Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 31,403,528 | ||
Entity Public Float | $ 1,398,000,500 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Income: | |||
Interest and fees on loans | $ 229,147 | $ 194,345 | $ 162,519 |
Interest on mortgage-backed securities | 19,308 | 15,754 | 14,173 |
Interest and dividends on investment securities | |||
Taxable | 137 | 321 | 241 |
Tax-exempt | 4,511 | 4,551 | 3,431 |
Other interest income | 1,623 | 1,607 | 2,212 |
Total interest income | 254,726 | 216,578 | 182,576 |
Interest Expense: | |||
Interest on deposits | 14,904 | 9,421 | 7,165 |
Interest on Federal Home Loan Bank advances | 8,263 | 4,707 | 3,008 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 972 | 606 | 360 |
Interest on trust preferred borrowings | 1,940 | 1,622 | 1,362 |
Interest on senior debt | 7,228 | 6,356 | 3,766 |
Interest on other borrowings | 148 | 121 | 115 |
Total interest expense | 33,455 | 22,833 | 15,776 |
Net interest income | 221,271 | 193,745 | 166,800 |
Provision for loan losses | 10,964 | 12,986 | 7,790 |
Net interest income after provision for loan losses | 210,307 | 180,759 | 159,010 |
Noninterest Income: | |||
Credit/debit card and ATM income | 36,116 | 29,899 | 25,702 |
Deposit service charges | 18,318 | 17,734 | 16,684 |
Wealth management income | 35,103 | 25,691 | 21,884 |
Mortgage banking activities, net | 6,293 | 7,434 | 5,896 |
Security gains, net | 1,984 | 2,369 | 1,478 |
Loan fee income | 2,218 | 2,066 | 1,834 |
Bank owned life insurance income | 1,545 | 919 | 776 |
Other income | 23,067 | 18,949 | 16,002 |
Total non interest income | 124,644 | 105,061 | 90,256 |
Noninterest Expense: | |||
Salaries, benefits and other compensation | 114,376 | 95,983 | 83,908 |
Occupancy expense | 19,409 | 16,646 | 15,121 |
Equipment expense | 12,564 | 10,368 | 8,448 |
Data processing and operations expenses | 6,779 | 6,275 | 5,949 |
Professional fees | 8,597 | 9,142 | 7,737 |
FDIC expenses | 2,216 | 2,606 | 2,853 |
Loan workout and OREO expenses | 1,820 | 1,681 | 1,108 |
Marketing expense | 3,083 | 3,020 | 3,002 |
Corporate development expense | 878 | 8,529 | 7,620 |
Early extinguishment of debt costs | 695 | 0 | 651 |
Provision for legal settlement | 12,000 | 0 | 0 |
Fraud loss | 2,844 | 0 | 0 |
Other operating expense | 41,200 | 34,416 | 29,063 |
Total non interest expenses | 226,461 | 188,666 | 165,460 |
Income before taxes | 108,490 | 97,154 | 83,806 |
Income tax provision | 58,246 | 33,074 | 30,273 |
Net income | $ 50,244 | $ 64,080 | $ 53,533 |
Basic (in dollars per share) | $ 1.60 | $ 2.12 | $ 1.88 |
Diluted (in dollars per share) | $ 1.56 | $ 2.06 | $ 1.85 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 50,244 | $ 64,080 | $ 53,533 |
Net change in unrealized gains (losses) on investment securities available for sale | |||
Net unrealized gains (losses) arising during the period, net of tax expense (benefit) of $1,813, ($2,968), and ($868), respectively | 3,073 | (4,838) | (1,417) |
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $704, $900, and $562, respectively | (1,280) | (1,469) | (916) |
Net change in unrealized gains (losses) on investment securities available for sale | 1,793 | (6,307) | (2,333) |
Net change in securities held to maturity | |||
Net change in securities held to maturity | (394) | (403) | (412) |
Net change in securities held to maturity | (394) | (403) | (412) |
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $241, $248, and $234, respectively | |||
Change in unfunded pension liability related to unrealized (loss) gain, prior service cost and transition obligation, net of tax (benefit) expense of ($56), $103, and ($37), respectively | (90) | 169 | (59) |
Net change in unfunded pension liability | (90) | 169 | (59) |
Net change in cash flow hedge | |||
Net unrealized (loss) arising during the period, net of tax (benefit) of ($113), ($1,086), and $0, respectively | (184) | (1,772) | 0 |
Net change in cash flow hedge | (184) | (1,772) | 0 |
Total other comprehensive (loss) income | 1,125 | (8,313) | (2,804) |
Total comprehensive income | $ 51,369 | $ 55,767 | $ 50,729 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net change in unrealized gains (losses), tax expense (benefit) | $ 1,813 | $ (2,968) | $ (868) |
Reclassification adjustment for gains, tax expense | 704 | 900 | 562 |
Amortization of unrealized gain on securities reclassified to held-to-maturity, tax expense | 241 | 248 | 234 |
Change in unfunded pension liability related to unrealized (loss) gain, prior service cost and transition obligation, tax (benefit) expense | (56) | 103 | (37) |
Net change in cash flow hedge, tax (benefit) | $ (113) | $ (1,086) | $ 0 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and due from banks | $ 122,141 | $ 119,929 |
Cash in non-owned ATMs | 598,117 | 698,454 |
Interest-bearing deposits in other banks | 3,608 | 3,540 |
Total cash and cash equivalents | 723,866 | 821,923 |
Investment securities, available for sale (book value $848,434 and $807,761 at December 31, 2017 and 2016, respectively) | 838,122 | 794,543 |
Investment securities, held to maturity, at cost (fair value $162,853 and $163,232 at December 31, 2017 and 2016, respectively) | 161,186 | 164,346 |
Loans held for sale at fair value | 31,055 | 54,782 |
Loans, net of allowance for loan losses of $40,599 and $39,751 at December 31, 2017 and 2016, respectively | 4,776,318 | 4,444,375 |
Bank-owned life insurance | 102,958 | 101,425 |
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 31,284 | 38,248 |
Other real estate owned | 2,503 | 3,591 |
Accrued interest receivable | 19,405 | 17,027 |
Premises and equipment | 47,983 | 48,871 |
Goodwill | 166,007 | 167,539 |
Intangible assets | 22,437 | 23,708 |
Other assets | 76,416 | 84,892 |
Total assets | 6,999,540 | 6,765,270 |
Deposits: | ||
Noninterest-bearing demand | 1,420,760 | 1,266,306 |
Interest-bearing demand | 1,071,512 | 935,333 |
Money market | 1,347,146 | 1,257,520 |
Savings | 549,744 | 547,293 |
Time | 330,137 | 332,624 |
Jumbo certificates of deposit — customer | 298,934 | 260,560 |
Total customer deposits | 5,018,233 | 4,599,636 |
Brokered deposits | 229,371 | 138,802 |
Total deposits | 5,247,604 | 4,738,438 |
Federal funds purchased and securities sold under agreements to repurchase | 28,000 | 130,000 |
Federal Home Loan Bank advances | 710,001 | 854,236 |
Trust preferred borrowings | 67,011 | 67,011 |
Senior debt | 98,171 | 152,050 |
Other borrowed funds | 34,623 | 64,150 |
Accrued interest payable | 1,037 | 1,151 |
Other liabilities | 88,748 | 70,898 |
Total liabilities | 6,275,195 | 6,077,934 |
Stockholders’ Equity: | ||
Common stock $0.01 par value, 65,000,000 shares authorized; 56,279,527 and 55,995,219 issued at December 31, 2017 and 2016, respectively | 563 | 580 |
Capital in excess of par value | 336,271 | 329,457 |
Accumulated other comprehensive loss | (8,152) | (7,617) |
Retained earnings | 669,557 | 627,078 |
Treasury stock at cost, 24,861,145 and 24,605,145 shares at December 31, 2017 and 2016, respectively | (273,894) | (262,162) |
Total stockholders’ equity | 724,345 | 687,336 |
Total liabilities and stockholders’ equity | $ 6,999,540 | $ 6,765,270 |
Consolidated Statements of Con6
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Investment securities, available-for-sale, book value | $ 848,434 | $ 807,761 |
Investment securities, held-to-maturity-at cost, fair value | 162,853 | 163,232 |
Allowance for loan losses | $ 40,599 | $ 39,751 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 65,000,000 | 65,000,000 |
Common stock, issued (in shares) | 56,279,527 | 55,995,219 |
Treasury stock (in shares) | 24,861,145 | 24,605,145 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Treasury Stock | |
Beginning Balance (in shares) at Dec. 31, 2014 | 55,697,124 | ||||||
Beginning Balance at Dec. 31, 2014 | $ 489,051 | $ 557 | $ 201,130 | $ 3,500 | $ 523,099 | $ (239,235) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
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 (in shares) | 248,121 | ||||||
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 (in shares) at Dec. 31, 2015 | 55,945,245 | ||||||
Ending Balance at Dec. 31, 2015 | 580,471 | $ 560 | 256,435 | 696 | 570,630 | (247,850) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
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 (in shares) | 265,853 | ||||||
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 (in shares) | 1,806,748 | ||||||
Acquisition | 68,352 | $ 18 | 68,334 | 0 | |||
Repurchases of common stock | (14,312) | (14,312) | |||||
Treasury share adjustment (in shares) | [1] | (2,022,627) | |||||
Ending Balance (in shares) at Dec. 31, 2016 | 55,995,219 | ||||||
Ending Balance at Dec. 31, 2016 | 687,336 | $ 580 | 329,457 | (7,617) | 627,078 | (262,162) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 50,244 | 50,244 | |||||
Other comprehensive income (loss) | 1,125 | ||||||
Loans transferred to portfolio from held-for-sale at fair value | 1,125 | 1,125 | |||||
Cash dividend, per share | (9,425) | (9,425) | |||||
Reclassification due to the adoption of ASU No. 2018-02 | 0 | (1,660) | 1,660 | ||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 284,308 | ||||||
Issuance of common stock including proceeds from exercise of common stock options | 3,421 | $ 3 | 3,418 | ||||
Stock-based compensation expense | 3,396 | 3,396 | |||||
Repurchases of common stock | (11,752) | $ (20) | (11,732) | ||||
Ending Balance (in shares) at Dec. 31, 2017 | 56,279,527 | ||||||
Ending Balance at Dec. 31, 2017 | $ 724,345 | $ 563 | $ 336,271 | $ (8,152) | $ 669,557 | $ (273,894) | |
[1] | The 2016 Consolidated Statement of Changes in Stockholder's Equity reflects an adjustment between shares issued and treasury stock. This reclassification had no impact on shares outstanding, earnings per share or retained earnings. |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash dividend per share (in dollars per share) | $ 0.30 | $ 0.25 | $ 0.21 |
Repurchases of common stock (in shares) | 255,000 | 449,371 | 1,152,233 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net income | $ 50,244 | $ 64,080 | $ 53,533 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 10,964 | 12,986 | 7,790 |
Depreciation of premises and equipment | 8,557 | 7,477 | 6,333 |
Amortization of fees and discounts, net | 19,082 | 19,626 | 18,490 |
Amortization of intangible assets | 3,078 | 2,438 | 1,847 |
Increase in accrued interest receivable | (2,378) | (2,009) | (1,334) |
(Increase) decrease in other assets | (2,517) | 443 | (1,643) |
Origination of loans held for sale | (354,659) | (366,859) | (573,703) |
Proceeds from sales of loans held for sale | 369,986 | 346,895 | 563,588 |
Gain on mortgage banking activity, net | (6,293) | (7,434) | (5,896) |
Gain on sale of securities, net | (1,984) | (2,369) | (1,478) |
Debt extinguishment costs | (695) | 0 | 0 |
Stock-based compensation expense | 3,396 | 3,046 | 4,095 |
(Decrease) increase in accrued interest payable | (114) | 350 | (203) |
Increase in other liabilities | 7,353 | 3,709 | 6,502 |
Loss on sale of OREO and valuation adjustments, net | 217 | 313 | 319 |
Provision for legal settlement | 12,000 | 0 | 0 |
Increase in value of bank-owned life insurance | (1,130) | (2,551) | (776) |
Deferred income tax expense | 17,899 | 5,370 | 2,231 |
Increase in capitalized interest, net | (4,228) | (5,331) | (5,518) |
Net cash provided by operating activities | 130,168 | 80,180 | 74,177 |
Investing activities: | |||
Maturities and calls of investment securities | 1,230 | 2,890 | 5,551 |
Sales of investment securities available for sale | 457,046 | 201,580 | 192,933 |
BOLI - cash return of capital | 371 | 0 | 0 |
Purchases of investment securities available for sale | (696,581) | (371,590) | (277,963) |
Repayments of investment securities available for sale | 197,765 | 85,200 | 100,485 |
Purchases of investment securities held to maturity | 0 | (3,329) | (48,184) |
Net cash for business combinations | 0 | 39,794 | 40,863 |
Net increase in loans | (343,858) | (217,572) | (275,162) |
Purchases of VISA Class B stock | (10,072) | (387) | (3,589) |
Purchases of stock of Federal Home Loan Bank of Pittsburgh | (160,089) | (88,176) | (66,955) |
Redemptions of stock of Federal Home Loan Bank of Pittsburgh | 167,053 | 80,447 | 59,714 |
Sales of OREO, net | 6,077 | 4,423 | 4,828 |
Investment in premises and equipment, net | (7,728) | (9,873) | (8,362) |
Net cash used for investing activities | (388,786) | (276,593) | (275,841) |
Financing Activities: | |||
Net increase in demand and savings deposits | 353,521 | 272,544 | 159,587 |
Decrease in time deposits | 35,887 | (51,416) | (103,710) |
(Decrease) increase in brokered deposits | 90,482 | (17,928) | (30,228) |
(Decrease) increase in loan payable | (338) | (370) | 61 |
Repayment of securities sold under agreement to repurchase | 0 | 0 | (25,000) |
Receipts from federal funds purchased and securities sold under agreement to repurchase | 23,008,000 | 27,702,620 | 31,887,100 |
Repayments of federal funds purchased and securities sold under agreement to repurchase | (23,110,000) | (27,700,820) | (31,862,125) |
Receipts from FHLB advances | 143,852,751 | 121,977,563 | 63,310,841 |
Repayments of FHLB advances | (143,996,986) | (121,792,841) | (63,047,221) |
Repayment of long-term debt | 0 | (10,000) | 0 |
Dividends paid | (9,425) | (7,632) | (6,002) |
Issuance of common stock and exercise of common stock options | 3,421 | 1,900 | 3,160 |
Repayment of senior debt | (55,000) | 0 | 0 |
Issuance of senior debt | 0 | 97,849 | 0 |
Buy back of common stock | (11,752) | (14,312) | (31,659) |
Net cash provided by (used for) financing activities | 160,561 | 457,157 | 254,804 |
Increase in cash and cash equivalents | (98,057) | 260,744 | 53,140 |
Cash and cash equivalents at beginning of year | 821,923 | 561,179 | 508,039 |
Cash and cash equivalents at end of year | 723,866 | 821,923 | 561,179 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid in interest during the year | 33,569 | 22,483 | 15,978 |
Cash paid for income taxes, net | 31,441 | 24,825 | 23,404 |
Loans transferred to OREO | 5,206 | 2,251 | 3,725 |
Loans transferred to portfolio from held-for-sale at fair value | 13,142 | 12,919 | (1,499) |
Fair value of assets acquired, net of cash received | 0 | 534,375 | 340,238 |
Fair value of liabilities assumed | 0 | 589,632 | 346,181 |
Reissuance of treasury stock for acquisitions, net | 0 | 0 | 71,345 |
Non-cash goodwill adjustments, net | $ (1,532) | $ 2,112 | $ 136 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization WSFS Financial Corporation (the Company or as a consolidated institution, WSFS, we, our or us) is a savings and loan holding company organized under the laws of the State of Delaware. Substantially all of our asset are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), is a federal savings bank organized under the laws of the U.S. Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). We provide residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. Our core banking business is commercial lending funded primarily with customer deposits and borrowings. In addition, we offer a variety of wealth management and trust services to personal and corporate customers. The Federal Deposit Insurance Corporation (FDIC) insures our customers’ deposits to their legal maximums. We serve our customers primarily from our 76 offices located in Delaware ( 46 ), Pennsylvania ( 28 ), Virginia ( 1 ), and Nevada ( 1 ) and through our website at www.wsfsbank.com . Information on our website is not incorporated by reference into this Annual Report on Form 10-K. 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 2018 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, income taxes and other than temporary impairment (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 Company, WSFS Bank, Cypress Capital Management, LLC (Cypress), WSFS Wealth Management, LLC (Powdermill), WSFS Capital Management, LLC (West Capital), and Christiana Trust Company of Delaware (Christiana Trust DE). 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 Entity Services LLC (Monarch). Cypress was formed to provide asset management products and services. As a Wilmington-based investment advisory firm servicing high net worth individuals and institutions, Cypress has approximately $901.5 million in assets under management (AUM) at December 31, 2017 , compared to approximately $738.5 million at December 31, 2016 . Powdermill was formed in 2016 as a result of our acquisition of Powdermill Financial Solutions, LLC to provide multi-family office services to an affluent clientele in the local community and throughout the U.S. West Capital was formed in 2016 as a result of our acquisition of West Capital Management, Inc. to provide fee-only wealth management services tailored to the unique needs of institutions and high net worth individuals operating under a multi-family office philosophy. West Capital has approximately $861.2 million in AUM at December 31, 2017 , compared to approximately $738.1 million at December 31, 2016 . Christiana Trust DE was formed in 2017 to supplement our existing Wealth Management business by offering Delaware Advantage trust services including directed trusts, asset protection trusts and dynasty trusts. 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. 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. Certain 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, our Board of Directors adopted an amendment to the Company’s Certificate of Incorporation, to increase the number of shares of common stock, $0.01 par value per share (Common Stock) the Company is authorized to issue from 20,000,000 to 65,000,000 . This amendment to the Company’s Certificate of Incorporation was approved by the Company’s stockholders at the 2015 Annual Meeting held on April 30, 2015. In May 2015, the Company effected a three -for-one stock split in the form of a stock dividend to stockholders of record as of May 4, 2015 . All share and per share information has been retroactively adjusted to reflect the stock split. We retroactively adjusted stockholders’ equity to reflect the stock split by reclassifying an amount equal to the par value, $0.01 , of the additional shares arising from the split from capital in excess of par value to Common Stock, resulting in no net impact to stockholders’ equity on our Consolidated Statements of Financial Condition. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned ATMs, amounts due from banks, federal funds sold and securities purchased under agreements to resell. Debt and Equity Securities Investments in equity securities that have a readily determinable fair value and investments in debt securities are classified into three categories and accounted for as follows: • Debt securities with the positive intention to hold to maturity are classified as “held to maturity” and reported at amortized cost. • Debt and equity securities purchased with the intention of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. • Debt and equity securities not classified in either of the above are classified as “available-for-sale securities” and reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of stockholders’ equity. Debt and equity securities include mortgage-backed securities (MBS), municipal bonds, U.S. government and agency securities and certain equity securities. Premiums and discounts on 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 ” that provides guidance related to accounting for recognition of other-than-temporary impairment for debt securities and expands disclosure requirements for other-than-temporarily impaired debt and equity securities. When we conclude an investment security is other than temporarily impaired, a loss for the difference between the investment security’s carrying value and its fair value may be recognized as a reduction to noninterest income in the Consolidated Statements of Income. For an investment in a debt security, if we intend to sell the investment security or it is more likely than not that we will be required to sell it before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the investment security and conclude that it is not more likely than not we will be required to sell the security before recovering the carrying value, which may be maturity, the OTTI charge is separated into “credit” and “other” components. The “other” component of the OTTI is included in other comprehensive income/loss, net of the tax effect, and the “credit” component of the OTTI is included as a reduction to noninterest income in the Consolidated Statements of Income. We are required to use our judgment to determine impairment in certain circumstances. The specific identification method is used to determine realized gains and losses on sales of investment and mortgage-backed securities. All sales are made without recourse. For additional detail regarding debt and equity securities, see Note 4. 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 . The loans are initially recorded at fair value on the acquisition date, reflecting the present value of the cash flows expected to be collected. Income recognition on these loans is based on a reasonable expectation about the timing and amount of cash flows to be collected. Purchased credit impaired loans are evaluated for impairment on a quarterly basis with a complete updating of the estimated cash flows on a semi-annual basis and if a loan is determined to be impaired but considered collateral dependent, it will have no accretable yield. For additional detail regarding impaired loans, see Note 6. 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 (SAB 102), Accounting Standard Codification (ASC) 450, Contingencies (ASC 450) and ASC 310, Receivables (“ASC 310”). The allowance includes two primary components: (i) an allowance established on loans collectively evaluated for impairment (general allowance), and (ii) an allowance established on loans individually evaluated for impairment (specific allowance). In addition, we also maintain an allowance for acquired loans. 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. Lastly, the allowance related to acquired loans is calculated when (i) there was deterioration in credit quality subsequent to acquisition for loans accounted for under ASC 310-30, and (ii) the inherent losses in the loans exceed the remaining credit discount recorded at the time of acquisition for loans accounted for under ASC 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. Fair Value Option Mortgage loans held for sale are recorded at fair value on a loan level basis. The mortgage loans held for sale are based upon pricing information obtained from secondary markets and brokers and applied to loans with similar interest rates and maturities. Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate lock commitments. We also may enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate the effect of interest rate risk. Other Real Estate Owned Upon initial receipt, other real estate owned is recorded at the lower of the recorded investment in the loans or fair value less estimated disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed fair value less estimated disposal costs. Costs relating to holding or disposing of the assets are charged to expense in the current period. We write-down the value of the assets when declines in fair value below the carrying value are identified. Loan workout and OREO expenses include costs of holding and operating the assets, net gains or losses on sales of the assets and provisions for losses to reduce such assets to fair value less estimated disposal costs. During 2017, we recorded $0.3 million in charges (including write-downs and net losses on sales of assets) related to other real estate owned (OREO) compared to $0.1 million and $0.3 million during 2016 and 2015 , respectively. As of December 31, 2017 , we had $2.9 million in residential real estate loans in process of foreclosure. For additional detail regarding other real estate owned, see Note 6. 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 (“ASC 805”) and ASC 350, Intangibles-Goodwill and Other (“ASC 350”). Intangible assets resulting from acquisitions under the acquisition method of accounting consist of goodwill and other intangible assets. Accounting for goodwill and other intangible assets requires the Company to make significant judgments, particularly with respect to estimating the fair value of each reporting unit and when required, estimating the fair value of net assets. The estimates utilize historical data, cash flows, and market and industry data specific to each reporting unit as well as projected data. Industry and market data are used to develop material assumptions such as transaction multiples, required rates of return, control premiums, transaction costs and synergies of a transaction, and capitalization. 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 Financial 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 securities 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 (ASC 740). ASC 740 requires the recording of deferred income taxes that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. It prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. On December 22, 2017 the Tax Cuts and Jobs Act (Tax Reform Act), was enacted. See Note 14 - Taxes on Income for further information . As a result, the Company elected to reclassify the income tax effects of the Tax Reform Act from accumulated other comprehensive income to retained earnings for approximately $1.7 million in accordance with ASC 220 - Income Statement - Reporting Comprehensive Income and ASC 740 - Income Taxes . See Note 22 - Accumulated Other Comprehensive Income for further information. 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 . Compensation expense relating to all share-based payments is recognized on a straight-line basis, over the applicable vesting period. For additional detail regarding stock-based compensation, see Note 15. Senior Debt On September 1, 2017, we redeemed $55.0 million in aggregate principal amount of our 6.25% senior notes due 2019 which were issued in 2012 (the 2012 senior notes). The 2012 senior notes were repaid using a portion of the proceeds from our 2016 issuance of senior unsecured fixed-to-floating rate notes (the 2016 senior notes) described below. We recorded noninterest expense of $0.7 million due to the write-off of unamortized debt issuance costs in connection with this redemption. On June 13, 2016, the Company issued $100.0 million of the 2016 senior notes. The 2016 senior notes mature on June 15, 2026 and have a fixed coupon rate of 4.50% from issuance until June 15, 2021 and a variable coupon rate of three month LIBOR plus 3.30% from June 15, 2021 until maturity. The 2016 senior notes may be redeemed beginning on June 15, 2021 at 100% of principal plus accrued and unpaid interest. The remaining net proceeds from the issuance of the 2016 senior notes are being used for general corporate purposes. Acquisitions On August 12, 2016, we completed the acquisition of Penn Liberty Financial Corp. (Penn Liberty), a community bank headquartered in Wayne, Pennsylvania in order to build our market share, deepen our presence in the southeastern Pennsylvania market, and enhance our customer base. The results of Penn Liberty’s operations are included in our Consolidated Financial Statements since the date of the acquisition. See Note 2 – Business Combinations for further information. During the third and fourth quarters of 2016, respectively, 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., and West Capital Management, Inc., an independent, fee-only wealth management firm providing fully customized solutions tailored to the unique needs of institutions and high-net-worth individuals which operates under a multi-family office philosophy. These acquisitions align with our strategic plan to expand our wealth management offerings and to diversify our fee-income generating businesses. The results of both entities' operations are included in our Consolidated Financial Statements since the date of the acquisition. There were no acquisitions in 2017. Immaterial Correction of Prior Period Balances Consolidated Statements of Income : The Consolidated Statements of Income for the years ended December 31, 2016 and 2015 have been revised to correct an immaterial error in Noninterest income - Other income and Noninterest expense - Other operating expense related to revenue earned for cash servicing fees. As a result, the Consolidated Statements of Income have been revised to reflect these changes, as follows: December 31, 2016 December 31, 2015 (Dollars in thousands) As originally reported Adjustments As revised As originally reported Adjustments As revised Noninterest income - Other income $ 16,243 $ 2,706 $ 18,949 $ 14,001 $ 2,001 $ 16,002 Noninterest expense - Other operating expense 31,710 2,706 34,416 27,062 2,001 29,063 Footnote 17 - Fair Value Disclosures : The table showing the book values and fair values of our financial instruments for the year ended December 31, 2016 has been revised to correct an immaterial classification error in the fair value hierarchy relating to our loan portfolio. Based on a review of our fair value pricing model for our loan portfolio, we determined that Loans, net should be classified as Level 3 for all periods presented. There was no change to the book or fair value of this portfolio as a result of this reclassification. The above revisions had no effect on earnings per share or retained earnings. Periods not presented herein will be revised, as applicable, as they are included in future filings. RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2017 In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-05: Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships , which amends Accounting Standards Codification (ASC) Topic 815: Derivatives and Hedging. This new guidance clarifies that the novation of a derivative contract (i.e., a change in the counterparty) in a hedge accounting relationship does not, in and of itself, cause a hedge accounting relationship to be discontinued because it does not represent a termination of the original derivative instrument or a change in the critical terms of the hedge relationship. This new guidance is effective for annual reporting periods beginning after December 15, 2016 and may be adopted prospectively or retroactively. Early adoption is permitted, including adoption in an interim period. The Company adopted this accounting guidance during the quarter ended March 31, 2017 on a prospective basis with no impact to our Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments, Derivatives and Hedging (Topic 815). ASU 2016-06 clarifies that determining whether the economic characteristics of a put or call are clearly and closely related to its debt host requires only an assessment of the four-step decision sequence outlined in FASB ASC paragraph 815-15-25-24. Additionally, entities are not required to separately assess whether the contingency itself is clearly and closely related. The standard is effective for public business entities in interim and annual periods in fiscal years beginning after December 15, 2016. Early adoption is permitted in any interim period for which the entity’s financial statements have not been issued, but would be retroactively applied to the beginning of the year that includes the interim period. The standard requires a modified retrospective transition approach, with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. For instruments that are eligible for the fair value option, an entity has a one-time option to irrevocably elect to measure the debt instrument affected by the standard in its entirety at fair value with changes in fair value recognized in earnings. The Company adopted this accounting guidance during the quarter ended March 31, 2017 with no impact to our Consolidated Financial Statements 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). ASU 2016-07 eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. The standard is effective for all entities in annual and interim periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied prospectively to changes in ownership (or influence) after the adoption date. The Company adopted this accounting guidance during the quarter ended March 31, 2017 on a prospective basis with no impact to our Consolidated Financial Statements. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU No. 2018-02 amends ASC 220 and ASC 740, Income Taxes to allow stranded tax effects created by the Tax Reform Act to be reclassified from accumulated other comprehensive income to retained earnings. ASU 2018-02 does not affect other stranded tax effects, sitting in accumulated other comprehensive income, that were not a result of the Tax Reform Act. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company adopted this accounting guidance during the quarter ended December 31, 2017. The adoption of this accounting guidance did not have a material effect on the Company’s Consolidated Financial Statements. Accounting Guidance Pending Adoption at December 31, 2017 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . This ASU supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU No. 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers using a five-step model that requires entities to exercise judgment when considering the terms of the contracts. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This amendment defers the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Gross versus Net) , which amends the principal versus agent guidance and clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer. In addition, the FASB issued ASU Nos. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, 2016-12, Narrow-Scope Improvements and Practical Expedients , and 2017-14, Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release No. 33-10403, all of which provide additional clarification of certain provisions in Topic 606. These ASC updates are effective for public business entities in annual and interim reporting periods in fiscal years beginning after December 15, 2017. Early application is permitted for all entities, but not before annual reporting periods beginning after December 15, 2016. The standard permits the use of either the retrospective or retrospectively with the cumulative effect transition method. The Company will adopt the standard on January 1, 2018 using the retrospective with the cumulative effect transition method. For revenue streams determined to be within the scope of the standard, we have completed our impact analysis, the results |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Penn Liberty Financial Corporation On August 12, 2016, we completed the acquisition of Penn Liberty Financial Corporation (Penn Liberty) conducted its primary business operations through its subsidiary Penn Liberty Bank, which was merged into WSFS Bank. At closing, 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 excess of consideration transferred over the fair value of net assets acquired is recorded as goodwill, which is not amortizable and is not deductible for tax purposes. The Company allocated the total balance of this goodwill to its WSFS Bank segment. The fair values of assets acquired and liabilities assumed are now considered final. In connection with the acquisition of Penn Liberty, the consideration transferred and the final fair values of identifiable assets acquired and liabilities assumed, 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 483,203 Premises and equipment 6,817 Deferred income taxes 6,542 Bank owned life insurance 8,666 Core deposit intangible 2,882 Other real estate owned 996 Other assets 12,085 Total assets 624,119 Liabilities assumed: Deposits 568,706 Other borrowings 10,000 Other liabilities 3,738 Total liabilities 582,444 Net assets acquired: 41,675 Goodwill resulting from acquisition of Penn Liberty $ 67,226 The following table details the changes to goodwill recorded subsequent to acquisition: (Dollars in thousands) Fair Value Goodwill resulting from the acquisition of Penn Liberty as of December 31, 2016 $ 68,814 Effects of adjustments to: Deferred income taxes 880 Loans 279 Other assets (1,440 ) Other liabilities (1,307 ) Adjusted goodwill resulting from the acquisition of Penn Liberty as of December 31, 2017 $ 67,226 The adjustments made to goodwill during 2017 reflect a change in the initially recorded fair values of replacement equity awards, deferred federal income taxes, other assets and other liabilities. 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 generating business. The excess of consideration paid over the preliminary fair value of the net assets acquired was recorded as goodwill, which is not amortizable but is deductible for tax purposes. We allocated the total balance of goodwill to the Wealth Management segment. The fair values of assets acquired and liabilities assumed are now considered final. West Capital Management, Inc. On October 14, 2016, we acquired the assets of West Capital Management, Inc., an independent, fee-only wealth management firm providing fully-customized solutions tailored to the unique needs of institutions and high net worth individuals which operates under a multi-family office philosophy. This acquisition aligns with our strategic plan to expand our wealth offerings and diversify our fee-income generating business. The excess of consideration paid over the preliminary fair value of the net assets acquired was recorded as goodwill, which is not amortizable but is deductible for tax purposes. We allocated the total balance of goodwill to the Wealth Management segment. The fair values of assets acquired and liabilities assumed are now considered final. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
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) 2017 2016 2015 Numerator: Net income $ 50,244 $ 64,080 $ 53,533 Denominator: Denominator for basic earnings per share - weighted average shares 31,419 30,276 28,435 Effect of dilutive employee stock options and restricted stock 884 809 508 Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercised 32,303 31,086 28,943 Earnings per share: Basic $ 1.60 $ 2.12 $ 1.88 Diluted (1) $ 1.56 $ 2.06 $ 1.85 Outstanding common stock equivalents having no dilutive effect 2 18 83 (1) Diluted earnings per share considers the impact of potentially dilutive shares except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments Schedule [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following tables detail the amortized cost and the estimated fair value of our available-for-sale and held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2017 CMO $ 250,592 $ 88 $ 4,141 $ 246,539 FNMA MBS 479,218 941 6,172 473,987 FHLMC MBS 88,681 118 924 87,875 GNMA MBS 29,300 209 411 29,098 Other investments 643 — 20 623 $ 848,434 $ 1,356 $ 11,668 $ 838,122 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 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-Maturity Securities : (1) December 31, 2017 State and political subdivisions $ 161,186 $ 1,758 $ 91 $ 162,853 December 31, 2016 State and political subdivisions $ 164,346 $ 271 $ 1,385 $ 163,232 (1) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $1.6 million and $2.2 million at December 31, 2017 and December 31, 2016 , respectively, related to securities transferred, which are offset in Accumulated Other Comprehensive (Loss) Income, net of tax. The scheduled maturities of investment securities available for sale and held to maturity at December 31, 2017 and December 31, 2016 are presented in the table below: Available for Sale (Dollars in thousands) Amortized Cost Fair Value 2017 (1) (2) Within one year $ — $ — After one year but within five years 20,051 19,825 After five years but within ten years 179,812 175,583 After ten years 647,928 642,091 $ 847,791 $ 837,499 2016 (1) 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 Held to Maturity (Dollars in thousands) Amortized Cost Fair Value 2017 (1) Within one year $ 322 $ 320 After one year but within five years 5,895 5,894 After five years but within ten years 18,751 18,873 After ten years 136,218 137,766 $ 161,186 $ 162,853 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 (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, 2017 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 $688.2 million and $562.5 million were pledged as collateral for retail customer repurchase agreements, municipal deposits, and other obligations as of December 31, 2017 and 2016 , respectively. During 2017 , we sold $457.0 million of investment securities categorized as available for sale, resulting in realized gains of $2.1 million and realized losses of less than $0.1 million . During 2016 , we sold $201.8 million of investment securities categorized as available for sale, resulting in realized gains of $2.4 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. 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, 2017 , and December 31, 2016 , our investment securities portfolio had remaining unamortized premiums of $14.1 million and $18.0 million , respectively, and unaccreted discounts of $1.3 million and $0.4 million , respectively. 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, 2017 . Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total (Dollars in thousands) Available-for-sale securities: Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss CMO $ 146,726 $ 1,820 $ 77,149 $ 2,321 $ 223,875 $ 4,141 FHLMC MBS 204,921 1,479 126,342 4,693 331,263 6,172 FNMA MBS 42,514 269 21,405 655 63,919 924 GNMA MBS 4,615 56 14,782 355 19,397 411 Other investments — — 624 20 624 20 Total temporarily impaired investments $ 398,776 $ 3,624 $ 240,302 $ 8,044 $ 639,078 $ 11,668 Less than 12 months 12 months or longer Total (Dollars in thousands) Held-to-maturity securities Fair Unrealized Fair Unrealized Fair Unrealized State and political subdivisions $ 23,404 $ 59 $ 5,625 $ 32 $ 29,029 $ 91 Total temporarily impaired investments $ 23,404 $ 59 $ 5,625 $ 32 $ 29,029 $ 91 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 . Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss GSE $ 21,996 $ 60 $ — $ — $ 21,996 $ 60 CMO 160,572 3,867 4,654 90 165,226 3,957 FNMA MBS 50,878 1,330 — — 50,878 1,330 FHLMC 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) Fair Unrealized Fair Unrealized Fair Unrealized Held-to-maturity securities Value Loss Value Loss Value Loss 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 At December 31, 2017 , we owned investment securities totaling $668.1 million for which the amortized cost basis exceeded fair value. Total unrealized losses on these securities were $11.8 million at December 31, 2017 . The temporary impairment is the result of changes in market interest rates subsequent to the purchase of the securities. Our investment portfolio is reviewed each quarter for indications of other than temporary impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the amortized cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and our intent and ability to hold the investment for a period of time sufficient to allow for full recovery of the unrealized loss. We evaluate our intent and ability to hold securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. In addition, we do not have the intent to sell, nor is it more likely-than-not we will be required to sell these securities before we are able to recover the amortized cost basis. All securities, with the exception of one having a fair value of $0.8 million at December 31, 2017 , were AA- rated or better at the time of purchase and remained investment grade at December 31, 2017 . All securities were evaluated for OTTI at December 31, 2017 and 2016 . The result of this evaluation showed no OTTI as of December 31, 2017 or 2016 . The weighted average duration of MBS was 5.2 years at December 31, 2017 . |
Loans
Loans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
LOANS | LOANS The following table details our loan portfolio by category: December 31, (Dollars in thousands) 2017 2016 Commercial and industrial $ 1,464,554 $ 1,287,731 Owner-occupied commercial 1,079,247 1,078,162 Commercial mortgages 1,187,705 1,163,554 Construction 281,608 222,712 Residential (1) 253,301 289,611 Consumer 558,493 450,029 4,824,908 4,491,799 Less: Deferred fees, net 7,991 7,673 Allowance for loan losses 40,599 39,751 Net loans $ 4,776,318 $ 4,444,375 (1) Includes reverse mortgages, at fair value of $19.8 million and $22.6 million at December 31, 2017 and 2016 , respectively. Nonaccruing loans totaled $36.4 million and $22.9 million at December 31, 2017 and 2016 , respectively. If interest on all such loans had been recorded in accordance with contractual terms, net interest income would have increased by $1.8 million and $1.2 million in 2017 and 2016 , respectively. The total amounts of loans serviced for others were $102.5 million and $124.7 million at December 31, 2017 and 2016 , respectively, which consisted of residential first mortgage loans and reverse mortgage loans. We received fees from the servicing of loans of $0.4 million and $0.3 million during 2017 and 2016 , 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 $0.4 million and $0.5 million at December 31, 2017 and 2016 , respectively. Mortgage loans serviced for others are not included in loans in the accompanying Consolidated Statements of Financial Condition. Changes in the value of these servicing rights resulted in net losses of less than $0.1 million during 2017 and 2016 . Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage Banking Activities, Net in the Consolidated Statements of Income. We also record servicing rights on SBA loans. The value of these rights was $0.5 million and $0.2 million at December 31, 2017 and 2016 , respectively. Accrued interest receivable on loans outstanding was $15.4 million and $13.0 million at December 31, 2017 and 2016 , respectively. |
Acquired Credit Impaired Loans
Acquired Credit Impaired Loans | 12 Months Ended |
Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | |
ACQUIRED CREDIT IMPAIRED LOANS | ACQUIRED CREDIT IMPAIRED LOANS We account for acquired 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) . Under ASC 310-30, acquired loans are generally considered accruing and performing as the loans accrete interest income over the estimated life of the loan when expected cash flows are reasonably estimable. Accordingly, acquired impaired loans that are contractually past due are still considered to be accruing and performing as long as the estimated cash flows are expected to be received. If the timing and amount of cash flows is not reasonably estimable, the loans may be classified as nonaccrual loans and interest income may be recognized on a cash basis or as a reduction of the principal amount outstanding. Credit deterioration evident at the acquisition date is included in the determination of the fair value of the loans at the acquisition date. Updates to expected cash flows for acquired impaired loans accounted for under ASC 310-30 since acquisition has resulted in a provision for loan losses of $0.4 million and $0.5 million in 2017 and 2016, respectively, due to changes in the amount and timing of expected cash flows subsequent to acquisition. The following table shows the loans acquired from Penn Liberty, Alliance and FNBW that are accounted for in accordance with FASB ASC 310-30. (Dollars in thousands) Penn Liberty (1) Alliance (1) First National Bank of Wyoming (FNBW) (1) Total Contractually required principal and interest at acquisition (2) $ 16,499 $ 27,469 $ 27,086 $ 71,054 Contractual cash flows not expected to be collected (nonaccretable difference) 3,125 2,377 7,956 13,458 Expected cash flows at acquisition 13,374 25,092 19,130 57,596 Interest component of expected cash flows (accretable yield) 670 2,334 1,790 4,794 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 12,704 $ 22,758 $ 17,340 $ 52,802 (1) Penn Liberty was acquired on August 1, 2016. Alliance was acquired on October 9, 2015, FNBW was acquired on September 5, 2014. (2) The difference between contractually required principal and interest at acquisition and the unpaid principal balance 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 as of December 31, 2017 and 2016 : (Dollars in thousands) December 31, 2017 December 31, 2016 Outstanding principal balance $ 27,034 $ 41,574 Carrying amount 21,295 33,104 Allowance for loan losses 358 510 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 at 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 ) Balance at December 31, 2016 $ 5,150 Accretion (2,636 ) Reclassification from nonaccretable difference 2,015 Additions/adjustments (1,149 ) Disposals (345 ) Balance at December 31, 2017 $ 3,035 |
Allowance for Loan Losses and C
Allowance for Loan Losses and Credit Quality Information | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY INFORMATION | ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY INFORMATION Allowance for Loan Losses We maintain 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 SAB 102, Selected Loan Loss Allowance Methodology and Documentation Issues, ASC 450, Contingencies and ASC 310, Receivables . When we have reason to believe it is probable that we will not be able to collect all contractually due amounts of principal and interest, loans are evaluated for impairment on an individual basis and a specific allocation of the allowance is assigned in accordance with ASC 310-10. We also maintain an allowance for loan losses on acquired loans when: (i) for loans accounted for under ASC 310-30, there is deterioration in credit quality subsequent to acquisition and (ii) for loans accounted for under ASC 310-20, the inherent losses in the loans exceed the remaining credit discount recorded at the time of acquisition. The determination of the allowance for loan losses requires significant judgment reflecting our best estimate of impairment related to specifically identified impaired loans as well as probable loan losses in the remaining loan portfolio. Our evaluation is based on a continuing review of these portfolios. The following are included in our allowance for loan losses: • Specific reserves for impaired loans • An allowance for each pool of homogeneous loans based on historical loss experience • Adjustments for qualitative and environmental factors allocated to pools of homogeneous loans When it is probable that the Bank will be unable to collect all amounts due (interest and principal) in accordance with the contractual terms of the loan agreement, it assigns a specific reserve to that loan, if necessary. Unless loans are well-secured and collection is imminent, loans greater than 90 days past due are deemed impaired and their respective reserves are generally charged-off once the loss has been confirmed. Estimated specific reserves are based on collateral values, estimates of future cash flows or market valuations. We charge loans off when they are deemed to be uncollectible. During the years ended December 31, 2017 and 2016 , net charge-offs totaled $10.1 million or 0.30% of average loans (annualized) and $10.3 million or 0.25% of average loans (annualized), respectively. A significant portion of the net charge-offs in 2017 were the result of one relationship. A $5.6 million commercial mortgage borrower was unable to secure financing to redevelop the collateral underlying their loan, resulting in a sharply reduced collateral value and a corresponding $4 million 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 28 quarters. During the year ended December 31, 2017 , we increased the look-back period to 28 quarters from 24 quarters used at December 31, 2016 . 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 28 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, and • The competitive environment, as it could impact loan structure and underwriting. The above factors are based on their relative standing compared to the period in which historic losses are used in core reserve estimates and current directional trends. 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 nine quarters as of December 31, 2017 . Our residential mortgage and consumer LEP remained at four quarters as of December 31, 2017 . 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 four quarter LEP for the retail portfolio to determine the continued reasonableness of this assumption. In prior periods, our allowance methodology included a component related to model estimation and complexity risk. During the second quarter of 2016 , as a result of continued refinement of the model and normal review of the factors, we removed the model estimation and complexity risk component from our calculation of the allowance for 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 years ended December 31, 2017 , 2016 and 2015 : (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Total Year Ended December 31, 2017 Allowance for loan losses Beginning balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ 39,751 Charge-offs (5,008 ) (296 ) (4,612 ) (574 ) (168 ) (3,184 ) (13,842 ) Recoveries 1,355 127 255 306 178 1,505 3,726 Provision (credit) for loan losses 6,972 (1,098 ) 1,160 222 (300 ) 3,572 10,528 Provision for acquired loans 74 101 173 69 29 (10 ) 436 Ending balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Period-end allowance allocated to: Loans individually evaluated for impairment $ 3,687 $ — $ 18 $ — $ 760 $ 193 $ 4,658 Loans collectively evaluated for impairment 12,871 5,410 5,779 2,828 1,002 7,693 35,583 Acquired loans evaluated for impairment 174 12 94 33 36 9 358 Ending balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Loans individually evaluated for impairment (2) $ 19,196 $ 3,655 $ 6,076 $ 6,022 $ 13,778 $ 7,588 $ 56,315 Loans collectively evaluated for impairment 1,324,636 933,352 983,400 258,887 146,621 514,713 4,161,609 Acquired nonimpaired loans 116,566 136,437 188,505 15,759 72,304 35,945 565,516 Acquired impaired loans 4,156 5,803 9,724 940 784 247 21,654 Ending balance (3) $ 1,464,554 $ 1,079,247 $ 1,187,705 $ 281,608 $ 233,487 $ 558,493 $ 4,805,094 (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Complexity (1) Total Year 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 allowance allocated to: 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 loan balances evaluated for: Loans individually evaluated for impairment (2) $ 2,266 $ 2,078 $ 9,898 $ 1,419 $ 13,547 $ 7,863 $ — $ 37,071 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 (3) $ 1,287,731 $ 1,078,162 $ 1,163,554 $ 222,712 $ 267,028 $ 450,029 $ — $ 4,469,216 (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Complexity (1) Total Year 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 allowance allocated to: 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 loan balances evaluated for: Loans individually evaluated for impairment (2) $ 5,680 $ 1,090 $ 3,411 $ 1,419 $ 15,548 $ 7,664 $ — $ 34,812 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 (3) $ 1,061,597 $ 880,643 $ 966,698 $ 245,773 $ 259,679 $ 360,249 $ — $ 3,774,639 (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 $20.1 million at December 31, 2017 , $14.3 million as of December 31, 2016 , and $13.6 million at December 31, 2015 . (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 which are considered well-secured and in process of collection. The following tables show our nonaccrual and past due loans at the dates indicated: December 31, 2017 (Dollars in thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Current Balances Acquired Impaired Loans Nonaccrual Loans Total Loans Commercial $ 1,050 $ — $ — $ 1,050 $ 1,440,291 $ 4,156 $ 19,057 $ 1,464,554 Owner-occupied commercial 2,069 233 — 2,302 1,067,488 5,803 3,654 1,079,247 Commercial mortgages 320 90 — 410 1,171,701 9,724 5,870 1,187,705 Construction — — — — 278,864 940 1,804 281,608 Residential 2,058 731 356 3,145 225,434 784 4,124 233,487 Consumer 1,117 463 105 1,685 554,634 247 1,927 558,493 Total (1) (2) $ 6,614 $ 1,517 $ 461 $ 8,592 $ 4,738,412 $ 21,654 $ 36,436 $ 4,805,094 % of Total Loans 0.14 % 0.03 % 0.01 % 0.18 % 98.61 % 0.45 % 0.76 % 100.00 % (1) Balances in table above includes $565.5 million in acquired non-impaired loans. (2) Residential accruing current balances excludes reverse mortgages at fair value of $19.8 million . December 31, 2016 (Dollars in thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Current Balances Acquired Impaired Loans Nonaccrual Loans Total Loans 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) (2) $ 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 loans. (2) Residential accruing current balances excludes reverse mortgages at fair value of $22.6 million . 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 and ASC 310, Receivables . The amount of impairment is measured using one of three methods: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the fair value of collateral, if the loan is collateral dependent or (3) the loan’s observable market price. If the measure of the impaired loan is less than the recorded investment in the loan, a related allowance is allocated for the impairment. The following tables provide an analysis of our impaired loans at December 31, 2017 and December 31, 2016 : December 31, 2017 (Dollars in thousands) Ending Loan Balances Loans with No Related Reserve (1) Loan with Related Reserve Related Reserve Contractual Principal Balance Average Loan Balances Commercial $ 20,842 $ 3,422 $ 17,420 $ 3,861 $ 23,815 $ 15,072 Owner-occupied commercial 5,374 3,654 1,720 12 5,717 5,827 Commercial mortgages 7,598 4,487 3,111 112 16,658 12,630 Construction 6,292 6,023 269 33 6,800 4,523 Residential 14,181 8,282 5,899 796 17,015 14,533 Consumer 7,819 6,304 1,515 203 8,977 8,158 Total (1)(2) $ 62,106 $ 32,172 $ 29,934 $ 5,017 $ 78,982 $ 60,743 (1) The above includes acquired impaired loans totaling $5.8 million in the ending loan balance and $6.8 million in the contractual principal balance. (2) Reflects loan balances at or written down to their remaining book balance. December 31, 2016 (Dollars in thousands) Ending Loan Balances Loans with No Related Reserve (1) Loan with Related Reserve Related Reserve Contractual Principal Balance Average Loan Balances 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 (1)(2) $ 49,904 $ 21,504 $ 28,400 $ 3,405 $ 64,665 $ 41,084 (1) The above includes acquired impaired loans totaling $12.8 million in the ending loan balance and $15.0 million in the contractual principal balance. (2) Reflects loan balances at or written down to their remaining book balance. Interest income of $1.0 million and $1.2 million was recognized on impaired loans during 2017 and 2016 respectively. At December 31, 2017 , there were 28 acquired loans accounted for under FASB ASC 310-20, Nonrefundable Fees and Other Costs (ASC 310-20) classified as nonaccrual loans with a carrying value of $5.8 million . As of December 31, 2017 , there were 33 residential loans and 8 commercial loans in the process of foreclosure. The total outstanding balance on the loans was $2.9 million and $6.0 million , respectively. 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. Reserves On Acquired Nonimpaired Loans In accordance with ASC 310 , Receivables , loans acquired by the Bank through its mergers with FNBW, Alliance and Penn Liberty are required to be reflected on the balance sheet at their fair values as opposed to their book values on the date of acquisition. Therefore, on the date of acquisition establishing an allowance for acquired loans is prohibited. After the acquisition date, the bank performs a separate allowance analysis on a quarterly basis to determine if an allowance for loan loss is necessary. Should the credit risk calculated exceed the purchased loan portfolio’s remaining credit mark, additional reserves will be added to the Bank’s allowance. When a purchased loan becomes impaired after its acquisition, it is evaluated as part of the Bank’s reserve analysis and a specific reserve is established to be included in the Bank’s allowance. Credit Quality Indicators Below is a description of each of our risk ratings for all commercial loans: • Pass . These borrowers currently show no indication of deterioration or potential problems and their loans are considered fully collectible • Special Mention. Borrowers have potential weaknesses that deserve management’s close attention. Borrowers in this category may be experiencing adverse operating trends, for example, declining revenues or margins, high leverage, tight liquidity, or increasing inventory without increasing sales. These adverse trends can have a potential negative effect on the borrower’s repayment capacity. These assets are not adversely classified and do not expose the Bank to significant risk that would warrant a more severe rating. Borrowers in this category may also be experiencing significant management problems, pending litigation, or other structural credit weaknesses. • Substandard . Borrowers have well-defined weaknesses that require extensive oversight by management. Borrowers in this category may exhibit one or more of the following: inadequate debt service coverage, unprofitable operations, insufficient liquidity, high leverage, and weak or inadequate capitalization. Relationships in this category are not adequately protected by the sound financial worth and paying capacity of the obligor or the collateral pledged on the loan, if any. A distinct possibility exists that the Bank will sustain some loss if the deficiencies are not corrected. • Doubtful . Borrowers have well-defined weaknesses inherent in the Substandard category with the added characteristic that the possibility of loss is extremely high. Current circumstances in the credit relationship make collection or liquidation in full highly questionable. A doubtful asset has some pending event that may strengthen the asset that defers the loss classification. Such impending events include: perfecting liens on additional collateral, obtaining collateral valuations, an acquisition or liquidation preceding, proposed merger, or refinancing plan. • Loss . Borrowers are uncollectible or of such negligible value that continuance as a bankable asset is not supportable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical to defer writing off this asset even though partial recovery may be recognized sometime in the future. Residential and Consumer Loans The residential and consumer loan portfolios are monitored on an ongoing basis using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans that are greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status. The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the Allowance for Loan Loss. Commercial Credit Exposure December 31, 2017 (Dollars in thousands) Commercial Owner-occupied Commercial Commercial Mortgages Construction Total Commercial (1) Amount % Risk Rating: Special mention $ 22,789 $ 16,783 $ — $ — $ 39,572 Substandard: Accrual 34,332 19,386 1,967 4,965 60,650 Nonaccrual 15,370 3,654 5,852 1,804 26,680 Doubtful/nonaccrual 3,687 — 18 — 3,705 Total Special Mention and Substandard 76,178 39,823 7,837 6,769 130,607 3 % Acquired impaired 4,156 5,803 9,724 940 20,623 1 % Pass 1,384,220 1,033,621 1,170,144 273,899 3,861,884 96 % Total $ 1,464,554 $ 1,079,247 $ 1,187,705 $ 281,608 $ 4,013,114 100 % (1) Table includes $457.3 million in acquired non-impaired loans at December 31, 2017 . December 31, 2016 Commercial Owner-occupied Commercial Construction Total Commercial (1) (Dollars in thousands) Amount % Risk Rating: Special mention $ 17,630 $ 11,419 $ 34,198 $ — $ 63,247 Substandard: Accrual 45,067 19,871 239 2,193 67,370 Nonaccrual 1,693 2,078 8,574 — 12,345 Doubtful/nonaccrual 322 — 1,247 — 1,569 Total special mention and substandard 64,712 33,368 44,258 2,193 144,531 4 % Acquired impaired 6,183 12,122 10,386 3,694 32,385 1 % Pass 1,216,836 1,032,672 1,108,910 216,825 3,575,243 95 % Total $ 1,287,731 $ 1,078,162 $ 1,163,554 $ 222,712 $ 3,752,159 100 % (1) Table includes $573.5 million in acquired non-impaired loans at December 31, 2016 . Residential and Consumer Credit Exposure Total Residential and Consumer (1) Residential Consumer 2017 2016 (Dollars in thousands) 2017 2016 2017 2016 Amount Percent Amount Percent Nonperforming (2) $ 13,778 $ 13,547 $ 7,588 $ 7,863 $ 21,366 3 % $ 21,410 3 % Acquired impaired loans 784 860 247 369 1,031 — % 1,229 — % Performing 218,925 252,621 550,658 441,797 769,583 97 % 694,418 97 % Total $ 233,487 $ 267,028 $ 558,493 $ 450,029 $ 791,980 100 % $ 717,057 100 % (1) Total includes acquired non-impaired loans of $108.2 million at December 31, 2017 and $150.5 million at December 31, 2016 . (2) Includes $15.3 million as of December 31, 2017 and $12.4 million as of December 31, 2016 of troubled debt restructured mortgages and home equity installment loans that are performing in accordance with the loans modified terms and are accruing interest. Troubled Debt Restructurings (TDR) 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, 2017 December 31, 2016 Performing TDRs $ 20,061 $ 14,336 Nonperforming TDRs 9,627 8,451 Total TDRs $ 29,688 $ 22,787 Approximately $1.0 million and $1.3 million in related reserves have been established for these loans at December 31, 2017 and December 31, 2016 , respectively. The following tables present information regarding the types of loan modifications made and the balances of loans modified as TDRs during the years ended December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Contractual payment reduction Maturity date extension Discharged in bankruptcy Other (1) Total Contractual Maturity Discharged Other (1) Total Commercial 1 4 — — 5 — 2 — 1 3 Owner-occupied commercial — 1 — — 1 — — — — — Commercial mortgages — 1 — — 1 — 2 — — 2 Construction — 5 — 1 6 — — — — — Residential 2 1 5 1 9 — — 1 7 8 Consumer 1 4 12 8 25 12 — 2 — 14 4 16 17 10 47 12 4 3 8 27 (1) Other includes interest rate reduction and maturity date extension, forbearance, and interest only payments. Year Ended December 31, (Dollars in thousands) 2017 2016 Pre Modification Post Modification Pre Modification Post Modification Commercial $ 954 $ 954 $ 1,407 $ 1,407 Owner-occupied commercial 3,071 3,071 — — Commercial mortgages 183 183 1,111 1,111 Construction 6,054 6,054 — — Residential 1,652 1,652 2,754 2,754 Consumer 2,498 2,498 873 873 $ 14,412 $ 14,412 $ 6,145 $ 6,145 We generally do not forgive principal balances when loans are modified as TDRs. 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 TDRs shown in the table above increased our allowance for loan losses by $0.1 million through allocation of a related reserve, and resulted in no incremental charge-offs during the year ended December 31, 2017 . For the year ended December 31, 2016 , 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 $0.4 million . |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT The following table shows the components of premises and equipment, at cost, are summarized by major classifications: December 31, (Dollars in thousands) 2017 2016 Land $ 2,758 $ 2,916 Buildings 6,155 7,391 Leasehold improvements 48,573 44,493 Furniture and equipment 44,968 40,099 102,454 94,899 Less: Accumulated depreciation 54,471 46,028 $ 47,983 $ 48,871 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 $8.6 million , $7.6 million and $6.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. We occupy certain premises including some with renewal options and operate certain equipment under noncancelable leases with terms ranging primarily from 1 year to 25 years . These leases are accounted for as operating leases. Accordingly, lease costs are expensed as incurred in accordance with FASB ASC 840-20 Operating Leases. Rent expense was $13.0 million in 2017, $11.5 million in 2016 and $9.9 million in 2015 . Future minimum cash payments under these leases at December 31, 2017 are as follows: (Dollars in thousands) 2018 $ 10,636 2019 10,466 2020 10,398 2021 10,052 2022 10,115 Thereafter 159,788 Total future minimum lease payments $ 211,455 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS In accordance with FASB ASC 805, Business Combinations (ASC 805) and FASB ASC 350, Intangibles - Goodwill and Other (ASC 350), all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value. 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 $166.0 million at December 31, 2017 and $167.5 million at December 31, 2016 . The majority of this goodwill, or $145.8 million , is in the WSFS Bank segment and is the result of a branch acquisition in 2008 and 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 acquisitions of CB&T in 2010 as well as Powdermill and West Capital in 2016. ASC 350, Intangibles - Goodwill and Other (Topic 350), states that an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. Therefore, before the first step of the existing guidance, the entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of goodwill is less than carrying value. The qualitative assessment includes adverse events or circumstances identified that could negatively affect the reporting units’ fair value as well as positive and mitigating events. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, performing the two-step process is not required. The entity has the option to bypass the qualitative assessment step for any reporting unit in any period and proceed directly to the first step of the existing two-step process. The entity can resume performing the qualitative assessment in any subsequent period. When required, the goodwill impairment test involves a two-step process. The first test is done by comparing the reporting unit’s aggregate fair value to its carrying value. Absent other indicators of impairment, if the aggregate fair value exceeds the carrying value, goodwill is not considered impaired and no additional analysis is necessary. If the carrying value of the reporting unit exceeds the aggregate fair value, a second test is performed to measure the amount of impairment loss, if any. To measure any impairment loss, the implied fair value would be determined in the same manner as if the reporting unit were being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge would be recorded for the difference. Fair value may be determined using market prices, comparison to similar assets, market multiples, discounted cash flow analysis 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, 2017 , we assessed qualitative factors including macroeconomic conditions, industry and market conditions, cost factors, and overall financial performance in 2017 and determined that it was not more likely than not that the fair value of any of our reporting units was less than their respective carrying amounts. Therefore we did not perform the two-step impairment test for any of our reporting units in 2017 . No impairment losses related to our goodwill were recorded in 2017 or 2016 , however there can be no assurances that impairments to our goodwill will not occur in the future periods. As of December 31, 2017 , 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 2017 . The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing: (Dollars in thousands) WSFS Bank Cash Connect Wealth Management Consolidated Company 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 Goodwill from business combinations — — — — Remeasurement adjustments (1,588 ) — 56 (1,532 ) December 31, 2017 $ 145,808 $ — $ 20,199 $ 166,007 ASC 350 also requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes our intangible assets: (Dollars in thousands) Gross Intangible Assets Accumulated Amortization Net Intangible Assets Amortization Period December 31, 2017 Core deposits $ 10,658 $ (4,263 ) $ 6,395 10 years Customer relationships 17,561 (4,214 ) 13,347 7-15 years Non-compete agreements 221 (57 ) 164 5 years Loan servicing rights 2,132 (1,191 ) 941 10-30 years Favorable lease asset 1,932 (342 ) 1,590 10 months-18 years Total other intangible assets $ 32,504 $ (10,067 ) $ 22,437 December 31, 2016 Core deposits $ 13,128 $ (5,630 ) $ 7,498 10 years Customer relationships 17,561 (2,612 ) 14,949 7-15 years Non-compete agreements 1,006 (728 ) 278 6 months- 5 years Loan servicing rights 1,708 (1,067 ) 641 10-30 years Favorable lease asset 458 (116 ) 342 10 months-15 years Total other intangible assets $ 33,861 $ (10,153 ) $ 23,708 We recognized amortization expense on other intangible assets of $3.0 million , and $2.4 million and $2.0 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The following presents the estimated amortization expense of intangibles: (Dollars in thousands) Amortization of Intangibles 2018 $ 2,986 2019 2,918 2020 2,722 2021 2,396 2022 2,334 Thereafter 9,081 Total $ 22,437 There was no impairment of other intangible assets as of December 31, 2017 or 2016 . 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, 2017 | |
Banking and Thrift [Abstract] | |
DEPOSITS | DEPOSITS The following is a summary of deposits by category, including a summary of the remaining time to maturity for time deposits: December 31, (Dollars in thousands) 2017 2016 Money market and demand: Noninterest-bearing demand $ 1,420,760 $ 1,266,306 Interest-bearing demand 1,071,512 935,333 Money market 1,347,146 1,257,520 Total money market and demand 3,839,418 3,459,159 Savings 549,744 547,293 Customer certificates of deposit by maturity: Less than one year 167,757 192,320 One year to two years 103,192 74,165 Two years to three years 46,827 32,687 Three years to four years 5,962 24,919 Over four years 6,399 8,533 Total customer time certificates 330,137 332,624 Jumbo certificates of deposit, by maturity: Less than one year 166,348 174,981 One year to two years 94,905 43,037 Two years to three years 30,400 20,655 Three years to four years 3,512 17,005 Over four years 3,769 4,882 Total jumbo certificates of deposit 298,934 260,560 Total customer deposits 5,018,233 4,599,636 Brokered deposits less than one year 229,371 138,802 Total deposits $ 5,247,604 $ 4,738,438 Interest expense on deposits by category follows: (Dollars in thousands) Year ended December 31, 2017 2016 2015 Interest-bearing demand $ 2,211 $ 1,119 $ 666 Money market 4,690 3,343 2,466 Savings 1,017 655 289 Time deposits 4,806 3,303 3,057 Total customer interest expense 12,724 8,420 6,478 Brokered deposits 2,180 1,001 687 Total interest expense on deposits $ 14,904 $ 9,421 $ 7,165 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | BORROWED FUNDS The following is a summary of borrowed funds by type, at or for the twelve months ended: (Dollars in thousands) Balance at End of Period Weighted Average Interest Rate Maximum Outstanding at Month End During the Period Average Amount Outstanding During the Year Weighted Average Interest Rate During the Year December 31, 2017 FHLB advances $ 710,001 1.51 % $ 924,518 $ 716,962 1.15 % Federal funds purchased and securities sold under agreements to repurchase 28,000 1.54 135,000 87,438 1.11 Trust preferred borrowings 67,011 3.25 67,011 67,011 2.89 Senior debt 98,171 5.12 155,000 134,136 4.38 Other borrowed funds 34,623 0.09 97,984 43,514 0.09 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 Federal Home Loan Bank Advances Advances from the FHLB with rates ranging from 0.94% to 1.73% at December 31, 2017 are due as follows: (Dollars in thousands) Amount Weighted Average Rate 2018 $ 681,536 1.51 % 2019 3,000 1.51 2020 25,465 1.62 $ 710,001 1.51 % 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 $31.3 million at December 31, 2017 and $38.2 million at December 31, 2016 . This stock is carried on the accompanying Consolidated Statements of Financial Condition at cost, which approximates liquidation value. The decrease in FHLB stock was due to the decrease in FHLB advances outstanding. We received dividends on our stock investment in FHLB of $1.6 million for the years ended December 31, 2017 and 2016 , respectively. For additional information regarding FHLB Stock, see Note 17. Federal Funds Purchased and Securities Sold Under Agreements to Repurchase During 2017 and 2016 , we purchased federal funds as a short-term funding source. At December 31, 2017 , we had purchased $28.0 million in federal funds at an average rate of 1.54% . At December 31, 2016 , we had purchased $130.0 million in federal funds at an average rate of 0.79% . We had no securities sold under agreements to repurchase at December 31, 2017 and December 31, 2016 . 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 September 1, 2017, we redeemed $55.0 million in aggregate principal amount of 6.25% senior notes due 2019 which were issued in 2012 (the 2012 senior notes). The 2012 senior debt were repaid using a portion of the proceeds from our 2016 issuance of senior unsecured fixed-to-floating rate notes (the 2016 senior notes) described below. We recorded noninterest expense of $0.7 million due to the write-off of unamortized debt issuance costs in connection with this redemption. On June 13, 2016, the Company issued $100 million of the 2016 senior notes. The 2016 senior notes mature on June 15, 2026 and have a fixed coupon rate of 4.50% from issuance to but excluding June 15, 2021 and a variable coupon rate of three month LIBOR plus 3.30% from June 15, 2021 until maturity. The 2016 senior notes may be redeemed beginning on June 15, 2021 at 100% of principal plus accrued and unpaid interest. The proceeds will be used for general corporate purposes. Other Borrowed Funds Included in other borrowed funds are collateralized borrowings of $34.6 million and $64.1 million at December 31, 2017 and 2016 , respectively, consisting of outstanding retail repurchase agreements, contractual arrangements under which portions of certain securities are sold overnight to retail customers under agreements to repurchase. Such borrowings were collateralized by mortgage-backed securities. The average rates on these borrowings were 0.09% at both December 31, 2017 and 2016 . Borrower in Custody The Bank had $222.8 million and $275.1 million of loans pledged to the Federal Reserve of Philadelphia (FRB) at December 31, 2017 and December 31, 2016 , respectively. The Bank did not borrow funds from the FRB during 2017 or 2016 . |
Stockholders' Equity and Regula
Stockholders' Equity and Regulatory Capital | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY AND REGULATORY CAPITAL | STOCKHOLDERS’ EQUITY AND REGULATORY CAPITAL Savings associations 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 Consolidated 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, 2017 and 2016 , 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, 2017 and 2016 : Consolidated Bank Capital For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Percent Amount Percent Amount Percent As of December 31, 2017 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 695,739 12.08 % $ 460,639 8.00 % $ 575,799 10.00 % WSFS Financial Corporation 659,376 11.41 462,195 8.00 577,743 10.00 Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 654,308 11.36 345,480 6.00 460,639 8.00 WSFS Financial Corporation 617,945 10.70 346,646 6.00 462,195 8.00 Common Equity Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 654,308 11.36 259,110 4.50 374,270 6.50 WSFS Financial Corporation 552,982 9.57 259,984 4.50 375,533 6.50 Tier 1 Leverage Capital Wilmington Savings Fund Society, FSB 654,308 9.73 269,008 4.00 336,260 5.00 WSFS Financial Corporation 617,945 9.15 270,249 4.00 337,812 5.00 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 The December 31, 2017 and 2016 capital ratios presented above were determined in accordance with the Basel III Capital Rules. The Holding Company As of December 31, 2017 , our capital structure includes one class of stock, $0.01 par common stock outstanding with each share having equal voting rights. 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 Income. At December 31, 2017 , the coupon rate of the WSFS Capital Trust III securities was 3.25% . 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, 2017 , $37.3 million in cash remains at the holding company to support the parent company’s needs. Pursuant to federal laws and regulations, our ability to engage in transactions with affiliated corporations, including the loan of funds to, or guarantee of the indebtedness of, an affiliate, is limited. During 2015 , the Board of Directors approved an additional stock buyback program of up to 5% of total outstanding shares of Common Stock. During the year ended December 31, 2017 , the Company repurchased 255,000 common shares at an average price of $46.04 per share. The Company has approximately 699,194 shares (approximately 2% of its 31.4 million shares outstanding), remaining to repurchase under its current authorization as of December 31, 2017 . |
Associate (Employee) Benefit Pl
Associate (Employee) Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
ASSOCIATE (EMPLOYEE) BENEFIT PLANS | 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 $3.6 million , $3.1 million , and $2.6 million for 2017 , 2016 , and 2015 , 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% is invested in target-date fund that corresponds with the participant’s age. Associates may generally make transfers to various other investment vehicles within the plan. The plan’s yearly activity includes net sales of 156,000 , 36,000 and 25,000 shares of our Common Stock in 2017 , 2016 and 2015 respectively and net purchases of 83,000 shares in 2017. There were no purchases in 2016 and 2015. 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). ASC 715 requires that the costs of these benefits be recognized over an Associate's active working career. Amortization of unrecognized net gains or losses resulting from experience different from that assumed and from changes in assumptions is included as a component of net periodic benefit cost over the remaining service period of active employees to the extent that such gains and losses exceed 10% of the accumulated postretirement benefit obligation, as of the beginning of the year. ASC 715 requires that we recognize the funded status of our defined benefit postretirement plan in our statement of financial condition, with a corresponding adjustment to accumulated other comprehensive (loss) income, net of tax. The adjustment to accumulated other comprehensive (loss) 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 condition 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 2018 we expect to recognize less than $0.1 million of amortization related to net actuarial gain and $0.1 million of amortization related to the net transition obligation. The following disclosures relating to postretirement medical benefits were measured at December 31: (Dollars in thousands) 2017 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 1,764 $ 1,805 $ 2,266 Service cost 53 58 59 Interest cost 71 76 89 Actuarial gain 207 (68 ) (502 ) Benefits paid (105 ) (107 ) (107 ) Benefit obligation at end of year $ 1,990 $ 1,764 $ 1,805 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 105 107 107 Benefits paid (105 ) (107 ) (107 ) Fair value of plan assets at end of year $ — $ — $ — Funded status: Unfunded status $ (1,990 ) $ (1,764 ) $ (1,805 ) Total (income) recognized in other comprehensive income (1,348 ) (1,701 ) (1,271 ) Net amount recognized $ (3,338 ) $ (3,465 ) $ (3,076 ) Components of net periodic benefit cost: Service cost $ 53 $ 58 $ 59 Interest cost 71 76 89 Amortization of transition obligation (76 ) (76 ) (76 ) Net (gain) loss recognition (70 ) 505 (20 ) Net periodic benefit cost $ (22 ) $ 563 $ 52 Assumption used to determine net periodic benefit cost: Discount rate 4.10 % 4.25 % 4.00 % Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate 3.60 % 4.10 % 4.25 % Estimated future benefit payments: The following table shows the expected future payments for the next 10 years: (Dollars in thousands) During 2018 $ 68 During 2019 69 During 2020 69 During 2021 70 During 2022 72 During 2023 through 2027 439 $ 787 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 2017 , this annual premium cap amounted to $3,416 per retiree. We estimate that we will contribute approximately $3,553 per retiree to the plan during fiscal 2018 . 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 the Alliance pension plan offered to current Alliance associates. The plan’s benefit obligation and fair value of assets were each $7.5 million at December 31, 2016 . The net amount recognized in 2017 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) 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 7,517 $ 7,148 Interest cost 297 301 Disbursements (407 ) (374 ) Actuarial loss 446 442 Benefit obligation at end of year $ 7,853 $ 7,517 Change in plan assets: Fair value of plan assets at beginning of year $ 7,504 $ 7,397 Actual return on Plan Assets 1,314 518 Benefits paid (407 ) (374 ) Administrative Expenses (33 ) (37 ) Fair value of plan assets at end of year $ 8,378 $ 7,504 Funded status: Unfunded status $ (7,853 ) $ (7,517 ) Total loss (income) recognized in other comprehensive income 8,378 7,504 Net amount recognized $ 525 $ (13 ) Components of net periodic benefit cost: Service cost $ 40 $ 40 Interest cost 297 301 Expected return on plan assets (548 ) (541 ) Net gain recognition (170 ) (157 ) Net periodic benefit cost $ (381 ) $ (357 ) Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate for Net Periodic Benefit Cost 4.00 % 4.00 % Salary Scale for Net Periodic Benefit Cost N/A N/A Expected Return on Plan Assets 7.50 % 7.50 % Discount rate for Disclosure Obligations 3.60 % 4.00 % Salary Scale for Disclosure Obligations N/A N/A Estimated future benefit payments: The following table shows the expected future payments for the next 10 years : (Dollars in thousands) During 2018 $ 400 During 2019 317 During 2020 316 During 2021 432 During 2022 324 During 2023 through 2027 2,811 $ 4,600 We have five additional plans which are no longer being provided to Associates: (1) a Supplemental Pension Plan with a corresponding liability of $0.7 million and $0.8 million for December 31, 2017 and 2016 respectively; (2) an Early Retirement Window Plan with a corresponding liability of $0.1 million and $0.2 million for December 31, 2017 and 2016 respectively; (3) a Director’s Plan with a corresponding asset of less than $0.1 million for December 31, 2017 and 2016 ; (4) a Supplemental Executive Retirement Plan with a corresponding liability of $1.5 million and $1.8 million for December 31, 2017 and 2016 respectively, and; (5) a Post-Retirement Medical Plan with a corresponding liability of $0.1 million for December 31, 2017 and 2016 . |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
TAXES ON INCOME | 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, (Dollars in thousands) 2017 2016 2015 Current income taxes: Federal taxes $ 36,005 $ 23,857 $ 24,237 State and local taxes 4,342 3,847 3,805 Deferred income taxes: Federal taxes 17,899 5,135 2,283 State and local taxes — 235 (52 ) Total $ 58,246 $ 33,074 $ 30,273 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, 2017 and 2016 : (Dollars in thousands) 2017 2016 Deferred tax assets: Unrealized losses on available-for-sale securities $ 2,084 $ 4,170 Allowance for loan losses 8,526 13,913 Purchase accounting adjustments—loans 3,487 8,339 Reserves and other accruals 9,194 14,010 Provision for legal settlement 2,520 — Deferred gains 589 1,109 Net operating losses 188 352 Derivatives 757 1,086 Reverse mortgages 606 2,262 Total deferred tax assets $ 27,951 $ 45,241 Deferred tax liabilities: Bad debt recapture $ — $ (545 ) Accelerated depreciation (778 ) (1,049 ) Other (326 ) (497 ) Bank-owned life insurance (5,387 ) — Deferred loan costs (989 ) (1,079 ) Intangibles (3,826 ) (5,946 ) Total deferred tax liabilities (11,306 ) (9,116 ) Net deferred tax asset $ 16,645 $ 36,125 Included in the table above is the effect of certain temporary differences for which no deferred tax expense or benefit was recognized. In 2017 , such items consisted primarily of $2.1 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 $0.8 million of unrealized losses on derivatives accounted for under ASC 815. In 2016 , they consisted primarily of $4.2 million of unrealized losses on certain investments in debt and equity securities along with $0.3 million related to postretirement benefit obligations and $1.1 million of unrealized losses on derivatives. On December 22, 2017 the Tax Reform Act was enacted. As a result, we were required to re-measure our existing net deferred tax asset (DTA) on that date based on the future federal corporate income tax rate of 21%. This DTA re-measurement resulted in a one-time charge to income tax expense in the amount of $14.5 million . We estimated the tax charge as of December 22, 2017 based on an initial analysis of the Tax Reform Act and it may be adjusted in future periods periods (not to extend beyond December 22, 2018) following our evaluation of the effects, if any, of implementation guidance or regulations that may be issued by the Internal Revenue Service on our initial analysis of the Tax Reform Act. The initial accounting is incomplete as certain information was not yet available or our analysis was not yet completed due to the close proximity of the date the Tax Reform Act was signed into law to the filing date of this Report. The additional information needed includes, but is not limited to, tax-related information pertaining to certain of our partnership investments, final computations of tax depreciation, final tax calculations for certain loan adjustments, and information related to certain payment accruals that is not expected to be available until later in 2018. 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 $16.6 million at December 31, 2017. 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 at closing. The deferred tax asset subsequently decreased by $0.9 million during the measurement period. 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. See Note 2 for further information. 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. 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. Due to the reduction in the corporate tax rate resulting from the Tax Reform Act, we have decided to surrender substantially all of our bank-owned life insurance (BOLI) policies. While the formal surrender will not occur until 2018, we are required under ASC 740 to record a deferred tax liability for the income tax effect of the surrender. We expect to owe approximately $8.0 million in federal income taxes and penalties in 2018 upon the BOLI surrender. 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, Year Ended December 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State tax, net of federal tax benefit 2.7 3.1 2.9 Adjustment to net deferred tax asset for enacted changes in tax laws and rates 13.4 — — Nondeductible acquisition costs — 0.2 0.7 Tax-exempt interest (1.9 ) (2.1 ) (1.9 ) Bank-owned life insurance income (0.5 ) (0.3 ) (0.3 ) Excess tax benefits from share-based compensation (2.0 ) (1.4 ) — Surrender of bank-owned life insurance policies 7.3 — — Federal tax credits, net of amortization (0.3 ) (0.5 ) (0.5 ) Other — — 0.2 Effective tax rate 53.7 % 34.0 % 36.1 % As a result of the early adoption of ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting, ” we recorded $2.3 million and $1.5 million of income tax benefits in 2017 and 2016 , respectively, related to excess tax benefits from stock compensation. Prior to 2016 , such excess tax benefits were recorded directly in stockholders’ equity. This new accounting standard will result in volatility to future effective tax rates. We have $0.9 million of remaining Federal net operating losses. Such NOLs expire beginning in 2030 and, due to Internal Revenue Service (IRS) limitations, $0.1 million are being utilized each year. Accordingly, we fully expect to utilize all of these NOLs. We have no state NOLs. We account for income taxes in accordance with ASC 740, Income Taxes (formerly Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes and FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes , an interpretation of FASB Statement 109 ). ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. We record interest and penalties on potential income tax deficiencies as income tax expense. Federal tax years 2014 through 2017 remain subject to examination as of December 31, 2017 , while tax years 2014 through 2017 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 2018 . 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 Consolidated 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 unrecognized tax benefits related to ASC 740 as of December 31, 2017 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 ,” the amortization of our low-income housing credit investments has been reflected as income tax expense. Accordingly, $1.7 million of such amortization has been reflected as income tax expense for the year ended December 31, 2017 , compared to $1.6 million and $1.9 million for the year ended December 31, 2016 and December 31, 2015 , respectively. The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the year ended December 31, 2017 were $1.6 million , $1.7 million and $0.4 million , respectively. The carrying value of the investment in affordable housing credits is $13.8 million at December 31, 2017 , compared to $15.4 million at December 31, 2016 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | 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, 2017 , there were 472,690 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 $3.7 million ( $2.5 million after tax) for 2017 , $3.0 million ( $2.0 million after tax) for 2016 , and $3.2 million ( $2.2 million after tax) for 2015 . Stock-based compensation expense related to awards granted to Associates is recorded in Salaries, benefits and other compensation ; expense related to awards granted to directors is recorded in Other operating expense in our Consolidated Statements of Income. 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 Stock Options (as defined below), all stock options granted during 2017 , 2016 , and 2015 vest in 25% per annum increments, start to become exercisable one year from the grant date and expire between five years and 7 years from the grant date. We issue new shares upon the exercise of options. 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 2017 , 2016 , and 2015 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 2017 , 2016 , and 2015 are presented below: 2017 2016 2015 Expected term (in years) 5.3 5.3 4.9 Volatility 24.9 % 29.6 % 25.0 % Weighted-average risk-free interest rate 1.95 % 1.25 % 1.54 % Dividend yield 0.60 % 0.80 % 0.76 % On Apr. 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 stock options (Non-Plan Stock Options) with a longer and slower vesting schedule than our standard options, 40% vesting after the second year and 20% vesting in each of the following three years . Additionally, these options were awarded at an exercise price of 20% over the December 2012 market value (the date on which framework of the plan was decided). Upon the grant, Mr. Turner was no longer eligible to receive grants under any of our other stock based award programs for a period of 5 years . The Black-Scholes option-pricing model was used to determine the grant date fair value of the options. Significant assumptions used in the model included a weighted-average risk-free rate of return (zero coupon treasury yield) of 0.76% ; an expected option life of 5 years ; an expected stock price volatility of 40.5% ; and a dividend yield of 1.01% . 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 Stock Options granted to Mr. Turner. The Black-Scholes option-pricing model with the same assumptions as the Non-Plan Stock Options was used to determine the grant date fair value of the options. A summary of the status of our options (including Non-Plan Stock Options) as of December 31, 2017 , and changes during the year, is presented below: 2017 Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Year) Aggregate Intrinsic Value (In Thousands) Stock Options: Outstanding at beginning of year 1,547,980 $ 17.83 3.17 $ 44,153 Plus: Granted 45,134 47.05 Less: Exercised 250,975 16.44 Forfeited 3,033 13.68 Outstanding at end of year 1,339,106 19.08 2.56 38,525 Nonvested at end of year 389,134 1.69 9,574 Exercisable at end of year 949,972 17.37 2.26 29,951 The weighted-average fair value of options granted was $11.50 in 2017 , $7.84 in 2016 and $5.73 in 2015 . The aggregate intrinsic value of options exercised was $7.5 million in 2017 , $5.0 million in 2016 , and $3.0 million in 2015 . The following table provides information about our nonvested stock options outstanding at December 31, 2017 : 2017 Shares Weighted- Average Exercise Price Weighted- Average Grant Date Fair Value Stock Options: Nonvested at beginning of period 704,421 $ 19.08 $ 5.23 Plus: Granted 45,134 47.05 11.50 Less: Vested 359,671 18.08 4.92 Forfeited 750 15.83 3.44 Nonvested at end of period 389,134 23.25 6.24 The total amount of unrecognized compensation cost related to nonvested stock options as of December 31, 2017 was $0.8 million . The weighted-average period over which the expense is expected to be recognized is 1.69 years. During 2017 , we recognized $1.8 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 Common Stock on the date of grant. We recognize the expense related to RSAs and RSUs granted to Associates in Salaries, benefits and other compensation and granted to directors in 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 were fully vested in 2016, and as a result we did not recognize any compensation expense related to this award in 2017 . 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 108,546 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 2017 , we recognized $0.4 million of compensation expense related to this program. The weighted-average fair value of RSUs and RSAs granted was $47.05 in 2017 , $29.94 in 2016 , and $26.13 in 2015 . The total amount of compensation cost to be recognized relating to nonvested restricted stock, including performance awards, as of December 31, 2017 , was $2.1 million . The weighted-average period over which the cost is expected to be recognized is 2.5 years. During 2017 , we recognized $1.2 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 (in whole) Weighted Average Grant-Date Fair Value per Unit Balance at December 31, 2016 135,592 $ 25.33 Plus: Granted 36,573 47.05 Less: Vested 55,444 22.90 Forfeited 2,333 29.53 Balance at December 31, 2017 114,388 35.54 The total fair value of RSUs and RSAs that vested was $1.2 million in 2017 , $1.4 million in 2016 , and $1.3 million in 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 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 2018 $ 5,778 2019 5,643 2020 3,075 2021 519 2022 519 The expenses for data processing and operations for the year ended December 31, 2017 were $6.8 million , compared to $6.3 million for the year ended December 31, 2016 and $5.9 million for the year ended December 31, 2015 . 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 Sheet Risk In the ordinary course of business, we are a party to financial instruments with off-balance sheet risk, in the normal course of business primarily to meet the financing needs of our customers. To varying degrees, these financial instruments involve elements of credit risk that are not recognized in the Consolidated Statements of Financial Condition. Exposure to loss for commitments to extend credit and standby letters of credit written is represented by the contractual amount of those instruments. We generally require collateral to support such financial instruments in excess of the contractual amount of those instruments and use the same credit policies in making commitments as we do for on-balance sheet instruments. The following represents a summary of off-balance sheet financial instruments at year-end: December 31, (Dollars in thousands) 2017 2016 Financial instruments with contract amounts which represent potential credit risk: Construction loan commitments $ 191,675 $ 189,940 Commercial mortgage loan commitments 32,346 25,821 Commercial loan commitments 645,924 610,838 Commercial owner-occupied commitments 55,545 55,205 Commercial standby letters of credit 75,446 71,612 Residential mortgage loan commitments 8,057 1,636 Consumer loan commitments 296,010 259,501 Total $ 1,305,003 $ 1,214,553 At December 31, 2017 , we had total commitments to extend credit of $1.3 billion . Commitments for consumer lines of credit were $296.0 million of which, $278.8 million were secured by real estate. Residential mortgage loan commitments generally have closing dates within a one month period but can be extended to six months . Not reflected in the table above are commitments to sell residential mortgages of $28.8 million and $67.8 million at December 31, 2017 and 2016 , respectively. 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 . Given the current interest rate environment, coupled with our desire not to hold these assets in our portfolio, we generally sell newly originated residential mortgage loans in the secondary market to mortgage loan aggregators and on a more limited basis to GSEs such as FHLMC, FNMA, and the FHLB. Loans held for sale are reflected on our Consolidated Statements of Financial Condition at their fair value with changes in the value reflected in our Consolidated Statements of Income. Gains and losses are recognized at the time of sale. We periodically retain the servicing rights on residential mortgage loans sold which results in monthly service fee income. Otherwise, we sell loans with servicing released on a nonrecourse basis. Rate-locked loan commitments that we intend to sell in the secondary market are accounted for as derivatives under ASC Topic 815, 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, 2017 and December 31, 2016 . Swap Guarantees. We entered into agreements with three unrelated financial institutions whereby those financial institutions entered into interest rate derivative contracts (interest rate swap transactions) with customers referred to them by us. Under the terms of the agreements, those financial institutions have recourse to us for any exposure created under each swap transaction in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows us to provide access to interest rate swap transactions for our customers without creating the swap ourselves. These swap guarantees are accounted for as credit derivatives. At December 31, 2017 , there were 134 variable-rate to fixed-rate swap transactions between the third-party financial institutions and our customers. The initial notional aggregate amount was approximately $561.8 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 $3.3 million as of December 31, 2017 , of which 80 swaps, with a liability of $5.4 million , were in paying positions to a third party. We had no reserves for the swap guarantees as of December 31, 2017 . 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 . |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | FAIR VALUE DISCLOSURES Fair Value of Financial Assets and Liabilities ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: • Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. • Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following tables present financial instruments carried at fair value as of December 31, 2017 and December 31, 2016 by valuation hierarchy (as described above): December 31, 2017 (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets measured at fair value on a recurring basis: Available-for-sale securities: CMO $ — $ 246,539 $ — $ 246,539 FNMA MBS — 473,987 — 473,987 FHLMC MBS — 87,875 — 87,875 GNMA MBS — 29,098 — 29,098 GSE — — — — Other investments 623 — — 623 Other assets — 747 — 747 Total assets measured at fair value on a recurring basis $ 623 $ 838,246 $ — $ 838,869 Liabilities measured at fair value on a recurring basis: Other liabilities $ — $ 3,225 $ — $ 3,225 Assets measured at fair value on a nonrecurring basis: Other real estate owned $ — $ — $ 2,503 $ 2,503 Loans held for sale — 31,055 — 31,055 Impaired loans — — 57,089 57,089 Total assets measured at fair value on a nonrecurring basis $ — $ 31,055 $ 59,592 $ 90,647 December 31, 2016 (Dollars in thousands) Quoted Prices in Active Markets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Assets measured at fair value on a recurring basis: Available-for-sale securities: 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 There were no transfers between Level 1 and Level 2 of the fair value hierarchy during 2017 and 2016 . Fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe our valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Available-for-sale securities As of December 31, 2017 securities classified as available-for-sale are reported at fair value using Level 2 inputs. Included in the Level 2 total are $837.5 million in U.S. government and Agency MBS. We believe that this Level 2 designation is appropriate for these securities under ASC 820-10 because, as is the case for almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. To price these securities, we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. Other 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 typically ranges from 10% to 20% . 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 $62.1 million and $51.6 million at December 31, 2017 and December 31, 2016 , respectively. The valuation allowance on impaired loans was $5.0 million as of December 31, 2017 and $3.4 million as of December 31, 2016 . Fair Value of Financial Instruments The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and cash equivalents For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value. Investment securities Fair value is estimated using quoted prices for similar securities, which we obtain from a third party vendor. We utilize one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by us to validate the vendor’s methodology. Loans held for sale Loans held for sale are carried at their fair value (see discussion 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. Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value. Other assets Other assets include, among other items, other real estate owned (see discussion earlier in this note), derivative financial instruments and our investment in 359,744 shares of Visa Class B stock. Our derivative financial instruments include the interest rate lock commitments and forward sale commitments related to our mortgage banking activities. The fair values of the interest rate lock commitments and forward sale commitments represent the amounts that would be required to settle the derivative financial instrument at the balance sheet date. We acquired 50,833 shares of Visa Class B stock at no cost from our prior participation in Visa’s network. In addition, we purchased 308,911 shares in 2015 - 2017 which are accounted for as non-marketable equity securities. Only current owners of Class B shares are allowed to transact in Class B shares. Following the resolution of Visa’s covered litigation, shares of Visa’s Class B stock will be converted to Visa Class A shares using a conversion factor ( 1.6483 as of December 31, 2017 ), which is periodically adjusted to reflect VISA’s ongoing litigation costs. We estimate the fair value of our Visa Class B shares to be $44.7 million as of December 31, 2017 , which is consistent with the terms of recent publicly observable transactions between other owners of Visa Class B shares. Our purchased Class B shares are carried at cost ( $14.0 million at December 31, 2017 ). We evaluate the shares carried at cost for OTTI periodically. As of December 31, 2017 , our evaluation indicated that there was no OTTI associated with these shares. 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 our derivative financial instruments of interest rate swaps and derivatives related to our mortgage banking activities (See discussion earlier in this note). Off-balance sheet instruments The fair value of off-balance sheet instruments, including commitments to extend credit and standby letters of credit, approximates the recorded net deferred fee amounts, which are not significant. Because commitments to extend credit and letters of credit are generally not assignable by either us or the borrower, they only have value to us and the borrower. The book value and estimated fair value of our financial instruments are as follows: December 31, Fair Value Measurement 2017 2016 (Dollars in thousands) Book Value Fair Value Book Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 723,866 $ 723,866 $ 821,923 $ 821,923 Investment securities available for sale See previous table 838,122 838,122 794,543 794,543 Investment securities held to maturity Level 2 161,186 162,853 164,346 163,232 Loans, held for sale See previous table 31,055 31,055 54,782 54,782 Loans, net (1) Level 3 (r) 4,719,229 4,699,458 4,397,876 4,300,963 Impaired loans, net Level 3 57,089 57,089 46,499 46,499 Stock in Federal Home Loan Bank of Pittsburgh Level 2 31,284 31,284 38,248 38,248 Accrued interest receivable Level 2 19,405 19,405 17,027 17,027 Other assets Level 3 16,931 47,586 9,189 15,787 Financial liabilities: Deposits Level 2 $ 5,247,604 $ 4,848,588 $ 4,738,438 $ 4,423,921 Borrowed funds Level 2 937,806 937,605 1,267,447 1,264,170 Standby letters of credit Level 3 603 603 468 468 Accrued interest payable Level 2 1,037 1,037 1,151 1,151 Other liabilities Level 2 3,188 3,188 3,380 3,380 (1) Excludes impaired loans, net. (r) In 2017, we reclassified Loans, net as “Level 3” for all periods presented. See Note 1 for further information. At December 31, 2017 and December 31, 2016 we had no commitments to extend credit measured at fair value. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both economic conditions and our business operations. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our assets and liabilities. We manage a matched book with respect to our derivative instruments in order to minimize our net risk exposure resulting from such transactions. Our cash flow hedging program began in the third quarter of 2016. Fair Values of Derivative Instruments The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2017 . Fair Values of Derivative Instruments December 31, 2017 (Dollars in thousands) Notional Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Products $ 75,000 Other Liabilities $ (3,172 ) Total 75,000 $ (3,172 ) Derivatives not designated as hedging instruments: Interest Rate Lock Commitment with Customers $ 44,079 Other Assets $ 571 Interest Rate Lock Commitment with Customers 8,992 Other Liabilities (23 ) Forward Sale Commitments 29,064 Other Assets 180 Forward Sale Commitments 19,192 Other Liabilities (47 ) Total 101,327 681 Total derivatives 176,327 (2,491 ) Cash Flow Hedges of Interest Rate Risk Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of fixed amounts from a counterparty in exchange for us making variable-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 (loss) income and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. During the year ended December 31, 2017 , such derivatives were used to hedge the variable cash flows associated with a variable rate loan pool. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2017 , we did no t record any hedge ineffectiveness. Amounts reported in accumulated other comprehensive income related to derivatives are reclassified to interest income as interest payments are received on our variable-rate pooled loans. During the next twelve months, we estimate that less than $0.5 million will be reclassified as an increase to interest expense. We are hedging our exposure to the variability in future cash flows for forecasted transactions over a maximum period of 1 month (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). As of December 31, 2017 , the Company had three outstanding interest rate derivatives with a notional amount of $75 million that were designated as a cash flow hedges of interest rate risk. Effect of Derivative Instruments on the Income Statement The tables below present the effect of our derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2017 and December 31, 2016 . Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Dollars in thousands) Twelve Months Ended Derivatives in Cash Flow Hedging Relationships 2017 2016 Interest Rate Products $ 184 $ (2,890 ) Interest expense Total $ 184 $ (2,890 ) Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) recognized in income (Dollars in thousands) Twelve Months Ended Derivatives Not Designated as a Hedging Instrument 2017 2016 Interest Rate Lock Commitments 680 — Mortgage banking activity, net Forward Sale Commitments (986 ) — Mortgage banking activity, net Total (306 ) — Credit-risk-related Contingent Features We have agreements with certain of our derivative counterparties that contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. We also have agreements with certain of our derivative counterparties that contain a provision where if we fail to maintain our status as a well/adequately capitalized institution, then the counterparty could terminate the derivative positions and we would be required to settle our obligations under the agreements. As of December 31, 2017 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 $3.2 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, 2017 , 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, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 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, 2017 and 2016 were $1.2 million and $1.3 million , respectively. Total deposits from related parties at December 31, 2017 and 2016 were $5.4 million and $3.6 million , respectively. During 2017 , new loans and credit line advances to related parties totaled $0.6 million and repayments were $0.7 million . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 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. 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 Consolidated Financial Statements. 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 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, cash safe and other cash logistics services in the U.S. through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect®. The Wealth Management segment provides a broad array of fiduciary, investment management, credit and deposit products to clients through six business lines. WSFS Wealth Investments provides insurance and brokerage products primarily to our retail banking clients. Cypress, a registered investment adviser whose primary market segment is high-net-worth individuals, offers a "balanced" investment style focused on preservation of capital and providing current income. West Capital, a registered investment adviser, is a fee-only wealth management firm which operates under a multi-family office philosophy and provides fully-customized solutions tailored to the unique needs of institutions and high-net-worth individuals. Christiana Trust provides fiduciary and investment services to personal trust clients, and trustee, agency, bankruptcy administration, custodial and commercial domicile services to corporate and institutional clients. Powdermill is a multi-family office that specializes in providing unique, independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach. WSFS Private Banking serves high-net-worth clients by delivering credit and deposit products and partnering with other business units to deliver investment management and fiduciary products and services. Segment results of operations for the years ended December 31, 2017 , 2016 , and 2015 shown in the following table. Year Ended December 31, 2017 (Dollars in thousands) WSFS Bank Cash Connect Wealth Management Total External customer revenues: Interest income $ 245,932 $ — $ 8,794 $ 254,726 Noninterest income 45,749 42,641 36,254 124,644 Total external customer revenues 291,681 42,641 45,048 379,370 Inter-segment revenues: Interest income 9,567 — 9,012 18,579 Noninterest income 7,651 810 146 8,607 Total inter-segment revenues 17,218 810 9,158 27,186 Total revenue 308,899 43,451 54,206 406,556 External customer expenses: Interest expense 32,249 — 1,206 33,455 Noninterest expenses 158,942 26,654 40,865 226,461 Provision for loan losses 10,527 — 437 10,964 Total external customer expenses 201,718 26,654 42,508 270,880 Inter-segment expenses Interest expense 9,012 6,812 2,755 18,579 Noninterest expenses 956 2,603 5,048 8,607 Total inter-segment expenses 9,968 9,415 7,803 27,186 Total expenses 211,686 36,069 50,311 298,066 Income before taxes $ 97,213 $ 7,382 $ 3,895 $ 108,490 Provision for income taxes 58,246 Consolidated net income $ 50,244 Year Ended December 31, 2016 (Dollars in thousands) WSFS Bank Cash Connect Wealth Management Total External customer revenues: Interest income $ 208,525 $ — $ 8,053 $ 216,578 Noninterest income 42,565 35,776 (r) 26,720 105,061 Total external customer revenues 251,090 35,776 34,773 321,639 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 36,611 42,041 342,850 External customer expenses: Interest expense 22,028 — 805 22,833 Noninterest expenses 146,526 22,442 (r) 19,698 188,666 Provision for loan losses 9,370 — 3,616 12,986 Total external customer expenses 177,924 22,442 24,119 224,485 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 28,156 31,513 245,696 Income before taxes $ 78,171 $ 8,455 $ 10,528 $ 97,154 Provision for income taxes 33,074 Consolidated net income $ 64,080 (r) Noninterest income and noninterest expense for the period ended December 31, 2016 have been restated to correct an immaterial error related to revenue earned for cash servicing fees. See Note 1 - Summary of Significant Accounting Policies for further information. Year Ended December 31, 2015 WSFS Bank Cash Connect Wealth Management Total (Dollars in thousands) External customer revenues: Interest income $ 174,636 $ — $ 7,940 $ 182,576 Noninterest income 37,042 30,421 (r) 22,793 90,256 Total external customer revenues 211,678 30,421 30,733 272,832 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 31,294 37,507 291,974 External customer expenses: Interest expense 15,155 — 621 15,776 Noninterest expenses 129,138 19,271 (r) 17,051 165,460 Provision for loan losses 7,476 — 314 7,790 Total external customer expenses 151,769 19,271 17,986 189,026 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 23,430 25,322 208,168 Income before taxes $ 63,757 $ 7,864 $ 12,185 $ 83,806 Provision for income taxes 30,273 Consolidated net income $ 53,533 (r) Noninterest income and noninterest expense for the period ended December 31, 2015 have been restated to correct an immaterial error related to revenue earned for cash servicing fees. See Note 1 - Summary of Significant Accounting Policies for further information. The table below provides asset information and capital expenditures for each of our segments. December 31, 2017 2016 (Dollars in thousands) WSFS Cash Wealth Total WSFS Cash Wealth Total Cash and cash equivalents $ 104,530 $ 611,385 $ 7,951 $ 723,866 $ 100,893 $ 717,643 $ 3,387 $ 821,923 Goodwill 145,808 — 20,199 166,007 147,396 — 20,143 167,539 Other segment assets 5,882,910 6,078 220,679 6,109,667 5,545,611 3,533 226,664 5,775,808 Total segment assets $ 6,133,248 $ 617,463 $ 248,829 $ 6,999,540 $ 5,793,900 $ 721,176 $ 250,194 $ 6,765,270 Capital expenditures $ 8,197 $ 184 $ 613 $ 8,994 $ 18,625 $ 769 $ 26 $ 19,420 |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | PARENT COMPANY FINANCIAL INFORMATION Condensed Statements of Financial Condition December 31, 2017 2016 (Dollars in thousands) Assets: Cash $ 37,344 $ 103,018 Investment in subsidiaries 833,763 795,676 Investment in Capital Trust III 2,011 2,011 Other assets 17,465 6,480 Total assets $ 890,583 $ 907,185 Liabilities: Trust preferred securities $ 67,011 $ 67,011 Senior debt 98,171 152,050 Interest payable 388 642 Other liabilities 668 146 Total liabilities 166,238 219,849 Stockholders’ equity: Common stock 563 580 Capital in excess of par value 336,271 329,457 Accumulated other comprehensive loss (8,152 ) (7,617 ) Retained earnings 669,557 627,078 Treasury stock (273,894 ) (262,162 ) Total stockholders’ equity 724,345 687,336 Total liabilities and stockholders’ equity $ 890,583 $ 907,185 Condensed Statements of Income Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Income: Interest income $ 3,167 $ 3,402 $ 1,780 Noninterest income 20,528 68,498 30,180 23,695 71,900 31,960 Expenses: Interest expense 9,168 7,979 5,124 Other operating expenses 996 747 233 10,164 8,726 5,357 Income before equity in undistributed income of subsidiaries 13,531 63,174 26,603 Equity in undistributed income/(loss) of subsidiaries 35,722 (779 ) 25,765 Income before taxes 49,253 62,395 52,368 Income tax benefit 991 1,685 1,165 Net income allocable to common stockholders $ 50,244 $ 64,080 $ 53,533 Condensed Statements of Cash Flows Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Operating activities : Net income $ 50,244 $ 64,080 $ 53,533 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income)/loss of subsidiaries (35,722 ) 779 (25,765 ) Decrease in other assets 1,618 133 3,925 Increase in other liabilities 1,422 655 405 Net cash provided by operating activities 17,562 65,647 32,098 Investing activities : Payments for investment in and advances to subsidiaries (1,360 ) (119 ) — Sale or repayment of investments in and advances to subsidiaries 1,066 1,220 1,213 Net cash from business combinations — (57,604 ) (23,096 ) Investment in non-marketable securities (10,072 ) (387 ) (3,589 ) Net cash used for investing activities (10,366 ) (56,890 ) (25,472 ) Financing activities : Repayment of long-term debt — (10,000 ) — Issuance of common stock and exercise of common stock options 3,307 1,900 3,160 Repayment of senior debt (55,000 ) — — Issuance of senior debt — 97,849 — Buy back of common stock (11,752 ) (14,312 ) (31,659 ) Cash dividends paid (9,425 ) (7,632 ) (6,002 ) Net cash (used for) provided by financing activities (72,870 ) 67,805 (34,501 ) (Decrease)/increase in cash (65,674 ) 76,562 (27,875 ) Cash at beginning of period 103,018 26,456 54,331 Cash at end of period $ 37,344 $ 103,018 $ 26,456 |
Change in Accumulated Other Com
Change in Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME | CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive (loss) income includes unrealized gains and losses on available-for-sale investments, unrealized gains and losses on cash flow hedges, as well as unrecognized prior service costs, transition costs, and actuarial gains and losses on defined benefit pension plans. Changes to accumulated other comprehensive (loss) income are presented net of tax as a component of stockholders' equity. Amounts that are reclassified out of accumulated other comprehensive (loss) income are recorded on the Consolidated Statement of Income either as a gain or loss. Changes to accumulated other comprehensive (loss) income by component are shown net of taxes in the following tables for the period indicated: (Dollars in thousands) Net change in investment securities available for sale Net change in securities held to maturity Net change in defined benefit plan Net change in fair value of derivatives used for cash flow hedge Total Balance, December 31, 2014 $ 446 $ 2,207 $ 847 $ — $ 3,500 Other comprehensive income before reclassifications (1,417 ) — — — (1,417 ) Less: Amounts reclassified from accumulated other comprehensive loss (916 ) (412 ) (59 ) — (1,387 ) Net current-period other comprehensive loss (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 loss (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 ) Other comprehensive income (loss) before reclassifications 3,073 — — (184 ) 2,889 Less: Amounts reclassified from accumulated other comprehensive income (1,280 ) (394 ) (90 ) — (1,764 ) Net current-period other comprehensive income 1,793 (394 ) (90 ) (184 ) 1,125 Less: Reclassification due to the adoption of ASU No. 2018-02 (1,441 ) 225 (2 ) (442 ) (1,660 ) Balance, December 31, 2017 $ (7,842 ) $ 1,223 $ 865 $ (2,398 ) $ (8,152 ) Components of other comprehensive income that impact the Statement of Income are presented in the table below. Twelve Months Ended Affected line item in Consolidated Statements of Income (Dollars in thousands) 2017 2016 2015 Securities available for sale: Realized gains on securities transactions $ (1,984 ) $ (2,369 ) $ (1,478 ) Securities gains, net Income taxes 704 900 562 Income tax provision Net of tax $ (1,280 ) $ (1,469 ) $ (916 ) Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: Amortization of net unrealized gains to income during the period $ (635 ) $ (651 ) $ (646 ) Interest income on investment securities Income taxes 241 248 234 Income tax provision Net of tax $ (394 ) $ (403 ) $ (412 ) Amortization of Defined Benefit Pension Items: Prior service costs $ (76 ) $ (76 ) $ (76 ) Transition obligation — — — Actuarial losses (70 ) 348 (20 ) Total before tax $ (146 ) $ 272 $ (96 ) Salaries, benefits and other compensation Income taxes 56 (103 ) 37 Income tax provision Net of tax $ (90 ) $ 169 $ (59 ) Total reclassifications $ (1,764 ) $ (1,703 ) $ (1,387 ) |
Legal and Other Proceedings
Legal and Other Proceedings | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL AND OTHER PROCEEDINGS | LEGAL AND OTHER PROCEEDINGS In accordance with the current accounting standards for loss contingencies, we establish reserves for litigation-related matters that arise in 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. In addition, our defense of litigation claims may result in legal fees, which we expense as incurred. On February 27, 2018, we entered into a settlement agreement with Universitas Eduction, LLC (Universitas) to resolve claims related to services provided by Christiana Bank and Trust Company (Christiana Trust) prior to its acquisition by WSFS in December 2010. We previously disclosed the claims in our quarterly filings on Forms 10-Q in 2017. The claims related to Christiana Trust's role as “insurance trustee” of the Charter Oak Trust Welfare Benefit Plan (the Trust). According to the allegations contained in the claims, certain life insurance policy benefits paid to an individual claiming/purporting to be a trustee of the Trust were misappropriated by individuals associated with the plan sponsor. None of those individuals, however, were employed by or agents of Christiana Trust or WSFS Bank. As previously disclosed, Universitas sought damages in excess of $54.0 million . Under the settlement agreement, we agreed to pay Universitas $12.0 million to fully settle the claims. The settlement agreement is reflected in our Consolidated Financial Statements as of December 31, 2017. WSFS will pursue all of its rights and remedies to recover this settlement and related costs, including by enforcing the indemnity right in the 2010 purchase agreement by which we acquired Christiana Trust. Additionally, we have already taken measures to recover expenses from various insurance carriers. We intend to pursue all claims that we have for full restitution of this settlement. 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, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS We evaluated subsequent events in accordance with ASC Topic 855 and determined that the following qualifies as a recognized subsequent event: During the first quarter of 2018, we entered into a settlement agreement with Universitas Education, LLC (Universitas) to resolve claims related to services provided by Christiana Bank and Trust Company prior to their acquisition by WSFS. Accordingly, we recorded $12.0 million of expense related to the settlement, a corresponding liability, and related tax effects in our Consolidated Financial Statements as of December 31. 2017. See Note 23 for additional information. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization | Organization WSFS Financial Corporation (the Company or as a consolidated institution, WSFS, we, our or us) is a savings and loan holding company organized under the laws of the State of Delaware. Substantially all of our asset are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), is a federal savings bank organized under the laws of the U.S. Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). We provide residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. Our core banking business is commercial lending funded primarily with customer deposits and borrowings. In addition, we offer a variety of wealth management and trust services to personal and corporate customers. The Federal Deposit Insurance Corporation (FDIC) insures our customers’ deposits to their legal maximums. We serve our customers primarily from our 76 offices located in Delaware ( 46 ), Pennsylvania ( 28 ), Virginia ( 1 ), and Nevada ( 1 ) and through our website at www.wsfsbank.com . Information on our website is not incorporated by reference into this Annual Report on Form 10-K. 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 2018 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, income taxes and other than temporary impairment (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 Company, WSFS Bank, Cypress Capital Management, LLC (Cypress), WSFS Wealth Management, LLC (Powdermill), WSFS Capital Management, LLC (West Capital), and Christiana Trust Company of Delaware (Christiana Trust DE). 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 Entity Services LLC (Monarch). Cypress was formed to provide asset management products and services. As a Wilmington-based investment advisory firm servicing high net worth individuals and institutions, Cypress has approximately $901.5 million in assets under management (AUM) at December 31, 2017 , compared to approximately $738.5 million at December 31, 2016 . Powdermill was formed in 2016 as a result of our acquisition of Powdermill Financial Solutions, LLC to provide multi-family office services to an affluent clientele in the local community and throughout the U.S. West Capital was formed in 2016 as a result of our acquisition of West Capital Management, Inc. to provide fee-only wealth management services tailored to the unique needs of institutions and high net worth individuals operating under a multi-family office philosophy. West Capital has approximately $861.2 million in AUM at December 31, 2017 , compared to approximately $738.1 million at December 31, 2016 . Christiana Trust DE was formed in 2017 to supplement our existing Wealth Management business by offering Delaware Advantage trust services including directed trusts, asset protection trusts and dynasty trusts. 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. 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. Certain 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, our Board of Directors adopted an amendment to the Company’s Certificate of Incorporation, to increase the number of shares of common stock, $0.01 par value per share (Common Stock) the Company is authorized to issue from 20,000,000 to 65,000,000 . This amendment to the Company’s Certificate of Incorporation was approved by the Company’s stockholders at the 2015 Annual Meeting held on April 30, 2015. In May 2015, the Company effected a three -for-one stock split in the form of a stock dividend to stockholders of record as of May 4, 2015 . All share and per share information has been retroactively adjusted to reflect the stock split. We retroactively adjusted stockholders’ equity to reflect the stock split by reclassifying an amount equal to the par value, $0.01 , of the additional shares arising from the split from capital in excess of par value to Common Stock, resulting in no net impact to stockholders’ equity on our Consolidated Statements of Financial Condition. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, cash in non-owned ATMs, amounts due from banks, federal funds sold and securities purchased under agreements to resell. |
Debt and Equity Securities | Debt and Equity Securities Investments in equity securities that have a readily determinable fair value and investments in debt securities are classified into three categories and accounted for as follows: • Debt securities with the positive intention to hold to maturity are classified as “held to maturity” and reported at amortized cost. • Debt and equity securities purchased with the intention of selling them in the near future are classified as “trading securities” and reported at fair value, with unrealized gains and losses included in earnings. • Debt and equity securities not classified in either of the above are classified as “available-for-sale securities” and reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of stockholders’ equity. Debt and equity securities include mortgage-backed securities (MBS), municipal bonds, U.S. government and agency securities and certain equity securities. Premiums and discounts on 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 ” that provides guidance related to accounting for recognition of other-than-temporary impairment for debt securities and expands disclosure requirements for other-than-temporarily impaired debt and equity securities. When we conclude an investment security is other than temporarily impaired, a loss for the difference between the investment security’s carrying value and its fair value may be recognized as a reduction to noninterest income in the Consolidated Statements of Income. For an investment in a debt security, if we intend to sell the investment security or it is more likely than not that we will be required to sell it before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the investment security and conclude that it is not more likely than not we will be required to sell the security before recovering the carrying value, which may be maturity, the OTTI charge is separated into “credit” and “other” components. The “other” component of the OTTI is included in other comprehensive income/loss, net of the tax effect, and the “credit” component of the OTTI is included as a reduction to noninterest income in the Consolidated Statements of Income. We are required to use our judgment to determine impairment in certain circumstances. The specific identification method is used to determine realized gains and losses on sales of investment and mortgage-backed securities. All sales are made without recourse. For additional detail regarding debt and equity securities, see Note 4. |
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 . The loans are initially recorded at fair value on the acquisition date, reflecting the present value of the cash flows expected to be collected. Income recognition on these loans is based on a reasonable expectation about the timing and amount of cash flows to be collected. Purchased credit impaired loans are evaluated for impairment on a quarterly basis with a complete updating of the estimated cash flows on a semi-annual basis and if a loan is determined to be impaired but considered collateral dependent, it will have no accretable yield. For additional detail regarding impaired loans, see Note 6. 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 (SAB 102), Accounting Standard Codification (ASC) 450, Contingencies (ASC 450) and ASC 310, Receivables (“ASC 310”). The allowance includes two primary components: (i) an allowance established on loans collectively evaluated for impairment (general allowance), and (ii) an allowance established on loans individually evaluated for impairment (specific allowance). In addition, we also maintain an allowance for acquired loans. 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. Lastly, the allowance related to acquired loans is calculated when (i) there was deterioration in credit quality subsequent to acquisition for loans accounted for under ASC 310-30, and (ii) the inherent losses in the loans exceed the remaining credit discount recorded at the time of acquisition for loans accounted for under ASC 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. |
Fair Value Option | Fair Value Option Mortgage loans held for sale are recorded at fair value on a loan level basis. The mortgage loans held for sale are based upon pricing information obtained from secondary markets and brokers and applied to loans with similar interest rates and maturities. Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate lock commitments. We also may enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate the effect of interest rate risk. |
Other Real Estate Owned | Other Real Estate Owned Upon initial receipt, other real estate owned is recorded at the lower of the recorded investment in the loans or fair value less estimated disposal costs. Costs subsequently incurred to improve the assets are included in the carrying value provided that the resultant carrying value does not exceed fair value less estimated disposal costs. Costs relating to holding or disposing of the assets are charged to expense in the current period. We write-down the value of the assets when declines in fair value below the carrying value are identified. Loan workout and OREO expenses include costs of holding and operating the assets, net gains or losses on sales of the assets and provisions for losses to reduce such assets to fair value less estimated disposal costs. During 2017, we recorded $0.3 million in charges (including write-downs and net losses on sales of assets) related to other real estate owned (OREO) compared to $0.1 million and $0.3 million during 2016 and 2015 , respectively. As of December 31, 2017 , we had $2.9 million in residential real estate loans in process of foreclosure. For additional detail regarding other real estate owned, see Note 6. |
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 (“ASC 805”) and ASC 350, Intangibles-Goodwill and Other (“ASC 350”). Intangible assets resulting from acquisitions under the acquisition method of accounting consist of goodwill and other intangible assets. Accounting for goodwill and other intangible assets requires the Company to make significant judgments, particularly with respect to estimating the fair value of each reporting unit and when required, estimating the fair value of net assets. The estimates utilize historical data, cash flows, and market and industry data specific to each reporting unit as well as projected data. Industry and market data are used to develop material assumptions such as transaction multiples, required rates of return, control premiums, transaction costs and synergies of a transaction, and capitalization. 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 Financial 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 securities 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 (ASC 740). ASC 740 requires the recording of deferred income taxes that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. It prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more-likely-than-not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. On December 22, 2017 the Tax Cuts and Jobs Act (Tax Reform Act), was enacted. See Note 14 - Taxes on Income for further information . As a result, the Company elected to reclassify the income tax effects of the Tax Reform Act from accumulated other comprehensive income to retained earnings for approximately $1.7 million in accordance with ASC 220 - Income Statement - Reporting Comprehensive Income and ASC 740 - Income Taxes . See Note 22 - Accumulated Other Comprehensive Income for further information. 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 . Compensation expense relating to all share-based payments is recognized on a straight-line basis, over the applicable vesting period. For additional detail regarding stock-based compensation, see Note 15. |
Acquisitions | Acquisitions On August 12, 2016, we completed the acquisition of Penn Liberty Financial Corp. (Penn Liberty), a community bank headquartered in Wayne, Pennsylvania in order to build our market share, deepen our presence in the southeastern Pennsylvania market, and enhance our customer base. The results of Penn Liberty’s operations are included in our Consolidated Financial Statements since the date of the acquisition. See Note 2 – Business Combinations for further information. During the third and fourth quarters of 2016, respectively, 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., and West Capital Management, Inc., an independent, fee-only wealth management firm providing fully customized solutions tailored to the unique needs of institutions and high-net-worth individuals which operates under a multi-family office philosophy. These acquisitions align with our strategic plan to expand our wealth management offerings and to diversify our fee-income generating businesses. The results of both entities' operations are included in our Consolidated Financial Statements since the date of the acquisition. There were no acquisitions in 2017. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2017 In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-05: Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships , which amends Accounting Standards Codification (ASC) Topic 815: Derivatives and Hedging. This new guidance clarifies that the novation of a derivative contract (i.e., a change in the counterparty) in a hedge accounting relationship does not, in and of itself, cause a hedge accounting relationship to be discontinued because it does not represent a termination of the original derivative instrument or a change in the critical terms of the hedge relationship. This new guidance is effective for annual reporting periods beginning after December 15, 2016 and may be adopted prospectively or retroactively. Early adoption is permitted, including adoption in an interim period. The Company adopted this accounting guidance during the quarter ended March 31, 2017 on a prospective basis with no impact to our Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments, Derivatives and Hedging (Topic 815). ASU 2016-06 clarifies that determining whether the economic characteristics of a put or call are clearly and closely related to its debt host requires only an assessment of the four-step decision sequence outlined in FASB ASC paragraph 815-15-25-24. Additionally, entities are not required to separately assess whether the contingency itself is clearly and closely related. The standard is effective for public business entities in interim and annual periods in fiscal years beginning after December 15, 2016. Early adoption is permitted in any interim period for which the entity’s financial statements have not been issued, but would be retroactively applied to the beginning of the year that includes the interim period. The standard requires a modified retrospective transition approach, with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. For instruments that are eligible for the fair value option, an entity has a one-time option to irrevocably elect to measure the debt instrument affected by the standard in its entirety at fair value with changes in fair value recognized in earnings. The Company adopted this accounting guidance during the quarter ended March 31, 2017 with no impact to our Consolidated Financial Statements 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). ASU 2016-07 eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. The standard is effective for all entities in annual and interim periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied prospectively to changes in ownership (or influence) after the adoption date. The Company adopted this accounting guidance during the quarter ended March 31, 2017 on a prospective basis with no impact to our Consolidated Financial Statements. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU No. 2018-02 amends ASC 220 and ASC 740, Income Taxes to allow stranded tax effects created by the Tax Reform Act to be reclassified from accumulated other comprehensive income to retained earnings. ASU 2018-02 does not affect other stranded tax effects, sitting in accumulated other comprehensive income, that were not a result of the Tax Reform Act. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company adopted this accounting guidance during the quarter ended December 31, 2017. The adoption of this accounting guidance did not have a material effect on the Company’s Consolidated Financial Statements. Accounting Guidance Pending Adoption at December 31, 2017 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . This ASU supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU No. 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers using a five-step model that requires entities to exercise judgment when considering the terms of the contracts. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This amendment defers the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Gross versus Net) , which amends the principal versus agent guidance and clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer. In addition, the FASB issued ASU Nos. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, 2016-12, Narrow-Scope Improvements and Practical Expedients , and 2017-14, Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release No. 33-10403, all of which provide additional clarification of certain provisions in Topic 606. These ASC updates are effective for public business entities in annual and interim reporting periods in fiscal years beginning after December 15, 2017. Early application is permitted for all entities, but not before annual reporting periods beginning after December 15, 2016. The standard permits the use of either the retrospective or retrospectively with the cumulative effect transition method. The Company will adopt the standard on January 1, 2018 using the retrospective with the cumulative effect transition method. For revenue streams determined to be within the scope of the standard, we have completed our impact analysis, the results of which has shown an immaterial effect on our Consolidated Financial Statements. The Company has completed the process of updating our accounting policies, processes and related internal controls to incorporate the changes from the standard. Although the impact of this adoption is immaterial on our financial statements, we will provide additional detail to our revenue disclosures on a prospective basis, beginning in the first quarter of 2018. In January 2016, the FASB issued ASU No. 2016-1, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. This amendment requires that equity investments be measured at fair value with changes in fair value recognized in net income. When fair value is not readily determinable an entity may elect to measure the equity investment at cost, minus impairment, plus or minus any change in the investment’s observable price. For financial liabilities that are measured at fair value, the amendment requires an entity to present separately, in other comprehensive income, any change in fair value resulting from a change in instrument specific credit risk. In addition, this amendment requires ASU 2016-1 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Entities may apply this guidance on a prospective or retrospective basis. The Company will adopt the standard on a prospective basis and the prospective application of this guidance will not have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This ASU revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. ASU 2016-02 is effective for the first interim period within annual periods beginning after December 15, 2018, with early adoption permitted. Adoption using the modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company does not plan to early adopt this guidance and is currently in the process of identifying our complete lease population as defined by this guidance. The Company is also evaluating our internal systems, accounting policies, processes and related internal controls for potential impacts. To date, our preliminary review suggests that adoption will result in additional assets and liabilities on our Consolidated Statement of Financial Condition which may require modification of the Company's internal systems, accounting policies, processes and related internal controls to allow for the calculation of the lease liability and right-of-use asset as required by this guidance. The Company will adopt this guidance on January 1, 2019. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit impaired loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company does not plan to early adopt this guidance and is evaluating the impact of this guidance on its Consolidated Financial Statements, internal systems, accounting policies, processes and related internal controls. The Company has developed a cross-functional team from Finance, Credit and IT to lead the implementation efforts. Our preliminary review of this guidance suggests that adoption may materially increase the allowance for loan losses and decrease capital levels; however, the extent of these impacts will depend on the asset quality of the portfolio and significant estimates and judgments made by management at the time of adoption. The Company will adopt this guidance on January 1, 2020. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 represents the Emerging Issues Task Force’s final consensus on eight issues related to the classification of cash payments and receipts in the statement of cash flows for a number of common transactions. The consensus also clarifies when identifiable cash flows should be separated versus classified based on their predominant source or use. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the application of this guidance to have a material impact on its Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 provides a new, two-step framework for determining whether a transaction is accounted for as an acquisition (or disposal) of assets or a business. The first step is evaluating whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the transaction is not considered a business. Also, in order to be considered a business, the transaction would need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance is effective for public entities in annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted for transactions that have not been reported in financial statements that have been issued or been made available for issuance. The Company does not expect the application of this guidance to have any impact on its Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the measurement of goodwill impairment by removing the hypothetical purchase price allocation. The new guidance requires an impairment of goodwill be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, up to the amount of goodwill recorded. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests with measurement dates after January 1, 2017. The Company does not expect the application of this guidance to have a material impact on its Consolidated Financial Statements. In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. ASU 2017-05 provides clarification of the scope of ASC 610-20. Specifically, the new guidance clarifies that ASC 610-20 applies to nonfinancial assets which do not meet the definition of a business or not-for-profit activity. Further, the new guidance clarifies that a financial asset is within the scope of ASC 610-20 if it meets the definition of an in-substance nonfinancial asset which is defined as a financial asset promised to a counterparty in a contract where substantially all of the assets promised are nonfinancial. Finally, the new guidance clarifies that each distinct nonfinancial asset and in-substance nonfinancial asset should be derecognized when the counterparty obtains control of it. The guidance is effective in annual and interim reporting periods in fiscal years beginning after December 15, 2017. Early application is permitted for all entities, but not before annual reporting periods beginning after December 15, 2016. The Company will adopt this standard on a modified retrospective basis and the application of this guidance will not have an impact on its Consolidated Financial Statements. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new guidance requires that the service cost component of net periodic pension cost be disclosed with other compensation costs in the income statement. For all other cost components, an entity must either separately disclose the other cost components in separate line item(s) outside a subtotal of income from operations in the income statement or disclose the line item(s) used to present the other cost components in the income statement. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company does not expect the application of this guidance to have a material impact on its Consolidated Financial Statements. In March 2017, the FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities . The new guidance requires the amortization period for certain non-contingent callable debt securities held at a premium to end at the earliest call date of the debt security. If the call option is not exercised at the earliest call date, the guidance requires the debt security's effective yield to be reset based on the contractual payment terms of the debt security. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2018. Early adoption is permitted. Use of the modified retrospective method, with a cumulative-effect adjustment to retained earnings, is required. In the period of adoption, a change in accounting principle disclosure is required. The Company does not expect the application of this guidance to have a material impact on its Consolidated Financial Statements. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting . The new guidance clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. If the award’s fair value, vesting conditions and classification remain the same immediately before and after the change, modification accounting is not applied. Additionally, the guidance does not require valuation before or after the change if the change does not affect any of the inputs to the model used to value the award. The guidance is effective in annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The new guidance will be applied on a prospective basis to awards modified on or after the adoption date. The Company will adopt the standard on a prospective basis and the prospective application of this guidance will not have a material impact on its Consolidated Financial Statements. In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities . The new guidance changes both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Specifically, the guidance eliminates the requirement to separately measure and report hedge ineffectiveness and also aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. Additionally, the new guidance provides entities the ability to apply hedge accounting to additional hedging strategies. The guidance is effective in annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company does not expect the application of this guidance to have a material impact on its Consolidated Financial Statements. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | As a result, the Consolidated Statements of Income have been revised to reflect these changes, as follows: December 31, 2016 December 31, 2015 (Dollars in thousands) As originally reported Adjustments As revised As originally reported Adjustments As revised Noninterest income - Other income $ 16,243 $ 2,706 $ 18,949 $ 14,001 $ 2,001 $ 16,002 Noninterest expense - Other operating expense 31,710 2,706 34,416 27,062 2,001 29,063 |
Business Combinations (Tables)
Business Combinations (Tables) - Penn Liberty | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition [Line Items] | |
Summary of Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed | In connection with the acquisition of Penn Liberty, the consideration transferred and the final fair values of identifiable assets acquired and liabilities assumed, 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 483,203 Premises and equipment 6,817 Deferred income taxes 6,542 Bank owned life insurance 8,666 Core deposit intangible 2,882 Other real estate owned 996 Other assets 12,085 Total assets 624,119 Liabilities assumed: Deposits 568,706 Other borrowings 10,000 Other liabilities 3,738 Total liabilities 582,444 Net assets acquired: 41,675 Goodwill resulting from acquisition of Penn Liberty $ 67,226 |
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 Penn Liberty as of December 31, 2016 $ 68,814 Effects of adjustments to: Deferred income taxes 880 Loans 279 Other assets (1,440 ) Other liabilities (1,307 ) Adjusted goodwill resulting from the acquisition of Penn Liberty as of December 31, 2017 $ 67,226 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share: (Amounts in thousands, except per share data) 2017 2016 2015 Numerator: Net income $ 50,244 $ 64,080 $ 53,533 Denominator: Denominator for basic earnings per share - weighted average shares 31,419 30,276 28,435 Effect of dilutive employee stock options and restricted stock 884 809 508 Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercised 32,303 31,086 28,943 Earnings per share: Basic $ 1.60 $ 2.12 $ 1.88 Diluted (1) $ 1.56 $ 2.06 $ 1.85 Outstanding common stock equivalents having no dilutive effect 2 18 83 (1) Diluted earnings per share considers the impact of potentially dilutive shares except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments Schedule [Abstract] | |
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities | The following tables detail the amortized cost and the estimated fair value of our available-for-sale and held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2017 CMO $ 250,592 $ 88 $ 4,141 $ 246,539 FNMA MBS 479,218 941 6,172 473,987 FHLMC MBS 88,681 118 924 87,875 GNMA MBS 29,300 209 411 29,098 Other investments 643 — 20 623 $ 848,434 $ 1,356 $ 11,668 $ 838,122 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 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-Maturity Securities : (1) December 31, 2017 State and political subdivisions $ 161,186 $ 1,758 $ 91 $ 162,853 December 31, 2016 State and political subdivisions $ 164,346 $ 271 $ 1,385 $ 163,232 (1) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $1.6 million and $2.2 million at December 31, 2017 and December 31, 2016 , respectively, related to securities transferred, which are offset in Accumulated Other Comprehensive (Loss) Income, net of tax. |
Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of investment securities available for sale and held to maturity at December 31, 2017 and December 31, 2016 are presented in the table below: Available for Sale (Dollars in thousands) Amortized Cost Fair Value 2017 (1) (2) Within one year $ — $ — After one year but within five years 20,051 19,825 After five years but within ten years 179,812 175,583 After ten years 647,928 642,091 $ 847,791 $ 837,499 2016 (1) 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 Held to Maturity (Dollars in thousands) Amortized Cost Fair Value 2017 (1) Within one year $ 322 $ 320 After one year but within five years 5,895 5,894 After five years but within ten years 18,751 18,873 After ten years 136,218 137,766 $ 161,186 $ 162,853 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 (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, 2017 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, 2017 . Duration of Unrealized Loss Position Less than 12 months 12 months or longer Total (Dollars in thousands) Available-for-sale securities: Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss CMO $ 146,726 $ 1,820 $ 77,149 $ 2,321 $ 223,875 $ 4,141 FHLMC MBS 204,921 1,479 126,342 4,693 331,263 6,172 FNMA MBS 42,514 269 21,405 655 63,919 924 GNMA MBS 4,615 56 14,782 355 19,397 411 Other investments — — 624 20 624 20 Total temporarily impaired investments $ 398,776 $ 3,624 $ 240,302 $ 8,044 $ 639,078 $ 11,668 Less than 12 months 12 months or longer Total (Dollars in thousands) Held-to-maturity securities Fair Unrealized Fair Unrealized Fair Unrealized State and political subdivisions $ 23,404 $ 59 $ 5,625 $ 32 $ 29,029 $ 91 Total temporarily impaired investments $ 23,404 $ 59 $ 5,625 $ 32 $ 29,029 $ 91 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 . Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss GSE $ 21,996 $ 60 $ — $ — $ 21,996 $ 60 CMO 160,572 3,867 4,654 90 165,226 3,957 FNMA MBS 50,878 1,330 — — 50,878 1,330 FHLMC 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) Fair Unrealized Fair Unrealized Fair Unrealized Held-to-maturity securities Value Loss Value Loss Value Loss 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 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Loan Portfolio by Category | The following table details our loan portfolio by category: December 31, (Dollars in thousands) 2017 2016 Commercial and industrial $ 1,464,554 $ 1,287,731 Owner-occupied commercial 1,079,247 1,078,162 Commercial mortgages 1,187,705 1,163,554 Construction 281,608 222,712 Residential (1) 253,301 289,611 Consumer 558,493 450,029 4,824,908 4,491,799 Less: Deferred fees, net 7,991 7,673 Allowance for loan losses 40,599 39,751 Net loans $ 4,776,318 $ 4,444,375 (1) Includes reverse mortgages, at fair value of $19.8 million and $22.6 million at December 31, 2017 and 2016 , respectively. |
Acquired Credit Impaired Loans
Acquired Credit Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Schedule of Loans Acquired Through Merger in Accordance with FASB ASC 310-30 | The following table shows the loans acquired from Penn Liberty, Alliance and FNBW that are accounted for in accordance with FASB ASC 310-30. (Dollars in thousands) Penn Liberty (1) Alliance (1) First National Bank of Wyoming (FNBW) (1) Total Contractually required principal and interest at acquisition (2) $ 16,499 $ 27,469 $ 27,086 $ 71,054 Contractual cash flows not expected to be collected (nonaccretable difference) 3,125 2,377 7,956 13,458 Expected cash flows at acquisition 13,374 25,092 19,130 57,596 Interest component of expected cash flows (accretable yield) 670 2,334 1,790 4,794 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 12,704 $ 22,758 $ 17,340 $ 52,802 (1) Penn Liberty was acquired on August 1, 2016. Alliance was acquired on October 9, 2015, FNBW was acquired on September 5, 2014. (2) The difference between contractually required principal and interest at acquisition and the unpaid principal balance is contractual interest to be received. |
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 as of December 31, 2017 and 2016 : (Dollars in thousands) December 31, 2017 December 31, 2016 Outstanding principal balance $ 27,034 $ 41,574 Carrying amount 21,295 33,104 Allowance for loan losses 358 510 |
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 at 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 ) Balance at December 31, 2016 $ 5,150 Accretion (2,636 ) Reclassification from nonaccretable difference 2,015 Additions/adjustments (1,149 ) Disposals (345 ) Balance at December 31, 2017 $ 3,035 |
Allowance for Loan Losses and41
Allowance for Loan Losses and Credit Quality Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses and Loan Balances | The following tables provide an analysis of the allowance for loan losses and loan balances as of and for the years ended December 31, 2017 , 2016 and 2015 : (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Total Year Ended December 31, 2017 Allowance for loan losses Beginning balance $ 13,339 $ 6,588 $ 8,915 $ 2,838 $ 2,059 $ 6,012 $ 39,751 Charge-offs (5,008 ) (296 ) (4,612 ) (574 ) (168 ) (3,184 ) (13,842 ) Recoveries 1,355 127 255 306 178 1,505 3,726 Provision (credit) for loan losses 6,972 (1,098 ) 1,160 222 (300 ) 3,572 10,528 Provision for acquired loans 74 101 173 69 29 (10 ) 436 Ending balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Period-end allowance allocated to: Loans individually evaluated for impairment $ 3,687 $ — $ 18 $ — $ 760 $ 193 $ 4,658 Loans collectively evaluated for impairment 12,871 5,410 5,779 2,828 1,002 7,693 35,583 Acquired loans evaluated for impairment 174 12 94 33 36 9 358 Ending balance $ 16,732 $ 5,422 $ 5,891 $ 2,861 $ 1,798 $ 7,895 $ 40,599 Loans individually evaluated for impairment (2) $ 19,196 $ 3,655 $ 6,076 $ 6,022 $ 13,778 $ 7,588 $ 56,315 Loans collectively evaluated for impairment 1,324,636 933,352 983,400 258,887 146,621 514,713 4,161,609 Acquired nonimpaired loans 116,566 136,437 188,505 15,759 72,304 35,945 565,516 Acquired impaired loans 4,156 5,803 9,724 940 784 247 21,654 Ending balance (3) $ 1,464,554 $ 1,079,247 $ 1,187,705 $ 281,608 $ 233,487 $ 558,493 $ 4,805,094 (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Complexity (1) Total Year 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 allowance allocated to: 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 loan balances evaluated for: Loans individually evaluated for impairment (2) $ 2,266 $ 2,078 $ 9,898 $ 1,419 $ 13,547 $ 7,863 $ — $ 37,071 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 (3) $ 1,287,731 $ 1,078,162 $ 1,163,554 $ 222,712 $ 267,028 $ 450,029 $ — $ 4,469,216 (Dollars in thousands) Commercial Owner- occupied Commercial Commercial Mortgages Construction Residential Consumer Complexity (1) Total Year 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 allowance allocated to: 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 loan balances evaluated for: Loans individually evaluated for impairment (2) $ 5,680 $ 1,090 $ 3,411 $ 1,419 $ 15,548 $ 7,664 $ — $ 34,812 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 (3) $ 1,061,597 $ 880,643 $ 966,698 $ 245,773 $ 259,679 $ 360,249 $ — $ 3,774,639 (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 $20.1 million at December 31, 2017 , $14.3 million as of December 31, 2016 , and $13.6 million at December 31, 2015 . (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: December 31, 2017 (Dollars in thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Current Balances Acquired Impaired Loans Nonaccrual Loans Total Loans Commercial $ 1,050 $ — $ — $ 1,050 $ 1,440,291 $ 4,156 $ 19,057 $ 1,464,554 Owner-occupied commercial 2,069 233 — 2,302 1,067,488 5,803 3,654 1,079,247 Commercial mortgages 320 90 — 410 1,171,701 9,724 5,870 1,187,705 Construction — — — — 278,864 940 1,804 281,608 Residential 2,058 731 356 3,145 225,434 784 4,124 233,487 Consumer 1,117 463 105 1,685 554,634 247 1,927 558,493 Total (1) (2) $ 6,614 $ 1,517 $ 461 $ 8,592 $ 4,738,412 $ 21,654 $ 36,436 $ 4,805,094 % of Total Loans 0.14 % 0.03 % 0.01 % 0.18 % 98.61 % 0.45 % 0.76 % 100.00 % (1) Balances in table above includes $565.5 million in acquired non-impaired loans. (2) Residential accruing current balances excludes reverse mortgages at fair value of $19.8 million . December 31, 2016 (Dollars in thousands) 30–59 Days Past Due and Still Accruing 60–89 Days Past Due and Still Accruing Greater Than 90 Days Past Due and Still Accruing Total Past Due And Still Accruing Accruing Current Balances Acquired Impaired Loans Nonaccrual Loans Total Loans 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) (2) $ 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 loans. (2) Residential accruing current balances excludes reverse mortgages at fair value of $22.6 million . |
Analysis of Impaired Loans | The following tables provide an analysis of our impaired loans at December 31, 2017 and December 31, 2016 : December 31, 2017 (Dollars in thousands) Ending Loan Balances Loans with No Related Reserve (1) Loan with Related Reserve Related Reserve Contractual Principal Balance Average Loan Balances Commercial $ 20,842 $ 3,422 $ 17,420 $ 3,861 $ 23,815 $ 15,072 Owner-occupied commercial 5,374 3,654 1,720 12 5,717 5,827 Commercial mortgages 7,598 4,487 3,111 112 16,658 12,630 Construction 6,292 6,023 269 33 6,800 4,523 Residential 14,181 8,282 5,899 796 17,015 14,533 Consumer 7,819 6,304 1,515 203 8,977 8,158 Total (1)(2) $ 62,106 $ 32,172 $ 29,934 $ 5,017 $ 78,982 $ 60,743 (1) The above includes acquired impaired loans totaling $5.8 million in the ending loan balance and $6.8 million in the contractual principal balance. (2) Reflects loan balances at or written down to their remaining book balance. December 31, 2016 (Dollars in thousands) Ending Loan Balances Loans with No Related Reserve (1) Loan with Related Reserve Related Reserve Contractual Principal Balance Average Loan Balances 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 (1)(2) $ 49,904 $ 21,504 $ 28,400 $ 3,405 $ 64,665 $ 41,084 (1) The above includes acquired impaired loans totaling $12.8 million in the ending loan balance and $15.0 million in the contractual principal balance. (2) Reflects loan balances at or written down to their remaining book balance. |
Schedule of Commercial Credit Exposure | Commercial Credit Exposure December 31, 2017 (Dollars in thousands) Commercial Owner-occupied Commercial Commercial Mortgages Construction Total Commercial (1) Amount % Risk Rating: Special mention $ 22,789 $ 16,783 $ — $ — $ 39,572 Substandard: Accrual 34,332 19,386 1,967 4,965 60,650 Nonaccrual 15,370 3,654 5,852 1,804 26,680 Doubtful/nonaccrual 3,687 — 18 — 3,705 Total Special Mention and Substandard 76,178 39,823 7,837 6,769 130,607 3 % Acquired impaired 4,156 5,803 9,724 940 20,623 1 % Pass 1,384,220 1,033,621 1,170,144 273,899 3,861,884 96 % Total $ 1,464,554 $ 1,079,247 $ 1,187,705 $ 281,608 $ 4,013,114 100 % (1) Table includes $457.3 million in acquired non-impaired loans at December 31, 2017 . December 31, 2016 Commercial Owner-occupied Commercial Construction Total Commercial (1) (Dollars in thousands) Amount % Risk Rating: Special mention $ 17,630 $ 11,419 $ 34,198 $ — $ 63,247 Substandard: Accrual 45,067 19,871 239 2,193 67,370 Nonaccrual 1,693 2,078 8,574 — 12,345 Doubtful/nonaccrual 322 — 1,247 — 1,569 Total special mention and substandard 64,712 33,368 44,258 2,193 144,531 4 % Acquired impaired 6,183 12,122 10,386 3,694 32,385 1 % Pass 1,216,836 1,032,672 1,108,910 216,825 3,575,243 95 % Total $ 1,287,731 $ 1,078,162 $ 1,163,554 $ 222,712 $ 3,752,159 100 % (1) Table includes $573.5 million in acquired non-impaired loans at December 31, 2016 . |
Schedule of Consumer Credit Exposure | Residential and Consumer Credit Exposure Total Residential and Consumer (1) Residential Consumer 2017 2016 (Dollars in thousands) 2017 2016 2017 2016 Amount Percent Amount Percent Nonperforming (2) $ 13,778 $ 13,547 $ 7,588 $ 7,863 $ 21,366 3 % $ 21,410 3 % Acquired impaired loans 784 860 247 369 1,031 — % 1,229 — % Performing 218,925 252,621 550,658 441,797 769,583 97 % 694,418 97 % Total $ 233,487 $ 267,028 $ 558,493 $ 450,029 $ 791,980 100 % $ 717,057 100 % (1) Total includes acquired non-impaired loans of $108.2 million at December 31, 2017 and $150.5 million at December 31, 2016 . (2) Includes $15.3 million as of December 31, 2017 and $12.4 million as of December 31, 2016 of troubled debt restructured mortgages and home equity installment loans that are performing in accordance with the loans modified terms and are accruing interest. |
Summary of Balance of TDRs | The following table presents the balance of TDRs as of the indicated dates: (Dollars in thousands) December 31, 2017 December 31, 2016 Performing TDRs $ 20,061 $ 14,336 Nonperforming TDRs 9,627 8,451 Total TDRs $ 29,688 $ 22,787 |
Summary of Loan Modifications By Type | The following tables present information regarding the types of loan modifications made and the balances of loans modified as TDRs during the years ended December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Contractual payment reduction Maturity date extension Discharged in bankruptcy Other (1) Total Contractual Maturity Discharged Other (1) Total Commercial 1 4 — — 5 — 2 — 1 3 Owner-occupied commercial — 1 — — 1 — — — — — Commercial mortgages — 1 — — 1 — 2 — — 2 Construction — 5 — 1 6 — — — — — Residential 2 1 5 1 9 — — 1 7 8 Consumer 1 4 12 8 25 12 — 2 — 14 4 16 17 10 47 12 4 3 8 27 (1) Other includes interest rate reduction and maturity date extension, forbearance, and interest only payments. Year Ended December 31, (Dollars in thousands) 2017 2016 Pre Modification Post Modification Pre Modification Post Modification Commercial $ 954 $ 954 $ 1,407 $ 1,407 Owner-occupied commercial 3,071 3,071 — — Commercial mortgages 183 183 1,111 1,111 Construction 6,054 6,054 — — Residential 1,652 1,652 2,754 2,754 Consumer 2,498 2,498 873 873 $ 14,412 $ 14,412 $ 6,145 $ 6,145 |
Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated | Year Ended December 31, (Dollars in thousands) 2017 2016 Pre Modification Post Modification Pre Modification Post Modification Commercial $ 954 $ 954 $ 1,407 $ 1,407 Owner-occupied commercial 3,071 3,071 — — Commercial mortgages 183 183 1,111 1,111 Construction 6,054 6,054 — — Residential 1,652 1,652 2,754 2,754 Consumer 2,498 2,498 873 873 $ 14,412 $ 14,412 $ 6,145 $ 6,145 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following table shows the components of premises and equipment, at cost, are summarized by major classifications: December 31, (Dollars in thousands) 2017 2016 Land $ 2,758 $ 2,916 Buildings 6,155 7,391 Leasehold improvements 48,573 44,493 Furniture and equipment 44,968 40,099 102,454 94,899 Less: Accumulated depreciation 54,471 46,028 $ 47,983 $ 48,871 |
Summary of Future Minimum Cash Payments | Future minimum cash payments under these leases at December 31, 2017 are as follows: (Dollars in thousands) 2018 $ 10,636 2019 10,466 2020 10,398 2021 10,052 2022 10,115 Thereafter 159,788 Total future minimum lease payments $ 211,455 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Bank Cash Connect Wealth Management Consolidated Company 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 Goodwill from business combinations — — — — Remeasurement adjustments (1,588 ) — 56 (1,532 ) December 31, 2017 $ 145,808 $ — $ 20,199 $ 166,007 |
Summary of Other Intangible Assets | The following table summarizes our intangible assets: (Dollars in thousands) Gross Intangible Assets Accumulated Amortization Net Intangible Assets Amortization Period December 31, 2017 Core deposits $ 10,658 $ (4,263 ) $ 6,395 10 years Customer relationships 17,561 (4,214 ) 13,347 7-15 years Non-compete agreements 221 (57 ) 164 5 years Loan servicing rights 2,132 (1,191 ) 941 10-30 years Favorable lease asset 1,932 (342 ) 1,590 10 months-18 years Total other intangible assets $ 32,504 $ (10,067 ) $ 22,437 December 31, 2016 Core deposits $ 13,128 $ (5,630 ) $ 7,498 10 years Customer relationships 17,561 (2,612 ) 14,949 7-15 years Non-compete agreements 1,006 (728 ) 278 6 months- 5 years Loan servicing rights 1,708 (1,067 ) 641 10-30 years Favorable lease asset 458 (116 ) 342 10 months-15 years Total other intangible assets $ 33,861 $ (10,153 ) $ 23,708 |
Schedule of Estimated Amortization Expense of Intangibles | The following presents the estimated amortization expense of intangibles: (Dollars in thousands) Amortization of Intangibles 2018 $ 2,986 2019 2,918 2020 2,722 2021 2,396 2022 2,334 Thereafter 9,081 Total $ 22,437 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, (Dollars in thousands) 2017 2016 Money market and demand: Noninterest-bearing demand $ 1,420,760 $ 1,266,306 Interest-bearing demand 1,071,512 935,333 Money market 1,347,146 1,257,520 Total money market and demand 3,839,418 3,459,159 Savings 549,744 547,293 Customer certificates of deposit by maturity: Less than one year 167,757 192,320 One year to two years 103,192 74,165 Two years to three years 46,827 32,687 Three years to four years 5,962 24,919 Over four years 6,399 8,533 Total customer time certificates 330,137 332,624 Jumbo certificates of deposit, by maturity: Less than one year 166,348 174,981 One year to two years 94,905 43,037 Two years to three years 30,400 20,655 Three years to four years 3,512 17,005 Over four years 3,769 4,882 Total jumbo certificates of deposit 298,934 260,560 Total customer deposits 5,018,233 4,599,636 Brokered deposits less than one year 229,371 138,802 Total deposits $ 5,247,604 $ 4,738,438 |
Interest Expense on Deposits by Category, Followed on Deposits | Interest expense on deposits by category follows: (Dollars in thousands) Year ended December 31, 2017 2016 2015 Interest-bearing demand $ 2,211 $ 1,119 $ 666 Money market 4,690 3,343 2,466 Savings 1,017 655 289 Time deposits 4,806 3,303 3,057 Total customer interest expense 12,724 8,420 6,478 Brokered deposits 2,180 1,001 687 Total interest expense on deposits $ 14,904 $ 9,421 $ 7,165 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 End of Period Weighted Average Interest Rate Maximum Outstanding at Month End During the Period Average Amount Outstanding During the Year Weighted Average Interest Rate During the Year December 31, 2017 FHLB advances $ 710,001 1.51 % $ 924,518 $ 716,962 1.15 % Federal funds purchased and securities sold under agreements to repurchase 28,000 1.54 135,000 87,438 1.11 Trust preferred borrowings 67,011 3.25 67,011 67,011 2.89 Senior debt 98,171 5.12 155,000 134,136 4.38 Other borrowed funds 34,623 0.09 97,984 43,514 0.09 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 |
Advances from FHLB with Rates | Advances from the FHLB with rates ranging from 0.94% to 1.73% at December 31, 2017 are due as follows: (Dollars in thousands) Amount Weighted Average Rate 2018 $ 681,536 1.51 % 2019 3,000 1.51 2020 25,465 1.62 $ 710,001 1.51 % |
Stockholders' Equity and Regu46
Stockholders' Equity and Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Capital Position | The following table presents the capital position of the Bank and the Company as of December 31, 2017 and 2016 : Consolidated Bank Capital For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Percent Amount Percent Amount Percent As of December 31, 2017 Total Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB $ 695,739 12.08 % $ 460,639 8.00 % $ 575,799 10.00 % WSFS Financial Corporation 659,376 11.41 462,195 8.00 577,743 10.00 Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 654,308 11.36 345,480 6.00 460,639 8.00 WSFS Financial Corporation 617,945 10.70 346,646 6.00 462,195 8.00 Common Equity Tier 1 Capital (to risk-weighted assets) Wilmington Savings Fund Society, FSB 654,308 11.36 259,110 4.50 374,270 6.50 WSFS Financial Corporation 552,982 9.57 259,984 4.50 375,533 6.50 Tier 1 Leverage Capital Wilmington Savings Fund Society, FSB 654,308 9.73 269,008 4.00 336,260 5.00 WSFS Financial Corporation 617,945 9.15 270,249 4.00 337,812 5.00 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 |
Associate (Employee) Benefit 47
Associate (Employee) Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
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) 2017 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 1,764 $ 1,805 $ 2,266 Service cost 53 58 59 Interest cost 71 76 89 Actuarial gain 207 (68 ) (502 ) Benefits paid (105 ) (107 ) (107 ) Benefit obligation at end of year $ 1,990 $ 1,764 $ 1,805 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 105 107 107 Benefits paid (105 ) (107 ) (107 ) Fair value of plan assets at end of year $ — $ — $ — Funded status: Unfunded status $ (1,990 ) $ (1,764 ) $ (1,805 ) Total (income) recognized in other comprehensive income (1,348 ) (1,701 ) (1,271 ) Net amount recognized $ (3,338 ) $ (3,465 ) $ (3,076 ) Components of net periodic benefit cost: Service cost $ 53 $ 58 $ 59 Interest cost 71 76 89 Amortization of transition obligation (76 ) (76 ) (76 ) Net (gain) loss recognition (70 ) 505 (20 ) Net periodic benefit cost $ (22 ) $ 563 $ 52 Assumption used to determine net periodic benefit cost: Discount rate 4.10 % 4.25 % 4.00 % Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate 3.60 % 4.10 % 4.25 % |
Estimated Future Benefit Payments | The following table shows the expected future payments for the next 10 years: (Dollars in thousands) During 2018 $ 68 During 2019 69 During 2020 69 During 2021 70 During 2022 72 During 2023 through 2027 439 $ 787 |
Alliance | Pennsylvania | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
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) 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 7,517 $ 7,148 Interest cost 297 301 Disbursements (407 ) (374 ) Actuarial loss 446 442 Benefit obligation at end of year $ 7,853 $ 7,517 Change in plan assets: Fair value of plan assets at beginning of year $ 7,504 $ 7,397 Actual return on Plan Assets 1,314 518 Benefits paid (407 ) (374 ) Administrative Expenses (33 ) (37 ) Fair value of plan assets at end of year $ 8,378 $ 7,504 Funded status: Unfunded status $ (7,853 ) $ (7,517 ) Total loss (income) recognized in other comprehensive income 8,378 7,504 Net amount recognized $ 525 $ (13 ) Components of net periodic benefit cost: Service cost $ 40 $ 40 Interest cost 297 301 Expected return on plan assets (548 ) (541 ) Net gain recognition (170 ) (157 ) Net periodic benefit cost $ (381 ) $ (357 ) Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): Discount rate for Net Periodic Benefit Cost 4.00 % 4.00 % Salary Scale for Net Periodic Benefit Cost N/A N/A Expected Return on Plan Assets 7.50 % 7.50 % Discount rate for Disclosure Obligations 3.60 % 4.00 % Salary Scale for Disclosure Obligations N/A N/A |
Estimated Future Benefit Payments | The following table shows the expected future payments for the next 10 years : (Dollars in thousands) During 2018 $ 400 During 2019 317 During 2020 316 During 2021 432 During 2022 324 During 2023 through 2027 2,811 $ 4,600 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Our income tax provision consists of the following: Year ended December 31, (Dollars in thousands) 2017 2016 2015 Current income taxes: Federal taxes $ 36,005 $ 23,857 $ 24,237 State and local taxes 4,342 3,847 3,805 Deferred income taxes: Federal taxes 17,899 5,135 2,283 State and local taxes — 235 (52 ) Total $ 58,246 $ 33,074 $ 30,273 |
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, 2017 and 2016 : (Dollars in thousands) 2017 2016 Deferred tax assets: Unrealized losses on available-for-sale securities $ 2,084 $ 4,170 Allowance for loan losses 8,526 13,913 Purchase accounting adjustments—loans 3,487 8,339 Reserves and other accruals 9,194 14,010 Provision for legal settlement 2,520 — Deferred gains 589 1,109 Net operating losses 188 352 Derivatives 757 1,086 Reverse mortgages 606 2,262 Total deferred tax assets $ 27,951 $ 45,241 Deferred tax liabilities: Bad debt recapture $ — $ (545 ) Accelerated depreciation (778 ) (1,049 ) Other (326 ) (497 ) Bank-owned life insurance (5,387 ) — Deferred loan costs (989 ) (1,079 ) Intangibles (3,826 ) (5,946 ) Total deferred tax liabilities (11,306 ) (9,116 ) Net deferred tax asset $ 16,645 $ 36,125 |
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, Year Ended December 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State tax, net of federal tax benefit 2.7 3.1 2.9 Adjustment to net deferred tax asset for enacted changes in tax laws and rates 13.4 — — Nondeductible acquisition costs — 0.2 0.7 Tax-exempt interest (1.9 ) (2.1 ) (1.9 ) Bank-owned life insurance income (0.5 ) (0.3 ) (0.3 ) Excess tax benefits from share-based compensation (2.0 ) (1.4 ) — Surrender of bank-owned life insurance policies 7.3 — — Federal tax credits, net of amortization (0.3 ) (0.5 ) (0.5 ) Other — — 0.2 Effective tax rate 53.7 % 34.0 % 36.1 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Assumptions for Options Issued | The assumptions for options issued during 2017 , 2016 , and 2015 are presented below: 2017 2016 2015 Expected term (in years) 5.3 5.3 4.9 Volatility 24.9 % 29.6 % 25.0 % Weighted-average risk-free interest rate 1.95 % 1.25 % 1.54 % Dividend yield 0.60 % 0.80 % 0.76 % |
Summary of Options Including Non-Plan Stock Options | A summary of the status of our options (including Non-Plan Stock Options) as of December 31, 2017 , and changes during the year, is presented below: 2017 Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Year) Aggregate Intrinsic Value (In Thousands) Stock Options: Outstanding at beginning of year 1,547,980 $ 17.83 3.17 $ 44,153 Plus: Granted 45,134 47.05 Less: Exercised 250,975 16.44 Forfeited 3,033 13.68 Outstanding at end of year 1,339,106 19.08 2.56 38,525 Nonvested at end of year 389,134 1.69 9,574 Exercisable at end of year 949,972 17.37 2.26 29,951 |
Schedule of Nonvested Stock Option Outstanding | The following table provides information about our nonvested stock options outstanding at December 31, 2017 : 2017 Shares Weighted- Average Exercise Price Weighted- Average Grant Date Fair Value Stock Options: Nonvested at beginning of period 704,421 $ 19.08 $ 5.23 Plus: Granted 45,134 47.05 11.50 Less: Vested 359,671 18.08 4.92 Forfeited 750 15.83 3.44 Nonvested at end of period 389,134 23.25 6.24 |
Schedule of RSAs and RSUs | The following table summarizes the Company’s RSAs and RSUs, including performance awards, and changes during the year: Units (in whole) Weighted Average Grant-Date Fair Value per Unit Balance at December 31, 2016 135,592 $ 25.33 Plus: Granted 36,573 47.05 Less: Vested 55,444 22.90 Forfeited 2,333 29.53 Balance at December 31, 2017 114,388 35.54 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2018 $ 5,778 2019 5,643 2020 3,075 2021 519 2022 519 |
Summary of Off-Balance Sheet Financial Instruments | The following represents a summary of off-balance sheet financial instruments at year-end: December 31, (Dollars in thousands) 2017 2016 Financial instruments with contract amounts which represent potential credit risk: Construction loan commitments $ 191,675 $ 189,940 Commercial mortgage loan commitments 32,346 25,821 Commercial loan commitments 645,924 610,838 Commercial owner-occupied commitments 55,545 55,205 Commercial standby letters of credit 75,446 71,612 Residential mortgage loan commitments 8,057 1,636 Consumer loan commitments 296,010 259,501 Total $ 1,305,003 $ 1,214,553 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and December 31, 2016 by valuation hierarchy (as described above): December 31, 2017 (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets measured at fair value on a recurring basis: Available-for-sale securities: CMO $ — $ 246,539 $ — $ 246,539 FNMA MBS — 473,987 — 473,987 FHLMC MBS — 87,875 — 87,875 GNMA MBS — 29,098 — 29,098 GSE — — — — Other investments 623 — — 623 Other assets — 747 — 747 Total assets measured at fair value on a recurring basis $ 623 $ 838,246 $ — $ 838,869 Liabilities measured at fair value on a recurring basis: Other liabilities $ — $ 3,225 $ — $ 3,225 Assets measured at fair value on a nonrecurring basis: Other real estate owned $ — $ — $ 2,503 $ 2,503 Loans held for sale — 31,055 — 31,055 Impaired loans — — 57,089 57,089 Total assets measured at fair value on a nonrecurring basis $ — $ 31,055 $ 59,592 $ 90,647 December 31, 2016 (Dollars in thousands) Quoted Prices in Active Markets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Assets measured at fair value on a recurring basis: Available-for-sale securities: 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 |
Book Value and Estimated Fair Value of Financial Instruments | The book value and estimated fair value of our financial instruments are as follows: December 31, Fair Value Measurement 2017 2016 (Dollars in thousands) Book Value Fair Value Book Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 723,866 $ 723,866 $ 821,923 $ 821,923 Investment securities available for sale See previous table 838,122 838,122 794,543 794,543 Investment securities held to maturity Level 2 161,186 162,853 164,346 163,232 Loans, held for sale See previous table 31,055 31,055 54,782 54,782 Loans, net (1) Level 3 (r) 4,719,229 4,699,458 4,397,876 4,300,963 Impaired loans, net Level 3 57,089 57,089 46,499 46,499 Stock in Federal Home Loan Bank of Pittsburgh Level 2 31,284 31,284 38,248 38,248 Accrued interest receivable Level 2 19,405 19,405 17,027 17,027 Other assets Level 3 16,931 47,586 9,189 15,787 Financial liabilities: Deposits Level 2 $ 5,247,604 $ 4,848,588 $ 4,738,438 $ 4,423,921 Borrowed funds Level 2 937,806 937,605 1,267,447 1,264,170 Standby letters of credit Level 3 603 603 468 468 Accrued interest payable Level 2 1,037 1,037 1,151 1,151 Other liabilities Level 2 3,188 3,188 3,380 3,380 (1) Excludes impaired loans, net. (r) In 2017, we reclassified Loans, net as “Level 3” for all periods presented. See Note 1 for further information. |
Derivative Financial Instrume52
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments | The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2017 . Fair Values of Derivative Instruments December 31, 2017 (Dollars in thousands) Notional Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Products $ 75,000 Other Liabilities $ (3,172 ) Total 75,000 $ (3,172 ) Derivatives not designated as hedging instruments: Interest Rate Lock Commitment with Customers $ 44,079 Other Assets $ 571 Interest Rate Lock Commitment with Customers 8,992 Other Liabilities (23 ) Forward Sale Commitments 29,064 Other Assets 180 Forward Sale Commitments 19,192 Other Liabilities (47 ) Total 101,327 681 Total derivatives 176,327 (2,491 ) |
Summary of Company's Derivative Financial Instruments | The tables below present the effect of our derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2017 and December 31, 2016 . Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Dollars in thousands) Twelve Months Ended Derivatives in Cash Flow Hedging Relationships 2017 2016 Interest Rate Products $ 184 $ (2,890 ) Interest expense Total $ 184 $ (2,890 ) Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) recognized in income (Dollars in thousands) Twelve Months Ended Derivatives Not Designated as a Hedging Instrument 2017 2016 Interest Rate Lock Commitments 680 — Mortgage banking activity, net Forward Sale Commitments (986 ) — Mortgage banking activity, net Total (306 ) — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Details of Segment Information | Segment results of operations for the years ended December 31, 2017 , 2016 , and 2015 shown in the following table. Year Ended December 31, 2017 (Dollars in thousands) WSFS Bank Cash Connect Wealth Management Total External customer revenues: Interest income $ 245,932 $ — $ 8,794 $ 254,726 Noninterest income 45,749 42,641 36,254 124,644 Total external customer revenues 291,681 42,641 45,048 379,370 Inter-segment revenues: Interest income 9,567 — 9,012 18,579 Noninterest income 7,651 810 146 8,607 Total inter-segment revenues 17,218 810 9,158 27,186 Total revenue 308,899 43,451 54,206 406,556 External customer expenses: Interest expense 32,249 — 1,206 33,455 Noninterest expenses 158,942 26,654 40,865 226,461 Provision for loan losses 10,527 — 437 10,964 Total external customer expenses 201,718 26,654 42,508 270,880 Inter-segment expenses Interest expense 9,012 6,812 2,755 18,579 Noninterest expenses 956 2,603 5,048 8,607 Total inter-segment expenses 9,968 9,415 7,803 27,186 Total expenses 211,686 36,069 50,311 298,066 Income before taxes $ 97,213 $ 7,382 $ 3,895 $ 108,490 Provision for income taxes 58,246 Consolidated net income $ 50,244 Year Ended December 31, 2016 (Dollars in thousands) WSFS Bank Cash Connect Wealth Management Total External customer revenues: Interest income $ 208,525 $ — $ 8,053 $ 216,578 Noninterest income 42,565 35,776 (r) 26,720 105,061 Total external customer revenues 251,090 35,776 34,773 321,639 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 36,611 42,041 342,850 External customer expenses: Interest expense 22,028 — 805 22,833 Noninterest expenses 146,526 22,442 (r) 19,698 188,666 Provision for loan losses 9,370 — 3,616 12,986 Total external customer expenses 177,924 22,442 24,119 224,485 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 28,156 31,513 245,696 Income before taxes $ 78,171 $ 8,455 $ 10,528 $ 97,154 Provision for income taxes 33,074 Consolidated net income $ 64,080 (r) Noninterest income and noninterest expense for the period ended December 31, 2016 have been restated to correct an immaterial error related to revenue earned for cash servicing fees. See Note 1 - Summary of Significant Accounting Policies for further information. Year Ended December 31, 2015 WSFS Bank Cash Connect Wealth Management Total (Dollars in thousands) External customer revenues: Interest income $ 174,636 $ — $ 7,940 $ 182,576 Noninterest income 37,042 30,421 (r) 22,793 90,256 Total external customer revenues 211,678 30,421 30,733 272,832 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 31,294 37,507 291,974 External customer expenses: Interest expense 15,155 — 621 15,776 Noninterest expenses 129,138 19,271 (r) 17,051 165,460 Provision for loan losses 7,476 — 314 7,790 Total external customer expenses 151,769 19,271 17,986 189,026 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 23,430 25,322 208,168 Income before taxes $ 63,757 $ 7,864 $ 12,185 $ 83,806 Provision for income taxes 30,273 Consolidated net income $ 53,533 (r) Noninterest income and noninterest expense for the period ended December 31, 2015 have been restated to correct an immaterial error related to revenue earned for cash servicing fees. See Note 1 - Summary of Significant Accounting Policies for further information. The table below provides asset information and capital expenditures for each of our segments. December 31, 2017 2016 (Dollars in thousands) WSFS Cash Wealth Total WSFS Cash Wealth Total Cash and cash equivalents $ 104,530 $ 611,385 $ 7,951 $ 723,866 $ 100,893 $ 717,643 $ 3,387 $ 821,923 Goodwill 145,808 — 20,199 166,007 147,396 — 20,143 167,539 Other segment assets 5,882,910 6,078 220,679 6,109,667 5,545,611 3,533 226,664 5,775,808 Total segment assets $ 6,133,248 $ 617,463 $ 248,829 $ 6,999,540 $ 5,793,900 $ 721,176 $ 250,194 $ 6,765,270 Capital expenditures $ 8,197 $ 184 $ 613 $ 8,994 $ 18,625 $ 769 $ 26 $ 19,420 |
Parent Company Financial Info54
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition December 31, 2017 2016 (Dollars in thousands) Assets: Cash $ 37,344 $ 103,018 Investment in subsidiaries 833,763 795,676 Investment in Capital Trust III 2,011 2,011 Other assets 17,465 6,480 Total assets $ 890,583 $ 907,185 Liabilities: Trust preferred securities $ 67,011 $ 67,011 Senior debt 98,171 152,050 Interest payable 388 642 Other liabilities 668 146 Total liabilities 166,238 219,849 Stockholders’ equity: Common stock 563 580 Capital in excess of par value 336,271 329,457 Accumulated other comprehensive loss (8,152 ) (7,617 ) Retained earnings 669,557 627,078 Treasury stock (273,894 ) (262,162 ) Total stockholders’ equity 724,345 687,336 Total liabilities and stockholders’ equity $ 890,583 $ 907,185 |
Condensed Statements of Operations | Condensed Statements of Income Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Income: Interest income $ 3,167 $ 3,402 $ 1,780 Noninterest income 20,528 68,498 30,180 23,695 71,900 31,960 Expenses: Interest expense 9,168 7,979 5,124 Other operating expenses 996 747 233 10,164 8,726 5,357 Income before equity in undistributed income of subsidiaries 13,531 63,174 26,603 Equity in undistributed income/(loss) of subsidiaries 35,722 (779 ) 25,765 Income before taxes 49,253 62,395 52,368 Income tax benefit 991 1,685 1,165 Net income allocable to common stockholders $ 50,244 $ 64,080 $ 53,533 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Operating activities : Net income $ 50,244 $ 64,080 $ 53,533 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income)/loss of subsidiaries (35,722 ) 779 (25,765 ) Decrease in other assets 1,618 133 3,925 Increase in other liabilities 1,422 655 405 Net cash provided by operating activities 17,562 65,647 32,098 Investing activities : Payments for investment in and advances to subsidiaries (1,360 ) (119 ) — Sale or repayment of investments in and advances to subsidiaries 1,066 1,220 1,213 Net cash from business combinations — (57,604 ) (23,096 ) Investment in non-marketable securities (10,072 ) (387 ) (3,589 ) Net cash used for investing activities (10,366 ) (56,890 ) (25,472 ) Financing activities : Repayment of long-term debt — (10,000 ) — Issuance of common stock and exercise of common stock options 3,307 1,900 3,160 Repayment of senior debt (55,000 ) — — Issuance of senior debt — 97,849 — Buy back of common stock (11,752 ) (14,312 ) (31,659 ) Cash dividends paid (9,425 ) (7,632 ) (6,002 ) Net cash (used for) provided by financing activities (72,870 ) 67,805 (34,501 ) (Decrease)/increase in cash (65,674 ) 76,562 (27,875 ) Cash at beginning of period 103,018 26,456 54,331 Cash at end of period $ 37,344 $ 103,018 $ 26,456 |
Change in Accumulated Other C55
Change in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | (Dollars in thousands) Net change in investment securities available for sale Net change in securities held to maturity Net change in defined benefit plan Net change in fair value of derivatives used for cash flow hedge Total Balance, December 31, 2014 $ 446 $ 2,207 $ 847 $ — $ 3,500 Other comprehensive income before reclassifications (1,417 ) — — — (1,417 ) Less: Amounts reclassified from accumulated other comprehensive loss (916 ) (412 ) (59 ) — (1,387 ) Net current-period other comprehensive loss (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 loss (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 ) Other comprehensive income (loss) before reclassifications 3,073 — — (184 ) 2,889 Less: Amounts reclassified from accumulated other comprehensive income (1,280 ) (394 ) (90 ) — (1,764 ) Net current-period other comprehensive income 1,793 (394 ) (90 ) (184 ) 1,125 Less: Reclassification due to the adoption of ASU No. 2018-02 (1,441 ) 225 (2 ) (442 ) (1,660 ) Balance, December 31, 2017 $ (7,842 ) $ 1,223 $ 865 $ (2,398 ) $ (8,152 ) |
Components of Other Comprehensive Income | Components of other comprehensive income that impact the Statement of Income are presented in the table below. Twelve Months Ended Affected line item in Consolidated Statements of Income (Dollars in thousands) 2017 2016 2015 Securities available for sale: Realized gains on securities transactions $ (1,984 ) $ (2,369 ) $ (1,478 ) Securities gains, net Income taxes 704 900 562 Income tax provision Net of tax $ (1,280 ) $ (1,469 ) $ (916 ) Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: Amortization of net unrealized gains to income during the period $ (635 ) $ (651 ) $ (646 ) Interest income on investment securities Income taxes 241 248 234 Income tax provision Net of tax $ (394 ) $ (403 ) $ (412 ) Amortization of Defined Benefit Pension Items: Prior service costs $ (76 ) $ (76 ) $ (76 ) Transition obligation — — — Actuarial losses (70 ) 348 (20 ) Total before tax $ (146 ) $ 272 $ (96 ) Salaries, benefits and other compensation Income taxes 56 (103 ) 37 Income tax provision Net of tax $ (90 ) $ 169 $ (59 ) Total reclassifications $ (1,764 ) $ (1,703 ) $ (1,387 ) |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 01, 2017USD ($) | Jun. 13, 2016USD ($) | May 31, 2015$ / shares | Dec. 31, 2017USD ($)Subsidiarysecuirty$ / sharesOfficepaymentshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Mar. 31, 2015$ / sharesshares | Dec. 31, 2012USD ($) |
Accounting Policies [Line Items] | ||||||||
Number of office locations | Office | 76 | |||||||
Number of unconsolidated subsidiary | Subsidiary | 1 | |||||||
Common stock, shares authorized (in shares) | shares | 65,000,000 | 65,000,000 | 65,000,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Stock split conversion ratio | 3 | |||||||
Number of securities are classified | secuirty | 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 | payment | 6 | |||||||
Charges related to assets acquired through foreclosure | $ 300,000 | $ 100,000 | $ 300,000 | |||||
Maturity of federal funds purchased | 90 days | |||||||
Settlement of realized tax position | 50.00% | |||||||
Reclassification due to the adoption of ASU No. 2018-02 | $ 0 | |||||||
Write off of Deferred Debt Issuance Cost | $ 700,000 | $ 695,000 | 0 | $ 651,000 | ||||
Scenario, Previously Reported | ||||||||
Accounting Policies [Line Items] | ||||||||
Common stock, shares authorized (in shares) | shares | 20,000,000 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
WSFS Financial Corporation | ||||||||
Accounting Policies [Line Items] | ||||||||
Number of wholly-owned subsidiaries | Subsidiary | 3 | |||||||
Cypress | ||||||||
Accounting Policies [Line Items] | ||||||||
Assets under management | $ 901,500,000 | 738,500,000 | ||||||
West Capital | ||||||||
Accounting Policies [Line Items] | ||||||||
Assets under management | 861,200,000 | 738,100,000 | ||||||
WSFS Capital Trust III | ||||||||
Accounting Policies [Line Items] | ||||||||
Amount of aggregate principal issued | 67,000,000 | |||||||
Trust preferred securities redeemed | $ 51,500,000 | |||||||
Delaware | ||||||||
Accounting Policies [Line Items] | ||||||||
Number of office locations | Office | 46 | |||||||
Pennsylvania | ||||||||
Accounting Policies [Line Items] | ||||||||
Number of office locations | Office | 28 | |||||||
Virginia | ||||||||
Accounting Policies [Line Items] | ||||||||
Number of office locations | Office | 1 | |||||||
Nevada | ||||||||
Accounting Policies [Line Items] | ||||||||
Number of office locations | Office | 1 | |||||||
Senior unsecured fixed - to - floating rate notes | ||||||||
Accounting Policies [Line Items] | ||||||||
Debt instrument, face amount | $ 100,000,000 | |||||||
Interest rate on unsecured debt | 4.50% | |||||||
Redemption price, percentage | 100.00% | |||||||
LIBOR Rate | Senior unsecured fixed - to - floating rate notes | ||||||||
Accounting Policies [Line Items] | ||||||||
Variable interest rate | 3.30% | |||||||
6.25% Senior Notes Due 2019 | ||||||||
Accounting Policies [Line Items] | ||||||||
Debt instrument, face amount | $ 55,000,000 | |||||||
Interest rate on unsecured debt | 6.25% | 6.25% | ||||||
Write off of Deferred Debt Issuance Cost | $ 700,000 | |||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||
Accounting Policies [Line Items] | ||||||||
Reclassification due to the adoption of ASU No. 2018-02 | (1,660,000) | |||||||
Retained Earnings | ||||||||
Accounting Policies [Line Items] | ||||||||
Reclassification due to the adoption of ASU No. 2018-02 | $ 1,660,000 | |||||||
Computer Equipment | ||||||||
Accounting Policies [Line Items] | ||||||||
Useful life | 3 years | |||||||
Furniture and equipment | ||||||||
Accounting Policies [Line Items] | ||||||||
Useful life | 5 years | |||||||
Building Renovations | ||||||||
Accounting Policies [Line Items] | ||||||||
Useful life | 10 years | |||||||
Residential | ||||||||
Accounting Policies [Line Items] | ||||||||
Mortgage loans on real estate, foreclosures | $ 2,900,000 | $ 3,700,000 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Correction of Prior Period Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Other income | $ 23,067 | $ 18,949 | $ 16,002 |
Other operating expense | $ 41,200 | 34,416 | 29,063 |
Immaterial Error, Cash Servicing Fees | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Other income | 18,949 | 16,002 | |
Other operating expense | 34,416 | 29,063 | |
Immaterial Error, Cash Servicing Fees | Scenario, Previously Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Other income | 16,243 | 14,001 | |
Other operating expense | 31,710 | 27,062 | |
Immaterial Error, Cash Servicing Fees | Scenario, Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Other income | 2,706 | 2,001 | |
Other operating expense | $ 2,706 | $ 2,001 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Branch | |
Penn Liberty | Pennsylvania | |
Business Acquisition [Line Items] | |
Number of branch locations | 11 |
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 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities assumed: | ||||
Goodwill resulting from acquisition of Alliance | $ 166,007 | $ 167,539 | $ 85,212 | |
Penn Liberty | ||||
Assets acquired: | ||||
Deferred income taxes | $ 7,400 | |||
Liabilities assumed: | ||||
Goodwill resulting from acquisition of Alliance | $ 67,226 | $ 68,814 | ||
Penn Liberty | Pennsylvania | ||||
Consideration Transferred: | ||||
Common shares issued (2,459,120) | 68,352 | |||
Cash paid to Alliance stockholders | 40,549 | |||
Value of consideration | 108,901 | |||
Assets acquired: | ||||
Cash and due from banks | 102,301 | |||
Investment securities | 627 | |||
Loans | 483,203 | |||
Premises and equipment | 6,817 | |||
Deferred income taxes | 6,542 | |||
Bank owned life insurance | 8,666 | |||
Core deposit intangible | 2,882 | |||
Other real estate owned | 996 | |||
Other real estate owned | 12,085 | |||
Total assets | 624,119 | |||
Liabilities assumed: | ||||
Deposits | 568,706 | |||
Other borrowings | 10,000 | |||
Other liabilities | 3,738 | |||
Total liabilities | 582,444 | |||
Net assets acquired: | 41,675 | |||
Goodwill resulting from acquisition of Alliance | $ 67,226 |
Business Combinations - Summa60
Business Combinations - Summary of Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Non-printing) (Detail) | Aug. 12, 2016shares |
Penn Liberty | Pennsylvania | |
Business Acquisition [Line Items] | |
Common stock shares issued (in shares) | 1,806,748 |
Business Combinations - Schedul
Business Combinations - Schedule of Changes to Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | $ 167,539 |
Goodwill, Ending balance | 166,007 |
Penn Liberty | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | 68,814 |
Goodwill, Ending balance | 67,226 |
Penn Liberty | Deferred income taxes | |
Goodwill [Roll Forward] | |
Effect of adjustments | 880 |
Penn Liberty | Loans | |
Goodwill [Roll Forward] | |
Effect of adjustments | 279 |
Penn Liberty | Other assets | |
Goodwill [Roll Forward] | |
Effect of adjustments | (1,440) |
Penn Liberty | Other liabilities | |
Goodwill [Roll Forward] | |
Effect of adjustments | $ (1,307) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||
Net income | $ 50,244 | $ 64,080 | $ 53,533 |
Denominator: | |||
Denominator for basic earnings per share - weighted average shares (in shares) | 31,419 | 30,276 | 28,435 |
Effect of dilutive employee stock options and restricted stock (in shares) | 884 | 809 | 508 |
Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercised (in shares) | 32,303 | 31,086 | 28,943 |
Earnings per share: | |||
Basic (in dollars per share) | $ 1.60 | $ 2.12 | $ 1.88 |
Diluted (in dollars per share) | $ 1.56 | $ 2.06 | $ 1.85 |
Outstanding common stock equivalents having no dilutive effect | 2 | 18 | 83 |
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, 2017 | Dec. 31, 2016 |
Available-for-sale Securities [Abstract] | ||
Amortized Cost | $ 848,434 | $ 807,761 |
Gross Unrealized Gains | 1,356 | 1,963 |
Gross Unrealized Losses | 11,668 | 15,181 |
Fair Value | 838,122 | 794,543 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 161,186 | 164,346 |
Fair Value | 162,853 | 163,232 |
CMO | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 250,592 | 264,607 |
Gross Unrealized Gains | 88 | 566 |
Gross Unrealized Losses | 4,141 | 3,957 |
Fair Value | 246,539 | 261,216 |
FNMA MBS | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 479,218 | 414,218 |
Gross Unrealized Gains | 941 | 950 |
Gross Unrealized Losses | 6,172 | 9,404 |
Fair Value | 473,987 | 405,764 |
FHLMC MBS | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 88,681 | 64,709 |
Gross Unrealized Gains | 118 | 135 |
Gross Unrealized Losses | 924 | 1,330 |
Fair Value | 87,875 | 63,514 |
GNMA MBS | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 29,300 | 28,540 |
Gross Unrealized Gains | 209 | 303 |
Gross Unrealized Losses | 411 | 427 |
Fair Value | 29,098 | 28,416 |
Other investments | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 643 | 626 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 20 | 3 |
Fair Value | 623 | 623 |
State and political subdivisions | ||
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 161,186 | 164,346 |
Gross Unrealized Gains | 1,758 | 271 |
Gross Unrealized Losses | 91 | 1,385 |
Fair Value | $ 162,853 | 163,232 |
GSE | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 35,061 | |
Gross Unrealized Gains | 9 | |
Gross Unrealized Losses | 60 | |
Fair Value | $ 35,010 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities, amortized cost | $ 848,434,000 | $ 807,761,000 | |
Investment securities, available for sale (book value $848,434 and $807,761 at December 31, 2017 and 2016, respectively) | 838,122,000 | 794,543,000 | |
Securities pledged as collateral | 688,200,000 | 562,500,000 | |
Proceeds from sale of investment securities | 457,000,000 | 201,800,000 | $ 192,800,000 |
Gains from sale of Available-for-sale securities | 2,100,000 | 2,400,000 | 1,500,000 |
Losses from sale of Available-for-sale securities (less than) | 100,000 | 100,000 | $ 100,000 |
Unamortized premiums | 14,100,000 | 18,000,000 | |
Unaccreted discounts | 1,300,000 | 400,000 | |
Owned investment securities | 668,100,000 | ||
Total unrealized losses on securities | 11,800,000 | ||
Available-For-Sale Securities, Below Investment Grade, Fair Value | $ 800,000 | ||
Weighted average duration of MBS portfolio | 5 years 2 months 8 days | ||
Mortgage-Backed Securities (MBS) | |||
Schedule of Available-for-sale Securities [Line Items] | |||
OTTI on evaluation of securities | $ 0 | 0 | |
State and political subdivisions | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities transferred from available-for-sale to held-to-maturity, net unrealized gain | 1,600,000 | $ 2,200,000 | |
Mutual Fund | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities, amortized cost | 600,000 | ||
Investment securities, available for sale (book value $848,434 and $807,761 at December 31, 2017 and 2016, respectively) | $ 600,000 |
Investment Securities - Sched65
Investment Securities - Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments Schedule [Abstract] | ||
Available-for-sale securities, amortized cost within one year | $ 0 | $ 16,009 |
Available-for-sale securities, amortized cost after one year but within five years | 20,051 | 19,052 |
Available-for-sale securities, amortized cost after five years but within ten years | 179,812 | 276,635 |
Available-for-sale securities, amortized cost after ten years | 647,928 | 495,439 |
Available-for-sale securities, amortized cost total | 847,791 | 807,135 |
Available-for-sale securities, fair value within one year | 0 | 16,017 |
Available-for-sale securities, fair value after one year but within five years | 19,825 | 18,992 |
Available-for-sale securities, fair value after five years but within ten years | 175,583 | 270,300 |
Available-for-sale securities, fair value after ten years | 642,091 | 488,611 |
Available-for-sale securities, fair value total | 837,499 | 793,920 |
Held-to-maturity securities, amortized cost within one year | 322 | 0 |
Held-to-maturity securities, amortized cost after one year but within five years | 5,895 | 6,168 |
Held-to-maturity securities, amortized cost after five years but within ten years | 18,751 | 8,882 |
Held-to-maturity securities, amortized cost after ten years | 136,218 | 149,296 |
Amortized Cost | 161,186 | 164,346 |
Held-to-maturity securities, fair value within one year | 320 | 0 |
Held-to-maturity securities, fair value after one year but within five years | 5,894 | 6,162 |
Held-to-maturity securities, fair value after five years but within ten years | 18,873 | 8,870 |
Held-to-maturity securities, fair value after ten years | 137,766 | 148,200 |
Held-to-maturity securities, fair value total | $ 162,853 | $ 163,232 |
Investment Securities - Sched66
Investment Securities - Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | $ 398,776 | $ 550,952 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 3,624 | 15,091 |
Available-for-sale securities, 12 months or longer, Fair Value | 240,302 | 4,654 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 8,044 | 90 |
Available-for-sale securities, Total, Fair Value | 639,078 | 555,606 |
Available-for-sale securities, Total, Unrealized Loss | 11,668 | 15,181 |
Held-to-maturity securities, Less than 12 months, Fair Value | 23,404 | 112,642 |
Held-to-maturity securities, Less than 12 months, Unrealized Loss | 59 | 1,374 |
Held-to-maturity securities, 12 months or longer, Fair Value | 5,625 | 695 |
Held-to-maturity securities, 12 months or longer, Unrealized Loss | 32 | 11 |
Held-to-maturity securities, Total, Fair Value | 29,029 | 113,337 |
Held-to-maturity securities, Total, Unrealized Loss | 91 | 1,385 |
CMO | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 146,726 | 160,572 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 1,820 | 3,867 |
Available-for-sale securities, 12 months or longer, Fair Value | 77,149 | 4,654 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 2,321 | 90 |
Available-for-sale securities, Total, Fair Value | 223,875 | 165,226 |
Available-for-sale securities, Total, Unrealized Loss | 4,141 | 3,957 |
FNMA MBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 42,514 | 50,878 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 269 | 1,330 |
Available-for-sale securities, 12 months or longer, Fair Value | 21,405 | 0 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 655 | 0 |
Available-for-sale securities, Total, Fair Value | 63,919 | 50,878 |
Available-for-sale securities, Total, Unrealized Loss | 924 | 1,330 |
FHLMC MBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 204,921 | 300,403 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 1,479 | 9,404 |
Available-for-sale securities, 12 months or longer, Fair Value | 126,342 | 0 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 4,693 | 0 |
Available-for-sale securities, Total, Fair Value | 331,263 | 300,403 |
Available-for-sale securities, Total, Unrealized Loss | 6,172 | 9,404 |
GNMA MBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 4,615 | 16,480 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 56 | 427 |
Available-for-sale securities, 12 months or longer, Fair Value | 14,782 | 0 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 355 | 0 |
Available-for-sale securities, Total, Fair Value | 19,397 | 16,480 |
Available-for-sale securities, Total, Unrealized Loss | 411 | 427 |
Other investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 0 | 623 |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 0 | 3 |
Available-for-sale securities, 12 months or longer, Fair Value | 624 | 0 |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 20 | 0 |
Available-for-sale securities, Total, Fair Value | 624 | 623 |
Available-for-sale securities, Total, Unrealized Loss | 20 | 3 |
GSE | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 21,996 | |
Available-for-sale securities, Less than 12 months, Unrealized Loss | 60 | |
Available-for-sale securities, 12 months or longer, Fair Value | 0 | |
Available-for-sale securities, 12 months or longer, Unrealized Loss | 0 | |
Available-for-sale securities, Total, Fair Value | 21,996 | |
Available-for-sale securities, Total, Unrealized Loss | 60 | |
State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity securities, Less than 12 months, Fair Value | 23,404 | 112,642 |
Held-to-maturity securities, Less than 12 months, Unrealized Loss | 59 | 1,374 |
Held-to-maturity securities, 12 months or longer, Fair Value | 5,625 | 695 |
Held-to-maturity securities, 12 months or longer, Unrealized Loss | 32 | 11 |
Held-to-maturity securities, Total, Fair Value | 29,029 | 113,337 |
Held-to-maturity securities, Total, Unrealized Loss | $ 91 | $ 1,385 |
Loans - Summary of Loan Portfol
Loans - Summary of Loan Portfolio by Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | $ 4,805,094 | $ 4,469,216 | $ 3,774,639 | |
Deferred fees, net | 7,991 | 7,673 | ||
Allowance for loan losses | 40,599 | 39,751 | 37,089 | $ 39,426 |
Net loans | 4,776,318 | 4,444,375 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 558,493 | 450,029 | 360,249 | |
Allowance for loan losses | 7,895 | 6,012 | 5,964 | 6,041 |
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,464,554 | 1,287,731 | ||
Owner-occupied commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,079,247 | 1,078,162 | 880,643 | |
Allowance for loan losses | 5,422 | 6,588 | 6,670 | 6,643 |
Commercial mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,187,705 | 1,163,554 | 966,698 | |
Allowance for loan losses | 5,891 | 8,915 | 6,487 | 7,266 |
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 281,608 | 222,712 | 245,773 | |
Allowance for loan losses | 2,861 | 2,838 | $ 3,521 | $ 2,596 |
Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 253,301 | 289,611 | ||
Financing Receivable Portfolio Segment, Including Reverse Mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | $ 4,824,908 | $ 4,491,799 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans [Line Items] | ||
Reverse mortgage, fair value | $ 19,800 | $ 22,600 |
Nonaccruing loans | 36,400 | 22,900 |
Potential increase in net interest income | 1,800 | 1,200 |
Accrued interest receivable | 19,405 | 17,027 |
Loans Receivable | ||
Loans [Line Items] | ||
Accrued interest receivable | 15,400 | 13,000 |
First Mortgage | ||
Loans [Line Items] | ||
Amounts of loans serviced | 102,500 | 124,700 |
Fees from servicing of loans | 400 | 300 |
Value of servicing rights | 400 | 500 |
First Mortgage | Maximum | Servicing Rights | ||
Loans [Line Items] | ||
Net losses | 100 | |
SBA Loans | ||
Loans [Line Items] | ||
Value of servicing rights | $ 500 | $ 200 |
Acquired Credit Impaired Loan69
Acquired Credit Impaired Loans - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Transfers and Servicing [Abstract] | ||
Allowance for loan losses | $ 358 | $ 510 |
Acquired Credit Impaired Loan70
Acquired Credit Impaired Loans - Schedule of Loans Acquired Through Merger in Accordance with FASB ASC 310-30 (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | $ 6,800 | $ 15,000 |
Penn Liberty | ||
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 | |
Alliance | ||
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 | |
First National Bank of Wyoming (FNBW) | ||
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 | |
Total | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | 71,054 | |
Contractual cash flows not expected to be collected (nonaccretable difference) | 13,458 | |
Expected cash flows at acquisition | 57,596 | |
Interest component of expected cash flows (accretable yield) | 4,794 | |
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ 52,802 |
Acquired Credit Impaired Loan71
Acquired Credit Impaired Loans - Schedule of Outstanding Principal Balance and Carrying Amounts for Acquired Credit-Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Transfers and Servicing [Abstract] | ||
Outstanding principal balance | $ 27,034 | $ 41,574 |
Carrying amount | 21,295 | 33,104 |
Allowance for loan losses | $ 358 | $ 510 |
Acquired Credit Impaired Loan72
Acquired Credit Impaired Loans - Summary of Changes in Accretable Yield on Acquired Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ 5,150 | $ 4,764 |
Accretion | (2,636) | (2,731) |
Reclassification from nonaccretable difference | 2,015 | 2,352 |
Additions/adjustments | (1,149) | (701) |
Disposals | (345) | (7) |
Ending balance | $ 3,035 | 5,150 |
Penn Liberty | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Addition from Penn Liberty | $ 1,473 |
Allowance for Loan Losses and73
Allowance for Loan Losses and Credit Quality Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)SecurityLoanloan | Dec. 31, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net charge-offs | $ 10,100 | $ 10,300 | ||
Percentage of average loans annualized, charged-offs | 0.30% | 0.25% | ||
Ending balance | $ 4,805,094 | $ 4,805,094 | $ 4,469,216 | $ 3,774,639 |
Loans downgraded to non-performing status | 13,842 | 13,327 | 12,095 | |
Accrued troubled debt restructured loans | 20,100 | 20,100 | 14,300 | 13,600 |
Acquired nonimpaired loans | 565,516 | 565,516 | 724,063 | 371,148 |
Reverse mortgage, fair value | 19,800 | 19,800 | 22,600 | |
Acquired impaired loans | 5,800 | 5,800 | 12,800 | |
Contractual principal balance | 6,800 | 6,800 | 15,000 | |
Interest income on impaired loans | $ 1,000 | 1,200 | ||
Number of acquired loans classified as nonaccrual loans | loan | 28 | |||
Carrying amount of acquired loans classified as nonaccrual loans | 5,800 | $ 5,800 | ||
Troubled debt restructuring related reserves | 1,000 | 1,000 | 1,300 | |
Private Banking Credit Exposure | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructurings charged off | 400 | 0 | ||
Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Ending balance | 233,487 | 233,487 | 267,028 | 259,679 |
Loans downgraded to non-performing status | 168 | 88 | 548 | |
Acquired nonimpaired loans | 72,304 | $ 72,304 | $ 94,883 | 76,929 |
Number of residential loans in the process of foreclosure | SecurityLoan | 33 | 29 | ||
Total loans outstanding, residential loans | $ 2,900 | $ 3,700 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Ending balance | 1,464,554 | 1,464,554 | 1,287,731 | 1,061,597 |
Loans downgraded to non-performing status | 5,008 | 5,052 | 6,303 | |
Acquired nonimpaired loans | 116,566 | $ 116,566 | $ 159,089 | 112,586 |
Number of residential loans in the process of foreclosure | SecurityLoan | 8 | |||
Number of commercial loans | SecurityLoan | 7 | |||
Total loans outstanding, residential loans | $ 6,000 | |||
Total loans outstanding, commercial loans | $ 3,600 | |||
Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructurings charged off | 100 | |||
Increase in allowance for loan losses (less than) | 100 | |||
Total Residential and Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Ending balance | 791,980 | $ 791,980 | 717,057 | |
Impairment loans, charge off period | 90 days | |||
Acquired impaired loans | 108,200 | $ 108,200 | 150,500 | |
Commercial mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Ending balance | 1,187,705 | 1,187,705 | 1,163,554 | 966,698 |
Loans downgraded to non-performing status | 4,612 | 422 | 1,135 | |
Acquired nonimpaired loans | 188,505 | 188,505 | 221,937 | $ 83,415 |
Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Acquired nonimpaired loans | 457,300 | 457,300 | 573,500 | |
Uncollateralized | Commercial mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net charge-offs | 4,000 | |||
Ending balance | 5,600 | 5,600 | ||
Nonperforming | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued troubled debt restructured loans | 15,300 | 15,300 | 12,400 | |
Nonperforming | Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Ending balance | 13,778 | 13,778 | 13,547 | |
Nonperforming | Total Residential and Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Ending balance | $ 21,366 | $ 21,366 | $ 21,410 |
Allowance for Loan Losses and74
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 39,751 | $ 37,089 | $ 39,426 |
Charge-offs | (13,842) | (13,327) | (12,095) |
Recoveries | 3,726 | 3,003 | 1,968 |
Provision (credit) for loan losses | 10,528 | 12,329 | 7,440 |
Provision for acquired loans | 436 | 657 | 350 |
Ending balance | 40,599 | 39,751 | 37,089 |
Loans individually evaluated for impairment | 4,658 | 2,895 | 2,492 |
Loans collectively evaluated for impairment | 35,583 | 36,346 | 34,465 |
Acquired loans evaluated for impairment | 358 | 510 | 132 |
Ending balance | 40,599 | 39,751 | 37,089 |
Loans individually evaluated for impairment | 56,315 | 37,071 | 34,812 |
Loans collectively evaluated for impairment | 4,161,609 | 3,674,468 | 3,335,992 |
Acquired nonimpaired loans | 565,516 | 724,063 | 371,148 |
Acquired impaired loans | 21,654 | 33,614 | 32,687 |
Ending balance | 4,805,094 | 4,469,216 | 3,774,639 |
Owner-occupied commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 6,588 | 6,670 | 6,643 |
Charge-offs | (296) | (1,556) | (738) |
Recoveries | 127 | 117 | 77 |
Provision (credit) for loan losses | (1,098) | 1,163 | 665 |
Provision for acquired loans | 101 | 194 | 23 |
Ending balance | 5,422 | 6,588 | 6,670 |
Loans individually evaluated for impairment | 0 | 0 | 0 |
Loans collectively evaluated for impairment | 5,410 | 6,573 | 6,648 |
Acquired loans evaluated for impairment | 12 | 15 | 22 |
Ending balance | 5,422 | 6,588 | 6,670 |
Loans individually evaluated for impairment | 3,655 | 2,078 | 1,090 |
Loans collectively evaluated for impairment | 933,352 | 899,590 | 820,911 |
Acquired nonimpaired loans | 136,437 | 164,372 | 53,954 |
Acquired impaired loans | 5,803 | 12,122 | 4,688 |
Ending balance | 1,079,247 | 1,078,162 | 880,643 |
Commercial mortgages | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 8,915 | 6,487 | 7,266 |
Charge-offs | (4,612) | (422) | (1,135) |
Recoveries | 255 | 322 | 222 |
Provision (credit) for loan losses | 1,160 | 2,466 | (67) |
Provision for acquired loans | 173 | 62 | 201 |
Ending balance | 5,891 | 8,915 | 6,487 |
Loans individually evaluated for impairment | 18 | 1,247 | 0 |
Loans collectively evaluated for impairment | 5,779 | 7,482 | 6,384 |
Acquired loans evaluated for impairment | 94 | 186 | 103 |
Ending balance | 5,891 | 8,915 | 6,487 |
Loans individually evaluated for impairment | 6,076 | 9,898 | 3,411 |
Loans collectively evaluated for impairment | 983,400 | 921,333 | 869,359 |
Acquired nonimpaired loans | 188,505 | 221,937 | 83,415 |
Acquired impaired loans | 9,724 | 10,386 | 10,513 |
Ending balance | 1,187,705 | 1,163,554 | 966,698 |
Construction | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,838 | 3,521 | 2,596 |
Charge-offs | (574) | (57) | (146) |
Recoveries | 306 | 484 | 185 |
Provision (credit) for loan losses | 222 | (1,117) | 852 |
Provision for acquired loans | 69 | 7 | 34 |
Ending balance | 2,861 | 2,838 | 3,521 |
Loans individually evaluated for impairment | 0 | 217 | 211 |
Loans collectively evaluated for impairment | 2,828 | 2,535 | 3,310 |
Acquired loans evaluated for impairment | 33 | 86 | 0 |
Ending balance | 2,861 | 2,838 | 3,521 |
Loans individually evaluated for impairment | 6,022 | 1,419 | 1,419 |
Loans collectively evaluated for impairment | 258,887 | 189,468 | 213,801 |
Acquired nonimpaired loans | 15,759 | 28,131 | 27,009 |
Acquired impaired loans | 940 | 3,694 | 3,544 |
Ending balance | 281,608 | 222,712 | 245,773 |
Complexity Risk | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 0 | 1,010 | 1,520 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (credit) for loan losses | (1,010) | (510) | |
Provision for acquired loans | 0 | 0 | |
Ending balance | 0 | 1,010 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 1,010 | |
Acquired loans evaluated for impairment | 0 | 0 | |
Ending balance | 0 | 1,010 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Acquired nonimpaired loans | 0 | 0 | |
Acquired impaired loans | 0 | 0 | |
Ending balance | 0 | 0 | |
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 13,339 | 11,156 | 12,837 |
Charge-offs | (5,008) | (5,052) | (6,303) |
Recoveries | 1,355 | 594 | 301 |
Provision (credit) for loan losses | 6,972 | 6,260 | 4,241 |
Provision for acquired loans | 74 | 381 | 80 |
Ending balance | 16,732 | 13,339 | 11,156 |
Loans individually evaluated for impairment | 3,687 | 322 | 1,164 |
Loans collectively evaluated for impairment | 12,871 | 12,834 | 9,988 |
Acquired loans evaluated for impairment | 174 | 183 | 4 |
Ending balance | 16,732 | 13,339 | 11,156 |
Loans individually evaluated for impairment | 19,196 | 2,266 | 5,680 |
Loans collectively evaluated for impairment | 1,324,636 | 1,120,193 | 930,346 |
Acquired nonimpaired loans | 116,566 | 159,089 | 112,586 |
Acquired impaired loans | 4,156 | 6,183 | 12,985 |
Ending balance | 1,464,554 | 1,287,731 | 1,061,597 |
Residential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,059 | 2,281 | 2,523 |
Charge-offs | (168) | (88) | (548) |
Recoveries | 178 | 254 | 226 |
Provision (credit) for loan losses | (300) | (422) | 76 |
Provision for acquired loans | 29 | 34 | 4 |
Ending balance | 1,798 | 2,059 | 2,281 |
Loans individually evaluated for impairment | 760 | 911 | 918 |
Loans collectively evaluated for impairment | 1,002 | 1,125 | 1,360 |
Acquired loans evaluated for impairment | 36 | 23 | 3 |
Ending balance | 1,798 | 2,059 | 2,281 |
Loans individually evaluated for impairment | 13,778 | 13,547 | 15,548 |
Loans collectively evaluated for impairment | 146,621 | 157,738 | 166,252 |
Acquired nonimpaired loans | 72,304 | 94,883 | 76,929 |
Acquired impaired loans | 784 | 860 | 950 |
Ending balance | 233,487 | 267,028 | 259,679 |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 6,012 | 5,964 | 6,041 |
Charge-offs | (3,184) | (6,152) | (3,225) |
Recoveries | 1,505 | 1,232 | 957 |
Provision (credit) for loan losses | 3,572 | 4,989 | 2,183 |
Provision for acquired loans | (10) | (21) | 8 |
Ending balance | 7,895 | 6,012 | 5,964 |
Loans individually evaluated for impairment | 193 | 198 | 199 |
Loans collectively evaluated for impairment | 7,693 | 5,797 | 5,765 |
Acquired loans evaluated for impairment | 9 | 17 | 0 |
Ending balance | 7,895 | 6,012 | 5,964 |
Loans individually evaluated for impairment | 7,588 | 7,863 | 7,664 |
Loans collectively evaluated for impairment | 514,713 | 386,146 | 335,323 |
Acquired nonimpaired loans | 35,945 | 55,651 | 17,255 |
Acquired impaired loans | 247 | 369 | 7 |
Ending balance | $ 558,493 | $ 450,029 | $ 360,249 |
Allowance for Loan Losses and75
Allowance for Loan Losses and Credit Quality Information - Summary of Nonaccrual and Past Due Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | $ 8,592 | $ 7,730 | |
Accruing Current Balances | 4,738,412 | 4,404,996 | |
Acquired Impaired Loans | 21,654 | 33,614 | $ 32,687 |
Nonaccrual Loans | 36,436 | 22,876 | |
Total Loans | $ 4,805,094 | $ 4,469,216 | 3,774,639 |
30-59 Days Past Due and Still Accruing, % of Total Loans | 0.14% | 0.12% | |
60-89 Days Past Due and Still Accruing, % of Total Loans | 0.03% | 0.04% | |
Greater Than 90 Days Past Due and Still Accruing, % of Total Loans | 0.01% | 0.01% | |
Total Past Due And Still Accruing, % of Total Loans | 0.18% | 0.17% | |
Accruing Current Balances, % of Total Loans | 98.61% | 98.57% | |
Acquired Impaired Loans, % of Total Loans | 0.45% | 0.75% | |
Nonaccrual Loans, % of Total Loans | 0.76% | 0.51% | |
% of Total Loans | 100.00% | 100.00% | |
Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | $ 1,050 | $ 1,785 | |
Accruing Current Balances | 1,440,291 | 1,277,748 | |
Acquired Impaired Loans | 4,156 | 6,183 | 12,985 |
Nonaccrual Loans | 19,057 | 2,015 | |
Total Loans | 1,464,554 | 1,287,731 | 1,061,597 |
Residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 3,145 | 3,967 | |
Accruing Current Balances | 225,434 | 257,234 | |
Acquired Impaired Loans | 784 | 860 | 950 |
Nonaccrual Loans | 4,124 | 4,967 | |
Total Loans | 233,487 | 267,028 | 259,679 |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 1,685 | 1,023 | |
Accruing Current Balances | 554,634 | 444,642 | |
Acquired Impaired Loans | 247 | 369 | 7 |
Nonaccrual Loans | 1,927 | 3,995 | |
Total Loans | 558,493 | 450,029 | 360,249 |
30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 6,614 | 5,490 | |
30–59 Days Past Due and Still Accruing | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 1,050 | 1,507 | |
30–59 Days Past Due and Still Accruing | Residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 2,058 | 3,176 | |
30–59 Days Past Due and Still Accruing | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 1,117 | 392 | |
60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 1,517 | 1,802 | |
60–89 Days Past Due and Still Accruing | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 278 | |
60–89 Days Past Due and Still Accruing | Residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 731 | 638 | |
60–89 Days Past Due and Still Accruing | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 463 | 346 | |
Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 461 | 438 | |
Greater Than 90 Days Past Due and Still Accruing | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 0 | |
Greater Than 90 Days Past Due and Still Accruing | Residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 356 | 153 | |
Greater Than 90 Days Past Due and Still Accruing | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 105 | 285 | |
Owner-occupied commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 2,302 | 656 | |
Accruing Current Balances | 1,067,488 | 1,063,306 | |
Acquired Impaired Loans | 5,803 | 12,122 | 4,688 |
Nonaccrual Loans | 3,654 | 2,078 | |
Total Loans | 1,079,247 | 1,078,162 | 880,643 |
Owner-occupied commercial | 30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 2,069 | 116 | |
Owner-occupied commercial | 60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 233 | 540 | |
Owner-occupied commercial | Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 0 | |
Commercial mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 410 | 167 | |
Accruing Current Balances | 1,171,701 | 1,143,180 | |
Acquired Impaired Loans | 9,724 | 10,386 | 10,513 |
Nonaccrual Loans | 5,870 | 9,821 | |
Total Loans | 1,187,705 | 1,163,554 | 966,698 |
Commercial mortgages | 30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 320 | 167 | |
Commercial mortgages | 60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 90 | 0 | |
Commercial mortgages | Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 0 | |
Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 132 | |
Accruing Current Balances | 278,864 | 218,886 | |
Acquired Impaired Loans | 940 | 3,694 | 3,544 |
Nonaccrual Loans | 1,804 | 0 | |
Total Loans | 281,608 | 222,712 | $ 245,773 |
Construction | 30–59 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 132 | |
Construction | 60–89 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | 0 | 0 | |
Construction | Greater Than 90 Days Past Due and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due And Still Accruing | $ 0 | $ 0 |
Allowance for Loan Losses and76
Allowance for Loan Losses and Credit Quality Information - Analysis of Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | $ 62,106 | $ 49,904 |
Loans with No Related Reserve | 32,172 | 21,504 |
Loan with Related Reserve | 29,934 | 28,400 |
Related Reserve | 5,017 | 3,405 |
Contractual Principal Balance | 78,982 | 64,665 |
Average Loan Balances | 60,743 | 41,084 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 20,842 | 4,250 |
Loans with No Related Reserve | 3,422 | 1,395 |
Loan with Related Reserve | 17,420 | 2,855 |
Related Reserve | 3,861 | 505 |
Contractual Principal Balance | 23,815 | 5,572 |
Average Loan Balances | 15,072 | 5,053 |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 14,181 | 14,256 |
Loans with No Related Reserve | 8,282 | 7,122 |
Loan with Related Reserve | 5,899 | 7,134 |
Related Reserve | 796 | 934 |
Contractual Principal Balance | 17,015 | 17,298 |
Average Loan Balances | 14,533 | 15,083 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 7,819 | 8,021 |
Loans with No Related Reserve | 6,304 | 6,561 |
Loan with Related Reserve | 1,515 | 1,460 |
Related Reserve | 203 | 215 |
Contractual Principal Balance | 8,977 | 11,978 |
Average Loan Balances | 8,158 | 7,910 |
Owner-occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 5,374 | 4,650 |
Loans with No Related Reserve | 3,654 | 2,078 |
Loan with Related Reserve | 1,720 | 2,572 |
Related Reserve | 12 | 15 |
Contractual Principal Balance | 5,717 | 5,129 |
Average Loan Balances | 5,827 | 3,339 |
Commercial mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 7,598 | 15,065 |
Loans with No Related Reserve | 4,487 | 4,348 |
Loan with Related Reserve | 3,111 | 10,717 |
Related Reserve | 112 | 1,433 |
Contractual Principal Balance | 16,658 | 20,716 |
Average Loan Balances | 12,630 | 7,323 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Loan Balances | 6,292 | 3,662 |
Loans with No Related Reserve | 6,023 | 0 |
Loan with Related Reserve | 269 | 3,662 |
Related Reserve | 33 | 303 |
Contractual Principal Balance | 6,800 | 3,972 |
Average Loan Balances | $ 4,523 | $ 2,376 |
Allowance for Loan Losses and77
Allowance for Loan Losses and Credit Quality Information - Schedule of Commercial Credit Exposure (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 100.00% | 100.00% |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 1,464,554 | $ 1,287,731 |
Special mention | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 22,789 | 17,630 |
Accrual | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 34,332 | 45,067 |
Nonaccrual | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 15,370 | 1,693 |
Doubtful/nonaccrual | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 3,687 | $ 322 |
Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 3.00% | 4.00% |
Total Special Mention and Substandard | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 76,178 | $ 64,712 |
Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 1.00% | 1.00% |
Acquired impaired | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 4,156 | $ 6,183 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 96.00% | 95.00% |
Pass | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 1,384,220 | $ 1,216,836 |
Owner-occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,079,247 | 1,078,162 |
Owner-occupied commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 16,783 | 11,419 |
Owner-occupied commercial | Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 19,386 | 19,871 |
Owner-occupied commercial | Nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,654 | 2,078 |
Owner-occupied commercial | Doubtful/nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 0 | 0 |
Owner-occupied commercial | Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 39,823 | 33,368 |
Owner-occupied commercial | Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 5,803 | 12,122 |
Owner-occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,033,621 | 1,032,672 |
Commercial mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,187,705 | 1,163,554 |
Commercial mortgages | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 0 | 34,198 |
Commercial mortgages | Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,967 | 239 |
Commercial mortgages | Nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 5,852 | 8,574 |
Commercial mortgages | Doubtful/nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 18 | 1,247 |
Commercial mortgages | Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 7,837 | 44,258 |
Commercial mortgages | Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 9,724 | 10,386 |
Commercial mortgages | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,170,144 | 1,108,910 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 281,608 | 222,712 |
Construction | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 0 | 0 |
Construction | Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 4,965 | 2,193 |
Construction | Nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 1,804 | 0 |
Construction | Doubtful/nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 0 | 0 |
Construction | Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 6,769 | 2,193 |
Construction | Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 940 | 3,694 |
Construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 273,899 | 216,825 |
Total Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 4,013,114 | 3,752,159 |
Total Commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 39,572 | 63,247 |
Total Commercial | Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 60,650 | 67,370 |
Total Commercial | Nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 26,680 | 12,345 |
Total Commercial | Doubtful/nonaccrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 3,705 | 1,569 |
Total Commercial | Total Special Mention and Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 130,607 | 144,531 |
Total Commercial | Acquired impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | 20,623 | 32,385 |
Total Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Loans | $ 3,861,884 | $ 3,575,243 |
Allowance for Loan Losses and78
Allowance for Loan Losses and Credit Quality Information - Schedule of Residential and Consumer Credit Exposure (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 4,805,094 | $ 4,469,216 | $ 3,774,639 |
Total | 100.00% | 100.00% | |
Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 233,487 | $ 267,028 | 259,679 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 558,493 | 450,029 | $ 360,249 |
Nonperforming | Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 13,778 | 13,547 | |
Nonperforming | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 7,588 | 7,863 | |
Performing | Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 218,925 | 252,621 | |
Performing | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 550,658 | $ 441,797 | |
Acquired impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1.00% | 1.00% | |
Acquired impaired | Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 784 | $ 860 | |
Acquired impaired | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 247 | 369 | |
Total Residential and Consumer Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 791,980 | $ 717,057 | |
Total | 100.00% | 100.00% | |
Total Residential and Consumer Loan | Nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 21,366 | $ 21,410 | |
Total | 3.00% | 3.00% | |
Total Residential and Consumer Loan | Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 769,583 | $ 694,418 | |
Total | 97.00% | 97.00% | |
Total Residential and Consumer Loan | Acquired impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 1,031 | $ 1,229 | |
Total | 0.00% |
Allowance for Loan Losses and79
Allowance for Loan Losses and Credit Quality Information - Summary of Balance of TDRs (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Balance of TDRs | $ 29,688 | $ 22,787 |
Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Balance of TDRs | 20,061 | 14,336 |
Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
Balance of TDRs | $ 9,627 | $ 8,451 |
Allowance for Loan Losses and80
Allowance for Loan Losses and Credit Quality Information - Summary of Loan Modifications By Type (Detail) - loan | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 47 | 27 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 5 | 3 |
Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 6 | 0 |
Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 9 | 8 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 25 | 14 |
Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 1 | 0 |
Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 1 | 2 |
Contractual payment reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 4 | 12 |
Contractual payment reduction | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 1 | 0 |
Contractual payment reduction | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 0 |
Contractual payment reduction | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 2 | 0 |
Contractual payment reduction | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 1 | 12 |
Contractual payment reduction | Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 0 |
Contractual payment reduction | Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 0 |
Maturity date extension | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 16 | 4 |
Maturity date extension | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 4 | 2 |
Maturity date extension | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 5 | 0 |
Maturity date extension | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 1 | 0 |
Maturity date extension | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 4 | 0 |
Maturity date extension | Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 1 | 0 |
Maturity date extension | Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 1 | 2 |
Discharged in bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 17 | 3 |
Discharged in bankruptcy | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 0 |
Discharged in bankruptcy | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 0 |
Discharged in bankruptcy | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 5 | 1 |
Discharged in bankruptcy | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 12 | 2 |
Discharged in bankruptcy | Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 0 |
Discharged in bankruptcy | Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 0 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 10 | 8 |
Other | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 1 |
Other | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 1 | 0 |
Other | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 1 | 7 |
Other | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 8 | 0 |
Other | Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 0 |
Other | Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Loan Modification Total | 0 | 0 |
Allowance for Loan Losses and81
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, 2017 | Dec. 31, 2016 | |
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | $ 14,412 | $ 6,145 |
Post Modification | 14,412 | 6,145 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 954 | 1,407 |
Post Modification | 954 | 1,407 |
Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 6,054 | 0 |
Post Modification | 6,054 | 0 |
Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 1,652 | 2,754 |
Post Modification | 1,652 | 2,754 |
Consumer loan commitments | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 2,498 | 873 |
Post Modification | 2,498 | 873 |
Owner-occupied commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 3,071 | 0 |
Post Modification | 3,071 | 0 |
Commercial mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Pre Modification | 183 | 1,111 |
Post Modification | $ 183 | $ 1,111 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 102,454 | $ 94,899 |
Less: Accumulated depreciation | 54,471 | 46,028 |
Property, plant and equipment, net | 47,983 | 48,871 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,758 | 2,916 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,155 | 7,391 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 48,573 | 44,493 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 44,968 | $ 40,099 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense of premises and equipment | $ 8,557 | $ 7,477 | $ 6,333 |
Rent expense of operating leases | $ 13,000 | $ 11,500 | $ 9,900 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases, lease terms | 1 year | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases, lease terms | 25 years | ||
Computer Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Building Renovations | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years |
Premises and Equipment - Summ84
Premises and Equipment - Summary of Future Minimum Cash Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Abstract] | |
2,018 | $ 10,636 |
2,019 | 10,466 |
2,020 | 10,398 |
2,021 | 10,052 |
2,022 | 10,115 |
Thereafter | 159,788 |
Total future minimum lease payments | $ 211,455 |
Goodwill and Intangible Asset85
Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 166,007,000 | $ 167,539,000 | $ 85,212,000 |
Impairment losses related to goodwill | $ 0 | 0 | |
Number of operating segments | Segment | 3 | ||
Amortization expense on other intangible assets | $ 3,078,000 | 2,438,000 | 1,847,000 |
Impairment of other intangible assets | 0 | 0 | |
WSFS Financial Corporation | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 145,800,000 | ||
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense on other intangible assets | $ 3,000,000 | $ 2,400,000 | $ 2,000,000 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | $ 167,539 | $ 85,212 | |
Goodwill from business combinations | 0 | 80,215 | |
Remeasurement adjustments | (1,532) | 2,112 | $ 136 |
Goodwill, Ending balance | 166,007 | 167,539 | 85,212 |
WSFS Bank | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | 147,396 | 80,078 | |
Goodwill from business combinations | 0 | 65,206 | |
Remeasurement adjustments | (1,588) | 2,112 | |
Goodwill, Ending balance | 145,808 | 147,396 | 80,078 |
Cash Connect | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | 0 | 0 | |
Goodwill from business combinations | 0 | 0 | |
Remeasurement adjustments | 0 | 0 | |
Goodwill, Ending balance | 0 | 0 | 0 |
Wealth Management | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | 20,143 | 5,134 | |
Goodwill from business combinations | 0 | 15,009 | |
Remeasurement adjustments | 56 | 0 | |
Goodwill, Ending balance | $ 20,199 | $ 20,143 | $ 5,134 |
Goodwill and Intangibles - Summ
Goodwill and Intangibles - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 32,504 | $ 33,861 |
Accumulated Amortization | (10,067) | (10,153) |
Net Intangible Assets | 22,437 | 23,708 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 10,658 | 13,128 |
Accumulated Amortization | (4,263) | (5,630) |
Net Intangible Assets | $ 6,395 | $ 7,498 |
Amortization Period | 10 years | 10 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 17,561 | $ 17,561 |
Accumulated Amortization | (4,214) | (2,612) |
Net Intangible Assets | $ 13,347 | $ 14,949 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 7 years | 7 years |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 15 years | 15 years |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 221 | $ 1,006 |
Accumulated Amortization | (57) | (728) |
Net Intangible Assets | $ 164 | $ 278 |
Amortization Period | 5 years | |
Non-compete agreements | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 6 months | |
Non-compete agreements | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 3 years | |
Loan servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 2,132 | $ 1,708 |
Accumulated Amortization | (1,191) | (1,067) |
Net Intangible Assets | $ 941 | $ 641 |
Loan servicing rights | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years | 10 years |
Loan servicing rights | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 30 years | 30 years |
Favorable lease asset | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 1,932 | $ 458 |
Accumulated Amortization | (342) | (116) |
Net Intangible Assets | $ 1,590 | $ 342 |
Favorable lease asset | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 months | 10 months |
Favorable lease asset | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 18 years | 15 years |
Goodwill and Intangibles - Sc88
Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,018 | $ 2,986 | |
2,019 | 2,918 | |
2,020 | 2,722 | |
2,021 | 2,396 | |
2,022 | 2,334 | |
Thereafter | 9,081 | |
Net Intangible Assets | $ 22,437 | $ 23,708 |
Deposits - Deposits by Category
Deposits - Deposits by Category, Including Summary of Remaining Time to Maturity for Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Money market and demand: | ||
Noninterest-bearing demand | $ 1,420,760 | $ 1,266,306 |
Interest-bearing demand | 1,071,512 | 935,333 |
Money market | 1,347,146 | 1,257,520 |
Total money market and demand | 3,839,418 | 3,459,159 |
Savings | 549,744 | 547,293 |
Customer certificates of deposit by maturity: | ||
Less than one year | 167,757 | 192,320 |
One year to two years | 103,192 | 74,165 |
Two years to three years | 46,827 | 32,687 |
Three years to four years | 5,962 | 24,919 |
Over four years | 6,399 | 8,533 |
Total customer time certificates | 330,137 | 332,624 |
Jumbo certificates of deposit, by maturity: | ||
Less than one year | 166,348 | 174,981 |
One year to two years | 94,905 | 43,037 |
Two years to three years | 30,400 | 20,655 |
Three years to four years | 3,512 | 17,005 |
Over four years | 3,769 | 4,882 |
Total jumbo certificates of deposit | 298,934 | 260,560 |
Total customer deposits | 5,018,233 | 4,599,636 |
Brokered deposits less than one year | 229,371 | 138,802 |
Total deposits | 5,247,604 | 4,738,438 |
Domestic | ||
Jumbo certificates of deposit, by maturity: | ||
Total jumbo certificates of deposit | $ 298,934 | $ 260,560 |
Deposits - Interest Expense on
Deposits - Interest Expense on Deposits by Category, Followed on Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |||
Interest-bearing demand | $ 2,211 | $ 1,119 | $ 666 |
Money market | 4,690 | 3,343 | 2,466 |
Savings | 1,017 | 655 | 289 |
Time deposits | 4,806 | 3,303 | 3,057 |
Total customer interest expense | 12,724 | 8,420 | 6,478 |
Brokered deposits | 2,180 | 1,001 | 687 |
Total interest expense on deposits | $ 14,904 | $ 9,421 | $ 7,165 |
Borrowed Funds - Summary of Bor
Borrowed Funds - Summary of Borrowed Funds by Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 710,001 | $ 854,236 |
Weighted Average Interest Rate | 1.51% | 0.78% |
Maximum Outstanding at Month End During the Period | $ 924,518 | $ 886,767 |
Average Amount Outstanding During the Year | $ 716,962 | $ 735,975 |
Weighted Average Interest Rate During the Year | 1.15% | 0.67% |
Federal funds purchased and securities sold under agreements to repurchase | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 28,000 | $ 130,000 |
Weighted Average Interest Rate | 1.54% | 0.79% |
Maximum Outstanding at Month End During the Period | $ 135,000 | $ 130,000 |
Average Amount Outstanding During the Year | $ 87,438 | $ 112,150 |
Weighted Average Interest Rate During the Year | 1.11% | 0.54% |
Trust preferred borrowings | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 67,011 | $ 67,011 |
Weighted Average Interest Rate | 3.25% | 2.66% |
Maximum Outstanding at Month End During the Period | $ 67,011 | $ 67,011 |
Average Amount Outstanding During the Year | $ 67,011 | $ 67,011 |
Weighted Average Interest Rate During the Year | 2.89% | 2.42% |
Senior Debt | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 98,171 | $ 155,000 |
Weighted Average Interest Rate | 5.12% | 5.12% |
Maximum Outstanding at Month End During the Period | $ 155,000 | $ 155,000 |
Average Amount Outstanding During the Year | $ 134,136 | $ 110,191 |
Weighted Average Interest Rate During the Year | 4.38% | 3.82% |
Other borrowed funds | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance at End of Period | $ 34,623 | $ 64,150 |
Weighted Average Interest Rate | 0.09% | 0.09% |
Maximum Outstanding at Month End During the Period | $ 97,984 | $ 64,150 |
Average Amount Outstanding During the Year | $ 43,514 | $ 21,335 |
Weighted Average Interest Rate During the Year | 0.09% | 0.09% |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) | Sep. 01, 2017 | Jun. 13, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2005 | Dec. 31, 2012 |
Repurchase Agreement Counterparty [Line Items] | |||||||
FHLB stock | $ 31,284,000 | $ 38,248,000 | |||||
Purchase of federal funds | $ 28,000,000 | $ 130,000,000 | |||||
Federal funds rate on securities purchased | 1.54% | 0.79% | |||||
Senior unsecured notes, amount | $ 100,000,000 | ||||||
Write off of Deferred Debt Issuance Cost | $ 700,000 | $ 695,000 | $ 0 | $ 651,000 | |||
Aggregate principal amount | $ 55,000,000 | 98,171,000 | 152,050,000 | ||||
Collateralized borrowings | $ 34,600,000 | $ 64,100,000 | |||||
Average rates on borrowings | 0.09% | 0.09% | |||||
6.25% Senior Notes Due 2019 | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Interest rate on unsecured debt | 6.25% | 6.25% | |||||
Write off of Deferred Debt Issuance Cost | $ 700,000 | ||||||
4.50% Senior Unsecured Notes Mature on 2026 | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Interest rate on unsecured debt | 4.50% | ||||||
Senior unsecured notes, percentage of principle amount to be redeemed | 100.00% | ||||||
LIBOR Rate | 4.50% Senior Unsecured Notes Mature on 2026 | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Variable interest rate | 3.30% | ||||||
WSFS Capital Trust III | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Aggregate principal amount of Pooled Floating Rate Securities | $ 67,000,000 | ||||||
WSFS Capital Trust III | LIBOR Rate | Trust preferred borrowings | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Variable interest rate | 1.77% | ||||||
Federal Home Loan Bank | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Percentage of member asset value | 0.10% | ||||||
Percentage of advances outstanding | 4.00% | ||||||
FHLB stock | $ 31,300,000 | $ 38,200,000 | |||||
Dividends from the FHLB | $ 1,600,000 | 1,600,000 | |||||
Minimum | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Interest rates on advances from FHLB | 0.93606% | ||||||
Maximum | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Interest rates on advances from FHLB | 1.73097% | ||||||
Federal Reserve Bank of Philadelphia | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Loans pledged as collateral | $ 222,800,000 | $ 275,100,000 | |||||
Borrowed funds | $ 0 | ||||||
Trust preferred borrowings | WSFS Capital Trust III | LIBOR Rate | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Variable interest rate | 1.77% |
Borrowed Funds - Advances from
Borrowed Funds - Advances from FHLB with Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amount | ||
2,018 | $ 681,536 | |
2,019 | 3,000 | |
2,020 | 25,465 | |
Advances from FHLB, Amount | $ 710,001 | $ 854,236 |
Weighted Average Rate | ||
2,018 | 1.51% | |
2,019 | 1.51% | |
2,020 | 1.62% | |
Advances from FHLB | 1.51% |
Stockholders' Equity and Regu94
Stockholders' Equity and Regulatory Capital - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2005 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2015 | |
Capital Unit [Line Items] | |||||
Ratio of common equity Tier 1 capital to risk-weighted assets | 4.50% | 4.50% | |||
Ratio of Tier 1 capital to risk-weighted assets | 10.70% | 10.47% | |||
Ratio of total capital to risk-weighted assets | 11.41% | 11.20% | |||
Tier 1 leverage ratio | 9.15% | 9.02% | |||
Common stock outstanding, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Coupon rate | 3.25% | ||||
Cash remains at the holding company | $ 37.3 | ||||
Additional Stock Buyback Program | |||||
Capital Unit [Line Items] | |||||
Shares authorized to repurchase of common stock (in shares) | 255,000 | ||||
Common stock average repurchase price (in dollars per share) | $ 46.04 | ||||
Remaining shares authorized to repurchase of common stock (in shares) | 699,194 | ||||
Percentage of remaining shares authorized to repurchase of common stock | 2.00% | ||||
Shares outstanding (in shares) | 31,400,000 | ||||
Minimum | |||||
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 | |||||
Capital Unit [Line Items] | |||||
Percentage of common stock shares approved | 5.00% | ||||
WSFS Capital Trust III | |||||
Capital Unit [Line Items] | |||||
Pooled floating rate securities, par value | $ 2 | ||||
Pooled floating rate securities issued | $ 67 | ||||
Trust preferred borrowings | LIBOR Rate | WSFS Capital Trust III | |||||
Capital Unit [Line Items] | |||||
Variable interest rate | 1.77% |
Stockholders' Equity and Regu95
Stockholders' Equity and Regulatory Capital - Schedule of Capital Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Unit [Line Items] | ||
Total Capital (to risk-weighted assets), Consolidated Bank Capital Amount | $ 659,376 | $ 624,440 |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 617,945 | 583,715 |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 552,982 | 518,856 |
Tier 1 Capital (to adjusted tangible assets), Consolidated Bank Capital Amount | $ 617,945 | $ 583,715 |
Total Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 11.41% | 11.20% |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 10.70% | 10.47% |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 9.57% | 9.31% |
Tier 1 Leverage Capital (to adjusted tangible assets), Consolidated Bank Capital Percent | 9.15% | 9.02% |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | $ 462,195 | $ 446,001 |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 346,646 | 334,501 |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 259,984 | 250,875 |
Tier 1 Leverage Capital (to adjusted tangible assets), For Capital Adequacy Purposes Amount | $ 270,249 | $ 258,767 |
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% | 6.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 4.50% | 4.50% |
Tier 1 Leverage Capital (to adjusted tangible assets), For Capital Adequacy Purposes Percentage | 4.00% | 4.00% |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 577,743 | $ 557,501 |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 462,195 | 446,001 |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 375,533 | 362,376 |
Tier 1 Leverage Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 337,812 | $ 323,459 |
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% | 8.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 6.50% | 6.50% |
Tier 1 Leverage Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 5.00% | 5.00% |
WSFS Bank | ||
Capital Unit [Line Items] | ||
Total Capital (to risk-weighted assets), Consolidated Bank Capital Amount | $ 695,739 | $ 663,892 |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 654,308 | 623,167 |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Amount | 654,308 | 623,167 |
Tier 1 Capital (to adjusted tangible assets), Consolidated Bank Capital Amount | $ 654,308 | $ 623,167 |
Total Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 12.08% | 11.93% |
Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 11.36% | 11.19% |
Common Equity Tier 1 Capital (to risk-weighted assets), Consolidated Bank Capital Percent | 11.36% | 11.19% |
Tier 1 Leverage Capital (to adjusted tangible assets), Consolidated Bank Capital Percent | 9.73% | 9.66% |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | $ 460,639 | $ 445,376 |
Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 345,480 | 334,032 |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Amount | 259,110 | 250,524 |
Tier 1 Leverage Capital (to adjusted tangible assets), For Capital Adequacy Purposes Amount | $ 269,008 | $ 257,957 |
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% | 6.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), For Capital Adequacy Purposes Percentage | 4.50% | 4.50% |
Tier 1 Leverage Capital (to adjusted tangible assets), For Capital Adequacy Purposes Percentage | 4.00% | 4.00% |
Total Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 575,799 | $ 556,720 |
Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 460,639 | 445,376 |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | 374,270 | 361,868 |
Tier 1 Leverage Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount | $ 336,260 | $ 322,446 |
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% | 8.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 6.50% | 6.50% |
Tier 1 Leverage Capital (to adjusted tangible assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Percentage | 5.00% | 5.00% |
Associate (Employee) Benefit 96
Associate (Employee) Benefit Plans - Additional Information (Detail) | Mar. 31, 2014 | Dec. 31, 2017USD ($)planshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash contributions to the plan on behalf of associates, cash expenditure | $ 3,600,000 | $ 3,100,000 | $ 2,600,000 | ||
Percentage of contributions to be invested in balanced fund if no designation made | 100.00% | ||||
Employee benefit plan, sales of common stock (in shares) | shares | 156,000 | 36,000 | 25,000 | ||
Employee benefit plan purchase of common stock (in shares) | shares | 83,000 | 0 | 0 | ||
Requisite service period | 10 years | ||||
Amortization of unrecognized gains losses exceed percentage | 10.00% | ||||
Amortization of net actuarial gain (less than) | $ 100,000 | ||||
Amortization of net transition obligation | $ 100,000 | ||||
Percentage of annual medical premium cap | 4.00% | ||||
Amount of annual health premium per retiree | $ 3,416 | ||||
Estimated contribution for health fund | 3,553 | ||||
Benefit obligation | 1,990,000 | $ 1,764,000 | $ 1,805,000 | $ 2,266,000 | |
Defined benefit plan fair value of assets | 0 | 0 | 0 | $ 0 | |
Net amount recognized | $ 70,000 | (505,000) | 20,000 | ||
Number of additional supplemental plans | plan | 5 | ||||
Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Average annual rate of increase for medical benefits (less than) | 10.00% | ||||
Alliance | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization from accumulated other comprehensive income | $ 0 | ||||
Alliance | Pennsylvania | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligation | 7,853,000 | 7,517,000 | 7,148,000 | ||
Defined benefit plan fair value of assets | 8,378,000 | 7,504,000 | $ 7,397,000 | ||
Net amount recognized | 170,000 | 157,000 | |||
Supplemental Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability (less than) | 700,000 | 800,000 | |||
Early Retirement | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability (less than) | 100,000 | 200,000 | |||
Director's Plan | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding asset (less than) | 100,000 | ||||
Supplemental Executive Retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability (less than) | 1,500,000 | 1,800,000 | |||
Post-Retirement Medical Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit pension plan, corresponding liability (less than) | $ 100,000 | $ 100,000 |
Associate (Employee) Benefit 97
Associate (Employee) Benefit Plans - Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 1,764 | $ 1,805 | $ 2,266 |
Service cost | 53 | 58 | 59 |
Interest cost | 71 | 76 | 89 |
Actuarial gain | 207 | (68) | (502) |
Benefits paid | (105) | (107) | (107) |
Benefit obligation at end of year | 1,990 | 1,764 | 1,805 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | 0 |
Employer contributions | 105 | 107 | 107 |
Benefits paid | (105) | (107) | (107) |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status: | |||
Unfunded status | (1,990) | (1,764) | (1,805) |
Total (income) recognized in other comprehensive income | (1,348) | (1,701) | (1,271) |
Net amount recognized | (3,338) | (3,465) | (3,076) |
Components of net periodic benefit cost: | |||
Service cost | 53 | 58 | 59 |
Interest cost | 71 | 76 | 89 |
Amortization of transition obligation | (76) | (76) | (76) |
Net (gain) loss recognition | (70) | 505 | (20) |
Net periodic benefit cost | $ (22) | $ 563 | $ 52 |
Assumption used to determine net periodic benefit cost: | |||
Discount rate | 4.10% | 4.25% | 4.00% |
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): | 3.60% | 4.10% | 4.25% |
Alliance | Pennsylvania | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 7,517 | $ 7,148 | |
Service cost | 40 | 40 | |
Interest cost | 297 | 301 | |
Actuarial gain | 446 | 442 | |
Benefits paid | (407) | (374) | |
Benefit obligation at end of year | 7,853 | 7,517 | $ 7,148 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 7,504 | 7,397 | |
Actual return on Plan Assets | 1,314 | 518 | |
Benefits paid | (407) | (374) | |
Administrative Expenses | (33) | (37) | |
Fair value of plan assets at end of year | 8,378 | 7,504 | $ 7,397 |
Funded status: | |||
Unfunded status | (7,853) | (7,517) | |
Total (income) recognized in other comprehensive income | 8,378 | 7,504 | |
Net amount recognized | 525 | (13) | |
Components of net periodic benefit cost: | |||
Service cost | 40 | 40 | |
Interest cost | 297 | 301 | |
Expected return on plan assets | (548) | (541) | |
Net (gain) loss recognition | (170) | (157) | |
Net periodic benefit cost | $ (381) | $ (357) | |
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||
Discount rate for Net Periodic Benefit Cost | 4.00% | 4.00% | |
Expected Return on Plan Assets | 7.50% | 7.50% | |
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): | 3.60% | 4.00% |
Associate (Employee) Benefit 98
Associate (Employee) Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
During 2,018 | $ 68 |
During 2,019 | 69 |
During 2,020 | 69 |
During 2,021 | 70 |
During 2,022 | 72 |
During 2023 through 2027 | 439 |
Total | 787 |
Alliance | Pennsylvania | |
Defined Benefit Plan Disclosure [Line Items] | |
During 2,018 | 400 |
During 2,019 | 317 |
During 2,020 | 316 |
During 2,021 | 432 |
During 2,022 | 324 |
During 2023 through 2027 | 2,811 |
Total | $ 4,600 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current income taxes: | |||
Federal taxes | $ 36,005 | $ 23,857 | $ 24,237 |
State and local taxes | 4,342 | 3,847 | 3,805 |
Deferred income taxes: | |||
Federal taxes | 17,899 | 5,135 | 2,283 |
State and local taxes | 0 | 235 | (52) |
Total | $ 58,246 | $ 33,074 | $ 30,273 |
Taxes on Income - Schedule of D
Taxes on Income - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Unrealized losses on available-for-sale securities | $ 2,084 | $ 4,170 |
Allowance for loan losses | 8,526 | 13,913 |
Purchase accounting adjustments—loans | 3,487 | 8,339 |
Reserves and other accruals | 9,194 | 14,010 |
Provision for legal settlement | 2,520 | 0 |
Deferred gains | 589 | 1,109 |
Net operating losses | 188 | 352 |
Derivatives | 757 | 1,086 |
Reverse mortgages | 606 | 2,262 |
Total deferred tax assets | 27,951 | 45,241 |
Deferred tax liabilities: | ||
Bad debt recapture | 0 | (545) |
Accelerated depreciation | (778) | (1,049) |
Other | (326) | (497) |
Bank-owned life insurance | (5,387) | 0 |
Deferred loan costs | (989) | (1,079) |
Intangibles | (3,826) | (5,946) |
Total deferred tax liabilities | (11,306) | (9,116) |
Net deferred tax asset | $ 16,645 | $ 36,125 |
Taxes on Income - Additional In
Taxes on Income - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 12, 2016 | |
Income Tax Examination [Line Items] | ||||
Deferred income tax (benefit) expense | $ 0 | $ 0 | ||
Unrealized losses on investments in debt and equity | 2,084,000 | 4,170,000 | ||
Postretirement benefit obligations | 300,000 | 300,000 | ||
Unrealized losses on derivatives | 800,000 | 1,100,000 | ||
Change in tax rate, deferred tax asset, provisional income tax expense | 14,500,000 | |||
Deferred tax asset | 16,645,000 | 36,125,000 | ||
Deferred tax assets, federal net operating loss carryovers | 7,700,000 | |||
Deferred income taxes | 17,899,000 | 5,370,000 | $ 2,231,000 | |
Deferred tax assets, net operating loss carryovers | 188,000 | 352,000 | ||
Excess income tax benefits from stock compensation | 2,300,000 | 1,500,000 | ||
Deferred tax asset | 27,951,000 | 45,241,000 | ||
Income tax benefit | 58,246,000 | 33,074,000 | 30,273,000 | |
Amortization of low-income housing credit investments reflected as income tax expense | 1,700,000 | 1,600,000 | 1,900,000 | |
Tax benefits recorded as income tax expense | 400,000 | |||
Carrying value of investment in affordable housing credits | 13,800,000 | 15,400,000 | ||
Deferred tax liabilities, BOLI, taxes and penalties | 8,000,000 | |||
Federal | ||||
Income Tax Examination [Line Items] | ||||
Net operating loss carryforwards | 900,000 | |||
Federal net operating loss | $ 100,000 | |||
Minimum | ||||
Income Tax Examination [Line Items] | ||||
Percentage of tax benefit | 50.00% | |||
Penn Liberty | ||||
Income Tax Examination [Line Items] | ||||
Business combination, deferred tax asset | $ 7,400,000 | |||
Decrease in deferred tax asset | $ 900,000 | |||
Alternative minimum tax credit carryovers | $ 100,000 | |||
Alliance | ||||
Income Tax Examination [Line Items] | ||||
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 (less than) | 1,700,000 | |||
Deferred income taxes | 0 | |||
Deferred tax asset valuation allowance | 0 | |||
Retained earnings prior Alliance bad debt deductions | $ 7,100,000 | |||
First National Bank of Wyoming (FNBW) | ||||
Income Tax Examination [Line Items] | ||||
Business combination, deferred tax asset | 3,100,000 | |||
Deferred tax asset valuation allowance | 0 | |||
Deferred tax assets, net operating loss carryovers | 1,900,000 | |||
First National Bank of Wyoming (FNBW) | Minimum | ||||
Income Tax Examination [Line Items] | ||||
Alternative minimum tax credit carryovers | $ 300,000 | |||
Tax Credit | ||||
Income Tax Examination [Line Items] | ||||
Affordable housing tax credits | $ 1,600,000 |
Taxes on Income - Schedule of E
Taxes on Income - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State tax, net of federal tax benefit | 2.70% | 3.10% | 2.90% |
Adjustment to net deferred tax asset for enacted changes in tax laws and rates | 13.40% | 0.00% | 0.00% |
Nondeductible acquisition costs | 0.00% | 0.20% | 0.70% |
Tax-exempt interest | (1.90%) | (2.10%) | (1.90%) |
Bank-owned life insurance income | (0.50%) | (0.30%) | (0.30%) |
Excess tax benefits from share-based compensation | (2.00%) | (1.40%) | 0.00% |
Surrender of bank-owned life insurance policies | 7.30% | 0.00% | 0.00% |
Federal tax credits, net of amortization | (0.30%) | (0.50%) | (0.50%) |
Other | 0.00% | 0.00% | 0.20% |
Effective tax rate | 53.70% | 34.00% | 36.10% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | Apr. 25, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for issuance under 2013 Plan (in shares) | 1,339,106 | 1,547,980 | |||
Stock-based compensation expense recognized | $ 3,700,000 | $ 3,000,000 | $ 3,200,000 | ||
Stock-based compensation expense after tax | $ 2,500,000 | $ 2,000,000 | $ 2,200,000 | ||
Non-statutory stock options, granted (in shares) | 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 | 1.95% | 1.25% | 1.54% | ||
Expected option life | 5 years 3 months | 5 years 3 months 18 days | 4 years 10 months 24 days | ||
Expected stock price volatility rate | 24.90% | 29.60% | 25.00% | ||
Assumed dividend yield | 0.60% | 0.80% | 0.76% | ||
Granted (in dollars per share) | $ 11.50 | $ 7.84 | $ 5.73 | ||
Aggregate intrinsic value of options exercised | $ 7,500,000 | $ 5,000,000 | $ 3,000,000 | ||
Total unrecognized compensation cost of nonvested stock options | $ 800,000 | ||||
Expected weighted-average period | 1 year 8 months 9 days | ||||
Non-Vested Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense recognized | $ 1,800,000 | ||||
Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense recognized | $ 0 | ||||
Stock awards vesting period | 5 years | ||||
Restricted stock granted (in shares) | 66,750 | ||||
Share-based Compensation Award, Tranche One | |||||
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 One | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance award vesting period | 5 years | ||||
Share-based Compensation Award, Tranche One | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance award vesting period | 7 years | ||||
Share-Based Compensation Award, Tranche Two | |||||
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 | |||||
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 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for issuance under 2013 Plan (in shares) | 2,096,535 | ||||
Shares available for future grants under 2013 Plan (in shares) | 472,690 | ||||
Stock Incentive 2013 Plan | Executive Officers | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive stock options issued (in shares) | 450,000 | ||||
Non-Plan Stock Options | |||||
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 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense recognized | $ 1,200,000 | ||||
Restricted stock granted (in shares) | 36,573 | ||||
Weighted average fair value, granted (in dollars per share) | $ 47.05 | $ 29.94 | $ 26.13 | ||
Total compensation cost to be recognized | $ 2,100,000 | ||||
Weighted average remaining contractual term | 2 years 6 months 12 days | ||||
Total fair value, vested | $ 1,200,000 | $ 1,400,000 | $ 1,300,000 | ||
Restricted Stock and Restricted Stock Units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock awards vesting period | 4 years | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense recognized | $ 400,000 | ||||
Performance award vesting period | 4 years | ||||
Restricted stock granted (in shares) | 108,546 | ||||
Aggregate shares of restricted stock awarded (in shares) | 233,400 | ||||
Percentage of annual return on assets | 1.00% | ||||
Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted, vest in percentage per annum increments | 25.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Assumptions for Options Issued (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected term (in years) | 5 years 3 months | 5 years 3 months 18 days | 4 years 10 months 24 days |
Volatility | 24.90% | 29.60% | 25.00% |
Weighted-average risk-free interest rate | 1.95% | 1.25% | 1.54% |
Dividend yield | 0.60% | 0.80% | 0.76% |
Stock-Based Compensation - S105
Stock-Based Compensation - Summary of Options Including Non-Plan Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Options: | ||
Outstanding at beginning of year (in shares) | 1,547,980 | |
Granted (in shares) | 45,134 | |
Exercised (in shares) | 250,975 | |
Forfeited (in shares) | 3,033 | |
Outstanding at end of year (in shares) | 1,339,106 | 1,547,980 |
Nonvested at end of year (in shares) | 389,134 | 704,421 |
Exercisable at end of year (in shares) | 949,972 | |
Weighted- Average Exercise Price | ||
Outstanding at beginning of year (in dollars per share) | $ 17.83 | |
Granted (in dollars per share) | 47.05 | |
Exercised (in dollars per share) | 16.44 | |
Forfeited (in dollars per share) | 13.68 | |
Outstanding at end of year (in dollars per share) | 19.08 | $ 17.83 |
Nonvested at end of year (in dollars per share) | 23.25 | $ 19.08 |
Exercisable at end of year (in dollars per share) | $ 17.37 | |
Weighted- Average Remaining Contractual Term (Year) | ||
Outstanding at beginning of year | 2 years 6 months 22 days | 3 years 2 months 1 day |
Outstanding at end of year | 2 years 6 months 22 days | 3 years 2 months 1 day |
Nonvested at end of year | 1 year 8 months 10 days | |
Exercisable at end of year | 2 years 3 months 4 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value [Roll Forward] | ||
Outstanding at beginning of year | $ 44,153 | |
Outstanding at end of year | 38,525 | $ 44,153 |
Nonvested at end of year | 9,574 | |
Exercisable at end of year | $ 29,951 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Nonvested Stock Option Outstanding (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares | |||
Nonvested at beginning of period (in shares) | 704,421 | ||
Granted (in shares) | 45,134 | ||
Vested (in shares) | (359,671) | ||
Forfeited (in shares) | (750) | ||
Nonvested at end of period (in shares) | 389,134 | 704,421 | |
Weighted- Average Exercise Price | |||
Nonvested at beginning of period (in dollars per share) | $ 19.08 | ||
Granted (in dollars per share) | 47.05 | ||
Vested (in dollars per share) | 18.08 | ||
Forfeited (in dollars per share) | 15.83 | ||
Nonvested at end of period (in dollars per share) | 23.25 | $ 19.08 | |
Weighted- Average Grant Date Fair Value | |||
Nonvested at beginning of period (in dollars per share) | 5.23 | ||
Granted (in dollars per share) | 11.50 | 7.84 | $ 5.73 |
Vested (in dollars per share) | 4.92 | ||
Forfeited (in dollars per share) | 3.44 | ||
Nonvested at end of period (in dollars per share) | $ 6.24 | $ 5.23 |
Stock-Based Compensation - S107
Stock-Based Compensation - Schedule of RSUs and RSAs (Detail) - Restricted Stock and Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
December 31, 2016 (in shares) | 135,592 | ||
Granted (in shares) | 36,573 | ||
Vested (in shares) | (55,444) | ||
Forfeited (in shares) | (2,333) | ||
December 31, 2017 (in shares) | 114,388 | 135,592 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Per Unit [Roll Forward] | |||
December 31, 2016 (in dollars per share) | $ 25.33 | ||
Granted (in dollars per share) | 47.05 | $ 29.94 | $ 26.13 |
Vested (in dollars per share) | 22.90 | ||
Forfeited (in dollars per share) | 29.53 | ||
December 31, 2017 (in dollars per share) | $ 35.54 | $ 25.33 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Projected Amounts of Future Minimum Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 5,778 |
2,019 | 5,643 |
2,020 | 3,075 |
2,021 | 519 |
2,022 | $ 519 |
Commitments and Contingencie109
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Financial_InstitutionTransaction | Dec. 31, 2016USD ($)Transaction | Dec. 31, 2015USD ($) | |
Other Commitments [Line Items] | |||
Expenses for data processing and operations | $ 6,779,000 | $ 6,275,000 | $ 5,949,000 |
Commitments to sell residential mortgages | 28,800,000 | 67,800,000 | |
Provision for losses at the time of sale | $ 10,964,000 | $ 12,986,000 | $ 7,790,000 |
Number of unrelated financial institutions | Financial_Institution | 3 | ||
Derivative transaction held for guarantee | Transaction | 134 | 134 | |
Aggregate notional amount | $ 176,327,000 | ||
Aggregate fair value of swaps to customers | $ 3,300,000 | $ 10,900,000 | |
Number of customers in paying position to third party | Transaction | 80 | 109 | |
Amount of swap liability in paying positions to third party | $ 5,400,000 | $ 11,700,000 | |
Reserves for swap guarantees | 0 | $ 0 | |
Secondary Market Loan Sales | |||
Other Commitments [Line Items] | |||
Provision for losses at the time of sale | $ 0 | ||
Number of loans repurchased | Transaction | 0 | 0 | |
Real Estate | |||
Other Commitments [Line Items] | |||
Commitments of lending operations | $ 278,800,000 | ||
Commitments to Extend Credit | |||
Other Commitments [Line Items] | |||
Commitments of lending operations | 1,300,000,000 | $ 0 | |
Consumer | |||
Other Commitments [Line Items] | |||
Commitments of lending operations | $ 296,000,000 | ||
Minimum | |||
Other Commitments [Line Items] | |||
Closing period of residential mortgage commitments | 1 month | ||
Notional amount maturity period | 1 year | 1 year | |
Maximum | |||
Other Commitments [Line Items] | |||
Closing period of residential mortgage commitments | 6 months | ||
Notional amount maturity period | 10 years | 20 years | |
Interest Rate Swap | |||
Other Commitments [Line Items] | |||
Aggregate notional amount | $ 561,800,000 | $ 518,800,000 |
Commitments and Contingencie110
Commitments and Contingencies - Summary of Off-Balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | $ 1,305,003 | $ 1,214,553 |
Commercial mortgage loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 32,346 | 25,821 |
Commercial loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 645,924 | 610,838 |
Commercial owner-occupied commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 55,545 | 55,205 |
Commercial standby letters of credit | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 75,446 | 71,612 |
Residential mortgage loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 8,057 | 1,636 |
Consumer loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | 296,010 | 259,501 |
Construction loan commitments | ||
Financial instruments with contract amounts which represent potential credit risk: | ||
Loan commitments | $ 191,675 | $ 189,940 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Financial Instruments Carried at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 838,122 | $ 794,543 |
Total assets measured at fair value on a recurring basis | 838,869 | 796,051 |
Other liabilities | 3,225 | 3,380 |
Loans held for sale | 31,055 | 54,782 |
Impaired loans | 57,089 | 46,499 |
Total assets measured at fair value on a nonrecurring basis | 90,647 | 104,872 |
GSE | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 35,010 |
Other assets | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 747 | 1,508 |
Other real estate owned | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Other real estate owned | 2,503 | 3,591 |
CMO | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 246,539 | 261,216 |
CMO | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 246,539 | 261,215 |
FNMA MBS | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 473,987 | 405,764 |
FNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 473,987 | 405,764 |
FHLMC MBS | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 87,875 | 63,514 |
FHLMC MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 87,875 | 63,515 |
GNMA MBS | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 29,098 | 28,416 |
GNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 29,098 | 28,416 |
Other investments | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 623 | 623 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets measured at fair value on a recurring basis | 623 | 623 |
Other liabilities | 0 | 0 |
Loans held for sale | 0 | 0 |
Impaired loans | 0 | 0 |
Total assets measured at fair value on a nonrecurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | GSE | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other assets | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Other real estate owned | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | CMO | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | FNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | FHLMC MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | GNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 623 | 623 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets measured at fair value on a recurring basis | 838,246 | 795,428 |
Other liabilities | 3,225 | 3,380 |
Loans held for sale | 31,055 | 54,782 |
Impaired loans | 0 | 0 |
Total assets measured at fair value on a nonrecurring basis | 31,055 | 54,782 |
Significant Other Observable Inputs (Level 2) | GSE | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 35,010 |
Significant Other Observable Inputs (Level 2) | Other assets | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 747 | 1,508 |
Significant Other Observable Inputs (Level 2) | Other real estate owned | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Other real estate owned | 0 | 0 |
Significant Other Observable Inputs (Level 2) | CMO | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 246,539 | 261,215 |
Significant Other Observable Inputs (Level 2) | FNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 473,987 | 405,764 |
Significant Other Observable Inputs (Level 2) | FHLMC MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 87,875 | 63,515 |
Significant Other Observable Inputs (Level 2) | GNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 29,098 | 28,416 |
Significant Other Observable Inputs (Level 2) | Other investments | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Other liabilities | 0 | 0 |
Loans held for sale | 0 | 0 |
Impaired loans | 57,089 | 46,499 |
Total assets measured at fair value on a nonrecurring basis | 59,592 | 50,090 |
Significant Unobservable Inputs (Level 3) | GSE | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other assets | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other real estate owned | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Other real estate owned | 2,503 | 3,591 |
Significant Unobservable Inputs (Level 3) | CMO | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | FNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | FHLMC MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | GNMA MBS | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other investments | Fair Value, Measurements, Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) | 12 Months Ended | 36 Months Ended | |
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)shares | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of asset transfers between Level 1 and Level 2 | $ 0 | $ 0 | $ 0 |
Fair value of asset transfers between Level 2 and Level 1 | 0 | 0 | 0 |
Fair Value | $ 838,122,000 | 794,543,000 | 838,122,000 |
Minimum discount rate on appraisals of collateral securing loan | 10.00% | ||
Maximum discount rate on appraisals of collateral securing loan | 20.00% | ||
Collateral for collateral dependent loans | $ 57,089,000 | 46,499,000 | 57,089,000 |
Valuation allowance on impaired loans | 5,000,000 | 3,400,000 | 5,000,000 |
Commitments to Extend Credit | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Commitments of lending operations | 1,300,000,000 | 0 | |
US government and Agency MBS | AAA-Rated | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | 837,500,000 | 837,500,000 | |
Impaired Loans (Collateral Dependent) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Collateral for collateral dependent loans | $ 62,100,000 | $ 51,600,000 | $ 62,100,000 |
Visa | Common Class B | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment owned, balance (in shares) | shares | 359,744 | 359,744 | |
Investment owned, shares acquired (in shares) | shares | 50,833 | 308,911 | |
Investments owned, stock conversion ratio | 1.6483 | 1.6483 | |
Estimated value of shares | $ 44,700,000 | $ 44,700,000 | |
Investment owned, at cost | $ 14,000,000 | $ 14,000,000 |
Fair Value Disclosures - Book V
Fair Value Disclosures - Book Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Investment securities available for sale | $ 838,122 | $ 794,543 |
Investment securities held to maturity | 161,186 | 164,346 |
Loans, held for sale | 31,055 | 54,782 |
Loans, net | 4,776,318 | 4,444,375 |
Impaired loans, net | 57,089 | 46,499 |
Stock in Federal Home Loan Bank of Pittsburgh | 31,284 | 38,248 |
Accrued interest receivable | 19,405 | 17,027 |
Other assets | 76,416 | 84,892 |
Financial liabilities: | ||
Deposits | 5,247,604 | 4,738,438 |
Accrued interest payable | 1,037 | 1,151 |
Other liabilities | 88,748 | 70,898 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Loans, held for sale | 0 | 0 |
Impaired loans, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Loans, held for sale | 31,055 | 54,782 |
Impaired loans, net | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Loans, held for sale | 0 | 0 |
Impaired loans, net | 57,089 | 46,499 |
Fair Value | ||
Financial assets: | ||
Investment securities available for sale | 838,122 | 794,543 |
Loans, held for sale | 31,055 | 54,782 |
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 723,866 | 821,923 |
Fair Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Investment securities held to maturity | 162,853 | 163,232 |
Stock in Federal Home Loan Bank of Pittsburgh | 31,284 | 38,248 |
Accrued interest receivable | 19,405 | 17,027 |
Financial liabilities: | ||
Deposits | 4,848,588 | 4,423,921 |
Borrowed funds | 937,605 | 1,264,170 |
Accrued interest payable | 1,037 | 1,151 |
Other liabilities | 3,188 | 3,380 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Loans, net | 4,699,458 | 4,300,963 |
Impaired loans, net | 57,089 | 46,499 |
Other assets | 47,586 | 15,787 |
Financial liabilities: | ||
Standby letters of credit | 603 | 468 |
Book Value | ||
Financial assets: | ||
Investment securities available for sale | 838,122 | 794,543 |
Loans, held for sale | 31,055 | 54,782 |
Book Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 723,866 | 821,923 |
Book Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Investment securities held to maturity | 161,186 | 164,346 |
Stock in Federal Home Loan Bank of Pittsburgh | 31,284 | 38,248 |
Accrued interest receivable | 19,405 | 17,027 |
Financial liabilities: | ||
Deposits | 5,247,604 | 4,738,438 |
Borrowed funds | 937,806 | 1,267,447 |
Accrued interest payable | 1,037 | 1,151 |
Other liabilities | 3,188 | 3,380 |
Book Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Loans, net | 4,719,229 | 4,397,876 |
Impaired loans, net | 57,089 | 46,499 |
Other assets | 16,931 | 9,189 |
Financial liabilities: | ||
Standby letters of credit | $ 603 | $ 468 |
Derivative Financial Instrum114
Derivative Financial Instruments - Fair Values Instruments (Detail) | Dec. 31, 2017USD ($) |
Derivatives, Fair Value [Line Items] | |
Notional | $ 176,327,000 |
Fair Value | (2,491,000) |
Derivatives Designated as Hedging Instruments | |
Derivatives, Fair Value [Line Items] | |
Notional | 75,000,000 |
Derivatives Designated as Hedging Instruments | Other liabilities | |
Derivatives, Fair Value [Line Items] | |
Derivative liabilities, fair value | (3,172,000) |
Derivatives Designated as Hedging Instruments | Interest Rate Products | Other liabilities | |
Derivatives, Fair Value [Line Items] | |
Notional | 75,000,000 |
Derivative liabilities, fair value | (3,172,000) |
Derivatives not designated as hedging instruments | |
Derivatives, Fair Value [Line Items] | |
Notional | 101,327,000 |
Fair Value | 681,000 |
Derivatives not designated as hedging instruments | Interest Rate Lock Commitment with Customers | Other liabilities | |
Derivatives, Fair Value [Line Items] | |
Notional | 8,992,000 |
Derivative liabilities, fair value | (23,000) |
Derivatives not designated as hedging instruments | Interest Rate Lock Commitment with Customers | Other assets | |
Derivatives, Fair Value [Line Items] | |
Notional | 44,079,000 |
Derivative assets, fair value | 571,000 |
Derivatives not designated as hedging instruments | Forward Sale Commitments | Other liabilities | |
Derivatives, Fair Value [Line Items] | |
Notional | 19,192,000 |
Derivative liabilities, fair value | (47,000) |
Derivatives not designated as hedging instruments | Forward Sale Commitments | Other assets | |
Derivatives, Fair Value [Line Items] | |
Notional | 29,064,000 |
Derivative assets, fair value | $ 180,000 |
Derivative Financial Instrum115
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($)Swap | |
Derivatives, Fair Value [Line Items] | |
Notional | $ 176,327,000 |
Collateral value against obligations | 3,400,000 |
Accrued Liabilities | |
Derivatives, Fair Value [Line Items] | |
Termination value of derivatives | 3,200,000 |
Cash Flow Hedges of Interest Rate Risk | |
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 (less than) | $ 500,000 |
Maximum period of hedged in cash flow hedge | 1 month |
Number of interest rate swaps | Swap | 3 |
Notional | $ 75,000,000 |
Derivative Financial Instrum116
Derivative Financial Instruments - Summary of Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 184 | $ (2,890) |
Derivatives Designated as Hedging Instruments | Interest Rate Products | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 184 | (2,890) |
Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income | (306) | 0 |
Derivatives not designated as hedging instruments | Interest Rate Lock Commitment with Customers | Mortgage Banking Activity, Net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income | 680 | 0 |
Derivatives not designated as hedging instruments | Forward Sale Commitments | Mortgage Banking Activity, Net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income | $ (986) | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Total deposits from related parties | $ 5.4 | $ 3.6 |
Related party loan repayment | 0.7 | |
Loans | ||
Related Party Transaction [Line Items] | ||
Outstanding balances to related parties | 1.2 | $ 1.3 |
New Loans and Credit Line Advance to Related Parties | ||
Related Party Transaction [Line Items] | ||
New loans and credit line advance to related parties | $ 0.6 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017SegmentBusiness_Line | |
Segment Reporting Information [Line Items] | |
Number of businesses | Segment | 3 |
Wealth Management | |
Segment Reporting Information [Line Items] | |
Number of business lines | Business_Line | 6 |
Segment Information - Details o
Segment Information - Details of Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 254,726 | $ 216,578 | $ 182,576 |
Noninterest income | 124,644 | 105,061 | 90,256 |
Total revenue | 379,370 | 321,639 | 272,832 |
Interest expense | 33,455 | 22,833 | 15,776 |
Noninterest expenses | 226,461 | 188,666 | 165,460 |
Provision for loan losses | 10,964 | 12,986 | 7,790 |
Total expenses | 270,880 | 224,485 | 189,026 |
Income before taxes | 108,490 | 97,154 | 83,806 |
Provision for income taxes | 58,246 | 33,074 | 30,273 |
Net income | 50,244 | 64,080 | 53,533 |
Inter-Segment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Interest income | 18,579 | 12,113 | 10,185 |
Noninterest income | 8,607 | 9,098 | 8,957 |
Total revenue | 27,186 | 21,211 | 19,142 |
Interest expense | 18,579 | 12,113 | 10,185 |
Noninterest expenses | 8,607 | 9,098 | 8,957 |
Total expenses | 27,186 | 21,211 | 19,142 |
External Customer | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 406,556 | 342,850 | 291,974 |
Total expenses | 298,066 | 245,696 | 208,168 |
WSFS Bank | |||
Segment Reporting Information [Line Items] | |||
Interest income | 245,932 | 208,525 | 174,636 |
Noninterest income | 45,749 | 42,565 | 37,042 |
Total revenue | 291,681 | 251,090 | 211,678 |
Interest expense | 32,249 | 22,028 | 15,155 |
Noninterest expenses | 158,942 | 146,526 | 129,138 |
Provision for loan losses | 10,527 | 9,370 | 7,476 |
Total expenses | 201,718 | 177,924 | 151,769 |
Income before taxes | 97,213 | 78,171 | 63,757 |
WSFS Bank | Inter-Segment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Interest income | 9,567 | 4,963 | 3,507 |
Noninterest income | 7,651 | 8,145 | 7,988 |
Total revenue | 17,218 | 13,108 | 11,495 |
Interest expense | 9,012 | 7,150 | 6,678 |
Noninterest expenses | 956 | 953 | 969 |
Total expenses | 9,968 | 8,103 | 7,647 |
WSFS Bank | External Customer | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 308,899 | 264,198 | 223,173 |
Total expenses | 211,686 | 186,027 | 159,416 |
Cash Connect | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | 0 |
Noninterest income | 42,641 | 35,776 | 30,421 |
Total revenue | 42,641 | 35,776 | 30,421 |
Interest expense | 0 | 0 | 0 |
Noninterest expenses | 26,654 | 22,442 | 19,271 |
Provision for loan losses | 0 | 0 | 0 |
Total expenses | 26,654 | 22,442 | 19,271 |
Income before taxes | 7,382 | 8,455 | 7,864 |
Cash Connect | Inter-Segment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | 0 |
Noninterest income | 810 | 835 | 873 |
Total revenue | 810 | 835 | 873 |
Interest expense | 6,812 | 2,915 | 1,547 |
Noninterest expenses | 2,603 | 2,799 | 2,612 |
Total expenses | 9,415 | 5,714 | 4,159 |
Cash Connect | External Customer | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 43,451 | 36,611 | 31,294 |
Total expenses | 36,069 | 28,156 | 23,430 |
Wealth Management | |||
Segment Reporting Information [Line Items] | |||
Interest income | 8,794 | 8,053 | 7,940 |
Noninterest income | 36,254 | 26,720 | 22,793 |
Total revenue | 45,048 | 34,773 | 30,733 |
Interest expense | 1,206 | 805 | 621 |
Noninterest expenses | 40,865 | 19,698 | 17,051 |
Provision for loan losses | 437 | 3,616 | 314 |
Total expenses | 42,508 | 24,119 | 17,986 |
Income before taxes | 3,895 | 10,528 | 12,185 |
Wealth Management | Inter-Segment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Interest income | 9,012 | 7,150 | 6,678 |
Noninterest income | 146 | 118 | 96 |
Total revenue | 9,158 | 7,268 | 6,774 |
Interest expense | 2,755 | 2,048 | 1,960 |
Noninterest expenses | 5,048 | 5,346 | 5,376 |
Total expenses | 7,803 | 7,394 | 7,336 |
Wealth Management | External Customer | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 54,206 | 42,041 | 37,507 |
Total expenses | $ 50,311 | $ 31,513 | $ 25,322 |
Segment Information Segment Inf
Segment Information Segment Information - Capital Expenditures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||
Cash | $ 723,866 | $ 821,923 | $ 561,179 | $ 508,039 |
Goodwill | 166,007 | 167,539 | 85,212 | |
Other segment assets | 6,109,667 | 5,775,808 | ||
Total assets | 6,999,540 | 6,765,270 | ||
Capital expenditures | 8,994 | 19,420 | ||
WSFS Bank | ||||
Segment Reporting Information [Line Items] | ||||
Cash | 104,530 | 100,893 | ||
Goodwill | 145,808 | 147,396 | 80,078 | |
Other segment assets | 5,882,910 | 5,545,611 | ||
Total assets | 6,133,248 | 5,793,900 | ||
Capital expenditures | 8,197 | 18,625 | ||
Cash Connect | ||||
Segment Reporting Information [Line Items] | ||||
Cash | 611,385 | 717,643 | ||
Goodwill | 0 | 0 | $ 0 | |
Other segment assets | 6,078 | 3,533 | ||
Total assets | 617,463 | 721,176 | ||
Capital expenditures | 184 | 769 | ||
Wealth Management | ||||
Segment Reporting Information [Line Items] | ||||
Cash | 7,951 | 3,387 | ||
Goodwill | 20,199 | 20,143 | ||
Other segment assets | 220,679 | 226,664 | ||
Total assets | 248,829 | 250,194 | ||
Capital expenditures | $ 613 | $ 26 |
Parent Company Financial Inf121
Parent Company Financial Information - Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | |||||
Cash | $ 723,866 | $ 821,923 | $ 561,179 | $ 508,039 | |
Other assets | 76,416 | 84,892 | |||
Total assets | 6,999,540 | 6,765,270 | |||
Liabilities: | |||||
Trust preferred securities | 67,011 | 67,011 | |||
Senior debt | 98,171 | $ 55,000 | 152,050 | ||
Interest payable | 1,037 | 1,151 | |||
Other liabilities | 88,748 | 70,898 | |||
Total liabilities | 6,275,195 | 6,077,934 | |||
Stockholders’ Equity: | |||||
Common stock | 563 | 580 | |||
Capital in excess of par value | 336,271 | 329,457 | |||
Accumulated other comprehensive loss | (8,152) | (7,617) | |||
Retained earnings | 669,557 | 627,078 | |||
Treasury stock | (273,894) | (262,162) | |||
Total stockholders’ equity | 724,345 | 687,336 | 580,471 | 489,051 | |
Total liabilities and stockholders’ equity | 6,999,540 | 6,765,270 | |||
WSFS Financial Corporation | |||||
Assets: | |||||
Cash | 37,344 | 103,018 | $ 26,456 | $ 54,331 | |
Investment in subsidiaries | 833,763 | 795,676 | |||
Investment in Capital Trust III | 2,011 | 2,011 | |||
Other assets | 17,465 | 6,480 | |||
Total assets | 890,583 | 907,185 | |||
Liabilities: | |||||
Trust preferred securities | 67,011 | 67,011 | |||
Senior debt | 98,171 | 152,050 | |||
Interest payable | 388 | 642 | |||
Other liabilities | 668 | 146 | |||
Total liabilities | 166,238 | 219,849 | |||
Stockholders’ Equity: | |||||
Common stock | 563 | 580 | |||
Capital in excess of par value | 336,271 | 329,457 | |||
Accumulated other comprehensive loss | (8,152) | (7,617) | |||
Retained earnings | 669,557 | 627,078 | |||
Treasury stock | (273,894) | (262,162) | |||
Total stockholders’ equity | 724,345 | 687,336 | |||
Total liabilities and stockholders’ equity | $ 890,583 | $ 907,185 |
Parent Company Financial Inf122
Parent Company Financial Information - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income: | |||
Total revenue | $ 379,370 | $ 321,639 | $ 272,832 |
Expenses: | |||
Interest expense | 33,455 | 22,833 | 15,776 |
Other operating expenses | (254,726) | (216,578) | (182,576) |
Net interest income | (221,271) | (193,745) | (166,800) |
Income before taxes | 108,490 | 97,154 | 83,806 |
Income tax benefit | (58,246) | (33,074) | (30,273) |
WSFS Financial Corporation | |||
Income: | |||
Interest income | 3,167 | 3,402 | 1,780 |
Noninterest income | 20,528 | 68,498 | 30,180 |
Total revenue | 23,695 | 71,900 | 31,960 |
Expenses: | |||
Interest expense | 9,168 | 7,979 | 5,124 |
Other operating expenses | 996 | 747 | 233 |
Net interest income | 10,164 | 8,726 | 5,357 |
Income before equity in undistributed income of subsidiaries | 13,531 | 63,174 | 26,603 |
Equity in undistributed income/(loss) of subsidiaries | 35,722 | (779) | 25,765 |
Income before taxes | 49,253 | 62,395 | 52,368 |
Income tax benefit | 991 | 1,685 | 1,165 |
Net income allocable to common stockholders | $ 50,244 | $ 64,080 | $ 53,533 |
Parent Company Financial Inf123
Parent Company Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net income | $ 50,244 | $ 64,080 | $ 53,533 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease in other assets | (2,517) | 443 | (1,643) |
Increase in other liabilities | 7,353 | 3,709 | 6,502 |
Net cash provided by operating activities | 130,168 | 80,180 | 74,177 |
Investing activities: | |||
Investment in non-marketable securities | (10,072) | (387) | (3,589) |
Net cash used for investing activities | (388,786) | (276,593) | (275,841) |
Financing Activities: | |||
Repayment of long-term debt | 0 | (10,000) | 0 |
Issuance of common stock and exercise of common stock options | 3,421 | 1,900 | 3,160 |
Repayment of senior debt | (55,000) | 0 | 0 |
Issuance of senior debt | 0 | 97,849 | 0 |
Buy back of common stock | (11,752) | (14,312) | (31,659) |
Cash dividends paid | (9,425) | (7,632) | (6,002) |
Net cash provided by (used for) financing activities | 160,561 | 457,157 | 254,804 |
Increase in cash and cash equivalents | (98,057) | 260,744 | 53,140 |
Cash and cash equivalents at beginning of year | 821,923 | 561,179 | 508,039 |
Cash and cash equivalents at end of year | 723,866 | 821,923 | 561,179 |
WSFS Financial Corporation | |||
Operating activities: | |||
Net income | 50,244 | 64,080 | 53,533 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed (income)/loss of subsidiaries | (35,722) | 779 | (25,765) |
Decrease in other assets | 1,618 | 133 | 3,925 |
Increase in other liabilities | 1,422 | 655 | 405 |
Net cash provided by operating activities | 17,562 | 65,647 | 32,098 |
Investing activities: | |||
Payments for investment in and advances to subsidiaries | (1,360) | (119) | 0 |
Sale or repayment of investments in and advances to subsidiaries | 1,066 | 1,220 | 1,213 |
Net cash from business combinations | 0 | (57,604) | (23,096) |
Investment in non-marketable securities | (10,072) | (387) | (3,589) |
Net cash used for investing activities | (10,366) | (56,890) | (25,472) |
Financing Activities: | |||
Repayment of long-term debt | 0 | (10,000) | 0 |
Issuance of common stock and exercise of common stock options | 3,307 | 1,900 | 3,160 |
Repayment of senior debt | (55,000) | 0 | 0 |
Issuance of senior debt | 0 | 97,849 | 0 |
Buy back of common stock | (11,752) | (14,312) | (31,659) |
Cash dividends paid | (9,425) | (7,632) | (6,002) |
Net cash provided by (used for) financing activities | (72,870) | 67,805 | (34,501) |
Increase in cash and cash equivalents | (65,674) | 76,562 | (27,875) |
Cash and cash equivalents at beginning of year | 103,018 | 26,456 | 54,331 |
Cash and cash equivalents at end of year | $ 37,344 | $ 103,018 | $ 26,456 |
Change in Accumulated Other 124
Change in Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | $ 687,336 | $ 580,471 | $ 489,051 |
Other comprehensive income (loss) before reclassifications | 2,889 | (6,610) | (1,417) |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (1,764) | (1,703) | (1,387) |
Total other comprehensive income (loss) | 1,125 | (8,313) | (2,804) |
Less: Reclassification due to the adoption of ASU No. 2018-02 | 0 | ||
Ending Balance | 724,345 | 687,336 | 580,471 |
Net change in investment securities available for sale | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (8,194) | (1,887) | 446 |
Other comprehensive income (loss) before reclassifications | 3,073 | (4,838) | (1,417) |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (1,280) | (1,469) | (916) |
Total other comprehensive income (loss) | 1,793 | (6,307) | (2,333) |
Less: Reclassification due to the adoption of ASU No. 2018-02 | (1,441) | ||
Ending Balance | (7,842) | (8,194) | (1,887) |
Net change in securities held to maturity | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 1,392 | 1,795 | 2,207 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (394) | (403) | (412) |
Total other comprehensive income (loss) | (394) | (403) | (412) |
Less: Reclassification due to the adoption of ASU No. 2018-02 | 225 | ||
Ending Balance | 1,223 | 1,392 | 1,795 |
Net change in defined benefit plan | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 957 | 788 | 847 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | (90) | 169 | (59) |
Total other comprehensive income (loss) | (90) | 169 | (59) |
Less: Reclassification due to the adoption of ASU No. 2018-02 | (2) | ||
Ending Balance | 865 | 957 | 788 |
Net change in fair value of derivatives used for cash flow hedge | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (1,772) | 0 | 0 |
Other comprehensive income (loss) before reclassifications | (184) | (1,772) | 0 |
Less: Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Total other comprehensive income (loss) | (184) | (1,772) | 0 |
Less: Reclassification due to the adoption of ASU No. 2018-02 | (442) | ||
Ending Balance | (2,398) | (1,772) | 0 |
Accumulated Other Comprehensive (Loss) Income | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (7,617) | 696 | 3,500 |
Less: Reclassification due to the adoption of ASU No. 2018-02 | (1,660) | ||
Ending Balance | $ (8,152) | $ (7,617) | $ 696 |
Change in Accumulated Other 125
Change in Accumulated Other Comprehensive Income - Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gains on securities transactions | $ 1,984 | $ 2,369 | $ 1,478 |
Income tax benefit | (58,246) | (33,074) | (30,273) |
Net income | 50,244 | 64,080 | 53,533 |
Income before taxes | 108,490 | 97,154 | 83,806 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (1,764) | (1,703) | (1,387) |
Reclassification out of Accumulated Other Comprehensive Income | Net change in defined benefit plan | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax benefit | 56 | (103) | 37 |
Net income | (90) | 169 | (59) |
Prior service costs | (76) | (76) | (76) |
Transition obligation | 0 | 0 | 0 |
Actuarial losses | (70) | 348 | (20) |
Income before taxes | (146) | 272 | (96) |
Reclassification out of Accumulated Other Comprehensive Income | Realized gains on securities transactions | Net change in investment securities available for sale | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gains on securities transactions | (1,984) | (2,369) | (1,478) |
Income tax benefit | 704 | 900 | 562 |
Net income | (1,280) | (1,469) | (916) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of net unrealized gains to income during the period | Net change in investment securities available for sale | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax benefit | 241 | 248 | 234 |
Net income | (394) | (403) | (412) |
Interest income on investment securities | $ (635) | $ (651) | $ (646) |
Legal and Other Proceedings - A
Legal and Other Proceedings - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Subsequent Event [Line Items] | |
Additions to other significant pending legal or other proceedings | $ 0 |
Pending Litigation | Universitas Education, LLC | |
Subsequent Event [Line Items] | |
Damages sought, value | 54,000,000 |
Settled Litigation | Universitas Education, LLC | |
Subsequent Event [Line Items] | |
Legal Settlement | $ 12,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Universitas Education, LLC | Settled Litigation | |
Subsequent Event [Line Items] | |
Legal Settlement | $ 12 |