Univest Corporation of Pennsylvania announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported net interest income of $36.887 million against $32.869 million a year ago. Interest income was $42.172 million against $36.705 million a year ago. Income before taxes was $15.612 million against loss of $1.475 million a year ago. Net income was $11.196 million or $0.42 basic and diluted earnings per share, compared to $58,000 or $0.00 diluted earnings per share, for the three months ended September 30, 2016. Return on average assets was 1.01% compared to 0.01% a year ago. Return on average shareholders' equity was 8.43% against 0.05% a year ago. Core net interest income, which excludes the impact of purchase accounting adjustments, was $35.8 million for the quarter and represents a $1.2 million increase as compared to core net interest income of $34.6 million for the second quarter. This increase was primarily driven by an increase in average loans of $66 million during the quarter as core net interest margin, again excluding purchase accounting adjustments, was relatively flat at 3.69% compared to a 3.68% for the second quarter of this year. The increase the company received in the yield on the loan portfolio of 5 basis points was almost totally offset by an increase in the cost of funds on deposits and borrowings.


For the nine months, the company reported net interest income of $106.470 million against $80.053 million a year ago. Interest income was $120.598 million against $88.551 million a year ago. Income before taxes was $46.385 million against $15.900 million a year ago. Net income was $33.830 million or $1.27 diluted earnings per share compared to $12.587 million or $0.57 diluted earnings per share a year ago. Return on average assets was 1.05% compared to 0.51% a year ago. Return on average shareholders' equity was 8.73% against 4.07% a year ago. Book value per share was $19.83 against $19.17 a year ago.

Next year 2018 the company would guide to a 29% effective tax rate.