EX-99.1 2 v120622_ex99-1.htm
 
NEWS
          
 
CONTACT:
William S. Aichele
 
UNIVEST CORPORATION OF PENNSYLVANIA
 
Chairman, President and CEO
 
215-721-2460
 
FOR IMMEDIATE RELEASE
 
 
UNIVEST CORPORATION OF PENNSYLVANIA – UNIVEST NATIONAL
 
BANK AND TRUST CO. – REPORTS SECOND QUARTER EARNINGS

SOUDERTON, Pa., July 23, 2008 – Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest National Bank and Trust Co. of Souderton, Pa., has reported net income of $5,874,000 or $0.46 basic net income per share for the second quarter ended June 30, 2008, compared to $6,075,000 or $0.47 basic net income per share for the second quarter ended June 30, 2007. Diluted earnings per share were $0.46 for the second quarter ended June 30, 2008, compared to $0.47 per share for the second quarter ended June 30, 2007.

For the six months ended June 30, 2008, Univest reported net income of $12,595,000 or $0.98 basic net income per share, compared to $12,322,000 or $0.95 basic net income per share reported for the six months ended June 30, 2007. This net income change represents an increase of 2.2%. Diluted earnings per share were $0.98 and $0.95 for the six months ended June 30, 2008 and 2007 respectively.
 
On July 1, 2008, Univest Corporation paid a quarterly cash dividend of $0.20 per share.
 
As of June 30, 2008, assets totaled $2,012,659,000 compared to $1,978,272,000 at June 30, 2007. This is an increase of 1.7%. Total shareholders’ equity increased 8.3% year-over-year with $203,138,000 reported as of June 30, 2008, compared to $187,653,000 as of June 30, 2007.

About Univest Corporation
Headquartered in Souderton, Pa., Univest Corporation of Pennsylvania and its subsidiaries serve the financial needs of residents, businesses, and nonprofit organizations in Bucks, Chester, and Montgomery counties.  Univest National Bank and Trust Co. offers customers 33 financial service centers, 12 retirement financial services centers, and 38 ATM locations throughout the region, and is the parent company of Univest Capital, Inc. (doing business as Vanguard Leasing, Inc.), a small ticket commercial leasing business;  Univest Insurance, Inc., an independent insurance agency headquartered in Lansdale, Pa., which serves commercial and personal customers; and  Univest Investments, Inc., a full-service broker-dealer and investment advisory firm. For more information on Univest Corporation of Pennsylvania and its subsidiaries, please visit www.univest.net.

# # #

This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission.
 
 
Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
June 30, 2008

(Dollars in thousands)
 
Balance Sheet (Period End)
 
06/30/08
  
03/31/08
  
12/31/07
  
09/30/07
  
06/30/07
  
Assets
 
$
2,012,659
  
$
2,059,572
  
$
1,972,505
  
$
1,952,375
  
$
1,978,272
  
Securities
   
429,844
    
471,962
    
423,448
    
395,027
    
397,464
  
Loans and leases, gross
   
1,398,269
    
1,357,887
    
1,355,442
    
1,371,374
    
1,380,736
  
Allowance for loan and lease losses
   
13,713
    
12,997
    
13,086
    
13,872
    
13,793
  
Loans and leases, net
   
1,384,556
    
1,344,890
    
1,342,356
    
1,357,502
    
1,366,943
  
Total Deposits
   
1,504,007
    
1,616,843
    
1,532,603
    
1,518,163
    
1,556,701
  
Non-interest bearing deposits
   
233,436
    
230,531
    
226,513
    
228,908
    
238,141
  
NOW, Money Market and Savings
   
788,177
    
925,613
    
816,294
    
748,896
    
743,524
  
Time deposits
   
482,394
    
460,699
    
489,796
    
540,359
    
575,036
  
Borrowings
   
275,345
    
202,073
    
208,729
    
209,921
    
202,786
  
Shareholders' equity
   
203,138
    
203,263
    
198,726
    
191,947
    
187,653
  

   
For the three months ended
  
For the six months ended
  
Balance Sheet (Average)
 
06/30/08
  
03/31/08
  
12/31/07
  
09/30/07
  
06/30/07
  
06/30/08
  
06/30/07
  
Assets
 
$
2,044,987
  
$
2,005,682
  
$
1,951,233
  
$
1,944,906
  
$
1,930,277
  
$
2,025,337
  
$
1,916,195
  
Securities
    
459,469
    
449,828
    
407,461
    
392,277
    
383,078
    
454,649
    
383,476
  
Loans and leases, gross
   
1,392,177
    
1,354,584
    
1,356,625
    
1,373,172
    
1,382,398
    
1,373,380
    
1,369,170
  
Deposits
   
1,560,015
    
1,565,693
    
1,522,238
    
1,520,998
    
1,498,085
    
1,562,853
    
1,475,557
  
Shareholders' equity
   
205,464
    
200,439
    
194,505
    
189,420
    
189,417
    
202,954
    
188,439
  
 
   
06/30/08
  
03/31/08
  
12/31/07
  
09/30/07
  
06/30/07
  
Nonaccrual loans and leases
  
$
6,992
  
$
6,165
  
$
6,878
  
$
7,380
  
$
7,878
  
Troubled debt restructured
    
423
   
-
   
-
   
-
   
-
 
Other real estate owned
    
-
   
-
   
-
   
-
   
333
 
Nonperforming assets
    
10,422
   
9,680
   
8,795
   
9,033
   
9,575
 
Allowance for loan and lease losses
    
13,713
   
12,997
   
13,086
   
13,872
   
13,793
 
Nonperforming loans and leases / Loans and leases
    
0.75
%
  
0.71
%
  
0.65
%
  
0.66
%
  
0.67
%
Allowance for loan and lease losses / Loans and leases
    
0.98
%
  
0.96
%
  
0.97
%
  
1.01
%
  
1.00
%
Allowance for loan and lease losses / Nonperforming loans
    
131.58
%
  
134.27
%
  
148.79
%
  
153.57
%
  
149.24
%
 
   
For the three months ended
  
For the six months ended
  
   
06/30/08
  
03/31/08
  
12/31/07
  
09/30/07
  
06/30/07
  
06/30/08
  
06/30/07
  
Net loan and lease charge-offs
 
$
1,582
  
$
1,088
  
$
1,219
  
$
377
  
$
274
  
$
2,670
  
$
767
  
Net loan and lease charge-offs (annualized) / Average loans and leases
   
0.46
%
  
0.32
%
  
0.36
%
  
0.11
%
  
0.08
%
  
0.39
%
  
0.11
%
 

Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
June 30, 2008

(Dollars in thousands, except per share data)

 
 
For the three months ended
  
For the six months ended 
  
For the period:
    
06/30/08
 
  
03/31/08
    
12/31/07
    
09/30/07
    
06/30/07
    
06/30/08
    
06/30/07
  
Interest income 
  
$
27,010
  
$
28,093
  
$
29,245
  
$
29,782
  
$
29,206
  
$
55,103
  
$
57,506
  
Interest expense
   
10,370
    
12,162
    
13,715
    
13,989
    
13,568
   
22,532
    
26,423
  
Net interest income
    
16,640
    
15,931
    
15,530
    
15,793
    
15,638
    
32,571
    
31,083
  
Provision for loan and lease losses
   
2,297
    
999
    
433
    
456
    
653
    
3,296
    
1,277
  
Net interest income after provision
   
14,343
    
14,932
    
15,097
    
15,337
    
14,985
    
29,275
    
29,806
  
Noninterest income
                                            
Trust fee income
    
1,628
    
1,627
    
1,428
    
1,525
    
1,481
    
3,255
    
2,968
  
Service charges on deposit accounts
    
1,708
    
1,658
    
1,764
    
1,706
    
1,702
    
3,366
    
3,352
  
Investment advisory commission and fee income
    
642
    
615
    
668
    
647
    
686
    
1,257
    
1,365
  
Insurance commissions and fee income
    
1,271
    
2,058
    
1,151
    
1,385
    
1,316
    
3,329
    
3,191
  
BOLI income
    
1,734
    
791
    
379
    
390
    
413
    
2,525
    
734
  
Net gain (loss) on sales of securities
    
(213
)
  
56
    
125
    
259
    
51
    
(157
)
  
51
  
Other income
    
1,134
    
852
    
972
    
1,000
    
915
    
1,986
    
1,819
  
Total noninterest income
    
7,904
    
7,657
    
6,487
    
6,912
    
6,564
    
15,561
    
13,480
  
Noninterest expense
                                            
Salaries and benefits
    
8,019
    
8,168
    
7,518
    
7,659
    
7,840
    
16,187
    
15,634
  
Premises and equipment
    
2,085
    
2,057
    
1,859
    
1,981
    
2,014
    
4,142
    
4,040
  
Other expense
   
4,981
    
3,383
    
3,259
    
3,442
    
3,477
   
8,364
    
6,819
  
Total noninterest expense
   
15,085
    
13,608
    
12,636
    
13,082
    
13,331
   
28,693
    
26,493
  
Income before taxes
    
7,162
    
8,981
    
8,948
    
9,167
    
8,218
    
16,143
    
16,793
  
Applicable income taxes
   
1,288
    
2,260
    
2,401
    
2,479
    
2,143
   
3,548
   
4,471
 
Net income
  
$
5,874
  
$
6,721
  
$
6,547
  
$
6,688
  
$
6,075
  
$
12,595
  
$
12,322
  
Per Common Share Data:
                                            
Book value per share
  
$
15.80
  
$
15.83
  
$
15.49
  
$
15.02
  
$
14.57
  
$
15.80
  
$
14.57
  
Net income per share:
                                            
Basic
  
$
0.46
  
$
0.52
  
$
0.51
  
$
0.52
  
$
0.47
  
$
0.98
  
$
0.95
  
Diluted
  
$
0.46
  
$
0.52
  
$
0.51
  
$
0.52
  
$
0.47
  
$
0.98
  
$
0.95
  
Dividends per share
  
$
0.20
  
$
0.20
  
$
0.20
  
$
0.20
  
$
0.20
  
$
0.40
  
$
0.40
  
Weighted Average Shares Outstanding
    
12,855,379
    
12,839,040
    
12,789,263
    
12,811,495
    
12,936,462
    
12,847,230
    
12,970,027
  
Period End Shares Outstanding
    
12,858,376
    
12,843,507
    
12,830,609
    
12,782,232
    
12,875,642
    
12,858,376
    
12,875,642
  
 

Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
June 30, 2008

   
For the three months ended
  
Year to date
  
Profitability Ratios (annualized)
  
06/30/08
  
03/31/08
  
12/31/07
  
09/30/07
  
06/30/07
  
06/30/08
  
06/30/07
  
                                             
Return on average assets
   
1.16
%
  
1.35
%
  
1.33
%
  
1.36
%
  
1.26
%
  
1.25
%
  
1.30
%
Return on average shareholders' equity
   
11.50
%
  
13.49
%
  
13.35
%
  
14.01
%
  
12.86
%
  
12.48
%
  
13.19
%
Net interest margin (FTE)
   
3.74
%
  
3.66
%
  
3.71
%
  
3.71
%
  
3.71
%
  
3.71
%
  
3.74
%
Efficiency ratio (1)
    
57.35
%
  
54.77
%
  
54.45
%
  
55.05
%
  
57.99
%
  
56.10
%
  
56.99
%
                                             
Capitalization Ratios
                                           
                                             
Dividends Paid to Net Income
   
43.77
%
  
38.22
%
  
39.10
%
  
38.68
%
  
42.83
%
  
40.81
%
  
42.18
%
Shareholders' Equity to Assets (Period End)
   
10.09
%
  
9.87
%
  
10.07
%
  
9.83
%
  
9.49
%
  
10.09
%
  
9.49
%
 
(1)
Total operating expenses to net interest income before loan loss provision plus non-interest income adjusted for tax equivalent income.