PHILADELPHIA, April 24, 2014 (GLOBE NEWSWIRE) -- Beneficial Mutual Bancorp, Inc. ("Beneficial") (Nasdaq:BNCL), the parent company of Beneficial Bank (the "Bank"), today announced net income of $2.5 million, or $0.03 per diluted share, for the quarter ended March 31, 2014, compared to net income of $3.2 million, or $0.04 per diluted share, recorded for the quarter ended March 31, 2013.
Highlights for the quarter ended March 31, 2014 are as follows:
- Our commercial loan portfolio increased $7.6 million (3.0% annualized growth rate) during the quarter.
- Net interest margin was relatively stable for the quarter at 2.82% compared to net interest margin of 2.78% from the fourth quarter of 2013 and 2.85% for the first quarter of 2013.
- We experienced continued improvement in our asset quality metrics during the quarter with non-performing loans, excluding government guaranteed student loans, decreasing 7.0% from December 31, 2013 and decreasing 25.4% from March 31, 2013.
- Net charge-offs decreased 22.2% for the quarter ended March 31, 2014 to $3.1 million compared to $4.0 million for the quarter ended March 31, 2013.
- Our non-performing assets ratio, excluding government guaranteed student loans, improved to 1.15% at March 31, 2014, compared to 1.26% at December 31, 2013 and 1.60% at March 31, 2013.
- As a result of the improvement in our asset quality metrics, we were able to reduce our provision for loan losses for the quarter ended March 31, 2014 to $1.5 million compared to $5.0 million for the quarter ended March 31, 2013.
- We repurchased 790,000 shares of common stock during the quarter ended March 31, 2014, increasing total treasury shares to 5,971,711 as of March 31, 2014.
- Our balance sheet remained strong at March 31, 2014, with our allowance for loan losses totaling $54.1 million, or 2.32% of total loans, compared to $55.6 million, or 2.38% of total loans, at December 31, 2013, and $58.7 million, or 2.44% of total loans, at March 31, 2013.
- Capital levels remained strong with tangible capital to tangible assets totaling 10.99% at March 31, 2014.
During the first quarter of 2014, we also completed our headquarters move to 1818 Beneficial Bank Place in Philadelphia, Pennsylvania under a new long-term lease. This long-term lease renews our commitment to remain the oldest and largest Philadelphia-based bank. Our new location increases our visibility in the city and is located in the heart of Philadelphia's business district.
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