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

Marketwired

SOUDERTON, PA--(Marketwire - Jan 23, 2013) - Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, today announced financial results for the quarter and year ended December 31, 2012. Univest reported net income of $5.1 million or $0.30 diluted earnings per share for the quarter ended December 31, 2012, a 3% decrease in net income compared to $5.3 million or $0.32 diluted earnings per share for the quarter ended December 31, 2011. For the year ended December 31, 2012, Univest reported net income of $20.9 million or $1.24 diluted earnings per share, compared to $18.9 million or $1.13 diluted earnings per share for the same period in the prior year. The increase in net income of $2.0 million during 2012 represents an increase of 11% over the prior year.

Loans
Gross loans and leases increased $12.4 million from September 30, 2012 and $35.5 million from December 31, 2011. The growth in loans from the prior year-end occurred primarily in the commercial and residential mortgage categories. While the Corporation continued to see increased loan activity during 2012, overall credit demand and utilization of lines by businesses and consumers remained light as a result of the slow and uncertain economic recovery.

Deposits
Total deposits increased $87.4 million from September 30, 2012 and $116.1 million from December 31, 2011. Deposits, excluding public funds, grew $87.1 million from September 30, 2012 and $120.2 million from December 31, 2011, primarily due to new customers choosing Univest and an overall increase in demand deposits.

Net Interest Income and Margin
Net interest income decreased $184 thousand or 1% to $18.2 million in the fourth quarter of 2012 compared to the fourth quarter of 2011. The net interest margin on a tax-equivalent basis for the fourth quarter of 2012 was 3.80%, compared to 3.84% during the third quarter of 2012, and down from 3.96% in the fourth quarter of 2011. Net interest income decreased $2.3 million or 3% to $72.5 million for the year ended December 31, 2012 compared to the same period in 2011. The net interest margin on a tax-equivalent basis for the year ended December 31, 2012 was 3.89% compared to 4.15% for the year ended December 31, 2011.

The declines in net interest income and net interest margin were primarily due to the re-investment of maturing and called investment securities into 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 declines in net interest income and net interest margin were partially offset by re-pricing of certificates of deposit and savings account products.  

Non-Interest Income
Non-interest income for the quarter ended December 31, 2012 was $10.4 million, an increase of $1.4 million or 16% from the comparable period in the prior year. The net gain on mortgage banking activities increased $919 thousand during the fourth quarter of 2012 over the same period in 2011 as refinance volume continues to be strong. Insurance commission and fee income was up $404 thousand mainly due to the Javers Group acquisition on May 31, 2012. In addition, trust fee income increased $433 thousand primarily due to growth in trust assets and estate fees. Partially offsetting this favorable variance was a decline in investment advisory commission and fee income of $371 thousand, primarily a result of timing and customer product selection.

Non-interest income for the year ended December 31, 2012 was $40.3 million, an increase of $5.9 million or 17% compared to the same period in the prior year. The increase was primarily attributable to an increase in the net gain on mortgage banking activities of $4.2 million due to stronger mortgage demand from increased refinance activity, a $1.3 million gain on the sale of a former operations building and proceeds from bank owned life insurance death benefits of $989 thousand. In addition, insurance commission and fee income was up $798 thousand mostly due to the Javers Group acquisition. These favorable variances were partially offset by an increase in the net loss on sales and write-downs of other real estate owned of $1.1 million. In addition, the net gain on sales of securities was $305 thousand for the year ended December 31, 2012 compared to $1.4 million for the same period in 2011.

Non-Interest Expense
Non-interest expense for the fourth quarter of 2012 was $19.7 million, an increase of $2.1 million or 12% compared to the fourth quarter of 2011. Salaries and benefits expense increased $1.4 million primarily due to higher commissions related to increased mortgage banking activities, annual performance increases and additional staff hired to expand our existing business lines and welcomed through the Javers acquisition. Additionally, non-interest expense increased due to higher equipment expenses and employment services used to identify top sales personnel.

Non-interest expense for the year ended December 31, 2012 was $76.3 million, an increase of $8.3 million or 12% compared to same period in the prior year. Salaries and benefits expense increased $6.1 million primarily due to higher commissions related to increased mortgage banking activities, annual performance increases and additional staff hired primarily to support revenue generation. Additionally, non-interest expense increased due to higher loan workout, legal, employment services and equipment expenses. The year-to-date increases were partially offset by a decline in deposit insurance premiums of $350 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 $32.1 million at December 31, 2012 from $38.2 million at December 31, 2011. Non-accrual loans and leases were $30.5 million at September 30, 2012. The decrease in non-accrual loans from December 31, 2011 was mainly due to loan charge-offs, pay-downs and sales, and one large non-accrual troubled debt restructured credit for $6.2 million which was returned to accruing troubled debt restructured status as the borrower made six consecutive principal and interest payments; these collectively exceeded the additions to non-accrual loans. Net loan and lease charge-offs were $4.7 million during the fourth quarter of 2012 compared to $4.3 million for the fourth quarter of 2011. For the year ended December 31, 2012, net loan and lease charge-offs were $15.2 million compared to $18.5 million for the year ended December 31, 2011.

Non-accrual loans and leases as a percentage of total loans and leases (held for investment and nonaccrual loans held for sale) were 2.17% at December 31, 2012, compared to 2.07% at September 30, 2012 and 2.64% at December 31, 2011. Other real estate owned decreased to $1.6 million, consisting of two properties at December 31, 2012, compared to $3.3 million at September 30, 2012 and $6.6 million at December 31, 2011. The year-to-date decrease was primarily due to write-downs on properties of $2.0 million to their updated appraised values, and the sale of three commercial properties for $3.0 million which had a total carrying value of $2.9 million, resulting in a gain on sale of $97 thousand.

The provision for loan and lease losses was $2.4 million for the fourth quarter of 2012, compared to $2.2 million for the quarter ended September 30, 2012 and $3.1 million for the quarter ended December 31, 2011. The provision for loan and lease losses for the year ended December 31, 2012 was $10.0 million, a reduction of $7.5 million compared to $17.5 million for the year ended December 31, 2011. The decrease in the year-to-date provision was primarily the result of migration and resolution of loans through the loan workout process and a decrease in loss factors for commercial real estate loans. The allowance for loan and lease losses as a percentage of loans and leases held for investment was 1.67% at December 31, 2012, compared to 1.84% at September 30, 2012 and 2.07% at December 31, 2011. The allowance for loan and lease losses to nonaccrual loans and leases held for investment equaled 77.01% at December 31, 2012, compared to 97.03% at September 30, 2012 and 78.18% at December 31, 2011. 

Capital
Univest continues to remain well-capitalized at December 31, 2012. Univest's total risk-based capital at December 31, 2012 was 15.62%, well in excess of the regulatory minimum for well capitalized status of 10%.

Dividend
On November 28, 2012, Univest Corporation declared a quarterly cash dividend of $0.20 per share, payable on December 28, 2012. This represented a 4.82% 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, 2012
(Dollars in thousands)                    
                     
Balance Sheet (Period End)   12/31/12   09/30/12   06/30/12   03/31/12   12/31/11
Assets   $ 2,304,841   $ 2,232,081   $ 2,188,727   $ 2,192,164   $ 2,206,839
Securities     499,579     515,256     439,092     451,433     471,165
Loans held for sale     4,530     6,146     1,333     2,535     3,157
Loans and leases held for investment, gross     1,481,862     1,469,511     1,465,449     1,459,830     1,446,406
Allowance for loan and lease losses     24,746     27,096     30,502     30,597     29,870
Loans and leases held for investment, net     1,457,116     1,442,415     1,434,947     1,429,233     1,416,536
Total deposits     1,865,333     1,777,930     1,743,922     1,730,030     1,749,232
Non-interest bearing deposits     368,948     334,856     334,828     307,769     304,006
NOW, money market and savings     1,164,874     1,101,147     1,052,217     1,029,145     1,036,726
Time deposits     331,511     341,927     356,877     393,116     408,500
Borrowings     117,276     132,920     121,878     144,208     137,234
Shareholders' equity     284,277     281,589     277,316     275,525     272,979
                             
                             
Balance Sheet (Average)   For the three months ended,   For the twelve months ended,
    12/31/12   09/30/12   06/30/12   03/31/12   12/31/11   12/31/12   12/31/11
Assets   $ 2,264,863   $ 2,214,283   $ 2,173,698   $ 2,180,451   $ 2,174,857   $ 2,208,493   $ 2,122,788
Securities     499,017     474,523     450,482     457,511     423,657     470,473     429,213
Loans and leases, gross     1,478,156     1,465,897     1,460,275     1,457,320     1,435,173     1,465,448     1,448,079
Deposits     1,823,707     1,771,454     1,726,441     1,724,310     1,727,861     1,761,676     1,681,681
Shareholders' equity     286,980     280,172     277,621     275,071     276,114     282,286     273,255
                               
                               
Asset Quality Data (Period End)                              
    12/31/12     09/30/12     06/30/12     03/31/12     12/31/11  
                                         
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases and nonaccrual loans held for sale   $
32,132
    $
30,525
    $
36,762
    $
36,270
    $
38,207
 
Accruing loans and leases 90 days or more past due     441       690       384       523       365  
Accruing troubled debt restructured loans and leases     13,457       13,383       7,591       7,301       3,893  
Other real estate owned     1,601       3,301       3,922       4,993       6,600  
Nonperforming assets     47,631       47,899       48,659       49,087       49,065  
Allowance for loan and lease losses     24,746       27,096       30,502       30,597       29,870  
Nonaccrual loans and leases / Loans and leases held for investment and nonaccrual loans held for sale    
2.17
%    
2.07
%    
2.51
%    
2.48
%    
2.64
%
Nonperforming loans and leases / Loans and leases held for investment and nonaccrual loans held for sale    
3.11
%    
3.03
%    
3.05
%    
3.02
%    
2.94
%
Allowance for loan and lease losses / Loans and leases held for investment     1.67 %     1.84 %     2.08 %     2.10 %     2.07 %
Allowance for loan and lease losses / Nonaccrual loans and leases held for investment     77.01 %     97.03 %     82.97 %     84.36 %     78.18 %
Allowance for loan and lease losses / Nonperforming loans and leases held for investment     53.76 %     64.52 %     68.18 %     69.39 %     70.34 %
                                           
                                           
    For the three months ended,     For the twelve months ended,  
    12/31/12     09/30/12     06/30/12     03/31/12     12/31/11     12/31/12     12/31/11  
Net loan and lease charge-offs   $ 4,732     $ 5,616     $ 1,438     $ 3,373     $ 4,272     $ 15,159     $ 18,507  
Net loan and lease charge-offs (annualized)/Average loans and leases     1.27 %     1.52 %     0.40 %     0.93 %     1.18 %     1.03 %     1.28 %
   
   
Univest Corporation of Pennsylvania  
Consolidated Selected Financial Data  
December 31, 2012  
(Dollars in thousands, except per share data)                                
    For the three months ended,     For the twelve months ended,  
For the period:   12/31/12   09/30/12   06/30/12   03/31/12   12/31/11     12/31/12   12/31/11  
Interest income   $ 19,988   $ 19,977   $ 20,258   $ 20,431   $ 20,821     $ 80,654   $ 85,468  
Interest expense     1,838     1,958     2,111     2,267     2,487       8,174     10,728  
  Net interest income     18,150     18,019     18,147     18,164     18,334       72,480     74,740  
Provision for loan and lease losses     2,382     2,210     1,343     4,100     3,140       10,035     17,479  
Net interest income after provision     15,768     15,809     16,804     14,064     15,194       62,445     57,261  
Noninterest income:                                              
  Trust fee income     1,902     1,625     1,625     1,625     1,469       6,777     6,344  
  Service charges on deposit accounts     1,128     1,122     1,079     1,100     1,147       4,429     5,057  
  Investment advisory commission and fee income     1,407     1,350     1,350     1,256     1,778       5,363     5,373  
  Insurance commission and fee income     2,078     2,129     2,057     2,267     1,674       8,531     7,733  
  Bank owned life insurance income     365     463     336     1,506     502       2,670     1,668  
  Other-than-temporary impairment     -     (4 )   (6 )   (3 )   (5 )     (13 )   (16 )
  Net gain on sales of securities     14     9     24     258     -       305     1,417  
  Net gain on mortgage banking activities     1,571     2,171     1,074     1,272     652       6,088     1,868  
  Other income     1,913     1,996     461     1,740     1,761       6,110     4,963  
Total noninterest income     10,378     10,861     8,000     11,021     8,978       40,260     34,407  
Noninterest expense                                              
  Salaries and benefits     11,163     10,828     10,733     11,563     9,725       44,287     38,230  
  Premises and equipment     2,664     2,597     2,513     2,428     2,544       10,202     9,784  
  Deposit insurance premiums     410     406     429     444     457       1,689     2,039  
  Other expense     5,475     5,227     4,961     4,441     4,837       20,104     17,957  
Total noninterest expense     19,712     19,058     18,636     18,876     17,563       76,282     68,010  
Income before taxes     6,434     7,612     6,168     6,209     6,609       26,423     23,658  
Applicable income taxes     1,358     1,842     1,405     946     1,349       5,551     4,776  
Net income   $ 5,076   $ 5,770   $ 4,763   $ 5,263   $ 5,260     $ 20,872   $ 18,882  
                                               
Per Common Share Data:                                              
Book value per share   $ 16.95   $ 16.80   $ 16.55   $ 16.42   $ 16.34     $ 16.95   $ 16.34  
Net income per share:                                              
  Basic   $ 0.30   $ 0.34   $ 0.28   $ 0.31   $ 0.32     $ 1.25   $ 1.13  
  Diluted   $ 0.30   $ 0.34   $ 0.28   $ 0.31   $ 0.32     $ 1.24   $ 1.13  
Dividends per share   $ 0.20   $ 0.20   $ 0.20   $ 0.20   $ 0.20     $ 0.80   $ 0.80  
Weighted average shares outstanding     16,765,199     16,760,080     16,770,290     16,749,134     16,716,160       16,761,184     16,742,898  
Period end shares outstanding     16,770,232     16,765,126     16,759,893     16,780,416     16,702,376       16,770,232     16,702,376  
   
   
Univest Corporation of Pennsylvania  
Consolidated Selected Financial Data  
December 31, 2012  
                                           
                                           
                                           
    For the three months ended,     For the twelve months ended,  
Profitability Ratios (annualized)   12/31/12     09/30/12     06/30/12     03/31/12     12/31/11     12/31/12     12/31/11  
                                           
Return on average assets   0.89 %   1.04 %   0.88 %   0.97 %   0.96 %   0.95 %   0.89 %
Return on average shareholders' equity   7.04 %   8.19 %   6.90 %   7.70 %   7.56 %   7.39 %   6.91 %
Net interest margin (FTE)   3.80 %   3.84 %   3.97 %   3.95 %   3.96 %   3.89 %   4.15 %
Efficiency ratio (1)   65.93 %   62.84 %   67.59 %   60.46 %   60.87 %   64.09 %   59.14 %
                                           
Capitalization Ratios                                          
                                           
Dividends declared to net income   66.06 %   58.09 %   70.48 %   63.63 %   63.48 %   64.25 %   70.87 %
Shareholders' equity to assets (Period End)   12.33 %   12.62 %   12.67 %   12.57 %   12.37 %   12.33 %   12.37 %
Tangible common equity to tangible assets   9.88 %   10.12 %   10.11 %   10.18 %   10.00 %   9.88 %   10.00 %
                                           
                                           
Regulatory Capital Ratios (Period End)                                          
Tier 1 leverage ratio   11.47 %   11.48 %   11.57 %   11.64 %   11.53 %   11.47 %   11.53 %
Tier 1 risk-based capital ratio   14.35 %   14.07 %   14.38 %   14.50 %   14.29 %   14.35 %   14.29 %
Total risk-based capital ratio   15.62 %   15.34 %   15.64 %   15.76 %   15.56 %   15.62 %   15.56 %
   
   
   
(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     2012       2011   
    Average     Income/   Average     Average     Income/   Average  
    Balance     Expense   Rate     Balance     Expense   Rate  
Assets:                                        
Interest-earning deposits with other banks   $ 43,538     $ 43   0.39 %   $ 105,886     $ 76   0.28 %
U.S. Government obligations     173,458       519   1.19       128,491       501   1.55  
Obligations of state and political subdivisions     121,062       1,577   5.18       114,664       1,722   5.96  
Other debt and equity securities     204,497       844   1.64       180,502       1,294   2.84  
  Total interest-earning deposits and investments     542,555       2,983   2.19       529,543       3,593   2.69  
                                         
Commercial, financial, and agricultural loans     447,619       4,944   4.39       417,063       4,673   4.45  
Real estate-commercial and construction loans     533,178       6,809   5.08       535,571       7,194   5.33  
Real estate-residential loans     260,787       2,555   3.90       246,736       2,658   4.27  
Loans to individuals     42,844       624   5.79       43,745       616   5.59  
Municipal loans and leases     132,187       1,781   5.36       134,861       1,943   5.72  
Lease financings     61,541       1,465   9.47       57,197       1,413   9.80  
  Gross loans and leases     1,478,156       18,178   4.89       1,435,173       18,497   5.11  
    Total interest-earning assets     2,020,711       21,161   4.17       1,964,716       22,090   4.46  
Cash and due from banks     73,812                   40,503              
Reserve for loan and lease losses     (27,988 )                 (32,099 )            
Premises and equipment, net     33,625                   34,323              
Other assets     164,703                   167,414              
  Total assets   $ 2,264,863                 $ 2,174,857              
                                         
Liabilities:                                        
Interest-bearing checking deposits   $ 236,752     $ 39   0.07     $ 213,389     $ 58   0.11  
Money market savings     370,894       118   0.13       319,117       159   0.20  
Regular savings     523,569       156   0.12       482,177       282   0.23  
Time deposits     339,901       1,194   1.40       423,206       1,558   1.46  
  Total time and interest-bearing deposits     1,471,116       1,507   0.41       1,437,889       2,057   0.57  
                                         
Short-term borrowings     101,607       31   0.12       109,336       76   0.28  
Long-term debt     -       -   -       5,000       48   3.81  
Subordinated notes and capital securities     21,365       300   5.59       22,861       306   5.31  
  Total borrowings     122,972       331   1.07       137,197       430   1.24  
  Total interest-bearing liabilities     1,594,088       1,838   0.46       1,575,086       2,487   0.63  
Demand deposits, non-interest bearing     352,591                   289,972              
Accrued expenses and other liabilities     31,204                   33,685              
  Total liabilities     1,977,883                   1,898,743              
                                         
Shareholders' Equity                                        
Common stock     91,332                   91,332              
Additional paid-in capital     64,769                   61,474              
Retained earnings and other equity     130,879                   123,308              
  Total shareholders' equity     286,980                   276,114              
  Total liabilities and shareholders' equity   $ 2,264,863                 $ 2,174,857              
Net interest income           $ 19,323                 $ 19,603      
                                         
Net interest spread                 3.71                   3.83  
Effect of net interest-free funding sources                 0.09                   0.13  
Net interest margin                 3.80 %                 3.96 %
Ratio of average interest-earning assets to average interest-bearing liabilities     126.76 %                 124.74 %            
   
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, 2012 and 2011 have been calculated using the Corporation's federal applicable rate of 35.0%.
 
   
   
Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential  
    For the Twelve Months Ended December 31,  
Tax Equivalent Basis   2012     2011  
    Average   Income/   Average     Average   Income/   Average  
    Balance   Expense   Rate     Balance   Expense   Rate  
Assets:                                    
Interest-earning deposits with other banks   $ 52,387   $ 164   0.31 %   $ 44,696   $ 116   0.26 %
U.S. Government obligations     154,715     2,038   1.32       145,253     2,366   1.63  
Obligations of state and political subdivisions     119,993     6,669   5.56       111,722     6,875   6.15  
Other debt and equity securities     195,765     3,913   2.00       172,238     5,697   3.31  
  Total interest-earning deposits and investments     522,860     12,784   2.45       473,909     15,054   3.18  
                                     
Commercial, financial, and agricultural loans     445,883     19,367   4.34       428,222     19,721   4.61  
Real estate-commercial and construction loans     530,633     27,550   5.19       541,073     29,152   5.39  
Real estate-residential loans     253,486     10,373   4.09       246,102     10,740   4.36  
Loans to individuals     43,562     2,480   5.69       42,760     2,433   5.69  
Municipal loans and leases     133,212     7,231   5.43       129,880     7,471   5.75  
Lease financings     58,672     5,709   9.73       60,042     5,856   9.75  
  Gross loans and leases     1,465,448     72,710   4.96       1,448,079     75,373   5.21  
    Total interest-earning assets     1,988,308     85,494   4.30       1,921,988     90,427   4.70  
Cash and due from banks     49,362                 41,028            
Reserve for loan and lease losses     (30,771 )               (33,152 )          
Premises and equipment, net     34,079                 34,376            
Other assets     167,515                 158,548            
  Total assets   $ 2,208,493               $ 2,122,788            
                                     
Liabilities:                                    
Interest-bearing checking deposits   $ 230,031   $ 177   0.08     $ 206,830   $ 238   0.12  
Money market savings     330,839     509   0.15       299,299     701   0.23  
Regular savings     510,005     790   0.15       482,064     1,468   0.30  
Time deposits     363,225     5,162   1.42       408,638     6,576   1.61  
  Total time and interest-bearing deposits     1,434,100     6,638   0.46       1,396,831     8,983   0.64  
                                     
Short-term borrowings     108,023     326   0.30       106,280     332   0.31  
Long-term debt     109     4   3.67       5,000     190   3.80  
Subordinated notes and capital securities     21,921     1,206   5.50       23,425     1,223   5.22  
  Total borrowings     130,053     1,536   1.18       134,705     1,745   1.30  
  Total interest-bearing liabilities     1,564,153     8,174   0.52       1,531,536     10,728   0.70  
Demand deposits, non-interest bearing     327,576                 284,850            
Accrued expenses and other liabilities     34,478                 33,147            
  Total liabilities     1,926,207                 1,849,533            
                                     
Shareholders' Equity                                    
Common stock     91,332                 91,332            
Additional paid-in capital     64,517                 61,457            
Retained earnings and other equity     126,437                 120,466            
  Total shareholders' equity     282,286                 273,255            
  Total liabilities and shareholders' equity   $ 2,208,493               $ 2,122,788            
Net interest income         $ 77,320               $ 79,699      
                                     
Net interest spread               3.78                 4.00  
Effect of net interest-free funding sources               0.11                 0.15 %
Net interest margin               3.89 %               4.15  
Ratio of average interest-earning assets to average interest-bearing liabilities     127.12 %               125.49 %          
   
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, 2012 and 2011 have been calculated using the Corporation's federal applicable rate of 35.0%.
   
Contact:
CONTACT:
Mike Keim
UNIVEST CORPORATION OF PENNSYLVANIA
Chief Financial Officer
215-721-2511
keimm@univest.net

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