-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KTfNJxkp0vmVaSskwGjFP/dmZdYnH9sYzeFCRunpneisnB7bNmKBoxYRrBTvU2fq TDpkGtMQA5rHDTxD01XHKA== 0000946275-04-000428.txt : 20040421 0000946275-04-000428.hdr.sgml : 20040421 20040421172553 ACCESSION NUMBER: 0000946275-04-000428 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040420 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WSFS FINANCIAL CORP CENTRAL INDEX KEY: 0000828944 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 222866913 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16668 FILM NUMBER: 04746222 BUSINESS ADDRESS: STREET 1: 838 MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 3027926000 MAIL ADDRESS: STREET 1: 838 MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19801 FORMER COMPANY: FORMER CONFORMED NAME: STAR STATES CORP DATE OF NAME CHANGE: 19920703 8-K 1 f8k_042004-0312.txt FORM UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 20, 2004 WSFS Financial Corporation ------------------------------------------------------ (Exact name of Registrant as specified in its Charter) Delaware 0-16668 22-2866913 - ---------------------------- --------------- ------------- (State or other jurisdiction (SEC Commission (IRS Employer of incorporation) File No.) Identification Number) 838 Market Street, Wilmington, Delaware 19899 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (302)792-6000 ------------- Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last Report) WSFS FINANCIAL CORPORATION INFORMATION TO BE INCLUDED IN REPORT ------------------------------------ Item 7. Financial Statements, Pro Forma Financial Information and Exhibits ------------------------ (c) Exhibits: 99.1 Press Release dated April 20, 2004 Item 12. Results of Operations and Financial Condition - ------------------------------------------------------ On April 20, 2004, the Registrant issued a press release to report earnings for the quarter ended March 31, 2004. A copy of the press release is furnished with this Form 8-K as an exhibit. -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized. WSFS FINANCIAL CORPORATION Date: April 21, 2004 By: /s/Mark A. Turner ------------------------------- Mark A. Turner Chief Operating Officer/ Chief Financial Officer EX-99 3 ex-99.txt PRESS RELEASE [LOGO] _______________ 1 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 _______________ PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Mark A. Turner April 20, 2004 (302) 571-7160 WSFS ANNOUNCES 1Q '04 ePS of $0.79 WSFS Financial Corporation (NASDAQ/NMS: WSFS), the parent company of Wilmington Savings Fund Society, FSB, reported quarterly net income of $6.2 million, or $0.79 per diluted share. This compares to net income of $45.3 million, or $5.14 per share, for the first quarter of 2003. Earnings for the first quarter of 2003 included $41.2 million in gains, primarily from the sale of the Corporation's sub-prime mortgage banking subsidiary. Excluding these gains, income from continuing operations in the first quarter of 2003 was $4.1 million or $0.46 per share. Highlights for the first quarter 2004 include: (i) growth in net loans of $41.2 million, or 3% over December 31, 2003, and $208.4 million, or 18% over March 31, 2003, primarily concentrated in commercial and commercial real estate loans, and (ii) continued strong asset quality with annualized net charge-offs of 10 basis points, and the ratio of nonperforming assets (NPA) to total assets of 29 basis points at March 31, 2004. The following is a brief discussion of the first quarter 2004 results: Net Interest Income Net interest income for the first quarter of 2004 was $15.9 million. This compares favorably to both the $14.2 million reported for the same quarter in 2003 and $15.8 million for the fourth quarter of 2003. The net interest margin percentage of 3.24% for the first quarter of 2004 remained unchanged from the fourth quarter of 2003. For the first quarter, the net interest margin was positively impacted by, among other things, the improving mix of earning assets and (More) [LOGO] _______________ 2 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 _______________ funding, and the yield on the Bank's mortgage-backed securities ("MBS") portfolio. The yield on the MBS portfolio was 3.81% in the first quarter of 2004 compared to 3.47% in the fourth quarter of 2003. This improvement in the MBS yield was primarily caused by lower amortization of premiums on MBS securities as a result of lower amounts of prepayments during the quarter. The weighted average duration of the MBS portfolio was 2.5 years at March 31, 2004 compared to 2.8 years at December 31, 2003. Offsetting these improvements were, among other things, the purchase of Bank-Owned Life Insurance (more later) and a slight increase in borrowing costs. Beginning late in the fourth quarter 2003, the Company has begun to extend some of its wholesale borrowings to longer maturities to become less liability sensitive in anticipation of higher interest rates. Loans and Asset Quality Net loans grew $41.2 million, or 3%, during the first quarter of 2004 to $1.3 billion at March 31, 2004. Net loans grew 18% over this time last year. Loan volume reflects the continued strong growth in commercial and commercial real estate (CRE) loans which increased $42.8 million, or 6%, from balances at December 31, 2003 and $198.1 million, or 38% from balances at March 31, 2003. The increase is primarily the continuing result of gaining market share due to the addition of several seasoned local relationship managers over the past few years. The table below summarizes the current loan balance and composition and recent changes in balance and composition.
At At At (Dollars in thousands) Mar. 31, 2004 Dec. 31, 2003 Mar. 31, 2003 ------------- ------------- ------------- Amount % Amount % Amount % ----------- --- ----------- --- ----------- --- Commercial and CRE $ 723,346 54% $ 680,557 52% $ 525,273 46% Residential 446,303 33 458,237 35 448,157 40 Consumer 197,738 15 187,011 15 184,750 16 Allowance for loan losses (22,745) (2) (22,386) (2) (21,941) (2) ----------- --- ----------- --- ----------- --- Net Loans $ 1,344,642 100% $ 1,303,419 100% $ 1,136,239 100% =========== =========== ===========
Non-performing assets (NPAs) totaled $6.5 million at March 31, 2004, an increase from the $5.5 million at December 31, 2003 but lower than the $7.8 million at March 31, 2003. NPAs as a percentage of total assets were 0.29% at March 31, 2004 compared to 0.25% at December 31, 2003 and 0.40% at March 31, 2003. Annualized net charge-offs in the first quarter 2004 were 0.10% of average loans compared to 0.13% for the fourth quarter of 2003, and 0.10% for (More) [LOGO] _______________ 3 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 _______________ the first quarter in 2003. The allowance for loan losses was 1.66% of total loans at March 31, 2004, with a coverage ratio (ratio of allowance to non-accruing loans) of 359%. Deposits Core deposit relationships (demand deposits, money market and savings accounts) increased $14.5 million, or 2% during the quarter, and increased $61.8 million, or 10% over this time last year. Retail time deposits (CDs), however, decreased $6.9 million during the quarter. As a result, total retail deposits increased $7.6 million, or 1%, during the first quarter to $890.7 million at March 31, 2004. These changes reflect management's continuing strategy to allow more price-sensitive deposits to run-off in favor of both attracting core deposits and utilizing less costly wholesale funding. Core deposits now represent a healthy 75% of total retail deposits. The following table summarizes the current retail deposit balances and composition and recent changes in balances and composition.
At At At (Dollars in thousands) Mar. 31, 2004 Dec. 31, 2003 Mar. 31, 2003 ------------- ------------- ------------- Amount % Amount % Amount % -------- -- -------- -- -------- -- Non-interest demand $223,490 25% $215,819 25% $185,946 21% Savings 320,353 36 316,976 36 304,846 36 Money market and int. demand 121,565 14 118,151 13 112,794 13 -------- -- -------- -- -------- -- Total core deposits 665,408 75% 650,946 74% 603,586 70% Retail time 225,256 25 232,113 26 263,290 30 -------- -- -------- -- -------- -- Total retail deposits $890,664 100% $883,059 100% $866,876 100% ======== ======== ========
Noninterest Income During the first quarter of 2004, the Corporation recorded noninterest income of $7.6 million, which was $1.7 million, or 30% greater than first quarter of 2003. The increase was primarily due to income of $479,000 from the investment in Bank-Owned Life Insurance (BOLI) and $538,000 in fee income from Montchanin Capital Management, Inc. (both discussed more later), as well as increases of $430,000 in service charges on core deposit accounts and $491,000 in ATM fee income during the quarter, both primarily the result of underlying growth in volumes. In late January 2004, the Company insured the lives of certain senior managers of WSFS under a BOLI program through MetLife. In addition to providing economic protection in the (More) [LOGO] _______________ 4 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 _______________ event of the loss of key managers, the BOLI investment provides the opportunity for better long-term investment yields, enhanced by the tax-free build up of value and the tax-free returns upon the ultimate distribution of proceeds, both provided for in the Internal Revenue Code. The initial premium of $50 million was funded through the liquidation of mortgage-backed securities (MBS). Income from this long-term illiquid investment is shown as noninterest income in accordance with GAAP. Therefore this investment had the incremental accounting impact of reducing the net interest income and the net interest margin, but enhancing fee income and reducing the effective tax rate from what they otherwise would be. Noninterest Expenses Noninterest expenses for the three months ended March 31, 2004 totaled $13.2 million, and was $268,000 greater than the same quarter last year. Last year's results included $1.3 million of expenses recorded in connection with the sale of the Corporation's sub-prime mortgage banking subsidiary. Also, included in 2004 results were $500,000 in operating expenses from Montchanin Capital Management, Inc., the Company's wealth management initiative, as well as additional operating expenses resulting from the Company's branch expansion efforts. Montchanin Capital Management, Inc. As previously announced, the Company, through its subsidiary Montchanin Capital Management, Inc., acquired a 60% interest in Cypress Capital Management during the first quarter of 2004 as part of its wealth management strategy. Total revenues for this unit were $538,000 and total expenses were $500,000 in the quarter. After minority interest and taxes, as previously anticipated, the unit did not have a material impact on the financial results of the Company in the first quarter. However, the results for the quarter included certain legal and closing costs associated with the acquisition and, as a result it is expected that results for this unit will be modestly improved in future quarters. Share Repurchases The Corporation has continued to repurchase WSFS' common stock as one use of the capital generated by the previously reported sales of business segments. During the first quarter (More) [LOGO] _______________ 5 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 _______________ of 2004, the Corporation repurchased 25,000 of its shares of common stock at an average price of $51.47 per share. The Corporation has 402,000 shares, or approximately 5% of outstanding shares remaining under the current authorization. The Corporation currently has 7.4 million shares outstanding. The ratio of tangible equity to assets was a strong 8.81% and tangible book value per share was $26.80 at March 31, 2004. Marvin N. Schoenhals, Chairman and President of WSFS said, "We are pleased to report another very strong quarter. The first quarter results reflect the continued success of our strategic focus on Delaware banking." Mr. Schoenhals went on to say, "Part of this strategy included the purchase of a majority interest in Cypress Capital Management, Inc. in the first quarter, through the Corporation's subsidiary, Montchanin Capital Management, Inc. in order to serve the wealth management needs of our growing clientele. In addition, construction continues on a new banking office in Rehoboth, Delaware, and is expected to be completed in the second quarter. We look forward to opening more offices during 2004 to serve the Delaware marketplace." WSFS Financial Corporation is a $2.2 billion financial services company. At March 31, 2004, its principal subsidiary, Wilmington Savings Fund Society, FSB, operated 23 retail banking offices in all three counties in Delaware, as well as Chester and Delaware Counties in Pennsylvania. Other operating subsidiaries include WSFS Credit Corporation, WSFS Reit, Inc., WSFS Investment Group, Inc. and Montchanin Capital Management, Inc. For more information, please visit the Bank's website at www.wsfsbank.com. ---------------- *** Statements contained in this news release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by WSFS Financial Corporation with the Securities and Exchange Commission from time to time. The Corporation does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Corporation. # # # (More) [LOGO] _______________ 6 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 _______________ WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS STATEMENT OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited)
Three months ended ------------------------------------ Mar 31, Dec 31, Mar 31, 2004 2003 2003 ---------- ---------- ---------- Interest income: Interest and fees on loans $ 18,100 $ 18,302 $ 17,862 Interest on mortgage-backed securities 4,727 4,568 3,482 Interest and dividends on investment securities 798 764 251 Other interest income 537 111 312 ---------- ---------- ---------- 24,162 23,745 21,907 ---------- ---------- ---------- Interest on deposits 1,793 1,716 2,479 Interest on Federal Home Loan Bank advances 5,555 5,325 4,481 Interest on federal funds purchased and securities sold under agreements to repurchase 133 387 140 Interest on trust preferred borrowings 496 485 496 Interest on other borrowings 305 51 96 ---------- ---------- ---------- 8,282 7,964 7,692 ---------- ---------- ---------- Net interest income 15,880 15,781 14,215 Provision for loan losses 687 525 775 ---------- ---------- ---------- Net interest income after provision for loan losses 15,193 15,256 13,440 ---------- ---------- ---------- Noninterest income: Loan servicing fee income 531 625 672 Deposit service charges 2,335 2,453 1,905 Credit/debit card and ATM income 2,664 2,549 2,173 Securities gains 222 178 - Gain on sales of loans 73 139 404 Bank owned life insurance income 479 - - Investment advisory income 538 - - Other income 716 570 656 ---------- ---------- ---------- 7,558 6,514 5,810 ---------- ---------- ---------- Noninterest expenses: Salaries, benefits and other compensation 7,643 6,587 6,819 Equipment expense 865 994 933 Data processing and operations expense 762 707 677 Occupancy expense 1,149 1,062 988 Marketing expense 520 348 407 Professional fees 522 851 501 Other operating expenses 1,777 2,013 2,645 ---------- ---------- ---------- 13,238 12,562 12,970 ---------- ---------- ---------- Income from continuing operations before minority interest and taxes 9,513 9,208 6,280 Less minority interest 45 - - ---------- ---------- ---------- Income from continuing operations before taxes 9,468 9,208 6,280 Income tax provision 3,286 3,020 2,199 ---------- ---------- ---------- Income from continuing operations 6,182 6,188 4,081 Gain on sale of businesses held-for-sale, net of taxes - 400 41,181 ---------- ---------- ---------- Net income $ 6,182 $ 6,588 $ 45,262 ========== ========== ========== Diluted earnings per share: Income from continuing operations $ 0.79 $ 0.79 $ 0.46 Gain on sale of businesses held-for-sale, net of taxes - 0.05 4.68 ---------- ---------- ---------- Net income $ 0.79 $ 0.84 $ 5.14 ========== ========== ========== Weighted average shares outstanding for diluted EPS 7,799,699 7,847,779 8,798,648 =========================================================================================================== Performance Ratios (continuing operations only): Return on average assets (a) 1.12% 1.15% 0.95% Return on average equity (a) 12.72 13.10 7.32 Net interest margin (a)(b) 3.24 3.24 3.69 Efficiency ratio (c) 55.81 55.63 63.88 ===========================================================================================================
See "Notes" [LOGO] _______________ 7 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 _______________ WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) SUMMARY STATEMENT OF CONDITION: (Dollars in thousands) (Unaudited)
Mar 31, Dec 31, Mar 31, 2004 2003 2003 ----------- ----------- ----------- Summary Statement of Condition: Assets: - ------- Cash and due from banks $ 157,049 $ 160,420 $ 135,061 Investment securities (d) 114,841 116,295 21,673 Investment in reverse mortgages, net 277 193 779 Other investments 43,018 44,771 33,173 Mortgage-backed securities (d) 480,549 530,552 537,391 Net loans (e)(f) 1,344,642 1,303,419 1,136,239 Loans held for sale (e) 3,240 1,458 2,439 Bank owned life insurance 50,479 - - Other assets 39,427 40,495 35,265 Loans, operating leases and other assets of discontinued operations 6,147 9,474 36,086 ----------- ----------- ----------- Total assets $ 2,239,669 $ 2,207,077 $ 1,938,106 =========== =========== =========== Liabilities and Stockholders' Equity: - ------------------------------------- Noninterest-bearing deposits $ 223,490 $ 215,819 $ 185,946 Interest-bearing deposits 667,174 667,240 680,930 ----------- ----------- ----------- Total retail deposits 890,664 883,059 866,876 Jumbo CD's - non retail 44,411 40,274 32,844 Brokered CD's 49,991 - - ----------- ----------- ----------- Total deposits 985,066 923,333 899,720 Federal Home Loan Bank advances 798,239 843,296 626,463 Other borrowings 242,993 237,762 175,767 Other liabilities 14,753 14,648 38,783 ----------- ----------- ----------- Total liabilities 2,041,051 2,019,039 1,740,733 ----------- ----------- ----------- Minority interest 191 46 50 Stockholders' equity 198,427 187,992 197,323 ----------- ----------- ----------- Total liabilities, minority interest and stockholders' equity $ 2,239,669 $ 2,207,077 $ 1,938,106 =========== =========== =========== ========================================================================================================= Capital Ratios: Equity to asset ratio 8.86% 8.52% 10.18% Tangible equity to asset ratio 8.81 8.52 10.18 Core capital (g) (required: 4.00%) 10.58 10.63 12.50 Risk-based capital (g) (required: 8.00%) 17.30 17.94 21.11 ========================================================================================================= Asset Quality Indicators (continuing operations only): Nonperforming Assets: Nonaccruing loans $ 6,256 $ 5,243 $ 6,834 Assets acquired through foreclosure 233 301 942 ----------- ----------- ----------- Total nonperforming assets $ 6,489 $ 5,544 $ 7,776 =========== =========== =========== Past due loans (h) $ 368 $ 1,192 $ 211 Allowance for loan losses $ 22,745 $ 22,386 $ 21,941 Ratio of nonperforming assets to total assets 0.29% 0.25% 0.40% Ratio of allowance for loan losses to total gross loans (i) 1.66 1.69 1.89 Ratio of allowance for loan losses to nonaccruing loans (j) 359 422 317 Ratio of quarterly net charge-offs to average gross loans (a)(e) 0.10 0.13 0.10 =========================================================================================================
See "Notes" [LOGO] _______________ 8 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 _______________ WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) AVERAGE BALANCE SHEET (Dollars in thousands) (Unaudited)
Three Months Ended, ------------------------------------------------------------------------------------------------ Mar 31, 2004 Dec 31, 2003 Mar 31, 2003 --------------------------------- ------------------------------- ---------------------------- Average Yield/ Average Yield/ Average Yield/ Balance Interest Rate (a)(b) Balance Interest Rate (a)(b) Balance Interest Rate (a)(b) ---------- -------- ----------- --------- -------- ----------- -------- -------- ----------- Assets: Interest-earning assets: Loans: (e) (k) Real estate loans (l) $ 839,797 $ 11,336 5.40% $ 834,208 $ 11,649 5.59% $ 726,378 $11,318 6.23% Commercial loans 304,227 3,505 4.92 284,206 3,299 4.93 213,764 2,983 6.11 Consumer loans 194,168 3,226 6.68 190,318 3,302 6.88 185,067 3,480 7.63 ---------- -------- --------- ------- --------- ------- Total loans 1,338,192 18,067 5.49 1,308,732 18,250 5.67 1,125,209 17,781 6.42 Mortgage-backed securities (d) 496,699 4,727 3.81 526,492 4,568 3.47 338,040 3,482 4.12 Loans held-for-sale (e) 1,174 33 11.24 4,478 52 4.64 5,460 81 5.93 Investment securities (d) 114,246 798 2.79 103,078 764 2.96 21,662 251 4.63 Other interest-earning assets 46,870 537 4.61 43,431 111 1.01 81,186 312 1.56 ---------- -------- --------- ------- --------- ------- Total interest-earning assets 1,997,181 24,162 4.90 1,986,211 23,745 4.84 1,571,557 21,907 5.65 -------- ------- ------- Allowance for loan losses (22,632) (22,368) (21,592) Cash and due from banks 150,383 146,722 130,004 Loans, operating leases and other assets of discontinued operations 8,619 12,237 41,911 Bank owned life insurance 39,684 - - Other noninterest-earning assets 38,600 38,509 33,590 ---------- -------- --------- Total assets $2,211,835 $2,161,311 $1,755,470 ========== ========= ========== Liabilities and Stockholders' Equity: Interest-bearing liabilities: Interest bearing deposits: Money market and interest- bearing demand $ 113,052 $ 66 0.23 $ 112,552 $ 64 0.23 $ 102,500 $ 106 0.42 Savings 317,396 329 0.42 321,495 340 0.42 299,737 480 0.65 Retail time deposits 226,027 1,067 1.90 234,287 1,181 2.00 276,375 1,788 2.63 Jumbo certificates of deposit-nonretail 42,779 152 1.43 36,684 131 1.42 22,197 105 1.92 Brokered certificates of deposit 42,820 179 1.68 - - - - - - ---------- -------- --------- ------- --------- ------ Total interest-bearing deposits 742,074 1,793 0.97 705,018 1,716 0.97 700,809 2,479 1.44 FHLB of Pittsburgh advances 819,713 5,631 2.72 814,894 5,431 2.61 482,410 4,977 4.13 Trust preferred borrowings 50,000 496 3.92 50,000 485 3.80 50,000 496 3.97 Other borrowed funds 186,780 438 0.94 185,877 438 0.94 81,274 236 1.16 Cost of funding discontinued operations (76) (106) (496) ---------- -------- ---------- ------- --------- ------ Total interest-bearing liabilities 1,798,567 8,282 1.84 1,755,789 7,964 1.81 1,314,493 7,692 2.34 -------- ------- ------ Noninterest-bearing demand deposits 205,803 196,824 170,266 Other noninterest-bearing liabilities 12,950 19,702 47,632 Minority interest 66 50 17 Stockholders' equity 194,449 188,946 223,062 ---------- ---------- ---------- Total liabilities and stockholders' equity $2,211,835 $2,161,311 $1,755,470 ========== ========== ========== Excess of interest-earning assets over interest-bearing liabilities $ 198,614 $ 230,422 $ 257,064 ========== ========== ========== Net interest and dividend income $ 15,880 $15,781 $14,215 ======== ======= ======= Interest rate spread 3.06% 3.03% 3.31% ======= ======== ======== Net interest margin 3.24% 3.24% 3.69% ======= ======== ========
See "Notes" [LOGO] _______________ 9 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 _______________ WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) (Dollars in thousands, except per share data) (Unaudited)
Three months ended ------------------------------------ Mar 31, Dec 31, Mar 31, 2004 2003 2003 ------------------------------------ Stock Information: Market price of common stock: High $ 51.40 $ 46.70 $ 33.35 Low 44.43 42.00 30.96 Close 50.17 44.85 31.60 Book value per share 26.95 25.68 25.21 Tangible book value per share 26.80 25.68 25.21 Number of shares outstanding (000s) 7,362 7,321 7,826 --------------------------------------------------------------------------------- Other Financial Data: One-year repricing gap to total assets (m) (4.07)% (7.95)% (4.04)% Number of associates (FTEs) (n) 437 431 420 Number of branch offices 23 23 21 ---------------------------------------------------------------------------------
Notes: (a) Annualized. (b) Computed on a fully tax-equivalent basis. (c) Noninterest expense divided by (tax-equivalent) net interest income and other income. (d) Includes securities available-for-sale. (e) Net of unearned income. (f) Net of allowance for loan losses. (g) Represents capital ratios of Wilmington Savings Fund Society, FSB and subsidiaries. (h) Accruing loans which are contractually past due 90 days or more as to principal or interest. (i) Excludes loans held-for-sale. (j) Includes general reserves only. (k) Nonperforming loans are included in average balance computations. (l) Includes commercial mortgage loans. (m) The difference between projected amounts of interest-sensitive assets and interest-sensitive liabilities repricing within one year divided by total assets, based on a current interest rate scenario. (n) Includes the FTEs of WCC (discontinued operations). -----END PRIVACY-ENHANCED MESSAGE-----