For the year ended December 31, 2007, the company has reported a net loss of $1.5 million or $0.03 per share, as compared to net income of $11.6 million or $0.25 per share for the year 2006. Beneficial Mutual Bancorp’s total assets increased $1.3 billion, or 54.7%, to $3.6 billion at December 31, 2007, compared to $2.3 billion at December 31, 2006. The increase in total assets was primarily due to an increase in investment securities of $601.8 million and an increase to net loans of $426.1 million during this period.
Gerard Cuddy, president and CEO of Beneficial Mutual Bancorp, said: 2007 was a transformative year for Beneficial. With the completion of our initial public minority stock offering and the acquisitions of FMS and the CLA Insurance Agency, we have strengthened our capital position, expanded our market area, and doubled our capacity to generate insurance revenue.
