logo
  Join        Login             Stock Quote

Univest Corporation Of Pennsylvania (UVSP) 4Q Earnings Decline 3 Pct

 January 23, 2013 03:08 PM


(By Balaseshan) Univest Corporation of Pennsylvania (NASDAQ: UVSP), the parent bank holding company of Univest Bank and Trust Co., reported a 3% decline in quarterly earnings due to lower net interest income as well as an increase in non-interest expense.

Earnings for the fourth quarter were $5.08 million or $0.30 per share, down from $5.26 million or $0.31 per share last year.

Net interest income decreased 1% to $18.15 million. The net interest margin on a tax-equivalent basis for the latest quarter was 3.80%, down from 3.96% in the fourth quarter of 2011.

The company said the declines in net interest income and margin 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.

Non-interest income grew 15.6% to $10.38 million. The increase was primarily attributable to an net gain on mortgage banking activities as refinance volume continues to be strong, on insurance commission and fee income mainly due to the Javers Group acquisition, and on trust fee income due to growth in trust assets and estate fees.

Provision for loan and lease losses for the quarter declined to $2.38 million from $3.14 million in the previous year quarter. Non-interest expense rose 12% due to an increase in salaries and benefits expense, higher equipment expenses and employment services used to identify top sales personnel.

Non-accrual loans and leases, including non-accrual troubled debt restructured loans, decreased to $32.1 million at December 31, 2012 from $38.2 million last year.

UVSP is trading down 0.17% at $17.23 on Wednesday. The stock has been trading between $14.69 and $18.68 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Recent Articles by Balaseshan
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.