National Penn Bancshares Inc. (NPBC, Financial) filed Quarterly Report for the period ended 2009-06-30.
NATIONAL PENN BANCSHARES INC is a bank holding company engaged in general banking business. National Penn Bancshares Inc. has a market cap of $457.7 million; its shares were traded at around $5.45 with and P/S ratio of 0.9. The dividend yield of National Penn Bancshares Inc. stocks is 3.6%. National Penn Bancshares Inc. had an annual average earning growth of 5.4% over the past 10 years. GuruFocus rated National Penn Bancshares Inc. the business predictability rank of 2.5-star.
The Company s total assets were $9.76 billion at June 30, 2009, an increase of $354.5 million or 3.8% from the $9.40 billion at December 31, 2008. The increase was primarily the result of total cash and cash equivalents increasing $152.5 million or 77.9% to $348.4 million, as compared to $195.8 million total at December 31, 2008. In addition, the Company s total investment portfolio, including both held to maturity and available for sale instruments increased $237.5 million or 12.4% to $2.16 billion, as compared with $1.92 billion at December 31, 2008. Gross loans, including loans held for sale were $6.31 billion at June 30, 2009 essentially unchanged when compared to $6.32 billion at December 31, 2008. Total new loans originated during the second quarter 2009 were $356.9 million, offset by $263.1 million in loan payments, $25.5 million in charge-offs, and $126.5 million in self-originated mortgage loans sold to the secondary market.
The Company s net charge-offs were $40.7 million for the six months ended June 30, 2009 compared to the $6.3 million net charge-offs during the same six month period in 2008. The increase is the result of increased charge-offs in the Commercial, Financial and Agricultural category, the Real Estate Construction and Consumer Private Banking product lines. This increase in charge-offs in these sectors is a direct result of the economic downturn in both the national and regional economy. When annualized, the six months of 2009 and 2008 had net charge-off rates expressed as a percentage of total loans of 1.29% and 0.20% respectively.
As referenced in the asset quality table, the levels of delinquency and nonperforming loans have trended upward for the periods presented. These are primary factors in the determination of the ALLL as described previously. At June 30, 2009, nonperforming loans totaled $123.0 million as compared with $35.6 million and $15.3 million at December 31, 2008 and 2007, respectively. When compared to total loans, nonperforming loans have risen from 0.39% at December 31, 2007 to 1.95% at June 30, 2009. Increases within the Commercial, Financial and Agricultural category and Real Estate Construction areas were the product categories primarily responsible for the increases.
Delinquent loans at June 30, 2009 were $27.0 million, compared to $20.8 million at December 31, 2008. Delinquent loans equaled 0.47% and 0.33%, of total loans as of the aforementioned dates, respectively. Delinquent loans are considered performing loans and exclude nonaccrual loans, restructured loans and loans 90 days or more delinquent and still accruing interest (all of which are considered nonperforming loans). Since delinquency often precedes charge-off, and delinquent loans are reviewed for possible risk classification changes, the ALLL is sensitive to increases in this category.
Based on the Company s quarterly analysis of the ALLL, the Company made a provision for the second quarter 2009 of $37.5 million. This represents an increase of $20.0 million as compared to the provision for the quarter ended March 31, 2009. Company management believes that the ALLL of $98.3 million, or 1.56% of total loans and leases at June 30, 2009, is adequate based on its review of overall credit quality indicators and ongoing loan monitoring processes.
Read the The complete ReportNPBC is in the portfolios of David Dreman of Dreman Value Management.
NATIONAL PENN BANCSHARES INC is a bank holding company engaged in general banking business. National Penn Bancshares Inc. has a market cap of $457.7 million; its shares were traded at around $5.45 with and P/S ratio of 0.9. The dividend yield of National Penn Bancshares Inc. stocks is 3.6%. National Penn Bancshares Inc. had an annual average earning growth of 5.4% over the past 10 years. GuruFocus rated National Penn Bancshares Inc. the business predictability rank of 2.5-star.
Highlight of Business Operations:
For the three months ended June 30, 2009, the Company recorded a net loss after dividends paid on our preferred stock totaling $9.6 million, ($7.5 million before preferred dividend and accretion of warrants), representing a $36.9 million or 135.4% decrease as compared with net income available to common shareholders of $27.2 million over the same 2008 period. For the six months ended June 30, 2009, the Company recorded a net loss after dividends paid on our preferred stock totaling $7.9 million, ($3.7 million before preferred dividend and accretion of warrants), a $56.7 million or 116.2% decrease as compared with net income available to common shareholders of $48.8 million over the same 2008 period. Diluted loss per share after dividends paid on our preferred stock was $(0.11) for the three month period ending June 30, 2009, a $0.45 or 132.4% decrease over the same period in 2008. Diluted loss per share after dividends paid on our preferred stock was $(0.09) for the six month period ending June 30, 2009, a $0.76 or 113.4% decrease over the same period in 2008. Core diluted earnings per share available to common shareholders were $0.07 for the six month period ended June 30, 2009, compared to $0.69 for the same period in 2008, a 89.9% decrease.The Company s total assets were $9.76 billion at June 30, 2009, an increase of $354.5 million or 3.8% from the $9.40 billion at December 31, 2008. The increase was primarily the result of total cash and cash equivalents increasing $152.5 million or 77.9% to $348.4 million, as compared to $195.8 million total at December 31, 2008. In addition, the Company s total investment portfolio, including both held to maturity and available for sale instruments increased $237.5 million or 12.4% to $2.16 billion, as compared with $1.92 billion at December 31, 2008. Gross loans, including loans held for sale were $6.31 billion at June 30, 2009 essentially unchanged when compared to $6.32 billion at December 31, 2008. Total new loans originated during the second quarter 2009 were $356.9 million, offset by $263.1 million in loan payments, $25.5 million in charge-offs, and $126.5 million in self-originated mortgage loans sold to the secondary market.
The Company s net charge-offs were $40.7 million for the six months ended June 30, 2009 compared to the $6.3 million net charge-offs during the same six month period in 2008. The increase is the result of increased charge-offs in the Commercial, Financial and Agricultural category, the Real Estate Construction and Consumer Private Banking product lines. This increase in charge-offs in these sectors is a direct result of the economic downturn in both the national and regional economy. When annualized, the six months of 2009 and 2008 had net charge-off rates expressed as a percentage of total loans of 1.29% and 0.20% respectively.
As referenced in the asset quality table, the levels of delinquency and nonperforming loans have trended upward for the periods presented. These are primary factors in the determination of the ALLL as described previously. At June 30, 2009, nonperforming loans totaled $123.0 million as compared with $35.6 million and $15.3 million at December 31, 2008 and 2007, respectively. When compared to total loans, nonperforming loans have risen from 0.39% at December 31, 2007 to 1.95% at June 30, 2009. Increases within the Commercial, Financial and Agricultural category and Real Estate Construction areas were the product categories primarily responsible for the increases.
Delinquent loans at June 30, 2009 were $27.0 million, compared to $20.8 million at December 31, 2008. Delinquent loans equaled 0.47% and 0.33%, of total loans as of the aforementioned dates, respectively. Delinquent loans are considered performing loans and exclude nonaccrual loans, restructured loans and loans 90 days or more delinquent and still accruing interest (all of which are considered nonperforming loans). Since delinquency often precedes charge-off, and delinquent loans are reviewed for possible risk classification changes, the ALLL is sensitive to increases in this category.
Based on the Company s quarterly analysis of the ALLL, the Company made a provision for the second quarter 2009 of $37.5 million. This represents an increase of $20.0 million as compared to the provision for the quarter ended March 31, 2009. Company management believes that the ALLL of $98.3 million, or 1.56% of total loans and leases at June 30, 2009, is adequate based on its review of overall credit quality indicators and ongoing loan monitoring processes.
Read the The complete ReportNPBC is in the portfolios of David Dreman of Dreman Value Management.
