WSFS reports strong results in second quarter

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Building housing WSFS' headquarters.
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WSFS Financial Corporation parent company of WSFS Bank reported higher earnings in the second quarter.

WSFS reported net income of $20.6 million compared to net income of $17.5 million for the second quarter of 2016 and net income of $18.9 million in the first quarter of this year.

Net revenues were $86 million the second quarter, an increase of $14.1 million, or 20 percent from the second quarter of 2016.

The strong increase in net revenues included balanced growth in both net interest income and noninterest income.

Net interest income was $54.3 million, an increase of $7.9 million, or 17 percent from the same quarter a year earlier, and noninterest income was $31.7 million, an increase of 24 percent from the second quarter of last year.

2Q 2017 WSFS Earnings Press Release

Mark A. Turner, CEO, said, “Our strong second quarter results demonstrate our disciplined approach in executing on our strategic goals, including the continued success in integrating and optimizing our recent business combinations and investments. Earnings growth was well balanced across our businesses highlighted by a 24.1% increase in core fee income from 2Q 2016, including 13% from organic growth.”

Turner continued, “Importantly, during the quarter and for the second year in a row, we were honored to receive the 2017 Gallup Great Workplace Award. Focusing our efforts on engagement continues to be the main ingredient of our sustainable high-performance, and provides us the ability to better serve our communities. Our continued strong financial performance and market recognitions demonstrate the success of our strategy, ‘Engaged associates delivering stellar experiences growing customer advocates and value for our owners’.”

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