WSFS Announces First Quarter 2001 Earnings

Apr 24, 2001, 01:00 ET from WSFS Financial Corporation

    WILMINGTON, Del., April 24 /PRNewswire Interactive News Release/ --
 WSFS Financial Corporation (Nasdaq:   WSFS), the parent company of Wilmington
 Savings Fund Society, FSB (WSFS), reported net income from continuing
 operations of $3.7 million, or $0.37 per diluted share, for the first quarter
 of 2001.
     Included in the above results, and as previously released, during the
 first quarter the Corporation took a charge ($421,000 pre-tax, or $0.03 per
 share after tax) to record a fraud loss caused by an armored car carrier which
 was contracted to supply cash to ATMs operated by customers of the WSFS Cash
 Connect Division.
     Normalized diluted earnings per share from continuing operations for the
 first quarter of 2001 and 2000 (excluding the ATM fraud loss in 2001, and the
 unusual reverse mortgage catch-up adjustment and losses on sales of securities
 and loans in 2000, discussed more later) were $.40 and $.30, respectively.
 This significant year-over-year improvement in the normalized run-rate is due
 to positive increased performance of the Company's start-up initiatives and
 continued improvement in the core bank's fee income.
     The following discussion focuses on the results from continuing operations
 of WSFS Financial Corporation (WSFS Core Bank) and later, its two startup
 ventures, CustomerOne Financial Network, Inc/everbank, and Wilmington National
 Finance, Inc.
 
     WSFS CORE BANK
     Core Bank Net Interest Income
     For the three months ended March 31, 2001, total core bank net interest
 income from continuing operations amounted to $12.7 million, a decrease of
 $5.8 million from the first quarter of 2000.  This year-over-year decline is
 the result of the impact of unusually high income from reverse mortgages
 during the first quarter of 2000 in which a "catch-up" yield adjustment of
 $5.8 million was recorded.  The yields from reverse mortgages were 21% and
 102% for the first quarters of 2001 and 2000, respectively.  Management
 believes the yield on reverse mortgages in 2001 will likely be closer to their
 historical norm of between 20% and 25%.  As in the past, the returns on
 reverse mortgages may be volatile, affected by the accuracy of estimates,
 actual housing prices and the timing of cash flows.
     The core bank net interest margin, as reported, was 4.25% for the first
 quarter of 2001 and 5.38% for the first quarter of 2000.  Excluding the
 catch-up adjustment on reverse mortgages, the core bank net interest margin
 from continuing operations for the three months ended March 31, 2001 was 4.25%
 compared to 3.71% for the first quarter of last year.  This improvement in the
 margin was due to a more favorable mix of earning assets and fundings, due in
 part, to the Company's de-leveraging program in 2000, as well as the
 beneficial impact of a declining interest rate environment.
 
     Core Bank Non-interest Income
     For the first quarter of 2001 core bank non-interest income from
 continuing operations of $4.6 million increased approximately $3.7 million
 over the same period last year.  The increase was the result of $2.6 million
 in losses on the sales of securities and loans recorded in 2000, with no
 losses recorded in 2001; and the continued growth in volume-related deposit
 service charges and higher debit/credit card activity in 2001.
 
     Core Bank Operating Expenses
     In the first quarter of 2001, total core bank operating expenses from
 continuing operations of $11.6 million increased $1.2 million or 11%, above
 the comparable quarter of 2000.  This increase was primarily attributable to
 higher levels of salaries and benefits and higher occupancy costs associated
 with opening four banking offices in 2000 and the one-time charge of $421,000
 related to the armored carrier fraud loss.  Excluding the fraud loss, the core
 bank operating expenses from continuing operations would have increased only
 $754,000 or 7% from first quarter 2000 to first quarter 2001, and actually
 decreased $692,000 or 6% from the level in the fourth quarter of 2000.
 
     Core Bank Loans and Retail Deposits
     Core bank net loans grew $60.0 million, or 7%, between March 31, 2000 and
 2001 to $934.0 million.  This growth included increases of $29.8 million, or
 9%, in commercial loans, $10.4 million, or 6%, in consumer loans and
 $16.7 million, or 4%, in residential mortgages.  Most recently, loan
 originations have been restrained due to a slower economy and the Company's
 more conservative pricing discipline on loans, especially residential
 mortgages.
     Total non-performing assets from continuing operations totaled
 $9.3 million, or .52% of total continuing assets at March 31, 2001.  This
 represents an increase of $382,000 during the quarter, and an increase of
 $2.4 million over March 31, 2000.  Annualized charge-offs during the first
 quarter of 2001 were only 12 basis points of average loans.  The allowance for
 losses on loans at March 31, 2001 equaled 2.24% of total loans while the
 coverage ratio (ratio of allowance for loans to nonaccruing loans) was 242%.
     Core bank retail deposits totaled $810.7 million at March 31, 2001,
 representing an increase of $79.6 million, or 11% above the level at March 31,
 2000.  This growth reflects increases in all categories of retail deposits.
 
     CUSTOMERONE FINANCIAL NETWORK, INC. (C1FN) / everbank
     C1FN/everbank (WSFS' joint initiative in Internet financial services
 started in November 1999, under the name everbank) incurred, net of minority
 interest, a loss of $183,000, after tax, or $0.02 per share in the first
 quarter of 2001.  This compares to a loss impact of approximately $.04 per
 share in the fourth quarter of 2000.  Retail deposits grew $50.0 million or
 28% during the quarter to $227.7 million at March 31, 2001.
     Since WSFS retains majority control of C1FN through a voting trust, the
 results of C1FN will continue to be consolidated into the operating results of
 WSFS until a separate banking charter is obtained for everbank by C1FN.
 
     WILMINGTON NATIONAL FINANCE, INC. (WNF)
     WNF (WSFS' majority owned sub-prime home equity dealer, started in
 December 1999) recorded net income of $190,000 or $0.02 per share for the
 first quarter 2001.  Production volume for the first quarter amounted to
 $82.6 million, which was an increase of $24.6 million, or 42%, above the prior
 quarter.  Loan sales totaled $76.3 million in the first quarter, which
 amounted to an increase of $23.9 million, or 46%, above the previous quarter.
 
     Marvin N. Schoenhals, Chairman, President and CEO, stated, "We are pleased
 with the continued improvement in the Company's core performance.  Our
 strategy to reposition the Company's balance sheet in recent years has
 resulted in an improved core net interest margin.  We are also very pleased
 with the growth of retail deposits at the core bank.  With an 11% year-over-
 year improvement, this represents the highest growth in recent memory."  Mr.
 Schoenhals went on to say,  "We are also gratified that Wilmington National
 Finance, started just over one year ago as a sub-prime mortgage dealer,
 reported its second full quarter of profitability, and has more than doubled
 last quarter's results."
     Finally, under its Board-approved plan, the Company repurchased 300,000
 shares of common stock since December 31, 2000 at an average price of $13.13
 per share.  Currently, the Company has 9,889,000 shares outstanding.  Further,
 under the Company's current buyback authorization, approximately 555,000
 shares were available for repurchase.
 
     WSFS Financial Corporation is a $1.8 billion financial services company.
 Its principal subsidiary, Wilmington Savings Fund Society, FSB, operates 28
 retail banking offices in New Castle County and Dover, Delaware, as well as
 Chester, Delaware, and Montgomery Counties in Pennsylvania.  Other operating
 subsidiaries include WSFS Credit Corporation; Wilmington National Finance,
 Inc.; CustomerOne Financial Network, Inc.; and 838 Investment Group, Inc.  For
 more information, please visit our website at www.wsfsbank.com.
 
     This release contains forward-looking statements, within the meaning of
 the Private Securities Litigation Reform Act, that involve risk and
 uncertainty.  It should be noted that a variety of factors could cause actual
 results to differ materially from the anticipated results or other
 expectations expressed in the Company's forward-looking statements.  The risks
 and uncertainties include, but are not limited to, the growth of the economy,
 interest rate movements, timely development of technology enhancements for the
 Company's products and operating systems, the impact of competitive products,
 services and pricing, customer-based requirements, Congressional legislation,
 regulations, estimates, and similar matters.  Readers of this release are
 cautioned not to place undue reliance on forward-looking statements which are
 subject to influence by the named risk factors and unanticipated future
 events.  Actual results, accordingly, may differ materially from management
 expectations.  WSFS Financial Corporation does not undertake and specifically
 disclaims any obligation, to publicly release the result of any revisions that
 may be made to any forward-looking statements to reflect the occurrence of
 anticipated or unanticipated events or circumstances after the date of such
 statements.
 
                           WSFS FINANCIAL CORPORATION
                              FINANCIAL HIGHLIGHTS
                 (Dollars in thousands, except per share data)
 
                                               Three months ended March 31,
                                                   2001              2000
     Statement of Operations:                           (unaudited)
 
     Interest income:
     Interest and fees on loans                   $20,573           $18,689
     Interest on mortgage-backed
      securities                                    6,012             6,620
     Interest and dividends on investment
      securities                                      455               707
     Interest on investments in reverse
      mortgages                                     1,784             7,767
     Other interest income                            794               709
                                                   29,618            34,492
     Interest expense:
     Interest on deposits                          10,688             8,435
     Interest on Federal Home Loan Bank
      advances                                      3,206             5,010
     Interest on federal funds purchased
      and securities sold
         under agreements to repurchase               809             1,463
     Interest on trust preferred
      borrowings                                      964               787
     Interest on other borrowed funds                 127               131
                                                   15,794            15,826
 
     Net interest income                           13,824            18,666
     Provision for loan losses                        393               228
 
     Net interest income after provision
      for loan losses                              13,431            18,438
 
     Other income:
     Loan servicing fee income                        647               540
     Deposit service charges                        1,966             1,471
     Credit/debit card and ATM income               1,550             1,174
     Securities losses                                  -            (2,466)
     Gains (losses) on sale of loans                2,917              (172)
     Other income                                     970               540
                                                    8,050             1,087
     Other expenses:
     Salaries, benefits and other
      compensation                                  8,605             5,910
     Equipment expense                              1,016               959
     Data processing and operations
      expense                                       1,097             1,740
     Occupancy expense                              1,309               947
     Marketing expense                                755               777
     Professional fees                                582               635
     Net costs of assets acquired through
      foreclosure                                      45                93
     ATM fraud loss                                   421                 -
     Other operating expense                        2,977             2,339
                                                   16,807            13,400
 
     Income from continuing operations
      before minority interest
       taxes and cumulative effect of
        change in accounting principle              4,674             6,125
     Less minority interest                          (747)           (1,231)
     Income from continuing operations
      before taxes and
       cumulative effect of change in
        accounting principle                        5,421             7,356
        Income tax provision                        1,701             2,096
     Income from continuing operations
      before cumulative
       effect of change in accounting
        principle                                   3,720             5,260
     Cumulative effect of change in
      accounting principle net of $837,000
      in tax benefit                                    -            (1,256)
     Income from continuing operations              3,720             4,004
        Income from discontinued
         operations, net of taxes                       -               134
     Net income                                    $3,720            $4,138
 
     Diluted Earnings per share:
     Income from continuing operations
      before cumulative
       effect of change in accounting
        principle                                   $0.37             $0.47
     Cumulative effect of change in
      accounting principle net of $0.08 in
      tax benefit                                       -             (0.11)
     Income from continuing operations               0.37              0.36
     Income from discontinued operations,
      net of taxes                                      -              0.01
     Net income                                     $0.37             $0.37
 
 
     Weighted average shares outstanding
      for diluted EPS                          10,171,148        11,148,777
 
     Performance Ratios (continuing
      operations only):
 
     Net interest margin (a)(b)                      3.86 %            5.34 %
     Return on average assets (a)                    0.96              1.08
     Return on average equity (a)                   14.83             16.38
     Efficiency ratio (c)                           75.86             66.89
     Overhead ratio (a)(d)                           4.17              3.83
 
       See "Notes"
 
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
 
                                        March 31,    December 31,   March 31,
                                          2001          2000          2000
                                      (unaudited)                 (unaudited)
     Summary Statement of Condition:
 
     Assets:
     Cash and due from banks             $78,281       $87,849       $58,505
     Investment securities (e)            21,189        29,740        41,585
     Investment in reverse mortgages      33,295        33,683        32,808
     Other investments                    85,649        39,318        38,482
     Mortgage-backed securities (e)      380,633       339,718       308,292
     Net loans (g)(h)                    936,582       940,178       875,612
     Loans held for sale (g)              28,936        23,313           353
     Other assets                         49,937        45,766        44,023
     Net assets of discontinued
      operations                         182,222       199,751       237,773
         Total assets                 $1,796,724    $1,739,316    $1,637,433
 
     Liabilities and Stockholders'
      Equity:
     Noninterest-bearing deposits       $144,448      $139,128      $129,528
     Interest-bearing deposits           893,883       816,341       639,062
         Total retail deposits         1,038,331       955,469       768,590
     Jumbo CD's                           38,690        19,030        35,168
     Brokered CD's                       115,175       147,092       139,544
 
         Total deposits                1,192,196     1,121,591       943,302
 
     FHLB advances                       331,000       351,000       390,000
     Other borrowings                    144,201       142,638       183,393
     Other liabilities                    24,005        21,065        20,468
 
         Total liabilities             1,691,402     1,636,294     1,537,163
 
     Minority Interest                     5,129         5,876         4,565
 
     Stockholders' equity                100,193        97,146        95,705
 
     Total liabilities, minority
      interest and stockholders'
      equity                          $1,796,724    $1,739,316    $1,637,433
 
 
     Capital Ratios:
 
     Equity to asset ratio                  5.58 %        5.59 %        5.84 %
     Core capital (i) (required:
      4.00%)                                7.96          8.32          8.49
     Risk-based capital (i)
      (required:  8.00%)                   12.88         12.72         13.08
 
 
     Asset Quality Indicators
      (continuing operations only):
 
     Nonperforming Assets:
     Nonaccruing loans                    $8,629        $8,335        $5,809
     Assets acquired through
      foreclosure                            718           630         1,153
          Total nonperforming assets      $9,347        $8,965        $6,962
 
     Past due loans (j)                      734         1,438           944
 
     Allowance for loan losses            21,518        21,423        22,699
 
     Ratio of nonperforming assets to
      total assets                          0.52 %        0.52 %        0.43 %
     Ratio of allowance for loan
      losses to total gross
          loans (f)                         2.24          2.22          2.52
     Ratio of allowance for loan
      losses to nonaccruing
          loans (l)                          242           249           379
     Ratio of quarterly net charge-
      offs to average gross
          loans (a)(g)                      0.12          0.38         (0.03)
 
       See "Notes"
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
                             AVERAGE BALANCE SHEET
 
                                                Three Months Ended March 31,
                                                           2001
                                               Average                Yield/
                                               Balance     Interest    Rate (m)
 
     Assets:
     Interest-earning assets:
     Loans: (n) (g)
       Real estate loans (p)                   $632,889    $12,775     8.07 %
       Commercial loans                         147,719      2,949     8.75
       Consumer loans                           174,862      4,209     9.76
 
          Total loans                           955,470     19,933     8.46
     Mortgage-backed securities (e)             365,877      6,012     6.57
     Loans held-for-sale (g)                     25,182        640    10.17
     Investment securities (e)                   24,603        455     7.40
     Other interest-earning assets               90,659      2,578    11.37
          Total interest-earning assets       1,461,791     29,618     8.18
 
     Allowance for loan losses                  (21,587)
     Cash and due from banks                     63,902
     Net assets from discontinued
      operations..                              190,389
     Other noninterest-earning assets            46,148
          Total assets                       $1,740,643
 
     Liabilities and Stockholders' Equity:
     Interest-bearing liabilities:
     Interest bearing deposits:
        Money market and interest-
           bearing demand                      $257,171     $2,432     3.84
        Savings                                 300,057      2,588     3.50
        Retail time deposits                    297,546      3,876     5.28
        Jumbo certificates of deposit            21,975        319     5.89
        Brokered certificates of deposit        130,464      2,173     6.75
 
          Total interest-bearing deposits     1,007,213     11,388     4.59
     FHLB of Pittsburgh advances                335,333      4,997     6.04
     Trust preferred borrowings                  50,000        964     7.71
     Other borrowed funds                        94,397      1,437     6.09
     Cost of funding discontinued
      operations..                                          (2,992)
 
          Total interest-bearing
           liabilities                        1,486,943     15,794     4.25
 
     Noninterest-bearing demand deposits        129,809
     Other noninterest-bearing liabilities       18,176
     Minority Interest                            5,373
     Stockholders' equity                       100,342
     Total liabilities and stockholders'
      equity                                 $1,740,643
 
     Deficit of interest-earning assets
      over
        interest-bearing liabilities           $(25,152)
 
     Net interest and dividend income                      $13,824
 
     Interest rate spread                                             3.93%
 
     Net interest margin                                              3.86%
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
                             AVERAGE BALANCE SHEET
 
 
                                                           2000
                                             Average                Yield/
                                             Balance     Interest    Rate (m)
 
     Assets:
     Interest-earning assets:
     Loans: (n) (g)
       Real estate loans (p)                   $603,136    $12,196     8.09 %
       Commercial loans                         114,851      2,251     8.72
       Consumer loans                           158,246      3,836     9.75
 
          Total loans                           876,233     18,283     8.47
     Mortgage-backed securities (e)             406,035      6,620     6.52
     Loans held-for-sale (g)                     22,636        406     7.17
     Investment securities (e)                   41,194        707     6.87
     Other interest-earning assets               72,809      8,476    46.05
          Total interest-earning assets       1,418,907     34,492     9.80
 
     Allowance for loan losses                  (22,566)
     Cash and due from banks                     54,359
     Net assets from discontinued
      operations..                              237,965
     Other noninterest-earning assets            38,346
          Total assets                       $1,727,011
 
     Liabilities and Stockholders' Equity:
     Interest-bearing liabilities:
     Interest bearing deposits:
        Money market and interest-
           bearing demand                       $85,823       $546     2.56
        Savings                                 258,897      2,286     3.55
        Retail time deposits                    272,629      3,129     4.62
        Jumbo certificates of deposit            28,613        392     5.51
        Brokered certificates of deposit        138,825      2,082     6.03
 
          Total interest-bearing deposits       784,787      8,435     4.32
     FHLB of Pittsburgh advances                507,099      7,287     5.78
     Trust preferred borrowings                  50,000      1,143     9.04
     Other borrowed funds                       151,644      2,318     6.05
     Cost of funding discontinued
      operations..                                          (3,357)
 
          Total interest-bearing
           liabilities                        1,493,530     15,826     4.19
 
     Noninterest-bearing demand deposits        113,211
     Other noninterest-bearing liabilities       17,643
     Minority Interest                            4,842
     Stockholders' equity                        97,785
     Total liabilities and stockholders'
      equity                                 $1,727,011
 
     Deficit of interest-earning assets
      over
        interest-bearing liabilities           $(74,623)
 
     Net interest and dividend income                      $18,666
 
     Interest rate spread                                             5.61%
 
     Net interest margin                                              5.34%
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
 
           Supplemental Line of Business Data, Continuing Operations
 
 
                                For the three months ended March 31,
                                               2001
 
                                    Bank(1)   C1FN(2)      WNF(3) Consolidated
     Summary Statement of
      Operations:
 
     Net interest income            $12,719      $924        $181    $13,824
     Provision for loan losses          350        43         -          393
     Net interest income after
      provision for loan losses      12,369       881         181     13,431
     Other income                     4,626       633       2,791      8,050
     Other expenses                  11,586     2,566       2,655     16,807
     Income from cont operations
      before minority interest,
      taxes
     and cumulative effect of
      change in accounting
      principle                       5,409    (1,052)        317      4,674
     Less minority interest             -        (747)        -         (747)
     Income from continuing
      operations before taxes and
     cumulative effect of change in
      accounting principle            5,409      (305)        317      5,421
     Income tax provision             1,696      (122)        127      1,701
     Income from continuing
      operations before cumulative
     effect of change in accounting
      principle                        3,713      (183)        190      3,720
     Cumulative effect of change in
      accounting principle              -         -           -          -
     Income from continuing
      operations                     $3,713     $(183)       $190     $3,720
 
 
     Summary Performance Ratios
      (continuing operations only):
 
     Diluted EPS impact from
      continuing operations           $0.37    $(0.02)      $0.02      $0.37
     Return on average assets          1.14 %   (0.33) %     2.72 %     0.96 %
     Net interest margin               4.25      1.72        3.25       3.86
     Efficiency ratio                 65.73    164.80       89.33      75.86
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
 
           Supplemental Line of Business Data, Continuing Operations
 
                                                       2000
 
                                                                     Consolida-
                                       Bank(1)   C1FN(2)    WNF(3)      ted
     Summary Statement of Operations:
 
     Net interest income               $18,504      $151       $11    $18,666
     Provision for loan losses             222         6       -          228
     Net interest income after
      provision for loan losses         18,282       145        11     18,438
     Other income                          886        12       189      1,087
     Other expenses                     10,411     1,796     1,193     13,400
     Income from cont operations
      before minority interest, taxes
     and cumulative effect of change
      in accounting principle            8,757    (1,639)     (993)     6,125
     Less minority interest                -        (950)     (281)    (1,231)
     Income from continuing operations
      before taxes and
     cumulative effect of change in
      accounting principle               8,757      (689)     (712)     7,356
     Income tax provision                2,656      (275)     (285)     2,096
     Income from continuing operations
      before cumulative
     effect of change in accounting
      principle                           6,101      (414)     (427)     5,260
     Cumulative effect of change in
      accounting principle              (1,256)      -         -       (1,256)
     Income from continuing operations  $4,845     $(414)    $(427)    $4,004
 
 
     Summary Performance Ratios
      (continuing operations only):
 
     Diluted EPS impact from
      continuing operations              $0.44    $(0.04)   $(0.04)     $0.36
     Return on average assets             1.33 %     nmf       nmf       1.08 %
     Net interest margin                  5.38      2.85 %    5.29 %     5.34
     Efficiency ratio                    52.93       nmf       nmf      66.89
 
 
                                                 At March 31, 2001
                                        Bank     C1FN(2)   WNF(3)  Consolidated
     Summary Statement of Condition
      (all operations):
 
     Net loans, including held for
      sale                             $934,007    $4,376  $27,135    $965,518
     Other assets                       583,255   241,478    6,473     831,206
          Total assets               $1,517,262  $245,854  $33,608  $1,796,724
 
 
 
     Retail deposits                   $810,666  $227,665       $-  $1,038,331
     Other liabilities and equity       706,596    18,189   33,608     758,393
           Total liabilities and
            stockholders' equity     $1,517,262  $245,854  $33,608  $1,796,724
 
 
                                                  At March 31, 2000
                                          Bank     C1FN(2)  WNF(3) Consolidated
     Summary Statement of Condition
      (all operations):
 
     Net loans, including held for
      sale                               $873,960     $474  $1,531    $875,965
     Other assets                         714,137   45,250   2,081     761,468
          Total assets                 $1,588,097  $45,724  $3,612  $1,637,433
 
 
 
     Retail deposits                     $731,049  $37,541    $-      $768,590
     Other liabilities and equity         857,048    8,183   3,612     868,843
           Total liabilities and
            stockholders' equity       $1,588,097  $45,724  $3,612  $1,637,433
 
 
     (1) Bank represents the continuing operations of the Corporation after
         excluding the impact of the two start-up companies, C1FN and WNF.
 
     (2) C1FN represents the incremental impact of CustomerOne Financial
         Network and everbank, WSFS' branchless, Internet-only banking business
         that began marketing to a national clientele in November 1999.
     (3) WNF represents the incremental impact of Wilmington National Finance,
         Inc., WSFS' subprime home-equity lending operation formed in December
         1999.
 
         nmf :  not meaningful
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
 
                                           Three months ended
                                           Mar. 31,  Mar. 31,
                                             2001      2000
        Stock Information:
 
        Market price of common stock:
            High                            $13.81    $12.75
            Low                              12.50     10.68
            Close                            13.13     12.43
        Book value per share                  9.95      8.83
        Number of shares outstanding (000s) 10,039    10,843
 
        Other Financial Data:
 
        One-year repricing gap to total
         assets (k)                         (12.93)%   (0.50)%
        Number of associates (FTEs) (q)        636       465
        Number of branch offices                28        24
 
 
        Notes:
 
     (a) Annualized.
     (b) Computed on a fully tax-equivalent basis.
     (c) Noninterest expense divided by (tax-equivalent) net interest income
          and other income.
     (d) Noninterest expense as a percentage of total assets.
     (e) Includes securities available-for-sale.
     (f) Excludes loans held-for-sale.
     (g) Net of unearned income.
     (h) Net of allowance for loan losses.
     (i) Represents capital ratios of Wilmington Savings Fund Society, FSB and
          subsidiaries.
     (j) Accruing loans which are contractually past due 90 days or more as to
          principal or interest.
     (k) The difference between projected amounts of interest-sensitive assets
          and interest-sensitive liabilities repricing within one year divided
          by total assets, based on a current interest rate scenario.
     (l) Includes general reserves only.
     (m) Weighted average yields have been computed on a tax-equivalent basis.
     (n) Nonperforming loans are included in average balance computations.
     (p) Includes commercial mortgage loans.
     (q) Includes the FTEs of WCC (discontinuing operations); WNF and C1FN
         (controlled, but not wholly-owned subsidiaries).
 
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SOURCE WSFS Financial Corporation
    WILMINGTON, Del., April 24 /PRNewswire Interactive News Release/ --
 WSFS Financial Corporation (Nasdaq:   WSFS), the parent company of Wilmington
 Savings Fund Society, FSB (WSFS), reported net income from continuing
 operations of $3.7 million, or $0.37 per diluted share, for the first quarter
 of 2001.
     Included in the above results, and as previously released, during the
 first quarter the Corporation took a charge ($421,000 pre-tax, or $0.03 per
 share after tax) to record a fraud loss caused by an armored car carrier which
 was contracted to supply cash to ATMs operated by customers of the WSFS Cash
 Connect Division.
     Normalized diluted earnings per share from continuing operations for the
 first quarter of 2001 and 2000 (excluding the ATM fraud loss in 2001, and the
 unusual reverse mortgage catch-up adjustment and losses on sales of securities
 and loans in 2000, discussed more later) were $.40 and $.30, respectively.
 This significant year-over-year improvement in the normalized run-rate is due
 to positive increased performance of the Company's start-up initiatives and
 continued improvement in the core bank's fee income.
     The following discussion focuses on the results from continuing operations
 of WSFS Financial Corporation (WSFS Core Bank) and later, its two startup
 ventures, CustomerOne Financial Network, Inc/everbank, and Wilmington National
 Finance, Inc.
 
     WSFS CORE BANK
     Core Bank Net Interest Income
     For the three months ended March 31, 2001, total core bank net interest
 income from continuing operations amounted to $12.7 million, a decrease of
 $5.8 million from the first quarter of 2000.  This year-over-year decline is
 the result of the impact of unusually high income from reverse mortgages
 during the first quarter of 2000 in which a "catch-up" yield adjustment of
 $5.8 million was recorded.  The yields from reverse mortgages were 21% and
 102% for the first quarters of 2001 and 2000, respectively.  Management
 believes the yield on reverse mortgages in 2001 will likely be closer to their
 historical norm of between 20% and 25%.  As in the past, the returns on
 reverse mortgages may be volatile, affected by the accuracy of estimates,
 actual housing prices and the timing of cash flows.
     The core bank net interest margin, as reported, was 4.25% for the first
 quarter of 2001 and 5.38% for the first quarter of 2000.  Excluding the
 catch-up adjustment on reverse mortgages, the core bank net interest margin
 from continuing operations for the three months ended March 31, 2001 was 4.25%
 compared to 3.71% for the first quarter of last year.  This improvement in the
 margin was due to a more favorable mix of earning assets and fundings, due in
 part, to the Company's de-leveraging program in 2000, as well as the
 beneficial impact of a declining interest rate environment.
 
     Core Bank Non-interest Income
     For the first quarter of 2001 core bank non-interest income from
 continuing operations of $4.6 million increased approximately $3.7 million
 over the same period last year.  The increase was the result of $2.6 million
 in losses on the sales of securities and loans recorded in 2000, with no
 losses recorded in 2001; and the continued growth in volume-related deposit
 service charges and higher debit/credit card activity in 2001.
 
     Core Bank Operating Expenses
     In the first quarter of 2001, total core bank operating expenses from
 continuing operations of $11.6 million increased $1.2 million or 11%, above
 the comparable quarter of 2000.  This increase was primarily attributable to
 higher levels of salaries and benefits and higher occupancy costs associated
 with opening four banking offices in 2000 and the one-time charge of $421,000
 related to the armored carrier fraud loss.  Excluding the fraud loss, the core
 bank operating expenses from continuing operations would have increased only
 $754,000 or 7% from first quarter 2000 to first quarter 2001, and actually
 decreased $692,000 or 6% from the level in the fourth quarter of 2000.
 
     Core Bank Loans and Retail Deposits
     Core bank net loans grew $60.0 million, or 7%, between March 31, 2000 and
 2001 to $934.0 million.  This growth included increases of $29.8 million, or
 9%, in commercial loans, $10.4 million, or 6%, in consumer loans and
 $16.7 million, or 4%, in residential mortgages.  Most recently, loan
 originations have been restrained due to a slower economy and the Company's
 more conservative pricing discipline on loans, especially residential
 mortgages.
     Total non-performing assets from continuing operations totaled
 $9.3 million, or .52% of total continuing assets at March 31, 2001.  This
 represents an increase of $382,000 during the quarter, and an increase of
 $2.4 million over March 31, 2000.  Annualized charge-offs during the first
 quarter of 2001 were only 12 basis points of average loans.  The allowance for
 losses on loans at March 31, 2001 equaled 2.24% of total loans while the
 coverage ratio (ratio of allowance for loans to nonaccruing loans) was 242%.
     Core bank retail deposits totaled $810.7 million at March 31, 2001,
 representing an increase of $79.6 million, or 11% above the level at March 31,
 2000.  This growth reflects increases in all categories of retail deposits.
 
     CUSTOMERONE FINANCIAL NETWORK, INC. (C1FN) / everbank
     C1FN/everbank (WSFS' joint initiative in Internet financial services
 started in November 1999, under the name everbank) incurred, net of minority
 interest, a loss of $183,000, after tax, or $0.02 per share in the first
 quarter of 2001.  This compares to a loss impact of approximately $.04 per
 share in the fourth quarter of 2000.  Retail deposits grew $50.0 million or
 28% during the quarter to $227.7 million at March 31, 2001.
     Since WSFS retains majority control of C1FN through a voting trust, the
 results of C1FN will continue to be consolidated into the operating results of
 WSFS until a separate banking charter is obtained for everbank by C1FN.
 
     WILMINGTON NATIONAL FINANCE, INC. (WNF)
     WNF (WSFS' majority owned sub-prime home equity dealer, started in
 December 1999) recorded net income of $190,000 or $0.02 per share for the
 first quarter 2001.  Production volume for the first quarter amounted to
 $82.6 million, which was an increase of $24.6 million, or 42%, above the prior
 quarter.  Loan sales totaled $76.3 million in the first quarter, which
 amounted to an increase of $23.9 million, or 46%, above the previous quarter.
 
     Marvin N. Schoenhals, Chairman, President and CEO, stated, "We are pleased
 with the continued improvement in the Company's core performance.  Our
 strategy to reposition the Company's balance sheet in recent years has
 resulted in an improved core net interest margin.  We are also very pleased
 with the growth of retail deposits at the core bank.  With an 11% year-over-
 year improvement, this represents the highest growth in recent memory."  Mr.
 Schoenhals went on to say,  "We are also gratified that Wilmington National
 Finance, started just over one year ago as a sub-prime mortgage dealer,
 reported its second full quarter of profitability, and has more than doubled
 last quarter's results."
     Finally, under its Board-approved plan, the Company repurchased 300,000
 shares of common stock since December 31, 2000 at an average price of $13.13
 per share.  Currently, the Company has 9,889,000 shares outstanding.  Further,
 under the Company's current buyback authorization, approximately 555,000
 shares were available for repurchase.
 
     WSFS Financial Corporation is a $1.8 billion financial services company.
 Its principal subsidiary, Wilmington Savings Fund Society, FSB, operates 28
 retail banking offices in New Castle County and Dover, Delaware, as well as
 Chester, Delaware, and Montgomery Counties in Pennsylvania.  Other operating
 subsidiaries include WSFS Credit Corporation; Wilmington National Finance,
 Inc.; CustomerOne Financial Network, Inc.; and 838 Investment Group, Inc.  For
 more information, please visit our website at www.wsfsbank.com.
 
     This release contains forward-looking statements, within the meaning of
 the Private Securities Litigation Reform Act, that involve risk and
 uncertainty.  It should be noted that a variety of factors could cause actual
 results to differ materially from the anticipated results or other
 expectations expressed in the Company's forward-looking statements.  The risks
 and uncertainties include, but are not limited to, the growth of the economy,
 interest rate movements, timely development of technology enhancements for the
 Company's products and operating systems, the impact of competitive products,
 services and pricing, customer-based requirements, Congressional legislation,
 regulations, estimates, and similar matters.  Readers of this release are
 cautioned not to place undue reliance on forward-looking statements which are
 subject to influence by the named risk factors and unanticipated future
 events.  Actual results, accordingly, may differ materially from management
 expectations.  WSFS Financial Corporation does not undertake and specifically
 disclaims any obligation, to publicly release the result of any revisions that
 may be made to any forward-looking statements to reflect the occurrence of
 anticipated or unanticipated events or circumstances after the date of such
 statements.
 
                           WSFS FINANCIAL CORPORATION
                              FINANCIAL HIGHLIGHTS
                 (Dollars in thousands, except per share data)
 
                                               Three months ended March 31,
                                                   2001              2000
     Statement of Operations:                           (unaudited)
 
     Interest income:
     Interest and fees on loans                   $20,573           $18,689
     Interest on mortgage-backed
      securities                                    6,012             6,620
     Interest and dividends on investment
      securities                                      455               707
     Interest on investments in reverse
      mortgages                                     1,784             7,767
     Other interest income                            794               709
                                                   29,618            34,492
     Interest expense:
     Interest on deposits                          10,688             8,435
     Interest on Federal Home Loan Bank
      advances                                      3,206             5,010
     Interest on federal funds purchased
      and securities sold
         under agreements to repurchase               809             1,463
     Interest on trust preferred
      borrowings                                      964               787
     Interest on other borrowed funds                 127               131
                                                   15,794            15,826
 
     Net interest income                           13,824            18,666
     Provision for loan losses                        393               228
 
     Net interest income after provision
      for loan losses                              13,431            18,438
 
     Other income:
     Loan servicing fee income                        647               540
     Deposit service charges                        1,966             1,471
     Credit/debit card and ATM income               1,550             1,174
     Securities losses                                  -            (2,466)
     Gains (losses) on sale of loans                2,917              (172)
     Other income                                     970               540
                                                    8,050             1,087
     Other expenses:
     Salaries, benefits and other
      compensation                                  8,605             5,910
     Equipment expense                              1,016               959
     Data processing and operations
      expense                                       1,097             1,740
     Occupancy expense                              1,309               947
     Marketing expense                                755               777
     Professional fees                                582               635
     Net costs of assets acquired through
      foreclosure                                      45                93
     ATM fraud loss                                   421                 -
     Other operating expense                        2,977             2,339
                                                   16,807            13,400
 
     Income from continuing operations
      before minority interest
       taxes and cumulative effect of
        change in accounting principle              4,674             6,125
     Less minority interest                          (747)           (1,231)
     Income from continuing operations
      before taxes and
       cumulative effect of change in
        accounting principle                        5,421             7,356
        Income tax provision                        1,701             2,096
     Income from continuing operations
      before cumulative
       effect of change in accounting
        principle                                   3,720             5,260
     Cumulative effect of change in
      accounting principle net of $837,000
      in tax benefit                                    -            (1,256)
     Income from continuing operations              3,720             4,004
        Income from discontinued
         operations, net of taxes                       -               134
     Net income                                    $3,720            $4,138
 
     Diluted Earnings per share:
     Income from continuing operations
      before cumulative
       effect of change in accounting
        principle                                   $0.37             $0.47
     Cumulative effect of change in
      accounting principle net of $0.08 in
      tax benefit                                       -             (0.11)
     Income from continuing operations               0.37              0.36
     Income from discontinued operations,
      net of taxes                                      -              0.01
     Net income                                     $0.37             $0.37
 
 
     Weighted average shares outstanding
      for diluted EPS                          10,171,148        11,148,777
 
     Performance Ratios (continuing
      operations only):
 
     Net interest margin (a)(b)                      3.86 %            5.34 %
     Return on average assets (a)                    0.96              1.08
     Return on average equity (a)                   14.83             16.38
     Efficiency ratio (c)                           75.86             66.89
     Overhead ratio (a)(d)                           4.17              3.83
 
       See "Notes"
 
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
 
                                        March 31,    December 31,   March 31,
                                          2001          2000          2000
                                      (unaudited)                 (unaudited)
     Summary Statement of Condition:
 
     Assets:
     Cash and due from banks             $78,281       $87,849       $58,505
     Investment securities (e)            21,189        29,740        41,585
     Investment in reverse mortgages      33,295        33,683        32,808
     Other investments                    85,649        39,318        38,482
     Mortgage-backed securities (e)      380,633       339,718       308,292
     Net loans (g)(h)                    936,582       940,178       875,612
     Loans held for sale (g)              28,936        23,313           353
     Other assets                         49,937        45,766        44,023
     Net assets of discontinued
      operations                         182,222       199,751       237,773
         Total assets                 $1,796,724    $1,739,316    $1,637,433
 
     Liabilities and Stockholders'
      Equity:
     Noninterest-bearing deposits       $144,448      $139,128      $129,528
     Interest-bearing deposits           893,883       816,341       639,062
         Total retail deposits         1,038,331       955,469       768,590
     Jumbo CD's                           38,690        19,030        35,168
     Brokered CD's                       115,175       147,092       139,544
 
         Total deposits                1,192,196     1,121,591       943,302
 
     FHLB advances                       331,000       351,000       390,000
     Other borrowings                    144,201       142,638       183,393
     Other liabilities                    24,005        21,065        20,468
 
         Total liabilities             1,691,402     1,636,294     1,537,163
 
     Minority Interest                     5,129         5,876         4,565
 
     Stockholders' equity                100,193        97,146        95,705
 
     Total liabilities, minority
      interest and stockholders'
      equity                          $1,796,724    $1,739,316    $1,637,433
 
 
     Capital Ratios:
 
     Equity to asset ratio                  5.58 %        5.59 %        5.84 %
     Core capital (i) (required:
      4.00%)                                7.96          8.32          8.49
     Risk-based capital (i)
      (required:  8.00%)                   12.88         12.72         13.08
 
 
     Asset Quality Indicators
      (continuing operations only):
 
     Nonperforming Assets:
     Nonaccruing loans                    $8,629        $8,335        $5,809
     Assets acquired through
      foreclosure                            718           630         1,153
          Total nonperforming assets      $9,347        $8,965        $6,962
 
     Past due loans (j)                      734         1,438           944
 
     Allowance for loan losses            21,518        21,423        22,699
 
     Ratio of nonperforming assets to
      total assets                          0.52 %        0.52 %        0.43 %
     Ratio of allowance for loan
      losses to total gross
          loans (f)                         2.24          2.22          2.52
     Ratio of allowance for loan
      losses to nonaccruing
          loans (l)                          242           249           379
     Ratio of quarterly net charge-
      offs to average gross
          loans (a)(g)                      0.12          0.38         (0.03)
 
       See "Notes"
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
                             AVERAGE BALANCE SHEET
 
                                                Three Months Ended March 31,
                                                           2001
                                               Average                Yield/
                                               Balance     Interest    Rate (m)
 
     Assets:
     Interest-earning assets:
     Loans: (n) (g)
       Real estate loans (p)                   $632,889    $12,775     8.07 %
       Commercial loans                         147,719      2,949     8.75
       Consumer loans                           174,862      4,209     9.76
 
          Total loans                           955,470     19,933     8.46
     Mortgage-backed securities (e)             365,877      6,012     6.57
     Loans held-for-sale (g)                     25,182        640    10.17
     Investment securities (e)                   24,603        455     7.40
     Other interest-earning assets               90,659      2,578    11.37
          Total interest-earning assets       1,461,791     29,618     8.18
 
     Allowance for loan losses                  (21,587)
     Cash and due from banks                     63,902
     Net assets from discontinued
      operations..                              190,389
     Other noninterest-earning assets            46,148
          Total assets                       $1,740,643
 
     Liabilities and Stockholders' Equity:
     Interest-bearing liabilities:
     Interest bearing deposits:
        Money market and interest-
           bearing demand                      $257,171     $2,432     3.84
        Savings                                 300,057      2,588     3.50
        Retail time deposits                    297,546      3,876     5.28
        Jumbo certificates of deposit            21,975        319     5.89
        Brokered certificates of deposit        130,464      2,173     6.75
 
          Total interest-bearing deposits     1,007,213     11,388     4.59
     FHLB of Pittsburgh advances                335,333      4,997     6.04
     Trust preferred borrowings                  50,000        964     7.71
     Other borrowed funds                        94,397      1,437     6.09
     Cost of funding discontinued
      operations..                                          (2,992)
 
          Total interest-bearing
           liabilities                        1,486,943     15,794     4.25
 
     Noninterest-bearing demand deposits        129,809
     Other noninterest-bearing liabilities       18,176
     Minority Interest                            5,373
     Stockholders' equity                       100,342
     Total liabilities and stockholders'
      equity                                 $1,740,643
 
     Deficit of interest-earning assets
      over
        interest-bearing liabilities           $(25,152)
 
     Net interest and dividend income                      $13,824
 
     Interest rate spread                                             3.93%
 
     Net interest margin                                              3.86%
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
                             AVERAGE BALANCE SHEET
 
 
                                                           2000
                                             Average                Yield/
                                             Balance     Interest    Rate (m)
 
     Assets:
     Interest-earning assets:
     Loans: (n) (g)
       Real estate loans (p)                   $603,136    $12,196     8.09 %
       Commercial loans                         114,851      2,251     8.72
       Consumer loans                           158,246      3,836     9.75
 
          Total loans                           876,233     18,283     8.47
     Mortgage-backed securities (e)             406,035      6,620     6.52
     Loans held-for-sale (g)                     22,636        406     7.17
     Investment securities (e)                   41,194        707     6.87
     Other interest-earning assets               72,809      8,476    46.05
          Total interest-earning assets       1,418,907     34,492     9.80
 
     Allowance for loan losses                  (22,566)
     Cash and due from banks                     54,359
     Net assets from discontinued
      operations..                              237,965
     Other noninterest-earning assets            38,346
          Total assets                       $1,727,011
 
     Liabilities and Stockholders' Equity:
     Interest-bearing liabilities:
     Interest bearing deposits:
        Money market and interest-
           bearing demand                       $85,823       $546     2.56
        Savings                                 258,897      2,286     3.55
        Retail time deposits                    272,629      3,129     4.62
        Jumbo certificates of deposit            28,613        392     5.51
        Brokered certificates of deposit        138,825      2,082     6.03
 
          Total interest-bearing deposits       784,787      8,435     4.32
     FHLB of Pittsburgh advances                507,099      7,287     5.78
     Trust preferred borrowings                  50,000      1,143     9.04
     Other borrowed funds                       151,644      2,318     6.05
     Cost of funding discontinued
      operations..                                          (3,357)
 
          Total interest-bearing
           liabilities                        1,493,530     15,826     4.19
 
     Noninterest-bearing demand deposits        113,211
     Other noninterest-bearing liabilities       17,643
     Minority Interest                            4,842
     Stockholders' equity                        97,785
     Total liabilities and stockholders'
      equity                                 $1,727,011
 
     Deficit of interest-earning assets
      over
        interest-bearing liabilities           $(74,623)
 
     Net interest and dividend income                      $18,666
 
     Interest rate spread                                             5.61%
 
     Net interest margin                                              5.34%
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
 
           Supplemental Line of Business Data, Continuing Operations
 
 
                                For the three months ended March 31,
                                               2001
 
                                    Bank(1)   C1FN(2)      WNF(3) Consolidated
     Summary Statement of
      Operations:
 
     Net interest income            $12,719      $924        $181    $13,824
     Provision for loan losses          350        43         -          393
     Net interest income after
      provision for loan losses      12,369       881         181     13,431
     Other income                     4,626       633       2,791      8,050
     Other expenses                  11,586     2,566       2,655     16,807
     Income from cont operations
      before minority interest,
      taxes
     and cumulative effect of
      change in accounting
      principle                       5,409    (1,052)        317      4,674
     Less minority interest             -        (747)        -         (747)
     Income from continuing
      operations before taxes and
     cumulative effect of change in
      accounting principle            5,409      (305)        317      5,421
     Income tax provision             1,696      (122)        127      1,701
     Income from continuing
      operations before cumulative
     effect of change in accounting
      principle                        3,713      (183)        190      3,720
     Cumulative effect of change in
      accounting principle              -         -           -          -
     Income from continuing
      operations                     $3,713     $(183)       $190     $3,720
 
 
     Summary Performance Ratios
      (continuing operations only):
 
     Diluted EPS impact from
      continuing operations           $0.37    $(0.02)      $0.02      $0.37
     Return on average assets          1.14 %   (0.33) %     2.72 %     0.96 %
     Net interest margin               4.25      1.72        3.25       3.86
     Efficiency ratio                 65.73    164.80       89.33      75.86
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
 
           Supplemental Line of Business Data, Continuing Operations
 
                                                       2000
 
                                                                     Consolida-
                                       Bank(1)   C1FN(2)    WNF(3)      ted
     Summary Statement of Operations:
 
     Net interest income               $18,504      $151       $11    $18,666
     Provision for loan losses             222         6       -          228
     Net interest income after
      provision for loan losses         18,282       145        11     18,438
     Other income                          886        12       189      1,087
     Other expenses                     10,411     1,796     1,193     13,400
     Income from cont operations
      before minority interest, taxes
     and cumulative effect of change
      in accounting principle            8,757    (1,639)     (993)     6,125
     Less minority interest                -        (950)     (281)    (1,231)
     Income from continuing operations
      before taxes and
     cumulative effect of change in
      accounting principle               8,757      (689)     (712)     7,356
     Income tax provision                2,656      (275)     (285)     2,096
     Income from continuing operations
      before cumulative
     effect of change in accounting
      principle                           6,101      (414)     (427)     5,260
     Cumulative effect of change in
      accounting principle              (1,256)      -         -       (1,256)
     Income from continuing operations  $4,845     $(414)    $(427)    $4,004
 
 
     Summary Performance Ratios
      (continuing operations only):
 
     Diluted EPS impact from
      continuing operations              $0.44    $(0.04)   $(0.04)     $0.36
     Return on average assets             1.33 %     nmf       nmf       1.08 %
     Net interest margin                  5.38      2.85 %    5.29 %     5.34
     Efficiency ratio                    52.93       nmf       nmf      66.89
 
 
                                                 At March 31, 2001
                                        Bank     C1FN(2)   WNF(3)  Consolidated
     Summary Statement of Condition
      (all operations):
 
     Net loans, including held for
      sale                             $934,007    $4,376  $27,135    $965,518
     Other assets                       583,255   241,478    6,473     831,206
          Total assets               $1,517,262  $245,854  $33,608  $1,796,724
 
 
 
     Retail deposits                   $810,666  $227,665       $-  $1,038,331
     Other liabilities and equity       706,596    18,189   33,608     758,393
           Total liabilities and
            stockholders' equity     $1,517,262  $245,854  $33,608  $1,796,724
 
 
                                                  At March 31, 2000
                                          Bank     C1FN(2)  WNF(3) Consolidated
     Summary Statement of Condition
      (all operations):
 
     Net loans, including held for
      sale                               $873,960     $474  $1,531    $875,965
     Other assets                         714,137   45,250   2,081     761,468
          Total assets                 $1,588,097  $45,724  $3,612  $1,637,433
 
 
 
     Retail deposits                     $731,049  $37,541    $-      $768,590
     Other liabilities and equity         857,048    8,183   3,612     868,843
           Total liabilities and
            stockholders' equity       $1,588,097  $45,724  $3,612  $1,637,433
 
 
     (1) Bank represents the continuing operations of the Corporation after
         excluding the impact of the two start-up companies, C1FN and WNF.
 
     (2) C1FN represents the incremental impact of CustomerOne Financial
         Network and everbank, WSFS' branchless, Internet-only banking business
         that began marketing to a national clientele in November 1999.
     (3) WNF represents the incremental impact of Wilmington National Finance,
         Inc., WSFS' subprime home-equity lending operation formed in December
         1999.
 
         nmf :  not meaningful
 
 
                           WSFS FINANCIAL CORPORATION
                        FINANCIAL HIGHLIGHTS (Continued)
                 (Dollars in thousands, except per share data)
 
                                           Three months ended
                                           Mar. 31,  Mar. 31,
                                             2001      2000
        Stock Information:
 
        Market price of common stock:
            High                            $13.81    $12.75
            Low                              12.50     10.68
            Close                            13.13     12.43
        Book value per share                  9.95      8.83
        Number of shares outstanding (000s) 10,039    10,843
 
        Other Financial Data:
 
        One-year repricing gap to total
         assets (k)                         (12.93)%   (0.50)%
        Number of associates (FTEs) (q)        636       465
        Number of branch offices                28        24
 
 
        Notes:
 
     (a) Annualized.
     (b) Computed on a fully tax-equivalent basis.
     (c) Noninterest expense divided by (tax-equivalent) net interest income
          and other income.
     (d) Noninterest expense as a percentage of total assets.
     (e) Includes securities available-for-sale.
     (f) Excludes loans held-for-sale.
     (g) Net of unearned income.
     (h) Net of allowance for loan losses.
     (i) Represents capital ratios of Wilmington Savings Fund Society, FSB and
          subsidiaries.
     (j) Accruing loans which are contractually past due 90 days or more as to
          principal or interest.
     (k) The difference between projected amounts of interest-sensitive assets
          and interest-sensitive liabilities repricing within one year divided
          by total assets, based on a current interest rate scenario.
     (l) Includes general reserves only.
     (m) Weighted average yields have been computed on a tax-equivalent basis.
     (n) Nonperforming loans are included in average balance computations.
     (p) Includes commercial mortgage loans.
     (q) Includes the FTEs of WCC (discontinuing operations); WNF and C1FN
         (controlled, but not wholly-owned subsidiaries).
 
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 SOURCE  WSFS Financial Corporation