April 17, 2014
National Penn Maintains Solid Performance
in First Quarter of 2014
Dear Valued Customers:
I’m pleased to share that National Penn achieved another solid, consistent performance in the first quarter of 2014. The following are some of our key accomplishments:
• Quarterly net income of $0.16 per share
• Strong return on average assets of 1.09%
• Sustained strong asset quality; classified loans declined 9% from prior quarter
• Operating expenses1 remained flat year-over-year
• Completed repurchase of approximately 5% of outstanding shares
• Second quarter 2014 cash dividend of $0.10 cents per common share declared
Regarding National Penn’s corporate relocation plan, our Reading Area Business Center is now fully occupied. In addition, our relocation to our new corporate headquarters in Allentown has begun and will be complete by the end of May. These moves promise to enhance our employee collaboration and our service to you.
National Penn is committed to each customer relationship as well as all of the communities we serve. Thank you for your support, and we look forward to helping you achieve your financial goals in 2014 and beyond.
Sincerely, Scott V. Fainor
President and Chief Executive Officer
National Penn Bancshares, Inc.
*Refer to National Penn’s earnings release for the quarter ended December 31, 2013, which may be found on National Penn’s Investor Relations Web site at www.nationalpennbancshares.com, for a reconciliation of these non-GAAP measures.