January 27, 2012 ... KNBT owner National Penn Bancshares ranks No. 15 on Forbes 'best and worst banks' list
(Express Times)
“Forbes magazine has ranked KNBT owner National Penn Bancshares No. 15 on its “America’s Best and Worst Banks” list, according to a news release.
The Forbes ranking evaluated the health of publicly traded banks and thrifts ranging in size from $4.7 billion to $2.3 trillion in assets. Data was gathered on eight measures including: asset quality, capital adequacy and profitability. National Penn ranked No. 33 last year. Other banks with local branches on the list were: First Niagara Financial, No. 55; PNC Financial Service, No. 60; Fulton Financial Corp., No. 67; Wells Fargo, No. 79; M&T Bank, No. 88; Bank of America, No. 91.”
January 26, 2012 ... National Penn boosts 4Q, full-year earnings
(Philadelphia Business Journal)
“National Penn Bancshares said it earned $20.7 million, or 14 cents per share, in the fourth quarter. That compared to $6.6 million, or 5 cents per share, for the same period of 2010. Boyertown, Pa.-based National Penn, the ninth-largest bank by deposits in the Philadelphia region, said it earned $84 million, or 56 cents per share, for the year, compared to $13 million, or 10 cents per share in 2010. “Enhanced profitability in 2011 supplemented an already strong capital base and further strengthened our financial position,” said Scott Fainor, president and CEO of National Penn. In 2011 its classified loans declined by 23 percent, total nonperforming assets declined by 16 percent, and the ratio of net loan charge-offs to average loans improved to 0.74 percent from 1.57 percent. That resulted in a provision for loan losses of $15 million for 2011, compared to $95 million for 2010. To keep its net interest margin stable in a prolonged low interest rate environment, the bank said it managed reductions in higher-cost deposits and improved deposit mix and balance sheet restructuring initiatives. National Penn’s total risk based capital ratio at the end of 2011 was 18.38 percent compared to 17.38 percent a year prior.”
January 19, 2012 ... Business News (Daily Local News)
“National Penn Bancshares Inc. on Wednesday said Forbes magazine ranked it above all of its regional competition in its December 2011 "America's Best and Worst Banks" ranking. Boyertown-based National Penn rose to number 15 on the Forbes Best list, up from 33 in 2010. The Forbes ranking of the 100 largest publicly traded banks in the country also placed National Penn ahead of national competition. The Forbes ranking evaluated the health of the publicly traded banks and thrifts, ranging in size from $4.7 billion to $2.3 trillion in assets.”
January 16, 2012 ... Berks economic recovery keeps pace with national statistics (Eastern Pennsylvania Journal)
“I think the first half of 2012 will be slower than the last half of 2011, but the second half will pick up much as it did this year," said James T. Barnes, vice president, senior fixed income manager for institutional advisors, National Penn Investors Trust Co., located in Wyomissing.
October 28, 2011 ... National Penn Bancshares builds on comeback in third quarter (Philadelphia Business Journal)
“The current economic and interest rate environment presents ongoing challenges for our industry and our banking professionals,” said Scott V. Fainor, president and CEO of National Penn. “We will continue to build on our positive momentum by remaining focused on serving our customers and on our initiatives to expand outreach to potential clients as we navigate through this period.”
October 27, 2011 ... US Stocks Surge On Europe Pact, Keep Momentum in Morning Trade; DJIA Adds 219 (Dow Jones)
"I don't know how deep the detail are, but at least they're moving in the right direction," said Terry L. Morris, senior vice president at National Penn Investors Trust Company. "It's a big relief rally [but] I wouldn't be surprised to see the market sort of tread water here and maybe even back off." The S&P 500 was bumping up against its 200-day moving average at 1274 in morning trading. The widely followed technical level could prove a threshold of resistence, Morris said, as the stock index appeared to have trouble breaking through Thursday.
October 27, 2011 ... National Penn donates $5,000 to Building a Better Boyertown
(Pottstown Mercury)
National Penn Bank, headquartered in Boyertown, recently made a $5,000 donation to Building a Better Boyertown. The organization's goal is to keep Boyertown a special place by preserving its historical heritage, maintaining its link to the past and cultivating a vibrant present and prosperous future for generations to come. National Penn's donation helps the organization move forward with its mission.
October 21, 2011 ... US STOCKS-European summit hopes lift Wall Street
(Reuters)
"Certainly, this Europe thing is affecting the market and the hopes of some resolution to it," said Terry Morris, senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania. "The possibilities of them coming up with some kind of solution is keeping the market up, is what has driven the market up over the past couple of weeks."
October 14, 2011 ... Company Bond Sales Fall Below ‘11 Average as Europe Roils Market (Bloomberg)
“The sovereign debt crisis and the threats to the global economy are the two issues that are causing most of the volatility in the marketplace,” James Barnes, who helps manage $1 billion in fixed-income assets at National Penn Investors Trust Co. in Wyomissing, Pennsylvania, said in a telephone interview. “There’s more downside risk than potential on the upside.”
September 29, 2011 ... Stocks Sputter After Early Gains (CNNMoney)
"The market has been trading more on hope in general and hope on Europe," said Jim Barnes, senior fixed-income portfolio manager at National Penn Investors Trust. "The only thing that's improving are people's comments, but we haven't seen any type of credible plan that looks like it could be implemented."
September 23, 2011 ... Markets Swoon on Recession FearsWorld-Wide Distress Rises as Investors See Futility of Governments, Central Banks (WSJ.com)
"We've got to get our people in Washington to do something, for God's sake," said Terry Morris, portfolio manager at National Penn Investors Trust. "China adds to the thesis that maybe we're heading into a double-dip."
September 8, 2011 ... Dollar gets Euro boost as 10-year yield edges under 2% (CNNMoney)
"The market is clearly betting that the next move by the European Central Bank is lower not higher," says Jim Barnes, senior fixed income portfolio manager at National Penn Investors Trust Company.
August 24 , 2011 ... US Stocks Rise Ahead Of Final Trading Hour; DJIA Up 0.6% (Dow Jones)
"I really think Friday is going to be a make-or-break day," said Terry Morris, senior equity manager at National Penn Investors Trust Co. "The market is expecting maybe a little bit more than it's going to get."
August 12 , 2011 ... HEMAP is needed amid the housing crisis, advocates say
(Philadelphia Business Journal)
"Len Casciole, vice president of special assets for National Penn Bancshares, called HEMAP a vital program where the success lies in the low percentage of homeowners who default after receiving the money."
August 10 , 2011 ... Investors ask: Has the stock market hit bottom? (USA Today)
"The big bounce sparked debate as to whether a market low was in. Terry Morris, senior equity manager at National Penn Investors Trust, insists the market is very close to a bottom. He says the emotional selling caused by the downgrade of the USA's triple-A credit rating and the confidence-killing political impasse over the debt ceiling are pretty much already baked into prices."
August 6 , 2011 ... Investors to assess U.S. debt downgrade, Fed moves Europe contagion fears could add to bumpy ride (MarketWatch)
"The market will look for signs from European leaders that things are getting better. There’s a chance the market will stabilize next week,” said Terry Morris, senior equity manager at National Penn Investors Trust Company. "
August 2, 2011 ... U.S. Stocks Fall as Economic Fears Remain
(WSJ.com)
"The market's looking beyond the debt ceiling issue and going back to basics," said Terry Morris, senior equity manager at National Penn Investors Trust Company. "For now, it appears the economy is decelerating."
