This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Univest Corporation Of Pennsylvania -- Univest Bank And Trust Co. -- Reports Second Quarter Earnings

Stocks in this article: UVSP

SOUDERTON, Pa., July 24, 2013 (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, 2013. Univest reported net income of $4.8 million or $0.29 diluted earnings per share for the quarter ended June 30, 2013, a slight increase over the reported net income of $4.8 million or $0.28 diluted earnings per share for the quarter ended June 30, 2012. Net income for the six months ended June 30, 2013 was $10.2 million or $0.61 diluted earnings per share, a 2% increase in net income compared to $10.0 million or $0.60 diluted earnings per share for the comparable period in the prior year.

Loans

Gross loans and leases increased $18.1 million from December 31, 2012 and $34.5 million from June 30, 2012. The growth in loans from the prior year-end and comparable quarter in 2012 occurred in commercial and residential loans and equipment financing. Despite some positive economic indicators boosting confidence, overall credit demand and utilization of lines by businesses and consumers remained light.

Deposits

Total deposits grew $129.1 million from June 30, 2012, primarily due to an increase in demand deposits and new customers choosing Univest. Total deposits were up $7.7 million from December 31, 2012, mainly due to a product change for existing business and municipal customers which resulted in approximately $68.1 million of customer repurchase agreements, classified as borrowings, being transferred to interest-bearing demand deposits. This transfer was partially offset by a decrease in public fund deposits of $58.6 million primarily due to municipalities.

Net Interest Income and Margin

Net interest income of $18.1 million in the second quarter of 2013 is consistent with the second quarter of 2012. The net interest margin on a tax-equivalent basis for the second quarter of 2013 was 3.84%, compared to 3.83% during the first quarter of 2013 and 3.97% in the second quarter of 2012. Net interest income decreased $260 thousand or 1% to $36.1 million for the six months ended June 30, 2013 compared to the same period in 2012. The net interest margin on a tax-equivalent basis for the six months ended June 30, 2013 was 3.83% compared to 3.96% for the six months ended June 30, 2012.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs