<PAGE>
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
10-Q
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For The Period Ended June 30, 1997.
-------------
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the Transition Period From to .
------- -------
UNIVEST CORPORATION OF PENNSYLVANIA
-----------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 23-1886144
------------ ----------
(State or other jurisdiction of (IRS Employer Identification 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 3,865,192
- -------------------------- ---------
(Title of Class) (Number of shares outstanding
at 6/30/97)
<PAGE>
UNIVEST CORPORATION OF PENNSYLVANIA
INDEX
<TABLE>
<CAPTION>
Page Number
-----------
Part I. Financial Information:
<S> <C> <C>
Item 1: Financial Statements (Unaudited)
Consolidated Balance Sheets
June 30, 1997 and December 31, 1996 1
Consolidated Statements of Income
Six Months Ended June 30, 1997 and 1996 2
Consolidated Statements of Cash Flows
Six Months Ended June 30, 1997 and 1996 3
Notes to Condensed Consolidated Financial Statements 4
Item 2: Management's Discussion and Analysis of Financial
Condition and Results of Operations 5
Part II. Other Information:
Other Information 10
</TABLE>
<PAGE>
Part I.
Item 1.
UNIVEST CORPORATION OF PENNSYLVANIA AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
(UNAUDITED) (SEE NOTE)
June 30, 1997 December 31, 1996
----------- ------------
(In thousands)
<S> <C> <C>
ASSETS
CASH AND DUE FROM BANKS $ 32,762 $ 38,934
INVESTMENT SECURITIES HELD-TO-MATURITY 151,464 173,145
(MARKET VALUE $151,216 AT 6/30/97
AND $173,373 AT 12/31/96)
INVESTMENT SECURITIES AVAILABLE-FOR-SALE 86,749 69,428
FEDERAL FUNDS SOLD AND OTHER
SHORT TERM INVESTMENTS 1,400 69
LOANS 640,179 607,069
LESS: RESERVE FOR POSSIBLE LOAN LOSSES (10,207) (9,801)
--------- ---------
NET LOANS 629,972 597,268
OTHER ASSETS 38,432 33,615
--------- ---------
TOTAL ASSETS $ 940,779 $ 912,459
========= =========
LIABILITIES
DEMAND DEPOSITS, NON INTEREST BEARING $ 125,868 $ 122,087
DEMAND DEPOSITS, INTEREST BEARING 148,514 138,953
REGULAR SAVINGS DEPOSITS 132,712 125,483
TIME DEPOSITS 361,803 347,245
--------- ---------
TOTAL DEPOSITS 768,897 733,768
SHORT-TERM BORROWINGS 50,139 60,716
OTHER LIABILITIES 13,823 13,633
LONG-TERM DEBT 7,075 7,075
--------- ---------
TOTAL LIABILITIES 839,934 815,192
SHAREHOLDERS' EQUITY
COMMON STOCK 19,636 19,636
ADDITIONAL PAID-IN CAPITAL 34,544 34,544
RETAINED EARNINGS 48,738 44,260
NET UNREALIZED SECURITIES GAINS 38 18
TREASURY STOCK (2,111) (1,191)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY 100,845 97,267
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 940,779 $ 912,459
========= =========
</TABLE>
NOTE: THE BALANCE SHEET AT DECEMBER 31,1996 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.
1
<PAGE>
UNIVEST CORPORATION OF PENNSYLVANIA AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS FOR THE SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
1997 1996 1997 1996
(in thousands, except per share data)
<S> <C> <C> <C> <C>
INTEREST INCOME
INTEREST AND FEES ON LOANS
TAXABLE INTEREST AND FEES ON LOANS $13,104 $12,419 $25,622 $24,746
EXEMPT FROM FEDERAL INCOME TAXES 501 488 989 985
------- ------- ------- -------
TOTAL INTEREST AND FEES ON LOANS 13,605 12,907 26,611 25,731
INTEREST AND DIVIDENDS ON
INVESTMENT SECURITIES 3,820 3,559 7,439 6,949
OTHER INTEREST INCOME 31 60 63 168
------- ------- ------- -------
TOTAL INTEREST INCOME 17,456 16,526 34,113 32,848
------- ------- ------- -------
INTEREST EXPENSE
INTEREST ON DEPOSITS 6,604 6,356 12,965 12,679
OTHER INTEREST EXPENSE 572 477 1,094 947
------- ------- ------- -------
TOTAL INTEREST EXPENSE 7,176 6,833 14,059 13,626
------- ------- ------- -------
NET INTEREST INCOME 10,280 9,693 20,054 19,222
PROVISION FOR LOAN LOSSES 370 215 580 530
------- ------- ------- -------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 9,910 9,478 19,474 18,692
OTHER INCOME 1,794 1,500 3,618 3,119
GAINS ON SALES OF SECURITIES 13 -- 58 10
------- ------- ------- -------
TOTAL OTHER INCOME 1,807 1,500 3,676 3,129
OTHER EXPENSES
SALARIES AND BENEFITS 3,733 3,594 7,507 7,043
OTHER EXPENSES 3,183 2,978 6,450 6,061
------- ------- ------- -------
TOTAL OTHER EXPENSE 6,916 6,572 13,957 13,104
------- ------- ------- -------
INCOME BEFORE INCOME TAXES 4,801 4,406 9,193 8,717
APPLICABLE INCOME TAXES 1,518 1,359 2,897 2,686
------- ------- ------- -------
NET INCOME $ 3,283 $ 3,047 $ 6,296 $ 6,031
------- ------- ------- -------
PER COMMON SHARE DATA:
NET INCOME $ 0.85 $ 0.78 $ 1.62 $ 1.54
CASH DIVIDENDS DECLARED $ 0.23 $ 0.16 $ 0.46 $ 0.32
</TABLE>
2
<PAGE>
Univest Corporation of Pennsylvania and Consolidated Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
<TABLE>
<CAPTION>
For the six months ended,
(in thousands)
June 30, 1997 June 30, 1996
------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 6,296 $ 6,031
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses in excess of net charge-offs 406 814
Depreciation of premises and equipment 1,199 1,085
Discount accretion on investment securities (256) (294)
Deferred (tax benefit) income tax (185) 18
Realized gains on investment securities (58) (10)
Realized (gains) losses on sales of mortgages (37) 10
(Decrease) increase in net deferred loan fees (231) (24)
Increase in interest receivable and other assets (5,120) (1,701)
Increase in accrued expenses and other liabilities 369 2,317
--------- --------
Net cash provided by operating activities 2,383 8,246
Cash flows from investing activities:
Proceeds from maturing time deposits -- 67
Proceeds from sales of securities available for sale 20,987 3,019
Proceeds from maturing securities held to maturity 35,636 16,586
Proceeds from maturing securities available for sale 4,308 2,298
Purchases of time deposits (553) --
Purchases of investment securities held to maturity (13,177) (29,622)
Purchases of investment securities available for sale (42,497) (11,105)
Net (Increase) decrease in federal funds sold and other short-term investments (1,331) 16,308
Proceeds from sales of mortgages 3,160 5,741
Net increase in loans (36,002) (16,280)
Capital expenditures (896) (1,349)
--------- --------
Net cash used in investing activities (30,365) (14,337)
Cash flows from financing activities:
Net increase in deposits 35,129 12,171
Net (decrease) increase in short-term borrowings (10,577) 1,413
Proceeds from long-term debt -- 7,000
Purchases of treasury stock (1,406) (271)
Treasury stock issued under dividend reinvestment and
employee stock purchase plans 392 --
Proceeds from exercise of stock options 59 11
Cash dividends (1,787) (1,836)
Repayments of long-term debt -- (4,010)
--------- --------
Net cash provided by financing activities 21,810 14,478
Net (decrease) increase in cash and due from banks (6,172) 8,387
Cash and due from banks at beginning of period 38,934 30,901
--------- --------
Cash and due from banks at end of period $ 32,762 $ 39,288
========= ========
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $ 14,077 $ 13,369
Income taxes $ 2,975 $ 2,600
</TABLE>
3
<PAGE>
UNIVEST CORPORATION OF PENNSYLVANIA AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1. Financial Information
The accompanying condensed 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. Operating results for the six-month period ended June
30, 1997 are not necessarily indicative of the results that may be expected for
the year ending December 31, 1997. 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, 1996, which has been filed with the Securities and
Exchange Commission.
2. Per Share Data
The following average shares were used for the computation of earnings per
share:
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Average Shares 3,872,313.8 3,916,548.0 3,876,689.5 3,918,689.3
</TABLE>
In February 1997, the Financial Accounting Standards Board issued Statement No.
128, Earnings per Share, which is required to be adopted on December 31, 1997.
At that time, the Corporation will be required to change the method currently
used to compute earnings per share and to restate all prior periods. Under the
new requirements for calculating basic earnings per share, the dilutive effect
of stock options will be excluded. The impact of Statement 128 on the
calculation of primary earnings per share and fully diluted earnings per share
for these quarters is not expected to be material.
4
<PAGE>
Item 2.
Management's Discussion and Analysis
------------------------------------
of Financial Condition and
--------------------------
Results of Operations
---------------------
Net Income
- ----------
Net Income for the three months ended June 30, 1997 increased 10.0% or
$0.3 million from $3.0 million for the three months ended June 30, 1996 to $3.3
million for the three months ended June 30, 1997. Net income also increased $0.3
million or 5.0% from $6.0 million for the six months ended June 30, 1996 to $6.3
million for the six months ended June 30, 1997. The increases in both periods
were due to increased net interest income and other income partially offset by
increased other expenses.
Net Interest Income
- -------------------
Interest and fees on loans increased $0.7 million from $12.9 million
for the three months ended June 30,1996 to $13.6 million for the three months
ended June 30, 1997. For the six months ended June 30,1997, interest and fees on
loans increased $0.9 million from $25.7 million at June 30, 1996 to $26.6
million June 30, 1997. The increase in both periods was mainly due to increased
loan volume.
Interest on investment securities increased $0.2 million or 5.6% from
$3.6 million for the three month period ended June 30, 1996 to $3.8 million. For
the six months ended June 30, 1997 interest on investments increased by $0.5
million or 7.2% from $6.9 million for the six months June 30, 1996 to $7.4
million for the same period in 1997. The increase in both periods is attributed
to increased volume.
Interest expense increased from $6.8 million for the three months ended
June 30, 1996 to $7.2 million for the three months ended June 30, 1997, an
increase of $0.4 million. Interest expense increased $0.5 million for the six
months ended June 30, 1997. The increase in both periods came as a result of
increased volume.
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 earnings 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. Six
months ended June 30, 1997 shows net interest income of $20.1 million which is a
$0.9 million increase over the $19.2 million recorded for the six months ended
June 30, 1996. Increases in net interest income were generated more by volume
rather than rate because the net interest spread for the six months ended June
30, 1997 decreased
5
<PAGE>
by 6 basis points and the net interest margin decreased by 1
basis point versus second quarter ended June 30, 1996 results.
The following demonstrates the aforementioned effects:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
----------------
6/30/97 6/30/96
------- -------
AVG. BALANCE RATE AVG. BALANCE RATE
------------------ ------------------
<S> <C> <C> <C> <C>
Interest Earnings Assets $861,326 7.92% $823,679 7.98%
Interest Bearing Liabilities 686,889 4.09% 667,089 4.09%
Net Interest Income 20,054 19,222
Net Interest Spread 3.83% 3.89%
Net Interest Margin 4.66% 4.67%
</TABLE>
The Corporation is permitted to use interest-rate swap agreements which
convert a portion of its floating rate commercial loans to a fixed basis, thus
reducing the impact of interest changes on future income. In these swaps, the
Corporation agrees to exchange, at specified intervals, the difference between
fixed and floating-interest rates calculated on an agreed upon notional
principal amount. Because a large portion of the Corporation's interest-earning
assets tend to be short-term floating rate instruments while the Corporation's
interest-bearing liabilities tend to be longer-term fixed rate instruments,
interest rate swaps in which the Corporation pays a floating rate and receives a
fixed rate are used to reduce the impact of changes in interest rates on the
Corporation's net interest income.
During the first quarter of 1997, the Corporation entered into $20.0
million of "Pay Floating, Receive Fixed" swaps. The net payable or receivable
from interest rate swap agreements is accrued as an adjustment to interest
income. At December 31, 1996, $30.0 million in notional amount interest rate
swaps were outstanding. These swaps are also "Pay Floating, Receive Fixed." The
contracts entered into by the Corporation expire as follows: $10.0 million in
notional principal amount in August 1997, $20.0 million in notional principal
amount in March 1998, and $20.0 million in notional principal amount in first
quarter 1999. The impact of interest rate swaps on net interest income for the
quarter ended June 30, 1997 was a positive $18 thousand as compared to a
positive $19 thousand for the quarter ended June 30, 1996. For the six months
ended June 30, 1997 the impact was a positive $44 thousand as compared to a
positive $31 thousand for the six months ended June 30, 1996. The Corporation's
current credit exposure on swaps is limited to the value of interest-rate swaps
that have become favorable to the Corporation. As of June 30, 1997, the
Corporation had no interest rate swaps with the market value in a favorable
position. The market value of interest-rate swaps in an unfavorable position
6
<PAGE>
totaled $147 thousand. Credit risk also exists when the counterparty to a
derivative contract with an unrealized gain fails to perform according to the
terms of the agreement.
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 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 adequacy of allowance for loan losses is determined through a
quarterly evaluation 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 FASB Statement 114. Any of the above
criteria may cause the provision to fluctuate. For the three and six months
ended June 30, 1997, the provisions for loan losses were $0.4 million and $0.6
million respectively. For the three and six months ended June 30, 1996 the
provisions were $0.2 million and $0.5 million respectively.
At June 30, 1997, the recorded investment in loans that are considered
to be impaired under FASB Statement 114 was $2.2 million (all of which were on a
nonaccrual basis); the related allowance for credit losses for those loans was
$578 thousand. For the three and six months ended June 30, 1997, the Corporation
did not recognize any interest income on those impaired loans. At June 30, 1996,
the recorded investment in loans considered to be impaired was $1.8 million and
the related allowance for credit losses for these loans was $717 thousand.
Generally, a loan (including a loan impaired under FASB 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 period 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 June 30, 1997, were $4.6 million and
7
<PAGE>
consist mainly of real estate related commercial loans. Cash basis and
nonaccrual loans June 30, 1996, totaled $3.0 million. For the quarter ended June
30, 1997, nonaccrual loans resulted in lost interest income of $67 thousand as
compared to $65 thousand for the quarter ended June 30, 1996. For the six months
ended June 30, 1997 lost interest totaled $146 thousand as compared to $145
thousand for the same period in 1996. At June 30, 1997, the Corporation had no
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, or specific industry problems.
At June 30, 1997, and December 31, 1996, the reserve for loan losses
remained constant at 1.6% of total loans.
The Corporation, at June 30, 1997, has a total of $304 thousand of
Other Real Estate Owned ("OREO") consisting of four single family residences.
This amount is recorded in "Other Assets" at lower of cost or fair market value
in the accompanying consolidated balance sheets.
Other Income
- ------------
Other income which is non-interest related consists mainly of general
fee income, trust department commissions, and other miscellaneous non-recurring
types of income. Other income increased $0.3 million or 20.0% from $1.5 million
for three months ended June 30, 1996, to $1.8 million for the three months ended
June 30, 1997. Other income for the six months ended June 30, 1997 also
increased by $0.6 million or 19.4% from $3.1 million for the six months ended
June 30, 1996 to $3.7 million for the six months ended June 30, 1997. Gains in
both periods are attributed to increased trust department commissions resulting
from increases in the market value of assets under management and increases in
the volume of trust accounts, along with increased fee income. For the three
months ended June 30, 1997 increases also occurred due to the profit on the sale
of a closed branch office building and a profit on the sale of a commercial
piece of real estate which was being held as OREO.
During the quarter ended June 30, 1997 securities totaling
approximately $7 million were sold or matured resulting in a net gain of $13
thousand. The proceeds of the sales were used mainly to purchase $5 million of
Bank Owned Life Insurance. There were no gains on sale of securities for the
quarter ended June 30, 1996. For the six months ended June 30, 1997 gains on
sale of securities total $58 thousand as compared to $10 thousand for the six
months ended June 30, 1996.
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
8
<PAGE>
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 June 30,
1997, is $86.7 million as compared to $69.4 million at December 31, 1996. At
June 30, 1997, a net unrealized gain of $38 thousand was recorded, compared to a
net unrealized gain of $18 thousand at December 31, 1996.
Other Expenses
- --------------
Other expenses increased from $6.6 million for the quarter ended June
30, 1996 to $6.9 million for the quarter ended June 30,1997, an increase of $0.3
million or 4.5%. For the six months ended June 30, 1997 other expenses increased
6.9% or $0.9 million from $13.1 million at June 30, 1996 to $14.0 million at
June 30, 1997. Increases in both periods were due mainly to salary and staff
increases, and occupancy costs due to the opening of five additional offices
since June 1996. Other expenses such as marketing, consultant fees, telephone
costs and ATM fees also increased. Increases for the quarter ended June 30, 1997
were offset by a decrease in adjustments to the carrying value of OREO.
Income Tax Expense
- ------------------
An income tax provision of $1.5 million is shown for the quarter ended
June 30, 1997 and $1.4 million for the quarter ended June 30, 1996. The
effective tax rates were 31.6% and 31.0% respectively. For the six months ended
June 30, 1997 the provision was $2.9 million as compared to $2.7 million for the
six months ended June 30, 1996. The effective tax rates being 31.5% and 31.0%
respectively. The effective rate for all periods is less than the statutory rate
of 35% due to tax-free interest income.
Financial Condition
- -------------------
Total assets increased $28.3 million or 3.1% from $912.5 million at
December 31, 1996 to $940.8 million at June 30, 1997. Cash and due from banks
decreased by $6.2 million while loans increased $33.1 million. Investments
decreased approximately $5.0 million, while other assets increased approximately
$5.0 million. This change was caused by the sale of securities in order to
purchase $5.0 million of Bank Owned Life Insurance.
Total liabilities increased $24.7 million or 3.0% from $815.2 million
at December 31, 1996 to $839.9 million at June 30, 1997. Deposits increased by
$35.1 million to $768.9 million at June 30, 1997 from $733.8 million at December
31, 1996. Short term borrowings decreased $10.6 million due to a decrease in
Federal Funds Purchased.
Shareholders' equity increased to $100.8 million at June 30, 1997 from
$97.3 million at December 31, 1996, an increase of $3.5 million or 3.6%. Book
value per share increased from $25.01 at December 31, 1996 to $26.09 at June 30,
1997. An increase of $1.08 per share or 4.3%.
9
<PAGE>
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
Exhibit 27 - Financial Data Schedule
No reports on Form 8-K were filed during the quarter for which this
report is filed.
10
<PAGE>
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
------------
-----------------------------------
Merrill S. Moyer, Chairman
Date
------------
-----------------------------------
Wallace H. Bieler, Executive Vice President
and Chief Financial Officer
11
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 32,762
<INT-BEARING-DEPOSITS> 913
<FED-FUNDS-SOLD> 1,400
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 86,749
<INVESTMENTS-CARRYING> 150,551
<INVESTMENTS-MARKET> 151,216
<LOANS> 640,179
<ALLOWANCE> 10,207
<TOTAL-ASSETS> 940,779
<DEPOSITS> 768,897
<SHORT-TERM> 50,139
<LIABILITIES-OTHER> 13,823
<LONG-TERM> 7,075
0
0
<COMMON> 19,636
<OTHER-SE> 81,209
<TOTAL-LIABILITIES-AND-EQUITY> 940,779
<INTEREST-LOAN> 26,611
<INTEREST-INVEST> 7,439
<INTEREST-OTHER> 63
<INTEREST-TOTAL> 34,113
<INTEREST-DEPOSIT> 12,965
<INTEREST-EXPENSE> 1,094
<INTEREST-INCOME-NET> 20,054
<LOAN-LOSSES> 580
<SECURITIES-GAINS> 58
<EXPENSE-OTHER> 13,957
<INCOME-PRETAX> 9,193
<INCOME-PRE-EXTRAORDINARY> 9,193
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,296
<EPS-PRIMARY> 1.62
<EPS-DILUTED> 1.62
<YIELD-ACTUAL> 4.82
<LOANS-NON> 4,175
<LOANS-PAST> 333
<LOANS-TROUBLED> 244
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 9,801
<CHARGE-OFFS> 334
<RECOVERIES> 160
<ALLOWANCE-CLOSE> 10,207
<ALLOWANCE-DOMESTIC> 10,207
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 5,516
</TABLE>
