During the fourth quarter of 2012, net charge-offs were $5.4 million, or 0.78% (annualized), of average gross loans, compared to $4.6 million, or 0.68% (annualized), reported in the third quarter of 2012 and $7.1 million, or 1.04% (annualized) in the fourth quarter of 2011. Net charge-offs were higher during the quarter mainly due to write-downs on two large impaired commercial loans, one previously mentioned and one already in nonperforming status.The provision for loan losses decreased to $3.7 million in the fourth quarter of 2012 from $3.8 million in the third quarter of 2012, and $6.9 million in the fourth quarter of 2011 . Overall positive risk migration in the commercial loan portfolio was offset by the impact of the previously discussed large commercial relationship and loan growth. Total credit costs (provision for loan losses, loan workout expenses, OREO expenses and other credit reserves) were $6.1 million, a slight increase from $5.9 million in the third quarter of 2012, mainly due to higher credit reserves on unfunded commitments and increased legal costs on workout loans.
WSFS Reports 4th Quarter And Full Year 2012 Net Income; Full Year EPS Increased 43% Above 2011 Levels; ROA Improved 30% Over 2011
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