Beneficial Mutual Bancorp, Inc. Announces Quarter And Year Ended December 31, 2010 Results
Beneficial Mutual Bancorp, Inc. (“Beneficial”) (NASDAQGS: BNCL), the parent company of Beneficial Mutual Savings Bank (the “Bank” or the “Company”), today announced its financial results for the quarter and year ended December 31, 2010.
Beneficial recorded a net loss of $0.4 million, or $0.00 per share, for the quarter ended December 31, 2010, compared to net income of $6.2 million, or $0.08 per share, for the quarter ended December 31, 2009. Net loss for the year ended December 31, 2010 totaled $9.0 million, or $0.12 per share, compared to net income of $17.1 million, or $0.22 per share, for the year ended December 31, 2009.
The net loss for the quarter and year ended December 31, 2010 was primarily due to higher provisions for loan losses. For the quarter and year ended December 31, 2010 the provision for loan losses were $8.0 million and $70.2 million, respectively, compared to $3.6 million and $15.7 million for the quarter and year ended December 31, 2009, respectively. Although the provision for loans losses decreased during the fourth quarter of 2010 compared to the third quarter of 2010, our commercial loan portfolio, primarily commercial real estate loans, continues to experience high charge-off levels. Some economic measures are showing signs of improvement, however we believe the recovery for commercial real estate in our region will take some time causing continued downward pressure on property valuations. The Company is charging-off the collateral deficiency on all of its classified collateral dependent loans once they are 90 days delinquent across all loan portfolios given our outlook for commercial real estate in our region.
Results for the quarter ended December 31, 2010 compared to the prior year period were also impacted by the final adjustment of income tax expense for the year based on full year pre-tax income/(loss). This resulted in an income tax expense of $3.3 million on pre-tax income of $2.9 million for the quarter ended December 31, 2010 compared to income tax expense of $0.1 million on pre-tax income of $6.2 million for the quarter ended December 31, 2009.
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