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 and nine months ended September 30, 2011.
Beneficial recorded net income of $4.1 million, or $0.05 per share, for the quarter ended September 30, 2011, compared to a net loss of $21.7 million, or $0.28 per share, for the quarter ended September 30, 2010. Net income for the nine months ended September 30, 2011 totaled $5.2 million or $0.07 per share, compared to a net loss of $8.6 million, or $0.11 per share, for the nine months ended September 30, 2010. Net income for the nine months ended September 30, 2011 included $5.1 million of restructuring charges related to the implementation of an expense management reduction program during the first quarter of 2011. Net loss for the quarter and nine months ended September 30, 2010 was driven by a provision for loan losses of $51.1 million and $62.2 million, respectively, due to specific reserves required for commercial real estate loans. During the quarter ended September 30, 2011, we repurchased approximately 274,000 shares of our stock and adopted a new stock repurchase program that will enable us to acquire up to 2,500,000 shares, or 7.0% of the Company's outstanding common stock. Capital levels improved and remain strong with tangible capital to tangible assets increasing to 11.2% at September 30, 2011 compared to 10.2% at December 31, 2010.
Gerard Cuddy, Beneficial’s President and CEO, stated, “During the third quarter, we continued to see improved profitability and capital levels as a result of the initiatives we have put in place during the year. We also are encouraged by the second consecutive quarter where we saw stabilization in our non-performing assets.”
“However, we remain concerned about economic conditions and the interest rate environment and believe we are in a period of slow growth that will last well past 2012. The local and national market data for housing, unemployment, retail sales, and business confidence coupled with the international banking crisis, will continue to restrain economic growth and compress industry margins. This outlook has shaped our thinking with regard to strategic and financial planning, capital management, and talent acquisition. Despite low loan demand, we are continuing to prudently expand our lending and credit teams to reposition the balance sheet while taking market share.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV