WSFS Financial Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Approves Quarterly Cash Dividend Payable on February 24, 2012
January 26, 2012 at 04:16 pm
Share
WSFS Financial Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported interest income was $39.585 million compared to $39.812 million a year ago. Net interest income was $32.416 million compared to $30.453 million a year ago. Income before taxes was $9.438 million compared to $2.795 million a year ago. Net income allocable to common stockholders was $5.469 million or $0.63 per diluted share compared to $1.386 million or $0.16 per diluted share a year ago. Return on average assets was 0.59% compared to 0.22% a year ago. Return on average equity was 6.30% compared to 2.23% a year ago. Return on tangible common equity was 7.41% compared to 1.92% a year ago. Total net revenue for the fourth quarter of 2011 continued to grow, capping a year where net revenue grew $18.8 million or 11% from 2010, driven by increases in both net interest income and fee income.
For the year, the company reported interest income was $158.642 million compared to $162.403 million a year ago. Net interest income was $126.037 million compared to $120.671 million a year ago. Income before taxes was $34.152 million compared to $19.571 million a year ago. Net income allocable to common stockholders was $19.907 million or $2.28 per diluted share compared to $11.347 million or $1.46 per diluted share a year ago. Book value per common share was $45.19 compared to $43.15 a year ago. Return on average assets was 0.56% compared to 0.37% a year ago. Return on average equity was 5.96% compared to 4.21% a year ago. Return on tangible common equity was 7.03% compared to 4.35% a year ago. Tangible common book value per share was $35.20 at December 31, 2011 compared to $33.03 reported at December 31, 2010. Tangible book value per share was $41.24 at December 31, 2011 compared to $39.15 reported at December 31, 2010.
The Board of Directors approved a quarterly cash dividend of $0.12 per common share. This dividend will be paid on February 24, 2012, to shareholders of record as of February 10, 2012.
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, 2011; Approves Quarterly Cash Dividend Payable on February 24, 2012