WSFS Financial Corporation, parent company of WSFS Bank, posted net income of $12.7 million for the second quarter of 2014 compared to net income of $10.3 million for the second quarter of 2013 and net income of $16.9 million for the first quarter of 2014. First quarter 2014 results include a $6.7 million, or $0.73 per diluted common share, tax benefit as previously disclosed.
Net income for the first six months of 2014 was $29.6 million up from $19.3 million for the same period in 2013. . Results in 2014 include a $6.7 million tax benefit.
Mark A. Turner, CEO, said, “We are pleased to report strong earnings and continued business momentum for the second quarter of 2014. The significant improvement over last year’s second quarter is driven by ongoing revenue growth and a return to favorable credit quality trends.”
He contrinued “This growth and improvement was driven by past and current investments. Strength in mortgage banking revenue reflects the addition of Array Financial, which joined with us nearly a year ago, and we look forward to our upcoming partnership with First National Bank of Wyoming (DE). Additionally, we have had renewed success in recruiting seasoned commercial banking relationship managers, adding three experienced RM’s during the first six months of 2014. Our trust and wealth division has added significant new institutional business and our ATM division continues to sell new and innovative services to its customer base. This growth also comes with investment in infrastructure to support a growing organization and professional fees to support corporate development activities.” Click on the link below for the full WSFS release.
