BOYERTOWN, Pa.--(BUSINESS WIRE)--National Penn Bancshares, Inc. (Nasdaq: NPBC) reported adjusted net income1 of $23.4 million, or $0.16 per diluted share, for the first quarter of 2013, which excludes the impact of two previously announced strategic initiatives. Specifically, adjusted net income1 excludes an after-tax expense of $0.29 per diluted share associated with the repayment of $400 million of FHLB advances and an after-tax gain of $0.01 per diluted share from the redemption of National Penn’s retail trust preferred securities (formerly Nasdaq: NPBCO). Inclusive of these items, the first quarter of 2013 resulted in a net loss of $17.4 million, or $0.12 per diluted share. For the fourth quarter of 2012, net income was $25.1 million, or $0.17 per diluted share.
“The theme of consistent earnings with strong operating fundamentals and performance metrics continued in the quarter,” said Scott V. Fainor, president and CEO of National Penn. “The strength of our balance sheet and capital afforded us the opportunity to reduce higher-cost borrowings and eliminate higher-rate trust preferred securities, which will benefit our net interest margin in this prolonged low interest rate environment while maintaining our ability to manage our capital position in the future.”
Asset quality continued to be strong in the first quarter of 2013 and the provision for loan losses declined to $1.5 million from $2.0 million in the previous quarter. Classified loans further declined by 7% during the quarter to $243 million and declined by 30% compared to the prior year period. Non-performing loans and annualized net charge-offs were comparable on a linked-quarter basis with net charge-offs representing 0.41% and 0.35% of total loans, respectively. The allowance for loan losses represented approximately 2% of total loans outstanding and 200% of non-performing loans at both March 31, 2013 and December 31, 2012.
Net interest margin increased in the quarter to 3.49% from 3.46% in the fourth quarter of 2012. The partial quarter benefit of the redemption of 7.85% trust preferred securities and the repayment and refinance of $400 million of longer-term borrowings offset the impact of assets repricing at lower rates. These initiatives reduced the cost of interest-bearing liabilities to 0.72% from 0.87%. A disciplined approach to growing loans in the current economic and interest rate environment continued as longer-term fixed rate mortgages were sold into the secondary market and credit underwriting focused on generating quality commercial loans, which increased in the quarter at an annualized rate of approximately 5%.
Operating expenses, which declined 5% in 2012, totaled $52.4 million in the first quarter of 2013 and were comparable to the operating expenses in the fourth quarter and the first quarter of 2012. The efficiency ratio1 was 58.6% in the quarter and was modestly impacted by the seasonality of some revenue items. Mortgage banking revenue declined in the quarter to $1.9 million, compared to $2.5 million in the fourth quarter, driven by both seasonality and lower refinance activity. Adjusted for the number of calendar days in the quarter, net interest income was comparable.
Continued strong performance and capital levels provided the basis for National Penn’s Board of Directors to declare a second quarter 2013 cash dividend of ten cents per common share payable on May 17, 2013 to shareholders of record as of May 3, 2013. At March 31, 2013, the Company’s tier 1 common and tangible common equity to tangible assets ratios were 14.17% and 10.79%, respectively.
Scott V. Fainor stated, “The strategies we implemented during the quarter are consistent with our risk management appetite for addressing the impact of the low rate environment on the industry’s net interest margin. These initiatives provided a better risk-reward proposition than other alternatives such as assuming the interest rate risk associated with longer-term fixed rate lending.”
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with approximately $8.3 billion in assets, is a bank holding company based in Pennsylvania. Headquartered in Boyertown, National Penn Bank operates 119 branch offices comprising 118 branches in Pennsylvania and one branch in Maryland.
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; and National Penn Insurance Services Group, Inc., including its Higgins Insurance and Caruso Benefits Group divisions.
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 also adjusted to 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: difficult conditions in the capital markets and the economy generally, regulatory requirements or other actions mandated by National Penn’s regulators, 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), delayed improvement in the credit quality of loans, the effect of credit risk exposure, the ability to strategically manage our capital position and to raise capital, allowance for loan losses may prove inadequate, variations in interest rates, unanticipated costs from our corporate relocation plan, the geographic concentration of National Penn’s operations, declines in the value of National Penn’s assets and the effect of any resulting impairment charges, competition for personnel and from other financial institutions, interruptions or breaches of National Penn’s security systems, the development and maintenance of National Penn’s information technology, potential dilution of National Penn’s shareholders, the ability of National Penn and its subsidiaries to pay dividends, severe weather and natural disasters, and the nature and frequency of litigation and other similar proceedings to which National Penn may be a party . 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, 2012, 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.
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2013 | |||||||||||||||
| Unaudited, dollars in thousands except share and per share data | |||||||||||||||
| As of | |||||||||||||||
| 3/31/2013 | 12/31/2012 | 3/31/2012 | |||||||||||||
| SUMMARY BALANCE SHEET | |||||||||||||||
| Total assets | $ | 8,323,777 | $ | 8,529,522 | $ | 8,524,035 | |||||||||
| Investment securities and other securities | 2,333,548 | 2,334,739 | 2,335,421 | ||||||||||||
| Total loans | 5,249,773 | 5,240,882 | 5,201,656 | ||||||||||||
| Deposits | 6,184,060 | 5,935,565 | 5,888,383 | ||||||||||||
| Borrowings | 922,092 | 1,344,324 | 1,387,235 | ||||||||||||
| Shareholders' equity | 1,136,798 | 1,161,292 | 1,200,830 | ||||||||||||
| Tangible book value per common share (2) | $ | 5.97 | $ | 6.15 | $ | 6.09 | |||||||||
| Tangible common equity / tangible assets (2) | 10.79 | % | 10.80 | % | 11.25 | % | |||||||||
| Three Months Ended | |||||||||||||||
| 3/31/2013 | 12/31/2012 | 3/31/2012 | |||||||||||||
| EARNINGS | |||||||||||||||
| Total interest income | $ | 72,595 | $ | 77,174 | $ | 81,414 | |||||||||
| Total interest expense | 10,971 | 13,739 | 17,596 | ||||||||||||
| Net interest income | 61,624 | 63,435 | 63,818 | ||||||||||||
| Provision for loan losses | 1,500 | 2,000 | 2,000 | ||||||||||||
| Net interest income after provision for loan losses | 60,124 | 61,435 | 61,818 | ||||||||||||
| Net gains (losses) from fair value changes of subordinated debentures | 2,111 | (253 | ) | 1,645 | |||||||||||
| Net gains on investment securities | 25 | 4 | - | ||||||||||||
| Other non-interest income | 23,441 | 24,755 | 22,596 | ||||||||||||
| Loss on debt extinguishment | 64,888 | - | - | ||||||||||||
| Other non-interest expense | 52,434 | 52,262 | 52,440 | ||||||||||||
| Income (loss) before income taxes | (31,621 | ) | 33,679 | 33,619 | |||||||||||
| Income tax expense (benefit) | (14,217 | ) | 8,535 | 8,317 | |||||||||||
| Net income (loss) | $ | (17,404 | ) | $ | 25,144 | $ | 25,302 | ||||||||
| PERFORMANCE RATIOS | |||||||||||||||
| Net interest margin | 3.49 | % | 3.46 | % | 3.55 | % | |||||||||
| Return on average assets | NM | 1.19 | % | 1.21 | % | ||||||||||
| Adjusted return on average assets (3) | 1.14 | % | 1.19 | % | 1.16 | % | |||||||||
| Return on average total shareholders' equity | NM | 8.33 | % | 8.56 | % | ||||||||||
| Return on average tangible common equity (1) | NM | 10.74 | % | 11.12 | % | ||||||||||
| Efficiency ratio (4) | 58.61 | % | 56.40 | % | 57.47 | % | |||||||||
| PER SHARE | |||||||||||||||
| Basic earnings | $ | (0.12 | ) | $ | 0.17 | $ | 0.17 | ||||||||
| Diluted earnings | (0.12 | ) | 0.17 | 0.17 | |||||||||||
| Dividends | - | (a) | 0.20 | (a) | 0.05 | ||||||||||
| Average shares - basic | 145,394,967 | 148,304,167 | 152,099,546 | ||||||||||||
| Average shares - diluted | 145,394,967 | 148,610,097 | 152,392,315 | ||||||||||||
| (1) RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES | Three Months Ended | ||||||||||||||
| 3/31/2013 | 12/31/2012 | 3/31/2012 | |||||||||||||
| Return on average tangible common equity | |||||||||||||||
| Return on average shareholders' equity | NM | 8.33 | % | 8.56 | % | ||||||||||
| Effect of goodwill and intangibles | NM | 2.41 | % | 2.56 | % | ||||||||||
| Return on average tangible common equity | NM | 10.74 | % | 11.12 | % | ||||||||||
| Average tangible equity: | |||||||||||||||
| Average shareholders' equity | $ | 1,142,829 | $ | 1,200,514 | $ | 1,188,384 | |||||||||
| Average goodwill and intangibles | (268,336 | ) | (269,495 | ) | (273,360 | ) | |||||||||
| Average total tangible common equity | $ | 874,493 | $ | 931,019 | $ | 915,024 | |||||||||
| Adjusted net income reconciliation | |||||||||||||||
| Net income | $ | (17,404 | ) | $ | 25,144 | $ | 25,302 | ||||||||
| After tax unrealized fair value (gain) loss on subordinated debentures | (1,372 | ) | 164 | (1,069 | ) | ||||||||||
| After tax loss on debt extinguishment | 42,177 | - | - | ||||||||||||
| Adjusted net income | $ | 23,401 | $ | 25,308 | $ | 24,233 | |||||||||
| Earnings per share | |||||||||||||||
| Net income | $ | (0.12 | ) | $ | 0.17 | $ | 0.17 | ||||||||
| After tax unrealized fair value gain on subordinated debentures | (0.01 | ) | - | (0.01 | ) | ||||||||||
| After tax loss on debt extinguishment | 0.29 | - | - | ||||||||||||
| Adjusted net income | $ | 0.16 | $ | 0.17 | $ | 0.16 | |||||||||
| (a) The 4th quarter of 2012 includes payment of the 1st quarter 2013 cash dividend of $0.10 per common share | |||||||||||||||
| "NM" - Denotes a value displayed as a percentage is not meaningful | |||||||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2013 | |||||||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | As of | ||||||||||||||||||||||||
| 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | |||||||||||||||||||||
| BALANCE SHEET - ASSETS | |||||||||||||||||||||||||
| Cash and due from banks | $ | 87,588 | $ | 145,688 | $ | 120,421 | $ | 115,564 | $ | 108,752 | |||||||||||||||
| Interest-earning deposits with banks | 93,024 | 282,440 | 211,943 | 221,419 | 344,427 | ||||||||||||||||||||
| Total cash and cash equivalents | 180,612 | 428,128 | 332,364 | 336,983 | 453,179 | ||||||||||||||||||||
| Investment securities available-for-sale, at fair value | 1,813,348 | 1,802,213 | 1,773,579 | 1,769,359 | 1,779,613 | ||||||||||||||||||||
| Investment securities held-to-maturity | 458,041 | 464,166 | 472,884 | 481,341 | 487,507 | ||||||||||||||||||||
| Other securities | 62,159 | 68,360 | 63,996 | 66,194 | 68,301 | ||||||||||||||||||||
| Loans held-for-sale | 14,934 | 14,330 | 22,703 | 16,908 | 16,909 | ||||||||||||||||||||
| Loans | 5,234,839 | 5,226,552 | 5,234,151 | 5,193,859 | 5,184,747 | ||||||||||||||||||||
| Allowance for loan losses | (107,164 | ) | (110,955 | ) | (113,542 | ) | (116,650 | ) | (121,452 | ) | |||||||||||||||
| Loans, net | 5,127,675 | 5,115,597 | 5,120,609 | 5,077,209 | 5,063,295 | ||||||||||||||||||||
| Premises and equipment, net | 95,592 | 96,334 | 96,349 | 96,566 | 95,937 | ||||||||||||||||||||
| Accrued interest receivable | 29,524 | 28,526 | 31,448 | 30,511 | 31,241 | ||||||||||||||||||||
| Bank owned life insurance | 144,452 | 143,242 | 141,991 | 140,747 | 139,507 | ||||||||||||||||||||
| Other real estate owned and other repossessed assets | 2,729 | 3,029 | 7,174 | 7,201 | 7,647 | ||||||||||||||||||||
| Goodwill | 258,279 | 258,279 | 258,279 | 258,279 | 258,279 | ||||||||||||||||||||
| Other intangible assets, net | 9,533 | 10,614 | 11,852 | 13,085 | 14,408 | ||||||||||||||||||||
| Unconsolidated investments | 9,354 | 11,347 | 11,337 | 10,109 | 11,699 | ||||||||||||||||||||
| Other assets | 117,545 | 85,357 | 90,961 | 91,372 | 96,513 | ||||||||||||||||||||
| TOTAL ASSETS | $ | 8,323,777 | $ | 8,529,522 | $ | 8,435,526 | $ | 8,395,864 | $ | 8,524,035 | |||||||||||||||
| BALANCE SHEET - LIABILITIES | |||||||||||||||||||||||||
| Non-interest bearing deposits | $ | 919,783 | $ | 891,401 | $ | 902,295 | $ | 903,766 | $ | 884,025 | |||||||||||||||
| Interest bearing deposits | 5,264,277 | 5,044,164 | 5,045,449 | 4,941,777 | 5,004,358 | ||||||||||||||||||||
| Total deposits | 6,184,060 | 5,935,565 | 5,947,744 | 5,845,543 | 5,888,383 | ||||||||||||||||||||
| Customer repurchase agreements | 549,894 | 560,065 | 534,613 | 533,389 | 542,706 | ||||||||||||||||||||
| Structured repurchase agreements | 175,000 | 75,000 | 75,000 | 85,000 | 85,000 | ||||||||||||||||||||
| Short-term borrowings | - | 100,000 | - | - | - | ||||||||||||||||||||
| Federal Home Loan Bank advances (b) | 119,877 | 464,632 | 462,720 | 535,613 | 615,863 | ||||||||||||||||||||
| Subordinated debentures | 77,321 | 144,627 | 144,374 | 144,475 | 143,666 | ||||||||||||||||||||
| Accrued interest payable and other liabilities | 80,827 | 88,341 | 56,745 | 52,084 | 47,587 | ||||||||||||||||||||
| TOTAL LIABILITIES | 7,186,979 | 7,368,230 | 7,221,196 | 7,196,104 | 7,323,205 | ||||||||||||||||||||
| BALANCE SHEET - SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
| Common stock | 1,385,255 | 1,387,644 | 1,387,073 | 1,386,177 | 1,384,657 | ||||||||||||||||||||
| Accumulated deficit | (203,084 | ) | (185,680 | ) | (181,225 | ) | (193,715 | ) | (205,497 | ) | |||||||||||||||
| Accumulated other comprehensive income | 15,981 | 24,329 | 28,617 | 25,435 | 21,670 | ||||||||||||||||||||
| Treasury stock | (61,354 | ) | (65,001 | ) | (20,135 | ) | (18,137 | ) | - | ||||||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 1,136,798 | 1,161,292 | 1,214,330 | 1,199,760 | 1,200,830 | ||||||||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 8,323,777 | $ | 8,529,522 | $ | 8,435,526 | $ | 8,395,864 | $ | 8,524,035 | |||||||||||||||
| PER SHARE DATA | |||||||||||||||||||||||||
| Book value | $ | 7.81 | $ | 8.00 | $ | 8.09 | $ | 7.98 | $ | 7.88 | |||||||||||||||
| Tangible book value (2) | $ | 5.97 | $ | 6.15 | $ | 6.29 | $ | 6.18 | $ | 6.09 | |||||||||||||||
| Dividends - quarterly | $ | - | (a) | $ | 0.20 | (a) | $ | 0.09 | $ | 0.07 | $ | 0.05 | |||||||||||||
| Shares outstanding (end of period, net of treasury) | 145,551,796 | 145,163,585 | 150,048,383 | 150,258,232 | 152,295,895 | ||||||||||||||||||||
| (2) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||
| Total shareholders' equity | $ | 1,136,798 | $ | 1,161,292 | $ | 1,214,330 | $ | 1,199,760 | $ | 1,200,830 | |||||||||||||||
| Goodwill and intangibles | (267,812 | ) | (268,893 | ) | (270,131 | ) | (271,364 | ) | (272,687 | ) | |||||||||||||||
| Tangible common equity | $ | 868,986 | $ | 892,399 | $ | 944,199 | $ | 928,396 | $ | 928,143 | |||||||||||||||
| Shares outstanding | 145,551,796 | 145,163,585 | 150,048,383 | 150,258,232 | 152,295,895 | ||||||||||||||||||||
| Tangible book value per share | $ | 5.97 | $ | 6.15 | $ | 6.29 | $ | 6.18 | $ | 6.09 | |||||||||||||||
| Total assets | $ | 8,323,777 | $ | 8,529,522 | $ | 8,435,526 | $ | 8,395,864 | $ | 8,524,035 | |||||||||||||||
| Goodwill and intangibles | (267,812 | ) | (268,893 | ) | (270,131 | ) | (271,364 | ) | (272,687 | ) | |||||||||||||||
| Tangible assets | $ | 8,055,965 | $ | 8,260,629 | $ | 8,165,395 | $ | 8,124,500 | $ | 8,251,348 | |||||||||||||||
| Tangible common equity/tangible assets | 10.79 | % | 10.80 | % | 11.56 | % | 11.43 | % | 11.25 | % | |||||||||||||||
| (3) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||
| Adjusted net income (1) | $ | 23,401 | $ | 25,308 | $ | 25,950 | $ | 22,975 | $ | 24,233 | |||||||||||||||
| Average assets | $ | 8,298,815 | $ | 8,440,642 | $ | 8,386,342 | $ | 8,473,164 | $ | 8,397,381 | |||||||||||||||
| Adjusted return on average assets (annualized) | 1.14 | % | 1.19 | % | 1.23 | % | 1.09 | % | 1.16 | % | |||||||||||||||
| (a) The 4th quarter of 2012 includes payment of the 1st quarter 2013 cash dividend of $0.10 per common share | |||||||||||||||||||||||||
| (b) Net of unamortized prepayment fees of $65.5 million and $67.6 million at December 31, 2012 and September 30, 2012, respectively | |||||||||||||||||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2013 | |||||||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | For the Quarter Ended | ||||||||||||||||||||||||
| 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | |||||||||||||||||||||
| INTEREST INCOME | |||||||||||||||||||||||||
| Loans, including fees | $ | 55,721 | $ | 59,005 | $ | 60,269 | $ | 61,116 | $ | 62,291 | |||||||||||||||
| Investment securities | |||||||||||||||||||||||||
| Taxable | 9,685 | 10,050 | 10,525 | 10,941 | 11,209 | ||||||||||||||||||||
| Tax-exempt | 7,114 | 7,233 | 7,402 | 7,636 | 7,781 | ||||||||||||||||||||
| Deposits with banks | 75 | 886 | 148 | 203 | 133 | ||||||||||||||||||||
| Total interest income | 72,595 | 77,174 | 78,344 | 79,896 | 81,414 | ||||||||||||||||||||
| INTEREST EXPENSE | |||||||||||||||||||||||||
| Deposits | 5,914 | 6,177 | 6,472 | 6,879 | 7,294 | ||||||||||||||||||||
| Customer repurchase agreements | 498 | 510 | 511 | 545 | 550 | ||||||||||||||||||||
| Structured repurchase agreements | 719 | 802 | 843 | 915 | 915 | ||||||||||||||||||||
| Short-term borrowings | 41 | 1 | - | - | - | ||||||||||||||||||||
| Federal Home Loan Bank advances | 2,334 | 4,410 | 5,105 | 6,501 | 6,967 | ||||||||||||||||||||
| Subordinated debentures | 1,465 | 1,839 | 1,859 | 1,857 | 1,870 | ||||||||||||||||||||
| Total interest expense | 10,971 | 13,739 | 14,790 | 16,697 | 17,596 | ||||||||||||||||||||
| Net interest income | 61,624 | 63,435 | 63,554 | 63,199 | 63,818 | ||||||||||||||||||||
| Provision for loan losses | 1,500 | 2,000 | 2,000 | 2,000 | 2,000 | ||||||||||||||||||||
| Net interest income after provision for loan losses | 60,124 | 61,435 | 61,554 | 61,199 | 61,818 | ||||||||||||||||||||
| NON-INTEREST INCOME | |||||||||||||||||||||||||
| Wealth management income | 6,831 | 6,224 | 6,239 | 6,005 | 6,161 | ||||||||||||||||||||
| Service charges on deposit accounts | 3,770 | 4,140 | 4,147 | 3,753 | 3,823 | ||||||||||||||||||||
| Insurance commissions and fees | 3,267 | 3,113 | 3,238 | 3,211 | 3,296 | ||||||||||||||||||||
| Cash management and electronic banking fees | 4,451 | 4,761 | 4,626 | 4,707 | 4,420 | ||||||||||||||||||||
| Mortgage banking income | 1,855 | 2,498 | 2,296 | 1,511 | 1,335 | ||||||||||||||||||||
| Bank owned life insurance income | 1,228 | 1,326 | 1,319 | 1,255 | 1,209 | ||||||||||||||||||||
| (Losses) earnings of unconsolidated investments | (14 | ) | 138 | 1,315 | 108 | (74 | ) | ||||||||||||||||||
| Other operating income | 2,053 | 2,555 | 3,484 | 993 | 2,426 | ||||||||||||||||||||
| Net gains (losses) from fair value changes of subordinated debentures | 2,111 | (253 | ) | 101 | (810 | ) | 1,645 | ||||||||||||||||||
| Net gains (losses) on sales of investment securities | 25 | 4 | - | (123 | ) | - | |||||||||||||||||||
| Impairment losses on investment securities: | |||||||||||||||||||||||||
| Impairment related losses on investment securities | - | - | - | (154 | ) | - | |||||||||||||||||||
|
Non credit-related losses on securities not expected to be sold recognized in other comprehensive income before tax |
- | - | - | - | - | ||||||||||||||||||||
| Net impairment losses on investment securities | - | - | - | (154 | ) | - | |||||||||||||||||||
| Total non-interest income | 25,577 | 24,506 | 26,765 | 20,456 | 24,241 | ||||||||||||||||||||
| NON-INTEREST EXPENSE | |||||||||||||||||||||||||
| Salaries, wages and employee benefits | 30,873 | 30,789 | 31,555 | 31,234 | 31,381 | ||||||||||||||||||||
| Premises and equipment | 7,491 | 7,396 | 7,226 | 7,349 | 6,853 | ||||||||||||||||||||
| FDIC insurance | 1,213 | 1,162 | 1,259 | 1,211 | 1,264 | ||||||||||||||||||||
| Other operating expenses | 12,857 | 12,915 | 13,299 | 12,475 | 12,942 | ||||||||||||||||||||
| Loss on debt extinguishment | 64,888 | - | - | - | - | ||||||||||||||||||||
| Total non-interest expense | 117,322 | 52,262 | 53,339 | 52,269 | 52,440 | ||||||||||||||||||||
| Income (loss) before income taxes | (31,621 | ) | 33,679 | 34,980 | 29,386 | 33,619 | |||||||||||||||||||
| Income tax expense (benefit) | (14,217 | ) | 8,535 | 8,964 | 6,938 | 8,317 | |||||||||||||||||||
| NET INCOME (LOSS) | $ | (17,404 | ) | $ | 25,144 | $ | 26,016 | $ | 22,448 | $ | 25,302 | ||||||||||||||
| PER SHARE | |||||||||||||||||||||||||
| Basic earnings | $ | (0.12 | ) | $ | 0.17 | $ | 0.17 | $ | 0.15 | $ | 0.17 | ||||||||||||||
| Diluted earnings | $ | (0.12 | ) | $ | 0.17 | $ | 0.17 | $ | 0.15 | $ | 0.17 | ||||||||||||||
| Average shares - basic | 145,394,967 | 148,304,167 | 150,157,622 | 151,732,402 | 152,099,546 | ||||||||||||||||||||
| Average shares - diluted | 145,394,967 | 148,610,097 | 150,454,749 | 152,011,995 | 152,392,315 | ||||||||||||||||||||
| SUPPLEMENTAL DATA (annualized, average) | |||||||||||||||||||||||||
| Return on assets | NM | 1.19 | % | 1.23 | % | 1.07 | % | 1.21 | % | ||||||||||||||||
| Adjusted return on assets (3) | 1.14 | % | 1.19 | % | 1.23 | % | 1.09 | % | 1.16 | % | |||||||||||||||
| Return on total equity | NM | 8.33 | % | 8.60 | % | 7.50 | % | 8.56 | % | ||||||||||||||||
| Return on common equity | NM | 8.33 | % | 8.60 | % | 7.50 | % | 8.56 | % | ||||||||||||||||
| Return on tangible common equity (1) | NM | 10.74 | % | 11.10 | % | 9.69 | % | 11.12 | % | ||||||||||||||||
| Efficiency ratio (4) | 58.61 | % | 56.40 | % | 56.26 | % | 58.42 | % | 57.47 | % | |||||||||||||||
| (4) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||
| Efficiency Ratio Calculation | |||||||||||||||||||||||||
| Non-interest expense | $ | 117,322 | $ | 52,262 | $ | 53,339 | $ | 52,269 | $ | 52,440 | |||||||||||||||
| Less: | |||||||||||||||||||||||||
| Loss on debt extinguishment | 64,888 | - | - | - | - | ||||||||||||||||||||
| Operating expenses | $ | 52,434 | $ | 52,262 | $ | 53,339 | $ | 52,269 | $ | 52,440 | |||||||||||||||
| Net interest income (taxable equivalent) | $ | 66,015 | $ | 67,909 | $ | 68,139 | $ | 67,929 | $ | 68,645 | |||||||||||||||
| Non-interest income | 25,577 | 24,506 | 26,765 | 20,456 | 24,241 | ||||||||||||||||||||
| Less: | |||||||||||||||||||||||||
| Net gains (losses) from fair value changes of subordinated debentures | 2,111 | (253 | ) | 101 | (810 | ) | 1,645 | ||||||||||||||||||
| Net gains (losses) on investment securities | 25 | 4 | - | (277 | ) | - | |||||||||||||||||||
| Adjusted revenue | $ | 89,456 | $ | 92,664 | $ | 94,803 | $ | 89,472 | $ | 91,241 | |||||||||||||||
| Efficiency Ratio | 58.61 | % | 56.40 | % | 56.26 | % | 58.42 | % | 57.47 | % | |||||||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2013 | |||||||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||||||||
| For the Quarter Ended | |||||||||||||||||||||||||
| CHARGE-OFFS | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | ||||||||||||||||||||
| Loan charge-offs | $ | 6,382 | $ | 5,876 | $ | 5,993 | $ | 7,907 | $ | 8,722 | |||||||||||||||
| Recoveries on loans | (1,091 | ) | (1,289 | ) | (885 | ) | (1,105 | ) | (1,534 | ) | |||||||||||||||
| Net loan charge-offs | $ | 5,291 | $ | 4,587 | $ | 5,108 | $ | 6,802 | $ | 7,188 | |||||||||||||||
| Net loan charge-offs to average loans (annualized) | 0.41 | % | 0.35 | % | 0.39 | % | 0.53 | % | 0.56 | % | |||||||||||||||
| NET CHARGE-OFF DETAIL | |||||||||||||||||||||||||
| Commercial and industrial loans | $ | 1,869 | $ | 2,029 | $ | 1,116 | $ | 5,196 | $ | 1,925 | |||||||||||||||
| Commercial real estate-permanent | 282 | 301 | 481 | 595 | 1,933 | ||||||||||||||||||||
| Commercial real estate-construction | 318 | 266 | 1,755 | (148 | ) | 673 | |||||||||||||||||||
| Total commercial real estate loans | 600 | 567 | 2,236 | 447 | 2,606 | ||||||||||||||||||||
| Residential mortgages | 1,333 | 988 | 742 | 328 | 560 | ||||||||||||||||||||
| Home equity lines and loans | 747 | 515 | 517 | 404 | 1,855 | ||||||||||||||||||||
| All other consumer loans | 742 | 488 | 497 | 427 | 242 | ||||||||||||||||||||
| Total consumer loans | 2,822 | 1,991 | 1,756 | 1,159 | 2,657 | ||||||||||||||||||||
| Net loans charged-off | $ | 5,291 | $ | 4,587 | $ | 5,108 | $ | 6,802 | $ | 7,188 | |||||||||||||||
| As of | |||||||||||||||||||||||||
| ASSET QUALITY AND OTHER DATA | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | ||||||||||||||||||||
| Non-accrual commercial and industrial loans | $ | 23,323 | $ | 24,653 | $ | 31,109 | $ | 33,984 | $ | 32,485 | |||||||||||||||
| Non-accrual commercial real estate-permanent | 5,489 | 2,984 | 3,780 | 2,999 | 5,156 | ||||||||||||||||||||
| Non-accrual commercial real estate-construction | 6,067 | 5,446 | 5,149 | 6,959 | 14,336 | ||||||||||||||||||||
| Total non-accrual commercial real estate loans | 11,556 | 8,430 | 8,929 | 9,958 | 19,492 | ||||||||||||||||||||
| Non-accrual residential mortgages | 5,608 | 7,066 | 6,242 | 4,301 | 4,077 | ||||||||||||||||||||
| Non-accrual home equity lines and loans | 4,364 | 3,692 | 3,458 | 2,555 | 2,110 | ||||||||||||||||||||
| All other non-accrual consumer loans | 1,595 | 1,705 | 1,823 | 1,753 | 1,695 | ||||||||||||||||||||
| Total non-accrual consumer loans | 11,567 | 12,463 | 11,523 | 8,609 | 7,882 | ||||||||||||||||||||
| Total non-accrual loans | 46,446 | 45,546 | 51,561 | 52,551 | 59,859 | ||||||||||||||||||||
| Restructured loans | 7,314 | 8,362 | 6,726 | 6,468 | 6,506 | ||||||||||||||||||||
| Total non-performing loans | 53,760 | 53,908 | 58,287 | 59,019 | 66,365 | ||||||||||||||||||||
| Other real estate owned and repossessed assets | 2,729 | 3,029 | 7,174 | 7,201 | 7,647 | ||||||||||||||||||||
| Total non-performing assets | 56,489 | 56,937 | 65,461 | 66,220 | 74,012 | ||||||||||||||||||||
| Loans 90+ days past due & still accruing | 2,324 | 2,027 | 2,628 | 3,426 | 1,588 | ||||||||||||||||||||
| Total non-performing assets and loans 90+ days past due | $ | 58,813 | $ | 58,964 | $ | 68,089 | $ | 69,646 | $ | 75,600 | |||||||||||||||
| Allowance for loan losses | $ | 107,164 | $ | 110,955 | $ | 113,542 | $ | 116,650 | $ | 121,452 | |||||||||||||||
| Allowance for loan losses/non-performing loans | 199.3 | % | 205.8 | % | 194.8 | % | 197.6 | % | 183.0 | % | |||||||||||||||
| Allowance for loan losses/non-performing assets and loans 90+ days past due | 182.2 | % | 188.2 | % | 166.8 | % | 167.5 | % | 160.7 | % | |||||||||||||||
| Allowance for loan losses/total loans | 2.04 | % | 2.12 | % | 2.16 | % | 2.24 | % | 2.33 | % | |||||||||||||||
| Provision/charge-offs, net | 28.4 | % | 43.6 | % | 39.2 | % | 29.4 | % | 27.8 | % | |||||||||||||||
| Classified loans | $ | 242,560 | $ | 261,293 | $ | 296,213 | $ | 301,542 | $ | 347,033 | |||||||||||||||
| Classified loans/total loans | 4.62 | % | 4.99 | % | 5.63 | % | 5.79 | % | 6.67 | % | |||||||||||||||
| Delinquent loans (c) | $ | 24,110 | $ | 24,048 | $ | 23,519 | $ | 24,144 | $ | 24,068 | |||||||||||||||
| Delinquent loans/total loans | 0.46 | % | 0.46 | % | 0.45 | % | 0.46 | % | 0.46 | % | |||||||||||||||
| As of | |||||||||||||||||||||||||
| REGULATORY CAPITAL DATA | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | ||||||||||||||||||||
| Tier 1 Capital | $ | 927,397 | $ | 982,148 | $ | 1,024,888 | $ | 1,008,052 | $ | 1,005,009 | |||||||||||||||
| Tier 1 Leverage Ratio | 11.63 | % | 12.16 | % | 12.78 | % | 12.44 | % | 12.53 | % | |||||||||||||||
| Tier 1 Ratio (%) | 15.41 | % | 16.54 | % | 17.45 | % | 17.45 | % | 17.46 | % | |||||||||||||||
| Total Capital | $ | 1,002,999 | $ | 1,056,835 | $ | 1,098,814 | $ | 1,080,807 | $ | 1,077,587 | |||||||||||||||
| Total Capital Ratio (%) | 16.67 | % | 17.80 | % | 18.70 | % | 18.71 | % | 18.72 | % | |||||||||||||||
| Total Risk-Weighted Assets | $ | 6,016,630 | $ | 5,938,708 | $ | 5,874,448 | $ | 5,776,537 | $ | 5,757,306 | |||||||||||||||
| (c) Includes loans 30-89 days past due and loans 90+ days past due and still accruing | |||||||||||||||||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2013 | ||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||
| PERIOD END BALANCES: | As of | |||||||||||||||||||
| 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | ||||||||||||||||
| Earning Assets / Liabilities | ||||||||||||||||||||
|
Loan portfolio composition (regulatory): |
||||||||||||||||||||
| Commercial / industrial | $ | 857,728 | $ | 868,135 | $ | 846,484 | $ | 856,237 | $ | 853,379 | ||||||||||
| Commercial real estate (d) | 1,863,381 | 1,838,681 | 1,803,532 | 1,759,792 | 1,753,986 | |||||||||||||||
| Residential mortgage | 1,191,075 | 1,234,425 | 1,262,897 | 1,262,633 | 1,269,505 | |||||||||||||||
| Real estate construction and land development | 180,298 | 161,341 | 189,293 | 194,942 | 210,976 | |||||||||||||||
| Home equity | 776,166 | 782,717 | 776,023 | 765,902 | 756,803 | |||||||||||||||
| Consumer | 201,349 | 208,856 | 207,333 | 207,999 | 210,069 | |||||||||||||||
| Other loans | 179,776 | 146,727 | 171,292 | 163,262 | 146,938 | |||||||||||||||
| Total loans | 5,249,773 | 5,240,882 | 5,256,854 | 5,210,767 | 5,201,656 | |||||||||||||||
| Investment securities and other securities | 2,333,548 | 2,334,739 | 2,310,459 | 2,316,894 | 2,335,421 | |||||||||||||||
| Other earning assets | 93,024 | 282,440 | 211,943 | 221,419 | 344,427 | |||||||||||||||
| Total earning assets (net of loan loss reserve) | $ | 7,569,181 | $ | 7,747,106 | $ | 7,665,714 | $ | 7,632,430 | $ | 7,760,052 | ||||||||||
| (d) Includes owner occupied | ||||||||||||||||||||
|
Loan portfolio composition (internal): |
||||||||||||||||||||
| Commercial & industrial loans | ||||||||||||||||||||
| Business purpose, real estate secured | $ | 891,229 | $ | 886,160 | $ | 879,326 | $ | 879,413 | $ | 864,284 | ||||||||||
| Business purpose, not secured by real estate | 1,000,141 | 977,875 | 979,042 | 975,852 | 963,641 | |||||||||||||||
| Owner occupied commercial real estate | ||||||||||||||||||||
| Permanent | 604,278 | 599,729 | 572,298 | 572,686 | 572,103 | |||||||||||||||
| Construction / development | 32,603 | 30,523 | 31,181 | 36,451 | 38,546 | |||||||||||||||
| Leasing | 1,128 | 1,568 | 2,102 | 2,670 | 3,330 | |||||||||||||||
| Total commercial & industrial loans | 2,529,379 | 2,495,855 | 2,463,949 | 2,467,072 | 2,441,904 | |||||||||||||||
| Commercial real estate | ||||||||||||||||||||
| Non-owner occupied | ||||||||||||||||||||
| Permanent | 898,519 | 907,760 | 918,511 | 874,570 | 878,499 | |||||||||||||||
| Construction / development | 145,324 | 125,878 | 140,889 | 140,751 | 151,697 | |||||||||||||||
| Total commercial real estate | 1,043,843 | 1,033,638 | 1,059,400 | 1,015,321 | 1,030,196 | |||||||||||||||
| Consumer loans | ||||||||||||||||||||
| Residential mortgage (personal purpose) | ||||||||||||||||||||
| Permanent | 649,522 | 666,274 | 683,694 | 688,171 | 686,974 | |||||||||||||||
| Construction | 6,009 | 5,498 | 6,079 | 6,806 | 7,835 | |||||||||||||||
| Total residential mortgages | 655,531 | 671,772 | 689,773 | 694,977 | 694,809 | |||||||||||||||
| Home equity loans and direct installment loans | 237,088 | 254,014 | 273,359 | 291,383 | 315,419 | |||||||||||||||
| Home equity lines of credit | 507,347 | 500,372 | 478,628 | 452,599 | 421,897 | |||||||||||||||
| Total home equity lines and loans | 744,435 | 754,386 | 751,987 | 743,982 | 737,316 | |||||||||||||||
| Private banking credit lines | 99,154 | 103,806 | 103,006 | 107,398 | 114,667 | |||||||||||||||
| Indirect vehicle loans and other | 162,497 | 167,095 | 166,036 | 165,109 | 165,855 | |||||||||||||||
| All other consumer loans | 261,651 | 270,901 | 269,042 | 272,507 | 280,522 | |||||||||||||||
| Total consumer loans | 1,661,617 | 1,697,059 | 1,710,802 | 1,711,466 | 1,712,647 | |||||||||||||||
| Loans | 5,234,839 | 5,226,552 | 5,234,151 | 5,193,859 | 5,184,747 | |||||||||||||||
| Loans held-for-sale | 14,934 | 14,330 | 22,703 | 16,908 | 16,909 | |||||||||||||||
| Total loans | $ | 5,249,773 | $ | 5,240,882 | $ | 5,256,854 | $ | 5,210,767 | $ | 5,201,656 | ||||||||||
|
Deposit composition: |
||||||||||||||||||||
| Savings | $ | 520,223 | $ | 493,386 | $ | 485,283 | $ | 497,640 | $ | 495,191 | ||||||||||
| NOW accounts | 1,471,185 | 1,472,985 | 1,498,344 | 1,317,399 | 1,294,591 | |||||||||||||||
| Money market accounts | 1,647,863 | 1,642,803 | 1,600,164 | 1,641,947 | 1,698,427 | |||||||||||||||
| CDs less than $100k | 991,380 | 1,017,925 | 1,036,112 | 1,063,688 | 1,089,601 | |||||||||||||||
| CDs $100k or greater | 633,626 | 417,065 | 425,546 | 421,103 | 426,548 | |||||||||||||||
| Total interest bearing deposits | 5,264,277 | 5,044,164 | 5,045,449 | 4,941,777 | 5,004,358 | |||||||||||||||
| Non-interest bearing deposits | 919,783 | 891,401 | 902,295 | 903,766 | 884,025 | |||||||||||||||
| Total deposits | $ | 6,184,060 | $ | 5,935,565 | $ | 5,947,744 | $ | 5,845,543 | $ | 5,888,383 | ||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2013 | ||||||||||||||||||||||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||||||||||||||
| Quarterly, as of | ||||||||||||||||||||||||||||||||||||||||
| 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | ||||||||||||||||||||||||||||||||||||
| Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | |||||||||||||||||||||||||||||||
| Total loans* | $ | 5,223,015 | 4.37 | % | $ | 5,206,227 | 4.55 | % | $ | 5,191,136 | 4.66 | % | $ | 5,196,803 | 4.78 | % | $ | 5,179,220 | 4.89 | % | ||||||||||||||||||||
| Investment securities* | 2,325,225 | 3.60 | % | 2,323,243 | 3.63 | % | 2,309,646 | 3.77 | % | 2,319,392 | 3.93 | % | 2,318,109 | 4.02 | % | |||||||||||||||||||||||||
| Interest earning deposits | 119,834 | 0.25 | % | 276,078 | 1.28 | % | 255,121 | 0.23 | % | 334,935 | 0.24 | % | 278,140 | 0.19 | % | |||||||||||||||||||||||||
| Total earning assets | 7,668,074 | 4.07 | % | 7,805,548 | 4.16 | % | 7,755,903 | 4.25 | % | 7,851,130 | 4.34 | % | 7,775,469 | 4.46 | % | |||||||||||||||||||||||||
| Total assets | 8,298,815 | 8,440,642 | 8,386,342 | 8,473,164 | 8,397,381 | |||||||||||||||||||||||||||||||||||
| Savings | 505,513 | 0.11 | % | 488,195 | 0.11 | % | 490,020 | 0.11 | % | 494,800 | 0.12 | % | 471,562 | 0.13 | % | |||||||||||||||||||||||||
| NOW accounts | 1,439,387 | 0.14 | % | 1,463,488 | 0.14 | % | 1,402,593 | 0.14 | % | 1,343,961 | 0.15 | % | 1,238,704 | 0.15 | % | |||||||||||||||||||||||||
| Money market accounts | 1,645,838 | 0.30 | % | 1,630,449 | 0.30 | % | 1,623,102 | 0.32 | % | 1,664,315 | 0.37 | % | 1,679,232 | 0.40 | % | |||||||||||||||||||||||||
| CDs | 1,507,667 | 1.10 | % | 1,454,415 | 1.17 | % | 1,468,539 | 1.23 | % | 1,499,016 | 1.27 | % | 1,542,539 | 1.31 | % | |||||||||||||||||||||||||
| Total interest bearing deposits | 5,098,405 | 0.47 | % | 5,036,547 | 0.49 | % | 4,984,254 | 0.52 | % | 5,002,092 | 0.55 | % | 4,932,037 | 0.59 | % | |||||||||||||||||||||||||
| Non-interest bearing deposits | 876,700 | 886,858 | 897,017 | 891,739 | 852,730 | |||||||||||||||||||||||||||||||||||
| Total deposits | 5,975,105 | 0.40 | % | 5,923,405 | 0.41 | % | 5,881,271 | 0.44 | % | 5,893,831 | 0.47 | % | 5,784,767 | 0.51 | % | |||||||||||||||||||||||||
| Customer repurchase agreements | 547,706 | 0.37 | % | 551,334 | 0.37 | % | 532,065 | 0.38 | % | 525,142 | 0.42 | % | 524,575 | 0.42 | % | |||||||||||||||||||||||||
| Structured repurchase agreements | 135,454 | 2.15 | % | 75,000 | 4.25 | % | 78,370 | 4.28 | % | 85,000 | 4.33 | % | 85,000 | 4.33 | % | |||||||||||||||||||||||||
| Short-term borrowings | 39,200 | 0.42 | % | 1,087 | 0.37 | % | 272 | 0.00 | % | - | 0.00 | % | - | 0.00 | % | |||||||||||||||||||||||||
| Federal Home Loan Bank advances (b) | 262,067 | 3.61 | % | 463,397 | 3.79 | % | 496,438 | 4.09 | % | 575,725 | 4.54 | % | 615,983 | 4.55 | % | |||||||||||||||||||||||||
| Subordinated debentures | 125,207 | 4.75 | % | 144,377 | 5.07 | % | 144,472 | 5.12 | % | 143,683 | 5.20 | % | 145,274 | 5.18 | % | |||||||||||||||||||||||||
| Total deposits and borrowings | 7,084,739 | 0.63 | % | 7,158,600 | 0.76 | % | 7,132,888 | 0.82 | % | 7,223,381 | 0.93 | % | 7,155,599 | 0.99 | % | |||||||||||||||||||||||||
| Total interest bearing liabilities | $ | 6,208,039 | 0.72 | % | $ | 6,271,742 | 0.87 | % | $ | 6,235,871 | 0.94 | % | $ | 6,331,642 | 1.06 | % | $ | 6,302,869 | 1.12 | % | ||||||||||||||||||||
| Net interest margin (FTE) | 3.49 | % | 3.46 | % | 3.50 | % | 3.48 | % | 3.55 | % | ||||||||||||||||||||||||||||||
| Wealth assets: | ||||||||||||||||||||||||||||||||||||||||
| Assets under administration | $ | 4,615,379 | $ | 4,445,086 | $ | 4,500,843 | $ | 4,361,134 | $ | 4,382,922 | ||||||||||||||||||||||||||||||
| Assets under management | 2,328,042 | 2,256,319 | 2,319,220 | 2,284,489 | 2,269,351 | |||||||||||||||||||||||||||||||||||
| (included above) | ||||||||||||||||||||||||||||||||||||||||
| *Fully taxable equivalent ("FTE") basis, using a 35% effective tax rate. | ||||||||||||||||||||||||||||||||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2013 | |||||||||||||||
| Unaudited | |||||||||||||||
| STATES OF OPERATION AND BANKING OFFICES BY STATE (LATEST AVAILABLE DATA) | |||||||||||||||
| Quarterly, as of | |||||||||||||||
| 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | |||||||||||
|
PA |
|||||||||||||||
| Total number of retail branch offices | 118 | 119 | 119 | 120 | 120 | ||||||||||
| Total number of insured subsidiaries | |||||||||||||||
| (Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | ||||||||||
| Total number of ATMs | 124 | 124 | 124 | 122 | 122 | ||||||||||
|
MD |
|||||||||||||||
| Total number of retail branch 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 retail branch offices | 119 | 120 | 120 | 121 | 121 | ||||||||||
| Total number of insured subsidiaries | |||||||||||||||
| (Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | ||||||||||
| Total number of ATMs | 125 | 125 | 125 | 123 | 123 | ||||||||||
| EOP employees (full-time equivalent) | 1,657 | 1,648 | 1,661 | 1,690 | 1,681 | ||||||||||
