Beneficial Bancorp, Inc.
Jul 22, 2016
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Beneficial Bancorp, Inc. Announces Second Quarter Results, Stock Repurchase Program and Cash Dividend to Shareholders

PHILADELPHIA, July 22, 2016 (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, 2016.  Beneficial recorded net income of $2.7 million and $7.8 million, or $0.04 and $0.10 per diluted share, for the three and six months ended June 30, 2016, respectively, compared to net income of $7.1 million and $12.3 million, or $0.09 and $0.16 per diluted share, for the three and six months ended June 30, 2015.  Net income for the three and six months ended June 30, 2016 included $8.6 million and $9.5 million, respectively, of merger and restructuring charges related to the acquisition of Conestoga Bank and the Bank's expense management reduction program.

During the second quarter, Beneficial completed its first share repurchase program since completing its mutual-to-stock conversion and related stock offering in January 2015. Under the first program, Beneficial repurchased 8,291,859 shares.  On July 21, 2016, Beneficial Bancorp adopted a second stock repurchase program for up to 10% of its outstanding common stock, or 7,770,978 shares.  Repurchases will be conducted through open market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions.  Repurchases will be made from time to time depending on market conditions and other factors.  There is no guarantee as to the exact number of shares to be repurchased by Beneficial.

On July 21, 2016, Beneficial Bancorp declared a cash dividend of 6 cents per share, payable on or after August 11, 2016, to common shareholders of record at the close of business on August 1, 2016. This is the first dividend declared in Beneficial's 163 year history.

Highlights for the three and six months ended June 30, 2016 are as follows:

Gerard Cuddy, Beneficial's President and CEO, stated "We continued to make progress against our strategic priorities during the quarter. We successfully completed our acquisition of Conestoga Bank, organically grew our loan portfolio, improved our balance sheet mix and implemented an expense reduction program.  We believe that these actions will continue to improve our financial results. We also completed our first share repurchase program and announced a second repurchase program, as well as declared a cash dividend to our shareholders. Our focus remains on employee engagement, a superior customer experience, prudent capital management and organic growth to continue to improve the financial performance of our organization."

Balance Sheet
Total assets increased $687.4 million, or 14.2%, to $5.51 billion at June 30, 2016 compared to $4.83 billion at December 31, 2015.  The increase in total assets was primarily due to the $649.8 million of assets acquired as part of the acquisition of Conestoga Bank

Cash and cash equivalents decreased $130.4 million to $103.5 million at June 30, 2016 from $233.9 million at December 31, 2015.  The decrease in cash and cash equivalents was primarily driven by repurchases of our common stock, and the $105.0 million paid to acquire Conestoga Bank.

Investments decreased $124.6 million, or 9.2%, to $1.2 billion at June 30, 2016 compared to $1.4 billion at December 31, 2015, as we continued to focus on improving our balance sheet mix by reducing the percentage of our assets in cash and investments and growing our loan portfolio.  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 increased $857.0 million, or 29.1%, to $3.80 billion at June 30, 2016 from $2.94 billion at December 31, 2015.  The increase in loans was primarily due to the acquisition of Conestoga loans of $518.1 million, net organic growth of $221.4 million and the purchase of $117.5 million of commercial real estate loans. Commercial loans include shared national credits, which are participations in loans or loan commitments of at least $20.0 million that are shared by three or more banks.  The shared national credit loans are typically variable rate with terms ranging from one to seven years.  At June 30, 2016, shared national credits totaled $245.3 million compared to $222.4 million at December 31, 2015. All of these loans were classified as pass rated as of June 30, 2016 as all payments are current and the loans are performing in accordance with their contractual terms.

Deposits increased $588.6 million, or 17.1%, to $4.04 billion at June 30, 2016 from $3.45 billion at December 31, 2015.  The $588.6 million increase in deposits during the six months ended June 30, 2016 was primarily due to the $588.4 million of deposits acquired as part of the acquisition of Conestoga Bank.

Borrowings increased $180.0 million to $370.4 million at June 30, 2016 and are being used as a low cost funding source to replace higher cost brokered CD's and fund organic loan growth.

Stockholders' equity decreased $89.2 million, or 8.0%, to $1.03 billion at June 30, 2016 from $1.12 billion at December 31, 2015.  The decrease in stockholders' equity was primarily due to the repurchase of 8,291,859 shares of common stock during the six months ended June 30, 2016, partially offset by net income for the first six months of 2016.

Net Interest Income
For the three months ended June 30, 2016, net interest income was $38.8 million, an increase of $7.6 million, or 24.2%, from the three months ended June 30, 2015. The increase in net interest income was primarily due to the impact of the Conestoga acquisition, and improvement in our balance sheet mix and related interest earning assets with growth occurring in our higher yielding loan portfolio with reductions in cash and investment levels.  The net interest margin totaled 3.08% for the three months ended June 30, 2016 as compared to 2.83% for the same period in 2015.

For the six months ended June 30, 2016, Beneficial reported net interest income of $71.0 million, an increase of $9.7 million, or 15.7%, from the six months ended June 30, 2015. The increase in net interest income was primarily due to the acquisition of Conestoga Bank and higher interest earning assets as a result of the deployment of the second-step conversion proceeds.   Our net interest margin increased to 2.96% for the six months ended June 30, 2016 from 2.79% for the same period in 2015.

The continued low interest rate environment will put pressure on the net interest margin in future periods but we are focused on growing our loan portfolio and continuing to improve our balance sheet mix to help stabilize our net interest margin.

Non-interest Income
For the three months ended June 30, 2016, non-interest income totaled $6.0 million, a decrease of $1.2 million, or 16.1%, from the three months ended June 30, 2015.  The decrease was primarily due to a $1.1 million gain recorded on a limited partnership investment in 2015.

For the six months ended June 30, 2016, non-interest income totaled $11.4 million, a decrease of $1.4 million, or 11.2%, from the six months ended June 30, 2015. The decrease was primarily due to a $1.1 million gain recorded on a limited partnership investment in 2015 and a $321 thousand decrease in mortgage banking income, partially offset by a $285 thousand increase in interchange fees.

Non-interest Expense

During the quarter, the Compensation Committee of the Board of Directors of Beneficial approved restricted stock grants to employees, officers and directors of the Company, pursuant to the 2016 Omnibus Equity Incentive that was previously approved by the Company's shareholders. An aggregate of approximately 2,275,000 shares of restricted stock were granted. Generally, the grants to directors vest over a 30 month period and the grants to employees and officers vest over a three year period. The estimated full quarter after tax expense of these grants is approximately $1.7 million.

For the three months ended June 30, 2016, non-interest expense totaled $40.1 million, an increase of $10.1 million, or 33.5%, from the three months ended June 30, 2015.  The increase in non-interest expense was primarily due to $8.6 million of merger and restructuring charges related to the acquisition of Conestoga Bank and an expense management reduction program.  In addition, salaries and employee benefits increased $732 thousand due primarily to annual merit increases as well as $429 thousand of expense related to shares granted in June 2016 in connection with the 2016 Omnibus Incentive Plan. 

For the six months ended June 30, 2016, non-interest expense totaled $70.4 million, an increase of $9.9 million, or 16.4%, from the six months ended June 30, 2015. The increase in non-interest expense was primarily due to $7.9 million of merger and restructuring charges related to the acquisition of Conestoga Bank and $1.6 million related to an expense management reduction program.  In addition, salaries and employee benefits increased $1.1 million due primarily to annual merit increases as well as $429 thousand of expense related to shares granted in June 2016 in connection with the 2016 Omnibus Incentive Plan. These increases were partially offset by a $662 thousand decrease in marketing costs associated with 2015 rebranding initiatives.

Income Taxes
For the three months ended June 30, 2016, we recorded a provision for income taxes of $2.0 million, reflecting an effective tax rate of 42.0%, compared to a provision for income taxes of $2.9 million, reflecting an effective tax rate of 29.5% for the three months ended June 30, 2015.  For the six months ended June 30, 2016, we recorded a provision for income taxes of $4.2 million, reflecting an effective tax rate of 35.2%, compared to a provision for income taxes of $5.0 million, reflecting an effective tax rate of 28.7%, for the six months ended June 30, 2015. The increase in income tax expense and the effective tax rate during these periods is due to a lower ratio of tax exempt income compared to pre-tax income for the three and six months ended June 30, 2016 as compared to the same periods in 2015.

Asset Quality
Asset quality metrics remain strong as non-performing loans, excluding government guaranteed student loans, decreased to $14.5 million at June 30, 2016, compared to $14.8 million at December 31, 2015.  Our ratio of non-performing loans to total assets, excluding government guaranteed student loans, decreased to 0.30% at June 30, 2016 compared to 0.33% at December 31, 2015.

As a result of our strong asset quality metrics and low net charge-offs recorded in recent periods, we did not record a provision for loan losses during the three or six months ended June 30, 2016. As a result of the improvement in our asset quality metrics and net recoveries received, we recorded a $1.6 million and $3.6 million negative provision for loan losses for the three and six months ended June 30, 2015, respectively. Net charge-offs totaled $981 thousand during the six months ended June 30, 2016 compared to $738 thousand of net recoveries during the same period in 2015.

Our allowance for loan losses totaled $44.5 million, or 1.17% of total loans, as of June 30, 2016 compared to $45.2 million, or 1.44% of total loans, as of March 31, 2016 and $45.5 million, or 1.55% of total loans, as of December 31, 2015.  Excluding acquired loans that were recorded at fair value of $518.1 million as of the acquisition date, our loan loss reserves coverage ratio totaled 1.37% as of June 30, 2016.

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, 2016, Beneficial's tangible capital to tangible assets totaled 15.95%. In addition, at June 30, 2016, we had the ability to borrow up to $1.7 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
 6/30/2016 12/31/2015 6/30/2015 Capitalized Ratio 6/30/2016
          
Tier 1 Leverage (to average assets) 17.00%  22.38%  22.07%  5.0% $629,934 
Common Equity Tier 1 Capital (to risk weighted assets) 22.32%  33.36%  36.80%  6.5%  615,598 
Tier 1 Capital (to risk weighted assets) 22.94%  34.13%  37.54%  8.0%  581,166 
Total Capital Ratio (to risk weighted assets)  24.09%  35.38%  38.80%  10.0%  548,178 
          
          

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

           
        Minimum Well Excess Capital
 6/30/2016 12/31/2015 6/30/2015  Capitalized Ratio 6/30/2016
           
Tier 1 Leverage (to average assets) 15.15%  16.86%  16.62%   5.0% $532,469 
Common Equity Tier 1 Capital (to risk weighted assets) 20.45%   25.74%  28.28%   6.5%  542,217 
Tier 1 Capital (to risk weighted assets) 20.45%  25.74%  28.28%   8.0%  483,931 
Total Capital Ratio (to risk weighted assets) 21.61%   26.99%  29.54%   10.0%  451,036 
            

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 63 offices in the greater Philadelphia and South New Jersey regions. Insurance services are offered through Beneficial Insurance Services, LLC and wealth management services are offered through the Beneficial Advisors, LLC, both wholly owned subsidiaries 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,
   2016   2016   2015   2015 
ASSETS:        
Cash and Cash Equivalents:         
Cash and due from banks $51,622  $40,381  $43,978  $48,114 
Interest-bearing deposits     51,868     71,384     189,942     238,189 
Total cash and cash equivalents    103,490     111,765     233,920     286,303 
         
Investment Securities:        
Available-for-sale    576,374     582,402     655,162     689,775 
Held-to-maturity    642,826     673,222     696,310     745,730 
Federal Home Loan Bank stock, at cost    16,431     8,786      8,786     8,786 
Total investment securities     1,235,631     1,264,410     1,360,258     1,444,291 
         
Loans and leases:    3,798,493     3,151,785     2,941,446     2,708,508 
Allowance for loan and lease losses    (44,519)    (45,234)    (45,500)    (47,792)
Net loans and leases    3,753,974     3,106,551     2,895,946     2,660,716 
         
Accrued interest receivable    16,314     14,794     14,298     13,657 
         
Bank premises and equipment, net    77,842     72,465     73,213     79,159 
         
Other assets:        
Goodwill    169,239     121,973     121,973     121,973 
Bank owned life insurance    79,612     65,095     64,827     64,647 
Other intangibles    5,605     3,915     4,389     5,203 
Other assets    72,382     53,726     57,871     60,550  
Total other assets    326,838     244,709      249,060     252,373 
Total assets $5,514,089  $4,814,694  $4,826,695  $4,736,499 
          
LIABILITIES AND STOCKHOLDERS' EQUITY:        
Liabilities:        
Deposits:        
Non-interest bearing deposits $505,029  $409,716  $409,232  $381,667 
Interest bearing deposits    3,535,542     3,100,774     3,042,691     2,993,464 
Total deposits    4,040,571     3,510,490     3,451,923     3,375,131 
Borrowed funds    370,414     190,410     190,405     190,396 
Other liabilities    76,788     67,206     68,821     69,162  
Total liabilities    4,487,773     3,768,106      3,711,149     3,634,689 
Commitments and contingencies        
Stockholders' equity:        
Preferred stock - $.01 par value    -     -     -     - 
Common stock - $.01 par value    832     831     829     829 
Additional paid-in capital    762,685     789,978     787,503     784,587 
Unearned common stock held by employee stock ownership plan    (30,780)    (31,397)    (32,014)    (33,248)
Retained earnings    390,722     387,974     382,951     372,364 
Accumulated other comprehensive loss, net    (17,001)    (18,562)    (23,374)    (22,382)
Treasury stock, at cost    (80,142)    (82,236)     (349)    (340)
Total stockholders' equity     1,026,316     1,046,588     1,115,546     1,101,810 
Total liabilities and stockholders' equity $5,514,089  $4,814,694  $4,826,695  $4,736,499 
         


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, 
  2016   2016   2015   2016   2015  
INTEREST INCOME:           
Interest and fees on loans and leases$37,743  $29,990  $28,196  $67,733  $54,461  
Interest on overnight investments 161   259   157   421   426  
Interest and dividends on investment securities:          
Taxable 6,166   6,360    7,215   12,525   15,126  
Tax-exempt 325   325   394   650   892  
Total interest income 44,395   36,934   35,962   81,329   70,905  
           
INTEREST EXPENSE:          
Interest on deposits:           
Interest bearing checking accounts 556   466   381   1,022   805  
Money market and savings deposits 1,503   1,322   1,334   2,825   2,641  
Time deposits 1,886   1,628   1,762   3,515   3,595  
Total 3,945   3,416   3,477   7,362   7,041  
Interest on borrowed funds 1,674   1,278   1,261   2,952   2,508  
Total interest expense 5,619   4,694   4,738   10,314   9,549  
Net interest income 38,776   32,240   31,224   71,015   61,356  
Provision for loan losses -    -   (1,600)  -   (3,600) 
Net interest income after provision for loan losses 38,776   32,240    32,824   71,015   64,956  
           
NON-INTEREST INCOME:          
Insurance and advisory commission and fee income 1,539   1,990   1,486   3,530   3,472  
Service charges and other income 4,383   3,385   5,425   7,768   8,932  
Mortgage banking income 101   (28)   267   73   394  
Net loss on sale of investment securities (4)  (4)  (4)  (8)  (9) 
Total non-interest income 6,019   5,343   7,174   11,363   12,789  
           
NON-INTEREST EXPENSE:          
Salaries and employee benefits 16,577   15,817   15,845   32,394   31,337  
Occupancy expense 2,453   2,293   2,211   4,745   5,008  
Depreciation, amortization and maintenance 2,571   2,317   2,174   4,889   4,475  
Marketing expense 889   913   1,148   1,802   2,464  
Intangible amortization expense 558   474   467   1,032   933  
FDIC insurance 625   553   512   1,178   1,060  
Merger and restructuring charges 8,621   838   -   9,459   -  
Professional fees 1,386    1,029   1,297   2,415   2,852  
Classified loan and other real estate owned related expense 173   292   799   465   1,091  
Other 6,200   5,807   5,542   12,008   11,265  
Total non-interest expense 40,053   30,333   29,995   70,387   60,485  
           
Income before income taxes 4,742   7,250   10,003   11,991   17,260  
Income tax expense 1,994   2,227   2,948   4,220   4,954  
           
NET INCOME$2,748  $5,023  $7,055  $7,771  $12,306  
           
EARNINGS PER SHARE - Basic$0.04  $0.07  $0.09  $0.11  $0.16  
EARNINGS PER SHARE - Diluted$0.04  $0.07  $0.09  $0.10  $0.16  
           
Average common shares outstanding - Basic 71,197,288   76,162,515   78,374,704   73,679,901   78,414,226  
Average common shares outstanding - Diluted 72,078,696    76,993,671   79,058,474   74,536,502   79,067,396  
           

 

BENEFICIAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Selected Consolidated Financial and Other Data 
(Dollars in thousands)
     
 Three Months Ended Six Months Ended
 June 30, 2016 March 31, 2016 June 30, 2015 June 30, 2016 June 30, 2015
 AverageYield / AverageYield / AverageYield / AverageYield / AverageYield /
 BalanceRate BalanceRate BalanceRate BalanceRate BalanceRate
                
Investment securities:$1,378,633  1.93% $1,506,173  1.84% $ 1,722,562  1.80% $1,442,514  1.88% $1,827,831  1.80%
Overnight investments 125,509  0.51%  205,383  0.50%  248,284  0.25%  165,446  0.50%  338,834  0.25%
Stock 14,405  4.45%  8,787  4.45%  8,793  4.78%  11,707  4.42%  8,813  12.76%
Other investment securities 1,238,719  2.04%  1,292,003  2.04%  1,465,485  2.05%  1,265,361  2.04%  1,480,184  2.09%
               
Loans and leases: 3,638,837  4.14%  2,975,549  4.02%  2,681,433  4.19%  3,340,332  4.04%  2,566,080  4.25%
Residential 788,063  4.09%  734,020  4.16%  702,994  4.29%  764,500  4.10%  689,588  4.31%
Commercial real estate 1,450,685  4.02%  1,087,469  3.94%  848,740  4.19%  1,291,323  3.92%  750,260  4.36%
Business and small business 746,406   4.32%  531,762  3.77%  506,122  4.09%  643,489  4.06%  500,479  4.04%
Personal 653,683  4.23%  622,298  4.22%  623,577  4.17%  641,020  4.21%  625,753  4.20%
               
Total interest earning assets$5,017,470  3.53% $4,481,722  3.29% $4,403,995  3.26% $4,782,846  3.39% $4,393,911  3.23%
                
Deposits:$ 3,511,893  0.45% $3,067,501  0.45% $3,005,930  0.46% $3,328,874  0.44% $3,085,282  0.46%
Savings 1,233,829  0.34%  1,155,603  0.34%  1,144,825  0.35%  1,200,586  0.34%  1,133,524  0.35%
Money market 492,471  0.38%  399,739  0.34%  421,801  0.33%  460,104  0.35%  424,283  0.33%
Demand 854,054  0.24%  763,857  0.23%  652,839  0.21%  814,445  0.23%  724,268  0.20%
Demand - municipals 129,905  0.17%  128,946  0.11%  125,558  0.11%  129,425  0.14%  135,378  0.11%
Total core deposits 2,710,259  0.31%  2,448,145  0.29%  2,345,023  0.29%  2,604,560  0.30%  2,417,453  0.29%
               
Time deposits 801,634  0.95%  619,356  1.06%  660,907  1.07%  724,314  0.98%  667,829  1.09%
                
Borrowings 306,221  2.20%  190,462  2.70%  190,395  2.66%  255,123  2.33%  190,425  2.66%
               
Total interest bearing liabilities$3,818,114  0.59% $3,257,963  0.58% $3,196,325  0.59% $3,583,997  0.58% $3,275,707  0.59%
                
Non-interest bearing deposits 498,311    395,940    379,221    451,117    372,988  
               
Net interest margin  3.08%   2.87%   2.83%   2.96%   2.79%
      


ASSET QUALITY INDICATORSJune 30, March 31, December 31, June 30,
(Dollars in thousands) 2016    2016   2015    2015 
        
Non-performing assets:       
Non-accruing loans$14,500  $13,731  $14,768  $12,812 
Accruing loans past due 90 days or more 20,138   21,223   22,900   25,460 
Total non-performing loans$34,638    34,954   37,668   38,272 
        
Real estate owned 1,999   827   1,276   1,359 
        
Total non-performing assets$36,637  $35,781  $38,944  $39,631  
        
Non-performing loans to total loans and leases 0.91%  1.11%  1.28%  1.41%
Non-performing assets to total assets 0.66%  0.74%   0.81%  0.84%
Non-performing assets less accruing government guaranteed student loans past due 90 days or more to total assets 0.30%  0.30%  0.33%  0.30%
ALLL to total loans and leases 1.17%  1.44%  1.55% 1.76%
ALLL to non-performing loans 128.53%  129.41%  120.79%  124.87%
ALLL to non-performing loans, excluding government guaranteed student loans 307.03%  329.43%  308.10%  373.03%
        

 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,
  2016   2016   2015   2016   2015 
PERFORMANCE RATIOS:         
(annualized)         
Return on average assets 0.21%  0.42%  0.39%  0.31%  0.53%
Return on average equity 1.11%  1.87%  1.67%  1.49%  2.45%
Net interest margin 3.08%  2.87%  2.84%  2.96%  2.79%
Efficiency ratio 89.41%  80.71%  79.50%  85.44%  81.58%
Efficiency ratio (excluding merger & restructuring charges) 70.16%  78.47%  77.49%  73.96%  81.58%
Tangible common equity 15.95%  19.64%  21.04%  15.95%   21.14%
                      
CONTACT: Thomas D. Cestare

Executive Vice President and Chief Financial Officer

PHONE: (215) 864-6009

Source: Beneficial Bank

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