What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2022-03-01 compared with 2021-03-01 · 3 added, 103 removed, 31 unchanged (77% of the section changed)

18 unchanged sentences

The program is consistent with our intent to return a minimum of 25% of annual net income to stockholders through dividends and share repurchases while maintaining capital ratios in excess of regulatory minimums and, in the case of the Bank, the “well-capitalized” benchmarks.

During the three months ended December 31, 2020, the Company repurchased 2,946,507 shares of common stock under the share repurchase program approved in the first quarter of 2020.

The following table provides information regarding purchases of common stock during the fourth quarter of 2020.

Month Total Number

Average Price

Total Number of Shares

Purchased as Part of

Publicly Announced

Maximum Number

of Shares that May

Yet Be Purchased

Under the Programs

October 1, 2020 - October 31, 2020 279,500 $ 31.02 279,500 7,315,477

November 1, 2020 - November 30, 2020 1,178,841 37.35 1,178,841 6,136,636

December 1, 2020 - December 31, 2020 1,488,166 42.69 1,488,166 4,648,470

Total 2,946,507 39.45 2,946,507

During the three months ended December 31, 2021, the Company had no shares of common stock repurchased under the current share repurchase program.

All share repurchases were temporarily suspended upon the announcement of the signing of the Merger Agreement with BMBC on March 10, 2021.

We resumed repurchases during the first quarter of 2022 following the close of our combination with Bryn Mawr Trust on January 1, 2022.

COMPARATIVE STOCK PERFORMANCE GRAPH

10 unchanged sentences

KBW Bank Index 100 102 84 104 95 130

SELECTED FINANCIAL DATA

The following sets forth certain of our financial and statistical information for the years ended December 31, 2020, 2019, 2018, 2017 and 2016.

This data should be read in conjunction with, and is qualified by reference to, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and notes thereto contained elsewhere in this Annual Report on Form 10-K.

(Dollars in thousands, except per share and branch data) 2020 (1)

2019 2018 2017 2016

At December 31,

Total assets $ 14,333,914 $ 12,256,302 $ 7,248,870 $ 6,999,540 $ 6,765,270

Net loans and leases (2)(7)

8,993,476 8,508,336 4,889,237 4,807,373 4,499,157

Investment securities (3)

2,640,798 2,078,515 1,355,029 998,685 958,266

Other investments (4)

23,003 91,350 57,662 52,863 48,887

Total deposits 11,856,664 9,586,857 5,640,431 5,247,604 4,738,438

Borrowings (5)

27,013 323,672 534,389 772,624 1,048,386

Trust preferred borrowings 67,011 67,011 67,011 67,011 67,011

Senior debt 246,617 98,605 98,388 98,171 152,050

Noncontrolling interest (2,246) (815) — — —

Stockholders’ equity of WSFS 1,791,726 1,850,306 820,920 724,345 687,336

Number of banking offices 89 93 58 58 60

For the Year Ended December 31,

Interest income $ 514,405 $ 521,092 $ 292,973 $ 254,726 $ 216,578

Interest expense 48,450 76,144 46,499 33,455 22,833

Net interest income 465,955 444,948 246,474 221,271 193,745

Noninterest income 201,025 188,109 162,541 124,644 105,061

Noninterest expenses 368,844 413,127 225,047 226,461 188,666

Provision for credit losses 153,180 25,560 13,170 10,964 12,986

Income tax provision 31,636 46,452 36,055 58,246 33,074

Net income $ 113,320 $ 147,918 $ 134,743 $ 50,244 $ 64,080

Net loss attributed to noncontrolling interest (1,454) (891) — — —

Net income attributable to WSFS $ 114,774 $ 148,809 $ 134,743 $ 50,244 $ 64,080

Earnings per share allocable to common stockholders:

Basic $ 2.27 $ 3.02 $ 4.27 $ 1.60 $ 2.12

Diluted $ 2.27 $ 3.00 $ 4.19 $ 1.56 $ 2.06

Interest rate spread 3.77 % 4.15 % 3.87 % 3.81 % 3.79 %

Net interest margin 3.96 4.44 4.09 3.95 3.88

Efficiency ratio 55.21 65.13 54.84 64.91 62.52

Noninterest income as a percentage of total revenue (6)

30.09 29.66 39.61 35.72 34.81

Return on average assets 0.87 1.30 1.92 0.74 1.06

Return on average equity 6.25 8.91 17.63 6.92 10.03

Return on average tangible common equity (8)

9.68 13.48 23.72 9.73 12.84

Average equity to average assets 13.96 14.56 10.90 10.64 10.57

Tangible common equity to tangible assets (8)

8.96 10.97 8.99 7.87 7.55

Ratio of nonperforming assets to total assets 0.42 0.32 0.66 0.84 0.60

Ratio of allowance for credit losses to total gross loans and leases 2.51 0.56 0.81 0.84 0.89

Ratio of allowance for credit losses to nonaccruing loans 546 208 132 111 174

Ratio of charge-offs to average gross loans and leases 0.09 0.22 0.29 0.22 0.25

(1) Includes the impact of our adoption of CECL on January 1, 2020.

(2) Includes loans held for sale and reverse mortgages.

(3) Includes securities available for sale and held to maturity.

(4) Includes equity investments as well as interest bearing deposits in other banks and FHLB stock.

(5) Borrowings consist of FHLB advances, federal funds purchased and other borrowed funds.

(6) Computed on a fully tax-equivalent basis.

(7) Net of unearned income.

(8) Ratio is a non-GAAP financial measure.

See “Reconciliation of non-GAAP financial measures included in Item 6.”

Reconciliation of non-GAAP financial measures included in Item 6

We prepare our financial statements in accordance with U.S.

To supplement our financial information presented in accordance with U.S.

GAAP, we provide the following non-GAAP financial measures:

return on average tangible common equity and the tangible common equity to tangible assets ratio.

We believe these measures provide investors with useful information for understanding of the Company’s performance when analyzing changes in our underlying business between reporting periods and provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making.

We believe the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the Company’s operating performance and underlying prospects.

This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.

(Dollars in thousands, except ratio data) 2020 2019 2018 2017 2016

At December 31,

Period End Tangible Assets

Period end assets $ 14,333,914 $ 12,256,302 $ 7,248,870 $ 6,999,540 $ 6,765,270

Goodwill and intangible assets 557,386 568,745 186,023 188,444 191,247

Tangible assets $ 13,776,528 $ 11,687,557 $ 7,062,847 $ 6,811,096 $ 6,574,023

Period End Tangible Common Equity

Period end Stockholder’s equity of WSFS $ 1,791,726 $ 1,850,306 $ 820,920 $ 724,345 $ 687,336

Goodwill and intangible assets 557,386 568,745 186,023 188,444 191,247

Tangible common equity $ 1,234,340 $ 1,281,561 $ 634,897 $ 535,901 $ 496,089

Tangible common equity to tangible assets 8.96 % 10.97 % 8.99 % 7.87 % 7.55 %

Period End Tangible Income

GAAP net income attributable to WSFS $ 114,774 $ 148,809 $ 134,743 $ 50,244 $ 64,080

Tax effected amortization of intangible assets 8,481 7,373 2,164 1,915 1,587

Net tangible income $ 123,255 $ 156,182 $ 136,907 $ 52,159 $ 65,667

Average Tangible Common Equity

Average stockholder’s equity $ 1,836,115 $ 1,670,869 $ 764,489 $ 725,763 $ 638,624

Average goodwill and intangible assets 563,126 512,187 187,297 189,784 127,168

Average tangible common equity $ 1,272,989 $ 1,158,682 $ 577,192 $ 535,979 $ 511,456

Return on average tangible common equity 9.68 % 13.48 % 23.72 % 9.73 % 12.84 %

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity