WSFS Financial Corporation reported record reported net income of $28.7 million, compared to net income of $20.6 million for the same period a year ago.
Net revenue for the Wilmington-based company was $96 million for the second quarter, an increase of $10 million, or 12 percent, from the same period 2017.
Net interest income was $61 million, an increase of $6.7 million, or 12 percent, from the second quarter of 2017; and fee income was $35 million, an increase of $3.3 million, or 10 percent, from the same quarter last year.
Mark A. Turner, CEO, said, “We are pleased to report another very strong quarter, which positions us to meet or exceed the primary goals in our enhanced 2016-2018 Strategic Plan, including a full year 2018 Core and Sustainable ROA of 1.50%. Our superior ROA, ROTCE, and EPS growth highlight the successful optimization of previous acquisitions, good organic growth, our diversified revenue sources, cost discipline, and the differentiation and sustainability of our business model.
Turner noted that “Our credit quality metrics remained strong and improved across all key ratios.”
Turner continued, “We firmly believe that our consistent commitment to associate and customer engagement continues to be the driver of our sustainable high performance.
WSFS is the largest full-service bank in Delaware and operates fee-based wealth management services and a large automatic teller servicing system.
It is also a major player in the Delaware Valley full-service banking business, thanks to a successful expansion into suburban Philadelphia.
