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8-K - 8-K - NATIONAL PENN BANCSHARES INC | npbc8-knewrelease01242013.htm |
Exhibit 99.1
News Release |
National Penn Bancshares, Inc. Reports
Fourth Quarter and Full Year 2012 Results
Company Release - January 24, 2013
• | Full-year net income increases 17% to $0.66 per common share from $0.56 for the prior year |
• | Quarterly net income of $0.17 per share resulting in return on assets of 1.19% |
• | Strong asset quality metrics further enhanced |
• | 7.5 million common share repurchase program completed |
BOYERTOWN, PA., January 24, 2013 -- National Penn Bancshares, Inc. (Nasdaq: NPBC) reported net income available to common shareholders of $98.9 million, or $0.66 per diluted common share, for the year ended December 31, 2012, a 17% increase compared to net income available to common shareholders of $84.4 million, or $0.56 per diluted common share, for 2011. For the fourth quarter of 2012, diluted earnings per common share were $0.17 compared to $0.14 per diluted common share for the fourth quarter of 2011.
“With a return on average assets of 1.19%, the fourth quarter was another strong quarter, consistent with our solid performance for the year,” said Scott Fainor, president and CEO of National Penn. “Our ability to maintain our net interest margin in an unprecedented low interest rate environment, coupled with the continuation of exceptional asset quality metrics and our focused efforts on expense control, enabled us to deliver these positive results.”
Asset quality remained strong as the level of classified assets continued to improve, declining $34.9 million or 12% in the fourth quarter 2012 and $109 million or 29% during the year. Non-performing loans declined during 2012 by 20%, and the ratio of net loan charge-offs to average loans improved to 0.46% in 2012 from 0.74% in 2011. These trends resulted in a provision for loan losses of $8.0 million for 2012, compared to $15.0 million for 2011. At December 31, 2012, the allowance for loan and lease losses was 206% of non-performing loans and 2.12% of total loans and leases.
Strategies undertaken to address the low interest rate environment resulted in a stable net interest margin throughout 2012. Net interest margin for the full year 2012 was 3.50%, compared to 3.52% in 2011, and was 3.46% in the fourth quarter of 2012, as compared to 3.50% in the previous quarter. Net interest income for 2012 and 2011 totaled $254 million and $260 million, respectively. During 2012, commercial loans grew by approximately 3%. A reduction in asset yields was mitigated by initiatives throughout the year to improve the mix and cost of interest-bearing liabilities. These initiatives contributed to an improvement in overall funding costs of 32 basis points during the year.
Despite the economic and regulatory environment, total fee income from banking, wealth and insurance operations increased slightly in 2012. National Penn's operating expenses1 were well-controlled throughout 2012, declining 5% from 2011 levels. The efficiency ratio1 improved to 57.12% for 2012 from 59.03% for the prior year.
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During the fourth quarter, National Penn repurchased five million common shares, completing the previously announced 7.5 million share repurchase program. Additionally, the Board of Directors declared a quarterly cash dividend of ten cents per common share for the first quarter of 2013. In order to return capital to shareholders in a tax effective manner, the cash dividend was paid on December 28, 2012 to shareholders of record as of December 13, 2012.
Scott Fainor stated, “We believe our Company is well positioned for the future based upon the strength of our balance sheet. Classified loans declined 45% over the last two years. We also successfully completed the repurchase of approximately 5% of our outstanding shares, while capital levels remained strong with a tier 1 common ratio of 14.19%. The majority of our capital management initiatives, including the stock repurchase, a quarterly dividend increase in each quarter of 2012, and the advance payment of our first quarter 2013 dividend were funded by the strong earnings of 2012.”
Media Contact: Catharine S. Bower, Corporate Communications
(610) 369-6618 or catharine.bower@nationalpenn.com
Investor Contact: Michelle H. Debkowski, Investor Relations
(610) 369-6461 or michelle.debkowski@nationalpenn.com
# # #
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with approximately $8.5 billion in assets, is a bank holding company based in Pennsylvania. Headquartered in Boyertown, National Penn operates 120 branch offices comprising 119 branches in Pennsylvania and one branch in Maryland through National Penn Bank and its KNBT and Nittany Bank divisions.
National Penn's financial services affiliates are National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Institutional Advisors LLC; 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.
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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.
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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: 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), deterioration in the credit quality of loans, the effect of credit risk exposure, 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, National Penn's ability to raise capital and maintain capital levels, increases in operating costs (including those mandated by National Penn's regulators), competition for personnel and from other financial institutions, variations in interest rates, interruptions or breaches of National Penn's security systems, the development and maintenance of National Penn's information technology, the ability of National Penn and its subsidiaries to pay dividends, 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, 2011, 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, Inc. (NPBC) for 12/31/2012 | |||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||||||
As of | |||||||||||||||||||||||
12/31/2012 | 9/30/2012 | 12/31/2011 | |||||||||||||||||||||
SUMMARY BALANCE SHEET | |||||||||||||||||||||||
Total assets | $ | 8,529,522 | $ | 8,435,526 | $ | 8,486,281 | |||||||||||||||||
Investment securities and other securities | 2,334,739 | 2,310,459 | 2,314,111 | ||||||||||||||||||||
Total loans and leases | 5,240,882 | 5,256,854 | 5,188,101 | ||||||||||||||||||||
Deposits | 5,935,565 | 5,947,744 | 5,874,819 | ||||||||||||||||||||
Borrowings | 1,344,324 | 1,216,707 | 1,370,399 | ||||||||||||||||||||
Shareholders' equity | 1,161,292 | 1,214,330 | 1,180,687 | ||||||||||||||||||||
Tangible book value per common share (2) | $ | 6.15 | $ | 6.29 | $ | 5.97 | |||||||||||||||||
Tangible common equity / tangible assets (2) | 10.80 | % | 11.56 | % | 11.04 | % | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
12/31/2012 | 9/30/2012 | 12/31/2011 | 12/31/2012 | 12/31/2011 | |||||||||||||||||||
EARNINGS | |||||||||||||||||||||||
Total interest income | $ | 77,174 | $ | 78,344 | $ | 83,681 | $ | 316,828 | $ | 346,834 | |||||||||||||
Total interest expense | 13,739 | 14,790 | 19,160 | 62,822 | 86,931 | ||||||||||||||||||
Net interest income | 63,435 | 63,554 | 64,521 | 254,006 | 259,903 | ||||||||||||||||||
Provision for loan and lease losses | 2,000 | 2,000 | 2,000 | 8,000 | 15,000 | ||||||||||||||||||
Net interest income after provision for loan and lease losses | 61,435 | 61,554 | 62,521 | 246,006 | 244,903 | ||||||||||||||||||
Loss on sale of building | — | — | — | — | (1,000 | ) | |||||||||||||||||
Loss on debt extinguishment | — | — | (1,635 | ) | — | (2,633 | ) | ||||||||||||||||
Net (losses) gains from fair value changes on subordinated debentures | (253 | ) | 101 | (1,543 | ) | 683 | (2,530 | ) | |||||||||||||||
Net gains (losses) on investment securities | 4 | — | 1,697 | (273 | ) | 2,719 | |||||||||||||||||
Corporate reorganization expense | — | — | 2,200 | — | 2,200 | ||||||||||||||||||
Other non-interest income | 24,755 | 26,664 | 22,978 | 95,558 | 94,654 | ||||||||||||||||||
Other non-interest expense | 52,262 | 53,339 | 55,186 | 210,310 | 221,197 | ||||||||||||||||||
Income before income taxes | 33,679 | 34,980 | 26,632 | 131,664 | 112,716 | ||||||||||||||||||
Income tax expense | 8,535 | 8,964 | 5,889 | 32,754 | 25,172 | ||||||||||||||||||
Net income | 25,144 | 26,016 | 20,743 | 98,910 | 87,544 | ||||||||||||||||||
Preferred dividends and accretion of preferred discount | — | — | — | — | (1,691 | ) | |||||||||||||||||
Accelerated accretion from redemption of preferred stock | — | — | — | — | (1,452 | ) | |||||||||||||||||
Net income available to common shareholders | $ | 25,144 | $ | 26,016 | $ | 20,743 | $ | 98,910 | $ | 84,401 | |||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||||||||
Net interest margin | 3.46 | % | 3.50 | % | 3.49 | % | 3.50 | % | 3.52 | % | |||||||||||||
Return on average assets | 1.19 | % | 1.23 | % | 0.97 | % | 1.17 | % | 1.02 | % | |||||||||||||
Adjusted return on average assets (3) | 1.19 | % | 1.23 | % | 1.08 | % | 1.17 | % | 1.03 | % | |||||||||||||
Return on average total shareholders' equity | 8.33 | % | 8.60 | % | 7.02 | % | 8.25 | % | 7.58 | % | |||||||||||||
Return on average tangible common equity (1) | 10.74 | % | 11.10 | % | 9.17 | % | 10.66 | % | 9.95 | % | |||||||||||||
Efficiency ratio (4) | 56.40 | % | 56.26 | % | 59.73 | % | 57.12 | % | 59.03 | % | |||||||||||||
PER SHARE | |||||||||||||||||||||||
Basic earnings available to common shareholders | $ | 0.17 | $ | 0.17 | $ | 0.14 | $ | 0.66 | $ | 0.56 | |||||||||||||
Diluted earnings available to common shareholders | 0.17 | 0.17 | 0.14 | 0.66 | 0.56 | ||||||||||||||||||
Dividends per common share | 0.20 | (a) | 0.09 | 0.04 | 0.41 | (a) | 0.09 | ||||||||||||||||
Average shares - basic | 148,304,167 | 150,157,622 | 151,773,327 | 150,566,098 | 151,386,614 | ||||||||||||||||||
Average shares - diluted | 148,610,097 | 150,454,749 | 152,068,706 | 150,859,995 | 151,653,646 | ||||||||||||||||||
(1) RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
12/31/2012 | 9/30/2012 | 12/31/2011 | 12/31/2012 | 12/31/2011 | |||||||||||||||||||
Return on average tangible common equity | |||||||||||||||||||||||
Return on average shareholders' equity | 8.33 | % | 8.60 | % | 7.02 | % | 8.25 | % | 7.58 | % | |||||||||||||
Effect of preferred equity | — | — | — | — | (0.08 | )% | |||||||||||||||||
Effect of goodwill and intangibles | 2.41 | % | 2.50 | % | 2.15 | % | 2.41 | % | 2.45 | % | |||||||||||||
Return on average tangible common equity | 10.74 | % | 11.10 | % | 9.17 | % | 10.66 | % | 9.95 | % | |||||||||||||
Average tangible equity: | |||||||||||||||||||||||
Average shareholders' equity | $ | 1,200,514 | $ | 1,203,072 | $ | 1,172,273 | $ | 1,198,948 | $ | 1,155,209 | |||||||||||||
Average preferred equity | — | — | — | — | (30,106 | ) | |||||||||||||||||
Average goodwill and intangibles | (269,495 | ) | (270,720 | ) | (274,827 | ) | (271,384 | ) | (277,214 | ) | |||||||||||||
Average total tangible common equity | $ | 931,019 | $ | 932,352 | $ | 897,446 | $ | 927,564 | $ | 847,889 | |||||||||||||
Adjusted net income reconciliation | |||||||||||||||||||||||
Net income available to common shareholders | $ | 25,144 | $ | 26,016 | $ | 20,743 | $ | 98,910 | $ | 84,401 | |||||||||||||
After tax unrealized fair value loss (gain) on subordinated debentures | 164 | (66 | ) | 1,003 | (444 | ) | 1,645 | ||||||||||||||||
Corporate reorganization expense | — | — | 1,430 | — | 1,430 | ||||||||||||||||||
Accelerated accretion from redemption of preferred stock | — | — | — | — | 1,452 | ||||||||||||||||||
Adjusted net income available to common shareholders | $ | 25,308 | $ | 25,950 | $ | 23,176 | $ | 98,466 | $ | 88,928 | |||||||||||||
Earnings per share | |||||||||||||||||||||||
Net income available to common shareholders | $ | 0.17 | $ | 0.17 | $ | 0.14 | $ | 0.66 | $ | 0.56 | |||||||||||||
After tax unrealized fair value loss (gain) on subordinated debentures | — | — | 0.01 | — | 0.01 | ||||||||||||||||||
Corporate reorganization expense | — | — | 0.01 | — | 0.01 | ||||||||||||||||||
Accelerated accretion from redemption of preferred stock | — | — | — | — | 0.01 | ||||||||||||||||||
Adjusted net income available to common shareholders | $ | 0.17 | $ | 0.17 | $ | 0.16 | $ | 0.66 | $ | 0.59 | |||||||||||||
(a) The 4th quarter of 2012 includes payment of the 1st quarter 2013 cash dividend of $0.10 per common share |
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Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2012 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||
As of | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
BALANCE SHEET - ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 145,688 | $ | 120,421 | $ | 115,564 | $ | 108,752 | $ | 129,637 | |||||||||
Interest-earning deposits with banks | 282,440 | 211,943 | 221,419 | 344,427 | 321,885 | ||||||||||||||
Total cash and cash equivalents | 428,128 | 332,364 | 336,983 | 453,179 | 451,522 | ||||||||||||||
Investment securities available-for-sale, at fair value | 1,802,213 | 1,773,579 | 1,769,359 | 1,779,613 | 1,747,019 | ||||||||||||||
Investment securities held-to-maturity | 464,166 | 472,884 | 481,341 | 487,507 | 496,574 | ||||||||||||||
Other securities | 68,360 | 63,996 | 66,194 | 68,301 | 70,518 | ||||||||||||||
Loans held-for-sale | 14,330 | 22,703 | 16,908 | 16,909 | 12,216 | ||||||||||||||
Loans and leases | 5,226,552 | 5,234,151 | 5,193,859 | 5,184,747 | 5,175,885 | ||||||||||||||
Allowance for loan and lease losses | (110,955 | ) | (113,542 | ) | (116,650 | ) | (121,452 | ) | (126,640 | ) | |||||||||
Loans and leases, net | 5,115,597 | 5,120,609 | 5,077,209 | 5,063,295 | 5,049,245 | ||||||||||||||
Premises and equipment, net | 96,334 | 96,349 | 96,566 | 95,937 | 96,198 | ||||||||||||||
Accrued interest receivable | 28,526 | 31,448 | 30,511 | 31,241 | 30,991 | ||||||||||||||
Bank owned life insurance | 143,242 | 141,991 | 140,747 | 139,507 | 138,274 | ||||||||||||||
Other real estate owned and other repossessed assets | 3,029 | 7,174 | 7,201 | 7,647 | 7,716 | ||||||||||||||
Goodwill | 258,279 | 258,279 | 258,279 | 258,279 | 258,279 | ||||||||||||||
Other intangible assets, net | 10,614 | 11,852 | 13,085 | 14,408 | 15,770 | ||||||||||||||
Unconsolidated investments | 11,347 | 11,337 | 10,109 | 11,699 | 12,173 | ||||||||||||||
Other assets | 85,357 | 90,961 | 91,372 | 96,513 | 99,786 | ||||||||||||||
TOTAL ASSETS | $ | 8,529,522 | $ | 8,435,526 | $ | 8,395,864 | $ | 8,524,035 | $ | 8,486,281 | |||||||||
BALANCE SHEET - LIABILITIES | |||||||||||||||||||
Non-interest bearing deposits | $ | 891,401 | $ | 902,295 | $ | 903,766 | $ | 884,025 | $ | 863,703 | |||||||||
Interest bearing deposits | 5,044,164 | 5,045,449 | 4,941,777 | 5,004,358 | 5,011,116 | ||||||||||||||
Total deposits | 5,935,565 | 5,947,744 | 5,845,543 | 5,888,383 | 5,874,819 | ||||||||||||||
Customer repurchase agreements | 560,065 | 534,613 | 533,389 | 542,706 | 523,978 | ||||||||||||||
Structured repurchase agreements | 75,000 | 75,000 | 85,000 | 85,000 | 85,000 | ||||||||||||||
Short-term borrowings | 100,000 | — | — | — | — | ||||||||||||||
Federal Home Loan Bank advances, net of prepayment fees incurred | 464,632 | 462,720 | 535,613 | 615,863 | 616,111 | ||||||||||||||
Subordinated debentures | 144,627 | 144,374 | 144,475 | 143,666 | 145,310 | ||||||||||||||
Accrued interest payable and other liabilities | 88,341 | 56,745 | 52,084 | 47,587 | 60,376 | ||||||||||||||
TOTAL LIABILITIES | 7,368,230 | 7,221,196 | 7,196,104 | 7,323,205 | 7,305,594 | ||||||||||||||
BALANCE SHEET - SHAREHOLDERS' EQUITY | |||||||||||||||||||
Common stock | 1,387,644 | 1,387,073 | 1,386,177 | 1,384,657 | 1,383,082 | ||||||||||||||
Accumulated deficit | (185,680 | ) | (181,225 | ) | (193,715 | ) | (205,497 | ) | (223,189 | ) | |||||||||
Accumulated other comprehensive income | 24,329 | 28,617 | 25,435 | 21,670 | 20,794 | ||||||||||||||
Treasury stock | (65,001 | ) | (20,135 | ) | (18,137 | ) | — | — | |||||||||||
TOTAL SHAREHOLDERS' EQUITY | 1,161,292 | 1,214,330 | 1,199,760 | 1,200,830 | 1,180,687 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 8,529,522 | $ | 8,435,526 | $ | 8,395,864 | $ | 8,524,035 | $ | 8,486,281 | |||||||||
COMMON SHARE AND PER SHARE DATA | |||||||||||||||||||
Book value | $ | 8.00 | $ | 8.09 | $ | 7.98 | $ | 7.88 | $ | 7.77 | |||||||||
Tangible book value (2) | $ | 6.15 | $ | 6.29 | $ | 6.18 | $ | 6.09 | $ | 5.97 | |||||||||
Dividends | $ | 0.20 | (a) | $ | 0.09 | $ | 0.07 | $ | 0.05 | $ | 0.04 | ||||||||
Shares outstanding (end of period, net of treasury) | 145,163,585 | 150,048,383 | 150,258,232 | 152,295,895 | 151,883,036 | ||||||||||||||
(2) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
Total shareholders' equity | $ | 1,161,292 | $ | 1,214,330 | $ | 1,199,760 | $ | 1,200,830 | $ | 1,180,687 | |||||||||
Goodwill and intangibles | (268,893 | ) | (270,131 | ) | (271,364 | ) | (272,687 | ) | (274,049 | ) | |||||||||
Tangible common equity | $ | 892,399 | $ | 944,199 | $ | 928,396 | $ | 928,143 | $ | 906,638 | |||||||||
Common shares outstanding | 145,163,585 | 150,048,383 | 150,258,232 | 152,295,895 | 151,883,036 | ||||||||||||||
Tangible book value per share | $ | 6.15 | $ | 6.29 | $ | 6.18 | $ | 6.09 | $ | 5.97 | |||||||||
Total assets | $ | 8,529,522 | $ | 8,435,526 | $ | 8,395,864 | $ | 8,524,035 | $ | 8,486,281 | |||||||||
Goodwill and intangibles | (268,893 | ) | (270,131 | ) | (271,364 | ) | (272,687 | ) | (274,049 | ) | |||||||||
Tangible assets | $ | 8,260,629 | $ | 8,165,395 | $ | 8,124,500 | $ | 8,251,348 | $ | 8,212,232 | |||||||||
Tangible common equity/tangible assets | 10.80 | % | 11.56 | % | 11.43 | % | 11.25 | % | 11.04 | % | |||||||||
(3) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
Adjusted net income available to common shareholders (1) | $ | 25,308 | $ | 25,950 | $ | 22,975 | $ | 24,233 | $ | 23,176 | |||||||||
Average assets | $ | 8,440,642 | $ | 8,386,342 | $ | 8,473,164 | $ | 8,397,381 | $ | 8,525,271 | |||||||||
Adjusted return on average assets (annualized) | 1.19 | % | 1.23 | % | 1.09 | % | 1.16 | % | 1.08 | % |
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Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2012 | |||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||||||||||
For the Quarter Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 12/31/2012 | 12/31/2011 | |||||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||||||
Loans and leases, including fees | $ | 59,005 | $ | 60,269 | $ | 61,116 | $ | 62,291 | $ | 64,040 | $ | 242,681 | $ | 266,616 | |||||||||||||
Investment securities | |||||||||||||||||||||||||||
Taxable | 10,050 | 10,525 | 10,941 | 11,209 | 11,310 | 42,725 | 45,810 | ||||||||||||||||||||
Tax-exempt | 7,233 | 7,402 | 7,636 | 7,781 | 8,076 | 30,052 | 33,307 | ||||||||||||||||||||
Deposits with banks | 886 | 148 | 203 | 133 | 255 | 1,370 | 1,101 | ||||||||||||||||||||
Total interest income | 77,174 | 78,344 | 79,896 | 81,414 | 83,681 | 316,828 | 346,834 | ||||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||||||
Deposits | 6,177 | 6,472 | 6,879 | 7,294 | 8,272 | 26,822 | 40,534 | ||||||||||||||||||||
Customer repurchase agreements | 510 | 511 | 545 | 550 | 556 | 2,116 | 2,506 | ||||||||||||||||||||
Structured repurchase agreements | 802 | 843 | 915 | 915 | 1,316 | 3,475 | 6,397 | ||||||||||||||||||||
Short-term borrowings | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||
Federal Home Loan Bank advances | 4,410 | 5,105 | 6,501 | 6,967 | 6,987 | 22,983 | 28,316 | ||||||||||||||||||||
Subordinated debentures | 1,839 | 1,859 | 1,857 | 1,870 | 2,029 | 7,425 | 9,178 | ||||||||||||||||||||
Total interest expense | 13,739 | 14,790 | 16,697 | 17,596 | 19,160 | 62,822 | 86,931 | ||||||||||||||||||||
Net interest income | 63,435 | 63,554 | 63,199 | 63,818 | 64,521 | 254,006 | 259,903 | ||||||||||||||||||||
Provision for loan and lease losses | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 8,000 | 15,000 | ||||||||||||||||||||
Net interest income after provision for loan and lease losses | 61,435 | 61,554 | 61,199 | 61,818 | 62,521 | 246,006 | 244,903 | ||||||||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||||||||||||
Wealth management income | 6,224 | 6,239 | 6,005 | 6,161 | 5,616 | 24,629 | 23,623 | ||||||||||||||||||||
Service charges on deposit accounts | 4,140 | 4,147 | 3,753 | 3,823 | 4,608 | 15,863 | 18,768 | ||||||||||||||||||||
Insurance commissions and fees | 3,113 | 3,238 | 3,211 | 3,296 | 3,107 | 12,858 | 13,254 | ||||||||||||||||||||
Cash management and electronic banking fees | 4,761 | 4,626 | 4,707 | 4,420 | 4,613 | 18,514 | 18,219 | ||||||||||||||||||||
Mortgage banking income | 2,498 | 2,296 | 1,511 | 1,335 | 1,481 | 7,640 | 4,924 | ||||||||||||||||||||
Bank owned life insurance income | 1,326 | 1,319 | 1,255 | 1,209 | 1,288 | 5,109 | 5,474 | ||||||||||||||||||||
Earnings (losses) of unconsolidated investments | 138 | 1,315 | 108 | (74 | ) | 246 | 1,487 | 2,161 | |||||||||||||||||||
Other operating income | 2,555 | 3,484 | 993 | 2,426 | 2,019 | 9,458 | 8,231 | ||||||||||||||||||||
Loss on sale of building | — | — | — | — | — | — | (1,000 | ) | |||||||||||||||||||
Net (losses) gains from fair value changes on subordinated debentures | (253 | ) | 101 | (810 | ) | 1,645 | (1,543 | ) | 683 | (2,530 | ) | ||||||||||||||||
Loss on debt extinguishment | — | — | — | — | (1,635 | ) | — | (2,633 | ) | ||||||||||||||||||
Net gains (losses) on sales of investment securities | 4 | — | (123 | ) | — | 1,697 | (119 | ) | 2,719 | ||||||||||||||||||
Impairment losses on investment securities: | |||||||||||||||||||||||||||
Impairment related losses on investment securities | — | — | (154 | ) | — | — | (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 | ) | — | — | (154 | ) | — | ||||||||||||||||||
Total non-interest income | 24,506 | 26,765 | 20,456 | 24,241 | 21,497 | 95,968 | 91,210 | ||||||||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||||||||||
Salaries, wages and employee benefits | 30,789 | 31,555 | 31,234 | 31,381 | 29,598 | 124,959 | 122,264 | ||||||||||||||||||||
Premises and equipment | 7,396 | 7,226 | 7,349 | 6,853 | 7,652 | 28,824 | 28,939 | ||||||||||||||||||||
FDIC insurance | 1,162 | 1,259 | 1,211 | 1,264 | 1,442 | 4,896 | 9,838 | ||||||||||||||||||||
Corporate reorganization expense | — | — | — | — | 2,200 | — | 2,200 | ||||||||||||||||||||
Other operating expenses | 12,915 | 13,299 | 12,475 | 12,942 | 16,494 | 51,631 | 60,156 | ||||||||||||||||||||
Total non-interest expense | 52,262 | 53,339 | 52,269 | 52,440 | 57,386 | 210,310 | 223,397 | ||||||||||||||||||||
Income before income taxes | 33,679 | 34,980 | 29,386 | 33,619 | 26,632 | 131,664 | 112,716 | ||||||||||||||||||||
Income tax expense | 8,535 | 8,964 | 6,938 | 8,317 | 5,889 | 32,754 | 25,172 | ||||||||||||||||||||
NET INCOME | 25,144 | 26,016 | 22,448 | 25,302 | 20,743 | 98,910 | 87,544 | ||||||||||||||||||||
Preferred dividends and accretion of preferred discount | — | — | — | — | — | — | (1,691 | ) | |||||||||||||||||||
Accelerated accretion from redemption of preferred stock | — | — | — | — | — | — | (1,452 | ) | |||||||||||||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 25,144 | $ | 26,016 | $ | 22,448 | $ | 25,302 | $ | 20,743 | $ | 98,910 | $ | 84,401 | |||||||||||||
PER SHARE OF COMMON STOCK | |||||||||||||||||||||||||||
Basic earnings available to common shareholders | $ | 0.17 | $ | 0.17 | $ | 0.15 | $ | 0.17 | $ | 0.14 | $ | 0.66 | $ | 0.56 | |||||||||||||
Diluted earnings available to common shareholders | $ | 0.17 | $ | 0.17 | $ | 0.15 | $ | 0.17 | $ | 0.14 | $ | 0.66 | $ | 0.56 | |||||||||||||
Average shares - basic | 148,304,167 | 150,157,622 | 151,732,402 | 152,099,546 | 151,773,327 | 150,566,098 | 151,386,614 | ||||||||||||||||||||
Average shares - diluted | 148,610,097 | 150,454,749 | 152,011,995 | 152,392,315 | 152,068,706 | 150,859,995 | 151,653,646 | ||||||||||||||||||||
SUPPLEMENTAL DATA (annualized, average) | |||||||||||||||||||||||||||
Return on assets | 1.19 | % | 1.23 | % | 1.07 | % | 1.21 | % | 0.97 | % | 1.17 | % | 1.02 | % | |||||||||||||
Adjusted return on assets (3) | 1.19 | % | 1.23 | % | 1.09 | % | 1.16 | % | 1.08 | % | 1.17 | % | 1.03 | % | |||||||||||||
Return on total equity | 8.33 | % | 8.60 | % | 7.50 | % | 8.56 | % | 7.02 | % | 8.25 | % | 7.58 | % | |||||||||||||
Return on common equity | 8.33 | % | 8.60 | % | 7.50 | % | 8.56 | % | 7.02 | % | 8.25 | % | 7.50 | % | |||||||||||||
Return on tangible common equity (1) | 10.74 | % | 11.10 | % | 9.69 | % | 11.12 | % | 9.17 | % | 10.66 | % | 9.95 | % | |||||||||||||
Efficiency ratio (4) | 56.40 | % | 56.26 | % | 58.42 | % | 57.47 | % | 59.73 | % | 57.12 | % | 59.03 | % | |||||||||||||
(4) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||
Efficiency Ratio Calculation | |||||||||||||||||||||||||||
Non-interest expense | $ | 52,262 | $ | 53,339 | $ | 52,269 | $ | 52,440 | $ | 57,386 | $ | 210,310 | $ | 223,397 | |||||||||||||
Less: | |||||||||||||||||||||||||||
Corporate reorganization expense | — | — | — | — | 2,200 | — | 2,200 | ||||||||||||||||||||
Operating expenses | $ | 52,262 | $ | 53,339 | $ | 52,269 | $ | 52,440 | $ | 55,186 | $ | 210,310 | $ | 221,197 | |||||||||||||
Net interest income (taxable equivalent) | $ | 67,909 | $ | 68,139 | $ | 67,929 | $ | 68,645 | $ | 69,409 | $ | 272,622 | $ | 280,034 | |||||||||||||
Non-interest income | 24,506 | 26,765 | 20,456 | 24,241 | 21,497 | 95,968 | 91,210 | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||||
Loss on sale of building | — | — | — | — | — | — | (1,000 | ) | |||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | (1,635 | ) | — | (2,633 | ) | ||||||||||||||||||
Net (losses) gains from fair value changes on subordinated debentures | (253 | ) | 101 | (810 | ) | 1,645 | (1,543 | ) | 683 | (2,530 | ) | ||||||||||||||||
Net gains (losses) on investment securities | 4 | — | (277 | ) | — | 1,697 | (273 | ) | 2,719 | ||||||||||||||||||
Adjusted revenue | $ | 92,664 | $ | 94,803 | $ | 89,472 | $ | 91,241 | $ | 92,387 | $ | 368,180 | $ | 374,688 | |||||||||||||
Efficiency Ratio | 56.40 | % | 56.26 | % | 58.42 | % | 57.47 | % | 59.73 | % | 57.12 | % | 59.03 | % |
11
Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2012 | |||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||||||||||
For the Quarter Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||
CHARGE-OFFS | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 12/31/2012 | 12/31/2011 | ||||||||||||||||||||
Loan charge-offs | $ | 5,876 | $ | 5,993 | $ | 7,907 | $ | 8,722 | $ | 9,896 | $ | 28,498 | $ | 47,535 | |||||||||||||
Recoveries on loans | (1,289 | ) | (885 | ) | (1,105 | ) | (1,534 | ) | (3,463 | ) | (4,813 | ) | (9,121 | ) | |||||||||||||
Net loan charge-offs | $ | 4,587 | $ | 5,108 | $ | 6,802 | $ | 7,188 | $ | 6,433 | $ | 23,685 | $ | 38,414 | |||||||||||||
Net loan charge-offs to average loans (annualized) | 0.35 | % | 0.39 | % | 0.53 | % | 0.56 | % | 0.50 | % | 0.46 | % | 0.74 | % | |||||||||||||
NET CHARGE-OFF DETAIL | |||||||||||||||||||||||||||
Commercial and industrial loans and leases | $ | 2,029 | $ | 1,116 | $ | 5,196 | $ | 1,925 | $ | 2,648 | $ | 10,266 | $ | 18,995 | |||||||||||||
Commercial real estate-permanent | 301 | 481 | 595 | 1,933 | 517 | 3,310 | 5,788 | ||||||||||||||||||||
Commercial real estate-construction | 266 | 1,755 | (148 | ) | 673 | (1,337 | ) | 2,546 | 3,001 | ||||||||||||||||||
Total commercial real estate loans | 567 | 2,236 | 447 | 2,606 | (820 | ) | 5,856 | 8,789 | |||||||||||||||||||
Residential mortgages | 988 | 742 | 328 | 560 | 993 | 2,618 | 4,117 | ||||||||||||||||||||
Home equity lines and loans | 515 | 517 | 404 | 1,855 | 2,429 | 3,291 | 5,016 | ||||||||||||||||||||
All other consumer loans | 488 | 497 | 427 | 242 | 1,183 | 1,654 | 1,497 | ||||||||||||||||||||
Total consumer loans | 1,991 | 1,756 | 1,159 | 2,657 | 4,605 | 7,563 | 10,630 | ||||||||||||||||||||
Net loans charged-off | $ | 4,587 | $ | 5,108 | $ | 6,802 | $ | 7,188 | $ | 6,433 | $ | 23,685 | $ | 38,414 | |||||||||||||
As of | |||||||||||||||||||||||||||
ASSET QUALITY AND OTHER DATA | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | ||||||||||||||||||||||
Non-accrual commercial and industrial loans and leases | $ | 24,653 | $ | 31,109 | $ | 33,984 | $ | 32,485 | $ | 31,081 | |||||||||||||||||
Non-accrual commercial real estate-permanent | 2,984 | 3,780 | 2,999 | 5,156 | 7,403 | ||||||||||||||||||||||
Non-accrual commercial real estate-construction | 5,446 | 5,149 | 6,959 | 14,336 | 12,218 | ||||||||||||||||||||||
Total non-accrual commercial real estate loans | 8,430 | 8,929 | 9,958 | 19,492 | 19,621 | ||||||||||||||||||||||
Non-accrual residential mortgages | 7,066 | 6,242 | 4,301 | 4,077 | 4,504 | ||||||||||||||||||||||
Non-accrual home equity lines and loans | 3,692 | 3,458 | 2,555 | 2,110 | 3,046 | ||||||||||||||||||||||
All other non-accrual consumer loans | 1,705 | 1,823 | 1,753 | 1,695 | 3,176 | ||||||||||||||||||||||
Total non-accrual consumer loans | 12,463 | 11,523 | 8,609 | 7,882 | 10,726 | ||||||||||||||||||||||
Total non-accrual loans | 45,546 | 51,561 | 52,551 | 59,859 | 61,428 | ||||||||||||||||||||||
Restructured loans | 8,362 | 6,726 | 6,468 | 6,506 | 5,548 | ||||||||||||||||||||||
Total non-performing loans | 53,908 | 58,287 | 59,019 | 66,365 | 66,976 | ||||||||||||||||||||||
Other real estate owned and repossessed assets | 3,029 | 7,174 | 7,201 | 7,647 | 7,716 | ||||||||||||||||||||||
Total non-performing assets | 56,937 | 65,461 | 66,220 | 74,012 | 74,692 | ||||||||||||||||||||||
Loans 90+ days past due & still accruing | 2,027 | 2,628 | 3,426 | 1,588 | 2,010 | ||||||||||||||||||||||
Total non-performing assets and loans 90+ days past due | $ | 58,964 | $ | 68,089 | $ | 69,646 | $ | 75,600 | $ | 76,702 | |||||||||||||||||
Allowance for loan and lease losses | $ | 110,955 | $ | 113,542 | $ | 116,650 | $ | 121,452 | $ | 126,640 | |||||||||||||||||
Allowance for loan and lease losses/non-performing loans | 205.8 | % | 194.8 | % | 197.6 | % | 183.0 | % | 189.1 | % | |||||||||||||||||
Allowance for loan and lease losses/non-performing assets and loans 90+ days past due | 188.2 | % | 166.8 | % | 167.5 | % | 160.7 | % | 165.1 | % | |||||||||||||||||
Allowance for loan and lease losses/total loans and leases | 2.12 | % | 2.16 | % | 2.24 | % | 2.33 | % | 2.44 | % | |||||||||||||||||
Provision/charge-offs, net | 43.6 | % | 39.2 | % | 29.4 | % | 27.8 | % | 31.1 | % | |||||||||||||||||
Classified loans | $ | 261,293 | $ | 296,213 | $ | 301,542 | $ | 347,033 | $ | 370,439 | |||||||||||||||||
Classified loans/total loans and leases | 4.99 | % | 5.63 | % | 5.79 | % | 6.67 | % | 7.14 | % | |||||||||||||||||
Delinquent loans (b) | $ | 24,048 | $ | 23,519 | $ | 24,144 | $ | 24,068 | $ | 24,801 | |||||||||||||||||
Delinquent loans/total loans and leases | 0.46 | % | 0.45 | % | 0.46 | % | 0.46 | % | 0.48 | % | |||||||||||||||||
As of | |||||||||||||||||||||||||||
REGULATORY CAPITAL DATA | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | ||||||||||||||||||||||
Tier 1 Capital | $ | 982,148 | $ | 1,024,888 | $ | 1,008,052 | $ | 1,005,009 | $ | 978,302 | |||||||||||||||||
Tier 1 Leverage Ratio | 12.16 | % | 12.78 | % | 12.44 | % | 12.53 | % | 12.00 | % | |||||||||||||||||
Tier 1 Ratio (%) | 16.54 | % | 17.45 | % | 17.45 | % | 17.46 | % | 17.12 | % | |||||||||||||||||
Total Capital | $ | 1,056,835 | $ | 1,098,814 | $ | 1,080,807 | $ | 1,077,587 | $ | 1,050,417 | |||||||||||||||||
Total Capital Ratio (%) | 17.80 | % | 18.70 | % | 18.71 | % | 18.72 | % | 18.38 | % | |||||||||||||||||
Total Risk-Weighted Assets | $ | 5,938,708 | $ | 5,874,448 | $ | 5,776,537 | $ | 5,757,306 | $ | 5,714,643 | |||||||||||||||||
(b) Includes loans 30-89 days past due and loans 90+ days past due and still accruing |
12
Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2012 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||
As of | |||||||||||||||||||
PERIOD END BALANCES: | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | ||||||||||||||
Earning Assets / Liabilities | |||||||||||||||||||
Loan portfolio composition (regulatory): | |||||||||||||||||||
Commercial / industrial | $ | 868,135 | $ | 846,484 | $ | 856,237 | $ | 853,379 | $ | 833,534 | |||||||||
Commercial real estate (c) | 1,838,681 | 1,803,532 | 1,759,792 | 1,753,986 | 1,737,383 | ||||||||||||||
Residential mortgage | 1,234,425 | 1,262,897 | 1,262,633 | 1,269,505 | 1,270,896 | ||||||||||||||
Real estate construction and land development | 161,341 | 189,293 | 194,942 | 210,976 | 212,306 | ||||||||||||||
Home equity | 782,717 | 776,023 | 765,902 | 756,803 | 771,792 | ||||||||||||||
Consumer | 208,856 | 207,333 | 207,999 | 210,069 | 209,082 | ||||||||||||||
Other loans | 146,727 | 171,292 | 163,262 | 146,938 | 153,108 | ||||||||||||||
Total loans | 5,240,882 | 5,256,854 | 5,210,767 | 5,201,656 | 5,188,101 | ||||||||||||||
Investment securities and other securities | 2,334,739 | 2,310,459 | 2,316,894 | 2,335,421 | 2,314,111 | ||||||||||||||
Other earning assets | 282,440 | 211,943 | 221,419 | 344,427 | 321,885 | ||||||||||||||
Total earning assets (net of loan loss reserve) | $ | 7,747,106 | $ | 7,665,714 | $ | 7,632,430 | $ | 7,760,052 | $ | 7,697,457 | |||||||||
(c) Includes owner occupied | |||||||||||||||||||
Loan portfolio composition (internal): | |||||||||||||||||||
Commercial & industrial loans and leases | |||||||||||||||||||
Business purpose, real estate secured | $ | 886,160 | $ | 879,326 | $ | 879,413 | $ | 864,284 | $ | 895,028 | |||||||||
Business purpose, not secured by real estate | 977,875 | 979,042 | 975,852 | 963,641 | 919,720 | ||||||||||||||
Owner occupied commercial real estate | |||||||||||||||||||
Permanent | 599,729 | 572,298 | 572,686 | 572,103 | 563,963 | ||||||||||||||
Construction / development | 30,523 | 31,181 | 36,451 | 38,546 | 36,631 | ||||||||||||||
Leasing | 1,568 | 2,102 | 2,670 | 3,330 | 4,685 | ||||||||||||||
Total commercial & industrial loans and leases | 2,495,855 | 2,463,949 | 2,467,072 | 2,441,904 | 2,420,027 | ||||||||||||||
Commercial real estate | |||||||||||||||||||
Non-owner occupied | |||||||||||||||||||
Permanent | 907,760 | 918,511 | 874,570 | 878,499 | 855,524 | ||||||||||||||
Construction / development | 125,878 | 140,889 | 140,751 | 151,697 | 156,064 | ||||||||||||||
Total commercial real estate | 1,033,638 | 1,059,400 | 1,015,321 | 1,030,196 | 1,011,588 | ||||||||||||||
Consumer loans | |||||||||||||||||||
Residential mortgage (personal purpose) | |||||||||||||||||||
Permanent | 666,274 | 683,694 | 688,171 | 686,974 | 704,655 | ||||||||||||||
Construction | 5,498 | 6,079 | 6,806 | 7,835 | 5,667 | ||||||||||||||
Total residential mortgages | 671,772 | 689,773 | 694,977 | 694,809 | 710,322 | ||||||||||||||
Home equity loans and direct installment loans | 254,014 | 273,359 | 291,383 | 315,419 | 337,242 | ||||||||||||||
Home equity lines of credit | 500,372 | 478,628 | 452,599 | 421,897 | 410,316 | ||||||||||||||
Total home equity lines and loans | 754,386 | 751,987 | 743,982 | 737,316 | 747,558 | ||||||||||||||
Private banking credit lines | 103,806 | 103,006 | 107,398 | 114,667 | 121,296 | ||||||||||||||
Indirect vehicle loans and other | 167,095 | 166,036 | 165,109 | 165,855 | 165,094 | ||||||||||||||
All other consumer loans | 270,901 | 269,042 | 272,507 | 280,522 | 286,390 | ||||||||||||||
Total consumer loans | 1,697,059 | 1,710,802 | 1,711,466 | 1,712,647 | 1,744,270 | ||||||||||||||
Loans and leases | 5,226,552 | 5,234,151 | 5,193,859 | 5,184,747 | 5,175,885 | ||||||||||||||
Loans held-for-sale | 14,330 | 22,703 | 16,908 | 16,909 | 12,216 | ||||||||||||||
Total loans and leases | $ | 5,240,882 | $ | 5,256,854 | $ | 5,210,767 | $ | 5,201,656 | $ | 5,188,101 | |||||||||
Deposit composition: | |||||||||||||||||||
Savings | $ | 493,386 | $ | 485,283 | $ | 497,640 | $ | 495,191 | $ | 454,003 | |||||||||
NOW accounts | 1,472,985 | 1,498,344 | 1,317,399 | 1,294,591 | 1,293,148 | ||||||||||||||
Money market accounts | 1,642,803 | 1,600,164 | 1,641,947 | 1,698,427 | 1,686,909 | ||||||||||||||
CDs less than $100k | 1,017,925 | 1,036,112 | 1,063,688 | 1,089,601 | 1,138,908 | ||||||||||||||
CDs $100k or greater | 417,065 | 425,546 | 421,103 | 426,548 | 438,148 | ||||||||||||||
Total interest bearing deposits | 5,044,164 | 5,045,449 | 4,941,777 | 5,004,358 | 5,011,116 | ||||||||||||||
Non-interest bearing deposits | 891,401 | 902,295 | 903,766 | 884,025 | 863,703 | ||||||||||||||
Total deposits | $ | 5,935,565 | $ | 5,947,744 | $ | 5,845,543 | $ | 5,888,383 | $ | 5,874,819 | |||||||||
13
Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly, as of | Twelve Months, as of | |||||||||||||||||||||||||||||||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 12/31/2012 | 12/31/2011 | ||||||||||||||||||||||||||||||||||||||||||
Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | |||||||||||||||||||||||||||||||||||
Total loans* | $ | 5,206,227 | 4.55 | % | $ | 5,191,136 | 4.66 | % | $ | 5,196,803 | 4.78 | % | $ | 5,179,220 | 4.89 | % | $ | 5,149,546 | 4.99 | % | $ | 5,193,376 | 4.72 | % | $ | 5,202,255 | 5.18 | % | ||||||||||||||||||||
Investment securities* | 2,323,243 | 3.63 | % | 2,309,646 | 3.77 | % | 2,319,392 | 3.93 | % | 2,318,109 | 4.02 | % | 2,355,178 | 3.97 | % | 2,317,591 | 3.84 | % | 2,286,948 | 4.22 | % | |||||||||||||||||||||||||||
Interest earning deposits | 276,078 | 1.28 | % | 255,121 | 0.23 | % | 334,935 | 0.24 | % | 278,140 | 0.19 | % | 390,228 | 0.26 | % | 285,956 | 0.48 | % | 477,226 | 0.23 | % | |||||||||||||||||||||||||||
Total earning assets | 7,805,548 | 4.16 | % | 7,755,903 | 4.25 | % | 7,851,130 | 4.34 | % | 7,775,469 | 4.46 | % | 7,894,952 | 4.45 | % | 7,796,923 | 4.30 | % | 7,966,429 | 4.61 | % | |||||||||||||||||||||||||||
Total assets | 8,440,642 | 8,386,342 | 8,473,164 | 8,397,381 | 8,525,271 | 8,424,322 | 8,603,252 | |||||||||||||||||||||||||||||||||||||||||
Savings | 488,195 | 0.11 | % | 490,020 | 0.11 | % | 494,800 | 0.12 | % | 471,562 | 0.13 | % | 454,688 | 0.15 | % | 486,160 | 0.12 | % | 454,203 | 0.18 | % | |||||||||||||||||||||||||||
NOW accounts | 1,463,488 | 0.14 | % | 1,402,593 | 0.14 | % | 1,343,961 | 0.15 | % | 1,238,704 | 0.15 | % | 1,269,670 | 0.17 | % | 1,362,573 | 0.15 | % | 1,205,092 | 0.20 | % | |||||||||||||||||||||||||||
Money market accounts | 1,630,449 | 0.30 | % | 1,623,102 | 0.32 | % | 1,664,315 | 0.37 | % | 1,679,232 | 0.40 | % | 1,669,090 | 0.44 | % | 1,649,152 | 0.35 | % | 1,652,986 | 0.55 | % | |||||||||||||||||||||||||||
CDs | 1,454,415 | 1.17 | % | 1,468,539 | 1.23 | % | 1,499,016 | 1.27 | % | 1,542,539 | 1.31 | % | 1,668,098 | 1.36 | % | 1,490,965 | 1.24 | % | 1,802,769 | 1.57 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 5,036,547 | 0.49 | % | 4,984,254 | 0.52 | % | 5,002,092 | 0.55 | % | 4,932,037 | 0.59 | % | 5,061,546 | 0.65 | % | 4,988,850 | 0.54 | % | 5,115,050 | 0.79 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 886,858 | 897,017 | 891,739 | 852,730 | 835,699 | 882,140 | 831,326 | |||||||||||||||||||||||||||||||||||||||||
Total deposits | 5,923,405 | 0.41 | % | 5,881,271 | 0.44 | % | 5,893,831 | 0.47 | % | 5,784,767 | 0.51 | % | 5,897,245 | 0.56 | % | 5,870,990 | 0.46 | % | 5,946,376 | 0.68 | % | |||||||||||||||||||||||||||
Customer repurchase agreements | 551,334 | 0.37 | % | 532,065 | 0.38 | % | 525,142 | 0.42 | % | 524,575 | 0.42 | % | 514,961 | 0.43 | % | 533,325 | 0.40 | % | 523,898 | 0.48 | % | |||||||||||||||||||||||||||
Structured repurchase agreements | 75,000 | 4.25 | % | 78,370 | 4.28 | % | 85,000 | 4.33 | % | 85,000 | 4.33 | % | 128,968 | 4.05 | % | 80,820 | 4.30 | % | 155,438 | 4.12 | % | |||||||||||||||||||||||||||
Short-term borrowings | 1,087 | 0.37 | % | 272 | — | % | — | — | % | — | — | % | 6,638 | — | % | 342 | 0.29 | % | 6,733 | — | % | |||||||||||||||||||||||||||
Federal Home Loan Bank advances, net of prepayment fees incurred | 463,397 | 3.79 | % | 496,438 | 4.09 | % | 575,725 | 4.54 | % | 615,983 | 4.55 | % | 616,411 | 4.50 | % | 537,569 | 4.28 | % | 629,603 | 4.50 | % | |||||||||||||||||||||||||||
Subordinated debentures | 144,377 | 5.07 | % | 144,472 | 5.12 | % | 143,683 | 5.20 | % | 145,274 | 5.18 | % | 143,800 | 5.60 | % | 144,451 | 5.14 | % | 143,174 | 6.41 | % | |||||||||||||||||||||||||||
Total deposits and borrowings | 7,158,600 | 0.76 | % | 7,132,888 | 0.82 | % | 7,223,381 | 0.93 | % | 7,155,599 | 0.99 | % | 7,308,023 | 1.04 | % | 7,167,497 | 0.88 | % | 7,405,222 | 1.17 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 6,271,742 | 0.87 | % | $ | 6,235,871 | 0.94 | % | $ | 6,331,642 | 1.06 | % | $ | 6,302,869 | 1.12 | % | $ | 6,472,324 | 1.17 | % | $ | 6,285,357 | 1.00 | % | $ | 6,573,896 | 1.32 | % | ||||||||||||||||||||
Net interest margin (FTE) | 3.46 | % | 3.50 | % | 3.48 | % | 3.55 | % | 3.49 | % | 3.50 | % | 3.52 | % | ||||||||||||||||||||||||||||||||||
Wealth assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets under administration | $ | 4,445,086 | $ | 4,500,843 | $ | 4,361,134 | $ | 4,382,922 | $ | 4,197,612 | ||||||||||||||||||||||||||||||||||||||
Assets under management | 2,256,319 | 2,319,220 | 2,284,489 | 2,269,351 | 2,141,737 | |||||||||||||||||||||||||||||||||||||||||||
(included above) | ||||||||||||||||||||||||||||||||||||||||||||||||
*Fully taxable equivalent ("FTE") basis, using a 35% effective tax rate. | ||||||||||||||||||||||||||||||||||||||||||||||||
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Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2012 | ||||||||||||||
Unaudited | ||||||||||||||
STATES OF OPERATION AND BANKING OFFICES BY STATE (LATEST AVAILABLE DATA) | ||||||||||||||
Quarterly, as of | ||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | ||||||||||
PA | ||||||||||||||
Total number of retail branch offices | 119 | 119 | 120 | 120 | 121 | |||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||||||
Total number of ATMs | 124 | 124 | 122 | 122 | 128 | |||||||||
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 | 120 | 120 | 121 | 121 | 122 | |||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||||||
Total number of ATMs | 125 | 125 | 123 | 123 | 129 | |||||||||
EOP employees (full-time equivalent) | 1,648 | 1,661 | 1,690 | 1,681 | 1,688 | |||||||||
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