Univest Corporation of Pennsylvania announced unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2017. For the quarter, the company reported net interest income of $36.706 million against $34.172 million a year ago. Interest income was $42.417 million against $38.056 million a year ago. Income before taxes was $15.426 million against $7.486 million a year ago. Net income was $10.264 million or $0.37 basic and diluted earnings per share, compared to $6,918,000 or $0.26 diluted earnings per share, for the three months ended December 31, 2016. Return on average assets was 0.92% compared to 0.67% a year ago. Return on average shareholders' equity was 7.35% against 5.42% a year ago. Return on average assets, excluding integration and acquisition-related costs and restructuring charges was 0.92% against 0.78% a year ago. Return on average shareholders' equity, excluding integration and acquisition-related costs and restructuring charges was 7.35% against 6.37% a year ago. Return on average tangible common equity, excluding integration and acquisition-related costs and restructuring charges was 10.89% against 9.95% a year ago.

For the full year, the company reported net interest income of $143.176 million against $114.225 million a year ago. Interest income was $163.015 million against $126.607 million a year ago. Income before taxes was $61.811 million against $23.386 million a year ago. Net income was $44.094 million or $1.64 diluted earnings per share compared to $19.505 million or $0.84 diluted earnings per share a year ago. Return on average assets was 1.01% compared to 0.56% a year ago. Return on average shareholders' equity was 8.37% against 4.46% a year ago. Book value per share was $20.57 against $19.00 a year ago. Return on average assets, excluding integration and acquisition-related costs and restructuring charges was 1.01% against 0.89% a year ago. Return on average shareholders' equity, excluding integration and acquisition-related costs and restructuring charges was 8.37% against 7.15% a year ago. Return on average tangible common equity, excluding integration and acquisition-related costs and restructuring charges was 12.75% against 10.93% a year ago. Tangible book value per share was $14.444 against $12.32 a year ago.

Net loan and lease charge-offs were $980,000 during the fourth quarter of 2017.

For the year 2018, the company anticipates effective tax rate will be approximately 19%, which includes the anticipated benefit associated with ASU 2016-9 or stock-based compensation. This guidance is down from prior guidance of 29%.