| PARENT COMPANY FINANCIAL INFORMATION |
26. PARENT COMPANY FINANCIAL INFORMATION
Beneficial Mutual Bancorp, Inc.
CONDENSED STATEMENTS OF FINANCIAL CONDITION - PARENT COMPANY ONLY
(Dollars in thousands)
|
|
|
December 31, |
|
|
|
|
2013 |
|
2012 |
|
|
ASSETS |
|
|
|
|
|
|
Cash on deposit at the Bank |
|
$ |
3,818 |
|
$ |
539 |
|
|
Interest-bearing deposit at the Bank |
|
32,754 |
|
32,086 |
|
|
Investment in the Bank |
|
598,132 |
|
618,879 |
|
|
Investment in Statutory Trust |
|
774 |
|
774 |
|
|
Investment securities available-for-sale |
|
12 |
|
120 |
|
|
Receivable from the Bank |
|
1,707 |
|
4,186 |
|
|
Other assets |
|
3,598 |
|
2,796 |
|
|
TOTAL ASSETS |
|
$ |
640,795 |
|
$ |
659,380 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Accrued and other liabilities |
|
$ |
258 |
|
$ |
135 |
|
|
Accrued interest payable |
|
21 |
|
20 |
|
|
Statutory Trust Debenture |
|
25,370 |
|
25,352 |
|
|
Total liabilities |
|
25,649 |
|
25,507 |
|
|
COMMIITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Preferred Stock - $.01 par value; 100,000,000 shares authorized, none issued or outstanding as of December 31, 2013 and 2012 |
|
— |
|
— |
|
|
Common Stock - $.01 par value; 300,000,000 shares authorized 82,298,707 and 82,279,507 issued and 77,123,026 and 79,297,478 shares outstanding as of December 31, 2013 and 2012, respectively |
|
823 |
|
823 |
|
|
Additional paid-in capital |
|
356,963 |
|
354,082 |
|
|
Unearned common stock held by employee savings and stock ownership plan |
|
(16,102 |
) |
(17,901 |
) |
|
Retained earnings (partially restricted) |
|
342,025 |
|
329,447 |
|
|
Accumulated other comprehensive loss |
|
(21,354 |
) |
(7,027 |
) |
|
Treasury stock, at cost, 5,175,681 shares and 2,982,029 shares at December 31, 2013 and 2012, respectively |
|
(47,209 |
) |
(25,551 |
) |
|
Total stockholders’ equity |
|
615,146 |
|
633,873 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
640,795 |
|
$ |
659,380 |
|
Beneficial Mutual Bancorp, Inc.
CONDENSED STATEMENTS OF OPERATIONS- PARENT COMPANY ONLY
(Dollars in thousands)
|
|
|
December 31, |
|
|
|
|
2013 |
|
2012 |
|
2011 |
|
|
INCOME |
|
|
|
|
|
|
|
|
Interest on interest-bearing deposits with the Bank |
|
$ |
153 |
|
$ |
369 |
|
$ |
393 |
|
|
Interest and dividends on investment securities |
|
— |
|
26 |
|
88 |
|
|
Interest on loan to the Bank |
|
— |
|
— |
|
282 |
|
|
Realized gain on securities available-for-sale |
|
— |
|
1,112 |
|
130 |
|
|
Other income |
|
15 |
|
16 |
|
15 |
|
|
Total income |
|
168 |
|
1,523 |
|
908 |
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
Expenses paid to the Bank |
|
149 |
|
104 |
|
104 |
|
|
Interest expense |
|
503 |
|
552 |
|
512 |
|
|
Other expenses |
|
1,058 |
|
445 |
|
796 |
|
|
Total expenses |
|
1,710 |
|
1,101 |
|
1,412 |
|
|
(Loss) income before income tax (benefit) expense and equity in undistributed net income of affiliates |
|
(1,542 |
) |
422 |
|
(504 |
) |
|
Income tax (benefit) expense |
|
(540 |
) |
148 |
|
(177 |
) |
|
|
|
|
|
|
|
|
|
|
Equity in undistributed net income of the Bank |
|
13,580 |
|
13,905 |
|
11,363 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
12,578 |
|
$ |
14,179 |
|
$ |
11,036 |
|
Beneficial Mutual Bancorp, Inc.
CONDENSED STATEMENTS OF OPERATIONS-PARENT COMPANY ONLY
(Dollars in thousands)
|
|
|
For the Year Ended |
|
|
|
|
December 31, |
|
|
|
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
12,578 |
|
$ |
14,179 |
|
$ |
11,036 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on securities: |
|
|
|
|
|
|
|
|
Unrealized holding (losses) gains on available for sale securities arising during the period (net of deferred tax of $13,403, $44, and $7,075 for the years ended December 31, 2013, 2012, and 2011, respectively) |
|
(22,993 |
) |
(115 |
) |
11,424 |
|
|
Reclassification adjustment for net gains on available for sale securities included in net income (net of tax of $459, $1,063, and $240 for the years ended December 31, 2013, 2012, and 2011, respectively) |
|
(788 |
) |
(1,820 |
) |
(411 |
) |
|
|
|
|
|
|
|
|
|
|
Defined benefit pension plans: |
|
|
|
|
|
|
|
|
Pension gains (losses), other postretirement and postemployment benefit plan adjustments (net of tax of $5,002, $1,684, and $6,857 for the years ended December 31, 2013, 2012, and 2011, respectively) |
|
9,454 |
|
(3,930 |
) |
(10,293 |
) |
|
|
|
|
|
|
|
|
|
|
Total other comprehensive (loss) income |
|
(14,327 |
) |
(5,865 |
) |
720 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss) income |
|
$ |
(1,749 |
) |
$ |
8,314 |
|
$ |
11,756 |
|
Beneficial Mutual Bancorp, Inc.
CONDENSED STATEMENTS OF CASH FLOW- PARENT COMPANY ONLY
(Dollars in thousands)
|
|
|
2013 |
|
2012 |
|
2011 |
|
|
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
12,578 |
|
$ |
14,179 |
|
$ |
11,036 |
|
|
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Equity in undistributed net earnings of subsidiaries |
|
(13,580 |
) |
(13,905 |
) |
(11,363 |
) |
|
Investment securities gain |
|
— |
|
(1,112 |
) |
(131 |
) |
|
Impairment on equity securities |
|
— |
|
— |
|
— |
|
|
Accrued interest receivable |
|
— |
|
— |
|
14 |
|
|
Accrued interest payable |
|
1 |
|
(6 |
) |
3 |
|
|
Net intercompany transactions |
|
7,159 |
|
2,550 |
|
26,529 |
|
|
Amortization of debt premium on debenture |
|
18 |
|
18 |
|
17 |
|
|
Changes in assets and liabilities that provided (used) cash: |
|
|
|
|
|
|
|
|
Other liabilities |
|
123 |
|
(457 |
) |
516 |
|
|
Other assets |
|
(802 |
) |
161 |
|
724 |
|
|
Net cash provided by operating activities |
|
5,497 |
|
1,428 |
|
27,345 |
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of investment securities available-for-sale |
|
— |
|
— |
|
— |
|
|
Proceeds from sales of investment securities available-for-sale |
|
— |
|
3,589 |
|
682 |
|
|
Net change in money market securities |
|
108 |
|
(1 |
) |
7 |
|
|
Cash paid in business combination |
|
— |
|
(29,438 |
) |
— |
|
|
Net cash (used) provided by investing activities |
|
108 |
|
(25,850 |
) |
689 |
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Dividend from the Bank |
|
20,000 |
|
10,000 |
|
— |
|
|
Purchase of treasury stock |
|
(21,658 |
) |
(8,751 |
) |
(3,346 |
) |
|
Net cash (used) provided by financing activities |
|
(1,658 |
) |
1,249 |
|
(3,346 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
3,947 |
|
(23,173 |
) |
24,688 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
|
32,625 |
|
55,798 |
|
31,110 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF YEAR |
|
$ |
36,572 |
|
$ |
32,625 |
|
$ |
55,798 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW AND NON-CASH INFORMATION: |
|
|
|
|
|
|
|
|
Cash payments for interest |
|
$ |
486 |
|
$ |
528 |
|
$ |
498 |
|
|
Cash payments of income taxes |
|
4 |
|
68 |
|
47 |
|
|