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This excerpt taken from the WSFS 8-K filed Oct 22, 2009. Income taxes The Company recorded a $222,000 income tax benefitin the third quarter of 2009 primarily from ongoing tax-free income. During the second quarter of 2009 the Company recorded a $1.6 million income tax benefit. In the third quarter of 2008, the
Company recorded a $3.0 million tax provision. Volatility in effective tax rates from quarter to quarter is expected.
This excerpt taken from the WSFS 8-K filed Jul 27, 2009. Income taxes The Company recorded a $1.6 million income tax benefit (reflecting a 40.7% effective tax rate) in the second quarter of 2009. During the first quarter of 2009 the Company recorded a $25,000 income tax provision that included a $939,000 tax benefit resulting from a decrease in the Company’s income tax reserve due to the expiration of the statute of limitations on certain tax items. In the second quarter of 2008, the Company recorded a $3.7 million tax provision (35.8% effective tax rate). Volatility in effective tax rates from quarter to quarter is expected.
This excerpt taken from the WSFS 10-Q filed May 11, 2009. Income Taxes
The Company and its subsidiaries file a consolidated Federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with SFAS 109, which requires the recording of deferred income taxes for tax
consequences of temporary differences. We recorded a provision for income taxes of $25,000 during the three months ended March 31, 2009 compared to a provision of $2.9 million for the same period in 2008. The effective tax rate for the three-month periods ended March 31, 2009 and 2008 were 1% and 29%, respectively. The decreased effective tax rate in 2009 is primarily due to lower pretax income, but also due to reductions in unrecognized tax benefits related to the expiration of statutes of limitations during both quarters. Tax benefits recorded due to statute expirations were $854,000 and $723,000 for the three months ended March 31, 2009 and March 31, 2008, respectively. In addition, a tax benefit of $85,000 was recorded during the quarter ended March 31, 2009 related to the successful appeal of the IRS examination of our 2004 through 2006 federal tax returns.
The effective tax rate reflects the recognition of certain tax benefits in the financial statements including those benefits from tax-exempt interest income, Bank-Owned Life Insurance (“BOLI”) income and fifty-percent interest income exclusion on a loan to an Employee Stock Ownership Plan. These tax benefits are offset by the tax effect of stock-based compensation expense related to incentive stock options and a provision for state income tax expense.
We frequently analyze our projections of taxable income and make adjustments to our provision for income taxes accordingly
This excerpt taken from the WSFS 8-K filed Apr 24, 2009. Income taxes The Company recorded a $25,000 income tax provision in the first quarter of 2009 compared to $2.9 million in the first quarter of 2008. Both quarters included tax benefits of $939,000 and $723,000, respectively, resulting from a decrease in the Company’s income tax reserve due to the expiration of the statute of limitations on certain tax items. The Company’s effective tax rate exclusive of these benefits was 32.5% in the first quarter of 2009 and 35.7% for the first quarter of 2008. The reduction in the tax rate in the first quarter of 2009 is primarily due to the impact of permanent tax differences on lower pretax income.
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During the fourth quarter of 2008 the Company recorded a $2.6 million tax benefit (44.3% effective tax rate) due to posting a pre-tax loss. Volatility in effective tax rates from quarter to quarter is expected.
These excerpts taken from the WSFS 10-K filed Mar 23, 2009. Income Taxes. We recorded a $7.0 million tax provision for the year ended December 31, 2008 compared to $13.5 million and $15.7 million for the years ended December 31, 2007 and 2006, respectively. The effective tax rates for the years ended December 31, 2008, 2007 and 2006 were 30.1%, 31.2% and 34.0%, respectively. The reduction in the 2008
effective tax rate is primarily the result of volatility in effective tax rates. The reduction in the 2007 effective tax rate is primarily the result of a $1.7 million tax benefit related to the previously discussed donation of the N.C. Wyeth mural. The provision for income taxes includes federal, state and local income taxes that are currently payable or deferred because of temporary differences between the financial reporting bases and the tax reporting bases of the assets and
liabilities.
We analyze our projection of taxable income and make adjustments to our provision for income taxes accordingly. For additional information regarding our tax provision and net operating loss carryforwards, see Note 12 to the Consolidated Financial Statements.
Income Taxes. We recorded a $7.0 million tax provision for the year ended December 31, 2008 compared to $13.5 million and $15.7 million for the years ended December 31, 2007 and 2006, respectively. The effective tax rates for the years ended December 31, 2008, 2007 and 2006 were 30.1%, 31.2% and 34.0%, respectively. The reduction in the 2008 effective tax rate is primarily the result of volatility in effective tax rates. The reduction in the 2007 effective tax rate is primarily the result of a $1.7 million tax benefit related to the previously discussed donation of the N.C. Wyeth mural. The provision for income taxes includes federal, state and local income taxes that are currently payable or deferred because of temporary differences between the financial reporting bases and the tax reporting bases of the assets and liabilities.
We analyze our projection of taxable income and make adjustments to our provision for income taxes accordingly. For additional information regarding our tax provision and net operating loss carryforwards, see Note 12 to the Consolidated Financial Statements.
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement basis and tax basis of assets and liabilities.
In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement basis and tax basis of assets and liabilities.
In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, These excerpts taken from the WSFS 10-K filed Mar 16, 2009. Income Taxes. We recorded a $7.0 million tax provision for the year ended December 31, 2008 compared to $13.5 million and $15.7 million for the years ended December 31, 2007 and 2006, respectively. The effective tax rates for the years ended December 31, 2008, 2007 and 2006 were 30.1%, 31.2% and 34.0%, respectively. The reduction in the 2008
effective tax rate is primarily the result of volatility in effective tax rates. The reduction in the 2007 effective tax rate is primarily the result of a $1.7 million tax benefit related to the previously discussed donation of the N.C. Wyeth mural. The provision for income taxes includes federal, state and local income taxes that are currently payable or deferred because of temporary differences between the financial reporting bases and the tax reporting bases of the assets and
liabilities.
We analyze our projection of taxable income and make adjustments to our provision for income taxes accordingly. For additional information regarding our tax provision and net operating loss carryforwards, see Note 12 to the Consolidated Financial Statements.
Income Taxes. We recorded a $7.0 million tax provision for the year ended December 31, 2008 compared to $13.5 million and $15.7 million for the years ended December 31, 2007 and 2006, respectively. The effective tax rates for the years ended December 31, 2008, 2007 and 2006 were 30.1%, 31.2% and 34.0%, respectively. The reduction in the 2008 effective tax rate is primarily the result of volatility in effective tax rates. The reduction in the 2007 effective tax rate is primarily the result of a $1.7 million tax benefit related to the previously discussed donation of the N.C. Wyeth mural. The provision for income taxes includes federal, state and local income taxes that are currently payable or deferred because of temporary differences between the financial reporting bases and the tax reporting bases of the assets and liabilities.
We analyze our projection of taxable income and make adjustments to our provision for income taxes accordingly. For additional information regarding our tax provision and net operating loss carryforwards, see Note 12 to the Consolidated Financial Statements.
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement basis and tax basis of assets and liabilities.
In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement basis and tax basis of assets and liabilities.
In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, This excerpt taken from the WSFS 8-K filed Feb 5, 2009. Income taxes
The Company recorded a $2.6 million income tax benefit (44.3% effective tax rate) in the fourth quarter of 2008 versus a $1.5 million tax provision in the fourth quarter of 2007 (17.0% effective tax rate) and $3.0 million in the third quarter of 2008 (34.9% effective tax rate). Volatility in effective tax rates from quarter to quarter is expected.
This excerpt taken from the WSFS 10-Q filed Nov 10, 2008. Income Taxes
The Company and its subsidiaries file a consolidated Federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with SFAS 109, which requires the recording of deferred income taxes for tax consequences of “temporary differences.” We recorded a provision for income taxes during the three and nine months ended September 30, 2008 of $3.0 million and $9.6 million, respectively, compared to an income tax provision of $3.4 million and $11.9 million for the same periods in 2007. The effective tax rate for the three and nine month periods ended September 30, 2008 was 35% and 33%, respectively, compared to 32% and 35%, respectively, for the comparable periods in 2007. The increase in the effective tax rate for the quarter is a result of a $603,000 tax benefit recorded in the three months ended September 30, 2007 related to the effects of tax accounting guidance under FIN 48. The decreased effective tax rate for the nine months ended September 30, 2008 is primarily due to a reduction in unrecognized tax benefits related to the expiration of statutes of limitations during the first quarter of 2008. In addition, the effective tax rate for the nine months ended September 30, 2007 includes a one-time charge to reflect changes in Maryland tax law.
The effective tax rate reflects the recognition of certain tax benefits in the financial statements including those benefits from tax-exempt interest income, Bank-Owned Life Insurance (“BOLI”) income and fifty-percent interest income exclusion on a loan to an Employee Stock Ownership Plan. These tax benefits are offset by the tax effect of stock-based compensation expense related to incentive stock options and a provision for state income tax expense.
We frequently analyze our projections of taxable income and make adjustments to our provision for income taxes accordingly.
This excerpt taken from the WSFS 8-K filed Oct 24, 2008. Income taxes
The Company recorded a $3.1 million income tax provision (reflecting a 35.0% effective tax rate) in the third quarter of 2008 versus $3.4 million in the third quarter of 2007 (32.4% effective tax rate) and $3.7 million in the second quarter of 2008 (35.8% effective tax rate). Volatility on effective tax rates from quarter to quarter is expected and will continue into the future.
This excerpt taken from the WSFS 10-Q filed Aug 11, 2008. Income Taxes
The Company and its subsidiaries file a consolidated Federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with SFAS 109, which requires the recording of deferred income taxes for tax consequences of “temporary differences.” We recorded a provision for income taxes during the three and six months ended June 30, 2008 of $3.7 million and $6.6 million, respectively, compared to an income tax provision of $4.2 million and $8.5 million for the same periods in 2007. The effective tax rate for the three and six month periods ended June 30, 2008 was 36% and 32%, respectively, compared to 37% and 36%, respectively, for the comparable periods in 2007. This decreased effective tax rate is primarily due to a reduction in unrecognized tax benefits related to the expiration of statutes of limitations during the first quarter of 2008. In addition, the 2007 effective tax rate includes a one-time charge to reflect changes in Maryland tax law.
The effective tax rate reflects the recognition of certain tax benefits in the financial statements including those benefits from tax-exempt interest income, Bank-Owned Life Insurance (“BOLI”) income and fifty-percent interest income exclusion on a loan to an Employee Stock Ownership Plan. These tax benefits are offset by the tax effect of stock-based compensation expense related to incentive stock options and a provision for state income tax expense.
We frequently analyze our projections of taxable income and make adjustments to our provision for income taxes accordingly.
This excerpt taken from the WSFS 8-K filed Jul 25, 2008. Income taxes
Pre-tax income increased $287,000 or 3% from the first quarter of 2008; however net income decreased due to an increase in the effective tax rate in the second quarter of 2008. The Company recorded a $3.7 million income tax provision (reflecting a 35.8% effective tax rate) in the second quarter of 2008 versus $4.2 million in the second quarter of 2007 (36.9% effective tax rate) and $2.9 million in the first quarter of 2008 (28.6% effective tax rate). The higher rate in 2007 resulted from a one-time charge to reflect changes in Maryland tax law. The lower rate in the first quarter of 2008 resulted from a $723,000 tax benefit resulting from the expiration of the statute of limitations affecting certain previously recorded reserves. Excluding this tax benefit, the Company would have recorded a $3.6 million tax provision (reflecting a 35.7% effective tax rate). Volatility on effective tax rates from quarter to quarter is expected as the result of tax accounting guidance adopted in the first quarter of 2007, and will continue into the future.
This excerpt taken from the WSFS 10-Q filed May 12, 2008. Income Taxes
The Company and its subsidiaries file a consolidated Federal income tax return and separate state income tax returns. Income taxes are accounted for in accordance with SFAS 109, which requires the recording of deferred income taxes for tax
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consequences of temporary differences. We recorded a provision for income taxes of $2.9 million during the three months ended March 31, 2008 compared to an income tax provision of $4.3 million for the same period in 2007. The effective tax rate for the three- month periods ended March 31, 2008 and 2007 were 29% and 36%, respectively. This decreased effective tax rate is primarily due to a reduction in unrecognized tax benefits related to the expiration of statutes of limitations during the three months ended March 31, 2008.
The effective tax rate reflects the recognition of certain tax benefits in the financial statements including those benefits from tax-exempt interest income, Bank-Owned Life Insurance (“BOLI”) income and fifty-percent interest income exclusion on a loan to an Employee Stock Ownership Plan. These tax benefits are offset by the tax effect of stock-based compensation expense related to incentive stock options and a provision for state income tax expense.
We frequently analyze our projections of taxable income and make adjustments to our provision for income taxes accordingly.
This excerpt taken from the WSFS 8-K filed Apr 25, 2008. Income taxes
The Company recorded a $2.9 million income tax provision in the first quarter of 2008. This included a $723,000 tax benefit resulting from a decrease in the Company’s income tax reserve due to the regular reassessment of the tax reserve position and the expiration of the statute of limitations on certain previously recorded reserves. Excluding this tax benefit, the Company would have recorded a $3.6 million tax provision (reflecting a 35.7% effective tax rate) versus $4.3 million in the first quarter of 2007 (35.5% effective tax rate) and $1.5 million in the fourth quarter of 2007. Including the $723,000 tax benefit, the Company expects the effective tax rate for the full year of 2008 will be between 34.0% and 34.5%. The fourth quarter of 2007 included a $1.7 million tax benefit resulting from the donation of the N.C. Wyeth mural Apotheosis of the Family. Excluding this tax benefit, the Company would have recorded a $3.2 million tax provision (35.6% effective tax rate). The Company expects regular fluctuations in its effective tax rate.
This excerpt taken from the WSFS 8-K filed Jan 30, 2008. Income taxes
The Company recorded a $1.3 million income tax provision in the fourth quarter of 2007. This included a $1.7 million tax benefit resulting from the donation of the N.C. Wyeth mural This excerpt taken from the WSFS 8-K filed Oct 29, 2007. Income taxes
The Company recorded a $3.4 million income tax provision in the third quarter of 2007 (reflecting a 32.4% effective tax rate) versus $3.5 million in the third quarter of 2006 (30.5% effective tax rate). The less-than-statutory tax rate in the third quarter of 2007 resulted from a number of factors, including a decrease in the Company’s income tax reserve. This adjustment was partially due to effects of adjustments made to estimates in accordance with new tax accounting guidance. The Company expects periodic adjustments related to these estimates. The unusually low tax rate in the third quarter of 2006 includes the impact of $1.8 million in unanticipated income related to the Company’s investment in bank-owned life insurance (BOLI). This benefit was non-taxable income to the bank and, therefore, reduced the effective tax rate.
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