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
Balance Sheet
(Average) For the three months ended
----------------------------------------------------------
06/30/08 03/31/08 12/31/07 09/30/07 06/30/07
---------- ---------- ---------- ---------- ----------
Assets $2,044,987 $2,005,682 $1,951,233 $1,944,906 $1,930,277
Securities 459,469 449,828 407,461 392,277 383,078
Loans and
leases, gross 1,392,177 1,354,584 1,356,625 1,373,172 1,382,398
Deposits 1,560,015 1,565,693 1,522,238 1,520,998 1,498,085
Shareholders'
equity 205,464 200,439 194,505 189,420 189,417
Balance Sheet
(Average) For the six months ended
------------------------
06/30/08 06/30/07
----------- -----------
Assets $2,025,337 $1,916,195
Securities 454,649 383,476
Loans and
leases, gross 1,373,380 1,369,170
Deposits 1,562,853 1,475,557
Shareholders'
equity 202,954 188,439
Asset Quality
Data (Period
End)
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
----------------------------------------------------------
06/30/08 03/31/08 12/31/07 09/30/07 06/30/07
---------- ---------- ---------- ---------- ----------
Net loan and
lease
charge-offs $ 1,582 $ 1,088 $ 1,219 $ 377 $ 274
Net loan and
lease
charge-offs
(annualized) /
Average loans
and leases 0.46% 0.32% 0.36% 0.11% 0.08%
For the six months ended
------------------------
06/30/08 06/30/07
----------- -----------
Net loan and
lease
charge-offs $ 2,670 $ 767
Net loan and
lease
charge-offs
(annualized) /
Average loans
and leases 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 period: 06/30/08 03/31/08 12/31/07 09/30/07 06/30/07
---------- ----------- ----------- ----------- -----------
Interest income $ 27,010 $ 28,093 $ 29,245 $ 29,782 $ 29,206
Interest expense 10,370 12,162 13,715 13,989 13,568
---------- ----------- ----------- ----------- -----------
Net interest
income 16,640 15,931 15,530 15,793 15,638
Provision for
loan and lease
losses 2,297 999 433 456 653
---------- ----------- ----------- ----------- -----------
Net interest
income after
provision 14,343 14,932 15,097 15,337 14,985
Noninterest
income
Trust fee income 1,628 1,627 1,428 1,525 1,481
Service
charges on
deposit
accounts 1,708 1,658 1,764 1,706 1,702
Investment
advisory
commission
and fee
income 642 615 668 647 686
Insurance
commissions
and fee
income 1,271 2,058 1,151 1,385 1,316
BOLI income 1,734 791 379 390 413
Net gain
(loss) on
sales of
securities (213) 56 125 259 51
Other income 1,134 852 972 1,000 915
---------- ----------- ----------- ----------- -----------
Total
noninterest
income 7,904 7,657 6,487 6,912 6,564
Noninterest
expense
Salaries and
benefits 8,019 8,168 7,518 7,659 7,840
Premises and
equipment 2,085 2,057 1,859 1,981 2,014
Other expense 4,981 3,383 3,259 3,442 3,477
---------- ----------- ----------- ----------- -----------
Total
noninterest
expense 15,085 13,608 12,636 13,082 13,331
---------- ----------- ----------- ----------- -----------
Income before
taxes 7,162 8,981 8,948 9,167 8,218
Applicable
income taxes 1,288 2,260 2,401 2,479 2,143
---------- ----------- ----------- ----------- -----------
Net income $ 5,874 $ 6,721 $ 6,547 $ 6,688 $ 6,075
========== =========== =========== =========== ===========
Per Common
Share Data:
Book value per
share $ 15.80 $ 15.83 $ 15.49 $ 15.02 $ 14.57
Net income per
share:
Basic $ 0.46 $ 0.52 $ 0.51 $ 0.52 $ 0.47
Diluted $ 0.46 $ 0.52 $ 0.51 $ 0.52 $ 0.47
Dividends per
share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20
Weighted
Average Shares
Outstanding 12,855,379 12,839,040 12,789,263 12,811,495 12,936,462
Period End
Shares
Outstanding 12,858,376 12,843,507 12,830,609 12,782,232 12,875,642
For the six months
ended
----------------------
For the period: 06/30/08 06/30/07
---------- -----------
Interest income $ 55,103 $ 57,506
Interest expense 22,532 26,423
---------- -----------
Net interest
income 32,571 31,083
Provision for
loan and lease
losses 3,296 1,277
---------- -----------
Net interest
income after
provision 29,275 29,806
Noninterest
income
Trust fee income 3,255 2,968
Service
charges on
deposit
accounts 3,366 3,352
Investment
advisory
commission
and fee
income 1,257 1,365
Insurance
commissions
and fee
income 3,329 3,191
BOLI income 2,525 734
Net gain
(loss) on
sales of
securities (157) 51
Other income 1,986 1,819
---------- -----------
Total
noninterest
income 15,561 13,480
Noninterest
expense
Salaries and
benefits 16,187 15,634
Premises and
equipment 4,142 4,040
Other expense 8,364 6,819
---------- -----------
Total
noninterest
expense 28,693 26,493
---------- -----------
Income before
taxes 16,143 16,793
Applicable
income taxes 3,548 4,471
---------- -----------
Net income $ 12,595 $ 12,322
========== ===========
Per Common
Share Data:
Book value per
share $ 15.80 $ 14.57
Net income per
share:
Basic $ 0.98 $ 0.95
Diluted $ 0.98 $ 0.95
Dividends per
share $ 0.40 $ 0.40
Weighted
Average Shares
Outstanding 12,847,230 12,970,027
Period End
Shares
Outstanding 12,858,376 12,875,642
Consolidated Selected Financial Data
June 30, 2008
For the three months ended
------------------------------------------------
Profitability Ratios
(annualized) 06/30/08 03/31/08 12/31/07 09/30/07 06/30/07
-------- -------- -------- -------- --------
Return on average
assets 1.16% 1.35% 1.33% 1.36% 1.26%
Return on average
shareholders'
equity 11.50% 13.49% 13.35% 14.01% 12.86%
Net interest margin
(FTE) 3.74% 3.66% 3.71% 3.71% 3.71%
Efficiency ratio (1) 57.35% 54.77% 54.45% 55.05% 57.99%
Capitalization
Ratios
Dividends Paid to
Net Income 43.77% 38.22% 39.10% 38.68% 42.83%
Shareholders' Equity
to Assets (Period
End) 10.09% 9.87% 10.07% 9.83% 9.49%
Year to date
------------------
Profitability Ratios
(annualized) 06/30/08 06/30/07
-------- --------
Return on average
assets 1.25% 1.30%
Return on average
shareholders'
equity 12.48% 13.19%
Net interest margin
(FTE) 3.71% 3.74%
Efficiency ratio (1) 56.10% 56.99%
Capitalization
Ratios
Dividends Paid to
Net Income 40.81% 42.18%
Shareholders' Equity
to Assets (Period
End) 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.
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CONTACT:
William S. Aichele
UNIVEST CORPORATION OF PENNSYLVANIA
Chairman, President and CEO
215-721-2460
