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.

The $8.6 billion-asset company earned $22.7 million in the quarter, compared with a loss of $17.4 million during the same period a year ago. A $65 million loss on debt extinguishment was responsible for the loss during the first quarter of 2013.

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