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National Penn Bancshares reports 40% growth in Q1 earnings

National Penn Bancshares has reported its first quarter 2008 net income of $21.59 million, an increase of approximately 39.5% as compared to $15.48 million earned in the corresponding quarter of 2007.

For the quarter, annualized returns on average assets and average shareholders’ equity were 1.10% and 10.54%, respectively, compared to 1.15% and 11.61%, respectively, for the same quarter of 2007.

As of March 31, 2008, National Penn’s total assets were $9.11 billion and total deposits were $6.10 billion. The allowance for loan and lease losses as of March 31, 2008 was $81.63 million, which represented 1.36% of total loans and leases outstanding of $6.01 billion.

Glenn Moyer, president and CEO of National Penn, said: The first quarter of 2008 was a transformational period for National Penn with the completion of the mergers with Christiana Bank & Trust and KNBT Bancorp. Our balanced growth strategy continues to focus on both organic and merger growth and we’re busy on both fronts as we move forward in 2008.