-----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, Wy4Nw4/AeJ4oRifsFWBMwfz/ryhazN95l0TvSdAgyoXCGHEs8DF7oJeXyIYwV6rC OacXg+7rjve+z7ODWRApjA== 0000946275-05-000977.txt : 20051019 0000946275-05-000977.hdr.sgml : 20051019 20051019134203 ACCESSION NUMBER: 0000946275-05-000977 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051018 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051019 DATE AS OF CHANGE: 20051019 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: 051144766 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_101805-0312.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 October 18, 2005 ------------------------------------------------------ Date of Report (Date of earliest event reported) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [_] Written communications pursuant to Rule 425 under the Securities Act [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act WSFS FINANCIAL CORPORATION INFORMATION TO BE INCLUDED IN REPORT ------------------------------------ Item 2.02 Results of Operation and Financial Condition -------------------------------------------- On October 18, 2005, the Registrant issued a press release to report earnings for the quarter ended September 30, 2005. A copy of the press release is furnished with this Form 8-K as an exhibit. Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits ----------------------------------------- (c) Exhibits: 99 Press Release dated October 18, 2005 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: October 18, 2005 By: /s/Stephen A. Fowle ---------------------------------------- Stephen A. Fowle Chief Financial Officer EX-99 2 ex-99.txt PRESS RELEASE 1 WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 19801 PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Stephen A. Fowle October 18, 2005 (302) 571-6833 WSFS ANNOUNCES 3Q '05 EPS OF $1.06 WSFS Financial Corporation (NASDAQ/NMS: WSFS), the parent company of Wilmington Savings Fund Society, FSB, reported quarterly net income of $7.4 million, or $1.06 per diluted share. This compares to net income of $6.6 million, or $0.88 per share, for the third quarter of 2004. This $0.18 growth in earnings per share is a 20% increase over the same period in 2004. Highlights for the third quarter of 2005 include: (i) an increase in total retail deposits of $43.2 million, or 4%, over balances at June 30, 2005; (ii) growth in net loans of $35.7 million, or 2%, over balances at June 30, 2005; and (iii) continued strong asset quality with the ratio of nonperforming assets (NPA) to total assets of 16 basis points at September 30, 2005. Marvin N. Schoenhals, Chairman and President of WSFS, said, "We are very proud of our third quarter results which reflect the continued emphasis of growing and strengthening our banking franchise." Mr. Schoenhals went on to say, "the benefits from our increased focus on retail business is apparent in our 22% increase in core deposits. In addition, our continued lending success is reflected in our 15% year over year loan growth." The following is a brief discussion of the third quarter 2005 results. (More) 2 Net Interest Income Net interest income for the third quarter of 2005 was $19.2 million. This compares to the $17.1 million reported for the same quarter in 2004 and the $17.8 million reported for the second quarter of 2005. The net interest margin percentage of 3.22% for the third quarter of 2005 improved from 3.03% for the second quarter of 2005. During the second quarter of 2005, the net interest margin was negatively affected by 18 basis points due to a $1.1 million (pre-tax) charge connected with the redemption of $50 million of WSFS Capital Trust I Securities. Without this charge the margin would have been 3.21%. Overall portfolio yields on loans have continued to trend upward due to higher prevailing rates combined with the Company's continued focus on growth of variable rate loans. Additionally, the gross yield on the Company's mortgage-backed securities (MBS) portfolio was 4.47% in the third quarter of 2005 versus 4.42% in the second quarter of 2005. The weighted average duration of the MBS portfolio was 3.0 years at September 30, 2005 compared to 2.7 years at June 30, 2005. Loans and Asset Quality Net loans grew $35.7 million, or 2%, during the third quarter of 2005 to $1.7 billion at September 30, 2005. Net loans grew $224.9 million, or 15%, compared to balances at September 30, 2004. Loan volume continued to show strong increases despite $9.2 million in commercial and commercial real estate (CRE) loan sales/participations, conducted to diversify the Company's balance sheet. The following table summarizes the current loan balances and composition as well as recent changes in balances and composition.
At At At (Dollars in thousands) Sep. 30, 2005 Jun. 30, 2005 Sep. 30, 2004 ------------- ------------- ------------- Amount % Amount % Amount % ---------- --- ---------- --- ---------- --- Commercial and CRE $1,053,168 62% $1,035,656 62% $ 842,013 57% Residential 439,975 26 432,518 26 444,860 30 Consumer 230,424 13 219,675 13 210,893 15 Allowance for loan losses (24,933) (1) (24,939) (1) (24,052) (2) ---------- --- ---------- --- ---------- --- Net Loans $1,698,634 100% $1,662,910 100% $1,473,714 100% ========== === ========== === ========== ===
(More) 3 The Company's provision for loan losses was $225,000 in the third quarter of 2005, compared to $996,000 in the same period last year. This decreased level of provision is due to slower net growth in the Company's loan portfolio combined with continued improvement in credit quality and a lower level of adversely rated loans. The allowance for loan loss reserves declined from 1.48% to 1.45% during the quarter. In addition to recording a provision for loan losses, a $397,000 liability was recorded representing a loss contingency for standby letters of credit as a charge against other non-interest expense. NPA as a percentage of assets stood at 0.16% as of September 30, 2005 versus 0.22% as of June 30, 2005 and 0.19% as of September 30, 2004. NPA totaled $4.4 million as of September 30, 2005, down from $6.0 million as of June 30, 2005 and $4.5 million as of September 30, 2004. Annualized net charge-offs in the third quarter of 2005 were 0.05% of average loans compared to 0.12% for the second quarter of 2005 and 0.02% for the third quarter of 2004. Deposits Core deposit relationships (demand deposits, money market and savings accounts) increased $32.8 million, or 4% during the quarter and increased $152.7 million, or 22% over the same period last year. Total retail deposits (core deposits and retail time deposits) increased $43.2 million, or 4%, during the third quarter to $1.2 billion at September 30, 2005 and increased $194.9 million, or 20% over September 30, 2004. The following table summarizes the current retail deposit balances and composition as well as recent changes in balances and composition.
At At At (Dollars in thousands) Sep. 30, 2005 Jun. 30, 2005 Sep. 30, 2004 ------------- ------------- ------------- Amount % Amount % Amount % ---------- --- ---------- --- -------- --- Non-interest demand $ 266,598 23% $ 261,987 24% $229,999 24% Interest bearing demand 122,870 11 120,232 11 87,726 9 Savings 257,082 22 276,514 25 302,141 32 Money market 212,794 19 167,854 15 86,821 9 ---------- --- ---------- --- -------- --- Total core deposits 859,344 75 826,587 75 706,687 74 Retail time 291,053 25 280,652 25 248,799 26 ---------- --- ---------- --- -------- --- Total retail deposits $1,150,397 100% $1,107,239 100% $955,486 100% ========== === ========== === ======== ===
(More) 4 Noninterest Income During the third quarter of 2005, the Company recorded noninterest income of $8.6 million, which was $424,000, or 5% greater than the third quarter of 2004. Noninterest income declined by $130,000, or 1% when compared to the second quarter of 2005. The increase over the third quarter of 2004 was primarily due to increases of $630,000 in card and ATM income during the quarter, mostly the result of underlying growth in volumes and $361,000 in increased deposit service charges. These increases were partially offset by $609,000 in losses recognized on the sale of lower yielding agency investments. The decrease in comparison to the second quarter 2005 was mainly attributable to the loss on sale of lower yielding agency investments occurring in the third quarter of 2005. Consistent with the year over year trend, this decrease was partially offset by increased card and ATM income of $242,000 and increased deposit service charges of $189,000. Noninterest Expenses Noninterest expenses for the third quarter of 2005 totaled $16.1 million, which was $2.0 million, or 14% more than the same quarter last year. Noninterest expense increased by $547,000, or 4% compared to the second quarter of 2005. The increase over both the third quarter of 2004 and the second quarter of 2005 was primarily due to increases in salaries, benefits and other compensation and other operating expenses. These increases were mainly the result of the Company's continued growth efforts. Also, included in operating expenses for the third quarter of 2005, is the previously mentioned $397,000 loss contingency liability for standby letters of credit. Capital Management During the third quarter of 2005, the Company repurchased 400,000 of its shares of common stock at an average price of $57.22 per share. At September 30, 2005, the Company had 650,000 shares remaining under its current share repurchase authorization, or approximately 10% of its 6.5 million outstanding shares. (More) 5 The ratio of tangible equity to assets was 6.33% at September 30, 2005. The Tier 1 capital ratio was 12.46%, which is more than double the 6.00% level required to be considered "well-capitalized" under regulatory definitions. Tangible book value per share was $26.53 at September 30, 2005. Other Events During the quarter, the Company finalized agreements related to the move of its corporate headquarters. Related to this move, the Company sold the land on which the WSFS Bank Center is to be built. As part of this agreement, the property developer has agreed to purchase the Company's current headquarters, which is expected to result in approximately a $3 million gain at the time of the move, expected to be early 2007. WSFS Financial Corporation is a $2.7 billion financial services company. At September 30, 2005, its principal subsidiary, Wilmington Savings Fund Society, FSB, operated 24 retail banking offices in all three counties in Delaware, as well as Chester and Delaware Counties in Pennsylvania. Other continuing operating subsidiaries include: WSFS Investment Group, Inc., Montchanin Capital Management, Inc. and WSFS Reit, 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) 6 WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS STATEMENT OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited)
Three months ended Nine months ended ---------------------------------------------- ------------------------------ September 30, June 30, September 30, September 30, September 30, 2005 2005 2004 2005 2004 -------------- ------------ ------------ -------------- ------------- Interest income: Interest and fees on loans $ 27,419 $ 25,447 $ 19,882 $ 76,023 $ 56,204 Interest on mortgage-backed securities 6,445 6,444 5,468 18,763 14,884 Interest and dividends on investment securities 921 639 1,090 2,315 3,438 Other interest income 351 356 161 1,086 519 -------- -------- -------- -------- -------- 35,136 32,886 26,601 98,187 75,045 -------- -------- -------- -------- -------- Interest expense: Interest on deposits 5,674 4,662 2,320 14,423 5,945 Interest on Federal Home Loan Bank advances 7,955 7,263 6,011 21,405 17,452 Interest on federal funds purchased and securities sold under agreements to repurchase 1,125 1,092 561 3,228 1,374 Interest on trust preferred borrowings 954 1,967 551 3,633 1,550 Interest on other borrowings 213 124 38 392 116 -------- -------- -------- -------- -------- 15,921 15,108 9,481 43,081 26,437 -------- -------- -------- -------- -------- Net interest income 19,215 17,778 17,120 55,106 48,608 Provision for loan losses 225 772 996 1,576 2,370 -------- -------- -------- -------- -------- Net interest income after provision for loan losses 18,990 17,006 16,124 53,530 46,238 -------- -------- -------- -------- -------- Noninterest income: Credit/debit card and ATM income 3,907 3,665 3,277 10,775 8,917 Deposit service charges 2,676 2,487 2,315 7,341 7,016 Investment advisory income 651 619 584 1,878 1,671 Bank owned life insurance income 499 527 558 1,522 1,663 Loan fee income 516 569 518 1,511 1,676 Mortgage banking activities, net 106 37 77 287 444 Securities (losses) gains (609) - (15) (609) 209 Other income 838 810 846 2,449 2,342 -------- -------- -------- -------- -------- 8,584 8,714 8,160 25,154 23,938 -------- -------- -------- -------- -------- Noninterest expenses: Salaries, benefits and other compensation 9,061 8,494 7,655 26,377 22,704 Occupancy expense 1,290 1,263 1,151 3,829 3,422 Equipment expense 950 954 969 2,887 2,759 Data processing and operations expense 761 998 815 2,670 2,414 Marketing expense 689 828 465 2,042 1,526 Professional fees 610 498 607 1,661 1,438 Other operating expenses 2,789 2,568 2,505 7,257 6,331 -------- -------- -------- -------- -------- 16,150 15,603 14,167 46,723 40,594 -------- -------- -------- -------- -------- Income before minority interest and taxes 11,424 10,117 10,117 31,961 29,582 Less minority interest 48 37 66 122 158 -------- -------- -------- -------- -------- Income before taxes 11,376 10,080 10,051 31,839 29,424 Income tax provision 3,969 3,514 3,499 11,076 10,423 -------- -------- -------- -------- -------- Net income $ 7,407 $ 6,566 $ 6,552 $ 20,763 $ 19,001 ======== ======== ======== ======== ======== Diluted earnings per share: Net income $ 1.06 $ 0.90 $ 0.88 $ 2.85 $ 2.49 ======== ======== ======== ======== ======== Weighted average shares outstanding for diluted EPS 7,005,994 7,313,355 7,454,990 7,275,858 7,620,555 - ------------------------------------------------------------------------------------------------------------------------------------ Performance Ratios: Return on average assets (a) 1.10 % 0.99 % 1.09 % 1.05 % 1.10 % Return on average equity (a) 16.15 13.52 14.22 14.41 13.39 Net interest margin (a)(b) 3.22 3.03 3.26 3.16 3.19 Efficiency ratio (c) 57.51 58.28 55.42 57.61 55.31 - ------------------------------------------------------------------------------------------------------------------------------------
See "Notes" 7 WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) SUMMARY STATEMENT OF CONDITION: (Dollars in thousands) (Unaudited)
September 30, June 30, September 30, 2005 2005 2004 ----------------- -------------- ------------- Summary Statement of Condition: Assets: - ------- Cash and due from banks $ 61,012 $ 56,776 $ 54,088 Cash in non-owned ATMs 143,289 137,203 123,765 Investment securities (d)(e) 57,699 98,091 98,338 Other investments 45,934 46,606 62,497 Mortgage-backed securities (d) 593,496 586,259 515,832 Net loans (f)(g) 1,698,634 1,662,910 1,473,714 Loans held for sale (f) 2,199 1,429 2,491 Bank owned life insurance 53,713 53,213 51,663 Other assets 55,300 57,132 51,882 Loans, operating leases and other assets of discontinued operations 5 227 1,873 ---------- ---------- ---------- Total assets $2,711,281 $2,699,846 $2,436,143 ========== ========== ========== Liabilities and Stockholders' Equity: - ------------------------------------- Noninterest-bearing deposits $ 266,598 $ 261,987 $ 229,999 Interest-bearing deposits 883,799 845,252 725,487 ---------- ---------- ---------- Total retail deposits 1,150,397 1,107,239 955,486 Jumbo CD's - non retail 44,433 35,930 51,873 Brokered CD's 207,340 203,400 124,884 ---------- ---------- ---------- Total deposits 1,402,170 1,346,569 1,132,243 Federal Home Loan Bank advances 917,882 902,943 878,623 Other borrowings 191,755 236,916 218,982 Other liabilities 25,903 20,047 16,665 ---------- ---------- ---------- Total liabilities 2,537,710 2,506,475 2,246,513 ---------- ---------- ---------- Minority interest 200 184 258 Stockholders' equity 173,371 193,187 189,372 ---------- ---------- ---------- Total liabilities, minority interest and stockholders' equity $2,711,281 $2,699,846 $2,436,143 ========== ========== ========== - ---------------------------------------------------------------------------------------------------- Capital Ratios: Equity to asset ratio 6.39 % 7.16 % 7.77 % Tangible equity to asset ratio 6.33 7.10 7.73 Core capital (h) (required: 4.00%) 8.69 9.15 9.65 Tier 1 Capital (h) (required 4.00%) 12.46 13.39 14.61 Risk-based capital (h) (required: 8.00%) 13.64 14.34 15.53 - ---------------------------------------------------------------------------------------------------- Asset Quality Indicators: Nonperforming Assets: Nonaccruing loans $ 4,271 $ 5,602 $ 4,368 Assets acquired through foreclosure 89 372 159 ---------- ---------- ---------- Total nonperforming assets $ 4,360 $ 5,974 $ 4,527 ========== ========== ========== Past due loans (i) $ 207 $ 370 $ 328 Allowance for loan losses $ 24,933 $ 24,939 $ 24,052 Ratio of nonperforming assets to total assets 0.16 % 0.22 % 0.19 % Ratio of allowance for loan losses to total gross loans (j) 1.45 1.48 1.61 Ratio of allowance for loan losses to nonaccruing loans (k) 556 424 524 Ratio of quarterly net charge-offs to average gross loans (a)(f) 0.05 0.12 0.02 - ----------------------------------------------------------------------------------------------------
See "Notes" 8 WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) AVERAGE BALANCE SHEET (Dollars in thousands) (Unaudited)
Three months ended -------------------------------------------------------------------------------------------------------- September 30, 2005 June 30, 2005 September 30, 2004 -------------------------------- ----------------------------- --------------------------------- 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: (f) (l) Commercial real estate loans $ 589,703 $ 10,450 7.09 % $ 572,714 $ 9,576 6.69 % $ 450,707 $ 6,409 5.69 % Residential real estate loans 430,871 5,587 5.19 429,787 5,524 5.14 445,748 5,830 5.23 Commercial loans 451,532 7,554 6.79 434,056 6,686 6.35 350,263 4,254 5.07 Consumer loans 221,706 3,787 6.78 218,328 3,633 6.67 210,449 3,356 6.34 ---------- -------- ---------- ------- ---------- ------- Total loans 1,693,812 27,378 6.53 1,654,885 25,419 6.21 1,457,167 19,849 5.53 Mortgage-backed securities (d) 576,779 6,445 4.47 583,785 6,444 4.42 520,356 5,468 4.20 Loans held-for-sale (f) 2,462 41 6.66 2,107 28 5.32 2,349 33 5.62 Investment securities (d)(e) 100,523 921 3.66 97,459 639 2.62 109,086 1,090 4.00 Other interest-earning assets 48,155 351 2.89 49,434 356 2.89 48,784 161 1.31 ---------- -------- ---------- ------- ---------- ------- Total interest-earning assets 2,421,731 35,136 5.85 2,387,670 32,886 5.56 2,137,742 26,601 5.03 -------- ------- ------- Allowance for loan losses (25,215) (24,842) (23,482) Cash and due from banks 53,121 51,945 54,439 Cash in non-owned ATMs 138,543 127,760 126,808 Loans, operating leases and other assets of discontinued operations 367 577 2,992 Bank owned life insurance 53,389 52,877 51,302 Other noninterest-earning assets 54,235 53,342 48,963 ---------- ---------- ---------- Total assets $2,696,171 $2,649,329 $2,398,764 ========== ========== ========== Liabilities and Stockholders' Equity: Interest-bearing liabilities: Interest bearing deposits: Interest-bearing demand $ 116,518 $ 71 0.24 $ 110,565 $ 66 0.24 $ 82,756 $ 49 0.24 Money market 183,279 1,025 2.22 162,934 747 1.84 63,909 187 1.16 Savings 268,880 265 0.39 280,668 280 0.40 316,910 318 0.40 Retail time deposits 287,925 2,085 2.87 278,253 1,882 2.71 225,906 1,128 1.99 --------- -------- ---------- ------- --------- ------- Total interest-bearing retail deposits 856,602 3,446 1.60 832,420 2,975 1.43 689,481 1,682 0.97 Jumbo certificates of deposit-nonretail 46,430 383 3.27 39,081 280 2.87 50,578 211 1.66 Brokered certificates of deposit 206,331 1,845 3.55 182,220 1,407 3.10 102,067 427 1.66 --------- -------- --------- ------- --------- ------- Total interest-bearing deposits 1,109,363 5,674 2.03 1,053,721 4,662 1.77 842,126 2,320 1.10 FHLB of Pittsburgh advances 894,331 7,958 3.48 889,641 7,267 3.23 899,922 6,038 2.63 Trust preferred borrowings 67,011 954 5.57 66,161 1,967 11.76 51,547 551 4.18 Other borrowed funds 166,268 1,338 3.22 177,090 1,216 2.75 177,392 599 1.35 Cost of funding discontinued operations (3) (4) (27) --------- -------- ---------- ------- --------- ------- Total interest-bearing liabilities 2,236,973 15,921 2.85 2,186,613 15,108 2.76 1,970,987 9,481 1.92 -------- ------- ------- Noninterest-bearing demand deposits 254,807 252,134 227,319 Other noninterest-bearing liabilities 20,691 16,061 15,929 Minority interest 201 195 259 Stockholders' equity 183,499 194,326 184,270 ---------- ---------- ---------- Total liabilities and stockholders' equity $2,696,171 $2,649,329 $2,398,764 ========== ========== ========== Excess of interest-earning assets over interest- bearing liabilities $ 184,758 $ 201,057 $ 166,755 ========== ========== ========== Net interest and dividend income $19,215 $17,778 $17,120 ======= ======= ======= Interest rate spread 3.00% 2.80% 3.11% ==== ==== ==== Net interest margin 3.22% 3.03% 3.26% ==== ==== ====
See "Notes" 9 WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (Continued) (Dollars in thousands, except per share data) (Unaudited)
Three months ended Nine months ended -------------------------------------- ---------------------------- September 30, June 30, September 30, September 30, September 30, 2005 2005 2004 2005 2004 -------------------------------------- ---------------------------- Stock Information: Market price of common stock: High $ 59.26 $ 55.91 $ 53.39 $ 59.91 $ 53.39 Low 54.01 49.80 48.05 49.80 44.43 Close 58.89 54.71 50.00 58.89 50.00 Book value per share 26.80 28.16 26.92 Tangible book value per share 26.53 27.92 26.76 Number of shares outstanding (000s) 6,470 6,860 7,036 ---------------------------------------------------------------------------------------------------------------------- Other Financial Data: One-year repricing gap to total assets (m) (0.86)% 0.50 % (0.65)% Number of associates (FTEs) (n) 512 516 486 Number of branch offices 24 24 23 ----------------------------------------------------------------------------------------------------------------------
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) Includes reverse mortgages. (f) Net of unearned income. (g) Net of allowance for loan losses. (h) Represents capital ratios of Wilmington Savings Fund Society, FSB and subsidiaries. (i) Accruing loans which are contractually past due 90 days or more as to principal or interest. (j) Excludes loans held-for-sale. (k) Includes general reserves only. (l) Nonperforming loans are included in average balance computations. (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) and Cypress Capital Management (controlled, but not wholly owned subsidiary). -----END PRIVACY-ENHANCED MESSAGE-----