Good morning, everyone. And welcome to National Penn Bancshares' Fourth Quarter and Full Year 2014 Earnings Conference Call and Webcast. Please note that this call is being recorded. All callers will be in a listen-only mode during the prepared remarks. At the end of the prepared remarks, there will be a live question-and-answer session with analysts.
This call and the accompanying presentation slides located on National Penn's Investor Relations website at www.nationalpennbancshares.com will be archived on the site following this call. The slides will be furnished on SEC Form 8-K. National Penn's earnings release was posted earlier today to National Penn's Investor Relations website and will be -- also be furnished to the SEC on a Form 8-K.
(Forward-Looking Cautionary Statements)
It is now my pleasure to turn the conference over to National Penn's President and CEO, Scott Fainor.
Good morning. And thank you for joining our fourth quarter and full year 2014 webcast conference call. With me today are Mike Hughes, Chief Financial Officer; Sandy Bodnyk, Chief Risk Officer; and Dave Kennedy, Chief Banking Officer. National Penn's fourth quarter 2014 highlights are outlined on slide number 2 of our presentation and we are very happy to report a strong fourth quarter and full year of financial performance, capital management strategy and execution in 2014, and the continuing momentum as we start into 2015.
Based on our increased liquidity position at the holding company and confirm strong capital levels that we have discussed in detail in our third quarter
2014 call. We are very pleased to announce today our approved $125 million common share repurchase plan for 2015. The National Penn team also closed the TF Financial Corporation acquisition on 10/24/14 and successfully converted and integrated all systems as well as changed the name and the brand to National Penn over that same weekend. This was all accomplished by the team at National Penn in less than five months from our announcement of the deal in June of 2014 and with anticipated cost saves realized.
Slide three gives you a view of the new strengthened and expanding region and franchise for our company and we are off to a great start. With revenue producing teams building new pipelines and customer relationships, the cross-selling of our wide array of products and services are all happening within the new markets in Philadelphia, Lower Bucks County and Western New Jersey.
Also continuing to build is National Penn's loan pipeline and it gives me great pleasure to report that organic loan growth for the fourth quarter of 2014 increased at an annualized rate of 6%. This is coming off of our reported 5% annualized loan growth in the third quarter of 2014. The Pennsylvania economy is doing better and customer confidence throughout all of our commercial and consumer lines of business is stronger than it has been with loan pipelines and loan closings continue to build at higher levels than in early 2014.
This strong financial performance as well as the strength of our balance
President and CEO
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