0000102212-15-000063.txt : 20151028 0000102212-15-000063.hdr.sgml : 20151028 20151028134536 ACCESSION NUMBER: 0000102212-15-000063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151028 DATE AS OF CHANGE: 20151028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVEST CORP OF PENNSYLVANIA CENTRAL INDEX KEY: 0000102212 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 231886144 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07617 FILM NUMBER: 151179788 BUSINESS ADDRESS: STREET 1: 14 NORTH MAIN STREET STREET 2: P. O. BOX 64197 CITY: SOUDERTON STATE: PA ZIP: 18964 BUSINESS PHONE: 2157212400 MAIL ADDRESS: STREET 1: 14 NORTH MAIN STREET STREET 2: P. O. BOX 64197 CITY: SOUDERTON STATE: PA ZIP: 18964 8-K 1 uvsp8-kearningsrelease093015.htm 8-K 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 _______________________ 
FORM 8-K 
_______________________ 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 28, 2015
 
_______________________ 
UNIVEST CORPORATION OF PENNSYLVANIA
(Exact name of registrant as specified in its charter)
  
Pennsylvania
 
0-7617
 
23-1886144
(State or other jurisdiction
 
(Commission
 
(I.R.S. Employer
of incorporation)
 
File Number)
 
Identification No.)
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive office)(Zip Code)
Registrant’s telephone number, including area code (215) 721-2400
Not applicable
(Former name or former address, if changed since last report)
 _______________________


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))
¨
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))
 




Item 2.02
Results of Operations and Financial Condition.
On October 28, 2015, Univest Corporation of Pennsylvania (the “Corporation”), parent company of Univest Bank and Trust Co., issued a press release reporting 2015 third quarter earnings. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
 
Item 9.01
Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
 
 
 
 
Exhibit No.
  
Description of Document
 
 
99.1
  
Press release issued by Univest Corporation of Pennsylvania on October 28, 2015




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
Univest Corporation of Pennsylvania
 
 
 
 
By:
/s/ Michael S. Keim
 
Name:
Michael S. Keim
 
Title:
Senior Executive Vice President,
Chief Financial Officer
October 28, 2015




EXHIBIT INDEX
 
 
 
 
Exhibit No.
  
Description of Document
 
 
99.1
  
Press release issued by Univest Corporation of Pennsylvania on October 28, 2015.


EX-99.1 2 ex991earningsrelease093015.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
NEWS

CONTACT:     Mike Keim
UNIVEST CORPORATION OF PENNSYLVANIA
Chief Financial Officer                            
215-721-2511, keimm@univest.net                     

FOR IMMEDIATE RELEASE

UNIVEST CORPORATION OF PENNSYLVANIA - UNIVEST
BANK AND TRUST CO. - REPORTS THIRD QUARTER EARNINGS

SOUDERTON, Pa., October 28, 2015 - Univest Corporation of Pennsylvania (“Univest” or "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. ("Bank") and its insurance, investments and equipment financing subsidiaries, today announced financial results for the quarter ended September 30, 2015. Univest reported net income of $7.5 million or $0.39 diluted earnings per share for the quarter ended September 30, 2015, a 21% increase from reported net income of $6.2 million or $0.38 diluted earnings per share for the quarter ended September 30, 2014. Net income for the nine months ended September 30, 2015 was $20.1 million or $1.02 diluted earnings per share, an 18% increase in net income compared to $17.0 million or $1.04 diluted earnings per share for the comparable period in the prior year. The quarter and year-to-date financial results include the Valley Green Bank acquisition which Univest completed on January 1, 2015 and now operates as Valley Green Bank, a Division of the Bank (“Valley Green Bank”). The results for the nine months ended September 30, 2015 included $2.0 million of integration and acquisition-related costs associated with Valley Green Bank, incurred during the first and second quarters, or $0.07 diluted earnings per share on a year-to-date tax affected basis. The results for the nine months ended September 30, 2015 also included $1.6 million of restructuring charges incurred in the second quarter, related to the consolidation of six financial centers in September 2015 under the Bank's optimization plan or $0.05 diluted earnings per share on a tax affected basis. Excluding these costs, net income for the nine months ended September 30, 2015, would have been $22.5 million or $1.14 diluted earnings per share.





Loans
Gross loans and leases increased $471.2 million from December 31, 2014 and $500.1 million from September 30, 2014, including $380.9 million of loans acquired from Valley Green Bank. Organic loan growth was 6% (8% annualized) from December 31, 2014 and 7% from September 30, 2014. The growth in loans from December 31, 2014 and September 30, 2014 was primarily in commercial real estate loans and residential real estate loans.

Deposits
Total deposits increased $511.5 million from December 31, 2014 and $512.7 million from September 30, 2014, primarily due to $385.9 million of deposits acquired from Valley Green Bank and an increase in public funds mostly due to seasonal tax deposits.

Borrowings
Borrowings at September 30, 2015 included $50 million in aggregate principal amount fixed-to-floating rate subordinated notes issued in a private placement transaction to institutional accredited investors completed on March 30, 2015. The subordinated notes have a five-year, fixed rate of 5.10% and thereafter a rate of three-month LIBOR plus 3.544%, until the maturity date of March 30, 2025 or any early redemption date.
 
Net Interest Income and Margin
Net interest income increased $5.1 million to $23.4 million for the third quarter of 2015 from the same period in 2014. Net interest income increased $16.1 million for the nine months ended September 30, 2015 from the same period in the prior year. The net interest margin on a tax-equivalent basis for the third quarter of 2015 was 3.89%, compared to 4.03% for the second quarter of 2015 and 3.88% for the third quarter of 2014. The increase in net interest income during 2015 was mainly due to the impact of the Valley Green Bank acquisition, which included the average net interest-earning assets acquired and the net accretion of acquisition accounting fair value adjustments (the impact of the acquisition accounting adjustments was 8 basis points for the third quarter of 2015 and 10 basis points for the nine months ended September 30, 2015). The subordinated debt issuance increased funding costs by 14 basis points in the third quarter of 2015 and 9 basis points for the nine months ended September 30, 2015 from the comparable periods in the prior year.

Non-Interest Income
Non-interest income for the quarter ended September 30, 2015 was $12.9 million, an increase of $345 thousand or 3% from the third quarter of 2014. Non-interest income for the nine months ended September 30, 2015 was $39.6 million, an increase of $3.1 million or 8% from the comparable period in the prior year. Insurance commission and fee income increased $2.2 million for the nine months ended September 30, 2015, primarily due to the acquisition of Sterner Insurance on July 1, 2014. The net gain on mortgage banking




activities increased $507 thousand for the quarter and $2.3 million for the nine months ended September 30, 2015, mainly due to an increase in purchase volume. Funded first mortgage volume for the quarter increased $7.3 million or 17%, and $67.7 million or 78% for the nine months ended September 30, 2015, compared to the same periods in 2014. These favorable increases were partially offset by a decline in investment advisory commission and fee income of $399 thousand for the quarter and $954 thousand for the nine months ended September 30, 2015. The decline in investment advisory commission and fee income was related to the fourth quarter of 2014 divestiture of approximately $375 million in marginally profitable assets under the supervision of independent consultants.
 
Non-Interest Expense
Non-interest expense for the quarter ended September 30, 2015 was $25.2 million, an increase of $3.2 million or 15%, compared to the third quarter of 2014. Non-interest expense for the nine months ended September 30, 2015 was $79.5 million, an increase of $14.8 million or 23% from the comparable period in the prior year. Non-interest expense was impacted by the Valley Green Bank acquisition which included integration and acquisition-related costs totaling $2.0 million for the nine months ended September 30, 2015. Salaries and benefit expense increased $935 thousand for the quarter and $5.3 million for the nine months ended September 30, 2015, primarily attributable to the Valley Green Bank acquisition and increased pension plan expense. The Sterner Insurance acquisition also impacted year-to-date salaries and benefits expense. This increase was partially offset by higher deferred loan origination costs. Commission expense increased $558 thousand for the nine months ended September 30, 2015, mostly due to the increase in mortgage banking volume. Premises and equipment expenses increased $809 thousand for the quarter and $2.4 million for the nine months ended September 30, 2015, mainly due to the Valley Green Bank acquisition and increased investments in computer equipment and software.

In addition, non-interest expense for the nine months ended September 30, 2015 included restructuring charges of $1.6 million recognized during the second quarter related to the consolidation of six financial centers in September 2015 under the Bank's optimization plan. The projected annualized savings from these consolidations is $1.9 million.

Asset Quality and Provision for Loan and Lease Losses
Non-accrual loans and leases, including non-accrual troubled debt restructured loans, were $20.8 million at September 30, 2015 compared to $17.3 million at December 31, 2014 and $18.8 million at September 30, 2014. Net loan and lease charge-offs were $1.7 million during the third quarter of 2015 compared to $2.6 million for the third quarter of 2014. Non-accrual loans and leases as a percentage of total loans and leases (held for investment and nonaccrual loans held for sale) were 0.99% at September 30, 2015 compared to 1.07% at December 31, 2014 and 1.18% at September 30, 2014. The provision for loan and lease losses was $670 thousand for the third quarter of 2015, compared to $233 thousand for the third quarter of 2014.





The allowance for loan and lease losses as a percentage of loans and leases held for investment was 0.89% at September 30, 2015, compared to 1.27% at December 31, 2014 and 1.36% at September 30, 2014. At September 30, 2015, the allowance for loan and lease losses as a percentage of loans and leases held for investment, excluding loans acquired in the Valley Green Bank acquisition which were recorded at fair value as of the acquisition date, was 1.06%. The allowance for loan and lease losses to nonaccrual loans and leases held for investment equaled 110.58% at September 30, 2015, compared to119.18% at December 31, 2014 and 115.67% at September 30, 2014.

Capital
Univest continues to remain well-capitalized at September 30, 2015. Univest adopted the new Basel III regulatory capital rules during the first quarter of 2015 under the transition rules. Total risk-based capital at September 30, 2015 under Basel III was 13.67%, well in excess of the regulatory minimum for well-capitalized status of 10%.

During the quarter, Univest repurchased 86,650 shares of common stock at a cost of $1.8 million under the share repurchase program. Shares available for future repurchases under the plan totaled 1,080,246 at September 30, 2015. Total shares outstanding at September 30, 2015 were 19,502,613.

Dividend
On August 21, 2015, Univest declared a quarterly cash dividend of $0.20 per share, payable on October 1, 2015. 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
Univest Corporation of Pennsylvania (UVSP), including its wholly-owned subsidiary, Univest Bank and Trust Co., has $2.9 billion in assets and $3.0 billion in assets under management and supervision through its Wealth Management lines of business. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices in southeastern Pennsylvania extending to the Lehigh Valley, Maryland and online at 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 financial services 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, 2015
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet (Period End)
9/30/2015
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
 
 
 
Assets
$
2,851,568

 
$
2,780,578

 
$
2,757,495

 
$
2,235,321

 
$
2,222,196

 
 
 
 
Investment securities
374,558

 
374,711

 
380,484

 
368,630

 
360,778

 
 
 
 
Loans held for sale
9,151

 
8,831

 
5,479

 
3,302

 
2,156

 
 
 
 
Loans and leases held for investment, gross
2,097,807

 
2,107,857

 
2,043,840

 
1,626,625

 
1,597,736

 
 
 
 
Allowance for loan and lease losses
18,620

 
19,602

 
20,934

 
20,662

 
21,762

 
 
 
 
Loans and leases held for investment, net
2,079,187

 
2,088,255

 
2,022,906

 
1,605,963

 
1,575,974

 
 
 
 
Total deposits
2,372,865

 
2,263,025

 
2,254,834

 
1,861,341

 
1,860,143

 
 
 
 
Noninterest-bearing deposits
519,767

 
519,026

 
509,183

 
449,339

 
436,189

 
 
 
 
NOW, money market and savings
1,361,827

 
1,288,318

 
1,293,165

 
1,159,409

 
1,162,778

 
 
 
 
Time deposits
491,271

 
455,681

 
452,486

 
252,593

 
261,176

 
 
 
 
Borrowings
70,531

 
110,480

 
91,423

 
41,974

 
38,005

 
 
 
 
Shareholders' equity
359,109

 
356,186

 
360,394

 
284,554

 
289,814

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet (Average)
For the three months ended,
 
For the nine months ended,
 
9/30/2015
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
9/30/2015
 
9/30/2014
Assets
$
2,804,578

 
$
2,739,968

 
$
2,691,513

 
$
2,239,015

 
$
2,217,474

 
$
2,745,767

 
$
2,189,858

Investment securities
368,837

 
375,887

 
381,008

 
363,567

 
360,274

 
375,200

 
375,847

Loans and leases, gross
2,098,007

 
2,067,120

 
2,023,835

 
1,607,918

 
1,597,965

 
2,063,259

 
1,571,709

Deposits
2,325,049

 
2,242,217

 
2,237,830

 
1,875,938

 
1,860,138

 
2,268,685

 
1,834,558

Shareholders' equity
357,150

 
359,154

 
362,125

 
291,547

 
288,429

 
359,457

 
285,518

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality Data (Period End)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9/30/2015
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
 
 
 
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases and nonaccrual loans held for sale
$
20,838

 
$
17,697

 
$
18,604

 
$
17,337

 
$
18,814

 
 
 
 
Accruing loans and leases 90 days or more past due
428

 
287

 
1,063

 
451

 
344

 
 
 
 
Accruing troubled debt restructured loans and leases
4,789

 
6,099

 
5,341

 
5,469

 
5,463

 
 
 
 
Other real estate owned
955

 
955

 
955

 
955

 
955

 
 
 
 
Nonperforming assets
27,010

 
25,038

 
25,963

 
24,212

 
25,576

 
 
 
 
Allowance for loan and lease losses
18,620

 
19,602

 
20,934

 
20,662

 
21,762

 
 
 
 
Nonaccrual loans and leases / Loans and leases held for investment and nonaccrual loans held for sale
0.99
%
 
0.84
%
 
0.91
%
 
1.07
%
 
1.18
%
 
 
 
 
Nonperforming loans and leases / Loans and leases held for investment and nonaccrual loans held for sale
1.24
%
 
1.14
%
 
1.22
%
 
1.43
%
 
1.54
%
 
 
 
 
Allowance for loan and lease losses / Loans and leases held for investment
0.89
%
 
0.93
%
 
1.02
%
 
1.27
%
 
1.36
%
 
 
 
 
Allowance for loan and lease losses/Loans and leases held for investment (excluding acquired loans at period-end)
1.06
%
 
1.12
%
 
1.26
%
 
1.27
%
 
1.36
%
 
 
 
 
Allowance for loan and lease losses / Nonaccrual loans and leases held for investment
110.58
%
 
143.11
%
 
112.52
%
 
119.18
%
 
115.67
%
 
 
 
 
Allowance for loan and lease losses / Nonperforming loans and leases held for investment
84.43
%
 
97.60
%
 
83.71
%
 
88.84
%
 
88.39
%
 
 
 
 
Acquired credit impaired loans
$
1,379

 
$
1,876

 
$
1,631

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended,
 
For the nine months ended,
 
9/30/2015
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
9/30/2015
 
9/30/2014
Net loan and lease charge-offs
$
1,652

 
$
2,473

 
$
802

 
$
1,748

 
$
2,565

 
$
4,927

 
$
5,691

Net loan and lease charge-offs (annualized)/Average loans and leases
0.31
%
 
0.48
%
 
0.16
%
 
0.43
%
 
0.64
%
 
0.32
%
 
0.48
%



Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
September 30, 2015
(Dollars in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended,
 
For the nine months ended,
For the period:
9/30/2015
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
9/30/2015
 
9/30/2014
Interest income
$
25,585

 
$
25,513

 
$
24,738

 
$
18,995

 
$
19,219

 
$
75,836

 
$
56,890

Interest expense
2,220

 
2,133

 
1,434

 
1,039

 
978

 
5,787

 
2,957

Net interest income
23,365

 
23,380

 
23,304

 
17,956

 
18,241

 
70,049

 
53,933

Provision for loan and lease losses
670

 
1,141

 
1,074

 
648

 
233

 
2,885

 
2,959

Net interest income after provision
22,695

 
22,239

 
22,230

 
17,308

 
18,008

 
67,164

 
50,974

Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust fee income
1,904

 
2,154

 
1,820

 
2,143

 
1,862

 
5,878

 
5,692

Service charges on deposit accounts
1,069

 
1,039

 
1,063

 
1,096

 
1,073

 
3,171

 
3,134

Investment advisory commission and fee income
2,687

 
2,740

 
2,763

 
2,760

 
3,086

 
8,190

 
9,144

Insurance commission and fee income
3,232

 
3,434

 
4,146

 
2,896

 
2,881

 
10,812

 
8,647

Bank owned life insurance income
306

 
211

 
353

 
461

 
346

 
870

 
1,167

Net gain on sales of investment securities
296

 
181

 
91

 
78

 
—

 
568

 
557

Net gain on mortgage banking activities
1,123

 
1,367

 
1,258

 
698

 
616

 
3,748

 
1,484

Net gain on sales of other real estate owned
14

 
—

 
—

 
—

 
195

 
14

 
195

Other income
2,224

 
2,225

 
1,937

 
1,944

 
2,451

 
6,386

 
6,555

Total noninterest income
12,855

 
13,351

 
13,431

 
12,076

 
12,510

 
39,637

 
36,575

Noninterest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and benefits
11,970

 
11,957

 
13,314

 
10,297

 
11,035

 
37,241

 
31,948

Commissions
2,174

 
2,155

 
1,814

 
2,052

 
2,200

 
6,143

 
5,585

Premises and equipment
3,924

 
3,743

 
4,047

 
3,368

 
3,115

 
11,714

 
9,300

Professional fees
1,096

 
1,066

 
807

 
765

 
744

 
2,969

 
2,399

Intangible expense
710

 
893

 
786

 
405

 
352

 
2,389

 
1,762

Acquisition-related costs
—

 
41

 
466

 
531

 
180

 
507

 
739

Integration costs
—

 
110

 
1,374

 
—

 
8

 
1,484

 
8

Restructuring charges
—

 
1,642

 
—

 
—

 
—

 
1,642

 
—

Other expense
5,369

 
5,225

 
4,803

 
5,144

 
4,385

 
15,397

 
12,951

Total noninterest expense
25,243

 
26,832

 
27,411

 
22,562

 
22,019

 
79,486

 
64,692

Income before taxes
10,307

 
8,758

 
8,250

 
6,822

 
8,499

 
27,315

 
22,857

Income taxes
2,779

 
2,292

 
2,134

 
1,632

 
2,264

 
7,205

 
5,816

Net income
$
7,528

 
$
6,466

 
$
6,116

 
$
5,190

 
$
6,235

 
$
20,110

 
$
17,041

Per common share data:
 
 
 
 
 
 
 
 
 
 
 
 
 
Book value per share
$
18.41

 
$
18.21

 
$
18.18

 
$
17.54

 
$
17.87

 
$
18.41

 
$
17.87

Net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.39

 
$
0.33

 
$
0.31

 
$
0.32

 
$
0.38

 
$
1.02

 
$
1.05

Diluted
$
0.39

 
$
0.33

 
$
0.31

 
$
0.32

 
$
0.38

 
$
1.02

 
$
1.04

Dividends declared per share
$
0.20

 
$
0.20

 
$
0.20

 
$
0.20

 
$
0.20

 
$
0.60

 
$
0.60

Weighted average shares outstanding
19,506,609

 
19,675,002

 
19,951,242

 
16,215,580

 
16,225,596

 
19,709,322

 
16,241,490

Period end shares outstanding
19,502,613

 
19,559,941

 
19,820,824

 
16,221,607

 
16,220,249

 
19,502,613

 
16,220,249






Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended,
 
For the nine months ended,
Profitability Ratios (annualized)
9/30/2015
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
9/30/2015
 
9/30/2014
Return on average assets
1.06
%
 
0.95
%
 
0.92
%
 
0.92
%
 
1.12
%
 
0.98
%
 
1.04
%
Return on average assets, excluding integration and acquisition-related costs and restructuring charges
1.06
%
 
1.12
%
 
1.10
%
 
1.01
%
 
1.14
%
 
1.09
%
 
1.07
%
Return on average shareholders' equity
8.36
%
 
7.22
%
 
6.85
%
 
7.06
%
 
8.58
%
 
7.48
%
 
7.98
%
Return on average shareholder's equity, excluding integration and acquisition-related costs and restructuring charges
8.36
%
 
8.52
%
 
8.19
%
 
7.78
%
 
8.80
%
 
8.36
%
 
8.23
%
Return on average tangible common equity, excluding integration and acquisition-related costs and restructuring charges
12.91
%
 
13.12
%
 
12.48
%
 
10.73
%
 
12.21
%
 
12.84
%
 
11.25
%
Net interest margin (FTE)
3.89
%
 
4.03
%
 
4.12
%
 
3.78
%
 
3.88
%
 
4.01
%
 
3.90
%
Efficiency ratio (1)
66.96
%
 
70.29
%
 
71.68
%
 
71.46
%
 
68.39
%
 
69.66
%
 
68.19
%
Efficiency ratio (1), excluding integration and acquisition-related costs and restructuring charges
66.96
%
 
65.60
%
 
66.87
%
 
69.78
%
 
67.81
%
 
66.47
%
 
67.40
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalization Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared to net income
51.79
%
 
60.49
%
 
65.26
%
 
62.49
%
 
52.01
%
 
58.68
%
 
57.16
%
Shareholders' equity to assets (Period End)
12.59
%
 
12.81
%
 
13.07
%
 
12.73
%
 
13.04
%
 
12.59
%
 
13.04
%
Tangible common equity to tangible assets
8.56
%
 
8.67
%
 
8.91
%
 
9.49
%
 
9.78
%
 
8.56
%
 
9.78
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital Ratios (Period End) (2)
 
 
 
 
 
 
 
 
 
 
 
 
Tier 1 leverage ratio
9.75
%
 
9.89
%
 
10.16
%
 
10.55
%
 
10.50
%
 
9.75
%
 
10.50
%
Common equity tier 1 risk-based capital ratio
10.84
%
 
10.77
%
 
11.09
%
 
—

 
—

 
10.84
%
 
—
%
Tier 1 risk-based capital ratio
10.84
%
 
10.77
%
 
11.09
%
 
11.79
%
 
11.98
%
 
10.84
%
 
11.98
%
Total risk-based capital ratio
13.67
%
 
13.65
%
 
14.09
%
 
12.91
%
 
13.18
%
 
13.67
%
 
13.18
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Total operating expenses to net interest income before loan loss provision plus non-interest income adjusted for tax equivalent income.
(2) Ratios for 2015 are reported under BASEL III regulatory capital rules. On January 1, 2015, the BASEL III rules became effective, subject to transition provisions primarily relating to regulatory deductions and adjustments impacting common equity tier 1 capital and tier 1 capital, to be phased in over a three-year period beginning January 1, 2015. Ratios for 2014 are reported under BASEL I.





Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential
 
For the Three Months Ended September 30,
 
Tax Equivalent Basis
2015
 
 
2014
 
 
Average
 
Income/
 
Average
 
 
Average
 
Income/
 
Average
 
(Dollars in thousands)
Balance
 
Expense
 
Rate
 
 
Balance
 
Expense
 
Rate
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with other banks
$
50,514

 
$
21

 
0.16

%
 
$
34,701

 
$
18

 
0.21

%
U.S. government obligations
119,712

 
345

 
1.14

 
 
127,505

 
320

 
1.00

 
Obligations of state and political subdivisions
109,300

 
1,335

 
4.85

 
 
107,039

 
1,360

 
5.04

 
Other debt and equity securities
139,825

 
859

 
2.44

 
 
125,730

 
643

 
2.03

 
Total interest-earning deposits, investments and federal funds sold
419,351

 
2,560

 
2.42

 
 
394,975

 
2,341

 
2.35

 
Commercial, financial, and agricultural loans
423,912

 
4,219

 
3.95

 
 
394,297

 
4,054

 
4.08

 
Real estate—commercial and construction loans
857,181

 
9,942

 
4.60

 
 
622,249

 
6,722

 
4.29

 
Real estate—residential loans
509,599

 
5,786

 
4.50

 
 
298,530

 
3,067

 
4.08

 
Loans to individuals
28,957

 
388

 
5.32

 
 
30,616

 
492

 
6.38

 
Municipal loans and leases
205,302

 
2,450

 
4.73

 
 
181,170

 
2,214

 
4.85

 
Lease financings
73,056

 
1,555

 
8.44

 
 
71,103

 
1,586

 
8.85

 
     Gross loans and leases
2,098,007

 
24,340

 
4.60

 
 
1,597,965

 
18,135

 
4.50

 
          Total interest-earning assets
2,517,358

 
26,900

 
4.24

 
 
1,992,940

 
20,476

 
4.08

 
Cash and due from banks
35,419

 
 
 
 
 
 
36,600

 
 
 
 
 
Reserve for loan and lease losses
(20,494
)
 
 
 
 
 
 
(24,450
)
 
 
 
 
 
Premises and equipment, net
40,852

 
 
 
 
 
 
35,580

 
 
 
 
 
Other assets
231,443

 
 
 
 
 
 
176,804

 
 
 
 
 
      Total assets
$
2,804,578

 
 
 
 
 
 
$
2,217,474

 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking deposits
$
375,362

 
$
77

 
0.08

 
 
$
316,923

 
$
44

 
0.06

 
Money market savings
361,530

 
318

 
0.35

 
 
290,194

 
79

 
0.11

 
Regular savings
590,331

 
134

 
0.09

 
 
537,175

 
80

 
0.06

 
Time deposits
463,524

 
1,014

 
0.87

 
 
265,293

 
768

 
1.15

 
     Total time and interest-bearing deposits
1,790,747

 
1,543

 
0.34

 
 
1,409,585

 
971

 
0.27

 
Short-term borrowings
30,520

 
10

 
0.13

 
 
38,763

 
7

 
0.07

 
Subordinated notes (1)
49,321

 
667

 
5.37

 
 
—

 
—

 
—

 
     Total borrowings
79,841

 
677

 
3.36

 
 
38,763

 
7

 
0.07

 
     Total interest-bearing liabilities
1,870,588

 
2,220

 
0.47

 
 
1,448,348

 
978

 
0.27

 
Noninterest-bearing deposits
534,302

 
 
 
 
 
 
450,553

 
 
 
 
 
Accrued expenses and other liabilities
42,538

 
 
 
 
 
 
30,144

 
 
 
 
 
     Total liabilities
2,447,428

 
 
 
 
 
 
1,929,045

 
 
 
 
 
Shareholders' Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
110,271

 
 
 
 
 
 
91,332

 
 
 
 
 
Additional paid-in capital
120,770

 
 
 
 
 
 
62,268

 
 
 
 
 
Retained earnings and other equity
126,109

 
 
 
 
 
 
134,829

 
 
 
 
 
     Total shareholders' equity
357,150

 
 
 
 
 
 
288,429

 
 
 
 
 
     Total liabilities and shareholders' equity
$
2,804,578

 
 
 
 
 
 
$
2,217,474

 
 
 
 
 
Net interest income
 
 
$
24,680

 
 
 
 
 
 
$
19,498

 
 
 
Net interest spread
 
 
 
 
3.77

 
 
 
 
 
 
3.81

 
Effect of net interest-free funding sources
 
 
 
 
0.12

 
 
 
 
 
 
0.07

 
Net interest margin
 
 
 
 
3.89

%
 
 
 
 
 
3.88

%
Ratio of average interest-earning assets to average interest-bearing liabilities
134.58

 
%
 
 
 
 
137.60

 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The interest rate on subordinated notes is calculated on a 30/360 day basis at a rate of 5.10%. The balance is net of debt issuance costs which are amortized to interest expense.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2015 and 2014 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
2015
 
 
2014
 
 
Average
 
Income/
 
Average
 
 
Average
 
Income/
 
Average
 
(Dollars in thousands)
Balance
 
Expense
 
Rate
 
 
Balance
 
Expense
 
Rate
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with other banks
$
25,957

 
$
37

 
0.19

%
 
$
28,457

 
$
49

 
0.23

%
U.S. government obligations
129,646

 
1,075

 
1.11

 
 
128,799

 
967

 
1.00

 
Obligations of state and political subdivisions
107,807

 
4,011

 
4.97

 
 
107,269

 
4,189

 
5.22

 
Other debt and equity securities
137,747

 
2,267

 
2.20

 
 
139,779

 
2,058

 
1.97

 
Federal funds sold
2,448

 
2

 
0.11

 
 
—

 
—

 
—

 
Total interest-earning deposits, investments and federal funds sold
403,605

 
7,392

 
2.45

 
 
404,304

 
7,263

 
2.40

 
Commercial, financial, and agricultural loans
426,997

 
12,951

 
4.06

 
 
396,915

 
11,925

 
4.02

 
Real estate—commercial and construction loans
841,930

 
29,486

 
4.68

 
 
602,862

 
19,692

 
4.37

 
Real estate—residential loans
488,646

 
16,789

 
4.59

 
 
288,548

 
8,865

 
4.11

 
Loans to individuals
29,570

 
1,184

 
5.35

 
 
34,981

 
1,627

 
6.22

 
Municipal loans and leases
204,748

 
7,318

 
4.78

 
 
177,446

 
6,447

 
4.86

 
Lease financings
71,368

 
4,673

 
8.75

 
 
70,957

 
4,807

 
9.06

 
     Gross loans and leases
2,063,259

 
72,401

 
4.69

 
 
1,571,709

 
53,363

 
4.54

 
          Total interest-earning assets
2,466,864

 
79,793

 
4.32

 
 
1,976,013

 
60,626

 
4.10

 
Cash and due from banks
32,768

 
 
 
 
 
 
32,564

 
 
 
 
 
Reserve for loan and lease losses
(20,983
)
 
 
 
 
 
 
(24,951
)
 
 
 
 
 
Premises and equipment, net
40,618

 
 
 
 
 
 
34,733

 
 
 
 
 
Other assets
226,500

 
 
 
 
 
 
171,499

 
 
 
 
 
      Total assets
$
2,745,767

 
 
 
 
 
 
$
2,189,858

 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking deposits
$
364,006

 
$
190

 
0.07

 
 
$
314,095

 
$
129

 
0.05

 
Money market savings
360,473

 
857

 
0.32

 
 
286,667

 
214

 
0.10

 
Regular savings
578,478

 
392

 
0.09

 
 
539,248

 
238

 
0.06

 
Time deposits
456,726

 
2,966

 
0.87

 
 
267,271

 
2,351

 
1.18

 
     Total time and interest-bearing deposits
1,759,683

 
4,405

 
0.33

 
 
1,407,281

 
2,932

 
0.28

 
Short-term borrowings
40,902

 
33

 
0.11

 
 
41,271

 
25

 
0.08

 
Subordinated notes (1)
33,411

 
1,349

 
5.40

 
 
—

 
—

 
—

 
     Total borrowings
74,313

 
1,382

 
2.49

 
 
41,271

 
25

 
0.08

 
     Total interest-bearing liabilities
1,833,996

 
5,787

 
0.42

 
 
1,448,552

 
2,957

 
0.27

 
Noninterest-bearing deposits
509,002

 
 
 
 
 
 
427,277

 
 
 
 
 
Accrued expenses and other liabilities
43,312

 
 
 
 
 
 
28,511

 
 
 
 
 
     Total liabilities
2,386,310

 
 
 
 
 
 
1,904,340

 
 
 
 
 
Shareholders' Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
110,271

 
 
 
 
 
 
91,332

 
 
 
 
 
Additional paid-in capital
120,409

 
 
 
 
 
 
61,967

 
 
 
 
 
Retained earnings and other equity
128,777

 
 
 
 
 
 
132,219

 
 
 
 
 
     Total shareholders' equity
359,457

 
 
 
 
 
 
285,518

 
 
 
 
 
     Total liabilities and shareholders' equity
$
2,745,767

 
 
 
 
 
 
$
2,189,858

 
 
 
 
 
Net interest income
 
 
$
74,006

 
 
 
 
 
 
$
57,669

 
 
 
Net interest spread
 
 
 
 
3.90

 
 
 
 
 
 
3.83

 
Effect of net interest-free funding sources
 
 
 
 
0.11

 
 
 
 
 
 
0.07

 
Net interest margin
 
 
 
 
4.01

%
 
 
 
 
 
3.90

%
Ratio of average interest-earning assets to average interest-bearing liabilities
134.51

 
%
 
 
 
 
136.41

 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The interest rate on subordinated notes is calculated on a 30/360 day basis at a rate of 5.10%. The balance is net of debt issuance costs which are amortized to interest expense.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2015 and 2014 have been calculated using the Corporation’s federal applicable rate of 35.0%.


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