BOYERTOWN, Pa.--(BUSINESS WIRE)--National Penn Bancshares, Inc. (Nasdaq: NPBC) reported net income available to common shareholders of $20.7 million, or $0.14 per diluted common share, for the fourth quarter of 2011, compared to a net income available to common shareholders of $6.6 million, or $0.05 per diluted common share, for the fourth quarter of 2010. On an adjusted basis1, net income for the quarter totaled $23.2 million, or $0.16 per diluted common share, compared to $13.5 million, or $0.10 per diluted common share, for the fourth quarter of 2010. Fourth quarter 2011 adjusted net income¹ excludes an after-tax unrealized fair value adjustment on National Penn’s trust preferred securities (Nasdaq:NPBCO) of $1.0 million and after-tax reorganization expenses of $1.4 million. For the year ended December 31, 2011, diluted earnings per common share were $0.56, while adjusted earnings per common share1 were $0.59, compared to $0.10 and $0.30, respectively, for 2010.
“Enhanced profitability in 2011 supplemented an already strong capital base and further strengthened our financial position,” said Scott Fainor, president and CEO of National Penn. “I am proud of our team, which has remained focused on achieving our strategic goals and on sustaining improvement in asset quality metrics. The strength of our balance sheet is a competitive advantage that has been recognized by Forbes Magazine which recently ranked National Penn 15th of the 100 largest banks on its list of America’s Best Banks2.”
Asset quality in 2011 improved steadily and remained strong relative to peers with all key measures improving from 2010 levels. During 2011, classified loans declined by 23%, total non-performing assets declined by 16%, and the ratio of net loan charge-offs to average loans improved to 0.74% from 1.57%. These asset quality trends resulted in a provision for loan losses of $15.0 million for 2011, compared to $95.0 million for 2010. While the provision declined, the allowance for loan and lease losses to non-performing loans remained strong at 184% at December 31, 2011, compared to 179% at year-end 2010.
Actions taken to maintain the net interest margin in a prolonged low interest rate environment, including managed reductions in higher-cost deposits, improvements in deposit mix and balance sheet restructuring initiatives, resulted in a relatively stable net interest margin throughout 2011.
Net interest margin for the full year 2011 was 3.52%, compared to 3.45% in 2010 and was 3.49% in the fourth quarter of 2011, as compared to 3.46% in the previous quarter.
Despite the increased costs of regulatory compliance, National Penn’s operating expenses remained well-controlled throughout 2011. Operating expenses1 totaled $55.2 million in the fourth quarter and $221 million for the full year. Compared to 2010, expenses were relatively flat and resulted in an efficiency ratio of 59.03%1 for 2011.
Internal generation of capital and the benefit of the previously announced Warburg Pincus investment increased the tangible common equity to tangible assets ratio to 11.04% from 8.27% at period-end 2010. The total risk based capital ratio at December 31, 2011 was 18.38% compared to 17.38% at December 31, 2010.
The strength of these fundamentals provided the basis for an increase in the common stock cash dividend to $0.05 per share for the first quarter of 2012, payable on February 17, 2012 to shareholders of record on February 4, 2012.
Scott Fainor stated, “Given the accomplishments of 2011, National Penn is a clean, strong and efficient company positioned for growth. Three consecutive common stock dividend increases, combined with our strong fundamentals and financial performance, resulted in improved returns to our shareholders.”
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with approximately $8.5 billion in assets, is a bank holding company based in Pennsylvania. Headquartered in Boyertown, National Penn operates 122 branch offices comprising 121 branches in Pennsylvania and one branch in Maryland through National Penn Bank and its HomeTowne Heritage Bank, KNBT and Nittany Bank divisions.
National Penn’s financial services affiliates are 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.
1Statement 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.
- Tangible common equity excludes goodwill and intangible assets and preferred equity. Banking and financial institution regulators also exclude goodwill and intangible assets from shareholders’ equity when assessing the capital adequacy of a financial institution. Tangible common equity provides a method to assess the company’s tangible capital trends.
- Tangible book value expresses tangible common equity on a per-share basis. Tangible book value provides a method to assess the level of tangible net assets on a per-share basis.
- Adjusted net income and return on assets exclude the effects of certain gains and losses, adjusted for taxes when applicable. Adjusted net income and returns provide methods to assess earnings performance by excluding items that management believes are not comparable 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 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 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 Dodd-Frank Act and regulations adopted or 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, 2010, 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.
2 Forbes December 2011 “America’s Best and Worst Banks.”
| Financial Update for National Penn Bancshares (NPBC) for 12/31/2011 | ||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| 12/31/2011 | 9/30/2011 | 12/31/2010 | ||||||||||||||||||
| SUMMARY BALANCE SHEET | ||||||||||||||||||||
| Total assets | $ | 8,486,281 | $ | 8,611,641 | $ | 8,844,620 | ||||||||||||||
| Investment securities and other securities | 2,314,111 | 2,373,278 | 2,259,690 | |||||||||||||||||
| Total loans and leases | 5,188,101 | 5,161,275 | 5,326,723 | |||||||||||||||||
| Deposits | 5,874,819 | 5,992,991 | 6,059,173 | |||||||||||||||||
| Borrowings | 1,370,399 | 1,410,212 | 1,590,996 | |||||||||||||||||
| Shareholders' equity | 1,180,687 | 1,164,204 | 1,137,437 | |||||||||||||||||
| Tangible book value per common share (2) | $ | 5.97 | $ | 5.86 | $ | 5.18 | ||||||||||||||
| Tangible common equity / tangible assets (2) |
11.04 |
% |
10.66 | % | 8.27 | % | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| 12/31/2011 | 9/30/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | ||||||||||||||||
| EARNINGS | ||||||||||||||||||||
| Total interest income | $ | 83,681 | $ | 86,055 | $ | 93,745 | $ | 346,834 | $ | 387,249 | ||||||||||
| Total interest expense | 19,160 | 21,638 | 26,104 | 86,931 | 116,017 | |||||||||||||||
| Net interest income | 64,521 | 64,417 | 67,641 | 259,903 | 271,232 | |||||||||||||||
| Provision for loan and lease losses | 2,000 | - | 17,500 | 15,000 | 95,000 | |||||||||||||||
| Net interest income after provision for loan and lease losses | 62,521 | 64,417 | 50,141 | 244,903 | 176,232 | |||||||||||||||
| Loss on sale of building | - | (1,000 | ) | - | (1,000 | ) | - | |||||||||||||
| Net (losses) from fair value changes on subordinated debentures | (1,543 | ) | (506 | ) | (2,049 | ) | (2,530 | ) | (10,373 | ) | ||||||||||
| Loss on debt extinguishment | (1,635 | ) | (998 | ) | - | (2,633 | ) | - | ||||||||||||
| Net gains on sales of investment securities | 1,697 | 1,022 | - | 2,719 | 214 | |||||||||||||||
| Other non-interest income | 22,978 | 24,623 | 25,707 | 94,654 | 108,381 | |||||||||||||||
| Goodwill impairment | - | - | - | - | 8,250 | |||||||||||||||
| Corporate reorganization expense | 2,200 | - | - | 2,200 | - | |||||||||||||||
| Other non-interest expense | 55,186 | 55,053 | 59,493 | 221,197 | 233,426 | |||||||||||||||
| Income before income taxes | 26,632 | 32,505 | 14,306 | 112,716 | 32,778 | |||||||||||||||
| Income tax expense | 5,889 | 7,692 | 5,664 | 25,172 | 11,441 | |||||||||||||||
| Net income | 20,743 | 24,813 | 8,642 | 87,544 | 21,337 | |||||||||||||||
| Preferred dividends and accretion of preferred discount | - | - | (2,005 | ) | (1,691 | ) | (8,021 | ) | ||||||||||||
| Accelerated accretion from redemption of preferred stock | - | - | - | (1,452 | ) | - | ||||||||||||||
| Net income available to common shareholders | $ | 20,743 | $ | 24,813 | $ | 6,637 | $ | 84,401 | $ | 13,316 | ||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Net interest margin | 3.49 | % | 3.46 | % | 3.43 | % | 3.52 | % | 3.45 | % | ||||||||||
| Return on average assets | 0.97 | % | 1.15 | % | 0.38 | % | 1.02 | % | 0.23 | % | ||||||||||
| Return on average total shareholders' equity | 7.02 | % | 8.59 | % | 3.00 | % | 7.58 | % | 1.95 | % | ||||||||||
| Return on average tangible common equity (1) | 9.17 | % | 11.33 | % | 3.76 | % | 9.95 | % | 2.07 | % | ||||||||||
| PER SHARE | ||||||||||||||||||||
| Basic earnings available to common shareholders | $ | 0.14 | $ | 0.16 | $ | 0.05 | $ | 0.56 | $ | 0.10 | ||||||||||
| Diluted earnings available to common shareholders | 0.14 | 0.16 | 0.05 | 0.56 | 0.10 | |||||||||||||||
| Dividends per common share | 0.04 | 0.03 | 0.01 | 0.09 | 0.04 | |||||||||||||||
| Average shares - basic | 151,773,327 | 151,693,223 | 134,380,086 | 151,386,614 | 128,118,298 | |||||||||||||||
| Average shares - diluted | 152,068,706 | 151,927,269 | 134,471,788 | 151,653,646 | 128,186,651 | |||||||||||||||
| (1) RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES | Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| 12/31/2011 | 9/30/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | ||||||||||||||||
| Return on average tangible common equity | ||||||||||||||||||||
| Return on average shareholders' equity | 7.02 | % | 8.59 | % | 3.00 | % | 7.58 | % | 1.95 | % | ||||||||||
| Effect of preferred equity | - | - | -0.35 | % | -0.08 | % | -0.54 | % | ||||||||||||
| Effect of goodwill and intangibles | 2.15 | % | 2.74 | % | 1.11 | % | 2.45 | % | 0.66 | % | ||||||||||
| Return on average tangible common equity | 9.17 | % | 11.33 | % | 3.76 | % | 9.95 | % | 2.07 | % | ||||||||||
| Average tangible equity: | ||||||||||||||||||||
| Average shareholders' equity | $ | 1,172,273 | $ | 1,145,679 | $ | 1,141,979 | $ | 1,155,209 | $ | 1,094,642 | ||||||||||
| Average preferred equity | - | - | (148,377 | ) | (30,106 | ) | (148,184 | ) | ||||||||||||
| Average goodwill and intangibles | (274,827 | ) | (276,439 | ) | (292,855 | ) | (277,214 | ) | (303,541 | ) | ||||||||||
| Average total tangible common equity | $ | 897,446 | $ | 869,240 | $ | 700,747 | $ | 847,889 | $ | 642,917 | ||||||||||
| Adjusted net income reconciliation | ||||||||||||||||||||
| Net income available to common shareholders | $ | 20,743 | $ | 24,813 | $ | 6,637 | $ | 84,401 | $ | 13,316 | ||||||||||
| After tax gain on pension plan curtailment | - | - | - | - | (2,643 | ) | ||||||||||||||
|
After tax unrealized fair market value loss on subordinated debentures |
1,003 | - | 1,332 | 1,645 | 6,743 | |||||||||||||||
| Corporate reorganization expense | 1,430 | - | - | 1,430 | - | |||||||||||||||
| Accelerated accretion from redemption of preferred stock | - | - | - | 1,452 | - | |||||||||||||||
| Tax expense from sale of Christiana | - | - | 5,486 | - | 5,486 | |||||||||||||||
| BOLI tax expense | - | - | - | - | 8,081 | |||||||||||||||
| Goodwill impairment | - | - | - | - | 8,250 | |||||||||||||||
| Adjusted net income available to common shareholders | $ | 23,176 | $ | 24,813 | $ | 13,455 | $ | 88,928 | $ | 39,233 | ||||||||||
| Earnings per share | ||||||||||||||||||||
| Net income available to common shareholders | $ | 0.14 | $ | 0.16 | $ | 0.05 | $ | 0.56 | $ | 0.10 | ||||||||||
| After tax gain on pension plan curtailment | - | - | - | - | (0.02 | ) | ||||||||||||||
|
After tax unrealized fair market value loss on subordinated debentures |
0.01 | - | 0.01 | 0.01 | 0.05 | |||||||||||||||
| Corporate reorganization expense | 0.01 | - | - | 0.01 | - | |||||||||||||||
| Accelerated accretion from redemption of preferred stock | - | - | - | 0.01 | - | |||||||||||||||
| Tax expense from sale of Christiana | - | - | 0.04 | - | 0.05 | |||||||||||||||
| BOLI tax expense | - | - | - | - | 0.06 | |||||||||||||||
| Goodwill impairment | - | - | - | - | 0.06 | |||||||||||||||
| Adjusted net income available to common shareholders | $ | 0.16 | $ | 0.16 | $ | 0.10 | $ | 0.59 | $ | 0.30 | ||||||||||
| Financial Update for National Penn Bancshares (NPBC) for 12/31/2011 | ||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | As of | |||||||||||||||||||
| 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | ||||||||||||||||
| BALANCE SHEET - ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 129,637 | $ | 116,057 | $ | 105,918 | $ | 113,031 | $ | 90,283 | ||||||||||
| Interest-earning deposits with banks | 321,885 | 422,942 | 513,132 | 392,337 | 612,099 | |||||||||||||||
| Total cash and cash equivalents | 451,522 | 538,999 | 619,050 | 505,368 | 702,382 | |||||||||||||||
| Investment securities available for sale, at fair value | 1,747,019 | 1,790,654 | 1,696,682 | 1,622,395 | 1,632,118 | |||||||||||||||
| Investment securities held to maturity | 496,574 | 509,773 | 518,578 | 535,488 | 546,957 | |||||||||||||||
| Other securities | 70,518 | 72,851 | 75,308 | 77,894 | 80,615 | |||||||||||||||
| Loans held for sale | 12,216 | 17,144 | 8,852 | 5,561 | 12,785 | |||||||||||||||
| Loans and leases | 5,175,885 | 5,144,131 | 5,170,074 | 5,239,585 | 5,313,938 | |||||||||||||||
| Allowance for loan and lease losses | (126,640 | ) | (131,073 | ) | (137,909 | ) | (142,960 | ) | (150,054 | ) | ||||||||||
| Loans and leases, net | 5,049,245 | 5,013,058 | 5,032,165 | 5,096,625 | 5,163,884 | |||||||||||||||
| Premises and equipment, net | 96,198 | 100,880 | 103,017 | 103,771 | 105,483 | |||||||||||||||
| Accrued interest receivable | 30,991 | 33,110 | 31,862 | 34,264 | 33,829 | |||||||||||||||
| Bank owned life insurance | 138,274 | 137,017 | 136,606 | 135,373 | 134,154 | |||||||||||||||
| Other real estate owned and other repossessed assets | 7,716 | 8,029 | 8,407 | 7,653 | 7,453 | |||||||||||||||
| Goodwill | 258,279 | 258,279 | 258,279 | 258,279 | 258,279 | |||||||||||||||
| Other intangible assets, net | 15,770 | 17,370 | 18,970 | 20,530 | 22,217 | |||||||||||||||
| Unconsolidated investments under the equity method | 12,173 | 11,927 | 12,327 | 12,211 | 11,482 | |||||||||||||||
| Other assets | 99,786 | 102,550 | 113,038 | 127,855 | 132,982 | |||||||||||||||
| TOTAL ASSETS | $ | 8,486,281 | $ | 8,611,641 | $ | 8,633,141 | $ | 8,543,267 | $ | 8,844,620 | ||||||||||
| BALANCE SHEET - LIABILITIES | ||||||||||||||||||||
| Non-interest bearing deposits | $ | 863,703 | $ | 833,311 | $ | 839,811 | $ | 834,321 | $ | 808,835 | ||||||||||
| Interest bearing deposits | 5,011,116 | 5,159,680 | 5,104,350 | 5,098,695 | 5,250,338 | |||||||||||||||
| Total deposits | 5,874,819 | 5,992,991 | 5,944,161 | 5,933,016 | 6,059,173 | |||||||||||||||
| Customer repurchase agreements | 523,978 | 500,099 | 573,628 | 531,256 | 569,455 | |||||||||||||||
| Structured repurchase agreements | 85,000 | 140,000 | 165,000 | 165,000 | 165,000 | |||||||||||||||
| Short-term borrowings | - | 6,400 | 6,390 | 6,184 | 10,000 | |||||||||||||||
| Federal Home Loan Bank advances | 616,111 | 619,946 | 627,332 | 627,716 | 703,761 | |||||||||||||||
| Subordinated debentures | 145,310 | 143,767 | 143,261 | 142,831 | 142,780 | |||||||||||||||
| Accrued interest payable and other liabilities | 60,376 | 44,234 | 39,856 | 39,655 | 57,014 | |||||||||||||||
| TOTAL LIABILITIES | 7,305,594 | 7,447,437 | 7,499,628 | 7,445,658 | 7,707,183 | |||||||||||||||
| BALANCE SHEET - SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Preferred stock | - | - | - | - | 148,441 | |||||||||||||||
| Common stock | 1,383,082 | 1,380,728 | 1,379,690 | 1,379,014 | 1,292,342 | |||||||||||||||
| Retained deficit | (223,189 | ) | (237,862 | ) | (258,125 | ) | (279,817 | ) | (293,940 | ) | ||||||||||
| Accumulated other comprehensive income/(loss) | 20,794 | 21,338 | 11,948 | (1,588 | ) | (9,406 | ) | |||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 1,180,687 | 1,164,204 | 1,133,513 | 1,097,609 | 1,137,437 | |||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 8,486,281 | $ | 8,611,641 | $ | 8,633,141 | $ | 8,543,267 | $ | 8,844,620 | ||||||||||
| COMMON SHARE AND PER SHARE DATA | ||||||||||||||||||||
| Book Value | $ | 7.77 | $ | 7.67 | $ | 7.47 | $ | 7.24 | $ | 7.23 | ||||||||||
| Tangible Book Value (2) | $ | 5.97 | $ | 5.86 | $ | 5.65 | $ | 5.40 | $ | 5.18 | ||||||||||
| Dividends | $ | 0.04 | $ | 0.03 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||||
| Shares Outstanding (end of period, net of treasury) | 151,883,036 | 151,714,696 | 151,660,444 | 151,506,511 | 136,792,414 | |||||||||||||||
| (2) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
| Total shareholders' equity | $ | 1,180,687 | $ | 1,164,204 | $ | 1,133,513 | $ | 1,097,609 | $ | 1,137,437 | ||||||||||
| Total preferred shareholders' equity | - | - | - | - | (148,441 | ) | ||||||||||||||
| Goodwill and intangibles | (274,049 | ) | (275,649 | ) | (277,249 | ) | (278,809 | ) | (280,496 | ) | ||||||||||
| Tangible common equity | $ | 906,638 | $ | 888,555 | $ | 856,264 | $ | 818,800 | $ | 708,500 | ||||||||||
| Common shares outstanding | 151,883,036 | 151,714,696 | 151,660,444 | 151,506,511 | 136,792,414 | |||||||||||||||
| Tangible book value per share | $ | 5.97 | $ | 5.86 | $ | 5.65 | $ | 5.40 | $ | 5.18 | ||||||||||
| Total assets | $ | 8,486,281 | $ | 8,611,641 | $ | 8,633,141 | $ | 8,543,267 | $ | 8,844,620 | ||||||||||
| Goodwill and intangibles | (274,049 | ) | (275,649 | ) | (277,249 | ) | (278,809 | ) | (280,496 | ) | ||||||||||
| Tangible assets | $ | 8,212,232 | $ | 8,335,992 | $ | 8,355,892 | $ | 8,264,458 | $ | 8,564,124 | ||||||||||
| Tangible common equity/tangible assets | 11.04 | % | 10.66 | % | 10.25 | % | 9.91 | % | 8.27 | % | ||||||||||
| Financial Update for National Penn Bancshares (NPBC) for 12/31/2011 | ||||||||||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | For the Quarter Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||
| 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | ||||||||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||||||||||
| Loans and leases, including fees | $ | 64,040 | $ | 65,795 | $ | 67,553 | $ | 69,228 | $ | 73,496 | $ | 266,616 | $ | 306,207 | ||||||||||||||
| Investment securities | ||||||||||||||||||||||||||||
| Taxable | 11,310 | 11,591 | 11,552 | 11,357 | 11,272 | 45,810 | 44,984 | |||||||||||||||||||||
| Tax-exempt | 8,076 | 8,337 | 8,401 | 8,493 | 8,569 | 33,307 | 34,906 | |||||||||||||||||||||
| Deposits with banks | 255 | 332 | 234 | 280 | 408 | 1,101 | 1,152 | |||||||||||||||||||||
| Total interest income | 83,681 | 86,055 | 87,740 | 89,358 | 93,745 | 346,834 | 387,249 | |||||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||||||
| Deposits | 8,272 | 9,881 | 10,974 | 11,407 | 13,411 | 40,534 | 63,929 | |||||||||||||||||||||
| Customer repurchase agreements | 556 | 593 | 645 | 712 | 847 | 2,506 | 4,180 | |||||||||||||||||||||
| Structured repurchase agreements | 1,316 | 1,697 | 1,701 | 1,683 | 1,720 | 6,397 | 6,826 | |||||||||||||||||||||
| Short-term borrowings | - | - | - | - | - | - | - | |||||||||||||||||||||
| Federal Home Loan Bank advances | 6,987 | 7,073 | 7,039 | 7,217 | 7,732 | 28,316 | 31,537 | |||||||||||||||||||||
| Subordinated debentures | 2,029 | 2,394 | 2,386 | 2,369 | 2,394 | 9,178 | 9,545 | |||||||||||||||||||||
| Total interest expense | 19,160 | 21,638 | 22,745 | 23,388 | 26,104 | 86,931 | 116,017 | |||||||||||||||||||||
| Net interest income | 64,521 | 64,417 | 64,995 | 65,970 | 67,641 | 259,903 | 271,232 | |||||||||||||||||||||
| Provision for loan and lease losses | 2,000 | - | 3,000 | 10,000 | 17,500 | 15,000 | 95,000 | |||||||||||||||||||||
| Net interest income after provision for loan and lease losses | 62,521 | 64,417 | 61,995 | 55,970 | 50,141 | 244,903 | 176,232 | |||||||||||||||||||||
| NON-INTEREST INCOME | ||||||||||||||||||||||||||||
| Wealth management income | 5,616 | 6,227 | 5,856 | 5,924 | 6,917 | 23,623 | 28,253 | |||||||||||||||||||||
| Service charges on deposit accounts | 4,608 | 4,880 | 4,616 | 4,664 | 5,358 | 18,768 | 21,564 | |||||||||||||||||||||
| Insurance commissions and fees | 3,107 | 3,406 | 3,520 | 3,221 | 3,423 | 13,254 | 14,332 | |||||||||||||||||||||
| Cash management and electronic banking fees | 4,613 | 4,590 | 4,645 | 4,371 | 4,584 | 18,219 | 17,904 | |||||||||||||||||||||
| Mortgage banking income | 1,481 | 1,349 | 1,014 | 1,080 | 2,590 | 4,924 | 7,398 | |||||||||||||||||||||
| Bank owned life insurance income | 1,288 | 1,733 | 1,233 | 1,220 | 1,501 | 5,474 | 5,932 | |||||||||||||||||||||
| Earnings of unconsolidated investments | 246 | 99 | 116 | 1,700 | 140 | 2,161 | 799 | |||||||||||||||||||||
| Other operating income | 2,019 | 2,339 | 1,818 | 2,055 | 1,638 | 8,231 | 9,523 | |||||||||||||||||||||
| Gain on pension plan curtailment | - | - | - | - | - | - | 4,066 | |||||||||||||||||||||
| Loss on sale of building | - | (1,000 | ) | - | - | - | (1,000 | ) | - | |||||||||||||||||||
| Net (losses) from fair value changes on subordinated debentures | (1,543 | ) | (506 | ) | (430 | ) | (51 | ) | (2,049 | ) | (2,530 | ) | (10,373 | ) | ||||||||||||||
| Loss on debt extinguishment | (1,635 | ) | (998 | ) | - | - | - | (2,633 | ) | - | ||||||||||||||||||
| Net gains on sales of investment securities | 1,697 | 1,022 | - | - | - | 2,719 | 214 | |||||||||||||||||||||
| Impairment losses on investment securities: | ||||||||||||||||||||||||||||
| Impairment losses on investment securities | - | - | - | - | (444 | ) | - | (1,390 | ) | |||||||||||||||||||
|
Non credit-related losses on securities not expected to be sold recognized in other comprehensive loss before tax |
- | - | - | - | - | - | - | |||||||||||||||||||||
| Net impairment losses on investment securities | - | - | - | - | (444 | ) | - | (1,390 | ) | |||||||||||||||||||
| Total non-interest income | 21,497 | 23,141 | 22,388 | 24,184 | 23,658 | 91,210 | 98,222 | |||||||||||||||||||||
| NON-INTEREST EXPENSE | ||||||||||||||||||||||||||||
| Salaries, wages and employee benefits | 29,598 | 30,809 | 30,408 | 31,449 | 31,499 | 122,264 | 123,471 | |||||||||||||||||||||
| Net premises and equipment | 7,652 | 7,228 | 6,787 | 7,272 | 7,460 | 28,939 | 29,923 | |||||||||||||||||||||
| FDIC insurance | 1,442 | 2,213 | 2,726 | 3,457 | 3,411 | 9,838 | 15,205 | |||||||||||||||||||||
| Corporate reorganization expense | 2,200 | - | - | - | - | 2,200 | - | |||||||||||||||||||||
| Goodwill impairment | - | - | - | - | - | - | 8,250 | |||||||||||||||||||||
| Other operating expenses | 16,494 | 14,803 | 14,200 | 14,659 | 17,123 | 60,156 | 64,827 | |||||||||||||||||||||
| Total non-interest expense | 57,386 | 55,053 | 54,121 | 56,837 | 59,493 | 223,397 | 241,676 | |||||||||||||||||||||
| Income before income taxes | 26,632 | 32,505 | 30,262 | 23,317 | 14,306 | 112,716 | 32,778 | |||||||||||||||||||||
| Income tax expense | 5,889 | 7,692 | 7,054 | 4,537 | 5,664 | 25,172 | 11,441 | |||||||||||||||||||||
| NET INCOME | 20,743 | 24,813 | 23,208 | 18,780 | 8,642 | 87,544 | 21,337 | |||||||||||||||||||||
| Preferred dividends and accretion of preferred discount | - | - | - | (1,691 | ) | (2,005 | ) | (1,691 | ) | (8,021 | ) | |||||||||||||||||
| Accelerated accretion from redemption of preferred stock | - | - | - | (1,452 | ) | - | (1,452 | ) | - | |||||||||||||||||||
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 20,743 | $ | 24,813 | $ | 23,208 | $ | 15,637 | $ | 6,637 | $ | 84,401 | $ | 13,316 | ||||||||||||||
| PER SHARE OF COMMON STOCK | ||||||||||||||||||||||||||||
| Basic earnings available to common shareholders | $ | 0.14 | $ | 0.16 | $ | 0.15 | $ | 0.10 | $ | 0.05 | $ | 0.56 | $ | 0.10 | ||||||||||||||
| Diluted earnings available to common shareholders | $ | 0.14 | $ | 0.16 | $ | 0.15 | $ | 0.10 | $ | 0.05 | $ | 0.56 | $ | 0.10 | ||||||||||||||
| Average Shares Basic | 151,773,327 | 151,693,223 | 151,601,052 | 150,461,063 | 134,380,086 | 151,386,614 | 128,118,298 | |||||||||||||||||||||
| Average Shares Diluted | 152,068,706 | 151,927,269 | 151,835,402 | 150,765,883 | 134,471,788 | 151,653,646 | 128,186,651 | |||||||||||||||||||||
| SUPPLEMENTAL DATA (annualized, average) | ||||||||||||||||||||||||||||
| Return on Assets | 0.97 | % | 1.15 | % | 1.08 | % | 0.88 | % | 0.38 | % | 1.02 | % | 0.23 | % | ||||||||||||||
| Return on Total Equity | 7.02 | % | 8.59 | % | 8.37 | % | 6.39 | % | 3.00 | % | 7.58 | % | 1.95 | % | ||||||||||||||
| Return on Common Equity | 7.02 | % | 8.59 | % | 8.37 | % | 5.93 | % | 2.65 | % | 7.50 | % | 1.41 | % | ||||||||||||||
| Return on Tangible Common Equity (1) | 9.17 | % | 11.33 | % | 11.16 | % | 8.03 | % | 3.76 | % | 9.95 | % | 2.07 | % | ||||||||||||||
| Efficiency Ratio (3) | 59.73 | % | 58.54 | % | 58.25 | % | 59.61 | % | 60.36 | % | 59.03 | % | 58.78 | % | ||||||||||||||
| (3) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||||||||
| Efficiency Ratio Calculation | ||||||||||||||||||||||||||||
| Non-interest expense | $ | 57,386 | $ | 55,053 | $ | 54,121 | $ | 56,837 | $ | 59,493 | $ | 223,397 | $ | 241,676 | ||||||||||||||
| Less: | ||||||||||||||||||||||||||||
| Corporate reorganization expense | 2,200 | - | - | - | - | 2,200 | - | |||||||||||||||||||||
| Goodwill impairment | - | - | - | - | - | - | 8,250 | |||||||||||||||||||||
| Operating expenses | $ | 55,186 | $ | 55,053 | $ | 54,121 | $ | 56,837 | $ | 59,493 | $ | 221,197 | $ | 233,426 | ||||||||||||||
| Net interest income (taxable equivalent) | $ | 69,409 | $ | 69,426 | $ | 70,087 | $ | 71,112 | $ | 72,849 | $ | 280,034 | $ | 292,615 | ||||||||||||||
| Non-interest income (loss) | 21,497 | 23,141 | 22,388 | 24,184 | 23,658 | 91,210 | 98,222 | |||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||
| Gain on pension plan curtailment | - | - | - | - | - | - | 4,066 | |||||||||||||||||||||
| Loss on sale of building | - | (1,000 | ) | - | - | - | (1,000 | ) | - | |||||||||||||||||||
| Loss on debt extinguishment | (1,635 | ) | (998 | ) | - | - | - | (2,633 | ) | - | ||||||||||||||||||
| Net (losses) from fair value changes on subordinated debentures | (1,543 | ) | (506 | ) | (430 | ) | (51 | ) | (2,049 | ) | (2,530 | ) | (10,373 | ) | ||||||||||||||
| Net gains on sales of investment securities | 1,697 | 1,022 | - | - | - | 2,719 | - | |||||||||||||||||||||
| Adjusted revenue | $ | 92,387 | $ | 94,049 | $ | 92,905 | $ | 95,347 | $ | 98,556 | $ | 374,688 | $ | 397,144 | ||||||||||||||
| Efficiency Ratio | 59.73 | % | 58.54 | % | 58.25 | % | 59.61 | % | 60.36 | % | 59.03 | % | 58.78 | % | ||||||||||||||
| Financial Update for National Penn Bancshares (NPBC) for 12/31/2011 | ||||||||||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||
| As of and for the Quarter Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||
| CHARGE-OFFS | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | |||||||||||||||||||||
| Loan Charge-offs | $ | 9,896 | $ | 8,374 | $ | 10,512 | $ | 18,753 | $ | 22,456 | $ | 47,535 | $ | 100,560 | ||||||||||||||
| Recoveries on Loans | (3,463 | ) | (1,538 | ) | (2,461 | ) | (1,659 | ) | (2,443 | ) | (9,121 | ) | (10,251 | ) | ||||||||||||||
| Net Loan Charge-offs | $ | 6,433 | $ | 6,836 | $ | 8,051 | $ | 17,094 | $ | 20,013 | $ | 38,414 | $ | 90,309 | ||||||||||||||
| Net Loan Charge-offs to Average Loans (annualized) | 0.50 | % | 0.53 | % | 0.61 | % | 1.31 | % | 1.44 | % | 0.74 | % | 1.57 | % | ||||||||||||||
| NET CHARGE OFF DETAIL | ||||||||||||||||||||||||||||
| Commercial and Industrial Loans and Leases | $ | 2,648 | $ | 1,962 | $ | 5,066 | $ | 9,319 | $ | 7,363 | $ | 18,995 | $ | 20,402 | ||||||||||||||
| Commercial Real Estate-Permanent | 517 | 83 | 1,242 | 3,946 | 2,903 | 5,788 | 6,427 | |||||||||||||||||||||
| Commercial Real Estate-Construction | (1,337 | ) | 2,637 | 828 | 873 | 1,973 | 3,001 | 39,626 | ||||||||||||||||||||
| Total Commercial Real Estate Loans | (820 | ) | 2,720 | 2,070 | 4,819 | 4,876 | 8,789 | 46,053 | ||||||||||||||||||||
| Residential Mortgages | 993 | 998 | 483 | 1,643 | 5,620 | 4,117 | 15,156 | |||||||||||||||||||||
| Home Equity Lines and Loans | 2,429 | 596 | 833 | 1,158 | 1,280 | 5,016 | 3,338 | |||||||||||||||||||||
| All other Consumer Loans | 1,183 | 560 | (401 | ) | 155 | 874 | 1,497 | 5,360 | ||||||||||||||||||||
| Total Consumer Loans | 4,605 | 2,154 | 915 | 2,956 | 7,774 | 10,630 | 23,854 | |||||||||||||||||||||
| Net Loans Charged-off | $ | 6,433 | $ | 6,836 | $ | 8,051 | $ | 17,094 | $ | 20,013 | $ | 38,414 | $ | 90,309 | ||||||||||||||
| As of | ||||||||||||||||||||||||||||
| ASSET QUALITY AND OTHER DATA | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||||||||||
| Non-Accrual Commercial and Industrial Loans and Leases | $ | 31,081 | $ | 29,995 | $ | 31,275 | $ | 34,122 | $ | 34,869 | ||||||||||||||||||
| Non-Accrual Commercial Real Estate-Permanent | 7,403 | 8,314 | 11,879 | 15,407 | 17,821 | |||||||||||||||||||||||
| Non-Accrual Commercial Real Estate-Construction | 12,218 | 14,549 | 15,844 | 18,012 | 19,392 | |||||||||||||||||||||||
| Total Non-Accrual Commercial Real Estate Loans | 19,621 | 22,863 | 27,723 | 33,419 | 37,213 | |||||||||||||||||||||||
| Non-Accrual Residential Mortgages | 4,504 | 4,472 | 5,196 | 5,303 | 5,802 | |||||||||||||||||||||||
| Non-Accrual Home Equity Lines and Loans | 3,046 | 1,763 | 1,527 | 1,965 | 2,133 |
|
||||||||||||||||||||||
| All other Non-Accrual Consumer Loans | 3,176 | 1,907 | 2,062 | 1,810 | 2,094 | |||||||||||||||||||||||
| Total Non-Accrual Consumer Loans | 10,726 | 8,142 | 8,785 | 9,078 | 10,029 | |||||||||||||||||||||||
| Total Non-Accrual Loans | 61,428 | 61,000 | 67,783 | 76,619 | 82,111 | |||||||||||||||||||||||
| Restructured Loans | 5,548 | 4,372 | 3,833 | 351 | - | |||||||||||||||||||||||
| Loans 90+ Days Past Due & Still Accruing | 2,010 | 1,408 | 1,567 | 2,183 | 1,753 | |||||||||||||||||||||||
| Total Non-performing Loans | 68,986 | 66,780 | 73,183 | 79,153 | 83,864 | |||||||||||||||||||||||
| Other Real Estate Owned & Repossessed Assets | 7,716 | 8,029 | 8,407 | 7,653 | 7,453 | |||||||||||||||||||||||
| Total Non-performing Assets | $ | 76,702 | $ | 74,809 | $ | 81,590 | $ | 86,806 | $ | 91,317 | ||||||||||||||||||
| Allowance for Loan and Lease Losses | $ | 126,640 | $ | 131,073 | $ | 137,909 | $ | 142,960 | $ | 150,054 | ||||||||||||||||||
| Allowance for Loan and Lease Losses/Non-Performing Loans | 183.6 | % | 196.3 | % | 188.4 | % | 180.6 | % | 178.9 | % | ||||||||||||||||||
| Allowance for Loan and Lease Losses/Non-Performing Assets | 165.1 | % | 175.2 | % | 169.0 | % | 164.7 | % | 164.3 | % | ||||||||||||||||||
| Provision/Charge-Offs, net | 31.1 | % | 0.0 | % | 37.3 | % | 58.5 | % | 87.4 | % | ||||||||||||||||||
| Classified Loans | $ | 370,439 | $ | 374,850 | $ | 403,145 | $ | 438,275 | $ | 479,336 | ||||||||||||||||||
| Classified Loans/Total Loans and Leases | 7.14 | % | 7.26 | % | 7.78 | % | 8.36 | % | 9.00 | % | ||||||||||||||||||
| Delinquent Loans | $ | 24,801 | $ | 28,824 | $ | 20,413 | $ | 25,342 | $ | 27,806 | ||||||||||||||||||
| Delinquent Loans/Total Loans and Leases | 0.48 | % | 0.56 | % | 0.39 | % | 0.48 | % | 0.52 | % | ||||||||||||||||||
| As of | ||||||||||||||||||||||||||||
| REGULATORY CAPITAL DATA | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||||||||||
| Tier 1 Capital | $ | 978,302 | $ | 955,766 | $ | 922,457 | $ | 889,473 | $ | 924,143 | ||||||||||||||||||
| Tier 1 Leverage Ratio | 12.00 | % | 11.63 | % | 11.20 | % | 10.66 | % | 10.59 | % | ||||||||||||||||||
| Tier 1 Ratio (%) | 17.12 | % | 16.85 | % | 16.43 | % | 15.66 | % | 16.12 | % | ||||||||||||||||||
| Total Capital | $ | 1,050,417 | $ | 1,027,393 | $ | 992,729 | $ | 960,459 | $ | 996,288 | ||||||||||||||||||
| Total Capital Ratio (%) | 18.38 | % | 18.12 | % | 17.68 | % | 16.91 | % | 17.38 | % | ||||||||||||||||||
| Total Risk-Weighted Assets | $ | 5,714,643 | $ | 5,670,722 | $ | 5,615,341 | $ | 5,679,123 | $ | 5,732,730 | ||||||||||||||||||
| Financial Update for National Penn Bancshares (NPBC) for 12/31/2011 | ||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| PERIOD END BALANCES: | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||
| Earning Assets / Liabilities | ||||||||||||||||||||
|
Loan Breakdown: (Regulatory) |
||||||||||||||||||||
| Commercial/Industrial | $ | 833,534 | $ | 813,356 | $ | 838,489 | $ | 808,118 | $ | 804,602 | ||||||||||
| Commercial Real Estate (1) | 1,737,383 | 1,697,975 | 1,715,616 | 1,749,215 | 1,740,029 | |||||||||||||||
| Residential Mortgage | 1,270,896 | 1,272,478 | 1,295,463 | 1,295,014 | 1,294,751 | |||||||||||||||
| Real Estate Construction and Land Development | 212,306 | 216,250 | 207,643 | 270,584 | 339,242 | |||||||||||||||
| Home Equity | 771,792 | 766,299 | 764,467 | 738,629 | 755,829 | |||||||||||||||
| Consumer | 209,082 | 213,014 | 213,570 | 228,904 | 236,107 | |||||||||||||||
| Other Loans | 153,108 | 181,903 | 143,678 | 154,682 | 156,163 | |||||||||||||||
| Total Loans | 5,188,101 | 5,161,275 | 5,178,926 | 5,245,146 | 5,326,723 | |||||||||||||||
| Allowance for Loan and Lease Losses/Total Loans and Leases | 2.44 | % | 2.54 | % | 2.66 | % | 2.73 | % | 2.82 | % | ||||||||||
| Investment Securities and Other Securities | 2,314,111 | 2,373,278 | 2,290,568 | 2,235,777 | 2,259,690 | |||||||||||||||
| Other Earning Assets | 321,885 | 422,942 | 513,132 | 392,337 | 612,099 | |||||||||||||||
| Total Earning Assets (net of loan loss reserve) | $ | 7,697,457 | $ | 7,826,422 | $ | 7,844,717 | $ | 7,730,300 | $ | 8,048,458 | ||||||||||
| (1) Includes owner occupied | ||||||||||||||||||||
|
Loan Breakdown: (Internal) |
||||||||||||||||||||
| Commercial & Industrial Loans and Leases | ||||||||||||||||||||
| Business Purpose, Real Estate secured | $ | 895,028 | $ | 892,952 | $ | 884,606 | $ | 896,521 | $ | 948,506 | ||||||||||
| Business Purpose, not secured by Real Estate | 919,720 | 927,631 | 913,115 | 888,249 | 886,692 | |||||||||||||||
| Owner Occupied Commercial Real Estate | ||||||||||||||||||||
| - Permanent | 563,963 | 566,732 | 577,092 | 578,332 | 552,129 | |||||||||||||||
| - Construction / Development | 36,631 | 28,927 | 27,003 | 38,775 | 37,196 | |||||||||||||||
| Leasing | 4,685 | 5,796 | 7,125 | 9,054 | 10,437 | |||||||||||||||
| Total Commercial & Industrial Loans & Leases | 2,420,027 | 2,422,038 | 2,408,941 | 2,410,931 | 2,434,960 | |||||||||||||||
| Commercial Real Estate | ||||||||||||||||||||
| Non Owner Occupied | ||||||||||||||||||||
| - Permanent | 855,524 | 798,106 | 818,564 | 819,875 | 768,988 | |||||||||||||||
| - Construction / Development | 156,064 | 168,537 | 171,063 | 206,924 | 281,056 | |||||||||||||||
| Total Commercial Real Estate | 1,011,588 | 966,643 | 989,627 | 1,026,799 | 1,050,044 | |||||||||||||||
| Consumer Loans | ||||||||||||||||||||
| Residential Mortgage (personal purpose) | ||||||||||||||||||||
| Permanent | 704,655 | 709,342 | 719,578 | 736,862 | 745,516 | |||||||||||||||
| Construction | 5,667 | 7,606 | 5,909 | 4,505 | 7,113 | |||||||||||||||
| Total Residential Mortgages | 710,322 | 716,948 | 725,487 | 741,367 | 752,629 | |||||||||||||||
| Home Equity Loans and Direct Installment Loans | 337,242 | 362,808 | 388,173 | 415,599 | 423,755 | |||||||||||||||
| Home Equity Lines of Credit | 410,316 | 394,386 | 367,127 | 325,186 | 321,369 | |||||||||||||||
| Total Home Equity Lines and Loans | 747,558 | 757,194 | 755,300 | 740,785 | 745,124 | |||||||||||||||
| Private Banking Credit Lines | 121,296 | 112,011 | 119,850 | 139,721 | 150,811 | |||||||||||||||
| Indirect Vehicle Loans and Other | 165,094 | 169,297 | 170,869 | 179,982 | 180,370 | |||||||||||||||
| All Other Consumer Loans | 286,390 | 281,308 | 290,719 | 319,703 | 331,181 | |||||||||||||||
| Total Consumer Loans | 1,744,270 | 1,755,450 | 1,771,506 | 1,801,855 | 1,828,934 | |||||||||||||||
| Loans and Leases | 5,175,885 | 5,144,131 | 5,170,074 | 5,239,585 | 5,313,938 | |||||||||||||||
| Loans Held for Sale | 12,216 | 17,144 | 8,852 | 5,561 | 12,785 | |||||||||||||||
| Total Loans and Leases | $ | 5,188,101 | $ | 5,161,275 | $ | 5,178,926 | $ | 5,245,146 | $ | 5,326,723 | ||||||||||
|
Deposit Breakdown: |
||||||||||||||||||||
| Savings | $ | 454,003 | $ | 451,767 | $ | 464,055 | $ | 457,395 | $ | 438,879 | ||||||||||
| NOW Accounts | 1,293,148 | 1,311,819 | 1,158,161 | 1,128,644 | 1,181,850 | |||||||||||||||
| Money Market Accounts | 1,686,909 | 1,651,185 | 1,631,779 | 1,655,115 | 1,664,620 | |||||||||||||||
| CDs less than $100k | 1,138,908 | 1,213,798 | 1,261,026 | 1,433,808 | 1,378,060 | |||||||||||||||
| CDs $100k or greater | 438,148 | 531,111 | 589,329 | 423,733 | 586,929 | |||||||||||||||
| Total Interest Bearing Deposits | 5,011,116 | 5,159,680 | 5,104,350 | 5,098,695 | 5,250,338 | |||||||||||||||
| Non-Interest Bearing Deposits | 863,703 | 833,311 | 839,811 | 834,321 | 808,835 | |||||||||||||||
| Total Deposits | $ | 5,874,819 | $ | 5,992,991 | $ | 5,944,161 | $ | 5,933,016 | $ | 6,059,173 | ||||||||||
| Financial Update for National Penn Bancshares (NPBC) for 12/31/2011 | ||||||||||||||||||||||||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||||||||||||||||
| Quarterly, as of | Twelve Months, as of | |||||||||||||||||||||||||||||||||||||||||
| 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | ||||||||||||||||||||||||||||||||||||
| Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | |||||||||||||||||||||||||||||
| Total Loans | $ | 5,149,546 | 4.99 | % | $ | 5,122,557 | 5.15 | % | $ | 5,228,365 | 5.24 | % | $ | 5,311,204 | 5.34 | % | $ | 5,506,513 | 5.35 | % | $ | 5,202,255 | 5.18 | % | $ | 5,761,647 | 5.37 | % | ||||||||||||||
| Investment Securities | 2,355,178 | 3.97 | % | 2,287,630 | 4.21 | % | 2,258,355 | 4.32 | % | 2,245,416 | 4.39 | % | 2,274,090 | 4.24 | % | 2,286,948 | 4.22 | % | 2,234,045 | 4.39 | % | |||||||||||||||||||||
| Interest Earning Deposits | 390,228 | 0.26 | % | 543,410 | 0.24 | % | 467,157 | 0.20 | % | 508,684 | 0.22 | % | 642,204 | 0.25 | % | 477,226 | 0.23 | % | 495,042 | 0.23 | % | |||||||||||||||||||||
| Total Earning Assets | 7,894,952 | 4.45 | % | 7,953,597 | 4.54 | % | 7,953,877 | 4.68 | % | 8,065,304 | 4.75 | % | 8,422,807 | 4.66 | % | 7,966,429 | 4.61 | % | 8,490,734 | 4.81 | % | |||||||||||||||||||||
| Total Assets | 8,525,271 | 3.89 | % | 8,588,269 | 3.98 | % | 8,599,923 | 4.09 | % | 8,701,649 | 4.16 | % | 9,122,895 | 4.30 | % | 8,603,252 | 4.03 | % | 9,220,791 | 4.43 | % | |||||||||||||||||||||
| Savings | 454,688 | 0.15 | % | 456,271 | 0.18 | % | 462,870 | 0.18 | % | 442,830 | 0.19 | % | 435,069 | 0.20 | % | 454,203 | 0.18 | % | 437,796 | 0.27 | % | |||||||||||||||||||||
| NOW Accounts | 1,269,670 | 0.17 | % | 1,211,663 | 0.18 | % | 1,188,644 | 0.22 | % | 1,148,991 | 0.22 | % | 1,265,646 | 0.23 | % | 1,205,092 | 0.20 | % | 1,195,331 | 0.32 | % | |||||||||||||||||||||
| Money Market Accounts | 1,669,090 | 0.44 | % | 1,647,975 | 0.59 | % | 1,638,733 | 0.60 | % | 1,656,059 | 0.59 | % | 1,682,091 | 0.60 | % | 1,652,986 | 0.55 | % | 1,715,233 | 0.81 | % | |||||||||||||||||||||
| CDs | 1,668,098 | 1.36 | % | 1,798,414 | 1.47 | % | 1,857,969 | 1.66 | % | 1,889,073 | 1.76 | % | 2,124,910 | 1.85 | % | 1,802,769 | 1.57 | % | 2,311,017 | 1.95 | % | |||||||||||||||||||||
| Total Interest Bearing Deposits | 5,061,546 | 0.65 | % | 5,114,323 | 0.77 | % | 5,148,216 | 0.85 | % | 5,136,953 | 0.90 | % | 5,507,716 | 0.97 | % | 5,115,050 | 0.79 | % | 5,659,377 | 1.13 | % | |||||||||||||||||||||
| Non-Interest Bearing Deposits | 835,699 | 837,953 | 837,635 | 813,704 | 818,330 | 831,326 | 812,275 | |||||||||||||||||||||||||||||||||||
| Total Deposits | 5,897,245 | 0.56 | % | 5,952,276 | 0.66 | % | 5,985,851 | 0.74 | % | 5,950,657 | 0.78 | % | 6,326,046 | 0.84 | % | 5,946,376 | 0.68 | % | 6,471,652 | 0.99 | % | |||||||||||||||||||||
| Customer repurchase agreements | 514,961 | 0.43 | % | 512,847 | 0.46 | % | 522,147 | 0.50 | % | 546,100 | 0.53 | % | 592,234 | 0.57 | % | 523,898 | 0.48 | % | 578,409 | 0.72 | % | |||||||||||||||||||||
| Structured repurchase agreements | 128,968 | 4.05 | % | 163,098 | 4.13 | % | 165,000 | 4.13 | % | 165,000 | 4.14 | % | 165,000 | 4.14 | % | 155,438 | 4.12 | % | 165,000 | 4.14 | % | |||||||||||||||||||||
| Short-term borrowings | 6,638 | 0.00 | % | 6,732 | 0.00 | % | 6,713 | 0.00 | % | 6,850 | 0.00 | % | 7,080 | 0.00 | % | 6,733 | 0.00 | % | 6,900 | 0.00 | % | |||||||||||||||||||||
| Federal Home Loan Bank advances | 616,411 | 4.50 | % | 623,713 | 4.50 | % | 627,525 | 4.50 | % | 651,208 | 4.49 | % | 704,670 | 4.35 | % | 629,603 | 4.50 | % | 725,651 | 4.35 | % | |||||||||||||||||||||
| Subordinated debentures | 143,800 | 5.60 | % | 143,266 | 6.63 | % | 142,836 | 6.70 | % | 142,781 | 6.73 | % | 140,753 | 6.75 | % | 143,174 | 6.41 | % | 137,785 | 6.93 | % | |||||||||||||||||||||
| Total Deposits and borrowings | 7,308,023 | 1.04 | % | 7,401,932 | 1.16 | % | 7,450,072 | 1.22 | % | 7,462,596 | 1.27 | % | 7,935,783 | 1.31 | % | 7,405,222 | 1.17 | % | 8,085,397 | 1.43 | % | |||||||||||||||||||||
| Total Interest Bearing Liabilities | $ | 6,472,324 | 1.17 | % | $ | 6,563,979 | 1.31 | % | $ | 6,612,437 | 1.38 | % | $ | 6,648,892 | 1.43 | % | $ | 7,117,453 | 1.46 | % | $ | 6,573,896 | 1.32 | % | 7,273,122 | 1.60 | % | |||||||||||||||
| Net Yield on Earning Assets: (Margin) | 3.49 | % | 3.46 | % | 3.53 | % | 3.58 | % | 3.43 | % | 3.52 | % | 3.45 | % | ||||||||||||||||||||||||||||
| Wealth Assets: | ||||||||||||||||||||||||||||||||||||||||||
| Assets under administration | $ | 4,197,612 | $ | 4,067,918 | $ | 4,364,447 | $ | 4,057,142 | $ | 3,973,910 | ||||||||||||||||||||||||||||||||
| Assets under management | 2,141,737 | 2,118,076 | 2,247,042 | 2,136,596 | 2,092,149 | |||||||||||||||||||||||||||||||||||||
| (included above) | ||||||||||||||||||||||||||||||||||||||||||
| Christiana Bank and Trust | ||||||||||||||||||||||||||||||||||||||||||
| Trust Revenues | $ | - | $ | - | $ | - | $ | - | $ |
862 |
(a) |
|
$ | - | $ | 5,563 |
(a) |
|
||||||||||||||||||||||||
| (a) Through December 3, 2010 | ||||||||||||||||||||||||||||||||||||||||||
| Financial Update for National Penn Bancshares (NPBC) for 12/31/2011 | |||||||||||||||
| Unaudited, dollars in thousands except share and per share data | |||||||||||||||
| Quarterly, as of | |||||||||||||||
| 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||
| STATES OF OPERATION AND BANKING OFFICES | |||||||||||||||
| BY STATE (LATEST AVAILABLE DATA) | |||||||||||||||
|
PA |
|||||||||||||||
| Total Number of Banking Offices | 121 | 122 | 122 | 122 | 124 | ||||||||||
| Total Number of Insured Subsidiaries | |||||||||||||||
| (Bank & Thrift Subsidiaries) | 1 | 1 | 1 | 1 | 1 | ||||||||||
| Total Number of ATMs | 128 | 129 | 131 | 132 | 133 | ||||||||||
|
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 | ||||||||||
|
TOTAL |
|||||||||||||||
| Total Number of Banking Offices | 122 | 123 | 123 | 123 | 125 | ||||||||||
| Total Number of Insured Subsidiaries | |||||||||||||||
| (Bank & Thrift Subsidiaries) | 1 | 1 | 1 | 1 | 1 | ||||||||||
| Total Number of ATMs | 129 | 130 | 132 | 133 | 134 | ||||||||||
| EOP Employees (Full Time Equivalent) | 1,688 | 1,683 | 1,700 | 1,676 | 1,728 | ||||||||||