Form 8-K NATIONAL PENN BANCSHARES For: Jan 22
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 22, 2015 | ||
NATIONAL PENN BANCSHARES, INC. | ||
(Exact name of registrant as specified in its charter) | ||
Pennsylvania | 000-22537-01 | 23-2215075 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
645 Hamilton Street, Suite 1100 Allentown, PA 18101 | ||
(Address of principal executive offices)(Zip Code) | ||
Registrants telephone number, including area code: (800) 822-3321 | ||
N/A | ||
(Former name or former address, if changed since last report) | ||
_____________________________________________________________ | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On January 22, 2015, National Penn Bancshares, Inc. (the Company ) issued a press release reporting on its results of operations for the quarter and year ended December 31, 2014. This press release is furnished in this report, pursuant to this Item 2.02, as Exhibit 99.1 and is incorporated herein by reference.
On January 22, 2015, at 10:00 a.m. local time, the Company will hold a webcast to present information on its results of operations for the quarter and year ended December 31, 2014. The slide presentation which will accompany the webcast is furnished in this report, pursuant to this Item 2.02, as Exhibit 99.2, and is incorporated herein by reference.
�
Item 8.01 Other Events����
On January 22, 2015, the Company announced that its Board of Directors approved a common share repurchase plan of $125 million. The repurchases may be accomplished from time to time in various ways including open market purchases, accelerated share repurchases or negotiated transactions.
Item 9.01 Financial Statements and Exhibits
(d)����Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NATIONAL PENN BANCSHARES, INC. | |||||
Date: | January 22, 2015 | By: | /s/ Scott V. Fainor | ||
Name: | Scott V. Fainor | ||||
Title: | President and CEO | ||||
EXHIBIT INDEX
Number | Description | Method of Filing | ||
99.1 | Furnished herewith. | |||
99.2 | Furnished herewith. | |||
Exhibit 99.1
National Penn Bancshares, Inc.
Announces $125 Million Share Repurchase Plan and
Reports Fourth Quarter and Full Year 2014 Results
" | Approved $125 million common share repurchase plan |
" | Completed TF Financial Corporation acquisition and systems conversions |
" | Adjusted net income of $0.18 per share, exclusive of TF Financial Corporation acquisition costs |
" | Organic loan growth at an annualized rate of 6% |
" | Declared first quarter 2015 cash dividend of $0.11 per share |
Allentown, Pa. January 22, 2015 -- National Penn Bancshares, Inc. (Nasdaq: NPBC) reported net income of $24.5 million, or $0.17 per diluted share, for the fourth quarter of 2014, compared to net income of $25.3 million or $0.18 per diluted share, in the prior quarter. Exclusive of non-recurring costs associated with the acquisition of TF Financial Corporation ( TF Financial ), adjusted net income for the quarter was $26.5 million, or $0.18 per share. Net income for the year was $98.7 million, or $0.70 per diluted share, while adjusted net income was $100.8 million, or $0.71 per share, compared to adjusted net income of $98.1 million, or $0.67 per diluted share, for 2013. Adjusted return on average assets, exclusive of non-recurring costs, remained strong at 1.14% and 1.16% for the fourth quarter and full year 2014, respectively.
National Penn also announced that its Board of Directors approved a 2015 common share repurchase plan of $125 million. The repurchase may be accomplished from time to time in various ways including open market purchases, accelerated share repurchases, or negotiated transactions. Share repurchases, and the amount and timing of any repurchases, will be dependent on factors including requirements of federal securities laws, the companys capital position and needs, market conditions, and other capital management objectives and opportunities.
The strength of our balance sheet and the strong earnings profile allow us to continue to return capital to our shareholders said Scott V. Fainor, president and CEO of National Penn. This share repurchase plan, coupled with a 10% increase in the cash dividend paid in the fourth quarter, illustrate our commitment to enhancing shareholder value. We are pleased with our strong performance for the year and further encouraged by the positive momentum reflected by our second consecutive quarter of increased loan growth.
Net Interest Margin and Loan Growth
Net interest income increased to $67.6 million in the fourth quarter from $64.2 million in the third quarter, benefitting from the acquisition of TF Financial on October 24, 2014 with assets of approximately $800 million. The net interest margin declined from 3.43% to 3.33%, primarily as a result of the holding company senior debt issuance late in the third quarter which further enhanced holding company liquidity for the share repurchase plan and other capital planning initiatives. Exclusive of loans acquired from TF Financial, total loans grew at an annualized rate of 6% in the fourth quarter, somewhat offsetting the impact of the prolonged low interest rate environment.
Asset Quality
Although asset quality metrics remain strong, non-performing loans increased in the quarter to $59.1 million from $42.9 million in the third quarter. Classified and criticized loans however, exclusive of TF Financial, declined by approximately $35 million in the fourth quarter. The increase in non-performing loans was primarily driven by one commercial credit which was downgraded from classified to non-performing. The provision for loan losses was increased to $3.5 million from $1.0 million in the prior quarter. A credit mark of 2.7% was recorded on the TF Financial loan portfolio of approximately $600 million.
Other Income and Operating Expenses
Other income in the quarter was enhanced by increased mortgage activity and the related gain on sale of these loans, and the impact of TF Financial.
Operating expenses were relatively comparable on a quarterly basis, totaling $51.8 million in the fourth quarter of 2014 and $52.2 million in the prior quarter, despite the increased expenses associated with TF Financial. The anticipated synergies were realized as the systems conversion was accomplished on an expedited basis. Reflective of year end results, operating expenses for the quarter also reflected reduced expense for incentive compensation.
Capital
National Penns Board of Directors declared a first quarter 2015 dividend of eleven cents ($0.11) per common share to shareholders of record as of Monday, February 2, 2015, payable on Tuesday, February 17, 2015. At December 31, 2014, and inclusive of the TF Financial acquisition, capital remained strong as National Penns tier 1 common and tangible common equity to tangible assets ratios were 12.82% and 9.30%, respectively.
I appreciate the contributions of our team throughout 2014, said Scott V. Fainor. Due to their efforts, we achieved another year of consistent, high-level performance, reflected by our adjusted return on assets of 1.16%. Additionally, we accomplished many strategic initiatives, including the expedited closing and conversion of TF Financial, an increased rate of loan growth, and the enhancement of our holding company liquidity which position us well for 2015 and beyond.
Media Contact:����Jacklyn Bingaman, Marketing
(610) 674-1325 or [email protected]
Investor Contact:����Michelle H. Debkowski, Investor Relations
(484) 709-3255 or [email protected]
# # #
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with approximately $9.8 billion in assets, is a bank holding company headquartered in Allentown, Pennsylvania.� National Penn Bank operates 127 branch offices comprising 119 branches in Pennsylvania, seven in New Jersey and one in Maryland.
�
National Penns 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 Penns management uses these non-GAAP measures in its analysis of National Penns 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 Companys 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 Penns 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 Penns 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 Penns 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 Penns operations, declines in the value of National Penns assets and the effect of any resulting impairment charges, competition for personnel and from other financial institutions, interruptions or breaches of National Penns security systems, the development and maintenance of National Penns information technology, potential dilution of National Penns 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 Penns Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as well as in National Penns 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 12/31/2014 | ||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||
As of | ||||||||||||||||||||
12/31/2014 | 9/30/2014 | 12/31/2013 | ||||||||||||||||||
SUMMARY BALANCE SHEET | ||||||||||||||||||||
Total assets | $ | 9,750,865 | $ | 8,633,000 | $ | 8,591,848 | ||||||||||||||
Investment securities and other securities | 2,519,215 | 2,381,751 | 2,396,298 | |||||||||||||||||
Total loans | 6,146,457 | 5,469,842 | 5,338,219 | |||||||||||||||||
Deposits | 6,729,745 | 6,287,936 | 6,072,578 | |||||||||||||||||
Borrowings | 1,720,404 | 1,141,766 | 1,282,289 | |||||||||||||||||
Shareholders' equity | 1,188,639 | 1,107,184 | 1,131,866 | |||||||||||||||||
Tangible book value per common share (2) | $ | 5.96 | $ | 6.06 | $ | 5.94 | ||||||||||||||
Tangible common equity / tangible assets (2) | 9.30 | % | 10.08 | % | 10.41 | % | ||||||||||||||
ACQUIRED ASSETS/LIABILITIES (as of 10/24/2014) | ||||||||||||||||||||
Investment securities | $ | 124,288 | ||||||||||||||||||
Total loans | 595,241 | |||||||||||||||||||
Deposits | 658,432 | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
12/31/2014 | 9/30/2014 | 12/31/2013 | 12/31/2014 | 12/31/2013 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Total interest income | $ | 75,990 | $ | 71,368 | $ | 72,085 | $ | 288,019 | $ | 288,279 | ||||||||||
Total interest expense | 8,346 | 7,138 | 8,013 | 30,905 | 36,217 | |||||||||||||||
Net interest income | 67,644 | 64,230 | 64,072 | 257,114 | 252,062 | |||||||||||||||
Provision for loan losses | 3,500 | 1,000 | 1,000 | 5,751 | 5,250 | |||||||||||||||
Net interest income after provision for loan losses | 64,144 | 63,230 | 63,072 | 251,363 | 246,812 | |||||||||||||||
Net gains from fair value changes on subordinated debentures | 2,111 | |||||||||||||||||||
Net gains on investment securities | 13 | 21 | 54 | |||||||||||||||||
Other non-interest income | 23,417 | 22,871 | 22,714 | 92,154 | 95,902 | |||||||||||||||
Acquisition related expenses | 2,878 | 2,878 | ||||||||||||||||||
Loss on debt extinguishment | 64,888 | |||||||||||||||||||
Corporate reorganization expense | 6,000 | 6,000 | ||||||||||||||||||
Other non-interest expense | 51,836 | 52,158 | 51,833 | 208,445 | 211,023 | |||||||||||||||
Income before income taxes | 32,860 | 33,943 | 27,953 | 132,215 | 62,968 | |||||||||||||||
Income tax expense | 8,383 | 8,623 | 6,741 | 33,509 | 9,581 | |||||||||||||||
Net income | $ | 24,477 | $ | 25,320 | $ | 21,212 | $ | 98,706 | $ | 53,387 | ||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Net interest margin | 3.33 | % | 3.43 | % | 3.51 | % | 3.40 | % | 3.51 | % | ||||||||||
Return on average assets | 1.05 | % | 1.17 | % | 1.00 | % | 1.13 | % | 0.64 | % | ||||||||||
Adjusted return on average assets (3) | 1.14 | % | 1.17 | % | 1.19 | % | 1.16 | % | 1.18 | % | ||||||||||
Return on average shareholders' equity | 8.30 | % | 9.11 | % | 7.44 | % | 8.86 | % | 4.72 | % | ||||||||||
Return on average tangible common equity (1) | 11.09 | % | 11.97 | % | 9.72 | % | 11.72 | % | 6.18 | % | ||||||||||
Adjusted return on average tangible common equity | 12.02 | % | 11.97 | % | 11.51 | % | 11.97 | % | 11.36 | % | ||||||||||
Efficiency ratio (4) | 54.53 | % | 57.29 | % | 57.00 | % | 57.06 | % | 57.80 | % | ||||||||||
PER SHARE | ||||||||||||||||||||
Basic earnings | $ | 0.17 | $ | 0.18 | $ | 0.15 | $ | 0.70 | $ | 0.37 | ||||||||||
Diluted earnings | 0.17 | 0.18 | 0.15 | 0.70 | 0.37 | |||||||||||||||
Adjusted diluted earnings | 0.18 | 0.18 | 0.17 | 0.71 | 0.67 | |||||||||||||||
Dividends | 0.11 | 0.10 | 0.10 | 0.41 | 0.30 | (a) | ||||||||||||||
Average shares - basic | 145,277,964 | 139,275,683 | 145,761,496 | 141,281,690 | 145,602,670 | |||||||||||||||
Average shares - diluted | 145,850,861 | 139,825,134 | 146,244,467 | 141,823,607 | 146,044,058 | |||||||||||||||
(1) RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
12/31/2014 | 9/30/2014 | 12/31/2013 | 12/31/2014 | 12/31/2013 | ||||||||||||||||
Return on average tangible common equity | ||||||||||||||||||||
Return on average shareholders' equity | 8.30 | % | 9.11 | % | 7.44 | % | 8.86 | % | 4.72 | % | ||||||||||
Effect of goodwill and intangibles | 2.79 | % | 2.86 | % | 2.28 | % | 2.86 | % | 1.46 | % | ||||||||||
Return on average tangible common equity | 11.09 | % | 11.97 | % | 9.72 | % | 11.72 | % | 6.18 | % | ||||||||||
Average tangible equity | ||||||||||||||||||||
Average shareholders' equity | $ | 1,169,815 | $ | 1,102,608 | $ | 1,130,943 | $ | 1,113,535 | $ | 1,130,290 | ||||||||||
Average goodwill and intangibles | (294,238 | ) | (263,410 | ) | (265,516 | ) | (271,684 | ) | (266,851 | ) | ||||||||||
Average tangible common equity | $ | 875,577 | $ | 839,198 | $ | 865,427 | $ | 841,851 | $ | 863,439 | ||||||||||
Adjusted net income reconciliation | ||||||||||||||||||||
Net income | $ | 24,477 | $ | 25,320 | $ | 21,212 | $ | 98,706 | $ | 53,387 | ||||||||||
�����After tax acquisition related expenses | 2,054 | 2,054 | ||||||||||||||||||
�����After tax unrealized fair value gain on subordinated debentures | (1,372 | ) | ||||||||||||||||||
�����After tax loss on debt extinguishment | 42,177 | |||||||||||||||||||
�����After tax corporate reorganization expense | 3,900 | 3,900 | ||||||||||||||||||
Adjusted net income | $ | 26,531 | $ | 25,320 | $ | 25,112 | $ | 100,760 | $ | 98,092 | ||||||||||
Diluted earnings per share | ||||||||||||||||||||
Net income | $ | 0.17 | $ | 0.18 | $ | 0.15 | $ | 0.70 | $ | 0.37 | ||||||||||
�����After tax acquisition related expenses | 0.01 | 0.01 | ||||||||||||||||||
�����After tax unrealized fair value gain on subordinated debentures | (0.01 | ) | ||||||||||||||||||
�����After tax loss on debt extinguishment | 0.29 | |||||||||||||||||||
�����After tax corporate reorganization expense | 0.03 | 0.03 | ||||||||||||||||||
Adjusted net income | $ | 0.18 | $ | 0.18 | $ | 0.17 | (b) | $ | 0.71 | $ | 0.67 | (b) | ||||||||
(a) In lieu of a 1st quarter 2013 cash dividend, the Company paid an additional dividend of $0.10 per share in the 4th quarter of 2012. | ||||||||||||||||||||
(b) Difference in summation of quarterly and year-to-date adjusted net income per share due to rounding | ||||||||||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2014 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||
As of | |||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 110,784 | $ | 96,856 | $ | 138,530 | $ | 128,991 | $ | 102,241 | |||||||||
Interest-earning deposits with banks | 303,055 | 98,512 | 73,384 | 55,335 | 181,282 | ||||||||||||||
Total cash and cash equivalents | 413,839 | 195,368 | 211,914 | 184,326 | 283,523 | ||||||||||||||
Investment securities available-for-sale, at fair value | 1,530,661 | 1,461,586 | 1,463,479 | 1,442,304 | 1,894,107 | ||||||||||||||
Investment securities held-to-maturity | 921,042 | 864,234 | 892,536 | 918,340 | 438,445 | ||||||||||||||
Other securities | 67,512 | 55,931 | 64,494 | 63,760 | 63,746 | ||||||||||||||
Loans held-for-sale | 4,178 | 3,890 | 2,275 | 5,171 | 4,951 | ||||||||||||||
Loans | 6,142,279 | 5,465,952 | 5,403,756 | 5,372,556 | 5,333,268 | ||||||||||||||
Allowance for loan losses | (90,675 | ) | (88,927 | ) | (89,848 | ) | (93,252 | ) | (96,367 | ) | |||||||||
Loans, net | 6,051,604 | 5,377,025 | 5,313,908 | 5,279,304 | 5,236,901 | ||||||||||||||
Premises and equipment, net | 116,414 | 110,392 | 110,972 | 97,707 | 96,232 | ||||||||||||||
Accrued interest receivable | 29,491 | 27,839 | 26,953 | 27,408 | 27,130 | ||||||||||||||
Bank owned life insurance | 171,775 | 151,443 | 150,237 | 149,045 | 147,869 | ||||||||||||||
Other real estate owned and other repossessed assets | 4,867 | 1,561 | 1,758 | 2,138 | 1,278 | ||||||||||||||
Goodwill | 302,244 | 258,279 | 258,279 | 258,279 | 258,279 | ||||||||||||||
Other intangible assets, net | 8,757 | 4,803 | 5,476 | 6,156 | 6,854 | ||||||||||||||
Unconsolidated investments | 8,124 | 8,167 | 8,205 | 8,214 | 8,713 | ||||||||||||||
Other assets | 120,357 | 112,482 | 107,887 | 115,229 | 123,820 | ||||||||||||||
TOTAL ASSETS | $ | 9,750,865 | $ | 8,633,000 | $ | 8,618,373 | $ | 8,557,381 | $ | 8,591,848 | |||||||||
LIABILITIES | |||||||||||||||||||
Non-interest bearing deposits | $ | 1,085,158 | $ | 990,438 | $ | 1,031,271 | $ | 1,028,572 | $ | 970,051 | |||||||||
Interest bearing deposits | 5,644,587 | 5,297,498 | 5,077,212 | 5,110,852 | 5,102,527 | ||||||||||||||
Total deposits | 6,729,745 | 6,287,936 | 6,108,483 | 6,139,424 | 6,072,578 | ||||||||||||||
Customer repurchase agreements | 607,705 | 580,290 | 587,686 | 561,170 | 551,736 | ||||||||||||||
Repurchase agreements | 50,000 | 50,000 | 50,000 | ||||||||||||||||
Federal Home Loan Bank advances | 910,378 | 359,155 | 601,246 | 557,434 | 603,232 | ||||||||||||||
Senior long-term debt | 125,000 | 125,000 | |||||||||||||||||
Subordinated debentures | 77,321 | 77,321 | 77,321 | 77,321 | 77,321 | ||||||||||||||
Accrued interest payable and other liabilities | 112,077 | 96,114 | 92,229 | 89,583 | 105,115 | ||||||||||||||
TOTAL LIABILITIES | 8,562,226 | 7,525,816 | 7,516,965 | 7,474,932 | 7,459,982 | ||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||
Common stock | 1,390,130 | 1,388,513 | 1,387,304 | 1,386,265 | 1,387,966 | ||||||||||||||
Accumulated deficit | (135,246 | ) | (143,514 | ) | (154,909 | ) | (167,191 | ) | (175,990 | ) | |||||||||
Accumulated other comprehensive loss | (10,991 | ) | (7,922 | ) | (474 | ) | (5,295 | ) | (21,157 | ) | |||||||||
Treasury stock | (55,254 | ) | (129,893 | ) | (130,513 | ) | (131,330 | ) | (58,953 | ) | |||||||||
TOTAL SHAREHOLDERS' EQUITY | 1,188,639 | 1,107,184 | 1,101,408 | 1,082,449 | 1,131,866 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 9,750,865 | $ | 8,633,000 | $ | 8,618,373 | $ | 8,557,381 | $ | 8,591,848 | |||||||||
PER SHARE DATA | |||||||||||||||||||
Book value | $ | 8.08 | $ | 7.95 | $ | 7.91 | $ | 7.78 | $ | 7.76 | |||||||||
Tangible book value (2) | $ | 5.96 | $ | 6.06 | $ | 6.02 | $ | 5.88 | $ | 5.94 | |||||||||
Dividends - quarterly | $ | 0.11 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | |||||||||
Shares outstanding (end of period, net of treasury) | 147,136,084 | 139,305,117 | 139,240,318 | 139,145,669 | 145,798,751 | ||||||||||||||
(2) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
Total shareholders' equity | $ | 1,188,639 | $ | 1,107,184 | $ | 1,101,408 | $ | 1,082,449 | $ | 1,131,866 | |||||||||
Goodwill and intangibles | (311,001 | ) | (263,082 | ) | (263,755 | ) | (264,435 | ) | (265,133 | ) | |||||||||
Tangible common equity | $ | 877,638 | $ | 844,102 | $ | 837,653 | $ | 818,014 | $ | 866,733 | |||||||||
Shares outstanding | 147,136,084 | 139,305,117 | 139,240,318 | 139,145,669 | 145,798,751 | ||||||||||||||
Tangible book value per share | $ | 5.96 | $ | 6.06 | $ | 6.02 | $ | 5.88 | $ | 5.94 | |||||||||
Total assets | $ | 9,750,865 | $ | 8,633,000 | $ | 8,618,373 | $ | 8,557,381 | $ | 8,591,848 | |||||||||
Goodwill and intangibles | (311,001 | ) | (263,082 | ) | (263,755 | ) | (264,435 | ) | (265,133 | ) | |||||||||
Tangible assets | $ | 9,439,864 | $ | 8,369,918 | $ | 8,354,618 | $ | 8,292,946 | $ | 8,326,715 | |||||||||
Tangible common equity/tangible assets | 9.30 | % | 10.08 | % | 10.03 | % | 9.86 | % | 10.41 | % | |||||||||
(3) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
Adjusted net income (1) | $ | 26,531 | $ | 25,320 | $ | 26,199 | $ | 22,710 | $ | 25,112 | |||||||||
Average assets | $ | 9,269,113 | $ | 8,569,734 | $ | 8,512,845 | $ | 8,479,686 | $ | 8,385,094 | |||||||||
Adjusted return on average assets (annualized) | 1.14 | % | 1.17 | % | 1.23 | % | 1.09 | % | 1.19 | % | |||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2014 | |||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||||||||||
�For the Quarter Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 12/31/2014 | 12/31/2013 | |||||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||||||
Loans, including fees | $ | 58,532 | $ | 53,857 | $ | 52,476 | $ | 52,582 | $ | 54,600 | $ | 217,447 | $ | 220,158 | |||||||||||||
Investment securities | |||||||||||||||||||||||||||
Taxable | 11,273 | 11,365 | 11,694 | 11,121 | 10,912 | 45,453 | 40,497 | ||||||||||||||||||||
Tax-exempt | 6,129 | 6,114 | 6,329 | 6,404 | 6,534 | 24,976 | 27,421 | ||||||||||||||||||||
Deposits with banks | 56 | 32 | 29 | 26 | 39 | 143 | 203 | ||||||||||||||||||||
Total interest income | 75,990 | 71,368 | 70,528 | 70,133 | 72,085 | 288,019 | 288,279 | ||||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||||||
Deposits | 4,616 | 4,483 | 4,671 | 4,773 | 5,166 | 18,543 | 22,379 | ||||||||||||||||||||
Customer repurchase agreements | 432 | 399 | 400 | 393 | 407 | 1,624 | 1,805 | ||||||||||||||||||||
Repurchase agreements | 197 | 608 | 601 | 615 | 1,406 | 2,571 | |||||||||||||||||||||
Short-term borrowings | 1 | 1 | 41 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 1,398 | 1,297 | 1,369 | 1,548 | 1,287 | 5,612 | 6,329 | ||||||||||||||||||||
Senior long-term debt | 1,365 | 227 | 1,592 | ||||||||||||||||||||||||
Subordinated debentures | 535 | 535 | 528 | 529 | 538 | 2,127 | 3,092 | ||||||||||||||||||||
Total interest expense | 8,346 | 7,138 | 7,577 | 7,844 | 8,013 | 30,905 | 36,217 | ||||||||||||||||||||
Net interest income | 67,644 | 64,230 | 62,951 | 62,289 | 64,072 | 257,114 | 252,062 | ||||||||||||||||||||
Provision for loan losses | 3,500 | 1,000 | 1,251 | 1,000 | 5,751 | 5,250 | |||||||||||||||||||||
Net interest income after provision for loan losses | 64,144 | 63,230 | 62,951 | 61,038 | 63,072 | 251,363 | 246,812 | ||||||||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||||||||||||
Wealth management | 7,123 | 6,945 | 7,133 | 6,866 | 6,609 | 28,067 | 27,309 | ||||||||||||||||||||
Service charges on deposit accounts | 3,725 | 3,826 | 3,534 | 3,384 | 3,827 | 14,469 | 15,234 | ||||||||||||||||||||
Insurance commissions and fees | 2,979 | 3,029 | 3,209 | 3,597 | 3,028 | 12,814 | 12,692 | ||||||||||||||||||||
Cash management and electronic banking fees | 4,951 | 4,720 | 4,869 | 4,526 | 4,782 | 19,066 | 18,914 | ||||||||||||||||||||
Mortgage banking | 1,213 | 987 | 936 | 716 | 902 | 3,852 | 6,500 | ||||||||||||||||||||
Bank owned life insurance | 1,341 | 1,238 | 1,218 | 1,198 | 1,389 | 4,995 | 5,116 | ||||||||||||||||||||
Earnings (losses) of unconsolidated investments | (43 | ) | (20 | ) | (9 | ) | (477 | ) | 57 | (549 | ) | 710 | |||||||||||||||
Gain on sale of non-performing loans | 946 | 946 | |||||||||||||||||||||||||
Other operating income | 2,128 | 2,146 | 2,560 | 1,660 | 2,120 | 8,494 | 9,427 | ||||||||||||||||||||
Net gains from fair value changes on subordinated debentures | 2,111 | ||||||||||||||||||||||||||
Net gains on sales of investment securities | 13 | 8 | 21 | 54 | |||||||||||||||||||||||
Total non-interest income | 23,430 | 22,871 | 24,396 | 21,478 | 22,714 | 92,175 | 98,067 | ||||||||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||||||||||
Salaries, wages and employee benefits | 27,836 | 29,655 | 28,887 | 29,201 | 29,035 | 115,579 | 117,000 | ||||||||||||||||||||
Premises and equipment | 8,254 | 7,769 | 7,709 | 8,212 | 7,721 | 31,944 | 30,447 | ||||||||||||||||||||
FDIC insurance | 1,344 | 1,140 | 1,200 | 1,317 | 1,356 | 5,001 | 5,467 | ||||||||||||||||||||
Other operating expenses | 14,402 | 13,594 | 14,318 | 13,607 | 13,721 | 55,921 | 58,109 | ||||||||||||||||||||
Acquisition related expenses | 2,878 | 2,878 | |||||||||||||||||||||||||
Loss on debt extinguishment | 64,888 | ||||||||||||||||||||||||||
Corporate reorganization expense | 6,000 | 6,000 | |||||||||||||||||||||||||
Total non-interest expense | 54,714 | 52,158 | 52,114 | 52,337 | 57,833 | 211,323 | 281,911 | ||||||||||||||||||||
Income before income taxes | 32,860 | 33,943 | 35,233 | 30,179 | 27,953 | 132,215 | 62,968 | ||||||||||||||||||||
Income tax expense | 8,383 | 8,623 | 9,034 | 7,469 | 6,741 | 33,509 | 9,581 | ||||||||||||||||||||
NET INCOME | $ | 24,477 | $ | 25,320 | $ | 26,199 | $ | 22,710 | $ | 21,212 | $ | 98,706 | $ | 53,387 | |||||||||||||
PER SHARE | |||||||||||||||||||||||||||
Basic earnings | $ | 0.17 | $ | 0.18 | $ | 0.19 | $ | 0.16 | $ | 0.15 | $ | 0.70 | $ | 0.37 | |||||||||||||
Diluted earnings | $ | 0.17 | $ | 0.18 | $ | 0.19 | $ | 0.16 | $ | 0.15 | $ | 0.70 | $ | 0.37 | |||||||||||||
Adjusted diluted earnings | $ | 0.18 | $ | 0.18 | $ | 0.19 | $ | 0.16 | $ | 0.17 | $ | 0.71 | $ | 0.67 | |||||||||||||
Average shares - basic | 145,277,964 | 139,275,683 | 139,191,923 | 141,360,180 | 145,761,496 | 141,281,690 | 145,602,670 | ||||||||||||||||||||
Average shares - diluted | 145,850,861 | 139,825,134 | 139,719,980 | 141,877,066 | 146,244,467 | 141,823,607 | 146,044,058 | ||||||||||||||||||||
SUPPLEMENTAL DATA (annualized, average) | |||||||||||||||||||||||||||
Return on assets | 1.05 | % | 1.17 | % | 1.23 | % | 1.09 | % | 1.00 | % | 1.13 | % | 0.64 | % | |||||||||||||
Adjusted return on assets (3) | 1.14 | % | 1.17 | % | 1.23 | % | 1.09 | % | 1.19 | % | 1.16 | % | 1.18 | % | |||||||||||||
Return on shareholders' equity | 8.30 | % | 9.11 | % | 9.67 | % | 8.42 | % | 7.44 | % | 8.86 | % | 4.72 | % | |||||||||||||
Return on tangible common equity (1) | 11.09 | % | 11.97 | % | 12.77 | % | 11.11 | % | 9.72 | % | 11.72 | % | 6.18 | % | |||||||||||||
Adjusted return on tangible common equity | 12.02 | % | 11.97 | % | 12.77 | % | 11.11 | % | 11.51 | % | 11.97 | % | 11.36 | % | |||||||||||||
Efficiency ratio (4) | 54.53 | % | 57.29 | % | 57.02 | % | 59.60 | % | 57.00 | % | 57.06 | % | 57.80 | % | |||||||||||||
(4) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||
Efficiency Ratio Calculation | |||||||||||||||||||||||||||
Non-interest expense | $ | 54,714 | $ | 52,158 | $ | 52,114 | $ | 52,337 | $ | 57,833 | $ | 211,323 | $ | 281,911 | |||||||||||||
Less: | |||||||||||||||||||||||||||
Acquisition related expenses | 2,878 | 2,878 | |||||||||||||||||||||||||
Loss on debt extinguishment | 64,888 | ||||||||||||||||||||||||||
Corporate reorganization expense | 6,000 | 6,000 | |||||||||||||||||||||||||
Operating expenses | $ | 51,836 | $ | 52,158 | $ | 52,114 | $ | 52,337 | $ | 51,833 | $ | 208,445 | $ | 211,023 | |||||||||||||
Net interest income (taxable equivalent) | $ | 71,641 | $ | 68,166 | $ | 66,992 | $ | 66,351 | $ | 68,223 | $ | 273,150 | $ | 269,219 | |||||||||||||
Non-interest income | 23,430 | 22,871 | 24,396 | 21,478 | 22,714 | 92,175 | 98,067 | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||||
Net gains from fair value changes on subordinated debentures | 2,111 | ||||||||||||||||||||||||||
Net gains on investment securities | 13 | 8 | 21 | 54 | |||||||||||||||||||||||
Adjusted revenue | $ | 95,058 | $ | 91,037 | $ | 91,388 | $ | 87,821 | $ | 90,937 | $ | 365,304 | $ | 365,121 | |||||||||||||
Efficiency Ratio | 54.53 | % | 57.29 | % | 57.02 | % | 59.60 | % | 57.00 | % | 57.06 | % | 57.80 | % | |||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2014 | ||||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||
��For the Quarter Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 12/31/2014 | 12/31/2013 | ||||||||||||||||||||||
CHARGE-OFFS | ||||||||||||||||||||||||||||
Loan charge-offs | $ | 3,781 | $ | 3,097 | $ | 5,125 | $ | 5,018 | $ | 7,523 | $ | 17,021 | $ | 24,993 | ||||||||||||||
Recoveries on loans | (2,029 | ) | (1,176 | ) | (1,721 | ) | (652 | ) | (2,127 | ) | (5,578 | ) | (5,155 | ) | ||||||||||||||
Net loan charge-offs | $ | 1,752 | $ | 1,921 | $ | 3,404 | $ | 4,366 | $ | 5,396 | $ | 11,443 | $ | 19,838 | ||||||||||||||
Net loan charge-offs to average loans (annualized) | 0.12 | % | 0.14 | % | 0.25 | % | 0.33 | % | 0.41 | % | 0.21 | % | 0.38 | % | ||||||||||||||
NET CHARGE-OFF DETAIL | ||||||||||||||||||||||||||||
Commercial and industrial loans | $ | (537 | ) | $ | 19 | $ | 2,049 | $ | 1,150 | $ | 5,157 | $ | 2,681 | $ | 12,150 | |||||||||||||
Commercial real estate-permanent | 245 | 1,072 | 599 | 423 | (523 | ) | 2,339 | 1,064 | ||||||||||||||||||||
Commercial real estate-construction | (628 | ) | (221 | ) | 90 | 30 | (167 | ) | (729 | ) | 215 | |||||||||||||||||
Total commercial real estate loans | (383 | ) | 851 | 689 | 453 | (690 | ) | 1,610 | 1,279 | |||||||||||||||||||
Residential mortgages | 1,139 | 138 | 162 | 1,681 | 56 | 3,120 | 2,120 | |||||||||||||||||||||
Home equity lines and loans | 723 | 355 | 389 | 784 | 439 | 2,251 | 2,512 | |||||||||||||||||||||
All other consumer loans | 810 | 558 | 115 | 298 | 434 | 1,781 | 1,777 | |||||||||||||||||||||
Total consumer loans | 2,672 | 1,051 | 666 | 2,763 | 929 | 7,152 | 6,409 | |||||||||||||||||||||
Net loans charged-off | $ | 1,752 | $ | 1,921 | $ | 3,404 | $ | 4,366 | $ | 5,396 | $ | 11,443 | $ | 19,838 | ||||||||||||||
�As of | ||||||||||||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | ||||||||||||||||||||||||
ASSET QUALITY AND OTHER DATA | ||||||||||||||||||||||||||||
Non-accrual commercial and industrial loans | $ | 21,931 | $ | 11,205 | $ | 9,641 | $ | 13,501 | $ | 14,935 | ||||||||||||||||||
Non-accrual commercial real estate-permanent | 7,915 | 2,887 | 4,811 | 3,513 | 4,258 | |||||||||||||||||||||||
Non-accrual commercial real estate-construction | 8,113 | 8,547 | 9,674 | 10,425 | 12,128 | |||||||||||||||||||||||
Total non-accrual commercial real estate loans | 16,028 | 11,434 | 14,485 | 13,938 | 16,386 | |||||||||||||||||||||||
Non-accrual residential mortgages | 7,706 | 6,803 | 6,265 | 6,779 | 7,037 | |||||||||||||||||||||||
Non-accrual home equity lines and loans | 3,426 | 3,961 | 3,631 | 4,041 | 4,787 | |||||||||||||||||||||||
All other non-accrual consumer loans | 1,746 | 1,467 | 1,495 | 1,701 | 1,731 | |||||||||||||||||||||||
Total non-accrual consumer loans | 12,878 | 12,231 | 11,391 | 12,521 | 13,555 | |||||||||||||||||||||||
Total non-accrual loans | 50,837 | 34,870 | 35,517 | 39,960 | 44,876 | |||||||||||||||||||||||
Restructured loans | 8,255 | 7,996 | 7,969 | 8,152 | 7,715 | |||||||||||||||||||||||
Total non-performing loans | 59,092 | 42,866 | 43,486 | 48,112 | 52,591 | |||||||||||||||||||||||
Acquired other real estate owned | 3,675 | |||||||||||||||||||||||||||
Other real estate owned and repossessed assets | 1,192 | 1,561 | 1,758 | 2,138 | 1,278 | |||||||||||||||||||||||
Total other real estate owned and repossessed assets | 4,867 | 1,561 | 1,758 | 2,138 | 1,278 | |||||||||||||||||||||||
Total non-performing assets | 63,959 | 44,427 | 45,244 | 50,250 | 53,869 | |||||||||||||||||||||||
Loans 90+ days past due & still accruing | 2,183 | 2,961 | 2,097 | 2,310 | 3,466 | |||||||||||||||||||||||
Total non-performing assets and loans 90+ days past due | $ | 66,142 | $ | 47,388 | $ | 47,341 | $ | 52,560 | $ | 57,335 | ||||||||||||||||||
Allowance for loan losses | $ | 90,675 | $ | 88,927 | $ | 89,848 | $ | 93,252 | $ | 96,367 | ||||||||||||||||||
Allowance for loan losses/non-performing loans | 153.4 | % | 207.5 | % | 206.6 | % | 193.8 | % | 183.2 | % | ||||||||||||||||||
Allowance for loan losses/non-performing assets and loans 90+ days past due (excluding acquired other real estate owned) | 145.2 | % | 187.7 | % | 189.8 | % | 177.4 | % | 168.1 | % | ||||||||||||||||||
Allowance for loan losses/non-performing assets and loans 90+ days past due | 137.1 | % | 187.7 | % | 189.8 | % | 177.4 | % | 168.1 | % | ||||||||||||||||||
Allowance for loan losses/total loans (excluding acquired loans at period end) | 1.63 | % | 1.63 | % | 1.66 | % | 1.73 | % | 1.81 | % | ||||||||||||||||||
Allowance for loan losses/total loans | 1.48 | % | 1.63 | % | 1.66 | % | 1.73 | % | 1.81 | % | ||||||||||||||||||
Provision/charge-offs, net | 199.8 | % | 52.1 | % | 0.00 | % | 28.7 | % | 18.5 | % | ||||||||||||||||||
Classified loans excluding acquired classified loans | $ | 153,255 | $ | 169,790 | $ | 173,610 | $ | 174,465 | $ | 191,589 | ||||||||||||||||||
Acquired classified loans | 9,534 | |||||||||||||||||||||||||||
Total classified loans | $ | 162,789 | $ | 169,790 | $ | 173,610 | $ | 174,465 | $ | 191,589 | ||||||||||||||||||
Classified loans/total loans (excluding acquired loans at period end) | 2.75 | % | 3.10 | % | 3.21 | % | 3.24 | % | 3.59 | % | ||||||||||||||||||
Total classified loans/total loans | 2.65 | % | 3.10 | % | 3.21 | % | 3.24 | % | 3.59 | % | ||||||||||||||||||
Delinquent loans (c) | $ | 22,300 | $ | 20,171 | $ | 17,316 | $ | 16,819 | $ | 29,435 | ||||||||||||||||||
Delinquent loans/total loans | 0.36 | % | 0.37 | % | 0.32 | % | 0.31 | % | 0.55 | % | ||||||||||||||||||
Non-performing loans/total loans | 0.96 | % | 0.78 | % | 0.80 | % | 0.89 | % | 0.99 | % | ||||||||||||||||||
REGULATORY CAPITAL DATA | ||||||||||||||||||||||||||||
Tier 1 Capital | $ | 963,629 | $ | 927,023 | $ | 913,126 | $ | 888,565 | $ | 941,926 | ||||||||||||||||||
Tier 1 Leverage Ratio | 10.78 | % | 11.18 | % | 11.09 | % | 10.83 | % | 11.63 | % | ||||||||||||||||||
Tier 1 Ratio | 13.91 | % | 14.77 | % | 14.64 | % | 14.44 | % | 15.46 | % | ||||||||||||||||||
Total Capital | $ | 1,050,295 | $ | 1,005,629 | $ | 991,235 | $ | 965,705 | $ | 1,018,316 | ||||||||||||||||||
Total Capital Ratio | 15.16 | % | 16.02 | % | 15.89 | % | 15.69 | % | 16.72 | % | ||||||||||||||||||
Total Risk-Weighted Assets | $ | 6,929,235 | $ | 6,278,140 | $ | 6,237,016 | $ | 6,155,090 | $ | 6,091,183 | ||||||||||||||||||
(c) Includes loans 30-89 days past due and loans 90+ days past due and still accruing. | ||||||||||||||||||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2014 | |||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||
�As of | |||||||||||||||||||
Earning Assets / Liabilities | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | ||||||||||||||
Loan portfolio composition (regulatory): | |||||||||||||||||||
Commercial / industrial | $ | 852,804 | $ | 804,283 | $ | 815,168 | $ | 865,533 | $ | 796,797 | |||||||||
Commercial real estate (d) | 2,172,858 | 1,994,773 | 1,993,408 | 1,943,744 | 1,926,978 | ||||||||||||||
Residential mortgage | 1,550,378 | 1,181,503 | 1,155,551 | 1,161,220 | 1,181,020 | ||||||||||||||
Real estate construction and land development | 261,916 | 260,054 | 242,047 | 243,216 | 256,483 | ||||||||||||||
Home equity | 875,903 | 817,723 | 803,553 | 787,334 | 794,709 | ||||||||||||||
Consumer | 239,807 | 224,614 | 216,478 | 210,395 | 209,729 | ||||||||||||||
Other | 192,791 | 186,892 | 179,826 | 166,285 | 172,503 | ||||||||||||||
Total | 6,146,457 | 5,469,842 | 5,406,031 | 5,377,727 | 5,338,219 | ||||||||||||||
Investment securities and other securities | 2,519,215 | 2,381,751 | 2,420,509 | 2,424,404 | 2,396,298 | ||||||||||||||
Other earning assets | 303,055 | 98,512 | 73,384 | 55,335 | 181,282 | ||||||||||||||
Total earning assets (net of loan loss reserve) | $ | 8,878,052 | $ | 7,861,178 | $ | 7,810,076 | $ | 7,764,214 | $ | 7,819,432 | |||||||||
(d) Includes owner occupied | |||||||||||||||||||
Loan portfolio composition (internal): | |||||||||||||||||||
Commercial & industrial | |||||||||||||||||||
��Business purpose, real estate secured | $ | 929,999 | $ | 897,812 | $ | 884,697 | $ | 861,101 | $ | 885,135 | |||||||||
��Business purpose, not secured by real estate | 995,051 | 944,207 | 968,183 | 1,002,296 | 939,121 | ||||||||||||||
��Owner occupied commercial real estate | |||||||||||||||||||
���Permanent | 623,712 | 566,007 | 590,148 | 593,595 | 589,765 | ||||||||||||||
���Construction / development | 51,105 | 49,826 | 45,924 | 47,505 | 46,415 | ||||||||||||||
��Leasing | 18 | 41 | 97 | 228 | |||||||||||||||
Total commercial & industrial | 2,599,867 | 2,457,870 | 2,488,993 | 2,504,594 | 2,460,664 | ||||||||||||||
Commercial real estate | |||||||||||||||||||
���Non-owner occupied | |||||||||||||||||||
���Permanent | 1,229,318 | 1,086,346 | 1,042,928 | 1,021,271 | 994,838 | ||||||||||||||
���Construction / development | 203,542 | 208,728 | 182,506 | 183,586 | 198,334 | ||||||||||||||
Total commercial real estate | 1,432,860 | 1,295,074 | 1,225,434 | 1,204,857 | 1,193,172 | ||||||||||||||
Total commercial | 4,032,727 | 3,752,944 | 3,714,427 | 3,709,451 | 3,653,836 | ||||||||||||||
Consumer | |||||||||||||||||||
Residential mortgage (personal purpose) | |||||||||||||||||||
Permanent | 893,732 | 644,919 | 644,322 | 637,273 | 643,506 | ||||||||||||||
Construction | 14,625 | 16,004 | 13,128 | 10,922 | 8,719 | ||||||||||||||
Total residential mortgages | 908,357 | 660,923 | 657,450 | 648,195 | 652,225 | ||||||||||||||
Home equity and direct installment | 253,358 | 162,188 | 172,785 | 180,996 | 193,089 | ||||||||||||||
Home equity lines of credit | 660,472 | 614,298 | 591,331 | 572,301 | 569,519 | ||||||||||||||
Total home equity | 913,830 | 776,486 | 764,116 | 753,297 | 762,608 | ||||||||||||||
Private banking credit lines | 96,689 | 95,049 | 95,324 | 94,582 | 99,859 | ||||||||||||||
Indirect vehicle and other | 190,676 | 180,550 | 172,439 | 167,031 | 164,740 | ||||||||||||||
All other consumer | 287,365 | 275,599 | 267,763 | 261,613 | 264,599 | ||||||||||||||
Total consumer | 2,109,552 | 1,713,008 | 1,689,329 | 1,663,105 | 1,679,432 | ||||||||||||||
Loans | 6,142,279 | 5,465,952 | 5,403,756 | 5,372,556 | 5,333,268 | ||||||||||||||
Loans held-for-sale | 4,178 | 3,890 | 2,275 | 5,171 | 4,951 | ||||||||||||||
Total loans | $ | 6,146,457 | $ | 5,469,842 | $ | 5,406,031 | $ | 5,377,727 | $ | 5,338,219 | |||||||||
Deposit composition: | |||||||||||||||||||
Savings | $ | 678,294 | $ | 544,625 | $ | 552,885 | $ | 547,255 | $ | 526,576 | |||||||||
NOW accounts | 1,913,399 | 1,981,608 | 1,689,381 | 1,667,272 | 1,655,425 | ||||||||||||||
Money market accounts | 1,827,233 | 1,658,815 | 1,684,410 | 1,680,900 | 1,670,035 | ||||||||||||||
Time Deposits less than $100k | 891,964 | 797,535 | 831,390 | 870,921 | 896,700 | ||||||||||||||
Time Deposits $100k or greater | 333,697 | 314,915 | 319,146 | 344,504 | 353,791 | ||||||||||||||
Total interest bearing deposits | 5,644,587 | 5,297,498 | 5,077,212 | 5,110,852 | 5,102,527 | ||||||||||||||
Non-interest bearing deposits | 1,085,158 | 990,438 | 1,031,271 | 1,028,572 | 970,051 | ||||||||||||||
Total deposits | $ | 6,729,745 | $ | 6,287,936 | $ | 6,108,483 | $ | 6,139,424 | $ | 6,072,578 | |||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||||||||||||||||||||||
�Quarterly, as of | Twelve Months, as of | |||||||||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 12/31/2014 | 12/31/2013 | ||||||||||||||||||||||||||||||||||||||||||
Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | |||||||||||||||||||||||||||||||||||
Total loans* | $ | 5,932,806 | 3.96 | % | $ | 5,406,073 | 4.00 | % | $ | 5,360,641 | 3.97 | % | $ | 5,342,648 | 4.04 | % | $ | 5,256,841 | 4.17 | % | $ | 5,511,872 | 3.99 | % | $ | 5,238,606 | 4.25 | % | ||||||||||||||||||||
Investment securities* | 2,470,862 | 3.32 | % | 2,400,867 | 3.43 | % | 2,414,063 | 3.56 | % | 2,409,287 | 3.53 | % | 2,375,893 | 3.50 | % | 2,423,876 | 3.46 | % | 2,338,023 | 3.54 | % | |||||||||||||||||||||||||||
Interest earning deposits | 124,710 | 0.18 | % | 85,310 | 0.15 | % | 67,112 | 0.17 | % | 69,222 | 0.15 | % | 89,530 | 0.17 | % | 86,737 | 0.16 | % | 101,603 | 0.20 | % | |||||||||||||||||||||||||||
Total earning assets | 8,528,378 | 3.72 | % | 7,892,250 | 3.79 | % | 7,841,816 | 3.81 | % | 7,821,157 | 3.85 | % | 7,722,264 | 3.92 | % | 8,022,485 | 3.79 | % | 7,678,232 | 3.98 | % | |||||||||||||||||||||||||||
Total assets | 9,269,113 | 8,569,734 | 8,512,845 | 8,479,686 | 8,385,094 | 8,709,629 | 8,330,441 | |||||||||||||||||||||||||||||||||||||||||
Savings | 638,913 | 0.10 | % | 549,589 | 0.10 | % | 550,336 | 0.10 | % | 534,699 | 0.10 | % | 524,647 | 0.10 | % | 568,618 | 0.10 | % | 520,022 | 0.10 | % | |||||||||||||||||||||||||||
NOW accounts | 1,987,346 | 0.15 | % | 1,845,595 | 0.15 | % | 1,717,629 | 0.14 | % | 1,618,547 | 0.13 | % | 1,873,519 | 0.14 | % | 1,793,436 | 0.14 | % | 1,648,660 | 0.14 | % | |||||||||||||||||||||||||||
Money market accounts | 1,788,019 | 0.22 | % | 1,681,361 | 0.22 | % | 1,687,193 | 0.21 | % | 1,671,200 | 0.21 | % | 1,649,960 | 0.23 | % | 1,707,194 | 0.22 | % | 1,650,376 | 0.27 | % | |||||||||||||||||||||||||||
Time deposits | 1,210,685 | 0.88 | % | 1,132,513 | 0.96 | % | 1,179,576 | 1.03 | % | 1,233,794 | 1.06 | % | 1,273,664 | 1.07 | % | 1,188,923 | 0.98 | % | 1,388,789 | 1.08 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 5,624,963 | 0.33 | % | 5,209,058 | 0.34 | % | 5,134,734 | 0.36 | % | 5,058,240 | 0.38 | % | 5,321,790 | 0.39 | % | 5,258,171 | 0.35 | % | 5,207,847 | 0.43 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 1,078,218 | 1,005,457 | 1,006,120 | 968,129 | 984,037 | 1,014,758 | 933,849 | |||||||||||||||||||||||||||||||||||||||||
Total deposits | 6,703,181 | 0.27 | % | 6,214,515 | 0.29 | % | 6,140,854 | 0.31 | % | 6,026,369 | 0.32 | % | 6,305,827 | 0.33 | % | 6,272,929 | 0.30 | % | 6,141,696 | 0.36 | % | |||||||||||||||||||||||||||
Customer repurchase agreements | 589,944 | 0.29 | % | 546,119 | 0.29 | % | 546,284 | 0.29 | % | 541,041 | 0.29 | % | 529,541 | 0.30 | % | 555,954 | 0.29 | % | 529,770 | 0.34 | % | |||||||||||||||||||||||||||
Repurchase agreements | 0.00 | % | 16,032 | 4.87 | % | 50,000 | 4.87 | % | 50,000 | 4.87 | % | 50,000 | 4.87 | % | 28,836 | 4.87 | % | 74,496 | 3.45 | % | ||||||||||||||||||||||||||||
Short-term borrowings | 0.00 | % | 0.00 | % | 407 | 0.63 | % | 0.00 | % | 54 | 0.00 | % | 101 | 0.63 | % | 9,680 | 0.42 | % | ||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 503,081 | 1.10 | % | 505,349 | 1.02 | % | 521,753 | 1.05 | % | 596,818 | 1.05 | % | 190,670 | 2.68 | % | 531,421 | 1.06 | % | 269,488 | 2.35 | % | |||||||||||||||||||||||||||
Senior long-term debt | 125,000 | 4.33 | % | 20,380 | 4.42 | % | 0.00 | % | 0.00 | % | 0.00 | % | 36,644 | 4.34 | % | 0.00 | % | |||||||||||||||||||||||||||||||
Subordinated debentures | 77,321 | 2.75 | % | 77,321 | 2.75 | % | 77,321 | 2.74 | % | 77,321 | 2.77 | % | 77,321 | 2.76 | % | 77,321 | 2.75 | % | 89,128 | 3.47 | % | |||||||||||||||||||||||||||
Total deposits and borrowings | 7,998,527 | 0.41 | % | 7,379,716 | 0.38 | % | 7,336,619 | 0.41 | % | 7,291,549 | 0.44 | % | 7,153,413 | 0.44 | % | 7,503,206 | 0.41 | % | 7,114,258 | 0.51 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 6,920,309 | 0.48 | % | $ | 6,374,259 | 0.44 | % | $ | 6,330,499 | 0.48 | % | $ | 6,323,420 | 0.50 | % | $ | 6,169,376 | 0.52 | % | $ | 6,488,448 | 0.48 | % | $ | 6,180,409 | 0.59 | % | ||||||||||||||||||||
Net interest margin (FTE) | 3.33 | % | 3.43 | % | 3.43 | % | 3.44 | % | 3.51 | % | 3.40 | % | 3.51 | % | ||||||||||||||||||||||||||||||||||
Wealth assets under management, at period end | $ | 2,501,015 | $ | 2,411,463 | $ | 2,574,509 | $ | 2,497,185 | $ | 2,504,717 | ||||||||||||||||||||||||||||||||||||||
*Fully taxable equivalent ("FTE") basis, using a 35% effective tax rate. | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2014 | ||||||||||||||
Unaudited | ||||||||||||||
STATES OF OPERATION AND BANKING OFFICES BY STATE (LATEST AVAILABLE DATA) | ||||||||||||||
�Quarterly, as of | ||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | ||||||||||
PA | ||||||||||||||
Total number of retail branch offices | 119 | 110 | 110 | 118 | 119 | |||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||||||
Total number of ATMs | 127 | 120 | 117 | 123 | 124 | |||||||||
NJ | ||||||||||||||
Total number of retail branch offices | 7 | |||||||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | ||||||||||||||
Total number of ATMs | 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 | 111 | 111 | 119 | 120 | |||||||||
Total number of insured subsidiaries | ||||||||||||||
(Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||||||
Total number of ATMs | 134 | 121 | 118 | 124 | 125 | |||||||||
EOP employees (full-time equivalent) | 1,658 | 1,549 | 1,574 | 1,591 | 1,631 | |||||||||
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