National Penn’s net income for fourth quarter of 2007 was $16.71 million, or $0.34 per diluted share, compared to net income of $16.37 million, or $0.33 per diluted share reported for the same period in 2006.
Glenn Moyer, president and CEO of National Penn, said: Persistent, uncertain market conditions continue to weigh heavily on industry credit quality performance. Despite these conditions, the quality of our loan portfolio remains satisfactory on a relative and historical basis and we remain proactive in addressing any deterioration in our overall credit quality. But with that said, we’re also very focused on National Penn’s enhanced opportunities to profitably serve our expanding client base.
