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

Stocks in this article: UVSP

SOUDERTON, Pa., Oct. 23, 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 September 30, 2013. Univest reported net income of $6.0 million or $0.36 diluted earnings per share for the quarter ended September 30, 2013, a 5% increase over the reported net income of $5.8 million or $0.34 diluted earnings per share for the quarter ended September 30, 2012. Net income for the nine months ended September 30, 2013 was $16.3 million or $0.97 diluted earnings per share, a 3% increase in net income compared to $15.8 million or $0.94 diluted earnings per share for the comparable period in the prior year.

Loans

Gross loans and leases increased $44.4 million or 3% from December 31, 2012 and $56.7 million or 4% from September 30, 2012. The growth in loans from the prior year-end and comparable quarter in 2012 occurred in commercial and residential real estate loans and equipment financing. While the longer-term economic outlook remains positive, short-term uncertainty over the direction of fiscal and monetary policy is restraining overall credit demand and the utilization of available credit lines by both businesses and consumers.

Deposits

Total deposits were up $23.7 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 time deposits of $41.7 million. Total deposits grew $111.1 million from September 30, 2012, primarily due to an increase in demand deposits.

Net Interest Income and Margin

Net interest income increased $300 thousand or 2% to $18.3 million in the third quarter of 2013 compared to the third quarter of 2012. The net interest margin on a tax-equivalent basis for the third quarter of 2013 was 3.84%, consistent with the second quarter of 2013 and the third quarter of 2012. While the tax-equivalent yield on average interest-earning assets declined 16 basis points for the third quarter of 2013 compared to the same period in the prior year, the rate on interest-bearing liabilities was also down 20 basis points compared to the same period. The decline in rate on interest-bearing liabilities was attributable to Univest's decision to redeem its trust preferred securities and terminate the related interest rate swap and an overall decline in rates paid on time and interest bearing deposits.

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