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Beneficial Mutual Bancorp, Inc. Announces First Quarter 2010 Results

Beneficial Mutual Bancorp, Inc. (“Beneficial”) (NASDAQGS: BNCL), the parent company of Beneficial Bank (the “Bank”), today announced its financial results for the three months ended March 31, 2010.

For the three months ended March 31, 2010, Beneficial recorded net income of $7.5 million, or $0.10 per share, compared to net income of $6.2 million, or $0.08 per share, for the three months ended December 31, 2009 and $5.1 million, or $0.07 per share, for the three months ended March 31, 2009.

“We are pleased with our performance for the quarter and have grown our earnings, assets, core deposits and insurance services by aligning the products and services we offer with the needs of our customers,” said Gerard Cuddy, Beneficial’s President and CEO. “We are committed to educating our customers and providing the tools necessary to make wise financial decisions. Our two new Cherry Hill campuses, opening May 15, 2010, will exemplify our commitment by providing Free Financial Workshops, a Learning Library, Knowledge Bar and a Little Learner’s Corner to our customers. We remain well capitalized and will continue to invest in our customers, employees and communities to do the right thing financially.”

Highlights for the quarter ended March 31, 2010:

  • Total deposits increased by $79.8 million, or 2.3%, to $3.6 billion at March 31, 2010, from $3.5 billion at December 31, 2009.
  • Total investment securities increased $190.1 million, or 13.9%, to $1.6 billion at March 31, 2010 from $1.4 billion at December 31, 2009.
  • Net interest income for the three months ended March 31, 2010 increased to $36.3 million, from $34.8 million for the three months ended December 31, 2009, an increase of $1.5 million or 4.4%.
  • Non-interest income increased to $8.3 million for the three months ended March 31, 2010 from $6.2 million for the three months ended December 31, 2009, an increase of $2.1 million, or 33.4%.
  • Non-interest expense decreased to $30.5 million for the three months ended March 31, 2010 from $31.2 million for the three months ended December 31, 2009, a decrease of $0.7 million, or 2.2%.

Balance Sheet

At March 31, 2010 total assets increased $36.3 million, or 0.8%, to $4.7 billion from December 31, 2009. The growth in total assets was primarily due to an increase in investment securities of $190.1 million partially offset by decreases in cash, trading securities and premises and equipment. Investment securities purchased during the quarter consisted of government sponsored enterprise notes, municipal anticipation notes and tax exempt bonds. Total deposits increased $79.8 million, or 2.3%, to $3.6 billion at March 31, 2010, compared to $3.5 billion at December 31, 2009, as core deposits increased by $155.6 million, while time deposits decreased by $79.1 million.

At March 31, 2010, Beneficial’s stockholders’ equity equaled $646.4 million, or 13.7% of total assets, compared to $637.0 million, or 13.6% of total assets, at December 31, 2009, and $620.3 million, or 15.3% of total assets at March 31, 2009.

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