WSFS Financial (WSFS) Misses Q3 EPS by 10c

October 27, 2016 6:07 PM EDT
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WSFS Financial (NASDAQ: ) reported Q3 EPS of $0.41, $0.10 worse than the analyst estimate of $0.51. Revenue for the quarter came in at $46 million versus the consensus estimate of $50.03 million.

Mark A. Turner, President and CEO, said, “During the quarter we successfully completed our combination with Penn Liberty and Powdermill Financial Solutions, as well announcing our acquisition of West Capital in October, and we warmly welcome our new Customers and Associates to WSFS Bank.

“Our third quarter results were impacted by active credit management and the costs from our strategic acquisitions during and shortly after the quarter. Excluding these discrete costs, our third quarter results reflect solid fundamental performance and continue to reflect the success of our balanced growth strategy. We continue to see increases in net interest income driven by robust growth in our loan portfolio. We have also seen strong growth in our fee income driven by our bank-related businesses of Wealth Management, Cash Connect, and mortgage banking. Expenses were well managed as our third quarter results showed positive core operating leverage and a lower core efficiency ratio when compared to the same period last year.

For earnings history and earnings-related data on WSFS Financial (WSFS) click here.

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