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Beneficial Mutual Bancorp, Inc. Announces Third Quarter 2010 Results

At September 30, 2010, the Company’s allowance for loan losses totaled $45.0 million and non-performing assets were $133.7 million, resulting in an allowance for loan losses to nonperforming asset ratio of 33.6% compared to an allowance for loan losses of $45.9 million, non-performing assets of $162.9 million, and an allowance for loan losses to nonperforming asset ratio of 28.1% at December 31, 2009.

Gerard Cuddy, Beneficial’s President and CEO, stated “We are taking the most prudent course of action given our view of the current economic environment which significantly weakened during the quarter, and a number of challenges facing our industry. We see no evidence of an economic recovery in our region and believe any economic recovery will take place over a significantly longer period of time than originally anticipated. As a result, we have addressed all known collateral deficiencies for all of our criticized commercial loans including those that are performing. This puts Beneficial in the best possible position to meet its opportunities in the future”.

Beneficial’s capital levels and liquidity at September 30, 2010 are among the top for our bank peer group with excess capital above the well capitalized levels of $202.1 million to $276.5 million as shown below:

9/30/10 9/30/10

Capital Ratios

Excess Capital

Tangible Capital 10.60 %
Tier 1 Capital (to average assets) 9.26 % $202,077
Tier 1 Capital (to risk weighted assets) 16.20 % $276,533
Total Capital (to risk weighted assets) 17.46 % $202,172

Highlights for the quarter ended September 30, 2010:

  • Total assets increased $225.5 million and $454.1 million, or 4.8% and 10.2%, to $4.9 billion at September 30, 2010 compared to $4.7 billion at December 31, 2009 and $4.4 billion at September 30, 2009.
  • Total deposits increased $349.1 million and $576.1 million, or 9.9% and 17.6%, to $3.9 billion at September 30, 2010 up from $3.5 billion at December 31, 2009 and $3.3 billion at September 30, 2009.
  • Net interest margin increased to 3.35% for the nine months ended September 30, 2010 from 3.27% for the nine months ended September 30, 2009, an increase of 8 basis points.
  • Allowance for loan losses totaled $45.0 million with non-performing assets (NPAs) dropping to $133.7 million or 17.9% at September 30, 2010 as compared to $162.9 million as of December 31, 2009.
  • Capital levels remain strong with total equity equal to 12.9% of total assets and tangible capital to tangible assets of 10.6%.

Balance Sheet

Total assets increased $225.5 million, or 4.8%, to $4.9 billion at September 30, 2010 compared to $4.7 billion at December 31, 2009. The growth in total assets was primarily attributable to an increase in trading and investment securities of $140.0 million, other assets of $82.2 million and cash and cash equivalents of $36.4 million. Beneficial’s loan portfolio balance remained stable during 2010 at $2.8 billion despite low demand for both consumer and business loans as consumers and businesses continue to deleverage and remain cautious about the economy.

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