Earnings Call Excerpt
National Penn Bancshares, Inc. (NPBC)
Q2 2008 Earnings Call
July 16, 2008 1:00 pm ET
Executives
Michelle H. Debkowski – Executive Vice President, Assistant Corporate Secretary & Investor Relations Officer
Glenn E. Moyer - President, Chief Executive Officer & Director
Scott V. Fainor - Chief Operating Officer & Senior Vice President
Michael R. Reinhard - Chief Financial Officer & Group Executive Vice President
Presentation
Operator
Thank you for joining us today on the National Penn Bancshares second quarter earnings webcast. (Operator Instructions) I’ll now turn this conference over to Michelle Debkowski.
Michelle H. Debkowski
Good afternoon and welcome to National Penn Bancshares’ second quarter 2008 earnings webcast. Questions will be accepted after the conclusion of our prepared remarks via email. Please use the email button located on the conference call screen to ask your question. Due to time constraints we may not be able to answer all of your emails. Additionally, as we review questions received we may combine questions that raise similar issues or can otherwise be combined for comment.
As part of our webcast presentation you will see that are slides with financial highlights available for your independent review. The presentation and slides will be available on our website as well as filed on Form 8-K with the Securities and Exchange Commission following our webcast.
This presentation contains forward-looking information that is intended to be covered by the Safe Harbor for forward-looking statement provided by the Private Securities Litigations Reform Act of 1995. Many of these factors are listed on the slide on your screen. I’ll give you a moment to review the slide.
I will now turn today’s presentation over to Glenn Moyer, our President and Chief Executive Officer.
Glenn E. Moyer
Joining me today is Scott Fainor, our Chief Operating Officer and Michael Reinhard, our Chief Financial Officer. I will start the call today by reviewing highlights from our second quarter 2008 earnings release which is available on the Investor Relations section of our website. Earlier today we included the press release in a report on Form 8-K that we filed with the Securities and Exchange Commission. Mike Reinhard will provide an overview of our financials. Scott Fainor will review our loan and deposit growth, asset quality and our merger integrations. I will then wrap up with some concluding comments.
Beginning with financial highlights I would like to note that our financial results for the year-to-date 2008 include Christiana Bank & Trust as of January 4 and KNBT Bancorp as of February 1. The addition of Christiana and KNBT has significantly changed our financial statements. Our second quarter 2008 results under accounting principles generally accepted in the United States referred to as GAAP reflect record quarterly net income of $27.21 million a $10.98 million increase over net income for second quarter 2007. On a per share basis we earned $0.31 per diluted share in second quarter 2008 compared to $0.32 per diluted share for second quarter 07. I made a mistake, let me repeat the per share basis. On a per share basis we earned $0.34 per diluted share in second quarter 2008 compared to $.032 per diluted share for second quarter 2007. Thank you and excuse my mistake.
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