WSFS Financial Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015
January 28, 2016 at 04:30 pm
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WSFS Financial Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net income of $14.0 million, or $0.46 per diluted common share for the fourth quarter of 2015 compared to net income of $12.7 million, or $0.44 per share for the fourth quarter of 2014 and net income of $14.4 million, or $0.51 per share for the third quarter of 2015. Core earnings per share (EPS) was $0.59, increased 28% from $0.46 for the fourth quarter of 2014; and Core return on average assets (ROA) increased 17% to 1.31% from 1.12% for the fourth quarter of 2014. Net interest income was $47,896,000 compared to $38,239,000 a year ago. Net interest income after provision for loan losses was $46,118,000 compared to $37,672,000 a year ago. Income before taxes was $21,968,000 compared to $19,286,000 a year ago. Return on average assets was 1.03% compared to 1.07% a year ago. Return on average equity was 9.71% compared to 10.40% a year ago. Return on tangible common equity was 11.84% compared to 12.16% a year ago. Non-GAAP Core net revenue was $70,459,000 compared to $58,168,000 a year ago. Book Value per share was $19.50 compared to $17.34 a year ago. Non-GAAP tangible common book value per was $16.30 compared to $15.30 a year ago. Non-GAAP net income was $17,839,000 compared to $13,284,000 a year ago.
For the full year, the company's net income was $53.5 million or $1.85 per diluted common share, as compared to $53.8 million, or $1.93 per share for the full year of 2014. Net interest income was $166,800,000 compared to $144,507,000 a year ago. Net interest income after provision for loan losses was $159,010,000 compared to $140,927,000 a year ago. Income before taxes was $83,806,000 compared to $72,560,000 a year ago. Return on average assets was 1.05% compared to 1.17% a year ago. Return on average equity was 10.24% compared to 12.21% a year ago. Return on tangible common equity was 12.06% compared to 13.80% a year ago. Non-GAAP Core net revenue was $253,577,000 compared to $221,748,000 a year ago. Non-GAAP net income was $58,454,000 compared to $49,125,000 a year ago. Non-GAAP ROA was 1.15% compared to 1.07% a year ago. Core EPS was $2.02 compared to $1.76 a year ago.
Net charge-offs for the fourth quarter of 2015 were $1.1 million, or a low 12bps of total net loans on an annualized basis, a reduction from $5.9 million, or 70bps annualized in the third quarter of 2015 and $625,000, or 8bps annualized, in the fourth quarter of 2014.
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. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015