WSFS Financial Corporation (WSFS) has reported 20.08 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $18.94 million, or $0.59 a share in the quarter, compared with $15.77 million, or $0.52 a share for the same period last year. On an adjusted basis, net profit for the quarter was $18.96 million, when compared with $16.01 million in the last year period. Revenue during the quarter grew 15.81 percent to $79.03 million from $68.24 million in the previous year period. Net interest income for the quarter rose 17.08 percent over the prior year period to $53.10 million. Non-interest income for the quarter rose 18.69 percent over the last year period to $28.09 million.
Wsfs Financial Corp has made provision of $2.16 million for loan losses during the quarter, up 177.18 percent from $0.78 million in the same period last year.
Net interest margin improved 3 basis points to 3.90 percent in the quarter from 3.87 percent in the last year period. Efficiency ratio for the quarter deteriorated to 62.87 percent from 62.76 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Mark A. Turner, president and chief executive officer, said, "Our first quarter results demonstrate continued success in executing on our strategic goals and optimization of our recent business combinations and investments. This success included strong organic growth in loans, core deposits, net revenues and fee income, and was achieved despite this being our normal seasonally slower quarter and a slowdown in the mortgage market.
Liabilities outpace assets growthTotal assets stood at $6,852.90 million as on Mar. 31, 2017, up 20.54 percent compared with $5,684.99 million on Mar. 31, 2016. On the other hand, total liabilities stood at $6,148.90 million as on Mar. 31, 2017, up 20.86 percent from $5,087.41 million on Mar. 31, 2016. Loans outpace deposit growthNet loans stood at $4,581.54 million as on Mar. 31, 2017, up 21.92 percent compared with $3,757.73 million on Mar. 31, 2016. Deposits stood at $5,376.83 million as on Mar. 31, 2017, up 32.15 percent compared with $4,068.77 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $1,658.11 million or 30.84 percent of total deposits on Mar. 31, 2017, compared with $964.49 million or 23.70 percent of total deposits on Mar. 31, 2016.
Investments stood at $220.81 million as on Mar. 31, 2017, down 6.83 percent or $16.18 million from year-ago. Shareholders equity stood at $704 million as on Mar. 31, 2017, up 17.81 percent or $106.42 million from year-ago.
Return on average assets moved down 1 basis points to 1.12 percent in the quarter from 1.13 percent in the last year period. At the same time, return on average equity increased 35 basis points to 11 percent in the quarter from 10.65 percent in the last year period.
Nonperforming assets moved up 60.62 percent or $22.84 million to $60.52 million on Mar. 31, 2017 from $37.68 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.88 percent in the quarter, up from 0.66 percent in the last year period.
Capital ratios deteriorateWSFS Financial Corporation witnessed a deterioration in capital ratios during in the quarter. Tier-1 leverage ratio stood at 9.60 percent for the quarter, down from 10.50 percent for the previous year quarter. Equity to assets ratio was 10.27 percent for the quarter, down from 10.51 percent for the previous year quarter. Book value per share was $22.38 for the quarter, up 10.57 percent or $2.14 compared to $20.24 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
