Univest Corporation of Pennsylvania (UVSP) has reported 3.35 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $6.92 million, or $0.26 a share in the quarter, compared with $7.16 million, or $0.37 a share for the same period last year. Revenue during the quarter grew 28.47 percent to $45.92 million from $35.74 million in the previous year period. Net interest income for the quarter rose 45.60 percent over the prior year period to $34.17 million. Non-interest income for the quarter rose 6.11 percent over the last year period to $13.99 million.
Univest Corp Of Pennsylvania has made provision of $2.25 million for loan losses during the quarter, up 145.37 percent from $0.92 million in the same period last year.
Net interest margin improved 1 basis points to 3.81 percent in the quarter from 3.80 percent in the last year period. Efficiency ratio for the quarter deteriorated to 76.48 percent from 68.10 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Assets outpace liabilities growth
Total assets stood at $4,230.53 million as on Dec. 31, 2016, up 46.92 percent compared with $2,879.45 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,675.35 million as on Dec. 31, 2016, up 45.97 percent from $2,517.88 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,268.39 million as on Dec. 31, 2016, up 50.89 percent compared with $2,166.06 million on Dec. 31, 2015. Deposits stood at $3,257.57 million as on Dec. 31, 2016, up 36.05 percent compared with $2,394.36 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $918.34 million or 28.19 percent of total deposits on Dec. 31, 2016, compared with $541.46 million or 22.61 percent of total deposits on Dec. 31, 2015.
Investments stood at $468.52 million as on Dec. 31, 2016, up 26.37 percent or $97.76 million from year-ago. Shareholders equity stood at $505.21 million as on Dec. 31, 2016, up 39.72 percent or $143.64 million from year-ago.
Return on average assets moved down 32 basis points to 0.67 percent in the quarter from 0.99 percent in the last year period. At the same time, return on average equity decreased 246 basis points to 5.42 percent in the quarter from 7.88 percent in the last year period.
Nonperforming assets moved up 28.65 percent or $6.04 million to $27.12 million on Dec. 31, 2016 from $21.08 million on Dec. 31, 2015.
Book value per share was $19 for the quarter, up 2.65 percent or $0.49 compared to $18.51 for the same period last year.
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