PHILADELPHIA, Jan. 30, 2014 (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 and year ended December 31, 2013. Beneficial recorded net income of $3.0 million, or $0.04 per diluted share, for the quarter ended December 31, 2013 compared to net income of $3.8 million, or $0.05 per diluted share, recorded for the quarter ended December 31, 2012. Net income for the year ended December 31, 2013 totaled $12.6 million, or $0.17 per diluted share, compared to $14.2 million, or $0.18 per diluted share, for the year ended December 31, 2012. Net income for the year ended December 31, 2012 included $2.2 million of merger and restructuring charges related to the acquisition of SE Financial Corporation ("SE Financial").
Highlights for the quarter and year ended December 31, 2013 are as follows:
- Loan portfolio was stabilized during the quarter and increased $1.9 million to $2.3 billion as of December 31, 2013.
- We experienced continued improvement in our asset quality metrics during the year with non-performing loans, excluding government guaranteed student loans, decreasing $16.6 million, or 24.3%, to $51.8 million from $68.4 million at December 31, 2012. Our non-performing assets ratio, excluding government guaranteed student loans, improved to 1.26% at December 31, 2013 compared to 1.60% at December 31, 2012.
- Net charge-offs decreased 35.3% and 38.9%, respectively, during the quarter and year ended December 31, 2013 to $2.7 million and $15.0 million, respectively, compared to $4.2 million and $24.6 million, respectively, for the same periods in 2012.
- As a result of the improvement in our asset quality metrics, we were able to reduce our provision for loan losses during the quarter and year ended December 31, 2013 to $1.5 million and $13.0 million, respectively, compared to $6.0 million and $28.0 million, respectively, for the same periods in 2012.
- Beneficial repurchased 985,971 shares of its common stock during the quarter and 2,193,652 during the year ended December 31, 2013.
- Our balance sheet remained strong at December 31, 2013, with our allowance for loan losses totaling $55.6 million, or 2.38% of total loans, compared to $57.6 million, or 2.36% of total loans, at December 31, 2012.
- Capital levels remain strong with tangible capital to tangible assets totaling 10.89% at December 31, 2013.
Gerard Cuddy, Beneficial's President and CEO, stated, "Throughout 2013, we made progress toward a number of our goals. We improved our asset quality metrics, continued our share repurchase program and made significant investments in talent, brand, and technology to drive future growth. During the fourth quarter, we were able to stabilize the loan portfolio. In 2014, our top priority remains improving our balance sheet mix, building out our lending teams and growing our loan portfolio."
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