WSFS FINANCIAL CORPORATION WSFS Income Statement

Wsfs financial corporation (WSFS)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income:
Interest and fees on loans and leases
119,202	122,302	124,800	129,001	87,117	68,435	67,164	64,442	60,465	59,889	58,504	56,073	54,681	53,951	49,849	45,983	44,562	50,748	38,437	37,090	36,244	36,677	34,850	33,319	32,202	32,870	32,708	32,108	31,452	32,341	32,003	32,787	33,395	33,223	32,940	32,803	31,956	31,664	31,610
Interest on mortgage-backed securities
13,219	13,270	12,989	12,229	10,466	7,814	6,662	6,190	5,399	5,176	4,955	4,782	4,395	4,096	3,854	3,910	3,894	3,629	3,588	3,523	3,433	3,352	3,317	3,564	3,278	2,829	3,159	3,117	3,729	3,170	4,344	4,891	5,718	5,524	7,052	6,884	7,026	8,699	9,639
Interest and dividends on investment securities:
Taxable
15	52	29	31	19	14	14	16	17	0	14	6	117	79	80	85	77	64	56	60	61	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt
911	921	939	999	1,025	1,057	1,065	1,092	1,103	1,124	1,125	1,130	1,132	1,133	1,134	1,141	1,143	1,021	819	792	799	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest and dividends on investment securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	837	814	792	-	546	311	142	122	123	123	130	287	99	127	170	216	199
Interest on reverse mortgage loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,561	1,166	1,236	1,241	1,323	1,368	1,197	1,684	616	324	243	1,121	35	-47	-29	-	-	-	-	-	-
Other interest income
508	805	2,505	643	950	474	510	411	629	367	412	343	501	433	420	384	370	314	396	424	1,078	228	472	348	316	257	87	22	25	33	9	9	9	-	-	-	-	0	6
Total interest income
133,855	137,350	141,262	142,903	99,577	77,794	75,415	72,151	67,613	66,556	65,010	62,334	60,826	59,692	55,337	51,503	50,046	51,813	44,857	43,055	42,851	42,340	40,799	39,413	37,785	38,333	37,116	35,882	35,591	36,787	36,514	37,763	39,223	119,213	40,091	-39,814	39,152	40,579	41,454
Interest expense:
Interest on deposits
14,637	16,159	16,851	16,123	10,942	9,483	7,977	6,368	5,240	4,626	3,862	3,341	3,075	2,687	2,412	2,204	2,118	1,811	1,587	1,825	1,942	1,958	1,823	1,714	1,656	1,667	1,673	1,821	2,019	2,449	3,237	3,400	4,015	4,255	4,619	5,034	5,223	5,590	5,771
Interest on Federal Home Loan Bank advances
830	1,025	1,099	806	2,590	1,299	2,097	2,536	2,463	2,206	2,402	1,797	1,858	1,310	1,225	1,124	1,048	676	868	751	713	577	663	661	526	498	482	451	443	1,267	1,403	1,645	1,937	2,106	2,484	2,655	2,727	3,818	4,017
Interest on bonds payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	15	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on senior debt
1,179	1,179	1,179	1,180	1,179	1,179	1,179	1,180	1,179	1,179	1,807	2,121	2,121	2,120	2,119	1,175	942	941	942	941	942	942	941	941	942	941	943	944	943	-	353	-	-	-	-	-	-	-	-
Interest on federal funds purchased
470	777	602	805	787	434	381	434	446	263	273	235	201	149	113	162	182	-	-	-	80	-	-	-	251	256	244	245	249	-7	253	264	247	-	-	-	-	-	-
Interest on trust preferred borrowings
586	636	693	717	726	702	677	637	557	522	500	472	446	439	415	397	371	353	343	339	327	333	332	330	326	337	339	337	329	366	369	370	375	360	340	339	336	370	348
Interest on other borrowings
3	5	5	40	39	23	7	7	14	35	37	54	22	33	32	27	29	-144	120	109	30	-509	293	290	25	28	29	28	28	271	6	6	119	-749	468	599	612	624	620
Total interest expense
17,705	19,781	20,429	19,671	16,263	13,120	12,318	11,162	9,899	8,831	8,881	8,020	7,723	6,738	6,316	5,089	4,690	3,917	3,860	3,965	4,034	4,101	4,052	3,936	3,741	3,787	3,710	3,826	4,011	5,289	5,621	5,685	6,693	7,169	7,911	8,627	8,898	10,402	10,756
Net interest income
116,150	117,569	120,833	123,232	83,314	64,674	63,097	60,989	57,714	57,725	56,129	54,314	53,103	52,954	49,021	46,414	45,356	47,896	40,997	39,090	38,817	38,239	36,747	35,477	34,044	34,546	33,406	32,056	31,580	31,498	30,893	32,078	32,530	32,416	32,180	31,187	30,254	30,177	30,698
Provision for credit losses
56,646	-	-	-	7,654	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for loan and lease losses
-	-	4,121	12,195	-	3,306	3,716	2,498	3,650	4,063	2,896	1,843	2,162	5,124	5,828	1,254	780	1,778	1,453	3,773	786	567	333	50	2,630	1,292	1,969	1,680	2,231	3,674	3,751	16,383	8,245	6,948	6,558	8,582	5,908	9,976	10,594
Net interest income after provision for credit losses
59,504	115,979	116,712	111,037	75,660	61,368	59,381	58,491	54,064	53,662	53,233	52,471	50,941	47,830	43,193	45,160	44,576	46,118	39,544	35,317	38,031	37,672	36,414	35,427	31,414	33,254	31,437	30,376	29,349	27,824	27,142	15,695	24,285	25,468	25,622	22,605	24,346	20,201	20,104
Noninterest income:
Loan and lease fee income
1,119	1,219	823	650	885	633	693	567	599	-	483	-	549	567	542	480	477	497	405	469	463	515	466	556	384	558	419	487	495	537	706	487	610	589	610	576	685	626	709
Securities gains, net
693	255	0	63	15	0	0	0	21	220	736	708	320	479	1,040	545	305	474	76	477	451	58	36	365	578	660	306	906	1,644	3,628	2,451	13,310	2,036	1,925	1,935	603	415	1,756	268
Credit/debit card and ATM income
-	-	-	-	-	-	-	-	-	-	-	-	8,131	-	7,776	7,253	6,901	6,727	6,486	6,462	6,027	6,134	6,219	6,010	5,766	6,119	6,374	6,189	5,668	5,904	5,738	5,871	5,422	5,477	5,523	5,286	4,740	4,984	4,817
Investment management and fiduciary income
-	-	-	-	-	-	-	-	-	-	-	-	8,039	-	6,074	6,282	5,254	5,711	5,373	5,707	5,093	4,911	4,332	4,287	3,834	3,905	3,836	4,059	3,728	3,594	3,258	3,427	3,031	2,999	2,987	3,068	2,827	1,016	1,088
Deposit service charges
-	-	-	-	-	-	-	-	-	-	-	-	4,397	-	4,482	4,342	4,276	4,342	4,338	4,099	3,905	3,979	4,477	4,346	4,269	4,571	4,407	4,216	4,014	4,460	4,360	4,299	4,014	4,396	4,385	4,026	3,564	4,153	4,349
Mortgage banking activities, net
-	-	-	-	-	-	-	-	-	-	-	-	1,185	-	2,555	1,816	1,654	1,352	1,251	1,590	1,703	928	1,229	1,025	812	1,143	907	1,193	737	964	914	452	516	489	257	231	547	646	247
Reverse mortgage consolidation gain
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,801	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized gains on equity investments, net
668	0	21,344	1,033	3,798	2,150	3,249	0	15,346	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realized gain on sale of equity investment
-	-	0	-	-	-	3,757	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bank owned life insurance income
-25	370	277	383	217	-153	96	0	232	422	546	302	275	222	255	211	231	232	162	179	203	233	185	143	139	108	74	48	40	97	1,126	136	185	240	197	1,419	179	181	219
Other income
-	-	-	-	-	-	-	-	-	-	-	-	5,196	-	4,862	4,578	4,570	5,703	3,574	3,475	3,250	3,229	3,360	2,891	2,582	2,732	2,618	2,441	1,748	2,011	1,195	1,010	944	881	1,030	820	682	1,063	739
Total non interest income
40,847	41,770	62,346	42,871	41,122	38,186	41,901	34,987	47,467	32,435	32,441	31,676	28,092	28,300	27,586	25,507	23,668	25,038	21,665	22,458	21,095	19,987	20,304	19,623	18,364	19,796	22,742	19,539	18,074	21,195	19,748	28,992	16,758	49,054	16,924	-16,029	13,639	14,425	12,436
Noninterest expense:
Salaries, benefits and other compensation
45,346	48,895	48,914	48,550	36,205	31,545	30,641	30,944	29,853	28,145	29,172	28,223	28,836	24,794	24,804	23,509	22,876	21,769	20,784	20,345	21,010	19,953	19,292	18,668	18,474	17,780	17,648	17,455	17,983	16,207	16,942	16,663	16,235	15,257	15,337	14,413	14,816	12,237	12,111
Occupancy expense
7,666	8,806	9,085	8,810	6,367	4,830	4,697	5,008	5,248	4,807	4,756	4,684	5,162	4,086	4,335	3,955	4,270	3,849	3,757	3,637	3,878	3,438	3,456	3,569	3,729	3,317	3,385	3,401	3,383	3,384	3,235	3,414	3,048	3,110	3,171	2,935	2,838	2,402	2,271
Equipment expense
4,964	5,882	5,564	5,444	3,989	3,086	3,258	3,176	3,089	3,020	2,922	3,498	3,124	2,726	2,653	2,516	2,473	2,348	2,059	1,959	2,082	2,095	2,063	1,860	1,687	2,332	2,044	2,117	1,829	1,760	1,701	2,035	1,667	1,720	1,666	1,915	1,614	1,648	1,646
Data processing and operations expenses
3,078	3,193	3,861	3,731	2,588	1,992	1,962	1,896	1,907	1,594	1,817	1,750	1,618	1,711	1,500	1,522	1,542	1,498	1,570	1,459	1,422	1,494	1,609	1,531	1,471	1,633	1,548	1,394	1,349	1,391	1,402	1,466	1,322	1,314	1,325	1,284	1,417	1,096	1,159
Professional fees
4,600	3,200	3,180	2,915	1,872	2,330	2,358	2,320	1,725	2,045	2,248	2,669	1,635	2,251	1,554	2,934	2,403	2,473	2,039	1,753	1,472	1,714	1,762	2,215	1,106	1,497	673	899	947	1,192	671	1,082	1,164	1,855	1,267	1,584	1,123	1,609	1,440
Marketing expense
951	1,804	1,373	1,947	1,590	1,245	1,499	1,084	758	815	712	932	624	843	712	801	664	792	619	1,007	584	819	643	442	499	660	643	608	517	680	379	818	779	856	1,597	898	951	703	904
FDIC expenses
-54	48	-227	1,042	620	485	518	515	599	533	560	594	529	526	469	773	838	711	786	687	669	642	666	692	653	425	959	942	1,166	1,396	1,384	1,441	1,437	1,471	1,436	1,278	1,764	1,829	1,762
Loan workout and OREO expenses
674	893	574	1,145	108	460	-19	681	426	316	484	499	521	622	511	45	503	613	166	330	-1	623	664	716	539	1,104	492	770	170	1,953	2,115	1,951	836	2,907	1,864	1,642	2,483	908	2,872
Early extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Corporate development expense
1,341	4,607	10,517	13,946	26,627	2,205	3,794	457	0	21	153	366	338	1,526	5,885	549	569	5,483	855	686	596	999	2,620	158	254	-	193	-	-	-	-	-	-	-	-	-	-	-	-
Restructuring expense
0	1,530	8,360	1,881	4,362	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Recovery of) provision for legal settlement
-	-	0	-	-	-	-7,938	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Early extinguishment of debt costs
-	-	-	-	-	-	-	-	-	-	695	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Recovery of fraud loss
-	-	0	0	-	-	10	0	1,665	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	446	334	143	0
Nonroutine ATM Loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4,491	0
Other operating expense
19,930	19,731	18,360	18,437	13,264	13,172	11,694	11,750	11,472	11,925	10,644	9,512	9,119	9,865	8,811	8,081	7,659	9,001	6,070	6,791	7,201	6,597	6,388	5,373	5,472	4,152	5,224	5,566	5,026	5,561	4,324	4,147	4,501	4,536	4,749	4,257	4,047	4,008	3,574
Total non interest expenses
88,496	98,126	109,561	107,848	97,592	61,350	52,454	57,831	53,412	68,065	54,163	52,727	51,506	48,950	51,234	44,685	43,797	49,188	38,705	38,654	38,913	38,374	39,163	35,224	33,884	33,424	32,809	33,152	32,370	37,186	32,153	33,017	30,989	33,026	32,412	30,652	31,387	22,092	27,739
Income before taxes
11,855	59,623	69,497	46,060	19,190	38,204	48,828	35,647	48,119	18,032	31,511	31,420	27,527	27,180	19,545	25,982	24,447	21,968	22,504	19,121	20,213	19,285	17,555	19,826	15,894	19,626	21,370	16,763	15,053	11,833	14,737	11,670	10,054	9,438	10,134	7,982	6,598	12,534	4,801
Income tax provision
1,288	14,199	15,902	10,091	6,260	8,486	9,893	6,907	10,769	27,864	10,942	10,850	8,590	9,070	6,823	8,504	8,677	7,984	8,078	6,887	7,324	6,577	6,142	7,101	-1,017	7,552	7,210	5,855	5,313	4,275	4,758	4,340	3,610	3,276	3,348	2,459	2,392	4,312	1,500
Less: Net loss attributable to noncontrolling interest
-360	-280	-287	-231	-93	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income (Loss) Attributable to Parent, Total
10,567	44,906	53,595	35,969	13,023	29,718	38,935	28,740	37,350	-9,832	20,569	20,570	18,937	18,110	12,722	17,478	15,770	13,984	14,426	12,234	12,889	12,708	11,413	12,725	16,911	12,074	14,160	10,908	9,740	7,558	9,979	7,330	6,444	6,162	6,786	5,523	4,206	8,222	3,301
Earnings per share:
Dividends on preferred stock and accretion of discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	332	609	692	693	693	692	692	693	692	693	692	692	692
Net income allocable to common stockholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,074	13,828	10,299	9,048	6,865	9,286	6,638	5,752	5,469	6,094	4,830	3,514	7,530	2,609
Basic (in dollars per share)
0.21	0.98	1.02	0.68	0.34	0.95	1.22	0.91	1.19	-0.30	0.65	0.65	0.60	0.58	0.42	0.59	0.53	0.47	0.52	0.43	0.46	-0.82	0.42	0.48	1.90	-2.06	1.57	1.17	1.03	0.79	1.07	0.76	0.66	0.63	0.71	0.56	0.41	0.95	0.37
Diluted (in dollars per share)
0.21	0.97	1.02	0.68	0.33	0.94	1.20	0.89	1.16	-0.31	0.64	0.64	0.59	0.55	0.41	0.58	0.52	0.46	0.51	0.43	0.45	-0.79	0.41	0.46	1.85	-2.03	1.54	1.16	1.02	0.77	1.06	0.76	0.66	0.63	0.70	0.55	0.40	0.94	0.36
Weighted average shares of common stock outstanding:
Weighted average basic shares (in shares)
51,086	-	-	-	38,874	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average fully diluted shares (in shares)
51,164	-	-	-	39,284	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Credit/debit card and ATM income
Noninterest fee income
11,359	12,076	13,115	13,677	11,515	12,084	11,239	10,709	9,805	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment management and fiduciary income
Noninterest fee income
10,962	11,462	10,459	10,382	10,147	10,140	10,029	10,244	9,189	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deposit service charges
Noninterest fee income
5,647	5,984	6,139	6,103	4,746	4,807	4,670	4,664	4,630	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage banking activities, net
Noninterest fee income
3,471	2,963	3,152	2,846	2,092	1,348	1,509	1,692	1,737	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other income
Noninterest fee income
6,953	7,441	7,037	7,734	7,707	7,177	6,659	7,111	5,908	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-