WSFS Financial Corporation, Wilmington, reported higher net income in the first quarter.
The parent of WSFS Bank reported income of $18.9 million, compared to net income of $15.8 million a year ago or $18.1 million for the fourth quarter of last year.
Results included net revenues of $81.2 million, which increased $12.2 million, or 18 percent from the same period a year ago.
Net revenues included net interest income of $53.1 million, an increase of $7.7 million, or 17% from a year ago, and noninterest income of $28.1 million, an increase of $4.4 million, or 19 percent from the same quarter in 2016.
Mark A. Turner, CEO, said, “Our first quarter results demonstrate continued success in executing on our strategic goals and optimization of our recent business combinations and investments. This success included strong organic growth in loans, core deposits, net revenues and fee income, and was achieved despite this being our normal seasonally slower quarter and a slowdown in the mortgage market.
Turner continued, “Innovation and organizational learning is vital to our long-term success, and we were pleased to announce during the quarter the extension of our fintech strategic alliance with Social Finance Inc. (SoFi) in conjunction with its acquisition of Zenbanx to explore partnering on innovative products in the financial services marketplace.”
Turner concluded, “Our continued strong financial performance and market recognition are strong indicators that we are successfully executing our strategy, ‘Engaged Associates delivering stellar experiences growing Customer Advocates and value for our owners.”
