Attached files
| file | filename |
|---|---|
| 8-K - 8-K - NATIONAL PENN BANCSHARES INC | npbc8kearningsrelease42415.htm |
| EX-99.2 - WEBCAST SLIDES - NATIONAL PENN BANCSHARES INC | npbc8kwebcast42415ex992.htm |
Exhibit 99.1
National Penn Bancshares, Inc. Reports
First Quarter 2015 Results
Company Release - April 24, 2015
• | First quarter 2015 net income per share increases 19% to $0.19, compared to $0.16 in the prior year first quarter |
• | Return on average assets remains strong at 1.14% |
• | Net interest margin of 3.36%, compared to 3.33% in the prior quarter |
• | Continued focus on asset quality and expense management |
• | Repurchased 5% of outstanding shares under share repurchase plan |
• | Second quarter 2015 cash dividend of $0.11 cents per common share declared |
Allentown, Pa. April 24, 2015 -- National Penn Bancshares, Inc. (Nasdaq: NPBC) reported net income of $26.7 million, or $0.19 per diluted share, for the first quarter of 2015, compared to $24.5 million or $0.17 per diluted share in the fourth quarter of 2014. Adjusted net income for the fourth quarter was $26.5 million, or $0.18 per diluted share. Reported net income for the first quarter of 2014 was $22.7 million or $0.16 per diluted share. Return on average assets for the first quarter of 2015 was 1.14%.
“We continued to implement capital management strategies during the quarter,” said Scott V. Fainor, president and CEO of National Penn. “The strength of our balance sheet and internal generation of capital allowed for the repurchase of another 5% of our outstanding shares. Since 2012, we have repurchased approximately 15% of our shares and our current authorization allows for an additional 3%* based on our current prices.” Mr. Fainor continued, “We remain committed to returning capital to our shareholders through a strong dividend and continued share repurchases.”
Net Interest Margin
Net interest income was $68.7 million for the first quarter of 2015, compared to $67.6 million for the fourth quarter of 2014, and the net interest margin was 3.36%, compared to 3.33% in the prior quarter. Earning asset yields and the cost of funding remained constant, despite the prolonged low interest rate environment. Excluding the impact of TF Financial, average loans increased by 3% on an annualized basis from the prior quarter while period end loans declined modestly. The increase in average loans was driven by growth in the commercial loan portfolio. Period end loans declined primarily due to the sale of classified loans acquired from TF Financial, increased consumer loan prepayment speeds, and seasonal impact.
Asset Quality
Non-performing loans were comparable to the prior quarter and classified loans declined 17% over the past year. The provision for loan losses was $1.0 million in the first quarter of 2015, compared to $3.5 million in the fourth quarter of 2014 which reflected the impact of a large commercial credit downgraded to non-performing.
* Based on one month average stock price through market close on April 16, 2015.
Other Income and Operating Expenses
Non-interest income totaled $22.9 million in the first quarter of 2015, compared to $23.4 million in the fourth quarter of 2014. Customer interest rate swap and mortgage banking activity increased due to the interest rate environment, but were offset by lower wealth management income and seasonal declines in banking fees.
Expenses continue to be well-managed, as evidenced by an efficiency ratio of 57%. Reflective of a full quarter of TF Financial, operating expenses for the first quarter of 2015 totaled $54.6 million, compared to $51.8 million in the prior quarter. The cost reductions anticipated in the TF Financial transaction were fully realized and an ongoing focus on optimizing branch efficiencies continues.
Capital
At March 31, 2015, inclusive of the adoption of BASEL III, capital ratios remained strong. National Penn’s tier 1 common and tangible common equity to tangible assets ratios were 11.66% and 8.83%, respectively.
As previously announced, National Penn’s Board of Directors declared a second quarter dividend of eleven cents ($0.11) per common share to shareholders of record as of Monday, May 4, 2015, payable on Friday, May 15, 2015.
“During the quarter, Warburg Pincus divested its remaining ownership in National Penn in a secondary offering,” said Scott V. Fainor. “The transaction was well-received by the market and executed in an efficient manner. We value our relationship with Warburg Pincus and believe that it was mutually beneficial.”
Investor Contact: Michael J. Hughes
(484) 709-3305 or michael.hughes@nationalpenn.com
Media Contact: Jacklyn Bingaman
(610) 674-1325 or jacklyn.bingaman@nationalpenn.com
# # #
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with approximately $9.6 billion in assets, is a bank holding company headquartered in Allentown, Pennsylvania. National Penn Bank operates 127 branch offices throughout Pennsylvania, New Jersey and 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.
National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol “NPBC”. Please visit our Web site at www.nationalpennbancshares.com to see our regularly posted material information.
Statement Regarding Non-GAAP Financial Measures
This release, including the attached Financial Highlights and financial data tables, contains supplemental financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“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, 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 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 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, 2014, as well as in National Penn’s Quarterly Reports on Form 10-Q and other documents filed by National Penn with the SEC after the date thereof. National Penn makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2015 | |||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||
As of | |||||||||||
3/31/2015 | 12/31/2014 | 3/31/2014 | |||||||||
SUMMARY BALANCE SHEET | |||||||||||
Total assets | $ | 9,597,954 | $ | 9,750,865 | $ | 8,557,381 | |||||
Investment securities and other securities | 2,537,170 | 2,519,215 | 2,424,404 | ||||||||
Total loans | 6,131,444 | 6,146,457 | 5,377,727 | ||||||||
Deposits | 6,697,262 | 6,729,745 | 6,139,424 | ||||||||
Borrowings | 1,660,576 | 1,720,404 | 1,245,925 | ||||||||
Shareholders' equity | 1,131,095 | 1,188,639 | 1,082,449 | ||||||||
Tangible book value per common share (2) | $ | 5.86 | $ | 5.96 | $ | 5.88 | |||||
Tangible common equity / tangible assets (2) | 8.83 | % | 9.30 | % | 9.86 | % | |||||
Three Months Ended | |||||||||||
3/31/2015 | 12/31/2014 | 3/31/2014 | |||||||||
EARNINGS | |||||||||||
Total interest income | $ | 77,094 | $ | 75,990 | $ | 70,133 | |||||
Total interest expense | 8,412 | 8,346 | 7,844 | ||||||||
Net interest income | 68,682 | 67,644 | 62,289 | ||||||||
Provision for loan losses | 1,000 | 3,500 | 1,251 | ||||||||
Net interest income after provision for loan losses | 67,682 | 64,144 | 61,038 | ||||||||
Net gains on investment securities | — | 13 | 8 | ||||||||
Other non-interest income | 22,930 | 23,417 | 21,470 | ||||||||
Acquisition related expenses | — | 2,878 | — | ||||||||
Other non-interest expense | 54,582 | 51,836 | 52,337 | ||||||||
Income before income taxes | 36,030 | 32,860 | 30,179 | ||||||||
Income tax expense | 9,303 | 8,383 | 7,469 | ||||||||
Net income | $ | 26,727 | $ | 24,477 | $ | 22,710 | |||||
PERFORMANCE RATIOS | |||||||||||
Net interest margin | 3.36 | % | 3.33 | % | 3.44 | % | |||||
Return on average assets | 1.14 | % | 1.05 | % | 1.09 | % | |||||
Adjusted return on average assets (3) | 1.14 | % | 1.14 | % | 1.09 | % | |||||
Return on average shareholders' equity | 9.45 | % | 8.30 | % | 8.42 | % | |||||
Return on average tangible common equity (1) | 12.96 | % | 11.09 | % | 11.11 | % | |||||
Adjusted return on average tangible common equity | 12.96 | % | 12.02 | % | 11.11 | % | |||||
Efficiency ratio (4) | 57.10 | % | 54.53 | % | 59.60 | % | |||||
PER SHARE | |||||||||||
Basic earnings | $ | 0.19 | $ | 0.17 | $ | 0.16 | |||||
Diluted earnings | 0.19 | 0.17 | 0.16 | ||||||||
Adjusted diluted earnings | 0.19 | 0.18 | 0.16 | ||||||||
Dividends | 0.11 | 0.11 | 0.10 | ||||||||
Average shares - basic | 142,911,230 | 145,277,964 | 141,360,180 | ||||||||
Average shares - diluted | 143,513,420 | 145,850,861 | 141,877,066 | ||||||||
(1) RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES | |||||||||||
Three Months Ended | |||||||||||
3/31/2015 | 12/31/2014 | 3/31/2014 | |||||||||
Return on average tangible common equity | |||||||||||
Return on average shareholders' equity | 9.45 | % | 8.30 | % | 8.42 | % | |||||
Effect of goodwill and intangibles | 3.51 | % | 2.79 | % | 2.69 | % | |||||
Return on average tangible common equity | 12.96 | % | 11.09 | % | 11.11 | % | |||||
Average tangible equity | |||||||||||
Average shareholders' equity | $ | 1,147,152 | $ | 1,169,815 | $ | 1,093,797 | |||||
Average goodwill and intangibles | (310,812 | ) | (294,238 | ) | (264,775 | ) | |||||
Average tangible common equity | $ | 836,340 | $ | 875,577 | $ | 829,022 | |||||
Adjusted net income reconciliation | |||||||||||
Net income | $ | 26,727 | $ | 24,477 | $ | 22,710 | |||||
After tax acquisition related expenses | — | 2,054 | — | ||||||||
Adjusted net income | $ | 26,727 | $ | 26,531 | $ | 22,710 | |||||
Adjusted diluted earnings per share | |||||||||||
Diluted earnings per share | $ | 0.19 | $ | 0.17 | $ | 0.16 | |||||
After tax acquisition related expenses | — | 0.01 | — | ||||||||
Adjusted diluted earnings per share | $ | 0.19 | $ | 0.18 | $ | 0.16 | |||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2015 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||
As of | |||||||||||||||||||
3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 102,500 | $ | 110,784 | $ | 96,856 | $ | 138,530 | $ | 128,991 | |||||||||
Interest-earning deposits with banks | 131,166 | 303,055 | 98,512 | 73,384 | 55,335 | ||||||||||||||
Total cash and cash equivalents | 233,666 | 413,839 | 195,368 | 211,914 | 184,326 | ||||||||||||||
Investment securities available-for-sale, at fair value | 1,585,671 | 1,530,661 | 1,461,586 | 1,463,479 | 1,442,304 | ||||||||||||||
Investment securities held-to-maturity | 884,211 | 921,042 | 864,234 | 892,536 | 918,340 | ||||||||||||||
Other securities | 67,288 | 67,512 | 55,931 | 64,494 | 63,760 | ||||||||||||||
Loans held-for-sale | 11,239 | 4,178 | 3,890 | 2,275 | 5,171 | ||||||||||||||
Loans | 6,120,205 | 6,142,279 | 5,465,952 | 5,403,756 | 5,372,556 | ||||||||||||||
Allowance for loan losses | (89,729 | ) | (90,675 | ) | (88,927 | ) | (89,848 | ) | (93,252 | ) | |||||||||
Loans, net | 6,030,476 | 6,051,604 | 5,377,025 | 5,313,908 | 5,279,304 | ||||||||||||||
Premises and equipment, net | 113,217 | 116,414 | 110,392 | 110,972 | 97,707 | ||||||||||||||
Accrued interest receivable | 30,018 | 29,491 | 27,839 | 26,953 | 27,408 | ||||||||||||||
Bank owned life insurance | 198,123 | 171,775 | 151,443 | 150,237 | 149,045 | ||||||||||||||
Other real estate owned and other repossessed assets | 5,474 | 4,867 | 1,561 | 1,758 | 2,138 | ||||||||||||||
Goodwill | 302,940 | 302,244 | 258,279 | 258,279 | 258,279 | ||||||||||||||
Other intangible assets, net | 7,985 | 8,757 | 4,803 | 5,476 | 6,156 | ||||||||||||||
Unconsolidated investments | 8,101 | 8,124 | 8,167 | 8,205 | 8,214 | ||||||||||||||
Other assets | 119,545 | 120,357 | 112,482 | 107,887 | 115,229 | ||||||||||||||
TOTAL ASSETS | $ | 9,597,954 | $ | 9,750,865 | $ | 8,633,000 | $ | 8,618,373 | $ | 8,557,381 | |||||||||
LIABILITIES | |||||||||||||||||||
Non-interest bearing deposits | $ | 1,142,192 | $ | 1,085,158 | $ | 990,438 | $ | 1,031,271 | $ | 1,028,572 | |||||||||
Interest bearing deposits | 5,555,070 | 5,644,587 | 5,297,498 | 5,077,212 | 5,110,852 | ||||||||||||||
Total deposits | 6,697,262 | 6,729,745 | 6,287,936 | 6,108,483 | 6,139,424 | ||||||||||||||
Customer repurchase agreements | 603,880 | 607,705 | 580,290 | 587,686 | 561,170 | ||||||||||||||
Repurchase agreements | — | — | — | 50,000 | 50,000 | ||||||||||||||
Federal Home Loan Bank advances | 854,375 | 910,378 | 359,155 | 601,246 | 557,434 | ||||||||||||||
Senior long-term debt | 125,000 | 125,000 | 125,000 | — | — | ||||||||||||||
Subordinated debentures | 77,321 | 77,321 | 77,321 | 77,321 | 77,321 | ||||||||||||||
Accrued interest payable and other liabilities | 109,021 | 112,077 | 96,114 | 92,229 | 89,583 | ||||||||||||||
TOTAL LIABILITIES | 8,466,859 | 8,562,226 | 7,525,816 | 7,516,965 | 7,474,932 | ||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||
Common stock | 1,387,136 | 1,390,130 | 1,388,513 | 1,387,304 | 1,386,265 | ||||||||||||||
Accumulated deficit | (124,740 | ) | (135,246 | ) | (143,514 | ) | (154,909 | ) | (167,191 | ) | |||||||||
Accumulated other comprehensive loss | (3,989 | ) | (10,991 | ) | (7,922 | ) | (474 | ) | (5,295 | ) | |||||||||
Treasury stock | (127,312 | ) | (55,254 | ) | (129,893 | ) | (130,513 | ) | (131,330 | ) | |||||||||
TOTAL SHAREHOLDERS' EQUITY | 1,131,095 | 1,188,639 | 1,107,184 | 1,101,408 | 1,082,449 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 9,597,954 | $ | 9,750,865 | $ | 8,633,000 | $ | 8,618,373 | $ | 8,557,381 | |||||||||
PER SHARE DATA | |||||||||||||||||||
Book value | $ | 8.08 | $ | 8.08 | $ | 7.95 | $ | 7.91 | $ | 7.78 | |||||||||
Tangible book value (2) | $ | 5.86 | $ | 5.96 | $ | 6.06 | $ | 6.02 | $ | 5.88 | |||||||||
Dividends - quarterly | $ | 0.11 | $ | 0.11 | $ | 0.10 | $ | 0.10 | $ | 0.10 | |||||||||
Shares outstanding (end of period, net of treasury) | 140,068,761 | 147,136,084 | 139,305,117 | 139,240,318 | 139,145,669 | ||||||||||||||
(2) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
Total shareholders' equity | $ | 1,131,095 | $ | 1,188,639 | $ | 1,107,184 | $ | 1,101,408 | $ | 1,082,449 | |||||||||
Goodwill and intangibles | (310,925 | ) | (311,001 | ) | (263,082 | ) | (263,755 | ) | (264,435 | ) | |||||||||
Tangible common equity | $ | 820,170 | $ | 877,638 | $ | 844,102 | $ | 837,653 | $ | 818,014 | |||||||||
Shares outstanding | 140,068,761 | 147,136,084 | 139,305,117 | 139,240,318 | 139,145,669 | ||||||||||||||
Tangible book value per share | $ | 5.86 | $ | 5.96 | $ | 6.06 | $ | 6.02 | $ | 5.88 | |||||||||
Total assets | $ | 9,597,954 | $ | 9,750,865 | $ | 8,633,000 | $ | 8,618,373 | $ | 8,557,381 | |||||||||
Goodwill and intangibles | (310,925 | ) | (311,001 | ) | (263,082 | ) | (263,755 | ) | (264,435 | ) | |||||||||
Tangible assets | $ | 9,287,029 | $ | 9,439,864 | $ | 8,369,918 | $ | 8,354,618 | $ | 8,292,946 | |||||||||
Tangible common equity/tangible assets | 8.83 | % | 9.30 | % | 10.08 | % | 10.03 | % | 9.86 | % | |||||||||
(3) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
Adjusted net income (1) | $ | 26,727 | $ | 26,531 | $ | 25,320 | $ | 26,199 | $ | 22,710 | |||||||||
Average assets | $ | 9,524,279 | $ | 9,269,113 | $ | 8,569,734 | $ | 8,512,845 | $ | 8,479,686 | |||||||||
Adjusted return on average assets (annualized) | 1.14 | % | 1.14 | % | 1.17 | % | 1.23 | % | 1.09 | % | |||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2015 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | |||||||||||||||
INTEREST INCOME | |||||||||||||||||||
Loans, including fees | $ | 58,424 | $ | 58,532 | $ | 53,857 | $ | 52,476 | $ | 52,582 | |||||||||
Investment securities | |||||||||||||||||||
Taxable | 12,512 | 11,273 | 11,365 | 11,694 | 11,121 | ||||||||||||||
Tax-exempt | 6,120 | 6,129 | 6,114 | 6,329 | 6,404 | ||||||||||||||
Deposits with banks | 38 | 56 | 32 | 29 | 26 | ||||||||||||||
Total interest income | 77,094 | 75,990 | 71,368 | 70,528 | 70,133 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Deposits | 4,521 | 4,616 | 4,483 | 4,671 | 4,773 | ||||||||||||||
Customer repurchase agreements | 405 | 432 | 399 | 400 | 393 | ||||||||||||||
Repurchase agreements | — | — | 197 | 608 | 601 | ||||||||||||||
Short-term borrowings | — | — | — | 1 | — | ||||||||||||||
Federal Home Loan Bank advances | 1,593 | 1,398 | 1,297 | 1,369 | 1,548 | ||||||||||||||
Senior long-term debt | 1,366 | 1,365 | 227 | — | — | ||||||||||||||
Subordinated debentures | 527 | 535 | 535 | 528 | 529 | ||||||||||||||
Total interest expense | 8,412 | 8,346 | 7,138 | 7,577 | 7,844 | ||||||||||||||
Net interest income | 68,682 | 67,644 | 64,230 | 62,951 | 62,289 | ||||||||||||||
Provision for loan losses | 1,000 | 3,500 | 1,000 | — | 1,251 | ||||||||||||||
Net interest income after provision for loan losses | 67,682 | 64,144 | 63,230 | 62,951 | 61,038 | ||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||||
Wealth management | 6,650 | 7,123 | 6,945 | 7,133 | 6,866 | ||||||||||||||
Service charges on deposit accounts | 3,307 | 3,725 | 3,826 | 3,534 | 3,384 | ||||||||||||||
Insurance commissions and fees | 3,182 | 2,979 | 3,029 | 3,209 | 3,597 | ||||||||||||||
Cash management and electronic banking fees | 4,714 | 4,951 | 4,720 | 4,869 | 4,526 | ||||||||||||||
Mortgage banking | 1,374 | 1,213 | 987 | 936 | 716 | ||||||||||||||
Bank owned life insurance | 1,374 | 1,341 | 1,238 | 1,218 | 1,198 | ||||||||||||||
Earnings (losses) of unconsolidated investments | — | (43 | ) | (20 | ) | (9 | ) | (477 | ) | ||||||||||
Gain on sale of non-performing loans | — | — | — | 946 | — | ||||||||||||||
Other operating income | 2,329 | 2,128 | 2,146 | 2,560 | 1,660 | ||||||||||||||
Net gains on sales of investment securities | — | 13 | — | — | 8 | ||||||||||||||
Total non-interest income | 22,930 | 23,430 | 22,871 | 24,396 | 21,478 | ||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||
Salaries, wages and employee benefits | 29,998 | 27,836 | 29,655 | 28,887 | 29,201 | ||||||||||||||
Premises and equipment | 9,147 | 8,254 | 7,769 | 7,709 | 8,212 | ||||||||||||||
FDIC insurance | 1,458 | 1,344 | 1,140 | 1,200 | 1,317 | ||||||||||||||
Other operating expenses | 13,979 | 14,402 | 13,594 | 14,318 | 13,607 | ||||||||||||||
Acquisition related expenses | — | 2,878 | — | — | — | ||||||||||||||
Total non-interest expense | 54,582 | 54,714 | 52,158 | 52,114 | 52,337 | ||||||||||||||
Income before income taxes | 36,030 | 32,860 | 33,943 | 35,233 | 30,179 | ||||||||||||||
Income tax expense | 9,303 | 8,383 | 8,623 | 9,034 | 7,469 | ||||||||||||||
NET INCOME | $ | 26,727 | $ | 24,477 | $ | 25,320 | $ | 26,199 | $ | 22,710 | |||||||||
PER SHARE | |||||||||||||||||||
Basic earnings | $ | 0.19 | $ | 0.17 | $ | 0.18 | $ | 0.19 | $ | 0.16 | |||||||||
Diluted earnings | $ | 0.19 | $ | 0.17 | $ | 0.18 | $ | 0.19 | $ | 0.16 | |||||||||
Adjusted diluted earnings | $ | 0.19 | $ | 0.18 | $ | 0.18 | $ | 0.19 | $ | 0.16 | |||||||||
Average shares - basic | 142,911,230 | 145,277,964 | 139,275,683 | 139,191,923 | 141,360,180 | ||||||||||||||
Average shares - diluted | 143,513,420 | 145,850,861 | 139,825,134 | 139,719,980 | 141,877,066 | ||||||||||||||
SUPPLEMENTAL DATA (annualized, average) | |||||||||||||||||||
Return on assets | 1.14 | % | 1.05 | % | 1.17 | % | 1.23 | % | 1.09 | % | |||||||||
Adjusted return on assets (3) | 1.14 | % | 1.14 | % | 1.17 | % | 1.23 | % | 1.09 | % | |||||||||
Return on shareholders' equity | 9.45 | % | 8.30 | % | 9.11 | % | 9.67 | % | 8.42 | % | |||||||||
Return on tangible common equity (1) | 12.96 | % | 11.09 | % | 11.97 | % | 12.77 | % | 11.11 | % | |||||||||
Adjusted return on tangible common equity | 12.96 | % | 12.02 | % | 11.97 | % | 12.77 | % | 11.11 | % | |||||||||
Efficiency ratio (4) | 57.10 | % | 54.53 | % | 57.29 | % | 57.02 | % | 59.60 | % | |||||||||
(4) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
Efficiency ratio calculation | |||||||||||||||||||
Non-interest expense | $ | 54,582 | $ | 54,714 | $ | 52,158 | $ | 52,114 | $ | 52,337 | |||||||||
Less: | |||||||||||||||||||
Acquisition related expenses | — | 2,878 | — | — | — | ||||||||||||||
Operating expenses | $ | 54,582 | $ | 51,836 | $ | 52,158 | $ | 52,114 | $ | 52,337 | |||||||||
Net interest income (taxable equivalent) | $ | 72,654 | $ | 71,641 | $ | 68,166 | $ | 66,992 | $ | 66,351 | |||||||||
Non-interest income | 22,930 | 23,430 | 22,871 | 24,396 | 21,478 | ||||||||||||||
Less: | |||||||||||||||||||
Net gains on investment securities | — | 13 | — | — | 8 | ||||||||||||||
Adjusted revenue | $ | 95,584 | $ | 95,058 | $ | 91,037 | $ | 91,388 | $ | 87,821 | |||||||||
Efficiency ratio | 57.10 | % | 54.53 | % | 57.29 | % | 57.02 | % | 59.60 | % | |||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2015 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | |||||||||||||||
CHARGE-OFFS | |||||||||||||||||||
Loan charge-offs | $ | 3,074 | $ | 3,781 | $ | 3,097 | $ | 5,125 | $ | 5,018 | |||||||||
Recoveries on loans | (1,128 | ) | (2,029 | ) | (1,176 | ) | (1,721 | ) | (652 | ) | |||||||||
Net loan charge-offs | $ | 1,946 | $ | 1,752 | $ | 1,921 | $ | 3,404 | $ | 4,366 | |||||||||
Net loan charge-offs to average total loans (annualized) | 0.13 | % | 0.12 | % | 0.14 | % | 0.25 | % | 0.33 | % | |||||||||
NET CHARGE-OFF DETAIL | |||||||||||||||||||
Commercial and industrial loans | $ | 422 | $ | (537 | ) | $ | 19 | $ | 2,049 | $ | 1,150 | ||||||||
Commercial real estate-permanent | 601 | 245 | 1,072 | 599 | 423 | ||||||||||||||
Commercial real estate-construction | (95 | ) | (628 | ) | (221 | ) | 90 | 30 | |||||||||||
Total commercial real estate loans | 506 | (383 | ) | 851 | 689 | 453 | |||||||||||||
Residential mortgages | 248 | 1,139 | 138 | 162 | 1,681 | ||||||||||||||
Home equity lines and loans | 230 | 723 | 355 | 389 | 784 | ||||||||||||||
All other consumer loans | 540 | 810 | 558 | 115 | 298 | ||||||||||||||
Total consumer loans | 1,018 | 2,672 | 1,051 | 666 | 2,763 | ||||||||||||||
Net loans charged-off | $ | 1,946 | $ | 1,752 | $ | 1,921 | $ | 3,404 | $ | 4,366 | |||||||||
As of | |||||||||||||||||||
3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | |||||||||||||||
ASSET QUALITY AND OTHER DATA | |||||||||||||||||||
Non-accrual commercial and industrial loans | $ | 21,107 | $ | 21,931 | $ | 11,205 | $ | 9,641 | $ | 13,501 | |||||||||
Non-accrual commercial real estate-permanent | 6,781 | 7,915 | 2,887 | 4,811 | 3,513 | ||||||||||||||
Non-accrual commercial real estate-construction | 8,204 | 8,113 | 8,547 | 9,674 | 10,425 | ||||||||||||||
Total non-accrual commercial real estate loans | 14,985 | 16,028 | 11,434 | 14,485 | 13,938 | ||||||||||||||
Non-accrual residential mortgages | 8,326 | 7,706 | 6,803 | 6,265 | 6,779 | ||||||||||||||
Non-accrual home equity lines and loans | 3,762 | 3,426 | 3,961 | 3,631 | 4,041 | ||||||||||||||
All other non-accrual consumer loans | 1,458 | 1,746 | 1,467 | 1,495 | 1,701 | ||||||||||||||
Total non-accrual consumer loans | 13,546 | 12,878 | 12,231 | 11,391 | 12,521 | ||||||||||||||
Total non-accrual loans | 49,638 | 50,837 | 34,870 | 35,517 | 39,960 | ||||||||||||||
Restructured loans | 8,557 | 8,255 | 7,996 | 7,969 | 8,152 | ||||||||||||||
Total non-performing loans | 58,195 | 59,092 | 42,866 | 43,486 | 48,112 | ||||||||||||||
Acquired other real estate owned | 3,450 | 3,675 | — | — | — | ||||||||||||||
Other real estate owned and repossessed assets | 2,024 | 1,192 | 1,561 | 1,758 | 2,138 | ||||||||||||||
Total other real estate owned and repossessed assets | 5,474 | 4,867 | 1,561 | 1,758 | 2,138 | ||||||||||||||
Total non-performing assets | 63,669 | 63,959 | 44,427 | 45,244 | 50,250 | ||||||||||||||
Loans 90+ days past due & still accruing | 2,230 | 2,183 | 2,961 | 2,097 | 2,310 | ||||||||||||||
Total non-performing assets and loans 90+ days past due | $ | 65,899 | $ | 66,142 | $ | 47,388 | $ | 47,341 | $ | 52,560 | |||||||||
Allowance for loan losses | $ | 89,729 | $ | 90,675 | $ | 88,927 | $ | 89,848 | $ | 93,252 | |||||||||
Allowance for loan losses/non-performing loans | 154.2 | % | 153.4 | % | 207.5 | % | 206.6 | % | 193.8 | % | |||||||||
Allowance for loan losses/non-performing assets and loans 90+ days past due (excluding acquired other real estate owned) | 143.7 | % | 145.2 | % | 187.7 | % | 189.8 | % | 177.4 | % | |||||||||
Allowance for loan losses/non-performing assets and loans 90+ days past due | 136.2 | % | 137.1 | % | 187.7 | % | 189.8 | % | 177.4 | % | |||||||||
Allowance for loan losses/total originated loans | 1.61 | % | 1.63 | % | 1.63 | % | 1.66 | % | 1.73 | % | |||||||||
Allowance for loan losses/total loans | 1.46 | % | 1.48 | % | 1.63 | % | 1.66 | % | 1.73 | % | |||||||||
Provision/charge-offs, net | 51.4 | % | 199.8 | % | 52.1 | % | 0.0 | % | 28.7 | % | |||||||||
Originated classified loans | $ | 142,892 | $ | 153,255 | $ | 169,790 | $ | 173,610 | $ | 174,465 | |||||||||
Acquired classified loans | 1,715 | 9,534 | — | — | — | ||||||||||||||
Total classified loans | $ | 144,607 | $ | 162,789 | $ | 169,790 | $ | 173,610 | $ | 174,465 | |||||||||
Originated classified loans/total originated loans | 2.56 | % | 2.75 | % | 3.10 | % | 3.21 | % | 3.24 | % | |||||||||
Total classified loans/total loans | 2.36 | % | 2.65 | % | 3.10 | % | 3.21 | % | 3.24 | % | |||||||||
Delinquent loans (a) | $ | 15,968 | $ | 22,300 | $ | 20,171 | $ | 17,316 | $ | 16,819 | |||||||||
Delinquent loans/total loans | 0.26 | % | 0.36 | % | 0.37 | % | 0.32 | % | 0.31 | % | |||||||||
Non-performing loans/total loans | 0.95 | % | 0.96 | % | 0.78 | % | 0.80 | % | 0.89 | % | |||||||||
REGULATORY CAPITAL DATA (b) | |||||||||||||||||||
Tier 1 capital | $ | 887,854 | $ | 963,629 | $ | 927,023 | $ | 913,126 | $ | 888,565 | |||||||||
Common equity tier 1 capital | 822,511 | ||||||||||||||||||
Total capital | 976,043 | 1,050,295 | 1,005,629 | 991,235 | 965,705 | ||||||||||||||
Risk-weighted assets | 7,053,656 | 6,929,235 | 6,278,140 | 6,237,016 | 6,155,090 | ||||||||||||||
Tier 1 leverage ratio | 9.67 | % | 10.78 | % | 11.18 | % | 11.09 | % | 10.83 | % | |||||||||
Tier 1 ratio | 12.59 | % | 13.91 | % | 14.77 | % | 14.64 | % | 14.44 | % | |||||||||
Common equity tier 1 ratio | 11.66 | % | |||||||||||||||||
Total capital ratio | 13.84 | % | 15.16 | % | 16.02 | % | 15.89 | % | 15.69 | % | |||||||||
(a) Includes loans 30-89 days past due and loans 90+ days past due and still accruing | |||||||||||||||||||
(b) Regulatory Capital Data at 3/31/15 calculated in accordance with BASEL III | |||||||||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2015 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||
As of | |||||||||||||||||||
Earning Assets / Liabilities | 3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | ||||||||||||||
Loan portfolio composition (regulatory): | |||||||||||||||||||
Commercial / industrial | $ | 895,356 | $ | 852,804 | $ | 804,283 | $ | 815,168 | $ | 865,533 | |||||||||
Commercial real estate (c) | 2,186,626 | 2,172,858 | 1,994,773 | 1,993,408 | 1,943,744 | ||||||||||||||
Residential mortgage | 1,508,968 | 1,550,378 | 1,181,503 | 1,155,551 | 1,161,220 | ||||||||||||||
Real estate construction and land development | 229,428 | 261,916 | 260,054 | 242,047 | 243,216 | ||||||||||||||
Home equity | 867,784 | 875,903 | 817,723 | 803,553 | 787,334 | ||||||||||||||
Consumer | 238,320 | 239,807 | 224,614 | 216,478 | 210,395 | ||||||||||||||
Other | 204,962 | 192,791 | 186,892 | 179,826 | 166,285 | ||||||||||||||
Total | 6,131,444 | 6,146,457 | 5,469,842 | 5,406,031 | 5,377,727 | ||||||||||||||
Investment securities and other securities | 2,537,170 | 2,519,215 | 2,381,751 | 2,420,509 | 2,424,404 | ||||||||||||||
Other earning assets | 131,166 | 303,055 | 98,512 | 73,384 | 55,335 | ||||||||||||||
Total earning assets (net of loan loss reserve) | $ | 8,710,051 | $ | 8,878,052 | $ | 7,861,178 | $ | 7,810,076 | $ | 7,764,214 | |||||||||
Loan portfolio composition (internal): | |||||||||||||||||||
Commercial & industrial | |||||||||||||||||||
Business purpose, real estate secured | $ | 918,985 | $ | 929,999 | $ | 897,812 | $ | 884,697 | $ | 861,101 | |||||||||
Business purpose, not secured by real estate | 1,046,875 | 995,051 | 944,207 | 968,183 | 1,002,296 | ||||||||||||||
Commercial real estate (owner occupied) | |||||||||||||||||||
Permanent | 635,880 | 623,712 | 566,007 | 590,148 | 593,595 | ||||||||||||||
Construction / development | 53,635 | 51,105 | 49,826 | 45,924 | 47,505 | ||||||||||||||
Leasing | — | — | 18 | 41 | 97 | ||||||||||||||
Total commercial & industrial | 2,655,375 | 2,599,867 | 2,457,870 | 2,488,993 | 2,504,594 | ||||||||||||||
Commercial real estate (non-owner occupied) | |||||||||||||||||||
Permanent | 1,226,847 | 1,229,318 | 1,086,346 | 1,042,928 | 1,021,271 | ||||||||||||||
Construction / development | 169,271 | 203,542 | 208,728 | 182,506 | 183,586 | ||||||||||||||
Total commercial real estate | 1,396,118 | 1,432,860 | 1,295,074 | 1,225,434 | 1,204,857 | ||||||||||||||
Total commercial | 4,051,493 | 4,032,727 | 3,752,944 | 3,714,427 | 3,709,451 | ||||||||||||||
Consumer | |||||||||||||||||||
Residential mortgage (personal purpose) | |||||||||||||||||||
Permanent | 869,562 | 893,732 | 644,919 | 644,322 | 637,273 | ||||||||||||||
Construction | 15,384 | 14,625 | 16,004 | 13,128 | 10,922 | ||||||||||||||
Total residential mortgages | 884,946 | 908,357 | 660,923 | 657,450 | 648,195 | ||||||||||||||
Home equity and direct installment | 239,903 | 253,358 | 162,188 | 172,785 | 180,996 | ||||||||||||||
Home equity lines of credit | 661,368 | 660,472 | 614,298 | 591,331 | 572,301 | ||||||||||||||
Total home equity | 901,271 | 913,830 | 776,486 | 764,116 | 753,297 | ||||||||||||||
Private banking credit lines | 90,919 | 96,689 | 95,049 | 95,324 | 94,582 | ||||||||||||||
Indirect vehicle loans and other | 191,576 | 190,676 | 180,550 | 172,439 | 167,031 | ||||||||||||||
All other consumer | 282,495 | 287,365 | 275,599 | 267,763 | 261,613 | ||||||||||||||
Total consumer | 2,068,712 | 2,109,552 | 1,713,008 | 1,689,329 | 1,663,105 | ||||||||||||||
Loans | 6,120,205 | 6,142,279 | 5,465,952 | 5,403,756 | 5,372,556 | ||||||||||||||
Loans held-for-sale | 11,239 | 4,178 | 3,890 | 2,275 | 5,171 | ||||||||||||||
Total loans | $ | 6,131,444 | $ | 6,146,457 | $ | 5,469,842 | $ | 5,406,031 | $ | 5,377,727 | |||||||||
Deposit composition: | |||||||||||||||||||
Savings | $ | 711,375 | $ | 678,294 | $ | 544,625 | $ | 552,885 | $ | 547,255 | |||||||||
NOW accounts | 1,880,649 | 1,913,399 | 1,981,608 | 1,689,381 | 1,667,272 | ||||||||||||||
Money market accounts | 1,755,276 | 1,827,233 | 1,658,815 | 1,684,410 | 1,680,900 | ||||||||||||||
Time deposits less than $100k | 872,906 | 891,964 | 797,535 | 831,390 | 870,921 | ||||||||||||||
Time deposits $100k or greater | 334,864 | 333,697 | 314,915 | 319,146 | 344,504 | ||||||||||||||
Total interest bearing deposits | 5,555,070 | 5,644,587 | 5,297,498 | 5,077,212 | 5,110,852 | ||||||||||||||
Non-interest bearing deposits | 1,142,192 | 1,085,158 | 990,438 | 1,031,271 | 1,028,572 | ||||||||||||||
Total deposits | $ | 6,697,262 | $ | 6,729,745 | $ | 6,287,936 | $ | 6,108,483 | $ | 6,139,424 | |||||||||
(c) Includes owner occupied | |||||||||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2015 | ||||||||||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||||||||
Quarterly, as of | ||||||||||||||||||||||||||||||||||
3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | ||||||||||||||||||||||||||||||
Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | |||||||||||||||||||||||||
Total loans* | $ | 6,131,280 | 3.91 | % | $ | 5,932,806 | 3.96 | % | $ | 5,406,073 | 4.00 | % | $ | 5,360,641 | 3.97 | % | $ | 5,342,648 | 4.04 | % | ||||||||||||||
Investment securities* | 2,529,343 | 3.52 | % | 2,470,862 | 3.32 | % | 2,400,867 | 3.43 | % | 2,414,063 | 3.56 | % | 2,409,287 | 3.53 | % | |||||||||||||||||||
Interest earning deposits | 97,917 | 0.16 | % | 124,710 | 0.18 | % | 85,310 | 0.15 | % | 67,112 | 0.17 | % | 69,222 | 0.15 | % | |||||||||||||||||||
Total earning assets | 8,758,540 | 3.75 | % | 8,528,378 | 3.72 | % | 7,892,250 | 3.79 | % | 7,841,816 | 3.81 | % | 7,821,157 | 3.85 | % | |||||||||||||||||||
Total assets | 9,524,279 | 9,269,113 | 8,569,734 | 8,512,845 | 8,479,686 | |||||||||||||||||||||||||||||
Savings | 693,482 | 0.11 | % | 638,913 | 0.10 | % | 549,589 | 0.10 | % | 550,336 | 0.10 | % | 534,699 | 0.10 | % | |||||||||||||||||||
NOW accounts | 1,864,261 | 0.14 | % | 1,987,346 | 0.15 | % | 1,845,595 | 0.15 | % | 1,717,629 | 0.14 | % | 1,618,547 | 0.13 | % | |||||||||||||||||||
Money market accounts | 1,836,268 | 0.22 | % | 1,788,019 | 0.22 | % | 1,681,361 | 0.22 | % | 1,687,193 | 0.21 | % | 1,671,200 | 0.21 | % | |||||||||||||||||||
Time deposits | 1,210,270 | 0.90 | % | 1,210,685 | 0.88 | % | 1,132,513 | 0.96 | % | 1,179,576 | 1.03 | % | 1,233,794 | 1.06 | % | |||||||||||||||||||
Total interest bearing deposits | 5,604,281 | 0.33 | % | 5,624,963 | 0.33 | % | 5,209,058 | 0.34 | % | 5,134,734 | 0.36 | % | 5,058,240 | 0.38 | % | |||||||||||||||||||
Non-interest bearing deposits | 1,091,409 | 1,078,218 | 1,005,457 | 1,006,120 | 968,129 | |||||||||||||||||||||||||||||
Total deposits | 6,695,690 | 0.27 | % | 6,703,181 | 0.27 | % | 6,214,515 | 0.29 | % | 6,140,854 | 0.31 | % | 6,026,369 | 0.32 | % | |||||||||||||||||||
Customer repurchase agreements | 568,750 | 0.29 | % | 589,944 | 0.29 | % | 546,119 | 0.29 | % | 546,284 | 0.29 | % | 541,041 | 0.29 | % | |||||||||||||||||||
Repurchase agreements | — | 0.00 | % | — | 0.00 | % | 16,032 | 4.87 | % | 50,000 | 4.87 | % | 50,000 | 4.87 | % | |||||||||||||||||||
Short-term borrowings | — | 0.00 | % | — | 0.00 | % | — | 0.00 | % | 407 | 0.63 | % | — | 0.00 | % | |||||||||||||||||||
Federal Home Loan Bank advances | 805,516 | 0.80 | % | 503,081 | 1.10 | % | 505,349 | 1.02 | % | 521,753 | 1.05 | % | 596,818 | 1.05 | % | |||||||||||||||||||
Senior long-term debt | 125,000 | 4.43 | % | 125,000 | 4.33 | % | 20,380 | 4.42 | % | — | 0.00 | % | — | 0.00 | % | |||||||||||||||||||
Subordinated debentures | 77,321 | 2.76 | % | 77,321 | 2.75 | % | 77,321 | 2.75 | % | 77,321 | 2.74 | % | 77,321 | 2.77 | % | |||||||||||||||||||
Total deposits and borrowings | 8,272,277 | 0.41 | % | 7,998,527 | 0.41 | % | 7,379,716 | 0.38 | % | 7,336,619 | 0.41 | % | 7,291,549 | 0.44 | % | |||||||||||||||||||
Total interest bearing liabilities | $ | 7,180,868 | 0.48 | % | $ | 6,920,309 | 0.48 | % | $ | 6,374,259 | 0.44 | % | $ | 6,330,499 | 0.48 | % | $ | 6,323,420 | 0.50 | % | ||||||||||||||
Net interest margin (FTE) | 3.36 | % | 3.33 | % | 3.43 | % | 3.43 | % | 3.44 | % | ||||||||||||||||||||||||
Wealth assets under management, at period end | $ | 2,609,834 | $ | 2,501,015 | $ | 2,411,463 | $ | 2,574,509 | $ | 2,497,185 | ||||||||||||||||||||||||
*Fully taxable equivalent ("FTE") basis, using a 35% statutory tax rate | ||||||||||||||||||||||||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2015 | ||||||||||||||
Unaudited | ||||||||||||||
STATES OF OPERATION AND BANKING OFFICES BY STATE (LATEST AVAILABLE DATA) | ||||||||||||||
Quarterly, as of | ||||||||||||||
3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | ||||||||||
PA | ||||||||||||||
Total number of retail branch offices | 119 | 119 | 110 | 110 | 118 | |||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||||||
Total number of ATMs | 128 | 127 | 120 | 117 | 123 | |||||||||
NJ | ||||||||||||||
Total number of retail branch offices | 7 | 7 | — | — | — | |||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | — | — | — | — | — | |||||||||
Total number of ATMs | 6 | 6 | — | — | — | |||||||||
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 | 127 | 127 | 111 | 111 | 119 | |||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||||||
Total number of ATMs | 135 | 134 | 121 | 118 | 124 | |||||||||
EOP employees (full-time equivalent) | 1,596 | 1,658 | 1,549 | 1,574 | 1,591 | |||||||||