WSFS Financial Corp. Declares Quarterly Cash Dividend, Payable on February 27, 2015; Reports Unaudited Financial Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014
January 29, 2015 at 04:20 pm
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The Board of Directors of WSFS Financial Corp. approved a quarterly cash dividend of $0.15 per share of common stock. This dividend will be paid on February 27, 2015, to shareholders of record as of February 13, 2015.
The company reported unaudited financial results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported interest income of $42,340,000 against $38,333,000 for the same period in the last year. Net interest income was $38,239,000 against $34,546,000 for the same period in the last year. Income before taxes was $18,993,000 against $18,452,000 for the same period in the last year. Net income allocable to common stockholders was $12,708,000 against $12,074,000 for the same period in the last year. Net income allocable to common stockholders per diluted share was $1.32 against $1.33 for the same period in the last year. Return on average assets was 1.07% against 1.09% for the same period in the last year. Return on average equity was 10.40% against 12.64% for the same period in the last year. Non-GAAP net income was $13,702,000 or $1.43 per share against $11,986,000 or $1.32 per share for the same period in the last year. Results for both the third and fourth quarter of 2014 included significant corporate development costs primarily related to the merger integration of The First National Bank of Wyoming (FNBW). Core(o) net revenues increased $4.5 million, or 8% above the fourth quarter 2013.
For the year, the company reported interest income of $160,337,000 against $146,922,000 for the same period in the last year. Net interest income was $144,507,000 against $131,588,000 for the same period in the last year. Income before taxes was $71,386,000 against $71,638,000 for the same period in the last year. Net income allocable to common stockholders was $53,757,000 against $45,249,000 for the same period in the last year. Net income allocable to common stockholders per diluted share was $5.78 against $5.06 for the same period in the last year. Return on average assets was 1.17% against 1.07% for the same period in the last year. Return on average equity was 12.21% against 11.60% for the same period in the last year. Non-GAAP net income was $50,619,000 or $5.44 per share against $40,960,000 or $4.57 per share for the same period in the last year. Core revenues for the year increased 8% from last year. Book value per share was $52.01 as at December 31, 2014 against $43.06 as at December 31, 2013.
Net charge-offs improved to $624,000, or only 8 basis points of gross loans annualized, compared to $2.2 million for the third quarter of 2014 and $1.5 million for the same quarter in 2013.
WSFS Financial Corporation is a savings and loan holding company. The Company operates through its subsidiary, Wilmington Savings Fund Society, FSB (the Bank). The Companyâs segments include WSFS Bank, Cash Connect and Wealth Management. The WSFS Bank segment provides loans and leases, deposits and other financial products to commercial and consumer customers. WSFS Bank also offers a variety of consumer loan products, retail securities and insurance brokerage services through its branches, and mortgage and title services through WSFS Mortgage. Its Cash Connect segment provides ATM vault cash, smart safe and cash logistics services in the United States, servicing non-bank ATMs and smart safes nationwide and supporting ATMs for WSFS Bank Customers. The Wealth Management segment provides a range of planning and advisory services, investment management, personal and institutional trust services, and credit and deposit products to individual, corporate, and institutional clients.
WSFS Financial Corp. Declares Quarterly Cash Dividend, Payable on February 27, 2015; Reports Unaudited Financial Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014