National Penn Bancshares Inc. Reports Operating Results (10-K)
National Penn Bancshares Inc. has a market cap of $1.08 billion; its shares were traded at around $7.94 with a P/E ratio of 39.7 and P/S ratio of 2.2. The dividend yield of National Penn Bancshares Inc. stocks is 0.5%.Hedge Fund Gurus that owns NPBC: Richard Pzena of Pzena Investment Management LLC, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns NPBC: Diamond Hill Capital of Diamond Hill Capital Management Inc, Pioneer Investments.
Highlight of Business Operations:Commercial Banking Commercial banking has been our historic and ongoing business focus. Commercial banking services are provided to small and medium sized businesses with annual gross revenues generally between $1 million and $100 million located primarily in our market areas. The maximum lending commitment to a single borrower was approximately $35 million as of December 31, 2010, which is well below National Penn s regulatory lending limit. Our lending philosophy is to establish high quality relationships with strict guidelines related to customer credit worthiness and collateral requirements. We strive to maintain a well diversified loan portfolio by industry and borrower. In addition, our lending process includes ongoing review, monitoring and management of the loan portfolio.
Since 1998, National Penn has grown significantly. Growth has been generated both internally and through acquisitions and mergers that have either “filled in” or extended our reach into new markets. At December 31, 1998, National Penn had $1.8 billion in total assets, and National Penn Bank conducted operations through 61 community offices. At December 31, 2010, National Penn had approximately $9 billion in total assets, and National Penn Bank conducted operations through 125 community offices.
The Board of Directors, through the Director s Enterprise Risk Management Committee (”DERMC”), reviews our lending practices and policies. The Credit Policy Committee approves loan authority for certain officers to be used individually or jointly and approves membership in the Company s Loan Committee. The largest single lending authority within National Penn Bank is $2.0 million and joint authorities range from $2.0 million to $10 million based upon the type of loan and industry sector and the credit risk rating of the relationship. Any loan request for an amount exceeding the highest individual or joint approval authority levels must be approved by the Company s Loan Committee. The Loan Committee is chaired by the Chief Credit Officer, with other executive and senior officers of the Company making up the balance of the Loan Committee.
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