Attached files
EXHIBIT 99.1
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News Release
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National Penn Bancshares, Inc. Reports Fourth Quarter
2010 Results
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Adjusted net income improves to 10 cents per share1
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Net interest margin of 3.43%
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Asset quality continues to improve
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Quarterly loan loss provision declines to $17.5 million
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Classified loans and non performing assets continue to decline
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Loan loss reserve to non-performing loans increased to 179%
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Strong capital base further enhanced
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Completion of Christiana Bank & Trust divestiture
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January 2011 completion of Warburg Pincus investment
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BOYERTOWN, PA., January 27, 2011 -- National Penn Bancshares, Inc. (Nasdaq: NPBC) reported net income available to common shareholders of $6.6 million, or $0.05 per diluted common share, for the fourth quarter of 2010 compared to a net income of $10.3 million, or $0.08 per diluted common share, for the third quarter 2010. On an adjusted basis1, net income totaled $13.5 million, or $0.10 per diluted common share, which represents an increase of 12% from the third quarter of 2010. Fourth quarter adjusted net income¹ excludes the impact of an after-tax unrealized fair value adjustment on National Penn’s traded trust preferred securities (Nasdaq:NPBCO) of $1.3 million and the previously announced tax expense of $5.5 million related to the divestiture of Christiana Bank & Trust. This tax expense was a non-cash charge and did not impact regulatory capital ratios. For the year ended December 31, 2010 diluted earnings per common share were $0.10 while adjusted earnings per common share were $0.30.
“The fourth quarter and full year 2010 results continue to demonstrate the improving profitability trends of National Penn and are indicative of the strength of our balance sheet,” said Scott Fainor, president and CEO of National Penn. “The strategic initiatives of divesting Christiana Bank & Trust and finalizing the $150 million Warburg Pincus investment position National Penn well for the future.”
Fundamental operating performance remained strong as the net interest margin and the efficiency ratio were comparable to previous quarters. The balance sheet contracted by approximately 2% during the quarter, exclusive of the divestiture of Christiana, as disciplined deposit pricing reduced the cost of deposits by 12 basis points through reductions in higher cost time deposits. Loan balances, exclusive of Christiana, declined by $200 million despite $292 million in new originations due to soft loan demand in this economic environment and a planned reduction in classified credits.
Asset quality trends continued to improve for the fourth consecutive quarter. Non-performing loans declined by 11% and classified loans declined by 4%. Despite a reduction in the provision for loan losses, the loan loss reserve to non-performing loans increased to 179%.
1 Adjusted net income, as used throughout this release, is a non-GAAP financial measure. Please refer to the Statement Regarding Non-GAAP Financial Measures and the attached Financial Highlights and financial data tables for additional information on this measure and a reconciliation of this measure to net income available to common shareholders, the most comparable GAAP measure.
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The strength of the balance sheet is apparent not only in loan loss reserve levels but also indicated by National Penn’s capital levels. Tangible common equity to tangible assets was 8.27% and risk based capital ratio was 17.38% at December 31, 2010. Pro forma for the Warburg Pincus investment, tangible common equity to tangible assets is 9.18% and the risk based capital ratio is 18.86%. These capital and reserve levels should provide National Penn an ability to accelerate the repayment of TARP.
National Penn’s Board of Directors approved a first quarter cash dividend of $0.01 per share, payable on February 17, 2011 to shareholders of record on February 6, 2011, consistent with the $0.01 per share paid in the previous quarter.
Scott Fainor stated, “I am proud of the efforts of our employees in achieving our strategic initiatives of improving asset quality, enhancing capital levels and improving earnings of National Penn as we focused on reducing risk. As we look forward, we will stay focused on these initiatives as we continue efforts to grow despite the current economic environment.”
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Media Contact:
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Catharine S. Bower, Corporate Communications
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(610) 369-6618 or catharine.bower@nationalpenn.com
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Investor Contact:
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Michelle H. Debkowski, Investor Relations
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(610) 369-6461 or michelle.debkowski@nationalpenn.com
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__________
# # #
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with approximately $9 billion in assets, is a bank holding company based in Pennsylvania. Headquartered in Boyertown, National Penn operates 124 community banking offices in Pennsylvania and one office in Maryland through National Penn Bank and its HomeTowne Heritage Bank, KNBT and Nittany Bank divisions.
National Penn’s financial services affiliates consist of National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Institutional Advisors LLC; National Penn Insurance Services Group, Inc., including its Higgins Insurance division; and Caruso Benefits Group, Inc.
National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol “NPBC”. Please visit our Web site at www.nationalpennbancshares.com to see our regularly posted material information.
Statement Regarding Non-GAAP Financial Measures:
This release, including the attached Financial Highlights and financial data tables, contains supplemental financial information determined by methods other than in accordance with Accounting Principles Generally Accepted in the United States of America (“GAAP”). National Penn’s management uses these non-GAAP measures in its analysis of National Penn’s performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the following non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of National Penn.
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Annualized return on average tangible common equity excludes the average balance of acquisition-related goodwill and intangible assets and the average balance of preferred equity in determining average tangible shareholders’ equity. Annualized return on average tangible equity provides a method to assess management’s success in utilizing the company’s tangible common capital.
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Tangible book value excludes from total equity goodwill, intangible assets and preferred stock. Banking and financial institution regulators also exclude goodwill and intangible assets from shareholders’ equity when assessing the capital adequacy of a financial institution. Tangible book value provides a method to assess the level of tangible net assets on a per share basis.
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Adjusted net income excludes the effects of certain gains and losses, adjusted for applicable taxes. Adjusted net income provides a method to assess earnings performance by excluding items that management believes are not comparable among the periods presented.
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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.
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Management believes the use of non-GAAP measures will help readers compare National Penn’s current results to those of prior periods as presented in the accompanying Financial Highlights and financial data tables.
Cautionary Statement Regarding Forward-Looking Information:
This release contains forward-looking information about National Penn Bancshares, Inc. that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,’’ “project,” ”could,” “plan,’’ “goal,” “potential,” “pro forma,” “seek,” “intend,’’ or “anticipate’’ or the negative thereof or comparable terminology, and include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of announced transactions, and statements about the future performance, operations, products and services of National Penn and its subsidiaries. National Penn cautions readers not to place undue reliance on these statements.
National Penn’s business and operations, as well as its business and operations following the completion of transactions described in this release, are subject to a variety of risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from those contained in any forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: increased capital requirements and other requirements or actions mandated by National Penn’s regulators, National Penn’s inability to meet the requirements of the memorandum of understanding or the individual minimum capital ratio requirements issued by its primary regulator, National Penn’s inability to successfully implement its “self-improvement plan”, National Penn’s ability to raise capital and maintain capital levels, variations in interest rates, deterioration in the credit quality of loans, the effect of credit risk exposure, declines in the value of National Penn’s assets and the effect of any resulting impairment charges, recent and ongoing changes to the state and federal regulatory schemes under which National Penn and other financial services companies operate (including the recently passed Dodd-Frank Act and regulations to be adopted to implement that Act), competition from other financial institutions, interruptions or breaches of National Penn’s security systems, and the development and maintenance of National Penn’s information technology. These risks and others are described in greater detail in National Penn’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009, as well as in National Penn’s Quarterly Reports on Form 10-Q and other documents filed by National Penn with the SEC after the date thereof. National Penn makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
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Financial Update for National Penn Bancshares (NPBC) for 12/31/2010
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Exchange Listing Nasdaq "NPBC"
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Financial Highlights
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Unaudited, numbers in thousands except share and per share data
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Christiana
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12/31/2010
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9/30/2010
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% Change
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12/31/2009
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9/30/2010
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SUMMARY BALANCE SHEET
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Total assets
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$ | 8,844,620 | $ | 9,248,229 | -4.36 | % | $ | 9,483,910 | $ | 199,447 | ||||||||||||||
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Investment securities and other securities
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2,259,690 | 2,255,265 | 0.20 | % | 2,180,541 | 3,252 | ||||||||||||||||||
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Total loans and leases
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5,326,723 | 5,641,830 | -5.59 | % | 6,024,501 | 115,233 | ||||||||||||||||||
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Deposits
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6,059,173 | 6,505,477 | -6.86 | % | 6,738,852 | 161,309 | ||||||||||||||||||
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Borrowings
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1,590,996 | 1,605,411 | -0.90 | % | 1,633,434 | - | ||||||||||||||||||
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Shareholders' equity
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1,137,437 | 1,092,018 | 4.16 | % | 1,069,468 | |||||||||||||||||||
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Tangible book value per common share
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$ | 5.18 | $ | 5.11 | 1.37 | % | $ | 4.84 | ||||||||||||||||
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Tangible common equity / tangible assets
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8.27 | % | 7.20 | % | 6.64 | % | ||||||||||||||||||
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Three Months Ended
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Twelve Months Ended December 31,
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12/31/2010
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9/30/2010
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% Change (a)
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2010 | 2009 |
% Change (a)
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EARNINGS
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Total interest income
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$ | 93,745 | $ | 96,360 | -2.71 | % | $ | 387,249 | $ | 421,143 | -8.05 | % | ||||||||||||
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Total interest expense
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26,104 | 28,670 | -8.95 | % | 116,017 | 168,634 | -31.20 | % | ||||||||||||||||
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Net interest income
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67,641 | 67,690 | -0.07 | % | 271,232 | 252,509 | 7.41 | % | ||||||||||||||||
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Provision for loan and lease losses
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17,500 | 20,000 | -12.50 | % | 95,000 | 154,025 | -38.32 | % | ||||||||||||||||
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Net interest income after provision
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for loan and lease losses
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50,141 | 47,690 | 5.14 | % | 176,232 | 98,484 | 78.94 | % | ||||||||||||||||
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Net (losses) gains from fair value changes
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(2,049 | ) | (2,606 | ) | 21.37 | % | (10,373 | ) | (4,427 | ) |
NM
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Loss on CDO investments
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- | - | 0.00 | % | - | (99,887 | ) |
NM
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Other non-interest income
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25,707 | 26,083 | -1.44 | % | 108,595 | 102,794 | 5.64 | % | ||||||||||||||||
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Goodwill impairment
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- | - | 0.00 | % | 8,250 | 275,000 |
NM
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Other non-interest expense
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59,493 | 57,965 | 2.64 | % | 233,426 | 233,616 | -0.08 | % | ||||||||||||||||
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Income (loss) before income taxes
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14,306 | 13,202 | 8.36 | % | 32,778 | (411,652 | ) |
NM
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Income tax expense (benefit)
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5,664 | 895 |
NM
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11,441 | (63,613 | ) |
NM
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Net income (loss)
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8,642 | 12,307 | -29.78 | % | 21,337 | (348,039 | ) |
NM
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Preferred dividends and accretion of preferred discount
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(2,005 | ) | (2,006 | ) | 0.05 | % | (8,021 | ) | (8,340 | ) | 3.82 | % | ||||||||||||
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Net income (loss) available to common shareholders
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$ | 6,637 | $ | 10,301 | -35.57 | % | $ | 13,316 | $ | (356,379 | ) |
NM
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PERFORMANCE RATIOS
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Net interest margin
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3.43 | % | 3.42 | % | 3.45 | % | 3.18 | % | ||||||||||||||||
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Return on average assets
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0.38 | % | 0.53 | % | 0.23 | % |
NM
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Return on average total shareholders' equity
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3.00 | % | 4.50 | % | 1.95 | % |
NM
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Return on average tangible common equity (1)
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3.76 | % | 6.42 | % | 2.07 | % |
NM
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PER SHARE
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Basic earnings (loss) available to common shareholders
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$ | 0.05 | $ | 0.08 | $ | 0.10 | $ | (3.61 | ) | |||||||||||||||
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Diluted earnings (loss) available to common shareholders
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0.05 | 0.08 | 0.10 | (3.61 | ) | |||||||||||||||||||
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Dividends per common share
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0.01 | 0.01 | 0.04 | 0.28 | ||||||||||||||||||||
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Average shares - basic
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134,380,086 | 126,102,037 | 128,118,298 | 98,818,526 | ||||||||||||||||||||
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Average shares - diluted
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134,471,788 | 126,255,249 | 128,186,651 | 98,818,526 | ||||||||||||||||||||
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(1) RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES
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Three Months Ended
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Twelve Month Ended
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12/31/2010
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9/30/2010
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12/31/2010
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12/31/2009
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Return on average tangible common equity
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Return on average shareholders' equity
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3.00 | % | 4.50 | % | 1.95 | % |
NM
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Effect of preferred equity
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-0.35 | % | -0.14 | % | -0.54 | % |
NM
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Effect of goodwill and intangibles
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1.11 | % | 2.06 | % | 0.66 | % |
NM
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Return on average tangible common equity
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3.76 | % | 6.42 | % | 2.07 | % |
NM
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Average tangible equity:
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Average shareholders' equity
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$ | 1,141,979 | $ | 1,084,724 | $ | 1,094,642 | $ | 1,246,537 | ||||||||||||||||
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Average preferred equity
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(148,377 | ) | (148,248 | ) | (148,184 | ) | (144,631 | ) | ||||||||||||||||
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Average goodwill and intangibles
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(292,855 | ) | (299,919 | ) | (303,541 | ) | (589,133 | ) | ||||||||||||||||
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Average total tangible common equity
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$ | 700,747 | $ | 636,557 | $ | 642,917 | $ | 512,773 | ||||||||||||||||
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Adjusted net income reconciliation
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Net income (loss) available to common shareholders
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$ | 6,637 | $ | 10,301 | $ | 13,316 | $ | (356,379 | ) | |||||||||||||||
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After tax gain on pension plan curtailment
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- | - | (2,643 | ) | - | |||||||||||||||||||
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After tax unrealized fair market value loss (gain) on
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NPB Capital Trust II Preferred Securities
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1,332 | 1,694 | 6,743 | 2,878 | ||||||||||||||||||||
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After tax loss on investment securities
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- | - | - | 1,858 | ||||||||||||||||||||
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After tax other than temporary impairment
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charge on CDO investment
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- | - | - | 66,164 | ||||||||||||||||||||
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After tax insurance proceeds
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- | - | - | (2,618 | ) | |||||||||||||||||||
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After tax FDIC special assessment
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- | - | - | 3,006 | ||||||||||||||||||||
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After tax (gain) loss on sale of wealth unit
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- | - | - | (797 | ) | |||||||||||||||||||
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After tax loss (gain) on sale of SNC loans
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- | - | - | 3,921 | ||||||||||||||||||||
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After tax SERP accrual
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- | - | - | 1,300 | ||||||||||||||||||||
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Tax expense from sale of Christiana
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5,486 | - | 5,486 | - | ||||||||||||||||||||
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BOLI tax expense
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- | - | 8,081 | - | ||||||||||||||||||||
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Goodwill impairment
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- | - | 8,250 | 275,000 | ||||||||||||||||||||
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Adjusted net income available to common shareholders
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$ | 13,455 | $ | 11,995 | $ | 39,233 | $ | (5,667 | ) | |||||||||||||||
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Earnings per share
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Net income (loss) available to common shareholders
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$ | 0.05 | $ | 0.08 | $ | 0.10 | $ | (3.61 | ) | |||||||||||||||
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After tax gain on pension plan curtailment
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- | - | (0.02 | ) | - | |||||||||||||||||||
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After tax unrealized fair market value loss (gain) on
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NPB Capital Trust II Preferred Securities
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0.01 | 0.01 | 0.05 | 0.03 | ||||||||||||||||||||
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After tax loss on investment securities
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- | - | - | 0.02 | ||||||||||||||||||||
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After tax other than temporary impairment
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charge on CDO investment
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- | - | - | 0.67 | ||||||||||||||||||||
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After tax insurance proceeds
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- | - | - | (0.03 | ) | |||||||||||||||||||
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After tax FDIC special assessment
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- | - | - | 0.03 | ||||||||||||||||||||
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After tax (gain) loss on sale of wealth unit
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- | - | - | (0.01 | ) | |||||||||||||||||||
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After tax loss (gain) on sale of SNC loans
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- | - | - | 0.04 | ||||||||||||||||||||
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After tax SERP accrual
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- | - | - | 0.01 | ||||||||||||||||||||
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Tax expense from sale of Christiana
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0.04 | - | 0.05 | - | ||||||||||||||||||||
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BOLI tax expense
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- | - | 0.06 | - | ||||||||||||||||||||
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Goodwill impairment
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- | - | 0.06 | 2.78 | ||||||||||||||||||||
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Adjusted net income available to common shareholders
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$ | 0.10 | $ | 0.09 | $ | 0.30 | $ | (0.06 | ) | |||||||||||||||
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(a) Changes greater than 100% are expressed as not meaningful or "NM"
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29
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Financial Update for National Penn Bancshares (NPBC) for 12/31/2010
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Page 1 of 6
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Unaudited, numbers in thousands except share and per share data
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As of
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12/31/2010
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9/30/2010
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6/30/2010
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3/31/2010
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12/31/2009
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BALANCE SHEET - ASSETS
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Cash and due from banks
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$ | 90,283 | $ | 103,279 | $ | 106,059 | $ | 103,666 | $ | 106,722 | ||||||||||
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Interest-earning deposits with banks
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612,099 | 609,733 | 496,282 | 239,757 | 496,535 | |||||||||||||||
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Total cash and cash equivalents
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702,382 | 713,012 | 602,341 | 343,423 | 603,257 | |||||||||||||||
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Investment securities available for sale, at fair value
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1,632,118 | 1,603,849 | 1,554,349 | 1,569,062 | 1,499,667 | |||||||||||||||
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Investment securities held to maturity
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546,957 | 567,740 | 579,572 | 591,315 | 601,923 | |||||||||||||||
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Other securities
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80,615 | 83,676 | 83,676 | 83,676 | 78,951 | |||||||||||||||
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Loans held for sale
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12,785 | 30,081 | 15,944 | 6,561 | 18,028 | |||||||||||||||
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Loans and leases
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5,313,938 | 5,611,749 | 5,740,291 | 5,908,658 | 6,006,472 | |||||||||||||||
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Allowance for loan and lease losses
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(150,054 | ) | (153,475 | ) | (154,039 | ) | (153,850 | ) | (146,271 | ) | ||||||||||
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Loans and leases, net
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5,163,884 | 5,458,274 | 5,586,252 | 5,754,808 | 5,860,201 | |||||||||||||||
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Premises and equipment, net
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105,483 | 108,496 | 109,792 | 112,376 | 113,556 | |||||||||||||||
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Accrued interest receivable
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33,829 | 36,127 | 35,745 | 37,175 | 36,565 | |||||||||||||||
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Bank owned life insurance, redeemed but not settled
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- | 64,387 | 64,387 | - | - | |||||||||||||||
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Bank owned life insurance
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134,154 | 136,093 | 134,925 | 198,392 | 198,131 | |||||||||||||||
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Other real estate owned and other repossessed assets
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7,453 | 7,818 | 8,974 | 2,386 | 4,208 | |||||||||||||||
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Goodwill
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258,279 | 273,468 | 273,468 | 281,718 | 281,623 | |||||||||||||||
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Other intangible assets, net
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22,217 | 25,587 | 27,360 | 29,130 | 30,943 | |||||||||||||||
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Unconsolidated investments under the equity method
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11,482 | 12,428 | 12,736 | 12,842 | 12,821 | |||||||||||||||
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Other assets
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132,982 | 127,193 | 132,606 | 148,897 | 144,036 | |||||||||||||||
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TOTAL ASSETS
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$ | 8,844,620 | $ | 9,248,229 | $ | 9,222,127 | $ | 9,171,761 | $ | 9,483,910 | ||||||||||
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BALANCE SHEET - LIABILITIES
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Non-interest bearing deposits
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$ | 808,835 | $ | 815,193 | $ | 834,297 | $ | 800,467 | $ | 753,650 | ||||||||||
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Interest bearing deposits
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5,250,338 | 5,690,284 | 5,661,908 | 5,610,897 | 5,985,202 | |||||||||||||||
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Total deposits
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6,059,173 | 6,505,477 | 6,496,205 | 6,411,364 | 6,738,852 | |||||||||||||||
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Securities sold under repurchase agreements
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734,455 | 752,428 | 752,314 | 758,828 | 737,323 | |||||||||||||||
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Short-term borrowings
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10,000 | 6,974 | 7,000 | 7,165 | 6,900 | |||||||||||||||
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Federal Home Loan Bank advances
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703,761 | 705,278 | 706,784 | 743,781 | 756,803 | |||||||||||||||
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Subordinated debentures
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142,780 | 140,731 | 138,125 | 139,668 | 132,407 | |||||||||||||||
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Accrued interest payable and other liabilities
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57,014 | 45,323 | 44,811 | 40,167 | 42,157 | |||||||||||||||
|
TOTAL LIABILITIES
|
7,707,183 | 8,156,211 | 8,145,239 | 8,100,973 | 8,414,442 | |||||||||||||||
|
BALANCE SHEET - SHAREHOLDERS' EQUITY
|
||||||||||||||||||||
|
Preferred stock
|
148,441 | 148,310 | 148,180 | 148,050 | 147,920 | |||||||||||||||
|
Common stock
|
1,292,342 | 1,227,639 | 1,227,354 | 1,226,481 | 1,225,635 | |||||||||||||||
|
Retained deficit
|
(293,940 | ) | (299,209 | ) | (308,252 | ) | (301,459 | ) | (302,120 | ) | ||||||||||
|
Accumulated other comprehensive income/(loss)
|
(9,406 | ) | 15,278 | 9,606 | (2,284 | ) | (1,967 | ) | ||||||||||||
|
TOTAL SHAREHOLDERS' EQUITY
|
1,137,437 | 1,092,018 | 1,076,888 | 1,070,788 | 1,069,468 | |||||||||||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 8,844,620 | $ | 9,248,229 | $ | 9,222,127 | $ | 9,171,761 | $ | 9,483,910 | ||||||||||
|
COMMON SHARE AND PER SHARE DATA
|
||||||||||||||||||||
|
Book Value
|
$ | 7.23 | $ | 7.48 | $ | 7.37 | $ | 7.32 | $ | 7.33 | ||||||||||
|
Tangible Book Value (2)
|
$ | 5.18 | $ | 5.11 | $ | 4.98 | $ | 4.86 | $ | 4.84 | ||||||||||
|
Dividends
|
$ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||||
|
Shares Outstanding (end of period, net of treasury)
|
136,792,414 | 126,115,073 | 126,064,075 | 126,004,409 | 125,713,668 | |||||||||||||||
|
(2) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES
|
||||||||||||||||||||
|
Total shareholders' equity
|
$ | 1,137,437 | $ | 1,092,018 | $ | 1,076,888 | $ | 1,070,788 | $ | 1,069,468 | ||||||||||
|
Total preferred shareholders' equity
|
(148,441 | ) | (148,310 | ) | (148,180 | ) | (148,050 | ) | (147,920 | ) | ||||||||||
|
Goodwill and intangibles
|
(280,496 | ) | (299,055 | ) | (300,828 | ) | (310,848 | ) | (312,566 | ) | ||||||||||
|
Tangible common equity
|
$ | 708,500 | $ | 644,653 | $ | 627,880 | $ | 611,890 | $ | 608,982 | ||||||||||
|
Common shares outstanding
|
136,792,414 | 126,115,073 | 126,064,075 | 126,004,409 | 125,713,668 | |||||||||||||||
|
Tangible book value per share
|
$ | 5.18 | $ | 5.11 | $ | 4.98 | $ | 4.86 | $ | 4.84 | ||||||||||
30
|
Financial Update for National Penn Bancshares (NPBC) for12/31/2010
|
||||||||||||||||||||||||||||
|
Page 2 of 6
|
||||||||||||||||||||||||||||
|
Unaudited, numbers in thousands except share and per share data
|
For the Quarter Ended
|
For the Twelve Months Ended
|
||||||||||||||||||||||||||
|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
12/31/2010
|
12/31/2009
|
||||||||||||||||||||||
|
INTEREST INCOME
|
||||||||||||||||||||||||||||
|
Loans and leases, including fees
|
$ | 73,496 | $ | 76,227 | $ | 77,830 | $ | 78,654 | $ | 82,927 | $ | 306,207 | $ | 336,787 | ||||||||||||||
|
Investment securities
|
||||||||||||||||||||||||||||
|
Taxable
|
11,272 | 11,157 | 11,457 | 11,098 | 11,871 | 44,984 | 47,077 | |||||||||||||||||||||
|
Tax-exempt
|
8,569 | 8,697 | 8,803 | 8,838 | 8,946 | 34,906 | 36,649 | |||||||||||||||||||||
|
Federal funds sold and deposits in banks
|
408 | 279 | 218 | 247 | 204 | 1,152 | 630 | |||||||||||||||||||||
|
Total interest income
|
93,745 | 96,360 | 98,308 | 98,837 | 103,948 | 387,249 | 421,143 | |||||||||||||||||||||
|
INTEREST EXPENSE
|
||||||||||||||||||||||||||||
|
Deposits
|
13,411 | 15,773 | 16,464 | 18,281 | 22,844 | 63,929 | 110,935 | |||||||||||||||||||||
|
Securities sold under repurchase agreements
|
2,567 | 2,757 | 2,808 | 2,874 | 3,049 | 11,006 | 12,666 | |||||||||||||||||||||
|
FHLB advances and subordinated debentures
|
10,126 | 10,140 | 10,393 | 10,423 | 10,610 | 41,082 | 45,033 | |||||||||||||||||||||
|
Total interest expense
|
26,104 | 28,670 | 29,665 | 31,578 | 36,503 | 116,017 | 168,634 | |||||||||||||||||||||
|
Net interest income
|
67,641 | 67,690 | 68,643 | 67,259 | 67,445 | 271,232 | 252,509 | |||||||||||||||||||||
|
Provision for loan and lease losses
|
17,500 | 20,000 | 25,000 | 32,500 | 47,000 | 95,000 | 154,025 | |||||||||||||||||||||
|
Net interest income after provision for loan and lease losses
|
50,141 | 47,690 | 43,643 | 34,759 | 20,445 | 176,232 | 98,484 | |||||||||||||||||||||
|
NON-INTEREST INCOME
|
||||||||||||||||||||||||||||
|
Wealth management income
|
6,917 | 6,997 | 7,238 | 7,101 | 7,406 | 28,253 | 28,923 | |||||||||||||||||||||
|
Service charges on deposit accounts
|
5,358 | 5,419 | 5,446 | 5,341 | 6,141 | 21,564 | 24,259 | |||||||||||||||||||||
|
Insurance commissions and fees
|
3,423 | 3,499 | 3,639 | 3,771 | 3,970 | 14,332 | 15,714 | |||||||||||||||||||||
|
Cash management and electronic banking fees
|
4,584 | 4,548 | 4,614 | 4,158 | 4,237 | 17,904 | 15,921 | |||||||||||||||||||||
|
Mortgage banking income
|
2,590 | 2,424 | 1,231 | 1,153 | 1,337 | 7,398 | 8,475 | |||||||||||||||||||||
|
Bank owned life insurance income
|
1,501 | 1,168 | 1,280 | 1,983 | 1,441 | 5,932 | 4,919 | |||||||||||||||||||||
|
Equity in undistributed net earnings of unconsolidated investments
|
140 | (41 | ) | 537 | 163 | 1,706 | 799 | 2,586 | ||||||||||||||||||||
|
Gain on pension plan curtailment
|
- | - | - | 4,066 | - | 4,066 | - | |||||||||||||||||||||
|
Other operating income
|
1,638 | 2,381 | 2,771 | 2,733 | (1,783 | ) | 9,523 | 6,758 | ||||||||||||||||||||
|
Net (losses) gains from fair value changes
|
(2,049 | ) | (2,606 | ) | 1,543 | (7,261 | ) | 3,669 | (10,373 | ) | (4,427 | ) | ||||||||||||||||
|
Net (losses) gains on sales of investment securities
|
- | - | 214 | - | 290 | 214 | (2,857 | ) | ||||||||||||||||||||
|
Impairment losses on investment securities:
|
||||||||||||||||||||||||||||
|
Impairment losses on investment securities
|
(444 | ) | (312 | ) | - | (634 | ) | (2,166 | ) | (1,390 | ) | (127,812 | ) | |||||||||||||||
|
Non credit-related losses on securities not expected to be sold recognized
|
||||||||||||||||||||||||||||
|
in other comprehensive loss before tax
|
- | - | - | - | - | - | 26,021 | |||||||||||||||||||||
|
Net impairment losses on investment securities
|
(444 | ) | (312 | ) | - | (634 | ) | (2,166 | ) | (1,390 | ) | (101,791 | ) | |||||||||||||||
|
Total non-interest income (loss)
|
23,658 | 23,477 | 28,513 | 22,574 | 26,248 | 98,222 | (1,520 | ) | ||||||||||||||||||||
|
NON-INTEREST EXPENSE
|
||||||||||||||||||||||||||||
|
Salaries, wages and employee benefits
|
31,499 | 31,544 | 30,999 | 29,429 | 30,864 | 123,471 | 125,635 | |||||||||||||||||||||
|
Net premises and equipment
|
7,460 | 7,256 | 7,209 | 7,998 | 7,962 | 29,923 | 31,999 | |||||||||||||||||||||
|
Advertising and marketing expenses
|
997 | 982 | 1,762 | 1,609 | 2,442 | 5,350 | 7,436 | |||||||||||||||||||||
|
Fraud recovery
|
- | - | - | - | - | - | (4,028 | ) | ||||||||||||||||||||
|
Goodwill impairment
|
- | - | 8,250 | - | 275,000 | 8,250 | 275,000 | |||||||||||||||||||||
|
FDIC insurance
|
3,411 | 3,641 | 4,056 | 4,097 | 3,910 | 15,205 | 14,915 | |||||||||||||||||||||
|
Other operating expenses
|
16,126 | 14,542 | 14,287 | 14,524 | 16,941 | 59,477 | 57,659 | |||||||||||||||||||||
|
Total non-interest expense
|
59,493 | 57,965 | 66,563 | 57,657 | 337,119 | 241,676 | 508,616 | |||||||||||||||||||||
|
Income (loss) before income taxes
|
14,306 | 13,202 | 5,593 | (324 | ) | (290,426 | ) | 32,778 | (411,652 | ) | ||||||||||||||||||
|
Income tax expense (benefit)
|
5,664 | 895 | 9,132 | (4,250 | ) | (9,227 | ) | 11,441 | (63,613 | ) | ||||||||||||||||||
|
NET INCOME (LOSS)
|
8,642 | 12,307 | (3,539 | ) | 3,926 | (281,199 | ) | 21,337 | (348,039 | ) | ||||||||||||||||||
|
Preferred dividends and accretion of preferred discount
|
(2,005 | ) | (2,006 | ) | (2,005 | ) | (2,005 | ) | (2,095 | ) | (8,021 | ) | (8,340 | ) | ||||||||||||||
|
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 6,637 | $ | 10,301 | $ | (5,544 | ) | $ | 1,921 | $ | (283,294 | ) | $ | 13,316 | $ | (356,379 | ) | |||||||||||
|
PER SHARE OF COMMON STOCK
|
||||||||||||||||||||||||||||
|
Basic earnings (loss) available to common shareholders
|
$ | 0.05 | $ | 0.08 | $ | (0.04 | ) | $ | 0.02 | $ | (2.25 | ) | $ | 0.10 | $ | (3.61 | ) | |||||||||||
|
Diluted earnings (loss) available to common shareholders
|
$ | 0.05 | $ | 0.08 | $ | (0.04 | ) | $ | 0.02 | $ | (2.25 | ) | $ | 0.10 | $ | (3.61 | ) | |||||||||||
|
Average Shares Basic
|
134,380,086 | 126,102,037 | 126,045,667 | 125,875,061 | 125,697,822 | 128,118,298 | 98,818,526 | |||||||||||||||||||||
|
Average Shares Diluted
|
134,471,788 | 126,255,249 | 126,045,667 | 126,039,112 | 125,697,822 | 128,186,651 | 98,818,526 | |||||||||||||||||||||
|
SUPPLEMENTAL DATA (annualized, average) (b)
|
||||||||||||||||||||||||||||
|
Return on Assets
|
0.38 | % | 0.53 | % |
NM
|
0.17 | % |
NM
|
0.23 | % |
NM
|
|||||||||||||||||
|
Return on Total Equity
|
3.00 | % | 4.50 | % |
NM
|
1.48 | % |
NM
|
1.95 | % |
NM
|
|||||||||||||||||
|
Return on Common Equity
|
2.65 | % | 4.36 | % |
NM
|
0.84 | % |
NM
|
1.41 | % |
NM
|
|||||||||||||||||
|
Return on Tangible Equity (1)
|
3.76 | % | 6.42 | % |
NM
|
1.27 | % |
NM
|
2.07 | % |
NM
|
|||||||||||||||||
|
Efficiency Ratio (3)
|
60.36 | % | 58.51 | % | 57.72 | % | 58.54 | % | 58.79 | % | 58.78 | % | 59.61 | % | ||||||||||||||
|
(3) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES
|
||||||||||||||||||||||||||||
|
Efficiency Ratio Calculation
|
||||||||||||||||||||||||||||
|
Non-interest expense
|
$ | 59,493 | $ | 57,965 | $ | 66,563 | $ | 57,657 | $ | 337,119 | $ | 241,676 | $ | 508,616 | ||||||||||||||
|
Less:
|
||||||||||||||||||||||||||||
|
Fraud recovery
|
- | - | - | - | - | - | (4,028 | ) | ||||||||||||||||||||
|
Goodwill impairment
|
- | - | 8,250 | - | 275,000 | 8,250 | 275,000 | |||||||||||||||||||||
|
FDIC Special Assessment
|
- | - | - | - | - | - | 4,625 | |||||||||||||||||||||
|
SERP accrual
|
- | - | - | - | 2,000 | - | 2,000 | |||||||||||||||||||||
|
Operating expenses
|
$ | 59,493 | $ | 57,965 | $ | 58,313 | $ | 57,657 | $ | 60,119 | $ | 233,426 | $ | 231,019 | ||||||||||||||
|
Net interest income (taxable equivalent)
|
$ | 72,849 | $ | 72,985 | $ | 74,055 | $ | 72,727 | $ | 73,007 | $ | 292,615 | $ | 275,192 | ||||||||||||||
|
Non-interest income (loss)
|
23,658 | 23,477 | 28,513 | 22,574 | 26,248 | 98,222 | (1,520 | ) | ||||||||||||||||||||
|
Less:
|
||||||||||||||||||||||||||||
|
Gain on pension plan curtailment
|
- | - | - | 4,066 | - | 4,066 | - | |||||||||||||||||||||
|
Securities loss / impairment / CDO loss
|
- | - | - | - | (1,876 | ) | - | (104,648 | ) | |||||||||||||||||||
|
Net (losses) gains from fair value changes
|
(2,049 | ) | (2,606 | ) | 1,543 | (7,261 | ) | 3,669 | (10,373 | ) | (4,427 | ) | ||||||||||||||||
|
Loss on sale of SNC loans
|
- | - | - | - | (6,032 | ) | - | (6,032 | ) | |||||||||||||||||||
|
Gain on sale of wealth unit
|
- | - | - | - | 1,226 | - | 1,226 | |||||||||||||||||||||
|
Adjusted revenue
|
$ | 98,556 | $ | 99,068 | $ | 101,025 | $ | 98,496 | $ | 102,268 | $ | 397,144 | $ | 387,553 | ||||||||||||||
|
Efficiency Ratio
|
60.36 | % | 58.51 | % | 57.72 | % | 58.54 | % | 58.79 | % | 58.78 | % | 59.61 | % | ||||||||||||||
|
(b) Ratios less than 0% are expressed as not meaningful or "NM"
|
||||||||||||||||||||||||||||
31
|
Financial Update for National Penn Bancshares (NPBC) for12/31/2010
|
||||||||||||||||||||||||||||
|
Page 3 of 6
|
||||||||||||||||||||||||||||
|
Unaudited, numbers in thousands except share and per share data
|
||||||||||||||||||||||||||||
|
As of and for the Quarter Ended
|
For the Twelve Months Ended
|
|||||||||||||||||||||||||||
|
CHARGE-OFFS
|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
12/31/2010
|
12/31/2009
|
|||||||||||||||||||||
|
Loan Charge-offs
|
$ | 22,456 | $ | 23,306 | $ | 27,316 | $ | 27,482 | $ | 28,524 | $ | 100,560 | $ | 101,529 | ||||||||||||||
|
Recoveries on Loans
|
(2,443 | ) | (2,742 | ) | (2,505 | ) | (2,561 | ) | (2,305 | ) | (10,251 | ) | (9,769 | ) | ||||||||||||||
|
Net Loan Charge-offs
|
$ | 20,013 | $ | 20,564 | $ | 24,811 | $ | 24,921 | $ | 26,219 | $ | 90,309 | $ | 91,760 | ||||||||||||||
|
Net Loan Charge-offs to Average Loans (annualized)
|
1.44 | % | 1.43 | % | 1.70 | % | 1.69 | % | 1.69 | % | 1.57 | % | 1.46 | % | ||||||||||||||
|
NET CHARGE OFF ASSETS-DETAIL
|
||||||||||||||||||||||||||||
|
Commercial, Financial and Agricultural
|
$ | (7,266 | ) | $ | (2,166 | ) | $ | (8,608 | ) | $ | (2,162 | ) | $ | (11,529 | ) | $ | (20,202 | ) | $ | (44,736 | ) | |||||||
|
Real Estate-Permanent
|
(2,903 | ) | (1,655 | ) | (1,510 | ) | (359 | ) | (8,522 | ) | (6,427 | ) | (14,030 | ) | ||||||||||||||
|
Real Estate-Construction
|
(1,973 | ) | (12,899 | ) | (6,327 | ) | (18,427 | ) | (3,493 | ) | (39,626 | ) | (17,600 | ) | ||||||||||||||
|
Leases
|
(96 | ) | (1 | ) | (5 | ) | (98 | ) | (38 | ) | (200 | ) | (381 | ) | ||||||||||||||
|
Residential Mortgages
|
(5,621 | ) | (1,467 | ) | (5,368 | ) | (2,700 | ) | (1,089 | ) | (15,156 | ) | (3,492 | ) | ||||||||||||||
|
Consumer
|
(2,038 | ) | (2,169 | ) | (2,902 | ) | (1,086 | ) | (1,322 | ) | (8,195 | ) | (10,878 | ) | ||||||||||||||
|
Overdraft
|
(116 | ) | (207 | ) | (91 | ) | (89 | ) | (226 | ) | (503 | ) | (643 | ) | ||||||||||||||
|
Net Loans Charged-off
|
$ | (20,013 | ) | $ | (20,564 | ) | $ | (24,811 | ) | $ | (24,921 | ) | $ | (26,219 | ) | $ | (90,309 | ) | $ | (91,760 | ) | |||||||
|
As of
|
||||||||||||||||||||||||||||
|
ASSET QUALITY AND OTHER DATA
|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
|||||||||||||||||||||||
|
Nonaccrual Loans
|
$ | 82,111 | $ | 83,650 | $ | 88,875 | $ | 111,064 | $ | 122,516 | ||||||||||||||||||
|
Restructured Loans
|
- | 8,544 | 7,324 | 6,653 | 576 | |||||||||||||||||||||||
|
Loans 90+ Days Past Due & Still Accruing
|
1,753 | 2,237 | 2,997 | 2,651 | 2,694 | |||||||||||||||||||||||
|
Total Non-performing Loans
|
$ | 83,864 | $ | 94,431 | $ | 99,196 | $ | 120,368 | $ | 125,786 | ||||||||||||||||||
|
Other Real Estate Owned & Repossessed Assets
|
7,453 | 7,818 | 8,974 | 2,386 | 4,208 | |||||||||||||||||||||||
|
Total Non-performing Assets
|
$ | 91,317 | $ | 102,249 | $ | 108,170 | $ | 122,754 | $ | 129,994 | ||||||||||||||||||
|
Allowance for Loan and Lease Losses
|
$ | 150,054 | $ | 153,475 | $ | 154,039 | $ | 153,850 | $ | 146,271 | ||||||||||||||||||
|
Allowance for Loan and Lease Losses/Non-Performing Loans
|
178.9 | % | 162.5 | % | 155.3 | % | 127.8 | % | 116.3 | % | ||||||||||||||||||
|
Allowance for Loan and Lease Losses/Non-Performing Assets
|
164.3 | % | 150.1 | % | 142.4 | % | 125.3 | % | 112.5 | % | ||||||||||||||||||
|
Provision/Charge-Offs, net
|
87.4 | % | 97.3 | % | 100.8 | % | 130.4 | % | 179.3 | % | ||||||||||||||||||
|
Classified Loans
|
$ | 479,336 | $ | 498,631 | $ | 512,628 | $ | 532,048 | $ | 501,485 | ||||||||||||||||||
|
Classified Loans/Total Loans
|
9.00 | % | 8.84 | % | 8.91 | % | 8.99 | % | 8.32 | % | ||||||||||||||||||
|
Delinquent Loans
|
$ | 27,807 | $ | 33,676 | $ | 33,171 | $ | 31,891 | $ | 28,158 | ||||||||||||||||||
|
Delinquent Loans/Total Loans
|
0.52 | % | 0.60 | % | 0.58 | % | 0.54 | % | 0.47 | % | ||||||||||||||||||
|
NON PERFORMING ASSETS-DETAIL
|
||||||||||||||||||||||||||||
|
Commercial, Financial and Agricultural
|
$ | 34,197 | $ | 29,227 | $ | 33,712 | $ | 38,455 | $ | 40,618 | ||||||||||||||||||
|
Real Estate-Permanent
|
24,079 | 21,769 | 18,958 | 14,823 | 19,277 | |||||||||||||||||||||||
|
Real Estate-Construction
|
20,048 | 30,522 | 35,728 | 40,622 | 46,832 | |||||||||||||||||||||||
|
Leases
|
684 | 651 | 468 | 580 | 396 | |||||||||||||||||||||||
|
Residential Mortgages
|
5,802 | 13,396 | 11,422 | 18,368 | 12,800 | |||||||||||||||||||||||
|
Consumer
|
4,227 | 3,853 | 4,227 | 6,691 | 6,842 | |||||||||||||||||||||||
|
Loans Past Due 90+Days
|
1,753 | 2,237 | 2,997 | 2,651 | 2,694 | |||||||||||||||||||||||
|
Total Other Repossessed Assets
|
527 | 594 | 658 | 564 | 535 | |||||||||||||||||||||||
|
Total Non-performing Assets + Loans 90 Days Past Due
|
$ | 91,317 | $ | 102,249 | $ | 108,170 | $ | 122,754 | $ | 129,994 | ||||||||||||||||||
|
As of
|
||||||||||||||||||||||||||||
|
REGULATORY CAPITAL DATA
|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
|||||||||||||||||||||||
|
Tier 1 Capital
|
$ | 924,143 | $ | 850,185 | $ | 833,526 | $ | 810,119 | $ | 809,218 | ||||||||||||||||||
|
Tier 1 Leverage Ratio
|
10.59 | % | 9.67 | % | 9.41 | % | 9.06 | % | 8.88 | % | ||||||||||||||||||
|
Tier 1 Ratio (%)
|
16.12 | % | 14.00 | % | 13.64 | % | 12.88 | % | 12.66 | % | ||||||||||||||||||
|
Total Capital
|
$ | 996,288 | $ | 926,499 | $ | 910,857 | $ | 889,675 | $ | 889,966 | ||||||||||||||||||
|
Total Capital Ratio (%)
|
17.38 | % | 15.26 | % | 14.91 | % | 14.15 | % | 13.92 | % | ||||||||||||||||||
|
Total Risk-Weighted Assets
|
$ | 5,732,730 | $ | 6,070,678 | $ | 6,109,763 | $ | 6,289,618 | $ | 6,394,468 | ||||||||||||||||||
32
|
Financial Update for National Penn Bancshares (NPBC) for12/31/2010
|
||||||||||||||||||||
|
Page 4 of 6
|
||||||||||||||||||||
|
Unaudited, numbers in thousands except share and per share data
|
||||||||||||||||||||
|
As of
|
||||||||||||||||||||
|
PERIOD END BALANCES:
|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
|||||||||||||||
|
Earning Assets / Liabilities
|
||||||||||||||||||||
|
Loan Breakdown: (Regulatory)
|
||||||||||||||||||||
|
Commercial/Industrial
|
$ | 804,602 | $ | 878,790 | $ | 925,661 | $ | 972,132 | $ | 985,357 | ||||||||||
|
Commercial Real Estate (4)
|
1,653,063 | 1,810,442 | 1,804,073 | 1,852,838 | 1,833,069 | |||||||||||||||
|
Residential Mortgage
|
1,294,751 | 1,381,117 | 1,412,218 | 1,398,640 | 1,430,027 | |||||||||||||||
|
Real Estate Construction and Land Development
|
426,208 | 375,341 | 404,292 | 463,833 | 534,315 | |||||||||||||||
|
Home Equity
|
755,829 | 792,496 | 800,378 | 800,394 | 806,556 | |||||||||||||||
|
Consumer
|
236,107 | 244,878 | 247,113 | 251,611 | 252,028 | |||||||||||||||
|
Other Loans
|
156,163 | 158,766 | 162,500 | 175,771 | 183,148 | |||||||||||||||
|
Total Loans
|
5,326,723 | 5,641,830 | 5,756,235 | 5,915,219 | 6,024,500 | |||||||||||||||
|
Allowance for Loan and Lease Losses/Total Loans and Leases
|
2.82 | % | 2.72 | % | 2.68 | % | 2.60 | % | 2.43 | % | ||||||||||
|
Investment Securities and Other Securities
|
2,259,690 | 2,255,265 | 2,217,597 | 2,244,053 | 2,180,541 | |||||||||||||||
|
Other Earning Assets
|
612,099 | 609,733 | 496,282 | 239,757 | 496,535 | |||||||||||||||
|
Total Earning Assets (net of loan loss reserve)
|
$ | 8,048,458 | $ | 8,353,353 | $ | 8,316,075 | $ | 8,245,178 | $ | 8,555,305 | ||||||||||
|
(4) Includes owner occupied
|
||||||||||||||||||||
|
Loan Breakdown: (Internal)
|
||||||||||||||||||||
|
Commercial Real Estate
|
||||||||||||||||||||
|
Non Owner Occupied
|
||||||||||||||||||||
|
- Permanent
|
$ | 768,988 | $ | 855,777 | $ | 868,405 | $ | 865,003 | $ | 831,127 | ||||||||||
|
- Construction / Development
|
281,056 | 312,086 | 335,799 | 365,641 | 406,331 | |||||||||||||||
|
Commercial & Industrial
|
||||||||||||||||||||
|
Business Purpose, Real Estate secured
|
948,506 | 987,551 | 991,075 | 1,024,362 | 1,052,096 | |||||||||||||||
|
Business Purpose, not secured by Real Estate
|
886,692 | 953,645 | 1,005,189 | 1,075,058 | 1,091,578 | |||||||||||||||
|
Owner Occupied Commercial Real Estate
|
||||||||||||||||||||
|
- Permanent
|
552,129 | 556,738 | 556,201 | 570,659 | 589,455 | |||||||||||||||
|
- Construction / Development
|
37,196 | 38,902 | 38,858 | 42,122 | 52,710 | |||||||||||||||
|
Leasing
|
10,437 | 12,230 | 13,810 | 15,942 | 17,304 | |||||||||||||||
|
Residential Mortgage (personal purpose)
|
||||||||||||||||||||
|
Permanent
|
758,301 | 795,420 | 813,042 | 822,373 | 833,721 | |||||||||||||||
|
Construction
|
7,113 | 9,966 | 10,925 | 10,486 | 12,275 | |||||||||||||||
|
Retail
|
||||||||||||||||||||
|
Home Equity Loans and Direct Installment Loans
|
423,755 | 446,866 | 458,803 | 466,611 | 487,793 | |||||||||||||||
|
Home Equity Lines of Credit
|
321,369 | 332,074 | 317,469 | 303,246 | 297,652 | |||||||||||||||
|
Private Banking Credit Lines
|
150,811 | 159,991 | 163,526 | 167,954 | 171,582 | |||||||||||||||
|
Indirect Vehicle Loans
|
131,416 | 133,297 | 136,177 | 138,536 | 141,829 | |||||||||||||||
|
Other
|
48,954 | 47,287 | 46,956 | 47,226 | 39,047 | |||||||||||||||
|
Total Loans
|
$ | 5,326,723 | $ | 5,641,830 | $ | 5,756,235 | $ | 5,915,219 | $ | 6,024,500 | ||||||||||
|
Deposit Breakdown:
|
||||||||||||||||||||
|
Savings
|
$ | 438,879 | $ | 430,806 | $ | 455,061 | $ | 433,669 | $ | 414,886 | ||||||||||
|
NOW Accounts
|
1,181,850 | 1,294,582 | 1,130,026 | 1,114,539 | 1,284,143 | |||||||||||||||
|
Money Market Accounts
|
1,664,620 | 1,714,771 | 1,763,631 | 1,724,852 | 1,675,369 | |||||||||||||||
|
CDs $100k or less
|
1,378,060 | 1,512,573 | 1,543,947 | 1,565,238 | 1,607,148 | |||||||||||||||
|
CDs greater than $100k
|
586,929 | 737,552 | 769,243 | 772,599 | 1,003,656 | |||||||||||||||
|
Total Interest Bearing Deposits
|
5,250,338 | 5,690,284 | 5,661,908 | 5,610,897 | 5,985,202 | |||||||||||||||
|
Borrowings
|
1,590,996 | 1,605,411 | 1,604,223 | 1,649,442 | 1,633,433 | |||||||||||||||
|
Total Interest Bearing Liabilities
|
$ | 6,841,334 | $ | 7,295,695 | $ | 7,266,131 | $ | 7,260,339 | $ | 7,618,635 | ||||||||||
33
|
Financial Update for National Penn Bancshares (NPBC) for12/31/2010
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Page 5 of 6
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Unaudited, numbers in thousands except share and per share data
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Quarterly, as of
|
Twelve Months, as of
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
12/31/2010
|
12/31/2009
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Avg Bal
|
Yield
|
Avg Bal
|
Yield
|
Avg Bal
|
Yield
|
Avg Bal
|
Yield
|
Avg Bal
|
Yield
|
Avg Bal
|
Yield
|
Avg Bal
|
Yield
|
|||||||||||||||||||||||||||||||||||||||||||
|
Total Loans (net of unearned)
|
$ | 5,506,513 | 5.35 | % | $ | 5,703,685 | 5.35 | % | $ | 5,856,738 | 5.39 | % | $ | 5,985,554 | 5.39 | % | $ | 6,137,362 | 5.42 | % | $ | 5,761,647 | 5.37 | % | $ | 6,286,831 | 5.41 | % | ||||||||||||||||||||||||||||
|
Investment Securities
|
2,274,090 | 4.24 | % | 2,227,732 | 4.34 | % | 2,248,560 | 4.43 | % | 2,184,886 | 4.56 | % | 2,244,878 | 4.51 | % | 2,234,045 | 4.39 | % | 2,083,933 | 4.94 | % | |||||||||||||||||||||||||||||||||||
|
Interest Earning Deposits and
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fed Funds Sold
|
642,204 | 0.25 | % | 535,446 | 0.21 | % | 388,434 | 0.23 | % | 411,100 | 0.24 | % | 410,679 | 0.22 | % | 495,042 | 0.23 | % | 284,855 | 0.22 | % | |||||||||||||||||||||||||||||||||||
|
Total Earning Assets
|
8,422,807 | 4.66 | % | 8,466,862 | 4.76 | % | 8,493,732 | 4.90 | % | 8,581,540 | 4.93 | % | 8,792,919 | 4.94 | % | 8,490,734 | 4.81 | % | 8,655,619 | 5.13 | % | |||||||||||||||||||||||||||||||||||
|
Total Assets
|
9,122,895 | 4.30 | % | 9,197,254 | 4.39 | % | 9,228,295 | 4.51 | % | 9,337,334 | 4.53 | % | 9,775,612 | 4.45 | % | 9,220,791 | 4.43 | % | 9,686,673 | 4.58 | % | |||||||||||||||||||||||||||||||||||
|
Savings
|
435,069 | 0.20 | % | 445,327 | 0.27 | % | 446,347 | 0.29 | % | 421,503 | 0.33 | % | 405,132 | 0.33 | % | 437,796 | 0.27 | % | 390,028 | 0.31 | % | |||||||||||||||||||||||||||||||||||
|
NOW Accounts
|
1,265,646 | 0.23 | % | 1,203,831 | 0.28 | % | 1,156,191 | 0.35 | % | 1,170,886 | 0.43 | % | 1,212,744 | 0.56 | % | 1,195,331 | 0.32 | % | 1,115,747 | 0.69 | % | |||||||||||||||||||||||||||||||||||
|
Money Market Accounts
|
1,682,091 | 0.60 | % | 1,728,823 | 0.82 | % | 1,726,437 | 0.87 | % | 1,710,084 | 0.97 | % | 1,704,247 | 1.11 | % | 1,715,233 | 0.81 | % | 1,693,218 | 1.27 | % | |||||||||||||||||||||||||||||||||||
|
CDs
|
2,124,910 | 1.85 | % | 2,279,366 | 1.92 | % | 2,322,483 | 1.97 | % | 2,522,020 | 2.03 | % | 2,730,493 | 2.34 | % | 2,311,017 | 1.95 | % | 2,802,915 | 2.87 | % | |||||||||||||||||||||||||||||||||||
|
Total Interest Bearing Deposits
|
5,507,716 | 0.97 | % | 5,657,347 | 1.11 | % | 5,651,458 | 1.17 | % | 5,824,493 | 1.27 | % | 6,052,616 | 1.50 | % | 5,659,377 | 1.13 | % | 6,001,908 | 1.85 | % | |||||||||||||||||||||||||||||||||||
|
Non-Interest Bearing Deposits
|
818,330 | 831,484 | 831,119 | 767,398 | 741,254 | 812,275 | 731,122 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Deposits
|
6,326,046 | 0.84 | % | 6,488,831 | 0.96 | % | 6,482,577 | 1.02 | % | 6,591,891 | 1.12 | % | 6,793,870 | 1.34 | % | 6,471,652 | 0.99 | % | 6,733,030 | 1.65 | % | |||||||||||||||||||||||||||||||||||
|
Short-Term Borrowings
|
764,314 | 1.33 | % | 734,904 | 1.49 | % | 752,907 | 1.50 | % | 749,114 | 1.56 | % | 694,000 | 1.74 | % | 750,309 | 1.47 | % | 660,825 | 1.92 | % | |||||||||||||||||||||||||||||||||||
|
Long-Term Borrowings
|
845,423 | 4.75 | % | 844,336 | 4.76 | % | 879,339 | 4.74 | % | 885,293 | 4.77 | % | 904,083 | 4.66 | % | 863,436 | 4.76 | % | 978,889 | 4.60 | % | |||||||||||||||||||||||||||||||||||
|
Total Interest Bearing Liabilities
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(including non-interest bearing deposits)
|
7,935,783 | 1.31 | % | 8,068,071 | 1.41 | % | 8,114,823 | 1.47 | % | 8,226,298 | 1.56 | % | 8,391,953 | 1.73 | % | 8,085,397 | 1.43 | % | 8,372,744 | 2.01 | % | |||||||||||||||||||||||||||||||||||
|
Total Interest Bearing Liabilities
|
$ | 7,117,453 | 1.46 | % | $ | 7,236,587 | 1.57 | % | $ | 7,283,704 | 1.63 | % | $ | 7,458,900 | 1.72 | % | $ | 7,650,699 | 1.89 | % | $ | 7,273,122 | 1.60 | % | 7,641,622 | 2.21 | % | |||||||||||||||||||||||||||||
|
Net Yield on Earning Assets: (Margin)
|
3.43 | % | 3.42 | % | 3.50 | % | 3.44 | % | 3.29 | % | 3.45 | % | 3.18 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Wealth Assets:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Assets under administration
|
$ | 3,973,910 | $ | 10,616,931 | $ | 9,942,778 | $ | 9,229,435 | $ | 8,989,419 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Assets under management
|
2,092,149 | 2,394,916 | 2,252,299 | 2,285,178 | 2,199,946 | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
(included above)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Christiana Bank and Trust
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Trust Revenues
|
$ | 862 |
(c)
|
$ | 1,539 | $ | 1,607 | $ | 1,555 | $ | 1,870 | |||||||||||||||||||||||||||||||||||||||||||||
|
(c) Through December 3, 2010
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
34
|
Financial Update for National Penn Bancshares (NPBC) for12/31/2010
|
||||||||||||
|
Page 6 of 6
|
||||||||||||
|
Unaudited, numbers in thousands except share and per share data
|
||||||||||||
|
Quarterly, as of
|
||||||||||||
|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
||||||||
|
STATES OF OPERATION AND BANKING OFFICES
|
||||||||||||
|
BY STATE (LATEST AVAILABLE DATA)
|
||||||||||||
|
PA
|
||||||||||||
|
Total Number of Banking Offices
|
124
|
124
|
124
|
124
|
124
|
|||||||
|
Total Number of Insured Subsidiaries
|
||||||||||||
|
(Bank & Thrift Subsidiaries)
|
1
|
1
|
1
|
1
|
1
|
|||||||
|
Total Number of ATMs
|
133
|
132
|
133
|
133
|
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
|
|||||||
|
DE
|
||||||||||||
|
Total Number of Banking Offices
|
-
|
2
|
2
|
2
|
2
|
|||||||
|
Total Number of Insured Subsidiaries
|
||||||||||||
|
(Bank & Thrift Subsidiaries)
|
-
|
1
|
1
|
1
|
1
|
|||||||
|
Total Number of ATMs
|
-
|
2
|
2
|
2
|
2
|
|||||||
|
TOTAL
|
||||||||||||
|
Total Number of Banking Offices
|
125
|
127
|
127
|
127
|
127
|
|||||||
|
Total Number of Insured Subsidiaries
|
||||||||||||
|
(Bank & Thrift Subsidiaries)
|
1
|
2
|
2
|
2
|
2
|
|||||||
|
Total Number of ATMs
|
134
|
135
|
136
|
136
|
136
|
|||||||
|
EOP Employees (Full Time Equivalent)
|
1,728
|
1,771
|
1,792
|
1,753
|
1,756
|
|||||||
35