National Penn Bancshares, Inc. Reports Second Quarter 2010 Results
BOYERTOWN, Pa., July 29 /PRNewswire-FirstCall/ --
Asset quality improves
- Classified and non-performing loans decline
- Reduced loan loss provision
- Loan loss reserve to non-performing loans increases to 155%
Improving fundamentals
- Net interest margin increased to 3.50%
- Operating expenses remain well controlled
Adjusted net income improves
- Adjusted net income of $0.08 per share(1)
National Penn Bancshares, Inc. (Nasdaq: NPBC) reported adjusted net income of $9.8 million or $0.08 per diluted common share for the second quarter of 2010 compared to adjusted net income of $4.0 million or $0.03 per diluted common share for the first quarter 2010. Adjusted net income excludes the impact of the previously announced charges related to the pending sale of Christiana Bank & Trust Company (Christiana) and the redemption of separate account bank-owned life insurance (BOLI) which resulted in a goodwill impairment charge of $8.3 million and increase in income tax expense of $8.1 million, respectively. Including the impact of these two items, the second quarter resulted in a net loss available to common shareholders of $5.5 million or $0.04 per diluted common share compared to income of $1.9 million or $0.02 per diluted common share for the first quarter of 2010.
"We continue to deliver strong fundamental performance with improved adjusted net income and an expanding net interest margin. Asset quality improved during the quarter with a decline in classified and non-performing loans, which resulted in a reduced loan loss provision," commented Scott Fainor, President and CEO of National Penn. "We remain focused on maximizing long-term shareholder value and have taken steps during the second quarter with the announced sale of Christiana and redemption of the separate account BOLI. We expect these transactions to result in improved capital ratios, increased holding company liquidity, and increased future earnings when completed."
Loan quality trends improved during the quarter as classified loans declined by 3.7% and non-performing assets declined by 11.9%. These trends increased the loan loss reserve coverage from 128% to 155% of non-performing loans. Non-performing assets trended downward due to the decrease in non-performing loans and totaled $108.2 million at June 30, 2010 as compared to $122.8 million at March 31, 2010. The provision for loan losses declined to $25.0 million in the second quarter from $32.5 million in the first quarter. The allowance for loan and lease losses remained relatively unchanged from the prior quarter and totaled $154.0 million at June 30, 2010.
Net interest margin expanded to 3.50% for the second quarter from 3.44% in the first quarter of 2010 as a result of improvements in deposit mix and sustained discipline for deposit pricing. Operating expenses remained well controlled in the quarter as the efficiency ratio(2) remained stable at 57.7% and fee-based income, which includes wealth management, service charges on deposits, insurance commissions and fees, and cash management and electronic banking fees, provided a stable contribution to earnings at $20.9 million for the second quarter compared to $20.4 million for the first quarter of 2010.
During the second quarter National Penn continued to assist borrowers though its voluntary mortgage loan modification program. Also during the second quarter, National Penn made loans to new and existing customers of approximately $225 million. Despite some signs of economic recovery, average loans declined during the quarter by $129 million which National Penn believes demonstrates the reluctance of businesses and consumers to borrow.
National Penn's Board of Directors approved a third quarter cash dividend of $0.01 per share, payable on August 17, 2010 to shareholders of record on August 7, 2010, consistent with the $0.01 per share paid in the previous quarter.
"The current environment continues to be challenging, and our goal remains enhancing long-term shareholder value. We continue to execute on our short-term and long-term initiatives to improve earnings, manage risk, and maintain the strength of our balance sheet. I am proud of the contribution of all of our employees in achieving the second quarter results in a difficult economic environment." said Mr. Fainor.
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with $9.2 billion in assets, is the fourth largest bank holding company based in Pennsylvania. Headquartered in Boyertown, National Penn operates 127 offices. It has 124 community banking offices in Pennsylvania and one office in Maryland through National Penn Bank and its HomeTowne Heritage Bank, KNBT and Nittany Bank divisions. National Penn also currently has two offices in Delaware through its wholly-owned subsidiary Christiana Bank & Trust Company.
National Penn's financial services affiliates consist of National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Institutional Advisors LLC; National Penn Insurance Services Group, Inc., including its Higgins Insurance division; and Caruso Benefits Group, Inc.
National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol "NPBC". Please visit our Web site at www.nationalpennbancshares.com to see our regularly posted material information.
Statement Regarding Non-GAAP Financial Measures:
This release, including the attached Financial Highlights and financial data tables, contains supplemental financial information determined by methods other than in accordance with Accounting Principles Generally Accepted in the United States of America ("GAAP"). National Penn's management uses these non-GAAP measures in its analysis of National Penn's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the following non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of National Penn.
- Annualized return on average tangible common equity excludes the average balance of acquisition-related goodwill and intangible assets and the average balance of preferred equity in determining average tangible shareholders' equity. Annualized return on average tangible equity provides a method to assess management's success in utilizing the company's tangible common capital.
- Tangible book value excludes from total equity goodwill, intangible assets and preferred stock. Banking and financial institution regulators also exclude goodwill and intangible assets from shareholders' equity when assessing the capital adequacy of a financial institution. Tangible book value provides a method to assess the level of tangible net assets on a per share basis.
- Adjusted net income excludes the effects of certain after-tax gains and losses. Adjusted net income provides a method to assess earnings performance by excluding items that management believes are not comparative among the periods presented.
- Efficiency ratio expresses operating expenses as a percentage of fully-taxable equivalent net interest income plus non-interest income. Operating expenses exclude items from non-interest expense that management believes are not comparable among the periods presented. Non-interest income is adjusted to also exclude items that management believes are not comparable among the periods presented. Efficiency ratio is used as a method for management to assess its operating expense level and to compare to financial institutions of varying sizes.
Management believes the use of non-GAAP measures will help readers compare National Penn's current results to those of prior periods as presented in the accompanying Financial Highlights and financial data tables.
Cautionary Statement Regarding Forward-Looking Information:
This release contains forward-looking information about National Penn Bancshares, Inc. that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should,'' "project," "could," "plan,'' "goal," "potential," "pro forma," "seek," "intend,'' or "anticipate'' or the negative thereof or comparable terminology, and include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of announced transactions, and statements about the future performance, operations, products and services of National Penn and its subsidiaries. National Penn cautions readers not to place undue reliance on these statements.
National Penn's business and operations, as well as its business and operations following the completion of transactions described in this release, are subject to a variety of risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from those contained in any forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: increased capital requirements and other requirements or actions mandated by National Penn's regulators, National Penn's inability to meet the requirements of the memorandum of understanding or the individual minimum capital ratio requirements issued by its primary regulator, National Penn's inability to successfully implement its "self-improvement plan", National Penn's ability to raise capital and maintain capital levels, variations in interest rates, deterioration in the credit quality of loans, the effect of credit risk exposure, declines in the value of National Penn's assets and the effect of any resulting impairment charges, recent and ongoing changes to the state and federal regulatory schemes under which National Penn and other financial services companies operate (including the recently passed Dodd-Frank Act and regulations to be adopted to implement that Act), competition from other financial institutions, interruptions or breaches of National Penn's security systems, and the development and maintenance of National Penn's information technology. These risks and others are described in greater detail in National Penn's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, as well as in National Penn's Quarterly Reports on Form 10-Q and other documents filed by National Penn with the SEC after the date thereof. National Penn makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
(1) Adjusted net income, as used throughout this release, is a non-GAAP financial measure. Please refer to the Statement Regarding Non-GAAP Financial Measures and the attached Financial Highlights and financial data tables for additional information on this measure and a reconciliation of this measure to net income available to common shareholders, the most comparable GAAP measure.
(2) Efficiency ratio, as used throughout this release, is a non-GAAP financial measure. Please refer to the Statement Regarding Non-GAAP Financial Measures and the attached Financial Highlights and financial data tables for additional information on this measure and a calculation of this measure from GAAP measures.
Financial Update for National Penn Bancshares (NPBC) for 6/30/2010 |
||||||||
Exchange Listing Nasdaq "NPBC" |
||||||||
Financial Highlights |
||||||||
Unaudited, numbers in thousands except share and per share data |
||||||||
As of |
||||||||
June 30, |
March 31, |
% Change |
||||||
SUMMARY BALANCE SHEET |
||||||||
Total assets |
$ 9,222,127 |
$ 9,171,761 |
0.55% |
|||||
Investment securities and other securities |
2,217,597 |
2,244,053 |
-1.18% |
|||||
Total loans and leases |
5,756,235 |
5,915,219 |
-2.69% |
|||||
Deposits |
6,496,205 |
6,411,364 |
1.32% |
|||||
Borrowings |
1,604,223 |
1,649,442 |
-2.74% |
|||||
Shareholders' equity |
1,076,888 |
1,070,788 |
0.57% |
|||||
Book value per common share |
$ 7.37 |
$ 7.32 |
0.68% |
|||||
Three Months Ended |
Six Months Ended June 30, |
|||||||||||||
6/30/2010 |
3/31/2010 |
% Change (a) |
2010 |
2009 |
% Change (a) |
|||||||||
EARNINGS |
||||||||||||||
Total interest income |
$ 98,308 |
$ 98,837 |
-0.54% |
$ 197,145 |
$ 211,810 |
-6.92% |
||||||||
Total interest expense |
29,665 |
31,578 |
-6.06% |
61,243 |
92,089 |
-33.50% |
||||||||
Net interest income |
68,643 |
67,259 |
2.06% |
135,902 |
119,721 |
13.52% |
||||||||
Provision for loan and lease losses |
25,000 |
32,500 |
-23.08% |
57,500 |
55,025 |
4.50% |
||||||||
Net interest income after provision |
||||||||||||||
for loan and lease losses |
43,643 |
34,759 |
25.56% |
78,402 |
64,696 |
21.19% |
||||||||
Net gains (losses) from fair value changes |
1,543 |
(7,261) |
NM |
(5,718) |
(1,847) |
NM |
||||||||
Other non-interest income |
26,970 |
29,835 |
-9.60% |
56,805 |
38,361 |
48.08% |
||||||||
Non-interest expense |
66,563 |
57,657 |
15.45% |
124,220 |
119,345 |
4.08% |
||||||||
Income (loss) before income taxes |
5,593 |
(324) |
NM |
5,269 |
(18,135) |
NM |
||||||||
Income tax expense (benefit) |
9,132 |
(4,250) |
NM |
4,882 |
(14,386) |
NM |
||||||||
Net (loss) income |
(3,539) |
3,926 |
NM |
387 |
(3,749) |
NM |
||||||||
Preferred dividends and accretion of preferred discount |
(2,005) |
(2,005) |
0.00% |
(4,010) |
(4,149) |
3.35% |
||||||||
Net (loss) income available to common shareholders |
$ (5,544) |
$ 1,921 |
NM |
$ (3,623) |
$ (7,898) |
54.13% |
||||||||
PERFORMANCE RATIOS |
||||||||||||||
Net interest margin |
3.50% |
3.44% |
3.47% |
3.09% |
||||||||||
Return on average assets |
-0.15% |
0.17% |
0.01% |
-0.08% |
||||||||||
Return on average total shareholders' equity |
-1.32% |
1.48% |
0.07% |
-0.64% |
||||||||||
Return on average tangible common equity (1) |
-3.60% |
1.27% |
-1.18% |
-3.53% |
||||||||||
PER SHARE |
||||||||||||||
Basic (loss) earnings available to common shareholders |
$ (0.04) |
$ 0.02 |
$ (0.03) |
$ (0.09) |
||||||||||
Diluted (loss) earnings available to common shareholders |
(0.04) |
0.02 |
(0.03) |
(0.09) |
||||||||||
Dividends per common share |
0.01 |
0.01 |
0.02 |
0.22 |
||||||||||
Average shares - basic |
126,045,667 |
125,875,061 |
125,960,351 |
84,523,069 |
||||||||||
Average shares - diluted |
126,045,667 |
126,039,112 |
125,960,351 |
84,523,069 |
||||||||||
(1) RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES |
||||||||||||||
Return on average tangible common equity |
||||||||||||||
Return on average shareholders' equity |
-1.32% |
1.48% |
0.07% |
-0.64% |
||||||||||
Effect of preferred equity |
-1.08% |
-0.64% |
-0.86% |
-0.89% |
||||||||||
Effect of goodwill and intangibles |
-1.20% |
0.43% |
-0.39% |
-2.00% |
||||||||||
Return on average tangible common equity |
-3.60% |
1.27% |
-1.18% |
-3.53% |
||||||||||
Average tangible equity: |
||||||||||||||
Average shareholders' equity |
$ 1,076,188 |
$ 1,075,052 |
$ 1,075,623 |
$1,187,909 |
||||||||||
Average preferred equity |
(148,117) |
(147,990) |
$ (148,054) |
$ (144,509) |
||||||||||
Average goodwill and intangibles |
(309,851) |
(311,784) |
$ (310,812) |
(591,698) |
||||||||||
Average total tangible common equity |
$ 618,220 |
$ 615,278 |
$ 616,757 |
$ 451,702 |
||||||||||
Adjusted net income reconciliation |
||||||||||||||
Net (loss) income available to common shareholders |
$ (5,544) |
$ 1,921 |
$ (3,623) |
$ (7,898) |
||||||||||
After tax gain on pension plan curtailment |
- |
(2,643) |
(2,643) |
- |
||||||||||
After tax unrealized fair market value (gain) loss on |
||||||||||||||
NPB Capital Trust II Preferred Securities |
(1,003) |
4,720 |
3,717 |
1,201 |
||||||||||
After tax other than temporary impairment |
||||||||||||||
charge on CDO investment |
- |
- |
- |
9,699 |
||||||||||
After tax FDIC special assessment |
- |
- |
- |
3,006 |
||||||||||
BOLI tax expense |
8,081 |
- |
8,081 |
- |
||||||||||
Goodwill impairment |
8,250 |
- |
8,250 |
- |
||||||||||
Adjusted net income available to common shareholders |
$ 9,784 |
$ 3,998 |
$ 13,782 |
$ 6,008 |
||||||||||
Earnings per share |
||||||||||||||
Net (loss) income available to common shareholders |
$ (0.04) |
$ 0.02 |
$ (0.03) |
$ (0.09) |
||||||||||
After tax gain on pension plan curtailment |
- |
(0.02) |
(0.02) |
- |
||||||||||
After tax unrealized fair market value (gain) loss on |
||||||||||||||
NPB Capital Trust II Preferred Securities |
(0.01) |
0.03 |
0.03 |
0.01 |
||||||||||
After tax other than temporary impairment |
||||||||||||||
charge on CDO investment |
- |
- |
- |
0.11 |
||||||||||
After tax FDIC special assessment |
- |
- |
- |
0.04 |
||||||||||
BOLI tax expense |
0.06 |
- |
0.06 |
- |
||||||||||
Goodwill impairment |
0.07 |
- |
0.07 |
- |
||||||||||
Adjusted net income available to common shareholders |
$ 0.08 |
$ 0.03 |
$ 0.11 |
$ 0.07 |
||||||||||
(a) Changes greater than 100% are expressed as not meaningful or "NM" |
||||||||||||||
Financial Update for National Penn Bancshares (NPBC) for 6/30/2010 |
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Page 1 of 5 |
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Unaudited, numbers in thousands except share and per share data |
As of |
|||||||||||
6/30/2010 |
3/31/2010 |
12/31/2009 |
9/30/2009 |
6/30/2009 |
||||||||
BALANCE SHEET - ASSETS |
||||||||||||
Cash and due from banks |
$ 106,059 |
$ 103,666 |
$ 106,722 |
$ 110,521 |
$ 103,043 |
|||||||
Interest-earning deposits with banks |
496,282 |
239,757 |
496,535 |
289,670 |
245,328 |
|||||||
Total cash and cash equivalents |
602,341 |
343,423 |
603,257 |
400,191 |
348,371 |
|||||||
Investment securities available for sale, at fair value |
1,554,349 |
1,569,062 |
1,499,667 |
1,557,072 |
1,425,204 |
|||||||
Investment securities held to maturity |
579,572 |
591,315 |
601,923 |
612,214 |
653,184 |
|||||||
Other securities |
83,676 |
83,676 |
78,951 |
78,951 |
78,951 |
|||||||
Loans and leases held for sale |
15,944 |
6,561 |
18,028 |
9,279 |
23,326 |
|||||||
Loans and leases |
5,740,291 |
5,908,658 |
6,006,472 |
6,190,405 |
6,283,523 |
|||||||
Allowance for loan and lease losses |
(154,039) |
(153,850) |
(146,271) |
(125,490) |
(98,313) |
|||||||
Loans and leases, net |
5,586,252 |
5,754,808 |
5,860,201 |
6,064,915 |
6,185,210 |
|||||||
Premises and equipment, net |
109,668 |
111,564 |
112,744 |
113,712 |
114,635 |
|||||||
Premises held for sale |
124 |
812 |
812 |
812 |
812 |
|||||||
Accrued interest receivable |
35,745 |
37,175 |
36,565 |
38,544 |
35,995 |
|||||||
Bank owned life insurance, redeemed but not settled |
64,387 |
- |
- |
- |
- |
|||||||
Bank owned life insurance |
134,925 |
198,392 |
198,131 |
197,132 |
196,001 |
|||||||
Other real estate owned and other repossessed assets |
8,974 |
2,386 |
4,208 |
826 |
1,359 |
|||||||
Goodwill |
273,468 |
281,718 |
281,623 |
555,789 |
555,964 |
|||||||
Other intangible assets, net |
27,360 |
29,130 |
30,943 |
32,854 |
33,654 |
|||||||
Unconsolidated investments under the equity method |
12,736 |
12,842 |
12,821 |
11,718 |
13,279 |
|||||||
Other assets |
132,606 |
148,897 |
144,036 |
66,301 |
91,968 |
|||||||
TOTAL ASSETS |
$ 9,222,127 |
$ 9,171,761 |
$ 9,483,910 |
$ 9,740,310 |
$ 9,757,913 |
|||||||
BALANCE SHEET - LIABILITIES |
||||||||||||
Non-interest bearing deposits |
$ 834,297 |
$ 800,467 |
$ 753,650 |
$ 718,459 |
$ 741,598 |
|||||||
Interest bearing deposits |
5,661,908 |
5,610,897 |
5,985,202 |
6,080,203 |
6,070,056 |
|||||||
Total deposits |
6,496,205 |
6,411,364 |
6,738,852 |
6,798,662 |
6,811,654 |
|||||||
Securities sold under repurchase agreements and federal funds purchased |
752,314 |
758,828 |
737,323 |
628,711 |
673,409 |
|||||||
Short-term borrowings |
7,000 |
7,165 |
6,900 |
7,200 |
10,000 |
|||||||
Federal Home Loan Bank advances |
706,784 |
743,781 |
756,803 |
778,906 |
842,169 |
|||||||
Subordinated debentures |
138,125 |
139,668 |
132,407 |
136,076 |
129,827 |
|||||||
Accrued interest payable and other liabilities |
44,811 |
40,167 |
42,157 |
30,649 |
74,231 |
|||||||
TOTAL LIABILITIES |
8,145,239 |
8,100,973 |
8,414,442 |
8,380,204 |
8,541,290 |
|||||||
BALANCE SHEET - SHAREHOLDERS' EQUITY |
||||||||||||
Preferred stock |
148,180 |
148,050 |
147,920 |
144,738 |
144,517 |
|||||||
Common stock |
1,227,354 |
1,226,481 |
1,225,635 |
1,227,032 |
1,072,921 |
|||||||
Retained (deficit) earnings |
(308,252) |
(301,459) |
(302,120) |
(16,908) |
52,143 |
|||||||
Accumulated other comprehensive income/(loss) |
9,606 |
(2,284) |
(1,967) |
5,244 |
(52,958) |
|||||||
TOTAL SHAREHOLDERS' EQUITY |
1,076,888 |
1,070,788 |
1,069,468 |
1,360,106 |
1,216,623 |
|||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 9,222,127 |
$ 9,171,761 |
$ 9,483,910 |
$ 9,740,310 |
$ 9,757,913 |
|||||||
COMMON SHARE AND PER SHARE DATA |
||||||||||||
Book Value |
$ 7.37 |
$ 7.32 |
$ 7.33 |
$ 9.67 |
$ 11.23 |
|||||||
Tangible Book Value (2) |
$ 4.98 |
$ 4.86 |
$ 4.84 |
$ 4.99 |
$ 5.05 |
|||||||
Dividends |
$ 0.01 |
$ 0.01 |
$ 0.01 |
$ 0.05 |
$ 0.05 |
|||||||
Shares Outstanding (end of period, net of treasury) |
126,064,075 |
126,004,409 |
125,713,668 |
125,658,738 |
95,507,091 |
|||||||
(2) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES |
||||||||||||
Total shareholders' equity |
$ 1,076,888 |
$ 1,070,788 |
$ 1,069,468 |
$ 1,360,106 |
$ 1,216,623 |
|||||||
Total preferred shareholders' equity |
(148,180) |
(148,050) |
(147,920) |
(144,738) |
(144,517) |
|||||||
Goodwill and intangibles |
(300,828) |
(310,848) |
(312,566) |
(588,643) |
(589,618) |
|||||||
Tangible common equity |
$ 627,880 |
$ 611,890 |
$ 608,982 |
$ 626,725 |
$ 482,488 |
|||||||
Common shares outstanding |
126,064,075 |
126,004,409 |
125,713,668 |
125,658,738 |
95,507,091 |
|||||||
Tangible book value per share |
$ 4.98 |
$ 4.86 |
$ 4.84 |
$ 4.99 |
$ 5.05 |
|||||||
Financial Update for National Penn Bancshares (NPBC) for 6/30/2010 |
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Page 2 of 5 |
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Unaudited, numbers in thousands except share and per share data |
For the Quarter Ended |
For the Six Months Ended |
|||||||||||||||
6/30/2010 |
3/31/2010 |
12/31/2009 |
9/30/2009 |
6/30/2009 |
6/30/2010 |
6/30/2009 |
|||||||||||
INTEREST INCOME |
|||||||||||||||||
Loans and leases, including fees |
$ 77,830 |
$ 78,654 |
$ 82,927 |
$ 84,218 |
$ 84,674 |
$ 156,484 |
$ 169,642 |
||||||||||
Investment securities |
|||||||||||||||||
Taxable |
11,457 |
11,098 |
11,871 |
11,896 |
11,696 |
22,555 |
23,310 |
||||||||||
Tax-exempt |
8,803 |
8,838 |
8,946 |
9,105 |
9,251 |
17,641 |
18,598 |
||||||||||
Federal funds sold and deposits in banks |
218 |
247 |
204 |
166 |
227 |
465 |
260 |
||||||||||
Total interest income |
98,308 |
98,837 |
103,948 |
105,385 |
105,848 |
197,145 |
211,810 |
||||||||||
INTEREST EXPENSE |
|||||||||||||||||
Deposits |
16,464 |
18,281 |
22,844 |
26,069 |
30,358 |
34,745 |
62,022 |
||||||||||
Securities sold under repurchase agreements and federal funds purchased |
2,808 |
2,874 |
3,049 |
2,965 |
3,037 |
5,682 |
6,652 |
||||||||||
Long-term borrowings |
10,393 |
10,423 |
10,610 |
11,008 |
11,373 |
20,816 |
23,415 |
||||||||||
Total interest expense |
29,665 |
31,578 |
36,503 |
40,042 |
44,768 |
61,243 |
92,089 |
||||||||||
Net interest income |
68,643 |
67,259 |
67,445 |
65,343 |
61,080 |
135,902 |
119,721 |
||||||||||
Provision for loan and lease losses |
25,000 |
32,500 |
47,000 |
52,000 |
37,500 |
57,500 |
55,025 |
||||||||||
Net interest income after provision for loan and lease losses |
43,643 |
34,759 |
20,445 |
13,343 |
23,580 |
78,402 |
64,696 |
||||||||||
NON-INTEREST INCOME |
|||||||||||||||||
Wealth management income |
7,238 |
7,101 |
7,406 |
7,670 |
7,232 |
14,339 |
13,847 |
||||||||||
Service charges on deposit accounts |
5,446 |
5,341 |
6,141 |
6,247 |
6,071 |
10,787 |
11,871 |
||||||||||
Insurance commissions and fees |
3,639 |
3,771 |
3,970 |
3,771 |
4,016 |
7,410 |
7,972 |
||||||||||
Cash management and electronic banking fees |
4,614 |
4,158 |
4,237 |
4,041 |
3,995 |
8,772 |
7,643 |
||||||||||
Mortgage banking income |
1,231 |
1,153 |
1,337 |
1,884 |
2,834 |
2,384 |
5,254 |
||||||||||
Bank owned life insurance income |
1,280 |
1,983 |
1,441 |
1,131 |
1,275 |
3,263 |
2,347 |
||||||||||
Equity in undistributed net earnings of unconsolidated investments |
537 |
163 |
1,706 |
(525) |
314 |
700 |
1,405 |
||||||||||
Gain on pension plan curtailment |
- |
4,066 |
- |
- |
- |
4,066 |
- |
||||||||||
Other operating income |
2,771 |
2,733 |
(1,783) |
3,315 |
2,659 |
5,504 |
5,227 |
||||||||||
Net gains (losses) from fair value changes |
1,543 |
(7,261) |
3,669 |
(6,249) |
51 |
(5,718) |
(1,847) |
||||||||||
Net gains (losses) on sales of investment securities |
214 |
- |
290 |
(863) |
- |
214 |
(2,284) |
||||||||||
Impairment losses on investment securities: |
|||||||||||||||||
Impairment losses on investment securities |
- |
(634) |
(2,166) |
(84,704) |
(14,347) |
(634) |
(40,942) |
||||||||||
Non credit-related losses on securities not expected to be sold recognized |
|||||||||||||||||
in other comprehensive loss before tax |
- |
- |
- |
- |
7,211 |
- |
26,021 |
||||||||||
Net impairment losses on investment securities |
- |
(634) |
(2,166) |
(84,704) |
(7,136) |
(634) |
(14,921) |
||||||||||
Total non-interest income |
28,513 |
22,574 |
26,248 |
(64,282) |
21,311 |
51,087 |
36,514 |
||||||||||
NON-INTEREST EXPENSE |
|||||||||||||||||
Salaries, wages and employee benefits |
30,999 |
29,429 |
30,864 |
30,505 |
32,249 |
60,428 |
64,266 |
||||||||||
Net premises and equipment |
7,209 |
7,998 |
7,962 |
8,104 |
7,335 |
15,207 |
15,933 |
||||||||||
Advertising and marketing expenses |
1,762 |
1,609 |
2,442 |
1,246 |
1,893 |
3,371 |
3,748 |
||||||||||
Fraud recovery |
- |
- |
- |
(4,028) |
- |
- |
- |
||||||||||
Goodwill impairment |
8,250 |
- |
275,000 |
- |
- |
8,250 |
- |
||||||||||
FDIC insurance |
4,056 |
4,097 |
3,910 |
2,602 |
6,536 |
8,153 |
8,403 |
||||||||||
Other operating expenses |
14,287 |
14,524 |
16,941 |
13,723 |
14,639 |
28,811 |
26,995 |
||||||||||
Total non-interest expense |
66,563 |
57,657 |
337,119 |
52,152 |
62,652 |
124,220 |
119,345 |
||||||||||
Income (loss) before income taxes |
5,593 |
(324) |
(290,426) |
(103,091) |
(17,761) |
5,269 |
(18,135) |
||||||||||
Income tax expense (benefit) |
9,132 |
(4,250) |
(9,227) |
(40,000) |
(10,213) |
4,882 |
(14,386) |
||||||||||
NET (LOSS) INCOME |
(3,539) |
3,926 |
(281,199) |
(63,091) |
(7,548) |
387 |
(3,749) |
||||||||||
Preferred dividends and accretion of preferred discount |
(2,005) |
(2,005) |
(2,095) |
(2,096) |
(2,095) |
(4,010) |
(4,149) |
||||||||||
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ (5,544) |
$ 1,921 |
$ (283,294) |
$ (65,187) |
$ (9,643) |
$ (3,623) |
$ (7,898) |
||||||||||
PER SHARE OF COMMON STOCK |
|||||||||||||||||
Basic (loss) earnings available to common shareholders |
$ (0.04) |
$ 0.02 |
$ (2.25) |
$ (0.65) |
$ (0.11) |
$ (0.03) |
$ (0.09) |
||||||||||
Diluted (loss) earnings available to common shareholders |
$ (0.04) |
$ 0.02 |
$ (2.25) |
$ (0.65) |
$ (0.11) |
$ (0.03) |
$ (0.09) |
||||||||||
Average Shares Basic |
126,045,667 |
125,875,061 |
125,697,822 |
100,064,355 |
87,415,723 |
125,960,351 |
84,523,069 |
||||||||||
Average Shares Diluted |
126,045,667 |
126,039,112 |
125,697,822 |
100,064,355 |
87,415,723 |
125,960,351 |
84,523,069 |
||||||||||
SUPPLEMENTAL DATA (annualized, average) |
|||||||||||||||||
Return on Assets |
-0.15% |
0.17% |
-11.41% |
-2.57% |
-0.31% |
0.01% |
-0.08% |
||||||||||
Return on Total Equity |
-1.32% |
1.48% |
-82.16% |
-20.01% |
-2.52% |
0.07% |
-0.64% |
||||||||||
Return on Common Equity |
-2.40% |
0.84% |
-92.66% |
-23.38% |
-3.67% |
-0.79% |
-1.53% |
||||||||||
Return on Tangible Equity (1) |
-3.60% |
1.27% |
-178.82% |
-50.01% |
-8.33% |
-1.18% |
-3.53% |
||||||||||
Efficiency Ratio (3) |
57.72% |
58.54% |
58.79% |
57.03% |
60.97% |
58.12% |
61.42% |
||||||||||
(3) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||
Efficiency Ratio |
|||||||||||||||||
Non-interest expense |
$ 66,563 |
$ 57,657 |
$ 337,119 |
$ 52,152 |
$ 62,652 |
$ 124,220 |
$ 119,345 |
||||||||||
Less: |
|||||||||||||||||
Fraud recovery |
- |
- |
- |
(4,028) |
- |
- |
- |
||||||||||
Goodwill impairment |
8,250 |
- |
275,000 |
- |
- |
8,250 |
- |
||||||||||
FDIC Special Assessment |
- |
- |
- |
- |
4,625 |
- |
4,625 |
||||||||||
SERP accrual |
- |
- |
2,000 |
- |
- |
- |
- |
||||||||||
Operating expenses |
$ 58,313 |
$ 57,657 |
$ 60,119 |
$ 56,180 |
$ 58,027 |
$ 115,970 |
$ 114,720 |
||||||||||
Net interest income (taxable equivalent) |
$ 74,055 |
$ 72,727 |
$ 73,007 |
$ 70,972 |
$ 66,777 |
$ 146,782 |
$ 131,215 |
||||||||||
Non-interest income |
28,513 |
22,574 |
26,248 |
(64,282) |
21,311 |
51,087 |
36,514 |
||||||||||
Less: |
|||||||||||||||||
Gain on pension plan curtailment |
- |
4,066 |
- |
- |
- |
4,066 |
- |
||||||||||
Securities loss / impairment / CDO loss |
- |
- |
(1,876) |
(85,567) |
(7,136) |
- |
(17,206) |
||||||||||
Net gains (losses) from fair value changes |
1,543 |
(7,261) |
3,669 |
(6,249) |
51 |
(5,718) |
(1,847) |
||||||||||
Loss on sale of SNC loans |
- |
- |
(6,032) |
- |
- |
- |
- |
||||||||||
Gain on sale of wealth unit |
- |
- |
1,226 |
- |
- |
- |
- |
||||||||||
Adjusted revenue |
$ 101,025 |
$ 98,496 |
$ 102,268 |
$ 98,506 |
$ 95,173 |
$ 199,521 |
$ 186,782 |
||||||||||
Efficiency Ratio |
57.72% |
58.54% |
58.79% |
57.03% |
60.97% |
58.12% |
61.42% |
||||||||||
Financial Update for National Penn Bancshares (NPBC) for 6/30/2010 |
|||||||||||||||
Page 3 of 5 |
|||||||||||||||
Unaudited, numbers in thousands except share and per share data |
|||||||||||||||
As of and for the Quarter Ended |
For the Six Months Ended |
||||||||||||||
CHARGE-OFFS |
6/30/2010 |
3/31/2010 |
12/31/2009 |
9/30/2009 |
6/30/2009 |
6/30/2010 |
6/30/2009 |
||||||||
Loan Charge-offs |
$ 27,316 |
$ 27,482 |
$ 28,524 |
$ 29,202 |
$ 27,759 |
$ 54,798 |
$ 43,803 |
||||||||
Recoveries on Loans |
(2,505) |
(2,561) |
(2,305) |
(4,379) |
(2,299) |
(5,066) |
(3,085) |
||||||||
Net Loan Charge-offs |
$ 24,811 |
$ 24,921 |
$ 26,219 |
$ 24,823 |
$ 25,460 |
$ 49,732 |
$ 40,718 |
||||||||
Net Loan Charge-offs to Average Loans (annualized) |
1.70% |
1.69% |
1.69% |
1.57% |
1.60% |
1.69% |
1.29% |
||||||||
NET CHARGE OFF ASSETS-DETAIL |
|||||||||||||||
Commercial, Financial and Agricultural |
$ (8,608) |
$ (2,162) |
$ (11,529) |
$ (11,819) |
$ (14,791) |
$ (10,770) |
$ (21,388) |
||||||||
Real Estate-Permanent |
(1,510) |
(359) |
(8,522) |
(2,485) |
(3,029) |
(1,869) |
(3,023) |
||||||||
Real Estate-Construction |
(6,327) |
(18,427) |
(3,493) |
(7,835) |
(5,038) |
(24,754) |
(6,272) |
||||||||
Leases |
(5) |
(98) |
(38) |
19 |
(274) |
(103) |
(362) |
||||||||
Residential Mortgages |
(5,368) |
(2,700) |
(1,089) |
(860) |
(978) |
(8,068) |
(1,543) |
||||||||
Consumer |
(2,902) |
(1,086) |
(1,322) |
(1,688) |
(1,235) |
(3,988) |
(7,868) |
||||||||
Overdraft |
(91) |
(89) |
(226) |
(155) |
(115) |
(180) |
(262) |
||||||||
Net Loans Charged-off |
$ (24,811) |
$ (24,921) |
$ (26,219) |
$ (24,823) |
$ (25,460) |
$ (49,732) |
$ (40,718) |
||||||||
As of |
|||||||||||
ASSET QUALITY AND OTHER DATA |
6/30/2010 |
3/31/2010 |
12/31/2009 |
9/30/2009 |
6/30/2009 |
||||||
Nonaccrual Loans |
$ 88,875 |
$ 111,064 |
$ 122,516 |
$ 116,418 |
$ 119,615 |
||||||
Restructured Loans |
7,324 |
6,653 |
576 |
589 |
603 |
||||||
Loans 90+ Days Past Due & Still Accruing |
2,997 |
2,651 |
2,694 |
3,113 |
2,763 |
||||||
Total Non-performing Loans |
$ 99,196 |
$ 120,368 |
$ 125,786 |
$ 120,120 |
$ 122,981 |
||||||
Other Real Estate Owned & Repossessed Assets |
8,974 |
2,386 |
4,208 |
826 |
1,359 |
||||||
Total Non-performing Assets |
$ 108,170 |
$ 122,754 |
$ 129,994 |
$ 120,946 |
$ 124,340 |
||||||
Allowance for Loan and Lease Losses |
$ 154,039 |
$ 153,850 |
$ 146,271 |
$ 125,490 |
$ 98,313 |
||||||
Allowance for Loan and Lease Losses/Non-Performing Loans |
155.3% |
127.8% |
116.3% |
104.5% |
79.9% |
||||||
Allowance for Loan and Lease Losses/Non-Performing Assets |
142.4% |
125.3% |
112.5% |
103.8% |
79.1% |
||||||
Provision/Charge-Offs, net |
100.8% |
130.4% |
179.3% |
209.5% |
147.3% |
||||||
Classified Loans |
$ 512,628 |
$ 532,048 |
$ 501,485 |
$ 483,163 |
$ 375,842 |
||||||
Classified Loans/Total Loans |
8.91% |
8.99% |
8.32% |
7.79% |
5.96% |
||||||
Delinquent Loans |
$ 33,171 |
$ 31,891 |
$ 28,158 |
$ 33,998 |
$ 29,723 |
||||||
Delinquent Loans/Total Loans |
0.58% |
0.54% |
0.47% |
0.55% |
0.47% |
||||||
NON PERFORMING ASSETS-DETAIL |
|||||||||||
Commercial, Financial and Agricultural |
$ 33,712 |
$ 38,455 |
$ 40,618 |
$ 42,226 |
$ 38,416 |
||||||
Real Estate-Permanent |
18,958 |
14,823 |
19,277 |
15,255 |
10,332 |
||||||
Real Estate-Construction |
35,728 |
40,622 |
46,832 |
43,497 |
56,567 |
||||||
Leases |
468 |
580 |
396 |
461 |
445 |
||||||
Residential Mortgages |
11,422 |
18,368 |
12,800 |
8,934 |
7,543 |
||||||
Consumer |
4,227 |
6,691 |
6,842 |
6,796 |
7,624 |
||||||
Loans Past Due 90+Days |
2,997 |
2,651 |
2,694 |
3,113 |
2,763 |
||||||
Total Other Repossessed Assets |
658 |
564 |
535 |
664 |
650 |
||||||
Total Non-performing Assets + Loans 90 Days Past Due |
$ 108,170 |
$ 122,754 |
$ 129,994 |
$ 120,946 |
$ 124,340 |
||||||
As of |
|||||||||||
REGULATORY CAPITAL DATA |
6/30/2010 |
3/31/2010 |
12/31/2009 |
9/30/2009 |
6/30/2009 |
||||||
Tier 1 Capital |
$ 833,526 |
$ 810,119 |
$ 809,218 |
$ 827,685 |
$ 809,600 |
||||||
Tier 1 Leverage Ratio |
9.41% |
9.06% |
8.88% |
9.00% |
8.80% |
||||||
Tier 1 Ratio (%) |
13.64% |
12.88% |
12.66% |
12.46% |
11.31% |
||||||
Total Capital |
$ 910,857 |
$ 889,675 |
$ 889,966 |
$ 911,234 |
$ 899,239 |
||||||
Total Capital Ratio (%) |
14.91% |
14.15% |
13.92% |
13.72% |
12.56% |
||||||
Total Risk-Weighted Assets |
$ 6,109,763 |
$ 6,289,618 |
$ 6,394,468 |
$ 6,642,041 |
$ 7,160,809 |
||||||
Financial Update for National Penn Bancshares (NPBC) for 6/30/2010 |
||||||||||||
Page 4 of 5 |
||||||||||||
Unaudited, numbers in thousands except share and per share data |
||||||||||||
As of |
||||||||||||
PERIOD END BALANCES: |
6/30/2010 |
3/31/2010 |
12/31/2009 |
9/30/2009 |
6/30/2009 |
|||||||
Earning Assets / Liabilities |
||||||||||||
Loan Breakdown: (Regulatory) |
||||||||||||
Commercial/Industrial |
$ 925,661 |
$ 972,132 |
$ 985,357 |
$ 1,098,501 |
$ 1,139,020 |
|||||||
Commercial Real Estate (4) |
1,804,073 |
1,852,838 |
1,833,069 |
1,787,829 |
1,845,085 |
|||||||
Residential Mortgage |
1,412,218 |
1,398,640 |
1,430,027 |
1,443,030 |
1,481,807 |
|||||||
Real Estate Construction and Land Development |
404,292 |
463,833 |
534,315 |
637,231 |
626,816 |
|||||||
Home Equity |
800,378 |
800,394 |
806,556 |
804,415 |
800,122 |
|||||||
Consumer |
247,113 |
251,611 |
252,028 |
254,909 |
244,048 |
|||||||
Other Loans |
162,500 |
175,771 |
183,148 |
173,769 |
169,951 |
|||||||
Total Loans |
5,756,235 |
5,915,219 |
6,024,500 |
6,199,684 |
6,306,849 |
|||||||
Allowance for Loan and Lease Losses/Total Loans and Leases |
2.68% |
2.60% |
2.43% |
2.02% |
1.56% |
|||||||
Investment Securities and Other Securities |
2,217,597 |
2,244,053 |
2,180,541 |
2,248,237 |
2,157,339 |
|||||||
Other Earning Assets |
496,282 |
239,757 |
496,535 |
289,670 |
245,328 |
|||||||
Total Earning Assets (net of loan loss reserve) |
$ 8,316,075 |
$ 8,245,178 |
$ 8,555,305 |
$ 8,612,101 |
$ 8,611,203 |
|||||||
(4) Includes owner occupied |
||||||||||||
Loan Breakdown: (Internal) |
||||||||||||
Commercial Real Estate |
||||||||||||
Non Owner Occupied |
||||||||||||
- Permanent |
$ 868,405 |
$ 865,003 |
$ 831,127 |
$ 836,718 |
$ 846,291 |
|||||||
- Construction / Development |
335,799 |
365,641 |
406,331 |
443,775 |
481,965 |
|||||||
Commercial & Industrial |
||||||||||||
Business Purpose, Real Estate secured |
991,075 |
1,024,362 |
1,052,096 |
1,046,236 |
1,041,668 |
|||||||
Business Purpose, not secured by Real Estate |
1,005,189 |
1,075,058 |
1,091,578 |
1,202,023 |
1,240,604 |
|||||||
Owner Occupied Commercial Real Estate |
||||||||||||
- Permanent |
556,201 |
570,659 |
589,455 |
595,849 |
609,192 |
|||||||
- Construction / Development |
38,858 |
42,122 |
52,710 |
53,976 |
58,453 |
|||||||
Leasing |
13,810 |
15,942 |
17,304 |
18,351 |
18,442 |
|||||||
Residential Mortgage (personal purpose) |
||||||||||||
Permanent |
813,042 |
822,373 |
833,721 |
839,459 |
868,149 |
|||||||
Construction |
10,925 |
10,486 |
12,275 |
14,037 |
14,305 |
|||||||
Retail |
||||||||||||
Home Equity Loans and Direct Installment loans |
458,803 |
466,611 |
487,793 |
510,178 |
531,757 |
|||||||
Home Equity Lines of Credit |
317,469 |
303,246 |
297,652 |
280,813 |
262,521 |
|||||||
Private Banking Credit Lines |
163,526 |
167,954 |
171,582 |
172,113 |
166,542 |
|||||||
Indirect Vehicle loans |
136,177 |
138,536 |
141,829 |
144,158 |
138,017 |
|||||||
Other |
46,956 |
47,226 |
39,047 |
41,998 |
28,944 |
|||||||
Total Loans |
$ 5,756,235 |
$ 5,915,219 |
$ 6,024,500 |
$ 6,199,684 |
$ 6,306,849 |
|||||||
Deposit Breakdown: |
||||||||||||
Savings |
$ 455,061 |
$ 433,669 |
$ 414,886 |
$ 395,965 |
$ 393,163 |
|||||||
NOW Accounts |
1,130,026 |
1,114,539 |
1,284,143 |
1,221,170 |
1,127,352 |
|||||||
Money Market Accounts |
1,763,631 |
1,724,852 |
1,675,369 |
1,700,338 |
1,666,807 |
|||||||
CDs $100k or less |
1,543,947 |
1,565,238 |
1,607,148 |
1,630,528 |
1,709,667 |
|||||||
CDs greater than $100k |
769,243 |
772,599 |
1,003,656 |
1,132,202 |
1,173,067 |
|||||||
Total Interest Bearing Deposits |
5,661,908 |
5,610,897 |
5,985,202 |
6,080,203 |
6,070,056 |
|||||||
Borrowings |
1,604,223 |
1,649,442 |
1,633,433 |
1,550,893 |
1,655,405 |
|||||||
Total Interest Bearing Liabilities |
$ 7,266,131 |
$ 7,260,339 |
$ 7,618,635 |
$ 7,631,096 |
$ 7,725,461 |
|||||||
Financial Update for National Penn Bancshares (NPBC) for 6/30/2010 |
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Page 5 of 5 |
||||||||||||||||||||||||||||||
Unaudited, numbers in thousands |
Quarterly, as of |
Six Months, as of |
||||||||||||||||||||||||||||
except share and per share data |
6/30/2010 |
3/31/2010 |
12/31/2009 |
9/30/2009 |
6/30/2009 |
6/30/2010 |
6/30/2009 |
|||||||||||||||||||||||
Avg Bal |
Yield |
Avg Bal |
Yield |
Avg Bal |
Yield |
Avg Bal |
Yield |
Avg Bal |
Yield |
Avg Bal |
Yield |
Avg Bal |
Yield |
|||||||||||||||||
Total Loans (net of unearned) |
$ 5,856,738 |
5.39% |
$ 5,985,554 |
5.39% |
$ 6,137,362 |
5.42% |
$ 6,280,351 |
5.38% |
$ 6,365,343 |
5.39% |
$ 5,920,790 |
5.39% |
$ 6,366,097 |
5.43% |
||||||||||||||||
Investment Securities |
2,248,560 |
4.43% |
2,184,886 |
4.56% |
2,244,878 |
4.51% |
2,167,261 |
4.72% |
1,972,633 |
5.24% |
2,216,899 |
4.49% |
1,959,772 |
5.31% |
||||||||||||||||
Interest Earning Deposits and |
||||||||||||||||||||||||||||||
Fed Funds Sold |
388,434 |
0.23% |
411,100 |
0.24% |
410,679 |
0.22% |
243,596 |
0.25% |
400,828 |
0.21% |
399,704 |
0.23% |
247,380 |
0.20% |
||||||||||||||||
Total Earning Assets |
8,493,732 |
4.90% |
8,581,540 |
4.93% |
8,792,919 |
4.94% |
8,691,208 |
5.07% |
8,738,804 |
5.12% |
8,537,393 |
4.91% |
8,573,249 |
5.25% |
||||||||||||||||
Total Earning Assets (net of loan |
||||||||||||||||||||||||||||||
loss reserve) |
8,326,752 |
5.00% |
8,420,661 |
5.02% |
8,661,393 |
5.02% |
8,582,628 |
5.13% |
8,645,644 |
5.17% |
8,373,447 |
5.01% |
8,482,083 |
5.31% |
||||||||||||||||
Total Assets |
9,228,295 |
4.51% |
9,337,334 |
4.53% |
9,775,612 |
4.45% |
9,724,872 |
4.53% |
9,790,331 |
4.57% |
9,282,513 |
4.52% |
9,626,833 |
4.67% |
||||||||||||||||
Savings |
446,347 |
0.29% |
421,503 |
0.33% |
405,132 |
0.33% |
396,626 |
0.28% |
387,596 |
0.27% |
432,468 |
0.31% |
378,997 |
0.31% |
||||||||||||||||
NOW Accounts |
1,156,191 |
0.35% |
1,170,886 |
0.43% |
1,212,744 |
0.56% |
1,162,730 |
0.58% |
1,110,985 |
0.82% |
1,158,159 |
0.39% |
1,042,566 |
0.83% |
||||||||||||||||
Money Market Accounts |
1,726,437 |
0.87% |
1,710,084 |
0.97% |
1,704,247 |
1.11% |
1,695,479 |
1.10% |
1,708,680 |
1.25% |
1,725,171 |
0.91% |
1,690,792 |
1.44% |
||||||||||||||||
CDs |
2,322,483 |
1.97% |
2,522,020 |
2.03% |
2,730,493 |
2.34% |
2,822,447 |
2.72% |
2,935,996 |
3.08% |
2,421,700 |
2.00% |
2,829,798 |
3.22% |
||||||||||||||||
Total Interest Bearing Deposits |
5,651,458 |
1.17% |
5,824,493 |
1.27% |
6,052,616 |
1.50% |
6,077,282 |
1.70% |
6,143,257 |
1.98% |
5,737,498 |
1.22% |
5,942,153 |
2.10% |
||||||||||||||||
Non-Interest Bearing Deposits |
831,119 |
767,398 |
741,254 |
737,745 |
736,155 |
799,434 |
723,040 |
|||||||||||||||||||||||
Total Deposits |
6,482,577 |
1.02% |
6,591,891 |
1.12% |
6,793,870 |
1.34% |
6,815,027 |
1.52% |
6,879,412 |
1.77% |
6,536,932 |
1.07% |
6,665,193 |
1.88% |
||||||||||||||||
Short-Term Borrowings |
752,907 |
1.50% |
749,114 |
1.56% |
694,000 |
1.74% |
644,753 |
1.83% |
634,077 |
1.92% |
751,021 |
1.53% |
652,156 |
2.06% |
||||||||||||||||
Long-Term Borrowings |
879,339 |
4.74% |
885,293 |
4.77% |
904,083 |
4.66% |
946,017 |
4.62% |
995,619 |
4.58% |
882,300 |
4.76% |
1,033,620 |
4.57% |
||||||||||||||||
Total Interest Bearing Liabilities |
||||||||||||||||||||||||||||||
(including non-interest bearing deposits) |
8,114,823 |
1.47% |
8,226,298 |
1.56% |
8,391,953 |
1.73% |
8,405,797 |
1.89% |
8,509,108 |
2.11% |
8,170,253 |
1.51% |
8,350,969 |
2.22% |
||||||||||||||||
Total Interest Bearing Liabilities |
$ 7,283,704 |
1.63% |
$ 7,458,900 |
1.72% |
$ 7,650,699 |
1.89% |
$ 7,668,052 |
2.07% |
$ 7,772,953 |
2.31% |
$ 7,370,819 |
1.68% |
$ 7,627,929 |
2.43% |
||||||||||||||||
Net Yield on Earning Assets (net of loan |
||||||||||||||||||||||||||||||
loss reserve): (Margin) |
3.57% |
3.50% |
3.34% |
3.28% |
3.10% |
3.53% |
3.12% |
|||||||||||||||||||||||
Net Yield on Earning Assets: (Margin) |
3.50% |
3.44% |
3.29% |
3.24% |
3.06% |
3.47% |
3.09% |
|||||||||||||||||||||||
Pro Forma - Net Yield on Earning Assets |
||||||||||||||||||||||||||||||
(net of loan loss reserve): (Margin) |
||||||||||||||||||||||||||||||
prior to reclass of Federal Reserve |
||||||||||||||||||||||||||||||
Bank balances to Interest Bearing |
||||||||||||||||||||||||||||||
Deposits |
N/A |
N/A |
3.48% |
3.35% |
3.22% |
N/A |
3.19% |
|||||||||||||||||||||||
Pro Forma - Net Yield on Earning Assets: |
||||||||||||||||||||||||||||||
(Margin) prior to reclass of Federal |
||||||||||||||||||||||||||||||
Reserve Bank balances to Interest |
||||||||||||||||||||||||||||||
Bearing Deposits |
N/A |
N/A |
3.43% |
3.31% |
3.19% |
N/A |
3.16% |
|||||||||||||||||||||||
STATES OF OPERATION AND BANKING |
||||||||||||||||||||||||||||||
Number of Full Service Banking Offices |
||||||||||||||||||||||||||||||
(Domestic and in the U.S. Territories) |
||||||||||||||||||||||||||||||
PA |
||||||||||||||||||||||||||||||
Total Number of Banking Offices |
124 |
124 |
124 |
124 |
124 |
|||||||||||||||||||||||||
Total Number of Insured Subsidiaries |
||||||||||||||||||||||||||||||
(Bank & Thrift Subsidiaries) |
1 |
1 |
1 |
1 |
1 |
|||||||||||||||||||||||||
Total Number of ATMs |
133 |
133 |
133 |
136 |
138 |
|||||||||||||||||||||||||
MD |
||||||||||||||||||||||||||||||
Total Number of Banking Offices |
1 |
1 |
1 |
1 |
1 |
|||||||||||||||||||||||||
Total Number of Insured Subsidiaries |
||||||||||||||||||||||||||||||
(Bank & Thrift Subsidiaries) |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||
Total Number of ATMs |
1 |
1 |
1 |
1 |
1 |
|||||||||||||||||||||||||
DE |
||||||||||||||||||||||||||||||
Total Number of Banking Offices |
2 |
2 |
2 |
2 |
2 |
|||||||||||||||||||||||||
Total Number of Insured Subsidiaries |
||||||||||||||||||||||||||||||
(Bank & Thrift Subsidiaries) |
1 |
1 |
1 |
1 |
1 |
|||||||||||||||||||||||||
Total Number of ATMs |
2 |
2 |
2 |
2 |
2 |
|||||||||||||||||||||||||
TOTAL |
||||||||||||||||||||||||||||||
Total Number of Banking Offices |
127 |
127 |
127 |
127 |
127 |
|||||||||||||||||||||||||
Total Number of Insured Subsidiaries |
||||||||||||||||||||||||||||||
(Bank & Thrift Subsidiaries) |
2 |
2 |
2 |
2 |
2 |
|||||||||||||||||||||||||
Total Number of ATMs |
136 |
136 |
136 |
139 |
141 |
|||||||||||||||||||||||||
EOP Employees (Full Time Equivalent) |
1,792 |
1,753 |
1,756 |
1,779 |
1,825 |
|||||||||||||||||||||||||
Wealth Assets: |
||||||||||||||||||||||||||||||
Assets under administration |
9,942,778 |
9,229,435 |
8,989,419 |
8,471,813 |
8,133,044 |
|||||||||||||||||||||||||
Assets under management |
2,252,299 |
2,285,178 |
2,199,946 |
2,549,386 |
2,426,525 |
|||||||||||||||||||||||||
(included above) |
||||||||||||||||||||||||||||||
Christiana Bank and Trust |
||||||||||||||||||||||||||||||
Trust Revenues |
1,607 |
1,555 |
1,870 |
1,577 |
1,650 |
|||||||||||||||||||||||||
SOURCE National Penn Bancshares, Inc.
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