EX-99.1 2 c76282exv99w1.htm EXHIBIT 99.1 Filed by Bowne Pure Compliance
Exhibit 99.1

NEW
(UNIVEST LOGO)


     
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 THIRD QUARTER EARNINGS
SOUDERTON, Pa., October 22, 2008 — Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest National Bank and Trust Co. of Souderton, Pa., has reported net income of $4,190,000 or $0.33 basic net income per share for the third quarter ended September 30, 2008, compared to $6,688,000 or $0.52 basic net income per share for the third quarter ended September 30, 2007. Diluted earnings per share were $0.33 for the third quarter ended September 30, 2008, compared to $0.52 per share for the third quarter ended September 30, 2007.
For the nine months ended September 30, 2008, Univest reported net income of $16,785,000 or $1.31 basic net income per share, compared to $19,010,000 or $1.47 basic net income per share reported for the nine months ended September 30, 2007. Diluted earnings per share were $1.30 and $1.47 for the nine months ended September 30, 2008 and 2007 respectively.
On October 1, 2008, Univest Corporation paid a quarterly cash dividend of $0.20 per share.
As of September 30, 2008, assets totaled $2,046,390,000 compared to $1,952,375,000 at September 30, 2007. This is an increase of 4.8%. Total shareholders’ equity increased 6.4% year-over-year with $204,251,000 reported as of September 30, 2008, compared to $191,947,000 as of September 30, 2007.
“The third quarter was one of the most challenging quarters for the financial industry in our nation’s history. While Univest Corporation experienced some minor impacts as a result of the economic crisis, our core operations are strong,” said William S. Aichele, chairman, president and chief executive officer for Univest Corporation. “Our disciplined business practices have stood the test of time for 132 years. We remain well capitalized and positioned to overcome the economic challenges by taking advantage of new opportunities. Our approach to business will not change. We’ll continue to strengthen our local economy by investing and supporting our communities.”

 

 

 

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
September 30, 2008
(Dollars in thousands)
                                         
Balance Sheet (Period End)   9/30/08     06/30/08     03/31/08     12/31/07     09/30/07  
Assets
   $ 2,046,390     $ 2,012,659     $ 2,059,572     $ 1,972,505     $ 1,952,375  
Securities
     418,804       429,844       471,962       423,448       395,027  
Loans and leases, gross
     1,441,899       1,398,269       1,357,887       1,355,442       1,371,374  
Allowance for loan and lease losses
     14,954       13,713       12,997       13,086       13,872  
Loans and leases, net
     1,426,945       1,384,556       1,344,890       1,342,356       1,357,502  
Total deposits
     1,507,527       1,504,007       1,616,843       1,532,603       1,518,163  
Non-interest bearing deposits
     226,606       233,436       230,531       226,513       228,908  
NOW, Money Market and Savings
     783,830       788,177       925,613       816,294       748,896  
Time deposits
     497,091       482,394       460,699       489,796       540,359  
Borrowings
     304,368       275,345       202,073       208,729       209,921  
Shareholders’ equity
     204,251       203,138       203,263       198,726       191,947  
                                                         
Balance Sheet (Average)   For the three months ended,     For the nine months ended,  
    9/30/08     06/30/08     03/31/08     12/31/07     09/30/07     09/30/08     09/30/07  
Assets
   $ 2,020,537     $ 2,044,987     $ 2,005,682     $ 1,951,233     $ 1,944,906     $ 2,023,725     $ 1,925,871  
Securities
     422,994       459,469       449,828       407,461       392,277       444,021       386,442  
Loans and leases, gross
     1,422,774       1,392,177       1,354,584       1,356,625       1,373,172       1,389,965       1,370,519  
Deposits
     1,503,402       1,560,015       1,565,693       1,522,238       1,520,998       1,542,892       1,490,872  
Shareholders’ equity
     205,062       205,464       200,439       194,505       189,420       203,662       188,769  
Asset Quality Data (Period End)
                                         
    09/30/08     06/30/08     03/31/08     12/31/07     09/30/07  
Nonaccrual loans and leases
   $ 7,871     $ 6,992     $ 6,165     $ 6,878     $ 7,380  
Troubled debt restructured
     563       423       —       —       —  
Other real estate owned
     346       —       —       —       —  
Nonperforming assets
     10,358       10,422       9,680       8,795       9,033  
Allowance for loan and lease losses
     14,954       13,713       12,997       13,086       13,872  
Nonperforming loans and leases / Loans and leases
     0.69 %     0.75 %     0.71 %     0.65 %     0.66 %
Allowance for loan and lease losses / Loans and leases
     1.04 %     0.98 %     0.96 %     0.97 %     1.01 %
Allowance for loan and lease losses / Nonperforming loans
     149.36 %     131.58 %     134.27 %     148.79 %     153.57 %
                                                         
    For the three months ended,     For the nine months ended,  
    9/30/08     06/30/08     03/31/08     12/31/07     09/30/07     09/30/08     09/30/07  
Net loan and lease charge-offs
   $ 1,805     $ 1,582     $ 1,088     $ 1,219     $ 377     $ 4,474     $ 1,144  
Net loan and lease charge-offs (annualized) / Average loans and leases
     0.50 %     0.46 %     0.32 %     0.36 %     0.11 %     0.43 %     0.11 %

 

 

 

Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
September 30, 2008
(Dollars in thousands, except per share data)
                                                         
    For the three months ended,     For the nine months ended,  
For the period:   9/30/08     06/30/08     03/31/08     12/31/07     09/30/07     09/30/08     09/30/07  
 
                                                        
Interest income
   $ 26,739     $ 27,010     $ 28,093     $ 29,245     $ 29,782     $ 81,842     $ 87,288  
Interest expense
     10,148       10,370       12,162       13,715       13,989       32,680       40,412  
 
                                          
Net interest income
     16,591       16,640       15,931       15,530       15,793       49,162       46,876  
Provision for loan and lease losses
     3,046       2,297       999       433       456       6,342       1,733  
 
                                          
Net interest income after provision
     13,545       14,343       14,932       15,097       15,337       42,820       45,143  
Noninterest income:
                                                        
Trust fee income
     1,578       1,628       1,627       1,428       1,525       4,833       4,493  
Service charges on deposit accounts
     1,719       1,708       1,658       1,764       1,706       5,085       5,058  
Investment advisory commission and fee income
     581       642       615       668       647       1,838       2,012  
Insurance commissions and fee income
     1,266       1,271       2,058       1,151       1,385       4,595       4,576  
BOLI income
     241       1,734       791       379       390       2,766       1,125  
Net gain (loss) on securities
     (692 )     (213 )     56       125       259       (849 )     310  
Other income
     793       1,134       852       972       1,000       2,779       2,818  
 
                                          
Total noninterest income
     5,486       7,904       7,657       6,487       6,912       21,047       20,392  
Noninterest expense
                                                        
Salaries and benefits
     7,935       8,019       8,168       7,518       7,659       24,122       23,293  
Premises and equipment
     2,110       2,085       2,057       1,859       1,981       6,252       6,021  
Other expense
     3,620       4,981       3,383       3,259       3,442       11,984       10,261  
 
                                          
Total noninterest expense
     13,665       15,085       13,608       12,636       13,082       42,358       39,575  
 
                                          
Income before taxes
     5,366       7,162       8,981       8,948       9,167       21,509       25,960  
Applicable income taxes
     1,176       1,288       2,260       2,401       2,479       4,724       6,950  
 
                                          
Net income
   $ 4,190     $ 5,874     $ 6,721     $ 6,547     $ 6,688     $ 16,785     $ 19,010  
 
                                          
 
                                                        
Per Common Share Data:
                                                        
Book value per share
   $ 15.83     $ 15.80     $ 15.83     $ 15.49     $ 15.02     $ 15.83     $ 15.02  
Net income per share:
                                                        
Basic
   $ 0.33     $ 0.46     $ 0.52     $ 0.51     $ 0.52     $ 1.31     $ 1.47  
Diluted
   $ 0.33     $ 0.46     $ 0.52     $ 0.51     $ 0.52     $ 1.30     $ 1.47  
Dividends per share
   $ 0.20     $ 0.20     $ 0.20     $ 0.20     $ 0.20     $ 0.60     $ 0.60  
Weighted average shares outstanding
     12,874,648       12,855,379       12,839,040       12,789,263       12,811,495       12,856,462       12,916,554  
Period end shares outstanding
     12,905,326       12,858,376       12,843,507       12,830,609       12,782,232       12,905,326       12,782,232  

 

 

 

Univest Corporation of Pennsylvania
Consolidated Selected Financial Data
September 30, 2008
                                                         
    For the three months ended     Year to date  
Profitability Ratios (annualized)   9/30/08     06/30/08     03/31/08     12/31/07     09/30/07     09/30/08     09/30/07  
 
                                                        
Return on average assets
     0.82 %     1.16 %     1.35 %     1.33 %     1.36 %     1.11 %     1.32 %
Return on average shareholders’ equity
     8.13 %     11.50 %     13.49 %     13.35 %     14.01 %     11.01 %     13.46 %
Net interest margin (FTE)
     3.76 %     3.74 %     3.66 %     3.71 %     3.71 %     3.73 %     3.73 %
Efficiency ratio (1)
     59.14 %     57.35 %     54.77 %     54.45 %     55.05 %     57.06 %     56.33 %
 
                                                        
Capitalization Ratios
                                                        
 
                                                        
Dividends paid to net income
     61.46 %     43.77 %     38.22 %     39.10 %     38.68 %     45.96 %     40.95 %
Shareholders’ equity to assets (Period End)
     9.98 %     10.09 %     9.87 %     10.07 %     9.83 %     9.98 %     9.83 %
(1)  
Total operating expenses to net interest income before loan loss provision plus non-interest income adjusted for tax equivalent income.