Beneficial Mutual Bancorp, Inc. (“Beneficial”) (NASDAQGS: BNCL), the parent company of Beneficial Bank (the “Bank”), today announced its financial results for the three and six months ended June 30, 2010.
Beneficial Bank recorded net income of $5.6 million, or $0.07 per share, for the quarter ended June 30, 2010, compared to a net loss of $50 thousand, or $0.00 per share, for the quarter ended June 30, 2009. Net income for the six months ended June 30, 2010 totaled $13.1 million, or $0.17 per share, compared to $5.1 million, or $0.07 per share for the six months ended June 30, 2009.
“During the quarter, we were able to grow earnings, assets, and core deposits by aligning the products and services we offer with the needs of our customers,” said Gerard Cuddy, Beneficial’s President and CEO. “We are optimistic that there are early signs of stabilization with asset quality but are concerned with the pace of growth and unemployment levels in our markets. We remain well capitalized and will continue to encourage our customers, employees and communities to do the right thing financially.”
Highlights for the quarter ended June 30, 2010:
- Total assets increased $202.6 million and $690.5 million, or 4.3% and 16.5%, to $4.9 billion at June 30, 2010 compared to $4.7 billion at December 31, 2009 and $4.2 billion at June 30, 2009.
- Total deposits increased $108.2 million and $579.4 million, or 3.1% and 19.1%, to $3.6 billion at June 30, 2010 up from $3.5 billion at December 31, 2009 and $3.0 billion at June 30, 2009.
- Net interest margin increased to 3.45% for the six months ended June 30, 2010 from 3.23% for the six months ended June 30, 2009, an increase of 22 basis points.
- Non-interest income increased $1.4 million to $6.2 million for the quarter ended June 30, 2010 compared to $4.8 million at June 30, 2009 (excluding gains on sale of investment and trading securities).
- Asset quality has begun to show some early sign of stabilization with non-performing assets totaling $146.3 million or 3.00% of total assets at June 30, 2010 compared to $162.9 million or 3.49% of total assets at December 31, 2009.
- Capital levels remain strong with total equity equal to 13.5% of total assets.
- Beneficial opened two new state-of-the-art educational campuses in Cherry Hill, New Jersey.
Total assets increased $202.6 million, or 4.3%, to $4.9 billion at June 30, 2010 compared to $4.7 billion at December 31, 2009. The growth in total assets was attributable to an increase in cash and cash equivalents of $46.4 million, trading and investment securities of $7.0 million, net loans of $14.5 million and other assets of $144.0 million. The increase in other assets is due to $120.0 million of municipal securities that had been purchased and sold at June 30, 2010 but had not yet settled and had a corresponding offset in other liabilities.