Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Executives

Scott Fainor – President and CEO

Sandy Bodnyk, – EVP and Chief Risk Officer

Mike Hughes – EVP and CFO

Analysts

Mac Hodgson – SunTrust

Mike Shafir – Sterne Agee

Christopher Marinac – FIG Partners

Andy Stapp – B. Riley

Timur Braziler – KBW

Avi Barak – Sandler O'Neill

National Penn Bancshares, Inc. (NPBC) Q2 2010 Earnings Call Transcript July 29, 2010 1:00 PM ET

Operator

(Operator Instructions) thank you. Good afternoon and welcome to National Penn Bancshares second quarter 2010 earnings call. Please note that this call is being recorded. At the end of prepared remarks there will be a live question-and-answer session with analysts. All callers will be in a listen-only mode during the prepared remarks. This call and the accompanying presentation slides will be archived on National Penn's investor relations website following the live call.

A transcript of today's call and the slides will also be furnished on SEC Form 8-K. National Penn's earning release will furnish – was furnished earlier today to the SEC on a Form 8-K and is also on the investor relations website.

I will now turn the conference over to National Penn's President and CEO, Scott Fainor. Please go ahead, sir.

Scott Fainor

Thank you and thank you to everyone joining our second-quarter earnings webcast conference call today. I'm joined today by Mike Hughes, our Chief Financial Officer, and Sandy Bodnyk, our Chief Risk Officer, who will be giving some more in-depth analysis after my introductory remarks. But before we start, please take a moment to review slide one regarding our Safe Harbor disclosure, which regards to our forward-looking statements and non-GAAP financial measures. Thank you.

I am very pleased to report our positive progress as it relates to the second-quarter financial results. As we have continued to communicate our strategic objectives since January of 2010, these results we will review with all of you today will demonstrate that National Penn has moved to a more offensive position.

The significant highlights for the quarter are asset, quality improvement all around. Non-performing loans decreased by 18%, classified loans decreased 4% during the quarter, loan loss provision decreased $7.5 million to $25 million, as our net charge-offs were relatively flat.

We continue to improve our fundamentals. The net interest margin expanded to 3.5%, and our efficiency ratio reflects our expense controls, which is at 58%. Our adjusted net income continued to improve, exclusive of our previously-announced divestiture of Christiana Bank & Trust and BOLI, which we pre-announced in June, our adjusted net income for the quarter was $0.08 per diluted common share. We remain cautious about the impact of the local economy, but the trends are directionally correct and asset quality measures continue to improve, as I stated earlier.

Let me now turn the presentation over to Mike Hughes to discuss some more specifics of our financial performance for the second quarter.

Mike Hughes

Thank you, Scott. I'll turn your attention to slide three and as you look at this slide you can see that the reconciling items we have between reported income and adjusted income are few in number. That's the good news. We certainly looked and discussed previously the Christiana divestiture and the BOLI redemption. Although they impacted the quarter's earnings they were a non-cash charge and had virtually no current impact on capital ratios.

The other item you see there is the accounting convention where we mark our own trust preferreds to market. The market value of our trust preferreds declined from $23.85 at the beginning or the quarter to $23.26, resulting in net income in the quarter. And as you can see, as Scott previously mentioned, adjusted EPS of $0.08 per share.

On slide four, you can see the trend in the net insurance margin, again directionally very favorable and strong. I would note that the trend is starting to flatten as we move into this quarter.

Non-performing assets during the quarter impacted the margin by about 10 basis points. And as we've repriced the CD portfolio and looked at deposit pricing, CDs have decreased from 42% at June 30 of '09 to 36% at June 30 of '10 as a percent of total deposits. Now we anticipate that the margin will trade within a narrow band for the remainder of the year influenced by many factors and primarily driven by loan volumes.

Slide five looks at non-interest expense. The expenses grew at a growth rate of 1% quarter over quarter. You can see the trend at the bottom of the slide that relates to the efficiency ratio, very constant. It is a culture here at Nat Penn in the upper 50% range and well controlled quarter-to-quarter.

Slide six, looking at other income, on a quarter-to-quarter basis other income increased by 5%. Let me talk a little bit about the pending legislation and the impact of Reg E. Although it's early to estimate – and I'll just give you some color that on an annual basis that income approximates $9 million for National Penn. We continue to make good progress on our opt-in. As you might suspect there's a low percentage of customers that account for the greater portion of that over-draft income. It is a service that customers are willing to pay for and the opt-in percentages are very favorable.

Turning your attention to slide seven and looking and beginning at capital ratios, this slide is the leverage ratio at the bank level, and as you can see, over the first two quarters of the year, we've increased that ratio from 7.86% to 8.6%. Again, done without raising incremental capital and adding incremental shares and done without diluting the net interest margin.

That accretion is reflective of the deleveraging strategy we implemented, primarily in the first quarter, the internal generation of the capital at the bank, and an improved earnings profile outlook, as well as tax management strategies, allowing us to reinstate a portion of the deferred tax assets.

Slide eight I think begins to illustrate of what we're going to talk about in the next couple of slides is the strength of the balance sheet. And if you look at the right hand – or the left hand columns at June 30 of 2010 you can see the capital ratios, both at the holding company at the bank level, very strong, exceeding all regulatory requirements. And as you move out on the slide to the right hand you can see what the pro forma ratios are and again, 980 pro forma ratio for the divestiture of the Christiana.

When you look at these capital ratios in conjunction with the next slide, slide nine, and our asset quality, I think it gives you an indication of the strength of the balance sheet.

Non-performing loans as a percent of total loans declined to 1.72% from 2.03% and as a comparison, at March 31, you can see the peer group is about 50% higher. Our coverage ratio increased to 155% of non-performing loans; as Scott mentioned a function of the decline in non-performing as the reserve was relatively flat, and our coverage increased from 128% compared to a peer group of 68%.

With that I'll turn it over to Sandy.

Sandy Bodnyk

Mike, as Scott noted, we're pleased to report a decrease in classified loans following three quarters of stabilization after some high growth periods. This reduction occurred in all categories – C&I, CRE and retail – and it's the result of the continued risk identification efforts and the focused workout strategies that we've discussed with you in prior quarters.

On slide 11 and in your financial highlights, you'll see us reflecting four-quarter stabilization of our non-performers and then the 18% decrease this quarter in non-performing loans and 12% decrease in non-performing assets. At the same time, charge-offs have remained stable for five quarters. Reductions in non-performing also occurred in all categories and we feel we've effectively utilized charge-offs to manage our non-performing loan levels.

Two items of particular note; the reduction in residential mortgages reflects the sale of $8.5 million of purchased mortgages from prior acquisitions that had credit quality characters that was uncharacteristic of the core portfolio. We also had an increase in ORE during this quarter, $6.6 million that relates to two properties a 300-unit student housing property and a residential development credit.

Slide 12 illustrates our risk profile by loan type. Commercial loans represent 45% of the portfolio; real estate loans represent 21%; and consumer credit, 32%. This has been a stable mix. Real estate construction declined by $30 million during the quarter and represents 6% of the portfolio. This is the portfolio that demonstrated the greatest challenge in this economic cycle with 33% classified and 10% NPAs.

As we've discussed in prior quarters and on slide 13, our non-performing assets and charge-offs remain concentrated in the southeastern Pennsylvania geography. This is the region that's experienced the greatest expansion from development and property values and have experienced the most stress within the portfolio in this environment.

In summary, we have a strong asset review process in place, we've staffed the highly experienced work out unit to address problem asset reduction, and we're continuing to experience stabilization and now reduction in both classified and non-performing levels.

Our NPAs have been charged down and specifically reserved by 39%. Our AOL NPA coverage levels are strong at 155% and the AOL now represents 2.68% of loans.

Scott Fainor

Thank you, Sandy. Let me conclude with a few comments from slide 14. First, we have positive momentum here at National Penn. Our banking teams are – they're in the field, they're focused with current customers and new customers and prospects.

We're focused on increasing our loan pipelines and increasing our core deposits that we're bringing into the right categories for the deposit mix, and over all, increasing in fee income in our other lines of business. From balance sheet management standpoint, our balance sheet has never been stronger. Some of the negative short-term impact within the quarter is overridden by improving holding company liquidity, our capital levels and earnings for the longer term.

Improvements in asset quality, as you heard from both Mike, Sandy and my previous comments, showed a demonstrated progress and a focus and we're encouraged by the trends that we show in the second quarter. Reduced provision for loan losses, non-performing loans, which decreased 18% to $99 million, improved coverage of allowance to non-performing loans to 155%, is a strong statement.

Also, continued well controlled expense management and our non-banking businesses continue to perform well. We're continuing to meet and exceed regulator expectations.

TARP repayment will be when appropriate and in a shareholder-friendly manner. And we're going to efficiently and effectively continue to use capital. Improvements in our capital ratios will continue. Our leverage ratio at National Penn Bank increased to 8.6%. We continue to remain focused on long-term profitability and enhancing shareholder value. Our fundamentals are strong. Our pretax pre-provision income is increasing. We will stay focused on playing offense now and delivering on our strategic objectives throughout 2010. And this will be to internally generate capital, which will drive our longer-term profitability.

So with that I thank you all for being part of this call and I now want to open it up to the question-and-answer part of the webcast.

Question-and-Answer Session

Operator

(Operator Instructions). And our first question comes from the side of Mac Hodgson[ph] with SunTrust. Please go ahead.

Mac Hodgson – SunTrust

Hey, good afternoon.

Michael Hughes

Hey Mac, How are you?

Scott Fainor

Good afternoon.

Mac Hodgson – SunTrust

Good. Just a couple of questions. One, Mike, could you go through the comment you made on the DTA again about reinstating some of that into tier 1, I guess?

Mike Hughes

Yes. Deferred tax asset in the quarter dropped from about $89 million to $75 million. Additionally, when we did some of the things from a tax planning perspective, the surrender of BOLI, and, as you saw, some of the reduced provisioning, we had the ability to reinstate some of that deferred tax asset and we reinstated about 7 million at the holding company and 10 million at the bank.

Mac Hodgson – SunTrust

Okay, great. And then is it reasonable to assume if trends continue in the direction they are, that similar reinstatements will occur in future quarters?

Mike Hughes

I think we will have reinstatement at future quarters at slower rates.

Mac Hodgson – SunTrust

At slower rates, okay. Could you update us on liquidity at the holding company. I know – I think pro forma with Christiana it was supposed to be maybe around 87 million or so. Anything changed there?

Mike Hughes

Not really. We're still on the same general area. On a pro forma basis, we're looking at that $85 million to $90 million range.

Mac Hodgson – SunTrust

And do you feel there are other ways to supplement that liquidity position in the next couple of quarters?

Mike Hughes

We continue to look at that. We really don't have any specifics at this time, but as you can imagine, that's a focus of ours.

Mac Hodgson – SunTrust

Okay, great. I noticed at the end of the quarter at period end, it looks like there is a decent build up of interest bearing deposits relative to the end of the first quarter. I don't know if that's just a timing thing, anything going on there?

Mike Hughes

No, I think if you look at deposits on average for the quarter, CDs declined about 200 million on average and core deposits increased about 90. So the trend that we see there is, I think with the general rate environment and the customers' accumulation of cash, that there's more a tendency to say short rather than long. And we have been very disciplined in how we price those CDs.

As we see loan demand soften somewhat we're managing the size of the bank. So I won't read a lot into deposit levels other than disciplined pricing on the CD portfolio and an increasing core. We talked about the increase in mix. We think long term that bodes well for the company.

Mac Hodgson – SunTrust

And I was thinking a little more to the asset side?

Mike Hughes

Oh, I'm sorry. You were talking about the fed account, right?

Mac Hodgson – SunTrust

Yes. Yes, and you might have touched on that.

Mike Hughes

I think that is an opportunity for us going forward. The liquidity right now is at 500 million or 600 million and we certainly will look at that – moving that out on the curve somewhat as we manage the investment portfolio.

Mac Hodgson – SunTrust

Okay, just one last question. Scott, any – just a couple of questions related to relationship of the regulators. Can you give us any color on the timing of the next regulatory exam and how quickly you think – it connects with the agreement?

Scott Fainor

We have – as we've stated previously, we have good relationships with all of our regulators – our primary regulators, the office of the controller of currency. We work with them on multiple exams that are going on at multiple times with a bank of our size and we continue to meet and exceed our regulatory guidelines, as we've stated in our comments today.

So we'll continue to report in future quarters any progress that we're making but we feel good about our progress that's been made to date.

Mac Hodgson – SunTrust

And would you think that the informal agreement would need to be lifted before the company could repay TARP?

Scott Fainor

I think, once again, there's multiple items that we would need to continue to put into context, but once again, we're building capital, we're building liquidity, asset quality has become much better, the trends are much better in the quarter. So our focus is really reducing problem assets while maintaining a solid level of capital and liquidity, and as those trends continue and we continue to build our ongoing future profitability, as we stated, then we'll address those things at that time.

Mac Hodgson – SunTrust

Okay, great. Appreciate it.

Operator

Our next question comes from the site of Mike Shafir with Sterne Agee. Please go ahead.

Mike Shafir – Sterne Agee

Hey, good afternoon guys.

Mike Hughes

Good afternoon.

Scott Fainor

Hey Mike.

Mike Shafir – Sterne Agee

I was just wondering as far as – if you could provide a little bit more detail on the impact of Reg E, because – as we start to look into the third quarter it seems like those fees will definitely start to be impacted and I was wondering how long have you guys been contacting your depositors and what kind of response you're getting and then if you can provide any more specific detail on a dollar impact?

Mike Hughes

I guess we'd say maybe too early in the game to quantify the dollar impact. One thing we're looking at is we have some grandfather products from some previous acquisitions, so we're looking at structure and other ways to offset.

Do we think there'll be some compression there, yes. But of the customers that we have contacted – and we obviously prioritize by the higher-using customers – the opt-in rate is in excess of 80% and probably higher. So, we do believe, and I'm sure you've heard this from others, that it's a service that customers are willing to pay for and want to have. We do think there'll be some compression. We're looking for other ways to offset it.

Scott Fainor

Mike just one additional comment on top of Mike's is that we started the calling process in April and in May and that calling process involved all of our line bankers that were tied to these customers. But I think I said in the first quarter report in April, we did see a decline in our overdraft fee income at that time and we saw our average deposit rate – or average deposit number in our accounts increase.

So we think because people were learning more about the overdraft Reg E item coming to bear and then customers are reducing debt and building cash in their balances already, part of that is already in the run rate that you're seeing today. It may not be the full amount, as Mike stated, but part of the reduction is already in the run rate today.

Mike Shafir – Sterne Agee

Okay, thanks for that detail guys. And then also I was just wondering, as we think about the tax rate moving forward, what are you guys comfortable with?

Mike Hughes

Well, as we've – as I said before, it's difficult to give specific guidance. I'll say this, if you take away the BOLI impact in the quarter, the effective tax rate is about 17%. I think historically, if you've looked at National Bank, it's in that 20 to 25% range. But, again, based upon where the profitability levels are currently and the level of tax-free income, I think you'll see that bounce quarter-to-quarter.

Mike Shafir – Sterne Agee

Okay. And then also kind of, as we speak to the margin, you did say that you felt like that pick up from the deposit repricing side is definitely starting to slow down. With all the excess liquidity and it seems, to follow up on the comments before, I'm assuming you guys are investing that relatively short so the yields in the securities portfolio on a sequential basis looks like they're coming in and that offset on the CD side is starting to wane. Would that be accurate?

Mike Hughes

We do think that the impact on the margin of repricing the deposit side will – there'll be some benefit but at a declining rate. And therefore, when we look at the margin, we're looking at loan volumes and the ability, as pointed out earlier, to take some of that "excess liquidity" out on the curve a little bit.

Mike Shafir – Sterne Agee

All right, thanks a lot, I appreciate all that detail guys.

Scott Fainor

Thanks, Mike.

Operator

Our next question comes from the site of Christopher Marinac with FIG Partners. Your line is open.

Christopher Marinac – FIG Partners

Thanks, good afternoon. Scott, I was wondering if Sandy could give us a little more color about TDRs and to what extent is that an option for you as you resolve any future credit issues as they come up?

Scott Fainor

Sure, Chris.

Sandy Bodnyk

Chris, hi. At this stage we have only used the TDR methodology around our HAMP-like Residential Modification program. We have not used it in terms of C&I or real estate portfolios because we think moving them up and out is a better thing for the bank. We – obviously, we'll analyze that as we go and where we see an opportunity we'll make a judicious call on it.

Christopher Marinac – FIG Partners

Okay, great. And then, Scott, just a – probably a bigger picture question. What has to happen before acquisitions are interesting to the bank? I realize it may not be a near-term topic, but just thinking out in the future, what do you want to see before it's interesting to even consider something?

Scott Fainor

I think we have continued to say that we're focusing in on our core banking operation. We want to make sure that all of the process and the policy that we've put in place around loan quality, around continuing to bring our company back to a level of profitability that can work together with these higher levels of capital that we're holding all works, and I think that when we see the continued trend of reduction in problem assets, our strong capital foundation that we've continued to build and then increases in profitability, then I think you're going to see us once again continue to look for growth through acquisition.

We've tended to stay focused on our company. We still have what I would consider to be an ability to drive more revenue within our firm by getting back on the offense. As we play more offense, we're going to continue to be able to compete in this market from a position of strength, and I think that's where we're at this time.

Christopher Marinac – FIG Partners

Okay, that's great. Thank you for the feedback.

Scott Fainor

Thanks, Chris.

Operator

Our next question comes from the site of Andy Stapp with B. Riley. Your line is open.

Andy Stapp – B. Riley

Good afternoon.

Scott Fainor

Thanks, Andy. How you doing?

Andy Stapp – B. Riley

I'm hanging in there as earning season's almost done, so that makes me feel a lot better.

Scott Fainor

Okay, good.

Andy Stapp – B. Riley

A lot of banks have been reporting that some customers are feeling increasing stress due to the long nature of the weak economic environment. Are you see – to what extent are you seeing that?

Sandy Bodnyk

Andy, this is Sandy. I watch those signs very carefully as we go through our watch list process at the end of each quarter, and I will tell you that I think our customers' insight was that they were feeling much more positive about the third and fourth quarter than we heard at the end of the second quarter.

That doesn't necessarily translate into they think they're going to have more loan problems, but I think it translates into they'll be more cautious about their investment activities and borrowing pattern.

Scott Fainor

I also – Andy, I've been doing a lot of customer calls with the banking teams over the course of the last five months and I would say what I've seen change from five months ago isn't a lot, but it's people are still cautious, companies are still cautious about where the economy's going and where the administration is taking the economy.

And I think that cautiousness is building cash on their balance sheets and it's not hiring people and they're waiting to see how the economy strengthens or at least stabilizes within the markets we serve, so, it's going to be slow going. We are cautiously optimistic, but we think it's just going to take some time.

Andy Stapp – B. Riley

Okay. So there's been no change in the pipeline?

Scott Fainor

I think – we're seeing some new opportunity within the pipeline, but I wouldn't say that our pipelines are at any levels that, once again, we feel that they're going to need to be. I think that the banking teams now playing more offense are going to be competing more strongly within the markets, looking at other accounts. But it's going to be deposits, it's going to be other lines of business we have in fee income, and I think we're going to once again not see as much loan activity in the near term.

But that doesn't mean that we won't see some, and we did originate $225 million worth of loan volume in the quarter. So we're still doing business. It's just that we want to do more and it's not totally there.

Andy Stapp – B. Riley

Gotcha. Thanks.

Operator

(Operator instructions), our next question comes from the site of Damon DelMonte with KBW. Please go ahead, your line is open.

Timur Braziler – KBW

Hi, good afternoon, guys. This is actually Timur Braziler with KBW.

Scott Fainor

Hey, good afternoon.

Timur Braziler – KBW

Just a couple of questions. The first is, how large is the interchanged portion of your service fees and are you guys expecting, or have you done any kind of calculation to see what the potential impact would be with the pending Durbin Amendment?

Mike Hughes

We have not because we really haven't seen the final Regs, know what that is, but the annual fee income is in that $9 million range, 9 to 10.

Timur Braziler – KBW

Okay. And next question, on the competitive landscape, particularly with the entry of First Niagara, are you still seeing kind of some irrational pricing going on the commercial side? Are you going up against them with –

Scott Fainor

We compete against First Niagara and we hold them in very high regard, as we do all of our competitors. We once again compete. We will continue to. As a company playing offense, we're going to continue to try to take advantage of disruption in the market. We're going to – we've got our professional teams out there.

We're leveraging our franchise and whether it is with First Niagara or any other competitor, we're going to compete professionally and very diligently to win business, and we have been winning business.

Timur Braziler – KBW

Okay, great. And my last question is just a follow up to what's been discussed earlier. Regarding TARP, is there any kind of internal metrics that you're keeping track of that would trigger the repayment of it?

Scott Fainor

Well, there's many metrics that we follow within our company for multiple strategic objectives. I think that – our goal is to reduce problem assets, continue to keep capital strong, return the company to profitability and as we've said today, get our banking teams out there playing much more offense than we may have done in the past several quarters.

We're doing all of that. So we're going to focus in on repaying TARP in a shareholder-friendly way, either in part or in whole. And as we continue to have that strategic objective come together we'll be continuing to communicate that to the – to our investors.

Timur Braziler – KBW

Okay, thank you very much. Very nice quarter.

Scott Fainor

Thank you.

Mike Hughes

Thanks.

Operator

And our next question comes from the side of Avi Barak with Sandler O'Neill. Please go ahead.

Avi Barak – Sandler O’Neill

Good afternoon, everyone, it's Avi. How are you?

Mike Hughes

Hi, Avi.

Scott Fainor

Good afternoon, Avi.

Avi Barak – Sandler O’Neill

Just thinking about what Nat Penn wants to look like going forward and in light of your comments regarding the sale of Christiana to a Delaware-based bank and in conjunction with your comments regarding wanting to repay TARP in a shareholder-friendly way as possible, would you consider selling off the Nittany part of the franchise, which is a little bit offset from the core piece of the franchise, and maybe to someone that's more concentrated in those central PA markets?

Mike Hughes

When we look at that and the contribution of Nittany it's pretty significant to the company, that's been a good acquisition for us. Although it's geographically removed, it has been a strong performer and I think from a core franchise it's something that we will look at strategic alternatives.

That's not high on the list nor do I think that would be something that we would pursue. Again, the other thing I'd point out about Christiana is that was a sub of the holding company so we had a chance to enhance liquidity at the holding company.

Scott Fainor

I would just add to Mike's comments that we continuously review line of business profitability, we review product profitability and we review our service levels of profitability. And we will continue to keep doing that. Our Nittany Bank division has a very good group of professionals that are out there. It's in a very good market. It's had low unemployment and thus it's had very good metrics that have helped us to strengthen our company with all of the different items that I just covered in the last question.

So our goal is to strengthen this company even more so than it is today. It's to get the company's problem assets to be reduced and continue that trend. It's to continue to return the company to profitability. And it's to continue to keep us on the offense to be a strong competitor, as we have been, and to bring new levels of revenue back into this company.

Avi Barak – Sandler O’Neill

Okay, thank you very much.

Operator

There are no further audio questions at this time.

Scott Fainor

Okay. In closing, I want to thank everyone, again, for your participation on today's call and once again, have a great week. Thank you very much.

Operator

This concludes today's presentation. You may now disconnect at any time and have a wonderful afternoon.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: National Penn Bancshares, Inc. Q2 2010 Earnings Call Transcript
This Transcript
All Transcripts