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Beneficial Mutual Bancorp, Inc. Announces Third Quarter 2010 Results

Total deposits increased $349.1 million, or 9.9%, to $3.9 billion at September 30, 2010 compared to $3.5 billion at December 31, 2009. Increases in checking accounts of $338.5 million and savings accounts of $133.3 million were partially offset by decreases in time deposits of $80.3 million and money market accounts of $54.0 million.

Net Interest Income and Margin

For the quarter ended September 30, 2010, Beneficial reported net interest income of $35.1 million, an increase of $2.4 million, or 7.4%, from the same quarter in 2009. The net interest margin decreased 25 basis points to 3.14% for the quarter ended September 30, 2010, from 3.39% for the same quarter in 2009. The interest reversal on criticized loans accounted for 24 basis points of that decline. For the nine months ended September 30, 2010 net interest income increased $18.0 million to $110.5 million compared to $92.6 million for the nine months ended September 30, 2009 with net interest margin increasing 8 basis points to 3.35%. Asset growth coupled with an improvement in our deposit mix to lower cost deposit categories were the primary reasons for the Company’s margin expansion.

Non-interest Income

Non-interest income declined to $5.7 million for the quarter ended September 30, 2010, from $6.5 million recorded for the same quarter in 2009. Results for the quarter ended September 30, 2009 include $1.4 million of gains on the sale of investment securities available for sale compared to $0.4 million for the quarter ended September 30, 2010.

For the nine months ended September 30, 2010, non-interest income decreased to $20.3 million from $20.6 million for the nine months ended September 30, 2009. During the nine months ended September 30, 2010, Beneficial recorded gains on the sale of investments of $2.4 million compared to $5.5 million of gains on the sale of investments for the nine months ended September 30, 2009. Results for the nine months ended September 30, 2010 included $0.1 million of impairment charges on investment securities compared to a $1.4 million impairment charge recorded on investment securities during the nine months ended September 30, 2009. For the nine months ended September 30, 2010 insurance and advisory commission income, and services charges and other income increased $0.4 million and $0.9 million, respectively.

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