SOURCE: Univest Corporation of Pennsylvania

Univest Corporation of Pennsylvania

April 22, 2009 14:38 ET

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

SOUDERTON, PA--(Marketwire - April 22, 2009) - Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest National Bank and Trust Co. of Souderton, Pa., has reported net income of $3,836,000 or $0.30 basic net income per share for the first quarter ended March 31, 2009, compared to $6,721,000 or $0.52 basic net income per share for the first quarter ended March 31, 2008. Diluted earnings per share were $0.30 for the first quarter ended March 31, 2009, compared to $0.52 per share for the first quarter ended March 31, 2008.

On April 1, 2009, Univest Corporation paid a quarterly cash dividend of $0.20 per share.

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. Univest National Bank and Trust Co., member FDIC and Equal Housing Lender, offers customers 32 financial service centers, 12 retirement financial services centers, and 38 ATM locations throughout the region, and is the parent company of Univest Capital, Inc., a small ticket commercial finance business; Univest Insurance, Inc., an independent insurance agency headquartered in Lansdale, Pa., which serves commercial and personal customers; and Univest Investments, Inc., Member FINRA and SIPC, a full-service broker-dealer and investment advisory firm. For more information on Univest Corporation of Pennsylvania and its subsidiaries, please visit www.univest.net.

This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company's financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the company's filings with the Securities and Exchange Commission.

                    Univest Corporation of Pennsylvania
                   Consolidated Selected Financial Data
                              March 31, 2009
(Dollars in
 thousands)


Balance Sheet
 (Period End)    03/31/09    12/31/08    09/30/08    06/30/08    03/31/08
                ----------  ----------  ----------  ----------  ----------
Assets          $2,065,901  $2,084,797  $2,046,390  $2,012,659  $2,059,572
Securities         410,357     432,266     406,965     419,804     463,553
Loans and
 leases, gross   1,455,492   1,450,436   1,441,899   1,398,269   1,357,887
Allowance for
 loan and lease
 losses             14,720      13,118      14,954      13,713      12,997
Loans and
 leases, net     1,440,772   1,437,318   1,426,945   1,384,556   1,344,890
Total deposits   1,573,052   1,527,328   1,507,527   1,504,007   1,616,843
Non-interest
 bearing
 deposits          218,148     221,863     226,606     233,436     230,531
NOW, Money
 Market and
 Savings           819,659     795,495     783,830     788,177     925,613
Time deposits      535,245     509,970     497,091     482,394     460,699
Borrowings         245,962     312,736     304,368     275,345     202,073
Shareholders'
 equity            206,238     203,207     204,251     203,138     203,263


                                 For the three months ended,
Balance Sheet   ----------------------------------------------------------
 (Average)       03/31/09    12/31/08    09/30/08    06/30/08    03/31/08
                ----------  ----------  ----------  ----------  ----------
Assets          $2,059,965  $2,028,900  $2,020,537  $2,044,987  $2,005,682
Securities         419,995     403,783     412,271     450,070     441,533
Loans and
 leases, gross   1,446,157   1,437,727   1,422,774   1,392,177   1,354,584
Deposits         1,555,964   1,523,964   1,503,402   1,560,015   1,565,693
Shareholders'
 equity            204,544     205,384     205,062     205,464     200,439


Asset Quality Data
 (Period End)    03/31/09    12/31/08    09/30/08    06/30/08    03/31/08
                ----------  ----------  ----------  ----------  ----------
Nonaccrual
 loans and
 leases         $    3,675  $    5,029  $    7,871  $    6,992  $    6,165
Troubled debt
 restructured          747         380         563         423           -
Other real
 estate owned        2,824         346         346           -           -
Nonperforming
 assets              9,355       6,900      10,358      10,422       9,680
Allowance for
 loan and lease
 losses             14,720      13,118      14,954      13,713      12,997
Nonperforming
 loans and
 leases / Loans
 and leases           0.45%       0.45%       0.69%       0.75%       0.71%
Allowance for
 loan and lease
 losses / Loans
 and leases           1.01%       0.90%       1.04%       0.98%       0.96%
Allowance for
 loan and lease
 losses /
 Nonperforming
 loans              225.39%     200.15%     149.36%     131.58%     134.27%


                                 For the three months ended,
                ----------------------------------------------------------
                 03/31/09    12/31/08    09/30/08    06/30/08    03/31/08
                ----------  ----------  ----------  ----------  ----------
Net loan and
 lease
 charge-offs    $      554  $    4,263  $    1,804  $    1,582  $    1,088
Net loan and
 lease
 charge-offs
 (annualized) /
 Average loans
 and leases           0.16%       1.18%       0.50%       0.46%       0.32%





                    Univest Corporation of Pennsylvania
                   Consolidated Selected Financial Data
                              March 31, 2009

(Dollars in
thousands, except
per share data)

                                For the three months ended,
                ----------------------------------------------------------
For the period:  03/31/09    12/31/08    09/30/08    06/30/08    03/31/08
                ----------  ----------  ----------  ----------  -----------

Interest income $   24,402  $   26,455  $   26,661  $   26,935  $    28,007
Interest expense     8,057       9,630      10,148      10,370       12,162
                ----------  ----------  ----------  ----------  -----------
  Net interest
   income           16,345      16,825      16,513      16,565       15,845
Provision for
 loan and lease
 losses              2,156       2,427       3,046       2,297          999
                ----------  ----------  ----------  ----------  -----------
Net interest
 income after
 provision          14,189      14,398      13,467      14,268       14,846
Noninterest
 income:
  Trust fee
   income            1,425       1,171       1,578       1,628        1,627
  Service charges
   on deposit
   accounts          1,613       1,723       1,719       1,708        1,658
  Investment
   advisory
   commission and
   fee income          754         536         581         642          615
  Insurance
   commissions and
   fee income        1,986       1,128       1,266       1,271        2,058
  Bank owned
   life insurance
   income              157          25         241       1,734          791
  Net (loss)
   gain on sales
   of and
   impairments on
   securities       (1,140)       (122)       (692)       (213)          56
  Other income       1,379         867         871       1,209          938
                ----------  ----------  ----------  ----------  -----------
Total
 noninterest
 income              6,174       5,328       5,564       7,979        7,743
Noninterest
 expense
Salaries and
 benefits            9,432       8,291       7,935       8,019        8,168
Premises and
 equipment           2,233       2,225       2,110       2,085        2,057
Other expense        3,838       4,351       3,620       4,981        3,383
                ----------  ----------  ----------  ----------  -----------
Total
 noninterest
 expense            15,503      14,867      13,665      15,085       13,608
                ----------  ----------  ----------  ----------  -----------
Income before
 taxes               4,860       4,859       5,366       7,162        8,981
Applicable
 income taxes        1,024       1,054       1,176       1,288        2,260
                ----------  ----------  ----------  ----------  -----------
Net income      $    3,836  $    3,805  $    4,190  $    5,874  $     6,721
                ==========  ==========  ==========  ==========  ===========

Per Common
 Share Data:
Book value per
 share          $    15.87  $    15.71  $    15.83  $    15.80  $     15.83
Net income per
 share:
  Basic         $     0.30  $     0.30  $     0.33  $     0.46  $      0.52
  Diluted       $     0.30  $     0.29  $     0.33  $     0.46  $      0.52
Dividends per
 share          $     0.20  $     0.20  $     0.20  $     0.20  $      0.20
Weighted
 average shares
 outstanding    12,977,369  12,921,814  12,874,648  12,855,379   12,839,040
Period end
 shares
 outstanding    12,996,291  12,938,514  12,905,326  12,858,376   12,843,507




                    Univest Corporation of Pennsylvania
                   Consolidated Selected Financial Data
                              March 31, 2009



                                  For the three months ended,
Profitability Ratios -----------------------------------------------------
 (annualized)        03/31/09   12/31/08   09/30/08   06/30/08   03/31/08
                     ---------  ---------  ---------  ---------  ---------

Return on average
 assets                   0.76%      0.75%      0.82%      1.16%      1.35%
Return on average
 shareholders'
 equity                   7.61%      7.37%      8.13%     11.50%     13.49%
Net interest margin
 (FTE)                    3.76%      3.83%      3.76%      3.74%      3.66%
Efficiency ratio (1)     65.70%     64.32%     59.15%     57.34%     54.77%

Capitalization
 Ratios

Dividends paid to
 net income              67.75%     67.94%     61.50%     43.77%     38.22%
Shareholders' equity
 to assets (Period
 End)                     9.98%      9.75%      9.98%     10.09%      9.87%

(1) Total operating expenses to net interest income before loan loss
provision plus non-interest income adjusted for tax equivalent income.



Contact Information

  • CONTACT:
    Kim Detwiler
    UNIVEST CORPORATION OF PENNSYLVANIA
    Vice President, Director of Corporate Communications
    215-721-8396
    Email Contact