SOURCE: Univest Corporation of Pennsylvania

Univest Corporation of Pennsylvania

October 26, 2011 14:41 ET

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

SOUDERTON, PA--(Marketwire - Oct 26, 2011) - Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest Bank and Trust Co., a full-service financial institution with 135 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 third quarter. Univest reported net income of $5.2 million or $0.31 diluted earnings per share for the quarter ended September 30, 2011, compared to $4.1 million or $0.25 diluted earnings per share for the comparable period in the prior year. Net income for the nine months ended September 30, 2011 was $13.6 million or $0.81 diluted earnings per share, compared to $10.8 million or $0.65 diluted earnings per share for the comparable period in the prior year.

Deposits
Total deposits increased $103.8 million from June 30, 2011 and $38.8 million from December 31, 2010. The increase was primarily a result of an increase in public fund balances due to anticipated seasonal tax deposits as well as larger balances being maintained by existing public fund customers. Total public fund balances increased $103.2 million for the quarter and $53.9 million for the first nine months of 2011.

Loans
Gross loans and leases decreased $2.3 million from June 30, 2011 and $34.8 million from December 31, 2010, primarily due to continued light credit demand and utilization of lines by businesses and consumers as a result of the prolonged challenging economic environment.

Net Interest Income and Margin
Net interest income decreased $337 thousand or 1.78% to $18.6 million in the third quarter of 2011 compared to the third quarter of 2010. The net interest margin on a tax-equivalent basis for the third quarter of 2011 was 4.15% compared to 4.24% during the second quarter of 2011 and remained level with 4.15% in the third quarter 2010. The decrease in the net interest margin during the third quarter was due to the inflow of public fund deposits, which were primarily invested in overnight fed funds during the quarter, as the Corporation's cash position increased by $90.1 million from June 30, 2011 to September 30, 2011.

Net interest income of $56.4 million for the nine months ended September 30, 2011 increased $2.1 million or 3.81% compared to the nine months ended September 30, 2010. The net interest margin on a tax-equivalent basis for the nine months ended September 30, 2011 increased 13 basis points to 4.21% from 4.08% for the nine months ended September 30, 2010.

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, primarily time deposits. The increases were also attributed to declines in the volume of Federal Home Loan Bank (FHLB) borrowings, exceeding the declines in yields on total interest-earning assets. The Corporation repaid its maturing FHLB advances in 2010 reducing average year-to-date FHLB advances from $58.1 million for the nine months ended September 30, 2010 to $5.0 million for the nine months ended September 30, 2011. FHLB advances at September 30, 2011 remained at $5.0 million.

Non-Interest Income
Non-interest income for the quarter ended September 30, 2011 was $9.0 million, a slight increase of $90 thousand from the comparable period in the prior year. Non-interest income for the quarter included a net gain on sales of securities of $848 thousand, an increase of $509 thousand from the third quarter of 2010. These net securities gains were offset by a mortgage servicing right impairment of $672 thousand during the quarter primarily due to the decline in interest rates which increased the projected speeds of prepayment. This impairment is reflected in other income and is an increase of $260 thousand compared to the third quarter of 2010. Non-interest income also included increases in trust fee income of $175 thousand and bank owned life insurance income of $228 thousand. Additionally, the third quarter of 2010 was impacted by a fair value write-down on the ineffective portion of a fair value swap of $246 thousand, which was terminated in August, 2010. These favorable variances were offset by a $415 thousand decline in service charges on deposit accounts, primarily due to the amendments to Regulation E which were implemented on August 15, 2010; a $333 thousand decrease in the net gain on mortgage banking activities as a result of lower volume and net gains on sales; and a $150 thousand negative valuation adjustment on one real estate owned property.

Non-interest income for the nine months ended September 30, 2011 was $25.4 million, an increase of $279 thousand or 1.11% compared to $25.2 million for the nine months ended September 30, 2010. Non-interest income for the first nine months of 2011 included increases from trust fees of $425 thousand, investment advisory commissions and fees of $160 thousand, insurance commissions and fees of $105 thousand, bank owned life insurance income of $306 thousand, other service fee income of $260 thousand primarily related to interchange fees, and an increase in the net gain on sales of securities of $991 thousand. Additionally, the nine months ended September 30, 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 $1.3 million in service charges on deposit accounts, mainly due to the amendments to Regulatory E which were implemented on August 15, 2010 and a decline of $965 thousand in the net gain on mortgage banking activities due to weaker mortgage demand in the first six months of the year. During the third quarter of 2011, mortgage demand has shown significant improvement due to re-financings. In addition, fair value write-downs on other real estate owned properties increased by $390 thousand and the first quarter of 2010 included a litigation settlement.

Non-Interest Expense
Non-interest expense for the third quarter of 2011 was $17.3 million, a slight increase of $124 thousand compared to the third quarter of 2010. Salaries and benefits expense increased by $113 thousand, due to increased incentive plan expenses, and other expenses increased $315 thousand primarily due to loan workout and legal expenses. The increases for the quarter were partially offset by a decline in deposit insurance premiums of $256 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 nine months ended September 30, 2011, non-interest expense was $50.4 million, a decrease of $712 thousand or 1.39% compared to the same period in the prior year. This was attributed to a decline of $550 thousand in salaries and benefits as a result of higher deferred loan origination costs partially offset by higher commissions expense, restricted stock expense, employee incentive expense and salaries and benefits expense to grow the mortgage banking business. 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. Additionally, the decrease was a result of a decline of $679 thousand in marketing and advertising expenses and a decline of $376 thousand in deposit insurance premiums. These decreases were partially offset by increases in premises and equipment and loan workout expenses.

Asset Quality and Provision for Loan and Lease Losses
Non-accrual loans and leases, including non-accrual troubled debt restructured loans, decreased to $38.2 million at September 30, 2011 from $43.5 million at June 30, 2011 and $45.2 million at December 31, 2010. The decrease in non-accrual loans was mainly due to the partial charge-off and foreclosure on two commercial real estate loans for two borrowers. These loans represented $4.7 million in the aggregate, of which $1.7 million was charged-off during the quarter and the remaining $3.0 million was transferred to other real estate owned at September 30, 2011. Net loan and lease charge-offs were $5.2 million during the third quarter of 2011 compared to $5.8 million for both the second quarter of 2011 and the third quarter of 2010. For the nine months ended September 30, 2011, net loan and lease charge-offs were $14.2 million or 1.31% of average loans and leases compared to $11.2 million or 1.04% for the nine months ended September 30, 2010.

Nonperforming loans and leases as a percentage of total loans and leases equaled 2.96% at September 30, 2011 compared to 3.42% at June 30, 2011 and 2.37% at September 30, 2010. Other real estate owned increased from $5.0 million at June 30, 2011 to $7.7 million at September 30, 2011 primarily due to the addition of two commercial properties during the quarter as previously discussed. As of September 30, 2011, a total of seven properties remain in other real estate owned with three properties totaling $993 thousand under agreements of sale.

The provision for loan and lease losses declined to $3.6 million for the third quarter of 2011 compared to $5.6 million for the quarter ended June 30, 2011 and $5.5 million for the quarter ended September 30, 2010. The allowance for loan and lease losses as a percentage of total loans and leases was 2.16% at September 30, 2011 compared to 2.27% at June 30, 2011 and 1.97% at September 30, 2010. The allowance for loan and lease losses to nonperforming loans and leases equaled 72.85% at September 30, 2011, which increased from 66.26% at June 30, 2011. The allowance for loan and lease losses to nonperforming loans and leases was 83.10% at September 30, 2010.

Capital
Univest continues to remain well-capitalized at September 30, 2011. Univest's total risk-based capital at September 30, 2011 was 16.00%, well in excess of the regulatory minimum for well capitalized status of 10% for total risk-based capital.

During the quarter, Univest deployed $742 thousand of capital to repurchase 56,408 shares of common stock through the stock repurchase program. Maximum shares available for future repurchases through the plan at September 30, 2011 was 587,374. Total shares outstanding at September 30, 2011 were 16,727,099.

Dividend
On October 3, 2011, Univest Corporation paid a quarterly cash dividend of $0.20 per share, which represented a 6.17% 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
September 30, 2011
(Dollars in thousands)
Balance Sheet (Period End) 09/30/11 06/30/11 03/31/11 12/31/10 09/30/10
Assets $ 2,174,127 $ 2,058,377 $ 2,108,579 $ 2,133,893 $ 2,114,204
Securities 412,340 418,020 445,798 467,024 420,998
Loans held for sale 1,724 2,102 1,451 4,178 3,801
Loans and leases, gross 1,436,411 1,438,707 1,442,137 1,471,186 1,467,382
Allowance for loan and lease losses 31,002 32,601 32,804 30,898 28,883
Loans and leases, net 1,405,409 1,406,106 1,409,333 1,440,288 1,438,499
Total deposits 1,725,063 1,621,294 1,665,225 1,686,270 1,677,641
Non-interest bearing deposits 275,930 277,515 280,337 271,125 272,805
NOW, Money Market and Savings 1,016,651 967,554 974,158 997,395 969,254
Time deposits 432,482 376,225 410,730 417,750 435,582
Borrowings 135,490 127,689 125,545 143,865 128,905
Shareholders' equity 275,099 273,022 268,673 266,224 270,773

Balance Sheet (Average) For the three months ended, For the nine months ended,
09/30/11 06/30/11 03/31/11 12/31/10 09/30/10 09/30/11 09/30/10
Assets $ 2,113,446 $ 2,096,173 $ 2,106,276 $ 2,125,112 $ 2,117,708 $ 2,105,242 $ 2,082,742
Securities 409,376 439,606 444,662 449,031 431,193 431,085 427,842
Loans and leases, gross 1,445,344 1,451,076 1,461,037 1,461,766 1,459,820 1,452,428 1,435,451
Deposits 1,672,452 1,655,812 1,670,062 1,689,701 1,642,613 1,666,118 1,596,021
Shareholders' equity 275,502 272,952 268,343 271,945 271,045 272,293 270,000

Asset Quality Data (Period End)
09/30/11 06/30/11 03/31/11 12/31/10 09/30/10
Nonaccrual loans and leases, including nonaccrual troubled $ 38,180 $ 43,513 $ 38,631 $ 45,232 $ 33,043
debt restructured loans and leases
Accruing loans and leases 90 days or more past due 449 659 516 696 899
Accruing troubled debt restructured loans and leases 3,925 5,028 5,111 550 813
Other real estate owned 7,711 4,952 6,135 2,438 1,557
Nonperforming assets 50,265 54,152 50,393 48,916 36,312
Allowance for loan and lease losses 31,002 32,601 32,804 30,898 28,883
Nonperforming loans and leases / Loans and leases 2.96 % 3.42 % 3.07 % 3.16 % 2.37 %
Allowance for loan and lease losses / Loans and leases 2.16 % 2.27 % 2.27 % 2.10 % 1.97 %
Allowance for loan and lease losses / Nonperforming loans 72.85 % 66.26 % 74.12 % 66.48 % 83.10 %

For the three months ended, For the nine months ended,
09/30/11 06/30/11 03/31/11 12/31/10 09/30/10 09/30/11 09/30/10
Net loan and lease charge-offs $ 5,248 $ 5,759 $ 3,228 $ 4,261 $ 5,755 $ 14,235 $ 11,204
Net loan and lease charge-offs (annualized)/Average loans and leases 1.44 % 1.59 % 0.90 % 1.16 % 1.56 % 1.31 % 1.04 %

Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
September 30, 2011
(Dollars in thousands, except per share data)
For the three months ended, For the nine months ended,
For the period: 09/30/11 06/30/11 03/31/11 12/31/10 09/30/10 09/30/11 09/30/10
Interest income $ 21,237 $ 21,704 $ 21,706 $ 22,580 $ 23,060 $ 64,647 $ 68,423
Interest expense 2,621 2,723 2,897 3,380 4,107 8,241 14,089
Net interest income 18,616 18,981 18,809 19,200 18,953 56,406 54,334
Provision for loan and lease losses 3,649 5,556 5,134 6,276 5,529 14,339 15,289
Net interest income after provision 14,967 13,425 13,675 12,924 13,424 42,067 39,045
Noninterest income:
Trust fee income 1,625 1,625 1,625 1,630 1,450 4,875 4,450
Service charges on deposit accounts 1,218 1,356 1,336 1,466 1,633 3,910 5,227
Investment advisory commission and fee income 1,239 1,194 1,162 1,191 1,227 3,595 3,435
Insurance commissions and fee income 1,787 2,072 2,200 1,740 1,815 6,059 5,954
Bank owned life insurance income 554 268 344 410 326 1,166 860
Other-than-temporary impairment (1 ) (3 ) (7 ) (3 ) (12 ) (11 ) (59 )
Net gain on sales of securities 848 569 - 6 339 1,417 426
Net gain (loss) on mortgage banking activities 913 328 (25 ) 779 1,246 1,216 2,181
Net loss on interest rate swap - - - - (246 ) - (1,072 )
Other income 791 1,287 1,124 2,049 1,106 3,202 3,748
Total noninterest income 8,974 8,696 7,759 9,268 8,884 25,429 25,150
Noninterest expense
Salaries and benefits 9,888 9,634 8,983 8,979 9,775 28,505 29,055
Premises and equipment 2,387 2,326 2,527 2,351 2,435 7,240 6,936
Deposit insurance premiums 442 427 713 712 698 1,582 1,958
Other expense 4,578 4,019 4,523 4,148 4,263 13,120 13,210
Total noninterest expense 17,295 16,406 16,746 16,190 17,171 50,447 51,159
Income before taxes 6,646 5,715 4,688 6,002 5,137 17,049 13,036
Applicable income taxes 1,402 1,199 826 1,093 990 3,427 2,189
Net income $ 5,244 $ 4,516 $ 3,862 $ 4,909 $ 4,147 $ 13,622 $ 10,847
Per Common Share Data:
Book value per share $ 16.45 $ 16.27 $ 16.04 $ 15.99 $ 16.29 $ 16.45 $ 16.29
Net income per share:
Basic $ 0.31 $ 0.27 $ 0.23 $ 0.30 $ 0.25 $ 0.81 $ 0.65
Diluted $ 0.31 $ 0.27 $ 0.23 $ 0.30 $ 0.25 $ 0.81 $ 0.65
Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.60 $ 0.60
Weighted average shares outstanding 16,770,741 16,771,969 16,712,282 16,645,115 16,621,291 16,751,949 16,582,493
Period end shares outstanding 16,727,099 16,777,379 16,745,935 16,648,303 16,626,900 16,727,099 16,626,900

Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
September 30, 2011
For the three months ended, For the nine months ended,
Profitability Ratios (annualized) 09/30/11 06/30/11 03/31/11 12/31/10 09/30/10 09/30/11 09/30/10
Return on average assets 0.98 % 0.86 % 0.74 % 0.92 % 0.78 % 0.87 % 0.70 %
Return on average shareholders' equity 7.55 % 6.64 % 5.84 % 7.16 % 6.07 % 6.69 % 5.37 %
Net interest margin (FTE) 4.15 % 4.24 % 4.24 % 4.18 % 4.15 % 4.21 % 4.08 %
Efficiency ratio (1) 59.35 % 56.47 % 59.90 % 54.20 % 58.88 % 58.56 % 61.42 %
Capitalization Ratios
Dividends paid to net income 64.00 % 74.27 % 86.30 % 67.85 % 80.15 % 73.73 % 91.78 %
Shareholders' equity to assets (Period End) 12.65 % 13.26 % 12.74 % 12.48 % 12.81 % 12.65 % 12.81 %
Tangible common equity to tangible assets 10.34 % 10.80 % 10.32 % 10.08 % 10.46 % 10.34 % 10.46 %
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio 11.84 % 11.87 % 11.72 % 11.54 % 11.51 % 11.84 % 11.51 %
Tier 1 risk-based capital ratio 14.73 % 14.96 % 14.59 % 14.17 % 14.14 % 14.73 % 14.14 %
Total risk-based capital ratio 16.00 % 16.25 % 15.89 % 15.47 % 15.45 % 16.00 % 15.45 %
(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 September 30,
Tax Equivalent Basis 2011 2010
Average Income/ Average Average Income/ Average
Balance Expense Rate Balance Expense Rate
Assets:
Interest-earning deposits with other banks $ 46,109 $ 25 0.22 % $ 32,983 $ 20 0.24 %
U.S. Government obligations 129,263 509 1.56 156,579 669 1.70
Obligations of state and political subdivisions 112,935 1,720 6.04 109,376 1,746 6.33
Other debt and equity securities 167,178 1,347 3.20 165,238 1,687 4.05
Total interest-earning deposits and investments 455,485 3,601 3.14 464,176 4,122 3.52
Commercial, financial, and agricultural loans 435,805 4,930 4.49 435,823 5,428 4.94
Real estate—commercial and construction loans 528,936 7,308 5.48 538,288 7,871 5.80
Real estate—residential loans 247,332 2,684 4.31 255,715 2,800 4.34
Loans to individuals 42,358 594 5.56 44,250 657 5.89
Municipal loans and leases 132,147 1,741 5.23 110,650 1,662 5.96
Lease financings 58,766 1,634 11.03 75,094 1,671 8.83
Gross loans and leases 1,445,344 18,891 5.19 1,459,820 20,089 5.46
Total interest-earning assets 1,900,829 22,492 4.69 1,923,996 24,211 4.99
Cash and due from banks 57,572 38,924
Reserve for loan and lease losses (34,104 ) (29,853 )
Premises and equipment, net 34,257 34,862
Other assets 154,892 149,779
Total assets $ 2,113,446 $ 2,117,708
Liabilities:
Interest-bearing checking deposits $ 210,499 $ 57 0.11 $ 179,117 $ 61 0.14
Money market savings 291,830 167 0.23 301,674 239 0.31
Regular savings 483,341 349 0.29 454,358 578 0.50
Time deposits 394,509 1,597 1.61 432,881 2,339 2.14
Total time and interest-bearing deposits 1,380,179 2,170 0.62 1,368,030 3,217 0.93
Securities sold under agreements to repurchase 104,458 78 0.30 99,855 90 0.36
Other short-term borrowings 11 18 N/M 40,277 437 4.30
Long-term debt 5,000 48 3.81 5,000 48 3.81
Subordinated notes and capital securities 23,240 307 5.24 24,744 315 5.05
Total borrowings 132,709 451 1.35 169,876 890 2.08
Total interest-bearing liabilities 1,512,888 2,621 0.69 1,537,906 4,107 1.06
Demand deposits, non-interest bearing 292,273 274,583
Accrued expenses and other liabilities 32,783 34,174
Total liabilities 1,837,944 1,846,663
Shareholders' Equity
Common stock 91,332 91,332
Additional paid-in capital 61,473 61,420
Retained earnings and other equity 122,697 118,293
Total shareholders' equity 275,502 271,045
Total liabilities and shareholders' equity $ 2,113,446 $ 2,117,708
Net interest income $ 19,871 $ 20,104
Net interest spread 4.00 3.93
Effect of net interest-free funding sources 0.15 0.22
Net interest margin 4.15 % 4.15 %
Ratio of average interest-earning assets to average interest-bearing liabilities 125.64 % 125.10 %
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 September 30, 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 Nine Months Ended September 30,
Tax Equivalent Basis 2011 2010
Average Income/ Average Average Income/ Average
Balance Expense Rate Balance Expense Rate
Assets:
Interest-earning deposits with other banks $ 24,076 $ 40 0.22 % $ 24,727 $ 50 0.27 %
U.S. Government obligations 150,902 1,865 1.65 143,238 2,332 2.18
Obligations of state and political subdivisions 110,730 5,153 6.22 108,287 5,289 6.53
Other debt and equity securities 169,453 4,403 3.47 176,317 5,640 4.28
Total interest-earning deposits and investments 455,161 11,461 3.37 452,569 13,311 3.93
Commercial, financial, and agricultural loans 431,983 15,048 4.66 420,572 14,985 4.76
Real estate—commercial and construction loans 542,926 21,958 5.41 528,611 23,185 5.86
Real estate—residential loans 245,889 8,082 4.39 257,637 8,443 4.38
Loans to individuals 42,428 1,817 5.73 45,969 2,054 5.97
Municipal loans and leases 127,843 5,152 5.39 104,321 4,651 5.96
Lease financings 61,359 4,819 10.50 78,341 5,136 8.77
Gross loans and leases 1,452,428 56,876 5.24 1,435,451 58,454 5.44
Total interest-earning assets 1,907,589 68,337 4.79 1,888,020 71,765 5.08
Cash and due from banks 41,205 36,045
Reserve for loan and lease losses (33,506 ) (28,444 )
Premises and equipment, net 34,393 34,908
Other assets 155,561 152,213
Total assets $ 2,105,242 $ 2,082,742
Liabilities:
Interest-bearing checking deposits $ 204,619 $ 180 0.12 $ 177,776 $ 180 0.14
Money market savings 292,620 542 0.25 291,841 832 0.38
Regular savings 482,026 1,186 0.33 438,832 2,020 0.62
Time deposits 403,729 5,018 1.66 434,334 7,993 2.46
Total time and interest-bearing deposits 1,382,994 6,926 0.67 1,342,783 11,025 1.10
Securities sold under agreements to repurchase 100,695 227 0.30 98,181 318 0.43
Other short-term borrowings 4,555 29 0.85 54,379 1,664 4.09
Long-term debt 5,000 142 3.80 5,485 142 3.46
Subordinated notes and capital securities 23,615 917 5.19 25,116 940 5.00
Total borrowings 133,865 1,315 1.31 183,161 3,064 2.24
Total interest-bearing liabilities 1,516,859 8,241 0.73 1,525,944 14,089 1.23
Demand deposits, non-interest bearing 283,124 253,238
Accrued expenses and other liabilities 32,966 33,560
Total liabilities 1,832,949 1,812,742
Shareholders' Equity
Common stock 91,332 91,332
Additional paid-in capital 61,452 61,420
Retained earnings and other equity 119,509 117,248
Total shareholders' equity 272,293 270,000
Total liabilities and shareholders' equity $ 2,105,242 $ 2,082,742
Net interest income $ 60,096 $ 57,676
Net interest spread 4.06 3.85
Effect of net interest-free funding sources 0.15 0.23 %
Net interest margin 4.21 % 4.08
Ratio of average interest-earning assets to average interest-bearing liabilities 125.76 % 123.73 %
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 nine months ended September 30, 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