WSFS Financial Corp. (WSFS, Financial) filed Quarterly Report for the period ended 2010-09-30.
Wsfs Financial Corp. has a market cap of $302.3 million; its shares were traded at around $42.48 with a P/E ratio of 34.3 and P/S ratio of 1.5. The dividend yield of Wsfs Financial Corp. stocks is 1.1%. 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, Richard Pzena of Pzena Investment Management LLC.
Goodwill and other intangible assets with indefinite useful lives are tested for impairment at least annually and written down and charged to results of operations only in periods in which the recorded value is more than the estimated fair value. Intangible assets that have finite useful lives will continue to be amortized over their useful lives and are periodically evaluated for impairment. As of September 30, 2010, goodwill totaled $10.9 million, the majority of which is in the WSFS Bank reporting unit and is the result of a branch acquisition in 2008. In addition, amortizing intangibles totaled $2.4 million as of September 30, 2010 compared to $2.8 million at December 31, 2009.
Our total assets increased $50.4 million, or 1%, during the nine months ended September 30, 2010. Mortgage-backed securities increased $50.4 million, or 7% and cash and cash equivalents increased $13.0 million, or 4%. Partially offsetting these increases was a decrease in total loans of $6.6 million, or less than 1%. The decrease in loans was mainly attributable to a planned decrease in construction loans which decreased $47.7 million, or 21%, from December 31, 2009 and residential mortgage loans which decreased by $22.2 million over the same period. Partially offsetting the decrease in construction and residential mortgage loans was an increase in commercial and industrial loans of $68.0 million, or 6%, due to the addition of new customer relationships, as well as an increase of $26.4 million, or 5%, in commercial real estate loans with growth mainly in owner-occupied properties.
Total liabilities decreased $17.5 million, or less than 1%, between December 31, 2009 and September 30, 2010 to $3.4 billion. This decrease was mainly due to a $167.9 million, or 27% decrease, in Federal Home Loan Bank (FHLB) advances as well as a decrease in brokered deposits of $95.3 million or 28%. Offsetting these decreases were increases in customer deposits of $175.9 million, or 8%, other borrowed funds of $33.2 million, or 45%, and other jumbo certificates of deposit of $26.3 million or 38%. These changes continued to improve our funding mix as deposit growth reduced our use of wholesale funding. As of September 30, 2010 our top ten depositors represented $342.5 million in balances. These balances included corporate and public fund accounts in our local and contiguous markets.
Stockholders equity increased $67.9 million between December 31, 2009 and September 30, 2010. This increase was mainly due to $47.1 million in proceeds from the stock offering in the third quarter. Also contributing to the increase was net income of $12.0 million as well as an $11.5 million increase in the fair value of securities available-for-sale taken through other comprehensive income. The increase in net unrealized gains in our available-for-sale securities portfolio occurred despite the fact that we recognized notable gains from the sale of securities from this portfolio during the nine months ended September 30, 2010. Partially offsetting these increases was the payment of $4.6 million in common and preferred dividends during the nine months ended September 30, 2010.
During the nine months ended September 30, 2010, cash and cash equivalents increased $13.0 million to $334.8 million. The increase was a result of the following: a $235.4 million increase in cash provided through increases in demand, savings, and time deposits; an increase in cash of $54.9 million provided by operating activities; and a $47.1 million common equity offering (net of offering costs). Offsetting these increases in cash were: $167.9 million in repayments of net borrowings from the FHLB; a $95.9 million decrease in brokered deposits; $29.4 million of net purchases of mortgage-backed securities available-for-sale (purchases partially offset by repayments and sales); and a $27.1 million net increase in loans.
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Wsfs Financial Corp. has a market cap of $302.3 million; its shares were traded at around $42.48 with a P/E ratio of 34.3 and P/S ratio of 1.5. The dividend yield of Wsfs Financial Corp. stocks is 1.1%. 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, Richard Pzena of Pzena Investment Management 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.Goodwill and other intangible assets with indefinite useful lives are tested for impairment at least annually and written down and charged to results of operations only in periods in which the recorded value is more than the estimated fair value. Intangible assets that have finite useful lives will continue to be amortized over their useful lives and are periodically evaluated for impairment. As of September 30, 2010, goodwill totaled $10.9 million, the majority of which is in the WSFS Bank reporting unit and is the result of a branch acquisition in 2008. In addition, amortizing intangibles totaled $2.4 million as of September 30, 2010 compared to $2.8 million at December 31, 2009.
Our total assets increased $50.4 million, or 1%, during the nine months ended September 30, 2010. Mortgage-backed securities increased $50.4 million, or 7% and cash and cash equivalents increased $13.0 million, or 4%. Partially offsetting these increases was a decrease in total loans of $6.6 million, or less than 1%. The decrease in loans was mainly attributable to a planned decrease in construction loans which decreased $47.7 million, or 21%, from December 31, 2009 and residential mortgage loans which decreased by $22.2 million over the same period. Partially offsetting the decrease in construction and residential mortgage loans was an increase in commercial and industrial loans of $68.0 million, or 6%, due to the addition of new customer relationships, as well as an increase of $26.4 million, or 5%, in commercial real estate loans with growth mainly in owner-occupied properties.
Total liabilities decreased $17.5 million, or less than 1%, between December 31, 2009 and September 30, 2010 to $3.4 billion. This decrease was mainly due to a $167.9 million, or 27% decrease, in Federal Home Loan Bank (FHLB) advances as well as a decrease in brokered deposits of $95.3 million or 28%. Offsetting these decreases were increases in customer deposits of $175.9 million, or 8%, other borrowed funds of $33.2 million, or 45%, and other jumbo certificates of deposit of $26.3 million or 38%. These changes continued to improve our funding mix as deposit growth reduced our use of wholesale funding. As of September 30, 2010 our top ten depositors represented $342.5 million in balances. These balances included corporate and public fund accounts in our local and contiguous markets.
Stockholders equity increased $67.9 million between December 31, 2009 and September 30, 2010. This increase was mainly due to $47.1 million in proceeds from the stock offering in the third quarter. Also contributing to the increase was net income of $12.0 million as well as an $11.5 million increase in the fair value of securities available-for-sale taken through other comprehensive income. The increase in net unrealized gains in our available-for-sale securities portfolio occurred despite the fact that we recognized notable gains from the sale of securities from this portfolio during the nine months ended September 30, 2010. Partially offsetting these increases was the payment of $4.6 million in common and preferred dividends during the nine months ended September 30, 2010.
During the nine months ended September 30, 2010, cash and cash equivalents increased $13.0 million to $334.8 million. The increase was a result of the following: a $235.4 million increase in cash provided through increases in demand, savings, and time deposits; an increase in cash of $54.9 million provided by operating activities; and a $47.1 million common equity offering (net of offering costs). Offsetting these increases in cash were: $167.9 million in repayments of net borrowings from the FHLB; a $95.9 million decrease in brokered deposits; $29.4 million of net purchases of mortgage-backed securities available-for-sale (purchases partially offset by repayments and sales); and a $27.1 million net increase in loans.
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