Univest Corporation Of Pennsylvania – Univest National Bank And Trust Co. – Reports Fourth Quarter Earnings
SOUDERTON, Pa., January 28, 2009 – Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest National Bank and Trust Co. of Souderton, Pa., has reported net income of $3,805,000 or $0.30 basic net income per share for the fourth quarter ended December 31, 2008, compared to $6,547,000 or $0.51 basic net income per share for the fourth quarter ended December 31, 2007. Diluted earnings per share were $0.29 for the fourth quarter ended December 31, 2008, compared to $0.51 per share for the fourth quarter ended December 31, 2007.
For the twelve months ended December 31, 2008, Univest reported net income of $20,590,000 or $1.60 basic net income per share, compared to $25,557,000 or $1.98 basic net income per share reported for the twelve months ended December 31, 2007. Diluted earnings per share were $1.60 and $1.98 for the twelve months ended December 31, 2008 and 2007 respectively.
On January 2, 2008, Univest Corporation paid a quarterly cash dividend of $0.20 per share.
Average assets for fiscal 2008 totaled $2,025,060,000 compared to $1,932,264,000 for the same period in 2007. This is an increase of 4.80%. Total average shareholders' equity increased 7.30% year-over-year with $204,095,000 for fiscal 2008, compared to $190,215,000 for the same period in 2007.
"Univest's focused and disciplined business approach, strong capital position and high-quality credit culture helped us end a challenging year with solid core operations," said William S. Aichele, chairman, president and chief executive officer of Univest Corporation of Pennsylvania. "We remain well-capitalized, without government assistance, and are well positioned to seize opportunities in the future as we execute our long-term growth strategy and build shareholder value."
About Univest Corporation
Headquartered in Souderton, Pa., Univest Corporation of Pennsylvania (www.univest.net) and its subsidiaries serve the financial needs of residents, businesses, and nonprofit organizations in Bucks, Chester, Montgomery and Lehigh counties. Univest National Bank and Trust Co., member FDIC and Equal Housing Lender, offers customers 33 financial service centers, 12 retirement financial services centers, and 38 ATM locations throughout the region, and is the parent company of Univest Capital, Inc., a small ticket commercial finance business; Univest Insurance, Inc., an independent insurance agency headquartered in Lansdale, Pa., which serves commercial and personal customers; and Univest Investments, Inc., Member FINRA and SIPC, a full-service broker-dealer and investment advisory firm. For more information on Univest Corporation of Pennsylvania and its subsidiaries, please visit www.univest.net.
This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company's financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the company's filings with the Securities and Exchange Commission.
