July 28, 2011
|
||
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)
|
Not Applicable
|
(Former name or former address, if changed since last report)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act
|
WSFS FINANCIAL CORPORATION
|
|||
Date: July 28, 2011
|
By:
|
/s/ Stephen A. Fowle
|
|
Stephen A. Fowle
Executive Vice President and Chief Financial Officer
|
FOR IMMEDIATE RELEASE
|
Investor Relations Contact: Stephen A. Fowle
|
July 28, 2011
|
(302) 571-6833
sfowle@wsfsbank.com
|
Media Contact: Cortney T. Klein
|
|
(302) 571-5253
cklein@wsfsbank.com
|
·
|
Total net revenue for the second quarter of 2011 (excluding the unanticipated BOLI income discussed later) grew $2.2 million, or 5% (not annualized), from the first quarter of 2011 and $2.9 million, or 7%, from the second quarter of 2010.
|
·
|
Customer funding growth continued at strong levels, increasing $54.1 million, or 2% (8% annualized), from March 31, 2011 and $370.0 million, or 16%, from June 30, 2010. Demand deposits now represent 32% of customer funding.
|
·
|
Commercial and Industrial (“C&I”) loans increased $44.1 million, or over 3% (14% annualized), from March 31, 2011.
|
·
|
Net interest margin increased five basis points to 3.61% for the quarter ended June 30, 2011 from 3.56% for the quarter ended March 31, 2011. Net interest income increased $933,000, or 3% (not annualized), from the first quarter of 2011.
|
·
|
Noninterest income improved to 34% of total net revenue. Fiduciary revenue increased $241,000, or 9% (not annualized), from the first quarter of 2011 and $2.0 million from the second quarter 2010.
|
·
|
Asset quality indicators, both leading and lagging, continued stable to improved trends as total Problem Loans (all criticized, classified and nonperforming loans and other real estate owned), delinquent loans, nonperforming assets and net charge-offs all declined from prior-quarter levels.
|
·
|
Provision for loan losses of $8.6 million for the second quarter of 2011 exceeded net charge-offs of $8.3 million, slightly increasing the allowance for loan losses to $56.2 million and remaining a relatively flat 2.10% of total loans.
|
·
|
WSFS announced a quarterly common dividend of $0.12 per share.
|
·
|
Results for the quarter were positively impacted by $1.2 million in unanticipated non-taxable income related to the Bank’s investment in bank-owned life insurance (BOLI), which improved EPS by $0.13.
|
·
|
WSFS realized $603,000, or $0.04 per diluted share (after-tax), in gains on securities sales, reflecting continued MBS portfolio management.
|
·
|
The Company recorded $446,000, or $0.03 per diluted share (after-tax), in non-routine expenses, representing the remaining Christiana Bank & Trust (CB&T) acquisition integration costs.
|
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
June 30, 2011
|
March 31, 2011
|
June 30, 2010
|
|||||||||||||||||||||
Noninterest demand
|
$ | 561,836 | 20 | % | $ | 505,154 | 19 | % | $ | 469,518 | 20 | % | ||||||||||||
Interest-bearing demand
|
330,844 | 12 | 322,749 | 12 | 259,180 | 11 | ||||||||||||||||||
Savings
|
376,321 | 14 | 366,790 | 14 | 243,268 | 10 | ||||||||||||||||||
Money market
|
689,634 | 25 | 684,996 | 25 | 594,007 | 25 | ||||||||||||||||||
Total core deposits
|
1,958,635 | 71 | 1,879,689 | 70 | 1,565,973 | 66 | ||||||||||||||||||
Customer time
|
752,142 | 28 | 776,410 | 29 | 761,863 | 32 | ||||||||||||||||||
Total customer deposits
|
2,710,777 | 99 | 2,656,099 | 99 | 2,327,836 | 98 | ||||||||||||||||||
Customer sweep accounts
|
37,863 | 1 | 38,427 | 1 | 50,782 | 2 | ||||||||||||||||||
Total customer funding
|
$ | 2,748,640 | 100 | % | $ | 2,694,526 | 100 | % | $ | 2,378,618 | 100 | % |
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
June 30, 2011
|
March 31, 2011
|
June 30, 2010
|
|||||||||||||||||||||
Commercial & industrial
|
$ | 1,331,040 | 51 | % | $ | 1,286,976 | 50 | % | $ | 1,146,289 | 46 | % | ||||||||||||
Commercial real estate
|
622,551 | 24 | 622,241 | 24 | 543,411 | 22 | ||||||||||||||||||
Construction (1)
|
128,518 | 5 | 129,032 | 5 | 192,269 | 8 | ||||||||||||||||||
Total commercial loans
|
2,082,109 | 80 | 2,038,249 | 79 | 1,881,969 | 76 | ||||||||||||||||||
Residential mortgage
|
297,013 | 11 | 305,502 | 12 | 345,656 | 14 | ||||||||||||||||||
Consumer
|
301,409 | 11 | 304,376 | 11 | 294,634 | 12 | ||||||||||||||||||
Allowance for loan losses
|
(56,248 | ) | (2 | ) | (56,000 | ) | (2 | ) | (62,256 | ) | (2 | ) | ||||||||||||
Net Loans
|
$ | 2,624,283 | 100 | % | $ | 2,592,127 | 100 | % | $ | 2,460,003 | 100 | % | ||||||||||||
|
||||||||||||||||||||||||
(1) Includes $57.9 million of commercial, $54.7 million of residential and $15.9 million of owner-occupied construction loans
|
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
June 30, 2011
|
March 31, 2011
|
June 30, 2010
|
|||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Total commercial loans
|
$ | 48,320 | 2.32 | % | $ | 54,007 | 2.65 | % | $ | 45,152 | 2.37 | % | ||||||||||||
Residential mortgage
|
17,565 | 6.00 | 17,887 | 5.89 | 21,197 | 6.37 | ||||||||||||||||||
Consumer
|
2,311 | 0.77 | 3,062 | 1.01 | 4,834 | 1.67 | ||||||||||||||||||
Total Delinquency
|
$ | 68,196 | 2.55 | % | $ | 74,956 | 2.83 | % | $ | 71,183 | 2.82 | % |
WSFS FINANCIAL CORPORATION
|
||||||||||||||||||||
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||
STATEMENT OF OPERATIONS
|
||||||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
(Unaudited)
|
Three months ended
|
Six months ended
|
||||||||||||||||||
Jun 30,
|
Mar 31,
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
||||||||||||||||
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||
Interest income:
|
|
|
|
|
|
|||||||||||||||
Interest and fees on loans
|
$ | 32,803 | $ | 31,956 | $ | 31,610 | $ | 64,759 | $ | 62,833 | ||||||||||
Interest on mortgage-backed securities
|
6,884 | 7,026 | 9,639 | 13,910 | 18,671 | |||||||||||||||
Interest and dividends on investment securities
|
127 | 170 | 199 | 297 | 502 | |||||||||||||||
Other interest income
|
- | - | 6 | - | 6 | |||||||||||||||
|
39,814 | 39,152 | 41,454 | 78,966 | 82,012 | |||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits
|
5,034 | 5,223 | 5,771 | 10,257 | 12,065 | |||||||||||||||
Interest on Federal Home Loan Bank advances
|
2,655 | 2,727 | 4,017 | 5,382 | 7,994 | |||||||||||||||
Interest on trust preferred borrowings
|
339 | 336 | 348 | 675 | 677 | |||||||||||||||
Interest on other borrowings
|
599 | 612 | 620 | 1,211 | 1,235 | |||||||||||||||
|
8,627 | 8,898 | 10,756 | 17,525 | 21,971 | |||||||||||||||
|
||||||||||||||||||||
Net interest income
|
31,187 | 30,254 | 30,698 | 61,441 | 60,041 | |||||||||||||||
Provision for loan losses
|
8,582 | 5,908 | 10,594 | 14,490 | 22,004 | |||||||||||||||
|
||||||||||||||||||||
Net interest income after provision for loan losses
|
22,605 | 24,346 | 20,104 | 46,951 | 38,037 | |||||||||||||||
|
||||||||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Credit/debit card and ATM income
|
5,286 | 4,740 | 4,817 | 10,026 | 9,187 | |||||||||||||||
Deposit service charges
|
4,026 | 3,564 | 4,349 | 7,590 | 8,228 | |||||||||||||||
Fiduciary & investment management income
|
3,068 | 2,827 | 1,088 | 5,895 | 2,153 | |||||||||||||||
Loan fee income
|
576 | 685 | 709 | 1,261 | 1,389 | |||||||||||||||
Mortgage banking activities, net
|
231 | 547 | 247 | 778 | 499 | |||||||||||||||
Bank-owned life insurance income
|
1,419 | 179 | 219 | 1,598 | 415 | |||||||||||||||
Securities gains, net
|
603 | 415 | 268 | 1,018 | 268 | |||||||||||||||
Other income
|
820 | 682 | 739 | 1,502 | 1,438 | |||||||||||||||
|
16,029 | 13,639 | 12,436 | 29,668 | 23,577 | |||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries, benefits and other compensation
|
14,413 | 14,816 | 12,111 | 29,229 | 24,097 | |||||||||||||||
Occupancy expense
|
2,935 | 2,838 | 2,271 | 5,773 | 4,833 | |||||||||||||||
Equipment expense
|
1,915 | 1,614 | 1,646 | 3,529 | 3,114 | |||||||||||||||
Loan workout and OREO expense
|
1,642 | 2,483 | 2,872 | 4,125 | 3,969 | |||||||||||||||
Professional fees
|
1,584 | 1,123 | 1,440 | 2,707 | 2,458 | |||||||||||||||
Data processing and operations expense
|
1,284 | 1,417 | 1,159 | 2,701 | 2,445 | |||||||||||||||
FDIC expenses
|
1,278 | 1,764 | 1,762 | 3,042 | 3,405 | |||||||||||||||
Marketing expense
|
898 | 951 | 904 | 1,849 | 1,609 | |||||||||||||||
Acquisition integration costs
|
446 | 334 | - | 780 | - | |||||||||||||||
Non-routine ATM loss
|
- | - | - | - | 4,491 | |||||||||||||||
Other operating expenses
|
4,257 | 4,047 | 3,574 | 8,304 | 6,951 | |||||||||||||||
|
30,652 | 31,387 | 27,739 | 62,039 | 57,372 | |||||||||||||||
Income before taxes
|
7,982 | 6,598 | 4,801 | 14,580 | 4,242 | |||||||||||||||
Income tax provision
|
2,459 | 2,392 | 1,500 | 4,851 | 427 | |||||||||||||||
Net income
|
5,523 | 4,206 | 3,301 | 9,729 | 3,815 | |||||||||||||||
Dividends on preferred stock and accretion of discount
|
693 | 692 | 692 | 1,385 | 1,384 | |||||||||||||||
Net income allocable to common stockholders
|
$ | 4,830 | $ | 3,514 | $ | 2,609 | $ | 8,344 | $ | 2,431 | ||||||||||
|
||||||||||||||||||||
Diluted earnings per common share:
|
||||||||||||||||||||
Net income allocable to common stockholders
|
$ | 0.55 | $ | 0.40 | $ | 0.36 | $ | 0.96 | $ | 0.34 | ||||||||||
|
||||||||||||||||||||
Weighted average common shares outstanding for diluted EPS
|
8,727,485 | 8,730,043 | 7,259,477 | 8,727,498 | 7,221,409 | |||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return on average assets (a)
|
0.55 | % | 0.43 | % | 0.35 | % | 0.49 | % | 0.20 | % | ||||||||||
Return on average equity (a)
|
5.87 | 4.54 | 4.23 | 5.21 | 2.46 | |||||||||||||||
Net interest margin (a)(b)
|
3.61 | 3.56 | 3.66 | 3.58 | 3.62 | |||||||||||||||
Efficiency ratio (c)
|
64.55 | 71.07 | 63.91 | 67.69 | 68.17 | |||||||||||||||
Noninterest income as a percentage of total revenue (b)
|
33.76 | 30.88 | 28.65 | 32.37 | 28.01 | |||||||||||||||
See "Notes"
|
WSFS FINANCIAL CORPORATION
|
||||||||||||
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
||||||||||
SUMMARY STATEMENT OF CONDITION
|
|
|
||||||||||
(Dollars in thousands)
|
|
|
||||||||||
(Unaudited)
|
Jun 30,
|
Mar 31,
|
Jun 30,
|
|||||||||
|
2011
|
2011
|
2010
|
|||||||||
Assets:
|
|
|
||||||||||
Cash and due from banks
|
$ | 95,682 | $ | 65,215 | $ | 57,664 | ||||||
Cash in non-owned ATMs
|
395,381 | 328,837 | 263,989 | |||||||||
Investment securities (d)(e)
|
39,105 | 38,594 | 45,026 | |||||||||
Other investments
|
35,784 | 35,880 | 39,779 | |||||||||
Mortgage-backed securities (d)
|
768,601 | 696,051 | 755,591 | |||||||||
Net loans (f)(g)(n)
|
2,624,283 | 2,592,127 | 2,460,003 | |||||||||
Bank owned life insurance
|
65,841 | 64,422 | 60,669 | |||||||||
Other assets
|
126,840 | 130,425 | 109,145 | |||||||||
Total assets
|
$ | 4,151,517 | $ | 3,951,551 | $ | 3,791,866 | ||||||
Liabilities and Stockholders' Equity:
|
||||||||||||
Noninterest-bearing deposits
|
$ | 561,836 | $ | 505,154 | $ | 469,518 | ||||||
Interest-bearing deposits
|
2,148,941 | 2,150,945 | 1,858,318 | |||||||||
Total customer deposits
|
2,710,777 | 2,656,099 | 2,327,836 | |||||||||
Brokered deposits
|
166,710 | 164,267 | 300,946 | |||||||||
Total deposits
|
2,877,487 | 2,820,366 | 2,628,782 | |||||||||
|
||||||||||||
Federal Home Loan Bank advances
|
634,087 | 498,165 | 572,072 | |||||||||
Other borrowings
|
234,874 | 235,438 | 247,793 | |||||||||
Other liabilities
|
29,146 | 26,665 | 28,486 | |||||||||
|
||||||||||||
Total liabilities
|
3,775,594 | 3,580,634 | 3,477,133 | |||||||||
|
||||||||||||
Stockholders' equity
|
375,923 | 370,917 | 314,733 | |||||||||
|
||||||||||||
Total liabilities and stockholders' equity
|
$ | 4,151,517 | $ | 3,951,551 | $ | 3,791,866 | ||||||
|
||||||||||||
Capital Ratios:
|
||||||||||||
Equity to asset ratio
|
9.06 | % | 9.39 | % | 8.30 | % | ||||||
Tangible equity to asset ratio
|
8.29 | 8.61 | 7.98 | |||||||||
Tangible common equity to asset ratio
|
7.02 | 7.27 | 6.60 | |||||||||
Core capital (h) (required: 4.00%; well-capitalized: 5.00%)
|
9.26 | 9.61 | 8.69 | |||||||||
Tier 1 capital (h) (required: 4.00%; well-capitalized: 6.00%)
|
12.34 | 12.44 | 11.26 | |||||||||
Risk-based capital (h) (required: 8.00%; well-capitalized: 10.00%)
|
13.59 | 13.69 | 12.51 | |||||||||
|
||||||||||||
Asset Quality Indicators:
|
||||||||||||
|
||||||||||||
Nonperforming Assets:
|
||||||||||||
Nonaccruing loans
|
$ | 86,696 | $ | 85,874 | $ | 68,759 | ||||||
Troubled debt restructuring (accruing)
|
8,756 | 7,646 | 7,638 | |||||||||
Assets acquired through foreclosure
|
5,143 | 8,311 | 9,428 | |||||||||
Total nonperforming assets
|
$ | 100,595 | $ | 101,831 | $ | 85,825 | ||||||
|
||||||||||||
Past due loans (i)
|
$ | 564 | $ | 1,000 | $ | 1,428 | ||||||
|
||||||||||||
Allowance for loan losses
|
$ | 56,248 | $ | 56,000 | $ | 62,256 | ||||||
|
||||||||||||
Ratio of nonperforming assets to total assets
|
2.42 | % | 2.58 | % | 2.26 | % | ||||||
Ratio of allowance for loan losses to total gross
|
||||||||||||
loans (j)
|
2.10 | 2.11 | 2.48 | |||||||||
Ratio of allowance for loan losses to nonaccruing
|
||||||||||||
loans
|
65 | 65 | 69 | |||||||||
Ratio of quarterly net charge-offs
|
||||||||||||
to average gross loans (a)(f)
|
1.25 | 1.56 | 0.86 | |||||||||
Ratio of year-to-date net charge-offs
|
||||||||||||
to average gross loans (a)(f)
|
1.40 | 1.56 | 1.05 | |||||||||
See "Notes"
|
WSFS FINANCIAL CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
AVERAGE BALANCE SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(Unaudited)
|
|
Three months ended
|
||||||||||||||||||||||||
|
|
|
Jun 30, 2011
|
|
|
|
|
|
|
Mar 31, 2011
|
|
|
|
|
|
|
Jun 30, 2010
|
|
|
|||||||
|
|
Average
|
|
|
Interest &
|
|
Yield/
|
|
|
|
Average
|
|
|
Interest &
|
|
Yield/
|
|
|
|
Average
|
|
|
Interest &
|
|
Yield/
|
|
|
|
Balance
|
|
|
Dividends
|
|
Rate (a)(b)
|
|
|
|
Balance
|
|
|
Dividends
|
|
Rate (a)(b)
|
|
|
|
Balance
|
|
|
Dividends
|
|
Rate (a)(b)
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: (f) (l)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
$
|
761,433
|
|
$
|
9,018
|
|
4.74
|
%
|
|
$
|
755,256
|
|
$
|
8,860
|
|
4.69
|
%
|
|
$
|
736,103
|
|
$
|
8,920
|
|
4.85
|
%
|
Residential real estate loans (n)
|
|
301,866
|
|
|
3,693
|
|
4.89
|
|
|
|
314,677
|
|
|
3,862
|
|
4.91
|
|
|
|
346,373
|
|
|
4,391
|
|
5.07
|
|
Commercial loans
|
|
1,310,764
|
|
|
16,282
|
|
5.00
|
|
|
|
1,253,433
|
|
|
15,381
|
|
4.99
|
|
|
|
1,143,086
|
|
|
14,694
|
|
5.18
|
|
Consumer loans
|
|
303,738
|
|
|
3,810
|
|
5.03
|
|
|
|
307,873
|
|
|
3,853
|
|
5.08
|
|
|
|
294,582
|
|
|
3,605
|
|
4.91
|
|
Total loans (n)
|
|
2,677,801
|
|
|
32,803
|
|
4.94
|
|
|
|
2,631,239
|
|
|
31,956
|
|
4.90
|
|
|
|
2,520,144
|
|
|
31,610
|
|
5.06
|
|
Mortgage-backed securities (d)
|
|
735,601
|
|
|
6,884
|
|
3.74
|
|
|
|
711,852
|
|
|
7,026
|
|
3.95
|
|
|
|
780,044
|
|
|
9,639
|
|
4.94
|
|
Investment securities (d)(e)
|
|
37,770
|
|
|
127
|
|
1.36
|
|
|
|
47,806
|
|
|
170
|
|
1.42
|
|
|
|
45,117
|
|
|
199
|
|
1.76
|
|
Other interest-earning assets (o)
|
|
35,542
|
|
|
-
|
|
-
|
|
|
|
37,596
|
|
|
-
|
|
-
|
|
|
|
39,831
|
|
|
6
|
|
0.06
|
|
Total interest-earning assets
|
|
3,486,714
|
|
|
39,814
|
|
4.60
|
|
|
|
3,428,493
|
|
|
39,152
|
|
4.60
|
|
|
|
3,385,136
|
|
|
41,454
|
|
4.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
(56,351)
|
|
|
|
|
|
|
|
|
(61,883)
|
|
|
|
|
|
|
|
|
(59,630)
|
|
|
|
|
|
|
Cash and due from banks
|
|
63,067
|
|
|
|
|
|
|
|
|
59,527
|
|
|
|
|
|
|
|
|
59,252
|
|
|
|
|
|
|
Cash in non-owned ATMs
|
|
335,022
|
|
|
|
|
|
|
|
|
312,580
|
|
|
|
|
|
|
|
|
250,372
|
|
|
|
|
|
|
Bank owned life insurance
|
|
64,906
|
|
|
|
|
|
|
|
|
64,303
|
|
|
|
|
|
|
|
|
60,526
|
|
|
|
|
|
|
Other noninterest-earning assets
|
|
117,756
|
|
|
|
|
|
|
|
|
124,166
|
|
|
|
|
|
|
|
|
114,427
|
|
|
|
|
|
|
Total assets
|
$
|
4,011,114
|
|
|
|
|
|
|
|
$
|
3,927,186
|
|
|
|
|
|
|
|
$
|
3,810,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
$
|
323,954
|
|
$
|
106
|
|
0.13
|
%
|
|
$
|
301,563
|
|
$
|
120
|
|
0.16
|
%
|
|
$
|
260,857
|
|
$
|
109
|
|
0.17
|
%
|
Money market
|
|
676,128
|
|
|
731
|
|
0.43
|
|
|
|
729,072
|
|
|
842
|
|
0.47
|
|
|
|
601,982
|
|
|
1,103
|
|
0.73
|
|
Savings
|
|
372,372
|
|
|
523
|
|
0.56
|
|
|
|
298,442
|
|
|
306
|
|
0.42
|
|
|
|
242,465
|
|
|
123
|
|
0.20
|
|
Customer time deposits
|
|
768,919
|
|
|
3,524
|
|
1.84
|
|
|
|
781,955
|
|
|
3,729
|
|
1.93
|
|
|
|
751,665
|
|
|
3,897
|
|
2.08
|
|
Total interest-bearing customer
deposits |
|
2,141,373
|
|
|
4,884
|
|
0.91
|
|
|
|
2,111,032
|
|
|
4,997
|
|
0.96
|
|
|
|
1,856,969
|
|
|
5,232
|
|
1.13
|
|
Brokered deposits
|
|
163,197
|
|
|
150
|
|
0.37
|
|
|
|
198,233
|
|
|
226
|
|
0.46
|
|
|
|
328,651
|
|
|
539
|
|
0.66
|
|
Total interest-bearing deposits
|
|
2,304,570
|
|
|
5,034
|
|
0.88
|
|
|
|
2,309,265
|
|
|
5,223
|
|
0.92
|
|
|
|
2,185,620
|
|
|
5,771
|
|
1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB of Pittsburgh advances
|
|
549,529
|
|
|
2,655
|
|
1.91
|
|
|
|
515,600
|
|
|
2,727
|
|
2.12
|
|
|
|
606,335
|
|
|
4,017
|
|
2.62
|
|
Trust preferred borrowings
|
|
67,011
|
|
|
339
|
|
2.00
|
|
|
|
67,011
|
|
|
336
|
|
2.01
|
|
|
|
67,011
|
|
|
348
|
|
2.05
|
|
Other borrowed funds
|
|
158,378
|
|
|
599
|
|
1.51
|
|
|
|
175,726
|
|
|
612
|
|
1.39
|
|
|
|
177,351
|
|
|
620
|
|
1.40
|
|
Total interest-bearing liabilities
|
|
3,079,488
|
|
|
8,627
|
|
1.12
|
|
|
|
3,067,602
|
|
|
8,898
|
|
1.16
|
|
|
|
3,036,317
|
|
|
10,756
|
|
1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
534,141
|
|
|
|
|
|
|
|
|
468,022
|
|
|
|
|
|
|
|
|
435,820
|
|
|
|
|
|
|
Other noninterest-bearing liabilities
|
|
21,262
|
|
|
|
|
|
|
|
|
20,911
|
|
|
|
|
|
|
|
|
25,988
|
|
|
|
|
|
|
Stockholders' equity
|
|
376,223
|
|
|
|
|
|
|
|
|
370,651
|
|
|
|
|
|
|
|
|
311,958
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
$
|
4,011,114
|
|
|
|
|
|
|
|
$
|
3,927,186
|
|
|
|
|
|
|
|
$
|
3,810,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess of interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
over interest-bearing liabilities
|
$
|
407,226
|
|
|
|
|
|
|
|
$
|
360,891
|
|
|
|
|
|
|
|
$
|
348,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income
|
|
|
|
$
|
31,187
|
|
|
|
|
|
|
|
$
|
30,254
|
|
|
|
|
|
|
|
$
|
30,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
|
|
|
|
|
|
|
3.48
|
%
|
|
|
|
|
|
|
|
3.44
|
%
|
|
|
|
|
|
|
|
3.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
|
|
|
3.61
|
%
|
|
|
|
|
|
|
|
3.56
|
%
|
|
|
|
|
|
|
|
3.66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See "Notes"
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WSFS FINANCIAL CORPORATION
|
|
|
|
|
||||||||||||||||
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
|
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
|
|
|
|
||||||||||||||||
(Unaudited)
|
Three months ended
|
Six months ended
|
||||||||||||||||||
|
Jun 30,
|
Mar 31,
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
|||||||||||||||
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Stock Information:
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Market price of common stock:
|
|
|
|
|
|
|||||||||||||||
High
|
$ | 47.55 | $ | 49.57 | $ | 44.95 | $ | 49.57 | $ | 44.95 | ||||||||||
Low
|
36.24 | 40.01 | 34.33 | 36.24 | 25.28 | |||||||||||||||
Close
|
39.65 | 47.10 | 35.93 | 39.65 | 35.93 | |||||||||||||||
Book value per common share
|
43.69 | 43.16 | 44.22 | |||||||||||||||||
Tangible book value per common share
|
39.68 | 39.22 | 42.35 | |||||||||||||||||
Tangible common book value per common share
|
33.60 | 33.15 | 35.02 | |||||||||||||||||
Number of common shares outstanding (000s)
|
8,604 | 8,595 | 7,117 | |||||||||||||||||
Other Financial Data:
|
||||||||||||||||||||
One-year repricing gap to total assets (m)
|
3.22 | % | 5.90 | % | 4.53 | % | ||||||||||||||
Weighted average duration of the MBS portfolio
|
3.3 years
|
2.5 years
|
2.4 years
|
|||||||||||||||||
Unrealized gains (losses) on securities available-for-sale, net of taxes
|
$ | 7,462 | $ | 6,826 | $ | 9,273 | ||||||||||||||
Number of Associates (FTEs) (p)
|
763 | 707 | 662 | |||||||||||||||||
Number of offices (branches, LPO's and operations centers)
|
47 | 42 | 43 | |||||||||||||||||
Number of WSFS owned ATMs
|
401 | 380 | 339 | |||||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
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 at fair value.
|
||||||||||||||||||||
(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 loans held-for-sale.
|
||||||||||||||||||||
(o) The FHLB of Pittsburgh has suspended dividend payments as of December 31, 2008.
|
||||||||||||||||||||
(p) Includes summer Associates, when applicable.
|
||||||||||||||||||||
|
#X/^$\&B27W]L?VA=;OM'[U-_E^;Y><<8V8]JU/JSHOA#^TY\#_`-FG M]FCX87'AB+QS;^!O%U[J,&AMJD$=Q=QRQRR/*)\/_$X94";B,]&&G2:E;`X+P#S&+8Y)&.@/7!KXJ^#E MC::Q\'?V%K>]5)H/^$_U.3:>A:.:9U_)E6OI7]IV:2P_;>_9OOM-MUNM4CTK MQ4;6WW[3<.EAO2//NV!GWH`ZMOV]_"%A\3K/PEXH\&_$KPUI^JZTVC:7XMUG M0A:Z-?70 >O`YI/B!^W]X(\$?$#Q-X$TWPK\1?%_C3PQ=Q MP3Z+X;T1;V>=&B65IXU$F?)0.H9F`PS``'K7Y^?'S]I1OB_\&_#=WK_QDU[7 M?&NI^(K*^U3X?V_AR&VL/#K1W."'F\@2`1DHBDRDN6!((SC[5_98M+=_VY_V MK[LHANX[S0HED[K&;5B1]"5'Y4`=Q#^WY\+'^"2?$N:;6H+235GT5/#SVB?V MP^I*0&LUM@_,H#*V-WW6!.,UYM\4?CU\.?CEX1\':C\:OA]\;/`\>B?$72(- M&M=3TA=-FGU&82&WD(:0B2W&UM^.02O!S7S7?2P_#;]IC5_BWXGL9[KX>_#O MX\>(D\0RVT9E.FR7UI9I!=F-?F95DC8G`)&!@$D"O;OVP/VB?AS\?O`WPTE^ M$/BBT\1Q:+\8/#:W[V\$L8A,IF*#]XBY)"-TSC'.*`/=OC3^VWX<^"/C'4=# MUGP-\3];M-!CAEUW7M$\/?:--TJ.15<--.74#"L&.!P*X[QQJUEXA_X*#?`7 M5=&N(+VPU+P#K5S:7,+!DFB=0R.I'4%2"#[U\V?M(?M2ZMXKOOVA?!_Q)^*N MH_#ZX\-R:CHOAKP%I?AZ&?\`X2.V:%DBDEN7A=L39!8!EV*Q(QUKO_@?<17' MQV_8Z>!U=6^#5Y@J>O\`HZ#^A_*@#]$****`"BBB@`HHHH`****`"BBB@`HH MHH`\_P!$_P"2^^,O^Q/\/_\`I9K%>@5Y_HG_`"7WQE_V)_A__P!+-8KT"DC# M#?`_67_I3"BOB'X^_'KXJ^&M<^*'P[^'WB2"U\?7GB+3I?`4LFGVTAM]+DTN M6\F78T3!U#Z=>Q[Y%8@R+\W`Q#K/[4WQ&\>_#_XE^.?@<^H:WH^AZ3X7CL]/ MTS2H)[JU>Z@2\U2Y@#H3)/';7,*K'('17C)*'#`LW/N2BO@2U_:_N_&'[-<' MBCX8?%7Q-K4LOQ$T;1[R^G\&VD>NZ397<\0EMI+>."2WNIPCOLD@M\-PH5V4 MEN^^-?Q?\:_"KX#V?BKP#JGQ>\;:?)XFCB\1:IJ7@^UT_7-'TSRF\Q[6RFTZ MV0CS!&!)+`ZCS&))`^4`^O:*\6_9@^+ME\8/@=%XFT'QNWCU$FNX1K$VB+I= MR&1B5BN(%.P3*I3 )?!<&E:)''+;SE6LKY=/MUDF\Y(51$N)M^Y_E.,@`^^J*^3-3_;S71KCQ M?%>>#;:Y70_!6I>*M)ET_7VN8;^.Q=4FMIIQ;"".7 !/$?AS3_"VNVVH1WL6J1G3=2U.&"59%D@58Y559T90 MK@`AE?/0`^S:*\U^!7QF7XX_#Y_&^GZ4NG>&]0N[C^P)?MHN)M0LHV*"XEC" M@0,[*^(MSL%"[BK$HO%?`/6/'OQF\#>$_BC<>.9=-M?%`^W#PJ-%M)=/BT]Y M6,<6_:+K[3Y.T&7[08P^3Y)&!0![_17QRG_!2/PO Q$T<,KQ,3+E%)8(Q"F+XF_ML>,=*^&'CBXT7P M5IGA[Q7I?PXT_P`;:0UYK1O8EL;QS$?-58%Q<1.KXB!9&PI,@R0`#[+HKY1\ M4_MY:/X!\:IX7\76?AB+4-$GT>Q\4Q+XL1;R&ZU!8BIT^TD@1[Z&(31M+)^Y MVJ20K%64>K_!'XSZO\8]0\7N_ABST70_"WB;5?#R7AUEKB>\N+&Z,)D$/D*J M1NHW9\PD,"NTC#D`]7HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/D?_`(*<^#QX MA_9L?58HF>?PSK-M>!A_#&Y,+Y]OWBG\*_)&OWE_:"\##XE?!+QMX:"AI=5T M6X2#*EL3*I>(X'7#JIK\&L,.'!5AP5/4'TK*:U/B.):/+B(S75?D?6/[$_Q7 M_P"%:_#;X^D2+',/"*7MKNQ_KE:2!>_]^Y2ODU1M`R<^_K5ZPUF^TNUU"VT^ MYD@@U6W%M>HAXGB#K($;VWHI^JBJ+,%4DC(`S4-GB5<0ZE*G3_EO^+N?;_[/ MGPT%Q_P3T^-FMRQGS=;E::,\Y,6G^7*"./[WF=*^(:_:O]GWX-PZ7^Q]H/@; M44BC;7/#$HOLH<>9>QL[[AUR/-Q_P&OQ?UC2+CP_J]_I>H`K=:9=2VLX((^> M-BC=?<&JDK6/4S?"NC1H/^[;Y[_J?4?@CXM-:_\`!._X@^%6D3SXO%5K91*< M9\BZ99B.N>L$W:OE'-7(M8O(-'NM*AN)%T^]N(KBXM\_+))$'",1Z@2./^!5 M3Z"IZ'EXC$.LH)_95C]'_P#@DQX-$6A>/_% (+>QB>XDMKI>L^Q5)$;KMR ?7]VL?->J>!OC+X)^)_P!I MB\&^(])U&YLYI+>ZLDN5%Q`Z,597B)W#D'J,&M5&\;'V=++Z57+J="H[-JZ[ MWW_4_!$\,RMPRG#*>H/O17[F>-OV3_A#\0Y7G\4^`/#TMU+DO -?AYK-[X=3P]8R7;:;>R&ZAN=HXB61VWH MS'A?O9)`QS4.#1X>)X>Q%*+G%II?(_.JOHO]C7]J?6_@%X\T[2KV]:7P+K=\ MD6JV,JAA;ER%%Q$21L9202,[2N<@G!KYTILIVQL02"!G([5*T/&PU>I0JJI! MV:/??V[R&_:S^(!4A@9[0@@YS_H<%>"5ZK^T_ Y6,ES8FH_-_F`XZ4N:^NOV*/V.O#7[2WA#Q'JWBK5M4T MZ;1]32TB2S5<,IB5\G/?)KZ._P"'4WP__P"AG\2?]\QT IVT,EQ=:FJD$K M/S/SH^#'_)8?`F?^AFT[_P!*8Z_0G_@H!^QEJ7Q+O'^(_P`*K1[SQ#%`(]:T MJ,LTE_&@`CD@0* A\+?\$Q?`OA3Q-I&MV?B3Q#+<:/?P7L2 M.J;6>*17`/ME17T9HOQV\!>(?$FI^';'Q7H<>OZ/?265WI=Q?1PW*RQG#`1L M0S#/0CK51AI9GNX#*>3#SHXJRYFK:GX/ZEIMYHU_-8ZS:75A?6[%9;6ZA:*6 M,^C(P!!^HJO7[T>.O@/\._BB6E\>^#?#NM7$BX-W-9(+C'M,N''X-7S%\8O^ M"8WPYUBRNK_X?:Q<^`W@1I7-S(UY9J`"3N,L@9%]3NX]*'!GGXCAO$0NZ #D<5Y%=0BUNYX%EBG$,KQB6)MR2;21N4]P<9'L:B/2HVU/"HU9T:BG! MV:/Z%]/U"RUW1[>_M)(KFPO[99HI#@I)$ZA@?0@@U\F>(/\`@H=X'OV2/AI_P@<-I':ZE MH<%W?3P(H:YO7'^D/(03EQ(&4Y)QMV\`8'0?J-&?/3C/NDSV;PK=6'B7PQHF MK6VEM817UG#>P6EU;+'-:>:@?8R_P.-V&`Z'-:[VL$LT HKX6^&&B>./VV/%WQ,\6ZO\5/&_@/PIX9\3WGAKPUX<\+ZBU@]M):A-UU< MO&5,C,6!"-G&6&<`5X]X_P#CY\9;7X42^`HOB!?I\0/`7QLL?!X\8VI$7]K6 MUQ'/Y)GC48;:5&]&W9PN2QR2&A^GL/AG1[:>\F@TO3HYM1D$EXZVR!KAQT9S MCYC]:N1VEO!+))###'+-@R.J`,^.F3WK\_?%GP]^*&E?M/?#7X+:!\=/'UOI MM_X(N]3\1ZS-=M)=:@1=NTOE`L1%(QVJC@YC0D*3C!S_`!S\7O'/["OQ.\=^ M%[KQCXC^)GAS4?A[<>)/#D7B&\-U=:->Q2^4%>9]SO$6.[D@=!MR"2`?HB+" MU5)E%O`$N<^+&)<\'=ZY]ZH:9X0T+1;8VVD:-I=E;F7SC%!:(BF3^]@#KS MUK\^O'>C?&+]G7X">'?V@[WXW>)_%FN6S6&I^*/#VH2@Z5J=G=R19M;>$Y2% MD$F`Z(" ?XL^.O"GP^\%W.DW4&CZ-J#P223W M5FLB1K*"#'$NUF9!PS."1WH`^Z;OPSH^H:G!J5]I>GW&H6R,D-U+;(\D:L,$ M!B,@$9'XUS&I_$GPAH'Q0\.>`KF6"+Q7KFGW%WI=I';C*VT(/F-N`^1>"`.^ M*_._]H?]H&\M_$7Q'\6?"#QE^T/XIU'P;JK2VFIZ#8@^#M)\DH6M)]LVR6/` M97=D).[."!SN>-/@S?\`C/\`;G^&"I\2_B5I\GCGP5J&N1WD&ML+C2%DW2?9 M+9_X(.<;?04`?;7PZ^)OB_Q7\6OB'X:\4>"-0\/^'?"TMLNA:_/$ZQ:VLBL7 M,9(VG80`=N>M>IYXYK\Z/'7[3/C?X+ZY^UW=V6NZIK,G@R7POI?A:+4KHS0: M7/>0O$UP$<%1\V)&&,,RC-;'Q(T#XG_L>:3\//B;-\8/%?CN*_UNPTWQMH&M MW9FM-3-VV&DLU? (/C+\0/#O@_PEXYO--T73=#U)[>6*?:K`F96#"&-=FV$':2S$X[^Z?L)^-? M$_C'X$&'XDZQ-XB\0>%_$6JZ# NW:O.2=N22230!]#T44 M4`%%%%`!1110`4444`>?Z)_R7WQE_P!B?X?_`/2S6*]`KS_1/^2^^,O^Q/\` M#_\`Z6:Q7H%)&&&^!^LO_2F>8:A^SMX2U+]H/3OC) , !?AGK/C'PO9W^OR:ZNI: M5J:VU[!=,RD*&2,1R0JJ(@BE21&10'#UX[\;-&M/"W[06K_%?4[?X2?$"&QU M[PIX:BT&^TW^T-;T5I9PJ/!,9-MG<"6\^T!?)=I$13N3`->;P:SXGT8VGBGP M?$__``LG7-:^)=MKMS&FVZN+>RAO6L8YB!N*0S1V"Q`@[!(`HPYRS<^JXOV1 M/";Z?=KJVL>)]4UC5/&&F^+-5URXDM8[O4;ZP=&MUD6*W2!8@(U4K'$A(R<[ MB6KT7XA^`)/'MC81V7BGQ9X1OM,O%NK;4/#M\D,FX`@I+%+')!/&03E)HG`. M"`&`(^;/V/+;3=$^*^I:?X$%M%X>U3X4^$];U!+'!@N=5N#>"2\ 3[TFQ2Q.T8\W\1>"_#P\'?M>>.UT72T\?\`ACQK?/X9\1Q6,9U.QNDTVR:V M2WN,>8N9FQL4X;S&N((!]F_"[X.:%\)?#.IZ1X=>\N)-=U"?4M8U&[\H7& MH7DP423R")$C#$(@PB*H"@!0!7G/@[]C70/#'AWPCX9UCQGXY\6>#_`UQ# `:1^P;\2-7T[PG\/_BU\7;/ MQ/\`!CP3?07-CHD.@BVO=1B@)\BVN)E;(1!@9#,2.H&%(]]^$WP(N_AO\:/B M_P".+K5K:^MOB;>:=<6]E';E&L1:V[1%68DA]V01@#%._P"%K?%#_HA^L_\` MA6:7_P#':/\`A:WQ0_Z(?K/_`(5FE_\`QVBX?68=G_X#+_(^9K[]@3XQ6'@' MQC\*O!GQ@\/6/PH\4WMU>);7'AWS+^W$TAE-OOW^RYN%2-&B:)=BHS9<>7^'OC?XG^'W[. MB:;\,]?O=&UO0-+\<^+Y$2VLA!/%::_=HJS2W, #(=%ETB?Q7X_N]-7P?J/@^QMY[VS*Z?I%XT;-!$1:@DQF(%'D+OR0[ M.`H7H_'G[(/@WXAR:R^N:CXEB_MS1=$TBY%M :^=_&7[5_P`3?"7BB+2I=
&)[Y;'Q+K4VL/I\K1FW ML;B8+YPMU5`51W#2LK%OGD QOI+ZV\* M6NHQ16$4[S-,V'6(71BWNW[@SF'!V^7CBOFS4?VC_BA9>%_CMXX76S-%\.]. MT*71]`BT^T-HLM_H]G-<23.4$KQQ2W#3J/.3[K!F*8"^W_LQ^-?'>OZAXUT7 MXF#4[JVT&XLFTG4=:NM$.IRK/!ODBNH=*GDACVL`\;%8R\ %_%'A:W\4>.H?"'B33=5T^'P['J<266DQZCO^TM;J(=SMF1V07#3+&6.Q M5!Q3]>_9&\%^)1JRZM>>(9(M9^'EOX#N8UNHE`TZ"1W252(LB?=( "'[(A&H3A_ MFE!Q9@#[PW=MXJ_:7^*'A?Q=XL\$6%S R M7Q)/9HJ0379A@1U;:B*PMV@215"NK+\M=?\`#/X7Z5\*M.UNS\/7&H7$6O\` MB+4=>N3>R([)<7L[3RJFU5Q&& )09"P4CL/$_Q\^)' M@SQMXK\+MXKEU&W\+_&+P=HO]J7.EVBS/I6JQP2W-O($B6,*#*460*)`,?.6 M^:@#[:HKX1U[]ISXD:G\1=<\'^&-1UN[M;WXK:MH%G?^'[32/MUC:66DVURM MI;F_,=JSM,\Q+3%WV)(%R=I7Z8_9\^*=YXY^'?A-/B/>>'K7Q_J6DRWMUI=C MJUG I'\8+W3_& #3;B.5MQ&"3>Z?8\=_-/)P<5/@S\4K_XOZSX<^*U MSID%O=:Y\0?"'@Z3^TM-2=D-EI<\M[Y7GH3&XO+J91*@5P$X89(H`_22BOS> M^%WQ!\=Z=#JGA?P+XROO"FG1:+\1/$A:STVRN9&O;/Q`XA;-Q#)\N'967H58 MXPVUEV_B/\ (_CE\2M)\4>--5L_%S#2?"OQET/PM;:&VD MVA@GTZ]CLEFCDD\KSMRM :3!#)(TCOEF7:$7*L`?<%%?!O[-OBOQZW MP[^#W@BX\>>)M-;QT/$^IZCXIN(;&ZN[:6RO-JV,#S6SQ-YA:69FF660XD"L M%VA(]-_:)^*WQ*NK.WM/%=QX."?"?Q%K[3Z;I%G*+^\TW51;6UZ@NH),13Q* M'*#Y2LIVX.UP`?>U%>;_``%^+%M\5?ACX,U2_O\`23XHU?PCI.MZMI=K )+;_9H(KD`2[7D?RS&&VN)74@AB"`?H=17QG%^T+\5]2^.&NV M6G:;=?V1X<\>:9X8ETZ2ZT6STU[:XM[>2:222XG2^>]_?221+`K1LJ!-KL2R M^2>'OC?XG^'W[.B:;\,]?O=&UO0-+\<^+Y$2VLA!/%::_=HJS2W, ,OVK_B;X2\41:5+KFGF:VDT7QWJJ2:;$$@\'R6L* MZA;HP4YV7/GL).9`-HW8(JIXX_:D^)<7P;77O#/BF_A\11^";SXACS-,T^TL MUTR;4'&GVTTDL$CS#[/MC\N&-)&=07N(_,!H`_02BOB?7/V@OB5H_A/]H#QU M#KTMTGPWEL[?1/#RZ=:?9(_M6FV,LDTSF,3.(9)Y)0/.08WARR[=GL/[,?C7 MQWK^H>-=%^)@U.ZMM!N+)M)U'6KK1#J 6BR(` M+:WB4*H8 "_#6JWOP_BM?"D][:/IE]J%U> M2BZAN9K666!(+N..-I60R,Z-&[1L\I1@#]-**_.KP!9V'B*V\!>`_']GIMQX M+MO&OC^TUC0+DK/I-I>6H>2TLK3>NV:W@C>9HCM0J8B?+0H0MZUA\3ZS\-?V M+?%OBCQ;XAO!J6O^&[*32)W7R9I#8WTK7DK8\R:5U6W`+L0`A8#+L:`/T'HH MHH`****`"BBB@`HHHH`****`"BBB@!K=OK7X+?'KP?\`\*_^-GCCP\%VQZ9K MMTD(`('E-(7CQGML9:_>HC-?!W[4_P#P3Z\2_&KXU:OXR\':UH^GV>L06YF@ MNHVWB:.,1L1M[$*I^N:B:NCP<^P=3$48^S5VF?F772_#3PE)X]^(WA?PW;KN M;7=7MK,C!^[)(JMT_P!DFOK;_AU-\0?^AH\-_P#?$E>F?LV_\$Z_$_PD^-/A MSQAXOUS1=0T_09)9Q;VT;;VE,3+&?FXP"V?P%9\K['S5#)<6ZL5.#2NKGWU; MP):6T<,"A8X4"(H[`#`%?BM^W-X*_P"$%_:C\;VZKM@U>Z358,`@$7"!VZ_] M--]?M8H^7FOCK]M']B36_P!HWQ[HOB7P;JNEZ9+::7]AO5O(V)DVR,\;`K[. MP.?05K-71]3GF#GB,,E35VF?E!5K2]+FUS5++3;)2USJ-S';0@#)+R,%7]2* M^T?^'4WQ!_Z&CPW_`-\25V'P=_X)G>+/!'Q4\*>(O%.OZ%>:5H6J0WMQ;P1N M7E\H[E49X^\%K+E?8^4IY-C'-*4'8_07PEH,7A7PMH^BVN/)TBP@LXR!@%8T M"`_I7X'?$$8^(7B9U)5DUN]*LIP1^_?H17]`J@@'/6OSG^*7_!*_6=1UG4]8 M\">-[.\?4;R:Y-EJ6GF`H9'9]HE5R#C./NBKJ)NQ])GN"K5Z=-48WY;GQ-H' MQG\>^%X$@\/^,/$-C#&05CBOY-HQ[$FLWQ9\0_%'CMHSXR\0:OK/E'*"\NVD M"GV!.*]]U3_@F]\<[&X:.P\/Z5J,0/$L6MVZ`_@[`U4C_P""=7Q\=PK>$+&, M$@%FUZS('OQ)FHLSYAX+,+ &=&AD%GYRSZM M>>6S1V=HK9=G(Z%@-J@XRQ`KZC^'7_!*7Q+JQ2?XG>+++08007M--MA=S,.X M$A8(I]\-7W9\#_V?_!_[/_A<:-\/].\II,&\U&Y"/=WK#H99`HW8R<#``["F MH-[G?E^05YU%*LN6/XL_)O\`;GMHK+]JSQY;VJ".&"6RCC0=%464``_(5X/7 MZ-_M+_\`!/WQ_P#&+XX^*/&/AW4_#\&G:U+`\$=S*XD4);QQG(`QU0UYC_PZ MQ^*'_09\*_\`?^3_`.)H:=SGQ>5XR>(J2C3=FW^9[;_P28_Y)CXZ_P"Q@B_] M)TK[LKYJ_8=_9P\1_LW>#_$NE>-;K3KJ?5]42ZA:R &?'<5K=>(M1FOWT^^TDLD;2')195EZ9[E:4TVM#BSW"5L31BJ2NTS\ M[_#?Q*\6>#E*^%O$FMZ6A_AMKZ11^6:D\5_%#Q?XZ@2#QCXEUK6(8SE8[N\> M1?RSBOH/Q!_P32^-6E3E-&T[1-:B!XDAU6*'(^DA%8O_``[K^/IX_P"$.LA[ MG7[+'_HRLK,^2>"S!+EY)6^9\W5UOPI^%^M?&7Q]I'A'PC"\E]JTX1Y1&S): M19_>3R8'"*.2?H.]?4?P_P#^"6OQ'\0RJ?'NKZ/X2@ZMLQJ$OT"HZK_X]7W1 M^S7^R=X2_9GTN\3PT]SJ^LZGM^VZQ?QQ^ G^&O!NG>'/!&F^%K:%)=*TW3(]-6)QD20I&(\$>X'/U MKX_TG]B3XQ?`O4-9L/V1_C-I_A/P/K=])=IX=US05OAI3/@'R)7\PM@`8R%S M@9R>:^UM0FGM;&YFL;9KRXBA=XK=9%0S.`2$#-P,G`R>!GFO)A\5OB@0,_`_ M60?3_A+-+X_\BUL?<2J1II*S^2;_`"1XO%^R+\9?A?XJUS7?V=?BOX?T:3QR ML%UXLLM:\/">*751&%GO[ V#;M;O$9C(%C#XBR"JCD@;2<9)KV?\`X6M\4/\`HA^L_P#A M6:7_`/':/^%K?%#_`*(?K/\`X5FE_P#QVE !?%GC[ M_@H7\.(/A3XNC\%>*M*^'MU?Z=J PEDNI%:&6)B,QNDCJ3R1G(!Q7HOP MX_8KUW6_%?C[QC^U9XKTSQYXE\=^&V\,^3I5BUE:Z;IK ++OQO:>,;G]G:ZD\46-@]A;:LWB?2C<16S-N:(-YN0I))Q[UT'_ M``M;XH?]$/UG_P`*S2__`([1 H?&7]E M/Q]K7C+X8>._@?XXT7PWXS^'OA]M"E;5]+-S:WUNZ!6;`)*D?.0,'.X?,,<^ MD_\`"UOBA_T0_6?_``K-+_\`CM'_``M;XH?]$/UG_P`*S2__`([1 7]E^T MZM:WOVO=NWX\AFV[=J_>QG?QT-%RH5XR=DG]S7YH[&BBBF;!1110`4444`%% M%%`'G^B?\E]\9?\`8G^'_P#TLUBO0*Y^R\)_8_'^L^)OM6_^U]'T_3OLOE8\ MK[+->2;]^>=WVS&,#'EYR=W'04D8T8N,6GW?XMLYZ\^'GA74?%EKXHU#PSX? MNO$UC'Y=KK4VF0O>0)_=2 >%6\9#Q *\\+^'9XI-'.B.DNEPLK::>MD05YMS_SR^Y[5%KO MPO\`!OBA=+7Q+X2\,ZLNAQ-%I@OM(@G%BC)L98=ZGRU*?*0N`1QTKIZ*`,/2 M_`OAO0X=0BT7P]H>GQ:M''%J"6NGQ1+=I'"L$:RA5&\+"BQ@-G"*%'``H\'^ M!O#?P]T==)\`^']$\-:4LC2+8Z/I\5G`';[S>7&JKD]SCFMRB@#G8OASX3@\ M(S^%(/#'AZ/PO=+*L^B)I<(LI1*Y>0-!M\LAW9F;*\EB3DFKEIX3T/3]7GU6 MPT;2K;5+JTBLI[V&RC2>6WB),<+2`;C&I9MJDX&XX`S6M10!Q]G\'/`.G:/J M6DZ?X'\'VVE:S>I?:E8PZ';)!>W*.KI/+&$VR2!T1@[`D%0 L>%O#E]'XI,9UU+G2H91JIC0)']I#*?.VHJJ-^<``#@5T=%`'&W?P7^' MU_H-]H=]X$\&W.B:G=K>7VFRZ%;/;75PJJJS21%-KR!410Q!("J,\"KEM\.= M!L_&=GXGM+"V@U/3M$;1+(Q6\<:VUFTJ2-&FU0VTM'%\I8J-@VA26+=-10!E M2^%-$F\2P^(IM'TN3Q!;6C64.K-9QF[CMF; 'I1J&I1:I=[]+A;[1>Q;/*N7ROS3)Y<>V0Y9=BX(P*\KTK]CGP3I MGQ??XAR7NNW^I'6WUR.TO/LCHE\8GB60W(MQ>2I&DLHCBEN'BC#X5%"J%]VH MH`XJZ^"/PZO=#U#1;WP#X*N-'U;46U+4-/ET"U>WN[QL;KF6,IM>8[5R[`L< M#GBMB7P)X:GO%NY_#VAR72:4^D+.^G1%UL'(+6@;;GR"54F/[IVCCBMVB@#E M?#/PQ\-^#M>N]6\,:58Z9/=:79:4L5G:Q0106=IYGV>"-45<(OFO@'.!@#`` M`IVWP/\`AS9>,CXNL_`'@F#Q6UR]R==B\/VJWQF?(>3[0$\S>VYLMNR ^%;CQA%XMN/#/A^7Q5!;_9HM3(6ODAY_=BX*^8$Y/R[L ^\#>#KBWTF2YEL(I="MG2T>X9FN&B!3"&1G Q/%>>%_#L\4FCG1'272X65M-/6R(*\VY_YY?<]JI^(_A#X$\8? MV?\`\);X*\):W_9-I)9Z?_:.B6]S]DMY$V20Q;T.R-D^4JN`1P1BNNHH`Q=- M\%>'M'AU*+2-!T6QBUG;_:*6UA%$M[MB6$>:%4;\1(D8W9^50O0`4WP?X&\- M_#W1UTGP#X?T3PUI2R-(MCH^GQ6<`=OO-Y<:JN3W..:W**`,L^%M%;6+S5FT MC2SJNHVB65Y?&SC\^YMD+%89),;FC!=R%)(!=N.361I_PE\#Z1X.N?"6E>#/ M"EEX5O=_VG0K?1K>.QFW_>WVX01MGOE>:ZNB@#D[_P"$O@;5?!MMX1U3P9X4 MO/"=F5-OH5QHMO)8P[22NRW*>6N"3C"\9K8U+PKHNLC2QK&D:7?#0[I+S2_M M-G'+]AN$5D26'<#Y;JKLH9<$!B`<$UJ44`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 +`4444`%%%%`'_]D_ ` end