Univest Corporation of Pennsylvania Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Loan and Lease Charge-Offs for the Quarter Ended December 31, 2013
January 22, 2014 at 11:50 am
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Univest Corporation of Pennsylvania announced consolidated earnings results for the fourth quarter and year ended December 31, 2013. The company 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 interest income was $18.1 million for the fourth quarter of 2013 was consistent with the fourth quarter of 2012. Income before income taxes was $5,971,000 against $6,434,000 a year ago. Return on average assets was 0.88% against 0.89% a year ago. Return on average shareholders' equity was 7.08% against 7.04% a year ago.
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. Net interest income was $72.5 million for the year ended December 31, 2013 was consistent with the same period in 2012. Income before income taxes was $26,885,000 against $26,423,000 a year ago. Book value per share as at December 31, 2013 was $17.22. Return on average assets was 0.95% against 0.95% a year ago. Return on average shareholders' equity was 7.53% against 7.39% a year ago.
For the quarter, the company reported net loan and lease charge-offs were $1,955,000 against $4,732,000 a year ago.
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, 2013; Reports Net Loan and Lease Charge-Offs for the Quarter Ended December 31, 2013