October 27, 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: October 27, 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
|
October 27, 2011
|
(302) 571-6833
sfowle@wsfsbank.com
|
Media Contact: Stephanie Heist
|
|
(302) 571-5259
sheist@wsfsbank.com
|
·
|
Total net revenue for the third quarter of 2011 grew $1.9 million, or 4% (16% annualized), from the second quarter of 2011, and $4.5 million, or 10%, from the third quarter of 2010 driven by increases in both net interest income and fee income.
|
·
|
Net interest margin continued to expand, increasing two basis points to 3.63% for the third quarter of 2011 from 3.61% for the second quarter. Net interest income increased $1.0 million, or 3% (13% annualized), from the second quarter.
|
·
|
Noninterest income grew $895,000, or 6% (22% annualized), from second quarter 2011 levels and was a robust 34% of total net revenue.
|
·
|
Commercial and Industrial (“C&I”) loans increased $66.5 million, or more than 5% (20% annualized), from June 30, 2011, representing the largest increase in C&I loans since the first quarter of 2009.
|
·
|
Nonperforming assets declined modestly and most other asset quality indicators continued to be relatively stable. The provision for loan losses of $6.6 million for the third quarter of 2011 declined from $8.6 million in the second quarter of 2011 and $10.0 million in third quarter of 2010. Total credit costs of $8.4 million decreased $1.8 million from the second quarter of 2011 and $2.5 million from the third quarter of 2010.
|
·
|
WSFS declared a quarterly common dividend of $0.12 per share.
|
·
|
WSFS realized $1.9 million, or $0.14 per diluted share (after-tax), in net gains on securities sales, reflecting continued prudent mortgage-backed securities (“MBS”) portfolio management.
|
·
|
The Company’s previously disclosed “Right Here” advertising campaign totaled $961,000, or $0.07 per diluted common share (after tax), in marketing costs during the quarter.
|
·
|
The Company recorded a net benefit of $376,000, or $0.04 per diluted common share, resulting from the resolution of certain tax related items.
|
·
|
Taken together these above “Notable items” added a net $0.11 in diluted EPS to the third quarter of 2011 results, compared to a net add of $0.14 in the second quarter of 2011 and a net add of $0.54 in the third quarter of 2010 for similar items. (q)
|
At
|
At
|
At
|
||||||||||||||||||||||
(Dollars in thousands)
|
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
|||||||||||||||||||||
Noninterest demand
|
$ | 492,685 | 18 | % | $ | 561,836 | 20 | % | $ | 442,017 | 18 | % | ||||||||||||
Interest-bearing demand
|
358,322 | 13 | 330,844 | 12 | 283,701 | 11 | ||||||||||||||||||
Savings
|
375,528 | 13 | 376,322 | 14 | 243,320 | 10 | ||||||||||||||||||
Money market
|
737,706 | 27 | 689,634 | 25 | 663,201 | 27 | ||||||||||||||||||
Total core deposits
|
1,964,241 | 71 | 1,958,636 | 71 | 1,632,239 | 66 | ||||||||||||||||||
Customer time
|
767,001 | 28 | 752,141 | 28 | 785,204 | 31 | ||||||||||||||||||
Total customer deposits
|
2,731,242 | 99 | 2,710,777 | 99 | 2,417,443 | 97 | ||||||||||||||||||
Customer sweep accounts
|
39,281 | 1 | 37,863 | 1 | 77,867 | 3 | ||||||||||||||||||
Total customer funding
|
$ | 2,770,523 | 100 | % | $ | 2,748,640 | 100 | % | $ | 2,495,310 | 100 | % |
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
|||||||||||||||||||||
Commercial & industrial
|
$ | 1,397,542 | 53 | % | $ | 1,331,040 | 51 | % | $ | 1,187,202 | 48 | % | ||||||||||||
Commercial real estate
|
603,870 | 23 | 622,551 | 24 | 543,005 | 22 | ||||||||||||||||||
Construction (1)
|
111,504 | 4 | 128,518 | 5 | 183,574 | 7 | ||||||||||||||||||
Total commercial loans
|
2,112,916 | 80 | 2,082,109 | 80 | 1,913,781 | 77 | ||||||||||||||||||
Residential mortgage
|
293,110 | 11 | 297,013 | 11 | 337,077 | 14 | ||||||||||||||||||
Consumer
|
297,167 | 11 | 301,409 | 11 | 286,161 | 12 | ||||||||||||||||||
Allowance for loan losses
|
(53,188 | ) | (2 | ) | (56,248 | ) | (2 | ) | (64,478 | ) | (3 | ) | ||||||||||||
Net Loans
|
$ | 2,650,005 | 100 | % | $ | 2,624,283 | 100 | % | $ | 2,472,541 | 100 | % | ||||||||||||
|
||||||||||||||||||||||||
(1) Includes $53.1 million of commercial, $45.4 million of residential and $13.0 million of owner-occupied construction loans at September 30, 2011.
|
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
|||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Total commercial loans
|
$ | 4,574 | 0.22 | % | $ | 1,468 | 0.07 | % | $ | 1,281 | 0.07 | % | ||||||||||||
Residential mortgage
|
7,377 | 2.59 | 8,822 | 3.01 | 9,276 | 2.88 | ||||||||||||||||||
Consumer
|
1,737 | 0.58 | 1,523 | 0.51 | 1,899 | 0.66 | ||||||||||||||||||
Performing loan delinquency
|
13,688 | 0.51 | 11,813 | 0.44 | 12,456 | 0.49 | ||||||||||||||||||
Nonperforming loan delinquency
|
52,788 | 1.96 | 56,383 | 2.11 | 53,564 | 2.11 | ||||||||||||||||||
Total loan delinquency
|
$ | 66,476 | 2.47 | % | $ | 68,196 | 2.55 | % | $ | 66,020 | 2.60 | % |
WSFS FINANCIAL CORPORATION
|
||||||||||||||||||||
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||
STATEMENT OF OPERATIONS
|
||||||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
(Unaudited)
|
Three months ended
|
Nine months ended
|
||||||||||||||||||
Sep 30,
|
Jun 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
||||||||||||||||
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||
Interest income:
|
|
|
|
|
|
|||||||||||||||
Interest and fees on loans
|
$ | 32,940 | $ | 32,803 | $ | 31,664 | $ | 97,699 | $ | 94,497 | ||||||||||
Interest on mortgage-backed securities
|
7,052 | 6,884 | 8,699 | 20,962 | 27,370 | |||||||||||||||
Interest and dividends on investment securities
|
99 | 127 | 216 | 396 | 718 | |||||||||||||||
Other interest income
|
- | - | - | - | 6 | |||||||||||||||
|
40,091 | 39,814 | 40,579 | 119,057 | 122,591 | |||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits
|
4,619 | 5,034 | 5,590 | 14,876 | 17,655 | |||||||||||||||
Interest on Federal Home Loan Bank advances
|
2,484 | 2,655 | 3,818 | 7,866 | 11,812 | |||||||||||||||
Interest on trust preferred borrowings
|
340 | 339 | 370 | 1,015 | 1,047 | |||||||||||||||
Interest on other borrowings
|
468 | 599 | 624 | 1,679 | 1,859 | |||||||||||||||
|
7,911 | 8,627 | 10,402 | 25,436 | 32,373 | |||||||||||||||
|
||||||||||||||||||||
Net interest income
|
32,180 | 31,187 | 30,177 | 93,621 | 90,218 | |||||||||||||||
Provision for loan losses
|
6,558 | 8,582 | 9,976 | 21,048 | 31,980 | |||||||||||||||
|
||||||||||||||||||||
Net interest income after provision for loan losses
|
25,622 | 22,605 | 20,201 | 72,573 | 58,238 | |||||||||||||||
|
||||||||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Credit/debit card and ATM income
|
5,523 | 5,286 | 4,984 | 15,549 | 14,171 | |||||||||||||||
Deposit service charges
|
4,385 | 4,026 | 4,153 | 11,975 | 12,381 | |||||||||||||||
Fiduciary & investment management income
|
2,982 | 3,068 | 1,016 | 8,877 | 3,169 | |||||||||||||||
Securities gains, net
|
1,935 | 603 | 1,756 | 2,953 | 2,024 | |||||||||||||||
Loan fee income
|
610 | 576 | 626 | 1,871 | 2,015 | |||||||||||||||
Mortgage banking activities, net
|
257 | 231 | 646 | 1,035 | 1,145 | |||||||||||||||
Bank-owned life insurance income
|
197 | 1,419 | 181 | 1,795 | 596 | |||||||||||||||
Other income
|
1,035 | 820 | 1,063 | 2,537 | 2,501 | |||||||||||||||
|
16,924 | 16,029 | 14,425 | 46,592 | 38,002 | |||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries, benefits and other compensation
|
15,337 | 14,413 | 12,237 | 44,566 | 36,334 | |||||||||||||||
Occupancy expense
|
3,171 | 2,935 | 2,402 | 8,944 | 7,235 | |||||||||||||||
Loan workout and OREO expense
|
1,864 | 1,642 | 908 | 5,989 | 4,877 | |||||||||||||||
Equipment expense
|
1,666 | 1,915 | 1,648 | 5,195 | 4,762 | |||||||||||||||
Marketing expense
|
1,597 | 898 | 703 | 3,446 | 2,312 | |||||||||||||||
FDIC expenses
|
1,436 | 1,278 | 1,829 | 4,478 | 5,234 | |||||||||||||||
Data processing and operations expense
|
1,325 | 1,284 | 1,096 | 4,026 | 3,541 | |||||||||||||||
Professional fees
|
1,267 | 1,584 | 1,609 | 3,974 | 3,899 | |||||||||||||||
Acquisition integration costs
|
- | 446 | 143 | 780 | 311 | |||||||||||||||
Non-routine ATM (recovery)
|
- | - | (4,491 | ) | - | - | ||||||||||||||
Other operating expenses
|
4,749 | 4,257 | 4,008 | 13,053 | 10,959 | |||||||||||||||
|
32,412 | 30,652 | 22,092 | 94,451 | 79,464 | |||||||||||||||
Income before taxes
|
10,134 | 7,982 | 12,534 | 24,714 | 16,776 | |||||||||||||||
Income tax provision
|
3,348 | 2,459 | 4,312 | 8,199 | 4,739 | |||||||||||||||
Net income
|
6,786 | 5,523 | 8,222 | 16,515 | 12,037 | |||||||||||||||
Dividends on preferred stock and accretion of discount
|
692 | 693 | 692 | 2,077 | 2,076 | |||||||||||||||
Net income allocable to common stockholders
|
$ | 6,094 | $ | 4,830 | $ | 7,530 | $ | 14,438 | $ | 9,961 | ||||||||||
|
||||||||||||||||||||
Diluted earnings per common share:
|
||||||||||||||||||||
Net income allocable to common stockholders
|
$ | 0.70 | $ | 0.55 | $ | 0.94 | $ | 1.66 | $ | 1.33 | ||||||||||
|
||||||||||||||||||||
Weighted average common shares outstanding for diluted EPS
|
8,700,935 | 8,727,485 | 8,030,747 | 8,718,266 | 7,494,274 | |||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return on average assets (a)
|
0.65 | % | 0.55 | % | 0.87 | % | 0.55 | % | 0.42 | % | ||||||||||
Return on average equity (a)
|
7.08 | 5.87 | 9.45 | 5.84 | 4.97 | |||||||||||||||
Net interest margin (a)(b)
|
3.63 | 3.61 | 3.61 | 3.60 | 3.61 | |||||||||||||||
Efficiency ratio (c)
|
65.64 | 64.55 | 49.23 | 66.98 | 61.58 | |||||||||||||||
Noninterest income as a percentage of total net revenue (b)
|
34.28 | 33.76 | 32.14 | 33.04 | 29.45 | |||||||||||||||
See "Notes"
|
WSFS FINANCIAL CORPORATION
|
||||||||||||
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
||||||||||
SUMMARY STATEMENT OF CONDITION
|
|
|
||||||||||
(Dollars in thousands)
|
|
|
||||||||||
(Unaudited)
|
Sep 30,
|
Jun 30,
|
Sep 30,
|
|||||||||
|
2011
|
2011
|
2010
|
|||||||||
Assets:
|
|
|
||||||||||
Cash and due from banks
|
$ | 80,021 | $ | 95,682 | $ | 63,564 | ||||||
Cash in non-owned ATMs
|
383,358 | 395,381 | 271,168 | |||||||||
Investment securities (d)(e)
|
48,092 | 39,105 | 48,922 | |||||||||
Other investments
|
37,812 | 35,784 | 39,369 | |||||||||
Mortgage-backed securities (d)
|
784,940 | 768,601 | 731,644 | |||||||||
Net loans (f)(g)(n)
|
2,650,005 | 2,624,283 | 2,472,541 | |||||||||
Bank owned life insurance
|
63,153 | 65,841 | 60,850 | |||||||||
Other assets
|
141,359 | 126,840 | 110,812 | |||||||||
Total assets
|
$ | 4,188,740 | $ | 4,151,517 | $ | 3,798,870 | ||||||
Liabilities and Stockholders' Equity:
|
||||||||||||
Noninterest-bearing deposits
|
$ | 492,685 | $ | 561,836 | $ | 442,017 | ||||||
Interest-bearing deposits
|
2,238,557 | 2,148,941 | 1,975,426 | |||||||||
Total customer deposits
|
2,731,242 | 2,710,777 | 2,417,443 | |||||||||
Brokered deposits
|
220,811 | 166,710 | 251,326 | |||||||||
Total deposits
|
2,952,053 | 2,877,487 | 2,668,769 | |||||||||
|
||||||||||||
Federal Home Loan Bank advances
|
568,776 | 634,087 | 445,201 | |||||||||
Other borrowings
|
236,294 | 234,874 | 274,878 | |||||||||
Other liabilities
|
44,409 | 29,146 | 40,318 | |||||||||
|
||||||||||||
Total liabilities
|
3,801,532 | 3,775,594 | 3,429,166 | |||||||||
|
||||||||||||
Stockholders' equity
|
387,208 | 375,923 | 369,704 | |||||||||
|
||||||||||||
Total liabilities and stockholders' equity
|
$ | 4,188,740 | $ | 4,151,517 | $ | 3,798,870 | ||||||
|
||||||||||||
Capital Ratios:
|
||||||||||||
Equity to asset ratio
|
9.24 | % | 9.06 | % | 9.73 | % | ||||||
Tangible equity to asset ratio
|
8.49 | 8.29 | 9.42 | |||||||||
Tangible common equity to asset ratio
|
7.23 | 7.02 | 8.04 | |||||||||
Core capital (h) (required: 4.00%; well-capitalized: 5.00%)
|
9.35 | 9.26 | 8.91 | |||||||||
Tier 1 capital (h) (required: 4.00%; well-capitalized: 6.00%)
|
12.27 | 12.34 | 11.55 | |||||||||
Risk-based capital (h) (required: 8.00%; well-capitalized: 10.00%)
|
13.52 | 13.59 | 12.80 | |||||||||
|
||||||||||||
Asset Quality Indicators:
|
||||||||||||
|
||||||||||||
Nonperforming Assets:
|
||||||||||||
Nonaccruing loans
|
$ | 76,079 | $ | 86,696 | $ | 75,803 | ||||||
Troubled debt restructuring (accruing)
|
8,709 | 8,756 | 7,510 | |||||||||
Assets acquired through foreclosure
|
11,880 | 5,143 | 5,145 | |||||||||
Total nonperforming assets
|
$ | 96,668 | $ | 100,595 | $ | 88,458 | ||||||
|
||||||||||||
Past due loans (i)
|
$ | 1,529 | $ | 564 | $ | 860 | ||||||
|
||||||||||||
Allowance for loan losses
|
$ | 53,188 | $ | 56,248 | $ | 64,478 | ||||||
|
||||||||||||
Ratio of nonperforming assets to total assets
|
2.31 | % | 2.42 | % | 2.33 | % | ||||||
Ratio of allowance for loan losses to total gross
|
||||||||||||
loans (j)
|
1.97 | 2.10 | 2.55 | |||||||||
Ratio of allowance for loan losses to nonaccruing
|
||||||||||||
loans
|
70 | 65 | 85 | |||||||||
Ratio of quarterly net charge-offs
|
||||||||||||
to average gross loans (a)(f)
|
1.43 | 1.25 | 1.23 | |||||||||
Ratio of year-to-date net charge-offs
|
||||||||||||
to average gross loans (a)(f)
|
1.41 | 1.40 | 1.11 | |||||||||
See "Notes"
|
(Unaudited)
|
|
Three months ended
|
||||||||||||||||||||||||
|
|
|
Sep 30, 2011
|
|
|
|
|
|
|
Jun 30, 2011
|
|
|
|
|
|
|
Sep 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
|
$
|
731,527
|
|
$
|
8,556
|
|
4.73
|
%
|
|
$
|
761,433
|
|
$
|
9,018
|
|
4.74
|
%
|
|
$
|
733,562
|
|
$
|
8,587
|
|
4.68
|
%
|
Residential real estate loans (n)
|
|
293,800
|
|
|
3,454
|
|
4.70
|
|
|
|
301,866
|
|
|
3,693
|
|
4.89
|
|
|
|
341,033
|
|
|
4,275
|
|
5.01
|
|
Commercial loans
|
|
1,368,703
|
|
|
17,193
|
|
4.99
|
|
|
|
1,310,764
|
|
|
16,282
|
|
5.00
|
|
|
|
1,176,232
|
|
|
15,236
|
|
5.16
|
|
Consumer loans
|
|
296,709
|
|
|
3,737
|
|
5.00
|
|
|
|
303,738
|
|
|
3,810
|
|
5.03
|
|
|
|
290,346
|
|
|
3,566
|
|
4.87
|
|
Total loans (n)
|
|
2,690,739
|
|
|
32,940
|
|
4.95
|
|
|
|
2,677,801
|
|
|
32,803
|
|
4.94
|
|
|
|
2,541,173
|
|
|
31,664
|
|
5.03
|
|
Mortgage-backed securities (d)
|
|
801,446
|
|
|
7,052
|
|
3.52
|
|
|
|
735,601
|
|
|
6,884
|
|
3.74
|
|
|
|
743,832
|
|
|
8,699
|
|
4.68
|
|
Investment securities (d)(e)
|
|
43,959
|
|
|
99
|
|
0.89
|
|
|
|
37,770
|
|
|
127
|
|
1.36
|
|
|
|
47,173
|
|
|
216
|
|
1.83
|
|
Other interest-earning assets (o)
|
|
37,830
|
|
|
-
|
|
-
|
|
|
|
35,542
|
|
|
-
|
|
-
|
|
|
|
39,920
|
|
|
-
|
|
-
|
|
Total interest-earning assets
|
|
3,573,974
|
|
|
40,091
|
|
4.53
|
|
|
|
3,486,714
|
|
|
39,814
|
|
4.60
|
|
|
|
3,372,098
|
|
|
40,579
|
|
4.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
(57,125)
|
|
|
|
|
|
|
|
|
(56,351)
|
|
|
|
|
|
|
|
|
(64,428)
|
|
|
|
|
|
|
Cash and due from banks
|
|
65,997
|
|
|
|
|
|
|
|
|
63,067
|
|
|
|
|
|
|
|
|
57,328
|
|
|
|
|
|
|
Cash in non-owned ATMs
|
|
378,651
|
|
|
|
|
|
|
|
|
335,022
|
|
|
|
|
|
|
|
|
269,529
|
|
|
|
|
|
|
Bank owned life insurance
|
|
63,463
|
|
|
|
|
|
|
|
|
64,906
|
|
|
|
|
|
|
|
|
60,732
|
|
|
|
|
|
|
Other noninterest-earning assets
|
|
119,888
|
|
|
|
|
|
|
|
|
117,756
|
|
|
|
|
|
|
|
|
98,863
|
|
|
|
|
|
|
Total assets
|
$
|
4,144,848
|
|
|
|
|
|
|
|
$
|
4,011,114
|
|
|
|
|
|
|
|
$
|
3,794,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
$
|
324,367
|
|
$
|
75
|
|
0.09
|
%
|
|
$
|
323,954
|
|
$
|
106
|
|
0.13
|
%
|
|
$
|
263,428
|
|
$
|
102
|
|
0.15
|
%
|
Money market
|
|
731,979
|
|
|
720
|
|
0.39
|
|
|
|
676,128
|
|
|
731
|
|
0.43
|
|
|
|
628,124
|
|
|
1,016
|
|
0.64
|
|
Savings
|
|
375,243
|
|
|
386
|
|
0.41
|
|
|
|
372,372
|
|
|
523
|
|
0.56
|
|
|
|
242,831
|
|
|
127
|
|
0.21
|
|
Customer time deposits
|
|
757,975
|
|
|
3,237
|
|
1.69
|
|
|
|
768,919
|
|
|
3,524
|
|
1.84
|
|
|
|
772,900
|
|
|
3,906
|
|
2.00
|
|
Total interest-bearing customer
deposits |
|
2,189,564
|
|
|
4,418
|
|
0.80
|
|
|
|
2,141,373
|
|
|
4,884
|
|
0.91
|
|
|
|
1,907,283
|
|
|
5,151
|
|
1.07
|
|
Brokered deposits
|
|
209,629
|
|
|
201
|
|
0.38
|
|
|
|
163,197
|
|
|
150
|
|
0.37
|
|
|
|
295,948
|
|
|
439
|
|
0.59
|
|
Total interest-bearing deposits
|
|
2,399,193
|
|
|
4,619
|
|
0.76
|
|
|
|
2,304,570
|
|
|
5,034
|
|
0.88
|
|
|
|
2,203,231
|
|
|
5,590
|
|
1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB of Pittsburgh advances
|
|
610,253
|
|
|
2,484
|
|
1.59
|
|
|
|
549,529
|
|
|
2,655
|
|
1.91
|
|
|
|
515,259
|
|
|
3,818
|
|
2.90
|
|
Trust preferred borrowings
|
|
67,011
|
|
|
340
|
|
1.99
|
|
|
|
67,011
|
|
|
339
|
|
2.00
|
|
|
|
67,011
|
|
|
370
|
|
2.16
|
|
Other borrowed funds
|
|
142,725
|
|
|
468
|
|
1.31
|
|
|
|
158,378
|
|
|
599
|
|
1.51
|
|
|
|
187,124
|
|
|
624
|
|
1.33
|
|
Total interest-bearing liabilities
|
|
3,219,182
|
|
|
7,911
|
|
0.98
|
|
|
|
3,079,488
|
|
|
8,627
|
|
1.12
|
|
|
|
2,972,625
|
|
|
10,402
|
|
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
516,257
|
|
|
|
|
|
|
|
|
534,141
|
|
|
|
|
|
|
|
|
446,741
|
|
|
|
|
|
|
Other noninterest-bearing liabilities
|
|
26,001
|
|
|
|
|
|
|
|
|
21,262
|
|
|
|
|
|
|
|
|
26,698
|
|
|
|
|
|
|
Stockholders' equity
|
|
383,408
|
|
|
|
|
|
|
|
|
376,223
|
|
|
|
|
|
|
|
|
348,058
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
$
|
4,144,848
|
|
|
|
|
|
|
|
$
|
4,011,114
|
|
|
|
|
|
|
|
$
|
3,794,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess of interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
over interest-bearing liabilities
|
$
|
354,792
|
|
|
|
|
|
|
|
$
|
407,226
|
|
|
|
|
|
|
|
$
|
399,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income
|
|
|
|
$
|
32,180
|
|
|
|
|
|
|
|
$
|
31,187
|
|
|
|
|
|
|
|
$
|
30,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
|
|
|
|
|
|
|
3.55
|
%
|
|
|
|
|
|
|
|
3.48
|
%
|
|
|
|
|
|
|
|
3.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
|
|
|
3.63
|
%
|
|
|
|
|
|
|
|
3.61
|
%
|
|
|
|
|
|
|
|
3.61
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See "Notes"
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WSFS FINANCIAL CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(Unaudited)
|
Three months ended
|
|
Nine months ended
|
|||||||||||
|
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|||||
|
Stock Information:
|
2011
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
$
|
43.69
|
|
$
|
47.55
|
|
$
|
38.27
|
|
$
|
49.57
|
|
$
|
44.95
|
|
Low
|
|
30.49
|
|
|
36.24
|
|
|
34.43
|
|
|
30.49
|
|
|
25.28
|
|
Close
|
|
31.57
|
|
|
39.65
|
|
|
37.51
|
|
|
31.57
|
|
|
37.51
|
|
Book value per common share
|
|
44.97
|
|
|
43.69
|
|
|
43.51
|
|
|
|
|
|
|
|
Tangible book value per common share
|
|
40.95
|
|
|
39.68
|
|
|
41.96
|
|
|
|
|
|
|
|
Tangible common book value per common share
|
|
34.88
|
|
|
33.60
|
|
|
35.82
|
|
|
|
|
|
|
|
Number of common shares outstanding (000s)
|
|
8,611
|
|
|
8,604
|
|
|
8,497
|
|
|
|
|
|
|
|
Other Financial Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-year repricing gap to total assets (m)
|
|
2.37
|
%
|
|
3.22
|
%
|
|
5.41
|
%
|
|
|
|
|
|
|
Weighted average duration of the MBS portfolio
|
|
2.7 years
|
|
|
3.3 years
|
|
|
2.5 years
|
|
|
|
|
|
|
|
Unrealized gains (losses) on securities available-for-sale, net of taxes
|
$
|
12,801
|
|
$
|
7,462
|
|
$
|
9,958
|
|
|
|
|
|
|
|
Number of Associates (FTEs) (p)
|
|
760
|
|
|
763
|
|
|
660
|
|
|
|
|
|
|
|
Number of offices (branches, LPO's and operations centers)
|
|
48
|
|
|
47
|
|
|
40
|
|
|
|
|
|
|
|
Number of WSFS owned ATMs
|
|
405
|
|
|
401
|
|
|
336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(q) The Company uses non-GAAP (Generally Accepted Accounting Principles) financial information in its analysis of
|
||||||||||||||
|
the Company's performance. This non-GAAP data should be considered in addition to results prepared in accordance
|
|
|||||||||||||
|
with GAAP, and is not a substitute for, or superior to, GAAP results. Non-GAAP reconciling items included:
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter of 2011 - net securities gains of $1.9 million, or $0.14 per diluted common share (after-tax), additional marketing
|
||||||||||||||
|
expense for new marketing campaign of $961,000, or $0.07 per diluted common share (after tax) and a net tax benefit of
|
||||||||||||||
|
$376,000, or $0.04 per diluted common share;
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter of 2011 - unanticipated non-taxable BOLI income of $1.2 million, or $0.13 per diluted common share (after-tax),
|
||||||||||||||
|
net securities gains of $603,000, or $0.04 per diluted common share (after-tax) and non-routine acquisition integration costs of
|
||||||||||||||
|
$446,000, or $0.03 per diluted common share (after-tax);
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter of 2010 - recovery of a fraud loss of $4.5 million, or $0.38 per diluted common share (after-tax), net securities gains of
|
||||||||||||||
|
$1.8 million, or $0.14 per diluted common share (after-tax), income from marketing partnership of merchant processing of
|
||||||||||||||
|
$290,000, or $0.02 per diluted common share (after-tax) and non-routine acquisition integration costs of $127,000, or $0.01
|
||||||||||||||
|
per diluted common share (after-tax).
|
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