(Source: MARKET WIRE)
Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest National Bank and Trust Co. of Souderton, Pa., has reported net income of $3,836,000 or $0.30 basic net income per share for the first quarter ended March 31, 2009, compared to $6,721,000 or $0.52 basic net income per share for the first quarter ended March 31, 2008. Diluted earnings per share were $0.30 for the first quarter ended March 31, 2009, compared to $0.52 per share for the first quarter ended March 31, 2008.
On April 1, 2009, Univest Corporation paid a quarterly cash dividend of $0.20 per share.
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 32 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 March 31, 2009 (Dollars in thousands) Balance Sheet (Period End) 03/31/09 12/31/08 09/30/08 06/30/08 03/31/08 ---------- ---------- ---------- ---------- ---------- Assets $2,065,901 $2,084,797 $2,046,390 $2,012,659 $2,059,572 Securities 410,357 432,266 406,965 419,804 463,553 Loans and leases, gross 1,455,492 1,450,436 1,441,899 1,398,269 1,357,887 Allowance for loan and lease losses 14,720 13,118 14,954 13,713 12,997 Loans and leases, net 1,440,772 1,437,318 1,426,945 1,384,556 1,344,890 Total deposits 1,573,052 1,527,328 1,507,527 1,504,007 1,616,843 Non-interest bearing deposits 218,148 221,863 226,606 233,436 230,531 NOW, Money Market and Savings 819,659 795,495 783,830 788,177 925,613 Time deposits 535,245 509,970 497,091 482,394 460,699 Borrowings 245,962 312,736 304,368 275,345 202,073 Shareholders' equity 206,238 203,207 204,251 203,138 203,263 For the three months ended, Balance Sheet ---------------------------------------------------------- (Average) 03/31/09 12/31/08 09/30/08 06/30/08 03/31/08 ---------- ---------- ---------- ---------- ---------- Assets $2,059,965 $2,028,900 $2,020,537 $2,044,987 $2,005,682 Securities 419,995 403,783 412,271 450,070 441,533 Loans and leases, gross 1,446,157 1,437,727 1,422,774 1,392,177 1,354,584 Deposits 1,555,964 1,523,964 1,503,402 1,560,015 1,565,693 Shareholders' equity 204,544 205,384 205,062 205,464 200,439 Asset Quality Data (Period End) 03/31/09 12/31/08 09/30/08 06/30/08 03/31/08 ---------- ---------- ---------- ---------- ---------- Nonaccrual loans and leases $ 3,675 $ 5,029 $ 7,871 $ 6,992 $ 6,165 Troubled debt restructured 747 380 563 423 - Other real estate owned 2,824 346 346 - - Nonperforming assets 9,355 6,900 10,358 10,422 9,680 Allowance for loan and lease losses 14,720 13,118 14,954 13,713 12,997 Nonperforming loans and leases / Loans and leases 0.45% 0.45% 0.69% 0.75% 0.71% Allowance for loan and lease losses / Loans and leases 1.01% 0.90% 1.04% 0.98% 0.96% Allowance for loan and lease losses / Nonperforming loans 225.39% 200.15% 149.36% 131.58% 134.27% For the three months ended, ---------------------------------------------------------- 03/31/09 12/31/08 09/30/08 06/30/08 03/31/08 ---------- ---------- ---------- ---------- ---------- Net loan and lease charge-offs $ 554 $ 4,263 $ 1,804 $ 1,582 $ 1,088 Net loan and lease charge-offs (annualized) / Average loans and leases 0.16% 1.18% 0.50% 0.46% 0.32% Univest Corporation of Pennsylvania Consolidated Selected Financial Data March 31, 2009 (Dollars in thousands, except per share data) For the three months ended, ---------------------------------------------------------- For the period: 03/31/09 12/31/08 09/30/08 06/30/08 03/31/08 ---------- ---------- ---------- ---------- ----------- Interest income $ 24,402 $ 26,455 $ 26,661 $ 26,935 $ 28,007 Interest expense 8,057 9,630 10,148 10,370 12,162 ---------- ---------- ---------- ---------- ----------- Net interest income 16,345 16,825 16,513 16,565 15,845 Provision for loan and lease losses 2,156 2,427 3,046 2,297 999 ---------- ---------- ---------- ---------- ----------- Net interest income after provision 14,189 14,398 13,467 14,268 14,846 Noninterest income: Trust fee income 1,425 1,171 1,578 1,628 1,627 Service charges on deposit accounts 1,613 1,723 1,719 1,708 1,658 Investment advisory commission and fee income 754 536 581 642 615 Insurance commissions and fee income 1,986 1,128 1,266 1,271 2,058 Bank owned life insurance income 157 25 241 1,734 791 Net (loss) gain on sales of and impairments on securities (1,140) (122) (692) (213) 56 Other income 1,379 867 871 1,209 938 ---------- ---------- ---------- ---------- ----------- Total noninterest income 6,174 5,328 5,564 7,979 7,743 Noninterest expense Salaries and benefits 9,432 8,291 7,935 8,019 8,168 Premises and equipment 2,233 2,225 2,110 2,085 2,057 Other expense 3,838 4,351 3,620 4,981 3,383 ---------- ---------- ---------- ---------- ----------- Total noninterest expense 15,503 14,867 13,665 15,085 13,608 ---------- ---------- ---------- ---------- ----------- Income before taxes 4,860 4,859 5,366 7,162 8,981 Applicable income taxes 1,024 1,054 1,176 1,288 2,260 ---------- ---------- ---------- ---------- ----------- Net income $ 3,836 $ 3,805 $ 4,190 $ 5,874 $ 6,721 ========== ========== ========== ========== =========== Per Common Share Data: Book value per share $ 15.87 $ 15.71 $ 15.83 $ 15.80 $ 15.83 Net income per share: Basic $ 0.30 $ 0.30 $ 0.33 $ 0.46 $ 0.52 Diluted $ 0.30 $ 0.29 $ 0.33 $ 0.46 $ 0.52 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 Weighted average shares outstanding 12,977,369 12,921,814 12,874,648 12,855,379 12,839,040 Period end shares outstanding 12,996,291 12,938,514 12,905,326 12,858,376 12,843,507 Univest Corporation of Pennsylvania Consolidated Selected Financial Data March 31, 2009 For the three months ended, Profitability Ratios ----------------------------------------------------- (annualized) 03/31/09 12/31/08 09/30/08 06/30/08 03/31/08 --------- --------- --------- --------- --------- Return on average assets 0.76% 0.75% 0.82% 1.16% 1.35% Return on average shareholders' equity 7.61% 7.37% 8.13% 11.50% 13.49% Net interest margin (FTE) 3.76% 3.83% 3.76% 3.74% 3.66% Efficiency ratio (1) 65.70% 64.32% 59.15% 57.34% 54.77% Capitalization Ratios Dividends paid to net income 67.75% 67.94% 61.50% 43.77% 38.22% Shareholders' equity to assets (Period End) 9.98% 9.75% 9.98% 10.09% 9.87% (1) Total operating expenses to net interest income before loan loss provision plus non-interest income adjusted for tax equivalent income.
CONTACT: Kim Detwiler UNIVEST CORPORATION OF PENNSYLVANIA Vice President, Director of Corporate Communications 215-721-8396 Email Contact
SOURCE: Univest Corporation of Pennsylvania
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