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

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| Source: Beneficial Bank

PHILADELPHIA, Feb. 01, 2017 (GLOBE NEWSWIRE) -- Beneficial Bancorp, Inc. (“Beneficial”) (NASDAQ:BNCL), the parent company of Beneficial Bank (the “Bank”), today announced its financial results for the quarter and year ended December 31, 2016.  Beneficial recorded net income of $7.6 million and $25.5 million, or $0.10 and $0.34 per diluted share, for the quarter and year ended December 31, 2016, respectively, compared to net income of $4.8 million and $22.9 million, or $0.06 and $0.29 per diluted share, for the quarter and year ended December 31, 2015, respectively.  Net income for the year ended December 31, 2016 included $8.8 million of merger and restructuring charges related to the acquisition of Conestoga Bank and the Bank’s previously announced expense management reduction program.

On January 26, 2017, Beneficial Bancorp declared a cash dividend of 6 cents per share, payable on or after February 23, 2017, to common shareholders of record at the close of business on February 13, 2017.

Highlights for the quarter and year ended December 31, 2016 are as follows:

  • Net interest margin increased to 3.00% for both the quarter and year ended December 31, 2016 compared to 2.84% and 2.80% for the same periods in 2015, respectively.  Our margin has benefited from organic loan growth, the impact of the Conestoga Bank acquisition, and continued improvement in the mix of our balance sheet.

  • For the year ended December 31, 2016, net interest income increased $26.7 million, or 21.5%, to $150.9 million compared to $124.2 million for the same period in 2015, primarily due to the Conestoga Bank acquisition and organic loan growth.

  • For the year ended December 31, 2016, our loan portfolio increased $1.1 billion, or 36.3%, due primarily to acquired Conestoga Bank loans of $518.3 million (17.6% growth), net organic growth of $433.3 million (14.7% growth), and the purchase of $117.5 million of commercial real estate loans (4.0% growth).
     
  • Asset quality metrics continued to remain strong with non-performing assets, excluding government-guaranteed student loans, to total assets of 0.22% as of December 31, 2016 compared to 0.33% at December 31, 2015.  Net charge-offs for the quarter and year ended December 31, 2016 totaled $1.7 million, or 17 basis points of average loans, and $2.7 million, or 8 basis points of average loans, respectively, compared to net charge-offs of $2.2 million, or 31 basis points of average loans, and net charge-offs of $1.6 million, or 6 basis points of average loans, in the same periods in the prior year.
     
  • During the quarter, we continued an advertising campaign with a focus on our heritage and dedication to Philadelphia, our values, and our guiding philosophy to always do what’s right.  It also introduced our refreshed tagline, “True to our name.  Since 1853.”  The campaign is featured on television, radio, outdoor, digital, transit, and social media throughout the Delaware Valley. 
     
  • We remain focused on deploying our capital from the second step conversion we completed in January 2015.  Our tangible capital to tangible assets decreased to 15.10% at December 31, 2016 compared to 21.04% at December 31, 2015.  The decrease in this ratio can be attributed to share repurchases and cash dividends, as well as the impact of the acquisition of Conestoga Bank.  Tangible book value per share totaled $11.11 at December 31, 2016.

Gerard Cuddy, Beneficial’s President and CEO, stated, “We are pleased with the results achieved against our 2016 Strategic Plan.  We successfully completed the acquisition and integration of Conestoga Bank, organically grew our loan portfolio, improved profitability, declared our first dividend and maintained strong asset quality metrics.  We are optimistic that during 2017 economic conditions will remain favorable.  Our focus remains on employee engagement, a superior customer experience, prudent capital management and organic growth to continue to improve Beneficial’s financial performance.”

Balance Sheet
Total assets increased $911.9 million, or 18.9%, to $5.74 billion at December 31, 2016 compared to $4.83 billion at December 31, 2015.  The increase in total assets was primarily due to the $649.9 million of assets acquired as part of the acquisition of Conestoga Bank and strong organic loan growth. 

Cash and cash equivalents increased $53.1 million to $287.0 million at December 31, 2016 from $233.9 million at December 31, 2015.  The increase in cash and cash equivalents was primarily driven by the increase in borrowed funds and brokered CDs to meet liquidity needs and lock in lower funding rates.
           
Investments decreased $285.0 million, or 20.9%, to $1.08 billion at December 31, 2016 compared to $1.36 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 $1.1 billion, or 36.3%, to $4.01 billion at December 31, 2016 from $2.94 billion at December 31, 2015.  The increase in loans was primarily due to acquired Conestoga Bank loans of $518.3 million, net organic growth of $433.3 million, and the purchase of $117.5 million of commercial real estate loans.

Deposits increased $706.3 million, or 20.5%, to $4.16 billion at December 31, 2016 from $3.45 billion at December 31, 2015.  Deposit growth was primarily achieved through organic core deposit growth of $134.6 million, or 4.8%, the acquisition of Conestoga Bank’s deposits of $588.4 million, and an $87.4 million increase in brokered deposits, offset by declines of $84.1 million in time deposits and $15.9 million in Conestoga core deposit accounts.

Borrowings increased $300.0 million to $490.4 million at December 31, 2016 and are being used as a low cost funding source to replace higher cost brokered CDs and fund organic loan growth.

Stockholders’ equity decreased $101.8 million, or 9.1%, to $1.01 billion at December 31, 2016 from $1.12 billion at December 31, 2015.  The decrease in stockholders’ equity was primarily due to the repurchase of shares of common and the declaration of cash dividends stock during the year ended December 31, 2016, partially offset by net income for the year of 2016. During the second quarter of 2016, 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.  The Company has purchased 1,622,100 shares under the second stock repurchase plan.

Net Interest Income
For the quarter ended December 31, 2016, net interest income was $39.9 million, an increase of $8.2 million, or 25.8%, from the quarter ended December 31, 2015.  The increase in net interest income was primarily due to the impact of the Conestoga Bank acquisition as well as improvement in our balance sheet mix and related interest earning assets with growth occurring in our higher yielding loan portfolio and a reduction in investments.  The net interest margin totaled 3.00% for the quarter ended December 31, 2016 as compared to 2.84% for the same period in 2015.

For the year ended December 31, 2016, Beneficial reported net interest income of $150.9 million, an increase of $26.7 million, or 21.5%, from the year ended December 31, 2015. The increase in net interest income was primarily due to the acquisition of Conestoga Bank, organic loan growth and improvement in our balance sheet mix. Our net interest margin increased to 3.00% for the year ended December 31, 2016 from 2.80% for the same period in 2015.

Non-interest Income
For the quarter ended December 31, 2016, non-interest income totaled $8.2 million, an increase of $2.5 million, or 44.9%, from the quarter ended December 31, 2015.  The increase was primarily due to a $1.2 million gain recorded on limited partnership investments, a $479 thousand increase in mortgage banking income related to the increase in value of our mortgage servicing rights, and a $315 thousand increase in interchange fees.

For the year ended December 31, 2016, non-interest income totaled $27.8 million, an increase of $3.5 million, or 14.5%, from the year ended December 31, 2015. The increase during the year ended December 31, 2016 was primarily due to a $1.8 million investment gain from the sale of stock that we held in a financial institution that was acquired, a $688 thousand increase in interchange fees, a $493 thousand swap fee earned on a commercial real estate loan and a $257 thousand increase in income on bank owned life insurance.

Non-interest Expense
For the quarter ended December 31, 2016, non-interest expense totaled $35.5 million, an increase of $5.8 million, or 19.4%, from the quarter ended December 31, 2015.  The increase in non-interest expense was primarily due to a $1.9 million increase in salaries and employee benefits and an $831 thousand increase in board fees primarily due to compensation associated with equity awards granted under the 2016 Omnibus Incentive Plan. The increase in non-interest expense during the quarter ended December 31, 2016 can also be attributed to a $1.1 million increase in marketing expense as a result of the launch of our new advertising campaign and an $800 thousand increase in professional fees primarily related to an online banking technology upgrade and cash management system. These increases to non-interest expense were partially offset by a $753 thousand decrease in merger related expenses as all expenses associated with the acquisition of Conestoga Bank were recorded by the end of the third quarter of 2016.     

For the year ended December 31, 2016, non-interest expense totaled $139.1 million, an increase of $20.6 million, or 17.4%, from the year ended December 31, 2015. The increase in non-interest expense was primarily due to $7.2 million of merger and restructuring charges related to the acquisition of Conestoga Bank and $1.6 million related to our previously announced expense management reduction program.  In addition, salaries and employee benefits increased $4.1 million and board fees increased $1.8 million primarily due to compensation associated with equity awards granted under the 2016 Omnibus Incentive Plan.  The increase in non-interest expense can also be attributed to an $893 thousand increase in professional fees primarily related to an online banking technology upgrade and cash management system, a $662 thousand increase in loan expenses primarily due to commercial loan servicing, a $747 thousand increase in debit card rewards expense, and a $598 thousand increase in marketing expense as a result of the launch of our new advertising campaign.     

Income Taxes
For the quarter ended December 31, 2016, we recorded a provision for income taxes of $4.5 million, reflecting an effective tax rate of 37.2%, compared to a provision for income taxes of $2.9 million, reflecting an effective tax rate of 38.0%, for the three months ended December 31, 2015.  For the year ended December 31, 2016, we recorded a provision for income taxes of $13.6 million, reflecting an effective tax rate of 34.9%, compared to a provision for income taxes of $10.7 million, reflecting an effective tax rate of 31.9%, for the year ended December 31, 2015. The increase in income tax expense and the effective tax is due to higher pre-tax income and a lower ratio of tax exempt income compared to pre-tax income for the quarter and year ended December 31, 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 $12.1 million at December 31, 2016, compared to $14.8 million at December 31, 2015.  Our ratio of non-performing assets to total assets, excluding government guaranteed student loans, decreased to 0.22% at December 31, 2016 compared to 0.33% at December 31, 2015.

As a result of loan growth and net charge-offs during 2016, we recorded a $485 thousand provision for loan losses during the quarter and year ended December 31, 2016. As a result of the improvement in our asset quality metrics and net charge offs, we recorded a $3.6 million negative provision for loan losses for the year ended December 31, 2015. Net charge-offs for the year ended December 31, 2016 totaled $2.7 million compared to $1.6 million in the same period in the prior year.

Our allowance for loan losses totaled $43.3 million, or 1.08% of total loans, as of December 31, 2016 compared to $45.5 million, or 1.55% of total loans, as of December 31, 2015. 

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 December 31, 2016, Beneficial’s tangible capital to tangible assets totaled 15.10%. In addition, at December 31, 2016, we had the ability to borrow up to $2.0 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:

         Capital in Excess
       Minimum Well of Minimum
 12/31/2016 9/30/2016 12/31/2015 Capitalized Ratio 12/31/2016
          
Tier 1 Leverage (to average assets)16.15% 16.57% 22.38% 5.0% $615,236
Common Equity Tier 1 Capital (to risk weighted assets)21.45% 21.93% 33.36% 6.5%  603,985
Tier 1 Capital (to risk weighted assets)22.06% 22.54% 34.13% 8.0%  567,984
Total Capital Ratio (to risk weighted assets)23.14% 23.67% 35.38% 10.0%  530,693
          

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

          Capital in Excess
        Minimum Well of Minimum
 12/31/2016 9/30/2016 12/31/2015  Capitalized Ratio 12/31/2016
           
Tier 1 Leverage (to average assets)14.76% 14.96% 16.86%  5.0% $538,239
Common Equity Tier 1 Capital (to risk weighted assets)20.17% 20.36% 25.74%  6.5%  551,705
Tier 1 Capital (to risk weighted assets)20.17% 20.36% 25.74%  8.0%  491,166
Total Capital Ratio (to risk weighted assets)21.25% 21.50% 26.99%  10.0%  453,943
           

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)

  December 31, September 30, December 31, 
  2016 2016 2015 
ASSETS:       
Cash and Cash Equivalents:       
Cash and due from banks $45,791  $49,507  $43,978  
Interest-bearing deposits  241,255   136,550   189,942  
Total cash and cash equivalents  287,046   186,057   233,920  
        
Investment Securities:       
Available-for-sale  451,544   502,534   655,162  
Held-to-maturity  602,529   610,629   696,310  
Federal Home Loan Bank stock, at cost  21,231   18,231   8,786  
Total investment securities  1,075,304   1,131,394   1,360,258  
        
Loans and leases:  4,010,568   3,887,909   2,941,446  
Allowance for loan and lease losses  (43,261)  (44,466)  (45,500) 
Net loans and leases  3,967,307   3,843,443   2,895,946  
        
Accrued interest receivable  16,635   16,832   14,298  
        
Bank premises and equipment, net  75,444   76,656   73,213  
        
Other assets:       
Goodwill  169,125   169,275   121,973  
Bank owned life insurance  80,664   79,959   64,827  
Other intangibles  4,446   5,025   4,389  
Other assets  62,622   71,752   57,871  
Total other assets  316,857   326,011   249,060  
Total assets $5,738,593  $5,580,393  $4,826,695  
        
LIABILITIES AND STOCKHOLDERS’ EQUITY:       
Liabilities:       
Deposits:       
Non-interest bearing deposits $518,294  $511,460  $409,232  
Interest bearing deposits  3,639,894   3,551,993   3,042,691  
Total deposits  4,158,188   4,063,453   3,451,923  
Borrowed funds  490,423   415,419   190,405  
Other liabilities  76,226   78,274   68,821  
Total liabilities  4,724,837   4,557,146   3,711,149  
Commitments and contingencies       
Stockholders’ equity:       
Preferred stock – $.01 par value  -   -   -  
Common stock – $.01 par value  834   833   829  
Additional paid-in capital  772,925   767,842   787,503  
Unearned common stock held by       
employee stock ownership plan  (29,546)  (30,163)  (32,014) 
Retained earnings  399,620   396,361   382,951  
Accumulated other comprehensive loss, net  (25,833)  (18,255)  (23,374) 
Treasury stock, at cost  (104,244)  (93,371)  (349) 
Total stockholders’ equity  1,013,756   1,023,247   1,115,546  
Total liabilities and stockholders’ equity $5,738,593  $5,580,393  $4,826,695  
        


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

 For the Quarter Ended For the Year Ended 
 December 31, September 30, December 31, December 31, December 31, 
 2016 2016 2015 2016 2015 
INTEREST INCOME:          
Interest and fees on loans and leases$40,312  $39,645  $29,073  $147,690 $111,879  
Interest on overnight investments 346   167   165   935  758  
Interest and dividends on investment securities:          
Taxable 5,578   5,900   6,920   24,002  29,151  
Tax-exempt 191   325   325   1,166  1,551  
Total interest income 46,427   46,037   36,483   173,793  143,339  
           
INTEREST EXPENSE:          
Interest on deposits:          
Interest bearing checking accounts 608   588   418   2,218  1,615  
Money market and savings deposits 1,469   1,456   1,312   5,751  5,280  
Time deposits 2,212   1,996   1,765   7,722  7,156  
Total 4,289   4,040   3,495   15,691  14,051  
Interest on borrowed funds 2,245   1,988   1,281   7,185  5,066  
Total interest expense 6,534   6,028   4,776   22,876  19,117  
Net interest income 39,893   40,009   31,707   150,917  124,222  
Provision for loan losses 485   -   -   485  (3,600) 
Net interest income after provision for loan losses 39,408   40,009   31,707   150,432  127,822  
           
NON-INTEREST INCOME:          
Insurance and advisory commission and fee income 1,524   1,664   1,637   6,719  6,796  
Service charges and other income 6,034   4,620   3,864   18,421  16,780  
Mortgage banking income 641   140   162   854  727  
Net (loss) gain on sale of investment securities (3)  1,822   (5)  1,811  (19) 
Total non-interest income 8,196   8,246   5,658   27,805  24,284  
           
NON-INTEREST EXPENSE:          
Salaries and employee benefits 18,478   17,644   15,960   68,515  62,970  
Occupancy expense 2,553   2,489   2,055   9,786  9,201  
Depreciation, amortization and maintenance 2,478   2,577   2,292   9,942  9,026  
Marketing expense 1,571   1,032   501   4,404  3,806  
Intangible amortization expense 578   580   477   2,190  1,883  
FDIC insurance 208   669   527   2,055  2,142  
Merger and restructuring charges -   (694)  753   8,765  753  
Professional fees 1,560   1,366   760   5,342  4,449  
                    
Classified loan and other real estate owned related expense 326   311   24   1,103  1,192  
Other 7,725   7,288   6,360   27,022  23,066  
Total non-interest expense 35,477   33,262   29,709   139,124  118,488  
           
Income before income taxes 12,127   14,993   7,656   39,113  33,618  
Income tax expense 4,507   4,917   2,906   13,644  10,725  
           
NET INCOME$7,620  $10,076  $4,750  $25,469 $22,893  
           
EARNINGS PER SHARE – Basic$0.10  $0.14  $0.06  $0.34 $0.29  
EARNINGS PER SHARE – Diluted$0.10  $0.14  $0.06  $0.34 $0.29  
           
DIVIDENDS DECLARED PER SHARE$0.06  $0.06   -  $0.12  -  
           
Average common shares outstanding – Basic 69,693,775   70,593,701   78,679,709   71,902,158  78,513,929  
Average common shares outstanding – Diluted 70,559,186   71,725,229   79,614,379   72,632,437  79,276,984  
           


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

 For the Quarter Ended For the Year Ended
 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
 AverageYield / AverageYield / AverageYield / AverageYield /
 BalanceRate BalanceRate BalanceRate BalanceRate
            
Investment securities:$1,354,1691.81% $1,614,0531.84% $1,385,8431.88% $1,738,6321.81%
Overnight investments 247,9370.56%  226,4610.29%  177,4930.53%  291,0620.26%
Stock 20,4484.61%  8,7864.50%  15,5154.56%  8,8008.58%
Other investment securities 1,085,7842.04%  1,378,8062.07%  1,192,8352.05%  1,438,7702.08%
            
Loans and leases: 3,925,7974.07%  2,814,7084.09%  3,612,9764.06%  2,663,6564.18%
Residential 862,1523.97%  731,8284.18%  803,4904.05%  706,5974.24%
Commercial real estate 1,528,9463.95%  946,4834.14%  1,400,9863.93%  828,0444.28%
Business and small business 868,4354.24%  514,8053.81%  756,5254.18%  505,5893.92%
Personal 666,2644.22%  621,5924.17%  651,9754.22%  623,4264.20%
            
Total interest earning assets$5,279,9663.49% $4,428,7613.27% $4,998,8193.46% $4,402,2883.24%
            
Deposits:$3,623,4340.47% $3,005,6080.46% $3,457,0950.45% $3,040,3300.47%
Savings 1,256,6930.34%  1,123,9690.34%  1,227,1880.34%  1,132,8690.35%
Money market 447,0940.35%  406,3910.33%  452,5150.35%  415,5550.33%
Demand 902,7310.24%  699,5480.22%  851,8470.24%  704,2390.22%
Demand - municipals 130,1870.18%  138,2700.11%  129,1640.16%  131,9050.11%
Total core deposits 2,736,7050.30%  2,368,1780.29%  2,660,7140.30%  2,384,5680.29%
            
Time deposits 886,7290.99%  637,4301.10%  796,3810.97%  655,7621.09%
            
Borrowings 470,8561.87%  190,4032.67%  348,9192.06%  190,4272.66%
            
Total interest bearing liabilities$4,094,2900.63% $3,196,0110.59% $3,806,0140.60% $3,230,7570.60%
            
Non-interest bearing deposits 508,516   386,219   478,694   377,910 
            
Net interest margin 3.00%  2.84%  3.00%  2.80%
         


ASSET QUALITY INDICATORS 

 December 31, September 30, December 31,
(Dollars in thousands)2016 2016 2015
      
Non-performing assets:     
Non-accruing loans$12,069  $13,153  $14,768 
Accruing loans past due 90 days or more 14,843   19,259   22,900 
Total non-performing loans 26,912   32,412   37,668 
      
Real estate owned 821   1,486   1,276 
      
Total non-performing assets$27,733  $33,898  $38,944 
      
Non-performing loans to total loans and leases 0.67%  0.83%  1.28%
Non-performing assets to total assets 0.48%  0.61%  0.81%
Non-performing assets less accruing government guaranteed     
student loans past due 90 days or more to total assets 0.22% 0.26% 0.33%
ALLL to total loans and leases 1.08%  1.14%  1.55%
ALLL to non-performing loans 160.75%  137.19%  120.79%
ALLL to non-performing loans, excluding government    
guaranteed student loans 358.45%  338.07%  308.10%
      


Key performance ratios (annualized) are as follows for the quarter and year ended (unaudited):

 For the Quarter Ended
 For the Year Ended
 December 31, September 30, December 31, December 31,
 2016 2016 2015 2016 2015
PERFORMANCE RATIOS:         
(annualized)         
Return on average assets0.53% 0.72% 0.39% 0.47% 0.48%
Return on average equity2.97% 3.91% 1.67% 2.45% 2.15%
Net interest margin3.00% 3.08% 2.84% 3.00% 2.80%
Net charge-off ratio0.17% 0.01% 0.31% 0.08% 0.06%
Efficiency ratio73.77% 68.92% 79.50% 77.84% 79.79%
Efficiency ratio (excluding merger & restructuring charges)73.77% 70.36% 77.49% 72.94% 79.27%
Tangible common equity15.10% 15.70% 21.04% 15.10% 21.04%


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