Wilmington-based WSFS Financial Corp. reported higher earnings in the fourth quarter and 2019 as the integration with Beneficial Bank went smoothly
Net income for the year was $444.9 million, up from $246.5 million a year earlier.
Fourth quarter net income was $117.6 million, up sharply from $64.7 million in the final quarter of 2018.
Rodger Levenson, offered the following comments:, “Our strong core fourth quarter 2019 results, including Core EPS of $0.96 and core ROA of 1.63 percent capped a transformative year for WSFS. Our full-year core ROA of 1.61 percent and core EPS of $3.74 well exceeded our Strategic Plan goals and original modeling for the Beneficial acquisition. During the year we also completed the systems and brand conversion as a part of a very successful integration of Beneficial’s customers and associates. These results and positive momentum position us well to execute on our growth and synergy opportunities as the largest, full-service, full-product locally headquartered bank in the greater Delaware Valley.
“Additionally, our fourth quarter net interest margin of 4.35 percent, full-year net interest margin of 4.44 percent, and continued strong credit metrics reflect disciplined underwriting and effective balance sheet management in a declining interest rate environment. Significant acquisition and organic revenue growth combined with economies of scale from the acquisition and disciplined cost management resulted in strong core operating leverage in 2019. Further, our strong results and favorable capital position resulted in WSFS returning over 60 percent of full-year adjusted net income to stockholders through dividends and share repurchases.
“We also recently received our 2019 full-year Gallup Survey results which included the first-time participation from legacy Beneficial Associates. We were pleased that both our Customer and Associate Engagement scores continue to place WSFS solidly in the Top Quintile for companies in Gallup’s global database. These results affirm the fundamental strength of our business model and positions us for continued success in our expanded footprint.
“We look forward to the continuing execution of our Strategic Plan in 2020, including realizing the company’s significant growth opportunity and accelerating our Delivery Transformation efforts.”
