WSFS Financial Corporation reported lower earnings in the third quarter, due to the costs, of integrating the operations of First National Bank of Wyoming.
The parent company of WSFS Bank, reported net income of $11.4 million for the third quarter of 2014 compared to net income of $12.7 million for the second quarter of 2014 and net income of $14.2 million for the third quarter of 2013.
Results for the third quarter of 2014 included corporate development costs related to the merger with The First National Bank of Wyoming (FNBW), and third quarter 2013 results included a significant gain related to a transaction with reverse mortgages.
Net income for the first nine months of 2014 was $41 million up from $34.8 million for the same period in 2013.
Expenses included $2.6 related to integration of First National Bank of Wyoming operations, with $438,000 for fraud, primarily due to data breaches at local and large national retailers.
“The third quarter was eventful for WSFS, enhancing our leadership position in our markets,” said Mark A. Turner, President and CEO.
“Our strategy continues to show itself in the growth of our company. Core revenues increased ten percent from prior-year levels, with margin expanding, net interest income growing at double digit levels and service fee income expanding nine percent from last year.
“The FNBW combination helps accelerate the strong balance sheet momentum we have attained throughout the past many quarters,” Turner stated.
“And, excluding acquired deposits, customer funding increased at double digit annualized rates and core deposits increased even more. And, while loans were impacted by large payoffs and a seasonally slow quarter, we still expect a trend of high-single-digit organic loan growth into the foreseeable future.” Turner stated. We maintain our sights on becoming a sustainably high performing company,” Turner concluded.
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the largest and oldest bank and trust company headquartered in the Delaware Valley with $4.8 billion in assets on its balance sheet and $8.9 billion in fiduciary assets, including approximately $1.2 billion in assets under management.
WSFS operates from 55 offices. Including 45 in Delaware.
lOther subsidiaries or divisions include Christiana Trust, WSFS Investment Group, Inc., Cypress Capital Management, LLC, Cash Connect®, Array Financial and Arrow Land Transfer. Click on the link below for the full earnings release.
WSFS earnings report
