x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
United
States
|
56-2480744
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
510
Walnut Street, Philadelphia, Pennsylvania
|
19106
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer o
|
Accelerated
filer o
|
Non-Accelerated
filer x
|
Page
No.
|
||||
Part
I. Financial Information
|
||||
Item
1.
|
Financial
Statements
|
1
|
||
Unaudited
Consolidated Statements of Financial Condition as of December 31,
2006
and
March
31, 2007
|
1
|
|||
Unaudited
Consolidated Statements of Income for the Three Months Ended
March
31, 2007 and 2006
|
2
|
|||
Unaudited
Consolidated Statements of Changes in Retained Earnings for the Three
Months
Ended
March 31, 2007 and 2006
|
3
|
|||
Unaudited
Consolidated Statements of Cash Flows for the Three Months Ended
March
31, 2007 and 2006
|
4
|
|||
Notes
to Unaudited Consolidated Financial Statements
|
5
|
|||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
10
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
15
|
||
Item
4.
|
Controls
and Procedures
|
17
|
||
Part
II. Other Information
|
||||
Item
1.
|
Legal
Proceedings
|
18
|
||
Item
1A.
|
Risk
Factors
|
18
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
18
|
||
Item
3.
|
Defaults
Upon Senior Securities
|
18
|
||
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
18
|
||
Item
5.
|
Other
Information
|
18
|
||
Item
6.
|
Exhibits
|
18
|
||
Signatures
|
19
|
March
31,
2007
|
December
31,
2006
|
||||||
ASSETS:
|
|||||||
Cash
and Cash Equivalents:
|
|||||||
Cash
and due from banks
|
$
|
18,088
|
$
|
20,320
|
|||
Interest-bearing
deposits
|
4,333
|
2,325
|
|||||
Federal
funds sold
|
9,054
|
502
|
|||||
Total
cash and cash equivalents
|
31,475
|
23,147
|
|||||
Investment
Securities:
|
|||||||
Available
for sale (amortized cost of $328,983 and $335,265 at
March 31, 2007
|
|||||||
and
December 31, 2006, respectively)
|
325,265
|
330,867
|
|||||
Held
to maturity (estimated fair value of $122,934 and $127,233 at
March 31,
|
|||||||
2007
and December 31, 2006, respectively)
|
125,428
|
130,357
|
|||||
Federal
Home Loan Bank stock, at cost
|
14,108
|
15,544
|
|||||
Total
investment securities
|
464,801
|
476,768
|
|||||
Loans:
|
1,661,610
|
1,688,825
|
|||||
Allowance
for loan losses
|
(17,462
|
)
|
(17,368
|
)
|
|||
Net
loans
|
1,644,148
|
1,671,457
|
|||||
Accrued
Interest Receivable
|
10,948
|
11,565
|
|||||
Bank
Premises and Equipment, net
|
34,356
|
33,168
|
|||||
Other
Assets:
|
|||||||
Bank
owned life insurance
|
28,348
|
28,003
|
|||||
Goodwill
and other intangibles
|
8,548
|
8,635
|
|||||
Other
assets
|
54,700
|
47,476
|
|||||
Total
other assets
|
91,596
|
84,114
|
|||||
Total
Assets
|
$
|
2,277,324
|
$
|
2,300,219
|
|||
LIABILITIES
AND RETAINED EARNINGS:
|
|||||||
Liabilities:
|
|||||||
Deposits:
|
|||||||
Non-interest
bearing deposits
|
$
|
74,322
|
$
|
79,862
|
|||
Interest
bearing deposits
|
1,559,203
|
1,588,014
|
|||||
Total
deposits
|
1,633,525
|
1,667,876
|
|||||
Borrowed
funds
|
299,196
|
294,896
|
|||||
Other
liabilities
|
61,826
|
57,032
|
|||||
Total
liabilities
|
1,994,547
|
2,019,804
|
|||||
Commitments
and Contingencies
|
|||||||
Retained
Earnings:
|
|||||||
Common
Stock - $1 par value 100,000 shares authorized; 100 shares
issued
|
|||||||
and
outstanding
|
|||||||
Retained
earnings (partially restricted)
|
294,907
|
293,157
|
|||||
Accumulated
other comprehensive loss
|
(12,130
|
)
|
(12,742
|
)
|
|||
Total
retained earnings
|
282,777
|
280,415
|
|||||
Total
Liabilities and Retained Earnings
|
$
|
2,277,324
|
$
|
2,300,219
|
Three
Months Ended
March
31,
|
|||||||
2007
|
2006
|
||||||
INTEREST
INCOME:
|
|||||||
Interest
and fees on loans:
|
|||||||
Personal
|
$
|
12,066
|
$
|
12,534
|
|||
Business
|
9,730
|
7,911
|
|||||
Residential
mortgages
|
3,970
|
4,341
|
|||||
Total
|
25,766
|
24,786
|
|||||
Interest
on federal funds sold
|
12
|
46
|
|||||
|
|||||||
Interest
and dividends on investment securities:
|
|||||||
Taxable
|
5,356
|
5,446
|
|||||
Tax-exempt
|
247
|
213
|
|||||
Total
interest income
|
31,381
|
30,491
|
|||||
INTEREST
EXPENSE:
|
|||||||
Interest
on deposits:
|
|||||||
Interest
bearing checking accounts
|
424
|
429
|
|||||
Money
market and savings deposits
|
2,669
|
2,029
|
|||||
Time
deposits
|
9,195
|
7,428
|
|||||
Total
|
12,288
|
9,886
|
|||||
Interest
on borrowed funds
|
3,706
|
4,533
|
|||||
Total
interest expense
|
15,994
|
14,419
|
|||||
Net
Interest Income
|
15,387
|
16,072
|
|||||
Provision
for Loan Losses
|
300
|
600
|
|||||
Net
Interest Income After Provision for Loan Losses
|
15,087
|
15,472
|
|||||
Other
Income:
|
|||||||
Service
charges and other income
|
2,086
|
2,032
|
|||||
Gains
on sale of investment securities available for sale
|
313
|
617
|
|||||
Other
|
445
|
419
|
|||||
Total
other income
|
2,844
|
3,068
|
|||||
Operating
Expenses:
|
|||||||
Salaries
and employee benefits
|
9,123
|
8,616
|
|||||
Occupancy
expense
|
1,960
|
1,902
|
|||||
Depreciation,
amortization and maintenance
|
1,348
|
1,322
|
|||||
Advertising
|
686
|
441
|
|||||
Intangible
amortization expense
|
88
|
107
|
|||||
Other
|
2,776
|
2,455
|
|||||
Total
operating expense
|
15,981
|
14,843
|
|||||
Income
Before Income Taxes
|
1,950
|
3,697
|
|||||
Income
Tax Expense
|
200
|
927
|
|||||
Net
Income
|
$
|
1,750
|
$
|
2,770
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
Total
Retained
Earnings
|
Comprehensive
Income
|
||||||||||
BALANCE,
JANUARY
1,
2006
|
$
|
281,532
|
($
3,160
|
)
|
$
|
278,372
|
|||||||
Comprehensive
income:
|
|||||||||||||
Net
income
|
2,770
|
2,770
|
$
|
2,770
|
|||||||||
Other
comprehensive income:
|
|||||||||||||
Net
unrealized holding losses on available for sale
|
|||||||||||||
securities
arising during the period (net of income tax benefit of
$669)
|
(1,243
|
)
|
|||||||||||
Reclassification
adjustment for net gains included in
|
|||||||||||||
net
income (net of income tax of $216)
|
(401
|
)
|
|||||||||||
Total
other comprehensive income
|
(1,644
|
)
|
(1,644
|
)
|
(1,644
|
)
|
|||||||
Comprehensive
Income
|
$
|
1,126
|
|||||||||||
BALANCE,
MARCH 31, 2006
|
$
|
284,302
|
($
4,804
|
)
|
$
|
279,498
|
|||||||
BALANCE,
JANUARY 1, 2007
|
293,157
|
(12,742
|
)
|
280,415
|
|||||||||
Comprehensive
income:
|
|||||||||||||
Net
Income
|
1,750
|
1,750
|
1,750
|
||||||||||
Other
comprehensive income:
|
|||||||||||||
Net
unrealized holding gains on available for sale
|
|||||||||||||
securities
arising during the period (net of income tax of $358)
|
666
|
||||||||||||
Reclassification
adjustment for net gains included in net income (net of income tax
of
$110)
|
(203
|
)
|
|||||||||||
Pension
and other post retirement benefits (net of income tax benefit of
$81)
|
149
|
||||||||||||
Total
other comprehensive income
|
612
|
612
|
612
|
||||||||||
Comprehensive
Income
|
$
|
2,362
|
|||||||||||
BALANCE,
MARCH 31, 2007
|
$
|
294,907
|
($12,130
|
)
|
$
|
282,777
|
Three
Months Ended
March
31,
|
|||||||
2007
|
2006
|
||||||
OPERATING
ACTIVITIES:
|
|||||||
Net
income
|
$
|
1,750
|
$
|
2,770
|
|||
Adjustments
to reconcile net income to net cash provided by operating activities:
|
|||||||
Provision
for loan losses
|
300
|
600
|
|||||
Depreciation
and amortization
|
909
|
865
|
|||||
Intangible
amortization
|
88
|
106
|
|||||
Gain
on sale of investments
|
(313
|
)
|
(617
|
)
|
|||
Accretion
of discount
|
(71
|
)
|
(55
|
)
|
|||
Amortization
of premium
|
87
|
119
|
|||||
Origination
of loans held for sale
|
(1,194
|
)
|
(1,079
|
)
|
|||
Proceeds
from sales of loans
|
1,016
|
926
|
|||||
Deferred
income taxes
|
(2,738
|
)
|
(1,840
|
)
|
|||
Loss
(gain) from sales of premises and equipment
|
5
|
(3
|
)
|
||||
Changes
in assets and liabilities that provided (used) cash:
|
|||||||
Accrued
interest receivables
|
514
|
59
|
|||||
Accrued
interest payable
|
446
|
(346
|
)
|
||||
Income
taxes payable
|
1,734
|
2,769
|
|||||
Other
liabilities
|
2,615
|
(8,008
|
)
|
||||
Other
assets
|
(4,549
|
)
|
3,357
|
||||
Net
cash provided by (used in) operating activities
|
599
|
(377
|
)
|
||||
INVESTING
ACTIVITIES:
|
|||||||
Cash
paid in excess of cash equivalents for business acquired
|
0
|
(500
|
)
|
||||
Loans
originated or acquired
|
(101,102
|
)
|
(127,866
|
)
|
|||
Principal
repayment on loans
|
128,115
|
117,448
|
|||||
Purchase
of investment securities available for sale
|
(9,606
|
)
|
(4,840
|
)
|
|||
Proceeds
from sales and maturities of investment securities available for
sale
|
16,242
|
17,144
|
|||||
Proceeds
from maturities, calls or repayments of investment securities held
to
maturity
|
4,871
|
5,395
|
|||||
Redemption
of Federal Home Loan Bank stock
|
1,436
|
2,908
|
|||||
Net
(increase) decrease in other real estate owned
|
(67
|
)
|
293
|
||||
Purchase
of premises and equipment
|
(2,146
|
)
|
(2,227
|
)
|
|||
Proceeds
from sale of premises and equipment
|
38
|
0
|
|||||
Net
cash provided by (used in) investing activities
|
37,781
|
7,755
|
|||||
FINANCING
ACTIVITIES:
|
|||||||
Net
increase (decrease) in borrowed funds
|
4,300
|
(32,279
|
)
|
||||
Net
increase (decrease) in checking, savings and demand
accounts
|
17,702
|
(6,225
|
)
|
||||
Net
increase (decrease) in time deposits
|
(52,054
|
)
|
17,778
|
||||
Net
cash provided by (used in) financing activities
|
(30,052
|
)
|
(20,726
|
)
|
|||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
8,328
|
(13,348
|
)
|
||||
Cash
and Cash Equivalents, Beginning of Period
|
23,147
|
32,930
|
|||||
Cash
and Cash Equivalents, End of Period
|
$
|
31,475
|
$
|
19,582
|
|||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
|
|||||||
Cash
payments for interest
|
$
|
15,549
|
$
|
4,653
|
|||
Cash
payments of income taxes
|
1,461
|
0
|
|||||
Transfers
to other real estate owned
|
128
|
306
|
(Dollars
in thousands)
|
March
31, 2007
|
||||||||||||||||||
Less
than 12 months
|
12
months or longer
|
Total
|
|||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
|||||||||||||||||
Fair
Value
|
Losses
|
Fair
Value
|
Losses
|
Fair
Value
|
Losses
|
||||||||||||||
U.S.
Government Sponsored
|
|||||||||||||||||||
Enterprise
("GSE") and Agency Notes
|
$
|
4,901
|
$
|
64
|
$
|
75,353
|
$
|
1,088
|
$
|
80,254
|
$
|
1,152
|
|||||||
Other
mortgage-backed securities
|
5,021
|
45
|
109,020
|
3,225
|
114,041
|
3,270
|
|||||||||||||
Municipal
and other bonds
|
0
|
0
|
10,641
|
97
|
10,641
|
97
|
|||||||||||||
Collateralized
mortgage obligations
|
0
|
0
|
112,394
|
3,414
|
112,394
|
3,414
|
|||||||||||||
Subtotal,
debt securities
|
9,922
|
109
|
307,408
|
7,824
|
317,330
|
7,933
|
|||||||||||||
Equity
securities
|
4,265
|
342
|
0
|
0
|
4,265
|
342
|
|||||||||||||
Total
temporarily impaired securities
|
$
|
14,187
|
$
|
451
|
$
|
307,408
|
$
|
7,824
|
$
|
321,595
|
$
|
8,275
|
|||||||
December
31, 2006
|
|||||||||||||||||||
Less
than 12 months
|
12
months or longer
|
Total
|
|||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
|||||||||||||||||
Fair
Value
|
Losses
|
Fair
Value
|
Losses
|
Fair
Value
|
Losses
|
||||||||||||||
U.S.
Government Sponsored
|
|||||||||||||||||||
Enterprise
("GSE") and Agency Notes
|
$
|
6,859
|
$
|
17
|
$
|
73,385
|
$
|
1,466
|
$
|
80,244
|
$
|
1,483
|
|||||||
Other
mortgage-backed securities
|
9,869
|
30
|
126,346
|
3,941
|
136,215
|
3,971
|
|||||||||||||
Municipal
and other bonds
|
4,804
|
16
|
5,891
|
76
|
10,695
|
92
|
|||||||||||||
Collateralized
mortgage obligations
|
0
|
0
|
116,164
|
4,057
|
116,164
|
4,057
|
|||||||||||||
Subtotal,
debt securities
|
21,532
|
63
|
321,786
|
9,540
|
343,318
|
9,603
|
|||||||||||||
Equity
securities
|
1,434
|
66
|
0
|
0
|
1,434
|
66
|
|||||||||||||
Total
temporarily impaired securities
|
$
|
22,966
|
$
|
129
|
$
|
321,786
|
$
|
9,540
|
$
|
344,752
|
$
|
9,669
|
|||||||
(Dollars
in thousands)
|
2007
|
2006
|
|||||||||||||||||
March
31,
|
Average
Balance
|
Interest
And
Dividends
|
Yield/
Cost
|
Average
Balance
|
Interest
And
Dividends
|
Yield/
Cost
|
|||||||||||||
Assets:
|
|||||||||||||||||||
Interest-bearing
demand deposits
|
$
|
7,000
|
$
|
87
|
4.97
|
%
|
$
|
2,049
|
$
|
22
|
4.29
|
%
|
|||||||
Loans
|
1,679,741
|
25,766
|
6.14
|
1,740,222
|
24,786
|
5.70
|
|||||||||||||
Investment
securities
|
151,267
|
1,625
|
4.30
|
153,051
|
1,424
|
3.72
|
|||||||||||||
Mortgage-backed
securities
|
184,682
|
2,190
|
4.74
|
210,383
|
2,379
|
4.52
|
|||||||||||||
Collateralized
mortgage obligations
|
135,401
|
1,701
|
5.03
|
150,260
|
1,834
|
4.88
|
|||||||||||||
Other
interest-earning assets
|
911
|
12
|
5.27
|
4,305
|
46
|
4.27
|
|||||||||||||
Total
interest-earning assets
|
2,159,002
|
31,381
|
5.81
|
2,260,270
|
30,491
|
5.40
|
|||||||||||||
Non-interest
earning assets
|
131,751
|
106,999
|
|||||||||||||||||
Total
assets
|
$
|
2,290,753
|
$
|
31,381
|
$
|
2,367,269
|
$
|
30,491
|
|||||||||||
Liabilities
and stockholders’ equity:
|
|||||||||||||||||||
Interest-earning
checking accounts
|
164,912
|
424
|
1.03
|
167,175
|
429
|
1.03
|
|||||||||||||
Money
market accounts
|
292,323
|
2,215
|
3.03
|
264,928
|
1,513
|
2.28
|
|||||||||||||
Savings
accounts
|
247,421
|
454
|
0.73
|
280,926
|
516
|
0.73
|
|||||||||||||
Time
deposits
|
872,615
|
9,195
|
4.21
|
858,460
|
7,428
|
3.46
|
|||||||||||||
Total
interest-bearing deposits
|
1,577,271
|
12,288
|
3.12
|
1,571,489
|
9,886
|
2.52
|
|||||||||||||
Federal
Home Loan Bank advances
|
195,272
|
2,436
|
4.99
|
253,597
|
2,919
|
4.60
|
|||||||||||||
Repurchase
agreements
|
88,600
|
1,082
|
4.88
|
92,646
|
1,049
|
4.53
|
|||||||||||||
Federal
Home Loan Bank overnight
|
|||||||||||||||||||
Borrowings
|
0
|
0
|
.00
|
37,288
|
420
|
4.51
|
|||||||||||||
Other
borrowings
|
15,304
|
188
|
4.91
|
11,364
|
145
|
5.10
|
|||||||||||||
Total
interest-bearing liabilities
|
1,876,447
|
15,994
|
3.41
|
1,966,384
|
14,419
|
2.93
|
|||||||||||||
Non-interest-bearing
deposits
|
73,541
|
80,811
|
|||||||||||||||||
Other
non-interest-bearing liabilities
|
59,711
|
39,587
|
|||||||||||||||||
Total
liabilities
|
2,009,699
|
15,994
|
2,086,782
|
14,419
|
|||||||||||||||
Total
stockholders’ equity
|
281,054
|
280,487
|
|||||||||||||||||
Total
liabilities and stockholders’ equity
|
$
|
2,290,753
|
$
|
2,367,269
|
|||||||||||||||
Net
interest income
|
$
|
15,387
|
$
|
16,072
|
|||||||||||||||
Interest
rate spread
|
2.40
|
%
|
2.46
|
%
|
|||||||||||||||
Net
interest margin
|
2.85
|
%
|
2.84
|
%
|
|||||||||||||||
Average
interest-earning assets to
|
|||||||||||||||||||
average
interest-bearing liabilities
|
115.06
|
%
|
114.95
|
%
|
Payments
due by period
|
||||||||||||||||
(Dollars
in thousands)
|
Total
|
Less
than
One
Year
|
One
to
Three
Years
|
Three
to
Five
Years
|
More
than
Five
Years
|
|||||||||||
Commitments
to fund loans
|
$
|
54,633
|
$
|
54,633
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||
Unused
lines of credit
|
68,257
|
51,569
|
4,686
|
0
|
12,002
|
|||||||||||
Standby
letters of credit
|
6,519
|
5,976
|
543
|
0
|
0
|
|||||||||||
Operating
lease obligations
|
26,532
|
4,193
|
7,964
|
4,538
|
9,837
|
|||||||||||
Purchase
obligations
|
305
|
305
|
0
|
0
|
0
|
|||||||||||
Total
|
$
|
156,246
|
$
|
116,676
|
$
|
13,193
|
$
|
4,538
|
$
|
21,839
|
(Dollars
in thousands)
|
Three
Months
Ended
March
31,
|
Year
Ended December 31,
|
||||||||
2007
|
2006
|
2005
|
||||||||
Investing
activities:
|
||||||||||
Loan
purchases
|
$
|
0
|
$
|
(5,064
|
)
|
$
|
(38,283
|
)
|
||
Loan
originations
|
(101,102
|
)
|
(502,021
|
)
|
(661,965
|
)
|
||||
Principal
repayments on loans
|
128,131
|
550,048
|
544,164
|
|||||||
Purchases
of investment securities available for sale
|
(9,606
|
)
|
(55,779
|
)
|
(61,767
|
)
|
||||
Purchases
of investment securities held to maturity
|
0
|
(474
|
)
|
(555
|
)
|
|||||
Proceeds
from sales and maturities of investment
|
||||||||||
securities
available for sale
|
16,242
|
67,130
|
129,593
|
|||||||
Proceeds
from maturities, calls or repayments of
|
||||||||||
investment
securities held to maturity
|
4,871
|
33,162
|
42,345
|
|||||||
Financing
activities:
|
||||||||||
Increase
(decrease) in deposits
|
(34,352
|
)
|
12,925
|
49,679
|
||||||
Increase
(decrease) in Federal Home Loan Bank Advances
|
0
|
(66,347
|
)
|
(82,437
|
)
|
|||||
Increase
(decrease) in repurchase agreements
|
0
|
(4,318
|
)
|
78,686
|
||||||
Increase
(decrease) in Federal Home Loan Bank overnight
borrowings
|
0
|
(49,900
|
)
|
130
|
||||||
Increase
(decrease) in other borrowings
|
(4,300
|
)
|
7,250
|
0
|
Basis
point change in rates
|
-200
|
Base
Forecast
|
+200
|
|||||||
(Dollars
in thousands)
|
||||||||||
Net
Interest Income at Risk:
|
||||||||||
Net
Interest Income
|
$
|
68,864
|
$
|
67,730
|
$
|
67,231
|
||||
%
change
|
1.67
|
%
|
-0.74
|
%
|
||||||
Net
Income at Risk:
|
||||||||||
Net
income
|
8,431
|
7,712
|
7,388
|
|||||||
%
change
|
9.33
|
%
|
-4.19
|
%
|
||||||
Economic
Value at Risk:
|
||||||||||
Equity
|
371,831
|
361,445
|
308,574
|
|||||||
%
change
|
2.87
|
%
|
-14.63
|
%
|
Item
1.
|
Legal Proceedings | |
Beneficial
Mutual Bancorp is not involved in any pending legal proceedings
other than
routine legal proceedings occurring in the ordinary course of business.
Such routine legal proceedings, in the aggregate, are believed
by
management to be immaterial to the Company’s financial condition and
results of operations.
|
||
Item
1A.
|
Risk Factors | |
For
information regarding the Company’s risk factors, see “Risk Factors” in
the Company’s prospectus, initially filed with the Securities and Exchange
Commission on March 14, 2007. As of March 31, 2007, the risk factors
of
the Company have not changed materially from those reported in
the
prospectus.
|
||
Item
2.
|
Unregistered Sales of Equity Securities and Use of Proceeds | |
Not applicable. | ||
Item
3.
|
Defaults Upon Senior Securities | |
Not applicable. | ||
Item
4.
|
Submission of Matters to a Vote of Security Holders | |
Not applicable. | ||
Item
5.
|
Other Information | |
Not applicable. | ||
Item
6.
|
Exhibits | |
3.1
|
Charter
of Beneficial Mutual Bancorp, Inc. (1)
|
|
3.2
|
Bylaws
of Beneficial Mutual Bancorp, Inc. (1)
|
|
4.0
|
Form
of Stock Certificate of Beneficial Mutual Bancorp, Inc.
(1)
|
|
31.1
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Executive
Officer
|
|
31.2
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Financial
Officer
|
|
32.0
|
Section
1350 Certification
|
|
_________________________ | ||
(1)
|
Incorporated
herein by reference to the Exhibits to the Company’s Registration
Statement on Form S-1 (File No. 333-141289), as amended, initially
filed
with the Securities and Exchange Commission on March 14,
2007.
|
BENEFICIAL MUTUAL BANCORP, INC. | ||||
Dated: June 28, 2007 | By: | /s/ Gerard P. Cuddy | ||
Gerard P. Cuddy | ||||
President and Chief Executive Officer | ||||
(principal executive officer) | ||||
Dated: June 28, 2007 | By: | /s/ Joseph F. Conners | ||
Joseph F. Conners | ||||
Executive
Vice President and Chief Financial Officer
|
||||
(principal financial officer) |