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WSFS Reports 4th Quarter And Full Year 2012 Net Income; Full Year EPS Increased 43% Above 2011 Levels; ROA Improved 30% Over 2011

WILMINGTON, Del., Jan. 31, 2013 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq:WSFS), the parent company of WSFS Bank, reported net income of $31.3 million or $3.25 per diluted common share for the full year of 2012, a 43% improvement from $2.28 per diluted common share, or $22.7 million, reported for the full year 2011.

For the fourth quarter of 2012, WSFS reported net income of $7.6 million, or $0.78 per diluted common share, compared to net income of $10.0 million, or $1.06 per diluted common share for the third quarter of 2012, and net income of $6.2 million, or $0.63 per diluted common share for the fourth quarter of 2011.

Highlights for the fourth quarter:
  • Core revenues (q) increased 10% annualized from prior quarter, driven by both net interest income and robust fee income growth, reflecting success in building market share.
  • Record sales of Personal Trust products were accompanied by strong revenues in Investment Management and Retail Brokerage. Overall wealth management income increased 20% from the fourth quarter of 2011.
  • Lending growth accelerated in the quarter with total net loans increasing $59.6 million, or 9% annualized. This growth included an increase of $65.4 million, or 12% annualized in total commercial loans, and an increase of $6.3 million, or 9% annualized in consumer loans.
  • Customer funding growth continued at strong levels despite intentional run-off in high-cost certificate of deposit accounts. Adjusted for short-term, temporary trust deposits held at year end, total customer funding increased $62.9 million, or 9% annualized, and core deposits increased $154.0 million, or 28% annualized during the fourth quarter of 2012.

Notable items in the fourth quarter:
  • WSFS realized $3.6 million, or $0.26 per diluted common share (after-tax), in net gains on securities sales, primarily from continued portfolio management. In addition, a portion of the gain resulted from the early-stages of a program to deleverage the Company's balance sheet by $125 million in MBS. As of the end of 2012, approximately $55 million of the MBS reduction was completed (with the balance identified and completed during January 2013).
  • More than offsetting the gains on securities sales, on December 13, 2012, WSFS prepaid $125 million in FHLB advances with an average rate of 2.63% and recorded a prepayment penalty of $3.7 million, or $0.26 per diluted common share (after-tax).
  • A change in the method of billing for armored car services by the Company's Cash Connect division caused revenues and expenses for these services to be reported separately rather than netted together in the Company's Statement of Operations. The impact will be ongoing and resulted in an increase of $660,000 in both noninterest income (other income) and noninterest expenses (other operating expenses) during the fourth quarter of 2012.

CEO outlook and commentary:

Mark A. Turner, President and CEO, said, "We are pleased to report strong growth in bottom line performance at WSFS for 2012; recording solid increases in return on assets, return on equity and diluted earnings per share compared to 2011 levels. These substantial increases reflect growth and improvement in all of our business segments driven by increased revenues, despite industry headwinds.

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