Univest Corporation of Pennsylvania Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Announces Net Loan and Lease Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 28, 2015 at 12:57 pm
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Univest Corporation of Pennsylvania announced consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported income before income taxes was $6.822 million against $5.971 million a year ago. Return on average assets was 0.92% against 0.88% a year ago. Return on average shareholders' equity was 7.06% against 7.08% a year ago. Net income was $5.2 million or $0.32 diluted earnings per share for the quarter ended December 31, 2014, a 5% increase from reported net income of $4.9 million or $0.30 diluted earnings per share for the quarter ended December 31, 2013. Net interest income of $18.0 million for the fourth quarter of 2014 was consistent with the fourth quarter of 2013. Net interest income declined $0.573 million, or less than 1%, to $71.9 million for the year ended December 31, 2014, compared to the prior year. The decline in year-to-date net interest income from the prior year was primarily attributable to a reduction in investment securities. This decline was partially offset by loan and lease growth which more than compensated for the reduction in loan rates. It was also offset by maturities of time deposits, reductions in time deposit rates and redemption of Univest's trust preferred securities in 2013.
Net interest income was $71.889 million compared to $72.462 million a year ago. Income before income taxes was $29.679 million against $26.885 million a year ago. Book value per share as at December 31, 2014 was $17.54 against $17.22 a year ago. Return on average assets was 1.01% against 0.95% a year ago. Return on average shareholders' equity was 7.74% against 7.53% a year ago. Net income was $22.2 million or $1.36 diluted earnings per share, a 5% increase in net income compared to $21.2 million or $1.27 diluted earnings per share for the comparable period in the prior year.
Net loan and lease charge-offs were $1.7 million during the fourth quarter of 2014 compared to $2.0 million for the fourth quarter of 2013.
Univest Financial Corporation is a bank holding company for Univest Bank and Trust Co. (the Bank). The Bank is a state-chartered bank and trust company. The Company has three segments: Banking, Wealth Management and Insurance. Banking segment provides financial services to individuals, businesses, municipalities and non-profit organizations. These services include a full range of banking services, such as deposit taking, loan origination and servicing, mortgage banking, other general banking services, and equipment lease financing. Wealth Management segment offers investment advisory, financial planning, trust and brokerage services. The segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships. Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting.
Univest Corporation of Pennsylvania Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Announces Net Loan and Lease Charge-Offs for the Fourth Quarter Ended December 31, 2014