Beneficial Bancorp in Philadelphia reported higher quarterly profit due to improving asset quality.
The $4.8 billion-asset company's fourth-quarter net income rose 50% from a year earlier, to $4.5 million. Earnings of 6 cents a share beat the average estimates of analysts polled by Bloomberg by 1 cent.
Net interest income fell 3%, to $29.2 million. Net interest margin expanded by 1 basis point, to 2.79%.
The company recorded no loan-loss provision, compared to a $1.5 million provision a year earlier. Nonperforming loans decreased by 72%.
Noninterest income rose 7%, to $5.6 million, tough the fourth quarter of 2013 included a large net loss from selling investment securities.
Noninterest expenses fell 4%, to $28.8 million. The decrease was primarily due to fewer costs tied to classified and foreclosed assets and reduced marketing expenses.