By SOUDERTON, PA -- (Marketwire) -- 01/23/13 -- 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,
------------------------------------------------------
12/31/12 09/30/12 06/30/12 03/31/12 12/31/11
---------- ---------- ---------- ---------- ----------
Assets $2,264,863 $2,214,283 $2,173,698 $2,180,451 $2,174,857
Securities 499,017 474,523 450,482 457,511 423,657
Loans and leases,
gross 1,478,156 1,465,897 1,460,275 1,457,320 1,435,173
Deposits 1,823,707 1,771,454 1,726,441 1,724,310 1,727,861
Shareholders' equity 286,980 280,172 277,621 275,071 276,114
Balance Sheet For the twelve months
(Average) ended,
---------------------
12/31/12 12/31/11
---------- ----------
Assets $2,208,493 $2,122,788
Securities 470,473 429,213
Loans and leases,
gross 1,465,448 1,448,079
Deposits 1,761,676 1,681,681
Shareholders' equity 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,
------------------------------------------------
12/31/12 09/30/12 06/30/12 03/31/12 12/31/11
-------- -------- -------- -------- --------
Net loan and lease charge-
offs $ 4,732 $ 5,616 $ 1,438 $ 3,373 $ 4,272
Net loan and lease charge-
offs (annualized)/Average
loans and leases 1.27% 1.52% 0.40% 0.93% 1.18%
For the twelve
months ended,
------------------
12/31/12 12/31/11
-------- --------
Net loan and lease charge-
offs $ 15,159 $ 18,507
Net loan and lease charge-
offs (annualized)/Average
loans and leases 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 period: 12/31/12 09/30/12 06/30/12 03/31/12 12/31/11
----------- ----------- ----------- ----------- -----------
Interest income $ 19,988 $ 19,977 $ 20,258 $ 20,431 $ 20,821
Interest
expense 1,838 1,958 2,111 2,267 2,487
----------- ----------- ----------- ----------- -----------
Net interest
income 18,150 18,019 18,147 18,164 18,334
Provision for
loan and lease
losses 2,382 2,210 1,343 4,100 3,140
----------- ----------- ----------- ----------- -----------
Net interest
income after
provision 15,768 15,809 16,804 14,064 15,194
Noninterest
income:
Trust fee
income 1,902 1,625 1,625 1,625 1,469
Service
charges on
deposit
accounts 1,128 1,122 1,079 1,100 1,147
Investment
advisory
commission
and fee
income 1,407 1,350 1,350 1,256 1,778
Insurance
commission
and fee
income 2,078 2,129 2,057 2,267 1,674
Bank owned
life
insurance
income 365 463 336 1,506 502
Other-than-
temporary
impairment - (4) (6) (3) (5)
Net gain on
sales of
securities 14 9 24 258 -
Net gain on
mortgage
banking
activities 1,571 2,171 1,074 1,272 652
Other income 1,913 1,996 461 1,740 1,761
----------- ----------- ----------- ----------- -----------
Total
noninterest
income 10,378 10,861 8,000 11,021 8,978
Noninterest
expense
Salaries and
benefits 11,163 10,828 10,733 11,563 9,725
Premises and
equipment 2,664 2,597 2,513 2,428 2,544
Deposit
insurance
premiums 410 406 429 444 457
Other expense 5,475 5,227 4,961 4,441 4,837
----------- ----------- ----------- ----------- -----------
Total
noninterest
expense 19,712 19,058 18,636 18,876 17,563
----------- ----------- ----------- ----------- -----------
Income before
taxes 6,434 7,612 6,168 6,209 6,609
Applicable
income taxes 1,358 1,842 1,405 946 1,349
----------- ----------- ----------- ----------- -----------
Net income $ 5,076 $ 5,770 $ 4,763 $ 5,263 $ 5,260
=========== =========== =========== =========== ===========
Per Common
Share Data:
Book value per
share $ 16.95 $ 16.80 $ 16.55 $ 16.42 $ 16.34
Net income per
share:
Basic $ 0.30 $ 0.34 $ 0.28 $ 0.31 $ 0.32
Diluted $ 0.30 $ 0.34 $ 0.28 $ 0.31 $ 0.32
Dividends per
share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20
Weighted
average shares
outstanding 16,765,199 16,760,080 16,770,290 16,749,134 16,716,160
Period end
shares
outstanding 16,770,232 16,765,126 16,759,893 16,780,416 16,702,376
(Dollars in
thousands,
except per
share data)
For the twelve months
ended,
-----------------------
For the period: 12/31/12 12/31/11
----------- -----------
Interest income $ 80,654 $ 85,468
Interest
expense 8,174 10,728
----------- -----------
Net interest
income 72,480 74,740
Provision for
loan and lease
losses 10,035 17,479
----------- -----------
Net interest
income after
provision 62,445 57,261
Noninterest
income:
Trust fee
income 6,777 6,344
Service
charges on
deposit
accounts 4,429 5,057
Investment
advisory
commission
and fee
income 5,363 5,373
Insurance
commission
and fee
income 8,531 7,733
Bank owned
life
insurance
income 2,670 1,668
Other-than-
temporary
impairment (13) (16)
Net gain on
sales of
securities 305 1,417
Net gain on
mortgage
banking
activities 6,088 1,868
Other income 6,110 4,963
----------- -----------
Total
noninterest
income 40,260 34,407
Noninterest
expense
Salaries and
benefits 44,287 38,230
Premises and
equipment 10,202 9,784
Deposit
insurance
premiums 1,689 2,039
Other expense 20,104 17,957
----------- -----------
Total
noninterest
expense 76,282 68,010
----------- -----------
Income before
taxes 26,423 23,658
Applicable
income taxes 5,551 4,776
----------- -----------
Net income $ 20,872 $ 18,882
=========== ===========
Per Common
Share Data:
Book value per
share $ 16.95 $ 16.34
Net income per
share:
Basic $ 1.25 $ 1.13
Diluted $ 1.24 $ 1.13
Dividends per
share $ 0.80 $ 0.80
Weighted
average shares
outstanding 16,761,184 16,742,898
Period end
shares
outstanding 16,770,232 16,702,376
Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
December 31, 2012
For the three months ended,
------------------------------------------------
Profitability Ratios
(annualized) 12/31/12 09/30/12 06/30/12 03/31/12 12/31/11
-------- -------- -------- -------- --------
Return on average assets 0.89% 1.04% 0.88% 0.97% 0.96%
Return on average
shareholders' equity 7.04% 8.19% 6.90% 7.70% 7.56%
Net interest margin (FTE) 3.80% 3.84% 3.97% 3.95% 3.96%
Efficiency ratio (1) 65.93% 62.84% 67.59% 60.46% 60.87%
Capitalization Ratios
Dividends declared to net
income 66.06% 58.09% 70.48% 63.63% 63.48%
Shareholders' equity to
assets (Period End) 12.33% 12.62% 12.67% 12.57% 12.37%
Tangible common equity to
tangible assets 9.88% 10.12% 10.11% 10.18% 10.00%
Regulatory Capital Ratios
(Period End)
Tier 1 leverage ratio 11.47% 11.48% 11.57% 11.64% 11.53%
Tier 1 risk-based capital
ratio 14.35% 14.07% 14.38% 14.50% 14.29%
Total risk-based capital
ratio 15.62% 15.34% 15.64% 15.76% 15.56%
For the twelve
months ended,
------------------
Profitability Ratios
(annualized) 12/31/12 12/31/11
-------- --------
Return on average assets 0.95% 0.89%
Return on average
shareholders' equity 7.39% 6.91%
Net interest margin (FTE) 3.89% 4.15%
Efficiency ratio (1) 64.09% 59.14%
Capitalization Ratios
Dividends declared to net
income 64.25% 70.87%
Shareholders' equity to
assets (Period End) 12.33% 12.37%
Tangible common equity to
tangible assets 9.88% 10.00%
Regulatory Capital Ratios
(Period End)
Tier 1 leverage ratio 11.47% 11.53%
Tier 1 risk-based capital
ratio 14.35% 14.29%
Total risk-based capital
ratio 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: Mike Keim UNIVEST CORPORATION OF PENNSYLVANIA Chief Financial Officer 215-721-2511 keimm@univest.net
Source: Univest Corporation of Pennsylvania
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