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Stockholder Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity Note [Abstract]

Stockholders Equity Note Disclosure Text Block

10. STOCKHOLDERS' EQUITY

Under guidelines issued by banking regulators, savings institutions such as the Bank must maintain “tangible” capital equal to 1.5% of adjusted total assets, “core” capital equal to 4.0% of adjusted total assets, “Tier 1” capital equal to 4.0% of risk weighted assets and “total” or “risk-based” capital (a combination of core and “supplementary” capital) equal to 8.0% of risk weighted assets. Failure to meet minimum capital requirements can initiate certain mandatory actions and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our bank's financial statements. At December 31, 2011 and 2010, WSFS was in compliance with regulatory capital requirements and was deemed a “well-capitalized” institution.

The following table presents our capital position as of December 31, 2011 and 2010:

									To Be Well-Capitalized Under Prompt Corrective Action Provisions
	Consolidated Bank Capital				For Capital Adequacy Purposes
	Amount		Percent		Amount		Percent		Amount		Percent
(In Thousands)
As of December 31, 2011:
Total Capital (to risk-weighted assets)	$	434,301	13.43	%	$	258,688	8.00	%	$	323,361	10.00	%
Core Capital (to adjusted tangible assets)		393,725	9.29			169,518	4.00			211,898	5.00
Tangible Capital (to tangible assets)		393,725	9.29			63,569	1.50			N/A	N/A
Tier 1 Capital (to risk-weighted assets)		393,725	12.18			129,344	4.00			194,016	6.00

As of December 31, 2010:
Total Capital (to risk-weighted assets)	$	409,034	13.62	%	$	240,338	8.00	%	$	300,423	10.00	%
Core Capital (to adjusted tangible assets)		371,348	9.49			156,555	4.00			195,693	5.00
Tangible Capital (to tangible assets)		371,348	9.49			58,708	1.50			N/A	N/A
Tier 1 Capital (to risk-weighted assets)		371,348	12.36			120,169	4.00			180,254	6.00

During 2010 we completed an underwritten public offering of 1,370,000 shares of common stock. The offering was priced at $36.50 per share, a slight premium to the prior day's closing price, and raised $47.1 million, net of $2.9 million of costs. During 2009 we completed a private placement of common stock to Peninsula Investment Partners, L.P. for a total purchase price of $25.0 million. During 2011 all shares were distributed on a pro-rata basis to the fund holders of Peninsula with the warrants being transferred to Peninsula's managing partner. Information concerning these transactions are included in Note 22 to the Consolidated Financial Statements.

Our capital structure includes one class of $0.01 par common stock outstanding, each share having equal voting rights and one class of $.01 par preferred stock.

During 2009, we issued and sold senior preferred stock to the U.S. Department of Treasury under its Capital Purchase Program (“CPP”) totaling $52.6 million. Information concerning this transaction is included in Note 22 to the Consolidated Financial Statements.

In conjunction with the private placement of common stock and the issuance of senior preferred stock to the U.S. Department of Treasury under CPP, we issued warrants to purchase additional shares of common stock. For additional information on these warrants see Note 22 to the Consolidated Financial Statements.

When infused into the Bank, the Trust Preferred Securities issued in 2005 qualify as Tier 1 capital. We are prohibited from paying any dividend or making any other capital distribution if, after making the distribution, we would be undercapitalized within the meaning of the Prompt Corrective Action regulations. Since 1996, the Board of Directors has approved several stock repurchase programs to reacquire common shares. We did not acquire any shares in 2011 or 2010.

The Holding Company

In 2005, WSFS Capital Trust III, our unconsolidated subsidiary, issued $67.0 million of aggregate principle of Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate. The proceeds were used to refinance the WSFS Capital Trust I November 1998 issuance of $51.5 million of Trust Preferred Securities which had a variable rate of 250 basis points over the three-month LIBOR rate. At December 31, 2011, the coupon rate of the Capital Trust III securities was 2.30% with a scheduled maturity of June 1, 2035. The effective rate will vary, due to fluctuations in interest rates. The proceeds from the issue were invested in Junior Subordinated Debentures we issued. These securities are treated as borrowings with interest included in interest expense on the Consolidated Statement of Operations. The remaining proceeds were used primarily to extinguish higher rate debt and for general corporate purposes.

Pursuant to federal laws and regulations, our ability to engage in transactions with affiliated corporations is limited, and we generally may not lend funds to nor guarantee our indebtedness.

- Definition

Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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