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National Penn Bancshares, Inc. (Nasdaq: NPBC) announced today that its Board of Directors authorized the repurchase of up to five percent (5%) of the outstanding shares of National Penn during 2014.
“The strength of our balance sheet and the strong internal generation of capital allow us to continue to return capital to our shareholders,” said Scott V. Fainor, president and CEO of National Penn. “We have managed capital in 2012 and 2013 through a strong dividend payout, common stock repurchase and redemption of higher-cost trust preferred stock.”
Stock repurchases may be made by National Penn from time to time in various ways including in open market or negotiated transactions, subject to any applicable regulatory reviews and/or requirements and in accordance with federal securities laws. Stock repurchases, and the amount and timing of any repurchases, will be dependent on factors including the company’s capital position and needs, market conditions, and other capital management objectives and opportunities.
Additionally, National Penn announced that a non-recurring charge of approximately three cents ($0.03) per diluted share will be included in the fourth quarter 2013 financial results. The charge is a result of previously discussed strategic actions involving the rationalization of the current expense base, including the consolidation of both branches and administrative facilities.
Scott V. Fainor stated, “Although National Penn’s efficiency ratio has been very consistent and better than most of our peers, the current interest rate environment requires us to reduce expenses. We expect these expense reductions to offset this charge in a short time frame.”
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with approximately $8.4 billion in assets, is a bank holding company based in Pennsylvania. Headquartered in Boyertown, National Penn Bank operates 120 branch offices comprising 119 branches in Pennsylvania and one branch in Maryland.
National Penn’s financial services affiliates are National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Institutional Advisors LLC; and National Penn Insurance Services Group, Inc., including its Higgins Insurance and Caruso Benefits Group divisions.