April 26, 2012
|
||
Date of Report
(Date of earliest event reported)
|
WSFS Financial Corporation
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(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: April 26, 2012
|
By:
|
/s/ Stephen A. Fowle | |
Stephen A. Fowle
Executive Vice President and Chief Financial Officer
|
FOR IMMEDIATE RELEASE
|
Investor Relations Contact: Stephen A. Fowle
|
April 26, 2012
|
(302) 571-6833
sfowle@wsfsbank.com
|
Media Contact: Stephanie Heist
|
|
(302) 571-5259
sheist@wsfsbank.com
|
·
|
Revenues increased 12% from first quarter 2011 levels due to business growth, while expenses remained relatively flat, resulting in significantly improved operating leverage, efficiency and bottom-line results.
|
·
|
Loan and customer funding balances continued growth trends. Loans increased 5.5% from year-ago levels with commercial and industrial (C&I) loans up 15.4%. Customer funding increased 8.6% with core deposits up 13.6% over the same time period.
|
·
|
Nonperforming assets improved for the 4th consecutive quarter to 2.07% of assets from 2.14% of assets last quarter, and 2.58% at this time last year; the dollar level of nonperforming assets decreased 2% to $89.6 million, from $91.7 million last quarter and 12% from $101.8 million from this time last year. The provision for loan losses of $6.7 million decreased slightly from the prior quarter and more than covered quarterly net charge-offs of $5.5 million. The dollar level of net charge-offs declined 22% from the fourth quarter of 2011 and 46% from the first quarter of 2011.
|
·
|
WSFS realized $2.0 million, or $0.15 per diluted common share (after-tax), in net gains on securities sales, reflecting the continued management of our mortgage-backed securities (“MBS”) portfolio. This compares to net securities gains of $1.9 million, or $0.14 per diluted common share, in the fourth quarter of 2011 and $415,000, or $0.03 per diluted common share, in the first quarter of 2011.
|
·
|
WSFS recorded non-routine expenses of $321,000, or $0.02 per diluted common share (after-tax), in the first quarter of 2012 relating to the federal government’s sale of its WSFS preferred shares to private investors.
|
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
|||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Noninterest demand
|
$ | 542,176 | 19 | % | $ | 525,444 | 18 | % | $ | 505,154 | 19 | % | ||||||||||||
Interest-bearing demand
|
416,550 | 14 | 389,495 | 14 | 322,749 | 12 | ||||||||||||||||||
Savings
|
400,310 | 14 | 368,390 | 13 | 366,790 | 14 | ||||||||||||||||||
Money market
|
775,729 | 26 | 805,570 | 28 | 684,996 | 25 | ||||||||||||||||||
Total core deposits
|
2,134,765 | 73 | 2,088,899 | 73 | 1,879,689 | 70 | ||||||||||||||||||
Customer time
|
757,639 | 26 | 758,595 | 26 | 776,410 | 29 | ||||||||||||||||||
Total customer deposits
|
2,892,404 | 99 | 2,847,494 | 99 | 2,656,099 | 99 | ||||||||||||||||||
Customer sweep accounts
|
33,113 | 1 | 37,925 | 1 | 38,427 | 1 | ||||||||||||||||||
Total customer funding
|
$ | 2,925,517 | 100 | % | $ | 2,885,419 | 100 | % | $ | 2,694,526 | 100 | % |
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
|||||||||||||||||||||
Commercial & industrial
|
$ | 1,485,759 | 54 | % | $ | 1,460,184 | 54 | % | $ | 1,286,976 | 49 | % | ||||||||||||
Commercial real estate
|
617,226 | 23 | 622,300 | 23 | 622,241 | 24 | ||||||||||||||||||
Construction (1)
|
124,183 | 5 | 105,925 | 4 | 129,032 | 5 | ||||||||||||||||||
Total commercial loans
|
2,227,168 | 82 | 2,188,409 | 81 | 2,038,249 | 78 | ||||||||||||||||||
Residential mortgage
|
275,206 | 10 | 285,688 | 10 | 305,502 | 12 | ||||||||||||||||||
Consumer
|
285,460 | 10 | 291,757 | 11 | 304,376 | 12 | ||||||||||||||||||
Allowance for loan losses
|
(54,222 | ) | (2 | ) | (53,080 | ) | (2 | ) | (56,000 | ) | (2 | ) | ||||||||||||
Net Loans
|
$ | 2,733,612 | 100 | % | $ | 2,712,774 | 100 | % | $ | 2,592,127 | 100 | % | ||||||||||||
|
||||||||||||||||||||||||
(1) Includes $44.7 million of commercial, $44.5 million of residential and $35.0 million of owner-occupied construction loans
|
||||||||||||||||||||||||
at March 31, 2012.
|
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
|||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Total commercial loans
|
$ | 16,780 | 0.75 | % | $ | 5,677 | 0.26 | % | $ | 8,021 | 0.39 | % | ||||||||||||
Residential mortgage
|
6,596 | 2.47 | 7,626 | 2.77 | 8,872 | 2.92 | ||||||||||||||||||
Consumer
|
2,590 | 0.91 | 3,492 | 1.20 | 1,897 | 0.62 | ||||||||||||||||||
Performing loan delinquency
|
25,966 | 0.93 | 16,795 | 0.61 | 18,790 | 0.71 | ||||||||||||||||||
Nonperforming loan delinquency
|
58,197 | 2.10 | 51,467 | 1.87 | 56,157 | 2.12 | ||||||||||||||||||
Total loan delinquency
|
$ | 84,163 | 3.03 | % | $ | 68,262 | 2.48 | % | $ | 74,947 | 2.83 | % |
WSFS FINANCIAL CORPORATION
|
||||||||||||
FINANCIAL HIGHLIGHTS
|
||||||||||||
STATEMENT OF OPERATIONS
|
||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||
(Unaudited)
|
Three months ended
|
|||||||||||
Mar 31,
|
Dec 31,
|
Mar 31,
|
||||||||||
|
2012
|
2011
|
2011
|
|||||||||
Interest income:
|
|
|
|
|||||||||
Interest and fees on loans
|
$ | 33,395 | $ | 33,223 | $ | 31,956 | ||||||
Interest on mortgage-backed securities
|
5,718 | 6,196 | 7,026 | |||||||||
Interest and dividends on investment securities
|
101 | 150 | 170 | |||||||||
Other interest income
|
9 | 16 | - | |||||||||
|
39,223 | 39,585 | 39,152 | |||||||||
Interest expense:
|
||||||||||||
Interest on deposits
|
4,015 | 4,255 | 5,223 | |||||||||
Interest on Federal Home Loan Bank advances
|
1,937 | 2,106 | 2,727 | |||||||||
Interest on trust preferred borrowings
|
375 | 360 | 336 | |||||||||
Interest on other borrowings
|
366 | 448 | 612 | |||||||||
|
6,693 | 7,169 | 8,898 | |||||||||
|
||||||||||||
Net interest income
|
32,530 | 32,416 | 30,254 | |||||||||
Provision for loan losses
|
6,669 | 6,948 | 5,908 | |||||||||
Net interest income after provision for loan losses
|
25,861 | 25,468 | 24,346 | |||||||||
|
||||||||||||
Noninterest income:
|
||||||||||||
Credit/debit card and ATM income
|
5,422 | 5,477 | 4,740 | |||||||||
Deposit service charges
|
4,014 | 4,396 | 3,564 | |||||||||
Fiduciary & investment management income
|
3,031 | 3,004 | 2,827 | |||||||||
Securities gains, net
|
2,036 | 1,925 | 415 | |||||||||
Loan fee income
|
610 | 589 | 685 | |||||||||
Mortgage banking activities, net
|
516 | 489 | 547 | |||||||||
Bank-owned life insurance income
|
185 | 240 | 179 | |||||||||
Other income
|
944 | 876 | 682 | |||||||||
|
16,758 | 16,996 | 13,639 | |||||||||
Noninterest expenses:
|
||||||||||||
Salaries, benefits and other compensation
|
16,677 | 15,257 | 14,816 | |||||||||
Occupancy expense
|
3,048 | 3,110 | 2,838 | |||||||||
Loan workout and OREO expense
|
836 | 2,907 | 2,483 | |||||||||
Equipment expense
|
1,667 | 1,720 | 1,614 | |||||||||
Marketing expense
|
779 | 856 | 951 | |||||||||
FDIC expenses
|
1,437 | 1,471 | 1,764 | |||||||||
Data processing and operations expense
|
1,322 | 1,314 | 1,417 | |||||||||
Professional fees
|
1,164 | 1,855 | 1,123 | |||||||||
Acquisition integration costs
|
- | - | 334 | |||||||||
Other operating expenses
|
4,501 | 4,536 | 4,047 | |||||||||
|
31,431 | 33,026 | 31,387 | |||||||||
Income before taxes
|
11,188 | 9,438 | 6,598 | |||||||||
Income tax provision
|
4,017 | 3,276 | 2,392 | |||||||||
Net income
|
7,171 | 6,162 | 4,206 | |||||||||
Dividends on preferred stock and accretion of discount
|
692 | 693 | 692 | |||||||||
Net income allocable to common stockholders
|
$ | 6,479 | $ | 5,469 | $ | 3,514 | ||||||
|
||||||||||||
Diluted earnings per common share:
|
||||||||||||
Net income allocable to common stockholders
|
$ | 0.74 | $ | 0.63 | $ | 0.40 | ||||||
|
||||||||||||
Weighted average common shares outstanding for diluted EPS
|
8,760,397 | 8,714,731 | 8,730,043 | |||||||||
Performance Ratios:
|
||||||||||||
Return on average assets (a)
|
0.67 | % | 0.59 | % | 0.43 | % | ||||||
Return on average equity (a)
|
7.20 | 6.30 | 4.54 | |||||||||
Return on tangible common equity (a)
|
8.64 | 7.41 | 5.19 | |||||||||
Net interest margin (a)(b)
|
3.57 | 3.61 | 3.56 | |||||||||
Efficiency ratio (c)
|
63.32 | 66.47 | 71.07 | |||||||||
Noninterest income as a percentage of total net revenue (b)
|
33.76 | 34.21 | 30.88 | |||||||||
See "Notes"
|
WSFS FINANCIAL CORPORATION
|
||||||||||||
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
||||||||||
SUMMARY STATEMENT OF CONDITION
|
|
|
||||||||||
(Dollars in thousands)
|
|
|
||||||||||
(Unaudited)
|
Mar 31,
|
Dec 31,
|
Mar 31,
|
|||||||||
|
2012
|
2011
|
2011
|
|||||||||
Assets:
|
|
|
||||||||||
Cash and due from banks
|
$ | 67,517 | $ | 70,889 | $ | 65,215 | ||||||
Cash in non-owned ATMs
|
391,939 | 397,119 | 328,837 | |||||||||
Investment securities (d)(e)
|
48,054 | 42,569 | 38,594 | |||||||||
Other investments
|
34,207 | 35,765 | 35,880 | |||||||||
Mortgage-backed securities (d)
|
855,276 | 829,225 | 696,051 | |||||||||
Net loans (f)(g)(m)
|
2,733,612 | 2,712,774 | 2,592,127 | |||||||||
Bank owned life insurance
|
63,577 | 63,392 | 64,422 | |||||||||
Other assets
|
134,151 | 137,275 | 130,425 | |||||||||
Total assets
|
$ | 4,328,333 | $ | 4,289,008 | $ | 3,951,551 | ||||||
Liabilities and Stockholders' Equity:
|
||||||||||||
Noninterest-bearing deposits
|
$ | 542,176 | $ | 525,444 | $ | 505,154 | ||||||
Interest-bearing deposits
|
2,350,228 | 2,322,050 | 2,150,945 | |||||||||
Total customer deposits
|
2,892,404 | 2,847,494 | 2,656,099 | |||||||||
Brokered deposits
|
297,104 | 287,810 | 164,267 | |||||||||
Total deposits
|
3,189,508 | 3,135,304 | 2,820,366 | |||||||||
|
||||||||||||
Federal Home Loan Bank advances
|
527,973 | 538,682 | 498,165 | |||||||||
Other borrowings
|
175,124 | 184,938 | 235,438 | |||||||||
Other liabilities
|
38,463 | 37,951 | 26,665 | |||||||||
Total liabilities
|
3,931,068 | 3,896,875 | 3,580,634 | |||||||||
Stockholders' equity
|
397,265 | 392,133 | 370,917 | |||||||||
|
||||||||||||
Total liabilities and stockholders' equity
|
$ | 4,328,333 | $ | 4,289,008 | $ | 3,951,551 | ||||||
|
||||||||||||
Capital Ratios:
|
||||||||||||
Equity to asset ratio
|
9.18 | % | 9.14 | % | 9.39 | % | ||||||
Tangible equity to asset ratio
|
8.46 | 8.41 | 8.61 | |||||||||
Tangible common equity to asset ratio
|
7.24 | 7.18 | 7.27 | |||||||||
Tier 1 leverage (h) (required: 4.00%; well-capitalized: 5.00%)
|
9.35 | 9.29 | 9.61 | |||||||||
Tier 1 risk-based capital (h) (required: 4.00%; well-capitalized: 6.00%)
|
12.24 | 12.18 | 12.44 | |||||||||
Total Risk-based capital (h) (required: 8.00%; well-capitalized: 10.00%)
|
13.49 | 13.43 | 13.69 | |||||||||
|
||||||||||||
Asset Quality Indicators:
|
||||||||||||
|
||||||||||||
Nonperforming Assets:
|
||||||||||||
Nonaccruing loans
|
$ | 74,065 | $ | 71,093 | $ | 85,874 | ||||||
Troubled debt restructuring (accruing)
|
8,837 | 8,887 | 7,646 | |||||||||
Assets acquired through foreclosure
|
6,708 | 11,695 | 8,311 | |||||||||
Total nonperforming assets
|
$ | 89,610 | $ | 91,675 | $ | 101,831 | ||||||
|
||||||||||||
Past due loans (i)
|
$ | 964 | $ | 965 | $ | 1,000 | ||||||
|
||||||||||||
Allowance for loan losses
|
$ | 54,222 | $ | 53,080 | $ | 56,000 | ||||||
|
||||||||||||
Ratio of nonperforming assets to total assets
|
2.07 | % | 2.14 | % | 2.58 | % | ||||||
Ratio of allowance for loan losses to total gross loans (j)
|
1.95 | 1.92 | 2.11 | |||||||||
Ratio of allowance for loan losses to nonaccruing loans
|
73 | 75 | 65 | |||||||||
Ratio of quarterly net charge-offs to average gross loans (a)(f)
|
0.80 | 1.04 | 1.56 | |||||||||
See "Notes"
|
WSFS FINANCIAL CORPORATION
|
|
|
||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
||||||||||||||||||||||||||||||||
AVERAGE BALANCE SHEET
|
|
|
||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
|
|
|
|
||||||||||||||||||||||||||||||
(Unaudited)
|
Three months ended
|
|||||||||||||||||||||||||||||||||
|
Mar 31, 2012 | Dec 31, 2011 | Mar 31, 2011 | |||||||||||||||||||||||||||||||
|
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) (k)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Commercial real estate loans
|
$ | 739,158 | $ | 8,931 | 4.83 | % | $ | 723,029 | $ | 8,741 | 4.84 | % | $ | 755,256 | $ | 8,860 | 4.69 | % | ||||||||||||||||
Residential real estate loans (m)
|
279,480 | 3,199 | 4.58 | 290,316 | 3,326 | 4.58 | 314,677 | 3,862 | 4.91 | |||||||||||||||||||||||||
Commercial loans
|
1,468,048 | 17,775 | 4.88 | 1,416,787 | 17,465 | 4.90 | 1,253,433 | 15,381 | 4.99 | |||||||||||||||||||||||||
Consumer loans
|
289,230 | 3,490 | 4.85 | 294,679 | 3,691 | 4.97 | 307,873 | 3,853 | 5.08 | |||||||||||||||||||||||||
Total loans (m)
|
2,775,916 | 33,395 | 4.86 | 2,724,811 | 33,223 | 4.92 | 2,631,239 | 31,956 | 4.90 | |||||||||||||||||||||||||
Mortgage-backed securities (d)
|
826,088 | 5,718 | 2.77 | 809,732 | 6,196 | 3.06 | 711,852 | 7,026 | 3.95 | |||||||||||||||||||||||||
Investment securities (d)(e)
|
47,276 | 101 | 0.96 | 48,175 | 150 | 1.25 | 47,806 | 170 | 1.42 | |||||||||||||||||||||||||
Other interest-earning assets (n)
|
35,290 | 9 | 0.10 | 35,866 | 16 | 0.18 | 37,596 | - | - | |||||||||||||||||||||||||
Total interest-earning assets
|
3,684,570 | 39,223 | 4.30 | 3,618,584 | 39,585 | 4.41 | 3,428,493 | 39,152 | 4.60 | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(53,742 | ) | (54,028 | ) | (61,883 | ) | ||||||||||||||||||||||||||||
Cash and due from banks
|
68,354 | 71,936 | 59,527 | |||||||||||||||||||||||||||||||
Cash in non-owned ATMs
|
361,508 | 364,297 | 312,580 | |||||||||||||||||||||||||||||||
Bank owned life insurance
|
63,458 | 63,229 | 64,303 | |||||||||||||||||||||||||||||||
Other noninterest-earning assets
|
127,826 | 132,658 | 124,166 | |||||||||||||||||||||||||||||||
Total assets
|
$ | 4,251,974 | $ | 4,196,676 | $ | 3,927,186 | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||
Interest-bearing deposits:
|
||||||||||||||||||||||||||||||||||
Interest-bearing demand
|
$ | 379,315 | $ | 60 | 0.06 | % | $ | 366,364 | $ | 105 | 0.11 | % | $ | 301,563 | $ | 120 | 0.16 | % | ||||||||||||||||
Money market
|
768,666 | 519 | 0.27 | 759,454 | 604 | 0.32 | 729,072 | 842 | 0.47 | |||||||||||||||||||||||||
Savings
|
383,294 | 173 | 0.18 | 375,848 | 250 | 0.26 | 298,442 | 306 | 0.42 | |||||||||||||||||||||||||
Customer time deposits
|
763,802 | 2,984 | 1.57 | 754,023 | 3,056 | 1.61 | 781,955 | 3,729 | 1.93 | |||||||||||||||||||||||||
Total interest-bearing
customer deposits |
2,295,077 | 3,736 | 0.65 | 2,255,689 | 4,015 | 0.71 | 2,111,032 | 4,997 | 0.96 | |||||||||||||||||||||||||
Brokered deposits
|
270,814 | 279 | 0.41 | 234,922 | 240 | 0.41 | 198,233 | 226 | 0.46 | |||||||||||||||||||||||||
Total interest-bearing deposits
|
2,565,891 | 4,015 | 0.63 | 2,490,611 | 4,255 | 0.68 | 2,309,265 | 5,223 | 0.92 | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
FHLB of Pittsburgh advances
|
530,518 | 1,937 | 1.44 | 567,969 | 2,106 | 1.45 | 515,600 | 2,727 | 2.12 | |||||||||||||||||||||||||
Trust preferred borrowings
|
67,011 | 375 | 2.21 | 67,011 | 359 | 2.10 | 67,011 | 336 | 2.01 | |||||||||||||||||||||||||
Other borrowed funds
|
136,480 | 366 | 1.07 | 124,282 | 449 | 1.45 | 175,726 | 612 | 1.39 | |||||||||||||||||||||||||
Total interest-bearing liabilities
|
3,299,900 | 6,693 | 0.81 | 3,249,873 | 7,169 | 0.88 | 3,067,602 | 8,898 | 1.16 | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Noninterest-bearing demand
deposits |
520,044 | 515,428 | 468,022 | |||||||||||||||||||||||||||||||
Other noninterest-bearing
liabilities |
33,580 | 40,229 | 20,911 | |||||||||||||||||||||||||||||||
Stockholders' equity
|
398,450 | 391,146 | 370,651 | |||||||||||||||||||||||||||||||
Total liabilities and stockholders'
equity |
$ | 4,251,974 | $ | 4,196,676 | $ | 3,927,186 | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Excess of interest-earning assets
|
||||||||||||||||||||||||||||||||||
over interest-bearing liabilities
|
$ | 384,670 | $ | 368,711 | $ | 360,891 | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Net interest and dividend income
|
$ | 32,530 | $ | 32,416 | $ | 30,254 | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Interest rate spread
|
3.49 | % | 3.53 | % | 3.44 | % | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Net interest margin
|
3.57 | % | 3.61 | % | 3.56 | % | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
See "Notes"
|
WSFS FINANCIAL CORPORATION
|
|
|
||||||||||
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
||||||||||
(Dollars in thousands, except per share data)
|
|
|
||||||||||
(Unaudited)
|
Three months ended
|
|||||||||||
|
Mar 31,
|
Dec 31,
|
Mar 31,
|
|||||||||
Stock Information:
|
2012
|
2011
|
2011
|
|||||||||
Market price of common stock:
|
|
|
|
|||||||||
High
|
$ | 43.74 | $ | 40.92 | $ | 49.57 | ||||||
Low
|
36.02 | 30.22 | 40.01 | |||||||||
Close
|
41.00 | 35.96 | 47.10 | |||||||||
Book value per common share
|
45.64 | 45.19 | 43.16 | |||||||||
Tangible book value per common share
|
41.72 | 41.24 | 39.22 | |||||||||
Tangible common book value per common share
|
35.70 | 35.20 | 33.15 | |||||||||
Number of common shares outstanding (000s)
|
8,705 | 8,678 | 8,595 | |||||||||
Other Financial Data:
|
||||||||||||
One-year repricing gap to total assets (l)
|
(0.04 | )% | 1.54 | % | 5.90 | % | ||||||
Weighted average duration of the MBS portfolio
|
3.3 years
|
3.6 years
|
2.5 years
|
|||||||||
Unrealized gains (losses) on securities available-for-sale, net of taxes
|
$ | 10,728 | $ | 11,673 | $ | 6,826 | ||||||
Number of Associates (FTEs) (o)
|
758 | 767 | 707 | |||||||||
Number of offices (branches, LPO's and operations centers)
|
49 | 49 | 42 | |||||||||
Number of WSFS owned ATMs
|
410 | 415 | 380 | |||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
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) Nonperforming loans are included in average balance computations.
|
||||||||||||
(l) 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.
|
||||||||||||
(m) Includes loans held-for-sale.
|
||||||||||||
(n) The FHLB of Pittsburgh has suspended dividend payments from December 31, 2008 until February 22, 2012.
|
||||||||||||
(o) Includes summer Associates, when applicable.
|
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