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WSFS Financial's Q3 net interest margin up 27 bps from year-ago quarter

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WSFS Financial's Q3 net interest margin up 27 bps from year-ago quarter

Wilmington, Del.-based WSFS Financial Corp. posted third-quarter adjusted net income attributable to the company of $52.0 million, or 98 cents per share, compared to $30.9 million, or 96 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus estimate for normalized EPS was 88 cents per share.

GAAP net income attributable to the company was $53.9 million, or $1.02 per share, compared to $38.9 million, or $1.20 per share, in the year-ago quarter.

WSFS said the GAAP EPS results were impacted by its March 1 acquisition of Beneficial Bancorp Inc., which added 27 cents of pretax net corporate development and restructuring costs, compared to 11 cents in the year-ago period. The company also recorded 31 cents per share of unrealized gains on its investment in Visa Inc. class B shares, compared to 17 cents of gains in the third quarter of 2018.

WSFS' net interest margin was 4.38% in the third quarter, down from 4.68% in the prior quarter but up from 4.11% a year ago.

Nonperforming assets rose to $56.2 million in the quarter, up from $55.5 million in the previous quarter.

Provisions for loan losses, meanwhile, came in at $4.1 million, up from the year-ago figure of $3.7 million. WSFS also reported third-quarter net charge-offs of $1.8 million, down from $2.9 million in the year-ago quarter.