QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) | ||||||||||||||||||||
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
x | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
PART I. Financial Information | Page | |||||||
Item 1. | Financial Statements (Unaudited) | |||||||
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2021 and 2020 | ||||||||
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020 | ||||||||
Consolidated Statements of Financial Condition as of September 30, 2021 and December 31, 2020 | ||||||||
Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2021 and 2020 | ||||||||
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 | ||||||||
Notes to the Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2021 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Dollars in thousands, except per share and share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans and leases | $ | $ | $ | $ | ||||||||||||||||||||||
Interest on mortgage-backed securities | ||||||||||||||||||||||||||
Interest and dividends on investment securities: | ||||||||||||||||||||||||||
Taxable | ||||||||||||||||||||||||||
Tax-exempt | ||||||||||||||||||||||||||
Other interest income | ||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Interest on deposits | ||||||||||||||||||||||||||
Interest on Federal Home Loan Bank advances | ||||||||||||||||||||||||||
Interest on senior debt | ||||||||||||||||||||||||||
Interest on federal funds purchased | ||||||||||||||||||||||||||
Interest on trust preferred borrowings | ||||||||||||||||||||||||||
Interest on other borrowings | ||||||||||||||||||||||||||
Net interest income | ||||||||||||||||||||||||||
(Recovery of) provision for credit losses | ( | ( | ||||||||||||||||||||||||
Net interest income after (recovery of) provision for credit losses | ||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Credit/debit card and ATM income | ||||||||||||||||||||||||||
Investment management and fiduciary income | ||||||||||||||||||||||||||
Deposit service charges | ||||||||||||||||||||||||||
Mortgage banking activities, net | ||||||||||||||||||||||||||
Loan and lease fee income | ||||||||||||||||||||||||||
Securities gains, net | ||||||||||||||||||||||||||
Unrealized (loss) gain on equity investments, net | ( | |||||||||||||||||||||||||
Realized (loss) gain on sale of equity investments, net | ( | ( | ||||||||||||||||||||||||
Bank owned life insurance income | ||||||||||||||||||||||||||
Other income | ||||||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries, benefits and other compensation | ||||||||||||||||||||||||||
Occupancy expense | ||||||||||||||||||||||||||
Equipment expense | ||||||||||||||||||||||||||
Data processing and operations expenses | ||||||||||||||||||||||||||
Professional fees | ||||||||||||||||||||||||||
Marketing expense | ||||||||||||||||||||||||||
Loss on debt extinguishment | ||||||||||||||||||||||||||
FDIC expenses | ||||||||||||||||||||||||||
Loan workout and other credit costs | ||||||||||||||||||||||||||
Corporate development expense | ||||||||||||||||||||||||||
Restructuring expense | ( | |||||||||||||||||||||||||
Other operating expense | ||||||||||||||||||||||||||
Income before taxes | ||||||||||||||||||||||||||
Income tax provision | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | ( | ( | ||||||||||||||||||||||||
Net income attributable to WSFS | $ | $ | $ | $ | ||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average shares of common stock outstanding: | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Net (loss) income attributable to noncontrolling interest | ( | ( | ||||||||||||||||||||||||
Net income attributable to WSFS | ||||||||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||||
Net change in unrealized (losses) gains on investment securities available-for-sale | ||||||||||||||||||||||||||
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $( | ( | ( | ( | |||||||||||||||||||||||
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $ | ( | ( | ( | ( | ||||||||||||||||||||||
( | ( | ( | ||||||||||||||||||||||||
Net change in securities held-to-maturity | ||||||||||||||||||||||||||
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $ | ( | ( | ( | ( | ||||||||||||||||||||||
Net change in unfunded pension liability | ||||||||||||||||||||||||||
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax benefit of $ | ( | ( | ( | ( | ||||||||||||||||||||||
Pension settlement, net of tax expense of $ | ||||||||||||||||||||||||||
( | ( | ( | ||||||||||||||||||||||||
Net change in cash flow hedge | ||||||||||||||||||||||||||
Net unrealized gain arising during the period, net of tax expense of $ | ||||||||||||||||||||||||||
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $ | ( | ( | ( | ( | ||||||||||||||||||||||
( | ( | ( | ||||||||||||||||||||||||
Net change in equity method investments | ||||||||||||||||||||||||||
Net change in other comprehensive income of equity method investments, net of tax expense (benefit) of $ | ( | ( | ||||||||||||||||||||||||
Total other comprehensive (loss) income | ( | ( | ( | |||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
(Dollars in thousands, except per share and share data) | September 30, 2021 | December 31, 2020 | ||||||||||||
Assets: | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Cash in non-owned ATMs | ||||||||||||||
Interest-bearing deposits in other banks including collateral (restricted cash) of $ | ||||||||||||||
Total cash, cash equivalents, and restricted cash | ||||||||||||||
Investment securities, available-for-sale (amortized cost of $ | ||||||||||||||
Investment securities, held-to-maturity, net of allowance for credit losses of $ | ||||||||||||||
Other investments | ||||||||||||||
Loans, held for sale at fair value | ||||||||||||||
Loans and leases, net of allowance for credit losses of $ | ||||||||||||||
Bank owned life insurance | ||||||||||||||
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost | ||||||||||||||
Other real estate owned | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Premises and equipment | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | $ | ||||||||||||
Interest-bearing | ||||||||||||||
Total deposits | ||||||||||||||
FHLB advances | ||||||||||||||
Trust preferred borrowings | ||||||||||||||
Senior debt | ||||||||||||||
Other borrowed funds | ||||||||||||||
Accrued interest payable | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||
Common stock $ | ||||||||||||||
Capital in excess of par value | ||||||||||||||
Accumulated other comprehensive (loss) income | ( | |||||||||||||
Retained earnings | ||||||||||||||
Treasury stock at cost, | ( | ( | ||||||||||||
Total stockholders’ equity of WSFS | ||||||||||||||
Noncontrolling interest | ( | ( | ||||||||||||
Total stockholders' equity | ||||||||||||||
Total liabilities and stockholders' equity | $ | $ |
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $ | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (1) | — | — | ( | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $ | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common shares | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ |
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Cumulative change in accounting principle | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 (as adjusted for change in accounting principle) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $ | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common shares (1) | — | — | ( | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $ | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common shares (2) | — | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ |
Nine Months Ended September 30, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
(Recovery of) provision for credit losses | ( | |||||||||||||
Depreciation of premises and equipment, net | ||||||||||||||
Accretion of fees and discounts, net | ( | ( | ||||||||||||
Amortization of intangible assets | ||||||||||||||
Amortization of right of use lease asset | ||||||||||||||
Decrease in operating lease liability | ( | ( | ||||||||||||
Income from mortgage banking activities, net | ( | ( | ||||||||||||
Gain on sale of securities, net | ( | ( | ||||||||||||
Loss on sale of other real estate owned and valuation adjustments, net | ( | ( | ||||||||||||
Stock-based compensation expense | ||||||||||||||
Unrealized gain on equity investments, net | ( | ( | ||||||||||||
Realized loss (gain) on sale of equity investments, net | ( | |||||||||||||
Deferred income tax expense (benefit) | ( | |||||||||||||
Decrease (increase) in accrued interest receivable | ( | |||||||||||||
Increase in other assets | ( | ( | ||||||||||||
Origination of loans held for sale | ( | ( | ||||||||||||
Proceeds from sales of loans held for sale | ||||||||||||||
Increase in value of bank owned life insurance | ( | ( | ||||||||||||
Increase in capitalized interest, net | ( | ( | ||||||||||||
Increase in accrued interest payable | ||||||||||||||
Increase in other liabilities | ||||||||||||||
Net cash provided by operating activities | $ | $ | ||||||||||||
Investing activities: | ||||||||||||||
Purchases of investment securities held to maturity | $ | $ | ( | |||||||||||
Repayments, maturities and calls of investment securities held-to-maturity | ||||||||||||||
Sale of investment securities available-for-sale | ||||||||||||||
Purchases of investment securities available-for-sale | ( | ( | ||||||||||||
Repayments of investment securities available-for-sale | ||||||||||||||
Net proceeds from sale of equity investments | ||||||||||||||
Net decrease (increase) in loans | ( | |||||||||||||
Purchases of stock of Federal Home Loan Bank of Pittsburgh | ( | ( | ||||||||||||
Redemptions of stock of Federal Home Loan Bank of Pittsburgh | ||||||||||||||
Sales of other real estate owned | ||||||||||||||
Investment in premises and equipment | ( | ( | ||||||||||||
Sales of premises and equipment | ||||||||||||||
Net cash used in investing activities | $ | ( | $ | ( |
Nine Months Ended September 30, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Financing activities: | ||||||||||||||
Net increase in demand and saving deposits | $ | $ | ||||||||||||
Decrease in time deposits | ( | ( | ||||||||||||
Decrease in brokered deposits | ( | ( | ||||||||||||
Receipts from FHLB advances | ||||||||||||||
Repayments of FHLB advances | ( | ( | ||||||||||||
Receipts from federal funds purchased | ||||||||||||||
Repayments of federal funds purchased | ( | |||||||||||||
Cash dividend | ( | ( | ||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | ||||||||||||||
Redemption of senior debt | ( | |||||||||||||
Repurchases of common shares | ( | ( | ||||||||||||
Net cash provided by financing activities | $ | $ | ||||||||||||
Increase in cash, cash equivalents, and restricted cash | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | $ | ||||||||||||
Income taxes | ||||||||||||||
Non-cash information: | ||||||||||||||
Loans transferred to other real estate owned | ||||||||||||||
Loans transferred to portfolio from held-for-sale at fair value | ||||||||||||||
Impact of ASC 326 Adoption: | ||||||||||||||
Allowance for credit losses on held-to-maturity debt securities | ( | |||||||||||||
Allowance for credit losses on loans and leases | ( | |||||||||||||
Deferred tax assets | ||||||||||||||
Allowance for credit losses on unfunded lending commitments | ( | |||||||||||||
Retained earnings |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Bailment fees | $ | $ | $ | $ | |||||||||||||||||||
Interchange fees | |||||||||||||||||||||||
Other card and ATM fees | |||||||||||||||||||||||
Total credit/debit card and ATM income | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Trust fees | $ | $ | $ | $ | |||||||||||||||||||
Wealth management and advisory fees | |||||||||||||||||||||||
Total investment management and fiduciary income | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Service fees | $ | $ | $ | $ | |||||||||||||||||||
Return and overdraft fees | |||||||||||||||||||||||
Other deposit service fees | |||||||||||||||||||||||
Total deposit service charges | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Managed service fees | $ | $ | $ | $ | |||||||||||||||||||
Currency preparation | |||||||||||||||||||||||
ATM loss protection | |||||||||||||||||||||||
Miscellaneous products and services | |||||||||||||||||||||||
Total other income | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars and shares in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to WSFS | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average basic shares | |||||||||||||||||||||||
Dilutive potential common shares | |||||||||||||||||||||||
Weighted average fully diluted shares | $ | $ | |||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Outstanding common stock equivalents having no dilutive effect |
September 30, 2021 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligation (CMO) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Fannie Mae (FNMA) mortgage-backed securities (MBS) | ||||||||||||||||||||||||||||||||
Freddie Mac (FHLMC) MBS | ||||||||||||||||||||||||||||||||
Ginnie Mae (GNMA) MBS | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises (GSEs) agency notes | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Held-to-Maturity Debt Securities(1) | ||||||||||||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign bonds | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||
CMO | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||||||||
GNMA MBS | ||||||||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Held-to-Maturity Debt Securities(1) | ||||||||||||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign bonds | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||
Amortized | Fair | |||||||||||||
(Dollars in thousands) | Cost | Value | ||||||||||||
September 30, 2021 (1) | ||||||||||||||
Within one year | $ | $ | ||||||||||||
After one year but within five years | ||||||||||||||
After five years but within ten years | ||||||||||||||
After ten years | ||||||||||||||
$ | $ | |||||||||||||
December 31, 2020 (1) | ||||||||||||||
Within one year | $ | $ | ||||||||||||
After one year but within five years | ||||||||||||||
After five years but within ten years | ||||||||||||||
After ten years | ||||||||||||||
$ | $ |
Held-to-Maturity | ||||||||||||||
Amortized | Fair | |||||||||||||
(Dollars in thousands) | Cost | Value | ||||||||||||
September 30, 2021 (1) | ||||||||||||||
Within one year | $ | $ | ||||||||||||
After one year but within five years | ||||||||||||||
After five years but within ten years | ||||||||||||||
After ten years | ||||||||||||||
$ | $ | |||||||||||||
December 31, 2020 (1) | ||||||||||||||
Within one year | $ | $ | ||||||||||||
After one year but within five years | ||||||||||||||
After five years but within ten years | ||||||||||||||
After ten years | ||||||||||||||
$ | $ |
Duration of Unrealized Loss Position | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||
CMO | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||||||||||||||
GNMA MBS | ||||||||||||||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Duration of Unrealized Loss Position | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||
CMO | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | State and political subdivisions | Foreign bonds | ||||||||||||
A+ rated or higher | $ | $ | ||||||||||||
Not rated | ||||||||||||||
Ending balance | $ | $ |
(Dollars in thousands) | State and political subdivisions | Foreign bonds | ||||||||||||
A+ rated or higher | $ | $ | ||||||||||||
Not rated | ||||||||||||||
Ending balance | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Impact of adoption ASC 326 | |||||||||||||||||||||||
Provision for credit losses | ( | ( | ( | ( | |||||||||||||||||||
Charge-offs, net | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ |
(Dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Commercial and industrial(1) | $ | $ | ||||||||||||
Owner-occupied commercial | ||||||||||||||
Commercial mortgages | ||||||||||||||
Construction | ||||||||||||||
Commercial small business leases | ||||||||||||||
Residential(2) | ||||||||||||||
Consumer(3) | ||||||||||||||
Less: | ||||||||||||||
Allowance for credit losses | ||||||||||||||
Net loans and leases | $ | $ |
(Dollars in thousands) | Commercial and Industrial(1) | Owner-occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | ||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Period-end loan balances: | ||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Commercial and Industrial(1) | Owner - occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, prior to adoption of ASC 326 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Impact of adopting ASC 326(4) | ( | |||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) | ( | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | ||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Period-end loan balances: | ||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ |
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30–89 Days Past Due and Still Accruing | Greater Than 90 Days Past Due and Still Accruing | Total Past Due And Still Accruing | Accruing Current Balances | Nonaccrual Loans(1) | Total Loans | ||||||||||||||||||||||||||||||||
Commercial and industrial(2) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Residential(3) | ||||||||||||||||||||||||||||||||||||||
Consumer(4) | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
% of Total Loans | % | % | % | % | % | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30–89 Days Past Due and Still Accruing | Greater Than 90 Days Past Due and Still Accruing | Total Past Due And Still Accruing | Accruing Current Balances | Nonaccrual Loans(1) | Total Loans | ||||||||||||||||||||||||||||||||
Commercial and industrial(2) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Residential(3) | ||||||||||||||||||||||||||||||||||||||
Consumer(4) | ||||||||||||||||||||||||||||||||||||||
Total(4) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
% of Total Loans | % | % | % | % | % | % |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Property | Equipment and other | Property | Equipment and other | ||||||||||||||||||||||
Commercial and industrial(1) | $ | $ | $ | $ | ||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||
Residential(2) | ||||||||||||||||||||||||||
Consumer(3) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(2) | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential(3): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(5): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming(6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(2) | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential(3): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(5): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming(6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Performing TDRs | $ | $ | ||||||||||||
Nonperforming TDRs | ||||||||||||||
Total TDRs | $ | $ |
Three months ended September 30, 2021 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
Three months ended September 30, 2020 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||
(Dollars in thousands) | Pre Modification | Post Modification | Pre Modification | Post Modification | ||||||||||||||||||||||
Commercial | $ | $ | $ | $ | ||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Total(1)(2) | $ | $ | $ | $ |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Pre Modification | Post Modification | Pre Modification | Post Modification | ||||||||||||||||||||||
Commercial | $ | $ | $ | $ | ||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Total(1)(2) | $ | $ | $ | $ |
Three months ended | Nine months ended | |||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Operating lease cost (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | ||||||||||||||||||||||
Net lease cost | $ | $ | $ | $ |
(Dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Right of use assets | $ | $ | ||||||||||||
Lease liabilities | $ | $ | ||||||||||||
Lease term and discount rate | ||||||||||||||
Weighted average remaining lease term (in years) | ||||||||||||||
Weighted average discount rate | % | % |
(Dollars in thousands) | September 30, 2021 | |||||||
Remaining in 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
After 2025 | ||||||||
Total lease payments | ||||||||
Less: Interest | ( | |||||||
Present value of lease liabilities | $ | |||||||
Nine months ended | |||||||||||||||||
(Dollars in thousands) | September 30, 2021 | September 30, 2020 | |||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Direct financing leases: | ||||||||||||||||||||||||||
Interest income on lease receivable | $ | $ | $ | $ | ||||||||||||||||||||||
Interest income on deferred fees and costs, net | ( | ( | ||||||||||||||||||||||||
Total direct financing lease net interest income | $ | $ | $ | $ |
(Dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Lease receivables | $ | $ | ||||||||||||
Unearned income | ( | ( | ||||||||||||
Deferred fees and costs | ||||||||||||||
Net investment in direct financing leases | $ | $ |
(Dollars in thousands) | September 30, 2021 | |||||||
Remaining in 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
After 2025 | ||||||||
Total lease payments | $ |
(Dollars in thousands) | WSFS Bank | Cash Connect | Wealth Management | Consolidated Company | |||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Goodwill adjustments | |||||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ |
(Dollars in thousands) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | Amortization Period | |||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
Core deposits | $ | $ | ( | $ | |||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Non-compete agreements | ( | ||||||||||||||||||||||
Loan servicing rights(1) | ( | ||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Core deposits | $ | $ | ( | $ | |||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Non-compete agreements | ( | ||||||||||||||||||||||
Loan servicing rights(2) | ( | ||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ |
(Dollars in thousands) | September 30, 2021 | ||||
Remaining in 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
(Dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||||
Noninterest-bearing: | ||||||||||||||||||||
Noninterest demand | $ | $ | ||||||||||||||||||
Total noninterest-bearing | $ | $ | ||||||||||||||||||
Interest-bearing: | ||||||||||||||||||||
Interest-bearing demand | $ | $ | ||||||||||||||||||
Savings | ||||||||||||||||||||
Money market | ||||||||||||||||||||
Customer time deposits | ||||||||||||||||||||
Brokered deposits | ||||||||||||||||||||
Total interest-bearing | ||||||||||||||||||||
Total deposits | $ | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Prior service cost amortization | ( | ( | ( | ( | ||||||||||||||||||||||
Net gain recognition | ( | ( | ( | ( | ||||||||||||||||||||||
Net periodic cost (benefit) | $ | $ | $ | $ |
Three months ended | Nine months ended | ||||||||||||||||
(Dollars in thousands) | September 30, 2020 | September 30, 2020 | |||||||||||||||
Service cost | $ | $ | |||||||||||||||
Interest cost | |||||||||||||||||
Expected return on plan assets | ( | ||||||||||||||||
Plan settlement loss | |||||||||||||||||
Net periodic cost (benefit) | $ | $ |
Three months ended September 30, 2021 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||||||||||||||
Prior service cost amortization | ( | ( | ||||||||||||||||||||||||
Net loss (gain) recognition | ||||||||||||||||||||||||||
Net periodic (benefit) cost | $ | ( | $ | $ | ( | $ |
Three months ended September 30, 2020 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||||||||||||||
Prior service cost amortization | ( | ( | ||||||||||||||||||||||||
Net (gain) loss recognition | ( | ( | ||||||||||||||||||||||||
Net periodic (benefit) cost | $ | ( | $ | $ | ( | $ |
September 30, 2021 | ||||||||||||||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Asset (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 | $ | $ | $ | $ | ||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||
GNMA MBS | ||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||
Other liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis: | ||||||||||||||||||||||||||
Other investments | $ | $ | $ | $ | ||||||||||||||||||||||
Other real estate owned | ||||||||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Asset (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 | $ | $ | $ | $ | ||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||
GNMA MBS | ||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||
Other liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis | ||||||||||||||||||||||||||
Other investments | $ | $ | $ | $ | ||||||||||||||||||||||
Other real estate owned | ||||||||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | $ | $ | $ |
September 30, 2021 | ||||||||||||||||||||||||||
Financial Instrument | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||
Other investments | $ | Observed market comparable transactions | Period of observed transactions | May 2021 | ||||||||||||||||||||||
Other real estate owned | Fair market value of collateral | Costs to sell | ||||||||||||||||||||||||
Other liabilities | Discounted cash flow | Timing of Visa litigation resolution | ||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurement | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash | Level 1 | $ | $ | $ | $ | |||||||||||||||||||||||||||
Investment securities available-for-sale | Level 2 | |||||||||||||||||||||||||||||||
Investment securities held-to-maturity, net | Level 2 | |||||||||||||||||||||||||||||||
Other investments | Level 3 | |||||||||||||||||||||||||||||||
Loans, held for sale | Level 2 | |||||||||||||||||||||||||||||||
Loans and leases, net(1) | Level 3 | |||||||||||||||||||||||||||||||
Stock in FHLB of Pittsburgh | Level 2 | |||||||||||||||||||||||||||||||
Accrued interest receivable | Level 2 | |||||||||||||||||||||||||||||||
Other assets | Level 2 | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | Level 2 | |||||||||||||||||||||||||||||||
Borrowed funds | Level 2 | |||||||||||||||||||||||||||||||
Standby letters of credit | Level 3 | |||||||||||||||||||||||||||||||
Accrued interest payable | Level 2 | |||||||||||||||||||||||||||||||
Other liabilities | Levels 2, 3 |
Fair Values of Derivative Instruments | ||||||||||||||||||||||||||
(Dollars in thousands) | Notional | Balance Sheet Location | Derivatives (Fair Value) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate products | $ | Other assets | $ | |||||||||||||||||||||||
Interest rate products | Other liabilities | ( | ||||||||||||||||||||||||
Risk participation agreements | Other liabilities | ( | ||||||||||||||||||||||||
Interest rate lock commitments with customers | Other assets | |||||||||||||||||||||||||
Interest rate lock commitments with customers | Other liabilities | ( | ||||||||||||||||||||||||
Forward sale commitments | Other assets | |||||||||||||||||||||||||
Forward sale commitments | Other liabilities | ( | ||||||||||||||||||||||||
Financial derivatives related to sales of certain Visa Class B shares | Other liabilities | ( | ||||||||||||||||||||||||
Total derivatives | $ | $ | ( |
Fair Values of Derivative Instruments | |||||||||||||||||||||||
(Dollars in thousands) | Notional | Balance Sheet Location | Derivatives (Fair Value) | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate products | $ | Other assets | $ | ||||||||||||||||||||
Interest rate products | Other liabilities | ( | |||||||||||||||||||||
Risk participation agreements | Other liabilities | ( | |||||||||||||||||||||
Interest rate lock commitments with customers | Other assets | ||||||||||||||||||||||
Interest rate lock commitments with customers | Other liabilities | ( | |||||||||||||||||||||
Forward sale commitments | Other assets | ||||||||||||||||||||||
Forward sale commitments | Other liabilities | ( | |||||||||||||||||||||
Financial derivatives related to sales of certain Visa Class B shares | Other liabilities | ( | |||||||||||||||||||||
Total derivatives | $ | $ | ( |
Amount of Gain Recognized in OCI on Derivative (Effective Portion) | Amount of Gain Recognized in OCI on Derivative (Effective Portion) | Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||||
(Dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
Derivatives in cash flow hedging relationships | 2020 | 2020 | ||||||||||||||||||
Interest rate products | $ | $ | Interest income | |||||||||||||||||
Total | $ | $ |
Amount of (Loss) or Gain Recognized in Income | Amount of (Loss) Recognized in Income | Location of Gain or (Loss) Recognized in Income | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Interest rate lock commitments with customers | $ | ( | $ | $ | ( | $ | Mortgage banking activities, net | |||||||||||||||||||||||||
Forward sale commitments | ( | ( | $ | ( | Mortgage banking activities, net | |||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | ( |
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | ||||||||||||||||||||||||||||||||||||||||||
Statements of Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
External customer revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total external customer revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
External customer expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for credit losses | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Total external customer expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before taxes | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Income tax provision | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to WSFS | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | ||||||||||||||||||||||||||||||||||||||||||
Statements of Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
External customer revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total external customer revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
External customer expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for credit losses | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Total external customer expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before taxes | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Income tax provision | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to WSFS | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | ||||||||||||||||||||||||||||||||||||||||||
Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other segment assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total segment assets | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Net change in investment securities available-for-sale | Net change in investment securities held-to-maturity | Net change in defined benefit plan | Net change in fair value of derivatives used for cash flow hedges (1) | Net change in equity method investments | Total | ||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive (loss) income | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive (loss) income | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Net current-period other comprehensive loss | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
(1)Cash flow hedges were terminated as of April 1, 2020 | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Net change in investment securities available for sale | Net change in investment securities held to maturity | Net change in defined benefit plan | Net change in fair value of derivatives used for cash flow hedges (1) | Net change in equity method investments | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive (loss) income | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive (loss) income | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
(1)Cash flow hedges were terminated as of April 1, 2020 |
Three Months Ended September 30, | Affected line item in unaudited Consolidated Statements of Income | |||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
Realized gains on securities transactions | $ | ( | $ | ( | Securities gains, net | |||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
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 | ( | ( | Interest and dividends on investment securities | |||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
Amortization of defined benefit pension plan-related items: | ||||||||||||||||||||
Prior service credits | ( | ( | ||||||||||||||||||
Actuarial losses (gains) | ( | |||||||||||||||||||
Total before tax | ( | ( | Salaries, benefits and other compensation | |||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
Net unrealized gains on terminated cash flow hedges: | ||||||||||||||||||||
Amortization of net unrealized gains to income during the period | ( | ( | Interest and fees on loans and leases | |||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
Total reclassifications | $ | ( | $ | ( | ||||||||||||||||
Nine Months Ended September 30, | Affected line item in unaudited Consolidated Statements of Operations | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||
Realized gains on securities transactions | $ | ( | $ | ( | Securities gains, net | |||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
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 | ( | ( | Interest and dividends on investment securities | |||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
Amortization of defined benefit pension plan-related items: | ||||||||||||||||||||
Prior service credits | ( | ( | ||||||||||||||||||
Actuarial losses (gains) | ( | |||||||||||||||||||
Total before tax | ( | ( | Salaries, benefits and other compensation | |||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
Defined benefit pension plan settlement: | ||||||||||||||||||||
Realized losses on plan settlement | Other operating expense | |||||||||||||||||||
Income taxes | ( | Income tax provision | ||||||||||||||||||
Net of tax | ||||||||||||||||||||
Net unrealized gains on terminated cash flow hedges: | ||||||||||||||||||||
Amortization of net unrealized gains to income during the period | ( | ( | Interest and fees on loans and leases | |||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
Total reclassifications | $ | ( | $ | ( |
Consolidated Capital | Minimum For Capital Adequacy Purposes | To be Well-Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | ||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | $ | 1,591,710 | 15.50 | % | $ | 821,625 | 8.00 | % | $ | 1,027,032 | 10.00 | % | ||||||||||||||||||||||||||
WSFS Financial Corporation | 1,567,314 | 15.22 | 823,666 | 8.00 | 1,029,583 | 10.00 | ||||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 1,498,503 | 14.59 | 616,219 | 6.00 | 821,625 | 8.00 | ||||||||||||||||||||||||||||||||
WSFS Financial Corporation | 1,474,106 | 14.32 | 617,750 | 6.00 | 823,666 | 8.00 | ||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 1,498,503 | 14.59 | 462,164 | 4.50 | 667,571 | 6.50 | ||||||||||||||||||||||||||||||||
WSFS Financial Corporation | 1,409,106 | 13.69 | 463,312 | 4.50 | 669,229 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 Leverage Capital | ||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 1,498,503 | 10.27 | 583,450 | 4.00 | 513,516 | 5.00 | ||||||||||||||||||||||||||||||||
WSFS Financial Corporation | 1,474,106 | 10.09 | 584,255 | 4.00 | 730,319 | 5.00 |
(Dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Nonaccruing loans: | ||||||||||||||
Commercial and industrial | $ | 24,117 | $ | 13,816 | ||||||||||
Owner-occupied commercial | 1,179 | 5,360 | ||||||||||||
Commercial mortgages | 837 | 17,175 | ||||||||||||
Construction | 2,212 | — | ||||||||||||
Residential | 3,721 | 3,247 | ||||||||||||
Consumer | 2,533 | 2,310 | ||||||||||||
Total nonaccruing loans | 34,599 | 41,908 | ||||||||||||
Other real estate owned | 2,195 | 3,061 | ||||||||||||
Restructured loans(1)(6) | 15,036 | 15,539 | ||||||||||||
Total nonperforming assets | $ | 51,830 | $ | 60,508 | ||||||||||
Past due loans: | ||||||||||||||
Commercial | $ | 1,447 | $ | 5,634 | ||||||||||
Residential | 187 | 25 | ||||||||||||
Consumer (2) | 6,515 | 11,035 | ||||||||||||
Total past due loans | $ | 8,149 | $ | 16,694 | ||||||||||
Ratio of allowance for credit losses to total loans and leases(3) | 1.29 | % | 2.51 | % | ||||||||||
Ratio of nonaccruing loans to total gross loans and leases(4) | 0.43 | 0.46 | ||||||||||||
Ratio of nonperforming assets to total assets | 0.34 | 0.42 | ||||||||||||
Ratio of allowance for credit losses to nonaccruing loans | 303 | 546 | ||||||||||||
Ratio of allowance for credit losses to total nonperforming assets(5) | 202 | 378 |
Nine Months Ended September 30, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Beginning balance | $ | 60,508 | $ | 39,808 | ||||||||||
Additions | 42,159 | 23,276 | ||||||||||||
Collections | (29,669) | (11,893) | ||||||||||||
Transfers to accrual | (494) | (134) | ||||||||||||
Charge-offs | (20,674) | (6,552) | ||||||||||||
Ending balance | $ | 51,830 | $ | 44,505 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
% Change in Interest Rate (Basis Points) | % Change in Net Interest Margin(1) | Economic Value of Equity(2) | % Change in Net Interest Margin(1) | Economic Value of Equity(2) | ||||||||||||||||||||||
+300 | 29.3% | 24.37% | 19.7% | 19.10% | ||||||||||||||||||||||
+200 | 19.4% | 23.10% | 13.1% | 18.69% | ||||||||||||||||||||||
+100 | 9.6% | 21.70% | 6.5% | 18.05% | ||||||||||||||||||||||
+50 | 4.7% | 20.33% | 3.2% | 17.59% | ||||||||||||||||||||||
+25 | 2.3% | 20.01% | 1.5% | 17.32% | ||||||||||||||||||||||
— | —% | 19.65% | —% | 17.04% | ||||||||||||||||||||||
-25 | (1.5)% | 19.15% | (1.5)% | 16.62% | ||||||||||||||||||||||
-50 | (2.4)% | 18.52% | (2.1)% | 16.20% | ||||||||||||||||||||||
-100 | (3.9)% | 17.00% | (2.8)% | 15.16% | ||||||||||||||||||||||
'-200(3) | NMF | NMF | NMF | NMF | ||||||||||||||||||||||
-300(3) | NMF | NMF | NMF | NMF |
Three months ended September 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Loans:(2) | ||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | $ | 3,623,187 | $ | 43,335 | 4.75 | % | $ | 4,472,190 | $ | 52,753 | 4.70 | % | ||||||||||||||||||||||||||
Commercial real estate loans | 2,788,963 | 28,454 | 4.05 | 2,848,655 | 30,218 | 4.22 | ||||||||||||||||||||||||||||||||
Residential loans | 601,998 | 9,245 | 6.14 | 892,634 | 12,512 | 5.61 | ||||||||||||||||||||||||||||||||
Consumer loans | 1,109,188 | 11,639 | 4.16 | 1,153,168 | 13,726 | 4.74 | ||||||||||||||||||||||||||||||||
Loans held for sale | 90,635 | 787 | 3.44 | 110,768 | 986 | 3.54 | ||||||||||||||||||||||||||||||||
Total loans and leases | 8,213,971 | 93,460 | 4.52 | 9,477,415 | 110,195 | 4.63 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | 3,397,297 | 13,947 | 1.64 | 2,062,459 | 11,686 | 2.27 | ||||||||||||||||||||||||||||||||
Investment securities(3) | 319,226 | 1,353 | 1.89 | 261,670 | 1,265 | 2.22 | ||||||||||||||||||||||||||||||||
Other interest-earning assets | 1,697,840 | 691 | 0.16 | 530,178 | 224 | 0.17 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 13,628,334 | $ | 109,451 | 3.19 | % | $ | 12,331,722 | $ | 123,370 | 3.99 | % | ||||||||||||||||||||||||||
Allowance for credit losses | (125,830) | (233,301) | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 145,547 | 135,198 | ||||||||||||||||||||||||||||||||||||
Cash in non-owned ATMs | 481,755 | 370,912 | ||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | 33,349 | 30,956 | ||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | 974,417 | 1,012,506 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 15,137,572 | $ | 13,647,993 | ||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,698,391 | $ | 573 | 0.08 | % | $ | 2,372,547 | $ | 790 | 0.13 | % | ||||||||||||||||||||||||||
Savings | 1,931,433 | 139 | 0.03 | 1,753,489 | 621 | 0.14 | ||||||||||||||||||||||||||||||||
Money market | 2,761,222 | 780 | 0.11 | 2,404,202 | 1,805 | 0.30 | ||||||||||||||||||||||||||||||||
Customer time deposits | 1,045,746 | 1,646 | 0.62 | 1,234,637 | 4,402 | 1.42 | ||||||||||||||||||||||||||||||||
Total interest-bearing customer deposits | 8,436,792 | 3,138 | 0.15 | 7,764,875 | 7,618 | 0.39 | ||||||||||||||||||||||||||||||||
Brokered deposits | 58,645 | 412 | 2.79 | 243,728 | 728 | 1.19 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 8,495,437 | 3,550 | 0.17 | 8,008,603 | 8,346 | 0.41 | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | — | — | — | 68,442 | 445 | 2.59 | ||||||||||||||||||||||||||||||||
Trust preferred borrowings | 67,011 | 316 | 1.87 | 67,011 | 347 | 2.06 | ||||||||||||||||||||||||||||||||
Senior debt | 147,730 | 1,089 | 2.95 | 98,733 | 1,179 | 4.78 | ||||||||||||||||||||||||||||||||
Other borrowed funds(4) | 23,324 | 5 | 0.09 | 20,062 | 5 | 0.10 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 8,733,502 | $ | 4,960 | 0.23 | % | $ | 8,262,851 | $ | 10,322 | 0.50 | % | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 4,177,984 | 3,176,647 | ||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 320,421 | 374,206 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,907,868 | 1,836,256 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | (2,203) | (1,967) | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 15,137,572 | $ | 13,647,993 | ||||||||||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | $ | 4,894,832 | $ | 4,068,871 | ||||||||||||||||||||||||||||||||||
Net interest and dividend income | $ | 104,491 | $ | 113,048 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 2.96 | % | 3.49 | % | ||||||||||||||||||||||||||||||||||
Net interest margin | 3.05 | % | 3.66 | % | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Loans:(2) | ||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | $ | 3,885,392 | $ | 141,994 | 4.89 | % | $ | 4,100,401 | $ | 161,837 | 5.28 | % | ||||||||||||||||||||||||||
Commercial real estate loans | 2,794,540 | 85,922 | 4.11 | 2,832,976 | 95,740 | 4.51 | ||||||||||||||||||||||||||||||||
Residential loans | 660,858 | 33,380 | 6.73 | 939,460 | 39,731 | 5.64 | ||||||||||||||||||||||||||||||||
Consumer loans | 1,130,554 | 36,425 | 4.31 | 1,136,107 | 41,726 | 4.91 | ||||||||||||||||||||||||||||||||
Loans held for sale | 127,535 | 3,236 | 3.39 | 91,040 | 2,623 | 3.85 | ||||||||||||||||||||||||||||||||
Total loans and leases | 8,598,879 | 300,957 | 4.68 | 9,099,984 | 341,657 | 5.02 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | 2,964,437 | 37,157 | 1.67 | 2,014,110 | 37,454 | 2.48 | ||||||||||||||||||||||||||||||||
Investment securities | 324,620 | 4,185 | 1.95 | 184,322 | 3,200 | 2.76 | ||||||||||||||||||||||||||||||||
Other interest-earning assets | 1,407,422 | 1,335 | 0.13 | 276,707 | 797 | 0.38 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 13,295,358 | $ | 343,634 | 3.46 | % | $ | 11,575,123 | $ | 383,108 | 4.43 | % | ||||||||||||||||||||||||||
Allowance for credit losses | (181,947) | (158,584) | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 145,571 | 127,859 | ||||||||||||||||||||||||||||||||||||
Cash in non-owned ATMs | 448,244 | 341,940 | ||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | 32,615 | 30,360 | ||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | 990,187 | 1,028,620 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 14,730,028 | $ | 12,945,318 | ||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,610,795 | $ | 1,722 | 0.09 | % | $ | 2,224,258 | $ | 3,569 | 0.21 | % | ||||||||||||||||||||||||||
Savings | 1,895,221 | 438 | 0.03 | 1,670,069 | 3,243 | 0.26 | ||||||||||||||||||||||||||||||||
Money market | 2,733,068 | 2,435 | 0.12 | 2,273,786 | 8,205 | 0.48 | ||||||||||||||||||||||||||||||||
Customer time deposits | 1,080,149 | 5,865 | 0.73 | 1,260,837 | 15,012 | 1.59 | ||||||||||||||||||||||||||||||||
Total interest-bearing customer deposits | 8,319,233 | 10,460 | 0.17 | 7,428,950 | 30,029 | 0.54 | ||||||||||||||||||||||||||||||||
Brokered deposits | 86,050 | 1,364 | 2.12 | 253,566 | 2,786 | 1.47 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 8,405,283 | 11,824 | 0.19 | 7,682,516 | 32,815 | 0.57 | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 243 | 5 | 2.63 | 114,895 | 1,900 | 2.21 | ||||||||||||||||||||||||||||||||
Trust preferred borrowings | 67,011 | 957 | 1.91 | 67,011 | 1,417 | 2.82 | ||||||||||||||||||||||||||||||||
Senior debt | 207,186 | 5,408 | 3.48 | 98,681 | 3,538 | 4.78 | ||||||||||||||||||||||||||||||||
Other borrowed funds(4) | 21,561 | 15 | 0.09 | 64,470 | 484 | 1.00 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 8,701,284 | $ | 18,209 | 0.28 | % | $ | 8,027,573 | $ | 40,154 | 0.67 | % | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 3,879,948 | 2,743,638 | ||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 324,011 | 337,497 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,827,007 | 1,838,087 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | (2,222) | (1,477) | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 14,730,028 | $ | 12,945,318 | ||||||||||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | $ | 4,594,074 | $ | 3,547,550 | ||||||||||||||||||||||||||||||||||
Net interest and dividend income | $ | 325,425 | $ | 342,954 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 3.18 | % | 3.76 | % | ||||||||||||||||||||||||||||||||||
Net interest margin | 3.28 | % | 3.97 | % | ||||||||||||||||||||||||||||||||||
(Dollars and share amounts in thousands, except per share amounts) | September 30, 2021 | December 31, 2020 | ||||||||||||
Stockholders’ equity of WSFS | $ | 1,908,895 | $ | 1,791,726 | ||||||||||
Less: Goodwill and other intangible assets | 549,352 | 557,386 | ||||||||||||
Tangible common equity (numerator) | $ | 1,359,543 | $ | 1,234,340 | ||||||||||
Shares of common stock outstanding (denominator) | 47,548 | 47,756 | ||||||||||||
Book value per share of common stock | $ | 40.15 | $ | 37.52 | ||||||||||
Goodwill and other intangible assets | 11.56 | 11.67 | ||||||||||||
Tangible book value per share of common stock | $ | 28.59 | $ | 25.85 |
Exhibit Number | Description of Document | |||||||
2.1 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document ** | |||||||
101.SCH | XBRL Schema Document ** | |||||||
101.CAL | XBRL Calculation Linkbase Document ** | |||||||
101.LAB | XBRL Labels Linkbase Document ** | |||||||
101.PRE | XBRL Presentation Linkbase Document ** | |||||||
101.DEF | XBRL Definition Linkbase Document ** | |||||||
104 | The cover page of this Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed with the SEC on November 5, 2021, is formatted in Inline XBRL. |
WSFS FINANCIAL CORPORATION | ||||||||
Date: November 5, 2021 | /s/ Rodger Levenson | |||||||
Rodger Levenson | ||||||||
Chairman, President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: November 5, 2021 | /s/ Dominic C. Canuso | |||||||
Dominic C. Canuso | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Date: | November 5, 2021 | /s/ Rodger Levenson | |||||||||||||||
Rodger Levenson | |||||||||||||||||
Chairman, President and Chief Executive Officer | |||||||||||||||||
(Principal Executive Officer) |
Date: | November 5, 2021 | /s/ Dominic C. Canuso | |||||||||||||||
Dominic C. Canuso | |||||||||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||||||||
(Principal Financial and Accounting Officer) |
/s/ Rodger Levenson | /s/ Dominic C. Canuso | |||||||||||||
Rodger Levenson | Dominic C. Canuso | |||||||||||||
Chairman, President and Chief Executive Officer | Executive Vice President and | |||||||||||||
(Principal Executive Officer) | Chief Financial Officer | |||||||||||||
(Principal Financial and Accounting Officer) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net change in Unrealized (losses) gains, tax expense (benefit) | $ (8,094) | $ (1,097) | $ (22,457) | $ 14,610 |
Reclassification adjustment for gains, tax expense | 1 | 797 | 80 | 1,421 |
Amortization of unrealized gain on securities reclassified to held-to-maturity, tax expense | 9 | 12 | 23 | 50 |
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, tax benefit | (7) | (8) | (20) | (15) |
Pension settlement, tax expense | 0 | 0 | 0 | 67 |
Reclassification adjustment related to derivatives, tax expense | 0 | 0 | 0 | 493 |
Amortization of unrealized gain on terminated cash flow hedges, tax benefit | 36 | 36 | 106 | 71 |
Equity method investment tax expense (benefit) | $ 26 | $ (3) | $ 112 | $ (3) |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Interest-bearing deposits in banks and other financial institutions, collateral | $ 5,560 | $ 7,390 |
Amortized Cost | 4,258,105 | 2,450,265 |
Allowance for Credit Losses | 4 | 6 |
Held-to-maturity securities, fair value | 95,897 | 116,421 |
Allowance for credit losses | $ 104,871 | $ 228,804 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, issued (in shares) | 57,634,902 | 57,575,783 |
Treasury stock, shares (in shares) | 10,086,936 | 9,819,627 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Cumulative change in accounting principle |
Balance, January 1, 2020 (as adjusted for change in accounting principle) |
Total Stockholders' Equity of WSFS |
Total Stockholders' Equity of WSFS
Cumulative change in accounting principle
|
Total Stockholders' Equity of WSFS
Balance, January 1, 2020 (as adjusted for change in accounting principle)
|
Common Stock |
Common Stock
Balance, January 1, 2020 (as adjusted for change in accounting principle)
|
Capital in Excess of Par Value |
Capital in Excess of Par Value
Balance, January 1, 2020 (as adjusted for change in accounting principle)
|
Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2020 (as adjusted for change in accounting principle)
|
Retained Earnings |
Retained Earnings
Cumulative change in accounting principle
|
Retained Earnings
Balance, January 1, 2020 (as adjusted for change in accounting principle)
|
Treasury Stock |
Treasury Stock
Balance, January 1, 2020 (as adjusted for change in accounting principle)
|
Non-controlling Interest |
Non-controlling Interest
Balance, January 1, 2020 (as adjusted for change in accounting principle)
|
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance (in shares) at Dec. 31, 2019 | 57,435,658 | 57,435,658 | |||||||||||||||||||||||
Beginning Balance at Dec. 31, 2019 | $ 1,849,491 | $ (30,368) | $ 1,819,123 | $ 1,850,306 | $ (30,368) | $ 1,819,938 | $ 575 | $ 575 | $ 1,049,064 | $ 1,049,064 | $ 23,501 | $ 23,501 | $ 917,377 | $ (30,368) | $ 887,009 | $ (140,211) | $ (140,211) | $ (815) | $ (815) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net income (loss) | 53,579 | 54,961 | 54,961 | (1,382) | |||||||||||||||||||||
Other comprehensive income (loss) | 43,094 | 43,094 | 43,094 | ||||||||||||||||||||||
Cash dividend | (18,319) | (18,319) | (18,319) | ||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 110,906 | ||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 1,359 | 1,359 | $ 1 | 1,358 | |||||||||||||||||||||
Stock-based compensation expense | 1,954 | 1,954 | 1,954 | ||||||||||||||||||||||
Repurchases of common shares | [1] | (39,488) | (39,488) | (749) | (38,739) | ||||||||||||||||||||
Ending Balance (in shares) at Sep. 30, 2020 | 57,546,564 | ||||||||||||||||||||||||
Ending Balance at Sep. 30, 2020 | 1,861,302 | 1,863,499 | $ 576 | 1,051,627 | 66,595 | 923,651 | (178,950) | (2,197) | |||||||||||||||||
Beginning Balance (in shares) at Jun. 30, 2020 | 57,533,236 | ||||||||||||||||||||||||
Beginning Balance at Jun. 30, 2020 | 1,821,794 | 1,823,669 | $ 576 | 1,050,678 | 72,780 | 878,585 | (178,950) | (1,875) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net income (loss) | 50,823 | 51,145 | 51,145 | (322) | |||||||||||||||||||||
Other comprehensive income (loss) | (6,185) | (6,185) | (6,185) | ||||||||||||||||||||||
Cash dividend | (6,079) | (6,079) | (6,079) | ||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 13,328 | ||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 368 | 368 | 368 | ||||||||||||||||||||||
Stock-based compensation expense | 660 | 660 | 660 | ||||||||||||||||||||||
Repurchases of common shares | [2] | (79) | (79) | (79) | |||||||||||||||||||||
Ending Balance (in shares) at Sep. 30, 2020 | 57,546,564 | ||||||||||||||||||||||||
Ending Balance at Sep. 30, 2020 | 1,861,302 | 1,863,499 | $ 576 | 1,051,627 | 66,595 | 923,651 | (178,950) | (2,197) | |||||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 57,575,783 | ||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | 1,789,480 | 1,791,726 | $ 576 | 1,053,022 | 56,007 | 977,414 | (295,293) | (2,246) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net income (loss) | 215,204 | 215,155 | 215,155 | 49 | |||||||||||||||||||||
Other comprehensive income (loss) | (71,493) | (71,493) | (71,493) | ||||||||||||||||||||||
Cash dividend | (18,058) | (18,058) | (18,058) | ||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 59,119 | ||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 526 | 526 | $ 1 | 525 | |||||||||||||||||||||
Stock-based compensation expense | 4,250 | 4,250 | 4,250 | ||||||||||||||||||||||
Repurchases of common shares | [3] | (13,211) | (13,211) | (1,183) | (12,028) | ||||||||||||||||||||
Ending Balance (in shares) at Sep. 30, 2021 | 57,634,902 | ||||||||||||||||||||||||
Ending Balance at Sep. 30, 2021 | 1,906,698 | 1,908,895 | $ 577 | 1,056,614 | (15,486) | 1,174,511 | (307,321) | (2,197) | |||||||||||||||||
Beginning Balance (in shares) at Jun. 30, 2021 | 57,622,151 | ||||||||||||||||||||||||
Beginning Balance at Jun. 30, 2021 | 1,881,811 | 1,884,054 | $ 577 | 1,054,276 | 10,238 | 1,126,284 | (307,321) | (2,243) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net income (loss) | 54,452 | 54,406 | 54,406 | 46 | |||||||||||||||||||||
Other comprehensive income (loss) | (25,724) | (25,724) | (25,724) | ||||||||||||||||||||||
Cash dividend | (6,179) | (6,179) | (6,179) | ||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 12,751 | ||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 349 | 349 | 349 | ||||||||||||||||||||||
Stock-based compensation expense | 1,989 | 1,989 | 1,989 | ||||||||||||||||||||||
Repurchases of common shares | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Ending Balance (in shares) at Sep. 30, 2021 | 57,634,902 | ||||||||||||||||||||||||
Ending Balance at Sep. 30, 2021 | $ 1,906,698 | $ 1,908,895 | $ 577 | $ 1,056,614 | $ (15,486) | $ 1,174,511 | $ (307,321) | $ (2,197) | |||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Cash dividend (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.38 | $ 0.36 |
Repurchase of common stock (in shares) | 1,004,348 | |||
Shares withheld for tax liabilities (in shares) | 2,353 | 18,348 | 24,884 | |
Treasury Stock | ||||
Repurchase of common stock (in shares) | 267,309 |
BASIS OF PRESENTATION |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION General These unaudited Consolidated Financial Statements include the accounts of WSFS Financial Corporation (the Company or WSFS), Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), WSFS Wealth Management, LLC (Powdermill®), WSFS Capital Management, LLC (West Capital), Cypress Capital Management, LLC (Cypress), Christiana Trust Company of Delaware® (Christiana Trust DE) and WSFS SPE Services, LLC. The Company also has one unconsolidated subsidiary, WSFS Capital Trust III. WSFS Bank has two wholly owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC) and 1832 Holdings, Inc., and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®). Overview Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). The Company provides residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. The banking business is commercial lending funded primarily by customer-generated deposits. In addition, the Company offers a variety of wealth management and trust services to personal and corporate customers. The Federal Deposit Insurance Corporation (FDIC) insures the customers’ deposits to their legal maximums. The Company serves its customers primarily from 112 offices located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1), its ATM network, website at www.wsfsbank.com and mobile app. Information on the website is not incorporated by reference into this Quarterly Report on Form 10-Q. The Company's leasing business is conducted by NewLane Finance®. NewLane Finance® originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance® offers captive insurance through its subsidiary, Prime Protect. Basis of Presentation In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity), lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets, the establishment of additional allowance and lending-related commitment reserves as well as increased post-retirement benefits expense. The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Certain prior period amounts have been reclassified to conform with current period presentation. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2021. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Annual Report on Form 10-K) that was filed with the SEC on March 1, 2021 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES: The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Company's 2020 Annual Report on Form 10-K. Those significant accounting policies remain unchanged at September 30, 2021. RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2021 ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance adds new amendments to simplify income tax accounting and removes certain exceptions and modifies the accounting for certain income tax transactions. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Adoption is required on a prospective, modified-retrospective or retrospective basis, depending on the amendment. The Company adopted this standard on January 1, 2021, on a prospective basis with no impact to the Consolidated Financial Statements at the time of adoption. ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815: In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The new guidance clarifies that observable transactions under the measurement alternative method (ASC 321) should be considered when applying or discontinuing the equity method of accounting (ASC 323). The guidance also clarifies that certain non-derivative forward contracts and purchase call options to acquire securities, should be measured at fair value before settlement or exercise. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Use of the prospective method is required. The Company adopted this standard on January 1, 2021, on a prospective basis with no impact to the Consolidated Financial Statements at the time of adoption. ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope: In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The new guidance expands and clarifies the scope of ASU No. 2020-04 to include derivatives affected by changes in interest rates used for margining, discounting, or contract price alignment, commonly referred to as the “discounting transaction.” Derivatives impacted by the discounting transaction will be eligible for certain optional expedients and exceptions related to contract modifications and hedge accounting as defined in Topic 848. The guidance is effective upon issuance through December 31, 2022 and there was no impact to the Company at the time the guidance became effective. The Company will apply this guidance to any derivatives affected by the discounting transaction due to reference rate reform. There was no accounting guidance pending adoption at September 30, 2021.
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NONINTEREST INCOME |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONINTEREST INCOME | 3. NONINTEREST INCOME Credit/debit card and ATM income The following table presents the components of credit/debit card and ATM income:
Credit/debit card and ATM income is composed of bailment fees, interchange fees, and other card and ATM fees. Bailment fees are earned from bailment arrangements with customers. Bailment arrangements are legal relationships in which property is delivered to another party without a transfer of ownership. The party who transferred the property (the bailor) retains ownership interest of the property. In the event that the bailee files for bankruptcy protection, the property is not included in the bailee's assets. The bailee pays an agreed-upon fee for the use of the bailor's property in exchange for the bailor allowing use of the assets at the bailee's site. Bailment fees are earned from cash that is made available for customers' use at an offsite location, such as cash located in an ATM at a customer's place of business. These fees are typically indexed to a market interest rate. This revenue stream generates fee income through monthly billing for bailment services. Credit/debit card and ATM income also includes interchange fees. Interchange fees are paid by a merchant's bank to a bank that issued a debit or credit card used in a transaction to compensate the issuing bank for the value and benefit the merchant receives from accepting electronic payments. These revenue streams generate fee income at the time a transaction occurs and are recorded as revenue at the time of the transaction. Interchange income decreased due to the impact of the Durbin Amendment, which became effective for the Company on July 1, 2020. The Durbin Amendment is a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that established a cap on interchange fees with respect to debit transactions for banks that, together with their affiliates, have over $10 billion in assets. Investment management and fiduciary income The following table presents the components of investment management and fiduciary income:
Investment management and fiduciary income is composed of trust fees and wealth management and advisory fees. Trust fees are based on revenue earned from custody, escrow, trustee and trustee related services on structured finance transactions; indenture trustee, administrative agent and collateral agent services to institutions and corporations; commercial domicile and independent director services; and investment and trustee services to families and individuals across the U.S. Most fees are flat fees, except for a portion of personal and corporate trustee fees where the Company earns a percentage on the assets under management or assets held within a trust. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for services provided. Wealth management and advisory fees consists of fees from Cypress, West Capital, Powdermill® and WSFS Wealth® Investments. Wealth management and advisory fees are based on revenue earned from services including asset management, financial planning, family office, and brokerage. The fees are based on the market value of assets, are assessed as a flat fee, or are brokerage commissions. This revenue stream primarily generates fee income through quarterly and annual billing for the services. Deposit service charges The following table presents the components of deposit service charges:
Deposit service charges includes revenue earned from core deposit products, certificates of deposit, and brokered deposits. The Company generates fee revenues from deposit service charges primarily through service charges and overdraft fees. Service charges consist primarily of monthly account maintenance fees, cash management fees, foreign ATM fees and other maintenance fees. All of these revenue streams generate fee income through service charges for monthly account maintenance and similar items, transfer fees, late fees, overlimit fees, and stop payment fees. Revenue is recorded at the time of the transaction. Other income The following table presents the components of other income:
Other income consists of managed service fees, which are primarily courier fees related to cash management, currency preparation, ATM loss protection and other miscellaneous products and services offered by the Bank. These fees are primarily generated through monthly billings or at the time of the transaction. Arrangements with multiple performance obligations The Company's contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers. Practical expedients and exemptions The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. See Note 15 for further information about the disaggregation of noninterest income by segment.
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | 4. EARNINGS PER SHARE The following table shows the computation of basic and diluted earnings per share:
Basic earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average basic shares outstanding. Diluted earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average fully diluted shares outstanding, using the treasury stock method. Fully diluted shares include the adjustment for the dilutive effect of common stock awards, which include outstanding stock options and unvested restricted stock units under the 2013 Incentive Plan and the 2018 Incentive Plan.
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INVESTMENTS |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | 5. INVESTMENTS Debt Securities The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at amortized cost basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized gains of $0.3 million at September 30, 2021, which are offset in Accumulated other comprehensive (loss) income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
(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 transferred held-to-maturity securities included net unrealized gains of $0.4 million at December 31, 2020, which are offset in Accumulated other comprehensive income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss. The scheduled maturities of available-for-sale debt securities at September 30, 2021 and December 31, 2020 are presented in the table below:
(1)Actual maturities could differ from contractual maturities. The scheduled maturities of held-to-maturity debt securities at September 30, 2021 and December 31, 2020 are presented in the table below:
(1)Actual maturities could differ from contractual maturities. MBS may have expected maturities that differ from their contractual maturities. These differences arise because issuers may have the right to call securities and borrowers may have the right to prepay obligations with or without prepayment penalty. The estimated weighted average duration of MBS was 4.6 years at September 30, 2021. The held-to-maturity debt securities are not collateral-dependent securities as these are general obligation bonds issued by cities, states, counties, or other local and foreign governments. Investment securities with fair market values aggregating $2.1 billion and $1.3 billion were pledged as collateral for retail customer repurchase agreements, municipal deposits, and other obligations as of September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 2021, the Company sold $14.0 million of debt securities categorized as available-for-sale, resulting in $0.3 million of realized gains and no realized losses. During the nine months ended September 30, 2020, the Company sold $198.9 million of debt securities categorized as available-for-sale resulting in $5.9 million of realized gains and no realized losses. As of September 30, 2021 and December 31, 2020, the Company's debt securities portfolio had remaining unamortized premiums of $70.1 million and $60.4 million, respectively, and unaccreted discounts of $8.3 million and $2.6 million, respectively. For debt securities in an unrealized loss position and an allowance has not been recorded, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at September 30, 2021.
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2020.
At September 30, 2021, available-for-sale debt securities for which the amortized cost basis exceeded fair value totaled $2.9 billion. Total unrealized losses on these securities were $61.5 million at September 30, 2021. The Company does not have the intent to sell, nor is it more likely than not it will be required to sell these securities before it is able to recover the amortized cost basis. The unrealized losses are the result of changes in market interest rates subsequent to purchase, not credit loss, as these are highly rated agency securities with no expected credit loss, in the event of a default. As a result, there is no allowance for credit losses recorded for available-for-sale debt securities as of September 30, 2021. At September 30, 2021 and December 31, 2020, held-to-maturity debt securities had an amortized cost basis of $92.2 million and $111.7 million, respectively. The held-to-maturity debt security portfolio primarily consists of highly rated municipal bonds. The Company monitors credit quality of its debt securities through credit ratings. The following table summarizes the amortized cost of debt securities held-to-maturity as of September 30, 2021, aggregated by credit quality indicator:
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2020, aggregated by credit quality indicator:
The Company reviewed its held-to-maturity debt securities by major security type for potential credit losses. There was no activity in the allowance for credit losses for foreign bond debt securities for the nine months ended September 30, 2021 and 2020. The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the nine months ended September 30, 2021 and 2020:
Accrued interest receivable of $0.8 million and $1.1 million as of September 30, 2021 and December 31, 2020, respectively, for held-to-maturity debt securities were excluded from the evaluation of allowance for credit losses. There were no nonaccrual or past due held-to-maturity debt securities as of September 30, 2021 and December 31, 2020. Equity Investments The Company had equity investments with a fair value of $10.2 million and $9.5 million as of September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 2021, total net gains on equity investments of $4.4 million were recorded from the sale of the Company's investment in Social Finance, Inc. (SoFi) in July 2021. This included a realized loss of $0.7 million which was recorded in Realized (loss) gain on equity investments, net in the Consolidated Statements of Income at the time of sale. During the nine months ended September 30, 2020, total net gains on equity investments of $22.8 million were recorded in the Company's Consolidated Statements of Income. This included a net realized gain of $22.1 million which was recorded in Realized (loss) gain on equity investments, net for the sale of Visa Class B shares in June 2020.
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LOANS |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS | 6. LOANS The following table shows the Company's loan and lease portfolio by category:
(1) Includes PPP loans of $66.7 million at September 30, 2021 and $751.2 million at December 31, 2020. (2) Includes reverse mortgages at fair value of $7.5 million at September 30, 2021 and $10.1 million at December 31, 2020. (3) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. Accrued interest receivable on loans and leases was $31.2 million and $37.6 million at September 30, 2021 and December 31, 2020, respectively. Accrued interest receivable on loans and leases was excluded from the evaluation of allowance for credit losses.
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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION | 7. ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION The following tables provide the activity of allowance for credit losses and loan balances for the three and nine months ended September 30, 2021 and 2020. During 2021, the decrease to the allowance for credit losses was primarily due to positive economic developments in our forecasts and improved credit quality metrics with declines in our problem assets, nonperforming assets and delinquencies.
(1)Includes commercial small business leases and PPP loans. (2)Period-end loan balance excludes reverse mortgages at fair value of $7.5 million. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
(1)Includes commercial small business leases and PPP loans. (2)Period-end loan balance excludes reverse mortgages at fair value of $12.5 million. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (4)Includes $0.1 million for the initial allowance on loans purchased with credit deterioration. The following tables show nonaccrual and past due loans presented at amortized cost at the date indicated:
(1)Nonaccrual loans with an allowance totaled $7.5 million. (2)Includes commercial small business leases and PPP loans. (3)Residential accruing current balances excludes reverse mortgages at fair value of $7.5 million. (4)Includes $14.6 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.
(1)Nonaccrual loans with an allowance totaled less than $0.1 million (2)Includes commercial small business leases and PPP loans. (3)Residential accruing current balances excludes reverse mortgages, at fair value of $10.1 million. (4)Includes $18.2 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss. The following table presents the amortized cost basis of nonaccruing collateral-dependent loans by class at September 30, 2021 and December 31, 2020:
(1)Includes commercial small business leases. (2)Excludes reverse mortgages at fair value. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. Interest income recognized on individually reviewed loans was $0.2 million and $0.5 million during the three months ended September 30, 2021 and 2020, respectively, and $0.6 million and $0.8 million during the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, there were 25 residential loans and 15 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $2.0 million and $10.0 million, respectively. As of December 31, 2020, there were 27 residential loans and 23 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $1.9 million and $12.8 million, respectively. Loan workout and other real estate owned (OREO) expenses were $0.6 million and $1.4 million during the three and nine months ended September 30, 2021, and $0.6 million and $2.4 million during three and nine months ended September 30, 2020. Loan workout and OREO expenses are included in Loan workout and other credit costs on the Consolidated Statement of Income. Credit Quality Indicators Below is a description of each of the 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. These 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 or Lower. These 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. In addition, some borrowers in this category could have 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. Such impending events include: perfecting liens on additional collateral, obtaining collateral valuations, an acquisition or liquidation preceding, proposed merger, or refinancing plan. 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 credit losses as of September 30, 2021.
(1)Includes commercial small business leases. (2)Includes $66.7 million of PPP loans. (3)Excludes reverse mortgages at fair value. (4)Includes troubled debt restructured mortgages performing in accordance with the loans' modified terms and accruing interest. (5)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (6)Includes troubled debt restructured home equity installment loans performing in accordance with the loans' modified terms and accruing interest. The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of December 31, 2020.
(1)Includes commercial small business leases. (2)Includes $751.2 million of PPP loans. (3)Excludes reverse mortgages at fair value. (4)Includes troubled debt restructured mortgages performing in accordance with the loans' modified terms and accruing interest. (5)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (6)Includes troubled debt restructured home equity installment loans performing in accordance with the loans' modified terms and accruing interest. Troubled Debt Restructurings (TDRs) The following table presents the balance of TDRs as of the indicated dates:
Approximately $0.2 million and less than $0.1 million in related reserves have been established for these loans at September 30, 2021 and December 31, 2020, respectively. The following tables present information regarding the types of loan modifications made for the three and nine months ended September 30, 2021 and 2020:
(1)Includes underwriting exceptions. Principal balances are generally not forgiven when a loan is modified as a TDR. Nonaccruing restructured loans remain in nonaccrual status until there has been a period of sustained repayment performance, which is typically six months, and repayment is reasonably assured. The following tables present loans modified as TDRs during the three and nine months ended September 30, 2021 and 2020.
(1)During the three and nine months ended September 30, 2021, the TDRs set forth in the table above resulted in a less than $0.1 million increase in the allowance for credit losses for both periods, and no additional charge-offs in either period. During the three and nine months ended September 30, 2021, no TDRs defaulted that had received troubled debt modification during the past twelve months. (2)The TDRs set forth in the table above did not occur as a result of the loan forbearance program under the CARES Act.
(1)During the three and nine months ended September 30, 2020 the TDRs set forth in the table above resulted in a less than $0.1 million increase and a $0.1 million increase in the allowance for credit losses, respectively, and no additional charge-offs in either period. During the three and nine months ended September 30, 2020, no TDRs defaulted that had received troubled debt modification during the past twelve months. (2)The TDRs set forth in the table above did not occur as a result of the loan forbearance program under the CARES Act.
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LEASES |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | 8. LEASES As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment. As a lessor, the Company primarily provides financing through its equipment leasing business. Lessee The Company's ongoing leases have remaining lease terms of less than one year to 40 years, which includes renewal options that exercised at its discretion. The Company's lease terms to calculate the lease liability and right of use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right of use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statement of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statement of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statement of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties. The components of operating lease cost were as follows:
(1)Includes variable lease cost and short-term lease cost. Supplemental balance sheet information related to operating leases was as follows:
Maturities of operating lease liabilities were as follows:
Supplemental cash flow information related to operating leases was as follows:
Lessor Equipment Leasing The Company provides equipment and small business lease financing through its leasing subsidiary, NewLane Finance®. Interest income from direct financing leases where the Company is a lessor is recognized in Interest and fees on loans and leases on the Consolidated Statements of Income. The allowance for credit losses on finance leases is included in (Recovery of) provision for credit losses on the Consolidated Statements of Income. The components of direct finance lease income are summarized in the table below:
Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:
Future minimum lease payments to be received for direct financing leases were as follows:
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LEASES | 8. LEASES As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment. As a lessor, the Company primarily provides financing through its equipment leasing business. Lessee The Company's ongoing leases have remaining lease terms of less than one year to 40 years, which includes renewal options that exercised at its discretion. The Company's lease terms to calculate the lease liability and right of use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right of use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statement of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statement of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statement of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties. The components of operating lease cost were as follows:
(1)Includes variable lease cost and short-term lease cost. Supplemental balance sheet information related to operating leases was as follows:
Maturities of operating lease liabilities were as follows:
Supplemental cash flow information related to operating leases was as follows:
Lessor Equipment Leasing The Company provides equipment and small business lease financing through its leasing subsidiary, NewLane Finance®. Interest income from direct financing leases where the Company is a lessor is recognized in Interest and fees on loans and leases on the Consolidated Statements of Income. The allowance for credit losses on finance leases is included in (Recovery of) provision for credit losses on the Consolidated Statements of Income. The components of direct finance lease income are summarized in the table below:
Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:
Future minimum lease payments to be received for direct financing leases were as follows:
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GOODWILL AND INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | 9. GOODWILL AND INTANGIBLE ASSETS In accordance with ASC 805, Business Combinations (ASC 805) and 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 as of acquisition date. WSFS performs its annual goodwill impairment test on October 1 or more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. In between annual tests, management performs a qualitative review of goodwill quarterly as part of the Company's review of the overall business to ensure no events or circumstances have occurred that would impact its goodwill evaluation. During the nine months ended September 30, 2021, management determined based on its qualitative assessment that it is not more likely than not that the fair values of our reporting units are less than their carrying values. No goodwill impairment exists during the nine months ended September 30, 2021. The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:
ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes the Company's intangible assets:
(1)Includes impairment losses of $0.1 million for both the three and nine months ended September 30, 2021. (2)Includes impairment losses of $0.2 million for the year ended December 31, 2020 The Company recognized amortization expense on intangible assets of $2.6 million and $7.9 million for the three and nine months ended September 30, 2021, compared to $2.7 million and $8.2 million for the three and nine months ended September 30, 2020. The following table presents the estimated future amortization expense on intangible assets:
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DEPOSITS |
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Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS | 10. DEPOSITS The following table shows deposits by category:
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ASSOCIATE BENEFIT PLANS |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSOCIATE BENEFIT PLANS | 11. ASSOCIATE BENEFIT PLANS Postretirement Medical Benefits The Company shares certain costs of providing health and life insurance benefits to eligible retired Associates (employees) and their eligible dependents. Previously, all Associates were eligible for these benefits if they reached normal retirement age while working for the Company. Effective March 31, 2014, the Company changed the eligibility of this plan to include only those Associates who have achieved ten years of service as of March 31, 2014. The Company uses the mortality table issued by the Office of the Actuary of the U.S. Bureau of Census in its calculation. The Company accounts for its obligations under the provisions of ASC 715, Compensation - Retirement Benefits (ASC 715). ASC 715 requires the recognition of the costs of these benefits 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. The Company recognizes its service cost in Salaries, benefits and other compensation and the other components of net periodic benefit cost in Other operating expenses in the unaudited Consolidated Statements of Income. The following table presents the components of net periodic benefit cost related to postretirement medical benefits plan.
Alliance Associate Pension Plan During the fourth quarter of 2015, the Company completed the acquisition of Alliance Bancorp, Inc. of Pennsylvania (Alliance). At the time of the acquisition, the Company assumed the Alliance pension plan offered to Alliance Associates. In the first quarter of 2020, the Company received Internal Revenue Service and Pension Benefit Guaranty Corporation approval to terminate the plan. As of June 30, 2020, the Company completed the termination and contributed $0.5 million to the plan to settle the obligation. The following table presents the components of net periodic benefit cost related to the Alliance Associate Pension Plan. There was no net periodic benefit cost during 2021.
Beneficial Associate Pension and other postretirement benefits plans On March 1, 2019, the Company closed its acquisition of Beneficial Bancorp, Inc. (Beneficial). At the time of the acquisition, the Company assumed the pension plan covering certain eligible Beneficial Associates. The plan was frozen in 2008. The following table presents the components of net periodic benefit cost related to the Beneficial pension benefits and other postretirement benefit plans.
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INCOME TAXES |
9 Months Ended |
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Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES There were no unrecognized tax benefits as of September 30, 2021. The Company records interest and penalties on potential income tax deficiencies as income tax expense. The Company's federal and state tax returns for the 2017 through 2020 tax years are subject to examination as of September 30, 2021. The Company does not expect to record or realize any material unrecognized tax benefits during 2021. As a result of the adoption of ASC 326 - Credit Losses on January 1, 2020, the tax impact relating to the incremental provision for expected credit losses from financial assets held at amortized cost has been reflected as a credit to retained earnings to reflect the tax impact of increased credit reserves. Accordingly, $8.5 million of such impact has been reflected as an income tax credit and deferred tax asset on the Company's Consolidated Statements of Financial Condition. Section 2303(b) of the CARES Act provides the Company with an opportunity to carry back net operating losses (NOLs) arising from 2018, 2019 and 2020 to the prior five tax years. The Company has such NOLs reflected on its balance sheet as a portion of its current tax receivables, which were previously valued at the federal corporate income tax rate of 21%. However, the provisions of the CARES Act provide for NOL carryback claims to be calculated based on a rate of 35%, which was the federal corporate tax rate in effect for the carryback years. Consequently, effective March 31, 2020, the Company has revalued the benefit from its NOLs to reflect a 35% tax rate, which resulted in the recognition of an additional $1.7 million income tax benefit and deferred tax asset on the Company's Consolidated Statements of Financial Condition. The amortization of the low-income housing credit investments has been reflected as income tax expense of $0.9 million and $0.8 million for the three months ended September 30, 2021 and 2020, respectively, and $2.7 million and $2.4 million of such amortization has been reflected as income tax expense for the nine months ended September 30, 2021 and 2020, respectively. The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the nine months ended September 30, 2021 were $2.6 million, $2.7 million and $0.5 million, respectively. The carrying value of the investment in affordable housing credits is $40.5 million at September 30, 2021, compared to $26.6 million at December 31, 2020.
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FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES | 13. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES ASC 820-10, Fair Value Measurement (ASC 820-10) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: •Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. •Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. •Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following tables present financial instruments carried at fair value as of September 30, 2021 and December 31, 2020 by level in the valuation hierarchy (as described above):
Fair value is based on quoted market prices, where available. If such quoted market prices are not available, fair value is based on 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. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its 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 Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company believes that this Level 2 designation is appropriate under ASC 820-10, as these securities are GSEs and GNMA securities with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains 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 investments Other investments includes equity investments with and without readily determinable fair values and equity method investments, which are categorized as Level 3. The Company's equity investments with a readily determinable fair value are held at fair value. The Company’s equity investments without readily determinable fair values are held at cost, and are adjusted for any observable transactions during the reporting period and its equity method investments are initially recorded at cost based on the Company’s percentage ownership in the investee, and are adjusted to reflect the recognition of the Company’s proportionate share of income or loss of the investee based on the investee’s earnings. 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 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 other real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties. Loans held for sale The fair value of loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities. Other assets Other assets include the fair value of interest rate products and derivatives on the residential mortgage held for sale loan pipeline. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Other liabilities Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline and derivative related to the sale of certain Visa Class B common shares. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of the derivative related to the sale of certain Visa Class B common shares is based on: (i) the agreed upon graduated fee structure; (ii) the length of time until the resolution of the Visa covered litigation; and (iii) the estimated impact of dilution in the conversion ratio of Class B shares resulting from changes in the Visa covered litigation. 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, cash equivalents, and restricted cash 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 Investment securities include debt securities classified as held-to-maturity or available-for-sale. Fair value is estimated using quoted prices for similar securities, which the Company obtains from a third party vendor. The Company uses 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 the Company to validate the vendor’s methodology as described above in available-for-sale securities. Other investments Other investments includes equity investments with and without readily determinable fair values (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Loans held for sale Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Loans and leases Loans and leases are segregated by portfolio segments with similar financial characteristics. The fair values of loans and leases, with the exception of reverse mortgages, 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 values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral, if the loan is collateral dependent. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique does 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. Accrued interest receivable The carrying amounts of interest receivable approximate fair value. Other assets Other assets include the fair value of interest rate products and derivatives on the residential mortgage held for sale loan pipeline (see discussion in “Fair Value of Financial Assets and Liabilities” section above). 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 the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Off-balance sheet instruments The fair value of off-balance sheet instruments, including swap guarantees of $13.3 million at September 30, 2021 and $12.8 million at December 31, 2020, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution. Accrued interest payable The carrying amounts of interest payable approximate fair value. Other liabilities Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Assets measured at fair value using significant unobservable inputs (Level 3) The following table provides a description of the valuation technique and significant unobservable inputs for the Company's assets classified as Level 3 and measured at fair value on a nonrecurring basis:
The book value and estimated fair value of the Company's financial instruments are as follows:
(1) Includes reverse mortgage loans. At September 30, 2021 and December 31, 2020 the Company had no commitments to extend credit measured at fair value.
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DERIVATIVE FINANCIAL INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | 14. DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both economic conditions and its business operations. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. Fair Values of Derivative Instruments The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of September 30, 2021.
The table below presents the fair value of derivative financial instruments as well as their location on the Consolidated Statements of Financial Condition as of December 31, 2020.
Derivatives Designated as Hedging Instruments: Cash Flow Hedges of Interest Rate Risk The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of fixed amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. Changes to the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. During the first half of 2020, such derivatives were used to hedge the variable cash flows associated with a variable rate loan pool. In 2020, the Company terminated its three interest rate derivatives that were designated as cash flow hedges for a net gain of $1.3 million, recognized in accumulated other comprehensive income. Hedge accounting was discontinued, and the net gain in accumulated comprehensive income is reclassified into earnings when the transaction affects earnings. As the underlying hedged transaction continues to be probable, the $1.3 million net gain will be recognized into earnings on a straight-line basis over each derivative's original contract term. During the next twelve months, the Company estimates that $0.2 million will be reclassified as an increase to interest income. During the three and nine months ended September 30, 2021, $0.1 million and $0.4 million, respectively, was reclassified into interest income. The table below presents the effect of the cash flow hedges on the unaudited Consolidated Statements of Income for three and nine months ended September 30, 2020.
Derivatives Not Designated as Hedging Instruments: Back-to-Back Swap Transactions The Company entered into agreements with two unrelated financial institutions whereby the Company enters into an interest rate swap transaction with the customer and offsets that transaction with another counterparty. Derivative financial instruments related to back-to-back swaps are recorded at fair value and are not designated as accounting hedges. Swap Guarantees The Company entered into agreements with six unrelated financial institutions whereby those financial institutions entered into interest rate derivative contracts (interest rate swap transactions) directly with customers referred to them by the Company. Under the terms of the agreements, those financial institutions have recourse to us for any exposure created under each swap transaction, only in the event that the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows 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 September 30, 2021 and December 31, 2020, there were 257 and 234 variable-rate to fixed-rate swap transactions between the third-party financial institutions and the Company's customers, respectively. The initial notional aggregate amount was approximately $1.2 billion and $1.1 billion at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021, the swap transactions remaining maturities ranged from under 1 year to 14 years. At September 30, 2021, 203 of these customer swaps were in a paying position to third parties for $44.6 million, with our swap guarantees having a fair value of $13.3 million. At December 31, 2020, 231 of these customer swaps were in a paying position to third parties for $81.6 million, with the Company's swap guarantees having a fair value of $12.8 million. However, for both periods, none of the Company's customers were in default of the swap agreements. Derivative Financial Instruments from Mortgage Banking Activities 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 to customers, also referred to as interest rate lock commitments. The Company may also 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 interest rate risk. The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2021 and September 30, 2020.
Credit-risk-related Contingent Features The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $6.4 million in securities and $5.6 million in cash against its obligations under these agreements. If the Company had breached any of these provisions at September 30, 2021, it could have been required to settle its obligations under the agreements at the termination value.
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | 15. SEGMENT INFORMATION As defined in 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. The Company evaluates performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to the Company's segments are those that apply to its preparation of the accompanying unaudited Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth Management. The WSFS Bank segment provides financial products to commercial and retail customers. Retail and Commercial Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment. The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and retail safes nationwide. 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 planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients through multiple integrated businesses. WSFS Wealth® Investments provides financial advisory services along with insurance and brokerage products. Cypress, a registered investment adviser, is a fee-only wealth management firm managing a “balanced” investment style portfolio focused on preservation of capital and generating current income. West Capital, a registered investment adviser, is a fee-only wealth management firm operating under a multi-family office philosophy to provide customized solutions to institutions and high-net-worth individuals. The trust division of WSFS, comprised of WSFS Institutional Services® and Christiana Trust DE, provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles. Christiana Trust DE also provides personal trust and fiduciary services to families and individuals across the U.S. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach. WSFS Wealth Client Management serves high-net-worth clients by delivering credit and deposit products and partnering with other Wealth Management units to provide comprehensive solutions to clients. The following tables show segment results for the three and nine months ended September 30, 2021 and 2020:
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES Secondary Market Loan Sales The Company typically sells 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 the unaudited Consolidated Statements of Financial Condition at fair value with changes in the value reflected in the unaudited Consolidated Statements of Income. Gains and losses are recognized at the time of sale. The Company periodically retains the servicing rights on residential mortgage loans sold which results in monthly service fee income. The mortgage servicing rights are included in Intangible assets in the unaudited Consolidated Statements of Financial Condition. Otherwise, the Company sells loans with servicing released on a nonrecourse basis. Rate-locked loan commitments that the Company intends to sell in the secondary market are accounted for as derivatives under ASC 815, Derivatives and Hedging (ASC 815). The Company does not sell loans with recourse, except for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, early payment default by the borrower. These are customary repurchase provisions in the secondary market for residential mortgage loan sales. These provisions may include either an indemnification from loss or the repurchase of the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were no repurchases during the nine months ended September 30, 2021 and 2020. Unfunded Lending Commitments At September 30, 2021 and December 31, 2020, the allowance for credit losses of unfunded lending commitments were $7.7 million and $8.2 million, respectively. A provision release of $0.4 million and $0.5 million was recognized during the three and nine months ended September 30, 2021, respectively, and a provision expense for unfunded lending commitments of $0.9 million and $4.1 million was recognized during the three and nine months ended September 30, 2020, respectively.
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CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 17. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive 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 unaudited 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:
The unaudited Consolidated Statements of Income were impacted by components of other comprehensive income as shown in the tables below:
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RELATED PARTY TRANSACTIONS |
9 Months Ended |
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Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 18. RELATED PARTY TRANSACTIONS In the ordinary course of business, from time to time the Company enters into transactions with related parties, including, but not limited to, its 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 features unfavorable to the Company. Any related party loans exceeding $0.5 million require review and approval by the Board of Directors. There were no loans originated during the nine months ended September 30, 2021 compared to two loans originated and sold during the nine months ended September 30, 2020. The outstanding balances of loans to related parties at September 30, 2021 and December 31, 2020 were $0.4 million and $0.2 million, respectively. Total deposits from related parties at September 30, 2021 and December 31, 2020 were $11.5 million and $8.3 million, respectively. During the third quarter of 2021, there were no new loan and credit line advances to related parties and repayments were less than $0.1 million.
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LEGAL AND OTHER PROCEEDINGS |
9 Months Ended |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL AND OTHER PROCEEDINGS | 19. LEGAL AND OTHER PROCEEDINGS In accordance with the current accounting standards for loss contingencies, the Company establishes reserves for litigation-related matters that arise in the ordinary course of its 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, the Company's defense of litigation claims may result in legal fees, which it expenses as incurred. As previously disclosed, on February 27, 2018, the Company entered into a settlement agreement with Universitas Education, LLC (Universitas) to resolve arbitration claims related to services provided by Christiana Bank and Trust Company (CB&T) prior to its acquisition by WSFS in December 2010. In accordance with the litigation settlement, the Company paid Universitas $12.0 million to fully settle the claims. During the third quarter of 2018, WSFS recovered $7.9 million in settlement and legal costs from insurance carriers that provided coverage relating to the Universitas matter. WSFS is pursuing all of its rights and remedies to recover the remaining amounts relating to the Universitas proceeding, including the Universitas settlement payment, legal fees and related costs, by enforcing the indemnity right in the 2010 purchase agreement by which WSFS acquired CB&T. During the second quarter of 2021, the court hearing WSFS' claim for indemnification granted WSFS' motion for summary judgement on the issue of liability against the counterparty to the purchase agreement. The court has not yet scheduled trial on damages owed to WSFS. In March 2017, Nature’s Healing Trust (NHT) filed a complaint against WSFS Bank in the Delaware Court of Chancery. NHT asserts that WSFS Bank failed to provide timely notice concerning the possible lapse of two life settlement policies (aggregate face amount of $6.3 million) held in the trust. NHT asserts claims against WSFS Bank for breach of contract, breach of fiduciary duty, and negligence, and seeks the face value of the policies. WSFS Bank disputed the factual allegations and denied liability. On August 5, 2021, WSFS Bank reached a settlement with NHT, under which WSFS will pay no damages and the parties agreed to dismiss and release all of their claims against each other. The parties incurred their own attorney's fees and costs. There were no material changes or additions to other significant pending legal or other proceedings involving the Company other than those arising out of routine operations.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity), lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets, the establishment of additional allowance and lending-related commitment reserves as well as increased post-retirement benefits expense. The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Certain prior period amounts have been reclassified to conform with current period presentation. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2021. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Annual Report on Form 10-K) that was filed with the SEC on March 1, 2021 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.
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Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2021 ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance adds new amendments to simplify income tax accounting and removes certain exceptions and modifies the accounting for certain income tax transactions. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Adoption is required on a prospective, modified-retrospective or retrospective basis, depending on the amendment. The Company adopted this standard on January 1, 2021, on a prospective basis with no impact to the Consolidated Financial Statements at the time of adoption. ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815: In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The new guidance clarifies that observable transactions under the measurement alternative method (ASC 321) should be considered when applying or discontinuing the equity method of accounting (ASC 323). The guidance also clarifies that certain non-derivative forward contracts and purchase call options to acquire securities, should be measured at fair value before settlement or exercise. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Use of the prospective method is required. The Company adopted this standard on January 1, 2021, on a prospective basis with no impact to the Consolidated Financial Statements at the time of adoption. ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope: In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The new guidance expands and clarifies the scope of ASU No. 2020-04 to include derivatives affected by changes in interest rates used for margining, discounting, or contract price alignment, commonly referred to as the “discounting transaction.” Derivatives impacted by the discounting transaction will be eligible for certain optional expedients and exceptions related to contract modifications and hedge accounting as defined in Topic 848. The guidance is effective upon issuance through December 31, 2022 and there was no impact to the Company at the time the guidance became effective. The Company will apply this guidance to any derivatives affected by the discounting transaction due to reference rate reform. There was no accounting guidance pending adoption at September 30, 2021.
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Fair Value Measurement | Fair value is based on quoted market prices, where available. If such quoted market prices are not available, fair value is based on 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. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its 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 Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company believes that this Level 2 designation is appropriate under ASC 820-10, as these securities are GSEs and GNMA securities with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains 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 investments Other investments includes equity investments with and without readily determinable fair values and equity method investments, which are categorized as Level 3. The Company's equity investments with a readily determinable fair value are held at fair value. The Company’s equity investments without readily determinable fair values are held at cost, and are adjusted for any observable transactions during the reporting period and its equity method investments are initially recorded at cost based on the Company’s percentage ownership in the investee, and are adjusted to reflect the recognition of the Company’s proportionate share of income or loss of the investee based on the investee’s earnings. 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 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 other real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties. Loans held for sale The fair value of loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities. Other assets Other assets include the fair value of interest rate products and derivatives on the residential mortgage held for sale loan pipeline. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Other liabilities Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline and derivative related to the sale of certain Visa Class B common shares. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of the derivative related to the sale of certain Visa Class B common shares is based on: (i) the agreed upon graduated fee structure; (ii) the length of time until the resolution of the Visa covered litigation; and (iii) the estimated impact of dilution in the conversion ratio of Class B shares resulting from changes in the Visa covered litigation. 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, cash equivalents, and restricted cash 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 Investment securities include debt securities classified as held-to-maturity or available-for-sale. Fair value is estimated using quoted prices for similar securities, which the Company obtains from a third party vendor. The Company uses 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 the Company to validate the vendor’s methodology as described above in available-for-sale securities. Other investments Other investments includes equity investments with and without readily determinable fair values (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Loans held for sale Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Loans and leases Loans and leases are segregated by portfolio segments with similar financial characteristics. The fair values of loans and leases, with the exception of reverse mortgages, 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 values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral, if the loan is collateral dependent. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique does 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. Accrued interest receivable The carrying amounts of interest receivable approximate fair value. Other assets Other assets include the fair value of interest rate products and derivatives on the residential mortgage held for sale loan pipeline (see discussion in “Fair Value of Financial Assets and Liabilities” section above). 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 the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Off-balance sheet instruments The fair value of off-balance sheet instruments, including swap guarantees of $13.3 million at September 30, 2021 and $12.8 million at December 31, 2020, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution. Accrued interest payable The carrying amounts of interest payable approximate fair value. Other liabilities Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above).
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NONINTEREST INCOME (Tables) |
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Schedule of Credit/Debit Card and ATM Income | The following table presents the components of credit/debit card and ATM income:
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Schedule of Investment Management and Fiduciary Income | The following table presents the components of investment management and fiduciary income:
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Schedule of Deposit Service Charges | The following table presents the components of deposit service charges:
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Schedule of Other Income | The following table presents the components of other income:
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EARNINGS PER SHARE (Tables) |
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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:
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INVESTMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale | The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at amortized cost basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized gains of $0.3 million at September 30, 2021, which are offset in Accumulated other comprehensive (loss) income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
(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 transferred held-to-maturity securities included net unrealized gains of $0.4 million at December 31, 2020, which are offset in Accumulated other comprehensive income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
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Debt Securities, Held-to-maturity | The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at amortized cost basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized gains of $0.3 million at September 30, 2021, which are offset in Accumulated other comprehensive (loss) income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
(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 transferred held-to-maturity securities included net unrealized gains of $0.4 million at December 31, 2020, which are offset in Accumulated other comprehensive income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss. The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the nine months ended September 30, 2021 and 2020:
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Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of available-for-sale debt securities at September 30, 2021 and December 31, 2020 are presented in the table below:
(1)Actual maturities could differ from contractual maturities. The scheduled maturities of held-to-maturity debt securities at September 30, 2021 and December 31, 2020 are presented in the table below:
(1)Actual maturities could differ from contractual maturities.
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Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category | For debt securities in an unrealized loss position and an allowance has not been recorded, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at September 30, 2021.
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2020.
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Held-to-maturity, Credit Quality Indicator | The following table summarizes the amortized cost of debt securities held-to-maturity as of September 30, 2021, aggregated by credit quality indicator:
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2020, aggregated by credit quality indicator:
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LOANS (Tables) |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loan Portfolio by Category | The following table shows the Company's loan and lease portfolio by category:
(1) Includes PPP loans of $66.7 million at September 30, 2021 and $751.2 million at December 31, 2020. (2) Includes reverse mortgages at fair value of $7.5 million at September 30, 2021 and $10.1 million at December 31, 2020. (3) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
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ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses and Loan Balances | The following tables provide the activity of allowance for credit losses and loan balances for the three and nine months ended September 30, 2021 and 2020. During 2021, the decrease to the allowance for credit losses was primarily due to positive economic developments in our forecasts and improved credit quality metrics with declines in our problem assets, nonperforming assets and delinquencies.
(1)Includes commercial small business leases and PPP loans. (2)Period-end loan balance excludes reverse mortgages at fair value of $7.5 million. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
(1)Includes commercial small business leases and PPP loans. (2)Period-end loan balance excludes reverse mortgages at fair value of $12.5 million. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (4)Includes $0.1 million for the initial allowance on loans purchased with credit deterioration.
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Summary of Nonaccrual and Past Due Loans | The following tables show nonaccrual and past due loans presented at amortized cost at the date indicated:
(1)Nonaccrual loans with an allowance totaled $7.5 million. (2)Includes commercial small business leases and PPP loans. (3)Residential accruing current balances excludes reverse mortgages at fair value of $7.5 million. (4)Includes $14.6 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.
(1)Nonaccrual loans with an allowance totaled less than $0.1 million (2)Includes commercial small business leases and PPP loans. (3)Residential accruing current balances excludes reverse mortgages, at fair value of $10.1 million. (4)Includes $18.2 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.
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Schedule Of Collateral Dependent Loans | The following table presents the amortized cost basis of nonaccruing collateral-dependent loans by class at September 30, 2021 and December 31, 2020:
(1)Includes commercial small business leases. (2)Excludes reverse mortgages at fair value. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
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Schedule of Commercial Credit Exposure | The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of September 30, 2021.
(1)Includes commercial small business leases. (2)Includes $66.7 million of PPP loans. (3)Excludes reverse mortgages at fair value. (4)Includes troubled debt restructured mortgages performing in accordance with the loans' modified terms and accruing interest. (5)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (6)Includes troubled debt restructured home equity installment loans performing in accordance with the loans' modified terms and accruing interest. The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of December 31, 2020.
(1)Includes commercial small business leases. (2)Includes $751.2 million of PPP loans. (3)Excludes reverse mortgages at fair value. (4)Includes troubled debt restructured mortgages performing in accordance with the loans' modified terms and accruing interest. (5)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (6)Includes troubled debt restructured home equity installment loans performing in accordance with the loans' modified terms and accruing interest.
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Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated | The following table presents the balance of TDRs as of the indicated dates:
The following tables present information regarding the types of loan modifications made for the three and nine months ended September 30, 2021 and 2020:
(1)During the three and nine months ended September 30, 2021, the TDRs set forth in the table above resulted in a less than $0.1 million increase in the allowance for credit losses for both periods, and no additional charge-offs in either period. During the three and nine months ended September 30, 2021, no TDRs defaulted that had received troubled debt modification during the past twelve months. (2)The TDRs set forth in the table above did not occur as a result of the loan forbearance program under the CARES Act.
(1)During the three and nine months ended September 30, 2020 the TDRs set forth in the table above resulted in a less than $0.1 million increase and a $0.1 million increase in the allowance for credit losses, respectively, and no additional charge-offs in either period. During the three and nine months ended September 30, 2020, no TDRs defaulted that had received troubled debt modification during the past twelve months. (2)The TDRs set forth in the table above did not occur as a result of the loan forbearance program under the CARES Act.
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LEASES (Tables) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of operating lease cost were as follows:
(1)Includes variable lease cost and short-term lease cost.
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Balance Sheet Information | Supplemental balance sheet information related to operating leases was as follows:
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Lease Maturity | Maturities of operating lease liabilities were as follows:
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Supplemental Cash Flow information Lessee | Supplemental cash flow information related to operating leases was as follows:
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Direct Financing Lease | The components of direct finance lease income are summarized in the table below:
Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:
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Lessor, Operating Lease, Payments to be Received, Maturity | Future minimum lease payments to be received for direct financing leases were as follows:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 the reportable operating segments for purposes of goodwill impairment testing:
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Summary of Other Intangible Assets | The following table summarizes the Company's intangible assets:
(1)Includes impairment losses of $0.1 million for both the three and nine months ended September 30, 2021. (2)Includes impairment losses of $0.2 million for the year ended December 31, 2020
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Schedule of Estimated Amortization Expense of Intangibles | The following table presents the estimated future amortization expense on intangible assets:
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DEPOSITS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits By Category | The following table shows deposits by category:
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ASSOCIATE BENEFIT PLANS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits | The following table presents the components of net periodic benefit cost related to postretirement medical benefits plan.
The following table presents the components of net periodic benefit cost related to the Alliance Associate Pension Plan. There was no net periodic benefit cost during 2021.
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FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Instruments Carried at Fair Value | The following tables present financial instruments carried at fair value as of September 30, 2021 and December 31, 2020 by level in the valuation hierarchy (as described above):
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Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table provides a description of the valuation technique and significant unobservable inputs for the Company's assets classified as Level 3 and measured at fair value on a nonrecurring basis:
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Book Value and Estimated Fair Value of Financial Instruments | The book value and estimated fair value of the Company's financial instruments are as follows:
(1) Includes reverse mortgage loans.
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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of September 30, 2021.
The table below presents the fair value of derivative financial instruments as well as their location on the Consolidated Statements of Financial Condition as of December 31, 2020.
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Summary of Company's Derivative Financial Instruments | The table below presents the effect of the cash flow hedges on the unaudited Consolidated Statements of Income for three and nine months ended September 30, 2020.
The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2021 and September 30, 2020.
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SEGMENT INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Segment Information | The following tables show segment results for the three and nine months ended September 30, 2021 and 2020:
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CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (loss) | Changes to accumulated other comprehensive (loss) income by component are shown, net of taxes, in the following tables for the period indicated:
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Components of Other Comprehensive Income | The unaudited Consolidated Statements of Income were impacted by components of other comprehensive income as shown in the tables below:
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NONINTEREST INCOME - Credit/Debit Card and ATM Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Bailment fees | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | $ 3,310 | $ 3,311 | $ 9,689 | $ 11,472 |
Interchange fees | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | 3,537 | 3,267 | 10,077 | 14,514 |
Other card and ATM fees | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | 804 | 673 | 2,257 | 1,930 |
Credit/debit card and ATM income | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | $ 7,651 | $ 7,251 | $ 22,023 | $ 27,916 |
NONINTEREST INCOME - Investment Management and Fiduciary Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Trust fees | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | $ 10,626 | $ 9,303 | $ 31,198 | $ 23,565 |
Wealth management and advisory fees | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | 4,744 | 3,963 | 13,785 | 11,592 |
Investment management and fiduciary income | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | $ 15,370 | $ 13,266 | $ 44,983 | $ 35,157 |
NONINTEREST INCOME - Deposit Service Charges (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Service fees | ||||
Revenue from External Customer [Line Items] | ||||
Deposit service charges | $ 3,629 | $ 3,116 | $ 10,604 | $ 9,246 |
Return and overdraft fees | ||||
Revenue from External Customer [Line Items] | ||||
Deposit service charges | 1,850 | 1,532 | 4,932 | 4,998 |
Other deposit service fees | ||||
Revenue from External Customer [Line Items] | ||||
Deposit service charges | 263 | 124 | 985 | 350 |
Deposit service charges | ||||
Revenue from External Customer [Line Items] | ||||
Deposit service charges | $ 5,742 | $ 4,772 | $ 16,521 | $ 14,594 |
NONINTEREST INCOME - Other Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Managed service fees | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | $ 4,233 | $ 3,794 | $ 12,346 | $ 11,549 |
Currency preparation | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | 1,045 | 1,083 | 3,153 | 2,842 |
ATM loss protection | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | 639 | 597 | 1,889 | 1,815 |
Miscellaneous products and services | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | 1,553 | 1,719 | 7,400 | 3,920 |
Other income | ||||
Revenue from External Customer [Line Items] | ||||
Noninterest fee income | $ 7,470 | $ 7,193 | $ 24,788 | $ 20,126 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Numerator: | ||||
Net income attributable to WSFS | $ 54,406 | $ 51,145 | $ 215,155 | $ 54,961 |
Denominator: | ||||
Weighted average basic shares (in shares) | 47,541,489 | 50,665,359 | 47,526,730 | 50,801,777 |
Dilutive potential common shares (in shares) | 130,000 | 19,000 | 150,000 | 30,000 |
Weighted average fully diluted shares (in shares) | 47,670,645 | 50,684,493 | 47,676,515 | 50,832,085 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.14 | $ 1.01 | $ 4.53 | $ 1.08 |
Diluted (in dollars per share) | $ 1.14 | $ 1.01 | $ 4.51 | $ 1.08 |
Outstanding common stock equivalents having no dilutive effect (in shares) | 5,000 | 29,000 | 0 | 18,000 |
INVESTMENTS - Schedule of Held-to-maturity, Allowance for Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Allowance for credit losses: | ||||
Beginning balance | $ 6 | |||
Ending balance | $ 4 | 4 | ||
State and political subdivisions | ||||
Allowance for credit losses: | ||||
Beginning balance | 5 | $ 8 | 6 | $ 0 |
Provision for credit losses | (1) | (1) | (2) | (1) |
Charge-offs, net | 0 | 0 | 0 | 0 |
Ending balance | 4 | 7 | 4 | 7 |
State and political subdivisions | Cumulative change in accounting principle | ||||
Allowance for credit losses: | ||||
Beginning balance | $ 0 | $ 0 | $ 0 | $ 8 |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Receivables [Abstract] | ||
Performing TDRs | $ 15,036 | $ 15,539 |
Nonperforming TDRs | 1,498 | 4,601 |
Total TDRs | $ 16,534 | $ 20,140 |
LEASES - Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 4,576 | $ 4,723 | $ 14,019 | $ 14,224 |
Sublease income | (72) | (93) | (268) | (279) |
Net lease cost | $ 4,504 | $ 4,630 | $ 13,751 | $ 13,945 |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 1 year | 1 year | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 40 years | 40 years |
LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Right of use assets | $ 147,227 | $ 150,985 |
Lease liabilities | $ 162,316 | $ 166,451 |
Weighted average remaining lease term (in years) | 19 years 1 month 13 days | 19 years 4 months 9 days |
Weighted average discount rate | 4.27% | 4.26% |
LEASES - Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Remaining in 2021 | $ 4,401 | |
2022 | 17,601 | |
2023 | 17,724 | |
2024 | 16,498 | |
2025 | 16,509 | |
After 2025 | 183,423 | |
Total lease payments | 256,156 | |
Less: Interest | (93,840) | |
Present value of lease liabilities | $ 162,316 | $ 166,451 |
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 13,525 | $ 13,915 |
LEASES - Direct Financing Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Leases [Abstract] | |||||
Interest income on lease receivable | $ 5,879 | $ 3,965 | $ 15,604 | $ 11,344 | |
Interest income on deferred fees and costs, net | (633) | 117 | (1,389) | 304 | |
Total direct financing lease net interest income | 5,246 | $ 4,082 | 14,215 | $ 11,648 | |
Leasing receivables | |||||
Lease receivables | 359,117 | 359,117 | $ 281,601 | ||
Unearned income | (48,547) | (48,547) | (36,669) | ||
Deferred fees and costs | 6,654 | 6,654 | 3,953 | ||
Net investment in direct financing leases | $ 317,224 | $ 317,224 | $ 248,885 |
LEASES - Minimum Future Lease Payments to be Received (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
Remaining in 2021 | $ 29,528 |
2022 | 109,704 |
2023 | 91,179 |
2024 | 68,569 |
2025 | 43,753 |
After 2025 | 16,384 |
Total lease payments | $ 359,117 |
GOODWILL AND INTANGIBLE ASSETS - Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Goodwill [Line Items] | |
Impairment loss | $ 0 |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 472,828,000 |
Goodwill adjustments | 0 |
Goodwill ending balance | 472,828,000 |
WSFS Bank | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 452,629,000 |
Goodwill adjustments | 0 |
Goodwill ending balance | 452,629,000 |
Cash Connect | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 0 |
Goodwill adjustments | 0 |
Goodwill ending balance | 0 |
Wealth Management | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 20,199,000 |
Goodwill adjustments | 0 |
Goodwill ending balance | $ 20,199,000 |
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense on other intangible assets | $ 7,949 | $ 8,236 | ||
Other Intangible Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense on other intangible assets | $ 2,600 | $ 2,700 | $ 7,900 | $ 8,200 |
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense of Intangibles (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remaining in 2021 | $ 2,811 | |
2022 | 11,136 | |
2023 | 10,984 | |
2024 | 10,807 | |
2025 | 10,553 | |
Thereafter | 30,233 | |
Net Intangible Assets | $ 76,524 | $ 84,558 |
DEPOSITS (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Noninterest-bearing: | ||
Noninterest demand | $ 4,133,945 | $ 3,415,021 |
Total noninterest-bearing | 4,133,945 | 3,415,021 |
Interest-bearing: | ||
Interest-bearing demand | 2,844,963 | 2,635,740 |
Savings | 1,941,940 | 1,774,332 |
Money market | 2,771,909 | 2,654,439 |
Customer time deposits | 1,035,414 | 1,158,845 |
Brokered deposits | 39,390 | 218,287 |
Total interest-bearing | 8,633,616 | 8,441,643 |
Total deposits | $ 12,767,561 | $ 11,856,664 |
ASSOCIATE BENEFIT PLANS - Additional Information (Details) - USD ($) $ in Millions |
6 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2014 |
Jun. 30, 2020 |
Sep. 30, 2021 |
|
Postemployment Benefits [Abstract] | |||
Requisite service period | 10 years | ||
Amortization of unrecognized gains losses exceed percentage | 10.00% | ||
Alliance | Pension Benefits | |||
Business Acquisition [Line Items] | |||
Termination expense | $ 0.5 |
INCOME TAXES (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2020 |
Jan. 01, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Tax Credit Carryforward [Line Items] | |||||||
Unrecognized tax benefits | $ 0 | $ 0 | |||||
Provision for credit losses | $ 8,500,000 | ||||||
Tax benefit from CARES Act | $ 1,700,000 | ||||||
Amortization method qualified affordable housing project investments, amortization | 900,000 | $ 800,000 | 2,700,000 | $ 2,400,000 | |||
Tax benefits recorded as income tax expense | 500,000 | ||||||
Carrying value of investment in affordable housing credits | 40,500,000 | 40,500,000 | $ 26,600,000 | ||||
Tax Credit | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Affordable housing tax credits | $ 2,600,000 | $ 2,600,000 |
FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Derivative [Line Items] | ||
Commitments of lending operations | $ 0 | $ 0 |
Swap Guarantee | ||
Derivative [Line Items] | ||
Derivative liability | $ 13,300,000 | $ 12,800,000 |
SEGMENT INFORMATION - Additional Information (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of segments | 3 |
SEGMENT INFORMATION - Segment Results (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Interest income | $ 109,451 | $ 123,370 | $ 343,634 | $ 383,108 |
Noninterest income | 42,613 | 49,171 | 139,453 | 154,393 |
Total revenue | 152,064 | 172,541 | 483,087 | 537,501 |
Interest expense | 4,960 | 10,322 | 18,209 | 40,154 |
Noninterest expenses | 96,446 | 93,540 | 288,097 | 275,471 |
(Recovery of) provision for credit losses | (21,310) | 2,716 | (109,033) | 154,116 |
Total expenses | 80,096 | 106,578 | 197,273 | 469,741 |
Income before taxes | 71,968 | 65,963 | 285,814 | 67,760 |
Income tax provision | 17,516 | 15,140 | 70,610 | 14,181 |
Consolidated net income | 54,452 | 50,823 | 215,204 | 53,579 |
Net income (loss) attributable to noncontrolling interest | 46 | (322) | 49 | (1,382) |
Net income attributable to WSFS | 54,406 | 51,145 | 215,155 | 54,961 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 109,451 | 123,370 | 343,634 | 383,108 |
Noninterest income | 42,613 | 49,171 | 139,453 | 154,393 |
Total revenue | 160,776 | 180,282 | 508,811 | 561,036 |
Interest expense | 4,960 | 10,322 | 18,209 | 40,154 |
Noninterest expenses | 96,446 | 93,540 | 288,097 | 275,471 |
Total expenses | 88,808 | 114,319 | 222,997 | 493,276 |
Income before taxes | 71,968 | 65,963 | 285,814 | 67,760 |
Inter-Segment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 4,162 | 3,686 | 12,171 | 12,094 |
Noninterest income | 4,550 | 4,055 | 13,553 | 11,441 |
Total revenue | 8,712 | 7,741 | 25,724 | 23,535 |
Interest expense | 4,162 | 3,686 | 12,171 | 12,094 |
Noninterest expenses | 4,550 | 4,055 | 13,553 | 11,441 |
Total expenses | 8,712 | 7,741 | 25,724 | 23,535 |
WSFS Bank | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 123,122 | 146,780 | 398,608 | 464,175 |
(Recovery of) provision for credit losses | (19,949) | 1,324 | (105,927) | 150,177 |
Total expenses | 65,257 | 90,787 | 153,190 | 420,920 |
WSFS Bank | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 107,226 | 121,179 | 337,082 | 376,198 |
Noninterest income | 15,896 | 25,601 | 61,526 | 87,977 |
Total revenue | 128,059 | 151,104 | 412,716 | 477,828 |
Interest expense | 4,808 | 9,994 | 17,695 | 38,400 |
Noninterest expenses | 80,398 | 79,469 | 241,422 | 232,343 |
Total expenses | 69,032 | 94,204 | 164,806 | 430,802 |
Income before taxes | 59,027 | 56,900 | 247,910 | 47,026 |
WSFS Bank | Inter-Segment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 893 | 965 | 2,579 | 3,845 |
Noninterest income | 4,044 | 3,359 | 11,529 | 9,808 |
Total revenue | 4,937 | 4,324 | 14,108 | 13,653 |
Interest expense | 3,269 | 2,721 | 9,592 | 8,249 |
Noninterest expenses | 506 | 696 | 2,024 | 1,633 |
Total expenses | 3,775 | 3,417 | 11,616 | 9,882 |
Cash Connect | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 11,201 | 10,157 | 32,116 | 30,844 |
(Recovery of) provision for credit losses | 0 | 0 | 0 | 0 |
Total expenses | 7,531 | 6,537 | 22,117 | 21,173 |
Cash Connect | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Noninterest income | 11,201 | 10,157 | 32,116 | 30,844 |
Total revenue | 11,759 | 10,600 | 33,873 | 31,941 |
Interest expense | 0 | 0 | 0 | 0 |
Noninterest expenses | 7,531 | 6,537 | 22,117 | 21,173 |
Total expenses | 8,938 | 7,507 | 26,102 | 24,868 |
Income before taxes | 2,821 | 3,093 | 7,771 | 7,073 |
Cash Connect | Inter-Segment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 236 | 244 | 833 | 481 |
Noninterest income | 322 | 199 | 924 | 616 |
Total revenue | 558 | 443 | 1,757 | 1,097 |
Interest expense | 245 | 172 | 632 | 1,257 |
Noninterest expenses | 1,162 | 798 | 3,353 | 2,438 |
Total expenses | 1,407 | 970 | 3,985 | 3,695 |
Wealth Management | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 17,741 | 15,604 | 52,363 | 42,482 |
(Recovery of) provision for credit losses | (1,361) | 1,392 | (3,106) | 3,939 |
Total expenses | 7,308 | 9,254 | 21,966 | 27,648 |
Wealth Management | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 2,225 | 2,191 | 6,552 | 6,910 |
Noninterest income | 15,516 | 13,413 | 45,811 | 35,572 |
Total revenue | 20,958 | 18,578 | 62,222 | 51,267 |
Interest expense | 152 | 328 | 514 | 1,754 |
Noninterest expenses | 8,517 | 7,534 | 24,558 | 21,955 |
Total expenses | 10,838 | 12,608 | 32,089 | 37,606 |
Income before taxes | 10,120 | 5,970 | 30,133 | 13,661 |
Wealth Management | Inter-Segment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 3,033 | 2,477 | 8,759 | 7,768 |
Noninterest income | 184 | 497 | 1,100 | 1,017 |
Total revenue | 3,217 | 2,974 | 9,859 | 8,785 |
Interest expense | 648 | 793 | 1,947 | 2,588 |
Noninterest expenses | 2,882 | 2,561 | 8,176 | 7,370 |
Total expenses | $ 3,530 | $ 3,354 | $ 10,123 | $ 9,958 |
SEGMENT INFORMATION - Details of Segment Information - Statement of Financial Condition (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | $ 2,016,887 | $ 1,654,735 |
Goodwill | 472,828 | 472,828 |
Other segment assets | 12,886,381 | 12,206,351 |
Total assets | 15,376,096 | 14,333,914 |
WSFS Bank | ||
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | 1,543,941 | 1,246,394 |
Goodwill | 452,629 | 452,629 |
Other segment assets | 12,627,794 | 11,963,345 |
Total assets | 14,624,364 | 13,662,368 |
Cash Connect | ||
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | 460,822 | 397,878 |
Goodwill | 0 | 0 |
Other segment assets | 5,756 | 6,997 |
Total assets | 466,578 | 404,875 |
Wealth Management | ||
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | 12,124 | 10,463 |
Goodwill | 20,199 | 20,199 |
Other segment assets | 252,831 | 236,009 |
Total assets | $ 285,154 | $ 266,671 |
COMMITMENTS AND CONTINGENCIES (Details) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
loan
|
Sep. 30, 2020
USD ($)
loan
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Guarantor Obligations [Line Items] | ||||||||
Provision for losses at the time of sale | $ (21,310,000) | $ 2,716,000 | $ (109,033,000) | $ 154,116,000 | ||||
Allowance for credit losses | 104,871,000 | 232,726,000 | 104,871,000 | 232,726,000 | $ 132,418,000 | $ 228,804,000 | $ 232,192,000 | $ 47,576,000 |
(Recovery of) provision for credit losses | (21,310,000) | 2,716,000 | (109,033,000) | 154,116,000 | ||||
Unfunded Lending Commitment | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Provision for losses at the time of sale | (400,000) | 900,000 | (500,000) | 4,100,000 | ||||
Allowance for credit losses | 7,700,000 | 7,700,000 | $ 8,200,000 | |||||
(Recovery of) provision for credit losses | $ (400,000) | $ 900,000 | (500,000) | $ 4,100,000 | ||||
Secondary Market Loan Sales | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Provision for losses at the time of sale | $ 0 | |||||||
Number of loans repurchased | loan | 0 | 0 | ||||||
(Recovery of) provision for credit losses | $ 0 |
RELATED PARTY TRANSACTIONS (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
loan
|
Sep. 30, 2020
loan
|
Dec. 31, 2020
USD ($)
|
|
Related Party Transaction [Line Items] | ||||
Total deposits from related parties | $ 11,500,000 | $ 11,500,000 | $ 8,300,000 | |
Loans | ||||
Related Party Transaction [Line Items] | ||||
Maximum loan capacity | $ 500,000 | |||
Number of loans exceeding capacity due to related party | loan | 0 | 2 | ||
Related party loan repayment | 400,000 | $ 400,000 | $ 200,000 | |
New Loans And Credit Line Advance To Related Parties | ||||
Related Party Transaction [Line Items] | ||||
New loans and credit line advance to related parties | 0 | |||
Repayments of related party debt | $ 100,000 |
LEGAL AND OTHER PROCEEDINGS (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Aug. 05, 2021 |
Feb. 27, 2018 |
Sep. 30, 2018 |
Sep. 30, 2021 |
Mar. 31, 2017 |
|
Loss Contingencies [Line Items] | |||||
Additions to other significant pending legal or other proceedings | $ 0 | ||||
Universitas Education, LLC | Settled Litigation | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | $ 12,000,000 | ||||
Proceeds from arbitration settlement and legal costs | $ 7,900,000 | ||||
NHT | |||||
Loss Contingencies [Line Items] | |||||
Damages paid | $ 0 | ||||
NHT | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Face amount | $ 6,300,000 |
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