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Quarterly Message from National Penn

January 28, 2016

National Penn Delivers Consistent, High-level Performance
in Fourth Quarter and Full Year of 2015

Dear Valued Customers:

I’m pleased to share that in the fourth quarter and full year of 2015, National Penn delivered a consistent, high-level performance. The following are some of our key accomplishments: 

  • Adjusted net income per share for 2015, exclusive of merger-related charges, increases 13% to $0.80 from $0.71 for 2014
  • Adjusted net income per share for the fourth quarter of $0.21 with return on average assets of 1.22% and efficiency ratio of 55%
  • Classified loans decline for 23rd consecutive quarter
  • Declared first quarter 2016 cash dividend of $0.11 per share

While delivering these results, we also obtained all of the required approvals for our merger with BB&T, which is expected to close on or around April 1, 2016. At that time, National Penn customers may continue banking as usual. Our signage and your accounts will not change until the conversion to BB&T, which is slated for mid-2016. As the conversion date approaches, you will receive written updates and instructions on your accounts. In addition, a hotline will be set up to help you with any questions about the conversion to BB&T.

We look forward to our affiliation with BB&T and the strength of our combined franchise. We are committed to making the upcoming transition to BB&T a smooth one for you. Thank you for the opportunity to serve you.

 

Sincerely,

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


*Refer to National Penn’s earnings release for the quarter ended December 31, 2015, 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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