WSFS Financial Corp.., Wilmington, the parent company of WSFS Bank, reported net income of $31.3 million for the full year of 2012, a 43% improvement from $22.7 million, reported for 2011.
For the fourth quarter of 2012, WSFS reported net income of $7.6 million, compared to net income of $10 million, for the third quarter of 2012, and net income of $6.2 million, for the fourth quarter of 2011.
Core revenues increased 10% on an annual basis from prior quarter, driven by both net interest income and robust fee income growth, reflecting success in building market share.
Record sales of personal trust products were accompanied by strong revenues in Investment Management and Retail Brokerage. Overall wealth management income increased 20% from the fourth quarter of 2011.
Lending growth accelerated in the quarter with total net loans increasing $59.6 million, or 9% on an annual basis. This growth included an increase of $65.4 million, or 12% annualized in total commercial loans, and an increase of $6.3 million, or 9% on an annual basis in consumer loans.
Customer funding growth continued at strong levels despite intentional run-off in high-cost certificate of deposit accounts.
More than offsetting the gains on securities sales, on December 13, 2012, WSFS prepaid $125 million in FHLB advances with an average rate of 2.63% and recorded a prepayment penalty of $3.7 million, or $0.26 per diluted common share (after-tax).
Mark A. Turner CEO, said, “We are pleased to report strong growth in bottom line performance at WSFS for 2012; recording solid increases in return on assets, return on equity and diluted earnings per share compared to 2011 levels. These substantial increases reflect growth and improvement in all of our business segments driven by increased revenues, despite industry headwinds.”
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