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Beneficial Bancorp, Inc. Announces Second Quarter Results and Cash Dividend to Shareholders

PHILADELPHIA, July 21, 2017 (GLOBE NEWSWIRE) -- Beneficial Bancorp, Inc. (“Beneficial”) (NASDAQ:BNCL), the parent company of Beneficial Bank (the “Bank”), today announced its financial results for the three and six months ended June 30, 2017. Beneficial recorded net income of $9.5 million and $17.8 million, or $0.13 and $0.24 per diluted share, for the three and six months ended June 30, 2017, respectively, compared to net income of $2.7 million and $7.8 million, or $0.04 and $0.10 per diluted share, for the three and six months ended June 30, 2016. Net income for the three and six months ended June 30, 2016 included $8.6 million and $9.5 million, respectively, of merger and restructuring charges related to the acquisition of Conestoga Bank (“Conestoga”) and the Bank’s expense management reduction program.

On July 20, 2017, the Company declared a cash dividend of 6 cents per share, payable on or after August 11, 2017, to common shareholders of record at the close of business on August 1, 2017.

Highlights for the three and six months ended June 30, 2017, are as follows:

  • Net interest margin totaled 3.07% and 3.06% for the three and six months ended June 30, 2017 compared to 3.08% and 2.96% for the same periods in 2016, respectively. Net interest margin year over year has benefited from organic loan growth, the impact of the Conestoga acquisition, and continued improvement in the mix of our balance sheet.

  • Net interest income increased $11.5 million, or 16.2%, to $82.5 million for the six months ended June 30, 2017, compared to $71.0 million for the same period in 2016, primarily due to the Conestoga acquisition and organic growth in our loan portfolio.

  • During the six months ended June 30, 2017, our loan portfolio increased $84.2 million, representing 4.2% annualized loan growth, due primarily to 11.2% growth in our commercial loan portfolio.

  • During the three and six months ended June 30, 2017, the Company recorded a $360 thousand and a $1.0 million net gain on the sale of $4.0 million and $11.3 million of the guaranteed portion of SBA loans, respectively.
  • Charge-offs continue to remain low. Net charge-offs for the six months ended June 30, 2017, totaled $1.3 million, or 6 basis points annualized of average loans, compared to net charge-offs of $981 thousand, or 6 basis points annualized of average loans, in the same period in the 2016.
  • Asset quality metrics continued to remain strong with non-performing assets (excluding student loans) to total assets of 0.37% as of June 30, 2017. Our allowance for loan losses totaled $43.4 million, or 1.06% of total loans, as of June 30, 2017, compared to $43.3 million, or 1.08% of total loans, as of December 31, 2016.
  • During the six months ended June 30, 2017, the Company purchased 503,600 shares under its previously announced stock repurchase plan. Our tangible capital to tangible assets decreased to 15.17% at June 30, 2017, compared to 15.95% at June 30, 2016. The decrease in this ratio can be attributed to share repurchases and cash dividends. Tangible book value per share totaled $11.31 at June 30, 2017.

Gerard Cuddy, Beneficial’s President and CEO, stated “Overall economic activity slowed in our markets during the quarter, which reduced overall loan demand. However, our investments in our commercial lending team over the past few years drove strong commercial lending growth in the first half of the year. Our focus remains on employee engagement, a superior customer experience, prudent capital management and organic growth to continue to improve the financial performance of our organization.”

Balance Sheet
Total assets increased $90.4 million, or 1.6%, to $5.83 billion at June 30, 2017, compared to $5.74 billion at December 31, 2016. The increase in total assets was primarily due to an increase in cash and cash equivalents and loan growth, partially offset by a decline in investment securities.

Cash and cash equivalents increased $96.4 million to $383.4 million at June 30, 2017, from $287.0 million at December 31, 2016. The increase in cash and cash equivalents was primarily driven by growth in deposits and an increase in borrowed funds to meet projected future liquidity needs and secure lower funding rates.

Investments decreased $84.9 million, or 7.9%, to $990.4 million at June 30, 2017, compared to $1.08 billion at December 31, 2016, as we continued to focus on improving our balance sheet mix by reducing the percentage of our assets in investments and growing our loan portfolio. We continue to focus on maintaining a high quality investment portfolio that provides a steady stream of cash flows both in the current and in rising interest rate environments.

Loans increased $84.2 million, or 4.2% annualized growth, to $4.09 billion at June 30, 2017, from $4.01 billion at December 31, 2016. The increase in loans was primarily due to organic growth of 11.2% in our commercial loan portfolio offset by a $58.7 million decrease in our consumer loan portfolio due primarily to a decrease in indirect auto loans. As previously disclosed, we decided to exit the indirect lending business in the first quarter of 2017.

Deposits increased $26.8 million, or 1.3% annualized growth, to $4.19 billion at June 30, 2017, from $4.16 billion at December 31, 2016. Deposit growth was primarily achieved through organic core deposit growth of $42.6 million in savings accounts.

Borrowings increased $50.0 million to $540.4 million at June 30, 2017, and are being used as a low cost funding source to replace higher cost brokered CDs and fund organic loan growth.

Stockholders’ equity increased $16.4 million, or 1.6%, to $1.03 billion at June 30, 2017, from $1.01 billion at December 31, 2016. The increase in stockholders’ equity was primarily due to net income of $17.8 million as well as the issuance of 943,640 shares from the exercise of stock options resulting in an increase in additional paid in capital, partially offset by the declaration of cash dividends and stock repurchases during the first half of 2017.

Net Interest Income
For the three months ended June 30, 2017, net interest income was $41.8 million, an increase of $3.0 million, or 7.7%, from the three months ended June 30, 2016. The increase in net interest income was primarily due to improvement in our balance sheet mix and related interest earning assets with growth occurring in our higher yielding loan portfolio with a reduction in investments. The net interest margin totaled 3.07% for the three months ended June 30, 2017 as compared to 3.08% for the same period in 2016. During the quarter ended June 30, 2017, the net interest margin was negatively impacted 9 basis points by higher cash levels as we have established excess liquidity to secure lower funding costs to meet our future projected liquidity needs. We expect cash levels to decrease during the remainder of the year as we fund future loan growth.

For the six months ended June 30, 2017, Beneficial reported net interest income of $82.5 million, an increase of $11.5 million, or 16.2%, from the six months ended June 30, 2016. The increase in net interest income was primarily due to the acquisition of Conestoga during the second quarter of 2016 and strong organic loan growth. Our net interest margin increased to 3.06% for the six months ended June 30, 2017, from 2.96% for the same period in 2016.

Non-interest Income
For the three months ended June 30, 2017, non-interest income totaled $7.4 million, an increase of $1.4 million, or 23.3%, from the three months ended June 30, 2016. The increase was primarily due to a $620 thousand increase in income from bank-owned life insurance, a $360 thousand net gain on the sale of $4.0 million of SBA loans recorded during the three months ended June 30, 2017, a $156 thousand increase in interchange fee income, and a $154 thousand increase in limited partnership earnings.

For the six months ended June 30, 2017, non-interest income totaled $14.5 million, an increase of $3.1 million, or 27.5%, from the six months ended June 30, 2016. The increase was primarily due to a $1.0 million net gain on the sale of $11.3 million of SBA loans recorded during the six months ended June 30, 2017, a $458 thousand increase in income from bank-owned life insurance, a $449 thousand increase in interchange fee income, and a $403 thousand increase in limited partnership earnings.

Non-interest Expense
For the three months ended June 30, 2017, non-interest expense totaled $34.2 million, a decrease of $5.8 million, or 14.6%, from the three months ended June 30, 2016. The decrease in non-interest expense was primarily due to $8.6 million of merger and restructuring charges related to the acquisition of Conestoga and the Bank’s April 2016 expense management reduction program recorded during the three months ended June 30, 2016. This decrease to non-interest expense was partially offset by an increase in salaries and employee benefits of $2.0 million due primarily due to increased costs of $1.6 million associated with equity awards granted under the 2016 Omnibus Incentive Plan as well as annual merit increases.

For the six months ended June 30, 2017, non-interest expense totaled $69.6 million, a decrease of $806 thousand, or 1.1%, from the six months ended June 30, 2016. The decrease in non-interest expense was primarily due to $9.5 million of merger and restructuring charges related to the acquisition of Conestoga and the Bank’s April 2016 expense management reduction program recorded during the six month ended June 30, 2016. This decrease to non-interest expense was partially offset by an increase in salaries and employee benefits of $5.0 million due primarily to increased costs of $3.4 million associated with equity awards granted under the 2016 Omnibus Incentive Plan as well as annual merit increases. The decrease in non-interest expense during the six months ended June 30, 2017 was also offset by a $528 thousand increase in occupancy expense related to the acquisition of Conestoga and a $339 thousand increase in marketing expense.

Income Taxes
For the three months ended June 30, 2017, we recorded a provision for income taxes of $4.7 million, reflecting an effective tax rate of 33.3%, compared to a provision for income taxes of $2.0 million, reflecting an effective tax rate of 42.0% for the three months ended June 30, 2016. For the six months ended June 30, 2017, we recorded a provision for income taxes of $8.2 million, reflecting an effective tax rate of 31.6%, compared to a provision for income taxes of $4.2 million, reflecting an effective tax rate of 35.2%, for the six months ended June 30, 2016. The 2017 effective tax rate was primarily lowered by the impact of excess tax benefits recorded to income tax expense in 2017 associated with stock based compensation. Management believes the effective tax rate for the remainder of 2017 will likely remain closer to the 35.0% statutory tax rate.

Asset Quality
Non-accruing loans, excluding government guaranteed student loans, increased $9.1 million to $21.2 million at June 30, 2017, compared to $12.1 million at December 31, 2016. Our ratio of non-performing assets to total assets, excluding government guaranteed student loans, increased to 0.37% at June 30, 2017, compared to 0.22% at December 31, 2016. The increase in non-accruing loans can primarily be attributed to the downgrade to doubtful and change to non-accrual of a $9.5 million shared national credit during the first quarter of 2017. The Company has reviewed the status of this shared national credit and determined that no charge off or specific reserves were required as of June 30, 2017.

As a result of loan growth and charge-offs during the quarter, we recorded a $750 thousand and $1.4 million provision for loan losses during the three and six months ended June 30, 2017, respectively.

Our allowance for loan losses totaled $43.4 million, or 1.06% of total loans, as of June 30, 2017, compared to $43.1 million, or 1.06% of total loans, as of March 31, 2017, and $43.3 million, or 1.08% of total loans, as of December 31, 2016.

Capital
Beneficial’s and the Bank’s capital position remains strong relative to current regulatory requirements. Beneficial and the Bank continue to have substantial liquidity that has been retained in cash or invested in high quality government-backed securities. As of June 30, 2017, Beneficial’s tangible capital to tangible assets totaled 15.17%. In addition, at June 30, 2017, we had the ability to borrow up to $2.1 billion combined from the Federal Home Loan Bank of Pittsburgh and the Federal Reserve Bank of Philadelphia. Beneficial’s capital ratios are considered to be well capitalized and are as follows:

Minimum Well Excess Capital
6/30/2017 12/31/2016 6/30/2016 Capitalized Ratio 6/30/2017
Tier 1 Leverage (to average assets)16.06% 16.15% 17.00% 5.0% $624,277
Common Equity Tier 1 Capital (to risk weighted assets)20.88% 21.45% 22.32% 6.5% 607,067
Tier 1 Capital (to risk weighted assets)21.47% 22.06% 22.94% 8.0% 568,761
Total Capital Ratio (to risk weighted assets)22.51% 23.14% 24.09% 10.0% 528,060

The Bank’s capital ratios are considered to be well capitalized and are as follows:

Minimum Well Excess Capital
6/30/2017 12/31/2016 6/30/2016 Capitalized Ratio 6/30/2017
Tier 1 Leverage (to average assets)14.75% 14.76% 15.15% 5.0% $550,236
Common Equity Tier 1 Capital (to risk weighted assets)19.74% 20.17% 20.45% 6.5% 558,227
Tier 1 Capital (to risk weighted assets)19.74% 20.17% 20.45% 8.0% 494,963
Total Capital Ratio (to risk weighted assets)20.77% 21.25% 21.61% 10.0% 454,276

Maintaining strong capital levels remains one of our top priorities. Our capital levels are in excess of well capitalized levels under Basel III regulatory requirements.

About Beneficial Bancorp, Inc.
Beneficial is a community-based, diversified financial services company providing consumer and commercial banking services. Its principal subsidiary, Beneficial Bank, has served individuals and businesses in the Delaware Valley area since 1853. The Bank is the oldest and largest bank headquartered in Philadelphia, Pennsylvania, with 62 offices in the greater Philadelphia and South New Jersey regions. Insurance services are offered through Beneficial Insurance Services, LLC and wealth management services are offered through the Beneficial Advisors, LLC, both wholly owned subsidiaries of the Bank. Equipment leasing services are offered through Beneficial Equipment Leasing Corporation, which is a wholly owned subsidiary of the Bank. For more information about the Bank and Beneficial, please visit www.thebeneficial.com.

Forward Looking Statements
This news release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows, changes in the quality or composition of Beneficial’s loan or investment portfolios, our ability to successfully integrate the assets, liabilities, customers, systems and employees of Conestoga Bank into our operations and our ability to realize related revenue synergies and cost savings within expected time frames. Additionally, other risks and uncertainties may be described in Beneficial’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q or its other reports as filed with the Securities and Exchange Commission, which are available through the SEC's website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, Beneficial assumes no obligation to update any forward-looking statements.


BENEFICIAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Financial Condition
(Dollars in thousands, except share amounts)

June 30, March 31, December 31, June 30,
2017 2017 2016 2016
ASSETS:
Cash and cash equivalents:
Cash and due from banks $50,078 $45,777 $45,791 $51,622
Interest-bearing deposits 333,306 374,302 241,255 51,868
Total cash and cash equivalents 383,384 420,079 287,046 103,490
Investment securities:
Available-for-sale 427,174 438,467 451,544 576,374
Held-to-maturity 540,057 559,441 602,529 642,826
Federal Home Loan Bank stock, at cost 23,210 23,231 21,231 16,431
Total investment securities 990,441 1,021,139 1,075,304 1,235,631
Loans and leases: 4,094,732 4,056,262 4,010,568 3,798,493
Allowance for loan and lease losses (43,350) (43,095) (43,261) (44,519)
Net loans and leases 4,051,382 4,013,167 3,967,307 3,753,974
Accrued interest receivable 16,897 16,715 16,635 16,314
Bank premises and equipment, net 72,982 74,302 75,444 77,842
Other assets:
Goodwill 169,002 169,002 169,125 169,239
Bank owned life insurance 80,952 79,891 80,664 79,612
Other intangibles 3,309 3,878 4,446 5,605
Other assets 60,614 63,646 62,622 72,382
Total other assets 313,877 316,417 316,857 326,838
Total assets $5,828,963 $5,861,819 $5,738,593 $5,514,089
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Liabilities:
Deposits:
Non-interest bearing deposits $568,391 $539,987 $518,294 $505,029
Interest bearing deposits 3,616,645 3,678,869 3,639,894 3,535,542
Total deposits 4,185,036 4,218,856 4,158,188 4,040,571
Borrowed funds 540,432 540,427 490,423 370,414
Other liabilities 73,291 72,570 76,226 76,788
Total liabilities 4,798,759 4,831,853 4,724,837 4,487,773
Commitments and contingencies
Stockholders’ equity:
Preferred stock – $.01 par value - - - -
Common stock – $.01 par value 843 842 834 832
Additional paid-in capital 789,356 784,245 772,925 762,685
Unearned common stock held by
employee stock ownership plan (28,312) (28,929) (29,546) (30,780)
Retained earnings 408,162 403,093 399,620 390,722
Accumulated other comprehensive loss, net (24,483) (25,345) (25,833) (17,001)
Treasury stock, at cost (115,362) (103,940) (104,244) (80,142)
Total stockholders’ equity 1,030,204 1,029,966 1,013,756 1,026,316
Total liabilities and stockholders’ equity $5,828,963 $5,861,819 $5,738,593 $5,514,089


BENEFICIAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income
(Dollars in thousands, except per share amounts)

For the Three Months Ended For the Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2017 2017 2016 2017 2016
INTEREST INCOME:
Interest and fees on loans and leases$42,211 $41,487 $37,743 $83,698 $67,733
Interest on overnight investments 897 529 161 1,426 421
Interest and dividends on investment securities:
Taxable 5,416 5,356 6,166 10,773 12,525
Tax-exempt 18 22 325 40 650
Total interest income 48,542 47,394 44,395 95,937 81,329
INTEREST EXPENSE:
Interest on deposits:
Interest bearing checking accounts 617 602 556 1,219 1,022
Money market and savings deposits 1,491 1,461 1,503 2,952 2,825
Time deposits 2,310 2,187 1,886 4,497 3,515
Total 4,418 4,250 3,945 8,668 7,362
Interest on borrowed funds 2,367 2,370 1,674 4,737 2,952
Total interest expense 6,785 6,620 5,619 13,405 10,314
Net interest income 41,757 40,774 38,776 82,532 71,015
Provision for loan losses 750 600 - 1,350 -
Net interest income after provision for loan losses 41,007 40,174 38,776 81,182 71,015
NON-INTEREST INCOME:
Insurance and advisory commission and fee income 1,626 2,093 1,539 3,719 3,530
Service charges and other income 5,353 4,099 4,383 9,451 7,768
Mortgage banking and SBA income 444 879 101 1,323 73
Net loss on sale of investment securities (3) (3) (4) (6) (8)
Total non-interest income 7,420 7,068 6,019 14,487 11,363
NON-INTEREST EXPENSE:
Salaries and employee benefits 18,557 18,828 16,577 37,385 32,394
Occupancy expense 2,538 2,735 2,453 5,273 4,745
Depreciation, amortization and maintenance 2,397 2,416 2,571 4,813 4,889
Marketing expense 1,039 1,102 889 2,141 1,802
Intangible amortization expense 570 568 558 1,138 1,032
FDIC insurance 438 432 625 870 1,178
Merger and restructuring charges - - 8,621 - 9,459
Professional fees 1,001 1,211 1,386 2,212 2,415
Classified loan and other real estate owned related expense 262 268 173 530 465
Other 7,412 7,807 6,200 15,219 12,008
Total non-interest expense 34,214 35,367 40,053 69,581 70,387
Income before income taxes 14,213 11,875 4,742 26,088 11,991
Income tax expense 4,728 3,520 1,994 8,248 4,220
NET INCOME $9,485 $8,355 $2,748 $17,840 $7,771
EARNINGS PER SHARE – Basic$0.13 $0.11 $0.04 $0.24 $0.11
EARNINGS PER SHARE – Diluted$0.13 $0.11 $0.04 $0.24 $0.10
DIVIDENDS DECLARED PER SHARE$0.06 $0.06 $ - $0.12 $ -
Average common shares outstanding – Basic 70,630,256 70,041,340 71,197,288 70,337,425 73,679,901
Average common shares outstanding – Diluted 71,168,059 70,822,040 72,078,696 70,993,059 74,536,502


BENEFICIAL BANCORP, INC. AND SUBSIDIARIES

Unaudited Selected Consolidated Financial and Other Data
(Dollars in thousands)

Three Months Ended Six Months Ended
June 30, 2017 March 31, 2017 June 30, 2016 June 30, 2017 June 30, 2016
AverageYield / AverageYield / AverageYield / AverageYield / AverageYield /
BalanceRate BalanceRate BalanceRate BalanceRate BalanceRate
Investment securities:$1,351,585 1.88% $1,306,704 1.81% $1,378,633 1.93% $1,329,269 1.84% $1,442,514 1.88%
Overnight investments 342,350 1.05% 261,607 0.82% 125,509 0.51% 302,202 0.95% 165,446 0.50%
Stock 23,211 4.66% 22,545 4.65% 14,405 4.45% 22,880 4.66% 11,707 4.42%
Other investment securities 986,024 2.09% 1,022,552 2.00% 1,238,719 2.04% 1,004,187 2.05% 1,265,361 2.04%
Loans and leases: 4,065,523 4.14% 4,063,153 4.10% 3,638,837 4.14% 4,064,344 4.12% 3,340,332 4.04%
Residential 894,754 4.02% 894,589 3.89% 788,063 4.09% 894,672 3.95% 764,500 4.10%
Commercial real estate 1,681,138 4.08% 1,642,713 4.05% 1,450,685 4.02% 1,662,032 4.07% 1,291,323 3.92%
Business and small business 861,321 4.30% 866,015 4.32% 746,406 4.32% 863,654 4.31% 643,489 4.06%
Personal 628,310 4.23% 659,836 4.17% 653,683 4.23% 643,986 4.20% 641,020 4.21%
Total interest earning assets$5,417,108 3.57% $5,369,857 3.54% $5,017,470 3.53% $5,393,613 3.56% $4,782,846 3.39%
Deposits:$3,647,270 0.49% $3,654,673 0.47% $3,511,893 0.45% $3,650,952 0.48% $3,328,874 0.44%
Savings 1,306,201 0.34% 1,290,405 0.34% 1,233,829 0.34% 1,298,347 0.34% 1,200,586 0.34%
Money market 443,858 0.34% 448,439 0.34% 492,471 0.38% 446,136 0.34% 460,104 0.35%
Demand 913,309 0.24% 917,011 0.24% 854,054 0.24% 915,150 0.24% 814,445 0.23%
Demand - municipals 122,547 0.22% 128,463 0.19% 129,905 0.17% 125,489 0.20% 129,425 0.14%
Total core deposits 2,785,915 0.30% 2,784,318 0.30% 2,710,259 0.31% 2,785,122 0.30% 2,604,560 0.30%
Time deposits 861,355 1.08% 870,355 1.02% 801,634 0.95% 865,830 1.05% 724,314 0.98%
Borrowings 540,429 1.73% 523,258 1.81% 306,221 2.20% 531,891 1.77% 255,123 2.33%
Total interest bearing liabilities$4,187,699 0.65% $4,177,931 0.64% $3,818,114 0.59% $4,182,843 0.65% $3,583,997 0.58%
Non-interest bearing deposits 530,046 506,097 498,311 518,137 451,117
Net interest margin 3.07% 3.04% 3.08% 3.06% 2.96%


ASSET QUALITY INDICATORS June 30, March 31, December 31, June 30,
(Dollars in thousands) 2017 2017 2016 2016
Non-performing assets:
Non-accruing loans$21,164 $23,930 $12,069 $14,500
Accruing loans past due 90 days or more 16,111 16,805 14,843 20,138
Total non-performing loans 37,275 40,735 26,912 34,638
Real estate owned 300 346 821 1,999
Total non-performing assets$37,575 $41,081 $27,733 $36,637
Non-performing loans to total loans and leases 0.91% 1.00% 0.67% 0.91%
Non-performing assets to total assets 0.64% 0.70% 0.48% 0.66%
Non-performing assets less accruing government guaranteed
student loans past due 90 days or more to total assets 0.37% 0.41% 0.22% 0.30%
ALLL to total loans and leases 1.06% 1.06% 1.08% 1.17%
ALLL to non-performing loans 116.30% 105.79% 160.75% 128.53%
ALLL to non-performing loans, excluding government
guaranteed student loans 204.83% 180.09% 358.45% 307.03%


Key performance ratios (annualized) are as follows for the three and six months ended (unaudited):

For the Three Months Ended For the Six Months
Ended
June 30, March 31, December 31, June 30,
2017 2017 2016 2017 2016
PERFORMANCE RATIOS:
(annualized)
Return on average assets0.65% 0.59% 0.53% 0.62% 0.31%
Return on average equity3.69% 3.35% 2.97% 3.52% 1.49%
Net interest margin3.07% 3.04% 3.00% 3.06% 2.96%
Net charge-off ratio0.05% 0.08% 0.17% 0.06% 0.06%
Efficiency ratio69.57% 73.92% 73.77% 71.72% 85.44%
Efficiency ratio (excluding merger & restructuring charges)69.57% 73.92% 73.77% 71.72% 73.96%
Tangible common equity15.17% 15.07% 15.10% 15.17% 15.95%


CONTACT: Thomas D. Cestare Executive Vice President and Chief Financial Officer PHONE: (215) 864-6009

Source: Beneficial Bank