SOURCE: Univest Corporation of Pennsylvania

Univest Corporation of Pennsylvania

July 25, 2012 13:58 ET

Univest Corporation of Pennsylvania - Univest Bank and Trust Co. - Reports Second Quarter Earnings

SOUDERTON, PA--(Marketwire - Jul 25, 2012) - Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and small ticket leasing subsidiaries, today announced financial results for the quarter ended June 30, 2012. Univest reported net income of $4.8 million or $0.28 diluted earnings per share for the quarter ended June 30, 2012, a 5% increase in net income compared to $4.5 million or $0.27 diluted earnings per share for the quarter ended June 30, 2011. Net income for the six months ended June 30, 2012 was $10.0 million or $0.60 diluted earnings per share, compared to $8.4 million or $0.50 diluted earnings per share for the comparable period in the prior year. 

Loans
Gross loans and leases increased $5.6 million from March 31, 2012, $19.0 million from December 31, 2011 and $26.7 million from June 30, 2011.The growth in loans occurred primarily in the commercial and residential mortgage categories. While the Corporation continued to see increased loan activity in the first six months of 2012, overall credit demand and utilization of lines by businesses and consumers remained light as a result of the prolonged challenging economic environment.

Deposits
Total deposits increased $13.9 million from March 31, 2012, decreased $5.3 million from December 31, 2011 and increased $122.6 million from June 30, 2011. Deposits, excluding public funds, grew $38.1 million from March 31, 2012 and $102.1 million from June 30, 2011; the growth from December 31, 2011 of $51.2 million was offset by a decrease in public funds of $56.5 million. This continued growth, excluding public funds, was primarily due to new customers choosing Univest.

Net Interest Income and Margin
Net interest income decreased $834 thousand or 4% to $18.1 million in the second quarter of 2012 compared to the second quarter of 2011. The net interest margin on a tax-equivalent basis for the second quarter of 2012 was 3.97%, compared to 3.95% during the first quarter of 2012, and down from 4.24% in the second quarter of 2011. Net interest income decreased $1.5 million or 4% to $36.3 million for the six months ended June 30, 2012 compared to the same period in 2011. The net interest margin on a tax-equivalent basis for the six months ended June 30, 2012 was 3.96% compared to 4.24% for the six months ended June 30, 2011.

The declines in net interest income and the net interest margin were primarily due to the re-investment of maturing and called investment securities with lower yielding investments, as a result of the lower interest rate environment and lower rates on commercial loans due to re-pricing and competitive pressures. The decline in net interest income and the net interest margin was partially offset by re-pricing of certificates of deposits and savings account products. The net interest margin also declined from excess cash funds invested in low rate, interest-earning deposits as credit demand remains light and the Corporation continues to keep the investment portfolio short-term. Average year-to-date, interest-earning deposits with the Federal Reserve Bank increased $41.5 million from the comparable period in the prior year.

Non-Interest Income
Non-interest income for the quarter ended June 30, 2012 was $8.0 million, a decrease of $696 thousand or 8% from the comparable period in the prior year. The second quarter of 2012 included a fair value write-down on one other real estate owned property of $1.1 million based upon the current appraised value of the commercial property. During the second quarter of 2011, the net loss on sales and write-downs of other real estate owned was $265 thousand. Service charges on deposits declined $277 thousand during the second quarter of 2012 from the same period in 2011. This decline is primarily due to changes in industry practices to benefit consumers related to non-sufficient funds and overdraft fees, which were implemented in July 2011. In addition, the net gain on sales of securities was $24 thousand for the second quarter of 2012 compared to $569 thousand during the second quarter of 2011. Partially offsetting these unfavorable variances was an increase in the net gain on mortgage banking activities of $746 thousand which was primarily attributed to stronger mortgage demand from increased re-finance activity.

Non-interest income for the six months ended June 30, 2012 was $19.0 million, an increase of $2.6 million or 16% compared to $16.5 million for the six months ended June 30, 2011. The increase was primarily attributable to an increase in the net gain on mortgage banking activities of $2.0 million due to stronger mortgage demand from increased re-finance activity and proceeds from bank owned life insurance death benefits of $989 thousand recognized during the first quarter of 2012. These favorable variances were partially offset by an increase in the net loss on sales and write-downs of other real estate owned of $485 thousand and a decline in service charges on deposits of $513 thousand. The decline in service charges on deposits is primarily due to changes in industry practices to benefit consumers.

Non-Interest Expense
Non-interest expense for the second quarter of 2012 was $18.6 million, an increase of $2.2 million or 14% compared to the second quarter of 2011. Salaries and benefits expense increased $1.1 million primarily due to higher commissions related to increased mortgage banking activities, increased employee incentives and annual performance increases. Additionally, non-interest expense increased due to higher advertising, loan workout and equipment expenses.

Non-interest expense for the six months ended June 30, 2012 was $37.5 million, an increase of $4.4 million or 13% compared to the six months ended June 30, 2011. Salaries and benefits expense increased $3.7 million primarily due to higher commissions related to increased mortgage banking activities, increased employee incentives, annual performance increases and lower deferred loan origination costs. Additionally, non-interest expense increased due to higher loan workout and equipment expenses. The increases for the year-to-date were partially offset by a decline in deposit insurance premiums of $267 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. 

Asset Quality and Provision for Loan and Lease Losses
Non-accrual loans and leases, including non-accrual troubled debt restructured loans, decreased to $36.8 million at June 30, 2012 from $38.2 million at December 31, 2011 and $43.5 million at June 30, 2011. The decrease in non-accrual loans was mainly due to charge-offs and pay-downs exceeding additions to non-accrual loans. Net loan and lease charge-offs were $1.4 million during the second quarter of 2012 compared to $5.8 million for the second quarter of 2011. For the six months ended June 30, 2012, net loan and lease charge-offs were $4.8 million compared to $9.0 million for the six months ended June 30, 2011. The decrease in net charge-offs was primarily due to a higher level of commercial real estate and commercial business loan charge-offs during the second quarter of 2011 related to several large credit relationships. 

Nonperforming loans and leases as a percentage of total loans and leases were 3.05% at June 30, 2012 compared to 2.94% at December 31, 2011 and 3.42% at June 30, 2011. Other real estate owned decreased to $3.9 million, consisting of three properties at June 30, 2012, down from $6.6 million at December 31, 2011 and $5.0 million at June 30, 2011. During the second quarter of 2012, one commercial property was written down to its updated appraised value, resulting in an impairment charge of $1.1 million. During the first quarter of 2012, one commercial property with a carrying value of $1.3 million was sold for $1.5 million resulting in a gain on sale of $210 thousand.

The provision for loan and lease losses declined to $1.3 million for the second quarter of 2012 compared to $5.6 million for the quarter ended June 30, 2011. The decline in the provision was primarily the result of the migration and resolution of loans through the loan workout process and a decrease in historical loss factors for commercial real estate loans. The allowance for loan and lease losses as a percentage of total loans and leases was 2.08% at June 30, 2012 compared to 2.07% at December 31, 2011 and 2.27% at June 30, 2011. The allowance for loan and lease losses to nonperforming loans and leases equaled 68.18% at June 30, 2012, compared to 70.34% at December 31, 2011 and 66.26% at June 30, 2011. 

Capital
Univest continues to remain well-capitalized at June 30, 2012. Univest's total risk-based capital at June 30, 2012 was 15.64%, well in excess of the regulatory minimum for well capitalized status of 10% for total risk-based capital.

During the quarter, Univest deployed $386 thousand of capital to repurchase 24,816 shares of common stock through the stock repurchase program. Maximum shares available for future repurchases through the plan at June 30, 2012 was 541,929. Total shares outstanding at June 30, 2012 were 16,759,893.

Dividend
On July 2, 2012, Univest Corporation paid a quarterly cash dividend of $0.20 per share, which represented a 4.75% 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  
June 30, 2012  
(Dollars in thousands)                                        
                                         
Balance Sheet (Period End)   06/30/12     03/31/12     12/31/11     09/30/11     06/30/11            
Assets   $ 2,188,727     $ 2,192,164     $ 2,206,839     $ 2,174,127     $ 2,058,377                
Securities     439,092       451,433       471,165       412,340       418,020                
Loans held for sale     1,333       2,535       3,157       1,724       2,102                
Loans and leases, gross     1,465,449       1,459,830       1,446,406       1,436,411       1,438,707                
Allowance for loan and lease losses     30,502       30,597       29,870       31,002       32,601                
Loans and leases, net     1,434,947       1,429,233       1,416,536       1,405,409       1,406,106                
Total deposits     1,743,922       1,730,030       1,749,232       1,725,063       1,621,294                
Non-interest bearing deposits     334,828       307,769       304,006       275,930       277,515                
NOW, money market and savings     1,052,217       1,029,145       1,036,726       1,016,651       967,554                
Time deposits     356,877       393,116       408,500       432,482       376,225                
Borrowings     121,878       144,208       137,234       135,490       127,689                
Shareholders' equity     277,316       275,525       272,979       275,099       273,022                
                                                       
                                                       
Balance Sheet (Average)     For the three months ended,     For the six months ended,  
      06/30/12       03/31/12       12/31/11       09/30/11       06/30/11     06/30/12       06/30/11  
Assets   $ 2,173,698     $ 2,180,451     $ 2,174,857     $ 2,113,446     $ 2,096,173   $ 2,177,119     $ 2,101,074  
Securities     450,482       457,511       423,657       409,376       439,606     453,997       442,120  
Loans and leases, gross     1,460,275       1,457,320       1,435,173       1,445,344       1,451,076     1,458,797       1,456,029  
Deposits     1,726,441       1,724,310       1,727,861       1,672,452       1,655,812     1,725,376       1,662,899  
Shareholders' equity     277,621       275,071       276,114       275,502       272,952     276,346       270,661  
                                                       
                                                       
Asset Quality Data (Period End)                                                      
      06/30/12       03/31/12       12/31/11       09/30/11       06/30/11                
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases   $ 36,762     $ 36,270     $ 38,207     $ 38,180     $ 43,513                
Accruing loans and leases 90 days or more past due     384       523       365       449       659                
Accruing troubled debt restructured loans and leases     7,591       7,301       3,893       3,925       5,028                
Other real estate owned     3,922       4,993       6,600       7,711       4,952                
Nonperforming assets     48,659       49,087       49,065       50,265       54,152                
Allowance for loan and lease losses     30,502       30,597       29,870       31,002       32,601                
Nonperforming loans and leases / Loans and leases     3.05 %     3.02 %     2.94 %     2.96 %     3.42 %              
Allowance for loan and lease losses / Loans and leases     2.08 %     2.10 %     2.07 %     2.16 %     2.27 %              
Allowance for loan and lease losses / Nonperforming loans     68.18 %     69.39 %     70.34 %     72.85 %     66.26 %              
                                                       
                                                       
      For the three months ended,     For the six months ended,  
      06/30/12       03/31/12       12/31/11       09/30/11       06/30/11     06/30/12       06/30/11  
Net loan and lease charge-offs   $ 1,438     $ 3,373     $ 4,272     $ 5,248     $ 5,759   $ 4,811     $ 8,987  
Net loan and lease charge-offs (annualized)/Average loans and leases     0.40 %     0.93 %     1.18 %     1.44 %     1.59 %   0.66 %     1.24 %
                                                       
                                                       
                                                       
Univest Corporation of Pennsylvania  
Consolidated Selected Financial Data  
June 30, 2012  
(Dollars in thousands, except per share data)                                        
    For the three months ended,   For the six months ended,  
For the period:   06/30/12     03/31/12     12/31/11     09/30/11     06/30/11   06/30/12     06/30/11  
Interest income   $ 20,258     $ 20,431     $ 20,821     $ 21,237     $ 21,704   $ 40,689     $ 43,410  
Interest expense     2,111       2,267       2,487       2,621       2,723     4,378       5,620  
  Net interest income     18,147       18,164       18,334       18,616       18,981     36,311       37,790  
Provision for loan and lease losses     1,343       4,100       3,140       3,649       5,556     5,443       10,690  
Net interest income after provision     16,804       14,064       15,194       14,967       13,425     30,868       27,100  
Noninterest income:                                                      
  Trust fee income     1,625       1,625       1,469       1,625       1,625     3,250       3,250  
  Service charges on deposit accounts     1,079       1,100       1,147       1,218       1,356     2,179       2,692  
  Investment advisory commission and fee income     1,350       1,256       1,778       1,239       1,194     2,606       2,356  
  Insurance commissions and fee income     2,057       2,267       1,674       1,787       2,072     4,324       4,272  
  Bank owned life insurance income     336       1,506       502       554       268     1,842       612  
  Other-than-temporary impairment     (6 )     (3 )     (5 )     (1 )     (3 )   (9 )     (10 )
  Net gain on sales of securities     24       258       -       848       569     282       569  
  Net gain on mortgage banking activities     1,074       1,272       652       913       328     2,346       303  
  Other income     461       1,740       1,761       791       1,287     2,201       2,411  
Total noninterest income     8,000       11,021       8,978       8,974       8,696     19,021       16,455  
Noninterest expense                                                      
  Salaries and benefits     10,733       11,563       9,725       9,888       9,634     22,296       18,617  
  Premises and equipment     2,513       2,428       2,544       2,387       2,326     4,941       4,853  
  Deposit insurance premiums     429       444       457       442       427     873       1,140  
  Other expense     4,961       4,441       4,837       4,578       4,019     9,402       8,542  
Total noninterest expense     18,636       18,876       17,563       17,295       16,406     37,512       33,152  
Income before taxes     6,168       6,209       6,609       6,646       5,715     12,377       10,403  
Applicable income taxes     1,405       946       1,349       1,402       1,199     2,351       2,025  
Net income   $ 4,763     $ 5,263     $ 5,260     $ 5,244     $ 4,516   $ 10,026     $ 8,378  
                                                       
Per Common Share Data:                                                      
Book value per share   $ 16.55     $ 16.42     $ 16.34     $ 16.45     $ 16.27   $ 16.55     $ 16.27  
Net income per share:                                                      
  Basic   $ 0.28     $ 0.31     $ 0.32     $ 0.31     $ 0.27   $ 0.60     $ 0.50  
  Diluted   $ 0.28     $ 0.31     $ 0.32     $ 0.31     $ 0.27   $ 0.60     $ 0.50  
Dividends per share   $ 0.20     $ 0.20     $ 0.20     $ 0.20     $ 0.20   $ 0.40     $ 0.40  
Weighted average shares outstanding     16,770,290       16,749,134       16,716,160       16,770,741       16,771,969     16,759,712       16,742,434  
Period end shares outstanding     16,759,893       16,780,416       16,702,376       16,727,099       16,777,379     16,759,893       16,777,379  
                                                       
                                                       
                                                       
Univest Corporation of Pennsylvania  
Consolidated Selected Financial Data  
June 30, 2012  
                                         
                                         
                                         
    For the three months ended,   For the six months ended,  
Profitability Ratios (annualized)   06/30/12     03/31/12     12/31/11     09/30/11     06/30/11   06/30/12     06/30/11  
                                         
Return on average assets   0.88 %   0.97 %   0.96 %   0.98 %   0.86 % 0.93 %   0.80 %
Return on average shareholders' equity   6.90 %   7.70 %   7.56 %   7.55 %   6.64 % 7.30 %   6.24 %
Net interest margin (FTE)   3.97 %   3.95 %   3.96 %   4.15 %   4.24 % 3.96 %   4.24 %
Efficiency ratio (1)   67.60 %   60.46 %   60.87 %   59.35 %   56.47 % 63.80 %   58.15 %
                                         
Capitalization Ratios                                        
                                         
Dividends paid to net income   70.48 %   63.63 %   63.48 %   64.00 %   74.27 % 66.89 %   79.82 %
Shareholders' equity to assets (Period End)   12.67 %   12.57 %   12.37 %   12.65 %   13.26 % 12.67 %   13.26 %
Tangible common equity to tangible assets   10.11 %   10.18 %   10.00 %   10.34 %   10.80 % 10.11 %   10.80 %
                                         
                                         
Regulatory Capital Ratios (Period End)                                        
Tier 1 leverage ratio   11.57 %   11.64 %   11.53 %   11.84 %   11.87 % 11.57 %   11.87 %
Tier 1 risk-based capital ratio   14.38 %   14.50 %   14.29 %   14.73 %   14.96 % 14.38 %   14.96 %
Total risk-based capital ratio   15.64 %   15.76 %   15.56 %   16.00 %   16.25 % 15.64 %   16.25 %
                                         
(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 June 30,       
Tax Equivalent Basis      2012        2011    
    Average     Income/   Average   Average     Income/   Average  
    Balance     Expense   Rate   Balance     Expense   Rate  
Assets:                                      
Interest-earning deposits with other banks   $ 54,443     $ 38   0.28 % $ 19,401     $ 12   0.25 %
U.S. Government obligations     141,142       492   1.40     153,239       639   1.67  
Obligations of state and political subdivisions     120,350       1,688   5.64     110,187       1,712   6.23  
Other debt and equity securities     188,990       989   2.10     176,180       1,527   3.48  
  Total interest-earning deposits and investments     504,925       3,207   2.55     459,007       3,890   3.40  
                                       
Commercial, financial, and agricultural loans     442,385       4,786   4.35     431,427       4,947   4.60  
Real estate-commercial and construction loans     530,163       6,949   5.27     541,862       7,399   5.48  
Real estate-residential loans     249,456       2,597   4.19     245,996       2,757   4.50  
Loans to individuals     43,931       624   5.71     41,924       597   5.71  
Municipal loans and leases     137,165       1,881   5.52     129,149       1,856   5.76  
Lease financings     57,175       1,457   10.25     60,718       1,491   9.85  
  Gross loans and leases     1,460,275       18,294   5.04     1,451,076       19,047   5.26  
    Total interest-earning assets     1,965,200       21,501   4.40     1,910,083       22,937   4.82  
Cash and due from banks     37,518                 29,706              
Reserve for loan and lease losses     (31,849 )               (33,995 )            
Premises and equipment, net     34,395                 34,302              
Other assets     168,434                 156,077              
  Total assets   $ 2,173,698               $ 2,096,173              
                                       
Liabilities:                                      
Interest-bearing checking deposits   $ 232,471     $ 41   0.07   $ 210,487     $ 59   0.11  
Money market savings     309,712       122   0.16     277,420       174   0.25  
Regular savings     503,481       183   0.15     481,312       374   0.31  
Time deposits     364,306       1,308   1.44     405,829       1,683   1.66  
  Total time and interest-bearing deposits     1,409,970       1,654   0.47     1,375,048       2,290   0.67  
                                       
Short-term borrowings     108,233       156   0.58     104,591       80   0.31  
Long-term debt     -       -   -     5,000       47   3.77  
Subordinated notes and capital securities     22,111       301   5.48     23,619       306   5.20  
  Total borrowings     130,344       457   1.41     133,210       433   1.30  
  Total interest-bearing liabilities     1,540,314       2,111   0.55     1,508,258       2,723   0.72  
Demand deposits, non-interest bearing     316,471                 280,764              
Accrued expenses and other liabilities     39,292                 34,199              
  Total liabilities     1,896,077                 1,823,221              
                                       
Shareholders' Equity                                      
Common stock     91,332                 91,332              
Additional paid-in capital     61,328                 61,469              
Retained earnings and other equity     124,961                 120,151              
  Total shareholders' equity     277,621                 272,952              
  Total liabilities and shareholders' equity   $ 2,173,698               $ 2,096,173              
Net interest income           $ 19,390               $ 20,214      
                                       
Net interest spread                 3.85                 4.10  
Effect of net interest-free funding sources                 0.12                 0.14  
Net interest margin                 3.97 %               4.24 %
Ratio of average interest-earning assets to average interest-bearing liabilities     127.58 %               126.64 %            
                                       
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 June 30, 2012 and 2011 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 Six Months Ended June 30,  
Tax Equivalent Basis   2012   2011  
    Average     Income/   Average   Average     Income/   Average  
    Balance     Expense   Rate   Balance     Expense   Rate  
Assets:                                      
Interest-earning deposits with other banks   $ 56,948     $ 76   0.27 % $ 12,876     $ 15   0.23 %
U.S. Government obligations     144,144       1,011   1.41     161,900       1,356   1.69  
Obligations of state and political subdivisions     118,634       3,396   5.76     109,610       3,433   6.32  
Other debt and equity securities     191,219       2,223   2.34     170,610       3,056   3.61  
  Total interest-earning deposits and investments     510,945       6,706   2.64     454,996       7,860   3.48  
                                       
Commercial, financial, and agricultural loans     441,646       9,528   4.34     430,039       10,118   4.74  
Real estate-commercial and construction loans     532,121       13,937   5.27     550,038       14,650   5.37  
Real estate-residential loans     248,375       5,202   4.21     245,155       5,398   4.44  
Loans to individuals     44,214       1,254   5.70     42,464       1,223   5.81  
Municipal loans and leases     135,891       3,702   5.48     126,021       3,610   5.78  
Lease financings     56,550       2,829   10.06     62,312       2,986   9.66  
  Gross loans and leases     1,458,797       36,452   5.03     1,456,029       37,985   5.26  
    Total interest-earning assets     1,969,742       43,158   4.41     1,911,025       45,845   4.84  
Cash and due from banks     36,237                 32,886              
Reserve for loan and lease losses     (31,878 )               (33,203 )            
Premises and equipment, net     34,347                 34,462              
Other assets     168,671                 155,904              
  Total assets   $ 2,177,119               $ 2,101,074              
                                       
Liabilities:                                      
Interest-bearing checking deposits   $ 226,416     $ 98   0.09   $ 201,630     $ 123   0.12  
Money market savings     310,295       270   0.17     293,022       375   0.26  
Regular savings     501,026       447   0.18     481,358       837   0.35  
Time deposits     382,370       2,692   1.42     408,416       3,421   1.69  
  Total time and interest-bearing deposits     1,420,107       3,507   0.50     1,384,426       4,756   0.69  
                                       
Short-term borrowings     113,244       262   0.47     105,647       160   0.31  
Long-term debt     220       4   3.66     5,000       94   3.79  
Subordinated notes and capital securities     22,298       605   5.46     23,805       610   5.17  
  Total borrowings     135,762       871   1.29     134,452       864   1.30  
  Total interest-bearing liabilities     1,555,869       4,378   0.57     1,518,878       5,620   0.75  
Demand deposits, non-interest bearing     305,269                 278,473              
Accrued expenses and other liabilities     39,635                 33,062              
  Total liabilities     1,900,773                 1,830,413              
                                       
Shareholders' Equity                                      
Common stock     91,332                 91,332              
Additional paid-in capital     61,365                 61,441              
Retained earnings and other equity     123,649                 117,888              
  Total shareholders' equity     276,346                 270,661              
  Total liabilities and shareholders' equity   $ 2,177,119               $ 2,101,074              
Net interest income           $ 38,780               $ 40,225      
                                       
Net interest spread                 3.84                 4.09  
Effect of net interest-free funding sources                 0.12                 0.15 %
Net interest margin                 3.96 %               4.24  
Ratio of average interest-earning assets to average interest-bearing liabilities     126.60 %               125.82 %            
                                       
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 six months ended June 30, 2012 and 2011 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