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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

Stocks in this article: WSFS

Net loans increased $23.9 million, or 1%, compared to December 31, 2011.  This increase included growth of $44.9 million, or 2%, in total commercial loans, partially offset by reductions of $28.1 million in residential mortgage loans. The year-over-year comparison was impacted by the Company's successful dispositions of a significant amount of problem loans during the year, including the second quarter of 2012 Asset Strategies initiative.

The following table summarizes current loan balances and composition compared to prior periods.

  At At At
(Dollars in thousands) December 31, 2012 September 30, 2012 December 31, 2011
Commercial & industrial  $1,474,653   54%   $1,449,200   54%   $1,460,184   54% 
Commercial real estate  625,755   23   604,556   23   622,300   23 
Construction (1)  132,879   5   114,177   4   105,925   4 
Total commercial loans  2,233,287   82   2,167,933   81   2,188,409   81 
Residential mortgage 257,559   9  271,247   10  285,688   10 
Consumer 289,750   11  283,484   11  291,757   11 
Allowance for loan losses (43,922) (2) (45,598) (2) (53,080) (2)
Net Loans  $2,736,674   100%   $2,677,066   100%  $2,712,774   100% 
(1) Includes $28.3 million of commercial, $54.2 million of residential and $50.4 million of owner-occupied construction loans at December 31, 2012.

Asset quality continues to fundamentally improve

The Bank's ratio of classified assets to total Tier 1 capital plus the allowance for loan losses ("ALLL") was 36.8%, a continued improvement from 43.4% at September 30, 2012 and 52.2% at December 31, 2011. Total problem loans (all criticized, classified and nonperforming loans) improved during the quarter to 52.5% of Tier 1 capital plus ALLL compared to 59.7% at September 30, 2012 and 84.8% at December 31, 2011. These improvements reflect positive loan risk-rating migration, continued problem asset disposition efforts and prudent credit management. 

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