WSFS Financial Corp., Wilmington, parent company of WSFS Bank, continued its strong performance, reporting net income of $12.1 million, for the fourth quarter of 2013 compared to $14.2 million for the third quarter of 2013, and $7.6 million for the fourth quarter of 2012.
Net income for the full year of 2013 was $46.9 million, up 50% from $31.3 million for the full year of 2012.
Return on assets reached 1.09% and return on tangible common equity was 14.5%. Total net loans grew $93.9 million from the third quarter level. All loan categories increased during the fourth quarter.
Major credit quality statistics showed continued improvement during the quarter, including nonperforming assets, classified and criticized loan ratios, delinquency, and net charge offs.
Mark A. Turner, President and CEO, said, “We finished 2013 with another strong quarter, with momentum accelerating in key operating areas as we ended the year. Earnings per share improved 56% over full year 2012 and 71% from fourth quarter 2012 levels. Our ROA was 1.07% for the full year and 1.09% in the fourth quarter. Further, 2013 represents our best year for both net income and ROA since 2007.”
Turner went on to say, “This success was driven by fundamental growth in almost every aspect of our franchise, including improvement in net interest income and fee income, improvement in credit costs, careful expense management, as well as the benefits from prudent acquisitions of businesses and special assets.”
Turner noted that the fourth quarter of 2013 marks the first full quarter of results that include contributions of nearby Pennsylvania- based Array and Arrow to the revenues from mortgage banking business as well a full quarter’s benefit from the consolidation of the reverse mortgage loans.
The bank also announced an agreement to combine with the First National Bank of Wyoming a deal that should give WSFS the No. 2 ranking in Kent County.
“ We look forward to continuing our growth and improvement in performance in 2014, Turner concluded.
