Univest Corp. of Pennsylvania (UVSP), the holding company of Univest Bank and Trust Co., Wednesday reported an increase in profit for the first quarter, due mainly to higher non-interest income and lower loan and lease loss provisions.
The Souderton, Pennsylvania-based company reported first-quarter net profit of $5.26 million or $0.31 per share, compared to $3.86 million or $0.23 per share last year.
Net interest income for the quarter dropped to $18.16 million from $18.81 million in the year-ago quarter. Total non-interest income grew to $11.02 million from $7.76 million in the prior-year quarter.
Loan and lease loss provisions for the quarter decreased to $4.10 million from $5.13 million last year.
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