Beneficial Mutual Bancorp Inc | 2013 | FY | 3


 

(Dollars in thousands)

 

SE Financial
April 3, 2012 to
December 31, 2012

 

 

 

 

 

 

Net interest income

 

$

6,149

 

Non-interest income

 

326

 

Non-interest expense and income taxes

 

(2,780

)

Net income

 

$

3,695

 


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Pro forma
For the Year Ended

 

(Dollars in thousands)

 

December 31, 2012

 

December 31, 2011

 

 

 

 

 

 

 

Net interest income

 

$

142,055

 

$

153,686

 

Allowance for loan loss

 

(28,128

)

(38,981

)

Non-interest income

 

27,722

 

25,942

 

Non-interest expense and income taxes

 

(124,871

)

(125,986

)

Net income

 

$

16,778

 

$

14,661

 

 

 

 

 

 

 

Net earnings per share

 

 

 

 

 

Basic

 

$

0.22

 

$

0.19

 

Diluted

 

$

0.22

 

$

0.19

 


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The following table details the loans that are accounted for in accordance with FASB ASC 310-30 as of April 3, 2012:

 

(Dollars in thousands)

 

 

 

Contractually required principal and interest at acquisition

 

$

9,807

 

Contractual cash flows not expected to be collected (nonaccretable difference)

 

4,532

 

Expected cash flows at acquisition

 

5,275

 

 

 

 

 

Interest component of expected cash flows (accretable discount)

 

159

 

Fair value of acquired loans accounted for under FASB ASC 310-30

 

$

5,116

 


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The following table details loans that are not accounted for in accordance with FASB ASC 310-30 as of April 3, 2012:

 

(Dollars in thousands)

 

 

 

Contractually required principal and interest at acquisition

 

$

175,694

 

Contractual cash flows not expected to be collected (credit mark)

 

8,941

 

Expected cash flows at acquisition

 

166,753

 

 

 

 

 

Interest rate premium mark

 

3,362

 

Fair value of acquired loans not accounted for under FASB ASC 310-30

 

$

170,115


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(Dollars in thousands)

 

 

 

Consideration paid:

 

 

 

Cash paid to SE Financial shareholders

 

$

29,438

 

Change in control payments

 

1,904

 

Value of consideration

 

$

31,342

 

Assets acquired:

 

 

 

Cash and due from banks

 

$

33,807

 

Investment securities

 

39,793

 

FHLB stock

 

2,471

 

Loans

 

175,231

 

Premises and equipment

 

3,729

 

Bank owned life insurance

 

3,813

 

Core deposit intangible

 

708

 

Real estate owned

 

1,155

 

Accrued interest receivable

 

837

 

Deferred tax asset

 

6,392

 

Other assets

 

28,324

 

Total assets

 

296,260

 

Liabilities assumed:

 

 

 

Deposits

 

275,293

 

Advances by borrowers for taxes and insurance

 

482

 

Accrued interest payable

 

35

 

Other liabilities

 

595

 

Total liabilities

 

276,405

 

Net assets acquired

 

19,855

 

Goodwill resulting from acquisition of SE Financial

 

$

11,487

 


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