[LOGO] NATIONAL PENN
BANCSHARES, INC. PRESS RELEASE
Immediate
Gary L. Rhoads, Chief Financial Officer, 610-369-6341
National Penn Bancshares, Inc. Reports Record First Quarter Net Income
BOYERTOWN, Pa., April 15, 2004 -- National Penn Bancshares, Inc.
(Nasdaq: NPBC), the parent company of National Penn Bank and Investors Trust
Company, reported first quarter 2004 net income totaling $11.37 million, or
$0.46 per diluted share. Net income increased 9.4% compared to $10.39 million
earned in the first quarter of 2003 and diluted earnings per share increased
7.0% compared to prior year diluted earnings of $0.43. These results represent
the twelfth consecutive quarter of record net income.
NPBC's first quarter earnings produced returns on average assets and
average shareholders' equity of 1.30% and 15.2%, respectively.
The following significant items occurred during the first quarter of
2004:
- The company issued $40 million in Trust Preferred Securities
through participation in two pooled offerings. The entire amount
will qualify as Tier 1 Capital for regulatory capital purposes.
The proceeds will be used for the company's stock repurchase
program, for general corporate purposes, including capital
contributions to National Penn Bank to support its growth
strategies, for working capital, and to fund part of the cash
portion of the acquisition of Peoples First, Inc., which we
announced last quarter, and for future acquisitions. Peoples
First, Inc. will add approximately $450 million in assets and
will greatly enhance our existing franchise in Chester County
with eight additional community offices. We expect to complete
this acquisition during the second quarter.
- We completed the systems conversion of the HomeTowne Heritage
Bank acquisition that closed in December. This prompt conversion
allows us to quickly achieve the benefits of additional services
and enhanced convenience for our HomeTowne Heritage customers.
- On February 17, 2004, NPBC paid a cash dividend of $0.24 per
share to shareholders of record on February 7, 2004. All per
share information has been restated for the 5% stock dividend
paid September 30, 2003.
The company had total assets at March 31, 2004 of $3.57 billion and
total deposits of $2.38 billion. The allowance for loan and lease losses as of
March 31, 2004 was $50.15 million, which represented 2.15% of total loans
outstanding of $2.33 billion.
-more-
NPBC--add 1
National Penn Bancshares, Inc. is currently a $3.57 billion financial
services company headquartered in Boyertown, PA. NPBC currently operates 66
community offices in southeastern Pennsylvania through National Penn Bank and
its FirstService and HomeTowne Heritage Bank Divisions. Trust and investment
management services are provided through Investors Trust Company and
FirstService Capital; brokerage services are provided through Penn Securities,
Inc.; mortgage banking activities are provided through Penn 1st Financial
Services, Inc.; insurance services are provided through FirstService Insurance
Company; and equipment leasing services are provided through National Penn
Leasing Company. National Penn Bancshares, Inc. common stock is traded on the
Nasdaq Stock Market under the symbol "NPBC." Additional information about the
National Penn family is available on National Penn's Web site at
www.nationalpennbancshares.com.
This press release contains supplemental financial information
determined by methods other than in accordance with Generally Accepted
Accounting Principles ("GAAP"). National Penn's management uses this non-GAAP
measure in its analysis of the company's performance. This measure, annualized
net income return on average tangible equity, excludes the average balance of
acquisition-related goodwill and intangibles in determining average tangible
shareholders' equity. Banking and financial institution regulators also exclude
goodwill and intangibles from shareholders' equity when assessing the capital
adequacy of a financial institution. Management believes the presentation of
this financial measure excluding the impact of these items provides useful
supplemental information that is essential to a proper understanding of the
financial results of National Penn, as it provides a method to assess
management's success in utilizing the company's tangible capital. This
disclosure should not be viewed as a substitute for results determined in
accordance with GAAP, nor is it necessarily comparable to non-GAAP performance
measures that may be presented by other companies.
This press release contains forward-looking statements concerning
future events. Actual results could differ materially due to the following risks
and uncertainties -- deteriorating economic conditions; increased competition;
interest rate movements; market volatility in the securities markets;
legislative or regulatory developments; merger-related synergies, savings and
integration issues; technological changes; and other risks and uncertainties
discussed in National Penn's reports filed from time to time with the Securities
and Exchange Commission. National Penn cautions readers not to place undue
reliance on these statements. National Penn undertakes no obligation to publicly
release or update any of these statements.
# # #
National Penn Bancshares, Inc.
Contact: Gary L. Rhoads, 610-369-6341
Exchange Listing Nasdaq "NPBC"
(Dollars in thousands, except per share data)
Three Months Ended March 31, 2004 2003
- --------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CONDITION
- --------------------------------------------------------------------------------------------------------------------------
Total assets $3,567,191 $3,283,414
Total deposits 2,383,441 2,230,689
Total loans and leases 2,327,463 2,011,003
Total shareholders' equity 328,861 288,998
Book value per share 13.50 11.95
- --------------------------------------------------------------------------------------------------------------------------
EARNINGS
- --------------------------------------------------------------------------------------------------------------------------
Total interest income $44,174 $40,101
Total interest expense 12,749 12,918
- --------------------------------------------------------------------------------------------------------------------------
Net interest income $31,425 $27,183
Provision for loan and lease losses 1,763 2,255
- --------------------------------------------------------------------------------------------------------------------------
Net interest income after provision
for loan and lease losses $29,662 $24,928
Other income 10,762 9,151
Other expenses 25,521 21,324
- --------------------------------------------------------------------------------------------------------------------------
Income before income taxes $14,903 $12,755
Income taxes 3,535 2,997
- --------------------------------------------------------------------------------------------------------------------------
Net income from continuing operations $11,368 $9,758
Net income from discontinued operations - 632
- --------------------------------------------------------------------------------------------------------------------------
Net income $11,368 $10,390
- --------------------------------------------------------------------------------------------------------------------------
Return on average assets 1.30% 1.38%
Return on average shareholders' equity 15.2% 16.9%
Return on average tangible equity (1) 24.1% 20.2%
Average shares - basic 24,338,303 23,778,647
Average shares - diluted 24,977,691 24,351,334
- --------------------------------------------------------------------------------------------------------------------------
PER SHARE
- --------------------------------------------------------------------------------------------------------------------------
Basic earnings $0.47 $0.44
Diluted earnings 0.46 0.43
Dividends paid in cash 0.24 0.21
Financial information restated to include a 5% stock dividend issued September 30, 2003.
(1) Reconciliation Table for Non-GAAP Financial Measure
Return on average shareholders' equity 15.2% 16.9%
Effect of goodwill and intangibles 8.9% 3.3%
Return on average tangible equity 24.1% 20.2%
Average tangible equity excludes acquisition related average goodwill and intangibles:
Average shareholders' equity $299,338 $246,105
Average goodwill and intangibles (111,039) (40,597)
Average tangible equity 188,299 205,508
Financial Update for NATL PENN BCSHS (NPBC) FOR 03/31/04
Date 4/15/2004
PAGE: 1 OF 7 AS OF AS OF AS OF
BALANCE SHEET - ASSETS ($000s) 3/31/2004 3/31/2003 12/31/2003
Cash & Cash Equivalents $ 86,088 $ 121,121 $ 98,397
------------- -------------- -------------
Trading Account Securities - - -
------------- -------------- -------------
Securities Available for Sale 941,761 774,230 934,375
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Held to Maturity Securities - - -
------------- -------------- -------------
Other Securities - - -
------------- -------------- -------------
Total Securities 941,761 774,230 934,375
------------- -------------- -------------
Total Cash and Securities 1,027,849 895,351 1,032,772
------------- -------------- -------------
Loans & Leases Held for Investment* 2,287,413 1,941,139 2,241,355
------------- -------------- -------------
Loans & Leases Held for Sale* 40,050 69,864 29,344
------------- -------------- -------------
Total Loans and Leases* 2,327,463 2,011,003 2,270,699
------------- -------------- -------------
*Indicates data net of discount, gross of reserve
Loan Loss Reserve (50,154) (44,687) (49,265)
------------- -------------- -------------
Goodwill 99,313 56,891 99,313
------------- -------------- -------------
Other Intangibles 11,541 10,529 11,897
------------- -------------- -------------
Total Intangible Assets 110,854 67,420 111,210
------------- -------------- -------------
Mortgage Servicing Rights - - -
------------- -------------- -------------
Purchased Credit Card Relationships - - -
------------- -------------- -------------
Real Estate Owned & Held for Investment 616 450 735
------------- -------------- -------------
Assets from Discontinued Operations - 210,041 -
------------- -------------- -------------
Other Assets 150,563 143,836 146,423
------------- -------------- -------------
Total Assets $ 3,567,191 $ 3,283,414 $ 3,512,574
------------- -------------- -------------
BALANCE SHEET - LIABILITIES ($000S)
Deposits $ 2,383,441 $ 2,230,689 $ 2,435,296
------------- -------------- -------------
Borrowings 724,119 483,754 674,075
------------- -------------- -------------
Trust Preferred Securities - 63,250 63,250
------------- -------------- -------------
Subordinated Debt 106,444 - -
------------- -------------- -------------
Liabilities from Discontinued Operations - 188,517 -
------------- -------------- -------------
Other Liabilities 24,326 28,206 22,140
------------- -------------- -------------
Total Liabilities $ 3,238,330 $ 2,994,416 $ 3,194,761
------------- -------------- -------------
BALANCE SHEET - EQUITY ($000s)
Redeemable Preferred Stock $ - $ - $ -
------------- -------------- -------------
Preferred Equity $ - $ - $ -
------------- -------------- -------------
Common Equity $ 328,861 $ 288,998 $ 317,813
------------- -------------- -------------
MEMO ITEMS
Accumulated other comprehensive income $ 27,334 $ 23,535 $ 19,595
------------- -------------- -------------
Publicly Reported Book Value Per Share (1) $ 13.50 $ 11.95 $ 13.09
------------- -------------- -------------
EOP Common Shares Outstanding (excluding Treasury shares)(1) 24,356,838 24,191,771 24,284,506
------------- -------------- -------------
Treasury Shares Held By Company 13,835 5,100 2,626
------------- -------------- -------------
Did you announce a repurchase plan during this period? NO NO YES
------------- -------------- -------------
Number of Shares to be Repurchased in Plan 1,000,000 1,000,000 1,000,000
------------- -------------- -------------
Number of Shares Repurchased During Period 178,939 257,652 234,488
------------- -------------- -------------
Average Price of Repurchased Shares 33.19 25.43 30.63
------------- -------------- -------------
<FN>
(1) restated for 5% stock dividend paid September 30, 2003.
</FN>
Financial Update for NATL PENN BCSHS (NPBC) FOR 03/31/04
PAGE: 2 OF 7
FOR QUARTER YEAR TO FOR QUARTER YEAR
ENDED DATE ENDED ENDED
INCOME STATEMENT ($000s) 3/31/2004 12/31/2004 3/31/2003 12/31/2003
Interest Income $ 44,174 $ 44,174 $ 40,101 $ 165,648
-------------- ------------ ----------------- ------------
Interest Expense 12,749 12,749 12,918 51,099
-------------- ------------ ----------------- ------------
Net Interest Income 31,425 31,425 27,183 114,549
-------------- ------------ ----------------- ------------
FTE adjustment 2,074 2,074 1,994 8,049
-------------- ------------ ----------------- ------------
Net Interest Income (FTE) 33,499 33,499 29,177 122,598
-------------- ------------ ----------------- ------------
Loan Loss Provision 1,763 1,763 2,255 9,371
-------------- ------------ ----------------- ------------
Investment Securities Trans. (196) (196) - (369)
-------------- ------------ ----------------- ------------
Nonrecurring Income - - - -
-------------- ------------ ----------------- ------------
Nonrecurring Expense - Prepayment fee - - - 7,002
-------------- ------------ ----------------- ------------
Trading Account Income - - - -
-------------- ------------ ----------------- ------------
Foreign Exchange Income - - - -
-------------- ------------ ----------------- ------------
Trust Revenue 1,361 1,361 1,299 5,322
-------------- ------------ ----------------- ------------
Service Charges on Deposits 3,415 3,415 2,787 12,099
-------------- ------------ ----------------- ------------
Mortgage Banking Income 1,303 1,303 1,441 5,146
-------------- ------------ ----------------- ------------
Fee Income from Investment Product Sales 392 392 520 1,725
-------------- ------------ ----------------- ------------
Other Noninterest Income 4,487 4,487 3,104 17,362
-------------- ------------ ----------------- ------------
Total Noninterest Income(excludes securities gains/losses) 10,958 10,958 9,151 41,654
-------------- ------------ ----------------- ------------
Employee Comp. & Benefit Expense 14,778 14,778 12,566 56,181
-------------- ------------ ----------------- ------------
Occupancy & Equipment Expense 3,954 3,954 3,269 14,133
-------------- ------------ ----------------- ------------
Foreclosed Property Expense - - - -
-------------- ------------ ----------------- ------------
Amortization of Intangibles 355 355 123 1,022
-------------- ------------ ----------------- ------------
(Excludes Servicing and Credit Card Intangibles)
Other Noninterest Expense 6,434 6,434 5,366 24,695
-------------- ------------ ----------------- ------------
Total Noninterest Exp. 25,521 25,521 21,324 96,031
-------------- ------------ ----------------- ------------
Minority Interest Expense - - - -
-------------- ------------ ----------------- ------------
Net Income Before Taxes 14,903 14,903 12,755 43,430
-------------- ------------ ----------------- ------------
Tax Provision 3,535 3,535 2,997 8,697
-------------- ------------ ----------------- ------------
Net Inc. from continuing operations 11,368 11,368 9,758 34,733
-------------- ------------ ----------------- ------------
Net inc. from discontinued operations - - 632 8,621
-------------- ------------ ----------------- ------------
Net Income $ 11,368 $ 11,368 $ 10,390 $ 43,354
-------------- ------------ ----------------- ------------
EARNINGS PER SHARE:
Basic
-------------- ------------ ----------------- ------------
Net income (1) $ 0.47 $ 0.47 $ 0.44 $ 1.82
-------------- ------------ ----------------- ------------
Diluted
-------------- ------------ ----------------- ------------
Net income (1) $ 0.46 $ 0.46 $ 0.43 $ 1.78
-------------- ------------ ----------------- ------------
Average Shares Basic (1) 24,338,303 24,338,303 23,778,647 23,813,291
-------------- ------------ ----------------- ------------
Average Shares Diluted (1) 24,977,691 24,977,691 24,351,334 24,411,023
-------------- ------------ ----------------- ------------
Dividends on Preferred Stock ($000s) $ - $ - $ - $ -
-------------- ------------ ----------------- ------------
<FN>
(1) restated for 5% stock dividend paid September 30, 2003.
</FN>
Financial Update for NATL PENN BCSHS (NPBC) FOR 03/31/04
AVERAGE BALANCE SHEET ($OOOs)
As of For QTR For QTR
PAGE: 3 of 7 3/31/2004 Ended 3/31/04 Ended 12/31/03
(YTD AVG) QTRLY AVG QTRLY AVG
------------- ----------------------------
Total Loans (net of unearned) 2,284,094 2,284,094 2,193,251
------------- ------------- -------------
Loan Loss Reserve (50,108) (50,108) (47,152)
------------- ------------- -------------
Investment Securities (incl. trading assets) 904,073 904,073 867,648
------------- ------------- -------------
Other Earning Assets 13,815 13,815 17,738
------------- ------------- -------------
Total Earning Assets (net of loan loss reserve) 3,151,874 3,151,874 3,031,485
------------- ------------- -------------
Total Assets 3,493,626 3,493,626 3,314,490
------------- ------------- -------------
Savings 186,176 186,176 136,883
------------- ------------- -------------
NOW Accounts 553,772 553,772 584,956
------------- ------------- -------------
Money Market Accounts 616,498 616,498 613,920
------------- ------------- -------------
Certificates 643,815 643,815 663,003
------------- ------------- -------------
Total Int. Bearing Deposits 2,000,261 2,000,261 1,998,762
------------- ------------- -------------
Non-Interest Bearing Deposits 387,331 387,331 376,935
------------- ------------- -------------
Total Deposits 2,387,592 2,387,592 2,375,697
------------- ------------- -------------
Short-Term Borrowings 558,756 558,756 399,924
------------- ------------- -------------
Long-Term Borrowings 224,029 224,029 225,721
------------- ------------- -------------
Total Int. Bearing Liabilities (incl. non-int bearing deposits) 3,170,377 3,170,377 3,001,342
------------- ------------- -------------
Total Int. Bearing Liabilities 2,783,046 2,783,046 2,624,407
------------- ------------- -------------
Total Shareholder's Equity 299,338 299,338 282,165
------------- ------------- -------------
Financial Update for NATL PENN BCSHS (NPBC) FOR 03/31/04
PAGE: 4 of 7
FOR QUARTER YEAR TO FOR QUARTER YEAR
ENDED DATE ENDED ENDED
CHARGEOFFS ($000s) 3/31/2004 12/31/2004 3/31/2003 12/31/2003
Loan Chargeoffs $ 1,207 $ 1,207 $ 2,757 $ 12,344
--------------- --------------- ---------------------------
Recoveries on Loans $ 334 $ 334 $ 687 $ 5,497
--------------- --------------- ---------------------------
Net Loan Chargeoffs $ 873 $ 873 $ 2,070 $ 6,847
--------------- --------------- ---------------------------
AS OF AS OF AS OF
ASSET QUALITY AND OTHER DATA ($000s) 3/31/2004 3/31/2003 12/31/2003
Nonaccrual Loans $ 11,583 $ 17,746 $ 13,673
--------------- --------------- ---------------
Renegotiated Loans - - -
--------------- --------------- ---------------
Other Real Estate Owned 616 450 735
--------------- --------------- ---------------
Total Nonperforming Assets 12,199 18,196 14,408
------------------------------- ---------------
Loans 90+ Days Past Due & Still Accruing 258 420 318
--------------- --------------- ---------------
NPAs plus Loans over 90 $ 12,457 $ 18,616 $ 14,726
--------------- --------------- ---------------
AS OF AS OF AS OF
REGULATORY CAPITAL DATA ($000s) 3/31/2004 3/31/2003 12/31/2003
Tier 1 Capital $ 293,920 $ 248,067 $ 250,259
--------------- --------------- ---------------
Tier 1 Ratio (%) 11.12% 10.28% 9.74%
--------------- --------------- ---------------
Total Capital (Tier 1 + Tier 2) $ 327,174 $ 278,438 $ 282,581
--------------- --------------- ---------------
Total Capital Ratio (%) 12.38% 11.54% 11.00%
--------------- --------------- ---------------
Total Risk-Adjusted Assets $ 2,643,385 $ 2,413,361 $ 2,568,838
--------------- --------------- ---------------
Tier 1 Leverage Ratio 9.20% 8.51% 7.84%
--------------- --------------- ---------------
AS OF AS OF YEAR TO
SUPPLEMENTAL DATA ($000s) 3/31/2004 3/31/2003 DATE
12/31/2003
1-4 Family Mortgage Loans Serviced For Others $ 172,147 $ 120,031
--------------- ---------------
Propriety Mutual Fund Balances $ - $ -
--------------- ---------------
(Net Asset Value in $000s)
Held to Maturity Securities (Fair Value) $ - $ -
--------------- ---------------
Return on Avg. Assets (annualized) 1.30% 1.38% 1.30%
--------------- --------------- ---------------
Return on Avg. Equity (annualized) 15.2% 16.9% 15.2%
--------------- --------------- ---------------
Return on Avg. Tangible Equity (annualized) (1) 24.1% 20.2% 20.2%
--------------- --------------- ---------------
Common Stock Dividends (total $ in period) $ 5,809 $ 4,767 $ 4,767
--------------- --------------- ---------------
EOP Employees (Full Time Equivalent) 943 918
--------------- ---------------
(1) Reconciliation Table for Non-GAAP Financial Measure
Return on average shareholders' equity 15.2% 16.9% 15.2%
Effect of goodwill and intangibles 8.9% 3.3% 8.9%
Return on average tangible equity 24.1% 20.2% 24.1%
Average tangible equity excludes acquisition related average
goodwill and intangibles:
Average shareholders' equity $299,338 $246,105 $299,338
Average goodwill and intangibles (111,039) (40,597) (111,039)
Average tangible equity 188,299 205,508 188,299
Financial Update for NATL PENN BCSHS (NPBC) FOR 03/31/04
PAGE: 5 of 7 AS OF AS OF
PERIOD END BALANCES: 3/31/2004 12/31/2003
Loan Breakdown: (regulatory)
Commercial/Industrial $ 412,752 $ 396,271
------------- ------------
Commercial Real Estate 918,485 899,686
------------- ------------
Residential Mortgage (including multi-family) 474,572 450,630
------------- ------------
Real Estate Construction (and Land Development) 134,808 149,531
------------- ------------
Home Equity (revolving and 2nd lien) 244,685 233,502
------------- ------------
Consumer (Loans to Individuals) 52,172 54,466
------------- ------------
Bank Card - -
------------- ------------
Foreign - -
------------- ------------
(Other) 89,989 86,613
------------- ------------
Total Loans (net of unearned) 2,327,463 2,270,699
------------- ------------
Investment Securities (incl. trading assets) 941,761 934,375
------------- ------------
Other Earning Asset 4,348 2,233
------------- ------------
Total Earning Assets (net of loan loss reserve) 3,223,418 3,158,042
------------- ------------
Total Assets 3,567,191 3,512,574
------------- ------------
Deposit Breakdown:
Savings 190,198 180,919
------------- ------------
NOW Accounts 519,359 608,220
------------- ------------
Money Market Accounts 620,978 600,932
------------- ------------
Certificates 507,222 529,594
------------- ------------
CDs>$100m 140,155 129,011
------------- ------------
Foreign CDs -
------------- ------------
(as needed) - -
------------- ------------
Total Int. Bearing Deposits 1,977,912 2,048,676
------------- ------------
Non-Interest Bearing Deposits 405,529 386,620
------------- ------------
Total Deposits 2,383,441 2,435,296
------------- ------------
Short-Term Borrowings 571,649 510,038
------------- ------------
Long-Term Debt 258,914 227,287
------------- ------------
Total Int. Bearing Liabilities (incl. non-int bearing deposits) 3,214,004 3,172,621
------------- ------------
Total Int. Bearing Liabilities 2,808,475 2,786,001
------------- ------------
Total Stockholders Equity $ 328,861 $ 317,813
------------- ------------
Financial Update for NATL PENN BCSHS (NPBC) FOR 03/31/04
PAGE: 6 of 7
AS OF AS OF
PERIOD END BALANCES: 3/31/2004 12/31/2003
Loan Breakdown: (internal)
Business Purpose Loans $1,120,566 $ 1,084,419
--------------- --------------
Residential Mortgage 247,835 229,995
--------------- --------------
Commercial Real Estate, Construction and Land Dev 723,965 721,471
--------------- --------------
Consumer (loans to Individual) 235,097 234,814
--------------- --------------
Total Loans (net of unearned) $2,327,463 $ 2,270,699
--------------- --------------
Financial Update for NATL PENN BCSHS (NPBC) FOR 03/31/04
PAGE 7 OF 7
BALANCE AND YIELD/COST ANALYSIS: AS OF AS OF
(Qtr Avg) 3/31/2004 12/31/2003
Avg Balance Yield Avg Balance Yield
Total Loans (net of unearned) $ 2,284,094 6.06% $ 1,870,513 6.82%
------------ ------ -------------------
Investment Securities (incl. trading assets) 904,073 5.19% 668,124 6.34%
------------ ------ -------------------
Other Earning Assets 13,815 0.84% 69,401 1.26%
------------ ------ -------------------
Total Earning Assets 3,201,982 5.79% 2,608,038 6.55%
------------ ------ -------------------
Total Earning Assets (net of loan loss reserve) 3,151,874 5.89% 2,565,466 6.65%
------------ ------ -------------------
Total Assets 3,493,626 5.31% 2,825,983 6.04%
------------ ------ -------------------
Savings 186,176 0.86% 106,129 0.63%
------------ ------ -------------------
NOWAccounts 553,772 0.94% 396,709 1.19%
------------ ------ -------------------
Money Market Accounts 616,498 0.90% 514,244 0.94%
------------ ------ -------------------
Certificates 643,815 3.13% 724,255 3.39%
------------ ------ -------------------
Total Int. Bearing Deposits 2,000,261 1.62% 1,741,337 2.00%
------------ ------ -------------------
Non-Interest Bearing Deposits 387,331 292,061
------------ ------ -------------------
Total Deposits 2,387,592 1.36% 2,033,398 1.71%
------------ ------ -------------------
Short-Term Borrowings 558,756 1.15% 287,572 1.33%
------------ ------ -------------------
Long-Term Borrowings 224,029 5.39% 233,686 5.90%
------------ ------ -------------------
Total Int. Bearing Liabilities(incl. non-int bearing deposits) 3,170,377 1.61% 2,554,656 2.05%
------------ ------ -------------------
Total Int. Bearing Liabilities 2,783,046 1.83% 2,262,595 2.32%
------------ ------ -------------------
Total Shareholder's Equity $ 299,338 $ 246,105
------------ ------ ------------
Net Yield on Earning Assets (net of loan loss reserve): (Margin) 4.27% 4.61%
------ -------
Net Yield on Earning Assets: (Margin) 4.20% 4.54%
------ -------
STATES OF OPERATION AND BANKING OFFICES BY STATE (LATEST AVAILABLE DATA)
State Number of Full Service Banking Offices (Domestic and in the U.S. Territories)
1. PA 66
--------- ------------
Total Number of Banking Offices 66
------------
Total Number of Insured Subsidiaries (Bank & Thrift Subsidiaries) 1
------------
Total Number of ATMs 65
------------
0
--------- ------------
Total Number of Banking Offices 0
------------
Total Number of Insured Subsidiaries (Bank & Thrift Subsidiaries) 0
------------
Total Number of ATMs 0
------------
0
--------- ------------
Total Number of Banking Offices 0
------------
Total Number of Insured Subsidiaries (Bank & Thrift Subsidiaries) 0
------------
Total Number of ATMs 0
------------
Have you restated any prior period's financial statements for a pooling of
interest and/or a change in accounting principles? N (Y/N)
Periods Restated on this report:
----------------------------------------------- ------
Reason:
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