Pennsylvania | 0-7617 | 23-1886144 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
14 North Main Street, Souderton, Pennsylvania |
18964 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description of Document | |||
99.1 | Press release issued by Univest Corporation of Pennsylvania on
April 27, 2011. |
Univest Corporation of Pennsylvania |
||||
By: | /s/ Jeffrey M. Schweitzer | |||
Name: | Jeffrey M. Schweitzer | |||
Title: | Senior Executive Vice President and Chief Financial Officer |
Exhibit No. | Description of Document | |||
99.1 | Press release issued by Univest Corporation of Pennsylvania on
April 27, 2011. |
NEWS | ![]() |
CONTACT:
|
Jeff Schweitzer UNIVEST CORPORATION OF PENNSYLVANIA Chief Financial Officer 215-721-2458, schweitzerj@univest.net |
Balance Sheet (Period End) | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 03/31/10 | |||||||||||||||
Assets |
$ | 2,108,579 | $ | 2,133,893 | $ | 2,114,204 | $ | 2,088,572 | $ | 2,064,822 | ||||||||||
Securities |
445,798 | 467,024 | 420,998 | 434,677 | 436,368 | |||||||||||||||
Loans held for sale |
1,451 | 4,178 | 3,801 | 2,485 | 1,165 | |||||||||||||||
Loans and leases, gross |
1,442,137 | 1,471,186 | 1,467,382 | 1,449,147 | 1,427,805 | |||||||||||||||
Allowance for loan and lease losses |
32,804 | 30,898 | 28,883 | 29,109 | 27,065 | |||||||||||||||
Loans and leases, net |
1,409,333 | 1,440,288 | 1,438,499 | 1,420,038 | 1,400,740 | |||||||||||||||
Total deposits |
1,665,225 | 1,686,270 | 1,677,641 | 1,609,772 | 1,572,681 | |||||||||||||||
Non-interest bearing deposits |
280,337 | 271,125 | 272,805 | 255,880 | 246,909 | |||||||||||||||
NOW, Money Market and Savings |
974,158 | 997,395 | 969,254 | 924,242 | 894,799 | |||||||||||||||
Time deposits |
410,730 | 417,750 | 435,582 | 429,650 | 430,973 | |||||||||||||||
Borrowings |
125,545 | 143,865 | 128,905 | 171,824 | 187,637 | |||||||||||||||
Shareholders equity |
268,673 | 266,224 | 270,773 | 269,524 | 267,850 |
For the three months ended, | ||||||||||||||||||||
Balance Sheet (Average) | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 03/31/10 | |||||||||||||||
Assets |
$ | 2,106,276 | $ | 2,125,112 | $ | 2,117,708 | $ | 2,090,930 | $ | 2,038,739 | ||||||||||
Securities |
444,662 | 449,031 | 431,193 | 442,902 | 409,188 | |||||||||||||||
Loans and leases, gross |
1,461,037 | 1,461,766 | 1,459,820 | 1,425,278 | 1,420,830 | |||||||||||||||
Deposits |
1,670,062 | 1,689,701 | 1,642,613 | 1,606,621 | 1,537,676 | |||||||||||||||
Shareholders equity |
268,343 | 271,945 | 271,045 | 269,902 | 269,030 |
Asset Quality Data (Period End) | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 03/31/10 | |||||||||||||||
Nonaccrual loans and leases, including nonaccrual
troubled
debt restructured loans and leases |
$ | 38,631 | $ | 45,232 | $ | 33,043 | $ | 29,541 | $ | 34,856 | ||||||||||
Accruing loans and leases 90 days or more past due |
516 | 696 | 899 | 1,276 | 303 | |||||||||||||||
Accruing troubled debt restructured loans and leases |
5,111 | 550 | 813 | 1,499 | 1,691 | |||||||||||||||
Other real estate owned |
6,135 | 2,438 | 1,557 | 1,827 | 2,453 | |||||||||||||||
Nonperforming assets |
50,393 | 48,916 | 36,312 | 34,143 | 39,303 | |||||||||||||||
Allowance for loan and lease losses |
32,804 | 30,898 | 28,883 | 29,109 | 27,065 | |||||||||||||||
Nonperforming loans and leases / Loans and leases |
3.07 | % | 3.16 | % | 2.37 | % | 2.23 | % | 2.58 | % | ||||||||||
Allowance for loan and lease losses / Loans and leases |
2.27 | % | 2.10 | % | 1.97 | % | 2.01 | % | 1.90 | % | ||||||||||
Allowance for loan and lease losses / Nonperforming
loans |
74.12 | % | 66.48 | % | 83.10 | % | 90.08 | % | 73.45 | % |
For the three months ended, | ||||||||||||||||||||
03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 03/31/10 | ||||||||||||||||
Net loan and lease charge-offs |
$ | 3,228 | $ | 4,261 | $ | 5,755 | $ | 2,821 | $ | 2,628 | ||||||||||
Net loan and lease charge-offs (annualized)/Average loans and leases |
0.90 | % | 1.16 | % | 1.56 | % | 0.79 | % | 0.75 | % |
For the three months ended, | ||||||||||||||||||||
For the period: | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 03/31/10 | |||||||||||||||
Interest income |
$ | 21,706 | $ | 22,580 | $ | 23,060 | $ | 22,878 | $ | 22,485 | ||||||||||
Interest expense |
2,897 | 3,380 | 4,107 | 4,602 | 5,380 | |||||||||||||||
Net interest income |
18,809 | 19,200 | 18,953 | 18,276 | 17,105 | |||||||||||||||
Provision for loan and lease losses |
5,134 | 6,276 | 5,529 | 4,865 | 4,895 | |||||||||||||||
Net interest income after provision |
13,675 | 12,924 | 13,424 | 13,411 | 12,210 | |||||||||||||||
Noninterest income: |
||||||||||||||||||||
Trust fee income |
1,625 | 1,630 | 1,450 | 1,500 | 1,500 | |||||||||||||||
Service charges on deposit accounts |
1,336 | 1,466 | 1,633 | 1,812 | 1,782 | |||||||||||||||
Investment advisory commission and fee income |
1,162 | 1,191 | 1,227 | 1,152 | 1,056 | |||||||||||||||
Insurance commissions and fee income |
2,200 | 1,740 | 1,815 | 1,896 | 2,243 | |||||||||||||||
Bank owned life insurance income |
344 | 410 | 326 | 202 | 332 | |||||||||||||||
Other-than-temporary impairment |
(7 | ) | (3 | ) | (12 | ) | (42 | ) | (5 | ) | ||||||||||
Net gain on sales of securities |
| 6 | 339 | 38 | 49 | |||||||||||||||
Net (loss) gain on mortgage banking activities |
(25 | ) | 779 | 1,246 | 475 | 460 | ||||||||||||||
Net loss on interest rate swap |
| | (246 | ) | (516 | ) | (310 | ) | ||||||||||||
Other income |
1,124 | 2,049 | 1,106 | 1,542 | 1,100 | |||||||||||||||
Total noninterest income |
7,759 | 9,268 | 8,884 | 8,059 | 8,207 | |||||||||||||||
Noninterest expense |
||||||||||||||||||||
Salaries and benefits |
8,983 | 8,979 | 9,775 | 9,469 | 9,811 | |||||||||||||||
Premises and equipment |
2,527 | 2,351 | 2,435 | 2,209 | 2,292 | |||||||||||||||
Deposit insurance premiums |
713 | 712 | 698 | 663 | 597 | |||||||||||||||
Other expense |
4,523 | 4,148 | 4,263 | 4,568 | 4,379 | |||||||||||||||
Total noninterest expense |
16,746 | 16,190 | 17,171 | 16,909 | 17,079 | |||||||||||||||
Income before taxes |
4,688 | 6,002 | 5,137 | 4,561 | 3,338 | |||||||||||||||
Applicable income taxes |
826 | 1,093 | 990 | 831 | 368 | |||||||||||||||
Net income |
$ | 3,862 | $ | 4,909 | $ | 4,147 | $ | 3,730 | $ | 2,970 | ||||||||||
Per Common Share Data: |
||||||||||||||||||||
Book value per share |
$ | 16.04 | $ | 15.99 | $ | 16.29 | $ | 16.25 | $ | 16.17 | ||||||||||
Net income per share: |
||||||||||||||||||||
Basic |
$ | 0.23 | $ | 0.30 | $ | 0.25 | $ | 0.23 | $ | 0.18 | ||||||||||
Diluted |
$ | 0.23 | $ | 0.30 | $ | 0.25 | $ | 0.23 | $ | 0.18 | ||||||||||
Dividends per share |
$ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||||||
Weighted average shares outstanding |
16,712,282 | 16,645,115 | 16,621,291 | 16,589,657 | 16,535,461 | |||||||||||||||
Period end shares outstanding |
16,745,935 | 16,648,303 | 16,626,900 | 16,590,710 | 16,561,807 |
For the three months ended, | ||||||||||||||||||||
Profitability Ratios (annualized) | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 03/31/10 | |||||||||||||||
Return on average assets |
0.74 | % | 0.92 | % | 0.78 | % | 0.72 | % | 0.59 | % | ||||||||||
Return on average shareholders equity |
5.84 | % | 7.16 | % | 6.07 | % | 5.54 | % | 4.48 | % | ||||||||||
Net interest margin (FTE) |
4.24 | % | 4.18 | % | 4.15 | % | 4.11 | % | 3.99 | % | ||||||||||
Efficiency ratio (1) |
59.90 | % | 54.20 | % | 58.88 | % | 61.32 | % | 64.33 | % | ||||||||||
Capitalization Ratios |
||||||||||||||||||||
Dividends paid to net income |
86.30 | % | 67.85 | % | 80.15 | % | 88.95 | % | 111.55 | % | ||||||||||
Shareholders equity to assets (Period End) |
12.74 | % | 12.48 | % | 12.81 | % | 12.90 | % | 12.97 | % | ||||||||||
Tangible common equity to tangible assets |
10.32 | % | 10.08 | % | 10.46 | % | 10.51 | % | 10.55 | % | ||||||||||
Regulatory Capital Ratios (Period End) |
||||||||||||||||||||
Tier 1 leverage ratio |
11.72 | % | 11.54 | % | 11.51 | % | 11.57 | % | 11.82 | % | ||||||||||
Tier 1 risk-based capital ratio |
14.59 | % | 14.17 | % | 14.14 | % | 14.25 | % | 14.44 | % | ||||||||||
Total risk-based capital ratio |
15.89 | % | 15.47 | % | 15.45 | % | 15.58 | % | 15.78 | % |
(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 March 31, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||||||
Tax Equivalent Basis | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Interest-earning deposits with other banks |
$ | 6,279 | $ | 3 | 0.19 | % | $ | 14,293 | $ | 11 | 0.31 | % | ||||||||||||
U.S. Government obligations |
170,658 | 717 | 1.70 | 114,164 | 742 | 2.64 | ||||||||||||||||||
Obligations of state and political subdivisions |
109,026 | 1,721 | 6.40 | 106,634 | 1,739 | 6.61 | ||||||||||||||||||
Other debt and equity securities |
164,978 | 1,529 | 3.76 | 188,390 | 2,019 | 4.35 | ||||||||||||||||||
Total interest-earning deposits and investments |
450,941 | 3,970 | 3.57 | 423,481 | 4,511 | 4.32 | ||||||||||||||||||
Commercial, financial, and agricultural loans |
428,636 | 5,171 | 4.89 | 409,663 | 4,666 | 4.62 | ||||||||||||||||||
Real estatecommercial and construction loans |
558,304 | 7,251 | 5.27 | 524,084 | 7,561 | 5.85 | ||||||||||||||||||
Real estateresidential loans |
244,305 | 2,641 | 4.38 | 260,959 | 2,858 | 4.44 | ||||||||||||||||||
Loans to individuals |
43,010 | 626 | 5.90 | 47,509 | 798 | 6.81 | ||||||||||||||||||
Municipal loans and leases |
122,478 | 1,731 | 5.73 | 97,448 | 1,425 | 5.93 | ||||||||||||||||||
Lease financings |
64,304 | 1,518 | 9.57 | 81,167 | 1,723 | 8.61 | ||||||||||||||||||
Gross loans and leases |
1,461,037 | 18,938 | 5.26 | 1,420,830 | 19,031 | 5.43 | ||||||||||||||||||
Total interest-earning assets |
1,911,978 | 22,908 | 4.86 | 1,844,311 | 23,542 | 5.18 | ||||||||||||||||||
Cash and due from banks |
36,101 | 31,621 | ||||||||||||||||||||||
Reserve for loan and lease losses |
(32,402 | ) | (26,579 | ) | ||||||||||||||||||||
Premises and equipment, net |
34,624 | 34,859 | ||||||||||||||||||||||
Other assets |
155,975 | 154,527 | ||||||||||||||||||||||
Total assets |
$ | 2,106,276 | $ | 2,038,739 | ||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
Interest-bearing checking deposits |
$ | 192,676 | $ | 64 | 0.13 | $ | 171,978 | $ | 57 | 0.13 | ||||||||||||||
Money market savings |
308,797 | 201 | 0.26 | 279,912 | 317 | 0.46 | ||||||||||||||||||
Regular savings |
481,404 | 463 | 0.39 | 415,934 | 781 | 0.76 | ||||||||||||||||||
Time deposits |
411,030 | 1,738 | 1.71 | 434,166 | 3,065 | 2.86 | ||||||||||||||||||
Total time and interest-bearing deposits |
1,393,907 | 2,466 | 0.72 | 1,301,990 | 4,220 | 1.31 | ||||||||||||||||||
Securities sold under agreements to repurchase |
96,446 | 71 | 0.30 | 95,841 | 117 | 0.50 | ||||||||||||||||||
Other short-term borrowings |
10,269 | 9 | 0.36 | 71,266 | 685 | 3.90 | ||||||||||||||||||
Long-term debt |
5,000 | 47 | 3.81 | 5,746 | 47 | 3.32 | ||||||||||||||||||
Subordinated notes and capital securities |
23,994 | 304 | 5.14 | 25,494 | 311 | 4.95 | ||||||||||||||||||
Total borrowings |
135,709 | 431 | 1.29 | 198,347 | 1,160 | 2.37 | ||||||||||||||||||
Total interest-bearing liabilities |
1,529,616 | 2,897 | 0.77 | 1,500,337 | 5,380 | 1.45 | ||||||||||||||||||
Demand deposits, non-interest bearing |
276,155 | 235,686 | ||||||||||||||||||||||
Accrued expenses and other liabilities |
32,162 | 33,686 | ||||||||||||||||||||||
Total liabilities |
1,837,933 | 1,769,709 | ||||||||||||||||||||||
Shareholders Equity |
||||||||||||||||||||||||
Common stock |
91,332 | 91,332 | ||||||||||||||||||||||
Additional paid-in capital |
61,411 | 61,420 | ||||||||||||||||||||||
Retained earnings and other equity |
115,600 | 116,278 | ||||||||||||||||||||||
Total shareholders equity |
268,343 | 269,030 | ||||||||||||||||||||||
Total liabilities and shareholders equity |
$ | 2,106,276 | $ | 2,038,739 | ||||||||||||||||||||
Net interest income |
$ | 20,011 | $ | 18,162 | ||||||||||||||||||||
Net interest spread |
4.09 | 3.73 | ||||||||||||||||||||||
Effect of net interest-free funding sources |
0.15 | 0.26 | ||||||||||||||||||||||
Net interest margin |
4.24 | % | 3.99 | % | ||||||||||||||||||||
Ratio of average interest-earning assets to
average interest-bearing liabilities |
125.00 | % | 122.93 | % | ||||||||||||||||||||
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 March 31, 2011 and 2010 have been calculated using the Corporations federal applicable rate of 35.0%. |
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end