Quarterly Message from National Penn

October 29, 2015 

National Penn Achieves Consistent, Strong Performance
in Third Quarter of 2015

Dear Valued Customers:

I’m pleased to share that in the third quarter of 2015, National Penn delivered a consistent, strong performance. The following are some of our key accomplishments:

  • For the third quarter of 2015, earnings per diluted share of $0.20 ($0.21 exclusive of merger-related expenses) compared to $0.19 for the prior quarter
  • Excluding the impact of merger-related expenses, return on average assets of 1.22% and return on average tangible common equity of 13.94% for the quarter
  • Operating expenses remain well controlled; year-to-date efficiency ratio of 56%
  • Sustained strength in asset quality and capital levels
  • Fourth-quarter 2015 cash dividend of $0.11 cents per common share declared

A little more than two months ago, National Penn announced a definitive merger agreement with BB&T. We are moving forward to obtain the necessary approvals for our merger with BB&T, and look forward to our affiliation with BB&T and the strength of our combined franchise.

Thank you for allowing us to help you meet your financial goals. We value each and every customer relationship and community we serve. 


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

*Refer to National Penn’s earnings release for the quarter ended September 30, 2015, which may be found on National Penn’s Investor Relations Web site at for a reconciliation of these non-GAAP measures.

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