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

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.

Net interest income of $54.4 million for the nine months ended September 30, 2013 was consistent with the same period in 2012. The net interest margin on a tax-equivalent basis for the nine months ended September 30, 2013 was 3.84% compared to 3.92% for the nine months ended September 30, 2012. The decline in the year-to-date net interest margin from the comparable period in the prior year was primarily due to the re-investment of maturing and called investment securities into lower yielding investments. In addition, lower rates on commercial and residential real estate loans due to re-pricing and the competitive environment contributed to the decline. Favorable re-pricing of savings accounts, customer repurchase agreements and certificates of deposit – along with maturities of higher yielding certificates of deposit – partially offset the decline in the year-to-date net interest margin.

Non-Interest Income

Non-interest income for the quarter ended September 30, 2013 was $13.2 million, an increase of $2.3 million or 22% from the comparable period in the prior year. Non-interest income for the nine months ended September 30, 2013 was $35.7 million, an increase of $5.8 million or 19% from the comparable period in the prior year. Insurance commission and fee income increased $384 thousand for the quarter and $1.4 million for the nine months ended September 30, 2013, primarily a result of the acquisitions of the John T. Fretz Insurance Agency, Inc. on May 1, 2013 and Javers Group on May 31, 2012. Investment advisory commission and fee income increased $186 thousand for the quarter and $1.1 million for the nine months ended September 30, 2013 as assets under supervision increased 16% over September 2012. The net gain on sales of securities increased $1.4 million for the quarter and $2.7 million for the nine months ended September, 30 2013. The net gain on sales of other real estate owned was $198 thousand for the quarter and $450 thousand for the nine months ended September 30, 2013. This compares favorably to a net loss on sales and write-downs of $621 thousand and $1.7 million, respectively, for the comparable periods in the prior year. Excess proceeds from bank owned life insurance death benefits of $1.1 million were recognized during the third quarter of 2013. On a year-to-date basis, $1.1 million in excess proceeds from bank owned life insurance death benefits were recognized in 2013 compared to $989 thousand for the same period in the prior year.

These favorable increases were partially offset by a $1.9 million loss on the termination of an interest rate swap during the second quarter of 2013, which was used as a hedge of trust preferred securities. In addition, the net gain on mortgage banking activities decreased $1.2 million for the quarter and $470 thousand for the nine months ended September 30, 2013. The increase in interest rates during the second quarter of 2013 contributed to a significant decline in refinance activity, reduced demand for new home purchases and lowered gain on sale margins. Mortgage banking originations declined 39% in the third quarter of 2013 from the second quarter of 2013 and the third quarter of 2012.

Non-Interest Expense

Non-interest expense for the third quarter of 2013 was $20.0 million, an increase of $930 thousand or 5% compared to the third quarter of 2012. Salaries and benefits expense increased $817 thousand primarily attributable to the Fretz acquisition and performance-based salary and incentive increases. Commission expense increased $142 thousand mainly due to increased production activity and revenues generated in our equipment finance, investment and insurance businesses partially offset by a decline in mortgage banking commissions.

Non-interest expense for the nine months ended September 30, 2013 was $59.5 million, an increase of $3.0 million or 5% from the comparable period in the prior year. Salaries and benefits expense increased $795 thousand primarily attributable to the Fretz and Javers acquisitions and performance-based salary and incentive increases. Commission expense increased $1.6 million mainly due to increased production activity and revenues generated in our equipment finance, investment and insurance businesses. Additionally, non-interest expense increased due to restructuring charges of $539 thousand recognized during the first quarter of 2013.

Asset Quality and Provision for Loan and Lease Losses

Non-accrual loans and leases, including non-accrual troubled debt restructured loans, decreased to $24.0 million at September 30, 2013, from $32.1 million at December 31, 2012 and $30.5 million at September 30, 2012. The decrease in non-accrual loans from December 31, 2012 was mainly due to charge-offs, foreclosures and pay-downs exceeding additions to non-accrual loans. Net loan and lease charge-offs were $4.0 million during the third quarter of 2013, down from $5.6 million for the third quarter of 2012.

Non-accrual loans and leases as a percentage of total loans and leases (held for investment and nonaccrual loans held for sale) were 1.57% at September 30, 2013, compared to 2.17% at December 31, 2012 and 2.07% at September 30, 2012.

The provision for loan and lease losses was $4.1 million for the third quarter of 2013, compared to $2.2 million for the quarter ended September 30, 2012. The provision for loan and lease losses was $9.6 million for the nine months ended September 30, 2013, compared to $7.7 million for the same period in the prior year. The increase in the loan and lease provision for both the third quarter of 2013 and nine months ended September 30, 2013 was primarily attributable to the intra-dependency of collateral and updated assessments of residential building lots securing loans to a common borrower. The allowance for loan and lease losses as a percentage of loans and leases held for investment was 1.63% at September 30, 2013, compared to 1.67% at December 31, 2012 and 1.84% at September 30, 2012. The allowance for loan and lease losses to nonaccrual loans and leases held for investment equaled 103.59% at September 30, 2013, compared to 77.01% at December 31, 2012 and 97.03% at September 30, 2012.

Capital

Univest continues to remain well-capitalized at September 30, 2013. Total risk-based capital at September 30, 2013 was 13.73%, well in excess of the regulatory minimum for well capitalized status of 10%.

Share Repurchase Plans

During the quarter, Univest repurchased 395,000 shares of common stock at a cost of $7.4 million under its 2007 Board approved share repurchase program. At September 30, 2013, this share repurchase plan was substantially completed. Total shares outstanding at September 30, 2013 were 16,288,597.

On October 23, 2013, Univest's Board of Directors approved a new share repurchase program for the repurchase of up to 800,000 shares, or approximately 5% of the shares outstanding.

Dividend

On August 16, 2013, Univest declared a quarterly cash dividend of $0.20 per share, payable on October 1, 2013. This represented a 4.21% annualized yield based on the closing price of Univest's stock on the date the dividend was paid.

About Univest Corporation of Pennsylvania

Headquartered in Souderton, Pa., Univest Corporation of Pennsylvania ( UVSP ) and its subsidiaries serve the financial needs of residents, businesses, and nonprofit organizations in Bucks, Chester and Montgomery counties and the Lehigh Valley . For more information on Univest Corporation of Pennsylvania and its subsidiaries, please visit 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 banking 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    
September 30, 2013    
(Dollars in thousands)    
               
Balance Sheet (Period End) 09/30/13 06/30/13 03/31/13 12/31/12 09/30/12    
Assets  $ 2,252,996  $ 2,255,601  $ 2,263,036  $ 2,304,841  $ 2,232,081    
Investment securities  462,573  485,460  508,751  499,579  515,256    
Loans held for sale  3,489  3,609  3,606  4,530  6,146    
Loans and leases held for investment, gross  1,526,241  1,499,993  1,487,375  1,481,862  1,469,511    
Allowance for loan and lease losses  24,835  24,718  25,222  24,746  27,096    
Loans and leases held for investment, net  1,501,406  1,475,275  1,462,153  1,457,116  1,442,415    
Total deposits  1,889,046  1,873,051  1,814,610  1,865,333  1,777,930    
Noninterest-bearing deposits  394,983  398,906  380,447  368,948  334,856    
NOW, money market and savings  1,204,281  1,175,129  1,127,643  1,164,874  1,101,147    
Time deposits  289,782  299,016  306,520  331,511  341,927    
Borrowings  46,733  66,007  124,895  117,276  132,920    
Shareholders' equity  274,754  279,588  284,784  284,277  281,589    
               
               
Balance Sheet (Average) For the three months ended, For the nine months ended,
  09/30/13 06/30/13 03/31/13 12/31/12 09/30/12 09/30/13 09/30/12
Assets  $ 2,233,124  $ 2,251,298  $ 2,233,147  $ 2,264,863  $ 2,214,283  $ 2,238,914  $ 2,189,591
Investment securities   479,442  495,154  497,032  499,017  474,523  490,479  460,889
Loans and leases, gross  1,506,850  1,478,309  1,484,043  1,478,156  1,465,897  1,489,818  1,461,182
Deposits  1,875,578  1,812,100  1,790,108  1,823,707  1,771,454  1,825,491  1,740,847
Shareholders' equity  280,245  284,491  285,558  286,980  280,172  283,412  277,630
               
               
Asset Quality Data (Period End)              
  09/30/13 06/30/13 03/31/13 12/31/12 09/30/12    
               
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases and nonaccrual loans held for sale  $ 23,974  $ 25,207  $ 28,887  $ 32,132  $ 30,525    
Accruing loans and leases 90 days or more past due  1,954  521  366  441  690    
Accruing troubled debt restructured loans and leases  14,106  13,696  13,037  13,457  13,383    
Other real estate owned  1,650  1,650  3,616  1,607  3,301    
Nonperforming assets  41,684  41,074  45,906  47,637  47,899    
Allowance for loan and lease losses  24,835  24,718  25,222  24,746  27,096    
Nonaccrual loans and leases / Loans and leases held for investment and nonaccrual loans held for sale 1.57% 1.68% 1.94% 2.17% 2.07%    
Nonperforming loans and leases / Loans and leases held for investment and nonaccrual loans held for sale 2.62% 2.63% 2.84% 3.11% 3.03%    
Allowance for loan and lease losses / Loans and leases held for investment 1.63% 1.65% 1.70% 1.67% 1.84%    
Allowance for loan and lease losses / Nonaccrual loans and leases held for investment 103.59% 98.06% 87.31% 77.01% 97.03%    
Allowance for loan and lease losses / Nonperforming loans and leases held for investment 62.03% 62.70% 59.64% 53.76% 64.52%    
               
               
  For the three months ended, For the nine months ended,
  09/30/13 06/30/13 03/31/13 12/31/12 09/30/12 09/30/13 09/30/12
Net loan and lease charge-offs  $ 3,977  $ 3,950  $ 1,598  $ 4,732  $ 5,616  $ 9,525  $ 10,427
Net loan and lease charge-offs (annualized)/Average loans and leases 1.05% 1.07% 0.44% 1.27% 1.52% 0.85% 0.95%
 
 
Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
September 30, 2013
(Dollars in thousands, except per share data)              
  For the three months ended, For the nine months ended,
For the period: 09/30/13 06/30/13 03/31/13 12/31/12 09/30/12 09/30/13 09/30/12
Interest income  $ 19,457  $ 19,461  $ 19,489  $ 19,988  $ 19,977  $ 58,407  $ 60,666
Interest expense  1,138  1,353  1,546  1,838  1,958  4,037  6,336
 Net interest income  18,319  18,108  17,943  18,150  18,019  54,370  54,330
Provision for loan and lease losses  4,094  3,446  2,074  2,382  2,210  9,614  7,653
Net interest income after provision   14,225  14,662  15,869  15,768  15,809  44,756  46,677
Noninterest income:              
 Trust fee income  1,736  1,779  1,734  1,902  1,625  5,249  4,875
 Service charges on deposit accounts  1,149  1,098  1,086  1,128  1,122  3,333  3,301
 Investment advisory commission and fee income  1,536  1,811  1,701  1,407  1,350  5,048  3,956
 Insurance commission and fee income  2,513  2,598  2,718  2,078  2,129  7,829  6,453
 Bank owned life insurance income  1,555  413  504  365  463  2,472  2,305
 Net gain on sales of investment securities  1,426  1,339  185  14  9  2,950  291
 Net gain on mortgage banking activities  935  1,416  1,696  1,571  2,171  4,047  4,517
 Net gain (loss) on sales and write downs of other real estate owned  198  252  --   (181)  (621)  450  (1,723)
 Loss on termination of interest rate swap  --   (1,866)  --   --   --   (1,866)  -- 
 Other income  2,154  2,151  1,851  2,094  2,613  6,156  5,907
Total noninterest income  13,202  10,991  11,475  10,378  10,861  35,668  29,882
Noninterest expense:              
Salaries and benefits  9,761  9,359  9,860  9,121  8,944  28,980  28,185
Commissions  2,026  2,388  2,115  2,042  1,884  6,529  4,939
Premises and equipment  2,697  2,620  2,581  2,664  2,597  7,898  7,538
Deposit insurance premiums  381  400  392  410  406  1,173  1,279
Restructuring charges  (5)  --   539  --   --   534  -- 
Other expense  5,128  4,519  4,749  5,475  5,227  14,396  14,629
Total noninterest expense  19,988  19,286  20,236  19,712  19,058  59,510  56,570
Income before taxes  7,439  6,367  7,108  6,434  7,612  20,914  19,989
Income taxes  1,400  1,537  1,710  1,358  1,842  4,647  4,193
Net income  $ 6,039  $ 4,830  $ 5,398  $ 5,076  $ 5,770  $ 16,267  $ 15,796
               
Per common share data:              
Book value per share  $ 16.87  $ 16.76  $ 16.99  $ 16.95  $ 16.80  $ 16.87  $ 16.80
Net income per share:              
 Basic  $ 0.36  $ 0.29  $ 0.32  $ 0.30  $ 0.34  $ 0.97  $ 0.94
 Diluted  $ 0.36  $ 0.29  $ 0.32  $ 0.30  $ 0.34  $ 0.97  $ 0.94
Dividends declared per share  $ 0.20  $ 0.20  $ 0.20  $ 0.20  $ 0.20  $ 0.60  $ 0.60
Weighted average shares outstanding  16,657,916  16,696,362  16,788,152  16,765,199  16,760,080  16,713,666  16,759,836
Period end shares outstanding  16,288,597  16,683,009  16,762,695  16,770,232  16,765,126  16,288,597  16,765,126
 
 
Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
September 30, 2013
               
               
  For the three months ended, For the nine months ended,
Profitability Ratios (annualized) 09/30/13 06/30/13 03/31/13 12/31/12 09/30/12 09/30/13 09/30/12
               
Return on average assets 1.07% 0.86% 0.98% 0.89% 1.04% 0.97% 0.96%
Return on average shareholders' equity 8.55% 6.81% 7.67% 7.04% 8.19% 7.67% 7.60%
Net interest margin (FTE) 3.84% 3.84% 3.83% 3.80% 3.84% 3.84% 3.92%
Efficiency ratio (1) 59.53% 63.24% 65.61% 65.93% 62.84% 62.70% 63.48%
               
Capitalization Ratios              
               
Dividends declared to net income 55.24% 69.05% 62.21% 66.06% 58.09% 61.65% 63.67%
Shareholders' equity to assets (Period End) 12.20% 12.40% 12.58% 12.33% 12.62% 12.20% 12.62%
Tangible common equity to tangible assets 9.55% 9.76% 10.08% 9.88% 10.12% 9.55% 10.12%
               
               
Regulatory Capital Ratios (Period End)  (2)              
Tier 1 leverage ratio 10.63% 10.61% 11.71% 11.47% 11.48% 10.63% 11.48%
Tier 1 risk-based capital ratio 12.47% 12.67% 14.10% 14.35% 14.07% 12.47% 14.07%
Total risk-based capital ratio 13.73% 13.95% 15.37% 15.62% 15.34% 13.73% 15.34%
               
               
(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 September 30,  
Tax Equivalent Basis  2013 2012        
  Average Income/ Average Average Income/ Average
  Balance Expense Rate Balance Expense Rate
Assets:            
Interest-earning deposits with other banks  $ 30,842  $ 25  0.32%  $ 52,214  $ 45  0.34%
U.S. Government obligations  175,753  484  1.09  156,885  508  1.29
Obligations of state and political subdivisions  117,166  1,589  5.38  121,612  1,696  5.55
Other debt and equity securities  186,523  907  1.93  196,026  846  1.72
 Total interest-earning deposits and investments  510,284  3,005  2.34  526,737  3,095  2.34
             
Commercial, financial, and agricultural loans  395,251  4,062  4.08  452,531  4,895  4.30
Real estate—commercial and construction loans  590,967  7,071  4.75  525,143  6,804  5.15
Real estate—residential loans  261,586  2,463  3.74  256,297  2,616  4.06
Loans to individuals  42,483  587  5.48  42,991  602  5.57
Municipal loans and leases  147,505  1,875  5.04  129,651  1,748  5.36
Lease financings  69,058  1,610  9.25  59,284  1,415  9.50
 Gross loans and leases  1,506,850  17,668  4.65  1,465,897  18,080  4.91
Total interest-earning assets  2,017,134  20,673  4.07  1,992,634  21,175  4.23
Cash and due from banks  39,988      50,875    
Reserve for loan and lease losses  (25,404)      (31,365)    
Premises and equipment, net  33,157      34,002    
Other assets  168,249      168,137    
 Total assets  $ 2,233,124      $ 2,214,283    
             
Liabilities:            
Interest-bearing checking deposits  $ 323,165  $ 46  0.06  $ 230,462  $ 40  0.07
Money market savings  306,937  73  0.09  331,425  121  0.15
Regular savings  545,134  80  0.06  514,205  187  0.14
Time deposits  294,844  920  1.24  348,675  1,276  1.46
 Total time and interest-bearing deposits  1,470,080  1,119  0.30  1,424,767  1,624  0.45
             
Short-term borrowings  44,516  8  0.07  104,110  33  0.13
Subordinated notes and capital securities  1,569  11  2.78  21,732  301  5.51
 Total borrowings  46,085  19  0.16  125,842  334  1.06
 Total interest-bearing liabilities  1,516,165  1,138  0.30  1,550,609  1,958  0.50
Demand deposits, non-interest bearing  405,498      346,687    
Accrued expenses and other liabilities  31,216      36,815    
 Total liabilities  1,952,879      1,934,111    
             
Shareholders' Equity:            
Common stock  91,332      91,332    
Additional paid-in capital  64,866      61,327    
Retained earnings and other equity  124,047      127,513    
 Total shareholders' equity  280,245      280,172    
 Total liabilities and shareholders' equity  $ 2,233,124      $ 2,214,283    
Net interest income    $ 19,535      $ 19,217  
             
Net interest spread      3.77      3.73
Effect of net interest-free funding sources      0.07      0.11
Net interest margin      3.84%      3.84%
Ratio of average interest-earning assets to average interest-bearing liabilities  133.04%     128.51%    
             
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 September 30, 2013 and 2012 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 Nine Months Ended September 30,
Tax Equivalent Basis 2013 2012
  Average Income/ Average Average Income/ Average
  Balance Expense Rate Balance Expense Rate
Assets:            
Interest-earning deposits with other banks  $ 37,730  $ 106  0.38%  $ 55,358  $ 121  0.29%
U.S. Government obligations  176,095  1,449  1.10  148,422  1,519  1.37
Obligations of state and political subdivisions  120,435  4,774  5.30  119,634  5,092  5.69
Other debt and equity securities  193,949  2,746  1.89  192,833  3,069  2.13
 Total interest-earning deposits and investments  528,209  9,075  2.30  516,247  9,801  2.54
             
Commercial, financial, and agricultural loans  412,233  13,093  4.25  445,301  14,423  4.33
Real estate—commercial and construction loans  570,209  20,575  4.82  529,778  20,741  5.23
Real estate—residential loans  257,170  7,354  3.82  251,035  7,818  4.16
Loans to individuals  42,519  1,784  5.61  43,803  1,856  5.66
Municipal loans and leases  139,827  5,334  5.10  133,557  5,450  5.45
Lease financings  67,860  4,738  9.33  57,708  4,244  9.82
 Gross loans and leases  1,489,818  52,878  4.75  1,461,182  54,532  4.99
Total interest-earning assets  2,018,027  61,953  4.10  1,977,429  64,333  4.35
Cash and due from banks  47,242      41,152    
Reserve for loan and lease losses  (25,627)      (31,706)    
Premises and equipment, net  32,938      34,231    
Other assets  166,334      168,485    
 Total assets  $ 2,238,914      $ 2,189,591    
             
Liabilities:            
Interest-bearing checking deposits  $ 277,673  $ 119  0.06  $ 227,775  $ 138  0.08
Money market savings  318,406  231  0.10  317,390  391  0.16
Regular savings  538,764  234  0.06  505,451  634  0.17
Time deposits  307,134  2,930  1.28  371,056  3,968  1.43
 Total time and interest-bearing deposits  1,441,977  3,514  0.33  1,421,672  5,131  0.48
             
Short-term borrowings  82,318  40  0.06  110,177  295  0.36
Long-term debt  --   --   --   146  4  3.66
Subordinated notes and capital securities  14,319  483  4.51  22,108  906  5.47
 Total borrowings  96,637  523  0.72  132,431  1,205  1.22
 Total interest-bearing liabilities  1,538,614  4,037  0.35  1,554,103  6,336  0.54
Demand deposits, non-interest bearing  383,514      319,176    
Accrued expenses and other liabilities  33,374      38,682    
 Total liabilities  1,955,502      1,911,961    
             
Shareholders' Equity:            
Common stock  91,332      91,332    
Additional paid-in capital  64,756      61,352    
Retained earnings and other equity  127,324      124,946    
 Total shareholders' equity  283,412      277,630    
 Total liabilities and shareholders' equity  $ 2,238,914      $ 2,189,591    
Net interest income    $ 57,916      $ 57,997  
             
Net interest spread      3.75      3.81
Effect of net interest-free funding sources      0.09      0.11%
Net interest margin      3.84%      3.92
Ratio of average interest-earning assets to average interest-bearing liabilities  131.16%     127.24%    
             
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 nine months ended September 30, 2013 and 2012 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

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