WSFS Financial in Wilmington, Del., said a number of items will boost its quarterly profit by nearly $12 million.
The $7.1 billion-asset company said it sold 30,000 shares of Visa class B stock for a pretax gain of $3.8 million. WSFS will also benefit from nearly $8 million it recovered from insurers tied to a recent legal settlement.
WSFS agreed earlier this year to pay Universitas Education $12 million
The company also said it expects to record a $3.2 million unrealized valuation gain tied to the 340,000 Visa Class B shares it still holds.
“We are pleased with the progress we have made towards our previously discussed plan to recover the costs from the settlement disclosed in the first quarter,” Mark Turner, the company's chairman, president and CEO, said in a press release Thursday. "Consistent with those efforts, we continue to pursue the remaining remedies available to us for additional recoveries.”
The Visa sale "demonstrates our ability to leverage our knowledge of the underlying asset and to actively participate in this market, creating value for our shareholders,” Turner added.
WSFS expects to report third-quarter results on Oct. 22.
The company recently agreed to buy Beneficial Bancorp in Philadelphia.
