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

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.

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