SOUDERTON, PA -- (Marketwire) -- 01/28/09 -- Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest National Bank and Trust Co. of Souderton, Pa., has reported net income of $3,805,000 or $0.30 basic net income per share for the fourth quarter ended December 31, 2008, compared to $6,547,000 or $0.51 basic net income per share for the fourth quarter ended December 31, 2007. Diluted earnings per share were $0.29 for the fourth quarter ended December 31, 2008, compared to $0.51 per share for the fourth quarter ended December 31, 2007.

For the twelve months ended December 31, 2008, Univest reported net income of $20,590,000 or $1.60 basic net income per share, compared to $25,557,000 or $1.98 basic net income per share reported for the twelve months ended December 31, 2007. Diluted earnings per share were $1.60 and $1.98 for the twelve months ended December 31, 2008 and 2007 respectively.

On January 2, 2008, Univest Corporation paid a quarterly cash dividend of $0.20 per share.

Average assets for fiscal 2008 totaled $2,025,060,000 compared to $1,932,264,000 for the same period in 2007. This is an increase of 4.80%. Total average shareholders' equity increased 7.30% year-over-year with $204,095,000 for fiscal 2008, compared to $190,215,000 for the same period in 2007.

"Univest's focused and disciplined business approach, strong capital position and high-quality credit culture helped us end a challenging year with solid core operations," said William S. Aichele, chairman, president and chief executive officer of Univest Corporation of Pennsylvania. "We remain well-capitalized, without government assistance, and are well positioned to seize opportunities in the future as we execute our long-term growth strategy and build shareholder value."

About Univest Corporation

Headquartered in Souderton, Pa., Univest Corporation of Pennsylvania (www.univest.net) and its subsidiaries serve the financial needs of residents, businesses, and nonprofit organizations in Bucks, Chester, Montgomery and Lehigh counties. Univest National Bank and Trust Co., member FDIC and Equal Housing Lender, 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., a small ticket commercial finance business; Univest Insurance, Inc., an independent insurance agency headquartered in Lansdale, Pa., which serves commercial and personal customers; and Univest Investments, Inc., Member FINRA and SIPC, 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
                            December 31, 2008
(Dollars in thousands)

Balance Sheet
 (Period End)        12/31/08   09/30/08   06/30/08   03/31/08   12/31/07
                     ---------- ---------- ---------- ---------- ----------
Assets               $2,084,797 $2,046,390 $2,012,659 $2,059,572 $1,972,505
Securities              443,026    418,804    429,844    471,962    423,448
Loans and leases,
 gross                1,450,436  1,441,899  1,398,269  1,357,887  1,355,442
Allowance for loan
 and lease losses        13,118     14,954     13,713     12,997     13,086
Loans and leases,
 net                  1,437,318  1,426,945  1,384,556  1,344,890  1,342,356
Total deposits        1,527,328  1,507,527  1,504,007  1,616,843  1,532,603
Non-interest bearing
 deposits               221,863    226,606    233,436    230,531    226,513
NOW, Money Market
 and Savings            795,495    783,830    788,177    925,613    816,294
Time deposits           509,970    497,091    482,394    460,699    489,796
Borrowings              312,736    304,368    275,345    202,073    208,729
Shareholders' equity    203,207    204,251    203,138    203,263    198,726


Balance Sheet
 (Average)                      For the three months ended,
                ----------------------------------------------------------
                 12/31/08    09/30/08    06/30/08    03/31/08    12/31/07
                ----------  ----------  ----------  ----------  ----------
Assets          $2,028,900  $2,020,537  $2,044,987  $2,005,682  $1,951,233
Securities         414,764     422,994     459,469     449,828     407,461
Loans and
 leases, gross   1,437,727   1,422,774   1,392,177   1,354,584   1,356,625
Deposits         1,523,964   1,503,402   1,560,015   1,565,693   1,522,238
Shareholders'
 equity            205,384     205,062     205,464     200,439     194,505

Balance Sheet   For the twelve months
 (Average)              ended,
                ----------------------
                 12/31/08    12/31/07
                ----------  ----------
Assets          $2,025,060  $1,932,264
Securities         436,666     391,740
Loans and
 leases, gross   1,401,971   1,367,017
Deposits         1,538,134   1,498,777
Shareholders'
 equity            204,095     190,215

Asset Quality Data (Period End)
                     12/31/08   09/30/08   06/30/08   03/31/08   12/31/07
                     ---------  ---------  ---------  ---------  ---------
Nonaccrual loans and
 leases              $   5,029  $   7,871  $   6,992  $   6,165  $   6,878
Troubled debt
 restructured              380        563        423          -          -
Other real estate
 owned                     346        346          -          -          -
Nonperforming assets     6,900     10,358     10,422      9,680      8,795
Allowance for loan
 and lease losses       13,118     14,954     13,713     12,997     13,086
Nonperforming loans
 and leases / Loans
 and leases               0.45%      0.69%      0.75%      0.71%      0.65%
Allowance for loan
 and lease losses /
 Loans and leases         0.90%      1.04%      0.98%      0.96%      0.97%
Allowance for loan
 and lease losses /
 Nonperforming loans    200.15%    149.36%    131.58%    134.27%    148.79%


                                For the three months ended,
                ----------------------------------------------------------
                 12/31/08    09/30/08    06/30/08    03/31/08    12/31/07
                ----------  ----------  ----------  ----------  ----------
Net loan and
 lease
 charge-offs    $    4,263  $    1,804  $    1,582  $    1,088  $    1,219
Net loan and
 lease
 charge-offs
 (annualized) /
 Average loans
 and leases           1.18%       0.50%       0.46%       0.32%       0.36%

                For the twelve months
                        ended,
                ----------------------
                 12/31/08    12/31/07
                ----------  ----------
Net loan and
 lease
 charge-offs    $    8,737  $    2,363
Net loan and
 lease
 charge-offs
 (annualized) /
 Average loans
 and leases           0.62%       0.17%


                    Univest Corporation of Pennsylvania
                   Consolidated Selected Financial Data
                            December 31, 2008

(Dollars in thousands, except per share data)
                                For the three months ended,
                ----------------------------------------------------------
For the period:  12/31/08    09/30/08    06/30/08    03/31/08    12/31/07
                ----------  ----------  ----------  ----------- -----------
Interest income $   26,524  $   26,739  $   27,010  $    28,093 $    29,245
Interest expense     9,630      10,148      10,370       12,162      13,715
                ----------  ----------  ----------  ----------- -----------
  Net interest
   income           16,894      16,591      16,640       15,931      15,530
Provision for
 loan and lease
 losses              2,427       3,046       2,297          999         433
                ----------  ----------  ----------  ----------- -----------
Net interest
 income after
 provision          14,467      13,545      14,343       14,932      15,097
Noninterest
 income:
  Trust fee
   income            1,171       1,578       1,628        1,627       1,428
  Service
   charges on
   deposit
   accounts          1,723       1,719       1,708        1,658       1,764
  Investment
   advisory
   commission
   and fee
   income              536         581         642          615         668
  Insurance
   commissions
   and fee
   income            1,128       1,266       1,271        2,058       1,151
  Life insurance
   income               25         241       1,734          791         379
  Net (loss)
   gain on sales
   of and
   impairments
   on securities      (122)       (692)       (213)          56         125
  Other income         798         793       1,134          852         972
                ----------  ----------  ----------  ----------- -----------
Total
 noninterest
 income              5,259       5,486       7,904        7,657       6,487
Noninterest
 expense
Salaries and
 benefits            8,291       7,935       8,019        8,168       7,518
Premises and
 equipment           2,225       2,110       2,085        2,057       1,859
Other expense        4,351       3,620       4,981        3,383       3,259
                ----------  ----------  ----------  ----------- -----------
Total
 noninterest
 expense            14,867      13,665      15,085       13,608      12,636
                ----------  ----------  ----------  ----------- -----------
Income before
 taxes               4,859       5,366       7,162        8,981       8,948
Applicable
 income taxes        1,054       1,176       1,288        2,260       2,401
                ----------  ----------  ----------  ----------- -----------
Net income      $    3,805  $    4,190  $    5,874  $     6,721 $     6,547
                ==========  ==========  ==========  =========== ===========
Per Common Share Data:
Book value per
 share          $    15.71  $    15.83  $    15.80  $     15.83 $     15.49
Net income per
 share:
  Basic         $     0.30  $     0.33  $     0.46  $      0.52 $      0.51
  Diluted       $     0.29  $     0.33  $     0.46  $      0.52 $      0.51
Dividends per
 share          $     0.20  $     0.20  $     0.20  $      0.20 $      0.20
Weighted average
 shares
 outstanding    12,921,814  12,874,648  12,855,379   12,839,040  12,789,263
Period end
 shares
 outstanding    12,938,514  12,905,326  12,858,376   12,843,507  12,830,609

                For the twelve months
                        ended,
                ----------------------
For the period:  12/31/08    12/31/07
                ----------  -----------
Interest income $  108,366  $   116,533
Interest expense    42,310       54,127
                ----------  -----------
  Net interest
   income           66,056       62,406
Provision for
 loan and lease
 losses              8,769        2,166
                ----------  -----------
Net interest
 income after
 provision          57,287       60,240
Noninterest
 income:
  Trust fee
   income            6,004        5,921
  Service
   charges on
   deposit
   accounts          6,808        6,822
  Investment
   advisory
   commission
   and fee
   income            2,374        2,538
  Insurance
   commissions
   and fee
   income            5,723        5,730
  Life insurance
   income            2,791        1,503
  Net (loss)
   gain on sales
   of and
   impairments
   on securities      (971)         435
  Other income       3,577        3,930
                ----------  -----------
Total
 noninterest
 income             26,306       26,879
Noninterest
 expense
Salaries and
 benefits           32,413       30,811
Premises and
 equipment           8,477        7,880
Other expense       16,335       13,520
                ----------  -----------
Total
 noninterest
 expense            57,225       52,211
                ----------  -----------
Income before
 taxes              26,368       34,908
Applicable
 income taxes        5,778        9,351
                ----------  -----------
Net income      $   20,590  $    25,557
                ==========  ===========
Per Common Share Data:
Book value per
 share          $    15.71  $     15.49
Net income per
 share:
  Basic         $     1.60  $      1.98
  Diluted       $     1.60  $      1.98
Dividends per
 share          $     0.80  $      0.80
Weighted average
 shares
 outstanding    12,872,889   12,884,804
Period end
 shares
 outstanding    12,938,514   12,830,609


                    Univest Corporation of Pennsylvania
                   Consolidated Selected Financial Data
                            December 31, 2008

                                    For the three months ended,
                          ------------------------------------------------
Profitability Ratios
 (annualized)             12/31/08  09/30/08  06/30/08  03/31/08  12/31/07
                          --------  --------  --------  --------  --------
Return on average assets      0.75%     0.82%     1.16%     1.35%     1.33%
Return on average
 shareholders' equity         7.37%     8.13%    11.50%    13.49%    13.35%
Net interest margin (FTE)     3.83%     3.76%     3.74%     3.66%     3.71%
Efficiency ratio (1)         64.32%    59.15%    57.34%    54.77%    54.45%
Capitalization Ratios
Dividends paid to net
 income                      67.94%    61.50%    43.77%    38.22%    39.10%
Shareholders' equity to
 assets (Period End)          9.75%     9.98%    10.09%     9.87%    10.07%

                             Year to date
                          ------------------
Profitability Ratios
 (annualized)             12/31/08  12/31/07
                          --------  --------
Return on average assets      1.02%     1.32%
Return on average
 shareholders' equity        10.09%    13.44%
Net interest margin (FTE)     3.75%     3.72%
Efficiency ratio (1)         58.77%    55.87%
Capitalization Ratios
Dividends paid to net
 income                      50.03%    40.32%
Shareholders' equity to
 assets (Period End)          9.75%    10.07%

(1) Total operating expenses to net interest income before loan loss
    provision plus non-interest income adjusted for tax equivalent income.