WSFS reports sharp increase in earnings for 4th quarter, year

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WSFS Financial Corporation, Wilmington, reported fourth-quarter net income of$29.7 million compared to a net loss of$9.8 million for the same quarter in 2017 and net income of$38.9 million for the third quarter of 2018.

Net income for the year endingDecember31 was$134.7 million compared to$50.2 million for 2017.

Net revenue (which includes net interest income and noninterest income) was$102.9 million for the fourth quarter, an increase of$12.7 million, or 14 percent from the fourth quarter of last year.
Rodger Levenson, CEO, said, “Our full-year 2018 core ROA (return on assets) of 1.63 percent well exceeded our 2016-2018 Strategic Plan, and creates significant momentum as we enter into our upcoming transformative combination with Beneficial and begin to execute on our 2019-2021 Strategic Plan.

Levinson continued, “Further, the results of our 2018 Associate engagement survey conducted by the Gallup organization placed us among the top 5 percent of Gallup clients worldwide for the second year in a row. During the year, we also were named a top workplace inDelawarefor the thirteenth consecutive year and the ‘Top Bank’ inDelawarefor the eighth year in a row. In addition, we were named a fastest growing company in theGreater Philadelphiaregion ‘Soaring 76’ for the second year in a row by thePhiladelphia Business Journal, and we have demonstrated successful results from our enhanced branding efforts across our expanded footprint in theDelaware Valley. We believe that our sustainable and high performing financial performance is a direct result of our sustained commitment to Associate and Customer engagement through our focused strategy of ‘Engaged Associates delivering stellar experiences growing Customer Advocates and value for our Owners’.”

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