National Penn Bancshares has reported a net loss totalling $35.76m
National Penn Bancshares has reported a net loss totalling $35.76 million, or a loss of $0.45 per diluted share, for the fourth quarter of 2008, compared to a net income of $16.71 million, or $0.34 per diluted share, for the fourth quarter 2007.
Net interest income for the fourth quarter of 2008 increased $55.76% to $63.1 million, compared to $40.51 million, for the same period in 2007.
The company has reported a net income of $32.27 million, or $0.42 per diluted share, for the year 2008, compared to $65.23 million, or $1.31 per diluted share, for the year 2007.
As of December 31, 2008, National Penn’s total assets were $9.39 billion and total deposits were $6.39 billion, as compared to total assets of $5.82 billion, and total deposits of $3.95 billion, as of December 31, 2007.
Glenn Moyer, president and CEO of National Penn, said: While we are very disappointed in our earnings performance for both the fourth quarter and year 2008, these results are a reflection of the unprecedented economic situation at the local, national, and global levels. We currently are not very optimistic about a strong economic recovery beginning in 2009.