PHILADELPHIA, Feb. 01, 2017 (GLOBE NEWSWIRE) -- Beneficial 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, 2016.  Beneficial recorded net income of $7.6 million and $25.5 million, or $0.10 and $0.34 per diluted share, for the quarter and year ended December 31, 2016, respectively, compared to net income of $4.8 million and $22.9 million, or $0.06 and $0.29 per diluted share, for the quarter and year ended December 31, 2015, respectively.  Net income for the year ended December 31, 2016 included $8.8 million of merger and restructuring charges related to the acquisition of Conestoga Bank and the Bank's previously announced expense management reduction program.

On January 26, 2017, Beneficial Bancorp declared a cash dividend of 6 cents per share, payable on or after February 23, 2017, to common shareholders of record at the close of business on February 13, 2017.

Highlights for the quarter and year ended December 31, 2016 are as follows:
  • Net interest margin increased to 3.00% for both the quarter and year ended December 31, 2016 compared to 2.84% and 2.80% for the same periods in 2015, respectively.  Our margin has benefited from organic loan growth, the impact of the Conestoga Bank acquisition, and continued improvement in the mix of our balance sheet.
  • For the year ended December 31, 2016, net interest income increased $26.7 million, or 21.5%, to $150.9 million compared to $124.2 million for the same period in 2015, primarily due to the Conestoga Bank acquisition and organic loan growth.
  • For the year ended December 31, 2016, our loan portfolio increased $1.1 billion, or 36.3%, due primarily to acquired Conestoga Bank loans of $518.3 million (17.6% growth), net organic growth of $433.3 million (14.7% growth), and the purchase of $117.5 million of commercial real estate loans (4.0% growth). 
  • Asset quality metrics continued to remain strong with non-performing assets, excluding government-guaranteed student loans, to total assets of 0.22% as of December 31, 2016 compared to 0.33% at December 31, 2015.  Net charge-offs for the quarter and year ended December 31, 2016 totaled $1.7 million, or 17 basis points of average loans, and $2.7 million, or 8 basis points of average loans, respectively, compared to net charge-offs of $2.2 million, or 31 basis points of average loans, and net charge-offs of $1.6 million, or 6 basis points of average loans, in the same periods in the prior year. 
  • During the quarter, we continued an advertising campaign with a focus on our heritage and dedication to Philadelphia, our values, and our guiding philosophy to always do what's right.  It also introduced our refreshed tagline, "True to our name.  Since 1853."  The campaign is featured on television, radio, outdoor, digital, transit, and social media throughout the Delaware Valley.   
  • We remain focused on deploying our capital from the second step conversion we completed in January 2015.  Our tangible capital to tangible assets decreased to 15.10% at December 31, 2016 compared to 21.04% at December 31, 2015.  The decrease in this ratio can be attributed to share repurchases and cash dividends, as well as the impact of the acquisition of Conestoga Bank.  Tangible book value per share totaled $11.11 at December 31, 2016.

Gerard Cuddy, Beneficial's President and CEO, stated, "We are pleased with the results achieved against our 2016 Strategic Plan.  We successfully completed the acquisition and integration of Conestoga Bank, organically grew our loan portfolio, improved profitability, declared our first dividend and maintained strong asset quality metrics.  We are optimistic that during 2017 economic conditions will remain favorable.  Our focus remains on employee engagement, a superior customer experience, prudent capital management and organic growth to continue to improve Beneficial's financial performance."

Balance SheetTotal assets increased $911.9 million, or 18.9%, to $5.74 billion at December 31, 2016 compared to $4.83 billion at December 31, 2015.  The increase in total assets was primarily due to the $649.9 million of assets acquired as part of the acquisition of Conestoga Bank and strong organic loan growth. 

Cash and cash equivalents increased $53.1 million to $287.0 million at December 31, 2016 from $233.9 million at December 31, 2015.  The increase in cash and cash equivalents was primarily driven by the increase in borrowed funds and brokered CDs to meet liquidity needs and lock in lower funding rates.             Investments decreased $285.0 million, or 20.9%, to $1.08 billion at December 31, 2016 compared to $1.36 billion at December 31, 2015, as we continued to focus on improving our balance sheet mix by reducing the percentage of our assets in cash and investments and growing our loan portfolio.  We continue to focus on maintaining a high quality investment portfolio that provides a steady stream of cash flows both in the current and in rising interest rate environments.

Loans increased $1.1 billion, or 36.3%, to $4.01 billion at December 31, 2016 from $2.94 billion at December 31, 2015.  The increase in loans was primarily due to acquired Conestoga Bank loans of $518.3 million, net organic growth of $433.3 million, and the purchase of $117.5 million of commercial real estate loans.

Deposits increased $706.3 million, or 20.5%, to $4.16 billion at December 31, 2016 from $3.45 billion at December 31, 2015.  Deposit growth was primarily achieved through organic core deposit growth of $134.6 million, or 4.8%, the acquisition of Conestoga Bank's deposits of $588.4 million, and an $87.4 million increase in brokered deposits, offset by declines of $84.1 million in time deposits and $15.9 million in Conestoga core deposit accounts.

Borrowings increased $300.0 million to $490.4 million at December 31, 2016 and are being used as a low cost funding source to replace higher cost brokered CDs and fund organic loan growth.

Stockholders' equity decreased $101.8 million, or 9.1%, to $1.01 billion at December 31, 2016 from $1.12 billion at December 31, 2015.  The decrease in stockholders' equity was primarily due to the repurchase of shares of common and the declaration of cash dividends stock during the year ended December 31, 2016, partially offset by net income for the year of 2016. During the second quarter of 2016, Beneficial completed its first share repurchase program since completing its mutual-to-stock conversion and related stock offering in January 2015. Under the first program, Beneficial repurchased 8,291,859 shares.  On July 21, 2016, Beneficial Bancorp adopted a second stock repurchase program for up to 10% of its outstanding common stock, or 7,770,978 shares.  The Company has purchased 1,622,100 shares under the second stock repurchase plan.

Net Interest Income For the quarter ended December 31, 2016, net interest income was $39.9 million, an increase of $8.2 million, or 25.8%, from the quarter ended December 31, 2015.  The increase in net interest income was primarily due to the impact of the Conestoga Bank acquisition as well as improvement in our balance sheet mix and related interest earning assets with growth occurring in our higher yielding loan portfolio and a reduction in investments.  The net interest margin totaled 3.00% for the quarter ended December 31, 2016 as compared to 2.84% for the same period in 2015.

For the year ended December 31, 2016, Beneficial reported net interest income of $150.9 million, an increase of $26.7 million, or 21.5%, from the year ended December 31, 2015. The increase in net interest income was primarily due to the acquisition of Conestoga Bank, organic loan growth and improvement in our balance sheet mix. Our net interest margin increased to 3.00% for the year ended December 31, 2016 from 2.80% for the same period in 2015.

Non-interest IncomeFor the quarter ended December 31, 2016, non-interest income totaled $8.2 million, an increase of $2.5 million, or 44.9%, from the quarter ended December 31, 2015.  The increase was primarily due to a $1.2 million gain recorded on limited partnership investments, a $479 thousand increase in mortgage banking income related to the increase in value of our mortgage servicing rights, and a $315 thousand increase in interchange fees.

For the year ended December 31, 2016, non-interest income totaled $27.8 million, an increase of $3.5 million, or 14.5%, from the year ended December 31, 2015. The increase during the year ended December 31, 2016 was primarily due to a $1.8 million investment gain from the sale of stock that we held in a financial institution that was acquired, a $688 thousand increase in interchange fees, a $493 thousand swap fee earned on a commercial real estate loan and a $257 thousand increase in income on bank owned life insurance.

Non-interest ExpenseFor the quarter ended December 31, 2016, non-interest expense totaled $35.5 million, an increase of $5.8 million, or 19.4%, from the quarter ended December 31, 2015.  The increase in non-interest expense was primarily due to a $1.9 million increase in salaries and employee benefits and an $831 thousand increase in board fees primarily due to compensation associated with equity awards granted under the 2016 Omnibus Incentive Plan. The increase in non-interest expense during the quarter ended December 31, 2016 can also be attributed to a $1.1 million increase in marketing expense as a result of the launch of our new advertising campaign and an $800 thousand increase in professional fees primarily related to an online banking technology upgrade and cash management system. These increases to non-interest expense were partially offset by a $753 thousand decrease in merger related expenses as all expenses associated with the acquisition of Conestoga Bank were recorded by the end of the third quarter of 2016.     

For the year ended December 31, 2016, non-interest expense totaled $139.1 million, an increase of $20.6 million, or 17.4%, from the year ended December 31, 2015. The increase in non-interest expense was primarily due to $7.2 million of merger and restructuring charges related to the acquisition of Conestoga Bank and $1.6 million related to our previously announced expense management reduction program.  In addition, salaries and employee benefits increased $4.1 million and board fees increased $1.8 million primarily due to compensation associated with equity awards granted under the 2016 Omnibus Incentive Plan.  The increase in non-interest expense can also be attributed to an $893 thousand increase in professional fees primarily related to an online banking technology upgrade and cash management system, a $662 thousand increase in loan expenses primarily due to commercial loan servicing, a $747 thousand increase in debit card rewards expense, and a $598 thousand increase in marketing expense as a result of the launch of our new advertising campaign.     

Income TaxesFor the quarter ended December 31, 2016, we recorded a provision for income taxes of $4.5 million, reflecting an effective tax rate of 37.2%, compared to a provision for income taxes of $2.9 million, reflecting an effective tax rate of 38.0%, for the three months ended December 31, 2015.  For the year ended December 31, 2016, we recorded a provision for income taxes of $13.6 million, reflecting an effective tax rate of 34.9%, compared to a provision for income taxes of $10.7 million, reflecting an effective tax rate of 31.9%, for the year ended December 31, 2015. The increase in income tax expense and the effective tax is due to higher pre-tax income and a lower ratio of tax exempt income compared to pre-tax income for the quarter and year ended December 31, 2016 as compared to the same periods in 2015.

Asset QualityAsset quality metrics remain strong as non-performing loans, excluding government guaranteed student loans, decreased to $12.1 million at December 31, 2016, compared to $14.8 million at December 31, 2015.  Our ratio of non-performing assets to total assets, excluding government guaranteed student loans, decreased to 0.22% at December 31, 2016 compared to 0.33% at December 31, 2015.

As a result of loan growth and net charge-offs during 2016, we recorded a $485 thousand provision for loan losses during the quarter and year ended December 31, 2016. As a result of the improvement in our asset quality metrics and net charge offs, we recorded a $3.6 million negative provision for loan losses for the year ended December 31, 2015. Net charge-offs for the year ended December 31, 2016 totaled $2.7 million compared to $1.6 million in the same period in the prior year.

Our allowance for loan losses totaled $43.3 million, or 1.08% of total loans, as of December 31, 2016 compared to $45.5 million, or 1.55% of total loans, as of December 31, 2015. 

CapitalBeneficial's and the Bank's capital position remains strong relative to current regulatory requirements. Beneficial and the Bank continue to have substantial liquidity that has been retained in cash or invested in high quality government-backed securities. As of December 31, 2016, Beneficial's tangible capital to tangible assets totaled 15.10%. In addition, at December 31, 2016, we had the ability to borrow up to $2.0 billion combined from the Federal Home Loan Bank of Pittsburgh and the Federal Reserve Bank of Philadelphia.

Beneficial's capital ratios are considered to be well capitalized and are as follows:
                  Capital in Excess
              Minimum Well   of Minimum
  12/31/2016   9/30/2016   12/31/2015   Capitalized Ratio   12/31/2016
                   
Tier 1 Leverage (to average assets) 16.15 %   16.57 %   22.38 %   5.0 %   $ 615,236
Common Equity Tier 1 Capital (to risk weighted assets) 21.45 %   21.93 %   33.36 %   6.5 %     603,985
Tier 1 Capital (to risk weighted assets) 22.06 %   22.54 %   34.13 %   8.0 %     567,984
Total Capital Ratio (to risk weighted assets) 23.14 %   23.67 %   35.38 %   10.0 %     530,693
                   

The Bank's capital ratios are considered to be well capitalized and are as follows:
                    Capital in Excess
                Minimum Well   of Minimum
  12/31/2016   9/30/2016   12/31/2015     Capitalized Ratio   12/31/2016
                     
Tier 1 Leverage (to average assets) 14.76 %   14.96 %   16.86 %     5.0 %   $ 538,239
Common Equity Tier 1 Capital (to risk weighted assets) 20.17 %   20.36 %   25.74 %     6.5 %     551,705
Tier 1 Capital (to risk weighted assets) 20.17 %   20.36 %   25.74 %     8.0 %     491,166
Total Capital Ratio (to risk weighted assets) 21.25 %   21.50 %   26.99 %     10.0 %     453,943
                     

Maintaining strong capital levels remains one of our top priorities.  Our capital levels are in excess of well capitalized levels under Basel III regulatory requirements.

About Beneficial Bancorp, Inc.Beneficial is a community-based, diversified financial services company providing consumer and commercial banking services. Its principal subsidiary, Beneficial Bank, has served individuals and businesses in the Delaware Valley area since 1853. The Bank is the oldest and largest bank headquartered in Philadelphia, Pennsylvania, with 63 offices in the greater Philadelphia and South New Jersey regions. Insurance services are offered through Beneficial Insurance Services, LLC and wealth management services are offered through the Beneficial Advisors, LLC, both wholly owned subsidiaries of the Bank. Equipment leasing services are offered through Beneficial Equipment Leasing Corporation, which is a wholly owned subsidiary of the Bank.  For more information about the Bank and Beneficial, please visit www.thebeneficial.com.

Forward Looking Statements

This news release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows, changes in the quality or composition of Beneficial's loan or investment portfolios, our ability to successfully integrate the assets, liabilities, customers, systems and employees of Conestoga Bank into our operations and our ability to realize related revenue synergies and cost savings within expected time frames. Additionally, other risks and uncertainties may be described in Beneficial's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q or its other reports as filed with the Securities and Exchange Commission, which are available through the SEC's website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, Beneficial assumes no obligation to update any forward-looking statements.

BENEFICIAL BANCORP, INC. AND SUBSIDIARIES Unaudited Consolidated Statements of Financial Condition (Dollars in thousands, except share amounts)
    December 31,   September 30,   December 31,  
    2016   2016   2015  
ASSETS:              
Cash and Cash Equivalents:              
Cash and due from banks   $ 45,791     $ 49,507     $ 43,978    
Interest-bearing deposits     241,255       136,550       189,942    
Total cash and cash equivalents     287,046       186,057       233,920    
               
Investment Securities:              
Available-for-sale     451,544       502,534       655,162    
Held-to-maturity     602,529       610,629       696,310    
Federal Home Loan Bank stock, at cost     21,231       18,231       8,786    
Total investment securities     1,075,304       1,131,394       1,360,258    
               
Loans and leases:     4,010,568       3,887,909       2,941,446    
Allowance for loan and lease losses     (43,261 )     (44,466 )     (45,500 )  
Net loans and leases     3,967,307       3,843,443       2,895,946    
               
Accrued interest receivable     16,635       16,832       14,298    
               
Bank premises and equipment, net     75,444       76,656       73,213    
               
Other assets:              
Goodwill     169,125       169,275       121,973    
Bank owned life insurance     80,664       79,959       64,827    
Other intangibles     4,446       5,025       4,389    
Other assets     62,622       71,752       57,871    
Total other assets     316,857       326,011       249,060    
Total assets   $ 5,738,593     $ 5,580,393     $ 4,826,695    
               
LIABILITIES AND STOCKHOLDERS' EQUITY:              
Liabilities:              
Deposits:              
Non-interest bearing deposits   $ 518,294     $ 511,460     $ 409,232    
Interest bearing deposits     3,639,894       3,551,993       3,042,691    
Total deposits     4,158,188       4,063,453       3,451,923    
Borrowed funds     490,423       415,419       190,405    
Other liabilities     76,226       78,274       68,821    
Total liabilities     4,724,837       4,557,146       3,711,149    
Commitments and contingencies              
Stockholders' equity:              
Preferred stock - $.01 par value     -       -       -    
Common stock - $.01 par value     834       833       829    
Additional paid-in capital     772,925       767,842       787,503    
Unearned common stock held by              
employee stock ownership plan     (29,546 )     (30,163 )     (32,014 )  
Retained earnings     399,620       396,361       382,951    
Accumulated other comprehensive loss, net     (25,833 )     (18,255 )     (23,374 )  
Treasury stock, at cost     (104,244 )     (93,371 )     (349 )  
Total stockholders' equity     1,013,756       1,023,247       1,115,546    
Total liabilities and stockholders' equity   $ 5,738,593     $ 5,580,393     $ 4,826,695    
               

BENEFICIAL BANCORP, INC. AND SUBSIDIARIES Unaudited Consolidated Statements of Income (Dollars in thousands, except per share amounts)
  For the Quarter Ended   For the Year Ended  
  December 31,   September 30,   December 31,   December 31,   December 31,  
  2016   2016   2015   2016   2015  
INTEREST INCOME:                    
Interest and fees on loans and leases $ 40,312     $ 39,645     $ 29,073     $ 147,690   $ 111,879    
Interest on overnight investments   346       167       165       935     758    
Interest and dividends on investment securities:                    
Taxable   5,578       5,900       6,920       24,002     29,151    
Tax-exempt   191       325       325       1,166     1,551    
Total interest income   46,427       46,037       36,483       173,793     143,339    
                     
INTEREST EXPENSE:                    
Interest on deposits:                    
Interest bearing checking accounts   608       588       418       2,218     1,615    
Money market and savings deposits   1,469       1,456       1,312       5,751     5,280    
Time deposits   2,212       1,996       1,765       7,722     7,156    
Total   4,289       4,040       3,495       15,691     14,051    
Interest on borrowed funds   2,245       1,988       1,281       7,185     5,066    
Total interest expense   6,534       6,028       4,776       22,876     19,117    
Net interest income   39,893       40,009       31,707       150,917     124,222    
Provision for loan losses   485       -       -       485     (3,600 )  
Net interest income after provision for loan losses   39,408       40,009       31,707       150,432     127,822    
                     
NON-INTEREST INCOME:                    
Insurance and advisory commission and fee income   1,524       1,664       1,637       6,719     6,796    
Service charges and other income   6,034       4,620       3,864       18,421     16,780    
Mortgage banking income   641       140       162       854     727    
Net (loss) gain on sale of investment securities   (3 )     1,822       (5 )     1,811     (19 )  
Total non-interest income   8,196       8,246       5,658       27,805     24,284    
                     
NON-INTEREST EXPENSE:                    
Salaries and employee benefits   18,478       17,644       15,960       68,515     62,970    
Occupancy expense   2,553       2,489       2,055       9,786     9,201    
Depreciation, amortization and maintenance   2,478       2,577       2,292       9,942     9,026    
Marketing expense   1,571       1,032       501       4,404     3,806    
Intangible amortization expense   578       580       477       2,190     1,883    
FDIC insurance   208       669       527       2,055     2,142    
Merger and restructuring charges   -       (694 )     753       8,765     753    
Professional fees   1,560       1,366       760       5,342     4,449    
                                       
Classified loan and other real estate owned related expense   326       311       24       1,103     1,192    
Other   7,725       7,288       6,360       27,022     23,066    
Total non-interest expense   35,477       33,262       29,709       139,124     118,488    
                     
Income before income taxes   12,127       14,993       7,656       39,113     33,618    
Income tax expense   4,507       4,917       2,906       13,644     10,725    
                     
NET INCOME $ 7,620     $ 10,076     $ 4,750     $ 25,469   $ 22,893    
                     
EARNINGS PER SHARE - Basic $ 0.10     $ 0.14     $ 0.06     $ 0.34   $ 0.29    
EARNINGS PER SHARE - Diluted $ 0.10     $ 0.14     $ 0.06     $ 0.34   $ 0.29    
                     
DIVIDENDS DECLARED PER SHARE $ 0.06     $ 0.06       -     $ 0.12     -    
                     
Average common shares outstanding - Basic   69,693,775       70,593,701       78,679,709       71,902,158     78,513,929    
Average common shares outstanding - Diluted   70,559,186       71,725,229       79,614,379       72,632,437     79,276,984    
                     

BENEFICIAL BANCORP, INC. AND SUBSIDIARIES Unaudited Selected Consolidated Financial and Other Data  (Dollars in thousands)
  For the Quarter Ended   For the Year Ended
  December 31, 2016   December 31, 2015   December 31, 2016   December 31, 2015
  Average Yield /   Average Yield /   Average Yield /   Average Yield /
  Balance Rate   Balance Rate   Balance Rate   Balance Rate
                       
Investment securities: $ 1,354,169 1.81 %   $ 1,614,053 1.84 %   $ 1,385,843 1.88 %   $ 1,738,632 1.81 %
Overnight investments   247,937 0.56 %     226,461 0.29 %     177,493 0.53 %     291,062 0.26 %
Stock   20,448 4.61 %     8,786 4.50 %     15,515 4.56 %     8,800 8.58 %
Other investment securities   1,085,784 2.04 %     1,378,806 2.07 %     1,192,835 2.05 %     1,438,770 2.08 %
                       
Loans and leases:   3,925,797 4.07 %     2,814,708 4.09 %     3,612,976 4.06 %     2,663,656 4.18 %
Residential   862,152 3.97 %     731,828 4.18 %     803,490 4.05 %     706,597 4.24 %
Commercial real estate   1,528,946 3.95 %     946,483 4.14 %     1,400,986 3.93 %     828,044 4.28 %
Business and small business   868,435 4.24 %     514,805 3.81 %     756,525 4.18 %     505,589 3.92 %
Personal   666,264 4.22 %     621,592 4.17 %     651,975 4.22 %     623,426 4.20 %
                       
Total interest earning assets $ 5,279,966 3.49 %   $ 4,428,761 3.27 %   $ 4,998,819 3.46 %   $ 4,402,288 3.24 %
                       
Deposits: $ 3,623,434 0.47 %   $ 3,005,608 0.46 %   $ 3,457,095 0.45 %   $ 3,040,330 0.47 %
Savings   1,256,693 0.34 %     1,123,969 0.34 %     1,227,188 0.34 %     1,132,869 0.35 %
Money market   447,094 0.35 %     406,391 0.33 %     452,515 0.35 %     415,555 0.33 %
Demand   902,731 0.24 %     699,548 0.22 %     851,847 0.24 %     704,239 0.22 %
Demand - municipals   130,187 0.18 %     138,270 0.11 %     129,164 0.16 %     131,905 0.11 %
Total core deposits   2,736,705 0.30 %     2,368,178 0.29 %     2,660,714 0.30 %     2,384,568 0.29 %
                       
Time deposits   886,729 0.99 %     637,430 1.10 %     796,381 0.97 %     655,762 1.09 %
                       
Borrowings   470,856 1.87 %     190,403 2.67 %     348,919 2.06 %     190,427 2.66 %
                       
Total interest bearing liabilities $ 4,094,290 0.63 %   $ 3,196,011 0.59 %   $ 3,806,014 0.60 %   $ 3,230,757 0.60 %
                       
Non-interest bearing deposits   508,516       386,219       478,694       377,910  
                       
Net interest margin   3.00 %     2.84 %     3.00 %     2.80 %
                 

ASSET QUALITY INDICATORS 
  December 31,   September 30,   December 31,
(Dollars in thousands) 2016   2016   2015
           
Non-performing assets:          
Non-accruing loans $ 12,069     $ 13,153     $ 14,768  
Accruing loans past due 90 days or more   14,843       19,259       22,900  
Total non-performing loans   26,912       32,412       37,668  
           
Real estate owned   821       1,486       1,276  
           
Total non-performing assets $ 27,733     $ 33,898     $ 38,944  
           
Non-performing loans to total loans and leases   0.67 %     0.83 %     1.28 %
Non-performing assets to total assets   0.48 %     0.61 %     0.81 %
Non-performing assets less accruing government guaranteed          
student loans past due 90 days or more to total assets   0.22 %   0.26 %   0.33 %
ALLL to total loans and leases   1.08 %     1.14 %     1.55 %
ALLL to non-performing loans   160.75 %     137.19 %     120.79 %
ALLL to non-performing loans, excluding government        
guaranteed student loans   358.45 %     338.07 %     308.10 %
           

Key performance ratios (annualized) are as follows for the quarter and year ended (unaudited):
  For the Quarter Ended   For the Year Ended
  December 31,   September 30,   December 31,   December 31,
  2016   2016   2015   2016   2015
PERFORMANCE RATIOS:                  
(annualized)                  
Return on average assets 0.53 %   0.72 %   0.39 %   0.47 %   0.48 %
Return on average equity 2.97 %   3.91 %   1.67 %   2.45 %   2.15 %
Net interest margin 3.00 %   3.08 %   2.84 %   3.00 %   2.80 %
Net charge-off ratio 0.17 %   0.01 %   0.31 %   0.08 %   0.06 %
Efficiency ratio 73.77 %   68.92 %   79.50 %   77.84 %   79.79 %
Efficiency ratio (excluding merger & restructuring charges) 73.77 %   70.36 %   77.49 %   72.94 %   79.27 %
Tangible common equity 15.10 %   15.70 %   21.04 %   15.10 %   21.04 %

CONTACT: Thomas D. CestareExecutive Vice President and Chief Financial OfficerPHONE: (215) 864-6009

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