Beneficial Bank (merged into Wilmington Savings Fund Society, FSB)
Beneficial Bank reported total assets of $5.8 bn at Q4 2018, its last Call Report before it merged into Wilmington Savings Fund Society, FSB. The CET1 capital ratio at Beneficial Bank was 19.63%, and the uninsured share of Beneficial Bank was 25.49%. Source: FDIC Call Reports.
Key takeaways
- Since , Beneficial Bank has taken over one institution; the latest was Conestoga Bank on (FDIC Call Reports).
What sets Beneficial Bank apart
How large is Beneficial Bank?
The balance sheet of Beneficial Bank at : assets $5.8 bn, deposits $4.3 bn, net loans $3.9 bn (loans equal to 89.25% of deposits). Securities make up 12.2% of total assets at Beneficial Bank. Since , when Beneficial Bank held $4.8 bn, its assets grew 20.7%. In the year to , deposits at Beneficial Bank rose 1.5% while its total assets rose 0.2%. At , Beneficial Bank employed 755 full-time equivalent staff across 62 offices, about $7.7 mn of assets per employee and $69.6 mn of deposits per office.
How much funding at Beneficial Bank is uninsured?
At Beneficial Bank, uninsured deposits (above the FDIC limit) made up 25.49% of domestic deposits at (+3.98 pp on a year earlier). In dollars, Beneficial Bank estimated $1.1 bn of uninsured deposits.
Key facts, Q4 2018
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $4.3 bn | $4.3 bn (Q4 2017) | |
| Net loans and leases | $3.9 bn | $4.0 bn (Q4 2017) | |
| Loan-to-deposit ratio | 89.25% | 93.87% (Q4 2017) | |
| Tier 1 leverage ratio | 13.61% | 14.46% (Q4 2017) | |
| Total risk-based capital ratio | 20.72% | 21.42% (Q4 2017) | |
| Net interest margin | 3.36% | 3.20% (Q4 2017) | |
| Return on assets (ROA) | 0.83% | 0.43% (Q4 2017) | |
| Efficiency ratio | 67.18% | 68.39% (Q4 2017) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $10.1 mn | Widened by $6.2 mn | |
| Unrealized gain/loss on available-for-sale securities | Loss of $1.5 mn | Turned from a gain into a loss | |
| Noncurrent loans to total loans | 0.79% | 0.93% (Q4 2017) | |
| Net charge-offs to average loans | 0.12% | 0.08% (Q4 2017) |
US rank of Beneficial Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Beneficial Bank: assets, deposits and loans
- Total assets $5.8bn
- Deposits $4.3bn
- Net loans $3.9bn
Capital and securities
The CET1 ratio of Beneficial Bank stood at 19.63% in , -0.71 pp year on year. Low and high at Beneficial Bank since : 18.31% () to 24.42% (). Equity capital of Beneficial Bank at : $912.0 mn, or 15.7% of total assets. Beneficial Bank also reported a total capital ratio of 20.72% for , and a tier 1 leverage ratio of 13.61%.
On held-to-maturity securities, Beneficial Bank carried an unrealized loss of $10.1 mn at , equal to 1.1% of equity capital. The loss widened by $6.2 mn over the year. Its deepest point: $16.0 mn in . The available-for-sale portfolio of Beneficial Bank showed an unrealized loss of $1.5 mn at ; the loss turned from a gain into a loss over the year.
Beneficial Bank: capital ratios
- Total capital 21%
- CET1 20%
- Tier 1 leverage 14%
Beneficial Bank: unrealized securities gains and losses
- Available for sale -$2mn
- Held to maturity -$10mn
Profitability and loan quality
For the year to , Beneficial Bank earned a return on equity of 5.18%; return on assets: 0.83%. Net interest margin at Beneficial Bank: 3.36%, +0.17 pp in a year. Beneficial Bank net income: $48.0 mn, up 92.9% year on year. The efficiency ratio of Beneficial Bank was 67.18%: about 67 cents cost per revenue dollar, against 57 cents at the median peer.
At , noncurrent loans were 0.79% of total loans at Beneficial Bank; net charge-offs: 0.12% of average loans. Gross loans and leases at Beneficial Bank: $3.9 bn at , against $4.0 bn at .
Beneficial Bank: profitability
- Return on equity 5.2%
- Net interest margin 3.4%
- Return on assets 0.8%
Peer group of Beneficial Bank
The peer group of Beneficial Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 1 shares the charter type of Beneficial Bank (state-chartered stock savings bank) and 0 have head offices in Pennsylvania. Against them, Beneficial Bank shows CET1 ratio 19.63% against a peer median of 12.43%, return on equity 5.18% against a peer median of 10.88% and uninsured deposit share 25.49% against a peer median of 30.23%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Wintrust Bank | National bank | IL | $5.9 bn | 10.23% | 15.94% | 49.75% | |
| First Bank | State member bank | NC | $5.9 bn | 13.40% | 11.89% | 32.78% | |
| First Foundation Bank | State nonmember bank | CA | $5.8 bn | 10.51% | 9.07% | 19.19% | |
| Beneficial Bank | State-chartered stock savings bank | PA | $5.8 bn | 19.63% | 5.18% | 25.49% | |
| Central Pacific Bank | State member bank | HI | $5.8 bn | 12.66% | 11.62% | 26.27% | |
| Lakeland Bank | State nonmember bank | NJ | $5.8 bn | 12.20% | 10.13% | 44.21% | |
| Emigrant Bank | State-chartered stock savings bank | NY | $5.8 bn | 20.52% | 8.61% | 27.68% | |
. FDIC Call Reports.
Last eight quarters
Two years at Beneficial Bank, to : assets $5.9 bn to $5.8 bn, deposits $4.3 bn to $4.3 bn, equity $971.0 mn to $912.0 mn. Staff 781 to 755; offices 64 to 62.
| Metric | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $5.9 bn | $5.8 bn | $5.8 bn | $5.8 bn | $5.8 bn | $5.8 bn | $5.9 bn | $5.8 bn |
| Total deposits | $4.3 bn | $4.3 bn | $4.3 bn | $4.3 bn | $4.2 bn | $4.3 bn | $4.4 bn | $4.3 bn |
| Bank equity capital | $971.0 mn | $981.5 mn | $966.9 mn | $961.5 mn | $972.6 mn | $885.2 mn | $898.9 mn | $912.0 mn |
| CET1 ratio | 19.95% | 19.74% | 20.14% | 20.34% | 20.68% | 18.31% | 19.10% | 19.63% |
| Return on equity (ROE) | 3.52% | 3.74% | 3.82% | 2.57% | 4.10% | 4.64% | 4.90% | 5.18% |
| Uninsured share of domestic deposits | 23.36% | 22.82% | 23.51% | 21.51% | 24.12% | 23.61% | 26.55% | 25.49% |
| Full-time equivalent employees | 781 | 774 | 769 | 768 | 771 | 787 | 784 | 755 |
| Number of offices | 64 | 63 | 63 | 62 | 62 | 62 | 62 | 62 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Beneficial Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Conestoga Bank (FDIC certificate 27013).
- . Merged into Wilmington Savings Fund Society, FSB (FDIC certificate 17838).
Questions and identifiers
What were the total assets of Beneficial Bank?
Beneficial Bank reported $5.8 bn at in its Call Report.
Is Beneficial Bank the same as its holding company?
No. This page covers Beneficial Bank, FDIC certificate 15697; BENEFICIAL BCORP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Beneficial Bank profitable?
Beneficial Bank reported net income of $48.0 mn for the year to ; annualized return on equity: 5.18%. So yes: Beneficial Bank made a profit over these months.
When is data for Beneficial Bank next updated?
Beneficial Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Beneficial Bank?
In the FDIC BankFind Suite record for certificate 15697, and in the Call Reports of Beneficial Bank (RSSD ID 810919) at the FFIEC Central Data Repository.