Business
WSFS Reports 3Q 2019 EPS of $1.02 and ROA of 1.72%; Strong Operating Results Driven by Acquisition and Organic Growth; Successfully Completed Beneficial Systems and Branding Conversion; Executing on Strategic Plan Goals
WILMINGTON, Del., Oct. 21, 2019 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial
About this update from Wsfs Financial Corporation
[{"type":"text","content":"WILMINGTON, Del., Oct. 21, 2019 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the third quarter of 2019. \n Selected GAAP financial results are as follows: Variance 3Q 2019 vs 2Q 2019 3Q 2019 vs 3Q 2018(Dollars in millions, except per share data) 3Q 2019 2Q 2019 3Q 2018 $ % $ %Net interest income $120.8 $123.2 $63.1 $(2.4) (2)% $57.7 92%Fee income 62.3 42.9 41.9 19.5 45 20.4 49 Total net revenue 183.2 166.1 105.0 17.1 10 78.2 74 Noninterest expense 109.6 107.8 52.5 1.7 2 57.1 109 Net income(1) 53.9 36.2 38.9 17.7 49 14.9 38 EPS (diluted) 1.02 0.68 1.20 0.34 50 (0.18) (15) (1) net of noncontrolling interest GAAP results for 3Q 2019 include the impact of our acquisition of Beneficial Bancorp, Inc. (Beneficial) on March 1, 2019, and include $18.9 million (pre-tax), or approximately $0.27 per share, of net corporate development and restructuring costs in 3Q 2019, compared with $3.8 million, or approximately $0.11 per share, in 3Q 2018. In addition, during 3Q 2019 we recorded $21.3 million (pre-tax), or approximately $0.31 per share, of unrealized gains on our investment in VISA Class B shares, compared with $7.0 million, or approximately $0.17 per share, of realized and unrealized gains in 3Q 2018. Selected GAAP financial metrics are as follows: 3Q 2019 2Q 2019 3Q 2018 Return on average assets (ROA) 1.72% 1.20% 2.18%Return on average equity (ROE) 11.6 8.0 19.8 Efficiency ratio 59.7 64.8 49.8 Highlights for 3Q 2019: Core ROA(1) was 1.66% in 3Q 2019 compared to 1.73% for 3Q 2018. Core EPS(1) was $0.98 in 3Q 2019 compared to $0.96 for 3Q 2018. Core net revenue(1) of $161.8 million increased $63.8 million, or 65%, from 3Q 2018, including a $57.7 million, or 92%, increase in core net interest income(1) reflecting strong organic and acquisition growth, and a $6.1 million, or 18%, increase in core fee income (noninterest income)(1). Core noninterest expense(1) increased $34.1 million, or 60%, from 3Q 2018 supporting core net revenue growth of $63.8 million, or 65%, continuing to reflect economies of scale from the Beneficial acquisition and disciplined cost management, and resulting in a core efficiency ratio(1) of 55.9% and positive operating leverage. WSFS repurchased $40.6 million, or 959,300 shares, of our common stock during 3Q 2019. We have 1,...