-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IzRy30WNpJlK88r0t5fBUgD8+DF4lQdk+p6ZR0aIjY2U/WnPWoKmryc8WID25JH6 kriyg6CjWUdfMu3G53FQOA== 0000102212-96-000024.txt : 19961113 0000102212-96-000024.hdr.sgml : 19961113 ACCESSION NUMBER: 0000102212-96-000024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NONE 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-07617 FILM NUMBER: 96659532 BUSINESS ADDRESS: STREET 1: 10 W BROAD ST CITY: SOUDERTON STATE: PA ZIP: 18964 BUSINESS PHONE: 2157212400 MAIL ADDRESS: STREET 1: 10 W BROAD STREET CITY: SOUDERTON STATE: PA ZIP: 18964 10-Q 1 United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 10-Q [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For The Period Ended September 30, 1996. or [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to . Commission File Number 0-7617 UNIVEST CORPORATION OF PENNSYLVANIA (Exact name of registrant as specified in its charter) Pennsylvania 23-1886144 (State or other jurisdiction of (IRS Employer I.D. No.) incorporation of organization) 10 West Broad Street, Souderton, Pennsylvania 18964 (Address of principal executive offices)(Zip Code) Registrant's telephone number, including area code (215) 721-2400 Not applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: Common Stock, $5 par value 3,902,428 (Title of Class) (Number of shares outstanding at 9/30/96) UNIVEST CORPORATION OF PENNSYLVANIA AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1. Financial Information The consolidated financial statements include the accounts of Univest Corporation of Pennsylvania (Univest) and its wholly owned subsidiaries, including Union National Bank and Trust Company (Union) and Pennview Savings Bank (Pennview), collectively referred to herein as the "Banks". The condensed consolidated financial statements included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present a fair statement of the results and condition for the interim periods presented. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the registrant's Annual Report on Form 10-K for the year ended December 31, 1995, which has been filed with the Securities and Exchange Commission. 2. Per Share Data The following average shares were used for the computation of earnings per share:
For the Three Months For the Nine Months Ended Sept. 30, Ended Sept. 30, 1996 1995 1996 1995 Average Shares 3,907,484.7 3,920,830.6 3,914,927.2 3,920,830.6
UNIVEST CORPORATION OF PENNSYLVANIA AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) (SEE NOTE) SEPTEMBER 30, 1996 DECEMBER 31, 1995 (In Thousands) ASSETS CASH AND DUE FROM BANKS $33,720 $30,901 INVESTMENT SECURITIES HELD-TO-MATURITY 177,606 168,895 (MARKET VALUE $177,201 AT 9/30/96 AND $170,665 AT 12/31/95) INVESTMENT SECURITIES AVAILABLE-FOR-SALE 64,341 56,080 FEDERAL FUNDS SOLD AND OTHER SHORT TERM INVESTMENTS 5,115 16,527 LOANS HELD FOR SALE 732 - LOANS 600,346 585,971 LESS: RESERVE FOR POSSIBLE LOAN LOSSES (9,998) (8,854) NET LOANS 590,348 577,117 OTHER ASSETS 34,315 32,368 TOTAL ASSETS $906,177 $881,888 LIABILITIES DEMAND DEPOSITS, NON INTEREST BEARING $117,413 $100,300 DEMAND DEPOSITS, INTEREST BEARING 132,337 154,642 REGULAR SAVINGS DEPOSITS 124,083 122,683 TIME DEPOSITS 353,800 347,402 TOTAL DEPOSITS 727,633 725,027 SHORT-TERM BORROWINGS 62,091 46,812 OTHER LIABILITIES 13,956 16,628 LONG-TERM DEBT 7,075 4,085 TOTAL LIABILITIES 810,755 792,552 SHAREHOLDERS' EQUITY COMMON STOCK 19,636 19,638 ADDITIONAL PAID-IN CAPITAL 34,542 34,559 RETAINED EARNINGS 42,069 35,028 NET UNREALIZED SECURITIES GAINS (LOSSES) (97) 261 TREASURY STOCK (728) (150) TOTAL SHAREHOLDERS' EQUITY 95,422 89,336 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $906,177 $881,888 NOTE: THE BALANCE SHEET AT DECEMBER 31, 1995 HAS BEEN DERIVED FROM THE AUDITED FINANCIAL STATEMENTS AT THAT DATE BUT DOES NOT INCLUDE ALL OF THE INFORMATION AND FOOTNOTES REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR COMPLETE FINANCIAL STATEMENTS.
UNIVEST CORPORATION OF PENNSYLVANIA AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE QUARTER FOR THE NINE MONTHS ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, 1996 1995 1996 1995 (In thousands, except per share data) INTEREST INCOME INTEREST AND FEES ON LOANS TAXABLE INTEREST AND FEES ON LOANS $12,594 $12,543 $37,340 $36,839 EXEMPT FROM FEDERAL INCOME TAXES 476 477 1,461 1,457 -------- -------- --------- -------- TOTAL INTEREST AND FEES ON LOANS 13,070 13,020 38,801 38,296 INTEREST AND DIVIDENDS ON INVESTMENT SECURITIES 3,765 2,887 10,714 8,462 OTHER INTEREST INCOME 14 144 182 437 -------- -------- --------- -------- TOTAL INTEREST INCOME 16,849 16,051 49,697 47,195 -------- -------- --------- -------- INTEREST EXPENSE INTEREST ON DEPOSITS 6,440 6,157 19,119 17,703 OTHER INTEREST EXPENSE 565 444 1,512 1,476 -------- -------- --------- -------- TOTAL INTEREST EXPENSE 7,005 6,601 20,631 19,179 -------- -------- --------- -------- NET INTEREST INCOME 9,844 9,450 29,066 28,016 PROVISION FOR LOAN LOSSES 315 500 845 1,345 -------- -------- --------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 9,529 8,950 28,221 26,671 -------- -------- --------- -------- OTHER INCOME 1,450 1,407 4,569 4,519 GAINS (LOSSES) ON SALES OF SECURITIES 2 - 12 (1) -------- -------- --------- -------- TOTAL OTHER INCOME 1,452 1,407 4,581 4,518 OTHER EXPENSES SALARIES AND BENEFITS 3,503 3,187 10,546 9,849 OTHER EXPENSES 3,654 2,680 9,715 8,741 -------- -------- --------- -------- TOTAL OTHER EXPENSES 7,157 5,867 20,261 18,590 -------- -------- --------- -------- INCOME BEFORE INCOME TAXES 3,824 4,490 12,541 12,599 APPLICABLE INCOME TAXES 936 1,418 3,622 3,917 -------- -------- --------- -------- NET INCOME $2,888 $3,072 $8,919 $8,682 ======== ======== ========= ======== PER COMMON SHARE DATA (1): NET INCOME $0.74 $0.78 $2.28 $2.21 CASH DIVIDENDS DECLARED $0.16 $0.136 $0.48 $0.408 (1) PER SHARE DATA HAS BEEN RESTATED TO GIVE EFFECT TO A TWENTY-FIVE PERCENT STOCK DIVIDEND DECLARED ON NOVEMBER 22, 1995 TO SHAREHOLDERS OF RECORD AS OF FEBRUARY 15, 1996, AND WAS PAID ON MARCH 1, 1996.
Univest Corporation of Pennsylvania Consolidated Statement of Cash Flows
For the nine months ended, Sept. 30, 1996 Sept. 30, 1995 Cash flows from operating activitites Net income $8,919 $8,682 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses in excess of net charge-offs 1,144 161 Depreciation of premises and equipment 1,654 1,233 Discount accretion on investment securities (445) (227) Deferred income tax (benefit) (704) (117) Realized (gains) losses on investment securities (12) 1 Realized gains on sales of mortgages (15) (72) Decrease in net deferred loan fees (187) (245) Increase in interest receivable and other assets (1,545) (413) Decrease in accrued expenses and other liabilities (1,204) (672) -------- ------- Net cash provided by operating activities 7,605 8,331 Cash flows from investing activities: Proceeds from maturing time deposits 78 83 Proceeds from sales of securities available for sale 5,021 3,002 Proceeds from maturing securities held to maturity 21,228 36,966 Proceeds from maturing securities available for sale 3,340 5,680 Purchases of investment securities held to maturity (29,622) (38,179) Purchases of investment securities available for sale (17,115) (1,166) Net decrease in federal funds sold and other short-term investments 11,412 3,107 Net increase in loans held for sale (732) - Proceeds from sales of mortgages 8,393 6,161 Net increase in loans (22,566) (16,213) Capital expenditures (2,056) (2,742) -------- --------- Net cash used in investing activities (22,619) (3,301) Cash flows from financing activities Net increase in deposits 2,606 5,021 Net increase (decrease) in short-term borrowings 15,279 (2,347) Proceeds from long-term debt 7,000 - Net purchase of treasury stock (591) - Proceeds from exercise of stock options 11 - Cash dividends (2,462) (2,008) Repayments of long-term debt (4,010) (5,353) ------- ------- Net cash provided (used in) by financing activities 17,833 (4,687) Net increase in cash and due from banks 2,819 343 Cash and due from banks at beginning of period 30,901 35,177 ------- ------- Cash and due from banks at end of period $33,720 $35,520 ======= ======= Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $20,579 $17,771 Income taxes $4,150 $3,540
Management's Discussion and Analysis of Financial Condition and Results of Operations Total assets increased from $881.9 million at December 31, 1995 to $906.2 million at September 30, 1996. An increase of $24.3 million, or 2.8%. Investment securities increased by $17.0 million offset by a decrease of $11.4 million in Federal Funds sold. Net loans increased by $13.2 million. Total deposits increased by $2.6 milllion while short-term borrowings increased $15.3 million due to increases in Federal Funds purchased of $9.0 million and $5.0 million in short-term borrowing from the Federal Home Loan Bank (FHLB). These borrowings are expected to be reduced by investment maturities in the fourth quarter of 1996. Shareholders equity increased 6.8% or $6.1 million from $89.3 million at December 31, 1995 to $95.4 million at September 30, 1996. Cash dividends increased $0.024 per share from $0.136 for the three months ended September 30, 1995 to $0.16 at September 30, 1996. Cash dividends also increased to $0.48 per share for the nine months ended September 30, 1996 as compared to $0.408 for the same period in 1995. Net income for the three months ended September 30, 1996 decreased $0.2 million from $3.1 million for the three months ended September 30, 1995 to $2.9 million for the three months ended September 30, 1996. The decrease was due mainly to the payment of $0.8 million which represented the one- time special assessment to recapitalize the Savings Association Insurance Fund (SAIF) portion of the Federal Deposit Insurance Corporation (FDIC),of which Pennview Savings Bank is a member. The special assessment of 65.7 basis points was accrued at September 30, 1996 by the Corporation on all insured deposits of Pennview Savings Bank as of March 31, 1995. This additional expense was offset in part by increased net interest income, and a reduction in the provision for loan losses. For the nine months ended September 30, 1996 net income increased 2.3% or $0.2 million. This increase was due to increased net interest income and reductions in the provision for loan losses because of improved asset quality and recoveries of previously charged-off loans. These income improvements were offset by increased operating expenses. Interest and fees on loans remained stable at $13.0 million for the three months ended September 30, 1996. For the nine months ended September 30, 1996 interest and fees on loans increased $0.5 million from $38.3 million for the nine months ended September 30, 1995 to $38.8 million for the nine months ended September 30, 1996. The increase was mainly due to increased loan volume offset by a slight decrease in interest rates. The prime rate decreased from 8.75% at September 30, 1995 to 8.25% on September 30, 1996. Interest on investment securities increased $0.9 million or 31.0% from $2.9 million for the three months ended September 30, 1995 to $3.8 million for the three month period ended September 30, 1996. For the nine months ended September 30, 1996 interest on investments increased by $2.2 million or 25.9% from $8.5 million at September 30, 1995 to $10.7 million for the nine months ended September 30, 1996. The increase in both periods is attributed to increased volume and yield. Interest expense increased from $6.6 million for the quarter ended September 30, 1995 to $7.0 million for quarter ended September 30, 1996, an increase of $0.4 million or 6.1%. Interest expense also increased from $19.2 million for the nine months ended September 30, 1995 to $20.6 million for the nine months ended September 30, 1996, an increase of $1.4 million or 7.3%. Both increases were mainly due to increased certificate of deposit volume and yields. The asset/liability management process continues with its goal of providing stable reliable earnings through varying interest rate environments. Net interest income is the amount by which interest income on earning assets exceeds interest paid on interest bearing liabilities. The amount of net interest income is affected by changes in interest rates, account balances or volume, and the mix of earning assets and interest bearing liabilities. For the nine months ended September 30, 1996 net interest income was $29.1 million which is a $1.1 million increase over the $28.0 million recorded for the nine months ended September 30, 1995. Increases in net interest income were generated more by volume rather than rate because the net interest spread for the nine months ended September 30, 1996 decreased by 21 basis points and the net interest margin decreased by 15 basis points versus nine months ended September 30, 1995. The following demonstrates the aforementioned effects:
NINE MONTHS ENDED 9/30/96 9/30/95 AVG. BALANCE RATEAVG. BALANCE RATE Interest Earning Assets $844,359 7.85% $788,868 7.98% Interest Bearing $677,492 4.06% $642,141 3.98% Liabilities Net Interest Income $29,066 $28,016 Net Interest Spread 3.79% 4.00% Net Interest Margin 4.59% 4.74%
The Corporation is permitted to use interest-rate swap agreements which convert a portion of its floating rate commercial loans to a fixed rate basis, thus reducing the impact of interest changes on future income. In these swaps, the Corporation agrees to exchange, at specified intervals, the difference between fixed and floating-interest amounts calculated on an agreed upon notional principal amount. Because the Corporation's interest- earning assets tend to be short-term floating rate instruments while the Corporation's interest-bearing liabilities tend to be longer-term fixed rate instruments, interest rate swaps in which the Corporation pays a floating rate and receives a fixed rate are used to reduce the impact of changes in interest rates on the Corporation's net interest income. During the third quarter of 1995 and first quarter of 1996, $30 million of "Pay Floating, Receive Fixed" swaps were entered into by the Corporation. The net payable or receivable from interest-rate swap agreements is accrued as an adjustment to interest income. No interest rate swaps were outstanding at September 30, 1995 and $10.0 million in notional principal amount were outstanding at December 31, 1995. The contracts entered into by the Corporation in 1995 and first quarter of 1996 expire as follows: $10 million in notional princpal amount in August 1997 and $20 million in notional principal amount in March 1998. The impact of the interest rate swaps on net interest income during the nine months ended September 30, 1996 was an increase of $50 thousand. The Corporation's current credit exposure on swaps is limited to the value of interest-rate swaps that have become favorable to the Corporation. As of September 30, 1996, the market value of interest-rate swaps in a favorable value position was $13 thousand, while the market value of interest-rate swaps in an unfavorable position totaled $121 thousand. Credit risk also exists when the counterparty to a derivative contract with an unrealized gain fails to perform according to the terms of the agreement. ASSET QUALITY Management believes the allowance for loan losses is maintained at a level which is adequate to absorb potential losses in the loan portfolio. Management's methodology to determine the adequacy of and the provisions to the allowance considers specific credit reviews, past loan loss experience, current economic conditions and trends, and the volume, growth and composition of the loan portfolio. The allowance for loan losses is determined through a quarterly evaluation of reserve adequacy which takes into consideration the growth of the loan portfolio, the status of past-due loans, current economic conditions, various types of lending activity, policies, real estate and other loan commitments, and significant change in the charge-off activity. Loans are also reviewed for impairment based on discounted cash flows using the loan's initial effective interest rate or the fair value of the collateral for certain collateral dependent loans as provided for under FAS 114, which was adopted by the Corporation effective January 1, 1995. Any of the above criteria may cause the provision to fluctuate. For the quarter ended September 30, 1996, the provision was $0.3 million and for the quarter ended September 30, 1995 the provision was $0.5 million. This decrease was due to improved asset quality and better than average recoveries of previously charged-off loans. Effective January 1, 1995, the Corporation adopted Financial Accounting Standards Board Statement No. 114, "Accounting by Creditors for Impairment of a Loan." Under the new standard, the allowance for credit losses related to loans that are identified for evaluation in accordance with Statement 114 is based on discounted cash flows using the loan's initial effective interest rate or the fair value of collateral for certain collateral dependent loans. At September 30, 1996, the recorded investment in loans that are considered to be impaired under Statement 114 was $3.0 million (all of which were on a nonaccrual basis); the related allowance for credit losses for those loans is $0.9 million. For the nine months ended September 30, 1996 the Corporation did not recognize any interest income on these impaired loans. At September 30, 1995, the recorded investment in loans considered to be impaired was $3.4 million and the related allowance for credit losses for these loans was $0.6 million. Generally, a loan (including a loan impaired under Statement 114) is classified as nonaccrual and the accrual of interest on such loan is discontinued when the contractual payment of principal and interest has become 90 days past due or management has serious doubts about the further collectibility of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against "other expense." Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management's judgment as to the collectibility of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectibility of the total contractual principal and interest is no longer in doubt. Total cash basis, nonaccrual and restructured loans at September 30, 1996 were $4.1 million and consist mainly of real estate-related commercial loans which have slowed in performance due to industry specific credit and cash flow issues on a loan by loan basis. Cash basis, nonaccrual and restructured loans at September 30, 1995 totaled $5.3 million. For the quarter ended September 30, 1996 nonaccrual loans resulted in lost interest income of $55 thousand as compared to $0.1 million for the quarter ended September 30, 1995. For the nine months ended September 30, 1996 lost interest income totaled $0.2 million as compared to $0.4 million for the same period in 1995. At September 30, 1996, the Corporation had no material commitments to lend additional funds with respect to nonperforming loans. In management's evaluation of the loan portfolio risks, any significant future increases in nonperforming loans are dependent to a large extent on the economic environment, or specific industry problems. At September 30, 1996, the reserve for loan losses was 1.66% of total loans as compared to 1.51% at December 31, 1995. As of September 30, 1996, the Corporation has approximately $0.5 million of Other Real Estate Owned ("OREO") consisting of one commercial property and one single-family residence. This amount is recorded in "Other Assets" at the lower of cost or fair market value in the accompanying consolidated balance sheets. Included in other operating expenses for the nine months ended September 30, 1996, were adjustments of $0.2 million to the carrying value of the OREO property to approximate net realizable value. Adjustment to OREO carrying values for the nine months ended September 30, 1995 amounted to $0.4 million. OTHER Other income which is non-interest related consists mainly of general fee income, trust department fees, and other miscellaneous non-recurring types of income. For the quarter ended September 30, 1996, other income totaled $1.5 million as compared to $1.4 million for the quarter ended September 30, 1995. For the nine months ended September 30, 1996, compared to the nine months ended September 30, 1995, other income also increased from $4.5 million at September 30, 1995 to $4.6 million at September 30, 1996. The increases in both periods were due to increased trust department income. Other expenses make up the operating costs of the Corporation, including but not limited to salaries and benefits, equipment, data processing and occupancy costs. This category is usually referred to as non-interest expense and receives ongoing management attention in an attempt to contain and minimize the growth of the various expense categories, while encouraging technological innovation in conjunction with the expansion of the Corporation. The quarter ended September 30, 1996 totals $7.2 million as compared to $5.9 million for the quarter ended September 30, 1995, or an increase of $1.3 million. The increase was the result of higher salaries and benefits, due to normal salary and staff increases along with higher increases in occupancy and equipment expense. The addition of five new branches since September 30, 1995 accounts for most of the expense growth for the three categories. Also, on September 30, 1996, President Clinton signed into law a bill containing provisions to recapitalize the Savings Association Insurance Fund (SAIF) portion of the Federal Deposit Insurance Corporation (FDIC). Under this bill, the FDIC will levy a one-time special assessment on all SAIF insured institutions, including Pennview Savings Bank, of 65.7 basis points for insured deposits as of March 31, 1995. This assessment resulted in a one-time pre-tax charge to Pennview of $0.8 million, which is included in other expense for the three months ended September 30, 1996. This charge will result in a lower insurance premium to be paid by Pennview. Beginning in January 1997, Pennview will pay a premium of 6.4 basis points and Union National Bank will pay a premium of 1.3 basis points to reduce the Financing Corporation (FICO) bonds. Pennview previously paid 23 basis points and Union National Bank paid a minimum annual deposit premium of $2 thousand. For the nine months ended September 30, 1996, other expense increased $1.7 million, from $18.6 million for the nine months ended September 30, 1995 to $20.3 million at September 30, 1996. The increase was mainly due to salary expense growth of $0.6 million from normal wage and staff increases, increased occupancy and equipment cost of $0.7 million also because of the five additional offices and hardware and software for the conversion to a new computer system. The special SAIF one-time charge to Pennview helps to account for this high expense. An income tax provision of $0.9 million is shown for the quarter ended September 30, 1996 and $1.4 million for the quarter ended September 30, 1995, with effective tax rates of 24.2% and 31.6% respectively. For the nine months ended September 30, 1996, the provision was $3.6 million as compared to $3.9 million for the nine months ended September 30, 1995. The effective tax rates were 28.9% and 31.1% respectively. The effective tax rates for the three and nine months ended September 30, 1996 reflects the recognition of $200,000 of tax benefits related to tax refunds received by Pennview Savings Bank. Part II. OTHER INFORMATION Item 1. Legal Proceedings--None Item 2. Changes in Securities--None Item 3. Defaults upon Senior Securities--None Item 4. Submission of Matters to a Vote of Security Holders--Not applicable Item 5. Other Information--None Item 6. Exhibits and Reports on Form 8-K--None SIGNATURES 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 thereunto duly authorized. Univest Corporation of Pennsylvania Registrant Date: ___________________ ______________________________ Merrill S. Moyer, Chairman Date: ___________________ ______________________________ Wallace H. Bieler, Senior Vice President and Chief Financial Officer EX-27 2 ARTICLE 9 FDS FOR 10-Q
9 1000 9-MOS DEC-31-1996 SEP-30-1996 33,720 608 5,115 0 64,341 177,606 177,201 600,346 9,998 906,177 727,633 62,091 13,956 7,075 19,636 0 0 75,786 906,177 38,801 10,714 182 49,697 19,119 20,631 29,066 845 12 20,261 12,541 12,541 0 0 8,919 2.28 2.28 4.85 4,866 422 1,411 0 8,854 529 828 9,998 9,998 0 4,448
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