Univest Corp. of Pennsylvania (UVSP, Financial) filed Quarterly Report for the period ended 2012-06-30.
Univest Corp. Of Pa has a market cap of $276.5 million; its shares were traded at around $16.15 with a P/E ratio of 13.5 and P/S ratio of 2.3. The dividend yield of Univest Corp. Of Pa stocks is 4.9%.
Noninterest income for the three months ended June 30, 2012 was $8.0 million, a decrease of $696 thousand or 8% from the comparable period in the prior year. The three months ended June 30, 2012 included a fair value write-down on one other real estate owned property of $1.1 million based upon the current appraised value of the commercial property. During the three months ended June 30, 2011, the net loss on sales and write-downs of other real estate owned was $265 thousand. Service charges on deposits declined $277 thousand during the three months ended June 30, 2012 from the same period in 2011. This decline is primarily due to changes in industry practices to benefit consumers related to non-sufficient funds and overdraft fees, which were implemented in July 2011. In addition, the net gain on sales of securities was $24 thousand for the three months ended June 30, 2012 compared to $569 thousand during the same period in 2011. Partially offsetting these unfavorable variances was an increase in the net gain on mortgage banking activities of $746 thousand which was primarily attributed to stronger mortgage demand from increased re-finance activity.
Noninterest income for the six months ended June 30, 2012 was $19.0 million, an increase of $2.6 million or 16% compared to $16.5 million for the six months ended June 30, 2011. The increase was primarily attributable to an increase in the net gain on mortgage banking activities of $2.0 million due to stronger mortgage demand from increased re-finance activity and proceeds from bank owned life insurance death benefits of $989 thousand recognized during the first three months of 2012. These favorable variances were partially offset by an increase in the net loss on sales and write-downs of other real estate owned of $485 thousand and a decline in service charges on deposits of $513 thousand. The decline in service charges on deposits is primarily due to changes in industry practices to benefit consumers.
Total investments decreased by $32.1 million at June 30, 2012 compared to December 31, 2011. Maturities and pay-downs of $40.8 million, calls of $40.2 million, and sales of $57.2 million, were partially offset by purchases of $106.5 million.
Other real estate owned decreased to $3.9 million, consisting of three properties, at June 30, 2012, down from $6.6 million at December 31, 2011. During the six months ended June 30, 2012, one property with a carrying value of $1.3 million was sold for $1.5 million resulting in a gain on sale of $210 thousand. In addition, two properties were written down to their updated appraised values, resulting in impairment charges totaling $1.3 million, which were included in earnings for the six months ended June 30, 2012.
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Univest Corp. Of Pa has a market cap of $276.5 million; its shares were traded at around $16.15 with a P/E ratio of 13.5 and P/S ratio of 2.3. The dividend yield of Univest Corp. Of Pa stocks is 4.9%.
Highlight of Business Operations:
Net interest income on a tax-equivalent basis for the three months ended June 30, 2012 decreased $824 thousand, or 4% compared to the same period in 2011. The tax-equivalent net interest margin for the three months ended June 30, 2012 decreased 27 basis points to 3.97% from 4.24% for the three months ended June 30, 2011. Net interest income on a tax-equivalent basis for the six months ended June 30, 2012 decreased $1.4 million, or 4% compared to the same period in 2011. The tax-equivalent net interest margin for the six months ended June 30, 2012 decreased 28 basis points to 3.96% from 4.24% for the six months ended June 30, 2011. The declines in net interest income and the net interest margin were primarily due to the re-investment of maturing and called investment securities with lower yielding investments, as a result of the lower interest rate environment and lower rates on commercial loans due to re-pricing and competitive pressures. The decline in net interest income and net interest margin was partially offset by re-pricing of certificates of deposits and savings account products. The net interest margin also declined from excess cash funds invested in low rate, interest-earning deposits as credit demand remains light and the Corporation continues to keep the investment portfolio short-term. Average year-to-date, interest-earning deposits with the Federal Reserve Bank increased $41.5 million from the comparable period in the prior year.Noninterest income for the three months ended June 30, 2012 was $8.0 million, a decrease of $696 thousand or 8% from the comparable period in the prior year. The three months ended June 30, 2012 included a fair value write-down on one other real estate owned property of $1.1 million based upon the current appraised value of the commercial property. During the three months ended June 30, 2011, the net loss on sales and write-downs of other real estate owned was $265 thousand. Service charges on deposits declined $277 thousand during the three months ended June 30, 2012 from the same period in 2011. This decline is primarily due to changes in industry practices to benefit consumers related to non-sufficient funds and overdraft fees, which were implemented in July 2011. In addition, the net gain on sales of securities was $24 thousand for the three months ended June 30, 2012 compared to $569 thousand during the same period in 2011. Partially offsetting these unfavorable variances was an increase in the net gain on mortgage banking activities of $746 thousand which was primarily attributed to stronger mortgage demand from increased re-finance activity.
Noninterest income for the six months ended June 30, 2012 was $19.0 million, an increase of $2.6 million or 16% compared to $16.5 million for the six months ended June 30, 2011. The increase was primarily attributable to an increase in the net gain on mortgage banking activities of $2.0 million due to stronger mortgage demand from increased re-finance activity and proceeds from bank owned life insurance death benefits of $989 thousand recognized during the first three months of 2012. These favorable variances were partially offset by an increase in the net loss on sales and write-downs of other real estate owned of $485 thousand and a decline in service charges on deposits of $513 thousand. The decline in service charges on deposits is primarily due to changes in industry practices to benefit consumers.
Total investments decreased by $32.1 million at June 30, 2012 compared to December 31, 2011. Maturities and pay-downs of $40.8 million, calls of $40.2 million, and sales of $57.2 million, were partially offset by purchases of $106.5 million.
Other real estate owned decreased to $3.9 million, consisting of three properties, at June 30, 2012, down from $6.6 million at December 31, 2011. During the six months ended June 30, 2012, one property with a carrying value of $1.3 million was sold for $1.5 million resulting in a gain on sale of $210 thousand. In addition, two properties were written down to their updated appraised values, resulting in impairment charges totaling $1.3 million, which were included in earnings for the six months ended June 30, 2012.
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