8-K

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

April 24, 2008

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 of incorporation)	(SEC Commission File Number)	(IRS Employer Identification Number)

500 Delaware Avenue, Wilmington, Delaware	19801
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (302) 792-6000

Not Applicable

(Former name or former address, if changed since last report)

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:

o Written communications pursuant to Rule 425 under the Securities Act

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Item 2.02 Results of Operation and Financial Condition

On April 24, 2008, the Registrant issued a press release to report earnings for the quarter ended March 31, 2008. A copy of the press release is furnished with this Form 8-K as an exhibit.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

99 Press Release dated April 24, 2008

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 25, 2008	By:	/s/ Stephen A. Fowle
		Stephen A. Fowle Executive Vice President and Chief Financial Officer

EX-99

 
1   WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801

PRESS RELEASE

FOR IMMEDIATE RELEASE	Contact: Stephen A. Fowle
April 24, 2008	(302) 571-6833

WSFS REPORTS EPS OF $1.15, INCREASES DIVIDEND BY 20% OVER 2007

WSFS Financial Corporation (NASDAQ/GS: WSFS), the parent company of Wilmington Savings Fund Society, FSB, reported quarterly diluted earnings per share of $1.15, or net income of $7.2 million, compared to $1.15, or $7.8 million in the first quarter of 2007.

The Board of Directors approved a $0.02 increase in the quarterly cash dividend raising it 20% from $0.10 per share to $0.12 per share in response to the Company’s capital strength.

During the quarter the Company strengthened its capital while continuing to return a portion of its earnings to shareholders through share repurchases. The ratio of tangible equity to assets increased to 6.72% at March 31, 2008 as compared to 6.52% at December 31, 2007, as equity increased $4.9 million over December 31, 2007.

Highlights include:

• Commercial loans increased a strong 17%, or a $228.4 million increase from the end of the first quarter of 2007.

• Nonperforming assets of $19.8 million, or 0.62% of assets, declined in comparison to the previous quarter’s level of $31.8 million and 0.99%. Net charge-offs of 0.14% of loans for the first quarter of 2008 declined from 1.06% in the fourth quarter of 2007.

• The Company increased its loan loss reserve by providing $2.4 million for loan losses in the first quarter, due to a generally deteriorating credit environment.

• WSFS increased shareholders’ equity and remained above “well-capitalized” levels by all regulatory measures; all while the Company continued its share repurchase

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2   WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801

program, by repurchasing 40,000 shares or a little less than 1% of its common stock during the first quarter of 2008.

Notable events for the first quarter:

• The Company recorded a $1.4 million gain on the sale of shares related to the completion of Visa’s initial public offering (IPO) in March. Related to this IPO the Company also reversed a $562,000 Visa indemnification charge. The Company recognized a total benefit of $0.20 per share as a result of these related events.

• WSFS recorded a small $303,000 charge related to the mark-to-mark adjustment of trading securities, resulting in a $0.03 per share charge, as a result of widening spreads for mortgage securities.

CEO Outlook and commentary:

Mark A. Turner, WSFS’ President and CEO said, “We continue to actively manage our Company through a challenging environment for banking companies. Our commercial loan growth and fee revenue growth continue to be strong and our margin improved on a linked-quarter basis overcoming a short-term negative impact from severe rate drops during the quarter. Additionally, credit statistics have improved as the result of success in resolving certain problem loans.”

“Last quarter, we highlighted a number of steps we have taken to diversify our portfolio and manage risk in areas that have negatively impacted our peers and national banking companies. We continue to benefit from these actions in a number of ways, including: a low level of subprime residential mortgage loans (less than 1% of our total loan portfolio); a low level of subprime delinquencies (3.51% of our subprime portfolio) that are less than one-fifth of the national average; and a low level of residential mortgage delinquencies (1.53% of our residential mortgage portfolio) that are less than half the national average.”

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3   WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801

“We will continue to actively manage our credit position through constant focus on diversification and portfolio limits as well as prudent underwriting. Despite a relatively strong economy locally, we face a credit market that is suffering from an ongoing weakness in the housing sector as well as general economic softening. We expect our credit statistics, as well as those of our peers, to be influenced by economic factors facing the industry. Recognizing these are difficult times, WSFS again this quarter provided reserves in excess of our current charge-offs.”

“In addition, we manage risk in our securities portfolio through wide diversification and high credit standards. We also manage to a moderate duration and avoid volatile and highly-structured MBS securities. WSFS is currently carrying only $12.1 million of illiquid securities, which are not credit impaired and are well over collateralized.”

“We will continue to grow our market share and take advantage of opportunities available in this market while prudently managing credit risk and our capital.”

First Quarter 2008 Discussion of Financial Results

Net interest income remains stable

Net interest income for the first quarter of 2008 was $21.0 million and increased $259,000 from the fourth quarter of 2007, while the net interest margin increased by 1 basis point to 3.00%. The first quarter 2008 net interest margin was affected by a $125,000, or 2 basis points of margin, decrease in income related to reverse mortgages as compared to the fourth quarter of 2007.

Net interest income for the first quarter of 2008 was essentially flat compared to the first quarter of 2007. The first quarter of 2007 included $1.4 million, or 0.21% of margin, of income related to reverse mortgages compared to $22,000 of reverse mortgage income recorded in the first quarter of 2008. Also during the first quarter of 2007, the net interest margin was negatively impacted by a $335,000, or 0.05% of margin, charge related to the pre-payment of a $50.0 million FHLB borrowing. Primarily as a result of these items, the net interest margin decreased

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4   WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801

25 basis points (0.25%) to 3.00% at March 31, 2008, from 3.25% reported in the first quarter of 2007.

Total commercial loans increased 17% or $228.4 million from March 2007

Commercial and commercial real estate (CRE) loans increased a strong $228.4 million, or 17% over March 31, 2007. Total net loans were $2.2 billion at March 31, 2008, an increase of $211.6 million, or 10%, over March 31, 2007. WSFS continued its strategy of building its commercial and consumer loans to re-position the balance sheet toward higher yielding assets.

Commercial and CRE loans increased $28.3 million, or 2% (7% annualized) over December 31, 2007 levels. Total net loans increased $9.9 million, or less than 1% (2% annualized) over December 31, 2007.

The following table summarizes the current loan balances and composition compared to prior periods.

(Dollars in thousands)	At Mar. 31, 2008					At Dec. 31, 2007					At Mar. 31, 2007
Commercial and CRE	$	1,555,799		69	%	$	1,527,512		68	%	$	1,327,436		65	%
Residential mortgage		439,328		20			452,612		20			470,260		23
Consumer		275,636		12			279,107		13			262,270		13
Allowance for loan losses		(26,868	)	(1	)		(25,251	)	(1	)		(27,629	)	(1	)
Net Loans	$	2,243,895		100	%	$	2,233,980		100	%	$	2,032,337		100	%

Asset quality

The Company recorded a provision for loan losses of $2.4 million in the first quarter of 2008 compared to $371,000 in the first quarter of 2007 and $2.4 million in the fourth quarter of 2007.

Nonperforming assets as a percentage of total assets of 0.62% at March 31, 2008 decreased from 0.99% at December 31, 2007 and increased from 0.16% at March 31, 2007. The decrease from year-end 2007 is due primarily to the sale of one large commercial credit discussed in our 2007 Form 10-K.

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5   WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801

Annualized net charge-offs in the first quarter of 2008 were 0.14% of average loans. This compares to 1.06% for the fourth quarter of 2007 and 0.02% for the first quarter of 2007. The charge-offs in the fourth quarter of 2007 related to two large lending relationships in the amount of $5.1 million. The ratio of allowance for loan losses to total loans was 1.18% at March 31, 2008, compared to 1.12% at December 31, 2007 and 1.34% at March 31, 2007.

Customer deposits increased 3% or $37.8 million from the first quarter of 2007

Total customer deposits (core deposits and customer time deposits) were $1.5 billion at March 31, 2008, an increase of $37.8 million, or 3%, over balances at March 31, 2007. This growth included a $32.3 million increase in customer demand deposit accounts. The balance of money market accounts at March 31, 2007 included a temporary investment of $39.7 million. Adjusting for this temporary balance customer deposits increased by $77.5 million, or 6%.

Customer deposits were essentially flat with levels reported for December 31, 2007, and reflect a $15.5 million decrease in customer time deposits partially offset by a $12.1 million increase in money market accounts. Typically deposit levels are higher at year-end.

             The following table summarizes the current customer deposit balances and composition compared to prior periods.

(Dollars in thousands)	At Mar. 31, 2008				At Dec. 31, 2007				At Mar. 31, 2007
Non-interest demand	$	291,595	20	%	$	290,423	20	%	$	283,295	20	%
Interest bearing demand		172,937	12			171,363	12			148,946	10
Savings		196,930	13			196,571	13			219,904	15
Money market		316,067	21			303,930	20			324,191	23
Total core deposits		977,529	66			962,287	65			976,336	68
Customer time		501,459	34			516,910	35			464,864	32
Total customer deposits	$	1,478,988	100	%	$	1,479,197	100	%	$	1,441,200	100	%

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6   WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801

Noninterest income grew $1.8 million, or 17%, over the first quarter of 2007

During the first quarter of 2008, the Company recorded noninterest income of $12.5 million, an increase of $1.8 million, or 17%, from the first quarter of 2007. This increase included the previously mentioned $1.4 million Visa redemption gain, partially offset by a $303,000 charge related to the mark-to-market adjustment of trading securities in accordance with recently adopted Financial Accounting Standards Board (FASB) Statement 157. Excluding these items, noninterest income increased by $705,000, or 7%. This increase was primarily due to overall growth in deposits and loans, and the related fees associated with these products. This increase also included growth in the recently formed reverse mortgage origination initiative.

Noninterest income was $502,000 less than the fourth quarter of 2007. This comparison includes the previously mentioned first quarter Visa redemption gain and mark-to-market adjustment of trading securities as well as a $1.1 million gain related to the sale of the Company’s former headquarters building recorded in the fourth quarter. Credit/debit card and ATM income decreased $457,000 while deposit service charges decreased $228,000 reflecting a seasonally slow first quarter and reduced prime-rate based ATM bailment fees.

Noninterest expense increases reflect continued investment in the WSFS franchise

Noninterest expenses for the first quarter of 2008 totaled $20.9 million, which was $1.6 million, or 8% greater than the first quarter of 2007. Salaries, benefits and other compensation expense increased $637,000 or 6% while occupancy expense increased by $275,000 or 15%. These increases were primarily attributable to the Company’s continued growth efforts. In addition, professional fees increased $196,000 mainly the result of additional legal fees related to loan workout situations.

Noninterest expenses decreased $1.4 million from the fourth quarter of 2007. During the fourth quarter of 2007 the Company recorded a $1.2 million charge related to its share of the

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7   WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801

Visa lawsuit with American Express, Discover and other pending Visa-related litigation. The first quarter of 2008 included a reversal of $562,000 of the indemnification relating to American Express and Discover, resulting from the completion of Visa’s initial public offering (IPO) in March. The remainder of this contingent liability, $642,000, will remain on our balance sheet until the other pending Visa-related lawsuits are resolved. Excluding the Visa-related items, noninterest expense increased $389,000, or 2%, compared to the fourth quarter of 2007.

Income taxes

The Company recorded a $2.9 million income tax provision in the first quarter of 2008. This included a $723,000 tax benefit resulting from a decrease in the Company’s income tax reserve due to the regular reassessment of the tax reserve position and the expiration of the statute of limitations on certain previously recorded reserves. Excluding this tax benefit, the Company would have recorded a $3.6 million tax provision (reflecting a 35.7% effective tax rate) versus $4.3 million in the first quarter of 2007 (35.5% effective tax rate) and $1.5 million in the fourth quarter of 2007. Including the $723,000 tax benefit, the Company expects the effective tax rate for the full year of 2008 will be between 34.0% and 34.5%. The fourth quarter of 2007 included a $1.7 million tax benefit resulting from the donation of the N.C. Wyeth mural Apotheosis of the Family. Excluding this tax benefit, the Company would have recorded a $3.2 million tax provision (35.6% effective tax rate). The Company expects regular fluctuations in its effective tax rate.

Capital management

During the first quarter of 2008, the Company strengthened its capital while returning a portion of its earnings to shareholders. The ratio of tangible equity to assets increased to 6.72% at March 31, 2008 from 6.52% at December 31, 2007, as equity increased $4.9 million. All capital levels are in excess of “well-capitalized” regulatory benchmarks, the regulators’ highest capital rating. The Tier 1 capital ratio was 11.03%, well above the 6.00% level required to be considered “well-capitalized” under regulatory definitions. Tangible book value per share increased to $34.73 at March 31, 2008, from $33.78 at December 31, 2007 and $31.28 at March

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8   WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801

 31, 2007. During the quarter the Company repurchased 40,000 shares of common stock, less than 1% of shares outstanding, at an average price of $50.25 per share. At March 31, 2008, the Company had 539,500 shares remaining under its current share repurchase authorization, or 8.8% of its 6.1 million outstanding shares.

The Board of Directors also declared a quarterly cash dividend of $0.12 per share. This dividend represents a 20% increase from that of the first quarter of 2007. This dividend will be paid on May 30, 2008, to shareholders of record as of May 9, 2008.

WSFS Financial Corporation is a $3.2 billionfinancial services company. Its principal subsidiary, Wilmington Savings Fund Society, FSB, currently operates 29 retail banking offices in all three counties in Delaware, as well as Chester and Delaware Counties in Pennsylvania, providing full banking services including wealth management and personal trust services. Other subsidiaries include: WSFS Investment Group, Inc. and Montchanin Capital Management, Inc. Founded in 1832, WSFS is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit the Bank’s website at http://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.

# # #

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                                                                                               9 500 Delaware Avenue, Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
STATEMENT OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended
	March 31,			December 31,			March 31,
	2008			2007			2007
Interest income:
Interest and fees on loans	$	37,682		$	40,911		$	38,469
Interest on mortgage-backed securities		5,988			6,200			6,237
Interest and dividends on investment securities		338			466			1,714
Other interest income		552			566			668
		44,560			48,143			47,088
Interest expense:
Interest on deposits		12,129			13,558			14,388
Interest on Federal Home Loan Bank advances		8,968			10,821			8,922
Interest on trust preferred borrowings		1,018			1,198			1,177
Interest on other borrowings		1,476			1,856			1,541
		23,591			27,433			26,028
Net interest income		20,969			20,710			21,060
Provision for loan losses		2,390			2,376			371
Net interest income after provision for loan losses		18,579			18,334			20,689
Noninterest income:
Credit/debit card and ATM income		4,531			4,988			4,483
Deposit service charges		3,798			4,026			3,602
Investment advisory income		655			670			594
Loan fee income		643			627			561
Bank owned life insurance income		574			627			557
Mortgage banking activities, net		105			(1	)		72
Securities gains, net		1,067			82			—
Non-recurring gains, net		—			1,097			—
Other income		1,133			892			864
		12,506			13,008			10,733
Noninterest expenses:
Salaries, benefits and other compensation		11,487			11,214			10,850
Occupancy expense		2,107			2,078			1,832
Equipment expense		1,463			1,428			1,246
Data processing and operations expense		1,038			1,084			943
Marketing expense		907			1,019			742
Professional fees		849			709			653
Other operating expenses		3,086			4,781			3,092
		20,937			22,313			19,358
Income before taxes		10,148			9,029			12,064
Income tax provision		2,902			1,533			4,283
Net income	$	7,246		$	7,496		$	7,781
Diluted earnings per share:
Net income	$	1.15		$	1.18		$	1.15
Weighted average shares outstanding for diluted EPS		6,310,171			6,356,779			6,758,669
Performance Ratios:
Return on average assets (a)		0.91	%		0.95	%		1.06	%
Return on average equity (a)		13.17			14.35			14.75
Net interest margin (a)(b)		3.00			2.99			3.25
Efficiency ratio (c)		62.03			65.63			60.37
Noninterest income as a percentage of total revenue (b)		37.05			38.26			33.47

See “Notes”

 
                                                                                    10 500 Delaware Avenue, Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENT OF CONDITION:
(Dollars in thousands)
(Unaudited)
		March 31,			December 31,			March 31,
		2008			2007			2007
Summary Statement of Condition:
Assets:
Cash and due from banks	$	75,115		$	83,936		$	75,461
Cash in non-owned ATMs		175,313			182,523			150,270
Investment securities (d)(e)		32,086			28,272			28,153
Other investments		43,715			46,615			35,347
Mortgage-backed securities (d)		477,234			496,792			500,069
Net loans (f)(g)		2,243,895			2,233,980			2,032,337
Bank owned life insurance		58,125			57,551			55,839
Other assets		69,851			70,519			70,062
Total assets	$	3,175,334		$	3,200,188		$	2,947,538
Liabilities and Stockholders’ Equity:
Noninterest-bearing deposits	$	291,595		$	290,424		$	283,295
Interest-bearing deposits		1,187,393			1,188,773			1,157,905
Total customer deposits		1,478,988			1,479,197			1,441,200
Other jumbo CDs		87,322			98,758			99,593
Brokered deposits		238,071			249,206			292,470
Total deposits		1,804,381			1,827,161			1,833,263
Federal Home Loan Bank advances		883,899			898,280			693,918
Other borrowings		243,659			236,880			193,239
Other liabilities		27,140			26,537			27,931
Total liabilities		2,959,079			2,988,858			2,748,351
Minority interest		—			—			45
Stockholders’ equity		216,255			211,330			199,142
Total liabilities, minority interest and stockholders’ equity	$	3,175,334		$	3,200,188		$	2,947,538
Capital Ratios:
Equity to asset ratio		6.81	%		6.60	%		6.76	%
Tangible equity to asset ratio		6.72			6.52			6.67
Core capital (h) (required: 4.00%; well-capitalized: 5.00%)		8.72			8.63			8.96
Tier 1 Capital (h) (required: 4.00%; well-capitalized: 6.00%)		11.03			11.16			11.70
Risk-based capital (h) (required: 8.00%; well-capitalized: 10.00%)		12.04			12.13			12.91
Asset Quality Indicators:
Nonperforming Assets:
Nonaccruing loans	$	17,934		$	31,106		$	4,230
Troubled debt restructuring		818			—			—
Assets acquired through foreclosure		1,033			703			388
Total nonperforming assets	$	19,785		$	31,809		$	4,618
Past due loans (i)	$	3,915		$	575		$	89
Allowance for loan losses	$	26,868		$	25,252		$	27,629
Ratio of nonperforming assets to total assets		0.62	%		0.99	%		0.16	%
Ratio of allowance for loan losses to total gross loans (j)		1.18			1.12			1.34
Ratio of allowance for loan losses to nonaccruing loans (k)		144			79			648
Ratio of quarterly net charge-offs
to average gross loans (a)(f)		0.14			1.06			0.02

See “Notes”

 
11   500 Delaware Avenue, Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

AVERAGE BALANCE SHEET

(Dollars in thousands)

(Unaudited)

	Three months ended
	March 31, 2008							December 31, 2007							March 31, 2007
						Yield							Yield							Yield
	Average			Interest &		Rate		Average			Interest &		Rate		Average			Interest &		Rate
	Balance			Dividends		(a)(b)		Balance			Dividends		(a)(b)		Balance			Dividends		(a)(b)
Assets:
Interest-earning assets:
Loans: (f) (l)
Commercial real estate loans	$	747,433		$	13,236	7.08	%	$	732,075		$	14,272	7.80	%	$	655,669		$	13,692	8.35	%
Residential real estate loans		445,681			6,497	5.83			449,181			6,633	5.91			472,703			6,736	5.70
Commercial loans		795,136			13,247	6.73			776,442			14,995	7.70			651,510			13,063	8.19
Consumer loans		277,402			4,702	6.82			274,238			5,011	7.25			266,368			4,978	7.58
Total loans		2,265,652			37,682	6.70			2,231,936			40,911	7.38			2,046,250			38,456	7.57
Mortgage-backed securities (d)		495,538			5,988	4.83			500,417			6,200	4.96			509,224			6,237	4.90
Investment securities (d)(e)		29,707			338	4.55			27,886			466	6.68			32,757			1,714	20.93
Other interest-earning assets		45,296			552	4.90			45,492			566	4.94			37,851			668	7.16
Total interest-earning assets		2,836,193			44,560	6.32			2,805,731			48,143	6.90			2,626,082			47,088	7.21
Allowance for loan losses		(25,496	)						(28,754	)						(27,708	)
Cash and due from banks		70,191							68,510							67,087
Cash in non-owned ATMs		175,413							172,843							142,103
Bank owned life insurance		57,749							57,127							55,473
Other noninterest-earning assets		65,478							67,281							65,758
Total assets	$	3,179,528						$	3,142,738						$	2,928,795
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest bearing deposits:
Interest-bearing demand	$	161,832		$	326	0.81		$	154,389		$	400	1.03		$	135,464		$	270	0.81
Money market		304,226			2,172	2.87			309,807			2,723	3.49			315,525			3,088	3.97
Savings		194,440			257	0.53			200,220			359	0.71			219,912			446	0.82
Customer time deposits		504,155			5,639	4.50			499,061			5,939	4.72			456,523			5,216	4.63
Total interest-bearing customer deposits		1,164,653			8,394	2.90			1,163,477			9,421	3.21			1,127,424			9,020	3.24
Other jumbo certificates of deposit		97,585			1,009	4.16			97,442			1,242	5.06			102,856			1,355	5.34
Brokered deposits		256,454			2,726	4.28			227,372			2,895	5.05			298,247			4,013	5.46
Total interest-bearing deposits		1,518,692			12,129	3.21			1,488,291			13,558	3.61			1,528,527			14,388	3.82
FHLB of Pittsburgh advances		911,647			8,968	3.89			904,608			10,821	4.68			697,253			8,922	5.12
Trust preferred borrowings		67,011			1,018	6.01			67,011			1,198	7.00			67,011			1,177	7.03
Other borrowed funds		170,538			1,476	3.46			168,553			1,856	4.40			131,232			1,541	4.70
Total interest-bearing liabilities		2,667,888			23,591	3.54			2,628,463			27,433	4.17			2,424,023			26,028	4.30
Noninterest-bearing demand deposits		268,543							272,091							267,354
Other noninterest-bearing liabilities		23,063							33,221							26,399
Minority interest		—							33							49
Stockholders’ equity		220,034							208,930							210,970
Total liabilities and stockholders’ equity	$	3,179,528						$	3,142,738						$	2,928,795
Excess of interest-earning assets
over interest-bearing liabilities	$	168,305						$	177,268						$	202,059
Net interest and dividend income				$	20,969						$	20,710						$	21,060
Interest rate spread						2.78	%						2.73	%						2.91	%
Net interest margin						3.00	%						2.99	%						3.25	%

See “Notes”

 
12   500 Delaware Avenue, Wilmington, Delaware 19801

WSFS FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

(Dollars in thousands, except per share data)

(Unaudited)

	Three months ended
	March 31,	December 31,	March 31,
	2008	2007	2006
Stock Information:
Market price of common stock:
High	$ 53.79	$ 67.97	$ 70.69
Low	44.46	49.87	61.31
Close	49.28	50.20	64.48
Book value per share	35.22	34.27	31.70
Tangible book value per share	34.73	33.78	31.28
Number of shares outstanding (000s)	6,141	6,167	6,283
Other Financial Data:
One-year repricing gap to total assets (m)	(1.33)%	(3.38)%	(1.74)%
Weighted average duration of the MBS portfolio	2.6 years	2.8 years	2.9 years
Unrealized losses on securities available-for-sale, net of taxes	$ (3,921)	$ (3,405)	$ (6,009)
Number of associates (FTEs)	603	599	564
Number of branch offices	29	29	28
Number of WSFS owned ATMs	326	325	309

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.