null (BNCL, Financial) filed Quarterly Report for the period ended 2010-09-30.
Null has a market cap of $640.1 million; its shares were traded at around $7.71 with and P/S ratio of 2.9. BNCL is in the portfolios of John Keeley of Keeley Fund Management, Whitney Tilson of T2 Partners Management, LP, Jim Simons of Renaissance Technologies LLC.
At September 30, 2010 total assets increased $225.5 million, or 4.8%, to $4.9 billion from December 31, 2009. The increase was attributable to increases in the investment portfolio of $171.9 million, other assets of $82.2 million and cash and cash equivalents of $36.4 million. The increase in the investment portfolio is the result of the growth in the deposit portfolio in excess of loan growth during the nine months ended September 30, 2010. The increase in other assets is primarily due to a $40.5 million increase in an Automated Clearing House receivable due to the timing of settlements at quarter end and a $18.1 million increase in an income tax receivable as a result of the loss recorded for the year. Beneficial s loan portfolio balance remained relatively unchanged during 2010 at $2.8 billion despite low demand for both consumer and business loans as consumers and businesses continue to deleverage and remain cautious about the economy.
Total deposits increased $349.1 million, or 9.9%, to $3.9 billion at September 30, 2010 compared to $3.5 billion at December 31, 2009. Increases in checking accounts of $338.5 million and savings accounts of $133.3 million were partially offset by decreases in time deposits of $80.3 million and money market accounts of $54.0 million. Deposits included $1.0 billion and $821.3 million of municipal deposits at September 30, 2010 and December 31, 2009, respectively, which consist primarily of interest-earning checking accounts. The Company continues to focus on growing its core deposit portfolio and reducing costlier time deposits. Other liabilities decreased $30.3 million, or 32.3% to $63.5 million at September 30, 2010 compared to $93.8 million at December 31, 2009, primarily due to a $27.8 million decrease in trading securities that had been purchased but had not yet settled at year end.
General – The Company recorded a net loss of $21.7 million, or $0.28 per share, for the three months ended September 30, 2010, compared to net income of $5.8 million, or $0.07 per share, for the same period in 2009. The Company recorded $51.1 million provision for loan losses for the three months ended September 30, 2010 compared to $2.0 million for the same period in 2009. As part of the Company s normal process for updating appraisals for criticized loans, considerable deterioration in the value of a number of the Company s large commercial real estate properties collateralizing these loans was noted during the third quarter. This deterioration reflected the pronounced slowdown in the commercial real estate market limiting traditional refinance and repayment sources. The Company believes the recovery for the commercial real estate market in its region will take longer than previously anticipated causing continued downward pressure on property valuations. Additionally, the Company reversed $2.6 million of interest that was accrued on these loans during the three months ended September 30, 2010.
Non-interest Income – Non-interest income decreased $726 thousand to $5.7 million for the quarter ended September 30, 2010, from $6.5 million recorded for the same period in 2009. This decrease was partially due to a $69 thousand decrease in service charges and other income as a result of the impact of changes to the Federal Reserve Board s Regulation E that were implemented during the third quarter. An impairment charge of $88 thousand was also recorded on an equity security in an unrealized loss position that management deemed to be other than temporary. Results for the quarter ended September 30, 2009 include $1.4 million of gains on the sale of investment securities available for sale compared to $0.4 million for the quarter ended September 30, 2010.
Income Taxes – The Company recorded an income tax benefit of $21.8 million for the quarter ended September 30, 2010, compared to an income tax expense of $0.8 million for the same period in 2009. The decrease was due primarily to a decrease in income before income taxes of $50.2 million for the three months ended September 30, 2010, from net income before income taxes of $6.6 million for the three months ended September 30, 2009. The primary driver of the decrease in income before income taxes was the provision for loan losses of $51.1 million recorded during the quarter ended September 30, 2010.
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Null has a market cap of $640.1 million; its shares were traded at around $7.71 with and P/S ratio of 2.9. BNCL is in the portfolios of John Keeley of Keeley Fund Management, Whitney Tilson of T2 Partners Management, LP, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Non-performing assets for the nine-month period ended September 30, 2010 decreased to $133.7 million, from $162.9 million at December 31, 2009. Delinquencies also decreased from $157.9 million at December 31, 2009 to $110.7 million at September 30, 2010. Non-performing commercial loans decreased from $110.7 million at December 31, 2009 to $78.2 million at September 30, 2010, and commercial loan delinquencies decreased from $75.4 million at December 31, 2009 to $38.8 million at September 30, 2010. These declines were primarily due to the level of charge-offs recorded during the third quarter.At September 30, 2010 total assets increased $225.5 million, or 4.8%, to $4.9 billion from December 31, 2009. The increase was attributable to increases in the investment portfolio of $171.9 million, other assets of $82.2 million and cash and cash equivalents of $36.4 million. The increase in the investment portfolio is the result of the growth in the deposit portfolio in excess of loan growth during the nine months ended September 30, 2010. The increase in other assets is primarily due to a $40.5 million increase in an Automated Clearing House receivable due to the timing of settlements at quarter end and a $18.1 million increase in an income tax receivable as a result of the loss recorded for the year. Beneficial s loan portfolio balance remained relatively unchanged during 2010 at $2.8 billion despite low demand for both consumer and business loans as consumers and businesses continue to deleverage and remain cautious about the economy.
Total deposits increased $349.1 million, or 9.9%, to $3.9 billion at September 30, 2010 compared to $3.5 billion at December 31, 2009. Increases in checking accounts of $338.5 million and savings accounts of $133.3 million were partially offset by decreases in time deposits of $80.3 million and money market accounts of $54.0 million. Deposits included $1.0 billion and $821.3 million of municipal deposits at September 30, 2010 and December 31, 2009, respectively, which consist primarily of interest-earning checking accounts. The Company continues to focus on growing its core deposit portfolio and reducing costlier time deposits. Other liabilities decreased $30.3 million, or 32.3% to $63.5 million at September 30, 2010 compared to $93.8 million at December 31, 2009, primarily due to a $27.8 million decrease in trading securities that had been purchased but had not yet settled at year end.
General – The Company recorded a net loss of $21.7 million, or $0.28 per share, for the three months ended September 30, 2010, compared to net income of $5.8 million, or $0.07 per share, for the same period in 2009. The Company recorded $51.1 million provision for loan losses for the three months ended September 30, 2010 compared to $2.0 million for the same period in 2009. As part of the Company s normal process for updating appraisals for criticized loans, considerable deterioration in the value of a number of the Company s large commercial real estate properties collateralizing these loans was noted during the third quarter. This deterioration reflected the pronounced slowdown in the commercial real estate market limiting traditional refinance and repayment sources. The Company believes the recovery for the commercial real estate market in its region will take longer than previously anticipated causing continued downward pressure on property valuations. Additionally, the Company reversed $2.6 million of interest that was accrued on these loans during the three months ended September 30, 2010.
Non-interest Income – Non-interest income decreased $726 thousand to $5.7 million for the quarter ended September 30, 2010, from $6.5 million recorded for the same period in 2009. This decrease was partially due to a $69 thousand decrease in service charges and other income as a result of the impact of changes to the Federal Reserve Board s Regulation E that were implemented during the third quarter. An impairment charge of $88 thousand was also recorded on an equity security in an unrealized loss position that management deemed to be other than temporary. Results for the quarter ended September 30, 2009 include $1.4 million of gains on the sale of investment securities available for sale compared to $0.4 million for the quarter ended September 30, 2010.
Income Taxes – The Company recorded an income tax benefit of $21.8 million for the quarter ended September 30, 2010, compared to an income tax expense of $0.8 million for the same period in 2009. The decrease was due primarily to a decrease in income before income taxes of $50.2 million for the three months ended September 30, 2010, from net income before income taxes of $6.6 million for the three months ended September 30, 2009. The primary driver of the decrease in income before income taxes was the provision for loan losses of $51.1 million recorded during the quarter ended September 30, 2010.
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