WSFS Financial Corp., parent company of WSFS Bank, reported net income of $7.2 million for the first quarter of 2012 compared to net income of $6.2 million for the fourth quarter of 2011, and net income of $4.2 million for the first quarter of 2011. WSFS is based in Wilmington. 
A 12 percent increase in revenues and almost no growth in expenses aided the bottom line as the company’s loan portfolio and deposits increased. Nonperforming assets also declined.
“Significantly improved earnings during the first quarter of 2012 reflect the results of our
focus on optimizing prior franchise investments and taking market share opportunities,
and growing our profitability, while continuing to improve asset quality,” said Mark Turner, CEO. “As a result, we expected and are pleased with our improved operating leverage and efficiency, and the increase in our bottom-line results.
“We continue our efforts to reduce our level of nonperforming assets as we manage through a slowly recovering economy. Overall credit costs decreased significantly from last quarter and year-ago levels and net charge-offs continued to decline. The business environment in our markets is improving modestly and the environment for asset disposition also appears to be improving. However, the economic recovery has been long, slow and uneven and from quarter to quarter, certain credit statistics can reflect this volatility,” Turner said.
