WSFS Financial Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 23, 2018 at 02:35 am IST
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WSFS Financial Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported interest income of $66.556 million against $59.692 million a year ago. Net interest income was $57.725 million against $52.954 million a year ago. The year-over-year increase reflects an estimated 9 bps resulting from the higher short-term interest rate environment, 6 bps related to the redemption of $55.0 million of senior notes in late third quarter of 2017, an estimated 6 bps from favorable balance sheet growth and mix, and 3 bps from the payoff of a loan previously placed on nonaccrual status. Income before taxes was $30.032 million against $27.180 million a year ago. Net loss was $0.525 million or $0.02 per diluted share against net income of $18.110 million or $0.56 per diluted share a year ago. Return on average assets - Negative was 0.03% against positive of 1.08% a year ago. Return on average equity - Negative was 0.28% against positive of 10.37% a year ago. Return on average tangible common equity - Negative was 0.05% against positive of 14.82% a year ago. Book value per share of common stock was $23.35 against $21.90 a year ago. Tangible common book value per share of common stock was $17.35 against $15.80 a year ago. Non-GAAP core net interest income was $57.725 million against $52.954 million a year ago. Non-GAAP core net revenue was $89.940 million against $80.774 million a year ago. Non-GAAP net income was $22.907 million against $18.842 million a year ago. Non-GAAP core ROA was 1.31% against 1.12% a year ago. Non-GAAP core EPS was $0.71 against $0.58 a year ago. Return on average tangible common equity (non-GAAP) - Negative was 0.05% against positive of 14.82% a year ago.
For the year, the company reported interest income of $254.726 million against $216.578 million a year ago. Net interest income was $221.271 million against $193.745 million a year ago. Income before taxes was $120.490 million against $97.154 million a year ago. Net income was $59.551 million or $1.84 per diluted share against $64.080 million or $2.06 per diluted share a year ago. Return on average assets was 0.87% against 1.06% a year ago. Return on average equity was 8.21% against 10.03% a year ago. Return on tangible common equity was 11.48% against 12.85% a year ago. Non-GAAP core net interest income was $221.271 million against $193.745 million a year ago. Non-GAAP core net revenue was $343.931 million against $296.437 million a year ago. Non-GAAP net income was $82.841 million against $68.403 million a year ago. Non-GAAP core ROA was 1.21% against 1.13% a year ago. Non-GAAP core EPS was $2.56 against $2.19 a year ago. Return on average tangible common equity (non-GAAP) was 11.48% against 12.85% a year ago.
For the quarter, the company's net charge-offs were $3.7 million or 0.31% (annualized), a decrease from $4.4 million, or 0.40% (annualized), during fourth quarter of 2016.
WSFS Financial Corporation is a savings and loan holding company. The Company operates through its subsidiary, Wilmington Savings Fund Society, FSB (the Bank). The Companyâs segments include WSFS Bank, Cash Connect and Wealth Management. The WSFS Bank segment provides loans and leases, deposits and other financial products to commercial and consumer customers. WSFS Bank also offers a variety of consumer loan products, retail securities and insurance brokerage services through its branches, and mortgage and title services through WSFS Mortgage. Its Cash Connect segment provides ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Customers. The Wealth Management segment provides a range of planning and advisory services, investment management, personal and institutional trust services, and credit and deposit products to individual, corporate, and institutional clients.
WSFS Financial Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017