National Penn Bancshares Inc. in Boyertown, Pa., announced that its third-quarter income rose 7.8% from the same quarter a year earlier, to a record $14.8 million.
For the first nine months of the year, net income rose 16.7%, to $43.5 million, the $4.5 billion-asset National Penn said Tuesday.
It said its results were driven by sizeable gains in fee income, including deposit fees, mortgage banking revenue, insurance fees and commissions, and cash management and electronic banking fees.
For the third quarter, noninterest income rose 15.6%, to $14.1 million. For the first nine months of the year, it rose 32.9%, to $45.6 million.
The increases in National Penn's net interest income were more modest: 2.2% for the third quarter and 13% for the first nine months of the year.
Nonperforming assets fell to $10.9 million, or 0.36% of loans, as of Sept. 30. A year earlier nonperformers were 0.41% of loans.
