QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) | ||||||||||||||||||||
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
x | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
PART I. Financial Information | Page | |||||||
Item 1. | Financial Statements (Unaudited) | |||||||
Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Consolidated Statements of Financial Condition as of March 31, 2022 and December 31, 2021 | ||||||||
Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Notes to the Consolidated Financial Statements for the Three Months Ended March 31, 2022 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands, except per share and share data) | 2022 | 2021 | ||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans and leases | $ | $ | ||||||||||||
Interest on mortgage-backed securities | ||||||||||||||
Interest and dividends on investment securities: | ||||||||||||||
Taxable | ||||||||||||||
Tax-exempt | ||||||||||||||
Other interest income | ||||||||||||||
Interest expense: | ||||||||||||||
Interest on deposits | ||||||||||||||
Interest on Federal Home Loan Bank advances | ||||||||||||||
Interest on senior and subordinated debt | ||||||||||||||
Interest on trust preferred borrowings | ||||||||||||||
Interest on other borrowings | ||||||||||||||
Net interest income | ||||||||||||||
Provision for (recovery of) credit losses | ( | |||||||||||||
Net interest income after provision for (recovery of) credit losses | ||||||||||||||
Noninterest income: | ||||||||||||||
Credit/debit card and ATM income | ||||||||||||||
Investment management and fiduciary income | ||||||||||||||
Deposit service charges | ||||||||||||||
Mortgage banking activities, net | ||||||||||||||
Loan and lease fee income | ||||||||||||||
Securities gains, net | ||||||||||||||
Unrealized loss on equity investments, net | ( | |||||||||||||
Bank owned life insurance income | ||||||||||||||
Other income | ||||||||||||||
Noninterest expense: | ||||||||||||||
Salaries, benefits and other compensation | ||||||||||||||
Occupancy expense | ||||||||||||||
Equipment expense | ||||||||||||||
Data processing and operations expenses | ||||||||||||||
Professional fees | ||||||||||||||
Marketing expense | ||||||||||||||
FDIC expenses | ||||||||||||||
Loan workout and other credit costs | ||||||||||||||
Corporate development expense | ||||||||||||||
Restructuring expense | ( | |||||||||||||
Other operating expense | ||||||||||||||
Income before taxes | ||||||||||||||
Income tax provision | ||||||||||||||
Net income | $ | $ | ||||||||||||
Less: Net income attributable to noncontrolling interest | ||||||||||||||
Net income attributable to WSFS | $ | $ | ||||||||||||
Earnings per share: | ||||||||||||||
Basic | $ | $ | ||||||||||||
Diluted | $ | $ | ||||||||||||
Weighted average shares of common stock outstanding: | ||||||||||||||
Basic | ||||||||||||||
Diluted |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||||||||
Net income | $ | $ | ||||||||||||
Less: Net income attributable to noncontrolling interest | ||||||||||||||
Net income attributable to WSFS | ||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||
Net change in unrealized (losses) on investment securities available-for-sale | ||||||||||||||
Net unrealized losses arising during the period, net of tax (benefit) of $( | ( | ( | ||||||||||||
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $ | ( | |||||||||||||
( | ( | |||||||||||||
Net change in securities held-to-maturity | ||||||||||||||
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $ | ( | ( | ||||||||||||
Net change in unfunded pension liability | ||||||||||||||
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax benefit of $ | ( | ( | ||||||||||||
( | ( | |||||||||||||
Net change in cash flow hedge | ||||||||||||||
Net unrealized gain arising during the period, net of tax expense of $ | ||||||||||||||
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $ | ( | ( | ||||||||||||
( | ( | |||||||||||||
Net change in equity method investments | ||||||||||||||
Net change in other comprehensive income of equity method investments, net of tax expense of $ | ||||||||||||||
Total other comprehensive loss | ( | ( | ||||||||||||
Total comprehensive loss | $ | ( | $ | ( |
(Dollars in thousands, except per share and share data) | March 31, 2022 | December 31, 2021 | ||||||||||||
Assets: | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Cash in non-owned ATMs | ||||||||||||||
Interest-bearing deposits in other banks including collateral (restricted cash) of $ | ||||||||||||||
Total cash, cash equivalents, and restricted cash | ||||||||||||||
Investment securities, available-for-sale (amortized cost of $ | ||||||||||||||
Investment securities, held-to-maturity, net of allowance for credit losses of $ | ||||||||||||||
Other investments | ||||||||||||||
Loans, held for sale at fair value | ||||||||||||||
Loans and leases, net of allowance for credit losses of $ | ||||||||||||||
Bank owned life insurance | ||||||||||||||
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost | ||||||||||||||
Other real estate owned | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Premises and equipment | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | $ | ||||||||||||
Interest-bearing | ||||||||||||||
Total deposits | ||||||||||||||
FHLB advances | ||||||||||||||
Trust preferred borrowings | ||||||||||||||
Senior and subordinated debt | ||||||||||||||
Other borrowed funds | ||||||||||||||
Accrued interest payable | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||
Common stock $ | ||||||||||||||
Capital in excess of par value | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Treasury stock at cost, | ( | ( | ||||||||||||
Total stockholders’ equity of WSFS | ||||||||||||||
Noncontrolling interest | ( | ( | ||||||||||||
Total stockholders' equity | ||||||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $ | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling shareholders | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued in acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest assumed in acquisition | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock (1) | — | — | ( | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and share amounts) | Shares | Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Total Stockholders' Equity of WSFS | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend, $ | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common shares (1) | — | — | ( | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||||||||
Operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Provision for (recovery of) credit losses | ( | |||||||||||||
Depreciation of premises and equipment, net | ||||||||||||||
Accretion of fees and discounts, net | ( | ( | ||||||||||||
Amortization of intangible assets | ||||||||||||||
Amortization of right of use lease asset | ||||||||||||||
Decrease in operating lease liability | ( | ( | ||||||||||||
Income from mortgage banking activities, net | ( | ( | ||||||||||||
Gain on sale of securities, net | ( | |||||||||||||
Loss on sale of other real estate owned and valuation adjustments, net | ( | ( | ||||||||||||
Stock-based compensation expense | ||||||||||||||
Unrealized loss on equity investments, net | ||||||||||||||
Deferred income tax (benefit) expense | ( | |||||||||||||
(Increase) decrease in accrued interest receivable | ( | |||||||||||||
Decrease in other assets | ||||||||||||||
Origination of loans held for sale | ( | ( | ||||||||||||
Proceeds from sales of loans held for sale | ||||||||||||||
Increase (decrease) in value of bank owned life insurance | ( | |||||||||||||
Increase in capitalized interest, net | ( | ( | ||||||||||||
Increase in accrued interest payable | ||||||||||||||
Decrease in other liabilities | ( | ( | ||||||||||||
Net cash provided by operating activities | $ | $ | ||||||||||||
Investing activities: | ||||||||||||||
Repayments, maturities and calls of investment securities held-to-maturity | ||||||||||||||
Sale of investment securities available-for-sale | ||||||||||||||
Purchases of investment securities available-for-sale | ( | ( | ||||||||||||
Repayments, maturities and calls of investment securities available-for-sale | ||||||||||||||
Proceeds from bank-owned life insurance death benefit | ||||||||||||||
Net decrease in loans | ||||||||||||||
Net cash from business combinations | ||||||||||||||
Purchase of loans held-for-investment | ( | ( | ||||||||||||
Redemptions of stock of Federal Home Loan Bank of Pittsburgh | ||||||||||||||
Sales of other real estate owned | ||||||||||||||
Investment in premises and equipment | ( | ( | ||||||||||||
Sales of premises and equipment | ||||||||||||||
Net cash provided by (used in) investing activities | $ | $ | ( |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||||||||
Financing activities: | ||||||||||||||
Net increase in demand and saving deposits | $ | $ | ||||||||||||
Decrease in time deposits | ( | ( | ||||||||||||
Increase (decrease) in brokered deposits | ( | |||||||||||||
Repayments of FHLB advances | ( | |||||||||||||
Contribution from noncontrolling shareholders | ||||||||||||||
Cash dividend | ( | ( | ||||||||||||
Issuance of common stock including proceeds from exercise of common stock options | ||||||||||||||
Repurchases of common shares | ( | ( | ||||||||||||
Net cash provided by financing activities | $ | $ | ||||||||||||
Increase in cash, cash equivalents, and restricted cash | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | $ | ||||||||||||
Income taxes | ||||||||||||||
Non-cash information: | ||||||||||||||
Loans transferred to other real estate owned | ||||||||||||||
Loans transferred to portfolio from held-for-sale at fair value | ||||||||||||||
Available-for-sale securities purchased, not settled | ||||||||||||||
Fair value of assets acquired, net of cash received | ||||||||||||||
Fair value of liabilities assumed | ||||||||||||||
(Dollars in thousands) | |||||
Consideration Transferred: | Fair Value | ||||
Common shares issued ( | $ | ||||
Cash paid to BMBC stock and option holders | |||||
Value of consideration | |||||
Assets acquired: | |||||
Cash and due from banks | |||||
Investment securities | |||||
Loans and leases | |||||
Premises and equipment | |||||
Deferred income taxes | |||||
Bank owned life insurance | |||||
Intangible assets | |||||
Other assets | |||||
Total assets | |||||
Liabilities assumed: | |||||
Deposits | |||||
Other borrowings | |||||
Other liabilities | |||||
Noncontrolling interest | ( | ||||
Total liabilities and noncontrolling interest | |||||
Net assets acquired: | |||||
Goodwill resulting from acquisition of BMBC | $ |
January 1, 2022 | ||||||||||||||
(Dollars in thousands) | Book Balance | Fair Value | ||||||||||||
Commercial and industrial | $ | $ | ||||||||||||
Owner-occupied commercial | ||||||||||||||
Commercial mortgages | ||||||||||||||
Construction | ||||||||||||||
Commercial small business leases | ||||||||||||||
Residential | ||||||||||||||
Consumer | ||||||||||||||
Total acquired loans and leases | $ | $ |
(Dollars in thousands) | January 1, 2022 | |||||||
Book balance of loans at acquisition | $ | |||||||
Allowance for credit losses at acquisition | ( | |||||||
Non-credit related discount | ( | |||||||
Total purchase credit deteriorated (PCD) loans acquired | $ |
Three Months Ended March 31, | ||||||||
(dollars in thousands) | 2022 | |||||||
Salaries, benefits and other compensation | $ | |||||||
Occupancy expense | ||||||||
Equipment expense | ||||||||
Professional fees | ||||||||
Data processing and operations expenses | ||||||||
Marketing expense | ||||||||
Other operating expense | ||||||||
Total corporate development and restructuring expenses | $ |
Three Months Ended March 31, | ||||||||
(dollars in thousands, except share and per share data) | 2021 | |||||||
Net interest income | $ | |||||||
Provision for loan and lease losses | ( | |||||||
Net interest income after provision for loan and lease losses | ||||||||
Total noninterest income | ||||||||
Total noninterest expenses | ||||||||
Income before income taxes | ||||||||
Income tax expense | ||||||||
Net income | $ | |||||||
Per share data: | ||||||||
Weighted-average basic shares outstanding | ||||||||
Dilutive shares | ||||||||
Adjusted weighted-average diluted shares | ||||||||
Basic earnings per common share | $ | |||||||
Diluted earnings per common share | $ |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
Bailment fees | $ | $ | |||||||||
Interchange fees | |||||||||||
Other card and ATM fees | |||||||||||
Total credit/debit card and ATM income | $ | $ |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
Trust fees | $ | $ | |||||||||
Wealth management and advisory fees | |||||||||||
Total investment management and fiduciary income | $ | $ |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
Service fees | $ | $ | |||||||||
Return and overdraft fees | |||||||||||
Other deposit service fees | |||||||||||
Total deposit service charges | $ | $ |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
Managed service fees | $ | $ | |||||||||
Currency preparation | |||||||||||
ATM loss protection | |||||||||||
Capital market revenue | |||||||||||
Insurance commissions | |||||||||||
Miscellaneous products and services | |||||||||||
Total other income | $ | $ |
Three Months Ended March 31, | |||||||||||
(Dollars and shares in thousands, except per share data) | 2022 | 2021 | |||||||||
Numerator: | |||||||||||
Net income attributable to WSFS | $ | $ | |||||||||
Denominator: | |||||||||||
Weighted average basic shares | |||||||||||
Dilutive potential common shares | |||||||||||
Weighted average fully diluted shares | |||||||||||
Earnings per share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Outstanding common stock equivalents having no dilutive effect |
March 31, 2022 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligation (CMO) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Fannie Mae (FNMA) mortgage-backed securities (MBS) | ||||||||||||||||||||||||||||||||
Freddie Mac (FHLMC) MBS | ||||||||||||||||||||||||||||||||
Ginnie Mae (GNMA) MBS | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises (GSE) agency notes | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Held-to-Maturity Debt Securities(1) | ||||||||||||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign bonds | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ |
December 31, 2021 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||
CMO | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||||||||
GNMA MBS | ||||||||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Held-to-Maturity Debt Securities(1) | ||||||||||||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign bonds | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||
Amortized | Fair | |||||||||||||
(Dollars in thousands) | Cost | Value | ||||||||||||
March 31, 2022 (1) | ||||||||||||||
Within one year | $ | $ | ||||||||||||
After one year but within five years | ||||||||||||||
After five years but within ten years | ||||||||||||||
After ten years | ||||||||||||||
$ | $ | |||||||||||||
December 31, 2021 (1) | ||||||||||||||
Within one year | $ | $ | ||||||||||||
After one year but within five years | ||||||||||||||
After five years but within ten years | ||||||||||||||
After ten years | ||||||||||||||
$ | $ |
Held-to-Maturity | ||||||||||||||
Amortized | Fair | |||||||||||||
(Dollars in thousands) | Cost | Value | ||||||||||||
March 31, 2022 (1) | ||||||||||||||
Within one year | $ | $ | ||||||||||||
After one year but within five years | ||||||||||||||
After five years but within ten years | ||||||||||||||
After ten years | ||||||||||||||
$ | $ | |||||||||||||
December 31, 2021 (1) | ||||||||||||||
Within one year | $ | $ | ||||||||||||
After one year but within five years | ||||||||||||||
After five years but within ten years | ||||||||||||||
After ten years | ||||||||||||||
$ | $ |
Duration of Unrealized Loss Position | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||
CMO | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||||||||||||||
GNMA MBS | ||||||||||||||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Duration of Unrealized Loss Position | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||
CMO | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||||||||||||||
GNMA MBS | ||||||||||||||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | State and political subdivisions | Foreign bonds | ||||||||||||
A+ rated or higher | $ | $ | ||||||||||||
Not rated | ||||||||||||||
Ending balance | $ | $ |
(Dollars in thousands) | State and political subdivisions | Foreign bonds | ||||||||||||
A+ rated or higher | $ | $ | ||||||||||||
Not rated | ||||||||||||||
Ending balance | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||||||||
Allowance for credit losses: | ||||||||||||||
Beginning balance | $ | $ | ||||||||||||
Provision for credit losses | ( | |||||||||||||
Charge-offs, net | ||||||||||||||
Ending balance | $ | $ |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||||||||
Commercial and industrial(1) | $ | $ | ||||||||||||
Owner-occupied commercial | ||||||||||||||
Commercial mortgages | ||||||||||||||
Construction | ||||||||||||||
Commercial small business leases | ||||||||||||||
Residential(2) | ||||||||||||||
Consumer(3) | ||||||||||||||
Less: | ||||||||||||||
Allowance for credit losses | ||||||||||||||
Net loans and leases | $ | $ |
(Dollars in thousands) | Commercial and Industrial(1) | Owner-occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Initial allowance on acquired PCD loans | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
(Credit) provision(4) | ( | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | ||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Period-end loan balances: | ||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Commercial and Industrial(1) | Owner - occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
(Credit) provision | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Period-end allowance allocated to: | ||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Period-end loan balances: | ||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated on an individual basis | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Loans evaluated on a collective basis | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ |
March 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) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Residential(3) | ||||||||||||||||||||||||||||||||||||||
Consumer(4) | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
% of Total Loans | % | % | % | % | % | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30–89 Days Past Due and Still Accruing | Greater Than 90 Days Past Due and Still Accruing | Total Past Due And Still Accruing | Accruing Current Balances | Nonaccrual Loans(1) | Total Loans | ||||||||||||||||||||||||||||||||
Commercial and industrial(2) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Residential(3) | ||||||||||||||||||||||||||||||||||||||
Consumer(4) | ||||||||||||||||||||||||||||||||||||||
Total(4) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
% of Total Loans | % | % | % | % | % | % |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(Dollars in thousands) | Property | Equipment and other | Property | Equipment and other | ||||||||||||||||||||||
Commercial and industrial(1) | $ | $ | $ | $ | ||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||
Residential(2) | ||||||||||||||||||||||||||
Consumer(3) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(2) | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential(3): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(5): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming(6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(2) | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential(3): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer(5): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming(6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||||||||
Performing TDRs | $ | $ | ||||||||||||
Nonperforming TDRs | ||||||||||||||
Total TDRs | $ | $ |
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||
Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | ||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Total |
Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||
Contractual payment reduction and term extension | Maturity Date Extension | Discharged in bankruptcy | Other(1) | Total | ||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Total |
Three Months Ended March 31, 2022 | ||||||||||||||
(Dollars in thousands) | Pre Modification | Post Modification | ||||||||||||
Commercial | $ | ( | $ | ( | ||||||||||
Residential | ||||||||||||||
Consumer | ||||||||||||||
Total(1)(2) | $ | $ |
Three Months Ended March 31, 2021 | ||||||||||||||
(Dollars in thousands) | Pre Modification | Post Modification | ||||||||||||
Residential | ||||||||||||||
Consumer | ||||||||||||||
Total(1)(2) | $ | $ |
Three months ended | ||||||||||||||
(Dollars in thousands) | March 31, 2022 | March 31, 2021 | ||||||||||||
Operating lease cost (1) | $ | $ | ||||||||||||
Sublease income | ( | ( | ||||||||||||
Net lease cost | $ | $ |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||||||||
Right of use assets | $ | $ | ||||||||||||
Lease liabilities | $ | $ | ||||||||||||
Lease term and discount rate | ||||||||||||||
Weighted average remaining lease term (in years) | ||||||||||||||
Weighted average discount rate | % | % |
(Dollars in thousands) | March 31, 2022 | |||||||
Remaining in 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
After 2026 | ||||||||
Total lease payments | ||||||||
Less: Interest | ( | |||||||
Present value of lease liabilities | $ | |||||||
Three months ended | |||||||||||||||||
(Dollars in thousands) | March 31, 2022 | March 31, 2021 | |||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||||||||
Right of use assets obtained in exchange for new operating lease liabilities (non-cash) |
Three months ended | ||||||||||||||
(Dollars in thousands) | March 31, 2022 | March 31, 2021 | ||||||||||||
Direct financing leases: | ||||||||||||||
Interest income on lease receivable | $ | $ | ||||||||||||
Interest income on deferred fees and costs, net | ( | ( | ||||||||||||
Total direct financing lease net interest income | $ | $ |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||||||||
Lease receivables | $ | $ | ||||||||||||
Unearned income | ( | ( | ||||||||||||
Deferred fees and costs | ||||||||||||||
Net investment in direct financing leases | $ | $ |
(Dollars in thousands) | WSFS Bank | Cash Connect | Wealth Management | Consolidated Company | |||||||||||||||||||
December 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||
Goodwill from business combinations | |||||||||||||||||||||||
March 31, 2022 | $ | $ | $ | $ |
(Dollars in thousands) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | Amortization Period | |||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||
Core deposits | $ | $ | ( | $ | |||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Non-compete agreements | ( | ||||||||||||||||||||||
Tradename | — | indefinite | |||||||||||||||||||||
Loan servicing rights(1) | ( | ||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Core deposits | $ | $ | ( | $ | |||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Loan servicing rights(2) | ( | ||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ |
(Dollars in thousands) | March 31, 2022 | ||||
Remaining in 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total | $ |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||||||||||||||
Noninterest-bearing: | ||||||||||||||||||||
Noninterest demand | $ | $ | ||||||||||||||||||
Total noninterest-bearing | $ | $ | ||||||||||||||||||
Interest-bearing: | ||||||||||||||||||||
Interest-bearing demand | $ | $ | ||||||||||||||||||
Savings | ||||||||||||||||||||
Money market | ||||||||||||||||||||
Customer time deposits | ||||||||||||||||||||
Brokered deposits | ||||||||||||||||||||
Total interest-bearing | ||||||||||||||||||||
Total deposits | $ | $ |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Trust preferred borrowings | $ | $ | |||||||||
Senior and subordinated debt | |||||||||||
Other borrowed funds |
(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 | ||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||
Trust preferred borrowings | $ | % | $ | $ | % | ||||||||||||||||||||||||
Senior and subordinated debt | |||||||||||||||||||||||||||||
Other borrowed funds | |||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||
Federal funds purchased | $ | % | $ | $ | % | ||||||||||||||||||||||||
Trust preferred borrowings | |||||||||||||||||||||||||||||
Senior debt | |||||||||||||||||||||||||||||
Other borrowed funds |
March 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 | $ | $ | $ | $ | ||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||
GNMA MBS | ||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||
Other liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis: | ||||||||||||||||||||||||||
Other investments | $ | $ | $ | $ | ||||||||||||||||||||||
Other real estate owned | ||||||||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | $ | $ | $ |
December 31, 2021 | ||||||||||||||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Asset (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||||||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
CMO | $ | $ | $ | $ | ||||||||||||||||||||||
FNMA MBS | ||||||||||||||||||||||||||
FHLMC MBS | ||||||||||||||||||||||||||
GNMA MBS | ||||||||||||||||||||||||||
GSE agency notes | ||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||
Other liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis | ||||||||||||||||||||||||||
Other investments | $ | $ | $ | $ | ||||||||||||||||||||||
Other real estate owned | ||||||||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | $ | $ | $ |
March 31, 2022 | ||||||||||||||||||||||||||
Financial Instrument | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||
Other investments | $ | Observed market comparable transactions | Period of observed transactions | May 2021 | ||||||||||||||||||||||
Other real estate owned | Fair market value of collateral | Costs to sell | ||||||||||||||||||||||||
Other assets (Risk participation agreements purchased) | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: LGD: | |||||||||||||||||||||||
Other liabilities (Risk participation agreements sold) | Credit Value Adjustment | CDS Spread and Loss Given Default (LGD) | CDS spread: LGD: | |||||||||||||||||||||||
Other liabilities (Financial derivatives related to sales of certain Visa Class B shares) | Discounted cash flow | Timing of Visa litigation resolution | ||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurement | Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash | Level 1 | $ | $ | $ | $ | |||||||||||||||||||||||||||
Investment securities available-for-sale | Level 2 | |||||||||||||||||||||||||||||||
Investment securities held-to-maturity, net | Level 2 | |||||||||||||||||||||||||||||||
Other investments | Level 3 | |||||||||||||||||||||||||||||||
Loans, held for sale | Level 2 | |||||||||||||||||||||||||||||||
Loans and leases, net(1) | Level 3 | |||||||||||||||||||||||||||||||
Stock in FHLB of Pittsburgh | Level 2 | |||||||||||||||||||||||||||||||
Accrued interest receivable | Level 2 | |||||||||||||||||||||||||||||||
Other assets | Level 2 | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | Level 2 | |||||||||||||||||||||||||||||||
Borrowed funds | Level 2 | |||||||||||||||||||||||||||||||
Standby letters of credit | Level 3 | |||||||||||||||||||||||||||||||
Accrued interest payable | Level 2 | |||||||||||||||||||||||||||||||
Other liabilities | Levels 2, 3 |
Fair Values of Derivative Instruments | ||||||||||||||||||||||||||
(Dollars in thousands) | Notional | Balance Sheet Location | Derivatives (Fair Value) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate products | $ | Other assets | $ | |||||||||||||||||||||||
Interest rate products | Other liabilities | ( | ||||||||||||||||||||||||
Interest rate lock commitments with customers | Other assets | |||||||||||||||||||||||||
Interest rate lock commitments with customers | Other liabilities | ( | ||||||||||||||||||||||||
Forward sale commitments | Other assets | |||||||||||||||||||||||||
Forward sale commitments | Other liabilities | ( | ||||||||||||||||||||||||
FX forwards | Other liabilities | ( | ||||||||||||||||||||||||
Risk participation agreements sold | Other liabilities | ( | ||||||||||||||||||||||||
Risk participation agreements purchased | Other assets | |||||||||||||||||||||||||
Financial derivatives related to sales of certain Visa Class B shares | Other liabilities | ( | ||||||||||||||||||||||||
Total derivatives | $ | $ | ( |
Fair Values of Derivative Instruments | |||||||||||||||||||||||
(Dollars in thousands) | Notional | Balance Sheet Location | Derivatives (Fair Value) | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate products | $ | Other assets | $ | ||||||||||||||||||||
Interest rate products | Other liabilities | ( | |||||||||||||||||||||
Risk participation agreements | Other liabilities | ( | |||||||||||||||||||||
Interest rate lock commitments with customers | Other assets | ||||||||||||||||||||||
Interest rate lock commitments with customers | Other liabilities | ( | |||||||||||||||||||||
Forward sale commitments | Other assets | ||||||||||||||||||||||
Forward sale commitments | Other liabilities | ( | |||||||||||||||||||||
Financial derivatives related to sales of certain Visa Class B shares | Other liabilities | ( | |||||||||||||||||||||
Total derivatives | $ | $ | ( |
Amount of (Loss) or Gain Recognized in Income | Location of Gain or (Loss) Recognized in Income | |||||||||||||||||||
(Dollars in thousands) | Three Months Ended March 31, | |||||||||||||||||||
Derivatives not designated as hedging instruments | 2022 | 2021 | ||||||||||||||||||
Interest rate lock commitments with customers | $ | ( | $ | ( | Mortgage banking activities, net | |||||||||||||||
Forward sale commitments | Mortgage banking activities, net | |||||||||||||||||||
Total | $ | $ |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | ||||||||||||||||||||||||||||||||||||||||||
Statements of Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
External customer revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total external customer revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
External customer expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total external customer expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Inter-segment expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total inter-segment expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before taxes | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Income tax provision | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to WSFS | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures for the period ended | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | WSFS Bank | Cash Connect® | Wealth Management | Total | WSFS Bank | Cash Connect® | Wealth Management | Total | ||||||||||||||||||||||||||||||||||||||||||
Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other segment assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total segment assets | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Net change in investment securities available-for-sale | Net change in investment securities held-to-maturity | Net change in defined benefit plan | Net change in fair value of derivatives used for cash flow hedges (1) | Net change in equity method investments | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ||||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive (loss) income | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ||||||||||||||||||||||||||||||||||||
Less: Amounts reclassified from accumulated other comprehensive (loss) income | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Net current-period other comprehensive loss | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||
(1)Cash flow hedges were terminated as of April 1, 2020 | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Affected line item in unaudited Consolidated Statements of Income | |||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
Realized gains on securities transactions | $ | $ | ( | Securities gains, net | ||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | |||||||||||||||||||
Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: | ||||||||||||||||||||
Amortization of net unrealized gains to income during the period | ( | ( | Interest and dividends on investment securities | |||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
Amortization of defined benefit pension plan-related items: | ||||||||||||||||||||
Prior service credits | ( | ( | ||||||||||||||||||
Actuarial (gains) losses | ( | |||||||||||||||||||
Total before tax | ( | ( | Salaries, benefits and other compensation | |||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
Net unrealized gains on terminated cash flow hedges: | ||||||||||||||||||||
Amortization of net unrealized gains to income during the period | ( | ( | Interest and fees on loans and leases | |||||||||||||||||
Income taxes | Income tax provision | |||||||||||||||||||
Net of tax | ( | ( | ||||||||||||||||||
Total reclassifications | $ | ( | $ | ( | ||||||||||||||||
(Dollars in thousands) | Less than One Year | One to Five Years | Five to Fifteen Years | Over Fifteen Years | Total | |||||||||||||||||||||||||||
Commercial and industrial(1) | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 55,265 | $ | 636,469 | $ | 212,720 | $ | 49,241 | $ | 953,695 | ||||||||||||||||||||||
Adjustable | 306,951 | 855,777 | 319,383 | 57,722 | 1,539,833 | |||||||||||||||||||||||||||
Total | $ | 362,216 | $ | 1,492,246 | $ | 532,103 | $ | 106,963 | $ | 2,493,528 | ||||||||||||||||||||||
Owner-occupied commercial | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 52,833 | $ | 421,522 | $ | 427,302 | $ | 179,205 | $ | 1,080,862 | ||||||||||||||||||||||
Adjustable | 40,765 | 249,632 | 429,806 | 71,762 | 791,965 | |||||||||||||||||||||||||||
Total | $ | 93,598 | $ | 671,154 | $ | 857,108 | $ | 250,967 | $ | 1,872,827 | ||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 129,174 | $ | 782,180 | $ | 377,236 | $ | 156,579 | $ | 1,445,169 | ||||||||||||||||||||||
Adjustable | 88,937 | 693,279 | 1,038,555 | 95,302 | 1,916,073 | |||||||||||||||||||||||||||
Total | $ | 218,111 | $ | 1,475,459 | $ | 1,415,791 | $ | 251,881 | $ | 3,361,242 | ||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 10,405 | $ | 71,994 | $ | 39,807 | $ | 7,624 | $ | 129,830 | ||||||||||||||||||||||
Adjustable | 344,671 | 296,165 | 146,732 | 6,492 | 794,060 | |||||||||||||||||||||||||||
Total | $ | 355,076 | $ | 368,159 | $ | 186,539 | $ | 14,116 | $ | 923,890 | ||||||||||||||||||||||
Commercial small business leases | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 6,129 | $ | 464,049 | $ | 20,421 | $ | — | $ | 490,599 | ||||||||||||||||||||||
Adjustable | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 6,129 | $ | 464,049 | $ | 20,421 | $ | — | $ | 490,599 | ||||||||||||||||||||||
Residential(2) | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 10,197 | $ | 25,606 | $ | 136,809 | $ | 487,701 | $ | 660,313 | ||||||||||||||||||||||
Adjustable(3) | 10 | 548 | 29,763 | 114,692 | 145,013 | |||||||||||||||||||||||||||
Total | $ | 10,207 | $ | 26,154 | $ | 166,572 | $ | 602,393 | $ | 805,326 | ||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Interest rate: | ||||||||||||||||||||||||||||||||
Fixed | $ | 2,544 | $ | 239,898 | $ | 344,059 | $ | 295,682 | $ | 882,183 | ||||||||||||||||||||||
Adjustable | 8,452 | 47,118 | 32,763 | 411,600 | 499,933 | |||||||||||||||||||||||||||
Total | $ | 10,996 | $ | 287,016 | $ | 376,822 | $ | 707,282 | $ | 1,382,116 | ||||||||||||||||||||||
Total loans and leases | $ | 1,056,333 | $ | 4,784,237 | $ | 3,555,356 | $ | 1,933,602 | $ | 11,329,528 | ||||||||||||||||||||||
(Dollars in thousands) | |||||
Maturity Period | March 31, 2022 | ||||
Less than 3 months | $ | 45,342 | |||
Over 3 months to 6 months | 24,864 | ||||
Over 6 months to 12 months | 47,209 | ||||
Over 12 months | 40,143 | ||||
Total | $ | 157,558 |
Consolidated Capital | Minimum For Capital Adequacy Purposes | To be Well-Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | ||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | $ | 2,148,722 | 14.89 | % | $ | 1,154,255 | 8.00 | % | $ | 1,442,819 | 10.00 | % | ||||||||||||||||||||||||||
WSFS Financial Corporation | 2,160,007 | 14.94 | 1,156,786 | 8.00 | 1,445,983 | 10.00 | ||||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 2,010,382 | 13.93 | 865,692 | 6.00 | 1,154,255 | 8.00 | ||||||||||||||||||||||||||||||||
WSFS Financial Corporation | 1,845,665 | 12.76 | 867,590 | 6.00 | 1,156,786 | 8.00 | ||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 2,010,382 | 13.93 | 649,269 | 4.50 | 937,832 | 6.50 | ||||||||||||||||||||||||||||||||
WSFS Financial Corporation | 1,845,665 | 12.76 | 650,692 | 4.50 | 939,889 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 Leverage Capital | ||||||||||||||||||||||||||||||||||||||
Wilmington Savings Fund Society, FSB | 2,010,382 | 9.98 | 805,620 | 4.00 | 1,007,025 | 5.00 | ||||||||||||||||||||||||||||||||
WSFS Financial Corporation | 1,845,665 | 9.16 | 805,790 | 4.00 | 1,007,237 | 5.00 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||||||||
Nonaccruing loans: | ||||||||||||||
Commercial and industrial | $ | 7,932 | $ | 8,211 | ||||||||||
Owner-occupied commercial | 497 | 811 | ||||||||||||
Commercial mortgages | 3,616 | 2,070 | ||||||||||||
Construction | 5,556 | 12 | ||||||||||||
Residential | 3,175 | 3,125 | ||||||||||||
Consumer | 2,311 | 2,380 | ||||||||||||
Total nonaccruing loans | 23,087 | 16,609 | ||||||||||||
Other real estate owned | 1,818 | 2,320 | ||||||||||||
Restructured loans(1)(6) | 12,933 | 14,204 | ||||||||||||
Total nonperforming assets | $ | 37,838 | $ | 33,133 | ||||||||||
Past due loans: | ||||||||||||||
Commercial | $ | 42 | $ | 1,357 | ||||||||||
Consumer (2) | 11,581 | 8,634 | ||||||||||||
Total past due loans | $ | 11,623 | $ | 9,991 | ||||||||||
Ratio of allowance for credit losses to total loans and leases(3) | 1.19 | % | 1.19 | % | ||||||||||
Ratio of nonaccruing loans to total gross loans and leases(4) | 0.20 | 0.21 | ||||||||||||
Ratio of nonperforming assets to total assets | 0.18 | 0.21 | ||||||||||||
Ratio of allowance for credit losses to nonaccruing loans | 591 | 569 | ||||||||||||
Ratio of allowance for credit losses to total nonperforming assets(5) | 360 | 285 |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||||||||
Beginning balance | $ | 33,133 | $ | 60,508 | ||||||||||
Additions | 10,641 | 13,317 | ||||||||||||
Collections | (5,210) | (19,604) | ||||||||||||
Transfers to accrual | — | (28) | ||||||||||||
Charge-offs | (726) | (4,649) | ||||||||||||
Ending balance | $ | 37,838 | $ | 49,544 |
(Dollars in thousands) | Less than One Year | One to Five Years | Five to Fifteen Years | Over Fifteen Years | Total | |||||||||||||||||||||||||||
Interest-rate sensitive assets: | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Commercial loans and leases(2) | $ | 4,002,063 | $ | 1,496,195 | $ | 348,996 | $ | 15,443 | $ | 5,862,697 | ||||||||||||||||||||||
Commercial mortgage loans(2) | 2,352,855 | 815,355 | 194,980 | 8,553 | 3,371,743 | |||||||||||||||||||||||||||
Residential(1)(2) | 193,699 | 321,202 | 250,819 | 61,414 | 827,134 | |||||||||||||||||||||||||||
Consumer(2) | 734,768 | 425,614 | 195,927 | 4,520 | 1,360,829 | |||||||||||||||||||||||||||
Loans held for sale(2) | 81,103 | 1,626 | 2,427 | 1,581 | 86,737 | |||||||||||||||||||||||||||
Investment securities, available-for-sale | 2,537,566 | 3,178,040 | 1,789,998 | 48,372 | 7,553,976 | |||||||||||||||||||||||||||
Investment securities, held-to-maturity | 18,005 | 35,826 | 31,071 | — | 84,902 | |||||||||||||||||||||||||||
Other interest-earning assets | 8,804 | — | — | — | 8,804 | |||||||||||||||||||||||||||
Total interest-rate sensitive assets: | $ | 9,928,863 | $ | 6,273,858 | $ | 2,814,218 | $ | 139,883 | $ | 19,156,822 | ||||||||||||||||||||||
Interest-rate sensitive liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 1,646,187 | $ | — | $ | — | $ | — | $ | 1,646,187 | ||||||||||||||||||||||
Savings | 1,282,990 | — | — | — | 1,282,990 | |||||||||||||||||||||||||||
Money market | 3,287,452 | — | — | — | 3,287,452 | |||||||||||||||||||||||||||
Customer time deposits | 853,117 | 299,303 | 2,032 | — | 1,154,452 | |||||||||||||||||||||||||||
Trust preferred borrowings | 90,295 | — | — | — | 90,295 | |||||||||||||||||||||||||||
Senior and subordinated debt | 100,492 | 147,996 | — | — | 248,488 | |||||||||||||||||||||||||||
Other borrowed funds | 109,606 | — | — | — | 109,606 | |||||||||||||||||||||||||||
Total interest-rate sensitive liabilities: | $ | 7,370,139 | $ | 447,299 | $ | 2,032 | $ | — | $ | 7,819,470 | ||||||||||||||||||||||
Excess of interest-rate sensitive assets over interest-rate liabilities (interest-rate sensitive gap) | $ | 2,558,724 | $ | 5,826,559 | $ | 2,812,186 | $ | 139,883 | $ | 11,337,352 | ||||||||||||||||||||||
One-year interest-rate sensitive assets/interest-rate sensitive liabilities | 134.72 | % | ||||||||||||||||||||||||||||||
One-year interest-rate sensitive gap as a percent of total assets | 12.19 | % |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
% Change in Interest Rate (Basis Points) | % Change in Net Interest Margin(1) | Economic Value of Equity(2) | % Change in Net Interest Margin(1) | Economic Value of Equity(2) | ||||||||||||||||||||||
+300 | 31.6% | 26.96% | 25.1% | 24.27% | ||||||||||||||||||||||
+200 | 21.0% | 25.43% | 16.6% | 23.07% | ||||||||||||||||||||||
+100 | 10.3% | 23.76% | 8.2% | 21.76% | ||||||||||||||||||||||
+50 | 5.1% | 22.22% | 4.1% | 20.33% | ||||||||||||||||||||||
+25 | 2.5% | 21.87% | 2.0% | 20.05% | ||||||||||||||||||||||
— | —% | 21.50% | —% | 19.73% | ||||||||||||||||||||||
-25 | (2.5)% | 21.10% | (1.4)% | 19.28% | ||||||||||||||||||||||
-50 | (4.6)% | 20.61% | (2.2)% | 18.72% | ||||||||||||||||||||||
-100 | (5.8)% | 19.42% | (3.8)% | 17.36% | ||||||||||||||||||||||
'-200(3) | NMF | NMF | NMF | NMF | ||||||||||||||||||||||
-300(3) | NMF | NMF | NMF | NMF |
Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Loans:(2) | ||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | $ | 4,851,090 | $ | 52,466 | 4.39 | % | $ | 4,138,034 | $ | 52,620 | 5.16 | % | ||||||||||||||||||||||||||
Commercial real estate loans | 4,292,159 | 40,639 | 3.84 | 2,803,378 | 29,191 | 4.22 | ||||||||||||||||||||||||||||||||
Residential loans | 843,699 | 9,657 | 4.58 | 734,593 | 12,864 | 7.00 | ||||||||||||||||||||||||||||||||
Consumer loans | 1,357,970 | 15,284 | 4.56 | 1,159,588 | 12,836 | 4.49 | ||||||||||||||||||||||||||||||||
Loans held for sale | 74,694 | 835 | 4.53 | 161,287 | 1,341 | 3.37 | ||||||||||||||||||||||||||||||||
Total loans and leases | 11,419,612 | 118,881 | 4.22 | 8,996,880 | 108,852 | 4.91 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | 5,223,794 | 23,113 | 1.77 | 2,507,910 | 10,704 | 1.71 | ||||||||||||||||||||||||||||||||
Investment securities(3) | 330,826 | 1,321 | 1.82 | 336,410 | 1,449 | 1.98 | ||||||||||||||||||||||||||||||||
Other interest-earning assets | 1,721,659 | 822 | 0.19 | 1,103,632 | 276 | 0.10 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 18,695,891 | $ | 144,137 | 3.13 | % | $ | 12,944,832 | $ | 121,281 | 3.81 | % | ||||||||||||||||||||||||||
Allowance for credit losses | (134,780) | (226,911) | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 209,730 | 114,725 | ||||||||||||||||||||||||||||||||||||
Cash in non-owned ATMs | 509,568 | 393,964 | ||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | 100,756 | 32,155 | ||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | 1,638,727 | 997,444 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 21,019,892 | $ | 14,256,209 | ||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 3,435,377 | $ | 581 | 0.07 | % | $ | 2,572,325 | $ | 618 | 0.10 | % | ||||||||||||||||||||||||||
Savings | 2,262,026 | 162 | 0.03 | 1,830,781 | 150 | 0.03 | ||||||||||||||||||||||||||||||||
Money market | 4,092,835 | 925 | 0.09 | 2,682,219 | 854 | 0.13 | ||||||||||||||||||||||||||||||||
Customer time deposits | 1,173,023 | 1,323 | 0.46 | 1,117,191 | 2,377 | 0.86 | ||||||||||||||||||||||||||||||||
Total interest-bearing customer deposits | 10,963,261 | 2,991 | 0.11 | 8,202,516 | 3,999 | 0.20 | ||||||||||||||||||||||||||||||||
Brokered deposits | 63,376 | 137 | 0.88 | 136,957 | 497 | 1.47 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 11,026,637 | 3,128 | 0.12 | 8,339,473 | 4,496 | 0.22 | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | — | — | — | 736 | 5 | 2.76 | ||||||||||||||||||||||||||||||||
Trust preferred borrowings | 90,263 | 513 | 2.30 | 67,011 | 324 | 1.96 | ||||||||||||||||||||||||||||||||
Senior and subordinated debt | 248,565 | 1,929 | 3.10 | 246,654 | 2,266 | 3.67 | ||||||||||||||||||||||||||||||||
Other borrowed funds(4) | 38,396 | 9 | 0.10 | 19,656 | 5 | 0.10 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 11,403,861 | $ | 5,579 | 0.20 | % | $ | 8,673,530 | $ | 7,096 | 0.33 | % | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 6,450,783 | 3,490,831 | ||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 445,855 | 322,296 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,722,263 | 1,771,822 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | (2,870) | (2,270) | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 21,019,892 | $ | 14,256,209 | ||||||||||||||||||||||||||||||||||
Excess of interest-earning assets over interest-bearing liabilities | $ | 7,292,030 | $ | 4,271,302 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 138,558 | $ | 114,185 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 2.93 | % | 3.48 | % | ||||||||||||||||||||||||||||||||||
Net interest margin | 3.01 | % | 3.59 | % | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2022 vs. 2021 | ||||||||||||||||
(Dollars in thousands) | Volume | Yield/Rate | Net | ||||||||||||||
Interest Income: | |||||||||||||||||
Loans: | |||||||||||||||||
Commercial loans and leases(1) | $ | 34,069 | $ | (34,223) | $ | (154) | |||||||||||
Commercial mortgage loans | 28,005 | (16,557) | 11,448 | ||||||||||||||
Residential | 9,720 | (12,927) | (3,207) | ||||||||||||||
Consumer | 2,243 | 205 | 2,448 | ||||||||||||||
Loans held for sale | (2,588) | 2,082 | (506) | ||||||||||||||
Mortgage-backed securities | 12,019 | 390 | 12,409 | ||||||||||||||
Investment securities(2) | (22) | (106) | (128) | ||||||||||||||
Other interest-earning assets | 209 | 337 | 546 | ||||||||||||||
Favorable (unfavorable) | 83,655 | (60,799) | 22,856 | ||||||||||||||
Interest expense: | |||||||||||||||||
Deposits: | |||||||||||||||||
Interest-bearing demand | 795 | (832) | (37) | ||||||||||||||
Money market | 1,399 | (1,328) | 71 | ||||||||||||||
Savings | 12 | — | 12 | ||||||||||||||
Customer time deposits | 765 | (1,819) | (1,054) | ||||||||||||||
Brokered certificates of deposits | (206) | (154) | (360) | ||||||||||||||
FHLB advances | (2) | (3) | (5) | ||||||||||||||
Trust preferred borrowings | 126 | 63 | 189 | ||||||||||||||
Senior and subordinated debt | 117 | (454) | (337) | ||||||||||||||
Other borrowed funds | 4 | — | 4 | ||||||||||||||
Unfavorable (favorable) | 3,010 | (4,527) | (1,517) | ||||||||||||||
Net change, as reported | $ | 80,645 | $ | (56,272) | $ | 24,373 |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
As of March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 65,716 | $ | 6,125 | $ | 23,105 | $ | 3,145 | $ | 4,956 | $ | 33,283 | $ | 136,330 | ||||||||||||||||||||||||||||||
% of ACL to total ACL | 48 | % | 5 | % | 17 | % | 2 | % | 4 | % | 24 | % | 100 | % | ||||||||||||||||||||||||||||||
Loan portfolio balance | $ | 2,984,127 | $ | 1,872,827 | $ | 3,361,242 | $ | 923,890 | $ | 809,610 | $ | 1,382,116 | $ | 11,333,812 | ||||||||||||||||||||||||||||||
% to total loans and leases | 26 | % | 17 | % | 30 | % | 8 | % | 7 | % | 12 | % | 100 | % | ||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | $ | 3,639 | $ | 179 | $ | 37 | $ | — | $ | 186 | $ | 810 | $ | 4,851 | ||||||||||||||||||||||||||||||
Recoveries | 601 | 126 | 121 | — | 386 | 366 | 1,600 | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 3,038 | $ | 53 | $ | (84) | $ | — | $ | (200) | $ | 444 | $ | 3,251 | ||||||||||||||||||||||||||||||
Average loan balance | $ | 2,949,444 | $ | 1,901,647 | $ | 3,387,900 | $ | 904,258 | $ | 839,546 | $ | 1,357,970 | $ | 11,340,765 | ||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | 0.42 | % | 0.01 | % | (0.01) | % | NMF | (0.10) | % | 0.13 | % | 0.12 | % |
(Dollars in thousands) | Commercial and Industrial(1) | Owner- occupied Commercial | Commercial Mortgages | Construction | Residential(2) | Consumer(3) | Total | |||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 49,967 | $ | 4,574 | $ | 11,623 | $ | 1,903 | $ | 3,352 | $ | 23,088 | $ | 94,507 | ||||||||||||||||||||||||||||||
% of ACL to total ACL | 53 | % | 5 | % | 12 | % | 2 | % | 4 | % | 24 | % | 100 | % | ||||||||||||||||||||||||||||||
Loan portfolio balance | $ | 2,270,319 | $ | 1,341,707 | $ | 1,881,510 | $ | 687,213 | $ | 546,667 | $ | 1,158,573 | $ | 7,885,989 | ||||||||||||||||||||||||||||||
% to total loans and leases | 28 | % | 17 | % | 24 | % | 9 | % | 7 | % | 15 | % | 100 | % | ||||||||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | $ | 23,592 | $ | 83 | $ | 73 | $ | 2,473 | $ | — | $ | 2,094 | $ | 28,315 | ||||||||||||||||||||||||||||||
Recoveries | 8,756 | 160 | 269 | — | 789 | 1,131 | 11,105 | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 14,836 | $ | (77) | $ | (196) | $ | 2,473 | $ | (789) | $ | 963 | $ | 17,210 | ||||||||||||||||||||||||||||||
Average loan balance | $ | 2,463,933 | $ | 1,337,883 | $ | 1,994,995 | $ | 775,246 | $ | 628,411 | $ | 1,134,569 | $ | 8,335,037 | ||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average gross loans | 0.60 | % | (0.01) | % | (0.01) | % | 0.32 | % | (0.13) | % | 0.08 | % | 0.21 | % |
(Dollars and share amounts in thousands, except per share amounts) | March 31, 2022 | December 31, 2021 | ||||||||||||
Stockholders’ equity of WSFS | $ | 2,520,463 | $ | 1,939,099 | ||||||||||
Less: Goodwill and other intangible assets | 1,032,189 | 547,231 | ||||||||||||
Tangible common equity (numerator) | $ | 1,488,274 | $ | 1,391,868 | ||||||||||
Shares of common stock outstanding (denominator) | 64,735 | 47,609 | ||||||||||||
Book value per share of common stock | $ | 38.94 | $ | 40.73 | ||||||||||
Goodwill and other intangible assets | 15.94 | 11.49 | ||||||||||||
Tangible book value per share of common stock | $ | 22.99 | $ | 29.24 |
Exhibit Number | Description of Document | |||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document * | |||||||
101.SCH | XBRL Schema Document * | |||||||
101.CAL | XBRL Calculation Linkbase Document * | |||||||
101.LAB | XBRL Labels Linkbase Document * | |||||||
101.PRE | XBRL Presentation Linkbase Document * | |||||||
101.DEF | XBRL Definition Linkbase Document * | |||||||
104 | The cover page of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 10, 2022, is formatted in Inline XBRL. |
WSFS FINANCIAL CORPORATION | ||||||||
Date: May 10, 2022 | /s/ Rodger Levenson | |||||||
Rodger Levenson | ||||||||
Chairman, President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: May 10, 2022 | /s/ Dominic C. Canuso | |||||||
Dominic C. Canuso | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Date: | May 10, 2022 | /s/ Rodger Levenson | |||||||||||||||
Rodger Levenson | |||||||||||||||||
Chairman, President and Chief Executive Officer | |||||||||||||||||
(Principal Executive Officer) |
Date: | May 10, 2022 | /s/ Dominic C. Canuso | |||||||||||||||
Dominic C. Canuso | |||||||||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||||||||
(Principal Financial and Accounting Officer) |
/s/ Rodger Levenson | /s/ Dominic C. Canuso | |||||||||||||
Rodger Levenson | Dominic C. Canuso | |||||||||||||
Chairman, President and Chief Executive Officer | Executive Vice President and | |||||||||||||
(Principal Executive Officer) | Chief Financial Officer | |||||||||||||
(Principal Financial and Accounting Officer) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net change in unrealized losses, tax expense (benefit) | $ (87,132) | $ (21,972) |
Reclassification adjustment for gains, tax expense | 0 | 79 |
Amortization of unrealized gain on securities reclassified to held-to-maturity, tax expense | 9 | 5 |
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, tax benefit | (9) | (5) |
Reclassification adjustment related to derivatives, tax expense | 0 | 0 |
Amortization of unrealized gain on terminated cash flow hedges, tax benefit | (13) | 35 |
Equity method investment tax expense (benefit) | $ 0 | $ 86 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Interest-bearing deposits in banks and other financial institutions, collateral | $ 7,160 | $ 5,050 |
Amortized cost | 5,903,550 | 5,249,882 |
Allowance for credit losses | 4 | 4 |
Held-to-maturity securities, fair value | 85,754 | 94,131 |
Allowance for credit losses | $ 136,330 | $ 94,507 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, issued (in shares) | 75,832,292 | 57,695,676 |
Treasury stock, shares (in shares) | 11,097,424 | 10,086,936 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Total Stockholders' Equity of WSFS |
Common Stock |
Capital in Excess of Par Value |
Accumulated Other Comprehensive Loss |
Retained Earnings |
Treasury Stock |
Non-controlling Interest |
||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance (in shares) at Dec. 31, 2020 | 57,575,783 | |||||||||||
Beginning Balance at Dec. 31, 2020 | $ 1,789,480 | $ 1,791,726 | $ 576 | $ 1,053,022 | $ 56,007 | $ 977,414 | $ (295,293) | $ (2,246) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 65,141 | 65,082 | 65,082 | 59 | ||||||||
Other comprehensive loss | (69,709) | (69,709) | (69,709) | |||||||||
Cash dividend | (5,699) | (5,699) | (5,699) | |||||||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 13,547 | |||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 115 | 115 | $ 0 | 115 | ||||||||
Stock-based compensation expense | 1,155 | 1,155 | 1,155 | |||||||||
Repurchases of common shares | [1] | (12,029) | (12,029) | (1) | (12,028) | |||||||
Ending Balance (in shares) at Mar. 31, 2021 | 57,589,330 | |||||||||||
Ending Balance at Mar. 31, 2021 | 1,768,454 | 1,770,641 | $ 576 | 1,054,291 | (13,702) | 1,036,797 | (307,321) | (2,187) | ||||
Beginning Balance (in shares) at Dec. 31, 2021 | 57,695,676 | |||||||||||
Beginning Balance at Dec. 31, 2021 | 1,937,016 | 1,939,099 | $ 577 | 1,058,997 | (37,768) | 1,224,614 | (307,321) | (2,083) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 3,967 | 3,804 | 3,804 | 163 | ||||||||
Other comprehensive loss | (276,012) | (276,012) | (276,012) | |||||||||
Cash dividend | (8,536) | (8,536) | (8,536) | |||||||||
Contributions from noncontrolling shareholders | 187 | 187 | ||||||||||
Issuance of common stock including proceeds from exercise of common stock options (in shares) | 19,768 | |||||||||||
Issuance of common stock including proceeds from exercise of common stock options | 428 | 428 | $ 0 | 428 | ||||||||
Shares issued in acquisitions (in shares) | 18,116,848 | |||||||||||
Shares issued in acquisitions | 908,016 | 908,016 | $ 181 | 907,835 | ||||||||
Noncontrolling interest assumed in acquisition | (913) | (913) | ||||||||||
Stock-based compensation expense | 1,334 | 1,334 | 1,334 | |||||||||
Repurchases of common shares | [2] | (47,670) | (47,670) | (622) | (47,048) | |||||||
Ending Balance (in shares) at Mar. 31, 2022 | 75,832,292 | |||||||||||
Ending Balance at Mar. 31, 2022 | $ 2,517,817 | $ 2,520,463 | $ 758 | $ 1,967,972 | $ (313,780) | $ 1,219,882 | $ (354,369) | $ (2,646) | ||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Cash dividend (in dollars per share) | $ 0.13 | $ 0.12 |
Shares withheld for tax liabilities (in shares) | 3,430 | 20 |
Treasury Stock | ||
Repurchase of common stock (in shares) | 938,985 | 267,309 |
BASIS OF PRESENTATION |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION General These unaudited Consolidated Financial Statements include the accounts of WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company), and its consolidated subsidiaries. WSFS’ primary subsidiary is Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank). As of March 31, 2022, the other subsidiaries of WSFS include WSFS Wealth Management, LLC (Powdermill®), WSFS Capital Management, LLC (West Capital), Cypress Capital Management, LLC (Cypress), Christiana Trust Company of Delaware® (Christiana Trust DE), WSFS SPE Services, LLC, The Bryn Mawr Trust Company of Delaware (BMT-DE), and 601 Perkasie, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. WSFS Bank has five wholly owned subsidiaries: Beneficial Equipment Finance Corporation (BEFC), 1832 Holdings, Inc., BMT Insurance Advisors, Inc. (BMT Insurance Advisors), Bryn Mawr Equipment Finance, Inc. (BMEF), and KCMI Capital, Inc. (KCMI), and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance®). Additionally, WSFS and the Bank acquired certain subsidiaries in the merger of Bryn Mawr Bank Corporation (BMBC) with and into WSFS on January 1, 2022, and the merger of The Bryn Mawr Trust Company with and into the Bank (collectively, the BMBC Merger), pursuant to the agreement and plan of merger, by and between WSFS and BMBC, dated as of March 9, 2021 (the BMBC Merger Agreement) that are not named herein as they are not integral or significant to our business. On April 1, 2022, WSFS completed the merger of Christiana Trust DE and The Bryn Mawr Trust Company of Delaware. The combined organization will retain and operate under the Bryn Mawr Trust Company of Delaware name. Additionally, BMEF merged with and into BEFC effective April 1, 2022. Effective April 29, 2022, KCMI, a WSFS Bank subsidiary acquired in the BMBC Merger, was sold to a third-party financial institution. KCMI specializes in providing non-traditional commercial mortgage loans to well-established small businesses throughout the United States. As of March 31, 2022, KCMI had $55.5 million of net loans. The sale does not have a material impact on our unaudited Consolidated Financial Statements and related disclosures. This sale and subsidiary mergers occurred during the second quarter of 2022 and are not included in our March 31, 2022 unaudited Consolidated Financial Statements, and does not have a material impact on our unaudited Consolidated Financial Statements and related disclosures. Overview Founded in 1832, the Bank is one of the ten oldest bank and trust companies continuously operating under the same name in the United States (U.S.). The Company provides residential and commercial real estate, commercial and consumer lending services, as well as retail deposit and cash management services. The banking business is commercial lending funded primarily by customer-generated deposits. In addition, the Company offers a variety of wealth management and trust services to personal and corporate customers. The Federal Deposit Insurance Corporation (FDIC) insures the customers’ deposits to their legal maximums. The Company serves its customers primarily from 122 offices located in Pennsylvania (63), Delaware (39), New Jersey (18), Virginia (1) and Nevada (1), its ATM network, website at www.wsfsbank.com and mobile app. Information on the website is not incorporated by reference into this Quarterly Report on Form 10-Q. Basis of Presentation In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity), fair values of assets acquired and liabilities assumed in acquisitions accounted for as business combinations using the acquisition method of accounting, lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets, the establishment of additional allowance and lending-related commitment reserves, changes in the fair value of financial instruments, as well as increased post-retirement benefits and income tax expense. The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Certain prior period amounts have been reclassified to conform with current period presentation. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2022. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 (the 2021 Annual Report on Form 10-K) that was filed with the SEC on March 1, 2022 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES: The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Company's 2021 Annual Report on Form 10-K. Those significant accounting policies remain unchanged at March 31, 2022. RECENT ACCOUNTING PRONOUNCEMENTS The following accounting pronouncement was adopted by the Company during the three months ended March 31, 2022, but is not expected to have a material impact on the unaudited Consolidated Financial Statements: •ASU No. 2021-05, Leases (Topic 842), Lessors – Certain Leases with Variable Lease Payments There were no other applicable material accounting pronouncements adopted by the Company since December 31, 2021. Accounting guidance pending adoption at March 31, 2022 ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures: In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The guidance eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors (ASC 310-40) while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The guidance also requires that an entity disclose current-period write-offs by year of origination for financing receivables and net investments in leases within the scope of Topic 326. The guidance is effective for annual periods beginning after December 15, 2022. Early adoption is permitted. Adoption is required on a prospective basis, except for the transition method related to the recognition and measurement of TDRs where the entity as to apply on a modified-retrospective basis. The Company is currently evaluating the impact upon adoption and will apply the guidance after completion of its assessment.
|
BUSINESS COMBINATIONS |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS | 3. BUSINESS COMBINATIONS Bryn Mawr Bank Corporation. On January 1, 2022, WSFS closed its acquisition of BMBC and acquired 100% of the outstanding common stock of BMBC. In accordance with the terms of the merger agreement, dated March 9, 2021, by and between WSFS and BMBC, each share of BMBC common stock was exchanged for 0.90 shares of WSFS common stock (with cash paid in lieu of fractional shares). The total value of consideration paid was $908.0 million based on 19,903,230 shares of BMBC common stock outstanding as of December 31, 2021, the vesting of 226,643 BMBC restricted stock awards, and the closing price per share of WSFS common stock of $50.12 on December 31, 2021. Results of the combined Company’s operations are included in the unaudited Consolidated Financial Statements since the date of the acquisition. BMBC was the holding company for The Bryn Mawr Trust Company (Bryn Mawr Bank), a Pennsylvania chartered bank and wholly-owned subsidiary. BMBC and Bryn Mawr Bank were headquartered in Bryn Mawr, Pennsylvania, a western suburb of Philadelphia, and served primarily the Greater Philadelphia region. BMBC and its direct and indirect subsidiaries was a locally managed, premier financial services company providing retail and commercial banking; trust administration and wealth management; and insurance and risk management solutions. WSFS believes that following the BMBC Merger it will be the only bank in the Greater Philadelphia and Delaware region with distinct market-share advantages, including market knowledge, local decision-making, a full-service product suite and a balance sheet to compete with larger regional and national banks. The BMBC Merger also allows WSFS to accelerate our long-term strategic objectives, including scale to continue to invest in our delivery and talent transformations. The acquisition of BMBC was accounted for as a business combination using the acquisition method of accounting and, accordingly, the assets acquired, liabilities assumed and consideration transferred were recorded at their estimated fair values as of the acquisition date. The excess of consideration transferred over the fair value of net assets acquired was recorded as goodwill, which is not amortizable nor deductible for tax purposes. The Company allocated goodwill to its WSFS Bank segment and Wealth Management segment. During the three months ended March 31, 2022, there were no remeasurement period adjustments made to the fair values of assets acquired and liabilities assumed. The following table summarizes the consideration transferred and the fair values of identifiable assets acquired and liabilities assumed:
While the valuation of acquired assets and liabilities is substantially completed, fair value estimates related to the assets and liabilities from BMBC are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to adjustment include, but are not limited to, Wealth Management intangibles, loans, and deferred income taxes as management continues to review the estimated fair values and evaluate the assumed tax position. When the valuation is final, any changes to the preliminary valuation of acquired assets and liabilities could result in adjustments to identified intangibles and goodwill. The fair values of assets acquired and liabilities assumed is expected to be finalized during the remeasurement period, which ends one year from the closing date, or January 1, 2023. The amount of goodwill recorded reflects the increased market share and related synergies that are expected to result from the acquisition, and represents the excess purchase price over the estimated fair value of the net assets acquired from BMBC. The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. In many cases, the fair values of the assets acquired and liabilities assumed were determined by estimating the cash flows expected to result from those assets and liabilities and applying the appropriate market discount rates. Cash and due from banks: The estimated fair values of cash and due from banks approximate their stated value. Investment Securities: The acquired investment portfolio had a fair value of $500.4 million, primarily consisting of short-term U.S. Treasury bills that matured subsequent to closing on January 6, 2022. The estimated fair value approximated the stated value at maturity. Loans and Leases: The Company recorded $3.5 billion of acquired loans, which were initially recorded at their fair values as of the acquisition date. Fair value for loans was based on a discounted cash flow methodology that considered credit loss and prepayment expectations, market interest rates and other market factors, such as liquidity, from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The PD, LGD, exposure at default and prepayment assumptions are the key factors driving credit losses which are embedded into the estimated cash flows. The table below presents information with respect to the fair value and unpaid principal balance of acquired loans and leases at the acquisition date.
The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
The BMBC Merger resulted in the addition of $49.6 million in allowance for credit losses, including the $26.1 million identified in the table above for PCD loans, and $23.5 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. Deferred Income Taxes: The Company recorded a deferred income tax asset (DTA) of $8.4 million related to tax attributes of BMBC along with the effects of fair value adjustments resulting from acquisition accounting for the combination. The DTA’s recorded were based on the expected federal and state tax benefits of when the acquired tax attributes and purchase accounting adjustments will reverse. In recording the DTA, consideration was given to potential limitations on the realizability of such acquired tax attributes. There was no material change to the valuation allowance as a result of the BMBC Merger. Trust preferred borrowings and subordinated debt: The fair value of trust preferred borrowings and subordinated debt were determined by present valuing the expected cash flows using current market rates for similar instruments. A fair value discount of $2.5 million was recognized for the trust preferred borrowings and will be recognized as an increase to interest expense over the remaining life of the borrowings. A fair value premium of $0.7 million was recognized for the subordinated debt and will be recognized as a decrease to interest expense over the remaining life of the debt. Intangible Assets: The Company recorded $10.9 million of core deposit intangible (CDI) which is being amortized over ten years using a straight-line amortization methodology. The fair value of the core deposit intangible was determined using the cost savings approach. The cost savings approach is defined as the difference between cost of funds on deposits and the cost of an equal amount of funds from an alternative source. The CDI fair value was determined by projecting net cash flow benefits, including assumptions related to customer attrition, discount rates, deposit interest rates, and alternative costs of funds. Certificates of deposit accounts were valued by segregating the portfolio into pools based on remaining maturity and comparing the contractual cost of the portfolio to an identical portfolio bearing current market rates. The valuation adjustment will be accreted or amortized to interest expense over the remaining maturities of the respective pools. WSFS recorded $60.4 million of Wealth Management intangible assets that consisted of $57.1 million for customer relationships in our wealth management, trust and insurances lines of business, $2.8 million for the Bryn Mawr Trust tradename, and $0.5 million in non-compete agreements. Fair value for these Wealth Management intangible assets was based on a discounted cash flow methodology projecting net cash flow benefits, including assumptions related to customer attrition, discount rates, income projections and applicable growth rate assumptions. Corporate development expenses and Restructuring expenses For acquisitions, the Company develops comprehensive integration plans under which it has incurred direct costs, which are expensed as incurred. These direct costs include costs are primarily related to: (i) terminated contracts, (ii) consolidated facilities (including lease termination expenses), (iii) severance, (iv) marketing, and (v) professional and legal fees. Costs related to the acquisition and restructuring are included in the Corporate development expense and Restructuring expense line items, respectively, on the unaudited Consolidated Statements of Income. The following table details the costs identified and classified as corporate development and restructuring expenses, which are primarily related to the BMBC Merger:
During the second quarter of 2021, WSFS announced a retail banking office optimization plan that included the planned consolidation of Bryn Mawr Trust and WSFS Bank banking offices. Most of the consolidations and rebranding of the banking offices were completed during the first quarter of 2022, which included 22 Bryn Mawr Trust and 12 WSFS Bank banking offices. Costs related to this plan are included in the Corporate development expense line item on the unaudited Consolidated Statements of Income. In addition, the Company had $11.8 million of premises and equipment as held-for-sale as of March 31, 2022, which is included in the Other assets line item on the unaudited Consolidated Statement of Financial Condition. Pro Forma Income Statement (unaudited) The following pro forma income statement for the three months ended March 31, 2021 presents the pro forma results of operations of the combined institution (BMBC and the Corporation) as if the BMBC Merger occurred on January 1, 2021. The pro forma income statement adjustments are limited to the effects of fair value mark amortization and accretion and intangible asset amortization. No cost savings or additional merger expenses have been included in the pro forma results of operations.
Due to the various conversions of BMBC systems since the date of acquisition, as well as other streamlining and continuing integration of BMBC's operating activities into those of the Company, reporting for revenue and net income of the former BMBC operations for the period subsequent to the acquisition is impracticable.
|
NONINTEREST INCOME |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONINTEREST INCOME | 4. NONINTEREST INCOME Credit/debit card and ATM income The following table presents the components of credit/debit card and ATM income:
Credit/debit card and ATM income is composed of bailment fees, interchange fees, and other card and ATM fees. Bailment fees are earned from bailment arrangements with customers. Bailment arrangements are legal relationships in which property is delivered to another party without a transfer of ownership. The party who transferred the property (the bailor) retains ownership interest of the property. In the event that the bailee files for bankruptcy protection, the property is not included in the bailee's assets. The bailee pays an agreed-upon fee for the use of the bailor's property in exchange for the bailor allowing use of the assets at the bailee's site. Bailment fees are earned from cash that is made available for customers' use at an offsite location, such as cash located in an ATM at a customer's place of business. These fees are typically indexed to a market interest rate. This revenue stream generates fee income through monthly billing for bailment services. Credit/debit card and ATM income also includes interchange fees. Interchange fees are paid by a merchant's bank to a bank that issued a debit or credit card used in a transaction to compensate the issuing bank for the value and benefit the merchant receives from accepting electronic payments. These revenue streams generate fee income at the time a transaction occurs and are recorded as revenue at the time of the transaction. Investment management and fiduciary income The following table presents the components of investment management and fiduciary income:
Investment management and fiduciary income is composed of trust fees and wealth management and advisory fees. Trust fees are based on revenue earned from custody, escrow, trustee and trustee related services on structured finance transactions; indenture trustee, administrative agent and collateral agent services to individuals, institutions and corporations; commercial domicile and independent director services; and investment and trustee services to families and individuals. Most fees are flat fees, except for a portion of personal and corporate trustee fees where the Company earns a percentage on the assets under management or assets held within a trust. This revenue stream primarily generates fee income through monthly, quarterly and annual billings for services provided. Wealth management and advisory fees consists of fees from Cypress, West Capital, Powdermill®, WSFS Wealth® Investments and legacy Bryn Mawr Trust Wealth Management (excluding The Bryn Mawr Trust Company of Delaware). Wealth management and advisory fees are based on revenue earned from services including asset management, financial planning, family office, and brokerage. The fees are based on the market value of assets, are assessed as a flat fee, or are brokerage commissions. This revenue stream primarily generates fee income through quarterly and annual billing for the services. Deposit service charges The following table presents the components of deposit service charges:
Deposit service charges includes revenue earned from core deposit products, certificates of deposit, and brokered deposits. The Company generates fee revenues from deposit service charges primarily through service charges and overdraft fees. Service charges consist primarily of monthly account maintenance fees, cash management fees, foreign ATM fees and other maintenance fees. All of these revenue streams generate fee income through service charges for monthly account maintenance and similar items, transfer fees, late fees, overlimit fees, and stop payment fees. Revenue is recorded at the time of the transaction. Other income The following table presents the components of other income:
Other income consists of managed service fees, which are primarily courier fees related to cash management, currency preparation, ATM loss protection, capital markets revenue, and other miscellaneous products and services offered by the Bank. These fees are primarily generated through monthly billings or at the time of the transaction. Through its subsidiary BMT Insurance Advisors, the Bank earns commissions from the sale of insurance policies, which are generally calculated as a percentage of the policy premium, and contingent income, which is calculated based on the volume and performance of the policies held by each carrier. Obligations for the sale of insurance policies are generally satisfied at the point in time which the policy is executed and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Performance metrics for contingent income are generally satisfied over time, not exceeding one year, and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Arrangements with multiple performance obligations The Company's contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers. Practical expedients and exemptions The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. See Note 16 for further information about the disaggregation of noninterest income by segment.
|
EARNINGS PER SHARE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | 5. EARNINGS PER SHARE The following table shows the computation of basic and diluted earnings per share:
Basic earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average basic shares outstanding. Diluted earnings per share is calculated by dividing Net income attributable to WSFS by the weighted-average fully diluted shares outstanding, using the treasury stock method. Fully diluted shares include the adjustment for the dilutive effect of common stock awards, which include outstanding stock options and unvested restricted stock units under the 2013 Incentive Plan and the 2018 Incentive Plan.
|
INVESTMENTS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | 6. INVESTMENTS Debt Securities The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at amortized cost basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized gains of $0.2 million at March 31, 2022, which are offset in Accumulated other comprehensive (loss) income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
(1)Held-to–maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized gains of $0.2 million at December 31, 2021, which are offset in Accumulated other comprehensive income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss. The scheduled maturities of available-for-sale debt securities at March 31, 2022 and December 31, 2021 are presented in the table below:
(1)Actual maturities could differ from contractual maturities. As of March 31, 2022, the Company’s available for sale investment securities consisted of 1,089 securities, 934 of which were in an unrealized loss position. As of March 31, 2022, substantially all of the Corporation’s available for sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. As of March 31, 2022 and December 31, 2021, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity. The scheduled maturities of held-to-maturity debt securities at March 31, 2022 and December 31, 2021 are presented in the table below:
(1)Actual maturities could differ from contractual maturities. MBS may have expected maturities that differ from their contractual maturities. These differences arise because issuers may have the right to call securities and borrowers may have the right to prepay obligations with or without prepayment penalty. The estimated weighted average duration of MBS was 5.5 years at March 31, 2022. The held-to-maturity debt securities are not collateral-dependent securities as these are general obligation bonds issued by cities, states, counties, or other local and foreign governments. Investment securities with fair market values aggregating $2.7 billion and $2.2 billion were pledged as collateral for retail customer repurchase agreements, municipal deposits, and other obligations as of March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2022, the Company had no sales of debt securities categorized as available-for-sale, resulting in no realized gains and no realized losses. During the three months ended March 31, 2021, the Company sold $9.3 million of debt securities categorized as available-for-sale resulting in $0.3 million of realized gains and no realized losses. As of March 31, 2022 and December 31, 2021, the Company's debt securities portfolio had remaining unamortized premiums of $66.9 million and $69.4 million, respectively, and unaccreted discounts of $18.0 million and $12.7 million, respectively. For debt securities in an unrealized loss position and an allowance has not been recorded, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at March 31, 2022.
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2021.
At March 31, 2022, available-for-sale debt securities for which the amortized cost basis exceeded fair value totaled $5.2 billion. Total unrealized losses on these securities were $411.3 million at March 31, 2022. The Company does not have the intent to sell, nor is it more likely than not it will be required to sell these securities before it is able to recover the amortized cost basis. The unrealized losses are the result of changes in market interest rates subsequent to purchase, not credit loss, as these are highly rated agency securities with no expected credit loss, in the event of a default. As a result, there is no allowance for credit losses recorded for available-for-sale debt securities as of March 31, 2022. At March 31, 2022 and December 31, 2021, held-to-maturity debt securities had an amortized cost basis of $84.9 million and $90.6 million, respectively. The held-to-maturity debt security portfolio primarily consists of highly rated municipal bonds. The Company monitors credit quality of its debt securities through credit ratings. The following table summarizes the amortized cost of debt securities held-to-maturity as of March 31, 2022, aggregated by credit quality indicator:
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2021, aggregated by credit quality indicator:
The Company reviewed its held-to-maturity debt securities by major security type for potential credit losses. There was no activity in the allowance for credit losses for foreign bond debt securities for the three months ended March 31, 2022 and 2021. The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the three months ended March 31, 2022 and 2021:
Accrued interest receivable of $0.7 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively, for held-to-maturity debt securities were excluded from the evaluation of allowance for credit losses. There were no nonaccrual or past due held-to-maturity debt securities as of March 31, 2022 and December 31, 2021. Equity Investments The Company had equity investments with a fair value of $13.7 million and $10.5 million as of March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2022, total net loss on equity investments of $3 thousand was recorded driven by an unrealized loss on Visa Shares presented within Unrealized (loss) gain on equity investment, net in the Consolidated Statements of Income. During the three months ended March 31, 2021, there were no unrealized gains or losses recorded on the Company's equity investments.
|
LOANS AND LEASES |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS AND LEASES | 7. LOANS AND LEASES The following table shows the Company's loan and lease portfolio by category:
(1) Includes Paycheck Protection Program (PPP) loans of $8.5 million at March 31, 2022 and $31.5 million at December 31, 2021. (2) Includes reverse mortgages at fair value of $4.3 million at March 31, 2022 and $3.9 million at December 31, 2021. (3) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. Accrued interest receivable on loans and leases was $40.8 million and $31.6 million at March 31, 2022 and December 31, 2021, respectively. Accrued interest receivable on loans and leases was excluded from the evaluation of allowance for credit losses.
|
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION | 8. ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION The following tables provide the activity of allowance for credit losses and loan balances for the three months ended March 31, 2022 and 2021. The increase was primarily due to an initial ACL of $49.6 million recorded in connection with the BMBC Merger. The initial $49.6 million ACL recorded includes $23.5 million related to non-PCD loans, or the initial provision for credit loss recorded, and $26.1 million related to PCD loans, which does not have an initial income statement impact, but adjusts the amortized cost basis of the loans at acquisition (i.e., a balance sheet gross-up).
(1)Includes commercial small business leases and PPP loans. (2)Period-end loan balance excludes reverse mortgages at fair value of $4.3 million. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (4)Includes $23.5 million initial provision for credit losses on non-PCD loans.
(1)Includes commercial small business leases and PPP loans. (2)Period-end loan balance excludes reverse mortgages at fair value of $9.4 million. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. The following tables show nonaccrual and past due loans presented at amortized cost at the date indicated:
(1)Nonaccrual loans with an allowance totaled less than $0.1 million. (2)Includes commercial small business leases and PPP loans. (3)Residential accruing current balances excludes reverse mortgages at fair value of $4.3 million. (4)Includes $23.5 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.
(1)Nonaccrual loans with an allowance totaled less than $0.1 million (2)Includes commercial small business leases and PPP loans. (3)Residential accruing current balances excludes reverse mortgages, at fair value of $3.9 million. (4)Includes $17.0 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss. The following table presents the amortized cost basis of nonaccruing collateral-dependent loans by class at March 31, 2022 and December 31, 2021:
(1)Includes commercial small business leases. (2)Excludes reverse mortgages at fair value. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. Interest income recognized on individually reviewed loans was $0.2 million during the three months ended March 31, 2022 and 2021. As of March 31, 2022, there were 22 residential loans and 16 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $2.2 million and $4.3 million, respectively. As of December 31, 2021, there were 28 residential loans and 9 commercial loans in the process of foreclosure. The total outstanding balance on these loans was $2.5 million and $3.2 million, respectively. Loan workout and other real estate owned (OREO) expenses were $0.3 million during the three months ended March 31, 2022, and $0.5 million during three months ended March 31, 2021. Loan workout and OREO expenses are included in Loan workout and other credit costs on the Consolidated Statement of Income. Credit Quality Indicators Below is a description of each of the risk ratings for all commercial loans: •Pass. These borrowers currently show no indication of deterioration or potential problems and their loans are considered fully collectible. •Special Mention. These borrowers have potential weaknesses that deserve management’s close attention. Borrowers in this category may be experiencing adverse operating trends, for example, declining revenues or margins, high leverage, tight liquidity, or increasing inventory without increasing sales. These adverse trends can have a potential negative effect on the borrower’s repayment capacity. These assets are not adversely classified and do not expose the Bank to significant risk that would warrant a more severe rating. Borrowers in this category may also be experiencing significant management problems, pending litigation, or other structural credit weaknesses. •Substandard or Lower. These borrowers have well-defined weaknesses that require extensive oversight by management. Borrowers in this category may exhibit one or more of the following: inadequate debt service coverage, unprofitable operations, insufficient liquidity, high leverage, and weak or inadequate capitalization. Relationships in this category are not adequately protected by the sound financial worth and paying capacity of the obligor or the collateral pledged on the loan, if any. A distinct possibility exists that the Bank will sustain some loss if the deficiencies are not corrected. In addition, some borrowers in this category could have the added characteristic that the possibility of loss is extremely high. Current circumstances in the credit relationship make collection or liquidation in full highly questionable. Such impending events include: perfecting liens on additional collateral, obtaining collateral valuations, an acquisition or liquidation preceding, proposed merger, or refinancing plan. Residential and Consumer Loans The residential and consumer loan portfolios are monitored on an ongoing basis using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans that are greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status. The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of March 31, 2022.
(1)Includes commercial small business leases. (2)Includes $8.5 million of PPP loans. (3)Excludes reverse mortgages at fair value. (4)Includes troubled debt restructured mortgages performing in accordance with the loans' modified terms and accruing interest. (5)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (6)Includes troubled debt restructured home equity installment loans performing in accordance with the loans' modified terms and accruing interest. The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of December 31, 2021.
(1)Includes commercial small business leases. (2)Includes $31.5 million of PPP loans. (3)Excludes reverse mortgages at fair value. (4)Includes troubled debt restructured mortgages performing in accordance with the loans' modified terms and accruing interest. (5)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (6)Includes troubled debt restructured home equity installment loans performing in accordance with the loans' modified terms and accruing interest. Troubled Debt Restructurings (TDRs) The following table presents the balance of TDRs as of the indicated dates:
Approximately $0.1 million and $0.2 million in related reserves have been established for these loans at March 31, 2022 and December 31, 2021, respectively. The following tables present information regarding the types of loan modifications made for the three months ended March 31, 2022 and 2021:
(1)Other includes interest rate reduction, forbearance, and interest only payments.. Principal balances are generally not forgiven when a loan is modified as a TDR. Nonaccruing restructured loans remain in nonaccrual status until there has been a period of sustained repayment performance, which is typically six months, and repayment is reasonably assured. The following tables present loans modified as TDRs during the three months ended March 31, 2022 and 2021.
(1)During the three months ended March 31, 2022, the TDRs set forth in the table above resulted in a $0.1 million increase in the allowance for credit losses, and no additional charge-offs. During the three months ended March 31, 2022, no TDRs defaulted that had received troubled debt modification during the past twelve months. (2)The TDRs set forth in the table above did not occur as a result of the loan forbearance program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
(1)During the three months ended March 31, 2021 the TDRs set forth in the table above resulted in a less than $0.1 million increase in the allowance for credit losses, and no additional charge-offs. During the three months ended March 31, 2021, no TDRs defaulted that had received troubled debt modification during the past twelve months. (2)The TDRs set forth in the table above did not occur as a result of the loan forbearance program under the CARES Act.
|
LEASES |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | 9. LEASES As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment. As a lessor, the Company primarily provides financing through its equipment leasing business. Lessee The Company's ongoing leases have remaining lease terms of less than one year to 40 years, which includes renewal options that exercised at its discretion. The Company's lease terms to calculate the lease liability and right of use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right of use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statement of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statement of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statement of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties. The components of operating lease cost were as follows:
(1)Includes variable lease cost and short-term lease cost. Supplemental balance sheet information related to operating leases was as follows:
Maturities of operating lease liabilities were as follows:
Supplemental cash flow information related to operating leases was as follows:
In connection with the BMBC Merger, the Company initiated a branch optimization initiative for the combined locations of the legacy companies. During the three months ended March 31, 2022, the Company recorded $4.3 million of accelerated right-of-use asset amortization expense due to asset impairment for the leased locations to be terminated. As of March 31, 2022, the Corporation had not entered into any material leases that have not yet commenced. Lessor Equipment Leasing The Company provides equipment and small business lease financing through its leasing subsidiary, NewLane Finance®. Interest income from direct financing leases where the Company is a lessor is recognized in Interest and fees on loans and leases on the Consolidated Statements of Income. The allowance for credit losses on finance leases is included in (Recovery of) provision for credit losses on the Consolidated Statements of Income. The components of direct finance lease income are summarized in the table below:
Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | 9. LEASES As a lessee, the Company enters into leases for its bank branches, corporate offices, and certain equipment. As a lessor, the Company primarily provides financing through its equipment leasing business. Lessee The Company's ongoing leases have remaining lease terms of less than one year to 40 years, which includes renewal options that exercised at its discretion. The Company's lease terms to calculate the lease liability and right of use asset include options to extend the lease when it is reasonably certain that the Company will exercise the option. The lease liability and right of use asset is included in Other liabilities and Other assets, respectively, in the unaudited Consolidated Statement of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the unaudited Consolidated Statement of Financial Condition. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense is included in Occupancy expense in the unaudited Consolidated Statement of Income. The Company accounts for lease components separately from nonlease components. The Company subleases certain real estate to third parties. The components of operating lease cost were as follows:
(1)Includes variable lease cost and short-term lease cost. Supplemental balance sheet information related to operating leases was as follows:
Maturities of operating lease liabilities were as follows:
Supplemental cash flow information related to operating leases was as follows:
In connection with the BMBC Merger, the Company initiated a branch optimization initiative for the combined locations of the legacy companies. During the three months ended March 31, 2022, the Company recorded $4.3 million of accelerated right-of-use asset amortization expense due to asset impairment for the leased locations to be terminated. As of March 31, 2022, the Corporation had not entered into any material leases that have not yet commenced. Lessor Equipment Leasing The Company provides equipment and small business lease financing through its leasing subsidiary, NewLane Finance®. Interest income from direct financing leases where the Company is a lessor is recognized in Interest and fees on loans and leases on the Consolidated Statements of Income. The allowance for credit losses on finance leases is included in (Recovery of) provision for credit losses on the Consolidated Statements of Income. The components of direct finance lease income are summarized in the table below:
Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:
|
GOODWILL AND INTANGIBLE ASSETS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | 10. GOODWILL AND INTANGIBLE ASSETS In accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles - Goodwill and Other (ASC 350), all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value as of acquisition date. WSFS performs its annual goodwill impairment test on October 1 or more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. In between annual tests, management performs a qualitative review of goodwill quarterly as part of the Company's review of the overall business to ensure no events or circumstances have occurred that would impact its goodwill evaluation. During the three months ended March 31, 2022, management determined based on its qualitative assessment that it is not more likely than not that the fair values of our reporting units are less than their carrying values. No goodwill impairment exists during the three months ended March 31, 2022. The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:
ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes the Company's intangible assets:
(1)Includes reversal of impairment losses of less than $0.1 million for the three months ended March 31, 2022. (2)Includes reversal of impairment losses of $0.3 million for the year ended December 31, 2021 In connection with the BMBC Merger on January 1, 2022, the Company recorded $10.9 million of core deposit intangibles, $57.1 million of customer relationships, $2.8 million for the Bryn Mawr Trust tradename, $0.5 million in non-compete agreements, and $3.3 million of loan servicing rights. See Note 3 to the unaudited Consolidated Financial Statements for additional information on intangible assets recorded in connection with the BMBC Merger. The Company recognized amortization expense on intangible assets of $4.0 million for the three months ended March 31, 2022, compared to $2.7 million for the three months ended March 31, 2021. The following table presents the estimated future amortization expense on definite life intangible assets:
Servicing Assets The Company records mortgage servicing rights on its mortgage loan servicing portfolio, which includes mortgages that it acquires or originates as well as mortgages that it services for others, and servicing rights on Small Business Administration (SBA) loans. Mortgage servicing rights and SBA loan servicing rights are included are in Intangible assets in the accompanying Consolidated Statements of Financial Condition. Mortgage loans which the Company services for others are not included in Loans and leases, net of allowance in the accompanying Consolidated Statements of Financial Condition. Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans the Company acquires or originates, or that it services for others. The value of the Company's mortgage servicing rights was $2.4 million and $0.5 million at March 31, 2022 and December 31, 2021, respectively, and the value of its SBA loan servicing rights was $4.1 million and $2.8 million at March 31, 2022 and December 31, 2021, respectively. In connection with the BMBC Merger, the Company acquired $2.0 million of mortgage servicing rights and $1.3 million of SBA loan servicing rights. Changes in the value of these servicing rights resulted in a reversal of impairment losses of less than $0.1 million three months ended March 31, 2022 and reversal of impairment loss of $0.1 million three months ended March 31, 2021. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage banking activities, net in the Consolidated Statements of Income and revenues from the Company's SBA loan servicing rights are included in Loan and lease fee income in the Consolidated Statements of Income. Besides the impairment on loan servicing rights noted above, there was no impairment of other intangible assets as of March 31, 2022 or December 31, 2021. Changing economic conditions that may adversely affect the Company's performance and could result in impairment, which could adversely affect earnings in the future.
|
DEPOSITS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS | 11. DEPOSITS The following table shows deposits by category:
|
BORROWED FUNDS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BORROWED FUNDS | 12. BORROWED FUNDS The following is a summary of borrowed funds by type as of March 31, 2022 and December 31, 2021:
The following table sets forth information concerning borrowed funds by type as of and for the three months ended March 31, 2022 and March 31, 2021:
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase The Company may utilize federal funds as a short-term funding source. The Company had no securities sold under agreements to repurchase at March 31, 2022 and December 31, 2021. Federal Home Loan Bank Advances The Company had no FHLB Advances at March 31, 2022 and December 31, 2021. Pursuant to collateral agreements with the FHLB, advances are secured by qualifying loan collateral, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB. As a member of the FHLB, the Company is required to purchase and hold shares of capital stock in the FHLB and was in compliance with this requirement with a stock investment in FHLB of $8.8 million at March 31, 2022 and $6.1 million at December 31, 2021. This stock is carried on the accompanying Consolidated Statements of Financial Condition at cost, which approximates liquidation value. The Company received dividends on its stock investment in FHLB less than $0.1 million for the three months ended March 31, 2022 and 2021, respectively. Trust Preferred Borrowings In 2005, the Company issued $67.0 million of aggregate principal amount of Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate. These securities are currently callable and have a maturity date of June 1, 2035. In connection with the BMBC Merger, WSFS acquired Royal Bancshares Capital Trust I (Trust I) and Royal Bancshares Capital Trust II (Trust II) (collectively, the Trusts), which were utilized for the sole purpose of issuing and selling capital securities representing preferred beneficial interests. Although WSFS owns an aggregate of $774.0 thousand of the common securities of Trust I and Trust II, the Trusts are not consolidated into the Corporation’s Consolidated Financial Statements as the Corporation is not deemed to be the primary beneficiary of these entities. Inclusive of the fair value marks, WSFS assumed junior subordinated debentures to the Trusts with a carrying value of $11.6 million each, totaling $23.2 million. The junior subordinated debentures incur interest at a coupon rate of 2.98% as of March 31, 2022. The rate resets quarterly based on 3-month LIBOR plus 2.15%. Each of Trust I and Trust II issued an aggregate principal amount of $12.5 million of capital securities initially bearing fixed and/or fixed/floating interest rates corresponding to the debt securities held by each Trust to an unaffiliated investment vehicle and an aggregate principal amount of $387.0 thousand of common securities bearing fixed and/or fixed/floating interest rates corresponding to the debt securities held by each Trust to the Company. The Company has fully and unconditionally guaranteed all of the obligations of the Trusts, including any distributions and payments on liquidation or redemption of the capital securities. The rights of holders of common securities of the Trusts are subordinate to the rights of the holders of capital securities only in the event of a default; otherwise, the common securities’ economic and voting rights are pari passu with the capital securities. The capital and common securities of the Trusts are subject to mandatory redemption upon the maturity or call of the junior subordinated debentures held by each. Unless earlier dissolved, the Trusts will dissolve on December 15, 2034. The junior subordinated debentures are the sole assets of Trusts, mature on December 15, 2034, and may be called at par by the Company any time. The Company records its investments in the Trusts’ common securities of $387.0 thousand each as investments in unconsolidated entities and records dividend income upon declaration by Trust I and Trust II. Senior and Subordinated Debt On June 13, 2016, the Company issued $100.0 million of senior notes due 2026 (the 2026 Notes). The 2026 Notes had a fixed coupon rate of 4.50% from issuance to but excluding June 15, 2021 and a variable coupon rate of three month LIBOR plus 3.30% from June 15, 2021 until maturity. The 2026 Notes were redeemed on June 15, 2021 at 100% of principal plus accrued and unpaid interest using cash on hand. On December 3, 2020, the Company issued $150.0 million of senior notes due 2030 (the 2030 Notes). The 2030 Notes mature on December 15, 2030 and have a fixed coupon rate of 2.75% from issuance until December 15, 2025 and a variable coupon rate equal to the three-month term SOFR, reset quarterly, plus 2.485% from December 15, 2025 until maturity. The 2030 Notes may be redeemed beginning December 15, 2025 at 100% of principal plus accrued and unpaid interest. The remaining net proceeds from the issuance of the 2030 Notes are being used for general corporate purposes, including, but not limited to, financing organic growth, acquisitions, repurchases of common stock, and redemption of outstanding indebtedness. The carrying value of the 2030 Notes, inclusive of deferred issuance costs, was $148.0 million as of March 31, 2022. In connection with the BMBC Merger, the Company assumed $30.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2025 (the 2025 Notes) which were issued in a private placement to institutional accredited investors on August 6, 2015. The 2025 Notes mature on August 15, 2025, and currently bear interest at a variable rate that resets quarterly to a level equal to the then-current three-month LIBOR rate plus 3.068% until August 15, 2025, or any early redemption date. The interest rate of the 2025 Notes was 3.570% as of March 31, 2022. The carrying value of the 2025 Notes, inclusive of purchase accounting marks, was $30.0 million as of March 31, 2022. In connection with the BMBC Merger, the Company assumed $70.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2027 (the 2027 Notes) which were issued by BMBC in an underwritten public offering on December 13, 2017. The 2027 Notes mature on December 15, 2027, and currently bear interest at an annual fixed rate of 4.25% until and including December 14, 2022, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 2.05% until December 15, 2027, or any early redemption date. The carrying value of the 2027 Notes, inclusive of purchase accounting marks, was $70.5 million as of March 31, 2022. Other Borrowed Funds Included in other borrowed funds are collateralized borrowings of $33.6 million and $24.5 million at March 31, 2022 and December 31, 2021, respectively, consisting of outstanding retail repurchase agreements, contractual arrangements under which portions of certain securities are sold overnight to retail customers under agreements to repurchase. Such borrowings were collateralized by mortgage-backed securities. Borrower in Custody The Company had $255.6 million and $282.1 million of loans and securities pledged to the Federal Reserve of Philadelphia (FRB) at March 31, 2022 and December 31, 2021, respectively. The Company did not borrow funds from the FRB during the three months ended March 31, 2022 or 2021.
|
INCOME TAXES |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES There were no unrecognized tax benefits as of March 31, 2022. The Company records interest and penalties on potential income tax deficiencies as income tax expense. The Company's federal and state tax returns for the 2018 through 2021 tax years are subject to examination as of March 31, 2022. The Company does not expect to record or realize any material unrecognized tax benefits during 2022. The amortization of the low-income housing credit investments has been reflected as income tax expense of $1.2 million and $0.9 million for the three months ended March 31, 2022 and 2021. The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the three months ended March 31, 2022 were $1.1 million, $1.2 million and $0.3 million, respectively. The carrying value of the investment in affordable housing credits is $38.4 million at March 31, 2022, compared to $39.6 million at December 31, 2021.
|
FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES | 14. FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES ASC 820-10, Fair Value Measurement (ASC 820-10) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: •Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. •Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. •Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following tables present financial instruments carried at fair value as of March 31, 2022 and December 31, 2021 by level in the valuation hierarchy (as described above):
Fair value is based on quoted market prices, where available. If such quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Available-for-sale securities Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company believes that this Level 2 designation is appropriate under ASC 820-10, as these securities are GSEs and GNMA securities with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. Other investments Other investments includes equity investments with and without readily determinable fair values and equity method investments, which are categorized as Level 3. The Company's equity investments with a readily determinable fair value are held at fair value. The Company’s equity investments without readily determinable fair values are held at cost, and are adjusted for any observable transactions during the reporting period and its equity method investments are initially recorded at cost based on the Company’s percentage ownership in the investee, and are adjusted to reflect the recognition of the Company’s proportionate share of income or loss of the investee based on the investee’s earnings. Other real estate owned Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of other real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties. Loans held for sale The fair value of loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities. Other assets Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of risk participation agreements are obtained from an independent pricing service. Other liabilities Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of foreign exchange forward contracts and risk participation agreements are obtained from an independent pricing service. Valuation of the derivative related to the sale of certain Visa Class B common shares is based on: (i) the agreed upon graduated fee structure; (ii) the length of time until the resolution of the Visa covered litigation; and (iii) the estimated impact of dilution in the conversion ratio of Class B shares resulting from changes in the Visa covered litigation. FAIR VALUE OF FINANCIAL INSTRUMENTS The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash, cash equivalents, and restricted cash For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value. Investment securities Investment securities include debt securities classified as held-to-maturity or available-for-sale. Fair value is estimated using quoted prices for similar securities, which the Company obtains from a third party vendor. The Company uses one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by the Company to validate the vendor’s methodology as described above in available-for-sale securities. Other investments Other investments includes equity investments with and without readily determinable fair values (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Loans held for sale Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Loans and leases Loans and leases are segregated by portfolio segments with similar financial characteristics. The fair values of loans and leases, with the exception of reverse mortgages, are estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. The fair values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral, if the loan is collateral dependent. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique does contemplate an exit price. Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value. Accrued interest receivable The carrying amounts of interest receivable approximate fair value. Other assets Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Deposits The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates currently offered for deposits with comparable remaining maturities. Borrowed funds Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Off-balance sheet instruments The fair value of off-balance sheet instruments, including swap guarantees of $12.5 million at March 31, 2022 and $13.1 million at December 31, 2021, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution. Accrued interest payable The carrying amounts of interest payable approximate fair value. Other liabilities Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Financial instruments measured at fair value using significant unobservable inputs (Level 3) The following table provides a description of the valuation technique and significant unobservable inputs for the Company's financial instruments classified as Level 3:
The book value and estimated fair value of the Company's financial instruments are as follows:
(1) Includes reverse mortgage loans. At March 31, 2022 and December 31, 2021 the Company had no commitments to extend credit measured at fair value.
|
DERIVATIVE FINANCIAL INSTRUMENTS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | 15. DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both economic conditions and its business operations. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. The Corporation does not use derivative financial instruments for trading purposes. Fair Values of Derivative Instruments The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of March 31, 2022.
The table below presents the fair value of derivative financial instruments as well as their location on the Consolidated Statements of Financial Condition as of December 31, 2021.
Derivatives Designated as Hedging Instruments: Cash Flow Hedges of Interest Rate Risk In 2020, the Company terminated its three interest rate derivatives that were designated as cash flow hedges for a net gain of $1.3 million, recognized in accumulated other comprehensive income. The derivatives were used to hedge the variable cash flows associated with a variable rate loan pool. Hedge accounting was discontinued, and the net gain in accumulated comprehensive income is reclassified into earnings when the transaction affects earnings. As the underlying hedged transaction continues to be probable, the $1.3 million net gain will be recognized into earnings on a straight-line basis over each derivative's original contract term. During the three months ended March 31, 2022, $0.1 million was reclassified into interest income. During the next twelve months, the Company estimates that an additional $0.2 million will be reclassified as an increase to interest income. Derivatives Not Designated as Hedging Instruments: Swap Guarantees The Company entered into agreements with five unrelated financial institutions whereby those financial institutions entered into interest rate derivative contracts (interest rate swap transactions) directly with customers referred to them by the Company. Under the terms of the agreements, those financial institutions have recourse to us for any exposure created under each swap transaction, only in the event that the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. This is a customary arrangement that allows us to provide access to interest rate swap transactions for our customers without creating the swap ourselves. These swap guarantees are accounted for as credit derivatives. At March 31, 2022 and December 31, 2021, there were 259 and 261 variable-rate to fixed-rate swap transactions between the third-party financial institutions and the Company's customers, respectively. The initial notional aggregate amount was approximately $1.1 billion and $1.1 billion at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, the swap transactions remaining maturities ranged from under 1 year to 14 years. At March 31, 2022, 82 of these customer swaps were in a paying position to third parties for $6.6 million, with our swap guarantees having a fair value of $12.5 million. At December 31, 2021, 193 of these customer swaps were in a paying position to third parties for $35.8 million, with the Company's swap guarantees having a fair value of $13.1 million. However, for both periods, none of the Company's customers were in default of the swap agreements. Customer Derivatives – Interest Rate Swaps The Company enters into interest rate swaps with commercial loan customers wishing to manage interest rate risk. The Company then enters into corresponding swap agreements with swap dealer counterparties to economically hedge the exposure arising from these contracts. The interest rate swaps with both the customers and third parties are not designated as hedges under FASB ASC 815 and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by FASB ASC 820. As of March 31, 2022, there were no fair value adjustments related to credit quality. Derivative Financial Instruments from Mortgage Banking Activities Derivative financial instruments related to mortgage banking activities are recorded at fair value and are not designated as accounting hedges. This includes commitments to originate certain fixed-rate residential mortgage loans to customers, also referred to as interest rate lock commitments. The Company may also enter into forward sale commitments to sell loans to investors at a fixed price at a future date and trade asset-backed securities to mitigate interest rate risk. The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the three months ended March 31, 2022 and March 31, 2021.
Foreign Exchange Forward Contracts The Company enters into foreign exchange forward contracts (FX forwards) with customers to exchange one currency for another on an agreed date in the future at an agreed exchange rate. The Corporation then enters into corresponding FX forwards with swap dealer counterparties to economically hedge its exposure on the exchange rate component of the customer agreements. The FX forwards with both the customers and third parties are not designated as hedges under FASB ASC 815 and are marked to market through earnings. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate. As the FX forwards are structured to offset each other, changes to the underlying term structure of currency exchange rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by FASB ASC 820. As of March 31, 2022, there were no fair value adjustments related to credit quality. Risk Participation Agreements The Company may enter into a risk participation agreement (RPA) with another institution as a means to assume a portion of the credit risk associated with a loan structure which includes a derivative instrument, in exchange for fee income commensurate with the risk assumed. This type of derivative is referred to as an “RPA sold.” In addition, in an effort to reduce the credit risk associated with an interest rate swap agreement with a borrower for whom the Corporation has provided a loan structured with a derivative, the Corporation may purchase an RPA from an institution participating in the facility in exchange for a fee commensurate with the risk shared. This type of derivative is referred to as an “RPA purchased.” Credit-risk-related Contingent Features The Company has agreements with certain derivative counterparties that contain a provision under which, if it defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $6.0 million in securities and $7.2 million in cash against its obligations under these agreements which meets or exceeds the minimum collateral posting requirements. If the Company had breached any of these provisions at March 31, 2022, it could have been required to settle its obligations under the agreements at the termination value.
|
SEGMENT INFORMATION |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | 16. SEGMENT INFORMATION As defined in ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company evaluates performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to the Company's segments are those that apply to its preparation of the accompanying unaudited Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth Management. The WSFS Bank segment provides financial products to commercial and retail customers. Retail and Commercial Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment. The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and retail safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect®. The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients through multiple integrated businesses. WSFS Wealth® Investments provides financial advisory services along with insurance and brokerage products. Cypress, a registered investment adviser, is a fee-only wealth management firm managing a “balanced” investment style portfolio focused on preservation of capital and generating current income. West Capital, a registered investment adviser, is a fee-only wealth management firm operating under a multi-family office philosophy to provide customized solutions to institutions and high-net-worth individuals. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles. BMT-DE and Christiana Trust DE, which merged on April 1, 2022, provide personal trust and fiduciary services to families and individuals across the U.S. under The Bryn Mawr Trust Company of Delaware name. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach. WSFS Wealth Client Management serves high-net-worth clients by delivering credit and deposit products and partnering with other Wealth Management businesses to provide comprehensive solutions to clients. BMT Insurance Advisors is a full-service insurance agency, through which the Bank offers insurance and related products and services to its customer base. This includes casualty, property and allied insurance lines, as well as life insurance, annuities, medical insurance and accident and health insurance for groups and individuals. The following tables show segment results for the three months ended March 31, 2022 and 2021:
|
COMMITMENTS AND CONTINGENCIES |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 17. COMMITMENTS AND CONTINGENCIES Secondary Market Loan Sales The Company typically sells newly originated residential mortgage loans in the secondary market to mortgage loan aggregators and on a more limited basis, to GSEs such as FHLMC, FNMA, and the FHLB. Loans held for sale are reflected on the unaudited Consolidated Statements of Financial Condition at fair value with changes in the value reflected in the unaudited Consolidated Statements of Income. Gains and losses are recognized at the time of sale. The Company periodically retains the servicing rights on residential mortgage loans sold which results in monthly service fee income. The mortgage servicing rights are included in Intangible assets in the unaudited Consolidated Statements of Financial Condition. Otherwise, the Company sells loans with servicing released on a nonrecourse basis. Rate-locked loan commitments that the Company intends to sell in the secondary market are accounted for as derivatives under ASC 815, Derivatives and Hedging (ASC 815). The Company does not sell loans with recourse, except for standard loan sale contract provisions covering violations of representations and warranties and, under certain circumstances, early payment default by the borrower. These are customary repurchase provisions in the secondary market for residential mortgage loan sales. These provisions may include either an indemnification from loss or the repurchase of the loans. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were two repurchases for $0.8 million during the three months ended March 31, 2022 and no repurchases during the same period in 2021. Unfunded Lending Commitments At March 31, 2022 and December 31, 2021, the allowance for credit losses of unfunded lending commitments was $11.7 million and $7.4 million, respectively. A provision of $0.1 million was recognized during the three months ended March 31, 2022 compared to a provision for unfunded lending commitments of $0.6 million during the three months ended March 31, 2021.
|
CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 18. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive income includes unrealized gains and losses on available-for-sale investments, unrealized gains and losses on cash flow hedges, as well as unrecognized prior service costs, transition costs, and actuarial gains and losses on defined benefit pension plans. Changes to accumulated other comprehensive (loss) income are presented, net of tax, as a component of stockholders’ equity. Amounts that are reclassified out of accumulated other comprehensive (loss) income are recorded on the unaudited Consolidated Statement of Income either as a gain or loss. Changes to accumulated other comprehensive (loss) income by component are shown, net of taxes, in the following tables for the period indicated:
The unaudited Consolidated Statements of Income were impacted by components of other comprehensive income as shown in the tables below:
|
LEGAL AND OTHER PROCEEDINGS |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL AND OTHER PROCEEDINGS | 19. LEGAL AND OTHER PROCEEDINGS In accordance with the current accounting standards for loss contingencies, the Company establishes reserves for litigation-related matters that arise in the ordinary course of its business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. In addition, the Company's defense of litigation claims may result in legal fees, which it expenses as incurred. There were no material changes or additions to other significant pending legal or other proceedings involving the Company other than those arising out of routine operations.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation In preparing the unaudited Consolidated Financial Statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Amounts subject to significant estimates include the allowance for credit losses (including loans and leases held for investment, investment securities available-for-sale and held-to-maturity), fair values of assets acquired and liabilities assumed in acquisitions accounted for as business combinations using the acquisition method of accounting, lending-related commitments, goodwill, intangible assets, post-retirement benefit obligations, the fair value of financial instruments, and income taxes. Among other effects, changes to these estimates could result in future impairments of investment securities, goodwill and intangible assets, the establishment of additional allowance and lending-related commitment reserves, changes in the fair value of financial instruments, as well as increased post-retirement benefits and income tax expense. The Company's accounting and reporting policies conform to Generally Accepted Accounting Principles in the U.S. (GAAP), prevailing practices within the banking industry for interim financial information and Rule 10-01 of SEC Regulation S-X (Rule 10-01). Rule 10-01 does not require us to include all information and notes that would be required in audited financial statements. Certain prior period amounts have been reclassified to conform with current period presentation. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any future quarters or for the year ending December 31, 2022. These unaudited, interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 (the 2021 Annual Report on Form 10-K) that was filed with the SEC on March 1, 2022 and is available at www.sec.gov or on the website at www.wsfsbank.com. All significant intercompany accounts and transactions were eliminated in consolidation.
|
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS The following accounting pronouncement was adopted by the Company during the three months ended March 31, 2022, but is not expected to have a material impact on the unaudited Consolidated Financial Statements: •ASU No. 2021-05, Leases (Topic 842), Lessors – Certain Leases with Variable Lease Payments There were no other applicable material accounting pronouncements adopted by the Company since December 31, 2021. Accounting guidance pending adoption at March 31, 2022 ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures: In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The guidance eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors (ASC 310-40) while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The guidance also requires that an entity disclose current-period write-offs by year of origination for financing receivables and net investments in leases within the scope of Topic 326. The guidance is effective for annual periods beginning after December 15, 2022. Early adoption is permitted. Adoption is required on a prospective basis, except for the transition method related to the recognition and measurement of TDRs where the entity as to apply on a modified-retrospective basis. The Company is currently evaluating the impact upon adoption and will apply the guidance after completion of its assessment.
|
Fair Value Measurement | Fair value is based on quoted market prices, where available. If such quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include unobservable parameters. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Available-for-sale securities Securities classified as available-for-sale are reported at fair value using Level 2 inputs. The Company believes that this Level 2 designation is appropriate under ASC 820-10, as these securities are GSEs and GNMA securities with almost all fixed income securities, none are exchange traded, and all are priced by correlation to observed market data. For these securities the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. Other investments Other investments includes equity investments with and without readily determinable fair values and equity method investments, which are categorized as Level 3. The Company's equity investments with a readily determinable fair value are held at fair value. The Company’s equity investments without readily determinable fair values are held at cost, and are adjusted for any observable transactions during the reporting period and its equity method investments are initially recorded at cost based on the Company’s percentage ownership in the investee, and are adjusted to reflect the recognition of the Company’s proportionate share of income or loss of the investee based on the investee’s earnings. Other real estate owned Other real estate owned consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of other real estate owned was estimated using Level 3 inputs based on appraisals obtained from third parties. Loans held for sale The fair value of loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities. Other assets Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of risk participation agreements are obtained from an independent pricing service. Other liabilities Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares. Valuation of interest rate products is obtained from an independent pricing service and also from the derivative counterparty. Valuation of the derivative related to the residential mortgage held for sale loan pipeline is based on valuation of the loans held for sale portfolio as described above in Loans held for sale. Valuation of foreign exchange forward contracts and risk participation agreements are obtained from an independent pricing service. Valuation of the derivative related to the sale of certain Visa Class B common shares is based on: (i) the agreed upon graduated fee structure; (ii) the length of time until the resolution of the Visa covered litigation; and (iii) the estimated impact of dilution in the conversion ratio of Class B shares resulting from changes in the Visa covered litigation. FAIR VALUE OF FINANCIAL INSTRUMENTS The reported fair values of financial instruments are based on a variety of factors. In certain cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions regarding the amount and timing of estimated future cash flows that are discounted to reflect current market rates and varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of period-end or that will be realized in the future. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash, cash equivalents, and restricted cash For cash and short-term investment securities, including due from banks, federal funds sold or purchased under agreements to resell and interest-bearing deposits with other banks, the carrying amount is a reasonable estimate of fair value. Investment securities Investment securities include debt securities classified as held-to-maturity or available-for-sale. Fair value is estimated using quoted prices for similar securities, which the Company obtains from a third party vendor. The Company uses one of the largest providers of securities pricing to the industry and management periodically assesses the inputs used by this vendor to price the various types of securities owned by the Company to validate the vendor’s methodology as described above in available-for-sale securities. Other investments Other investments includes equity investments with and without readily determinable fair values (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Loans held for sale Loans held for sale are carried at their fair value (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Loans and leases Loans and leases are segregated by portfolio segments with similar financial characteristics. The fair values of loans and leases, with the exception of reverse mortgages, are estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. The fair values of reverse mortgages are based on the net present value of the expected cash flows using a discount rate specific to the reverse mortgages portfolio. The fair value of nonperforming loans is based on recent external appraisals of the underlying collateral, if the loan is collateral dependent. Estimated cash flows, discounted using a rate commensurate with current rates and the risk associated with the estimated cash flows, are used if appraisals are not available. This technique does contemplate an exit price. Stock in the Federal Home Loan Bank (FHLB) of Pittsburgh The fair value of FHLB stock is assumed to be equal to its cost basis, since the stock is non-marketable but redeemable at its par value. Accrued interest receivable The carrying amounts of interest receivable approximate fair value. Other assets Other assets include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, and risk participation agreements (see discussion in “Fair Value of Financial Assets and Liabilities” section above). Deposits The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, money market and interest-bearing demand deposits, is assumed to be equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates currently offered for deposits with comparable remaining maturities. Borrowed funds Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Off-balance sheet instruments The fair value of off-balance sheet instruments, including swap guarantees of $12.5 million at March 31, 2022 and $13.1 million at December 31, 2021, respectively, and standby letters of credit, approximates the recorded net deferred fee amounts. Because letters of credit are generally not assignable by either the Company or the borrower, they only have value to the Company and the borrower. In determining the fair value of the swap guarantees, the Company assesses the underlying credit risk exposure for each borrower in a paying position to the third-party financial institution. Accrued interest payable The carrying amounts of interest payable approximate fair value. Other liabilities Other liabilities include the fair value of interest rate products, derivatives on the residential mortgage held for sale loan pipeline, foreign exchange forward contracts, risk participation agreements, and derivative related to the sale of certain Visa Class B common shares (see discussion in “Fair Value of Financial Assets and Liabilities” section above).
|
BUSINESS COMBINATIONS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions | The following table summarizes the consideration transferred and the fair values of identifiable assets acquired and liabilities assumed:
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans and leases at the acquisition date.
The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisition, Pro Forma Information | The pro forma income statement adjustments are limited to the effects of fair value mark amortization and accretion and intangible asset amortization. No cost savings or additional merger expenses have been included in the pro forma results of operations.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Corporate Development and Restructuring Expenses | The following table details the costs identified and classified as corporate development and restructuring expenses, which are primarily related to the BMBC Merger:
|
NONINTEREST INCOME (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Credit/Debit Card and ATM Income | The following table presents the components of credit/debit card and ATM income:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Management and Fiduciary Income | The following table presents the components of investment management and fiduciary income:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposit Service Charges | The following table presents the components of deposit service charges:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income | The following table presents the components of other income:
|
EARNINGS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share:
|
INVESTMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale | The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at amortized cost basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized gains of $0.2 million at March 31, 2022, which are offset in Accumulated other comprehensive (loss) income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
(1)Held-to–maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized gains of $0.2 million at December 31, 2021, which are offset in Accumulated other comprehensive income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Held-to-maturity | The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at amortized cost basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized gains of $0.2 million at March 31, 2022, which are offset in Accumulated other comprehensive (loss) income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
(1)Held-to–maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized gains of $0.2 million at December 31, 2021, which are offset in Accumulated other comprehensive income. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss. The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the three months ended March 31, 2022 and 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of available-for-sale debt securities at March 31, 2022 and December 31, 2021 are presented in the table below:
(1)Actual maturities could differ from contractual maturities. The scheduled maturities of held-to-maturity debt securities at March 31, 2022 and December 31, 2021 are presented in the table below:
(1)Actual maturities could differ from contractual maturities.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category | For debt securities in an unrealized loss position and an allowance has not been recorded, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at March 31, 2022.
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2021.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-Maturity, Credit Quality Indicator | The following table summarizes the amortized cost of debt securities held-to-maturity as of March 31, 2022, aggregated by credit quality indicator:
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2021, aggregated by credit quality indicator:
|
LOANS AND LEASES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loan and Lease Portfolio by Category | The following table shows the Company's loan and lease portfolio by category:
(1) Includes Paycheck Protection Program (PPP) loans of $8.5 million at March 31, 2022 and $31.5 million at December 31, 2021. (2) Includes reverse mortgages at fair value of $4.3 million at March 31, 2022 and $3.9 million at December 31, 2021. (3) Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
|
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses and Loan Balances | The following tables provide the activity of allowance for credit losses and loan balances for the three months ended March 31, 2022 and 2021. The increase was primarily due to an initial ACL of $49.6 million recorded in connection with the BMBC Merger. The initial $49.6 million ACL recorded includes $23.5 million related to non-PCD loans, or the initial provision for credit loss recorded, and $26.1 million related to PCD loans, which does not have an initial income statement impact, but adjusts the amortized cost basis of the loans at acquisition (i.e., a balance sheet gross-up).
(1)Includes commercial small business leases and PPP loans. (2)Period-end loan balance excludes reverse mortgages at fair value of $4.3 million. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (4)Includes $23.5 million initial provision for credit losses on non-PCD loans.
(1)Includes commercial small business leases and PPP loans. (2)Period-end loan balance excludes reverse mortgages at fair value of $9.4 million. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nonaccrual and Past Due Loans | The following tables show nonaccrual and past due loans presented at amortized cost at the date indicated:
(1)Nonaccrual loans with an allowance totaled less than $0.1 million. (2)Includes commercial small business leases and PPP loans. (3)Residential accruing current balances excludes reverse mortgages at fair value of $4.3 million. (4)Includes $23.5 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.
(1)Nonaccrual loans with an allowance totaled less than $0.1 million (2)Includes commercial small business leases and PPP loans. (3)Residential accruing current balances excludes reverse mortgages, at fair value of $3.9 million. (4)Includes $17.0 million of delinquent, but still accruing, U.S. government-guaranteed student loans that carry little risk of credit loss.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Collateral Dependent Loans | The following table presents the amortized cost basis of nonaccruing collateral-dependent loans by class at March 31, 2022 and December 31, 2021:
(1)Includes commercial small business leases. (2)Excludes reverse mortgages at fair value. (3)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commercial Credit Exposure | The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses as of March 31, 2022.
(1)Includes commercial small business leases. (2)Includes $8.5 million of PPP loans. (3)Excludes reverse mortgages at fair value. (4)Includes troubled debt restructured mortgages performing in accordance with the loans' modified terms and accruing interest. (5)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (6)Includes troubled debt restructured home equity installment loans performing in accordance with the loans' modified terms and accruing interest. The following tables provide an analysis of loans by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses, as of December 31, 2021.
(1)Includes commercial small business leases. (2)Includes $31.5 million of PPP loans. (3)Excludes reverse mortgages at fair value. (4)Includes troubled debt restructured mortgages performing in accordance with the loans' modified terms and accruing interest. (5)Includes home equity lines of credit, installment loans, unsecured lines of credit and education loans. (6)Includes troubled debt restructured home equity installment loans performing in accordance with the loans' modified terms and accruing interest.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated | The following table presents the balance of TDRs as of the indicated dates:
The following tables present information regarding the types of loan modifications made for the three months ended March 31, 2022 and 2021:
(1)During the three months ended March 31, 2022, the TDRs set forth in the table above resulted in a $0.1 million increase in the allowance for credit losses, and no additional charge-offs. During the three months ended March 31, 2022, no TDRs defaulted that had received troubled debt modification during the past twelve months. (2)The TDRs set forth in the table above did not occur as a result of the loan forbearance program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
(1)During the three months ended March 31, 2021 the TDRs set forth in the table above resulted in a less than $0.1 million increase in the allowance for credit losses, and no additional charge-offs. During the three months ended March 31, 2021, no TDRs defaulted that had received troubled debt modification during the past twelve months. (2)The TDRs set forth in the table above did not occur as a result of the loan forbearance program under the CARES Act.
|
LEASES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of operating lease cost were as follows:
(1)Includes variable lease cost and short-term lease cost.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Information | Supplemental balance sheet information related to operating leases was as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Maturity | Maturities of operating lease liabilities were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow information Lessee | Supplemental cash flow information related to operating leases was as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Financing Lease | The components of direct finance lease income are summarized in the table below:
Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:
|
GOODWILL AND INTANGIBLE ASSETS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing | The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The following table summarizes the Company's intangible assets:
(1)Includes reversal of impairment losses of less than $0.1 million for the three months ended March 31, 2022. (2)Includes reversal of impairment losses of $0.3 million for the year ended December 31, 2021
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets | The following table summarizes the Company's intangible assets:
(1)Includes reversal of impairment losses of less than $0.1 million for the three months ended March 31, 2022. (2)Includes reversal of impairment losses of $0.3 million for the year ended December 31, 2021
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Amortization Expense of Intangibles | The following table presents the estimated future amortization expense on definite life intangible assets:
|
DEPOSITS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits By Category | The following table shows deposits by category:
|
BORROWED FUNDS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Borrowed Funds by Type | The following is a summary of borrowed funds by type as of March 31, 2022 and December 31, 2021:
The following table sets forth information concerning borrowed funds by type as of and for the three months ended March 31, 2022 and March 31, 2021:
|
FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Instruments Carried at Fair Value | The following tables present financial instruments carried at fair value as of March 31, 2022 and December 31, 2021 by level in the valuation hierarchy (as described above):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table provides a description of the valuation technique and significant unobservable inputs for the Company's financial instruments classified as Level 3:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book Value and Estimated Fair Value of Financial Instruments | The book value and estimated fair value of the Company's financial instruments are as follows:
(1) Includes reverse mortgage loans.
|
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | The table below presents the fair value of derivative financial instruments as well as their location on the unaudited Consolidated Statements of Financial Condition as of March 31, 2022.
The table below presents the fair value of derivative financial instruments as well as their location on the Consolidated Statements of Financial Condition as of December 31, 2021.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Company's Derivative Financial Instruments | The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the three months ended March 31, 2022 and March 31, 2021.
|
SEGMENT INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Segment Information | The following tables show segment results for the three months ended March 31, 2022 and 2021:
|
CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (loss) | Changes to accumulated other comprehensive (loss) income by component are shown, net of taxes, in the following tables for the period indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive Income | The unaudited Consolidated Statements of Income were impacted by components of other comprehensive income as shown in the tables below:
|
BASIS OF PRESENTATION (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
subsidiary
office
|
Dec. 31, 2021
USD ($)
|
---|---|---|
Basis Of Presentation [Line Items] | ||
Number of unconsolidated subsidiary | subsidiary | 3 | |
Number of majority-owned subsidiary | subsidiary | 1 | |
Net loans and leases | $ | $ 11,197,482 | $ 7,791,482 |
Number of banking offices | 122 | |
KCMI | ||
Basis Of Presentation [Line Items] | ||
Net loans and leases | $ | $ 55,500 | |
Pennsylvania | ||
Basis Of Presentation [Line Items] | ||
Number of banking offices | 63 | |
Delaware | ||
Basis Of Presentation [Line Items] | ||
Number of banking offices | 39 | |
New Jersey | ||
Basis Of Presentation [Line Items] | ||
Number of banking offices | 18 | |
Virginia | ||
Basis Of Presentation [Line Items] | ||
Number of banking offices | 1 | |
Nevada | ||
Basis Of Presentation [Line Items] | ||
Number of banking offices | 1 | |
WSFS Financial Corporation | ||
Basis Of Presentation [Line Items] | ||
Number of wholly-owned subsidiaries | subsidiary | 5 |
BUSINESS COMBINATIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Liabilities assumed: | |||
Goodwill resulting from acquisition of BMBC | $ 887,165 | $ 472,828 | |
Bryn Mawr Bank Corporation Acquisition | |||
Business Acquisition [Line Items] | |||
Common shares issued (18,116,848) | $ 908,016 | ||
Number of shares issued (in shares) | 18,116,848 | ||
Cash paid to BMBC stock and option holders | $ 16 | ||
Value of consideration | 908,032 | ||
Assets acquired: | |||
Cash and due from banks | 573,761 | ||
Investment securities | 500,400 | ||
Loans and leases | 3,456,748 | ||
Premises and equipment | 44,842 | ||
Deferred income taxes | 8,433 | ||
Bank owned life insurance | 67,525 | ||
Intangible assets | 74,565 | ||
Other assets | 145,491 | ||
Total assets | 4,871,765 | ||
Liabilities assumed: | |||
Deposits | 4,110,271 | ||
Other borrowings | 145,512 | ||
Other liabilities | 123,200 | ||
Noncontrolling interest | (913) | ||
Total liabilities and noncontrolling interest | 4,378,070 | ||
Net assets acquired: | 493,695 | ||
Goodwill resulting from acquisition of BMBC | $ 414,337 |
BUSINESS COMBINATIONS - Fair Value and Unpaid Principal Balance (Details) - Bryn Mawr Bank Corporation Acquisition $ in Thousands |
Jan. 01, 2022
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Book Balance | $ 3,514,735 |
Fair Value | 3,456,748 |
Commercial | Commercial and industrial | |
Business Acquisition [Line Items] | |
Book Balance | 613,197 |
Fair Value | 586,643 |
Commercial | Owner-occupied commercial | |
Business Acquisition [Line Items] | |
Book Balance | 513,267 |
Fair Value | 503,182 |
Commercial | Commercial mortgages | |
Business Acquisition [Line Items] | |
Book Balance | 1,564,234 |
Fair Value | 1,549,515 |
Commercial | Construction | |
Business Acquisition [Line Items] | |
Book Balance | 209,928 |
Fair Value | 208,288 |
Commercial | Commercial small business leases | |
Business Acquisition [Line Items] | |
Book Balance | 125,770 |
Fair Value | 119,119 |
Residential | |
Business Acquisition [Line Items] | |
Book Balance | 310,092 |
Fair Value | 315,454 |
Consumer | |
Business Acquisition [Line Items] | |
Book Balance | 178,247 |
Fair Value | $ 174,547 |
BUSINESS COMBINATIONS - Carrying Amount of Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 01, 2022 |
Mar. 31, 2022 |
|
Business Acquisition [Line Items] | ||
Allowance for credit losses at acquisition | $ (26,103) | |
Bryn Mawr Bank Corporation Acquisition | ||
Business Acquisition [Line Items] | ||
Book balance of loans at acquisition | $ 235,791 | |
Allowance for credit losses at acquisition | (26,103) | $ (26,100) |
Non-credit related discount | (1,421) | |
Total purchase credit deteriorated (PCD) loans acquired | $ 208,267 |
BUSINESS COMBINATIONS - Corporate Development and Restructuring Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Business Acquisition [Line Items] | ||
Salaries, benefits and other compensation | $ 70,930 | $ 53,138 |
Occupancy expense | 10,792 | 8,460 |
Equipment expense | 10,373 | 7,391 |
Professional fees | 3,451 | 3,856 |
Data processing and operations expenses | 5,359 | 3,385 |
Marketing expense | 1,266 | 992 |
Other operating expense | 19,015 | 14,378 |
Noninterest expenses | 174,457 | $ 95,619 |
Bryn Mawr Bank Corporation Acquisition | ||
Business Acquisition [Line Items] | ||
Salaries, benefits and other compensation | 10,043 | |
Occupancy expense | 10,239 | |
Equipment expense | 16,586 | |
Professional fees | 8,776 | |
Data processing and operations expenses | 29 | |
Marketing expense | 1,043 | |
Other operating expense | 4,836 | |
Noninterest expenses | $ 51,552 |
BUSINESS COMBINATIONS - Pro Forma Information (Details) - Bryn Mawr Bank Corporation Acquisition $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
$ / shares
shares
| |
Business Acquisition [Line Items] | |
Net interest income | $ 149,613 |
Provision for loan and lease losses | (1,634) |
Net interest income after provision for loan and lease losses | 151,247 |
Total noninterest income | 67,663 |
Total noninterest expenses | 133,856 |
Income before income taxes | 85,054 |
Income tax expense | 20,454 |
Net income | $ 64,600 |
Per share data: | |
Weighted-average basic shares outstanding (in shares) | shares | 65,426,291 |
Dilutive shares | shares | 411,480 |
Adjusted weighted-average diluted shares (in shares) | shares | 65,837,770 |
Basic earnings per common share (in dollars per share) | $ / shares | $ 0.99 |
Diluted earnings per common share (in dollars per share) | $ / shares | $ 0.98 |
NONINTEREST INCOME - Credit/Debit Card and ATM Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Credit/debit card and ATM income | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | $ 7,681 | $ 6,805 |
Bailment fees | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | 2,785 | 3,059 |
Interchange fees | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | 4,099 | 3,055 |
Other card and ATM fees | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | $ 797 | $ 691 |
NONINTEREST INCOME - Investment Management and Fiduciary Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Investment management and fiduciary income | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | $ 30,181 | $ 14,253 |
Trust fees | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | 19,090 | 9,764 |
Wealth management and advisory fees | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | $ 11,091 | $ 4,489 |
NONINTEREST INCOME - Deposit Service Charges (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Deposit service charges | ||
Revenue from External Customer [Line Items] | ||
Deposit service charges | $ 5,825 | $ 5,460 |
Service fees | ||
Revenue from External Customer [Line Items] | ||
Deposit service charges | 3,884 | 3,422 |
Return and overdraft fees | ||
Revenue from External Customer [Line Items] | ||
Deposit service charges | 1,775 | 1,578 |
Other deposit service fees | ||
Revenue from External Customer [Line Items] | ||
Deposit service charges | $ 166 | $ 460 |
NONINTEREST INCOME - Other Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Other income | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | $ 12,553 | $ 8,685 |
Managed service fees | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | 3,838 | 3,609 |
Currency preparation | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | 871 | 948 |
ATM loss protection | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | 608 | 622 |
Capital market revenue | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | 1,508 | 0 |
Insurance commissions | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | 1,295 | 0 |
Miscellaneous products and services | ||
Revenue from External Customer [Line Items] | ||
Noninterest fee income | $ 4,433 | $ 3,506 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Numerator: | ||
Net income attributable to WSFS | $ 3,804 | $ 65,082 |
Denominator: | ||
Weighted average basic shares (in shares) | 64,942,593 | 47,509,205 |
Dilutive potential common shares (in shares) | 184,000 | 283,000 |
Weighted average fully diluted shares (in shares) | 65,127,000 | 47,792,108 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.06 | $ 1.37 |
Diluted (in dollars per share) | $ 0.06 | $ 1.36 |
Outstanding common stock equivalents having no dilutive effect (in shares) | 14,000 | 3,000 |
INVESTMENTS - Schedule of Held-to-maturity, Allowance for Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Allowance for credit losses: | ||
Beginning balance | $ 4 | |
Ending balance | 4 | |
State and political subdivisions | ||
Allowance for credit losses: | ||
Beginning balance | 4 | $ 6 |
Provision for credit losses | 0 | (1) |
Charge-offs, net | 0 | 0 |
Ending balance | $ 4 | $ 5 |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Narrative (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2022
USD ($)
loan
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
loan
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income on impaired loans | $ 200 | $ 200 | |
Loan workout and other credit costs | 328 | 1,120 | |
Troubled debt restructuring related reserves | $ 100 | $ 200 | |
Usual sustained repayment performance period | 6 months | ||
Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans in the process of foreclosure | loan | 22 | 28 | |
Total loans outstanding | $ 2,200 | $ 2,500 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans in the process of foreclosure | loan | 16 | 9 | |
Total loans outstanding | $ 4,300 | $ 3,200 | |
Residential and Consumer Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan workout and other credit costs | $ 300 | $ 500 | |
Impairment loans, charge off period | 90 days |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Receivables [Abstract] | ||
Performing TDRs | $ 12,933 | $ 14,204 |
Nonperforming TDRs | 706 | 756 |
Total TDRs | $ 13,639 | $ 14,960 |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY INFORMATION - Schedule of Loans Identified as Troubled Debt Restructurings During Periods Indicated (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
loan
|
Mar. 31, 2021
USD ($)
loan
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans identified during the period | $ 256,000 | $ 997,000 |
Increase in allowance for loan losses (less than) | 100,000 | 100,000 |
Troubled debt restructurings charged off | $ 0 | $ 0 |
TRD defaulted | loan | 0 | 0 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans identified during the period | $ (8,000) | |
Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans identified during the period | 6,000 | $ 167,000 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans identified during the period | $ 258,000 | $ 830,000 |
LEASES - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Lessee, Lease, Description [Line Items] | |
Operating lease impairment loss | $ 4.3 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 40 years |
LEASES - Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Leases [Abstract] | ||
Operating lease cost | $ 5,350 | $ 4,654 |
Sublease income | (86) | (107) |
Net lease cost | $ 5,264 | $ 4,547 |
LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Right of use assets | $ 150,218 | $ 144,134 |
Lease liabilities | $ 171,204 | $ 159,526 |
Weighted average remaining lease term (in years) | 17 years 9 months 25 days | 19 years 2 months 1 day |
Weighted average discount rate | 4.23% | 4.27% |
LEASES - Maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Remaining in 2022 | $ 15,393 | |
2023 | 20,769 | |
2024 | 19,442 | |
2025 | 19,441 | |
2026 | 15,785 | |
After 2026 | 184,134 | |
Total lease payments | 274,964 | |
Less: Interest | (103,760) | |
Present value of lease liabilities | $ 171,204 | $ 159,526 |
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 5,651 | $ 4,382 |
Right of use assets obtained in exchange for new operating lease liabilities (non-cash) | $ 13,707 | $ 0 |
LEASES - Direct Financing Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Leases [Abstract] | |||
Interest income on lease receivable | $ 9,737 | $ 4,623 | |
Interest income on deferred fees and costs, net | (544) | (318) | |
Total direct financing lease net interest income | 9,193 | $ 4,305 | |
Leasing receivables | |||
Lease receivables | 558,662 | $ 399,688 | |
Unearned income | (76,990) | (55,066) | |
Deferred fees and costs | 8,927 | 7,654 | |
Net investment in direct financing leases | $ 490,599 | $ 352,276 |
GOODWILL AND INTANGIBLE ASSETS - Schedule of Allocation of Goodwill to Our Reportable Operating Segments for Purposes of Goodwill Impairment Testing (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill beginning balance | $ 472,828 |
Goodwill from business combinations | 414,337 |
Goodwill ending balance | 887,165 |
WSFS Bank | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 452,629 |
Goodwill from business combinations | 297,646 |
Goodwill ending balance | 750,275 |
Cash Connect | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 0 |
Goodwill from business combinations | 0 |
Goodwill ending balance | 0 |
Wealth Management | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 20,199 |
Goodwill from business combinations | 116,691 |
Goodwill ending balance | $ 136,890 |
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense of Intangibles (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remaining in 2022 | $ 13,249 | |
2023 | 16,830 | |
2024 | 16,558 | |
2025 | 16,218 | |
2026 | 15,551 | |
Thereafter | 63,818 | |
Net Intangible Assets | $ 142,224 | $ 74,403 |
DEPOSITS (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Noninterest-bearing: | ||
Noninterest demand | $ 6,638,890 | $ 4,565,143 |
Total noninterest-bearing | 6,638,890 | 4,565,143 |
Total deposits | 17,623,544 | 13,240,062 |
Interest-bearing: | ||
Interest-bearing demand | 3,292,375 | 2,793,279 |
Savings | 2,278,863 | 1,970,744 |
Money market | 4,178,959 | 2,906,260 |
Customer time deposits | 1,155,819 | 988,974 |
Brokered deposits | 78,638 | 15,662 |
Total interest-bearing | $ 10,984,654 | $ 8,674,919 |
INCOME TAXES (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Tax Credit Carryforward [Line Items] | |||
Unrecognized tax benefits | $ 0 | ||
Amortization method qualified affordable housing project investments, amortization | 1,200,000 | $ 900,000 | |
Tax benefits recorded as income tax expense | 300,000 | ||
Carrying value of investment in affordable housing credits | 38,400,000 | $ 39,600,000 | |
Tax Credit | |||
Tax Credit Carryforward [Line Items] | |||
Affordable housing tax credits | $ 1,100,000 |
FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Derivative [Line Items] | ||
Commitments of lending operations | $ 0 | $ 0 |
Swap Guarantee | ||
Derivative [Line Items] | ||
Derivative liability | $ 12,500,000 | $ 13,100,000 |
DERIVATIVE FINANCIAL INSTRUMENTS - Effect of Derivative Instruments on the Income Statement (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Derivative [Line Items] | ||
Amount of (Loss) or Gain Recognized in Income | $ 1,910 | $ 2,859 |
Interest rate lock commitments with customers | Mortgage banking activities, net | ||
Derivative [Line Items] | ||
Amount of (Loss) or Gain Recognized in Income | (1,227) | (3,264) |
Forward sale commitments | Mortgage banking activities, net | ||
Derivative [Line Items] | ||
Amount of (Loss) or Gain Recognized in Income | $ 3,137 | $ 6,123 |
SEGMENT INFORMATION - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of segments | 3 |
SEGMENT INFORMATION - Details of Segment Information - Statement of Financial Condition (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | $ 2,283,769 | $ 1,532,939 |
Goodwill | 887,165 | 472,828 |
Other segment assets | 17,793,740 | 13,771,560 |
Total assets | 20,964,674 | 15,777,327 |
WSFS Bank | ||
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | 1,773,611 | 1,039,046 |
Goodwill | 750,275 | 452,629 |
Other segment assets | 17,423,737 | 13,481,370 |
Total assets | 19,947,623 | 14,973,045 |
Cash Connect | ||
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | 479,576 | 477,806 |
Goodwill | 0 | 0 |
Other segment assets | 4,836 | 6,785 |
Total assets | 484,412 | 484,591 |
Wealth Management | ||
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | 30,582 | 16,087 |
Goodwill | 136,890 | 20,199 |
Other segment assets | 365,167 | 283,405 |
Total assets | $ 532,639 | $ 319,691 |
COMMITMENTS AND CONTINGENCIES (Details) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022
USD ($)
loan
|
Mar. 31, 2021
USD ($)
loan
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Guarantor Obligations [Line Items] | ||||
Provision for losses at the time of sale | $ 18,971,000 | $ (20,160,000) | ||
Allowance for credit losses | 136,330,000 | 204,818,000 | $ 94,507,000 | $ 228,804,000 |
Unfunded Lending Commitment | ||||
Guarantor Obligations [Line Items] | ||||
Provision for losses at the time of sale | 100,000 | $ 600,000 | ||
Allowance for credit losses | 11,700,000 | $ 7,400,000 | ||
Secondary Market Loan Sales | ||||
Guarantor Obligations [Line Items] | ||||
Provision for losses at the time of sale | $ 0 | |||
Number of loans repurchased | loan | 2 | 0 | ||
Loans repurchase amount | $ 800,000 |
LEGAL AND OTHER PROCEEDINGS (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Additions to other significant pending legal or other proceedings | $ 0 |
7B+2[M-XR31,CRHN"A3OZBZ^@'H@5 ML>CGY1>RX&XB(5N%6+C20(0A&,Y""??G#=DR278L2#CYW;PU+;*%MBCM&3'J MO'18N.=#6?7@LR*+0[@402%L>=' FL^\/%#
F6C9U1"\EPQ1*RW/=I)=_7W1$4=7#5M9"%7T&)SB.3, < B3Z'#DH1"".8;:V@GBY0,
MSIP7VSEF:.JD>P/LL)YM-Y)10I"$0E5R;8/NP-#QTPM&62"_\,Q^RM0))QL6SK:&UH[Z))OZ9)+EG^GEU G?H9(AQ3RR
M%, QH('H>V]B6">H;%A0HB>2CU5OU.)%/IO3G,NCEA5D[=%$\"D)K9S0@VO3%"4[DV*B@L5
M.2G? G@*\S4"'5[\9,>2EY^SG
!^(HCC_ 2TY.)AXO><])IB67>P,KU+#)F4;X:[XU5M.=
M^/L#_/X)O^_Q^_\IB!]C#+KP%@9^SQ%V2E#I$'^P;"L03*YJ Y9.4E64E67^
M>JN=NYT\!28SR+BH+&: 1\=+ Q9_VQ"G>^'3K"/:EW< H8S$J"#%B>G2&$8+RT
M8U)8=#L&+7L=<]I+P5KR6XEI!WV_0#I>[,1^*$KMBG+'F)R3A4X86JH"C]KO
M.;Y'90]=1T-Q'B8;CY0[/F2IG23&GQN(U00.6% I-,?WH?8I-,CE-7Z<.G$:
MT-0\'/J1=UM>/!_5XL1">Q1R6UUACAMH!$II!ADKHX2MP0A$=RK9]XCA91
M8WP?ZQ%ZB<#0JQ[B\Q& FC7T#<#9P.,"JU=T2M;1O7OWSAKP3,#HR"(H\[D;
MM#8PQ(;@5+<+Q+X"KE=942M*SU@O-O-[Z)\)J@TD+8GH!M@!+TSO+SAMT 3C,-)QN$DXW"2<3C).)QD'$XR#B<9AY.,[W&2T=GX
M,TM!0X?^L@..3V,W_*]E]73UKZ#+\&>8]?+PER)XZE&7U*MF$.VV1X-6Z/K-
MC3<5_S5F:KPW!5_.E4YG
MGRK!!#56F(5W)>B3A?B-=?Z[2Z%57>]A\?X#X%DDH:>*P3ZH[X,^1RV44'V:*L7H
T%.2UON.47YUJMF:;3X$8+
M9ZJCAG*RHJ!,K<9;"3I[\>[CQYNOM^_?L\N[&W9[]^7R[MWMU?LW['(Z??-E
M>GYF(8-.GF4-ORO/+S["+V$?5&67AKVI*/@5?PDPP]<]UD2
M!2P.X_@)?DEK<.+X)<<,5BI?RZ)@O,K9;65YM9"S0K!+8X0U[$::K%"FUH+]
MYW)FK$;:_/<)L8-6[,")'?QE?GZ:7Q3VV=,\81QR/E,ZYU4FD%9VB3?7;!RF
M ;NJ#1@:PZY5.9,5IPHQ[*1Y?^J<0P])&@8=+QGVDNTX\*-="NWI0T8)Q>
M>%?R['LMM