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Birds, hot tubs, carousels and more. These are among the images that Beneficial Mutual in Philadelphia used in creative ads to promote financial education and attract customers.
October 3 -
Beneficial Mutual Bancorp in Philadelphia is the subject of a governmental investigation into its residential real estate lending.
April 25 -
Beneficial Mutual Bancorp (BNCL) in Philadelphia will separate the position of chairman from those of president and chief executive.
October 19
Beneficial Mutual Bancorp (BNCL) reported lower net income that still managed to meet Wall Street expectations.
The $4.6 billion-asset company's
Net interest income fell 9% from a year earlier, to $30.2 million, because of lower loan balances and reduced yields on investment and loans. The net interest margin compressed 14 basis points from a year earlier, to 2.78%. Loans fell 4% from the end of 2012, to $2.3 billion.
"We were able to stabilize the loan portfolio," Beneficial President and Chief Executive Gerard Cuddy said in a press release. "Our top priority remains improving our balance sheet mix, building out our lending teams and growing our loan portfolio."
Noninterest income fell 23% from a year earlier, to $5.3 million. Beneficial had a $1.7 million decrease in the securities gains. Noninterest expense fell slightly from the fourth quarter of 2012, to $29.9 million.
Beneficial loan-loss provision fell 75% from a year earlier, to $1.5 million. Net chargeoffs decreased 355 from the fourth quarter of 2012, to $2.7 million.
