<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex-99.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
WSFS Financial Corporation 838 Market Street, Wilmington, Delaware 18801 1
FOR IMMEDIATE RELEASE Contact: Stephen A. Fowle
October 24, 2006 (302) 571-6833
WSFS ANNOUNCES INCREASED 3Q '06 EPS OF $1.16
WSFS Financial Corporation (NASDAQ/NMS: WSFS), the parent company of
Wilmington Savings Fund Society, FSB, reported quarterly net income of $8.0
million, or $1.16 per diluted share, a 9% increase over 2005 on a per share
basis. This compares to net income of $7.4 million, or $1.06 per share for the
third quarter of 2005. Net income for the first nine months of 2006 was $22.8
million, or $3.31 per diluted share, a 16% increase over $2.85 per diluted share
reported for the first nine months of 2005.
Highlights for the third quarter of 2006 include:
o Return on equity of 16.0%
o Increase in customer deposits of $142.0 million, or 12% over the
third quarter of 2005
o Strong growth in loans of $288.3 million, or 17% over the third
quarter of 2005
o Growth in noninterest income of 20%, or $1.7 million over the
third quarter of 2005
o Opening of a new branch office in Long Neck (Sussex County,
Delaware), with work begun on an additional branch office and two
branch renovations
o Sale of $51.4 million in below-market yielding mortgage-backed
securities as part of the Company's efforts to improve its
earning asset mix and return on assets
Results for the quarter were impacted by: (1) $1.8 million in
unanticipated income related to the Bank's investment in bank-owned life
insurance (BOLI), which improved EPS by $0.26.
(More)
<PAGE>
2
This benefit is non-taxable income to the Bank and reduced the effective tax
rate of the Company from 35% in the third quarter of 2005 to 30% this quarter;
(2) $1.9 million loss on the sale of mortgage-backed securities (MBS) mentioned
above, or $0.18 per share; and (3) $411,000, or $0.04 per share, of additional
non-cash expense related to the 2005 refinance of the Company's trust preferred
securities (discussed further in the "Net Interest Income" section).
Marvin N. Schoenhals, Chairman and President of WSFS, said, "We are
pleased with our continued franchise growth, as evidenced by our loan, deposit
and earnings growth. Much of the success can be linked to our culture of engaged
Associates who have created customer advocates for WSFS. A recent survey
conducted by an internationally recognized company indicated that more than
one-third of our customers rated WSFS a five out of a possible five on the
statement `I can't imagine a world without WSFS.' "
Third Quarter 2006 Financial Highlights
Net Interest Income
Net interest income for the third quarter of 2006 was $19.1 million.
This compares to $19.2 million reported for the same quarter in 2005 and $19.4
million reported for the second quarter of 2006. The net interest margin of
2.88% for the third quarter of 2006 declined 6 basis points from the second
quarter of 2006. The net interest margin was negatively impacted by the
previously mentioned non-cash charge related to trust preferred borrowings
($411,000). This amount is related to hedge accounting at the time of the
refinance of the Company's trust preferred securities in 2005 and is in addition
to the non-cash charge related to unamortized issuance costs recorded at that
time. In addition, the net interest margin was favorably affected by $232,000 of
additional income, when compared to the second quarter of 2006, relating to
reverse mortgages.
(More)
<PAGE>
3
The net interest margin continues to be negatively impacted by a
flattening yield curve; growth in the Company's CashConnect (ATM) business
(revenues related to cash outstanding for this business are recorded as fee
income rather than interest income while the cost of funding these balances are
charged to interest expense) and aggressive competition for deposits.
"The Company took a significant step in its efforts to improve its
asset and funding mix through the sale of more than $50 million in low yielding
MBS late this quarter," said Stephen A. Fowle, Executive Vice President and
Chief Financial Officer. "We look forward to the long-term margin, earnings and
interest rate risk benefits from this ongoing balance-sheet realignment."
WSFS customer deposits increased 12% from the third quarter of 2005
Total customer deposits (core deposits and customer time deposits) were
$1.3 billion at September 30, 2006, an increase of $142.0 million, or 12%, over
September 30, 2005 and increased $25.2 million, or 2% over June 30, 2006.
The following table summarizes the current customer deposit balances
and composition as compared to historical periods.
<TABLE>
<CAPTION>
At At At
(Dollars in thousands) Sep. 30, 2006 Jun. 30, 2006 Sep. 30, 2005
------------- ------------- -------------
Amount % Amount % Amount %
------ --- ------ --- ------ ---
<S> <C> <C> <C> <C> <C> <C>
Non-interest demand $ 263,363 20% $ 289,054 23% $ 266,598 23%
Interest bearing demand 127,861 10 126,430 10 122,870 11
Savings 238,978 19 244,843 19 257,082 22
Money market 235,210 18 218,719 17 212,794 19
---------- --- ---------- --- ---------- ---
Total core deposits 865,412 67 879,046 69 859,344 75
Customer time 427,025 33 388,209 31 291,053 25
---------- --- ---------- --- ---------- ---
Total customer deposits $1,292,437 100% $1,267,255 100% $1,150,397 100%
</TABLE>
As with much of the industry, the change in the mix of deposits
continues to be affected by consumer preference for higher yielding
non-transaction accounts.
(More)
<PAGE>
4
Marvin N. Schoenhals, Chairman and President of WSFS, said, "Our
success in growing deposits was acknowledged by an article in the Wilmington,
Delaware News Journal on October 16, 2006, which reported that `among the five
largest retail banks in Delaware, WSFS saw its deposits grow fastest, rising 23
percent to $1.6 billion.' "
Loan growth increased 17% from the third quarter of 2005
Net loans were $2.0 billion at September 30, 2006, an increase of
$288.3 million, or 17%, over September 30, 2005 and increased $16.6 million, or
1% over June 30, 2006. Growth in comparison to the second quarter of 2006 was
limited as a result of seasonality combined with a higher than normal amount of
loan sales. During the quarter the Company sold mortgage loans that exceeded the
average of the previous three quarters by $8.5 million. In addition, the Company
securitized $3.0 million in mortgage loans during the third quarter as part of
its efforts to improve its earning asset mix and return on assets.
The following table summarizes the current loan balances and
composition as well as recent changes in balances and composition.
<TABLE>
<CAPTION>
At At At
(Dollars in thousands) Sep. 30, 2006 Jun. 30, 2006 Sep. 30, 2005
------------- ------------- -------------
Amount % Amount % Amount %
------ --- ------ --- ------ ---
<S> <C> <C> <C> <C> <C> <C>
Commercial and CRE $1,264,246 64% $1,241,228 63% $1,053,168 62%
Residential 484,105 24 495,715 25 439,975 26
Consumer 265,378 13 260,143 13 230,424 13
Allowance for loan losses (26,747) (1) (26,701) (1) (24,933) (1)
---------- --- ---------- --- ---------- ---
Net Loans $1,986,982 100% $1,970,385 100% $1,698,634 100%
</TABLE>
Asset Quality remains excellent
The Company recorded a provision for loan losses of $319,000 in the
third quarter of 2006, compared to $225,000 in the same period last year and
$695,000 for the prior quarter. The
(More)
<PAGE>
5
current provision exceeded the level of net charge-offs for the quarter. The
lower level of provision for loan losses compared to the prior quarter reflects
continued strength in asset quality ratios, a slower loan growth trend and a
change in estimates used to calculate the appropriate provision. The Company
considered proposed interagency guidance on the classification of commercial
credit published in 2005 to change its estimates. The ratio of allowance for
loan losses to total loans is 1.33%, compared to 1.34% at June 30, 2006.
Asset quality statistics continue to remain strong. Nonperforming
assets as a percentage of assets increased slightly to 0.18% at September 30,
2006, from 0.11% at June 30, 2006, and the 0.16% reported at September 30, 2005.
Annualized net charge-offs in the third quarter of 2006 were 0.05% (0.03% of
which were overdraft charge-offs) of average loans compared to annualized net
charge-offs of 0.03% (0.02% of which were overdraft charge-offs) for the second
quarter of 2006 and annualized net charge-offs of 0.05% for the third quarter of
2005. Prior to the second quarter of 2006 overdraft charge-offs were not
included as part of the provision for loan losses.
WSFS's Noninterest Income up 20% over 2005
During the third quarter of 2006, the Company recorded noninterest
income of $10.3 million, which was $1.7 million, or 20% greater than the third
quarter of 2005 and $429,000, or 4% greater than the second quarter of 2006.
In addition to the gain related to the BOLI and the loss on the sale of MBS
mentioned earlier, the increase over the third quarter 2005 was mainly
attributable to a $1.1 million increase in card and ATM income, and $303,000
in increased deposit service charges. This increase in card and ATM income was
primarily due to increased volumes of cash in non-owned ATMs and higher rates
earned on this cash. Increased deposit service charges were mainly due to an
increase in deposit accounts resulting from the continued success of the
Company's personal and business checking initiatives that began during the
third quarter of 2004. During the third quarter of 2005 the Company reported a
$609,000 loss on the sale of lower yielding agency investments. Consistent
with the year-over-year trend, the increase over the second quarter of 2006
was mainly attributable to $153,000 in increased deposit service charges and a
$124,000 increase in card and ATM income.
(More)
<PAGE>
6
Noninterest Expense increase reflects growth of franchise
Noninterest expenses for the third quarter of 2006 totaled $17.6
million, which was $1.4 million, or 9% greater than the third quarter of 2005
and $655,000, or 4% greater than the second quarter of 2006. The increase over
the third quarter of 2005 was primarily due to increases in compensation,
equipment and data processing expenses, mainly the result of the Company's
continued growth efforts (the number of full-time equivalent Associates
increased from 512 in the third quarter of 2005 to 592 in the third quarter of
2006). Additionally, the increase in salaries, benefits and other compensation
also includes $301,000 (pre-tax), or $0.04 (after-tax) per share, of expenses
related to stock options due to the implementation of FAS 123 (revised 2004),
Share-Based Payment (FAS 123R), this year. The increase over the second
quarter of 2006 was primarily due to increases in compensation and equipment
expenses, mainly the result of the Company's continued growth efforts.
The Company has continued its aggressive branch expansion and
renovation initiatives in addition to its recently formed Wealth Management
Division. These efforts are expected to continue in the future.
WSFS repurchases additional shares
During the third quarter of 2006, the Company repurchased 19,400 shares
of common stock at an average price of $60.39 per share. For the year the
Company has repurchased 31,900 shares of common stock at an average price of
$60.72 per share. At September 30, 2006, the Company had 618,100 shares
remaining under its current share repurchase authorization, or 9.3% of its 6.7
million outstanding shares.
The ratio of tangible equity to assets was 6.87% at September 30, 2006.
The Tier 1 capital ratio was 12.21%, which is more than double the 6.00% level
required to be considered "well-capitalized" under regulatory definitions.
Tangible book value per share was $30.87 at September 30, 2006.
(More)
<PAGE>
7
WSFS Financial Corporation is a $3.0 billion financial services
company. At September 30, 2006, its principal subsidiary, Wilmington Savings
Fund Society, FSB, operated 26 retail banking offices in all three counties in
Delaware, as well as Chester and Delaware Counties in Pennsylvania. Other
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)
<PAGE>
8
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
STATEMENT OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
---------------------------------------------- -----------------------------
September 30, June 30, September 30, September 30, September 30,
2006 2006 2005 2006 2005
-------------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
Interest income:
Interest and fees on loans $ 37,577 $ 35,332 $ 27,419 $ 105,005 $ 76,023
Interest on mortgage-backed securities 7,186 7,471 6,445 21,989 18,763
Interest and dividends on investment securities 616 388 921 1,639 2,315
Other interest income 752 677 351 1,843 1,086
---------- ---------- ---------- ---------- ----------
46,131 43,868 35,136 130,476 98,187
---------- ---------- ---------- ---------- ----------
Interest expense:
Interest on deposits 11,392 10,113 5,674 29,682 14,423
Interest on Federal Home Loan Bank advances 12,384 12,004 7,955 35,131 21,405
Interest on trust preferred borrowings 1,736 1,106 954 3,859 3,633
Interest on other borrowings 1,499 1,259 1,338 3,995 3,620
---------- ---------- ---------- ---------- ----------
27,011 24,482 15,921 72,667 43,081
---------- ---------- ---------- ---------- ----------
Net interest income 19,120 19,386 19,215 57,809 55,106
Provision for loan losses 319 695 225 1,702 1,576
---------- ---------- ---------- ---------- ----------
Net interest income after provision for loan losses 18,801 18,691 18,990 56,107 53,530
---------- ---------- ---------- ---------- ----------
Noninterest income:
Credit/debit card and ATM income 4,982 4,858 3,907 14,000 10,775
Deposit service charges 2,979 2,826 2,676 8,382 7,341
Bank owned life insurance income 2,401 522 499 3,411 1,522
Investment advisory income 573 618 651 1,821 1,878
Loan fee income 458 413 516 1,292 1,511
Mortgage banking activities, net 136 61 106 219 287
Securities losses (1,940) (41) (609) (1,981) (609)
Other income 720 623 838 2,083 2,449
---------- ---------- ---------- ---------- ----------
10,309 9,880 8,584 29,227 25,154
---------- ---------- ---------- ---------- ----------
Noninterest expenses:
Salaries, benefits and other compensation 10,189 9,421 9,061 28,802 26,377
Occupancy expense 1,387 1,347 1,290 4,034 3,829
Equipment expense 1,162 1,075 950 3,219 2,887
Data processing and operations expense 886 889 761 2,632 2,670
Marketing expense 676 728 689 2,017 2,042
Professional fees 587 505 610 1,349 1,661
Other operating expenses 2,700 2,967 2,789 8,708 7,257
---------- ---------- ---------- ---------- ----------
17,587 16,932 16,150 50,761 46,723
---------- ---------- ---------- ---------- ----------
Income before minority interest and taxes 11,523 11,639 11,424 34,573 31,961
Less minority interest 9 15 48 40 122
---------- ---------- ---------- ---------- ----------
Income before taxes 11,514 11,624 11,376 34,533 31,839
Income tax provision 3,511 4,126 3,969 11,691 11,076
---------- ---------- ---------- ---------- ----------
Net income $ 8,003 $ 7,498 $ 7,407 $ 22,842 $ 20,763
========== ========== ========== ========== ==========
Diluted earnings per share:
Net income $ 1.16 $ 1.09 $ 1.06 $ 3.31 $ 2.85
========== ========== ========== ========== ==========
Weighted average shares outstanding for diluted EPS 6,915,021 6,905,922 7,005,994 6,904,071 7,275,858
--------------------------------------------------------------------------------------------------- -----------------------------
Performance Ratios (continuing operations only):
Return on average assets (a) 1.06 % 1.01 % 1.10 % 1.03 % 1.05 %
Return on average equity (a) 16.02 15.82 16.15 15.86 14.41
Net interest margin (a)(b) 2.88 2.94 3.22 2.95 3.16
Efficiency ratio (c) 59.19 57.31 57.51 57.77 57.61
Noninterest income as a percentage of total revenue (b) 34.70 33.44 30.57 33.26 31.02
--------------------------------------------------------------------------------------------------- -----------------------------
</TABLE>
See "Notes"
<PAGE>
9
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENT OF CONDITION:
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
September 30, June 30, September 30,
2006 2006 2005
---------- ---------- ----------
<S> <C> <C> <C>
Summary Statement of Condition:
Assets:
Cash and due from banks $ 67,616 $ 71,237 $ 61,012
Cash in non-owned ATMs 155,257 171,174 143,289
Investment securities (d)(e) 54,599 48,428 57,699
Other investments 63,784 50,461 45,934
Mortgage-backed securities (d) 537,912 599,933 593,496
Net loans (f)(g) 1,986,982 1,970,385 1,698,634
Loans held for sale (f) 621 1,752 2,199
Bank owned life insurance 57,604 55,203 53,713
Other assets 75,327 68,057 55,305
---------- ---------- ----------
Total assets $2,999,702 $3,036,630 $2,711,281
========== ========== ==========
Liabilities and Stockholders' Equity:
Noninterest-bearing deposits $ 263,363 $ 289,054 $ 266,598
Interest-bearing deposits 1,029,074 978,201 883,799
---------- ---------- ----------
Total customer deposits 1,292,437 1,267,255 1,150,397
Other jumbo CDs 84,352 73,946 44,433
Brokered CDs 239,361 241,623 207,340
---------- ---------- ----------
Total deposits 1,616,150 1,582,824 1,402,170
Federal Home Loan Bank advances 956,755 1,051,458 917,882
Other borrowings 188,960 183,764 191,755
Other liabilities 29,407 27,151 25,903
---------- ---------- ----------
Total liabilities 2,791,272 2,845,197 2,537,710
---------- ---------- ----------
Minority interest 47 69 200
Stockholders' equity 208,383 191,364 173,371
---------- ---------- ----------
Total liabilities, minority interest and stockholders' equity $2,999,702 $3,036,630 $2,711,281
========== ========== ==========
----------------------------------------------------------------------------------------------------------
Capital Ratios:
Equity to asset ratio 6.95 % 6.30 % 6.39 %
Tangible equity to asset ratio 6.87 6.23 6.33
Core capital (h) (required: 4.00%; well-capitalized: 5.00%) 8.96 8.53 8.69
Tier 1 Capital (h) (required: 4.00%; well-capitalized: 6.00%) 12.21 11.94 12.46
Risk-based capital (h) (required: 8.00%; well-capitalized: 10.00%)x 13.32 13.07 13.64
----------------------------------------------------------------------------------------------------------
Asset Quality Indicators (continuing operations only):
Nonperforming Assets:
Nonaccruing loans $ 5,496 $ 3,189 $ 4,271
Assets acquired through foreclosure 17 61 89
---------- ---------- ----------
Total nonperforming assets $ 5,513 $ 3,250 $ 4,360
========== ========== ==========
Past due loans (i) $ 289 $ 527 $ 207
Allowance for loan losses $ 26,747 $ 26,701 $ 24,933
Ratio of nonperforming assets to total assets 0.18 % 0.11 % 0.16 %
Ratio of allowance for loan losses to total gross
loans (j) 1.33 1.34 1.45
Ratio of allowance for loan losses to nonaccruing
loans (k) 477 826 556
Ratio of quarterly net (recoveries) charge-offs
to average gross loans (a)(f) 0.05 0.03 0.05
----------------------------------------------------------------------------------------------------------
</TABLE>
See "Notes"
<PAGE>
10
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
AVERAGE BALANCE SHEET
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
------------------------------------------------------------------------------------------------------------
September 30, 2006 June 30, 2006 September 30, 2005
----------------------------- --------------------------------- -----------------------------------
Average Interest & Yield/ Average Interest & Yield/ Average Interest & Yield/
Balance Dividends Rate (a)(b) Balance Dividends Rate (a)(b) Balance Dividends Rate (a)(b)
---------- --------- --------- ---------- --------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Interest-earning assets:
Loans: (f) (l)
Commercial real
estate loans $ 639,307 $ 13,537 8.47 % $ 638,645 $12,860 8.05 % $ 589,703 $10,450 7.09 %
Residential
real estate loans 491,223 6,798 5.54 484,000 6,621 5.47 430,871 5,587 5.19
Commercial loans 601,763 12,294 8.18 573,853 11,146 7.88 451,532 7,554 6.79
Consumer loans 262,600 4,938 7.46 257,930 4,687 7.29 221,706 3,787 6.78
----------- --------- ----------- -------- ---------- -------
Total loans 1,994,893 37,567 7.59 1,954,428 35,314 7.28 1,693,812 27,378 6.53
Mortgage-backed
securities (d) 593,589 7,186 4.84 617,553 7,471 4.84 576,779 6,445 4.47
Loans held-for-sale (f) 1,185 10 3.38 1,284 18 5.61 2,462 41 6.66
Investment
securities (d)(e) 52,935 616 4.65 54,366 388 2.85 100,523 921 3.66
Other interest-earning
assets 55,668 752 5.36 52,402 677 5.18 48,155 351 2.89
----------- --------- ----------- -------- ---------- -------
Total interest-
earning assets 2,698,270 46,131 6.88 2,680,033 43,868 6.59 2,421,731 35,136 5.85
--------- -------- -------
Allowance for
loan losses (26,938) (26,397) (25,215)
Cash and due
from banks 57,372 55,424 53,121
Cash in non-
owned ATMs 158,396 157,655 138,543
Bank owned life
insurance 55,414 54,860 53,389
Other noninterest-
earning assets 63,607 62,156 54,602
---------- ---------- ----------
Total assets $3,006,121 $2,983,731 $2,696,171
========== ========== ==========
Liabilities and
Stockholders'
Equity:
Interest-bearing
liabilities:
Interest bearing
deposits:
Interest-
bearing demand $ 121,160 $ 229 0.75 $ 122,917 $ 162 0.53 $ 116,518 $ 71 0.24
Money market 227,285 2,080 3.63 228,493 1,978 3.47 183,279 1,025 2.22
Savings 241,823 667 1.09 239,474 444 0.74 268,880 265 0.39
Customer time
deposits 415,792 4,183 3.99 364,669 3,497 3.85 287,925 2,085 2.87
---------- ------- ---------- ------- --------- -------
Total interest-
bearing
customer
deposits 1,006,060 7,159 2.82 955,553 6,081 2.55 856,602 3,446 1.60
Other jumbo
certificates
of deposits 77,255 1,039 5.34 84,353 1,033 4.91 46,430 383 3.27
Brokered
certificates
of deposit 238,983 3,194 5.30 245,213 2,999 4.91 206,331 1,845 3.55
---------- ------- ---------- ------- --------- -------
Total interest-
bearing
deposits 1,322,298 11,392 3.42 1,285,119 10,113 3.16 1,109,363 5,674 2.03
FHLB of Pittsburgh
advances 1,002,001 12,384 4.84 1,037,132 12,004 4.58 894,331 7,955 3.48
Trust preferred
borrowings 67,011 1,736 10.14 67,011 1,106 6.53 67,011 954 5.57
Other borrowed funds 123,377 1,499 4.86 113,190 1,259 4.45 166,268 1,338 3.22
---------- ------- ---------- ------- --------- -------
Total interest-
bearing
liabilities 2,514,687 27,011 4.30 2,502,452 24,482 3.91 2,236,973 15,921 2.85
------- ------- -------
Noninterest-bearing
demand deposits 265,594 269,060 254,807
Other noninterest-
bearing liabilities 25,970 22,566 20,691
Minority interest 68 65 201
Stockholders' equity 199,802 189,588 183,499
---------- ---------- ----------
Total liabilities and
stockholders equity $3,006,121 $2,983,731 $2,696,171
========== ========== ==========
Excess of interest-
earning assets
over interest-
bearing
liabilities $ 183,583 $ 177,581 $ 184,758
========== ========== ==========
Net interest and
dividend income $ 19,120 $19,386 $ 19,215
======== ======= ========
Interest rate spread 2.58% 2.68% 3.00%
==== ==== ====
Net interest margin 2.88% 2.94% 3.22%
==== ==== ====
</TABLE>
See "Notes"
<PAGE>
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
--------------------------------------- ---------------------------
September 30, June 30, September 30, September 30, September 30,
2006 2006 2005 2006 2005
------------- -------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Stock Information:
Market price of common stock:
High $ 64.37 $ 64.65 $ 59.26 $ 64.65 $ 59.91
Low 58.08 58.24 54.01 58.08 49.80
Close 62.19 61.45 58.89 62.19 58.89
Book value per share 31.22 28.77 26.80
Tangible book value per share 30.87 28.43 26.53
Number of shares outstanding (000s) 6,675 6,650 6,470
-----------------------------------------------------------------------------------------------------------------------
Other Financial Data:
One-year repricing gap to total assets (m) (1.18)% (1.65)% (0.86)%
Weighted average duration of the MBS portfolio 3.0 years 3.3 years 3.0 years
Unrealized losses on securities available-for-sale, net of taxes $(7,749) $(16,502) $(7,602)
Number of associates (FTEs) 592 554 512
Number of branch offices 26 25 24
Number of WSFS owned ATMs 316 318 270
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
(a) Annualized.
(b) Computed on a fully tax-equivalent basis.
(c) Noninterest expense divided by (tax-equivalent) net interest income and
noninterest 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.
</TEXT>
</DOCUMENT>