Univest Corporation Of Pennsylvania (UVSP) has reported a 48.94 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $10.86 million, or $0.41 a share in the quarter, compared with $7.29 million, or $0.37 a share for the same period last year. Revenue during the quarter grew 26.41 percent to $46.81 million from $37.03 million in the previous year period. Net interest income for the quarter rose 45.74 percent over the prior year period to $34.28 million. Non-interest income for the quarter rose 8.24 percent over the last year period to $14.97 million.
Univest Corp Of Pennsylvania has made provision of $2.44 million for loan losses during the quarter, up 650 percent from $0.33 million in the same period last year.
Net interest margin contracted 11 basis points to 3.80 percent in the quarter from 3.91 percent in the last year period. Efficiency ratio for the quarter improved to 62.70 percent from 68.67 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Liabilities outpace assets growth
Total assets stood at $4,273.93 million as on Mar. 31, 2017, up 51.30 percent compared with $2,824.78 million on Mar. 31, 2016. On the other hand, total liabilities stood at $3,721.53 million as on Mar. 31, 2017, up 51.42 percent from $2,457.77 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $3,322.39 million as on Mar. 31, 2017, up 53.33 percent compared with $2,166.80 million on Mar. 31, 2016. Deposits stood at $3,365.95 million as on Mar. 31, 2017, up 44.19 percent compared with $2,334.36 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $947.50 million or 28.15 percent of total deposits on Mar. 31, 2017, compared with $559.83 million or 23.98 percent of total deposits on Mar. 31, 2016.
Investments stood at $464.64 million as on Mar. 31, 2017, up 41.07 percent or $135.28 million from year-ago. Shareholders equity stood at $511.88 million as on Mar. 31, 2017, up 39.48 percent or $144.88 million from year-ago.
Return on average assets moved up 1 basis points to 1.04 percent in the quarter from 1.03 percent in the last year period. At the same time, return on average equity increased 60 basis points to 8.65 percent in the quarter from 8.05 percent in the last year period.
Nonperforming assets moved up 26.84 percent or $5.78 million to $27.30 million on Mar. 31, 2017 from $21.53 million on Mar. 31, 2016.
Book value per share was $19.21 for the quarter, up 2.56 percent or $0.48 compared to $18.73 for the same period last year.
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