Business
WSFS Reports 4Q 2019 EPS of $0.88 and Full-Year EPS of $3.00; First Year of Strategic Plan Highlighted by Strong Operating Results; Successfully Completed the Integration of the Beneficial Acquisition
WILMINGTON, Del., Jan. 21, 2020 (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., Jan. 21, 2020 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the fourth quarter and full-year 2019. \n Selected GAAP financial results are as follows: (Dollars in millions, except per share data) 4Q 2019 3Q 2019 4Q 2018 2019 2018Net interest income $117.6 $120.8 $64.7 $444.9 $246.5 Fee income 41.8 62.3 38.2 188.1 162.5 Total net revenue 159.3 183.2 102.9 633.1 409.0 Noninterest expense 98.1 109.6 61.4 413.1 225.0 Net income(1) 45.7 53.9 29.7 148.8 134.7 EPS (diluted) 0.88 1.02 0.93 3.00 4.19 GAAP results for 4Q 2019 and full-year 2019 include the impact of our acquisition of Beneficial Bancorp, Inc. (Beneficial) on March 1, 2019, as well as $6.1 million (pre-tax), or approximately $0.09 per share, of net corporate development and restructuring costs in 4Q 2019, compared with $2.2 million, or approximately $0.06 per share, in 4Q 2018. In addition, during full-year 2019, we recorded $26.2 million (pre-tax), or approximately $0.39 per share, of unrealized gains on our investments in VISA Class B shares and Spring EQ, compared with $24.5 million, or approximately $0.58 per share, of realized and unrealized gains on our investment in VISA Class B shares in 2018. We did not record any unrealized gains on our equity investments in 4Q 2019. Selected GAAP financial metrics are as follows: 4Q 2019 3Q 2019 4Q 2018 2019 2018Return on average assets (ROA) 1.48 % 1.72% 1.66% 1.30 % 1.92%Return on average equity (ROE) 9.8 11.6 14.9 8.9 17.6 Efficiency ratio 61.5 59.7 59.4 65.1 54.8 (1) Net of noncontrolling interest Highlights for 4Q 2019 and Full-Year 2019: Core ROA(2) was 1.63% in 4Q 2019 compared to 1.67% for 4Q 2018. Full-year 2019 core ROA was 1.61% compared to 1.63% in 2018.Core EPS(2) was $0.96 in 4Q 2019 compared to $0.94 for 4Q 2018. Full-year 2019 core EPS was $3.74, an increase of $0.19, or 5%, from $3.55 in 2018.Core net revenue(2) in 4Q 2019 of $159.1 million increased $58.4 million, or 58%, from 4Q 2018, including a $52.9 million, or 82%, increase in core net interest income(2), and a $5.5 million, or 15%, increase in core fee income (noninterest income)(2). Full-year 2019 core net revenue also increased 58% from 2018.Core noninterest expense(2) increased $33.3 million, or 56%, from 4Q 2018, continuing to reflect disciplin...