* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec15) TTM:
Last Year (Dec14) TTM:
Net Income was 26.727 + 27.238 + 27.876 + 28.85 = $110.7 Mil. Cash Flow from Operations was 16.628 + 39.788 + 32.862 + 33.211 = $122.5 Mil. Revenue was 91.612 + 91.522 + 92.893 + 89.143 = $365.2 Mil.
Average Total Assets from the begining of this year (Dec14)
to the end of this year (Dec15) was
(9750.865 + 9597.954 + 9604.314 + 9587.459 + 9598.902) / 5 = $9627.8988 Mil. Total Assets at the begining of this year (Dec14) was $9,750.9 Mil. Long-Term Debt & Capital Lease Obligation was $1,036.1 Mil. Total Assets was $9,598.9 Mil. Total Liabilities was $8,437.3 Mil.
Net Income was 22.71 + 26.199 + 25.32 + 24.477 = $98.7 Mil.
Revenue was 83.767 + 87.347 + 87.101 + 91.074 = $349.3 Mil.
Average Total Assets from the begining of last year (Dec13)
to the end of last year (Dec14) was
(8591.848 + 8557.381 + 8618.373 + 8633 + 9750.865) / 5 = $8830.2934 Mil. Total Assets at the begining of last year (Dec13) was $8,591.8 Mil. Long-Term Debt & Capital Lease Obligation was $1,112.7 Mil. Total Assets was $9,750.9 Mil. Total Liabilities was $8,562.2 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
National Penn Bancshares's current Net Income (TTM) was 110.7.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
National Penn Bancshares's current Cash Flow from Operations (TTM) was 122.5.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
National Penn Bancshares's return on assets of this year was 0.01135192. National Penn Bancshares's return on assets of last year was 0.01148833.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
National Penn Bancshares's gearing of this year was 0.10761943. National Penn Bancshares's gearing of last year was 0.12600929.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
National Penn Bancshares's current ratio of this year was 1.13766854. National Penn Bancshares's current ratio of last year was 1.1388236.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
National Penn Bancshares's number of shares in issue this year was 141.549. National Penn Bancshares's number of shares in issue last year was 141.824.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
National Penn Bancshares's net margin of this year was 0.30312183. National Penn Bancshares's net margin of last year was 0.28259121.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
National Penn Bancshares's asset turnover of this year was 0.03745001. National Penn Bancshares's asset turnover of last year was 0.04065354.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
0
+
1
+
1
+
0
+
1
+
1
+
0
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
National Penn Bancshares has an F-score of 6 indicating the company's financial situation is typical for a stable company.
National Penn Bancshares (NAS:NPBC) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
National Penn Bancshares Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of National Penn Bancshares's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
National Penn Bancshares (National Penn Bancshares) Business Description
National Penn Bancshares Inc is a Pennsylvania business corporation incorporated in January 1982. The Company is a registered bank holding company. The Company provides financial services, through its subsidiary National Penn Bank. The Company through its subsidiaries is engaged in activities related to the business of banking. National Penn's financial services affiliates consist of National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Institutional Advisors, LLC; National Penn Insurance Services Group, Inc., including its Higgins Insurance and Caruso Benefits divisions. Commercial banking is its main business focus. Commercial banking services are provided to small and medium sized businesses with annual gross revenues generally between $1 million and $100 million located in its market areas. offer a wide range of products including short-term loans for seasonal and working capital purposes, term loans secured by real estate and other assets, loans for construction and expansion needs, revolving credit facilities, and a full array of cash management services, including remote deposit capture, disbursement, collection, investment and electronic banking services. Consumer banking offers deposit accounts, which include demand, NOW, money market, other checking and savings accounts, and certificates of deposit. It also offers consumer loan products such as installment loans, home equity loans, residential mortgage loans, education loans and credit cards. In addition, it offers automated teller services, safe deposit and night depository facilities and internet banking services, including on-line bill paying and mobile banking. In addition to generation of fee income through its commercial and consumer banking operations, including mortgage lending the Company has a number of specialized investment and insurance businesses to develop fee income and to serve specific markets. The Company also provides loans directly to consumers within its markets to finance personal residences, automobiles, college tuition, home improvements and other personal needs. The Company also makes indirect loans to customers for the purchase of both new and used vehicles. The majority of residential mortgages is conformed to FNMA and FHLMC underwriting criteria and is sold to secondary market investors. Other residential products such as jumbo mortgages are originated and typically held in its loan portfolio. The Company also provides home equity loans, home equity lines of credit and other consumer loans through its network of retail branch offices and its Private Banking division. The Company is subject to various federal and state statutes applicable to banks chartered in the United States, as well as regulations of the Office of the Comptroller of the Currency.
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