WSFS Financial Corp. (WSFS, Financial) filed Quarterly Report for the period ended 2010-06-30.
Wsfs Financial Corp. has a market cap of $269.7 million; its shares were traded at around $38 with a P/E ratio of 122.7 and P/S ratio of 1.3. The dividend yield of Wsfs Financial Corp. stocks is 1.3%. Wsfs Financial Corp. had an annual average earning growth of 1.8% over the past 10 years.WSFS is in the portfolios of Private Capital of Private Capital Management, Westport Asset Management, Jim Simons of Renaissance Technologies LLC.
Our total assets increased $43.4 million, or 1%, during the six months ended June 30, 2010. This increase was primarily due to mortgage-backed securities which increased $74.3 million, or 11%. Offsetting this increase was a decrease in total loans of $19.2 million, or less than 1%. The decrease in loans was mainly attributable to residential mortgage loans which decreased $13.6 million from December 31, 2009, which was mainly the result of loan sales totaling $35.9 million during the six months ended June 30, 2010. Offsetting the decrease in residential loans was an increase in commercial and commercial real estate loans of $10.1 million due to the addition of new customer relationships, despite continued intentional decline in construction and land development loans (“CLD”) of $39.9 million.
Total liabilities increased $30.4 million, or 1%, between December 31, 2009 and June 30, 2010 to $3.5 billion. This increase was mainly due to an $89.9 million, or 4% increase in customer deposits, as well as an increase in other jumbo certificates of deposit of $22.7 million, or 33%. The increases in customer deposits improved our funding mix as deposit growth reduced our use of wholesale funding, which resulted in a decrease in Federal Home Loan Bank (“FHLB”) advances of $41.1 million, or 7%. Finally, brokered deposits decreased by $45.7 million, or 13%.
Stockholders equity increased $12.9 million between December 31, 2009 and June 30, 2010. This increase was mainly due to a $10.8 million increase of the fair value of securities available-for-sale taken through other comprehensive income. Also contributing to the increase was net income of $3.8 million as well as an increase of $1.1 million related to equity based incentive plans. Partially offsetting these increases was the payment of common and preferred dividends of $1.7 million and $1.3 million, respectively, during the six months ended June 30, 2010. At June 30, 2010, the Bank was in compliance with regulatory capital requirements and is considered a “well-capitalized” institution. Additionally, the Company holds $29 million of funds which support its cash needs and can be contributed as capital to the Bank to support its balance sheet and growth.
During the six months ended June 30, 2010, cash and cash equivalents increased $378,000 to $322.1 million. The increase was a result of the following: a $99.3 million increase in cash provided through increases in demand and savings deposits; repayments on mortgage-backed securities available-for-sale of $90.5 million; the sale of mortgage-backed securities available-for-sale of $46.0 million; an increase in cash of $33.6 million provided by operating activities; and an increase of $19.4 million in time deposits. Offsetting these increases in cash were purchases of mortgage-backed securities available-for-sale which used cash of $192.7 million and a decrease in brokered deposits which resulted in the use of $46.1 million in cash. Repayments of net borrowings from the FHLB decreased cash by $41.1 million during the six months ended June 30, 2010.
Nonperforming assets increased only $3.7 million between December 31, 2009 and June 30, 2010. As a result, nonperforming assets as a percent of total assets increased to 2.26% at June 30, 2010 from 2.19% at December 31, 2009. New nonperforming loans in commercial business and retail lending categories slightly outpaced the reduction of nonperforming construction loans. Nonperforming construction loans decreased by $13.6 million during the six months ended June 30, 2010 and reflect the impact of our proactive asset disposition efforts. Further, $4 million of additional nonperforming assets sales are expected to close in the third quarter of 2010.
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Wsfs Financial Corp. has a market cap of $269.7 million; its shares were traded at around $38 with a P/E ratio of 122.7 and P/S ratio of 1.3. The dividend yield of Wsfs Financial Corp. stocks is 1.3%. Wsfs Financial Corp. had an annual average earning growth of 1.8% over the past 10 years.WSFS is in the portfolios of Private Capital of Private Capital Management, Westport Asset Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
On June 24, 2010, we entered into a Stock Purchase Agreement with National Penn Bancshares, Inc. (“National Penn”) pursuant to which we will purchase all of the issued and outstanding shares of Christiana Bank & Trust Company (“CBT”), a Delaware banking corporation and wholly owned subsidiary of National Penn for a total purchase price of $34.5 million in cash. As a result of the transaction, we estimate we will acquire approximately $161 million in deposits, approximately $115 million in performing loans and approximately $6 billion in trust assets under administration or management. Completion of the transaction is subject to the receipt of all required regulatory approvals and certain other standard closing conditions. Immediately after the closing of the stock purchase, CBT will be merged with and into WSFS Bank. We anticipate that the closing will occur in the fourth quarter of 2010.Our total assets increased $43.4 million, or 1%, during the six months ended June 30, 2010. This increase was primarily due to mortgage-backed securities which increased $74.3 million, or 11%. Offsetting this increase was a decrease in total loans of $19.2 million, or less than 1%. The decrease in loans was mainly attributable to residential mortgage loans which decreased $13.6 million from December 31, 2009, which was mainly the result of loan sales totaling $35.9 million during the six months ended June 30, 2010. Offsetting the decrease in residential loans was an increase in commercial and commercial real estate loans of $10.1 million due to the addition of new customer relationships, despite continued intentional decline in construction and land development loans (“CLD”) of $39.9 million.
Total liabilities increased $30.4 million, or 1%, between December 31, 2009 and June 30, 2010 to $3.5 billion. This increase was mainly due to an $89.9 million, or 4% increase in customer deposits, as well as an increase in other jumbo certificates of deposit of $22.7 million, or 33%. The increases in customer deposits improved our funding mix as deposit growth reduced our use of wholesale funding, which resulted in a decrease in Federal Home Loan Bank (“FHLB”) advances of $41.1 million, or 7%. Finally, brokered deposits decreased by $45.7 million, or 13%.
Stockholders equity increased $12.9 million between December 31, 2009 and June 30, 2010. This increase was mainly due to a $10.8 million increase of the fair value of securities available-for-sale taken through other comprehensive income. Also contributing to the increase was net income of $3.8 million as well as an increase of $1.1 million related to equity based incentive plans. Partially offsetting these increases was the payment of common and preferred dividends of $1.7 million and $1.3 million, respectively, during the six months ended June 30, 2010. At June 30, 2010, the Bank was in compliance with regulatory capital requirements and is considered a “well-capitalized” institution. Additionally, the Company holds $29 million of funds which support its cash needs and can be contributed as capital to the Bank to support its balance sheet and growth.
During the six months ended June 30, 2010, cash and cash equivalents increased $378,000 to $322.1 million. The increase was a result of the following: a $99.3 million increase in cash provided through increases in demand and savings deposits; repayments on mortgage-backed securities available-for-sale of $90.5 million; the sale of mortgage-backed securities available-for-sale of $46.0 million; an increase in cash of $33.6 million provided by operating activities; and an increase of $19.4 million in time deposits. Offsetting these increases in cash were purchases of mortgage-backed securities available-for-sale which used cash of $192.7 million and a decrease in brokered deposits which resulted in the use of $46.1 million in cash. Repayments of net borrowings from the FHLB decreased cash by $41.1 million during the six months ended June 30, 2010.
Nonperforming assets increased only $3.7 million between December 31, 2009 and June 30, 2010. As a result, nonperforming assets as a percent of total assets increased to 2.26% at June 30, 2010 from 2.19% at December 31, 2009. New nonperforming loans in commercial business and retail lending categories slightly outpaced the reduction of nonperforming construction loans. Nonperforming construction loans decreased by $13.6 million during the six months ended June 30, 2010 and reflect the impact of our proactive asset disposition efforts. Further, $4 million of additional nonperforming assets sales are expected to close in the third quarter of 2010.
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