(Mark One) | |||||
☒ | |||||
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2023 | |||||
OR | |||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to | |||||
Commission file number 001-35638 | |||||
WSFS FINANCIAL CORPORATION | |||||
(Exact Name of Registrant as Specified in its Charter) |
Delaware | 22-2866913 | |||||||
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
500 Delaware Avenue, Wilmington, Delaware | 19801 | |||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (302) 792-6000 |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, $0.01 par value | WSFS | Nasdaq | ||||||||||||
Securities registered pursuant to Section 12(g) of the Act: None |
Large accelerated filer | x | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||
Emerging growth company | ☐ |
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(Most recent available statistics) | Delaware | Southeastern Pennsylvania (1) | National Average | |||||||||
Unemployment (For December 2017) (2) (3) | 4.7 | % | 3.5 | % | 4.1 | % | ||||||
Median Household Income (2012-2016) (4) | $ | 61,017 | $ | 79,158 | $ | 55,322 | ||||||
Population Growth (2010-2017) (4) (5) | 7.1 | % | 2.4 | % | 5.5 | % |
(Most recent available statistics) | Delaware | Southeastern Pennsylvania(1) | Southern New Jersey(2) | National Average | ||||||||||||||||||||||
Unemployment (For November 2023) (3) (4) (5) | 4.2% | 2.8% | 4.2% | 3.7% | ||||||||||||||||||||||
Median Household Income (2018-2022) (6) | $79,325 | $95,554 | $92,310 | $75,149 | ||||||||||||||||||||||
Population Growth (2020-2022) (7) | 3.0% | (0.5)% | 0.6% | 0.5% |
At December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Types of Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,540,070 | 20.2 | % | $ | 2,575,345 | 21.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | 1,886,087 | 15.0 | 1,809,582 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 3,801,180 | 30.2 | 3,351,084 | 28.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 1,035,530 | 8.2 | 1,044,049 | 8.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial small business leases | 623,622 | 5.0 | 558,981 | 4.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential(1) | 870,705 | 6.9 | 761,882 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(2) | 2,012,134 | 16.0 | 1,810,930 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross loans and leases | 12,769,328 | 101.5 | 11,911,853 | 101.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | 186,126 | 1.5 | 151,861 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans and leases(3) | $ | 12,583,202 | 100.0 | % | $ | 11,759,992 | 100.0 | % |
At December 31, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||
Types of Loans | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Commercial mortgage | $ | 1,187,705 | 24.9 | % | $ | 1,163,554 | 26.2 | % | $ | 966,698 | 25.8 | % | $ | 805,459 | 25.3 | % | $ | 725,193 | 24.6 | % | |||||||||||||||
Construction | 281,608 | 5.9 | % | 222,712 | 5.0 | % | 245,773 | 6.5 | % | 142,497 | 4.5 | % | 106,074 | 3.5 | % | ||||||||||||||||||||
Total commercial real estate | 1,469,313 | 30.8 | % | 1,386,266 | 31.2 | % | 1,212,471 | 32.3 | % | 947,956 | 29.8 | % | 831,267 | 28.1 | % | ||||||||||||||||||||
Commercial | 1,464,554 | 30.7 | % | 1,287,731 | 29.0 | % | 1,061,597 | 28.3 | % | 920,072 | 28.9 | % | 810,882 | 27.6 | % | ||||||||||||||||||||
Commercial — owner-occupied | 1,079,247 | 22.6 | % | 1,078,162 | 24.3 | % | 880,643 | 23.5 | % | 788,598 | 24.8 | % | 786,360 | 26.7 | % | ||||||||||||||||||||
Total commercial loans | 4,013,114 | 84.1 | % | 3,752,159 | 84.5 | % | 3,154,711 | 84.1 | % | 2,656,626 | 83.5 | % | 2,428,509 | 82.4 | % | ||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||
Residential real estate | 253,301 | 5.3 | % | 289,611 | 6.5 | % | 283,963 | 7.6 | % | 247,627 | 7.8 | % | 258,848 | 8.8 | % | ||||||||||||||||||||
Consumer | 558,493 | 11.7 | % | 450,029 | 10.1 | % | 360,249 | 9.5 | % | 327,543 | 10.3 | % | 302,234 | 10.3 | % | ||||||||||||||||||||
Total consumer loans | 811,794 | 17.0 | % | 739,640 | 16.6 | % | 644,212 | 17.1 | % | 575,170 | 18.1 | % | 561,082 | 19.1 | % | ||||||||||||||||||||
Gross loans | 4,824,908 | 101.1 | % | 4,491,799 | 101.1 | % | 3,798,923 | 101.2 | % | 3,231,796 | 101.6 | % | 2,989,591 | 101.5 | % | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Deferred fees (unearned income) | 7,991 | 0.2 | % | 7,673 | 0.2 | % | 8,500 | 0.2 | % | 6,420 | 0.3 | % | 6,043 | 0.2 | % | ||||||||||||||||||||
Allowance for loan losses | 40,599 | 0.9 | % | 39,751 | 0.9 | % | 37,089 | 1.0 | % | 39,426 | 1.3 | % | 41,244 | 1.3 | % | ||||||||||||||||||||
Net loans (1) | $ | 4,776,318 | 100.0 | % | $ | 4,444,375 | 100.0 | % | $ | 3,753,334 | 100.0 | % | $ | 3,185,950 | 100.0 | % | $ | 2,942,304 | 100.0 | % |
(Dollars in thousands) | Less than One Year | One to Five Years | Five to Fifteen Years | Over Fifteen Years | Total | |||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 60,040 | $ | 500,229 | $ | 258,515 | $ | 32,752 | $ | 851,536 | ||||||||||||||||||||||
Adjustable | 226,245 | 996,920 | 409,954 | 55,415 | 1,688,534 | |||||||||||||||||||||||||||
Total | $ | 286,285 | $ | 1,497,149 | $ | 668,469 | $ | 88,167 | $ | 2,540,070 | ||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 50,541 | $ | 359,435 | $ | 518,772 | $ | 218,738 | $ | 1,147,486 | ||||||||||||||||||||||
Adjustable | 15,494 | 207,611 | 447,266 | 68,230 | 738,601 | |||||||||||||||||||||||||||
Total | $ | 66,035 | $ | 567,046 | $ | 966,038 | $ | 286,968 | $ | 1,886,087 | ||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 140,780 | $ | 840,061 | $ | 480,722 | $ | 173,095 | $ | 1,634,658 | ||||||||||||||||||||||
Adjustable | 272,616 | 728,542 | 1,142,127 | 23,237 | 2,166,522 | |||||||||||||||||||||||||||
Total | $ | 413,396 | $ | 1,568,603 | $ | 1,622,849 | $ | 196,332 | $ | 3,801,180 | ||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 7,861 | $ | 57,012 | $ | 60,089 | $ | 2,820 | $ | 127,782 | ||||||||||||||||||||||
Adjustable | 387,571 | 309,927 | 199,069 | 11,181 | 907,748 | |||||||||||||||||||||||||||
Total | $ | 395,432 | $ | 366,939 | $ | 259,158 | $ | 14,001 | $ | 1,035,530 | ||||||||||||||||||||||
Commercial small business leases | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 28,127 | $ | 503,038 | $ | 92,457 | $ | — | $ | 623,622 | ||||||||||||||||||||||
Adjustable | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 28,127 | $ | 503,038 | $ | 92,457 | $ | — | $ | 623,622 | ||||||||||||||||||||||
Residential(1) | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 7,898 | $ | 22,123 | $ | 92,971 | $ | 465,272 | $ | 588,264 | ||||||||||||||||||||||
Adjustable(2) | 11 | 240 | 23,613 | 255,767 | 279,631 | |||||||||||||||||||||||||||
Total | $ | 7,909 | $ | 22,363 | $ | 116,584 | $ | 721,039 | $ | 867,895 | ||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 3,409 | $ | 317,287 | $ | 461,665 | $ | 729,090 | $ | 1,511,451 | ||||||||||||||||||||||
Adjustable | 9,046 | 32,662 | 15,247 | 443,728 | 500,683 | |||||||||||||||||||||||||||
Total | $ | 12,455 | $ | 349,949 | $ | 476,912 | $ | 1,172,818 | $ | 2,012,134 | ||||||||||||||||||||||
Total loans and leases | $ | 1,209,639 | $ | 4,875,087 | $ | 4,202,467 | $ | 2,479,325 | $ | 12,766,518 | ||||||||||||||||||||||
(Dollars in thousands) | Less than One Year | One to Five Years | Over Five Years | Total | ||||||||||||
Commercial mortgage loans | $ | 200,227 | $ | 510,041 | $ | 477,437 | $ | 1,187,705 | ||||||||
Construction loans | 97,298 | 121,955 | 62,355 | 281,608 | ||||||||||||
Commercial loans | 441,556 | 606,422 | 416,576 | 1,464,554 | ||||||||||||
Commercial owner-occupied loans | 87,725 | 295,296 | 696,226 | 1,079,247 | ||||||||||||
Residential real estate loans (1) | 25,487 | 3,991 | 223,823 | 253,301 | ||||||||||||
Consumer loans | 26,093 | 42,728 | 489,672 | 558,493 | ||||||||||||
Total gross loans | $ | 878,386 | $ | 1,580,433 | $ | 2,366,089 | $ | 4,824,908 | ||||||||
Rate sensitivity: | ||||||||||||||||
Fixed | $ | 147,301 | $ | 714,702 | $ | 1,224,396 | $ | 2,086,399 | ||||||||
Adjustable(2) | 731,084 | 865,731 | 1,141,694 | 2,738,509 | ||||||||||||
Total gross loans | $ | 878,385 | $ | 1,580,433 | $ | 2,366,090 | $ | 4,824,908 |
At December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Partnerships(1) | $ | 1,181,616 | 59 | % | $ | 967,829 | 54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 466,390 | 23 | 495,755 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment Loans - Other(2) | 221,040 | 11 | 179,939 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education loans | 84,480 | 4 | 95,920 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured lines of credit | 58,608 | 3 | 71,487 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 2,012,134 | 100 | % | $ | 1,810,930 | 100 | % |
At December 31, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||
Equity secured installment loans | $ | 148,212 | 26.5 | % | $ | 82,182 | 18.3 | % | $ | 89,218 | 24.7 | % | $ | 72,795 | 22.2 | % | $ | 69,230 | 22.9 | % | |||||||||||||||
Home equity lines of credit | 301,658 | 54.0 | 290,310 | 64.5 | 226,592 | 62.9 | 218,683 | 66.8 | 193,255 | 63.9 | |||||||||||||||||||||||||
Student loans | 72,105 | 12.9 | 42,932 | 9.5 | 15,941 | 4.4 | 587 | 0.2 | 144 | — | |||||||||||||||||||||||||
Personal loans | 21,401 | 3.8 | 22,007 | 4.9 | 17,604 | 4.9 | 16,082 | 4.9 | 16,397 | 5.5 | |||||||||||||||||||||||||
Unsecured lines of credit | 12,194 | 2.2 | 10,613 | 2.4 | 9,244 | 2.6 | 9,415 | 2.9 | 13,147 | 4.4 | |||||||||||||||||||||||||
Other | 2,923 | 0.6 | 1,985 | 0.4 | 1,650 | 0.5 | 9,981 | 3.0 | 10,061 | 3.3 | |||||||||||||||||||||||||
Total consumer loans | $ | 558,493 | 100.0 | % | $ | 450,029 | 100.0 | % | $ | 360,249 | 100.0 | % | $ | 327,543 | 100.0 | % | $ | 302,234 | 100.0 | % |
(Dollars in thousands) | |||||
Maturity Period | December 31, 2023 | ||||
Less than 3 months | $ | 111,858 | |||
Over 3 months to 6 months | 33,642 | ||||
Over 6 months to 12 months | 160,011 | ||||
Over 12 months | 6,565 | ||||
Total | $ | 312,076 |
(Dollars in Thousands) | |||
Maturity Period | December 31, 2017 | ||
Less than 3 months | $ | 88,239 | |
Over 3 months to 6 months | 14,046 | ||
Over 6 months to 12 months | 64,063 | ||
Over 12 months | 132,586 | ||
Total | $ | 298,934 |
For the year ended | |||||
(Dollars in thousands) | December 31, 2023 | ||||
Calculation of Core ROA (non-GAAP): | |||||
Net income attributable to WSFS (GAAP) | $ | 269,156 | |||
Less: Unrealized gains on equity investments, net | (329) | ||||
Realized gain on sale of equity investment, net | (9,493) | ||||
Plus: Visa derivative valuation adjustment | 2,460 | ||||
FDIC special assessment | 5,052 | ||||
Corporate development and restructuring expenses | 3,701 | ||||
Contribution to WSFS CARES Foundation | 2,000 | ||||
Plus: Tax adjustments: BOLI surrender | 7,056 | ||||
Less: Tax impact of pre-tax adjustments | (764) | ||||
Adjusted net income (non-GAAP) | $ | 278,839 | |||
Average assets | $ | 20,203,037 | |||
ROA (GAAP) | 1.33 | % | |||
Core ROA (non-GAAP) | 1.38 | % | |||
(Dollars in thousands) | December 31, 2023 | ||||
Period End Tangible Assets | |||||
Period end assets | $ | 20,594,672 | |||
Goodwill and intangible assets | (1,004,560) | ||||
Tangible assets | $ | 19,590,112 | |||
Period End Tangible Common Equity | |||||
Period end Stockholder’s equity of WSFS | $ | 2,477,636 | |||
Goodwill and intangible assets | (1,004,560) | ||||
Tangible common equity | $ | 1,473,076 | |||
Tangible common equity to assets | 7.52 | % |
For the year ended | |||
(Dollars in thousands) | December 31, 2017 | ||
Net income (GAAP) | $ | 50,244 | |
Plus: Re-measurement of deferred tax asset and BOLI policy surrender | 22,452 | ||
Provision for legal settlement (after tax) | 7,627 | ||
Fraud loss (after tax) | 1,826 | ||
WSFS Foundation contribution (after tax) | 963 | ||
Corporate development expenses (after tax) | 563 | ||
Early extinguishment of debt costs (after tax) | 446 | ||
Less: Securities gains (after tax) | 1,280 | ||
Core net income (non-GAAP) | $ | 82,841 | |
Average assets | $ | 6,820,471 | |
ROA (GAAP) | 0.74 | % | |
Core ROA (non-GAAP) | 1.21 | % |
Stock Price Range | |||||||||||||
Low | High | Dividends | |||||||||||
2017 | 4th | $ | 45.75 | $ | 52.50 | $ | 0.09 | ||||||
3rd | 42.45 | 49.45 | 0.07 | ||||||||||
2nd | 42.90 | 50.55 | 0.07 | ||||||||||
1st | 43.25 | 48.20 | 0.07 | ||||||||||
$ | 0.30 | ||||||||||||
2016 | 4th | $ | 31.90 | $ | 47.64 | $ | 0.07 | ||||||
3rd | 31.47 | 39.31 | 0.06 | ||||||||||
2nd | 30.56 | 37.10 | 0.06 | ||||||||||
1st | 26.40 | 33.71 | 0.06 | ||||||||||
$ | 0.25 |
Equity Compensation Plan Information | |||||||||||||||||
(a) | (b) | (c) | |||||||||||||||
Number of Securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-Average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||
Equity compensation plans approved by stockholders(1) | 252,851 | $ | 43.49 | 3,313,543 | |||||||||||||
Equity compensation plans not approved by stockholders | N/A | N/A | N/A | ||||||||||||||
Total | 252,851 | $ | 43.49 | 3,313,543 |
Equity Compensation Plan Information | |||||||||
(a) | (b) | (c) | |||||||
Number of Securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-Average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||
Equity compensation plans approved by stockholders (1) | 1,339,106 | $ | 19.08 | 472,690 | |||||
Equity compensation plans not approved by stockholders | N/A | N/A | N/A | ||||||
TOTAL | 1,339,106 | $ | 19.08 | 472,690 |
Month | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Maximum Number of Shares that May Yet Be Purchased Under the Programs | |||||||||||||||||||
October 1, 2023 - October 31, 2023 | — | $ | — | — | 5,582,593 | ||||||||||||||||||
November 1, 2023 - November 28, 2023 | 169,000 | 38.49 | 169,000 | 5,413,593 | |||||||||||||||||||
December 1, 2023 - December 31, 2023 | 72,000 | 41.50 | 72,000 | 5,341,593 | |||||||||||||||||||
Total | 241,000 | 39.39 | 241,000 |
2017 | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Maximum Number of Shares that May Yet Be Purchased Under the Programs | ||||||||
October | 22,000 | $ | 50.02 | 22,000 | 728,194 | |||||||
November | 16,000 | 49.14 | 16,000 | 712,194 | ||||||||
December | 13,000 | 50.08 | 13,000 | 699,194 | ||||||||
Total | 51,000 | 49.76 | 51,000 |
December 31, 2018 through December 31, 2023 Cumulative Total Return | |||||||||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||
WSFS Financial Corporation | $ | 100 | $ | 117 | $ | 122 | $ | 137 | $ | 126 | $ | 129 | |||||||||||||||||||||||
Dow Jones Total Market Index | 100 | 125 | 138 | 166 | 155 | 180 | |||||||||||||||||||||||||||||
Nasdaq Bank Index | 100 | 124 | 115 | 164 | 138 | 133 | |||||||||||||||||||||||||||||
KBW Nasdaq Regional Bank Index | 100 | 124 | 113 | 155 | 144 | 143 |
December 31, 2012 through December 31, 2017 Cumulative Total Return | |||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||||
WSFS Financial Corporation | $ | 100 | $ | 185 | $ | 185 | $ | 235 | $ | 339 | $ | 353 | |||||||||||
Dow Jones Total Market Index | 100 | 133 | 150 | 151 | 170 | 206 | |||||||||||||||||
Nasdaq Bank Index | 100 | 142 | 149 | 162 | 223 | 235 |
(Dollars in thousands, except per share and branch data) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
At December 31, | |||||||||||||||||||
Total assets | $ | 6,999,540 | $ | 6,765,270 | $ | 5,584,719 | $ | 4,851,749 | $ | 4,513,863 | |||||||||
Net loans (1) (5) | 4,807,373 | 4,499,157 | 3,795,141 | 3,214,457 | 2,973,795 | ||||||||||||||
Investment securities (2) | 999,308 | 958,889 | 886,891 | 866,292 | 817,115 | ||||||||||||||
Other investments | 34,892 | 41,787 | 30,709 | 23,412 | 36,201 | ||||||||||||||
Total deposits | 5,247,604 | 4,738,438 | 4,016,566 | 3,649,235 | 3,186,942 | ||||||||||||||
Borrowings (3) | 772,624 | 1,048,386 | 812,200 | 545,764 | 759,830 | ||||||||||||||
Trust preferred borrowings | 67,011 | 67,011 | 67,011 | 67,011 | 67,011 | ||||||||||||||
Senior debt | 98,171 | 152,050 | 53,757 | 53,429 | 53,100 | ||||||||||||||
Stockholders’ equity | 724,345 | 687,336 | 580,471 | 489,051 | 383,050 | ||||||||||||||
Number of full-service branches | 58 | 60 | 51 | 43 | 39 | ||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||
Interest income | $ | 254,726 | $ | 216,578 | $ | 182,576 | $ | 160,337 | $ | 146,922 | |||||||||
Interest expense | 33,455 | 22,833 | 15,776 | 15,830 | 15,334 | ||||||||||||||
Net interest income | 221,271 | 193,745 | 166,800 | 144,507 | 131,588 | ||||||||||||||
Noninterest income | 124,644 | 105,061 | 90,256 | 80,168 | 80,151 | ||||||||||||||
Noninterest expenses | 226,461 | 188,666 | 165,460 | 148,535 | 132,929 | ||||||||||||||
Provision for loan losses | 10,964 | 12,986 | 7,790 | 3,580 | 7,172 | ||||||||||||||
Provision for income taxes | 58,246 | 33,074 | 30,273 | 18,803 | 24,756 | ||||||||||||||
Net Income | 50,244 | 64,080 | 53,533 | 53,757 | 46,882 | ||||||||||||||
Dividends on preferred stock and accretion of discount | — | — | — | — | 1,663 | ||||||||||||||
Net income allocable to common stockholders | $ | 50,244 | $ | 64,080 | $ | 53,533 | $ | 53,757 | $ | 45,219 | |||||||||
Earnings per share allocable to common stockholders: | |||||||||||||||||||
Basic | $ | 1.60 | $ | 2.12 | $ | 1.88 | $ | 1.98 | $ | 1.71 | |||||||||
Diluted | $ | 1.56 | $ | 2.06 | $ | 1.85 | $ | 1.93 | $ | 1.69 | |||||||||
Interest rate spread | 3.81 | % | 3.79 | % | 3.79 | % | 3.62 | % | 3.51 | % | |||||||||
Net interest margin | 3.95 | 3.88 | 3.87 | 3.68 | 3.56 | ||||||||||||||
Efficiency ratio | 64.91 | 62.52 | 57.79 | 66.11 | 62.42 | ||||||||||||||
Noninterest income as a percentage of total revenue (4) | 35.72 | 34.81 | 31.53 | 35.68 | 37.64 | ||||||||||||||
Return on average assets | 0.74 | 1.06 | 1.05 | 1.17 | 1.07 | ||||||||||||||
Return on average equity | 6.92 | 10.03 | 10.24 | 12.21 | 11.60 | ||||||||||||||
Return on tangible common equity (6) | 9.74 | 12.85 | 11.92 | 13.80 | 13.99 | ||||||||||||||
Average equity to average assets | 10.64 | 10.57 | 10.31 | 10.33 | 8.62 | ||||||||||||||
Tangible equity to assets (6) | 7.87 | 7.55 | 8.84 | 9.00 | 7.69 | ||||||||||||||
Tangible common equity to assets (6) | 7.87 | 7.55 | 8.84 | 9.00 | 7.69 | ||||||||||||||
Ratio of nonperforming assets to total assets | 0.84 | 0.60 | 0.71 | 1.08 | 1.06 | ||||||||||||||
Ratio of allowance for loan losses to total gross loans | 0.84 | 0.89 | 0.98 | 1.23 | 1.40 | ||||||||||||||
Ratio of allowances for loan losses to nonaccruing loans | 111 | 174 | 175 | 164 | 133 | ||||||||||||||
Ratio of charge-offs to average gross loans | 0.22 | 0.25 | 0.29 | 0.18 | 0.33 |
(Dollars in thousands, except ratio data) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
At December 31, | |||||||||||||||||||
Period End Tangible Assets | |||||||||||||||||||
Period end assets | $ | 6,999,540 | $ | 6,765,270 | $ | 5,584,719 | $ | 4,851,749 | $ | 4,513,863 | |||||||||
Goodwill and intangible assets | (188,444 | ) | (191,247 | ) | (95,295 | ) | (57,594 | ) | (38,979 | ) | |||||||||
Tangible assets | $ | 6,811,096 | $ | 6,574,023 | $ | 5,489,424 | $ | 4,794,155 | $ | 4,474,884 | |||||||||
Period End Tangible Common Equity | |||||||||||||||||||
Period end Stockholder’s equity | $ | 724,345 | $ | 687,336 | $ | 580,471 | $ | 489,051 | $ | 383,050 | |||||||||
Goodwill and intangible assets | (188,444 | ) | (191,247 | ) | (95,295 | ) | (57,594 | ) | (38,979 | ) | |||||||||
Tangible common equity | $ | 535,901 | $ | 496,089 | $ | 485,176 | $ | 431,457 | $ | 344,071 | |||||||||
Tangible common equity to assets | 7.87 | % | 7.55 | % | 8.84 | % | 9.00 | % | 7.69 | % | |||||||||
Period End Tangible Equity | |||||||||||||||||||
Period end Stockholder’s equity | $ | 724,345 | $ | 687,336 | $ | 580,471 | $ | 489,051 | $ | 383,050 | |||||||||
Goodwill and intangible assets | (188,444 | ) | (191,247 | ) | (95,295 | ) | (57,594 | ) | (38,979 | ) | |||||||||
Tangible equity | $ | 535,901 | $ | 496,089 | $ | 485,176 | $ | 431,457 | $ | 344,071 | |||||||||
Tangible equity to assets | 7.87 | % | 7.55 | % | 8.84 | % | 9.00 | % | 7.69 | % | |||||||||
Period End Tangible Income | |||||||||||||||||||
GAAP net income | $ | 50,244 | $ | 64,080 | $ | 53,533 | $ | 53,757 | $ | 46,882 | |||||||||
Tax effected amortization of intangible assets | 1,954 | 1,621 | 1,201 | 820 | 625 | ||||||||||||||
Net tangible income | $ | 52,198 | $ | 65,701 | $ | 54,734 | $ | 54,577 | $ | 47,507 | |||||||||
Average Tangible Common Equity | |||||||||||||||||||
Average stockholder’s equity | $ | 725,763 | $ | 638,624 | $ | 522,925 | $ | 440,273 | $ | 404,029 | |||||||||
Average goodwill and intangible assets | (189,784 | ) | (127,168 | ) | (63,887 | ) | (44,828 | ) | (34,726 | ) | |||||||||
Average noncumulative perpetual preferred stock | — | — | — | — | (29,627 | ) | |||||||||||||
Average tangible common equity | $ | 535,979 | $ | 511,456 | $ | 459,038 | $ | 395,445 | $ | 339,676 | |||||||||
Return on tangible common equity | 9.74 | % | 12.85 | % | 11.92 | % | 13.80 | % | 13.99 | % |
At December 31, | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | |||||||||||||||||||||||||||
Nonaccruing loans: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 29,389 | $ | 6,770 | |||||||||||||||||||||||||
Owner-occupied commercial | 4,862 | 386 | |||||||||||||||||||||||||||
Commercial mortgages | 22,292 | 5,159 | |||||||||||||||||||||||||||
Construction | 12,617 | 5,143 | |||||||||||||||||||||||||||
Residential | 2,579 | 3,199 | |||||||||||||||||||||||||||
Consumer | 2,446 | 2,145 | |||||||||||||||||||||||||||
Total nonaccruing loans(1) | 74,185 | 22,802 | |||||||||||||||||||||||||||
Other real estate owned | 1,569 | 833 | |||||||||||||||||||||||||||
Restructured loans(2) | — | 19,737 | |||||||||||||||||||||||||||
Total nonperforming assets | $ | 75,754 | $ | 43,372 | |||||||||||||||||||||||||
Past due loans: | |||||||||||||||||||||||||||||
Commercial | $ | 1,552 | $ | 1,022 | |||||||||||||||||||||||||
Consumer(3) | 10,032 | 15,513 | |||||||||||||||||||||||||||
Total past due loans | $ | 11,584 | $ | 16,535 | |||||||||||||||||||||||||
Troubled loans(4)(5): | |||||||||||||||||||||||||||||
Commercial | $ | 85,330 | $ | — | |||||||||||||||||||||||||
Residential | 777 | — | |||||||||||||||||||||||||||
Consumer | 9,161 | — | |||||||||||||||||||||||||||
Total troubled loans | $ | 95,268 | $ | — | |||||||||||||||||||||||||
Ratio of allowance for credit losses to total gross loans and leases(6) | 1.35 | % | 1.17 | % | |||||||||||||||||||||||||
Ratio of nonaccruing loans to total gross loans and leases(7) | 0.58 | 0.19 | |||||||||||||||||||||||||||
Ratio of nonperforming assets to total assets | 0.37 | 0.22 | |||||||||||||||||||||||||||
Ratio of allowance for credit losses to nonaccruing loans | 251 | 666 | |||||||||||||||||||||||||||
Ratio of allowance for credit losses to total nonperforming assets(8) | 246 | 350 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||
Beginning balance | $ | 43,372 | $ | 33,133 | ||||||||||||||||
Additions | 110,586 | 34,041 | ||||||||||||||||||
Collections | (19,874) | (17,293) | ||||||||||||||||||
Transfers to accrual(1) | (20,263) | (922) | ||||||||||||||||||
Charge-offs | (38,067) | (5,587) | ||||||||||||||||||
Ending balance | $ | 75,754 | $ | 43,372 |
Year Ended December 31, | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Yield/ Rate(1) | Average Balance | Interest & Dividends | Yield/ Rate (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans:(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | $ | 5,041,280 | $ | 346,389 | 6.88 | % | $ | 4,875,265 | $ | 253,293 | 5.21 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | 4,570,839 | 317,603 | 6.95 | 4,281,768 | 203,611 | 4.76 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 820,600 | 38,886 | 4.74 | 790,650 | 35,420 | 4.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,922,827 | 138,510 | 7.20 | 1,543,704 | 86,743 | 5.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 47,424 | 3,883 | 8.19 | 65,927 | 3,687 | 5.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | 12,402,970 | 845,271 | 6.82 | 11,557,314 | 582,754 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | 4,640,646 | 107,555 | 2.32 | 5,151,469 | 106,606 | 2.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities(3) | 367,026 | 8,783 | 2.71 | 338,979 | 6,899 | 2.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | 282,462 | 14,913 | 5.28 | 878,097 | 7,556 | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 17,693,104 | 976,522 | 5.53 | 17,925,859 | 703,815 | 3.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (169,140) | (140,916) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 256,984 | 243,579 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash in non-owned ATMs | 392,007 | 551,108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 98,935 | 100,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | 1,931,147 | 1,783,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 20,203,037 | $ | 20,463,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 3,019,050 | $ | 26,671 | 0.88 | % | $ | 3,377,321 | $ | 7,441 | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||||
Money market | 4,317,810 | 122,168 | 2.83 | 3,918,756 | 13,536 | 0.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,832,601 | 5,733 | 0.31 | 2,265,721 | 965 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer time deposits | 1,571,682 | 45,184 | 2.87 | 1,103,336 | 5,626 | 0.51 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing customer deposits | 10,741,143 | 199,756 | 1.86 | 10,665,134 | 27,568 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 214,608 | 10,064 | 4.69 | 36,461 | 613 | 1.68 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 10,955,751 | 209,820 | 1.92 | 10,701,595 | 28,181 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 103,268 | 5,348 | 5.18 | 12,841 | 538 | 4.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred borrowings | 90,534 | 6,736 | 7.44 | 90,337 | 3,482 | 3.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior and subordinated debt | 221,975 | 9,815 | 4.42 | 248,389 | 8,246 | 3.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowed funds(4) | 442,197 | 19,700 | 4.46 | 47,076 | 478 | 1.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 11,813,725 | 251,419 | 2.13 | 11,100,238 | 40,925 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 5,306,511 | 6,376,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 787,573 | 590,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity of WSFS | 2,300,467 | 2,398,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | (5,239) | (2,687) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 20,203,037 | $ | 20,463,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | $ | 5,879,379 | $ | 6,825,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest and dividend income | $ | 725,103 | $ | 662,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.40 | % | 3.57 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 4.11 | % | 3.71 | % |
Year Ended December 31, | 2023 vs. 2022 | ||||||||||||||||
(Dollars in thousands) | Volume | Yield/Rate | Net | ||||||||||||||
Interest Income: | |||||||||||||||||
Loans: | |||||||||||||||||
Commercial loans and leases(1) | $ | 8,940 | $ | 84,156 | $ | 93,096 | |||||||||||
Commercial mortgage loans | 14,587 | 99,405 | 113,992 | ||||||||||||||
Residential | 1,369 | 2,097 | 3,466 | ||||||||||||||
Consumer | 24,137 | 27,630 | 51,767 | ||||||||||||||
Loans held for sale | (1,216) | 1,412 | 196 | ||||||||||||||
Mortgage-backed securities | (11,185) | 12,134 | 949 | ||||||||||||||
Investment securities(2) | 719 | 1,165 | 1,884 | ||||||||||||||
Other interest-earning assets | (8,192) | 15,549 | 7,357 | ||||||||||||||
Favorable | 29,159 | 243,548 | 272,707 | ||||||||||||||
Interest expense: | |||||||||||||||||
Deposits: | |||||||||||||||||
Interest-bearing demand | (866) | 20,096 | 19,230 | ||||||||||||||
Money market | 1,539 | 107,093 | 108,632 | ||||||||||||||
Savings | (205) | 4,973 | 4,768 | ||||||||||||||
Customer time deposits | 3,324 | 36,234 | 39,558 | ||||||||||||||
Brokered certificates of deposits | 6,916 | 2,535 | 9,451 | ||||||||||||||
FHLB advances | 4,654 | 156 | 4,810 | ||||||||||||||
Trust preferred borrowings | 8 | 3,246 | 3,254 | ||||||||||||||
Senior and subordinated debt | (946) | 2,515 | 1,569 | ||||||||||||||
Other borrowed funds | 13,713 | 5,509 | 19,222 | ||||||||||||||
Unfavorable | 28,137 | 182,357 | 210,494 | ||||||||||||||
Net change, as reported | $ | 1,022 | $ | 61,191 | $ | 62,213 |
Year Ended December 31, | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||||||||
(Dollars in thousands) | Volume | Yield/Rate | Net | Volume | Yield/Rate | Net | |||||||||||||||||
Interest Income: | |||||||||||||||||||||||
Commercial real estate loans | $ | 8,796 | $ | 1,147 | $ | 9,943 | $ | 10,002 | $ | (486 | ) | $ | 9,516 | ||||||||||
Residential real estate loans | (898 | ) | (157 | ) | (1,055 | ) | 1,082 | 1,766 | 2,848 | ||||||||||||||
Commercial loans (1) | 15,326 | 4,520 | 19,846 | 15,927 | 822 | 16,749 | |||||||||||||||||
Consumer loans | 5,067 | 1,318 | 6,385 | 2,888 | (285 | ) | 2,603 | ||||||||||||||||
Loans held for sale | (746 | ) | 430 | (316 | ) | 10 | 100 | 110 | |||||||||||||||
Mortgage-backed securities | 1,346 | 2,207 | 3,553 | 130 | 1,451 | 1,581 | |||||||||||||||||
Investment securities (2) | (820 | ) | 596 | (224 | ) | 952 | 248 | 1,200 | |||||||||||||||
FHLB Stock and deposits in other banks | 156 | (140 | ) | 16 | 306 | (911 | ) | (605 | ) | ||||||||||||||
Favorable (unfavorable) | 28,227 | 9,921 | 38,148 | 31,297 | 2,705 | 34,002 | |||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Interest-bearing demand | (174 | ) | (916 | ) | (1,090 | ) | 151 | 316 | 467 | ||||||||||||||
Money market | (505 | ) | (841 | ) | (1,346 | ) | 531 | 346 | 877 | ||||||||||||||
Savings | (134 | ) | (229 | ) | (363 | ) | 52 | 313 | 365 | ||||||||||||||
Customer time deposits | (41 | ) | (1,463 | ) | (1,504 | ) | 630 | (385 | ) | 245 | |||||||||||||
Brokered certificates of deposits | (231 | ) | (949 | ) | (1,180 | ) | (91 | ) | 392 | 301 | |||||||||||||
FHLB advances | 124 | (3,680 | ) | (3,556 | ) | 621 | 1,078 | 1,699 | |||||||||||||||
Trust Preferred borrowings | 184 | (506 | ) | (322 | ) | (70 | ) | 330 | 260 | ||||||||||||||
Senior debt | (1,407 | ) | 536 | (871 | ) | 3,205 | (615 | ) | 2,590 | ||||||||||||||
Other borrowed funds | 140 | (530 | ) | (390 | ) | (19 | ) | 272 | 253 | ||||||||||||||
(Favorable) unfavorable | (2,044 | ) | (8,578 | ) | (10,622 | ) | 5,010 | 2,047 | 7,057 | ||||||||||||||
Net change, as reported | $ | 26,183 | $ | 1,343 | $ | 27,526 | $ | 26,287 | $ | 658 | $ | 26,945 |
(Dollars in thousands) | Maturing During 2024 | Maturing From 2025 Through 2028 | Maturing From 2029 Through 2033 | Maturing After 2033 | Total | ||||||||||||||||||||||||
Collateralized mortgage obligations (CMO) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 25,645 | $ | 65,192 | $ | 470,115 | $ | 560,952 | |||||||||||||||||||
Weighted average yield | — | % | 2.37 | % | 1.97 | % | 1.84 | % | 1.88 | % | |||||||||||||||||||
Fannie Mae (FNMA) mortgage-backed securities (MBS) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 60,147 | $ | 230,640 | $ | 3,253,975 | $ | 3,544,762 | |||||||||||||||||||
Weighted average yield | — | % | 2.38 | % | 2.05 | % | 1.99 | % | 2.00 | % | |||||||||||||||||||
Freddie Mac (FHLMC) MBS | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 431 | $ | 51,704 | $ | 74,721 | $ | 126,856 | |||||||||||||||||||
Weighted average yield | — | % | 2.43 | % | 2.39 | % | 3.15 | % | 2.84 | % | |||||||||||||||||||
Ginnie Mae (GNMA) MBS | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 1 | $ | 558 | $ | 45,774 | $ | 46,333 | |||||||||||||||||||
Weighted average yield | — | % | 4.79 | % | 2.98 | % | 3.39 | % | 3.38 | % | |||||||||||||||||||
Government-sponsored enterprises (GSE) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | 221,861 | $ | 3,578 | $ | 225,439 | |||||||||||||||||||
Weighted average yield | — | % | — | % | 1.30 | % | 1.44 | % | 1.30 | % | |||||||||||||||||||
Total amortized cost | $ | — | $ | 86,224 | $ | 569,955 | $ | 3,848,163 | $ | 4,504,342 | |||||||||||||||||||
Weighted average yield | — | % | 2.38 | % | 1.78 | % | 2.01 | % | 1.99 | % |
Year Ended December 31, | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Yield/ Rate (1) | Average Balance | Interest & Dividends | Yield/ Rate (1) | Average Balance | Interest & Dividends | Yield/ Rate (1) | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||
Loans: (2) | ||||||||||||||||||||||||||||||||
Commercial real estate loans | $ | 1,426,075 | $ | 71,646 | 5.02 | % | $ | 1,255,119 | $ | 61,705 | 4.92 | % | $ | 1,057,662 | $ | 52,189 | 4.93 | % | ||||||||||||||
Residential real estate loans | 270,957 | 16,364 | 6.04 | 281,624 | 17,474 | 4.79 | 251,935 | 14,626 | 4.14 | |||||||||||||||||||||||
Commercial loans | 2,449,194 | 115,941 | 4.76 | 2,125,810 | 96,098 | 4.55 | 1,765,540 | 79,349 | 4.47 | |||||||||||||||||||||||
Consumer loans | 497,523 | 24,025 | 4.83 | 398,226 | 17,640 | 4.43 | 337,146 | 15,037 | 4.46 | |||||||||||||||||||||||
Loans held for sale | 28,679 | 1,171 | 3.52 | 40,597 | 1,428 | 3.52 | 36,829 | 1,318 | 3.58 | |||||||||||||||||||||||
Total loans | 4,672,428 | 229,147 | 4.92 | 4,076,900 | 189,198 | 4.66 | 3,422,639 | 157,220 | 4.61 | |||||||||||||||||||||||
Mortgage-backed securities (3) | 794,387 | 19,308 | 2.43 | 734,631 | 15,754 | 2.14 | 727,999 | 14,173 | 1.95 | |||||||||||||||||||||||
Investment securities (3) | 181,322 | 4,648 | 3.80 | 202,722 | 4,872 | 3.51 | 161,865 | 3,672 | 3.29 | |||||||||||||||||||||||
Other interest-earning assets | 36,587 | 1,623 | 4.44 | 33,744 | 1,607 | 4.76 | 29,247 | 2,212 | 7.56 | |||||||||||||||||||||||
Total interest-earning assets | 5,684,724 | 254,726 | 4.53 | 5,072,473 | 216,578 | 4.33 | 4,368,223 | 182,576 | 4.23 | |||||||||||||||||||||||
Allowance for loan losses | (40,600 | ) | (38,422 | ) | (39,269 | ) | ||||||||||||||||||||||||||
Cash and due from banks | 131,956 | 110,318 | 89,269 | |||||||||||||||||||||||||||||
Cash in non-owned ATMs | 597,483 | 554,698 | 412,582 | |||||||||||||||||||||||||||||
Bank owned life insurance | 102,161 | 95,228 | 79,833 | |||||||||||||||||||||||||||||
Other noninterest-earning assets | 344,747 | 248,529 | 163,491 | |||||||||||||||||||||||||||||
Total assets | $ | 6,820,471 | $ | 6,042,824 | $ | 5,074,129 | ||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 947,914 | $ | 2,214 | 0.23 | % | $ | 834,703 | $ | 1,136 | 0.14 | % | $ | 695,930 | $ | 669 | 0.10 | % | ||||||||||||||
Money market | 1,320,470 | 4,690 | 0.36 | 1,159,299 | 3,343 | 0.29 | 966,589 | 2,466 | 0.26 | |||||||||||||||||||||||
Savings | 570,219 | 1,015 | 0.18 | 481,197 | 653 | 0.14 | 414,484 | 288 | 0.07 | |||||||||||||||||||||||
Customer time deposits | 571,176 | 4,818 | 0.84 | 567,657 | 3,301 | 0.58 | 472,921 | 3,056 | 0.65 | |||||||||||||||||||||||
Total interest-bearing customer deposits | 3,409,779 | 12,737 | 0.37 | 3,042,856 | 8,433 | 0.28 | 2,549,924 | 6,479 | 0.25 | |||||||||||||||||||||||
Brokered deposits | 206,668 | 2,167 | 1.05 | 172,038 | 988 | 0.57 | 195,454 | 687 | 0.35 | |||||||||||||||||||||||
Total interest-bearing deposits | 3,616,447 | 14,904 | 0.41 | 3,214,894 | 9,421 | 0.29 | 2,745,378 | 7,166 | 0.26 | |||||||||||||||||||||||
FHLB advances | 716,962 | 8,263 | 1.15 | 735,975 | 4,707 | 0.64 | 621,024 | 3,008 | 0.48 | |||||||||||||||||||||||
Trust preferred borrowings | 67,011 | 1,940 | 2.90 | 67,011 | 1,622 | 2.42 | 67,011 | 1,362 | 2.00 | |||||||||||||||||||||||
Senior debt | 134,136 | 7,228 | 5.39 | 108,577 | 6,356 | 5.85 | 53,757 | 3,766 | 7.01 | |||||||||||||||||||||||
Other borrowed funds (4) | 130,951 | 1,120 | 0.86 | 133,486 | 727 | 0.54 | 134,517 | 474 | 0.35 | |||||||||||||||||||||||
Total interest-bearing liabilities | 4,665,507 | 33,455 | 0.72 | 4,259,943 | 22,833 | 0.54 | 3,621,687 | 15,776 | 0.44 | |||||||||||||||||||||||
Noninterest-bearing demand deposits | 1,352,322 | 1,087,502 | 884,857 | |||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 76,879 | 56,755 | 44,660 | |||||||||||||||||||||||||||||
Stockholders’ equity | 725,763 | 638,624 | 522,925 | |||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,820,471 | $ | 6,042,824 | $ | 5,074,129 | ||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | $ | 1,019,217 | $ | 812,530 | $ | 746,536 | ||||||||||||||||||||||||||
Net interest income | $ | 221,271 | $ | 193,745 | $ | 166,800 | ||||||||||||||||||||||||||
Interest rate spread | 3.81 | % | 3.79 | % | 3.79 | % | ||||||||||||||||||||||||||
Net interest margin | 3.95 | % | 3.88 | % | 3.87 | % |
Twelve months ended | |||||||||||
(Dollars in thousands) | December 31, 2017 | December 31, 2016 | December 31, 2015 | ||||||||
Noninterest income (GAAP) | $ | 124,644 | $ | 105,061 | $ | 90,256 | |||||
Less: Securities gains, net | 1,984 | 2,369 | 1,478 | ||||||||
Adjusted noninterest income (non-GAAP) (1) | $ | 122,660 | $ | 102,692 | $ | 88,778 |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 64,564 | $ | 10,719 | $ | 36,055 | $ | 10,762 | $ | 5,483 | $ | 58,543 | $ | 186,126 | ||||||||||||||||||||||||||||||
% of ACL to total ACL | 35 | % | 6 | % | 19 | % | 6 | % | 3 | % | 31 | % | 100 | % | ||||||||||||||||||||||||||||||
Loan portfolio balance | $ | 3,163,692 | $ | 1,886,087 | $ | 3,801,180 | $ | 1,035,530 | $ | 867,895 | $ | 2,012,134 | $ | 12,766,518 | ||||||||||||||||||||||||||||||
% to total loans and leases | 24 | % | 15 | % | 30 | % | 8 | % | 7 | % | 16 | % | 100 | % | ||||||||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | $ | 42,294 | $ | 184 | $ | 300 | $ | 794 | $ | 41 | $ | 22,394 | $ | 66,007 | ||||||||||||||||||||||||||||||
Recoveries | 9,721 | 54 | 7 | 532 | 260 | 1,625 | 12,199 | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 32,573 | $ | 130 | $ | 293 | $ | 262 | $ | (219) | $ | 20,769 | $ | 53,808 | ||||||||||||||||||||||||||||||
Average loan balance | $ | 3,177,739 | $ | 1,863,542 | $ | 3,562,070 | $ | 1,008,768 | $ | 817,758 | $ | 1,922,828 | $ | 12,352,704 | ||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | 1.03 | % | 0.01 | % | 0.01 | % | 0.03 | % | (0.03) | % | 1.08 | % | 0.44 | % |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 59,394 | $ | 6,019 | $ | 21,473 | $ | 6,987 | $ | 4,668 | $ | 53,320 | $ | 151,861 | ||||||||||||||||||||||||||||||
% of ACL to total ACL | 39 | % | 4 | % | 14 | % | 5 | % | 3 | % | 35 | % | 100 | % | ||||||||||||||||||||||||||||||
Loan portfolio balance | $ | 3,134,326 | $ | 1,809,582 | $ | 3,351,084 | $ | 1,044,049 | $ | 759,465 | $ | 1,810,930 | $ | 11,909,436 | ||||||||||||||||||||||||||||||
% to total loans and leases | 26 | % | 15 | % | 28 | % | 9 | % | 7 | % | 15 | % | 100 | % | ||||||||||||||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | $ | 19,004 | $ | 179 | $ | 581 | $ | — | $ | 186 | $ | 7,520 | $ | 27,470 | ||||||||||||||||||||||||||||||
Recoveries | 6,112 | 278 | 223 | 2,567 | 665 | 793 | 10,638 | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 12,892 | $ | (99) | $ | 358 | $ | (2,567) | $ | (479) | $ | 6,727 | $ | 16,832 | ||||||||||||||||||||||||||||||
Average loan balance | $ | 3,043,836 | $ | 1,831,428 | $ | 3,319,687 | $ | 962,082 | $ | 787,273 | $ | 1,543,704 | $ | 11,488,010 | ||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | 0.42 | % | (0.01) | % | 0.01 | % | (0.27) | % | (0.06) | % | 0.44 | % | 0.15�� | % |
Twelve months ended | ||||||||
(Dollars in thousands) | December 31, 2017 | December 31, 2016 | December 31, 2015 | |||||
Noninterest expenses (GAAP) | 226,461 | 188,666 | 165,460 | |||||
Less: Provision for legal settlement | 12,000 | — | — | |||||
Fraud loss | 2,844 | — | — | |||||
WSFS Foundation contribution | 1,500 | — | — | |||||
Debt extinguishment costs | 695 | — | 651 | |||||
Corporate development costs (1) | 878 | 8,529 | 7,620 | |||||
Adjusted noninterest expenses (non-GAAP) (2) | 208,544 | 180,137 | 157,189 |
At December 31, | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | |||||||||||||||||||||||||||
Nonaccruing loans: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 29,389 | $ | 6,770 | |||||||||||||||||||||||||
Owner-occupied commercial | 4,862 | 386 | |||||||||||||||||||||||||||
Commercial mortgages | 22,292 | 5,159 | |||||||||||||||||||||||||||
Construction | 12,617 | 5,143 | |||||||||||||||||||||||||||
Residential | 2,579 | 3,199 | |||||||||||||||||||||||||||
Consumer | 2,446 | 2,145 | |||||||||||||||||||||||||||
Total nonaccruing loans(1) | 74,185 | 22,802 | |||||||||||||||||||||||||||
Other real estate owned | 1,569 | 833 | |||||||||||||||||||||||||||
Restructured loans(2) | — | 19,737 | |||||||||||||||||||||||||||
Total nonperforming assets | $ | 75,754 | $ | 43,372 | |||||||||||||||||||||||||
Past due loans: | |||||||||||||||||||||||||||||
Commercial | $ | 1,552 | $ | 1,022 | |||||||||||||||||||||||||
Consumer(3) | 10,032 | 15,513 | |||||||||||||||||||||||||||
Total past due loans | $ | 11,584 | $ | 16,535 | |||||||||||||||||||||||||
Troubled loans(4)(5): | |||||||||||||||||||||||||||||
Commercial | $ | 85,330 | $ | — | |||||||||||||||||||||||||
Residential | 777 | — | |||||||||||||||||||||||||||
Consumer | 9,161 | — | |||||||||||||||||||||||||||
Total troubled loans | $ | 95,268 | $ | — | |||||||||||||||||||||||||
Ratio of allowance for credit losses to total gross loans and leases(6) | 1.35 | % | 1.17 | % | |||||||||||||||||||||||||
Ratio of nonaccruing loans to total gross loans and leases(7) | 0.58 | 0.19 | |||||||||||||||||||||||||||
Ratio of nonperforming assets to total assets | 0.37 | 0.22 | |||||||||||||||||||||||||||
Ratio of allowance for credit losses to nonaccruing loans | 251 | 666 | |||||||||||||||||||||||||||
Ratio of allowance for credit losses to total nonperforming assets(8) | 246 | 350 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||
Beginning balance | $ | 43,372 | $ | 33,133 | ||||||||||||||||
Additions | 110,586 | 34,041 | ||||||||||||||||||
Collections | (19,874) | (17,293) | ||||||||||||||||||
Transfers to accrual(1) | (20,263) | (922) | ||||||||||||||||||
Charge-offs | (38,067) | (5,587) | ||||||||||||||||||
Ending balance | $ | 75,754 | $ | 43,372 |
Year Ended December 31, | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Yield/ Rate(1) | Average Balance | Interest & Dividends | Yield/ Rate (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans:(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | $ | 5,041,280 | $ | 346,389 | 6.88 | % | $ | 4,875,265 | $ | 253,293 | 5.21 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | 4,570,839 | 317,603 | 6.95 | 4,281,768 | 203,611 | 4.76 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 820,600 | 38,886 | 4.74 | 790,650 | 35,420 | 4.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,922,827 | 138,510 | 7.20 | 1,543,704 | 86,743 | 5.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 47,424 | 3,883 | 8.19 | 65,927 | 3,687 | 5.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | 12,402,970 | 845,271 | 6.82 | 11,557,314 | 582,754 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | 4,640,646 | 107,555 | 2.32 | 5,151,469 | 106,606 | 2.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities(3) | 367,026 | 8,783 | 2.71 | 338,979 | 6,899 | 2.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | 282,462 | 14,913 | 5.28 | 878,097 | 7,556 | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 17,693,104 | 976,522 | 5.53 | 17,925,859 | 703,815 | 3.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (169,140) | (140,916) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 256,984 | 243,579 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash in non-owned ATMs | 392,007 | 551,108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 98,935 | 100,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | 1,931,147 | 1,783,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 20,203,037 | $ | 20,463,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 3,019,050 | $ | 26,671 | 0.88 | % | $ | 3,377,321 | $ | 7,441 | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||||
Money market | 4,317,810 | 122,168 | 2.83 | 3,918,756 | 13,536 | 0.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,832,601 | 5,733 | 0.31 | 2,265,721 | 965 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer time deposits | 1,571,682 | 45,184 | 2.87 | 1,103,336 | 5,626 | 0.51 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing customer deposits | 10,741,143 | 199,756 | 1.86 | 10,665,134 | 27,568 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 214,608 | 10,064 | 4.69 | 36,461 | 613 | 1.68 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 10,955,751 | 209,820 | 1.92 | 10,701,595 | 28,181 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 103,268 | 5,348 | 5.18 | 12,841 | 538 | 4.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred borrowings | 90,534 | 6,736 | 7.44 | 90,337 | 3,482 | 3.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior and subordinated debt | 221,975 | 9,815 | 4.42 | 248,389 | 8,246 | 3.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowed funds(4) | 442,197 | 19,700 | 4.46 | 47,076 | 478 | 1.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 11,813,725 | 251,419 | 2.13 | 11,100,238 | 40,925 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 5,306,511 | 6,376,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 787,573 | 590,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity of WSFS | 2,300,467 | 2,398,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | (5,239) | (2,687) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 20,203,037 | $ | 20,463,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | $ | 5,879,379 | $ | 6,825,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest and dividend income | $ | 725,103 | $ | 662,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.40 | % | 3.57 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 4.11 | % | 3.71 | % |
Year Ended December 31, | 2023 vs. 2022 | ||||||||||||||||
(Dollars in thousands) | Volume | Yield/Rate | Net | ||||||||||||||
Interest Income: | |||||||||||||||||
Loans: | |||||||||||||||||
Commercial loans and leases(1) | $ | 8,940 | $ | 84,156 | $ | 93,096 | |||||||||||
Commercial mortgage loans | 14,587 | 99,405 | 113,992 | ||||||||||||||
Residential | 1,369 | 2,097 | 3,466 | ||||||||||||||
Consumer | 24,137 | 27,630 | 51,767 | ||||||||||||||
Loans held for sale | (1,216) | 1,412 | 196 | ||||||||||||||
Mortgage-backed securities | (11,185) | 12,134 | 949 | ||||||||||||||
Investment securities(2) | 719 | 1,165 | 1,884 | ||||||||||||||
Other interest-earning assets | (8,192) | 15,549 | 7,357 | ||||||||||||||
Favorable | 29,159 | 243,548 | 272,707 | ||||||||||||||
Interest expense: | |||||||||||||||||
Deposits: | |||||||||||||||||
Interest-bearing demand | (866) | 20,096 | 19,230 | ||||||||||||||
Money market | 1,539 | 107,093 | 108,632 | ||||||||||||||
Savings | (205) | 4,973 | 4,768 | ||||||||||||||
Customer time deposits | 3,324 | 36,234 | 39,558 | ||||||||||||||
Brokered certificates of deposits | 6,916 | 2,535 | 9,451 | ||||||||||||||
FHLB advances | 4,654 | 156 | 4,810 | ||||||||||||||
Trust preferred borrowings | 8 | 3,246 | 3,254 | ||||||||||||||
Senior and subordinated debt | (946) | 2,515 | 1,569 | ||||||||||||||
Other borrowed funds | 13,713 | 5,509 | 19,222 | ||||||||||||||
Unfavorable | 28,137 | 182,357 | 210,494 | ||||||||||||||
Net change, as reported | $ | 1,022 | $ | 61,191 | $ | 62,213 |
(Dollars in thousands) | Maturing During 2024 | Maturing From 2025 Through 2028 | Maturing From 2029 Through 2033 | Maturing After 2033 | Total | ||||||||||||||||||||||||
Collateralized mortgage obligations (CMO) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 25,645 | $ | 65,192 | $ | 470,115 | $ | 560,952 | |||||||||||||||||||
Weighted average yield | — | % | 2.37 | % | 1.97 | % | 1.84 | % | 1.88 | % | |||||||||||||||||||
Fannie Mae (FNMA) mortgage-backed securities (MBS) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 60,147 | $ | 230,640 | $ | 3,253,975 | $ | 3,544,762 | |||||||||||||||||||
Weighted average yield | — | % | 2.38 | % | 2.05 | % | 1.99 | % | 2.00 | % | |||||||||||||||||||
Freddie Mac (FHLMC) MBS | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 431 | $ | 51,704 | $ | 74,721 | $ | 126,856 | |||||||||||||||||||
Weighted average yield | — | % | 2.43 | % | 2.39 | % | 3.15 | % | 2.84 | % | |||||||||||||||||||
Ginnie Mae (GNMA) MBS | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 1 | $ | 558 | $ | 45,774 | $ | 46,333 | |||||||||||||||||||
Weighted average yield | — | % | 4.79 | % | 2.98 | % | 3.39 | % | 3.38 | % | |||||||||||||||||||
Government-sponsored enterprises (GSE) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | 221,861 | $ | 3,578 | $ | 225,439 | |||||||||||||||||||
Weighted average yield | — | % | — | % | 1.30 | % | 1.44 | % | 1.30 | % | |||||||||||||||||||
Total amortized cost | $ | — | $ | 86,224 | $ | 569,955 | $ | 3,848,163 | $ | 4,504,342 | |||||||||||||||||||
Weighted average yield | — | % | 2.38 | % | 1.78 | % | 2.01 | % | 1.99 | % |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 64,564 | $ | 10,719 | $ | 36,055 | $ | 10,762 | $ | 5,483 | $ | 58,543 | $ | 186,126 | ||||||||||||||||||||||||||||||
% of ACL to total ACL | 35 | % | 6 | % | 19 | % | 6 | % | 3 | % | 31 | % | 100 | % | ||||||||||||||||||||||||||||||
Loan portfolio balance | $ | 3,163,692 | $ | 1,886,087 | $ | 3,801,180 | $ | 1,035,530 | $ | 867,895 | $ | 2,012,134 | $ | 12,766,518 | ||||||||||||||||||||||||||||||
% to total loans and leases | 24 | % | 15 | % | 30 | % | 8 | % | 7 | % | 16 | % | 100 | % | ||||||||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | $ | 42,294 | $ | 184 | $ | 300 | $ | 794 | $ | 41 | $ | 22,394 | $ | 66,007 | ||||||||||||||||||||||||||||||
Recoveries | 9,721 | 54 | 7 | 532 | 260 | 1,625 | 12,199 | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 32,573 | $ | 130 | $ | 293 | $ | 262 | $ | (219) | $ | 20,769 | $ | 53,808 | ||||||||||||||||||||||||||||||
Average loan balance | $ | 3,177,739 | $ | 1,863,542 | $ | 3,562,070 | $ | 1,008,768 | $ | 817,758 | $ | 1,922,828 | $ | 12,352,704 | ||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | 1.03 | % | 0.01 | % | 0.01 | % | 0.03 | % | (0.03) | % | 1.08 | % | 0.44 | % |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 59,394 | $ | 6,019 | $ | 21,473 | $ | 6,987 | $ | 4,668 | $ | 53,320 | $ | 151,861 | ||||||||||||||||||||||||||||||
% of ACL to total ACL | 39 | % | 4 | % | 14 | % | 5 | % | 3 | % | 35 | % | 100 | % | ||||||||||||||||||||||||||||||
Loan portfolio balance | $ | 3,134,326 | $ | 1,809,582 | $ | 3,351,084 | $ | 1,044,049 | $ | 759,465 | $ | 1,810,930 | $ | 11,909,436 | ||||||||||||||||||||||||||||||
% to total loans and leases | 26 | % | 15 | % | 28 | % | 9 | % | 7 | % | 15 | % | 100 | % | ||||||||||||||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | $ | 19,004 | $ | 179 | $ | 581 | $ | — | $ | 186 | $ | 7,520 | $ | 27,470 | ||||||||||||||||||||||||||||||
Recoveries | 6,112 | 278 | 223 | 2,567 | 665 | 793 | 10,638 | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 12,892 | $ | (99) | $ | 358 | $ | (2,567) | $ | (479) | $ | 6,727 | $ | 16,832 | ||||||||||||||||||||||||||||||
Average loan balance | $ | 3,043,836 | $ | 1,831,428 | $ | 3,319,687 | $ | 962,082 | $ | 787,273 | $ | 1,543,704 | $ | 11,488,010 | ||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | 0.42 | % | (0.01) | % | 0.01 | % | (0.27) | % | (0.06) | % | 0.44 | % | 0.15�� | % |
Year Ended December 31, | ||||||||
(Dollars in millions) | 2017 | 2016 | 2015 | |||||
Beginning balance | 4,600 | 3,860 | 3,462 | |||||
Interest credited | 15 | 9 | 7 | |||||
Deposit inflows (outflows), net | 403 | 731 | 391 | |||||
Ending balance | 5,018 | 4,600 | 3,860 |
(Dollars in thousands) | Less than One Year | One to Five Years | Over Five Years | Total | ||||||||||||
Interest-rate sensitive assets: | ||||||||||||||||
Commercial loans (2)(3) | $ | 1,636,598 | $ | 583,913 | $ | 279,951 | $ | 2,500,462 | ||||||||
Real estate loans (1) (2) | 1,058,805 | 407,884 | 253,958 | 1,720,647 | ||||||||||||
Mortgage-backed securities | 107,843 | 347,143 | 392,804 | 847,790 | ||||||||||||
Consumer loans (2) | 344,440 | 84,669 | 117,224 | 546,333 | ||||||||||||
Investment securities | 45,091 | 75,180 | 70,858 | 191,129 | ||||||||||||
Loans held for sale (2) | 24,910 | — | — | 24,910 | ||||||||||||
Reverse mortgage loans | (311 | ) | 10,963 | 9,162 | 19,814 | |||||||||||
Total interest-rate sensitive assets: | 3,217,376 | 1,509,752 | 1,123,957 | 5,851,085 | ||||||||||||
Interest-rate sensitive liabilities: | ||||||||||||||||
Money market and interest-bearing demand deposits | 1,613,113 | — | 846,585 | 2,459,698 | ||||||||||||
FHLB advances | 681,536 | 28,465 | — | 710,001 | ||||||||||||
Savings accounts | 274,872 | — | 274,872 | 549,744 | ||||||||||||
Retail certificates of deposit | 190,250 | 252,673 | 3,313 | 446,236 | ||||||||||||
Brokered certificates of deposit | 223,821 | 1,619 | — | 225,440 | ||||||||||||
Other borrowed funds | 62,615 | — | — | 62,615 | ||||||||||||
Jumbo certificates of deposit | 85,523 | 3,518 | — | 89,041 | ||||||||||||
Trust preferred securities | 67,011 | — | — | 67,011 | ||||||||||||
Senior notes | — | 98,171 | — | 98,171 | ||||||||||||
Total Interest-rate sensitive liabilities: | 3,198,741 | 384,446 | 1,124,770 | 4,707,957 | ||||||||||||
Off Balance Sheet: | (75,000 | ) | 50,000 | 25,000 | — | |||||||||||
Excess (deficiency) of interest-rate sensitive assets over interest-rate liabilities (interest-rate sensitive gap) | $ | (56,365 | ) | $ | 1,175,306 | $ | 24,187 | $ | 1,143,128 | |||||||
One-year interest-rate sensitive assets/interest-rate sensitive liabilities | 98.24 | % | ||||||||||||||
One-year interest-rate sensitive gap as a percent of total assets | (0.81 | )% |
At December 31, | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | |||||||||||||||||||||||||||
Nonaccruing loans: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 29,389 | $ | 6,770 | |||||||||||||||||||||||||
Owner-occupied commercial | 4,862 | 386 | |||||||||||||||||||||||||||
Commercial mortgages | 22,292 | 5,159 | |||||||||||||||||||||||||||
Construction | 12,617 | 5,143 | |||||||||||||||||||||||||||
Residential | 2,579 | 3,199 | |||||||||||||||||||||||||||
Consumer | 2,446 | 2,145 | |||||||||||||||||||||||||||
Total nonaccruing loans(1) | 74,185 | 22,802 | |||||||||||||||||||||||||||
Other real estate owned | 1,569 | 833 | |||||||||||||||||||||||||||
Restructured loans(2) | — | 19,737 | |||||||||||||||||||||||||||
Total nonperforming assets | $ | 75,754 | $ | 43,372 | |||||||||||||||||||||||||
Past due loans: | |||||||||||||||||||||||||||||
Commercial | $ | 1,552 | $ | 1,022 | |||||||||||||||||||||||||
Consumer(3) | 10,032 | 15,513 | |||||||||||||||||||||||||||
Total past due loans | $ | 11,584 | $ | 16,535 | |||||||||||||||||||||||||
Troubled loans(4)(5): | |||||||||||||||||||||||||||||
Commercial | $ | 85,330 | $ | — | |||||||||||||||||||||||||
Residential | 777 | — | |||||||||||||||||||||||||||
Consumer | 9,161 | — | |||||||||||||||||||||||||||
Total troubled loans | $ | 95,268 | $ | — | |||||||||||||||||||||||||
Ratio of allowance for credit losses to total gross loans and leases(6) | 1.35 | % | 1.17 | % | |||||||||||||||||||||||||
Ratio of nonaccruing loans to total gross loans and leases(7) | 0.58 | 0.19 | |||||||||||||||||||||||||||
Ratio of nonperforming assets to total assets | 0.37 | 0.22 | |||||||||||||||||||||||||||
Ratio of allowance for credit losses to nonaccruing loans | 251 | 666 | |||||||||||||||||||||||||||
Ratio of allowance for credit losses to total nonperforming assets(8) | 246 | 350 |
At December 31, | |||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Nonaccruing loans: | |||||||||||||||||||
Commercial | $ | 19,057 | $ | 2,015 | $ | 5,328 | $ | 2,706 | $ | 4,305 | |||||||||
Owner-occupied commercial | 3,654 | 2,078 | 1,091 | 2,475 | 5,197 | ||||||||||||||
Commercial mortgages | 5,870 | 9,821 | 3,326 | 8,245 | 8,565 | ||||||||||||||
Construction | 1,804 | — | — | — | 1,158 | ||||||||||||||
Residential mortgages | 4,124 | 4,967 | 7,287 | 7,068 | 8,432 | ||||||||||||||
Consumer | 1,927 | 3,995 | 4,133 | 3,557 | 3,293 | ||||||||||||||
Total nonaccruing loans | 36,436 | 22,876 | 21,165 | 24,051 | 30,950 | ||||||||||||||
Other real estate owned | 2,503 | 3,591 | 5,080 | 5,734 | 4,532 | ||||||||||||||
Restructured loans (1) | 20,061 | 14,336 | 13,647 | 22,600 | 12,332 | ||||||||||||||
Total nonperforming assets (NPAs) | $ | 59,000 | $ | 40,803 | $ | 39,892 | $ | 52,385 | $ | 47,814 | |||||||||
Past due loans: | |||||||||||||||||||
Residential mortgages | $ | 356 | $ | 153 | $ | 251 | $ | — | $ | 533 | |||||||||
Commercial and commercial mortgages (3) | — | — | 17,529 | — | — | ||||||||||||||
Consumer | 105 | 285 | 252 | — | — | ||||||||||||||
Total past due loans | $ | 461 | $ | 438 | $ | 18,032 | $ | — | $ | 533 | |||||||||
Ratio of nonaccruing loans to total loans (2) | 0.76 | % | 0.51 | % | 0.56 | % | 0.75 | % | 1.05 | % | |||||||||
Ratio of allowance for loan losses to gross loans (2) | 0.84 | 0.89 | 0.98 | 1.23 | 1.40 | ||||||||||||||
Ratio of NPA to total assets | 0.84 | 0.60 | 0.71 | 1.08 | 1.06 | ||||||||||||||
Ratio of NPA (excluding accruing TDR) to total assets | 0.56 | 0.39 | 0.47 | 0.61 | 0.79 | ||||||||||||||
Ratio of loan loss allowance to nonaccruing loans | 111.43 | 173.77 | 175.27 | 163.93 | 133.26 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||
Beginning balance | $ | 43,372 | $ | 33,133 | ||||||||||||||||
Additions | 110,586 | 34,041 | ||||||||||||||||||
Collections | (19,874) | (17,293) | ||||||||||||||||||
Transfers to accrual(1) | (20,263) | (922) | ||||||||||||||||||
Charge-offs | (38,067) | (5,587) | ||||||||||||||||||
Ending balance | $ | 75,754 | $ | 43,372 |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Beginning balance | $ | 40,803 | $ | 39,892 | $ | 52,385 | |||||
Additions | 57,942 | 42,101 | 12,897 | ||||||||
Collections | (19,884 | ) | (28,191 | ) | (14,167 | ) | |||||
Transfers to accrual | (3,478 | ) | (681 | ) | (95 | ) | |||||
Charge-offs/write-downs | (16,383 | ) | (12,318 | ) | (11,128 | ) | |||||
Ending balance | $ | 59,000 | $ | 40,803 | $ | 39,892 |
Year Ended December 31, | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Yield/ Rate(1) | Average Balance | Interest & Dividends | Yield/ Rate (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans:(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | $ | 5,041,280 | $ | 346,389 | 6.88 | % | $ | 4,875,265 | $ | 253,293 | 5.21 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | 4,570,839 | 317,603 | 6.95 | 4,281,768 | 203,611 | 4.76 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 820,600 | 38,886 | 4.74 | 790,650 | 35,420 | 4.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,922,827 | 138,510 | 7.20 | 1,543,704 | 86,743 | 5.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 47,424 | 3,883 | 8.19 | 65,927 | 3,687 | 5.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | 12,402,970 | 845,271 | 6.82 | 11,557,314 | 582,754 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | 4,640,646 | 107,555 | 2.32 | 5,151,469 | 106,606 | 2.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities(3) | 367,026 | 8,783 | 2.71 | 338,979 | 6,899 | 2.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | 282,462 | 14,913 | 5.28 | 878,097 | 7,556 | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 17,693,104 | 976,522 | 5.53 | 17,925,859 | 703,815 | 3.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (169,140) | (140,916) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 256,984 | 243,579 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash in non-owned ATMs | 392,007 | 551,108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 98,935 | 100,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | 1,931,147 | 1,783,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 20,203,037 | $ | 20,463,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 3,019,050 | $ | 26,671 | 0.88 | % | $ | 3,377,321 | $ | 7,441 | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||||
Money market | 4,317,810 | 122,168 | 2.83 | 3,918,756 | 13,536 | 0.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,832,601 | 5,733 | 0.31 | 2,265,721 | 965 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer time deposits | 1,571,682 | 45,184 | 2.87 | 1,103,336 | 5,626 | 0.51 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing customer deposits | 10,741,143 | 199,756 | 1.86 | 10,665,134 | 27,568 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 214,608 | 10,064 | 4.69 | 36,461 | 613 | 1.68 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 10,955,751 | 209,820 | 1.92 | 10,701,595 | 28,181 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 103,268 | 5,348 | 5.18 | 12,841 | 538 | 4.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred borrowings | 90,534 | 6,736 | 7.44 | 90,337 | 3,482 | 3.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior and subordinated debt | 221,975 | 9,815 | 4.42 | 248,389 | 8,246 | 3.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowed funds(4) | 442,197 | 19,700 | 4.46 | 47,076 | 478 | 1.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 11,813,725 | 251,419 | 2.13 | 11,100,238 | 40,925 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 5,306,511 | 6,376,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 787,573 | 590,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity of WSFS | 2,300,467 | 2,398,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | (5,239) | (2,687) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 20,203,037 | $ | 20,463,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | $ | 5,879,379 | $ | 6,825,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest and dividend income | $ | 725,103 | $ | 662,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.40 | % | 3.57 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 4.11 | % | 3.71 | % |
Year Ended December 31, | 2023 vs. 2022 | ||||||||||||||||
(Dollars in thousands) | Volume | Yield/Rate | Net | ||||||||||||||
Interest Income: | |||||||||||||||||
Loans: | |||||||||||||||||
Commercial loans and leases(1) | $ | 8,940 | $ | 84,156 | $ | 93,096 | |||||||||||
Commercial mortgage loans | 14,587 | 99,405 | 113,992 | ||||||||||||||
Residential | 1,369 | 2,097 | 3,466 | ||||||||||||||
Consumer | 24,137 | 27,630 | 51,767 | ||||||||||||||
Loans held for sale | (1,216) | 1,412 | 196 | ||||||||||||||
Mortgage-backed securities | (11,185) | 12,134 | 949 | ||||||||||||||
Investment securities(2) | 719 | 1,165 | 1,884 | ||||||||||||||
Other interest-earning assets | (8,192) | 15,549 | 7,357 | ||||||||||||||
Favorable | 29,159 | 243,548 | 272,707 | ||||||||||||||
Interest expense: | |||||||||||||||||
Deposits: | |||||||||||||||||
Interest-bearing demand | (866) | 20,096 | 19,230 | ||||||||||||||
Money market | 1,539 | 107,093 | 108,632 | ||||||||||||||
Savings | (205) | 4,973 | 4,768 | ||||||||||||||
Customer time deposits | 3,324 | 36,234 | 39,558 | ||||||||||||||
Brokered certificates of deposits | 6,916 | 2,535 | 9,451 | ||||||||||||||
FHLB advances | 4,654 | 156 | 4,810 | ||||||||||||||
Trust preferred borrowings | 8 | 3,246 | 3,254 | ||||||||||||||
Senior and subordinated debt | (946) | 2,515 | 1,569 | ||||||||||||||
Other borrowed funds | 13,713 | 5,509 | 19,222 | ||||||||||||||
Unfavorable | 28,137 | 182,357 | 210,494 | ||||||||||||||
Net change, as reported | $ | 1,022 | $ | 61,191 | $ | 62,213 |
(Dollars in thousands) | Maturing During 2024 | Maturing From 2025 Through 2028 | Maturing From 2029 Through 2033 | Maturing After 2033 | Total | ||||||||||||||||||||||||
Collateralized mortgage obligations (CMO) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 25,645 | $ | 65,192 | $ | 470,115 | $ | 560,952 | |||||||||||||||||||
Weighted average yield | — | % | 2.37 | % | 1.97 | % | 1.84 | % | 1.88 | % | |||||||||||||||||||
Fannie Mae (FNMA) mortgage-backed securities (MBS) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 60,147 | $ | 230,640 | $ | 3,253,975 | $ | 3,544,762 | |||||||||||||||||||
Weighted average yield | — | % | 2.38 | % | 2.05 | % | 1.99 | % | 2.00 | % | |||||||||||||||||||
Freddie Mac (FHLMC) MBS | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 431 | $ | 51,704 | $ | 74,721 | $ | 126,856 | |||||||||||||||||||
Weighted average yield | — | % | 2.43 | % | 2.39 | % | 3.15 | % | 2.84 | % | |||||||||||||||||||
Ginnie Mae (GNMA) MBS | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 1 | $ | 558 | $ | 45,774 | $ | 46,333 | |||||||||||||||||||
Weighted average yield | — | % | 4.79 | % | 2.98 | % | 3.39 | % | 3.38 | % | |||||||||||||||||||
Government-sponsored enterprises (GSE) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | 221,861 | $ | 3,578 | $ | 225,439 | |||||||||||||||||||
Weighted average yield | — | % | — | % | 1.30 | % | 1.44 | % | 1.30 | % | |||||||||||||||||||
Total amortized cost | $ | — | $ | 86,224 | $ | 569,955 | $ | 3,848,163 | $ | 4,504,342 | |||||||||||||||||||
Weighted average yield | — | % | 2.38 | % | 1.78 | % | 2.01 | % | 1.99 | % |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 64,564 | $ | 10,719 | $ | 36,055 | $ | 10,762 | $ | 5,483 | $ | 58,543 | $ | 186,126 | ||||||||||||||||||||||||||||||
% of ACL to total ACL | 35 | % | 6 | % | 19 | % | 6 | % | 3 | % | 31 | % | 100 | % | ||||||||||||||||||||||||||||||
Loan portfolio balance | $ | 3,163,692 | $ | 1,886,087 | $ | 3,801,180 | $ | 1,035,530 | $ | 867,895 | $ | 2,012,134 | $ | 12,766,518 | ||||||||||||||||||||||||||||||
% to total loans and leases | 24 | % | 15 | % | 30 | % | 8 | % | 7 | % | 16 | % | 100 | % | ||||||||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | $ | 42,294 | $ | 184 | $ | 300 | $ | 794 | $ | 41 | $ | 22,394 | $ | 66,007 | ||||||||||||||||||||||||||||||
Recoveries | 9,721 | 54 | 7 | 532 | 260 | 1,625 | 12,199 | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 32,573 | $ | 130 | $ | 293 | $ | 262 | $ | (219) | $ | 20,769 | $ | 53,808 | ||||||||||||||||||||||||||||||
Average loan balance | $ | 3,177,739 | $ | 1,863,542 | $ | 3,562,070 | $ | 1,008,768 | $ | 817,758 | $ | 1,922,828 | $ | 12,352,704 | ||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | 1.03 | % | 0.01 | % | 0.01 | % | 0.03 | % | (0.03) | % | 1.08 | % | 0.44 | % |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 59,394 | $ | 6,019 | $ | 21,473 | $ | 6,987 | $ | 4,668 | $ | 53,320 | $ | 151,861 | ||||||||||||||||||||||||||||||
% of ACL to total ACL | 39 | % | 4 | % | 14 | % | 5 | % | 3 | % | 35 | % | 100 | % | ||||||||||||||||||||||||||||||
Loan portfolio balance | $ | 3,134,326 | $ | 1,809,582 | $ | 3,351,084 | $ | 1,044,049 | $ | 759,465 | $ | 1,810,930 | $ | 11,909,436 | ||||||||||||||||||||||||||||||
% to total loans and leases | 26 | % | 15 | % | 28 | % | 9 | % | 7 | % | 15 | % | 100 | % | ||||||||||||||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | $ | 19,004 | $ | 179 | $ | 581 | $ | — | $ | 186 | $ | 7,520 | $ | 27,470 | ||||||||||||||||||||||||||||||
Recoveries | 6,112 | 278 | 223 | 2,567 | 665 | 793 | 10,638 | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 12,892 | $ | (99) | $ | 358 | $ | (2,567) | $ | (479) | $ | 6,727 | $ | 16,832 | ||||||||||||||||||||||||||||||
Average loan balance | $ | 3,043,836 | $ | 1,831,428 | $ | 3,319,687 | $ | 962,082 | $ | 787,273 | $ | 1,543,704 | $ | 11,488,010 | ||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | 0.42 | % | (0.01) | % | 0.01 | % | (0.27) | % | (0.06) | % | 0.44 | % | 0.15�� | % |
(Dollars in thousands) | Less than One Year | One to Five Years | Five to Fifteen Years | Over Fifteen Years | Total | |||||||||||||||||||||||||||
Interest-rate sensitive assets: | ||||||||||||||||||||||||||||||||
Loans(1): | ||||||||||||||||||||||||||||||||
Commercial loans and leases | $ | 4,270,467 | $ | 1,560,156 | $ | 360,958 | $ | 10,148 | $ | 6,201,729 | ||||||||||||||||||||||
Commercial mortgage loans | 2,637,128 | 953,519 | 216,446 | 5,096 | 3,812,189 | |||||||||||||||||||||||||||
Residential(2) | 127,836 | 301,046 | 357,615 | 93,426 | 879,923 | |||||||||||||||||||||||||||
Consumer | 944,286 | 776,008 | 235,189 | 33,589 | 1,989,072 | |||||||||||||||||||||||||||
Loans held for sale | 26,193 | 5,283 | 4,010 | — | 35,486 | |||||||||||||||||||||||||||
Investment securities, available-for-sale | 810,582 | 1,288,020 | 2,306,782 | 566,486 | 4,971,870 | |||||||||||||||||||||||||||
Investment securities, held-to-maturity | 62,200 | 241,817 | 561,770 | 313,207 | 1,178,994 | |||||||||||||||||||||||||||
Other interest-earning assets | 15,398 | — | — | — | 15,398 | |||||||||||||||||||||||||||
Total interest-rate sensitive assets: | $ | 8,894,090 | $ | 5,125,849 | $ | 4,042,770 | $ | 1,021,952 | $ | 19,084,661 | ||||||||||||||||||||||
Interest-rate sensitive liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 1,467,765 | $ | — | $ | — | $ | — | $ | 1,467,765 | ||||||||||||||||||||||
Savings | 882,060 | — | — | — | 882,060 | |||||||||||||||||||||||||||
Money market | 4,088,226 | — | — | — | 4,088,226 | |||||||||||||||||||||||||||
Customer time deposits | 1,695,594 | 86,290 | 1,583 | — | 1,783,467 | |||||||||||||||||||||||||||
Trust preferred borrowings | 90,638 | — | — | — | 90,638 | |||||||||||||||||||||||||||
Senior and subordinated debt | 70,000 | 148,400 | — | — | 218,400 | |||||||||||||||||||||||||||
Other borrowed funds | 629,216 | — | — | 8,498 | 637,714 | |||||||||||||||||||||||||||
Total interest-rate sensitive liabilities: | $ | 8,923,499 | $ | 234,690 | $ | 1,583 | $ | 8,498 | $ | 9,168,270 | ||||||||||||||||||||||
(Shortfall) excess of interest-rate sensitive assets over interest-rate liabilities (interest-rate sensitive gap) | $ | (29,409) | $ | 4,891,159 | $ | 4,041,187 | $ | 1,013,454 | $ | 9,916,391 | ||||||||||||||||||||||
One-year interest-rate sensitive assets/interest-rate sensitive liabilities | 99.67 | % | ||||||||||||||||||||||||||||||
One-year interest-rate sensitive gap as a percent of total assets | (0.14) | % |
(Dollars in thousands) | December 31, 2017 | December 31, 2016 | December 31, 2015 | |||||||||
Total problem loans(1) as % of Tier 1 capital | 21.34 | % | 27.71 | % | 24.06 | % | ||||||
Non-performing loans | $ | 36,436 | $ | 22,876 | $ | 21,165 | ||||||
Delinquent loans | 25,279 | 22,176 | 43,685 | |||||||||
Delinquent loans as % of total gross loans | 0.53 | % | 0.50 | % | 1.16 | % | ||||||
Net charge-offs | 10,116 | 10,324 | 10,127 | |||||||||
Net charge-offs as % of total gross loans | 0.22 | % | 0.25 | % | 0.29 | % |
Year Ended December 31, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||
Beginning balance | 39,751 | 37,089 | 39,426 | 41,244 | 43,922 | ||||||||||
Provision for loan losses | 10,964 | 12,986 | 7,790 | 3,580 | 7,172 | ||||||||||
Charge-offs: | |||||||||||||||
Commercial Mortgage | 4,612 | 422 | 1,135 | 425 | 1,915 | ||||||||||
Construction | 574 | 57 | 146 | 88 | 1,749 | ||||||||||
Commercial | 5,008 | 5,052 | 6,303 | 3,587 | 2,636 | ||||||||||
Owner-occupied Commercial | 296 | 1,556 | 738 | 1,085 | 1,225 | ||||||||||
Residential real estate | 168 | 88 | 548 | 811 | 1,226 | ||||||||||
Consumer | 2,394 | 5,456 | 2,555 | 1,982 | 3,905 | ||||||||||
Overdrafts | 790 | 696 | 670 | 873 | 1,008 | ||||||||||
Total charge-offs | 13,842 | 13,327 | 12,095 | 8,851 | 13,664 | ||||||||||
Recoveries: | |||||||||||||||
Commercial Mortgage | 255 | 322 | 222 | 202 | 685 | ||||||||||
Construction | 306 | 484 | 185 | 242 | 989 | ||||||||||
Commercial | 1,355 | 594 | 301 | 1,611 | 1,003 | ||||||||||
Owner-occupied Commercial | 127 | 117 | 77 | 249 | 128 | ||||||||||
Residential real estate | 178 | 254 | 226 | 168 | 122 | ||||||||||
Consumer | 1,227 | 973 | 680 | 528 | 483 | ||||||||||
Overdrafts | 278 | 259 | 277 | 453 | 404 | ||||||||||
Total recoveries | 3,726 | 3,003 | 1,968 | 3,453 | 3,814 | ||||||||||
Net charge-offs | 10,116 | 10,324 | 10,127 | 5,398 | 9,850 | ||||||||||
Ending balance | 40,599 | 39,751 | 37,089 | 39,426 | 41,244 | ||||||||||
Net charge-offs to average gross loans outstanding, net of unearned income | 0.22 | % | 0.25 | % | 0.29 | % | 0.18 | % | 0.33 | % |
At December 31, | ||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||
Commercial mortgage | $ | 5,891 | 0.12 | % | $ | 8,915 | 0.20 | % | $ | 6,487 | 0.17 | % | $ | 7,266 | 0.23 | % | $ | 6,932 | 0.24 | % | ||||||||||||||
Construction | 2,861 | 0.06 | 2,838 | 0.06 | 3,521 | 0.09 | 2,596 | 0.08 | 3,326 | 0.11 | ||||||||||||||||||||||||
Commercial | 16,732 | 0.35 | 13,339 | 0.30 | 11,156 | 0.29 | 12,837 | 0.40 | 12,751 | 0.43 | ||||||||||||||||||||||||
Owner-occupied commercial | 5,422 | 0.11 | 6,588 | 0.15 | 6,670 | 0.18 | 6,643 | 0.20 | 7,638 | 0.26 | ||||||||||||||||||||||||
Residential real estate | 1,798 | 0.04 | 2,059 | 0.05 | 2,281 | 0.06 | 2,523 | 0.08 | 3,078 | 0.10 | ||||||||||||||||||||||||
Consumer | 7,895 | 0.16 | 6,012 | 0.13 | 5,964 | 0.16 | 6,041 | 0.19 | 6,494 | 0.22 | ||||||||||||||||||||||||
Complexity Risk (1) | — | — | — | — | 1,010 | 0.03 | 1,520 | 0.05 | 1,025 | 0.04 | ||||||||||||||||||||||||
Total | $ | 40,599 | 0.84 | % | $ | 39,751 | 0.89 | % | $ | 37,089 | 0.98 | % | $ | 39,426 | 1.23 | % | $ | 41,244 | 1.40 | % |
(Dollars in thousands) | Total | 2018 | 2019-2020 | 2021-2022 | 2023 and Beyond | ||||||||||||||
Commitments to extend credit (1) | $ | 1,305,003 | $ | 1,305,003 | $ | — | $ | — | $ | — | |||||||||
FHLB advances | 710,001 | 681,536 | 28,465 | — | — | ||||||||||||||
Principal payments on long term debt (2) | 100,000 | — | — | — | 100,000 | ||||||||||||||
Interest payments on long term debt (3) | 38,250 | 4,500 | 9,000 | 9,000 | 15,750 | ||||||||||||||
Operating lease obligations | 211,455 | 10,636 | 20,864 | 20,167 | 159,788 | ||||||||||||||
Data processing obligations | 15,535 | 5,778 | 8,718 | 1,039 | — | ||||||||||||||
Total | $ | 2,380,244 | $ | 2,007,453 | $ | 67,047 | $ | 30,206 | $ | 275,538 |
Change in Interest Rate (Basis Points) | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||
% Change in Net Interest Margin (1) | Economic Value of Equity (2) | % Change in Net Interest Margin (1) | Economic Value of Equity (2) | ||||||||||||||||||||
300 | 15.7% | 22.44% | 18.5% | 27.54% | |||||||||||||||||||
200 | 10.4% | 21.46% | 12.3% | 26.44% | |||||||||||||||||||
100 | 5.2% | 20.41% | 6.1% | 25.22% | |||||||||||||||||||
50 | 2.6% | 19.85% | 3.1% | 24.56% | |||||||||||||||||||
25 | 1.3% | 19.56% | 1.5% | 24.22% | |||||||||||||||||||
— | —% | 19.26% | —% | 23.87% | |||||||||||||||||||
(25) | (1.3)% | 18.96% | (1.6)% | 23.50% | |||||||||||||||||||
(50) | (2.6)% | 18.64% | (3.3)% | 23.10% | |||||||||||||||||||
(100) | (4.9)% | 18.00% | (6.8)% | 22.20% | |||||||||||||||||||
(200) | (9.6)% | 16.50% | (14.0)% | 20.20% | |||||||||||||||||||
(300) | (14.2)% | 14.80% | (21.2)% | 17.90% |
Page | |||||
Report of Independent Registered Public Accounting Firm (KPMG LLP, Philadelphia, PA, Auditor Firm ID: 185) | |||||
/s/ KPMG LLP | ||||||||||||||
We have served as the Company's auditor since 1994. | ||||||||||||||
Philadelphia, Pennsylvania | ||||||||||||||
February 29, 2024 |
Year Ended December 31, | ||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2023 | 2022 | 2021 | |||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans and leases | $ | 845,271 | $ | 582,754 | $ | 393,248 | ||||||||||||||||||||
Interest on mortgage-backed securities | 107,555 | 106,606 | 55,802 | |||||||||||||||||||||||
Interest and dividends on investment securities: | ||||||||||||||||||||||||||
Taxable | 2,803 | 2,812 | 2,805 | |||||||||||||||||||||||
Tax-exempt | 5,980 | 4,087 | 2,719 | |||||||||||||||||||||||
Other interest income | 14,913 | 7,556 | 1,795 | |||||||||||||||||||||||
976,522 | 703,815 | 456,369 | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Interest on deposits | 209,820 | 28,181 | 14,923 | |||||||||||||||||||||||
Interest on Federal Home Loan Bank advances | 5,348 | 538 | 5 | |||||||||||||||||||||||
Interest on senior and subordinated debt | 9,815 | 8,246 | 6,497 | |||||||||||||||||||||||
Interest on trust preferred borrowings | 6,736 | 3,482 | 1,274 | |||||||||||||||||||||||
Interest on federal funds purchased | 1,673 | 443 | — | |||||||||||||||||||||||
Interest on other borrowings | 18,027 | 35 | 21 | |||||||||||||||||||||||
251,419 | 40,925 | 22,720 | ||||||||||||||||||||||||
Net interest income | 725,103 | 662,890 | 433,649 | |||||||||||||||||||||||
Provision for (recovery of) credit losses | 88,071 | 48,089 | (117,087) | |||||||||||||||||||||||
Net interest income after provision for (recovery of) credit losses | 637,032 | 614,801 | 550,736 | |||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Credit/debit card and ATM income | 59,718 | 40,088 | 29,479 | |||||||||||||||||||||||
Investment management and fiduciary revenue | 131,050 | 121,608 | 62,348 | |||||||||||||||||||||||
Deposit service charges | 25,393 | 24,484 | 22,090 | |||||||||||||||||||||||
Mortgage banking activities, net | 4,799 | 7,271 | 23,216 | |||||||||||||||||||||||
Loan and lease fee income | 5,718 | 6,275 | 7,533 | |||||||||||||||||||||||
Security gains, net | — | — | 331 | |||||||||||||||||||||||
Unrealized gains on equity investments, net | 329 | 5,980 | 5,141 | |||||||||||||||||||||||
Realized gain (loss) on sale of equity investment, net | 9,493 | — | (706) | |||||||||||||||||||||||
Bank owned life insurance income | 4,642 | 1,804 | 1,251 | |||||||||||||||||||||||
Other income | 48,729 | 52,624 | 34,797 | |||||||||||||||||||||||
289,871 | 260,134 | 185,480 | ||||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries, benefits and other compensation | 289,193 | 283,905 | 214,167 | |||||||||||||||||||||||
Occupancy expense | 42,184 | 40,885 | 32,802 | |||||||||||||||||||||||
Equipment expense | 42,242 | 40,994 | 29,040 | |||||||||||||||||||||||
Professional fees | 21,200 | 18,497 | 15,614 | |||||||||||||||||||||||
Data processing and operations expenses | 19,054 | 20,876 | 14,074 | |||||||||||||||||||||||
Marketing expense | 7,914 | 7,230 | 5,413 | |||||||||||||||||||||||
FDIC expenses | 15,887 | 6,098 | 4,081 | |||||||||||||||||||||||
Loan workout and other credit costs | 852 | 702 | 663 | |||||||||||||||||||||||
Corporate development expense | 3,931 | 42,749 | 11,676 | |||||||||||||||||||||||
Restructuring expense | (230) | 22,473 | 1,346 | |||||||||||||||||||||||
Recovery of legal settlement | — | — | (15,000) | |||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | 1,087 | |||||||||||||||||||||||
Other operating expense | 119,406 | 89,917 | 63,553 | |||||||||||||||||||||||
561,633 | 574,326 | 378,516 | ||||||||||||||||||||||||
Income before taxes | 365,270 | 300,609 | 357,700 | |||||||||||||||||||||||
Income tax provision | 96,245 | 77,961 | 86,095 | |||||||||||||||||||||||
Net income | $ | 269,025 | $ | 222,648 | $ | 271,605 | ||||||||||||||||||||
Less: Net (loss) income attributable to noncontrolling interest | (131) | 273 | 163 | |||||||||||||||||||||||
Net income attributable to WSFS | $ | 269,156 | $ | 222,375 | $ | 271,442 | ||||||||||||||||||||
Basic earnings per share | $ | 4.40 | $ | 3.50 | $ | 5.71 | ||||||||||||||||||||
Diluted earnings per share | $ | 4.40 | $ | 3.49 | $ | 5.69 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Net income | $ | 269,025 | $ | 222,648 | $ | 271,605 | ||||||||||||||
Less: Net (loss) gain attributable to noncontrolling interest | (131) | 273 | 163 | |||||||||||||||||
Net income attributable to WSFS | $ | 269,156 | $ | 222,375 | $ | 271,442 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Net change in unrealized gains (losses) on investment securities available-for-sale | ||||||||||||||||||||
Net unrealized gains (losses) arising during the period, net of tax expense (benefit) of $20,085, $(167,261), and $(29,523), respectively | 63,601 | (529,660) | (93,503) | |||||||||||||||||
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $—, $—, and $80, respectively | — | — | (252) | |||||||||||||||||
63,601 | (529,660) | (93,755) | ||||||||||||||||||
Net change in securities held-to-maturity | ||||||||||||||||||||
Net change in unrealized gains (losses) on securities reclassified to held-to-maturity, net of tax (benefit) expense of $(5,361), $34,319, and $32, respectively(1)(2) | 16,980 | (108,678) | (101) | |||||||||||||||||
Net change in unfunded pension liability | ||||||||||||||||||||
Change in unfunded pension liability related to unrealized (loss) gain and prior service cost, net of tax expense (benefit) of $1, $(5), and $50, respectively | (132) | 209 | 97 | |||||||||||||||||
Net change in cash flow hedge | ||||||||||||||||||||
Net unrealized gain arising during the period, net of tax expense of $504, $—, and $—, respectively | 1,596 | — | — | |||||||||||||||||
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $34, $51 and $119, respectively | (107) | (160) | (378) | |||||||||||||||||
1,489 | (160) | (378) | ||||||||||||||||||
Net change in equity method investments | ||||||||||||||||||||
Net change in other comprehensive (loss) income of equity method investments, net of tax (benefit) expense of $(27), $67, and $114, respectively | (85) | 213 | 362 | |||||||||||||||||
Total other comprehensive income (loss) | 81,853 | (638,076) | (93,775) | |||||||||||||||||
Total comprehensive income (loss) | $ | 351,009 | $ | (415,701) | $ | 177,667 |
December 31, | ||||||||||||||
(Dollars in thousands, except per share and share data) | 2023 | 2022 | ||||||||||||
Assets: | ||||||||||||||
Cash and due from banks | $ | 629,310 | $ | 332,961 | ||||||||||
Cash in non-owned ATMs | 458,889 | 499,017 | ||||||||||||
Interest-bearing deposits in other banks including collateral (restricted cash) of $4,270 at December 31, 2023 and $4,650 at December 31, 2022 | 4,701 | 5,280 | ||||||||||||
Total cash, cash equivalents, and restricted cash | 1,092,900 | 837,258 | ||||||||||||
Investment securities, available for sale (amortized cost of $4,504,342 at December 31, 2023 and $4,834,550 at December 31, 2022) | 3,846,537 | 4,093,060 | ||||||||||||
Investment securities, held to maturity, net of allowance for credit losses of $8 at December 31, 2023 and $10 at December 31, 2022 (fair value $985,931 at December 31, 2023 and $1,040,104 at December 31, 2022) | 1,058,557 | 1,111,619 | ||||||||||||
Other investments | 17,434 | 26,120 | ||||||||||||
Loans held for sale at fair value | 29,268 | 42,985 | ||||||||||||
Loans and leases, net of allowance of $186,126 at December 31, 2023 and $151,861 at December 31, 2022 | 12,583,202 | 11,759,992 | ||||||||||||
Bank-owned life insurance | 42,762 | 101,935 | ||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 15,398 | 24,116 | ||||||||||||
Other real estate owned | 1,569 | 833 | ||||||||||||
Accrued interest receivable | 85,979 | 74,448 | ||||||||||||
Premises and equipment | 104,484 | 115,603 | ||||||||||||
Goodwill | 885,898 | 883,637 | ||||||||||||
Intangible assets | 118,662 | 128,595 | ||||||||||||
Other assets | 712,022 | 714,554 | ||||||||||||
Total assets | $ | 20,594,672 | $ | 19,914,755 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | 4,917,297 | $ | 5,739,647 | ||||||||||
Interest-bearing demand | 11,556,789 | 10,463,922 | ||||||||||||
Total deposits | 16,474,086 | 16,203,569 | ||||||||||||
Federal Home Loan Bank advances | — | 350,000 | ||||||||||||
Trust preferred borrowings | 90,638 | 90,442 | ||||||||||||
Senior and subordinated debt | 218,400 | 248,169 | ||||||||||||
Other borrowed funds | 586,038 | 38,283 | ||||||||||||
Accrued interest payable | 46,684 | 5,174 | ||||||||||||
Other liabilities | 709,011 | 777,232 | ||||||||||||
Total liabilities | 18,124,857 | 17,712,869 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||
Common stock 0.01 par value, shares authorized of 90,000,000; shares issued of 76,095,094 at December 31, 2023 and 75,921,997 at December 31, 2022 | 761 | 759 | ||||||||||||
Capital in excess of par value | 1,984,746 | 1,974,210 | ||||||||||||
Accumulated other comprehensive loss | (593,991) | (675,844) | ||||||||||||
Retained earnings | 1,643,657 | 1,411,243 | ||||||||||||
Treasury stock at cost, 15,557,263 shares at December 31, 2023 and 14,310,085 shares at December 31, 2022 | (557,537) | (505,255) | ||||||||||||
Total stockholders’ equity of WSFS | 2,477,636 | 2,205,113 | ||||||||||||
Noncontrolling interest | (7,821) | (3,227) | ||||||||||||
Total stockholders’ equity | 2,469,815 | 2,201,886 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 20,594,672 | $ | 19,914,755 |
(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 | 57,575,783 | $ | 576 | $ | 1,053,022 | $ | 56,007 | $ | 977,414 | $ | (295,293) | $ | 1,791,726 | $ | (2,246) | $ | 1,789,480 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 271,442 | — | 271,442 | 163 | 271,605 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (93,775) | — | — | (93,775) | — | (93,775) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.51 per share | — | — | — | — | (24,242) | — | (24,242) | — | (24,242) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 119,893 | 1 | 1,521 | — | — | — | 1,522 | — | 1,522 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 5,694 | — | — | — | 5,694 | — | 5,694 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | (1,240) | — | — | (12,028) | (13,268) | — | (13,268) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 57,695,676 | $ | 577 | $ | 1,058,997 | $ | (37,768) | $ | 1,224,614 | $ | (307,321) | $ | 1,939,099 | $ | (2,083) | $ | 1,937,016 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 222,375 | — | 222,375 | 273 | 222,648 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (638,076) | — | — | (638,076) | — | (638,076) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.56 per share | — | — | — | — | (35,746) | — | (35,746) | — | (35,746) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (504) | (504) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 109,473 | 1 | 3,178 | — | — | — | 3,179 | — | 3,179 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition of BMT | 18,116,848 | 181 | 907,835 | — | — | — | 908,016 | — | 908,016 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest assumed in acquisition | — | — | — | — | — | — | — | (913) | (913) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 6,349 | — | — | — | 6,349 | — | 6,349 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | (2,149) | — | — | (197,934) | (200,083) | — | (200,083) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 75,921,997 | $ | 759 | $ | 1,974,210 | $ | (675,844) | $ | 1,411,243 | $ | (505,255) | $ | 2,205,113 | $ | (3,227) | $ | 2,201,886 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 269,156 | — | 269,156 | (131) | 269,025 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 81,853 | — | — | 81,853 | — | 81,853 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.60 per share | — | — | — | — | (36,742) | — | (36,742) | — | (36,742) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (4,463) | (4,463) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 173,097 | 2 | 3,296 | — | — | — | 3,298 | — | 3,298 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 9,605 | — | — | — | 9,605 | — | 9,605 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | (2,365) | — | — | (52,282) | (54,647) | — | (54,647) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | 76,095,094 | $ | 761 | $ | 1,984,746 | $ | (593,991) | $ | 1,643,657 | $ | (557,537) | $ | 2,477,636 | $ | (7,821) | $ | 2,469,815 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income | $ | 269,025 | $ | 222,648 | $ | 271,605 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision for (recovery of) credit losses | 88,071 | 48,089 | (117,087) | |||||||||||||||||
Depreciation of premises and equipment, net | 17,508 | 24,152 | 15,410 | |||||||||||||||||
Accretion of fees, premiums and discounts, net | (27,376) | (28,378) | (38,257) | |||||||||||||||||
Amortization of intangible assets | 15,527 | 18,401 | 10,583 | |||||||||||||||||
Amortization of right of use lease asset | 15,567 | 17,990 | 11,844 | |||||||||||||||||
Decrease in operating lease liability | (12,417) | (16,291) | (11,941) | |||||||||||||||||
Income from mortgage banking activities, net | (4,799) | (7,271) | (23,216) | |||||||||||||||||
Gain on sale of securities, net | — | — | (331) | |||||||||||||||||
Loss (gain) on sale of other real estate owned and valuation adjustments, net | 195 | (221) | (385) | |||||||||||||||||
Stock-based compensation expense | 9,605 | 6,349 | 5,694 | |||||||||||||||||
Unrealized gains on equity investments, net | (329) | (5,980) | (5,141) | |||||||||||||||||
Realized (gain) loss on sale of equity investment, net | (9,493) | — | 706 | |||||||||||||||||
Deferred income tax (benefit) expense | (5,397) | (4,005) | 39,838 | |||||||||||||||||
(Increase) decrease in accrued interest receivable | (11,531) | (22,151) | 2,739 | |||||||||||||||||
Increase in other assets | (2,185) | (58,852) | (46,378) | |||||||||||||||||
Origination of loans held-for-sale | (280,826) | (527,684) | (971,863) | |||||||||||||||||
Proceeds from sales of loans held-for-sale | 198,920 | 501,186 | 991,411 | |||||||||||||||||
Increase (decrease) in accrued interest payable | 41,510 | 1,196 | (714) | |||||||||||||||||
(Decrease) increase in other liabilities | (60,781) | 315,065 | (4,807) | |||||||||||||||||
Decrease (increase) in value of bank-owned life insurance | (2,053) | (1,311) | (1,048) | |||||||||||||||||
Increase in capitalized interest, net | (1,738) | (2,078) | (3,014) | |||||||||||||||||
Net cash provided by operating activities | $ | 237,003 | $ | 480,854 | $ | 125,648 | ||||||||||||||
Investing activities: | ||||||||||||||||||||
Purchases of investment securities held to maturity | $ | — | $ | (120,868) | $ | — | ||||||||||||||
Repayments, maturities and calls of investment securities held to maturity | 72,966 | 66,186 | 20,365 | |||||||||||||||||
Sale of investment securities available-for-sale | — | — | 14,051 | |||||||||||||||||
Purchases of investment securities available-for-sale | (27,689) | (1,218,022) | (3,490,596) | |||||||||||||||||
Repayments of investment securities available-for-sale | 354,783 | 1,015,603 | 697,480 | |||||||||||||||||
Proceeds from bank-owned life insurance death benefit | 3,772 | 1,437 | — | |||||||||||||||||
Proceeds from bank-owned life insurance surrender | 51,981 | — | — | |||||||||||||||||
Net proceeds from sale of equity investments | 17,946 | — | 4,899 | |||||||||||||||||
Net cash (paid for) from business combinations | (3,000) | 573,745 | — | |||||||||||||||||
Net (increase) decrease in loans and leases | (486,819) | (41,324) | 1,453,471 | |||||||||||||||||
Purchases of loans held for investment | (313,363) | (393,159) | (188,076) | |||||||||||||||||
Purchases of FHLB stock | (134,279) | (51,518) | (625) | |||||||||||||||||
Redemption of FHLB stock | 142,997 | 36,207 | 323 | |||||||||||||||||
Sales of assets acquired through foreclosure, net | 833 | 1,964 | 2,489 | |||||||||||||||||
Sale of premise and equipment | 17 | 1,191 | 427 | |||||||||||||||||
Investment in premises and equipment, net | (6,406) | (8,809) | (6,576) | |||||||||||||||||
Net cash used in investing activities | $ | (326,261) | $ | (137,367) | $ | (1,492,368) |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Financing activities: | ||||||||||||||||||||
Net (decrease) increase in demand and saving deposits | $ | (358,115) | $ | (1,123,468) | $ | 1,760,031 | ||||||||||||||
Increase (decrease) in time deposits | 681,484 | (94,251) | (169,871) | |||||||||||||||||
(Decrease) increase in brokered deposits | (70,915) | 61,705 | (202,625) | |||||||||||||||||
Receipts from FHLB advances | 7,195,000 | 1,873,100 | 1,000 | |||||||||||||||||
Repayments of FHLB advances | (7,545,000) | (1,523,100) | (7,623) | |||||||||||||||||
Receipts from federal funds purchased | 7,713,000 | 2,730,001 | — | |||||||||||||||||
Repayments of federal funds purchased | (7,713,000) | (2,730,001) | — | |||||||||||||||||
Receipts from Bank Term Funding Program | 565,000 | — | — | |||||||||||||||||
Distributions to noncontrolling shareholders | (4,463) | (504) | — | |||||||||||||||||
Cash dividend | (36,742) | (35,746) | (24,242) | |||||||||||||||||
Issuance of common stock and exercise of common stock options | 3,298 | 3,179 | 1,522 | |||||||||||||||||
Redemption of senior and subordinated debt | (30,000) | — | (100,000) | |||||||||||||||||
Repurchase of common shares | (54,647) | (200,083) | (13,268) | |||||||||||||||||
Net cash provided by (used in) financing activities | $ | 344,900 | $ | (1,039,168) | $ | 1,244,924 | ||||||||||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | $ | 255,642 | $ | (695,681) | $ | (121,796) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 837,258 | 1,532,939 | 1,654,735 | |||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 1,092,900 | $ | 837,258 | $ | 1,532,939 | ||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid for interest during the period | $ | 209,909 | $ | 36,487 | $ | 23,434 | ||||||||||||||
Cash paid for income taxes, net | 99,136 | 58,148 | 40,691 | |||||||||||||||||
Non-cash information: | ||||||||||||||||||||
Loans transferred to other real estate owned | $ | 1,569 | $ | 630 | $ | 1,972 | ||||||||||||||
Loans transferred to portfolio from held-for-sale at fair value | 96,312 | 97,848 | 72,621 | |||||||||||||||||
Securities transferred to held-to-maturity from available-for-sale at fair value | — | 931,421 | — | |||||||||||||||||
Available-for-sale securities purchased, not settled | — | — | 34,489 | |||||||||||||||||
Receivable for bank-owned life insurance surrender proceeds | 4,731 | — | — | |||||||||||||||||
Receivable for bank-owned life insurance death benefit proceeds | 742 | — | — | |||||||||||||||||
Fair value of assets acquired, net of cash received | 7,993 | 4,713,544 | — | |||||||||||||||||
Fair value of liabilities assumed | 4,993 | 4,379,273 | — | |||||||||||||||||
Change in Interest Rate (Basis Points) | December 31, 2017 | December 31, 2016 | ||||||
% Change in Net Interest Margin (1) | Economic Value of Equity (2) | % Change in Net Interest Margin (1) | Economic Value of Equity (2) | |||||
300 | 7% | 16.16% | 3% | 14.04% | ||||
200 | 4% | 16.16% | 2% | 14.09% | ||||
100 | 2% | 15.96% | < 1% | 14.00% | ||||
— | — % | 15.63% | — % | 13.80% | ||||
(100 | ) | (4)% | 14.69% | (1)% | 13.08% | |||
-200 (3) | NMF | NMF | NMF | NMF | ||||
-300 (3) | NMF | NMF | NMF | NMF |
December 31, | ||||||||||||||
(Dollars in thousands, except per share and share data) | 2023 | 2022 | ||||||||||||
Assets: | ||||||||||||||
Cash and due from banks | $ | 629,310 | $ | 332,961 | ||||||||||
Cash in non-owned ATMs | 458,889 | 499,017 | ||||||||||||
Interest-bearing deposits in other banks including collateral (restricted cash) of $4,270 at December 31, 2023 and $4,650 at December 31, 2022 | 4,701 | 5,280 | ||||||||||||
Total cash, cash equivalents, and restricted cash | 1,092,900 | 837,258 | ||||||||||||
Investment securities, available for sale (amortized cost of $4,504,342 at December 31, 2023 and $4,834,550 at December 31, 2022) | 3,846,537 | 4,093,060 | ||||||||||||
Investment securities, held to maturity, net of allowance for credit losses of $8 at December 31, 2023 and $10 at December 31, 2022 (fair value $985,931 at December 31, 2023 and $1,040,104 at December 31, 2022) | 1,058,557 | 1,111,619 | ||||||||||||
Other investments | 17,434 | 26,120 | ||||||||||||
Loans held for sale at fair value | 29,268 | 42,985 | ||||||||||||
Loans and leases, net of allowance of $186,126 at December 31, 2023 and $151,861 at December 31, 2022 | 12,583,202 | 11,759,992 | ||||||||||||
Bank-owned life insurance | 42,762 | 101,935 | ||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 15,398 | 24,116 | ||||||||||||
Other real estate owned | 1,569 | 833 | ||||||||||||
Accrued interest receivable | 85,979 | 74,448 | ||||||||||||
Premises and equipment | 104,484 | 115,603 | ||||||||||||
Goodwill | 885,898 | 883,637 | ||||||||||||
Intangible assets | 118,662 | 128,595 | ||||||||||||
Other assets | 712,022 | 714,554 | ||||||||||||
Total assets | $ | 20,594,672 | $ | 19,914,755 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | 4,917,297 | $ | 5,739,647 | ||||||||||
Interest-bearing demand | 11,556,789 | 10,463,922 | ||||||||||||
Total deposits | 16,474,086 | 16,203,569 | ||||||||||||
Federal Home Loan Bank advances | — | 350,000 | ||||||||||||
Trust preferred borrowings | 90,638 | 90,442 | ||||||||||||
Senior and subordinated debt | 218,400 | 248,169 | ||||||||||||
Other borrowed funds | 586,038 | 38,283 | ||||||||||||
Accrued interest payable | 46,684 | 5,174 | ||||||||||||
Other liabilities | 709,011 | 777,232 | ||||||||||||
Total liabilities | 18,124,857 | 17,712,869 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||
Common stock 0.01 par value, shares authorized of 90,000,000; shares issued of 76,095,094 at December 31, 2023 and 75,921,997 at December 31, 2022 | 761 | 759 | ||||||||||||
Capital in excess of par value | 1,984,746 | 1,974,210 | ||||||||||||
Accumulated other comprehensive loss | (593,991) | (675,844) | ||||||||||||
Retained earnings | 1,643,657 | 1,411,243 | ||||||||||||
Treasury stock at cost, 15,557,263 shares at December 31, 2023 and 14,310,085 shares at December 31, 2022 | (557,537) | (505,255) | ||||||||||||
Total stockholders’ equity of WSFS | 2,477,636 | 2,205,113 | ||||||||||||
Noncontrolling interest | (7,821) | (3,227) | ||||||||||||
Total stockholders’ equity | 2,469,815 | 2,201,886 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 20,594,672 | $ | 19,914,755 |
Year Ended December 31, | ||||||||||||
(Dollars in thousands, except per share data) | 2017 | 2016 | 2015 | |||||||||
Interest Income: | ||||||||||||
Interest and fees on loans | $ | 229,147 | $ | 194,345 | $ | 162,519 | ||||||
Interest on mortgage-backed securities | 19,308 | 15,754 | 14,173 | |||||||||
Interest and dividends on investment securities | ||||||||||||
Taxable | 137 | 321 | 241 | |||||||||
Tax-exempt | 4,511 | 4,551 | 3,431 | |||||||||
Other interest income | 1,623 | 1,607 | 2,212 | |||||||||
254,726 | 216,578 | 182,576 | ||||||||||
Interest Expense: | ||||||||||||
Interest on deposits | 14,904 | 9,421 | 7,165 | |||||||||
Interest on Federal Home Loan Bank advances | 8,263 | 4,707 | 3,008 | |||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 972 | 606 | 360 | |||||||||
Interest on trust preferred borrowings | 1,940 | 1,622 | 1,362 | |||||||||
Interest on senior debt | 7,228 | 6,356 | 3,766 | |||||||||
Interest on other borrowings | 148 | 121 | 115 | |||||||||
33,455 | 22,833 | 15,776 | ||||||||||
Net interest income | 221,271 | 193,745 | 166,800 | |||||||||
Provision for loan losses | 10,964 | 12,986 | 7,790 | |||||||||
Net interest income after provision for loan losses | 210,307 | 180,759 | 159,010 | |||||||||
Noninterest Income: | ||||||||||||
Credit/debit card and ATM income | 36,116 | 29,899 | 25,702 | |||||||||
Deposit service charges | 18,318 | 17,734 | 16,684 | |||||||||
Wealth management income | 35,103 | 25,691 | 21,884 | |||||||||
Mortgage banking activities, net | 6,293 | 7,434 | 5,896 | |||||||||
Security gains, net | 1,984 | 2,369 | 1,478 | |||||||||
Loan fee income | 2,218 | 2,066 | 1,834 | |||||||||
Bank owned life insurance income | 1,545 | 919 | 776 | |||||||||
Other income | 23,067 | 18,949 | 16,002 | |||||||||
124,644 | 105,061 | 90,256 | ||||||||||
Noninterest Expense: | ||||||||||||
Salaries, benefits and other compensation | 114,376 | 95,983 | 83,908 | |||||||||
Occupancy expense | 19,409 | 16,646 | 15,121 | |||||||||
Equipment expense | 12,564 | 10,368 | 8,448 | |||||||||
Data processing and operations expenses | 6,779 | 6,275 | 5,949 | |||||||||
Professional fees | 8,597 | 9,142 | 7,737 | |||||||||
FDIC expenses | 2,216 | 2,606 | 2,853 | |||||||||
Loan workout and OREO expenses | 1,820 | 1,681 | 1,108 | |||||||||
Marketing expense | 3,083 | 3,020 | 3,002 | |||||||||
Corporate development expense | 878 | 8,529 | 7,620 | |||||||||
Early extinguishment of debt costs | 695 | — | 651 | |||||||||
Provision for legal settlement | 12,000 | — | — | |||||||||
Fraud loss | 2,844 | — | — | |||||||||
Other operating expense | 41,200 | 34,416 | 29,063 | |||||||||
226,461 | 188,666 | 165,460 | ||||||||||
Income before taxes | 108,490 | 97,154 | 83,806 | |||||||||
Income tax provision | 58,246 | 33,074 | 30,273 | |||||||||
Net income | $ | 50,244 | $ | 64,080 | $ | 53,533 | ||||||
Basic | $ | 1.60 | $ | 2.12 | $ | 1.88 | ||||||
Diluted | $ | 1.56 | $ | 2.06 | $ | 1.85 |
(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 | 57,575,783 | $ | 576 | $ | 1,053,022 | $ | 56,007 | $ | 977,414 | $ | (295,293) | $ | 1,791,726 | $ | (2,246) | $ | 1,789,480 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 271,442 | — | 271,442 | 163 | 271,605 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (93,775) | — | — | (93,775) | — | (93,775) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.51 per share | — | — | — | — | (24,242) | — | (24,242) | — | (24,242) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 119,893 | 1 | 1,521 | — | — | — | 1,522 | — | 1,522 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 5,694 | — | — | — | 5,694 | — | 5,694 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | (1,240) | — | — | (12,028) | (13,268) | — | (13,268) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 57,695,676 | $ | 577 | $ | 1,058,997 | $ | (37,768) | $ | 1,224,614 | $ | (307,321) | $ | 1,939,099 | $ | (2,083) | $ | 1,937,016 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 222,375 | — | 222,375 | 273 | 222,648 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (638,076) | — | — | (638,076) | — | (638,076) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.56 per share | — | — | — | — | (35,746) | — | (35,746) | — | (35,746) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (504) | (504) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 109,473 | 1 | 3,178 | — | — | — | 3,179 | — | 3,179 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition of BMT | 18,116,848 | 181 | 907,835 | — | — | — | 908,016 | — | 908,016 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest assumed in acquisition | — | — | — | — | — | — | — | (913) | (913) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 6,349 | — | — | — | 6,349 | — | 6,349 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | (2,149) | — | — | (197,934) | (200,083) | — | (200,083) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 75,921,997 | $ | 759 | $ | 1,974,210 | $ | (675,844) | $ | 1,411,243 | $ | (505,255) | $ | 2,205,113 | $ | (3,227) | $ | 2,201,886 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 269,156 | — | 269,156 | (131) | 269,025 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 81,853 | — | — | 81,853 | — | 81,853 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.60 per share | — | — | — | — | (36,742) | — | (36,742) | — | (36,742) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (4,463) | (4,463) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 173,097 | 2 | 3,296 | — | — | — | 3,298 | — | 3,298 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 9,605 | — | — | — | 9,605 | — | 9,605 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | (2,365) | — | — | (52,282) | (54,647) | — | (54,647) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | 76,095,094 | $ | 761 | $ | 1,984,746 | $ | (593,991) | $ | 1,643,657 | $ | (557,537) | $ | 2,477,636 | $ | (7,821) | $ | 2,469,815 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net Income | $ | 50,244 | $ | 64,080 | $ | 53,533 | ||||||
Other comprehensive income: | ||||||||||||
Net change in unrealized gains (losses) on investment securities available for sale | ||||||||||||
Net unrealized gains (losses) arising during the period, net of tax expense (benefit) of $1,813, ($2,968), and ($868), respectively | 3,073 | (4,838 | ) | (1,417 | ) | |||||||
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $704, $900, and $562, respectively | (1,280 | ) | (1,469 | ) | (916 | ) | ||||||
1,793 | (6,307 | ) | (2,333 | ) | ||||||||
Net change in securities held to maturity | ||||||||||||
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $241, $248, and $234, respectively | (394 | ) | (403 | ) | (412 | ) | ||||||
(394 | ) | (403 | ) | (412 | ) | |||||||
Net change in unfunded pension liability | ||||||||||||
Change in unfunded pension liability related to unrealized (loss) gain, prior service cost and transition obligation, net of tax (benefit) expense of ($56), $103, and ($37), respectively | (90 | ) | 169 | (59 | ) | |||||||
(90 | ) | 169 | (59 | ) | ||||||||
Net change in cash flow hedge | ||||||||||||
Net unrealized (loss) arising during the period, net of tax (benefit) of ($113), ($1,086), and $0, respectively | (184 | ) | (1,772 | ) | — | |||||||
(184 | ) | (1,772 | ) | — | ||||||||
Total other comprehensive (loss) income | 1,125 | (8,313 | ) | (2,804 | ) | |||||||
Total comprehensive income | $ | 51,369 | $ | 55,767 | $ | 50,729 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income | $ | 269,025 | $ | 222,648 | $ | 271,605 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision for (recovery of) credit losses | 88,071 | 48,089 | (117,087) | |||||||||||||||||
Depreciation of premises and equipment, net | 17,508 | 24,152 | 15,410 | |||||||||||||||||
Accretion of fees, premiums and discounts, net | (27,376) | (28,378) | (38,257) | |||||||||||||||||
Amortization of intangible assets | 15,527 | 18,401 | 10,583 | |||||||||||||||||
Amortization of right of use lease asset | 15,567 | 17,990 | 11,844 | |||||||||||||||||
Decrease in operating lease liability | (12,417) | (16,291) | (11,941) | |||||||||||||||||
Income from mortgage banking activities, net | (4,799) | (7,271) | (23,216) | |||||||||||||||||
Gain on sale of securities, net | — | — | (331) | |||||||||||||||||
Loss (gain) on sale of other real estate owned and valuation adjustments, net | 195 | (221) | (385) | |||||||||||||||||
Stock-based compensation expense | 9,605 | 6,349 | 5,694 | |||||||||||||||||
Unrealized gains on equity investments, net | (329) | (5,980) | (5,141) | |||||||||||||||||
Realized (gain) loss on sale of equity investment, net | (9,493) | — | 706 | |||||||||||||||||
Deferred income tax (benefit) expense | (5,397) | (4,005) | 39,838 | |||||||||||||||||
(Increase) decrease in accrued interest receivable | (11,531) | (22,151) | 2,739 | |||||||||||||||||
Increase in other assets | (2,185) | (58,852) | (46,378) | |||||||||||||||||
Origination of loans held-for-sale | (280,826) | (527,684) | (971,863) | |||||||||||||||||
Proceeds from sales of loans held-for-sale | 198,920 | 501,186 | 991,411 | |||||||||||||||||
Increase (decrease) in accrued interest payable | 41,510 | 1,196 | (714) | |||||||||||||||||
(Decrease) increase in other liabilities | (60,781) | 315,065 | (4,807) | |||||||||||||||||
Decrease (increase) in value of bank-owned life insurance | (2,053) | (1,311) | (1,048) | |||||||||||||||||
Increase in capitalized interest, net | (1,738) | (2,078) | (3,014) | |||||||||||||||||
Net cash provided by operating activities | $ | 237,003 | $ | 480,854 | $ | 125,648 | ||||||||||||||
Investing activities: | ||||||||||||||||||||
Purchases of investment securities held to maturity | $ | — | $ | (120,868) | $ | — | ||||||||||||||
Repayments, maturities and calls of investment securities held to maturity | 72,966 | 66,186 | 20,365 | |||||||||||||||||
Sale of investment securities available-for-sale | — | — | 14,051 | |||||||||||||||||
Purchases of investment securities available-for-sale | (27,689) | (1,218,022) | (3,490,596) | |||||||||||||||||
Repayments of investment securities available-for-sale | 354,783 | 1,015,603 | 697,480 | |||||||||||||||||
Proceeds from bank-owned life insurance death benefit | 3,772 | 1,437 | — | |||||||||||||||||
Proceeds from bank-owned life insurance surrender | 51,981 | — | — | |||||||||||||||||
Net proceeds from sale of equity investments | 17,946 | — | 4,899 | |||||||||||||||||
Net cash (paid for) from business combinations | (3,000) | 573,745 | — | |||||||||||||||||
Net (increase) decrease in loans and leases | (486,819) | (41,324) | 1,453,471 | |||||||||||||||||
Purchases of loans held for investment | (313,363) | (393,159) | (188,076) | |||||||||||||||||
Purchases of FHLB stock | (134,279) | (51,518) | (625) | |||||||||||||||||
Redemption of FHLB stock | 142,997 | 36,207 | 323 | |||||||||||||||||
Sales of assets acquired through foreclosure, net | 833 | 1,964 | 2,489 | |||||||||||||||||
Sale of premise and equipment | 17 | 1,191 | 427 | |||||||||||||||||
Investment in premises and equipment, net | (6,406) | (8,809) | (6,576) | |||||||||||||||||
Net cash used in investing activities | $ | (326,261) | $ | (137,367) | $ | (1,492,368) |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Financing activities: | ||||||||||||||||||||
Net (decrease) increase in demand and saving deposits | $ | (358,115) | $ | (1,123,468) | $ | 1,760,031 | ||||||||||||||
Increase (decrease) in time deposits | 681,484 | (94,251) | (169,871) | |||||||||||||||||
(Decrease) increase in brokered deposits | (70,915) | 61,705 | (202,625) | |||||||||||||||||
Receipts from FHLB advances | 7,195,000 | 1,873,100 | 1,000 | |||||||||||||||||
Repayments of FHLB advances | (7,545,000) | (1,523,100) | (7,623) | |||||||||||||||||
Receipts from federal funds purchased | 7,713,000 | 2,730,001 | — | |||||||||||||||||
Repayments of federal funds purchased | (7,713,000) | (2,730,001) | — | |||||||||||||||||
Receipts from Bank Term Funding Program | 565,000 | — | — | |||||||||||||||||
Distributions to noncontrolling shareholders | (4,463) | (504) | — | |||||||||||||||||
Cash dividend | (36,742) | (35,746) | (24,242) | |||||||||||||||||
Issuance of common stock and exercise of common stock options | 3,298 | 3,179 | 1,522 | |||||||||||||||||
Redemption of senior and subordinated debt | (30,000) | — | (100,000) | |||||||||||||||||
Repurchase of common shares | (54,647) | (200,083) | (13,268) | |||||||||||||||||
Net cash provided by (used in) financing activities | $ | 344,900 | $ | (1,039,168) | $ | 1,244,924 | ||||||||||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | $ | 255,642 | $ | (695,681) | $ | (121,796) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 837,258 | 1,532,939 | 1,654,735 | |||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 1,092,900 | $ | 837,258 | $ | 1,532,939 | ||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid for interest during the period | $ | 209,909 | $ | 36,487 | $ | 23,434 | ||||||||||||||
Cash paid for income taxes, net | 99,136 | 58,148 | 40,691 | |||||||||||||||||
Non-cash information: | ||||||||||||||||||||
Loans transferred to other real estate owned | $ | 1,569 | $ | 630 | $ | 1,972 | ||||||||||||||
Loans transferred to portfolio from held-for-sale at fair value | 96,312 | 97,848 | 72,621 | |||||||||||||||||
Securities transferred to held-to-maturity from available-for-sale at fair value | — | 931,421 | — | |||||||||||||||||
Available-for-sale securities purchased, not settled | — | — | 34,489 | |||||||||||||||||
Receivable for bank-owned life insurance surrender proceeds | 4,731 | — | — | |||||||||||||||||
Receivable for bank-owned life insurance death benefit proceeds | 742 | — | — | |||||||||||||||||
Fair value of assets acquired, net of cash received | 7,993 | 4,713,544 | — | |||||||||||||||||
Fair value of liabilities assumed | 4,993 | 4,379,273 | — | |||||||||||||||||
December 31, | ||||||||||||||
(Dollars in thousands, except per share and share data) | 2023 | 2022 | ||||||||||||
Assets: | ||||||||||||||
Cash and due from banks | $ | 629,310 | $ | 332,961 | ||||||||||
Cash in non-owned ATMs | 458,889 | 499,017 | ||||||||||||
Interest-bearing deposits in other banks including collateral (restricted cash) of $4,270 at December 31, 2023 and $4,650 at December 31, 2022 | 4,701 | 5,280 | ||||||||||||
Total cash, cash equivalents, and restricted cash | 1,092,900 | 837,258 | ||||||||||||
Investment securities, available for sale (amortized cost of $4,504,342 at December 31, 2023 and $4,834,550 at December 31, 2022) | 3,846,537 | 4,093,060 | ||||||||||||
Investment securities, held to maturity, net of allowance for credit losses of $8 at December 31, 2023 and $10 at December 31, 2022 (fair value $985,931 at December 31, 2023 and $1,040,104 at December 31, 2022) | 1,058,557 | 1,111,619 | ||||||||||||
Other investments | 17,434 | 26,120 | ||||||||||||
Loans held for sale at fair value | 29,268 | 42,985 | ||||||||||||
Loans and leases, net of allowance of $186,126 at December 31, 2023 and $151,861 at December 31, 2022 | 12,583,202 | 11,759,992 | ||||||||||||
Bank-owned life insurance | 42,762 | 101,935 | ||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 15,398 | 24,116 | ||||||||||||
Other real estate owned | 1,569 | 833 | ||||||||||||
Accrued interest receivable | 85,979 | 74,448 | ||||||||||||
Premises and equipment | 104,484 | 115,603 | ||||||||||||
Goodwill | 885,898 | 883,637 | ||||||||||||
Intangible assets | 118,662 | 128,595 | ||||||||||||
Other assets | 712,022 | 714,554 | ||||||||||||
Total assets | $ | 20,594,672 | $ | 19,914,755 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | 4,917,297 | $ | 5,739,647 | ||||||||||
Interest-bearing demand | 11,556,789 | 10,463,922 | ||||||||||||
Total deposits | 16,474,086 | 16,203,569 | ||||||||||||
Federal Home Loan Bank advances | — | 350,000 | ||||||||||||
Trust preferred borrowings | 90,638 | 90,442 | ||||||||||||
Senior and subordinated debt | 218,400 | 248,169 | ||||||||||||
Other borrowed funds | 586,038 | 38,283 | ||||||||||||
Accrued interest payable | 46,684 | 5,174 | ||||||||||||
Other liabilities | 709,011 | 777,232 | ||||||||||||
Total liabilities | 18,124,857 | 17,712,869 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||
Common stock 0.01 par value, shares authorized of 90,000,000; shares issued of 76,095,094 at December 31, 2023 and 75,921,997 at December 31, 2022 | 761 | 759 | ||||||||||||
Capital in excess of par value | 1,984,746 | 1,974,210 | ||||||||||||
Accumulated other comprehensive loss | (593,991) | (675,844) | ||||||||||||
Retained earnings | 1,643,657 | 1,411,243 | ||||||||||||
Treasury stock at cost, 15,557,263 shares at December 31, 2023 and 14,310,085 shares at December 31, 2022 | (557,537) | (505,255) | ||||||||||||
Total stockholders’ equity of WSFS | 2,477,636 | 2,205,113 | ||||||||||||
Noncontrolling interest | (7,821) | (3,227) | ||||||||||||
Total stockholders’ equity | 2,469,815 | 2,201,886 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 20,594,672 | $ | 19,914,755 |
December 31, | 2017 | 2016 | ||||||
(Dollars in thousands, except per share and share data) | ||||||||
Assets: | ||||||||
Cash and due from banks | $ | 122,141 | $ | 119,929 | ||||
Cash in non-owned ATMs | 598,117 | 698,454 | ||||||
Interest-bearing deposits in other banks | 3,608 | 3,540 | ||||||
Total cash and cash equivalents | 723,866 | 821,923 | ||||||
Investment securities, available for sale (book value $848,434 and $807,761 at December 31, 2017 and 2016, respectively) | 838,122 | 794,543 | ||||||
Investment securities, held to maturity, at cost (fair value $162,853 and $163,232 at December 31, 2017 and 2016, respectively) | 161,186 | 164,346 | ||||||
Loans held for sale at fair value | 31,055 | 54,782 | ||||||
Loans, net of allowance for loan losses of $40,599 and $39,751 at December 31, 2017 and 2016, respectively | 4,776,318 | 4,444,375 | ||||||
Bank-owned life insurance | 102,958 | 101,425 | ||||||
Stock in Federal Home Loan Bank of Pittsburgh, at cost | 31,284 | 38,248 | ||||||
Other real estate owned | 2,503 | 3,591 | ||||||
Accrued interest receivable | 19,405 | 17,027 | ||||||
Premises and equipment | 47,983 | 48,871 | ||||||
Goodwill | 166,007 | 167,539 | ||||||
Intangible assets | 22,437 | 23,708 | ||||||
Other assets | 76,416 | 84,892 | ||||||
Total assets | $ | 6,999,540 | $ | 6,765,270 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ | 1,420,760 | $ | 1,266,306 | ||||
Interest-bearing demand | 1,071,512 | 935,333 | ||||||
Money market | 1,347,146 | 1,257,520 | ||||||
Savings | 549,744 | 547,293 | ||||||
Time | 330,137 | 332,624 | ||||||
Jumbo certificates of deposit — customer | 298,934 | 260,560 | ||||||
Total customer deposits | 5,018,233 | 4,599,636 | ||||||
Brokered deposits | 229,371 | 138,802 | ||||||
Total deposits | 5,247,604 | 4,738,438 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 28,000 | 130,000 | ||||||
Federal Home Loan Bank advances | 710,001 | 854,236 | ||||||
Trust preferred borrowings | 67,011 | 67,011 | ||||||
Senior debt | 98,171 | 152,050 | ||||||
Other borrowed funds | 34,623 | 64,150 | ||||||
Accrued interest payable | 1,037 | 1,151 | ||||||
Other liabilities | 88,748 | 70,898 | ||||||
Total liabilities | 6,275,195 | 6,077,934 | ||||||
Stockholders’ Equity: | ||||||||
Common stock $0.01 par value, 65,000,000 shares authorized; 56,279,527 and 55,995,219 issued at December 31, 2017 and 2016, respectively | 563 | 580 | ||||||
Capital in excess of par value | 336,271 | 329,457 | ||||||
Accumulated other comprehensive loss | (8,152 | ) | (7,617 | ) | ||||
Retained earnings | 669,557 | 627,078 | ||||||
Treasury stock at cost, 24,861,145 and 24,605,145 shares at December 31, 2017 and 2016, respectively | (273,894 | ) | (262,162 | ) | ||||
Total stockholders’ equity | 724,345 | 687,336 | ||||||
Total liabilities and stockholders’ equity | $ | 6,999,540 | $ | 6,765,270 |
(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 | 57,575,783 | $ | 576 | $ | 1,053,022 | $ | 56,007 | $ | 977,414 | $ | (295,293) | $ | 1,791,726 | $ | (2,246) | $ | 1,789,480 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 271,442 | — | 271,442 | 163 | 271,605 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (93,775) | — | — | (93,775) | — | (93,775) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.51 per share | — | — | — | — | (24,242) | — | (24,242) | — | (24,242) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 119,893 | 1 | 1,521 | — | — | — | 1,522 | — | 1,522 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 5,694 | — | — | — | 5,694 | — | 5,694 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | (1,240) | — | — | (12,028) | (13,268) | — | (13,268) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 57,695,676 | $ | 577 | $ | 1,058,997 | $ | (37,768) | $ | 1,224,614 | $ | (307,321) | $ | 1,939,099 | $ | (2,083) | $ | 1,937,016 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 222,375 | — | 222,375 | 273 | 222,648 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (638,076) | — | — | (638,076) | — | (638,076) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.56 per share | — | — | — | — | (35,746) | — | (35,746) | — | (35,746) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (504) | (504) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 109,473 | 1 | 3,178 | — | — | — | 3,179 | — | 3,179 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition of BMT | 18,116,848 | 181 | 907,835 | — | — | — | 908,016 | — | 908,016 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest assumed in acquisition | — | — | — | — | — | — | — | (913) | (913) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 6,349 | — | — | — | 6,349 | — | 6,349 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | (2,149) | — | — | (197,934) | (200,083) | — | (200,083) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 75,921,997 | $ | 759 | $ | 1,974,210 | $ | (675,844) | $ | 1,411,243 | $ | (505,255) | $ | 2,205,113 | $ | (3,227) | $ | 2,201,886 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 269,156 | — | 269,156 | (131) | 269,025 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 81,853 | — | — | 81,853 | — | 81,853 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $0.60 per share | — | — | — | — | (36,742) | — | (36,742) | — | (36,742) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling shareholders | — | — | — | — | — | — | — | (4,463) | (4,463) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 173,097 | 2 | 3,296 | — | — | — | 3,298 | — | 3,298 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 9,605 | — | — | — | 9,605 | — | 9,605 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | (2,365) | — | — | (52,282) | (54,647) | — | (54,647) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | 76,095,094 | $ | 761 | $ | 1,984,746 | $ | (593,991) | $ | 1,643,657 | $ | (557,537) | $ | 2,477,636 | $ | (7,821) | $ | 2,469,815 |
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Treasury Stock | Total Stockholders’ Equity | ||||||||||||||||||||
Balance, December 31, 2014 | 55,697,124 | $ | 557 | $ | 201,130 | $ | 3,500 | $ | 523,099 | $ | (239,235 | ) | $ | 489,051 | |||||||||||||
Net income | — | — | — | — | 53,533 | — | 53,533 | ||||||||||||||||||||
Other comprehensive loss | — | — | — | (2,804 | ) | — | — | (2,804 | ) | ||||||||||||||||||
Cash dividend, $0.21 per share | — | — | — | — | (6,002 | ) | — | (6,002 | ) | ||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 248,121 | 3 | 4,047 | — | — | — | 4,050 | ||||||||||||||||||||
Stock-based compensation expense | — | — | 2,957 | — | — | — | 2,957 | ||||||||||||||||||||
Acquisition of Alliance | — | — | 48,301 | — | — | 23,044 | 71,345 | ||||||||||||||||||||
Repurchases of common stock, 1,152,233 shares | — | — | — | — | — | (31,659 | ) | (31,659 | ) | ||||||||||||||||||
Balance, December 31, 2015 | 55,945,245 | $ | 560 | $ | 256,435 | $ | 696 | $ | 570,630 | $ | (247,850 | ) | $ | 580,471 | |||||||||||||
Net income | — | — | — | — | 64,080 | — | 64,080 | ||||||||||||||||||||
Other comprehensive loss | — | — | — | (8,313 | ) | — | — | (8,313 | ) | ||||||||||||||||||
Cash dividend, $0.25 per share | — | — | — | — | (7,632 | ) | — | (7,632 | ) | ||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 265,853 | 2 | 1,898 | — | — | — | 1,900 | ||||||||||||||||||||
Stock-based compensation expense | — | — | 2,790 | — | — | — | 2,790 | ||||||||||||||||||||
Acquisition of Penn Liberty | 1,806,748 | 18 | 68,334 | — | — | — | 68,352 | ||||||||||||||||||||
Repurchase of common stock, 449,371 shares | — | — | — | — | — | (14,312 | ) | (14,312 | ) | ||||||||||||||||||
Treasury share adjustment (1) | (2,022,627 | ) | — | — | — | — | — | ||||||||||||||||||||
Balance, December 31, 2016 | 55,995,219 | $ | 580 | $ | 329,457 | $ | (7,617 | ) | $ | 627,078 | $ | (262,162 | ) | $ | 687,336 | ||||||||||||
Net income | — | — | — | — | 50,244 | — | 50,244 | ||||||||||||||||||||
Other comprehensive income | — | — | — | 1,125 | — | — | 1,125 | ||||||||||||||||||||
Cash dividend, $0.30 per share | — | — | — | — | (9,425 | ) | — | (9,425 | ) | ||||||||||||||||||
Reclassification due to the adoption of ASU No. 2018-02 | — | — | — | (1,660 | ) | 1,660 | — | — | |||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 284,308 | 3 | 3,418 | — | — | — | 3,421 | ||||||||||||||||||||
Stock-based compensation expense | — | — | 3,396 | — | — | — | 3,396 | ||||||||||||||||||||
Repurchase of common stock, 255,000 shares | — | (20 | ) | — | — | — | (11,732 | ) | (11,752 | ) | |||||||||||||||||
Balance, December 31, 2017 | 56,279,527 | $ | 563 | $ | 336,271 | $ | (8,152 | ) | $ | 669,557 | $ | (273,894 | ) | $ | 724,345 |
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | |||||||||
Operating activities: | ||||||||||||
Net income | $ | 50,244 | $ | 64,080 | $ | 53,533 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Provision for loan losses | 10,964 | 12,986 | 7,790 | |||||||||
Depreciation of premises and equipment | 8,557 | 7,477 | 6,333 | |||||||||
Amortization of fees and discounts, net | 19,082 | 19,626 | 18,490 | |||||||||
Amortization of intangible assets | 3,078 | 2,438 | 1,847 | |||||||||
Increase in accrued interest receivable | (2,378 | ) | (2,009 | ) | (1,334 | ) | ||||||
(Increase) decrease in other assets | (2,517 | ) | 443 | (1,643 | ) | |||||||
Origination of loans held for sale | (354,659 | ) | (366,859 | ) | (573,703 | ) | ||||||
Proceeds from sales of loans held for sale | 369,986 | 346,895 | 563,588 | |||||||||
Gain on mortgage banking activity, net | (6,293 | ) | (7,434 | ) | (5,896 | ) | ||||||
Gain on sale of securities, net | (1,984 | ) | (2,369 | ) | (1,478 | ) | ||||||
Debt extinguishment costs | 695 | — | — | |||||||||
Stock-based compensation expense | 3,396 | 3,046 | 4,095 | |||||||||
(Decrease) increase in accrued interest payable | (114 | ) | 350 | (203 | ) | |||||||
Increase in other liabilities | 7,353 | 3,709 | 6,502 | |||||||||
Loss on sale of OREO and valuation adjustments, net | 217 | 313 | 319 | |||||||||
Provision for legal settlement | 12,000 | — | — | |||||||||
Increase in value of bank-owned life insurance | (1,130 | ) | (2,551 | ) | (776 | ) | ||||||
Deferred income tax expense | 17,899 | 5,370 | 2,231 | |||||||||
Increase in capitalized interest, net | (4,228 | ) | (5,331 | ) | (5,518 | ) | ||||||
Net cash provided by operating activities | 130,168 | 80,180 | 74,177 | |||||||||
Investing activities: | ||||||||||||
Maturities and calls of investment securities | 1,230 | 2,890 | 5,551 | |||||||||
Sales of investment securities available for sale | 457,046 | 201,580 | 192,933 | |||||||||
BOLI - cash return of capital | 371 | — | — | |||||||||
Purchases of investment securities available for sale | (696,581 | ) | (371,590 | ) | (277,963 | ) | ||||||
Repayments of investment securities available for sale | 197,765 | 85,200 | 100,485 | |||||||||
Purchases of investment securities held to maturity | — | (3,329 | ) | (48,184 | ) | |||||||
Net cash for business combinations | — | 39,794 | 40,863 | |||||||||
Net increase in loans | (343,858 | ) | (217,572 | ) | (275,162 | ) | ||||||
Purchases of VISA Class B stock | (10,072 | ) | (387 | ) | (3,589 | ) | ||||||
Purchases of stock of Federal Home Loan Bank of Pittsburgh | (160,089 | ) | (88,176 | ) | (66,955 | ) | ||||||
Redemptions of stock of Federal Home Loan Bank of Pittsburgh | 167,053 | 80,447 | 59,714 | |||||||||
Sales of OREO, net | 6,077 | 4,423 | 4,828 | |||||||||
Investment in premises and equipment, net | (7,728 | ) | (9,873 | ) | (8,362 | ) | ||||||
Net cash used for investing activities | (388,786 | ) | (276,593 | ) | (275,841 | ) |
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | |||||||||
Financing Activities: | ||||||||||||
Net increase in demand and savings deposits | $ | 353,521 | $ | 272,544 | $ | 159,587 | ||||||
Decrease in time deposits | 35,887 | (51,416 | ) | (103,710 | ) | |||||||
(Decrease) increase in brokered deposits | 90,482 | (17,928 | ) | (30,228 | ) | |||||||
(Decrease) increase in loan payable | (338 | ) | (370 | ) | 61 | |||||||
Repayment of securities sold under agreement to repurchase | — | — | (25,000 | ) | ||||||||
Receipts from federal funds purchased and securities sold under agreement to repurchase | 23,008,000 | 27,702,620 | 31,887,100 | |||||||||
Repayments of federal funds purchased and securities sold under agreement to repurchase | (23,110,000 | ) | (27,700,820 | ) | (31,862,125 | ) | ||||||
Receipts from FHLB advances | 143,852,751 | 121,977,563 | 63,310,841 | |||||||||
Repayments of FHLB advances | (143,996,986 | ) | (121,792,841 | ) | (63,047,221 | ) | ||||||
Repayment of long-term debt | — | (10,000 | ) | — | ||||||||
Dividends paid | (9,425 | ) | (7,632 | ) | (6,002 | ) | ||||||
Issuance of common stock and exercise of common stock options | 3,421 | 1,900 | 3,160 | |||||||||
Repayment of senior debt | (55,000 | ) | — | — | ||||||||
Issuance of senior debt | — | 97,849 | — | |||||||||
Buy back of common stock | (11,752 | ) | (14,312 | ) | (31,659 | ) | ||||||
Net cash provided by (used for) financing activities | 160,561 | 457,157 | 254,804 | |||||||||
Increase in cash and cash equivalents | (98,057 | ) | 260,744 | 53,140 | ||||||||
Cash and cash equivalents at beginning of year | 821,923 | 561,179 | 508,039 | |||||||||
Cash and cash equivalents at end of year | $ | 723,866 | $ | 821,923 | $ | 561,179 | ||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||||||
Cash paid in interest during the year | $ | 33,569 | $ | 22,483 | $ | 15,978 | ||||||
Cash paid for income taxes, net | 31,441 | 24,825 | 23,404 | |||||||||
Loans transferred to OREO | 5,206 | 2,251 | 3,725 | |||||||||
Loans transferred to portfolio from held-for-sale at fair value | 13,142 | 12,919 | (1,499 | ) | ||||||||
Fair value of assets acquired, net of cash received | — | 534,375 | 340,238 | |||||||||
Fair value of liabilities assumed | — | 589,632 | 346,181 | |||||||||
Reissuance of treasury stock for acquisitions, net | — | — | 71,345 | |||||||||
Non-cash goodwill adjustments, net | (1,532 | ) | 2,112 | 136 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income | $ | 269,025 | $ | 222,648 | $ | 271,605 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision for (recovery of) credit losses | 88,071 | 48,089 | (117,087) | |||||||||||||||||
Depreciation of premises and equipment, net | 17,508 | 24,152 | 15,410 | |||||||||||||||||
Accretion of fees, premiums and discounts, net | (27,376) | (28,378) | (38,257) | |||||||||||||||||
Amortization of intangible assets | 15,527 | 18,401 | 10,583 | |||||||||||||||||
Amortization of right of use lease asset | 15,567 | 17,990 | 11,844 | |||||||||||||||||
Decrease in operating lease liability | (12,417) | (16,291) | (11,941) | |||||||||||||||||
Income from mortgage banking activities, net | (4,799) | (7,271) | (23,216) | |||||||||||||||||
Gain on sale of securities, net | — | — | (331) | |||||||||||||||||
Loss (gain) on sale of other real estate owned and valuation adjustments, net | 195 | (221) | (385) | |||||||||||||||||
Stock-based compensation expense | 9,605 | 6,349 | 5,694 | |||||||||||||||||
Unrealized gains on equity investments, net | (329) | (5,980) | (5,141) | |||||||||||||||||
Realized (gain) loss on sale of equity investment, net | (9,493) | — | 706 | |||||||||||||||||
Deferred income tax (benefit) expense | (5,397) | (4,005) | 39,838 | |||||||||||||||||
(Increase) decrease in accrued interest receivable | (11,531) | (22,151) | 2,739 | |||||||||||||||||
Increase in other assets | (2,185) | (58,852) | (46,378) | |||||||||||||||||
Origination of loans held-for-sale | (280,826) | (527,684) | (971,863) | |||||||||||||||||
Proceeds from sales of loans held-for-sale | 198,920 | 501,186 | 991,411 | |||||||||||||||||
Increase (decrease) in accrued interest payable | 41,510 | 1,196 | (714) | |||||||||||||||||
(Decrease) increase in other liabilities | (60,781) | 315,065 | (4,807) | |||||||||||||||||
Decrease (increase) in value of bank-owned life insurance | (2,053) | (1,311) | (1,048) | |||||||||||||||||
Increase in capitalized interest, net | (1,738) | (2,078) | (3,014) | |||||||||||||||||
Net cash provided by operating activities | $ | 237,003 | $ | 480,854 | $ | 125,648 | ||||||||||||||
Investing activities: | ||||||||||||||||||||
Purchases of investment securities held to maturity | $ | — | $ | (120,868) | $ | — | ||||||||||||||
Repayments, maturities and calls of investment securities held to maturity | 72,966 | 66,186 | 20,365 | |||||||||||||||||
Sale of investment securities available-for-sale | — | — | 14,051 | |||||||||||||||||
Purchases of investment securities available-for-sale | (27,689) | (1,218,022) | (3,490,596) | |||||||||||||||||
Repayments of investment securities available-for-sale | 354,783 | 1,015,603 | 697,480 | |||||||||||||||||
Proceeds from bank-owned life insurance death benefit | 3,772 | 1,437 | — | |||||||||||||||||
Proceeds from bank-owned life insurance surrender | 51,981 | — | — | |||||||||||||||||
Net proceeds from sale of equity investments | 17,946 | — | 4,899 | |||||||||||||||||
Net cash (paid for) from business combinations | (3,000) | 573,745 | — | |||||||||||||||||
Net (increase) decrease in loans and leases | (486,819) | (41,324) | 1,453,471 | |||||||||||||||||
Purchases of loans held for investment | (313,363) | (393,159) | (188,076) | |||||||||||||||||
Purchases of FHLB stock | (134,279) | (51,518) | (625) | |||||||||||||||||
Redemption of FHLB stock | 142,997 | 36,207 | 323 | |||||||||||||||||
Sales of assets acquired through foreclosure, net | 833 | 1,964 | 2,489 | |||||||||||||||||
Sale of premise and equipment | 17 | 1,191 | 427 | |||||||||||||||||
Investment in premises and equipment, net | (6,406) | (8,809) | (6,576) | |||||||||||||||||
Net cash used in investing activities | $ | (326,261) | $ | (137,367) | $ | (1,492,368) |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Financing activities: | ||||||||||||||||||||
Net (decrease) increase in demand and saving deposits | $ | (358,115) | $ | (1,123,468) | $ | 1,760,031 | ||||||||||||||
Increase (decrease) in time deposits | 681,484 | (94,251) | (169,871) | |||||||||||||||||
(Decrease) increase in brokered deposits | (70,915) | 61,705 | (202,625) | |||||||||||||||||
Receipts from FHLB advances | 7,195,000 | 1,873,100 | 1,000 | |||||||||||||||||
Repayments of FHLB advances | (7,545,000) | (1,523,100) | (7,623) | |||||||||||||||||
Receipts from federal funds purchased | 7,713,000 | 2,730,001 | — | |||||||||||||||||
Repayments of federal funds purchased | (7,713,000) | (2,730,001) | — | |||||||||||||||||
Receipts from Bank Term Funding Program | 565,000 | — | — | |||||||||||||||||
Distributions to noncontrolling shareholders | (4,463) | (504) | — | |||||||||||||||||
Cash dividend | (36,742) | (35,746) | (24,242) | |||||||||||||||||
Issuance of common stock and exercise of common stock options | 3,298 | 3,179 | 1,522 | |||||||||||||||||
Redemption of senior and subordinated debt | (30,000) | — | (100,000) | |||||||||||||||||
Repurchase of common shares | (54,647) | (200,083) | (13,268) | |||||||||||||||||
Net cash provided by (used in) financing activities | $ | 344,900 | $ | (1,039,168) | $ | 1,244,924 | ||||||||||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | $ | 255,642 | $ | (695,681) | $ | (121,796) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 837,258 | 1,532,939 | 1,654,735 | |||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 1,092,900 | $ | 837,258 | $ | 1,532,939 | ||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid for interest during the period | $ | 209,909 | $ | 36,487 | $ | 23,434 | ||||||||||||||
Cash paid for income taxes, net | 99,136 | 58,148 | 40,691 | |||||||||||||||||
Non-cash information: | ||||||||||||||||||||
Loans transferred to other real estate owned | $ | 1,569 | $ | 630 | $ | 1,972 | ||||||||||||||
Loans transferred to portfolio from held-for-sale at fair value | 96,312 | 97,848 | 72,621 | |||||||||||||||||
Securities transferred to held-to-maturity from available-for-sale at fair value | — | 931,421 | — | |||||||||||||||||
Available-for-sale securities purchased, not settled | — | — | 34,489 | |||||||||||||||||
Receivable for bank-owned life insurance surrender proceeds | 4,731 | — | — | |||||||||||||||||
Receivable for bank-owned life insurance death benefit proceeds | 742 | — | — | |||||||||||||||||
Fair value of assets acquired, net of cash received | 7,993 | 4,713,544 | — | |||||||||||||||||
Fair value of liabilities assumed | 4,993 | 4,379,273 | — | |||||||||||||||||
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
(Dollars in thousands) | As originally reported | Adjustments | As revised | As originally reported | Adjustments | As revised | ||||||||||||||||||
Noninterest income - Other income | $ | 16,243 | $ | 2,706 | $ | 18,949 | $ | 14,001 | $ | 2,001 | $ | 16,002 | ||||||||||||
Noninterest expense - Other operating expense | 31,710 | 2,706 | 34,416 | 27,062 | 2,001 | 29,063 |
Twelve Months Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Bailment fees | $ | 40,096 | $ | 21,173 | $ | 12,940 | ||||||||||||||
Interchange fees | 15,684 | 15,506 | 13,520 | |||||||||||||||||
Other card and ATM fees | 3,938 | 3,409 | 3,019 | |||||||||||||||||
Total credit/debit card and ATM income | $ | 59,718 | $ | 40,088 | $ | 29,479 |
Twelve Months Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Trust fees | $ | 89,396 | $ | 79,472 | $ | 43,725 | ||||||||||||||
Wealth management and advisory fees | 41,654 | 42,136 | 18,623 | |||||||||||||||||
Total investment management and fiduciary income | $ | 131,050 | $ | 121,608 | $ | 62,348 |
Twelve Months Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Service fees | $ | 17,182 | $ | 16,019 | $ | 14,220 | ||||||||||||||
Return and overdraft fees | 7,127 | 7,651 | 6,789 | |||||||||||||||||
Other deposit service fees | 1,084 | 814 | 1,081 | |||||||||||||||||
Total deposit service charges | $ | 25,393 | $ | 24,484 | $ | 22,090 |
Twelve Months Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Managed service fees | $ | 20,503 | $ | 17,991 | $ | 16,425 | ||||||||||||||
Currency preparation | 5,429 | 4,120 | 4,064 | |||||||||||||||||
ATM loss protection | 2,651 | 2,627 | 2,522 | |||||||||||||||||
Capital markets revenue | 11,847 | 7,859 | — | |||||||||||||||||
Miscellaneous products and services(1) | 8,299 | 20,027 | 11,786 | |||||||||||||||||
Total other income | $ | 48,729 | $ | 52,624 | $ | 34,797 |
(Dollars in thousands) | Fair Value | ||
Consideration Transferred: | |||
Common shares issued (1,806,748), including replacement equity awards | $ | 68,352 | |
Cash paid to Penn Liberty stock and option holders | 40,549 | ||
Value of consideration | 108,901 | ||
Assets acquired: | |||
Cash and due from banks | 102,301 | ||
Investment securities | 627 | ||
Loans | 483,203 | ||
Premises and equipment | 6,817 | ||
Deferred income taxes | 6,542 | ||
Bank owned life insurance | 8,666 | ||
Core deposit intangible | 2,882 | ||
Other real estate owned | 996 | ||
Other assets | 12,085 | ||
Total assets | 624,119 | ||
Liabilities assumed: | |||
Deposits | 568,706 | ||
Other borrowings | 10,000 | ||
Other liabilities | 3,738 | ||
Total liabilities | 582,444 | ||
Net assets acquired: | 41,675 | ||
Goodwill resulting from acquisition of Penn Liberty | $ | 67,226 |
(Dollars in thousands) | Fair Value | ||
Goodwill resulting from the acquisition of Penn Liberty as of December 31, 2016 | $ | 68,814 | |
Effects of adjustments to: | |||
Deferred income taxes | 880 | ||
Loans | 279 | ||
Other assets | (1,440 | ) | |
Other liabilities | (1,307 | ) | |
Adjusted goodwill resulting from the acquisition of Penn Liberty as of December 31, 2017 | $ | 67,226 |
(Dollars and shares in thousands, except per share data) | 2023 | 2022 | 2021 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to WSFS | $ | 269,156 | $ | 222,375 | $ | 271,442 | |||||||||||
Denominator: | |||||||||||||||||
Weighted average basic shares | 61,108 | 63,453 | 47,539 | ||||||||||||||
Dilutive potential common shares | 113 | 206 | 164 | ||||||||||||||
Weighted average fully diluted shares | 61,221 | 63,659 | 47,703 | ||||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 4.40 | $ | 3.50 | $ | 5.71 | |||||||||||
Diluted | $ | 4.40 | $ | 3.49 | $ | 5.69 | |||||||||||
Outstanding common stock equivalents having no dilutive effect | 14 | 9 | 1 |
(Amounts in thousands, except per share data) | 2017 | 2016 | 2015 | ||||||||
Numerator: | |||||||||||
Net income | $ | 50,244 | $ | 64,080 | $ | 53,533 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per share - weighted average shares | 31,419 | 30,276 | 28,435 | ||||||||
Effect of dilutive employee stock options and restricted stock | 884 | 809 | 508 | ||||||||
Denominator for diluted earnings per share - adjusted weighted average shares and assumed exercised | 32,303 | 31,086 | 28,943 | ||||||||
Earnings per share: | |||||||||||
Basic | $ | 1.60 | $ | 2.12 | $ | 1.88 | |||||
Diluted (1) | $ | 1.56 | $ | 2.06 | $ | 1.85 | |||||
Outstanding common stock equivalents having no dilutive effect | 2 | 18 | 83 |
December 31, 2023 | |||||||||||||||||||||||||||||
(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) | $ | 560,952 | $ | — | $ | 96,333 | $ | — | $ | 464,619 | |||||||||||||||||||
Fannie Mae (FNMA) mortgage-backed securities (MBS) | 3,544,762 | 162 | 502,574 | — | 3,042,350 | ||||||||||||||||||||||||
Freddie Mac (FHLMC) MBS | 126,856 | — | 11,324 | — | 115,532 | ||||||||||||||||||||||||
Ginnie Mae (GNMA) MBS | 46,333 | 6 | 2,999 | — | 43,340 | ||||||||||||||||||||||||
Government-sponsored enterprises (GSE) agency notes | 225,439 | — | 44,743 | — | 180,696 | ||||||||||||||||||||||||
$ | 4,504,342 | $ | 168 | $ | 657,973 | $ | — | $ | 3,846,537 | ||||||||||||||||||||
Held-to-Maturity Debt Securities(1) | |||||||||||||||||||||||||||||
FNMA MBS | $ | 872,653 | $ | — | $ | 74,332 | $ | — | $ | 798,321 | |||||||||||||||||||
State and political subdivisions | 185,912 | 2,665 | 959 | 8 | 187,610 | ||||||||||||||||||||||||
$ | 1,058,565 | $ | 2,665 | $ | 75,291 | $ | 8 | $ | 985,931 |
December 31, 2022 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||
CMO | $ | 608,834 | $ | — | $ | 102,454 | $ | — | $ | 506,380 | |||||||||||||||||||
FNMA MBS | 3,823,036 | — | 572,778 | — | 3,250,258 | ||||||||||||||||||||||||
FHLMC MBS | 135,554 | — | 13,555 | — | 121,999 | ||||||||||||||||||||||||
GNMA MBS | 39,116 | — | 2,978 | — | 36,138 | ||||||||||||||||||||||||
GSE agency notes | 228,010 | — | 49,725 | — | 178,285 | ||||||||||||||||||||||||
$ | 4,834,550 | $ | — | $ | 741,490 | $ | — | $ | 4,093,060 | ||||||||||||||||||||
Held-to-Maturity Debt Securities(1) | |||||||||||||||||||||||||||||
FNMA MBS | $ | 909,498 | $ | — | $ | 68,677 | $ | — | $ | 840,821 | |||||||||||||||||||
State and political subdivisions | 201,631 | 532 | 3,372 | 10 | 198,781 | ||||||||||||||||||||||||
Foreign bonds | 500 | 2 | — | — | 502 | ||||||||||||||||||||||||
$ | 1,111,629 | $ | 534 | $ | 72,049 | $ | 10 | $ | 1,040,104 |
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||
Available-for-sale securities: | |||||||||||||||
December 31, 2017 | |||||||||||||||
CMO | $ | 250,592 | $ | 88 | $ | 4,141 | $ | 246,539 | |||||||
FNMA MBS | 479,218 | 941 | 6,172 | 473,987 | |||||||||||
FHLMC MBS | 88,681 | 118 | 924 | 87,875 | |||||||||||
GNMA MBS | 29,300 | 209 | 411 | 29,098 | |||||||||||
Other investments | 643 | — | 20 | 623 | |||||||||||
$ | 848,434 | $ | 1,356 | $ | 11,668 | $ | 838,122 | ||||||||
December 31, 2016 | |||||||||||||||
GSE | $ | 35,061 | $ | 9 | $ | 60 | $ | 35,010 | |||||||
CMO | 264,607 | 566 | 3,957 | 261,216 | |||||||||||
FNMA MBS | 414,218 | 950 | 9,404 | 405,764 | |||||||||||
FHLMC MBS | 64,709 | 135 | 1,330 | 63,514 | |||||||||||
GNMA MBS | 28,540 | 303 | 427 | 28,416 | |||||||||||
Other investments | 626 | — | 3 | 623 | |||||||||||
$ | 807,761 | $ | 1,963 | $ | 15,181 | $ | 794,543 | ||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||
Held-to-Maturity Securities :(1) | |||||||||||||||
December 31, 2017 | |||||||||||||||
State and political subdivisions | $ | 161,186 | $ | 1,758 | $ | 91 | $ | 162,853 | |||||||
December 31, 2016 | |||||||||||||||
State and political subdivisions | $ | 164,346 | $ | 271 | $ | 1,385 | $ | 163,232 |
Available-for-Sale | |||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | |||||||||
December 31, 2023 (1) | |||||||||||
Within one year | $ | — | $ | — | |||||||
After one year but within five years | 86,224 | 82,387 | |||||||||
After five years but within ten years | 569,956 | 485,593 | |||||||||
After ten years | 3,848,162 | 3,278,557 | |||||||||
$ | 4,504,342 | $ | 3,846,537 | ||||||||
December 31, 2022 (1) | |||||||||||
Within one year | $ | — | $ | — | |||||||
After one year but within five years | 83,014 | 77,499 | |||||||||
After five years but within ten years | 465,777 | 398,607 | |||||||||
After ten years | 4,285,759 | 3,616,954 | |||||||||
$ | 4,834,550 | $ | 4,093,060 |
Available for Sale | |||||||
(Dollars in thousands) | Amortized Cost | Fair Value | |||||
2017 (1) (2) | |||||||
Within one year | $ | — | $ | — | |||
After one year but within five years | 20,051 | 19,825 | |||||
After five years but within ten years | 179,812 | 175,583 | |||||
After ten years | 647,928 | 642,091 | |||||
$ | 847,791 | $ | 837,499 | ||||
2016 (1) | |||||||
Within one year | $ | 16,009 | $ | 16,017 | |||
After one year but within five years | 19,052 | 18,992 | |||||
After five years but within ten years | 276,635 | 270,300 | |||||
After ten years | 495,439 | 488,611 | |||||
$ | 807,135 | $ | 793,920 | ||||
Held to Maturity | |||||||
(Dollars in thousands) | Amortized Cost | Fair Value | |||||
2017 (1) | |||||||
Within one year | $ | 322 | $ | 320 | |||
After one year but within five years | 5,895 | 5,894 | |||||
After five years but within ten years | 18,751 | 18,873 | |||||
After ten years | 136,218 | 137,766 | |||||
$ | 161,186 | $ | 162,853 | ||||
2016 (1) | |||||||
Within one year | $ | — | $ | — | |||
After one year but within five years | 6,168 | 6,162 | |||||
After five years but within ten years | 8,882 | 8,870 | |||||
After ten years | 149,296 | 148,200 | |||||
$ | 164,346 | $ | 163,232 |
Held-to-Maturity | |||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | |||||||||
December 31, 2023 (1) | |||||||||||
Within one year | $ | — | $ | — | |||||||
After one year but within five years | 10,932 | 10,856 | |||||||||
After five years but within ten years | 46,489 | 46,246 | |||||||||
After ten years | 1,001,144 | 928,829 | |||||||||
$ | 1,058,565 | $ | 985,931 | ||||||||
December 31, 2022 (1) | |||||||||||
Within one year | $ | 731 | $ | 732 | |||||||
After one year but within five years | 9,530 | 9,476 | |||||||||
After five years but within ten years | 46,170 | 45,944 | |||||||||
After ten years | 1,055,198 | 983,952 | |||||||||
$ | 1,111,629 | $ | 1,040,104 |
Duration of Unrealized Loss Position | |||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
(Dollars in thousands) Available-for-sale securities: | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||
CMO | $ | 146,726 | $ | 1,820 | $ | 77,149 | $ | 2,321 | $ | 223,875 | $ | 4,141 | |||||||||||
FHLMC MBS | 204,921 | 1,479 | 126,342 | 4,693 | 331,263 | 6,172 | |||||||||||||||||
FNMA MBS | 42,514 | 269 | 21,405 | 655 | 63,919 | 924 | |||||||||||||||||
GNMA MBS | 4,615 | 56 | 14,782 | 355 | 19,397 | 411 | |||||||||||||||||
Other investments | — | — | 624 | 20 | 624 | 20 | |||||||||||||||||
Total temporarily impaired investments | $ | 398,776 | $ | 3,624 | $ | 240,302 | $ | 8,044 | $ | 639,078 | $ | 11,668 | |||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
(Dollars in thousands) Held-to-maturity securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||
State and political subdivisions | $ | 23,404 | $ | 59 | $ | 5,625 | $ | 32 | $ | 29,029 | $ | 91 | |||||||||||
Total temporarily impaired investments | $ | 23,404 | $ | 59 | $ | 5,625 | $ | 32 | $ | 29,029 | $ | 91 |
Duration of Unrealized Loss Position | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||||||||
CMO | $ | — | $ | — | $ | 464,619 | $ | 96,333 | $ | 464,619 | $ | 96,333 | |||||||||||||||||||||||
FNMA MBS | 9,068 | 125 | 3,026,520 | 502,449 | 3,035,588 | 502,574 | |||||||||||||||||||||||||||||
FHLMC MBS | — | — | 115,525 | 11,324 | 115,525 | 11,324 | |||||||||||||||||||||||||||||
GNMA MBS | 10,543 | 217 | 31,681 | 2,782 | 42,224 | 2,999 | |||||||||||||||||||||||||||||
GSE agency notes | — | — | 180,696 | 44,743 | 180,696 | 44,743 | |||||||||||||||||||||||||||||
$ | 19,611 | $ | 342 | $ | 3,819,041 | $ | 657,631 | $ | 3,838,652 | $ | 657,973 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||
Available-for-sale securities: | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||
GSE | $ | 21,996 | $ | 60 | $ | — | $ | — | $ | 21,996 | $ | 60 | |||||||||||
CMO | 160,572 | 3,867 | 4,654 | 90 | 165,226 | 3,957 | |||||||||||||||||
FNMA MBS | 50,878 | 1,330 | — | — | 50,878 | 1,330 | |||||||||||||||||
FHLMC MBS | 300,403 | 9,404 | — | — | 300,403 | 9,404 | |||||||||||||||||
GNMA MBS | 16,480 | 427 | — | — | 16,480 | 427 | |||||||||||||||||
Other investments | 623 | 3 | — | — | 623 | 3 | |||||||||||||||||
Total temporarily impaired investments | $ | 550,952 | $ | 15,091 | $ | 4,654 | $ | 90 | $ | 555,606 | $ | 15,181 | |||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||
Held-to-maturity securities | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||
State and political subdivisions | $ | 112,642 | $ | 1,374 | $ | 695 | $ | 11 | $ | 113,337 | $ | 1,385 | |||||||||||
Total temporarily impaired investments | $ | 112,642 | $ | 1,374 | $ | 695 | $ | 11 | $ | 113,337 | $ | 1,385 |
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 | $ | 158,449 | $ | 13,855 | $ | 347,931 | $ | 88,599 | $ | 506,380 | $ | 102,454 | |||||||||||||||||||||||
FNMA MBS | 1,237,560 | 145,752 | 2,012,698 | 427,026 | 3,250,258 | 572,778 | |||||||||||||||||||||||||||||
FHLMC MBS | 102,321 | 9,268 | 19,671 | 4,287 | 121,992 | 13,555 | |||||||||||||||||||||||||||||
GNMA MBS | 32,076 | 2,265 | 4,030 | 713 | 36,106 | 2,978 | |||||||||||||||||||||||||||||
GSE agency notes | — | — | 178,285 | 49,725 | 178,285 | 49,725 | |||||||||||||||||||||||||||||
$ | 1,530,406 | $ | 171,140 | $ | 2,562,615 | $ | 570,350 | $ | 4,093,021 | $ | 741,490 | ||||||||||||||||||||||||
(Dollars in thousands) | FNMA MBS | State and political subdivisions | ||||||||||||||||||
A+ rated or higher | $ | — | $ | 185,912 | ||||||||||||||||
Not rated | 872,653 | — | ||||||||||||||||||
Ending balance | $ | 872,653 | $ | 185,912 |
(Dollars in thousands) | FNMA MBS | State and political subdivisions | Foreign bonds | |||||||||||||||||
A+ rated or higher | $ | — | $ | 201,631 | $ | 500 | ||||||||||||||
Not rated | 909,498 | — | — | |||||||||||||||||
Ending balance | $ | 909,498 | $ | 201,631 | $ | 500 |
Twelve months ended December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 10 | $ | 4 | ||||||||||||||||||||||
Provision for credit losses | (2) | 6 | ||||||||||||||||||||||||
Ending balance | $ | 8 | $ | 10 |
December 31, | |||||||||||
(Dollars in thousands) | 2023 | 2022 | |||||||||
Commercial and industrial | $ | 2,540,070 | $ | 2,575,345 | |||||||
Owner-occupied commercial | 1,886,087 | 1,809,582 | |||||||||
Commercial mortgages | 3,801,180 | 3,351,084 | |||||||||
Construction | 1,035,530 | 1,044,049 | |||||||||
Commercial small business leases | 623,622 | 558,981 | |||||||||
Residential(1) | 870,705 | 761,882 | |||||||||
Consumer(2) | 2,012,134 | 1,810,930 | |||||||||
12,769,328 | 11,911,853 | ||||||||||
Less: | |||||||||||
Allowance for credit losses | 186,126 | 151,861 | |||||||||
Net loans and leases | $ | 12,583,202 | $ | 11,759,992 |
December 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Commercial and industrial | $ | 1,464,554 | $ | 1,287,731 | |||
Owner-occupied commercial | 1,079,247 | 1,078,162 | |||||
Commercial mortgages | 1,187,705 | 1,163,554 | |||||
Construction | 281,608 | 222,712 | |||||
Residential(1) | 253,301 | 289,611 | |||||
Consumer | 558,493 | 450,029 | |||||
4,824,908 | 4,491,799 | ||||||
Less: | |||||||
Deferred fees, net | 7,991 | 7,673 | |||||
Allowance for loan losses | 40,599 | 39,751 | |||||
Net loans | $ | 4,776,318 | $ | 4,444,375 |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 59,394 | $ | 6,019 | $ | 21,473 | $ | 6,987 | $ | 4,668 | $ | 53,320 | $ | 151,861 | |||||||||||||||||||||||||||
Charge-offs | (42,294) | (184) | (300) | (794) | (41) | (22,394) | (66,007) | ||||||||||||||||||||||||||||||||||
Recoveries | 9,721 | 54 | 7 | 532 | 260 | 1,625 | 12,199 | ||||||||||||||||||||||||||||||||||
Provision | 37,743 | 4,830 | 14,875 | 4,037 | 596 | 25,992 | 88,073 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 64,564 | $ | 10,719 | $ | 36,055 | $ | 10,762 | $ | 5,483 | $ | 58,543 | $ | 186,126 | |||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | 1,591 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,591 | |||||||||||||||||||||||||||
Loans evaluated on a collective basis | 62,973 | 10,719 | 36,055 | 10,762 | 5,483 | 58,543 | 184,535 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 64,564 | $ | 10,719 | $ | 36,055 | $ | 10,762 | $ | 5,483 | $ | 58,543 | $ | 186,126 | |||||||||||||||||||||||||||
Period-end loan balances: | |||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | 19,221 | $ | 5,200 | $ | 22,295 | $ | 12,617 | $ | 5,876 | $ | 2,287 | $ | 67,496 | |||||||||||||||||||||||||||
Loans evaluated on a collective basis | 3,144,471 | 1,880,887 | 3,778,885 | 1,022,913 | 862,019 | 2,009,847 | 12,699,022 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 3,163,692 | $ | 1,886,087 | $ | 3,801,180 | $ | 1,035,530 | $ | 867,895 | $ | 2,012,134 | $ | 12,766,518 |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 49,967 | $ | 4,574 | $ | 11,623 | $ | 1,903 | $ | 3,352 | $ | 23,088 | $ | 94,507 | |||||||||||||||||||||||||||
Initial allowance on acquired PCD loans | 22,614 | 595 | 2,684 | 71 | 61 | 78 | 26,103 | ||||||||||||||||||||||||||||||||||
Charge-offs | (19,004) | (179) | (581) | — | (186) | (7,520) | (27,470) | ||||||||||||||||||||||||||||||||||
Recoveries | 6,112 | 278 | 223 | 2,567 | 665 | 793 | 10,638 | ||||||||||||||||||||||||||||||||||
(Credit) provision(4) | (295) | 751 | 7,524 | 2,446 | 776 | 36,881 | 48,083 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 59,394 | $ | 6,019 | $ | 21,473 | $ | 6,987 | $ | 4,668 | $ | 53,320 | $ | 151,861 | |||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | 2,428 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,428 | |||||||||||||||||||||||||||
Loans evaluated on a collective basis | 56,966 | 6,019 | 21,473 | 6,987 | 4,668 | 53,320 | 149,433 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 59,394 | $ | 6,019 | $ | 21,473 | $ | 6,987 | $ | 4,668 | $ | 53,320 | $ | 151,861 | |||||||||||||||||||||||||||
Period-end loan balances: | |||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | 17,572 | $ | 1,929 | $ | 6,369 | $ | 5,143 | $ | 7,680 | $ | 2,047 | $ | 40,740 | |||||||||||||||||||||||||||
Loans evaluated on a collective basis | 3,116,754 | 1,807,653 | 3,344,715 | 1,038,906 | 751,785 | 1,808,883 | 11,868,696 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 3,134,326 | $ | 1,809,582 | $ | 3,351,084 | $ | 1,044,049 | $ | 759,465 | $ | 1,810,930 | $ | 11,909,436 |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 150,875 | $ | 9,615 | $ | 31,071 | $ | 12,190 | $ | 6,893 | $ | 18,160 | $ | 228,804 | |||||||||||||||||||||||||||
Charge-offs | (23,592) | (83) | (73) | (2,473) | — | (2,094) | (28,315) | ||||||||||||||||||||||||||||||||||
Recoveries | 8,756 | 160 | 269 | — | 789 | 1,131 | 11,105 | ||||||||||||||||||||||||||||||||||
(Credit) provision | (86,072) | (5,118) | (19,644) | (7,814) | (4,330) | 5,891 | (117,087) | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 49,967 | $ | 4,574 | $ | 11,623 | $ | 1,903 | $ | 3,352 | $ | 23,088 | $ | 94,507 | |||||||||||||||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | 1 | $ | — | $ | 7 | $ | — | $ | — | $ | — | $ | 8 | |||||||||||||||||||||||||||
Loans evaluated on a collective basis | 49,966 | 4,574 | 11,616 | 1,903 | 3,352 | 23,088 | 94,499 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 49,967 | $ | 4,574 | $ | 11,623 | $ | 1,903 | $ | 3,352 | $ | 23,088 | $ | 94,507 | |||||||||||||||||||||||||||
Period-end loan balances: | |||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | 8,363 | $ | 1,690 | $ | 3,764 | $ | — | $ | 5,000 | $ | 2,321 | $ | 21,138 | |||||||||||||||||||||||||||
Loans evaluated on a collective basis | 2,261,956 | 1,340,017 | 1,877,746 | 687,213 | 537,733 | 1,156,252 | 7,860,917 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,270,319 | $ | 1,341,707 | $ | 1,881,510 | $ | 687,213 | $ | 542,733 | $ | 1,158,573 | $ | 7,882,055 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
(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 With No Allowance(1) | Nonaccrual Loans With An Allowance | Total Loans | ||||||||||||||||||||||||||||||||||
Commercial and industrial(2) | $ | 8,327 | $ | 1,065 | $ | 9,392 | $ | 3,135,087 | $ | 13,645 | $ | 5,568 | $ | 3,163,692 | |||||||||||||||||||||||||||
Owner-occupied commercial | 1,786 | 487 | 2,273 | 1,878,952 | 4,862 | — | 1,886,087 | ||||||||||||||||||||||||||||||||||
Commercial mortgages | 1,190 | — | 1,190 | 3,777,698 | 22,292 | — | 3,801,180 | ||||||||||||||||||||||||||||||||||
Construction | — | — | — | 1,022,913 | 12,617 | — | 1,035,530 | ||||||||||||||||||||||||||||||||||
Residential(3) | 9,261 | — | 9,261 | 856,055 | 2,579 | — | 867,895 | ||||||||||||||||||||||||||||||||||
Consumer(4) | 15,249 | 10,032 | 25,281 | 1,984,407 | 2,446 | — | 2,012,134 | ||||||||||||||||||||||||||||||||||
Total(4) | $ | 35,813 | $ | 11,584 | $ | 47,397 | $ | 12,655,112 | $ | 58,441 | $ | 5,568 | $ | 12,766,518 | |||||||||||||||||||||||||||
% of Total Loans | 0.28 | % | 0.09 | % | 0.37 | % | 99.13 | % | 0.46 | % | 0.04 | % | 100.00 | % |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
(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) | $ | 10,767 | $ | 311 | $ | 11,078 | $ | 3,116,478 | $ | 6,770 | $ | 3,134,326 | |||||||||||||||||||||||
Owner-occupied commercial | 3,500 | 474 | 3,974 | 1,805,222 | 386 | 1,809,582 | |||||||||||||||||||||||||||||
Commercial mortgages | 2,137 | 237 | 2,374 | 3,343,551 | 5,159 | 3,351,084 | |||||||||||||||||||||||||||||
Construction | — | — | — | 1,038,906 | 5,143 | 1,044,049 | |||||||||||||||||||||||||||||
Residential(3) | 2,563 | — | 2,563 | 753,703 | 3,199 | 759,465 | |||||||||||||||||||||||||||||
Consumer(4) | 12,263 | 15,513 | 27,776 | 1,781,009 | 2,145 | 1,810,930 | |||||||||||||||||||||||||||||
Total(4) | $ | 31,230 | $ | 16,535 | $ | 47,765 | $ | 11,838,869 | $ | 22,802 | $ | 11,909,436 | |||||||||||||||||||||||
% of Total Loans | 0.26 | % | 0.14 | % | 0.40 | % | 99.41 | % | 0.19 | % | 100.00 | % |
(Dollars in thousands) | Penn Liberty(1) | Alliance(1) | First National Bank of Wyoming (FNBW)(1) | Total | |||||||||||
Contractually required principal and interest at acquisition (2) | $ | 16,499 | $ | 27,469 | $ | 27,086 | $ | 71,054 | |||||||
Contractual cash flows not expected to be collected (nonaccretable difference) | 3,125 | 2,377 | 7,956 | 13,458 | |||||||||||
Expected cash flows at acquisition | 13,374 | 25,092 | 19,130 | 57,596 | |||||||||||
Interest component of expected cash flows (accretable yield) | 670 | 2,334 | 1,790 | 4,794 | |||||||||||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ | 12,704 | $ | 22,758 | $ | 17,340 | $ | 52,802 |
(Dollars in thousands) | December 31, 2017 | December 31, 2016 | |||||
Outstanding principal balance | $ | 27,034 | $ | 41,574 | |||
Carrying amount | 21,295 | 33,104 | |||||
Allowance for loan losses | 358 | 510 |
(Dollars in thousands) | Accretable Yield | ||
Balance at December 31, 2015 | $ | 4,764 | |
Addition from Penn Liberty | 1,473 | ||
Accretion | (2,731 | ) | |
Reclassification from nonaccretable difference | 2,352 | ||
Additions/adjustments | (701 | ) | |
Disposals | (7 | ) | |
Balance at December 31, 2016 | $ | 5,150 | |
Accretion | (2,636 | ) | |
Reclassification from nonaccretable difference | 2,015 | ||
Additions/adjustments | (1,149 | ) | |
Disposals | (345 | ) | |
Balance at December 31, 2017 | $ | 3,035 |
(Dollars in thousands) | Commercial | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential | Consumer | Total | ||||||||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||
Beginning balance | $ | 13,339 | $ | 6,588 | $ | 8,915 | $ | 2,838 | $ | 2,059 | $ | 6,012 | $ | 39,751 | |||||||||||||
Charge-offs | (5,008 | ) | (296 | ) | (4,612 | ) | (574 | ) | (168 | ) | (3,184 | ) | (13,842 | ) | |||||||||||||
Recoveries | 1,355 | 127 | 255 | 306 | 178 | 1,505 | 3,726 | ||||||||||||||||||||
Provision (credit) for loan losses | 6,972 | (1,098 | ) | 1,160 | 222 | (300 | ) | 3,572 | 10,528 | ||||||||||||||||||
Provision for acquired loans | 74 | 101 | 173 | 69 | 29 | (10 | ) | 436 | |||||||||||||||||||
Ending balance | $ | 16,732 | $ | 5,422 | $ | 5,891 | $ | 2,861 | $ | 1,798 | $ | 7,895 | $ | 40,599 | |||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,687 | $ | — | $ | 18 | $ | — | $ | 760 | $ | 193 | $ | 4,658 | |||||||||||||
Loans collectively evaluated for impairment | 12,871 | 5,410 | 5,779 | 2,828 | 1,002 | 7,693 | 35,583 | ||||||||||||||||||||
Acquired loans evaluated for impairment | 174 | 12 | 94 | 33 | 36 | 9 | 358 | ||||||||||||||||||||
Ending balance | $ | 16,732 | $ | 5,422 | $ | 5,891 | $ | 2,861 | $ | 1,798 | $ | 7,895 | $ | 40,599 | |||||||||||||
Loans individually evaluated for impairment(2) | $ | 19,196 | $ | 3,655 | $ | 6,076 | $ | 6,022 | $ | 13,778 | $ | 7,588 | $ | 56,315 | |||||||||||||
Loans collectively evaluated for impairment | 1,324,636 | 933,352 | 983,400 | 258,887 | 146,621 | 514,713 | 4,161,609 | ||||||||||||||||||||
Acquired nonimpaired loans | 116,566 | 136,437 | 188,505 | 15,759 | 72,304 | 35,945 | 565,516 | ||||||||||||||||||||
Acquired impaired loans | 4,156 | 5,803 | 9,724 | 940 | 784 | 247 | 21,654 | ||||||||||||||||||||
Ending balance(3) | $ | 1,464,554 | $ | 1,079,247 | $ | 1,187,705 | $ | 281,608 | $ | 233,487 | $ | 558,493 | $ | 4,805,094 |
(Dollars in thousands) | Commercial | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential | Consumer | Complexity Risk (1) | Total | |||||||||||||||||||||||
Year Ended December 31, 2016 | |||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||
Beginning balance | $ | 11,156 | $ | 6,670 | $ | 6,487 | $ | 3,521 | $ | 2,281 | $ | 5,964 | $ | 1,010 | $ | 37,089 | |||||||||||||||
Charge-offs | (5,052 | ) | (1,556 | ) | (422 | ) | (57 | ) | (88 | ) | (6,152 | ) | — | (13,327 | ) | ||||||||||||||||
Recoveries | 594 | 117 | 322 | 484 | 254 | 1,232 | — | 3,003 | |||||||||||||||||||||||
Provision (credit) for loan losses | 6,260 | 1,163 | 2,466 | (1,117 | ) | (422 | ) | 4,989 | (1,010 | ) | 12,329 | ||||||||||||||||||||
Provision for acquired loans | 381 | 194 | 62 | 7 | 34 | (21 | ) | — | 657 | ||||||||||||||||||||||
Ending balance | $ | 13,339 | $ | 6,588 | $ | 8,915 | $ | 2,838 | $ | 2,059 | $ | 6,012 | $ | — | $ | 39,751 | |||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 322 | $ | — | $ | 1,247 | $ | 217 | $ | 911 | $ | 198 | $ | — | $ | 2,895 | |||||||||||||||
Loans collectively evaluated for impairment | 12,834 | 6,573 | 7,482 | 2,535 | 1,125 | 5,797 | — | 36,346 | |||||||||||||||||||||||
Acquired loans evaluated for impairment | 183 | 15 | 186 | 86 | 23 | 17 | — | 510 | |||||||||||||||||||||||
Ending balance | $ | 13,339 | $ | 6,588 | $ | 8,915 | $ | 2,838 | $ | 2,059 | $ | 6,012 | $ | — | $ | 39,751 | |||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||
Loans individually evaluated for impairment(2) | $ | 2,266 | $ | 2,078 | $ | 9,898 | $ | 1,419 | $ | 13,547 | $ | 7,863 | $ | — | $ | 37,071 | |||||||||||||||
Loans collectively evaluated for impairment | 1,120,193 | 899,590 | 921,333 | 189,468 | 157,738 | 386,146 | — | 3,674,468 | |||||||||||||||||||||||
Acquired nonimpaired loans | 159,089 | 164,372 | 221,937 | 28,131 | 94,883 | 55,651 | — | 724,063 | |||||||||||||||||||||||
Acquired impaired loans | 6,183 | 12,122 | 10,386 | 3,694 | 860 | 369 | — | 33,614 | |||||||||||||||||||||||
Ending balance(3) | $ | 1,287,731 | $ | 1,078,162 | $ | 1,163,554 | $ | 222,712 | $ | 267,028 | $ | 450,029 | $ | — | $ | 4,469,216 |
(Dollars in thousands) | Commercial | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential | Consumer | Complexity Risk (1) | Total | |||||||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||
Beginning balance | $ | 12,837 | $ | 6,643 | $ | 7,266 | $ | 2,596 | $ | 2,523 | $ | 6,041 | $ | 1,520 | $ | 39,426 | |||||||||||||||
Charge-offs | (6,303 | ) | (738 | ) | (1,135 | ) | (146 | ) | (548 | ) | (3,225 | ) | — | (12,095 | ) | ||||||||||||||||
Recoveries | 301 | 77 | 222 | 185 | 226 | 957 | — | 1,968 | |||||||||||||||||||||||
Provision (credit) for loan losses | 4,241 | 665 | (67 | ) | 852 | 76 | 2,183 | (510 | ) | 7,440 | |||||||||||||||||||||
Provision for acquired loans | 80 | 23 | 201 | 34 | 4 | 8 | — | 350 | |||||||||||||||||||||||
Ending balance | $ | 11,156 | $ | 6,670 | $ | 6,487 | $ | 3,521 | $ | 2,281 | $ | 5,964 | $ | 1,010 | $ | 37,089 | |||||||||||||||
Period-end allowance allocated to: | |||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,164 | $ | — | $ | — | $ | 211 | $ | 918 | $ | 199 | $ | — | $ | 2,492 | |||||||||||||||
Loans collectively evaluated for impairment | 9,988 | 6,648 | 6,384 | 3,310 | 1,360 | 5,765 | 1,010 | 34,465 | |||||||||||||||||||||||
Acquired loans evaluated for impairment | 4 | 22 | 103 | — | 3 | — | — | 132 | |||||||||||||||||||||||
Ending balance | $ | 11,156 | $ | 6,670 | $ | 6,487 | $ | 3,521 | $ | 2,281 | $ | 5,964 | $ | 1,010 | $ | 37,089 | |||||||||||||||
Period-end loan balances evaluated for: | |||||||||||||||||||||||||||||||
Loans individually evaluated for impairment(2) | $ | 5,680 | $ | 1,090 | $ | 3,411 | $ | 1,419 | $ | 15,548 | $ | 7,664 | $ | — | $ | 34,812 | |||||||||||||||
Loans collectively evaluated for impairment | 930,346 | 820,911 | 869,359 | 213,801 | 166,252 | 335,323 | — | 3,335,992 | |||||||||||||||||||||||
Acquired nonimpaired loans | 112,586 | 53,954 | 83,415 | 27,009 | 76,929 | 17,255 | — | 371,148 | |||||||||||||||||||||||
Acquired impaired loans | 12,985 | 4,688 | 10,513 | 3,544 | 950 | 7 | — | 32,687 | |||||||||||||||||||||||
Ending balance(3) | $ | 1,061,597 | $ | 880,643 | $ | 966,698 | $ | 245,773 | $ | 259,679 | $ | 360,249 | $ | — | $ | 3,774,639 |
December 31, 2017 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 30–59 Days Past Due and Still Accruing | 60–89 Days Past Due and Still Accruing | Greater Than 90 Days Past Due and Still Accruing | Total Past Due And Still Accruing | Accruing Current Balances | Acquired Impaired Loans | Nonaccrual Loans | Total Loans | |||||||||||||||||||||||
Commercial | $ | 1,050 | $ | — | $ | — | $ | 1,050 | $ | 1,440,291 | $ | 4,156 | $ | 19,057 | $ | 1,464,554 | |||||||||||||||
Owner-occupied commercial | 2,069 | 233 | — | 2,302 | 1,067,488 | 5,803 | 3,654 | 1,079,247 | |||||||||||||||||||||||
Commercial mortgages | 320 | 90 | — | 410 | 1,171,701 | 9,724 | 5,870 | 1,187,705 | |||||||||||||||||||||||
Construction | — | — | — | — | 278,864 | 940 | 1,804 | 281,608 | |||||||||||||||||||||||
Residential | 2,058 | 731 | 356 | 3,145 | 225,434 | 784 | 4,124 | 233,487 | |||||||||||||||||||||||
Consumer | 1,117 | 463 | 105 | 1,685 | 554,634 | 247 | 1,927 | 558,493 | |||||||||||||||||||||||
Total (1) (2) | $ | 6,614 | $ | 1,517 | $ | 461 | $ | 8,592 | $ | 4,738,412 | $ | 21,654 | $ | 36,436 | $ | 4,805,094 | |||||||||||||||
% of Total Loans | 0.14 | % | 0.03 | % | 0.01 | % | 0.18 | % | 98.61 | % | 0.45 | % | 0.76 | % | 100.00 | % |
December 31, 2016 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 30–59 Days Past Due and Still Accruing | 60–89 Days Past Due and Still Accruing | Greater Than 90 Days Past Due and Still Accruing | Total Past Due And Still Accruing | Accruing Current Balances | Acquired Impaired Loans | Nonaccrual Loans | Total Loans | |||||||||||||||||||||||
Commercial | $ | 1,507 | $ | 278 | $ | — | $ | 1,785 | $ | 1,277,748 | $ | 6,183 | $ | 2,015 | $ | 1,287,731 | |||||||||||||||
Owner-occupied commercial | 116 | 540 | — | 656 | 1,063,306 | 12,122 | 2,078 | 1,078,162 | |||||||||||||||||||||||
Commercial mortgages | 167 | — | — | 167 | 1,143,180 | 10,386 | 9,821 | 1,163,554 | |||||||||||||||||||||||
Construction | 132 | — | — | 132 | 218,886 | 3,694 | — | 222,712 | |||||||||||||||||||||||
Residential | 3,176 | 638 | 153 | 3,967 | 257,234 | 860 | 4,967 | 267,028 | |||||||||||||||||||||||
Consumer | 392 | 346 | 285 | 1,023 | 444,642 | 369 | 3,995 | 450,029 | |||||||||||||||||||||||
Total (1) (2) | $ | 5,490 | $ | 1,802 | $ | 438 | $ | 7,730 | $ | 4,404,996 | $ | 33,614 | $ | 22,876 | $ | 4,469,216 | |||||||||||||||
% of Total Loans | 0.12 | % | 0.04 | % | 0.01 | % | 0.17 | % | 98.57 | % | 0.75 | % | 0.51 | % | 100.00 | % | |||||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Property | Equipment and other | Property | Equipment and other | ||||||||||||||||||||||||||||||||||
Commercial and industrial(1)(2) | $ | 17,230 | $ | 1,983 | $ | 3,848 | $ | 2,922 | ||||||||||||||||||||||||||||||
Owner-occupied commercial | 4,862 | — | 386 | — | ||||||||||||||||||||||||||||||||||
Commercial mortgages | 22,292 | — | 5,159 | — | ||||||||||||||||||||||||||||||||||
Construction | 12,617 | — | 5,143 | — | ||||||||||||||||||||||||||||||||||
Residential(3) | 2,579 | — | 3,199 | — | ||||||||||||||||||||||||||||||||||
Consumer(4) | 2,446 | — | 2,145 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 62,026 | $ | 1,983 | $ | 19,880 | $ | 2,922 |
December 31, 2017 | |||||||||||||||||||||||
(Dollars in thousands) | Ending Loan Balances | Loans with No Related Reserve (1) | Loan with Related Reserve | Related Reserve | Contractual Principal Balance | Average Loan Balances | |||||||||||||||||
Commercial | $ | 20,842 | $ | 3,422 | $ | 17,420 | $ | 3,861 | $ | 23,815 | $ | 15,072 | |||||||||||
Owner-occupied commercial | 5,374 | 3,654 | 1,720 | 12 | 5,717 | 5,827 | |||||||||||||||||
Commercial mortgages | 7,598 | 4,487 | 3,111 | 112 | 16,658 | 12,630 | |||||||||||||||||
Construction | 6,292 | 6,023 | 269 | 33 | 6,800 | 4,523 | |||||||||||||||||
Residential | 14,181 | 8,282 | 5,899 | 796 | 17,015 | 14,533 | |||||||||||||||||
Consumer | 7,819 | 6,304 | 1,515 | 203 | 8,977 | 8,158 | |||||||||||||||||
Total (1)(2) | $ | 62,106 | $ | 32,172 | $ | 29,934 | $ | 5,017 | $ | 78,982 | $ | 60,743 |
December 31, 2016 | |||||||||||||||||||||||
(Dollars in thousands) | Ending Loan Balances | Loans with No Related Reserve (1) | Loan with Related Reserve | Related Reserve | Contractual Principal Balance | Average Loan Balances | |||||||||||||||||
Commercial | $ | 4,250 | $ | 1,395 | $ | 2,855 | $ | 505 | $ | 5,572 | $ | 5,053 | |||||||||||
Owner-occupied commercial | 4,650 | 2,078 | 2,572 | 15 | 5,129 | 3,339 | |||||||||||||||||
Commercial mortgages | 15,065 | 4,348 | 10,717 | 1,433 | 20,716 | 7,323 | |||||||||||||||||
Construction | 3,662 | — | 3,662 | 303 | 3,972 | 2,376 | |||||||||||||||||
Residential | 14,256 | 7,122 | 7,134 | 934 | 17,298 | 15,083 | |||||||||||||||||
Consumer | 8,021 | 6,561 | 1,460 | 215 | 11,978 | 7,910 | |||||||||||||||||
Total (1)(2) | $ | 49,904 | $ | 21,504 | $ | 28,400 | $ | 3,405 | $ | 64,665 | $ | 41,084 |
Term Loans Amortized Cost Basis by Origination Year(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(2): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 977,196 | $ | 682,680 | $ | 283,771 | $ | 251,848 | $ | 105,933 | $ | 395,601 | $ | 8,785 | $ | 237,786 | $ | 2,943,600 | ||||||||||||||||||||||||||||||||||||||
Special mention | 7,209 | 11,860 | 2,804 | 463 | 735 | 743 | — | 1,649 | 25,463 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower(3) | 72,993 | 54,024 | 5,951 | 10,224 | 22,046 | 17,906 | — | 11,485 | 194,629 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,057,398 | $ | 748,564 | $ | 292,526 | $ | 262,535 | $ | 128,714 | $ | 414,250 | $ | 8,785 | $ | 250,920 | $ | 3,163,692 | |||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | $ | 1,528 | $ | 7,818 | $ | 9,661 | $ | 3,201 | $ | 8,302 | $ | 11,784 | $ | — | $ | — | $ | 42,294 | ||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 346,908 | $ | 264,895 | $ | 251,262 | $ | 212,365 | $ | 194,153 | $ | 313,801 | $ | — | $ | 178,150 | $ | 1,761,534 | ||||||||||||||||||||||||||||||||||||||
Special mention | 2,885 | 3,115 | 5,419 | 1,105 | 11,002 | 5,559 | — | 1,393 | 30,478 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | 996 | 18,865 | 11,109 | 6,787 | 8,019 | 35,330 | — | 12,969 | 94,075 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 350,789 | $ | 286,875 | $ | 267,790 | $ | 220,257 | $ | 213,174 | $ | 354,690 | $ | — | $ | 192,512 | $ | 1,886,087 | |||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | $ | — | $ | — | $ | — | $ | — | $ | 184 | $ | — | $ | — | $ | — | $ | 184 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 847,137 | $ | 464,895 | $ | 526,280 | $ | 465,354 | $ | 486,855 | $ | 619,448 | $ | — | $ | 290,083 | $ | 3,700,052 | ||||||||||||||||||||||||||||||||||||||
Special mention | 20,632 | — | 67 | 1,837 | 10,666 | — | — | — | 33,202 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | 9,862 | 1,153 | 1,047 | 13,837 | 14,352 | 12,212 | — | 15,463 | 67,926 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 877,631 | $ | 466,048 | $ | 527,394 | $ | 481,028 | $ | 511,873 | $ | 631,660 | $ | — | $ | 305,546 | $ | 3,801,180 | |||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | $ | — | $ | 83 | $ | — | $ | 217 | $ | — | $ | — | $ | — | $ | — | $ | 300 | ||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 429,055 | $ | 319,958 | $ | 111,333 | $ | 3,030 | $ | 388 | $ | 7,016 | $ | — | $ | 87,741 | $ | 958,521 | ||||||||||||||||||||||||||||||||||||||
Special mention | 28,718 | 19,769 | 8,227 | — | — | — | — | — | 56,714 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | 5,698 | — | 3,308 | 8,598 | 2,134 | — | — | 557 | 20,295 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 463,471 | $ | 339,727 | $ | 122,868 | $ | 11,628 | $ | 2,522 | $ | 7,016 | $ | — | $ | 88,298 | $ | 1,035,530 | |||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | $ | — | $ | — | $ | 794 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 794 | ||||||||||||||||||||||||||||||||||||||
Residential(4): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 188,644 | $ | 67,358 | $ | 102,982 | $ | 57,273 | $ | 33,499 | $ | 412,099 | $ | — | $ | — | $ | 861,855 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 170 | 713 | 486 | 1,251 | 3,420 | — | — | 6,040 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 188,644 | $ | 67,528 | $ | 103,695 | $ | 57,759 | $ | 34,750 | $ | 415,519 | $ | — | $ | — | $ | 867,895 | |||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | $ | 33 | $ | — | $ | — | $ | — | $ | — | $ | 8 | $ | — | $ | — | $ | 41 | ||||||||||||||||||||||||||||||||||||||
Consumer(5): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 391,580 | $ | 568,919 | $ | 153,930 | $ | 104,248 | $ | 44,996 | $ | 245,849 | $ | 494,663 | $ | 5,662 | $ | 2,009,847 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 135 | 352 | 176 | 30 | 1,362 | 232 | 2,287 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 391,580 | $ | 568,919 | $ | 154,065 | $ | 104,600 | $ | 45,172 | $ | 245,879 | $ | 496,025 | $ | 5,894 | $ | 2,012,134 | |||||||||||||||||||||||||||||||||||||||
Current-period gross writeoffs | $ | 1,790 | $ | 15,227 | $ | 4,411 | $ | 313 | $ | 198 | $ | 455 | $ | — | $ | — | $ | 22,394 |
December 31, 2017 | ||||||||||||||||||||||
(Dollars in thousands) | Commercial | Owner-occupied Commercial | Commercial Mortgages | Construction | Total Commercial (1) | |||||||||||||||||
Amount | % | |||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||
Special mention | $ | 22,789 | $ | 16,783 | $ | — | $ | — | $ | 39,572 | ||||||||||||
Substandard: | ||||||||||||||||||||||
Accrual | 34,332 | 19,386 | 1,967 | 4,965 | 60,650 | |||||||||||||||||
Nonaccrual | 15,370 | 3,654 | 5,852 | 1,804 | 26,680 | |||||||||||||||||
Doubtful/nonaccrual | 3,687 | — | 18 | — | 3,705 | |||||||||||||||||
Total Special Mention and Substandard | 76,178 | 39,823 | 7,837 | 6,769 | 130,607 | 3 | % | |||||||||||||||
Acquired impaired | 4,156 | 5,803 | 9,724 | 940 | 20,623 | 1 | % | |||||||||||||||
Pass | 1,384,220 | 1,033,621 | 1,170,144 | 273,899 | 3,861,884 | 96 | % | |||||||||||||||
Total | $ | 1,464,554 | $ | 1,079,247 | $ | 1,187,705 | $ | 281,608 | $ | 4,013,114 | 100 | % |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,123,803 | $ | 501,761 | $ | 387,225 | $ | 211,310 | $ | 153,713 | $ | 276,588 | $ | 8,099 | $ | 250,486 | $ | 2,912,985 | ||||||||||||||||||||||||||||||||||||||
Special mention | 28,672 | 27,689 | 7,585 | 9,451 | 347 | 1,010 | — | 2,596 | 77,350 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | 32,362 | 16,162 | 6,943 | 37,534 | 37,133 | 6,768 | — | 7,089 | 143,991 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,184,837 | $ | 545,612 | $ | 401,753 | $ | 258,295 | $ | 191,193 | $ | 284,366 | $ | 8,099 | $ | 260,171 | $ | 3,134,326 | |||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 280,898 | $ | 325,388 | $ | 258,177 | $ | 226,717 | $ | 106,390 | $ | 363,420 | $ | — | $ | 132,942 | $ | 1,693,932 | ||||||||||||||||||||||||||||||||||||||
Special mention | 17,376 | — | — | — | — | 2,166 | — | 3,351 | 22,893 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | 2,981 | 1,500 | 23,284 | 4,401 | 11,864 | 35,311 | — | 13,416 | 92,757 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 301,255 | $ | 326,888 | $ | 281,461 | $ | 231,118 | $ | 118,254 | $ | 400,897 | $ | — | $ | 149,709 | $ | 1,809,582 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 516,783 | $ | 600,226 | $ | 526,312 | $ | 549,788 | $ | 276,414 | $ | 594,024 | $ | — | $ | 210,550 | $ | 3,274,097 | ||||||||||||||||||||||||||||||||||||||
Special mention | 1,450 | 75 | 3,848 | 6,121 | 9,596 | 32,014 | — | — | 53,104 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | 1,861 | 1,210 | 12,552 | 2,909 | 3,573 | 1,209 | — | 569 | 23,883 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 520,094 | $ | 601,511 | $ | 542,712 | $ | 558,818 | $ | 289,583 | $ | 627,247 | $ | — | $ | 211,119 | $ | 3,351,084 | |||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 448,581 | $ | 299,619 | $ | 115,667 | $ | 9,319 | $ | 26,553 | $ | 7,539 | $ | — | $ | 122,116 | $ | 1,029,394 | ||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | 581 | 581 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | — | 4,200 | 8,930 | 183 | — | — | — | 761 | 14,074 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 448,581 | $ | 303,819 | $ | 124,597 | $ | 9,502 | $ | 26,553 | $ | 7,539 | $ | — | $ | 123,458 | $ | 1,044,049 | |||||||||||||||||||||||||||||||||||||||
Residential(2): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 64,500 | $ | 110,508 | $ | 60,625 | $ | 36,118 | $ | 45,859 | $ | 434,175 | $ | — | $ | — | $ | 751,785 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 729 | 502 | 999 | 1,218 | 4,232 | — | — | 7,680 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 64,500 | $ | 111,237 | $ | 61,127 | $ | 37,117 | $ | 47,077 | $ | 438,407 | $ | — | $ | — | $ | 759,465 | |||||||||||||||||||||||||||||||||||||||
Consumer(3): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 595,158 | $ | 195,397 | $ | 126,456 | $ | 54,449 | $ | 220,039 | $ | 71,478 | $ | 540,308 | $ | 5,232 | $ | 1,808,517 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 350 | — | 479 | — | 1,255 | 329 | 2,413 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 595,158 | $ | 195,397 | $ | 126,806 | $ | 54,449 | $ | 220,518 | $ | 71,478 | $ | 541,563 | $ | 5,561 | $ | 1,810,930 |
December 31, 2016 | ||||||||||||||||||||||
Commercial | Owner-occupied Commercial | Commercial Mortgages | Construction | Total Commercial (1) | ||||||||||||||||||
(Dollars in thousands) | Amount | % | ||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||
Special mention | $ | 17,630 | $ | 11,419 | $ | 34,198 | $ | — | $ | 63,247 | ||||||||||||
Substandard: | ||||||||||||||||||||||
Accrual | 45,067 | 19,871 | 239 | 2,193 | 67,370 | |||||||||||||||||
Nonaccrual | 1,693 | 2,078 | 8,574 | — | 12,345 | |||||||||||||||||
Doubtful/nonaccrual | 322 | — | 1,247 | — | 1,569 | |||||||||||||||||
Total special mention and substandard | 64,712 | 33,368 | 44,258 | 2,193 | 144,531 | 4 | % | |||||||||||||||
Acquired impaired | 6,183 | 12,122 | 10,386 | 3,694 | 32,385 | 1 | % | |||||||||||||||
Pass | 1,216,836 | 1,032,672 | 1,108,910 | 216,825 | 3,575,243 | 95 | % | |||||||||||||||
Total | $ | 1,287,731 | $ | 1,078,162 | $ | 1,163,554 | $ | 222,712 | $ | 3,752,159 | 100 | % |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Term Extension | More-Than-Insignificant Payment Delay | Combination- Term Extension and Payment Delay | Combination- Term Extension and Interest Rate Reduction | Combination - Payment Delay and Interest Rate Reduction | Total | % of Total Loan Category | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1)(2) | $ | 44,123 | $ | 10,523 | $ | 5,568 | $ | 27 | $ | — | $ | 60,241 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | 66 | — | — | 138 | — | 204 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 9,386 | — | — | — | — | 9,386 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 15,411 | — | — | — | — | 15,411 | 1.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 561 | 216 | — | — | — | 777 | 0.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(3) | 1,782 | 1,937 | 5,092 | 156 | 194 | 9,161 | 0.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 71,329 | $ | 12,676 | $ | 10,660 | $ | 321 | $ | 194 | $ | 95,180 | 0.75 | % |
Term Extension(1) | Interest Rate Reduction(2) | More-Than-Insignificant Payment Delay(3) | ||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(4) | 1.34 | 4.00% | 0.13% | |||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | 0.95 | 2.59 | — | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 1.33 | — | — | |||||||||||||||||||||||||||||||||||||||||
Construction | 1.00 | — | — | |||||||||||||||||||||||||||||||||||||||||
Residential | 20.18 | — | — | |||||||||||||||||||||||||||||||||||||||||
Consumer | 3.08 | 2.65 | 0.06 |
Total Residential and Consumer(1) | |||||||||||||||||||||||||||||
Residential | Consumer | 2017 | 2016 | ||||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | Amount | Percent | Amount | Percent | |||||||||||||||||||||
Nonperforming (2) | $ | 13,778 | $ | 13,547 | $ | 7,588 | $ | 7,863 | $ | 21,366 | 3 | % | $ | 21,410 | 3 | % | |||||||||||||
Acquired impaired loans | 784 | 860 | 247 | 369 | 1,031 | — | % | 1,229 | — | % | |||||||||||||||||||
Performing | 218,925 | 252,621 | 550,658 | 441,797 | 769,583 | 97 | % | 694,418 | 97 | % | |||||||||||||||||||
Total | $ | 233,487 | $ | 267,028 | $ | 558,493 | $ | 450,029 | $ | 791,980 | 100 | % | $ | 717,057 | 100 | % |
More-Than-Insignificant Payment Delay | Combination Term Extension & Payment Delay | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | 5,568 | $ | 5,568 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | 98 | — | 98 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 98 | $ | 5,568 | $ | 5,666 |
December 31, 2023 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-89 Days Past Due and Still Accruing | 90+ Days Past Due and Still Accruing | Accruing Current Balances | Nonaccrual Loans | Total | |||||||||||||||||||||||||||
Commercial and industrial(1)(2) | $ | 21 | $ | 293 | $ | 53,989 | $ | 5,938 | $ | 60,241 | ||||||||||||||||||||||
Owner-occupied commercial | — | — | — | 204 | 204 | |||||||||||||||||||||||||||
Commercial mortgages | — | — | 9,386 | — | 9,386 | |||||||||||||||||||||||||||
Construction | — | — | 15,411 | — | 15,411 | |||||||||||||||||||||||||||
Residential | — | — | 607 | 170 | 777 | |||||||||||||||||||||||||||
Consumer(3) | 1,021 | 205 | 7,539 | 396 | 9,161 | |||||||||||||||||||||||||||
Total | $ | 1,042 | $ | 498 | $ | 86,932 | $ | 6,708 | $ | 95,180 |
(Dollars in thousands) | December 31, 2022 | ||||||||||
Performing TDRs | $ | 19,737 | |||||||||
Nonperforming TDRs | 2,006 | ||||||||||
Total TDRs | $ | 21,743 |
(Dollars in thousands) | December 31, 2017 | December 31, 2016 | |||||
Performing TDRs | $ | 20,061 | $ | 14,336 | |||
Nonperforming TDRs | 9,627 | 8,451 | |||||
Total TDRs | $ | 29,688 | $ | 22,787 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual payment reduction | Maturity date extension | Discharged in bankruptcy | Other (1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1 | 2 | — | 2 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 1 | — | 1 | 1 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 151 | 48 | 8 | 3 | 210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 153 | 53 | 9 | 6 | 221 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||
Contractual payment reduction | Maturity date extension | Discharged in bankruptcy | Other (1) | Total | Contractual payment reduction | Maturity date extension | Discharged in bankruptcy | Other (1) | Total | ||||||||||||||||||||
Commercial | 1 | 4 | — | — | 5 | — | 2 | — | 1 | 3 | |||||||||||||||||||
Owner-occupied commercial | — | 1 | — | — | 1 | — | — | — | — | — | |||||||||||||||||||
Commercial mortgages | — | 1 | — | — | 1 | — | 2 | — | — | 2 | |||||||||||||||||||
Construction | — | 5 | — | 1 | 6 | — | — | — | — | — | |||||||||||||||||||
Residential | 2 | 1 | 5 | 1 | 9 | — | — | 1 | 7 | 8 | |||||||||||||||||||
Consumer | 1 | 4 | 12 | 8 | 25 | 12 | — | 2 | — | 14 | |||||||||||||||||||
4 | 16 | 17 | 10 | 47 | 12 | 4 | 3 | 8 | 27 |
Year Ended December 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2022 | ||||||||||||||||||||||
Pre Modification | Post Modification | ||||||||||||||||||||||
Commercial | $ | 1,067 | $ | 1,067 | |||||||||||||||||||
Owner-occupied commercial | 2,087 | 2,087 | |||||||||||||||||||||
Commercial mortgages | 2,380 | 2,380 | |||||||||||||||||||||
Residential | 302 | 302 | |||||||||||||||||||||
Consumer | 4,178 | 4,178 | |||||||||||||||||||||
Total(1)(2) | $ | 10,014 | $ | 10,014 |
Year Ended December 31, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | |||||||||||||
Pre Modification | Post Modification | Pre Modification | Post Modification | ||||||||||||
Commercial | $ | 954 | $ | 954 | $ | 1,407 | $ | 1,407 | |||||||
Owner-occupied commercial | 3,071 | 3,071 | — | — | |||||||||||
Commercial mortgages | 183 | 183 | 1,111 | 1,111 | |||||||||||
Construction | 6,054 | 6,054 | — | — | |||||||||||
Residential | 1,652 | 1,652 | 2,754 | 2,754 | |||||||||||
Consumer | 2,498 | 2,498 | 873 | 873 | |||||||||||
$ | 14,412 | $ | 14,412 | $ | 6,145 | $ | 6,145 |
December 31, | |||||||||||
(Dollars in thousands) | 2023 | 2022 | |||||||||
Land | $ | 33,919 | $ | 33,932 | |||||||
Buildings | 49,262 | 49,406 | |||||||||
Leasehold improvements | 70,431 | 77,845 | |||||||||
Furniture and equipment | 57,555 | 55,284 | |||||||||
Gross premises and equipment | 211,167 | 216,467 | |||||||||
Less: Accumulated depreciation | 106,683 | 100,864 | |||||||||
Net premises and equipment | $ | 104,484 | $ | 115,603 |
December 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Land | $ | 2,758 | $ | 2,916 | |||
Buildings | 6,155 | 7,391 | |||||
Leasehold improvements | 48,573 | 44,493 | |||||
Furniture and equipment | 44,968 | 40,099 | |||||
102,454 | �� | 94,899 | |||||
Less: Accumulated depreciation | 54,471 | 46,028 | |||||
$ | 47,983 | $ | 48,871 |
Twelve months ended | ||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||
Operating lease cost (1) | $ | 18,972 | $ | 20,123 | $ | 18,564 | ||||||||||||||||||||
Sublease income | (161) | (280) | (365) | |||||||||||||||||||||||
Net lease cost | $ | 18,811 | $ | 19,843 | $ | 18,199 |
(Dollars in thousands) | December 31, 2023 | December 31, 2022 | ||||||||||||||||||
Right-of-use assets | $ | 130,601 | $ | 138,182 | ||||||||||||||||
Lease liabilities | $ | 151,596 | $ | 158,269 | ||||||||||||||||
Lease term and discount rate of operating leases | ||||||||||||||||||||
Weighted average remaining lease term (in years) | 13.01 | 17.91 | ||||||||||||||||||
Weighted average discount rate | 5.20 | % | 4.25 | % |
(Dollars in thousands) | December 31, 2023 | |||||||
2023 | $ | 17,730 | ||||||
2024 | 17,494 | |||||||
2025 | 16,656 | |||||||
2026 | 15,281 | |||||||
2027 | 15,282 | |||||||
After 2027 | 128,885 | |||||||
Total lease payments | 211,328 | |||||||
Less: Interest | (59,732) | |||||||
Present value of lease liabilities | $ | 151,596 | ||||||
Twelve months ended | ||||||||||||||||||||
(Dollars in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
Operating cash flows from operating leases | $ | 19,104 | $ | 20,987 | $ | 17,834 | ||||||||||||||
Right of use assets obtained in exchange for new operating lease liabilities (non-cash) | — | 13,707 | — |
Twelve months ended | ||||||||||||||||||||
(Dollars in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||||||||
Direct financing leases: | ||||||||||||||||||||
Interest income on lease receivable | $ | 53,572 | $ | 42,542 | $ | 21,947 | ||||||||||||||
Amortization of deferred fees and costs | (6,301) | (3,718) | (1,963) | |||||||||||||||||
Total direct financing lease income | $ | 47,271 | $ | 38,824 | $ | 19,984 |
(Dollars in thousands) | December 31, 2023 | December 31, 2022 | ||||||||||||
Lease receivables | $ | 721,338 | $ | 642,369 | ||||||||||
Unearned income | (114,341) | (95,683) | ||||||||||||
Deferred fees and costs | 16,625 | 12,295 | ||||||||||||
Net investment in direct financing leases | $ | 623,622 | $ | 558,981 |
(Dollars in thousands) | December 31, 2023 | |||||||
2023 | $ | 230,902 | ||||||
2024 | 195,576 | |||||||
2025 | 147,645 | |||||||
2026 | 94,239 | |||||||
2027 | 44,019 | |||||||
After 2027 | 8,957 | |||||||
Total lease payments | $ | 721,338 |
(Dollars in thousands) | |||
2018 | $ | 10,636 | |
2019 | 10,466 | ||
2020 | 10,398 | ||
2021 | 10,052 | ||
2022 | 10,115 | ||
Thereafter | 159,788 | ||
Total future minimum lease payments | $ | 211,455 |
(Dollars in thousands) | WSFS Bank | Wealth Management | Consolidated Company | ||||||||||||||||||||
December 31, 2021 | $ | 452,629 | $ | 20,199 | $ | 472,828 | |||||||||||||||||
Goodwill from business combinations | 297,646 | 116,691 | 414,337 | ||||||||||||||||||||
Goodwill adjustments | 3,311 | (6,839) | (3,528) | ||||||||||||||||||||
December 31, 2022 | 753,586 | 130,051 | 883,637 | ||||||||||||||||||||
Goodwill from business combinations(1) | — | 2,261 | 2,261 | ||||||||||||||||||||
December 31, 2023 | $ | 753,586 | $ | 132,312 | $ | 885,898 |
(Dollars in thousands) | WSFS Bank | Cash Connect | Wealth Management | Consolidated Company | |||||||||||
December 31, 2015 | $ | 80,078 | $ | — | $ | 5,134 | $ | 85,212 | |||||||
Goodwill from business combinations | 65,206 | — | 15,009 | 80,215 | |||||||||||
Remeasurement adjustments | 2,112 | — | — | 2,112 | |||||||||||
December 31, 2016 | 147,396 | — | 20,143 | 167,539 | |||||||||||
Goodwill from business combinations | — | — | — | — | |||||||||||
Remeasurement adjustments | (1,588 | ) | — | 56 | (1,532 | ) | |||||||||
December 31, 2017 | $ | 145,808 | $ | — | $ | 20,199 | $ | 166,007 |
(Dollars in thousands) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | Amortization Period | |||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Core deposits | $ | 104,751 | $ | (50,754) | $ | 53,997 | 10 years | ||||||||||||||||
Customer relationships | 73,880 | (18,153) | 55,727 | 7-15 years | |||||||||||||||||||
Tradename | 2,900 | — | 2,900 | indefinite | |||||||||||||||||||
Loan servicing rights(1) | 12,613 | (6,575) | 6,038 | 10-25 years | |||||||||||||||||||
Total intangible assets | $ | 194,144 | $ | (75,482) | $ | 118,662 | |||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Core deposits | $ | 104,751 | $ | (40,443) | $ | 64,308 | 10 years | ||||||||||||||||
Customer relationships | 68,281 | (12,937) | 55,344 | 7-15 years | |||||||||||||||||||
Non-compete agreements | 200 | (200) | — | 1 year | |||||||||||||||||||
Tradename | 2,900 | — | 2,900 | indefinite | |||||||||||||||||||
Loan servicing rights(2) | 11,118 | (5,075) | 6,043 | 10-25 years | |||||||||||||||||||
Total intangible assets | $ | 187,250 | $ | (58,655) | $ | 128,595 |
(Dollars in thousands) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | Amortization Period | |||||||||
December 31, 2017 | |||||||||||||
Core deposits | $ | 10,658 | $ | (4,263 | ) | $ | 6,395 | 10 years | |||||
Customer relationships | 17,561 | (4,214 | ) | 13,347 | 7-15 years | ||||||||
Non-compete agreements | 221 | (57 | ) | 164 | 5 years | ||||||||
Loan servicing rights | 2,132 | (1,191 | ) | 941 | 10-30 years | ||||||||
Favorable lease asset | 1,932 | (342 | ) | 1,590 | 10 months-18 years | ||||||||
Total other intangible assets | $ | 32,504 | $ | (10,067 | ) | $ | 22,437 | ||||||
December 31, 2016 | |||||||||||||
Core deposits | $ | 13,128 | $ | (5,630 | ) | $ | 7,498 | 10 years | |||||
Customer relationships | 17,561 | (2,612 | ) | 14,949 | 7-15 years | ||||||||
Non-compete agreements | 1,006 | (728 | ) | 278 | 6 months- 5 years | ||||||||
Loan servicing rights | 1,708 | (1,067 | ) | 641 | 10-30 years | ||||||||
Favorable lease asset | 458 | (116 | ) | 342 | 10 months-15 years | ||||||||
Total other intangible assets | $ | 33,861 | $ | (10,153 | ) | $ | 23,708 |
(Dollars in thousands) | Amortization of Intangibles | ||||
2024 | $ | 16,913 | |||
2025 | 16,548 | ||||
2026 | 15,845 | ||||
2027 | 15,385 | ||||
2028 | 14,567 | ||||
Thereafter | 36,504 | ||||
Total | $ | 115,762 |
(Dollars in thousands) | Amortization of Intangibles | ||
2018 | $ | 2,986 | |
2019 | 2,918 | ||
2020 | 2,722 | ||
2021 | 2,396 | ||
2022 | 2,334 | ||
Thereafter | 9,081 | ||
Total | $ | 22,437 |
December 31, | ||||||||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||||||||
Noninterest-bearing: | ||||||||||||||
Noninterest-bearing demand | $ | 4,917,297 | $ | 5,739,647 | ||||||||||
Total noninterest-bearing | $ | 4,917,297 | $ | 5,739,647 | ||||||||||
Interest-bearing: | ||||||||||||||
Interest-bearing demand | $ | 2,935,530 | $ | 3,346,682 | ||||||||||
Savings | 1,610,143 | 2,161,858 | ||||||||||||
Money market | 5,175,123 | 3,730,778 | ||||||||||||
Customer time deposits | 1,784,317 | 1,102,013 | ||||||||||||
Brokered deposits | 51,676 | 122,591 | ||||||||||||
Total interest-bearing | $ | 11,556,789 | $ | 10,463,922 | ||||||||||
Total deposits | $ | 16,474,086 | $ | 16,203,569 |
December 31, | ||||||||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||||||||
Certificates of deposit (not jumbo): | ||||||||||||||
Less than one year | $ | 1,391,157 | $ | 712,582 | ||||||||||
One year to two years | 47,336 | 163,260 | ||||||||||||
Two years to three years | 14,375 | 21,740 | ||||||||||||
Three years to four years | 9,207 | 11,303 | ||||||||||||
Over four years | 10,166 | 10,378 | ||||||||||||
Total certificates of deposit (not jumbo) | $ | 1,472,241 | $ | 919,263 | ||||||||||
Jumbo certificates of deposit (1) | ||||||||||||||
Less than one year | $ | 305,511 | $ | 151,406 | ||||||||||
One year to two years | 4,486 | 26,215 | ||||||||||||
Two years to three years | 662 | 3,732 | ||||||||||||
Three years to four years | 689 | 690 | ||||||||||||
Over four years | 728 | 707 | ||||||||||||
Total jumbo certificates of deposit | $ | 312,076 | $ | 182,750 | ||||||||||
Total certificates of deposit | $ | 1,784,317 | $ | 1,102,013 |
December 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Money market and demand: | |||||||
Noninterest-bearing demand | $ | 1,420,760 | $ | 1,266,306 | |||
Interest-bearing demand | 1,071,512 | 935,333 | |||||
Money market | 1,347,146 | 1,257,520 | |||||
Total money market and demand | 3,839,418 | 3,459,159 | |||||
Savings | 549,744 | 547,293 | |||||
Customer certificates of deposit by maturity: | |||||||
Less than one year | 167,757 | 192,320 | |||||
One year to two years | 103,192 | 74,165 | |||||
Two years to three years | 46,827 | 32,687 | |||||
Three years to four years | 5,962 | 24,919 | |||||
Over four years | 6,399 | 8,533 | |||||
Total customer time certificates | 330,137 | 332,624 | |||||
Jumbo certificates of deposit, by maturity: | |||||||
Less than one year | 166,348 | 174,981 | |||||
One year to two years | 94,905 | 43,037 | |||||
Two years to three years | 30,400 | 20,655 | |||||
Three years to four years | 3,512 | 17,005 | |||||
Over four years | 3,769 | 4,882 | |||||
Total jumbo certificates of deposit | 298,934 | 260,560 | |||||
Total customer deposits | 5,018,233 | 4,599,636 | |||||
Brokered deposits less than one year | 229,371 | 138,802 | |||||
Total deposits | $ | 5,247,604 | $ | 4,738,438 |
Year Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | ||||||||||||||
Interest-bearing demand | $ | 26,671 | $ | 7,441 | $ | 2,262 | |||||||||||
Money market | 122,168 | 13,536 | 3,218 | ||||||||||||||
Savings | 5,733 | 965 | 586 | ||||||||||||||
Time deposits | 45,184 | 5,626 | 7,332 | ||||||||||||||
Total customer interest expense | $ | 199,756 | $ | 27,568 | $ | 13,398 | |||||||||||
Brokered deposits | 10,064 | 613 | 1,525 | ||||||||||||||
Total interest expense on deposits | $ | 209,820 | $ | 28,181 | $ | 14,923 |
(Dollars in thousands) | |||||||||||
Year ended December 31, | 2017 | 2016 | 2015 | ||||||||
Interest-bearing demand | $ | 2,211 | $ | 1,119 | $ | 666 | |||||
Money market | 4,690 | 3,343 | 2,466 | ||||||||
Savings | 1,017 | 655 | 289 | ||||||||
Time deposits | 4,806 | 3,303 | 3,057 | ||||||||
Total customer interest expense | 12,724 | 8,420 | 6,478 | ||||||||
Brokered deposits | 2,180 | 1,001 | 687 | ||||||||
Total interest expense on deposits | $ | 14,904 | $ | 9,421 | $ | 7,165 |
(Dollars in thousands) | Balance at End of Period | Weighted Average Interest Rate | Maximum Outstanding at Month End During the Period | Average Amount Outstanding During the Year | Weighted Average Interest Rate During the Year | ||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||
Federal funds purchased | $ | — | — | % | $ | 130,000 | $ | 33,195 | 5.04 | % | |||||||||||||||||||
FHLB advances | — | — | 800,000 | 103,268 | 5.18 | ||||||||||||||||||||||||
Trust preferred borrowings | 90,638 | 7.51 | 90,638 | 90,534 | 7.44 | ||||||||||||||||||||||||
Senior and subordinated debt | 218,400 | 4.34 | 248,189 | 221,975 | 4.42 | ||||||||||||||||||||||||
Other borrowed funds | 586,038 | 0.28 | 739,346 | 409,002 | 4.41 | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Federal funds purchased | $ | — | — | % | $ | — | $ | 11,603 | 3.82 | % | |||||||||||||||||||
FHLB advances | 350,000 | 4.46 | 350,000 | 12,841 | 4.19 | ||||||||||||||||||||||||
Trust preferred borrowings | 90,442 | 6.63 | 90,442 | 90,337 | 3.85 | ||||||||||||||||||||||||
Senior debt | 248,169 | 4.51 | 248,566 | 248,389 | 3.32 | ||||||||||||||||||||||||
Other borrowed funds | 38,283 | 0.10 | 38,283 | 35,473 | 0.10 |
(Dollars in thousands) | Balance at End of Period | Weighted Average Interest Rate | Maximum Outstanding at Month End During the Period | Average Amount Outstanding During the Year | Weighted Average Interest Rate During the Year | ||||||||||||
December 31, 2017 | |||||||||||||||||
FHLB advances | $ | 710,001 | 1.51 | % | $ | 924,518 | $ | 716,962 | 1.15 | % | |||||||
Federal funds purchased and securities sold under agreements to repurchase | 28,000 | 1.54 | 135,000 | 87,438 | 1.11 | ||||||||||||
Trust preferred borrowings | 67,011 | 3.25 | 67,011 | 67,011 | 2.89 | ||||||||||||
Senior debt | 98,171 | 5.12 | 155,000 | 134,136 | 4.38 | ||||||||||||
Other borrowed funds | 34,623 | 0.09 | 97,984 | 43,514 | 0.09 | ||||||||||||
December 31, 2016 | |||||||||||||||||
FHLB advances | $ | 854,236 | 0.78 | % | $ | 886,767 | $ | 735,975 | 0.67 | % | |||||||
Federal funds purchased and securities sold under agreements to repurchase | 130,000 | 0.79 | 130,000 | 112,150 | 0.54 | ||||||||||||
Trust preferred borrowings | 67,011 | 2.66 | 67,011 | 67,011 | 2.42 | ||||||||||||
Senior debt | 155,000 | 5.12 | 155,000 | 110,191 | 3.82 | ||||||||||||
Other borrowed funds | 64,150 | 0.09 | 64,150 | 21,335 | 0.09 |
(Dollars in thousands) | Amount | Weighted Average Rate | ||||
2018 | $ | 681,536 | 1.51 | % | ||
2019 | 3,000 | 1.51 | ||||
2020 | 25,465 | 1.62 | ||||
$ | 710,001 | 1.51 | % |
Consolidated Bank Capital | For Capital Adequacy Purposes | To Be Well-Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||
As of December 31, 2017 | ||||||||||||||||||||
Total Capital (to risk-weighted assets) | ||||||||||||||||||||
Wilmington Savings Fund Society, FSB | $ | 695,739 | 12.08 | % | $ | 460,639 | 8.00 | % | $ | 575,799 | 10.00 | % | ||||||||
WSFS Financial Corporation | 659,376 | 11.41 | 462,195 | 8.00 | 577,743 | 10.00 | ||||||||||||||
Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 654,308 | 11.36 | 345,480 | 6.00 | 460,639 | 8.00 | ||||||||||||||
WSFS Financial Corporation | 617,945 | 10.70 | 346,646 | 6.00 | 462,195 | 8.00 | ||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 654,308 | 11.36 | 259,110 | 4.50 | 374,270 | 6.50 | ||||||||||||||
WSFS Financial Corporation | 552,982 | 9.57 | 259,984 | 4.50 | 375,533 | 6.50 | ||||||||||||||
Tier 1 Leverage Capital | ||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 654,308 | 9.73 | 269,008 | 4.00 | 336,260 | 5.00 | ||||||||||||||
WSFS Financial Corporation | 617,945 | 9.15 | 270,249 | 4.00 | 337,812 | 5.00 | ||||||||||||||
December 31, 2016 | ||||||||||||||||||||
Total Capital (to risk-weighted assets) | ||||||||||||||||||||
Wilmington Savings Fund Society, FSB | $ | 663,892 | 11.93 | % | $ | 445,376 | 8.00 | % | $ | 556,720 | 10.00 | % | ||||||||
WSFS Financial Corporation | 624,440 | 11.20 | 446,001 | 8.00 | 557,501 | 10.00 | ||||||||||||||
Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 623,167 | 11.19 | 334,032 | 6.00 | 445,376 | 8.00 | ||||||||||||||
WSFS Financial Corporation | 583,715 | 10.47 | 334,501 | 6.00 | 446,001 | 8.00 | ||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 623,167 | 11.19 | 250,524 | 4.50 | 361,868 | 6.50 | ||||||||||||||
WSFS Financial Corporation | 518,856 | 9.31 | 250,875 | 4.50 | 362,376 | 6.50 | ||||||||||||||
Tier 1 Leverage Capital | ||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 623,167 | 9.66 | 257,957 | 4.00 | 322,446 | 5.00 | ||||||||||||||
WSFS Financial Corporation | 583,715 | 9.02 | 258,767 | 4.00 | 323,459 | 5.00 |
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 | |||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | $ | 2,382,514 | 14.96 | % | $ | 1,273,856 | 8.00 | % | $ | 1,592,320 | 10.00 | % | |||||||||||||||||||||||
WSFS Financial Corporation | 2,426,577 | 15.23 | 1,274,611 | 8.00 | 1,593,264 | 10.00 | |||||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 2,184,193 | 13.72 | 955,392 | 6.00 | 1,273,856 | 8.00 | |||||||||||||||||||||||||||||
WSFS Financial Corporation | 2,098,403 | 13.17 | 955,958 | 6.00 | 1,274,611 | 8.00 | |||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 2,184,193 | 13.72 | 716,544 | 4.50 | 1,035,008 | 6.50 | |||||||||||||||||||||||||||||
WSFS Financial Corporation | 2,098,403 | 13.17 | 716,969 | 4.50 | 1,035,621 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Leverage Capital | |||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 2,184,193 | 10.92 | 800,021 | 4.00 | 1,000,026 | 5.00 | |||||||||||||||||||||||||||||
WSFS Financial Corporation | 2,098,403 | 10.48 | 800,934 | 4.00 | 1,001,168 | 5.00 | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | $ | 2,157,846 | 13.84 | % | $ | 1,246,886 | 8.00 | % | $ | 1,558,608 | 10.00 | % | |||||||||||||||||||||||
WSFS Financial Corporation | 2,219,920 | 14.20 | 1,250,689 | 8.00 | 1,563,361 | 10.00 | |||||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 2,003,779 | 12.86 | 935,165 | 6.00 | 1,246,886 | 8.00 | |||||||||||||||||||||||||||||
WSFS Financial Corporation | 1,910,195 | 12.22 | 938,017 | 6.00 | 1,250,689 | 8.00 | |||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 2,003,779 | 12.86 | 701,373 | 4.50 | 1,013,095 | 6.50 | |||||||||||||||||||||||||||||
WSFS Financial Corporation | 1,910,195 | 12.22 | 703,512 | 4.50 | 1,016,185 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Leverage Capital | |||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 2,003,779 | 10.29 | 779,288 | 4.00 | 974,110 | 5.00 | |||||||||||||||||||||||||||||
WSFS Financial Corporation | 1,910,195 | 9.79 | 780,333 | 4.00 | 975,416 | 5.00 |
(Dollars in thousands) | 2023 | 2022 | 2021 | ||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 1,331 | $ | 2,138 | $ | 2,288 | |||||||||||
Service cost | 33 | 52 | 67 | ||||||||||||||
Interest cost | 65 | 51 | 54 | ||||||||||||||
Actuarial gain | (68) | (833) | (216) | ||||||||||||||
Benefits paid | (50) | (77) | (55) | ||||||||||||||
Benefit obligation at end of year | $ | 1,311 | $ | 1,331 | $ | 2,138 | |||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | $ | — | |||||||||||
Employer contributions | 50 | 77 | 55 | ||||||||||||||
Benefits paid | (50) | (77) | (55) | ||||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — | $ | — | |||||||||||
Unfunded status | $ | (1,311) | $ | (1,331) | $ | (2,138) | |||||||||||
Amounts recognized in accumulated other comprehensive income(1): | |||||||||||||||||
Net prior service credit | $ | 207 | $ | 283 | $ | 359 | |||||||||||
Net gain | 1,263 | 1,625 | 607 | ||||||||||||||
Net amount recognized | $ | 1,470 | $ | 1,908 | $ | 966 | |||||||||||
Components of net periodic (benefit) cost: | |||||||||||||||||
Service cost | $ | 33 | $ | 52 | $ | 67 | |||||||||||
Interest cost | 65 | 51 | 54 | ||||||||||||||
Amortization of prior service cost | (76) | (76) | (76) | ||||||||||||||
Net gain recognition | (160) | (84) | (20) | ||||||||||||||
Net periodic (benefit) cost | $ | (138) | $ | (57) | $ | 25 | |||||||||||
Assumption used to determine net periodic benefit cost: | |||||||||||||||||
Discount rate | 5.00 | % | 2.80 | % | 2.40 | % | |||||||||||
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||||||||||||||||
Discount rate | 5.30 | % | 5.00 | % | 2.70 | % | |||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Change in benefit obligation: | |||||||||||
Benefit obligation at beginning of year | $ | 1,764 | $ | 1,805 | $ | 2,266 | |||||
Service cost | 53 | 58 | 59 | ||||||||
Interest cost | 71 | 76 | 89 | ||||||||
Actuarial gain | 207 | (68 | ) | (502 | ) | ||||||
Benefits paid | (105 | ) | (107 | ) | (107 | ) | |||||
Benefit obligation at end of year | $ | 1,990 | $ | 1,764 | $ | 1,805 | |||||
Change in plan assets: | |||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | $ | — | |||||
Employer contributions | 105 | 107 | 107 | ||||||||
Benefits paid | (105 | ) | (107 | ) | (107 | ) | |||||
Fair value of plan assets at end of year | $ | — | $ | — | $ | — | |||||
Funded status: | |||||||||||
Unfunded status | $ | (1,990 | ) | $ | (1,764 | ) | $ | (1,805 | ) | ||
Total (income) recognized in other comprehensive income | (1,348 | ) | (1,701 | ) | (1,271 | ) | |||||
Net amount recognized | $ | (3,338 | ) | $ | (3,465 | ) | $ | (3,076 | ) | ||
Components of net periodic benefit cost: | |||||||||||
Service cost | $ | 53 | $ | 58 | $ | 59 | |||||
Interest cost | 71 | 76 | 89 | ||||||||
Amortization of transition obligation | (76 | ) | (76 | ) | (76 | ) | |||||
Net (gain) loss recognition | (70 | ) | 505 | (20 | ) | ||||||
Net periodic benefit cost | $ | (22 | ) | $ | 563 | $ | 52 | ||||
Assumption used to determine net periodic benefit cost: | |||||||||||
Discount rate | 4.10 | % | 4.25 | % | 4.00 | % | |||||
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||||||||||
Discount rate | 3.60 | % | 4.10 | % | 4.25 | % |
(Dollars in thousands) | |||||
During 2024 | $ | 52 | |||
During 2025 | 57 | ||||
During 2026 | 60 | ||||
During 2027 | 63 | ||||
During 2028 | 67 | ||||
During 2029 through 2033 | 402 | ||||
$ | 701 |
(Dollars in thousands) | |||
During 2018 | $ | 68 | |
During 2019 | 69 | ||
During 2020 | 69 | ||
During 2021 | 70 | ||
During 2022 | 72 | ||
During 2023 through 2027 | 439 | ||
$ | 787 |
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 75,151 | $ | 13,894 | $ | 104,695 | $ | 18,105 | $ | 112,283 | $ | 19,302 | ||||||||||||||||||||||||||
Service cost | — | 14 | — | 33 | — | 39 | ||||||||||||||||||||||||||||||||
Interest cost | 3,700 | 659 | 2,425 | 383 | 2,100 | 309 | ||||||||||||||||||||||||||||||||
Plan participants' contributions | — | 63 | — | 55 | — | 68 | ||||||||||||||||||||||||||||||||
Amendments | — | — | — | — | (83) | — | ||||||||||||||||||||||||||||||||
Actuarial loss (gain) | 1,604 | 256 | (26,233) | (3,346) | (4,420) | (442) | ||||||||||||||||||||||||||||||||
Benefits paid | (4,336) | (1,415) | (5,736) | (1,336) | (5,185) | (1,171) | ||||||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 76,119 | $ | 13,471 | $ | 75,151 | $ | 13,894 | $ | 104,695 | $ | 18,105 | ||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 79,287 | $ | — | $ | 108,242 | $ | — | $ | 111,129 | $ | — | ||||||||||||||||||||||||||
Actual return on Plan Assets | 7,499 | — | (22,867) | — | 2,734 | — | ||||||||||||||||||||||||||||||||
Employer contribution | 240 | 1,352 | 225 | 1,281 | 308 | 1,103 | ||||||||||||||||||||||||||||||||
Participants' contributions | — | 63 | — | 55 | — | 68 | ||||||||||||||||||||||||||||||||
Settlements | — | — | — | — | (83) | — | ||||||||||||||||||||||||||||||||
Benefits paid | (4,336) | (1,415) | (5,736) | (1,336) | (5,185) | (1,171) | ||||||||||||||||||||||||||||||||
Administrative expenses | (600) | — | (577) | — | (661) | — | ||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 82,090 | $ | — | $ | 79,287 | $ | — | $ | 108,242 | $ | — | ||||||||||||||||||||||||||
Funded (unfunded) status | $ | 5,971 | $ | (13,471) | $ | 4,136 | $ | (13,894) | $ | 3,547 | $ | (18,105) | ||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income(1): | ||||||||||||||||||||||||||||||||||||||
Net loss (gain) | $ | 9,920 | $ | (2,612) | $ | 10,658 | $ | (3,259) | $ | 6,882 | $ | 87 | ||||||||||||||||||||||||||
Components of net periodic (benefit) cost: | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 14 | $ | — | $ | 33 | $ | — | $ | 39 | ||||||||||||||||||||||||||
Interest cost | 3,700 | 659 | 2,425 | 383 | 2,100 | 309 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (4,793) | — | (6,586) | — | (6,783) | — | ||||||||||||||||||||||||||||||||
Net loss (gain) recognition | 281 | (392) | 16 | — | 27 | (11) | ||||||||||||||||||||||||||||||||
Net periodic (benefit) cost | $ | (812) | $ | 281 | $ | (4,145) | $ | 416 | $ | (4,656) | $ | 337 | ||||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Change in benefit obligation: | |||||||
Benefit obligation at beginning of year | $ | 7,517 | $ | 7,148 | |||
Interest cost | 297 | 301 | |||||
Disbursements | (407 | ) | (374 | ) | |||
Actuarial loss | 446 | 442 | |||||
Benefit obligation at end of year | $ | 7,853 | $ | 7,517 | |||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | $ | 7,504 | $ | 7,397 | |||
Actual return on Plan Assets | 1,314 | 518 | |||||
Benefits paid | (407 | ) | (374 | ) | |||
Administrative Expenses | (33 | ) | (37 | ) | |||
Fair value of plan assets at end of year | $ | 8,378 | $ | 7,504 | |||
Funded status: | |||||||
Unfunded status | $ | (7,853 | ) | $ | (7,517 | ) | |
Total loss (income) recognized in other comprehensive income | 8,378 | 7,504 | |||||
Net amount recognized | $ | 525 | $ | (13 | ) | ||
Components of net periodic benefit cost: | |||||||
Service cost | $ | 40 | $ | 40 | |||
Interest cost | 297 | 301 | |||||
Expected return on plan assets | (548 | ) | (541 | ) | |||
Net gain recognition | (170 | ) | (157 | ) | |||
Net periodic benefit cost | $ | (381 | ) | $ | (357 | ) | |
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO): | |||||||
Discount rate for Net Periodic Benefit Cost | 4.00 | % | 4.00 | % | |||
Salary Scale for Net Periodic Benefit Cost | N/A | N/A | |||||
Expected Return on Plan Assets | 7.50 | % | 7.50 | % | |||
Discount rate for Disclosure Obligations | 3.60 | % | 4.00 | % | |||
Salary Scale for Disclosure Obligations | N/A | N/A |
Consolidated Pension Plan | 2023 | 2022 | 2021 | |||||||||||||||||
Discount rate for net periodic benefit cost | 5.24 | % | 2.82 | % | 2.50 | % | ||||||||||||||
Expected return on plan assets | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||||||
Discount rate for disclosure obligations | 5.01 | % | 5.24 | % | 2.82 | % | ||||||||||||||
Beneficial Bank Other Postretirement | ||||||||||||||||||||
Discount rate for net periodic benefit cost | 5.18 | % | 2.69 | % | 2.32 | % | ||||||||||||||
Discount rate for disclosure obligations | 4.96 | % | 5.18 | % | 2.70 | % | ||||||||||||||
FMS Other Postretirement | ||||||||||||||||||||
Discount rate for net periodic benefit cost | 4.93 | % | 2.07 | % | 1.47 | % | ||||||||||||||
Discount rate for disclosure obligations | 4.73 | % | 4.93 | % | 2.07 | % | ||||||||||||||
Split-Dollar Plan | ||||||||||||||||||||
Discount rate for net periodic benefit cost | 4.92 | % | 2.05 | % | 1.44 | % | ||||||||||||||
Discount rate for disclosure obligations | 4.73 | % | 4.92 | % | 2.04 | % |
(Dollars in thousands) | Pension Benefits | Other Postretirement Benefits | |||||||||
During 2024 | $ | 5,999 | $ | 1,079 | |||||||
During 2025 | 4,794 | 1,134 | |||||||||
During 2026 | 5,354 | 1,150 | |||||||||
During 2027 | 5,707 | 1,147 | |||||||||
During 2028 | 5,038 | 1,139 | |||||||||
During 2029 through 2033 | 26,480 | 5,176 | |||||||||
$ | 53,372 | $ | 10,825 |
(Dollars in thousands) | |||
During 2018 | $ | 400 | |
During 2019 | 317 | ||
During 2020 | 316 | ||
During 2021 | 432 | ||
During 2022 | 324 | ||
During 2023 through 2027 | 2,811 | ||
$ | 4,600 |
Category Used for Fair Value Measurement | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Percent | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||||||||||
Large cap | $ | 3,215 | $ | — | $ | — | $ | 3,215 | 3.9 | % | ||||||||||||||||||||||
International | 5,839 | — | — | 5,839 | 7.1 | |||||||||||||||||||||||||||
Global Managed Volatility | 5,177 | — | — | 5,177 | 6.3 | |||||||||||||||||||||||||||
U.S. Managed Volatility | 1,932 | — | — | 1,932 | 2.4 | |||||||||||||||||||||||||||
Fixed Income | 54,878 | — | — | 54,878 | 66.9 | |||||||||||||||||||||||||||
U.S. Government Agencies | — | 10,743 | — | 10,743 | 13.1 | |||||||||||||||||||||||||||
Pooled separate accounts | 98 | — | — | 98 | 0.1 | |||||||||||||||||||||||||||
Accrued Income | 208 | — | — | 208 | 0.2 | |||||||||||||||||||||||||||
Total | $ | 71,347 | $ | 10,743 | $ | — | $ | 82,090 | 100.0 | % |
Category Used for Fair Value Measurement | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Percent | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||||||||||
Large cap | $ | 3,721 | $ | — | $ | — | $ | 3,721 | 4.7 | % | ||||||||||||||||||||||
International | 6,651 | — | — | 6,651 | 8.4 | |||||||||||||||||||||||||||
Global Managed Volatility | 5,901 | — | — | 5,901 | 7.4 | |||||||||||||||||||||||||||
U.S. Managed Volatility | 2,216 | — | — | 2,216 | 2.8 | |||||||||||||||||||||||||||
Fixed Income | 43,255 | — | — | 43,255 | 54.6 | |||||||||||||||||||||||||||
U.S. Government Agencies | — | 17,259 | — | 17,259 | 21.8 | |||||||||||||||||||||||||||
Pooled Separate Accounts | 123 | — | — | 123 | 0.2 | |||||||||||||||||||||||||||
Accrued Income | 161 | — | — | 161 | 0.1 | |||||||||||||||||||||||||||
Total | $ | 62,028 | $ | 17,259 | $ | — | $ | 79,287 | 100.0 | % |
Year ended December 31, | |||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Current income taxes: | |||||||||||
Federal taxes | $ | 36,005 | $ | 23,857 | $ | 24,237 | |||||
State and local taxes | 4,342 | 3,847 | 3,805 | ||||||||
Deferred income taxes: | |||||||||||
Federal taxes | 17,899 | 5,135 | 2,283 | ||||||||
State and local taxes | — | 235 | (52 | ) | |||||||
Total | $ | 58,246 | $ | 33,074 | $ | 30,273 |
Year ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | ||||||||||||||
Current income taxes: | |||||||||||||||||
Federal taxes | $ | 81,674 | $ | 63,203 | $ | 32,836 | |||||||||||
State and local taxes | 19,968 | 18,763 | 13,421 | ||||||||||||||
Deferred income taxes: | |||||||||||||||||
Federal taxes | (5,331) | (4,094) | 37,251 | ||||||||||||||
State and local taxes | (66) | 89 | 2,587 | ||||||||||||||
Total | $ | 96,245 | $ | 77,961 | $ | 86,095 |
(Dollars in thousands) | 2023 | 2022 | |||||||||
Deferred tax assets: | |||||||||||
Allowance for credit losses | $ | 40,518 | $ | 33,323 | |||||||
Purchase accounting adjustments—loans | 10,285 | 13,807 | |||||||||
Reserves and other accruals | 25,093 | 23,189 | |||||||||
Investments | 763 | 1,579 | |||||||||
Net operating losses | 2,725 | 3,315 | |||||||||
Derivatives | 2,806 | 3,521 | |||||||||
Lease liabilities | 31,835 | 33,236 | |||||||||
Unrealized losses on available-for-sale securities | 186,775 | 212,222 | |||||||||
Other(1) | 659 | 1,360 | |||||||||
Total deferred tax assets | $ | 301,459 | $ | 325,552 | |||||||
Deferred tax liabilities: | |||||||||||
Accelerated depreciation | (5,790) | (5,994) | |||||||||
Right of use assets | (27,426) | (28,859) | |||||||||
Intangibles | (33,675) | (35,610) | |||||||||
Other(2) | (4,306) | (4,333) | |||||||||
Total deferred tax liabilities | (71,197) | (74,796) | |||||||||
Net deferred tax asset | $ | 230,262 | $ | 250,756 |
(Dollars in thousands) | 2017 | 2016 | |||||
Deferred tax assets: | |||||||
Unrealized losses on available-for-sale securities | $ | 2,084 | $ | 4,170 | |||
Allowance for loan losses | 8,526 | 13,913 | |||||
Purchase accounting adjustments—loans | 3,487 | 8,339 | |||||
Reserves and other accruals | 9,194 | 14,010 | |||||
Provision for legal settlement | 2,520 | — | |||||
Deferred gains | 589 | 1,109 | |||||
Net operating losses | 188 | 352 | |||||
Derivatives | 757 | 1,086 | |||||
Reverse mortgages | 606 | 2,262 | |||||
Total deferred tax assets | $ | 27,951 | $ | 45,241 | |||
Deferred tax liabilities: | |||||||
Bad debt recapture | $ | — | $ | (545 | ) | ||
Accelerated depreciation | (778 | ) | (1,049 | ) | |||
Other | (326 | ) | (497 | ) | |||
Bank-owned life insurance | (5,387 | ) | — | ||||
Deferred loan costs | (989 | ) | (1,079 | ) | |||
Intangibles | (3,826 | ) | (5,946 | ) | |||
Total deferred tax liabilities | (11,306 | ) | (9,116 | ) | |||
Net deferred tax asset | $ | 16,645 | $ | 36,125 |
Year ended December 31, | |||||||||||||||||
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Statutory federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
State tax, net of federal tax benefit | 4.4 | 5.1 | 3.9 | ||||||||||||||
Tax-exempt interest | (0.6) | (0.5) | (0.2) | ||||||||||||||
Bank-owned life insurance income | (0.1) | — | (0.1) | ||||||||||||||
Excess tax benefits from share-based compensation | — | — | (0.1) | ||||||||||||||
Nondeductible acquisition costs | — | 0.1 | 0.2 | ||||||||||||||
Federal tax credits, net of amortization | (0.5) | (0.4) | (0.5) | ||||||||||||||
Nondeductible compensation | 0.1 | 0.2 | — | ||||||||||||||
Nondeductible goodwill | — | 0.5 | — | ||||||||||||||
Surrender of bank-owned life insurance policies | 1.9 | — | — | ||||||||||||||
Other | 0.1 | (0.1) | (0.1) | ||||||||||||||
Effective tax rate | 26.3 | % | 25.9 | % | 24.1 | % |
Year ended December 31, | ||||||||
Year Ended December 31, | 2017 | 2016 | 2015 | |||||
Statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State tax, net of federal tax benefit | 2.7 | 3.1 | 2.9 | |||||
Adjustment to net deferred tax asset for enacted changes in tax laws and rates | 13.4 | — | — | |||||
Nondeductible acquisition costs | — | 0.2 | 0.7 | |||||
Tax-exempt interest | (1.9 | ) | (2.1 | ) | (1.9 | ) | ||
Bank-owned life insurance income | (0.5 | ) | (0.3 | ) | (0.3 | ) | ||
Excess tax benefits from share-based compensation | (2.0 | ) | (1.4 | ) | — | |||
Surrender of bank-owned life insurance policies | 7.3 | — | — | |||||
Federal tax credits, net of amortization | (0.3 | ) | (0.5 | ) | (0.5 | ) | ||
Other | — | — | 0.2 | |||||
Effective tax rate | 53.7 | % | 34.0 | % | 36.1 | % |
2017 | 2016 | 2015 | ||||||
Expected term (in years) | 5.3 | 5.3 | 4.9 | |||||
Volatility | 24.9 | % | 29.6 | % | 25.0 | % | ||
Weighted-average risk-free interest rate | 1.95 | % | 1.25 | % | 1.54 | % | ||
Dividend yield | 0.60 | % | 0.80 | % | 0.76 | % |
2021 | |||||||||||||||||
Expected term (in years) | 5.5 | ||||||||||||||||
Volatility | 23.9 | % | |||||||||||||||
Weighted-average risk-free interest rate | 1.16 | % | |||||||||||||||
Dividend yield | 1.33 | % |
2017 | 2023 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (Year) | Aggregate Intrinsic Value (In Thousands) | Shares | Weighted- Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (In Thousands) | |||||||||||||||||||||||||||||||||||||
Stock Options: | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | 1,547,980 | $ | 17.83 | 3.17 | $ | 44,153 | ||||||||||||||||||||||||||||||||||||||
Plus: Granted | 45,134 | 47.05 | ||||||||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | ||||||||||||||||||||||||||||||||||||||||||||
Less: Exercised | ||||||||||||||||||||||||||||||||||||||||||||
Less: Exercised | ||||||||||||||||||||||||||||||||||||||||||||
Less: Exercised | 250,975 | 16.44 | ||||||||||||||||||||||||||||||||||||||||||
Forfeited | 3,033 | 13.68 | ||||||||||||||||||||||||||||||||||||||||||
Forfeited | ||||||||||||||||||||||||||||||||||||||||||||
Forfeited | ||||||||||||||||||||||||||||||||||||||||||||
Expired | ||||||||||||||||||||||||||||||||||||||||||||
Expired | ||||||||||||||||||||||||||||||||||||||||||||
Expired | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding at end of year | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding at end of year | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding at end of year | 1,339,106 | 19.08 | 2.56 | 38,525 | ||||||||||||||||||||||||||||||||||||||||
Nonvested at end of year | 389,134 | 1.69 | 9,574 | |||||||||||||||||||||||||||||||||||||||||
Exercisable at end of year | 949,972 | 17.37 | 2.26 | 29,951 |
2023 | ||||||||||||||||||||||||||||||||||||||
2017 | ||||||||||||||||||||||||||||||||||||||
Shares | Weighted- Average Exercise Price | Weighted- Average Grant Date Fair Value | ||||||||||||||||||||||||||||||||||||
Shares | Shares | Weighted-Average Exercise Price | Weighted-Average Grant Date Fair Value | |||||||||||||||||||||||||||||||||||
Stock Options: | ||||||||||||||||||||||||||||||||||||||
Nonvested at beginning of period | 704,421 | $ | 19.08 | $ | 5.23 | |||||||||||||||||||||||||||||||||
Plus: Granted | 45,134 | 47.05 | 11.50 | |||||||||||||||||||||||||||||||||||
Nonvested at beginning of period | ||||||||||||||||||||||||||||||||||||||
Nonvested at beginning of period | ||||||||||||||||||||||||||||||||||||||
Less: Vested | ||||||||||||||||||||||||||||||||||||||
Less: Vested | ||||||||||||||||||||||||||||||||||||||
Less: Vested | 359,671 | 18.08 | 4.92 | |||||||||||||||||||||||||||||||||||
Forfeited | 750 | 15.83 | 3.44 | |||||||||||||||||||||||||||||||||||
Nonvested at end of period | 389,134 | 23.25 | 6.24 |
Units (in whole) | Weighted Average Grant-Date Fair Value per Unit | ||||||||||||||||||||||||
Balance at December 31, 2016 | 135,592 | $ | 25.33 | ||||||||||||||||||||||
Units (in whole) | Units (in whole) | Weighted Average Grant-Date Fair Value per Unit | |||||||||||||||||||||||
Balance at December 31, 2022 | |||||||||||||||||||||||||
Plus: Granted | 36,573 | 47.05 | |||||||||||||||||||||||
Less: Vested | 55,444 | 22.90 | |||||||||||||||||||||||
Forfeited | 2,333 | 29.53 | |||||||||||||||||||||||
Balance at December 31, 2017 | 114,388 | 35.54 | |||||||||||||||||||||||
Balance at December 31, 2023 |
Units (in whole) | Weighted Average Grant-Date Fair Value per Unit | ||||||||||
Balance at December 31, 2022 | 95,520 | $ | 49.76 | ||||||||
Plus: Granted | 97,519 | 49.69 | |||||||||
Less: Forfeited | (35,291) | 49.73 | |||||||||
Balance at December 31, 2023 | 157,748 | 49.72 |
(Dollars in thousands) | ||||
Year | Amount | |||
2018 | $ | 5,778 | ||
2019 | 5,643 | |||
2020 | 3,075 | |||
2021 | 519 | |||
2022 | 519 |
December 31, | |||||||||||
(Dollars in thousands) | 2023 | 2022 | |||||||||
Financial instruments with contract amounts which represent potential credit risk: | |||||||||||
Construction loan commitments | $ | 725,591 | $ | 699,748 | |||||||
Commercial mortgage loan commitments | 136,379 | 96,208 | |||||||||
Commercial loan commitments | 1,717,924 | 863,566 | |||||||||
Owner-occupied commercial commitments | 57,013 | 27,198 | |||||||||
Commercial standby letters of credit | 107,031 | 101,888 | |||||||||
Residential loan commitments(1) | 11,797 | 4,032 | |||||||||
Consumer loan commitments(2) | 1,363,458 | 1,011,739 | |||||||||
Total | $ | 4,119,193 | $ | 2,804,379 |
December 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Financial instruments with contract amounts which represent potential credit risk: | |||||||
Construction loan commitments | $ | 191,675 | $ | 189,940 | |||
Commercial mortgage loan commitments | 32,346 | 25,821 | |||||
Commercial loan commitments | 645,924 | 610,838 | |||||
Commercial owner-occupied commitments | 55,545 | 55,205 | |||||
Commercial standby letters of credit | 75,446 | 71,612 | |||||
Residential mortgage loan commitments | 8,057 | 1,636 | |||||
Consumer loan commitments | 296,010 | 259,501 | |||||
Total | $ | 1,305,003 | $ | 1,214,553 |
December 31, 2023 | ||||||||||||||||||||||||||
(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 | $ | — | $ | 464,619 | $ | — | $ | 464,619 | ||||||||||||||||||
FNMA MBS | — | 3,042,350 | — | 3,042,350 | ||||||||||||||||||||||
FHLMC MBS | — | 115,532 | — | 115,532 | ||||||||||||||||||||||
GNMA MBS | — | 43,340 | — | 43,340 | ||||||||||||||||||||||
GSE agency notes | — | 180,696 | — | 180,696 | ||||||||||||||||||||||
Other assets | — | 153,569 | 78 | 153,647 | ||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 4,000,106 | $ | 78 | $ | 4,000,184 | ||||||||||||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 137,616 | $ | 14,026 | $ | 151,642 | ||||||||||||||||||
Assets measured at fair value on a nonrecurring basis: | ||||||||||||||||||||||||||
Other investments | $ | — | $ | — | $ | 17,434 | $ | 17,434 | ||||||||||||||||||
Other real estate owned | — | — | 1,569 | 1,569 | ||||||||||||||||||||||
Loans held for sale | — | 29,268 | — | 29,268 | ||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 29,268 | $ | 19,003 | $ | 48,271 |
December 31, 2017 | |||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | |||||||||||
Assets measured at fair value on a recurring basis: | |||||||||||||||
Available-for-sale securities: | |||||||||||||||
CMO | $ | — | $ | 246,539 | $ | — | $ | 246,539 | |||||||
FNMA MBS | — | 473,987 | — | 473,987 | |||||||||||
FHLMC MBS | — | 87,875 | — | 87,875 | |||||||||||
GNMA MBS | — | 29,098 | — | 29,098 | |||||||||||
GSE | — | — | — | — | |||||||||||
Other investments | 623 | — | — | 623 | |||||||||||
Other assets | — | 747 | — | 747 | |||||||||||
Total assets measured at fair value on a recurring basis | $ | 623 | $ | 838,246 | $ | — | $ | 838,869 | |||||||
Liabilities measured at fair value on a recurring basis: | |||||||||||||||
Other liabilities | $ | — | $ | 3,225 | $ | — | $ | 3,225 | |||||||
Assets measured at fair value on a nonrecurring basis: | |||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 2,503 | $ | 2,503 | |||||||
Loans held for sale | — | 31,055 | — | 31,055 | |||||||||||
Impaired loans | — | — | 57,089 | 57,089 | |||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 31,055 | $ | 59,592 | $ | 90,647 |
December 31, 2016 | ||||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||
CMO | $ | — | $ | 261,215 | $ | — | $ | 261,215 | ||||||||
FNMA MBS | — | 405,764 | — | 405,764 | ||||||||||||
FHLMC MBS | — | 63,515 | — | 63,515 | ||||||||||||
GNMA MBS | — | 28,416 | — | 28,416 | ||||||||||||
GSE | — | 35,010 | — | 35,010 | ||||||||||||
Other investments | 623 | — | — | 623 | ||||||||||||
Other assets | — | 1,508 | — | 1,508 | ||||||||||||
Total assets measured at fair value on a recurring basis | $ | 623 | $ | 795,428 | $ | — | $ | 796,051 | ||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||||||
Other liabilities | $ | — | $ | 3,380 | $ | — | $ | 3,380 | ||||||||
Assets measured at fair value on a nonrecurring basis: | ||||||||||||||||
Other real estate owned | $ | — | $ | — | $ | 3,591 | $ | 3,591 | ||||||||
Loans held for sale | — | 54,782 | — | 54,782 | ||||||||||||
Impaired loans | — | — | 46,499 | 46,499 | ||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 54,782 | $ | 50,090 | $ | 104,872 |
December 31, 2022 | ||||||||||||||||||||||||||
(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 | $ | — | $ | 506,380 | $ | — | $ | 506,380 | ||||||||||||||||||
FNMA MBS | — | 3,250,258 | — | 3,250,258 | ||||||||||||||||||||||
FHLMC MBS | — | 121,999 | — | 121,999 | ||||||||||||||||||||||
GNMA MBS | — | 36,138 | — | 36,138 | ||||||||||||||||||||||
GSE agency notes | — | 178,285 | — | 178,285 | ||||||||||||||||||||||
Other assets | — | 156,912 | 81 | 156,993 | ||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | — | $ | 4,249,972 | $ | 81 | $ | 4,250,053 | ||||||||||||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 156,520 | $ | 17,102 | $ | 173,622 | ||||||||||||||||||
Assets measured at fair value on a nonrecurring basis: | ||||||||||||||||||||||||||
Other investments | $ | — | $ | — | $ | 26,120 | $ | 26,120 | ||||||||||||||||||
Other real estate owned | — | — | 833 | 833 | ||||||||||||||||||||||
Loans held for sale | — | 42,985 | — | 42,985 | ||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | — | $ | 42,985 | $ | 26,953 | $ | 69,938 |
(Dollars in thousands) | December 31, 2023 | |||||||||||||||||||||||||
Financial Instrument | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||
Other investments | $ | 17,434 | Observed market comparable transactions | Period of observed transactions | December 2023 | |||||||||||||||||||||
Other real estate owned | 1,569 | Fair market value of collateral | Costs to sell | 10.0%-20.0% (18.1%) | ||||||||||||||||||||||
Other assets (Risk participation agreements purchased) | 78 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 110 - 360 bps (195 bps) LGD: –% - 30% (30%) | ||||||||||||||||||||||
Other liabilities (Risk participation agreements sold) | 3 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 1 - 250 bps (95 bps) LGD: 30% | ||||||||||||||||||||||
Other liabilities | 14,023 | Discounted cash flow | Timing of Visa litigation resolution | 1.00 - 4.75 years (3.06 years or 4Q 2025) | ||||||||||||||||||||||
(Dollars in thousands) | December 31, 2022 | |||||||||||||||||||||||||
Financial Instrument | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||
Other investments | $ | 26,120 | Observed market comparable transactions | Period of observed transactions | May 2022 | |||||||||||||||||||||
Other real estate owned | 833 | Fair market value of collateral | Costs to sell | 10.0% | ||||||||||||||||||||||
Other assets (Risk participation agreements purchased) | 81 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 110 - 250 bps (205 bps) LGD: –% - 30% (30%) | ||||||||||||||||||||||
Other liabilities (Risk participation agreements sold) | 2 | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: 1 - 250 bps (158 bps) LGD: 30% | ||||||||||||||||||||||
Other liabilities (Financial derivative related to sales of certain Visa Class B shares) | 17,100 | Discounted cash flow | Timing of Visa litigation resolution | 1.00 - 5.75 years (3.61 years or 4Q 2025) |
December 31, | |||||||||||||||||||||||||||||
Fair Value Measurement | 2023 | 2022 | |||||||||||||||||||||||||||
(Dollars in thousands) | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | Level 1 | $ | 1,092,900 | $ | 1,092,900 | $ | 837,258 | $ | 837,258 | ||||||||||||||||||||
Investment securities, available for sale | Level 2 | 3,846,537 | 3,846,537 | 4,093,060 | 4,093,060 | ||||||||||||||||||||||||
Investment securities, held to maturity, net | Level 2 | 1,058,557 | 985,931 | 1,111,619 | 1,040,104 | ||||||||||||||||||||||||
Other investments | Level 3 | 17,434 | 17,434 | 26,120 | 26,120 | ||||||||||||||||||||||||
Loans, held for sale | Level 2 | 29,268 | 29,268 | 42,985 | 42,985 | ||||||||||||||||||||||||
Loans and leases, net(1) | Level 3 | 12,583,202 | 12,514,431 | 11,759,992 | 11,567,888 | ||||||||||||||||||||||||
Stock in FHLB of Pittsburgh | Level 2 | 15,398 | 15,398 | 24,116 | 24,116 | ||||||||||||||||||||||||
Accrued interest receivable | Level 2 | 85,979 | 85,979 | 74,448 | 74,448 | ||||||||||||||||||||||||
Other assets | Levels 2, 3 | 153,647 | 153,647 | 156,993 | 156,993 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | Level 2 | $ | 16,474,086 | $ | 16,449,198 | $ | 16,203,569 | $ | 16,156,124 | ||||||||||||||||||||
Borrowed funds | Level 2 | 895,076 | 912,760 | 726,894 | 709,014 | ||||||||||||||||||||||||
Standby letters of credit | Level 3 | 814 | 814 | 739 | 739 | ||||||||||||||||||||||||
Accrued interest payable | Level 2 | 46,684 | 46,684 | 5,174 | 5,174 | ||||||||||||||||||||||||
Other liabilities | Levels 2, 3 | 151,642 | 151,642 | 173,622 | 173,622 |
December 31, | |||||||||||||||||
Fair Value Measurement | 2017 | 2016 | |||||||||||||||
(Dollars in thousands) | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 723,866 | $ | 723,866 | $ | 821,923 | $ | 821,923 | ||||||||
Investment securities available for sale | See previous table | 838,122 | 838,122 | 794,543 | 794,543 | ||||||||||||
Investment securities held to maturity | Level 2 | 161,186 | 162,853 | 164,346 | 163,232 | ||||||||||||
Loans, held for sale | See previous table | 31,055 | 31,055 | 54,782 | 54,782 | ||||||||||||
Loans, net (1) | Level 3(r) | 4,719,229 | 4,699,458 | 4,397,876 | 4,300,963 | ||||||||||||
Impaired loans, net | Level 3 | 57,089 | 57,089 | 46,499 | 46,499 | ||||||||||||
Stock in Federal Home Loan Bank of Pittsburgh | Level 2 | 31,284 | 31,284 | 38,248 | 38,248 | ||||||||||||
Accrued interest receivable | Level 2 | 19,405 | 19,405 | 17,027 | 17,027 | ||||||||||||
Other assets | Level 3 | 16,931 | 47,586 | 9,189 | 15,787 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | Level 2 | $ | 5,247,604 | $ | 4,848,588 | $ | 4,738,438 | $ | 4,423,921 | ||||||||
Borrowed funds | Level 2 | 937,806 | 937,605 | 1,267,447 | 1,264,170 | ||||||||||||
Standby letters of credit | Level 3 | 603 | 603 | 468 | 468 | ||||||||||||
Accrued interest payable | Level 2 | 1,037 | 1,037 | 1,151 | 1,151 | ||||||||||||
Other liabilities | Level 2 | 3,188 | 3,188 | 3,380 | 3,380 | ||||||||||||
(1) Excludes impaired loans, net. | |||||||||||||||||
(r) In 2017, we reclassified Loans, net as “Level 3” for all periods presented. See Note 1 for further information. |
Fair Values of Derivative Instruments | ||||||||||||||||||||||||||
(Dollars in thousands) | Count | Notional | Balance Sheet Location | Derivatives (Fair Value) | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate products | 9 | $ | 750,000 | Other assets | $ | 15,578 | ||||||||||||||||||||
Total | $ | 750,000 | $ | 15,578 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate products | $ | 2,428,306 | Other assets | $ | 136,924 | |||||||||||||||||||||
Interest rate products | 2,383,443 | Other liabilities | (136,924) | |||||||||||||||||||||||
Interest rate lock commitments with customers | 34,651 | Other assets | 637 | |||||||||||||||||||||||
Forward sale commitments | 1,000 | Other assets | 1 | |||||||||||||||||||||||
Forward sale commitments | 37,348 | Other liabilities | (283) | |||||||||||||||||||||||
FX forwards | 15,812 | Other assets | 429 | |||||||||||||||||||||||
FX forwards | 13,064 | Other liabilities | (409) | |||||||||||||||||||||||
Risk participation agreements sold | 103,648 | Other liabilities | (3) | |||||||||||||||||||||||
Risk participation agreements purchased | 116,804 | Other assets | 78 | |||||||||||||||||||||||
Financial derivative related to sales of certain Visa Class B shares | 113,177 | Other liabilities | (14,023) | |||||||||||||||||||||||
Total derivatives | $ | 5,997,253 | $ | 2,005 |
Fair Values of Derivative Instruments | |||||||||
December 31, 2017 | |||||||||
(Dollars in thousands) | Notional | Balance Sheet Location | Fair Value | ||||||
Derivatives designated as hedging instruments: | |||||||||
Interest Rate Products | $ | 75,000 | Other Liabilities | $ | (3,172 | ) | |||
Total | 75,000 | $ | (3,172 | ) | |||||
Derivatives not designated as hedging instruments: | |||||||||
Interest Rate Lock Commitment with Customers | $ | 44,079 | Other Assets | $ | 571 | ||||
Interest Rate Lock Commitment with Customers | 8,992 | Other Liabilities | (23 | ) | |||||
Forward Sale Commitments | 29,064 | Other Assets | 180 | ||||||
Forward Sale Commitments | 19,192 | Other Liabilities | (47 | ) | |||||
Total | 101,327 | 681 | |||||||
Total derivatives | 176,327 | (2,491 | ) |
Fair Values of Derivative Instruments | ||||||||||||||||||||||||||
(Dollars in thousands) | Notional | Balance Sheet Location | Derivatives (Fair Value) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate products | $ | 1,794,678 | Other assets | $ | 156,414 | |||||||||||||||||||||
Interest rate products | 1,794,678 | Other liabilities | (156,414) | |||||||||||||||||||||||
Interest rate lock commitments with customers | 24,673 | Other assets | 385 | |||||||||||||||||||||||
Interest rate lock commitments with customers | 1,179 | Other liabilities | (7) | |||||||||||||||||||||||
Forward sale commitments | 9,072 | Other assets | 75 | |||||||||||||||||||||||
Forward sale commitments | 20,719 | Other liabilities | (54) | |||||||||||||||||||||||
FX forwards | 4,177 | Other assets | 38 | |||||||||||||||||||||||
FX forwards | 3,052 | Other liabilities | (45) | |||||||||||||||||||||||
Risk participation agreements sold | 68,459 | Other liabilities | (2) | |||||||||||||||||||||||
Risk participation agreements purchased | 87,168 | Other assets | 81 | |||||||||||||||||||||||
Financial derivative related to sales of certain Visa Class B shares | 113,177 | Other liabilities | (17,100) | |||||||||||||||||||||||
Total derivatives | $ | 3,921,032 | $ | (16,629) |
Amount of Gain Recognized in OCI on Derivative (Effective Portion) | Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||||||||||||||||||||
(Dollars in thousands) | Year Ended December 31, | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2023 | 2022 | 2021 | |||||||||||||||||||||||
Interest Rate Products | $ | 1,596 | $ | — | $ | — | Interest income | |||||||||||||||||||
Total | $ | 1,596 | $ | — | $ | — | ||||||||||||||||||||
Amount of (Loss) or Gain Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||||||||||
(Dollars in thousands) | Year Ended December 31, | |||||||||||||||||||||||||
Derivatives Not Designated as a Hedging Instrument | 2023 | 2022 | 2021 | |||||||||||||||||||||||
Interest rate products | $ | 10,294 | $ | 7,576 | $ | — | Other income | |||||||||||||||||||
Interest rate lock commitments with customers | 274 | (2,072) | (6,218) | Mortgage banking activities, net | ||||||||||||||||||||||
Forward sale commitments | 65 | 4,863 | 3,263 | Mortgage banking activities, net | ||||||||||||||||||||||
FX forwards | 130 | 80 | — | Other income | ||||||||||||||||||||||
Risk participation agreements | (5) | (195) | — | Other income | ||||||||||||||||||||||
Total | $ | 10,758 | $ | 10,252 | $ | (2,955) |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||
(Dollars in thousands) | Twelve Months Ended | ||||||||
Derivatives in Cash Flow Hedging Relationships | 2017 | 2016 | |||||||
Interest Rate Products | $ | 184 | $ | (2,890 | ) | Interest expense | |||
Total | $ | 184 | $ | (2,890 | ) | ||||
Amount of Gain or (Loss) Recognized in Income | Location of Gain or (Loss) recognized in income | ||||||||
(Dollars in thousands) | Twelve Months Ended | ||||||||
Derivatives Not Designated as a Hedging Instrument | 2017 | 2016 | |||||||
Interest Rate Lock Commitments | 680 | — | Mortgage banking activity, net | ||||||
Forward Sale Commitments | (986 | ) | — | Mortgage banking activity, net | |||||
Total | (306 | ) | — |
Year Ended December 31, 2023 | |||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||||
External customer revenues: | |||||||||||||||||||||||
Interest income | $ | 955,050 | $ | — | $ | 21,472 | $ | 976,522 | |||||||||||||||
Noninterest income | 74,951 | 82,468 | 132,452 | 289,871 | |||||||||||||||||||
Total external customer revenues | 1,030,001 | 82,468 | 153,924 | 1,266,393 | |||||||||||||||||||
Inter-segment revenues: | |||||||||||||||||||||||
Interest income | 28,202 | 1,384 | 98,895 | 128,481 | |||||||||||||||||||
Noninterest income | 29,199 | 1,930 | 568 | 31,697 | |||||||||||||||||||
Total inter-segment revenues | 57,401 | 3,314 | 99,463 | 160,178 | |||||||||||||||||||
Total revenue | 1,087,402 | 85,782 | 253,387 | 1,426,571 | |||||||||||||||||||
External customer expenses: | |||||||||||||||||||||||
Interest expense | 221,713 | — | 29,706 | 251,419 | |||||||||||||||||||
Noninterest expenses | 425,703 | 59,485 | 76,445 | 561,633 | |||||||||||||||||||
Provision for credit losses | 87,529 | — | 542 | 88,071 | |||||||||||||||||||
Total external customer expenses | 734,945 | 59,485 | 106,693 | 901,123 | |||||||||||||||||||
Inter-segment expenses | |||||||||||||||||||||||
Interest expense | 100,279 | 16,348 | 11,854 | 128,481 | |||||||||||||||||||
Noninterest expenses | 2,498 | 5,714 | 23,485 | 31,697 | |||||||||||||||||||
Total inter-segment expenses | 102,777 | 22,062 | 35,339 | 160,178 | |||||||||||||||||||
Total expenses | 837,722 | 81,547 | 142,032 | 1,061,301 | |||||||||||||||||||
Income before taxes | $ | 249,680 | $ | 4,235 | $ | 111,355 | $ | 365,270 | |||||||||||||||
Income tax provision | 96,245 | ||||||||||||||||||||||
Consolidated net income | $ | 269,025 | |||||||||||||||||||||
Net income attributable to noncontrolling interest | (131) | ||||||||||||||||||||||
Net income attributable to WSFS | $ | 269,156 | |||||||||||||||||||||
Supplemental Information | |||||||||||||||||||||||
Capital expenditures for the period ended | $ | 6,335 | $ | — | $ | 71 | $ | 6,406 |
Year Ended December 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||||
External customer revenues: | |||||||||||||||||||||||
Interest income | $ | 690,780 | $ | — | $ | 13,035 | $ | 703,815 | |||||||||||||||
Noninterest income | 79,800 | 55,519 | 124,815 | 260,134 | |||||||||||||||||||
Total external customer revenues | 770,580 | 55,519 | 137,850 | 963,949 | |||||||||||||||||||
Inter-segment revenues: | |||||||||||||||||||||||
Interest income | 14,348 | 1,536 | 46,539 | 62,423 | |||||||||||||||||||
Noninterest income | 27,534 | 1,610 | 654 | 29,798 | |||||||||||||||||||
Total inter-segment revenues | 41,882 | 3,146 | 47,193 | 92,221 | |||||||||||||||||||
Total revenue | 812,462 | 58,665 | 185,043 | 1,056,170 | |||||||||||||||||||
External customer expenses: | |||||||||||||||||||||||
Interest expense | 37,393 | — | 3,532 | 40,925 | |||||||||||||||||||
Noninterest expenses | 465,999 | 36,777 | 71,550 | 574,326 | |||||||||||||||||||
Provision for credit losses | 47,921 | — | 168 | 48,089 | |||||||||||||||||||
Total external customer expenses | 551,313 | 36,777 | 75,250 | 663,340 | |||||||||||||||||||
Inter-segment expenses | |||||||||||||||||||||||
Interest expense | 48,075 | 9,831 | 4,517 | 62,423 | |||||||||||||||||||
Noninterest expenses | 2,264 | 4,720 | 22,814 | 29,798 | |||||||||||||||||||
Total inter-segment expenses | 50,339 | 14,551 | 27,331 | 92,221 | |||||||||||||||||||
Total expenses | 601,652 | 51,328 | 102,581 | 755,561 | |||||||||||||||||||
Income before taxes | $ | 210,810 | $ | 7,337 | $ | 82,462 | $ | 300,609 | |||||||||||||||
Income tax provision | 77,961 | ||||||||||||||||||||||
Consolidated net income | $ | 222,648 | |||||||||||||||||||||
Net income attributable to noncontrolling interest | 273 | ||||||||||||||||||||||
Net income attributable to WSFS | $ | 222,375 | |||||||||||||||||||||
Supplemental Information | |||||||||||||||||||||||
Capital expenditures for the period ended | $ | 8,793 | $ | 16 | $ | — | $ | 8,809 |
Year Ended December 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||||
External customer revenues: | |||||||||||||||||||||||
Interest income | $ | 447,542 | $ | — | $ | 8,827 | $ | 456,369 | |||||||||||||||
Noninterest income | 79,310 | 42,818 | 63,352 | 185,480 | |||||||||||||||||||
Total external customer revenues | 526,852 | 42,818 | 72,179 | 641,849 | |||||||||||||||||||
Inter-segment revenues: | |||||||||||||||||||||||
Interest income | 3,460 | 1,088 | 12,002 | 16,550 | |||||||||||||||||||
Noninterest income | 15,988 | 1,240 | 1,354 | 18,582 | |||||||||||||||||||
Total inter-segment revenues | 19,448 | 2,328 | 13,356 | 35,132 | |||||||||||||||||||
Total revenue | 546,300 | 45,146 | 85,535 | 676,981 | |||||||||||||||||||
External customer expenses: | |||||||||||||||||||||||
Interest expense | 22,058 | — | 662 | 22,720 | |||||||||||||||||||
Noninterest expenses | 328,277 | 29,465 | 20,774 | 378,516 | |||||||||||||||||||
Recovery of credit losses | (113,715) | — | (3,372) | (117,087) | |||||||||||||||||||
Total external customer expenses | 236,620 | 29,465 | 18,064 | 284,149 | |||||||||||||||||||
Inter-segment expenses | |||||||||||||||||||||||
Interest expense | 13,090 | 856 | 2,604 | 16,550 | |||||||||||||||||||
Noninterest expenses | 2,594 | 4,636 | 11,352 | 18,582 | |||||||||||||||||||
Total inter-segment expenses | 15,684 | 5,492 | 13,956 | 35,132 | |||||||||||||||||||
Total expenses | 252,304 | 34,957 | 32,020 | 319,281 | |||||||||||||||||||
Income before taxes | $ | 293,996 | $ | 10,189 | $ | 53,515 | $ | 357,700 | |||||||||||||||
Income tax provision | 86,095 | ||||||||||||||||||||||
Consolidated net income | $ | 271,605 | |||||||||||||||||||||
Net loss attributable to noncontrolling interest | 163 | ||||||||||||||||||||||
Net income attributable to WSFS | $ | 271,442 | |||||||||||||||||||||
Supplemental Information | |||||||||||||||||||||||
Capital expenditures for the period ended | $ | 6,344 | $ | 232 | $ | — | $ | 6,576 |
Year Ended December 31, 2017 | |||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect | Wealth Management | Total | |||||||||||
External customer revenues: | |||||||||||||||
Interest income | $ | 245,932 | $ | — | $ | 8,794 | $ | 254,726 | |||||||
Noninterest income | 45,749 | 42,641 | 36,254 | 124,644 | |||||||||||
Total external customer revenues | 291,681 | 42,641 | 45,048 | 379,370 | |||||||||||
Inter-segment revenues: | |||||||||||||||
Interest income | 9,567 | — | 9,012 | 18,579 | |||||||||||
Noninterest income | 7,651 | 810 | 146 | 8,607 | |||||||||||
Total inter-segment revenues | 17,218 | 810 | 9,158 | 27,186 | |||||||||||
Total revenue | 308,899 | 43,451 | 54,206 | 406,556 | |||||||||||
External customer expenses: | |||||||||||||||
Interest expense | 32,249 | — | 1,206 | 33,455 | |||||||||||
Noninterest expenses | 158,942 | 26,654 | 40,865 | 226,461 | |||||||||||
Provision for loan losses | 10,527 | — | 437 | 10,964 | |||||||||||
Total external customer expenses | 201,718 | 26,654 | 42,508 | 270,880 | |||||||||||
Inter-segment expenses | |||||||||||||||
Interest expense | 9,012 | 6,812 | 2,755 | 18,579 | |||||||||||
Noninterest expenses | 956 | 2,603 | 5,048 | 8,607 | |||||||||||
Total inter-segment expenses | 9,968 | 9,415 | 7,803 | 27,186 | |||||||||||
Total expenses | 211,686 | 36,069 | 50,311 | 298,066 | |||||||||||
Income before taxes | $ | 97,213 | $ | 7,382 | $ | 3,895 | $ | 108,490 | |||||||
Provision for income taxes | 58,246 | ||||||||||||||
Consolidated net income | $ | 50,244 |
Year Ended December 31, 2016 | |||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect | Wealth Management | Total | |||||||||||
External customer revenues: | |||||||||||||||
Interest income | $ | 208,525 | $ | — | $ | 8,053 | $ | 216,578 | |||||||
Noninterest income | 42,565 | 35,776 | (r) | 26,720 | 105,061 | ||||||||||
Total external customer revenues | 251,090 | 35,776 | 34,773 | 321,639 | |||||||||||
Inter-segment revenues: | |||||||||||||||
Interest income | 4,963 | — | 7,150 | 12,113 | |||||||||||
Noninterest income | 8,145 | 835 | 118 | 9,098 | |||||||||||
Total inter-segment revenues | 13,108 | 835 | 7,268 | 21,211 | |||||||||||
Total revenue | 264,198 | 36,611 | 42,041 | 342,850 | |||||||||||
External customer expenses: | |||||||||||||||
Interest expense | 22,028 | — | 805 | 22,833 | |||||||||||
Noninterest expenses | 146,526 | 22,442 | (r) | 19,698 | 188,666 | ||||||||||
Provision for loan losses | 9,370 | — | 3,616 | 12,986 | |||||||||||
Total external customer expenses | 177,924 | 22,442 | 24,119 | 224,485 | |||||||||||
Inter-segment expenses | |||||||||||||||
Interest expense | 7,150 | 2,915 | 2,048 | 12,113 | |||||||||||
Noninterest expenses | 953 | 2,799 | 5,346 | 9,098 | |||||||||||
Total inter-segment expenses | 8,103 | 5,714 | 7,394 | 21,211 | |||||||||||
Total expenses | 186,027 | 28,156 | 31,513 | 245,696 | |||||||||||
Income before taxes | $ | 78,171 | $ | 8,455 | $ | 10,528 | $ | 97,154 | |||||||
Provision for income taxes | 33,074 | ||||||||||||||
Consolidated net income | $ | 64,080 |
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 600,483 | $ | 443,431 | $ | 48,986 | $ | 1,092,900 | $ | 317,022 | $ | 476,850 | $ | 43,386 | $ | 837,258 | |||||||||||||||||||||||||||||||
Goodwill | 753,586 | — | 132,312 | 885,898 | 753,586 | — | 130,051 | 883,637 | |||||||||||||||||||||||||||||||||||||||
Other segment assets | 18,191,585 | 15,654 | 408,635 | 18,615,874 | 17,824,946 | 10,429 | 358,485 | 18,193,860 | |||||||||||||||||||||||||||||||||||||||
Total segment assets | $ | 19,545,654 | $ | 459,085 | $ | 589,933 | $ | 20,594,672 | $ | 18,895,554 | $ | 487,279 | $ | 531,922 | $ | 19,914,755 | |||||||||||||||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||
WSFS Bank | Cash Connect | Wealth Management | Total | ||||||||||||
(Dollars in thousands) | |||||||||||||||
External customer revenues: | |||||||||||||||
Interest income | $ | 174,636 | $ | — | $ | 7,940 | $ | 182,576 | |||||||
Noninterest income | 37,042 | 30,421 | (r) | 22,793 | 90,256 | ||||||||||
Total external customer revenues | 211,678 | 30,421 | 30,733 | 272,832 | |||||||||||
Inter-segment revenues: | |||||||||||||||
Interest income | 3,507 | — | 6,678 | 10,185 | |||||||||||
Noninterest income | 7,988 | 873 | 96 | 8,957 | |||||||||||
Total inter-segment revenues | 11,495 | 873 | 6,774 | 19,142 | |||||||||||
Total revenue | 223,173 | 31,294 | 37,507 | 291,974 | |||||||||||
External customer expenses: | |||||||||||||||
Interest expense | 15,155 | — | 621 | 15,776 | |||||||||||
Noninterest expenses | 129,138 | 19,271 | (r) | 17,051 | 165,460 | ||||||||||
Provision for loan losses | 7,476 | — | 314 | 7,790 | |||||||||||
Total external customer expenses | 151,769 | 19,271 | 17,986 | 189,026 | |||||||||||
Inter-segment expenses | |||||||||||||||
Interest expense | 6,678 | 1,547 | 1,960 | 10,185 | |||||||||||
Noninterest expenses | 969 | 2,612 | 5,376 | 8,957 | |||||||||||
Total inter-segment expenses | 7,647 | 4,159 | 7,336 | 19,142 | |||||||||||
Total expenses | 159,416 | 23,430 | 25,322 | 208,168 | |||||||||||
Income before taxes | $ | 63,757 | $ | 7,864 | $ | 12,185 | $ | 83,806 | |||||||
Provision for income taxes | 30,273 | ||||||||||||||
Consolidated net income | $ | 53,533 |
December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect | Wealth Management | Total | WSFS Bank | Cash Connect | Wealth Management | Total | |||||||||||||||||||||||
Cash and cash equivalents | $ | 104,530 | $ | 611,385 | $ | 7,951 | $ | 723,866 | $ | 100,893 | $ | 717,643 | $ | 3,387 | $ | 821,923 | |||||||||||||||
Goodwill | 145,808 | — | 20,199 | 166,007 | 147,396 | — | 20,143 | 167,539 | |||||||||||||||||||||||
Other segment assets | 5,882,910 | 6,078 | 220,679 | 6,109,667 | 5,545,611 | 3,533 | 226,664 | 5,775,808 | |||||||||||||||||||||||
Total segment assets | $ | 6,133,248 | $ | 617,463 | $ | 248,829 | $ | 6,999,540 | $ | 5,793,900 | $ | 721,176 | $ | 250,194 | $ | 6,765,270 | |||||||||||||||
Capital expenditures | $ | 8,197 | $ | 184 | $ | 613 | $ | 8,994 | $ | 18,625 | $ | 769 | $ | 26 | $ | 19,420 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Income: | ||||||||||||||||||||
Interest income | $ | 817 | $ | 374 | $ | 357 | ||||||||||||||
Realized gain (loss) on sale of equity investment | 9,493 | — | (706) | |||||||||||||||||
Unrealized gains on equity investments, net | 2,489 | 5,379 | 5,389 | |||||||||||||||||
Other noninterest income | 98,067 | 251,382 | 4,759 | |||||||||||||||||
110,866 | 257,135 | 9,799 | ||||||||||||||||||
Expense: | ||||||||||||||||||||
Interest expense | 16,610 | 11,763 | 7,771 | |||||||||||||||||
Other operating expense | 6,965 | 11,489 | 7,508 | |||||||||||||||||
23,575 | 23,252 | 15,279 | ||||||||||||||||||
Income (loss) before equity in undistributed income of subsidiaries | 87,291 | 233,883 | (5,480) | |||||||||||||||||
Equity in undistributed income (loss) of subsidiaries | 182,396 | (12,672) | 276,208 | |||||||||||||||||
Income before taxes | 269,687 | 221,211 | 270,728 | |||||||||||||||||
Income tax expense (benefit) | 531 | (1,164) | (714) | |||||||||||||||||
Net income attributable to WSFS | $ | 269,156 | $ | 222,375 | $ | 271,442 |
December 31, | ||||||||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 197,270 | $ | 205,841 | ||||||||||
Investment in subsidiaries | 2,585,151 | 2,320,474 | ||||||||||||
Investment in Trusts(1) | 2,785 | 2,785 | ||||||||||||
Other assets | 5,869 | 16,944 | ||||||||||||
Total assets | $ | 2,791,075 | $ | 2,546,044 | ||||||||||
Liabilities: | ||||||||||||||
Trust preferred borrowings | $ | 90,638 | $ | 90,442 | ||||||||||
Senior and subordinated debt | 218,400 | 248,169 | ||||||||||||
Accrued interest payable | 949 | 1,168 | ||||||||||||
Other liabilities | 3,452 | 1,152 | ||||||||||||
Total liabilities | 313,439 | 340,931 | ||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | 761 | 759 | ||||||||||||
Capital in excess of par value | 1,984,746 | 1,974,210 | ||||||||||||
Accumulated other comprehensive loss | (593,991) | (675,844) | ||||||||||||
Retained earnings | 1,643,657 | 1,411,243 | ||||||||||||
Treasury stock | (557,537) | (505,255) | ||||||||||||
Total stockholders’ equity of WSFS | 2,477,636 | 2,205,113 | ||||||||||||
Total liabilities and stockholders’ equity of WSFS | $ | 2,791,075 | $ | 2,546,044 |
December 31, | 2017 | 2016 | |||||
(Dollars in thousands) | |||||||
Assets: | |||||||
Cash | $ | 37,344 | $ | 103,018 | |||
Investment in subsidiaries | 833,763 | 795,676 | |||||
Investment in Capital Trust III | 2,011 | 2,011 | |||||
Other assets | 17,465 | 6,480 | |||||
Total assets | $ | 890,583 | $ | 907,185 | |||
Liabilities: | |||||||
Trust preferred securities | $ | 67,011 | $ | 67,011 | |||
Senior debt | 98,171 | 152,050 | |||||
Interest payable | 388 | 642 | |||||
Other liabilities | 668 | 146 | |||||
Total liabilities | 166,238 | 219,849 | |||||
Stockholders’ equity: | |||||||
Common stock | 563 | 580 | |||||
Capital in excess of par value | 336,271 | 329,457 | |||||
Accumulated other comprehensive loss | (8,152 | ) | (7,617 | ) | |||
Retained earnings | 669,557 | 627,078 | |||||
Treasury stock | (273,894 | ) | (262,162 | ) | |||
Total stockholders’ equity | 724,345 | 687,336 | |||||
Total liabilities and stockholders’ equity | $ | 890,583 | $ | 907,185 |
Year Ended December 31, | 2017 | 2016 | 2015 | ||||||||
(Dollars in thousands) | |||||||||||
Income: | |||||||||||
Interest income | $ | 3,167 | $ | 3,402 | $ | 1,780 | |||||
Noninterest income | 20,528 | 68,498 | 30,180 | ||||||||
23,695 | 71,900 | 31,960 | |||||||||
Expenses: | |||||||||||
Interest expense | 9,168 | 7,979 | 5,124 | ||||||||
Other operating expenses | 996 | 747 | 233 | ||||||||
10,164 | 8,726 | 5,357 | |||||||||
Income before equity in undistributed income of subsidiaries | 13,531 | 63,174 | 26,603 | ||||||||
Equity in undistributed income/(loss) of subsidiaries | 35,722 | (779 | ) | 25,765 | |||||||
Income before taxes | 49,253 | 62,395 | 52,368 | ||||||||
Income tax benefit | 991 | 1,685 | 1,165 | ||||||||
Net income allocable to common stockholders | $ | 50,244 | $ | 64,080 | $ | 53,533 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income attributable to WSFS | $ | 269,156 | $ | 222,375 | $ | 271,442 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||||||||||||||||
Equity in undistributed (income) loss of subsidiaries | (182,396) | 12,672 | (276,208) | |||||||||||||||||
Realized (gain) loss on sale of equity investments | (9,493) | — | 706 | |||||||||||||||||
Unrealized gains on equity investments | (2,489) | (5,379) | (5,389) | |||||||||||||||||
Decrease in other assets | 31,254 | 2,569 | 10,910 | |||||||||||||||||
Increase (decrease) in other liabilities | 3,488 | 812 | (6,690) | |||||||||||||||||
Net cash provided by (used for) operating activities | $ | 109,520 | $ | 233,049 | $ | (5,229) | ||||||||||||||
Investing activities: | ||||||||||||||||||||
Net cash for business combinations | $ | — | $ | 101,734 | $ | — | ||||||||||||||
Net cash provided by investing activities | $ | — | $ | 101,734 | $ | — | ||||||||||||||
Financing activities: | ||||||||||||||||||||
Issuance of common stock and exercise of common stock options | $ | 3,298 | $ | 3,179 | $ | 1,522 | ||||||||||||||
Redemption of senior and subordinated debt | (30,000) | — | (100,000) | |||||||||||||||||
Purchase of treasury stock | (54,647) | (200,083) | (13,268) | |||||||||||||||||
Dividends paid | (36,742) | (35,746) | (24,242) | |||||||||||||||||
Net cash used for financing activities | $ | (118,091) | $ | (232,650) | $ | (135,988) | ||||||||||||||
Decrease (increase) in cash and cash equivalents | $ | (8,571) | $ | 102,133 | $ | (141,217) | ||||||||||||||
Cash and cash equivalents at beginning of period | 205,841 | 103,708 | 244,925 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 197,270 | $ | 205,841 | $ | 103,708 | ||||||||||||||
Year Ended December 31, | 2017 | 2016 | 2015 | ||||||||
(Dollars in thousands) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 50,244 | $ | 64,080 | $ | 53,533 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed (income)/loss of subsidiaries | (35,722 | ) | 779 | (25,765 | ) | ||||||
Decrease in other assets | 1,618 | 133 | 3,925 | ||||||||
Increase in other liabilities | 1,422 | 655 | 405 | ||||||||
Net cash provided by operating activities | 17,562 | 65,647 | 32,098 | ||||||||
Investing activities: | |||||||||||
Payments for investment in and advances to subsidiaries | (1,360 | ) | (119 | ) | — | ||||||
Sale or repayment of investments in and advances to subsidiaries | 1,066 | 1,220 | 1,213 | ||||||||
Net cash from business combinations | — | (57,604 | ) | (23,096 | ) | ||||||
Investment in non-marketable securities | (10,072 | ) | (387 | ) | (3,589 | ) | |||||
Net cash used for investing activities | (10,366 | ) | (56,890 | ) | (25,472 | ) | |||||
Financing activities: | |||||||||||
Repayment of long-term debt | — | (10,000 | ) | — | |||||||
Issuance of common stock and exercise of common stock options | 3,307 | 1,900 | 3,160 | ||||||||
Repayment of senior debt | (55,000 | ) | — | — | |||||||
Issuance of senior debt | — | 97,849 | — | ||||||||
Buy back of common stock | (11,752 | ) | (14,312 | ) | (31,659 | ) | |||||
Cash dividends paid | (9,425 | ) | (7,632 | ) | (6,002 | ) | |||||
Net cash (used for) provided by financing activities | (72,870 | ) | 67,805 | (34,501 | ) | ||||||
(Decrease)/increase in cash | (65,674 | ) | 76,562 | (27,875 | ) | ||||||
Cash at beginning of period | 103,018 | 26,456 | 54,331 | ||||||||
Cash at end of period | $ | 37,344 | $ | 103,018 | $ | 26,456 |
(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 | $ | 59,882 | $ | 276 | $ | (4,788) | $ | 646 | $ | (9) | $ | 56,007 | |||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (93,503) | — | 162 | — | 362 | (92,979) | |||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive (loss) income | (252) | (101) | (65) | (378) | — | (796) | |||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | (93,755) | (101) | 97 | (378) | 362 | (93,775) | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | (33,873) | $ | 175 | $ | (4,691) | $ | 268 | 353 | $ | (37,768) | ||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications(2) | (529,660) | (119,769) | 318 | — | 213 | (648,898) | |||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | — | 11,091 | (109) | (160) | — | 10,822 | |||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | (529,660) | (108,678) | 209 | (160) | 213 | (638,076) | |||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | (563,533) | $ | (108,503) | $ | (4,482) | $ | 108 | $ | 566 | $ | (675,844) | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 63,601 | — | 132 | 1,596 | (85) | 65,244 | |||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income (loss) | — | 16,980 | (264) | (107) | — | 16,609 | |||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 63,601 | 16,980 | (132) | 1,489 | (85) | 81,853 | |||||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | (499,932) | $ | (91,523) | $ | (4,614) | $ | 1,597 | $ | 481 | $ | (593,991) |
(Dollars in thousands) | Net change in investment securities available for sale | Net change in securities held to maturity | Net change in defined benefit plan | Net change in fair value of derivatives used for cash flow hedge | Total | ||||||||||||||
Balance, December 31, 2014 | $ | 446 | $ | 2,207 | $ | 847 | $ | — | $ | 3,500 | |||||||||
Other comprehensive income before reclassifications | (1,417 | ) | — | — | — | (1,417 | ) | ||||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (916 | ) | (412 | ) | (59 | ) | — | (1,387 | ) | ||||||||||
Net current-period other comprehensive loss | (2,333 | ) | (412 | ) | (59 | ) | — | (2,804 | ) | ||||||||||
Balance, December 31, 2015 | $ | (1,887 | ) | $ | 1,795 | $ | 788 | $ | — | $ | 696 | ||||||||
Other comprehensive loss before reclassifications | (4,838 | ) | — | — | (1,772 | ) | (6,610 | ) | |||||||||||
Less: Amounts reclassified from accumulated other comprehensive loss | (1,469 | ) | (403 | ) | 169 | — | (1,703 | ) | |||||||||||
Net current-period other comprehensive loss | (6,307 | ) | (403 | ) | 169 | (1,772 | ) | (8,313 | ) | ||||||||||
Balance, December 31, 2016 | $ | (8,194 | ) | $ | 1,392 | $ | 957 | $ | (1,772 | ) | $ | (7,617 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 3,073 | — | — | (184 | ) | 2,889 | |||||||||||||
Less: Amounts reclassified from accumulated other comprehensive income | (1,280 | ) | (394 | ) | (90 | ) | — | (1,764 | ) | ||||||||||
Net current-period other comprehensive income | 1,793 | (394 | ) | (90 | ) | (184 | ) | 1,125 | |||||||||||
Less: Reclassification due to the adoption of ASU No. 2018-02 | (1,441 | ) | 225 | (2 | ) | (442 | ) | (1,660 | ) | ||||||||||
Balance, December 31, 2017 | $ | (7,842 | ) | $ | 1,223 | $ | 865 | $ | (2,398 | ) | $ | (8,152 | ) |
Twelve Months Ended December 31, | Affected line item in Consolidated Statements of Income | ||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | ||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||
Realized gains on securities transactions | $ | — | $ | — | $ | (331) | Securities gains, net | ||||||||||||||||
Income taxes | — | — | 79 | Income tax provision | |||||||||||||||||||
Net of tax | $ | — | $ | — | $ | (252) | |||||||||||||||||
Net unrealized holding losses (gains) on securities transferred between available-for-sale and held-to-maturity: | |||||||||||||||||||||||
Amortization of net unrealized losses (gains) to income during the period | $ | 22,343 | $ | 14,593 | $ | (133) | Interest and dividends on investment securities | ||||||||||||||||
Income taxes | (5,363) | (3,502) | 32 | Income tax provision | |||||||||||||||||||
Net of tax | $ | 16,980 | $ | 11,091 | $ | (101) | |||||||||||||||||
Amortization of defined benefit pension plan-related items: | |||||||||||||||||||||||
Prior service (credits) costs | $ | (76) | $ | (76) | $ | (85) | |||||||||||||||||
Actuarial gains | (271) | (68) | — | ||||||||||||||||||||
Total before tax | $ | (347) | $ | (144) | $ | (85) | Salaries, benefits and other compensation | ||||||||||||||||
Income taxes | 83 | 35 | 20 | Income tax provision | |||||||||||||||||||
Net of tax | $ | (264) | $ | (109) | $ | (65) | |||||||||||||||||
Net unrealized gains on terminated cash flow hedges: | |||||||||||||||||||||||
Amortization of net unrealized gains to income during the period | $ | (141) | $ | (211) | $ | (497) | Interest and fees on loans and leases | ||||||||||||||||
Income taxes | 34 | 51 | 119 | Income tax provision | |||||||||||||||||||
Net of tax | $ | (107) | $ | (160) | $ | (378) | |||||||||||||||||
Total reclassifications | $ | 16,609 | $ | 10,822 | $ | (796) |
Twelve Months Ended December 31, | Affected line item in Consolidated Statements of Income | ||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | ||||||||||
Securities available for sale: | |||||||||||||
Realized gains on securities transactions | $ | (1,984 | ) | $ | (2,369 | ) | $ | (1,478 | ) | Securities gains, net | |||
Income taxes | 704 | 900 | 562 | Income tax provision | |||||||||
Net of tax | $ | (1,280 | ) | $ | (1,469 | ) | $ | (916 | ) | ||||
Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: | |||||||||||||
Amortization of net unrealized gains to income during the period | $ | (635 | ) | $ | (651 | ) | $ | (646 | ) | Interest income on investment securities | |||
Income taxes | 241 | 248 | 234 | Income tax provision | |||||||||
Net of tax | $ | (394 | ) | $ | (403 | ) | $ | (412 | ) | ||||
Amortization of Defined Benefit Pension Items: | |||||||||||||
Prior service costs | $ | (76 | ) | $ | (76 | ) | $ | (76 | ) | ||||
Transition obligation | — | — | — | ||||||||||
Actuarial losses | (70 | ) | 348 | (20 | ) | ||||||||
Total before tax | $ | (146 | ) | $ | 272 | $ | (96 | ) | Salaries, benefits and other compensation | ||||
Income taxes | 56 | (103 | ) | 37 | Income tax provision | ||||||||
Net of tax | $ | (90 | ) | $ | 169 | $ | (59 | ) | |||||
Total reclassifications | $ | (1,764 | ) | $ | (1,703 | ) | $ | (1,387 | ) |
Three months ended | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||
Interest income | $ | 66,556 | $ | 65,010 | $ | 62,334 | $ | 60,826 | $ | 59,692 | $ | 55,337 | $ | 51,503 | $ | 50,046 | |||||||||||||||
Interest expense | 8,831 | 8,881 | 8,020 | 7,723 | 6,738 | 6,316 | 5,045 | 4,690 | |||||||||||||||||||||||
Net interest income | 57,725 | 56,129 | 54,314 | 53,103 | 52,954 | 49,021 | 46,458 | 45,356 | |||||||||||||||||||||||
Provision for loan losses | 4,063 | 2,896 | 1,843 | 2,162 | 5,124 | 5,828 | 1,254 | 780 | |||||||||||||||||||||||
Net interest income after provision for loan losses | 53,662 | 53,233 | 52,471 | 50,941 | 47,830 | 43,193 | 45,204 | 44,576 | |||||||||||||||||||||||
Noninterest income | 32,435 | 32,441 | 31,676 | 28,092 | 28,299 | 27,586 | 25,766 | 23,668 | |||||||||||||||||||||||
Noninterest expenses | 68,065 | 54,163 | 52,727 | 51,506 | 48,949 | 51,234 | 44,685 | 43,797 | |||||||||||||||||||||||
Income before taxes | 18,032 | 31,511 | 31,420 | 27,527 | 27,180 | 19,545 | 26,285 | 24,447 | |||||||||||||||||||||||
Income tax provision | 27,864 | 10,942 | 10,850 | 8,590 | 9,070 | 6,823 | 8,504 | 8,677 | |||||||||||||||||||||||
Net (loss) income | $ | (9,832 | ) | $ | 20,569 | $ | 20,570 | $ | 18,937 | $ | 18,110 | $ | 12,722 | $ | 17,781 | $ | 15,770 | ||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | (0.31 | ) | $ | 0.65 | $ | 0.65 | $ | 0.60 | $ | 0.58 | $ | 0.42 | $ | 0.60 | $ | 0.53 | ||||||||||||||
Diluted | $ | (0.31 | ) | $ | 0.64 | $ | 0.64 | $ | 0.59 | $ | 0.56 | $ | 0.41 | $ | 0.59 | $ | 0.52 |
/s/ Rodger Levenson | /s/ Arthur J. Bacci | ||||||||
Rodger Levenson | Arthur J. Bacci | ||||||||
Chairman, President and Chief Executive Officer | Executive Vice President, Chief Wealth Officer and | ||||||||
Interim Chief Financial Officer |
/s/ KPMG LLP | ||||||||||||||||||
Philadelphia, Pennsylvania | ||||||||||||||||||
The Consolidated Statements of Financial Condition of WSFS Financial Corporation and | ||||||||
2 | Schedules omitted as they are not applicable. |
Exhibit Number | Description of Document | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
4.9 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
4.13 | ||||||||
4.14 |
Exhibit Number | Description of Document | |||||||
4.15 | ||||||||
4.16 | ||||||||
10.1 | ||||||||
10.4 | ||||||||
10.6 | ||||||||
10.8 | ||||||||
21 | ||||||||
23 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.SCH | XBRL Schema Document | |||||||
101.CAL | XBRL Calculation Linkbase Document | |||||||
XBRL Definition Linkbase Document ** | ||||||||
101.LAB | XBRL Labels Linkbase Document | |||||||
101.PRE | XBRL Presentation Linkbase Document | |||||||
XBRL Instance Document ** | ||||||||
104 | The cover page of this Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 is formatted in Inline XBRL. |
WSFS FINANCIAL CORPORATION | |||||||||||||||||
Date: | February 29, 2024 | BY: | /s/ Rodger Levenson | ||||||||||||||
Chairman, President and Chief Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||||||||||||||||||
Date: | February 29, 2024 | BY: | /s/ Rodger Levenson | |||||||||||||||
Chairman, President and Chief Executive Officer | ||||||||||||||||||
Date: | BY: | /s/ Anat Bird | ||||||||||||||||
Anat Bird | ||||||||||||||||||
Director | ||||||||||||||||||
Date: | BY: | /s/ Francis B. Brake | ||||||||||||||||
Francis B. Brake | ||||||||||||||||||
Director | ||||||||||||||||||
Date: | February 29, 2024 | BY: | /s/ Karen Dougherty Buchholz | |||||||||||||||
Karen Dougherty Buchholz | ||||||||||||||||||
Director | ||||||||||||||||||
Date: | BY: | |||||||||||||||||
Diego F. Calderin | ||||||||||||||||||
Director | ||||||||||||||||||
Date: | February 29, 2024 | BY: | /s/ Jennifer W. Davis | |||||||||||||||
Jennifer W. Davis | ||||||||||||||||||
Director | ||||||||||||||||||
Date: | February 29, 2024 | BY: | /s/ Michael J. Donahue | |||||||||||||||
Michael J. Donahue | ||||||||||||||||||
Director | ||||||||||||||||||
Date: | February 29, 2024 | BY: | /s/ Eleuthère I. du Pont | |||||||||||||||
Eleuthère I. du Pont | ||||||||||||||||||
Director | ||||||||||||||||||
Date: | February 29, 2024 | BY: | /s/ Nancy J. Foster | |||||||||||||||
Date: | February 29, 2024 | BY: | ||||||||||||||||
/s/ Christopher T. | ||||||||||||||||||
Christopher T. | ||||||||||||||||||
Director | ||||||||||||||||||
Date: | February 29, 2024 | BY: | /s/ Lynn B. McKee | |||||||||||||||
Date: | BY: | /s/ David G. Turner | ||||||||||||||||
David G. Turner | ||||||||||||||||||
Director | ||||||||||||||||||
Date: | February 29, 2024 | BY: | /s/ Arthur J. Bacci | ||||||||||||
Executive Vice President, Chief Wealth Officer and Interim Chief Financial Officer | |||||||||||||||
Date: | BY: | /s/ Charles K. Mosher | |||||||||||||
Charles K. Mosher | |||||||||||||||
Senior Vice President and | |||||||||||||||