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Quarterly Message from National Penn

October 24, 2014 

National Penn Achieves Consistent, High-level Performance
in Third Quarter of 2014
 

Dear Valued Customers:

I’m pleased to share that National Penn achieved consistent, high-level performance in the third quarter of 2014. Our results once again demonstrate the commitment of our entire team to delivering on our strategic objectives. The following are some of our key results:

  • Cash dividend increased 10% to $0.11 cents per common share for the fourth quarter 2014
  • Strong performance results in quarterly net income of $0.18 per share and return on average assets of 1.17%
  • Continued balance sheet strength evidenced by sustained strong asset quality and capital levels
  • Loan growth accelerates in the quarter
  • Strategic initiatives enhance holding company liquidity
  • TF Financial acquisition closing scheduled for today

Also in the third quarter, National Penn issued $125 million in senior debt and received an “A-” rating from the Kroll Bond Rating Agency, validating the strength of our company. We also launched our Integrated Mobile Deposit, an iPad app and new ATM technology, as we continue to offer you leading products and services.

I’m also pleased to report that at the close of business today, October 24, National Penn will officially close on our agreement to acquire TF Financial Corporation. This transaction allows us to increase our market share within both Bucks County and Philadelphia County and have a physical presence in Burlington, Mercer and Ocean Counties in New Jersey. We look forward to providing National Penn’s broad range of services to more customers in these regions.

We also look forward to building on our relationship with you. We appreciate the opportunity to serve you as we continue to provide high quality products, services and the personal attention necessary to help you achieve your financial goals.

 

Sincerely,

Scott V. Fainor
President and Chief Executive Officer
National Penn Bancshares, Inc.


*Refer to National Penn’s earnings release for the quarter ended June 30, 2014, which may be found on National Penn’s Investor Relations Web site at www.nationalpennbancshares.com for a reconciliation of these non-GAAP measures.


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