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Beneficial Bancorp declares 1st-ever cash dividend

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Beneficial Bancorp declares 1st-ever cash dividend

Beneficial BancorpInc., the parent of BeneficialBank, declared its first-ever cash dividend of 6 cents per share July21.

The dividend is payable on or after Aug. 11 to common shareholdersof record at the close of business on Aug. 1, according to a July 22 news release.

Also on July 21, Philadelphia-based Beneficial Bancorp adopteda second stock repurchase program for up to 10% of its outstanding common stock,or 7,770,978 shares. Under the first program, which it completed in the second quarter,the company repurchased 8,291,859 shares.

The company reported second-quarter net income of $2.7 million,or 4 cents per share, compared to $7.1 million, or 9 cents per share, in the year-agoperiod.