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Beneficial Bancorp, Inc.
Jul 20, 2018

Beneficial Bancorp, Inc. Announces Second Quarter Results and Cash Dividend to Shareholders

PHILADELPHIA, July 20, 2018 (GLOBE NEWSWIRE) -- Beneficial Bancorp, Inc. (“Beneficial”) (NASDAQ:BNCL), the parent company of Beneficial Bank (the “Bank”), today announced its financial results for the three and six months ended June 30, 2018.  Beneficial recorded net income of $11.9 million and $21.7 million, or $0.16 and $0.30 per diluted share, for the three and six months ended June 30, 2018, respectively, compared to net income of $9.5 million and $17.8 million, or $0.13 and $0.24 per diluted share, for the three and six months ended June 30, 2017.

On July 19, 2018, the Company declared a cash dividend of 6 cents per share, payable on or after August 9, 2018, to common shareholders of record at the close of business on July 30, 2018.

Highlights for the three and six months ended June 30, 2018 are as follows:

  • Net interest margin totaled 3.34% and 3.28% for the three and six months ended June 30, 2018 compared to 3.07% and 3.06% for the same periods in 2017, respectively.  Net interest income increased $3.4 million, or 8.1%, and $5.8 million, or 7.0%, for the three and six months ended June 30, 2018 compared to the same periods in the prior year.  During the three months ended June 30, 2018, the net interest margin was benefited $1.7 million, or 13 basis points, by loan prepayment income.  Net interest margin and net interest income also increased due to higher yields on the investment and loan portfolios following the recent Federal Reserve Bank federal funds rate increases.

  • During the six months ended June 30, 2018, our core commercial real estate portfolio increased $20.2 million, 2.4% annualized growth, and our residential real estate portfolio increased $27.1 million, 5.7% annualized growth.

  • Net charge-offs for the six months ended June 30, 2018, totaled $2.9 million, or 14 basis points annualized of average loans, compared to net charge-offs of $1.3 million, or 6 basis points annualized of average loans, in the same period in 2017.

  • During the three and six months ended June 30, 2018, the Company recorded a $523 thousand and an $831 thousand net gain on the sale of $7.3 million and $12.1 million of the guaranteed portion of SBA loans, respectively.
     
  • Asset quality metrics continued to remain strong with non-performing assets to total assets, excluding government guaranteed student loans, of 0.36% as of June 30, 2018.  Our allowance for loan losses totaled $43.1 million, or 1.07% of total loans, as of June 30, 2018, compared to $43.3 million, or 1.07% of total loans, as of December 31, 2017.
     
  • Our effective tax rate decreased to 23.9% and 23.1% for the three and six months ended June 30, 2018 compared to 33.3% and 31.6% for the same periods in the prior year as a result of the Tax Cuts and Jobs Act of 2017, which was enacted on December 22, 2017 and lowered the federal corporate tax rate to 21% from 35%.
     
  • During the six months ended June 30, 2018, the Company purchased 945,400 shares under its previously announced stock repurchase plan.  Our tangible capital to tangible assets increased to 15.19% at June 30, 2018, compared to 15.17% at June 30, 2017.  Tangible book value per share totaled $11.35 at June 30, 2018.

Gerard Cuddy, Beneficial’s President and CEO, stated “Our financial results continue to improve, driven by a rise in interest rates, continued favorable asset quality and management of our expense base.  We are seeing some growth in our commercial real estate and residential lending businesses in line with the overall growth rate of the economy.  We are working diligently to build out the Neumann Finance team and infrastructure and expect to start booking leases late in the third quarter 2018 which we expect to positively impact future loan and revenue growth.”

Balance Sheet
Total assets decreased $28.5 million, or 0.5%, to $5.77 billion at June 30, 2018, compared to $5.80 billion at December 31, 2017.  The decrease in total assets was primarily due to a decrease in total investment securities and loans, partially offset by an increase in cash and cash equivalents.

Cash and cash equivalents increased $29.2 million, or 5.2%, to $586.8 million at June 30, 2018, from $557.6 million at December 31, 2017.  The increase in cash and cash equivalents was primarily driven by investment maturities and repayments and a decrease in our total loan portfolio.

Investments decreased $54.8 million, or 6.3%, to $816.1 million at June 30, 2018, compared to $870.8 million at December 31, 2017. 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 decreased $10.8 million, or 0.3%, to $4.02 billion at June 30, 2018, from $4.03 billion at December 31, 2017.  During the six months ended June 30, 2018, our core commercial real estate portfolio increased $20.2 million, or 2.4% annualized growth, and our residential real estate portfolio increased $27.1 million, representing 5.7% annualized growth.  However, this growth was offset by a $60.5 million decrease in our total consumer loan portfolio, which was due primarily to a $33.8 million decrease in indirect auto loans resulting from our planned run-off of this portfolio segment.  As previously disclosed, we decided to exit the indirect lending business in the first quarter of 2017.

Deposits increased $10.0 million, or 0.2%, to $4.16 billion at June 30, 2018, from $4.15 billion at December 31, 2017.  Deposit growth was primarily achieved through organic core deposit growth of $55.4 million in interest business checking accounts and $24.4 million of growth in time deposits, partially offset by the maturity of $74.6 million of higher cost brokered certificates of deposit, which we did not renew given our excess liquidity position.

Borrowings decreased $25.4 million to $515.0 million at June 30, 2018.  During the six months ended June 30, 2018, the Company paid off $25.8 million of a higher cost trust preferred debenture.

Stockholders’ equity decreased $12.3 million, or 1.2%, to $1.02 billion at June 30, 2018, from $1.03 billion at December 31, 2017.  The decrease in stockholders’ equity was primarily due to the declaration of cash dividends and stock repurchases, partially offset by net income of $21.7 million.

Net Interest Income
For the three months ended June 30, 2018, net interest income was $45.1 million, an increase of $3.4 million, or 8.1%, from the three months ended June 30, 2017. The increase in net interest income was primarily due to an increase in yields on the investment and loan portfolios following recent Federal Reserve Bank federal funds rate increases. The Company paid off $25.8 million of a higher cost trust preferred debenture during the three months ended March 31, 2018. The net interest margin totaled 3.34% for the quarter ended June 30, 2018 as compared to 3.07% for the same period in 2017. During the three months ended June 30, 2018, the net interest margin was positively impacted by 13 basis points due to loan prepayments compared to a 3 basis point positive impact during the three months ended June 30, 2017. Also during the three months ended June 30, 2018, the net interest margin was negatively impacted 13 basis points by higher cash levels due to slower than anticipated loan growth as average cash for the period totaled $512.9 million, an increase of $170.5 million from $342.4 million during the three months ended June 30, 2017.

For the six months ended June 30, 2018, Beneficial reported net interest income of $88.3 million, an increase of $5.8 million, or 7.0%, from the six months ended June 30, 2017. The increase in net interest income was primarily due to an increase in yields on the investment and loan portfolios following recent Federal Reserve Bank federal funds rate increases.  Our net interest margin increased to 3.28% for the six months ended June 30, 2018, from 3.06% for the same period in 2017.

Non-interest Income
For the three months ended June 30, 2018, non-interest income totaled $7.4 million, a decrease of $37 thousand, or 0.5%, from the three months ended June 30, 2017.  The decrease was primarily due to a $331 thousand net decrease in income from bank-owned life insurance, partially offset by a $239 thousand increase in the net gain on the sale of SBA loans recorded during the three months ended June 30, 2018 compared to the same period in the prior year.

For the six months ended June 30, 2018, non-interest income totaled $14.0 million, a decrease of $440 thousand, or 3.0%, from the six months ended June 30, 2017.  The decrease was primarily due to a $335 thousand net decrease in income from bank-owned life insurance recorded during the six months ended June 30, 2018 compared to the same period in the prior year.

Non-interest Expense
For the three months ended June 30, 2018, non-interest expense totaled $35.3 million, an increase of $1.1 million, or 3.1%, from the three months ended June 30, 2017.  The increase in non-interest expense was primarily due to an increase in salaries and employee benefits of $1.2 million due primarily to enhanced medical coverage provided to our entire employee base, annual merit increases, an increase to our minimum wage and the costs associated with the build out of Neumann Finance.

For the six months ended June 30, 2018, non-interest expense totaled $71.6 million, an increase of $2.1 million, or 3.0%, from the six months ended June 30, 2017. The increase in non-interest expense was primarily due to an increase in salaries and employee benefits of $2.3 million due primarily to enhanced medical coverage provided to our entire employee base, annual merit increases, an increase in our minimum wage and the costs associated with the build out of Neumann Finance.  Marketing expense increased $1.3 million due to the production and airing of a new television commercial. These increases were partially offset by a decline of $740 thousand in intangible amortization expense as a result of certain intangible assets reaching the end of their estimated lives, as well as an $837 thousand decrease in other expenses primarily due to declines in loan and on-line banking expenses.

Income Taxes
For the three months ended June 30, 2018, we recorded a provision for income taxes of $3.7 million, reflecting an effective tax rate of 23.9%, compared to a provision for income taxes of $4.7 million, reflecting an effective tax rate of 33.3% for the three months ended June 30, 2017.  For the six months ended June 30, 2018, we recorded a provision for income taxes of $6.5 million, reflecting an effective tax rate of 23.1%, compared to a provision for income taxes of $8.2 million, reflecting an effective tax rate of 31.6%, for the six months ended June 30, 2017.  The decrease in the effective tax rate in the three and six months ended June 30, 2018 compared to the same period a year ago is primarily due to the passage of the Tax Cuts and Jobs Act of 2017, which was enacted on December 22, 2017 and lowered the federal corporate tax rate to 21% from 35%.

Asset Quality
Non-accruing loans, excluding government guaranteed student loans, increased $365 thousand to $20.9 million at June 30, 2018, compared to $20.5 million at December 31, 2017.  Our ratio of non-performing assets to total assets, excluding government guaranteed student loans, remained the same at 0.36% at both June 30, 2018 and December 31, 2017.  As a result of charge-offs, we recorded a $1.7 million and $2.7 million provision for loan losses during the three and six months ended June 30, 2018, respectively, compared to a $750 thousand and $1.4 million provision for loan losses during the same periods in the prior year.  Our allowance for loan losses totaled $43.1 million, or 1.07% of total loans, as of June 30, 2018, compared to $43.1 million, or 1.07% of total loans, as of March 31, 2018, and $43.3 million, or 1.07% of total loans, as of December 31, 2017.

Capital
Beneficial’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 June 30, 2018, Beneficial’s tangible capital to tangible assets totaled 15.19%. In addition, at June 30, 2018, we had the ability to borrow up to $2.2 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:

                   
              Minimum Well   Excess Capital
  6/30/2018     12/31/2017     6/30/2017     Capitalized Ratio   6/30/2018
                   
Tier 1 Leverage (to average assets) 15.65 %   16.19 %   16.06 %   5.0 %   $ 593,322
Common Equity Tier 1 Capital (to risk weighted assets) 21.69 %   22.12 %   20.88 %   6.5 %     610,602
Tier 1 Capital (to risk weighted assets) 21.69 %   22.76 %   21.47 %   8.0 %     550,319
Total Capital Ratio (to risk weighted assets) 22.77 %   23.84 %   22.51 %   10.0 %     513,135
                   

The Bank’s capital ratios are considered to be well capitalized and are as follows:

                     
                Minimum Well   Excess Capital
  6/30/2018     12/31/2017     6/30/2017       Capitalized Ratio   6/30/2018
                     
Tier 1 Leverage (to average assets) 13.20 %   14.46 %   14.75 %     5.0 %   $ 456,616
Common Equity Tier 1 Capital (to risk weighted assets) 18.31 %   20.34 %   19.74 %     6.5 %     474,069
Tier 1 Capital (to risk weighted assets) 18.31 %   20.34 %   19.74 %     8.0 %     413,835
Total Capital Ratio (to risk weighted assets) 19.38 %   21.42 %   20.77 %     10.0 %     376,716
                     

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 61 offices in the greater Philadelphia and South New Jersey regions. Insurance services are offered through Beneficial Insurance Services, LLC, which is a wholly owned subsidiary 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)

  June 30,   March 31,   December 31,   June 30,
    2018       2018       2017       2017  
ASSETS:              
  Cash and cash equivalents:              
  Cash and due from banks $ 52,440     $ 40,306     $ 45,048     $ 50,078  
  Interest-bearing deposits     534,353         562,350         512,567         333,306  
  Total cash and cash equivalents     586,793         602,656         557,615         383,384  
               
  Investment securities:              
Available-for-sale      294,428         301,920         310,308         427,174  
Held-to-maturity      498,454         517,453         537,302         540,057  
Federal Home Loan Bank stock, at cost     23,182         23,210         23,210         23,210  
  Total investment securities     816,064         842,583         870,820         990,441  
               
  Loans and leases:     4,023,310         4,003,465         4,034,130         4,094,732  
  Allowance for loan and lease losses     (43,068 )       (43,108 )       (43,267 )       (43,350 )
  Net loans and leases     3,980,242         3,960,357         3,990,863         4,051,382  
               
  Accrued interest receivable     18,152         18,077         17,512         16,897  
               
  Bank premises and equipment, net     68,259         69,436         70,573         72,982  
               
  Other assets:              
  Goodwill     169,002         169,002         169,002         169,002  
  Bank owned life insurance      81,207         80,594         80,172         80,952  
  Other intangibles     2,486         2,685         2,884         3,309  
  Other assets     48,106         43,533         39,387         60,614  
  Total other assets     300,801         295,814         291,445         313,877  
Total assets $ 5,770,311     $ 5,788,923     $ 5,798,828     $ 5,828,963  
               
LIABILITIES AND STOCKHOLDERS’ EQUITY:              
  Liabilities:              
  Deposits:               
  Non-interest bearing deposits $ 592,375     $ 564,450     $ 563,185     $ 568,391  
  Interest bearing deposits     3,568,131         3,623,612         3,587,308         3,616,645  
  Total deposits     4,160,506         4,188,062         4,150,493         4,185,036  
  Borrowed funds     515,000         515,000         540,439         540,432  
  Other liabilities     72,213         69,750         73,006         73,291  
  Total liabilities     4,747,719         4,772,812         4,763,938         4,798,759  
Commitments and contingencies              
 Stockholders’ equity:              
Preferred stock – $.01 par value      -         -         -         -  
Common stock – $.01 par value     847         845         845         843  
Additional paid-in capital     807,616         802,056         799,658         789,356  
                               
Unearned common stock held by employee stock ownership plan     (25,844 )       (26,461 )       (27,078 )       (28,312 )
Retained earnings     405,395         397,799         405,497         408,162  
Accumulated other comprehensive loss, net     (29,406 )       (30,108 )       (26,127 )       (24,483 )
Treasury stock, at cost     (136,622 )       (128,545 )       (118,497 )       (115,362 )
  Total Beneficial Bancorp, Inc. stockholders’ equity     1,021,986         1,015,586         1,034,298         1,030,204  
Noncontrolling interest     606         525         592         -  
Total stockholders' equity     1,022,592         1,016,111         1,034,890         1,030,204  
Total liabilities and stockholders’ equity $ 5,770,311     $ 5,788,923     $ 5,798,828     $ 5,828,963  
               
 

 

 

BENEFICIAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income
(Dollars in thousands, except per share amounts)

  For the Three Months Ended   For the Six Months Ended  
  June 30,   March 31,   June 30,   June 30,   June 30,  
    2018       2018       2017       2018       2017    
INTEREST INCOME:                    
  Interest and fees on loans and leases $ 45,415     $ 43,054     $ 42,211     $ 88,468     $ 83,698    
  Interest on overnight investments     2,314         2,055       897         4,369         1,426    
  Interest and dividends on investment securities:                    
  Taxable     4,868         5,119         5,416         9,987         10,773    
  Tax-exempt     18         18         18         36         40    
  Total interest income   52,615       50,246       48,542       102,860       95,937    
                     
INTEREST EXPENSE:                    
  Interest on deposits:                    
  Interest bearing checking accounts     648         639         617         1,287         1,219    
  Money market and savings deposits     1,930         1,485         1,491         3,415         2,952    
  Time deposits     2,704         2,576         2,310         5,280         4,497    
  Total   5,282       4,700       4,418       9,982       8,668    
  Interest on borrowed funds     2,208         2,345         2,367         4,553         4,737    
  Total interest expense   7,490       7,045       6,785       14,535       13,405    
Net interest income   45,125       43,201       41,757       88,325       82,532    
Provision for loan and lease losses     1,666         999         750         2,665         1,350    
Net interest income after provision for loan and lease losses   43,459       42,202       41,007       85,660       81,182    
                     
NON-INTEREST INCOME:                    
  Insurance and advisory commission and fee income     1,402         1,923         1,626         3,325         3,719    
  Service charges and other income     5,232         4,196         5,353         9,428         9,451    
  Mortgage banking and SBA income     703         468         444         1,171         1,323    
  Net gain (loss) on investment securities     46         77         (3 )       123         (6 )  
  Total non-interest income   7,383       6,664       7,420       14,047       14,487    
                     
NON-INTEREST EXPENSE:                    
  Salaries and employee benefits     19,748         19,957         18,557         39,705         37,385    
  Occupancy expense     2,489         3,031         2,538         5,520         5,273    
  Depreciation, amortization and maintenance     2,295         2,282         2,397         4,577         4,813    
  Marketing expense     1,474         1,920         1,039         3,394         2,141    
  Intangible amortization expense     199         199         570         398         1,138    
  FDIC insurance     413         429         438         842         870    
  Professional fees     1,200         1,037         1,001         2,237         2,212    
  Classified loan and other real estate owned related expense     364         224         262         588         530    
  Other     7,105         7,278         7,412         14,382         15,219    
  Total non-interest expense     35,287       36,357       34,214       71,643       69,581    
                     
Income before income taxes   15,555         12,509         14,213         28,064         26,088    
Income tax expense     3,711         2,785         4,728         6,496         8,248    
                     
CONSOLIDATED NET INCOME $ 11,844     $ 9,724     $ 9,485     $ 21,568     $ 17,840    
Net loss attributable to noncontrolling interest     (94 )       (67 )       -          (161 )       -     
NET INCOME ATTRIBUTABLE TO BENEFICIAL BANCORP, INC. $ 11,938     $ 9,791     $ 9,485     $ 21,729     $ 17,840    
                     
EARNINGS PER SHARE – Basic $ 0.16     $ 0.13     $ 0.13     $ 0.30     $ 0.24    
EARNINGS PER SHARE – Diluted $ 0.16     $ 0.13     $ 0.13     $ 0.30     $ 0.24    
                     
DIVIDENDS DECLARED PER SHARE $ 0.06     $ 0.31     $ 0.06     $ 0.37     $ 0.12    
                     
Average common shares outstanding – Basic   70,621,336       70,903,395       70,630,256       70,761,586       70,337,425    
Average common shares outstanding – Diluted   71,233,890       71,536,544       71,168,059       71,385,042       70,993,059    
                     

 

 

BENEFICIAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Selected Consolidated Financial and Other Data
(Dollars in thousands)

  For the Three Months Ended   For the Six Months Ended
  June 30, 2018   March 31, 2018   June 30, 2017   June 30, 2018   June 30, 2017
  Average Yield /   Average Yield /   Average Yield /   Average Yield /   Average Yield /
  Balance Rate   Balance Rate   Balance Rate   Balance Rate   Balance Rate
                             
Investment securities: $ 1,344,525 2.14 %   $ 1,395,784 2.06 %   $ 1,351,585 1.88 %   $ 1,370,013 2.10 %   $ 1,329,269 1.84 %
Overnight investments     512,857 1.78 %       537,611 1.53 %       342,350 1.05 %       525,166 1.65 %       302,202 0.95 %
Stock     23,183 6.39 %       23,213 8.14 %       23,211 4.66 %       23,198 7.26 %       22,880 4.66 %
Other investment securities     808,485 2.23 %       834,960 2.24 %       986,024 2.09 %       821,649 2.24 %       1,004,187 2.05 %
                             
Loans and leases:     4,020,939 4.50 %       4,010,689 4.30 %       4,065,523 4.14 %       4,015,840 4.40 %       4,064,344 4.12 %
Residential     958,698 3.91 %       945,042 3.92 %       894,754 4.02 %       951,908 3.91 %       894,672 3.95 %
Commercial real estate     1,686,332 4.61 %       1,676,673 4.26 %       1,681,138 4.08 %       1,681,529 4.43 %       1,662,032 4.07 %
Business and small business     870,986 4.78 %       854,654 4.66 %       861,321 4.30 %       862,863 4.72 %       863,654 4.31 %
Personal     504,923 4.74 %       534,320 4.56 %       628,310 4.23 %       519,540 4.65 %       643,986 4.20 %
                             
Total interest earning assets $ 5,365,464 3.90 %   $ 5,406,473 3.73 %   $ 5,417,108 3.57 %   $ 5,385,853 3.82 %   $ 5,393,613 3.56 %
                             
Deposits: $ 3,590,481 0.59 %   $ 3,617,339 0.53 %   $ 3,647,270 0.49 %   $ 3,603,836 0.56 %   $ 3,650,952 0.48 %
Savings   1,303,878 0.45 %     1,292,482 0.34 %     1,306,201 0.34 %     1,298,211 0.40 %     1,298,347 0.34 %
Money market   412,282 0.47 %     419,881 0.37 %     443,858 0.34 %     416,061 0.42 %     446,136 0.34 %
Demand   958,581 0.25 %     938,808 0.25 %     913,309 0.24 %     948,749 0.25 %     915,150 0.24 %
Demand - municipals   106,638 0.16 %     120,453 0.20 %     122,547 0.22 %     113,508 0.18 %     125,489 0.20 %
Total core deposits     2,781,379 0.37 %       2,771,624 0.31 %       2,785,915 0.30 %       2,776,529 0.34 %       2,785,122 0.30 %
                             
Time deposits   809,102 1.34 %     845,715 1.24 %     861,355 1.08 %     827,307 0.56 %     865,830 1.05 %
                             
Borrowings   515,000 1.70 %     535,403 1.75 %     540,429 1.73 %     525,145 1.72 %     531,891 1.77 %
                             
Total interest bearing liabilities $ 4,105,481 0.73 %   $ 4,152,742 0.69 %   $ 4,187,699 0.65 %   $ 4,128,981 0.71 %   $ 4,182,843 0.65 %
                             
Non-interest bearing deposits   555,273       537,107       530,046       546,240       518,137  
                             
Net interest margin   3.34 %     3.20 %     3.07 %     3.28 %     3.06 %
                           

 



ASSET QUALITY INDICATORS  June 30,   March 31,   December 31,   June 30,
(Dollars in thousands)   2018       2018       2017       2017  
               
  Non-performing assets:              
  Non-accruing loans $ 20,886     $ 23,292     $ 20,521     $ 21,164  
  Accruing loans past due 90 days or more     22,204         21,310         14,152         16,111  
  Total non-performing loans $ 43,090     $ 44,602     $ 34,673     $ 37,275  
               
  Real estate owned     102         204         189         300  
               
  Total non-performing assets $ 43,192     $ 44,806     $ 34,862     $ 37,575  
               
Non-performing loans to total loans and leases   1.07 %     1.11 %     0.86 %     0.91 %
Non-performing assets to total assets   0.75 %     0.77 %     0.60 %     0.64 %
Non-performing assets less accruing government guaranteed               
  student loans past due 90 days or more to total assets   0.36 %   0.41 %   0.36 %     0.37 %
ALLL to total loans and leases   1.07 %     1.08 %     1.07 %   1.06 %
ALLL to non-performing loans   99.95 %     96.65 %     124.79 %     116.30 %
ALLL to non-performing loans, excluding government               
  guaranteed student loans   206.21 %     185.08 %     210.84 %     204.83 %
               
               

Key performance ratios (annualized) are as follows for the three and six months ended (unaudited):

  For the Three Months Ended   For the Six Months
Ended
  June 30,   March 31,   December 31,   June 30,
  2018    2018    2017    2018    2017 
PERFORMANCE RATIOS:                  
(annualized)                  
Return on average assets 0.83 %   0.68 %   (0.25 %)   0.75 %   0.62 %
Return on average assets (excluding tax reform act impact) 0.83 %   0.68 %   0.65 %   0.75 %   0.62 %
Return on average equity 4.67 %   3.89 %   (1.38 %)   4.28 %   3.52 %
Return on average equity (excluding tax reform act impact) 4.67 %   3.89 %   3.63 %   4.28 %   3.52 %
Net interest margin 3.34 %   3.20 %   3.28 %   3.28 %   3.06 %
Net charge-off ratio 0.17 %   0.12 %   0.10 %   0.14 %   0.06 %
Efficiency ratio 67.20 %   72.91 %   68.20 %   69.98 %   71.72 %
Efficiency ratio (excluding merger & restructuring charges) 67.20 %   72.91 %   69.93 %   69.98 %   71.72 %
Tangible common equity 15.19 %   15.02 %   15.33 %   15.19 %   15.17 %
Tangible common equity (excluding tax reform act impact) 15.19 %   15.02 %   15.53 %   15.19 %   15.17 %


CONTACT:     Thomas D. Cestare
      Executive Vice President and Chief Financial Officer
PHONE:     (215) 864-6009

    

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1818 Beneficial Bank Place
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Philadelphia, PA 19103

888.742.5272
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