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Beneficial Mutual Bancorp, Inc. Announces Quarter Ended March 31, 2013 Earnings

Stocks in this article: BNCL

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.

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