1
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WSFS Financial 838 Market Street, Wilmington, Delaware 19801
Corporation
-----------
PRESS RELEASE
FOR IMMEDIATE RELEASE Contact: Stephen A. Fowle
January 25, 2007 (302) 571-6833
WSFS ANNOUNCES INCREASED 4Q '06 EPS OF $1.10, AND FULL YEAR EPS OF $4.41,
AN INCREASE OF 13% FROM 2005
WSFS Financial Corporation (NASDAQ/NMS: WSFS), the parent company of
Wilmington Savings Fund Society, FSB, reported quarterly net income of $7.6
million, or $1.10 per diluted share, a 7% increase over reported net income of
$7.1 million, or $1.03 per share for the fourth quarter of 2005. Net income for
the full year of 2006 was $30.4 million, or $4.41 per diluted share, a 13%
increase over $3.89 per diluted share reported for 2005.
Highlights include:
o Reported net interest margin of 3.06% an increase of 18 basis
points from the prior quarter
o WSFS provided shareholders a return on equity for 2006 of 15.42%
versus 14.78% for 2005
o Increase in customer deposits of $51.3 million, up 4% on a
linked-quarter basis and growth of $149.8 million or 13% over the
fourth quarter of 2005
o Net loans surpassed $2 billion for the first time reflecting
growth of $244.0 million or 14% over the fourth quarter of 2005
o Growth in noninterest income of $1.6 million, or 17% over the
fourth quarter of 2005
o Opening of a new temporary branch office in Smyrna (Kent County,
Delaware), relocation of our University Plaza office (New Castle
County, Delaware) and the opening of our new flagship branch in
downtown Wilmington, in January 2007
o Continued outstanding asset quality with nonperforming assets to
total assets improving 0.04% to 0.14%
o Repurchase of 71,500 shares of stock or approximately 1% of
shares outstanding
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Marvin N. Schoenhals, Chairman and President of WSFS, said, "We
continue to be pleased with our growth. We are particularly encouraged that our
initiatives to promote deposit gathering have added to our already strong
results. Our 4% linked-quarter growth in deposits reflects the continued
expansion of our branch network, addition of deposit specific relationship
managers, realignment of incentives, and success with remote deposit capture
technology."
Fourth Quarter 2006 Financial Highlights
WSFS reports an 18 basis point increase in net interest margin
The net interest margin of 3.06% for the fourth quarter of 2006
increased 18 basis points from the third quarter of 2006. Net interest income
for the fourth quarter of 2006 was $20.1 million. This compares to $18.5 million
reported for the same quarter in 2005 and $19.1 million reported for the third
quarter of 2006. The net interest margin comparison to the third quarter of 2006
was favorably affected by $296,000 (or 4 basis points of margin) of additional
income related to reverse mortgages. During the third quarter of 2006 the net
interest margin was negatively impacted by a non-cash charge associated with
trust preferred borrowings ($411,000 or 6 basis points of margin) related to
hedge accounting. Adjusted for these two items, the net interest margin
increased by a solid 8 basis points.
"Despite continued margin pressures in the banking industry,"
Schoenhals added, "steps we have taken to realign our balance sheet and improve
our margin, including the sale of low yielding securities near the end of the
third quarter, have paid off in greater net interest income and a higher margin
percentage. We are pleased with our progress to date and expect to continue our
strategy."
WSFS customer deposits increased 4% on a linked-quarter basis
Total customer deposits (core deposits and customer time deposits)
reached $1.3 billion at December 31, 2006, an increase of $149.8 million, or
13%, over December 31, 2005 and an increase of $51.3 million, or 4% over
September 30, 2006. This growth far exceeded the 9.4% annual deposit growth
estimated by the Federal Reserve for all commercial banks in the U.S. during
2006.
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The following table summarizes the current customer deposit balances
and composition compared to historical periods.
At At At
(Dollars in thousands) Dec. 31, 2006 Sep. 30, 2006 Dec. 31, 2005
------------- ------------- -------------
Amount % Amount % Amount %
------ - ------ - ------ -
Non-interest demand $ 276,338 21% $ 263,363 20% $ 279,415 23%
Interest bearing demand 146,719 11 127,861 10 141,378 12
Savings 226,853 17 238,978 19 251,675 21
Money market 246,645 18 235,210 18 209,398 18
---------- --- ---------- --- ---------- ---
Total core deposits 896,555 67 865,412 67 881,866 74
Customer time 447,151 33 427,025 33 312,065 26
---------- --- ---------- --- ---------- ---
Total customer deposits $1,343,706 100% $1,292,437 100% $1,193,931 100%
As with much of the industry, the change in WSFS' mix of deposits
continues to be affected by consumer preference for higher yielding
non-transaction accounts, when compared to this time last year.
Net loans exceed $2 billion, an increase of 14% from the fourth quarter of 2005
Net loans were $2.0 billion at December 31, 2006, an increase of $244.0
million, or 14%, over December 31, 2005 and an increase of $31.8 million, or 2%
over September 30, 2006. This is the first quarter in which WSFS reported net
loans in excess of $2 billion. Continuing the trend experienced in recent years,
commercial and commercial real estate (CRE) loans increased $210.1 million, or
19%, over December 31, 2005 and $40.7 million, or 3%, over September 30, 2006
and drove overall portfolio growth.
The following table summarizes the current loan balances and
composition as well as recent changes in balances and composition.
At At At
(Dollars in thousands) Dec. 31, 2006 Sep. 30, 2006 Dec. 31, 2005
------------- ------------- -------------
Amount % Amount % Amount %
------ - ------ - ------ -
Commercial and CRE $1,304,984 64% $1,264,246 64% $1,094,913 61%
Residential 476,915 24 484,105 24 459,680 26
Consumer 264,307 13 265,378 13 245,646 14
Allowance for loan losses (27,384) (1) (26,747) (1) (25,381) (1)
---------- --- ---------- --- ---------- ---
Net Loans $2,018,822 100% $1,986,982 100% $1,774,858 100%
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Nonperforming Assets improve from already strong levels
The Company recorded a provision for loan losses of $1.0 million in the
fourth quarter of 2006. The provision reflects continued strong growth in the
bank's commercial loan portfolio. This provision compares to $319,000 in the
third quarter of 2006 and $1.0 million in the fourth quarter of 2005. The ratio
of allowance for loan losses to total loans is 1.34%, up slightly from 1.33% at
September 30, 2006.
Asset quality statistics continue to remain strong. Nonperforming
assets as a percentage of assets were 0.14% at December 31, 2006 compared to
0.18% at September 30, 2006 and 0.12% at December 31, 2005. Annualized net
charge-offs in the fourth quarter of 2006 were 0.08% of average loans (0.03% of
which were checking overdraft charge-offs) compared to annualized net
charge-offs of 0.05% (0.03% of which were checking overdraft charge-offs) for
the third quarter of 2006 and annualized net charge-offs of 0.13% for the fourth
quarter of 2005. Net charge-offs for 2006 were 0.04% (0.02% of which were
checking overdraft charge-offs) compared to 0.09% for 2005. Prior to the second
quarter of 2006 overdraft charge-offs were not included with loan charge-offs.
Noninterest Income up 17% over the fourth quarter of 2005
During the fourth quarter of 2006, the Company recorded noninterest
income of $11.1 million, which was $1.6 million, or 17% greater than the fourth
quarter of 2005 and $769,000, or a strong 7% growth over the third quarter of
2006. The increase over the fourth quarter 2005 was mainly attributable to a
$1.1 million increase in deposit service charges and a $561,000 increase in
credit/debit card and ATM income. Increased deposit service charges were due to
an increase in deposit accounts and additional fee-based services provided by
WSFS. The increase in credit/debit card and ATM income was primarily due to
increased volumes of cash in non-owned ATMs and higher rates earned on this
cash. During the fourth quarter fee revenues represented a healthy 35% of total
revenues.
Consistent with the year-over-year trend, the increase over the third
quarter of 2006 was mainly attributable to $889,000 in increased deposit service
charges. During the third quarter of 2006 the Bank received $1.8 million in
unanticipated (non-taxable) income related to its
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investment in bank-owned life insurance (BOLI) and recognized a $1.9 million
loss on the sale of $51.4 million in below-market yielding mortgage-backed
securities (MBS) as part of its ongoing balance sheet realignment.
Noninterest expense levels reflect continued growth and investment in the
franchise
Noninterest expenses for the fourth quarter of 2006 totaled $18.6
million, which was $2.4 million, or 15% greater than the fourth quarter of 2005
and $966,000, or 5% greater than the third quarter of 2006. This increase in the
fourth quarter of 2006 was mainly related to the Company's continued growth
including the opening of three branch offices, two branch
renovations/relocations during 2006 and the formation of the Wealth Management
Division. This growth is reflected in higher compensation, equipment and other
operating expenses. The number of full-time equivalent Associates increased from
515 in the fourth quarter of 2005 to 573 in the fourth quarter of 2006. The
increase in salaries, benefits and other compensation also includes $550,000
(pre-tax), or $0.07 (after-tax) per share, of stock option expense due to the
implementation of SFAS 123 (revised 2004), Share-Based Payment (SFAS 123R), this
year. This increase included $233,000 (pre-tax), or $0.03 (after-tax) per share,
from the immediate expensing of options granted to retirement-eligible
Associates during the fourth quarter of 2006, as required by SFAS 123R.
Similarly, the increase over the third quarter of 2006 was due to
growth efforts affecting compensation and other operating expenses. The increase
in compensation was also, in a large part, due to $233,000 in expenses related
to stock options discussed in the prior paragraph.
When compared to the prior quarter, net income before taxes increased.
However, net income decreased over the same period due to a lower effective tax
rate during the third quarter from the previously mentioned non-taxable income
related to the Bank's investment in BOLI.
1% share repurchase reflects continued capital management
During the fourth quarter of 2006, the Company repurchased 71,500
shares of common stock at an average price of $65.26 per share. For the year the
Company has repurchased 103,400 shares of common stock at an average price of
$63.86 per share. At December 31,
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2006, the Company had 546,600 shares remaining under its current share
repurchase authorization, or 8.2% of its 6.6 million outstanding shares.
The ratio of tangible equity to assets was 7.00% at December 31, 2006.
The Tier 1 capital ratio was 12.42%, which is more than double the 6.00% level
required to be considered "well-capitalized" under regulatory definitions.
Tangible book value per share was $31.58 at December 31, 2006. Each of these
ratios increased this quarter despite the repurchase of more than 1% of the
Company's outstanding shares.
WSFS Financial Corporation is a $3.0 billion financial services
company. Its principal subsidiary, Wilmington Savings Fund Society, FSB,
currently operates 28 retail banking offices in all three counties in Delaware,
as well as Chester and Delaware Counties in Pennsylvania, providing full banking
services under the WSFS Bank brand, and wealth management and personal trust
services under Wilmington Advisors, a division of WSFS Bank. Other subsidiaries
include: WSFS Investment Group, Inc., Montchanin Capital Management, Inc. and
WSFS Reit, Inc. For more information, please visit the Bank's website at
www.wsfsbank.com.
* * *
Statements contained in this news release which are not historical
facts, are forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties which could cause actual results to differ
materially from those currently anticipated due to a number of factors, which
include, but are not limited to, factors discussed in documents filed by WSFS
Financial Corporation with the Securities and Exchange Commission from time to
time. The Corporation does not undertake to update any forward-looking
statement, whether written or oral, that may be made from time to time by or on
behalf of the Corporation.
# # #
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WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
STATEMENT OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
Three months ended Twelve months ended
---------------------------------------------- -----------------------------
December 31, September 30, December 31, December 31, December 31,
2006 2006 2005 2006 2005
-------------- ------------ ------------ -------------- ------------
Interest income:
Interest and fees on loans $ 38,624 $ 37,577 $ 29,616 $ 143,629 $ 105,639
Interest on mortgage-backed securities 6,455 7,186 6,924 28,444 25,687
Interest and dividends on investment securities 929 616 943 2,568 3,258
Other interest income 693 752 352 2,536 1,438
-------------- ------------ ------------ -------------- ------------
46,701 46,131 37,835 177,177 136,022
-------------- ------------ ------------ -------------- ------------
Interest expense:
Interest on deposits 13,025 11,392 7,267 42,707 21,690
Interest on Federal Home Loan Bank advances 10,747 12,384 9,254 45,878 30,659
Interest on trust preferred borrowings 1,194 1,736 1,659 5,053 5,292
Interest on other borrowings 1,645 1,499 1,119 5,640 4,739
-------------- ------------ ------------ -------------- ------------
26,611 27,011 19,299 99,278 62,380
-------------- ------------ ------------ -------------- ------------
Net interest income 20,090 19,120 18,536 77,899 73,642
Provision for loan losses 1,036 319 1,006 2,738 2,582
-------------- ------------ ------------ -------------- ------------
Net interest income after provision for loan losses 19,054 18,801 17,530 75,161 71,060
-------------- ------------ ------------ -------------- ------------
Noninterest income:
Credit/debit card and ATM income 4,835 4,982 4,274 18,835 15,049
Deposit service charges 3,868 2,979 2,750 12,250 10,091
Bank owned life insurance income 565 2,401 481 3,976 2,003
Investment advisory income 578 573 641 2,399 2,519
Loan fee income 532 458 488 1,824 1,999
Mortgage banking activities, net 6 136 104 225 391
Securities (losses) gains - (1,940) 4 (1,981) (605)
Other income 694 720 757 2,777 3,206
-------------- ------------ ------------ -------------- ------------
11,078 10,309 9,499 40,305 34,653
-------------- ------------ ------------ -------------- ------------
Noninterest expenses:
Salaries, benefits and other compensation 10,567 10,189 8,795 39,369 35,172
Occupancy expense 1,474 1,387 1,339 5,508 5,168
Equipment expense 1,174 1,162 992 4,393 3,879
Data processing and operations expense 879 886 795 3,511 3,465
Marketing expense 696 676 703 2,713 2,745
Professional fees 721 587 755 2,070 2,416
Other operating expenses 3,042 2,700 2,775 11,750 10,032
-------------- ------------ ------------ -------------- ------------
18,553 17,587 16,154 69,314 62,877
-------------- ------------ ------------ -------------- ------------
Income before minority interest and taxes 11,579 11,523 10,875 46,152 42,836
Less minority interest 11 9 11 51 133
-------------- ------------ ------------ -------------- ------------
Income before taxes 11,568 11,514 10,864 46,101 42,703
Income tax provision 3,969 3,511 3,771 15,660 14,847
-------------- ------------ ------------ -------------- ------------
Net income $ 7,599 $ 8,003 $ 7,093 $ 30,441 $ 27,856
============== ============ ============ ============== ============
Diluted earnings per share:
Net income $ 1.10 $ 1.16 $ 1.03 $ 4.41 $ 3.89
============== ============ ============ ============== ============
Weighted average shares outstanding for diluted EPS 6,904,313 6,915,021 6,862,248 6,903,702 7,152,227
- ------------------------------------------------------------------------------------------------- -----------------------------
Performance Ratios:
Return on average assets (a) 1.02 % 1.06 % 1.03 % 1.03 % 1.05 %
Return on average equity (a) 14.25 16.02 15.97 15.42 14.78
Net interest margin (a)(b) 3.06 2.88 3.06 2.98 3.13
Efficiency ratio (c) 58.99 59.19 57.04 58.09 57.46
Noninterest income as a percentage of total revenue (b) 35.22 34.70 33.54 33.78 31.67
- ------------------------------------------------------------------------------------------------- -----------------------------
See "Notes"
8
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
SUMMARY STATEMENT OF CONDITION:
(Dollars in thousands)
(Unaudited)
December 31, September 30, December 31,
2006 2006 2005
---------------- -------------- -------------
Summary Statement of Condition:
Assets:
- ------
Cash and due from banks $ 73,989 $ 67,616 $ 59,251
Cash in non-owned ATMs 166,092 155,257 174,527
Investment securities (d)(e) 54,491 54,599 57,489
Other investments 41,615 63,784 46,466
Mortgage-backed securities (d) 516,711 537,912 620,323
Net loans (f)(g) 2,018,822 1,986,982 1,774,858
Loans held for sale (f) 919 621 436
Bank owned life insurance 55,282 57,604 54,193
Other assets 69,475 75,327 59,209
---------------- -------------- -------------
Total assets $ 2,997,396 $ 2,999,702 $ 2,846,752
================ ============== =============
Liabilities and Stockholders' Equity:
- ------------------------------------
Noninterest-bearing deposits $ 276,338 $ 263,363 $ 279,415
Interest-bearing deposits 1,067,368 1,029,074 914,516
---------------- -------------- -------------
Total customer deposits 1,343,706 1,292,437 1,193,931
Other jumbo CDs 111,388 84,352 40,567
Brokered deposits 301,254 239,361 211,738
---------------- -------------- -------------
Total deposits 1,756,348 1,616,150 1,446,236
Federal Home Loan Bank advances 784,028 956,755 1,008,721
Other borrowings 218,651 188,960 186,287
Other liabilities 26,256 29,407 23,327
---------------- -------------- -------------
Total liabilities 2,785,283 2,791,272 2,664,571
---------------- -------------- -------------
Minority interest 54 47 206
Stockholders' equity 212,059 208,383 181,975
---------------- -------------- -------------
---------------- -------------- -------------
Total liabilities, minority interest and
stockholders' equity $ 2,997,396 $ 2,999,702 $ 2,846,752
================ ============== =============
- -----------------------------------------------------------------------------------------------------------
Capital Ratios:
Equity to asset ratio 7.07 % 6.95 % 6.39 %
Tangible equity to asset ratio 7.00 6.87 6.33
Core capital (h) (required: 4.00%; well-capitalized: 5.00%) 9.25 8.96 8.56
Tier 1 Capital (h) (required: 4.00%; well-capitalized: 6.00%) 12.42 12.21 12.31
Risk-based capital (h) (required: 8.00%; well-capitalized: 10.00%) 13.54 13.32 13.38
- -----------------------------------------------------------------------------------------------------------
Asset Quality Indicators:
Nonperforming Assets:
Nonaccruing loans $ 3,832 $ 5,496 $ 3,410
Assets acquired through foreclosure 388 17 59
---------------- -------------- -------------
Total nonperforming assets $ 4,220 $ 5,513 $ 3,469
================ ============== =============
Past due loans (i) $ 251 $ 289 $ 386
Allowance for loan losses $ 27,384 $ 26,747 $ 25,381
Ratio of nonperforming assets to total assets 0.14 % 0.18 % 0.12 %
Ratio of allowance for loan losses to total gross
loans (j) 1.34 1.33 1.41
Ratio of allowance for loan losses to nonaccruing
loans (k) 705 477 709
Ratio of quarterly net (recoveries) charge-offs
to average gross loans (a)(f) 0.08 0.05 0.13
- -----------------------------------------------------------------------------------------------------------
See "Notes"
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WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
AVERAGE BALANCE SHEET
(Dollars in thousands)
(Unaudited)
Three months ended
---------------------------------------------------------------------------------------------------
December 31, 2006 September 30, 2006 December 31, 2005
------------------------------ ------------------------------- ------------------------------
Average Interest & Yield/ Average Interest & Yield/ Average Interest & Yield/
Balance Dividends Rate (a)(b) Balance DividendsRate (a)(b Balance Dividends Rate (a)(b)
-------------------------------- ------------------------------- --------- ---------------------
Assets:
Interest-earning assets:
Loans: (f) (l)
Commercial real estate loans $ 656,780 $ 13,938 8.49 % $ 639,307 $13,537 8.47 % $ 580,554 $ 10,951 7.55 %
Residential real estate loans 479,412 6,760 5.64 491,223 6,798 5.54 447,670 5,854 5.23
Commercial loans 627,892 12,888 8.21 601,763 12,294 8.18 485,242 8,632 7.19
Consumer loans 264,210 5,021 7.54 262,600 4,938 7.46 237,657 4,162 6.95
---------- -------- ---------- ------- ---------- --------
Total loans 2,028,294 38,607 7.67 1,994,893 37,567 7.59 1,751,123 29,599 6.83
Mortgage-backed securities (d) 530,385 6,455 4.87 593,589 7,186 4.84 598,171 6,924 4.63
Loans held-for-sale (f) 938 17 7.25 1,185 10 3.38 1,061 17 6.41
Investment securities (d)(e) 54,712 929 6.79 52,935 616 4.65 57,499 943 6.56
Other interest-earning assets 47,777 693 5.75 55,668 752 5.36 48,736 352 2.87
---------- -------- ---------- ------- --------- -------
Total interest-earning assets 2,662,106 46,701 7.06 2,698,270 46,131 6.88 2,456,590 37,835 6.21
-------- ------- -------
Allowance for loan losses (27,093) (26,938) (25,190)
Cash and due from banks 66,701 57,372 54,486
Cash in non-owned ATMs 151,675 158,396 143,226
Bank owned life insurance 56,357 55,414 53,894
Other noninterest-earning assets 60,919 63,607 59,249
---------- ---------- ----------
Total assets $2,970,665 $3,006,121 $2,742,255
========== ========== ==========
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest bearing deposits:
Interest-bearing demand $ 126,509 $ 254 0.80 $ 121,160 $ 229 0.75 $ 119,390 $ 101 0.34
Money market 247,489 2,318 3.72 227,285 2,080 3.63 223,358 1,475 2.62
Savings 233,392 615 1.05 241,823 667 1.09 256,047 922 1.43
Customer time deposits 434,395 4,942 4.51 415,792 4,183 3.99 292,503 2,281 3.09
---------- ------- ---------- -------- ---------- -------
Total interest-bearing
custommer deposits 1,041,785 8,129 3.10 1,006,060 7,159 2.82 891,298 4,779 2.13
Other jumbo certificates of
deposits 100,667 1,365 5.38 77,255 1,039 5.34 43,444 417 3.81
Brokered deposits 261,714 3,531 5.35 238,983 3,194 5.30 212,550 2,071 3.87
---------- ------- ---------- ------- ---------- -------
Total interest-bearing
deposits 1,404,166 13,025 3.68 1,322,298 11,392 3.42 1,147,292 7,267 2.51
FHLB of Pittsburgh advances 863,177 10,747 4.87 1,002,001 12,384 4.84 946,375 9,254 3.83
Trust preferred borrowings 67,011 1,194 6.97 67,011 1,736 10.14 67,011 1,659 9.69
Other borrowed funds 136,653 1,645 4.82 123,377 1,499 4.86 124,810 1,119 3.59
---------- ------- ---------- ------- ---------- -------
Total interest-bearing
liabilities 2,471,007 26,611 4.31 2,514,687 27,011 4.30 2,285,488 19,299 3.38
------- ------- -------
Noninterest-bearing demand
deposits 258,702 265,594 254,542
Other noninterest-bearing
liabilities 27,665 25,970 24,372
Minority interest 51 68 216
Stockholders' equity 213,240 199,802 177,637
---------- ---------- ---------
Total liabilities and
stockholders' equity $2,970,665 $3,006,121 $2,742,255
========== ========== ==========
Excess of interest-earning
assets over interest-bearing
liabilities $ 191,099 $ 183,583 $ 171,102
========== ========== ==========
Net interest and dividend income $20,090 $19,120 $18,536
======= ======= =======
Interest rate spread 2.75% 2.58% 2.83%
===== ==== ====
Net interest margin 3.06% 2.88% 3.06%
===== ==== ====
See "Notes"
10
WSFS FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
Three months ended Twelve months ended
----------------------------------------- ---------------------------
December 31, September 30, December 31, December 31, December 31,
2006 2006 2005 2006 2005
----------------------------------------- ------------ ------------
Stock Information:
Market price of common stock:
High $ 68.00 $ 64.37 $ 64.65 $ 68.00 $ 64.65
Low 60.35 58.08 57.55 58.08 49.80
Close 66.93 62.19 61.25 66.93 61.25
Book value per share 31.93 31.22 27.59
Tangible book value per share 31.58 30.87 27.32
Number of shares outstanding (000s) 6,642 6,675 6,596
---------------------------------------------------------------------------------------------------------------------------
Other Financial Data:
One-year repricing gap to total assets (m) (1.03)% (1.18)% (0.57)%
Weighted average duration of the MBS portfolio 2.9 years 3.0 years 3.1 years
Unrealized losses on securities
available-for-sale, net of taxes $ (8,012) $ (7,749) $ (9,667)
Number of associates (FTEs) 573 592 515
Number of branch offices 27 26 24
Number of WSFS owned ATMs 313 316 271
---------------------------------------------------------------------------------------------------------------------------
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.
(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.