EX-99.2 3 revisedpressreleasefinanci.htm EXHIBIT 99.2 Exhibit
logoa13.jpg
  
WSFS Bank Center
500 Delaware Avenue, Wilmington, Delaware 19801
  
EXHIBIT 99.2


WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
 
Three months ended
 
Twelve months ended
 
 
December 31, 2017
 
September 30, 2017
 
December 31, 2016
 
December 31, 2017
 
December 31, 2016
Interest income:
Interest and fees on loans
 
$
59,889

 
$
58,504

 
$
53,951

 
$
229,147

 
$
194,345

Interest on mortgage-backed securities
 
5,176

 
4,955

 
4,096

 
19,308

 
15,754

Interest and dividends on investment securities
 
1,124

 
1,139

 
1,212

 
4,648

 
4,872

Other interest income
 
367

 
412

 
433

 
1,623

 
1,607

 
 
66,556

 
65,010

 
59,692

 
254,726

 
216,578

Interest expense:
 
 
 
 
 
 
 
 
 
 
Interest on deposits
 
4,626

 
3,862

 
2,687

 
14,904

 
9,421

Interest on Federal Home Loan Bank advances
 
2,206

 
2,402

 
1,310

 
8,263

 
4,707

Interest on senior debt
 
1,179

 
1,807

 
2,120

 
7,228

 
6,356

Interest on trust preferred borrowings
 
522

 
500

 
439

 
1,940

 
1,622

Interest on other borrowings
 
298

 
310

 
182

 
1,120

 
727

 
 
8,831

 
8,881

 
6,738

 
33,455

 
22,833

Net interest income
 
57,725

 
56,129

 
52,954

 
221,271

 
193,745

Provision for loan losses
 
4,063

 
2,896

 
5,124

 
10,964

 
12,986

Net interest income after provision for loan losses
 
53,662

 
53,233

 
47,830

 
210,307

 
180,759

Noninterest income:
 
 
 
 
 
 
 
 
 
 
Credit/debit card and ATM income
 
9,710

 
9,350

 
7,969

 
36,116

 
29,899

Investment management and fiduciary revenue
 
9,420

 
8,809

 
8,081

 
35,103

 
25,691

Deposit service charges
 
4,666

 
4,695

 
4,634

 
18,318

 
17,734

Mortgage banking activities, net
 
1,508

 
1,756

 
1,409

 
6,293

 
7,434

Loan fee income
 
735

 
483

 
567

 
2,218

 
2,066

Investment securities gains, net
 
220

 
736

 
479

 
1,984

 
2,369

Bank-owned life insurance income
 
421

 
546

 
222

 
1,545

 
919

Other income
 
5,755

 
6,066

 
4,938

 
23,067

 
18,949

 
 
32,435

 
32,441

 
28,299

 
124,644

 
105,061

Noninterest expense:
 
 
 
 
 
 
 
 
 
 
Salaries, benefits and other compensation
 
28,145

 
29,172

 
24,794

 
114,376

 
95,983

Occupancy expense
 
4,807

 
4,756

 
4,086

 
19,409

 
16,646

Equipment expense
 
3,020

 
2,922

 
2,726

 
12,564

 
10,368

Professional fees
 
2,045

 
2,248

 
2,251

 
8,597

 
9,142

Data processing and operations expense
 
1,594

 
1,817

 
1,711

 
6,779

 
6,275

Marketing expense
 
815

 
712

 
843

 
3,083

 
3,020

FDIC expenses
 
533

 
560

 
526

 
2,216

 
2,606

Loan workout and OREO expense
 
316

 
484

 
622

 
1,820

 
1,681

Early extinguishment of debt
 

 
695

 

 
695

 

Corporate development expense
 
21

 
153

 
1,526

 
878

 
8,529

Provision for legal settlement
 
12,000

 

 

 
12,000

 

Fraud loss
 
2,844

 

 

 
2,844

 

Other operating expenses
 
11,925

 
10,644

 
9,864

 
41,200

 
34,416

 
 
68,065

 
54,163

 
48,949

 
226,461

 
188,666

Income before taxes
 
18,032

 
31,511

 
27,180

 
108,490

 
97,154

Income tax provision
 
27,864

 
10,942

 
9,070

 
58,246

 
33,074

Net (loss) income
 
$
(9,832
)
 
$
20,569

 
$
18,110

 
$
50,244

 
$
64,080

Diluted (loss) earnings per share of common stock:
 
$
(0.31
)
 
$
0.64

 
$
0.56

 
$
1.56

 
$
2.06

Weighted average shares of common stock outstanding for fully diluted EPS (q)
 
31,404,353

 
32,268,538

 
32,280,897

 
32,302,540

 
31,085,693

See “Notes”



logoa12.jpg
  
WSFS Bank Center
500 Delaware Avenue, Wilmington, Delaware 19801
  
 

WSFS FINANCIAL CORPORATION     
FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) - continued
 
 
Three months ended
 
Twelve months ended
 
 
December 31, 2017
 
September 30, 2017
 
December 31, 2016
 
December 31, 2017
 
December 31, 2016
Performance Ratios:
 
 
 
 
 
 
 
 
 
 
Return on average assets (a)
 
(0.56
)%
 
1.20
%
 
1.08
%
 
0.74
%
 
1.06
%
Return on average equity (a)
 
(5.19
)
 
11.06

 
10.37

 
6.92

 
10.03

Return on average tangible common equity (a)(o)
 
(6.60
)
 
15.22

 
14.82

 
9.74

 
12.85

Net interest margin (a)(b)
 
4.00

 
3.95

 
3.90

 
3.95

 
3.88

Efficiency ratio (c)
 
74.87

 
60.61

 
59.71

 
64.91

 
62.52

Noninterest income as a percentage of total net revenue (b)
 
35.68

 
36.30

 
34.52

 
35.72

 
34.81

See “Notes”




logoa12.jpg
  
WSFS Bank Center
500 Delaware Avenue, Wilmington, Delaware 19801
  
 

WSFS FINANCIAL CORPORATION     
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENTS OF FINANCIAL CONDITION  (Unaudited)
(Dollars in thousands)
 
December 31, 2017
 
September 30, 2017
 
December 31, 2016
Assets:
 
 
 
 
 
 
Cash and due from banks
 
$
122,141

 
$
117,343

 
$
119,929

Cash in non-owned ATMs
 
598,117

 
612,443

 
698,454

Investment securities (d)
 
161,809

 
162,345

 
199,979

Other investments
 
34,892

 
36,856

 
41,788

Mortgage-backed securities (d)
 
837,499

 
809,809

 
758,910

Net loans (e)(f)(l)
 
4,807,373

 
4,689,529

 
4,499,157

Bank owned life insurance
 
102,958

 
102,727

 
101,425

Goodwill and intangibles
 
188,444

 
189,116

 
191,247

Other assets
 
146,307

 
155,176

 
154,381

Total assets
 
$
6,999,540

 
$
6,875,344

 
$
6,765,270

Liabilities and Stockholders’ Equity:
 
 
 
 
 
 
Noninterest-bearing deposits
 
$
1,420,760

 
$
1,357,597

 
$
1,266,306

Interest-bearing deposits
 
3,597,473

 
3,520,190

 
3,333,330

Total customer deposits
 
5,018,233

 
4,877,787

 
4,599,636

Brokered deposits
 
229,371

 
173,932

 
138,802

Total deposits
 
5,247,604

 
5,051,719

 
4,738,438

Federal Home Loan Bank advances
 
710,001

 
697,812

 
854,236

Other borrowings
 
227,805

 
305,496

 
413,211

Other liabilities
 
89,785

 
79,456

 
72,049

Total liabilities
 
6,275,195

 
6,134,483

 
6,077,934

Stockholders’ equity
 
724,345

 
740,861

 
687,336

Total liabilities and stockholders’ equity
 
$
6,999,540

 
$
6,875,344

 
$
6,765,270

Capital Ratios:
 
 
 
 
 
 
Equity to asset ratio
 
10.35
%
 
10.78
%
 
10.16
%
Tangible common equity to tangible asset ratio (o)
 
7.87

 
8.25

 
7.55

Common equity Tier 1 capital (g) (required: 4.5%; well capitalized: 6.5%) (p)
 
11.36

 
11.52

 
11.19

Tier 1 leverage (g) (required: 4.00%; well-capitalized: 5.00%) (p)
 
9.73

 
10.24

 
9.66

Tier 1 risk-based capital (g) (required: 6.00%; well-capitalized: 8.00%) (p)
 
11.36

 
11.52

 
11.19

Total Risk-based capital (g) (required: 8.00%; well-capitalized: 10.00%) (p)
 
12.08

 
12.22

 
11.93

Asset Quality Indicators:
 
 
 
 
 
 
Nonperforming Assets:
 
 
 
 
 
 
Nonaccruing loans
 
$
36,436

 
$
33,536

 
$
22,876

Troubled debt restructuring (accruing)
 
20,061

 
14,905

 
14,336

Assets acquired through foreclosure
 
2,503

 
3,924

 
3,591

Total nonperforming assets
 
$
59,000

 
$
52,365

 
$
40,803

Past due loans (h)
 
$
461

 
$
1,338

 
$
438

Allowance for loan losses
 
40,599

 
40,201

 
39,751

Ratio of nonperforming assets to total assets
 
0.84
%
 
0.76
%
 
0.60
%
Ratio of nonperforming assets (excluding accruing TDRs) to total assets
 
0.56

 
0.54

 
0.39

Ratio of allowance for loan losses to total gross loans (i)(n)
 
0.84

 
0.86

 
0.89

Ratio of allowance for loan losses to nonaccruing loans
 
111

 
120

 
174

Ratio of quarterly net charge-offs to average gross loans (a)(e)(i)(n)
 
0.31

 
0.23

 
0.40

Ratio of year-to-date net charge-offs to average gross loans (a)(e)(i)(n)
 
0.22

 
0.19

 
0.25

See “Notes”



logoa12.jpg
  
WSFS Bank Center
500 Delaware Avenue, Wilmington, Delaware 19801
  
 

WSFS FINANCIAL CORPORATION    
FINANCIAL HIGHLIGHTS (Continued) 
AVERAGE BALANCE SHEET (Unaudited)
(Dollars in thousands)
 
Three months ended
 
 
December 31, 2017
 
September 30, 2017
 
December 31, 2016
 
 
Average
Balance
 
Interest &
Dividends
 
Yield/
Rate
(a)(b)
 
Average
Balance
 
Interest &
Dividends
 
Yield/
Rate
(a)(b)
 
Average
Balance
 
Interest &
Dividends
 
Yield/
Rate
(a)(b)
Assets:
Interest-earning assets:
Loans: (e) (j)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate loans
 
$
1,469,316

 
$
18,713

 
5.05
%
 
$
1,422,306

 
$
18,186

 
5.07
%
 
$
1,354,359

 
$
17,004

 
4.99
%
Residential real estate loans
 
258,900

 
3,714

 
5.74

 
269,134

 
3,747

 
5.57

 
288,281

 
4,687

 
6.50

Commercial loans
 
2,497,730

 
30,575

 
4.89

 
2,471,382

 
30,013

 
4.85

 
2,328,245

 
26,789

 
4.61

Consumer loans
 
543,569

 
6,700

 
4.89

 
509,750

 
6,329

 
4.93

 
448,709

 
4,988

 
4.42

Loans held for sale
 
18,862

 
187

 
3.97

 
22,734

 
229

 
4.03

 
57,432

 
483

 
3.36

Total loans
 
4,788,377

 
59,889

 
4.98

 
4,695,306

 
58,504

 
4.96

 
4,477,026

 
53,951

 
4.81

Mortgage-backed securities (d)
 
824,838

 
5,176

 
2.51

 
809,655

 
4,955

 
2.45

 
763,379

 
4,096

 
2.15

Investment securities (d)
 
162,258

 
1,124

 
4.12

 
168,526

 
1,139

 
4.08

 
200,517

 
1,212

 
3.49

Other interest-earning assets
 
33,389

 
367

 
4.40

 
36,992

 
412

 
4.46

 
36,418

 
433

 
4.76

Total interest-earning assets
 
5,808,862

 
66,556

 
4.60
%
 
5,710,479

 
65,010

 
4.57
%
 
5,477,340

 
59,692

 
4.39
%
Allowance for loan losses
 
(40,465
)
 
 
 
 
 
(40,831
)
 
 
 
 
 
(39,720
)
 
 
 
 
Cash and due from banks
 
136,542

 
 
 
 
 
118,056

 
 
 
 
 
127,583

 
 
 
 
Cash in non-owned ATMs
 
575,121

 
 
 
 
 
558,855

 
 
 
 
 
653,662

 
 
 
 
Bank owned life insurance
 
102,781

 
 
 
 
 
102,513

 
 
 
 
 
101,733

 
 
 
 
Other noninterest-earning assets
 
342,467

 
 
 
 
 
344,783

 
 
 
 
 
324,679

 
 
 
 
Total assets
 
$
6,925,308

 
 
 
 
 
$
6,793,855

 
 
 
 
 
$
6,645,277

 
 
 
 
Liabilities and Stockholders’ Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing demand
 
$
1,017,068

 
$
781

 
0.30
%
 
$
939,239

 
$
606

 
0.26
%
 
$
925,853

 
$
331

 
0.14
%
Money market
 
1,345,702

 
1,375

 
0.41

 
1,324,946

 
1,227

 
0.37

 
1,273,868

 
968

 
0.30

Savings
 
554,028

 
262

 
0.19

 
564,275

 
264

 
0.19

 
548,669

 
220

 
0.16

Customer time deposits
 
597,111

 
1,467

 
0.97

 
555,668

 
1,188

 
0.85

 
577,834

 
934

 
0.64

Total interest-bearing customer deposits
 
3,513,909

 
3,885

 
0.44

 
3,384,128

 
3,285

 
0.39

 
3,326,224

 
2,453

 
0.29

Brokered deposits
 
243,441

 
741

 
1.21

 
195,073

 
577

 
1.17

 
148,127

 
234

 
0.63

Total interest-bearing deposits
 
3,757,350

 
4,626

 
0.49

 
3,579,201

 
3,862

 
0.43

 
3,474,351

 
2,687

 
0.31

FHLB of Pittsburgh advances
 
633,941

 
2,206

 
1.38

 
730,390

 
2,402

 
1.30

 
786,171

 
1,310

 
0.66

Trust preferred borrowings
 
67,011

 
522

 
3.09

 
67,011

 
500

 
2.96

 
67,011

 
439

 
2.61

Senior Debt
 
98,139

 
1,179

 
4.81

 
134,658

 
1,807

 
5.37

 
151,966

 
2,120

 
5.58

Other borrowed funds
 
122,313

 
298

 
0.97

 
132,030

 
310

 
0.93

 
133,037

 
182

 
0.54

Total interest-bearing liabilities
 
4,678,754

 
8,831

 
0.75
%
 
4,643,290

 
8,881

 
0.76
%
 
4,612,536

 
6,738

 
0.58
%
Noninterest-bearing demand deposits
 
1,414,356

 
 
 
 
 
1,333,266

 
 
 
 
 
1,271,373

 
 
 
 
Other noninterest-bearing liabilities
 
80,248

 
 
 
 
 
79,176

 
 
 
 
 
66,580

 
 
 
 
Stockholders’ equity
 
751,950

 
 
 
 
 
738,123

 
 
 
 
 
694,788

 
 
 
 
Total liabilities and stockholders’ equity
 
$
6,925,308

 
 
 
 
 
$
6,793,855

 
 
 
 
 
$
6,645,277

 
 
 
 
Excess of interest-earning assets over interest-bearing liabilities
 
$
1,130,108

 
 
 
 
 
$
1,067,189

 
 
 
 
 
$
864,804

 
 
 
 
Net interest and dividend income
 
 
 
$
57,725

 
 
 
 
 
$
56,129

 
 
 
 
 
$
52,954

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate spread
 
 
 
 
 
3.85
%
 
 
 
 
 
3.81
%
 
 
 
 
 
3.81
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin
 
 
 
 
 
4.00
%
 
 
 
 
 
3.95
%
 
 
 
 
 
3.90
%
See “Notes”



logoa12.jpg
  
WSFS Bank Center
500 Delaware Avenue, Wilmington, Delaware 19801
  
 

WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
 
(Dollars in thousands, except per share data)
 
Three months ended
 
Twelve months ended
Stock Information:
 
December 31, 2017
 
September 30, 2017
 
December 31, 2016
 
December 31, 2017
 
December 31, 2016
Market price of common stock:
 
 
 
 
 
 
 
 
 
 
High
 
$52.50
 
$49.45
 
$47.64
 
$52.50
 
$47.64
Low
 
45.75
 
42.45
 
31.90
 
42.45
 
26.40
Close
 
47.85
 
48.75
 
46.35
 
47.85
 
46.35
Book value per share of common stock
 
23.06
 
23.59
 
21.90
 
 
 
 
Tangible common book value per share of common stock (o)
 
17.06
 
17.57
 
15.80
 
 
 
 
Number of shares of common stock outstanding (000s)
 
31,418
 
31,410
 
31,390
 
 
 
 
Other Financial Data:
 
 
 
 
 
 
 
 
 
 
One-year repricing gap to total assets (k)
 
(0.80)%
 
(1.70)%
 
(4.14)%
 
 
 
 
Weighted average duration of the MBS portfolio
 
5.2 years
 
5.1 years
 
5.4 years
 
 
 
 
Unrealized (losses) gains on securities available for sale, net of taxes
 
$(6,401)
 
$(3,528)
 
$(8,194)
 
 
 
 
Number of Associates (FTEs) (m)
 
1,159
 
1,121
 
1,116
 
 
 
 
Number of offices (branches, LPO’s, operations centers, etc.)
 
76
 
77
 
77
 
 
 
 
Number of WSFS owned ATMs
 
440
 
447
 
446
 
 
 
 
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 held to maturity (at amortized cost) and securities available for sale (at fair value).
(e)
Net of unearned income.
(f)
Net of allowance for loan losses.
(g)
Represents capital ratios of Wilmington Savings Fund Society, FSB and subsidiaries.
(h)
Accruing loans which are contractually past due 90 days or more as to principal or interest.
(i)
Excludes loans held for sale.
(j)
Nonperforming loans are included in average balance computations.
(k)
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.
(l)
Includes loans held for sale and reverse mortgages.
(m)
Includes seasonal Associates, when applicable.
(n)
Excludes reverse mortgage loans.
(o)
The Company uses non-GAAP (Generally Accepted Accounting Principles) financial information in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying 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. A reconciliation of these non-GAAP measures is included on the following pages.
(p)
Calculated for Wilmington Savings Fund Society, FSB.
(q)
Diluted earnings per share considers the impact of potentially dilutive shares except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. For the three months ended December 31, 2017, 884,982 shares were anti-dilutive and were not included in the diluted earnings per share calculation.          



logoa12.jpg
  
WSFS Bank Center
500 Delaware Avenue, Wilmington, Delaware 19801
  
 

WSFS FINANCIAL CORPORATION    
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
 
Non-GAAP Reconciliation (o):
 
Three months ended
 
Twelve months ended
 
 
December 31, 2017
 
September 30, 2017
 
December 31, 2016
 
December 31, 2017
 
December 31, 2016
Net interest income (GAAP)
 
$
57,725

 
$
56,129

 
$
52,954

 
$
221,271

 
$
193,745

Core net interest income (non-GAAP)
 
$
57,725

 
$
56,129

 
$
52,954

 
$
221,271

 
$
193,745

Noninterest Income (GAAP)
 
$
32,435

 
$
32,441

 
$
28,299

 
$
124,644

 
$
105,061

Less: Securities gains
 
220

 
736

 
479

 
1,984

 
2,369

Core fee income (non-GAAP)
 
$
32,215

 
$
31,705

 
$
27,820

 
$
122,660

 
$
102,692

Core net revenue (non-GAAP)
 
$
89,940

 
$
87,834

 
$
80,774

 
$
343,931

 
$
296,437

Core net revenue (non-GAAP)(tax-equivalent)
 
$
90,688

 
$
88,627

 
$
81,494

 
$
346,922

 
$
299,407

Noninterest expense (GAAP)
 
$
68,065

 
$
54,163

 
$
48,949

 
$
226,461

 
$
188,666

Less: Provision for legal settlement
 
12,000

 

 

 
12,000

 

Less: Fraud loss
 
2,844

 

 

 
2,844

 

Less: WSFS Foundation contribution
 
1,500

 

 

 
1,500

 

Less: Corporate development costs
 
21

 
153

 
1,526

 
878

 
8,529

Less: Debt extinguishment costs
 

 
695

 

 
695

 

Core noninterest expense (non-GAAP)
 
$
51,700

 
$
53,315

 
$
47,423

 
$
208,544

 
$
180,137

Core efficiency ratio (c)
 
57.0
%
 
60.2
%
 
58.2
%
 
60.1
%
 
60.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
End of period
 
 
 
 
 
 
December 31, 2017
 
September 30, 2017
 
December 31, 2016
 
 
 
 
Total assets
 
$
6,999,540

 
$
6,875,344

 
$
6,765,270

 
 
 
 
Less: Goodwill and other intangible assets
 
188,444

 
189,116

 
191,247

 
 
 
 
Total tangible assets
 
$
6,811,096

 
$
6,686,228

 
$
6,574,023

 
 
 
 
Total stockholders’ equity
 
$
724,345

 
$
740,861

 
$
687,336

 
 
 
 
Less: Goodwill and other intangible assets
 
188,444

 
189,116

 
191,247

 
 
 
 
Total tangible common equity (non-GAAP)
 
$
535,901

 
$
551,745

 
$
496,089

 
 
 
 
Calculation of tangible common book value per share:
 
 
 
 
 
 
 
 
Book value per share (GAAP)
 
$
23.06

 
$
23.59

 
$
21.90

 
 
 
 
Tangible common book value per share (non-GAAP)
 
17.06

 
17.57

 
15.80

 
 
 
 
Calculation of tangible common equity to tangible assets:
 
 
 
 
 
 
 
 
Equity to asset ratio (GAAP)
 
10.35
%
 
10.78
%
 
10.16
%
 
 
 
 
Tangible common equity to tangible assets ratio (non-GAAP)
 
7.87

 
8.25

 
7.55

 
 
 
 




logoa12.jpg
  
WSFS Bank Center
500 Delaware Avenue, Wilmington, Delaware 19801
  
 

 
 
Three months ended
 
Twelve months ended
 
 
December 31, 2017
 
September 30, 2017
 
December 31, 2016
 
December 31, 2017
 
December 31, 2016
GAAP net (loss) income
 
$
(9,832
)
 
$
20,569

 
$
18,110

 
$
50,244

 
$
64,080

Pre-tax adjustments: Securities gains, Provision for legal settlement, fraud loss and WSFS Foundation contribution, debt extinguishment costs,
corporate development
 
16,145

 
112

 
1,047

 
15,933

 
6,160

Tax adjustments: DTA writedown & BOLI surrender
 
22,452

 

 

 
22,452

 

Tax impact of pre-tax adjustments
 
(5,858
)
 
(43
)
 
(315
)
 
(5,788
)
 
(1,837
)
Non-GAAP net income
 
$
22,907

 
$
20,638

 
$
18,842

 
$
82,841

 
$
68,403

 
 
 
 
 
 
 
 
 
 
 
GAAP return on average assets (ROA)
 
(0.56
)%
 
1.20
 %
 
1.08
 %
 
0.74
 %
 
1.06
 %
Pre-tax adjustments: Securities gains, Provision for legal settlement, fraud loss and WSFS Foundation contribution, debt extinguishment costs,
corporate development
 
0.92

 
0.01

 
0.06

 
0.23

 
0.10

Tax adjustments: DTA writedown & BOLI surrender
 
1.29

 

 

 
0.33

 

Tax impact of pre-tax adjustments
 
(0.34
)
 

 
(0.02
)
 
(0.09
)
 
(0.03
)
Core ROA (non-GAAP)
 
1.31
 %
 
1.21
 %
 
1.12
 %
 
1.21
 %
 
1.13
 %
 
 
 
 
 
 
 
 
 
 
 
EPS (GAAP)
 
$
(0.31
)
 
$
0.64

 
$
0.56

 
$
1.56

 
$
2.06

Pre-tax adjustments: Securities gains, Provision for legal settlement, fraud loss and WSFS Foundation contribution, debt extinguishment costs,
corporate development
 
0.50

 

 
0.03

 
0.49

 
0.19

Tax adjustments: DTA writedown & BOLI surrender
 
0.70

 

 

 
0.70

 

Tax impact of pre-tax adjustments
 
(0.18
)
 

 
(0.01
)
 
(0.18
)
 
(0.06
)
Core EPS (non-GAAP)
 
$
0.71

 
$
0.64

 
$
0.58

 
$
2.57

 
$
2.19

 
 
 
 
 
 
 
 
 
 
 
Calculation of return on average tangible common equity:
 
 
 
 
 
 
 
 
GAAP net (loss) income
 
$
(9,832
)
 
$
20,569

 
$
18,110

 
$
50,244

 
$
64,080

Plus: Tax effected amortization of intangible assets
 
461

 
468

 
808

 
1,954

 
1,621

Net tangible income (non-GAAP)
 
$
(9,371
)
 
$
21,037

 
$
18,918

 
$
52,198

 
$
65,701

Average shareholders’ equity
 
$
751,950

 
$
738,123

 
$
694,788

 
$
725,763

 
$
638,624

Less: average goodwill and intangible assets
 
188,834

 
189,599

 
186,890

 
189,784

 
127,168

Net average tangible common equity
 
$
563,116

 
$
548,524

 
$
507,898

 
$
535,979

 
$
511,456

Return on average tangible common equity (non-GAAP)
 
(6.60
)%
 
15.22
 %
 
14.82
 %
 
9.74
 %
 
12.85
 %
 
 
 
 
 
 
 
 
 
 
 
Calculation of core return on average tangible common equity:
 
 
 
 
 
 
 
 
 
 
Non-GAAP net income
 
$
22,907

 
$
20,638

 
$
18,842

 
$
82,841

 
$
68,403

Plus: Tax effected amortization of intangible assets
 
461

 
468

 
808

 
1,954

 
1,621

Core net tangible income (non-GAAP)
 
$
23,368

 
$
21,106

 
$
19,650

 
$
84,795

 
$
70,024

Net average tangible common equity
 
$
563,116

 
$
548,524

 
$
507,898

 
$
535,979

 
$
511,456

Core return on average tangible common equity (non-GAAP)
 
16.46
 %
 
15.27
 %
 
15.39
 %
 
15.82
 %
 
13.69
 %