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Tax changes to reduce Beneficial Bancorp's deferred tax assets by $14M

Beneficial Bancorp Inc. said Dec. 22 that it expects to reduce its net deferred tax assets by an estimated $14 million because of the tax reform bill that President Donald Trump signed into law.

The Philadelphia-based company, which had $43.4 million in net deferred tax assets as of Sept. 30, said in a filing that it had to make the change because the corporate income tax rate dropped from 35% to 21%. The company said it will record the roughly $14 million as an additional income tax expense during the fourth quarter.