SOURCE: Univest Corporation of Pennsylvania

Univest Corporation of Pennsylvania

January 25, 2012 12:43 ET

Univest Corporation of Pennsylvania - Univest Bank and Trust Co. - Reports Fourth Quarter and Year End Earnings

SOUDERTON, PA--(Marketwire - Jan 25, 2012) - Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest Bank and Trust Co., a full-service financial institution with 136 years of experience in delivering financial solutions including personal and business banking, online banking, residential mortgages, insurance products, investment and wealth advisory solutions, today announced financial results for the fourth quarter and year ended December 31, 2011. Univest reported net income of $5.3 million or $0.32 diluted earnings per share for the quarter ended December 31, 2011, compared to $4.9 million or $0.30 diluted earnings per share for the comparable period in the prior year.

For the year ended December 31, 2011, Univest reported net income of $18.9 million or $1.13 diluted earnings per share, compared to $15.8 million or $0.95 diluted earnings per share for the comparable period in the prior year. The increase in net income of $3.1 million during 2011 represents an increase of 19.84% over 2010.

Deposits
Total deposits increased $24.2 million from September 30, 2011 and $63.0 million from December 31, 2010. Core deposits increased $48.2 million for the quarter and $72.2 million for the year ended December 31, 2011 primarily due to new customers choosing Univest.

Loans
Gross loans and leases increased $10.0 million from September 30, 2011 and decreased $24.8 million from December 31, 2010. While the Corporation saw increased loan activity in the fourth quarter, overall credit demand and utilization of lines by businesses and consumers remains light as a result of the prolonged challenging economic environment.

Net Interest Income and Margin
Net interest income decreased $866 thousand or 4.51% to $18.3 million in the fourth quarter of 2011 compared to the fourth quarter of 2010. The net interest margin on a tax-equivalent basis for the fourth quarter of 2011 was 3.96% compared to 4.15% during the third quarter of 2011 and 4.18% in the fourth quarter of 2010. The decrease in the net interest margin during the fourth quarter of 2011 from the same period in the prior year was primarily due to a 67 basis point decrease in the ratio of average interest-earning assets to interest-bearing liabilities. Excess funds generated from the increases in public funds deposits, calls of investment securities and lower loan volume from continued light credit demand were invested in interest-earning deposits as the Corporation continues to keep the investment portfolio short. Average interest-earning deposits increased $80.9 million comparing the fourth quarter of 2011 from the same period in the prior year.

Net interest income of $74.7 million for the year ended December 31, 2011 increased $1.2 million or 1.64% compared to the year ended December 31, 2010. The net interest margin on a tax-equivalent basis for the year ended December 31, 2011 increased 4 basis points to 4.15% from 4.11% for the prior year. The year-to-date increases in the net interest income and the net interest margin were a result of declines in the cost of interest-bearing liabilities, exceeding the declines in yields on interest-earning assets. The increases were also attributed to declines in the volume of Federal Home Loan Bank (FHLB) borrowings. The Corporation repaid its maturing FHLB advances in 2010 reducing average year-to-date FHLB advances from $45.8 million for the year ended December 31, 2010 to $5.0 million for the year ended December 31, 2011. FHLB advances at December 31, 2011 remained at $5.0 million.

Non-Interest Income
Non-interest income for the quarter ended December 31, 2011 was $9.0 million, a decrease of $290 thousand or 3.13% from the comparable period in the prior year. During the fourth quarter of 2011, service charges on deposit accounts declined $319 thousand primarily due to changes in industry practices to benefit customers impacting non-sufficient funds and overdraft fees, which were implemented in July 2011; trust fee income decreased $161 thousand; and the net gain on mortgage banking activities decreased by $127 thousand. In addition, other income was down $288 thousand mainly due to a net gain on terminated leases during the fourth quarter of 2010. These unfavorable variances were partially offset by an increase in investment advisory commissions and fee income of $587 thousand mostly as a result of attaining several new customers.

Non-interest income for the year ended December 31, 2011 was $34.4 million, remaining level with the prior year. Non-interest income for 2011 included increases from trust fees of $264 thousand, investment advisory commissions and fees of $747 thousand, bank owned life insurance income of $398 thousand, and an increase in the net gain on sales of securities of $985 thousand. Additionally, the year ended December 31, 2010 was impacted by fair value write-downs on the ineffective portion of a fair value swap of $1.1 million, which was terminated in August 2010. These favorable variances were partially offset by a decline of $1.6 million in service charges on deposit accounts due to the amendments to Regulation E which were implemented on August 15, 2010, and a decline of $1.1 million in the net gain on mortgage banking activities due to weaker mortgage demand in the first six months of 2011 with significant improvement in the last six months of 2011 due to re-financings. Other income decreased $834 thousand primarily due to an increase in mortgage servicing right impairment charges of $641 thousand in 2011 compared to 2010 mainly due to the decline in interest rates which increased the projected speeds of prepayment, and an increase in the net loss on sales and fair value write-downs of other real estate owned properties of $421 thousand. The first quarter of 2010 also included proceeds from a litigation settlement.

Non-Interest Expense
Non-interest expense for the fourth quarter of 2011 was $17.6 million, an increase of $1.4 million or 8.48% compared to the fourth quarter of 2010. Salaries and benefits expense increased by $746 thousand primarily due to higher commissions, employee incentives, special awards for employees up through senior vice president, and lower deferred loan origination costs partially offset by lower restricted stock expense. Other expenses increased $689 thousand primarily due to loan workout, legal and other real estate owned expenses. The increases for the quarter were partially offset by a decline in deposit insurance premiums of $255 thousand mainly due to the amended assessment calculation requirement through the FDIC rule implemented April 1, 2011. The payment was formerly based on deposits whereas the rule change now bases the payment on the average consolidated total assets less average tangible equity.

For the year ended December 31, 2011, non-interest expense was $68.0 million, an increase of $661 thousand or 0.98% compared to the same period in the prior year. This was attributed to an increase of $196 thousand in salaries and benefits mainly as a result of higher commissions, employee incentives, special awards for employees up through senior vice president and annual performance increases. Salaries and benefits expense also increased as Univest continued to grow the mortgage banking business. These increases were partially offset by higher deferred loan origination costs. The Corporation implemented higher deferred loan origination costs commencing during the fourth quarter of 2010 based upon an in-depth study performed which incorporated management's additional review time in connection with the loan approval process in the current environment. In addition, non-interest expense included increases in premises and equipment expenses of $497 thousand and increases in loan workout, legal and other real estate owned expenses. These unfavorable variances were partially offset by a decline of $558 thousand in marketing and advertising expenses and a decline of $631 thousand in deposit insurance premiums mainly due to the amended assessment calculation requirement through the FDIC.

Asset Quality and Provision for Loan and Lease Losses
Non-accrual loans and leases, including non-accrual troubled debt restructured loans, was $38.2 million, remaining level with September 30, 2011 and down from $45.2 million at December 31, 2010. During the year ended December 31, 2011, charge-offs, foreclosures and pay-downs exceeded the additions to non-accrual loans. Net loan and lease charge-offs were $4.3 million during the fourth quarter of 2011 compared to $5.2 million for the third quarter of 2011 and $4.3 million for the fourth quarter of 2010. For the year ended December 31, 2011, net loan and lease charge-offs were $18.5 million or 1.28% of average loans and leases compared to $15.5 million or 1.07% for the year ended December 31, 2010.

Nonperforming loans and leases as a percentage of total loans and leases equaled 2.94% at December 31, 2011 compared to 2.96% at September 30, 2011 and 3.16% at December 31, 2010. Other real estate owned decreased from $7.7 million at September 30, 2011 to $6.6 million at December 31, 2011 and was $2.4 million at December 31, 2010. During the fourth quarter of 2011, three properties were sold with proceeds received totaling $1.1 million. As of December 31, 2011, a total of four properties remain in other real estate owned.

The provision for loan and lease losses declined to $3.1 million for the fourth quarter of 2011 from $3.6 million for the quarter ended September 30, 2011 and $6.3 million for the quarter ended December 31, 2010. The provision for loan and lease losses for the year ended December 31, 2011 was $17.5 million, a reduction of $4.1 million compared to $21.6 million for the year ended December 31, 2010. The decrease in the year-to-date provision was primarily the result of migration and resolution of loans through the loan workout process, lower loan volume and a decrease in historical loss factors. The allowance for loan and lease losses as a percentage of total loans and leases was 2.07% at December 31, 2011 compared to 2.16% at September 30, 2011 and 2.10% at December 31, 2010. The allowance for loan and lease losses to nonperforming loans and leases equaled 70.34% at December 31, 2011, compared to 72.85% at September 30, 2011 and 66.48% at December 31, 2010.

Capital
Univest continues to remain well-capitalized at December 31, 2011. Univest's total risk-based capital at December 31, 2011 was 15.56%, well in excess of the regulatory minimum for well capitalized status of 10% for total risk-based capital.

During the quarter, Univest deployed $285 thousand of capital to repurchase 20,629 shares of common stock through the stock repurchase program. Maximum shares available for future repurchases through the plan at December 31, 2011 was 566,745. Total shares outstanding at December 31, 2011 were 16,702,376.

Dividend
On January 3, 2012, Univest Corporation paid a quarterly cash dividend of $0.20 per share, which represented a 5.32% annualized yield based on the closing price of Univest's stock on the date the dividend was paid.

About Univest Corporation
Headquartered in Souderton, Pa., Univest Corporation of Pennsylvania (www.univest.net) and its subsidiaries serve the financial needs of residents, businesses, and nonprofit organizations in Bucks, Chester, Montgomery and Lehigh counties. For more information on Univest Corporation of Pennsylvania and its subsidiaries, please visit www.univest.net.

This press release of Univest Corporation and the reports Univest Corporation files with the Securities and Exchange Commission often contain "forward-looking statements" relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Univest Corporation. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Univest Corporation's future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce net interest margins; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which Univest Corporation is engaged; (6) technological issues which may adversely affect Univest Corporation's financial operations or customers; (7) changes in the securities markets or (8) risk factors mentioned in the reports and registration statements Univest Corporation files with the Securities and Exchange Commission. Univest Corporation undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
December 31, 2011
(Dollars in thousands)
Balance Sheet (Period End) 12/31/11 09/30/11 06/30/11 03/31/11 12/31/10
Assets $ 2,206,839 $ 2,174,127 $ 2,058,377 $ 2,108,579 $ 2,133,893
Securities 471,165 412,340 418,020 445,798 467,024
Loans held for sale 3,157 1,724 2,102 1,451 4,178
Loans and leases, gross 1,446,406 1,436,411 1,438,707 1,442,137 1,471,186
Allowance for loan and lease losses 29,870 31,002 32,601 32,804 30,898
Loans and leases, net 1,416,536 1,405,409 1,406,106 1,409,333 1,440,288
Total deposits 1,749,232 1,725,063 1,621,294 1,665,225 1,686,270
Non-interest bearing deposits 304,006 275,930 277,515 280,337 271,125
NOW, money market and savings 1,036,726 1,016,651 967,554 974,158 997,395
Time deposits 408,500 432,482 376,225 410,730 417,750
Borrowings 137,234 135,490 127,689 125,545 143,865
Shareholders' equity 272,979 275,099 273,022 268,673 266,224
Balance Sheet (Average) For the three months ended, For the twelve months ended,
12/31/11 09/30/11 06/30/11 03/31/11 12/31/10 12/31/11 12/31/10
Assets $ 2,174,857 $ 2,113,446 $ 2,096,173 $ 2,106,276 $ 2,125,112 $ 2,122,788 $ 2,093,422
Securities 423,657 409,376 439,606 444,662 449,031 429,213 433,182
Loans and leases, gross 1,435,173 1,445,344 1,451,076 1,461,037 1,461,766 1,448,079 1,442,085
Deposits 1,727,861 1,672,452 1,655,812 1,670,062 1,689,701 1,681,681 1,619,634
Shareholders' equity 276,114 275,502 272,952 268,343 271,945 273,255 270,490
Asset Quality Data (Period End)
12/31/11 09/30/11 06/30/11 03/31/11 12/31/10
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases $ 38,207 $ 38,180 $ 43,513 $ 38,631 $ 45,232
Accruing loans and leases 90 days or more past due 365 449 659 516 696
Accruing troubled debt restructured loans and leases 3,893 3,925 5,028 5,111 550
Other real estate owned 6,600 7,711 4,952 6,135 2,438
Nonperforming assets 49,065 50,265 54,152 50,393 48,916
Allowance for loan and lease losses 29,870 31,002 32,601 32,804 30,898
Nonperforming loans and leases / Loans and leases 2.94 % 2.96 % 3.42 % 3.07 % 3.16 %
Allowance for loan and lease losses / Loans and leases 2.07 % 2.16 % 2.27 % 2.27 % 2.10 %
Allowance for loan and lease losses / Nonperforming loans 70.34 % 72.85 % 66.26 % 74.12 % 66.48 %
For the three months ended, For the twelve months ended,
12/31/11 09/30/11 06/30/11 03/31/11 12/31/10 12/31/11 12/31/10
Net loan and lease charge-offs $ 4,272 $ 5,248 $ 5,759 $ 3,228 $ 4,261 $ 18,507 $ 15,465
Net loan and lease charge-offs (annualized)/Average loans and leases 1.18 % 1.44 % 1.59 % 0.90 % 1.16 % 1.28 % 1.07 %
Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
December 31, 2011
(Dollars in thousands, except per share data)
For the three months ended, For the twelve months ended,
For the period: 12/31/11 09/30/11 06/30/11 03/31/11 12/31/10 12/31/11 12/31/10
Interest income $ 20,821 $ 21,237 $ 21,704 $ 21,706 $ 22,580 $ 85,468 $ 91,003
Interest expense 2,487 2,621 2,723 2,897 3,380 10,728 17,469
Net interest income 18,334 18,616 18,981 18,809 19,200 74,740 73,534
Provision for loan and lease losses 3,140 3,649 5,556 5,134 6,276 17,479 21,565
Net interest income after provision 15,194 14,967 13,425 13,675 12,924 57,261 51,969
Noninterest income:
Trust fee income 1,469 1,625 1,625 1,625 1,630 6,344 6,080
Service charges on deposit accounts 1,147 1,218 1,356 1,336 1,466 5,057 6,693
Investment advisory commission and fee income 1,778 1,239 1,194 1,162 1,191 5,373 4,626
Insurance commissions and fee income 1,674 1,787 2,072 2,200 1,740 7,733 7,694
Bank owned life insurance income 502 554 268 344 410 1,668 1,270
Other-than-temporary impairment (5 ) (1 ) (3 ) (7 ) (3 ) (16 ) (62 )
Net gain on sales of securities - 848 569 - 6 1,417 432
Net gain (loss) on mortgage banking activities 652 913 328 (25 ) 779 1,868 2,960
Net loss on interest rate swap - - - - - - (1,072 )
Other income 1,761 791 1,287 1,124 2,049 4,963 5,797
Total noninterest income 8,978 8,974 8,696 7,759 9,268 34,407 34,418
Noninterest expense
Salaries and benefits 9,725 9,888 9,634 8,983 8,979 38,230 38,034
Premises and equipment 2,544 2,387 2,326 2,527 2,351 9,784 9,287
Deposit insurance premiums 457 442 427 713 712 2,039 2,670
Other expense 4,837 4,578 4,019 4,523 4,148 17,957 17,358
Total noninterest expense 17,563 17,295 16,406 16,746 16,190 68,010 67,349
Income before taxes 6,609 6,646 5,715 4,688 6,002 23,658 19,038
Applicable income taxes 1,349 1,402 1,199 826 1,093 4,776 3,282
Net income $ 5,260 $ 5,244 $ 4,516 $ 3,862 $ 4,909 $ 18,882 $ 15,756
Per Common Share Data:
Book value per share $ 16.34 $ 16.45 $ 16.27 $ 16.04 $ 15.99 $ 16.34 $ 15.99
Net income per share:
Basic $ 0.32 $ 0.31 $ 0.27 $ 0.23 $ 0.30 $ 1.13 $ 0.95
Diluted $ 0.32 $ 0.31 $ 0.27 $ 0.23 $ 0.30 $ 1.13 $ 0.95
Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.80 $ 0.80
Weighted average shares outstanding 16,716,160 16,770,741 16,771,969 16,712,282 16,645,115 16,742,898 16,598,284
Period end shares outstanding 16,702,376 16,727,099 16,777,379 16,745,935 16,648,303 16,702,376 16,648,303
Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
December 31, 2011
For the three months ended, For the twelve months ended,
Profitability Ratios (annualized) 12/31/11 09/30/11 06/30/11 03/31/11 12/31/10 12/31/11 12/31/10
Return on average assets 0.96 % 0.98 % 0.86 % 0.74 % 0.92 % 0.89 % 0.75 %
Return on average shareholders' equity 7.56 % 7.55 % 6.64 % 5.84 % 7.16 % 6.91 % 5.82 %
Net interest margin (FTE) 3.96 % 4.15 % 4.24 % 4.24 % 4.18 % 4.15 % 4.11 %
Efficiency ratio (1) 60.87 % 59.35 % 56.47 % 59.90 % 54.20 % 59.14 % 59.52 %
Capitalization Ratios
Dividends paid to net income 63.48 % 64.00 % 74.27 % 86.30 % 67.85 % 70.87 % 84.31 %
Shareholders' equity to assets (Period End) 12.37 % 12.65 % 13.26 % 12.74 % 12.48 % 12.37 % 12.48 %
Tangible common equity to tangible assets 10.00 % 10.34 % 10.80 % 10.32 % 10.08 % 10.00 % 10.08 %
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio 11.53 % 11.84 % 11.87 % 11.72 % 11.54 % 11.53 % 11.54 %
Tier 1 risk-based capital ratio 14.29 % 14.73 % 14.96 % 14.59 % 14.17 % 14.29 % 14.17 %
Total risk-based capital ratio 15.56 % 16.00 % 16.25 % 15.89 % 15.47 % 15.56 % 15.47 %
(1) Total operating expenses to net interest income before loan loss provision plus non-interest income adjusted for tax equivalent income.
Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential
For the Three Months Ended December 31,
Tax Equivalent Basis 2011 2010
Average Income/ Average Average Income/ Average
Balance Expense Rate Balance Expense Rate
Assets:
Interest-earning deposits with other banks $ 105,886 $ 76 0.28 % $ 24,975 $ 22 0.35 %
U.S. Government obligations 128,491 501 1.55 176,910 829 1.86
Obligations of state and political subdivisions 114,664 1,722 5.96 109,902 1,718 6.20
Other debt and equity securities 180,502 1,294 2.84 162,219 1,576 3.85
Total interest-earning deposits and investments 529,543 3,593 2.69 474,006 4,145 3.47
Commercial, financial, and agricultural loans 417,063 4,673 4.45 427,828 5,330 4.94
Real estate-commercial and construction loans 535,571 7,194 5.33 552,262 7,648 5.49
Real estate-residential loans 246,736 2,658 4.27 252,836 2,681 4.21
Loans to individuals 43,745 616 5.59 43,261 644 5.91
Municipal loans and leases 134,861 1,943 5.72 117,404 1,708 5.77
Lease financings 57,197 1,413 9.80 68,175 1,605 9.34
Gross loans and leases 1,435,173 18,497 5.11 1,461,766 19,616 5.32
Total interest-earning assets 1,964,716 22,090 4.46 1,935,772 23,761 4.87
Cash and due from banks 40,503 34,326
Reserve for loan and lease losses (32,099 ) (29,413 )
Premises and equipment, net 34,323 34,932
Other assets 167,414 149,495
Total assets $ 2,174,857 $ 2,125,112
Liabilities:
Interest-bearing checking deposits $ 213,389 $ 58 0.11 $ 181,357 $ 62 0.14
Money market savings 319,117 159 0.20 336,161 228 0.27
Regular savings 482,177 282 0.23 466,162 535 0.46
Time deposits 423,206 1,558 1.46 428,720 2,061 1.91
Total time and interest-bearing deposits 1,437,889 2,057 0.57 1,412,400 2,886 0.81
Securities sold under agreements to repurchase 109,336 59 0.21 96,143 72 0.30
Other short-term borrowings - 17 N/M 5,698 62 4.32
Long-term debt 5,000 48 3.81 5,000 48 3.81
Subordinated notes and capital securities 22,861 306 5.31 24,365 312 5.08
Total borrowings 137,197 430 1.24 131,206 494 1.49
Total interest-bearing liabilities 1,575,086 2,487 0.63 1,543,606 3,380 0.87
Demand deposits, non-interest bearing 289,972 277,301
Accrued expenses and other liabilities 33,685 32,260
Total liabilities 1,898,743 1,853,167
Shareholders' Equity
Common stock 91,332 91,332
Additional paid-in capital 61,474 61,420
Retained earnings and other equity 123,308 119,193
Total shareholders' equity 276,114 271,945
Total liabilities and shareholders' equity $ 2,174,857 $ 2,125,112
Net interest income $ 19,603 $ 20,381
Net interest spread 3.83 4.00
Effect of net interest-free funding sources 0.13 0.18
Net interest margin 3.96 % 4.18 %
Ratio of average interest-earning assets to average interest-bearing liabilities 124.74 % 125.41 %
Notes: For rate calculation purposes, average loan and lease categories include unearned discount.
Nonaccrual loans and leases have been included in the average loan and lease balances.
Loans held for sale have been included in the average loan balances.

Tax-equivalent amounts for the three months ended December 31, 2011 and 2010 have been calculated using the Corporation's federal applicable rate of 35.0%.
N/M - Not meaningful
Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential
For the Twelve Months Ended December 31,
Tax Equivalent Basis 2011 2010
Average Income/ Average Average Income/ Average
Balance Expense Rate Balance Expense Rate
Assets:
Interest-earning deposits with other banks $ 44,696 $ 116 0.26 % $ 24,790 $ 72 0.29 %
U.S. Government obligations 145,253 2,366 1.63 151,725 3,160 2.08
Obligations of state and political subdivisions 111,722 6,875 6.15 108,694 7,006 6.45
Other debt and equity securities 172,238 5,697 3.31 172,763 7,217 4.18
Total interest-earning deposits and investments 473,909 15,054 3.18 457,972 17,455 3.81
Commercial, financial, and agricultural loans 428,222 19,721 4.61 422,401 20,315 4.81
Real estate-commercial and construction loans 541,073 29,152 5.39 534,573 30,834 5.77
Real estate-residential loans 246,102 10,740 4.36 256,427 11,124 4.34
Loans to individuals 42,760 2,433 5.69 45,287 2,698 5.96
Municipal loans and leases 129,880 7,471 5.75 107,832 6,248 5.79
Lease financings 60,042 5,856 9.75 75,565 6,851 9.07
Gross loans and leases 1,448,079 75,373 5.21 1,442,085 78,070 5.41
Total interest-earning assets 1,921,988 90,427 4.70 1,900,057 95,525 5.03
Cash and due from banks 41,028 35,612
Reserve for loan and lease losses (33,152 ) (28,688 )
Premises and equipment, net 34,376 34,914
Other assets 158,548 151,527
Total assets $ 2,122,788 $ 2,093,422
Liabilities:
Interest-bearing checking deposits $ 206,830 $ 238 0.12 $ 178,679 $ 242 0.14
Money market savings 299,299 701 0.23 303,012 1,060 0.35
Regular savings 482,064 1,468 0.30 445,721 2,555 0.57
Time deposits 408,638 6,576 1.61 432,919 10,054 2.32
Total time and interest-bearing deposits 1,396,831 8,983 0.64 1,360,331 13,911 1.02
Securities sold under agreements to repurchase 102,873 286 0.28 97,667 390 0.40
Other short-term borrowings 3,407 46 1.35 42,109 1,726 4.10
Long-term debt 5,000 190 3.80 5,363 190 3.54
Subordinated notes and capital securities 23,425 1,223 5.22 24,927 1,252 5.02
Total borrowings 134,705 1,745 1.30 170,066 3,558 2.09
Total interest-bearing liabilities 1,531,536 10,728 0.70 1,530,397 17,469 1.14
Demand deposits, non-interest bearing 284,850 259,303
Accrued expenses and other liabilities 33,147 33,232
Total liabilities 1,849,533 1,822,932
Shareholders' Equity
Common stock 91,332 91,332
Additional paid-in capital 61,457 61,420
Retained earnings and other equity 120,466 117,738
Total shareholders' equity 273,255 270,490
Total liabilities and shareholders' equity $ 2,122,788 $ 2,093,422
Net interest income $ 79,699 $ 78,056
Net interest spread 4.00 3.89
Effect of net interest-free funding sources 0.15 0.22 %
Net interest margin 4.15 % 4.11
Ratio of average interest-earning assets to average interest-bearing liabilities 125.49 % 124.15 %
Notes: For rate calculation purposes, average loan and lease categories include unearned discount.
Nonaccrual loans and leases have been included in the average loan and lease balances.
Loans held for sale have been included in the average loan balances.
Tax-equivalent amounts for the twelve months ended December 31, 2011 and 2010 have been calculated using the Corporation's federal applicable rate of 35.0%.

Contact Information

  • CONTACT:
    Jeff Schweitzer
    UNIVEST CORPORATION OF PENNSYLVANIA
    Chief Financial Officer
    215-721-2458
    schweitzerj@univest.net