Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

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.