Univest Corporation of Pennsylvania Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2017; Reports Charge-Offs for the Fourth Quarter of 2017; Provides Tax Rate Guidance for the Year 2018
January 24, 2018 at 09:30 pm
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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%.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2017; Reports Charge-Offs for the Fourth Quarter of 2017; Provides Tax Rate Guidance for the Year 2018