 3,774,639 | $ 3,202,498 |
Total | 100.00% | 100.00% | |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 267,028 | $ 259,679 | 218,329 |
Consumer Loan Commitments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 450,029 | 360,249 | $ 327,543 |
Nonperforming Financing Receivable [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 13,547 | 15,548 | |
Nonperforming Financing Receivable [Member] | Consumer Loan Commitments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 7,863 | 7,664 | |
Performing Financing Receivable [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 252,621 | 243,181 | |
Performing Financing Receivable [Member] | Consumer Loan Commitments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 441,797 | $ 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 | $ 860 | $ 950 | |
Acquired Impaired Loans [Member] | Consumer Loan Commitments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 369 | 7 | |
Total Residential and Consumer Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 717,057 | $ 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 | $ 21,410 | $ 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 | $ 694,418 | $ 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 | $ 1,229 | $ 957 |
Allowance for Loan Losses and87
Allowance for Loan Losses and Credit Quality Information - Schedule of Residential and Consumer Credit Exposure (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans of troubled debt restructured mortgages and home equity installment loans | $ 14,300 | $ 13,600 | $ 22,600 |
Acquired nonimpaired loans | 724,063 | 371,148 | $ 145,774 |
Total Residential and Consumer Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired nonimpaired loans | $ 150,500 | $ 94,200 |
Allowance for Loan Losses and88
Allowance for Loan Losses and Credit Quality Information - Summary of Balance of TDRs (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Balance of TDRs | $ 22,787 | $ 24,630 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Balance of TDRs | 14,336 | 13,647 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Balance of TDRs | $ 8,451 | $ 10,983 |
Allowance for Loan Losses and89
Allowance for Loan Losses and Credit Quality Information - Summary of Loan Modifications By Type (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 27 |
Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 3 |
Residential [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 8 |
Consumer Loan Commitments [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 14 |
Commercial Mortgages [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 2 |
Contractual Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 12 |
Contractual Interest Rate Reduction [Member] | Consumer Loan Commitments [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 12 |
Extended Maturity [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 4 |
Extended Maturity [Member] | Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 2 |
Extended Maturity [Member] | Commercial Mortgages [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 2 |
Principal Forgiveness [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 3 |
Principal Forgiveness [Member] | Residential [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 1 |
Principal Forgiveness [Member] | Consumer Loan Commitments [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 2 |
Other Modifications [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 8 |
Other Modifications [Member] | Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 1 |
Other Modifications [Member] | Residential [Member] | |
Financing Receivable, Modifications [Line Items] | |
Loan Modification Total | 7 |
Allowance for Loan Losses and90
Allowance for Loan Losses and Credit Quality Information - Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | ||
2016 Pre Modification | $ 6,145 | $ 3,087 |
Post Modification | 6,145 | 3,087 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
2016 Pre Modification | 1,407 | |
Post Modification | 1,407 | |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
2016 Pre Modification | 2,754 | 895 |
Post Modification | 2,754 | 895 |
Consumer Loan Commitments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
2016 Pre Modification | 873 | 1,615 |
Post Modification | 873 | 1,615 |
Owner- Occupied Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
2016 Pre Modification | 577 | |
Post Modification | $ 577 | |
Commercial Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
2016 Pre Modification | 1,111 | |
Post Modification | $ 1,111 |
Reverse Mortgage Loans - Additi
Reverse Mortgage Loans - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2011USD ($) | Dec. 31, 2016USD ($)Loans | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Reverse Mortgage Loan Activities [Line Items] | ||||
Income tax benefit | $ (33,074,000) | $ (30,273,000) | $ (18,803,000) | |
Consolidated mortgage investment | $ 22,600,000 | |||
Number of loans | Loans | 76 | |||
Average age of a mortgage backed securities borrower | 95 years | |||
Realizable collateral value of mortgage backed securities | $ 42,500,000 | |||
Forecasted housing prices increase rate | 2.50% | |||
Forecasted housing prices increase rate, following year and thereafter | 2.00% | |||
Internal rate of return | 19.91% | |||
Cash payments to reverse mortgages | $ 6,500,000 | |||
Decrease in income | $ 400,000 | |||
Reduction in collateral value | 1.00% | |||
Maximum [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Net present value increase (decrease) | $ 1,300,000 | |||
Increase (decrease) in present value of IRR | 1.00% | |||
Minimum [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Percentage of increase decrease in home value | 50.00% | |||
Net present value increase (decrease) | $ 1,300,000 | |||
Increase (decrease) in present value of IRR | (1.00%) | |||
Zero Collateral Value [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Internal rate of return | 19.22% | |||
Decrease in income | $ 800,000 | |||
Collateral Value Reduced by One Percent [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Internal rate of return | 19.16% | |||
SASCO 2002-RM1's Class O Securities [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Income tax benefit | $ 6,700,000 | |||
SASCO 2002-RM1's Class O Securities [Member] | Mortgage-Backed Securities ("MBS") [Member] | ||||
Reverse Mortgage Loan Activities [Line Items] | ||||
Trading securities, par value | $ 2,500,000 | |||
Investments purchase percentage | 100.00% |
Reverse Mortgage Loans - Summar
Reverse Mortgage Loans - Summary of Estimated Cash Payments to Reverse Mortgagors (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Mortgage Banking [Abstract] | |
2,017 | $ 486 |
2,018 | 383 |
2,019 | 300 |
2,020 | 231 |
2,021 | 177 |
Years 2022 - 2026 | 399 |
Years 2027 - 2031 | 76 |
Years 2032 - 2036 | 11 |
Thereafter | 1 |
Total | $ 2,064 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 94,899 | $ 78,150 |
Accumulated depreciation | 46,028 | 38,581 |
Property, plant and equipment, net | 48,871 | 39,569 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,916 | 2,325 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,391 | 6,878 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 44,493 | 37,123 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 40,099 | $ 31,824 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense of premises and equipment | $ 7,477 | $ 6,333 | $ 5,951 |
Rent expense of operating leases | $ 11,500 | $ 9,900 | $ 9,500 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases, lease terms | 1 year | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases, lease terms | 25 years | ||
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Furniture and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Building Renovations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years |
Premises and Equipment - Summ95
Premises and Equipment - Summary of Future Minimum Cash Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Property Plant and Equipment Useful Life and Values [Abstract] | |
2,017 | $ 10,546 |
2,018 | 10,616 |
2,019 | 10,466 |
2,020 | 10,398 |
2,021 | 10,104 |
Thereafter | 167,365 |
Total future minimum lease payments | $ 219,495 |
Goodwill and Intangible Asset96
Goodwill and Intangible Assets - Additional Information (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)SegmentSegments | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 167,539,000 | $ 85,212,000 | $ 167,539,000 | $ 85,212,000 | $ 48,651,000 |
Impairment losses related to goodwill | $ 0 | 0 | |||
Number of operating segments | Segment | 3 | ||||
Description of reporting units for operating segments | Our operating segments may contain one or more reporting units depending on economic characteristics, products and customers. | ||||
Amortization expense on other intangible assets | $ 2,438,000 | 1,847,000 | 1,263,000 | ||
Impairment of other intangible assets | 0 | 0 | |||
First Wyoming Financial Corporation [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 15,900,000 | 15,900,000 | |||
Alliance Bancorp, Inc. [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 34,929,000 | 36,425,000 | $ 34,929,000 | 36,425,000 | |
Intangible assets | $ 3,100,000 | 3,100,000 | |||
Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Number of Reporting units | Segments | 1 | ||||
WSFS Financial Corporation [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 147,400,000 | $ 147,400,000 | |||
Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense on other intangible assets | $ 2,400,000 | $ 2,000,000 | $ 1,300,000 |
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill, Beginning balance | $ 85,212 | $ 48,651 | |
Goodwill from business combinations | 80,215 | 36,425 | |
Remeasurement adjustments | 2,112 | 136 | $ 46 |
Goodwill, Ending balance | 167,539 | 85,212 | 48,651 |
WSFS Bank [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning balance | 80,078 | 43,517 | |
Goodwill from business combinations | 65,206 | 36,425 | |
Remeasurement adjustments | 2,112 | 136 | |
Goodwill, Ending balance | 147,396 | 80,078 | 43,517 |
Trust & Wealth Management [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning balance | 5,134 | 5,134 | |
Goodwill from business combinations | 15,009 | ||
Goodwill, Ending balance | $ 20,143 | $ 5,134 | $ 5,134 |
Goodwill and Intangibles - Summ
Goodwill and Intangibles - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 33,861 | $ 17,682 |
Accumulated Amortization | (10,153) | (7,599) |
Net Intangible Assets | 23,708 | 10,083 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 13,128 | 10,246 |
Accumulated Amortization | (5,630) | (4,512) |
Net Intangible Assets | $ 7,498 | $ 5,734 |
Amortization Period | 10 years | 10 years |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 17,561 | $ 5,221 |
Accumulated Amortization | (2,612) | (1,754) |
Net Intangible Assets | $ 14,949 | $ 3,467 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 7 years | 7 years |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 15 years | 15 years |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 1,006 | $ 785 |
Accumulated Amortization | (728) | (384) |
Net Intangible Assets | $ 278 | $ 401 |
Non-compete Agreements [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 6 months | 6 months |
Non-compete Agreements [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 5 years | 3 years |
Loan Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 1,708 | $ 1,430 |
Accumulated Amortization | (1,067) | (949) |
Net Intangible Assets | $ 641 | $ 481 |
Loan Servicing Rights [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years | 15 years |
Loan Servicing Rights [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 30 years | 30 years |
Favorable Lease Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 458 | |
Accumulated Amortization | (116) | |
Net Intangible Assets | $ 342 | |
Favorable Lease Asset [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 months | |
Favorable Lease Asset [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 15 years |
Goodwill and Intangibles - Sc99
Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 3,008 | |
2,018 | 2,846 | |
2,019 | 2,777 | |
2,020 | 2,581 | |
2,021 | 2,246 | |
Thereafter | 10,250 | |
Net Intangible Assets | $ 23,708 | $ 10,083 |
Deposits - Deposits by Category
Deposits - Deposits by Category, Including Summary of Remaining Time to Maturity for Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Time Deposits [Line Items] | ||
Noninterest-bearing demand | $ 1,266,306 | $ 958,238 |
Interest-bearing demand | 935,333 | 784,619 |
Money market | 1,257,520 | 1,090,050 |
Total money market and demand | 3,459,159 | 2,832,907 |
Savings | 547,293 | 439,918 |
Less than one year | 192,320 | 200,893 |
One year to two years | 74,165 | 79,760 |
Two years to three years | 32,687 | 25,256 |
Three years to four years | 24,919 | 9,642 |
Over four years | 8,533 | 17,449 |
Total customer time certificates | 332,624 | 333,000 |
Less than one year | 174,981 | 180,753 |
One year to two years | 43,037 | 44,776 |
Two years to three years | 20,655 | 15,256 |
Three years to four years | 17,005 | 6,685 |
Over four years | 4,882 | 6,541 |
Total jumbo certificates of deposit | 260,560 | 254,011 |
Total customer deposits | 4,599,636 | 3,859,836 |
Brokered deposits less than one year | 138,802 | 156,730 |
Total deposits | 4,738,438 | 4,016,566 |
Domestic [Member] | ||
Time Deposits [Line Items] | ||
Total jumbo certificates of deposit | $ 260,560 | $ 254,011 |
Deposits - Interest Expense on
Deposits - Interest Expense on Deposits by Category, Followed on Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Banking and Thrift, Interest [Abstract] | |||
Interest-bearing demand | $ 1,119 | $ 666 | $ 611 |
Money market | 3,343 | 2,466 | 1,478 |
Savings | 655 | 289 | 234 |
Time deposits | 3,303 | 3,057 | 4,060 |
Total customer interest expense | 8,420 | 6,478 | 6,383 |
Brokered deposits | 1,001 | 687 | 768 |
Total interest expense on deposits | $ 9,421 | $ 7,165 | $ 7,151 |
Borrowed Funds - Summary of Bor
Borrowed Funds - Summary of Borrowed Funds by Type (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 854,236,000 | $ 669,514,000 |
Weighted Average Interest Rate | 0.78% | 0.50% |
Maximum Outstanding at Month End During the Period | $ 886,767,000 | $ 740,681,000 |
Average Amount Outstanding During the Period | $ 735,975,000 | $ 621,024,000 |
Weighted Average Interest Rate During the Period | 0.67% | 0.48% |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 130,000,000 | $ 128,200,000 |
Weighted Average Interest Rate | 0.79% | 0.45% |
Maximum Outstanding at Month End During the Period | $ 130,000,000 | $ 135,550,000 |
Average Amount Outstanding During the Period | $ 112,150,000 | $ 119,290,000 |
Weighted Average Interest Rate During the Period | 0.54% | 0.30% |
Trust Preferred Borrowings [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 67,011,000 | $ 67,011,000 |
Weighted Average Interest Rate | 2.66% | 2.15% |
Maximum Outstanding at Month End During the Period | $ 67,011,000 | $ 67,011,000 |
Average Amount Outstanding During the Period | $ 67,011,000 | $ 67,011,000 |
Weighted Average Interest Rate During the Period | 2.42% | 2.03% |
Senior Debt [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 155,000,000 | $ 55,000,000 |
Weighted Average Interest Rate | 5.12% | 6.25% |
Maximum Outstanding at Month End During the Period | $ 155,000,000 | $ 55,000,000 |
Average Amount Outstanding During the Period | $ 110,191,000 | $ 55,000,000 |
Weighted Average Interest Rate During the Period | 3.82% | 6.85% |
Other Borrowed Funds [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 64,150,000 | $ 14,486,000 |
Weighted Average Interest Rate | 0.09% | 0.09% |
Maximum Outstanding at Month End During the Period | $ 64,150,000 | $ 16,808,000 |
Average Amount Outstanding During the Period | $ 21,335,000 | $ 15,227,000 |
Weighted Average Interest Rate During the Period | 0.09% | 0.09% |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) | Jun. 13, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2005 | Dec. 31, 2012 |
Repurchase Agreement Counterparty [Line Items] | |||||
FHLB stock | $ 38,248,000 | $ 30,519,000 | |||
Purchase of federal funds | $ 130,000,000 | $ 128,200,000 | |||
Federal funds rate on securities purchased | 0.79% | 0.45% | |||
Securities, maturity date | Jun. 1, 2035 | ||||
Senior unsecured notes, amount | $ 100,000,000 | ||||
Aggregate principal amount | $ 152,050,000 | $ 53,757,000 | $ 55,000,000 | ||
Collateralized borrowings | $ 64,100,000 | $ 14,500,000 | |||
Average rates on borrowings | 0.09% | 0.09% | |||
6.25% Senior Notes Due 2019 [Member] | |||||
Repurchase Agreement Counterparty [Line Items] | |||||
Senior Debt maturity date | Sep. 1, 2019 | ||||
Interest rate on unsecured debt | 6.25% | ||||
Senior Notes Due Date | 2,019 | ||||
4.50% Senior Unsecured Notes Mature on 2026 [Member] | |||||
Repurchase Agreement Counterparty [Line Items] | |||||
Variable interest rate | 3.30% | ||||
Variable interest rate period | 3 months | ||||
Senior Debt maturity date | Jun. 15, 2026 | ||||
Interest rate on unsecured debt | 4.50% | ||||
Debt instrument, description of variable rate | Three month LIBOR plus 3.30% | ||||
Debt instrument maturity date, start | Jun. 15, 2021 | ||||
Senior unsecured notes, percentage of principle amount to be redeemed | 100.00% | ||||
WSFS Capital Trust III [Member] | |||||
Repurchase Agreement Counterparty [Line Items] | |||||
Aggregate principal amount of Pooled Floating Rate Securities | $ 67,000,000 | ||||
WSFS Capital Trust III [Member] | LIBOR Rate [Member] | Trust Preferred Borrowings [Member] | |||||
Repurchase Agreement Counterparty [Line Items] | |||||
Variable interest rate | 1.77% | ||||
WSFS Capital Trust I [Member] | |||||
Repurchase Agreement Counterparty [Line Items] | |||||
Variable interest rate period | 3 months | ||||
Federal Home Loan Bank [Member] | |||||
Repurchase Agreement Counterparty [Line Items] | |||||
Percentage of member asset value | 0.10% | ||||
Percentage of advances outstanding | 4.00% | ||||
FHLB stock | $ 38,200,000 | $ 30,500,000 | |||
Dividends from the FHLB | $ 1,600,000 | $ 2,200,000 | |||
Minimum [Member] | |||||
Repurchase Agreement Counterparty [Line Items] | |||||
Interest rates on advances from FHLB | 0.60% | ||||
Federal Home Loan Bank, Advances, general debt obligations, disclosures, general description of terms | Purchase and hold shares of capital stock in the FHLB in an amount at least equal to 0.10% of our member asset value plus 4.00% of advances outstanding. | ||||
Maximum [Member] | |||||
Repurchase Agreement Counterparty [Line Items] | |||||
Interest rates on advances from FHLB | 1.23% | ||||
Federal Reserve Bank of Philadelphia [Member] | |||||
Repurchase Agreement Counterparty [Line Items] | |||||
Loans pledged as collateral | $ 275,100,000 | ||||
Borrowed funds | $ 0 |
Borrowed Funds - Advances from
Borrowed Funds - Advances from FHLB with Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 807,325 | |
2,018 | 46,911 | |
Advances from FHLB, Amount | $ 854,236 | $ 669,514 |
2,017 | 0.76% | |
2,018 | 1.07% | |
Advances from FHLB | 0.78% |
Stockholders' Equity and Reg105
Stockholders' Equity and Regulatory Capital - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
May 31, 2015$ / shares | Dec. 31, 2016USD ($)Class_of_Stock$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2005USD ($) | Mar. 31, 2015$ / shares | |
Capital Unit [Line Items] | ||||||
Ratio of common equity Tier 1 capital to risk-weighted assets | 4.50% | |||||
Ratio of Tier 1 capital to risk-weighted assets | 10.47% | 10.44% | ||||
Ratio of total capital to risk-weighted assets | 11.20% | 12.62% | ||||
Tier 1 leverage ratio | 9.02% | 11.82% | ||||
Common stock outstanding, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Number of classes of stock | Class_of_Stock | 1 | |||||
Number of class of common stock outstanding | Class_of_Stock | 1 | |||||
Stock split description | Three-for-one stock split | |||||
Stock split conversion ratio | 3 | |||||
Coupon rate | 2.70% | |||||
Variable interest rate period | Three-month LIBOR | |||||
Cash remains at the holding company | $ | $ 103 | |||||
Shares authorized to repurchase of common stock | 1,060,137 | 349,263 | ||||
Common stock average repurchase price | $ / shares | $ 26.88 | $ 25.73 | ||||
2009 Equity Offering Plan [Member] | ||||||
Capital Unit [Line Items] | ||||||
Shares authorized to repurchase of common stock | 243,699 | |||||
Warrants to purchase of common stock, shares | 387,930 | |||||
Additional Stock Buyback Program [Member] | ||||||
Capital Unit [Line Items] | ||||||
Shares authorized to repurchase of common stock | 449,371 | |||||
Common stock average repurchase price | $ / shares | $ 32.11 | |||||
Remaining shares authorized to repurchase of common stock | 951,194,000,000 | |||||
Percentage of remaining shares authorized to repurchase of common stock | 3.00% | |||||
Shares outstanding | 29,800,000 | |||||
Minimum [Member] | ||||||
Capital Unit [Line Items] | ||||||
Ratio of common equity Tier 1 capital to risk-weighted assets | 4.50% | |||||
Ratio of Tier 1 capital to risk-weighted assets | 6.00% | |||||
Ratio of total capital to risk-weighted assets | 8.00% | |||||
Tier 1 leverage ratio | 4.00% | |||||
Maximum [Member] | ||||||
Capital Unit [Line Items] | ||||||
Percentage of common stock shares approved | 5.00% | |||||
Maximum [Member] | Additional Stock Buyback Program [Member] | ||||||
Capital Unit [Line Items] | ||||||
Percentage of common stock shares approved | 5.00% | |||||
WSFS Capital Trust III [Member] | ||||||
Capital Unit [Line Items] | ||||||
Pooled Floating Rate Securities Issued | $ | $ 67 | |||||
Pooled Floating Rate Securities, par value | $ | $ 2 | |||||
Date of maturity | Jun. 1, 2035 | |||||
Trust Preferred Borrowings [Member] | WSFS Capital Trust III [Member] | LIBOR Rate [Member] | ||||||
Capital Unit [Line Items] | ||||||
Variable interest rate | 1.77% |
Stockholders' Equity and Reg106
Stockholders' Equity and Regulatory Capital - Schedule of Capital Position (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Unit [Line Items] | ||
Total Capital (to risk-weighted assets), Consolidated Bank Capital Amount | $ 624,440,000 | $ 595,996,000 |
Tangible Capital (to tangible assets), Consolidated Bank Capital Amount | $ 494,571,000 | |
Tangible Capital (to tangible assets), Consolidated Bank Capital Percent | 10.47% | |
Tangible Capital (to tangible assets), For Capital Adequacy Purposes Amount | $ 212,596,000 | |
Tangible Capital (to tangible assets), For Capital Adequacy Purposes Percentage | 4.50% | |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 583,715,000 | $ 558,278,000 |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 518,856,000 | |
Core Capital (to adjusted tangible assets), Consolidated Bank Capital Amount | $ 583,715,000 | $ 558,278,000 |
Total Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 11.20% | 12.62% |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 10.47% | 10.44% |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 9.31% | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), Consolidated Bank Capital Percent | 9.02% | 11.82% |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | $ 446,001,000 | $ 377,948,000 |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 334,501,000 | 213,849,000 |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 250,875,000 | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), For Capital Adequacy Purposes Amount | $ 258,767,000 | $ 283,461,000 |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 8.00% | 8.00% |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 6.00% | 4.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 4.50% | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), For Capital Adequacy Purposes Percentage | 4.00% | 6.00% |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 557,501,000 | |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 446,001,000 | |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 362,376 | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 323,459,000 | |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 10.00% | |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 8.00% | |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 6.50% | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 5.00% | |
WSFS Bank [Member] | ||
Capital Unit [Line Items] | ||
Total Capital (to risk-weighted assets), Consolidated Bank Capital Amount | $ 663,892,000 | $ 618,454,000 |
Tangible Capital (to tangible assets), Consolidated Bank Capital Amount | $ 580,735,000 | |
Tangible Capital (to tangible assets), Consolidated Bank Capital Percent | 12.31% | |
Tangible Capital (to tangible assets), For Capital Adequacy Purposes Amount | $ 212,249,000 | |
Tangible Capital (to tangible assets), For Capital Adequacy Purposes Percentage | 4.50% | |
Tangible Capital (to tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 306,583,000 | |
Tangible Capital (to tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 6.50% | |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 623,167,000 | $ 580,735,000 |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 623,167,000 | |
Core Capital (to adjusted tangible assets), Consolidated Bank Capital Amount | $ 623,167,000 | $ 580,735,000 |
Total Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 11.93% | 13.11% |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 11.19% | 10.88% |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 11.19% | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), Consolidated Bank Capital Percent | 9.66% | 12.31% |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | $ 445,376,000 | $ 377,332,000 |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 334,032,000 | 213,502,000 |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 250,524,000 | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), For Capital Adequacy Purposes Amount | $ 257,957,000 | $ 282,999,000 |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 8.00% | 8.00% |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 6.00% | 4.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 4.50% | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), For Capital Adequacy Purposes Percentage | 4.00% | 6.00% |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 556,720,000 | $ 471,666,000 |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 445,376,000 | 266,877,000 |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 361,868 | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 322,446,000 | $ 377,332,000 |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 8.00% | 5.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 6.50% | |
Tier 1 Leverage Capital/Core Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 5.00% | 8.00% |
Associate (Employee) Benefit107
Associate (Employee) Benefit Plans - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($)Plansshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash contributions to the plan on behalf of associates, cash expenditure | $ 3,100,000 | $ 2,600,000 | $ 2,200,000 | ||
Percentage of contributions to be invested in balanced fund if no designation made | 100.00% | 100.00% | |||
Employee benefit plan, sales of common stock | shares | 36,000 | 25,000 | 2,000 | ||
Postretirement medical benefit plans eligibility term | Only those Associates who had achieved ten years of service | ||||
Amortization of unrecognized gains losses exceed percentage | 10.00% | ||||
Amortization of net actuarial gain | $ 100,000 | ||||
Amortization of net transition obligation | $ 100,000 | ||||
Percentage of annual medical premium cap | 4.00% | ||||
Amount of annual health premium per retiree | $ 3,285 | ||||
Estimated contribution for health fund | 3,416 | ||||
Benefit obligation | $ 1,764,000 | 1,764,000 | $ 1,805,000 | $ 2,266,000 | $ 4,560,000 |
Net amount recognized | $ (3,465,000) | (3,076,000) | $ (3,633,000) | ||
Number of additional supplemental plans | Plans | 5 | ||||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Average annual rate of increase for medical benefits | 10.00% | 10.00% | |||
Alliance Bancorp, Inc. [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization from accumulated other comprehensive income | $ 0 | ||||
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligation | $ 7,517,000 | 7,517,000 | 7,148,000 | ||
Defined benefit plan fair value of assets | 7,504,000 | 7,504,000 | 7,397,000 | ||
Net amount recognized | 200,000 | (13,000) | |||
Supplemental Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability | 800,000 | 800,000 | 800,000 | ||
Early Retirement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability | 200,000 | 200,000 | 200,000 | ||
Director's Plan [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability | 100,000 | ||||
Defined benefit pension plan, corresponding asset | 100,000 | 100,000 | |||
Supplemental Executive Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability | 1,800,000 | 1,800,000 | 1,400,000 | ||
Post-Retirement Medical Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability | $ 100,000 | $ 100,000 | $ 100,000 |
Associate (Employee) Benefit108
Associate (Employee) Benefit Plans - Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in benefit obligation: | ||||
Benefit obligation at beginning of year | $ 1,805 | $ 2,266 | $ 4,560 | |
Service cost | 58 | 59 | 195 | |
Interest cost | 76 | 89 | 195 | |
Actuarial (gain) loss | (68) | (502) | (1,611) | |
Benefits paid | (107) | (107) | (125) | |
Plan change | (948) | |||
Benefit obligation at end of year | $ 1,764 | 1,764 | 1,805 | 2,266 |
Change in plan assets: | ||||
Employer contributions | 107 | 107 | 125 | |
Benefits paid | (107) | (107) | (125) | |
Benefits paid | (107) | (107) | (125) | |
Funded status: | ||||
Unfunded status | $ (1,764) | (1,764) | (1,805) | (2,266) |
Total (income) loss recognized in other comprehensive income | (1,701) | (1,271) | (1,367) | |
Net amount recognized | (3,465) | (3,076) | (3,633) | |
Components of net periodic benefit cost: | ||||
Service cost | 58 | 59 | 195 | |
Service cost | 58 | 59 | 195 | |
Interest cost | 76 | 89 | 195 | |
Amortization of transition obligation | (76) | (76) | (57) | |
Net loss (gain) recognition | 505 | (20) | 86 | |
Net periodic benefit cost | $ 563 | $ 52 | $ 419 | |
Assumptions used to determine net periodic benefit cost: | ||||
Discount rate | 4.25% | 4.00% | 5.00% | |
Health care cost trend rate | 5.00% | 5.00% | 5.00% | |
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): | ||||
Discount rate | 4.10% | 4.10% | 4.25% | 4.00% |
Health care cost trend rate | 5.00% | 5.00% | 5.00% | |
Ultimate trend rate | 5.00% | 5.00% | 5.00% | |
Year of ultimate trend rate | 2,017 | 2,017 | 2,016 | 2,015 |
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | ||||
Change in benefit obligation: | ||||
Benefit obligation at beginning of year | $ 7,148 | |||
Service cost | 40 | |||
Interest cost | 301 | |||
Disbursements | (374) | |||
Actuarial (gain) loss | 442 | |||
Benefits paid | (374) | |||
Benefit obligation at end of year | $ 7,517 | 7,517 | $ 7,148 | |
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 7,397 | |||
Actual return on Plan Assets | 518 | |||
Benefits paid | (374) | |||
Benefits paid | (374) | |||
Administrative Expenses | (37) | |||
Fair value of plan assets at end of year | 7,504 | 7,504 | $ 7,397 | |
Funded status: | ||||
Unfunded status | (7,517) | (7,517) | ||
Total (income) loss recognized in other comprehensive income | 7,504 | |||
Net amount recognized | $ 200 | (13) | ||
Components of net periodic benefit cost: | ||||
Service cost | 40 | |||
Service cost | 40 | |||
Interest cost | 301 | |||
Expected return on plan assets | (541) | |||
Net loss (gain) recognition | (157) | |||
Net periodic benefit cost | $ (357) | |||
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): | ||||
Discount rate for Net Periodic Benefit Cost | 4.00% | |||
Salary Scale for Net Periodic Benefit Cost | 0.00% | |||
Expected Return on Plan Assets | 7.50% | |||
Discount rate | 4.00% | 4.00% | ||
Salary Scale for Disclosure Obligations | 0.00% | 0.00% |
Associate (Employee) Benefit109
Associate (Employee) Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
During 2,017 | $ 66 |
During 2,018 | 65 |
During 2,019 | 67 |
During 2,020 | 67 |
During 2,021 | 67 |
During 2022 through 2026 | 403 |
Total | 735 |
Alliance Bancorp, Inc. [Member] | Pennsylvania [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
During 2,017 | 313 |
During 2,018 | 395 |
During 2,019 | 319 |
During 2,020 | 318 |
During 2,021 | 436 |
During 2022 through 2026 | 2,744 |
Total | $ 4,525 |
Taxes on Income - Schedule of C
Taxes on Income - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current income taxes, Federal taxes | $ 23,857 | $ 24,237 | $ 21,252 |
Current income taxes, State and local taxes | 3,847 | 3,805 | 3,215 |
Deferred income taxes, Federal taxes | 5,135 | 2,283 | (5,575) |
Deferred income taxes, State and local taxes | 235 | (52) | (89) |
Total | $ 33,074 | $ 30,273 | $ 18,803 |
Taxes on Income - Schedule of D
Taxes on Income - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Deferred tax assets: | ||
Unrealized losses on available-for-sale securities | $ 57 | $ 4,170 |
Allowance for loan losses | 12,981 | 13,913 |
Purchase accounting adjustments-loans | 4,597 | 8,339 |
Reserves and other accruals | 14,147 | 14,010 |
Deferred gains | 888 | 1,109 |
Net operating losses | 785 | 352 |
Tax credits | 1,664 | |
Derivatives | 1,086 | |
Reverse mortgages | 3,290 | 2,262 |
Total deferred tax assets before valuation allowance | 38,409 | 45,241 |
Less: valuation allowance | 0 | 0 |
Total Deferred tax assets | 38,409 | 45,241 |
Deferred tax liabilities: | ||
Bad debt recapture | (954) | (545) |
Accelerated depreciation | (1,806) | (1,049) |
Other | (344) | (497) |
Prepaid expenses | (371) | |
Deferred loan costs | (1,209) | (1,079) |
Intangibles | (4,876) | (5,946) |
Total deferred tax liabilities | (9,560) | (9,116) |
Net deferred tax asset | $ 28,849 | $ 36,125 |
Taxes on Income - Additional In
Taxes on Income - Additional Information (Detail) - USD ($) | Jan. 27, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 12, 2016 | Dec. 31, 2013 |
Income Tax Examination [Line Items] | ||||||
Unrealized losses on investments in debt and equity | $ 4,170,000 | $ 57,000 | ||||
Postretirement benefit obligations | 300,000 | 200,000 | ||||
Deferred income tax (benefit) expense | 0 | 0 | ||||
Unrealized losses on derivatives | 1,100,000 | |||||
Deferred tax asset | 36,125,000 | 28,849,000 | ||||
Deferred income taxes | 5,370,000 | 2,231,000 | $ (5,664,000) | |||
Deferred tax asset valuation allowance | 0 | 0 | ||||
Deferred tax assets, net operating loss carryovers | 352,000 | 785,000 | ||||
Excess income tax benefits from stock compensation | 1,500,000 | |||||
Deferred tax asset | 45,241,000 | 38,409,000 | ||||
Income tax benefit | $ 33,074,000 | 30,273,000 | 18,803,000 | |||
Income tax examination | Federal tax years 2013 through 2016 remain subject to examination | |||||
Income tax examination in process | No federal or state income tax return examinations are currently in process. | |||||
Amortization of low-income housing credit investments reflected as income tax expense | $ 1,600,000 | 1,900,000 | 1,200,000 | |||
Tax benefits recorded as income tax expense | 400,000 | |||||
Carrying value of investment in affordable housing credits | $ 15,400,000 | 12,000,000 | ||||
SASCO [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Deferred tax asset valuation allowance | $ 4,900,000 | |||||
Net operating loss expiration beginning period | 2,030 | |||||
Deferred tax asset | $ 4,900,000 | |||||
Deferred tax liabilities | $ 1,800,000 | |||||
Income tax benefit | 6,700,000 | |||||
Federal net operating losses | 1,000,000 | |||||
SASCO [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Federal net operating losses | $ 100,000 | |||||
SASCO [Member] | Eliminated [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Deferred tax liabilities | $ 1,800,000 | |||||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income tax examination period | 2,013 | |||||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income tax examination period | 2,016 | |||||
State and Local Jurisdiction [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Net operating loss carryforwards | $ 0 | |||||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income tax examination period | 2,013 | |||||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income tax examination period | 2,016 | |||||
Minimum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Percentage of tax benefit | 50.00% | |||||
Alliance Bancorp, Inc. [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Business combination, deferred tax asset | 7,700,000 | |||||
Deferred tax assets, federal net operating loss carryovers | 1,100,000 | |||||
Deferred tax assets, state net operating loss carryovers | 2,600,000 | |||||
Deferred tax assets, alternative minimum tax credit carryovers | 1,700,000 | |||||
Deferred income taxes | 0 | |||||
Deferred tax asset valuation allowance | $ 0 | |||||
Net operating loss expiration beginning period | 2,035 | |||||
Retained earnings prior Alliance bad debt deductions | $ 7,100,000 | |||||
First Wyoming Financial Corporation [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Business combination, deferred tax asset | 3,100,000 | |||||
Deferred tax asset valuation allowance | 0 | |||||
Net operating loss expiration beginning period | 2,034 | |||||
Deferred tax assets, net operating loss carryovers | 1,900,000 | |||||
First Wyoming Financial Corporation [Member] | Minimum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Alternative minimum tax credit carryovers | $ 300,000 | |||||
Penn Liberty Financial Corporation [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Business combination, deferred tax asset | $ 7,400,000 | |||||
Alternative minimum tax credit carryovers | $ 100,000 | |||||
Tax Credit [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Affordable housing tax credits | $ 1,500,000 |
Taxes on Income - Schedule of E
Taxes on Income - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State tax, net of federal tax benefit | 3.10% | 2.90% | 2.80% |
Nondeductible acquisition costs | 0.20% | 0.70% | 0.20% |
Tax-exempt interest | (2.10%) | (1.90%) | (2.00%) |
Bank-owned life insurance income | (0.30%) | (0.30%) | (0.30%) |
Excess tax benefits from share-based compensation | (1.40%) | ||
Tax benefits from previously unconsolidated subsidiary (SASCO) | (9.40%) | ||
Federal tax credits, net of amortization | (0.50%) | (0.50%) | (0.50%) |
Other | 0.20% | 0.10% | |
Effective tax rate | 34.00% | 36.10% | 25.90% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 25, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for issuance under 2013 Plan | 1,547,980 | 1,647,878 | |||
Stock-based compensation expense recognized | $ 3,000 | $ 3,200 | $ 3,700 | ||
Stock-based compensation expense after tax | $ 2,000 | $ 2,200 | $ 2,600 | ||
Performance award vesting period | 4 years | ||||
Non-statutory stock options, granted | 750,000 | ||||
Non-statutory stock options, vesting percentage after second year | 40.00% | ||||
Non-statutory stock options, vesting percentage in each of following three years | 20.00% | ||||
Non-statutory stock options, exercise price over December 2012 market value, percent | 20.00% | ||||
Non eligibility period of receiving grants under any of other stock based award programs | 5 years | ||||
Weighted-average risk-free rate of return | 1.25% | 1.54% | 0.97% | ||
Expected option life | 5 years 3 months 18 days | 4 years 10 months 24 days | 4 years 10 months 24 days | ||
Expected stock price volatility rate | 29.60% | 25.00% | 29.00% | ||
Assumed dividend yield | 0.80% | 0.76% | 0.67% | ||
Weighted-average fair value of awards granted | $ 7.84 | $ 5.73 | $ 5.78 | ||
Aggregate intrinsic value of options exercised | $ 5,000 | $ 3,000 | $ 2,400 | ||
Total unrecognized compensation cost of nonvested stock options | $ 2,100 | ||||
Expected weighted-average period | 1 year 6 months | ||||
Shares vesting period | 2 years | ||||
Compensation expense | $ 100 | ||||
Vesting description | The RSUs vest in 25% increments over four years | ||||
Stock-based compensation expense | $ 2,790 | $ 2,957 | $ 3,738 | ||
Non-Vested Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense recognized | $ 1,700 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Return on investment of cost of restricted stock | 50.00% | ||||
Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock awards vesting period | 5 years | ||||
Restricted stock granted | 66,750 | ||||
Share-based Compensation Award, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted, vest in percentage per annum increments | 25.00% | ||||
Stock option exercisable period description | Start to become exercisable one year from the grant date and expire between five and seven years from the grant date | ||||
Share-based Compensation Award, Tranche One [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance award vesting period | 5 years | ||||
Share-based Compensation Award, Tranche One [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance award vesting period | 7 years | ||||
Share-Based Compensation Award, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted, vest in percentage per annum increments | 25.00% | ||||
Share-Based Compensation Award, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted, vest in percentage per annum increments | 25.00% | ||||
Stock Incentive 2013 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for issuance under 2013 Plan | 2,096,535 | ||||
Shares available for future grants under 2013 Plan | 639,410 | ||||
Stock Incentive 2013 Plan [Member] | Executive Officers [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive stock options issued | 450,000 | ||||
Non-Plan Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-average risk-free rate of return | 0.76% | ||||
Expected option life | 5 years | ||||
Expected stock price volatility rate | 40.50% | ||||
Assumed dividend yield | 1.01% | ||||
Restricted Stock and Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense recognized | $ 800 | ||||
Restricted stock granted | 46,099 | ||||
Weighted average fair value, granted | $ 29.94 | $ 26.13 | $ 23.72 | ||
Total compensation cost to be recognized | $ 1,700 | ||||
Weighted average remaining contractual term | 2 years 8 months 12 days | ||||
Total fair value, vested | $ 1,400 | $ 1,300 | $ 1,200 | ||
Restricted Stock and Restricted Stock Units [Member] | Executive Officers [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock awards vesting period | 4 years | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate shares of restricted stock awarded | 233,400 | ||||
Percentage of annual return on assets | 1.00% | ||||
Restricted stock units and awards issued | 108,456 | ||||
Stock-based compensation expense | $ 400 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Assumptions for Options Issued (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected term (in years) | 5 years 3 months 18 days | 4 years 10 months 24 days | 4 years 10 months 24 days |
Volatility | 29.60% | 25.00% | 29.00% |
Weighted-average risk-free interest rate | 1.25% | 1.54% | 0.97% |
Dividend yield | 0.80% | 0.76% | 0.67% |
Stock-Based Compensation - S116
Stock-Based Compensation - Summary of Options Including Non-Plan Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options: | ||
Outstanding at beginning of year, Shares | 1,647,878 | |
Granted, Shares | 155,978 | |
Exercised, Shares | (250,939) | |
Forfeited, Shares | (4,937) | |
Outstanding at end of year, Shares | 1,547,980 | 1,647,878 |
Nonvested at end of year, Shares | 704,421 | 1,028,142 |
Exercisable at end of year, Shares | 843,899 | |
Outstanding at beginning of year, Weighted-Average Exercise Price | $ 17.08 | |
Granted, Weighted-Average Exercise Price | 22.40 | |
Exercised, Weighted-Average Exercise Price | 15.84 | |
Forfeited, Weighted-Average Exercise Price | 14.85 | |
Outstanding at end of year, Weighted-Average Exercise Price | 17.83 | $ 17.08 |
Nonvested at end of period, Weighted-Average Exercise Price | 19.08 | $ 17.58 |
Exercisable at end of year, Weighted-Average Exercise Price | $ 16.78 | |
Outstanding, Weighted-Average Remaining Contractual Term (Year) | 3 years 2 months 1 day | 3 years 8 months 27 days |
Nonvested, Weighted-Average Remaining Contractual Term (Year) | 5 years 2 months 23 days | |
Exercisable, Weighted-Average Remaining Contractual Term (Year) | 2 years 10 months 24 days | |
Outstanding, Aggregate Intrinsic Value | $ 44,153 | $ 25,175 |
Nonvested, Aggregate Intrinsic Value | 19,212 | |
Exercisable, Aggregate Intrinsic Value | $ 24,950 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Nonvested Stock Option Outstanding (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options: | |||
Nonvested at beginning of period, Shares | 1,028,142 | ||
Granted, Shares | 155,978 | ||
Vested, Shares | (477,675) | ||
Forfeited, Shares | (2,024) | ||
Nonvested at end of period, Shares | 704,421 | 1,028,142 | |
Nonvested at beginning of period, Weighted-Average Exercise Price | $ 17.58 | ||
Granted, Weighted-Average Exercise Price | 22.40 | ||
Vested, Weighted-Average Exercise Price | 16.95 | ||
Forfeited, Weighted-Average Exercise Price | 14.85 | ||
Nonvested at end of period, Weighted-Average Exercise Price | 19.08 | $ 17.58 | |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | 4.85 | ||
Granted, Weighted-Average Grant Date Fair Value | 7.84 | 5.73 | $ 5.78 |
Vested, Weighted-Average Grant Date Fair Value | 3.60 | ||
Forfeited, Weighted-Average Grant Date Fair Value | 4.70 | ||
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $ 5.23 | $ 4.85 |
Stock-Based Compensation - S118
Stock-Based Compensation - Schedule of RSUs and RSAs (Detail) - Restricted Stock and Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Balance at December 31, 2015 | 171,834 | ||
Granted | 46,099 | ||
Vested | (80,443) | ||
Forfeited | (1,898) | ||
Balance at December 31, 2016 | 135,592 | 171,834 | |
Balance at December 31, 2015, Weighted Average Grant-Date Fair Value per Unit | $ 12.60 | ||
Granted, Weighted Average Grant-Date Fair Value per Unit | 29.94 | $ 26.13 | $ 23.72 |
Vested, Weighted Average Grant-Date Fair Value per Unit | 17.48 | ||
Forfeited, Weighted Average Grant-Date Fair Value per Unit | 26.73 | ||
Balance at December 31, 2016, Weighted Average Grant-Date Fair Value per Unit | $ 25.33 | $ 12.60 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Projected Amounts of Future Minimum Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 4,687 |
2,018 | 3,670 |
2,019 | 3,553 |
2,020 | 1,239 |
2,021 | $ 0 |
Commitments and Contingencie120
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)TransactionsFinancial_Institution | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)Transactions | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)TransactionsFinancial_Institution | Dec. 31, 2015USD ($)Transactions | Dec. 31, 2014USD ($) | |
Other Commitments [Line Items] | |||||||||||
Expenses for data processing and operations | $ 6,275,000 | $ 5,949,000 | $ 6,105,000 | ||||||||
Commitments to sell residential mortgages | $ 67,800,000 | $ 90,300,000 | 67,800,000 | 90,300,000 | |||||||
Provision for losses at the time of sale | $ 5,124,000 | $ 5,828,000 | $ 1,254,000 | $ 780,000 | $ 1,778,000 | $ 1,453,000 | $ 3,773,000 | $ 786,000 | $ 12,986,000 | $ 7,790,000 | $ 3,580,000 |
Number of unrelated financial institutions | Financial_Institution | 3 | 3 | |||||||||
Derivative transaction held for guarantee | Transactions | 134 | 119 | 134 | 119 | |||||||
Number of customers in paying position to third party | Transactions | 109 | 119 | |||||||||
Aggregate notional amount | $ 0 | $ 481,600,000 | $ 0 | $ 481,600,000 | |||||||
Aggregate fair value of swaps to customers | 10,900,000 | 18,100,000 | 10,900,000 | 18,100,000 | |||||||
Amount of swap liability in paying positions to third party | 11,700,000 | 11,700,000 | |||||||||
Reserves for swap guarantees | $ 0 | $ 0 | 0 | 0 | |||||||
Secondary Market Loan Sales [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Provision for losses at the time of sale | 0 | ||||||||||
Repurchase of the loans | $ 0 | $ 400,000 | |||||||||
Number of loans repurchased | Transactions | 0 | 1 | |||||||||
Real Estate [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Commitments of lending operations | $ 246,100,000 | ||||||||||
Commitments to Extend Credit [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Commitments of lending operations | 1,210,000,000 | $ 0 | |||||||||
Consumer Loan Commitments [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Commitments of lending operations | $ 259,500,000 | ||||||||||
Minimum [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Closing period of residential mortgage commitments | 1 month | ||||||||||
Notional amount maturity period | 1 year | 1 year | |||||||||
Maximum [Member] | |||||||||||
Other Commitments [Line Items] | |||||||||||
Closing period of residential mortgage commitments | 6 months | ||||||||||
Notional amount maturity period | 20 years | 10 years |
Commitments and Contingencie121
Commitments and Contingencies - Summary of Off-Balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | $ 1,214,553 | $ 959,621 |
Commercial Mortgage Loan Commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 25,821 | 22,393 |
Commercial [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 610,838 | 506,615 |
Commercial Owner-Occupied Commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 55,205 | 40,052 |
Commercial Standby Letters Of Credit [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 71,612 | 49,832 |
Residential Mortgage loan commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 1,636 | 2,218 |
Consumer Loan Commitments [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 259,501 | 189,392 |
Construction [Member] | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | $ 189,940 | $ 149,119 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Financial Instruments Carried at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 794,543 | $ 721,029 |
Total assets measured at fair value on a recurring basis | 796,051 | 721,029 |
Other liabilities, fair value | 3,380 | |
Loans held-for-sale | 54,782 | 41,807 |
Impaired loans | 46,499 | 35,086 |
Total assets measured at fair value on a nonrecurring basis | 104,872 | 81,973 |
GSE [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 35,010 | 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 | 3,591 | 5,080 |
Other Assets Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 1,508 | |
CMO [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 261,216 | 251,488 |
CMO [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 261,215 | 251,488 |
FNMA MBS [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 405,764 | 318,471 |
FNMA MBS [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 405,764 | 318,471 |
FHLMC MBS [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 63,514 | 99,442 |
FHLMC MBS [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 63,515 | 99,442 |
GNMA MBS [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 28,416 | 20,714 |
GNMA MBS [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 28,416 | 20,714 |
Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 623 | |
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 | 623 | |
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 | 623 | |
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 | 795,428 | 721,029 |
Other liabilities, fair value | 3,380 | |
Loans held-for-sale | 54,782 | 41,807 |
Total assets measured at fair value on a nonrecurring basis | 54,782 | 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 | 35,010 | 30,914 |
Significant Other Observable Inputs (Level 2) [Member] | Other Assets Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 1,508 | |
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 | 261,215 | 251,488 |
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 | 405,764 | 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 | 63,515 | 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 | 28,416 | 20,714 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans | 46,499 | 35,086 |
Total assets measured at fair value on a nonrecurring basis | 50,090 | 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 | $ 3,591 | $ 5,080 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 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 | $ 0 |
Fair value of asset transfers between Level 2 and Level 1 | 0 | 0 |
Fair Value | $ 794,543,000 | 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 | $ 46,499,000 | 35,086,000 |
Valuation allowance on impaired loans | 3,400,000 | 2,600,000 |
Commitments to Extend Credit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments of lending operations | 1,210,000,000 | 0 |
U.S. Treasury Notes [Member] | AAA-Rated [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 35,000,000 | |
Federal Agency MBS [Member] | AAA-Rated [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 758,900,000 | |
Impaired Loans (Collateral Dependent) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral for collateral dependent loans | 51,600,000 | $ 37,700,000 |
Visa [Member] | Common Class B [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated value of shares | $ 12,100,000 |
Fair Value Disclosures - Book V
Fair Value Disclosures - Book Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Fair Value | $ 794,543 | $ 721,029 |
Investment securities held to maturity | 164,346 | 165,862 |
Loans, held for sale | 54,782 | 41,807 |
Loans, net | 4,421,792 | 3,729,050 |
Impaired loans, net | 46,499 | 35,086 |
Reverse mortgages | 22,583 | 24,284 |
Stock in Federal Home Loan Bank of Pittsburgh | 38,248 | 30,519 |
Accrued interest receivable | 17,027 | 14,040 |
Other assets | 84,892 | 66,797 |
Financial liabilities: | ||
Deposits | 4,738,438 | 4,016,566 |
Accrued interest payable | 1,151 | 801 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Loans, held for sale | 54,782 | 41,807 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Impaired loans, net | 46,499 | 35,086 |
Book Value [Member] | ||
Financial assets: | ||
Fair Value | 794,543 | 721,029 |
Loans, held for sale | 54,782 | 41,807 |
Impaired loans, net | 46,499 | 35,086 |
Book Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 821,923 | 561,179 |
Book Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Investment securities held to maturity | 164,346 | 165,862 |
Loans, net | 4,375,293 | 3,693,964 |
Stock in Federal Home Loan Bank of Pittsburgh | 38,248 | 30,519 |
Accrued interest receivable | 17,027 | 14,040 |
Financial liabilities: | ||
Deposits | 4,738,438 | 4,016,566 |
Borrowed funds | 1,267,447 | 934,211 |
Accrued interest payable | 1,151 | 801 |
Book Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Reverse mortgages | 22,583 | 24,284 |
Other assets | 9,189 | 8,669 |
Financial liabilities: | ||
Standby letters of credit | 468 | 195 |
Fair Value [Member] | ||
Financial assets: | ||
Fair Value | 794,543 | 721,029 |
Loans, held for sale | 54,782 | 41,807 |
Impaired loans, net | 46,499 | 35,086 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 821,923 | 561,179 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Investment securities held to maturity | 163,232 | 167,743 |
Loans, net | 4,278,380 | 3,637,714 |
Stock in Federal Home Loan Bank of Pittsburgh | 38,248 | 30,519 |
Accrued interest receivable | 17,027 | 14,040 |
Financial liabilities: | ||
Deposits | 4,423,921 | 3,791,606 |
Borrowed funds | 1,264,170 | 935,230 |
Accrued interest payable | 1,151 | 801 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Reverse mortgages | 22,583 | 24,284 |
Other assets | 15,787 | 18,416 |
Financial liabilities: | ||
Standby letters of credit | $ 468 | $ 195 |
Derivative Financial Instrum125
Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) | Dec. 31, 2016USD ($)Counts | Dec. 31, 2015USD ($) |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, Count | Counts | 0 | |
Derivative financial instruments, Notional amount | $ 0 | $ 481,600,000 |
Derivative financial instruments, Fair value | $ 2,858,000 | |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, Count | Counts | 0 | |
Derivative financial instruments, Notional amount | $ 0 | |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, Count | Counts | 3 | |
Derivative financial instruments, Notional amount | $ 75,000,000 | |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Products [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, Fair value | $ 2,858,000 |
Derivative Financial Instrum126
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2016USD ($)Swap | Dec. 31, 2015USD ($) | |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, Notional amount | $ 0 | $ 481,600,000 |
Collateral value against obligations | 3,400,000 | |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Termination value of derivatives | 2,900,000 | |
Cash Flow Hedges of Interest Rate Risk [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative hedge ineffectiveness gain (loss) | 0 | |
Interest rate cash flow hedge increase decrease interest expense to be reclassified during next 12 months | $ 100,000 | |
Maximum period of hedged in cash flow hedge | 3 months | |
Number of interest rate swaps | Swap | 3 | |
Derivative financial instruments, Notional amount | $ 75,000,000 |
Derivative Financial Instrum127
Derivative Financial Instruments - Summary of Company's Derivative Financial Instruments (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) | $ (2,890) |
Interest Rate Products [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) | $ (2,890) |
Location of (Loss) or Gain Reclassified from Accumulated OCI into Income (Effective Portion) | Interest expense |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Total deposits from related parties | $ 3.6 | $ 2 |
Related party loan repayment | 1.7 | |
Loans [Member] | ||
Related Party Transaction [Line Items] | ||
Outstanding balances to related parties | 1.3 | $ 1.9 |
New Loans and Credit Line Advance to Related Parties [Member] | ||
Related Party Transaction [Line Items] | ||
New loans and credit line advance to related parties | $ 1.5 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 | 6 |
Segment Information - Details o
Segment Information - Details of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | $ 59,692 | $ 55,337 | $ 51,503 | $ 50,046 | $ 51,813 | $ 44,857 | $ 43,055 | $ 42,851 | $ 216,578 | $ 182,576 | $ 160,337 | |
Noninterest income | 27,587 | 26,849 | 24,849 | 23,070 | 23,037 | 21,665 | 22,458 | 21,095 | 102,355 | 88,255 | 78,278 | |
Total revenue | 318,933 | 270,831 | 238,615 | |||||||||
Interest expense | 6,738 | 6,316 | 5,089 | 4,690 | 3,917 | 3,860 | 3,965 | 4,034 | 22,833 | 15,776 | 15,830 | |
Noninterest expenses | 48,237 | 50,497 | 44,027 | 43,199 | 47,187 | 38,705 | 38,654 | 38,913 | 185,960 | 163,459 | 146,645 | |
Provision for loan losses | 5,124 | 5,828 | 1,254 | 780 | 1,778 | 1,453 | 3,773 | 786 | 12,986 | 7,790 | 3,580 | |
Total expenses | 221,779 | 187,025 | 166,055 | |||||||||
Income before taxes | 27,180 | 19,545 | 25,982 | 24,447 | 21,968 | 22,504 | 19,121 | 20,213 | 97,154 | 83,806 | 72,560 | |
Provision for income taxes | 9,070 | 6,823 | 8,504 | 8,677 | 7,984 | 8,078 | 6,887 | 7,324 | 33,074 | 30,273 | 18,803 | |
Net income | 18,110 | $ 12,722 | $ 17,478 | $ 15,770 | 13,984 | $ 14,426 | $ 12,234 | $ 12,889 | 64,080 | 53,533 | 53,757 | |
Cash and cash equivalents | 821,923 | 561,179 | 821,923 | 561,179 | 508,039 | $ 484,426 | ||||||
Goodwill | 167,539 | 85,212 | 167,539 | 85,212 | 48,651 | |||||||
Other segment assets | 5,775,808 | 4,938,328 | 5,775,808 | 4,938,328 | 4,296,630 | |||||||
Total assets | 6,765,270 | 5,584,719 | 6,765,270 | 5,584,719 | 4,853,320 | |||||||
Capital expenditures | 19,420 | 9,768 | 4,732 | |||||||||
Inter-Segment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 12,113 | 10,185 | 8,963 | |||||||||
Noninterest income | 9,098 | 8,957 | 7,732 | |||||||||
Total revenue | 21,211 | 19,142 | 16,695 | |||||||||
Interest expense | 12,113 | 10,185 | 8,963 | |||||||||
Noninterest expenses | 9,098 | 8,957 | 7,732 | |||||||||
Total expenses | 21,211 | 19,142 | 16,695 | |||||||||
External Customer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 340,144 | 289,973 | 255,310 | |||||||||
Total expenses | 242,990 | 206,167 | 182,750 | |||||||||
WSFS Bank [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 208,525 | 174,636 | 152,545 | |||||||||
Noninterest income | 42,565 | 37,042 | 34,461 | |||||||||
Total revenue | 251,090 | 211,678 | 187,006 | |||||||||
Interest expense | 22,028 | 15,155 | 15,409 | |||||||||
Noninterest expenses | 146,526 | 129,138 | 118,853 | |||||||||
Provision for loan losses | 9,370 | 7,476 | 2,938 | |||||||||
Total expenses | 177,924 | 151,769 | 137,200 | |||||||||
Income before taxes | 78,171 | 63,757 | 53,549 | |||||||||
Cash and cash equivalents | 100,893 | 65,663 | 100,893 | 65,663 | 73,395 | |||||||
Goodwill | 147,396 | 80,078 | 147,396 | 80,078 | 43,517 | |||||||
Other segment assets | 5,545,611 | 4,745,752 | 5,545,611 | 4,745,752 | 4,107,212 | |||||||
Total assets | 5,793,900 | 4,891,493 | 5,793,900 | 4,891,493 | 4,224,124 | |||||||
Capital expenditures | 18,625 | 8,017 | 3,192 | |||||||||
WSFS Bank [Member] | Inter-Segment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 4,963 | 3,507 | 3,405 | |||||||||
Noninterest income | 8,145 | 7,988 | 6,814 | |||||||||
Total revenue | 13,108 | 11,495 | 10,219 | |||||||||
Interest expense | 7,150 | 6,678 | 5,558 | |||||||||
Noninterest expenses | 953 | 969 | 918 | |||||||||
Total expenses | 8,103 | 7,647 | 6,476 | |||||||||
WSFS Bank [Member] | External Customer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 264,198 | 223,173 | 197,225 | |||||||||
Total expenses | 186,027 | 159,416 | 143,676 | |||||||||
Cash Connect [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Noninterest income | 33,070 | 28,420 | 25,698 | |||||||||
Total revenue | 33,070 | 28,420 | 25,698 | |||||||||
Noninterest expenses | 19,736 | 17,270 | 15,449 | |||||||||
Total expenses | 19,736 | 17,270 | 15,449 | |||||||||
Income before taxes | 8,455 | 7,864 | 7,378 | |||||||||
Cash and cash equivalents | 717,643 | 493,165 | 717,643 | 493,165 | 431,527 | |||||||
Other segment assets | 3,533 | 3,533 | 2,006 | |||||||||
Total assets | 721,176 | 493,165 | 721,176 | 493,165 | 433,533 | |||||||
Capital expenditures | 769 | 1,729 | 1,531 | |||||||||
Cash Connect [Member] | Inter-Segment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Noninterest income | 835 | 873 | 804 | |||||||||
Total revenue | 835 | 873 | 804 | |||||||||
Interest expense | 2,915 | 1,547 | 1,384 | |||||||||
Noninterest expenses | 2,799 | 2,612 | 2,291 | |||||||||
Total expenses | 5,714 | 4,159 | 3,675 | |||||||||
Cash Connect [Member] | External Customer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 33,905 | 29,293 | 26,502 | |||||||||
Total expenses | 25,450 | 21,429 | 19,124 | |||||||||
Wealth Management [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 8,053 | 7,940 | 7,792 | |||||||||
Noninterest income | 26,720 | 22,793 | 18,119 | |||||||||
Total revenue | 34,773 | 30,733 | 25,911 | |||||||||
Interest expense | 805 | 621 | 421 | |||||||||
Noninterest expenses | 19,698 | 17,051 | 12,343 | |||||||||
Provision for loan losses | 3,616 | 314 | 642 | |||||||||
Total expenses | 24,119 | 17,986 | 13,406 | |||||||||
Income before taxes | 10,528 | 12,185 | 11,633 | |||||||||
Cash and cash equivalents | 3,387 | 2,351 | 3,387 | 2,351 | 3,117 | |||||||
Goodwill | 20,143 | 5,134 | 20,143 | 5,134 | 5,134 | |||||||
Other segment assets | 226,664 | 192,576 | 226,664 | 192,576 | 187,412 | |||||||
Total assets | $ 250,194 | $ 200,061 | 250,194 | 200,061 | 195,663 | |||||||
Capital expenditures | 26 | 22 | 9 | |||||||||
Wealth Management [Member] | Inter-Segment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest income | 7,150 | 6,678 | 5,558 | |||||||||
Noninterest income | 118 | 96 | 114 | |||||||||
Total revenue | 7,268 | 6,774 | 5,672 | |||||||||
Interest expense | 2,048 | 1,960 | 2,021 | |||||||||
Noninterest expenses | 5,346 | 5,376 | 4,523 | |||||||||
Total expenses | 7,394 | 7,336 | 6,544 | |||||||||
Wealth Management [Member] | External Customer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 42,041 | 37,507 | 31,583 | |||||||||
Total expenses | $ 31,513 | $ 25,322 | $ 19,950 |
Parent Company Financial Inf131
Parent Company Financial Information - Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | |||||
Cash | $ 821,923 | $ 561,179 | $ 508,039 | $ 484,426 | |
Other assets | 84,892 | 66,797 | |||
Total assets | 6,765,270 | 5,584,719 | 4,853,320 | ||
Liabilities: | |||||
Trust preferred | 67,011 | 67,011 | |||
Senior debt | 152,050 | 53,757 | $ 55,000 | ||
Interest payable | 1,151 | 801 | |||
Other liabilities | 70,898 | 53,913 | |||
Total liabilities | 6,077,934 | 5,004,248 | |||
Stockholders' equity: | |||||
Common stock | 580 | 560 | |||
Capital in excess of par value | 329,457 | 256,435 | |||
Accumulated other comprehensive income | (7,617) | 696 | |||
Retained earnings | 627,078 | 570,630 | |||
Treasury stock | (262,162) | (247,850) | |||
Total liabilities and stockholders' equity | 6,765,270 | 5,584,719 | |||
WSFS Financial Corporation [Member] | |||||
Assets: | |||||
Cash | 103,018 | 26,456 | $ 54,331 | $ 19,311 | |
Investment in subsidiaries | 795,676 | 667,587 | |||
Investment in Capital Trust III | 2,011 | 2,011 | |||
Other assets | 6,480 | 7,197 | |||
Total assets | 907,185 | 703,251 | |||
Liabilities: | |||||
Trust preferred | 67,011 | 67,011 | |||
Senior debt | 152,050 | 55,000 | |||
Interest payable | 642 | 413 | |||
Other liabilities | 146 | 356 | |||
Total liabilities | 219,849 | 122,780 | |||
Stockholders' equity: | |||||
Common stock | 580 | 560 | |||
Capital in excess of par value | 329,457 | 256,435 | |||
Accumulated other comprehensive income | (7,617) | 696 | |||
Retained earnings | 627,078 | 570,630 | |||
Treasury stock | (262,162) | (247,850) | |||
Total stockholders' equity | 687,336 | 580,471 | |||
Total liabilities and stockholders' equity | $ 907,185 | $ 703,251 |
Parent Company Financial Inf132
Parent Company Financial Information - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income: | |||||||||||
Total revenue | $ 318,933 | $ 270,831 | $ 238,615 | ||||||||
Expenses: | |||||||||||
Interest expense | $ 6,738 | $ 6,316 | $ 5,089 | $ 4,690 | $ 3,917 | $ 3,860 | $ 3,965 | $ 4,034 | 22,833 | 15,776 | 15,830 |
Other operating expenses | 31,710 | 27,062 | 23,830 | ||||||||
Net interest income | (52,954) | (49,021) | (46,414) | (45,356) | (47,896) | (40,997) | (39,090) | (38,817) | (193,745) | (166,800) | (144,507) |
Income before taxes | $ 27,180 | $ 19,545 | $ 25,982 | $ 24,447 | $ 21,968 | $ 22,504 | $ 19,121 | $ 20,213 | 97,154 | 83,806 | 72,560 |
Income tax benefit | (33,074) | (30,273) | (18,803) | ||||||||
WSFS Financial Corporation [Member] | |||||||||||
Income: | |||||||||||
Interest income | 3,402 | 1,780 | 785 | ||||||||
Noninterest income | 68,498 | 30,180 | 74,125 | ||||||||
Total revenue | 71,900 | 31,960 | 74,910 | ||||||||
Expenses: | |||||||||||
Interest expense | 7,979 | 5,124 | 5,087 | ||||||||
Other operating expenses | 747 | 233 | 140 | ||||||||
Net interest income | 8,726 | 5,357 | 5,227 | ||||||||
Income before equity in undistributed income of subsidiaries | 63,174 | 26,603 | 69,683 | ||||||||
Equity in undistributed (loss)/income of subsidiaries | (779) | 25,765 | (17,437) | ||||||||
Income before taxes | 62,395 | 52,368 | 52,246 | ||||||||
Income tax benefit | 1,685 | 1,165 | 1,511 | ||||||||
Net income allocable to common stockholders | $ 64,080 | $ 53,533 | $ 53,757 |
Parent Company Financial Inf133
Parent Company Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||||||||||
Net income | $ 18,110 | $ 12,722 | $ 17,478 | $ 15,770 | $ 13,984 | $ 14,426 | $ 12,234 | $ 12,889 | $ 64,080 | $ 53,533 | $ 53,757 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Decrease in other assets | 443 | (1,643) | (1,455) | ||||||||
Increase in other liabilities | 3,709 | 6,502 | 2,054 | ||||||||
Net cash provided by operating activities | 80,180 | 74,177 | 67,853 | ||||||||
Investing activities: | |||||||||||
Investment in non-marketable securities | (387) | (3,589) | |||||||||
Net cash used for investing activities | (276,593) | (275,841) | (26,564) | ||||||||
Financing Activities: | |||||||||||
Repayment of long-term debt | (10,000) | ||||||||||
Issuance of common stock | 1,900 | 3,160 | 3,613 | ||||||||
Issuance of senior debt | 97,849 | ||||||||||
Repurchase of common stock warrants | (6,300) | ||||||||||
Payments to repurchase common stock | (14,312) | (31,659) | (2,686) | ||||||||
Cash dividends paid | (7,632) | (6,002) | (4,644) | ||||||||
Net cash provided by (used for) financing activities | 457,157 | 254,804 | (17,676) | ||||||||
Increase/(decrease) in cash | 260,744 | 53,140 | 23,613 | ||||||||
Cash and cash equivalents at beginning of year | 561,179 | 508,039 | 561,179 | 508,039 | 484,426 | ||||||
Cash and cash equivalents at end of year | 821,923 | 561,179 | 821,923 | 561,179 | 508,039 | ||||||
WSFS Financial Corporation [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 64,080 | 53,533 | 53,757 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed (loss)/income of subsidiaries | 779 | (25,765) | 17,437 | ||||||||
Decrease in other assets | 133 | 3,925 | 4,217 | ||||||||
Increase in other liabilities | 655 | 405 | 203 | ||||||||
Net cash provided by operating activities | 65,647 | 32,098 | 75,614 | ||||||||
Investing activities: | |||||||||||
Payments for investment in and advances to subsidiaries | (119) | (2,225) | |||||||||
Sale or repayment of investments in and advances to subsidiaries | 1,220 | 1,213 | 3,676 | ||||||||
Net cash from business combinations | (57,604) | (23,096) | (32,028) | ||||||||
Investment in non-marketable securities | (387) | (3,589) | |||||||||
Net cash used for investing activities | (56,890) | (25,472) | (30,577) | ||||||||
Financing Activities: | |||||||||||
Repayment of long-term debt | (10,000) | ||||||||||
Issuance of common stock | 1,900 | 3,160 | 3,613 | ||||||||
Issuance of senior debt | 97,849 | ||||||||||
Repurchase of common stock warrants | (6,300) | ||||||||||
Payments to repurchase common stock | (14,312) | (31,659) | (2,686) | ||||||||
Cash dividends paid | (7,632) | (6,002) | (4,644) | ||||||||
Net cash provided by (used for) financing activities | 67,805 | (34,501) | (10,017) | ||||||||
Increase/(decrease) in cash | 76,562 | (27,875) | 35,020 | ||||||||
Cash and cash equivalents at beginning of year | $ 26,456 | $ 54,331 | 26,456 | 54,331 | 19,311 | ||||||
Cash and cash equivalents at end of year | $ 103,018 | $ 26,456 | $ 103,018 | $ 26,456 | $ 54,331 |
Change in Accumulated Other 134
Change in Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 580,471 | $ 489,051 | $ 383,050 |
Ending Balance | 687,336 | 580,471 | 489,051 |
Net Change in Investment Securities Available-For-Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,887) | 446 | (20,822) |
Other comprehensive income (loss) before reclassifications | (4,838) | (1,417) | 21,911 |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (1,469) | (916) | (643) |
Total other comprehensive (loss) income | (6,307) | (2,333) | 21,268 |
Ending Balance | (8,194) | (1,887) | 446 |
Net Change in Securities Held-To-Maturity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1,795 | 2,207 | |
Other comprehensive income (loss) before reclassifications | 2,207 | ||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (403) | (412) | |
Total other comprehensive (loss) income | (403) | (412) | 2,207 |
Ending Balance | 1,392 | 1,795 | 2,207 |
Net Change in Defined Benefit Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 788 | 847 | (472) |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | 169 | (59) | 1,319 |
Total other comprehensive (loss) income | 169 | (59) | 1,319 |
Ending Balance | 957 | 788 | 847 |
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 | (1,772) | ||
Total other comprehensive (loss) income | (1,772) | ||
Ending Balance | (1,772) | ||
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 696 | 3,500 | (21,294) |
Other comprehensive income (loss) before reclassifications | (6,610) | (1,417) | 24,118 |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (1,703) | (1,387) | 676 |
Total other comprehensive (loss) income | (8,313) | (2,804) | 24,794 |
Ending Balance | $ (7,617) | $ 696 | $ 3,500 |
Change in Accumulated Other 135
Change in Accumulated Other Comprehensive Income - Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Realized gains on securities transactions | $ 2,369 | $ 1,478 | $ 1,037 | ||||||||
Income before taxes | $ 27,180 | $ 19,545 | $ 25,982 | $ 24,447 | $ 21,968 | $ 22,504 | $ 19,121 | $ 20,213 | 97,154 | 83,806 | 72,560 |
Income tax benefit | (33,074) | (30,273) | (18,803) | ||||||||
Net income | $ 18,110 | $ 12,722 | $ 17,478 | $ 15,770 | $ 13,984 | $ 14,426 | $ 12,234 | $ 12,889 | 64,080 | 53,533 | 53,757 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income | (1,703) | (1,387) | 676 | ||||||||
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 costs | (76) | (76) | 891 | ||||||||
Transition obligation | 246 | ||||||||||
Actuarial losses | 348 | (20) | 991 | ||||||||
Income before taxes | 272 | (96) | 2,128 | ||||||||
Income tax benefit | (103) | 37 | (809) | ||||||||
Net income | 169 | (59) | 1,319 | ||||||||
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 | (2,369) | (1,478) | (1,036) | ||||||||
Income tax benefit | 900 | 562 | 393 | ||||||||
Net income | (1,469) | (916) | $ (643) | ||||||||
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 | (651) | (646) | |||||||||
Income tax benefit | 248 | 234 | |||||||||
Net income | $ (403) | $ (412) |
Legal and Other Proceedings - A
Legal and Other Proceedings - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Additions to other significant pending legal or other proceedings | $ 0 |
Quarterly Financial Summary - Q
Quarterly Financial Summary - Quarterly Financial Summary (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 59,692 | $ 55,337 | $ 51,503 | $ 50,046 | $ 51,813 | $ 44,857 | $ 43,055 | $ 42,851 | $ 216,578 | $ 182,576 | $ 160,337 |
Interest expense | 6,738 | 6,316 | 5,089 | 4,690 | 3,917 | 3,860 | 3,965 | 4,034 | 22,833 | 15,776 | 15,830 |
Net interest income | 52,954 | 49,021 | 46,414 | 45,356 | 47,896 | 40,997 | 39,090 | 38,817 | 193,745 | 166,800 | 144,507 |
Provision for loan losses | 5,124 | 5,828 | 1,254 | 780 | 1,778 | 1,453 | 3,773 | 786 | 12,986 | 7,790 | 3,580 |
Net interest income after provision for loan losses | 47,830 | 43,193 | 45,160 | 44,576 | 46,118 | 39,544 | 35,317 | 38,031 | 180,759 | 159,010 | 140,927 |
Noninterest income | 27,587 | 26,849 | 24,849 | 23,070 | 23,037 | 21,665 | 22,458 | 21,095 | 102,355 | 88,255 | 78,278 |
Noninterest expenses | 48,237 | 50,497 | 44,027 | 43,199 | 47,187 | 38,705 | 38,654 | 38,913 | 185,960 | 163,459 | 146,645 |
Income before taxes | 27,180 | 19,545 | 25,982 | 24,447 | 21,968 | 22,504 | 19,121 | 20,213 | 97,154 | 83,806 | 72,560 |
Income tax provision | 9,070 | 6,823 | 8,504 | 8,677 | 7,984 | 8,078 | 6,887 | 7,324 | 33,074 | 30,273 | 18,803 |
Net income | $ 18,110 | $ 12,722 | $ 17,478 | $ 15,770 | $ 13,984 | $ 14,426 | $ 12,234 | $ 12,889 | $ 64,080 | $ 53,533 | $ 53,757 |
Earnings per share: | |||||||||||
Basic | $ 0.58 | $ 0.42 | $ 0.59 | $ 0.53 | $ 0.47 | $ 0.52 | $ 0.43 | $ 0.46 | $ 2.12 | $ 1.88 | $ 1.98 |
Diluted | $ 0.56 | $ 0.41 | $ 0.58 | $ 0.52 | $ 0.46 | $ 0.51 | $ 0.43 | $ 0.45 | $ 2.06 | $ 1.85 | $ 1.93 |