WSFS Financial Corp. reported net income of $12.9 million, for the first quarter of 2015 compared to net income of $16.9 million, for the first quarter of 2014.
That was slightly ahead of earnings forecasts.
The WSFS Bank owner is expanding into Southeastern Pennsylvania after acquiring First National Bank of Wyoming in Kent County, DE last year.
The 2014 results included a $6.7 million tax benefit.
WSFS has $4.9 billion in assets,
CEO Mark Turner stated: “We continue to execute on a Strategic Plan goal to get to a core and sustainable 1.20% ROA by the end of 2015. Our expansion into Southeastern Pennsylvania will only enhance our long-term Strategic Plan progress. This expansion includes the recent announcements of the opening of a new branch in Devon, PA, the pending combination with Alliance Bancorp, the creation of a Pennsylvania market president and the successful combination with Array Financial and Arrow Land Transfer in late 2013. As we have indicated in the past, nearby Southeastern Pennsylvania is a highly desirable and complementary market expansion opportunity for our franchise and we look forward to furthering our commitment to this market.”
Total net loans at March 31 increased $50.9 million, or more than 6 percent annualized, compared to December 31, 2014. This represented growth across most of the loan portfolio and included increases of $38.0 million in total commercial loans and $16.3 million in residential mortgages.
- Checking accounts increased at a 12% annualized rate over the fourth quarter of 2014, reflecting continuing growth in core banking relationships.
