Wsfs Financial Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 27, 2017 at 03:34 am IST
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WSFS Financial Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported interest income was $59.692 million against $51.813 million a year ago. Net interest income was $52.954 million against $47.896 million a year ago. Revenue was $8.081 million against $5.711 million a year ago. Income before taxes was $27.180 million against $21.968 million a year ago. Net income was $18.110 million against $13.984 million a year ago. Diluted earnings per common stock were $0.56 against $0.46 a year ago. Return on average assets was 1.08% against 1.03% a year ago. Return on average equity was 10.37% against 9.71% a year ago. Return on tangible common equity was 14.82% against 11.84% a year ago. Book value per share of common stock was $21.90 against $19.50 a year ago. Non-GAAP Core net revenue was $80.062 million against $70.459 million a year ago. Non-GAAP tangible common book value per was $15.80 against $16.30 a year ago. Non-GAAP net income was $18.871 million against $17.819 million a year ago. Non-GAAP return on tangible equity was 14.82% against 11.84% a year ago. Non-GAAP core EPS was $0.58 against $0.59 a year ago.
For the year, the company reported interest income was $216.578 million against $182.576 million a year ago. Net interest income was $193.745 million against $166.800 million a year ago. Revenue was $25.691 million against $21.884 million a year ago. Income before taxes was $97.154 million against $83.806 million a year ago. Net income was $64.080 million against $53.533 million a year ago. Diluted earnings per common stock were $2.06 against $1.85 a year ago. Return on average assets was 1.06% against 1.05% a year ago. Return on average equity was 10.03% against 10.24% a year ago. Return on tangible common equity was 12.85% against 12.06% a year ago. Non-GAAP Core net revenue was $293.731 million against $252.769 million a year ago. Non-GAAP net income was $68.380 million against $57.940 million a year ago. Non-GAAP return on tangible equity was 12.85% against 12.06% a year ago. Non-GAAP core EPS was $2.19 against $2.00 a year ago.
For the quarter, the company reported net charge-offs were $4.4 million or 0.40% of total net loans on an annualized basis, a decrease from $4.6 million, or 0.44% (annualized) in third 2016, and an increase from $1.1 million, or 0.12% (annualized) during fourth 2015. Excluding the impact of the one large credit relationship discussed above, net charge-offs for the quarter were $0.9 million, or 0.08% (annualized).
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, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016