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

Marketwired

SOUDERTON, PA--(Marketwire - Oct 24, 2012) - 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 ended September 30, 2012. Univest reported net income of $5.8 million or $0.34 diluted earnings per share for the quarter ended September 30, 2012, a 10% increase in net income compared to $5.2 million or $0.31 diluted earnings per share for the quarter ended September 30, 2011. Net income for the nine months ended September 30, 2012 was $15.8 million or $0.94 diluted earnings per share, a 16% increase in net income compared to $13.6 million or $0.81 diluted earnings per share for the comparable period in the prior year. 

Loans
Gross loans and leases increased $4.1 million from June 30, 2012, $23.1 million from December 31, 2011 and $33.1 million from September 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 nine months ended September 30, 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 $34.0 million from June 30, 2012, $28.7 million from December 31, 2011 and $52.9 million from September 30, 2011. Deposits, excluding public funds, grew $33.2 million from December 31, 2011 and $81.8 million from September 30, 2011 primarily due to new customers choosing Univest. There was a decline from June 30, 2012 of $18.1 million in non-public fund deposits which was more than offset by an increase in public funds of $52.1 million mostly due to anticipated seasonal tax deposits.

Net Interest Income and Margin
Net interest income decreased $597 thousand or 3% to $18.0 million in the third quarter of 2012 compared to the third quarter of 2011. The net interest margin on a tax-equivalent basis for the third quarter of 2012 was 3.84%, compared to 3.97% during the second quarter of 2012, and down from 4.15% in the third quarter of 2011. Net interest income decreased $2.1 million or 4% to $54.3 million for the nine months ended September 30, 2012 compared to the same period in 2011. The net interest margin on a tax-equivalent basis for the nine months ended September 30, 2012 was 3.92% compared to 4.21% for the nine months ended September 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. During the third quarter of 2012, the Corporation increased its investments in government agencies, treasuries and corporate bonds with longer maturity durations as interest rate protection in the prolonged low rate interest environment.

Non-Interest Income
Non-interest income for the quarter ended September 30, 2012 was $10.9 million, an increase of $1.9 million or 21% from the comparable period in the prior year. During the third quarter of 2012, the Corporation sold a former operations building located in Hilltown, Pennsylvania with a book value of $702 thousand for $2.0 million, resulting in a gain on sale of fixed assets of $1.3 million which is included in other income. The net gain on mortgage banking activities increased $1.3 million during the third quarter of 2012 over the same period in 2011 as re-finance activity continues to be strong. In addition, insurance commission and fee income was up $342 thousand mainly due to the Javers Group acquisition on May 31, 2012. Partially offsetting these favorable variances was an increase in the net loss on sales and write-downs of other real estate owned of $480 thousand. The net gain on sales of securities was $9 thousand for the third quarter of 2012 compared to $848 thousand during the third quarter of 2011.

Non-interest income for the nine months ended September 30, 2012 was $29.9 million, an increase of $4.5 million or 18% compared to the nine months ended September 30, 2011. The increase was primarily attributable to an increase in the net gain on mortgage banking activities of $3.3 million due to stronger mortgage demand from increased re-finance activity, a $1.3 million gain on sale of a former operations building during the third quarter of 2012 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 $965 thousand. In addition, the net gain on sales of securities was $291 thousand for the nine months ended September 30, 2012 compared to $1.4 million for the same period in 2011.

Non-Interest Expense
Non-interest expense for the third quarter of 2012 was $19.1 million, an increase of $1.8 million or 10% compared to the third quarter of 2011. Salaries and benefits expense increased $940 thousand primarily due to higher commissions related to increased mortgage banking activities, annual performance increases and additional staff including the Javers Group acquisition. Additionally, non-interest expense increased due to higher loan workout, legal, employment services and equipment expenses.

Non-interest expense for the nine months ended September 30, 2012 was $56.6 million, an increase of $6.1 million or 12% compared to the nine months ended September 30, 2011. Salaries and benefits expense increased $4.6 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 loan workout, legal, employment services and equipment expenses. The increases for the year-to-date were partially offset by a decline in deposit insurance premiums of $303 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 $30.5 million at September 30, 2012 from $38.2 million at both December 31, 2011 and September 30, 2011. The decrease in non-accrual loans was mainly due to loans returned to accrual of interest status, charge-offs and pay-downs, which exceeded additions to non-accrual loans. During the third quarter of 2012, one non-accrual troubled debt restructured credit for $6.2 million was returned to accruing troubled debt restructured status as the borrower made six consecutive principal and interest payments. Net loan and lease charge-offs were $5.6 million during the third quarter of 2012 compared to $5.2 million for the third quarter of 2011.

Nonperforming loans and leases as a percentage of total loans and leases (held for investment and nonaccrual loans held for sale) were 3.03% at September 30, 2012 compared to 2.94% at December 31, 2011 and 2.96% at September 30, 2011. Other real estate owned decreased to $3.3 million, consisting of three properties at September 30, 2012, compared to $6.6 million at December 31, 2011 and $7.7 million at September 30, 2011. The year-to-date decrease was primarily due to write-downs on properties to their updated appraised values and the sale of a commercial property, with a carrying value of $1.3 million, which sold for $1.5 million resulting in a gain on sale of $210 thousand.

The provision for loan and lease losses declined to $2.2 million for the third quarter of 2012 compared to $3.6 million for the quarter ended September 30, 2011. The allowance for loan and lease losses as a percentage of loans and leases held for investment was 1.84% at September 30, 2012 compared to 2.07% at December 31, 2011 and 2.16% at September 30, 2011. The allowance for loan and lease losses to nonaccrual loans and leases held for investment equaled 97.03% at September 30, 2012, compared to 78.18% at December 31, 2011 and 81.20% at September 30, 2011. 

Capital
Univest continues to remain well-capitalized at September 30, 2012. Univest's total risk-based capital at September 30, 2012 was 15.34%, well in excess of the regulatory minimum for well capitalized status of 10% for total risk-based capital.

Dividend
On October 1, 2012, Univest Corporation paid a quarterly cash dividend of $0.20 per share, which represented a 4.40% 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, 2012
(Dollars in thousands)                    
                     
Balance Sheet (Period End)   09/30/12   06/30/12   03/31/12   12/31/11   09/30/11
Assets   $ 2,232,081   $ 2,188,727   $ 2,192,164   $ 2,206,839   $ 2,174,127
Securities     515,256     439,092     451,433     471,165     412,340
Loans held for sale     6,146     1,333     2,535     3,157     1,724
Loans and leases held for investment, gross     1,469,511     1,465,449     1,459,830     1,446,406     1,436,411
Allowance for loan and lease losses     27,096     30,502     30,597     29,870     31,002
Loans and leases held for investment, net     1,442,415     1,434,947     1,429,233     1,416,536     1,405,409
Total deposits     1,777,930     1,743,922     1,730,030     1,749,232     1,725,063
Non-interest bearing deposits     334,856     334,828     307,769     304,006     275,930
NOW, money market and savings     1,101,147     1,052,217     1,029,145     1,036,726     1,016,651
Time deposits     341,927     356,877     393,116     408,500     432,482
Borrowings     132,920     121,878     144,208     137,234     135,490
Shareholders' equity     281,589     277,316     275,525     272,979     275,099
                               
                               
                             
Balance Sheet (Average)   For the three months ended,   For the nine months ended,
    09/30/12   06/30/12   03/31/12   12/31/11   09/30/11   09/30/12   09/30/11
Assets   $ 2,214,283   $ 2,173,698   $ 2,180,451   $ 2,174,857   $ 2,113,446   $ 2,189,591   $ 2,105,242
Securities     474,523     450,482     457,511     423,657     409,376     460,889     431,085
Loans and leases, gross     1,465,897     1,460,275     1,457,320     1,435,173     1,445,344     1,461,182     1,452,428
Deposits     1,771,454     1,726,441     1,724,310     1,727,861     1,672,452     1,740,847     1,666,118
Shareholders' equity     280,172     277,621     275,071     276,114     275,502     277,630     272,293
                                           
                                           
                       
Asset Quality Data (Period End)                      
    09/30/12   06/30/12   03/31/12   12/31/11   09/30/11  
                                 
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases and nonaccrual loans held for sale   $ 30,525   $ 36,762   $ 36,270   $ 38,207   $ 38,180  
Accruing loans and leases 90 days or more past due     690     384     523     365     449  
Accruing troubled debt restructured loans and leases     13,383     7,591     7,301     3,893     3,925  
Other real estate owned     3,301     3,922     4,993     6,600     7,711  
Nonperforming assets     47,899     48,659     49,087     49,065     50,265  
Allowance for loan and lease losses     27,096     30,502     30,597     29,870     31,002  
Nonaccrual loans and leases / Loans and leases held for investment and nonaccrual loans held for sale     2.07 %   2.51 %   2.48 %   2.64 %   2.66 %
Nonperforming loans and leases / Loans and leases held for investment and nonaccrual loans held for sale     3.03 %   3.05 %   3.02 %   2.94 %   2.96 %
Allowance for loan and lease losses / Loans and leases held for investment     1.84 %   2.08 %   2.10 %   2.07 %   2.16 %
Allowance for loan and lease losses / Nonaccrual loans and leases held for investment     97.03 %   82.97 %   84.36 %   78.18 %   81.20 %
Allowance for loan and lease losses / Nonperforming loans held for investment     64.52 %   68.18 %   69.39 %   70.34 %   72.85 %
                                 
                                 
                               
    For the three months ended,   For the nine months ended,  
    09/30/12   06/30/12   03/31/12   12/31/11   09/30/11   09/30/12   09/30/11  
Net loan and lease charge-offs   $ 5,616   $ 1,438   $ 3,373   $ 4,272   $ 5,248   $ 10,427   $ 14,235  
Net loan and lease charge-offs (annualized)/Average loans and leases     1.52 %   0.40 %   0.93 %   1.18 %   1.44 %   0.95 %   1.31 %
                                             
                                             
   
Univest Corporation of Pennsylvania  
Consolidated Selected Financial Data  
September 30, 2012  
(Dollars in thousands, except per share data)                                
    For the three months ended,     For the nine months ended,  
For the period:   09/30/12   06/30/12   03/31/12   12/31/11   09/30/11     09/30/12   09/30/11  
Interest income   $ 19,977   $ 20,258   $ 20,431   $ 20,821   $ 21,237     $ 60,666   $ 64,647  
Interest expense     1,958     2,111     2,267     2,487     2,621       6,336     8,241  
  Net interest income     18,019     18,147     18,164     18,334     18,616       54,330     56,406  
Provision for loan and lease losses     2,210     1,343     4,100     3,140     3,649       7,653     14,339  
Net interest income after provision     15,809     16,804     14,064     15,194     14,967       46,677     42,067  
Noninterest income:                                              
  Trust fee income     1,625     1,625     1,625     1,469     1,625       4,875     4,875  
  Service charges on deposit accounts     1,122     1,079     1,100     1,147     1,218       3,301     3,910  
  Investment advisory commission and fee income     1,350     1,350     1,256     1,778     1,239       3,956     3,595  
  Insurance commissions and fee income     2,129     2,057     2,267     1,674     1,787       6,453     6,059  
  Bank owned life insurance income     463     336     1,506     502     554       2,305     1,166  
  Other-than-temporary impairment     (4 )   (6 )   (3 )   (5 )   (1 )     (13 )   (11 )
  Net gain on sales of securities     9     24     258     -     848       291     1,417  
  Net gain on mortgage banking activities     2,171     1,074     1,272     652     913       4,517     1,216  
  Other income     1,996     461     1,740     1,761     791       4,197     3,202  
Total noninterest income     10,861     8,000     11,021     8,978     8,974       29,882     25,429  
Noninterest expense                                              
  Salaries and benefits     10,828     10,733     11,563     9,725     9,888       33,124     28,505  
  Premises and equipment     2,597     2,513     2,428     2,544     2,387       7,538     7,240  
  Deposit insurance premiums     406     429     444     457     442       1,279     1,582  
  Other expense     5,227     4,961     4,441     4,837     4,578       14,629     13,120  
Total noninterest expense     19,058     18,636     18,876     17,563     17,295       56,570     50,447  
Income before taxes     7,612     6,168     6,209     6,609     6,646       19,989     17,049  
Applicable income taxes     1,842     1,405     946     1,349     1,402       4,193     3,427  
Net income   $ 5,770   $ 4,763   $ 5,263   $ 5,260   $ 5,244     $ 15,796   $ 13,622  
                                               
Per Common Share Data:                                              
Book value per share   $ 16.80   $ 16.55   $ 16.42   $ 16.34   $ 16.45     $ 16.80   $ 16.45  
Net income per share:                                              
  Basic   $ 0.34   $ 0.28   $ 0.31   $ 0.32   $ 0.31     $ 0.94   $ 0.81  
  Diluted   $ 0.34   $ 0.28   $ 0.31   $ 0.32   $ 0.31     $ 0.94   $ 0.81  
Dividends per share   $ 0.20   $ 0.20   $ 0.20   $ 0.20   $ 0.20     $ 0.60   $ 0.60  
Weighted average shares outstanding     16,760,080     16,770,290     16,749,134     16,716,160     16,770,741       16,759,836     16,751,949  
Period end shares outstanding     16,765,126     16,759,893     16,780,416     16,702,376     16,727,099       16,765,126     16,727,099  
                                               
                                               
   
Univest Corporation of Pennsylvania  
Consolidated Selected Financial Data  
September 30, 2012  
                                           
                                           
                                           
    For the three months ended,     For the nine months ended,  
Profitability Ratios (annualized)   09/30/12     06/30/12     03/31/12     12/31/11     09/30/11     09/30/12     09/30/11  
                                           
Return on average assets   1.04 %   0.88 %   0.97 %   0.96 %   0.98 %   0.96 %   0.87 %
Return on average shareholders' equity   8.19 %   6.90 %   7.70 %   7.56 %   7.55 %   7.60 %   6.69 %
Net interest margin (FTE)   3.84 %   3.97 %   3.95 %   3.96 %   4.15 %   3.92 %   4.21 %
Efficiency ratio (1)   62.84 %   67.59 %   60.46 %   60.87 %   59.35 %   63.48 %   58.56 %
                                           
Capitalization Ratios                                          
                                           
Dividends paid to net income   58.09 %   70.48 %   63.63 %   63.48 %   64.00 %   63.67 %   73.73 %
Shareholders' equity to assets (Period End)   12.62 %   12.67 %   12.57 %   12.37 %   12.65 %   12.62 %   12.65 %
Tangible common equity to tangible assets   10.12 %   10.11 %   10.18 %   10.00 %   10.34 %   10.12 %   10.34 %
                                           
                                           
Regulatory Capital Ratios (Period End)                                          
Tier 1 leverage ratio   11.48 %   11.57 %   11.64 %   11.53 %   11.84 %   11.48 %   11.84 %
Tier 1 risk-based capital ratio   14.07 %   14.38 %   14.50 %   14.29 %   14.73 %   14.07 %   14.73 %
Total risk-based capital ratio   15.34 %   15.64 %   15.76 %   15.56 %   16.00 %   15.34 %   16.00 %
                                           
   
(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       2012             2011      
    Average   Income/   Average     Average   Income/   Average  
    Balance   Expense   Rate     Balance   Expense   Rate  
Assets:                                    
Interest-earning deposits with other banks   $ 52,214   $ 45   0.34 %   $ 46,109   $ 25   0.22 %
U.S. Government obligations     156,885     508   1.29       129,263     509   1.56  
Obligations of state and political subdivisions     121,612     1,696   5.55       112,935     1,720   6.04  
Other debt and equity securities     196,026     846   1.72       167,178     1,347   3.20  
  Total interest-earning deposits and investments     526,737     3,095   2.34       455,485     3,601   3.14  
                                     
Commercial, financial, and agricultural loans     452,531     4,895   4.30       435,805     4,930   4.49  
Real estate-commercial and construction loans     525,143     6,804   5.15       528,936     7,308   5.48  
Real estate-residential loans     256,297     2,616   4.06       247,332     2,684   4.31  
Loans to individuals     42,991     602   5.57       42,358     594   5.56  
Municipal loans and leases     129,651     1,748   5.36       132,494     1,919   5.74  
Lease financings     59,284     1,415   9.50       58,419     1,456   9.89  
  Gross loans and leases     1,465,897     18,080   4.91       1,445,344     18,891   5.19  
    Total interest-earning assets     1,992,634     21,175   4.23       1,900,829     22,492   4.69  
Cash and due from banks     50,875                 57,572            
Reserve for loan and lease losses     (31,365 )               (34,104 )          
Premises and equipment, net     34,002                 34,257            
Other assets     168,137                 154,892            
  Total assets   $ 2,214,283               $ 2,113,446            
                                     
Liabilities:                                    
Interest-bearing checking deposits   $ 230,462   $ 40   0.07     $ 210,499   $ 57   0.11  
Money market savings     331,425     121   0.15       291,830     167   0.23  
Regular savings     514,205     187   0.14       483,341     349   0.29  
Time deposits     348,675     1,276   1.46       394,509     1,597   1.61  
  Total time and interest-bearing deposits     1,424,767     1,624   0.45       1,380,179     2,170   0.62  
                                     
Short-term borrowings     104,110     33   0.13       104,469     96   0.36  
Long-term debt     -     -   -       5,000     48   3.81  
Subordinated notes and capital securities     21,732     301   5.51       23,240     307   5.24  
  Total borrowings     125,842     334   1.06       132,709     451   1.35  
  Total interest-bearing liabilities     1,550,609     1,958   0.50       1,512,888     2,621   0.69  
Demand deposits, non-interest bearing     346,687                 292,273            
Accrued expenses and other liabilities     36,815                 32,783            
  Total liabilities     1,934,111                 1,837,944            
                                     
Shareholders' Equity                                    
Common stock     91,332                 91,332            
Additional paid-in capital     61,327                 61,473            
Retained earnings and other equity     127,513                 122,697            
  Total shareholders' equity     280,172                 275,502            
  Total liabilities and shareholders' equity   $ 2,214,283               $ 2,113,446            
Net interest income         $ 19,217               $ 19,871      
                                     
Net interest spread               3.73                 4.00  
Effect of net interest-free funding sources               0.11                 0.15  
Net interest margin               3.84 %               4.15 %
Ratio of average interest-earning assets to average interest-bearing liabilities     128.51 %               125.64 %          
                                     
   
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 September 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 Nine Months Ended September 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   $ 55,358   $ 121   0.29 %   $ 24,076   $ 40   0.22 %
U.S. Government obligations     148,422     1,519   1.37       150,902     1,865   1.65  
Obligations of state and political subdivisions     119,634     5,092   5.69       110,730     5,153   6.22  
Other debt and equity securities     192,833     3,069   2.13       169,453     4,403   3.47  
  Total interest-earning deposits and investments     516,247     9,801   2.54       455,161     11,461   3.37  
                                     
Commercial, financial, and agricultural loans     445,301     14,423   4.33       431,983     15,048   4.66  
Real estate-commercial and construction loans     529,778     20,741   5.23       542,926     21,958   5.41  
Real estate-residential loans     251,035     7,818   4.16       245,889     8,082   4.39  
Loans to individuals     43,803     1,856   5.66       42,428     1,817   5.73  
Municipal loans and leases     133,557     5,450   5.45       128,202     5,529   5.77  
Lease financings     57,708     4,244   9.82       61,000     4,442   9.74  
  Gross loans and leases     1,461,182     54,532   4.99       1,452,428     56,876   5.24  
    Total interest-earning assets     1,977,429     64,333   4.35       1,907,589     68,337   4.79  
Cash and due from banks     41,152                 41,205            
Reserve for loan and lease losses     (31,706 )               (33,506 )          
Premises and equipment, net     34,231                 34,393            
Other assets     168,485                 155,561            
  Total assets   $ 2,189,591               $ 2,105,242            
                                     
Liabilities:                                    
Interest-bearing checking deposits   $ 227,775   $ 138   0.08     $ 204,619   $ 180   0.12  
Money market savings     317,390     391   0.16       292,620     542   0.25  
Regular savings     505,451     634   0.17       482,026     1,186   0.33  
Time deposits     371,056     3,968   1.43       403,729     5,018   1.66  
  Total time and interest-bearing deposits     1,421,672     5,131   0.48       1,382,994     6,926   0.67  
                                     
Short-term borrowings     110,177     295   0.36       105,250     256   0.33  
Long-term debt     146     4   3.66       5,000     142   3.80  
Subordinated notes and capital securities     22,108     906   5.47       23,615     917   5.19  
  Total borrowings     132,431     1,205   1.22       133,865     1,315   1.31  
  Total interest-bearing liabilities     1,554,103     6,336   0.54       1,516,859     8,241   0.73  
Demand deposits, non-interest bearing     319,176                 283,124            
Accrued expenses and other liabilities     38,682                 32,966            
  Total liabilities     1,911,961                 1,832,949            
                                     
Shareholders' Equity                                    
Common stock     91,332                 91,332            
Additional paid-in capital     61,352                 61,452            
Retained earnings and other equity     124,946                 119,509            
  Total shareholders' equity     277,630                 272,293            
  Total liabilities and shareholders' equity   $ 2,189,591               $ 2,105,242            
Net interest income         $ 57,997               $ 60,096      
                                     
Net interest spread               3.81                 4.06  
Effect of net interest-free funding sources               0.11                 0.15 %
Net interest margin               3.92 %               4.21  
Ratio of average interest-earning assets to average interest-bearing liabilities     127.24 %               125.76 %          
                                     
   
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, 2012 and 2011 have been calculated using the Corporation's federal applicable rate of 35.0%.
   
Contact:
CONTACT:
Jeff Schweitzer
UNIVEST CORPORATION OF PENNSYLVANIA
Chief Financial Officer
215-721-2458
schweitzerj@univest.net
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