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Beneficial Mutual Bancorp, Inc. Announces Fourth Quarter And Full Year 2009 Results


PHILADELPHIA, PENNSYLVANIA, February 3, 2010 — Beneficial Mutual Bancorp, Inc. ("Beneficial") (NASDAQGS: BNCL), the parent company of Beneficial Bank (the "Bank"), today announced its financial results for the three and twelve months ended December 31, 2009.

For the three months ended December 31, 2009, Beneficial recorded net income of $6.2 million, or $0.08 per share, compared to net income of $5.8 million, or $0.07 per share for the three months ended September 30, 2009. 

During the twelve months ended December 31, 2009, Beneficial recorded earnings of $17.1 million, or $0.22 per share, compared to earnings of $16.5 million, or $0.21 per share recorded for the twelve months ended December 31, 2008. The earnings recorded for the twelve months ended December 31, 2008 included a curtailment gain related to pension plan modifications with an after-tax impact of $4.7 million, or $0.06 per share. 

"We are pleased with our growth and the continued improvement in our performance in light of the difficult economic environment," said Gerard Cuddy, Beneficial's President and CEO. "Our deposit and loan growth during 2009 is a testament to the energy of our employees to seize our competitive advantages, along with their commitment to help our customers do the right thing financially." 

"We believe that the economic crisis that has gripped our nation and adversely impacted our customers and communities will result in a refocus on financial responsibility. We remain committed to the financial responsibility we've practiced throughout our 157 year history," Cuddy said. "We'll maintain a strong capital position in order to advance our growth strategy by working with our customers to help them save and use credit wisely, and we'll continue to dedicate financial and human capital to support organizations that share our sense of responsibility to do what's right for the communities we serve." 

Highlights for the quarter ended December 31, 2009:

  • Total deposits increased by $227.0 million, or 6.9, to $3.5 billion at December 31, 2009, up from $3.3 billion at September 30, 2009. 
  • Total loans outstanding increased to $2.8 billion at December 31, 2009, up $39.2 million from September 30, 2009. 
  • Net interest income for the three months ended December 31, 2009 increased to $34.8 million, from $32.7 million for the three months ended September 30, 2009, an increase of $2.1 million or 6.4.

Highlights for the year ended December 31, 2009:

  • Total deposits increased by $767.6 million, or 28.0, to $3.5 billion at December 31, 2009.
  • Total loans outstanding increased 15.1 to $2.8 billion at December 31, 2009 from $2.4 billion at December 31, 2008.
  • Net interest income increased by 11.7 to $127.3 million during the year ended December 31, 2009, up from $114.0 million recorded for the twelve months ended December 31, 2008.




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1818 Beneficial Bank Place
1818 Market Street
Philadelphia, PA 19103

888.742.5272
info@thebeneficial.com
The use of non-secure email is intended for general questions, inquiries and comments only. Confidential Customer information cannot be accepted electronically.


Routing No: 236075689
SWIFT Code: BENFUS33

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