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Beneficial Mutual Bancorp has completed the stock-sale portion of its conversion to a wholly stock-owned company, raising between $468 million and $550 million.
December 2 -
Beneficial Mutual Bancorp in Philadelphia reported a nearly 50% increase in third-quarter net income led by the sale of nonperforming assets.
October 17 -
Beneficial Mutual Bancorp (BNCL) reported lower net income that still managed to meet Wall Street expectations.
January 30
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.
