SOUDERTON, PA ? (Marketwire) ? 07/25/12 ? Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and small ticket leasing subsidiaries, today announced financial results for the quarter ended June 30, 2012. Univest reported net income of $4.8 million or $0.28 diluted earnings per share for the quarter ended June 30, 2012, a 5% increase in net income compared to $4.5 million or $0.27 diluted earnings per share for the quarter ended June 30, 2011. Net income for the six months ended June 30, 2012 was $10.0 million or $0.60 diluted earnings per share, compared to $8.4 million or $0.50 diluted earnings per share for the comparable period in the prior year.
Loans
Gross loans and leases increased $5.6 million from March 31, 2012, $19.0 million from December 31, 2011 and $26.7 million from June 30, 2011.The growth in loans occurred primarily in the commercial and residential mortgage categories. While the Corporation continued to see increased loan activity in the first six months of 2012, overall credit demand and utilization of lines by businesses and consumers remained light as a result of the prolonged challenging economic environment.
Deposits
Total deposits increased $13.9 million from March 31, 2012, decreased $5.3 million from December 31, 2011 and increased $122.6 million from June 30, 2011. Deposits, excluding public funds, grew $38.1 million from March 31, 2012 and $102.1 million from June 30, 2011; the growth from December 31, 2011 of $51.2 million was offset by a decrease in public funds of $56.5 million. This continued growth, excluding public funds, was primarily due to new customers choosing Univest.
Net Interest Income and Margin
Net interest income decreased $834 thousand or 4% to $18.1 million in the second quarter of 2012 compared to the second quarter of 2011. The net interest margin on a tax-equivalent basis for the second quarter of 2012 was 3.97%, compared to 3.95% during the first quarter of 2012, and down from 4.24% in the second quarter of 2011. Net interest income decreased $1.5 million or 4% to $36.3 million for the six months ended June 30, 2012 compared to the same period in 2011. The net interest margin on a tax-equivalent basis for the six months ended June 30, 2012 was 3.96% compared to 4.24% for the six months ended June 30, 2011.
The declines in net interest income and the net interest margin were primarily due to the re-investment of maturing and called investment securities with 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 decline in net interest income and the net interest margin was partially offset by re-pricing of certificates of deposits and savings account products. The net interest margin also declined from excess cash funds invested in low rate, interest-earning deposits as credit demand remains light and the Corporation continues to keep the investment portfolio short-term. Average year-to-date, interest-earning deposits with the Federal Reserve Bank increased $41.5 million from the comparable period in the prior year.
Non-Interest Income
Non-interest income for the quarter ended June 30, 2012 was $8.0 million, a decrease of $696 thousand or 8% from the comparable period in the prior year. The second quarter of 2012 included a fair value write-down on one other real estate owned property of $1.1 million based upon the current appraised value of the commercial property. During the second quarter of 2011, the net loss on sales and write-downs of other real estate owned was $265 thousand. Service charges on deposits declined $277 thousand during the second quarter of 2012 from the same period in 2011. This decline is primarily due to changes in industry practices to benefit consumers related to non-sufficient funds and overdraft fees, which were implemented in July 2011. In addition, the net gain on sales of securities was $24 thousand for the second quarter of 2012 compared to $569 thousand during the second quarter of 2011. Partially offsetting these unfavorable variances was an increase in the net gain on mortgage banking activities of $746 thousand which was primarily attributed to stronger mortgage demand from increased re-finance activity.
Non-interest income for the six months ended June 30, 2012 was $19.0 million, an increase of $2.6 million or 16% compared to $16.5 million for the six months ended June 30, 2011. The increase was primarily attributable to an increase in the net gain on mortgage banking activities of $2.0 million due to stronger mortgage demand from increased re-finance activity and proceeds from bank owned life insurance death benefits of $989 thousand recognized during the first quarter of 2012. These favorable variances were partially offset by an increase in the net loss on sales and write-downs of other real estate owned of $485 thousand and a decline in service charges on deposits of $513 thousand. The decline in service charges on deposits is primarily due to changes in industry practices to benefit consumers.
Non-Interest Expense
Non-interest expense for the second quarter of 2012 was $18.6 million, an increase of $2.2 million or 14% compared to the second quarter of 2011. Salaries and benefits expense increased $1.1 million primarily due to higher commissions related to increased mortgage banking activities, increased employee incentives and annual performance increases. Additionally, non-interest expense increased due to higher advertising, loan workout and equipment expenses.
Non-interest expense for the six months ended June 30, 2012 was $37.5 million, an increase of $4.4 million or 13% compared to the six months ended June 30, 2011. Salaries and benefits expense increased $3.7 million primarily due to higher commissions related to increased mortgage banking activities, increased employee incentives, annual performance increases and lower deferred loan origination costs. Additionally, non-interest expense increased due to higher loan workout and equipment expenses. The increases for the year-to-date were partially offset by a decline in deposit insurance premiums of $267 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 $36.8 million at June 30, 2012 from $38.2 million at December 31, 2011 and $43.5 million at June 30, 2011. The decrease in non-accrual loans was mainly due to charge-offs and pay-downs exceeding additions to non-accrual loans. Net loan and lease charge-offs were $1.4 million during the second quarter of 2012 compared to $5.8 million for the second quarter of 2011. For the six months ended June 30, 2012, net loan and lease charge-offs were $4.8 million compared to $9.0 million for the six months ended June 30, 2011. The decrease in net charge-offs was primarily due to a higher level of commercial real estate and commercial business loan charge-offs during the second quarter of 2011 related to several large credit relationships.
Nonperforming loans and leases as a percentage of total loans and leases were 3.05% at June 30, 2012 compared to 2.94% at December 31, 2011 and 3.42% at June 30, 2011. Other real estate owned decreased to $3.9 million, consisting of three properties at June 30, 2012, down from $6.6 million at December 31, 2011 and $5.0 million at June 30, 2011. During the second quarter of 2012, one commercial property was written down to its updated appraised value, resulting in an impairment charge of $1.1 million. During the first quarter of 2012, one commercial property with a carrying value of $1.3 million was sold for $1.5 million resulting in a gain on sale of $210 thousand.
The provision for loan and lease losses declined to $1.3 million for the second quarter of 2012 compared to $5.6 million for the quarter ended June 30, 2011. The decline in the provision was primarily the result of the migration and resolution of loans through the loan workout process and a decrease in historical loss factors for commercial real estate loans. The allowance for loan and lease losses as a percentage of total loans and leases was 2.08% at June 30, 2012 compared to 2.07% at December 31, 2011 and 2.27% at June 30, 2011. The allowance for loan and lease losses to nonperforming loans and leases equaled 68.18% at June 30, 2012, compared to 70.34% at December 31, 2011 and 66.26% at June 30, 2011.
Capital
Univest continues to remain well-capitalized at June 30, 2012. Univest?s total risk-based capital at June 30, 2012 was 15.64%, well in excess of the regulatory minimum for well capitalized status of 10% for total risk-based capital.
During the quarter, Univest deployed $386 thousand of capital to repurchase 24,816 shares of common stock through the stock repurchase program. Maximum shares available for future repurchases through the plan at June 30, 2012 was 541,929. Total shares outstanding at June 30, 2012 were 16,759,893.
Dividend
On July 2, 2012, Univest Corporation paid a quarterly cash dividend of $0.20 per share, which represented a 4.75% 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 June 30, 2012 (Dollars in thousands) Balance Sheet (Period End) 06/30/12 03/31/12 12/31/11 09/30/11 06/30/11 ---------- ---------- ---------- ---------- ---------- Assets $2,188,727 $2,192,164 $2,206,839 $2,174,127 $2,058,377 Securities 439,092 451,433 471,165 412,340 418,020 Loans held for sale 1,333 2,535 3,157 1,724 2,102 Loans and leases, gross 1,465,449 1,459,830 1,446,406 1,436,411 1,438,707 Allowance for loan and lease losses 30,502 30,597 29,870 31,002 32,601 Loans and leases, net 1,434,947 1,429,233 1,416,536 1,405,409 1,406,106 Total deposits 1,743,922 1,730,030 1,749,232 1,725,063 1,621,294 Non-interest bearing deposits 334,828 307,769 304,006 275,930 277,515 NOW, money market and savings 1,052,217 1,029,145 1,036,726 1,016,651 967,554 Time deposits 356,877 393,116 408,500 432,482 376,225 Borrowings 121,878 144,208 137,234 135,490 127,689 Shareholders' equity 277,316 275,525 272,979 275,099 273,022 Balance Sheet (Average) For the three months ended, ---------------------------------------------------------- 06/30/12 03/31/12 12/31/11 09/30/11 06/30/11 ---------- ---------- ---------- ---------- ---------- Assets $2,173,698 $2,180,451 $2,174,857 $2,113,446 $2,096,173 Securities 450,482 457,511 423,657 409,376 439,606 Loans and leases, gross 1,460,275 1,457,320 1,435,173 1,445,344 1,451,076 Deposits 1,726,441 1,724,310 1,727,861 1,672,452 1,655,812 Shareholders' equity 277,621 275,071 276,114 275,502 272,952 Asset Quality Data (Period End) 06/30/12 03/31/12 12/31/11 09/30/11 06/30/11 ---------- ---------- ---------- ---------- ---------- Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases $ 36,762 $ 36,270 $ 38,207 $ 38,180 $ 43,513 Accruing loans and leases 90 days or more past due 384 523 365 449 659 Accruing troubled debt restructured loans and leases 7,591 7,301 3,893 3,925 5,028 Other real estate owned 3,922 4,993 6,600 7,711 4,952 Nonperforming assets 48,659 49,087 49,065 50,265 54,152 Allowance for loan and lease losses 30,502 30,597 29,870 31,002 32,601 Nonperforming loans and leases / Loans and leases 3.05% 3.02% 2.94% 2.96% 3.42% Allowance for loan and lease losses / Loans and leases 2.08% 2.10% 2.07% 2.16% 2.27% Allowance for loan and lease losses / Nonperforming loans 68.18% 69.39% 70.34% 72.85% 66.26% For the three months ended, ---------------------------------------------------------- 06/30/12 03/31/12 12/31/11 09/30/11 06/30/11 ---------- ---------- ---------- ---------- ---------- Net loan and lease charge- offs $ 1,438 $ 3,373 $ 4,272 $ 5,248 $ 5,759 Net loan and lease charge- offs (annualized)/Av- erage loans and leases 0.40% 0.93% 1.18% 1.44% 1.59% Balance Sheet For the six months (Average) ended, ---------------------- 06/30/12 06/30/11 ---------- ---------- Assets $2,177,119 $2,101,074 Securities 453,997 442,120 Loans and leases, gross 1,458,797 1,456,029 Deposits 1,725,376 1,662,899 Shareholders' equity 276,346 270,661 For the six months ended, ---------------------- 06/30/12 06/30/11 ---------- ---------- Net loan and lease charge- offs $ 4,811 $ 8,987 Net loan and lease charge- offs (annualized)/Av- erage loans and leases 0.66% 1.24% Univest Corporation of Pennsylvania Consolidated Selected Financial Data June 30, 2012 (Dollars in thousands, except per share data) For the three months ended, --------------------------------------------------------------- For the period: 06/30/12 03/31/12 12/31/11 09/30/11 06/30/11 ----------- ----------- ----------- ----------- ----------- Interest income $ 20,258 $ 20,431 $ 20,821 $ 21,237 $ 21,704 Interest expense 2,111 2,267 2,487 2,621 2,723 ----------- ----------- ----------- ----------- ----------- Net interest income 18,147 18,164 18,334 18,616 18,981 Provision for loan and lease losses 1,343 4,100 3,140 3,649 5,556 ----------- ----------- ----------- ----------- ----------- Net interest income after provision 16,804 14,064 15,194 14,967 13,425 Noninterest income: Trust fee income 1,625 1,625 1,469 1,625 1,625 Service charges on deposit accounts 1,079 1,100 1,147 1,218 1,356 Investment advisory commission and fee income 1,350 1,256 1,778 1,239 1,194 Insurance commissions and fee income 2,057 2,267 1,674 1,787 2,072 Bank owned life insurance income 336 1,506 502 554 268 Other- than- temporary impairment (6) (3) (5) (1) (3) Net gain on sales of securities 24 258 - 848 569 Net gain on mortgage banking activities 1,074 1,272 652 913 328 Other income 461 1,740 1,761 791 1,287 ----------- ----------- ----------- ----------- ----------- Total noninterest income 8,000 11,021 8,978 8,974 8,696 Noninterest expense Salaries and benefits 10,733 11,563 9,725 9,888 9,634 Premises and equipment 2,513 2,428 2,544 2,387 2,326 Deposit insurance premiums 429 444 457 442 427 Other expense 4,961 4,441 4,837 4,578 4,019 ----------- ----------- ----------- ----------- ----------- Total noninterest expense 18,636 18,876 17,563 17,295 16,406 ----------- ----------- ----------- ----------- ----------- Income before taxes 6,168 6,209 6,609 6,646 5,715 Applicable income taxes 1,405 946 1,349 1,402 1,199 ----------- ----------- ----------- ----------- ----------- Net income $ 4,763 $ 5,263 $ 5,260 $ 5,244 $ 4,516 =========== =========== =========== =========== =========== Per Common Share Data: Book value per share $ 16.55 $ 16.42 $ 16.34 $ 16.45 $ 16.27 Net income per share: Basic $ 0.28 $ 0.31 $ 0.32 $ 0.31 $ 0.27 Diluted $ 0.28 $ 0.31 $ 0.32 $ 0.31 $ 0.27 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 Weighted average shares outstanding 16,770,290 16,749,134 16,716,160 16,770,741 16,771,969 Period end shares outstanding 16,759,893 16,780,416 16,702,376 16,727,099 16,777,379 For the six months ended, ------------------------ For the period: 06/30/12 06/30/11 ----------- ----------- Interest income $ 40,689 $ 43,410 Interest expense 4,378 5,620 ----------- ----------- Net interest income 36,311 37,790 Provision for loan and lease losses 5,443 10,690 ----------- ----------- Net interest income after provision 30,868 27,100 Noninterest income: Trust fee income 3,250 3,250 Service charges on deposit accounts 2,179 2,692 Investment advisory commission and fee income 2,606 2,356 Insurance commissions and fee income 4,324 4,272 Bank owned life insurance income 1,842 612 Other- than- temporary impairment (9) (10) Net gain on sales of securities 282 569 Net gain on mortgage banking activities 2,346 303 Other income 2,201 2,411 ----------- ----------- Total noninterest income 19,021 16,455 Noninterest expense Salaries and benefits 22,296 18,617 Premises and equipment 4,941 4,853 Deposit insurance premiums 873 1,140 Other expense 9,402 8,542 ----------- ----------- Total noninterest expense 37,512 33,152 ----------- ----------- Income before taxes 12,377 10,403 Applicable income taxes 2,351 2,025 ----------- ----------- Net income $ 10,026 $ 8,378 =========== =========== Per Common Share Data: Book value per share $ 16.55 $ 16.27 Net income per share: Basic $ 0.60 $ 0.50 Diluted $ 0.60 $ 0.50 Dividends per share $ 0.40 $ 0.40 Weighted average shares outstanding 16,759,712 16,742,434 Period end shares outstanding 16,759,893 16,777,379 Univest Corporation of Pennsylvania Consolidated Selected Financial Data June 30, 2012 For the three months ended, ------------------------------------------------ Profitability Ratios (annualized) 06/30/12 03/31/12 12/31/11 09/30/11 06/30/11 -------- -------- -------- -------- -------- Return on average assets 0.88% 0.97% 0.96% 0.98% 0.86% Return on average shareholders' equity 6.90% 7.70% 7.56% 7.55% 6.64% Net interest margin (FTE) 3.97% 3.95% 3.96% 4.15% 4.24% Efficiency ratio (1) 67.60% 60.46% 60.87% 59.35% 56.47% Capitalization Ratios Dividends paid to net income 70.48% 63.63% 63.48% 64.00% 74.27% Shareholders' equity to assets (Period End) 12.67% 12.57% 12.37% 12.65% 13.26% Tangible common equity to tangible assets 10.11% 10.18% 10.00% 10.34% 10.80% Regulatory Capital Ratios (Period End) Tier 1 leverage ratio 11.57% 11.64% 11.53% 11.84% 11.87% Tier 1 risk-based capital ratio 14.38% 14.50% 14.29% 14.73% 14.96% Total risk-based capital ratio 15.64% 15.76% 15.56% 16.00% 16.25% For the six months ended, ------------------ Profitability Ratios (annualized) 06/30/12 06/30/11 -------- -------- Return on average assets 0.93% 0.80% Return on average shareholders' equity 7.30% 6.24% Net interest margin (FTE) 3.96% 4.24% Efficiency ratio (1) 63.80% 58.15% Capitalization Ratios Dividends paid to net income 66.89% 79.82% Shareholders' equity to assets (Period End) 12.67% 13.26% Tangible common equity to tangible assets 10.11% 10.80% Regulatory Capital Ratios (Period End) Tier 1 leverage ratio 11.57% 11.87% Tier 1 risk-based capital ratio 14.38% 14.96% Total risk-based capital ratio 15.64% 16.25% (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 June 30, --------------------------------- Tax Equivalent Basis 2012 -------------------------------- Average Income/ Average Balance Expense Rate ---------- ---------- --------- Assets: Interest-earning deposits with other banks $ 54,443 $ 38 0.28% U.S. Government obligations 141,142 492 1.40 Obligations of state and political subdivisions 120,350 1,688 5.64 Other debt and equity securities 188,990 989 2.10 ---------- ---------- Total interest-earning deposits and investments 504,925 3,207 2.55 ---------- ---------- Commercial, financial, and agricultural loans 442,385 4,786 4.35 Real estate-commercial and construction loans 530,163 6,949 5.27 Real estate-residential loans 249,456 2,597 4.19 Loans to individuals 43,931 624 5.71 Municipal loans and leases 137,165 1,881 5.52 Lease financings 57,175 1,457 10.25 ---------- ---------- Gross loans and leases 1,460,275 18,294 5.04 ---------- ---------- Total interest-earning assets 1,965,200 21,501 4.40 ---------- ---------- Cash and due from banks 37,518 Reserve for loan and lease losses (31,849) Premises and equipment, net 34,395 Other assets 168,434 ---------- Total assets $2,173,698 ========== Liabilities: Interest-bearing checking deposits $ 232,471 $ 41 0.07 Money market savings 309,712 122 0.16 Regular savings 503,481 183 0.15 Time deposits 364,306 1,308 1.44 ---------- ---------- Total time and interest-bearing deposits 1,409,970 1,654 0.47 ---------- ---------- Short-term borrowings 108,233 156 0.58 Long-term debt - - - Subordinated notes and capital securities 22,111 301 5.48 ---------- ---------- Total borrowings 130,344 457 1.41 ---------- ---------- Total interest-bearing liabilities 1,540,314 2,111 0.55 ---------- ---------- Demand deposits, non-interest bearing 316,471 Accrued expenses and other liabilities 39,292 ---------- Total liabilities 1,896,077 ---------- Shareholders' Equity Common stock 91,332 Additional paid-in capital 61,328 Retained earnings and other equity 124,961 ---------- Total shareholders' equity 277,621 ---------- Total liabilities and shareholders' equity $2,173,698 ========== Net interest income $ 19,390 ========== Net interest spread 3.85 Effect of net interest-free funding sources 0.12 --------- Net interest margin 3.97% ========= Ratio of average interest-earning assets to average interest-bearing liabilities 127.58% ========== For the Three Months Ended June 30, -------------------------------- Tax Equivalent Basis 2011 -------------------------------- Average Income/ Average Balance Expense Rate ---------- ---------- --------- Assets: Interest-earning deposits with other banks $ 19,401 $ 12 0.25% U.S. Government obligations 153,239 639 1.67 Obligations of state and political subdivisions 110,187 1,712 6.23 Other debt and equity securities 176,180 1,527 3.48 ---------- ---------- Total interest-earning deposits and investments 459,007 3,890 3.40 ---------- ---------- Commercial, financial, and agricultural loans 431,427 4,947 4.60 Real estate-commercial and construction loans 541,862 7,399 5.48 Real estate-residential loans 245,996 2,757 4.50 Loans to individuals 41,924 597 5.71 Municipal loans and leases 129,149 1,856 5.76 Lease financings 60,718 1,491 9.85 ---------- ---------- Gross loans and leases 1,451,076 19,047 5.26 ---------- ---------- Total interest-earning assets 1,910,083 22,937 4.82 ---------- ---------- Cash and due from banks 29,706 Reserve for loan and lease losses (33,995) Premises and equipment, net 34,302 Other assets 156,077 ---------- Total assets $2,096,173 ========== Liabilities: Interest-bearing checking deposits $ 210,487 $ 59 0.11 Money market savings 277,420 174 0.25 Regular savings 481,312 374 0.31 Time deposits 405,829 1,683 1.66 ---------- ---------- Total time and interest-bearing deposits 1,375,048 2,290 0.67 ---------- ---------- Short-term borrowings 104,591 80 0.31 Long-term debt 5,000 47 3.77 Subordinated notes and capital securities 23,619 306 5.20 ---------- ---------- Total borrowings 133,210 433 1.30 ---------- ---------- Total interest-bearing liabilities 1,508,258 2,723 0.72 ---------- ---------- Demand deposits, non-interest bearing 280,764 Accrued expenses and other liabilities 34,199 ---------- Total liabilities 1,823,221 ---------- Shareholders' Equity Common stock 91,332 Additional paid-in capital 61,469 Retained earnings and other equity 120,151 ---------- Total shareholders' equity 272,952 ---------- Total liabilities and shareholders' equity $2,096,173 ========== Net interest income $ 20,214 ========== Net interest spread 4.10 Effect of net interest-free funding sources 0.14 --------- Net interest margin 4.24% ========= Ratio of average interest-earning assets to average interest-bearing liabilities 126.64% ========== 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 June 30, 2012 and 2011 have been calculated using the Corporation's federal applicable rate of 35.0%. N/M - Not meaningful Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential ---------------------------------------------------------------------------- For the Six Months Ended June 30, --------------------------------- Tax Equivalent Basis 2012 -------------------------------- Average Income/ Average Balance Expense Rate ---------- ---------- --------- Assets: Interest-earning deposits with other banks $ 56,948 $ 76 0.27% U.S. Government obligations 144,144 1,011 1.41 Obligations of state and political subdivisions 118,634 3,396 5.76 Other debt and equity securities 191,219 2,223 2.34 ---------- ---------- Total interest-earning deposits and investments 510,945 6,706 2.64 ---------- ---------- Commercial, financial, and agricultural loans 441,646 9,528 4.34 Real estate-commercial and construction loans 532,121 13,937 5.27 Real estate-residential loans 248,375 5,202 4.21 Loans to individuals 44,214 1,254 5.70 Municipal loans and leases 135,891 3,702 5.48 Lease financings 56,550 2,829 10.06 ---------- ---------- Gross loans and leases 1,458,797 36,452 5.03 ---------- ---------- Total interest-earning assets 1,969,742 43,158 4.41 ---------- ---------- Cash and due from banks 36,237 Reserve for loan and lease losses (31,878) Premises and equipment, net 34,347 Other assets 168,671 ---------- Total assets $2,177,119 ========== Liabilities: Interest-bearing checking deposits $ 226,416 $ 98 0.09 Money market savings 310,295 270 0.17 Regular savings 501,026 447 0.18 Time deposits 382,370 2,692 1.42 ---------- ---------- Total time and interest-bearing deposits 1,420,107 3,507 0.50 ---------- ---------- Short-term borrowings 113,244 262 0.47 Long-term debt 220 4 3.66 Subordinated notes and capital securities 22,298 605 5.46 ---------- ---------- Total borrowings 135,762 871 1.29 ---------- ---------- Total interest-bearing liabilities 1,555,869 4,378 0.57 ---------- ---------- Demand deposits, non-interest bearing 305,269 Accrued expenses and other liabilities 39,635 ---------- Total liabilities 1,900,773 ---------- Shareholders' Equity Common stock 91,332 Additional paid-in capital 61,365 Retained earnings and other equity 123,649 ---------- Total shareholders' equity 276,346 ---------- Total liabilities and shareholders' equity $2,177,119 ========== Net interest income $ 38,780 ========== Net interest spread 3.84 Effect of net interest-free funding sources 0.12 --------- Net interest margin 3.96% ========= Ratio of average interest-earning assets to average interest-bearing liabilities 126.60% ========== For the Six Months Ended June 30, -------------------------------- Tax Equivalent Basis 2011 -------------------------------- Average Income/ Average Balance Expense Rate ---------- ---------- --------- Assets: Interest-earning deposits with other banks $ 12,876 $ 15 0.23% US. Government obligations 161,900 1,356 1.69 Obligations of state and political subdivisions 109,610 3,433 6.32 Other debt and equity securities 170,610 3,056 3.61 ---------- ---------- Total interest-earning deposits and investments 454,996 7,860 3.48 ---------- ---------- Commercial, financial, and agricultural loans 430,039 10,118 4.74 Real estate-commercial and construction loans 550,038 14,650 5.37 Real estate-residential loans 245,155 5,398 4.44 Loans to individuals 42,464 1,223 5.81 Municipal loans and leases 126,021 3,610 5.78 Lease financings 62,312 2,986 9.66 ---------- ---------- Gross loans and leases 1,456,029 37,985 5.26 ---------- ---------- Total interest-earning assets 1,911,025 45,845 4.84 ---------- ---------- Cash and due from banks 32,886 Reserve for loan and lease losses (33,203) Premises and equipment, net 34,462 Other assets 155,904 ---------- Total assets $2,101,074 ========== Liabilities: Interest-bearing checking deposits $ 201,630 $ 123 0.12 Money market savings 293,022 375 0.26 Regular savings 481,358 837 0.35 Time deposits 408,416 3,421 1.69 ---------- ---------- Total time and interest-bearing deposits 1,384,426 4,756 0.69 ---------- ---------- Short-term borrowings 105,647 160 0.31 Long-term debt 5,000 94 3.79 Subordinated notes and capital securities 23,805 610 5.17 ---------- ---------- Total borrowings 134,452 864 1.30 ---------- ---------- Total interest-bearing liabilities 1,518,878 5,620 0.75 ---------- ---------- Demand deposits, non-interest bearing 278,473 Accrued expenses and other liabilities 33,062 ---------- Total liabilities 1,830,413 ---------- Shareholders' Equity Common stock 91,332 Additional paid-in capital 61,441 Retained earnings and other equity 117,888 ---------- Total shareholders' equity 270,661 ---------- Total liabilities and shareholders' equity $2,101,074 ========== Net interest income $ 40,225 ========== Net interest spread 4.09 Effect of net interest-free funding sources 0.15% --------- Net interest margin 4.24 ========= Ratio of average interest-earning assets to average interest-bearing liabilities 125.82% ========== 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 six months ended June 30, 2012 and 2011 have been calculated using the Corporation's federal applicable rate of 35.0%.
CONTACT:
Jeff Schweitzer
UNIVEST CORPORATION OF PENNSYLVANIA
Chief Financial Officer
215-721-2458
schweitzerj@univest.net
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