Univest Corporation of Pennsylvania Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 23, 2013 at 01:11 pm
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Univest Corporation of Pennsylvania announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net interest income of $18,150,000 against $18,334,000 a year ago. Income before taxes was $6,434,000 against $6,609,000 a year ago. Net income was $5,076,000 or $0.30 per basic and diluted share against $5,260,000 or $0.32 per basic and diluted share a year ago. Return on average assets was 0.89% against 0.96% a year ago. Return on average shareholders equity was 7.04% against 7.56% a year ago. Book value per share was $16.95 against $16.34 per share a year ago. The declines in net interest income were primarily due to the re-investment of maturing and called investment securities into 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.
For the year, the company reported net interest income of $72,480,000 against $74,740,000 a year ago. Income before taxes was $26,423,000 against $23,658,000 a year ago. Net income was $20,872,000 or $1.24 per basic and diluted share against $18,882,000 or $1.13 per basic and diluted share a year ago. Return on average assets was 0.95% against 0.89% a year ago. Return on average shareholders equity was 7.39% against 6.91% a year ago. Book value per share was $16.95 against $16.34 per share a year ago. The declines in net interest income were partially offset by re-pricing of certificates of deposit and savings account products.
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.