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Quarterly Message from National Penn

July 24, 2014 

National Penn Achieves Consistent, High-level Performance
in Second Quarter of 2014
 

Dear Valued Customers:

I’m pleased to share that National Penn achieved a consistent, high-level performance in the second quarter of 2014. Our results once again demonstrate the commitment of our entire team to delivering on our strategic objectives. The following are some of our key accomplishments:

  • Second quarter net income increases to $0.19 per diluted share,
    compared to $0.16 per diluted share in the prior quarter
  • Return on average assets of 1.23% for the quarter and 1.16% year-to-date
  • Strong asset quality sustained; non-performing loans continue to decline
  • Operating expenses1 remain well-controlled; second quarter efficiency ratio of 57%
  • Third quarter 2014 cash dividend of $0.10 cents per common share declared

In addition to the results we achieved for the quarter, we completed our previously announced expense reduction initiatives. During the quarter, we were also very pleased to sign a definitive agreement to acquire TF Financial Corporation. That transaction allows us to leverage our capital base, accrete earnings per share and enhance franchise value.

As we enter the second half of the year, we look forward to building on our relationship with you. We appreciate the opportunity to serve you as we continue to provide high quality products, services and the personal attention necessary to help you achieve your financial goals.

Sincerely,

Scott V. Fainor
President and Chief Executive Officer
National Penn Bancshares, Inc.


*Refer to National Penn’s earnings release for the quarter ended June 30, 2014, which may be found on National Penn’s Investor Relations Web site at www.nationalpennbancshares.com for a reconciliation of these non-GAAP measures.


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