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Valley banks report strong revenue for year

By , - Last modified: January 28, 2013 at 9:51 AM

For the third consecutive year, QNB has announced record earnings. QNB ended 2012 with a net income of $9.18 million, or $2.86 per share which is up 3.3 percent over last year. In 2011, the company ended the year with a net income of $8.88 million or $2.81 per share on a diluted basis.

"We are pleased with our record performance over the last three years," stated David W. Freeman, president and chief executive officer. "QNB has built a service and sales culture that has resulted in excellent growth in new households and new checking accounts. QNB will continue to pursue growth opportunities with businesses and consumers in the markets we serve, as well as the new markets we will soon be serving in Warminster and Colmar. We look forward to a successful 2013."

The company also showed an 11 percent increase in net income for the fourth quarter 2012 at $2.13 million, or 66 cents per share on a diluted basis. For same period last year, net income was reported at $1.91 million or 60 cents per share on a diluted basis.

QNB wasn't the only company announcing increased income over last year.

ESSA Bancorp Inc. in Stroudsburg, the holding company for ESSA Bank & Trust, reported a net income of $2.9 million, or 24 cents per diluted share, for the three months ended Dec. 31, compared with net income of $886,000, or 8 cents per diluted share, for the corresponding 2011 period.

For Souderton-based Univest Corporation of Pennsylvania, the parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, net income numbers were mixed for 2012.

The company reported net income of $5.1 million or 30 cents diluted earnings per share for the quarter ended Dec. 31 which was a 3 percent decrease in net income compared to $5.3 million or 32 cents diluted earnings per share for the previous years' quarter. However, in terms of yearly income, the company reported net income of $20.9 million or $1.24 diluted earnings per share, compared to $18.9 million or $1.13 diluted earnings per share for the same period in the prior year. This increase in net income of $2 million during 2012 represents an increase of 11 percent over the prior year.

National Penn Bancshares Inc. in Boyertown reported a 17 percent income increase for 2012. Price per common share was 66 cents, which was up from 56 cents per common share for the prior year. Net income for the company was reported at $98.9 million for 2012, which was up from $84.4 million for the prior year. For the fourth quarter of 2012, diluted earnings per common share were 17 cents compared to 14 cents per diluted common share for the fourth quarter of 2011.

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