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

By GlobeNewswire,  July 23, 2014, 11:25:00 AM EDT


SOUDERTON, Pa., July 23, 2014 (GLOBE NEWSWIRE) -- Univest Corporation of Pennsylvania ("Univest") (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 June 30, 2014. Univest reported net income of $5.1 million or $0.31 diluted earnings per share for the quarter ended June 30, 2014, a 5% increase from reported net income of $4.8 million or $0.29 diluted earnings per share for the quarter ended June 30, 2013. The second quarter of 2014 results include $516 thousand in acquisition-related costs or $0.02 diluted earnings per share on a tax affected basis. Net income for the six months ended June 30, 2014 was $10.8 million or $0.66 diluted earnings per share, a 6% increase in net income compared to $10.2 million or $0.61 diluted earnings per share for the comparable period in the prior year.

Loans

Gross loans and leases increased $45.5 million or 3% from December 31, 2013 ($27.0 million of the increase occurred in the second quarter, an annualized growth rate of 7%) and $87.0 million or 6% from June 30, 2013. The growth in loans from December 31, 2013 and June 30, 2013 was primarily in business loans, commercial real estate loans and residential real estate loans as economic conditions have slowly improved. While we are beginning to see increases in lending activity, household income and spending levels remain sluggish.

Deposits

Total deposits declined $12.3 million or 1% from December 31, 2013, primarily due to a decrease in public funds which was partially offset by an increase in non-interest bearing demand deposits. Total deposits decreased $40.8 million or 2% from June 30, 2013 mainly due to a decrease in money market deposits in trust customer funds being held which were invested in third party funds. In addition, maturities of time deposits were offset by an increase in noninterest-bearing deposits.

Net Interest Income and Margin

Net interest income declined $364 thousand or 2% to $17.7 million for the second quarter of 2014 compared to the second quarter of 2013. Net interest income declined $359 thousand or 1% to $35.7 million for the six months ended June 30, 2014 compared to the same period in the prior year. The decline in net interest income from the prior year was primarily attributable to a reduction in lower yielding investment securities. This decline was partially offset by the redemption of Univest's trust preferred securities and the termination of the related interest rate swap during the second quarter of 2013, maturities of higher yielding time deposits and a decline in the rate paid on time deposits. The net interest margin on a tax-equivalent basis for the second quarter of 2014 was 3.86%, compared to 3.96% for the first quarter of 2014 and 3.78% for the second quarter of 2013.

Non-Interest Income

Non-interest income for the quarter ended June 30, 2014 was $11.9 million, an increase of $933 thousand or 8% from the comparable period in the prior year. Non-interest income for the six months ended June 30, 2014 was $24.1 million, an increase of $1.6 million or 7% from the comparable period in the prior year. Investment advisory commission and fee income increased $991 thousand for the quarter and $2.1 million for the six months ended June 30, 2014, primarily due to the acquisition of Girard Partners ("Girard") effective January 1, 2014. Insurance commission and fee income increased $852 thousand for the six months ended June 30, 2014, primarily due to an increase in contingency revenues during the first quarter of 2014 and the acquisition of the John T. Fretz Insurance Agency on May 1, 2013. These favorable increases were partially offset by a decrease in the net gain on mortgage banking activities of $897 thousand for the quarter and $2.2 million for the six months ended June 30, 2014. In 2014, higher interest rates have reduced refinance activity and purchase activity remains sluggish. This lead to a 72% decline in funded first mortgage volume for the second quarter of 2014 and a 75% decline for the six months ended June 30, 2014, from the comparable periods in 2013. The net gain on sales of securities decreased $924 thousand for the quarter and $967 thousand for the six months ended June 30, 2014 from the comparable periods in 2013.In addition, the three and six months ended June 30, 2013 included a $1.9 million loss on the termination of an interest rate swap which was used as a hedge of trust preferred securities.

Non-Interest Expense

Non-interest expense for the quarter ended June 30, 2014 was $21.8 million, an increase of $2.5 million or 13% compared to the second quarter of 2013. Non-interest expense for the six months ended June 30, 2013 was $42.7 million, an increase of $3.2 million or 8% from the comparable period in the prior year. Salaries and benefit expense increased $883 thousand for the quarter and $1.7 million for the six months ended June 30, 2014, primarily attributable to the Girard acquisition and lower deferred loan origination costs. Intangible expenses increased by $1.3 million for the quarter and $1.9 million for the six months ended June 30, 2014, mainly due to the Girard acquisition and the reduction to the contingent consideration liability related to the Javers acquisition which resulted in a reduction of expense of $959 thousand during the second quarter of 2013. Premises and equipment expenses increased $477 thousand for the quarter and $984 thousand for the six months ended June 30, 2014 mainly due to increased costs related to computer equipment and software, snow removal, a new leased office location in the Lehigh Valley and the Girard acquisition. Acquisition-related costs for the second quarter of 2014 totaling $516 thousand were attributable to the pending Valley Green Bank acquisition and the Sterner Insurance acquisition. These unfavorable variances were partially offset by a decrease in commission expense of $593 thousand for the quarter and $1.1 million for the six months ended June 30, 2014 mainly due to the decline in mortgage banking activity. In addition, non-interest expense during the first quarter of 2013 included restructuring charges of $539 thousand.

Asset Quality and Provision for Loan and Lease Losses

Non-accrual loans and leases, including non-accrual troubled debt restructured loans, decreased to $17.7 million at June 30, 2014, from $23.2 million at December 31, 2013 and $25.2 million at June 30, 2013. The $5.5 million decrease in non-accrual loans from December 31, 2013 was mainly due to the sale of a commercial real estate loan for $2.5 million, the payoff of another commercial real estate loan for $1.3 million and the partial charge-off of two related commercial real estate loans. Net loan and lease charge-offs were $1.7 million during the second quarter of 2014, down from $4.0 million for the second quarter of 2013. Non-accrual loans and leases as a percentage of total loans and leases (held for investment and nonaccrual loans held for sale) were 1.12% at June 30, 2014, compared to 1.51% at December 31, 2013 and 1.68% at June 30, 2013.

Accruing troubled debt restructured loans decreased to $6.3 million at June 30, 2014 from $7.9 million at December 31, 2013 and $13.7 million at June 30, 2013. The decrease of $7.4 million from June 30, 2013 was primarily due to the payoff, in December 2013, of a large shared national commercial real estate credit with an outstanding principal balance of $5.8 million.

The provision for loan and lease losses was $1.3 million for the second quarter of 2014, down $2.2 million from the second quarter of 2013. The provision for loan and lease losses was $2.7 million for the six months ended June 30, 2014, down $2.8 million from the same period in the prior year. The decreases in the loan and lease provision were mainly due to a decline in collateral value in the second quarter of 2013 for a commercial real estate borrower. The allowance for loan and lease losses as a percentage of loans and leases held for investment was 1.52% at June 30, 2014, compared to 1.59% at December 31, 2013 and 1.65% at June 30, 2013. The allowance for loan and lease losses to nonaccrual loans and leases held for investment equaled 140.00% at June 30, 2014, compared to 105.42% at December 31, 2013 and 98.06% at June 30, 2013.

Capital

Univest continues to remain well-capitalized at June 30, 2014. Total risk-based capital at June 30, 2014 was 13.26%, well in excess of the regulatory minimum for well-capitalized status of 10%.

Dividend

On May 28, 2014, Univest declared a quarterly cash dividend of $0.20 per share, payable on July 1, 2014. This represented a 3.76% annualized yield based on the closing price of Univest's stock on the date the dividend was paid.

About Univest Corporation of Pennsylvania

Univest Corporation of Pennsylvania ( UVSP ), including its wholly-owned subsidiary, Univest Bank and Trust Co., has $2.2 billion in assets and over $3.0 billion in assets under management and supervision through its Wealth Management lines of business. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations in the Mid-Atlantic Region. Univest delivers these services through a network of more than 40 offices in southeastern Pennsylvania extending to the Lehigh Valley, Maryland and online at www.univest.net.

This press release of Univest Corporation of Pennsylvania and the reports Univest Corporation of Pennsylvania files with the Securities and Exchange Commission often contain "forward-looking statements" relating to present or future trends or factors affecting the financial services industry and, specifically, the financial operations, markets and products of Univest Corporation of Pennsylvania. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Univest Corporation of Pennsylvania'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 of Pennsylvania is engaged; (6) technological issues which may adversely affect Univest Corporation of Pennsylvania's financial operations or customers; (7) changes in the securities markets or (8) risk factors mentioned in the reports and registration statements Univest Corporation of Pennsylvania files with the Securities and Exchange Commission. Univest Corporation of Pennsylvania undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

 
 
Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
 June 30, 2014            
(Dollars in thousands)              
               
Balance Sheet (Period End) 06/30/14 03/31/14 12/31/13 09/30/13 06/30/13    
Assets  $ 2,197,252  $ 2,201,194  $ 2,191,559  $ 2,252,996  $ 2,255,601    
Investment securities  358,460  381,724  402,284  462,573  485,460    
Loans held for sale  9,811  1,856  2,267  3,489  3,609    
Loans and leases held for investment, gross  1,586,994  1,560,446  1,541,484  1,526,241  1,499,993    
Allowance for loan and lease losses  24,094  24,567  24,494  24,835  24,718    
Loans and leases held for investment, net  1,562,900  1,535,879  1,516,990  1,501,406  1,475,275    
Total deposits  1,832,234  1,839,760  1,844,498  1,889,046  1,873,051    
Noninterest-bearing deposits  432,399  426,430  411,714  394,983  398,906    
NOW, money market and savings  1,131,605  1,145,994  1,161,995  1,204,281  1,175,129    
Time deposits  268,230  267,336  270,789  289,782  299,016    
Borrowings  41,066  41,486  37,256  46,733  66,007    
Shareholders' equity  286,787  283,296  280,506  274,754  279,588    
               
               
Balance Sheet (Average) For the three months ended, For the six months ended,
  06/30/14 03/31/14 12/31/13 09/30/13 06/30/13 06/30/14 06/30/13
Assets  $ 2,179,057  $ 2,172,551  $ 2,208,995  $ 2,233,124  $ 2,251,298  $ 2,175,822  $ 2,242,272
Investment securities   376,970  390,630  447,672  479,442  495,154  383,762  496,088
Loans and leases, gross  1,566,293  1,550,346  1,527,330  1,506,850  1,478,309  1,558,364  1,481,160
Deposits  1,819,546  1,823,589  1,858,905  1,875,578  1,812,100  1,821,556  1,801,165
Shareholders' equity  285,489  282,574  275,983  280,245  284,491  284,039  285,021
               
               
Asset Quality Data (Period End)              
  06/30/14 03/31/14 12/31/13 09/30/13 06/30/13    
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases and nonaccrual loans held for sale  $ 17,742  $ 19,287  $ 23,235  $ 23,974  $ 25,207    
Accruing loans and leases 90 days or more past due  524  581  413  1,954  521    
Accruing troubled debt restructured loans and leases  6,340  7,036  7,943  14,106  13,696    
Other real estate owned  1,650  1,650  1,650  1,650  1,650    
Nonperforming assets  26,256  28,554  33,241  41,684  41,074    
Allowance for loan and lease losses  24,094  24,567  24,494  24,835  24,718    
Nonaccrual loans and leases / Loans and leases held for investment and nonaccrual loans held for sale 1.12% 1.24% 1.51% 1.57% 1.68%    
Nonperforming loans and leases / Loans and leases held for investment and nonaccrual loans held for sale  1.55% 1.72% 2.05% 2.62% 2.63%    
Allowance for loan and lease losses / Loans and leases held for investment 1.52% 1.57% 1.59% 1.63% 1.65%    
Allowance for loan and lease losses / Nonaccrual loans and leases held for investment 140.00% 127.38% 105.42% 103.59% 98.06%    
Allowance for loan and lease losses / Nonperforming loans and leases held for investment 100.08% 91.31% 77.53% 62.03% 62.70%    
               
               
  For the three months ended, For the six months ended,
  06/30/14 03/31/14 12/31/13 09/30/13 06/30/13 06/30/14 06/30/13
Net loan and lease charge-offs  $ 1,724  $ 1,402  $ 1,955  $ 3,977  $ 3,950  $ 3,126  $ 5,548
Net loan and lease charge-offs (annualized)/Average loans and leases 0.44% 0.37% 0.51% 1.05% 1.07% 0.40% 0.76%
 
Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
June 30, 2014
(Dollars in thousands, except per share data)              
  For the three months ended, For the six months ended,
For the period: 06/30/14 03/31/14 12/31/13 09/30/13 06/30/13 06/30/14 06/30/13
Interest income  $ 18,725  $ 18,946  $ 19,172  $ 19,457  $ 19,461  $ 37,671  $ 38,950
Interest expense  981  998  1,080  1,138  1,353  1,979  2,899
 Net interest income  17,744  17,948  18,092  18,319  18,108  35,692  36,051
Provision for loan and lease losses  1,251  1,475  1,614  4,094  3,446  2,726  5,520
Net interest income after provision   16,493  16,473  16,478  14,225  14,662  32,966  30,531
Noninterest income:              
 Trust fee income  1,931  1,899  2,054  1,736  1,779  3,830  3,513
 Service charges on deposit accounts  1,047  1,014  1,118  1,149  1,098  2,061  2,184
 Investment advisory commission and fee income  3,009  3,049  1,988  1,740  2,018  6,058  3,914
 Insurance commission and fee income  2,434  3,332  2,172  2,309  2,391  5,766  4,914
 Bank owned life insurance income  443  378  496  1,555  413  821  917
 Net gain on sales of investment securities  415  142  439  1,426  1,339  557  1,524
 Net gain on mortgage banking activities  519  349  476  935  1,416  868  3,112
 Net gain on sales of other real estate owned  --   --   176  198  252  --   252
 Loss on termination of interest rate swap  --   --   --   --   (1,866)  --   (1,866)
 Other income  2,126  1,978  2,197  2,154  2,151  4,104  4,002
Total noninterest income  11,924  12,141  11,116  13,202  10,991  24,065  22,466
Noninterest expense:              
Salaries and benefits  10,242  10,671  10,542  9,761  9,359  20,913  19,219
Commissions  1,795  1,590  1,983  2,026  2,388  3,385  4,503
Premises and equipment  3,097  3,088  2,836  2,697  2,620  6,185  5,201
Professional fees  846  809  1,131  764  809  1,655  1,576
Acquisition-related costs  516  43  53  7  27  559  27
Intangible expenses  650  760  356  275  (683)  1,410  (474)
Restructuring charges  --   --   --   (5)  --   --   539
Other expense  4,644  3,922  4,722  4,463  4,766  8,566  8,931
Total noninterest expense  21,790  20,883  21,623  19,988  19,286  42,673  39,522
Income before taxes  6,627  7,731  5,971  7,439  6,367  14,358  13,475
Income taxes  1,547  2,005  1,049  1,400  1,537  3,552  3,247
Net income  $ 5,080  $ 5,726  $ 4,922  $ 6,039  $ 4,830  $ 10,806  $ 10,228
               
Per common share data:              
Book value per share  $ 17.65  $ 17.43  $ 17.22  $ 16.87  $ 16.76  $ 17.65  $ 16.76
Net income per share:              
 Basic  $ 0.31  $ 0.35  $ 0.30  $ 0.36  $ 0.29  $ 0.67  $ 0.61
 Diluted  $ 0.31  $ 0.35  $ 0.30  $ 0.36  $ 0.29  $ 0.66  $ 0.61
Dividends declared per share  $ 0.20  $ 0.20  $ 0.20  $ 0.20  $ 0.20  $ 0.40  $ 0.40
Weighted average shares outstanding  16,243,161  16,256,047  16,283,466  16,657,916  16,696,362  16,249,568  16,742,004
Period end shares outstanding  16,248,495  16,249,152  16,287,812  16,288,597  16,683,009  16,248,495  16,683,009
 
Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
June 30, 2014
               
               
               
  For the three months ended, For the six months ended,
Profitability Ratios (annualized) 06/30/14 03/31/14 12/31/13 09/30/13 06/30/13 06/30/14 06/30/13
               
Return on average assets 0.94% 1.07% 0.88% 1.07% 0.86% 1.00% 0.92%
Return on average shareholders' equity 7.14% 8.22% 7.08% 8.55% 6.81% 7.67% 7.24%
Net interest margin (FTE) 3.86% 3.96% 3.82% 3.83% 3.78% 3.91% 3.80%
Efficiency ratio (1) 70.00% 66.19% 70.43% 59.53% 63.24% 68.08% 64.43%
Efficiency ratio (1), excluding acquisition-related 68.34% 66.06% 70.25% 59.53% 63.15% 67.19% 63.51%
 costs and restructuring charges              
               
Capitalization Ratios              
               
Dividends declared to net income 63.96% 56.72% 66.17% 55.24% 69.05% 60.12% 65.44%
Shareholders' equity to assets (Period End) 13.05% 12.87% 12.80% 12.20% 12.40% 13.05% 12.40%
Tangible common equity to tangible assets 9.94% 9.74% 10.10% 9.55% 9.76% 9.94% 9.76%
               
               
Regulatory Capital Ratios (Period End)  (2)              
Tier 1 leverage ratio 10.72% 10.64% 10.85% 10.63% 10.61% 10.72% 10.61%
Tier 1 risk-based capital ratio 12.00% 12.00% 12.63% 12.47% 12.67% 12.00% 12.67%
Total risk-based capital ratio 13.26% 13.27% 13.90% 13.73% 13.95% 13.26% 13.94%
               
               
(1) Total operating expenses to net interest income before loan loss provision plus non-interest income adjusted for tax equivalent income.
(2) In accordance with regulatory guidance, the trust preferred securities were removed from Tier 1 Capital at June 30, 2013.
 
 Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential 
    For the Three Months Ended June 30,    
Tax Equivalent Basis  2014 2013        
  Average Income/ Average Average Income/ Average
(Dollars in thousands) Balance Expense Rate Balance Expense Rate
Assets:            
Interest-earning deposits with other banks  $ 25,164  $ 17 0.27%  $ 71,290  $ 46 0.26%
U.S. Government obligations  127,631  316  0.99  178,110  488  1.10
Obligations of state and political subdivisions  107,021  1,373  5.15  122,503  1,606  5.26
Other debt and equity securities  142,318  695  1.96  194,541  944  1.95
 Total interest-earning deposits and investments  402,134  2,401  2.39  566,444  3,084  2.18
             
Commercial, financial, and agricultural loans  404,252  3,973  3.94  403,490  4,355  4.33
Real estate—commercial and construction loans  594,929  6,798  4.58  574,288  6,846  4.78
Real estate—residential loans  284,931  2,524  3.55  252,443  2,436  3.87
Loans to individuals  35,770  551  6.18  42,295  601  5.70
Municipal loans and leases  175,952  2,112  4.81  137,382  1,743  5.09
Lease financings  70,459  1,589  9.05  68,411  1,571  9.21
 Gross loans and leases  1,566,293  17,547  4.49  1,478,309  17,552  4.76
Total interest-earning assets  1,968,427  19,948  4.06  2,044,753  20,636  4.05
Cash and due from banks  31,071      32,282    
Reserve for loan and lease losses  (25,086)      (26,229)    
Premises and equipment, net  34,355      32,611    
Other assets  170,290      167,881    
 Total assets  $ 2,179,057      $ 2,251,298    
             
Liabilities:            
Interest-bearing checking deposits  $ 311,660  $ 42  0.05  $ 264,897  $ 37  0.06
Money market savings  280,693  68  0.10  322,808  78  0.10
Regular savings  537,526  79  0.06  537,410  78  0.06
Time deposits  267,610  780  1.17  302,896  962  1.27
 Total time and interest-bearing deposits  1,397,489  969  0.28  1,428,011  1,155  0.32
             
Short-term borrowings  45,429  12  0.11  100,632  15  0.06
Subordinated notes and capital securities  --   --   --   20,619  183  3.56
 Total borrowings  45,429  12  0.11  121,251  198  0.65
 Total interest-bearing liabilities  1,442,918  981  0.27  1,549,262  1,353  0.35
Noninterest-bearing deposits  422,057      384,089    
Accrued expenses and other liabilities  28,593      33,456    
 Total liabilities  1,893,568      1,966,807    
             
Shareholders' Equity:            
Common stock  91,332      91,332    
Additional paid-in capital  65,367      64,680    
Retained earnings and other equity  128,790      128,479    
 Total shareholders' equity  285,489      284,491    
 Total liabilities and shareholders' equity  $ 2,179,057      $ 2,251,298    
Net interest income    $ 18,967      $ 19,283  
             
Net interest spread      3.79      3.70
Effect of net interest-free funding sources      0.07      0.08
Net interest margin     3.86%     3.78%
Ratio of average interest-earning assets to average interest-bearing liabilities  136.42%     131.98%    
             
Notes: For rate calculation purposes, average loan and lease categories include unearned discount.
Nonaccrual loans and leases have been included in the average loan and lease balances. 
Loans held for sale have been included in the average loan balances.
Tax-equivalent amounts for the three months ended June 30, 2014 and 2013 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 Six Months Ended June 30,    
Tax Equivalent Basis 2014 2013
  Average Income/ Average Average Income/ Average
(Dollars in thousands) Balance Expense Rate Balance Expense Rate
Assets:            
Interest-earning deposits with other banks  $ 25,283  $ 31 0.25%  $ 59,882  $ 81 0.27%
U.S. Government obligations  129,457  647  1.01  176,269  965  1.10
Obligations of state and political subdivisions  107,386  2,829  5.31  122,097  3,185  5.26
Other debt and equity securities  146,919  1,415  1.94  197,722  1,839  1.88
 Total interest-earning deposits and investments  409,045  4,922  2.43  555,970  6,070  2.20
             
Commercial, financial, and agricultural loans  398,246  7,871  3.99  420,865  9,031  4.33
Real estate—commercial and construction loans  593,007  13,686  4.65  559,657  13,504  4.87
Real estate—residential loans  283,475  5,082  3.62  254,926  4,891  3.87
Loans to individuals  37,200  1,135  6.15  42,537  1,197  5.67
Municipal loans and leases  175,553  4,233  4.86  135,924  3,459  5.13
Lease financings  70,883  3,221  9.16  67,251  3,128  9.38
 Gross loans and leases  1,558,364  35,228  4.56  1,481,160  35,210  4.79
Total interest-earning assets  1,967,409  40,150  4.12  2,037,130  41,280  4.09
Cash and due from banks  30,513      32,278    
Reserve for loan and lease losses  (25,206)      (25,740)    
Premises and equipment, net  34,303      32,827    
Other assets  168,803      165,777    
 Total assets  $ 2,175,822      $ 2,242,272    
             
Liabilities:            
Interest-bearing checking deposits  $ 312,658  $ 85  0.05  $ 254,550  $ 73  0.06
Money market savings  284,874  135  0.10  324,235  158  0.10
Regular savings  540,301  158  0.06  536,063  154  0.06
Time deposits  268,277  1,583  1.19  313,381  2,010  1.29
 Total time and interest-bearing deposits  1,406,110  1,961  0.28  1,428,229  2,395  0.34
             
Short-term borrowings  42,546  18  0.09  101,533  32  0.06
Subordinated notes and capital securities  --   --   --   20,799  472  4.58
 Total borrowings  42,546  18  0.09  122,332  504  0.83
 Total interest-bearing liabilities  1,448,656  1,979  0.28  1,550,561  2,899  0.38
Noninterest-bearing deposits  415,446      372,936    
Accrued expenses and other liabilities  27,681      33,754    
 Total liabilities  1,891,783      1,957,251    
             
Shareholders' Equity:            
Common stock  91,332      91,332    
Additional paid-in capital  65,319      64,700    
Retained earnings and other equity  127,388      128,989    
 Total shareholders' equity  284,039      285,021    
 Total liabilities and shareholders' equity  $ 2,175,822      $ 2,242,272    
Net interest income    $ 38,171      $ 38,381  
             
Net interest spread      3.84      3.71
Effect of net interest-free funding sources      0.07      0.09
Net interest margin     3.91%     3.80%
Ratio of average interest-earning assets to average interest-bearing liabilities  135.81%     131.38%    
             
Notes: For rate calculation purposes, average loan and lease categories include unearned discount.
Nonaccrual loans and leases have been included in the average loan and lease balances. 
Loans held for sale have been included in the average loan balances.
Tax-equivalent amounts for the six months ended June 30, 2014 and 2013 have been calculated using the Corporation's federal applicable rate of 35.0%.
CONTACT: Mike KeimUNIVEST CORPORATION OF PENNSYLVANIA
         Chief Financial Officer
         215-721-2511, keimm@univest.net

Source: Univest Corporation of Pennsylvania

This article appears in: News Headlines

Referenced Stocks: UVSP


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