Attached files
| file | filename |
|---|---|
| 8-K - 8-K - NATIONAL PENN BANCSHARES INC | npbc8kearningsrelease102414.htm |
| EX-99.2 - WEBCAST SLIDES - NATIONAL PENN BANCSHARES INC | npbc8-kwebcast102414ex992.htm |
National Penn Bancshares, Inc. Reports
Third Quarter 2014 Results
• | Cash dividend increased 10% to $0.11 cents per common share for the fourth quarter 2014 |
• | Strong performance results in quarterly net income of $0.18 per share and return on average assets of 1.17% |
• | Continued balance sheet strength evidenced by sustained strong asset quality and capital levels |
• | Loan growth accelerates in the quarter |
• | Strategic initiatives enhance holding company liquidity |
• | TF Financial acquisition closing scheduled for today |
Allentown, Pa. October 24, 2014 -- National Penn Bancshares, Inc. (Nasdaq: NPBC) reported net income of $25.3 million, or $0.18 per diluted share, for the third quarter of 2014, compared to net income of $26.2 million, or $0.19 per diluted share, in the prior quarter. Net income for the first nine months of 2014 was $74.2 million, or $0.53 per diluted share, compared to adjusted net income1 of $73.0 million, or $0.50 per diluted share, in the prior year period. Return on average assets remained strong at 1.17% and 1.16% for the third quarter and first nine months of 2014, respectively.
“Our results for the third quarter continue to reflect the consistency and quality of our operating performance,” said Scott V. Fainor, president and CEO of National Penn. “In addition to maintaining our strong asset quality metrics and stable expense levels, our continued focus on growing the loan portfolio resulted in 5% annualized loan growth during the quarter.”
Net interest income for the third quarter of 2014 was $64.2 million, compared to $63.0 million in the prior quarter. Net interest margin for the third quarter was 3.43% and consistent with the margin for the second quarter. Loans grew approximately 5% on an annualized basis during the quarter, comprised of increases in both the commercial and consumer loan portfolios.
Asset quality continues to be a highlight of National Penn’s performance as asset quality metrics remained strong during the third quarter of 2014, and as compared to the prior year period. Classified loans totaling $170 million at the end of the third quarter of 2014 continued to decline and have decreased 22% over the last twelve months. The ratio of annualized net charge-offs to average total loans was 0.14% for the third quarter of 2014, compared to 0.25% for the second quarter of 2014, and 0.38% for the third quarter of 2013. National Penn recorded a provision for loan losses in the third quarter of 2014 of $1.0 million, compared to no provision in the prior quarter. National Penn’s coverage of non-performing loans was 207% at September 30, 2014, comparable to the ratio at June 30, 2014.
Non-interest income was relatively constant, totaling $22.9 million for the third quarter of 2014, compared to $24.4 million for the prior quarter. The second quarter of 2014 included a $0.9 million gain on sale of non-performing loans.
Expenses continue to be well-managed, resulting in an efficiency ratio1 of 57%. Total expenses for the third quarter of 2014 were $52.2 million, comparable to prior quarter expenses of $52.1 million, and $53.6 million for the third quarter of 2013. Operating expenses1 for the year-to-date period ending September 30, 2014 declined 1.6% compared to the prior year period.
As previously announced, National Penn’s Board of Directors increased the fourth quarter dividend by 10% to eleven cents ($0.11) per common share to shareholders of record as of Monday, November 3, 2014, payable on Monday, November 17, 2014. National Penn’s tier 1 common and tangible common equity to tangible assets ratios increased to 13.57% and 10.09% at September 30, 2014, respectively, compared to 13.44% and 10.03%, respectively, at June 30, 2014.
“During the quarter, we completed a $125 million debt offering and, subsequent to regulatory approval, returned $100 million of capital from the bank, enhancing our holding company liquidity and strategic positioning for capital management initiatives such as the ten percent increase in the cash dividend this quarter and future acquisition activity,” said Scott V. Fainor. “As previously reported, we expect to close on the acquisition of TF Financial Corporation today and complete all systems conversions and signage changes throughout this weekend. We are thrilled to have TF Financial join National Penn and are excited by the opportunities this merger presents for further enhancing franchise and shareholder value.”
Media Contact: Jacklyn Bingaman, Marketing
(610) 674-1325 or jacklyn.bingaman@nationalpenn.com
Investor Contact: Michelle H. Debkowski, Investor Relations
(484) 709-3255 or michelle.debkowski@nationalpenn.com
# # #
About National Penn Bancshares, Inc.
National Penn Bancshares, Inc., with approximately $8.6 billion in assets, is a bank holding company headquartered in Allentown, Pennsylvania. National Penn Bank operates 111 branch offices comprising 110 branches in Pennsylvania and one branch in Maryland.
National Penn’s financial services affiliates are National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; Institutional Advisors LLC; and National Penn Insurance Services Group, Inc., including its Higgins Insurance and Caruso Benefits Group divisions.
National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol “NPBC”. Please visit our Web site at www.nationalpennbancshares.com to see our regularly posted material information.
1Statement Regarding Non-GAAP Financial Measures
This release, including the attached Financial Highlights and financial data tables, contains supplemental financial information determined by methods other than in accordance with Accounting Principles Generally Accepted in the United States of America (“GAAP”). National Penn’s management uses these non-GAAP measures in its analysis of National Penn’s performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the following non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of National Penn.
•Tangible common equity excludes goodwill and intangible assets and preferred equity. Banking and financial institution regulators also exclude goodwill and intangible assets from shareholders’ equity when assessing the capital adequacy of a financial institution. Tangible common equity provides a method to assess the Company’s tangible capital trends.
•Tangible book value expresses tangible common equity on a per share basis. Tangible book value provides a method to assess the level of tangible net assets on a per share basis.
•Adjusted net income and adjusted return on average assets exclude the effects of certain gains and losses, adjusted for taxes when applicable. Adjusted net income and adjusted return on average assets provide methods to assess earnings performance by excluding items that management believes are not comparable among the periods presented.
•Efficiency ratio expresses operating expenses as a percentage of fully-taxable equivalent net interest income plus non-interest income. Operating expenses exclude items from non-interest expense that management believes are not comparable among the periods presented. Non-interest income is also adjusted to exclude items that management believes are not comparable among the periods presented. Efficiency ratio is used as a method for management to assess its operating expense level and to compare to financial institutions of varying sizes.
Management believes the use of non-GAAP measures will help readers compare National Penn’s current results to those of prior periods as presented in the accompanying Financial Highlights and financial data tables.
Cautionary Statement Regarding Forward-Looking Information
This release contains forward-looking information about National Penn Bancshares, Inc. that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,’’ “project,” ”could,” “plan,’’ “goal,” “potential,” “pro forma,” “seek,” “intend,’’ or “anticipate’’ or the negative thereof or comparable terminology, and include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of announced transactions, and statements about the future performance, operations, products and services of National Penn and its subsidiaries. National Penn cautions readers not to place undue reliance on these statements.
National Penn’s business and operations are subject to a variety of risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from those contained in any forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: difficult conditions in the capital markets and the economy generally, regulatory requirements or other actions mandated by National Penn’s regulators, recent and ongoing changes to the state and federal regulatory schemes under which National Penn and other financial services companies operate (including the Dodd-Frank Act and regulations adopted or to be adopted to implement that Act), delayed improvement in the credit quality of loans, the effect of credit risk exposure, the ability to strategically manage our capital position and to raise capital, allowance for loan losses may prove inadequate, variations in interest rates, unanticipated costs from our corporate relocation plan, the geographic concentration of National Penn’s operations, declines in the value of National Penn’s assets and the effect of any resulting impairment charges, competition for personnel and from other financial institutions, interruptions or breaches of National Penn’s security systems, the development and maintenance of National Penn’s information technology, potential dilution of National Penn’s shareholders, the ability of National Penn and its subsidiaries to pay dividends, severe weather and natural disasters, and the nature and frequency of litigation and other similar proceedings to which National Penn may be a party. Additional risks, uncertainties and other factors relating to the proposed acquisition of TF Financial Corporation include, but are not limited to: expected benefits may not materialize in the timeframe expected or at all, or may be more costly to achieve; the transaction may not be timely completed, if at all; the parties are unable to successfully implement integration strategies; and diversion of management time on merger-
related issues. 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, 2013, as well as in National Penn’s Quarterly Reports on Form 10-Q and other documents filed by National Penn with the SEC after the date thereof. National Penn makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
Financial Update for National Penn Bancshares, Inc. (NPBC) for 9/30/2014 | ||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||
As of | ||||||||||||||||||||
9/30/2014 | 6/30/2014 | 9/30/2013 | ||||||||||||||||||
SUMMARY BALANCE SHEET | ||||||||||||||||||||
Total assets | $ | 8,631,602 | $ | 8,618,373 | $ | 8,424,623 | ||||||||||||||
Investment securities and other securities | 2,381,751 | 2,420,509 | 2,364,681 | |||||||||||||||||
Total loans | 5,469,842 | 5,406,031 | 5,282,691 | |||||||||||||||||
Deposits | 6,287,936 | 6,108,483 | 6,435,456 | |||||||||||||||||
Borrowings | 1,140,368 | 1,316,253 | 761,506 | |||||||||||||||||
Shareholders' equity | 1,107,184 | 1,101,408 | 1,131,278 | |||||||||||||||||
Tangible book value per common share (2) | $ | 6.06 | $ | 6.02 | $ | 5.94 | ||||||||||||||
Tangible common equity / tangible assets (2) | 10.09 | % | 10.03 | % | 10.61 | % | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
9/30/2014 | 6/30/2014 | 9/30/2013 | 9/30/2014 | 9/30/2013 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Total interest income | $ | 71,368 | $ | 70,528 | $ | 71,498 | $ | 212,029 | $ | 216,194 | ||||||||||
Total interest expense | 7,138 | 7,577 | 8,386 | 22,559 | 28,204 | |||||||||||||||
Net interest income | 64,230 | 62,951 | 63,112 | 189,470 | 187,990 | |||||||||||||||
Provision for loan losses | 1,000 | — | 1,250 | 2,251 | 4,250 | |||||||||||||||
Net interest income after provision for loan losses | 63,230 | 62,951 | 61,862 | 187,219 | 183,740 | |||||||||||||||
Net gains from fair value changes of subordinated debentures | — | — | — | — | 2,111 | |||||||||||||||
Net gains on investment securities | — | — | 7 | 8 | 54 | |||||||||||||||
Other non-interest income | 22,871 | 24,396 | 24,801 | 68,737 | 73,188 | |||||||||||||||
Loss on debt extinguishment | — | — | — | — | 64,888 | |||||||||||||||
Other non-interest expense | 52,158 | 52,114 | 53,603 | 156,609 | 159,190 | |||||||||||||||
Income before income taxes | 33,943 | 35,233 | 33,067 | 99,355 | 35,015 | |||||||||||||||
Income tax expense | 8,623 | 9,034 | 8,507 | 25,126 | 2,840 | |||||||||||||||
Net income | $ | 25,320 | $ | 26,199 | $ | 24,560 | $ | 74,229 | $ | 32,175 | ||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Net interest margin | 3.43 | % | 3.43 | % | 3.49 | % | 3.43 | % | 3.51 | % | ||||||||||
Return on average assets | 1.17 | % | 1.23 | % | 1.17 | % | 1.16 | % | 0.52 | % | ||||||||||
Adjusted return on average assets (3) | 1.17 | % | 1.23 | % | 1.17 | % | 1.16 | % | 1.17 | % | ||||||||||
Return on average shareholders' equity | 9.11 | % | 9.67 | % | 8.78 | % | 9.07 | % | 3.81 | % | ||||||||||
Return on average tangible common equity (1) | 11.97 | % | 12.77 | % | 11.55 | % | 11.95 | % | 4.99 | % | ||||||||||
Adjusted return on average tangible common equity | 11.97 | % | 12.77 | % | 11.55 | % | 11.95 | % | 11.31 | % | ||||||||||
Efficiency ratio (4) | 57.29 | % | 57.02 | % | 58.16 | % | 57.95 | % | 58.06 | % | ||||||||||
PER SHARE | ||||||||||||||||||||
Basic earnings | $ | 0.18 | $ | 0.19 | $ | 0.17 | $ | 0.53 | $ | 0.22 | ||||||||||
Diluted earnings | 0.18 | 0.19 | 0.17 | 0.53 | 0.22 | |||||||||||||||
Dividends | 0.10 | 0.10 | 0.10 | 0.30 | 0.20 | (a) | ||||||||||||||
Average shares - basic | 139,275,683 | 139,191,923 | 145,669,300 | 139,934,960 | 145,549,146 | |||||||||||||||
Average shares - diluted | 139,825,134 | 139,719,980 | 146,124,821 | 140,466,437 | 145,976,521 | |||||||||||||||
(1) RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
9/30/2014 | 6/30/2014 | 9/30/2013 | 9/30/2014 | 9/30/2013 | ||||||||||||||||
Return on average tangible common equity | ||||||||||||||||||||
Return on average shareholders' equity | 9.11 | % | 9.67 | % | 8.78 | % | 9.07 | % | 3.81 | % | ||||||||||
Effect of goodwill and intangibles | 2.86 | % | 3.10 | % | 2.77 | % | 2.88 | % | 1.18 | % | ||||||||||
Return on average tangible common equity | 11.97 | % | 12.77 | % | 11.55 | % | 11.95 | % | 4.99 | % | ||||||||||
Average tangible equity | ||||||||||||||||||||
Average shareholders' equity | $ | 1,102,608 | $ | 1,087,204 | 1,110,081 | $ | 1,094,569 | $ | 1,130,070 | |||||||||||
Average goodwill and intangibles | (263,410 | ) | (264,082 | ) | $ | (266,326 | ) | (264,084 | ) | (267,301 | ) | |||||||||
Average tangible common equity | $ | 839,198 | $ | 823,122 | $ | 843,755 | $ | 830,485 | $ | 862,769 | ||||||||||
Adjusted net income reconciliation | ||||||||||||||||||||
Net income | $ | 25,320 | $ | 26,199 | 24,560 | $ | 74,229 | $ | 32,175 | |||||||||||
After tax unrealized fair value gain on subordinated debentures | — | — | — | — | (1,372 | ) | ||||||||||||||
After tax loss on debt extinguishment | — | — | — | — | 42,177 | |||||||||||||||
Adjusted net income | $ | 25,320 | $ | 26,199 | $ | 24,560 | $ | 74,229 | $ | 72,980 | ||||||||||
Earnings per share | ||||||||||||||||||||
Net income | $ | 0.18 | $ | 0.19 | $ | 0.17 | $ | 0.53 | $ | 0.22 | ||||||||||
After tax unrealized fair value gain on subordinated debentures | — | — | — | — | (0.01 | ) | ||||||||||||||
After tax loss on debt extinguishment | — | — | — | — | 0.29 | |||||||||||||||
Adjusted net income | $ | 0.18 | $ | 0.19 | $ | 0.17 | $ | 0.53 | $ | 0.50 | ||||||||||
(a) In lieu of a 1st quarter 2013 cash dividend, the Company paid an additional dividend of $0.10 per share in the fourth quarter of 2012 | ||||||||||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 9/30/2014 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | As of | ||||||||||||||||||
9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 96,856 | $ | 138,530 | $ | 128,991 | $ | 102,241 | $ | 137,795 | |||||||||
Interest-earning deposits with banks | 98,512 | 73,384 | 55,335 | 181,282 | 78,895 | ||||||||||||||
Total cash and cash equivalents | 195,368 | 211,914 | 184,326 | 283,523 | 216,690 | ||||||||||||||
Investment securities available-for-sale, at fair value | 1,461,586 | 1,463,479 | 1,442,304 | 1,894,107 | 1,875,676 | ||||||||||||||
Investment securities held-to-maturity | 864,234 | 892,536 | 918,340 | 438,445 | 444,898 | ||||||||||||||
Other securities | 55,931 | 64,494 | 63,760 | 63,746 | 44,107 | ||||||||||||||
Loans held-for-sale | 3,890 | 2,275 | 5,171 | 4,951 | 2,752 | ||||||||||||||
Loans | 5,465,952 | 5,403,756 | 5,372,556 | 5,333,268 | 5,279,939 | ||||||||||||||
Allowance for loan losses | (88,927 | ) | (89,848 | ) | (93,252 | ) | (96,367 | ) | (100,763 | ) | |||||||||
Loans, net | 5,377,025 | 5,313,908 | 5,279,304 | 5,236,901 | 5,179,176 | ||||||||||||||
Premises and equipment, net | 110,392 | 110,972 | 97,707 | 96,232 | 93,871 | ||||||||||||||
Accrued interest receivable | 27,839 | 26,953 | 27,408 | 27,130 | 27,831 | ||||||||||||||
Bank owned life insurance | 151,443 | 150,237 | 149,045 | 147,869 | 146,906 | ||||||||||||||
Other real estate owned and other repossessed assets | 1,561 | 1,758 | 2,138 | 1,278 | 1,569 | ||||||||||||||
Goodwill | 258,279 | 258,279 | 258,279 | 258,279 | 258,279 | ||||||||||||||
Other intangible assets, net | 4,803 | 5,476 | 6,156 | 6,854 | 7,656 | ||||||||||||||
Unconsolidated investments | 8,167 | 8,205 | 8,214 | 8,713 | 9,177 | ||||||||||||||
Other assets | 111,084 | 107,887 | 115,229 | 123,820 | 116,035 | ||||||||||||||
TOTAL ASSETS | $ | 8,631,602 | $ | 8,618,373 | $ | 8,557,381 | $ | 8,591,848 | $ | 8,424,623 | |||||||||
LIABILITIES | |||||||||||||||||||
Non-interest bearing deposits | $ | 990,438 | $ | 1,031,271 | $ | 1,028,572 | $ | 970,051 | $ | 1,026,546 | |||||||||
Interest bearing deposits | 5,297,498 | 5,077,212 | 5,110,852 | 5,102,527 | 5,408,910 | ||||||||||||||
Total deposits | 6,287,936 | 6,108,483 | 6,139,424 | 6,072,578 | 6,435,456 | ||||||||||||||
Customer repurchase agreements | 580,290 | 587,686 | 561,170 | 551,736 | 521,779 | ||||||||||||||
Repurchase agreements | — | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||||||
Federal Home Loan Bank advances | 359,155 | 601,246 | 557,434 | 603,232 | 112,406 | ||||||||||||||
Senior long-term debt | 123,602 | — | — | — | — | ||||||||||||||
Subordinated debentures | 77,321 | 77,321 | 77,321 | 77,321 | 77,321 | ||||||||||||||
Accrued interest payable and other liabilities | 96,114 | 92,229 | 89,583 | 105,115 | 96,383 | ||||||||||||||
TOTAL LIABILITIES | 7,524,418 | 7,516,965 | 7,474,932 | 7,459,982 | 7,293,345 | ||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||
Common stock | 1,388,513 | 1,387,304 | 1,386,265 | 1,387,966 | 1,387,052 | ||||||||||||||
Accumulated deficit | (143,514 | ) | (154,909 | ) | (167,191 | ) | (175,990 | ) | (182,628 | ) | |||||||||
Accumulated other comprehensive loss | (7,922 | ) | (474 | ) | (5,295 | ) | (21,157 | ) | (13,504 | ) | |||||||||
Treasury stock | (129,893 | ) | (130,513 | ) | (131,330 | ) | (58,953 | ) | (59,642 | ) | |||||||||
TOTAL SHAREHOLDERS' EQUITY | 1,107,184 | 1,101,408 | 1,082,449 | 1,131,866 | 1,131,278 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 8,631,602 | $ | 8,618,373 | $ | 8,557,381 | $ | 8,591,848 | $ | 8,424,623 | |||||||||
PER SHARE DATA | |||||||||||||||||||
Book value | $ | 7.95 | $ | 7.91 | $ | 7.78 | $ | 7.76 | $ | 7.76 | |||||||||
Tangible book value (2) | $ | 6.06 | $ | 6.02 | $ | 5.88 | $ | 5.94 | $ | 5.94 | |||||||||
Dividends - quarterly | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | |||||||||
Shares outstanding (end of period, net of treasury) | 139,305,117 | 139,240,318 | 139,145,669 | 145,798,751 | 145,723,276 | ||||||||||||||
(2) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
Total shareholders' equity | $ | 1,107,184 | $ | 1,101,408 | $ | 1,082,449 | $ | 1,131,866 | $ | 1,131,278 | |||||||||
Goodwill and intangibles | (263,082 | ) | (263,755 | ) | (264,435 | ) | (265,133 | ) | (265,935 | ) | |||||||||
Tangible common equity | $ | 844,102 | $ | 837,653 | $ | 818,014 | $ | 866,733 | $ | 865,343 | |||||||||
Shares outstanding | 139,305,117 | 139,240,318 | 139,145,669 | 145,798,751 | 145,723,276 | ||||||||||||||
Tangible book value per share | $ | 6.06 | $ | 6.02 | $ | 5.88 | $ | 5.94 | $ | 5.94 | |||||||||
Total assets | $ | 8,631,602 | $ | 8,618,373 | $ | 8,557,381 | $ | 8,591,848 | $ | 8,424,623 | |||||||||
Goodwill and intangibles | (263,082 | ) | (263,755 | ) | (264,435 | ) | (265,133 | ) | (265,935 | ) | |||||||||
Tangible assets | $ | 8,368,520 | $ | 8,354,618 | $ | 8,292,946 | $ | 8,326,715 | $ | 8,158,688 | |||||||||
Tangible common equity/tangible assets | 10.09 | % | 10.03 | % | 9.86 | % | 10.41 | % | 10.61 | % | |||||||||
(3) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
Adjusted net income (1) | $ | 25,320 | $ | 26,199 | $ | 22,710 | $ | 25,112 | $ | 24,560 | |||||||||
Average assets | $ | 8,569,557 | $ | 8,512,845 | $ | 8,479,686 | $ | 8,385,094 | $ | 8,310,626 | |||||||||
Adjusted return on average assets (annualized) | 1.17 | % | 1.23 | % | 1.09 | % | 1.19 | % | 1.17 | % | |||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 9/30/2014 | |||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | For the Quarter Ended | For the Nine Months Ended | |||||||||||||||||||||||||
9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | 9/30/2014 | 9/30/2013 | |||||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||||||
Loans, including fees | $ | 53,857 | $ | 52,476 | $ | 52,582 | $ | 54,600 | $ | 54,577 | $ | 158,915 | $ | 165,558 | |||||||||||||
Investment securities | |||||||||||||||||||||||||||
Taxable | 11,365 | 11,694 | 11,121 | 10,912 | 10,105 | 34,180 | 29,585 | ||||||||||||||||||||
Tax-exempt | 6,114 | 6,329 | 6,404 | 6,534 | 6,768 | 18,847 | 20,887 | ||||||||||||||||||||
Deposits with banks | 32 | 29 | 26 | 39 | 48 | 87 | 164 | ||||||||||||||||||||
Total interest income | 71,368 | 70,528 | 70,133 | 72,085 | 71,498 | 212,029 | 216,194 | ||||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||||||
Deposits | 4,483 | 4,671 | 4,773 | 5,166 | 5,468 | 13,927 | 17,213 | ||||||||||||||||||||
Customer repurchase agreements | 399 | 400 | 393 | 407 | 440 | 1,192 | 1,398 | ||||||||||||||||||||
Repurchase agreements | 197 | 608 | 601 | 615 | 614 | 1,406 | 1,956 | ||||||||||||||||||||
Short-term borrowings | — | 1 | — | — | — | 1 | 41 | ||||||||||||||||||||
Federal Home Loan Bank advances | 1,297 | 1,369 | 1,548 | 1,287 | 1,325 | 4,214 | 5,042 | ||||||||||||||||||||
Senior long-term debt | 227 | — | — | — | — | 227 | — | ||||||||||||||||||||
Subordinated debentures | 535 | 528 | 529 | 538 | 539 | 1,592 | 2,554 | ||||||||||||||||||||
Total interest expense | 7,138 | 7,577 | 7,844 | 8,013 | 8,386 | 22,559 | 28,204 | ||||||||||||||||||||
Net interest income | 64,230 | 62,951 | 62,289 | 64,072 | 63,112 | 189,470 | 187,990 | ||||||||||||||||||||
Provision for loan losses | 1,000 | — | 1,251 | 1,000 | 1,250 | 2,251 | 4,250 | ||||||||||||||||||||
Net interest income after provision for loan losses | 63,230 | 62,951 | 61,038 | 63,072 | 61,862 | 187,219 | 183,740 | ||||||||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||||||||||||
Wealth management | 6,945 | 7,133 | 6,866 | 6,609 | 6,883 | 20,944 | 20,700 | ||||||||||||||||||||
Service charges on deposit accounts | 3,826 | 3,534 | 3,384 | 3,827 | 3,894 | 10,744 | 11,407 | ||||||||||||||||||||
Insurance commissions and fees | 3,029 | 3,209 | 3,597 | 3,028 | 3,071 | 9,835 | 9,664 | ||||||||||||||||||||
Cash management and electronic banking fees | 4,720 | 4,869 | 4,526 | 4,782 | 4,860 | 14,115 | 14,132 | ||||||||||||||||||||
Mortgage banking | 987 | 936 | 716 | 902 | 1,621 | 2,639 | 5,598 | ||||||||||||||||||||
Bank owned life insurance | 1,238 | 1,218 | 1,198 | 1,389 | 1,260 | 3,654 | 3,727 | ||||||||||||||||||||
Earnings (losses) of unconsolidated investments | (20 | ) | (9 | ) | (477 | ) | 57 | 661 | (506 | ) | 653 | ||||||||||||||||
Gain on sale of non-performing loans | — | 946 | — | — | — | 946 | — | ||||||||||||||||||||
Other operating income | 2,146 | 2,560 | 1,660 | 2,120 | 2,551 | 6,366 | 7,307 | ||||||||||||||||||||
Net gains from fair value changes of subordinated debentures | — | — | — | — | — | — | 2,111 | ||||||||||||||||||||
Net gains on sales of investment securities | — | — | 8 | — | 7 | 8 | 54 | ||||||||||||||||||||
Total non-interest income | 22,871 | 24,396 | 21,478 | 22,714 | 24,808 | 68,745 | 75,353 | ||||||||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||||||||||
Salaries, wages and employee benefits | 29,655 | 28,887 | 29,201 | 29,035 | 29,598 | 87,743 | 87,965 | ||||||||||||||||||||
Premises and equipment | 7,769 | 7,709 | 8,212 | 7,721 | 7,724 | 23,690 | 22,726 | ||||||||||||||||||||
FDIC insurance | 1,140 | 1,200 | 1,317 | 1,356 | 1,404 | 3,657 | 4,111 | ||||||||||||||||||||
Other operating expenses | 13,594 | 14,318 | 13,607 | 13,721 | 14,877 | 41,519 | 44,388 | ||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | 64,888 | ||||||||||||||||||||
Corporate reorganization expense | — | — | — | 6,000 | — | — | — | ||||||||||||||||||||
Total non-interest expense | 52,158 | 52,114 | 52,337 | 57,833 | 53,603 | 156,609 | 224,078 | ||||||||||||||||||||
Income before income taxes | 33,943 | 35,233 | 30,179 | 27,953 | 33,067 | 99,355 | 35,015 | ||||||||||||||||||||
Income tax expense | 8,623 | 9,034 | 7,469 | 6,741 | 8,507 | 25,126 | 2,840 | ||||||||||||||||||||
NET INCOME | $ | 25,320 | $ | 26,199 | $ | 22,710 | $ | 21,212 | $ | 24,560 | $ | 74,229 | $ | 32,175 | |||||||||||||
PER SHARE | |||||||||||||||||||||||||||
Basic earnings | $ | 0.18 | $ | 0.19 | $ | 0.16 | $ | 0.15 | $ | 0.17 | $ | 0.53 | $ | 0.22 | |||||||||||||
Diluted earnings | $ | 0.18 | $ | 0.19 | $ | 0.16 | $ | 0.15 | $ | 0.17 | $ | 0.53 | $ | 0.22 | |||||||||||||
Average shares - basic | 139,275,683 | 139,191,923 | 141,360,180 | 145,761,496 | 145,669,300 | 139,934,960 | 145,549 | ||||||||||||||||||||
Average shares - diluted | 139,825,134 | 139,719,980 | 141,877,066 | 146,244,467 | 146,124,821 | 140,466 | 145,977 | ||||||||||||||||||||
SUPPLEMENTAL DATA (annualized, average) | |||||||||||||||||||||||||||
Return on assets | 1.17 | % | 1.23 | % | 1.09 | % | 1.00 | % | 1.17 | % | 1.16 | % | 0.52 | % | |||||||||||||
Adjusted return on assets (3) | 1.17 | % | 1.23 | % | 1.09 | % | 1.19 | % | 1.17 | % | 1.16 | % | 1.17 | % | |||||||||||||
Return on shareholders' equity | 9.11 | % | 9.67 | % | 8.42 | % | 7.44 | % | 8.78 | % | 9.07 | % | 3.81 | % | |||||||||||||
Return on tangible common equity (1) | 11.97 | % | 12.77 | % | 11.11 | % | 9.72 | % | 11.55 | % | 11.95 | % | 4.99 | % | |||||||||||||
Adjusted return on tangible common equity | 11.97 | % | 12.77 | % | 11.11 | % | 11.51 | % | 11.55 | % | 11.95 | % | 11.31 | % | |||||||||||||
Efficiency ratio (4) | 57.29 | % | 57.02 | % | 59.60 | % | 57.00 | % | 58.16 | % | 57.95 | % | 58.06 | % | |||||||||||||
(4) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||
Efficiency ratio calculation | |||||||||||||||||||||||||||
Non-interest expense | $ | 52,158 | $ | 52,114 | $ | 52,337 | $ | 57,833 | $ | 53,603 | $ | 156,609 | $ | 224,078 | |||||||||||||
Less: | |||||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | 64,888 | ||||||||||||||||||||
Corporate reorganization expense | — | — | — | 6,000 | — | — | — | ||||||||||||||||||||
Operating expenses | $ | 52,158 | $ | 52,114 | $ | 52,337 | $ | 51,833 | $ | 53,603 | $ | 156,609 | $ | 159,190 | |||||||||||||
Net interest income (taxable equivalent) | $ | 68,166 | $ | 66,992 | $ | 66,351 | $ | 68,223 | $ | 67,371 | $ | 201,509 | $ | 200,996 | |||||||||||||
Non-interest income | 22,871 | 24,396 | 21,478 | 22,714 | 24,808 | 68,745 | 75,353 | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||||
Net gains from fair value changes of subordinated debentures | — | — | — | — | — | — | 2,111 | ||||||||||||||||||||
Net gains on investment securities | — | — | 8 | — | 7 | 8 | 54 | ||||||||||||||||||||
Adjusted revenue | $ | 91,037 | $ | 91,388 | $ | 87,821 | $ | 90,937 | $ | 92,172 | $ | 270,246 | $ | 274,184 | |||||||||||||
Efficiency ratio | 57.29 | % | 57.02 | % | 59.60 | % | 57.00 | % | 58.16 | % | 57.95 | % | 58.06 | % | |||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 9/30/2014 | ||||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||
For the Quarter Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | 9/30/2014 | 9/30/2013 | ||||||||||||||||||||||
CHARGE-OFFS | ||||||||||||||||||||||||||||
Loan charge-offs | $ | 3,097 | $ | 5,125 | $ | 5,018 | $ | 7,523 | $ | 5,774 | $ | 13,240 | $ | 17,470 | ||||||||||||||
Recoveries on loans | (1,176 | ) | (1,721 | ) | (652 | ) | (2,127 | ) | (754 | ) | (3,549 | ) | (3,028 | ) | ||||||||||||||
Net loan charge-offs | $ | 1,921 | $ | 3,404 | $ | 4,366 | $ | 5,396 | $ | 5,020 | $ | 9,691 | $ | 14,442 | ||||||||||||||
Net loan charge-offs to average total loans (annualized) | 0.14 | % | 0.25 | % | 0.33 | % | 0.41 | % | 0.38 | % | 0.24 | % | 0.37 | % | ||||||||||||||
NET CHARGE-OFF DETAIL | ||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 19 | $ | 2,049 | $ | 1,150 | $ | 5,157 | $ | 3,059 | $ | 3,218 | $ | 6,993 | ||||||||||||||
Commercial real estate-permanent | 1,072 | 599 | 423 | (523 | ) | 909 | 2,094 | 1,587 | ||||||||||||||||||||
Commercial real estate-construction | (221 | ) | 90 | 30 | (167 | ) | (29 | ) | (101 | ) | 382 | |||||||||||||||||
Total commercial real estate loans | 851 | 689 | 453 | (690 | ) | 880 | 1,993 | 1,969 | ||||||||||||||||||||
Residential mortgages | 138 | 162 | 1,681 | 56 | 209 | 1,981 | 2,064 | |||||||||||||||||||||
Home equity lines and loans | 355 | 389 | 784 | 439 | 423 | 1,528 | 2,073 | |||||||||||||||||||||
All other consumer loans | 558 | 115 | 298 | 434 | 449 | 971 | 1,343 | |||||||||||||||||||||
Total consumer loans | 1,051 | 666 | 2,763 | 929 | 1,081 | 4,480 | 5,480 | |||||||||||||||||||||
Net loans charged-off | $ | 1,921 | $ | 3,404 | $ | 4,366 | $ | 5,396 | $ | 5,020 | $ | 9,691 | $ | 14,442 | ||||||||||||||
As of | ||||||||||||||||||||||||||||
9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | ||||||||||||||||||||||||
ASSET QUALITY AND OTHER DATA | ||||||||||||||||||||||||||||
Non-accrual commercial and industrial loans | $ | 11,205 | $ | 9,641 | $ | 13,501 | $ | 14,935 | $ | 23,101 | ||||||||||||||||||
Non-accrual commercial real estate-permanent | 2,887 | 4,811 | 3,513 | 4,258 | 3,760 | |||||||||||||||||||||||
Non-accrual commercial real estate-construction | 8,547 | 9,674 | 10,425 | 12,128 | 5,345 | |||||||||||||||||||||||
Total non-accrual commercial real estate loans | 11,434 | 14,485 | 13,938 | 16,386 | 9,105 | |||||||||||||||||||||||
Non-accrual residential mortgages | 6,803 | 6,265 | 6,779 | 7,037 | 6,485 | |||||||||||||||||||||||
Non-accrual home equity lines and loans | 3,961 | 3,631 | 4,041 | 4,787 | 4,403 | |||||||||||||||||||||||
All other non-accrual consumer loans | 1,467 | 1,495 | 1,701 | 1,731 | 1,705 | |||||||||||||||||||||||
Total non-accrual consumer loans | 12,231 | 11,391 | 12,521 | 13,555 | 12,593 | |||||||||||||||||||||||
Total non-accrual loans | 34,870 | 35,517 | 39,960 | 44,876 | 44,799 | |||||||||||||||||||||||
Restructured loans | 7,996 | 7,969 | 8,152 | 7,715 | 10,006 | |||||||||||||||||||||||
Total non-performing loans | 42,866 | 43,486 | 48,112 | 52,591 | 54,805 | |||||||||||||||||||||||
Other real estate owned and repossessed assets | 1,561 | 1,758 | 2,138 | 1,278 | 1,569 | |||||||||||||||||||||||
Total non-performing assets | 44,427 | 45,244 | 50,250 | 53,869 | 56,374 | |||||||||||||||||||||||
Loans 90+ days past due & still accruing | 2,961 | 2,097 | 2,310 | 3,466 | 2,608 | |||||||||||||||||||||||
Total non-performing assets and loans 90+ days past due | $ | 47,388 | $ | 47,341 | $ | 52,560 | $ | 57,335 | $ | 58,982 | ||||||||||||||||||
Allowance for loan losses | $ | 88,927 | $ | 89,848 | $ | 93,252 | $ | 96,367 | $ | 100,763 | ||||||||||||||||||
Allowance for loan losses/non-performing loans | 207.5 | % | 206.6 | % | 193.8 | % | 183.2 | % | 183.9 | % | ||||||||||||||||||
Allowance for loan losses/non-performing assets and loans 90+ days past due | 187.7 | % | 189.8 | % | 177.4 | % | 168.1 | % | 170.8 | % | ||||||||||||||||||
Allowance for loan losses/total loans | 1.63 | % | 1.66 | % | 1.73 | % | 1.81 | % | 1.91 | % | ||||||||||||||||||
Provision/charge-offs, net | 52.1 | % | 0.0 | % | 28.7 | % | 18.5 | % | 24.9 | % | ||||||||||||||||||
Classified loans | $ | 169,790 | $ | 173,610 | $ | 174,465 | $ | 191,589 | $ | 218,615 | ||||||||||||||||||
Classified loans/total loans | 3.10 | % | 3.21 | % | 3.24 | % | 3.59 | % | 4.14 | % | ||||||||||||||||||
Delinquent loans (b) | $ | 20,171 | $ | 17,316 | $ | 16,819 | $ | 29,435 | $ | 22,550 | ||||||||||||||||||
Delinquent loans/total loans | 0.37 | % | 0.32 | % | 0.31 | % | 0.55 | % | 0.43 | % | ||||||||||||||||||
Non-performing loans/total loans | 0.78 | % | 0.80 | % | 0.89 | % | 0.99 | % | 1.04 | % | ||||||||||||||||||
REGULATORY CAPITAL DATA | ||||||||||||||||||||||||||||
Tier 1 Capital | $ | 927,023 | $ | 913,126 | $ | 888,565 | $ | 941,926 | $ | 938,040 | ||||||||||||||||||
Tier 1 Leverage Ratio | 11.18 | % | 11.09 | % | 10.83 | % | 11.63 | % | 11.67 | % | ||||||||||||||||||
Tier 1 Ratio | 14.77 | % | 14.64 | % | 14.44 | % | 15.46 | % | 15.63 | % | ||||||||||||||||||
Total Capital | $ | 1,005,629 | $ | 991,235 | $ | 965,705 | $ | 1,018,316 | $ | 1,013,371 | ||||||||||||||||||
Total Capital Ratio | 16.02 | % | 15.89 | % | 15.69 | % | 16.72 | % | 16.89 | % | ||||||||||||||||||
Total Risk-Weighted Assets | $ | 6,278,140 | $ | 6,237,016 | $ | 6,155,090 | $ | 6,091,183 | $ | 6,001,065 | ||||||||||||||||||
(b) Includes loans 30-89 days past due and loans 90+ days past due and still accruing | ||||||||||||||||||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 9/30/2014 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||
As of | |||||||||||||||||||
Earning Assets / Liabilities | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | ||||||||||||||
Loan portfolio composition (regulatory): | |||||||||||||||||||
Commercial / industrial | $ | 804,283 | $ | 815,168 | $ | 865,533 | $ | 796,797 | $ | 820,669 | |||||||||
Commercial real estate (c) | 1,994,773 | 1,993,408 | 1,943,744 | 1,926,978 | 1,913,180 | ||||||||||||||
Residential mortgage | 1,181,503 | 1,155,551 | 1,161,220 | 1,181,020 | 1,170,750 | ||||||||||||||
Real estate construction and land development | 260,054 | 242,047 | 243,216 | 256,483 | 234,945 | ||||||||||||||
Home equity | 817,723 | 803,553 | 787,334 | 794,709 | 786,835 | ||||||||||||||
Consumer | 224,614 | 216,478 | 210,395 | 209,729 | 205,446 | ||||||||||||||
Other | 186,892 | 179,826 | 166,285 | 172,503 | 150,866 | ||||||||||||||
Total | 5,469,842 | 5,406,031 | 5,377,727 | 5,338,219 | 5,282,691 | ||||||||||||||
Investment securities and other securities | 2,381,751 | 2,420,509 | 2,424,404 | 2,396,298 | 2,364,681 | ||||||||||||||
Other earning assets | 98,512 | 73,384 | 55,335 | 181,282 | 78,895 | ||||||||||||||
Total earning assets (net of loan loss reserve) | $ | 7,861,178 | $ | 7,810,076 | $ | 7,764,214 | $ | 7,819,432 | $ | 7,625,504 | |||||||||
(c) Includes owner occupied | |||||||||||||||||||
Loan portfolio composition (internal): | |||||||||||||||||||
Commercial & industrial | |||||||||||||||||||
Business purpose, real estate secured | $ | 897,812 | $ | 884,697 | $ | 861,101 | $ | 885,135 | $ | 897,757 | |||||||||
Business purpose, not secured by real estate | 944,207 | 968,183 | 1,002,296 | 939,121 | 935,857 | ||||||||||||||
Owner occupied commercial real estate | |||||||||||||||||||
Permanent | 566,007 | 590,148 | 593,595 | 589,765 | 585,807 | ||||||||||||||
Construction / development | 49,826 | 45,924 | 47,505 | 46,415 | 41,088 | ||||||||||||||
Leasing | 18 | 41 | 97 | 228 | 392 | ||||||||||||||
Total commercial & industrial | 2,457,870 | 2,488,993 | 2,504,594 | 2,460,664 | 2,460,901 | ||||||||||||||
Commercial real estate | |||||||||||||||||||
Non-owner occupied | |||||||||||||||||||
Permanent | 1,086,346 | 1,042,928 | 1,021,271 | 994,838 | 964,510 | ||||||||||||||
Construction / development | 208,728 | 182,506 | 183,586 | 198,334 | 181,683 | ||||||||||||||
Total commercial real estate | 1,295,074 | 1,225,434 | 1,204,857 | 1,193,172 | 1,146,193 | ||||||||||||||
Total commercial | 3,752,944 | 3,714,427 | 3,709,451 | 3,653,836 | 3,607,094 | ||||||||||||||
Consumer | |||||||||||||||||||
Residential mortgage (personal purpose) | |||||||||||||||||||
Permanent | 644,919 | 644,322 | 637,273 | 643,506 | 642,696 | ||||||||||||||
Construction | 16,004 | 13,128 | 10,922 | 8,719 | 9,443 | ||||||||||||||
Total residential mortgages | 660,923 | 657,450 | 648,195 | 652,225 | 652,139 | ||||||||||||||
Home equity and direct installment | 162,188 | 172,785 | 180,996 | 193,089 | 208,333 | ||||||||||||||
Home equity lines of credit | 614,298 | 591,331 | 572,301 | 569,519 | 550,417 | ||||||||||||||
Total home equity | 776,486 | 764,116 | 753,297 | 762,608 | 758,750 | ||||||||||||||
Private banking credit lines | 95,049 | 95,324 | 94,582 | 99,859 | 98,714 | ||||||||||||||
Indirect vehicle loans and other | 180,550 | 172,439 | 167,031 | 164,740 | 163,242 | ||||||||||||||
All other consumer | 275,599 | 267,763 | 261,613 | 264,599 | 261,956 | ||||||||||||||
Total consumer | 1,713,008 | 1,689,329 | 1,663,105 | 1,679,432 | 1,672,845 | ||||||||||||||
Loans | 5,465,952 | 5,403,756 | 5,372,556 | 5,333,268 | 5,279,939 | ||||||||||||||
Loans held-for-sale | 3,890 | 2,275 | 5,171 | 4,951 | 2,752 | ||||||||||||||
Total loans | $ | 5,469,842 | $ | 5,406,031 | $ | 5,377,727 | $ | 5,338,219 | $ | 5,282,691 | |||||||||
Deposit composition: | |||||||||||||||||||
Savings | $ | 544,625 | $ | 552,885 | $ | 547,255 | $ | 526,576 | $ | 518,430 | |||||||||
NOW accounts | 1,981,608 | 1,689,381 | 1,667,272 | 1,655,425 | 1,958,116 | ||||||||||||||
Money market accounts | 1,658,815 | 1,684,410 | 1,680,900 | 1,670,035 | 1,639,859 | ||||||||||||||
Time deposits less than $100k | 797,535 | 831,390 | 870,921 | 896,700 | 925,118 | ||||||||||||||
Time deposits $100k or greater | 314,915 | 319,146 | 344,504 | 353,791 | 367,387 | ||||||||||||||
Total interest bearing deposits | 5,297,498 | 5,077,212 | 5,110,852 | 5,102,527 | 5,408,910 | ||||||||||||||
Non-interest bearing deposits | 990,438 | 1,031,271 | 1,028,572 | 970,051 | 1,026,546 | ||||||||||||||
Total deposits | $ | 6,287,936 | $ | 6,108,483 | $ | 6,139,424 | $ | 6,072,578 | $ | 6,435,456 | |||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 9/30/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly, as of | Nine Months, as of | |||||||||||||||||||||||||||||||||||||||||||||||
9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | 9/30/2014 | 9/30/2013 | ||||||||||||||||||||||||||||||||||||||||||
Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | |||||||||||||||||||||||||||||||||||
Total loans* | $ | 5,406,073 | 4.00 | % | $ | 5,360,641 | 3.97 | % | $ | 5,342,648 | 4.04 | % | $ | 5,256,841 | 4.17 | % | $ | 5,229,366 | 4.19 | % | $ | 5,370,019 | 4.00 | % | $ | 5,232,460 | 4.28 | % | ||||||||||||||||||||
Investment securities* | 2,400,867 | 3.43 | % | 2,414,063 | 3.56 | % | 2,409,287 | 3.53 | % | 2,375,893 | 3.50 | % | 2,316,066 | 3.51 | % | 2,408,042 | 3.51 | % | 2,325,262 | 3.55 | % | |||||||||||||||||||||||||||
Interest earning deposits | 85,310 | 0.15 | % | 67,112 | 0.17 | % | 69,222 | 0.15 | % | 89,530 | 0.17 | % | 102,581 | 0.19 | % | 73,940 | 0.16 | % | 105,671 | 0.21 | % | |||||||||||||||||||||||||||
Total earning assets | 7,892,250 | 3.79 | % | 7,841,816 | 3.81 | % | 7,821,157 | 3.85 | % | 7,722,264 | 3.92 | % | 7,648,013 | 3.93 | % | 7,852,001 | 3.82 | % | 7,663,393 | 4.00 | % | |||||||||||||||||||||||||||
Total assets | 8,569,557 | 8,512,845 | 8,479,686 | 8,385,094 | 8,310,626 | 8,521,025 | 8,312,023 | |||||||||||||||||||||||||||||||||||||||||
Savings | 549,589 | 0.10 | % | 550,336 | 0.10 | % | 534,699 | 0.10 | % | 524,647 | 0.10 | % | 524,178 | 0.11 | % | 544,929 | 0.10 | % | 518,463 | 0.11 | % | |||||||||||||||||||||||||||
NOW accounts | 1,845,595 | 0.15 | % | 1,717,629 | 0.14 | % | 1,618,547 | 0.13 | % | 1,873,519 | 0.14 | % | 1,732,394 | 0.14 | % | 1,728,089 | 0.14 | % | 1,572,882 | 0.14 | % | |||||||||||||||||||||||||||
Money market accounts | 1,681,361 | 0.22 | % | 1,687,193 | 0.21 | % | 1,671,200 | 0.21 | % | 1,649,960 | 0.23 | % | 1,655,133 | 0.27 | % | 1,679,955 | 0.22 | % | 1,650,516 | 0.29 | % | |||||||||||||||||||||||||||
Time deposits | 1,132,513 | 0.96 | % | 1,179,576 | 1.03 | % | 1,233,794 | 1.06 | % | 1,273,664 | 1.07 | % | 1,312,810 | 1.09 | % | 1,181,590 | 1.02 | % | 1,427,585 | 1.09 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 5,209,058 | 0.34 | % | 5,134,734 | 0.36 | % | 5,058,240 | 0.38 | % | 5,321,790 | 0.39 | % | 5,224,515 | 0.42 | % | 5,134,563 | 0.36 | % | 5,169,446 | 0.45 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 1,005,457 | 1,006,120 | 968,129 | 984,037 | 963,625 | 993,372 | 916,936 | |||||||||||||||||||||||||||||||||||||||||
Total deposits | 6,214,515 | 0.29 | % | 6,140,854 | 0.31 | % | 6,026,369 | 0.32 | % | 6,305,827 | 0.33 | % | 6,188,140 | 0.35 | % | 6,127,935 | 0.30 | % | 6,086,382 | 0.38 | % | |||||||||||||||||||||||||||
Customer repurchase agreements | 546,119 | 0.29 | % | 546,284 | 0.29 | % | 541,041 | 0.29 | % | 529,541 | 0.30 | % | 518,569 | 0.34 | % | 544,500 | 0.29 | % | 529,847 | 0.35 | % | |||||||||||||||||||||||||||
Repurchase agreements | 16,032 | 4.87 | % | 50,000 | 4.87 | % | 50,000 | 4.87 | % | 50,000 | 4.87 | % | 50,000 | 4.87 | % | 38,553 | 4.87 | % | 82,750 | 3.16 | % | |||||||||||||||||||||||||||
Short-term borrowings | — | 0.00 | % | 407 | 0.63 | % | — | 0.00 | % | 54 | 0.00 | % | — | 0.00 | % | 136 | 0.63 | % | 12,557 | 0.44 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank advances | 505,349 | 1.02 | % | 521,753 | 1.05 | % | 596,818 | 1.05 | % | 190,670 | 2.68 | % | 277,101 | 1.90 | % | 540,972 | 1.04 | % | 296,417 | 2.27 | % | |||||||||||||||||||||||||||
Senior long-term debt | 20,204 | 4.46 | % | — | 0.00 | % | — | 0.00 | % | — | 0.00 | % | — | 0.00 | % | 6,808 | 4.46 | % | — | 0.00 | % | |||||||||||||||||||||||||||
Subordinated debentures | 77,321 | 2.75 | % | 77,321 | 2.74 | % | 77,321 | 2.77 | % | 77,321 | 2.76 | % | 77,321 | 2.77 | % | 77,321 | 2.75 | % | 93,107 | 3.67 | % | |||||||||||||||||||||||||||
Total deposits and borrowings | 7,379,540 | 0.38 | % | 7,336,619 | 0.41 | % | 7,291,549 | 0.44 | % | 7,153,413 | 0.44 | % | 7,111,131 | 0.47 | % | 7,336,225 | 0.41 | % | 7,101,060 | 0.53 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 6,374,083 | 0.44 | % | $ | 6,330,499 | 0.48 | % | $ | 6,323,420 | 0.50 | % | $ | 6,169,376 | 0.52 | % | $ | 6,147,506 | 0.54 | % | $ | 6,342,853 | 0.48 | % | $ | 6,184,124 | 0.61 | % | ||||||||||||||||||||
Net interest margin (FTE) | 3.43 | % | 3.43 | % | 3.44 | % | 3.51 | % | 3.49 | % | 3.43 | % | 3.51 | % | ||||||||||||||||||||||||||||||||||
Wealth assets under management, at period end | $ | 2,411,463 | $ | 2,574,509 | $ | 2,497,185 | $ | 2,504,717 | $ | 2,388,991 | ||||||||||||||||||||||||||||||||||||||
*Fully taxable equivalent ("FTE") basis, using a 35% effective tax rate | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 9/30/2014 | ||||||||||||||
Unaudited | ||||||||||||||
STATES OF OPERATION AND BANKING OFFICES BY STATE (LATEST AVAILABLE DATA) | ||||||||||||||
Quarterly, as of | ||||||||||||||
9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | ||||||||||
PA | ||||||||||||||
Total number of retail branch offices | 110 | 110 | 118 | 119 | 119 | |||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||||||
Total number of ATMs | 120 | 117 | 123 | 124 | 124 | |||||||||
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 | 111 | 111 | 119 | 120 | 120 | |||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||||||
Total number of ATMs | 121 | 118 | 124 | 125 | 125 | |||||||||
EOP employees (full-time equivalent) | 1,549 | 1,574 | 1,591 | 1,631 | 1,632 | |||||||||