WSFS Financial Corp., Wilmington, the parent company of WSFS Bank, reported higher earnings in the second quarter.
Net income rose to $97.5 million in the second quarter, up from $65.1 million during the same period a year.
See table below:
(Dollars in millions, except per share data) |
2Q 2021 |
1Q 2021 |
2Q 2020 |
|||||||||
Net interest income |
$ |
106.7 |
$ |
114.2 |
$ |
113.8 |
||||||
Fee income |
$49.0 |
$47.8 |
$64.4 |
|||||||||
Total net revenue |
$155.8 |
$162.0 |
$178.1 |
|||||||||
(Recovery of) provision for credit losses |
(67.6) |
(20.2) |
|
94.8 |
||||||||
Noninterest expense |
$96.0 |
$95.6 |
$93.4 |
|||||||||
Net income attributable to WSFS |
$95.7 |
$65.1 |
(7.1) |
|||||||||
Pre-provision net revenue (PPNR) |
59.7 |
66.4 |
84.7 |
|||||||||
Earnings per share (diluted) |
2.01 |
1.36 |
(0.14) |
|||||||||
Return on average assets (ROA) (a) |
2.60 |
% |
1.85 |
% |
(0.22) |
% | ||||||
Return on average equity (ROE) |
21.3 |
14.9 |
(1.6) |
|||||||||
Efficiency ratio |
61.6 |
58.9 |
52.4 |
|||||||||
Rodger Levenson, the CEO, said, “Our 2Q operating results included continued improvement across key credit metrics, solid growth in our fee businesses, and a strong capital and balance sheet position. We are well positioned for the post-Covid economic recovery, including our significant organic growth opportunity as the largest locally-owned bank and wealth management franchise in the Greater Philadelphia and Delaware region.
“During the quarter, we were also pleased to receive stockholder approval on our upcoming combination with Bryn Mawr. In addition, we recently received a key regulatory approval from the Office of the Comptroller of the Currency. Pending the remaining required regulatory approval, we remain on track for an early fourth-quarter close.
“Additionally, we recognized a gain on our shares of SoFi, which went public during the quarter. This investment began in 2015 from our relationship with Zenbanx and is consistent with our history of partnerships with entrepreneurial companies to enhance our knowledge base of innovative products and services. We were pleased to take a portion of these proceeds to make a $1 million contribution to the WSFS CARES Foundation. We continue to invest in the success of our local communities, which is critical to our strategy of “Engaged Associates, living our culture, making a better life for all we serve.”
