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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

Nonperforming assets were $62.5 million, or 1.43% of total assets at December 31, 2012, compared to $57.1 million, or 1.34% at September 30, 2012 and $91.7 million, or 2.14% at December 31, 2011.  

The percentage of loan delinquencies (including delinquent nonperforming loans) to total loans was 1.62% as of December 31, 2012 compared to 1.27% as of September 30, 2012 and 2.48% as of December 31, 2011. Performing loan delinquencies remained unchanged at a very low 0.40% of total loans. 

The following table summarizes current loan portfolio delinquencies as a percent of total loans compared to prior periods.

  At At At
(Dollars in thousands) December 31, 2012 September 30, 2012 December 31, 2011
Total commercial loans  $2,817   0.13%   $2,281   0.11%   $5,677  0.26%
Residential mortgage  6,775   2.78   6,490   2.59   7,626   2.77
Consumer  1,497   0.19   1,935   0.68   3,492   1.20
Performing loan delinquencies  11,089   0.40   10,706   0.40   16,795   0.61
Nonperforming loan delinquencies  33,920   1.22   23,603   0.87   51,467   1.87
Total loan delinquencies  $45,009   1.62%   $34,309   1.27%  $ 68,262   2.48%

Asset quality statistics in any quarter can be negatively affected by the change in status of a small number of large commercial credits. This was the case in the fourth quarter, as asset quality was impacted by one commercial relationship ($12.4 million) of which a substantial portion became delinquent. The entire relationship was moved to nonaccruing status. Excluding the impact of this relationship, nonperforming assets were $50.1 million, or 1.15% of total assets and total delinquencies were 1.22% of total loans. 

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