WSFS » Topics » Noninterest income

This excerpt taken from the WSFS 8-K filed Oct 22, 2009.

Noninterest income

During the third quarter of 2009, the Company earned noninterest income of $14.5 million, an increase of $1.9 million or 15%, compared to the second quarter of 2009. The increase was mainly due to $1.0 million of incremental securities gains, resulting from the sale of mortgage-backed securities and of $124,000 incremental positive adjustment on the BBB+ rated MBS both due to market improvements in the quarter. In addition, fees from mortgage banking activities were $416,000 higher during the quarter due to increased mortgage loan sales, and credit/debit card and ATM fees increased $324,000 from the second quarter of 2009.

 

Noninterest income increased $2.9 million in comparison to the third quarter of 2008. The increase was mainly from higher securities gains as a result of the $1.1 million gain from the sale of mortgage-backed securities and the $746,000 positive adjustment on the BBB+ rated MBS recorded during the third quarter of 2009. In addition, fees from mortgage banking activities were $756,000 higher during 2009 due to increased mortgage loan originations and sales.

 


 

9

 


WSFS Bank Center

500 Delaware Avenue, Wilmington, Delaware 19801

 

This excerpt taken from the WSFS 8-K filed Jul 27, 2009.

Noninterest income

During the second quarter of 2009, the Company recorded noninterest income of $12.7 million, compared to $11.1 million in the first quarter of 2009. Contributing to the linked quarter increase was $98,000 in fees from 1st Reverse Financial Services, LLC (1st Reverse), and $94,000 in revenues from WSFS’s Cash Connect division, both discussed later in a separate “niche business” section. Adjusted for these businesses, noninterest income increased $1.4 million. Deposit service charges and credit/debit card & ATM fees increased by $459,000 and

 


 


10

WSFS Bank Center

500 Delaware Avenue, Wilmington, Delaware 19801

 

$253,000, respectively, over the first quarter of 2009, primarily due to seasonality, and securities gains increased by $464,000.

 

Noninterest income increased $1.0 million in comparison to the second quarter of 2008. Adjusted for Cash Connect and 1st Reverse, noninterest income increased by $1.1 million. The increase was mainly from higher security gains as a result of a $622,000 positive mark-to-market adjustment on the BBB+ rated MBS recorded during the second quarter of 2009 and a $141,000 gain from the sale of mortgage-backed securities. In addition, mortgage banking activities were $313,000 higher during 2009 due to increased mortgage loan origination and sales.

 

This excerpt taken from the WSFS 10-Q filed May 11, 2009.

Noninterest Income

 

Noninterest income for the quarter ended March 31, 2009 was $11.1 million compared to the $12.5 million for the first quarter of 2008, a decrease of $1.4 million or 11%. Contributing to the year-over-year decrease was a $1.0 million reduction in revenues from our Cash Connect division, partially offset by $556,000 in fees from 1st Reverse Financial Services, LLC (1st Reverse). WSFS acquired 1st Reverse during the second quarter of 2008. Adjusted for these businesses, noninterest income decreased $1.0 million. This was caused by a decrease in securities gains, as gains recorded in the first quarter of 2008 (from the sale of Visa shares) exceeded gains recorded in the first quarter of 2009 by $644,000. In addition, income from Bank Owned Life Insurance (BOLI) decreased $364,000 in the first quarter of 2009, mainly due to lower yields on underlying investments funding this program.

 

This excerpt taken from the WSFS 8-K filed Apr 24, 2009.

Noninterest income

During the first quarter of 2009, the Company recorded noninterest income of $11.1 million, compared to $12.5 million in the first quarter of 2008. Contributing to the year-over-year decrease was an $1.0 million reduction in revenues from its Cash Connect division, partially offset by $556,000 in fees from 1st Reverse Financial Services, LLC (1st Reverse), both discussed later in a separate “niche business” section. Adjusted for these businesses, noninterest income decreased $1.0 million. This was caused by a decrease in securities gains, as gains recorded in the first quarter of 2008 (from the sale of Visa shares) exceeded gains recorded in the first quarter of 2009 by $644,000. In addition, income from Bank Owned Life Insurance (BOLI) decreased $364,000 mainly due to lower yields on underlying investments funding this program.

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10

 

WSFS Bank Center

500 Delaware Avenue, Wilmington, Delaware 19801

 

 

Noninterest income increased $1.0 million in comparison to the fourth quarter of 2008. Adjusted for Cash Connect and 1st Reverse, noninterest income increased by $1.2 million, mainly due to a $1.4 million increase in securities gains, partially stemming from a lower negative mark-to-market adjustment on the BBB+ rated MBS recorded during the first quarter of 2009. Deposit service charges recorded a $341,000 decrease from the fourth quarter 2008, primarily due to seasonality.

 

These excerpts taken from the WSFS 10-K filed Mar 23, 2009.
Noninterest Income. Noninterest income decreased $2.2 million to $46.0 million in 2008, or 5%, from $48.2 million in 2007. The majority of the decrease was due to a $2.5 million decrease in credit card/debit card and ATM income due to reduced prime based ATM bailment fees. Although noninterest income was negatively impacted by lower bailment fees, the net interest margin benefited due to lower funding costs for these borrowings. In addition, 2007 had included a $1.1 million non-recurring gain related to the sale of our former headquarters building and an $882,000 gain from the sale of our credit card portfolio. Also during the year, income from Bank-Owned Life Insuarance (BOLI) decreased $483,000 from the prior year due to lower yields in underlying investments funding this program. These decreases were partially offset by an increase in loan fee income of $1.3 million. The majority of the increase in loan fee income was due to $851,000 in fees from 1st Reverse Financial Services, LLC (“1st Reverse”). During the second quarter of 2008 we acquired a majority interest in 1st Reverse, specializing in both reverse mortgage lending directly to consumers and business-to-business reverse mortgage lending through banks, brokers and financial institutions throughout the United States. Deposit service charges also increased $1.1 million. This increase was a result of overall growth in deposits. In 2008 we also recorded a $1.8 million gain on the sale of shares related to the completion of Visa’s initial public offering, and a $1.6 million charge related to a mark-to-market adjustment on the $12.4 million BBB+ rated mortgage-backed security (“MBS”) issued in connection with a 2002 reverse mortgage securitization.

 

Noninterest income increased $7.9 million to $48.2 million in 2007, or 20%, from $40.3 million in 2006. This was attributable to a $3.2 million increase in deposit service charges as we continued to benefit from increased deposit accounts and offered additional fee-based services. The increase also included a $1.1 million non-recurring gain related to the sale of our former headquarters building and an $882,000 gain from the sale of our credit card portfolio. Credit/debit card and ATM income also increased $915,000 as a result of increased volumes of cash in non-owned ATMs and higher bailment fess earned on this cash. In 2007 we also recorded two offsetting $6.0 million items. Both occurred during the fourth quarter and resulted in a gain and an expense recognized from the donation of a N.C. Wyeth mural, Apotheosis of the Family, which was located in our former headquarters.

 

Noninterest Income. Noninterest income decreased $2.2 million to $46.0 million in 2008, or 5%, from $48.2 million in 2007. The majority of the decrease was due to a $2.5 million decrease in credit card/debit card and ATM income due to reduced prime based ATM bailment fees. Although noninterest income was negatively impacted by lower bailment
fees, the net interest margin benefited due to lower funding costs for these borrowings. In addition, 2007 had included a $1.1 million non-recurring gain related to the sale of our former headquarters building and an $882,000 gain from the sale of our credit card portfolio. Also during the year, income from Bank-Owned Life Insuarance (BOLI) decreased $483,000 from the prior year due to lower yields in underlying investments funding this program. These decreases were partially offset
by an increase in loan fee income of $1.3 million. The majority of the increase in loan fee income was due to $851,000 in fees from 1st Reverse Financial Services, LLC (“1st Reverse”). During the second quarter of 2008 we acquired a majority interest in 1st Reverse, specializing in both reverse mortgage lending directly to consumers and business-to-business reverse mortgage lending through banks, brokers and financial institutions
throughout the United States. Deposit service charges also increased $1.1 million. This increase was a result of overall growth in deposits. In 2008 we also recorded a $1.8 million gain on the sale of shares related to the completion of Visa’s initial public offering,
and a $1.6 million charge related to a mark-to-market adjustment on the $12.4 million BBB+ rated mortgage-backed security (“MBS”) issued in connection with a 2002 reverse
mortgage securitization.



 



Noninterest income increased $7.9 million to $48.2 million in 2007, or 20%, from $40.3 million in 2006. This was attributable to a $3.2 million increase in deposit service charges as we continued to benefit from increased deposit accounts and offered additional fee-based services. The increase also included a $1.1 million non-recurring gain related to the sale of our former
headquarters building and an $882,000 gain from the sale of our credit card portfolio. Credit/debit card and ATM income also increased $915,000 as a result of increased volumes of cash in non-owned ATMs and higher bailment fess earned on this cash. In 2007 we also recorded two offsetting $6.0 million items. Both occurred during the fourth quarter and resulted in a gain and an expense recognized from the donation of a N.C. Wyeth mural,
Apotheosis of the
Family,
which was located in our former headquarters.



 



These excerpts taken from the WSFS 10-K filed Mar 16, 2009.
Noninterest Income. Noninterest income decreased $2.2 million to $46.0 million in 2008, or 5%, from $48.2 million in 2007. The majority of the decrease was due to a $2.5 million decrease in credit card/debit card and ATM income due to reduced prime based ATM bailment fees. Although noninterest income was negatively impacted by lower bailment fees, the net interest margin benefited due to lower funding costs for these borrowings. In addition, 2007 had included a $1.1 million non-recurring gain related to the sale of our former headquarters building and an $882,000 gain from the sale of our credit card portfolio. Also during the year, income from Bank-Owned Life Insuarance (BOLI) decreased $483,000 from the prior year due to lower yields in underlying investments funding this program. These decreases were partially offset by an increase in loan fee income of $1.3 million. The majority of the increase in loan fee income was due to $851,000 in fees from 1st Reverse Financial Services, LLC (“1st Reverse”). During the second quarter of 2008 we acquired a majority interest in 1st Reverse, specializing in both reverse mortgage lending directly to consumers and business-to-business reverse mortgage lending through banks, brokers and financial institutions throughout the United States. Deposit service charges also increased $1.1 million. This increase was a result of overall growth in deposits. In 2008 we also recorded a $1.8 million gain on the sale of shares related to the completion of Visa’s initial public offering, and a $1.6 million charge related to a mark-to-market adjustment on the $12.4 million BBB+ rated mortgage-backed security (“MBS”) issued in connection with a 2002 reverse mortgage securitization.

 

Noninterest income increased $7.9 million to $48.2 million in 2007, or 20%, from $40.3 million in 2006. This was attributable to a $3.2 million increase in deposit service charges as we continued to benefit from increased deposit accounts and offered additional fee-based services. The increase also included a $1.1 million non-recurring gain related to the sale of our former headquarters building and an $882,000 gain from the sale of our credit card portfolio. Credit/debit card and ATM income also increased $915,000 as a result of increased volumes of cash in non-owned ATMs and higher bailment fess earned on this cash. In 2007 we also recorded two offsetting $6.0 million items. Both occurred during the fourth quarter and resulted in a gain and an expense recognized from the donation of a N.C. Wyeth mural, Apotheosis of the Family, which was located in our former headquarters.

 

Noninterest Income. Noninterest income decreased $2.2 million to $46.0 million in 2008, or 5%, from $48.2 million in 2007. The majority of the decrease was due to a $2.5 million decrease in credit card/debit card and ATM income due to reduced prime based ATM bailment fees. Although noninterest income was negatively impacted by lower bailment
fees, the net interest margin benefited due to lower funding costs for these borrowings. In addition, 2007 had included a $1.1 million non-recurring gain related to the sale of our former headquarters building and an $882,000 gain from the sale of our credit card portfolio. Also during the year, income from Bank-Owned Life Insuarance (BOLI) decreased $483,000 from the prior year due to lower yields in underlying investments funding this program. These decreases were partially offset
by an increase in loan fee income of $1.3 million. The majority of the increase in loan fee income was due to $851,000 in fees from 1st Reverse Financial Services, LLC (“1st Reverse”). During the second quarter of 2008 we acquired a majority interest in 1st Reverse, specializing in both reverse mortgage lending directly to consumers and business-to-business reverse mortgage lending through banks, brokers and financial institutions
throughout the United States. Deposit service charges also increased $1.1 million. This increase was a result of overall growth in deposits. In 2008 we also recorded a $1.8 million gain on the sale of shares related to the completion of Visa’s initial public offering,
and a $1.6 million charge related to a mark-to-market adjustment on the $12.4 million BBB+ rated mortgage-backed security (“MBS”) issued in connection with a 2002 reverse
mortgage securitization.



 



Noninterest income increased $7.9 million to $48.2 million in 2007, or 20%, from $40.3 million in 2006. This was attributable to a $3.2 million increase in deposit service charges as we continued to benefit from increased deposit accounts and offered additional fee-based services. The increase also included a $1.1 million non-recurring gain related to the sale of our former
headquarters building and an $882,000 gain from the sale of our credit card portfolio. Credit/debit card and ATM income also increased $915,000 as a result of increased volumes of cash in non-owned ATMs and higher bailment fess earned on this cash. In 2007 we also recorded two offsetting $6.0 million items. Both occurred during the fourth quarter and resulted in a gain and an expense recognized from the donation of a N.C. Wyeth mural,
Apotheosis of the
Family,
which was located in our former headquarters.



 



This excerpt taken from the WSFS 8-K filed Feb 5, 2009.

Noninterest income

 

During the fourth quarter of 2008, the Company recorded noninterest income of $10.1 million, compared to $13.0 million in the fourth quarter of 2007. In the fourth quarter 2008, WSFS recorded a $1.4 million charge related to the aforementioned mark-to-market adjustment on the $12.4 million BBB+ rated MBS. Also contributing to the year-over-year decrease was a $1.0 million reduction in credit/debit card and ATM income, the result of reduced ATM bailment fees, which are linked to the prime rate, from Cash Connect, a division of WSFS Bank.

 


 


10

WSFS Bank Center

500 Delaware Avenue, Wilmington, Delaware 19801

 

While noninterest income comparisons were negatively impacted by these lower bailment fees, this business and the Bank’s net interest margin continued to benefit from lower funding costs for these bailments. In addition, income from Bank Owned Life Insurance (BOLI) decreased $419,000 mainly due to lower yields on underlying investments funding this program. Partially offsetting theses decreases, noninterest income was enhanced by $449,000 in fees from 1st Reverse Financial Services, LLC (1st Reverse), a reverse mortgage subsidiary of WSFS acquired in 2008 (discussed later).

 

The fourth quarter of 2007 included a $1.1 million non-recurring gain related to the sale of the former headquarters building of WSFS. Excluding revenues from Cash Connect, the $1.4 million mark-to-market adjustment and the gain related to the sale of the Company’s former headquarters, noninterest income increased $670,000, or 8%, from the fourth quarter of 2007.

 

Noninterest income decreased $1.6 million in comparison to the third quarter of 2008 mainly due to the $1.4 million charge related to the mark-to-market adjustment on the BBB+ rated MBS. Loan fee income increased $411,000 mainly due to $273,000 in increased fees from 1st Reverse.

 

This excerpt taken from the WSFS 10-Q filed Nov 10, 2008.

Noninterest Income

 

Noninterest income for the quarter ended September 30, 2008 was $11.7 million compared to $12.8 million for the third quarter of 2007. This decrease included $789,000 in credit/debit card and ATM income, the result of reduced prime rate based ATM bailment fees from Cash Connect, WSFS’ ATM division. A one time $882,000 gain on the sale of WSFS’ credit card portfolio in the third quarter of 2007 also explains part of the decrease. Offsetting these decreases were deposit service charges and loan fee income, which increased by $417,000 and $204,000, respectively and were primarily due to our continued investment in franchise growth. Noninterest income also increased by $176,000 from fees related to 1st Reverse Financial Services, LLC. Excluding the revenues from Cash Connect and the third quarter 2007 gain on the sale of WSFS’ credit card portfolio, noninterest income increased by $546,000, or 8%, from the third quarter of 2007. Although noninterest income was negatively impacted by lower bailment fees, the net interest margin benefited due to lower funding costs for these borrowings.

 

For the nine months ended September 30, 2008, noninterest income was $35.9 million, an increase of $703,000, or 2%, over the same period in 2007. This increase includes $1.1 million in securities gains and a gain on the sale of shares related to the completion of Visa’s initial public offering during the first quarter of 2008. The increase also includes $403,000 in fees from 1st Reverse Financial Services, LLC. In addition, deposit service charges increased by $933,000 and loan fee income increased by $709,000 for the nine months ended September 30, 2008 compared to the same period in 2007. These increases were offset by a $1.5 million decrease in credit/debit card and ATM income due to reduced prime based ATM bailment fees.

 

This excerpt taken from the WSFS 8-K filed Oct 24, 2008.

Noninterest income

 

During the third quarter of 2008, the Company recorded noninterest income of $11.7 million, compared to $12.8 million in the third quarter of 2007. Contributing to this decrease was a $789,000 reduction in credit/debit card and ATM income, the result of reduced prime-rate based ATM bailment fees from Cash Connect, WSFS’ ATM division. While noninterest income comparisons were negatively impacted by lower bailment fees, the net interest margin continued to benefit from our lower funding costs for these borrowings. Offsetting this decrease were increases in deposit service charges of $417,000 and loan fee income of $204,000, primarily due to our investment in franchise growth. In addition, noninterest income was enhanced by $176,000 in fees from 1st Reverse. The third quarter of 2007 included an $882,000 one-time gain on the sale of the WSFS’ credit card portfolio. Excluding the revenues from Cash Connect and the previously mentioned third quarter 2007 one-time gain on the sale of the WSFS’ credit card portfolio, noninterest income increased $546,000, or 8%, from the third quarter of 2007.

 

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8         

 

WSFS Bank Center

500 Delaware Avenue, Wilmington, Delaware 19801

 

 

Noninterest income increased slightly in comparison to the second quarter of 2008. Deposit service charges and credit/debit card and ATM income were seasonally higher than the previous quarter while loan fee income was lower due to reduced reverse mortgage fees.

 

This excerpt taken from the WSFS 10-Q filed Aug 11, 2008.

Noninterest Income

 

Noninterest income for the quarter ended June 30, 2008 was $11.7 million compared to $11.6 million for the first quarter of 2007. This modest growth included increases of $320,000 in deposit service charges and $196,000 in loan fee income, primarily due to overall growth in deposits and loans. Also included in the increase was $227,000 in fees from 1st Reverse which we acquired during the quarter. The gain was partially offset by a $760,000 decrease in credit/debit card and ATM income from Cash Connect, the Bank’s ATM division. This decrease was a result of reduced market rates on ATM bailment fees due to the decrease in the prime interest rate. Excluding the impact of Cash Connect, noninterest income increased by $815,000, or 12%, from the second quarter of 2007. Although noninterest income growth was negatively impacted by lower bailment fees, the net interest margin (discussed elsewhere within this document) benefited due to lower funding costs.

 

For the six months ended June 30, 2008, noninterest income was $24.2 million, an increase of $1.8 million, or 8%, over the same period in 2007. This increase includes a $1.4 million gain on the sale of shares related to the completion of Visa’s initial public offering during the first quarter of 2008. The increase also includes $227,000 in fees from 1st Reverse which was acquired during the second quarter of 2008. Deposit service charges increased by $516,000 and loan fee income increased by $505,000 for the six months ended June 30, 2008 compared to the same period in 2007. These increases were partially offset by a $712,000 decrease in credit/debit card and ATM income due to reduced market rates on ATM bailment fees.

 

This excerpt taken from the WSFS 8-K filed Jul 25, 2008.

Noninterest income

 

During the second quarter of 2008, the Company recorded noninterest income of $11.7 million, a slight increase over the second quarter of 2007. This included increases of $320,000 in deposit service charges and $196,000 in loan fee income, primarily due to overall growth in deposits and loans. The increase also included $227,000 in fees from 1st Reverse, which was included in WSFS’ results for two months of the quarter. Offsetting these increases was a $760,000 decrease in credit/debit card and ATM income mainly from Cash Connect, WSFS’ ATM division. This decrease was mostly due to reduced market rates on ATM bailment fees. Excluding the revenues from Cash Connect, noninterest income increased $815,000, or 12%, from the second quarter of 2007. While noninterest income comparisons were negatively impacted by lower bailment fees, the net interest margin benefited due to lower funding costs.

 

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7

 

WSFS Bank Center

500 Delaware Avenue, Wilmington, Delaware 19801

 

Noninterest income was $835,000 less than the first quarter of 2008. This first quarter of 2008 included a $1.4 million gain on the sale of shares related to the completion of Visa’s initial public offering (IPO) partially offset by a $303,000 charge related to a mark-to-market of trading securities. Excluding these items, noninterest income increased by $232,000, or 2% (8% annualized). This increase included $376,000 in deposit service charges and $134,000 in loan fee income. The increase also included $227,000 in fees from 1st Reverse. Partially offsetting these increases was a $217,000 decrease in credit/debit card and ATM income due to reduced market rates on ATM bailment fees.

 

Noninterest expense increases reflect continued investment in WSFS franchise

 

Noninterest expenses for the second quarter of 2008 totaled $21.2 million, which was $2.1 million, or 11% greater than the second quarter of 2007. This increase included $469,000 of expenses related to 1st Reverse which was included in WSFS’ results for two months of the quarter. Additionally, salaries and benefits increased $688,000, other operating expenses increased $376,000 and marketing expense increased $280,000. Expenses are actively managed and these increases are in accordance with the Company’s growth plans.

 

Noninterest expenses increased $233,000, or 1% from the first quarter of 2008. As previously mentioned, this increase included $469,000 of expenses related to 1st Reverse. The first quarter of 2008 included a reversal of a $562,000 contingency reserve corresponding with the completion of Visa’s IPO. Excluding these items, noninterest expense decreased $798,000, or 4%, compared to the first quarter of 2008. This decrease included a $548,000 decrease in salaries and benefits and a $438,000 decrease in other operating expenses. The decrease in salaries and benefits related to decreased payroll taxes and decreased 401(k) expenses while the decrease in other operating expenses was the result of a number of reduced items.

 

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8

 

WSFS Bank Center

500 Delaware Avenue, Wilmington, Delaware 19801

 

This excerpt taken from the WSFS 10-Q filed May 12, 2008.

Noninterest Income

 

Noninterest income for the quarter ended March 31, 2008 was $12.5 million compared to the $10.7 million for the first quarter of 2007, an increase of $1.8 million or 17%. This increase included a $1.4 million gain on the sale of shares related to the completion of Visa’s initial public offering in March 2008. The gain was partially offset by a $303,000 charge related to the mark-to-market adjustment of trading securities as a result of widening spreads for mortgage securities. Apart from the aforementioned items, noninterest income increased by $706,000, or 7%. This increase was also a result of overall growth in deposits and loans, and the related fees associated with these products. The recently formed reverse mortgage origination initiative also contributed $128,000 to this increase.

 

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