0000102212-18-000049.txt : 20180726 0000102212-18-000049.hdr.sgml : 20180726 20180726081840 ACCESSION NUMBER: 0000102212-18-000049 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20180726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180726 DATE AS OF CHANGE: 20180726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVEST CORP OF PENNSYLVANIA CENTRAL INDEX KEY: 0000102212 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 231886144 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07617 FILM NUMBER: 18970278 BUSINESS ADDRESS: STREET 1: 14 NORTH MAIN STREET STREET 2: P. O. BOX 64197 CITY: SOUDERTON STATE: PA ZIP: 18964 BUSINESS PHONE: 2157212400 MAIL ADDRESS: STREET 1: 14 NORTH MAIN STREET STREET 2: P. O. BOX 64197 CITY: SOUDERTON STATE: PA ZIP: 18964 8-K 1 uvsp8kearningdirresignpolicy.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 _______________________ 
FORM 8-K 
_______________________ 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2018
 
_______________________ 
UNIVEST CORPORATION OF PENNSYLVANIA
(Exact name of registrant as specified in its charter)
  
Pennsylvania
 
0-7617
 
23-1886144
(State or other jurisdiction
 
(Commission
 
(I.R.S. Employer
of incorporation)
 
File Number)
 
Identification No.)
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive office)(Zip Code)
Registrant’s telephone number, including area code (215) 721-2400
Not applicable
(Former name or former address, if changed since last report)
 _______________________


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))
¨
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
¨
If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨




Item 2.02
Results of Operations and Financial Condition
On July 25, 2018, Univest Corporation of Pennsylvania (the “Corporation”), parent company of Univest Bank and Trust Co., issued a press release reporting 2018 second quarter earnings. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 7.01
Regulation FD Disclosure
On July 25, 2018, the Corporation adopted a Director Resignation Policy. A copy of such Director Resignation Policy is attached to this Current Report on Form 8-K as Exhibit 99.2.
Item 9.01
Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
 




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
Univest Corporation of Pennsylvania
 
 
 
 
By:
/s/ Roger S. Deacon
 
Name:
Roger S. Deacon
 
Title:
Senior Executive Vice President,
 
 
Chief Financial Officer
July 25, 2018




EXHIBIT INDEX
 


 EX-99.1 2 ex991earningsrelease063018.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
NEWS
logo.jpg

CONTACT:     Roger Deacon
UNIVEST CORPORATION OF PENNSYLVANIA
Chief Financial Officer
215-721-2455, DeaconR@univest.net                     

FOR IMMEDIATE RELEASE

UNIVEST CORPORATION OF PENNSYLVANIA REPORTS SECOND QUARTER RESULTS

SOUDERTON, Pa., July 25, 2018 - Univest Corporation of Pennsylvania (“Univest” or the "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, today announced financial results for the second quarter ended June 30, 2018. Univest reported net income of $4.4 million, or $0.15 diluted earnings per share for the quarter ended June 30, 2018, compared to net income of $11.8 million, or $0.44 diluted earnings per share, for the quarter ended June 30, 2017. Net income for the six months ended June 30, 2018 was $17.2 million, or $0.58 diluted earnings per share, compared to net income of $22.6 million, or $0.85 diluted earnings per share for the six months ended June 30, 2017.

The financial results for the three and six months ended June 30, 2018 included a charge to the provision for loan and lease losses of $12.7 million, which represented $0.34 of diluted earnings per share in each period, related to alleged fraudulent activities believed to be perpetrated by one or more employees of a borrower which was previously reported in the Corporation's Form 8-K filed with the SEC on May 31, 2018. The Bank owns a participating interest which originally totaled $13.0 million in an approximately $80.0 million commercial lending facility. The $12.7 million represents the entire principal amount owed to the Bank and this amount was fully charged-off as of June 30, 2018.

In addition, the financial results for the three and six months ended June 30, 2018 included tax-free bank owned life insurance ("BOLI") death benefit claims of $446 thousand, which represented $0.02 diluted earnings per share in each period. The financial results for the three and six months ended June 30, 2017 included a tax-free BOLI death benefit claim of $889 thousand, which represented $0.03 diluted earnings per share in each period. The six months ended June 30, 2018 included restructuring costs related to




financial center closures of $451 thousand, net of tax, or $0.02 of diluted earnings per share recognized in the first quarter of 2018. There were no restructuring costs during the six months ended June 30, 2017.

The financial results for the three and six months ended June 30, 2018 also included a reduction in the Corporation's statutory federal income tax rate from 35% to 21% effective January 1, 2018 in accordance with the Tax Cuts and Jobs Act of 2017 (“TCJA”).

Loans
Gross loans and leases increased $128.5 million, or 13.9% (annualized), from March 31, 2018 and $198.3 million, or 11.0% (annualized), from December 31, 2017. The growth in loans during 2018 was primarily in commercial real estate, commercial business and residential real estate loans.

Deposits
Total deposits increased $123.5 million, or 14.1% (annualized), from March 31, 2018 and increased $65.9 million, or 3.7% (annualized), from December 31, 2017. Additionally, deposits increased $272.7 million, or 8.1%, from June 30, 2017. The growth in deposits in 2018 was primarily due to increases in consumer time deposits and commercial deposits partially offset by a seasonal decline in public funds deposits. The growth in deposits compared to June 30, 2017 was primarily due to increases in consumer time, commercial and public funds deposits.

Net Interest Income and Margin
Net interest income of $76.3 million for the six months ended June 30, 2018 increased $6.7 million, or 9.6%, from the six months ended June 30, 2017. The increase in net interest income for the six months ended June 30, 2018 as compared to the same period in 2017 was primarily due to the previously described increase in loans.

Net interest margin, on a tax-equivalent basis, was 3.73% for the second quarter of 2018, compared to 3.72% for the first quarter of 2018 and 3.76% for the second quarter of 2017. The favorable impact of purchase accounting accretion was 3 basis points ($349 thousand) for the quarter ended June 30, 2018 compared to 2 basis points ($146 thousand) for the quarter ended March 31, 2018 and 8 basis points ($742 thousand) for the quarter ended June 30, 2017. Excluding the impact of purchase accounting accretion, the net interest margin, on a tax-equivalent basis, was 3.70% for the quarter ended June 30, 2018 compared to 3.70% for the quarter ended March 31, 2018 and 3.68% for the quarter ended June 30, 2017.

Net interest margin, on a tax-equivalent basis, in 2017 was calculated using a 35% federal tax rate as compared to a 21% federal tax rate for the first and second quarters of 2018. Assuming a 21% federal tax




rate and excluding purchase accounting, net interest margin was 3.61% for the quarter ended June 30, 2017.

Noninterest Income
Noninterest income for the quarter ended June 30, 2018 was $15.3 million, a decrease of $695 thousand, or 4.3%, from the second quarter of 2017. Noninterest income for the six months ended June 30, 2018 was $30.9 million, consistent with the same period in the prior year.

Investment advisory commission and fee income increased $445 thousand, or 13.4%, for the quarter and $947 thousand, or 14.5%, for the six months ended June 30, 2018 primarily due to new customer relationships and continued favorable market performance. Insurance commission and fee income increased $562 thousand, or 7.0%, for the six months ended June 30, 2018, primarily due to an increase in contingent commission income of $377 thousand, which is largely recognized in the first quarter of the year and due to an increase in group life and health premiums.

BOLI income decreased $412 thousand for the quarter and $526 thousand for the six months ended June 30, 2018 primarily due to proceeds from the previously mentioned BOLI death benefits of $446 thousand in the second quarter of 2018 as compared to $889 thousand in the second quarter of 2017. The net gain on mortgage banking decreased $595 thousand, or 38.7%, for the quarter and $992 thousand, or 37.4%, for the six months ended June 30, 2018, primarily due to a decrease in refinance mortgage volume, a shortage of housing supply and the Bank retaining, on balance-sheet, a higher percentage of its mortgage originations. Such on balance-sheet loans are predominantly hybrid adjustable rate mortgages. Other income decreased $246 thousand, or 9.7%, for the quarter and $271 thousand, or 5.6%, for the six months ended June 30, 2018. The decrease in the six months ended June 30, 2018 is primarily due to a net loss of $300 thousand related to valuations and sales of other real estate owned and sales of closed branches as compared to a net gain of $289 thousand of such assets in the six months ended June 30, 2017. This unfavorable variance in other income was partially offset by an increase in other service fee income of $368 thousand for the six months ended June 30, 2018.

Noninterest Expense
Noninterest expense for the quarter ended June 30, 2018 was $34.3 million, an increase of $1.8 million, or 5.5%, compared to the second quarter of 2017. Noninterest expense for the six months ended June 30, 2018 was $69.5 million, an increase of $4.9 million, or 7.6% from the comparable period in the prior year.

Salaries, benefits and commissions increased $1.3 million, or 7.1%, for the quarter and $3.2 million, or 8.7%, for the six months ended June 30, 2018, primarily attributable to additional staff hired to support revenue generation across all business lines, expansion of our financial center footprint in Lancaster County




and the Lehigh Valley and annual merit increases. Data processing expense increased $184 thousand for the six months ended June 30, 2018 primarily due to increased investments in customer relationship management software, internal infrastructure improvements and outsourced data processing solutions. Professional fees increased $199 thousand for the six months ended June 30, 2018 primarily due to increased consultant fees. Other expense increased $286 thousand for the quarter and $644 thousand for the six months ended June 30, 2018 primarily due to increases in Bank shares tax and employment related expense. Restructuring costs related to financial center closures and staffing rationalization were $571 thousand during the first quarter of 2018. There were no restructuring costs during the six months ended June 30, 2017. Excluding restructuring costs, noninterest expense for the six months increased $4.3 million or 6.7% from the comparable period in 2017.

Asset Quality and Provision for Loan and Lease Losses
Non-accrual loans and leases, including non-accrual troubled debt restructured loans, were $30.1 million at June 30, 2018, compared to $27.7 million at March 31, 2018 and $14.5 million at December 31, 2017. Nonperforming assets were $32.8 million at June 30, 2018, compared to $32.9 million at March 31, 2018 and $28.6 million at December 31, 2017. The increase in non-accrual loans and leases during 2018 is primarily due to one commercial real estate loan in the amount of $12.3 million being placed on non-accrual status during the first quarter of 2018. This was partially offset by troubled debt restructured commercial real estate loans for another borrower totaling $10.3 million being returned to performing status during the first quarter of 2018 as the borrower was in compliance with the modified terms of the restructuring for the required time period.

Net loan and lease charge-offs were $13.2 million during the second quarter of 2018. The provision for loan and lease losses was $15.4 million for the second quarter of 2018. Both net loan and lease charge-offs and the provision for loan and lease losses includes the previously discussed $12.7 million commercial loan charge-off.

The allowance for loan and lease losses as a percentage of loans and leases held for investment, excluding covered loans acquired in the Fox Chase and Valley Green Bank acquisitions, which were recorded at fair value as of the acquisition date, was 0.76% at June 30, 2018, compared to 0.70% at December 31, 2017 and 0.73% at June 30, 2017.

Tax Provision
The effective income tax rate was 4.2% for the quarter ended June 30, 2018 compared to an effective income tax rate of 26.4% for the quarter ended June 30, 2017. The effective income tax rate was 14.9% for the six months ended June 30, 2018 compared to an effective income tax rate of 26.4% for the six months ended June 30, 2017. As previously discussed, the Corporation's statutory federal tax rate was reduced to




21% effective January 1, 2018 in accordance with the TCJA. The Corporation's effective income tax rate for the six months ended June 30, 2018 was favorably impacted by discrete tax benefits and proceeds from BOLI death benefits. Excluding these items, the effective tax rate was 18.2% for the six months ended June 30, 2018.
 
Dividend
On May 21, 2018, Univest declared a quarterly cash dividend of $0.20 per share, payable on July 2, 2018. This represented a 2.84% annualized yield based on the closing price of Univest’s stock on the date the dividend was paid.

Conference Call
Univest will host a conference call to discuss second quarter 2018 results on Thursday, July 26, 2018 at 9:00 a.m. EDT. Participants may preregister at http://dpregister.com/10121395. The general public can access the call by dialing 1-888-338-6515. A replay of the conference call will be available through August 26, 2018 by dialing 1-877-344-7529; using Conference ID: 10121395.

About Univest Corporation of Pennsylvania
Univest Corporation of Pennsylvania (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., has approximately $4.7 billion in assets and $3.5 billion in assets under management and supervision through its Wealth Management lines of business at June 30, 2018. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices in southeastern Pennsylvania extending to the Lehigh Valley and Lancaster, as well as in New Jersey and Maryland and online at www.univest.net.  
# # #
This press release of Univest Corporation of Pennsylvania and the reports Univest Corporation of Pennsylvania files with the Securities and Exchange Commission often contain "forward-looking statements" relating to present or future trends or factors affecting the financial services industry and, specifically, the financial operations, markets and products of Univest Corporation of Pennsylvania. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Univest Corporation of Pennsylvania’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) competitive pressures among financial institutions; (2) changes in the interest rate environment; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which Univest Corporation of Pennsylvania is engaged; (6) technological issues that may adversely affect Univest Corporation of Pennsylvania’s financial operations or customers; (7) changes in the securities markets or (8) risk factors mentioned in the reports and registration statements Univest Corporation of Pennsylvania files with the Securities and Exchange Commission. Univest Corporation of Pennsylvania undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.



Univest Corporation of Pennsylvania
Consolidated Selected Financial Data (Unaudited)
June 30, 2018
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet (Period End)
6/30/2018
 
3/31/2018
 
12/31/2017
 
9/30/2017
 
6/30/2017
 
 
 
 
Assets
$
4,749,181

 
$
4,613,959

 
$
4,554,862

 
$
4,417,363

 
$
4,453,527

 
 
 
 
Investment securities
446,933

 
462,252

 
454,082

 
443,822

 
469,307

 
 
 
 
Loans held for sale
1,778

 
687

 
1,642

 
2,228

 
2,259

 
 
 
 
Loans and leases held for investment, gross
3,818,398

 
3,689,888

 
3,620,067

 
3,487,164

 
3,510,170

 
 
 
 
Allowance for loan and lease losses
25,652

 
23,410

 
21,555

 
20,543

 
20,910

 
 
 
 
Loans and leases held for investment, net
3,792,746

 
3,666,478

 
3,598,512

 
3,466,621

 
3,489,260

 
 
 
 
Total deposits
3,620,786

 
3,497,293

 
3,554,919

 
3,518,590

 
3,348,080

 
 
 
 
Noninterest-bearing deposits
1,055,479

 
1,002,021

 
1,040,026

 
987,881

 
963,790

 
 
 
 
NOW, money market and savings
1,970,912

 
1,974,769

 
1,940,144

 
1,959,549

 
1,837,452

 
 
 
 
Time deposits
594,395

 
520,503

 
574,749

 
571,160

 
546,838

 
 
 
 
Borrowings
481,862

 
466,510

 
355,590

 
332,529

 
542,545

 
 
 
 
Shareholders' equity
605,294

 
606,719

 
603,374

 
528,798

 
521,306

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet (Average)
For the three months ended,
 
For the six months ended,
 
6/30/2018
 
3/31/2018
 
12/31/2017
 
9/30/2017
 
6/30/2017
 
6/30/2018
 
6/30/2017
Assets
$
4,682,827

 
$
4,555,977

 
$
4,442,743

 
$
4,416,332

 
$
4,333,689

 
$
4,619,714

 
$
4,282,343

Investment securities
450,375

 
457,926

 
456,045

 
459,862

 
468,601

 
454,130

 
469,446

Loans and leases, gross
3,743,195

 
3,634,510

 
3,505,260

 
3,467,235

 
3,401,325

 
3,689,152

 
3,354,361

Deposits
3,563,956

 
3,484,044

 
3,508,676

 
3,480,318

 
3,346,409

 
3,524,221

 
3,318,502

Shareholders' equity
611,667

 
605,973

 
554,071

 
527,032

 
517,697

 
608,835

 
513,399

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality Data (Period End)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2018
 
3/31/2018
 
12/31/2017
 
9/30/2017
 
6/30/2017
 
 
 
 
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases
$
30,148

 
$
27,694

 
$
14,517

 
$
15,949

 
$
20,174

 
 
 
 
Accruing loans and leases 90 days or more past due
150

 
2,295

 
761

 
1,595

 
572

 
 
 
 
Accruing troubled debt restructured loans and leases
790

 
1,032

 
11,435

 
11,468

 
11,470

 
 
 
 
Total nonperforming loans
31,088

 
31,021

 
26,713

 
29,012

 
32,216

 
 
 
 
Other real estate owned
1,742

 
1,843

 
1,843

 
1,763

 
2,202

 
 
 
 
Total nonperforming assets
32,830

 
32,864

 
28,556

 
30,775

 
34,418

 
 
 
 
Nonaccrual loans and leases / Loans and leases held for investment
0.79
%
 
0.75
%
 
0.40
%
 
0.46
%
 
0.57
%
 
 
 
 
Nonperforming loans and leases / Loans and leases held for investment
0.81
%
 
0.84
%
 
0.74
%
 
0.83
%
 
0.92
%
 
 
 
 
Nonperforming assets / Total assets
0.69
%
 
0.71
%
 
0.63
%
 
0.70
%
 
0.77
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan and lease losses
25,652

 
23,410

 
21,555

 
20,543

 
20,910

 
 
 
 
Allowance for loan and lease losses / Loans and leases held for investment
0.67
%
 
0.63
%
 
0.60
%
 
0.59
%
 
0.60
%
 
 
 
 
Allowance for loan and lease losses / Loans and leases held for investment (excluding acquired loans at period-end)
0.76
%
 
0.73
%
 
0.70
%
 
0.71
%
 
0.73
%
 
 
 
 
Allowance for loan and lease losses / Nonaccrual loans and leases held for investment
85.09
%
 
84.53
%
 
148.48
%
 
128.80
%
 
103.65
%
 
 
 
 
Allowance for loan and lease losses / Nonperforming loans and leases held for investment
82.51
%
 
75.47
%
 
80.69
%
 
70.81
%
 
64.91
%
 
 
 
 
Acquired credit impaired loans
$
998

 
$
1,525

 
$
1,583

 
$
1,622

 
$
6,485

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended,
 
For the six months ended,
 
6/30/2018
 
3/31/2018
 
12/31/2017
 
9/30/2017
 
6/30/2017
 
6/30/2018
 
6/30/2017
Net loan and lease charge-offs
$
13,167

 
$
198

 
$
980

 
$
3,056

 
$
1,384

 
$
13,365

 
$
1,800

Net loan and lease charge-offs (annualized)/Average loans and leases
1.41
%
 
0.02
%
 
0.11
%
 
0.35
%
 
0.16
%
 
0.73
%
 
0.11
%



Univest Corporation of Pennsylvania
Consolidated Selected Financial Data (Unaudited)
June 30, 2018
(Dollars in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended,
 
For the six months ended,
For the period:
6/30/2018
 
3/31/2018
 
12/31/2017
 
9/30/2017
 
6/30/2017
 
6/30/2018
 
6/30/2017
Interest income
$
46,460

 
$
43,534

 
$
42,417

 
$
42,172

 
$
40,030

 
$
89,994

 
$
78,426

Interest expense
7,470

 
6,262

 
5,711

 
5,285

 
4,730

 
13,732

 
8,843

Net interest income
38,990

 
37,272

 
36,706

 
36,887

 
35,300

 
76,262

 
69,583

Provision for loan and lease losses
15,409

 
2,053

 
1,992

 
2,689

 
2,766

 
17,462

 
5,211

Net interest income after provision
23,581

 
35,219

 
34,714

 
34,198

 
32,534

 
58,800

 
64,372

Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust fee income
2,044

 
1,996

 
2,208

 
1,924

 
2,016

 
4,040

 
3,923

Service charges on deposit accounts
1,335

 
1,327

 
1,555

 
1,371

 
1,313

 
2,662

 
2,556

Investment advisory commission and fee income
3,778

 
3,683

 
3,485

 
3,455

 
3,333

 
7,461

 
6,514

Insurance commission and fee income
3,712

 
4,888

 
3,258

 
3,492

 
3,628

 
8,600

 
8,038

Bank owned life insurance income
1,210

 
669

 
841

 
742

 
1,622

 
1,879

 
2,405

Net gain on sales of investment securities
—

 
10

 
5

 
7

 
21

 
10

 
36

Net gain on mortgage banking activities
942

 
716

 
465

 
908

 
1,537

 
1,658

 
2,650

Other income
2,293

 
2,293

 
2,335

 
2,210

 
2,539

 
4,586

 
4,857

Total noninterest income
15,314

 
15,582

 
14,152

 
14,109

 
16,009

 
30,896

 
30,979

Noninterest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries, benefits and commissions
20,065

 
20,647

 
19,340

 
19,185

 
18,730

 
40,712

 
37,467

Premises and equipment
3,600

 
3,780

 
3,636

 
3,542

 
3,715

 
7,380

 
7,373

Data processing
2,091

 
2,232

 
2,243

 
2,118

 
2,081

 
4,323

 
4,139

Professional fees
1,331

 
1,355

 
1,391

 
1,447

 
1,248

 
2,686

 
2,487

Marketing and advertising
526

 
381

 
360

 
271

 
475

 
907

 
854

Deposit insurance premiums
452

 
391

 
374

 
409

 
451

 
843

 
853

Intangible expense
594

 
612

 
687

 
690

 
446

 
1,206

 
1,205

Restructuring charges
—

 
571

 
—

 
—

 
—

 
571

 
—

Other expense
5,688

 
5,156

 
5,409

 
5,033

 
5,402

 
10,844

 
10,200

Total noninterest expense
34,347

 
35,125

 
33,440

 
32,695

 
32,548

 
69,472

 
64,578

Income before taxes
4,548

 
15,676

 
15,426

 
15,612

 
15,995

 
20,224

 
30,773

Income tax expense
191

 
2,826

 
5,162

 
4,416

 
4,217

 
3,017

 
8,139

Net income
$
4,357

 
$
12,850

 
$
10,264

 
$
11,196

 
$
11,778

 
$
17,207

 
$
22,634

Per common share data:
 
 
 
 
 
 
 
 
 
 
 
 
 
Book value per share
$
20.58

 
$
20.64

 
$
20.57

 
$
19.83

 
$
19.55

 
$
20.58

 
$
19.55

Net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.15

 
$
0.44

 
$
0.37

 
$
0.42

 
$
0.44

 
$
0.59

 
$
0.85

Diluted
$
0.15

 
$
0.44

 
$
0.37

 
$
0.42

 
$
0.44

 
$
0.58

 
$
0.85

Dividends declared per share
$
0.20

 
$
0.20

 
$
0.20

 
$
0.20

 
$
0.20

 
$
0.40

 
$
0.40

Weighted average shares outstanding
29,403,946

 
29,354,887

 
27,481,309

 
26,666,460

 
26,661,784

 
29,379,552

 
26,646,327

Period end shares outstanding
29,406,450

 
29,391,934

 
29,334,859

 
26,671,336

 
26,667,991

 
29,406,450

 
26,667,991






Univest Corporation of Pennsylvania
Consolidated Selected Financial Data (Unaudited)
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended,
 
For the six months ended,
Profitability Ratios (annualized)
6/30/2018
 
3/31/2018
 
12/31/2017
 
9/30/2017
 
6/30/2017
 
6/30/2018
 
6/30/2017
Return on average assets
0.37
%
 
1.14
%
 
0.92
%
 
1.01
%
 
1.09
%
 
0.75
%
 
1.07
%
Return on average assets, excluding restructuring charges (1), (2)
0.37
%
 
1.18
%
 
0.92
%
 
1.01
%
 
1.09
%
 
0.77
%
 
1.07
%
Return on average shareholders' equity
2.86
%
 
8.60
%
 
7.35
%
 
8.43
%
 
9.13
%
 
5.70
%
 
8.89
%
Return on average shareholder's equity, excluding restructuring charges (1), (2)
2.86
%
 
8.90
%
 
7.35
%
 
8.43
%
 
9.13
%
 
5.85
%
 
8.89
%
Return on average tangible common equity, excluding restructuring charges (1), (2), (5)
4.04
%
 
12.65
%
 
10.89
%
 
12.83
%
 
14.06
%
 
8.29
%
 
13.77
%
Net interest margin (FTE)
3.73
%
 
3.72
%
 
3.76
%
 
3.80
%
 
3.76
%
 
3.72
%
 
3.78
%
Efficiency ratio (3)
62.12
%
 
65.41
%
 
63.43
%
 
61.94
%
 
60.74
%
 
63.74
%
 
61.70
%
Efficiency ratio, excluding restructuring charges (1), (3), (4)
62.12
%
 
64.35
%
 
63.43
%
 
61.94
%
 
60.74
%
 
63.22
%
 
61.70
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalization Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared to net income
135.0
%
 
45.7
%
 
57.1
%
 
47.6
%
 
45.3
%
 
68.3
%
 
47.1
%
Shareholders' equity to assets (Period End)
12.75
%
 
13.15
%
 
13.25
%
 
11.97
%
 
11.71
%
 
12.75
%
 
11.71
%
Tangible common equity to tangible assets (5)
9.33
%
 
9.64
%
 
9.68
%
 
8.22
%
 
7.96
%
 
9.33
%
 
7.96
%
Tangible book value per share (5)
$
14.51

 
$
14.54

 
$
14.44

 
$
13.06

 
$
12.75

 
$
14.51

 
$
12.75

Tangible book value per share - Core (5), (6)
$
14.91

 
$
14.90

 
$
14.57

 
$
13.14

 
$
12.87

 
$
14.91

 
$
12.87

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital Ratios (Period End)
 
 
 
 
 
 
 
 
 
 
 
 
Tier 1 leverage ratio
10.19
%
 
10.47
%
 
10.48
%
 
8.74
%
 
8.74
%
 
10.19
%
 
8.74
%
Common equity tier 1 risk-based capital ratio
10.89
%
 
11.16
%
 
11.11
%
 
9.51
%
 
9.21
%
 
10.89
%
 
9.21
%
Tier 1 risk-based capital ratio
10.89
%
 
11.16
%
 
11.11
%
 
9.51
%
 
9.21
%
 
10.89
%
 
9.21
%
Total risk-based capital ratio
13.76
%
 
14.04
%
 
14.00
%
 
12.47
%
 
12.15
%
 
13.76
%
 
12.15
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) This consolidated selected financial data schedule contains supplemental financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). The management of Univest Corporation of Pennsylvania uses these non-GAAP measures in its analysis of the Corporation's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See below table for additional information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Restructuring charges
$
—

 
$
571

 
$
—

 
$
—

 
$
—

 
$
571

 
$
—

Tax effect on restructuring charges
—

 
120

 
—

 
—

 
—

 
120

 
—

(b) Restructuring charges, net of tax
$
—

 
$
451

 
$
—

 
$
—

 
$
—

 
$
451

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Net income in this ratio excludes restructuring charges, net of tax. See (1)(b) above.
(3) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income.
(4) Noninterest expense in this ratio excludes restructuring charges. See (1)(a) above.
(5) Tangible equity represents total shareholders' equity less goodwill and other intangible assets, but includes servicing rights which were $6,650 at June 30, 2018, $6,605 at March 31, 2018, $6,573 at December 31, 2017, $6,556 at September 30, 2017 and $6,548 at June 30, 2017.
(6) Tangible equity as defined in (5), excluding the impact of accumulated other comprehensive (loss) income on available-for-sale investment securities, net (($11,987) at June 30, 2018, ($10,477) at March 31, 2018, ($4,061) at December 31, 2017, ($2,364) at September 30, 2017 and ($3,028) at June 30, 2017), divided by total shares outstanding.
N/M Not Meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 





Univest Corporation of Pennsylvania
Average Balances and Interest Rates (Unaudited)
 
For the Three Months Ended
 
Tax Equivalent Basis
June 30, 2018
 
 
March 31, 2018
 
 
Average
 
Income/
 
Average
 
 
Average
 
Income/
 
Average
 
(Dollars in thousands)
Balance
 
Expense
 
Rate
 
 
Balance
 
Expense
 
Rate
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with other banks
$
37,254

 
$
148

 
1.59

%
 
$
19,184

 
$
76

 
1.61

%
U.S. government obligations
23,183

 
91

 
1.57

 
 
23,921

 
94

 
1.59

 
Obligations of state and political subdivisions
71,092

 
603

 
3.40

 
 
74,554

 
593

 
3.23

 
Other debt and equity securities
356,100

 
2,177

 
2.45

 
 
359,451

 
2,095

 
2.36

 
Federal funds sold and other earning assets
32,788

 
509

 
6.23

 
 
29,057

 
504

 
7.03

 
Total interest-earning deposits, investments, federal funds sold and other earning assets
520,417

 
3,528

 
2.72

 
 
506,167

 
3,362

 
2.69

 
Commercial, financial, and agricultural loans
810,610

 
9,750

 
4.82

 
 
782,200

 
8,900

 
4.61

 
Real estate—commercial and construction loans
1,661,198

 
19,044

 
4.60

 
 
1,600,394

 
17,618

 
4.46

 
Real estate—residential loans
853,769

 
10,046

 
4.72

 
 
837,495

 
9,675

 
4.69

 
Loans to individuals
28,985

 
444

 
6.14

 
 
27,960

 
413

 
5.99

 
Municipal loans and leases
313,181

 
2,961

 
3.79

 
 
311,752

 
2,892

 
3.76

 
Lease financings
75,452

 
1,353

 
7.19

 
 
74,709

 
1,344

 
7.30

 
     Gross loans and leases
3,743,195

 
43,598

 
4.67

 
 
3,634,510

 
40,842

 
4.56

 
          Total interest-earning assets
4,263,612

 
47,126

 
4.43

 
 
4,140,677

 
44,204

 
4.33

 
Cash and due from banks
45,158

 
 
 
 
 
 
42,506

 
 
 
 
 
Reserve for loan and lease losses
(23,914
)
 
 
 
 
 
 
(22,022
)
 
 
 
 
 
Premises and equipment, net
61,234

 
 
 
 
 
 
61,738

 
 
 
 
 
Other assets
336,737

 
 
 
 
 
 
333,078

 
 
 
 
 
      Total assets
$
4,682,827

 
 
 
 
 
 
$
4,555,977

 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking deposits
$
463,156

 
$
383

 
0.33

 
 
$
425,027

 
$
292

 
0.28

 
Money market savings
694,734

 
1,758

 
1.01

 
 
658,367

 
1,343

 
0.83

 
Regular savings
803,586

 
582

 
0.29

 
 
834,375

 
557

 
0.27

 
Time deposits
553,579

 
1,819

 
1.32

 
 
541,478

 
1,499

 
1.12

 
     Total time and interest-bearing deposits
2,515,055

 
4,542

 
0.72

 
 
2,459,247

 
3,691

 
0.61

 
Short-term borrowings
217,327

 
958

 
1.77

 
 
175,824

 
645

 
1.49

 
Long-term debt
155,628

 
709

 
1.83

 
 
155,765

 
665

 
1.73

 
Subordinated notes
94,420

 
1,261

 
5.36

 
 
94,359

 
1,261

 
5.42

 
     Total borrowings
467,375

 
2,928

 
2.51

 
 
425,948

 
2,571

 
2.45

 
     Total interest-bearing liabilities
2,982,430

 
7,470

 
1.00

 
 
2,885,195

 
6,262

 
0.88

 
Noninterest-bearing deposits
1,048,901

 
 
 
 
 
 
1,024,797

 
 
 
 
 
Accrued expenses and other liabilities
39,829

 
 
 
 
 
 
40,012

 
 
 
 
 
     Total liabilities
4,071,160

 
 
 
 
 
 
3,950,004

 
 
 
 
 
Shareholders' Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
157,784

 
 
 
 
 
 
157,784

 
 
 
 
 
Additional paid-in capital
290,517

 
 
 
 
 
 
290,209

 
 
 
 
 
Retained earnings and other equity
163,366

 
 
 
 
 
 
157,980

 
 
 
 
 
     Total shareholders' equity
611,667

 
 
 
 
 
 
605,973

 
 
 
 
 
     Total liabilities and shareholders' equity
$
4,682,827

 
 
 
 
 
 
$
4,555,977

 
 
 
 
 
Net interest income
 
 
$
39,656

 
 
 
 
 
 
$
37,942

 
 
 
Net interest spread
 
 
 
 
3.43

 
 
 
 
 
 
3.45

 
Effect of net interest-free funding sources
 
 
 
 
0.30

 
 
 
 
 
 
0.27

 
Net interest margin
 
 
 
 
3.73

%
 
 
 
 
 
3.72

%
Ratio of average interest-earning assets to average interest-bearing liabilities
142.96

 
%
 
 
 
 
143.51

 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note 1: In the above schedule, the interest income and net interest income analysis contains tax-equivalent financial information and measures determined
by methods other than in accordance with U.S. GAAP. This financial information and measures should not be considered a substitute for GAAP basis
financial information and measures. Management believes the presentation of the non-GAAP financial information and measures provides useful
information that is essential to a proper understanding of the financial results of the Corporation.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note 2: For rate calculation purposes, average loan and lease categories include deferred fees and costs, purchase accounting adjustments and
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 June 30, 2018 and March 31, 2018 have been calculated using the Corporation’s federal applicable rate of 21.0%.




Univest Corporation of Pennsylvania
Average Balances and Interest Rates (Unaudited)
 
For the Three Months Ended June 30,
 
Tax Equivalent Basis
2018
 
 
2017
 
 
Average
 
Income/
 
Average
 
 
Average
 
Income/
 
Average
 
(Dollars in thousands)
Balance
 
Expense
 
Rate
 
 
Balance
 
Expense
 
Rate
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with other banks
$
37,254

 
$
148

 
1.59

%
 
$
17,951

 
$
39

 
0.87

%
U.S. government obligations
23,183

 
91

 
1.57

 
 
33,453

 
113

 
1.35

 
Obligations of state and political subdivisions
71,092

 
603

 
3.40

 
 
83,356

 
886

 
4.26

 
Other debt and equity securities
356,100

 
2,177

 
2.45

 
 
351,792

 
1,720

 
1.96

 
Federal funds sold and other earning assets
32,788

 
509

 
6.23

 
 
29,860

 
396

 
5.32

 
Total interest-earning deposits, investments, federal funds sold and other earning assets
520,417

 
3,528

 
2.72

 
 
516,412

 
3,154

 
2.45

 
Commercial, financial, and agricultural loans
810,610

 
9,750

 
4.82

 
 
761,544

 
8,172

 
4.30

 
Real estate—commercial and construction loans
1,661,198

 
19,044

 
4.60

 
 
1,501,258

 
16,629

 
4.44

 
Real estate—residential loans
853,769

 
10,046

 
4.72

 
 
750,149

 
8,479

 
4.53

 
Loans to individuals
28,985

 
444

 
6.14

 
 
27,850

 
406

 
5.85

 
Municipal loans and leases
313,181

 
2,961

 
3.79

 
 
283,129

 
3,185

 
4.51

 
Lease financings
75,452

 
1,353

 
7.19

 
 
77,395

 
1,416

 
7.34

 
     Gross loans and leases
3,743,195

 
43,598

 
4.67

 
 
3,401,325

 
38,287

 
4.51

 
          Total interest-earning assets
4,263,612

 
47,126

 
4.43

 
 
3,917,737

 
41,441

 
4.24

 
Cash and due from banks
45,158

 
 
 
 
 
 
43,804

 
 
 
 
 
Reserve for loan and lease losses
(23,914
)
 
 
 
 
 
 
(20,474
)
 
 
 
 
 
Premises and equipment, net
61,234

 
 
 
 
 
 
65,690

 
 
 
 
 
Other assets
336,737

 
 
 
 
 
 
326,932

 
 
 
 
 
      Total assets
$
4,682,827

 
 
 
 
 
 
$
4,333,689

 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking deposits
$
463,156

 
$
383

 
0.33

 
 
$
445,830

 
$
118

 
0.11

 
Money market savings
694,734

 
1,758

 
1.01

 
 
560,350

 
694

 
0.50

 
Regular savings
803,586

 
582

 
0.29

 
 
835,495

 
446

 
0.21

 
Time deposits
553,579

 
1,819

 
1.32

 
 
547,115

 
1,203

 
0.88

 
     Total time and interest-bearing deposits
2,515,055

 
4,542

 
0.72

 
 
2,388,790

 
2,461

 
0.41

 
Short-term borrowings
217,327

 
958

 
1.77

 
 
139,146

 
325

 
0.94

 
Long-term debt
155,628

 
709

 
1.83

 
 
200,207

 
683

 
1.37

 
Subordinated notes
94,420

 
1,261

 
5.36

 
 
94,176

 
1,261

 
5.37

 
     Total borrowings
467,375

 
2,928

 
2.51

 
 
433,529

 
2,269

 
2.10

 
     Total interest-bearing liabilities
2,982,430

 
7,470

 
1.00

 
 
2,822,319

 
4,730

 
0.67

 
Noninterest-bearing deposits
1,048,901

 
 
 
 
 
 
957,619

 
 
 
 
 
Accrued expenses and other liabilities
39,829

 
 
 
 
 
 
36,054

 
 
 
 
 
     Total liabilities
4,071,160

 
 
 
 
 
 
3,815,992

 
 
 
 
 
Shareholders' Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
157,784

 
 
 
 
 
 
144,559

 
 
 
 
 
Additional paid-in capital
290,517

 
 
 
 
 
 
230,683

 
 
 
 
 
Retained earnings and other equity
163,366

 
 
 
 
 
 
142,455

 
 
 
 
 
     Total shareholders' equity
611,667

 
 
 
 
 
 
517,697

 
 
 
 
 
     Total liabilities and shareholders' equity
$
4,682,827

 
 
 
 
 
 
$
4,333,689

 
 
 
 
 
Net interest income
 
 
$
39,656

 
 
 
 
 
 
$
36,711

 
 
 
Net interest spread
 
 
 
 
3.43

 
 
 
 
 
 
3.57

 
Effect of net interest-free funding sources
 
 
 
 
0.30

 
 
 
 
 
 
0.19

 
Net interest margin
 
 
 
 
3.73

%
 
 
 
 
 
3.76

%
Ratio of average interest-earning assets to average interest-bearing liabilities
142.96

 
%
 
 
 
 
138.81

 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note 1: In the above schedule, the interest income and net interest income analysis contains tax-equivalent financial information and measures determined
by methods other than in accordance with U.S. GAAP. This financial information and measures should not be considered a substitute for GAAP basis
financial information and measures. Management believes the presentation of the non-GAAP financial information and measures provides useful
information that is essential to a proper understanding of the financial results of the Corporation.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note 2: For rate calculation purposes, average loan and lease categories include deferred fees and costs, purchase accounting adjustments and
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 June 30, 2018 and 2017 have been calculated using the Corporation’s federal applicable rate of 21.0% and 35.0%, respectively.




Univest Corporation of Pennsylvania
Average Balances and Interest Rates (Unaudited)
 
For the Six Months Ended June 30,
 
Tax Equivalent Basis
2018
 
 
2017
 
 
Average
 
Income/
 
Average
 
 
Average
 
Income/
 
Average
 
(Dollars in thousands)
Balance
 
Expense
 
Rate
 
 
Balance
 
Expense
 
Rate
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with other banks
$
28,269

 
$
224

 
1.60

%
 
$
13,297

 
$
55

 
0.83

%
U.S. government obligations
23,550

 
185

 
1.58

 
 
33,744

 
219

 
1.31

 
Obligations of state and political subdivisions
72,814

 
1,196

 
3.31

 
 
84,598

 
1,808

 
4.31

 
Other debt and equity securities
357,766

 
4,272

 
2.41

 
 
351,104

 
3,302

 
1.90

 
Federal funds sold and other earning assets
30,933

 
1,013

 
6.60

 
 
27,896

 
754

 
5.45

 
Total interest-earning deposits, investments, federal funds sold and other earning assets
513,332

 
6,890

 
2.71

 
 
510,639

 
6,138

 
2.42

 
Commercial, financial, and agricultural loans
796,483

 
18,650

 
4.72

 
 
741,409

 
16,013

 
4.36

 
Real estate—commercial and construction loans
1,630,964

 
36,662

 
4.53

 
 
1,480,757

 
32,369

 
4.41

 
Real estate—residential loans
845,677

 
19,721

 
4.70

 
 
744,213

 
16,715

 
4.53

 
Loans to individuals
28,475

 
857

 
6.07

 
 
28,707

 
806

 
5.66

 
Municipal loans and leases
312,470

 
5,853

 
3.78

 
 
281,264

 
6,305

 
4.52

 
Lease financings
75,083

 
2,697

 
7.24

 
 
78,011

 
2,899

 
7.49

 
     Gross loans and leases
3,689,152

 
84,440

 
4.62

 
 
3,354,361

 
75,107

 
4.52

 
          Total interest-earning assets
4,202,484

 
91,330

 
4.38

 
 
3,865,000

 
81,245

 
4.24

 
Cash and due from banks
43,839

 
 
 
 
 
 
42,878

 
 
 
 
 
Reserve for loan and lease losses
(22,973
)
 
 
 
 
 
 
(19,344
)
 
 
 
 
 
Premises and equipment, net
61,485

 
 
 
 
 
 
65,102

 
 
 
 
 
Other assets
334,879

 
 
 
 
 
 
328,707

 
 
 
 
 
      Total assets
$
4,619,714

 
 
 
 
 
 
$
4,282,343

 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking deposits
$
444,197

 
$
675

 
0.31

 
 
$
436,155

 
$
223

 
0.10

 
Money market savings
676,651

 
3,101

 
0.92

 
 
546,083

 
1,257

 
0.46

 
Regular savings
818,895

 
1,139

 
0.28

 
 
821,725

 
795

 
0.20

 
Time deposits
547,562

 
3,318

 
1.22

 
 
569,341

 
2,377

 
0.84

 
     Total time and interest-bearing deposits
2,487,305

 
8,233

 
0.67

 
 
2,373,304

 
4,652

 
0.40

 
Short-term borrowings
196,690

 
1,603

 
1.64

 
 
144,620

 
587

 
0.82

 
Long-term debt
155,697

 
1,374

 
1.78

 
 
174,263

 
1,082

 
1.25

 
Subordinated notes
94,390

 
2,522

 
5.39

 
 
94,146

 
2,522

 
5.40

 
     Total borrowings
446,777

 
5,499

 
2.48

 
 
413,029

 
4,191

 
2.05

 
     Total interest-bearing liabilities
2,934,082

 
13,732

 
0.94

 
 
2,786,333

 
8,843

 
0.64

 
Noninterest-bearing deposits
1,036,916

 
 
 
 
 
 
945,198

 
 
 
 
 
Accrued expenses and other liabilities
39,881

 
 
 
 
 
 
37,413

 
 
 
 
 
     Total liabilities
4,010,879

 
 
 
 
 
 
3,768,944

 
 
 
 
 
Shareholders' Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
157,784

 
 
 
 
 
 
144,559

 
 
 
 
 
Additional paid-in capital
290,363

 
 
 
 
 
 
230,395

 
 
 
 
 
Retained earnings and other equity
160,688

 
 
 
 
 
 
138,445

 
 
 
 
 
     Total shareholders' equity
608,835

 
 
 
 
 
 
513,399

 
 
 
 
 
     Total liabilities and shareholders' equity
$
4,619,714

 
 
 
 
 
 
$
4,282,343

 
 
 
 
 
Net interest income
 
 
$
77,598

 
 
 
 
 
 
$
72,402

 
 
 
Net interest spread
 
 
 
 
3.44

 
 
 
 
 
 
3.60

 
Effect of net interest-free funding sources
 
 
 
 
0.28

 
 
 
 
 
 
0.18

 
Net interest margin
 
 
 
 
3.72

%
 
 
 
 
 
3.78

%
Ratio of average interest-earning assets to average interest-bearing liabilities
143.23

 
%
 
 
 
 
138.71

 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note 1: In the above schedule, the interest income and net interest income analysis contains tax-equivalent financial information and measures determined
by methods other than in accordance with U.S. GAAP. This financial information and measures should not be considered a substitute for GAAP basis
financial information and measures. Management believes the presentation of the non-GAAP financial information and measures provides useful
information that is essential to a proper understanding of the financial results of the Corporation.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note 2: For rate calculation purposes, average loan and lease categories include deferred fees and costs, purchase accounting adjustments and
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 six months ended June 30, 2018 and 2017 have been calculated using the Corporation’s federal applicable rate of 21.0% and 35.0%, respectively.


 EX-99.2 3 ex992directorresignpolicy.htm EXHIBIT 99.2 Exhibit


Exhibit 99.2


UNIVEST CORPORATION OF PENNSYLVANIA
Director Resignation Policy

Under the Pennsylvania Business Corporation Law and the articles of incorporation and bylaws of Univest Corporation of Pennsylvania (the "Corporation"), directors are elected by a plurality vote, meaning that the candidates for election as directors receiving the highest number of votes from each class or group of classes, if any, entitled to elect directors separately, up to the number of directors to be elected by the class or group of classes, are elected to the Board of Directors (the "Board”). The Board has adopted this Policy to address the situation in which a nominee for election to the Board in an uncontested election is elected, despite receiving more votes “withheld” for his or her election than votes “for” his or her election (a “Majority Withheld Vote”).
By accepting a nomination to stand for election or re-election as a director of the Corporation or an appointment as director to fill a vacancy or new directorship, each candidate, nominee or appointee agrees that if, in an uncontested election of directors, he or she receives a Majority Withheld Vote, the director shall promptly tender a written offer of resignation to the Chairman of the Board promptly following certification of the shareholder vote for the meeting at which the election occurred in the form attached as Exhibit “A” hereto. For purposes of this Policy, an "uncontested election of directors" is any election of directors in which the number of nominees for election does not exceed the number of directors to be elected.
The Nominating and Governance Committee of the Board (the "Committee") will promptly consider the director's offer of resignation and recommend to the Board whether to accept the offer of resignation. The Board will act on the Committee's recommendation within ninety (90) days following certification of the shareholder vote.
In evaluating the director's offer of resignation, each of the Committee and the Board shall consider all factors they deem relevant, including any of the following: (i) the perceived reasons for the Majority Withheld Vote; (ii) the qualifications and tenure of the director; (iii) the director's past and expected future contributions to the Corporation; (iv) the overall composition of the Board and whether accepting the resignation would cause the Corporation to not be in compliance with any applicable rule or regulation (including securities exchange listing standards) or any material agreement to which the Corporation is a party; and (v) whether the resignation would be in the best interests of the Corporation.
In determining what action to recommend or take regarding the director's offer of resignation, each of the Committee and the Board may consider a range of alternatives as they deem appropriate, including any of the following: (i) accepting the offer of resignation; (ii) rejecting the offer of resignation; (iii) rejecting the offer of resignation to allow the director to remain on the Board but agreeing that the director will not be nominated for re-election to the Board at the next election of directors relating to the Class in which such director serves; (iv) deferring acceptance of the offer resignation until the Board can find a replacement director with the necessary qualifications to fill the vacancy that accepting the offer of resignation would create; or (v) deferring acceptance of the offer of resignation if the director can cure the underlying cause of the Majority Withheld Vote within a specified period of time (for example, if the Majority Withheld Vote related to service on one or more other boards of directors, by resigning from other company boards).
After the Board makes a formal decision on the Committee's recommendation, the Corporation shall promptly publicly disclose the Board’s decision whether or not to accept the director’s offer of resignation, together with an explanation of the process by which the decision was made, and, if applicable, the Board’s reasons for such decision. Such disclosure may be made by means of a Form 8-K filing, press release, or other appropriate means.




Any director who tenders his or her offer of resignation pursuant to this Policy shall not participate in any deliberations or actions by the Committee or the Board regarding his or her offer of resignation but shall otherwise continue to serve as a director during this period.
If other directors who are members of the Committee receive a Majority Withheld Vote in the same uncontested election of directors, so that a quorum of the Committee cannot be attained, then all independent directors on the Board will participate in deliberations and actions regarding the offer of resignation of each director who received a Majority Withheld Vote, except that no director can participate in deliberations or actions, or vote on, his or her own offer of resignation.
This Policy shall also apply to any “alternate director” elected by shareholders in accordance with the Corporation’s bylaws.
Dated: July 25, 2018















EXHBIT “A”
FORM OF RESIGNATION LETTER
[DATE]
Chairman of Board of Directors
Univest Corporation of Pennsylvania

Dear Chairman:

In accordance with the Univest Corporation of Pennsylvania Director Resignation Policy, I hereby tender my resignation as a member of the board of directors of Univest Corporation of Pennsylvania (the “Corporation”), effective immediately.
 
Please note that my resignation is a result of compliance with the Director Resignation Policy and not as a result of any disagreement between myself and the Corporation, its management, board of directors or any committee of the board of directors.
 

 
 
Sincerely,
[SIGNATURE]
[NAME]

                                                                                                                                       





 GRAPHIC 4 logo.jpg begin 644 logo.jpg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