WSFS Financial Corp. reported a sharp increase in net income in the second quarter. The Wilmington company reported $10.9 million in net income for the second quarter of 2013. That compares to net income of $9.7 million for the first quarter of 2013, and net income of $7.3 million in the second quarter of 2012.
The bank has built momentum in a market still dealing with the buyout of Wilmington Trust by M&T. While the merger went smoothly, such transactions provide opportunities for banks like WSFS to gain customers.
Net income for the first six months of 2013 was $20.6 million up from $13.8 million for the same period in 2012. Earnings per share were $2.18 per diluted common share in the first six months of 2013, a 55% increase over the $1.41 per diluted common share reported for the first half of 2012.
“Our second quarter results reflect the acceleration of positive trends over the last year. We continue to achieve revenue growth in both net interest income and non interest income as we build our banking, wealth and ATM businesses, by optimizing our strategic investments made in the recent past, WSFS CEO, Mark Turner, said. “This quarter, we also enjoyed strong lending growth, particularly in our commercial portfolio, reflecting steady momentum in growing market share. This growth and improved balance sheet mix, combined with other initiatives, further improved our net interest margin in a tough environment, and bolstered net interest income from prior quarter levels.
Turner said the wealth businesses continued to add customers and Cash Connect, the ATM business also grew.
