ALLENTOWN, Pa.--(BUSINESS WIRE)--National Penn Bancshares, Inc. (Nasdaq: NPBC) reported net income of $22.7 million, or $0.16 per diluted share, for the first quarter of 2014, compared to $21.2 million or $0.15 per diluted share in the fourth quarter of 2013 which included a non-recurring charge related to previously announced expense reduction initiatives. Adjusted net income1 for the fourth quarter was $25.1 million, or $0.17 per diluted share. Return on average assets for the first quarter of 2014 was 1.09%.
“During the quarter, the strength of our balance sheet allowed us to consummate the repurchase of approximately five percent of our outstanding shares,” said Scott V. Fainor, president and CEO of National Penn. “We are also pleased to report once again consistent, high-level performance achieved by our Company for the first quarter of 2014.”
The net interest margin for the first quarter of 2014 was 3.44%, compared to 3.51% in the prior quarter which benefitted from the impact of a loan prepayment which improved the prior quarter margin by approximately five basis points. Average loans increased $85.8 million or 6.6% on an annualized basis, driven by growth in commercial loans, while loan quality continued to improve in the quarter.
During the first quarter, National Penn continued to benefit from strong asset quality as non-performing assets decreased 6.7% and classified loans decreased 8.9% from the prior quarter. Over the last twelve months, non-performing assets decreased 11.0%, while classified loans decreased 28.1%. Further reflective of the strength of National Penn’s credit quality profile, non-performing loans were 0.89% of total loans and the allowance for loan loss as a percentage of non-performing loans was 194% at March 31, 2014. The provision for the quarter remained relatively consistent at $1.3 million, reflective of modest loan growth and continued strength in asset quality.
Operating expenses1 during the first quarter remained stable at $52.3 million, compared to $51.8 million in the prior quarter exclusive of a restructuring charge. Our disciplined approach resulted in operating expenses1 remaining relatively flat from the same period in 2013. During the first quarter, non-interest income decreased $1.2 million, primarily as a result of seasonality, coupled with a $0.5 million loss on an unconsolidated equity investment.
As previously announced, National Penn’s Board of Directors declared a second quarter dividend of ten cents per common share to shareholders of record as of Saturday, May 3, 2014, payable on Friday, May 16, 2014. The dividend declaration was supported by National Penn’s continued strong capital levels as the tier 1 common and tangible common equity to tangible assets ratios were 13.22% and 9.86%, respectively at March 31, 2014.
“We remain disciplined in our approach to mergers and acquisitions, while focused on continuing to build long-term shareholder value,” said Scott V. Fainor. “We are well-positioned to participate in the consolidation of the industry and will continue to evaluate opportunities consistent with our strategic objectives.”
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with approximately $8.6 billion in assets, is a bank holding company headquartered in Allentown, Pennsylvania. National Penn Bank operates 119 branch offices comprising 118 branches in Pennsylvania and one branch in Maryland.
National Penn’s financial services affiliates are National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Institutional Advisors LLC; and National Penn Insurance Services Group, Inc., including its Higgins Insurance and Caruso Benefits Group divisions.
National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol “NPBC”. Please visit our Web site at www.nationalpennbancshares.com to see our regularly posted material information.
1Statement Regarding Non-GAAP Financial Measures:
This release, including the attached Financial Highlights and financial data tables, contains supplemental financial information determined by methods other than in accordance with Accounting Principles Generally Accepted in the United States of America (“GAAP”). National Penn’s management uses these non-GAAP measures in its analysis of National Penn’s performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the following non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of National Penn.
- Tangible common equity excludes goodwill and intangible assets and preferred equity. Banking and financial institution regulators also exclude goodwill and intangible assets from shareholders’ equity when assessing the capital adequacy of a financial institution. Tangible common equity provides a method to assess the Company’s tangible capital trends.
- Tangible book value expresses tangible common equity on a per share basis. Tangible book value provides a method to assess the level of tangible net assets on a per share basis.
- Adjusted net income and adjusted return on average assets exclude the effects of certain gains and losses, adjusted for taxes when applicable. Adjusted net income and adjusted return on average assets provide methods to assess earnings performance by excluding items that management believes are not comparable among the periods presented.
- Efficiency ratio expresses operating expenses as a percentage of fully-taxable equivalent net interest income plus non-interest income. Operating expenses exclude items from non-interest expense that management believes are not comparable among the periods presented. Non-interest income is also adjusted to exclude items that management believes are not comparable among the periods presented. Efficiency ratio is used as a method for management to assess its operating expense level and to compare to financial institutions of varying sizes.
Management believes the use of non-GAAP measures will help readers compare National Penn’s current results to those of prior periods as presented in the accompanying Financial Highlights and financial data tables.
Cautionary Statement Regarding Forward-Looking Information:
This release contains forward-looking information about National Penn Bancshares, Inc. that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,’’ “project,” ”could,” “plan,’’ “goal,” “potential,” “pro forma,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology, and include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of announced transactions, and statements about the future performance, operations, products and services of National Penn and its subsidiaries. National Penn cautions readers not to place undue reliance on these statements.
National Penn’s business and operations are subject to a variety of risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from those contained in any forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: difficult conditions in the capital markets and the economy generally, regulatory requirements or other actions mandated by National Penn’s regulators, recent and ongoing changes to the state and federal regulatory schemes under which National Penn and other financial services companies operate (including the Dodd-Frank Act and regulations adopted or to be adopted to implement that Act), delayed improvement in the credit quality of loans, the effect of credit risk exposure, the ability to strategically manage our capital position and to raise capital, allowance for loan losses may prove inadequate, variations in interest rates, unanticipated costs from our corporate relocation plan, the geographic concentration of National Penn’s operations, declines in the value of National Penn’s assets and the effect of any resulting impairment charges, competition for personnel and from other financial institutions, interruptions or breaches of National Penn’s security systems, the development and maintenance of National Penn’s information technology, potential dilution of National Penn’s shareholders, the ability of National Penn and its subsidiaries to pay dividends, severe weather and natural disasters, and the nature and frequency of litigation and other similar proceedings to which National Penn may be a party. These risks and others are described in greater detail in National Penn’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as well as in National Penn’s Quarterly Reports on Form 10-Q and other documents filed by National Penn with the SEC after the date thereof. National Penn makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
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Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2014 |
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| Unaudited, dollars in thousands except share and per share data | ||||||||||||||
| As of | ||||||||||||||
| 3/31/2014 | 12/31/2013 | 3/31/2013 | ||||||||||||
| SUMMARY BALANCE SHEET | ||||||||||||||
| Total assets | $ | 8,557,381 | $ | 8,591,848 | $ | 8,323,777 | ||||||||
| Investment securities and other securities | 2,424,404 | 2,396,298 | 2,333,548 | |||||||||||
| Total loans | 5,377,727 | 5,338,219 | 5,249,773 | |||||||||||
| Deposits | 6,139,424 | 6,072,578 | 6,184,060 | |||||||||||
| Borrowings | 1,245,925 | 1,282,289 | 922,092 | |||||||||||
| Shareholders' equity | 1,082,449 | 1,131,866 | 1,136,798 | |||||||||||
| Tangible book value per common share (2) | $ | 5.88 | $ | 5.94 | $ | 5.97 | ||||||||
| Tangible common equity / tangible assets (2) | 9.86 | % | 10.41 | % | 10.79 | % | ||||||||
| Three Months Ended | ||||||||||||||
| 3/31/2014 | 12/31/2013 | 3/31/2013 | ||||||||||||
| EARNINGS | ||||||||||||||
| Total interest income | $ | 70,133 | $ | 72,085 | $ | 72,595 | ||||||||
| Total interest expense | 7,844 | 8,013 | 10,971 | |||||||||||
| Net interest income | 62,289 | 64,072 | 61,624 | |||||||||||
| Provision for loan losses | 1,251 | 1,000 | 1,500 | |||||||||||
| Net interest income after provision for loan losses | 61,038 | 63,072 | 60,124 | |||||||||||
| Net gains from fair value changes of subordinated debentures | - | - | 2,111 | |||||||||||
| Net gains on investment securities | 8 | - | 25 | |||||||||||
| Other non-interest income | 21,470 | 22,714 | 23,441 | |||||||||||
| Loss on debt extinguishment | - | - | 64,888 | |||||||||||
| Corporate reorganization expense | - | 6,000 | - | |||||||||||
| Other non-interest expense | 52,337 | 51,833 | 52,434 | |||||||||||
| Income (loss) before income taxes | 30,179 | 27,953 | (31,621 | ) | ||||||||||
| Income tax expense (benefit) | 7,469 | 6,741 | (14,217 | ) | ||||||||||
| Net income (loss) | $ | 22,710 | $ | 21,212 | $ | (17,404 | ) | |||||||
| PERFORMANCE RATIOS | ||||||||||||||
| Net interest margin | 3.44 | % | 3.51 | % | 3.49 | % | ||||||||
| Return on average assets | 1.09 | % | 1.00 | % | NM | |||||||||
| Adjusted return on average assets (3) | 1.09 | % | 1.19 | % | 1.14 | % | ||||||||
| Return on average shareholders' equity | 8.42 | % | 7.44 | % | NM | |||||||||
| Return on average tangible common equity (1) | 11.11 | % | 9.72 | % | NM | |||||||||
| Adjusted return on average tangible common equity | 11.11 | % | 11.51 | % | 10.85 | % | ||||||||
| Efficiency ratio (4) | 59.60 | % | 57.00 | % | 58.61 | % | ||||||||
| PER SHARE | ||||||||||||||
| Basic earnings | $ | 0.16 | $ | 0.15 | $ | (0.12 | ) | |||||||
| Diluted earnings | 0.16 | 0.15 | (0.12 | ) | ||||||||||
| Dividends | 0.10 | 0.10 | - | (a) | ||||||||||
| Average shares - basic | 141,360,180 | 145,761,496 | 145,394,967 | |||||||||||
| Average shares - diluted | 141,877,066 | 146,244,467 | 145,394,967 | |||||||||||
| (1) RECONCILIATION TABLES FOR NON-GAAP FINANCIAL MEASURES | ||||||||||||||
| Three Months Ended | ||||||||||||||
| 3/31/2014 | 12/31/2013 | 3/31/2013 | ||||||||||||
| Return on average tangible common equity | ||||||||||||||
| Return on average shareholders' equity | 8.42 | % | 7.44 | % | NM | |||||||||
| Effect of goodwill and intangibles | 2.69 | % | 2.28 | % | NM | |||||||||
| Return on average tangible common equity | 11.11 | % | 9.72 | % | NM | |||||||||
| Average tangible equity | ||||||||||||||
| Average shareholders' equity | $ | 1,093,797 | $ | 1,130,943 | $ | 1,142,829 | ||||||||
| Average goodwill and intangibles | (264,775 | ) | (265,516 | ) | (268,336 | ) | ||||||||
| Average tangible common equity | $ | 829,022 | $ | 865,427 | $ | 874,493 | ||||||||
| Adjusted net income reconciliation | ||||||||||||||
| Net income (loss) | $ | 22,710 | $ | 21,212 | $ | (17,404 | ) | |||||||
| After tax unrealized fair value gain on subordinated debentures | - | - | (1,372 | ) | ||||||||||
| After tax loss on debt extinguishment | - | - | 42,177 | |||||||||||
| After tax corporate reorganization expense | - | 3,900 | - | |||||||||||
| Adjusted net income | $ | 22,710 | $ | 25,112 | $ | 23,401 | ||||||||
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| Earnings per share | ||||||||||||||
| Net income (loss) | $ | 0.16 | $ | 0.15 | $ | (0.12 | ) | |||||||
| After tax unrealized fair value gain on subordinated debentures | - | - | (0.01 | ) | ||||||||||
| After tax loss on debt extinguishment | - | - | 0.29 | |||||||||||
| After tax corporate reorganization expense | - | 0.03 | - | |||||||||||
| Adjusted net income | $ | 0.16 | $ | 0.17 | (b) | $ | 0.16 | |||||||
| (a) In lieu of a first quarter 2013 cash dividend, the Company paid an additional dividend of $0.10 per share in the fourth quarter of 2012 | ||||||||||||||
| (b) Difference in summation of quarterly adjusted net income due to rounding | ||||||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2014 | |||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | |||||||||||||||||||||
| As of | |||||||||||||||||||||
| 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | |||||||||||||||||
| BALANCE SHEET - ASSETS | |||||||||||||||||||||
| Cash and due from banks | $ | 128,991 | $ | 102,241 | $ | 137,795 | $ | 118,575 | $ | 87,588 | |||||||||||
| Interest-earning deposits with banks | 55,335 | 181,282 | 78,895 | 63,193 | 93,024 | ||||||||||||||||
| Total cash and cash equivalents | 184,326 | 283,523 | 216,690 | 181,768 | 180,612 | ||||||||||||||||
| Investment securities available-for-sale, at fair value | 1,442,304 | 1,894,107 | 1,875,676 | 1,799,831 | 1,813,348 | ||||||||||||||||
| Investment securities held-to-maturity | 918,340 | 438,445 | 444,898 | 452,275 | 458,041 | ||||||||||||||||
| Other securities | 63,760 | 63,746 | 44,107 | 61,252 | 62,159 | ||||||||||||||||
| Loans held-for-sale | 5,171 | 4,951 | 2,752 | 12,289 | 14,934 | ||||||||||||||||
| Loans | 5,372,556 | 5,333,268 | 5,279,939 | 5,249,007 | 5,234,839 | ||||||||||||||||
| Allowance for loan losses | (93,252 | ) | (96,367 | ) | (100,763 | ) | (104,533 | ) | (107,164 | ) | |||||||||||
| Loans, net | 5,279,304 | 5,236,901 | 5,179,176 | 5,144,474 | 5,127,675 | ||||||||||||||||
| Premises and equipment, net | 97,707 | 96,232 | 93,871 | 94,673 | 95,592 | ||||||||||||||||
| Accrued interest receivable | 27,408 | 27,130 | 27,831 | 28,453 | 29,524 | ||||||||||||||||
| Bank owned life insurance | 149,045 | 147,869 | 146,906 | 145,670 | 144,452 | ||||||||||||||||
| Other real estate owned and other repossessed assets | 2,138 | 1,278 | 1,569 | 1,899 | 2,729 | ||||||||||||||||
| Goodwill | 258,279 | 258,279 | 258,279 | 258,279 | 258,279 | ||||||||||||||||
| Other intangible assets, net | 6,156 | 6,854 | 7,656 | 8,470 | 9,533 | ||||||||||||||||
| Unconsolidated investments | 8,214 | 8,713 | 9,177 | 8,673 | 9,354 | ||||||||||||||||
| Other assets | 115,229 | 123,820 | 116,035 | 118,579 | 117,545 | ||||||||||||||||
| TOTAL ASSETS | $ | 8,557,381 | $ | 8,591,848 | $ | 8,424,623 | $ | 8,316,585 | $ | 8,323,777 | |||||||||||
| BALANCE SHEET - LIABILITIES | |||||||||||||||||||||
| Non-interest bearing deposits | $ | 1,028,572 | $ | 970,051 | $ | 1,026,546 | $ | 942,127 | $ | 919,783 | |||||||||||
| Interest bearing deposits | 5,110,852 | 5,102,527 | 5,408,910 | 5,080,336 | 5,264,277 | ||||||||||||||||
| Total deposits | 6,139,424 | 6,072,578 | 6,435,456 | 6,022,463 | 6,184,060 | ||||||||||||||||
| Customer repurchase agreements | 561,170 | 551,736 | 521,779 | 547,736 | 549,894 | ||||||||||||||||
| Repurchase agreements | 50,000 | 50,000 | 50,000 | 50,000 | 175,000 | ||||||||||||||||
| Federal Home Loan Bank advances | 557,434 | 603,232 | 112,406 | 414,142 | 119,877 | ||||||||||||||||
| Subordinated debentures | 77,321 | 77,321 | 77,321 | 77,321 | 77,321 | ||||||||||||||||
| Accrued interest payable and other liabilities | 89,583 | 105,115 | 96,383 | 89,165 | 80,827 | ||||||||||||||||
| TOTAL LIABILITIES | 7,474,932 | 7,459,982 | 7,293,345 | 7,200,827 | 7,186,979 | ||||||||||||||||
| BALANCE SHEET - SHAREHOLDERS' EQUITY | |||||||||||||||||||||
| Common stock | 1,386,265 | 1,387,966 | 1,387,052 | 1,386,178 | 1,385,255 | ||||||||||||||||
| Accumulated deficit | (167,191 | ) | (175,990 | ) | (182,628 | ) | (192,623 | ) | (203,084 | ) | |||||||||||
| Accumulated other comprehensive (loss) income | (5,295 | ) | (21,157 | ) | (13,504 | ) | (17,189 | ) | 15,981 | ||||||||||||
| Treasury stock | (131,330 | ) | (58,953 | ) | (59,642 | ) | (60,608 | ) | (61,354 | ) | |||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 1,082,449 | 1,131,866 | 1,131,278 | 1,115,758 | 1,136,798 | ||||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 8,557,381 | $ | 8,591,848 | $ | 8,424,623 | $ | 8,316,585 | $ | 8,323,777 | |||||||||||
| PER SHARE DATA | |||||||||||||||||||||
| Book value | $ | 7.78 | $ | 7.76 | $ | 7.76 | $ | 7.66 | $ | 7.81 | |||||||||||
| Tangible book value (2) | $ | 5.88 | $ | 5.94 | $ | 5.94 | $ | 5.83 | $ | 5.97 | |||||||||||
| Dividends - quarterly | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | - | (a) | ||||||||||
| Shares outstanding (end of period, net of treasury) | 139,145,669 | 145,798,751 | 145,723,276 | 145,608,945 | 145,551,796 | ||||||||||||||||
| (2) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||
| Total shareholders' equity | $ | 1,082,449 | $ | 1,131,866 | $ | 1,131,278 | $ | 1,115,758 | $ | 1,136,798 | |||||||||||
| Goodwill and intangibles | (264,435 | ) | (265,133 | ) | (265,935 | ) | (266,749 | ) | (267,812 | ) | |||||||||||
| Tangible common equity | $ | 818,014 | $ | 866,733 | $ | 865,343 | $ | 849,009 | $ | 868,986 | |||||||||||
| Shares outstanding | 139,145,669 | 145,798,751 | 145,723,276 | 145,608,945 | 145,551,796 | ||||||||||||||||
| Tangible book value per share | $ | 5.88 | $ | 5.94 | $ | 5.94 | $ | 5.83 | $ | 5.97 | |||||||||||
| Total assets | $ | 8,557,381 | $ | 8,591,848 | $ | 8,424,623 | $ | 8,316,585 | $ | 8,323,777 | |||||||||||
| Goodwill and intangibles | (264,435 | ) | (265,133 | ) | (265,935 | ) | (266,749 | ) | (267,812 | ) | |||||||||||
| Tangible assets | $ | 8,292,946 | $ | 8,326,715 | $ | 8,158,688 | $ | 8,049,836 | $ | 8,055,965 | |||||||||||
| Tangible common equity/tangible assets | 9.86 | % | 10.41 | % | 10.61 | % | 10.55 | % | 10.79 | % | |||||||||||
| (3) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||
| Adjusted net income (1) | $ | 22,710 | $ | 25,112 | $ | 24,560 | $ | 25,019 | $ | 23,401 | |||||||||||
| Average assets | $ | 8,479,686 | $ | 8,385,094 | $ | 8,310,626 | $ | 8,326,499 | $ | 8,298,815 | |||||||||||
| Adjusted return on average assets (annualized) | 1.09 | % | 1.19 | % | 1.17 | % | 1.21 | % | 1.14 | % | |||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2014 | ||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||
| For the Quarter Ended | ||||||||||||||||||||
| 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | ||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||
| Loans, including fees | $ | 52,582 | $ | 54,600 | $ | 54,577 | $ | 55,260 | $ | 55,721 | ||||||||||
| Investment securities | ||||||||||||||||||||
| Taxable | 11,121 | 10,912 | 10,105 | 9,795 | 9,685 | |||||||||||||||
| Tax-exempt | 6,404 | 6,534 | 6,768 | 7,005 | 7,114 | |||||||||||||||
| Deposits with banks | 26 | 39 | 48 | 41 | 75 | |||||||||||||||
| Total interest income | 70,133 | 72,085 | 71,498 | 72,101 | 72,595 | |||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits | 4,773 | 5,166 | 5,468 | 5,831 | 5,914 | |||||||||||||||
| Customer repurchase agreements | 393 | 407 | 440 | 460 | 498 | |||||||||||||||
| Repurchase agreements | 601 | 615 | 614 | 623 | 719 | |||||||||||||||
| Short-term borrowings | - | - | - | - | 41 | |||||||||||||||
| Federal Home Loan Bank advances | 1,548 | 1,287 | 1,325 | 1,383 | 2,334 | |||||||||||||||
| Subordinated debentures | 529 | 538 | 539 | 550 | 1,465 | |||||||||||||||
| Total interest expense | 7,844 | 8,013 | 8,386 | 8,847 | 10,971 | |||||||||||||||
| Net interest income | 62,289 | 64,072 | 63,112 | 63,254 | 61,624 | |||||||||||||||
| Provision for loan losses | 1,251 | 1,000 | 1,250 | 1,500 | 1,500 | |||||||||||||||
| Net interest income after provision for loan losses | 61,038 | 63,072 | 61,862 | 61,754 | 60,124 | |||||||||||||||
| NON-INTEREST INCOME | ||||||||||||||||||||
| Wealth management | 6,866 | 6,609 | 6,883 | 6,986 | 6,831 | |||||||||||||||
| Service charges on deposit accounts | 3,384 | 3,827 | 3,894 | 3,743 | 3,770 | |||||||||||||||
| Insurance commissions and fees | 3,597 | 3,028 | 3,071 | 3,326 | 3,267 | |||||||||||||||
| Cash management and electronic banking fees | 4,526 | 4,782 | 4,860 | 4,821 | 4,451 | |||||||||||||||
| Mortgage banking | 716 | 902 | 1,621 | 2,122 | 1,855 | |||||||||||||||
| Bank owned life insurance | 1,198 | 1,389 | 1,260 | 1,239 | 1,228 | |||||||||||||||
| Earnings (losses) of unconsolidated investments | (477 | ) | 57 | 661 | 6 | (14 | ) | |||||||||||||
| Other operating income | 1,660 | 2,120 | 2,551 | 2,703 | 2,053 | |||||||||||||||
| Net gains from fair value changes of subordinated debentures | - | - | - | - | 2,111 | |||||||||||||||
| Net gains on sales of investment securities | 8 | - | 7 | 22 | 25 | |||||||||||||||
| Total non-interest income | 21,478 | 22,714 | 24,808 | 24,968 | 25,577 | |||||||||||||||
| NON-INTEREST EXPENSE | ||||||||||||||||||||
| Salaries, wages and employee benefits | 29,201 | 29,035 | 29,598 | 29,137 | 29,230 | |||||||||||||||
| Premises and equipment | 8,212 | 7,721 | 7,724 | 7,511 | 7,491 | |||||||||||||||
| FDIC insurance | 1,317 | 1,356 | 1,404 | 1,494 | 1,213 | |||||||||||||||
| Other operating expenses | 13,607 | 13,721 | 14,877 | 15,011 | 14,500 | |||||||||||||||
| Loss on debt extinguishment | - | - | - | - | 64,888 | |||||||||||||||
| Corporate reorganization expense | - | 6,000 | - | - | - | |||||||||||||||
| Total non-interest expense | 52,337 | 57,833 | 53,603 | 53,153 | 117,322 | |||||||||||||||
| Income (loss) before income taxes | 30,179 | 27,953 | 33,067 | 33,569 | (31,621 | ) | ||||||||||||||
| Income tax expense (benefit) | 7,469 | 6,741 | 8,507 | 8,550 | (14,217 | ) | ||||||||||||||
| NET INCOME (LOSS) | 22,710 | 21,212 | 24,560 | 25,019 | (17,404 | ) | ||||||||||||||
| PER SHARE | ||||||||||||||||||||
| Basic earnings | $ | 0.16 | $ | 0.15 | $ | 0.17 | $ | 0.17 | $ | (0.12 | ) | |||||||||
| Diluted earnings | $ | 0.16 | $ | 0.15 | $ | 0.17 | $ | 0.17 | $ | (0.12 | ) | |||||||||
| Average shares - basic | 141,360,180 | 145,761,496 | 145,669,300 | 145,580,155 | 145,394,967 | |||||||||||||||
| Average shares - diluted | 141,877,066 | 146,244,467 | 146,124,821 | 145,997,009 | 145,394,967 | |||||||||||||||
| SUPPLEMENTAL DATA (annualized, average) | ||||||||||||||||||||
| Return on assets | 1.09 | % | 1.00 | % | 1.17 | % | 1.21 | % | NM | |||||||||||
| Adjusted return on assets (3) | 1.09 | % | 1.19 | % | 1.17 | % | 1.21 | % | 1.14 | % | ||||||||||
| Return on shareholders' equity | 8.42 | % | 7.44 | % | 8.78 | % | 8.82 | % | NM | |||||||||||
| Return on tangible common equity (1) | 11.11 | % | 9.72 | % | 11.55 | % | 11.53 | % | NM | |||||||||||
| Adjusted return on tangible common equity | 11.11 | % | 11.51 | % | 11.55 | % | 11.53 | % | 10.85 | % | ||||||||||
| Efficiency ratio (4) | 59.60 | % | 57.00 | % | 58.16 | % | 57.43 | % | 58.61 | % | ||||||||||
| (4) RECONCILIATION TABLE FOR NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
| Efficiency ratio calculation | ||||||||||||||||||||
| Non-interest expense | $ | 52,337 | $ | 57,833 | $ | 53,603 | $ | 53,153 | $ | 117,322 | ||||||||||
| Less: | ||||||||||||||||||||
| Loss on debt extinguishment | - | - | - | - | 64,888 | |||||||||||||||
| Corporate reorganization expense | - | 6,000 | - | - | - | |||||||||||||||
| Operating expenses | $ | 52,337 | $ | 51,833 | $ | 53,603 | $ | 53,153 | $ | 52,434 | ||||||||||
| Net interest income (taxable equivalent) | $ | 66,351 | $ | 68,223 | $ | 67,371 | $ | 67,610 | $ | 66,015 | ||||||||||
| Non-interest income | 21,478 | 22,714 | 24,808 | 24,968 | 25,577 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Net gains from fair value changes of subordinated debentures | - | - | - | - | 2,111 | |||||||||||||||
| Net gains on investment securities | 8 | - | 7 | 22 | 25 | |||||||||||||||
| Adjusted revenue | $ | 87,821 | $ | 90,937 | $ | 92,172 | $ | 92,556 | $ | 89,456 | ||||||||||
| Efficiency ratio | 59.60 | % | 57.00 | % | 58.16 | % | 57.43 | % | 58.61 | % | ||||||||||
| "NM" - Denotes a value displayed as a percentage is not meaningful | ||||||||||||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2014 | ||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||
| For the Quarter Ended | ||||||||||||||||||||
| 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | ||||||||||||||||
| CHARGE-OFFS | ||||||||||||||||||||
| Loan charge-offs | $ | 5,018 | $ | 7,523 | $ | 5,774 | $ | 5,314 | $ | 6,382 | ||||||||||
| Recoveries on loans | (652 | ) | (2,127 | ) | (754 | ) | (1,183 | ) | (1,091 | ) | ||||||||||
| Net loan charge-offs | $ | 4,366 | $ | 5,396 | $ | 5,020 | $ | 4,131 | $ | 5,291 | ||||||||||
| Net loan charge-offs to average loans (annualized) | 0.33 | % | 0.41 | % | 0.38 | % | 0.32 | % | 0.41 | % | ||||||||||
| NET CHARGE-OFF DETAIL | ||||||||||||||||||||
| Commercial and industrial loans | $ | 1,150 | $ | 5,157 | $ | 3,059 | $ | 2,065 | $ | 1,869 | ||||||||||
| Commercial real estate-permanent | 423 | (523 | ) | 909 | 396 | 282 | ||||||||||||||
| Commercial real estate-construction | 30 | (167 | ) | (29 | ) | 93 | 318 | |||||||||||||
| Total commercial real estate loans | 453 | (690 | ) | 880 | 489 | 600 | ||||||||||||||
| Residential mortgages | 1,681 | 56 | 209 | 522 | 1,333 | |||||||||||||||
| Home equity lines and loans | 784 | 439 | 423 | 903 | 747 | |||||||||||||||
| All other consumer loans | 298 | 434 | 449 | 152 | 742 | |||||||||||||||
| Total consumer loans |
2,763 |
929 | 1,081 | 1,577 | 2,822 | |||||||||||||||
| Net loans charged-off | $ | 4,366 | $ | 5,396 | $ | 5,020 | $ | 4,131 | $ | 5,291 | ||||||||||
| As of | ||||||||||||||||||||
| 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | ||||||||||||||||
| ASSET QUALITY AND OTHER DATA | ||||||||||||||||||||
| Non-accrual commercial and industrial loans | $ | 13,501 | $ | 14,935 | $ | 23,101 | $ | 23,023 | $ | 23,323 | ||||||||||
| Non-accrual commercial real estate-permanent | 3,513 | 4,258 | 3,760 | 5,129 | 5,489 | |||||||||||||||
| Non-accrual commercial real estate-construction | 10,425 | 12,128 | 5,345 | 5,666 | 6,067 | |||||||||||||||
| Total non-accrual commercial real estate loans | 13,938 | 16,386 | 9,105 | 10,795 | 11,556 | |||||||||||||||
| Non-accrual residential mortgages | 6,779 | 7,037 | 6,485 | 6,276 | 5,608 | |||||||||||||||
| Non-accrual home equity lines and loans | 4,041 | 4,787 | 4,403 | 4,339 | 4,364 | |||||||||||||||
| All other non-accrual consumer loans | 1,701 | 1,731 | 1,705 | 1,916 | 1,595 | |||||||||||||||
| Total non-accrual consumer loans | 12,521 | 13,555 | 12,593 | 12,531 | 11,567 | |||||||||||||||
| Total non-accrual loans | 39,960 | 44,876 | 44,799 | 46,349 | 46,446 | |||||||||||||||
| Restructured loans | 8,152 | 7,715 | 10,006 | 9,109 | 7,314 | |||||||||||||||
| Total non-performing loans | 48,112 | 52,591 | 54,805 | 55,458 | 53,760 | |||||||||||||||
| Other real estate owned and repossessed assets | 2,138 | 1,278 | 1,569 | 1,899 | 2,729 | |||||||||||||||
| Total non-performing assets | 50,250 | 53,869 | 56,374 | 57,357 | 56,489 | |||||||||||||||
| Loans 90+ days past due & still accruing | 2,310 | 3,466 | 2,608 | 2,023 | 2,324 | |||||||||||||||
| Total non-performing assets and loans 90+ days past due | $ | 52,560 | $ | 57,335 | $ | 58,982 | $ | 59,380 | $ | 58,813 | ||||||||||
| Allowance for loan losses | $ | 93,252 | $ | 96,367 | $ | 100,763 | $ | 104,533 | $ | 107,164 | ||||||||||
| Allowance for loan losses/non-performing loans | 193.8 | % | 183.2 | % | 183.9 | % | 188.5 | % | 199.3 | % | ||||||||||
| Allowance for loan losses/non-performing assets and loans | ||||||||||||||||||||
| 90+ days past due | 177.4 | % | 168.1 | % | 170.8 | % | 176.0 | % | 182.2 | % | ||||||||||
| Allowance for loan losses/total loans | 1.73 | % | 1.81 | % | 1.91 | % | 1.99 | % | 2.04 | % | ||||||||||
| Provision/charge-offs, net | 28.7 | % | 18.5 | % | 24.9 | % | 36.3 | % | 28.4 | % | ||||||||||
| Classified loans | $ | 174,465 | $ | 191,589 | $ | 218,615 | $ | 234,085 | $ | 242,560 | ||||||||||
| Classified loans/total loans | 3.24 | % | 3.59 | % | 4.14 | % | 4.45 | % | 4.62 | % | ||||||||||
| Delinquent loans (c) | $ | 16,819 | $ | 29,435 | $ | 22,550 | $ | 22,512 | $ | 24,110 | ||||||||||
| Delinquent loans/total loans | 0.31 | % | 0.55 | % | 0.43 | % | 0.43 | % | 0.46 | % | ||||||||||
| REGULATORY CAPITAL DATA | ||||||||||||||||||||
| Tier 1 Capital | $ | 888,565 | $ | 941,926 | $ | 938,040 | $ | 924,922 | $ | 927,397 | ||||||||||
| Tier 1 Leverage Ratio | 10.83 | % | 11.63 | % | 11.67 | % | 11.56 | % | 11.63 | % | ||||||||||
| Tier 1 Ratio | 14.44 | % | 15.46 | % | 15.63 | % | 15.51 | % | 15.41 | % | ||||||||||
| Total Capital | $ | 965,705 | $ | 1,018,316 | $ | 1,013,371 | $ | 999,839 | $ | 1,002,999 | ||||||||||
| Total Capital Ratio | 15.69 | % | 16.72 | % | 16.89 | % | 16.77 | % | 16.67 | % | ||||||||||
| Total Risk-Weighted Assets | $ | 6,155,090 | $ | 6,091,183 | $ | 6,001,065 | $ | 5,963,754 | $ | 6,016,630 | ||||||||||
| (c) Includes loans 30-89 days past due and loans 90+ days past due and still accruing | ||||||||||||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2014 | |||||||||||||||
| Unaudited, dollars in thousands except share and per share data | |||||||||||||||
| As of | |||||||||||||||
| Earning Assets / Liabilities | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | ||||||||||
|
Loan portfolio composition (regulatory): |
|||||||||||||||
| Commercial / industrial | $ | 865,533 | $ | 796,797 | $ | 820,669 | $ | 861,494 | $ | 857,728 | |||||
| Commercial real estate (d) | 1,943,744 | 1,926,978 | 1,913,180 | 1,887,908 | 1,863,381 | ||||||||||
| Residential mortgage | 1,161,220 | 1,181,020 | 1,170,750 | 1,185,986 | 1,191,075 | ||||||||||
| Real estate construction and land development | 243,216 | 256,483 | 234,945 | 201,316 | 180,298 | ||||||||||
| Home equity | 787,334 | 794,709 | 786,835 | 778,521 | 776,166 | ||||||||||
| Consumer | 210,395 | 209,729 | 205,446 | 201,580 | 201,349 | ||||||||||
| Other | 166,285 | 172,503 | 150,866 | 144,491 | 179,776 | ||||||||||
| Total | 5,377,727 | 5,338,219 | 5,282,691 | 5,261,296 | 5,249,773 | ||||||||||
| Investment securities and other securities | 2,424,404 | 2,396,298 | 2,364,681 | 2,313,358 | 2,333,548 | ||||||||||
| Other earning assets | 55,335 | 181,282 | 78,895 | 63,193 | 93,024 | ||||||||||
| Total earning assets (net of loan loss reserve) | $ | 7,764,214 | $ | 7,819,432 | $ | 7,625,504 | $ | 7,533,314 | $ | 7,569,181 | |||||
| (d) Includes owner occupied | |||||||||||||||
|
Loan portfolio composition (internal): |
|||||||||||||||
| Commercial & industrial | |||||||||||||||
| Business purpose, real estate secured | $ | 861,101 | $ | 885,135 | $ | 897,757 | $ | 901,205 | $ | 891,229 | |||||
| Business purpose, not secured by real estate | 1,002,296 | 939,121 | 935,857 | 976,281 | 1,000,141 | ||||||||||
| Owner occupied commercial real estate | |||||||||||||||
| Permanent | 593,595 | 589,765 | 585,807 | 609,615 | 604,278 | ||||||||||
| Construction / development | 47,505 | 46,415 | 41,088 | 31,058 | 32,603 | ||||||||||
| Leasing | 97 | 228 | 392 | 630 | 1,128 | ||||||||||
| Total commercial & industrial | 2,504,594 | 2,460,664 | 2,460,901 | 2,518,789 | 2,529,379 | ||||||||||
| Commercial real estate | |||||||||||||||
| Non-owner occupied | |||||||||||||||
| Permanent | 1,021,271 | 994,838 | 964,510 | 919,080 | 898,519 | ||||||||||
| Construction / development | 183,586 | 198,334 | 181,683 | 153,172 | 145,324 | ||||||||||
| Total commercial real estate | 1,204,857 | 1,193,172 | 1,146,193 | 1,072,252 | 1,043,843 | ||||||||||
| Total commercial | 3,709,451 | 3,653,836 | 3,607,094 | 3,591,041 | 3,573,222 | ||||||||||
| Consumer | |||||||||||||||
| Residential mortgage (personal purpose) | |||||||||||||||
| Permanent | 637,273 | 643,506 | 642,696 | 640,745 | 649,522 | ||||||||||
| Construction | 10,922 | 8,719 | 9,443 | 7,076 | 6,009 | ||||||||||
| Total residential mortgages | 648,195 | 652,225 | 652,139 | 647,821 | 655,531 | ||||||||||
| Home equity and direct installment | 180,996 | 193,089 | 208,333 | 220,401 | 237,088 | ||||||||||
| Home equity lines of credit | 572,301 | 569,519 | 550,417 | 530,104 | 507,347 | ||||||||||
| Total home equity | 753,297 | 762,608 | 758,750 | 750,505 | 744,435 | ||||||||||
| Private banking credit lines | 94,582 | 99,859 | 98,714 | 98,865 | 99,154 | ||||||||||
| Indirect vehicle and other | 167,031 | 164,740 | 163,242 | 160,775 | 162,497 | ||||||||||
| All other consumer | 261,613 | 264,599 | 261,956 | 259,640 | 261,651 | ||||||||||
| Total consumer | 1,663,105 | 1,679,432 | 1,672,845 | 1,657,966 | 1,661,617 | ||||||||||
| Loans | 5,372,556 | 5,333,268 | 5,279,939 | 5,249,007 | 5,234,839 | ||||||||||
| Loans held-for-sale | 5,171 | 4,951 | 2,752 | 12,289 | 14,934 | ||||||||||
| Total loans | $ | 5,377,727 | $ | 5,338,219 | $ | 5,282,691 | $ | 5,261,296 | $ | 5,249,773 | |||||
|
Deposit composition: |
|||||||||||||||
| Savings | $ | 547,255 | $ | 526,576 | $ | 518,430 | $ | 527,216 | $ | 520,223 | |||||
| NOW accounts | 1,667,272 | 1,655,425 | 1,958,116 | 1,545,659 | 1,471,185 | ||||||||||
| Money market accounts | 1,680,900 | 1,670,035 | 1,639,859 | 1,654,442 | 1,647,863 | ||||||||||
| Time deposits less than $100k | 870,921 | 896,700 | 925,118 | 963,238 | 991,380 | ||||||||||
| Time deposits $100k or greater | 344,504 | 353,791 | 367,387 | 389,781 | 633,626 | ||||||||||
| Total interest bearing deposits | 5,110,852 | 5,102,527 | 5,408,910 | 5,080,336 | 5,264,277 | ||||||||||
| Non-interest bearing deposits | 1,028,572 | 970,051 | 1,026,546 | 942,127 | 919,783 | ||||||||||
| Total deposits | $ | 6,139,424 | $ | 6,072,578 | $ | 6,435,456 | $ | 6,022,463 | $ | 6,184,060 | |||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2014 | ||||||||||||||||||||||||||||||||||
| Unaudited, dollars in thousands except share and per share data | ||||||||||||||||||||||||||||||||||
| Quarterly, as of | ||||||||||||||||||||||||||||||||||
| 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | ||||||||||||||||||||||||||||||
| Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | Avg Bal | Yield | |||||||||||||||||||||||||
| Total loans* | $ | 5,342,648 | 4.04 | % | $ | 5,256,841 | 4.17 | % | $ | 5,229,366 | 4.19 | % | $ | 5,244,930 | 4.27 | % | $ | 5,223,015 | 4.37 | % | ||||||||||||||
| Investment securities* | 2,409,287 | 3.53 | % | 2,375,893 | 3.50 | % | 2,316,066 | 3.51 | % | 2,334,594 | 3.53 | % | 2,325,225 | 3.60 | % | |||||||||||||||||||
| Interest earning deposits | 69,222 | 0.15 | % | 89,530 | 0.17 | % | 102,581 | 0.19 | % | 94,788 | 0.17 | % | 119,834 | 0.25 | % | |||||||||||||||||||
| Total earning assets | 7,821,157 | 3.85 | % | 7,722,264 | 3.92 | % | 7,648,013 | 3.93 | % | 7,674,312 | 4.00 | % | 7,668,074 | 4.07 | % | |||||||||||||||||||
| Total assets | 8,479,686 | 8,385,094 | 8,310,626 | 8,326,499 | 8,298,815 | |||||||||||||||||||||||||||||
| Savings | 534,699 | 0.10 | % | 524,647 | 0.10 | % | 524,178 | 0.11 | % | 525,494 | 0.11 | % | 505,513 | 0.11 | % | |||||||||||||||||||
| NOW accounts | 1,618,547 | 0.13 | % | 1,873,519 | 0.14 | % | 1,732,394 | 0.14 | % | 1,543,649 | 0.14 | % | 1,439,387 | 0.14 | % | |||||||||||||||||||
| Money market accounts | 1,671,200 | 0.21 | % | 1,649,960 | 0.23 | % | 1,655,133 | 0.27 | % | 1,646,691 | 0.29 | % | 1,645,838 | 0.30 | % | |||||||||||||||||||
| Time deposits | 1,233,794 | 1.06 | % | 1,273,664 | 1.07 | % | 1,312,810 | 1.09 | % | 1,464,421 | 1.08 | % | 1,507,667 | 1.10 | % | |||||||||||||||||||
| Total interest bearing deposits | 5,058,240 | 0.38 | % | 5,321,790 | 0.39 | % | 5,224,515 | 0.42 | % | 5,180,255 | 0.45 | % | 5,098,405 | 0.47 | % | |||||||||||||||||||
| Non-interest bearing deposits | 968,129 | 984,037 | 963,625 | 913,311 | 876,700 | |||||||||||||||||||||||||||||
| Total deposits | 6,026,369 | 0.32 | % | 6,305,827 | 0.33 | % | 6,188,140 | 0.35 | % | 6,093,566 | 0.38 | % | 5,975,105 | 0.40 | % | |||||||||||||||||||
| Customer repurchase agreements | 541,041 | 0.29 | % | 529,541 | 0.30 | % | 518,569 | 0.34 | % | 523,585 | 0.35 | % | 547,706 | 0.37 | % | |||||||||||||||||||
| Repurchase agreements | 50,000 | 4.87 | % | 50,000 | 4.87 | % | 50,000 | 4.87 | % | 63,736 | 3.92 | % | 135,454 | 2.15 | % | |||||||||||||||||||
| Short-term borrowings | - | 0.00 | % | 54 | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 39,200 | 0.42 | % | |||||||||||||||||||
| Federal Home Loan Bank advances | 596,818 | 1.05 | % | 190,670 | 2.68 | % | 277,101 | 1.90 | % | 348,814 | 1.59 | % | 262,067 | 3.61 | % | |||||||||||||||||||
| Subordinated debentures | 77,321 | 2.77 | % | 77,321 | 2.76 | % | 77,321 | 2.77 | % | 77,321 | 2.85 | % | 125,207 | 4.75 | % | |||||||||||||||||||
| Total deposits and borrowings | 7,291,549 | 0.44 | % | 7,153,413 | 0.44 | % | 7,111,131 | 0.47 | % | 7,107,022 | 0.50 | % | 7,084,739 | 0.63 | % | |||||||||||||||||||
| Total interest bearing liabilities | $ | 6,323,420 | 0.50 | % | $ | 6,169,376 | 0.52 | % | $ | 6,147,506 | 0.54 | % | $ | 6,193,711 | 0.57 | % | $ | 6,208,039 | 0.72 | % | ||||||||||||||
| Net interest margin (FTE) | 3.44 | % | 3.51 | % | 3.49 | % | 3.53 | % | 3.49 | % | ||||||||||||||||||||||||
| Wealth assets under management | $ | 2,497,185 | $ | 2,504,717 | $ | 2,388,991 | $ | 2,285,199 | $ | 2,328,042 | ||||||||||||||||||||||||
| *Fully taxable equivalent ("FTE") basis, using a 35% effective tax rate | ||||||||||||||||||||||||||||||||||
| Financial Update for National Penn Bancshares, Inc. (NPBC) for 3/31/2014 | ||||||||||
| Unaudited | ||||||||||
| STATES OF OPERATION AND BANKING OFFICES BY STATE (LATEST AVAILABLE DATA) | ||||||||||
| Quarterly, as of | ||||||||||
| 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | ||||||
|
PA |
||||||||||
| Total number of retail branch offices | 118 | 119 | 119 | 119 | 118 | |||||
| Total number of insured subsidiaries | ||||||||||
| (Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||
| Total number of ATMs | 123 | 124 | 124 | 124 | 124 | |||||
|
MD |
||||||||||
| Total number of retail branch offices | 1 | 1 | 1 | 1 | 1 | |||||
| Total number of insured subsidiaries | ||||||||||
| (Bank & Thrift subsidiaries) | - | - | - | - | - | |||||
| Total number of ATMs | 1 | 1 | 1 | 1 | 1 | |||||
|
|
||||||||||
|
TOTAL |
||||||||||
| Total number of retail branch offices | 119 | 120 | 120 | 120 | 119 | |||||
| Total number of insured subsidiaries | ||||||||||
| (Bank & Thrift subsidiaries) | 1 | 1 | 1 | 1 | 1 | |||||
| Total number of ATMs | 124 | 125 | 125 | 125 | 125 | |||||
| EOP employees (full-time equivalent) | 1,591 | 1,631 | 1,632 | 1,666 | 1,657 | |||||
