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National Penn releases earnings, declares dividend, drops purchase bid

It’s been a busy week at National Penn Bancshares Inc.

The parent company of National Penn Bank reported this week its 2014 first quarter net income of $22.7 million, or $0.16 per diluted share.
That missed analyst projections by 1 cent, according to Yahoo Finance.
That was up from net income for the fourth quarter of 2013 — which was reported at $0.15 per diluted share — but that fourth-quarter figure included a one-time restructuring charge. The adjusted net income for the fourth quarter was $0.17 per diluted share, according to the company.
The company also declared a 10-cent dividend Monday, a price in line with its last six dividends.
The company also announced it had withdrawn its bid to purchase the stock of Maryland-based First Mariner Bank, whose parent company, First Mariner Bancorp Inc., declared bankruptcy in February.
According to a news release, National Penn expected a decision from the U.S. Bankruptcy Court in Maryland pertaining to its bid to buy the bank Monday. When the court decided to reopen the bidding, National Penn announced it would no longer be part of the process.
“We remain disciplined in our approach to mergers and acquisitions, while focused on continuing to build long-term shareholder value,” Scott Fainor, president and CEO of National Penn, said in the release. “We are well-positioned to participate in the consolidation of the industry and will continue to evaluate opportunities consistent with our strategic objectives.”
National Penn has four branches and a regional office in Lancaster County. National Penn Bancshares Inc. trades on the Nasdaq exchange under the ticker symbol NPBC.

Michael Sadowski

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