This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Beneficial Mutual Bancorp, Inc. Announces First Quarter 2011 Results

Beneficial Mutual Bancorp, Inc. (“Beneficial”) (NASDAQGS: BNCL), the parent company of Beneficial Bank (the “Bank” or the “Company”), today announced its financial results for the three months ended March 31, 2011.

For the three months ended March 31, 2011, Beneficial recorded a net loss of $898 thousand, or $0.01 per share, compared to net loss of $356 thousand, or $0.00 per share, for the three months ended December 31, 2010 and net income of $7.5 million, or $0.10 per share, for the three months ended March 31, 2010.

During the quarter, the Bank completed a comprehensive review of its operating cost structure and finalized an expense management reduction program which resulted in a $4.1 million restructuring charge. The Bank reduced its workforce by 4% and announced that it was consolidating five of its branch locations. Financial results for the quarter were also impacted by increased provisions for loan losses due primarily to a large charge-off in our commercial construction portfolio. During the quarter the Company recorded a provision for credit losses of $10.0 million compared to $8.0 million for the three months ended December 31, 2010 and $5.0 million for the three months ended March 31, 2010. In 2011, a significant portion of our commercial real estate and commercial construction portfolios contractually mature (approximately 33%). We expect that market conditions coupled with the large amount of commercial maturities will result in an elevated provision for credit losses in 2011. We continue to charge-off the collateral deficiency on all classified collateral dependent loans across all portfolios once they are 90 days delinquent.

At March 31, 2011, the Company’s allowance for loan losses totaled $47.4 million, or 1.7% of total loans, compared to $45.4 million, or 1.6% of total loans, at December 31, 2010.

Gerard Cuddy, Beneficial’s President and CEO, stated, “Although a difficult process, the expense reduction program finalized during the first quarter will improve operating efficiency and better position our Company when economic conditions improve. Credit costs continue to have a significant impact on our business and we expect these costs to remain elevated throughout 2011. Despite a difficult quarter, we increased net interest income, grew non-interest deposits and decreased borrowings. We will continue to be focused on improving our core profitability as we manage through the current credit environment.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs