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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, and releases can be found in the Related Links area of each article.
January 28
Beneficial Mutual Bancorp Inc. in Philadelphia swung to a $9 million loss in 2010, primarily as a result of higher credit costs.
The $4.9 billion-asset company, which announced results Friday, earned $17.1 million in 2009, or 22 cents a share, compared with a 12-cent loss in 2010. It also reported a $400,000 loss in the fourth quarter, compared with net income of $6.2 million a year earlier.
Beneficial blamed the losses on a higher provision for loan losses, which totaled $8 million in the fourth quarter, and $70.2 million for the year — nearly five times the provision in 2009.
The company said it continued to write down any collateral deficiencies on its commercial real estate loans, resulting in net chargeoffs of $7.6 million for the quarter and $70.7 million for the year.
The allowance for loan losses was flat, at $45.9 million, or 1.6% of total loans.
"Although our financial results improved from the third quarter, credit costs continue to have a significant impact on our business and we expect these costs to remain elevated in 2011," Gerard Cuddy, Beneficial's chief executive, said in a press release.
