News Column

Univest Corporation of Pennsylvania -- Univest Bank and Trust Co. -- Reports Fourth Quarter and Year End Earnings

January 22, 2014

SOUDERTON, Pa. , Jan. 22, 2014 (GLOBE NEWSWIRE) -- Univest Corporation of Pennsylvania ("Univest") (Nasdaq:UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, today announced financial results for the quarter and year ended December 31, 2013 . Univest reported net income of $4.9 million or $0.30 diluted earnings per share for the quarter ended December 31, 2013 , a 3% decrease from reported net income of $5.1 million or $0.30 diluted earnings per share for the quarter ended December 31, 2012 . Net income for the year ended December 31, 2013 was $21.2 million or $1.27 diluted earnings per share, a 2% increase in net income compared to $20.9 million or $1.24 diluted earnings per share for the comparable period in the prior year. Loans Gross loans and leases increased $15.2 million or 1% from September 30, 2013 and $59.6 million or 4% from December 31, 2012 . The growth in loans from September 30, 2013 and the prior year-end occurred in commercial and residential real estate loans and equipment financing. While the longer-term economic outlook remains positive, household income and spending levels continue to remain stagnant. In the short-term, we anticipate that this will restrain overall credit demand and the utilization of available credit lines by both businesses and consumers. Deposits Total deposits declined $44.5 million from September 30, 2013 primarily due to a decrease in public funds and deposits holding trust customer funds that were invested by Univest's trust department in third party funds. Total deposits declined $20.8 million from December 31, 2012 , primarily due to a $60.7 million decrease in time deposits and a $52.8 million decrease in interest-bearing deposits holding trust customer funds which were invested in third party funds. These declines were partially offset by a $42.8 million increase in noninterest-bearing demand deposits and a product change for existing business and municipal customers which resulted in $68.1 million of customer repurchase agreements, classified as borrowings, being transferred to interest-bearing demand deposits. Net Interest Income and Margin Net interest income of $18.1 million for the fourth quarter of 2013 was consistent with the fourth quarter of 2012. The net interest margin on a tax-equivalent basis for the fourth quarter of 2013 was 3.82%, compared to 3.83% for the third quarter of 2013 and 3.80% for the fourth quarter of 2012. While the tax-equivalent yield on average interest-earning assets declined 13 basis points for the fourth quarter of 2013 compared to the same period in the prior year, the rate on interest-bearing liabilities for the same comparable period was down 17 basis points. The decline in rate on interest-bearing liabilities is attributable to Univest's decision in the second quarter of 2013 to redeem its trust preferred securities and terminate the related interest rate swap and an overall decline in rates paid on time and interest bearing deposits. Net interest income of $72.5 million for the year ended December 31, 2013 was consistent with the same period in 2012. The net interest margin on a tax-equivalent basis for the year ended December 31, 2013 was 3.81% compared to 3.89% for the year ended December 31, 2012 . The decline in the year-to-date net interest margin from the prior year was primarily due to the re-investment of maturing and called investment securities into lower yielding investments. In addition, lower rates on commercial and residential real estate loans, due to re-pricing and the competitive environment, contributed to the decline. Favorable re-pricing of savings accounts and certificates of deposit, along with maturities of higher yielding certificates of deposit and the redemption of the trust preferred securities and termination of the related interest rate swap partially offset the decline in the year-to-date net interest margin. Non-Interest Income Non-interest income for the quarter ended December 31, 2013 was $11.1 million , an increase of $738 thousand or 7% from the comparable period in the prior year. Non-interest income for the year ended December 31, 2013 was $46.8 million , an increase of $6.5 million or 16% from the comparable period in the prior year. Insurance commission and fee income increased $313 thousand for the quarter and $1.7 million for the year ended December 31, 2013 , primarily a result of the acquisitions of the John T. Fretz Insurance Agency, Inc. on May 1, 2013 and Javers Group on May 31, 2012 . Investment advisory commission and fee income increased $362 thousand for the quarter and $1.5 million for the year ended December 31, 2013 as assets under supervision increased 22%, predominately market driven, over December 31, 2012 . The net gain on sales of securities increased $425 thousand for the quarter and $3.1 million for the year ended December 31, 2013 . The net gain on sales of other real estate owned was $176 thousand for the quarter resulting from an update to the usability of the property and $626 thousand for the year ended December 31, 2013 . This compares favorably to a net loss on sales and write-downs of other real estate owned of $181 thousand and $1.9 million , respectively, for the comparable periods in the prior year. These favorable increases were partially offset by a $1.9 million loss on the termination of an interest rate swap during the second quarter of 2013, which was used as a hedge of trust preferred securities. In addition, the net gain on mortgage banking activities decreased $1.1 million for the quarter and $1.6 million for the year ended December 31, 2013 . The increase in interest rates beginning in the second quarter of 2013 contributed to a significant decline in refinance activity and lowered gain on sale margins. Mortgage banking funded loan volume declined 69% in the fourth quarter of 2013 and 18% for the year ended December 31, 2013 , from the comparable periods in 2012. Non-Interest Expense Non-interest expense for the fourth quarter of 2013 was $21.6 million , an increase of $1.9 million or 10% compared to the fourth quarter of 2012. Salaries and benefits expense increased $1.4 million primarily attributable to the Fretz acquisition, higher health insurance costs, performance-based salary and incentive increases and lower deferred loan origination costs. Other expenses increased primarily due to increased professional fees. Non-interest expense for the year ended December 31, 2013 was $81.1 million , an increase of $4.9 million or 6% from the comparable period in the prior year. Salaries and benefits expense increased $2.2 million primarily attributable to the Fretz and Javers acquisitions, higher health insurance costs and performance-based salary and incentive increases. Commission expense increased $1.5 million mainly due to increased production activity and revenues generated in our equipment finance, investment and insurance businesses. Additionally, non-interest expense increased due to restructuring charges of $534 thousand recognized during the first quarter of 2013. Asset Quality and Provision for Loan and Lease Losses Non-accrual loans and leases, including non-accrual troubled debt restructured loans, decreased to $23.2 million at December 31, 2013 , from $24.0 million at September 30, 2013 and $32.1 million at December 31, 2012 . The $8.9 million decrease in non-accrual loans from December 31, 2012 was mainly due to charge-offs, foreclosures and pay-downs exceeding additions to non-accrual loans. Net loan and lease charge-offs were $2.0 million during the fourth quarter of 2013, down from $4.7 million for the fourth quarter of 2012. Non-accrual loans and leases as a percentage of total loans and leases held for investment were 1.51% at December 31, 2013 compared to 1.57% at September 30, 2013 and 2.17% at December 31, 2012 . Accruing troubled debt restructured loans decreased to $7.9 million at December 31, 2013 from $14.1 million at September 31, 2013 and $13.5 million at December 31, 2012 . The decreases of $6.2 million and $5.6 million in accruing troubled debt restructured loans for the periods noted was primarily due to the payoff in December 2013 of a large shared national commercial real estate credit with an outstanding principal balance of $5.8 million . The provision for loan and lease losses was $1.6 million for the fourth quarter of 2013, compared to $2.4 million for the fourth quarter of 2012. The provision for loan and lease losses was $11.2 million for the year ended December 31, 2013 , compared to $10.0 million for the same period in the prior year. The allowance for loan and lease losses as a percentage of loans and leases held for investment was 1.59% at December 31, 2013 compared to 1.63% at September 30, 2013 and 1.67% at December 31, 2012 . The allowance for loan and lease losses to nonaccrual loans and leases held for investment equaled 105.42% at December 31, 2013 compared to 103.59% at September 30, 2013 and 77.01% at December 31, 2012 . Capital Univest continues to remain well-capitalized at December 31, 2013 . Total risk-based capital at December 31, 2013 was 13.90%, well in excess of the regulatory minimum for well capitalized status of 10%. Dividend On November 27, 2013 , Univest declared a quarterly cash dividend of $0.20 per share, payable on January 2, 2014 . This represented a 3.88% annualized yield based on the closing price of Univest's stock on the date the dividend was paid. About Univest Corporation of Pennsylvania Univest Corporation of Pennsylvania (UVSP), including its wholly-owned subsidiary, Univest Bank and Trust Co., has $2.2 billion in assets and $2.6 billion in assets under management and supervision through its Wealth Management lines of business. 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 40 offices in southeastern Pennsylvania extending to the Lehigh Valley , 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 banking 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) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce net interest margins; (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 which 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 December 31, 2013 (Dollars in thousands) Balance Sheet (Period End) 12/31/13 09/30/13 06/30/13 03/31/13 12/31/12 Assets $ 2,191,559 $ 2,252,996 $ 2,255,601 $ 2,263,036 $ 2,304,841 Investment securities 402,284 462,573 485,460 508,751 499,579 Loans held for sale 2,267 3,489 3,609 3,606 4,530 Loans and leases held for investment, gross 1,541,484 1,526,241 1,499,993 1,487,375 1,481,862 Allowance for loan and lease losses 24,494 24,835 24,718 25,222 24,746 Loans and leases held for investment, net 1,516,990 1,501,406 1,475,275 1,462,153 1,457,116 Total deposits 1,844,498 1,889,046 1,873,051 1,814,610 1,865,333 Noninterest-bearing deposits 411,714 394,983 398,906 380,447 368,948 NOW, money market and savings 1,161,995 1,204,281 1,175,129 1,127,643 1,164,874 Time deposits 270,789 289,782 299,016 306,520 331,511 Borrowings 37,256 46,733 66,007 124,895 117,276 Shareholders' equity 280,506 274,754 279,588 284,784 284,277 Balance Sheet (Average) For the three months ended, For the twelve months ended, 12/31/13 09/30/13 06/30/13 03/31/13 12/31/12 12/31/13 12/31/12 Assets $ 2,208,995 $ 2,233,124 $ 2,251,298 $ 2,233,147 $ 2,264,863 $ 2,231,333 $ 2,208,493 Investment securities 447,672 479,442 495,154 497,032 499,017 479,689 470,473 Loans and leases, gross 1,527,330 1,506,850 1,478,309 1,484,043 1,478,156 1,499,351 1,465,448 Deposits 1,858,905 1,875,578 1,812,100 1,790,108 1,823,707 1,833,358 1,761,676 Shareholders' equity 275,983 280,245 284,491 285,558 286,980 281,539 282,286 Asset Quality Data (Period End) 12/31/13 09/30/13 06/30/13 03/31/13 12/31/12 Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases $ 23,235 $ 23,974 $ 25,207 $ 28,887 $ 32,132 Accruing loans and leases 90 days or more past due 413 1,954 521 366 441 Accruing troubled debt restructured loans and leases 7,943 14,106 13,696 13,037 13,457 Other real estate owned 1,650 1,650 1,650 3,616 1,607 Nonperforming assets 33,241 41,684 41,074 45,906 47,637 Allowance for loan and lease losses 24,494 24,835 24,718 25,222 24,746 Nonaccrual loans and leases / Loans and leases held for investment 1.51% 1.57% 1.68% 1.94% 2.17% Nonperforming loans and leases / Loans and leases held for investment 2.05% 2.62% 2.63% 2.84% 3.11% Allowance for loan and lease losses / Loans and leases held for investment 1.59% 1.63% 1.65% 1.70% 1.67% Allowance for loan and lease losses / Nonaccrual loans and leases held for investment 105.42% 103.59% 98.06% 87.31% 77.01% Allowance for loan and lease losses / Nonperforming loans and leases held for investment 77.53% 62.03% 62.70% 59.64% 53.76% For the three months ended, For the twelve months ended, 12/31/13 09/30/13 06/30/13 03/31/13 12/31/12 12/31/13 12/31/12 Net loan and lease charge-offs $ 1,955 $ 3,977 $ 3,950 $ 1,598 $ 4,732 $ 11,480 $ 15,159 Net loan and lease charge-offs (annualized)/Average loans and leases 0.51% 1.05% 1.07% 0.44% 1.27% 0.77% 1.03% Univest Corporation of Pennsylvania Consolidated Selected Financial Data December 31, 2013 (Dollars in thousands, except per share data) For the three months ended, For the twelve months ended, For the period: 12/31/13 09/30/13 06/30/13 03/31/13 12/31/12 12/31/13 12/31/12 Interest income $ 19,172 $ 19,457 $ 19,461 $ 19,489 $ 19,988 $ 77,579 $ 80,654 Interest expense 1,080 1,138 1,353 1,546 1,838 5,117 8,174 Net interest income 18,092 18,319 18,108 17,943 18,150 72,462 72,480 Provision for loan and lease losses 1,614 4,094 3,446 2,074 2,382 11,228 10,035 Net interest income after provision 16,478 14,225 14,662 15,869 15,768 61,234 62,445 Noninterest income: Trust fee income 2,054 1,736 1,779 1,734 1,902 7,303 6,777 Service charges on deposit accounts 1,118 1,149 1,098 1,086 1,128 4,451 4,429 Investment advisory commission and fee income 1,769 1,536 1,811 1,701 1,407 6,817 5,363 Insurance commission and fee income 2,391 2,513 2,598 2,718 2,078 10,220 8,531 Bank owned life insurance income 496 1,555 413 504 365 2,968 2,670 Net gain on sales of investment securities 439 1,426 1,339 185 14 3,389 292 Net gain on mortgage banking activities 476 935 1,416 1,696 1,571 4,523 6,088 Net gain (loss) on sales and write downs of other real estate owned 176 198 252 -- (181) 626 (1,904) Loss on termination of interest rate swap -- -- (1,866) -- -- (1,866) -- Other income 2,197 2,154 2,151 1,851 2,094 8,353 8,014 Total noninterest income 11,116 13,202 10,991 11,475 10,378 46,784 40,260 Noninterest expense: Salaries and benefits 10,542 9,761 9,359 9,860 9,121 39,522 37,306 Commissions 1,983 2,026 2,388 2,115 2,042 8,512 6,981 Premises and equipment 2,836 2,697 2,620 2,581 2,664 10,734 10,202 Deposit insurance premiums 380 381 400 392 410 1,553 1,689 Restructuring charges -- (5) -- 539 -- 534 -- Other expense 5,882 5,128 4,519 4,749 5,475 20,278 20,104 Total noninterest expense 21,623 19,988 19,286 20,236 19,712 81,133 76,282 Income before taxes 5,971 7,439 6,367 7,108 6,434 26,885 26,423 Income taxes 1,049 1,400 1,537 1,710 1,358 5,696 5,551 Net income $ 4,922 $ 6,039 $ 4,830 $ 5,398 $ 5,076 $ 21,189 $ 20,872 Per common share data: Book value per share $ 17.22 $ 16.87 $ 16.76 $ 16.99 $ 16.95 $ 17.22 $ 16.95 Net income per share: Basic $ 0.30 $ 0.36 $ 0.29 $ 0.32 $ 0.30 $ 1.28 $ 1.25 Diluted $ 0.30 $ 0.36 $ 0.29 $ 0.32 $ 0.30 $ 1.27 $ 1.24 Dividends declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.80 $ 0.80 Weighted average shares outstanding 16,283,466 16,657,916 16,696,362 16,788,152 16,765,199 16,605,232 16,761,184 Period end shares outstanding 16,287,812 16,288,597 16,683,009 16,762,695 16,770,232 16,287,812 16,770,232 Univest Corporation of Pennsylvania Consolidated Selected Financial Data December 31, 2013 For the three months ended, For the twelve months ended, Profitability Ratios (annualized) 12/31/13 09/30/13 06/30/13 03/31/13 12/31/12 12/31/13 12/31/12 Return on average assets 0.88% 1.07% 0.86% 0.98% 0.89% 0.95% 0.95% Return on average shareholders' equity 7.08% 8.55% 6.81% 7.67% 7.04% 7.53% 7.39% Net interest margin (FTE) 3.82% 3.83% 3.78% 3.82% 3.80% 3.81% 3.89% Efficiency ratio (1) 70.43% 59.53% 63.24% 65.61% 65.93% 64.59% 64.09% Capitalization Ratios Dividends declared to net income 66.17% 55.24% 69.05% 62.21% 66.06% 62.70% 64.25% Shareholders' equity to assets (Period End) 12.80% 12.20% 12.40% 12.58% 12.33% 12.80% 12.33% Tangible common equity to tangible assets 10.10% 9.55% 9.76% 10.08% 9.88% 10.10% 9.88% Regulatory Capital Ratios (Period End) (2) Tier 1 leverage ratio 10.85% 10.63% 10.61% 11.71% 11.47% 10.85% 11.47% Tier 1 risk-based capital ratio 12.63% 12.47% 12.67% 14.10% 14.35% 12.63% 14.35% Total risk-based capital ratio 13.90% 13.73% 13.95% 15.37% 15.62% 13.90% 15.62% (1) Total operating expenses to net interest income before loan loss provision plus non-interest income adjusted for tax equivalent income. (2) In accordance with regulatory guidance, the trust preferred securities were removed from Tier 1 Capital at June 30, 2013 . Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential For the Three Months Ended December 31 , Tax Equivalent Basis 2013 2012 Average Balance Income/ Expense Average Rate Average Balance Income/ Expense Average Rate Assets: Interest-earning deposits with other banks $ 30,412 $ 20 0.26% $ 43,538 $ 43 0.39% U.S. Government obligations 161,491 421 1.03 173,458 519 1.19 Obligations of state and political subdivisions 111,705 1,489 5.29 121,062 1,577 5.18 Other debt and equity securities 174,476 816 1.86 204,497 844 1.64 Total interest-earning deposits and investments 478,084 2,746 2.28 542,555 2,983 2.19 Commercial, financial, and agricultural loans 379,539 3,865 4.04 447,619 4,944 4.39 Real estateŚcommercial and construction loans 598,065 6,971 4.62 533,178 6,809 5.08 Real estateŚresidential loans 275,158 2,542 3.67 260,787 2,555 3.90 Loans to individuals 41,496 608 5.81 42,844 624 5.79 Municipal loans and leases 162,187 2,026 4.96 132,187 1,781 5.36 Lease financings 70,885 1,643 9.20 61,541 1,465 9.47 Gross loans and leases 1,527,330 17,655 4.59 1,478,156 18,178 4.89 Total interest-earning assets 2,005,414 20,401 4.04 2,020,711 21,161 4.17 Cash and due from banks 32,149 73,812 Reserve for loan and lease losses (25,198) (27,988) Premises and equipment, net 33,965 33,625 Other assets 162,665 164,703 Total assets $ 2,208,995 $ 2,264,863 Liabilities: Interest-bearing checking deposits $ 312,641 $ 45 0.06 $ 236,752 $ 39 0.07 Money market savings 324,564 83 0.10 370,894 118 0.13 Regular savings 534,114 79 0.06 523,569 156 0.12 Time deposits 278,005 865 1.23 339,901 1,194 1.40 Total time and interest-bearing deposits 1,449,324 1,072 0.29 1,471,116 1,507 0.41 Short-term borrowings 42,220 8 0.08 101,607 31 0.12 Subordinated notes and capital securities -- -- -- 21,365 300 5.59 Total borrowings 42,220 8 0.08 122,972 331 1.07 Total interest-bearing liabilities 1,491,544 1,080 0.29 1,594,088 1,838 0.46 Demand deposits, non-interest bearing 409,581 352,591 Accrued expenses and other liabilities 31,887 31,204 Total liabilities 1,933,012 1,977,883 Shareholders' Equity: Common stock 91,332 91,332 Additional paid-in capital 65,224 64,769 Retained earnings and other equity 119,427 130,879 Total shareholders' equity 275,983 286,980 Total liabilities and shareholders' equity $ 2,208,995 $ 2,264,863 Net interest income $ 19,321 $ 19,323 Net interest spread 3.75 3.71 Effect of net interest-free funding sources 0.07 0.09 Net interest margin 3.82% 3.80% Ratio of average interest-earning assets to average interest-bearing liabilities 134.45% 126.76% Notes: For rate calculation purposes, average loan and lease categories include 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 December 31, 2013 and 2012 have been calculated using the Corporation's federal applicable rate of 35.0%. Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential For the Twelve Months Ended December 31 , Tax Equivalent Basis 2013 2012 Average Balance Income/ Expense Average Rate Average Balance Income/ Expense Average Rate Assets: Interest-earning deposits with other banks $ 46,469 $ 126 0.27% $ 52,387 $ 164 0.31% U.S. Government obligations 172,414 1,870 1.08 154,715 2,038 1.32 Obligations of state and political subdivisions 118,235 6,263 5.30 119,993 6,669 5.56 Other debt and equity securities 189,040 3,562 1.88 195,765 3,913 2.00 Total interest-earning deposits and investments 526,158 11,821 2.25 522,860 12,784 2.45 Commercial, financial, and agricultural loans 403,993 16,958 4.20 445,883 19,367 4.34 Real estateŚcommercial and construction loans 577,230 27,546 4.77 530,633 27,550 5.19 Real estateŚresidential loans 261,704 9,896 3.78 253,486 10,373 4.09 Loans to individuals 42,339 2,392 5.65 43,562 2,480 5.69 Municipal loans and leases 145,463 7,360 5.06 133,212 7,231 5.43 Lease financings 68,622 6,381 9.30 58,672 5,709 9.73 Gross loans and leases 1,499,351 70,533 4.70 1,465,448 72,710 4.96 Total interest-earning assets 2,025,509 82,354 4.07 1,988,308 85,494 4.30 Cash and due from banks 32,854 49,362 Reserve for loan and lease losses (25,519) (30,771) Premises and equipment, net 33,197 34,079 Other assets 165,292 167,515 Total assets $ 2,231,333 $ 2,208,493 Liabilities: Interest-bearing checking deposits $ 286,487 $ 164 0.06 $ 230,031 $ 177 0.08 Money market savings 319,958 314 0.10 330,839 509 0.15 Regular savings 536,701 313 0.06 510,005 790 0.15 Time deposits 299,792 3,795 1.27 363,225 5,162 1.42 Total time and interest-bearing deposits 1,442,938 4,586 0.32 1,434,100 6,638 0.46 Short-term borrowings 72,211 48 0.07 108,023 326 0.30 Long-term debt -- -- -- 109 4 3.67 Subordinated notes and capital securities 10,710 483 4.51 21,921 1,206 5.50 Total borrowings 82,921 531 0.64 130,053 1,536 1.18 Total interest-bearing liabilities 1,525,859 5,117 0.34 1,564,153 8,174 0.52 Demand deposits, non-interest bearing 390,420 327,576 Accrued expenses and other liabilities 33,515 34,478 Total liabilities 1,949,794 1,926,207 Shareholders' Equity: Common stock 91,332 91,332 Additional paid-in capital 64,874 64,517 Retained earnings and other equity 125,333 126,437 Total shareholders' equity 281,539 282,286 Total liabilities and shareholders' equity $ 2,231,333 $ 2,208,493 Net interest income $ 77,237 $ 77,320 Net interest spread 3.73 3.78 Effect of net interest-free funding sources 0.08 0.11 Net interest margin 3.81% 3.89% Ratio of average interest-earning assets to average interest-bearing liabilities 132.75% 127.12% Notes: For rate calculation purposes, average loan and lease categories include 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 twelve months ended December 31, 2013 and 2012 have been calculated using the Corporation's federal applicable rate of 35.0%. CONTACT: Mike Keim UNIVEST CORPORATION OF PENNSYLVANIA Chief Financial Officer 215-721-2511, keimm@univest.net Source: Univest Corporation of Pennsylvania


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