The chief executive of Univest Bank and Trust in Souderton, Pa., is retiring after 43 years with the company.
K. Leon Moyer will be succeeded by Jeffrey Schweitzer at the beginning of next year, the $2.2 billion-asset Univest said Wednesday.
Moyer will continue to serve on the board of the bank. He will also be elected a director of its parent company, Univest Corp. of Pennsylvania.
It is the second executive change announced at the bank this summer. The president of Univest's wealth management business resigned last month to lead Everence, a nonprofit financial services firm in Goshen, Ind.
Meanwhile, Univest reported net income of $5.1 million for the second quarter, a 5% increase from a year earlier. Earnings per share of 31 cents fell 3 cents short of estimates from analysts polled by Bloomberg.
Noninterest income jumped 8%, to $11.9 million, as investment-advisory commission and fee income rose 49%, to $3 million, after the acquisition of Girard Partners early this year.
The Girard purchase also contributed to a 13% increase in noninterest expenses, as salaries and benefits spiked 9%, to $10.2 million. Additionally, equipment and office expenses rose because of increased costs related to computer software, snow removal and a new leased office.
Meanwhile, net interest income declined 2%, to $17.7 million, primarily attributable to a reduction in certain investment securities.