Allentown-based National Penn Bancshares Inc., which posted 2014 adjusted net income of $100.8 million, or 71 cents per share, compared to $98.1 million, or 67 cents per share, in 2013, announced Thursday it will buy back $125 million in common shares.
The parent company of National Penn Bank, which in the fall completed its acquisition of TF Financial Corp., the holding company for Third Fed Bank, saw its assets grow to $9.8 billion.
The TF deal added about $800 million in assets.
National Penn now operates 127 branch offices, including 119 in Pennsylvania. The others are in New Jersey and Maryland.
“The strength of our balance sheet and the strong earnings profile allow us to continue to return capital to our shareholders,” said Scott Fainor, president and CEO of National Penn. “This share repurchase plan, coupled with a 10 percent increase in the cash dividend paid in the fourth quarter, illustrate our commitment to enhancing shareholder value.”
The company’s stock trades on the NASDAQ under the ticker symbol NPBC. The stock opened at $10.33 today.