Univest reports Q1 EPS 96c, consensus 83c

Reports Q1 tangible book value per share $27.71. Reports Q1 CET1 capital ratio 11.32%. The company said, “The financial results for the quarter included tax-free bank owned life insurance death benefit proceeds of $372 thousand, which represented $0.01 diluted earnings per share. In addition, the financial results for the quarter included a $427 thousand restructuring charge, or $0.01 diluted earnings per share, related to the planned closure of two underutilized facilities: a financial center and a limited purpose banking office.”