National Penn Bancshares Inc.'s second-quarter net income edged up 1% from a year earlier, to $16.23 million, the Boyertown, Pa., company said Tuesday.
Earnings per share held steady at 33 cents, beating the average analyst expectation by 2 cents, based on a survey by Thomson Financial. Related Links
The $5.6 billion-asset parent of National Penn Bank said total loans were up 6% from a year earlier, to $3.7 billion, on increases in all loan categories. But its provision for loan and lease losses more than tripled from a year earlier, to $1.5 million, and net loan chargeoffs more than quadrupled, to $2.3 million.
Glenn E. Moyer, the president and chief executive officer, said in a press release that competition and the interest rate climate have made it difficult for banks to sustain earnings momentum.
"While not satisfied with our reported financial results from a historical perspective," he said, "we are pleased that we are among those reporting increased net income."
