- Adjusted net income per share for
2015, exclusive of merger-related charges, increases 13% to $0.80
from $0.71 for 2014
- Adjusted net income per share for
the fourth quarter of $0.21 with return on average assets of 1.22%
and efficiency ratio of 55%
- Classified loans decline for
6th consecutive year
- Declared first quarter 2016 cash
dividend of $0.11 per share
National Penn Bancshares, Inc. (Nasdaq: NPBC) reported net
income of $28.9 million, or $0.20 per diluted share, for the fourth
quarter of 2015, compared to net income of $27.9 million, or $0.20
per diluted share, in the prior quarter. Exclusive of
merger-related expenses, adjusted net income for the quarter was
$29.6 million, or $0.21 per share, compared to $29.2 million or
$0.21 per share, in the third quarter. Net income for the year was
$110.7 million, or $0.78 per diluted share, while adjusted net
income was $112.8 million, or $0.80 per share, compared to adjusted
net income of $100.8 million, or $0.71 per diluted share, for 2014.
Adjusted return on average assets, exclusive of merger-related
costs, remained strong at 1.22% and 1.18% for the fourth quarter
and full year 2015, respectively.
“In the fourth quarter we continued to deliver consistent, high
level performance,” said Scott V. Fainor, president and CEO of
National Penn. “Additionally, we are pleased to have obtained all
requisite approvals for our merger with BB&T in a relatively
short time frame, reflecting the quality of both
organizations.”
Net Interest Margin and Loan
Growth
Net interest income was $66.6 million in the fourth quarter and
net interest margin was 3.16% compared to $67.9 million and 3.25%,
respectively, in the third quarter. For 2015, the net interest
margin of 3.25% was consistent with our expectations, but declined
from 3.40% in 2014 due to the prolonged period of low interest
rates. Net interest income was $270.0 million in 2015 compared to
$257.1 million in 2014, reflecting a 9% increase in average earning
assets primarily related to the full year impact of the TF
Financial transaction which closed on October 24, 2014. Total loans
outstanding of $6.2 billion was relatively flat during the year,
and was impacted by our strategy to sell long-term fixed rate
residential mortgage loans throughout the year.
Asset Quality
Asset quality trends remained strong in the fourth quarter and
throughout 2015. Non-performing loans declined 6% in the quarter
and 29% for the year while classified loans declined 6% and 28% for
the quarter and year, respectively. Net charge-offs in the quarter
were $1.6 million or 0.10% of average total loans (annualized) and
the ratio of allowance for loan losses to non-performing loans
increased to 188% at December 31, 2015 as compared to 186% at
September 30, 2015 and 153% at December 31, 2014. As a result of
the continuing improvement in asset quality and the refining of our
processes, including the allocation of previously unallocated
reserves, a negative provision for loan losses of $2.5 million was
recorded in the quarter compared to provision expense of $1.0
million in the previous quarter.
Other Income and Operating
Expenses
Exclusive of non-core items, which include a $1.0 million loss
on an unconsolidated equity investment in the fourth quarter of
2015 and certain bank owned life insurance income in the prior
quarter, non-interest income was relatively flat at $23.5
million.
Non-interest expenses remain very well-controlled at $52.3
million for the quarter, including $1.1 million of merger-related
costs. Excluding merger-related costs, non-interest expenses for
2015 were $212.1 million compared to $208.4 million in 2014, an
increase of 1.8%, inclusive of the acquisition of TF Financial in
the fourth quarter of 2014. The efficiency ratio was 55.25% for the
fourth quarter and 55.79% for the year.
Capital
National Penn’s Board of Directors declared a first quarter 2016
dividend of eleven cents ($0.11) per common share to shareholders
of record as of Monday, February 8, 2016, payable on Wednesday,
February 17, 2016. At December 31, 2015, capital remained strong as
National Penn’s tier 1 common and tangible common equity to
tangible assets ratios were 12.43% and 9.18%, respectively.
“As previously announced, we anticipate the closing of the
transaction with BB&T to be completed on or about April 1, 2016
with systems conversion mid-2016,” said Scott V. Fainor. “We look
forward to our affiliation with BB&T which will broaden the
products and services we offer our customers and continue our
commitment to the communities we serve.”
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 124 branch offices
throughout Pennsylvania, New Jersey and Maryland.
National Penn’s financial services affiliates and divisions
include 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: Risks, uncertainties and other factors relating to the
merger of National Penn with and into BB&T Corporation,
including the ability to meet closing conditions to the merger,
delay in closing the merger, 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.
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 12/31/2015
Unaudited, dollars in thousands except share and per share data
As of 12/31/2015 9/30/2015 12/31/2014
SUMMARY BALANCE SHEET Total assets $ 9,598,902 $ 9,587,459 $
9,750,865 Investment securities and other securities 2,503,081
2,503,203 2,519,215 Total loans 6,205,199 6,168,528 6,146,457
Deposits 6,704,936 6,959,275 6,729,745 Borrowings 1,629,689
1,359,657 1,720,404 Shareholders' equity 1,161,557 1,158,423
1,188,639 Tangible book value per common share (2) $ 6.08 $ 6.05 $
5.96 Tangible common equity / tangible assets (2) 9.18 % 9.15 %
9.30 %
Three Months Ended Twelve Months Ended
12/31/2015 9/30/2015 12/31/2014
12/31/2015 12/31/2014 EARNINGS Total interest
income $ 75,428 $ 76,529 $ 75,990 $ 304,468 $ 288,019 Total
interest expense 8,812 8,662
8,346 34,468 30,905 Net interest
income 66,616 67,867 67,644 270,000 257,114 Provision for loan
losses (2,500 ) 1,000 3,500
500 5,751 Net interest income after
provision for loan losses 69,116 66,867 64,144 269,500 251,363 Net
gains on investment securities - - 13 - 21 Other non-interest
income 22,527 25,026 23,417 95,170 92,154 Merger related expenses
1,121 1,840 2,878 2,961 2,878 Other non-interest expense
51,220 52,377 51,836
212,139 208,445 Income before income taxes
39,302 37,676 32,860 149,570 132,215 Income tax expense
10,452 9,800 8,383 38,879
33,509 Net income $ 28,850 $ 27,876
$ 24,477 $ 110,691 $ 98,706
PERFORMANCE RATIOS Net interest margin 3.16 % 3.25 % 3.33 %
3.25 % 3.40 % Return on average assets 1.19 % 1.16 % 1.05 % 1.16 %
1.13 % Adjusted return on average assets (3) 1.22 % 1.22 % 1.14 %
1.18 % 1.16 % Return on average shareholders' equity 9.91 % 9.69 %
8.30 % 9.68 % 8.86 % Return on average tangible common equity (1)
13.53 % 13.30 % 11.09 % 13.28 % 11.72 % Adjusted return on average
tangible common equity 13.87 % 13.94 % 12.02 % 13.53 % 11.97 %
Efficiency ratio (4) 55.25 % 54.23 % 54.53 % 55.79 % 57.06 %
PER SHARE Basic earnings $ 0.21 $ 0.20 $ 0.17 $ 0.79 $ 0.70
Diluted earnings 0.20 0.20 0.17 0.78 0.70 Adjusted diluted earnings
0.21 0.21 0.18 0.80 0.71 Dividends 0.11 0.11 0.11 0.44 0.41 Average
shares - basic 140,320,082 140,235,094 145,277,964 140,889,264
141,281,690 Average shares - diluted 141,048,622 140,916,194
145,850,861 141,549,226 141,823,607
(1)
RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES
Three
Months Ended Twelve Months Ended 12/31/2015
9/30/2015 12/31/2014 12/31/2015
12/31/2014 Return on average tangible common equity Return
on average shareholders' equity 9.91 % 9.69 % 8.30 % 9.68 % 8.86 %
Effect of goodwill and intangibles 3.62 % 3.61 %
2.79 % 3.60 % 2.86 % Return on average
tangible common equity 13.53 % 13.30 % 11.09 %
13.28 % 11.72 % Average tangible equity Average
shareholders' equity $ 1,155,465 $ 1,141,586 $ 1,169,815 $
1,143,792 $ 1,113,535 Average goodwill and intangibles
(309,339 ) (309,969 ) (294,238 ) (310,176 )
(271,684 ) Average tangible common equity $ 846,126 $
831,617 $ 875,577 $ 833,616 $ 841,851
Financial Update for National Penn Bancshares,
Inc. (NPBC) for 12/31/2015
Unaudited, dollars in thousands except share and per share
data As of 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
ASSETS Cash and due from banks $ 104,407 $ 101,975 $ 120,010
$ 102,500 $ 110,784 Interest-earning deposits with banks
99,689 119,616 118,375
131,166 303,055 Total cash and cash
equivalents 204,096 221,591 238,385 233,666 413,839
Investment securities available-for-sale, at fair value 1,668,829
1,641,230 1,598,351 1,585,671 1,530,661 Investment securities
held-to-maturity 768,634 807,574 842,192 884,211 921,042 Other
securities 65,618 54,399 67,072 67,288 67,512 Loans held-for-sale
10,000 6,239 9,693 11,239 4,178 Loans 6,195,199 6,162,289
6,158,788 6,120,205 6,142,279 Allowance for loan losses
(79,045 ) (83,148 ) (84,816 ) (89,729 )
(90,675 ) Loans, net 6,116,154 6,079,141 6,073,972 6,030,476
6,051,604 Premises and equipment, net 106,209 109,181
111,353 113,217 116,414 Accrued interest receivable 29,030 29,697
29,066 30,018 29,491 Bank owned life insurance 197,908 196,643
199,656 198,123 171,775 Other real estate owned and other
repossessed assets 4,596 4,719 5,186 5,474 4,867 Goodwill 302,940
302,940 302,940 302,940 302,244 Other intangible assets, net 6,101
6,725 7,353 7,985 8,757 Unconsolidated investments 7,575 8,552
8,582 8,101 8,124 Other assets 111,212 118,828
110,513 119,545 120,357
TOTAL ASSETS $ 9,598,902 $ 9,587,459 $
9,604,314 $ 9,597,954 $ 9,750,865
LIABILITIES Non-interest bearing deposits $ 1,185,936 $
1,169,922 $ 1,200,631 $ 1,142,192 $ 1,085,158 Interest bearing
deposits 5,519,000 5,789,353
5,532,853 5,555,070 5,644,587
Total deposits 6,704,936 6,959,275 6,733,484 6,697,262 6,729,745
Customer repurchase agreements 593,540 573,986 539,850
603,880 607,705 Federal Home Loan Bank advances and other
borrowings 833,828 583,350 889,366 854,375 910,378 Senior long-term
debt 125,000 125,000 125,000 125,000 125,000 Subordinated
debentures 77,321 77,321 77,321 77,321 77,321 Accrued interest
payable and other liabilities 102,720 110,104
101,615 109,021 112,077
TOTAL LIABILITIES 8,437,345 8,429,036
8,466,636 8,466,859
8,562,226
SHAREHOLDERS' EQUITY Common stock
1,391,151 1,389,602 1,388,341 1,387,136 1,390,130 Accumulated
deficit (87,043 ) (100,459 ) (112,913 ) (124,740 ) (135,246 )
Accumulated other comprehensive loss (17,891 ) (5,727 ) (11,686 )
(3,989 ) (10,991 ) Treasury stock (124,660 ) (124,993
) (126,064 ) (127,312 ) (55,254 ) TOTAL
SHAREHOLDERS' EQUITY 1,161,557 1,158,423
1,137,678 1,131,095
1,188,639 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$ 9,598,902 $ 9,587,459 $ 9,604,314 $
9,597,954 $ 9,750,865
PER SHARE
DATA Book value $ 8.28 $ 8.26 $ 8.12 $ 8.08 $ 8.08 Tangible
book value (2) $ 6.08 $ 6.05 $ 5.90 $ 5.86 $ 5.96 Dividends -
quarterly $ 0.11 $ 0.11 $ 0.11 $ 0.11 $ 0.11 Shares outstanding
(end of period, net of treasury) 140,308,640 140,283,395
140,184,234 140,068,761 147,136,084
(2)
RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES Total
shareholders' equity $ 1,161,557 $ 1,158,423 $ 1,137,678 $
1,131,095 $ 1,188,639 Goodwill and intangibles (309,041 )
(309,665 ) (310,293 ) (310,925 )
(311,001 ) Tangible common equity $ 852,516 $ 848,758
$ 827,385 $ 820,170 $ 877,638 Shares
outstanding 140,308,640 140,283,395 140,184,234 140,068,761
147,136,084 Tangible book value per share $ 6.08 $ 6.05 $ 5.90 $
5.86 $ 5.96 Total assets $ 9,598,902 $ 9,587,459 $ 9,604,314
$ 9,597,954 $ 9,750,865 Goodwill and intangibles (309,041 )
(309,665 ) (310,293 ) (310,925 )
(311,001 ) Tangible assets $ 9,289,861 $ 9,277,794 $
9,294,021 $ 9,287,029 $ 9,439,864 Tangible
common equity/tangible assets 9.18 % 9.15 % 8.90 % 8.83 % 9.30 %
Financial Update for National Penn Bancshares,
Inc. (NPBC) for 12/31/2015
Unaudited, dollars in thousands except share
and per share data For the Quarter Ended For the Twelve Months
Ended 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
12/31/2015 12/31/2014
INTEREST INCOME Loans, including fees
$ 58,610 $ 59,735 $ 58,077 $ 58,424 $ 58,532 $ 234,846 $ 217,447
Investment securities Taxable 11,462 11,180 11,457 12,512 11,273
46,611 45,453 Tax-exempt 5,298 5,577 5,843 6,120 6,129 22,838
24,976 Deposits with banks 58 37
40 38 56 173
143 Total interest income 75,428
76,529 75,417 77,094
75,990 304,468 288,019
INTEREST EXPENSE Deposits 4,770 4,740 4,618 4,521 4,616
18,649 18,543 Customer repurchase agreements 418 403 402 405 432
1,628 1,624 Repurchase agreements - - - - - - 1,406 Federal Home
Loan Bank advances and other borrowings 1,704 1,606 1,659 1,593
1,398 6,562 5,613 Senior long-term debt 1,366 1,366 1,366 1,366
1,365 5,464 1,592 Subordinated debentures 554
547 537 527 535
2,165 2,127 Total interest expense
8,812 8,662 8,582
8,412 8,346 34,468 30,905
Net interest income 66,616 67,867 66,835 68,682 67,644
270,000 257,114 Provision for loan losses (2,500 )
1,000 1,000 1,000 3,500
500 5,751 Net interest income
after provision for loan losses 69,116 66,867
65,835 67,682 64,144
269,500 251,363
NON-INTEREST
INCOME Wealth management 6,480 6,654 6,854 6,650 7,123 26,638
28,067 Service charges on deposit accounts 3,415 3,468 3,328 3,307
3,725 13,518 14,469 Insurance commissions and fees 3,009 3,128
3,219 3,182 2,979 12,538 12,814 Cash management and electronic
banking fees 5,089 5,068 5,153 4,714 4,951 20,024 19,066 Mortgage
banking 1,178 1,617 1,652 1,374 1,213 5,821 3,852 Bank owned life
insurance 1,750 2,746 1,563 1,374 1,341 7,433 4,995 Earnings
(losses) of unconsolidated investments (977 ) 133 589 - (43 ) (255
) (549 ) Gain on sale of non-performing loans - - - - - - 946 Other
operating income 2,583 2,212 2,329 2,329 2,128 9,453 8,494 Net
gains on sales of investment securities - -
- - 13 -
21 Total non-interest income 22,527
25,026 24,687 22,930
23,430 95,170 92,175
NON-INTEREST EXPENSE Salaries, wages and employee
benefits 28,400 29,570 30,123 29,998 27,836 118,091 115,579
Premises and equipment 8,147 8,189 8,508 9,147 8,254 33,991 31,944
FDIC insurance 1,280 1,220 1,313 1,458 1,344 5,271 5,001 Other
operating expenses 13,393 13,398 14,016 13,979 14,402 54,786 55,921
Merger related expenses 1,121 1,840
- - 2,878 2,961
2,878 Total non-interest expense 52,341
54,217 53,960 54,582
54,714 215,100 211,323
Income before income taxes 39,302 37,676 36,562 36,030
32,860 149,570 132,215 Income tax expense 10,452
9,800 9,324 9,303
8,383 38,879 33,509
NET
INCOME $ 28,850 $ 27,876 $ 27,238 $ 26,727
$ 24,477 $ 110,691 $ 98,706
PER SHARE Basic earnings $ 0.21 $ 0.20 $ 0.19 $ 0.19 $ 0.17
$ 0.79 $ 0.70 Diluted earnings $ 0.20 $ 0.20 $ 0.19 $ 0.19 $ 0.17 $
0.78 $ 0.70 Adjusted diluted earnings $ 0.21 $ 0.21 $ 0.19 $ 0.19 $
0.18 $ 0.80 $ 0.71 Average shares - basic 140,320,082 140,235,094
140,126,314 142,911,230 145,277,964 140,889,264 141,281,690 Average
shares - diluted 141,048,622 140,916,194 140,752,713 143,513,420
145,850,861 141,549,226 141,823,607
SUPPLEMENTAL DATA
(annualized, average) Return on assets 1.19 % 1.16 % 1.14 % 1.14 %
1.05 % 1.16 % 1.13 % Adjusted return on assets (3) 1.22 % 1.22 %
1.14 % 1.14 % 1.14 % 1.18 % 1.16 % Return on shareholders' equity
9.91 % 9.69 % 9.66 % 9.45 % 8.30 % 9.68 % 8.86 % Return on tangible
common equity (1) 13.53 % 13.30 % 13.32 % 12.96 % 11.09 % 13.28 %
11.72 % Adjusted return on tangible common equity 13.87 % 13.94 %
13.32 % 12.96 % 12.02 % 13.53 % 11.97 % Efficiency ratio (4) 55.25
% 54.23 % 56.59 % 57.10 % 54.53 % 55.79 % 57.06 %
(3) RECONCILIATION TABLE FOR
NON-GAAP FINANCIAL MEASURES Adjusted net income
reconciliation Net income $ 28,850 $ 27,876 $ 27,238 $ 26,727 $
24,477 $ 110,691 $ 98,706 After tax merger related expenses
729 1,350 - -
2,054 2,079 2,054
Adjusted net income $ 29,579 $ 29,226 $ 27,238
$ 26,727 $ 26,531 $ 112,770 $ 100,760
Adjusted diluted earnings per share reconciliation Diluted
earnings per share $ 0.20 $ 0.20 $ 0.19 $ 0.19 $ 0.17 $ 0.78 $ 0.70
After tax merger related expenses 0.01 0.01
- - 0.01
0.02 0.01 Adjusted diluted earnings per share
$ 0.21 $ 0.21 $ 0.19 $ 0.19 $ 0.18
$ 0.80 $ 0.71 Adjusted net income $
29,579 $ 29,226 $ 27,238 $ 26,727 $ 26,531 $ 112,770 $ 100,760
Average assets $ 9,615,022 $ 9,526,850 $ 9,544,673 $ 9,524,279 $
9,269,113 $ 9,552,884 $ 8,709,629 Adjusted return on average assets
(annualized) 1.22 % 1.22 % 1.14 % 1.14 % 1.14 % 1.18 % 1.16 %
(4) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES
Efficiency ratio calculation Non-interest expense $ 52,341 $
54,217 $ 53,960 $ 54,582 $ 54,714 $ 215,100 $ 211,323 Less: Merger
related expenses 1,121 1,840 -
- 2,878 2,961
2,878 Operating expenses $ 51,220 $ 52,377
$ 53,960 $ 54,582 $ 51,836 $ 212,139
$ 208,445 Net interest income (taxable
equivalent) $ 70,187 $ 71,563 $ 70,660 $ 72,654 $ 71,641 $ 285,064
$ 273,150 Non-interest income 22,527 25,026 24,687 22,930
23,430 95,170 92,175 Less: Net gains on investment securities
- - - -
13 - 21 Adjusted revenue
$ 92,714 $ 96,589 $ 95,347 $ 95,584 $
95,058 $ 380,234 $ 365,304 Efficiency
ratio 55.25 % 54.23 % 56.59 % 57.10 % 54.53 % 55.79 % 57.06 %
Financial Update for National
Penn Bancshares, Inc. (NPBC) for 12/31/2015
Unaudited, dollars in thousands except share and per
share data For the Quarter Ended For the Twelve Months Ended
12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015
12/31/2014
CHARGE-OFFS Loan charge-offs $ 3,131 $ 4,418 $
7,789 $ 3,074 $ 3,781 $ 18,412 $ 17,021 Recoveries on loans
(1,528 ) (1,750 ) (1,876 ) (1,128 )
(2,029 ) (6,282 ) (5,578 ) Net loan charge-offs $
1,603 $ 2,668 $ 5,913 $ 1,946 $ 1,752
$ 12,130 $ 11,443 Net loan charge-offs to
average total loans (annualized) 0.10 % 0.17 % 0.39 % 0.13 % 0.12 %
0.20 % 0.21 %
NET CHARGE-OFF DETAIL Commercial and
industrial loans $ (602 ) $ 1,444 $ 4,874 $ 422 $ (537 ) $ 6,138 $
2,681 Commercial real estate-permanent 96 (58 ) (308 ) 601
245 331 2,339 Commercial real estate-construction 264
(196 ) (92 ) (95 ) (628 ) (119 )
(729 ) Total commercial real estate loans 360 (254 ) (400 )
506 (383 ) 212 1,610 Residential mortgages 670 598 70 248
1,139 1,586 3,120 Home equity lines and loans 375 407 1,064 230 723
2,076 2,251 All other consumer loans 800 473
305 540 810
2,118 1,781 Total consumer loans 1,845
1,478 1,439 1,018
2,672 5,780 7,152
Net loans charged-off $ 1,603 $ 2,668 $ 5,913
$ 1,946 $ 1,752 $ 12,130 $ 11,443
As of 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
ASSET QUALITY AND OTHER DATA Non-accrual commercial and
industrial loans $ 5,136 $ 6,234 $ 8,923 $ 21,107 $ 21,931
Non-accrual commercial real estate-permanent 6,041 7,068 7,160
6,781 7,915 Non-accrual commercial real estate-construction
5,257 8,504 8,443 8,204
8,113 Total non-accrual commercial real estate
loans 11,298 15,572 15,603 14,985 16,028 Non-accrual
residential mortgages 10,360 8,171 8,307 8,326 7,706 Non-accrual
home equity lines and loans 4,652 4,234 4,027 3,762 3,426 All other
non-accrual consumer loans 1,181 1,387
1,387 1,458 1,746 Total
non-accrual consumer loans 16,193 13,792 13,721 13,546 12,878
Total non-accrual loans 32,627
35,598 38,247 49,638 50,837 Restructured loans 9,317
9,047 8,792 8,557
8,255 Total non-performing loans 41,944 44,645 47,039
58,195 59,092 Acquired other real estate owned 3,450 3,450
3,450 3,450 3,675 Other real estate owned and repossessed assets
1,146 1,269 1,736
2,024 1,192 Total other real estate owned and
repossessed assets 4,596 4,719
5,186 5,474 4,867 Total
non-performing assets 46,540 49,364 52,225 63,669 63,959
Loans 90+ days past due & still accruing 1,707
1,752 1,903 2,230
2,183 Total non-performing assets and loans 90+ days past
due $ 48,247 $ 51,116 $ 54,128 $ 65,899
$ 66,142 Allowance for loan losses $ 79,045 $
83,148 $ 84,816 $ 89,729 $ 90,675
Allowance for loan losses/non-performing loans 188.5 %
186.2 % 180.3 % 154.2 % 153.4 %
Allowance for loan losses/non-performing
assets and loans 90+ days past due (excluding acquired other real
estate owned)
176.5 % 174.4 % 167.4 % 143.7 %
145.2 %
Allowance for loan losses/non-performing
assets and loans 90+ days past due
163.8 % 162.7 % 156.7 % 136.2 %
137.1 % Allowance for loan losses/total originated loans
1.37 % 1.46 % 1.50 % 1.61 % 1.63 %
Allowance for loan losses/total loans 1.27 % 1.35 %
1.37 % 1.46 % 1.48 % Provision/charge-offs,
net -156.0 % 37.5 % 16.9 % 51.4 %
199.8 % Originated classified loans $ 117,621
$ 124,438 $ 124,837 $ 142,892 $ 153,255 Acquired classified loans
326 1,121 2,671
1,715 9,534 Total classified loans $ 117,947
$ 125,559 $ 127,508 $ 144,607 $ 162,789
Originated classified loans/total originated loans
2.04 % 2.19 % 2.21 % 2.56 % 2.75
% Total classified loans/total loans 1.90 % 2.04 %
2.07 % 2.36 % 2.65 % Delinquent loans (a) $
20,263 $ 21,293 $ 16,943 $ 15,968 $
22,300 Delinquent loans/total loans 0.33 %
0.35 % 0.27 % 0.26 % 0.36 % Non-performing
loans/total loans 0.68 % 0.72 % 0.76 %
0.95 % 0.96 %
REGULATORY CAPITAL DATA (b) Tier
1 capital $ 947,051 $ 925,046 $ 906,281 $
887,854 $ 963,629 Common equity tier 1 capital
873,262 855,130 838,602
822,511 Total capital 1,026,096
1,008,194 991,097 976,043
1,050,295 Risk-weighted assets 7,026,916
6,969,855 6,953,013 7,053,656
6,929,235 Tier 1 leverage ratio 10.19 %
10.06 % 9.85 % 9.67 % 10.78 % Tier 1
ratio 13.48 % 13.27 % 13.03 % 12.59 %
13.91 % Common equity tier 1 ratio 12.43 %
12.27 % 12.06 % 11.66 % Total capital ratio
14.60 % 14.47 % 14.25 % 13.84 %
15.16 % (a) Includes loans 30-89 days past due and loans 90+
days past due and still accruing
(b) 2015 Regulatory Capital Data
calculated in accordance with BASEL III
Financial Update for National Penn
Bancshares, Inc. (NPBC) for 12/31/2015
Unaudited, dollars in thousands except share and per share data As
of
Earning Assets / Liabilities 12/31/2015 9/30/2015
6/30/2015 3/31/2015 12/31/2014
Loan portfolio
composition (regulatory):
Commercial / industrial $ 862,892 $ 875,974 $ 890,890 $ 895,356 $
852,804 Commercial real estate (c) 2,289,691 2,293,076 2,281,023
2,186,626 2,172,858 Residential mortgage 1,453,390 1,464,554
1,471,769 1,508,968 1,550,378 Real estate construction and land
development 215,756 200,645 188,473 229,428 261,916 Home equity
880,980 876,219 874,386 867,784 875,903 Consumer 257,792 253,711
246,645 238,320 239,807 Other 244,698 204,349
215,295 204,962 192,791
Total 6,205,199
6,168,528 6,168,481 6,131,444 6,146,457 Investment
securities and other securities 2,503,081 2,503,203 2,507,615
2,537,170 2,519,215 Other earning assets 99,689
119,616 118,375 131,166 303,055
Total
earning assets (net of loan loss reserve) $ 8,728,924 $
8,708,199 $ 8,709,655 $ 8,710,051 $ 8,878,052
Loan portfolio
composition (internal):
Commercial & industrial Business purpose, real estate
secured $ 939,424 $ 940,869 $ 922,413 $ 918,985 $ 929,999 Business
purpose, not secured by real estate 1,055,847 1,030,537 1,054,746
1,046,875 995,051 Commercial real estate (owner occupied) Permanent
663,577 654,178 658,457 635,880 623,712 Construction / development
36,299 39,119 35,006 53,635
51,105
Total commercial & industrial 2,695,147 2,664,703
2,670,622 2,655,375 2,599,867
Commercial real estate
(non-owner occupied) Permanent 1,290,072 1,291,107 1,291,059
1,226,847 1,229,318 Construction / development 148,533
145,975 137,351 169,271 203,542
Total commercial real estate 1,438,605
1,437,082 1,428,410 1,396,118 1,432,860
Total commercial 4,133,752 4,101,785 4,099,032 4,051,493
4,032,727
Consumer Residential mortgage (personal
purpose) Permanent 850,214 852,672 856,976 869,562 893,732
Construction 11,150 9,851 10,192 15,384
14,625
Total residential mortgages 861,364 862,523
867,168 884,946 908,357 Home equity and direct installment
197,433 210,455 223,573 239,903 253,358 Home equity lines of credit
709,781 693,674 679,754 661,368
660,472
Total home equity 907,214 904,129 903,327 901,271
913,830 Private banking credit lines 86,133 87,556 90,946
90,919 96,689 Indirect vehicle and other 206,736
206,296 198,315 191,576 190,676
All other
consumer 292,869 293,852 289,261
282,495 287,365
Total consumer 2,061,447
2,060,504 2,059,756 2,068,712 2,109,552
Loans 6,195,199 6,162,289 6,158,788 6,120,205
6,142,279 Loans held-for-sale 10,000 6,239 9,693 11,239
4,178
Total loans $
6,205,199 $ 6,168,528 $ 6,168,481 $ 6,131,444 $ 6,146,457
Deposit
composition:
Savings $ 722,413 $ 711,544 $ 722,051 $ 711,375 $ 678,294 NOW
accounts 1,939,388 2,166,339 1,886,405 1,880,649 1,913,399 Money
market accounts 1,718,791 1,746,808 1,734,059 1,755,276 1,827,233
Time deposits less than $100k 820,616 838,417 859,472 872,906
891,964 Time deposits $100k or greater 317,792
326,245 330,866 334,864 333,697
Total
interest bearing deposits 5,519,000 5,789,353 5,532,853
5,555,070 5,644,587
Non-interest bearing deposits
1,185,936 1,169,922 1,200,631 1,142,192
1,085,158
Total deposits $ 6,704,936 $
6,959,275 $ 6,733,484 $ 6,697,262 $ 6,729,745 (c) Includes
owner occupied
Financial
Update for National Penn Bancshares, Inc. (NPBC) for 12/31/2015
Unaudited, dollars in thousands except share and per share
data Quarterly, as of Twelve Months, as of 12/31/2015 9/30/2015
6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014 Avg Bal Yield
Avg Bal Yield Avg Bal Yield Avg Bal Yield Avg Bal Yield Avg Bal
Yield Avg Bal Yield Total loans* $ 6,196,517 3.80% $
6,144,998 3.90% $ 6,146,507 3.83% $ 6,131,280 3.91% $ 5,932,806
3.96% $ 6,154,977 3.86% $ 5,511,872 3.99% Investment securities*
2,513,273 3.10% 2,498,640 3.14% 2,515,825 3.26% 2,529,343 3.52%
2,470,862 3.32% 2,514,183 3.25% 2,423,876 3.46% Interest earning
deposits 115,537 0.20% 91,720 0.16% 92,867
0.17% 97,917 0.16% 124,710 0.18% 99,537 0.17%
86,737 0.16%
Total earning assets
8,825,327 3.55% 8,735,358 3.64% 8,755,199 3.63%
8,758,540 3.75% 8,528,378 3.72% 8,768,697
3.64% 8,022,485 3.79% Total assets 9,615,022
9,526,850 9,544,673 9,524,279 9,269,113
9,552,884 8,709,629 Savings 714,568 0.10% 716,540
0.10% 714,135 0.10% 693,482 0.11% 638,913 0.10% 709,758 0.10%
568,618 0.10% NOW accounts 2,058,188 0.14% 2,012,605 0.14%
1,908,400 0.14% 1,864,261 0.14% 1,987,346 0.15% 1,961,537 0.14%
1,793,436 0.14% Money market accounts 1,722,411 0.22% 1,746,975
0.22% 1,761,906 0.22% 1,836,268 0.22% 1,788,019 0.22% 1,766,524
0.22% 1,707,194 0.22% Time deposits 1,152,866 0.99%
1,174,011 0.97% 1,199,076 0.94% 1,210,270 0.90%
1,210,685 0.88% 1,183,871 0.95% 1,188,923
0.98% Total interest bearing deposits 5,648,033 0.34%
5,650,131 0.33% 5,583,517 0.33% 5,604,281
0.33% 5,624,963 0.33% 5,621,690 0.33%
5,258,171 0.35% Non-interest bearing deposits
1,183,005 1,179,132 1,143,551 1,091,409
1,078,218 1,149,606 1,014,758 Total deposits
6,831,038 0.28% 6,829,263 0.28% 6,727,068 0.28%
6,695,690 0.27% 6,703,181 0.27% 6,771,296
0.28% 6,272,929 0.30% Customer repurchase agreements
570,780 0.29% 551,603 0.29% 556,813 0.29% 568,750 0.29% 589,944
0.29% 561,963 0.29% 555,954 0.29% Repurchase agreements - 0.00% -
0.00% - 0.00% - 0.00% - 0.00% - 0.00% 28,836 4.87% Federal Home
Loan Bank advances and other borrowings 743,910 0.91% 702,424 0.91%
824,456 0.81% 805,516 0.80% 503,081 1.10% 768,725 0.85% 531,522
1.06% Senior long-term debt 125,000 4.34% 125,000 4.34% 125,000
4.38% 125,000 4.43% 125,000 4.33% 125,000 4.37% 36,644 4.34%
Subordinated debentures 77,321 2.84% 77,321 2.81%
77,321 2.79% 77,321 2.76% 77,321 2.75%
77,321 2.80% 77,321 2.75% Total deposits and borrowings
8,348,049 0.42% 8,285,611 0.41% 8,310,658
0.41% 8,272,277 0.41% 7,998,527 0.41%
8,304,305 0.42% 7,503,206 0.41%
Total interest bearing
liabilities $ 7,165,044 0.49% $ 7,106,479 0.48% $ 7,167,107
0.48% $ 7,180,868 0.48% $ 6,920,309 0.48% $ 7,154,699 0.48% $
6,488,448 0.48%
Net interest margin (FTE) 3.16% 3.25%
3.24% 3.36% 3.33% 3.25% 3.40% Wealth assets under
management, at period end $ 2,532,685 $ 2,517,888 $ 2,587,907 $
2,609,834 $ 2,501,015 *Fully taxable equivalent ("FTE")
basis, using a 35% statutory tax rate
Financial Update for National Penn
Bancshares, Inc. (NPBC) for 12/31/2015
Unaudited
STATES OF OPERATION AND BANKING OFFICES BY STATE (LATEST
AVAILABLE DATA) Quarterly, as of 12/31/2015 9/30/2015
6/30/2015 3/31/2015 12/31/2014
PA
Total number of retail branch offices 116 116 116 119 119 Total
number of insured subsidiaries (Bank & Thrift subsidiaries) 1 1
1 1 1 Total number of ATMs 127 127 126 128 127
NJ
Total number of retail branch offices 7 7 7 7 7 Total number of
insured subsidiaries (Bank & Thrift subsidiaries) - - - - -
Total number of ATMs 6 6 6 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 124 124 124 127 127 Total
number of insured subsidiaries (Bank & Thrift subsidiaries) 1 1
1 1 1 Total number of ATMs 134 134 133 135 134 EOP employees
(full-time equivalent) 1,519 1,548 1,573 1,596 1,658
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160128005621/en/
National Penn Bancshares, Inc.Investor Contact:Michael J.
Hughes, 484-709-3305michael.hughes@nationalpenn.comorMedia
Contact:Jacklyn Bingaman,
610-674-1325jacklyn.bingaman@nationalpenn.com
National Penn Bancshares, Inc. (NASDAQ:NPBC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
National Penn Bancshares, Inc. (NASDAQ:NPBC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024