CONDENSED FINANCIAL INFORMATION-PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION-PARENT COMPANY ONLY

19. CONDENSED FINANCIAL INFORMATION – PARENT COMPANY ONLY

The following table is a summary of selected financial information of National Penn Bancshares, Inc., parent company only:

(dollars in thousands)
	Year Ended December 31,
CONDENSED BALANCE SHEETS	2013		2012
Assets:
Cash (q)	$	11,056	$	1,163
Investment in bank subsidiaries	1,057,054		1,124,076
Investment in other subsidiaries	139,342		179,900
Other assets	2,142		780
	$	1,209,594	$	1,305,919
Liabilities and shareholders' equity:
Subordinated debentures	$	77,321	$	144,627
Other liabilities	407		—
Shareholders' equity	1,131,866		1,161,292
	$	1,209,594	$	1,305,919
(q) For tax planning purposes, cash was transferred to a subsidiary of the Parent Company totaling $115 million at December 31, 2013 and $150 million at December 31, 2012. The cash was subsequently returned to the Parent Company.

(dollars in thousands)
	Year Ended December 31,
CONDENSED STATEMENTS OF INCOME	2013			2012			2011
Income:
Equity in undistributed net (loss) earnings of subsidiaries (r)	$	(24,961	)	$	(110,930	)	$	88,604
Dividends from subsidiaries	79,900			214,992			7,300
Interest and other income	2,206			913			266
Total income	57,145			104,975			96,170
Expense:
Interest on subordinated debentures	3,092			7,425			7,299
Other operating expenses	1,502			1,392			5,794
Total expense	4,594			8,817			13,093
Income before income taxes	52,551			96,158			83,077
Income tax (benefit)	(836		)	(2,752		)	(4,467		)
Net income	$	53,387		$	98,910		$	87,544
(r)  During 2013, earnings of subsidiaries totaled $54.9 million and were netted by distributions to the Parent Company of $79.9 million.

19. CONDENSED FINANCIAL INFORMATION – PARENT COMPANY ONLY - Continued

(dollars in thousands)
	Year Ended December 31,
CONDENSED STATEMENTS OF CASH FLOWS	2013			2012			2011
Cash flows from operating activities:
Net income	$	53,387		$	98,910		$	87,544
Equity in undistributed net loss (earnings) of subsidiaries (r)	24,961			110,930			(88,604		)
(Increase) decrease in other assets	(1,185		)	4,843			(4,444		)
Increase (decrease) in other liabilities	407			(1,835		)	(2,361		)
Other, net	(2,100		)	—			—
Net cash provided by (used in) operating activities	75,470			212,848			(7,865		)
Cash flows from investing activities:
Capital contributions to subsidiaries (q)	(115,000		)	(150,000		)	(58,039		)
Capital received from subsidiaries	151,956			55,997			4,844
Net cash provided by (used in) investing activities	36,956			(94,003		)	(53,195		)
Cash flows from financing activities:
Proceeds from advances from subsidiaries	—			1,063			2,530
Repayment of advances from subsidiaries	(65,206		)	(1,746		)	—
Common and treasury stock issuances	6,370			7,092			91,740
Purchase of treasury stock	—			(67,531		)	—
Payment to repurchase preferred stock	—			—			(150,000		)
Cash dividends	(43,697		)	(61,401		)	(15,234		)
Common stock warrant repurchase	—			—			(1,000		)
Net cash used in financing activities	(102,533		)	(122,523		)	(71,964		)
Net increase (decrease) in cash and cash equivalents	9,893			(3,678		)	(133,024		)
Cash and cash equivalents at beginning of year	1,163			4,841			137,865
Cash and cash equivalents at end of year (q)	$	11,056		$	1,163		$	4,841
(q) For tax planning purposes, cash was transferred to a subsidiary of the Parent Company totaling $115 million at December 31, 2013 and $150 million at December 31, 2012. The cash was subsequently returned to the Parent Company.
(r)  During 2013, earnings of subsidiaries totaled $54.9 million and were netted by distributions to the Parent Company of $79.9 million.