Beneficial Mutual Bancorp, Inc. Announces Third Quarter 2012 Earnings

PHILADELPHIA, Oct. 25, 2012 (GLOBE NEWSWIRE) -- Beneficial Mutual Bancorp, Inc. ("Beneficial") (Nasdaq:BNCL), the parent company of Beneficial Bank (the "Bank" or the "Company"), today announced its financial results for the three and nine months ended September 30, 2012.

Beneficial recorded net income of $4.1 million, or $0.05 per diluted share, for the three months ended September 30, 2012 which was flat to net income of $4.1 million, or $0.05 per diluted share, recorded for the three months ended September 30, 2011. Net income for the nine months ended September 30, 2012 totaled $10.4 million, or $0.13 per diluted share, compared to $5.2 million, or $0.07 per diluted share, for the nine months ended September 30, 2011. Net income for the nine months ended September 30, 2012 included $2.7 million of merger and restructuring charges related to the acquisition of SE Financial Corp., the parent holding company of St. Edmond's Federal Savings Bank. Net income for the nine months ended September 30, 2011 included $5.1 million of restructuring charges related to the implementation of our expense management reduction program.

Credit costs have decreased during the three and nine months ended September 30, 2012 from the same periods in 2011 but continue to have a significant impact on our financial results. During the three and nine months ended September 30, 2012, the Bank recorded a provision for credit losses in the amount of $7.0 million and $22.0 million, respectively, compared to a provision of $9.0 million and $29.0 million for the three and nine months ended September 30, 2011, respectively. We continue to make progress reducing our non-performing asset levels. At September 30, 2012 our nonperforming assets were $123.4 million, representing a decrease of $30.7 million, or 19.9%, and $40.1 million, or 24.5%, from $154.1 million and $163.5 million at December 31, 2011 and September 30, 2011, respectively. We also have increased our reserves and at September 30, 2012, the Company's allowance for loan losses totaled $55.8 million, or 2.24% of total loans, compared to $54.2 million, or 2.10% of total loans, at December 31, 2011. We expect that the provision for credit losses will remain elevated in 2012 and 2013 as we continue to focus on reducing our non-performing loan levels.

Our mortgage banking team that was established in 2011 positively impacted our non-interest income during the quarter. Mortgage banking income totaled $803 thousand and $2.3 million for the three and nine months ended September 30, 2012, respectively, compared to $275 thousand and $371 thousand for the same periods in 2011.

Gerard Cuddy, Beneficial's President and CEO, stated, "We are encouraged by the improvement in our asset quality metrics as we experienced a 24.5% decrease in our non-performing assets at September 30, 2012 compared to a year ago. Earnings growth has been difficult given the slow growing economy and the lack of loan demand in our markets. We expect that the continued low interest rate environment will put pressure on net interest margin in future periods. We remain focused on increasing profitability, reducing our non-performing asset levels and growing our retail and commercial customer base."

Highlights for the three months and nine months ended September 30, 2012:

  • Asset quality metrics continued to improve during the quarter with non-performing loans, excluding student loans, decreasing $30.5 million, or 28.2%, to $77.4 million from $107.9 million at December 31, 2011 and $41.5 million, or 34.9%, from $118.9 million at September 30, 2011. Our non-performing assets ratio, excluding student loans, improved to 2.09% at September 30, 2012 compared to 2.73% at December 31, 2011 and 2.98% at September 30, 2011.
  • Our mortgage banking team that was established in 2011 continued to positively impact our non-interest income as we recorded mortgage banking income of $803 thousand and $2.3 million, respectively, for the three and nine months ended September 30, 2012.
  • We continue to strengthen our balance sheet and, at September 30, 2012, our allowance for loan losses totaled $55.8 million, or 2.24% of total loans, compared to $55.6 million, or 2.14% of total loans, at June 30, 2012, and $54.2 million, or 2.10% of total loans, at December 31, 2011. Excluding acquired SE Financial Corp. loans that were recorded at fair value of $174.8 million as of the acquisition date, our loan loss reserves coverage ratio was 2.39% at September 30, 2012.
  • Total deposits, which includes deposits acquired from SE Financial Corp., increased $251.2 million, or 7.0%, to $3.8 billion during the nine months ended September 30, 2012.
  • The Company repurchased 329,000 shares during the quarter which increased total treasury shares to 2,981,629 at September 30, 2012.

Balance Sheet

Total assets increased $222.6 million, or 4.8%, to $4.8 billion at September 30, 2012 from $4.6 billion at December 31, 2011. The increase in total assets was primarily driven by the $301.0 million in assets acquired as part of the acquisition of SE Financial Corp., which closed on April 3, 2012. Cash and cash equivalents increased approximately $112.1 million to $460.1 million at September 30, 2012 from $348.0 million at December 31, 2011. The increase in cash and cash equivalents was primarily driven by higher than normal commercial loan prepayments, weak overall loan demand and our selling of agency eligible mortgage loans totaling approximately $31.7 million for the three months ended September 30, 2012.

Investments increased $172.1 million, or 12.5%, to $1.5 billion at September 30, 2012 from $1.4 billion at December 31, 2011. We continue to focus on purchasing high quality investments that will provide a steady stream of cash flow in both current and rising interest rate environments.

Loans decreased $84.4 million, or 3.3%, to $2.5 billion at September 30, 2012 from $2.6 billion at December 31, 2011. Despite the addition of $174.8 million of loans acquired from SE Financial Corp., our loan portfolio has decreased as a result of a number of large commercial loan repayments, continued weak loan demand, and our decision to sell all agency eligible mortgage loans to better position the Company's balance sheet for interest rate risk. During the nine months ended September 30, 2012, we sold approximately $92.1 million of residential mortgage loans originated during 2012 and recorded mortgage banking income of $2.3 million related to these loan sales.

Deposits increased $251.2 million, or 7.0%, to $3.8 billion at September 30, 2012 from $3.6 billion at December 31, 2011. The increase was primarily driven by the addition of $274.1 million of deposits acquired from SE Financial Corp. During the nine months ended September 30, 2012, municipal deposits decreased $90.1 million which was consistent with the planned run-off associated with our re-pricing of higher-cost, non-relationship-based municipal accounts. Excluding municipal deposits and the impact of the SE Financial Corp. acquisition, we experienced a $150.1 million, or 7.3%, increase in our core deposits, particularly savings products and business checking accounts, which increased $133.1 million and $59.9 million, respectively.

At September 30, 2012, stockholders' equity increased to $636.3 million, or 13.2% of total assets, compared to $629.4 million, or 13.7% of total assets, at December 31, 2011.

Net Interest Income

For the three months ended September 30, 2012, Beneficial reported net interest income of $35.6 million, an increase of $738 thousand, or 2.1%, from the three months ended September 30, 2011. The increase in net interest income during the three months ended September 30, 2012 compared to the same period last year was primarily the result of a reduction in the cost of interest bearing liabilities exceeding the decrease in the yield on interest earning assets. Our net interest margin decreased, totaling 3.16% for the three months ended September 30, 2012 as compared to 3.21% for the three months ended September 30, 2011. The net interest margin for the quarter included a number of large prepayment fees which benefited the net interest margin by 7 basis points. We expect that the persistently low interest rate environment will continue to lower yields on our investment and loan portfolios to a greater extent than we can reduce rates on deposits, which will put pressure on net interest margin in future periods.

For the nine months ended September 30, 2012, Beneficial reported net interest income of $106.2 million, a decrease of $1.1 million, or 1.0%, from the nine months ended September 30, 2011. The decrease in net interest income during the nine months ended September 30, 2012 compared to the same period last year was primarily the result of a decline in interest earning assets due to a decision made in 2011 to shrink the balance sheet. As part of the decision to shrink the balance sheet, the Bank has run-off higher cost municipal deposits to strengthen capital, improve our net interest margin and lower loan balances. Despite the low interest rate environment, our net interest margin remained relatively stable, totaling 3.21% for the nine months ended September 30, 2012 as compared to 3.22% for the nine months ended September 30, 2011, largely due to our efforts to re-price deposits.

We have been able to lower the cost of our liabilities to 0.80% and 0.85% for the three and nine months ended September 30, 2012, respectively, compared to 0.98% and 1.02% for the three and nine months ended September 30, 2011, respectively, by re-pricing higher cost deposits. The reduction in deposit costs has been primarily due to decreasing rates on our municipal deposit portfolio as we have run-off higher cost, non-relationship-based municipal deposits.

Non-interest Income

For the three months ended September 30, 2012, non-interest income totaled $6.9 million, an increase of $570 thousand, or 9.0%, from the three months ended September 30, 2011. The increase was primarily due to increases in mortgage banking income and security gains offset by lower income on certain low income housing partnerships.

For the nine months ended September 30, 2012, non-interest income totaled $20.8 million, an increase of $2.6 million, or 14.4%, from the nine months ended September 30, 2011. The increase was primarily due to a $1.9 million increase in mortgage banking income recognized during 2012 in connection with the sale of mortgages and a $1.2 million increase in the gain on the sale of investment securities, partially offset by a $383 thousand decrease in income from insurance and advisory income.

Non-interest Expense

For the three months ended September 30, 2012, non-interest expense totaled $30.3 million, an increase of $2.1 million, or 7.3%, from the three months ended September 30, 2011. The increase in non-interest expense was primarily due to increases in salaries and benefits as a result of the SE Financial Corp. acquisition and the expansion of our credit function as well as higher other real estate owned and loan expenses.

For the nine months ended September 30, 2012, non-interest expense totaled $92.7 million, an increase of $1.2 million, or 1.3%, from the nine months ended September 30, 2011. The increase in non-interest expense was primarily due to an increase in salaries and benefits and in other real estate owned expense and loan expenses offset by reductions in restructuring charges and FDIC insurance.

Asset Quality

Asset quality metrics showed continued signs of improvement during the nine months ended September 30, 2012. Non-performing loans, including loans 90 days past due and still accruing, decreased to $101.1 million at September 30, 2012, compared to $136.3 million at December 31, 2011 and $144.4 million at September 30, 2011. Non-performing loans at September 30, 2012 included $22.9 million of government guaranteed student loans, which represented 22.6% of total non-performing loans. Net charge-offs for the three months ended September 30, 2012 were $6.8 million, compared to $7.0 million for the three months ended June 30, 2012 and $8.4 million for the three months ended December 31, 2011. At September 30, 2012, the Company's allowance for loan losses totaled $55.8 million, or 2.24% of total loans, compared to $54.2 million, or 2.10% of total loans, at December 31, 2011.

Capital

The Bank's capital position remains strong relative to current regulatory requirements. The Bank continues to have substantial liquidity as the inflows of deposits and prepayments have largely been retained in cash or invested in high quality government-backed securities. In addition, at September 30, 2012, we had the ability to borrow up to $1.3 billion from the FHLB of Pittsburgh and the Federal Reserve Bank of Philadelphia. Our capital ratios as of September 30, 2012 compared to June 30, 2012 and December 31, 2011, as well as our excess capital over regulatory minimums as of September 30, 2012 to be considered well capitalized, are as follows:


9/30/2012

6/30/2012

12/31/2011
Minimum Well
Capitalized Ratio
Excess Capital
9/30/2012
Tangible Capital 10.73% 10.53% 11.30%
Tier 1 Capital (to average assets) 9.74% 9.67% 9.67% 5% $221,060
Tier 1 Capital (to risk weighted assets) 19.22% 18.36% 18.09% 6% $312,430
Total Capital (to risk weighted assets) 20.49% 19.62% 19.35% 10% $247,860

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

About Beneficial Mutual 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 the Beneficial Insurance Services, LLC and wealth management services are offered through the Beneficial Advisors, LLC, both wholly owned subsidiaries 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 and changes in the quality or composition of Beneficial's loan or investment portfolios. 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 MUTUAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Financial Condition
(Dollars in thousands, except share amounts)
September 30,
2012
June 30,
2012
December 31,
2011
September 30,
2011
ASSETS:
Cash and Cash Equivalents:
Cash and due from banks $40,234 $51,773 $41,130 $38,029
Interest-bearing deposits 419,905 382,240 306,826 360,051
Total cash and cash equivalents 460,139 434,013 347,956 398,080
Investment Securities:
Available-for-sale 1,031,188 1,053,597 875,011 814,857
Held-to-maturity 499,871 419,454 482,695 414,319
Federal Home Loan Bank stock, at cost 17,683 19,433 18,932 19,929
Total investment securities 1,548,742 1,492,484 1,376,638 1,249,105
Loans: 2,491,740 2,599,535 2,576,129 2,687,415
Allowance for loan losses (55,840) (55,621) (54,213) (54,120)
Net loans 2,435,900 2,543,914 2,521,916 2,633,295
Accrued Interest Receivable 16,537 16,267 16,401 16,685
Bank Premises and Equipment, net 62,194 62,446 59,913 60,199
Other Assets:
Goodwill 122,410 122,646 110,486 110,486
Bank owned life insurance 40,208 39,850 35,277 34,901
Other intangibles 11,168 12,085 13,334 14,244
Other assets 121,369 127,532 114,183 115,613
Total other assets 295,155 302,113 273,280 275,244
Total Assets $4,818,667 $4,851,237 $4,596,104 $4,632,608
LIABILITIES AND STOCKHOLDERS' EQUITY:
Liabilities:
Deposits:
Non-interest bearing deposits $305,093 $322,411 $278,968 $276,035
Interest bearing deposits 3,540,955 3,523,320 3,315,834 3,325,662
Total deposits 3,846,048 3,845,731 3,594,802 3,601,697
Borrowed funds 250,348 285,344 250,335 250,330
Other liabilities 85,962 88,710 121,587 152,088
Total liabilities 4,182,358 4,219,785 3,966,724 4,004,115
Commitments and Contingencies
Stockholders' Equity:
Preferred Stock -- $.01 par value -- -- -- --
Common Stock – $.01 par value 823 823 823 823
Additional paid-in capital 353,049 352,112 351,107 349,994
Unearned common stock held by
employee stock ownership plan (18,216) (18,534) (19,856) (20,306)
Retained earnings (partially restricted) 325,632 321,537 315,268 309,391
Accumulated other comprehensive income (loss), net 569 (1,892) (1,162) 4,516
Treasury stock, at cost (25,548) (22,594) (16,800) (15,925)
Total stockholders' equity 636,309 631,452 629,380 628,493
Total Liabilities and Stockholders' Equity $4,818,667 $4,851,237 $4,596,104 $4,632,608
BENEFICIAL MUTUAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months Ended For the Nine Months Ended
September 30, 2012 June 30, 2012 September 30, 2011 September 30, 2012 September 30, 2011
INTEREST INCOME:
Interest and fees on loans $34,207 $34,304 $34,577 $100,820 $106,013
Interest on overnight investments 247 180 254 588 603
Interest on trading securities -- -- -- -- 26
Interest and dividends on investment securities:
Taxable 8,022 9,239 8,286 26,424 27,210
Tax-exempt 732 740 849 2,264 2,764
Total interest income 43,208 44,463 43,966 130,096 136,616
INTEREST EXPENSE:
Interest on deposits:
Interest bearing checking accounts 1,054 1,344 1,562 3,602 6,187
Money market and savings deposits 2,124 2,279 2,300 6,525 6,998
Time deposits 2,374 2,542 3,173 7,506 9,646
Total 5,552 6,165 7,035 17,633 22,831
Interest on borrowed funds 2,087 2,132 2,100 6,275 6,506
Total interest expense 7,639 8,297 9,135 23,908 29,337
Net interest income 35,569 36,166 34,831 106,188 107,279
Provision for loan losses 7,000 7,500 9,000 22,000 29,000
Net interest income after provision for loan losses 28,569 28,666 25,831 84,188 78,279
NON-INTEREST INCOME:
Insurance and advisory commission and fee income 2,069 1,489 1,898 5,719 6,102
Service charges and other income 3,339 4,119 3,930 11,028 10,997
Mortgage banking income 803 590 275 2,267 371
Net gain on sale of investment securities 659 675 197 1,775 616
Trading securities profits -- -- -- -- 81
Total non-interest income 6,870 6,873 6,300 20,789 18,167
NON-INTEREST EXPENSE:
Salaries and employee benefits 14,638 14,722 13,960 43,685 42,452
Occupancy expense 2,478 2,434 2,610 7,375 8,338
Depreciation, amortization and maintenance 2,346 2,273 2,165 6,778 6,556
Marketing expense 870 932 951 2,684 2,720
Intangible amortization expense 916 1,046 908 2,874 2,674
FDIC Insurance 1,058 1,075 1,055 3,167 4,314
Merger and Restructuring charges -- 2,737 -- 2,821 5,058
Other 7,971 7,637 6,575 23,360 19,411
Total non-interest expense 30,277 32,856 28,224 92,744 91,523
Income before income taxes 5,162 2,683 3,907 12,233 4,923
Income tax expense (benefit) 1,067 359 (172) 1,869 (236)
NET INCOME $4,095 $2,324 $4,079 $10,364 $5,159
EARNINGS PER SHARE – Basic $0.05 $0.03 $0.05 $0.14 $0.07
EARNINGS PER SHARE – Diluted $0.05 $0.03 $0.05 $0.13 $0.07
Average common shares outstanding – Basic 76,392,719 76,838,141 77,132,264 76,757,667 77,077,506
Average common shares outstanding – Diluted 76,541,190 77,007,093 77,244,916 76,922,357 77,250,785
BENEFICIAL MUTUAL BANCORP, INC. AND SUBSIDIARIES
Selected Consolidated Financial and Other Data of the Company (Unaudited)
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, 2012 September 30, 2011 September 30, 2012 September 30, 2011
Average Balance Yield /Rate Average Balance Yield /Rate Average Balance Yield /Rate Average Balance Yield /Rate
Investment Securities: $ 1,944,653 1.85% $ 1,627,254 2.31% $ 1,814,297 2.15% $ 1,700,471 2.40%
Trading Securities -- 0.00% -- 0.00% -- 0.00% 2,976 1.19%
Overnight investments 388,587 0.25% 397,463 0.25% 311,467 0.25% 318,099 0.25%
Stock 18,217 0.11% 20,248 0.00% 18,817 0.11% 21,435 0.03%
Other Investment securities 1,537,849 2.28% 1,209,543 3.02% 1,484,013 2.58% 1,357,961 2.94%
Loans: 2,545,970 5.36% 2,708,194 5.09% 2,595,984 5.18% 2,749,367 5.15%
Residential 669,463 5.21% 678,447 4.92% 661,160 4.97% 691,976 4.93%
Commercial Real Estate 679,935 5.47% 765,834 4.97% 711,146 5.28% 774,691 5.09%
Business and Small Business 472,741 6.47% 505,706 5.65% 488,855 5.97% 514,807 5.66%
Personal Loans 723,831 4.66% 758,207 4.98% 734,823 4.75% 767,893 5.06%
Total Interest Earning Assets $ 4,490,623 3.84% $ 4,335,448 4.05% $ 4,410,281 3.93% $ 4,449,838 4.10%
Deposits: $3,547,447 0.62% $3,438,916 0.81% $3,476,675 0.68% $3,570,013 0.86%
Savings 995,520 0.55% 764,729 0.65% 920,172 0.58% 733,744 0.67%
Money Market 531,034 0.56% 594,802 0.69% 538,420 0.63% 610,703 0.72%
Demand 605,490 0.30% 440,133 0.21% 565,592 0.28% 422,689 0.23%
Demand - Municipals 596,979 0.40% 764,812 0.69% 626,314 0.51% 912,305 0.80%
Total Core Deposits 2,729,023 0.46% 2,564,476 0.60% 2,650,498 0.51% 2,679,441 0.66%
Time Deposits 818,424 1.15% 874,440 1.44% 826,177 1.21% 890,572 1.46%
Borrowings 273,661 3.03% 250,328 3.33% 264,465 3.17% 257,368 3.38%
Total Interest Bearing Liabilities $3,821,108 0.80% $3,689,244 0.98% $3,741,140 0.85% $3,827,381 1.02%
Non-interest bearing deposits 308,144 275,650 297,768 280,332
Net interest margin 3.16% 3.21% 3.21% 3.22%
ASSET QUALITY INDICATORS
(Dollars in thousands) September 30, 2012 June 30, 2012 December 31, 2011 September 30, 2011
Non-performing assets:
Non-accruing loans* $77,428 $88,406 $107,907 $118,901
Accruing loans past due 90 days or more** 23,710 22,269 28,423 25,515
Total non-performing loans*** 101,138 110,675 136,330 144,416
Real estate owned 22,290 22,806 17,775 19,058
Total non-performing assets $123,428 $133,481 $154,105 $163,474
Non-performing loans to total loans 4.06% 4.26% 5.29% 5.37%
Non-performing assets to total assets 2.56% 2.75% 3.35% 3.53%
Non-performing assets less accruing student loans
past due 90 days or more to total assets 2.09% 2.31% 2.73% 2.98%
ALLL to total loans 2.24% 2.14% 2.10% 2.01%
ALLL to non-performing loans 55.21% 50.26% 39.77% 37.48%
ALLL to non-performing loans (excluding student loans) 71.35% 62.48% 50.24% 45.52%

* Non-accruing loans at September 30, 2012 and June 30, 2012 do not include $3.1 million and $3.5 million, respectively, of loans acquired with deteriorated credit quality, which have been recorded at their fair value at acquisition and are performing as expected.

** Includes $22.9 million, $21.6 million, $28.4 million and $25.5 million in government guaranteed student loans as of September 30, 2012, June 30, 2012, December 31, 2011 and September 30, 2011, respectively.

*** Includes $11.5 million, $14.5 million, $22.2 million and $26.5 million of troubled debt restructured loans (TDRs) as of September 30, 2012, June 30, 2012, December 31, 2011 and September 30, 2011, respectively.

Impaired loan charge offs as a percentage of the unpaid principal balances at September 30, 2012 are as follows:

IMPAIRED LOANS:
At September 30, 2012 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Life-to-Date Charge offs % of Unpaid Principal Balance
Impaired Loans by Category:
Commercial Real Estate $25,804 $38,260 ($12,456) 32.56%
Commercial Business 17,229 22,837 (5,608) 24.56%
Commercial Construction 19,061 33,400 (14,339) 42.93%
Residential Real Estate 12,540 13,261 (721) 5.44%
Residential Construction 797 797 -- 0.00%
Consumer Personal 1,997 2,166 (169) 7.80%
Total Impaired Loans $77,428 $110,721 ($33,293) 30.07%

The impaired loans table above does not include $3.1 million of loans acquired with deteriorated credit quality, which have been recorded at their fair value at acquisition and are performing as expected.

Key Performance ratios (annualized) are as follows for the three and nine month periods indicated:

For the Three Months Ended For the Nine Months Ended
September 30, June 30, December 31, September 30,
2012 2012 2011 2012 2011
PERFORMANCE RATIOS:
(annualized)
Return on average assets 0.33% 0.20% 0.49% 0.29% 0.14%
Return on average equity 2.54% 1.51% 3.68% 2.20% 1.13%
Net interest margin 3.16% 3.21% 3.23% 3.21% 3.22%
Efficiency ratio 71.34% 76.34% 69.80% 73.04% 72.91%
Tangible Common Equity 10.73% 10.53% 11.30% 10.73% 11.18%
CONTACT: Thomas D. Cestare Executive Vice President and Chief Financial Officer PHONE: (215) 864-6009Source:Beneficial Bank