October 30, 2012
|
||
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: November 1, 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
|
October 30, 2012
|
(302) 571-6833
sfowle@wsfsbank.com
|
Media Contact: Stephanie Heist
|
|
(302) 571-5259
sheist@wsfsbank.com
|
·
|
Earnings per share of $1.06 per diluted common share represent the highest earnings since the second quarter of 2008.
|
·
|
Return on average assets of 0.95% was an improvement of 30 basis points, or 46%, from the third quarter of 2011.
|
·
|
Normalized(q) noninterest income (excluding securities gains and unanticipated BOLI income) for the third quarter of 2012 grew a strong $608,000, or 4% (16% annualized), from the second quarter of 2012, and $1.3 million, or 9%, from the third quarter of 2011. Normalized noninterest income now represents a robust 34.5% of total revenue.
|
·
|
Expense management resulted in a 3% quarter-over-quarter decrease in non-interest expenses and a 1% decrease from the same period a year ago.
|
·
|
Core deposit growth continued, increasing $41.5 million, or 2% (8% annualized), from June 30, 2012 and $233.7 million, or 12%, from September 30, 2011.
|
·
|
Continued resolution of problem loans and loan portfolio management provided for further improvement in credit quality statistics from already strong levels. Nonperforming assets improved to 1.34% of assets from 1.49% of assets last quarter, and 2.31% at this time last year. Total loan delinquency (including delinquent non-performing loans) declined to 1.27% of gross loans from 1.32% last quarter and 2.47% in the third quarter 2011.
|
·
|
Successful execution on senior debt raise during the third quarter of 2012 and the second quarter 2012 “asset strategies” efforts contributed to downward margin pressure as the net interest margin decreased 12 basis points from the linked quarter.
|
·
|
The tangible common equity to asset ratio increased to 7.85% at September 30, 2012 from 7.59% at June 30, 2012 and tangible book value per share grew 5% (not annualized) to $37.99.
|
·
|
WSFS announced a quarterly cash dividend of $0.12 per common share.
|
·
|
WSFS realized $2.3 million, or $0.17 per diluted common share (after-tax), in net gains on securities sales, reflecting the continued prudent management of our mortgage-backed securities (“MBS”) portfolio. This compares to net securities gains of $13.3 million, or $0.97 per diluted common share, in the second quarter of 2012 and $1.9 million, or $0.14 per diluted common share, in the third quarter of 2011.
|
·
|
Results for the quarter were also positively impacted by $1.0 million in unanticipated non-taxable income related to the Bank's investment in bank-owned life insurance (BOLI), which improved EPS by $0.11.
|
·
|
Reported credit results were affected by recent regulatory guidance requiring loans discharged under Chapter 7 bankruptcy, and not re-affirmed by the borrower, to be charged-off to their net realizable collateral values and to be considered nonaccrual regardless of their delinquency status. $6.0 million in principal balance of loans were impacted as follows:
|
o
|
$1.3 million in net charge offs, which increased the provision for loan losses by $651,000, or $0.05 per diluted common share
|
o
|
Net of these charge-offs, $4.7 million of performing loans were reclassified to nonaccrual status ($2.5 million of residential mortgage loans and $2.2 million of consumer loans)
|
o
|
The vast majority of these loans are current and have been paying for an extended period of time.
|
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
September 30, 2012
|
June 30, 2012
|
September 30, 2011
|
|||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Noninterest demand
|
$ | 596,235 | 21 | % | $ | 620,062 | 21 | % | $ | 492,685 | 18 | % | ||||||||||||
Interest-bearing demand
|
413,042 | 14 | 429,466 | 14 | 358,322 | 13 | ||||||||||||||||||
Savings
|
388,878 | 13 | 394,254 | 14 | 375,528 | 13 | ||||||||||||||||||
Money market
|
799,786 | 27 | 712,669 | 25 | 737,706 | 27 | ||||||||||||||||||
Total core deposits
|
2,197,941 | 75 | 2,156,451 | 74 | 1,964,241 | 71 | ||||||||||||||||||
Customer time
|
699,604 | 24 | 721,706 | 25 | 767,001 | 28 | ||||||||||||||||||
Total customer deposits
|
2,897,545 | 99 | 2,878,157 | 99 | 2,731,242 | 99 | ||||||||||||||||||
Customer sweep accounts
|
29,942 | 1 | 28,781 | 1 | 39,281 | 1 | ||||||||||||||||||
Total customer funding
|
$ | 2,927,487 | 100 | % | $ | 2,906,938 | 100 | % | $ | 2,770,523 | 100 | % |
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
September 30, 2012
|
June 30, 2012
|
September 30, 2011
|
|||||||||||||||||||||
Commercial & industrial
|
$ | 1,449,200 | 54 | % | $ | 1,453,915 | 54 | % | $ | 1,397,542 | 53 | % | ||||||||||||
Commercial real estate
|
604,556 | 23 | 618,867 | 23 | 603,870 | 23 | ||||||||||||||||||
Construction (1)
|
114,177 | 4 | 96,176 | 4 | 111,504 | 4 | ||||||||||||||||||
Total commercial loans
|
2,167,933 | 81 | 2,168,958 | 81 | 2,112,916 | 80 | ||||||||||||||||||
Residential mortgage
|
271,247 | 10 | 270,220 | 10 | 293,110 | 11 | ||||||||||||||||||
Consumer
|
283,484 | 11 | 284,316 | 11 | 297,167 | 11 | ||||||||||||||||||
Allowance for loan losses
|
(45,598 | ) | (2 | ) | (46,429 | ) | (2 | ) | (53,188 | ) | (2 | ) | ||||||||||||
Net Loans
|
$ | 2,677,066 | 100 | % | $ | 2,677,065 | 100 | % | $ | 2,650,005 | 100 | % | ||||||||||||
|
||||||||||||||||||||||||
(1) Includes $27.8 million of commercial, $38.5 million of residential and $47.9 million of owner-occupied construction loans
|
||||||||||||||||||||||||
at September 30, 2012.
|
|
At
|
At
|
At
|
|||||||||||||||||||||
(Dollars in thousands)
|
September 30, 2012
|
June 30, 2012
|
September 30, 2011
|
|||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Total commercial loans
|
$ | 2,281 | 0.11 | % | $ | 552 | 0.03 | % | $ | 4,574 | 0.22 | % | ||||||||||||
Residential mortgage
|
6,490 | 2.59 | 6,201 | 2.43 | 7,377 | 2.59 | ||||||||||||||||||
Consumer
|
1,935 | 0.68 | 1,483 | 0.52 | 1,737 | 0.58 | ||||||||||||||||||
Performing loan delinquency
|
10,706 | 0.40 | 8,236 | 0.30 | 13,688 | 0.51 | ||||||||||||||||||
Nonperforming loan delinquency
|
23,603 | 0.87 | 27,903 | 1.02 | 52,788 | 1.96 | ||||||||||||||||||
Total loan delinquency
|
$ | 34,309 | 1.27 | % | $ | 36,139 | 1.32 | % | $ | 66,476 | 2.47 | % |
WSFS FINANCIAL CORPORATION
|
||||||||||||||||||||
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||
STATEMENT OF OPERATIONS
|
||||||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
(Unaudited)
|
Three months ended
|
Nine months ended
|
||||||||||||||||||
Sept 30,
|
Jun 30,
|
Sept 30,
|
Sept 30,
|
Sept 30,
|
||||||||||||||||
|
2012
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
Interest income:
|
|
|
|
|
||||||||||||||||
Interest and fees on loans
|
$ | 32,003 | $ | 32,787 | $ | 32,940 | $ | 98,185 | $ | 97,699 | ||||||||||
Interest on mortgage-backed securities
|
4,344 | 4,891 | 7,052 | 14,953 | 20,962 | |||||||||||||||
Interest and dividends on investment securities
|
158 | 76 | 99 | 335 | 396 | |||||||||||||||
Other interest income
|
9 | 9 | - | 27 | - | |||||||||||||||
|
36,514 | 37,763 | 40,091 | 113,500 | 119,057 | |||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits
|
3,237 | 3,400 | 4,619 | 10,652 | 14,876 | |||||||||||||||
Interest on Federal Home Loan Bank advances
|
1,403 | 1,645 | 2,484 | 4,985 | 7,866 | |||||||||||||||
Interest on trust preferred borrowings
|
369 | 370 | 340 | 1,114 | 1,015 | |||||||||||||||
Interest on other borrowings
|
612 | 270 | 468 | 1,248 | 1,679 | |||||||||||||||
|
5,621 | 5,685 | 7,911 | 17,999 | 25,436 | |||||||||||||||
Net interest income
|
30,893 | 32,078 | 32,180 | 95,501 | 93,621 | |||||||||||||||
Provision for loan losses
|
3,751 | 16,383 | 6,558 | 28,379 | 21,048 | |||||||||||||||
Net interest income after provision for loan losses
|
27,142 | 15,695 | 25,622 | 67,122 | 72,573 | |||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Credit/debit card and ATM income
|
5,738 | 5,871 | 5,523 | 17,031 | 15,549 | |||||||||||||||
Deposit service charges
|
4,360 | 4,299 | 4,385 | 12,673 | 11,975 | |||||||||||||||
Fiduciary & investment management income
|
3,258 | 3,427 | 2,982 | 9,716 | 8,891 | |||||||||||||||
Loan fee income
|
706 | 487 | 610 | 1,803 | 1,871 | |||||||||||||||
Mortgage banking activities, net
|
914 | 452 | 257 | 1,882 | 1,035 | |||||||||||||||
Bank-owned life insurance income
|
1,126 | 136 | 197 | 1,447 | 1,795 | |||||||||||||||
Securities gains, net
|
2,451 | 13,310 | 1,935 | 17,797 | 2,953 | |||||||||||||||
Other income
|
1,195 | 1,010 | 1,035 | 3,149 | 2,523 | |||||||||||||||
|
19,748 | 28,992 | 16,924 | 65,498 | 46,592 | |||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries, benefits and other compensation
|
16,942 | 16,663 | 15,337 | 49,840 | 44,566 | |||||||||||||||
Occupancy expense
|
3,235 | 3,414 | 3,171 | 9,697 | 8,944 | |||||||||||||||
Equipment expense
|
1,701 | 2,035 | 1,666 | 5,403 | 5,195 | |||||||||||||||
Loan workout and OREO expense
|
2,115 | 1,951 | 1,864 | 4,902 | 5,989 | |||||||||||||||
Data processing and operations expense
|
1,402 | 1,466 | 1,325 | 4,190 | 4,026 | |||||||||||||||
FDIC expenses
|
1,384 | 1,441 | 1,436 | 4,262 | 4,478 | |||||||||||||||
Professional fees
|
671 | 1,082 | 1,267 | 2,917 | 3,974 | |||||||||||||||
Marketing expense
|
379 | 818 | 1,597 | 1,976 | 3,446 | |||||||||||||||
Acquisition integration costs
|
- | - | - | - | 780 | |||||||||||||||
Other operating expenses
|
4,324 | 4,147 | 4,749 | 12,972 | 13,053 | |||||||||||||||
|
32,153 | 33,017 | 32,412 | 96,159 | 94,451 | |||||||||||||||
Income before taxes
|
14,737 | 11,670 | 10,134 | 36,461 | 24,714 | |||||||||||||||
Income tax provision
|
4,758 | 4,340 | 3,348 | 12,708 | 8,199 | |||||||||||||||
Net income
|
9,979 | 7,330 | 6,786 | 23,753 | 16,515 | |||||||||||||||
Dividends on preferred stock and accretion of discount
|
693 | 692 | 692 | 2,077 | 2,077 | |||||||||||||||
Net income allocable to common stockholders
|
$ | 9,286 | $ | 6,638 | $ | 6,094 | $ | 21,676 | $ | 14,438 | ||||||||||
Diluted earnings per common share:
|
||||||||||||||||||||
Net income allocable to common stockholders
|
$ | 1.06 | $ | 0.76 | $ | 0.70 | $ | 2.47 | $ | 1.66 | ||||||||||
Weighted average common shares outstanding for diluted
EPS |
8,794,973 | 8,777,639 | 8,700,935 | 8,779,003 | 8,718,266 | |||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return on average assets (a)
|
0.95 | % | 0.68 | % | 0.65 | % | 0.74 | % | 0.55 | % | ||||||||||
Return on average equity (a)
|
9.72 | 7.24 | 7.08 | 7.82 | 5.84 | |||||||||||||||
Return on tangible common equity (a)
|
12.41 | 8.65 | 8.47 | 14.43 | 10.51 | |||||||||||||||
Net interest margin (a)(b)
|
3.41 | 3.53 | 3.63 | 3.50 | 3.60 | |||||||||||||||
Efficiency ratio (c)
|
63.39 | 53.87 | 65.64 | 59.48 | 66.98 | |||||||||||||||
Noninterest income as a percentage of total net revenue (b)
|
38.93 | 47.30 | 34.28 | 40.52 | 33.04 | |||||||||||||||
See "Notes"
|
WSFS FINANCIAL CORPORATION
|
||||||||||||
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
||||||||||
SUMMARY STATEMENT OF CONDITION
|
|
|
||||||||||
(Dollars in thousands)
|
|
|
||||||||||
(Unaudited)
|
Sept 30,
|
June 30,
|
Sept 30,
|
|||||||||
|
2012
|
2012
|
2011
|
|||||||||
Assets:
|
|
|
||||||||||
Cash and due from banks
|
$ | 73,236 | $ | 85,069 | $ | 80,021 | ||||||
Cash in non-owned ATMs
|
373,577 | 382,139 | 383,358 | |||||||||
Investment securities (d)(e)
|
53,649 | 51,058 | 48,092 | |||||||||
Other investments
|
30,459 | 33,407 | 37,812 | |||||||||
Mortgage-backed securities (d)
|
868,996 | 768,660 | 784,940 | |||||||||
Net loans (f)(g)(m)
|
2,677,066 | 2,677,065 | 2,650,005 | |||||||||
Bank owned life insurance
|
62,818 | 63,713 | 63,153 | |||||||||
Other assets
|
121,531 | 131,263 | 141,359 | |||||||||
Total assets
|
$ | 4,261,332 | $ | 4,192,374 | $ | 4,188,740 | ||||||
Liabilities and Stockholders' Equity:
|
||||||||||||
Noninterest-bearing deposits
|
$ | 596,235 | $ | 620,062 | $ | 492,685 | ||||||
Interest-bearing deposits
|
2,301,310 | 2,258,095 | 2,238,557 | |||||||||
Total customer deposits
|
2,897,545 | 2,878,157 | 2,731,242 | |||||||||
Brokered deposits
|
262,259 | 286,212 | 220,811 | |||||||||
Total deposits
|
3,159,804 | 3,164,369 | 2,952,053 | |||||||||
|
||||||||||||
Federal Home Loan Bank advances
|
392,870 | 392,932 | 568,776 | |||||||||
Other borrowings
|
251,953 | 195,792 | 236,294 | |||||||||
Other liabilities
|
38,910 | 37,336 | 44,409 | |||||||||
|
||||||||||||
Total liabilities
|
3,843,537 | 3,790,429 | 3,801,532 | |||||||||
|
||||||||||||
Stockholders' equity
|
417,795 | 401,945 | 387,208 | |||||||||
|
||||||||||||
Total liabilities and stockholders' equity
|
$ | 4,261,332 | $ | 4,192,374 | $ | 4,188,740 | ||||||
|
||||||||||||
Capital Ratios:
|
||||||||||||
Equity to asset ratio
|
9.80 | % | 9.59 | % | 9.24 | % | ||||||
Tangible equity to asset ratio
|
9.09 | 8.85 | 8.49 | |||||||||
Tangible common equity to asset ratio
|
7.85 | 7.59 | 7.23 | |||||||||
Tier 1 leverage (h) (required: 4.00%; well-capitalized: 5.00%)
|
9.91 | 9.82 | 9.35 | |||||||||
Tier 1 risk-based capital (h) (required: 4.00%; well-capitalized: 6.00%)
|
13.02 | 12.74 | 12.27 | |||||||||
Total Risk-based capital (h) (required: 8.00%; well-capitalized: 10.00%)
|
14.28 | 13.99 | 13.52 | |||||||||
|
||||||||||||
Asset Quality Indicators:
|
||||||||||||
|
||||||||||||
Nonperforming Assets:
|
||||||||||||
Nonaccruing loans
|
$ | 39,940 | $ | 42,558 | $ | 76,079 | ||||||
Troubled debt restructuring (accruing)
|
10,189 | 10,521 | 8,709 | |||||||||
Assets acquired through foreclosure
|
6,996 | 9,246 | 11,880 | |||||||||
Total nonperforming assets
|
$ | 57,125 | $ | 62,325 | $ | 96,668 | ||||||
|
||||||||||||
Past due loans (i)
|
$ | 1,869 | $ | 830 | $ | 1,529 | ||||||
|
||||||||||||
Allowance for loan losses
|
$ | 45,598 | $ | 46,429 | $ | 53,188 | ||||||
|
||||||||||||
Ratio of nonperforming assets to total assets
|
1.34 | % | 1.49 | % | 2.31 | % | ||||||
Ratio of allowance for loan losses to total gross loans (j)
|
1.69 | 1.71 | 1.97 | |||||||||
Ratio of allowance for loan losses to nonaccruing loans
|
114 | 109 | 70 | |||||||||
Ratio of quarterly net charge-offs to average gross loans (a)(f)
|
0.68 | 3.70 | 1.43 | |||||||||
Ratio of year-to-date net charge-offs
|
||||||||||||
to average gross loans (a)(f)
|
1.75 | 2.25 | 1.41 | |||||||||
See "Notes"
|
WSFS FINANCIAL CORPORATION
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS (Continued)
|
|
|
|
|
|
AVERAGE BALANCE SHEET
|
|
|
|
|
(Unaudited)
|
Three months ended
|
||||||||||||||||||||||||||||||||
|
Sept 30, 2012 | June 30, 2012 | Sept 30, 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
|
$ | 718,046 | $ | 8,803 | 4.90 | % | $ | 731,719 | $ | 8,984 | 4.91 | % | $ | 731,527 | $ | 8,556 | 4.68 | % | |||||||||||||||
Residential real estate loans (m)
|
276,681 | 2,980 | 4.31 | 274,415 | 3,033 | 4.42 | 293,800 | 3,454 | 4.70 | ||||||||||||||||||||||||
Commercial loans
|
1,435,514 | 16,848 | 4.61 | 1,475,799 | 17,266 | 4.68 | 1,368,703 | 17,193 | 4.99 | ||||||||||||||||||||||||
Consumer loans
|
283,704 | 3,372 | 4.73 | 284,190 | 3,382 | 4.79 | 296,709 | 3,737 | 5.00 | ||||||||||||||||||||||||
Loans held for sale (p)
|
- | - | - | 20,038 | 122 | 2.44 | - | - | - | ||||||||||||||||||||||||
Total loans (m)
|
2,713,945 | 32,003 | 4.73 | 2,786,161 | 32,787 | 4.74 | 2,690,739 | 32,940 | 4.94 | ||||||||||||||||||||||||
Mortgage-backed securities (d)
|
829,930 | 4,344 | 2.09 | 795,600 | 4,891 | 2.46 | 801,446 | 7,052 | 3.52 | ||||||||||||||||||||||||
Investment securities (d)(e)
|
53,392 | 158 | 1.27 | 49,752 | 76 | 0.72 | 43,959 | 99 | 0.90 | ||||||||||||||||||||||||
Other interest-earning assets (n)
|
31,187 | 9 | 0.11 | 33,171 | 9 | 0.11 | 37,830 | - | - | ||||||||||||||||||||||||
Total interest-earning assets
|
3,628,454 | 36,514 | 4.03 | 3,664,684 | 37,763 | 4.15 | 3,573,974 | 40,091 | 4.52 | ||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(46,808 | ) | (46,862 | ) | (57,125 | ) | |||||||||||||||||||||||||||
Cash and due from banks
|
70,366 | 133,533 | 65,997 | ||||||||||||||||||||||||||||||
Cash in non-owned ATMs
|
362,332 | 367,544 | 378,651 | ||||||||||||||||||||||||||||||
Bank owned life insurance
|
63,315 | 63,624 | 63,463 | ||||||||||||||||||||||||||||||
Other noninterest-earning assets
|
118,330 | 123,572 | 119,888 | ||||||||||||||||||||||||||||||
Total assets
|
$ | 4,195,989 | $ | 4,306,095 | $ | 4,144,848 | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
|||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||||||||||||||||||
Interest-bearing deposits:
|
|||||||||||||||||||||||||||||||||
Interest-bearing demand
|
$ | 404,185 | $ | 53 | 0.05 | % | $ | 401,643 | $ | 44 | 0.04 | % | $ | 324,367 | $ | 75 | 0.09 | % | |||||||||||||||
Money market
|
759,944 | 431 | 0.23 | 736,161 | 407 | 0.22 | 731,979 | 720 | 0.39 | ||||||||||||||||||||||||
Savings
|
390,275 | 83 | 0.08 | 393,096 | 104 | 0.11 | 375,243 | 386 | 0.41 | ||||||||||||||||||||||||
Customer time deposits
|
716,676 | 2,365 | 1.31 | 736,989 | 2,538 | 1.39 | 757,975 | 3,237 | 1.69 | ||||||||||||||||||||||||
Total interest-bearing customer
deposits |
2,271,080 | 2,932 | 0.51 | 2,267,889 | 3,093 | 0.55 | 2,189,564 | 4,418 | 0.80 | ||||||||||||||||||||||||
Brokered deposits
|
283,345 | 305 | 0.43 | 295,347 | 307 | 0.42 | 209,629 | 201 | 0.38 | ||||||||||||||||||||||||
Total interest-bearing deposits
|
2,554,425 | 3,237 | 0.50 | 2,563,236 | 3,400 | 0.53 | 2,399,193 | 4,619 | 0.76 | ||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
FHLB of Pittsburgh advances
|
389,745 | 1,403 | 1.41 | 479,375 | 1,645 | 1.36 | 610,253 | 2,484 | 1.99 | ||||||||||||||||||||||||
Trust preferred borrowings
|
67,011 | 369 | 2.15 | 67,011 | 370 | 2.18 | 67,011 | 340 | 1.59 | ||||||||||||||||||||||||
Senior Debt
|
20,924 | 353 | 6.60 | - | - | - | - | - | - | ||||||||||||||||||||||||
Other borrowed funds
|
129,293 | 259 | 0.80 | 143,151 | 270 | 0.76 | 142,725 | 468 | 1.31 | ||||||||||||||||||||||||
Total interest-bearing liabilities
|
3,161,398 | 5,621 | 0.71 | 3,252,773 | 5,685 | 0.70 | 3,219,182 | 7,911 | 0.98 | ||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Noninterest-bearing demand
deposits |
590,133 | 613,778 | 516,257 | ||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities
|
33,757 | 34,437 | 26,001 | ||||||||||||||||||||||||||||||
Stockholders' equity
|
410,701 | 405,107 | 383,408 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders'
equity |
$ | 4,195,989 | $ | 4,306,095 | $ | 4,144,848 | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Excess of interest-earning assets
|
|||||||||||||||||||||||||||||||||
over interest-bearing liabilities
|
$ | 467,056 | $ | 411,911 | $ | 354,792 | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Net interest and dividend income
|
$ | 30,893 | $ | 32,078 | $ | 32,180 | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Interest rate spread
|
3.32 | % | 3.45 | % | 3.54 | % | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Net interest margin
|
3.41 | % | 3.53 | % | 3.63 | % | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
See "Notes"
|
(Unaudited) | Three months ended | Nine months ended | ||||||||||||||||||
|
Sept 30,
|
June 30,
|
Sept 30,
|
Sept 30,
|
Sept 30,
|
|||||||||||||||
Stock Information:
|
2012
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Market price of common stock:
|
|
|
|
|
|
|||||||||||||||
High
|
$ | 44.00 | $ | 41.00 | $ | 43.69 | $ | 44.00 | $ | 49.57 | ||||||||||
Low | 38.66 | 35.98 | 30.49 | 35.98 | 39.49 | |||||||||||||||
Close
|
41.28 | 40.41 | 31.57 | 41.28 | 31.57 | |||||||||||||||
Book value per common share
|
47.84 | 46.16 | 44.97 | |||||||||||||||||
Tangible book value per common share
|
43.99 | 42.28 | 40.95 | |||||||||||||||||
Tangible common book value per common share
|
37.99 | 36.26 | 34.88 | |||||||||||||||||
Number of common shares outstanding (000s)
|
8,734 | 8,707 | 8,611 | |||||||||||||||||
Other Financial Data:
|
||||||||||||||||||||
One-year repricing gap to total assets (l)
|
3.13 | % | 3.31 | % | 2.37 | % | ||||||||||||||
Weighted average duration of the MBS portfolio
|
4.2 years
|
4.5 years
|
2.7 years
|
|||||||||||||||||
Unrealized gains (losses) on securities available-for-sale,
net of taxes |
$ | 17,805 | $ | 9,767 | $ | 12,801 | ||||||||||||||
Number of Associates (FTEs) (o)
|
754 | 791 | 760 | |||||||||||||||||
Number of offices (branches, LPO's and operations
centers) |
51 | 52 | 48 | |||||||||||||||||
Number of WSFS owned ATMs
|
431 | 431 | 405 | |||||||||||||||||
|
|
|
|
|||||||||
|
Sept 30,
|
June 30,
|
Sept 30,
|
|||||||||
|
2012
|
2012
|
2011
|
|||||||||
Interest Income (GAAP)
|
$ | 30,894 | $ | 32,078 | $ | 32,180 | ||||||
Noninterest Income (GAAP)
|
19,748 | 28,992 | 16,924 | |||||||||
Less: Securities gains
|
(2,451 | ) | (13,310 | ) | (1,935 | ) | ||||||
Less: Unanticipated BOLI income
|
(1,007 | ) | - | - | ||||||||
Normalized noninterest income
|
16,290 | 15,682 | 14,989 | |||||||||
Normalized net revenue
|
$ | 47,184 | $ | 47,760 | $ | 47,169 | ||||||
|
||||||||||||
Normalized noninterest income as a percentage of
total net revenue |
34.5 | % | 32.8 | % | 31.8 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 arising from the normal course of business.
|
|
|
|
|
|
|
|
||||||||
(n) The FHLB of Pittsburgh had suspended dividend payments from December 31, 2008 until February 22, 2012.
|
|
|
|
|
|
|
|||||||||
(o) Includes summer Associates, when applicable.
|
|
|
|
|
|
|
|
||||||||
(p) Includes loans held-for-sale in conjunction with asset disposition strategies.
|
|
|
|
|
|
|
|||||||||
(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.
|
|
#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