WSFS Financial Corp. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 30, 2014 at 04:18 pm EST
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WSFS Financial Corp. announced unaudited earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net interest income was $34,546,000 against $31,498,000 a year ago. Income before taxes was $18,452,000 against $11,833,000 a year ago. Net income allocable to common stockholders was $12,074,000 or $1.33 per diluted share against $6,865,000 or $0.78 per diluted share a year ago. Return on average assets was 1.09% against 0.70% a year ago. Return on average equity was 12.64% against 7.18% a year ago. Return on tangible common equity was 14.50% against 8.48% a year ago.
For the year, the company reported net interest income was $131,588,000 against $126,999,000 a year ago. Income before taxes was $71,638,000 against $48,294,000 a year ago. Net income allocable to common stockholders was $45,249,000 or $1.33 per diluted share against $28,541,000 or $3.25 per diluted share a year ago. Return on average assets was 1.07% against 0.73% a year ago. Return on average equity was 11.60% against 7.66% a year ago. Return on tangible common equity was 13.60% against 9.15% a year ago. As at December 31, 2013, book value per share of common stock was $43.06 against $47.99 a year ago. As at December 31, 2013, tangible book value per share of common stock was $38.68 against $44.19 a year ago. As at December 31, 2013, tangible common book value per share of common stock was $38.68 against $38.21 a year ago.
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.