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 Quarter Ended March 31, 2013 Earnings

PHILADELPHIA, April 25, 2013 (GLOBE NEWSWIRE) -- Beneficial Mutual Bancorp, Inc. ("Beneficial") (Nasdaq:BNCL), the parent company of Beneficial Bank (the "Bank"), today announced its financial results for the quarter ended March 31, 2013. Beneficial recorded net income of $3.2 million, or $0.04 per diluted share, for the quarter ended March 31, 2013 compared to net income of $3.9 million, or $0.05 per diluted share, recorded for the quarter ended March 31, 2012.

The low interest rate environment has reduced the yields on our investment and loan portfolios resulting in net interest income decreasing $2.9 million to $31.6 million for the quarter ended March 31, 2013 compared to $34.5 million for the quarter ended March 31, 2012. Net interest margin decreased to 2.85% for the quarter ended March 31, 2013 from 3.26% for the same period in 2012 due to the low rate environment as well as continued weak loan demand. We expect that the continued low interest rate environment will put pressure on net interest margin in future periods.

Our asset quality metrics continue to improve as we reduce our non-performing asset levels. At March 31, 2013, our non-performing assets were $98.7 million, representing a decrease of $5.5 million, or 5.3%, from $104.2 million at December 31, 2012, and a $50.0 million decrease, or 33.7%, from $148.7 million at March 31, 2012. Reserves as a percentage of non-performing loans, excluding government guaranteed student loans, totaled 90.9% at March 31, 2013 compared to 84.3% at December 31, 2012 and 54.7% at March 31, 2012. Our balance sheet remained strong at March 31, 2013, with our allowance for loan losses totaling $58.7 million, or 2.44% of total loans, compared to $57.6 million, or 2.36% of total loans, at December 31, 2012, and $55.1 million, or 2.16% of total loans, at March 31, 2012. The provision for credit losses decreased $2.5 million during the quarter ended March 31, 2013 to $5.0 million from $7.5 million for the quarter ended March 31, 2012 reflecting an improvement in asset quality. Net charge-offs during the quarter totaled $4.0 million compared to $6.6 million a year ago.

1 of 7

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,741.17 -57.32 -0.32%
S&P 500 2,084.04 -6.07 -0.29%
NASDAQ 5,113.46 -14.0650 -0.27%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs