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WSFS Financial Q4'19 NIM rises YOY

Wilmington, Del.-based WSFS Financial Corp. posted fourth-quarter 2019 adjusted net income attributable to the company of $50.1 million, compared to $29.9 million in the year-ago quarter. Core EPS was 96 cents versus the year-ago 94 cents.

The S&P Global Market Intelligence consensus normalized EPS estimate was 91 cents.

GAAP net income attributable to the company was $45.7 million, or 88 cents per share, compared to $29.7 million, or 93 cents per share, in the year-ago quarter.

Results include the impact of the company's acquisition of Beneficial Bancorp Inc., as well as $6.1 million pretax, or approximately 9 cents per share, of net corporate development and restructuring costs in the 2019 fourth quarter, compared with $2.2 million, or approximately 6 cents per share, in the fourth quarter of 2018.

WSFS' net interest margin was 4.35% in the quarter, up from 4.16% a year ago.

Total nonperforming assets were $39.8 million in the quarter, down from $47.7 million in the 2018 fourth quarter.

Provision for loan losses came in at $1.6 million, down from the year-ago figure of $3.3 million. WSFS reported net charge-offs of $1.7 million, compared to $5.6 million in the year-ago quarter.

For the full year 2019, adjusted net income attributable to the company was $185.1 million, compared to $114.3 million. Core EPS was $3.74 versus $3.55 in 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for 2019 was $3.68.

GAAP net income attributable to the company for 2019 was $148.8 million, or $3.00 per share, compared to $134.7 million, or $4.19 per share, in 2018.