National Penn Bancshares (NPBC) in Boyertown, Pa., reported a slightly lower quarterly profit as its mortgage fees fell, but it still met Wall Street's earnings forecasts.
The $8.4 billion-asset company said Friday its third-quarter earnings fell 6%, to $24.6 million. Per-share earnings were 17 cents, meeting the expectations of analysts polled by Bloomberg.
National Penn's net interest income slipped by less than 1%, to $63.1 million, while its net interest margin tightened by 1 basis point, to 3.49%. Its provision for loan losses dropped by 38%, to $1.3 million, and net chargeoffs dropped by 2%, to $5 million.
Noninterest income decreased by 7%, to $24.8 million, as mortgage banking fees dropped by 29%, to $1.6 million. Service charges on deposit accounts and insurance fees also fell slightly.
National Penn's overhead costs rose less than 1%, to $53.6 million, as compensation and occupancy costs were slightly higher.