National Penn Bancshares Inc. (NPBC, Financial) filed Quarterly Report for the period ended 2010-09-30.
National Penn Bancshares Inc. has a market cap of $912.93 million; its shares were traded at around $7.24 with a P/E ratio of 90.5 and P/S ratio of 2.18. The dividend yield of National Penn Bancshares Inc. stocks is 0.55%.NPBC is in the portfolios of Richard Pzena of Pzena Investment Management LLC, Diamond Hill Capital of Diamond Hill Capital Management Inc, Steven Cohen of SAC Capital Advisors, Pioneer Investments.
Net interest income increased $2.4 million from $65.3 million for the three months ended September 30, 2009 to $67.7 million for the three months ended September 30, 2010.
Non-interest income increased $87.8 million to $23.5 million for the three months ended September 30, 2010 compared to a loss of $64.3 million for the prior year period, primarily as a result of $84.7 million of other-than-temporary impairment recorded in the prior year compared to $0.3 million for the current quarter.
For the nine months ended September 30, 2010, the Company recorded net income available to common shareholders of $6.7 million, or $0.05 per diluted share. This represents an increase of $79.8 million from the net loss available to common shareholders of $73.1 million, or $0.81 per common share, for the nine months ended September 30, 2009. Adjusted net income totaled $25.8 million for the nine months ended September 30, 2010, or $0.20 per diluted share, compared to a net loss of $0.6 million, or $0.01 per diluted share for the same period in 2009. Adjusted net income excludes certain items which management believes affect the comparability of results between periods and were as follows for the nine months ended:
The Company s total assets were $9.2 billion at September 30, 2010, a decrease of $236 million or 2.5% from the $9.5 billion at December 31, 2009. The decrease was primarily in loans which declined $383 million during the first nine months of 2010.
Loans and leases, net of the allowance decreased $402 million, or 6.9%, to $5.5 billion at September 30, 2010 from $5.9 billion at December 31, 2009. The decrease in loans was primarily the result of economic conditions including the low interest rate environment, prepayment speeds, and portfolio risk strategies. The allowance for loan and lease losses increased to $153.5 million at September 30, 2010 from $146.3 million at December 31, 2009 and net charge-offs of $70.3 million for the nine months ended September 30, 2010.
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National Penn Bancshares Inc. has a market cap of $912.93 million; its shares were traded at around $7.24 with a P/E ratio of 90.5 and P/S ratio of 2.18. The dividend yield of National Penn Bancshares Inc. stocks is 0.55%.NPBC is in the portfolios of Richard Pzena of Pzena Investment Management LLC, Diamond Hill Capital of Diamond Hill Capital Management Inc, Steven Cohen of SAC Capital Advisors, Pioneer Investments.
Highlight of Business Operations:
For the three months ended September 30, 2010, the Company recorded net income available to common shareholders of $10.3 million, or $0.08 per diluted share. This represents an increase of $75.5 million from the net loss available to common shareholders of $65.2 million or $0.65 per common share for the three months ended September 30, 2009. Adjusted net income excludes certain items which management believes affect the comparability of results between periods and totaled $12.0 million for the third quarter of 2010, or $0.09 per diluted share, compared to a loss of $8.1 million, or $0.08 per diluted share for the third quarter of 2009. Adjusted net income excluded the effects of the following items during the third quarter:Net interest income increased $2.4 million from $65.3 million for the three months ended September 30, 2009 to $67.7 million for the three months ended September 30, 2010.
Non-interest income increased $87.8 million to $23.5 million for the three months ended September 30, 2010 compared to a loss of $64.3 million for the prior year period, primarily as a result of $84.7 million of other-than-temporary impairment recorded in the prior year compared to $0.3 million for the current quarter.
For the nine months ended September 30, 2010, the Company recorded net income available to common shareholders of $6.7 million, or $0.05 per diluted share. This represents an increase of $79.8 million from the net loss available to common shareholders of $73.1 million, or $0.81 per common share, for the nine months ended September 30, 2009. Adjusted net income totaled $25.8 million for the nine months ended September 30, 2010, or $0.20 per diluted share, compared to a net loss of $0.6 million, or $0.01 per diluted share for the same period in 2009. Adjusted net income excludes certain items which management believes affect the comparability of results between periods and were as follows for the nine months ended:
The Company s total assets were $9.2 billion at September 30, 2010, a decrease of $236 million or 2.5% from the $9.5 billion at December 31, 2009. The decrease was primarily in loans which declined $383 million during the first nine months of 2010.
Loans and leases, net of the allowance decreased $402 million, or 6.9%, to $5.5 billion at September 30, 2010 from $5.9 billion at December 31, 2009. The decrease in loans was primarily the result of economic conditions including the low interest rate environment, prepayment speeds, and portfolio risk strategies. The allowance for loan and lease losses increased to $153.5 million at September 30, 2010 from $146.3 million at December 31, 2009 and net charge-offs of $70.3 million for the nine months ended September 30, 2010.
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