United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For The Period Ended September 30, 1995
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the Transition Period From to
Commission File Number 0-7617
UNIVEST CORPORATION OF PENNSYLVANIA
(Exact name of registrant as specified in its charter)
Pennsylvania 23-1886144
(State or other jurisdiction of (IRS Employer I.D. No.)
incorporation of organization)
10 West Broad Street, Souderton, Pennsylvania 18964
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code (215) 721-2400
Not applicable
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No .
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
Common Stock, $5 par value 3,137,016
(Title of Class) (Number of shares outstanding at 9/30/95)
UNIVEST CORPORATION OF PENNSYLVANIA AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1. Financial Information
The consolidated financial statements include the accounts of Univest
Corporation of Pennsylvania (Univest) and its wholly owned subsidiaries,
including Union National Bank and Trust Company (Union) and Pennview
Savings Bank (Pennview), collectively referred to herein as the "Banks".
The condensed consolidated financial statements included herein have been
prepared without audit pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations. The
accompanying condensed consolidated financial statements reflect all
adjustments which are, in the opinion of management, necessary to present a
fair statement of the results and condition for the interim periods
presented. It is suggested that these condensed financial statements be
read in conjunction with the financial statements and the notes thereto
included in the registrant's Annual Report on Form 10-K for the year ended
December 31, 1994, which has been filed with the Securities and Exchange
Commission.
<TABLE>
UNIVEST CORPORATION OF PENNSYLVANIA AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<CAPTION>
(UNAUDITED) (SEE NOTE)<F1>
SEPTEMBER 30, 1995 DECEMBER 31, 1994
<S> <C> <C>
ASSETS
CASH AND DUE FROM BANKS $35,520 $35,177
INVESTMENT SECURITIES HELD-TO-MATURITY 173,603 172,227
(MARKET VALUE $174,117 AT 9/30/95
AND $168,106 AT 12/31/94)
INVESTMENT SECURITIES AVAILABLE-FOR-SALE 23,541 30,335
FEDERAL FUNDS SOLD AND OTHER
SHORT TERM INVESTMENTS 3,741 6,848
LOANS 591,148 580,779
LESS: RESERVE FOR POSSIBLE LOAN LOSSES (9,037) (8,876)
-------- --------
NET LOANS 582,111 571,903
OTHER ASSETS 32,586 30,664
-------- --------
TOTAL ASSETS $851,102 $847,154
======== ========
LIABILITIES
DEMAND DEPOSITS, NON INTEREST BEARING $106,029 $104,404
DEMAND DEPOSITS, INTEREST BEARING 137,410 155,636
REGULAR SAVINGS DEPOSITS 121,386 126,975
TIME DEPOSITS 339,269 312,058
-------- ---------
TOTAL DEPOSITS 704,094 699,073
SHORT-TERM BORROWINGS 42,576 44,923
OTHER LIABILITIES 12,620 13,562
LONG-TERM DEBT 4,085 9,438
-------- ---------
TOTAL LIABILITIES 763,375 766,996
SHAREHOLDERS' EQUITY
COMMON STOCK 15,717 15,717
ADDITIONAL PAID-IN CAPITAL 8,090 8,090
RETAINED EARNINGS 64,065 56,983
NET UNREALIZED SECURITIES GAINS (LOSSES) 5 (482)
TREASURY STOCK (150) (150)
-------- ---------
TOTAL SHAREHOLDERS' EQUITY 87,727 80,158
-------- ---------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $851,102 $847,154
======== =========
<FN>
<F1>NOTE: THE BALANCE SHEET AT DECEMBER 31, 1994 HAS BEEN DERIVED FROM THE AUDITED
FINANCIAL STATEMENTS AT THAT DATE BUT DOES NOT INCLUDE ALL OF THE INFORMATION AND
FOOTNOTES REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR COMPLETE FINANCIAL
STATEMENTS.
</TABLE>
<TABLE>
UNIVEST CORPORATION OF PENNSYLVANIA AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
(SEE NOTE) <F1>
FOR THE QUARTER FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
1995 1994 1995 1994
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
INTEREST INCOME
INTEREST AND FEES ON LOANS
TAXABLE INTEREST AND FEES ON LOANS $12,543 $11,781 $36,839 $34,075
EXEMPT FROM FEDERAL INCOME TAXES 477 484 1,457 1,411
------- ------- ------- -------
TOTAL INTEREST AND FEES ON LOANS 13,020 12,265 38,296 35,486
INTEREST AND DIVIDENDS ON
INVESTMENT SECURITIES 2,887 1,838 8,462 5,111
OTHER INTEREST INCOME 144 242 437 409
------- ------- ------- -------
TOTAL INTEREST INCOME 16,051 14,345 47,195 41,006
------- ------- ------- -------
INTEREST EXPENSE
INTEREST ON DEPOSITS 6,157 4,917 17,703 14,093
OTHER INTEREST EXPENSE 444 474 1,476 1,338
------- ------- ------- -------
TOTAL INTEREST EXPENSE 6,601 5,391 19,179 15,431
------- ------- ------- -------
NET INTEREST INCOME 9,450 8,954 28,016 25,575
PROVISION FOR LOAN LOSSES 500 345 1,345 1,635
------- ------- ------- -------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 8,950 8,609 26,671 23,940
------- ------- ------- -------
OTHER INCOME 1,407 1,434 4,519 4,213
LOSSES ON SALES OF SECURITIES (1) (27)
------- ------ ------- -------
TOTAL OTHER INCOME 1,407 1,434 4,518 4,186
OTHER EXPENSES
SALARIES AND BENEFITS 3,187 3,112 9,849 9,277
OTHER EXPENSES 2,680 3,076 8,741 8,434
------- ------- ------- ------
TOTAL OTHER EXPENSES 5,867 6,188 18,590 17,711
------- ------- ------- ------
INCOME BEFORE INCOME TAXES 4,490 3,855 12,599 10,415
APPLICABLE INCOME TAXES 1,418 1,195 3,917 3,202
------- ------- ------- ------
NET INCOME $3,072 $2,660 $8,682 $7,213
======= ======= ======= ======
PER COMMON SHARE DATA (1):
NET INCOME $0.98 $0.85 $2.77 $2.30
CASH DIVIDENDS DECLARED $0.17 $0.15 $0.51 $0.45
<FN>
<F1>PER SHARE INFORMATION IS BASED ON THE WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUSTANDING OF 3,137,016 FOR BOTH PERIODS.
</TABLE>
<TABLE>
UNIVEST CORPORATION OF PENNSYLVANIA
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
<CAPTION>
9 MONTHS 9 MONTHS
ENDED ENDED
SEPT 30, 1995 SEPT 30, 1994
<S> <C> <C>
Cash flows from operating activitites
Net income $8,682 $7,213
Adjustments to reconcile net income to net cash provided
by operating activities:
Provision for loan losses in excess of net charge-offs 161 2,175
Depreciation of premises and equipment 1,233 1,132
(Discount accretion) premium amortization on
investment securities (227) 303
Deferred income tax (117) (744)
Realized loss on investment securities 1 27
Realized (gains) losses on sales of mortgages (72) 17
Decrease in net deferred loan fees (245) (466)
Increase in interest receivable and other assets (413) (2,050)
(Decrease) increase in accrued expenses and other liabilities (672) 4,295
-------- --------
Net cash provided by operating activities 8,331 11,902
Cash flows from investing activities
Proceeds from maturing time deposits 83 1,816
Proceeds from sales of securities available for sale 3,002 7,246
Proceeds from maturing securities held to maturity 36,966 19,986
Proceeds from maturing securities available for sale 5,680 23,115
Purchases of investment securities held to maturity (38,179) (59,556)
Purchases of investment securities available for sale (1,166) (12,567)
Net decrease (increase) in federal funds sold and other
short-term investments 3,107 (9,442)
Net decrease in loans held for sale - 7,942
Proceeds from sales of mortgages 6,161 13,942
Net increase in loans (16,213) (30,221)
Capital expenditures (2,742) (2,290)
-------- -------
Net cash used in investing activities (3,301) (40,029)
Cash flows from financing activities
Assumption of deposits - 10,608
Net increase in deposits 5,021 9,747
Net (decrease) increase in short-term borrowings (2,347) 12,079
Cash dividends (2,008) (1,819)
Repayments of long-term debt (5,353) (816)
-------- -------
Net cash (used in) provided by financing activities (4,687) 29,799
Net increase in cash and due from banks 343 1,672
Cash and due from banks at beginning of period 35,177 34,702
-------- -------
Cash and due from banks at end of period $35,520 $36,374
======== =======
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $17,771 $15,335
Income taxes $3,540 $3,552
</TABLE>
Management's Discussion and Analysis
of Financial Condition and
Results of Operations
Total assets increased approximately $3.9 million or 0.46% to $851.1
million at September 30, 1995 when compared to the $847.2 million at
December 31, 1994. The increase was due mainly to a $10.2 million increase
in net loans offset by decreases in the investment and federal funds sold
portfolios. Deposits grew by $5.0 million due to an increase of $27.2
million in time deposits, demand deposits decreased by $18.2 million. Long
term debt decreased by $5.0 million due to the redemption of outstanding
subordinated debt, which was incurred by the Corporation in 1990 to
partially finance the acquisition of Pennview Savings Bank.
Shareholders' equity increased 9.35% or $7.5 million from $80.2
million at December 31, 1994 to $87.7 million at September 30, 1995. Cash
dividends increased $0.06 per share from $0.45 for the nine months ended
September 30, 1994 to $0.51 for the nine months ended September 30, 1995.
Net income for the three months ended September 30, 1995 grew $0.4
million or 14.8% from $2.7 million at September 30, 1994 to $3.1 million at
September 30, 1995. For the nine months ended September 30, 1995 net
income increased $1.5 million or 20.8% from $7.2 million at September 30,
1994 to $8.7 million at September 30, 1995. Increases in both periods were
due mainly to increased net interest income.
Interest and fees on loans grew from $12.3 million for the three
months ended September 30, 1994 to $13.0 million for the three months ended
September 30, 1995, an increase of $0.7 million or 5.69%. For the nine
months ended September 30, 1995 interest and fees on loans increased to
$38.3 million as compared to $35.5 million at September 30, 1994,
representing an increase of $2.8 million or 7.89%. The increase for both
periods was due to prime rate increases. The prime rate increased
throughout 1994 and into early 1995 from 6.00% at January 1, 1994 to 9.00%
at July 7, 1995 when it decreased to 8.75%. Repricing of adjustable rate
residential real estate loans and increased volume also contributed to the
increase.
Interest income on investment securities increased $1.1 million or
61.1% from $1.8 million for the three months ended September 30, 1994 to
$2.9 million for the three months ended September 30, 1995. Interest on
investment securities also grew from $5.1 million for the nine month period
ended September 30, 1994 to $8.5 million for the nine month period ended
September 30, 1995, an increase of $3.4 million or 66.7%. The increase in
both periods is attributed to increased yields and volume.
Other interest income consists mainly of income received on federal
funds sold, which is the resulting daily investment activity that can be
volatile on both interest yield and volume. Third quarter 1995 shows
income of $144 thousand as compared to $242 thousand for third quarter
1994. For the nine months ended September 30, 1995 income of $437 thousand
was recorded as compared to $409 thousand for the same period in 1994. The
decrease for the three months ended September 30, 1995 was mainly due to
lower volume and the increase for the nine months due mainly to increased
yields.
Interest expense increased $1.2 million or 22.2% to $6.6 million for
the three months ended September 30, 1995 when compared to the $5.4 million
recorded for the same period in 1994. For the nine month period ended
September 30, 1995 interest expense increased $3.7 million or 24.0% to
$19.1 million when compared to the $15.4 million shown for the nine months
ended September 30, 1994. The increases were mainly due to increased rates
and volumes on certificates of deposit. Third quarter 1995 increase was
offset slightly by a decrease in interest expense due to the redemption of
outstanding subordinated debt of $5.0 million during the third quarter of
1995.
The asset/liability management process continues with its goal of
providing stable reliable earnings through varying interest rate
environments. Net interest income is the amount by which interest income
on earning assets exceeds interest paid on interest bearing liabilities.
The amount of net interest income is affected by changes in interest rates,
account balances or volume, and the mix of earning assets and interest
bearing liabilities. Nine months ended September 30, 1995 shows $28.0
million in net interest income which is $2.4 million or 9.4% higher than
the $25.6 million for the same period in 1994. A positive gap position is
maintained on a cumulative basis at three months and longer. For the nine
months period ended September 30, 1995 increases in net interest income
resulted from rate rather than volume because the net interest spread for
the period increased 6 basis points and the net interest margin increased
by 22 basis points when compared to the nine months ended September 30,
1994.
The following demonstrates the aforementioned effects:
<TABLE>
<CAPTION>
NINE MONTHS ENDED
9/30/95 9/30/94
AVG. BALANCE RATE AVG. BALANCE RATE
<S> <C> <C> <C> <C>
Interest Earning Assets $788,868 7.98% $753,904 7.25%
Interest Bearing Liabilities $642,141 3.98% $620,931 3.31%
Net Interest Income $ 28,016 $ 25,575
Net Interest Spread 4.00% 3.94%
Net Interest Margin 4.74% 4.52%
</TABLE>
The Corporation uses interest-rate swap agreements to effectively
convert a portion of its floating rate commercial loans to a fixed rate
basis, thus reducing the impact of interest changes on future income.
During the third quarter of 1995 the Corporation entered into an interest
rate swap with a notional amount of $10 million which matures in August
1997, and which provides for the Corporation to pay a floating rate based
on the prime rate and to receive a fixed rate of 8.75%.
ASSET QUALITY
Management believes the allowance for loan losses is maintained at a
level which is adequate to absorb potential losses in the loan portfolio.
Management's methodology to determine the adequacy of and the provisions to
the allowance considers specific credit reviews, past loan loss experience,
current economic conditions and trends, and the volume, growth and
composition of the loan portfolio.
The allowance for loan losses is determined through a quarterly
evaluation of reserve adequacy which takes into consideration the growth of
the loan portfolio, the status of past-due loans, current economic
conditions, various types of lending activity, policies, real estate and
other loan commitments, and significant change in the charge-off activity.
Loans are also reviewed for impairment based on discounted cash flows
using the loans initial effective interest rate or the fair value of the
collateral for certain collateral dependent loans as provided for under FAS
114, which was adopted by the Corporation effective January 1, 1995. Any
of the above criteria may cause the provision to fluctuate. For the three
and nine months ended September 30, 1995 the provisions for loan losses
were $500 thousand and $1.3 million respectively. For the three and nine
month periods ended September 30, 1994 the provisions were $345 thousand
and $1.6 million respectively.
Effective January 1, 1995, the Corporation adopted Financial
Accounting Standards Board Statement No. 114, "Accounting by Creditors for
Impairment of a Loan." Under the new standard, the 1995 allowance for
credit losses related to loans that are identified as impaired in
accordance with Statement 114 is based on discounted cash flows using the
loan's initial effective rate or the fair value of collateral for certain
collateral dependent loans. Prior to 1995 the allowance for credit losses
related to these loans was based on undiscounted cash flows or the fair
value of the collateral for collateral dependent loans. At September 30,
1995 the recorded investment in loans that are considered to be impaired
under Statement 114 was $3.4 million (all of which were on a nonaccrual
basis); the related allowance for credit losses for those loans is $595
thousand. All loans considered impaired at September 30, 1995 have an
allowance for credit loss. For the nine months ended September 30, 1995
the Corporation recognized $134 thousand in interest income on those
impaired loans.
Generally, a loan (including a loan impaired under Statement 114) is
classified as nonaccrual and the accrual of interest on such loan is
discontinued when the contractual payment of principal or interest has
become 90 days due or management has serious doubts about the further
collectibility of principal or interest, even though the loan is currently
performing. A loan may remain on accrual status if it is in the process of
collection and is either guaranteed or well secured. When a loan is placed
on nonaccrual status, unpaid interest credited to income in the current
year is reversed and unpaid interest accrued in prior years is charged
against "other expense." Interest received on nonaccrual loans generally
is either applied against principal or reported as interest income,
according to management's judgment as to the collectibility of principal.
Generally, loans are restored to accrual status when the obligation is
brought current, has performed in accordance with the contractual terms for
a reasonable periods of time and the ultimate collectibility of the total
contractual principal and interest is no longer in doubt. Total cash basis
and nonaccrual loans at September 30, 1995 are $5.3 million and consist
mainly of real estate related commercial loans. Cash basis and nonaccrual
loans at September 30, 1994 aggregated $8.1 million. For the quarter ended
September 30, 1995 nonaccrual loans resulted in lost interest income of
$103 thousand as compared to $216 thousand for the three months ended
September 30, 1994. For the nine months ended September 30, 1995 lost
interest income totaled $429 thousand as compared to $600 thousand for the
same period in 1994. At September 30, 1995 the Corporation had no material
commitments to lend additional funds with respect to nonperforming loans.
In management's evaluation of the loan portfolio risks, any significant
future increases in nonperforming loans are dependent to a large extent on
the economic environment. The ratio of the reserve for loan losses to
total loans at September 30, 1995 and December 31, 1994 is 1.53%.
At September 30, 1995 the Corporation has approximately $1.3 million
of Other Real Estate Owned ("OREO") consisting of two commercial properties
and one single family residence. This amount is recorded in "Other Assets"
at the lower of cost or fair market value in the accompanying consolidated
balance sheets. Included in other operating expenses for the nine months
ended September 30, 1995 were provisions for OREO write-down of $440
thousand as compared to $300 thousand for the nine months ended September
31, 1994.
Other income which is not interest related consists mainly of general
fee income, trust department commissions and other miscellaneous non-
recurring types of income. Since these types of income are not tied
directly to volume or rate structure, noticeable fluctuations may occur on
a quarterly basis. For the quarter ended September 30, 1995 and September
30, 1994 other income remained constant at $1.4 million. For the nine
months ended September 30, 1995 other income increased to $4.5 million from
the $4.2 million recorded for the same period in 1994. This increase was
primarily due to fluctuations in trust department income resulting from
improved investment performance and general fee income, offset slightly by
a decrease in commercial checking account fees resulting from a reduction
of the charge for federal insurance premiums being reduced from 23 basis
points to 4 basis points during the third quarter 1995.
Debt securities that the Corporation has both the positive intent and
ability to hold to maturity are carried at amortized cost. All other debt
securities and all marketable equity securities are classified as available-
for-sale or trading and carried at fair value. Unrealized holding gains
and losses on securities classified as available-for-sale are carried as a
separate component of shareholders' equity. Unrealized holding gains and
losses on securities classified as trading are reported in earnings. The
total debt and equity securities held in the available-for-sale account as
of September 30, 1995 is $23.5 million as compared to $30.3 million at
December 31, 1994. At September 30, 1995 a net unrealized gain of $5
thousand was recorded, compared to a net unrealized loss of $482 thousand
at December 31, 1994. This change was due to the increase in short-term
rates during the period.
Other expenses make up the operating costs of the Corporation,
including but not limited to salaries and benefits, equipment, data-
processing and occupancy costs. This category is usually referred to as
noninterest expense and receives ongoing management attention in an attempt
to contain and minimize the growth of the various expense categories, while
encouraging technological innovation in conjunction with the expansion of
the Corporation. The quarter ended September 30, 1995 totals $5.9 million,
which is 4.9% or $0.3 million less than the $6.2 million reported for the
third quarter 1994. The decrease is mainly due to the reduction of Federal
Deposit Insurance Corporation (FDIC) premiums paid by Union National Bank.
Due to the Bank Insurance Fund (BIF) reaching its 1.25% reserve
requirement, members of the BIF began paying premiums of 4 basis points on
insured deposits during the third quarter 1995. Previously the bank paid
23 basis points. This decrease in premium resulted in an expense reduction
of $0.3 million dollars during the third quarter 1995. This decrease was
offset by a $140 thousand dollar charge for an additional reserve on other
real estate owned. For the nine months ended September 30, 1995 other
expenses totaled $18.6 million, which is 5.1% or $0.9 million more than the
$17.7 million shown for the same period in 1994. The increase was due
mainly to normal salary and staff increases, and occupancy and equipment
expenses for four additional branch facilities opened since September 30,
1994. These categories will probably continue to increase in the future
due to plans to open two new branch facilities and move another to a larger
location during the fourth quarter 1995. Also, contributing to the
increase was additional real estate owned expense along with the loss
provisions to reflect the decline in the fair market value of the real
estate owned. Increases in legal, consulting and student loan processing
fees added to the increase, offset by the reduction in the FDIC premiums.
Spurred by pressures of the budget reconciliation process, both the
House and the Senate Banking Committees approved separate bills during the
week of September 18, 1995 that include, among other items, a special one-
time assessment to recapitalize the Savings Association Insurance Fund
(SAIF) of which Pennview Savings Bank is a member. This one-time
assessment of 85 basis points on insured deposits as of March 31, 1995 is
intended to recapitalize the SAIF to the required 1.25% of insured deposits
and could be payable in the fourth quarter of 1995 or early 1996. Should
the bill pass in its present form, the Corporation would be required to
make a charge to earnings of approximately $1.1 million. Succeeding
deposit premiums beginning in 1996 may be reduced from the current level of
23 basis points to 4.5 basis points which will benefit the Corporation in
future periods.
An income tax provision of $1.4 million is shown for the quarter ended
September 30, 1995 and $1.2 million for the quarter ended September 30,
1994 with effective tax rates of 31.6% and 31.0% respectively. For the
nine months ended September 30, 1995 the provision was $3.9 million as
compared to $3.2 million for the nine months ended September 30, 1994. The
effective tax rate for both periods was 31.0%
In May 1995, the Financial Accounting Standards Board issued FASB
Statement No. 122, "Accounting for Mortgage Servicing Rights" an amendment
of FASB 65, "Accounting for Certain Mortgage Banking Activities". FAS 122
requires that a mortgage banking enterprise recognize as separate assets
the rights to service mortgage loans for others regardless of how those
servicing rights are obtained (i.e., purchased or originated). Prior to
the application of FAS 122, originated mortgage servicing rights were not
recorded as assets. FAS 122 is applicable for transactions in fiscal years
beginning after December 15, 1995. Given the current volume of mortgage
loans being sold in the secondary market, with servicing retained, the
adoption of FAS 122 will not have a material impact on the operations of
the Corporation.
In July 1995, Union National Bank signed a definitive agreement for
the purchase of selected fixed assets and the assumption of deposit
liabilities of the North Wales branch of Sovereign Bank by Union National
Bank. Under the terms of the agreement, Union National Bank will pay a
premium of approximately $568 thousand to assume the deposit liabilities of
the branch and will purchase the furniture, fixtures and equipment of the
branch, aggregating approximately $14.0 million. Union National Bank will
also assume the obligations of the seller under the lease of the branch.
This transaction is expected to be consummated during fourth quarter 1995.
Part II. OTHER INFORMATION
Item 1. Legal Proceedings--None
Item 2. Changes in Securities--None
Item 3. Defaults upon Senior Securities--None
Item 4. Submission of Matters to a Vote of Security Holders--Not applicable
Item 5. Other Information--None
Item 6. Exhibits and Reports on Form 8-K--None
SIGNATURES
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 thereunto duly authorized.
Univest Corporation of Pennsylvania
Registrant
Date: 10/30/95
Merrill S. Moyer, Chairman
Date: 10/27/95
Wallace H. Bieler, Senior Vice
President and Chief Financial
Officer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 35,520
<INT-BEARING-DEPOSITS> 418
<FED-FUNDS-SOLD> 3,741
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 23,541
<INVESTMENTS-CARRYING> 173,185
<INVESTMENTS-MARKET> 174,117
<LOANS> 591,148
<ALLOWANCE> 9,037
<TOTAL-ASSETS> 851,102
<DEPOSITS> 704,094
<SHORT-TERM> 42,576
<LIABILITIES-OTHER> 12,620
<LONG-TERM> 4,085
<COMMON> 15,717
0
0
<OTHER-SE> 72,010
<TOTAL-LIABILITIES-AND-EQUITY> 851,102
<INTEREST-LOAN> 38,296
<INTEREST-INVEST> 8,462
<INTEREST-OTHER> 437
<INTEREST-TOTAL> 47,195
<INTEREST-DEPOSIT> 17,703
<INTEREST-EXPENSE> 19,179
<INTEREST-INCOME-NET> 28,016
<LOAN-LOSSES> 1,345
<SECURITIES-GAINS> -1
<EXPENSE-OTHER> 18,590
<INCOME-PRETAX> 12,599
<INCOME-PRE-EXTRAORDINARY> 12,599
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,682
<EPS-PRIMARY> 2.77
<EPS-DILUTED> 2.77
<YIELD-ACTUAL> 4.98
<LOANS-NON> 6,337
<LOANS-PAST> 442
<LOANS-TROUBLED> 368
<LOANS-PROBLEM> 15
<ALLOWANCE-OPEN> 8,876
<CHARGE-OFFS> 1,665
<RECOVERIES> 481
<ALLOWANCE-CLOSE> 9,037
<ALLOWANCE-DOMESTIC> 9,037
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 5,462
</TABLE>
