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Beneficial Mutual Bancorp, Inc. Announces Second Quarter 2013 Earnings

PHILADELPHIA, July 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 three and six months ended June 30, 2013. Beneficial recorded net income of $2.9 million and $6.1 million, or $0.04 and $0.08 per diluted share, for the three and six months ended June 30, 2013 compared to $2.3 million and $6.3 million, or $0.03 and $0.08 per diluted share, for the three and six months ended June 30, 2012. Net income for the three and six months ended June 30, 2012 included merger and restructuring charges of $2.7 million and $2.8 million, respectively, related to the acquisition of SE Financial Corporation.

Highlights for the quarter ended June 30, 2013:

  • We were awarded the J.D. Power and Associates "Highest Customer Satisfaction with Retail Banking in the Mid-Atlantic Region."
  • Asset quality metrics continued to improve during the quarter with non-performing loans, excluding government guaranteed student loans, decreasing $10.5 million, or 15.3%, to $57.9 million at June 30, 2013 from $68.4 million at December 31, 2012 and decreasing $31.1 million, or 34.9%, from $89.0 million at June 30, 2012. Our non-performing assets ratio, excluding government guaranteed student loans, improved to 1.39% at June 30, 2013, compared to 1.60% at December 31, 2012, and 2.31% at June 30, 2012.
  • We reduced our cost of funds on deposits by 18 basis points to 0.51% for the quarter ended June 30, 2013, from 0.69% for the quarter ended June 30, 2012.
  • Our balance sheet remained strong at June 30, 2013, with our allowance for loan losses totaling $58.7 million, or 2.46% of total loans, compared to $57.6 million, or 2.36% of total loans, at December 31, 2012, and $55.6 million, or 2.14% of total loans, at June 30, 2012. Reserves as a percentage of non-performing loans, excluding government guaranteed student loans, totaled 101.3% at June 30, 2013 compared to 84.3% at December 31, 2012 and 62.5% at June 30, 2012.
  • Beneficial repurchased 355,900 shares of its outstanding common stock during the quarter which increased total treasury shares to 3,483,821 at June 30, 2013.
  • Capital levels remain strong with tangible capital to tangible assets totaling 10.73% at June 30, 2013.

The low interest rate environment has continued to reduce the yields on our investment and loan portfolios resulting in net interest income decreasing $5.0 million and $7.8 million, respectively, to $31.2 million and $62.8 million, respectively, for the three and six months ended June 30, 2013 compared to $36.2 million and $70.6 million, respectively, for the three and six months ended June 30, 2012. Net interest margin decreased to 2.83% for both the three and six months ended June 30, 2013 from 3.21% and 3.23%, respectively, for the same periods 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.

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