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National Penn Bancshares in Allentown, Pa., plans to raise $100 million through a debt offering.
September 8 -
National Penn Bancshares (NPBC) in Allentown, Pa., has agreed to buy TF Financial (THRD) in Newtown, Pa. The $8.6 billion-asset National Penn will pay $138 million in cash and stock for the $846 million-asset TF Financial.
June 4 -
National Penn Bancshares (NPBC) in Allentown, Pa., swung to a profit in the first quarter thanks to commercial loan growth and one-time factors that offset lower mortgage banking revenue.
April 17 -
National Penn Bancshares (NPBC) in Boyertown, Pa., will close nine branches as it looks to cut costs.
January 23
Earnings at National Penn Bancshares in Allentown, Pa., rose slightly in the third quarter as the company expanded its loan portfolio and and lowered expenses.
The $8.6 billion-asset company reported a 3% rise in net income, to $25.3 million, when compared with the same period last year. Earnings per share of 18 cents met the estimates of analysts polled by Bloomberg.
Net interest income increased roughly 2%, to $64.2 million. Total loans grew approximately 5% as both commercial and consumer loan portfolios increased. Net interest margin compressed six basis points, to 3.43%.
Meanwhile, the company's asset quality continued to improve during the third quarter. Classified loans totaled $170 million and have decreased 22% over the last year. National Penn recorded a loan loss provision of $1 million, compared to $1.3 million a year earlier.
Noninterest expenses remain well-managed, as costs fell nearly 3%, to $52.2 million.
