Univest Corp. of Pennsylvania Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 25, 2012 at 05:44 pm
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Univest Corp. of Pennsylvania reported consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income of $5.3 million or $0.32 diluted earnings per share compared to $4.9 million or $0.30 diluted earnings per share for the comparable period in the prior year. Net interest income and margin net interest income decreased $866,000 or 4.51% to $18.3 million in the fourth quarter of 2011 compared to the fourth quarter of 2010. Income before taxes was $6.6 million compared to $6 million a year ago. Return on average assets was 0.96% compared to 0.92% a year ago. Return on average shareholders' equity was 7.56% compared to 7.16% a year ago.
For the year ended December 31, 2011, the company reported net income of $18.9 million or $1.13 diluted earnings per share, compared to $15.8 million or $0.95 diluted earnings per share for the comparable period in the prior year. The increase in net income of $3.1 million during 2011 represents an increase of 19.84% over 2010. Net interest income was $74.7 million increased $1.2 million or 1.64% compared to same period a year ago. Income before taxes was $23.6 million compared to $19.0 million a year ago. Book value per share was $16.34 compared to $15.99 a year ago. Return on average assets was 0.89% compared to 0.75% a year ago. Return on average shareholders' equity was 6.91% compared to 5.82% 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.