falsedesktopWSFS2020-09-30000082894420000052{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "\tPART I. Financial Information\tPage\nItem 1.\tFinancial Statements (Unaudited)\t\n\tConsolidated Statements of Income for the Three and Nine Months Ended September 30 2020 and 2019\t5\n\tConsolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30 2020 and 2019\t6\n\tConsolidated Statements of Financial Condition as of September 30 2020 and December 31 2019\t7\n\tConsolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30 2020 and 2019\t8\n\tConsolidated Statements of Cash Flows for the Nine Months Ended September 30 2020 and 2019\t10\n\tNotes to the Consolidated Financial Statements for the Three and Nine Months Ended September 30 2020\t12\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t61\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t78\nItem 4.\tControls and Procedures\t78\nPART II. Other Information\t\t\nItem 1.\tLegal Proceedings\t78\nItem 1A.\tRisk Factors\t79\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t80\nItem 3.\tDefaults upon Senior Securities\t81\nItem 4.\tMine Safety Disclosures\t81\nItem 5.\tOther Information\t81\nItem 6.\tExhibits\t81\n", "q10k_tbl_1": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\n(Dollars in thousands except per share and share data)\t(Unaudited)\t\t\t\nInterest income:\t\t\t\t\nInterest and fees on loans and leases\t110195\t124800\t341657\t340918\nInterest on mortgage-backed securities\t11686\t12989\t37454\t35684\nInterest and dividends on investment securities:\t\t\t\t\nTaxable\t435\t29\t552\t79\nTax-exempt\t830\t939\t2648\t2963\nOther interest income\t224\t2505\t797\t4098\n\t123370\t141262\t383108\t383742\nInterest expense:\t\t\t\t\nInterest on deposits\t8346\t16851\t32815\t43916\nInterest on Federal Home Loan Bank advances\t445\t1099\t1900\t4495\nInterest on senior debt\t1179\t1179\t3538\t3538\nInterest on federal funds purchased\t0\t602\t471\t2194\nInterest on trust preferred borrowings\t347\t693\t1417\t2136\nInterest on other borrowings\t5\t5\t13\t84\n\t10322\t20429\t40154\t56363\nNet interest income\t113048\t120833\t342954\t327379\nProvision for credit losses\t2716\t4121\t154116\t23970\nNet interest income after provision for credit losses\t110332\t116712\t188838\t303409\nNoninterest income:\t\t\t\t\nCredit/debit card and ATM income\t7251\t13115\t27916\t38307\nInvestment management and fiduciary income\t13266\t10459\t35157\t30988\nDeposit service charges\t4772\t6139\t14594\t16988\nMortgage banking activities net\t11507\t3152\t23472\t8090\nLoan and lease fee income\t1165\t823\t3381\t2358\nSecurities gains net\t3322\t0\t5923\t78\nUnrealized gains on equity investments net\t104\t21344\t761\t26175\nRealized gain on sale of equity investment\t0\t0\t22052\t0\nBank owned life insurance income\t591\t277\t1011\t877\nOther income\t7193\t7037\t20126\t22478\n\t49171\t62346\t154393\t146339\nNoninterest expense:\t\t\t\t\nSalaries benefits and other compensation\t48772\t48914\t142875\t133669\nOccupancy expense\t8152\t9085\t24114\t24262\nEquipment expense\t5678\t5564\t16401\t14997\nData processing and operations expenses\t3198\t3861\t9337\t10180\nProfessional fees\t4611\t3180\t13634\t7967\nMarketing expense\t1451\t1373\t3617\t4910\nLoss on early extinguishment of debt\t2280\t0\t2280\t0\nFDIC expenses\t829\t(227)\t1080\t1435\nLoan workout and other credit costs\t1422\t846\t6462\t2537\nCorporate development expense\t428\t10517\t4570\t51090\nRestructuring expense\t0\t8360\t0\t14603\nOther operating expense\t16719\t18088\t51101\t49351\n\t93540\t109561\t275471\t315001\nIncome before taxes\t65963\t69497\t67760\t134747\nIncome tax provision\t15140\t15902\t14181\t32253\nNet income\t50823\t53595\t53579\t102494\nLess: Net loss attributable to noncontrolling interest\t(322)\t(287)\t(1382)\t(611)\nNet income attributable to WSFS\t51145\t53882\t54961\t103105\nEarnings per share:\t\t\t\t\nBasic\t1.01\t1.02\t1.08\t2.13\nDiluted\t1.01\t1.02\t1.08\t2.12\nWeighted average shares of common stock outstanding:\t\t\t\t\nBasic\t50665359\t52863202\t50801777\t48381338\nDiluted\t50684493\t53054368\t50832085\t48668460\n", "q10k_tbl_2": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\n(Dollars in thousands)\t(Unaudited)\t\t(Unaudited)\t\nNet income\t50823\t53595\t53579\t102494\nLess: Net loss attributable to noncontrolling interest\t(322)\t(287)\t(1382)\t(611)\nNet income attributable to WSFS\t51145\t53882\t54961\t103105\nOther comprehensive (loss) income:\t\t\t\t\nNet change in unrealized (losses) gains on investment securities available-for-sale\t\t\t\t\nNet unrealized (losses) gains arising during the period net of tax (benefit) expense of $(1097) $2911 $14610 and $14565 respectively\t(3474)\t9268\t46264\t46124\nLess: reclassification adjustment for net gains on sales realized in net income net of tax expense of $797 $- $1421 and $19 respectively\t(2525)\t0\t(4501)\t(59)\n\t(5999)\t9268\t41763\t46065\nNet change in securities held-to-maturity\t\t\t\t\nAmortization of unrealized gain on securities reclassified to held-to-maturity net of tax expense of $12 $22 $50 and $78 respectively\t(39)\t(70)\t(161)\t(247)\nNet change in unfunded pension liability\t\t\t\t\nChange in unfunded pension liability related to unrealized loss prior service cost and transition obligation net of tax benefit of $8 $11 $15 and $66 respectively\t(25)\t(35)\t(47)\t(210)\nPension settlement net of tax expense of $- $- $67 and $- respectively\t0\t0\t212\t0\n\t(25)\t(35)\t165\t(210)\nNet change in cash flow hedge\t\t\t\t\nNet unrealized gain arising during the period net of tax expense of $- $116 $493 and $633 respectively\t0\t368\t1560\t2005\nAmortization of unrealized gain on terminated cash flow hedges net of tax benefit of $36 $- $71 and $- respectively\t(113)\t0\t(224)\t0\n\t(113)\t368\t1336\t2005\nNet change in equity method investments\t\t\t\t\nNet change in other comprehensive loss of equity method investments net of tax benefit of $3 $- $3 and $- respectively\t(9)\t0\t(9)\t0\nTotal other comprehensive (loss) income\t(6185)\t9531\t43094\t47613\nTotal comprehensive income\t44960\t63413\t98055\t150718\n", "q10k_tbl_3": "\tSeptember 30 2020\tDecember 31 2019\n(Dollars in thousands except per share and share data)\t(Unaudited)\t\nAssets:\t\t\nCash and due from banks\t714062\t164021\nCash in non-owned ATMs\t347462\t407524\nInterest-bearing deposits in other banks including collateral (restricted cash) of $11110 at September 30 2020 and $0 December 31 2019 respectively\t11396\t207\nTotal cash cash equivalents and restricted cash\t1072920\t571752\nInvestment securities available-for-sale (amortized cost of $2244541 at September 30 2020 and $1909483 at December 31 2019\t2334922\t1944914\nInvestment securities held-to-maturity net of allowance for credit losses of $7 at September 30 2020 (fair value $118113 at September 30 2020 and $136625 at December 31 2019)\t113609\t133601\nOther investments\t10436\t70046\nLoans held for sale at fair value\t152453\t83872\nLoans and leases net of allowance for credit losses of $232726 at September 30 2020 and $47576 at December 31 2019\t9102332\t8424464\nBank owned life insurance\t31717\t30294\nStock in Federal Home Loan Bank of Pittsburgh at cost\t6497\t21097\nOther real estate owned\t3000\t2605\nAccrued interest receivable\t42801\t38094\nPremises and equipment\t96554\t104465\nGoodwill\t472828\t472828\nIntangible assets\t86978\t95917\nOther assets\t303061\t262353\nTotal assets\t13830108\t12256302\nLiabilities and Stockholders' Equity\t\t\nLiabilities:\t\t\nDeposits:\t\t\nNoninterest-bearing\t3196967\t2189573\nInterest-bearing\t8194378\t7397284\nTotal deposits\t11391345\t9586857\nFederal funds purchased\t0\t195000\nFederal Home Loan Bank advances\t16751\t112675\nTrust preferred borrowings\t67011\t67011\nSenior debt\t98768\t98605\nOther borrowed funds\t21764\t15997\nAccrued interest payable\t8522\t3103\nOther liabilities\t364645\t327563\nTotal liabilities\t11968806\t10406811\nStockholders' Equity:\t\t\nCommon stock $0.01 par value 90000000 shares authorized; issued 57546564 at September 30 2020 and 57435658 at December 31 2019\t576\t575\nCapital in excess of par value\t1051627\t1049064\nAccumulated other comprehensive income\t66595\t23501\nRetained earnings\t923651\t917377\nTreasury stock at cost 6873120 shares at September 30 2020 and 5868772 shares at December 31 2019\t(178950)\t(140211)\nTotal stockholders' equity of WSFS\t1863499\t1850306\nNoncontrolling interest\t(2197)\t(815)\nTotal stockholders' equity\t1861302\t1849491\nTotal liabilities and stockholders' equity\t13830108\t12256302\n", "q10k_tbl_4": "\tNine Months Ended September 30 2020\t\t\t\t\t\t\t\t\n(Dollars in thousands except per share and share amounts)\tShares\tCommon Stock\tCapital in Excess of Par Value\tAccumulated Other Comprehensive Income\tRetained Earnings\tTreasury Stock\tTotal Stockholders' Equity of WSFS\tNon-controlling Interest\tTotal Stockholders' Equity\nBalance December 31 2019\t57435658\t575\t1049064\t23501\t917377\t(140211)\t1850306\t(815)\t1849491\nCumulative change in accounting principle (Note 2)\t0\t0\t0\t0\t(30368)\t0\t(30368)\t0\t(30368)\nBalance January 1 2020 (as adjusted for change in accounting principle)\t57435658\t575\t1049064\t23501\t887009\t(140211)\t1819938\t(815)\t1819123\nNet income (loss)\t0\t0\t0\t0\t54961\t0\t54961\t(1382)\t53579\nOther comprehensive income\t0\t0\t0\t43094\t0\t0\t43094\t0\t43094\nCash dividend $0.36 per share\t0\t0\t0\t0\t(18319)\t0\t(18319)\t0\t(18319)\nIssuance of common stock including proceeds from exercise of common stock options\t110906\t1\t1358\t0\t0\t0\t1359\t0\t1359\nStock-based compensation expense\t0\t0\t1954\t0\t0\t0\t1954\t0\t1954\nRepurchases of common shares (1)\t0\t0\t(749)\t0\t0\t(38739)\t(39488)\t0\t(39488)\nBalance September 30 2020\t57546564\t576\t1051627\t66595\t923651\t(178950)\t1863499\t(2197)\t1861302\n\tThree Months Ended September 30 2020\t\t\t\t\t\t\t\t\n(Dollars in thousands except per share and share amounts)\tShares\tCommon Stock\tCapital in Excess of Par Value\tAccumulated Other Comprehensive Income\tRetained Earnings\tTreasury Stock\tTotal Stockholders' Equity of WSFS\tNon-controlling Interest\tTotal Stockholders' Equity\nBalance June 30 2020\t57533236\t576\t1050678\t72780\t878585\t(178950)\t1823669\t(1875)\t1821794\nNet income (loss)\t0\t0\t0\t0\t51145\t0\t51145\t(322)\t50823\nOther comprehensive loss\t0\t0\t0\t(6185)\t0\t0\t(6185)\t0\t(6185)\nCash dividend $0.12 per share\t0\t0\t0\t0\t(6079)\t0\t(6079)\t0\t(6079)\nIssuance of common stock including proceeds from exercise of common stock options\t13328\t0\t368\t0\t0\t0\t368\t0\t368\nStock-based compensation expense\t0\t0\t660\t0\t0\t0\t660\t0\t660\nRepurchases of common shares (2)\t0\t0\t(79)\t0\t0\t0\t(79)\t0\t(79)\nBalance September 30 2020\t57546564\t576\t1051627\t66595\t923651\t(178950)\t1863499\t(2197)\t1861302\n", "q10k_tbl_5": "\tNine Months Ended September 30 2019\t\t\t\t\t\t\t\t\n(Dollars in thousands except per share and share amounts)\tShares\tCommon Stock\tCapital in Excess of Par Value\tAccumulated Other Comprehensive Income (Loss)\tRetained Earnings\tTreasury Stock\tTotal Stockholders' Equity of WSFS\tNon-controlling Interest\tTotal Stockholders' Equity\nBalance December 31 2018\t56926978\t569\t349810\t(15394)\t791031\t(305096)\t820920\t0\t820920\nNet income (loss)\t0\t0\t0\t0\t103105\t0\t103105\t(611)\t102494\nOther comprehensive income\t0\t0\t0\t47613\t0\t0\t47613\t0\t47613\nCash dividend $0.35 per share\t0\t0\t0\t0\t(16208)\t0\t(16208)\t0\t(16208)\nIssuance of common stock including proceeds from exercise of common stock options\t484843\t6\t7334\t0\t0\t0\t7340\t0\t7340\nRe-issuance of treasury stock in connection with the Beneficial merger and related items\t0\t0\t687897\t0\t0\t262071\t949968\t76\t950044\nStock-based compensation expense\t0\t0\t1994\t0\t0\t0\t1994\t0\t1994\nRepurchases of common shares (1)\t0\t0\t0\t0\t0\t(57740)\t(57740)\t0\t(57740)\nBalance September 30 2019\t57411821\t575\t1047035\t32219\t877928\t(100765)\t1856992\t(535)\t1856457\n\tThree Months Ended September 30 2019\t\t\t\t\t\t\t\t\n(Dollars in thousands except per share and share amounts)\tShares\tCommon Stock\tCapital in Excess of Par Value\tAccumulated Other Comprehensive Income\tRetained Earnings\tTreasury Stock\tTotal Stockholders' Equity of WSFS\tNon-controlling Interest\tTotal Stockholders' Equity\nBalance June 30 2019\t57239683\t573\t1043065\t22688\t830397\t(60112)\t1836611\t(223)\t1836388\nNet income (loss)\t0\t0\t0\t0\t53882\t0\t53882\t(287)\t53595\nOther comprehensive income\t0\t0\t0\t9531\t0\t0\t9531\t0\t9531\nCash dividend $0.12 per share\t0\t0\t0\t0\t(6351)\t0\t(6351)\t0\t(6351)\nIssuance of common stock including proceeds from exercise of common stock options\t172138\t2\t3211\t0\t0\t0\t3213\t0\t3213\nBeneficial merger and related items\t0\t0\t0\t0\t0\t0\t0\t(25)\t(25)\nStock-based compensation expense\t0\t0\t759\t0\t0\t0\t759\t0\t759\nRepurchases of common shares (2)\t0\t0\t0\t0\t0\t(40653)\t(40653)\t0\t(40653)\nBalance September 30 2019\t57411821\t575\t1047035\t32219\t877928\t(100765)\t1856992\t(535)\t1856457\n", "q10k_tbl_6": "\tNine Months Ended September 30\t\n\t2020\t2019\n(Dollars in thousands)\t(Unaudited)\t\nOperating activities:\t\t\nNet income\t53579\t102494\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\nProvision for credit losses\t154116\t23970\nDepreciation of premises and equipment net\t11322\t11139\nAccretion of fees and discounts net\t(40136)\t(32308)\nAmortization of intangible assets\t8236\t8348\nAmortization of right of use lease asset\t9267\t19842\nDecrease in operating lease liability\t(9563)\t(9999)\nIncome from mortgage banking activities net\t(23472)\t(8090)\nGain on sale of securities net\t(5923)\t(78)\n(Gain) loss on sale of other real estate owned and valuation adjustments net\t(102)\t63\nStock-based compensation expense\t1954\t1994\nUnrealized gain on equity investments net\t(761)\t(26175)\nRealized gain on sale of equity investment\t(22052)\t0\nDeferred income tax (benefit) expense\t(36541)\t6106\n(Increase) decrease in accrued interest receivable\t(4707)\t729\n(Increase) decrease in other assets\t(14032)\t8582\nOrigination of loans held for sale\t(663371)\t(325103)\nProceeds from sales of loans held for sale\t589993\t271679\nIncrease in accrued interest payable\t5419\t7581\nIncrease in other liabilities\t39806\t18014\nIncrease in value of bank owned life insurance\t(1423)\t(1590)\nIncrease in capitalized interest net\t(2755)\t(2698)\nNet cash provided by operating activities\t48854\t74500\nInvesting activities:\t\t\nPurchases of investment securities held to maturity\t(6307)\t0\nRepayments maturities and calls of investment securities held-to-maturity\t25430\t15130\nSale of investment securities available-for-sale\t198855\t602467\nPurchases of investment securities available-for-sale\t(943710)\t(800020)\nRepayments of investment securities available-for-sale\t408989\t170646\nNet proceeds from sale of Visa Class B shares\t85850\t0\nProceeds from bank-owned life insurance surrender\t0\t59710\nNet (increase) decrease in loans\t(792881)\t125511\nNet cash from business combinations\t0\t76072\nPurchases of stock of Federal Home Loan Bank of Pittsburgh\t(145399)\t(176966)\nRedemptions of stock of Federal Home Loan Bank of Pittsburgh\t159999\t196777\nSales of other real estate owned\t2014\t1866\nInvestment in premises and equipment\t(3480)\t(10701)\nSales of premises and equipment\t69\t71\nNet cash (used in) provided by investing activities\t(1010571)\t260563\n", "q10k_tbl_7": "\tNine Months Ended September 30\t\n\t2020\t2019\n(Dollars in thousands)\t(Unaudited)\t\nFinancing activities:\t\t\nNet increase in demand and saving deposits\t1948026\t55527\nDecrease in time deposits\t(132767)\t(81783)\nDecrease in brokered deposits\t(5002)\t(161892)\nReceipts from FHLB advances\t5037296\t27146456\nRepayments of FHLB advances\t(5133220)\t(27109246)\nReceipts from federal funds purchased\t8030475\t21475000\nRepayments of federal funds purchased\t(8225475)\t(21632975)\nCash dividend\t(18319)\t(16208)\nIssuance of common stock including proceeds from exercise of common stock options\t1359\t7340\nRepurchases of common shares\t(39488)\t(57740)\nNet cash provided by (used in) financing activities\t1462885\t(375521)\nIncrease (decrease) in cash cash equivalents and restricted cash\t501168\t(40458)\nCash cash equivalents and restricted cash at beginning of period\t571752\t620757\nCash cash equivalents and restricted cash at end of period\t1072920\t580299\nSupplemental disclosure of cash flow information:\t\t\nCash paid during the period for:\t\t\nInterest\t34735\t48782\nIncome taxes\t60494\t24579\nNon-cash information:\t\t\nLoans transferred to other real estate owned\t2503\t2344\nLoans transferred to portfolio from held-for-sale at fair value\t24180\t19278\nFair value of assets acquired net of cash received\t0\t5032299\nFair value of liabilities assumed\t0\t5108371\nImpact of ASC 842 Adoption:\t\t\nRight of use asset\t0\t121288\nLease liability\t0\t(132346)\nImpact of ASC 326 Adoption (Note 2):\t\t\nAllowance for credit losses on held-to-maturity debt securities\t(8)\t0\nAllowance for credit losses on loans and leases\t(35855)\t0\nDeferred tax assets\t8461\t0\nAllowance for credit losses on unfunded lending commitments\t(2966)\t0\nRetained earnings\t30368\t0\n", "q10k_tbl_8": "\tJanuary 1 2020\t\t\n\tAs reported under ASC 326\tPre-ASC 326 Adoption\tImpact of ASC 326 Adoption\n(Dollars in thousands)\t\t\t\nAssets:\t\t\t\nInvestment securities held-to-maturity\t\t\t\nState and political subdivisions\t(8)\t0\t(8)\nAllowance for credit losses on held-to-maturity debt securities\t(8)\t0\t(8)\nLoans and leases\t\t\t\nCommercial and industrial(1)\t(42596)\t(22849)\t(19747)\nOwner-occupied commercial\t(3144)\t(4616)\t1472\nCommercial mortgages\t(9114)\t(7452)\t(1662)\nConstruction\t(4572)\t(3891)\t(681)\nResidential\t(8903)\t(1381)\t(7522)\nConsumer\t(15102)\t(7387)\t(7715)\nAllowance for credit losses on loans and leases\t(83431)\t(47576)\t(35855)\nOther assets\t\t\t\nDeferred tax assets\t18452\t9991\t8461\nLiabilities:\t\t\t\nOther liabilities\t\t\t\nAllowance for credit losses on unfunded lending commitments\t(4513)\t(1547)\t(2966)\nTotal ASC 326 impact to retained earnings\t\t\t30368\n", "q10k_tbl_9": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nBailment fees\t3311\t6580\t11472\t20387\nInterchange fees\t3267\t6234\t14514\t17073\nOther card and ATM fees\t673\t301\t1930\t847\nTotal credit/debit card and ATM income\t7251\t13115\t27916\t38307\n", "q10k_tbl_10": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nTrust fees\t9303\t6632\t23565\t19884\nWealth management and advisory fees\t3963\t3827\t11592\t11104\nTotal investment management and fiduciary income\t13266\t10459\t35157\t30988\n", "q10k_tbl_11": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nService fees\t3116\t3188\t9246\t9083\nReturn and overdraft fees\t1532\t2797\t4998\t7341\nOther deposit service fees\t124\t154\t350\t564\nTotal deposit service charges\t4772\t6139\t14594\t16988\n", "q10k_tbl_12": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nManaged service fees\t3794\t3628\t11549\t10195\nCurrency preparation\t1083\t823\t2842\t2413\nATM loss protection\t597\t644\t1815\t1923\nMiscellaneous products and services\t1719\t1942\t3920\t7947\nTotal other income\t7193\t7037\t20126\t22478\n", "q10k_tbl_13": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(Dollars and shares in thousands except per share data)\t2020\t2019\t2020\t2019\nNumerator:\t\t\t\t\nNet income attributable to WSFS\t51145\t53882\t54961\t103105\nDenominator:\t\t\t\t\nWeighted average basic shares\t50665\t52863\t50802\t48381\nDilutive potential common shares\t19\t191\t30\t287\nWeighted average fully diluted shares\t50684\t53054\t50832\t48668\nEarnings per share:\t\t\t\t\nBasic\t1.01\t1.02\t1.08\t2.13\nDiluted\t1.01\t1.02\t1.08\t2.12\nOutstanding common stock equivalents having no dilutive effect\t29\t1\t18\t1\n", "q10k_tbl_14": "\tSeptember 30 2020\t\t\t\t\n(Dollars in thousands)\tAmortized Cost\tGross Unrealized Gain\tGross Unrealized Loss\tAllowance for Credit Losses\tFair Value\nAvailable-for-Sale Debt Securities\t\t\t\t\t\nCMO\t417162\t11455\t84\t0\t428533\nFNMA MBS\t1393291\t61809\t192\t0\t1454908\nFHLMC MBS\t232056\t14277\t109\t0\t246224\nGNMA MBS\t25637\t993\t0\t0\t26630\nGSE agency notes\t176395\t2329\t97\t0\t178627\n\t2244541\t90863\t482\t0\t2334922\nHeld-to-Maturity Debt Securities(1)\t\t\t\t\t\nState and political subdivisions\t113115\t4504\t0\t7\t117612\nForeign bonds\t501\t0\t0\t0\t501\n\t113616\t4504\t0\t7\t118113\n", "q10k_tbl_15": "\tDecember 31 2019\t\t\t\n(Dollars in thousands)\tAmortized Cost\tGross Unrealized Gain\tGross Unrealized Loss\tFair Value\nAvailable-for-Sale Debt Securities\t\t\t\t\nCMO\t336194\t4578\t542\t340230\nFNMA MBS\t1219522\t25717\t2786\t1242453\nFHLMC MBS\t320896\t8641\t591\t328946\nGNMA MBS\t32871\t477\t63\t33285\n\t1909483\t39413\t3982\t1944914\nHeld-to-Maturity Debt Securities(1)\t\t\t\t\nState and political subdivisions\t131600\t3023\t0\t134623\nForeign bonds\t2001\t1\t0\t2002\n\t133601\t3024\t0\t136625\n", "q10k_tbl_16": "\tAvailable-for-Sale\t\n\tAmortized\tFair\n(Dollars in thousands)\tCost\tValue\nSeptember 30 2020 (1)\t\t\nWithin one year\t0\t0\nAfter one year but within five years\t32729\t34393\nAfter five years but within ten years\t219962\t233169\nAfter ten years\t1991850\t2067360\n\t2244541\t2334922\nDecember 31 2019 (1)\t\t\nWithin one year\t0\t0\nAfter one year but within five years\t22136\t22207\nAfter five years but within ten years\t194197\t194376\nAfter ten years\t1693150\t1728331\n\t1909483\t1944914\n", "q10k_tbl_17": "\tHeld-to-Maturity\t\n\tAmortized\tFair\n(Dollars in thousands)\tCost\tValue\nSeptember 30 2020 (1)\t\t\nWithin one year\t1152\t1168\nAfter one year but within five years\t1549\t1567\nAfter five years but within ten years\t32533\t33763\nAfter ten years\t78382\t81615\n\t113616\t118113\nDecember 31 2019 (1)\t\t\nWithin one year\t2649\t2653\nAfter one year but within five years\t4239\t4270\nAfter five years but within ten years\t35288\t35967\nAfter ten years\t91425\t93735\n\t133601\t136625\n", "q10k_tbl_18": "\tDuration of Unrealized Loss Position\t\t\t\t\t\n\tLess than 12 months\t\t12 months or longer\t\tTotal\t\n\tFair\tUnrealized\tFair\tUnrealized\tFair\tUnrealized\n(Dollars in thousands)\tValue\tLoss\tValue\tLoss\tValue\tLoss\nAvailable-for-sale debt securities:\t\t\t\t\t\t\nCMO\t52291\t84\t0\t0\t52291\t84\nFNMA MBS\t74281\t189\t4380\t3\t78661\t192\nFHLMC MBS\t5196\t109\t0\t0\t5196\t109\nGSE agency notes\t25751\t97\t0\t0\t25751\t97\nTotal\t157519\t479\t4380\t3\t161899\t482\n", "q10k_tbl_19": "\tDuration of Unrealized Loss Position\t\t\t\t\t\n\tLess than 12 months\t\t12 months or longer\t\tTotal\t\n\tFair\tUnrealized\tFair\tUnrealized\tFair\tUnrealized\n(Dollars in thousands)\tValue\tLoss\tValue\tLoss\tValue\tLoss\nAvailable-for-sale debt securities:\t\t\t\t\t\t\nCMO\t47376\t481\t7999\t61\t55375\t542\nFNMA MBS\t310312\t2681\t6522\t105\t316834\t2786\nFHLMC MBS\t35354\t541\t2836\t50\t38190\t591\nGNMA MBS\t1847\t4\t5742\t59\t7589\t63\nTotal temporarily impaired investments\t394889\t3707\t23099\t275\t417988\t3982\nHeld-to-maturity debt securities:\t\t\t\t\t\t\nState and political subdivisions (1)\t523\t0\t0\t0\t523\t0\n", "q10k_tbl_20": "(Dollars in thousands)\tState and political subdivisions\tForeign bonds\nA+ rated or higher\t112826\t501\nNot rated\t289\t0\nEnding balance\t113115\t501\n", "q10k_tbl_21": "\tSeptember 30 2020\t\t\t\n(Dollars in thousands)\tAmortized Cost\tGross Unrealized Gain\tGross Unrealized Loss\tFair Value\nEquity Investments\t\t\t\t\nVisa Class B shares(1)\t618\t185\t0\t803\nOther equity investments(2)\t11279\t0\t1646\t9633\n\t11897\t185\t1646\t10436\n", "q10k_tbl_22": "\tDecember 31 2019\t\t\t\n(Dollars in thousands)\tAmortized Cost\tGross Unrealized Gain\tGross Unrealized Loss\tFair Value\nEquity Investments\t\t\t\t\nVisa Class B shares(1)\t15716\t45565\t0\t61281\nOther equity investments(2)\t8140\t625\t0\t8765\n\t23856\t46190\t0\t70046\n", "q10k_tbl_23": "(Dollars in thousands)\tSeptember 30 2020\tDecember 31 2019\nCommercial and industrial(1)\t2902815\t2046798\nOwner-occupied commercial\t1344494\t1296466\nCommercial mortgages\t2167508\t2222976\nConstruction\t666317\t581082\nCommercial small business leases\t227539\t188630\nResidential(2)\t857494\t1016500\nConsumer(3)\t1168891\t1128731\n\t9335058\t8481183\nLess:\t\t\nDeferred fees net(4)\t0\t9143\nAllowance for credit losses\t232726\t47576\nNet loans and leases\t9102332\t8424464\n", "q10k_tbl_24": "(Dollars in thousands)\tCommercial and Industrial(1)\tOwner-occupied Commercial\tCommercial Mortgages\tConstruction\tResidential(2)\tConsumer(3)\tTotal\nThree months ended September 30 2020\t\t\t\t\t\t\t\nAllowance for credit losses\t\t\t\t\t\t\t\nBeginning balance\t144225\t8956\t38397\t10126\t9171\t21317\t232192\nCharge-offs\t(2254)\t0\t(4)\t0\t0\t(374)\t(2632)\nRecoveries\t223\t8\t6\t0\t26\t187\t450\nProvision (credit)\t6335\t1420\t(4140)\t104\t(743)\t(260)\t2716\nEnding balance\t148529\t10384\t34259\t10230\t8454\t20870\t232726\nNine months ended September 30 2020\t\t\t\t\t\t\t\nAllowance for credit losses\t\t\t\t\t\t\t\nBeginning balance prior to adoption of ASC 326\t22849\t4616\t7452\t3891\t1381\t7387\t47576\nImpact of adopting ASC 326(4)\t19747\t(1472)\t1662\t681\t7522\t7715\t35855\nCharge-offs\t(7390)\t(336)\t(55)\t0\t(175)\t(1955)\t(9911)\nRecoveries\t4038\t133\t38\t5\t141\t735\t5090\nProvision (credit)\t109285\t7443\t25162\t5653\t(415)\t6988\t154116\nEnding balance\t148529\t10384\t34259\t10230\t8454\t20870\t232726\nPeriod-end allowance allocated to:\t\t\t\t\t\t\t\nLoans evaluated on an individual basis\t16\t0\t0\t0\t0\t0\t16\nLoans evaluated on a collective basis\t148513\t10384\t34259\t10230\t8454\t20870\t232710\nEnding balance\t148529\t10384\t34259\t10230\t8454\t20870\t232726\nPeriod-end loan balances:\t\t\t\t\t\t\t\nLoans evaluated on an individual basis\t14946\t5132\t4878\t83\t5307\t2503\t32849\nLoans evaluated on a collective basis\t3115408\t1339362\t2162630\t666234\t839688\t1166388\t9289710\nEnding balance\t3130354\t1344494\t2167508\t666317\t844995\t1168891\t9322559\n", "q10k_tbl_25": "(Dollars in thousands)\tCommercial and Industrial(1)\tOwner - occupied Commercial\tCommercial Mortgages\tConstruction\tResidential(2)\tConsumer\tTotal\nThree months ended September 30 2019\t\t\t\t\t\t\t\nAllowance for loan and lease losses\t\t\t\t\t\t\t\nBeginning balance\t22004\t4480\t6544\t2984\t1358\t7994\t45364\nCharge-offs\t(1441)\t(12)\t2\t0\t(3)\t(1042)\t(2496)\nRecoveries\t297\t4\t120\t2\t(60)\t319\t682\nProvision (credit)\t3595\t23\t97\t(105)\t43\t327\t3980\nProvision (credit) for acquired loans\t49\t9\t(26)\t0\t(8)\t117\t141\nEnding balance\t24504\t4504\t6737\t2881\t1330\t7715\t47671\nNine months ended September 30 2019\t\t\t\t\t\t\t\nAllowance for loan losses\t\t\t\t\t\t\t\nBeginning balance\t14211\t5057\t6806\t3712\t1428\t8325\t39539\nCharge-offs\t(15185)\t(20)\t(153)\t(42)\t(288)\t(2686)\t(18374)\nRecoveries\t858\t85\t547\t4\t(76)\t1118\t2536\nProvision (credit)\t24286\t(614)\t(533)\t(787)\t118\t656\t23126\nProvision (credit) for acquired loans\t334\t(4)\t70\t(6)\t148\t302\t844\nEnding balance\t24504\t4504\t6737\t2881\t1330\t7715\t47671\nPeriod-end allowance allocated to:\t\t\t\t\t\t\t\nIndividually evaluated for impairment\t3534\t156\t0\t0\t478\t180\t4348\nCollectively evaluated for impairment\t20969\t4269\t6690\t2873\t813\t7534\t43148\nAcquired loans individually evaluated for impairment\t1\t79\t47\t8\t39\t1\t175\nEnding balance\t24504\t4504\t6737\t2881\t1330\t7715\t47671\nPeriod-end loan balances:\t\t\t\t\t\t\t\nIndividually evaluated for impairment(3)\t21135\t9263\t2325\t0\t12031\t7502\t52256\nCollectively evaluated for impairment\t1657748\t935306\t1019723\t375664\t138121\t887193\t5013755\nAcquired nonimpaired loans\t605804\t322030\t1237282\t138251\t876089\t241633\t3421089\nAcquired impaired loans\t1664\t6809\t12655\t487\t7655\t2545\t31815\nEnding balance(4)\t2286351\t1273408\t2271985\t514402\t1033896\t1138873\t8518915\n", "q10k_tbl_26": "\tSeptember 30 2020\t\t\t\t\n(Dollars in thousands)\t30-89 Days Past Due and Still Accruing\tGreater Than 90 Days Past Due and Still Accruing\tTotal Past Due And Still Accruing\tAccruing Current Balances\tNonaccrual Loans(1)\t\t\t\tTotal Loans\t\t\nCommercial and industrial(2)\t17314\t1040\t18354\t3097310\t14690\t\t\t\t3130354\t\t\nOwner-occupied commercial\t3073\t3171\t6244\t1334228\t4022\t\t\t\t1344494\t\t\nCommercial mortgages\t15290\t1399\t16689\t2149167\t1652\t\t\t\t2167508\t\t\nConstruction\t2799\t0\t2799\t663518\t0\t\t\t\t666317\t\t\nResidential(3)\t2673\t0\t2673\t839240\t3082\t\t\t\t844995\t\t\nConsumer(4)\t10282\t6276\t16558\t1149944\t2389\t\t\t\t1168891\t\t\nTotal\t51431\t11886\t63317\t9233407\t25835\t\t\t\t9322559\t\t\n% of Total Loans\t0.55%\t0.13%\t0.68%\t99.04%\t0.28%\t\t\t\t100%\t\t\n", "q10k_tbl_27": "\tDecember 31 2019\t\t\t\t\t\t\n(Dollars in thousands)\t30-89 Days Past Due and Still Accruing\tGreater Than 90 Days Past Due and Still Accruing\tTotal Past Due And Still Accruing\tAccruing Current Balances\tAcquired Impaired Loans\tNonaccrual Loans\tTotal Loans\nCommercial and industrial(1)\t6289\t2038\t8327\t2214506\t1564\t11031\t2235428\nOwner-occupied commercial\t1498\t831\t2329\t1283320\t6757\t4060\t1296466\nCommercial mortgages\t4999\t99\t5098\t2207582\t8670\t1626\t2222976\nConstruction\t0\t0\t0\t580591\t491\t0\t581082\nResidential(2)\t6733\t437\t7170\t980893\t7326\t4490\t999879\nConsumer(3)\t13164\t12745\t25909\t1098980\t2127\t1715\t1128731\nTotal(4)\t32683\t16150\t48833\t8365872\t26935\t22922\t8464562\n% of Total Loans\t0.39%\t0.19%\t0.58%\t98.83%\t0.32%\t0.27%\t100%\n", "q10k_tbl_28": "\tSeptember 30 2020\n(Dollars in thousands)\tProperty\t\t\t\tEquipment and other\t\t\nCommercial and industrial(1)\t10824\t\t\t\t3866\t\t\nOwner-occupied commercial\t4022\t\t\t\t0\t\t\nCommercial mortgages\t1652\t\t\t\t0\t\t\nConstruction\t0\t\t\t\t0\t\t\nResidential(2)\t3082\t\t\t\t0\t\t\nConsumer(3)\t2389\t\t\t\t0\t\t\nTotal\t21969\t\t\t\t3866\t\t\n", "q10k_tbl_29": "\tDecember 31 2019\t\t\t\t\t\n(Dollars in thousands)\tEnding Loan Balances\tLoans with No Related Reserve(1)\tLoans with Related Reserve(2)\tRelated Reserve\tContractual Principal Balances(2)\tAverage Loan Balances\nCommercial and industrial\t11900\t9979\t1921\t1185\t14653\t17033\nOwner-occupied commercial\t5596\t3919\t1677\t233\t6083\t7869\nCommercial mortgages\t4888\t1753\t3135\t65\t5215\t4607\nConstruction\t435\t0\t435\t24\t488\t1686\nResidential\t14119\t8858\t5261\t557\t16721\t12031\nConsumer\t7584\t5876\t1708\t178\t8444\t7729\nTotal\t44522\t30385\t14137\t2242\t51604\t50955\n", "q10k_tbl_30": "\tTerm Loans Amortized Cost Basis by Origination Year\t\t\t\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\tPrior\tRevolving loans amortized cost basis\tRevolving loans converted to term\tTotal\n(Dollars in thousands)\t\t\t\t\t\t\t\t\t\nCommercial and industrial(1):\t\t\t\t\t\t\t\t\t\nRisk Rating\t\t\t\t\t\t\t\t\t\nPass(2)\t1360120\t460904\t275565\t182326\t105960\t148327\t5893\t139851\t2678946\nSpecial mention\t3514\t42224\t29414\t10445\t8145\t29059\t0\t24220\t147021\nSubstandard or Lower\t75455\t70069\t62398\t53471\t11080\t23318\t65\t8531\t304387\n\t1439089\t573197\t367377\t246242\t125185\t200704\t5958\t172602\t3130354\nOwner-occupied commercial:\t\t\t\t\t\t\t\t\t\nRisk Rating\t\t\t\t\t\t\t\t\t\nPass\t162465\t236745\t96951\t151118\t135794\t298133\t0\t134165\t1215371\nSpecial mention\t83\t7974\t653\t17670\t3599\t3328\t0\t3451\t36758\nSubstandard or Lower\t4556\t20219\t15077\t14076\t9127\t22304\t0\t7006\t92365\n\t167104\t264938\t112681\t182864\t148520\t323765\t0\t144622\t1344494\nCommercial mortgages:\t\t\t\t\t\t\t\t\t\nRisk Rating\t\t\t\t\t\t\t\t\t\nPass\t277281\t299727\t247892\t306437\t301239\t462444\t0\t122592\t2017612\nSpecial mention\t8479\t7211\t22309\t21450\t1906\t6519\t0\t1861\t69735\nSubstandard or Lower\t26260\t19239\t1911\t1833\t2636\t26211\t0\t2071\t80161\n\t312020\t326177\t272112\t329720\t305781\t495174\t0\t126524\t2167508\nConstruction:\t\t\t\t\t\t\t\t\t\nRisk Rating\t\t\t\t\t\t\t\t\t\nPass\t123965\t209675\t214989\t24828\t7711\t3864\t0\t66591\t651623\nSpecial mention\t0\t0\t0\t3503\t0\t0\t0\t616\t4119\nSubstandard or Lower\t0\t8743\t0\t0\t0\t83\t0\t1749\t10575\n\t123965\t218418\t214989\t28331\t7711\t3947\t0\t68956\t666317\nResidential(3):\t\t\t\t\t\t\t\t\t\nRisk Rating\t\t\t\t\t\t\t\t\t\nPerforming\t21380\t32628\t89647\t103019\t163476\t429538\t0\t0\t839688\nNonperforming(4)\t112\t0\t0\t0\t92\t5103\t0\t0\t5307\n\t21492\t32628\t89647\t103019\t163568\t434641\t0\t0\t844995\nConsumer(5):\t\t\t\t\t\t\t\t\t\nRisk Rating\t\t\t\t\t\t\t\t\t\nPerforming\t171357\t152211\t275702\t71871\t50878\t62148\t374550\t7439\t1166156\nNonperforming(6)\t0\t0\t642\t236\t0\t0\t1478\t379\t2735\n\t171357\t152211\t276344\t72107\t50878\t62148\t376028\t7818\t1168891\n", "q10k_tbl_31": "\tDecember 31 2019\t\t\t\t\t\n\tCommercial and Industrial(1)\tOwner-occupied Commercial\tCommercial Mortgages\tConstruction\tTotal Commercial(2)\t\n(Dollars in thousands)\t\t\t\t\tAmount\t%\nRisk Rating:\t\t\t\t\t\t\nSpecial mention\t12287\t0\t40478\t0\t52765\t\nSubstandard:\t\t\t\t\t\t\nAccrual\t78809\t32679\t23017\t0\t134505\t\nNonaccrual\t9852\t4037\t1626\t0\t15515\t\nDoubtful\t1179\t23\t0\t0\t1202\t\nTotal Special Mention and Substandard\t102127\t36739\t65121\t0\t203987\t3%\nAcquired impaired\t1564\t6757\t8670\t491\t17482\t-%\nPass\t2131737\t1252970\t2149185\t580591\t6114483\t97%\nTotal\t2235428\t1296466\t2222976\t581082\t6335952\t100%\n", "q10k_tbl_32": "\tResidential(2)\tConsumer\t\tTotal Retail(3)\t\n\tDecember 31 2019\tDecember 31 2019\tDecember 31 2019\t\n(Dollars in thousands)\t\t\tAmount\tPercent\nNonperforming(1)\t12858\t7374\t\t20232\t1%\nAcquired impaired loans\t7326\t2127\t\t9453\t-%\nPerforming\t979695\t1119230\t\t2098925\t99%\nTotal\t999879\t1128731\t\t2128610\t100%\n", "q10k_tbl_33": "(Dollars in thousands)\tSeptember 30 2020\tDecember 31 2019\nPerforming TDRs\t15670\t14281\nNonperforming TDRs\t4136\t5896\nTotal TDRs\t19806\t20177\n", "q10k_tbl_34": "\tThree months ended September 30 2020\t\t\t\t\tNine months ended September 30 2020\t\t\t\t\n\tContractual payment reduction and term extension\tMaturity Date Extension\tDischarged in bankruptcy\tOther(1)\tTotal\tContractual payment reduction and term extension\tMaturity Date Extension\tDischarged in bankruptcy\tOther(1)\tTotal\nCommercial and industrial\t0\t0\t0\t0\t0\t1\t0\t0\t0\t1\nOwner-occupied commercial\t0\t0\t0\t0\t0\t3\t0\t0\t0\t3\nCommercial mortgages\t0\t0\t0\t0\t0\t0\t1\t0\t0\t1\nConstruction\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\nResidential\t0\t0\t1\t1\t2\t0\t0\t5\t3\t8\nConsumer\t0\t0\t1\t2\t3\t0\t0\t8\t5\t13\nTotal\t0\t0\t2\t3\t5\t4\t1\t13\t8\t26\n", "q10k_tbl_35": "\tThree months ended September 30 2019\t\t\t\t\tNine months ended September 30 2019\t\t\t\t\n\tContractual payment reduction and term extension\tMaturity Date Extension\tDischarged in bankruptcy\tOther(1)\tTotal\tContractual payment reduction and term extension\tMaturity Date Extension\tDischarged in bankruptcy\tOther(1)\tTotal\nCommercial and industrial\t0\t0\t0\t0\t0\t0\t1\t0\t2\t3\nOwner-occupied commercial\t0\t0\t0\t0\t0\t0\t0\t0\t2\t2\nCommercial mortgages\t0\t0\t0\t0\t0\t1\t0\t0\t1\t2\nConstruction\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\nResidential\t0\t0\t1\t0\t1\t4\t0\t2\t0\t6\nConsumer\t0\t2\t1\t2\t5\t5\t3\t2\t2\t12\nTotal\t0\t2\t2\t2\t6\t10\t4\t4\t7\t25\n", "q10k_tbl_36": "\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\n\t2020\t\t2019\t\t2020\t\t2019\t\n(Dollars in thousands)\tPre Modification\tPost Modification\tPre Modification\tPost Modification\tPre Modification\tPost Modification\tPre Modification\tPost Modification\nCommercial\t0\t0\t0\t0\t16\t16\t1335\t1335\nOwner-occupied commercial\t0\t0\t0\t0\t1206\t1206\t1413\t1413\nCommercial mortgages\t0\t0\t0\t0\t99\t99\t504\t504\nConstruction\t0\t0\t0\t0\t0\t0\t0\t0\nResidential\t404\t404\t253\t253\t1522\t1522\t670\t670\nConsumer\t928\t928\t500\t500\t1321\t1321\t1807\t1807\nTotal\t1332\t1332\t753\t753\t4164\t4164\t5729\t5729\n", "q10k_tbl_37": "\tThree months ended\t\tNine months ended\t\n(Dollars in thousands)\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\nOperating lease cost (1)\t4723\t5596\t14224\t14610\nSublease income\t(93)\t(105)\t(279)\t(381)\nNet lease cost\t4630\t5491\t13945\t14229\n", "q10k_tbl_38": "(Dollars in thousands)\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\nRight of use assets\t154007\t166221\nTotal assets\t154007\t166221\nLiabilities\t\t\nLease liabilities\t169058\t181814\nTotal liabilities\t169058\t181814\nLease term and discount rate\t\t\nWeighted average remaining lease term (in years)\t19.37\t19.06\nWeighted average discount rate\t4.25%\t4.17%\n", "q10k_tbl_39": "(Dollars in thousands)\tSeptember 30 2020\nRemaining in 2020\t4359\n2021\t17110\n2022\t17074\n2023\t17192\n2024\t16017\nAfter 2024\t195793\nTotal lease payments\t267545\nLess: Interest\t(98487)\nPresent value of lease liabilities\t169058\n", "q10k_tbl_40": "(Dollars in thousands)\tDecember 31 2019\n2020\t18591\n2021\t18314\n2022\t18315\n2023\t18525\n2024\t17390\nAfter 2024\t197203\nTotal lease payments\t288338\nLess: Interest\t(106524)\nPresent value of lease liabilities\t181814\n", "q10k_tbl_41": "\tNine months ended\t\n(Dollars in thousands)\t\tSeptember 30 2020\t\t\t\tSeptember 30 2019\t\t\nCash paid for amounts included in the measurement of lease liabilities:\t\t\t\t\t\t\t\t\nOperating cash flows from operating leases\t\t13915\t\t\t\t12564\t\t\nRight of use assets obtained in exchange for new operating lease liabilities (non-cash)\t\t0\t\t\t\t61693\t\t\n", "q10k_tbl_42": "\tThree months ended\t\tNine months ended\t\n(Dollars in thousands)\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\nDirect financing leases:\t\t\t\t\nInterest income on lease receivable\t3965\t2048\t11344\t5826\nInterest income on deferred fees and costs\t117\t63\t304\t326\nTotal direct financing lease income\t4082\t2111\t11648\t6152\n", "q10k_tbl_43": "(Dollars in thousands)\tSeptember 30 2020\tDecember 31 2019\nLease receivables\t257519\t217076\nUnearned income\t(33430)\t(28446)\nDeferred fees and costs\t3450\t1962\nNet investment in direct financing leases\t227539\t190592\n", "q10k_tbl_44": "(Dollars in thousands)\tSeptember 30 2020\nRemaining in 2020\t21770\n2021\t80291\n2022\t64172\n2023\t47661\n2024\t30874\nAfter 2024\t12751\nTotal lease payments\t257519\n", "q10k_tbl_45": "(Dollars in thousands)\tDecember 31 2019\n2020\t71067\n2021\t58337\n2022\t42274\n2023\t28628\n2024\t14450\nAfter 2024\t2320\nTotal lease payments\t217076\n", "q10k_tbl_46": "(Dollars in thousands)\tWSFS Bank\tCash Connect\tWealth Management\tConsolidated Company\nDecember 31 2019\t452629\t0\t20199\t472828\nGoodwill adjustments\t0\t0\t0\t0\nSeptember 30 2020\t452629\t0\t20199\t472828\n", "q10k_tbl_47": "(Dollars in thousands)\tGross Intangible Assets\tAccumulated Amortization\tNet Intangible Assets\tAmortization Period\nSeptember 30 2020\t\t\t\t\nCore deposits\t95711\t(20384)\t75327\t10 years\nCustomer relationships\t15281\t(6281)\t9000\t7-15 years\nNon-compete agreements\t221\t(179)\t42\t5 years\nLoan servicing rights(1)\t4819\t(2210)\t2609\t10-25 years\nTotal intangible assets\t116032\t(29054)\t86978\t\nDecember 31 2019\t\t\t\t\nCore deposits\t95711\t(13326)\t82385\t10 years\nCustomer relationships\t17561\t(7416)\t10145\t7-15 years\nNon-compete agreements\t221\t(146)\t75\t5 years\nLoan servicing rights(2)\t4880\t(1568)\t3312\t10-25 years\nTotal intangible assets\t118373\t(22456)\t95917\t\n", "q10k_tbl_48": "(Dollars in thousands)\tSeptember 30 2020\nRemaining in 2020\t2875\n2021\t11289\n2022\t11073\n2023\t10914\n2024\t10739\nThereafter\t40088\nTotal\t86978\n", "q10k_tbl_49": "(Dollars in thousands)\t\t\tSeptember 30 2020\tDecember 31 2019\nNoninterest-bearing:\t\t\t\t\n\tNoninterest demand\t\t3196967\t2189573\n\t\tTotal noninterest-bearing\t3196967\t2189573\nInterest-bearing:\t\t\t\t\n\tInterest-bearing demand\t\t2521030\t2129725\n\tSavings\t\t1717952\t1563000\n\tMoney market\t\t2488794\t2100188\n\tCustomer time deposits\t\t1223843\t1356610\n\tBrokered deposits\t\t242759\t247761\n\t\tTotal interest-bearing\t8194378\t7397284\n\t\tTotal deposits\t11391345\t9586857\n", "q10k_tbl_50": "\tThree months ended September 30\t\tNine months ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nService cost\t15\t13\t45\t40\nInterest cost\t17\t20\t51\t58\nPrior service cost amortization\t(19)\t(19)\t(57)\t(57)\nNet gain recognition\t(9)\t(16)\t(27)\t(47)\nNet periodic cost (benefit)\t4\t(2)\t12\t(6)\n", "q10k_tbl_51": "\tThree months ended September 30\t\tNine months ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nService cost\t0\t10\t17\t30\nInterest cost\t0\t70\t105\t208\nExpected return on plan assets\t0\t(150)\t(196)\t(445)\nPrior service cost amortization\t0\t0\t0\t0\nNet gain recognition\t0\t0\t0\t0\nPlan settlement loss\t0\t0\t1431\t0\nNet periodic cost (benefit)\t0\t(70)\t1357\t(207)\n", "q10k_tbl_52": "\tThree months ended September 30 2020\t\tNine months ended September 30 2020\t\n(Dollars in thousands)\tPension Benefits\tOther Postretirement Benefits\tPension Benefits\tOther Postretirement Benefits\nService cost\t0\t2\t0\t59\nInterest cost\t728\t108\t2183\t381\nExpected return on plan assets\t(1590)\t0\t(4773)\t0\nPrior service cost amortization\t0\t(76)\t0\t(76)\nNet loss (gain) recognition\t1\t(6)\t3\t(15)\nNet periodic (benefit) cost\t(861)\t28\t(2587)\t349\n", "q10k_tbl_53": "\tThree months ended September 30 2019\t\tNine months ended September 30 2019\t\n(Dollars in thousands)\tPension Benefits\tOther Postretirement Benefits\tPension Benefits\tOther Postretirement Benefits\nService cost\t0\t23\t0\t53\nInterest cost\t857\t177\t1999\t413\nExpected return on plan assets\t(1442)\t0\t(3365)\t0\nPrior service cost amortization\t0\t0\t0\t0\nNet loss (gain) recognition\t0\t0\t0\t0\nNet periodic (benefit) cost\t(585)\t200\t(1366)\t466\n", "q10k_tbl_54": "\tSeptember 30 2020\t\t\t\n(Dollars in thousands)\tQuoted Prices in Active Markets for Identical Asset (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\tTotal Fair Value\nAssets measured at fair value on a recurring basis:\t\t\t\t\nAvailable-for-sale securities:\t\t\t\t\nCMO\t0\t428533\t0\t428533\nFNMA MBS\t0\t1454908\t0\t1454908\nFHLMC MBS\t0\t246224\t0\t246224\nGNMA MBS\t0\t26630\t0\t26630\nGSE agency notes\t0\t178627\t0\t178627\nOther assets\t0\t18448\t0\t18448\nTotal assets measured at fair value on a recurring basis\t0\t2353370\t0\t2353370\nLiabilities measured at fair value on a recurring basis:\t\t\t\t\nOther liabilities\t0\t8350\t25205\t33555\nAssets measured at fair value on a nonrecurring basis:\t\t\t\t\nOther investments\t0\t0\t10436\t10436\nOther real estate owned\t0\t0\t3000\t3000\nLoans held for sale\t0\t152453\t0\t152453\nTotal assets measured at fair value on a nonrecurring basis\t0\t152453\t13436\t165889\n", "q10k_tbl_55": "\tDecember 31 2019\t\t\t\n(Dollars in thousands)\tQuoted Prices in Active Markets for Identical Asset (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\tTotal Fair Value\nAssets measured at fair value on a recurring basis:\t\t\t\t\nAvailable-for-sale securities:\t\t\t\t\nCMO\t0\t340230\t0\t340230\nFNMA MBS\t0\t1242453\t0\t1242453\nFHLMC MBS\t0\t328946\t0\t328946\nGNMA MBS\t0\t33285\t0\t33285\nOther assets\t0\t4884\t0\t4884\nTotal assets measured at fair value on a recurring basis\t0\t1949798\t0\t1949798\nLiabilities measured at fair value on a recurring basis:\t\t\t\t\nOther liabilities\t0\t3918\t0\t3918\nAssets measured at fair value on a nonrecurring basis\t\t\t\t\nOther investments\t0\t0\t70046\t70046\nOther real estate owned\t0\t0\t2605\t2605\nLoans held for sale\t0\t83872\t0\t83872\nTotal assets measured at fair value on a nonrecurring basis\t0\t83872\t72651\t156523\n", "q10k_tbl_56": "September 30 2020\t\t\t\t\nFinancial Instrument\tFair Value\tValuation Technique(s)\tUnobservable Input\tRange (Weighted Average)\nOther investments\t10436\tObserved market comparable transactions\tPeriod of observed transactions\tJuly 2020\nOther real estate owned\t3000\tFair market value of collateral\tCosts to sell\t5.0% - 10.0% (10.0%)\nOther liabilities\t25205\tDiscounted cash flow\tTiming of the resolution of the Visa litigation\t3 - 8 years (5.75 years or 4Q 2025)\n", "q10k_tbl_57": "\t\tSeptember 30 2020\t\tDecember 31 2019\t\n(Dollars in thousands)\tFair Value Measurement\tBook Value\tFair Value\tBook Value\tFair Value\nFinancial assets:\t\t\t\t\t\nCash cash equivalents and restricted cash\tLevel 1\t1072920\t1072920\t571752\t571752\nInvestment securities available-for-sale\tLevel 2\t2334922\t2334922\t1944914\t1944914\nInvestment securities held-to-maturity net\tLevel 2\t113609\t118113\t133601\t136625\nOther investments\tLevel 3\t10436\t10436\t70046\t70046\nLoans held for sale\tLevel 2\t152453\t152453\t83872\t83872\nLoans and leases net(1)\tLevel 3\t9102332\t9455051\t8424464\t8580015\nStock in FHLB of Pittsburgh\tLevel 2\t6497\t6497\t21097\t21097\nAccrued interest receivable\tLevel 2\t42801\t42801\t38094\t38094\nOther assets\tLevel 2\t18448\t18448\t4884\t4884\nFinancial liabilities:\t\t\t\t\t\nDeposits\tLevel 2\t11391345\t11353731\t9586857\t9575394\nBorrowed funds\tLevel 2\t204294\t206804\t489288\t489561\nStandby letters of credit\tLevel 3\t496\t496\t623\t623\nAccrued interest payable\tLevel 2\t8522\t8522\t3103\t3103\nOther liabilities\tLevels 2 3\t33555\t33555\t3918\t3918\n", "q10k_tbl_58": "\tFair Values of Derivative Instruments\t\t\t\n(Dollars in thousands)\t\tNotional\tBalance Sheet Location\tDerivatives (Fair Value)\nDerivatives not designated as hedging instruments:\t\t\t\t\nInterest rate products\t\t65068\tOther assets\t6339\nInterest rate products\t\t65068\tOther liabilities\t(7067)\nRisk participation agreements\t\t4410\tOther liabilities\t(12)\nInterest rate lock commitments with customers\t\t308807\tOther assets\t11606\nInterest rate lock commitments with customers\t\t22134\tOther liabilities\t(174)\nForward sale commitments\t\t56290\tOther assets\t503\nForward sale commitments\t\t245224\tOther liabilities\t(1097)\nFinancial derivatives related to sales of certain Visa Class B shares\t\t113177\tOther liabilities\t(25205)\nTotal derivatives\t\t880178\t\t(15107)\n", "q10k_tbl_59": "\tFair Values of Derivative Instruments\t\t\t\t\n(Dollars in thousands)\t\tCount\tNotional\tBalance Sheet Location\tDerivatives (Fair Value)\nDerivatives designated as hedging instruments:\t\t\t\t\t\nInterest rate products\t\t3\t75000\tOther liabilities\t(759)\nTotal\t\t\t75000\t\t(759)\nDerivatives not designated as hedging instruments:\t\t\t\t\t\nInterest rate products\t\t\t71804\tOther assets\t2520\nInterest rate products\t\t\t71804\tOther liabilities\t(2688)\nRisk participation agreements\t\t\t4524\tOther liabilities\t(4)\nInterest rate lock commitments with customers\t\t\t99057\tOther assets\t1768\nInterest rate lock commitments with customers\t\t\t28505\tOther liabilities\t(191)\nForward sale commitments\t\t\t61301\tOther assets\t596\nForward sale commitments\t\t\t90177\tOther liabilities\t(276)\nTotal\t\t\t427172\t\t1725\nTotal derivatives\t\t\t502172\t\t966\n", "q10k_tbl_60": "\tAmount of Gain Recognized in OCI on Derivative (Effective Portion)\t\tAmount of Gain Recognized in OCI on Derivative (Effective Portion)\t\tLocation of Gain Reclassified from Accumulated OCI into Income (Effective Portion)\n(Dollars in thousands)\tThree Months Ended September 30\t\tNine Months Ended September 30\t\t\nDerivatives in Cash Flow Hedging Relationships\t2020\t2019\t2020\t2019\t\nInterest Rate Products\t0\t368\t1560\t2005\tInterest income\nTotal\t0\t368\t1560\t2005\t\n\tAmount of Gain or (Loss) Recognized in Income\t\tAmount of Gain or (Loss) Recognized in Income\t\tLocation of Gain or (Loss) Recognized in Income\n(Dollars in thousands)\tThree Months Ended September 30\t\tNine Months Ended September 30\t\t\nDerivatives Not Designated as a Hedging Instrument\t2020\t2019\t2020\t2019\t\nInterest Rate Lock Commitments\t3261\t322\t9488\t1496\tMortgage banking activities net\nForward Sale Commitments\t(3110)\t(481)\t(9594)\t(1203)\tMortgage banking activities net\nTotal\t151\t(159)\t(106)\t293\t\n", "q10k_tbl_61": "\tThree Months Ended September 30 2020\t\t\t\tThree Months Ended September 30 2019\t\t\t\n(Dollars in thousands)\tWSFS Bank\tCash Connect®\tWealth Management\tTotal\tWSFS Bank\tCash Connect®\tWealth Management\tTotal\nStatements of Income\t\t\t\t\t\t\t\t\nExternal customer revenues:\t\t\t\t\t\t\t\t\nInterest income\t121179\t0\t2191\t123370\t138585\t0\t2677\t141262\nNoninterest income\t25601\t10157\t13413\t49171\t38563\t13067\t10716\t62346\nTotal external customer revenues\t146780\t10157\t15604\t172541\t177148\t13067\t13393\t203608\nInter-segment revenues:\t\t\t\t\t\t\t\t\nInterest income\t965\t244\t2477\t3686\t2855\t0\t5592\t8447\nNoninterest income\t3359\t199\t497\t4055\t2483\t257\t320\t3060\nTotal inter-segment revenues\t4324\t443\t2974\t7741\t5338\t257\t5912\t11507\nTotal revenue\t151104\t10600\t18578\t180282\t182486\t13324\t19305\t215115\nExternal customer expenses:\t\t\t\t\t\t\t\t\nInterest expense\t9994\t0\t328\t10322\t19056\t0\t1373\t20429\nNoninterest expenses\t79469\t6537\t7534\t93540\t93146\t9132\t7283\t109561\nProvision for credit losses\t1324\t0\t1392\t2716\t3954\t0\t167\t4121\nTotal external customer expenses\t90787\t6537\t9254\t106578\t116156\t9132\t8823\t134111\nInter-segment expenses:\t\t\t\t\t\t\t\t\nInterest expense\t2721\t172\t793\t3686\t5592\t1730\t1125\t8447\nNoninterest expenses\t696\t798\t2561\t4055\t577\t680\t1803\t3060\nTotal inter-segment expenses\t3417\t970\t3354\t7741\t6169\t2410\t2928\t11507\nTotal expenses\t94204\t7507\t12608\t114319\t122325\t11542\t11751\t145618\nIncome before taxes\t56900\t3093\t5970\t65963\t60161\t1782\t7554\t69497\nIncome tax provision\t\t\t\t15140\t\t\t\t15902\nConsolidated net income\t\t\t\t50823\t\t\t\t53595\nNet loss attributable to noncontrolling interest\t\t\t\t(322)\t\t\t\t(287)\nNet income attributable to WSFS\t\t\t\t51145\t\t\t\t53882\nSupplemental Information\t\t\t\t\t\t\t\t\nCapital expenditures for the period ended\t640\t0\t10\t650\t3920\t1340\t0\t5260\n", "q10k_tbl_62": "\tNine Months Ended September 30 2020\t\t\t\tNine Months Ended September 30 2019\t\t\t\n(Dollars in thousands)\tWSFS Bank\tCash Connect®\tWealth Management\tTotal\tWSFS Bank\tCash Connect®\tWealth Management\tTotal\nStatements of Income\t\t\t\t\t\t\t\t\nExternal customer revenues:\t\t\t\t\t\t\t\t\nInterest income\t376198\t0\t6910\t383108\t375762\t0\t7980\t383742\nNoninterest income\t87977\t30844\t35572\t154393\t74697\t38824\t32818\t146339\nTotal external customer revenues\t464175\t30844\t42482\t537501\t450459\t38824\t40798\t530081\nInter-segment revenues:\t\t\t\t\t\t\t\t\nInterest income\t3845\t481\t7768\t12094\t9992\t0\t13649\t23641\nNoninterest income\t9808\t616\t1017\t11441\t6522\t626\t717\t7865\nTotal inter-segment revenues\t13653\t1097\t8785\t23535\t16514\t626\t14366\t31506\nTotal revenue\t477828\t31941\t51267\t561036\t466973\t39450\t55164\t561587\nExternal customer expenses:\t\t\t\t\t\t\t\t\nInterest expense\t38400\t0\t1754\t40154\t52474\t0\t3889\t56363\nNoninterest expenses\t232343\t21173\t21955\t275471\t267138\t26055\t21808\t315001\nProvision for credit losses\t150177\t0\t3939\t154116\t23479\t0\t491\t23970\nTotal external customer expenses\t420920\t21173\t27648\t469741\t343091\t26055\t26188\t395334\nInter-segment expenses:\t\t\t\t\t\t\t\t\nInterest expense\t8249\t1257\t2588\t12094\t13649\t6491\t3501\t23641\nNoninterest expenses\t1633\t2438\t7370\t11441\t1343\t1923\t4599\t7865\nTotal inter-segment expenses\t9882\t3695\t9958\t23535\t14992\t8414\t8100\t31506\nTotal expenses\t430802\t24868\t37606\t493276\t358083\t34469\t34288\t426840\nIncome before taxes\t47026\t7073\t13661\t67760\t108890\t4981\t20876\t134747\nIncome tax provision\t\t\t\t14181\t\t\t\t32253\nConsolidated net income\t\t\t\t53579\t\t\t\t102494\nNet loss attributable to noncontrolling interest\t\t\t\t(1382)\t\t\t\t(611)\nNet income attributable to WSFS\t\t\t\t54961\t\t\t\t103105\nSupplemental Information\t\t\t\t\t\t\t\t\nCapital expenditures for the period ended\t3077\t256\t147\t3480\t9160\t1411\t130\t10701\n", "q10k_tbl_63": "\tSeptember 30 2020\t\t\t\tDecember 31 2019\t\t\t\n(Dollars in thousands)\tWSFS Bank\tCash Connect®\tWealth Management\tTotal\tWSFS Bank\tCash Connect®\tWealth Management\tTotal\nStatements of Financial Condition\t\t\t\t\t\t\t\t\nCash and cash equivalents\t720456\t342951\t9513\t1072920\t202792\t357494\t11466\t571752\nGoodwill\t452629\t0\t20199\t472828\t452629\t0\t20199\t472828\nOther segment assets\t12045866\t6757\t231737\t12284360\t10982681\t6555\t222486\t11211722\nTotal segment assets\t13218951\t349708\t261449\t13830108\t11638102\t364049\t254151\t12256302\n", "q10k_tbl_64": "(Dollars in thousands)\tNet change in investment securities available-for-sale\tNet change in investment securities held-to-maturity\tNet change in defined benefit plan\tNet change in fair value of derivatives used for cash flow hedges (1)\tNet change in equity method investments\tTotal\nBalance June 30 2020\t74689\t346\t(3127)\t872\t0\t72780\nOther comprehensive (loss) income before reclassifications\t(3474)\t0\t58\t0\t(9)\t(3425)\nLess: Amounts reclassified from accumulated other comprehensive (loss) income\t(2525)\t(39)\t(83)\t(113)\t0\t(2760)\nNet current-period other comprehensive loss\t(5999)\t(39)\t(25)\t(113)\t(9)\t(6185)\nBalance September 30 2020\t68690\t307\t(3152)\t759\t(9)\t66595\nBalance June 30 2019\t22244\t602\t659\t(817)\t0\t22688\nOther comprehensive income (loss) before reclassifications\t9268\t(1)\t(8)\t368\t0\t9627\nLess: Amounts reclassified from accumulated other comprehensive loss\t0\t(69)\t(27)\t0\t0\t(96)\nNet current-period other comprehensive income (loss)\t9268\t(70)\t(35)\t368\t0\t9531\nBalance September 30 2019\t31512\t532\t624\t(449)\t0\t32219\n(1)Cash flow hedges were terminated as of April 1 2020\t\t\t\t\t\t\n(Dollars in thousands)\tNet change in investment securities available for sale\tNet change in investment securities held to maturity\tNet change in defined benefit plan\tNet change in fair value of derivatives used for cash flow hedges (1)\tNet change in equity method investments\tTotal\nBalance December 31 2019\t26927\t468\t(3317)\t(577)\t0\t23501\nOther comprehensive income (loss) before reclassifications\t46264\t0\t84\t1560\t(9)\t47899\nLess: Amounts reclassified from accumulated other comprehensive (loss) income\t(4501)\t(161)\t81\t(224)\t0\t(4805)\nNet current-period other comprehensive income (loss)\t41763\t(161)\t165\t1336\t(9)\t43094\nBalance September 30 2020\t68690\t307\t(3152)\t759\t(9)\t66595\nBalance December 31 2018\t(14553)\t779\t834\t(2454)\t0\t(15394)\nOther comprehensive income (loss) before reclassifications\t46124\t(2)\t(131)\t2005\t0\t47996\nLess: Amounts reclassified from accumulated other comprehensive (loss) income\t(59)\t(245)\t(79)\t0\t0\t(383)\nNet current-period other comprehensive income (loss)\t46065\t(247)\t(210)\t2005\t0\t47613\nBalance September 30 2019\t31512\t532\t624\t(449)\t0\t32219\n(1)Cash flow hedges were terminated as of April 1 2020\t\t\t\t\t\t\n", "q10k_tbl_65": "\tThree Months Ended September 30\t\tAffected line item in unaudited Consolidated Statements of Income\n(Dollars in thousands)\t2020\t2019\nSecurities available for sale:\t\t\t\nRealized gains on securities transactions\t(3322)\t0\tSecurities gains net\nIncome taxes\t797\t0\tIncome tax provision\nNet of tax\t(2525)\t0\t\nNet unrealized holding gains on securities transferred between available-for-sale and held-to-maturity:\t\t\t\nAmortization of net unrealized gains to income during the period\t(51)\t(91)\tInterest and dividends on investment securities\nIncome taxes\t12\t22\tIncome tax provision\nNet of tax\t(39)\t(69)\t\nAmortization of defined benefit pension plan-related items:\t\t\t\nPrior service credits\t(95)\t(19)\t\nActuarial gains\t(14)\t(16)\t\nTotal before tax\t(109)\t(35)\tSalaries benefits and other compensation\nIncome taxes\t26\t8\tIncome tax provision\nNet of tax\t(83)\t(27)\t\nNet unrealized gains on terminated cash flow hedges:\t\t\t\nAmortization of net unrealized gains to income during the period\t(149)\t0\tInterest and fees on loans and leases\nIncome taxes\t36\t0\tIncome tax provision\nNet of tax\t(113)\t0\t\nTotal reclassifications\t(2760)\t(96)\t\n", "q10k_tbl_66": "\tNine Months Ended\t\tAffected line item in unaudited Consolidated Statements of Operations\n\tSeptember 30\t\n\t2020\t2019\t\nSecurities available-for-sale:\t\t\t\nRealized gains on securities transactions\t(5923)\t(78)\tSecurities gains net\nIncome taxes\t1422\t19\tIncome tax provision\nNet of tax\t(4501)\t(59)\t\nNet unrealized holding gains on securities transferred between available-for-sale and held-to-maturity:\t\t\t\nAmortization of net unrealized gains to income during the period\t(211)\t(322)\tInterest and dividends on investment securities\nIncome taxes\t50\t77\tIncome tax provision\nNet of tax\t(161)\t(245)\t\nAmortization of defined benefit pension plan-related items:\t\t\t\nPrior service credits\t(133)\t(57)\t\nActuarial gains\t(39)\t(47)\t\nTotal before tax\t(172)\t(104)\tSalaries benefits and other compensation\nIncome taxes\t41\t25\tIncome tax provision\nNet of tax\t(131)\t(79)\t\nDefined benefit pension plan settlement:\t\t\t\nRealized losses on plan settlement\t279\t0\tOther operating expense\nIncome taxes\t(67)\t0\tIncome tax provision\nNet of tax\t212\t0\t\nNet unrealized gains on terminated cash flow hedges:\t\t\t\nAmortization of net unrealized gains to income during the period\t(295)\t0\tInterest and fees on loans and leases\nIncome taxes\t71\t0\tIncome tax provision\nNet of tax\t(224)\t0\t\nTotal reclassifications\t(4805)\t(383)\t\n", "q10k_tbl_67": "\tConsolidated Capital\t\tFor Capital Adequacy Purposes\t\tTo be Well-Capitalized Under Prompt Corrective Action Provisions\t\n(Dollars in thousands)\tAmount\tPercent\tAmount\tPercent\tAmount\tPercent\nTotal Capital (to Risk-Weighted Assets)\t\t\t\t\t\t\nWilmington Savings Fund Society FSB\t1473337\t14.50%\t812713\t8.00%\t1015891\t10.00%\nWSFS Financial Corporation\t1473652\t14.47%\t814844\t8.00%\t1018555\t10.00%\nTier 1 Capital (to Risk-Weighted Assets)\t\t\t\t\t\t\nWilmington Savings Fund Society FSB\t1345296\t13.24%\t609535\t6.00%\t812713\t8.00%\nWSFS Financial Corporation\t1345282\t13.21%\t611133\t6.00%\t814844\t8.00%\nCommon Equity Tier 1 Capital (to Risk-Weighted Assets)\t\t\t\t\t\t\nWilmington Savings Fund Society FSB\t1345296\t13.24%\t457151\t4.50%\t660329\t6.50%\nWSFS Financial Corporation\t1280282\t12.57%\t458350\t4.50%\t662061\t6.50%\nTier 1 Leverage Capital\t\t\t\t\t\t\nWilmington Savings Fund Society FSB\t1345296\t10.31%\t521967\t4.00%\t652458\t5.00%\nWSFS Financial Corporation\t1345282\t10.30%\t522328\t4.00%\t652910\t5.00%\n", "q10k_tbl_68": "\tSeptember 30 2020\t\t\n(Dollars in thousands)\tAs Reported\tProforma(1)\tCECL Impact\nTotal Capital (to Risk-Weighted Assets)\t\t\t\nWilmington Savings Fund Society FSB\t14.50%\t14.59%\t(0.09)%\nWSFS Financial Corporation\t14.47%\t14.55%\t(0.08)%\nTier 1 Capital (to Risk-Weighted Assets)\t\t\t\nWilmington Savings Fund Society FSB\t13.24%\t13.32%\t(0.08)%\nWSFS Financial Corporation\t13.21%\t13.29%\t(0.08)%\nCommon Equity Tier 1 Capital (to Risk-Weighted Assets)\t\t\t\nWilmington Savings Fund Society FSB\t13.24%\t13.32%\t(0.08)%\nWSFS Financial Corporation\t12.57%\t12.65%\t(0.08)%\nTier 1 Leverage Capital\t\t\t\nWilmington Savings Fund Society FSB\t10.31%\t10.36%\t(0.05)%\nWSFS Financial Corporation\t10.30%\t10.35%\t(0.05)%\n", "q10k_tbl_69": "(Dollars in thousands)\tSeptember 30 2020\tDecember 31 2019\nNonaccruing loans:\t\t\nCommercial and industrial\t14690\t11031\nOwner-occupied commercial\t4022\t4060\nCommercial mortgages\t1652\t1626\nResidential\t3082\t4490\nConsumer\t2389\t1715\nTotal nonaccruing loans\t25835\t22922\nOther real estate owned\t3000\t2605\nRestructured loans(1)(6)\t15670\t14281\nTotal nonperforming assets\t44505\t39808\nPast due loans:\t\t\nCommercial\t5610\t2968\nResidential\t0\t437\nConsumer (2)\t6276\t12745\nTotal past due loans\t11886\t16150\nRatio of allowance for credit losses to total loans and leases(3)\t2.47%\t0.56%\nRatio of nonaccruing loans to total gross loans and leases(4)\t0.28\t0.27\nRatio of nonperforming assets to total assets\t0.32\t0.32\nRatio of allowance for credit losses to nonaccruing loans\t901\t208\nRatio of allowance for credit losses to total nonperforming assets(5)\t523\t120\n", "q10k_tbl_70": "\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\nBeginning balance\t39808\t47675\nAdditions\t23276\t46879\nCollections\t(11893)\t(20491)\nTransfers to accrual\t(134)\t(1240)\nCharge-offs\t(6552)\t(16587)\nEnding balance\t44505\t56236\n", "q10k_tbl_71": "\tOctober 15 2020\t\tSeptember 30 2020\tJune 30 2020\t\n(Dollars in thousands)\tLoan Balances\t% of Portfolio\tLoan Balances\t% of Portfolio\tLoan Balances\t\t\t\t\t\t\t\t\t\t% of Portfolio\t\t\nCommercial and industrial(1)\t94278\t4%\t139856\t7%\t675724\t\t\t\t\t\t\t\t\t\t30%\t\t\nOwner-occupied commercial\t9764\t1%\t10643\t1%\t380432\t\t\t\t\t\t\t\t\t\t28%\t\t\nCommercial mortgages\t53005\t2%\t53122\t2%\t700889\t\t\t\t\t\t\t\t\t\t32%\t\t\nConstruction\t1744\t-%\t1748\t-%\t109861\t\t\t\t\t\t\t\t\t\t17%\t\t\nResidential\t34954\t4%\t34985\t4%\t86581\t\t\t\t\t\t\t\t\t\t9%\t\t\nConsumer(2)(3)\t38304\t3%\t42406\t4%\t65162\t\t\t\t\t\t\t\t\t\t7%\t\t\n\t232049\t3%\t282760\t3%\t2018649\t\t\t\t\t\t\t\t\t\t24%\t\t\n", "q10k_tbl_72": "\tSeptember 30 2020\t\tDecember 31 2019\t\n% Change in Interest Rate (Basis Points)\t% Change in Net Interest Margin(1)\tEconomic Value of Equity(2)\t% Change in Net Interest Margin(1)\tEconomic Value of Equity(2)\n+300\t13.9%\t18.16%\t5.8%\t18.97%\n+200\t9.2%\t17.74%\t4.0%\t19.18%\n+100\t4.4%\t17.05%\t2.0%\t19.23%\n+50\t2.1%\t16.57%\t1.0%\t19.14%\n+25\t1.0%\t16.30%\t0.5%\t19.06%\n0\t-%\t16.02%\t-%\t18.97%\n-25\t(0.7)%\t15.68%\t(0.5)%\t18.85%\n-50\t(1.1)%\t15.17%\t(0.9)%\t18.72%\n-100\t(1.3)%\t14.77%\t(2.4)%\t18.30%\n'-200(3)\tNMF\tNMF\tNMF\tNMF\n-300(3)\tNMF\tNMF\tNMF\tNMF\n", "q10k_tbl_73": "\tThree months ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n(Dollars in thousands)\tAverage Balance\tInterest\tYield/ Rate(1)\tAverage Balance\tInterest\tYield/ Rate(1)\nAssets:\t\t\t\t\t\t\nInterest-earning assets:\t\t\t\t\t\t\nLoans:(2)\t\t\t\t\t\t\nCommercial real estate loans\t2848655\t30218\t4.22%\t2783199\t37492\t5.34%\nResidential loans\t892634\t12512\t5.61\t1069495\t14580\t5.45\nCommercial loans and leases\t4472190\t52753\t4.70\t3548597\t55903\t6.26\nConsumer loans\t1153168\t13726\t4.74\t1135575\t16286\t5.69\nLoans held for sale\t110768\t986\t3.54\t50465\t539\t4.24\nTotal loans and leases\t9477415\t110195\t4.63\t8587331\t124800\t5.77\nMortgage-backed securities(3)\t2204573\t11686\t2.12\t1833267\t12989\t2.83\nInvestment securities(3)\t119556\t1265\t4.86\t137497\t968\t3.35\nOther interest-earning assets\t530178\t224\t0.17\t423470\t2505\t2.35\nTotal interest-earning assets\t12331722\t123370\t3.99%\t10981565\t141262\t5.11%\nAllowance for credit losses\t(233301)\t\t\t(46773)\t\t\nCash and due from banks\t135198\t\t\t115506\t\t\nCash in non-owned ATMs\t370912\t\t\t313456\t\t\nBank-owned life insurance\t30956\t\t\t30558\t\t\nOther noninterest-earning assets\t1012506\t\t\t1024108\t\t\nTotal assets\t13647993\t\t\t12418420\t\t\nLiabilities and Stockholders' Equity:\t\t\t\t\t\t\nInterest-bearing liabilities:\t\t\t\t\t\t\nInterest-bearing deposits:\t\t\t\t\t\t\nInterest-bearing demand\t2372547\t790\t0.13%\t2055497\t2490\t0.48%\nMoney market\t2404202\t1805\t0.30\t1966545\t5034\t1.02\nSavings\t1753489\t621\t0.14\t1579463\t2068\t0.52\nCustomer time deposits\t1234637\t4402\t1.42\t1371744\t5452\t1.58\nTotal interest-bearing customer deposits\t7764875\t7618\t0.39\t6973249\t15044\t0.86\nBrokered certificates of deposit\t243728\t728\t1.19\t294485\t1807\t2.43\nTotal interest-bearing deposits\t8008603\t8346\t0.41\t7267734\t16851\t0.92\nFederal Home Loan Bank advances\t68442\t445\t2.59\t187721\t1099\t2.32\nTrust preferred borrowings\t67011\t347\t2.06\t67011\t693\t4.10\nSenior debt\t98733\t1179\t4.78\t98519\t1179\t4.79\nOther borrowed funds(4)\t20062\t5\t0.10\t127850\t607\t1.88\nTotal interest-bearing liabilities\t8262851\t10322\t0.50%\t7748835\t20429\t1.05%\nNoninterest-bearing demand deposits\t3176647\t\t\t2503816\t\t\nOther noninterest-bearing liabilities\t374206\t\t\t323350\t\t\nStockholders' equity\t1836256\t\t\t1842759\t\t\nNoncontrolling interest\t(1967)\t\t\t(340)\t\t\nTotal liabilities and stockholders' equity\t13647993\t\t\t12418420\t\t\nExcess of interest-earning assets over interest-bearing liabilities\t4068871\t\t\t3232730\t\t\nNet interest and dividend income\t\t113048\t\t\t120833\t\nInterest rate spread\t\t\t3.49%\t\t\t4.06%\nNet interest margin\t\t\t3.66%\t\t\t4.38%\n", "q10k_tbl_74": "\tNine months ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n(Dollars in thousands)\tAverage Balance\tInterest\tYield/ Rate(1)\tAverage Balance\tInterest\tYield/ Rate(1)\nAssets:\t\t\t\t\t\t\nInterest-earning assets:\t\t\t\t\t\t\nLoans:(2)\t\t\t\t\t\t\nCommercial real estate loans\t2832976\t95740\t4.51%\t2539752\t111470\t5.87%\nResidential loans\t939460\t39731\t5.64\t902162\t37538\t5.55\nCommercial loans and leases\t4100401\t161837\t5.28\t3327414\t146935\t5.92\nConsumer loans\t1136107\t41726\t4.91\t1035907\t43711\t5.64\nLoans held for sale\t91040\t2623\t3.85\t36335\t1264\t4.65\nTotal loans and leases\t9099984\t341657\t5.02\t7841570\t340918\t5.82\nMortgage-backed securities(3)\t2071344\t37454\t2.41\t1642787\t35684\t2.90\nInvestment securities\t127088\t3200\t4.00\t144187\t3042\t3.38\nOther interest-earning assets\t276707\t797\t0.38\t198471\t4098\t2.76\nTotal interest-earning assets\t11575123\t383108\t4.43%\t9827015\t383742\t5.23%\nAllowance for credit losses\t(158584)\t\t\t(44665)\t\t\nCash and due from banks\t127859\t\t\t111979\t\t\nCash in non-owned ATMs\t341940\t\t\t368160\t\t\nBank-owned life insurance\t30360\t\t\t40633\t\t\nOther noninterest-earning assets\t1028620\t\t\t922557\t\t\nTotal assets\t12945318\t\t\t11225679\t\t\nLiabilities and Stockholders' Equity:\t\t\t\t\t\t\nInterest-bearing liabilities:\t\t\t\t\t\t\nInterest-bearing deposits:\t\t\t\t\t\t\nInterest-bearing demand\t2224258\t3569\t0.21%\t1825112\t6389\t0.47%\nMoney market\t2273786\t8205\t0.48\t1851067\t13806\t1.00\nSavings\t1670069\t3243\t0.26\t1397124\t4949\t0.47\nCustomer time deposits\t1260837\t15012\t1.59\t1275118\t13815\t1.45\nTotal interest-bearing customer deposits\t7428950\t30029\t0.54\t6348421\t38959\t0.82\nBrokered certificates of deposit\t253566\t2786\t1.47\t272187\t4957\t2.43\nTotal interest-bearing deposits\t7682516\t32815\t0.57\t6620608\t43916\t0.89\nFederal Home Loan Bank advances\t114895\t1900\t2.21\t241152\t4495\t2.49\nTrust preferred borrowings\t67011\t1417\t2.82\t67011\t2136\t4.26\nSenior debt\t98681\t3538\t4.78\t98465\t3538\t4.79\nOther borrowed funds(4)\t64470\t484\t1.00\t154169\t2278\t1.98\nTotal interest-bearing liabilities\t8027573\t40154\t0.67%\t7181405\t56363\t1.05%\nNoninterest-bearing demand deposits\t2743638\t\t\t2135702\t\t\nOther noninterest-bearing liabilities\t337497\t\t\t300378\t\t\nStockholders' equity\t1838087\t\t\t1608375\t\t\nNoncontrolling interest\t(1477)\t\t\t(181)\t\t\nTotal liabilities and stockholders' equity\t12945318\t\t\t11225679\t\t\nExcess of interest-earning assets over interest-bearing liabilities\t3547550\t\t\t2645610\t\t\nNet interest and dividend income\t\t342954\t\t\t327379\t\nInterest rate spread\t\t\t3.76%\t\t\t4.18%\nNet interest margin\t\t\t3.97%\t\t\t4.47%\n", "q10k_tbl_75": "(Dollars and share amounts in thousands except per share amounts)\tSeptember 30 2020\tDecember 31 2019\nStockholders' equity of WSFS\t1863499\t1850306\nLess: Goodwill and other intangible assets\t559806\t568745\nTangible common equity (numerator)\t1303693\t1281561\nShares of common stock outstanding (denominator)\t50673\t51567\nBook value per share of common stock\t36.77\t35.88\nGoodwill and other intangible assets\t11.04\t11.03\nTangible book value per share of common stock\t25.73\t24.85\n", "q10k_tbl_76": "Exhibit Number\tDescription of Document\n3.1\tRegistrant's Amended and Restated Certificate of Incorporation as amended is incorporated herein by reference to Exhibit 3.1 of the Registrant's Annual Report on Form 10-K filed for the year ended December 31 2019.\n3.2\tAmended and Restated Bylaws of WSFS Financial Corporation is incorporated herein by reference to Exhibit 3.2 of the Registrant's Current Report on Form 8-K filed on November 21 2014.\n31.1\tCertification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\n31.2\tCertification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\n32\tCertification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\n101.INS\tXBRL Instance Document **\n101.SCH\tXBRL Schema Document **\n101.CAL\tXBRL Calculation Linkbase Document **\n101.LAB\tXBRL Labels Linkbase Document **\n101.PRE\tXBRL Presentation Linkbase Document **\n101.DEF\tXBRL Definition Linkbase Document **\n104\tThe cover page of this Quarterly Report on Form 10-Q for the quarter ended September 30 2020 filed with the SEC on November 4 2020 is formatted in Inline XBRL.\n"}{"bs": "q10k_tbl_3", "is": "q10k_tbl_1", "cf": "q10k_tbl_6"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
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 Number)
500 Delaware Ave,
Wilmington, Delaware, 19801
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (302) 792-6000
Not Applicable
(Former name or former address, if changed since last report)
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, par value $0.01 per share
WSFS
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesx No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yesx No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
Number of shares outstanding of the issuer's common stock, as of the latest practicable date: 50,402,351 shares as of October 31, 2020.
This Quarterly Report on Form 10-Q, and exhibits hereto, contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to:
•difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the markets in which the Company operates and in which its loans are concentrated, including possible declines in housing markets, an increase in unemployment levels and slowdowns in economic growth, including as a result of the novel coronavirus, or COVID-19, pandemic;
•possible additional loan losses and impairment of the collectability of loans, particularly as a result of the COVID-19 pandemic and the policies and programs implemented by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, including its automatic loan forbearance provisions and the Company's Paycheck Protection Program (PPP) lending activities;
•the economic and financial impact of federal, state and local emergency orders and other actions taken in response to the COVID-19 pandemic;
•the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums;
•changes in market interest rates, which may increase funding costs and reduce earning asset yields and thus reduce margin;
•the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company’s investment securities portfolio;
•the credit risk associated with the substantial amount of commercial real estate, construction and land development and commercial and industrial loans in the Company's loan portfolio;
•the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations and potential expenses associated with complying with such regulations;
•the Company’s ability to comply with applicable capital and liquidity requirements (including the effect of the transition to the Current Expected Credit Losses (CECL) methodology for allowances and related adjustments), including its ability to generate liquidity internally or raise capital on favorable terms;
•possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes;
•any impairments of the Company's goodwill or other intangible assets;
•conditions in the financial markets, including the destabilized economic environment caused by the COVID-19 pandemic, that may limit the Company’s access to additional funding to meet its liquidity needs;
•the intention of the United Kingdom's Financial Conduct Authority (FCA) to cease support of London Inter-Bank Offered Rate (LIBOR) and the transition to an alternative reference interest rate, including methodologies for calculating the rate that are different from the LIBOR methodology and changed language for existing and new floating or adjustable rate contracts;
•the success of the Company's growth plans, including its plans to grow the commercial small business leasing portfolio and residential mortgage, small business and Small Business Administration (SBA) portfolios;
•the successful integration of acquisitions;
•the Company’s ability to fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Customer acceptance of the Company’s products and services and related Customer disintermediation;
•negative perceptions or publicity with respect to the Company generally and, in particular, the Company’s trust and wealth management business;
•failure of the financial and operational controls of the Company’s Cash Connect® division;
•adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings;
•the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties;
•system failures or cybersecurity incidents or other breaches of the Company’s network security, particularly given widespread remote working arrangements;
•the Company’s ability to recruit and retain key Associates;
•the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally;
•the effects of weather and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability and man-made disasters including terrorist attacks;
•the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage);
•possible changes in the speed of loan prepayments by the Company’s Customers and loan origination or sales volumes;
•possible changes in the speed of prepayments of mortgage-backed securities due to changes in the interest rate environment, particularly as a result of the COVID-19 pandemic, and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate;
•regulatory limits on the Company’s ability to receive dividends from its subsidiaries and pay dividends to its stockholders;
•any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; and
•other risks and uncertainties, including those discussed in other documents filed by the Company with the Securities and Exchange Commission (SEC) from time to time.
The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.
As used in this Quarterly Report on Form 10-Q, the terms “WSFS”, “the Company”, “registrant”, “we”, “us”, and “our” mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.
Cash Connect® is the Company's registered trademark. Any other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.