BOYERTOWN PA – National Penn Bancshares Inc., the Boyertown PA-based bank holding company with branch offices in Sanatoga, Pottstown and elsewhere across the state, said Friday (April 23, 2010) it improved profitability during the just-ended first quarter of its current fiscal year, and better controlled expenses in reaction to the regional economy’s negative effects.

It reported net income of $1.9 million, or 2 cents per diluted common share, for the first quarter 2010 after payment of dividends on preferred stock. That compares to net income of $1.7 million or 2 cents per diluted share for the quarter ended March 31, 2009, and a loss of $2.25 per diluted share for the quarter ended December 31, 2009.

“Although economic conditions may continue to impact asset quality, our level of non-performing assets and net charge-offs has been relatively stable over the last several quarters, and our credit metrics continued to improve,” National Penn President and CEO Scott Fainor.

Underlying fundamentals improved as the net interest margin expanded to 3.44 percent, up from 3.29 percent in the fourth quarter of 2009, and operating expenses declined.

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