Univest Corporation of Pennsylvania reported consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net income of $7.2 million or $0.37 basic and diluted earnings per share for the quarter ended December 31, 2015, a 38% increase from reported net income of $5.2 million or $0.32 basic and diluted earnings per share for the quarter ended December 31, 2014. Net interest income increased $5.4 million to $23.3 million for the fourth quarter of 2015 from the same period in 2014. Net interest income after provision was $22.4 million compared to $17.96 million a year ago. Income before taxes was $9.7 million compared to $6.8 million a year ago. Return on average assets was 0.99% compared to 0.92% a year ago. Return on average shareholders' equity was 7.88% compared to 7.06% a year ago.

Net income for the year ended December 31, 2015 was $27.3 million or $1.39 basic and diluted earnings per share, a 23% increase in net income compared to $22.2 million or $1.37 basic and diluted earnings per share for the comparable period in the prior year. The quarter and year-to-date financial results include the Valley Green Bank acquisition which Univest completed on January 1, 2015 and now operates as Valley Green Bank, a Division of the Bank (Valley Green Bank). The results for the year ended December 31, 2015 included $2.0 million of integration and acquisition-related costs associated with Valley Green Bank, incurred during the first and second quarters, or $0.07 diluted earnings per share on a year-to-date tax affected basis. The fourth quarter and year-to-date results also include $540,000 of acquisition-related costs associated with the pending acquisition of Fox Chase Bancorp, or $0.03 diluted earnings per share on a tax affected basis. Lastly, the results for the year ended December 31, 2015 also included $1.6 million of restructuring charges incurred in the second quarter, related to the consolidation of six financial centers in September 2015 under the Bank's optimization plan or $0.05 diluted earnings per share on a tax affected basis. Excluding these costs, net income for the year ended December 31, 2015, would have been $30.1 million or $1.54 diluted earnings per share. Net interest income increased $21.5 million to $93.4 million for the year ended December 31, 2015 from the prior year. Net interest income after provision was $89.6 million compared to $68.3 million a year ago. Income before taxes was $37.03 million compared to $29.7 million a year ago. As on December 31, 2015, book value per share was $18.51. Return on average assets was 0.98% compared to 1.01% a year ago. Return on average shareholders' equity was 7.58% compared to 7.74% a year ago.